Company r•glstratlon numb•r 02707912 KEW STUDIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 KEW STUDIO LEGALAND ADMINISTRATIVE INFORMATION Tru8t••s Andre Bonfiglioll Caroline Hlll Ann Kirkbrfd8 Adrian Lloyd-LawTence Calherine Lloyd-Lawrence Mary S¢urlo¢k Ruth Spalr8 Company numhr 02707912 Ind•p•ndont examlner M J Bush611 Ltd 8 Hlgh Slffjot Branlwood E8sex CM14 4AB KEW STUDIO CONTENTS Pag• Trt￿tee5, report Independent examln*$ report ststemenl of flnanclal a¢tlvlll88 Balance 8heot No188 to the flnanclal 8laternent8 6-12 KEW STUDIO TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The financlal year 2023-24 was a successful one for Kew Studlo, wlth strong actlvty In all ar8as. as well as significant investrnent to strenglhen our facAlilies and infrastructure. In splte of thls Investment, our flnanclal result8 arg Satlsfactory. MEMBERSHIP- Thè Studio welcomed twelve new fvll members over Ihe cour89 of th8 year- nlne prfnimak8rs and thre8 Opén Studro mamb8r8. CLASSES- Fully booked classes took place throughout the year; In tsp88try, etchlng and a new Art Club {an èxpanslon on the offéring of thé pr8vlous watercolours class). provldlng lultlon In a varlety of medla. WINTER exH181TION- A very sU￿e$$ful Wlnter ExhSbStlon was ￿ld In aarty December 2023 vAth an Impres8lve turnout on the openlng nlght. S8188 ofArt18ts' worf(. plus raffle taklngs, totalled Iu8t under £4,790 ovar the course of th8 weekend. NEW PRINT ROOM FUME CUPBOARD- The Sludlo purchased a new, state-of-lhg-art fume cupboard for iho prtnt room In February 2024, as the exl8Ung one was no longer fit for purpose. Thg new equlpmenl was r8c8Sv8d wlth great enthu8la8m by m8mber8 and the new prlnl room layout greally Improved the worklng ar88. FINANCE- Income from Re8ldent Artlsl Ilcence fees was hlgher than th8 prevlous year. due to the Studlo havlng a full complement of Resldenl Artlsts. Income from 8creen tlcket and Op8n SludS0 tlck8t sales was al80 hSgher Ihan In the prevlous year. Income frorn annual m8mb8r8hlp8, Stud8nt memborshlps and tutor room rentals was sllghtly lower than In the prevlous year. Incom6 from 8lchlng tlcket8 was lower due to a suppller delay In the Instamalion of the new prlnt room fum8 cupboard. Purchas88 of prlnl malerlals by members was on a par wllh last year, a8 was the Sludlo's expendlture on mater￿lS 8nd gèneral upkeép of th8 prlnt fadlllles. Commlsslon Inc￿me from Sales of work by Studlo members w88 sllghtly down on la8t yaar. but 80 was expendlture on publldty and eveni8. The Studlo Incurred Its most slgnlflcant upgrade exp8nsè ovér thé courne of the year wlth th8 Installatlon of tho new prlnt room fume cupboard, at 8 Cost of £7.944, and the reconfigurailon of the prSnt room and office space. which Involved carpenty costs. Incorne and oxpgndlture remalned 51mllar to ihe y8vlous year. and whllst Kew Studlo made a small loss of £1,729, thls wa8 a 8llghtly Smproved rebull on the pr8vIou8 year. Th8 IN81￿. report was approved by the Board ol Truste85. Andre Bonfiglloll TN•t g/J/z&_.-... KEW STUDIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KEW STUDIO I report lo the trustees on my examlnation of the financlal statem8nts of Kew Studlo Ohe charfty) for the year ended 31 Au9USt 2024. RMponslblllU•s and bash of r•port As the trust•6$ of tho ¢hartty (and al80 118 dlrectors for Ihe purp0888 of company law). you are responslble for th• preparation of the financial statem¢nts In acwdan¢e wlth the reqU1￿MentS of the Compan188 Act 2006. Havlng $all$ffled my88lf that the Ilnandal 8tOtem8nts of the charfty are nol r8qulred to be audltod undor Part 16 of Iho Companles A¢1 2006 and are ellglble for Ind8P8ndent examlnation. I report in respect ol my oxamlnatlon ol Ihe charlty's financlal statements carried out undar SaGlion 145 of the Charities Act 2011. In fAffylng oul my examlnatlon I have followed the Dlrecllons glvan by the Charlty Commlsslon under 8ection 14515)(b) of the Charilies Act 2011. Ind•p•nd•nt •xamln•rf$ •tst•mont I havo completed my 6xarnlnallon. I confim that no mattars hav8 comfr to my attonllon In connocllon w61h the examlnalton glvlng mo cause lo belleve that In any materfal f68P8Ct: accounllng record8 were nol kept In resp￿1 of the tharfty a• requlrod by sectlon 388 of Compan168 knt 2006. the financlal 8lalements do not awd wlth those records; or the finandal 8talemenls do not comply wllh the accounllng requlromenls of 88cllon 396 01 the Comp8nS85 Act 2006 other than any requlremenl that the financlal statements 9Sve a Iruo and falr vlew. whlGh Is not a matter consldered 88 part of an Indep8ndenl examlnation: or the finandal 8talement8 have not been prepared In accordance wllh the method¥ and wlnclplos ol the slalement of Recommended Pracllce for accountlng and reportirfj by chadtle8 appllcablo lo charllle8 preparlng thelr ffinanclal slalemenl8 In acGord4nGe wllh the Flnanclal Reportlng Slandard appllubb In th8 UK and Republlc of Ireland (FRS 102). I have no concern8 ond have come acr088 no other matter8 In connecllon wlth the examlnatlon lo wNch attentkm should be drawn In Ihl# report In order lo onable a proper underntandlng of Iho flnanclal 81at8ment8 to be reached. M J 8u•h•ll Ltd 8 Hlgh Streot Brentwood E$sox CM144A8 Date.. KEW STUDIO sTATEmE￿r OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 G•n01al funds 2024 RMtrlct•d fvnd$ 2024 Totsl 2024 2023 Nole8 Incom• from: Sub3crfpllon8 R88ld8nt art181 rental8 Tutor room rental Prlnt room - etchlng tlckots Prlnt room - olher Income Screenprlnt Ilckets Open Studlo ArtSst Pot fund Income Intere$1 re¢alved 4,660 19,116 1,e46 2,128 212 1.429 785 399 1.036 4.781 17,330 1.837 3.682 559 874 818 502 19,116 1,648 2,128 212 1.429 785 399 1,036 Tol•l In¢om• 31,012 399 31,411 31.092 Exp•ndllur• on: Ral Fundralslng and publldty 47 47 45 47 47 45 Reportlng accountant'$ fee Other costs 702 702 585 13 736 736 KEW STUDIO STATEMENT OF FINANCIAL ACTiifffiES (CONTINUED) INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 GonorJl funds 2024 R•slrfct•d fund$ 2024 Totsl Total 2024 2023 NotOS Charltable activiti88 Salaries and honorarla Prfnt roorn technician Prfnl room olhar c08ts MaterIal￿ $undrl88 Telephone Insuranca General expen8e8 Chrlstmas party expan808 Rent Computer and wob8lto Kèy cuttlng Depraclatlon Rep8lr8 and malnlenanca 9.992 4.416 1.549 9.992 4,416 1,549 67 409 575 10,080 4.416 203 173 409 575 575 816 9.360 210 616 9.360 210 1,309 9.360 2.136 89 3.658 4,817 4.817 260 Totsl charltable •xp•ndltur• 32,357 32,357 32.427 Total •xp•ndltur• 33,140 33,140 33,070 N•t Incom•l(•xp•ndltur•l and mov•m•nt In funds {2,128) {1.7291 {1,978) R•conclllatlon of fund•: Fund bal8n¢o$ at 1 Septsmber 2023 46,498 5,856 62,354 54.332 Fund bal•n¢M al 31 August 2024 44,370 6,255 50,825 62.354 The 8tatemenl of Ihand81 ac11vi￿o8 Includ88 all galns and108808 recognlsed In th8 Y￿r. All InGomo and expendlturn derfv8 from conllnulng aclivilies. KEW STUDIO BALANCE SHEET ASAT31 AUGUST2024 2024 2023 Notss Flx•d as••t8 Tanglble 888ets 11 31.818 28.692 Curr•nt a￿•t8 Ca8h al bank and In hand 28.790 32.117 Cr•dlttys: amount• falllng duo wlthln on• yoar 12 {9,983) (8,455) N•t curr•nt a•s•t• 18,807 23,662 Total a•••l• l•M curmnl Il•blllll•• 50.625 52,354 Th• lund• of th• ¢h•rlty Restrlcled lund8 General lund 13 14 6,255 44.370 5.856 46.498 50,625 52.354 The company Is enlllled to the exemptlon from tho audlt requlramont contalned In 8ecllon 477 of tha Companle3 Act 2008. for the year ended 31 August 2024. The dlrecior8 acknowledge Iholr re8pon$lbilllle8 for ¢omplylng wlth the requlrements of lh8 CompanS88 Act 2006 wlth respact to a¢counllng records and th8 preparatlon ot financlal Staiements. Tho mambor8 have not requlred the company lo obt8ln an audlt ol Its financlal 8tatem•nts for the year In que8tlon In accordance wllh 8ecllon 476. These financlal 8t8lemants have been prepared In accordance vlth the provlslon$ appllcable to compan188 8ublacl lo Ihe small ¢ompanle8 reglma. Th8 financlal Statements w approved by the tru8t88s on .... An re Bonfiglloll Trustee Company reglstration number 02707912 {Engl8nd and Wal88) KEW STUDIO NOTES TO THE FINANCIAL sTATEME￿rs FOR THE YEAR ENDED 31 AUGUST 2024 A¢countlng poll¢b• Charfty Inforn)otlon Kew Sludlo is a pyivate company limited by guarantee in￿[pOratOd In England and Wal88. The regS8tered office18 St Luke's House, 270 Sandycombe Road, RichfTrJnd. ErolarKI. TW9 3NP. The prlnclpl? actlvlty of the company is lh6 advancement of educallon by f08t8rlng and promotlng. for the benefil of th8 public, tho improv•mont and dovolopmonl ol artl$U¢ knowled￿, taste. underslandlng and appreciatlon of the art8. It al80 Includos an ¢)utroa¢h wogrammo w0￿￿n9 In th8 field of aoclal wellare and disability. 1.1 Ac¢ountlng convontlon The flnanclal 81atements have been prepared In accordance I￿1h tha chaflvs governlng documant, tho Compan188 Act 2006, FRS 102 Yh8 Flnanclal Raportlng Standard applicable In ihe UK and Republlc ol Iraland" and the Charfjtle8 SORP "Accountlng and Reportlng by Chariti88: Stalemenl of Recommanded Practlca appllcabl8 lo charllte8 preparlng thelr accounts In accordance vAth Iha Flnanclal ReportSng Slandard applicable In the UK and Republlc of Ireland (FRS 102).. The charfty 1$ 8 Publlc Benaflt Entlty a8 dafflnad by FRS 102. The charfly ha8 taken advantage of the provl8lon¥ In the SORP for charltle8 not to prepare a 8talement of cgsh Ilows. The financlal ¥tatemonts are propared In 810rfSng, whlch 18 Iho lundlonal ¢urr8ncy of the charlty. Monetary amount8 In Ihe8e financlal statements are rounded to the nearest £. The flnanclal 81atements have been prepared und8r the hlslorbcal c08t conventlon. Tho prlndpal accountlng pollcle8 adopted aro 8et out below. 1.2 Golng concorn Al the tlmè of approvlng the financlal stalemenls, the tru$tee8 have a rna80nabl8 axpectallon Ihat the charlty ha$ adaqu81& rosourcas to contlnue Sn oparatlonal 8x181enc8 for the fore88eable future. Thus the truslee8 conllnue lo adopt tha golng concarn ba81$ of 8¢counllng In preparSng tha ffinanclal 8tat8ment8. 1.3 Charllablo fund• Unreslrfcled fund8 are avallabla for u8a al tho dlKxelion of the Iru8tee8 In lurthorance of Ihelr chorflable obJectlve8. Re8trfcted funds are 8ublecl to 8P8clflc condltlon8 by donors or grantOTS as lo how they may be used. The purp0888 and us88 of the restdcled funds are 8et out In the notes to Ihe financlal ¥tatements. Endowment funds are subject to 8p8clfic condltbn8 by donor8 that Ihe capllal mu8t b8 malntained by the Charlty. 1A Incom• In￿me 1$ re&)gn18ed when Ihe charlty Is legally entitled to It after any perfomiance condlttons have been met. the amounts can be measured reliably. and bt18 probabte that Income wlll be recalved. Cash donations are re￿gnISed on re￿Ipl. Olhar donallons ara recognlsed once the charity has be8n nolified of the donation, unless perfomiance condilions require deferrnl of the amount. Income lax recoverable in relation to donations received under GiftAÉd or d8eds of covenant is rewgnised at the lime of the donation. Legacies are recognised on receipt or otherwise if the charity has been no11f￿d of an impending distribution. Ihe amount Is known, and receipl 18 expected. If the amounl is nol known, the logacy is Ireaied as a conlingenl asset. KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounllng pollcl (Contlnu•d) 1.5 Exp•ndllur• Expenditure 1$ re¢ogni$ed once ther8 18 a legal or constructive obligalion lo transfer economlc benefit lo thlyd party. It18 probable that a transfer of economic banafils wlll be requlred In seluement, and the amount of tho oblpJation ¢an be measured rallabSy. EXP￿d￿lure 18 da88lfted by actlvlty. The cosls of each acllvSty are made up of the total of dlrect CO8t8 and Shared co8t8. Indudlng support costs Involved In undertaking ea¢h adlvlly. Dlred ¢o$ts attrfbutable to a Slngle a¢Uvlly are allocated dlreclly to Ih8t aclivlty. Sharod costs whlch ¢ontrbbute lo more than one actlvlty and support cost8 whlch are not atiributable to a ¥lngl6 8Ctlvlty are apportloned b8ts¥aen Ih088 acllvllles on a basis con8lsl8nt wllh the u8e of resources. Central staff c06ts ara allocatsd on Ihe ba818 of tlme 8P8nl, and depraclauon charge8 are allocated on the portion of the assefs use. 1.6 Tanglblo flxed 088•t• Tanglble fixed assets ara Inltlally measured at C08t and 8ub8equ8ntly m8a8ured at C4)8t or valuallon, ￿1 of depreclalon and any Impalrnienl losse8. D8predaUon 58 re¢ognl&ad so 89 to wrfte off Ihg cost or valuatlon ol 8880ts1888 thalr rn81dual valu08 over thelr Useful Ilves on tho followlng ba$e$'. Gas Meter Inslallatlon Flxluros and fitllng8 Computers Fumlture and equlpmenl 10% Slralghl Llne 10% Slralghl Llne 33.33% SITalght Llne 25% Stralohl Llne The galn or1088 orlslng on th8 dlsp08al of an 888et IB determSned a8 the dlfferenco b6lwe8n the Sale proceed8 and thè carrylng value of th8 888el, and Is TecognS8ed In the stalemenl of flnanclal actlvltle8. 1.7 Impalrm•nl of fix•d ••••t8 At each raporting end daia, tho charlty revlews the carrylng amounts of Its tangible 8886ts lo determlno whelher Ihare 18 any Indlcallon Ihal those assets have 8uffered an Impalnnent 10$6. If any such Indlcation oxlsts. the recover8ble amount of tha asset Is e811maled In order lo delermlne the exlenl of the imp8lrment loss {11 any}. 1.8 Cash and cash oqulv•hnl Cash and cash equlvalents Include c88h In hand. deposlts held 81 Gall wllh banks, olhar short-lenn Ilquld Inve$lments wilh orlglnal malurltle8 of three month8 or less, and bank overdrafts. Bank ovordrafts are shown within borrowings In Current IlablllUe8. Bas1¢ flnan¢lal •s8•t8 Baslc flnanclal 8888ts, Nthlch I￿￿de d8blors and cash and bank balances, are Inltlalty me88ured al transaction price induding Iran¥a¢tion ¢osls and are sub88qu8ntty carrled al amortlsed cost uslng the effective Interest method unless the arrangement conslilules a finan¢lng tran$a¢lion. wher8 Ihe transactlon Is measured al the present value of the future receipts dlscounted at a market rale of Interest. FSnancl81 assets dasslfied as recelvable within one year are not amortlsed. KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A￿o￿ntIng pollclej (Contlnuod) Baslc bYn•ncl•l Il•blllN•s Basic financial liabililies, Indudlng ¢redllors and bank loans are Inlllally reco9nised at iransaction price unless Iho affangemenl ¢on8Utules a financlng transaction, where the debt inslwment is moa$u￿d al th8 w88ent value ol the future payments dlscounted al a market rate of Inter08t. Financlal liabilities dassifiod as pay8bl& wlthln ono year are nol amort18ad. Debt InstNmants are $ub&8quenlSy carfed at amort188d ￿81. u8ing the effective Interest rate method. Trade ¢redllor8 arn obllgatlon8 to pay for goods OT Servlces that have b8on acqulred In the ordlnary cour88 01 operatSon8 fr1Th 8uppller8. Amoun18 payable are classlfted as curmnl liabilllias If paymenl Is due wilhln one year or less. If not, they are presented a8 non-currant liabllilles. Trade cradllor8 are recogn18ed Inllially at transacllon prfc6 and sub&6quently m8a8ured at amorllsed cost U81ng the effecllve Interest m&thod. D•r•cognlUon olfln•ncl•l Ilabllld•s Flnancial 118bllllles are derocognl¥ed when tho charftsI8 conlraclual obl￿OI10n6 explre or arg d18ch8rged or cancelled. 1.9 Employ•• b•nofits The co81 of any unused holtday enllllem8nt18 recognl88d In th8 p8rlod In whtch the employe?'$ 88rvl¢e8 are received. Termlnallon benefits are re¢ognl$ed Immedlalely 88 an expen8e when Ihe charlty18 demonstrably ¢ommltted to terninale the employment of an employee or lo provlde lerninatlon benefits. Crflkal accountlng ostlmat•• and Judg•m•nl• In the appllcallon of the charlty's accountlng polld88, tha tru8tee8 are requlred lo make judgements, 68llmate8 nd a88umpllon8 about Ihe ¢anylng amount of a88els and Ilablllll88 Ihat are not readily apparent from other 8ource8. The e6tlmatag and 8880clated 888umpllon8 are based on hlslorlcal experlenGO and other faclor8 that are ¢on$ldered lo bè ralèvant. Actual resu118 may dlffer from Ih88e esUmale8. Th8 é811m8188 and undorfylng 888umpllons are revlowod on an ongolng ba81¥. R6vl8lon$ to 8¢¢ountlng osllrnates are racogn19ed In tho p8rlod In whlch the esllmate 18 rev180d where the revlsk>n affects only Ihal perfod. or In tho perlod ol the revl8lon and future perkJd8 where the revl8lon affect8 both current and fulure perfods. In¢om• from ¢h•rkabl• actfvltl G•noral Rutrlct•d funds funds 2024 2024 Total G•n•rnl Ro•trl¢l•d funds funds 2023 2023 Total 2024 2023 Charltablfr actlvltles Volunlary Income 29,978 399 30,375 29,681 502 30,183 KEW STUDIO NOTES TO THE FINANCIAL STATEmE￿rs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Incomo from Inv••tm•nts G•n•ral funds 2024 Gon•ral fund• 2023 Interest recelvablo 1.038 909 Expndltur• on ralslng fund• G•n•ral fund• 2024 G•n•ral fund• 2023 Fundr•l•lng •nd publlclty AdYerfl8lng 47 Exp•ndltur• on Gh4rllabl• ￿tIvItI•¥ G•n•rnl fund• 2024 lund• 2023 Cherllable èxpondllure 32,357 32,427 8har• of •upport and governance cost• (••• nol• 7) Govemance 736 33.093 33.025 Anatysl• by fund General fund 33.093 33.025 Support co•ts allocat•d to actlvltl•• 2024 2023 Goveman¢e ¢ost8 736 Analysed betwe•n: Accountancy fees Other costs 702 34 585 13 736 598 KEW STUDIO NOTES TO THE FINANCIAL STATEMEKrs (co￿[lNUED> FOR THE YEAR ENDED 31 AUGUST 2024 Tru•l••• None of the trustees (or any p8rsons ¢onneded wlth them) recelved any remuneratlon or benefits from the tharlty durfng the year. Employ• The average rnonlhly numbeT of amployees durlng the yearwa8: 2024 Numb•r 2023 Numbor Thare wer8 no employeos wh080 annual romunerallon was more than £60,000. 10 Tax•tlon Tha char5ty18 exempt from t8xaUon on Its actlvll08 because all118 Income Is applled for charftablo pu￿0888. 11 Tanglbl• fix•d 4•••t• G•• M•t•r Flxtur•• •nd IMts1￿11On Ilttlng• Comput•r¥ Furnltw• •nd •q￿pm•￿t T•t•l Co•t At 1 September 2023 Addlllons 5,000 31,584 3,300 10.097 7.944 49,981 7.944 At 31 Augu$1 2024 5,000 31.584 18,041 57,925 Doprnclatlon and Impalrm•nt At 1 Seplember 2023 Depreclallon charged In the year 3,000 soo 4,893 3,158 3.300 10,097 1.159 21.290 4,817 At 31 Augu812024 3.500 8.051 3.300 11.256 26,107 Carrylng amount At 31 Augu¥t 2024 1,500 23,533 6.785 31,818 At 31 August 2023 2,000 26,692 28,692 10- KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 Cr•dltors: amounts falllng duo wlthln on• y•ar 2024 2023 Trade ¢redltor8 Oiher credltor8 Accrual8 and d8ferred Incom8 4.278 4.799 2,998 4.634 823 9.983 8.4S5 13 RMlrl¢t•d fund• The restrlcled funds of the charSty comprf8e tha unexpanded balanc88 of donatlon8 and grants hold on trust 6ubJe¢l to 8peclfi¢ ¢