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||||||Page|
|---|---|---|---|---|---|
|Reference and administrative
details||ofthe charity,||its Trustees and advisers||
|Trustees'
report|||||2-7|
|Independent
auditors'|report on the|financial|statements||8-11|
|Consolidated
statement|offinancial|activities|||12|
|Consolidated
balance|sheet||||13|
|Charity balance sheet|||||14|
|Consolidated
statement|ofcash flows||||15|
|Charity statement
ofcash flows||||||
|Notes to the financial statements|||||17-32|
##
##
|Trustees|||||M Coles, Chair||||
|---|---|---|---|---|---|---|---|---|
||||||E Hali||||
||||||R Madan||||
||||||H Motani (resigned 10|||March 2021)|
||||||N Smales||||
||||||BSmith||||
||||||C Smith||||
||||||C Swift||||
||||||S Pallister||||
||||||Dr M Owens (appointed|||10March 2021)|
|Company|registered|||number|03031923||||
|Charity registered|||number||1046958||||
|Registered||ofl'ice|||183Bow Road||||
||||||London||||
||||||E32SJ||||
|Company|secretary||||M Baettig||||
|Chief executive officer|||||M Baettig||||
|Independent||auditors|||RPG Crouch Chapman|||LLP|
||||||5th Floor||||
||||||14-16Dowgate|Hill|||
||||||London||||
||||||EC4R 2SU||||
|Bankers|||||National
Westminster||Bank Pic||
||||||161 Bow Road||||
||||||London||||
||||||E32SG||||
||||||Lloyds Bank Pic||||
||||||PO Box1000||||
||||||BX1 1LT||||
||||||Aldermore
Bank||||
||||||1st Floor, Block|B|||
||||||Western
House||||
||||||Lynch Wood||||
||||||Peterborough||||
||||||PE2 6FZ||||
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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
|||Note|2021f|2021
F|2021
8|2020|
|Income from:|||||||
|Donations
and legacies||3|584,256|290,998|875,254|659,288|
|Charitable
activities|||||||
|License fees and rents receivable|||1,028,407||1,028,407|995,802|
|Education
income|||31,419||31,419|269,643|
|Gallery income|||28,940||28,940|36,510|
|Other income|||4,363||4,363|34,346|
|Other trading
activities|||136,751||136,751|364,119|
|Investments|||12,224||12,224|15,134|
|Total income|||1 826 360|290 998|2117358|2 374842|
|Expenditure
on:|||||||
|Raising funds||6|23,143||23,143|560,133|
|Charitable
activities||7|1,416,343|224,798|1,641,141|1,753,227|
|Other expenditure|||73,422|-|73,422|190,752|
|Total expenditure|||1 512 908|224 798|1 737 706|2 504 112|
|Net movement
in funds|||||||
|Reconciliation
offunds:|||||||
|Total funds brought|forward|18|1,491,520|159,123|1,650,643|1,779,913|
|Net movement
in funds||18|313,452|66,200|379,652|(129,270)|
|Total funds carried forvvard|||~RUZk|~~k|~KLZÃ.|~~M|
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##
||||||2021|2020|
|---|---|---|---|---|---|---|
||||||f|f|
|Cash flows from operating||activities|||||
|Net cash|used
in operating|activities|||395,416|87,960|
|Cash flows from investing||activities|||||
|Dividends,|interests
and rents from investments||||12,224|15,134|
|Purchase|oftangible
fixed assets||||(84,145)|(343,995)|
|Net cash|used in investing|activities|||(71,921)|(328,861)|
|Cash flows from financing||activities|||||
|Net cash|provided
by financing
activities||||||
|Change
in cash and cash||equivalents|in|the year|323,495|(240,901)|
|Cash and|cash equivalents|at the beginning||ofthe year|1,878,213|2,119,114|
|Cash and|cash equivalents|at the end|of|the year|||
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##
|||||2021|2020|
|---|---|---|---|---|---|
|||||f|f|
|Cash flows from operating|activities|||||
|Net cash used
in operating|activities|||399,391|(228,858)|
|Cash flows from investing|activities|||||
|Dividends,
interests
and rents from investments||||12,224|15,134|
|Purchase oftangible assets||||(5,197)|(7,348)|
|Net cash provided
by investing
activities||||7,027|7,786|
|Cash flows from financing|activities|||||
|Net cash provided
by financing
activities||||||
|Change
in cash and cash|equivalents|in|the year|406,418|(221,072)|
|Cash and cash equivalents|at the beginning||ofthe year|1,730,710|1,951,782|
|Cash and cash equivalents|at the end|of|the year|||
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||FOR THE Y|FOR THE Y|FOR THE Y|EAR ENDED|31 MARCH 2021 —continu|31 MARCH 2021 —continu|ed||
|---|---|---|---|---|---|---|---|---|
|3.|INCOME FROM GRANTS,|||DONATIONS|AND LEGACIES||||
||||||Unrestricted|Restricted|Total|Total|
||||||Funds|Funds|Funds|Funds|
||||||2021
f|2021
f|2021
f.|2020f|
||Donations||||||||
||Grants and donations||- unrestricted||584,256||584,256|446,579|
||Grants and donations||—restricted|||290,998|290,998|175,079|
||Gift aid|||||||37,630|
||Total 2021||||584,256|290,998|875,254|659,288|
||Total 2020||||484,210|175,078|659,288||
|4.|INCOME FROM TRADING|||ACTIVITIES|||||
||||||Unrestricted||Total|Total|
|||||||Funds|Funds|Funds|
|||||||2021|2021f|2020f|
||Income from non-charitable|||activities|||||
||Place making|income||||13,500|13,500|18,911|
||Project income|||||36,377|36,377|281,766|
||Management
fees|||||52,350|52,350|40,596|
||Space hire income|||||||8,195|
||Other income|||||34,524|34,524|14,650|
|||||||136,751|136,751|364,118|
||Total 2020|||||364,118|364,118||
|5.|INVESTMENT|INCOME|||||||
||||||Unrestricted||Total|Total|
|||||||Funds|Funds|Funds|
|||||||2021f|2021f|2020f|
||Bank and other interest||receivable|||12,224|12,224|15,134|
||Total 2020|||||15,134|15,134||
##
##
|6.|FUNDRAISING|FUNDRAISING|FUNDRAISING|TRADING EXPENSES|TRADING EXPENSES|TRADING EXPENSES|||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Unrestricted||Total|Total|
|||||||||Funds|Funds|Funds|
|||||||||2021f|2021f|2020f|
||CoS —Raw||Materials|||||23,143|23,143|560,133|
||Total 2020|||||||560,133|560,133||
|7.|ANALYSIS||OF|EXPENDITURE ON CHARITABLE ACTIVITIES|||||||
||||||||Unrestricted|Restricted|Total|Total|
||||||||Funds|Funds|Funds|Funds|
||||||||2021
f|2021
f|2021
f|2020
f|
||Expenditure||on|charitable||activities|1,416,343|224,798|1,641,141|1,753,227|
||Total 2020||||||1,616,854|136,373|1,753,227||
|8.|ANALYSIS||OF|EXPENDITURE ON CHARITABLE ACTIVITIES|||||||
|||||||||Core|||
||||||||Direct|Support|Total|Total|
||||||||Costs|Costs|Funds|Funds|
||||||||2021
f|2021
f|2021f|2020|
||Provision of||Creative||Workspace||974,235|162,863|1,137,098|1,025,131|
||Education|Projects|||||184,127|86,165|270,292|451,312|
||Gallery Programmes||||and|Events|114,784|49,515|164,299|218,712|
||Governance|||||||69,452|69,452|58,072|
||||||||1,273,146|367,995|1,641,141|1,753,227|
||Total 2020||||||1,445,532|307,696|1,753,228||
##
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##
|||Property|Education|Gallery|Governance|Total|Total|
|---|---|---|---|---|---|---|---|
|||2021|2021|2021|2021|2021|2020|
|||||F.|F|F|F.|
|Staff costs||171,697|36,836|22,964|73,586|305,083|241,249|
|Office overheads||28,192|6,048|3,771|12,083|50,094|35,628|
|Marketing||2,467|529|330|1,057|4,383|13,878|
|Professional|fees|||||||
|and charges||4,747|1,018|635|2,035|8,435|16,941|
|Total 2021||207,103|44,431|27,700|88,761|367,995|307,696|
|Tota I 2020||136,176|72,046|41,402|58,072|307,696||
##
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|||||2021|2020|
|---|---|---|---|---|---|
||||||F|
|Fees payable to the charity's||auditor|for the audit ofthe charity's|||
|annual|accounts|||6,250|6,166|
|Fees payable to the charity's||auditor|in respect ofthe|||
|auditing|ofaccounts ofsubsidiaries||ofthe charity|4,175|4,125|
##
##
|STAFF COSTS|||||
|---|---|---|---|---|
||Group|Group|Charity|Charity|
||2021|2020|2021|2020|
||||F|F|
|Wages and salaries|525,005|606,094|525,005|606,094|
|Social security costs|50,382|53,007|50,382|53,007|
|Pension costs|104,316|16,386|104,316|16,386|
||679,703|675,487|679,703|675,487|
|Group|Group|
|---|---|
|2021|2020|
|Number|Number|
|21|24|
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##
|Group|Group|
|---|---|
|2021|2020|
|Number|Number|
##
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##
|TANGIBLE FIXEDASSETS||||||
|---|---|---|---|---|---|
||Long-term||Leasehold|||
|GROUP|Leasehold|Fixtures 8|Improve-|Cafe||
||Property
f|Fittings
f|ments
f|Equipment
f|Total
F|
|Cost or valuation||||||
|At 1 April 2020|48,584|47,146|335,380|15,916|447,026|
|Additions||5,196|78,950||84,146|
|Disposals||(22,945)|||(22,945)|
|At 31 March 2021|48,584|29,397|414,330|15,916|508,227|
|Depreciation||||||
|At 1 April 2020|42,054|38,455||3,239|83,748|
|Charge for the year|4,954|3,002||3,128|11,084|
|On disposals||(22,945)|||(22,945)|
|At 31 March 2021|47,008|18,512||6,367|71,887|
|Net book value||||||
|At 31 March 2021|1,576|10,885|414,330|9,549|436,340|
|At 31 March 2020|6,530|8,691|335,380|12,677|363,278|
##
##
|13.|TANGIBLE FIXEDASSETS —continued|TANGIBLE FIXEDASSETS —continued|TANGIBLE FIXEDASSETS —continued|||||
|---|---|---|---|---|---|---|---|
||||||Long-term|Fixtures||
||CHARITY||||Leasehold|and||
||||||Propertyf|Fittings
F|Total|
||Cost or valuation|||||||
||At 1 April 2020||||48,584|47,146|95,730|
||Additions|||||5,196|5,196|
||Disposals|||||(22,945)|(22,945)|
||At 31 March 2021||||48,584|29,397|77,981|
||Depreciation|||||||
||At 1 April 2020||||42,054|38,455|80,509|
||Charge for the year||||4,954|3,002|7,956|
||On disposals|||||(22,945)|(22,945)|
||At 31 March 2021||||47,008|18,512|65,520|
||Net book value|||||||
||At 31 March 2021||||1,576|10,885|12,461|
||At 31 March 2020||||6,530|8,691|15,221|
|14.|FIXEDASSET INVESTIIENTS|||||||
|||||||Investments
in||
||CHARITY|||||Subsidiary
Companies||
||Cost or valuation|||||||
||At 1 April 2020|||||||
||At 31 March 2021|||||||
||Net book value|||||||
||At 31 March 2021|||||||
||At 31 March 2020|||||||
||Principal
subsidiaries:|||||||
||The following
was|a subsidiary|undertaking|ofthe charity:||||
|||||Company|Class of|Included
in||
||Name|||Number|Shares|Holding
Consolidation||
||Bow Arts Trading|Limited||10072462|Ordinary|100%|Yes|
##
##
##
||The financ|ial
|r|esul|ts ofth|e subsidiary
fo|r the year were||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||ProfiV(Loss)|||
||||||||||Surplus/||
|||||||||(Deficit) for||Net Assets/|
||Name||||||Income Expenditure
f
f||the Year
f|(Liabilities)
f|
||Bow Arts|Trading|||Limited||160,753|(125,146)|35,607|(44,235)|
|15.|DEBTORS||||||||||
||||||||||Charity|Charity|
||||||||||2021|2020|
||||||||||f|f|
||Due after|more||than one||year:|||||
||Amounts|owed||by|group|undertakings|||414,330|335,380|
||||||||Group|Group|Charity|Charity|
||||||||2021f|2020
f.|2021f|2020|
||Due within|one||year:|||||||
||Trade debtors||||||246,100|182,115|104,826|136,585|
||Amounts|owed||by|group|undertakings|||35,274|18,594|
||Other debtors||||||22,103|32,570|21,254|32,570|
||Prepayments||and||accrued income||433,129|339,850|546,167|526,720|
||||||||701,332|554,535|707,521|714,469|
|16.|CREDITORS:||Amounts|||falling due after more than one year|||||
||||||||Group|Group|Charity|Charity|
||||||||2021
f|2020
f|2021
F|2020
f|
||Arts Council Capital Grant||||||342,295|342,295|342,295|342,295|
##
##
||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2021|2020|2021|2020|
|||||6||F|
|Trade creditors|||56,658|104,003|46,240|85,529|
|Other taxation
and social security|||16,722|9,261|||
|Other creditors|||208,029|209,148|193,118|209,040|
|Accruals|and deferred|income|685,379|480,675|615,256|428,429|
||||966,788|803,087|854,614|722,998|
||||||Group|Group|
||||||2021|2020|
||||||6|6|
|Deferred|income||||||
|Opening|balance||||155,508|127,995|
|Received|in the year||||227,313|155,508|
|Released|in the year||||(155,508)|(127,995)|
|Closing balance|||||227,313|155,508|
##
##
##
|STATEMENT OF|FUNDS|||||
|---|---|---|---|---|---|
|||Balance at||Balance at||
|CURRENT YEAR||1 April|||31 March|
|||2020f|Income
f.|Expenditure
f.|2021
f|
|Unrestricted
funds||||||
|Designated
funds||||||
|Resilience fund||941,000|||941,000|
|General funds||||||
|General funds||550,520|1,826,360|(1,512,908)|863,972|
|||550,520|1,826,360|(1,512,908)|863,972|
|Total Unrestricted|funds|1,491,520|1,826,360|(1,512,908)|1,804,972|
|Restricted
funds||||||
|Arts Council NPO|Grant|3,168|||3,168|
|HLF Grant (Plastics)||149|||149|
|HLF Grant (Textiles)|||1,277||1,277|
|Paul Hamlyn
Foundation||109,231|-|(8,701)|100,530|
|Vauxhall
New Development|||34,048|-|34,048|
|Education
projects|carried forward|46,575|59,691|(20,115)|86,151|
|Furlough
Grant|||195,982|(195,982)||
|||159,123|290,998|(224,798)|225,323|
|Total offunds||1,650,643|2,117,358|(1,737,706)|2,030,295|
##
##
##
|STATEMENT OF FUNDS|STATEMENT OF FUNDS|||||
|---|---|---|---|---|---|
|||Balance at|||Balance at|
|PRIOR YEAR||1 April|||31 March|
|||2019|Income
f|Expenditure
f|2020
f|
|Unrestricted
funds||||||
|Designated
funds||||||
|Resilience fund||1,300,000||(359,000)|941,000|
|General funds||||||
|General funds||359,496|2,199,763|(2,008,739)|550,520|
|Total Unrestricted|funds|1,659,496|-|(2,367,739)|1,491,520|
|Restricted
funds||||||
|Aberfeldy
Village LLP|||4,000|(4,000)||
|Arts Council NPO|Grant|3,072|50,292|(50,196)|3,168|
|HLF Grant (Plastics)||5,949|19,040|(24,989)||
|HLF Grant (Textiles)||784||(635)|149|
|Paul Hamlyn
Foundation||64,036|93,000|(47,806)|109,230|
|Vauxhall
New Development|||2,867|(2,867)||
|Education
projects carried forward||46,576|5,880|(5,880)|46,576|
|||120,417|175,079|(136,373)|159,123|
|Total offunds||1,779,913|175,079|(2,504,112)|1,650,643|
##
##
##
##
|ANALYSIS OF NET ASSETS BETWEEN FUNDS||||
|---|---|---|---|
||Unrestricted|Restricted|Total|
|CURRENT YEAR|Funds|Funds|Funds|
||2021|2021f|2021f|
|Tangible fixed assets|22,010|414,330|436,340|
|Current assets|2,749,751|153,288|2,903,039|
|Creditors due within one year|(966,788)|-|(966,788)|
|Creditors due in more than one year||(342,295)|(342,295)|
|Total|1,804,972|225,323|2,030,295|
|ANALYSIS OF NET ASSETS BETWEEN FUNDS||||
||Unrestricted|Restricted|Total|
|PRIOR YEAR|Funds|Funds|Funds|
||2020
f|2020
f|2020f|
|Tangible
fixed assets|27,898|335,380|363,278|
|Current assets|2,266,709|166,038|2,432,747|
|Creditors due within one year|(803,087)|-|(803,087)|
|Creditors due in more than one year||(342,295)|(342,295)|
|Total|1,491,522|159,123|1,650,645|
##
|OPERATING ACT|IV|IT|IES||||||
|---|---|---|---|---|---|---|---|---|
||||||Group|Group|Charity|Charity|
||||||2021f|2020f|2021|2020f|
|Net income/expenditure|||for the|year|||||
|(as per Statement|of||Financial|Activities)|379,652|(129,270)|344,045|(129,264)|
|Adjustments
for.|||||||||
|Depreciation
charges|||||11,084|10,007|7,956|6,768|
|Dividends,
interests|and rents||||||||
|from investments|||||(12,224)|(15,134)|(12,224)|(15,134)|
|Decrease/(increase)||in|debtors||(146,797)|(46,892)|(72,002)|(528,195)|
|Increase
in creditors|||||163,701|269,249|131,616|436,969|
|Net cash provided|by|operating||activities|395,416|87,960|399,391|(228,856)|
##
##
##
|||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|
|||||2021f|2020
f|2021
f|2020f|
||Cash in hand|||2,201,708|1,878,213|2,137,128|1,730,710|
||Total cash and cash equivalents|||2,201,708|1,878,213|2,137,128|1,730,710|
|22.|ANALYSIS OF CHANGES||IN NET DEBT|||||
||||||At||At|
||||||31 April|Cash|31 March|
||||||2020f|Flows
f|2021
f|
||Cash at bank and|in hand|||1,878,212|323,493|2,201,705|
##
##
##
|SUBSIDIARY|||
|---|---|---|
|Bow Arts Trading|Limited||
|Subsidiary
name|Bow Arts Trading
Limited||
|Company
registration
number||10072462|
|Basis ofcontrol|Fully owned subsidiary|of Bow Arts Trust|
|Equity shareholding|%|100%|
|Total assets as at|31 March 2021|j634,732|
|Total liabilities as at 31 March 2021||E(678,967)|
|Total equity as at|31 March 2021|E(44,235)|
|Turnover
for the year ended 31 March 2021||f160,753|
|Expenses for the year ended 31 March 2021||E(125,146)|
|Profit for the year|ended 31 March 2021|635,607|