KINDRED STUDIOS Unaudited Financial Statements For the Year Ended 30 Se tember 2025 Charity Reglstratlon number 1182692 Company registration number 09764226
KINDRED STUD105 Financial Statements Year Ended 30 September 2025 ConteDts Pagfs Trustees. Annual Repon 4t07 Inder*n&nt Examiner's Rep)rt Statement of Financial Activities Balance Sheet io Notes to the Financial Stskments 11 to 16
NDRED STUD os Year Ended 30 5ept¢mber 2025 Reference AdminRJlrative Detsih Registered Charlty uame: KINDRED STUDIOS Chvdrity registratlOD mumber: 1182692 Company regK*trgtK•D number 09764226 Regiitered Offier. Grnmophokne Wor 326 Kensal Road London WIO 5BZ Directors: Mr Chris Griffin Mr Kenntth Ibbett Ms Angelique Vivienne Schmitt Mr KonslaDtinos EvaDgelbdis (resigned January 2025) Ms An%elique Vivieatte sChntt Mr Chris Griffin Mr Kenneth Jbbett Ms Katherine ie CEO: Ms Angelique Viviettne Schmitt B4nk¢rs: Barelays Bk ple IAd¢perddeot Eumirtr.. GoldwinJ Lknilied 75 Maygrove Road W&%t H2mPStead LondoD NW6 2EG
DRED STUDIOS Tru$tees' Allnual RetKtyrt Year Ellded 30 September 2025 The.rn1ecS who are also direct¢xs of thc charity for the purFK)scs of the Companies Act 2006. present their rep)rt with th¢ financial statements of thc charity for th¢ year ended 30 SeOember 2024. The trustees have adooed the provisions of Accounting and Rew)rting by Charities: Stat¢men( of Recommended Practice applicable to charities preparin8 their accounts tn accordance with the Financial Rep)rting Standanl applicable in the UK and Republic of Ireland (FRS 102) (effective l Janw 2019). Struetur4 Coverna•ce •nd M¥nagemeJt Kindred Studios is a charitsbl¢ compony limited by guarantee and governed by its Mernorandum and Articles of Association dated 6 March 2019. Kindred Studios was registcred 85 a charity (number 1182692) with the Charity Commission on 29 March 2019. Th¢ ix)ard is made-up of four Truste¢s including Chair and CEO. Trnstres recrnitment of TrUe¢S can be nominaied by any ¢UTrcnt m¢mber of the Board and can only be appoind by ¢onsensus decision. In recruiting prospective trustees. Ihe Board's licy is io seek a broad rnnge of experienc¢ relcvant to Work of the charity, with particular focus on the area in which il most needs help. The board's present remit is to h(MJs¢ the projcct in ordcr to achieve stabiliry. Objectives and AetivitieB Kindred Studios became a registered charity, number 1182692 on th¢ 2h of March 2019. The purpose of Kindred Studios is to advance education thr()ugh the provision of hi8h quality cducational programmes dlBrtd suprK)rt young people and broaden access to thc arts. Kindred Studios fulfils these charilable objeclives by providing a hugely inspiring creative workspace for professional and developing artists and makers, alongside high-quality educational programmes that broaden access to the arts. The charity awbles young people a1 other m¢mbcrs of the public to explore pathways into the crealivc industries develop the ski115 and wnfAd¢nr¢ to strengthen th¢ir pti. The charity also seeks to widen public participaiion in the arts through a diverse programme of exhibitions, workshops talks, perfonnance5 and community ¢vents. By creating meaningful opportunities for people of all ages and backgrouThJs to cxErri¢ncc, make and cnBa8c with arL Klndred Studios helps foster greaT apprecialion of cThtivity while strengthening connections betwcen ar¢isL8 and the wider community.
DRED STUDIOS Trnstea, Annual Report (¢oDtiDu(d) Year Ended 30 September 2025 Publk Be•¢frt The Trustees confinn that in planning the charitys activities. they have referred to and had regard of the Charity Cornmission's guidance on public bcncfit in line with its objectives- 2.1. l To advance education through the promotion and cn¢ouragement of the practice and appreciation of the arts. in particular limitation) throush th¢ provision of hi8ualltY arts educaiion wogrdmmes. 2.1.2 To fvrther any othtt purFK)se which is ¢xclusiv¢ly Charitsblc under the laws of England Wale& Aeblevements and Performanee A yr th*t prnpara the path for th¢ lowg4¢m deliry of liftr¢knngitig to the arts. This has been a landmark year in the hislory of Kindred Studios. After many years of insecurity, perseverance and collaboration, the charity $ured a 15-year lease on very favourable tern]s. for an exceptional building in the heart of its West Lon&)n community. This achA¢vcrn¢nt represents far more than the acquisition of a iwilding" it fulfils a long-h¢ld ambition to ¢slabli5h a pemianent home for the organi5ation and provid&s the long4erm stsbility needed to support artists and its arts programmcs for years to come. The new building is being transfornled Into a vibrnnt creative hub, providing incrcdiblc studio the first ever co-working for artists. shared print and c¢rarni¢s workshops and other spx¢s specifically built for collat&)rniion and o)mmunity engagement. Its central location reinforces Kindred's o)rnmitment lo remaining embedded within (he Communities it serv¢s while contribulin8 to the cultural c¢onomi¢ vitslily of West London. Alongsid¢ urIng the lease. significant progress was made on th¢ building fit-oul. Building control approvals were secured. construction works advanced towards complelion and preparations were made io welcome hundreds of prospeaive artists ah¢ad of th¢ opening. Kindred S(udios welcomed ils fitst wave of artists on the sccond flIK)r by th¢ first week of July. with each floorof the thttt furth tloors IKin8 fA)mplet¢d JNI OnIng to artists on consecutive months.
KINDRED STUDIOS Trust¢eJ' ADnu*l Rqbort {contiDued) Year Ended 30 September 2025 Finaacial Review The Board maintained close oversight of the charity's financial position throughout the year. Early fundrdising rfOrmed strongly. generating significant new incom¢ thal enabl the studio fit-out lo progress while maintaining momentum towards opening. Trustees strengthened financial ovusight through enhaml cashflow forecasting and regular rnanagement rewTrrting to supFK)rt effective decision-making. As with any major Capital projecL careful managcmeni of working capital was requir&1 during the construction period. Trustees monitored short-term hfloW prtssurc5, en8agcd in negotiation5 with the landlord regarding service charges gnd explored a range of addiiional income opwrtunitie& including e hire. corpornte parmerships. patTon programmes and MemrShiP initiatives to ensure the charity'5 long-temi financial sustainability. Struetur< Governance and Mxttagemt The charity is governcd by tts Board of who meet regularly to OVCT5e¢ strategy, financial perfonnance. legal compliance and risk management. Throu01 th¢ year. the Board worked closely with the executive team 10 review lease dumentatIon. anist agreements and project delivery, ensuring that maj(r decisions remaiwl aligned with the charity's objectives and long4erm vision. Trustees also considerul futurc opw)rtunities for growth, including )tcntial Cr¢iV¢ work5pacc projects with Westminsw City Council, while maintsining a prudent approach to organisalional calty and fmoncial sustainability. Risk Management The principal risks during the year related lo delivery of the capital project. the timing of cashflow during the fit-out period and incrwin8 olratIOnal costs. These risks were managaj through strcn8thened fllwKial ov¢t5ighL r¢gular monitoring of proiecl progress. ongoing le&8¢ negoiiations and the PIOtIon of &ldttionaJ fiulding and incA)m¢ strcams to supp)rt the charily's future rcsiliencc.
NDRED STUDIOS Trustees. Annual Rep)rt (eontillued) Year Ended 30 September 2025 Plans for the F•tMre The trustees look forward to an exciting new chapier in the charli5 development. During the oming year Kindred Siudios will complete the building works, welcome a further expansion of its community of artists into the new space. lIdIng long-tenn parlnerships with local educational and outreach organisations. WKJ begin ¢0 flesh out an ambitious wogramme of creative activity. prthcrthips aThJ community engagemcnt that resp)nds io its local area's Securing a 15-year le&8e gives the chariiy the confidence io plan for the future with stsbility and ambition. More than simply wuirin8 a IlIdIng Kindred Studios has realised a vision that has shaped the organisation for many years: CTeating a peanent home where artists of all backgroun(ts G4n afford build their careers, give back to l(Kal outreach and where crealivily can continue to enrich the communitics of West London. Ihis remarkable hievement provides a secure foundati from which the charity can gmw. innovate and serve fUre gcncrations for ai l¢asi ihc nexi fifteen years. Tr tru51ecs extend thcir sincere thanks to stsff, volunteers, Benerous funders. inspiring parttts and incredible supporters whose ommithient has made this unlikely feat p)ssible. Signol on their behalf by Mr C Griffi Trnjtee
Inde endent Examiner's re rt to the members of KINDRED STUDIOS For the Year Ended 30 Se tember 2025 I report lo the chariiy InceS on my examinati{ of the accowrts of the charitable ¢ompany for the ytar eIed 30 SeNemlxr 2025. RespobIllIo# and of reprt As the charity's trnstees of the Company (and also its directOTS for the purposes of CPanY law) you are restM)nsible for th¢ preparation of the acuKu)ts in with reqUirents of Compani&s A¢t 2006 {'Ihe 2(K)6 Aci.). Having satisfied myself th¢ accumts of cnY required to aalled under Pert 16 olthe 2006 Ad and are eligible for iTrJeF¢ndent exami10r4 1 re[rf1 in r¢speci of my ¢xamination of your charity's ac¢ounts as carried out under section 145 of the Chariiies Act 2011 ('the 2011 Act,). In carrying my examInl0 I have followed the Directions Siven by the Charity Commission uTrJer lion 145(5) Ib) of the 2011 Act. Indepelldellt exxmlner'i $tstemeRt SI the Compw's iome exLzeded £250.1)X), I cL)nfirni thal l am qualifi to Utertake the examination because l am a meM1r of tlr ICAEW. which is one of the listed les. I have completed my examinaiion. I confirn that no matters have rne to my attention in eonnection with the examination giving me cause to believe.. accounting records were not kept in r¢5 of the CLvnpthry as required by $t10ft 386 of tk 2006 AGI. or 3. the xwunts do not comply with the x<(Mting requirements of section 396 of the 2006 Act than any requircment th the accourrts give a'true and fabr view which is not ma¢teT wnsid¢rrd as part of an independent examination. or 4. the accounts have not been prepored in &CordaI with the meth(th and principles of t Statement of Recommended PiCe for cixmting and Teixyting by charities applicable to chariiies wrparing their accounts in wKdance with the Financial Rep)rting Stand •pplicable in UK and ReblIC of IrelaThJ (FRS I(Y2). I have no corKertLS and have come acri no (kr matters in connttiion wilh the examination to which atteniion shcmjld be drawn in this report in order to enable a proFr urKler5tanding of the acwmts to be reached. Date.. 2810712026 Anthony EOOD BA FCA CTA Goldwns Chanered Untants 75 May8rove Road West Hampstead London NW6 2EG
KINDRED STUDIOS statement of Financial Artivities For the aff ber 2025 income and nditure accounts Unre5tritted funds 2025 RestrKtsd funds 2025 Totsl funds 2025 Total funds 2024 Income for the period: 704.(N)3 97.IKM) 801.(K13 231.412 Total Income.. 7C4,CK)3 9?,L) 801,003 231,412 Raisin8 funds Charitable expenditure 414.981 414.981 213,695 Total Expenditure= 414,981 414.981 213,695 Net movement in funds: 289.022 97,(Xl) 38622 17,717 ReConcililOn of fvnds: Total fund5 at l October 2024 163,899 58.IrKJ 221.999 204.282 Total fvnds al 30 September 2025 452.921 155.1(X) 608J)21 221,999 The notes on pages 11 and 16 fr)rni part of thesefinancial statements.
KINDRED SWDIOS Balance Sheet as at Se ljer 2025 2025 2024 Tangible Fixed Assets 658.358 2.815 658,3S8 2,815 Current Assets: Cash at Bank 6016 267,544 Debtors 221,427 4,687 Current Llabilities: Credltors: amount fallin8 due WFthin oneyear 1232.7981 153.0471 Net current assets 49.445 219,184 707.803 221,999 Creditory: knounts falling due after more than one year 199.7821 Re ed Restricted Funds Unfestrted Funds ese li 5.100 452.921 58.1(M) 163.899 Total Funds 608.021 221,999 The financial statements hève been prepared in accordan with the special provisions for small companie5 under Part15 of the Companie5 Act For the year ended 30 September 2025 the charitable company was entitled to exemption under seclmjn 477 of the Companies Act 2(M)6 relating to small companies. No Members have required the company to obt3in an audit of its accounts for the year in question in accordance with section 476 of the Companies Art 2LK)6. The dirertors acknowlÈdge their responsibiltties for comply¥n8 wlth the Tequirements of the Act with respect to accoLtntin8 records and for the preparation of accounts. 2o.7.2& The account5 were approved by the TNstees on._.... _ ..and sl8ned on their behalf by MrCGriffin Trusteè Company registration number: 09764226 The notès on pages 11 to 16 fomi part ofthese finandal statements. Datè io
DRED Notes to the financi•l For the r ended 30 mber 2025 l. k¢oUnt1 Polkles The financial statements of the charitable company, which 15 a public beneftt entlty under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accountlng and Reportin8 by Charltles: Statement of Recommended Praciice applKable to chaiities pparIng their accounts In accordance wbth the Flnan¢lal RewJrtin8 StarKlard applicab In the UK and Republic ol Ireland IFRS 1021 (effectfve l January 20191.. Financial Rewrtitvd Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Irdand. and the Companies Act 2(X)6. The financial statements have been ppared under the hOriCal cost convention. The flnanclal ststements I prepared in ster11 whith is the functlonal currenry of the entity and 15 rounded to the nearest £. The trustees are not aware of ary material uncertainties Tegardin8 going concern. Judym•ms and key 50urrn5 of olatIOn un¢ertaknty Accountln8e5timates and assumptM)ns a made concernin8thefvture and. fytheir nature. will rarelv equal ihe related actual outcome. There are no ky assumptions or estlmates th have è svdntficant rtsk of causing a material adjustrnent to the carryirg amounts of assets and liabilitie5 in the nexi finala1 year. Fd accoufitl Unrestrlcted funds are avallable for use at the d15uetion of the trustees to furthew any of the chartys purposes. Desi8nated funds a unrestrlcted funds earrnarked the tntstees for partlcular future prtiiect or ¢ommltment. Restrirted funds are subjected to Yestricttons on thelr experKliture declared ty the donor or ihrou8h the terrn5 of an appeal. Income from don*ions ar#1 8rants is reco8nised when the ts evldence of entitlement to the gift, receipt is probable. and rts amount can MeasUd reliably. All bn¢ome is derived from the Charitys principal actl¥le5 which relate to fundraisin& li
INDRED sfuDIO otes to the finandal statem Fued assets Fbxed assets are deprKiated their estimated useful lives at folknw8 r•te5: Office equlpment: 20% reduclw balan. Trade ènd other debtors are recoBnised at the settlwnent arnount due. Prepayments are valued at the amount ppaId. Credrtors are reclSed where the tharty has a present obligaN)n resultin8 from a past event that will probably resutt in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estknated rellabty. Credltors are recognised at their Settlement arnount L AD*s15 of IrKome Restritted 202S Unre5tritted 2025 Total 2025 Total 2024 Donations and legacies Other tradi artNities 97.0(M) 298.991 395Wi 4.71KI 405.012 lo5 226.712 704.3 231.412 Re5triLted 2025 Unre5trlcted 2025 Totsl 2025 Total 2024 Staff costs Raising funds Consulting Building Maintenance 135.366 135.366 45.602 22,067 45.602 22J 26.617 12.148 ut11leS Charitable actlvities 21.444 IiA44 49,724 Other offlce expenses I.502 I.1 414.981 414,981 213.695 12
KINDRED STUD105 tes tothe financial ar ended Employees umber of em I The average monthly number ofemployees during the year was 212024: 21 2025 2024 Employment costs Wage5 and salaries Soclal securlty costs Other pensK*n costs 127341 5XII 1224 135366 79.625 2.970 1,797 78.780 re were no employees whose annual rernuneratK)n was £60,(MXI or moTr. Key management remuneration-total compensation paid to key management personnd forserylces provided to the charity was £106,87512024'. £55,497). 4. Net In¢OmeleNnthre Net income Ilexpenditure 15 Stated after tharBing'.- 2024 DePdatIOn Indtptndent exarninees fee 703 No trusiee or person with a famity or buslness ContIon with a Tntee receréed remunefation in the yeardlrectty or indirectty, or had any expenses re1mlr5ed12O24. nil) ept as disdosed In note 13. 13
finala1 statements ¢ontin 6. Ax•d assets- Used tythe Tn Talal Cost as at Isl Odober 2024 Addltlons In period C05t at 30th September 2025 20,516 26,984 639.714 639,714 660.230 666.698 Depreciation at 1st Octotw 2024 Depreciation Charge Depreciation at 30th September 2025 3.653 4,687 8,340 3,653 4.687 8.340 Net Book Vae at 3 September 2025 18,644 639.714 658A58 Net Book Value at September 2024 2.815 2,815 2025 2024 Trade debtors Other debtors 165.985 55,442 2.507 4,687 . Credltors: amounts talllng due wlthln one y•br 2025 2024 Trade cYedrtor5 Other taxes and social security Other creditor5 and accruab 65.995 3.3% 49,651 53,047 165.911 232.798 9. Credltots: aMOts fallln8 after one •r 2025 2024 Loan 99,782 14
KINDRED STUDIO otes to the financial statements For the ear ended 30 Se tember 2025 10. Anatysls of Net Assets Re5tritted Unresivlcted Total fvnds Total funds fund nds 2025 2025 2025 2024 Fixed assets Net current asset5 Non-current liabllitles 658.658 1105.6551 199.7821 452J21 658.658 49,445 (99,7821 608,021 2,815 219,184 155,1(i) 155.100 221,999 11. Restrf¢ted ftsnd Restricted fund5 Balance at I Oct 2024 Income Expendtture Balance at 30 Sept 2025 Garfield Weston Total 58.IC 58.100 97.( 97.LKKI 155.1 155.ILKI 15
KINDRED sfuDIOS Notes to the financial statements continued Forthe ar ended 30 ember 21125 11 Related Party Transartion5 There were no distbsable related party transactions during the year12024: none) except forthe followin8.'_ Angellque Schmitt, a trustee, recelved total remuneration of £49.87512024: £55,497) for her role as CEO of the charity. No remuneration was paid for her role as trustee. 13. Retlrement beneffts stheme The charf(y operated a defined contributw)n PenSn scheme for all qualifying employees. The assets of the scheme are held separdtety from those of the charity in an Independent administered fund. The charge to the income and expenditure account in respect of defined contribution stheme was £2.22412024." £2.0141 14. Controlliry party The charity is controlled its Truslees in this and prloryear. 16