**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 2025**
## **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**|**3-16**|
|**Independent auditors' report on the financial statements**|**17-20**|
|**Consolidated statement of financial activities**|**21**|
|**Consolidated balance sheet**|**22**|
|**Company balance sheet**|**23-24**|
|**Consolidated statement of cash flows**|**25**|
|**Notes to the financial statements**|**26-45**|
**HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
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 K Hunjan, Chair
Joanna Renata Mludzinska, Vice Chair
Nicholas Ferguson Catherine Ann Hawker Zulandi van der Westhuizen Adam Whalley Marion Patricia Wright
Councillor Dan Bowring, L B Hounslow nomination
**Page 1**
## **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025**
**Company registered number** 01164904
|**Charity registered number**|267426|
|---|---|
|**Registered office**|c/o Nyman Libson Paul|
||Regina House|
||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 LLP|
||10 Queen Street Place|
||London|
||EC4R 1BE|
**Page 2**
**HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025**
## **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 2025. 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. It manages and operates Watermans, the major arts centre in West London, presenting a year-round programme of highquality performance, visual arts and film in its riverside venue. 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:
- To advance the arts;
- To promote mental and physical health and relieve sickness especially amongst (but not limited to) people living in West London using techniques involving the arts;
- The prevention of crime using techniques involving the arts;
- To provide relief using arts-based techniques for refugees and their dependents who are in conditions of need, hardship or distress through the provision of arts;
- To provide, in the interests of social welfare, facilities for arts-based recreation and leisure activities for the inhabitants of West London and the surrounding area being facilities:
- of which those persons have need by reason of their youth, age, infirmity, disablement, poverty or social or economic circumstances; and
- which will improve the conditions of life for such persons by promoting their physical, mental and spiritual wellbeing.
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
**Page 3**
## **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
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 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 2024-25_
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.
- Watermans operates effectively and coherently as a hybrid organisation – in a new venue, in outdoor spaces, in the community and online
- Our programmes are high quality, ambitious and combine the exploration of a shared identity in the local community with new ideas and experiences from an increasingly connected world
-
- We have increased local audiences and increased repeat attendances
- All key audience segments are satisfied with their experience of Watermans
- South Asian, Black & Polish communities are represented – both as audiences and as artists - across the programme
- We are recognised as a visible champion for environmental sustainability by our stakeholders
- • We have regained the financial resilience to safeguard the organisation and to invest in new ambitions and opportunities
- We operate to a sustainable ‘social enterprise’ business model which integrates the artistic, social and commercial objectives of the organisation
The plan for 2024-25 progressed these outcomes in key ways, by changing 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 involved Watermans transitioning to a new, temporary operating model, in which it continued 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 were 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 our own venue for delivery were suspended, and the 40 High Street site closed and the lease surrendered.
**Page 4**
## **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
## _The advantages of this operating model_
This new, temporary operating model removed the key financial risks and issues which had been affecting Watermans’ operation:
- i) the unpredictable and increasing costs associated with the building, especially energy and utilities
- ii) the continual and rising repair costs of an ageing building
- iii) ticket income for cinema and theatre programmes which were being negatively impacted by the recent and ongoing economic challenges across the country; this was affecting all UK arts venues, and there was no reasonable basis for assuming that Watermans would buck this trend, especially in an old building.
Following the public announcement in March, Watermans closed the arts centre 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.
## **CREATIVE PROGRAMME**
## **Overview 2024-25**
Following the closure of Watermans’ venue at the start of the year, the organisation continued to deliver all its regular off-site programmes. The outdoor arts programme continued at Bell Square in Hounslow town centre and the Creative People and Places programme operated normally across the borough.
Other programmes which could be adapted for delivery in alternative spaces were a priority and included both the New Media Arts programme and the work with Disabled children and young people. Maintaining consistent programme delivery for audiences and participants was a priority and Watermans invested significant time in building relationships with new spaces and partners during the year. Some of these provided immediate locations for projects, such as Boston Manor House and West Thames College; others will offer additional options for 2025/26 onwards.
Early indicators are that the shift to a more distributed programme model is viable and positive in that it enables Watermans to reach into many different areas and communities around the borough of Hounslow and beyond. The model supports Watermans’ ethos of accessibility and democratisation of culture and can be extended further in future years.
## **Review by programme strand**
_New media arts_
The New Media Arts programme commissioned a full programme of new work during the year as the UK partner in the ArtCast4D consortium, an EU Commission funded project which is developing accessible software for artists to create immersive art works.
At the start of the year, Watermans continued to present The Pillars of Our Latex House by Tendayi Vine in the Gallery. We subsequently commissioned the same artist to work with Paris-based artist, Jaime Jimenez, on a collaborative project. Mirror Cities: Into the Earth was a live, networked project between Hounslow and its twin city, Issy-les-Moulineaux, just outside Paris. The project was unique in that it was a live project in an outdoor environment and running continually for two weeks. The success of this project builds on Watermans’ existing capability in delivering international, cross-
**Page 5**
# **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
streamed projects.
A further commission led to AAAMaze, a new interactive installation by Polish artist, Pawel Janicki. The project is an infinite, constantly-evolving, real-time generated labyrinth, which challenges our understanding of our reality. The installation was presented at the American University of Richmond in Chiswick, and exhibited again at the University of Greenwich. The artist took part in various activities and talks with students at both universities.
Further commissions with Nottingham-based Tom Dale Company and Barcelona-based Insectotropics were started during the year and will be ready for presentation during 2025.
The programme also explored presenting work in new contexts. In January, a programme of shortform video was presented at Bell Square, Watermans’ outdoor arts space, in a mobile cinema bus. The day-long programme of work was developed with the London Short Film Festival and attracted positive audiences throughout the day.
## _Participation and engagement_
Watermans’ programme with Disabled children and young people, which had previously been delivered entirely in the venue, was adapted for delivery in a range of new locations around the borough. New partnerships with accessible venues allowed the programme to continue and develop. A substantial summer programme of activities was delivered in a temporary venue called the Lumini, an artistic creation in its own right by Architects of Air. The inflatable temporary space was installed at Boston Manor House in Brentford and proved highly popular with children and young people. Activities included dance and movement sessions, sculpture workshops, a badge-making café, African drumming and music sessions, and Family Raves with Little Fish, Big Fish.
From the autumn, we started providing relaxed performances in the Theatre at West Thames College, along with workshops in their studio space.
In December, we commissioned Artburst to develop a festive project, centred around Boston Manor House where the project took place. Once Upon A Winter Wish incorporated crafts sessions, singing, theatre and film in a participatory story of a Disabled child celebrating Christmas at Boston Manor House a century ago.
Whilst the delivery pattern of the programme changed during this year, demand was strong for all events from the children, young people and their families.
In addition, within the participation and engagement programme, 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 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. It is a substantial programme which includes participation groups such as a Community Brass Band, a Ukulele Collective and a Bhangra dance and music group, touring exhibitions in the borough’s public libraries, and local events devised and delivered with local residents. Funding for the programme was successfully secured up to March 2026 during the year.
## _Outdoor arts_
The Outdoor Arts programme continued to develop new audiences in Hounslow, especially those who didn’t previously 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 programme
**Page 6**
**HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
takes place every other weekend from May-November each year at Bell Square London, the city’s only permanent outdoor arts space.
The overall programme retained its international flavour, with 40% of work coming from international artists from France, Belgium, Italy, Catalonia, Hungary, Estonia and the United States. Bell Square is recognised nationally and in Europe as a significant, high quality, outdoor arts programme. The events at Bell Square also presented some of the leading UK outdoor arts companies including Company Chameleon, Justice in Motion and Jeanefer Jean-Charles, and newer companies to the outdoor sector such as Linden Dance and Nikki & JD.
We incorporated festivals within the wider season: the Anhad festival of South Asian outdoor arts returned for a third year, this time with a music focus which proved extremely popular with audiences. The Streets Alive summer festival, with its focus on public participation, was held over two days and featured Paul Ramirez Jonas’ Public Trust, in which people made promises witnessed by the public, Stalker Teatro’s Prospero in which hundreds of people created a giant public sculpture together, and Diana Gadish’s Handle With Care which culminated in a community dance session.
Watermans was honoured to provide both the opening and closing events for Hounslow Council’s Summer of Culture festival at Bell Square, with Firebirds’ Pyrodise in June and the Orchestre International du Vetex in September.
Overall, there were 23,860 attendances at 25 performances. The vast majority were people who are the least likely to be engaged in the arts – in post-event surveys, 41% 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 continual 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 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_
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.
**Page 7**
**HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
- Feedback is actively sought from all programme audiences. The key elements of this feedback are: • a post-event survey of bookers to programmes during the year to assess and track overall satisfaction and attitude to key parts of the service. The findings are used to inform strategic emphasis over the following year.
- feedback and comments which are collected for each exhibition/installation 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.
- a direct feedback system which captures feedback received by other channels than those
- above.
In 2024-25 the post-event survey was used for all programmes. This again delivered strong results, including sound demographic data.
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.
The surrender of the 40 High Street site realised large savings in energy and water usage and in waste management.
The standard measure of “usage per attendee” continues a slow improving trend resulting from actions in the Environmental Action Plan.
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.
A series of headline questions about audience travel, included in all audience surveying media, for has continued.
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.
## _Social Enterprise_
Watermans held the Social Enterprise Mark from 2011 until the Mark itself was discontinued during 2024, it continues to operate as a social enterprise, and customer feedback shows that a large proportion of those surveyed recognise and value that an organisation is an ethical business, showing social and environmental responsibility.
## **Future plans**
Our Outcomes for 2030 are the changes we want to happen by that date. They bring together our 5-
**Page 8**
## **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
year strategic direction with our new, distributed operating model. The Outcomes are that: Watermans:
- Operates effectively in a venue or venues, outdoor spaces, community settings and
- • online
- Offers programmes that are high quality, ambitious and locally relevant, with new
- ideas and experiences from an increasingly connected world
- Programmes explore and strengthen a shared identity in the local community
- Has increased audiences and increased repeat attendances
- Has diversified the range of opportunities for audiences to engage with our
- programmes
- Ensures that Hounslow’s largest communities, particularly Indian, Polish and
- Pakistani communities, are represented both as audiences and as artists across our
- • programmes
- Is recognised for environmental sustainability by our stakeholders
- Is financially resilient to safeguard the organisation and to invest in new opportunities
- • Is a social enterprise, integrating our artistic, social and commercial objectives
Watermans is starting to redefine its identity as a creative organisation that exists beyond a fixed physical space, but that still fulfils the role of nurturing, presenting and supporting the arts and its communities. Without a permanent building, we are not limited by walls - our focus is on people and bringing high-quality, inclusive and relevant arts experiences directly into the heart of communities, public spaces, and everyday life.
The last year has demonstrated that operating without a building is a responsive and democratic model of cultural engagement. We will continue to act as a producer, curator, and connector, bringing together artists and audiences, often in places where art doesn’t traditionally happen.
We will develop our programme with communities across Hounslow and beyond, working in partnership with venues, festivals, libraries, schools, high streets, parks, and digital platforms, making the arts more visible, more accessible, and more vital. We will grow our existing programme strands to expand the local culture offer and to reach more people. Our Outdoor Arts programme will offer more events and, specifically, will present a 3-week festival of Polish outdoor theatre as a headline project in the UK-Poland 2025 Season, developed by the British Council and the Adam Mickiewicz Institute in Poland.
Our New Media Arts programme will commission a series of projects, supporting new work by UK and European artists, and the programme with Disabled children and young people will introduce relaxed film screenings and a festival of children’s theatre.
As we aim to expand our reach, we will introduce two new areas of work. Major projects will bring substantial creative interactions with communities across the borough. The first major project in summer and autumn 2025 will be a commission of Polish artist, Anna Jochymek, a photographer and ethnographer based in London. She will work with local Polish migrant women to explore their expectations and experiences of migration to the UK. The project will culminate in an outdoor exhibition of photography and texts, presented in both Brentford and Hounslow town centres.
We will also introduce a programme of micro-interventions – small projects in
**Page 9**
**HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
unexpected places which enliven place and engage new audiences. Work will start on this programme in 2025/26.
## **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.
## **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 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.
**Page 10**
## **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
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 Retirement 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, Nicholas Ferguson, Manjit Hunjan, Helen Little (resigned March 2025), Joanna Mludzinska, Duncan Smith (retired March 2025), Zulandi van der Westhuizen, Adam Whalley, Patricia Wright (appointed April 2025), Ann Hawker (appointed October 2025) and Cllr Dan Bowring.
## _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:
- Finance, Risk & Audit
- People & Organisational Development
- Equality Diversity & Inclusion
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.
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.
**Page 11**
# **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
**TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
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 ongoing negative effect on earned income through ticket sales and ancillary income from catering and car parking, having been realised in the previous period, has been effectively removed by ceasing ticketed programmes.
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.
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.
**Page 12**
# **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
**TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
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.
The organisation was able to maintain its solvency throughout the year.
For the financial year ending 31 March 2025 Watermans turnover decreased to £824,179 (2024: £1,272,014) and the year ended with a deficit of £34,860 (2024: £100,425).
The organisation begins the 2025-26 financial year with a balance of £6,414 on unrestricted reserves (2024: 41,724) which make up the total funds as at 31 March 2025.
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, and receives grant funding from Arts Council England.
**Page 13**
**HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
## _Public sector contracts and fee[-] based work_
Public sector contracts and fee-based work are Watermans’ largest income stream. In 2024-25 the organisation delivered public sector contracts and led consortia programmes with a combined value of £784,827 (2024: £909,584). 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 2024-25, in the second 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 moved the programme into the National Portfolio for a period ending in March 2026.
The Circulate consortium of Outer London venues and strategic agencies dedicated to the development of Outdoor Arts, was not active in this year.
## _Commercial activities_
Watermans could provide 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.
These services were much reduced during the period, being associated with the 40 High Street site including 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 2024-25, Sharedart Ltd’s trading activities made a net contribution of £18,751 (2024: £129,150). _Donations_
Individual and corporate donations continued and totalled £193 (2024: £32,163) in 2024-25.
## **Reserves and Financial Policies**
## _Reserves Policy_
At the reporting date the Group held reserves of £6,414 (2024: £41,274), however, £21,179 was held by way of tangible fixed assets, and £14,765 of net current liabilities were also held. Reserves have been significantly depleted during the last few years due to several external factors impacting the group.
**Page 14**
**HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
The Board has reviewed the organisation’s needs in line with guidance issued by the Charity Commission and have reviewed the key financial risks and, based on the potential impacts of these risks, consider a reasonable level of reserves under normal circumstances to be £92,750.
In the short term, the group intends to maintain a positive cash flow and generate surplus funds whilst delivering its charitable objectives. 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 to target in the medium term to be £92,750, increasing to £192,750 by the point of the new venue opening.
Reserves are currently not meeting this target due recent financial results. The Board has taken steps to stabilise this position by moving to a transitional operating model. 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.
## _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 16 of the accounts.
## _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 in October 2024.
Watermans also has a Licence to Occupy Bell Square, the Outdoor Arts space in Hounslow.
**Page 15**
## **HOUNSLOW ARTS TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025**
## **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:
- select suitable accounting policies and then apply them consistently
- observe the methods and principles in the Charities SORP
- make judgments and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any
- material departure disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis unless it is inappropriate to
- presume that the charitable group will continue in operation
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 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:
- 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 steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable group’s auditors in connection with preparing their report and to establish that the charitable group’s auditors are aware of that information.
This report was approved by the Trustees on 30 October 2025 and signed on their behalf by:
Joanna Mludzinska (Oct 30, 2025 16:46:14 GMT)
Manjit Kaur Hunjan Chair
Joanna Renata Mludzinska Vice Chair
**Page 16**
**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 2025 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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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.
Page 17
**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:
- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' report has been prepared in accordance with applicable legal requirements.
## **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:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Page 18
**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.
Page 19
**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.
## **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: 28 November 2025
Page 20
## **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 2025**
|Note
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
**Total income**
**Expenditure on:**
Raising funds
6
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|Unrestricted
funds
2025
£
222,974
20,328
18,831
262,133
26,601
270,392
296,993
(34,860)
41,274
(34,860)
6,414|Restricted
funds
2025
£
562,046
-
-
562,046
-
562,046
562,046
-
-
-
-|Total
funds
2025
£
785,020
20,328
18,831
824,179
26,601
832,438
859,039
(34,860)
41,274
(34,860)
6,414|Total
funds
2024
£
941,747
199,019
131,248
1,272,014
56,063
1,316,376
1,372,439
(100,425)
141,699
(100,425)
41,274|
|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 26 to 45 form part of these financial statements.
Page 21
## **HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee) REGISTERED NUMBER: 01164904**
## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025**
|Note
**Fixed assets**
Tangible assets
11
**Current assets**
Stocks
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current liabilities / assets**
Creditors: amounts falling due after more
than one year
15
**Total net assets**
**Charity funds**
Restricted funds
16
Unrestricted funds
16
**Total funds**|21
169,266
59,681
228,968
(243,733)|2025
£
21,179
(14,765)
-
6,414
-
6,414
6,414|21
342,436
62,404
404,861
(362,491)|2024
£
10,648
42,370
(11,744)
41,274
-
41,274
41,274|
|---|---|---|---|---|
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 authorized for issue by the Trustees on 30 October 2025 and signed on their behalf by:
**Manjit Hunjan** (Chair)
**Joanna Mludzinska** (Vice Chair)
The notes on pages 26 to 45 form part of these financial statements.
Page 22
## **HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee) REGISTERED NUMBER: 01164904**
## **COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025**
|Note
**Fixed assets**
Tangible assets
11
Investments
12
**Current assets**
Stocks
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current liabilities / assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
15
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
16
Unrestricted funds
16
**Total funds**|21
164,823
58,770
223,614
(243,203)|2025
£
21,179
2
21,181
(19,589)
1,592
-
1,592
1,592
-
1,592
1,592|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
18,704|
|---|---|---|---|---|
Page 23
## **HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee) REGISTERED NUMBER: 01164904**
## **COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025**
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 authorized for issue by the Trustees on 30 October 2025 and signed on their behalf by:
**Manjit Hunjan Joanna Mludzinska** (Chair) (Vice Chair)
The notes on pages 26 to 45 form part of these financial statements.
Page 24
**(A company limited by guarantee)**
## **HOUNSLOW ARTS TRUST LIMITED (THE)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025**
|Note
**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
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 45 form part of these financial statements|2025
£
23,222
(15,296)
(15,296)
(10,649)
(10,649)
(2,723)
62,404
59,681|2024
£
(86,931)
(2,000)
(2,000)
(10,648)
(10,648)
(99,579)
161,983
62,404|
|---|---|---|
Page 25
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **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.
## **2.2 Going concern**
The group reported an operating deficit for the year of £34,860 (2024: £100,425) and as at the reporting sheet date had net assets of £6,414. 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 2027 and continuing local authority support.
The deficit reported was a result of several challenges the Charity faced during the year including the termination of the lease at its former premises, the elimination of Box Office and Trading income, and restructuring of the Charity's operations and staffing requirements.
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 2025/26 and then subsequently rebuilding reserves.
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.
Page 26
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **2. Accounting policies (continued)**
## **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:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
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.
Page 27
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **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.
- Costs of raising funds are those costs incurred in attracting voluntary income and those incurred in trading activities.
- 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 in the governance of the charitable company and its assets and are primarily associated with its constitutional and statutory requirements.
- Support costs include those functions that assist the work of the charitable company but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's artistic programmes and activities. These costs have been allocated between the cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 8.
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:
Production equipment - 10% straight line basis / 16.67% straight line basis / 20% straight line basis Computer equipment and - 10% straight line basis / 33.33% straight line software basis Administration and general - 20% straight line basis
## **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 28
## **HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **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.
Page 29
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **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.
## Income recognition
Grant income requires a judgement on when the charity is entitled to the income, probability of receipt and the chance that any unspent funds will require reimbursement.
Page 30
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **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 2024|Unrestricted
funds
2025
£
122,917
-
99,864
222,781
193
-
193
222,974
518,641|Restricted
funds
2025
£
-
389,582
105,118
494,700
-
67,346
67,346
562,046
423,106|Total
funds
2025
£
122,917
389,582
204,982
717,481
193
67,346
67,539
785,020
941,747|Total
funds
2024
£
122,917
279,476
432,923|
|---|---|---|---|---|
|||||835,316|
|||||32,163
74,268|
|||||106,431|
||||||
|||||941,747|
||||||
## **4. Income from charitable activities**
|Programme delivery
Total 2024|Unrestricted
funds
2025
£
20,328
199,019|Total
funds
2025
£
20,328
199,019|Total
funds
2024
£
199,019|
|---|---|---|---|
|||||
Page 31
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **5. Income from other trading activities**
## **Income from non charitable trading activities**
|Trading income from subsidiary
Other income
Total 2024|Unrestricted
funds
2025
£
7,118
11,713
18,831
131,248|Total
funds
2025
£
7,118
11,713
18,831
131,248|Total
funds
2024
£
110,996
20,252|
|---|---|---|---|
||||131,248|
|||||
## **6. Expenditure on raising funds**
## **Costs of raising voluntary income**
|Expenditure on raising voluntary income
Wages and salaries
Social security costs
Total 2024|Unrestricted
funds
2025
£
4,943
19,362
2,216
26,521
48,616|Total
funds
2025
£
4,943
19,362
2,216
26,521
48,616|Total
funds
2024
£
9,728
35,100
3,788|
|---|---|---|---|
||||48,616|
|||||
Page 32
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **6. Expenditure on raising funds (continued)**
## **Fundraising trading expenses**
|Trading expenditure by subsidiary
Total 2024
**Other trading expenses**
Administration expenses
Total 2024
**Analysis of expenditure on charitable activities**
**Summary by fund type**
Unrestricted
funds
2025
£
Direct and support costs
270,392
Total 2024
892,800|Unrestricted
funds
2025
£
80
2,099
Unrestricted
funds
2025
£
-
5,348
Restricted
funds
2025
£
562,046
423,576|Total
funds
2025
£
80
2,099
Total
funds
2025
£
-
5,348
Total
2025
£
832,438
1,316,376|Total
funds
2024
£
2,099
Total
funds
2024
£
5,348
Total
2024
£
1,316,376|
|---|---|---|---|
## **7. Analysis of expenditure on charitable activities Summary by fund type**
Page 33
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **8. Analysis of expenditure by activities**
|Direct and support costs
Total 2024|Activities
undertaken
directly
2025
£
584,054
881,474|Support
costs
2025
£
248,384
434,902|Total
funds
2025
£
832,438
1,316,376|Total
funds
2024
£
1,316,376|
|---|---|---|---|---|
||||||
## **Analysis of direct costs**
|Staff costs
Programme costs
Front of house costs
Consumables
Sales software
Website costs
Telephone
Printing and stationery
Postage
Office equipment
Finance and transaction charges
Licenses
Quality management
Total 2024|Programme
delivery
2025
£
246,376
328,538
(6,826)
665
117
5,828
3,452
186
1,132
1,377
4,459
(4,993)
3,743
584,054
881,474|Total
funds
2025
£
Total
funds
2024
£
246,376
402,793
328,538
304,967
(6,826)
109,821
665
1,270
117
4,514
5,828
24,397
3,452
7,498
186
436
1,132
2,297
1,377
1,249
4,459
14,957
(4,993)
5,830
3,743
1,445
584,054
881,474
881,474|
|---|---|---|
Page 34
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **8. 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
Sundry costs
Restructuring provision
Governance costs
Total 2024|Activities
2025
£
110,360
4,765
10,774
14,841
9,731
-
11,934
34,545
6,175
15,373
29,886
248,384
434,902|Total
funds
2025
£
110,360
4,765
10,774
14,841
9,731
-
11,934
34,545
6,175
15,373
29,886
248,384
434,902|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|
|---|---|---|---|
Page 35
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **9. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|Group
2025
£
361,028
23,276
8,396
392,700|Group
2024
£
542,635
43,749
10,852
597,236|Company
2025
£
361,028
23,276
8,396
392,700|Company
2024
£
542,635
43,749
10,852|
|---|---|---|---|---|
|||||597,236|
During the year, statutory redundancy costs of £28,654 were incurred by the charity, relating to 5 people, and included in full in the Consolidated Statement of Financial Activities. At the reporting date, no amounts were outstanding relating to this.
During the year, payment in lieu of notice costs of £53,371 were incurred by the charity, relating to 8 people, and included in full in the Consolidated Statement of Financial Activities. At the reporting date, no amounts were outstanding relating to this.
The average number of persons employed by the Company during the year was as follows:
||Group|Group|
|---|---|---|
||2025|2024|
|Employees|18|35|
The average headcount listed above is reflective of the higher number of staff at the start of the year, and includes the headcount of part-time and casual workers. During the year following changes to the Charity's operations, a number of roles were made redundant. At the reporting date, the charity's staff was made up of 11 permanent full-time and part-time staff. There was also a pool of casual workers.
The average number of employees during the year split per department was as follows:
|Programme support
Marketing
Customer relations
Management and administration
Finance
Technical production|Group
2025
8
1
5
3
1
-
18|Group
2024
7
2
19
3
2
2|
|---|---|---|
|||35|
Page 36
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **9. Staff costs (continued)**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
Group Group 2025 2024 No. No. In the band £60,001 - £70,000 1 1
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 £144,203 (2024: £202,752).
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL).
Page 37
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **11. Tangible fixed assets**
## **Group and Company**
|**Cost or valuation**
At 1 April 2024
Additions
Disposals
At 31 March 2025
**Depreciation**
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
**Net book value**
At 31 March 2025
At 31 March 2024|Building and
capital
works
£
642,319
-
(642,319)
-
642,319
-
(642,319)
-
-
-|Theatre,
cinema and
gallery
equipment
£
281,134
-
(258,407)
22,727
276,764
1,132
(256,626)
21,270
1,457
4,370|Cafe and
bar
equipment
£
17,187
-
(17,187)
-
17,187
-
(17,187)
-
-
-|Computer
equipment
£
163,604
15,296
(160,135)
18,765
163,102
2,432
(162,112)
3,422
15,343
502|Other fixed
assets
£
47,107
-
(38,411)
8,696
41,331
1,201
(38,215)
4,317
4,379
5,776|Total
£
1,151,351
15,296
(1,116,459)
50,188
1,140,703
4,765
(1,116,459)
29,009
21,179
10,648|
|---|---|---|---|---|---|---|
Disposals during the year relate to fully depreciated assets that the charity considered to have no recoverable value on moving out of the 40 High Street site.
Page 38
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **12. Fixed asset investments**
|**Company**
**Cost or valuation**
At 1 April 2024
At 31 March 2025
**Net book value**
At 31 March 2025
At 31 March 2024|Investments
in subsidiary
companies
£
2
2
2
2|
|---|---|
## **13. Debtors**
|**Due within one year**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|Group
2025
£
7,455
-
73,920
87,891
169,266|Group
2024
£
16,403
-
40,305
285,728
342,436|Company
2025
£
-
3,012
73,920
87,891
164,823|Company
2024
£
8,165
16,102
40,305
276,335|
|---|---|---|---|---|
|||||340,907|
Page 39
**(A company limited by guarantee)**
## **HOUNSLOW ARTS TRUST LIMITED (THE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **14. Creditors: Amounts falling due within one year**
|Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|Group
2025
£
11,743
64,180
26,111
12,269
129,430
243,733|Group
2024
£
10,648
129,634
41,233
48,272
132,704
362,491|Company
2025
£
11,743
64,180
26,111
12,269
128,900
243,203|Company
2024
£
10,648
129,634
39,040
46,990
132,174|
|---|---|---|---|---|
|||||358,486|
## **15. Creditors: Amounts falling due after more than one year**
||Group|Group|Company|Company|
|---|---|---|---|---|
||2025|2024|2025|2024|
||£|£|£|£|
|Bank loans|-|11,744|-|11,744|
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 40
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **16. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds
Trading subsidiary funds
**Restricted funds**
ACE - Creative People and Places
Summer of Culture
LBH Short Breaks
Global Streets programme
Artcast4D
London Borough Hounslow CEZ project
**Total of funds**|Balance at 1
April 2024
£
18,704
22,570
41,274
-
-
-
-
-
-
-
41,274|Income
£
243,302
18,831
262,133
389,582
32,000
50,000
12,050
55,296
23,118
562,046
824,179|Expenditure
£
(260,413)
(36,580)
(296,993)
(389,582)
(32,000)
(50,000)
(12,050)
(55,296)
(23,118)
(562,046)
(859,039)|Balance at
31 March
2025
£
1,593
4,821
6,414
-
-
-
-
-
-
-
6,414|
|---|---|---|---|---|
Page 41
## **HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **16. Statement of funds (continued)**
## **Statement of funds - prior year**
|Balance at
1 April 2023
£
**Unrestricted funds**
General Funds - all funds
80,177
**Designated funds**
Cultural education partnership
10,000
Chair and trustee recruitment
2,400
Artistic programme
48,652
61,052
**Restricted funds**
ACE - Capital Works
470
ACE - Creative People and
Places
-
Other public sector contracts
-
LBH Short Breaks
-
470
**Total of funds**
141,699|Income
£
848,909
-
-
-
-
-
273,198
57,121
92,787
423,106
1,272,015|Transfers
Balance at
31 March
Expenditure
in/out
2024
£
£
£
(948,864)
61,052
41,274
-
(10,000)
-
-
(2,400)
-
-
(48,652)
-
-
(61,052)
-
(470)
-
-
(273,198)
-
-
(57,121)
-
-
(92,787)
-
-
(423,576)
-
-
(1,372,440)
-
41,274|
|---|---|---|
Page 42
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2025
£
21,179
228,968
(243,733)
6,414|Total
funds
2025
£
21,179
228,968
(243,733)
6,414|
|---|---|---|
Page 43
## **HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **18. 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 £5,006 (2024: £10,852). Contributions totalling £447 (2024: £7,569) were payable to the fund at the balance sheet date and are included in creditors.
## **19. Operating lease commitments**
At 31 March 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
||||Group|Group|
|---|---|---|---|---|
||||2025|2024|
||||£|£|
|Not later than|1|year|-|2,213|
## **20. Related party transactions**
During the year the charity received a distribution of £36,500 (2024: £114,500) from its 100% owned subsidiary company, Sharedart Limited. At the reporting date, the charity was owed £3,012 (2024: £16,102) by the company. These transactions and balances have been eliminated on consolidation in these financial statements.
Page 44
**HOUNSLOW ARTS TRUST LIMITED (THE) (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **21. Principal subsidiaries**
The following was a subsidiary undertaking of the Company:
|**Name**|**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|18,831|80|4,823|
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.
Page 45
2025-10-30
## HAT TAR & ACs 2024-25
Final Audit Report
Created: 2025-10-30 By: Thom Stanbury (thom@watermans.org.uk) Status: Signed Transaction ID: CBJCHBCAABAA_AylgaNzL7CxN_tfV7z1XHEkzgz1AZW4
## "HAT TAR & ACs 2024-25" History
Document created by Thom Stanbury (thom@watermans.org.uk)
2025-10-30 - 16:12:53 GMT
Document emailed to Manjit Hunjan (manjitkh@btinternet.com) for signature
2025-10-30 - 16:12:59 GMT
Document emailed to Joanna Mludzinska (mludzinski@btopenworld.com) for signature 2025-10-30 - 16:12:59 GMT
Email viewed by Joanna Mludzinska (mludzinski@btopenworld.com) 2025-10-30 - 16:35:40 GMT
Document e-signed by Joanna Mludzinska (mludzinski@btopenworld.com) Signature Date: 2025-10-30 - 16:46:14 GMT - Time Source: server
Email viewed by Manjit Hunjan (manjitkh@btinternet.com) 2025-10-30 - 18:08:39 GMT
Document e-signed by Manjit Hunjan (manjitkh@btinternet.com) Signature Date: 2025-10-30 - 18:10:49 GMT - Time Source: server
Agreement completed.
2025-10-30 - 18:10:49 GMT