COMPANY REGISTRATION NUMBER: 03015275 CHARITY REGISTRATION NUMBER: 1072327
The Hampstead School of Art Company Limited by Guarantee Unaudited Financial Statements 31 August 2024
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BRIAN PAUL LIMITED Chartered accountants 159a Chase Side Enfield Middlesex EN2 OPW
The Hampstead School of Art Company Limited by Guarantee Financlal Ststements Year ended 31 August 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Slatement of financial position 10 Statement of cash flows 12 Notes to the financial statements 13 The following pages do not form part of the financlal ststements Detailed statement of financial activilies 25 Notes to the detailed stalement of financial activities 27
The Hampstead School of Art Company Limitsd by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 August 2024 The trustees. who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the chariiy for the year ended 31 August 2024. Reference and administratfvé datails RegSstered charity name The Hampstead School of Art Charfty regl8tratlon number 1072327 Company registrati¢)n number 03015275 Prlnclpal offlce and reglstered 2 Penrose Gardens office London NW3 7BF England Th• Iru8tees Julia Simpson Reginald Boorer Cynthia Barlow 08E Robert Goodall Nicolette Aubury Wendy MacKinnon (Chairperson) (Vice Chair) (Treasurer) (Resigned 10ecember 2024) Company secretary Isabel Langtry Ind•pendent examlner Brian Paul Limited Chartered Accountants 159a Chase Side Enfield Middlesex EN2 OPW
The Hampstead School of Art Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (¢onthiued) Year ended 31 August 2024 The Trustees present their annual report together with the audited financial statements of Hampstead School of Art for the year 1 September 2023 to 31 August 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company compty with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORP) 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 2019). Since the Company qualifies as sm811 under section 382 of the Companies Act 2006, the Strategic Report required of medium and large compan$ under the Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omitted. structure. gov•rnanc• and managemont Constltution The company is reglstered as a company limited by guarantee, govemed by its Memorandum and Articles of Association dated 27 January 1995, and is registered as a Charity wrth the Charty Commission. The company, Hampstead School of Art (HSOA), operales as a traditional Fine Art and Applied Art community art education charty. b. Method of appolntment or el•ction of Trustees The management of the company is the responsibility of the Trustees who are appointed by the Trustees at the Annual General Meeting in accordance with the Articles of Association. There must be at leasl trwo Trustees and not more than twenty individuals all of whom must be members. The trustees have no beneficial interest in the school other than as members. The Trustees are also the directors of the school and as members are guaranteed to contribute £1 each in the event of winding up. c. Organlsallonal Structure and deci8ion•maklng pollcies HSOA is administered by the Board of Trustees. Subcommittees meet regularly and full board meetings are temily. Day to day management and running of the Art School is delegated to Isabel H Langtry, the Principal, appointed in 2011. The Principal makes decisions in accordance wrth Board policy and Hampstead School of Art Business Plan developed to meet the school strategic objectives set out by the Board of Trustees together with the Principal. Policies adopted for induction and tralnlng of Trustees Training on HSOA policies and procedures for new Trustees is provided, where necessary. by the existing Trustees, the Principal and the Executive Bursar. Staff and remuneratlon pollcy HSOA continues to operate with a latIvelY small number of dedicated and skilled core staff, augmented by a larger netWOTk of freelance tutors. HSOA is committed to paying staff fairty for the work that they do, vthilst reco9nising that the charity operates wilh limiled financial resources.
The Hampstead School of Art Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (eontinuedj Year ended 31 August 2024 Structure. govérnance and management (contlnued) The remuneration and beneffts of HSOA senior management team are decided by the Trustees, on the recommendation of the finance committee, taking account of market rates and achievements of performance objectives. R•lat•d Party None of the Trustees receive any remuneration or benefrts for work on behalf of the school. Any contractual arrangements with Trustees need to be disclosed in the notes to the financial statements. Objectives and actlvities The lasting objective of the Charty is to offer public benefit Ihrough the provision of specialist learning in fine art and the applied arts. . Objectlves Communty, inclusivity and self-expression drive our culture. Hampstead School of Art is commrtted to widening participation in intereneratIonal learning and wellness and giving people of all levels and abilities the confidence to find their own artistic voice. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including tha guidance 'Public benefit.. running a charity (PB2)'. b. Publ1¢ bonefit Hampstead School of Art (HSOA) encourages participation in and provides access to traditional Fine Art and Applied Art learning for everyone. al any agel The school is committed to widening participation in intergenerational learning and wellness and grving people of all levels and abilities the confidence to find their own artistic voice. HSOA also provides spaces where artists can work and grow and where local communities can access art and creativity. HSOA'S work achieves high levels of economic, social and cultural impact by providing extensive resources that promote the advancement of art education which includes: a. Out-reach art classes.. for community members who are unable to access the art school buildings. b. In-reach classes.. for learners with complex dfficulties or mobilrty challenges whare appropriate. c. Our open-door policy.. anyone with an interesl in art can access art making. d. Supporting the homeless.. HSOA offers aid via learning bursaries k) people affected by homelessness. e. Bursary programme.. Financial support for Foundation Courses and the Sir Frank Bowling and Lady Rachel Scott Bowling 8ursaries and, the Mara Trust Printmaking Bursary which are awarded annualty. f. A comprehensive programme of support for the local community is well established and includes many activities for the public, businesses and other small charities. These include a range of annual activrties such as openly available workshops at local festivals, art fairs and community events, HSOA Exhibrtions, the Hampstead Summer Festival and Art Fair Day which includes two annual local children's art competitions publicly displayed at the festivals and The Art Street Canvas Mural Festival. g. Free lectures and exhibitions are available to the local community. h. Cultural spaces such as the HSOA Artist in Residence Programme
The Hampstead School of Art Company Llmlted by Guarantee Trustses. Annual Report (Incorporating the Director's Report) (¢<inbnu8d) Year ended 31 August 2024 Objectlves and actlvltles Icontlnued) c. Activities undertaken to achieve objectlves HSOA offers a comprehensive programme of temly day and evening classes, full time courses, workshops and exhibitions for students, visitors and the local community as well as a programme of free lectures and events. d. Unleashing the artist in everyone HSOA'S success is based on our commrtment to provide a wtde range of fine art skills tsught by practicing artists delivering specialist teaching in order to help develop individual abilrties. Accessibilrf<y to all with an interest in art and applied art. Our goal is to ensuring that the art school.. Provides a high standard of art learning from Family Classes to full time pre Univer8ty and post Universty courses. Offers bursaries irrespective of age, background or ability. Delivers first-rale and comprehensive range of fine art and applied art skills such as.. drawing, painting, sculpture, printmaking, installation, digital art, film, performance and lens-based works, studio ceramics, mosaics, textiles, jewellery, brush and silk painting, portfolio building, pre-foundation, foundation diploma courses art exam 8UPPOrt and advanced courses in fine art. Achievements and porformanc• . Maln achlevements of the Company GrovAh: Since moving into the new premises, th• number of students attending the school hav• grown significantly. The learning offer has expanded to meet the growing dernand for a range of subjects and workshops for school children and families with pre-school children. There are approximatety 2.500 learning places subscribed to yearly offered by the Art School. Inclusivity.. HSOA'S open4oor policy endeavours to provide access to fine art and applied art learning ft)r everyone. In-reach and outreach courses have been at the core of many suceesses in personal development by helping students reach their next step in higher education or lifelong learning. This has been achieved across a diverse student population irrespective of age. back9round, ability or experience. Academic excell8nc8'. As HSOA'S reputation grows our successes continue. We are proud that 100% of our Foundation students applying to universrty degrees achieve their goal, some remain lo study HSOA'S Advanced Course. Our leaching-artists exhibrt around the Yr1d and receive accolades on regular basis. International reputation and partnerships: HSOA International reputation and partnerships- HSOA'S International reputation and partnerships are growing as the Principal Isabel H Langtry leads the path In collaborating with international projects, appointing patrons and as the creative lead realises the making of internationally requested public sculptures, collaborates with scientists and artists in environmental and creative projects and publishes these results through HSOA publishing. Connections in Chile, China, Italy. Spain, Singapore. Bermuda, Indonesia, Istria, Saudi Ar8bia. Shaoah, Sweden, Holland, Austria and Australia, have been forged resulting in 6 highly acclaimed Patrons, Alan Gouk, Sir Frank Bowling, Francisco Gazitua MRSS, Dolorosa Sinaga. Lady Rachel Scott Bowling and Angela Leible whose contributions to our art sch¢)ol learning is invaluable. The Principal lectures, judges and awards internationally. often invited lo tslk about the art schools aims and objectives.
The Hampstead School of Art Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢onllnu•d) Year ended 31 August 2024 Financial review The preferred business model of Hampstead School of Art is to achieve independent financial viability by generating most of its income from turtion fees for traditional and conternporary Fine Art and Applied Art learning, Foundation and Advanced Courses. Although fundraising is conducted by the school. it is not dependent on grants or other external fijnding to maintain its daY-tdaY activities. Robust operational and financial policies, including generation and maintenance of significant cash reserves helps us to fulfil our goal of achieving long-term sustainability and financial security. HSOA continues to invest in capital projects such as premises and IT upgrades to meet the demands of the expanding curriculum and the growth in student numbers. Investment in a high calibre management team and specialist tutors in an ever-expanding and exciting programme of classes supports this objective. The results for the year show a surplus of £24,522 (2023: £308.450) after depreciation charge of £49,280 (2023.. £52.219). This surplus in the previous financial year was mainly attributable to a one-off donation received in the year of £250,000 together with prudent financial management. The balance sheet shows nel current assets of £293,307 (2023.. £256,604). The net book value of tangible fixed assets held amounted to £1,396,664 (2023". £1,441.916) Investment pollcy and performance The Art School 18 currently building up it5 reserdes and all funds are used operationalty. Our investment policy is to ensure funds that the Art School does not immediately need to cover anticipated expenditure, these are invested to maximise the Art Schools income but with minimal risk. The aim is to research where funds may be deposited apPing prudency in ensuring there Is minimum risk. Re8eN08 poIIcy HSOA'S reserves policy is based on continued operations of its activilies and have identified to maintain free reserves equivalent to at least 6 months running cost to enable HSOA to meets its obligation in the shorter term and to cover any unforeseen deficits or revenue shorttalls. Total fijnds at the balance sheet date were £1,158,628 (2023.. £1,134,106) of which £367,385 (2023.. £374,565) were reslricted. Details of restricted funds are provided in note 20. Flnanclal rlsk management obJecllve8 and pollcles The Trustees have assessed the major risks to which HSOA is exposed, in particular those relating to the operalions and finances and are satisfied that systems and Procedures are in place to mitigate our exposure to the major risks. Golng concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate sourceS to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
The Hampstead School of Art Cornpany Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {¢ontlnu•d) Year ended 31 August 2024 Plans for the future Our goal to create a thriving art school underpinned by a permanent home has been realised. This has allowed HSOA to continue developing its robust financial growth, stimulate new initiatives, contribute to positive life change and continuing leaming. Social engagement.. A key focus of the art school will be growth of HSOA'S social engagement programme developed to inspire new and existing audiences to participate with art via studio. virtual and external engagement. Bursary programme expansion.. Expanding our internal scholarshiplbursaries and community projects programmes for those with greater social or educational needs that would otherwise not bè met is 8180 a key objective. Unleashing the Artist in Everyone: To provide additional programme and bursaries for a greater number of students and continue to 'Unleash the Artist in Everyone, by creating opportunities for any person, of any age. who comes to the school wishing to develop their creative abilities and understanding. School Expansion.. We aim to continue securing further premises in which to encourage artistsll8arners to create work that is acces8ible for the local community, create new perfomative spaces and further enrich the leaming of our students. International partnerships and reputation building.. Our aim is to build on the success to date by deepening new connections and building new and exciting opportunities nationally and internationally. Outreach., We aim to rebulld pre COVID partnership¥ which have been avai18ble for local community groups to undertake art classes. Financial Security.. In vlew of the current economic climate re cost-of-living crisis, HSOA will look at generating more funds to support students and to protect the financial security of the school. Smo11 company provl8lon• This report has been prepared In accordance with the provisions applicable to companies entitled to the small companies exempt¢on. The trustees. annual report was approved on 1st May 2025 and signed on behalf of the board of trustees by.. Julla Slmpson Trustee
The Hampstead School of Art Company Limited by Guarantee Independent Examiner's Report to the Trustees of The Hampstead School of Art Year ended 31 August 2024 I report to the trustees on my examination of the financial ststements of The Hampstead School of Art {Ihe charty.) for the year ended 31 August 2024. Responslbllltles and basls of report As the trusteeg of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordan wrth the requirements of the Companies Act 2006 (Ihe 2006 Act,). Having satisfied myself that the accounts of the company 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 the charity's accounts as carried out under seclion 145 of the Charities Act 2011 ('the 2011 Act,). In carrying oul my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independenl •xamln•rfs Jtatement Since the charty's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I conlim that l am qualified to undertake the examination because l am a member of the Inslrtute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. I have Completed my examination. I confim that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the charity a8 required by 8ection 386 of the 2006 Act,. or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements ol section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independenl examination,. or the financial statements have not been prepared in accordance with the rnethods and principles of the Statement of Recommended Practice for accounting and reporting by charrties applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republbc of Ireland {FRS 102).
The Hampstead School of Art Company Limited by Guarantee Independent Examinerfs Report to the Trustees of The Hampstead Sch¢)ol of Art (Cont1n4 Year ended 31 August 2024 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. Parvez Dalal ACA, FCCA Independent Examlner For and on b•hall of 8rlan Paul Ilmlted 159a Chase Sld• Enfield Mlddlesex EN2 OPW 27-05_202 S
The Hampstead School of Art Company Limited by Guarantee ststement of Financlal Activities (including income and expenditure account) Year ended 31 August 2024 2024 Restricted fijnds Totsl funds Total funds 2023 Unrestricted funds Not• Income and endowments Donations and legacies Charitable activities Other tRding activities Investment income 32,762 829.480 94.035 18,466 974,743 8,000 40,762 829,480 94,035 18,466 982,743 283,474 908,000 91,756 1,641 1,284,871 Total Incom• 8,000 Expendlture Expenditure on charitable activities Total expendltur• 9.10 947,144 947,144 11,077 11,077 958,221 958,221 976,421 976,421 Not Income and n•t movement In funds 27.599 (3.077> 24.522 308.450 Reconclllation of funds Total funds brought forward Total funds carried forward 763,844 370,462 1,134,108 1,158,628 825.656 1,134,106 791,243 367,385 The statemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 13 to 23 fomi part of those financlal ststements.
The Hampstead School of Art Company Llmited by Guarantee Statement of Financial Position 31 August 2024 2024 2023 Nots Flxed a88ets Tangible fixed assets 16 1.396,664 1.441,917 Current assets Debtors Cash at bank and in hand 17 49,349 656,819 706,168 17,430 618,864 636,294 Credltor8: arnounts falllng duo wlthln one year Net current assets 18 412,861 293,307 1,689,971 379,690 256,604 Total a$80t81•88 current Ilabllltlos 1,698,521 Credltors: amounts falllng due aft•r mor• than one year Net assets 19 531,343 1,158,628 564,415 1,134,106 Funds ol the charlty Restricted funds Unrestricted fund8 367,385 791,243 20 1,158,628 370,462 763,644 1,134,106 Total charity funds For the year ending 31 August 2024 the charity was entitled to exemption from aydit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilitie8: The members have not required the company to oblain an audit of its financial statements for the year in question in accordance with section 476., The directors aCkn¢ledge their responsibilities for complying wrth the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The notos on pages 13 to 23 fomi part of these financial statements. 10
The Hampstead School of Art Company Llmited by Guarantee ststement of Financial Position lconlinued) 31 August 2024 These financial statements were approved by the board ol trustees and authorised for issue on 1¥ May 2025, and are signed on behalf of the board by.. Julia Simpson Trustee The notes on pages 13 to 23 form part of these financial statsments. 11
The Hampstead School of Art Company Limited by Guarantee ststement of Cash Flow8 Year ended 31 August 2024 2024 2023 Cash flows from operating actlvltles Net income 24,522 308.450 Adjuslments for Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and sirnilar charges Accrued expensesl(income) 49,280 {18,466) 20,812 54.236 52,219 (1,641) 21,874 (47,031) Changes in.. Trade and other debtors Trade and other creditors {31.919) (21,065) 77,400 59,461 15,754 409,086 Cash generated from operations Interest paid Interest received (20,812) 18,466 75,054 121,874) 1,641 388,853 Net cash from operating activitie8 Ca8h flow8 from Investlng actlvlties Purchase of tangible assets Net cash used in investing activities (4,027) (4,027) {6,814) (6,814) Cash flows from financing actfvltles Proceeds from borrowings Net cash used in financing activities (33,072) (33,0721 (32,011) (32,011) Net Increa80 In cash and cash equlvalents Cash and cash equlvalents at beginnlng of year Cash and cash equivalents at ond of year 37,955 618,864 656.819 350,028 268,836 618,864 The notes on pages 13 to 23 form part of these financlal stalement8. 12
The Hampstead School of Art Company Llmlted by Guarantee Notes to the Financial Statsments Year ended 31 August 2024 General Infomiation The charty is a public benefit entily and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2 Penrose Gardens, London, NW3 78F, England. Statement of compllance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {Charitles SORP (FRS 102)) and the Companies Act 2008. The Hampstead School of Arts meet the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless olher*vise stated in the relevant accounting policy. Accountlng pollcl•s Basls of preparatlon The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling rounded to the nearest pound, which is the functional currency of the entity. Golng concern The school meets its day to day working Capital requirements through the utilisation of its own funds and a bank loan relating to the acquisition of the freehold. The school incurred a surplus in the year of £24, 522 (2023.. £308,450) and as at the balance sheet date had a bank balance of £656,819 and the net current 8S8ets £293,307. Judgements and key sources of estlmation uncertainty The Company makes estimates and assumptions conceming the future. Estimates and judgments are continually evaluated and are based on historical experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estlrnates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a signrficant risk of causing a material adjustment to the carying amounts of assets and liabilities v4ithin the next financial year are discussed below. Critical accounting estimates and assumptions.. Tangible assets are depreciated over their useful lives taking into account residual values. where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technok)gical innovation, product lrfe cycles and maintenance programrres are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 13
The Hampstead School of Art Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 August 2024 Accounting policies (cofttinued) Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall Into one of two subwclasses.. restricted income funds or endowment funds. Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity.. rt is probable that the economic benefits associated wilh the transaction will flow to the charity and the amount can be reliably measured. The following specific poliCS are applied to particular categories of income.. Student fees represent tuition and other fees due and are accounted for on an accruals basis. Deferred income represents students fees received in relation to tuition provided in the following year. Bank interest and other income is accounted for on an accruals basis. Income tax recoverable in relation to donations recelved under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 14
The Hampstead School of Art Company Limlted by Guarantee Notes to the Financial Statements (contlnu80) Year ended 31 August 2024 Accounting policies (eontinu•d) Resources expended Expenditure is recognised on once there is a legal or construciive obligation to transfer economic benefrt to a third paty- It is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliab. Expenditure is classrfted by activity. The costs of each activity are made up of the total of direct costs and shared costs including support costs involved in undertakin9 each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs whrch are not attributable to a single activrty are apportioned between those activities on 8 basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise fund$ for its charitable purposes and includes costs of all fundraising activrties events and non-charrtable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs, Tangible assets Tangible assets are inrtialty rewrded at cost and subsequently stated at cosl less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value at the date of revaluation les8 any subsequent accumulated depreciation and subsequent accumulated impairmenl losses. An Increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carryin9 amount of an asset as a result of revaluation, is recognised In other recognised gains and losses. except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Dèpreciation Depreciation is calculated so as to wrrte off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Long leasehold property Furnrture, Fixture & Equipment 20A strai9ht line 250/0 reducing balance 15
The Hampstead School of Art Company Llmited by Guarantee Notes to the Financlal Statsments f¢ontlnu•dJ Year ended 31 August 2024 Accountlng policies {condnued) Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity becornes a party to the contractual provisions of the instrument. Basic financial instruments are Inrtially recognised at the amount receivable or payable including any related transaction costs. Current 88sets arKI current liabililies are subsequently measured at the cash or other consideration expected to be paKI or received and not discounted. Debt instruments are subsequently measured at amortised co81. Financial assets that aré measured at cost or amortised cost are reviewed for oblective évidence of impaiment at the end of each reporting date. If there is objective evidence of impaimient, an impaiment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Government grants Govemment grants are recognised at the fair valué of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply wrth the conditions attachlng to them and tho grants will be received. Where the grant does not impose specified future performance-related conditions on the recipient, rt is recognised in income when the granl proceeds are received or receivable. Vthere the grant does impose specified future perfomiance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. ltyhere grants received are prior to satisfying the revenue recognition criteria, they are recognised 88 8 liabllty- Operatlng loa8es Rental paid under operating leases are charged to the Statement of Financial Activities on straight-line basis over the lease term. Penslon The company operates a defined contribution pension scheme, .and the pension charge represents the amount payable by the Company to the fund in respect of the year. 16
The Hampstead School of Art Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 August 2024 Limited by guarante• The company is registered as a company limited by guarantee, governed by its Memorandum and Articles of Association dated 27 January 1995, and is registered as a charity with the Charity Commission. The company, Hampstead School of Art (HSOA). operates as a traditional Fine Art and Applied Art communty education charity. Donatlons and legacles Unrestricted Funds Restricted Total Funds Fund8 2024 Donatlons Donations and legacies 32,762 32,762 Grants Grants receivable 8,000 8,000 8,000 40,762 32,762 Unreslricted Funds Restricted Total Funds Funds 2023 Donatlon$ Donations and legacies 283,474 283,474 Grant8 Grants receivable 283,474 283,474 Charitable actlvltles Unrestricted Tolal Funds Unrestrided Total Funds Funds 2024 Funds 2023 Tuition fees and other income 829.480 829,480 908,000 908,000 17
The Hampstead School of Art Company Limited by Guarantee Notes to the Financial Statements (conllnuedj Year ended 31 August 2024 Other tradlng activltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Cafe income Gallery exhibrtion income Miscellaneous sales 43,095 20,502 30,438 94,035 43,095 20,502 30,438 94.035 42,549 15,438 33,769 91.756 42,549 15,438 33,769 91,756 Inveslmenl Income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Fund6 2023 Bank interest 18,466 18,466 1,641 1,641 Expenditure on charitable activltle5 by fund type Unrestricted Funds Restricted Total Fund3 Funds 2024 Direct costs Café costs Exhibition costs Support costs 347,399 45,051 18,006 536.688 8,000 355,399 45,051 18,006 539,765 3,077 947.144 11.077 958,221 Unrestricted Funds Restricted Total Funds Funds 2023 Direct costs Café costs Exhibition costs Support costs 368,902 41,728 20,082 541.606 368,902 41.728 20,082 545,709 4,103 972,318 4,103 976,421 18
The Hampstead School ofArt Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 31 August 2024 10. Expenditure on charltable activities by actlvty type ActNities undertaken directly Support costs Tolal funds 2024 Total fund 2023 Direct costs Café costs Exhibition costs Support costs 355,399 45.049 18.008 355,399 45,049 18,006 539,767 958,221 368.902 41,728 20,082 545,709 539,767 539,767 418,454 976,421 The detail charitable expenses by activtty is shown on page 25 and 26 of the financial statement8. 11. Net Income Net Income is stated after charglngl{crediting}', 2024 2023 Depreciation of tangible fixed assets 49,280 52,219 12. Audltor8 remuneratlon 2024 2023 Fees payable for the audtt of the financial statements 4,800 13. Independent examlnatlon fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 2,400 14. Staff costs The total staff costs and employee benefrts for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Defined pension contributions 549,681 31,252 565,539 31,524 9,428 587,9 6C6,491 The average head count of employees during the year was 30 (2023.. 26). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 No. 2023 No. Number of staff 26 19
The Hampstead School of Art Company Llmlted by Guarantee Notes to the Flnanclal Statements (contlnu•dJ Year ended 31 August 2024 14. Staff costs fconlinu8d) The number of employees whose remuneration for the year fell within the following bands, were.. 2024 2023 No, No. £60.000 to £69,999 £80,000 to £89,999 Key Management Personnel Key management personnel include all persons that have authorty and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £196.782 {2023:£196,6841. 16. Trustee remuneratlon and expens•s Ouring the year, no Trustees received any remuneration or other benefrts (2023 - £nil). During the yew ended 31 st August 2024, no Truslee expenses have been incurred (2023 - £nil). 16. Tangible flx•d assets Long leasehold propety Equipment Total At 1 September 2023 Additions 1,523,661 287.996 4,027 1,811,657 4,027 1,815,884 At 31 August 2024 Depreciation At 1 September 2023 Charge for the year At 31 August 2024 Carrylng amount At 31 August 2024 At 31 August 2023 1,523,661 292,023 190,964 30,967 221.931 178,776 18.313 197,089 369,740 49,280 419,020 1,301,730 1,332,697 94.934 109,220 1,396,664 1,441,917 20
The Hampstead School of Art Company Limited by Guarantee Notes to the Financial Statements (conllnuedj Year ended 31 August 2024 17. Debtors 2024 2023 Trade debtors Prepaymenis and accrued income Other debtors 42,956 3,110 3,283 9,221 2,252 5,957 49.349 17.430 18. CreditOf8: amounts falling due wlthln one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 53,884 5,698 337,134 8,815 7,330 412,861 53,884 23,284 282,898 12,184 7,440 379,690 19. Credltorn: amounts falllng duo after more than one year 2024 2023 Bank loans 531,343 564.415 The loan from HSBC to as8lSt in funding the purchase of the 999 year lease,18 repayable over 20 years completing in 2038. Interest is to be charged at approximately 40/0 per annum for the duration of the loan. The bank loan is secured by a fixed and floating charged over all of the company's assets. 20. Analy818 of charltable funds Unrestricted funds At 1 September 2023 At 31 August 2024 Income Expenditure General funds 763,644 974.743 (947,144) 791.243 At 1 September 2022 At 31 August 2023 Income Expenditure General funds 451,091 1,284,871 (972,318) 763,644 21
The Hampstead School of Art Company Limited by Guarantee Notes to the Financial Statements (contlnu•dJ Year ended 31 August 2024 20. Analysis of charitable funds [ntinUe Restrlcted funds At 1 September 2023 At 31 August 2024 Income Expenditure Restricted Fund London 8orough of Camden 358,154 12,308 358,154 9,231 8,000 {11,077) 370,462 8.000 (11,077) 371,488 At 1 September 2022 At 31 August 2023 Income Expenditure Regtricted Fund London Borough of Camden 358.154 16.411 374,565 358,154 12,308 {4,103) {4,103) 370,462 21. Analy818 of not assets between funds Unrestricted Fund8 Restricted Total Fundg Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,029,279 706,168 (358.977) {585.227) 791,243 367,385 1,396,664 706,168 (358,977) (585,227) 1.158,628 367,385 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,071,455 636.294 {379,690) (564,415) 763,644 370.462 1,441,917 636,294 (379,690) (564,415) 1,134,106 370,462 22
The Hampstead School of Art Company Limited by Guarantee Notes to the Financial Statements (conelnued) Year ended 31 August 2024 22. Analysis of changes in net d•bt At At 1 Sep 2023 Cash flows 31 Aug 2024 Cash at bank and in hand Debt due within one year Debt due after one year 618.864 (53,884) (564,415) 565 37,955 656,819 (53,884) (531,343) 71,592 33,072 71.027 23. Pen8lon commltments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independent administered fund. The pension cost charge represents contributions payable by the charity lo the fund and amounted to £7,064 (2023.. £9,428). Contributions totalling £2,029 12023.. £2,139) were payable to the fund at the balance sheet date and are included in creditors. 24. Operating commltments At 31 August 2024 the Company had commitments to make future minimum lease payments under non<ancellable operating leases as follows.. 2024 2023 Not laler than 1 year Later than 1 year and not later than 5 years Later than 5 years 34,532 73,893 4,000 35,596 96,425 16,000 112,425 148,020 26. Related party transactlonj At the balance sheet date, the charity owed £nil (2023.. £1,176) to a former trustee. This loan is interest fffje and r8P8yable on demand. 23