Registered number.. 01164904 Charity number.. 267426 HOUNSLOW ARTS TRUST LIMITED {THE) (A company Ilmited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 HOUNSLOW ARTS TRUST LIMITED ITHEI IA ¢ompany limited by guaranteel CONTENTS Page Reference and administrative details of the Company, its Trustees and advisers Trustee5' report 2-24 Independent aLFditors' report on the flnanclal statements 25-28 Consolidated statement of flnanclal activltiès 29 Consolldated balance sheet 30 Company balance sheet 31-32 Consolldated statement of cash flows 33 Notes to the financial slatements 34-53 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 The Directors of the charitable Company (the charity) are ils Trustees for the purpose of charity law and throughout this Report are collectively referred to as the Board. Members of the Board. at the lime of this Report, are as follows.. Trustees Oavid Evans, Chair Clare Hayes Guymer Zu18ndi van der WeslhLJizen Zaid Haroon Maniit Hunian Helen Little Joanna Mludzinska Dunean Smith Cllr Rhys Williams, L B Hounslow nomination Company reglstered number 01164904 Charlty reglst8red number 267426 Regisiered offlc9 Walermans 40 High Street Brentford Middlesex TW8 ODS Company secretary Jan Lennox Chief executlve offlcer Jan Lennox Independent audltors Nyman Libson Paul LLP Chartered Accounlanls Statutory Auditors 124 Finchley Road London NW3 5JS Bankers Nalwesl 314 Chiswick High Road London W4 STA Sollcltors Bates Wells 10 Queen Street Place London EC4R 18E Page 1 HOUNSLOW ARTS TRUST LIMITED IA Company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 INTRODUCTION The Trustees (who are also directors of the eharily for the purposes of the Companies Acll present their annual report together with the audited financial slalernents of Hounslow Arts Trust Limited Ilhe company and the group) for the year ended 31 March 2023 The TrLJslees confirm that the annual report and financial statements of the company and the group comply with the Charities Act 2011, the Companies Act 2006. the Memorandum and Articles of Association, and Accounting and Reporting by Char1ties." Slalemenl ol Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (second edition effe¢live January 20191. Since the company and the group qualifies as small under section 383, Ihe strategic report required Df mgdium and large companiès under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is nol required. AIMS AND OBJECTIVES Houn51ow Arts Trust Ltd is a charitable tru51 for the prornolion of the arts.11 manages and operates Walerman5, the major arts centre in Wesl London. presenting a year-round programme of high. quality performance, visual arts and film in ils riverside vefjue.11 also engages with a wide range of communili@s across Hounslow and Wesl London through ils extensive programme ol participalive arts and outdoor arts. 11 Is especially acknowledged lor Its digilal and new media arts development and is one ol very few year-round exhibitors of artists, work in this field In London and. indeed the UK. Aims The purposes of Hounslow Arts Trust Ltd as sel out in ils Memorandum and Articles are.. lo advance the arts lo promote mental and physical health and relieve sickness especially amongst Ibul nol limited tol people living in Wesl London using techniques involving the 8rts the prevention of crime using techniques Involving the arts lo provide relief Ljsing arts-based techniques for refugees 8nd their dependents who are in conditions of need, hardship or distress through the provision ol arts lo provide, ion the Interests of social welfare, facilities lor arts-based recreation and leisure activities for the Inh8bitant5 of Wesl London and the surrounding area being faci11ties' ol which these persons have need by reason of their youth, age, infirmity. disablem&nl. pov&rty or social or economic Circumstances, which will improve the conditions of Ille for such persons by promoting their physical, mental and spiritual wellbeing. The vision which shapes Walernans. annual activities is to inspire communities through creative pracli¢e. In particular. il works lo build an engaoing and inleraclive programrne with as wide a range of We51 London communities as possible. and lo bring those communities logelhei through cultur81 participalion It also lakes an active lead in promoting engagement with innovative digital and new media arts practice. In shaping the organisalion's objec11ves for the year and planning ils aclivilies. the Board has considered the Charity Commission 5 guidance on public benefit, including the guidance on public Page 2 HOUNSLOW ARTS TRUST LIMITED IA company limited by guaranteel TRUSTEES, REPORT lcontiiiuedl FOR THE YEAR ENDED 31 MARCH 2023 benefit and fee-charging. Iv particular the Board gives careful consideration lo the reach and accessibility of the organisalion's activities to the public. Including those on low incomes, with limited mobility or with other barriers lo accessing our servicos. Walermans. obj&cliv8s in 2022-23 The organisation has developed 115 Recovery Plan within the parameters of the existing Strategic Plan, to ensure our response lo the pandemic remains consislenl with our overall goals and long-lerm direction. The Board has further reviewed the OutCDmes in the Recovery Plan in order lo integrate Recovery-based outcomes Into a wider slfalegic planning framework through to 2026. Where possible. therefore. the plan for 2022-23 Conliftued lo bLJild on previous achievements and experiencè, engaging existing and new audiences for the programme. whilst also positioning Ihe organisalion to thrive as pandemic challenges ease. The Outcomes are as follows.. Walermans operates effectively and coherently as a hybrid organisslion in the venue, in the cornrnunily, and online Our programmes are high Quality, ambitious, and combinè the explorations ol a shared identity in the local communily with new Ideas and experiences coming from an incr8asingly onnecled world We have increased local audiences and increased repeal allendances All key audienco segments are 53tisfied with their experience ol Walermans South Asian. 81ack & Polish communities are represented both as audienc$s and as artists across the programme We are recognised as a visible charnpion for environmental suslainabilily by our stakeholders We have the financial resiliencè lo wilhsland another major shock and lo invest in new ambitions and opportunities We operate lo a sustainable 'social enlerpriso. business modél which integrates the artistic, social and commerci81 objectives of the organisalion In the conlexl ol a relocation in the medium-lerm. audience 8nLtt programme development planning continues, with sustainable new strands ol work being Irialled and assessed. The 'Friday Nights L1ve' performances were disrupted by the continuing pandemic. and the disruption continued through this period. Work around the relocation is gathering pace, with extensive discussions with London Borough of Hounslow and developtnent partners. The plan can be broken down into Interlinked k&y themes. These are similar lo those lor the previous years, bul updated lo reflect progress and the changing conlexl.. Developing the reach and suslainabilily of the arts programme, specifically.. Increased local audiences and increased repeat attendance. South Asian. Black & Polish communities are represented in audienees across the programme Maintaining imp8¢t across Wesl London through direct delivery of projects outside the venue with a particular, bul not exclusive, locus on Hounslow Page 3 HOUNSLOW ARTS TRUST LIMITED IA Company limited by guarantee) TRUSTEES. REPORT Icontintjedl FOR THE YEAR ENDEO 31 MARCH 2023 Maintaining ¢ommunilies' engagement with the C￿aliVe People and Places programme Watermans operates effectively and coherently as a hybrid organisalion community, and online. in the venue, in the Expanding our range of partners lo support long term development of the programme Developing the audience experience of Walermans, specifical￿. Our programmes are high quality, ambitious, and combine the exploration of a shared identity in the local community with new ideas and experiences coming from an increasingly connected world Enhancing the 'conlactless customer journey which is COVID-secure. welcoming lo visitors and re¢ognises an increasingly digilised economy Further exploring the potential of community co-production through new approaches lo programme development All key audience segments are satisfied with their experience of Walermans We are recognised as a visible champion for environmental suslain8bilily by our stakeholders Increasing the digital distribution ol artistic product and audien¢e engagement with the programme, supported by a new onling development plan Building the health ol the organisalion Retaining the capability of the organi8alion lo ensure business conlinuily and recovery Oeveloping income from individual donations Pursuing produclivily improvements lo cre81e capacity to support growth later in recovery Developing the financial resilience lo wilhsland another major shock and Ir) invest in new ambition5 and OPPDrtunilies Operating to 8 sustainable 'social enterprise, business model which inlegrales the artistic, social and commercial objectives DI the organisalion Testing and reviewing mechanisms for income generation from online delivery CREATIVE PROGRAMME Overvl&w 2022-23 April 2022 heralded a new financial year which. for the first lime in three years. was not affected by lockdowns to manage the COVID-19 pandemic. Vvhilsl some COVID-relaled disruption p&rsisled, il affected a relatively small proportion of a¢livilies through the year Page 4 HOUNSLOW ARTS TRUST LIMITED IA company limited by guaranteel TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 However, audiences remained slow lo return to their pre-COVID attendance habits in some areas of the programTNe. A complex scenario developed lor arts venues. with lingering concerns about COVID mixing with a new, fasl-developing cost ol living crisis In addition. many people had simply gol out ol the habil of going to events and had. effectively, become cullLJrally disengaged. This challenging context continued through the year with some strands ol the programme recovering better than others. Aclivilies lor childrèn recovered reasonably well. Responding lo widespread concern for their wellbeing after months ol lockdowns and restrictions, parents and c2rers were keen lor Ihe1r children lo lake part In activities encouraging crealivily and socialisalion and which provided the opportunity lo have fun. Formal education activities in and with schools were, however, slower to recover although by the winter 012022.23. engagement was Starting lo return. The Outdoor Arts programme bouneed b8¢k ID ils pre.COVID levels ol programming and audiences. benelitling from the reassurance of being outdoors and also being free of charge lo the attending audience Tlcketed, indoor odivilies for adults. though, ofttn struggled lo achigve good audience numbers, P8rtICLJlarly affecting mainstream filrn screenings and live performance. Th￿$ was a trend affecting venues acros5 London bul also nationally and Inlernalionally. Attendance patterns through the year showed J slow and gradual recovery bul significantly less than the Industry had anticipated. Combined with soaring cost inflation. this was the major laclor In the organisalion ending the year with a financial loss. Throughout the year, the creative programme was developed carefully to minimise costs where possible, lo lempl back previous atlendefs and lo reach entirely new audience5. In December. Walermans presented a Christmas show for families. Garlic Theatre's 3 8illy Gools Griiff, in Ils usual format which allowety lor both public and schools audiences but for a shorter run ol performances lo minimise financial risk lo the organisalion. Support from major funders was also crucial lo managing the challenges facing the sector. Whether that was flexib11ily about the programrnes Ltelivered or providing additional funding, the support from Arts Council England and London Borough ol Hounslow. particularly, was irnmen5e. London Borough of Hounslow's Summer of Culture which ILJnded and showcased new cultural activity In parks. venues and squares across the borough, was a lifeline for local cultural providers and Walermans was actively Involved In delivering some key elements ol the festival. This also provided a helpful boost to local awareness of arts and culture and lo new audience development. For the sam& roasons. Walermans delivered three of Ils Watermans Weekenders which have been proven over several years ID allracl new audiences The first. in June 2022, provided a packed programme designed lo appeal to a wide variety of audiences Exhib11ions and performances for both children and adults were augmented by Darkfield's COMA. an immersive experience In a shipping container al the front of the venue, and a nine-melre long robotic snail which welcomed aLJdiences with a gentle and otherworldly presence when they arriv&d Spo¢ial film screening5 with discussions of Pawel Pawlikowski's Cold War and Sonita Gale's Hostile were popular, and local film producer Alislair Young's Surbiirban Steps lo RoGkland" The Story of the Ealing Cliib was a fascinating documentary about the music legends who began their careers al the local Red Room. Indian Man. DJ Rilu and Haseeb Iqbal also provided a high-quality vibe throughout the wèekend. Walèrmans look part in Ihe second ileralion of the Creative Mile. an art trail through Brelltford which had been developed by the Creative People and Places team and subsequently supported to become a new. Independent art5 Qrganisalion. The venue was a popular 'slop' on the art trail. offenng a full programme ol activities responding lo the theme of '¢olourf. Page 5 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT Icontintjedl FOR THE YEAR ENDED 31 MARCH 2023 Visitors were easily attracted by Colony. ari inslallalion on the front terrace by artists Mike Blow and Alison Ballard with Hogarth Productions. The Inslallalion consisted of seven internally-lit, air-filled, bright blue spheres that emitted an otherworldly sonic composition These large laclile, sonic sculptures allowed a continually flowing audience across the two days lo oxperience the physicality of sound through listening. touching and hugging the spheres. Inside the venue, artists, videos on the theme of colour were screened In the Gallery and DJS Nerm and Arman Nouri created a festival feel throughout. The annual Digf(81 Weekender al80 returned lo ils lull, in-person formal in November, providing an exciting mix ol exhibitions, performance and inslallalions throughout the venue. The Weekender attracted a strong local audience of children, young people and adults, many taking part in the participalive inslallalions and accompanying workshops. A particular highlight of ltte year was the development of the Digrtal Redux proiect with imgo Media Arts, our partner venue in Wroclaw, Poland New media artists performing live in each venue were cross-slreamed lo the partner venue, offering audiences the opportunity lo see local artists live in their home venue. and then watch the international performers screened lo them in high qu81ily and real lime. After a pilot project in the previous year, the 8ritish Council funded the project throughout 2022- 23, allowing Walormans and VVRO lo develop experience and expertise In Ihis new online event format and l&chnology. The project has been hugely successful, allowing Walermans lo develop wider plans with further partntsrs lo connect audiences and artists, live, across different parts ol the world. For example. in summer 2023. Walermans will partner with Shubbak. the festival of contemporary Arab culture, lo develop a cross streamed music performance between London and Slemani in Iraq Throughout the pandemic. Watermans has been acutely aware of the challenge5 posed lo artists, freelancers and small creative companies and has sought to SLJPPOrt them wherever possible. Two ¢f Watermans, most valuable ass&ts are its space and ils specialist staff. We therefore continued through 2022-23 to make the space available, with full technical support. free ol charge, lo rehearse, create or record new work. Priorili51ng artists and producers relevant lo our programme has also helped lo support the pipeline of artistic product a5 the venue started lo develop a full programme. Revlew by programme strand New medi& arts An almost'back to normal programme of New Media Arts was run, with regular exhibitions in the venue and the annual Digital Weekerider fu51y on-site. as referenced in the Creative Overview The long-awailed exhibition Axis Mvndi by Nicolas Monlgermonl. a sound and radio artist from Pari5. had been postponed several limes because of COVID and was finally shown In May-July 2022. The exhibition showed a poetic cosmic radio sculpture, that sends waves in space in order lo draw represenlalions ol the universe. The international (Poland. France and UK) Digbtal Weekender programme of performan¢es, workshops and inslallalions look place in Novernbei. We had a strong representation ol projects from Po5and the second Digital Redux event was a part of this year's Digital Weekender.. and the IP group came with a sound and light Inslallalion. The 'build your own microphone workshop by Brut Pop was particularly successful and of great interest lor younger audiences as well as the adults. Page 6 HOUNSLOW ARTS TRUST LIMITED IA company limited by guaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Digital Redux, the cross-streaming collaboration with the WRO Art Cenler in Poland, ran Ihioughoul this year. The pilot event in 2021 had been so successful that il became the basis of this longer lem collaboration funded by 8rilish Council. The project consisted ol a series ol Ihiee ¢ross-slreamed events in the two venues. This was a challenging and very rewarding project.. the challenge consisted In co-ofdinaling the two art cenlres (Watermans and WROI with their programmelartislic technical teams lo be able lo collaborate in real lime. lo provide a shared experience lo audiences in both countries and online. Curator Valentina Peri presented for the first lime her film Joan Ball Tlig First Lady of Computer Dating. as the cenlrepiece of her exhbilion The Museuni of Dating, which InclLJded an ongoing timeline of the hislory of dating. The exhibit had a locus on England 8nd the emergence ol dating mediated by compulerised technology, from the Sos lo the creation of the first online dating sile in the mid-90s. Watermans had supported Valèn11na Peri's application for the Curatorial Research Grant Fluxus Art Projects. The grant supported Peri's visit lo the UK, interview with Joan Ball, and production of the film that had Ils premiere in the Wal¢rmans gallery. Peiforming arts The performing arts programme al Walermans Incorporate8 a broad range of high quality, contemporary performance for both adults and children. As widely reported across the UK art5 sector, recovering the performing arts posl-COVID was also the most challenging area ol th& programme lor Walermans. Cancellations ol events happened less often but nevertheless remained disruptive al limes. Attracting people back lo the Theatre. other than the most dedicated attenders. was challengino and this improved little throughout the year, As COVID-19 concern5 started lo dissipate. new anxieties about the cost ol living crisis slopped many people from commilling all bul the most essential household expandilure. The adult performance programme al Walermans has developed signilieanlly in recent years, focused especially around the Friday Night Live programme, which includes dance, theatre, rnusic. circus and cabaret. Within the challenging operating conlexl, the adult performance programme focused heavily on events that would be most likely to draw back previous regular allenders and also attract new audiences. Music and cabaret included previous popular artlsls such 8$ Charlie Bicknell. Marcel Luconl and Bourgeois and Maurice, bul also introduced new artists lo Watermans such as Andrew Pepper. fast-rising artist Laurie Black with Bad Luck Cabaret, and legendary cabaret performer, David Hoyle, w51h his lalesl show, Ten Commandments. The performance programme mainlainod its international conlingenl with a r&lurn visit from jazz piano artist, Judy Carmichael, and a number ol new artists Joseph Ke¢kler, crowned by The Village Voice as 'lhe best performance artisl, In New York, was a highlight ol the aulumn 2022 season producing two highly memorable concerts. Also in the autumn. Jean-D&niel Brousse performed his Edinburgh Fringe hil, (lel PAIN. to a very appreciative audience During the winter. Amsterdam Fringe Award winners. Farah Coppola & Betal Ozay, brought their hit show, Biopower. to Walermans. Some ol the most interesting UK-based work spanned theatre with Sudha Bhuchar's Evening Conversations, dance with Balbir Singh Dance Company's Reflections of an Indian Dancer, and musiclperformance with Livi8 Kojo-Alour's Black Sheep. Page 7 HOUNSLOW ARTS TRUST LIMITED IA Company limited by guarantee) TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 Deaf artist, Chisalo Minamimura. was in residence and performod Scored in Silence, her moving exploration ol ltte experience of Deaf people in the immediate afterrllalh of the alomic bomb in Hi10shima. The project included very positive links with Deaf Women Ealing. The year also included several shows by artists who had been in residence al Walerrnans creating new work. Nikki Rummer presented Unbroken, a personal family story told through dance. movement and spoken word. Pecho Mama finished production of their new show, Oedipiis EleGlronica. and performed il al Walermans before heading lo Edinburgh. Al the festival. Il earned 5. reviews and was described as, 'an electrifying reimagining, (Theatre Weekly) and. 'a thrilling. Ihoughl-provoking, contemporary lake on Oedipus Rex, (The Slagèi. Rodreguez King-Dorsel created the lull production of Th& Lviiidrush Socfftl in residence in the Theaire and gave 'an energeliG and passionate perfomanee, (The Guardian) as part of the autumn season. Oescribed as 'a coruscating drama about the Windrush s¢andal' (The Guardian), the production is now b&ing developed further with director. Sophie Fienn&s. and aims lo lour nationally next year.11 will return to Walermans as part of Black History Month with a special version for young people. Leaving the pandemic's heavy effects behind, the children's theatre programme became more divgrsg in terms of different genres, with some eompanies able lo offer more shows. We were able lo offer a Christmas show. with a short run due lo uncertainties ol s¢hools and audience behaviour In general, We were also able lo programme some shows for Short Breaks in our summer progromme. as well as the Christmas period. The Autumn 2022 period was very diverse., the prograrnrne included Ihealre, dance. music, pupp¢Iry. magic, spoken word. Our audiences Introduced shows from small scale baby performances in the studio lo bigger scale shows In the theatre We presenle(S Michael Foreman's famous picture book, Din()saiirb ancy All Tlial Rubbi.sli which marked the book's 50th anniversary, and il Is still so important as il talk5 about climate ¢hange. We had commissioned this show as a digital performance last year ancs we were very proud lo present the stage version ol il al Walermans. We continued to offer the online form. which combines live theatre with animation to tell the story ol one man's dream. We also presented Atom and Lilng, a slory adaplalion by artist Murray La¢h1an Young During Season for Change we presented a fantastic magic Show which was about climate change In an inleracliv8 setting. P8rticipétion and en.q8gemenl Watermans has developed an extensive participation programme over many years and priorilises communities who are least likely lo have access ID high quality arts provision Activities are delivered n informal settings at Walemans and other cornmunily spaces. along with formal provision in schools. During the past two years, restrictions to address COVID-19 have impa¢led children and young people significantly, with many feeling isolated and missing out on many activities which would normally support their conf1dence and socialisalion In 2022-23, most tsl the operating challenges for programmes with children dissipated and It was possible for Walermans lo offer a strong creative programme for this group. Page 8 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 The three-week summer programme included different genres., from puppetry lo spoken word, dance lo theatre and improvisalion-based performances. We were able lo share Simple Politics, performance, talking to children about politics as well as ioday's most serious issue. environment IhroLJgh the dance performance ol Plaslic Drastic Fanlaslic, bringing slightly older children's allenlion to more serious subjects. And we were able to present performances from babie5 to oldei children and their adults. This season, one ol the most striking performances was Little Miirmiir by Akkash Odedra Company which 1$ based on the true story of one ehild's struggle with lellers and words was presented with is 8 rnix ol dance, technology and Illustration. Our regular weekly workshop groups returned to full Gapacily, providing regular creative activity for early years. children and young people. Throughout the year, working with schools normally allows us lo reach disadvantaged children and young people more effectively a5 the programmes are delivered in Ljniversal sellings. and we are able lo priorilise schools In disadvantaged areas of the borough. The further development ol the Cultural Education Partnership, which aims lo raise the quality and consistency of work and the equi18ble participation of all young people across the borou9h, has been difficult due to Inconsistent engagement from Schools and a IIDgering relu¢lance lo lake Childrgn out of school lor activities. Walern)ans remains committed lo this long-term development. however, and continues lo work with relevant partners and stakeholders lo rebuild momentum. Walermans did, however, continue lo host the Into Film Festival, the free, annual. UK-wide celebration ol film and education for 5-19 year olds. We scre8ned four different films for different age groups, largeled specifically at s¢hools In the borough where chiSdren 8nd young people lend lo be less engaged in arts and culture. Watermans has provided a regular and extensive programme of arts activities for children and young people with special educational need5 and disabilities ISENDI for fifteen years. In 2022-23. the programme offered a mix ol relaxed theatre performances. family film screenings. participation activities and large-scale events. During the course of the year, hundreds of children and young people look part in the programme, with almost every activity offered fully botsked. The Chriglmas party, which has become a local institution over the years, finally returned lo its normal lormat In 2022. Families In the Theatre enjoyed Watermans, Christmas show. Th￿e Billy Goats Gruff. Los Kaos entertained with their beautiful life.size Biorn the Polar Bear. There was a mass lake 8nowball fight and every child went home wilh a balloon. In addition. Walermans leads an extensive programme of adult arts engagement across the borough ol Hounslow The Creative People & Places programme 15 funded predominantly by Arts Council England as part of a national scheme to increase art5 èngagement In places where engagement has tended lo be below average. The programme Is delivered wilh a consortium of local partners and in collaboration with a wide range of community groups and local residents. The programme Includes four Local Advisory Groups developing arts programmes for Ihgir lo¢a1 a￿aS including outdoor festivals. participation projects. courses and workshops. In addition, the programme offers many participation opportunities for local residents to lake part In groups Including a Community Choir, a Community Bras5 Band. 8 Bhangra dance and music group. and a large-scale Winler Light5 parade each November. A Hounslow Exhibitions Group of local artists and residents, supported by a Visua1 Arts Producer. develops a programme of exhibitions which lour a network 017 libraries across the borough During the year. the retLJrn lo relative normality after the pandemic allowed the raintrodu¢lion of the Ukulele Collective which h8d barely started before COVID-19. Page 9 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT lcontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Watermans secured a further 3 years funding from Arts Council England to extend and further develop the Creative People & Places programme from 2022-25. This allowed many new developments during the year. A new post in the Creative People & Places team has started ID support the existing participation groups towards independence and lo begin consuttalion on new groups that communities would welcome Community engagement work undertaken so successfully with the Local Advisory Groups has been replicated with two local Polish Residents Associations lo help support greater Cullural engagement opportLJnilies within this commLJnily In addition, a summer mass participation project. mirroring the large-5cale engagement of the Winter Lights project each year. made a successful start dLJring summer 2022 Local community groups, Individuals. local artists and the Community Choir all started lo work with French street arts company. Rara Woulib. lo develop a stunning parade and spectacle In Hounslow town Cent￿ over the August Bank Holiday. Cin8ma 11 has been a trying period both for Walermans cinema. and cinemas in general,. audiences nationally have been slow lo return lo pre-pandemic levels The entire liSm exhibition secltsr has changed dramati¢811y posl-covid.. the new era ol streaming services INetllix. Disney+ and olhersl, is challenge, and especially for the independent sector as some L1islribulors ol Independenl cinema, stream their films simultaneously with their cinema release. The"mega-blockbusler" Is still with us- lor exarnple Top Gun. Maverick- bul thèir succ95s hides the decline of the mid-range and independent releases. The industry as a whole is around 200ts down on pre-covid figures, and this rises lo 400/0 for the Independent seelor. There were many highlights during Iho year Harris Goes lo Paris proved lo be a trip worth taking, and was a hil particularly with older audience5, while youngor audiences warrNed lo The Banshges of Inishenn. And the biopic Elvis filled perfectly with the sweltering heal of summer 2022. French Impressions Is our long-running monthly Saturday afternoon event. and eonlinue5 to flourish. Host Jon Davies leads talks and discussions on key French cinema lilles lor an enlhusiaslic and engaged following for this programme. The establishment of the Polish Cinema series, after the same model. has boon encouraging. Numbers are soft bul this Is expected al this stage in the development both ol the series, and the audience for this programme. Michael Brooke Is the expert leading talks and discussions on the lilles In this series. This programme is thè first phase Df developing a new audience for contemporary Polish film. re¢ognising the need for grgaler arts and culture provision for the signific8nl local Polish communty. Outdoor screenings on the riverside terrace also returned lor a six-week season, providing open-air, social film events every Friday evening. These are exlremely popular with the local community and attracled an appreciative crowd. We also partnerg(5 again with Tongues on Fire for the UK Asian Film Festival. extending our reach and Dur offer Event cinema is one beacon of Iighl, and NT Live and Royal Opera House Live have been joined by the new strand Art In The Cinema. with Vermeer" The Gffjiilpsl Exhibition having no fewer than six encore screenings From the Royal Opera House. a mix of core opera and ballet repèrtory including The Marriage of Figam and the evergreen Nutcrackerwas complemented by rarer treats including Verdi s 11 Trovalo￿. famously reqLSiring the four best singers In the world to perform PrFma fac￿e. the one-woman lour de Page 10 HOUNSLOW ARTS TRUST LIMITED {A company limited by guarantee} TRUSTEES. REPORT lconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 force starring Jodie Comer, proved Immensely popular in the NT Live strand, among many other successes, and both these strands continue into the current year. Outdoor arts The programme at Bell Square normally presents a fortnighlly programme of high-qualily outdoor arts from May lo December, including both UK and International artists The events attract large audiences and have become a popular fixture In Hounslow town cenlre. Whilst COVID-19 concerns continued to affect many parts of the venue programme. the Outdoor Arts programme bounced back lo a near ntsrmal operation in 2022. International artists returned lo perform alon9side those from the UK, and èvents were delivered as scheduled throughout th& year. The only real challenge which remained al this lime wa5 securing a lull season ol bookings when the sector had not returned lo full production and rather less work was available. The outdoor arts programme is effective and important in attracting many local people to arts and culture who would otherwise be unlikely lo engage. It was a priority, therefore. lo ensure the programme could maintain full delivery through 2022. with events taking place every allernale weekend AS the world started lo emerge from the COVID-19 pandemic. il became obvious that isolation and loss had weakened many of the bonds within, and between. communities. As always, the programme included many shows Ihal reflected the stories that affect us all and this year. above all. they were about the value of our relationships and the strengths that come frorn Our communities being together. Bondgd by Alleyne Dance celebrated the deep relalionsliip5 between siblings The new leslival, Anhad, shared the Sounds and culture of our local South Asian communities with everyone In the town centre. Juhyung Lee's C est pas la, C'e,91 pAr la and Joseph Toonga's Born lo Protest explored the power of art on the street to challenge, lo prolegl and lo demand social change. In an uncertain posl-pandemic conlexl. Hounslow Council led the development of a new Summer ol Culture programme. a 3-monlh summer leslival designed to re-engage communities in culture and draw people back lo the borough's parks, squares and town centres. The Outdoor Arts programme was an effective mechanism lo support these aims and played a significant role In the festival. We presented Cie Bilbobasso's Amor. a spectacular dance and fire show for the festival's opening night and lo celebrate the Queen's Platinum Jubilee weekend. For the Summer ol Cullure finale in Augu$l, we worked with Rara WoLJlib lo bring hundreds of local people together lo prornenade aroLJnd the town eenlre, with music, performance and stunning costume5. An extraordinary moment in this performance ol Deblozay was the Hounslow Community Choir singing Haitian music In the cavernous space ol the shopping centre loading bay. Al the end of the promenade, the actors brought the whole audience together to dance on Bell Square. One audience member's comment on the event was 'Thank you for making Hounslow beautiful,. The Summer ol Culture also provided the context for the creation of Anhad. a day-long festival celebrating South Asian outdoor arts and CLillure. Walermans worked in partnership with established producer and director, Mira Kaushik, lo launch this new lesliva1. Taking in a wide variety ol dance forms. music, DJS and opera, il showcased a vibranl. contemporary culture and filled the Hi9h Street with a welcoming. party energy. In a Community as diverse as Hounslow, il was particularly important lo bring international artists back into the programme. bringing different voices and perspectives. and reflecting some of the many cultures our community In addition to Cie Bilbobasso and Rara Woulib from France. we welcomed COTNpanies from Poland (Tealr ad Speclalores and Teatr KTOI. from Catalonia Ilnse¢totropics with the UK premiere of their new show. Orpheus, and Kamchalkal, and Cie Galmae led by Juhyung Lee. based between France and South Korea Page 11 HOUNSLOW ARTS TRUST LIMITED {A company limited by guaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 One of the highlights of the year was supporting the development of Seeia Patel Dance's Rile of Spring Having premiered in the previtsus yèar a5 a striking and innovative Bharalnatyam lake on the classic ballet. Walermans cornmissioned the company lo produce an outdoor version of the show. This was made in several residencies al Walermans and prèmiered in July 2022. The new version is a stunning production which is also an important addition to the outdoor arts sector's repertoire from diverse artlStS. Organlsational Developmgnl Programm& and contract m&nog8menl Walermans has continued Its programme of continual organisational improvement and development, using systems and frameworks that had been developed Driginally to allow the organisation to tako full advantage ol opportunities In public sector contracting Over recent years. dev&lopmenls In the staff structure and the significant upgrading of organisalional syslerns (especially programme managemenll, has been carried out lo aid the pursuit of new funding streams, and the effective management of multiple partnerships, eonsortia, and conlracls. Walermans, accre¢Jilalion lo Iso..9001 2015 was maintained in this period. ISO.'9001 is the inlernalionally reeognised qLJality management standard. The organisation has a lull sel ol quality management systems which are compliant with the ISO 9001.'2015 standard Walermans has continued lo iwprove ils processes and procedure5 to ensure Ihe best possib5e quality of service to audiellces, participants and Other stakeholders. Walermans is accr&diled by the British Standards Cuslom8r 8nd audience leedb8ck Walermans has three key euslomer groups. il funders and service commissioners". ill participants,. and iiil audiences for ils programmes. For ils funders and serviee commissioners. W8lermans issues a eonlrael customer feedback form, which commissioners are invited lo complete at the end of contracts lor mid-term Il the contract Is for a longer period). Annual review meetings are held with comm1s5ioners where possible Feedback is excellent with commissioners being confident or very confident in Walermans, ability lo deliver consislenlly high-quality services and slating that their experience of Walerrnan5 Is better or signilicanlly better than other service providers Within the Participalive Arts prograrnme. all participants contribute to the evaluation of each projecl. An online evaluation process is L5sed Ihal records the levels of engagement as well as an assessment of the outcomes ol each project Feedback is aelively sought from all programme audiences. The key elements ol this feedback are.. a poslevenl survey ol bookeTS lo programmes during the year to assess and track overall salislaclion and attitude to key parts ol the service The findings are used lo inform strategic ernphasis over the following year feedback and cornments which are collected lor each exhibilionlinslallation and are recorded and used as Input into the evaluation of projects. a feedback card system which is used at Bell Square to capture audience views of the events. Page 12 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 a direct feedback system which captures feedback received by other channe15 than those above. In 2022-23 the post-evenl survey was continued following the successful pilot in the previous year. This again delivered strong results, including sound demographic data. Feedback card5 were re-introduced al 8ell Square for 2022-23. and returned good aud1ence data Ihroughoul. The full range of feedback is analysed over eaeh six-monlh period and informs a quality management review. From this review. quality objectives are agreed for the n&xl six months. Environmental responsibility and performancg Waterrnans has continued with ils commitment lo understanding and improving ils carbon footprint In the following ways.. the Environmental Policy was reviewed lo ensure il remains relevant, and lil for purpose., the Environmental Action Plan 2022-25 continues lo be a live document with partial or complete achievement ol key goals lowaids Improved organisalion gff iciency. utilities usage was monitored and analysed using the online tool Pilio, lo improve the undorslanding of demand and uptake. The building has retained an energy performance ol'E', which is considered lo be a good performance in the context of the age and build of the venue. Energy usage and waste generated remained broadly as in p￿VIouS years. The standard measurg of 'usage per attendee, continues a slow improving trend resulting from actions in the Environrnental Action Plan. During the period. the rolling repl8¢emenl programme continued, by which irreparable equipment is replaced by energy efficient equivalenls.. and the benefits of energy efficiencies pul In place in previous years have continued lo be realised. There were continued savings In staff and artist travel, as the programme and the core adrninislralive functions of the organisalion including most meetings rnoved online. Future planning will incorporate best practice around avoidable journeys. reduced waste management costs, reduced premises utilities usage and a series o15taff workshops around flexible working look place in late summer 2021. A carbon Iraeking tool was developed and pilol&d by the programme team. 11 is Intended to roll this out acTQSS the organisalion In 2023-24. A series of headline questions about audience travel were included in all audience surveying media for 2022-23 and thi5 has continued into 2023-24. The Board reviewed environmental targel-selling and action planning in this period. further embedding environmental considerations inlo the organisation's work. The organis8tion began lo plan lo achieve accreditation to the ISO..14001 Standard for envimnmental performance. Supporting young peoplg into th8 creative seGlor Pagp 13 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2023 One in six new jobs in London are in the creative sector and this is proiecled lo rise lo one in four. Al the same time, Walermans recognises the challenges currently faced by young people in fi'nding work and training opportunities, exacerbated In the creative industries by the erosion ol the art5 offer in schools at GCSE and A-level. Walormans continues lo provide opportunities for yOLJng people. lo support access lo careers in the arts, as follows.. school work placements. talks 1¢ school groups about working in the arts.. and internships lor university students and new graduates., No schools work experienee placements could be scheduled in this periocl, Social Enterprise Msrk Walermans has held the Social Enterprise Mark since 2011. This certification demonslrales that an organis8lion is an ethical business. showing social and environmental responsibility. Businesses displaying the Mark give assurance to customers that they are driven by social or environmental objectives and are trading lo benefit people and planet. The Mark allows Walermans lo be listed in the only online directory ol ¢ertified soci81 enterprises, which is a valuable way ol promoting our services. Vvalermans continues lo hold the Social Enterprise Mark and customer suNey data idenlifigs that a large proportion of those Surveyed recognise and value the Mark. Futurè plan8 The organisalion has developed ils Recovery Plan within the parametèrs of the oxisling Strategic Plan. lo ensure our response to the pandemic remains consistent with our ovorall goals and long-lerm direct10n The Board further reviewed the Outcomes In the Recovery Plan in order lo integrate Recovery-based outcomes Into a wider strategic planning framework through lo 2026. Where possible, therefore. the plan lor 2023-24 continues lo build on previous achievements and experience, engaging existing and new audiences for the programme. whilst also positioning the organisation lo thrive as post-pandemic challenggs continue to ease. The Outcomes a￿ as follows.. Walermans operates effectively and coherently as a hybrid organisalion~ in the venue, in the ¢ommunily, and online Our programmes are high qu81ily. ambitious, and combine the explor81ions of a shared identity in the local community with new ideas and experiences coming from an increasingly connected world We have increased local audiences arid increased repeal allendances All key audience segments are satisfied with their experience of Walermans South Asian. Black & Polish communities are repre5enled- both as audiencès and as artists across the programme We are recognised as a visible champion for environmental suslainabilty by our slakeholdors We have the financial resilience lo wilh51and another major shock and lo invest in new arnbilions arid opportunities Page 14 HOUNSLOW ARTS TRUST LIMITED IA company limited by guaranteel TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDEO 31 MARCH 2023 We operate lo a sustainable 'social enterprise. business model which integrates the artistic, social and commercial objectives of the org8nisalion In the context of a relocation In the medium-term, audience and programrne development planning continues, with sustainable new strands of work being trialled and assessed. The 'Friday Nights Live, performances We￿ disrupted by the continuing pandemic. A full programme was run from ALJtumn 2022., however the programme was suspended from April 2023 as part of slabilisalion measures taken by the Board. Work around the relocation is gatherin9 pace, with extensive discussions with London Borough of HoLinslow and development partners. The Recovery Plan can be brokèn down into in19rlinked key themes. These are similar lo those for the previous years, bul updaled lo relleel progress 8nd the changing context.. Developing the reach and suslainabilily of the arts programme, specifically.. Increased Ioc81 audiences and increased repeal attendance. South Asian, B18ck & Polish communities are rèpresented in audiences across thg programme Maintaining impact acrDSS Wesl London through direct delivery of projects outside the venua with a particular. bul not exclusive, focus on Hounslow Maintaining communities, engagement with the Creative People and Places programme Walermans operates effectively and coherently as a hybrid organisalion- in the venue, in the community. and online Expanding our range of partners lo support long term development of the programme Developing the audience experience of Walermans, specifically.. Our programmes are high quality, ambitious. and combine the exploration of a shared identity in the local community with new ideas and experiences coming from an increasingly connected world Enhancing the 'conta¢tless customer journey, which is COVID-secure. welcoming to visitors and ￿¢￿gnIseS an Increasingly digilised economy Further exploring the potential of community eo-produclion through new approaches lo programme development All key audience segments are satisfied with their experience of Walermans We are recognised as a visible champion for environmental sustainability by our stakeholders Increasing the digital distribution of artistic product and audience engagement with the programme. supported by a new online development plan Page 15 HOUNSLOW ARTS TRUST LIMITED IA Company limited by guarantee) TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2023 Building the health of the organisalion Retaining the capability of the organisalion lo ensure bu5ines5 continuity and recovery Developing income from individual donations Pursuing productivity improvements lo create capacity lo support growth later in recovery Developing the financial resilience lo wilhsland another major shock and to invest in new ambitions and opportunities Operating lo a sustainable 'soc121 enterprise, business model whictt Inlegrales the artistic, social and commercial objective5 of the organisalion Testing and reviewing mechanisms for ineome generation from online delivery STRUCTURE GOVERNANCE & MANAGEMENT Hounslow Arts Trust Ltd is a company limited by guarantee and a registered charity. established in 1984 Ils charitable purpose Is the promotion and advancement of the arts in all their forms, and the improvement ol social conditions through the prov15ion of arts programmes These objects are sel out In its governing document which Is ils Memorandum and Articles of Associalion. In this period the Members adopted revisions lo the Memorandum & Articles. to bring the document in line with current law and practice, to lake full advantage of the possibilities of remote meetings. and lo modernise language around gender. The revised diaft was adopted by Wrillen Resolution. Th& governillo body 15 the Board whose members are non-execulive and unpaid. The Board meets regularly, retains full and effective control of the comp8ny and monitors the executive. The Board lake5 major strategic decisions and has ultimate responsibility for the conduct and financial slabilrty of the organisation. To lacililale effective operations, the Board delegates authority lo the Director for the managernenl and artistic control of Watemans. 'Direclor' Is the traditional lille used in the sector lor the chief executive post although il is not a director under the terms of the Companies Act. nor are other members ol the executive learns whose titles Include the word 'direclor' 11 is the duly of the Director lo provide the vision, leadership and diT￿lI0n that will enable Walermans lo Implernent ils strategic plans and ensure that the organisalion's management Is efficient, effective and In accordance with good business practiGe The Board delegate5 to the Director full control over the selection and presentation ol all projects forming the ¢realive prograrnme at. and under the auspices ol, Watermans. The framework for the programme is sel by the Board within the programme strategy and Is monitored throughout the year. The Director and other members of the executive team generally attend meetings of the Board. The Board appoints and rnonilors the performance of the Director and reviews the quality. effectiveness and timeliness ol Information provided to the Board by the executive team. The Board determines the contract of employment lor all staff 11 also reviews the remuneration of all staff annually. The Chair of the Board is the line manager of the Director. Page 16 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 The Board has access lo Independent professional advice if necessary, al Walermans expense. All Board members have access lo the advice and services of the Company Secretary who is responsible lo the Board for ensuring that Board procedures are followed. The affairs of Watermans are subject lo continuous scrutiny by ils major lunders. Arts Council England and London Borough of Hounslow. Board management and development Appointment and t9m7s ol office of 8oanl members As sel out In the Articles ol Associ81ion. the Board has a minirnurn of eight members and a maximum of fifteen. London Borough of Hounslow has the power lo nominate one elected member to the Board, subject lo the appointment processe5 of the Council and the guidelines on appointment lo public officè as they apply lo Local Governrnenl nominees. The Board has the power lo appoint 115 other members. The Board reviews its structure and comp0s￿li0n regularly lo ensure that il has the required competencies to lulfil Its duties and respon5ibililies. 11 reviews ils membership annually against the required mix of competencies and in light of that review makes new appointments a5 necessary. Vacancies for Board members are subjecl lo a formal recruilmonl process. Successful candidates are Invited to attend a minimurn ol three Board meetings on a probationary basis. after which the Board may decide lo appoint them lo the Board. New Board memb8rs are co-opted lo the Board 01 the lime of their Initial appointment following the probationary p&riod. and are then subject lo formal appointment al the next Annual General Meeting. They are appointed for an initial term of four years. This Initial term may be followed by re- appointment lor a further period of four year5. The member musl then leave the Board lor a minimum of one year before any re-appointment may be considered. Board members al the time of thi8 report are listed on the opening page of this report. A recruilmenl cycle leadin9 to the appointment ol threè new Board members was completed during this period. All Board members seNing during the period of this review were David Evans (Chaiil, Clare Hayes Guymei lappoinled 16 January 20231, Zaid Haroon lappoinled 22 June 20221, Catherine Heseltine Iretired 27 March 20231, Maniit Hunian. Cllr Guy Lambert (resigned 6 May 20221. Helen Lillle. Ajay Mehta Ires5gned 11 April 20221, Joanna Mlu(Jzinska, Duncan Smrth. Zulandi van der Weslhuizen lappoinle(J 31 October 20221, Cllr Rhys Williams18ppoinled 22 June 20221. Induction and Training of Board member New Board members allend an Induction meeting lo brief them on the organisational structure. the Board's decision-making processes, the strategic plan. and recent financial performance. Training on topics Including the company's legal structure and legal responsibilities of company dir8clor5 and charity Trustee, Is offered to all 8oard members. In addition, the Board reviews any further development and training needs on an annual basis, and arranges training events and briefing sessions as necessary. Boarf man&gem8nl & organisalion Page 17 HOUNSLOW ARTS TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 The Board ha5 a programme of eight meetings per year. In addition. there are subgroups, e8¢h working lo Terms of Reference set by the Board. The permanent subgroups are. Finance, Risk & Audit People & Organisational Development Equality Diversity & Inclusion Temporary subgroups can be established for particu18r purposès. There is ¢urrenlly a temporary Relocation subgroup over5ee1ng planning for the relocalion proposals. The Board in March 2020 oslablished a Coronavirus Emergency subgroup lo lead on the 8oard's response lo and recovery from the impact of the pandemic. Th15 has now been dissolved. All subgroups report back lo the full Board after each of their meetings. Remuneration of Tmslees and ffplaled parties None of the Trustees receive remuneration or other benefit from their work with the charity. In line with guidance from the Charity Commission and the Department lor Digi181. Culture, Media and Sport, the organisalion ha5 a Conflict of Interest Policy and Is committed lo ensuring that all stakeholders can havo confid8n¢g in thg Trust's decision-making processes The purpose of the Policy is lo protect both the organisalion and the Individuals involved from any appearance of impropriety. and also lo sel out procedures lor the declaration and management of actual or perceived conflicts of interest. This policy applies lo Board members and all staff. The Policy requires Board members and all staff of Hounslow Art5 Trust Ltd lo act in good lailh and in the best inlefesls ol the organisalion. They are expected lo strive lo avoid any conflict of inl&resl between the interests of the organisalion on the one hand and their own personal, professional, and business interests on the other. This in¢ludes avoiding actual ¢onllicls ol Interest as well as the perception of conflicts ol interest. In the current yaar. no related party transactions were reported. Inlemal conlml and risk managemonl The Board reviews the effectiveness of internal controls, including financial and compliance controls and risk m8nagemenl systems The Internal control system5 are designed lo meet the needs of W8lermans and the risks to which Il Is exposed. to manage these risks and lo provide reasonable reassurance against loss. Established regular procedures, Including budgetary Gontrols, operate to monitor the receipt of projected income and both revenue and capital expenditure The Board and rts subgroups have reviewed and assessed the risks lo which the org8nisalion may be exposed Specific actions and responsibilities have bèen agreed for miligaling them. The risk rllanagemenl process is ongoing and Is regularly reviewed al high level by the Board and in d8lail by the Board subgroups. Actions required lo miligale risks are incorporated into the organisation's Strategic Plan. The key risks currently being managed Include the common one to many organisalions. around the aftemalh of the global COVID-19 pandemic. Page 18 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT Iconlinuedl FOR THE YEAR ENDED 31 MARCH 2023 There has been an ongoing negative effect on earned income IhroLJgh Iickel sales and ancillary income from catering and car parking. Work has been done lo increase resilience by identifying and developing new Income 51reams. but this risk was realised in this period. More details on this, and the effec15, are given In the Financial Review. The Board has also been mindful of continuing public perceptions of risk. and so while rn051 of the safety measures around covid have been slopped, we continue lo offer safe screenings with social dislancino lor some film lilles. The Board and management have sought advice from a Iru81ee who is a public health specialist, as well as referring lo current 9uidan¢e from Public Health En9land, throughout the pandemic. In addition. the Board has identified specific risks around ensuring a successful relocation Idelailed elsewhere in this report) and identified risks arounct supply chains. Tho Board has implemenl&d a prograrnme lo identify and miligale risks arising from climate change. and lo explore the role of Wal&rnans as an advocate for environmental best praelice locally. regionally and nationally. The apprgpriale control measures and mitigations are in place (including the reserves policy sel out below), and are reviewed lor effeclivengss by the Board and subgroups on a regular basis. Finance 8nd conlml The Finance, Risk & Audit subgroup monitors and reviews all aspects of the financial performance, financial management. internal financial and management reporting arrangements, including the preparation of budgets 11 also deals with such other fin8ncial matters as may be specifically delegated lo Il by the Board. Audit All issues relating lo the preparation and production ol the annual financial statements ol the organisalion and ils subsidiaries are reviewed and monitored by the Finance Risk and Audit subgroup. Each year the Board considers the appointment of the e￿ernal auditors, their remuneration and l$rm5 of engagement Connected companles and charities The charity's wholly-owned subsidiary, Sharedart Ltd. was established lo operate the eommercial facilities and services which are principally the bar and restaurant. the hire of space to exterrial parties. and cor parking charges. The profits ol the company are donated lo the charity. The charity 15 also affiliated to Walermans Development Trust. As part of the structural review of the charity and Its affiliated companie5 and charrties, Walermans Development Trust has proposed that It be wound up as all ils activities can be Conducted through Hounslow Arts Trust Ltd. The Charity Commission has given consent to de-re9isler Walermans Development Trust and Ihis proce$5 IS currently under way. Page 19 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Walermans Activities Group has objects related lo those of Walermans 11 has an independent IrLJslee body and has had no finan¢ial r)r other direct relationship with Walem)8ns since 2000. FINANCIAL REVIEW Walermans, key financial objective is lo ensure financial stability and eonlinued solvency year on ye81, so that It can pursue ils organisaliDnal aims and objectives. 2022-23 presented continuing challenges as audience confidence remained unpredictable. The organisalion wa5 able lo maintain ils 901vency throughout the year. For the financial year endin9 31 March 2023 Walermans turnover was slightly decreased, lo £1.08M, and ihe year ended with a deficit of £398.546. The organisalion begins the 2023-24 financial year with a balance of £80,177 on unreslricled reserves. designated funds of £61,052 and £470 on reslricled ILinds, giving lolal funds of £141,699. In the light of the deficit. the much-depleted reserves. and awaren&ss of the continuing risk lo earned Income, the Board adopted a revised operating model from April 2023, with reduced opening limes and days, and temporarily suspending the liv& perforrnance programmo Friday Nights Live. A cash management plan is in operation with weekly review o112-monlh cashflow lorecasl. Regular annual funding from London Borough of Hounslow and Arts Council England's National Portfolio werè important in supporting ongoing progiamrne5 of activity during the ye8r,' and both of these key stakeholdors were consulted the development of the revised operating plan lor 2023. 24. The Income stream against delivery ol the public sector contract. Creative People & Place5 Hounslow, continued lo be a key part of the income base. Walermans has adopted SORP IFRS 1021 in preparing these financial 51alemenls, and the slalemenl of financial aclivilies ISOFAI, slalemenl of financial p0siliDn and notes are sel out from page 34 onwards. Prlnclpal fundlng sourcey W8lerman5 generates Income from a range of sources including box office sales. trading Income, public sector contracts and other sundry sources. and receives grant funding Irorn Arts Council England Public sector conlracls and fee-bgsed wo Publi¢ sector contracts and fee-based work are Walermans, largest income 9lream. In 2022-23 the organisalion delivered public sector contracts and led consortia programmes with a Combined value of £586,645. The Incorne is diversified over a range ol contracts which use the arts as a mechanism lo achieve positive outcomes for different communities afld lo support wider regeneration objectives Arts Council England Walermans 18 a National Portfolio Organisalion and received funding of £122.917 from Arts Council England in 2022-23. in an extension year lo the previous four-year agreement. Page 20 HOUNSLOW ARTS TRUST LIMITED {A company Ilmited by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Arts Council England also provides inveslmenl lo Walèrmans as the lead partner of Creative People and Places Hounslow, part ol the national Creative People and Places programme lo rea¢h more people in are8s ol low engagement in the arts. Arts Council England agreed funding lor a third phase of the programme. running from April 2021 for a further three years, and ha5 s18rted lo move the programme into the National Portfolio lor a period ending in March 2025. In addition, Walerman5 Is the managing partner lor Circulate. a consortiurn of Outer London venues and strategic agencies dedicated lo the development of QLJtdoor Arts. Box OffiG8 income Walermans, pricing policy aims lo ensure that price is never a barrier lo participation, while also maximisin9 revenue from attendance al cinema screenings, liv& theatre performances, and exhibitions. Box office income fell lo £214.900 in thi5 ygar. which reP￿sentS a significant decrease compared lo the years Oelore the pandemic. We were somewhat affected by redueed capacity operations. and continuing audience uncertainty associated with the global pandemic. The majority of Walerm8ns' learning and participation programrnes are free of charge al the point of delivery, as are all of the exhibitions and outdoor arts events. Commercial aclivilies Walermans provides a number of commercial services th81 generate income lo contribute lo the development ol the artistic programrne and lo enhance the experience ol audiences and other visitors. The principal areas of trading are Ihfj operation of the bar and restaurant. private hire of Spaces in the building and car parking charges. Commercial aclivilies a￿ conducted through Sharedart Ltd, the charity's subsidiary. All profrts Irom these activities are donated by the subsidiary lo the charity lor investment In the organisalion's aclivilies. In 2022-23, Sharedart Lld's trading activities were similarly impacted by the pandemic and made a nel eonlribulion of £135,442. Donations Individual and corporate donations Continued and totalled £58,670 in 2022-23. Reseryes and Flnancial Policies RaseThes Policy The Board has reviewed the OTganis81ion's needs in line with guidance issued by the Charity Commission. Hounslow Arts Trust Ltd's annual income is split 550/0 unrestricted and 45OA re51ricled income. 11 secures unrestricted Income from li¢kel sales and donations. Including a substantial donation from ils trading subsidiary each year. 11 also receives a small proportion of its income in the Page 21 HOUNSLOW ARTS TRUST LIMITED IA ¢ompany limited by guarantee} TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 form of an unrestricted annual grant from stalulory sources, The ￿mal￿der of Ils income is reslricled and includes public sector contracts and project grants. The trustees have identified the functional assets needed for the charity's work 8s the tangiblo fixed assets and on this basis £47,099 has been excluded from the unrèslricled reserves. Reserves having been significantly depleted In 2022-23, there were. therefore, £33.078 01 unrestricted reserves remaining al 31 March 2023. In 8ddilion there were £470 of restricted funds and £61,052 of designated fLinds All of the income sources are susceptible lo external factors. some of which could impact upon the organisalion in a sudden or unpr&diclable manner In addition. maintenance of a large building carries a Certain level of risk in terms of unplanned expenditure. 11 is desirable, therefore, lo hold reservos to protect the organisalion from serious disruption lo Ils work The Iruslees have reviewed the key financial risks and. bas8d on the potential impacts ol these risks, considers a reasonable level of reserves under normal circumstances lo be £287.000. In the medium term, Walermans aims lo relocate lo a new building within the planned redevelopment 018renllord town centre There are indiealions from all parties that the town centre development is gatherin9 momentum The Trustees therefore wish lo sel aside further lund5 to support the costs associated with a potential relocation and had previously decided lo increase the Reserves Fund by £100.000 In advance ol the relocation. This funding would provide resourcgs for additional marketing, dealing with lh8 eff ecls on staff, building bigger audiences and allowing lime lo embed new programmes, The Board therefore considers a reasonable level of reserves, until Walermans has relocated, and the global uncertainty has passed. lo be £387,000. The organis8lion is currently working in the changeable context of international conflict. the cost of living crisis. and the lorecasl ol a rece5S10n In the United Kingdom. In 2022-23, the risk around fluclualions In box office income w88 realised, significantly affecting earned income, and significantly depleting reserves Reserves stood al £33.078 at 31 March 2023 The Board has taken steps to slabilise this position by adopling a breakeven budget in 2023-24, while inilialives lo rebuild audiences are Implemented. Thereafter the Board will sel budgets lo replenish reserves over a 5-6 year period. The Board notes Ihal the relocation is still some years away and so this element of the largel figure will not be required in the short tèrm. Designated Funds In August 2019. the Board designated funds of £2,400 to support recruilmenl lo the vaeancy for Chair ol the Board. This fLJnd is expected lo be expended by March 2024 In August 2019. the Board designated funds of £51.675 to support artistic programmes that are effective al reaching the communities ol Hounslow. The crowdlunder campaign in aLJILJmn 2020 had raised £93.953 linclucling corporate donations of £10,000), to s￿pport programme Gosls on re- opening. In August 2021 the Board made the decision lo Iransfei £46,977, being 500/0 of that income, lo the artistic programme desigllated fund. £50.000 of this fund was expended in 2022-23, and il is expected that the balance of this fund will be expended by March 2024 Page 22 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 The Board had also designated funds of £10,000 lo support an enhanced s¢hools programme whieh 15 a key developmenl identified In the Strategic Plan. 11 is expected that this fund will be fully or partly expended by March 2025 Resln¢led funds These are funds which have been earmarked by the donor or grant-maker for specific purposes within the overall aim5 of the organisalion. Funds are for project activity and details are set out In note 17 of the accounts. Fundraising Hounslow Arts Trust seeks lo comply with best practice on fundraising. and is compliant with the Code ol Fundraising Practice of the Fundraising Regulator. All fundraising activities 8re monitored and reviewed on a monthly basis. No professional fundraiser or mmercial participator carried out fundraising a¢tivity for Walermans in this period Walerm8ns was nol bound by, bul was compliant with the principles ol. the voluntary scheme lor regulating fundraising, for fundraising aclivilies carried out on behalf of the charity. Walermans was compliant with the voluntary registration scheme ln the period. Walermans gives training and periodically monitors 811 members ol staff with a fundraising role. No external fundraisers were involved in fundraising on behalf ol Walermans in this period. No coMpla￿nIS were roceivgd in this period about fundraising aclivrty by or on behalf ol the charity. All members ol staff engaged in fundraising activity are given lull training. which specifically excludes.. unreasonable Inlru510n on 8 person's privacy unreasonably persislenl approaches lor the purpose of solieiling or otherwise procunng money or other property on behalf of the charity placing undue pressure on a pèr50n lo give money or other property Investment powers and policy Under the Memorandum and Articles of Association. the Board has the power lo invest funds which are not required in the short term in any way Il believes to be appropriate. In formulating ils Inveslrvenl policy, Watermans has recognised that whilst Il may have surplus funds lo Invest. these are likely to be called upon in the Short lerrn Available fLJnds are Iherelore kept in an Inleresl-bearing deposit account which minimises inlerest rale risk and maximises returns and Iiquidily. Funcls have be&n invested with Bank ol Scotland plc (registered in Scotland, number SC3270001, an nslilulion authorised and regulated by the Financial CondLJCt Authonly. and National Westminster Bank plc (registered In England and Wales. number 929027, also an Institution authorised and regulated by the Financial Services Aulhorily. Walermans has a lease from London Borough of Hounslow for the use of Ils current building. The lease has a term which expires In OctobeT 2024. Watermans also has a Lieence to Occupy Bell Square. the Outdoor Arts space in Hounslow. Page 23 HOUNSLOW ARTS TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of the Hounslow Arts Trust Ltd for the purposes ol company lawl are responsible lor preparing the Trustees, Report and the financial statements in a¢¢ordance with appli¢ab1e law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Praeticel. Company law requires the Trustees lo prepare financial slalemenls for each financial year Under company law the Tru51ees musl not approve the financial stal&menls unless they are satisfied that they give a true and lair view of the slate of affairs ol the charitable company and the group and of the incoming resources and application of resources, including the Income and expenditure. of the charil8ble group for that period In preparing these financial slalemenls, the Trustees are required to.. select suitable accounting policies and then apply them con5151enlly obs&rve the methods and principles In the Charities SORP make judgments and accoLJnling eslimales that are re8son8ble and prudent stale whether applicable UK Accounting Standards have been followed. subject lo any material departure disclosec* and explained In the financial stalemonls prepare the financial slalemenls on the going concern basis unless rt is Inappropriate lo presume that the charitable group will continue in operation The Trustees are responsible lor keeping adequate accounting records that are suffici&nl lo show and explain the eharilable cornpany and the group's transactions and disclose with reasonable accuracy al any Iirne the f1nanc1al position ol the charitable group and enable them lo ensure that the financial statements comply wilh the Companies Act 2006. They are a150 responsible lor safeguarding the assets ol the charitable company and the group hence taking reasonable steps for the prevention and detection ol fraud and other Irregularities PROVISION OF INFORMATION TO AUDITORS Each of the persons who are Trustees al the lime when this Trustees. Report is approved has confirmed that.. so far as that Trustee is aware. there Is no relevant audit Information of which the charitable group's auditors are unaware. and that Trustee has taken all the step5 that ought lo have been taken as 8 Trustee in order lo be aware ol any information needed by the charitable group's auditors in connection with preparing their report and to establish Ihat the charitable group's auditors are aware of that information This report was approved by the Trustees on l& S , 20?3 and signed on their behalf by David Evans (Chair of Trusleesl Manjil Hunjan (Vice Chairl Page 24 HOUNSLOW ARTS TRUST LIMITED (THEI IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HOUNSLOW ARTS TRUST LIMITED ITHEI Oplnion We have audited the financial statements of Hounslow Arts Trust Limited IThel Ilhe 'parent charitable company'l and Its subsidiaries Ilhe 'group'l for the year ended 31 March 2023 which comprise the Consolidated slalement of financial aclivilies. the Consolidated statement of financial position, the Company 51alement ol financial position. the Consolidated s18lemenl of cash flows and the relaled notes, Including a summary of significant aecounling policies. The f1nancial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatemenls.. give a true and f8ir view ol the state of the Group's and of the parent charitable company's affairs as al 31 Mareh 2023 and of the Group's Incoming resources and application of resources, Including 11s income and expenditure for the year then onded.. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ol the Companies Ad 2006 and the Charities Ac12011. Basls for oplnlon We conducted our audit in 8¢cordance with International S18ndards on Auditing IUKI IISAS IUKII and 8pplicable law. Our responsibilities under those standards are further described In the Auditors, responsibilities for the audit ol the financial statements section of our report. We are Independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, Including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other &lhical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and 8ppropri81e lo provide a basis lor our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or condilions that. individually or collectively. may cast significant doubt on the Group's Dr the parent charitable company's ability lo conlinLJe as a going concern for a period ol at least Iwelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem are (tescribed in the relevant se¢iion5 of this report. Page 25 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HOUNSLOW ARTS TRUST LIMITED ITHEI ICONTINUEDI Other informatio The other information comprises the information Included in the Annual report other than the financial slalemenls and our Auditors, report thereon The Trustees art responsible for the other information Contained within the Annual report. Our opinion on the financial Statements does not cover the other information and, except to the extent otherwise explicitly slated In our report, we do not express any form of assurance conclusion Ihereon. Our responsibility Is lo read the other information and. in doing so, consider whether the other information is materially Inconsistent with the financial slalements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. 11 we identify such material Inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives r15e lo a materia misslalement in the financi81 slalemenls themselves. 11, based on the work we have performed, we Conclude that there is a material mi5slalemenl of this other infomalion, we are required lo report that fact. We have nothing lo report in this ￿gard. Oplnlon on othgr matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given In the Trustees, report lor thè financial year for which Ihe financial slalemenls are prepared is consislenl with the financial slalemenls. the Trustèes, report has been prepared in 8cc¢rd8nce with applicable legal requirements. Matters on which w& are requlred to report by exceptlon In the light of aur knowledge and understanding of the eharilable company and its environment oblaingd in the course ol the audit, we have not identified material misslatemenls in the Trustees, report. We have nothing to report in respect of the following mallers in relation lo which Companies Act 2006 requires us lo report lo you il, in our opinion.. the parent charitable eompany has not kept adequate and sufficient accounting records, or relums adequate for our audit have not been received from branches not visited by us., or the parent eharilable company financial slalemenls are not in agreemgnt with the accounting reeords and returns". or certain disclosuTÈS of Twstees. remuneration specified by law are not made., or we have nol received all the infomialion and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the srnall companies regime and lake advantage of the small companie5, exemptions in preparing Ihe Trustees, report and from the r&quiremenl lo prepare a Strategic report. Page 26 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HOUNSLOW ARTS TRUST LIMITED ITHEI ICONTINUEDI ResponsSbllilie$ of trustees As explained more fully the TrLJStees' respon5ibililies statement, the Trustees Iwho are also the directors of the charitable company lor the PUFposes of company lawl are responsible for the preparation of the lin8nci81 stalernenls and for being satisfied that they give a true and lair view, and for such internal control as the Trustees determine Is necessary to enable the preparation ol financial statements that are free from material misstatement. whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing thè Group's and the parent charitable company's ability lo continue a5 a going concern. disclosing, as applicable, mailers related to going concern and using the going concern basis of aceounling unless the Trustees either Intend lo liquidate the Group or the parent charitable company or to cease operglitsns, or have no realistic alternative but to do so. Auditors. responslbilitlgs for the audlt of the financlal statgmgnts Our objectives arè lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or error, and lo Issue an Auditors, report that includes our opinion. Reasonable assurance Is a high level ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslalemenl when It exists. Misslalemenls can arise from fraud or error and are considered material If, individually or in the aggreoale. Ihey could reasonably be expecled lo influence the economic decisions of u8ers taken on the basis ol these financial slalemenls. Irregularities, including fraud, are instances of nonThcompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misslalements in respect of irregularities, including fraud. The extent lo which our procedures are capable of deiecling irregularities. including fraud is detailed below.. Wo gained an understanding of the legal and regulatory framework applicable lo the chariiable company and the industry In which It operates. and considered the risk of acts by the cornpany that were contrary lo applicable laws and regulations, including fraud. We designed audit procedures lo respond lo the risk, recognising that the risk of not delecling a rnalerial misstatement due lo fraud is highei than the risk of not detecting one resulting from error, as fraud may Involve deliberate concealment by. for example, forgery or inlenlional misrepresenlalions. or through collusion. We focus5ed on laws and regulations which could give rise lo a material misslalemenl in the financial stalemenls, including. but not limited to. the Charities Act 2011 and Companies Act 2006. Our tests included agreeing the financial staternent disclosures Its undedying supporting documentation and enquiries with rnanagemenl. There are inherent limitations In the audit procedures described above and, the further removed non-compliance with 18ws and regulalions Is from the events and Iransact10ns reflecte(5 in the financial statements. the less likely we would become aware of it. We did not identify any key audit matters relating lo irreoularilies, including fraud. As in all our audits, we also addressed the nsk of management override of internal controls. includin9 t¢sting journals and evaluating whether there was Èvidence of bias by the trustees that represented a risk of material misststemenl due lo fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 21". www.frc.or .uklaudilorsfes onsibililies. This description forms part of our Auditors, report. Page 27 HOUNSLOW ARTS TRUST LIMITED (THEI IA company limitèd by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HOUNSLOW ARTS TRUST LIMITED ITHEI ICONTINUEDI Use of our report This report Is made solely lo the ¢harilable company's Members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. and lo the charitable companls trustees, as a body. Part 4 01 the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required lo slate lo them in an Auditors, report and for no other purpose. To the lullesl extent permilled by law, we do not accept or assume responsibility lo anyone othor than the charitable company and ils members, as a body. for our audit work. for this report, or for the opinions we have formed. ?-T Jennifer Pope Isenior statutory audltorl for and on behalf ol Nyman LSbson Paul LLP Chartered Accountants StatLJtory Auditors 124 Finchley Roa($ London NW3 5JS Dale 14 August 2023 Page 28 HOUNSLOW ARTS TRUST LIMITED (THEI IA company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITiIRE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2023 Unreslricled funds 2023 Reslricled funds 2023 Designated funds 2023 Total funds 2023 Total funds 2022 Note Incomè and endowments from: Donations and legacies Charitable activities Other trading aclivilie$ Investments 290,884 214,9QO 85,820 282 488,345 777,229 214,900 85.820 282 1,132.005 228,789 59,325 Total income and endowments 591,886 486,345 1,078,231 1.420,126 Expenditurg on,. Raising funds Charitable activities 34,803 950,501 34,803 1,441,974 32,526 1,355,354 491,473 Total expendlturfj 985.304 491,473 1,476,777 1,387.880 Net Sncomel lexpenditurel Transfers between funds 1393.4181 15,1281 1398,5461 32,246 17 50,000 150,0001 Net movement in funds 1343,4181 15.128} 150.0001 1398.5461 32,246 Reconciliation of funds.. Total funds brought foNiard 423,595 5,598 111,052 540,245 507,999 Net movement In funds 1343,4181 15,1281 150,0001 1398,5461 32,246 Total funds carrled forward 80,177 470 61,052 141,699 540.245 The Consolidated statement of financi81 activities includes all ga1ns and losses recognised in the year. The notes on pages 34 10 53 form part of these financial slalemenls. Page 29 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guaranteel REGISTERED NUMBER: 01164904 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023 2023 2022 Note Fixed assets Tangible assets Current assets 12 47,099 51.545 Stocks Debtors Cash al bank and in hand 21 253,797 161.983 21 298,929 569,567 14 415,801 868,517 Creditors.. èmounls fallin9 due within one year 15 1298.8091 1346,7751 Net current asset8 116.992 521.742 Creditors. amounts falling due after more than one year 18 122,3921 133,0421 Total nèt assety 141.699 540.245 Charity funds Designated funds Restricted funds Unreslricled funds 17 17 17 61,052 470 80,177 111,052 5,598 423,595 Total funds 141.699 540,245 The Trustees acknowledge their responsibilities for complyino with the requirements of the Act with respect lo accounting records and pr¶lion of financial statements. The financial statements have been prepared in accordance wrth the provisions applicable to entities subject lo the small companies regime. The financial slalemenls were approved and aulhorised for issue by the Trusl8es on and signed on their behaK by.. David Evans Ichair of Tru51eesl The notes on pages 34 to 53 fom part of these financial slalements. Page 30 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) REGISTERED NUMBER: 01164904 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023 2023 2022 Nolo Fixed assets Tangible assets Investments 12 13 47,099 51,545 47,101 51,547 Curr&nt assets Stocks Debtors Cash al bank and in hand 21 21 308,826 493,581 14 251.598 135,592 387.211 802,408 Creditors. amounts falling due within one year 15 1278,1411 1339,3741 Net current assets 109.070 463,034 Totsl assets 1g$s current IlabSlllles 156.171 514,581 Creditors.. amounts falling due after more than one year 16 122.3921 133,0421 Total net assets 133.779 481,539 Charity funds Designated funds Restricted funds Unrestricted funds 17 61,052 470 72,257 111,052 5.598 364,889 17 Total funds 133,779 481,539 Page 31 HOUNSLOW ARTS TRUST LIMITED (THE IA company limited by guaranteè) REGISTERED NUMBER.. 01164904 COMPANY STATEMENT OF FINANCIAL POSITION ICONTINUEDI AS AT 31 MARCH 2023 The Trustees acknowledge their responsibilities lor complying w1th the requiremenls of the Act with respect lo accounting records and preparation ol financial slatemenls, The financial s181emenls have been prepared In accordance wrth the provisions applicAble to enlilies subject to Ihe small companies regime. The financial slalemenls were approved and aulhorised for issue by the Trustees on 14 and signed on their behalf by.. Davld Evans Ichair of Trusleesl The notes on pages 34 10 53 fonn part of these finanC￿al 81alemenls. Page 32 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guaranteal CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Cash flows from operating activitle$ Nel cash used in operating activities 1378,1191 1224,8381 Cash flows from Investlng actlvltlgs Dividends, Interests and renls frorn investments Purchase cif tangible fixed assets 282 121,1021 Net cash used In investlng activitles 120,8201 Cash flows from flnanclng ocllvllios Repayments of borrowin9 {10,6501 16,3101 Net Cash used in flnanclng actlvltles 110.6501 16,3101 Change In eash and cash equlvalents In the year Cash and cash equivalents al the beginning of the year 1407.5891 569,572 1231,1411 800,713 Cash and cash equlvalents at the end of the ygar 20 161,g83 569,572 The notes on pages 34 10 53 fomi part of these financial slatemenl$ Page 33 HOUNSLOW ARTS TRUST LIMITED ITHEI {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 G&neral information Hounslow Arts Tru51 Lim11ed Is a private company limited by guarantee and incorporated in the United Kingdom. The address ol its registered office and principal place of business is Waterrnans, 40 High Street. Brenttord. Middlesex. TW8 ODS. The members of the company are the Trustee8 n8med on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited lo £1 per member of the company. A¢countlng pollcles 2.1 Basis of preparation of financial Statements The financial slalement$ have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities Slalemenl ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition effective 1 January 20191, the Financial Reporting Sland8rd applicable In the UK and Republic of Ireland IFRS 1021 and the Companies A 2008. Hounslow Arts Trust LimiledlThel meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are Initially rocognised al historical cost or transaction value unless olhepNise slated in the relevant accounting policy. The Consolidated slalemenl of financial activities ISOFAI and Consolidated statement of financial position consolidale the financi81 sl8lemenls of the Company and ils subsidiary undertaking. The results of the subsidiary are consolidated on 8 line by line basis. The Company has taken advantage of the exemption allowed under sèction 408 of the Companies Act 2006 and has not presented ils own Slalemenl of financial aclivi118s in these financial statements. Page 34 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontlnuedl 2.2 Golng concern The charrty reported an operating deficrt for the year of £398.546 and as al the balance sheet dale had free reserves Idesignaled and unrestricted funds not alloc81ed lo fixed assetsl of £94.597. During the year it met Its day to day working capital requirements Ihiough the ulilisalion of Its own funds and accumulated reserves together with funding from other bodies Including ACE and the London Borough ol Hounslow, 11 is an ACE National Portfolio organisation with annual funding agreed up lo 31 March 2025 and continuing Socal authority support The delicil reported was a result of the eonlinuing challenges to the sector following on from the pandemic, reflecting audience numbers and participation and the ongoing effects of inllalion. affecting costs and adding lo uncertainty. The Iruslees and executive have addressed the issues and have prepared realistic updated budgets and lorecasls based on a number of assumptions with the aim ol breaking even In 2023124 and then subseouenlly rebuilding re8eNes. After reviewing the lorecasls and projections, al the lime of approving these financial statements the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for Ihe nexl 12 months. The Iruslees therefore consider It appropriate lo continue lo adopt the goin9 concern basis In preparing the charity's financial slatemenls. 2.3 Income Voluntary income including donations, gifts and legacies that provide core funding or are of general nature are recognised where there 18 enlillemenl, certainly of receipt and the amount can be measured with sufficient reliability. Income from govemmenl and other grants is recognised when the charitable cornpany has entitlement lo the funds, any performance conditions attached lo the grants have been met, it is probable that the income will be received and the amount can be measured reliably and Is not deferred. Such income Is only deferred when.. The donor specifies that the grant or donation must only be used in lulure accounting periods". or The donor has imposed conditions which must be mel before the charity has unconditional enlillemenl. Government assistance via business rates relief is not recognised as income 88 there is no Ifansfer of economic resources and instead treated as an absence of cost. Page 35 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 2,4 Exp&ndlture Expenditure is recognised when a liability is incurred. Conlraclual arrangements and performance related grants are recognised as goods or services when they aro supplied. Other grant pawnenls are recognised when a conslruc11ve obSigalion arises that results in the payment being unavoidable. Costs of raising funds are those costs incurred In attracting voluntary income and those incurred in trading aclivilies. Charitable activities Include expenditure associated with the presentation of performances. exhibitions, film screenings and learning and participation programmes and include both the direct costs and support costs relating to these activities. Governance costs include those incurred the governance ol the charitable company and ils assets and are primarily associated with ils conslilulional and slalulory reqU1￿MentS. Support CO515 Include those functions that assist the work of the charitable company bul do not directly undertake charitable a¢livilies. Support costs Inelude back office costs, finan￿, personnel, payroll and governance costs which support the charity's artistic programmes and activities. These costs have been allocated between the cost ol raising funds and expenditure on charitable aclivilies. The bases on which support costs have been allocated are sel out in note 8. Irrecover8ble VAT is Charged within man2gement and support expenditure. 2.5 Tangiblg fixed assets and depreclallon Tangible fixed assets are carried at cost. nel of depreciation and any provision for impairment. Depreciation is provided at rates calculated lo write off the cost ol fixed assets. less their eslimaled residual value. over their expected useful lives on the following bases. Building an(J c8pilal works Production equipmènt 50ts slr8ighl line basis 100/D straight line basis 116.670A slraighl line bas1s 120'A straight line basis 20°/o Straight line basis 33.33Q/o Straight line basis 200/0 Straighi line basis Cafe and bar equipment Compulef equipment Administration and general 2.6 Investments Investments in subs1diaries are valued at cost less provision for impainnenl. 2.7 Fix8d asset grants Grants received for the reslncted purpose ol funding fixed assets for charily use are a¢counled for in the Slalemenl of Financial Aclivilies as a restricted fund when they become available. The restricted funds are reduced annually by transfers of amounis equivalent lo depreciation charges over the expected useful life of the asset concerned. Page 36 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcies Icontlnuedl 2.8 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid Investments W11h a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Credltors Creditors are normally recognised al their settlement amount after allowing for any trade discounts due. 2.11 Finan¢lal Instruments The Group only has financial assets and financial liabilities of a kind Ihal qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective Interest method. 2.12 Penslons The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company lo the fund in respect of the year. 2.13 Dirèct taxation Ag 8 charity the company Is generally exempl from ineome and capital gains lax, bul not from VAT. 2.14 Fund accountlng General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been set aside by the Trustees for particular purposes. The aim and use of each designaled fund 18 sel out in the notes lo the financial statements. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is set out in the notes to the financial slalemenls. Page 37 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limitèd by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARC14 2023 Accounting policies Icontinu&dl 2.15 Judgements in applylng aecounting poli¢ies and key sources of estimatlon uncertainty The preparation of the financial sialemenls requires management lo makè judgements. eslimales and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported lor revenues and expenses during the year. However, the nature of eslimalion means that actual outcomes could differ from those estimales. The following are the charity's key strur¢es of eslimalion uneertainly.. A¢Gruals The company makes an estimate of aceruals al the year end based on invoiees received after the year end and work undertaken which has not been invoiced based on quotations or eslim81es of amounts that may be due lor payment. T&noible lixed i?sspI.s Tangible lix&d assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are ass8ssed annually and may vary depending upon a nurnber of factors. In re assessing the ass6ls' lives, laclors such a5 technological innovation and maintenance programmes are taken into aceounl. Page 38 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from donatlons and legacies Unrestricted funds 2Q23 Restricted funds 2023 Total funds 2023 Total funds 2022 Arts Council England IACEI - NPO funding ACE - Culture Rectsvery Fund ACE - Creative People and Placas ACE . Circulate We Are Hounslow- LBH funding 122.917 669 122,917 669 312.635 122.917 169.048 319.942 105,697 100,000 312,635 100.000 100.000 223,586 312,635 536.221 817,602 Donations Other public sector contracts Other govemmenl grants 58,670 8,628 58,670 182,338 144,788 115,290 54,325 173.710 67,298 173,710 241,008 314.403 290,884 486,345 777,229 1,132,005 Total 2022 613,292 518,713 1, 132.005 Incomg from charitable actlvlties Unrestricted funds 2023 Total funds 2023 Total funds 2022 Programme delivery 214.900 214,900 228,789 Total 2022 228.789 228,789 Page 39 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from other trading activitles Income from non charitable trading activities Unrestricted funds 2023 Total funds 2023 Total funds 2022 Trading 1ncome from subsidiary 85,820 85.820 59,325 Total 2022 59,325 59,325 Investment income Unreslricled funds 2023 Total funds 2023 Total funds 2022 Interest receivable 282 282 Total 2022 Expanditure on ralslng funds Costs of raising volunlary Income Unreslricled funds 2023 Total funds 2023 Total funds 2022 Expenditure on raising voluntary income Wages and salaries Social security costs 8,749 22.746 1,862 8.749 22.746 1.862 8,240 21,906 1,790 33,357 33.357 31,936 Total 2022 31,936 31.936 Page 40 HOUNSLOW ARTS TRUST LIMITED (THEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Expenditure on raislng funds Icontinuedl FLsndrai$ing trading expensès Unreslricled funds 2023 Total funds 2023 Total funds 2022 Expenditure on fundraising trading 1,446 1,448 590 Total 2022 590 590 Analysls of expendlture on charftablg activities Summary by fund type Unreslri¢led funds 2023 Reslricled funds 2023 Total 2023 Total 2022 Direct and support costs 950.501 491,473 1.441.974 1.355,354 Total 2022 831,513 523,841 1,355.354 Analysis of expenditure by activities Aclivi11es undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Direct and support costs 1,041.639 400.335 1,441,974 1,355,354 Total 2022 969,715 385,639 1,355,354 Page 41 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guaranle*l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure by activities Icontlnuedl Analysis of dlrect costs Programme delivery 2023 Total funds 2023 Total funds 2022 Programme costs Technical production costs Front of house costs Marketing an¢J promtslion Telephone Printing and slalionery Postage Office equipment Finance eosls Lieences and subscriptions Fulurebuilders costs Staff costs Depreciation 325,004 592,609 52,339 7,221 4,475 2e,657 7,045 626 2.722 1,990 11,478 7,075 2,398 325,004 592,809 52,339 7,221 4,475 26,657 7.045 628 2.722 1.990 11,478 7.075 2.398 313.440 418,284 172,807 13,318 4,131 14,235 6,691 708 1.487 2,854 10,379 9,011 2,370 1.041,639 1.041,639 969.715 Total 2022 969,715 969,715 Page 42 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysi$ of expenditure by activities Icontlnuedl Analysis ofsupport Costs Total funds 2023 Total funds 2022 Activities 2023 Staff costs Depreciation Insurance Repairs and m8inlenance IT systems maintenance Staff recruitment and training Legal and professional fees Premises and rale5 Bad debt provision Sundry costs Governance costs 131,876 25.547 11,883 26,787 13,877 S,934 15,5881 133,213 131,876 25.547 11,883 26,787 13.877 9,934 15,5881 133,213 123.415 27,920 9,793 31.828 13,566 3,300 22,728 96.338 iii 18,1751 29,076 31,905 18,1751 29,076 31.905 9,183 17,491 30,297 400,335 400,335 385,639 Total 2022 385.639 385.639 10. Staff costs Group 2023 Group 2022 Company 2023 Company 2022 Wages and salariès Social secLJrity costs Contribution lo defined contribution pension schemes 454,378 32,160 434.001 30.633 454,378 32.160 434,001 30,633 11,355 11,714 11,355 11,714 497,893 476,348 497.893 476,348 Page 43 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Staff costs Icontinuedl The averago number of persons employed by the Company during the year was as follows. Group 2023 Group 2022 Employees 34 The average monthly number of employees during th8 yaar expressed as full lime equivalents was as follows lineluding casLJal and part lime staff).. Grtsup 2023 Group 2022 Programme supportlcinema Marketing Customer relations Management and adminislralion Finance Technical production 14 14 34 No employee received remuneration amounting lo moro than £60,000 in either year. Key management personnel The kèy rnanagemenl personnel of the parent charity and ils group comprise the directors and members of senior management. The Ioial employee benefits ol the key management personnel ol the charity and ils group We￿ £161,27412022.. £164.5571. Tru$teg$' remuneration and expenses During the year, no Trustees received any remuneration or other benefils12022- £NILI. During the year ended 31 March 2023. no Trustee expenses have been incurred12022 - £NILI. Page 44 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Tangible fixed assets Group and Company Theatre. cinema and gall&ry Cafe and bar equipment equipmenl Building and capital works Computer equipment Total Cost or valuatlon Al 1 April 2022 Additions 638,434 5,885 276,314 4,820 17,187 198,314 10,397 1.128,249 21.102 Al 31 March 2023 642,319 281,134 17.187 208,711 1,149,351 Depreciation Al 1 April 2022 Charge lor the year 615,670 6,688 248,309 15,396 17,187 195,538 3,484 1,076.704 25,548 Al 31 March 2023 622,358 263,705 17,187 199,002 1,102,252 Net book value Al 31 March 2023 19,961 17,429 9.709 47.099 Al 31 March 2022 20,764 28,005 2,776 51,545 Page 45 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Flxed asset investments Investments in subsidiary companies Company Cost or valuation Al 1 April 2022 Al 31 March 2023 Net book value Al 31 March 2023 At 31 March 2022 Prineipal subsidiaries The following w88 8 subsidiary undertaking of the Company.. Name Company number Class of shares Holdlng Sharedart Limited 01807735 Ordinary 100% The fin8ncial results of the subsidiary for the year were.. Namg Income Expenditure Nel assets Sharedart Limited 85,820 136,888 7,922 The charity has one wholly owned subsidiary company, Sharedart Limited. which is incorporated in the UK. The cornpany operates a licensed bar and catering facilities al Walermans which Ft has franchised and from which il receives rent and a percentage of the income. Incorne is a150 derived from hires. Audrted accounts are filed with the Registrar of Companies. Page 46 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Debtors Group 2023 Group 2022 Compally 2023 Company 2022 Due wilhtn one year Trade deblors Amounts owed by group undertakings Other debtors Prepayments and accrued income 32,055 41,067 19,020 19,035 9.209 204,334 23.434 31,574 12,330 241,488 14,862 206,880 12,330 245,532 253,797 298.929 251.598 308,826 15. Cr8dltors'. Amounts falllng due wlthln one year Group 2023 Group 2022 Company 2023 Cornpany 2022 Bank loans Trad& creditors Other laxalion and social security Other creditors Accruals and deferred income 10.648 44,100 8,635 58,070 177,358 10,647 69,767 12.995 67.874 185.492 10,648 44,100 1,550 52,594 16g,249 10,647 69.767 11,507 63,880 183,573 298,809 346.775 278,141 339,374 Page 47 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. CreditOTS.' Amounts falling due after morè than one year Group 2023 Group 2022 Company 2023 Cornpany 2022 8ank loans 22,392 33,042 22,392 33,042 The char1ty has benelilled from government support by way of a "Bounce Back Loan where there arè no arrangement fees, repayments due or Interest incurring during the first 12 months of the loan term. Page 48 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantèel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. Statement of funds Statement of funds - current year Balan￿ al 31 March 2023 Bal8n¢e at 1 April 2022 Transfers Inloul Income Expenditure Unrestricted funds General Funds - all funds 423,595 591,886 1985.3041 so,000 80,177 Designated funds Cultural education partnership Chair and trustee recruilmenl Artistic progr8mme 10,000 2,400 98,SS2 10,000 2,400 48,852 150,0001 111,052 Iso,0001 61,052 Restrictèd funds ACE - Capital Works ACE - Crealivo people and p18ces London Borough of Hounslow Global Sireels programme 5,598 IS,1281 470 312,835 146,946 26.764 (312.6351 {146,9461 126.7641 5.59e 486,345 1491,4731 470 Total of funds 540.245 1,078,231 11.476 7771 141.699 Page 49 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. Statement of fundg Icontlnuedl Statement of funds prlor year Balance al 31 March 2022 Balance at 1 April 2021 Transfers inloul Income Expenditure Unrestrlcted funds General Funds 433.198 901,413 1864,0391 146,9771 423,595 Designated funds Cultural education partnership Chair and Iruslee recruiimenl Art151i¢ pro9ramme 10,000 2,400 51.675 10,000 2,400 98,652 46,977 64,075 46.977 111,052 Restricted funds ACE - Capital Works ACE Circulate ACE - Creative people and places Other public sector eonlracls 10,726 15,1281 1105,6971 5,598 105.697 31 g,942 93,074 1319,9421 193.0741 10.726 518,713 1523,8411 5,598 Total of funds 507.999 1,420.126 11.387,8801 540,245 Page 50 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. Analysis of net assets be￿een funds Analysis of net assets betwe&n funds - current year Unrestricted funds 2023 Reslncled Dèsignated funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due In more than one ￿ar 46.829 354.749 1298,8091 122.3921 470 47,099 415.801 1298.8091 122,3921 61,052 Total 80,177 470 61,052 141.699 Analysls of net assets between funds . prlor year Unrgslricled funds 2022 Reslricled Designated fLJnds funds 2022 2022 Total funds 2Q22 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 45,947 757,465 1346.7751 133,0421 5,598 51.545 888,517 1346,7751 133,0421 111,052 Total 423,595 5.598 111,052 540,245 Page 51 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Reconciliation of net movement In funds to net cash flow from operatlng activitlos Group 2023 Group 2022 Nel incomelexpendilure for thè year las peT Stslement of Financial Acliviliesl 1398,5461 32,246 Adjustments for.. Depreciation charges Dividends. Interests and rents from investments Loss on the disposal ol fixed assets Loan repayment Decreasellincreasel in debtor8 Decrease in credilofs 25,547 12821 27,920 171 5,790 6,311 (45,3461 1251,7521 10,650 45,128 158,6161 Net cash usod in operating actlvltles 1378,1191 1224,8381 20. Analysis of cash and cash equlvalents Group 2023 Group 2022 Cash in hand 181,983 569,572 Total cash and cash equlvalent$ 161,983 569.572 21. Analysis of changes in net debt Al 1 April 2022 Cash flows Al 31 March 2023 Cash al bank and in hand Debt due within 1 year Debt due after 1 year 569,567 110,6471 133,0421 1407,5841 181,983 110,6481 122,3921 10,650 Page 52 HOUNSLOW ARTS TRUST LIMITED ITHEI IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 22. Pension commitments The group operates a defined Contribution pension scheme. The assets ol the scheme are held separately from those of the group In an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted lo £11.355 12022". £11,714). Contributions totalling £5,69812022.' £2.6921 were payable to the fijnd at the balance sheet date and are included In creditors. 23. Op&ratlng Igasg Commitmonts Al 31 March 2023 the Group and the Company had commitments lo make lulure minimum lease payments under non-cancellable operating leases as follows.. Group 2023 Group 2022 Not later than 1 year Later Ih8n 1 year and not later than S years 2,213 2,213 3,537 4.425 4,426 7.962 24. Related party transactions During the year the charity received a donation of £135,442 12022. £24.3601 from its 100Tr/o owned subsidiary company. SharedArt Limited. Al the reporting date, the charity was owed £19,035 12022.. £31.5741 by the company, Pa9e 53