rn9istr•tion nwibeT 02707912 (England and Wal> KEW STUDIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
KEW STUDIO LEGAL AND ADMINISTRATIVE INFORMATION Truste Anctre Bonfiglidi Ann thide Adiian Uoyd.Lwer Calherine Ltyd.Lawrence Mary SoJrfc¢k Rulh Speirs Country of Incorporatl Unit&J (Effjland and Wabs) 02707912 Ch•rlty reglslJalOon EngkqThJ Ws Independent mIner M J Bushel Ltd Grou4 Fb K*igs Hse 101-135 Kings Road 8renlw(xrtJ Essex CM144DR
KEW STUDIO CONTENTS Twstee$' report IndepewKknI examiners fewjrt Statement of financ4al actNities BaLince sheet Notes lo the fmanc4al sLitemenls 6-12
KEW STUDIO TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2025 The financial year 20225 was a svccessfvl one Kew Slud). with 1Vity in all areas. as well as significant investmenl to strengthen our facilities and infrastrucaure. In spite of this inveslrnent. our financial regjlts are satisfacw. MEMBERSHIP- The Sludio rnaintsird a strong methrship base of 12 Redent Artists. 34 printmakers, len Open StudKJ members and 23 iegu18r students attendiNJ the warS da55es offered by stj tLrtor& CLASSES - Fulty trXKyk classes IrAk place throughout the y&ir in taFeStry. eithiThJ and the nthv Art Cknb. providing tLMtion in a ¥atY of media. MTER EXHIBITION - An extremèly succèsslul Wnter Exhibition was hehj in early tlecEmter. wilh more than 30 member artists taking parL Nearfy 300 Msitots attended over the course of Ihe weeke1 aj Sa of lotalled more than £4,500. STEVE SIMPSON RETROSPECTIVE - A wonderfLFI retrospective was hdd at the Studh) in Marth 2025 of the work of Kew SludK) ResKlenl Artist Steve Sirnp50n, wFbJ very sadly passed aY in the summer of 2024. The event was extremety well altended and a t.ng lritrwjle lo a highty reswaed art1 cerished and I0standIng member of our communty. FINANCE The StLJio 8ndèd the year with a small defKgt. hwver thts wa5 8tth"bulable to the ongoing depreck4tion from the purchase ol the new print room cupboa. The year's in¢xeases in membprship and lthet fees were deemed lo have successfvlly restored the Studio's finanryal p1. wrth a heallhy atwj sleadity ln¢8$1ng current account balance and the resloralKffl Of Studio's ostryear running-costs reserve. The Iwslees. rewt pprobW by Ihe Board crfTnJstees. Andre Bonfiglidi Tn*to8 Dale..
KEW STUDIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KEWSTUDIO I report lo the trustees cn my examMan of the finanoal statements of Kew Sludio ty) for the year ended 31 ALusI 2025. R•sponslblllt148 and ba81s of report As the Irustees of the charity (and also its direrAtws for the rxrrw)ses of o)mpany l•l. you a sponsible for the preparation of ihe finanaal siatements in accordan wilh the requemwls of the Companies A¢X 2[6. Having satisfied mysdf Ihat the finanoal stat1$ of the thawity are ncrt Teqvired to be audited under Part 16 of the Companies Act 2LTh and are elvJible for independenl examination. I repNi in respecl of my examination ol Ihg ¢hanty'5 finanaal stalements carr Jt under section 145 ol the Chanb"Ès Ad 2011. In ¢>rrying out my ex8minab.on I have followed the Difections given by the Charity COMMI£ under Set 145151(bl of the CharitiesAct 2011. Independont examlns statement I have Mpleted my examination. I confim7 that matters ha lo my 8ttenlffi in connection wlh the examinalKsn gmng me cause lo be¥e that in any material resp8(1" ac(x)unbng records wer& not kept in of Ihe charity as required by sertiM 386 of the Companies Aca 2006. the financial statem8nts do not accord vrfh those rectth.. cy the finanaal stalements do rK)I cJ)mpty ¥th Ihe untIng rèquiremerts of se(AK)n 396 of the Companies Act 2006 other than any requirèment that the finan(ial statements gfft a In arKI fatr ViV4¥, WWI is not a matter Considered as part of an independent examination., or the ffinancial staternents have not iwi prepa in adat ihe melhtxls and princlples of the Slalemenl of Recc¥nmendeil P[a(e for acmunting and rwrbn9 by ¢*arities applicable lo chanb'es preparing their finanti statements in aco)rdance wilh the FTh)ancial ReportirrfJ Standard appli¢able in the UK and Republic of Ireknd IFRS 1021. I have no concerns and havè come across no other matters in connection wrth Ihe examinatwjn to which attentK)n should be drawn in this repxxt in order lo enable a kwoper ndndij of the financial Statoments to be wched. M J Bushell Ltd Ground Floor Kings Hoijse 101-135 Kings Road Brenhyood E8sex CM14 40R 9April 2026
KEW STUDIO STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2025 Gener•1 R•strictsd fitnd$ 2025 Totsl Total 202S 2025 2024 In¢om• from: Subscriptions Resident 8rkn.sl rentsls Tutix room rental Print room- etchiThJ tickets Print room- olhef Inco Screenprint tickets Open stud Artist wl fur incoff CINnmis$K)n Interest received 5.250 19.8 3.¥20 1.890 387 4,660 19,116 1.646 2.128 212 1,429 785 399 19.8 3.920 1.89) 387 910 910 568 1.050 1,036 Total kncctrma 34.973 34,973 31,411 Expgndituwo on: in Fundraising and publi¢)ty 47 47 47 47 47 47 Governance costs Reporting 3(tountsnfs fee Olher costs 71Y2 702 702 736 736
KEW STUDIO STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Tolal Total 2025 2025 2025 2024 Salaries and honora Print woom lethnan Print room other costs Malerialsl sundries TÉphOne Insurance General expenses Christmas party expenses Rent CM)puler and website Key cuiting Dèp(eciali Repairs and matenanCe 11.394 5.1( 1.148 119 11,394 5,106 1,148 119 434 576 23 731 10,200 9.992 4.416 1,549 67 576 23 731 10.2(K) 575 86 616 9,360 210 4.817 260 Total charttable ¢xp¢nditure 36.849 36.649 32,357 Total •xpendll 37,432 37.432 33,140 Met exp•nditurn 12.459) 12.459) 11.7291 Tfansfefs beh¥een funds (1,7681 N•t mov•mont In tund8 1691) 11,7681 {2.459) 11.7291 Reconelllatlon of lund8". Fund balances al 1 Seplemter 2024 44.370 6,255 50,625 52.354 Fund bal#n¢es at 31 August 2025 43.679 4.487 48,166 50,625 The stalement ol fv)avKMal aceS indudes al gains and k)sses rwnised in the year. All income expetwjiturè d8rive fr(xn continuing aclivibes.
KEW STUDIO BALANCE SHEET ASAT31 AUGUST2025 2025 2024 Fix¢d a$sets Tangible assets 11 26.175 31.818 Cwrent assets Debtors Cash at bank and in haThJ 12 1.713 28.79) 31.673 28,7 Credltors: amounts lalllng du• tfvAthln one year 13 {9.6821 (9.9831 Mot curr•nt ass•ts 21,991 18.807 Total assgts le58 current Ilabllltles 48.166 50.625 The funds of the charity Restricled funds General fund 14 15 4,487 43,679 6.2SS 44.370 48.186 S),625 The company is entsued to the exemptym from the audit requirefflenl C£tained 477 of Comp8niesAd 2C(6. fcw the year erKle(131 August 2025. The diredors acknowkdge their resp(msits"lths fcrf wrth the rewirements of the Compans Act 20( vmh respeci lo accounliNJ records WKI the preparaticffj of firbanual slatemenb. The memb8r$ have not qUired the to CtaIn an aKlit of its fina81 stalemewts kn the year in qltiOn in ordance section 476. These finanaal statements have been prepated in acaxffdance wilh ihe proV)nS 3prAKable to o)mpanies sufy'e to the small cornpanies fegime. The finanaal statemt )Fvoved by the truslee5 On..... ... ...... .... Andre 8onfMJlioli Tru8tse Company TegislfalDn nLKnber Ir2707912 (Eryland aThJ Wthsl
KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 A¢¢ounllng policles Charity infornmtlon Kew stud is a prNate company limited by guarantee iwfaled in ENJlanLI and W8les. The registered Offi is St Luke's House, 270 Sandyc(¥nbe Road. RKrNxKJ, EnglaTvJ. TW9 3NP. The [yinap acb.vity of the company 15 Ihe thaent of education by fostomg and promoiing. for the bènèfit of the puiAic. the improvement aThtt devebpment of artistK knowledge, taste, understanding and appreualion of the arts. It a150 indeS an oulreac programme wortiThJ in Ihe field of soclal welfare and disability. 1.1 Ba$ls of pr•por•tlon The finanaal slat8ment$ been rdan wilh the tharIS goveming (hxument. the Companies Ad 2. FRS 102 The Financial Reporting Slandard applvble in the UK an¢J Republic ol Ireland" and the Chants"es SORP "Ar£JnIIg and RertIng by Char4tiès." Wemenl of Re¢Lxnmended pra1 apKAicable to thariiies preparing their accc4Jnts in accordanr wrth 1he Financ1 Reporting Standard appkncablÈ in the UK and Republic of Ireland IFRS 102)" The tharity is a PublK Benefrt Entrty as defined by FRS 102. The charity has tsken advantage of the wo¥isions S(tP for (arilies not to wepare a stalemènt of The finan(yal slaternents are eare in slerfing. whith 15 the tund¥)nal (xJNen¢y of the tharty. Monetary arnntS in Ihese financKI1 stsiements are rwrthj lo ts rwest £1. The finanual StaterrtS have been prepared er thtr hi#orKal cost C4)nverikn. The prmcipal ac¢ounb"ng poticies a&)pled are sel below. 1.2 Golng concèrn Al the lime of approvir¥J thè finanu81 Ststern. the twslees have a r8#$#e expeCaaii that Ihe charity has adequale resour$ lo Ix)nlinue in Operatal eStenC for the flyeable fijture. Thus the trustees continue to adopt the wng ¢oncein basis of xc£¥Jntirwa in w8parin9 financaal stalemenis. 1.3 Charitable fund8 Unreslrict81I fUrS are available tr use at the disc¥eth ol the Ite8$ in of their tharitsble objectives. Resln'cled luntls are subpct to speofK 0)nditK by don(¥s or granlors as tr) how Ihey may be used. The purposes and uses of the restrtcled lunds e set in Ihe noles to the finanLial ststements. Endwmenl funds are sut¥ed to spec (tKIll#m$ by donc$ Ihat the capitsl musl be rnain1aed by the charity. 1A Inec¥n• Income is recogni$8(I when the dtY is legally entrtjed lo rt after any performance condNions have tren mel, the amunts can be measured reliabty, and il is probabk Ihat incolre will be rved. Cash donations are recogntsed on receipt. Othet donatK)ns are re(x)gnised once the charity has been notified of the donat. unless perfcymance conditlons require defertal of the amcJnl. Irthme tax re¢ovofable in relation to donalKJns reIVed under GiftAMI or deeds of C¥Mnant i8 recognised al the tim8 of Ihe dtsnatioft. Legacies we Tecognised on receipl ty othepMse Tf the dritY has tthn notrfd of a) impending distribub'on. thè amounl is known, and rec&Frt 1$ exw#ed. W the amount is not krthm. th8 kga¢y treated as a conlingenl asset.
KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accounting polkl•s (Continued) 1.5 Expenditur• Expenditure is recognised ON Ihere 15 a IW or constnJdi¥e obwtion lo transfer elOMiC beneffit lo third party, it is priJabk that a transfer of benefits wdl be r8quiW in setuemenl. and the arno1 of the obluation can be measuied reliabty. ExpeThJiture is daswfied by araNy. The costs crf eth mle up ol the total of dwect costs and shared costs. induding SUPF¥Ni costs involved in undetskiNJ eath activity. Dyect costs attribut3 lo a single actity are allocated direclty to that activity. Shared tsists whith o)ntritMJte to more than one adiMly and supwrt Costs %thich a rw)t attribulatAe lo a &role admty are apportioned behw Ihose activities on a basis consistent with Ihe use of resources. Central sLiff costs afe allted tho basis of b.me nI, and depreciath)n tharges ale aMo¢ated on Ihe portr)n of the #ssefs use. 1.6 Tangible fixed ass•ts TangiNe fixed assets are nitkally Measu al o)st aThJ $theqY ThsUred at o)sl or valuatK)n, nel of depfecthn and any impaimiert Ioss8S. DepwalKJn is rec4Jgnised so as to write off o)st (¥ ¥81)n of assets bess their resklual values over Ihe useful lives on the follcA¥ing bases.. Gas Mete¥ inslallalion Fixtures and fittu)gs Computers Fumiture aThJ ewipment 1LVA Straight Lme Straight LM)8 33.33% Straighl Line 25% Straoht Line The gain or loss arisirKJ (m the disFK)sal of an asset is determined as the differetKe between the sa18 prodS and the carrying walue of the asset. and is rwnised in the stateff1 oftmawl a¢tiw"bes. 1.7 Impalmnt tsf fixed agsetg Al each rewrting end date, the tharty r¢ewS Ihe amounts of ils langible assets to determine whether there is any indtcatw)n that awts have suffered an impairment loss. If any such indication exisls, the recovwthle amount of thè asset is eslxnaled in to delervrine the extent of the impaimient kJ5s1rf any). 1.8 Cash and cash oqulval8nts Cash and cash equivalents indudg sh in h. tjewgts held 81 with banks. oiher short-term kquid nveslrnents wth orBJinal maluriis of thlge or less, bank OrdIafts. Bank overdrafts are shrthn wilhin borr¢ywings in currenl liabilits. 1.9 Flnan¢lal instruments The charty has eCted to appty the prowskm of 11 'Bax Financaal Instruments, and Section 12 'Other Fina? Instruments Issues. of FRS 102 10 811 of rt3 financial irtstruments. Financial $truMentS are le10n1$ed in the (*antys balarKe sheel when the tharty beeomes party lo the contraciual proviwns of the instnjment. Finanoal assets arbd liabiliiies are offset, th the net anv)unts prèsented in the finan¢i81 staternents, when the 1$ a legalty enforceable right to set off Ihe recognised amounts and Ilwe is an intention lo settle on a net basis or lo ¥ealtse the asset and setu8 the liabilty simurtawusly.
KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Ae¢ounting polkS•s {Contlnu•dl 8ask finartilassets Basic flnancial assets, whKh )lIde (leb1 arml cash aThJ bank balanfm. 6 iniliaNy measured al transadiorh price induding transadion costs and are subsequenljy al arnCfftl5 cosl usirrfj the effe(Jive interest method unless arran9eNnl StteS a finanong tran5actKJn, where the Iranwtion is measured at the sent value of ihe future recpts discounted at a market rate of inlgresl. Financial assets dassified as rewvable within one year are not aMorted. Bas1¢ financial liabililios Basic financial liabilrtie5, indudiThJ ueditors •J ba[ loans are inilialty rwrwsed al trSaC"0n price unlèss the arrangement )ste5 a finarg tranwtth. where tt debt instrument is mèasured al Ihe presenl value of the luiure payments diScnIed al a market late of tereS1. Financial liab11rt dassified a5 payable within one year are rt amlISed. Debt instruments are subsequenty tamed at aThbJrbsed cL LW effe("ve inlerest rate mthod. Trade creditors arg otyig8t1s to pay for goods or ser¥w that have teen wuired in the ordinary (x)urse of operations frun suPS. Amounts payable are da$wfed a5 Cufrenl labilitS if payment 1$ duo with4n one yeai or kss. If not. they we presented as non-curmt Iptylrties. Trade c¥editors are recowised inrtially 8t transaction pri and Subseq(ty rneasured at amortised rml using the etIVe interest method. Dere¢ognitiM of financlal Ilabulfjes Financial liabilrties are deTecyiseJJ the charty's I))ntr1 oblBJalions exwre or arè discharged or cancelled. 1.10 Employee ben¢fits The cost ol any unused hc4thy ertment 1$ fe(Xyjni in the PWifAI in thich th6 èmpknyee'$ See5 are r$ed. Temw)alion berrts are r8coJntsed immediatety a5 an e¥pense when the charity 1$ dek$tr8bty c¢)mmrtled to lèminale the employment ofan empknyee or lo PrlOe lerminal¥Jn benefits. Critical accountlng gstlmales and lud9•nts In the appkcatn of the thwty's acxxwnting pyes. the trUstS are required lo make Iwjjemenls. estimates and assumptions about Ihe ¢arrying annI of assets and liabilities that are rM)t &111Y apparent from other sour$. The estimates and &ss(wte(l assumptions a based on hIstIcal &rience and other fadors thal are c4JnsJered to be relewJnt. A(#ual lIS may differ from these estmales. èstimates and underfying assumpb'ons a remewed on an cryoing basis. Revis)ns to acct)urthg estimates a re¢ognised in the pericJ in vthith thè èsb.mate is wsed where ihe rwsion affacts only that period, in the penod of the reIOn and fiAuYe perTrthYs where the rewSn allects tlh current and fulure Incom• Irom charitable activits Genernl Restrktsd funds fund 2025 2025 Tolal Total funds 2024 funds 2024 2025 2024 Charitable activities Vdunlary income 33.923 29.976 399 30,375
KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Income from Investm•nts GOra1 nds 2025 General funds 2024 Interest weivab 1.050 1,036 ExpeThdire on rais#w fvnd Gènernl funds 2025 G•n•ral fund$ 2024 Fundralslng and publlcity Adve.$Ing costs 47 47 Expendltur• on ¢h•ritalAg acti¥it¥ Genernl funds 2025 Gen•ral nds 2024 Charitable expenthiure 32,357 sha of supportand gov•rnanc• costs (w noto 7) Govemance 736 37.385 33,093 Analysls by furMI General fund 37.385 33.093 Support ¢osts anted to aclivllios 2025 2024 Govorn8n¢e ts)sts 736 736 Anaed between: Accountancy fees Othe¥ ¢osls 702 702 34 736 736
KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 None of the truslees lor any persons conned8d them) receiv8d any remunefation or berfits from the ¢lwity during the year. Employe•• The a¥er4e IntY numbw of erwees durK¥J the year was.. 2025 Numljer 2024 Numbèr Total Thefe were no ernployees whosè annud remunerknn was nb)re Ihan £60,(m. 10 Taxation Th8 charity is exempt fr¢Jn ta]n on ils ac1fv because all rts irKxymè is aprAied for tharitable purposes. 11 Tanglblo fix 4$$•ts Go IA•t•r Flxlumand Compts Furnlture TrA•l Cost Al 1 Seplembei 2024 31.584 3.3(K) 18.041 57,925 Al 31 August 2025 31.584 18,041 57.925 D¥pre¢iation and impalm*nl At 1 September 2024 Deprecialion charW in Ihe ye 8.051 3.158 11.255 1,986 26,106 5,644 Al 31 August 2025 11.209 13,241 31.750 Carrylng amount Al 31 August 2025 20,375 26,175 At 31 August 2024 23.533 6.785 31,818 12 D•btorn 2025 2024 Amounts falllng dufr wlthln ¢)n• Yr. Prepayments K1 acuueil income 10-
KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 13 Crgditovs: amounts f•lllng duo Tlthln ong year 2025 2024 Trade c¥editors Other creditors Accruals and (lerred InCne 3,792 4.954 4.278 4.799 9,682 9.983 14 R•strkt•d fundj The leStted lur¥Js of the charity conyse balartes of donat$ and grants h91d on trust subi'ed to speafic cor*Jthns by donors as lo tlw may be used. Atl In¢Miing Trnn¥forn At 31 Augu8t 2026 2024 8CAFun Artists, Pot Furk Pn'nl Room Fund 487 1.768 (1.7881 4,OC 6.255 11,768) 4.487 Prnvlou8 ye•r: Ati Incoming Tran8fws At 31 August 2024 2023 BCA Fund Artists. Pol Furhj Print Room Fund 487 1,768 4.OC(I 1.369 6,255 1$ Unrestrlcted funds Tho unf@stred funds of the chaiity comprise the UneX[ded baLances of don81ions 8rKI grants whh are not subje(I lo condit$ by donrMs an(1 grantS as lo they may be used. These indude designated funds whwth have been sèt asidè ol un$1[ted by the trustees for specific purposes. At1 Incomlng R•sour¢es September r•%wrc•s •xp•ndèd 2024 Transl•rn At 31 August 2025 Genwal FUTh 44.370 34.973 137.432) 1,768 43.679 11
KEW STUDIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 15 Urbrestrlet•d fund$ (ContInd} Prevlous year. At1 Incoming R•8ouv¢•s Trnmfern At 31 August 2024 2023 Gen8ral Furbj 46,498 31.012 133.140) 44,370 16 Analy818 of net assets between funds Total nds 2025 2025 2025 At 31 Augw8t 2025: Tangible assets CUnI assets1oiabilitI 26.175 17,504 26.175 21,991 4,487 43,679 4,487 48,186 Total nds 2024 funds 1024 2024 At 31 Au9USt 2024". Tangib a$sel$ Current assetsl(liabilities) 31.818 12.552 31,818 18.807 6255 44.370 50.625 17 Related party transadoons There were no disdosable related party trans*Xl5 the ye3r12024- Th)ne). 12-