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 W*s
Independent *￿mIner
M J Bushel Ltd
Grou￿4 Fb
K*igs H￿se
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 202*25 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 rnaintsir￿d a strong methrship base of 12 Re￿dent Artists. 34 printmakers, len Open StudKJ members
and 23 iegu18r students attendiNJ the war￿S da55es offered by st￿j￿ tLrtor&
CLASSES -
Fulty trXKyk￿ classes IrAk place throughout the y&ir in taFeStry. eithiThJ and the nthv Art Cknb. providing tLMtion in a
¥a￿tY 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 weeke￿1 a￿j 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 art￿1 c*erished and I0￿standIng member of our communty.
FINANCE
The StL*Jio 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 p￿1￿. 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 examMa￿n of the finanoal statements of Kew Sludio ￿ty) for the year ended
31 AL￿usI 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 requ*emwls of the Companies A¢X 2[￿6.
Having satisfied mysdf Ihat the finanoal stat￿1￿$ 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 examln*s statement
I have ￿Mpleted my examination. I confim7 that ￿ matters ha￿ lo my 8ttenl*ffi in connection wlh the
examinalKsn gmng me cause lo b￿￿e¥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 a￿da￿t 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 ￿nd￿￿ndi￿j 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 lethn￿an
Print room other costs
Malerialsl sundries
TÉ￿phOne
Insurance
General expenses
Christmas party expenses
Rent
CM)puler and website
Key cuiting
Dèp(eciali
Repairs and ma￿tenanCe
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 ac￿eS 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$sets
Tangible assets
11
26.175
31.818
Cwrent assets
Debtors
Cash at bank and in haThJ
12
1.713
28.79)
31.673
28,7￿*
Credltors: amounts lalllng du• tfvAthln
one year
13
{9.6821
(9.9831
Mot curr•nt ass•ts
21,991
18.807
Total assgts le58 current Ilabllltles
48.166
50.625
The funds of the charity
Restricled funds
General fund
14
15
4,487
43,679
6.2SS
44.370
48.186
S),625
The company is entsued to the exemptym from the audit requirefflenl C£￿tained 477 of Comp8niesAd
2C(6. fcw the year erKle(131 August 2025.
The diredors acknowkdge their resp(msits"lths fcrf wrth the rewirements of the Compan*s Act 20(
vmh respeci lo accounliNJ records WKI the preparaticffj of firbanual slatemenb.
The memb8r$ have not ￿qUired the to C￿taIn an aKlit of its fina￿￿81 stalemewts kn the year in ql￿￿tiOn 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 statem￿t
)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. RK*rNxKJ, EnglaTvJ. TW9 3NP.
The [yinap￿ acb.vity of the company 15 Ihe tha￿e￿nt 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 in￿deS 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 tharI￿S 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£￿JnII￿g and Re￿rtIng by Char4tiès." Wemenl of Re¢Lxnmended
pra￿1￿ apKAicable to thariiies preparing their accc4Jnts in accordanr* wrth 1he Financ￿1 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 ￿e￿are￿ in slerfing. whith 15 the tund¥)nal (xJNen¢y of the tharty. Monetary
arn￿ntS in Ihese financKI1 stsiements are rwrthj lo ts rwest £1.
The finanual Staterr￿tS 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 Operat￿al e￿StenC￿ for the flye￿able fijture. Thus the trustees
continue to adopt the wng ¢oncein basis of xc£¥Jntirwa in w8parin9 ￿ financaal stalemenis.
1.3 Charitable fund8
Unreslrict81I fUr￿S are available tr use at the disc¥eth￿ ol the I￿￿te8$ 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 rnain1a￿ed by the
charity.
1A Inec¥n•
Income is recogni$8(I when the d￿￿tY is legally entrtjed lo rt after any performance condNions have tr*en mel,
the amunts can be measured reliabty, and il is probabk Ihat incolre will be r￿￿ved.
Cash donations are recogntsed on receipt. Othet donatK)ns are re(x)gnised once the charity has been notified
of the donat￿. unless perfcymance conditlons require defertal of the amc*Jnl. Irthme tax re¢ovofable in
relation to donalKJns re￿IVed under GiftAMI or deeds of C¥Mnant i8 recognised al the tim8 of Ihe dtsnatioft.
Legacies we Tecognised on receipl ty othepMse Tf the d￿ritY has tthn notrf*d of a) impending distribub'on.
thè amounl is known, and rec&Frt 1$ 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 el￿OMiC beneffit lo
third party, it is pri*Jabk that a transfer of benefits wdl be r8quiW in setuemenl. and the arno￿1 of
the obluation can be measuied reliabty.
ExpeThJiture is daswfied by araN￿y. The costs crf eth m￿le 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
acti￿ty 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 all￿ted ￿ 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 $theq￿￿Y Th￿sUred at o)sl or valuatK)n, nel of
depfecthn and any impaimiert Ioss8S.
DepwalKJn is rec4Jgnised so as to write off o)st (¥ ¥8￿*1)n of assets bess their resklual values over Ihe
useful lives on the follcA¥ing bases..
Gas Mete¥ inslallalion
Fixtures and fittu)gs
Computers
Fumiture aThJ ewipment
1LVA Straight Lme
Straight LM)8
33.33% Straighl Line
25% Straoht Line
The gain or loss arisirKJ (m the disFK)sal of an asset is determined as the differetKe between the sa18 pro￿dS
and the carrying walue of the asset. and is rwnised in the stateff￿1 oftmawl a¢tiw"bes.
1.7 Impalm*nt tsf fixed agsetg
Al each rewrting end date, the tharty r¢￿ewS Ihe amounts of ils langible assets to determine
whether there is any indtcatw)n that awts have suffered an impairment loss. If any such indication
exisls, the recovwthle amount of thè asset is eslxnaled in to delervrine the extent of the impaimient
kJ5s1rf any).
1.8 Cash and cash oqulval8nts
Cash and cash equivalents indudg ￿sh in h￿. tjewgts held 81 with banks. oiher short-term kquid
nveslrnents wth orBJinal malurii*s of thlge or less, bank O￿rdIafts. Bank overdrafts are shrthn
wilhin borr¢ywings in currenl liabilit￿s.
1.9 Flnan¢lal instruments
The charty has e￿Cted to appty the prowskm of 11 'Bax Financaal Instruments, and Section 12
'Other Fina￿?* Instruments Issues. of FRS 102 10 811 of rt3 financial irtstruments.
Financial ￿$truMentS are le￿10n1$ed in the (*antys balarKe sheel when the tharty beeomes party lo the
contraciual proviwns of the instnjment.
Finanoal assets arbd liabiliiies are offset, ￿th the net anv)unts prèsented in the finan¢i81 staternents, when
the￿ 1$ 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 finarti*lassets
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 arran9eN*nl ￿￿St￿￿teS a finanong tran5actKJn, where the Iranwtion is
measured at the ￿sent value of ihe future rec*pts discounted at a market rate of inlgresl. Financial assets
dassified as rewvable within one year are not aMort￿ed.
Bas1¢ financial liabililios
Basic financial liabilrtie5, indudiThJ ueditors •J ba￿[ loans are inilialty rwrwsed al tr￿SaC￿"0n price unlèss
the arrangement ￿)￿s￿￿te5 a fina￿rg tranwtth. where tt￿ debt instrument is mèasured al Ihe presenl
value of the luiure payments diSc￿nIed al a market late of ￿tereS1. Financial liab11rt￿ dassified a5 payable
within one year are r￿t am￿lISed.
Debt instruments are subsequenty tamed at aThbJrbsed c￿L LW effe(*"ve inlerest rate mthod.
Trade creditors arg otyig8t1￿s to pay for goods or ser¥w that have teen wuired in the ordinary (x)urse of
operations frun suP￿￿S. Amounts payable are da$wfed a5 Cufrenl labilit￿S if payment 1$ 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 e￿tIVe interest method.
Dere¢ognitiM of financlal Ilabulfjes
Financial liabilrties are deTecyiseJJ the charty's I))ntr￿1 oblBJalions exwre or arè discharged or
cancelled.
1.10 Employee ben¢fits
The cost ol any unused hc4thy er￿t￿ment 1$ fe(Xyjni￿ in the PWifAI in *thich th6 èmpknyee'$ Se￿e5 are
r$￿￿ed.
Temw)alion be￿rrts are r8coJntsed immediatety a5 an e¥pense when the charity 1$ de￿k￿$tr8bty c¢)mmrtled
to lèminale the employment ofan empknyee or lo Pr￿lOe lerminal¥Jn benefits.
Critical accountlng gstlmales and lud9•n￿ts
In the appkcat￿n of the thwty's acxxwnting p*yes. the trUst￿S are required lo make Iwjjemenls. estimates
and assumptions about Ihe ¢arrying an￿nI of assets and liabilities that are rM)t ￿&111Y apparent from other
sour￿$. The estimates and &ss(wte(l assumptions a￿ based on hIst￿Ical &￿rience and other fadors thal
are c4Jns*Jered 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 peric*J in vthith thè èsb.mate is wsed where ihe rwsion affacts only that
period, ￿ in the penod of the re￿IOn and fiAuYe perTrthYs where the rewS￿n allects t￿lh 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
GO￿ra1
nds
2025
General
funds
2024
Interest weivab
1.050
1,036
ExpeThdi￿re 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 an￿￿ted to aclivllios
2025
2024
Govorn8n¢e ts)sts
736
736
Ana￿ed 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 ber*fits from the
¢lwity during the year.
Employe••
The a¥er4e I￿nt￿Y 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 Comp*ts 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• Y￿r.
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 T*lthln ong year
2025
2024
Trade c¥editors
Other creditors
Accruals and (*lerred InC￿ne
3,792
4.954
4.278
4.799
9,682
9.983
14 R•strkt•d fundj
The leSt￿ted 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@str￿ed funds of the chaiity comprise the UneX[￿ded baLances of don81ions 8rKI grants wh￿h are
not subje(I lo condit￿$ by donrMs an(1 grant￿S 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$
(ContIn￿d}
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
CU￿nI assets1oiabilit￿I
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*Xl￿5 the ye3r12024- Th)ne).
12-