Mona Hatoum Foundation Charity Registration No:1190151
Trustees' report and unaudited accounts
For the year ended 31 March 2022
## Mona Hatoum Foundation
## Legal and administrative information
Trustees Mona Hatoum George Richard Riley Dr Andrea Hanne Lisa Schlieker Timothy Adam Maxwell Gerald Glen Collins Charity number 1190151 Principal address 70-72 Kingsland Road London E2 8DP Independent examiner Julie Mutton FCA Evelyn Partners LLP 4th fl oor, Cumberland House 15-17 Cumberland Place Southampton Hampshire SO15 2BG
## Mona Hatoum Foundation
## Contents
||Page|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement offnancial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 10|
## Mona Hatoum Foundation
## Trustees' report for the year ended 31 March 2022
The trustees present their report and accounts for the year ended 31 March 2022.
The accounts comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (e ff ective January 2019).
## Structure, governance and management
## _Governance_
The charity was incorporated on 29 June 2020. The charity is a charitable incorporated organisation and is registered with the Charity Commission, charity number 1190151.
## _Trustees_
The trustees who served during the year were: Mona Hatoum George Richard Riley Dr Andrea Hanna Lisa Schlieker Timothy Adam Maxwel Gerald Glen Collins
There must be at least three charity trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee. There is no maximum number of charity trustees that may be appointed to the CIO. Apart from the fi rst charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the e ff ective administration of the CIO.
## _Risk factors_
The trustees have reviewed the risks to the charity's assets and income and are satis fi ed that adequate controls are in place.
## _Objects and activities_
The charity's objects are to further the education of the public in the appreciation of art and in particular, but not limited to, contemporary art, in such way and in such manner as shall be exclusively charitable, including preserving and documenting the collections, archives and works created by Mona Hatoum and other artists for the public bene fi t and for public exhibitions of the same; and such other charitable purposes as the trustees of the charity may in their absolute discretion determine.
The Foundation provides yearly bursaries to three Central Saints Martins postgraduate students, safe keeps and conserves the artworks belonging to the Foundation, makes loans of the artworks to public institutions in the UK and abroad and maintains the artist's physical archive and aims to digitise it.
## _Public bene t_
The trustees con fi rm that they have paid due regard to the Charity Commission's guidance on public bene fi t.
- 1 -
Trustees' report for the year ended 31 March 2022
## Mona Hatoum Foundation
## Achievements, performance and fi nancial review
## _Financial review_
The fi nancial activities are summarised on page 5 of the accounts. During the year the charity received donations of £23.962 (2021: £275,965). In the previous year, it was also gifted assets valued at £3,162,782. Income for the year also included royalties of £3,434 (2021: nil), Gift Aid of £181 (2021: £62,500) and proceeds due from art sales totalling £194,159 (2021: £52,264).
Three grants were made during the year in furtherance of the charity's objects, valued at £39,000 (2021: £23,150), as shown in note 5.
## _Reserves policy_
It is the policy of the charity to hold reserves which are su ffi cient to allow future grants and donations to be made at the discretion of the trustees. At 31 March 2022, total reserves held amounted to £3,440,943 (2021: £3,444,612).
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## Mona Hatoum Foundation
## Trustees' report for the year ended 31 March 2022
## Trustees' responsibilities
The trustees are responsible for preparing the trustees' report and the accounts in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each fi nancial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satis fi ed that they give a true and fair view of the state of a ff airs of the charity and of the income and expenditure of the trustees for that year.
In preparing the accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which are su ffi cient to show and explain the trustees' transcations and disclose with reasonable accuracy at any time the fi nancial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity's governing document. 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.
Signed on behalf of the board of trustees:
## Mona Hatoum
.............................
## Mona Hatoum
Trustee
Date: ...................... 19 January 2023
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## Mona Hatoum Foundation
## Independent examiner's report to the trustees of the Mona Hatoum Foundation for the year ended 31 March 2022
I report to the trustees on my examination of the accounts of the Mona Hatoum Foundation for the year ended 31 March 2022 which comprise the Statement of fi nancial activites, the Balance sheet and the notes to the accounts, including a summary of signi fi cant accounting policies.
## Respective responsibilities of trustees and examiner and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## Independent examiner's statement
I have completed my examination. I con fi rm that no material 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 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## Julie Mutton
.................................................
## Julie Mutton FCA
Fellow of the Institute of Chartered Accountants in England & Wales
Evelyn Partners LLP Accountants 4th fl oor, Cumberland House 15-17 Cumberland Place Southampton Hampshire SO15 2BG
Date: 20 January 2023
- 4 -
## Mona Hatoum Foundation
## Statement of fi nancial activities for the year ended 31 March 2022
|Income:
Royalties
Donations and gifts of heritage assets
2
Income from donated artwork for sale
3
Total
Expenditure:
Charitable activities - grants
5
Charitable activities - support costs
6
Total
4
Net movement in funds
Total reconciliation of funds:
Total funds brought forward
Total funds carried forward|2022
£
3,434
24,143
61,159
88,736
39,000
53,405
92,405
(3,669)
3,444,612
3,440,943|2021
£
-
2,168,572
1,343,683|
|---|---|---|
|||3,512,255|
|||23,150
44,493|
|||67,643|
|||3,444,612
-|
|||3,444,612|
All income and expenditure derives from continuing activities.
- 5 -
## Mona Hatoum Foundation
## Balance sheet as at 31 March 2022
|Notes
Fixed assets
Heritage assets
9
Current assets
Debtors
10
Stock of artwork
11
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current assets
Net assets
Income funds
Unrestricted funds|£
4,964
1,175,525
485,232
1,665,721
(16,385)|2022
£
1,791,607
1,791,607
1,649,336
3,440,943
3,440,943
3,440,943|£
98,527
1,308,525
239,703
1,646,755
(14,750)|2021
£
1,812,607|
|---|---|---|---|---|
|||||1,812,607
1,632,005|
|||||3,444,612|
|||||3,444,612|
|||||3,444,612|
The accounts were approved by the board, authorised for issue and signed on their behalf by:
## Mona Hatoum
..............................
Mona Hatoum
Trustee
19 January 2023 Date: ..............................
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## Mona Hatoum Foundation
## Notes to the accounts for the year ended 31 March 2022
## 1 Accounting policies
## 1.1 General information
The Mona Hatoum Foundation is a charitable incorporated organisation, registered with the Charity Commission in England & Wales (No. 1190151). The address of the registered o ffi ce is 70-72 Kingsland Road, London, E2 8DP.
## 1.2 Basis of preparation
The accounts have been prepared in accordance with 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) (e ff ective 1 January 2019).
The accounts have been prepared under the historical cost convention, as modi fi ed to include gifts to the Foundation at fair value on the date they were gifted.
The trustees con fi rm that the charity is a public bene fi t entity as de fi ned by FRS 102.
The charity's presentational currency is GBP.
## 1.3 Going concern
The trustees have reviewed the fi nancial position of the Foundation and consider that the going concern basis of accounting is appropriate. There are no material uncertainties in relation to the going concern status of the Foundation.
## 1.4 Income
Donations and gifts are credited to the Statement of fi nancial activities in the period in which the charity becomes entitled to the respective asset, receipt is probable and the value can be measured.
## 1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Grants payable are payments made to third parties in furtherance of the charitable objects of the charity. The grants are accounted for where the trustees have paid or committed to the grant without condition.
## 1.6 Heritage assets
The Foundation's heritage assets comprise artwork by Mona Hatoum and have been included at fair value as determined by the trustees.
The heritage assets were acquired by way of gifts from Mona Hatoum. The trustees' policy is to retain, manage and preserve these heritage assets for the bene fi t of the public and future generations.
Heritage assets are considered to have an inde fi nite useful life and have therefore been capitalised at their original valuation when gifted to the Foundation, and are not depreciated.
## 1.7 Stock of artwork
Stock of artwork is included in the accounts initially at fair value as determined by the trustees and subsequently at the lower of that initial value and net realisable value.
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## Mona Hatoum Foundation
## Notes to the accounts for the year ended 31 March 2022
## 1 Accounting policies
## (Continued)
## 1.8 Key sources of estimation uncertainty
Determining the fair value of artworks received as gifts requires the trustees to use estimates of market value. The market value is decided in consultation with Mona Hatoum and third party galleries, by comparing each individual piece of art to similar works that have previously been sold by a gallery or at auction.
## 2 Donations and gifts of heritage assets
|Cash donations
Donations in kind
Gift Aid recoverable
Heritage assets donated
3
Income from donated artwork for sale
Donations of artwork for resale
Sale of donated artwork
Value of artwork sold
Associated cost of sales
4
Expenditure
Charitable activities - grants
Grants payable (see note 5)
Charitable activities - support costs
Support costs (see note 6)|2022
£
-
23,962
181
-
24,143
2022
£
-
194,159
(133,000)
-
61,159
2022
£
39,000
53,405
92,405|2021
£
250,000
25,965
62,500
1,830,107
2,168,572
2021
£
1,332,675
52,264
(21,000)
(20,256)
1,343,683
2021
£
23,150
44,493
67,643|
|---|---|---|
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## Mona Hatoum Foundation
## Notes to the accounts for the year ended 31 March 2022
|5
Grants payable
2022
£
Grants to institutions:
Moody Center
21,000
University of the Arts London
18,000
Book Aid International
-
Lebanese American University
-
Massachusetts Museum of Contemporary Art
-
39,000
Reconciliation of grants payable
Grants payable for the year
39,000
Grants paid during the year
(39,000)
Commitments at 31 March 2022
-|2021
£
-
-
2,500
3,150
17,500|
|---|---|
||23,150|
||23,150
(23,150)|
||-|
The trustees also donated further artwork to the Massachusetts Museum of Contemporary Art which was included in the 2021 accounts with a nil value.
## 6 Support costs
|Support costs|||
|---|---|---|
|Accountancy fees
Audit fees
Audit fees - over-provision re prior period
Independent examiner's fees
Insurance
Storage costs
Rent
Wages & salaries
Bank charges
Loss on foreign exchange|2022
£
6,670
-
(3,436)
1,800
5,674
10,914
7,000
22,616
429
1,738
53,405|2021
£
950
13,800
-
-
1,340
2,374
9,000
16,965
64
-|
|||44,493|
## 7 Trustees
None of the trustees (or any persons connected with them) received any remuneration during this year or the previous period.
## 8 Employees
There were no employees during the year (2021: none).
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## Mona Hatoum Foundation
## Notes to the accounts for the year ended 31 March 2022
|9
Heritage assets
Carrying value at 31 March 2021
Assets gifted at trustees' valuation
Disposals - grant to Moody Center (note 5)
Carrying value at 31 March 2022
10
Debtors
Gift Aid recoverable
Insurance prepaid
Proceeds due from art sales
11
Stock
Donated artwork
12
Creditors
Accruals
Amount owed to Mona Hatoum Studio|2022
£
1,812,607
-
(21,000)
1,791,607
2022
£
-
4,964
-
4,964
2022
£
1,175,525
1,175,525
2022
£
9,591
6,794
16,385|2021
£
-
1,830,107
(17,500)
1,812,607
2021
£
62,500
4,019
32,008
98,527
2021
£
1,308,525
1,308,525
2021
£
14,750
-
14,750|
|---|---|---|
||||
## 13 Related parties
During the year, cash donations of £nil (2021: £250,000), donations in kind of £23,962 (2021: £25,965) and non cash donations of artwork received during the year at a value determined by the trustees of £nil (2021: £3,162,782) were received from companies controlled by Mona Hatoum.
Included within creditors at the year end was £6,794 (2021: nil) owed to Mona Hatoum Studio of which Mona Hatoum is the proprietor.
- 10 -