Registered number: 03031923
Charity number: 1046958
BOW ARTS TRUST
(A company limited by guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RPeJCC
Chartered Accountsnts & Statutory Auditor
40 Gracechurch Street
London
EC3V OBT

BOW ARTS TRUST
(A Company limited by guarantee
CONTENTS
Page
Reference and administrative details of the Parent Charity, its Trustees and advisers
Trustees. report
Trustees, responsibilities statement
Independent auditors, report on the financial statements
Consolidated statement of financial activities
9-12
13
Consolidated balance sheet
14-15
Parent Charity balance sheet
Consolidated statement of cash flows
16-17
18
Parent Charity statement of cash flows
Notes to the financial statements
19
20-48

BOW ARTS TRUST
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE PARENT CHARITY, ITS TRUSTEES AND
ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024
Trustees
C Buss (appointed 2 April 2024)
M Coles
J Lewis {appointed 15 November 2023)
R Madan
E Marshall
T Masunda {appointed 15 November 2023)
S Nibbs (appointed 15 November 20231
Dr M Owens
S Pallister
T Rhodes-Taylor (appointed 2 October 2023)
N Smales
B Smith
C Smith, Chair
C Swift
B Tucker (appointed 15 November 2023}
Company registered
number
03031923
Charity registered
number
1046958
Registered office
183 Bow Road
London
E3 2SJ
Company secretary
M Baettig
Chief executive officer
M Baettig
Independent auditors
RPG Crouch Chapman LLP
40 Gracechurch Street
London
EC3V OBT
Bankers
Lloyds Bank PIC
PO Box 1000
BX1 1LT
Aldermore Bank
1st Floor, Block B
Western House
Lynch Wood
Peterborough
PE2 6FZ
Page 1

BOW ARTS TRUST
(A company limited by guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the audited financial statements for the year 1 April 2023
to 31 March 2024. The Trustees confirm that the annual report and financial statements of the company comply
with the current statutory requirements. the requirements of the company's governing document and the
provisions of the Statement of Recommended practi￿ ISORP), applicable to charities Preparing their accounts
in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021
{effective 1 January 2015) as amended by Update Bulletin (effective 1 January 2015}.
Since the charity 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.
Objectives and Activities
OBJECTIVES
Bow Arts Trust's charitable objectives are:
The provision and maintenance of an art gallery or art space fr)r exhibition to the public of modem and fine
art, design and applied art and of work done by students and young emerging artists,.
The promotion and encouragement of the education of the public in the arts, through an art gallery or art
galleries, art spaces and elsewhere.,
The education of children, students and teaching staff in the arts in schools and other educational
establishment5', and
The relief of povety amongst emerging artists by the provision of studio space in which they may create
art and by the provision of residential accommodation for emerging artists and Iheir partners andlor
dependents.
MISSION STATEMENT
We create inspirational, supportive environments where artists and communities interact. learn and flourish. We
make creative activity sustainable within our local communities. creating opportunities to work, learn and enjoy
affordable, lifelong access to the arts.
Both the charitable objectives and mission of Bow Arts Trust are met through the delivery of services by four
distinct departments,. Creative Workspace, Learning. Arts & Events and Enterprise & Placemaking, supported
operationally by the Core Services Department.
In formulating the charity's plans and objectives for the period, the trustees and management have taken in to
account the Charities Commission guidan￿ on public benefit. Each of the sections that follow includes a
summary of performance and achievements for the year, incorporating impacts and activities undertaken to
further public benefit.
CREATIVE WORKSPACE
The Trust's principal funding continues to be earned through licence fees from artists for the provision of creative
workspace and rents receivable for Livelwork spaces.
During the year ending 31 March 2024. Bow Arts took on new studios in Camden, additional guardian properties
in Thamesmead and reopened our Rum Factory studios in Wapping. We now provide a total of 794 affordable
studios and livelwork flats across the portfolio. The portfolio consists of Bow Road {across buildings), P1,
Stratford, Old Manor Park Library, Leegate. Catford DEK, Canada Street. IceHouse Court, Royal Albert Wharf,
Lakeside Centre, Thamesmead Flats, Leyton, Riverside Mill, Durham Street Studios, Camden Studios lover
three buildings), Three Waters and Rum Factory. These sites are all occupied on a leasehold basis except for
Three Waters. which we have purchased on a 999-year lease.
Page 2

BOW ARTS TRUST
{A company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
EDUCATION & LEARNING
Bow Arts Learning team works closely with schools to develop bespoke programmes that support the delivery of
schools, development plans and enrich their creative education provision. The resulting programmes enhance
the confidence, skills and qualifications of children and young people. creating pathways into creative industries
employment. Workshops are bespoke and tailored to the needs of the school, through careful collaborative
planning be￿een project manager. artist and teacher.
In 2023-24 we worked with 80 school clients {86 in 22-23) and worked with 8,163 individual participants (10,264
in 22-23).
The Access to Creative Careers Programme, which aims to bridge the gap befween art and design in schools
with professional practice in the creats've industries- is continuing to grow. We delivered three events taking place
in Spring 2024 in our hubs of Newham, Barking and Dagenham and Thamesmead, with over 300 young people
attending to meet with creative professionals, take part in creative activities and learn more about creative
ourses at universities and colleges.
This year saw the culmination of the Making a Mark project with the Enfield Town Schools Partnership, which
saw nine schools work closely with five artist educators on a Iwo-year project. Through CPD sessions,
coteaching and consultation, the projects aimed to develop teacher knowledge and skills in an art form identified
by the school, with the goal of embedding the practice within their classroom practice and school curriculum.
This was part of the Teacher Development Fund, a Paul Hamlyn Foundation fijnded project which sees a limited
number of grants annually 90 to arts organisations and school partnerships nationwide on teacher-focused
activity. Schools will be sharing the children's outcomes in the artform at an exhibition in April, and the lead
artists will lead training for our artist educator pool on delivering effective CPD.
Another large-scale project which finished this year was the Creativity and Literacy project with the Early Years
team at London Borough of Barking and Dagenham. which was extended from working with ten nursery settings
in 22-23 to a further ten in summer tem of 23-24. The extension, a result of the positive feedback from nursery
practitioners in the Spring Term. meant that Bow Arts artist educators worked with a quarter of nurseries in the
borough, with all settings receiving a book of activity plans to use in their practice. The project culminated in an
exhibition in Barking Learning Centre in July.
In a continuation of our relationship with PHF, in July we started a new Arts Based Learning Grant, which allows
us to continue some of the legacy work from the previous Social Justice project, including one project in Iwo
primaries in Croydon focused on empathy and relationships and one on diversifying the curriculum to ensure it is
relevant to the children and young people in the school. In addition it funds our Artist CPD and Artist Educator
Trainee Programme, public Teacher CPD programme and part-funds one of our consortia of schools in Barking
and Dagenham.
GALLERY & EVENTS
The Nunnery Gallery provides a year-round programme of free exhibitions and events for local and wider
communities, celebrating local heritage and championing emerging artists across all artforms.
The gallery hosted four exhibitions in 23-24 alongside a number of shorter private hires..
Maria Amidu, Living in Fear of Quicksand.. supported with Arts Council England funding and in partnership with
Tower Hamlets Local History Library & Archive, the exhibition explored a fragile relationship with home drawn
from Maria's experience of early years on the Lincoln Estate, Bow.
Lucy Orta. Traces-. Stories of Migration- led by intemational artist and researcher Lucy Orta, in partnership with
London College of Fashion's Making for Change as part of The Portal Centre for Social Impact, the participants
of the Traces.. Stories of Migration workshops came together to share textile knowledge, follow the threads of
community migration in the context of the East End rag trade. and celebrate east London's history of clothing
and textile industry.
Page 3

BOW ARTS TRUST
(A company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Bring Your Light.. Bow Arts x Chila Bumian present the Bow Open 2023.. curated by artist and activist Chila
Burman, artists responded to the theme 'Bring Your Light, to recontextualise the possibilities of everything we
have to give. Spanning a wide range of mediums and subject matter, this exhibition featured 26 artists across
Bow Arts, Studios and Artist Educator programme and was a Joyful, playful, defiant, and insurgent collection of
a￿Ork that radiated strength and courage in the fa￿ of the everyday.
Kat Anderson, Mark of Cane.. winners exhibition of the inaugural East London Art Prize. Supported by funds from
Arts Council England and produced with support from Spike Island, Bristol. Kat Anderson's film Mark of Cane
used the genre of Horror to explore the subjects of ancestral trauma, dispossession and the power in the
returnlretrieval. The accompanying series of paperworks were hand-made and produced as part of Anderson's
residency at UCL East.
The Nunnery Café also had a changing series of exhibitions showcasing the works of Bow Arts studio and
learning artists, providing additional ways for our artists to promote themselves and sell works.
Alongside the exhibition programme, the Bow Skills programme of artist CPD provided 18 sessions across our
studio sites, including sessions on pricing your athork, bid writing and fundraising, reframing finances and
managing money and nurturing resilience. Bow families, our series of free creative workshops run by local artist
educators, provided monthly sessions l¢)cal families across the year. Bow Families addresses the need for
participatory, hands-on creative activity for local families and workshops are run alongside the Nunnery Gallery's
exhibitions, drawing on show content for inspiration.
The East London Art Prize events programme built on the Prize's ethos of providing ongoing support,
development, and neI￿OrkIng opportunities for artists in east London and beyond. Featuring a constellation of
workshops, talks, panels, lates, socials, labs, walks, and takeovers in collaboration with our Prize partner5 and
the inaugural shortlist of 12 fantastic artists, the events programme celebrated and paid homage to the huge
abundance of talent and creativity nestled in east London.
ENTERPRISE & PLACEMAKING
The Enterprise & Placemaking department continues to work with partners to find new opportunities for Bow Arts
to embed creative practice within new propety developments and ensure we maintain a consistent pipeline of
opportunities.
The team manage a programme of creative activity from our hub sites in Royal Albert Wharf, Oaklands Lab and
Thamesmead, growing cultural communities and reinvesting funds from artists donations and partner support to
provide a wide range of support and creative opportunities to creatives and locals alike.
CORE SERVICES
Core services support the financial and administrative work of the trust and manage Governance on behalf of the
Board of Trustees.
Financial review
GOING CONCERN
After making appropriate enquiries. the Trustees have a reasonable expectation that the charity has adequate
resources to continue in operations for the foreseeable future Churn and void rates for studios pose the greatest
risk with potential impact on reserves, but the position is currently strong and is continuously monitored.
For this reason, Bow Arts Trust continues to adopt the going concem basis in preparing its financial statements.
Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Page 4

BOW ARTS TRUST
(A company limited by guarantee)
TRUSTEES, REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
PRINCIPAL FUNDING
The main income streams in the year continued to be licence fees from artists for the provision of creative
workspace and rents receivable for Livelwork spaces.
RESERVES POLICY
Total consolidated funds held at year end are £3,961,653 (2023.. £3,259,799) including £235.223 {2023'.
£292,711 } restricted funds, ad detailed in note 20.
Bow Arts Trust's policy, as a charity, in line with best practice. is to maintain a working reseNe of between 2
months and 4 months of gross expenditure as General Funds within Unrestricted Funds. in order to provide a
cushion against unanticipated reductions in income or increases in expenditure.
In order to accumulate sufficient funds to support the purchase or development of a longer-terrn interest in
buildings (potentially as permanent affordable workspace or Livelwork space for artists) the Trustees have
established a designated fund ('Resilience Fund,) with a nominal target of £6m.
INVESTMENT POLICY
Our current investment policy is to hold funds in liquid form in short notice deposit accounts for easy access. For
free reserves in excess of £0.5m the board will consider investment opportunities around income bearing. high
liquidity and low nsk portfolio options.
Structure, Governance and Management
CONSTITUTION
Bow Arts Trust was founded by Marcel Baettig in 1995. Bow Arts Trust is registered with the Charity Commission
(registered charity number 10469581 and is also a Company Limited by Guarantee (company number 3031923).
Bow Arts Trust is established under a Deed of Trust dated 6 June 1995 and Memorandum & Articles of
Association dated 6th March 1995. as amended by a Deed of Amendment dated 13th January 2006 and Special
Resolutions in December 2017 and December 2022.
APPOINTMENT OF TRUSTEES
As set out in the Memorandum and Articles, the method of the recruitment and appointment of Trustees is
through co-option during the year and then election at an AGM of the company by the members. New Trustees
are recruited according to the skills needed for a balanced Board, by agreement with the existing members.
TRUSTEE TRAINING AND INDUCTION
New Trustees undergo induction to the organisation by the Chair of the Board and the Chief Executive during
which they have the opportunity to meet members of staff and to visit sites and projects under Bow Arts Trust's
management. In addition, they are asked to attend meetings of the Board as observers. All newly appointed
Trustees are given a Trustee Induction Pack and must sign a Trustee Code of Conduct and agree to the Trustee
Conflict of Interest Policy. Trustees are offered access to training to support them in their roles.
STAFFING
The Bow Arts group has 27 members of staff. Bow Arts Trust is an accredited London Living Wage employer.
The gallery and events programme continues to be supported by the Shared Training and Employment
Programme (STEP).
Page 5

BOW ARTS TRUST
(A company limited by guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
SENIOR STAFF PAY
The salaries of senior management are reviewed annually by the Trustees through the Remuneration
Committee. Salary levels are benchmarked using charity. arts and public sector management comparators.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
During this accounting period {year ending 31st March 20241 the Trustees were the sole members of the
company. All members are granted one vote per company resolution including the electionlre-election of trustees
to the Board and AGM. The Board devolves certain responsibilities to the Core Services Committee which meets
quarterly, approximately 4 weeks before each board meeting and the Remuneration Committee and Governance
and Compliance Committee which both meet bi-annually.
A full review of the sub-committee structure has been carried out in 2023-24 establishing new departmental sub
committees for Arts & Events, Learning and Enterprise & Placemaking, to draw on Trustee expertise to drive
departmental growth and strategy, as well as reforming the Governance and Compliance committee as
Governance, Audit and Risk.
The governing body of the company is the Board of Trustees which currently has 15 members. The Trustees
(listed on page 1) delegate the day-to-day management of Bow Arts Trust to the Chief Executive. The Board is
responsible for setting strategies and policies with the Chief Executive.
Bow Arts Trading Ltd is a subsidiary of Bow Arts. The trading company was established in 2016 to deliver activity
that {11 contributes to Bow Arts, charitable objectives, and {2) raises funds for the charity.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity and the group is exposed, in particular those
related to the operations and finances of the charity and the group, and are satisfied that systems and
procedures are in place to mitigate exposure to the major risks including the potential lack of availability of
suitable property to expand or replace studios in the portfolio,. early breaks in existing leasehold property.. flood,
fire or similar causing temporary destructs'on of part of the portfolio.
Measures put in place to strengthen systems and mitigate risk include..
Senior management team meetings are held fortnightly
Board and Core Services Committee meetings are held at least quarterly
Additional sub-committees and advisory groups have been established to provide specific trustee support
to indivi(Jual areas of strategic development
External specialist advice is sought where appropriate under advice from the Core Services Committee or
individual trustees.
The Board has set out key organisational risks and delegated specific responsibilities to individual trustees
to keep Ihese risks under review, monitoring and liaising with key staff as neBessary and reporting any
significant risks to the Board of Trustees for action. Strategic Risk is covered at every Board Meeting, as is
Horizon scanning fof any potential changes globally, economically or locally that could have a serious
impact on Bow Arts charitable activity or our service users.
CHANGES TO THE GOVERNING DOCUMENTS
As set out in the Objectives section above. the Board of Trustees updated the Charitable Objects in December
2022 to better reflect the development and breadth of work carried out by the Trust since our inception in 1995,
including a greater focus on arts education in a range of settings as well as broadening our offer to emerging
artists to include affordable residential accommodation in addition to affordable workspace.
In addition, the Board agreed and adopted an updated Memorandum and Articles of Association to modernize its
governance agreements.
Page 6

BOW ARTS TRUST
IA company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Both changes were submitted and accepted by the Charity Commission and Companies House.
Plans for future periods
FUTURE DEVELOPMENTS
We continue to bring on new studios in Camden growing to 250 studios by the end of 24-25 and growing our
portfolio significantly.
In Thamesmead, we have been selected to become the sole Guardian provider for Peabody Housing, tsking on
up to an additional 63 guardian properties across phase 1 and 2.
It remains Bow Arts long-term strategic ambition to purchase property in order to secure the Trust's future
stability and in order to maintain affordable creative workspace for artists. We are currently looking at three
potential purchases..
Two units in Hackney Wick through partnership with Notting Hill Housing - in May 2024 we were notified
that Bow Arts has secured £455k in capital grant support from Arts Council England towards this bid.
We are in early discussions regarding the purchase of our existing studios at Royal Albert Wharf Studios
through the partnership with Notting Hill Housing and the GLA Docks team.
We are also in discussions regarding the purchase of the Lakeside Centre, Thamesmead, through our
partnership with Peabody Housing.
We are also approaching the end of Stage 2 of our feasibility study to assess the viability of an affordable artists
housing scheme within our Lakeside Centre studios.
We are currently reviewing meanwhile tems on space in Shaftesbury Avenue: which would give Bow arts a
short-term but vibrant central London location to showcase our work. including providing a space for learning and
creative workshops, Nunnery Gallery exhibitions and short-tenn studiolresidency space.
FUNDRAISING PRACTICES
Bow Arts Trust raises additional funds to support its charitable work primarily through donations from artists,
patrons and visitors. As is best practice any complainants would be referred to the Fundraising Regulator.
Approved by order of the members of the board of Trustees and signed on their behalf by"
C Smith
Trustee
Date..
C Buss
Trustee
Page 7

BOW ARTS TRUST
(A company limited by guarantee)
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees (who are also the directors of the Parent Charity for the purposes of company lawl 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 Group and the Parent Charity and of their incoming resources and application of
resources, including their income and expenditure. 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 of the Charities SORP IFRS 1021.,
make judgments and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Group and the Parent Charity's transactions and disclose with reasonable accuracy at any time the financial
position of the Group and the Parent Charity 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 Group and the Parent
Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
lu
24/tl/zi
C Smith
Trustee
Date.
C Buss
Trustee
Page 8

BOW ARTS TRUST
(A company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BOWARTS TRUST
Opinion
We have audited the financial statements of Bow Arts Trust (the 'parent charitable company,) and its subsidiaries
{the 'group'} for the year ended 31 March 2024 which comprise the consolidated statement of fi'nancial activities,
the consolidated balance sheet. the parent Charity balance sheet, the consolidated statement of cash flows, the
Parent Charity 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 preparatson 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 2024 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 accordan￿ with the requirements of the Companies Act 2006 and the Charities
Act2011.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UKII 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 Un￿rtaInt}eS 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 ￿e1ve 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.
In our evaluation of the trustees, conclusions, we considered the risks associated with the charity's business
model, including the effects arising from macroeconomic Un￿rtaIntIeS and analysed how those risks might
affect the charity's financial resources or ability to continue operations over the period of twelve months from the
date when the financial statements are authofised for issue In accordan￿ with the above, we have nothing to
report in these respects.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes
that are inconsistent with judgements that were reasonable at the time they were made, the absence of
reference to a material uncertainty in this auditorfs report is not a guarantee that the charity will continue in
operation.
Page 9

BOW ARTS TRUST
IA company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BOW ARTS TRUST (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 infofmation 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.
Capabllity of the audit to detect irregularities including fraud
We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in
which it operates, and considered the risk of acts by the charity which were contrary to applicable laws and
regulations, including fraud. These included, but were not limited to, Complian￿ with Companies Act 2006, the
Charities Act 2011 and FRS102.
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. We focused on laws and regulations that could give rise to a material misstatement in
the financial statements. Our tests included, but were not limited to..
agreement of the financial statement disclosures to undertying supporting documentation..
enquiries of management.,
review of minutes of board meetings throughout the period., and
obtaining an understanding of the control environment in monitoring compliance with laws and
regulations.
There are inherent limitations in the audit prO￿dureS described above and the further removed noncompliance
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 also addressed the risk of management override of internal controls, including
testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of
material misstatement due to fraud
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.
Page 10

BOW ARTS TRUST
(A company limited by guarantee
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF BOW ARTS TRUST (CONTINUED)
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 chantable 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.
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
oncern and using the going Con￿rn 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 assuran￿ 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 procedllres
in line with our responsibilities, oullined above, to detect material misstatements in respect of irregularities.
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, has
been outline in the paragraph "Capability of the audit to detect irregularities including fraud" above.
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.or
.ukJauditorsres
onsibilities. This description forms part of our
auditors, report.
Page 11

BOW ARTS TRUST
{A company limited by guarantee
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BOW ARTS TRUST (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.
Jeremy Tyrrell FCA BA {Hons) (senior statutory auditor)
for and on behalf of
RPG Crouch Chapman LLP
40 Gracechurch Street
London
EC3V OBT
Date..
19 Iz4
Page 12

BOW ARTS TRUST
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Total
funds
2023
Not6
Income from:
Donations and legacies
Charitable activities
68,450
47.331
775,351
2,186,833
374,080
27.183
113.315
843,801
2.234,164
374,080
27,183
113,315
957,223
1, 779, 040
399, 751
14.552
38, 883
Other trading activities
Investments
Other income
Total income
115,781
3,476,762
3,592.543
3, 189,449
Expenditure on:
Raising funds
Charitable activities
Other expenditure
18,174
2.293,508
405,738
18,174
2,466,777
405,738
5,810
2,206,289
389,276
173,269
10
Total expenditure
173.269
2,717,420
2.890,689
2,601,375
Net movement in funds
(57,488
759.342
701,854
588, 074
Reconciliation of funds:
Total funds brought forward
Net movement in funds
292,711
(57,488)
2,967,088
759.342
3,259,799
701,854
2,671, 725
588, 074
Total funds carried forward
235,223
3,726.430
3,961,653
3,259, 799
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 20 to 48 form part of these financial statements.
Page 13

BOW ARTS TRUST
(A company limited by guarantee
REGISTERED NUMBER: 03031923
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Note
Fixed assets
Tangible assets
15
3,688,476
3, 734, 844
3,688,476
3, 734, 844
Current assets
Debtors.. amounts falling due within one year
Cash at bank and in hand
17
691,014
2,183,148
560, 809
1.316,843
2,874,162
1,877,652
Creditors.. amounts falling due within one
year
18
(1,232,799
(849, 705)
Net current assets
1.641,363
1,027,947
Total assets less current liabilities
5,329,839
4, 762, 791
Creditors.. amounts falling due after more
than one year
19
(1,368,186
(1,502,992)
Net assets excluding pension asset
3,961.653
3,259, 799
Total net assets
3,961,653
3,259, 799
Charity funds
Restricted funds
Unrestricted funds
20
235,223
3,726,430
292, 711
2,967,088
20
Total funds
3,961,653
3,259, 799
Page 14

BOW ARTS TRUST
(A company limited by guarantee
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements have been prepared in accordan￿ with the provisions applicable to entities subject to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
C Smith
Trustee
Date.
C Buss
Trustee
3¢/69/4
The notes on pages 20 to 48 form part of these financial statements.
Page 15

BOW ARTS TRUST
(A company limited by guarantee
REGISTERED NUMBER.. 03031923
PARENT CHARITY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
2024
2023
Note
Fixed assets
Tangible assets
Investments
15
16
3.244,287
3,270.353
3,244,288
3,270,354
Current assets
Debtors.. amounts falling due after more than
one year
Debtors. amounts falling due within one year
Cash at bank and in hand
17
326,485
941,185
1,969.487
341,325
679,299
1,201, T98
17
3,237,157
2, 222,422
Creditors. amounts falling due within one
year
18
{1,110,344)
(728. 784)
Net current assets
2,126.813
1,493, 638
Total assets less current liabilities
5,371,101
4, 763, 992
Creditors.. amounts falling due after more
than one year
19
(1,368,186)
(1,502,992)
Net assets excluding pension asset
4,002,915
3,261,000
Total net assets
4,002,915
3,261,000
Charity funds
Restricted funds
Unrestricted funds
20
235,223
3,767,692
292, 71 t
2,968,289
20
Total funds
4,002,915
3,267,000
Page 16

BOW ARTS TRUST
(A company limited by guarantee)
PARENT CHARITY STATEMENT OF FINANCIAL POSITION {CONTINUED)
AS AT 31 MARCH 2024
The Parent Charity's net movement in funds for the year was £741,915 (2023- £591,255).
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
c￿lL
C Smith
Trustee
Date..
C Buss
Trustee
?g/oq/z¢
The notes on pages 20 to 48 form part of these financial statements.
Page 17

BOW ARTS TRUST
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2Q23
Cash flows from operating activities
Net cash used in operating activities
841,984
1.499,226
Cash flows from investing activities
Dividends. interests and rents from investments
Purchase of tangible fixed assets
27,183
14,551
(2,8621 (3,021,325)
Net cash provided byllused in) investing activities
24,321
(3,006,774)
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
866,305
{1,507,548
1,316,843
2,824,391
Cash and cash equivalents at the end of the year
2,183,148
1,316.843
The notes on pages 20 to 48 form part of these financial statements
Page18

BOW ARTS TRUST
IA company limited by guarantee)
PARENT CHARITY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Cash flows from operating activities
Net cash used in operating activities
740,507
1,528, 184
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
27,182
14,552
(3, 018, 792)
Net cash provided byl(used in) investing activities
27,182
(3,004,240
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
767,689
(1,476,0561
2, 677, 854
1,201,798
Cash and cash equivalents at the end of the year
1,969,487
1,201, 798
The notes on pages 20 to 48 form part of these financial statements
Page 19

BOW ARTS TRUST
(A company limited by guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
General information
The Parent Charity is a private company limited by guarantee. registered in England and Wales. Its
registered office address is 183 Bow Road, London. E3 2SJ, its company number is 03031923 and its
charity number is 1046958.
The members of the Parent Charity are the Trustees named on page 1. In the event of the chafity being
wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
The principal activity of the charity remained the supply of affordable studio facilities for emerging artists,
the education of the public and children in the arts and the provision of an art gallery for the exhibition of
contemporary art, design and applied art.
The charity's wholly owned subsidiary, Bow Arts Tradinlg Limited (company number 10072462}, is a
private limited company with a share capital of £1. Its registered offits address is 183 Bow Road, London,
E3 2SJ, which is also its principal place of operation. The principal activity of the company is that of
property management and development.
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 accordan￿ with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (effective 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006.
Bow Arts Trust meets the definrtion of a public benefit entity under FRS 102. Assets and liabilities are
initially recognised at historical cost or transaction value unless othefwise stated in the relevant
accounting policy.
The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate
the financial statements of the Parent Charity and its subsidiary undertaking. The results of the
subsidiary are consolidated on a line by line basis.
The Parent Charity 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.
The Trustees confirm their explicit and unreserved compliance with the above regulations and
legislations.
2.2 Basis of consolidation
The financial statements consolidate the accounts of Bow Arts Trust (the parent charity) and its
subsidiary undertaking, Bow Arts Trading Limited.
The income and expenditure account for the year dealt with in the accounts of the charity was a
surplus of £741,915 (2023. £591.255).
Page 20

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
2.3 Going concern
As detailed in the trustees, report. the trustees are of the opinion that three are no factors which
threaten the charity's and the group's going concern status.
2.4 Income
All income is recognised once the Parent Charity has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies Is dependent on establishing enb'tlement, the probability of
receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of
entitlement to a legacy exists when the Parent Charity has sufficient evidence that a gift has been left
to them (through knowledge of the existen￿ of a valid will and the death of the benefactor) and the
executor is satisfied that the property in question will not be required to satisfy claims in the estate.
Receipt of a legacy must be recognised when it is probable that it will be received and the fair value
of the amount receivable, which will generally be the expected cash amount to be distributed to the
Parent Charity, can be reliably measured.
Grants are included in the consolidated statement of financial activities on a receivable basis. The
balance of income received for specific purposes but not expended during the period is shown in the
relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt,
its recognition is deferred and included in creditors as deferred income. Where enb'tlement occurs
before income is received, the income is accrued.
Income tax recoverable in relation to donations re￿iVed under Gift Aid or deeds of covenant is
recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have
been provided or on completion of the service.
Turnover comprises revenue recognised by the group in respect of non-charitable services provided
by the trading company during the year. exclusive of Value Added Tax and trade discounts.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in settloment and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activity are apportioned belyleen those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 21

BOW ARTS TRUST
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (continuedl
2.6 Support costs
Support costs represent core costs incurred by the charity.
2.7 Gift Aid
In the case of a Gifl Aid payment made within the Group, income is accrued when the payment is
payable to the Parent Parent Charity under a legal obligation. Measurement is at the fair value
receivable, which will normally be the transaction value.
2.8 Taxation
The Parent Charity is considered to pass the tests set out ir¢ Paragraph 1 Schedule 6 of the Finance
Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax
purposes. Accordingly, the Parent Charity is potentially exempt from taxation in respect of income or
capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act
2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or
gains are applied exclusively to charitable purposes.
The charity's trading subsidiary, Bow Arts Trading Limited, is liable to Corporation Tax and detailes
are included in the consolidated statement of financial activity-
2.9 Tangible fixed assets and depreciation
Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible
fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be
included in the measurement of cost.
Assets in the course of construction are included at costs incurred to date. Depreciation on these
assets is not charged until they are brought into use.
At each reporting date the Parent Charity assesses whether there is any indication of impairment. If
such indication exists, the recoverable amount of the asset is determined to be the higher of its fair
value less costs to sell and its value in use. An impairment loss is recognised where the carrying
amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated useful lives,
Depreciation is provided on the following bases-
Long-term leasehold property
Short-term leasehold property
Fixtures and fittings
Other fixed assets
not depreciated
over the length of the lease
20 % reducing balance
200A straight line
Gains and losses on disposals are detemiined by comparing the prO￿edS with the carrying amount
and are recognised in the consolidated statement of financial activities.
Page 22

BOW ARTS TRUST
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
2.10 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured at fair value at the balance sheet date, unless the value
cannot be measured reliably in which case it is measured at cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on
investments, in the consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.11 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.
2.12 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.
2.13 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past
event. it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Parent Chanty anticipates it will pay to settle the debt
or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the consolidated statement of financial activities as a
finance cost.
2.14 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.
2.15 Operating leases
Rentals paid under operating leases are charged to the consolidated statement of financial activities
on a straight-line basis over the lease term.
2.16 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the
amounts payable by the Group to the fund in respect of the year.
Page 23

BOW ARTS TRUST
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
2.17 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 Un￿StriCted 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.
Investment income, gains and losses are allocated to the appropriate fund.
Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectats'ons of future events that are believed to be reasonable under the
circumstances.
Critical accounting estimates and assumptions..
The Parent Charity makes estimates and assumptions conceming the future. The resulting accounting
estimates and assumptions will, by definition, seldom equal the related actual results. The trustees are of
the opinion that there are no estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year, however, they
are of the opinion that the following accounting estimates are significant to the accounts by virtue of their
nature..
Accruals
Accrued expenditure is based on prior periods, invoices or experien￿.
Depreciationl amortisation
Provision is made for the annual write down in value of fixed assets. Estimated useful lives are based on
industry knowledge and experien￿.
Deferral of income
Amounts deferred are based on experience and Complian￿ with the requirements set by the grant
providers for multi-year contracts.
Page 24

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income from donations and legacies
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Donations
23,874
44,576
639,893
135,458
663,767
180,034
Grants
68,450
775.351
843,801
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Donations
4, 100
342,221
407. 936
202,966
412.036
545, 187
Grants
346,321
610,902
957,223
Page 25

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income from charitable activities
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Provision of Creative Workspace
Enterprise & Placemaking
Learning
Arts & Events
1,946,795
12,046
201,822
26.170
1,946,79S
12,046
249,153
26,170
47.331
47,331
2,186.833
2,234,164
Unrestricted
funds
2023
Total
funds
2023
Provision of Creative Workspace
Enterprise & Placemaking
Learning
Arts & Events
1, 498, 535
4,807
243,910
32,688
1,498,535
4,807
243,010
32,688
1, 779.040
1. 779.040
Page 26

BOW ARTS TRUST
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income from other trading activities
Income from non charitable trading activities
Unrestricted
funds
2024
Total
funds
2024
Sales
180.327
61,833
16,597
21.358
74,000
19.965
180,327
61,833
16,597
21,358
74,000
19,965
Fees receivable
Project income
Service charge re￿1vable
Management fees
Space hire income
374,080
374,080
Unrestricted
funds
2023
Total
furlds
2023
Sales
225, 608
58, 059
19,703
27,397
56, 153
12,831
225, 608
58, 059
19,703
27,397
56,153
12,831
Fees receivable
Project income
Service charge receivable
Management fees
Space hire income
399, 751
399, 751
Page 27

BOW ARTS TRUST
{A company limited by guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Investment income
Unrestricted
funds
2024
Total
funds
2024
Bank and other interest
27,183
27,183
Unrestricted
funds
2023
Total
funds
2023
Bank and other interest
14,552
14,552
Other incoming resources
Unrestricted
funds
2024
Total
funds
2024
MGETR Tax Relief
Other Income
104,507
8,808
104,507
8,808
113,315
113,315
Unrestricted
funds
2023
Total
funds
2023
MGETR Tax Relief
Other Income
10,205
28,678
10,205
28,678
38. 883
38,883
Page 28

BOW ARTS TRUST
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of expenditure on charitable activities
Summary by fund type
Restricted Unrestricted
funds
funds
2024
2024
Total
2024
Provision of Creative Workspace
Enterprise & Placemaking
Learning
Arts & Events
1,584,890
32,186
382,248
215,639
78,545
1,584,890
42,440
518,241
237,328
83,878
10,254
135,993
21,689
5,333
General Management & Administration
173,269
2,293,508
2,466,777
Restricted Unrestricted
funds
funds
2023
2023
Total
2023
Provision of Creative Workspace
Enterprise & Placemaking
Learning
Arts & Events
General Management & Administration
1, 262,393
70,307
379,039
158, 757
81,442
1,262,393
74,628
574,212
211,469
83,587
4,321
195,173
52,712
2,145
254, 351
1.951,938
2,206, 289
Page 29

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10. Non•charitable expenditure
Unrestricted
funds
2024
Total
funds
2024
Freelancers
34,297
49,821
113,720
65,738
14,478
127,684
34,297
49,821
113,720
65,738
14,478
127,684
Café & retail costs
Placemaking costs
Building & FM costs
Marketing & Office Overheads
Wages and salaries
405,738
405,738
Unrestricted
funds
2023
Total
funds
2023
Freelancers
Café & retail costs
Placemaking costs
Building & FM costs
Marketing & Office Overheads
Wages and salaries
10,828
57,040
101,039
61,045
28,466
130, 858
10,828
57,040
101,039
61,045
28,466
130, 858
389, 276
389,276
Page 30

BOW ARTS TRUST
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of expenditure by activities
Activities
undertaken
directly
2024
Support
costs
2024
Total
funds
2024
Provision of Creative Workspace
Enterprise & Placemaking
Learning
Arts & Events
1,336,135
35,819
437.390
200,302
248,755
6,621
80,851
37,026
83.878
1,584,890
42,440
518,241
237,328
83,878
General Management & Administration
2.009,646
457,131
2,466,777
Activities
undertaken
directly
2023
Support
costs
2023
Total
funds
2023
Provision of Creative Workspace
Enterprise & Placemaking
Learning
Arts & Events
General Management & Administration
1,058,456
62,294
480,079
176,613
203,937
12.334
94,133
34, 856
83,587
t,262,393
74, 628
574,212
211,469
83,587
1. 777,442
428, 847
2, 206, 289
Page 31

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.
Analysis of expenditure by activities (continued
Analysis of direct costs
Provision of Enterprise
Creative
& Place-
Workspace
making
2024
2024
Arts&
Events
2024
Total
funds
2024
Learning
2024
Staff costs
Non-payroll related staff costs
Freelance costs
174.224
3,297
1,658
6,324
749.362
23.366
442
338
182,200
3,448
52,814
191,856
102.538
1,941
482,328
9,128
54,810
287,952
762,164
Project costs
Rent. rates & utilities
Propety maintenance &
improvements
Marketing costs
Office overheads
Professional fees
Insurance
10.616
79,156
12.802
181.184
1,478
53.659
5,792
57.025
104.879
(2.747)
108
803
650
181,942
7,112
56,309
8,168
57,025
105,596
(2,888)
4,473
1.783
358
399
468
2.376
Finance charges
Other costs
708
(262)
108
1,336,135
35.819
437.390
200,302
2,009,646
Provision of
Creative Ente￿rise &
Workspace Placemaking
2023
2023
Arts&
Events
2023
Total
funds
2023
Leaming
2023
Staff costs
Non-payroll related staff costs
Freelance costs
Project costs
Rer)t, rates & utilities
Propety maintenance &
improvements
Marketing costs
Office overheads
Insurance
Finance charges
Other costs
113.757
3.020
55
14.650
389
195, 759
5.196
11,750
259,476
93,304
2,477
417,470
11,082
11,855
375,237
709.427
1.104
700, 644
44,154
70, 503
8, 783
111.504
5, 746
31,028
38,751
52.710
137
85
2, 034
932
1,082
207
112,671
13,309
34,222
38, 751
53,188
230
5, 322
2,067
195
416
62
93
1.058.456
62,294
480. 079
176,613
1. 777,442
Page 32

BOW ARTS TRUST
(A company limited by guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11. Analysis of expenditure by activities (continued)
Analysis of support costs
Provision of Enterprise
Creative
& Place-
Workspace
making
2024
2024
Arts&
Events
2024
Learning
2024
Staff costs
Freelance and other staff costs
Marketing costs
Office overheads
Professional fees
Other costs
153.023
6.752
14.288
39,324
33,748
1,620
4,073
180
49,736
2,195
4,644
12,781
10.969
526
22.777
1,005
2,127
5,853
5,023
241
380
1.047
898
43
248.755
6.621
80,851
37,026
General
Manage-
ment &
Adminis-
tration
2024
Total
funds
2024
Staff costs
Freelance and other staff costs
Marketing costs
Office overheads
52,067
2,298
4.862
12.617
11,483
551
281,676
12,430
26,301
71,622
62,121
2,981
Professional fees
Other costs
83,878
457,131
Page 33

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.
Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
Provision ol
Creative Enterpnse &
Workspace Placemaking
2023
2023
Arts&
Events
2023
Learning
2023
Staff costs
Freelance and other staff costs
Marketing costs
Office overheads
Professional fees
147,121
4.071
17.150
27,078
7,907
61Q
8.898
246
67,907
1,880
7.916
12,498
3, 650
282
25, 144
695
1,037
1,638
478
2,931
4, 629
1,352
105
Other costs
37
203. 937
12,334
94, 133
34, 856
General
Management
& Admini-
stration
2023
Total
funds
2023
Staff costs
Freelance and other staff costs
Marketing costs
Office overheads
Professional fees
60,301
1,669
7,029
11,097
3,241
250
309,371
8,561
36,063
56,940
16,628
1,284
Other costs
83,587
428, 847
12.
Auditors. remuneration
2024
2023
Fees payable to the Parent Charity's auditor for the audit of the Parent
Charity's annual accounts
Fees payable to the Parent Charity's auditor in respect ot.
All taxation advisory ServI￿S not included above
Audit of the accounts of the subsidiary company
8,682
7, 800
6,049
4, 950
5,400
Page 34

BOW ARTS TRUST
(A company limited by guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13. Staff costs
Parent
Charity
2024
Parent
Charity
2023
Group
2024
Group
2023
Wages and salaries and stsff expenses
Social security costs
Contribution to defined contribution pension
schemes
766,782
70,812
T37,384
67,524
639,098
70,812
606, 526
67,524
54,094
52.791
54,094
52.791
Wages and salaries incurred by Bow Arts
Trust but re-charged to Bow Arts Trading
Limited
127,684
130, 858
891,688
857.699
891,688
857,699
The average number of persons employed by the Parent Charity during the year was as follows..
Parent
Charity
2024
No.
Parent
Charity
2023
No.
Group
2024
Group
2023
No.
Trustees
Staff
10
27
10
27
26
26
37
35
37
35
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was.
Group
2024
No.
Group
2023
In the band £90,001- £100.000
In the band £100,001- £110,000
Key management comprises the Chief Executive Officer, who is also a director in Bow Arts Trading
Limited, and 3 (2023.. 51 members of the senior management team who are responsible for managing the
day-to-day affairs of the charity. The total remuneration for the year for key management was £232,507
(2023. £306,408)
Page 35

BOW ARTS TRUST
{A company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14.
Trustees, remuneration and expenses
During the year, one or more Trustees has been paid remuneration for the provision of services the
Parent Charity, as follows..
2024
2023
Dr M Owens
N Smales
Remuneration
5,889
5,591
1,680
Remuneration
S Pallister
Remuneration
500
Michael Owens (Bow Arts trustee) has provided professional services through the company Half Mile
Tree in the research and production of the FIAW Impact Report.
Nicholas Smales (Bow Arts trustee) has provided consultancy services dunng the year relating to the
Hackney Wick Arts Council Bid and the Thamesmead Artist Housing Feasibility study.
Stephen Pallister (Bow Arts Trustee) has provided legal and tax advice through his company Wiggin
Osbourne Fullerlove
During the year ended 31 March 2024, expenses totalling f25 were reimbursed or paid directly to 1
Trustee (2023 - £NIL to Tmstee). The expense represented travel costs.
Page 36

BOW ARTS TRUST
(A company limited by guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
15. Tangible fixed assets
Group
Long-term
leasehold
property
Short4erm
leasehold Fixtures and Other fixed
property
fittings
assets
Total
Cost or valuation
At 1 April 2023
Additions
3.265,148
486.408
29,397
18,450
2.862
3,799,403
2.862
At 31 March 2024
3,265,148
486,408
29,397
21,312
3,802,265
Depreciation
At 1 April 2023
Charge for the year
27.239
19.132
24,192
2,507
13,128
4.032
64,559
49,230
23.559
At 31 March 2024
23,559
46,371
26,699
17,160
113,789
Net book value
At 31 March 2024
3,241,589
440,037
2,698
4,152
3,688,476
At 31 March 2023
3,265. 148
459, 169
5.205
5. 322
3, 734, 844
Page 37

BOW ARTS TRUST
(A company limited by guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
15. Tangible fixed assets (continued)
Parent Charity
Long-term
leasehold Fixtures and
property
fittings
Total
Cost or valuation
At 1 April 2023
3,265,148
29,397
3,294,545
At 31 March 2024
3,265,148
29,397
3,294,545
Depreciation
At 1 April 2023
Charge for the year
24,192
2.507
24,192
26,066
23,559
At 31 March 2024
23,559
26,699
50,258
Net book value
At 31 March 2024
3,241,589
2,698
3,244,287
At 31 March 2023
3.265. 148
5,205
3.270,353
Page 38

BOVV ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
16.
Fixed asset investments
Principal subsidiaries
The following was a subsidiary undertaking of the Parent Charity..
Name
Company
number
Registered office or principal Principal activity
place of business
Bow Arts Trading Limited
10072462
183 Bow Road, London, E3 2SJ Property management
Class of
shares
Holding
A Ordinary
100%
The financial results of the subsidiary for the year were..
Name
Income
Expenditure
ProfiU(Loss)
I Surplusl
(Deficitl for
the year
Net assets
Bow Arts Trading Limited
384.451
(424,512)
140,061)
{41,261}
Page 39

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
17.
Debtors
Parent
Charity
2024
Parent
Charity
2023
Due after more than one year
Amounts owed by group undertakings
326,485
341,325
Parent
Charity
2024
Parent
Charity
2023
Group
2024
Group
2023
Due within one year
Trade debtors
364.242
285,616
220,072
385,053
134, 740
261,038
Amounts owed by group undertakings
Short term element of the long temi
intercompany debtor
Other debtors
Prepayments and accrued income
14,840
10,008
311,212
14,840
3.659
265, 022
10.008
316.764
3, 659
271,534
691.014
560, 809
941,185
679,299
Page 40

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18. Creditors: Amounts falling due within one year
Parent
Charity
2024
Parent
Charity
2023
Group
2024
Group
2023
Bank loans
Trade creditors
Arts Council Capitsl Grant
Other taxation and social security
Other creditors
Accruals and deferred income
103,938
438,521
14,840
6,926
445,191
223.383
70, 000
284, 168
14,840
22,108
283, 892
174,697
103.938
346,481
14,840
70,000
261,044
14,840
441.609
203,476
276,421
106,4T9
1,232,799
849, 705
1,110,344
728, 784
Parent
Charity
2024
Parent
Charity
2023
Group
2024
Group
2023
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods
142,395
268, 882
147,096
142, 395
1142,395) (268,882)
79,276
133,577
(79.276)
200. 742
79,276
(200, 742)
147,096
142,395
133,577
79.276
Page 41

BOW ARTS TRUST
(A company limited by guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
19.
Creditors: Amounts falling due after more than one year
Parent
Charity
2024
Parent
Charity
2023
Group
2024
Group
2023
Bank loans
1,041.701
326.485
1,161,667
341.325
1,041,701
326,485
1,161,667
341,325
Arts Council Capital Grant
1,368,186
1,502,992
1,368,186
1,502,992
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the
reporting date is..
Parent
Charity
2024
Parent
Charity
2023
Payable or repayable by instalments
Payable or repayable other than by instalments
721,682
267.125
1,221,965
988,807
1,221,965
Bank loans include £151,667 (2023-. £221,667) representing a CIBIL loan which is secured by an
unlimited debenture on the assets of Bow Arts Trust, and £890.035 12023.. £940,000) representing a
mortgage secured on the charity's long-term leasehold property.
Until September 2023, the mortgage was interest-only and was therefore repayable other than by
instalments. The mortgage is repayable at the end of a 16 year term and interest is charged at base rate
plus 3.21 %.
The Arts Council Capital Grant is repayable over a 25 year period.
Page 42

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20. Statement of funds
Statement of funds - current year
Balance at
31 March
2024
Balance at 1
April 2023
Transfers
inlout
Income Expenditure
Unrestricted funds
Designated funds
Resilience Fund
385,000
800,000
1,185,000
General funds
General Fund
2,582,088
3,476.762 (2,717,420)
1800.000) 2,541,430
Total Unrestricted funds
2.967,088
3.476.762
(2.717,420)
3,726,430
Restricted funds
LBTH Carbon Reduction
Arts Council NPO Grant
Paul Hamlyn - More & Better
Education Projects
Thamesmead Arts Chest
ACE NPO Bow Skills
Paul Hamlyn - Social Justice
Fund
East London Art Prize (Private
Grant)
Paul Hamlyn Foundation - Arts
Based Learning
East London Art Prize
(Minerva)
7,855
6,126
8,974
35,619
35,011
4,588
{5.333)
16,126
18,974)
139,014>
(10,254)
(4,588)
2,522
47.332
23,874
43,937
48,631
37.304
(37.3041
157,234
{17,101)
140,133
44,575
(44,575)
292,711
115.781
1173.269)
235,223
Total of funds
3,259,799
3,592,543 (2,890,689)
3,961,653
Page 43

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20. Statement of funds (continued
Statement of funds - prior year
Balance at
31 March
2023
Balan￿ at
1 Apnl 2022
Transfers
in/out
Income Expenditure
Unrestricted funds
Designated funds
Resilience Fund
1,561,000
(1, 176,000)
385, 000
General funds
General Fund
909, 984
2.843. 128
(2,347, 024)
1, 176,000
2, 582, 088
Total Unrestricted funds
2, 470.984
2.843. 128 (2,347, 024)
2,967,088
Restricted funds
LBTH Carbon Reduction
Arts Council NPO Grant
Paul Hamlyn - More & Better
Education Projects
Thamesmead Arts Chest
ACE NPO Bow Skills
Paul Hamlyn - Social Justice
Fund
East London Art Prize (Private
Grant)
Paul Hamlyn Foundation - Arts
Based Learning
Nick Bateman Memorial Prize
East London Art Prize
(Minerva)
10,000
16.980
(2, 145)
(20, 863)
(54,987)
(91.744)
(4,321)
7, 855
6, 126
8,974
35,619
35,011
4.588
1Q.009
63,961
64,260
35, 232
4,450
63,103
4,100
138
20, 746
65, 000
(48,442)
37,304
167,000
(9, 766)
157,234
2,083
20.000
(22, 083)
2CIO, 741
346,321
(254, 351)
292, 711
Total of funds
2,671, 725
3, 189,449 (2,601.375)
3, 259, 799
Page 44

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20. Statement of funds (continued)
LBTH Carbon Reduction
This grant supports a programme of events and staff training around sustainability with aims to make
learning and behavioural changes in Tower Hamlets.
Arts Council NPO Grant
This fund represents grant fijnding towards leaming projects. marketing and staff costs for a learning
project manager.
Paul Hamlyn - More & Better
This is grant funding from the Paul Hamlyn Foundation towards schools consortia programme setup and
delivery.
Education Projects
This represents Income received from education contracts paid in advance of activity.
Thamesmead Arts Chest
These donations from the Thamesmead Flats are ringfen￿d within the Thamesmead Arts Chest to be
spent on community projects within the Thamesmead area.
ACE NPO Bow Skills
This is grant funding towards the Bow Skills CPD programme.
Paul Hamlyn - Social Justice Fund
This is a grant from the Paul Hamlyn Foundation to support social justi￿ and creative arts learning in
schools projects.
East London Art Prize (Private Grant)
Funded by a private individual to support the East London Art Prize
Paul Hamlyn Foundation - Arts Based Learning
This is a further grant from the Paul Hamlyn Foundation enabling us to work in partnership with formal
education settings leading to a mutual exchange and enrichment of expertise.
Nick Bateman Memorial Prize
This prize will support young artists at the start of their careers over a 10 year period.
East London Art Prize Iminerva)
This is a £20,000 prize fund paid in monthly instalments from January 2022.
Resilience Fund
The Resilience Fund was established in 2012 to achieve greater financial security through facilitating the
Trust to invest in property. Since then the Trustees have agreed that the Fund should be used in cases
which Ihey agree support the long term charitable objectives of theTrust and its resilience. This may
inlcude facilitating investment in propety for use by the Trust in its core administrative function or to
provide affordable spaces for emerging artists.
General Funds
Of the total general funds, a deficit of £41.262 (2023.. £1.200) is retained in a non-charitable subsidiary.
Page 45

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
21. Analysis of net assets between funds
Analysis of net assets between funds - current period
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
3.688,476
3,688,476
305,647
2.568,515
2,874,162
170,424) (1,162,375} 11,232,7991
(1,368,186} 11,368,1861
Total
235,223
3.726,430
3,961,653
Analysis of net assets between funds - prior period
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
3, 734, 844
3. 734. 844
1, 505, 665
1,877, 652
(770, 429)
(849. 705)
(1.502,992) (1,502, 992)
371,987
(79, 276)
Total
292.711
2,967,088
3,259, 799
Page 46

BOW ARTS TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
22. Reconciliation of net movement in funds to net cash flow from operating activities
Parent
Charity
2024
Parenl
Charity
2023
Group
2024
Group
2023
Net income for the period {as per Statement of
Financial Activities)
701,854
588, OT4
741,915
591,255
Adjustments for:
Depreciation charges
Dividends, interests and rents from
investments
Decreasel{increasel in debtors
Increase in creditors
49,230
25, 333
26,066
2,566
(27,1831
(127.076)
245.159
(14,552)
310,997
589, 374
(27,183)
(247,046)
246.755
(14, 552)
362, 041
586, 874
Net cash provided by operating activities
841,984
1,499,226
740,507
1,528, 184
23. Analysis of cash and cash equivalents
Parent
Charity
2024
Parent
Charity
2023
Group
2024
Group
2023
Cash in hand
2,183.148
1.316,843
1,969,487
1,201, 798
Total cash and cash equivalents
2,183.148
1,316,843
1,969,487
1,201,798
24.
Analysis of changes in net debt
At 1 April
2023 Cash flows
At 31 March
2024
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
1,316,843
(70,000)
{1,161,667
866,308
(33,938}
119,966
2,183,151
1103,938)
11,041,7011
85,176
952,336
1,037,512
Page 47

BOW ARTS TRUST
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
25. Operating lease Commitments
At 31 March 2024 the Group and the Parent Charity had commitments to make future minimum lease
payments under nOn-Can￿lIable operating leases as follows.
Parent
Charity
2023
Parent
Charity
2024
331,650
368,925
20,943
314,938
608, 422
31,710
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
721,518
955,070
26. Related party transactions
During the year, £127,684 (2023". £130,858) were accrued by Bow Arts Trading Limited, the charity's
trading subsidiary. in respect of staff shared with Bow Arts Trust.
During the year, Bow Arts Trading Limited provided services to Bow Arts Trust of £10,021 (2023.. none)
all of which is outstanding at the year end and inlcuded in trade creditors in the parent charity-
During the year, Bow Arts Trust paid no grants to Bow Arts Trading Limited (2023.. £38,248) and re￿iVed
no gift aid donation from Bow Arts Trading Limited (2023.. £7,846). There were intercompany purchases
of £763 (2023. none)
At 31 March 2024, Bow Arts Trading Limited owed Bow Arts Trust £326,845 (2023". £341,325) which is
due over a period greater than 1 year and £399,893 (2023_ £275,878) over a period of less than one year.
Both loans are interest free. The short term loan is repayable on demand, whereas the long term loan is
repayable over a 25 year period.
During the year, Bow Arts Trust paid £31 (2023.. £5,272) to T Garland. partner of M Baettig, for the sale of
art work in the Nunnery Shop (2023.. for lead artist seNices at the Bexley Lantern Parade).
During the year, no trustees made any donations to Bow Arts Trust (2023.. £1,500 from one trustee).
Transactions with trustees other than donations are disclosed in Note 14
Page 48