COMPANY REGISTRATION NUMBER: 12270706
CHARITY REGISTRATION NUMBER: 1189747
HQI Foundation
Company Limited by Guarantee
Unaudited Financial Statements
31 October 2023

HQI Foundation
Company Limited by Guarantee
Financial Statements
Year ended 31 October 2023
Page
Trustees, annual report (incorporating the director's report)
Independent examiner's report
Statement of financial activities (including income and
expenditure account)
Statement of financial position
Notes to the financial statements

HQI Foundation
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2023
The trustees, who are also the directors for the purposes of company law, present their report and the
unaudited financial statements of the charity for the year ended 31 October 2023.
Objectives and activities
HQl's stated aim has been to advance the arts through the provision of working space, facilities and equipment for
musicians and other artists of merit; and to promote art for the benefit of the public through the presentation of
lectures, performances and related events and provision of online educational information on the arts.
We offer research and development residencies to artists, some of whom are working in freelance commercial
contexts. We recognise that the new terrain of working in England for young artists often means that creativity finds
itself outside of traditional cultural contexts, i.e. in freelance commercial work. We feel compelled to reach out to
these workers as much as conventional art practices, as we believe the creative minds of these practitioners should
be engendered and supported.
Our R&D residencies hope that these creative workers, art practices can be opened up and explored outside of
client-based work. The use of our spaces for free, and subsequent nominal fees, aim to support this, while still
recognising the need for still pursuing commercial work. We hope that, by offering this kind of support across a
spectrum of creative commerciality, the germination of ideas across traditional disciplines can be propagated.
HQI actively encourages, and seeks, applicants from the diverse range of backgrounds present in London. We
hope to casualise often-daunting arts applications, by using social media, such as Instagram as a primary point of
contact for new artists and host casual "chats" with prospective members and current members instead of
interviews. We recognise the importance of access to people with disabilities and seek to improve our facilities,
access for those with non-typical physical needs.
We recognise the importance of access to people with disabilities and seek to improve our facilities, access for
those with non-typical physical needs. We also recognise the difficulties the current moment may present mentally
for all members of our community and will be using the Arts Council funding for mental health first aid training for
some regular members of the space.
Achievements and performance
This year we have continued to grow and develop our offerings. We welcomed 24 new artists-in-
residence working across the fields of music, design, animation, literature, and jewellery; we offered
1,825 days of free studio time, equivalent to a total market value of £350,000; we hosted 12 public
events featuring 25 leading artists, academics, and industry professionals; we were visited by over 700
members of the public; we grew our Instagram following to 4,585, creating over 105,000 social media
impressions among 45,000 unique users. we invited 70 artist and designers to donate works, raising
over £10,000 for Ukrainian relief organisations in response to the ongoing conflict; we were the chosen
location for 4 music videos, 5 photoshoots, 6 music releases, and 1 magazine launch. This excludes
the indirect impact and influence of HQI on the local economy, community, and careers of artistic
residents.
This year has also seen the launch of the Television Centre Summer Sessions, a series of free arts and
culture events hosted by local partners to invite local residents, workers, and visitors to deepen their
engagement with the area and its creative community. HQI is proud to have been included as a core
partner in the programme since its inception, designing the visual identity and associated marketing
assets; curating a programme of artistic events; and delivering a series of screenings, artist markets,
public talks, and music showcases. Creative talent is abundant in White City which we are proud to
support and showcase. We hope that the initiative continues to grow and develop in future years, further
establishing White City as one of London's foremost hubs for the creative industries.

HQI Foundation
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2023
In November 2022, HQI launched phase two of Sounds Like Hammersmith and Fulham (SLHF),
providing an alternative pathway for a new school of young artists and musicians to springboard into the
creative industries. Our pilot project is a free, 10-month learning programme comprising talks,
workshops, industry visits, screenings, and a residency programme for 12 outstanding intermediate-
level musicians aged 18-25. The project is divided into three terms running through August 2023.
We hope that access to outstanding creative resources, infrastructure, and practitioners will incubate a
new wave of creators and provide a lifeline to young artists navigating the challenges of establishing a
sustainable creative practice in London. SLHF is delivered in partnership with the London Borough of
Hammersmith & Fulham and the Mayor of London and is funded through the Cultural Impact Awards.
Financial review
At the completion of the financial year, HQI has been operating on funding received through government
grants of £93,750, and income from other activities £51,409. A total of £143,465 is being spent on
administration, event and project management expenses, while the major expense is consulting.
Furthermore, we have made significant savings on the purchase of multimedia arts equipment essential
for the support of our residency programmes and performance space.
Reserves Policy
The trustees consider that the ideal level of reserves as of 31 October 2023 would be one month of
resources expensed which is approximately £9,000.
The trustees are aware that the current reserves are less than the target figure and are actively pursuing
sources of funding to ensure that there are sufficient reserves to provide financial stability and flexibility.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company
(limited by guarantee) as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
New trustees are appointed due to their interest in the work of the charity and their recognised
experience in specific fields which will further support the work of HQI Foundation.
HQI is committed to diversity, in its organisational team and board of trustees, to better reflect our
diverse cohort of residents and local community. When we expand our board of trustees, we will ensure
to offer the position acknowledging this.

HQI Foundation
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2023
Reference and administrative details
Registered charity name
HQI Foundation
Charity registration number
1189747
Company registration number 12270706
The principal office and
registered
office
Westworks Building
195 Wood Lane
White City
The Rotunda
London
W12 7FQ
England
The trustees
Mostafa Abdi
William Bagnall
Richard Wilkins
Independent examiner
Gnanathiban Logarajah ACMA
Jayan Accountants Ltd
Chartered Management Accountants
43 Rasper Road
London N20 OLU
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 29 August 2024 and signed on behalf of the board of
trustees by:
William Bagnall
Trustee

HQI Foundation
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HQI FOUNDATION
Year ended 31 October 2023
I report to the Trustees on my examination of the financial statements of HQI FOUNDATION (the charity)
for the year ended 31 October 2023.
Responsibilities and basis of report
As the Trustees of the charity (and also its directors for the purposes of company law) you are
responsible for the preparation of the financial statements in accordance with the requirements of the
Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 financial statements carried out under section 145 of the Charities Act 2011
(the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the
Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
l am qualified to undertake the examination because l am a member of the Chartered Institute of
Management Accountants, one of the listed bodies listed in section 145 of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection
with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006
Act: or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of 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 independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of
the Statement of Recommended Practice for accounting and reporting by charities applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland (FRS 102).
I have no concerns and have not come across any other matters concerning the examination to which
attention should be drawn in this report to enable a proper understanding of the financial statements to
be reached.
G Logarajah ACMA, CGMA
Jayan Accountants Ltd
43 Rasper Road
London
N20 OLU
Dated: 29 August 2024

HQI Foundation
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 October 2023
2023
Restricted
funds Total funds Total funds
2022
Unrestricted
funds
Note
Income and endowments
Charitable Activities
Charitable activities
93,750
800
93,750
51,409
100,000
15,432
50,609
Total income
50,609
94,550
145,159
115,432
Expenditure
Expenditure on charitable activities
Total expenditure
(23,518) (119,947) (143,465) (101,902)
(23,518) (119,947) (143,465) (101,902)
Net incomel(expenditure) and net
movement in funds
27,091
(25,397)
1,694
13,530
Reconciliation of funds
Total funds brought forward
Total funds carried forward
(40,262)
(13,171)
41,084
822
(12,708)
822
15,687
2,516
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.

HQI Foundation
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2023
2023
2022
Note
Fixed assets
Tangible fixed assets
10
19,909
31,721
Current assets
Debtors
Cash at bank and in hand
11
11,485
11,879
4,614
6,427
23,364
11,041
Creditors: amounts falling due within one year
Net current liabilities
12
40,757
41,940
17,393
30,899
Total assets less current liabilities
2,516
822
Net assets
2,516
822
Funds of the charity
Restricted funds
Unrestricted funds
15,687
(13,171)
2,516
41,084
(40,262)
822
Total charity funds
For the year ending 31 October 2023, the charity was entitled to exemption from audit under section
477 of the Companies Act 2006 relating to small companies.
Directors, responsibilities:
The members have not required the company to obtain an audit of its financial statements for the
year in question in accordance with section 476 of the Companies Act 2006.
Ensuring that the charitable company keeps accounting records that comply with sections 386 and
387 of the Companies Act 2006 and
Preparing financial statements which give a true and fair view of the state of affairs of the charitable
company as of each financial year and its surplus or deficit for each financial year in accordance
with the requirements of Sections 394 and 395 and which otherwise comply with the requirements
of the Companies Act 2006 relating to the financial statements, so far applicable to the charitable
company.
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
29 August 2024, and are signed on behalf of the board by:
William Bagnall
Trustee

HQI Foundation
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2023
Accounting Policies
Basis of preparation
The financial statements of the charitable company, which is a public benefit entity under FRS 102,
have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting
by Charities: Statement of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial
statements have been prepared under the historical cost convention.
Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that
the charity has adequate resources to continue in operational existence for the foreseeable future.
Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial
statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the amounts reported. These estimates and judgements are
continually reviewed and are based on experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.
Incoming resources
Income is recognised when the charity has an entitlement to the funds, any performance conditions
attached to the item(s) of income have been met, it is probable that the income will be received,
and the amount can be measured reliably.
Income from grants, trusts and foundations is recognised when the charity has an entitlement to
the funds, any performance conditions attached to the grants have been met, it is probable that
the income will be received and the amount can be measured reliably. Grant income received in
advance is deferred and released in the financial year to which it relates.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a
third party, it is probable that settlement will be required and the amount of the obligation can be
measured reliably.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement
to the funds, it is probable that the income will be received and the amount can be measured
reliably.

HQI Foundation
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2023
Expenditure
Liabilities are recognised as expenditures as soon as there is a legal or constructive obligation
committing the charity to that expenditure, it is probable that a transfer of economic benefits will be
required in settlement and the amount of the obligation can be measured reliably. Expenditure is
accounted for on an accrual basis and has been classified under headings that aggregate all costs
related to the category. Where costs cannot be directly attributed to particular headings they have
been allocated to activities on a basis consistent with the use of resources.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and
services for its beneficiaries. It includes both costs that can be allocated directly to such activities
and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic
requirements of the charity and the accountancy fees and costs linked to the strategic management
of the charity.
Allocation and apportionment of costs
Overhead and support costs relating to charitable activities have been apportioned based on
usage.
Taxation
HQI Foundation is a registered charity and, therefore, is not liable to income tax or corporation tax
on income derived from its charitable activities or tax on capital gains, as it falls within the various
exemptions available to registered charities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the
trustees. Restricted funds can only be used for particular restricted purposes within the objects of
the charity. Restrictions arise when specified by the donor or when funds are raised for particular
restricted purposes. Further explanation of the nature and purpose of each fund is included in the
notes to the financial statements.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand
or have a maturity of less than three months from the date of acquisition. Deposits for more than
three months but less than one year have been disclosed as short-term deposits.

HQI Foundation
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2023
Tangible assets
Tangible fixed assets are carried out at cost less accumulated depreciation and accumulated
impairment loss.
Depreciation is provided at the following annual rates in order to write off each asset over its
estimated useful life
Fixtures and fittings
Equipment
33 % straight line
33 % straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are
not recognised until there is reasonable assurance that the charity will comply with the conditions
attached to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient,
it is recognised in income when the grant proceeds are received or receivable. Where the grant
does impose specified future performance~related conditions on the recipient, it is recognised in
income only when the performance-related conditions have been met. Where grants received are
prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Limited by guarantee
The company is limited by guarantee and does not have a share capital. Each member's guarantee
is limited to £1.
Charitable activities
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Grants
Government grant income
93,750
93,750
93,750
93,750
Unrestricted
Funds
Restricted Total Funds
Funds
2022
Donations
Donations
Other Income
Grants
Government grant income
100,000
100,000
100,000
100,000

HQI Foundation
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2023
Charitable activities
Unrestricted
Funds
Restricted Total Funds Total Funds
Funds
2023
2022
Event host income
Other income
49,865
744
800
50,665
744
11,389
4,043
50,609
800
51,409
15,432
Expenditure on charitable activities by fund type
Unrestricted Funds Restricted Funds Total Funds 2023
Event and project management costs
Rent
Rates and water
Repairs and maintenance
Insurance
Motor/travel costs
Legal and professional fees
Other office costs
Depreciation
Security
Accountancy Fees
Bank Charges
Contractors
Food and Beverages
Event Photography
Fundraising and marketing
Storage
Software and website
2,758
3,000
1,181
4,412
348
31
1,215
1,553
2,794
370
924
357
(441)
315
600
934
1,856
1,311
33,081
14,983
4,723
5,084
872
286
31,612
2,824
13,756
860
2,544
35,839
17,983
5,904
9,496
1,220
317
32,827
4,377
16,550
1,230
3,468
357
1,359
535
1,869
4,943
1,856
3,335
1,800
220
1,269
4,009
2,024
23,518
119,947
143,465
Unrestricted
Funds
Restricted Total Funds
Funds
2022
Arts studio facilities
25,973
75,929
101,902
Expenditure on charitable activities by activity type
Activities
undertaken Total funds
directly
2023
Total fund
2022
Arts studio facilities
143,465
143,465
101,902
10

HQI Foundation
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2023
Net incomel(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2023
2022
Depreciation of tangible fixed assets
16,550
10,563
Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
The average headcount of employees during the year was Nil (2022: Nil). The average number of
full-time equivalent employees during the year is analysed as follows:
2023
No.
2022
No.
Trustees
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
Trustee remuneration and expenses
There were no trustee's remuneration or other benefits for the year ended 31 October 2023 nor for
the year ended 31 October 2022.
There were no trustees, expenses paid during the year ended 31 October 2023 nor for the year
ended 31 October 2022.
10. Tangible fixed assets
Fixtures and
fittings
Equipment
Total
Cost
At 1 November 2022
Additions
2,169
44,193
4,738
46,362
4,738
At 31 October 2023
2,169
48,931
51,100
Depreciation
At 1 November 2022
Charge for the year
At 31 October 2023
1,043
723
13,598
15,827
14,641
16,550
1,766
29,425
31,192
Carrying amount
At 31 October 2023
403
19,506
19,909
At 31 October 2022
1,126
30,595
31,721
11

HQI Foundation
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2023
11. Debtors
2023
2022
Trade debtors
Prepayments and accrued income
Other debtors
10,436
140
1,090
3,384
1,049
11,485
4,614
12. Creditors: amounts falling due within one year
2023
2022
Trade creditors
Accruals and deferred income
Other creditors
3,104
2,002
35,651
5,530
2,554
33,856
40,757
41,940
13. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
Recognised in income from donations and legacies:
Government grants income
93,750
100,000
12

HQI Foundation
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 October 2023
14. Analysis of charitable funds
Unrestricted funds
At 1 November 2022
Income Expenditure At 31 October 2023
General funds
(40,262)
50,609
(23,518)
(13,171)
At 1 November 2021
Income Expenditure At 31 October 2022
General funds
(29,721)
15,432
(25,973)
(40,262)
Restricted funds
At 1 November 2022
Income Expenditure At 31 October 2023
Restricted Funds
41,084
94,550
(119,947)
15,687
At 1 November 2021
Income Expenditure At 31 October 2022
Restricted Funds
17,013
100,000
(75,929)
41,084
15. Related parties
As of 31 October 2023, HQI Foundation owed a balance of £15,400 to Bazooka Search Limited
(2022 - £25,000).
Bazooka Search Limited is a related party of the HQI Foundation.
During the year, HQI Foundation provided services amounting to £28,000 to Bazooka Search
Limited.
As of 31 October 2023, HQI Foundation owed a balance of £702 to HQI Studio Ltd (2022 - Nil).
HQI Studio Ltd is a related party of the HQI Foundation
As of 31 October 2023, HQI Foundation owed a balance of £8,856 to Secret Technology Ltd (2022
£8,856).
Secret Technology Ltd is a related party of the HQI Foundation.
13