Mona Hatoum Foundation Charity Registration No:1190151
Trustees' report and unaudited accounts
For the year ended 31 March 2025
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 | S&W Partners LLP |
| Accountants | |
| Old Library Chambers | |
| 21 Chipper Lane | |
| Salisbury | |
| Wiltshire | |
| SP1 1BG | |
| Independent examiner | Julie Mutton FCA |
| S&W Audit | |
| 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 |
| Statement of fnancial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 11 |
Mona Hatoum Foundation
Trustees' report for the year ended 31 March 2025
The trustees present their report and accounts for the year ended 31 March 2025.
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) (effective 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 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.
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Mona Hatoum Foundation
Trustees' report for the year ended 31 March 2025
Achievements, performance and financial review
Financial review
The financial activities are summarised on page 5 of the accounts. Income for the year related to royalties and loan fees of £2,757 (2024: £3,032), bank interest of £27,767 (2024: £6,124) and proceeds from art sales of £82,486 (2024: £46,423).
Six grants were made during the year in furtherance of the charity's objects, valued at £76,775 (2024: £36,556), as shown in note 4.
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. At 31 March 2025, total reserves held amounted to £3,212,117 (2024: £3,500,557).
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Mona Hatoum Foundation
Trustees' report for the year ended 31 March 2025
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 financial 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 satisfied that they give a true and fair view of the state of affairs of the charity and of the income and expenditure of the trustees for that year.
In preparing the accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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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 sufficient to show and explain the trustees' transcations and disclose with reasonable accuracy at any time the financial 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
30/01/2026 Date: ......................
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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 2025
I report to the trustees on my examination of the accounts of the Mona Hatoum Foundation for the year ended 31 March 2025 which comprise the Statement of financial activites, the Balance sheet and the notes to the accounts, including a summary of significant 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 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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
S&W Audit Chartered Accountants 4th floor, Cumberland House 15-17 Cumberland Place Southampton Hampshire SO15 2BG
Date: 31/01/2026
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Mona Hatoum Foundation
Statement of financial activities for the year ended 31 March 2025
| Income: Royalties and loan fees Bank interest Income from donated artwork for sale 2 Total Expenditure: Charitable activities - grants 4 Charitable activities - support costs 5 Total 3 Net expenditure Net loss on heritage assets Net movement in funds Total reconciliation of funds: Total funds brought forward Total funds carried forward |
2025 £ 2,757 27,767 82,486 113,010 76,775 51,623 128,398 (15,388) (273,052) (288,440) 3,500,557 3,212,117 |
2024 £ 3,032 6,124 46,423 55,579 36,556 45,314 81,870 (26,291) (199,651) 173,360 3,327,197 3,500,557 |
|---|---|---|
All income and expenditure derives from continuing activities.
The notes on pages 7 to 11 form part of these accounts.
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Mona Hatoum Foundation
Balance sheet as at 31 March 2025
| Notes Fixed assets Heritage assets 8 Current assets Debtors 9 Stock of artwork 10 Cash at bank and in hand Current asset investment - fxed term deposit Creditors: amounts falling due within one year 11 Net current assets Net assets Income funds Unrestricted funds |
£ 8,113 871,638 481,433 450,000 1,811,184 (18,472) |
2025 £ 1,419,405 1,419,405 1,792,712 3,212,117 3,212,117 3,212,117 |
£ 4,688 1,091,875 233,487 450,000 1,780,050 (23,225) |
2024 £ 1,743,732 |
|---|---|---|---|---|
| 1,743,732 1,756,825 |
||||
| 3,500,557 | ||||
| 3,500,557 | ||||
| 3,500,557 |
The accounts were approved by the board, authorised for issue and signed on their behalf by:
Mona Hatoum
..............................
Mona Hatoum
Trustee
30/01/2026 Date: ..............................
The notes on pages 7 to 11 form part of these accounts.
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Mona Hatoum Foundation
Notes to the accounts for the year ended 31 March 2025
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 office 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) (effective 1 January 2019).
The accounts have been prepared under the historical cost convention, as modified to include gifts to the Foundation at fair value on the date they were gifted. Heritage assets are subsequently revalued as necessary.
The trustees confirm that the charity is a public benefit entity as defined by FRS 102.
The charity's presentational currency is GBP.
1.3 Going concern
The trustees have reviewed the financial 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 financial 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 Sales income
Once artwork has been sold, the full sale proceeds are recognised as income and the carrying value of the donated stock is charged against that income. This ensures that only the net gain (or loss) on disposal is reflected in the Statement of Financial Activities and avoids the double recognition of income previously recorded as a donation.
1.6 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.
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Mona Hatoum Foundation
Notes to the accounts for the year ended 31 March 2025
1 Accounting policies
(Continued)
1.7 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 benefit of the public and future generations.
Heritage assets are considered to have an indefinite useful life and have therefore been capitalised at their original valuation when gifted to the Foundation, and are not depreciated. Their valuation is considered annually and an adjustment made when the current figure is no longer deemed appropriate.
1.8 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.
1.9 Current asset investments - fixed term deposits
Fixed term deposits include amounts of cash which have been placed in fixed term interest bearing accounts with a maturity of over three months.
1.10 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 Income from donated artwork for sale
| Sale of donated artwork Value of artwork sold Impairment |
2025 £ 320,222 (221,200) (16,536) 82,486 |
2024 £ 128,673 (82,250) - 46,423 |
|---|---|---|
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Mona Hatoum Foundation
Notes to the accounts for the year ended 31 March 2025
| 3 Expenditure Charitable activities - grants Grants payable (see note 4) Charitable activities - support costs Support costs (see note 5) 4 Grants payable Cash donations: Medical Aid for Palestine University of the Arts London Emergency Aid Earthquake Donations of heritage assets: Massachusetts Museum of Contemporary Art The Tate Gallary The Hanoon Foundation Bonner Kunstverein Total donations |
2025 £ 76,775 51,623 128,398 2025 £ 25,000 18,000 - 43,000 17,500 10,500 4,375 1,400 33,775 76,775 |
2024 £ 36,556 45,314 |
|---|---|---|
| 81,870 | ||
| 2024 £ - 18,000 18,556 |
||
| 36,556 - - - - |
||
| - | ||
| 36,556 |
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Mona Hatoum Foundation
Notes to the accounts for the year ended 31 March 2025
5 Support costs
| Accountancy fees Independent examiner fees Insurance Storage costs Wages & salaries Bank charges Loss on foreign exchange |
2025 £ 5,016 1,672 5,652 11,254 27,656 373 - 51,623 |
2024 £ 2,460 840 6,754 9,159 25,725 370 6 |
|---|---|---|
| 45,314 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration during this year or the previous year.
7 Employees
There were no employees during the year (2024: none).
8 Heritage assets
| Carrying value at 31 March 2024 Donations Disposals Transfer to stock Revaluation Carrying value at 31 March 2025 |
2025 £ 1,743,732 (33,775) - (17,500) (273,052) 1,419,405 |
2024 £ 1,755,487 - (11,755) - - |
|---|---|---|
| 1,743,732 |
Heritage assets disposed during the year includes £33,775 (2024: £nil) which was donated as grants to institutions with no proceeds received.
9 Debtors
| Interest receivable Insurance prepaid Royalties receivable |
2025 £ 4,854 3,037 222 8,113 |
2024 £ - 4,458 230 |
|---|---|---|
| 4,688 |
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Mona Hatoum Foundation
Notes to the accounts for the year ended 31 March 2025
| 10 Stock Donated artwork 11 Creditors Accruals Other creditors Amount owed to Mona Hatoum Studio |
2025 £ 871,638 871,638 2025 £ 6,475 5,037 6,960 18,472 |
2024 £ 1,091,875 |
|---|---|---|
| 1,091,875 | ||
| 2024 £ 4,007 - 19,218 |
||
| 23,225 |
12 Related parties
At the year end £6,960 (2024: £19,218) was owed to Mona Hatoum Studio of which Mona Hatoum is the proprietor. There were recharges for wages and salaries from Mona Hatoum Studio of £27,656 during the year (2024: £25,725).
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