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 inter￿eneratIonal 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 Y￿r1d 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-t￿daY 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 apP￿ing 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 poliC￿S
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