Annual Report of Kingsgate Workshops Trust Annual Report and Accounts 2024
www.kingsgateworkshops.org.uk Charity number 1082112
KINGSGATE WORKSHOP TRUST
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Chair’s foreword
During 2023 we successfully addressed both urgent problems with the building and a Charity Commission enquiry meaning that the Board could spend more time looking forward during 2024. Much of our focus was on the funding required for the major works needing to be done to the building. This was helped by our Director’s tireless negotiations with the preferred loan-provider (CAF Bank) and the various entities which CAF require to be involved in loans for building works, and by seeking reassurance on the future financial sustainability of the Trust, for which we commissioned external consultancy support. The works will start (and finish) in 2025. Each Board meeting included a session on the future, looking at the future for studios such as Kingsgate, the route for young artists in a changing economic context, and the potential for our Residency Programme. These sessions both educate us as Trustees as well as informing KWT of various routes to enhancing our role fostering a community of artists and makers and enhancing our public-facing activities.
The Board continued to work with the executive on policies and the Trust’s relationship with our licensees, and we owe much gratitude to Dan Howard-Birt and his hard-working team for their ability to keep the building and its licensees well-served.
Board meetings are well-attended, relevant policies such as induction are in place and we have begun the search for a permanent Chair and Treasurer. I thank my fellow Trustees for their commitment to KWT.
Jonathan Potter,
Acting Chair
Date: 17.07/2025
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KINGSGATE WORKSHOP TRUST
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
About Kingsgate Workshops
Kingsgate Workshops Trust is a registered charitable incorporated organisation which promotes the arts and art activities through the provision of studio spaces and a public programme.
Kingsgate Workshops is a unique affordable studio provider that houses dedicated provision for artists and designer-makers. The Trust owns and operates a large Victorian warehouse building which contains 45 studio spaces which are let to a wide range of artists and craftspeople.
Kingsgate also has a developing public programme, including supporting artists at key stages in their career (including through mentored artist-in-residence opportunities), offering them the space and support to gain industry specific experience and so build a career in the arts.
About the Trust
The Trust Board is made up of individuals who volunteer to give their time to support the development of Kingsgate Workshops. They come from a variety of backgrounds bringing a range of knowledge and expertise to the work of the Trust. In 2022 the Trustees were:
Patrick Adam Jones (appointed 16 November 2022) Jonathan Potter (appointed 1 December 2022) Maria Claridge (appointed 1 December 2022) Simon Glover (appointed 1 December 2022) Sabrina Scolaro (appointed 1 December 2022) Savi Hebbur (appointed 1 December 2022) Will Hall (appointed 14 September 2023) Spirit de la Mare (stepped down 19 September 2024)
Spirit de la Mare’s long commitment to Kingsgate is acknowledged as she steps down from the Board (formerly Chair). Spirit led the charity through the very difficult pandemic-affected years with strength, generosity and clear-sightedness. The Director of Kingsgate Workshops is Dan Howard-Birt. Dan works with a small staff team to manage the Workshops, develop the artistic programme and administer the Trust.
Highlights of the year
Improving procedures
Significant attention was given this year to reviewing and updating policies and process documents to provide support and protection for staff and building users alike, and to ensure accountability and to mitigate risk.
Improving workshop spaces
In 2024, Kingsgate Workshops continued to make general repairs and improvements to the fabric and facilities of its Victorian warehouse building. Repairs to studios 11, 18 and 43 were undertaken. An overhaul of the main building’s Emergency Lights system was completed and new energy efficient lighting was installed in the Project Space.
Diversifying studio use
In 2024 three artists left Kingsgate, one due to ill health, one due to re-location out of London and one leaving for a lower cost studio provider. Taking this opportunity of multiple simultaneous vacancies, all licensees were invited to request studio moves to spaces that better suit their needs. Two sculptors, previously studio sharers, took on their own studios for the first time, a lens-based artist and a jeweller took the opportunity each to move to larger studios. Painter, Lucy Stein joined Kingsgate coming into the remaining available space. A list of studio holders can be found on the Kingsgate Workshops website (www.kingsgateworkshops.org.uk).
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KINGSGATE WORKSHOP TRUST
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Studio Holder events
Public-facing events in 2024 included Open Studios events held in July and November.
During this year, five licensees made use of the Artist-in-Residence studio and/or Project Space to produce, test or document new work.
Developing the artistic vision
Kingsgate Workshops continued to develop the way we work with and support artists at key stages in their careers and to share that work with the public. We are entering a period in London where there is a shifting understanding of, and the value given to, innovative arts practice. This is having significant consequences on the way artists are able to support themselves and create visibility for their artworks. Kingsgate works hard to consolidate its networks with education establishments and peer organisations and to be sensitive to this changing environment.
To this end a book documenting a series of painting exhibitions through 2023 was published in summer 2024 with 3 new essays which consider this changing future for painting and painters.
Middlesex University MA Photography student Jennifer Forward-Hayter presented her first major solo exhibition of portraits of the journalists behind the most perceptive and revealing news stories of recent years. This exhibition focussed on the individuals who usually suppress their own image for the sake of communicating other people’s acts of valour, corruption or tragedy.
Mark Spelman convened an exhibition of artists’ works which each question the legitimising presumptions of galleries. Considering the sense of doubt, failure and exhaustion within artworks (and as an extension of the vulnerability of solitary studio lives) the exhibition challenged the legacy of ‘white cube’ presentation modes as a semiotic device for the creation of significance and value. The exhibition included works by Jane Millican , Scott Robertson , Mark Spelman , Deb Whitney and Jake and Dinos Chapman .
Having left the commercial gallery with which he was associated for many years, and on the occasion of his relocation to London, Steven Claydon made use of the Artist-in-Residence studio to make a series of new works for a solo presentation in the Project Space. What does it mean for an artist to attempt to function without the support of (and restrictions imposed by) a commercial gallery, and can new opportunities be fostered in the wake of such a move? Works made at Kingsgate were later exhibited at Hales Gallery and new opportunities were initiated with Union Pacific Gallery and St Chads.
Former Artist-in-Residence, and recent new father, Matthew Kersaint de Giraudeau returned to Kingsgate to present new sculpture and animation works made under the restrictive conditions of looking after a new baby. This project sought to question how the responsibilities and demands of ‘real life’ affect and inform an artistic life.
New park- and street-facing billboard artworks were commissioned by artists Sophie Lourdes Knight (USA), Paul Becker (UK) and Chengxuan Xie (Hong Kong)
Kingsgate continued to host Finlay Taylor & Kate Scrivener’s Millimetre Project Space (a space for group exhibitions concerned with the landscape and natural history) in a single picture frame. In 2024 exhibitions included works by Denise de Cordova (UK), Neville Gabie (SA), Freya Gabie (UK), Finlay Taylor (UK), Nina Royle (UK), Dana Sherwood (USA), Mark Dion (USA), and Steven Claydon (UK)
Financial overview
The Trust maintained a stable financial position in 2024. Licence fees remained unaffected considering the expected disruption to studio holders while building works took place. However, planning for these works lead to a delay in their commencement. There was a nominal increase in total income from £333.078 (2023) to £334,923 (2024). The Trust continued to make good progress in repaying its outstanding mortgage on the Workshop premises at 110-116 Kingsgate Road. At year end both building
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KINGSGATE WORKSHOP TRUST
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
loans have just one outstanding payment to be made to become loan-free. Plans are in train to commence new borrowing in 2025 with a full analysis of the impact and risk of new borrowing commissioned by the board from Mill Hall Consultants. Full details can be found in the audited financial statements appended to this report.
Staffing
No changes to staffing occurred in this period.
Remuneration Policy
The pay of the senior staff is reviewed annually. The charitable trust pays staff a fair salary that is competitive with the charity sector, proportionate to the complexity of each role, and in line with our charitable objectives. All staff pay is reviewed and decided upon by the board of trustees on an annual basis.
Jonathan Potter, Acting Chair
Date: 17.07.2025
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
KINGSGATE WORKSHOP TRUST
FOR THE YEAR ENDED 31 DECEMBER 2024
I report to the trustees on my examination of the accounts of the Kingsgate Workshop Trust for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Anthony Epton BA FCA CTA
Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
Date: 17 July 2025
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Kingsgate Workshop Trust
Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2024
| Unrestricted Funds Note £ Income from: 3 - 4 333,933 5 990 - 334,923 6 280,193 280,193 7 54,730 - 54,730 Reconciliation of funds: 379,367 434,097 Donations and legacies Charitable activities Net movement in funds Total funds brought forward Total funds carried forward Net income for the year Transfers between funds Total expenditure Total income Expenditure on: Charitable activities Investment income Other income |
Restricted Funds £ - - - - - - - - - - 128,428 128,428 |
2024 Total Funds £ - 333,933 990 - 334,923 280,193 280,193 54,730 - 54,730 507,795 562,525 |
2023 Total Funds £ 2,672 312,266 808 17,332 |
|---|---|---|---|
| 333,078 | |||
| 247,555 | |||
| 247,555 | |||
| 85,523 - |
|||
| 85,523 422,272 |
|||
| 507,795 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 16 to the financial statements.
The attached notes form part of the financial statements.
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Kingsgate Workshop Trust Balance sheet As at 31 December 2024
| 2024 | 2024 | 2023 | 2023 | ||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets: | |||||
| Tangible assets | 11 | 513,721 | 530,836 | ||
| Current assets: | |||||
| Debtors | 12 | 15,497 | 11,391 | ||
| Cash at bank and in hand | 121,721 | 97,848 | |||
| 137,218 | 109,239 | ||||
| Liabilities: | |||||
| Creditors: amounts falling due within one year | 13 | 88,414 | 105,629 | ||
| Net current assets | 48,804 | 3,610 | |||
| Total assets less current liabilities | 562,525 | 534,446 | |||
| Liabilities: | |||||
| Creditors: amounts falling due after one year | 14 | - | 26,651 | ||
| Total net assets | 562,525 | 507,795 | |||
| Funds | 16 | ||||
| Restricted funds | 128,428 | 128,428 | |||
| Unrestricted funds: | |||||
| General funds | 434,097 | 379,367 | |||
| Total unrestricted funds | 434,097 | 379,367 | |||
| Total funds | 562,525 | 507,795 |
Approved by the trustees on 17 July 2025 and signed on their behalf by:
Jonathan Potter Acting Chair
The attached notes form part of the financial statements.
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Kingsgate Workshop Trust Notes to the financial statements For the year ended 31 December 2024
1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102).
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
d) Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
f) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for
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Kingsgate Workshop Trust Notes to the financial statements For the year ended 31 December 2024
1 Accounting policies (continued) g) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.
i) Tangible fixed assets
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: ˜ Leasehold building 2 % per annum Fixtures, Fittings and Equipment 20 % per annum
j) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
k) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
l) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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Kingsgate Workshop Trust Notes to the financial statements For the year ended 31 December 2024
2 Detailed comparatives for the statement of financial activities
| Donations and legacies Charitable activities: Interest income Other income Charitable activities: 3 Donations 4 Licence fee income Licence recharges Hire of education building Shop sales 5 Bank interest Net income Total expenditure Income from: Total income Expenditure on: Net income before gains / (losses) on investments Net gains / (losses) on investments Transfers between funds Income from charitable activities Net income before other recognised gains and losses Income from donations and legacies Total funds carried forward Net movement in funds Total funds brought forward Income from Investments Total income from charitable activities Income earned from charitable activities Grants |
Unrestricted funds £ - |
£ 2,672 312,266 808 17,332 333,078 247,555 Unrestricted funds |
Restricted funds £ - - - - - - |
2023 Total funds £ 2,672 312,266 808 17,332 |
|---|---|---|---|---|
| 333,078 | ||||
| 247,555 | ||||
| 247,555 | - | 247,555 | ||
| 85,523 - 85,523 - 85,523 85,523 293,844 379,367 £ - Restricted funds |
- - - - - - 128,428 128,428 2024 Total funds £ - |
85,523 - |
||
| 85,523 - |
||||
| 85,523 85,523 422,272 |
||||
| 507,795 | ||||
| 2023 Total funds £ 2,672 |
||||
| - | - | - | 2,672 | |
| Unrestricted funds £ 299,596 30,069 1,620 2,648 |
£ - - - - Restricted funds |
2024 Total funds £ 299,596 30,069 1,620 2,648 |
2023 Total funds £ 292,475 19,480 120 190 |
|
| 333,933 | - | 333,933 | 312,266 | |
| Unrestricted funds £ 990 990 |
£ - - Restricted funds |
2024 Total funds £ 990 990 |
2023 Total funds £ 808 |
|
| 808 |
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Kingsgate Workshop Trust Notes to the financial statements For the year ended 31 December 2024
6(a) Analysis of expenditure- Current year
| Staff costs Direct cost Education project Gallery and studio cost Residency running cost Research & development Support costs Rent and rates Insurance Light and heat Repair and maintenance Travelling and subsistence Cleaning and waste Printing, postage and stationary Advertising Telephone/IT supports Legal and professional fees Trsutee meeting expenses Depreciation Accountancy fees Independent examiner fees Sundry Loan interest for the year Bank charges and interests Total expenditure 2024 Total expenditure 2023 |
Charitable activities £ 117,770 6,458 1,697 12,104 2,166 16,694 12,638 25,868 19,152 98 6,695 918 1,920 13,336 8,700 288 17,115 5,664 4,650 864 3,356 2,042 280,193 247,555 |
2024 Total £ 117,770 6,458 1,697 12,104 2,166 16,694 12,638 25,868 19,152 98 6,695 918 1,920 13,336 8,700 288 17,115 5,664 4,650 864 3,356 2,042 |
2023 Total £ 95,930 5,814 473 11,762 2,387 14,098 14,074 24,564 17,831 131 5,664 587 2,211 14,324 - 1,789 17,482 6,538 3,720 261 6,204 1,711 |
|---|---|---|---|
| 280,193 | 247,555 | ||
| 247,555 |
Of the total expenditure, £280,193 were unrestricted (2023: £247,555) and £Nil were restricted (2023: Nil).
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Kingsgate Workshop Trust Notes to the financial statements For the year ended 31 December 2024
6(b) Analysis of expenditure- Prior year
| Analysis of expenditure- Prior year | |||
|---|---|---|---|
| Staff costs Direct cost Education project Gallery and studio cost Residency running cost Research & development Support costs Rent and rates Insurance Light and heat Repair and maintenance Travelling and subsistence Cleaning and waste Printing, postage and stationary Advertising Telephone/IT supports Trsutee meeting expenses Depreciation Accountancy fees Independent examiner fees Sundry Loan interest for the year Bank charges and interests Total expenditure 2023 |
Charitable activities £ 95,930 5,814 473 11,762 2,387 14,098 14,074 24,564 17,831 131 5,664 587 2,211 14,324 1,789 17,482 6,538 3,720 261 6,204 1,711 247,555 |
2023 Total £ 95,930 5,814 473 11,762 2,387 14,098 14,074 24,564 17,831 131 5,664 587 2,211 14,324 1,789 17,482 6,538 3,720 261 6,204 1,711 |
2022 Total £ 103,929 4,219 1,903 19,147 4,445 11,233 14,684 24,439 18,577 642 5,882 509 1,563 12,119 988 17,527 7,205 4,140 1,357 8,824 1,843 |
| 247,555 | 265,175 |
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Kingsgate Workshop Trust Notes to the financial statements For the year ended 31 December 2024
7 Net income for the year
This is stated after charging / crediting:
| Depreciation Independent Examiner's Fees net of VAT |
2024 £ 3,675 17,115 |
2023 £ 3,500 17,482 |
|---|---|---|
8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
| Staff costs were as follows: | ||
|---|---|---|
| Social security costs Salaries and wages Other staff costs Freelance staff Pension contributions |
2024 £ 91,202 1,714 1,725 20,371 2,758 117,770 |
2023 £ 85,214 956 1,587 4,773 3,400 |
| 95,930 |
The total employee benefits including pension contributions of the key management personnel were £33,371 (2023: £33,564).
No employees earned more than £60,000 per annum.
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).
No trustees received any payment or reimbursement of travel and subsistence costs.
9 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as follows:
| Charitable activity | 2024 2023 No. No. 5 7 5 7 |
|---|---|
10 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
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Kingsgate Workshop Trust Notes to the financial statements
For the year ended 31 December 2024
11 Tangible fixed assets
Cost At the start of the year Additions in year Disposals in year At the end of the year Depreciation At the start of the year Charge for the year Eliminated on disposal At the end of the year Net book value At the end of the year At the start of the year 12 13 Bank loan 14 Creditors: amounts falling due after one year Bank loans > 1 year Creditors: amounts falling due within one year Other creditors Taxation & social security Accruals Debtors Trade debtors Trade creditors |
782,438 - - 782,438 258,934 15,649 274,583 507,855 523,504 Long Leasehold |
£ 33,482 - - 33,482 26,150 1,466 - 27,616 5,866 7,332 2024 £ 15,497 15,497 2024 £ 743 4,410 25,545 12,219 45,497 88,414 2024 £ - - Fixtures, fittings & equipment |
Total £ 815,920 - - |
|---|---|---|---|
| 815,920 | |||
| 285,084 17,115 - |
|||
| 302,199 | |||
| 513,721 | |||
| 530,836 | |||
| 2023 £ 11,391 |
|||
| 11,391 | |||
| 2023 £ 770 3,960 47,767 7,548 45,584 |
|||
| 105,629 | |||
| 2023 £ 26,651 |
|||
| 26,651 |
Bank loans totalling £25,545 (2023: £74,418) are secured against long leasehold property and repayble by 11 February 2025. Loan 1 has a 6.15% fiscal interest rate and the other 5.93%.
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Kingsgate Workshop Trust Notes to the financial statements
For the year ended 31 December 2024
15(a) Analysis of net assets between funds- Current year
| Tangible fixed assets Net current assets Net assets at the end of the year 15(b) Tangible fixed assets Net current assets Crediors: Amounts falling due after more than one year Net assets at the end of the year 16(a) Movements in funds- Current year £ Restricted funds: Building fund 88,428 Structual works funds 40,000 Total restricted funds 128,428 Analysis of net assets between funds- Prior year At the start of the year |
£ - - - Incoming resources & gains |
Unrestricted Funds £ - 434,097 434,097 Unrestricted funds £ - 379,367 - 379,367 £ - - - Outgoing resources & losses |
Restricted Funds £ 513,721 (385,293) 128,428 Restricted funds £ 530,836 (375,757) (26,651) 128,428 Transfers £ - - - |
Total Funds £ 513,721 48,804 |
|---|---|---|---|---|
| 562,525 | ||||
| Total funds £ 530,836 3,610 (26,651) |
||||
| 507,795 | ||||
| £ 88,428 40,000 At the end of the year |
||||
| 128,428 |
The building fund is to research and develop the existing site, including the life long learing facility. The structural works funds are for use as may be required over the coming years.
| General funds Total Unrestricted Funds Total unrestricted funds Total funds |
379,367 379,367 507,795 |
334,923 334,923 334,923 |
(280,193) (280,193) (280,193) |
- - - |
434,097 |
|---|---|---|---|---|---|
| 434,097 | |||||
| 562,525 |
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Kingsgate Workshop Trust Notes to the financial statements
For the year ended 31 December 2024
| 16(b)Movements in funds-Prior year Restricted funds: Building fund Structual works funds Total restricted funds |
£ 88,428 40,000 128,428 At the start of the year |
£ - - - Incoming resources & gains |
£ - - - Outgoing resources & losses |
Transfers £ - - - |
£ 88,428 40,000 At the end of the year |
|---|---|---|---|---|---|
| 128,428 |
The building fund is to research and develop the existing site, including the life long learing facility. The structural works funds are for use as may be required over the coming years.
| General funds Total Unrestricted Funds Total unrestricted funds Total funds |
293,844 293,844 422,272 |
333,078 333,078 |
(247,555) (247,555) (247,555) |
- - - |
379,367 |
|---|---|---|---|---|---|
| 379,367 | |||||
| 333,078 | 507,795 |
17 Operating lease commitments
At the balance sheet date, the charity had no financial commmitment under non-cancellable operating leases.
18 Pension scheme
The charity operates a defined contribution pension scheme. The charity makes contributions to the personal pensions of its employees based on a percentage of salary.
19 Related party transactions
There were no related party transactions to disclose for the year.
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