``` 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)'. ``` ``` Page 2 ``` ``` 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. ``` ``` Page 3 ``` ``` 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. ``` ``` Page 4 ``` ``` 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. ``` ``` Page 5 ``` ``` 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`** ``` 1208557 ``` ## **`Registered office`** ``` Gibberd Gallery Harlow Civic Centre The Water Gardens Essex CM20 1WG ``` ``` Page 6 ``` ``` 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.` ``` Page 7 ``` ``` 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 ```