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← Karst

2024-03-31-accounts

Trustees’ Annual Report for the period

From 01 April 2023 Period start date To 31 March 2024 Period end date

Charity name: KARST

Charity registration number: 1157242

Objectives and Activities

SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 1.
To promote art and to advance education in
the arts for the benefit of the public by the
establishment and maintenance of an art
gallery, artist studios and project space.
2.
To establish outreach projects in order to
harness further engagement with our local
communities.
3.
To provide a creative hub for local
contemporary artists to develop their creative
and professional practice.
4.
To illuminate, expand and drive engagement
in contemporary art practice, for the benefit of
the public.
5.
To develop KARST’s profile through curating
an exhibition programme that identifies and
sets international agendas and trends within
contemporary art practice.
6.
To operate as an important and essential
example of a contemporary visual arts
initiative principally in the South West of
England.
7.
To exist and operate as an independent, artist
led visual arts project space.
8.
To open and maintain a bank account or bank
accounts in the name of the Charity.
9.
To enter into agreement with artists, curators,
writers, galleries and other creative
contributors.
10. To employ and remunerate such staff as are
necessary for the carrying out of the work of
the Charity. The Charity may employ or
remunerate a director only to the extent it is
permitted to do so by these articles and
provided it complies with the conditions of
article 49(2).
11. Subject to such consents as may be required
by law, to purchase, take on lease or in
exchange, hire or otherwise acquire any real
or personal property and any rights or
privileges which the Charity may think
necessary for the promotion of its objects;
and to construct, maintain and alter any
buildings or erections necessary for the work
of the Charity.
12. To undertake and execute any charitable
trusts which may lawfully be undertaken by
the Charity and may be necessary for its
objectives.
13. Subject to such consents as may be required
by law, to sell, let, mortgage, dispose of or
turn to account all or any of the property or
assets of the Charity as may be thought
necessary for the promotion of its objectives.
In exercising this power, the Charity must
comply, as appropriate, with sections 117 and
122 Charities Act 2011.
14. Subject to such consents as may be required
by law, to borrow or raise money for the
purposes of the Charity on such terms and on
such security as may be thought fit. The
Charity must comply as appropriate, with
sections 124 to 126 Charities Act 2011 if it
wishes to mortgage land.
15. To invest the monies of the Charity not
immediately required for its purposes in or
upon such investments, securities or property
as may be thought fit, subject nevertheless to
such conditions (if any) and such consents (if
any) as may for the time being be imposed or
required by law and subject also as
hereinafter provided.
16. To establish and support or aid in the
establishment and support of any charitable
Companies or institutions and to subscribe or
guarantee money for charitable purposes in
any way connected with the purposes of the
Charity or calculated to further its objectives
(to acquire, merge with or to enter into any
partnership or joint venture arrangement with
any other charity).
17. To do all such other lawful things as shall
further any or all of the above objectives.
18. To procure to be written, printed, published
and issued gratuitously or otherwise such
papers, books, pamphlets or other documents
as shall further the above objectives.
19. To pay out of the funds of the Charity the
costs of forming and registering the Charity as
a charity.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.		 Para 1.17 and
1.19		 The reason for which the Charity is established is
to advance the arts for public benefit by the
promotion and education, in particular but not
exclusively, of contemporary art for the benefit of
the public. It also establishes outreach projects
in order to harness further engagement with local
communities to promote art and to advance
education in the arts for the benefit of the public
by the establishment and maintenance of an art
gallery, artist studios and project space.
KARST gallery delivers regional, national and
international cutting edge contemporary art
exhibitions and event projects, all offering a
variety of artistic content and audience
engagement. We curate and deliver high profile
on and off-site exhibitions & project work with
ambitious, experimental international artists &
curators to programme challenging, critically
engaging work.
KARST studio complex provides a creative hub
for local artists who are in varying stages of their
careers, ranging from graduate, emerging, mid,
and established artists, topromote and develop

their creative and professional practice for a minimum of a six-month period. Studios provide affordable space for up to eighteen local contemporary visual artists; delivering a series of crits every four months, and new digital critiques with other UK studio spaces. The studios operate as a collective of ambitious artists, with an ethos to share knowledge, skills & opportunities. Studio artists have worked & exhibited regionally, nationally & internationally. KARST has a talent development programme to support the vibrant and diverse Contemporary arts sector in Plymouth. Studio Residency Programme - Annual Studio Residency programme that includes artist residencies in partnership with CAMP and Sudio.KIND, graduate artist residency with Bath Spa University and Arts University Plymouth and KARST gallery programme artists. Test Space - a programme strand that utilised the gallery space between exhibitions with fast turn around projects, often run in partnerships. Fenster Space - a new space dedicated to host learning and engagement workshops and for studio artists to test, display and show their work. Project Assistant/Internships/Volunteer - Create opportunities to share and exchange specialist knowledge, collaboration skills and peer to peer support through a programme of work opportunities. City Partnerships - KARST collaborates with visiting exhibition artists/curators to facilitate one-to-ones and studio visits. KARST collaborated & worked in partnership with Plymouth Culture (PC), The Box, Plymouth City Council (PCC), Arts University Plymouth (AUP), University of Plymouth (UoP), Millfields Inspired and the city NPO Stakeholder Group to capitalise on cross-city exhibition programming to ensure increased capacity, develop audiences, promote cohesion & extend outreach & engagement.

National Partnerships - KARST collaborates with regional and national programme partners for both studios and exhibitions. KARST collaborated and worked in partnership with Forma (London), New Contemporaries (London), Outlands Network, Studio.KIND (North Devon), Bath Spa University, Phoenix Art Space (Brighton), Abingdon Studios (Blackpool) Southwark Park Galleries (London) and The Bluecoat (Liverpool).

KARST has a key strategic role to play within
Plymouth & continues to work in partnership with
key stakeholders to collectively deliver a
collaborative & cohesive approach to developing
& maintaining a rich & valued cultural offer within
the City & to support the Plymouth Culture
Strategy & Visual Arts Plan.
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 The KARST trustees have all had regard to the
guidance issued by the Charity Commission on
public benefit.

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other

Achievements and Performance

SORP reference

Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 KARST operates as a fully-functioning, physically
accessible, secure, welcoming and
environmentally-responsible cultural space.
Creating conditions to retain and attract the
highest level artists, increase commissioning
opportunities, increase audience numbers and
participation opportunities, increase income
generation opportunities, enhance our profile and
attract private investors.
Gallery Programme
We delivered the following projects:
Test Space: (Gallery) AUP Fine Art BA 2nd
years project in gallery (30 students),
where students tested their work, KARST
(Head of Programme) and AUP lecturers
one to one critiques, and they worked to
produce a closing event presentation of
their work on 12th May, open to friends,
family, peers, lecturers and the public.
Test Space: Anna Boland StudioKIND,
Braunton. Commission: SPY-nul 25th March -
15th April. PV 24th March. Impulse Projection
Mapping event, site specific, Projected onto the
exterior of an Art deco cinema, The Strand,
Barnstaple, 30th March. Anna Boland 'Test
Space' in KARST gallery 15-19th.
Feels Like Memeplex exhibition, 9 June-29
July. Artist curators: Joey Holder & Omsk
Social Club. Artists: Alex Bunn / Helen
Chadwick / JM Churchill / Ed Fornieles / Penny
Goring / Marguerite Humeau / Ville Kallio /
Paul Laffoley / Viktor Timofeev. Feels Like
Memeplex™ was initiated and included work
by Berlin-based art collective Omsk Social
Club and London and Helsinki -based artist
Joey Holder. It is the second iteration of
Memeplex™ – a group exhibition previously
presented at Seventeen, London. The
exhibition enacts a fictional story from a
fragment of Omsk’s interactive online work_The_
Wet Altar(2021), commissioned by Light Art
Space. Additional funding: Goethe
Institut-London, Office of Contemporary
Art (Norway) and Seventeen Gallery
(London).
Murmansk / Kirkenes - Knut Asdam, 7-16
Sept 2023 PV & Talk; 7 Sept. In conversation
between Knut Åsdam and KARST’s Head of
Programme, Ben Borthwick. Presented as a
First Thursday project in collaboration with
Queer District Collective & Minerva. KARST
presented Murmansk / Kirkenes by
Norwegian artist and filmmaker Knut
Åsdam. The three channel film installation is
the first phase of an ongoing project that
explores the evolving, intensifying landscape of
the Norwegian-Russian border and a Europe
undergoing dramatic change. KARST will
present a new chapter of this project in 2025

Murmansk / Kirkenes was made in response to the rapidly changing relationship between Russia and the rest of Europe, following Russia’s invasion and annexation of Crimea and before the war in Ukraine. Additional Funding secured: Norwegian Embassy and OCA. Against Apartheid exhibition, curated byAshish Ghadiali, 28 Sept-2 Dec 2023. Against Apartheid explores the dynamic between a projected future arising from historic ecologies of empire – African enslavement, the middle passage, the plantation and the genocide of indigenous peoples as well as the geopolitics of international borders, urban air pollution and species migration. Artists and activists included in the show put forward strategies for challenging the inherited culture of apartheid - restoring hidden lives and forgotten futures. Works in the exhibition point towards the transcendence of race-thinking, new ecologies and intergenerational and interspecies sensibilities through which landscapes and our sense of future possibility is transfigured and transformed. Artists: Alarm Phone / Anti-Raids / Angela Camacho / Kedisha Coakley / Iman Datoo / Annalee Davis / Forensic Oceanography / Sylvie Sema Glissant / Ashanti Hare / Khaled Jarrar / Kiluanji Kia Henda / Grada Kilomba / Otis Mensah / Sue Williamson. Curated by Ashish Ghadiali. A Perfect Sentence exhibition by Oliver Chanarin, 26 January 2024 - 23 March 2024. Oliver Frank Chanarin’s new exhibition, A Perfect Sentence, interrogates the photographic image in the age of the algorithm. At the centre of this installation are two machines made by the artist in collaboration with Tom Cecil and Ruairi Glynn. They continuously hang and rehang framed photographs that are stored in stacks on the gallery floor. Oliver spent time in Plymouth working with the community and capturing portraits of its diverse population. This project, which incorporates photography and robotics, has been exhibited internationally, raising KARST’s and Plymouth’s profiles on the global stage. KARST (founding partner) and OUTLANDS, Apr 23 to Mar 24 - National programme work, a National Experimental Music Touring Network made up of partners across the UK dedicated to commissioning art and experimental music crossover. We are continuing to collaborate with Outlands to present ‘The Joyous Thing #5’ event, (4 - 6 April 24), a weekend of experimental music and performance in Plymouth. Ongoing.

British Council Arts Digital Collaboration Fund project, Apr 23 to Mar 24 - Research the development of a collaborative digital platform that aims to preserve and interpret Highlife’s legacy, reinventing it for a new generation of musicians and Audiences in Ghana and internationally. Ongoing. Artist Studios During 2023/24, KARST was able to host 20 artists working across 18 studios within its studio complex. The studio complex at KARST provides a creative hub for local artists to promote and develop their creative and professional practice, by offering: ● One to one critiques and group talks with KARST gallery exhibition artists and curators; offered to studio artists ● The studio artists use studio collective to share knowledge, discuss methods of collaboration and use time to critically engage with each other’s practice. ● Graduate residents and interns are regularly invited to critique their work at KARST, with studio artists. We also continue to develop our partnerships with Studio.KIND (North Devon), Harbour House (Kingsbridge) and Brighton University. KARST x KIND annual commission. Selected KARST studio holder, Anna Boland, first solo exhibition: SPY-nul, 25th Mar - 15th Apr 23 at Studio KIND. Studio Residency Programme KARST Graduate Artists in Studio 2 Residency with Arts University Plymouth (AUP) & Bath Spa University (BSU), 1st Oct 23 - 31st March 2024 - Annual residency with alumni graduates from Arts University Plymouth (AUP) & Bath Spa University. Selected graduate artists were Beth Evans (AUP) and Sophie Lines (Bath Spa). Beth and Sophie produced a significant body of research studio work and were offered the opportunity to test and present their work in Fenster Space, Recorded Offerings, 19th to 24th Feb 24.

Engagement and Outreach

Against Apartheid: Open City (Plymouth and Penzance) Public programme, 28 Sept-2 Dec 2023 - how content and themes of the exhibition relate directly to Plymouth, particularly in relation to empire, historic links to slavery, events include: Keynote Lecture: Annalee Davis (UofP), Artist Panel: Annalee Davis, Iman Datoo, Kedisha Coakley and Ashanti Hare in conversation with Ashish Ghadiali (at KARST), Open City Night School: Dr. Sana Murrani, Ruptured Domesticity (KARST), Open City Night School Sessions at

KARST (including Deep Listening Workshop with Ximena Alarcón Díaz), Gary Younge: Dispatches from the Diaspora presented by Zebra Collective (Barbican Theatre), Musical Passage: Workshop and Jam Session (The Exchange, Penzance), Black Atlantic Symposium (KARST and the Market Hall, Devonport), and A Silent Walk from Mayflower Steps to new memorial to victims of trans-Atlantic slavery in the Peace Garden, Plymouth Hoe, with performance by Black British folk singer Angeline Morrison. Additional Funding secured: Radical Ecology and Global Systems Institute at the University of Exeter. KARST x Millfields Inspired Widening Horizon programme, co-delivered an engagement programme to run alongside the 'Against Apartheid' exhibition. Millfields and KARST selected St. We ran sessions with KARST studio artist Anna Boland, exploring the BAS9 theme of migration of bodies, peoples, plants, objects, ideas and forms. Session 1, Year 6 class visited KARST and the exhibition on 10 Nov, followed by a workshop, creating clay sculptures relating to Iman Datoo's work. Second session at St Andrews School on 17 Nov, working with cyanotype prints related to Kedisha Coakley's work. Session 3, 10 Dec, 6 selected children came to Fenster to curate their exhibition using the art works produced during their workshops. The PV was held after school on the same day, for friends and family. Test Space: (Fenster ) Graduate Residency (19-23 Feb, open to public 23-24 Feb). Beth Evans (AUP) and Sophie Lines (Bath Spa Uni) presented work in progress made during the residency. Opening attended by 29 people and an in conversation between HoP and the artists with questions from the audience. 25 Visitors the following day. Test Space: (UNDER) Lou Holland, Love Letters 13-15 February 2024 "LOVE LETTERS is a show for the lovers! Art dedicated to luvvers, best friends, the self, cats and dogs and cups of tea." Test Space: (Fenster) Paul Hillon, studio artist 8th- 16th April, artist to test work Test Space: (Fenster) Dave Beech, presented his Test Space work to the BREST delegation visitors, on 20th May in Fenster gallery space, ahead of his UNO St Claude Gallery, solo exhibition, USA. Test Space: (UNDER) Jean Paul Bellamy-Wallace - Synaesthesia; 16th-26nd May, artist testED new work. and presented to the BREST delegation visitors, on 20th May in UNDER Gallery space.

Ernesettle Primary School (year 6) exhibition visit and workshop at KARST, on 1[st ] March. The Executive Director and Head of Programme welcomed them to the space

and talked to them about each of their roles. Children spent the day at KARST and had the best time being inspired and making art works (facilitated by Anna Boland). 30 children (year 6) , 3 staff from Ernesettle, Anna Boland facilitating, 9-2pm, gallery visit followed by a workshop creating portraits from recycled materials and making cyanotype prints also using recycled materials.This was Ernesettle Primary's first visit to KARST and was able to happen because Go South West sponsored the bus. We recognise the location of KARST and the importance of being an integral part of our community. Stonehouse is an area of significant social and economic deprivation so we are developing ‘Voices’ a new learning and engagement pilot project, to develop a series of co-designed, co-created and co-produced, community-led activities shaped by our creative programme. Project Assistant/Internships/Volunteer This year (Sept) KARST introduced a system to induct AUP students as volunteers at the start of the academic year, meaning KARST can contact students directly with upcoming opportunities, supporting AUP's Professional Practice Module. We worked with 27 volunteers, who worked alongside our freelance Technicians and with the exhibition artists and curators during installation of exhibitions. To improve our offer to volunteers, we have invited them to volunteer sharing and social events. We have a programme framework, to test and review in-house support mechanisms. We also worked with 4 project assistants (paid).

We continue to play a key strategic role within Plymouth and will continue to work in partnership with key stakeholders to collectively deliver a collaborative and cohesive approach to developing and maintaining a rich and valued cultural offer within the City and to support the Plymouth Culture Strategy and Visual Arts Plan. Current partners include Forma (London), New Contemporaries (London), Southwark Park Galleries (London), Bluecoat Gallery (Liverpool), Plymouth Culture (PC), The Box, Arts University Plymouth (AUP), Plymouth University (PU), Plymouth City Council (PCC) and Plymouth City NPO/Key Stakeholder Group.

All KARST exhibitions are free entry and where possible we aim to ensure our events are affordable or have concessions, if they are not free. This enables us to extend and drive

engagement within contemporary art practice and ensure we are inclusive to all audiences, including cultural, community, education and those audiences that might not normally engage to drive engagement in contemporary art practice for the benefit of the public.

Additional information (optional) You may choose to include further statements where relevant about:
Achievements against
objectives set		 Para 1.41
Performance of fundraising
activities against objectives
set		 Para 1.41
Investment performance
against objectives		 Para 1.41
Other

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 The Charity is in a good financial position. We
have secured Funding from Arts Council England
National Portfolio Organisation grants 2023-2026.
This ensures the charity has operational funds to
continue to operate securely for the foreseeable
future.
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 As of the 1st Apr 2024 we held £30K reserves. It
is company policy to maintain sufficient funds to
cover 3 months operational costs and to deliver
the current programme of work.
Amount of reserves held Para 1.22
£30K
Reasons for holding zero
reserves		 Para 1.22
Details of fund materially in
deficit		 Para 1.24 None of the charity's funds at the end of the
financial year were in deficit.
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 There are no uncertainties about the charity
moving forward as a going concern.

Additional information (optional)

You may choose to include further statements where relevant about: You may choose to include further statements where relevant about: You may choose to include further statements where relevant about:
Arts Council England National Portfolio
Organisation funding.
The charity’s principal
sources of funds (including		 Para 1.47 Earned Income: Studio hire and gallery hire.
Other grant income: Creative Programme.
any fundraising)
Investment policy and
objectives including any Para 1.46
social investment policy
adopted
A description of the principal Para 1.46
risks facing the charity
Other

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing document
(trust deed, royal charter)		 Para 1.25 Memorandum & Articles of Association of
KARST
How is the charity
constituted?
(e.g unincorporated
association, CIO)		 Para 1.25 Charity Limited by Guarantee

Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 Appointed - Executive Director and Trustees will
look to appoint a new trustee when a specific
area of expertise is required and/or when a
person is recognised to be of significant benefit to
KARST and its core aims and objectives.
Executive Director and Trustees will make a
named recommendation at programmed KARST
Board Meetings.

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures
adopted for the induction and
training of trustees		 Para 1.51
The charity’s organisational
structure and any wider
network with which the
charity works		 Para 1.51
Relationship with any related
parties		 Para 1.51
Other

Reference and Administrative details

Charity name KARST

Other name the charity uses
Registered charity number 1157242

Charity’s principal address		 22 George Place, Plymouth PL1 3NY

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for
whole year
Name of
person (or
body)
entitled to
appoint
trustee (if
any)
Nicholas Buckland
Mark Cotton
Azza Gasim
Wes Gilpin
ChristyJohnson
Merrydith Russell
Richard Sobey

– Corporate trustees names of the directors at the date the report was approved Director name Donna Howard

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets
held in this capacity		 N/A
Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects		 N/A
Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets		 N/A

Additional information (optional)

Names and addresses of advisers (Optional information)

Names and addresses of advisers (Optional information) Names and addresses of advisers (Optional information) Names and addresses of advisers (Optional information) Names and addresses of advisers (Optional information)
Type of adviser
Name
Address
Accountancy Luke Hardacre Precise Accountants Ltd,Unit 6 Brooklands, Budshead
Road, Plymouth, Devon, PL6 5XR
Banking and
Finance		 Branch Manager
Natwest, 14 Old Town Street, Plymouth, PL11DG
Name of chief executive or names of senior staff members (Optional information)

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Nicholas Brian Buckland OBE ~~ee~~ Position (eg Secretary, Chair Chair, etc) ~~ee~~ Date 26th November 2024 ~~TT~~

KARST

Charity No. 1157242

Company No. 08653315

Trustees' Report and Unaudited Accounts

31 March 2024

KARST Contents

Pages
Trustees' Annual Report 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Summary Income and Expenditure Account 5
Balance Sheet 6
Notes to the Accounts 7 to 15
Detailed Statement of Financial Activities 16 to 18

Page 1

Trustees Annual Report The trustees, who are also di￿rtoIs of the charlty for the purposes of the Companies Art 2￿6, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINisfRATIVE DEfAILS Company No. 08653315 Charlty No. 1157242 Reglstered Office 22 George Place Stonehouse Plymouth Devon PLI 3NY Dlrectors and Trustees The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served durin8 the year. N.B. Buckland M.A. Cotton A. Gasim W.L. Gilpin C.A. Johnson A. Qualtrough M.G. Russell (Resigned 18 January 20241 T.J. Sleman-Huxtable R. Sobey Accountants {Resvdned 25 April 2023) Precise Accountsnts Ltd Unit 4 Seaton Park 36 William Prance Road Derrrford Ptymouth PL6 5WR The Trustees are responsible for keeping proper accounting records that disclose with ￿asonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees a￿ also responsible for safeguarding the assets of the charlty and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2CM)6 and in accordan￿ with the Charities SORP IFRS 102}. Signed on behalf of the board N.B. B ckland Trustee Page 2

KARST Trustees Annual Report

25 November 2024

Page 3

KARST Independent Examiners Report

Independent Examiner's Report to the trustees of KARST

I report to the charity trustees on my examination of the financial statements of KARST for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

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 financial statements to be reached.

Mr Lee James Hardacre FCCA/FMAAT Precise Accountants Ltd Unit 4 Seaton Park 36 William Prance Road Derriford Plymouth PL6 5WR 25 November 2024

Page 4

KARST

Statement of Financial Activities

for the year ended 31 March 2024

Notes
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total
Expenditure on:
Raising funds
8
Charitable activities
9
Other
10
Total
Net gains on investments
Net income/(expenditure)
11
Transfers between funds
Net income/(expenditure)
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2024
£
175,475
345
30,346
627		 Restricted
funds
2024
£
-
-
-
-		 Total funds
2024
£
175,475
345
30,346
627		 Total funds
2023
£
160,823
406
27,851
221
206,793
-
32,601
172,851		 -
-
-
-		 206,793
-
32,601
172,851		 189,301
22,645
38,198
166,682
205,452
-		 -
-		 205,452
-		 227,525
-
1,341
-		 -
-		 1,341
-		 (38,224)
-
1,341 - 1,341 (38,224)
1,341
50,199		 -
17,682		 1,341
67,881		 (38,224)
106,105
51,540 17,682 69,222 67,881

Page 5

KARST Summary Income and Expenditure Account

for the year ended 31 March 2024

Income
Interest and investment income
Gross income for the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net income/(expenditure) before tax
for the year
Net income /(expenditure )for the year		 2024
£
206,166
627
206,793
191,250
14,202
205,452
1,341
1,341		 2023
£
189,080
221
189,301
213,323
14,202
227,525
(38,224)
(38,224)

Page 6

KARsr Balan￿ Sheet at 31 Marth 2024 Company No. 08653315 2024 2023 Flxed assets Tangible assets 13 370,995 370,995 385.197 385,197 Current assets Debtors Cash at bank and in hand 14 3,056 71,383 74,439 {15.575 58,864 429.859 2,916 69.442 72,358 {29,466) 42,892 Credltors: Amount falling due within one year Net current assets 15 Total assets less current liabilities 428,089 Credltors: Amounts fairing due after more than one year Net assets exdudlng pension asset or liabi1Sty 16 1360,637) 69,222 1360,2081 67,881 Total net assets 69,222 67,881 The funds of the charfty Restrlcted funds Restricted income funds 17 17,682 17.682 17.682 17,682 Unrestrlcted funds Designated fvnds 17 51,540 50,199 51,540 50,199 Reserves 17 Total fvnds 69,222 67,881 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2(K)6 relatin8 to small companies. The members have not required the company to obtsin an audit in accordance with section 476 of the Companies Act 21x16. The directors acknowledge their responsibilities for complying with the requirements of the Companies Art 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 25 November 2024 And stgned on its behalf by. N.B. B kland Trustee 25 November 2024 Page 7

KARST Notes to the Accounts

for the year ended 31 March 2024

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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 8

KARST Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

30 Years% Over the term of Leasehold property the lease Studio Equipment 33% Straight Line Fixtures, fittings and 33% Straight Line equipment

==> picture [205 x 79] intentionally omitted <==

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other 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.

Page 9

KARST

Notes to the Accounts

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 10

KARST Notes to the Accounts

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Grants
Capital grant
Graduate residency
Additional grant funding		 Unrestricted
funds
2023
£
160,823
406
27,851
221
189,301
22,645
38,198
166,682
227,525
(38,224)
(38,224)
(38,224)
88,423
50,199
Unrestricted
£
142,576
12,436
-
20,463
175,475		 Restricted
funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
17,682
17,682
Total
2024
£
142,576
12,436
-
20,463
175,475		 Total funds
2023
£
160,823
406
27,851
221
189,301
22,645
38,198
166,682
227,525
(38,224)
(38,224)
(38,224)
106,105
67,881
Total
2023
£
142,577
12,865
1,500
3,881
160,823

Page 11

KARST

Notes to the Accounts

5 Income from charitable activities

Philanthropic giving,
fundraising and sponsorship
6
Income from other trading activities
Studio Rental
7
Income from investments
Bank interest received
8
Expenditure on raising funds
Costs of generating voluntary
income
Graduate residency
9
Expenditure on charitable activities
Expenditure on charitable
activities
Exhibition costs
Event costs
Marketing
Feasibility
PAC Home		 Unrestricted
£
345
345
Unrestricted
£
30,346
30,346
Unrestricted
£
627
627
Unrestricted
£
27,330
1,310
3,031
-
930
32,601		 Total
2024
£
345
345
Total
2024
£
30,346
30,346
Total
2024
£
627
627
Total
2024
£
-
-
Total
2024
£
27,330
1,310
3,031
-
930
32,601		 Total
2023
£
406
406
Total
2023
£
27,851
27,851
Total
2023
£
221
221
Total
2023
£
22,645
22,645
Total
2023
£
15,956
1,665
2,577
18,000
-
38,198

Page 12

KARST Notes to the Accounts

10 Other expenditure

Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
11 Net income/(expenditure) before transfers
This is stated after charging:
Depreciation of owned fixed assets
12 Staff costs
Salaries and wages
Social security costs
Pension costs
No employee received emoluments in excess
13 Tangible fixed assets
Land and
buildings
£
Cost or revaluation
At 1 April 2023
424,444
At 31 March 2024
424,444
Depreciation and
impairment
At 1 April 2023
39,247
Depreciation charge for the
year
14,202
At 31 March 2024
53,449
Net book values
At 31 March 2024
370,995
At 31 March 2023
385,197		 of £60,000.
Studio
Equipment
£
14,608
14,608
14,608
-
14,608
-
-		 Unrestricted
£
99,042
718
44,601
14,202
8,537
5,751
172,851
2024
£
14,202
2024
97,142
457
1,443
99,042
TFA 3
£
-
-
-
-
-
-
-		 Total
2024
£
99,042
718
44,601
14,202
8,537
5,751
172,851
Fixtures,
fittings and
equipment
£
6,176
6,176
6,176
-
6,176
-
-		 Total
2023
£
93,412
1,576
49,890
14,202
2,590
5,012
166,682
2023
£
14,202
2023
90,776
1,263
1,373
93,412
Total
£
445,228
445,228
60,031
14,202
74,233
370,995
385,197

Page 13

KARST

Notes to the Accounts

KARST
Notes to the Accounts
14 Debtors
Trade debtors
15 Creditors:
amounts falling due within one year
Trade creditors
Other taxes and social security
Other creditors
Accruals
Deferred income
16 Creditors:
amounts falling due after more than one year
Deferred income		 2024
£
3,056
3,056
2024
£
4,199
(524)
11,242
658
-
15,575
2024
£
360,637
360,637		 2023
£
2,916
2,916
2023
£
3,750
(58)
12,250
659
12,865
29,466
2023
£
360,208
360,208

Page 14

KARST

Notes to the Accounts

17 Movement in funds

Restricted funds:
Restricted income funds:
Digital Calibration Fund
Total
Unrestricted funds:
Designated funds:
Designated Funds
Total
Total funds		 At 1 April
2023
17,682
17,682
50,199
50,199
67,881		 Incoming
resources
(including
other
gains/losses
)
£
-
-
206,793
206,793
206,793		 Resources
expended
£
-
-
(205,452)
(205,452)
(205,452)		 At 31
March
2024
£
17,682
17,682
51,540
51,540
69,222

Purposes and restrictions in relation to the funds:

Restricted funds:
Digital Calibration Fund Restricted for the purpose of the Digital Calibration Fund only
Designated funds:
Designated Funds General funds held for the charity

18 Analysis of net assets between funds

Fixed assets
Net current assets
Creditors due in more than one year and
provisions
Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 April
2023
£		 Unrestricted
funds
£
370,995
58,864
(360,637)
69,222
Cash flows
£		 Total
£
370,995
58,864
(360,637)
69,222
At 31
March
2024
£
69,442 1,941 71,383
69,442
69,442		 1,941
1,941		 71,383
71,383

19 Reconciliation of net debt

Page 15

KARST Notes to the Accounts

20 Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

Operating lease commitments
Annual commitments under non-cancellable operating leases		 are as follows:
2024
Land and
buildings
£
Operating leases with expiry date:
Pension commitments
The pension cost charge to the company
amounted to:
21 Related party disclosures
Controlling party		 2024
2023
Other
Land and
buildings
£
£
2024
£
1,443		 2023
Other
£
2023
£
1,373

No known controlling party.

Page 16

KARST Detailed Statement of Financial Activities

for the year ended 31 March 2024

Income and endowments from:
Donations and legacies
Grants
Capital grant
Graduate residency
Additional grant funding
Charitable activities
Philanthropic giving, fundraising
and sponsorship
Other trading activities
Studio Rental
Investments
Bank interest received
Total income and endowments
Expenditure on:
Costs of generating donations and
legacies
Graduate residency
Total of expenditure on raising
funds
Charitable activities
Exhibition costs
Event costs
Marketing
Feasibility
PAC Home
Total of expenditure on charitable
activities
Employee costs
Salaries/wages
Employer's NIC
Pension costs		 Unrestricte
d funds
2024
£
142,576
12,436
-
20,463
175,475
345
345
30,346
30,346
627
627
206,793
-
-
-
27,330
1,310
3,031
-
930
32,601
32,601
97,142
457
1,443
99,042		 2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
2024
£
142,576
12,436
-
20,463
175,475
345
345
30,346
30,346
627
627
206,793
-
-
-
27,330
1,310
3,031
-
930
32,601
32,601
97,142
457
1,443
99,042		 Total funds
2023
£
142,577
12,865
1,500
3,881
160,823
406
406
27,851
27,851
221
221
189,301
22,645
22,645
22,645
15,956
1,665
2,577
18,000
-
38,198
38,198
90,776
1,263
1,373
93,412

Page 17

KARST

Detailed Statement of Financial Activities

Motor and travel costs
Travel and subsistence
Premises costs
Rent
Rates
Light, heat and power
Premises repairs and
maintenance
Other premises costs
General administrative costs,
including depreciation and
amortisation
Depreciation of land and
buildings
Depreciation of Studio
Equipment
Depreciation of Fixtures, fittings
and equipment
General insurances
Software, IT support and related
costs
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Consultancy fees
Other legal and professional
costs
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income/(expenditure)
Net income/(expenditure) before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward		 718
718
16,463
7,202
10,553
7,722
2,661
44,601
14,202
-
-
5,108
1,830
78
1,521
22,739
2,758
2,700
293
5,751
172,851
205,452
-
1,341
1,341
-
1,341
50,199		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17,682		 718
718
16,463
7,202
10,553
7,722
2,661
44,601
14,202
-
-
5,108
1,830
78
1,521
22,739
2,758
2,700
293
5,751
172,851
205,452
-
1,341
1,341
-
1,341
67,881		 1,576
1,576
19,805
3,398
-
6,788
19,899
49,890
14,202
-
-
-
745
217
1,628
16,792
3,126
1,610
276
5,012
166,682
227,525
-
(38,224)
(38,224)
-
(38,224)
106,105

Page 18

KARST Detailed Statement of Financial Activities

Total funds carried forward

51,540

17,682

69,222 67,881

Page 19