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2024-03-31-accounts

Registered number: 01164904 Charity number: 267426

HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1-2
Trustees' report 3-19
Independent auditors' report on the financial statements 20-23
Consolidated statement of financial activities 24
Consolidated balance sheet 25
Company balance sheet 26-27
Consolidated statement of cash flows 28
Notes to the financial statements 29-47

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The Directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this Report are collectively referred to as the Board.

Members of the Board, at the time of this Report, are as follows:

Trustees

Manjit Hunjan, Chair Helen Little Joanna Mludzinska Duncan Smith Zulandi van der Westhuizen

Cllr Dan Bowring, L B Hounslow nomination

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Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Company registered number 01164904

Charity registered number 267426 Registered office 124 Finchley Road London NW3 5JS Company secretary Jan Lennox Chief executive officer Jan Lennox Independent auditors Nyman Libson Paul LLP Chartered Accountants Statutory Auditors Regina House 124 Finchley Road London NW3 5JS Bankers Natwest plc Hammersmith (B) Branch 22 King’s Mall Hammersmith London W6 0PZ Solicitors Bates Wells & Braithwaite London LLP 10 Queen Street Place London EC4R 1BE

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Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

INTRODUCTION

The Trustees (who are also directors of the charity for the purposes of the Companies Act present their annual report together with the audited financial statements of Hounslow Arts Trust Limited (the company and the group) for the year ended 31 March 2024. The Trustees 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 Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2015).

Since the company and the group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.

AIMS AND OBJECTIVES

Hounslow Arts Trust Ltd is a charitable trust for the promotion of the arts. During this period it managed and operated its original venue at 40 High Street, Brentford, presenting a year-round programme of high-quality performance, visual arts and film. It also engages with a wide range of communities across Hounslow and West London through its extensive programme of participative arts and outdoor arts. It is especially acknowledged for its digital and new media arts development and is one of 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 set out in its Memorandum and Articles are:

The vision which shapes Watermans’ annual activities is to inspire communities through creative practice. In particular, it works to build engaging and interactive programmes with as wide a range of West London communities as possible. and to bring those communities together through cultural participation. It also takes an active lead in promoting engagement with innovative digital and new media arts practice.

In shaping the organisation’s objectives for the year and planning its activities, the Board has considered the Charity Commission’s guidance on public benefit, including the guidance on public

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

benefit and fee-charging. In particular the Board gives careful consideration to the reach and accessibility of the organisation’s activities to the public, including those on low incomes, with limited mobility or with other barriers to accessing our services.

Watermans’ objectives in 2023-24

The organisation has developed its Recovery Plan within the parameters of the existing Strategic Plan, to ensure our response to the pandemic remains consistent with our overall goals and long-term direction. The Board further reviewed the Outcomes in the Recovery Plan in order to integrate Recovery-based outcomes into a wider strategic planning framework through to 2026. Where possible, therefore, the plan for 2023-24 continued to build on previous achievements and experience, engaging existing and new audiences for the programme, whilst also positioning the organisation to thrive as post-pandemic challenges continue to ease.

The Outcomes are as follows:

In the context of a relocation in the medium-term, audience and programme development planning continues, with sustainable new strands of work being trialled and assessed. The 'Friday Nights Live' performances were disrupted by the continuing pandemic. A full programme was run from Autumn 2022; however, the programme was suspended from April 2023 as part of stabilisation measures taken by the Board.

Work around the relocation is gathering pace, with extensive discussions with London Borough of Hounslow and development partners.

The Recovery Plan can be broken down into interlinked key themes. These are similar to those for the previous years, but updated to reflect progress and the changing context:

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

2 Developing the audience experience of Watermans, 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 ‘contactless customer journey’ which is COVID-secure, welcoming to visitors and recognises an increasingly digitised economy

3 Building the health of the organisation

CREATIVE PROGRAMME

Overview 2023-24

The operating context for all creative programmes, with the cost-of-living crisis affecting many households and businesses, continued to affect most programme strands.

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

The Board took the decision to suspend the Friday Nights Live strand of live performance; and to restrict opening hours and days, in response to unpredictable booking patterns coupled with rapidlyincreasing fixed costs associated with the 40 High Street venue.

This decision helped to reduce exposure to risk associated with fluctuations in box office income, and in increasing utilities costs.

Review by programme strand

New media arts

There were four shows in this period.

Katarzyna Depta Garapich’s work, Excursion , took the theme of the bear in the Tatra Mountains and its pop-culture image as represented by a ‘white bear’ – a mascot that entertains tourists on the main street of Zakopane, Poland. This exhibition was also a presentation of the artist’s practice-led doctoral project that took place between 2017-2023 at the Slade School of Fine Art UCL. In her PhD, Katarzyna Depta-Garapich approached the problem of protecting nature and endangered species.

Co_Sonic 1884 km² was a visual-poetic reflection and an AI powered soundscape made by Robertina Sebjanic, telling the story of the (co)existence of river environments and their inhabitants. The project drew attention to the problematic nature of human control over the aquatic environment.

The largest project was a group show by 5 leading contemporary young artists from New Delhi . Tenderly towards the Tipping Point asked “How can an exhibition occupy time?” through radical approaches to the use of a wide variety of media. Tenderly Towards the Tipping Point brought together a multitude of artistic responses to time and the imposition of time, and continued our work to engage our communities with a launch event cinluding the Radio Roohafza Jam Session.

The first pilot show in the ArtCast4D consortium, an EU Commission funded project of which Watermans is the sole UK partner, opened in the Gallery near the end of this period. The Pillars of Our Latex House by Tendayi Vine explored the software designed to democratise immersive interactive artwork, and is planned to lead to a joint project with Hounslow’s twin town, Issy-lesMoulineaux, the suburb of Paris.

Performing arts

The Board took the decision to suspend the live performance programme early in the year. Of all the work, this had been hardest-hit by the effects of the pandemic, and audiences were slowest to return, making it the most risky proposition in terms of cost recovery.

Participation and engagement

We continued to deliver activities in the Short Breaks programme for London Borough of Hounslow. This now includes as annual events, the Short Breaks Christmas Party, and the Short Breaks Summer Party, alongside relaxed film screenings and theatre performances, together with workshops. Demand was strong for all events in this strand, for children with disabilities and their families.

In addition, Watermans leads the Creative People & Places Hounslow consortium, funded predominantly by Arts Council England as part of a national scheme to increase arts engagement in

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

places where engagement has tended to be below average. The programme is delivered in collaboration with a wide range of community groups and local residents.

Cinema

The cinema programme, before the pandemic a stable strand of activity in terms of attendances and income, while still presenting major independent UK and international releases, also showed varying levels of attendance.

The followings for the film clubs French Impressions and Kino! (a talk followed by a screening of a French or Polish language film, respectively), were the exception to this, with strong sales in both strands.

Outdoor arts

The Outdoor Arts programme continued to develop new audiences in Hounslow, especially those who don’t currently engage with the arts, by increasing the scale and scope of the cultural offer available in West London and contributing to London-wide & national cultural programmes.

The overall programme from May-December was significantly international, with 50% of work from the UK 50% international, and Bell Square is recognised nationally and in Europe as a significant, high quality, outdoor arts programme.

We presented two companies from Africa for the first time: Black Blues Brothers from Kenya, and Compagnie Zid from Morocco, and developed festivals within the wider season: the Anhad festival of South Asian Arts returned for a second year, bringing 80 artists to Bell Square in a day-long series of dance and music performances.

The season saw the outdoor premiere of Jataneel Banerjee’s opera, Ganga , performed in Sanskrit, and with an integral translation/narrator. The audience of 500 demonstrates the effectiveness of this programme in audience and programme development.

Overall, there were 35,000 attendances at 14 events. The vast majority were people who are the least likely to be engaged in the arts – in post-event surveys, 46% of those surveyed, said this was the first arts event they’d attended in the previous 12 months, and most said that they’d definitely be encouraged to see more.

Organisational Development

Programme and contract management

Watermans has continued its programme of organisational improvement and development, using systems and frameworks that had been developed originally to allow the organisation to take full advantage of opportunities in public sector contracting. Over recent years, developments in the staff structure and the significant upgrading of organisational systems (especially programme management), has been carried out to aid the pursuit of new funding streams, and the effective management of multiple partnerships, consortia, and contracts.

Watermans’ accreditation to ISO:9001 2015 was maintained in this period. ISO:9001 is the internationally recognised quality management standard. The organisation has a full set of quality

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

management systems which are compliant with the ISO 9001:2015 standard. Watermans has continued to improve its processes and procedures to ensure the best possible quality of service to audiences, participants and other stakeholders. Watermans is accredited by the British Standards Institution (BSI).

Customer and audience feedback

Watermans has three key customer groups:

For its funders and service commissioners, Watermans issues a contract customer feedback form, which commissioners are invited to complete at the end of contracts (or mid-term if the contract is for a longer period). Annual review meetings are held with commissioners where possible. Feedback is excellent with commissioners being confident or very confident in Watermans’ ability to deliver consistently high-quality services and stating that their experience of Watermans is better or significantly better than other service providers.

Within the Participative Arts programme, all participants contribute to the evaluation of each project. An online evaluation process is used that records the levels of engagement as well as an assessment of the outcomes of each project.

In 2023-24 the post-event survey was continued following the successful pilot in the previous year. This again delivered strong results, including sound demographic data.

Feedback cards were used throughout the Bell Square season in 2023-24.

The full range of feedback is analysed over each six-month period and informs a quality management review. From this review, quality objectives are agreed for the next six months.

Environmental responsibility and performance

Watermans has continued with its commitment to understanding and improving its carbon footprint in the following ways:

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

The 40 High Street venue retained an energy performance of ‘E’, which is considered to be a good performance in the context of the age and build of the venue.

Energy usage and waste generated remained broadly as in previous years. The standard measure of “usage per attendee” continues a slow improving trend resulting from actions in the Environmental Action Plan.

During the period, the rolling replacement programme continued, by which irreparable equipment is replaced by energy efficient equivalents; and the benefits of energy efficiencies put in place in previous years have continued to be realised.

There were continued savings in staff and artist travel, as the programme and the core administrative functions of the organisation including most meetings moved online. Future planning will incorporate best practice around avoidable journeys, reduced waste management costs, and reduced premises utilities usage.

A series of headline questions about audience travel, included in all audience surveying media, has continued into 2023-24.

The Board reviewed environmental target-setting and action planning in this period, further embedding environmental considerations into the organisation’s work.

The organisation began to plan to achieve accreditation to the ISO:14001 Standard for environmental performance.

Supporting young people into the creative sector

One in six new jobs in London are in the creative sector and this is projected to rise to one in four. At the same time, Watermans recognises the challenges currently faced by young people in finding work and training opportunities, exacerbated in the creative industries by the erosion of the arts offer in schools at GCSE and A-level.

Watermans continues to offer opportunities for young people, to support access to careers in the arts, where possible and in the form of school work placements; talks to school groups about working in the arts; and internships for university students and new graduates.

Social Enterprise

Watermans held the Social Enterprise Mark from 2011 to 2024, when the Mark programme was closed.

Customer survey data identifies that a large proportion of those surveyed recognise and value the work done by social enterprise businesses showing social and environmental responsibility.

The principles of social enterprise continue to inform Watermans’ practices.

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

Future plans

Our Outcomes for 2030 are the changes we want to happen by that date. They bring together our existing 5-year direction with specific recovery outcomes that address the challenges of emerging from the pandemic and our transition to a new venue with all the opportunities that will offer.

The plan for 2024-25 progresses these outcomes in key ways, by transforming the organisation’s operating model, in order to put it into the strongest possible financial position when it moves into the new venue in Half Acre.

The restructuring of the organisation and its operating model was developed in consultation with, and supported by, Watermans’ two major funders, Hounslow Council and Arts Council England (ACE).

The restructuring was agreed in March 2024, and involves Watermans transitioning to a new, temporary operating model, in which it will continue to deliver its priority programmes – especially the Outdoor Arts programme at Bell Square, and the Creative People & Places programme working across the Borough

In addition, other programmes which could be restructured and still achieve financial viability would be adapted as necessary. This included the established programme with Disabled children and young people and their families, and the newer digital arts programme, ArtCast4D, developed in partnership with an EU-funded consortium.

Programmes requiring a venue for delivery will be suspended, and the 40 High Street site closed and the lease surrendered.

The advantages of this operating model

This new, temporary operating model removes the key financial risks and issues which had been affecting Watermans’ operation:

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

Following the public announcement in March, Watermans closed the 40 High Street building to the public on 11 April 2024.

At the same time, it initiated the redundancy programme which deleted the posts from the staff structure which had been focused on building-based delivery; this included box office and customer relations staff, technicians, and some of the artform programmers. Other functions such as marketing and finance reduced their capacities.

STRUCTURE GOVERNANCE & MANAGEMENT

Hounslow Arts Trust Ltd is a company limited by guarantee and a registered charity, established in 1984. Its charitable purpose is the promotion and advancement of the arts in all their forms, and the improvement of social conditions through the provision of arts programmes. These objects are set out in its governing document which is its Memorandum and Articles of Association.

The governing body is the Board whose members are non-executive and unpaid. The Board meets regularly, retains full and effective control of the company and monitors the executive. The Board takes major strategic decisions and has ultimate responsibility for the conduct and financial stability of the organisation.

To facilitate effective operations, the Board delegates authority to the Director for the management and artistic control of Watermans. ‘Director’ is the traditional title used in the sector for the chief executive post although it is not a director under the terms of the Companies Act, nor are other members of the executive teams whose titles include the word ‘director’. It is the duty of the Director to provide the vision, leadership and direction that will enable Watermans to implement its strategic plans and ensure that the organisation’s management is efficient, effective and in accordance with good business practice. The Board delegates to the Director full control over the selection and presentation of all projects forming the creative programme at, and under the auspices of, Watermans. The framework for the programme is set 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 monitors the performance of the Director and reviews the quality, effectiveness and timeliness of information provided to the Board by the executive team. The Board determines the contract of employment for all staff. It also reviews the remuneration of all staff annually. The Chair of the Board is the line manager of the Director.

The Board has access to independent professional advice if necessary, at Watermans’ expense. All Board members have access to the advice and services of the Company Secretary who is responsible to the Board for ensuring that Board procedures are followed.

The affairs of Watermans are subject to continuous scrutiny by its major funders, Arts Council England and London Borough of Hounslow.

Board management and development

Appointment and terms of office of Board members

As set out in the Articles of Association, the Board has a minimum of eight members and a maximum of fifteen. London Borough of Hounslow has the power to nominate one elected member to the Board, subject to the appointment processes of the Council and the guidelines on appointment to public

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TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

office as they apply to Local Government nominees. The Board has the power to appoint its other members.

The Board reviews its structure and composition regularly to ensure that it has the required competencies to fulfil its duties and responsibilities. It reviews its membership regularly against the required mix of competencies and in light of that review makes new appointments as necessary. Vacancies for Board members are subject to a formal recruitment process. Successful candidates are invited to attend a minimum of three Board meetings on a probationary basis, after which the Board may decide to appoint them to the Board.

New Board members are co-opted to the Board at the time of their initial appointment following the probationary period, and are then subject to formal appointment at the next Annual General Meeting. They are appointed for an initial term of four years. This initial term may be followed by reappointment for a further period of four years. The member must then leave the Board for a minimum of one year before any re-appointment may be considered.

Board members at the time of this report are listed on the opening page of this report.

All Board members serving during the period of this review were David Evans (retired 25 March 2024), Clare Hayes Guymer, Zaid Haroon (resigned 16 January 2024), Manjit Hunjan, Helen Little, Joanna Mludzinska, Duncan Smith, Zulandi van der Westhuizen, Cllr Rhys Williams.

The Board was concluding a recruitment cycle at the time of this report, with agreement to appoint five new trustees.

Induction and Training of Board members

New Board members attend an induction meeting to 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 directors and charity Trustee, is offered to all Board 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.

Board management & organisation

The Board has a programme of eight meetings per year.

In addition, there are subgroups, each working to Terms of Reference set by the Board. The permanent subgroups are:

Temporary subgroups can be established for particular purposes. There is currently a temporary Relocation subgroup overseeing planning for the relocation proposals.

The Board in March 2020 established a Coronavirus Emergency subgroup to lead on the Board’s response to and recovery from the impact of the pandemic. This has now been dissolved.

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TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

All subgroups report back to the full Board after each of their meetings.

Remuneration of Trustees and related 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 for Digital, Culture, Media and Sport, the organisation has a Conflict of Interest Policy and is committed to ensuring that all stakeholders can have confidence in the Trust’s decision-making processes. The purpose of the Policy is to protect both the organisation and the individuals involved from any appearance of impropriety, and also to set out procedures for the declaration and management of actual or perceived conflicts of interest. This policy applies to Board members and all staff.

The Policy requires Board members and all staff of Hounslow Arts Trust Ltd to act in good faith and in the best interests of the organisation. They are expected to strive to avoid any conflict of interest between the interests of the organisation on the one hand and their own personal, professional, and business interests on the other. This includes avoiding actual conflicts of interest as well as the perception of conflicts of interest.

In the current year, no related party transactions were reported.

Internal control and risk management

The Board reviews the effectiveness of internal controls, including financial and compliance controls and risk management systems. The internal control systems are designed to meet the needs of Watermans and the risks to which it is exposed, to manage these risks and to provide reasonable reassurance against loss. Established regular procedures, including budgetary controls, operate to monitor the receipt of projected income and both revenue and capital expenditure.

The Board and its subgroups have reviewed and assessed the risks to which the organisation may be exposed. Specific actions and responsibilities have been agreed for mitigating them. The risk management process is ongoing and is regularly reviewed at high level by the Board and in detail by the Board subgroups. Actions required to mitigate risks are incorporated into the organisation’s Strategic Plan.

The key risks currently being managed include the common one to many organisations, around the aftermath of the global pandemic.

There has been an ongoing negative effect on earned income through ticket sales and ancillary income from catering and car parking. Work has been done to increase resilience by identifying and developing new income streams; but this risk was realised in this period. More details on this, and the effects, are given in the Financial Review.

The Board’s decision to move to the transitional operating model, and to focus on fully-funded programmes, has effectively eliminated the risk of fluctuations in earned income from ticket sales and ancillary income.

The Board has also been mindful of continuing public perceptions of risk, and so while most of the safety measures around COVID have been stopped, we continued to offer safe screenings with social distancing for some film titles. The Board and management have sought advice from a trustee who is a public health specialist, as well as referring to current guidance from Public Health England, throughout the pandemic.

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TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

In addition, the Board has identified specific risks around ensuring a successful relocation (detailed elsewhere in this report) and identified risks around supply chains.

The Board has implemented a programme to identify and mitigate risks arising from climate change, and to explore the role of Watermans as an advocate for environmental best practice locally, regionally and nationally.

The appropriate control measures and mitigations are in place (including the reserves policy set out below), and are reviewed for effectiveness by the Board and subgroups on a regular basis.

Finance and control

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. It also deals with such other financial matters as may be specifically delegated to it by the Board.

Audit

All issues relating to the preparation and production of the annual financial statements of the organisation and its subsidiaries are reviewed and monitored by the Finance Risk and Audit subgroup.

Each year the Board considers the appointment of the external auditors, their remuneration and terms of engagement.

Connected companies and charities

The charity’s wholly-owned subsidiary, Sharedart Ltd, was established to operate the commercial facilities and services which are principally the bar and restaurant, the hire of space to external parties, and car parking charges. The profits of the company are donated to the charity.

The charity is also affiliated to Watermans Development Trust. As part of the structural review of the charity and its affiliated companies and charities, Watermans Development Trust has proposed that it be wound up as all its activities can be conducted through Hounslow Arts Trust Ltd. The Charity Commission has given consent to de-register Watermans Development Trust and this process is currently under way.

Watermans Activities Group has objects related to those of Watermans. It has an independent trustee body and has had no financial or other direct relationship with Watermans since 2000.

FINANCIAL REVIEW

Watermans’ key financial objective is to ensure financial stability and continued solvency year on year, so that it can pursue its organisational aims and objectives. 2023-24 presented continuing challenges as audience confidence remained unpredictable.

The organisation was able to maintain its solvency throughout the year.

For the financial year ending 31 March 2024 Watermans’ turnover was slightly increased, to £1.27M, and the year ended with a deficit of £100,424.

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

The organisation begins the 2024-25 financial year with a balance of £41,275 on unrestricted reserves which make up the total funds as at 31 March 2024.

In the light of the deficit, the much-depleted reserves, and awareness of the continuing risk to earned income, the Board adopted a revised operating model from April 2023, with reduced opening times and days, and temporarily suspending the live performance programme Friday Nights Live. A cash management plan is in operation with weekly review of 12-month cashflow forecast.

Regular annual funding from London Borough of Hounslow and Arts Council England’s National Portfolio were important in supporting ongoing programmes of activity during the year; and both of these key stakeholders were consulted in the development of the revised operating plan for 2024-25. The income stream against delivery of the public sector contract, Creative People & Places Hounslow, continued to be a key part of the income base.

Watermans has adopted SORP (FRS 102) in preparing these financial statements, and the statement of financial activities (SOFA), statement of financial position and notes are set out from page 21 onwards.

Principal funding sources

Watermans generates income from a range of sources including box office sales, trading income, public sector contracts and other sundry sources, and receives grant funding from Arts Council England.

Public sector contracts and fee-based work

Public sector contracts and fee-based work are Watermans’ largest income stream. In 2023-24 the organisation delivered public sector contracts and led consortia programmes with a combined value of £472,513. The income is diversified over a range of contracts which use the arts as a mechanism to achieve positive outcomes for different communities and to support wider regeneration objectives.

Arts Council England

Watermans is a National Portfolio Organisation and received funding of £122,917 from Arts Council England in 2023-24, in the first year of a three-year funding agreement.

Arts Council England also provides investment to Watermans as the lead partner of Creative People and Places Hounslow, part of the national Creative People and Places programme to reach more people in areas of low engagement in the arts. Arts Council England agreed funding for a third phase of the programme, running from April 2021 for a further three years, and has started to move the programme into the National Portfolio for a period ending in March 2025.

The Circulate consortium of Outer London venues and strategic agencies dedicated to the development of Outdoor Arts, was not active in this year.

Box Office income

Watermans’ pricing policy aims to ensure that price is never a barrier to participation, while also maximising revenue from attendance at cinema screenings and live theatre performances.

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HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

Box office income fell to £199,019 in this year, which represents a significant decrease compared to the years before the economic downturn. We were somewhat affected by reduced capacity operations, and continuing audience uncertainty associated with the global pandemic, and this was one of the factors in the Board's decision to move to the transitional operating model in 2024-25.

The majority of Watermans’ learning and participation programmes are free of charge at the point of delivery, as are all of the exhibitions and outdoor arts events.

Commercial activities

Watermans provides a number of commercial services that generate income to contribute to the development of the artistic programme and to enhance the experience of audiences and other visitors.

The principal areas of trading are the operation of the bar and restaurant, private hire of spaces in the building and car parking charges.

Commercial activities are conducted through Sharedart Ltd, the charity’s subsidiary. All profits from these activities are donated by the subsidiary to the charity for investment in the organisation’s activities.

In 2023-24, Sharedart Ltd’s trading activities were similarly impacted by the economic downturn and made a net contribution of £114,500.

Donations

Individual and corporate donations continued and totalled £32,163 in 2023-24.

Reserves and Financial Policies

Reserves Policy

The Board has reviewed the organisation’s needs in line with guidance issued by the Charity Commission. Hounslow Arts Trust Ltd’s annual income is split 45% unrestricted and 55% restricted income. It secures unrestricted income from donations. (The trading subsidiary’s donation is reduced during the transitional operating model, with little to no trading income.) It also receives a proportion of its income in the form of an unrestricted annual grant from statutory sources. The remainder of its income is restricted and includes public sector contracts and project grants.

The trustees have identified the functional assets needed for the charity’s work as the tangible fixed assets and on this basis £10,648 has been excluded from the unrestricted reserves. Reserves having been significantly depleted in 2023-24, there were, therefore, £30,627 of unrestricted reserves remaining at 31 March 2024. All of restricted funds and designated funds were fully expended by 31 March 2024.

All of the income sources are susceptible to external factors, some of which could impact upon the organisation in a sudden or unpredictable manner. It is desirable, therefore, to hold reserves to protect the organisation from serious disruption to its work.

The trustees have reviewed the key financial risks and, based on the potential impacts of these risks, considers a reasonable level of reserves under normal circumstances to be £92,750.

Page 16

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

In the medium term, Watermans aims to relocate to a new building within the planned redevelopment of Brentford town centre. There are indications from all parties that the town centre development is gathering momentum.

The Trustees therefore wish to set aside further funds to support the costs associated with a potential relocation and had previously decided to increase the Reserves Fund by £100,000 in advance of the relocation. This funding would provide resources for additional marketing, dealing with the effects on staff, building bigger audiences and allowing time to embed new programmes.

The Trustees therefore consider a reasonable level of reserves in the medium term to be £92,750, increasing to £192,750 by the point of the new venue opening.

Reserves stood at £41,275 at 31 March 2024. The Board has taken steps to stabilise this position by moving to a transitional operating model as outlined above, reducing the exposure to risk of falling box office income and rising utilities costs while preparations are made to relocate into the new venue. Thereafter the Board will set budgets to replenish reserves over a 5-6 year period. The Board notes that the relocation is still some years away and so this element of the target figure will not be required in the short term.

Designated Funds

All designated funds were fully depleted in the period.

Restricted funds

These are funds which have been earmarked by the donor or grant-maker for specific purposes within the overall aims of the organisation. Funds are for project activity and details are set out in note 17 of the accounts.

Fundraising and donations

Hounslow Arts Trust seeks to comply with best practice on fundraising, and is compliant with the Code of Fundraising Practice of the Fundraising Regulator.

All fundraising activities are monitored and reviewed on a monthly basis. No professional fundraiser or commercial participator carried out fundraising activity for Watermans in this period.

Watermans was not bound by, but was compliant with the principles of, the voluntary scheme for regulating fundraising, for fundraising activities carried out on behalf of the charity.

Watermans was compliant with the voluntary registration scheme in the period.

Watermans gives training and periodically monitors all members of staff with a fundraising role. No external fundraisers were involved in fundraising on behalf of Watermans in this period.

No complaints were received in this period about fundraising activity by or on behalf of the charity.

All members of staff engaged in fundraising activity are given full training, which specifically excludes:

Page 17

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

Investment powers and policy

Under the Memorandum and Articles of Association, the Board has the power to invest funds which are not required in the short term in any way it believes to be appropriate. In formulating its investment policy, Watermans has recognised that whilst it may have surplus funds to invest, these are likely to be called upon in the short term.

Available funds are therefore kept in an interest-bearing deposit account which minimises interest rate risk and maximises returns and liquidity.

Funds have been invested with Bank of Scotland plc (registered in Scotland, number SC327000), an institution authorised and regulated by the Financial Conduct Authority, and National Westminster Bank plc (registered in England and Wales, number 929027, also an institution authorised and regulated by the Financial Services Authority.

Property interests

Watermans had a lease from London Borough of Hounslow for the use of the 40 High Street building. The lease had a term which expired at the end of September 2024.

Watermans also has a Licence to Occupy Bell Square, the Outdoor Arts space in Hounslow.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of the Hounslow Arts Trust Ltd for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial

Page 18

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024

statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

This report was approved by the Trustees on 9 December 2024 by:

and signed on their behalf

Signer ID: M36JI8RHPD... Manjit Hunjan Chair

Signer ID: UUU3OAZVD3...

Duncan Smith Trustee

Page 19

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOUNSLOW ARTS TRUST LIMITED (THE)

Opinion

We have audited the financial statements of Hounslow Arts Trust Limited (The) (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial 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 statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOUNSLOW ARTS TRUST LIMITED (THE) (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are 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 stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 21

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOUNSLOW ARTS TRUST LIMITED (THE) (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOUNSLOW ARTS TRUST LIMITED (THE) (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Signer ID: 1FXCJZKEI5...

Andrew Thomas (Senior statutory auditor)

for and on behalf of Nyman Libson Paul LLP Chartered Accountants Statutory Auditors 124 Finchley Road London NW3 5JS

Date: 12/19/2024 PST

Page 23

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income and
endowments from:
Donations and
legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income and
endowments
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/
(expenditure)
Transfers between
funds
17
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Unrestricted
funds
2024
£
518,641
199,019
131,249
-
848,909
56,063
892,800
948,863
(99,954)
61,052
(38,902)
80,177
(38,902)
41,275		 Restricted
funds
2024
£
423,106
-
-
-
423,106
-
423,576
423,576
(470)
-
(470)
470
(470)
-		 Designated
funds
2024
£
-
-
-
-
-
-
-
-
-
(61,052)
(61,052)
61,052
(61,052)
-		 Total
funds
2024
£
941,747
199,019
131,249
-
1,272,015
56,063
1,316,376
1,372,439
(100,424)
-
(100,424)
141,699
(100,424)
41,275		 Total
funds
2023
£
777,229
214,900
85,820
282
1,078,231
34,803
1,441,974
1,476,777
(398,546)
-
(398,546)
540,245
(398,546)
141,699

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 26 to 44 form part of these financial statements.

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Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE)

(A company limited by guarantee) REGISTERED NUMBER: 01164904

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Current assets
Stocks
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Designated funds
17
Restricted funds
17
Unrestricted funds
17
Total funds		 21
342,436
62,404
404,861
(362,490)		 2024
£
10,648
42,371
(11,744)
41,275
-
-
41,275
41,275		 21
253,797
161,983
415,801
(298,809)		 2023
£
47,099
116,992
(22,392)
141,699
61,052
470
80,177
141,699

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on _______9 December 2024 and signed on their behalf by:

Signer ID: M36JI8RHPD... Manjit Hunjan (Chair of Trustees)

Signer ID: UUU3OAZVD3... Duncan Smith (Trustee)

The notes on pages 26 to 44 form part of these financial statements.

Page 25

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee) REGISTERED NUMBER: 01164904

COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Designated funds
17
Restricted funds
17
Unrestricted funds
17
Total funds		 21
340,907
37,356
378,284
(358,486)		 2024
£
10,648
2
10,650
19,798
30,448
(11,744)
18,704
-
-
18,704
18,704		 21
251,598
135,592
387,211
(278,141)		 2023
£
47,099
2
47,101
109,070
156,171
(22,392)
133,779
61,052
470
72,257
133,779

Page 26

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE)

(A company limited by guarantee) REGISTERED NUMBER: 01164904

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on _______9 December 2024 and signed on their behalf by:

Manjit Hunjan Duncan Smith (Chair of Trustees) (Trustee)

The notes on pages 26 to 44 form part of these financial statements.

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Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE)

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 26 to 44 form part of these financial statements		 2024
£
(86,931)
-
(2,000)
(2,000)
(10,648)
(10,648)
(99,579)
161,983
62,404		 2023
£
(376,119)
282
(21,102)
(20,820)
(10,650)
(10,650)
(407,589)
569,572
161,983

Page 28

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

Hounslow Arts Trust Limited is a private company limited by guarantee and incorporated in the United Kingdom. The address of its registered office is 124 Finchely Road, London, NW3 5JS.

The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Hounslow Arts Trust Limited(The) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated statement of financial position consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

Page 29

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.2 Going concern

The charity reported an operating deficit for the year of £100,424 (along with a deficit in 2023 of £398,546) and as at the reporting sheet date had free reserves (designated and unrestricted funds not allocated to fixed assets) of £30,627 and net current assets of £42,371. During the year it met its day to day working capital requirements through the utilisation of its own funds and accumulated reserves together with funding from other bodies including ACE and the London Borough of Hounslow. It is an ACE National Portfolio organisation with annual funding agreed up to 31 March 2026 and continuing local authority support.

The deficit reported was a result of the continuing challenges to the sector following on from the pandemic, reflecting audience numbers and participation and the ongoing effects of inflation, affecting costs and adding to uncertainty.

The trustees and executive have addressed the issues and have prepared realistic updated budgets and forecasts based on a number of assumptions with the aim of breaking even in 2024/25 and then subsequently rebuilding reserves.

As per note 25 to these financial statements, after the reporting date, the Charity ended activities at the arts centre located at 40 High Street, Brentford, and subsequently the lease expired. The Charity will continue to operate without a permanent base of operations and is in discussions about a potential new site to restablish itself. Although this means the charity will generate less income going forward, this will also have a beneficial impact on cost reduction, allowing the charity to refocus its finances.

After reviewing the forecasts and projections, at the time of approving these financial statements the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the next 12 months. The trustees therefore consider it appropriate to continue to adopt the going concern basis in preparing the charity’s financial statements.

2.3 Income

Voluntary income including donations, gifts and legacies that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Income from government and other grants is recognised when the charitable company has entitlement to the funds, any performance conditions attached to 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:

Government assistance via business rates relief is not recognised as income as there is no transfer of economic resources and instead treated as an absence of cost.

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Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services when they are supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being unavoidable.

Irrecoverable VAT is charged within management and support expenditure.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

During the year the charity incurred a provision for potential impairment of fixed assets that are disposed of post reporting date. This is recorded as a credit against fixed assets in the statement of financial position.

2.6 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 31

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Creditors

Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

2.10 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.12 Direct taxation

As a charity the company is generally exempt from income and capital gains tax, but not from VAT.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at 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 unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions 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 restricted fund is set out in the notes to the financial statements.

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Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.14 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following are the charity's key sources of estimation uncertainty:

Accruals

The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re assessing the assets' lives, factors such as technological innovation and maintenance programmes are taken into account.

Page 33

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Income from donations and legacies

Arts Council England (ACE) - NPO funding
ACE - Creative People and Places
London Borough of Hounslow funding
Donations
Other public sector contracts
Total 2023		 Unrestricted
funds
2024
£
122,917
-
340,136
463,053
32,163
23,425
55,588
518,641
290,884		 Restricted
funds
2024
£
-
279,476
92,787
372,263
-
50,843
50,843
423,106
486,345		 Total
funds
2024
£
122,917
279,476
432,923
835,316
32,163
74,268
106,431
941,747
777,229		 Total
funds
2023
£
122,917
312,635
100,000
535,552
58,670
183,007
241,677
777,229

4. Income from charitable activities

Programme delivery
Total 2023		 Unrestricted
funds
2024
£
199,019
214,900		 Total
funds
2024
£
199,019
214,900		 Total
funds
2023
£
214,900

Page 34

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Income from other trading activities

Income from non charitable trading activities

Trading income from subsidiary
Total 2023		 Unrestricted
funds
2024
£
131,249
85,820		 Total
funds
2024
£
131,249
85,820		 Total
funds
2023
£
85,820

6. Investment income

Interest receivable
Total 2023		 Unrestricted
funds
2024
£
-
282		 Total
funds
2024
£
-
282		 Total
funds
2023
£
282

7. Expenditure on raising funds

Costs of raising voluntary income

Expenditure on raising voluntary income
Wages and salaries
Social security costs
Total 2023		 Unrestricted
funds
2024
£
9,728
35,100
3,788
48,616
33,357		 Total
funds
2024
£
9,728
35,100
3,788
48,616
33,357		 Total
funds
2023
£
8,749
22,746
1,862
33,357

Page 35

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Expenditure on raising funds (continued)

Fundraising trading expenses

Expenditure on fundraising trading
Total 2023
Other trading expenses
Administration expenses
8.
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2024
£
892,800
Direct and support costs
Total 2023
950,501		 Unrestricted
funds
2024
£
2,099
1,446
Unrestricted
funds
2024
£
5,348
Restricted
funds
2024
£
423,576
491,473		 Total
funds
2024
£
2,099
1,446
Total
funds
2024
£
5,348
Total
2024
£
1,316,376
1,441,974		 Total
funds
2023
£
1,446
Total
funds
2023
£
-
Total
2023
£
1,441,974

Page 36

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Analysis of expenditure by activities

Direct and support costs
Total 2023
Analysis of direct costs		 Activities
undertaken
directly
2024
£
881,474
1,041,639		 Support
costs
2024
£
434,902
400,335		 Total
funds
2024
£
1,316,376
1,441,974		 Total
funds
2023
£
1,441,974
Programme costs
Technical production costs
Front of house costs
Marketing and promotion
Telephone
Printing and stationery
Postage
Office equipment
Finance costs
Licences and subscriptions
Futurebuilders costs
Staff costs
Depreciation
Total 2023		 Programme
delivery
2024
£
402,793
304,967
109,821
1,270
4,514
24,397
7,498
436
2,297
1,249
14,957
5,830
1,445
881,474
1,041,639		 Total
funds
2024
£
402,793
304,967
109,821
1,270
4,514
24,397
7,498
436
2,297
1,249
14,957
5,830
1,445
881,474
1,041,639		 Total
funds
2023
£
451,835
465,778
52,339
7,221
4,475
26,657
7,045
626
2,722
1,990
11,478
7,075
2,398
1,041,639

Page 37

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Insurance
Repairs and maintenance
IT systems maintenance
Staff recruitment and training
Legal and professional fees
Premises and rates
Bad debt provision
Sundry costs
Restructuring provision (impairment of fixed assets)
Governance costs
Total 2023		 Activities
2024
£
129,630
18,851
14,569
10,250
13,257
(500)
3,145
160,232
-
21,943
19,600
43,925
434,902
400,335		 Total
funds
2024
£
129,630
18,851
14,569
10,250
13,257
(500)
3,145
160,232
-
21,943
19,600
43,925
434,902
400,335		 Total
funds
2023
£
131,876
25,547
11,883
26,787
13,877
9,934
(5,588)
133,213
(8,175)
29,076
-
31,905
400,335

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
542,635
43,749
10,852
597,236		 Group
2023
£
572,677
40,692
11,355
624,724		 Company
2024
£
542,635
43,749
10,852
597,236		 Company
2023
£
572,677
40,692
11,355
624,724

During the year, statutory redundancy payments of £2,406 were paid by the charity.

Page 38

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

Group
2024
Employees
35
The average number of employees during the year split per department was as follows:
Group
2024
Programme support/cinema
7
Marketing
2
Customer relations
19
Management and administration
3
Finance
2
Technical production
2
35		 Group
2023
34
Group
2023
9
2
14
4
2
3
34

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel

The key management personnel of the parent charity and its group comprise the directors and members of senior management. The total employee benefits of the key management personnel of the charity and its group were £151,979 (2023: £161,274).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 39

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Tangible fixed assets

Group and Company

Cost or valuation
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Impairment charge
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Building and
capital works
£
642,319
-
642,319
622,358
5,360
14,601
642,319
-
19,961		 Theatre,
cinema and
gallery
equipment
£
281,134
-
281,134
263,705
10,038
3,021
276,764
4,370
17,429		 Cafe and bar
equipment
£
17,187
-
17,187
17,187
-
-
17,187
-
-		 Computer
equipment
£
208,711
2,000
210,711
199,002
3,453
1,978
204,433
6,278
9,709		 Total
£
1,149,351
2,000
1,151,351
1,102,252
18,851
19,600
1,140,703
10,648
47,099

Prior to the reporting date, the charity announced the closure of its activities at the 40 High Street site. Post year end, multiple assets were disposed of. The impairment charge in the above note relates to the net book value of those disposed of assets at the reporting date.

Page 40

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Fixed asset investments

Company
Cost or valuation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Investments
in subsidiary
companies
£
2
2
2
2

14. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
16,403
-
40,305
285,728
342,436		 Group
2023
£
32,055
-
14,862
206,880
253,797		 Company
2024
£
8,165
16,102
40,305
276,335
340,907		 Company
2023
£
19,020
19,035
9,209
204,334
251,598

Page 41

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
10,648
129,634
41,232
48,272
132,704
362,490		 Group
2023
£
10,648
44,100
8,635
58,070
177,356
298,809		 Company
2024
£
10,648
129,634
39,040
46,990
132,174
358,486		 Company
2023
£
10,648
44,100
1,550
52,594
169,249
278,141

16. Creditors: Amounts falling due after more than one year

Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Bank loans 11,744 22,392 11,744 22,392

The charity has benefitted from government support by way of a "Bounce Back Loan", where there are no arrangement fees, repayments due or interest incurring during the first 12 months of the loan term.

Page 42

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Designated funds
Cultural education partnership
Chair and trustee recruitment
Artistic programme
Restricted funds
ACE - Capital Works
ACE - Creative people and
places
Other public sector contracts
London Borough of Hounslow
Total of funds		 Balance at 1
April 2023
£
80,177
10,000
2,400
48,652
61,052
470
-
-
-
470
141,699		 Income
£
848,909
-
-
-
-
-
273,198
57,121
92,787
423,106
1,272,015		 Expenditure
£
(948,863)
-
-
-
-
(470)
(273,198)
(57,121)
(92,787)
(423,576)
(1,372,439)		 Transfers
in/out
£
61,052
(10,000)
(2,400)
(48,652)
(61,052)
-
-
-
-
-
-		 Balance at
31 March
2024
£
41,275
-
-
-
-
-
-
-
-
-
41,275

Page 43

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Designated funds
Cultural education partnership
Chair and trustee recruitment
Artistic programme
Restricted funds
ACE - Capital Works
ACE - Creative people and
places
London Borough of Hounslow
Global Streets programme
Total of funds		 Balance at
1 April 2022
£
423,595
10,000
2,400
98,652
111,052
5,598
-
-
-
5,598
540,245		 Income
£
591,886
-
-
-
-
-
312,635
146,946
26,764
486,345
1,078,231		 Expenditure
£
(985,304)
-
-
-
-
(5,128)
(312,635)
(146,946)
(26,764)
(491,473)
(1,476,777)		 Transfers
in/out
£
50,000
-
-
(50,000)
(50,000)
-
-
-
-
-
-		 Balance at
31 March
2023
£
80,177
10,000
2,400
48,652
61,052
470
-
-
-
470
141,699

Page 44

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
10,648
404,861
(362,490)
(11,744)
41,275		 Total
funds
2024
£
10,648
404,861
(362,490)
(11,744)
41,275

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2023
£
46,629
354,749
(298,809)
(22,392)
80,177		 Restricted
funds
2023
£
470
-
-
-
470		 Designated
funds
2023
£
-
61,052
-
-
61,052		 Total
funds
2023
£
47,099
415,801
(298,809)
(22,392)
141,699

Page 45

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Pension commitments

The group operates a defined contribution pension scheme. The assets of 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 to £10,852 (2023: £11,355). Contributions totalling £7,569 (2023: £5,698) were payable to the fund at the balance sheet date and are included in creditors.

20. Operating lease commitments

At 31 March 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
2,213
-
2,213		 Group
2023
£
2,213
2,213
4,426

21. Related party transactions

During the year the charity received a distribution of £114,500 (2023: £135,442) from its 100% owned subsidiary company, Sharedart Limited. At the reporting date, the charity was owed £16,102 (2023: £19,035) by the company.

22. Post balance sheet events

On 11 April 2024 Watermans closed its venue at 40 High Street, Brentford to the public. Part of this closure involved staff being made redundant and fixed assets that could not be put into storage or no longer had any value being disposed of.

The announcement of the closure was made prior to the year end, and thus is considered an adjusting event. Because of this, £19,600 was provided for impairments against current net book values of fixed assets that were disposed of.

The decision and subsequent announcement on redundancies was made post reporting date, and thus is a non-adjusting event. Current disclosures regarding redundancies are not reflective of this event.

Page 46

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03

HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

23. Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Company Class of Holding
number shares
Sharedart Limited 01807735 Ordinary 100%
The financial results of the subsidiary for the year were:
Name Income Expenditure Net assets
£ £ £
Sharedart Limited 131,249 2,099 22,572

The charity has one wholly owned subsidiary company, Sharedart Limited, which is incorporated in the UK. The company operated a licensed bar and catering facilities at Watermans which it had franchised and from which it received rent and a percentage of the income. Income was also derived from hires. Audited accounts are filed with the Registrar of Companies.

Page 47

Document ID: 395956af9e4d48a68f0f60228ba79902a508913662592efe316a5b03cf994f03