Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
**COMPANY REGISTRATION NUMBER: 12270706 CHARITY REGISTRATION NUMBER: 1189747**
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Unaudited Financial Statements**
# **31 October 2024**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Financial Statements**
## **Year ended 31 October 2024**
||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent examiner’s report|**4**|
|Statement of financial activities (including income and||
|expenditure account)|**5**|
|Statement of financial position|**6**|
|Notes to the financial statements|**7**|
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 October 2024**
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 2024.
## **Objectives and activities**
The charity’s principal objective is to advance the arts by providing working space, facilities, and equipment for musicians and other artists of merit. In addition, HQI seeks to promote art for the benefit of the public through lectures, performances, public events, and the provision of online educational resources on the arts.
HQI actively encourages and supports participation from artists reflecting the diverse backgrounds and communities present in London. Since its establishment in 2018, HQI has supported over 120 artists across music and visual arts, offering access to more than 9,500 days of free studio time, equivalent to approximately £2 million of in-kind support.
The charity also delivers structured public programmes, often with the support of partners including the Mayor of London, Hammersmith & Fulham Council, and through membership of the borough’s Cultural Compact. These activities extend HQI’s reach into the wider community, ensuring that its facilities and expertise not only serve artists directly but also promote wider public engagement with the arts.
## **Achievements and performance**
This year, HQI launched HQI360, a six-month development programme for emerging music talent in London who have developed their artistic skills but face systemic barriers to professional opportunities. With traditional artist development models collapsing under industry change and rising living costs, early-career artists, particularly from underrepresented backgrounds, struggle to access mentorship, networks, and financial support.
HQI360 has responded by developing a programme whereby participants will receive personal mentorship, workshops, and campaign management training, enabling them to apply theory to practice in real time. Artists will receive funding for promotional assets, retain full ownership of their copyright, and develop their own release campaigns. The programme will culminate in the commercial release of music, live performances, and a radio showcase, giving artists visibility and confidence at a pivotal stage in their careers.
As a non-profit, HQI reinvests all resources into the artists we support, creating an artist-first model that delivers industry-level development without compromising ownership or integrity. In doing so, HQI360 contributes to greater diversity, sustainability, and inclusive growth in the UK music sector.
This year also saw a continuation of a HQI’s involvement in 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.
**1**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 October 2024**
## **Financial review**
At the completion of the financial year, HQI Foundation earned an income of £60,549 from other activities. A total of £76,522 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 2024 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.
**2**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 October 2024**
## **Reference and administrative details**
**Registered charity name** HQI Foundation **Charity registration number** 1189747 **Company registration number** 12270706 **The principal office and registered** Westworks Building **office** 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 77 Ludwick Way Welwyn Garden City, AL7 3PL
## **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 22 July 2025 and signed on behalf of the board of trustees by:
William Bagnall Trustee
**3**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF HQI FOUNDATION**
## **Year ended 31 October 2024**
I report to the Trustees on my examination of the financial statements of HQI FOUNDATION (the charity) for the year ended 31 October 2024.
## **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**
I am qualified to undertake the examination because I 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 77 Ludwick Way Welwyn Garden City AL7 3PL Dated: 22 July 2025
**4**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Statement of Financial Activities (including income and expenditure account)**
## **Year ended 31 October 2024**
||||**2024**||2023|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Charitable Activities|**3**|–|-|-|93,750|
|Charitable activities|**4**|60,549|-|60,549|51,409|
|||----------------------------|--------------------------------|--------------------------------|------------------------------------|
|**Total income**||60,549|-|60,549|145,159|
|||============================|================================|================================|==================================|
|**Expenditure**||||||
|Expenditure on charitable activities|**5,6**|(63,712)|(12,810)|(76,522)|(143,465)|
|||----------------------------|--------------------------------|-------------------------------------|---------------------------------------|
|**Total expenditure**||(63,712)|(12,810)|(76,522)|(143,465)|
|||============================|================================|===================================|=====================================|
|||----------------------------|--------------------------------|--------------------------------|---------------------------------|
|**Net income/(expenditure) and net**||||||
|**movement in funds**||(3,163)|(12,810)|(15,973)|1,694|
|||============================|================================|================================|=================================|
|**Reconciliation of funds**||||||
|Total funds brought forward||(13,171)|15,687|2,516|822|
|||-----------------------------------|---------------------------------|----------------------------------|-----------------------------------|
|**Total funds carried forward**||(16,334)
=================================|2,877
================================|(13,457)
================================|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.**
**5**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 October 2024**
|||**2024**|2023|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**10**|6,938|19,909|
|**Current assets**||||
|Debtors|**11**|7,330|11,485|
|Cash at bank and in hand||20,776|11,879|
|||----------------------------------|----------------------------|
|||35,044|23,364|
|**Creditors: amounts falling due within one year**|**12**|48,501|40,757|
|||----------------------------------|----------------------------|
|**Net current liabilities**||21,246|17,393|
|||---------------------------------|----------------------------|
|**Total assets less current liabilities**||(13,457)|2,516|
|||----------------------------------|----------------------------|
|**Net assets**||(13,457)|2,516|
|||================================|============================|
|**Funds of the charity**||||
|Restricted funds||2,877|15,687|
|Unrestricted funds||(16,334)|(13,171)|
|||----------------------------------|---------------------------------|
|**Total charity funds**||(13,457)
================================|2,516
===============================|
For the year ending 31 October 2024, 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 22 July 2025, and are signed on behalf of the board by:
William Bagnall Trustee
**6**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 October 2024**
## **1. 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.
**7**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 October 2024**
## **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.
**8**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 October 2024**
## **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 - 33% straight line Equipment - 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.
## **2. Limited by guarantee**
The company is limited by guarantee and does not have a share capital. Each member's guarantee is limited to £1.
## **3. Charitable activities**
||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|**Grants**||||
|Government grant income|-|-|-|
||------------------------------|--------------------------------|--------------------------------|
||-|-|-|
||============================|================================|================================|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2023|
||£|£|£|
|**Grants**||||
|Government grant income|-|93,750|93,750|
||---------------------------|----------------------------|----------------------------|
||-
==========================|93,750
============================|93,750
============================|
**9**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 October 2024**
## **4. Charitable activities**
||Unrestricted|Restricted|Total Funds|Total Funds|
|---|---|---|---|---|
||Funds|Funds|**2024**|2023|
||£|**£**|£|£|
|Event host income|60,549|-|60,549|50,665|
|Other income|-|-|-|774|
||----------------------------|----------------------------|--------------------------------|---------------------------------|
||60,549
============================|-
============================|60,549
=============================|51,409
===============================|
## **5. Expenditure on charitable activities by fund type**
||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|Event and project management costs|13,826|-|13,826|
|Rent|18,570|2,612|21,182|
|Rates and water|6,400|-|6,400|
|Repairs and maintenance|1,309|-|1,309|
|Insurance|3,196|-|3196|
|Legal and professional fees|900|-|900|
|Other office costs|4,521|-|4,521|
|Depreciation|2,772|10,198|12,970|
|Security|682|-|682|
|Accountancy Fees|4,842|-|4,842|
|Bank Charges|150|-|150|
|Food and Beverages|125|-|126|
|Event Photography|272|-|272|
|Fundraising and marketing|2,232|-|2,232|
|Storage|2,042|-|2,042|
|Software and website|1,872|-|1,872|
||----------------------------|----------------------------|----------------------------|
||63,712|12,810|76,522|
||============================|============================|================================|
|||Unrestricted|Restricted|Total Funds|
|---|---|---|---|---|
|||Funds|Funds|2023|
|||£|£|£|
||Arts studio facilities|23,518|119,947|143,465|
|||============================|=============================================|===================================|
|**6.**|**Expenditure on charitable activities by activity type**||||
|||Activities|||
|||undertaken|
**Total funds**|Total fund|
|||directly|**2024**|2023|
|||£|**£**|£|
||Arts studio facilities|76,522|76,522|143,465|
|||================================|================================|============================|
**10**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 October 2024**
## **7. Net income/(expenditure)**
Net income/(expenditure) is stated after charging/(crediting):
||**2024**|2023|
|---|---|---|
||**£**|£|
|Depreciation of tangible fixed assets|12,970
============================|16,550
=======================|
## **8. 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 (2023: Nil). The average number of full-time equivalent employees during the year is analysed as follows:
||**2024**|2023|
|---|---|---|
||**No.**|No.|
|Trustees|3|3|
||====================|====================|
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
## **9. Trustee remuneration and expenses**
There were no trustee’s remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.
There were no trustees’ expenses paid during the year ended 31 October 2024 nor for the year ended 31 October 2023.
## **10. Tangible fixed assets**
||Fixtures and|||
|---|---|---|---|
||fittings|Equipment|**Total**|
||£|£|**£**|
|**Cost**||||
|At 1 November 2023|2,169|48,931|51,100|
|Additions|–|-|-|
||-----------------------|----------------------------|----------------------------|
|**At 31 October 2024**|2,169|48,931|51,100|
||=======================|============================|============================|
|**Depreciation**||||
|At 1 November 2023|1,766|29,425|31,192|
|Charge for the year|403|12,567|12,970|
||-----------------------|----------------------------|----------------------------|
|**At 31 October 2024**|2169|41,993|44,162|
||=======================|============================|============================|
|**Carrying amount**||||
|**At 31 October 2024**|-|6,938|6,938|
||=======================|============================|============================|
|At 31 October 2023|403|19,506|19,909|
||=======================|============================|============================|
**11**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 October 2024**
## **11. Debtors**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Trade debtors|4,800|10,436|
|Prepayments and accrued income|1,225|-|
|Other debtors|1,305|1,049|
||-----------------------|-----------------------|
||7,330|11,485|
||=======================|=======================|
## **12. Creditors: amounts falling due within one year**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Trade creditors|7,045|3,104|
|Accruals and deferred income|6,289|2,002|
|Other creditors|35,167|35,651|
||----------------------------|----------------------------|
||48,501|40,757|
||============================|============================|
## **13. Government grants**
The amounts recognised in the financial statements for government grants are as follows:
||**2024**||2023|
|---|---|---|---|
||**£**||£|
|Recognised in income from donations and legacies:||||
|Government grants income||-|93,750|
||================================||============================|
**12**
Docusign Envelope ID: 6A236B1A-4A06-4987-9100-87E58D48494E
## **HQI Foundation**
## **Company Limited by Guarantee**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 31 October 2024**
## **14. Analysis of charitable funds**
## **Unrestricted funds**
||At 1 November 2023|Income|Expenditure|**At 31 October 2024**|
|---|---|---|---|---|
||£|£|£|£|
|General funds|(13,171)|60,549|(63,712)|(16,334)|
||============================|============================|============================|============================|
||At 1 November 2022|Income|Expenditure|At 31 October 2023|
||£|£|£|£|
|General funds|(40,262)|50,609|(23,518)|(13,171)|
||============================|============================|============================|============================|
|**Restricted funds**|||||
||At 1 November 2023|Income|Expenditure|**At 31 October 2024**|
||£|£|£|£|
|Restricted Funds|15,687|-|(12,810)|2,877|
||============================|================================|============================|============================|
||At 1 November 2022|Income|Expenditure|At 31 October 2023|
||£|£|£|£|
|Restricted Funds|41,084|94,550|(119,947)|15,687|
||============================|================================|============================|============================|
## **Restricted funds**
## **15. Related parties**
As of 31 October 2024, HQI Foundation owed a balance of £20,200 to Bazooka Search Limited (2023 - £15,400).
Bazooka Search Limited is a related party of the HQI Foundation.
During the year, HQI Foundation provided services amounting to £29,000 to Bazooka Search Limited.
As of 31 October 2024, HQI Foundation owed a balance of £702 to HQI Studio Ltd (2023 - £702). HQI Studio Ltd is a related party of the HQI Foundation
As of 31 October 2024, HQI Foundation owed a balance of £8,856 to Secret Technology Ltd (2023 - £8,856).
Secret Technology Ltd is a related party of the HQI Foundation.
**13**