COMPANY REGISTRATION NUMBER: 03015275 CHARITY REGISTRATION NUMBER: 1072327 The Hampstead School of Art Company Limited by Guarantee Financial Ststements 31 August 2025 BRIAN PAUL LIMITED Chartered Accountants & Statulory Auditors 159A Chase Side Enfield Middlesex EN2 OPW The Hampstead School ofArt Company Limited by Guarantee Financial Statements Year ended 31 August 2025 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 14 Statement of financial position 15 Statement of cash flows 16 Notes to the financial statements 17 The Hampstead School ofArt Company Llmlted by Guarantee Trust•es' Annual Report (Incorporating the DirectoVs Report) Year ended 31 August 2025 The trustees. who are also the directo￿ for the purposes of company law, present theif report and the financial statements ofthe chariiy for the year ended 31 August 2025. Chairfs report The Trusiees present their annual report together with the audited financial stslements of Hampslead School of Art for the year 1 September 2024 10 31 August 2025. The Annual Report serves the purposes of both o Truste8s' rgport and a directors. report under company law. The Tru$lees wnfirm that th8 Annual Report and financial statements of the eh•rrtabl? company comply with the current stalulory requirements. the requirements of the charitabl8 company's governing dctument and the prov18ions of the Staemenl of Recommended Praclice (SORP} applicable to charrties preparing their count5 in accordance wrf(h the Financial Reporting Standard applicable in the UK and Republic of lietand {FRS10211gffKtNe 1 January 2019}. Since the Company qualifies as small under section 382 of th8 Companies Act 2006. the Strategic Report required of medium and large companies under the Companw Act 2006 Istralggic Report and Direct￿5, Report) Regulations 2013 has been omitted. R8fgrgnce and admlnlstratlve details Reglstèred charity namo The Hampstead sc￿01 ofArt Charlty roglstratlon number 1072327 Company Mgi¥tration number 03015275 Principal offke and reglstered 2 Penrose Gardens offico London NW3 7BF England The truste98 Julia Simpson Nicolette Aubury Reginak1 B￿rer Cynthia Barl Robert Goodall Wendy M*Kinnon (Resigned 31 January 20261 (Resigned 31 January 20261 (Resigned 31 January 20261 (Resigned 1 December 2024) Company secretsry Isabel Langtry Auditor Brian Paul Limrted Chartered Accountants & Stalulory Auditors 159A Chase Side Enfiekl Middlesex EN2 OPW The Hampstead School of Art Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Directorfs Report) (con1hr￿￿ Year ended 31 August 2025 8trnGture. govemance and management Constitution The company is registered as a cornpony limited by guarantee, govemed by tts Memorandum and Articles of Associalis)n dated 27 January 1995, and 15 r8gislered as a charity wf(h the Charity Commission. The ccfnpany, H£mpslead Sch¢)ol of Art IHSOA), operates as a traditional Fine Art and Applied Art communty art educatK)n charity. Method of appolnlment or el8Ction of Trustws The management of the company is the responsibillty of the Trustees who are appointed by the Trustees al the Annual General Meeting in aecordanee with th¢ Articles of Association. There must be at least T￿Stee5 and not more than twenty individuals all of whom musl be members. The truslees have no beneficial interest in the school other than as wnembers. The Trustees are also the directors of the school artd as members are guaranteed lo Contribute £1 each in the evgnl of winding up. Organlgational strutlure •nd d•cblon-maklng policies HSOA is adminisleied by the Board of Trustees. Subeommitlees meet regularty and full board meetings are termty. Day lo day management and running of the Art Schwl 1$ d&legated to Isabel H Langtry, th@ Principal, appoinle(l in 2011. The Principal makes decisions in accordance with Board polw and Hampslead Sehwl of Art Business Plan developed lo meet the schod slrat&Jie objectives sel out by the Board of Trustees 109elher wrth the Principal. Polk1￿ adopted for Inducllon and tralnlng of Trustees Training on HSOA polKies and procedure5 for new Truslegs is provided, where necessary, by the existing Trustees, the Prfncip81 and the Exeeulive Bursar. Staff and rgmun•ratlon pollcy HSOA continues to operate with a rtklively small number of dedicated and skilW Core staff. augmented by a kgrger nehvork of freekn¢e lulors. HSOA is committed lo payin9 Staff fairly for tho work that they do, whilst recognising that the charity operates wrth limf(eA finarKial resourc8s. Thfj remuneration and ben&fiis of HSOA senior management te￿ are decided by the Trustees, on the rxOnynendat￿n of the finance committee, taking account of market rates and achievements of perfomwnce objectives. Rolatod Party None of the Trustees iecewe any remuneralion or benefits for work on behaw of the Sch￿[. Any conlr¥tual arrangen￿nts Y￿th Trustees need to be di￿￿)Se{l in the notes lo the financial statements. The Hampstead School ofArt Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conlin￿￿) Year ended 31 August 2025 ObJe¢tives and actlvltles The lasting objective of the Charty is to offer publK benefft through the provision of specialist learning in fine art and the applied arts. . Objectives Communty, inclusNty and selF*xpression drwe our cumure. Hampstead School of Art is committed to wdening p*ticipation in inter%eneralional karning and wellness giving people of all levels and 8bilrties the confidence to find their own artistic vol￿. In sethng objeclwes and planning for activities, the Trustees have gven due consideration to general guidance published by the Charty Commission relating lo public benefrt. including the guidance 'Publl¢ berkfil.. running a charity IPB2)'. b. Publlc benefit Hampslead School of Art (HSOAI encourage5 Porticipatton in and PTovid88 access to IradilTr)nal Fine Art and Applied Art education for everyone. at any agel The schwl is committed lo widening participalKJn in inlergeneralional Igaming and wellness and giving peop￿ of all levds and abilities the confidents lo find their own artistic voice. HSOA also provides spaces wher8 artists can work and grow and vthere kKal communities can access art and ¢reatiMty. HSOA'S wod( achieves high ￿velS of economi¢, social and cultural impact by pyoviding exten51ve resources that promote the advancement of art edUCatic￿ which inelude$.' a. Out-reach art classes.. for community members who are unable lo access the art ￿h0o1 buiklings. b. In-reach cL8sses". for learners wlh complex difficulties or mcbilty challenges %there appropriate c. Our open4cor policy.. anyone wlh an interest in art can access art making. d. Supporting the h¢)meless.' HSOA offers aid to people affected by homelessne5S. e. Bursary programme.. Financial support for Foundation Courses and the Str Frank Bowling and Lady Rachel Scott 8owling Bursaries and, the Mara Trust Printmaking Bursary which are awarded annualty. f. A comprehensive programme of support for the local community is w811 established and includes many activities for bcith the public, busine$se5 and other small charityas. These include a range of annual actwiliès such as openty availabk workshops al local festivals, art fairs and community events. HSOA Exhibitions, the Hampstead Summer Festival and Art Fair Day which includes annual I￿1 children's art ccmpetilions publicly displayed at the festwals and The Art Street Canvas Mural Festnial. g. Free knlures and exhibiiions are available lo the local community. h. Open Air cultural Spa￿ such as the HSOA Artist in Residence Programme l. 'London Sculpture Prize was made available 1nlemational￿ in 2025. creating anolher opportunity for artist visibilty and reward. The selected sculptures from submissions were exhibited at Gunnersbury Park Mu8eum c. Activities undertaken to ¥¢hleve objectlves HSOA offers a comprehensNe programme of lemily day and evening classes. full lime courses, VKJrkshops and gxhibilions for students, visitors 8nd the local community as well as a programme of free lectures and evenls. d. Unleashing the artist In everyone HSOA'S success 15 based on our wmmitment lo provKle a w￿e range of line art skills taught by pradieing artists delivenng specialist leaching in order lo help develop indivhlual abilities. Accessibility to all wrth an interest in art and applied art. The Hampstead School ofArt Company Limited by Guarantee Trustsos, Annual Report {Incorporating the Dlrectorfs Report) (eonithued) Year ended 31 August 2025 Our goal Is •nsurlng thal the art school: Provides a high standard of art leaming from Family Classes to full time pre Universty and post un￿e[Sity courses. Offers bursari8s irrespectNe of age, background or ability. Delivers fiTsI-rate and comprehensive range of fine art and applied art such as.. drawing, painting, scul)ture, printmaking, installation, digiial art, film, perfomianc& and lens-based works, studio ceramics. mosai¢s, textiles, jgwellery, brush and silk painling, portfolio building, pr&foundalion, foundation diploma courses. art exam support and advanced eourses in fine art. Achievements and perforniance . Main achievements of the Company Growth= Since moving into the new premises, the number of studen15 attending the school have grown significantty. Th& learning offer has expanded to meet the growing demand for a Tange Of subjects and workshops for school chldren and families with pre-schwl chiklren. There are approximately 2,500 learning places subscribed to yeady offered by the Art School. Inclusivty.. HSOA'S open4Joor policy endeavours to prov#Ye access to fine art and applied art learning for everyone. In-reach and outreach courses have been al the core of many successes in personal develcpment by he*ing students reach their next slep in hwJher educalton or lrfetjng learning. This has b￿n achieved across a dNerse sludenl population irrespectivo of age, backgTound, ability or experien￿. Academic excellence: As HSOA'S reputation grows our successes continue. We are proud that 100% of our Foundation students applying to unwersty degree5 achieve their goal, some remain lo study HSOA'S Advanced Course. Our teaching•art15ts exhibit around the workl and receNe accolades on a regular b8sls. Intematlonal reputation and partnerships: HSOA International reputation and partnerships.. HSOA'S International repulation arKI partnerships are growing a$ the Principal Isabel H Langtry leads the path in collaborating with international prc¥e¢ts, appointing palrons and as the creative ￿ad realises the maklng of internationalty requested public sculptures. eollaborates wlh seienti$l$ and ertisls in environmental and crealtve projects and publishes these results through HSDA publishing. Connections in Chile, China, Ita￿. Spain. Singapore, Bermu(la, Indonesia, Islria, Saudi Arabia, Sharjah, Sweden, Hollond, Austria and Australia, have been forged resulting in 6 highly acclaimed Patrons, Alan Gouk12014-20251, Sir Frank Bowlin9, Francisco Gazitua MRSS, Dolorosa Sinago, Lady Rachel Scott Bowling, Angela Leible and Tim Scott who$e contributions lo our art school leaming is Invaluable. The Principal lectures, judges and awartls intemal1onal￿, often invited lo talk about the art schools aims and objectbves. The Hampstead School ofArt Company Limited by Guarantee Trustees, Annual Report {Incorporating the Directorfs Report) feontlnuedj Year ended 31 August 2025 Financial review Flnanclal revlÈw The preferred business model of Hampslead School of Art Is to achleve Independent financlal Mablllty by generating most of its income from luf(ion fees for tradition81 and contemporary Fine Art and Applied Art karning, Foundation and Advanced Courses. Ahhough fundraising is conducted by ihe school, it is not dependent on grants or other external funding to maintain its daY-￿daY activiiies. Robust Lyerational and financial policies, including generalron and maintenance c)f signrftsnt cash reseTves allow us lo fuhlll our goal of achieving long-lemi 8u8lainabilily and financial securty- HSOA continues to invest in cap(tal projects such as premises and IT upglades to meet the demands the expanding curriculum and the growth in student numbers, Investment in a high calth management team and specialist tutors in an ever*xpanding and exciting programme of classes suppotts this objective. The re5ufts for the year show 8 surplus of £67,741 {2024-. £24,522) after depreciatDn ¢harge of £45,183 {2024. £49,280). The balance Sheet Shows net current assets of £370,19712024.' £293,307). The net b￿k value of tangible fixed assets hekl amounted to £1,353,230 (2024.. £1,396.6S41 Investment pollcy and performance The Art School is currentty building up ils reserves and all funds are used operaIK)nal￿. Our investment policy is lo ensure funds that the Art Schc*)I doès not immediately need to cover anticipated expenditure, these are invested to maxirnise the Art Schools irKome bul wf(h minimal risk_ The aim is to reSea￿h where funds may be depos(ted apptying prLKlency in ensuring there is minimum risk. Reserves policy HSoA's reserves policy is based on conb'nued Gyerations of its ￿l￿tIeS and have identified lo rraintain free ￿SerVeS equivalent lo at least 6 months running ￿$1 to enable HSOA lo meets its obligation in the shorter term and to cover any unforeseen def￿lts or revenue shorttalls. Total funds at the balance sheet dalg were £1,226,36912024.' £1,158.6281 of which £367,38512024.. £367,385) were Testri¢led. D&tails of restricted funds a￿ provided in note 20. Flnan¢lal risk manag0rnont objectives and policios The TnJslee5 have assessed Ihe major risks lo which HSOA Is exposed, In part￿ular those relating lo the op8ralions and finances and are satisfied that system and pro¢￿uTeS are in place lo mitigate our exposure lo the major risks. Golng Con￿1￿ After making appropriate enquiries, the Trustees have a reasonable expectat￿n that the Company has adequate resources to Continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial stalements. Further details regardiThJ the athplion of the going concern basis can be found in the accounting polrci8S. The Hampstead School ofArt Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) feontlnu¢dJ Year ended 31 August 2025 Plans for fuWre perlod8 Plans for the future Our goal to create a thriving art school underpinned by a pemanent home is n¢)w wg118slablished. This has allowed HSOA to continue t1evebping ils robust financial growth, stlmulate new initi'atives, contribute to PO8ilive lrfe change and eontinuing learning. Social engagement.. A key of the art sche￿1 wll be grovrth of HSOA'S Sockal ervJagement prcgramme develoFtd to inspire new and existing audiences lo participate with art studio. virtual and extemal engagement 'London Sculpture Prvze, attracted almost 400 submissicfis in 2025. Bursary programme expans￿n.. Expanding our internal scholarshiplb¥Jrs8ries and community proAects pregramm8s for those wf(h greater social or educational needs Ihal would othemse not be met is also a key objective. Unlea8hlng the Artist in Everyone.. To provide additional prcgramme and bursaries for a grealer number of studen15 and continue lo 'Unleash the Artist in Everyone, by creating opportunities for any person, of any ag8, who corr*s lo the school wishing to develop their crealwe abilities and understanding. School Expansion.. We aim to continue securing further premises in which to encourage arti$tsA8arn8rs lo cieate that is accessible for the local community. create new perf¢)miatwe spaces and further enrich the leaming ol our students. Intematl￿aI partnerships and ￿pUtatIon building.. Our aim 15 to buikl on the Success to dale by deepening new cffinections and building new and exciting opportuntbes nationally and internalKinally. Outreach.. Vve aim lo rebuild pre COVID partnerships which have been available for loral comrnunrty gr(wps lo undertake art classes. Financ&?1 Securty.. In view of the current economic climate re cost-of-lwing crisis, HSOA will look at generating moTe funds lo support students and to prolect the financial security of the schwl. Trustees, resp)nsibili1105 Statement The trustees, who are also directors for the purpos8s of company taw, are responsible for preparing the trustees. report and the financial stslements in accordance with applicab￿ and United Kingdom Accounting Standards (United Kingdom Generally AcceFled Accounting Practv). Company law requires the charity trustees to pr8par8 financial stalements for each year which give 8 true and fair view of the stale of affairs of the charitable company and the incoming ￿OurceS and application of resource5, including the income and 9xpendrture, for Ihal per¢od. ## **The Hampstead School of Art** ## **Company Limited by Guarantee** ## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ ## **Year ended 31 August 2025** In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Auditor** Each of the persons who is a trustee at the date of approval of this report confirms that: - so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and - they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. ## **Small company provisions** This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees' annual report was approved on 28 May 2026 and signed on behalf of the board of trustees by: **Julia Simpson Trustee** **7** The Hampstead School ofArt Company Limited by Guarantee Independent Auditorfs Report to the Members of The Hampstead School of Art Year ended 31 August 2025 Opinion We have audited the financial slalemenls of The Hampslead School ol Art (the charity'} for the year ended 31 August 2025 which comprise the statement of financi81 activrties lin¢luding in¢ome and expenditure account}, statement of financFal position, statement of cash llw and the related notes, including a summary of signrfic8nt accounting policies. Th8 financHI r8rK)rting framework that has been applied in their preparation is applicable law and United Kingdom Accounliny Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Un*ed Kingdom Generally Accepted Accounting Pract￿1. In our oFinion the financial slalements.. give a tnje and fair vlew of the stale of the charity3 affairs as at 31 August 2025 and of its in&)ming resources and application of resources, including its income and expenditure, for the year then ended., have been prOp￿ty prepared in aeeordance with United Kingdom Generally Accepted Accounting Pr￿tIce.. hav8 be8n prepared in accordance with the requirements of the CompanEs Act 2006. Basls for 0￿￿10￿ We conducted our audit in accordance with Intern81K)nal Standards on Auditlng {UKI IISAS IUK>I and applicable law. Our responsibilities undef those standards are fijrther described in the auditorfs responsibilities for the audit of the financial statements sectv)n of our report. We are independent of the eharrty in a¢eordan¢e with the ethical requirements that are relevant lo our audit of the financial statemen15 in th8 UK, induding th@ FRC'S Ethical Standard, and we have fijifilled our other ethi¢al responsibilities in accordance wrth these Tequirements. We believe that the 8udil ￿Idence we have btsined is Suff￿￿ent and 8pproprkate to provide a basis for our oynion. Concluslon8 relatlng to golng conc•m In audf(rng the financial statements, we have concluded that the trustee5' Use of the going concern basis of accounting in the preparation of the financial st8lements 1$ appropnate. Based on the woll( we have perfomied, we have not identified any materral uncertainties relating lo events or conditions that. individualty or ¢ollectively, may cast signifKant doubt on the charity's ability to ¢ontinue as o going concem for a period of at least tr•efve months from when the financial statem&nls are aulhorised for issue. Our responsibilities ané the responslbllllles of the trustees with respect lo going C￿CeM are (lescribed in the relevant sections of this report. The Hampstead School olArt Company Limited by Guarantee Independent Aud5torfs Report to the Members of The Hampstead School of Art {¢oiilinue Year ended 31 August 2025 Other Infomiatlon The other information comprises the irrfornation in¢luded in the annual report, other than the financlal statements and our auditor's report thereon. The trustees are responsible for the other infomalion. Our opinion on the financial statements d¢e$ not cover the other Infomation and, except to the extent otherwL8e explicit￿ slated in our report, we do not expre88 any fomi of assurance conclusion Ihereon. In connection with our audfÉ of the financial stat8ments, our responsibility is to read the other infomialK)n and, in doing so, consider whether the other infomialion is materialty inconsistent with the financial statements or our knowledge oblained in the audit or otheThvise appears lo be malerialty misstated. If we K￿ent￿ such malenal inconsistencw or apparent material misstatements, we are required to detemiine whether there is a material misstatemènt in the financial statements or a material misstalemenl of th8 other infomation. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other informatJ"on. we ar8 required to report that fact. We have nclhing to report in this rward. Opinions on other matteys prescrlbed by the Companles Act 2006 In our opinion, based ￿ the work undertaken in the course of the audit.. the info￿allOn given in the trus1￿, report for the financial year for wh￿h the financial statements are prepared is eonsistenl with the financial slatements- and the trustees, report has been prep8red in accordance with applicable kgal requirements. Matters on whlch we are required to report by exception In the light of Ihg knowledge and understsnding of the charity and ils environment obtained in the course of the audit, we have not identrf￿d material misstslements in the tru¥tee$' report. We have nothing lo report in re￿ct of the followng matter5 in relation lo whKh the Companies Act 20C6 requires us lo report lo you rf. in our ¢winKJn'. dequate accountin9 records have not been kept, or retums adequate for our audrt have not been received from bra￿he8 not visited by u$,. or the financial statements are not in agreement wlh the a¢¢ounling records and ￿UM5. or certain disclosures oftfUStee$' remuneration specified by law are not made.. Cf we have not receiv8d al the infomiation and explanations we require for our audft," or the Iruslees wefe not entitled to prepare the financial statements in accordance with Ihe small companie5 regime and tskg advantage of the small companies, exemptions in preparing the direetots. report and frcm the requirement to prepare a strategic report. The Hampstead School of Art Company Limited by Guarantee Independent Auditor's Report to the Membors of Th• Hampstead School of Art (conlinuo Year ended 31 August 2025 Re$ponsibiliti•8 of trustees As gxplainvJJ more fulty in the trustees, responsibl1ll￿$ slatemanl, thg trustges (who are al80 the directors for the purposes of company lawl arg responsible for the preparation of the financial statements and for bèing satIsf￿d that they give a true and fair view. and for such intemal ¢onlrol a$ the trustees deterrr#ne is necessary lo enable the preparation of financial statements that are free from Mat￿la1 misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosiry, as applicable, matters rel8te¢J lo going Goncern and using the going concem basis of acC￿ntIng Un￿$S the trustees èrther intend to IiquKlale the charity OT lo cease cperations, or have no realist￿ altemalive but to do so. 10 The Hampstead School ofArt Company Limlted by Guarantee Independent Auditorfs Report to the Members of The Hampstsad School of Art (conllnued) Year ended 31 August 2025 Audltorfs responslbillti¢$ for th9 audit of the financial ststements Our ¢bJ'ectives are to obtsin reasonable as5ufdnce about whglher the financial slalements as a whol8 are free from material misstalemenl. whethèr due lo fraud or error, and lo issue an audiior's report that includes our cpinion. Reasonab￿ assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will 85way$ detect ¥ material misstatement when it exists. Misstatements can arise freffi fraud or error and are consid8red rn*erial if, individually or in the aggregate, they could reasonab￿ be expected to influence the economic decisions of users taken On the basis of these financial statements. I￿egU￿ri￿9S, including fraud, aro instsnces ol r)onwcomplian¢e wrth law$ and regulations. We design prcvdures in line with our responsibilit*s, outlined above, to delecl material misstatements in respect of irregularitses, including fraud. The extenl lo which our procedures are capablg of delecling irreguL9rilie8. induding fiaud is detailed betow.. Thè extent to which the audit was considered capable of detecting irregularitEs including fraud. Our approach lo identfying and assessing th8 risks of malerial misstatement in respect of irregularities, including fraud and non-cc#npliance with laws and reoulation$. was 48 fdbws.. the engagement partner ensured th81 the engagement team eollectwely had the appropriate comp8tencè, capabilities antl ski116 10 identify or r￿OgnISe non**Note**
£
**Fixed assets**
Tangible fixed assets
**16**
1,353,230
**Current assets**
Debtors
**17**
11,941
Cash at bank and in hand
810,262
822,203
**Creditors: amounts falling due within one year**
**18**
452,006
**Net current assets**
370,197
**Total assets less current liabilities**
1,723,427
**Creditors: amounts falling due afer more than one year**
**19**
497,058
**Net assets**
1,226,369
**Funds of the charity**
Restricted funds
367,385
Unrestricted funds
858,984
**Total charity funds**
**20**
1,226,369|2024
1,396,664
49,349
656,819
706,168
412,861
293,307
1,689,971
531,343| |---|---| ||1,158,628
367,385
791,243| ||1,158,628| These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. These financial statements were approved by the board of trustees and authorised for issue on 28 May 2026, and are signed on behalf of the board by: **Julia Simpson Trustee** **The notes on pages 17 to 27 form part of these financial statements.** **15** The Hampstead School ofArt Company Limited by Guarantse ststement of Cash Flows Year •nded 31 August 2025 2025 2024 Cash flows from operating activiti•s Net ineome 67,741 24,522 Adjustments for. Depreciation of tangible fixed assets Other interest receivable and similar income Intorest payable and similar charges Accrued linc(ImeVexpense5 45,183 117,476) 19,599 Iso) 49,280 118,4661 20.812 54,236 Changes in.. Trade and other debtors Trade and other creditor5 37,408 39,195 131,919) 121.C65) 77,400 Cash generated from oporations 191.6CQ Interest paid Interest receNed 119,5991 17.476 120,812) 18.466 Ng1 cash from operating acb'vitie$ 189,477 75,054 Cash flows from Investing actriltl•8 Purchase of tangible asset$ Nel cash used in investing actwilies 11,749) 11,749) 14.0271 14,0271 Cash flows from financing activittes Pr(Keeds from borrowings Nel cash used in financing a¢tNf(ies 134,2851 134,2851 133,072) 133,072} Net Increase in cash and cash equivalents Cash and cash equivalents at beginning of y•ar Cash and cash equivalgnts at end of year 153,443 656,819 810,262 37.955 618,864 656,819 Th$ ntsts# on pagw 17 to 27 forni partof fln•n¢lo1 $latsm•nt8. 16 The Hampstead School ofArt Company Llmited by Guarantee Notes to the Financial Statements Year ended 31 August 2025 General Informatlon The charty is a public benefit entty and a private company limited by guarantee. regislered in England and Wales and a registered charity in England and Wales. The address of the regisleied offtce is 2 Penrose Gardens. London, NW3 7BF, England. Statemgnt of compllance These financial statements have been prepared in complwnce wilh FRS 102, The Financial ReportiThJ Standard applicab￿ in the UK and the Republic of Ireland.. the Statement of Recommended Practice applieable to eharTties preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland {FRS 1021 {Charities SORP (FRS 10211 and the Companies Act 2006 Aecountlng pollclgs Ba818 of prepardtlon The financial statements have been prepaied on the htslorical cost basts, as modified by th8 revaluation of certain financial assets and li8bililEs and investment properti8s measured at fair value through inCc￿e or expenditure. The financial ststements are prepared in sterling, which is the fUnd￿nal currency of the enlrty. Going concorn There are no malerlal uncertainties about the charity's 8bilty to continue. Judgements and key sources of e8tlmatlon uncertalnty The Company makes estimates and assumptions conceming the fvlure. Estimates and judgments are continually evaluated and are based on hi%lorical experience and other factors, including expectations of future events that are believed to be reasonable under the clrcumstances. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions th81 have a signilicanl risk of causing a material adjustment to the carrying amounts of of as$et3 and liabilities within tre next financral year are discussed t￿law. Crltlcal accounting estimatos and as$umption$: Tangible a$sels are depreciated ov8r th8ir useful lives tsking into account residual values, where appropriate. The actual Elves of Ihe assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing as3et lives, factots such £$ techno￿l¢al innovation, p￿d￿cl life cycles and maintenance programmes are taken into account. Residual value asse5SfTienls consider issues suth as future mathel conditions, the remaining life of the asset and projected disp)sal values. 17 The Hampstead School ofArt Company Limited by Guarantee Notes to the Financial Statsments le￿11￿￿¢d} Yoar ended 31 August 2025 Accountlng pollclas {¢oni Fund accountlng un[estr￿led funds are available for use at the discretion of the trustees lo furthgr any of the charills purpose$. Desynaled funds are unreslrictod funds eamarked by the Iruslees lor particular fvlure proje¢t or commtlment. ReStr￿ted funds are subjected to reslriclions on their expendlcure declared by the donor or through the terms of an appeal. and fall into one of tsvo sub-classes.. restricted income funds or endowment funds. Incoming resources All incoming resources ale irKluded in the statement Ctf financial activities when entitlement has passed lo the charity., it 1$ probable that the economic benefrts a$S￿lated with the Iran5acth?n 11 flow to the charty and the amount can be reliably measurecl. The following $pe¢ifie policie$ are applied lo particular categories of income.. inccme from donations or grants is recognised when there is evidence of entitlement lo the gilt, receipt ts probable arKI 118 amount can be measured reliably. legacy income is rewnised when r8ceipl is probable and enif(lemenl is e8tsblished. inwrre from donated goods is measured at the fair value of the gooJs unless this is impractical lo measure reliabty, in which case the value is tlerived from the cost to the donor the estimale(I resale value. Donated f8ciif(ies and services are recogni5ed in the accounts when received if the value can be relkgbly measured. No amounts are Included for the contribution of 98￿ra1 volunteers. income from contrxts for the supply of services is recognised with the delivery of the contracted service. This is classified as un￿$1￿cted funds unless there is a contractual requiremenl for it to be spent on a particular purpose and relurned if un$penl. in which ¢ase it may be regarded as restricted. The Harnpstead School ofArt Company Limit•d by Guarantse Notes to the Financlal Statements (contlnua9 Year ended 31 August 2025 Accounting policies {¢onUnuedJ Resources expended ExpgndrtUT8 is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which ￿nn01 be fvlly iecovered, and is classified under headings of the ststerfftnt of finar￿la1 actiwlies lo which il relates.. expendf(ure on raising funds includes the costs of all fundraising activities, events. non-charilable trading activities. and the sale of donated goods. expenditu￿ on charitsble activitles includes all eosls incuml by a charity in undertaking aclivf(ies that further its chsritable aims for the benefit of its benefriaries, including those support costs and costs relatr'ng lo the governance of the tharity apportioned lo charitabLe activilEs. other exwnditure indudes all expenditure that is nerther related to raising funds for the charly wr part of its expendlture on charitable activrtie$. All costs are all(t*ed to expenditure ¢ategories refiecting the use of the resource. Direct costs attributable to a single activty are allocat8d directty to thal activity. Shared costs are appOrt￿)ned betsveen the activities they Contribute to on 8 reasonable, justifiable and consistent basis. Oporating leases Le85e payrrEnts are recognised as an expense over the lease lem on a straight-line basis. The aggregate benefit of lease incentives recognised a5 a reductK)n to expense over the lease lemi, on a straighl-line basis. Tanglble assetg Tangible assets are iniirally r¢corded al cost. and subsequently stated al cost less any a¢cumulated depreciat¥)n and impairment losses. Any ￿gible assets Carried al revalued amounts are recor(led * the fair value at the date of revaluation 1gs$ any subsequent accumulated deprecial*)n and subsequent accumulat￿ impairment losses. An increase in thg carrying amount of an asset as a result ol a revdluation, is recognised in other recognised gains and los$e$, unless il reverses a charge for impaimient that ha5 previoLS5ty been recognised as expendriure within th8 Statement of fin8ncial actNi(ies. A decrease in the ￿ryIng amount of an assel as a result of revaluation, is recognised in other recognis8d gains and losses, eX￿p1 lo wh￿h it offsets any previous rtvaluation gain, in wh￿h case the loss is shown wf(hin other reccgni8ed gains arKI l(Isses on the 51atemenl of financial activities. Oepreclatlon Depr8ciatDn is calculatefj so as to write off the eo$t or valuation of an asset, less ils residual valu8, over the useful economic lif8 of that 888el a8 foll¢)W8: Long le8sehdd propety Equipment 2% $lraighl line 25Q/o reducing balance 19 The Hampstead School ofArt Company Limited by Guarantee Notes to the Financial Statements fttthithu¢d) Year ended 31 August 2025 Accountlng pollcles {¢ontiA¥•dJ Impaim)ent ol fixed assets A review for ind￿atOrS of impaim8nt is Carried out al each reporting dal&, wf(h the recoverable amount belng estimated where sueh indicators exist. Where the ¢arrying value exeeeds the recoverable amount, the asset wnpaired accordingly. Prior impairments are also Teviewed for P05sble revers81 at each repcrting date. For the purposes of impaiment testing, ￿￿en il 1$ not possible to estimate the re¢over8ble amount of an indNidual asset, an estimate is made of the recover8ble amount of the cash-generating unrt to wh￿h the asset b8longg. The cash-generaling unit is the 8mallest Jenlifiable group of assets that includes the asset and generates ¢a5h infl¢)ws that largely WKlependent of the cash inflows from other a55ets or groups of assets. For impaiTmenl t8sting of goodwill, the goodwill acquired in a business combination Is, from the acquisition dale, allocated to each of the cash-generating units Ihal are expected lo benefrt from the synergies of the combination, irrespective of whether other assets or liabilities of the charty are assigned to those units. Financial instruments A financial asset or 8 financial Ilabillty is r￿gnISed only when the Charity be¢omes a paty to the contractual provisions of the instrument. Basic financial instruments aTe inttially recogni￿d at the amount receivab￿ or payablg including any related transaction costs. Current assets and current liabilities are subsequanlly measured at the cash or other consKleration expe￿￿ lo be paid or received and not discounled. Dobt instruments are Subsequently measured at amorti8&J cest. Where investments in shares are publicty traded or their fair value can otherwise be measured reliably, the investmènt is subsequentty measured al fair value wf(h change5 in fair value recognised in I￿orne and expenditure. All other such inveslmenls are subsequentty measured al cost kss impairment. Other financial instruments, including derivatives, are initially recognised al fair value, unless payment for an asset is deferred beyond normal business terms or fina￿ed at a rale of interest that is not a market rate, in which case the asset is measured al the present value of the future payments dlscounted at a market rate tsf interest for a Similar debt instrument. Other finan¢pl instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activrties. with the exception of hedging instruments in 8 designaled hedging relatlonshlp. Financial assets that are measured at cost or amortised cost are rev￿e￿ for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impaimenl, an npairment loss is recognised under the appropriate headin9 in the statement of financial activities in which Ihe initi31 gain was recognised. The Hampstead School of Art Company Limlted by Guarantee Notes to the Financial Statements Year ended 31 August 2025 Accountlng pollcles i¢ontinue inan¢i•l instruments (contlnued) For 811 equty instruments regardkss of svjnificance, and other financial assets that are individually significant, these are assessed individually for impalm￿nI. Other financial assets are e￿her assessed indwidually or grouped c)n the basis of similar credit risk charaeterislic5. Any reversals of impairment are recognisod immediately, lo thg extent that the reversal does not resuk in a carrying amount of the financial asset that exceeds what the carrying amount would have been the impaimienl not previousty been r￿gnIsed. Limit￿ by guarantse The mmpany is registered as a ct)mpany limited by guarantee, governed by f(s Memorandum and ArtiC￿S of Association dated 27 January 1995, and is registered as a Charity with the Charity Commission. The conwany, Hampstead School of Art {HSoAI, operates as a Iradrtional Fine Art and Applied Art ccffimunty educ8lh)n charity. Donations and 18gaci Unrestricted Funds ReStr￿ted Totsl Funds Funds 2025 Donatlons Donations and legacies 62.249 62.249 Grants Grants receivab￿ type 1 62.249 62.249 Unrostricted Funds Restricted Total Funds Funds 2024 Donations Donations and legaci95 32.762 32,762 Grants Grants receivab￿ type 1 8,000 8.000 8,000 40.762 32.762 Charitable activilles Unrestricted Total Funds Unrestricted Total Funds Fund$ 2025 Funds 2024 Tuitw fees and ¢)ther income 954,608 954,608 829,480 829.480 21 The Hampstead School of Art Company Llmited by Guarantee Notes to the Flnanclal Statemènts (tOnIthr￿ Year ended 31 August 2025 Olher tradlng activiti99 Unrestricte(l Tolal Funds Unreslrieled Totsl Funds Funds 2025 Funds 2024 Cafg income Gallery exhibi(ion income m￿e[laneouS sales 46,978 21,575 42.560 111,113 46.978 21.575 42,560 111,113 43.095 20.502 30.438 43,095 20,502 30,438 94,035 94.035 Investment income Unrestricted Totsl Funds Unreslrthd Total Funds Funds 2025 Funds 2024 Bank interest 17,476 17,476 18,466 18,466 Expendlture on ¢harltable a¢tlvltl•s by fund typè Unrestricted Funds Restricted Total Funds Funds 2025 DI￿¢1 costs Café Costs Exhibrtion costs Support costs 395,030 52,510 23,498 6(E.667 1.OTI.705 395,030 52,510 23,498 606,667 1,077,705 Unfeslricted Funds Restricted Total Funds Funds 2024 Direct costs Café Costs Exhibf(ion costs Support costs 347,399 45,051 18,006 536,688 947,144 8,(KJO 355,399 45,051 18,OC6 539,765 958.221 3,077 11.on 22 The Hampstead School of Art C(xnpany Limitsd by Guarantee Notes to the Flnanclal Statem•ntS {¢onUnuedJ Year ended 31 August 2025 10. Expenditure on charitable activiti￿ by a￿l¥ty type Act￿ltIeS und&rtakèn directly Support costs Totsl funds 2025 Total fund 2024 Direct costs Calé costs Exhibrtion costs Govemance costs 395,030 52,510 23.498 395,030 52,510 23,498 6C6,667 355,399 45,051 18,006 539,765 606,667 471,038 606,667 1.077.705 958.221 11. Net income Net income 15 ststed after chargingll¢rediting)'. 2025 2024 Depreciation of tangible fixed assets 45.183 49.280 12. Audltorn remuneration 2025 2024 Fees payab￿ for the ajdit of the financial stslerrEnts 5,700 13. Independ•nt Qxamlnatlon fees 202S 2024 Fees payable lo the independent gxamingr for Independent èxamination of the financial statements 2,400 14. Staff costs The total staff wsts and employee benefits for Ihe reporting period are analysed as follews.. 2025 2024 W4e$ and salar￿5 Sc(ial security costs Defined pension ¢onlTibLrtK)n 658.067 44,514 7,S06 549,881 31,252 7,064 710,087 587,998 The average head count of employees during the year was 2812024.. 301. The average numbei of full-line equNalent employees during the year is anatyse(l as follows.. 2025 No. 28 2024 No. 30 Numberof5t8ff 23 The Hampstead School ofArt Company Llmitsd by Guarantee Notes to the Financial Statements f¢ontiiiued) Year ended 31 August 2025 1Q Staff costs (￿n11th￿￿) Th8 number of employees whose remuneration for the year fo11 within the folbwing bands, were.. 2025 2024 No. No. £60,000 10 £69,999 £80,000 10 £89,999 £150,000 10 £150.999 Key Management Personnel Key management personnèl include all persons that have aLrthority and responsibilty for planning, directing and controlling the activi(ies of the charity. The total compensation pahl to key management personnel for serv￿eS prO￿ded lo the charty wa$ £210.733 {2024..£196,7821. 15. Trustee vemuneratlon and eX￿n￿¢S Chjrbng the year, no Trustees received any ranuneration or oth8r bon8fts12024- £Nill. ring year endod 31$t August 2025, Trustee expenses were £Nil (2024- £NII). 16. Tangible fixed assets Long leasehold propety Equipmant Total Al 1 September 2024 Additions 1,523,661 292,023 1.749 293.772 1,815.684 1,749 1.817,433 At 31 August 2025 Depreciation Al 1 September 2024 Ch8rge for the year At 31 August 2025 Carrying amount At 31 AuguBt 2025 Al 31 August 2024 1,523,661 221,931 30,967 197.089 14,216 419,020 45,183 252.898 211,305 464,203 1.270,763 82,467 1.353,230 1,301,730 94,934 1,396,664 The Hampstead School ofArt Company Llmlted by Guarant•0 Notes to the Flnanclal Statements fconlmuodj Year ended 31 August 2025 17. Dèbtors 2025 2024 Trade debtors Prepayments and 8c¢rued income Other deblcrs 1.109 3,457 7,375 11,941 42.956 3,110 3,283 49.349 18. Creditovs: amounts tslling due wlthln one year 2026 2024 Bank bans and overdrafts Trade creditors A¢¢ruals and deferred income Social security and other taxes Other credrtors 53,884 9,174 337,084 43,011 8,853 452,QC 53.884 5,698 337.134 8,815 7,330 412,861 19. Credltor6: amounts falllng due a￿r more than one year 2025 2024 Bank ban5 and overdrafts 497,058 531,343 20. Analysis of charitsble funds Unrestrl¢ted funds At 1 September 2024 At31 August 2025 Incom8 Eyndilure General funds 791,243 1, 145,446 11,077.705} 858.984 At 1 September 2023 At 31 August 2024 Income Expenditure General funds 763,644 974.743 {947,1441 791,243 25 The Hampstead School ofArt Company Limitsd by Guarantee Notes to the Financial Statements I¢oniinw Y•ar ended 31 August 2025 20. Analysis of charitable funds {confy"nw¢l) Restri¢t•d funds At 1 September 2024 At 31 August 2025 Income Expendiiure London Borough of Camden Restricted fund 367,385 367,385 367,385 267.385 Al 1 S?ptember 2023 At 31 August 2024 Inconp Expenditure London Borough of Camden ReStr￿ted fund 8.000 111,07n 13,0771 370,462 370.462 370.462 8,000 111.077) 367.385 21. Anatysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangiblg T￿ed assets Current assets Creditors18SS than 1 year Creditors greater than 1 year Net assets 985,845 822.203 {452,0(kS} {497,058} 858,984 367.385 1.353,230 822,203 {452,0(Al (497,0581 1,226,369 367,385 Unrestricted Fund5 Restricted Total FurKIs Funds 2024 Tangibk fixed assets Current assets Creditors less than 1 year Creditors greater than l year Net assets 1,029,279 706.168 (358,9771 1585,2271 791,243 367,385 1,396,664 706, 188 {358,9771 (585,2271 1,158,628 367,385 26 The Hampstead School ofArt Company Limited by Guarantse Notes to the Flnancial Statements (conlth Year ended 31 August 2025 22. Analysis of changos in not debt At At 1 Sep 2024 Cash flows 31 Aug 2026 Cash at bank and in hand Debt due wi(hin one year Debt due after one year 656,819 {53,884 1531,343 71,592 153,443 810,262 {53,884} 1497,0581 259,320 34,285 187,728 23. Oporatlng lease commltmfrnts The total fuknre minimum lease payments under non-cancelL8ble operating ￿aSeS are as folk￿5.. 2026 2024 Not later than 1 yeor Later than 1 y8ar and not later than 5 years Later than S years 34,532 43,929 34,532 73,893 4,000 112,425 78,461 24. Related parties Al the balance sheet dale the charily owed £1,17612024= £1,176) to a fomier Iru$lee. This loan is interest fr8e and repayab￿ on demand. 27