Reglstered number.. 03031923 Charity number: 1046958 BOW ARTS TRUST (A cornpany limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 RPG Crouch Chapman LLP Chartered Accountants & Statutory Auditor 40 Gracechurch Street London EC3V OBT
BOWARTS TRUST (A company limited by guarantee) CONTENTS Page Reforenc8 and adminlstrative details of the Parent Charity, Its Trustees and advisors Trustees. report Ind6pendent audltors. report on the financial statements Consolldated statament of financlal actlvltles Consolidated balance sheet 8-11 12 13-14 Parent Charity balanco sh88t Consolidated statement of cash flows Parent Charlty statement of cash flows Notes to the financial statements 15-16 17 18 19-49
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 2025 Trustees C Buss (appointed 2 April 2024) M Coles J Lewis R Madan (resigned 24 March 2025) E Marshall T Masunda S Nibbs Dr M Owens {re8igned 25 September 2024) S Pallister T Rhodes-Taylor N Smales B Smith (resigned 25 September 20241 C Smith C Swift (resigned 19 M8rch 2025) B Tucker Company registered number 03031923 Charlty registered number 1046958 Regist8red office 183 Bow Road London E3 2SJ Company secretary M Baetlig Chief executlve offlcer M Baeltig Independent auditors RPG Crouch Chapman LLP 40 Grace¢hurch Street London EC3V OBT Bankers Lloyds Bank PIC PO Box 1000 BX11LT Aldermore Bank 1 $1 Floor, Block B Western House Lynch Wood Pet8rborough PE2 6FZ Page 1
BOW ARTS TRUST IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements for the year l April 2024 to 31 March 2025. The Trustees confirm that the annual report and financial stalemenls of the company comply with the current statutory requirem@nts, the r8quiremenls of the companls governing document and the provisions of the Stat8ment of Recommended Practice (SORP), applicabl8 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102> {&ffeclive 1 January 2015} as am6nded by Update Bulletin (effective 1 January 2Q15) Since the charity and the group qualifies as small und6r section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directorfs Report) Regulations 2013 is not required. Ob'ectiv88 and Activltles OBJECTIVES Bow Arts Tmst's charilable objectives ar8.. The provision and maintenance of an art gallery or art spac8 for exhibition to the public of modern and fine art, design and applied art and ofwort< don8 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 Ihe arts in schools and other educational 8StablishmentS', 8nd The relief of povety amongst emer9ing artists by the provision of studio space in which they may create art and by the provision of residential accomrrodation for emerging artists and their partners andlor dependents. MISSION STATEMENT We create inspiraticnal, supportive environm@nls where artists and communities interact, leam and flourish. We make creative activity sustainable within our local communities, creating opportunities to work, 18am 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,. CreatlV8 Workspace, Leaming, Arts & Events and Partnerships & Places, supported operationally by the Core Services Department. In formulating the charity's plans and objectives for the pericd, the trust8gs and management have taken in to account the Charities Commission guidance 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 th8 provision of creative workspace and rents receivabl8 for Livelwork spaces. During the year ending 31 March 2025, w6 now provide a total of 1,004 affordable studi08 and livehMotl( flats across the portfolio. The portfolio consists of Bow Road (across two buildings), P1, Stratford, Old Manor Park Library, Catford DEK, Canada Street, IceHouse Court, Royal Albert Wharf, Lakeside Centre, Thamesmead Flats, Leyton, Riverside Mill, Durham Street studios, Camden Studios (over three buildings), Three Waters, Rum Factory and a meanwhile site at Shaftesbury Avenue. 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 Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 EDUCAT N & LEARNING Bow Arts Learning team works closely with schools to develop bespoke programmes that support the delivery of schools, development plans and enrich their creativ8 education provision. The resulting programmes enhance the confid8nce, skills and qualifications of children and young p&ople, creating pathways into creatlV8 industries employment. Workshops are bespoke and tailored lo the needs of the school, through careful collaborativ8 planning beeen project manager, artist and teacher. In 2024-25 we worked with 60 school clients {80 in 23-24) and worked with 10,000 individual participants18,163 in 23-24), The Access to Creative Careers Programme, which aims to bridge the gap beiween studying art and design in schools with working in the creative industries (particularly for those who experience barriers to these rol@s) 18 continuing to grow, This year we doubled participant numbers from ca. 300 in 23-24 to over 600. We delivered three Creative Careers events in Spring 2025 in our hubs of Newham and Barking and Dagenham, in addition tc an extrawcurricular programme for sixth form students in a partner school in Slratford. Our training for both srtists and teachers has continued this year, including workshops, talks and a two-day conference in our meanwhile space in Shaftesbury Av8nu8 on the theme of 'Reim£gining a Curriculum for All,. Four artists completed our Artist Educator Trainee Programme, which prepares them for delivering projects in schools, Also in our Shaftesbury sile, six artist teachers took part in a studio resid8ncy aimed at giving them the opportunity to develop personal practice and practice in the classroom, We continue to work collaboratively with groups of schools.. we currently hav8 four consortia in Tower Hamlets, Newham, Barking and Dagenham and Lewisham, and signed up four schools in Hackney for a new consortia starting in 25-26. LLERY & EVENTS The Nunnery Gallery provides a year-round programme of free exhibitions and events for lo¢al and wider communities, c818brating local heritage and championing emerging artists across all artForms. The gall@ry hosted four exhibitions in 24-25 alongsid8 a number of shorter private hires.. Kat Anderson, Mark of Cane.. winner's 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 Las, Fiya used the genre of Horror to explore the subjects of ancestral trauma, dispossession and the powèr in the returnlretrieval. The accompanying series cf paperworks were hand-made and produced as part of Anderson's residency at UCL East (organised through the Prize partnership). A Personal Treasure,, Bow Arts x Lindsey Mendick present the Bow Open 2024.. visual artist Lindsey M6n¢ick, invited submissions with her provocation "A Personal Treasure" and has gathered work from $3 artists, various in media and all distinctly precious for sharing a treasured notion. The annual Bow Open showcases the talent and diversity of art being made across the charity's artist community of studio holders and artist educators. In the Foolsteps Df th@ East London Group.. Ihe exhibition explored the past and pr&sent of east London, bringing tog8th&r the historical paintings of the East London Group wrfch their 21 st century conlempor£ries. Inspired by the East London Group's scenes of the old East End, 22 painters from the Urban Contemporaries group and invited guests, including David Hepher, Doreen Fletcher, Ben Johnson, Philippa Beale, Timothy Hyman R4 and Harriet Mena Hill, created new works, which were shown alongside their historical counterparts. The exhibition included a new sound commission by artist and composer Felix Taylor and was accompanied by a new publication from Batsford 3ooks In the Footsteps of the East London Group. Page 3
BOW ARTS TRUST (A company limit8d by guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 East London Art Prize Shortlist Exhibition 2025., The exhibition presented 12 incredible artworks shortlisted for the second iteration of Ihe Prizè, The shortlisted artists, chosen from ov8r 800 submissions by artists and collectives living or working within th8 'E' postcode, were selected by faur guest judges. The winner, Laisul Hoque, and runner up, Lydia Newman, were selected on the opening night. The Nunnery Café also had 8 changing series of 8xhibitions showcasing the works of Bow Arts studio and learning artists, providin9 additional ways for our artists to promote themselves and s@11 their works. Alongside the exhibition programme, th8 Bow Skills programm8 of artist CPD provided 22 sessions with topics including pricing your artwork, social media, reimagining safeguarding, bid wriling and art psychotherapy. Bow families, our series of free creative workshops run by local artist educators, provided monthly sessions for local families 8cross the year, Bow Families addresses the need for participatory, hands-on creative activity for local families and workshops are run alongside the Nunnery GalleS exhibitions, drawing on show content for inspiration. PARTNERSH PS & PLACES FORMERLY.. ENTERPRISE & PLACEMAKING The Partnerships & Places depsrtment continues to work with partners lo find n8W Opportunities for Bow Arts to embed creative practice within new property developments and ensure w6 maintain a consistent pipeline of opportunities. The team manage a programme of creative activity from our hub sites in Royal Albert Wharf, Oakland5 Lab and Thamesmead, growing cultural communities and reinvesling funds from artists donations and partner support to provide a wide range of creative cpportuniti@s to creatives and locals alike. COFIE SERVICES Core services 8UPPOrt th8 financial and administrative work of the trust and manage Governance on behalf of the Board of Trustees. Flnancial Yevi8W As slated in the Reserves Policy, consolidated funds held at the year 6nd amounted tc £5,317,782 12024.. £3,961,653), this is made up of restricted reserves of £175,83912024'. £235,223) and unrestricted resetves of £5,141,943 {£3,726,430). The latter includes negative shareholders funds of £36,171 (2024.. £41,261} in the charitys trading subsidiary, Bow Arts Trading Limited. This is despite the subsidiary making a profit of £5,090 during the year {2024:109s of £40,061). Total reslricted fund income amounted to £187,464 (2024: £115,781) with restricted fund expenditure being £246,84812D24: £173,269}, resulting in net outgoing funds on r8Stricted funds of £59,384 (2024.. £57,488). After taking into account restricted funds brought forward, this results in a balance carried forward of £175,839. Other than Ihe trading subsidiary, consolldaled unrestricled funds comprise the general fund and the designated fund, the latter being the Resilience ReseNe held for fulure property purchases, £1,350,00012024,' £800,000) were transferred from general funds into the designated fund during the year, adding to the £1,185,000 (2024: £300.000) and resulting in a fund balance carried forward of £2,535,QOD. There were no other movements on the designated fund, The general fund had a balance bought fOard of £2,541,430 (2024.. £2,582,088), income of £4,863,715 (2024.. £3,476,762) 8nd expenditure of £3,448,202 (2024.. £2,717,420). After aforementioned funds transfer of £1,350,00012024'. £800,000) this resulted in a balance carried fonard of £2,606,943. Page 4
BOWARTS TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 GOING CONCERN Aft8r making appropriate enquiries, the Trustees have a reasonable expeclation that the charity has adequate resources to continue in operations for the foreseeable futur8. Churn and void rates for studios pose the greatest risk with potential impact on reserves, bul the p081tion is currently strong and is continuously monitored. For this reason, Bow Arts Trust continues to adopt the going concern basis in preparing its financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. 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 £5,317,782 including £175,839 striCted funds. Bow Arts Trust's policy, in line with best practice, is to maintain a working reserve of betwsen 2 months and 4 months of gross @xpendilure as General Funds within Unrestricted Funols, in order to provide a cushion against unanticipated reductions in income or increases in expenditure. In order t¢ accumulate sufficient funds to support the purchas& or development of a long&r-term interest in buildings (potentially as pemianent affordable workspace or Livelwork space for artists) the Trust8es have established a designated fund {'Resilience Fund'l 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 ac3$. For free reserves in excess of £0.5m the boord will consider investment opportunities around income bearing, high liquidity and low risk portfolio options. Structure, Governance and Management CONSTITUTION Bow Arts Trust was founded by Marcel Baettig in 1995. Bow Arts Trust is registered wlth the Charity Commission (registered charity number 1046958) and is also a Company Limited by Guarantee (company number 3031923). Bow Arts Trust is established under a Deed of Trust dated S June 1995 and Memorandum & Articles of Association dated 6th March 1995, as amended by a Deed ofAmendment 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 recruitm&nt 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 tc 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 th8 Chief Executive during which they have the opportunity to meet memb&rs of staff and to visit sites and projects under Bow Arts Trust's managemenl. In addition, they are asked to atl8nd meetings of the Board as observers. All newly appointed Trustees are gtven a TNs18e Induction Pack and must sign a Trustee Code of Conduct and agree to the Trustee Conflict of Inl8rest Policy, Trustees are offered access to training to support them in their roles. Page 5
BOW ARTS TRUST (A company limlted by guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2026 STAFFING The Bow Arts group has 32 members of staff. Bow Arts Trust is an accredited London Living Wage employar. The gallery and &v9nts programme continues lo be supported by th6 Shared Training and Employment Programme (STEP). SENIOR STAFF PAY The salaries of senior management aré 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 MAK5NG During this accounting period (year endin9 31st March 2025) the Trustees were the sole membets of the company. All members are granted one vote per company re8olulion including the electionlre-el8ction of trustees to the Board and AGM. The Board devolves certain responsibilities to the FinanG8 CDmmitlee which meets quarterly, approximately 4 weeks before @ach board meeting and the Remuneration Committee and Govemance, Audit and Risk Committee which both meet a minimum of bAfice per year. A full revi8w of the sub-commitlee structure has been carried out in 2024-25 establishing new departmental sub committees for Finance (Fomierly Cosecoml to draw on Trustee exp8rtise on budgets and forecasts, a Strategic Development committee to look into detail at special projects, Governance Audit and Risk corllmiltee and d8partmental sub-committees for Leaming, Arts and Ev8nts and People & Places. The governing body of the company 15 the Board of Trust88s which currently has 11 members. The Trustees (listed on page 1 > delegale 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 Gompanywa5 established in 201610 deliver activity that {1) conlribules to BDW 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 financ&s of the charty and the group, and are satisfied that syst8ms 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 8XiSting leasehold property,, flood, fire or similar causing temporary destruction 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 Finance Committee meetings are held at least quarterly Additional sul>committees and advisory groups have b6en established to provide specific trustee support to individual areas of strategic development External specialist advice is sought where appropriate under advic8 from sub commitlees or individual trustees. Th@ Board has set out key organisational risks and delegated Specific responsibilities to sub-cornmittees to keep these risks under review, monitoring and liaising with key staff as necessary and reporting any significant risks to the Board of Trustees for action. Strategic Risk is cov8red at every Board Me81ing, as is Horizon scanning for any potential changes globally, ecc)nomically or locally that could have a serious impact on Bow Arts charitable activity or our SeiCe users. Page 6
BOW ARTS TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future perlods FUTURE DEVELOPMENTS It remains Bow Arts long-temi strategic ambition to purchase property in order to secure the Trust's future stability and in order to maintain affordable creative workspace for artists. In April 2025, Bow Arts put down a 500/0 up-front payment for new studios in the Notting Hill Genesis Hackney Yards development. Still in the process of being built, these will provide 38 affordable studios from late 2026. The purchase and cost of fit out was supported by an Arts Council Capital grant of £455,000. In June 2025, we will complete on the purchase of the Lakeside Cenlre in Thamesmead, securing the future of 41 artist studios in perpetuity- The building also homes a nursery and enterprise kitchen. providing vital services to the local community. We remain in Conversation with Notting Hill Genesis regarding the potenlial purchase of our studios at Royal Wharf whose lease comes up for renewal in 2027. Our first studio sile and HQ site of Bow Road has been proposed for sale, and we are in contact with the landlords to look at options for Bow Arts taking ownership of the site. We are also progressing with our Artist Housing Feasibilrty sludy to assess the viability of an affordable artists housing scheme within our Lakeside Centre studios. Our Thamesmead Artist Housing Survey is nearing completion and will be published over the summer 2025. Engagement wsth planning issues and fund development will begin in the Autumn 2025. 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 Buss Trustee Date.. C Smith Trustee Page 7
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 2025 which comprise the consolidated statement of financial 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 preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements-. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Basis for oplnlon We conducted our audit in accordance with Intemalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibi5ities 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 wrth 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 perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signrficant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. In our evaluation of the trustees, conclusions. we considered the risks associated with the chariws business model, including the effects arising from macro-economic uncertainties and analysed how those risks might affect the charity's financial resources or ability to continue operations over the period of twelve months from Ihe date when the financial statements are authorised for issue. In accordance 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 wilh judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the charity will continue in operation. Page 8
BOW ARTS TRUST (A company Ilrnlted by guarante81 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF BOW ARTS TRUST (CONTINUED) Other Informatlon The other information Comprises the infomiation included in the 2nnual report other than the financial statements and our auditors, report thereon, The Trustees are responsible for the other infomiation centained within th& annual report. Our opinion on the financial statemenls does not cover the oth@r information and, except to the extent olhernise explicitly stated in our report, W8 do not express any fom 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 obtainèd in the ccurse of the audit, or oth8nNise appears to be materially misstated. If we identify such material inconsistencies or apparent materia rnisstatements, we are required to determine wh6lher this gives rise to 8 material misstatement in the financial stalements themselves. If, based on the work we have perfomied, we conclude that there is a malgrial misstatement of this other.information, w@ are required to report that fact. We have nothing to report in this regard, Capablllty of the audlt to detect irregulariti88 includlng fraud We gained an understanding of the legal and regu18tDry framework applicable lo the charity and the industry in which it operates, and considered th8 risk of acts by the charity which w8re contrary to applicable laws and regulations, includino fraud. These included, but were not limited to, compliance with Companies Act 20Q6, the Charities Act 2011 and FRS102, W8 designed audit procedures to respond to the risk, recognising that the risk of not d8tecting a material misstatem8nt due to fraud is higher than th8 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 misstatemenl in the financial statements. Our tests included, but were not limited lo. agreement of the financial statement disclosures to underlying supporting documentation., enquiries of management. review of minutes of board meetings throughout the peried, and obtaining an understanding of the control environment in monitoring compliance with laws and regulations. Th8re are inherent limitations in the audit procedures described above and the further remov8d 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 wheth8r there was evidence of bias by the directors that repres6nted a risk of material misstatement due to fraud Opinlon 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 9
BOWARTS TRUST (A company Ilmlted by guarant801 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BOW ARTS TRUST (CONTINUED) Matters on whlch we ar6 raqulred to r8POrt by exceptlon 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. W6 have nothing to report in respect of the following matters in relation to which Companies Act 2008 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our 8udil have not been received from branches not visited by us- or the parent charitable company financial stataments 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 w8re not entitled to prepare the financial statements in accordance with th8 small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, r8POrt and from the r8quirement to prepare a Strategic report, Responslbllltles of trustees As explained more fully in the trustees, responsibilities slatem8nt, the Trust8es {who are also the d5Ctors of the charitable company for the purposes of company law) are r8sponsible for the preparalion of th8 financial statements and for being satisfied that th8y give a true and fair view, and for such internal control as the Truste8s determine is nec8ssary to enable the preparation of financial statements that are free from material misstsl&ment, whelher due lo fraud or error. In preparing the financial st8t8ments, the Trustees are responsible for assessing tha Group's and the parent charitabl8 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic altemative but to do so. Auditors. responslbllltles for the audlt of th8 financial stat8ments Our objectives are to obtain reasonable assurance about whelher 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 15 not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement wh8n it exists. Misstatements Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably b8 expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularitl8s, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect malerial misstatements in respecl of irregularities, including fraud. The ext@nt to which our procedures are capable of delecting irr89ularities, 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,frG.or .uklauditorsres onsibilities, This description forms part of our auditors, report. Pag8 10
BOW ARTS TRUST {A company limlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF BOW ARTS TRUST {CONTINUEDI Use of our r8P¢rt This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006, and to the charitable company's Irusle8s, as a body, Part 4 of the Charities (Accounts and Reports> Regulations 2008. Our audit work has been undert£ken so thal we might state to the charilable compan$ members those matters we are required lo state to th6m in an auditors, report and for no other purpose. To the fullest ext8nl permitt8d by law, we do not accept or assume responsibility lo anyone other than tha charitable cornpany and ils members, as a body, for our audit work, for this r8port, or for the opinions we have formed. Jeremy Tyrrell FCA BA {Hons) (senlor statutory auditor for and on behalf of RPG Crouch Chapman LLP 40 Gracechurch Street London EC3V QBT Date: 2tr191?f Page11
BOW ARTS TRUST (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Restrlcted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activiti8S Other trading activities Investments other income 52,382 135,082 918,679 3,508,421 316,460 61,403 58,752 971,061 3.643,503 316,460 61,403 58,752 843,801 2,234, 164 374,080 27,183 t13.315 Total income 187,464 4,863,715 5,051,179 3, 592, 543 Expenditure on.. Raising funds Charitable activities other expenditure 28,843 3,127,625 290,359 28,843 3,374,473 290,359 18,174 2,466, 777 495, 738 246,848 10 Total expendlture 246,848 3,446,827 3,693,676 2,890,689 Net {expenditure)Ilncome before taxation Taxation 159,384} 1,416,888 (1,375) 1.357,504 11.3751 701, 854 15 Net movement in funds (59,384) 1,415,513 1,356,129 701,854 Reconciliatlon of funds: Total funds brought fOard Nel movemenl in funds 235,223 (59,384) 3,726,430 1,415,513 3,961,653 1,356,129 3, 259, 799 701,854 Total funds carrled forward 175.839 5.141,943 5,317,782 3,961,653 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 19 to 49 form part of these financial statements. P8ge 12
BOW ARTS TRUST (A company limited by guaranlao REGISTERED NUMBER: 03031923 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed assets Tangible assets 16 3,666,994 3,688,476 3,666,994 3,688,476 Current assets Debtors.. amounts falling due within one year Cash at bank and in hand 18 664,359 3.820,836 697,014 2, 783, 148 4,485,195 2,874, 162 Creditors., amounts falling due wthin one year 19 11,594,869 (1, 232, 799) Net current assets 2,890,326 1,641, 363 Total ass&ts1888 current liabilities 6,557,320 5,329. 839 Creditors: amounts falling due after more than one year 20 (1,239,538 (1,368, 186) Net assets excluding pension asset 5,317,782 3,961,653 Total net assets 5,317,782 3,961,653 Charity funds Restricted funds Unr8stri¢ted funds 21 21 175,839 6,141,943 235,225 3, 726,430 Total funds 5,317,782 3,961,653 Page13
BOW ARTS TRUST (A ¢ompany limited by guarantee) CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Trustees acknowledge their responsibiltties for Complying with the requirements of the Act with respect to accounting records and preparalion 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 Buss Trustee Date.. C Smith Trustee The notes on pages 19 to 49 form part of these financial statements. Page 14
BOW ARTS TRUST (A company limited by guarantee) REGISTERED NUMBER: 03031923 PARENT CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 2024 Note Fixed ass8ts Tangible assets Investments 16 17 3,243,544 3,244,287 3,243,545 3,244,288 Current assets Debtors.. amounts falling due afier more than Dne year Debtors.. amounts falling due within one year Cash at bank and in hand 18 18 311,645 1,065,390 3,494,795 326, 485 941, 185 1,969,487 4,871,830 3,237, 157 Creditors.. amounts falling due within on& year 19 {1,521,883) (1, 110,344) Net current assets 3,349,947 2, 726,813 Total a5sets18ss current Ilabillties 6,593,492 5,371, 101 Creditors: amounts falling due after more than one year 20 {1,239,5381 (1,368, 186) Net assets excludlng pension asset 5,353.954 4,002,975 Total net assets 5,353,954 4,002,915 Charlty funds Restricted funds Unrestricted funds 21 175,839 6,178,115 235,223 3, 767,692 21 Total funds 5,363,954 4,002,915 Page 15
BOW ARTS TRUST (A company limited by guarantee) PARENT CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The Parent Charity's net movement in funds for the year was £1.351,039 (2024- £741.915). The Trustees acknowledge their responsibilities for complying with the requirements of the Act wtth 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 stalements were approved and authorised for issue by the Trustees and signed on their behalf by.. C Buss Trustee Date.. C Smith Trustee The notes on pages 19 to 49 form part of these financial statements. Page 16
BOW ARTS TRUST (A company limitod by guarant88) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026 2025 2924 Cash flows from operatlng actlvltles Net cash used In operating activities 1,599,977 841,984 Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of fixed assets 61,403 (25,662 1,971 27,183 (2,862) Net cash provlded by Investlng actlvltles 37,712 24,321 Cash flows from financing activities Net cash provided by financing activities Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 1,637,689 866,305 2,183,148 1,316,843 Cash and cash equivalents at the end of the year 3,820,837 2, 183, 748 The notes on pages 19 to 49 form part of th8s8 financial stat8m8nts Page 17
BOW ARTS TRUST (A company limited by guarantee) PARENT CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operatlng activities Net cash used in cperating activities 1,489,568 740, 507 Cash flows from Investlng actlvltles Dividends, interests and rents from investments Purchase of tangible fixed assets 61,403 {25,682) 27, 182 Net cash provided by investing activities 35,741 27.182 Cash flows from financing activities Net cash provided by financing activities Change In cash and cash equlvalents in the year Cash and cash equivalents at the beginning of the year 1,525,309 1,969,487 767,689 1, 201, 798 Cash and cash equivalents at the end of the year 3,494,796 1,969,487 The notes on pages 19 to 49 form part ofth8S8 financial statements Page 18
BOW ARTS TRUST IA company limit8d by guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Infomiation The Parent Charity is a private company limited by guarantee, register8d in England and Wal8s. Its registered office address 15 183 Bow Road, London, E3 2SJ, its company number is 03031923 and its charily number is 1046958. The members of the Parent Charity are the Trustees named on page 1. In the event of Ihe charity 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 th8 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 charills wholly owned subsidiary, Bow Arts Trading Limit8d (company number 10D72462>, is private limited company with a share capital of £1, Ils registered office 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 manag8m8nt 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 pr8paring th8ir accounts in accordance with th8 Financial R8POrting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191, th8 Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Bow Arts Trust me&ts th8 definition of a public benefit entity und8r FRS 102. Assets and liabilit18s ar8 initially recognised al historical cost or transaction value unless olhenNise stated in the rel&vant accounting policy. The consolidated statement of financial activities ISOFAI and consolidaled 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 advantag6 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 stat&m8nts. The Trustees confirm their explicif and unreseNed compliance with th8 above regulations and legislations, 2.2 Basis of consolidation Th6 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 £1,351,039 {2024= £741,915). Page 19
BOW ARTS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continu0d} 2.3 Going concern As detailed in the trusl6es' report, the trustees are of the opinion that there are no faclors which threaten the charity's and the group's going concern status. 2.4 Incom8 All income is recognised once the Parent Charity has entitl8ment to the income, it is probable that the income will be received and the amount of incoma rec8ivabl& can be measured reliably. The recognilion of income from legacies is dependent on eslablishing entitlem&nt, the probability of r8C8iPt and the abilty to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Parent Charity has sufficient evidence thal a gift has been left to them {through knowledge of the existence of a valid will and the death of the benefactor} and the execulor is satisfied that the property in question will not b8 requir@d to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probabl8 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 cn a receivable basis. The balance of incorre received for specific purposes but not expended during the period is shown in the relevanl funés on the balance sheet. Wh8re incom8 is r8C8ived in advance of enlitlem8nt of receipt, ils recognition is deferred and included in creditors as d8f6rred incorne. Where entitlement occurs before income is reived, the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax reooverable in relation to inv88tment incom8 is recognised at th8 time the inv8stment income is r8C8ivabl8. other inc¢me is recognised in the period in which it is receivable and to the extent th8 goods have be@n provided or on completion of the service. Turnover comprises revenue recognised by the group in respect of non-charitable services provided by the Irading company during the year, exclusive ofvalue Added Tax and trade discounts. 2.5 Expenditure Expenditure is recognised once there is a legal or constructiv@ obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each adivity are made up of th8 total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one a¢ttvity and support cost5 which are not attributable to a single activity are apportioned between those activitiès 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 8Ctivities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 20
BOW ARTS TRUST (A company limit8d by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (contlnued 2.6 Support costs Support costs repres6nt cora Costs incurred by the charity. 2.7 Glft Ald In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the Parent Par&nt Charity under a legal obligation. Measurement is at thé fair value receivable, which will nonnally be the transaction value. Where th6 right to receive Gifl Aid has be&n èstablishéd, the amount receivable is recognised as investment income in the consolidated statem&nt of financial aclivilies. 2.B Taxation The Parent Charity is considered to pass the tests set out in Paragraph 1 Sch8dul8 6 of the Finance AGt 2010 and therefore it meets the definition of a charitable company for UK corporation tax pU0$e8. Accordingly, th@ Par8nt Charity is potentially exempt from taxation in respect of income or capitsl gains received within cat8gori8s 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 incom& or gain6 are appli8d exclusively to charitable purposes. The charity's trading subsidiary, Bow Arts Trading Limited, is liable to Corporation Tax and detaile8 are included in the consolidated statement of financial activity. 2.9 Tangible fixed ass8t8 and depreciation Tangible fixed assets costing £5,QOD or more are capitalised and recognised when future economic benefits are probable and the cost or value of th8 ass8t can b8 measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cosl model, tangible fixed assets are measured al cost less accumulated deprecialion and any accumulated impairment losses. All costs incurred lo bring a tangible fixed ass&t into its int&nd8d working condition should be included in the measurement of cost, Assets in the cours8 of construction are included at costs incurred to dale, Depreciation on these assets is not charged until they are brought into use. At Sach reporting date the Parent Charty assesses whether there is any indication of impairment. If such Indication exists, the recoverable amount of the asset is determined to bs th6 higher of its fair value less costs tc sel5 and it5 value in use. An impairment 105s is recognised where the carrying amount exceeds the recoverable amount. Page 21
BOW ARTS TRUST IA company Ilrnlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (¢ontlnued} 2.9 Tangible fix&d asseis and depreciatlon (contlnued Depreciation is charged so as to allccate the cost of tangible fixed assets less their residual value over their estimal&d us8ful lives, Depreciation is provided on the following bases.. Long-term leasehold property Short-temi leasehold property Fixtures and fittings Other fixed ass8ts not depreciated over the length of the lease 20% r8ducing balance 20 % straight line Galns and losses on disposals are determined by comparing the proc88d8 with the carrying amount and are recognised in the consolidated statement of f inancial aGtivities. 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 Gost18ss impairment. Investmenl gains and losses, whether realised or unrealised, are combined 8nd presented as 'Gsinsl{Lossesl on investments, in the consolidated statement of financi818ctivities. Investments in subsidiaries are valu8d al cost18ss provision for impairment. 2.11 Debtors Trade and other debtors are recognised at the s8ltlem8nt amount after any trade discount offered. Prepayments are valued at the amaunt prep8id 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 provislons Liabilit16s are recognised when there is an obligation at the balance sheet dale as a resull 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 thal th8 Parent Charty anticipates it will pay to settle the debt or th8 amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at th8 bést estimate of the amounts required to settle the obligation. Where the effect of the time valu8 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 finance cost. Page 22
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (contlnued} 2.14 Flnancial 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 int8r8St method. 2.15 Op8rating leases Rentals paid under operating leases are charged to the consolidated statem&nt of financial activitl8S on a straight-lin8 basis over the lease term, 2.16 Pensions The Group c)perates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in r8spect of Ihe year. 2.17 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set asid8 by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial stat6m8nts. Restricted funds are funds which are to be used in accordanTr 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 2im and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and IDsses are allocated to the appropriate fund. Critical accountlng estlmatos and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable und8r the circumslances. Critical accounting estimates and assumptions= The Parent Charity make8 estimat6s and assumptions concerning 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 estimate5 and assumptions that have a significant risk of causing a material adjustment to th8 carrying amounts of assets and liabilities within the next financial year, however, they are of the opinion that the following accounting eslimates are significant lo the accounts by virtue of their nature: Page 23
BOW ARTS TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and areas of Judgment (continued Accruals Accrued expenditure is based on prior periods, invoices or experience. Depreciationl amortisation Provision is made for the annual writé down in value of fixed assets. Estimated useful liv@s are based on industry knowledge and experience. Deferral of Income Amounts deferred are based on experience and compliance with the requirements set by the grant providers for multi-year contracts. Income from donations and18gaci8S Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Donation5 Grants 809,043 10g,636 809,043 162,018 52,382 52,382 918,679 971,061 Restricted unStricted funds funds 2024 2024 Total funds 2024 Donations Grants 23,874 44, 576 639,893 135,458 663, 767 180,034 68,450 775,351 843,801 Page 24
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable aclivitles Restrlcted Unrestricted funds funds 2025 2025 Total funds 2025 Provision of Creative Workspace Partn&rships & Places Learning Arts & Events 2,702,852 600,292 140,173 65,104 2,702,852 600,292 275,256 66,104 135,082 135,082 3,508,421 3,643,503 R98tricted Unrgsfrict8d funds funds 2024 2024 Total fvncls 2024 Provision of Creative Workspace Partnerships & Places Learning Arts & Events 1,946, 795 12,046 201, 822 26,170 1,946,795 12,046 249, 153 26,170 47,331 47,331 2, 186, 833 2,234, 164 Page 25
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from other trading activities Income from non charitable trading activit188 Unrestricted funds 2025 Total funds 2025 Sales Fees receivable Project income Service charge receivable Management fees Space hire income 144,572 21,097 26,671 42,042 54,000 28,078 144,572 21,097 26,671 42,042 54,000 28,078 316,460 316,460 UnrestriGt8d funds 2024 Total funds 2024 Sales Fees receivable Project income Service charge receivable Management fea8 Space hire income 180,327 51,833 16,597 21,358 74, 000 19,9S5 180,327 61,833 16,597 21,358 74, 000 19,965 374,080 374, 080 Page 26
BOW ARTS TRUST IA company Ilmited by guaranlee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S Investment income Unrestrlcted funds 202S Total funds 2025 Bank and other interest 61,403 61,403 nS(ricted funds 2024 Tokal funds 2024 Bank and oth8r intere51 27,183 27, 183 Other incoming r8sourc8S Unrestricted funds 2025 Total funds 2025 MGETR Tax R81ief Other Income 43,484 15,288 43,464 15,288 58,752 58,752 Unrestricted funds 2024 Total funds 2024 MGETR Tax Relief Other Income 104, 507 8, 808 104,597 8,8Q8 ItS,315 713,315 Page 27
BOW ARTS TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charltable actlvltles Summary by fund typa Restricted Unrestricted funds funds 2025 2025 Total 2025 Provision of Creative Workspace Partnerships & Places Leaming Arts & Events General Management & Administration 1,832,537 583,162 280,195 337,210 94,521 1,832,537 583,162 527,043 337,210 94,521 246,848 246,848 3,127,625 3,374,473 R98Enctgd Unrpstricted funds funds 2024 2024 ToÈal 2024 Provision of Creative Workspace Partnerships & Places Leaming Arts & Events General Managem8nt & Administration 1, 584,890 32, 186 382,248 215,639 78,545 1,584,899 42,449 518,241 237,328 83, 878 10,254 135,993 21,689 5,333 173,269 2,293.508 2,466, 777 Page 28
BOW ARTS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Non-charitable expendltur8 Unr8Stricted funds 2025 Total funds 2025 Fr8elancers Café & r@lail costs Placemaking costs Building & FM costs Marketing & Office Ov&rheads Wages and salaries 50,852 52,109 33,950 57,681 18,157 77,610 50,852 52,109 33,950 67,681 18,157 77,610 290,359 290,359 Unrestricted runds 2024 Total funds 2024 Freelancers Café & retail costs Placemaking Costs Building & FM costs Marketing & Office Overheads Wages and salaries 34,297 49,821 113, 720 65, 738 14,478 127,684 34,297 49,821 113, 729 65, 738 14,478 127,684 405, 738 405, 738 Page 29
BOW ARTS TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of 8xpenditure by activities Activities undertaken dlrectly 2025 Support costs 2025 Total funds 2025 Provision of Creative Workspace Partnerships & Places Learning Arts & Events General Management & Administration 1,595,889 509,235 456,642 292,188 236,648 73,927 70,401 45,042 94,521 1,832,537 583,162 527,043 337,210 94,521 2,853,934 52D,539 3,374,473 Activiti6s underfak8rp directly 2024 Support costs 2024 Total funds 2024 Provision of Crealive Workspace Partnerships & Plac8S Learning Arts & Events General Management & Administration 1,336, 135 35,819 437,390 2QO, 302 248, 755 6,621 80,851 37,026 83,878 1,584,890 42,440 518,241 237,328 83,878 2,009,646 457, 131 2, 466, 777 Page 30
BOW ARTS TRUST (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 11. Analysis of expendlture by activities (contlnued) Analysis of direct costs Provision of Creative Workspaca 2025 Partner- shlps & Places 2025 Arts& Events 2025 Total funds 2025 Learning 2025 staff costs Non-payroll related staff costs Fr8elance costs Project costs Rent, rates & utilities Property maintenance & improvements Marketing costs Office overheads Professional fees Insuranc8 Finance Charges oth8r costs 191,425 5,646 792 4,702 920,055 72,767 1,210 776 63,401 352,768 198,101 5,141 193,780 52,131 134,230 3,484 371 124,389 13,882 596,523 15,481 195,719 244,623 1,286,705 223,238 8,194 62,697 20 51,119 127,885 11e 7,813 1,306 2,604 6,590 2,221 11,415 378 1,800 233,272 26,741 67,267 8,410 51,119 127,885 189 5,826 1,5SO 73 1,595,889 509,235 456,642 292,168 2,8S3,934 Page 31
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysls of expendlture by aotivities (continued) Analysis of direGt costs (contlnued) Provision of Crestive Partnerships Workspace & Places 2024 2024 Arts& Events 2024 To(al funds 2024 Learning 2024 Staff costs Non-payroll related staff costs Fr8@lanGe costs 174,224 3,297 1, 658 6, 324 749, 362 23,366 442 338 10,616 182, 200 3,448 52,814 191,856 t02,538 1,941 482,328 9, 128 54,810 287,952 762, 164 Project costs Rent, rates & utilities Property maintenance & improvements Marketing costs Office overheads Professional fees Insurance Finance charg6s Other costs 79,156 12,802 181, 184 1,478 53,659 5, 792 57,025 104,879 (2, 747) 108 803 650 358 468 2,376 181,942 7,112 56,309 8,168 57, 025 105,596 (2, 888) 4,473 7, 783 399 708 108 (262) 13 1,336, 135 35,819 437,590 200,302 2, 009, 646 Page 32
BOW ARTS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysis of expenditure by actlvities {continuod) Analysls of support costs Provlsion of Creatlve Workspace 2025 Partn8r- ships & Places 2025 Arts& Ev8nts 2025 Learnlng 2025 Staff costs Freelance and other Staff costs Marketing costs Office overheads Prof8ssional fees Other costs 139,179 17,996 7,450 27,552 44,391 80 43,479 5,622 2,327 8,607 13,867 25 41,405 5,354 2,216 8,196 13,206 24 28,491 3,425 1,418 5,244 8,449 15 236,648 73,927 70,401 45,042 Gèneral Manage- ment & Adminis- tration Total funds 2025 2025 staff costs Freelanc@ and other staff costs Marketing costs Office overheads Professional fees Other costs 55,590 7,188 2,976 11,005 17,730 32 306,144 39,685 16,387 60,604 97,643 176 94,521 520,639 Page 33
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysls of expenditure by actlvltles (contlnued) Analysis of support Costs (contlnuedl Provision of Greatwe Partnerships Workspace & PlaGes 2024 2024 Arts& Events 2Q24 Leaming 2024 Staff costs Freelanc6 and other staff costs Marketing costs Office overheads Professional fees Other costs 153, 023 6, 752 14,288 39, 324 33, 748 1,620 4,073 180 380 1,047 898 49, 736 2, 195 4, 644 12,781 10,969 526 22, 77T 1,005 2, 127 5,853 5,023 24t 43 248, 755 6,621 80,851 37,026 G9neral Management & Admini- slrntion 2024 Tot81 funds 2024 staff costs Freelance and other staff costs Marketing costs Office overheads Professional fees other costs 52,067 2, 298 4, 862 12,S17 11,483 551 287,676 12,430 26,301 71,622 62, 121 2,981 83,878 457, 131 Page 34
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Audllors, remuneratlon 2025 2024 Fee8 pay8ble to the Parent Charity's auditor for the audit of the Parent Charills annual accounts Fees payable to the Parent Charity'8 auditor in respect of.. Audit of the accounts of the subsidiary company 9,150 8, 682 5,625 5,400 13. Staff costs Parent Charity 2025 P8ront Charity 2024 Group 2025 Group 2024 Wages and salaries and staff 8xpenses Social security costs Contribution to defined contribution pension schemes 847,870 77,072 766, 782 70,812 770,280 77,072 639, 098 70,812 55,335 54,094 55,335 54, 994 Wages and salaries incurred by Bow Arts Trust but re-charged to Bow Arts Trading Limiled 77,610 127,684 980,277 891,688 980,277 891, 688 The average number of p8rsons employed by the Parant Charty during the year was as follows.. Parent Charily 2025 No. Parent Charity 2024 No. Group 2025 No. GroLIP 2024 No. Trust86S staff 10 32 io 10 32 10 27 27 42 37 42 37 Page 35
BOW ARTS TRUST (A company limited by guarant88} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Staff costs (continu8d) The number of employees whose employee benefits (excluding employ6r p6nsion costs) exceeded £60,000 was.. Group 2026 Group 2024 No. In th8 band £10Q,001- £110,OOD Key management comprises the Chief Executive Officer, who is also a diréctor in Bow Arts Trading Limited, and 6 (2024.. 3) members of the senior management team who ar8 r&sponsible for managing the day-to4ay affairs of the charity. Th@ total remuneration for the year for key management was £268,828 (2024.. £232,507). 14. Trustees, remuneration and expenses During the year, one or more Trustees has been paid remuneration for th8 provision of services the Parent Charity, as follows, 2025 2024 Dr M Owens N Smales S Pallistar Remuneration Remuneralicn Remuneration 5, 889 5,591 1, 680 17,400 6,500 Dr Michael ow@ns (Bow Arts Trustee) has provided professional services through his company, Half Mile Tree Ltd, in th8 r6s8arch and production of Ihe RAW Impact Report. Nicholas Smales (Bow Arts Trustee) has provided consultancy services during the year relating to the Lakeside acquisition, Hackney yards, thamesmead contribution study and Bow research group. Stephen Pallister (Bow Arts Trustee) provided legal and tax advice in 2025 through his company Wiggin Osbourne Fullerlove. During the year ended 31 March 2025, expenses totalling £NIL were reimbursed or paid directly to Trustee (2024 - £25 to l Tmstee). The expense r8pr8s8nt8d travel costs. Page 36
BOWARTS TRUST (A Gompany Ilrnlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Taxatlon 2025 2024 Corporation tax Current tax on net {expenditure}lincome for the y88r 1,375 Taxation on net (expenditure)Ilncome 1,375 The tax assessed for the year is lower than {2024- lowerthanl the standard rat8 of corporation tax in tha UK of 19010 (2024 - 190A). Tha dtfferences are explained below.. 2025 2024 Net (expendilure)lincome before tax 1,357,504 701, 854 Net (expendilure)lincome multiplied by the slandard rate of corporation tax in the UK of19 (2024- 19°A). Effects of: 257,926 133,352 D8preciation for year in excess of capital allowances Utilisation of tax Ioss8S other diffgrences leading to gn increasel(decrease) in the tax charge 19,447 {18,805) 1257,393) (154,808) 21,456 Total tax chary8 for the year 1,375 The charity is a regist8red charity and is generally exempt from laxation on ils income and gains falling within Part 11 of th6 Corporation Tax Act 2010 or Section 256 of the TaxatlDn of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. The tsx liability is derived from profits within the Bow Arts Trading Limited, and future tax charg8S dep6nd on the availability of funds to be gift aided to th8 charity. Page 37
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Tangible fixed assets Group Long-term 18as8hold property Short-term leasehold Fixtures and Other fixed property fittings assets Total Cost or valuatlon At 1 April 2024 Additions Disposals 3.265,148 486,408 29,397 25,662 11,070) 21,312 3,802,265 25,662 (3.041) 11,9711 At 31 March 2025 3,265,148 486,408 63,989 19,341 3,824,886 Depreciation At 1 April 2024 Charge for the y88r On disposals 23,559 23.560 46,371 19,132 26,699 2,845 (1,070 17,160 315 {679) 113,789 45,852 (1,7491 At 31 March 2025 47,119 65,503 28,474 16,796 157,892 Net book value At 31 March 2025 3,218,029 420,905 25,515 2,545 3,668,994 At 31 March 2024 3,247,589 440, 037 2,698 4, 152 3, 688,476 Page 38
BOW ARTS TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Tanglblo flxed assets (continued Parent Charlty Long-term leasehold Fixtures and property fittlngs Total Cost or valuatlon At 1 April 2024 Additions Disposals 3,265,148 29,397 25,662 (1,070) 3,294,645 25,662 {1,070} Al 31 March 2025 3,265,148 53,989 3,319,137 Depreclatlon At 1 April 2024 Charge for the year On disposals 23,559 23,560 26,699 60,258 26,405 {1,070) (1,0701 At 31 March 2025 47,119 28.474 76,593 N&t book valuo At 31 March 2025 3,218,029 25.515 3,243,544 At 31 M8rch 2024 3, 241,589 2, 698 3,244, 287 Page 39
BOW ARTS TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Fixed asset Investments Investments In subsidiary companies Parent Charlty Cost or valuatlon At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 A131 March 2024 Principal subsidiaries The following was a subsidiary undertaking of the Parent Charity.. Name Company number Registered office or principal Principal actlvlty plac8 of business Bow Arts Trading Limited 10072462 183 Bow Road, London, E3 2SJ Property management Class of shares Holding A Ordinary The financial results of the subsidiary for the year were,, Name Income Expendlture Profltl(Loss) I Surplusj (Deficit) for the year Net assets Bow Arts Trading Limited 323,733 1318,643) 5,090 136,1711 Page 40
BOWARTS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Debtors Parent Charity 2025 Parent Charity 2024 Due after more than one year Amounts owed by group undertakings 311,845 326,485 Parent Charlty 2025 PanI Charity 2024 Group 2025 GIDUP 2024 Due wlthin one year Trade debtors Amounts owed by group undertakings Short term element of the long term intercompany debtor Other debtors Pr8payments and accrued income 295,127 364,242 231,849 456,065 220,072 385,053 14,840 10,009 352,627 14,840 10,008 311,212 10,009 359,223 10,008 316,764 664,359 691,014 1,065,390 941,185 Page 41
BOW ARTS TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Credltors: Amounts falllng due wlthln one year Parent Charity 2025 Parent Chariéy 2024 Group 2025 Group 2024 Bank loans Trade creditors Arts Council Capital Grant Corporation lax Other taxation and social security other creditors Accruals and deferred income 113,161 424,572 14,840 1,375 10,077 543,322 487,522 t03,938 438,521 14,84Q 113,161 405,615 14,840 103, 938 346,481 14,840 6, 926 445, 191 223, 383 751 539,707 447,809 441.6Q9 203,476 1,594,869 1,232, 799 1,521,883 1, 110,344 Parent Charfty 2025 Pant Charity 2024 Group 2025 Group 2024 Deferred income at 1 April 2024 R8source8 deferred during the y8ar Amounts released from previous periods 147,096 142,395 133,577 131,519 147,096 110,353 (147,096) (142,395) 1133,577) 79,276 133,577 (79,276) 131,519 147,096 110,353 133,5T7 Page 42
BOW ARTS TRUST {A company Ilmited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Credltors: Amounts falllng due after mor8 than on8 year Parent Charity 2025 Parent Charity 2024 Group 2025 Group 2024 Bank loans Arts Council Capital Grant 927,893 311,645 1,041, 701 326,485 927,893 311,645 1,041,701 326,485 1,239,538 1,368, 186 1,239,538 1, 368, 186 The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the r8porting date is,, Parent Charity 2025 Parenl Charity 2024 Payable or repayable by instalments Payable or repayab18 Other than by instalments 657,684 2S2,285 721, 582 267, 725 909.969 988, 807 Bank loans include £81,88812024', £151,667) repras8nting a CIBIL loan which is secured by an unlimited debenture on the assets of Bow Arts Trust, and £846,225 (2024.. £890,035) representing a mortgage Secured on the charitls long-term leasehold property. The mortgage is repayable at the end of a 16 year term and interest is charged at base rate plus 3.21Q/i. The Arts Council Capital Grant is repayable over a 25 year period. Page 43
BOW ARTS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 Aprfl 2024 Transfers inlout Income Expondlture Unrestricted funds Deslgnated funds Resilionce Fund 1,185,000 1,350,000 2,535,000 General funds G8n8ral Fund 2,641,430 4,863,715 {3,448,202) (1,350,000) 2,606,943 Total Unrestricted funds 3,726,430 4,863,715 {3,448,202) 5,141.943 Restricted funds LBTH Carbon Reduction Arts Council NPO Grant Education Projects Thamesmead Arts Chest East London Art Prize (Private Grant) Paul Hamlyn Foundation - Arts Based Learning Mick Bateman Memorial Prize East London Art Prize (Minerva) 2,522 {2,522) 151,215 (51,335) 51,215 45,082 43,937 48,631 37,684 48,631 140,133 (56,646> 83,487 90,000 1,167 (83,963) (1,167) 6,037 23S,223 187,464 (246,848} 175,839 Total of funds 3,961,653 5.051,179 (3,695,050) 5,317,782 Page 44
BOW ARTS TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds (continued) Statement of funds - prior year Balance at 31 March 2024 Balance al 1 April 2023 Transfers inloul Income Expendifure Unrestricted funds Dasignated funds Resili8nce Fund 385,000 800, 000 1, 185,000 G8n8ral funds General Fund 2,582,088 3,476, 762 (2, 717,420) f800,OOQ) 2,541,430 Total Unrestrict8d funds 2,967,088 3, 476, 762 (2, 717, 420) 3, 726,430 Restricted funds LBTH Carbon Reduclicn Arts Council NPO Grant Paul Hamlyn - More & Belter Education Projects Thamesmead Arts Chest ACE NPO Bow Skills Paul Hamlyn - Social Justice Fund East London Art Prize (Private Grant) Paul Harnlyn Foundation - Arts Based Learning Mick Bateman Memorial Prize 7, 855 6, 126 8,974 35,619 35,011 4,588 (5,333) (6, 126) (8, 974) (39,014) (10,254) (4,588) 2,522 47,332 23,874 43,937 48,631 37,304 (37, 304) 157.234 (17, 101) 140, 133 44,575 (44, 575) 292,711 115, 781 (173, 269) 235,223 Total of funds 3,259, 799 3, 592,543 (2, 890, 689) 3,961,653 Page 45
BOW ARTS TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds (continued) LBTH Carbon Reduction This grant supports a programme of ev8nls and staff training around sustainabilty Wlth aims to make learning and behavioural changes in Tower Hamlets. Arts Council NPO Grant This fund r8pr&s6nts grant funding towards learning proi'ects, marketing and staff costs for a learning project manager. Paul Hamlyn - More & Better This is grant funding from the Paul Hamlyn Foundation towards school8 consortia prramme setup and delivery. Education Proj8Cts This represents income received from education contracts paid in advance of activity Tham8sm8ad Arts Chest These donations from the Thamesmead Flats are ringfenced within the Thamesm8ad Arts Ch8St lo be spent on community projects within the Thamesm8ad area. ACE NPO Bow Skills This is grant funding towards the Bow Skills CPD programme. Paul Hamtyn - Social Justice Fund This is a grant from the Paul Hamlyn Foundation to support social justlC8 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 Harnlyn Foundation - Arts Based Learnlng 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. Mick Bateman Memorial Prize This prize will support young artists at the start of their careers over a 10 year period. East London Art Prize (MineNa This is a £20,000 prize funcl paid in monthly inslalments from January 2022. Resilienea Fund The Resilience Fund was established in 2012 to achieve greater financial $6curity through facilitating the Trust to invesl in property. Since then the Trustees have agreed that th8 Fund should be used in cases which they agree support Ihe long term charitable objectives of theTrusl and its resilience. This may inlcude facilitating inv8Stmenl in property for use by the Trust in its core administrative function or to provide afft)rdable spaces for emerging artists. General Funds Of the total gen8ral funds, a deficit of £27,665 {2024'. £41,262) is retained in a non-charitable subsidiary. Page 46
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Analysls of net a53ets beiween funds Analysls of net assets between funds- current year Restricted Unrestrlcted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 3,666,994 3,666,994 286,192 4,199,003 4,485,195 (11 D,353} 11,484,516) (1,594,869) 11,239.538) (1,239,538) Total 175,839 5,141,943 5,317,782 Analysls of net assets b8tween funds - prior year Restricted UnrBStr7cEed funds funds 2024 2024 Total fvnds 2024 Tangible fixed assets Current assets Creditors due within on8 year Creditors due in more than one year 3, 688, 476 3, 688,476 305,647 2,568,515 2,874, 162 (70, 424) (1, 162, 375) (1,232, 799) (1,368, 186) (1,368, 186) Total 235, 223 3, 726,430 3,961,653 Pa96 47
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Reconclllatlon of net movement In funds to net cash flow from oporatlng activities Parent Charity 2025 Parenl Charity 2024 Group 2025 Group 2024 Net income for the y8ar (as per Statement af Financial Activities) 1,356,129 701, 854 1,351,039 741,915 Adjustments for: Depreciation charges Dividends, interests and rents from inve8tm8nts Decr8asel(increase) in debtors Increase in creditors 45,173 49, 230 26AOS 26,066 (61,403) 26,656 233,422 (27, 183) (61,403) (27, 183) (127,076) {109,362) (247,046) 245, 159 282,889 246, 755 Net cash provided by operating activiti88 1,599,977 847,984 1,489.568 740,507 Analysis of cash and cash equlvalents Parent Charlty 2025 Parent Charity 2024 Group 2025 Group 2024 Cash in hand 3,820,837 2, 183, 148 3,494,796 1,969,487 Total cash and cash equlvalents 3.820,837 2, 183, 148 3,494,796 1,969,487 25. Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 202S Cash at bank and in hand Debt due within 1 year Debt due after 1 year 2,183,151 (103,938) (1,041,701) 1,637.686 3,820,837 19,2231 {113,161) 113,808 {927,893) 1,037,512 1,742,271 2,779,783 Page 48
BOW ARTS TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 26. Operating lease commitment5 Al 31 March 2025 th6 Group and the Parent Charity had commitmants to mak8 fulurg minimum lease payments under non-canc@Ilab18 operating leases as follows: Parent Charity 2025 Parent Charity 2024 Not later than l year Lat8r than 1 year and not later than 5 years Later than 5 years 341,358 460,943 394,250 331,650 368,925 20,943 1,196,551 721,578 27. Related party transactions During the year, £77,610 {2024.. £127,684) 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 Limit8d provid8d servic8s to or r@C81V6d cr8dits from Bow Arts Trust of £17,323 {2024= £10,021), and purchased seNic6s or paid refunds to Bow Arts Trust of £8,11612024.' £763), Of this, £2,908 (2024.. £10,021) is still outslanding at the year end and is included in trade creditors in the parent charity. Al 31 March 2025, Bow Arts Trading Limited owed Bow Arts Trust £311,645 (2024.. £326,845) which is due over a period grealerthan 1 year and £470,905 (2024: £399.893) over a period of less than one year, Both loans are interest free. The short temi loan is repayable on demand, whereas th8 long term loan is repayabl8 ovar a 25 year period. During the year, Bow Arts Trust paid £821 {2024: £31} to T Garland, partner of M Baettig, for the sale of art work in the Nunnery Shop and for work support with th8 Arts & Events Team (2024: for the sal8 of art work in the Nunnery Shop). During the year, one tru8t88 madé donations of £22,500 (2024, £21,000) through his company. Transactions with trustees are disclosed in Note 14 Page 49