Charity Registration Number: 1171650 THE KOPPEL PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
INDEX Pa Legal and administrative information Trustees. Report 24 Independent Examiner's Report Statement of financial activities Balance Sheet Statement of cash flows Notes to the Financial Statements 9-15
THE KOPPEL PROJECT TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY 2025 Register Charity Name The Koppel Project Charity Number 1171650 Principal Address CIO 75 Maygrove Road London NW6 2EG Trustees Amir Shaikh Monami Paul Chakraborty (appointed 13 February 2025) Zanst Mohamad Kadir Independent Examiners Goldwins Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
THE KOPPEL PROJECT TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY 2025 The trustees present their report and accounts for the year ended 31 May 2025. 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 (FRS102- effective 1 January 2015- (Charities SORP FRS 102). Structure, governance and management The Goveming document is a Charitable Incorporated Organisation Foundation Constitution dated 7th December 2016.The trustees meet quarterly to determine the general policy of the charity. The board is kept rather small to allow work being done efficiently. The Trustees who served the charity during the year were as follows: Amir Shaikh Monami Paul Chraboty (appointed 13 February 2025) Zanst Mohamad Kadir (appointed 5 June 2023) None of the trustees have any beneficial interest in the charity. Appointing and electing trustees A trustee is elected for the term of three years and may subsequently. whether before or after the expiration the term, be elected again for another term. Any competent trustee may be reappointed. There are inductions and training programs for new trustees. This includes Health and Safety training and objectives of the charity are clearly explained by way of the CIO constitution. Risk management The trustees have assessed the major risks to which the charity is exposed. In particular, they have reviewed the bank overdraft arrangements and the ability of the charity to meet its future commitments. The trustees are satisfied that systems are in place to mitigate such risks. Objects and activities for public benefit The objectives of the trust are relief of poverty through the provision of general education, support and training. The advancement of education in particular in the arts by providing access to works of contemporary art through exhibitions and at public facilities. The promotion of the arts by cultivating artistic development, through education and training, by mentoring artists working within the field of contemporary art and by providing public seminars on related topics. The advancement of such other charitable purposes as are charitable according to English law. Grant making policies All grants are made for the purpose of fulfilling a public benefit in the UK or worldwide. This is accordance with s17 Charities Act 2011. The trust is established forthe relief of poverty through the provision of general education, support and training. As such our grant making policy is geared towards these objectives. Achievements and performance The charity has successfully supported over a hundred artists at the Holborn campus providing studio space and workshops as well as residence art exhibitions since the formation of the charity. In addition, the charity has provided support to various education programs focusing on English, Security and Forklift courses in order to help relief of poverty through education. A new venue in Central London is available for the provision of more artist studios, art gallery and an
THE KOPPEL PROJECT TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY 2025 event space for talks and seminars. Grants are continuously being provided to learners for the provision of licenses to enter the Workpla through employment opportunities. Financial review The financial statements for the year show an income of £845,462 (2024: £942,983) forthe year ended 31 May 2025. After expenditure of £878.183 (2024: £939.270), there was a deficit of £32,721 (2024: surplus of £3,713). All funds held at the year end are unrestricted. As a result of the funds received in the year the reserves balance as at the year end was £85,458. The trustees aim to sustain the level of reserves in line with its policy stated below. Reserves Policy The Koppel Project's reserves policy is to create sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. As all income is derived from voluntary donations and other charitable activities, the trustees review this position on a regular basis. Plans for future periods By seeking to relieve poverty. the charity perfoms an enormous public benefit. The charity has achieved its objectives through its grant making program and is planning to continue doing so in 2025126.
THE KOPPEL PROJECT TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY 2025 Statement of the trustees, responsibilities The charity's trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent,, state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Amir Shaikh On behalf of the trustees of The Koppel Project Date
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KOPPEL PROJECT FOR THE YEAR ENDED 31 MAY 2025 I report to the trustees on my examination of the accounts of the The Koppel Project for the year ended 31 May 2025. 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 Since the Trust's gross income exceeded £250,000, I confirm that l am qualified to undertake the examination because l am a member of the ICAEW. which is one of the listed bodies. 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 2. 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 una¢rsldniJir%g vf ibe. 44f.Q<)Jnts to be reached. steij1irj.tt1)[][jwh'lri MA FCA CTA Golawlns Llmiled Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG Date: 22 January 2026
The Koppel Project Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 May 2025 2025 Unrestricted 2025 Restricted 2025 Total 2024 Total Note Income from: Donations Charitable activities Investment income Total income 37 71.566 773,859 845,462 37 71,566 773,859 845,462 2,452 106,619 833,912 942,983 Expenditure on: Raising funds Charitable activities Total expenditure 1,392 876.791 878,183 1.392 876,791 878,183 502 938,768 939,270 Net Income l (expenditure) for the year (32,721) (32,721) 3,713 Transfers between funds Net movement in funds (32,721) (32,721) 3,713 Reconciliation of funds: Total funds brought forward Total funds carried forward 13 118,179 85,458 118,179 85,458 114,466 118,179 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
The Koppel Project Balance sheet As at 31 May 2025 2025 2025 2024 2024 Note Fixed assets: Tangible assets 256,450 256,450 204,619 204,619 Current assets: Debtors Cash at bank and in hand 10 156,126 11,317 167,443 227.561 1,620 229,181 Liabilities: Creditors: amounts falling due within one year 11 (338,435) (315.621) Net current (liabilities) (170.992) (86,440) Total net assets 85.458 118,179 Funds Unrestricted funds: Total funds 13 85,458 85.458 118,179 118,179 Approved by the trustees on and signed on their behalf by: Amir Shaikh Trustee The attached notes form part of the financial statements.
The Koppel Project Statement of cash flows As at 31 May 2025 Notes 2025 2024 Cash flows from operating activities: Net cash provided by operating activities 14 (661,176) (751,698) Cash flows from investing activities Income from dividends Interesv renv dividends from investments Salel (purchase) of fixed assets 773,859 833,912 (102,986) (91,626) Cash provided by investing activities 670,873 742,286 Change in cash and cash equivalents in the year 9,697 (9,412) Cash and cash equivalents at the beginning of the year 1,620 11,032 Cash and cash equivalents at the end of the year 11,317 1,620
The Koppel Project Notes to the financial statements For the year ended 31 May 2025 1 Accounting policies a) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi 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 charitable company 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 UnrtaIntieS about the charitable company'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. d) 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 particular areas of the charity's work or for specific projects being undertaken by the charity. e) Expenditure and irrecoverable VAT Expenditure is recognised On 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 charitable company 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. exhibitions and other educational 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.
The Koppel Project Notes to the financial statements For the year ended 31 May 2025 1 Accounting policies (continued) 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 charity and its and 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 5. g) Operating leases Rental charges are charged on a straight line basis over the term of the lease. h) Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £1,000. 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: Computer equipment Leasehold improvements 25 % reducing balance 25 % reducing balance i) 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 j) 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. k) 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. l) Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. io
The Koppel Project Notes to the financial statements For the year ended 31 May 2025 2 Income from donations and legacies 2025 2025 Unrestricted Restricted 2025 Total 2024 Total Donations 37 37 37 37 2,452 2,452 3 Income from charitable activities 2025 2025 Unrestricted Restricted 2025 Total 2024 Total Income from charitable activities 71,566 71,566 71,566 106,619 71.566 106,619 4 Income from investment activities 2025 2025 Unrestricted Restricted 2025 Total 2024 Total Rental income 773,859 773,859 773,859 833,912 773,859 833,912 li
The Koppel Project Notes to the financial statements For the year ended 31 May 2025 5 Analysis of expenditure Raising Charitable funds activities Support costs 2025 Total 2024 Total Basis of allocation Fundraising costs Staff costs Rents and rates Grants paid Repairs and maintenance Light and heat Insurance Legal and professional fees Bank charges Security costs Independent examiners fees Management Fee Interest Expense Service charges IT costs Other office costs Depreciation costs Direct 1,392 Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct 1,392 502 190,627 231,245 299,102 411,452 5,000 73,365 68,710 17,866 1,550 102 22,733 3,630 8,400 36,001 60,082 633 633 13,778 37,835 37,835 62,323 51,155 51,155 37,664 787,168 89,623 878,183 939,270 89,623 (89,623) 876,791 190,627 299,102 5,000 73,365 68,710 17,866 1,550 102 22,733 3,630 8,400 36,001 60,082 70,987 40,290 6,182 35,056 118 26,043 3,630 Staff time Staff time Direct 1.392 Support costs Total expenditure 2025 1,392 878,183 Total expenditure 2024 502 938,768 939,270 12
The Koppel Project Notes to the financial statements For the ear ended 31 Ma 2025 6 Net income l (expenditure) for the year This is stated after charging l (crediting): 2025 2024 Depreciation Independent examiners fees 51,155 3,025 37,664 3,025 7 Analysis of staff costs, trustee remuneration and expenses, and key management personnel costs Staff costs were as follows: 2025 2024 Salaries and wages Social security costs Pension contributions 176,014 11,745 2,868 190,627 212,068 15,609 3,568 231,245 None of the employees received remuneration of over £60,000 during the year. (2024'.Nil) The total employee benefits including pension contributions of the key management personnel were £41,430 (2024: £61,467). The average number of employees during the year were 8 (2024.8). 8 Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 9 Tangible fixed assets Leasehold Fixtures and improvement equipment Total 2025 Total 2024 Cost At the start of the year Additions in year At the end of the year 563,201 88,000 651,201 48,496 14.986 63,482 611,697 102,986 714,683 520,071 91,626 611,697 Depreciation At the start of the year Charge for the year At the end of the year 367.644 48,889 416,533 39.434 2,266 41,700 407,078 51,155 458,233 369,414 37,664 407,078 Net book value At the end of the year 234,668 21,782 256,450 204,619 At the beginning of the year 195.557 9.062 204.619 All of the above assets are used for charitable purposes. 13
The Koppel Project Notes to the financial statements For the ear ended 31 Ma 2025 10 Debtors 2025 2024 Trade debtors Prepayments and other debtors 88,526 67,600 156,126 166,379 61,182 227,561 11 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other creditors 89,520 248,915 338,435 89,520 226,101 315,621 12 Analysis of net assets between funds Total funds Unrestricted Restricted Tangible fixed assets Net current assets Net assets at the end of the year 256,450 (170,992) 85,458 256,450 (170,992) 85,458 13 Movements in funds At the start of the year At the end Income Expenditure of the year General funds 118.179 845,462 (878.183) 85,458 Total unrestricted funds 118,179 845,462 {878,183} 85,458 14 Reconciliation of net income l (expenditure) to net cash flow from operating activities 2025 2024 Net income l (expenditure) for the reporting period (as per the statement of financial activities) Income from investments Depreciation (Increase)I decrease in debtors Increasel (decrease) in creditors Net cash provided by l (used in) operating activities (32,721) 3.713 (773,859) (833,912) 51,155 37,664 71,435 268,184 22,814 227,347 (661,176) (751,698) 14
The Koppel Project Notes to the financial statements For the ear ended 31 Ma 2025 15 Related party transactions There are no related party transactions to disclose for 2025. There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. 15