2025-03-31-accounts - Harlow Art Trust

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REGISTERED COMPANY NUMBER: 15465436 (England and Wales)
REGISTERED CHARITY NUMBER: 1208557

`REPORT OF THE TRUSTEES AND`

`AUDITED FINANCIAL STATEMENTS`

`FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025`

`FOR`

`HARLOW ART TRUST`

THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

HARLOW ART TRUST

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

		`Page`
`Report of the Trustees`	`1`	`to`	`8`
`Report of the Independent Auditors`	`9`	`to`	`11`
`Statement of Financial Activities`		`12`
`Balance Sheet`		`13`
`Notes to the Financial Statements`	`14`	`to`	`19`
`Detailed Statement of Financial Activities`		`20`

HARLOW ART TRUST

REPORT OF THE TRUSTEES
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheperiod4February2024to31March2025.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicable to
charitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUK and
Republic of Ireland (FRS 102) (effective 1 January 2019).

Asnotedbelow,althoughthecharitablecompanywasregisteredwithCompaniesHouseon4February2024,it was
then registered with the Charity Commission and incorporation was completed on 30 October 2024.

`INCORPORATION`

The charitable company was incorporated on 4 February 2024.

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims Charity Purpose Benefits, Vision, Mission & Aims`

The Charity exists to further the following charitable purposes for the public benefit:

To promote art and culture by, including but without limitation,

a)commissioning,purchasingorotherwiseacquiringorlendingsculpturesandotherworksofartfordisplayin public
places in museums and exhibitions in Harlow and the surrounding areas;

b) preserving and promoting the artistic and architectural heritage of Harlow and the surrounding areas; and

c)toadvanceeducationinartandculture,includingbutwithoutlimitationfortheinhabitantsofHarlowand the
surrounding areas and all those who study, visit and work there.

`Harlow Art Trust 's Vision is:`

A significant sculpture town developed with and for the community; instilling a sense of pride and identity

Our Mission is:

ToenrichandinspireHarlowandsurroundingareasbyenablingaccess,stimulatinginterestand encouraging
appreciation of art and the collections.

Our Values are to be:

Collaborative, Transparent, Relevant, Sustainable

HarlowArtTrust(HAT)wasfirstestablishedin1953asanunincorporatedcharity,withamissiontobeautifythe town
bycommissioning,purchasing,sitingandmaintainingpublicart.Today,inthemainsquaresandprecincts, in
numerouspublicbuildings,schoolsandquietresidentialcorners,over100publicsculpturesbyartists both
world-famousandlesserknown,aretobefound.ThecollectionnowhassixGradeIIlistedworksintotal,four of
whichwereawardedstatusbyHistoricEnglandin2017.TheseincludeHenryMoore'siconicHarlowFamily Group
(1956),BarbaraHepworth'seight-foot-tallContrapuntalForms,commissionedforthe1951FestivalofBritain, and
Ralph Brown's monumental Meat Porters commissioned in 1956 for Harlow's Market Square.

Since2012theTrusthasbeenresponsibleforthetown'sGibberdWatercolourCollection,heldattheGibberd Gallery,
andhasrunaprogrammeoftemporaryexhibitionsalongsidethis.In2021HATwasgiftedtheartcollectionheld by
theFoundationofEssexArts(BasildonArtTrust).In2024oncompletionofworkontheincorporationofa new
charitable company the Trust now owns the John Graham art collection that consists of over 250 artworks.

Weseektoincreasethevisibilityof,andpridein,ourspecialsculpturecollectionlocallyandnationally.Thepurpose is
tosafeguardthecollectionforpresentandfuturegenerationstolearnfromandenjoy.Onapracticallevel this
translatestoresourcingandcoordinatingmaintenanceoftheexistingcollection;deliveringprojectsthatanimate the
worksandengageitsfullpotentialasapubliclyownedcommunityasset;developingaccessibleresources that
interprettheworksitengaginglyandinlinewithcontemporarydiscourseonpublicartandsculpture;and working
withdevelopersascommissioningagentstobringhighqualitynewworktothetown.Ourpublicassesstothe works
includesopportunitiesforremoteresearchbythepublic,studentsandacademicsviaourwebsites,social media
platforms and arranged opportunities to see our archives.

DuringtheyearHATworkedtowardscompetitionofitsCollectionsDevelopmentPolicy,thedraftwasa working
document.

Page 1

HARLOW ART TRUST

`REPORT OF THE TRUSTEES FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025`

`Collections Development Policy Statement`

HAT will ensure that both acquisition and disposal are carried out openly and with transparency. - HAT has a long-term purpose and holds collections in trust for the benefit of the public in relation to its stated objectives. HAT therefore accepts the principle that sound curatorial reasons must be established before consideration is given to any acquisition to the collection, or the disposal of any items in HAT's collection. - Acquisitions outside the current stated policy will only be made in exceptional circumstances.

-HATrecognisesitsresponsibility,whenacquiringadditionstoitscollections,toensurethatcareof collections,
documentationarrangementsanduseofcollectionswillmeettherequirementsoftheMuseumAccreditation Standard.
ThisincludesusingSpectrumprimaryproceduresforcollectionsmanagement.Itwilltakeintoaccountlimitations on
collectingimposedbysuchfactorsasstaffing,storageandcareofcollectionarrangements.HATmaintains accession
registersanddigitalrecordsinaccordancewithSpectrumprocedures,ensuringpermanentdocumentationofall items
acquired and disposed of.

To assist Trustees in applying this policy consistently, HAT is adopting a decision-making checklist. This will forms
part of the Collections Development Policy and will be used at Board meetings when considering offers of acquisition.

-HATwillundertakeduediligenceandmakeeveryeffortnottoacquire,whetherbypurchase,gift,bequest or
exchange, any object or specimen unless HAT is satisfied that it can acquire a valid title to the item in question.
-  HAT will not undertake disposal motivated principally by financial reasons.
-HATiscommittedtosupportingenvironmentalsustainabilitythroughitscollectionspractice.Inconsidering new
acquisitionsandprojects,theTrustwillavoidapproachesthatgenerateunnecessarywasteor long-term
environmental harm, and will seek to prioritise sustainable materials, processes, and partnerships wherever possible.

(N.B the policy was completed and adopted by HAT in September 2025)

`Public benefit`

ThetrusteeshavepaiddueregardtotheCharityCommission'spublicbenefitguidanceinconsideringthe Charity's
objectivesandactivities.Thetrusteesconsiderthatanyreaderwouldbesatisfiedtheactionsofthecharity work
towards these objectives.

Insettingobjectivesandplanningforactivities,thetrusteeshavegivendueconsiderationtogeneral guidance
publishedbytheCharityCommissionrelatingtopublicbenefit,includingtheguidance'Publicbenefit:running a
charity (PB2)'.

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HARLOW ART TRUST

`REPORT OF THE TRUSTEES FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025`

`ACHIEVEMENTS AND PERFORMANCE`

There was a seamless transition in activities from the old Charity and the new Corporate Charity.

IntheGibberdGallerytheexhibition'ACommonSun'byour8thHarlowSculptureTownArtistinResidence (STAIR),
Tom McDonagh came to an end.

TheSTAIRprogrammeissupportedbyHATusingfundsfromtheJohnGrahamLegacyandagrantof£1,000from the
RoyalCollegeofArt.ThisyearwealsosupportedTominmakingasuccessfulLotteryProjectGranttoArts Council
England.AsaresultTomwasabletocreateandpresenttwoambitiousartworksinhisexhibitionACommonSun and
run a series of community workshops.

TheHarvestsculpturewassitedinhistoricTheWaterGardens,respondingtotheremarkableinstrumentsof Indian
AstronomerSawaiJaiSinghandourattemptstoorientateandacclimatisewiththesun.TheChoruswas a
mesmerizinglightinstallationinsidetheGibberdGallery.Thesepiecesinvitedvisitorstoreflectonacentral question
thatguidedTom'sartisticjourney:"Whatproximitytothesundoweneedandwant?"InTheHarvest,Tom engages
thepublicspace,drawingattentiontothecyclesofnatureandhumaninteraction,whileTheChorusevokeda more
introspectiveexperience,usinglighttocreateshiftingsilhouettesandmovementthataskedviewerstoconsider the
mythicandsymbolicpowerofthesun.Visitorswereabletofurtherimmersethemselvesintheideasbehindthe works
byrelaxingintheReadingSpace,wheretheywereinvitedtoexplorethemythsandstoriesfromacrosscultures and
time that inspire The Chorus.

Tom'scommunityengagementprogrammesawhimleadfamilyshadowpuppetworkshops,andspecialtours for
membersofRazedRoofinclusivetheatregroup,membersofMayburyOpenDoorGroupandadultssupported by
Integrated Support.

TomMcDonaghisavisualartistbasedinLondon,heisan2024MASculpturegraduatefromRoyalCollegeof Art.
Tom'spracticelooksatthespacebetweenhowthingsareandhowthingscouldbe.Hecreates speculative
installationsusinglight,movementandsilhouette,seekingameetingplaceforourperception,imagination and
politics. His practice asks how we actively repair and cultivate relations with one another and the biosphere.

2024/25markedthe20thanniversaryoftheopeningoftheGibberdGalleryinthenewlybuiltCivicCentre.At the
openingoftheGibberdGallery,thelateLadyPatriciaGibberdacquiredAlanBurgess'swatercolourArnision Crag
TriptychfortheSirFrederickGibberdPermanentWatercolourCollectionwhereitstillresidestoday.Itwasfitting to
celebrate this anniversary with a special exhibition by Alan entitled Mainly Multiples.

AlanBurgessearnedhispaintingqualificationatColchesterSchoolofArt,wherehewonthelandscapepainting prize.
AfterexhibitingattheYoungContemporariesinLondon,hebalancedhispassionforpaintingwithateachingcareer in
painting,drawing,andarthistory.SincemovingtoRoydon,Essex,in1968,Alanreturnedtolandscape painting,
workingdirectlyoutdoors.Hisnotableseries,FiftyGreatBritishTrees,hasbeenexhibitedatsixvenues,including the
NationalArboretumatWestonbirt.Beyondart,Alanhasmadesignificantcontributionstotreeconservationin his
community,identifyingraretreesandorganisingplantings.Hisworkwithveterantreesinspiredaseriesof tree
portraits,includingablackpoplarselectedbytheTreeCouncilasaGreatBritishTree.Thisexhibition featured
landscapeworksspanningacrossAlan'scareer,includinghissignaturemultiplepiecesandpreviously unseen
artworks.

OurfinalexhibitionoftheyearwastheHarlowOpen2025.Thissawarecordnumberofover400entriesfrom artists
aged5-90+fromacrossHarlow,Broxbourne,EastHerts,Epping&Uttlesford.219artworksinallmediums were
selectedfordisplay.Thejudgesforthisyear'sOpenwereAlexisHarding,pastwinnerandrecentjudgeofthe John
Moores Painting Prize, Juliet Bowmaker, Chair of the Suffolk Craft Society, and Weng-io Wong, our STAIR09.

FirstprizewasawardedtoLindaAnneTillingforhermixedmediaseriesTerry,David,andNAT.Secondprizewent to
NickyNunnforFamilyGroup2025,astrikingcharcoaldrawing.JointthirdplacewasawardedtoCarolineAshley for
PaleBluePixelationandDanicaGreenforRed,BlueandYellowToo,aninventiveuseofrecycledmaterials.A new
additiontothisyear'sawardswastheDavidMitchinsonSculpturePrize,establishedinhonourofDavidMitchinson, a
much-lovedandrecentlyretiredtrusteeofHarlowArtTrust.Thisawardrecognisesoutstandingsculpturalwork, and
itsinauguralwinnerwasJimBrownforDemolition,apieceusingconcreteandpaint.Furtherprizesincludedthe Sue
McDonaldPrizeforPainting,awardedtoChristianMaidmentforEveClose-Up,inspiredbyRodin'sEvesculpture in
Harlow.

`Other Events and Community Engagement`

WearepleasedtoseethedevelopmentoftheMakingSpaceprogramme.Thisisathreeyearprogramme supported
bytheEssexCountyCouncilUnpaidCarersFund.ItisledbySarahBracey,anarttherapistandvisualartist and
supportedbyCatherineKiff,anartandecopsychotherapist.Itisdesignedforadults,youngpeopleandchildren who
areunpaidcarerswhoareinHarloworwhouseHarlowServices.Thesessionstakeinspirationfromthe sculptures,
thepermanentcollectionsandthetemporaryexhibitions.TheystudiedtheworksofWilliamMitchell,whosereliefs can
befoundinTheWaterGardens,andfoundinspirationinyoungHarlowartistsincludingJordanCookandLaura Bracey
Curry,withJordanevengivinganimpromptutalktothegroup.Participantsalsogottomeetandhearfrom Tom
McDonagh.

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HARLOW ART TRUST

REPORT OF THE TRUSTEES
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

DisplaysaboutMakingSpacearenowregularlyonshowinourDiscoveryGalleries.Thesespacesenableus to
celebrate art programmes run in partnership with local community groups and schools.

Earlierin2024welaunchedtheCycle,Create&Moveinitiative.Thisseesearlycareerartistsgainnewskills in
developingandleadingworkshopsaswellastraintoridespecialcargobikes.Thesebikeswillhavewithinthemall the
materialsneededforfunfamilyworkshops.Theinitiativetakesactivitiesouttowhereoursculpturesarelocated and
promotessustainabletransportandothersustainablepractices.Thetrainingprogrammehassofarinvolved eight
artists. The bikes are on loan from Harlow & Gilston Garden Town.

Overthesummertheartiststookthebikesandranlanternmakingworkshopsinanumberofvenues including
HarlowMuseumGardens,GreatParndonCommunityCentreandHarlowPlayhouseSquare.Ourfinallantern workshop
tookplaceonSunday3Novemberwith52eagerpeopleallmakinglanterns.Attheendoftheafternoonfamilies who
hadmadelanternsoverthesummerjoinedparticipantsfromthedayandourVeloartistsonawalking parade
throughHarlowtowncentretoHarlowTownPark.Theparadewasledwithagiantlanternversionofthe Lyn
ChadwicksculptureTrigonattachedtooneofthecargobikes.Astheparadewentthroughthetownwe gathered
morewalkersandawonderfullonglineofpeopleallenteredtheShowgroundingoodtimetoenjoythe Town
fireworkdisplay.Projectslikethisgreatlyhelpwiderthereachandengagementoflocalresidentswhowould not
normallyconsidercomingtoGibberdGalleryorfindingoutmoreaboutthesculpturesontheirdoorsteps.The funding
fortheworkshopscamefromLocalGovernmentTownCentreDevelopmentgrantsandviaActiveEssex Harlow
Council.

AnotherinnovativeprojectwepilotedwithHarlowCouncilwasavirtualHarlowSculptureMarathon.This encouraged
peopletoformteamsandtojointheBigteamchallengeappsothattheircombinedstepswouldtakeparticipantson a
routethatcoveredthatincludedrewardpointswhenreachingsculpturesacrossHarlow.Animageandfactson each
sculptureappearedinthemap.TheroutecouldthencarryonasfarasAthens.Wehopetodevelopthe Sculpture
Marathon so that families and individuals can complete a 26 mile route for real on foot or by bike.

`Conservation Work`

HarlowTownCentreisundergoingsignificantregenerationwork.HATisliaisingcloselywiththeCouncil Regeneration
teamtoensurethatthesculpturesintheBroadwayandMarketSquarearesafelycaredfor.Aspartofthiswork some
sculptures have been boarded up.

HATworkwiththeCouncilalsoextendstoartworksthatarenotownedbyHAT.DuringthisyearHATrecorded work
byMtecinremovingtheHarlowMuralbyHenry&JoyceCollinsfromtheoldBHSbuilding.Thispopularartwork will
return to the Harvey Centre where it will be possible to view by all visitors.

WorkhascontinuedbyourVolunteerSculptureGuardianstoundertakeregularsimpleconditionreportsonsome of
the sculptures.

`FINANCIAL REVIEW`

`Financial position`

Thecharityhadgrossincomingresourcesof£490,201,atotalexpenditureof£99,724whichgeneratedan overall
surplus of £390,477.

Fundsstoodat£47,900,095ofwhich£47,890,671arerestrictedfunds.Restrictedfundsmainlyrelateto Artworks
owned by the charity.

TheAccountsshowArtworksatavalueof£47,441,165whichareincludedwithintherestrictedfundbalanceand is
notreadilyavailabletousetomeetdaytodaycharitablecosts.ThevaluationwasundertakenbyLyon& Turnbull.
The previous value transferred from old Harlow Trust was £27,914,220.

Incomefortheyearincludesamateriallegacyof£427,725whicharosefromtheestateofaformertrustee, John
Graham.Thetrusteesconsiderthistobenon-recurringincome.TheTrustisextremelygratefulforthegift.Over the
comingyearsthefinancialgiftwillenabletheTrusttolookafterthesubstantialartcollectionofover250 artworks
alsolefttotheTrustbyJohnGraham.ItwillalsoenableinvestmentintheTrust'sorganisationalresilience and
sustainabilityandthedevelopmentofarangeoflocalactivitiesincludingcollectionconservationwork,exhibitions and
improving accessibility and all related costs including staffing.

Thetrustmonitorsspendingregularlytoensurewemakethebestuseofouravailableresourceswhilstlooking for
opportunitiesofadditionalfundingtocontinueourwork.Wecontinuetobeinagoodfinancialposition, moving
forwards with our regular projects.

`Principal funding sources`

HarlowArtTrustacknowledgeswithappreciationthefinancialsupportduringtheyearto31March2025from Harlow
Council, Essex County Council, and Arts Council England.

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HARLOW ART TRUST

`REPORT OF THE TRUSTEES FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025`

`FINANCIAL REVIEW`

`Reserves policy`

In line with best practice in the charity sector, HAT's reserves policy has five aims:
o To buffer unexpected falls in income

o To allow the taking of opportunities which may arise
o To support strategic development

o To ensure that the charity has financial resilience and good financial management
oToensurethatthecharitycanmeetitslegalobligationsintheeventofclosingdown.Reserveswillonly be
expended in pursuit of the above aims and as a result of a decision by the Board.

Whenreservesarebelowourtargetwewillnormallymanageincomeshortfallsbycontrollingexpenditureand use
reservesonlyfortheabovepurposes.Wewillretaininthereservesufficientfundstomeetourlegalobligationsin the
eventofclosure.Weaimtoretainaccumulatedreservesequivalenttothreemonths'costs,defined(bya Board
decision after the year end) by average expenditure over the current and previous two years.

`Going concern`

Thetrusteeshaveconsideredthecharity’scashresources(£479,283at31March2025),theforwardfunding pipeline
(that includes local authority funding), and the principal risks described in this report.

Basedonforecastsandreasonablesensitivities,thetrusteesconsiderthatHarlowArtTrusthasadequateresources to
continue in operational existence for the foreseeable future, and therefore adopt the going concern basis.

`FUTURE PLANS`

HarlowCouncilarecreatinganewCulturalQuarterintheTownCentre.Thereareplansforthistoincludea new
gallery space. This could see the relocation of the Gibberd Gallery.

HATisworkingcloselywithCouncilofficersintheRegenerationandCommunity&CultureDepartmentson these
plans.WealsocontinuewithourcommunityandengagementworkacrossHarlowwithafocusonsupporting events
close to the location of our sculptures.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

Thecharityiscontrolledbyitsgoverningdocument,itsArticlesofAssociation,andconstitutesalimited company,
limited by guarantee, as defined by the Companies Act 2006.

ThenewHarlowArtTrustcompanylimitedbyguaranteewasregisteredwithCompaniesHouseon4February2024 as
definedbytheCompaniesAct2006.ItwasincorporatedwiththeCharityCommissionasaregisteredcharityon 30
October 2024. Prior to this Harlow Art Trust was an unincorporated Charity.

`Organisational structure`

TheBoardofTrusteesmeetsatleastquarterlytoreviewthepolicy,strategy,mediumandlong-termplanning needs
oftheorganisation.FinanceandProgrammeCommitteesmeetregularlywiththeDirectortoensurethat the
organization is focused on agreed priorities whilst managing risks proactively.

TheBoardofTrusteesdelegateday-to-daymanagementtotheDirector,CatherineMummery,whoisnota formal
Director at Companies House.

`Recruitment, Induction and training of new trustees`

Trusteesarerecruitedviaafairandopenagreedprocedure.Newtrusteesarebriefedontheirlegalobligations under
CharityandCompanyLaw,thecontentoftheArticlesofAssociation,thedecision-makingprocess,thecharity plans
andrecentfinancialperformance.Trusteesareencouragedtoattendappropriatetrainingeventswherethese will
support them undertaking their role.

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HARLOW ART TRUST

REPORT OF THE TRUSTEES
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Risk management`

TheTrusteesnotetheirdutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate
controlsareinplacetoprovidereasonableassuranceagainstfraudanderror.Wemaintainariskregisterwhich is
reviewed periodically.

DuringtheyearactivitiesweredeliveredbyfreelanceartistsengageddirectlybyHarlowArtTrust,under contracts
andschedulesofwork.Wecontinuedtomonitorandmanageitsfinancesclosely.TheFinanceSub-Committeemet on
aquarterlybasisandmaderecommendationstotheBoard.Actionstosupportthisworkincludedincome analysis,
finance reviews, and detailed tracking of projects separated from those for existing operating costs.

InNovember2024thecharityreceivedtheresiduarylegacyfromtheJohnGrahamEstate.TheTrust remains
extremelygratefulforthelegacy.ThisyearthefinancialgifthasenabledtheTrusttocareforthesubstantial art
collectionofover250artworksalsolefttotheTrustbyJohnGraham.IthasalsosupportedtheTrusttodevelop and
deliveritsrangeoflocalactivities,forexample,supportingtheSTAIRprogramme,collectionconservationwork and
artexhibitions,inlinewithJohnGraham'swishes.Thisworkincludespayingforstaffingcostsandallrelatedcosts. It
willalsosupportprojectedactivitiesin2026-27sothatourfundraisingeffortswillbefocusedonfutureyears. The
Trusteeswillcontinuetodevelopsustainablefundraisingmodelsinrecognitionthatthelegacyfundswilldecrease. The
FinanceSub-Committeewillcontinuetostrengthenprocedurestomanagethefundingavailable,continue effective
operations,and(ifnecessaryatanypointinthefuture)makesavingstoensureapositiveclosingbalancefor the
year.

Onaregularbasis,Trusteesactivelyreviewtheoperationalandbusinessriskswhichthecharityfacesand believes
this combined with an annual review of the controls over financial systems, will mitigate these risks.

`Incorporation and transfer of operations`

Thecharitablecompanywasincorporatedon4February2024tocontinuetheworkpreviouslycarriedoutby Harlow
Art Trust, an unincorporated charity registered in England and Wales (charity number 212559).

On31October2024,alloftheactivities,assetsandliabilitiesoftheunincorporatedcharityweretransferredto the
charitablecompanyunderatransferagreement.Thetransferenabledthecharitytooperatewithina corporate
structure while continuing the same charitable activities and objectives.

Thetrusteesofthecharitablecompanywerethesame,orsubstantiallythesame,asthoseofthe unincorporated
charity at the date of transfer.

`Staff and resources`

CatherineMummerywasappointedasDirectorandToniFrostickwasappointedasOperationsManageron annual
employment contracts. In line with HM Revenue & Customs guidelines, all regular staff are employed on a PAYE basis.

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Company number`

15465436 (England and Wales)

`Registered Charity number`

`Registered office`

Gibberd Gallery
Harlow Civic Centre
The Water Gardens
Essex
CM20 1WG

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HARLOW ART TRUST

`REPORT OF THE TRUSTEES FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025`

`Trustees`

E Anderson Director (appointed 7.3.2025) (resigned 12.3.2025)
L Bird Director (appointed 7.3.2025)

E M Boast Director (appointed 4.2.2024)
N J Bullions Director (appointed 7.3.2025)
A Congreve Director (appointed 4.2.2024)

M Langford-Allen Director (appointed 7.3.2025)

A Lumbroso Director (appointed 7.3.2025) (resigned 6.6.2025)

K S Matthews Director (appointed 4.2.2024)

D Mitchinson Director (appointed 4.2.2024) (resigned 13.12.2024)
S Orpen Director (appointed 7.3.2025) (resigned 21.7.2025)
L Ratcliff Director (appointed 4.2.2024)
C A Snow Director (appointed 4.2.2024)

`Trustees beneficial interest`

TheTrusteesallgivetheirtimevoluntarilyandreceivednobenefitsfromthecharity.AlloftheTrusteesare members
of the company and guarantee to contribute £1 in the event of winding up.

`Transactions with Trustees`

Therewasnotrusteeremunerationpaidtotrusteesintheperiod.RemunerationoftheTrusteesisgovernedby the
Articles of Association.

`Senior Statutory Auditor`

Shahid Hameed FCA FCCA

`Auditors`

THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

`STATEMENT OF TRUSTEES' RESPONSIBILITIES`

Thetrustees(whoarealsothedirectorsofHarlowArtTrustforthepurposesofcompanylaw)areresponsible for
preparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelawand United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyear.Underthatlaw, the
trusteeshaveelectedtopreparethefinancialstatementsinaccordancewithUnitedKingdomGenerally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).

Undercompanylawthetrusteesmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthattheygive a
trueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplication of
resources,includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparing those
financial statements, 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements
complywiththeCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

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HARLOW ART TRUST

`REPORT OF THE TRUSTEES FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025`

`AUDITORS`

The auditors,  THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 3 February 2026 and signed on its behalf by:

N J Bullions - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARLOW ART TRUST

`Opinion`

WehaveauditedthefinancialstatementsofHarlowArtTrust(the'charitablecompany')fortheperiod ended
31March2025whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotestothe financial
statements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathas been
appliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

`Basis for opinion`

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewith the
ethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC's Ethical
Standard,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

`Conclusions relating to going concern`

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisof accounting
in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilityto continue
as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.

`Other information`

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesrisetoa material
misstatementinthefinancialstatementsthemselves.If,basedontheworkwehaveperformed,weconclude that
thereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothing to
report in this regard.

`Opinions on other matters prescribed by the Companies Act 2006`

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

`Matters on which we are required to report by exception`

Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedinthe course
of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARLOW ART TRUST

`Responsibilities of trustees`

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthefinancial statements
andforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherdue to
fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern
basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations, or
have no realistic alternative but to do so.

`Our responsibilities for the audit of the financial statements`

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.

`The extent to which the audit was considered capable of detecting irregularities including fraud`

Ourapproachtoidentifyingandassessingtherisksofmaterialmisstatementinrespectofirregularities, including
fraud and non-compliance with laws and regulations, was as follows:

-theengagementpartnerensuredthattheengagementteamcollectivelyhadtheappropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with trustees and other
management, and from our commercial knowledge and experience of the sector in which the charity operates;
-wefocusedonspecificlawsandregulationswhichweconsideredmayhaveadirectmaterialeffectonthe financial
statementsortheoperationsofthecompany,includingtheCompaniesAct2006,CharitiesActand SORP
requirements, General Data Protection Regulations (GDPR), Employment and Health and Safety legislation;
-weassessedtheextentofcompliancewiththelawsandregulationsidentifiedabovethroughmakingenquiries of
management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

Weassessedthesusceptibilityofthecharity'sfinancialstatementstomaterialmisstatement,includingobtaining an
understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
investigated the rationale behind significant or unusual transactions.

Inresponsetotheriskofirregularitiesandnon-compliancewithlawsandregulations,wedesignedprocedures which
included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with the Charities Commission and any other relevant regulators as required.

Thereareinherentlimitationsinourauditproceduresdescribedabove.Themoreremovedthatlawsand regulations
arefromfinancialtransactions,thelesslikelyitisthatwewouldbecomeawareofnon-compliance.Auditing standards
alsolimittheauditproceduresrequiredtoidentifynon-compliancewithlawsandregulationstoenquiryofthe trustees
and other management and the inspection of regulatory and legal correspondence, if any.

Materialmisstatementsthatariseduetofraudcanbehardertodetectthanthosethatarisefromerrorasthey may
involve deliberate concealment or collusion.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReportof the
Independent Auditors.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARLOW ART TRUST

`Use of our report`

Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter3ofPart16 of
theCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitable company's
membersthosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.To the
fullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthe charitable
companyandthecharitablecompany'smembersasabody,forourauditwork,forthisreport,orfortheopinions we
have formed.

Shahid Hameed FCA FCCA (Senior Statutory Auditor)
for and on behalf of THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

3 February 2026

Page 11

HARLOW ART TRUST

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025`

`Notes` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `2` `Investment income` `3` `Total` `EXPENDITURE ON` `Charitable activities` `Charitable activities` `Governance costs` `Support costs` `Total` `NET INCOME/(EXPENDITURE)` `Other recognised gains/(losses)` `Gains on revaluation of fixed assets` `Net movement in funds` `RECONCILIATION OF FUNDS` `Total funds brought forward` `TOTAL FUNDS CARRIED FORWARD`	`Unrestricted` `fund` `£` `13,220` `1,088` `14,308` `9,621` `9,900` `-` `19,521` `(5,213)` `-` `(5,213)` `14,637` `9,424`	`Restricted` `fund` `£` `475,893` `-` `475,893` `46,213` `-` `33,990` `80,203` `395,690` `19,526,945` `19,922,635` `27,968,036` `47,890,671`	`Total` `funds` `£` `489,113` `1,088`
			`490,201`
			`55,834` `9,900` `33,990`
			`99,724`
			`390,477` `19,526,945`
			`19,917,422` `27,982,673`
			`47,900,095`

`CONTINUING OPERATIONS`

Totalfundsbroughtforwardrelatetofundstransferredfromoldcharity.Seefurtherdetailsonnote12of these
financial statements.

The notes form part of these financial statements

Page 12

HARLOW ART TRUST

`BALANCE SHEET 31 MARCH 2025`

`Notes` `FIXED ASSETS` `Heritage assets` `7` `CURRENT ASSETS` `Debtors` `8` `Cash at bank and in hand` `CREDITORS` `Amounts falling due within one year` `9` `NET CURRENT ASSETS` `TOTAL ASSETS LESS CURRENT LIABILITIES` `NET ASSETS` `FUNDS` `10` `Unrestricted funds` `Restricted funds` `TOTAL FUNDS`	`Unrestricted` `fund` `£` `-` `510` `29,777` `30,287` `(20,863)` `9,424` `9,424` `9,424`	`Restricted` `fund` `£` `47,441,165` `-` `449,506` `449,506` `-` `449,506` `47,890,671` `47,890,671`	`Total` `funds` `£` `47,441,165` `510` `479,283` `479,793` `(20,863)` `458,930` `47,900,095` `47,900,095` `9,424` `47,890,671` `47,900,095`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon3February2026 and
were signed on its behalf by:

N J Bullions - Trustee

The notes form part of these financial statements

Page 13

HARLOW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January 2019)',
FinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland'andtheCompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistorical cost
convention, as modified by the revaluation of certain assets.

Thefinancialstatementsarepreparedinsterling,whichisthefunctionalcurrencyofthecharity. Monetary
amounts in these financial statements are rounded to the nearest £.

`Transfer of charitable undertaking`

On31October2024,thecharitablecompanyacquiredbywayofatransferagreementallofthe activities,
assets and liabilities of Harlow Art Trust, an unincorporated charity under common control.

ThetransferhasbeenaccountedforasatransferofacharitableundertakinginaccordancewithModule27 of
CharitiesSORPFRS102.Asthetransferwasbetweenentitiesundercommoncontrolandforno consideration,
theassetsandliabilitiestransferredhavebeenrecognisedattheirexistingcarryingvaluesatthedate of
transfer. No goodwill arose on the transfer.

`Going concern`

Atthetimeofapprovingthefinancialstatements,thetrusteeshaveareasonableexpectationthatthe charity
hasadequateresourcestocontinueinoperationalexistencefortheforeseeablefuture.Thusthe trustees
continue to adopt the going concern basis of accounting in preparing the financial statements.

Thesuccessfultransferofactivities,assetsandliabilitiesfromtheunincorporatedcharitysupportsthe trustees’
assessment that the charitable company is a going concern.

`Income`

Incomeisrecognisedwhenthecharityislegallyentitledtoitafteranyperformanceconditionshavebeen met,
the amounts can be measured reliably, and it is probable that income will be received.

Legacyincomeisrecognisedwhenreceiptisprobableandtheamountcanbereliablymeasured. Where
entitlementisdisputedorreceiptissubjecttosignificantuncertainty,incomeisnotrecogniseduntil the
uncertainty is resolved.

Cashdonationsarerecognisedonreceipt.Otherdonationsarerecognisedoncethecharityhasbeennotified of
the donation, unless performance conditions require deferral of the amount.

Government grants are accounted for using the accruals basis.

Incoming resources received for future accounting periods are deferred on the balance sheet.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.

Expensesareincludedinthefinancialstatementswhenincurred.Mostcostsaredirectlyattributableto the
activities in furtherance of the charity's objectives.

`Heritage assets`

Thecharityownsacollectionofsculpturesandworksofartwhicharetreatedasheritageassetsdueto their
artisticandculturalimportance.Theassetsareheldtosupportthecharity'scharitablepurposesand are
intended to be kept for the long term.

Thecharityhasadoptedapolicyofcarryingheritageassetsatvaluation.Heritageassetsarerevalued with
sufficientfrequencytoensurethattheircarryingamountsdonotdiffermateriallyfromfairvalueat the
reportingdate.RevaluationgainsandlossesarerecognisedintheStatementofFinancialActivities within
Other recognised gains and losses.

Itemspurchasedbythecharityarerecordedatcost.Itemsdonatedtothecharityarerecordedat their
estimated value at the date they were received, where this can be done without undue cost.

continued...

Page 14

HARLOW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

`1. ACCOUNTING POLICIES - continued`

`Heritage assets`

Theheritageassetsarenotdepreciatedbecausethetrusteesbelievetheyhavelongorindefiniteuseful lives
andareproperlycaredfor.Theassetsarereviewedeachyeartocheckwhethertheyhavesufferedanyloss in
value and any such loss is recognised in the accounts.

Costsofcaringforandconservingtheheritageassetsarechargedasexpensesintheyeartheyare incurred.
Anydisposalsofheritageassetsarerecordedintheyearofdisposalandaremadeinlinewiththe charity's
governing document.

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

ValueaddedtaxisnotrecoverablebytheCharity,andisthereforeincludedintherelevantcostsin the
Statement of Financial Activities.

`Fund accounting`

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe 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.

`Pension costs and other post-retirement benefits`

Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the
charitablecompany'spensionschemearechargedtotheStatementofFinancialActivitiesintheperiod to
which they relate.

`Donated goods and services`

Thecharityreceivesgoodsandservicesfromthelocalcouncil,freeofcharge.Thegoodsandservices received
consist of accommodation, IT. Telephone and insurance costs.

DonatedgoodsandservicesarerecognisedintheStatementofFinancialActivities(SOFA)attheirfair value
wherethiscanbereliablymeasuredandwherethevaluetothecharityismaterial.Acorrespondingamount is
recognised as expenditure in the relevant category.

Servicesprovidedfreeofchargearerecognisedonlywherethecharitywouldotherwisehavehadtopay for
those services and where a reliable estimate of the value can be made.

Wherethecharityreceivessupportfromthelocalcouncilthatcannotbereliablymeasured,or where
recognition would not provide meaningful information, no value is included in the financial statements.

`Critical accounting estimates and judgements`

Intheapplicationofthecharity'saccountingpolicies,thetrusteesarerequiredtomakejudgements, estimates
andassumptionsaboutthecarryingamountofassetsandliabilitiesthatarenotreadilyapparentfrom other
sources.Theestimatesandassociatedassumptionsarebasedonhistoricalexperienceandotherfactors that
are considered to be relevant. Actual results may differ from these estimates.

Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionsto accounting
estimatesarerecognisedintheperiodinwhichtheestimateisrevisedwheretherevisionaffectsonly that
period,orintheperiodoftherevisionandfutureperiodswheretherevisionaffectsbothcurrentand future
periods.

`2.`

`DONATIONS AND LEGACIES`

`Donations` `Grants` `Artwork fees, sales & hires` `Harlow Council contribution of core costs` `Donated goods and services`	`£` `428,112` `5,228` `9,283` `12,500` `33,990`
	`489,113`

continued...

Page 15

HARLOW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

`2. DONATIONS AND LEGACIES - continued`

	`Unrestricted`	`Restricted`	`Total`
	`Funds`	`Funds`	`2025`
	`General`
	`£`	`£`	`£`
`Donations and grants`
`Late John Graham Bequest`	`-`	`427,725`	`427,725`
`Harlow Council contribution to core costs`	`-`	`12,500`	`12,500`
`Arts Council grant`	`-`	`1,678`	`1,678`
`Cycle, Create & Move grant`	`3,550`	`-`	`3,550`
`Artwork fees, sales and hires`	`9,283`	`-`	`9,283`
`Donated goods and services`	`-`	`33,990`	`33,990`
`Other donations`	`387`	`-`	`387`

`Total`	`13,220`	`441,903`	`489,113`

TheLateJohnGrahamBequestfundsrelatetothereleaseofbulkofthecashleftinhisWilltoHarlowArt Trust
by former Trustee John Graham from his estate. The individual was not in office at the time the Will was made.

HarlowCouncilcontributioncoversthecostoflookingaftertheircollectionsbymanagingthegallery and
promoting their artworks in the sculpture maps produced by Harlow Art Trust.

ThecharityreceiveddonatedfacilitiesfromHarlowCouncilintheformofaccommodation,IT,telephone and
insurancecostswithatotalestimatedvalueof£33,990.Theseservicesareincludedwithinincome from
donated goods and services and corresponding support costs.

Grants received, included in the above, are as follows:

`3.`

`Unrestricted` `Restricted` `INVESTMENT INCOME` `Deposit account interest`	`£` `3,550` `1,678`
	`5,228`
	`£` `1,088`

`4. NET INCOME/(EXPENDITURE)`

Net income/(expenditure) is stated after charging/(crediting):

	`£`
`Auditors' remuneration`	`6,600`
`Other non-audit services`	`3,300`

`5. TRUSTEES' REMUNERATION AND BENEFITS`

There were no trustees' remuneration or other benefits for the period ended 31 March 2025.

`Trustees' expenses`

There were no  trustees' expenses paid for the period ended 31 March 2025.

continued...

Page 16

HARLOW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

`6. STAFF COSTS`

`STAFF COSTS`
`Wages and salaries` `Other pension costs` `The average monthly number of employees during the period was as follows:` `Total employees`	`£` `26,978` `564`
	`27,542`
	`2`

No employees received emoluments in excess of £60,000.

The key management personnel of the charity comprise the trustees and the Finance Director.

The total employee benefits paid to key management personnel during the year amounted to £14,460.

`7. HERITAGE ASSETS`

`HERITAGE ASSETS`
`MARKET VALUE` `Revaluations` `Transfer from unincorporated charity` `At 31 March 2025` `NET BOOK VALUE` `At 31 March 2025`	`Total` `£` `19,526,945` `27,914,220`
	`47,441,165`
	`47,441,165`

The Trust currently owns Sculptures and an art collection which is used to meet its charitable objectives.

Aspartofthecharity'sobjectivesitmaintainstheSculpturesandartcollectiontoagoodstandardtoaid with
the enjoyment of the art work within Harlow and its surrounding areas.

Theartcollectionisrevaluedperiodicallythroughaformalvaluationprocessundertakenbyanexternal valuer.
Aprofessionalvaluationofthecharity'ssculpturesandartcollectionwascarriedoutbyLyon& Turnbull,
independentfineartvaluers,duringtheyear.Thevaluationwasundertakenonafairvaluebasis appropriate
tothenatureoftheassetsandtheirintendedlong-termpreservation.Thevaluationwasintendedto ensure
theaccountsreflectthefairvalueandensureadequateinsuranceisinplace.Thecurrentvaluationof the
Sculptures and art collection is £47,441,165.

Thetrusteeshavereliedonthisvaluationwhereitwasconsideredreasonable,reliableandproportionateto do
so.

Thevaluationhasbeenusedforaccountinganddisclosurepurposesonlyanddoesnotrepresentamounts that
would necessarily be realised on sale.

`Summary analysis of heritage asset transactions`

Therewerenopurchases,disposalsanddonationsofheritageassetsduringtheperiod.Themovement in
heritage assets relates to revaluation gain.

Cost or valuation at 31 March 2025 is represented by:

`Valuation in 2025` `Cost`	`Art Works` `£` `19,526,945` `27,914,220` `47,441,165`

continued...

Page 17

HARLOW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

`8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

`8.` `DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
`Trade debtors` `Other debtors` `9.` `CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `Trade creditors` `Social security and other taxes` `Accruals and deferred income`	`£` `265` `245` `510` `£` `2,019` `3,141` `15,703`	`£` `265` `245`
		`510`
	`20,863`

`10.` `MOVEMENT IN FUNDS` `Unrestricted funds` `General fund` `Restricted funds` `Charitable activities` `TOTAL FUNDS` `Net movement in funds, included in the above` `Unrestricted funds` `General fund` `Restricted funds` `Charitable activities` `TOTAL FUNDS`	`are as follows:` `Incoming` `resources` `£` `14,308` `475,893` `490,201`	`At 4.2.24` `£` `14,637` `27,968,036` `27,982,673` `Resources` `expended` `£` `(19,521)` `(80,203)` `(99,724)`	`Net` `movement` `in funds` `£` `(5,213)` `19,922,635` `19,917,422` `Gains and` `losses` `£` `-` `19,526,945` `19,526,945`	`At` `31.3.25` `£` `9,424` `47,890,671` `47,900,095` `Movement` `in funds` `£` `(5,213)` `19,922,635` `19,917,422`

`Restricted funds (including Heritage assets funds)`

Allunrestrictedandrestrictedfundsoftheunincorporatedcharityweretransferredtothecharitable company
on31October2024.Restrictedfundscontinuetobeappliedinaccordancewiththetermsunderwhich they
were originally established.

Thefundsofthecharityincluderestrictedfundscomprisingthefollowingunexpendedbalancesof donations,
grants and Heritage assets held on trust for specific purposes:

	`Funds`
	`transferred`
	`at 31`
	`October`	`Incoming`	`Resources`		`Balance at`	`31`
	`2024`	`Resources`	`Expended`	`Transfers`	`March 2025`
	`£`	`£`	`£`	`£`	`£`
`John Graham Bequest`	`47,461`	`427,725`	`(25,680)`	`-`	`449,506`
`Harlow Council grant towards`
`core costs`	`-`	`12,500`	`(12,500)`	`-`		`-`
`Cycle, Create & Move grant`	`44`	`-`	`(44)`	`-`		`-`
`Arts Council`	`6,311`	`1,678`	`(7,989)`	`-`		`-`
`Donated goods and services`	`-`	`33,990`	`(33,990)`	`-`		`-`
`Artworks fund`	`27,914,220`	`-`	`-`	`19,526,945`	`47,441,165`

continued...

Page 18

HARLOW ART TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

`10. MOVEMENT IN FUNDS - continued`

27,968,036475,893(80,203)19,526,94547,890,671

The movements on the restricted funds and balances at 31 March 2025 comprise the following:

JohnGrahamBequestfundsrelatetothereleaseofthebulkofcashleftinhisWilltoHarlowArtTrust by
formerTrusteeJohnGrahamfromhisestate.Thefundsarebeingusedtolookafterthesubstantial Art
collection.

ArtworksfundrelatetoHeritageassets(artcollection)whichisusedtomeetcharitableobjectivesof Harlow
Art Trust. The transfers in artwork represent revaluation gain during the period.

`11.`

`RELATED PARTY DISCLOSURES`

Theunincorporatedcharity,HarlowArtTrust,(charitynumber212559),isconsideredarelatedpartyas the
trusteesofthecharitablecompanywerethesame,orsubstantiallythesame,asthoseofthe unincorporated
charity prior to the transfer.

Thetransferofactivities,assetsandliabilitiestookplacefornoconsiderationandinfurtheranceof the
charitable objects.

There were no other related party transactions for the period ended 31 March 2025.

`12. TRANSFER OF ACTIVITIES FROM UNINCORPORATED CHARITY`

On31October2024,thecharitablecompanytookovertheoperationsofHarlowArtTrust,an unincorporated
charityregisteredinEnglandandWales(charitynumber212559).Allassetsandliabilitiesof the
unincorporated charity were transferred at their carrying values at the date of transfer.

Thecharitableactivitiescontinuedwithoutinterruptionandarecarriedoutinaccordancewiththe same
charitable objects.

Below is a summarised table of assets, liabilities and funds transferred:

	`£`

`Art Collection`	`27,914,220`
`Debtors`	`2,299`
`Cash at bank and in hand`	`92,282`
`Creditors`	`(26,128)`
`Unrestricted funds`	`(14,637)`
`Restricted funds`	`(53,816)`
`Restricted funds (Art Collection)`	`(27,914,220)`

Restrictedfundstransferredcontinuetobeheldandappliedinaccordancewiththespecificpurposes imposed
by the original donors or funders.

Page 19

HARLOW ART TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD 4 FEBRUARY 2024 TO 31 MARCH 2025

`INCOME AND ENDOWMENTS` `Donations and legacies` `Donations` `Grants` `Artwork fees, sales & hires` `Harlow Council contribution of core costs` `Donated goods and services` `Investment income` `Deposit account interest` `Total incoming resources` `EXPENDITURE` `Charitable activities` `Wages` `Pensions` `Freelance Artists & Creatives` `Other professional fees` `Gibberd Gallery costs` `Harlow Sculpture Town` `Conservation costs` `Running costs` `Other staff costs` `Donated goods and services` `Support costs` `Governance costs` `Auditors' remuneration` `Auditors' remuneration for non audit work` `Total resources expended` `Net income`	`£` `428,112` `5,228` `9,283` `12,500` `33,990`
	`489,113` `1,088`
	`490,201` `26,978` `564` `15,408` `1,170` `1,347` `86` `1,133` `8,488` `660` `33,990`
	`89,824` `6,600` `3,300`
	`9,900`
	`99,724`
	`390,477`

This page does not form part of the statutory financial statements

Page 20