Mona Hatoum Foundation Charity Registration No:1190151 Trustees' report and unaudited accounts For the year ended 31 March 2024 ## 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| |Accountants|Evelyn Partners LLP| ||Accountants| ||Old Library Chambers| ||21 Chipper Lane| ||Salisbury| ||Wiltshire| ||SP1 1BG| |Independent examiner|Julie Mutton FCA| ||CLA Evelyn Partners Limited| ||Chartered Accountants| ||4th foor, Cumberland House| ||15-17 Cumberland Place| ||Southampton| ||Hampshire| ||SO15 2BG| ## Mona Hatoum Foundation ## Contents ||Page| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Receipts and payments account|5| |Statement of assets and liabilities|6| |Notes to the accounts|7| ## Mona Hatoum Foundation ## Trustees' report for the year ended 31 March 2024 The trustees present their report and accounts for the year ended 31 March 2024. The accounts have been prepared on a receipts and payments basis and comply with the charity's governing document and applicable law. ## 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 Maxwell 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 first 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 effective administration of the CIO. ## _Risk factors_ The trustees have reviewed the risks to the charity's assets and income and are satisfied 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 benefit 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 benefit_ The trustees confirm that they have paid due regard to the Charity Commission's guidance on public benefit. - 1 - ## Mona Hatoum Foundation ## Trustees' report for the year ended 31 March 2024 ## Achievements, performance and financial review ## _Financial review_ During the year the cash balance went from £396,501 to £233,487. The principal receipts included £125,237 being received from the sale of artwork and £211,406 being received from the sale of heritage assets. The principal payments included £450,000 transferred to a fixed term deposit account. The trustees also donated artwork to institutions which were subsequently sold for £18,556. ## _Reserves policy_ It is the policy of the charity to hold reserves which are sufficient to allow future grants and donations to be made at the discretion of the trustees. - 2 - ## Mona Hatoum Foundation ## Trustees' report for the year ended 31 March 2024 ## Trustees' responsibilities The trustees are responsible for preparing the Trustees' report, the receipts and payments account and the statement of assets and liabilities in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare a receipts and payments account and a statement of assets and liabilities. The trustees must not approve the accounts unless they are satisfied that they properly present the receipts and payments of the year and the assets and liaibilities of the charity. The trustees are responsible for keeping proper accounting records which are sufficient to show and explain the trustees' transcations and disclose with reasonable accuracy at any time the assets and liabilities of the charity and enable them to ensure that the account and statement can be properly drawn up in accordance with the Charities Act 2011, and the provisions of the 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: ...................... 30 January 2025 - 3 - ## Mona Hatoum Foundation ## Independent examiner's report to the trustees of the Mona Hatoum Foundation for the year ended 31 March 2024 I report to the trustees on my examination of the accounts of the Mona Hatoum Foundation for the year ended 31 March 2024 which comprise the receipts and payments account, the statement of assets and liabilities and the related notes. ## 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 confirm 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. 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 CLA Evelyn Partners Limited Chartered Accountants 4th floor, Cumberland House 15-17 Cumberland Place Southampton Hampshire SO15 2BG > Date: 31 January 2025 - 4 - ## Mona Hatoum Foundation ## Receipts and payments account for the year ended 31 March 2024 |Receipts
Sale of artwork
Interest received
Royalties received
Assets and investment sales
Receipts from sale of heritage assets
_Total receipts_
Payments
Accountancy fees
Insurance
Storage costs
Wages & salaries
Bank charges
Grants paid
Asset and investment purchases
Trasfer to fxed term deposit
Net payments for the year
Cash funds last year end
Cash funds this year end|2024
£
£
125,237
6,124
3,166
134,527
211,406
345,933
5,370
6,211
9,474
19,522
370
18,000
(58,947)
(450,000)
(163,014)
396,501
233,487|£
-
1,711
1,337
12,620
6,669
10,527
20,661
392
40,910|2023
£
3,048
-
3,048
(91,779)
-
(89,869)
485,232
396,501| |---|---|---|---| - 5 - ## Mona Hatoum Foundation ## Statement of assets and liabilities as at 31 March 2024 |Cash funds
Current asset investment - fxed term deposit
Investment assets
Heritage assets
Stock
Artwork
Debtors
Insurance prepaid
Royalties receivable
Liabilities
Accruals
Amount owed to Mona Hatoum Studio|2024
£
233,487
450,000
1,743,732
1,091,875
4,458
230
4,688
4,007
19,218
(23,225)|2023
£
396,501| |---|---|---| |||-| |||1,755,487| |||1,174,125| |||5,001
370| |||5,371| |||6,392
13,015| |||(19,407)| Signed on behalf of the board of Trustees and authorised for issue on: ....................... 30 January 2025 Mona Hatoum ................................... Mona Hatoum Trustee - 6 - ## Mona Hatoum Foundation ## Statement of assets and liabilities as at 31 March 2024 ## 1 Heritage assets |Carrying value at 31 March 2023
Disposals
Carrying value at 31 March 2024|2024
£
1,755,487
(11,755)
1,743,732|2023
£
1,791,607
(36,120)
1,755,487| |---|---|---| Heritage assets disposed durng the year includes £4,375 which was donated as grants to institutions with no proceeds receved. ## 2 Related parties At the year end £19,218 (2023: £13,015) was owed to Mona Hatoum Studio of which Mona Hatoum is the proprietor. There were recharges for wages and salaries from Monda Hatoum Studio of £25,725 during the year (2023: £26,884). - 7 -