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 sChn￿tt
Mr Chris Griffin
Mr Kenneth Jbbett
Ms Katherine i￿e
CEO:
Ms Angelique Viviettne Schmitt
B4nk¢rs:
Barelays B￿k 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.rn￿1ecS 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 TrU￿e¢S can be nominaied by any ¢UTrcnt m¢mber of the Board and
can only be appoin*d 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¢ 2*h of March 2019.
The purpose of Kindred Studios is to advance education thr()ugh the provision of hi8h
quality cducational programmes d￿lBrtd ￿ 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 a￿1
other m¢mbcrs of the public to explore pathways into the crealivc industries develop the
ski115 and wnfAd¢nr¢ to strengthen th¢ir p￿ti￿.
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 grea￿T 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 hi8￿￿ualltY
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 y￿r th*t prnpara the path for th¢ lowg4¢m deli￿ry 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 O￿nIng 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
Mem￿rShiP initiatives to ensure the charity'5 long-temi financial sustainability.
Struetur< Governance and Mxttagem￿t
The charity is governcd by tts Board of who meet regularly to OVCT5e¢ strategy,
financial perfonnance. legal compliance and risk management. Throu￿0￿1 th¢ year. the Board
worked closely with the executive team 10 review lease d￿umentatIon. 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 ca￿lty 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 ol￿ratIOnal costs. These risks were managaj
through strcn8thened fllwKial ov¢t5ighL r¢gular monitoring of proiecl progress. ongoing le&8¢
negoiiations and the ￿PIO￿tIon 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 charli￿5 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 I￿lIdIng* Kindred Studios has realised a vision
that has shaped the organisation for many years: CTeating a pe￿anent 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
f￿Ure gcncrations for ai l¢asi ihc nexi fifteen years. Tr tru51ecs extend thcir sincere thanks to
stsff, volunteers, Benerous funders. inspiring partt*ts 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 In￿ceS on my examinati{￿ of the accowrts of the charitable ¢ompany for the
ytar e￿Ied 30 SeNemlxr 2025.
Respo￿￿bIllIo# and of reprt
As the charity's trnstees of the Company (and also its directOTS for the purposes of C￿PanY law) you
are restM)nsible for th¢ preparation of the acuKu)ts in with reqUir￿ents of
Compani&s A¢t 2006 {'Ihe 2(K)6 Aci.).
Having satisfied myself th¢ accumts of ￿ c￿￿nY required to a￿alled under Pert 16
olthe 2006 Ad and are eligible for iTrJeF¢ndent exami￿10r4 1 re[rf￿1 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 examIn￿l0￿ 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 i￿ome exLzeded £250.1)X), I cL)nfirni thal l am qualifi￿ to U￿tertake the
examination because l am a meM1￿r 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<(M￿ting 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 P￿iCe for *cixmting and Teixyting by charities applicable to
chariiies wrparing their accounts in wKdance with the Financial Rep)rting Stand
•pplicable in ￿ UK and Re￿blIC 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)
386￿22
17,717
ReConcili￿lOn 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
60￿16
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
Unfestr￿ted 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 p￿parIng 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 p￿pared under the h￿OriCal 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 o￿l￿atIOn 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
fina￿la1 year.
F￿d 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 ￿ MeasU￿d reliably. All bn¢ome is derived from the Charitys
principal actl¥l￿e5 which relate to fundraisin&
li

INDRED sfuDIO
otes to the finandal statem
Fued assets
Fbxed assets are deprKiated their estimated useful lives at folknw￿8 r•te5:
Office equlpment: 20% reduclw balan￿.
Trade ènd other debtors are recoBnised at the settlwnent arnount due. Prepayments are valued at
the amount p￿paId.
Credrtors are rec￿lSed 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
ut11￿leS
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¢OmeleN￿nthre
Net income Ilexpenditure 15 Stated after tharBing'.-
2024
DeP￿datIOn
Indtptndent exarninees fee
703
No trusiee or person with a famity or buslness Con￿tIon with a Tn￿tee receréed
remunefation in
the yeardlrectty or indirectty, or had any expenses re1ml￿r5ed12O24. nil) e￿pt as disdosed In note
13.
13

fina￿la1 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 Va￿e 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: aMO￿ts 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 PenS￿n 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