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2023-03-31-accounts

BOOK WORKS (UK) LTD (Company limited by guarantee no. 03190880 registered charity no. 1104148)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

BOOK WORKS (UK) LTD

(Company limited by guarantee no. 03190880, registered charity no. 1104148)

REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2023

CONTENTS

Page
Legal and administrative information 1
Management Committee's report 2
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12
Cash flow statement 13
Notes to the financial statements 14

BOOK WORKS (UK) LTD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 March 2023

Management Committee Teresa Drace-Francis (Chair)
Maria Amidu (appointed 15 August 2022)
Nicholas Brown
Aliya Gulamani (appointed 15 August 2022)
Michael Mack (resigned 24 January 2023)
Claire Malcolm
Gerrie van Noord
Secretary Gavin Everall
Co-Directors Rob Hadrill
Gavin Everall
Company reg. no. 03190880
Charity reg. no. 1104148
Registered office 19 Holywell Row
London, EC2A 4JB
Independent Examiner Delta Accountancy Advice Ltd
8 Margaret Avenue
St Albans, AL3 5TE
Bankers Lloyds Bank plc
Finsbury Square Branch
PO Box 1000 BX1 1LT

1

BOOK WORKS IUKI LTD MANAGEMENT COMMIThEES REPORT For the year ended 31 March 2023 Management Committee Rewrt- year end Amarch 2023 The Management Comfflittee. who aTe also direC￿[S of the CompaDy for the purposes of the Cotnpanies Act. and ttustees for charity law puttK>se5. wbmit their annua] le￿rt and the financial statements of Book Works (LTKI Lid foi the year ended 31 March 2023. The Managettlent Committee COnfirn￿ that the annual re￿rt and financial statements of the Cornpdrky comply with the Chatitie5 Act 2011. the Cornpanies Aci 2006, Ihe requirements of the CoTnpany'5 goven]in8 docurnent the provisions of the Statement of Recomrnended Prdctice ISORPI 'Accounting and ReF¥)lling by Ch8ritie5 IFRS 1021.. Prlncipal activitie5 and review olactivides The compny is esÉab]ished with the obj.ect to advance educalion of the public in the visua] arts and in particular In the context of books, tlw)ugh printing. publishing alld exhlbitions or artists, book5. As an ar￿ organisation, we alm to benefit the pub]ic through our programme of publishing and educational events, and through our dtstribution of our books lo a Thude cro&5 section of the pllb]ic. The Managemeni Committee have paid due regard to the Chariry Comrnission's guidance on pub]ic ￿nefit in deciding the activliie5 undertaken during the year. The cofflpany comjllissions new work iti collaboration with artists and wtilers, publishing. producing and prinung tK)ok5. muitiplfs. limited editions, and new media PTojects. li also organises exhibitions. insta]iatiL)ns. tirne-based awkd perforniaD¢e works. workshops and edurdtional eyents in a ￿lety oldifferent I￿atIonS including gallerie5. librarie5, museurn5. retail space5 and on the Intemet. It acts as a national re5our￿ for 3rtists' tx)oks and those involved th publishing An the ¥Jts, and aims to di5ttibuie its work Éo a ￿de and varled audience. It receives r￿ed-￿M funding from Arts Council En@and towards 115 core publlshing ptogrdrntne. Activities Book Works secweJl ar¥J Completed the extension year to our four-year prograrnme (2018- 2022. +20231. with funding from Arts Council Engknd as a National Portfolio Organisation. to de]ivery and on8oiDg series of publications and projects and to estsblish a coherent. nalionwide approach to the development of èrtisuc talent. Our ongoing commiunent is lo working with and benefiting artists, from dIVe￿e backgrounds, at all stage5 of their career. and to promote and distribule the work we produce to a wide and varied readership/audience as outlined in our business plan. The challenges caused by the COVID pandemic for Book Works were 5uc¢essfully managed. but ongoing. LxJckdDwn. and COVID Safety have meant some stsff illness. flexible home working, loss and delay to comtni5sioTrs for the Studio aDd to the Publishing cotnmissloning progrdmme.

BOOK WORKS (UK} LTD MANAGEMENT COMMrrTEES REPORT For the year ended 31 March 2023 However. we have recovered well from the impact of the pandemlc and successfully managed to bring in new cornfflisslorts. secure funding. and encourdge and nurture delayed projects through the ediiorial and priyjuction prnC￿. Our new commiwons will create signific3nl opwrtunities. and nurture new tslent to be reali5ed in prOj￿ts in the futu￿. We have given opportunity for more people to experience and participate in arl pub]ishin& through a progrdrnme that give5 access to artists often socially or historically marginalised. and to audiences and ￿derS through our engagernenL interaction and public programme. We are CDnunitted to build on this and etL%ure that our Ch￿71able role- 'to advance education for the benefit of the public in ihe visual arts, parucularfy IK)oks... -the opwrtunities that we give. the quality and relevan￿ of our work, our environtnentsl itnpa¢t and the inclusivity of OUT work are considered at every leyd of (he organi5ation. Ihr()ugh all those that we work witlL" our IK)th oFrru5tees. the artists and designers we cotnmission. to the Comtnunl￿es, audiences and readers that 8tke our w'ork Tneaning. This coJnrDltment is expanded on and detailed in out Inve5tffleni Prinoples 51r4tegy and action plan. submitted lo and agreed by Arts Couna1 Engknd. Arts Council England Funding We ate very pleased to report that we were sUccWf￿ in our appb'eation to Arts Council England IACEI for ongoing NPO funding. and we are deli8hied to remain an NPO or8ani5ation for the 2023-26 funding period. Our appttcation feedback froTn ACE described our programme a5'ambiUuus... nurturing artists at Yarious stag(s of theit cateers., that gave 'confidence and that we presented a 'stron8 pian of action, related (o the Investment Principles- key ￿ ACE investment over the next 10 years. Publishing The following titles We￿ wblished, durlng 2022-23. Co-serles Fapt85ies a FviwdPhontDedKitrJ lo tht MaD Wbo Lwtlt- Mahtnoud Khaled Prddire Makes Pdttt- R05a-Johan Uddoh- delayed due to itnpact of Covid, this woject benefitted from a new cofflrni5sion for the arrist and funding for the publication from The Bower. giving the artist opw>rtunity to further develop the projeci and Successfully launch In 2022-23 at The Bower. Overnll the pub]irdlion secured funding from Focal Point Gallery. Bluecoai, and The Bosver. the project was desl8ned by Rose Nordin. Battle& Vol l - Frnncesco Pedragiio - commissioned wilh the SUPWTt of Paratlel/lOaxa¢.a, Mexico, and designed by Saniiago da Silva. Printed in Mexico. the project was delivered In June 2022. A Series of on]ine event5 dllring Auiumn 2023 prDmoted the ￿0k and finished

BOOK WORKS IUKI LTD MANAGEMENT COMMIThEE'S REPORT For the year end¢d 31 MarGh 2023 with an on]ine discussion WkyPublisb?hosted by the artist with four independent pub]isher5. and invited artists. Bla¢k SJif- Katrina Palmer. Commissioned to accompany the exhibition, tvhals Already Co￿¥ On at The Mead G3Jlery. WaTh*ick Unive￿IlY, the publication was fllnded by a £rdnt from the gallery. atjd launched at the opening of the exhibition. Katiina is also the guest editor ofour open submission series and as part of this exhibition organised a jive event with the lour cofflmissioned artisrs, and exwimental noise group Bo Ningen. Ile Cittk - A titnellne of a constellation bj. Bouchrd Khali]i. Commissitsned wlth funding frotn Lllma Foundation. A5 of thkS13rger publicarlon project we edited and designed a large scale tX>5ter for installaliijn in ShaTiah Foundatioo where Bouchrd was 8watded the Shariah Blennial Prize. Open Submisslon OtherRtOexes- Diana Georgiou. was cofflmissioned as part of our open submisslon series, guest edited by Brtdgei Penney. This 5emi.au(obiographica] novel and fvst lJ)ok was de]fivered in Noveffllxr and Launched in June 2023. Reprints A re￿]ftt of The Dark ObNtby Katrina Palrnet trhird editionl wa5 published in November 20Z2. Forthcomlng COIT￿lssIOnS for 2023-24 0[￿3Tds Include: Lu£y Skaer- a new projeci designed by Sara de BondL with grant funding frorn Grimm Gallery and Peter Freeman Gauery. Additional funding has been awarded by Henry Moore Foundation. payable on pub]ifdtion. To be published in 2024-25 Sofia Ni2zi- cortunisdoned lor a new work exploring domesticity. homes, and houslng. To Ix pub]i5hed in 2022-23 7Iat OFTK Tkett by Prellt SalMb- commissioned for a new project exploring queer acdiism. suburbia, at]d Briush B3nEladeshi political culture and anti-racism through family archives. Part-funding secured from Phillida Reid gallery. Huw Lemmey. witb Onfva IgHt- cornmissiofted by B￿k Works io follow a r]kn/exhibltion at S￿di0 volta1￿. exp]oring hisiorie5 and geogrdphies of hornosexuai life in the British secret services. To be published in 2023-24. Wonren olCvloorInde¥ Rtaditig Group, by Sarnia Malik- a new commLssion that upack5 the legacy of the Women of Coloui Index. for contemEM)rary art practice and audiences. Funding for this project has been secure ftom Paul Mellon Foundation. and the Elephant TTUSt.

BOOK NVORKS IUKI LTD MANAGEMENT ¢OMMIThEES REPORT Fortheyear end￿ 31 MarGh 20Z3 Open Submission A￿kY1￿￿- The new Opi Submission proFcl. guest edtled by Katina Palmer was launched in July. and four anists selected 2nd cotntnissioned in Feb 2022.. AndFew E. Co]arusso, Kamwangi iNjue. Roy Claire Poitu, and AIicE Waller. These Commissio￿ will be published in 2023-24. Co.Series New projects havE been commissioned with partner organi5ations and funding with Ayo Akingbade and Chisehaie Gallery, Cecilia Wicufia and ￿louS funding partners including Jan Michalski Foundation. Deborah Joyce Holttjan and Luma foundation. and Bouchn Khalili also with Luma Foundation. Outreach and educational progrdJT)me/national resource Grdphi( Negotiation& we iaunched a new setie5 exploring the role of designeTS In creating artists. IM>ks. Seric5 was launched with Jarnes langdon. in March 2022. and serie5 #1 followed with.. R05en Evdeigh. Erik HartiJ) and Moa PaTUP, Rose Notdin and Rosa-Johan Uddoh. Serie5 #2 continued in Sepi-jan with events by: Matwan Kabtsur. Ftaser Mug8etidge, and S￿a De Bondi. These evenis will be h051ed as design resource5 on Dur website frorn 2023-24. To matk the publicatlon of Bath, VOJ I by FTrncesco Pedrag]io. we hosted an online event of readings and discusslon publishers and teaders, induding.. Juan de la Cosa. MA BIBLIOTHÈQLE. MoIsf. and Prototy￿. with Pau] Becker. Jen Callep. Sharon Kivlalld, Mird Matthr, Frdncesco Pedragjio. and Adiian Ritki Exhibitions and other publicity A number of artists that we att current]y working with had exhibitions induding, Katrlna Palmer, Wbkl'sAlready Goiry On, Tl]e Mead Gallery. Cecilia Vicuna. Brato ForrW Quipu, Turbine EIJJI instsllation. Tale Modem. Huw Lemtney in collabordtion with Onyeka 18we, UR¥elltk. Studio Voltaire, and ￿phia Al-marla. i￿￿1￿1)]e dafvom therAPy, Mathaf. Doha. Phyllis Christopher s DaTk Rr￿￿?5 shDrttisted for the Aperture PholoBook Award, 2022, and R05a-Johan Uddoh was shortlisled for the Jatman A￿ard 2022. Book falrs This year we retUTned io the firsi pst-cosid New York Art BcK)k Fair. al a new location in Manhatthn. aLso panicipated remotely in book fairs in Dub]in. and at Index, in Mexico city. The Studio The Studio has comroi&sioned and deliveied a range of new projects, and continued its edurdtion woik wlth iMJth online and in pet50n tKM)kbinding courses.

BOOK WORKS (UK} LTD MANAGEMENT COMMIThEE'S REPORT For the year ended 31 MarGh 2023 Pmjects include.. Marlna Abratnovic muhiple for.Modern Art Oxford - Haematile rock samples contained in speclally created iM)xes with accompanying book. Bori5 SavaJev- Lifetime photogrdphic collection contained In 8 separate portfobos. Edition targeted to rdise suptK)rt loi Ukraine. Katie Patet50n - .4 series of mthtiples consisiing 015pectally made boxe5 to contain Hourg]asses that hold gr￿UleS that are older than the Sun. This is close to completion. Cedar Lewisohn - Two ]imited dillon artist's books created for his exhlbltion in ottingham. Simon Pettet book- Edition of books a￿lll the aTds¢'s ceramic work housed in Denls Severs Hollse in Spitajfields. Harland Miller portfo]las- An edition of 8iant portfolios lor Whtte Cube Gatiery to hold 3 recent prints. Dieter Roth- 50 Boxes creaied for nine o(wnaI b￿￿$ made by the artist from 1957-1961. Maria Amldu- An edition of books and box&s for her recent pub]ication Norrnan Fvsler- F￿al [￿oi0ryPe5 for the forthcoThing special edition for Taschen Symbo]ic & c￿Se- 20 Ivdther bound copie5 of a reFthted versitsn of the French Crown Jewels Royal Salute- Lirnited ¢dition knok combining the ]aunch of a new whisky brand and the work of arti51 Kale NlcGMire Cactu5 Edldons - Nevi arttsts, kK>ok pioject with Can Nahaul to pubiished in Septefflber Magne Furuholmen- A serles of sotandet iKJxes to tontsln his new edition of prlnted works. Education A Season of tx>okbindlngwork5hops was held wilh dav s￿l0n5 for University of Westminster. Ruskin School of Ari, City & Guilds. We a]so held an 8-week BoDkbinding for be8lnners Evening Class at Book Works foi the fir51 tinje in 2 year5.

BOOK l•VORKS {UKI LTD MANAGEMENT COMMirrEE'S REPORT For the year ended 31 Ilarch 2023 Risks The Management Comrniltee has considered the Ii5ks io whlch the chaTity ts eX￿Sed and has iaken steps to rnitigate those risks, with the inLTodutlion of a risk register and w)]icy review schedule. Ri5k5 indude fluctuation in lyjok sa]es and Studio income, staff health. and oiher risks as agreed with The Manageffleni ComTnillee who review the rtsks on a quarteTty basts and the Risk Mawetnent Register is uwlated &$ necesw. Flnancial Review The company had a deficit on unttstrÉcted fund5. of £1.91312022 deficit £70.4641 for the year. Together with the accumulated SUr￿lL￿ biought fotward frotn Previous years, the company now has an accumulated surplus on UnTe5tricled fund5 of £310.50612022 £312.4191. R&stri¢ted funds canied forward at 31 March 2023 amounted lo £67,21412022 - £21.0(NJ. Reserves Pollry Book Works now have free reseryes of £137.307. These are (he unrestricted funds less the designated funds and the unrestricted fixed assets. The Management CoThTniftee has e8lablished a reserves poly based on the need to hold lunds as identified in Book Works risk reviews. The revieTh5 identified that it would be piudenl lo Ix)Id the equivalent ol lour onths expenditure on salaTie5 and support costs in reserves. This amounts to approximately £142.LKNJ. The charity is prioriti5ing building the reserves fund. and review5 the reserves policy on a annual t4sis. Ptinclpal funding sourtes Book Works 8enernted funding from ils own sources and a]so receives core revenue funding frotn the Arts Council England. Its own sources indude eamed income through Siudlo bookbinding/prlnting 5ale5, book 541es Frorn our published tides. supwrt frorn trusts and fotmdations. crowdfunding and other ful￿raISIng ini11a￿veS. As a National Portfolio Organisation, B(K>k Works receives core revenue funding from Arts Council England. So as nol to become dependent on any one source of funding we Tetognise need to build a fundraisSng strateg) and the necesslty to diversify oui fundlng streatns lo bulld resilience into the future. Through our incorne generation, and fundiaising strategy we rnise awarene&s of the organisation within the art wotld and lo new audi￿￿eS and supporters. allowing us to continue to present and expartd our eX￿[Ime￿￿] and innovative programme. We aim to secure support from a variery of sourc&s. ]isted below. and thi5 year have invested in a new staff position of Fundraisi￿ Coordinator. to expand on funding [￿Sed from co-

BOOK WORKSIUKI LTD MANAGEMENT COMMITTEE'S REPORT For the year onded 31 Marrh 2023 pubknsher and gaueries through our C(FSeri&5. and the supw>rteTS scheme5. to new grant apptscations to Ttusts and Foundatioll5. Funding sourc￿ for 2022-23 included- Grdnts from Arts Council England Projects GratkL Ceo1ia Vicuna. Elephant Trnst. ICA, Lutna Foundation. PauI hlellon Ftsundation. The Mead Gallery, The Mosalc Rooms, Phillida Reid Gallery. We have received no comp]aints aboul our lundraising atvj all funds fdised supptsrt our progrdmtne. education actiViDe5 and dthrftsble aitns. Policy As a charity and r&sw)nsible company, we have a tange of policies that are reviewed on a scheduled basis, including Equal OPp￿tUnItieS Po]iry and statemeni published on OUT website. Safeguarding, Harrd55tneni and Bulling, and Whist]eblowing, PIivary pub]ished on our website with our GDPR compliance SthtrmenL Reserves and Investrnents. Plans for future periods Book Works key objectives over the next wiu t* in Ilne with our charitsble aims- to advance education of the public in the visual art5 and in particular Èn the context of books, through printing, pub]ishing and exhtbitions of atiis(s' LM)oks - and with our extension funding agreemenl with Arts Council Enpjand. Our objectives. progrnmme a]xl strategy are defined in our our recent NPO submission for core funding 2023-26. Structure. governance and management Book Works (UK) Ltd is a company ]in]iled bv guarantee and a ￿gIStered charity. It is established with the objects as noted atrK>ve. Th￿e objects are set out in irs governing instrutnent, whlch is its Memorandutn and Articles of Asso¢i31fion. The governing body is the Management Conllniiree whose n￿mberS are nOn￿ecutive and unpaid. Metnbets perform the role of direciors in company law and trustees in Ch￿ilY law. The Management Committee rneets Tegularly, retains fult a￿d effective control over Ihe company and monitors the Co-directors. The ManageKnenl Committee 15 involved In major strategit decisions and has ultirnate responsibility for the conduct and finanaal stsbllity of Book Works. The Management co￿￿]Ilee aptK>ints and delegates io the C(FdiTrctors the artistic control of Book Work5. 'Dirfftor' is the trdditionai tliie used fDr this Ey)st though the holder5 are not director5 under the Companies ACL

BOOK WORKS IUKI LTD MANAGEIAENY COmMI￿EE's REPORT Forthe year ended 31 March 2023 The Management Cornfflittee regula￿ reVIe￿ irs cotnp)sition to ensure It has the skills nece55ary for Its continued g(y)d llwiagement, cultural diversity and gender balance. In light of the review. potential new members are InV￿led io join. A c041irector provides appropriale Induction and training. Statement of Management Committee s responsibi1itles The Management Committee are reSpO￿lbIe for preparing the Annual Rewrt and the rinancial statements in accordance with applicaNe law and Lnited Kingdom GeneT3IIy Accepted Accounling Pracllce. Company and charity law appllcabie to charl￿$ in E￿and/waleS requires the Management Conllntttee lo prepare Pu￿nCl3￿ ststernents for each ftnancial year which glve a true and fair view of the state olaffair5 of ihe Charity and of the surplus or deficit of the Charity for that period. In preparing those fU￿ne121 statements the Managewnent Comfflitt& have.. Sdected suitable accounting EX)licies and applied them con5iStendy, Observe the methods and prlnciples of the Charities SORP (FRS 1021 Made judgements and e5tirnate5 Ihal are reasonable and prudenL State Ivhether applicable aC¢Ollnting 5tdtlda￿S have t￿en Fo]Rowed. subjeci to any material departures disclosed and exptsined in the fiT]anciai statements". and PTepar&l the f]nanclai ststernents on a going concern b&si5 Utdess At is inappropiiate to presume that the Ch￿1¢Y will continue in 0￿ratiOn. The Management Committee is restM)nsible for keeping proper accountiftg record5 which disc105e with reasonable accunLry at any tirne the fllwiciai FK¥5ition of the Chariiy arjd enable theNJ to ensure that the financial staiements Comply with the Companies Aci 2006. They are also re$￿A51ble for safegllarding the a55ets of the Chatity and hence f()r taking reasonable stsps for the detection and prevention of fraud and other Irregularides. Small company exemptions This report has been prepared thking advantsge of the small comparues exemption of section 415A of the CoKnpanies Aci 21M)6. This rewrt Yr&% approved and authorised for issue by the Mana8etnent con￿nittee and signed on its behalf by Gavin Everall, Secretary Date:

BOOK WORKS (UK} LTD Independent examTnerfs report to the Manaqement Committee of Book Works (UK) Ltd report on the financial stalements for the year erKled 31 March 2023 set OUL on pages 11 to 23. This report 18 made solely to th? Man3gemenl Commrttee, as a W. in accord8nTr valh regulats.ons made under sectv)n 154 of the Charities Act 2011. My w(Kk has been undertaken so thal I might state to the Management Comrntttee matters l am WEquired to state to them in an Independent Examinerfs report ar￿ for no other purpose. To the fullest extent permrtted by law. I do nol a￿pt or assume rÈspon51bility to anyone other than the Management Committee for my Indepwdent examination kvork, for this rep9rt. or foi the statement I have given bdow. Responsibilitles and basis of reF)Ort As the Management Committees of the charity laTKI rts directors for the purrK)ses ol company lawl you are reswjnsible for the preparation of the a¢￿Urtts in ax0rdar￿ the requirements of the Companies Act 2006 Ilhe 200fj Art'l. Having satisfied myself that the accounts of the Charity are required to be audited under Part 16 of Ihe 20{￿ Act and are digible for independenl examinati￿. I report in respect of my examination of the Charty's accounts carr￿d out under section 145 of the chanb.es Acl 2011 Cthe 2011 ACYI. In carwng out my examination I have folkiwed the Directyon8 gNen by the CharÈty Commission under 5eclion 14515llbl of the 2011 Ad. Independont exami1￿￿$ statsment SirKe the Charit15 income ex￿eded £250.000. I CDnfThi that l am qualified to undertake Ihe examination because l am a member of the Chartered Associatson of Certtfied Accountants, YthiGh is one Of the listed trf)die5. 1 have cornpleted my examination. I can 1X￿firM that no matters have &)me to my attention in connection with the examination giving me cause to beleve". a￿lUnti￿j records were not kept in ￿SpeCt ofthe Charity as required by section 386 ofthe 2006 Act," 2. Ihe ￿￿ntS do not ac(x)rd with those rec(Kds.' or Ihe account5 do nol compty the accounting requ1￿ments of seCt￿n 396 of the 2006 Act other than any Tequirement that the accounts gNe a'true and fairf view %thich Is not a rnalter ¢on5idered as part of an independent examination". or 4. the accx)unt$ have not been ￿ePaled in ac4)rdance the methods aTxI principles of the Ststement ol Recommended Prathce for accountin9 and rew)rts"vg by charitie$ ap￿1¢able to charrties preparing their a¢￿￿nIS in acC￿￿8nce the Finaroa Rewlfng Slandard appllcable in the UK and Republic of Ireland (FRS 102). I have no con¢ems and have (x)me across no olher matters in connet*on ￿￿1h the examination to whi¢h attention Should be {Jra￿l in this report in or(ler to enable a proper understanding of the aceounts to be leached Tw Myint FCCA Delta Accountancy Athee Uil 8 Margaret Avenue St Albans. AL3 STE Date: 7142/28 10

BOOK WORKS IUKI LTD STATEMENT OF FINANCIAL ACTMTIES lincorporatlny Income and Expenditur9 Aeeount & ststement of T¢rtal Reali58d Gains and L055e5} Forthe year frnded 31 Ma￿h 2023 Unrestrictsd Restricted Fund$ Funds 2023 2023 Total Funds 2023 Total FunGIs Note 2Q22 INCOME FROM: Donations ancl ￿ga￿e$ Charitrdble aCtivi￿S Investsnents TOTAL INCOMING RESOURCES 179.831 466.378 1.761 647.970 179,831 518.792 1,761 700.3B4 78(1, 197 475.865 266 52,414 52.414 596,328 RESOURCES EXPENDEO Charitable activities TOTAL RESOURCES EXPENDED 649,883 649.883 6,200 6.200 656,083 656,083 647,792 641,792 NEf INCOMEIIEXPENDITUREI ReGon¢lliation of fvnds= TOTAL FUNDS AT 1 APRIL2022 (1.913) 46.214 44,301 (51,464) 312.419 21,0 333,419 384,883 TOTAL FUNDS AT 31 MARCH 2023 310,S06 £ 67,214 £ 3Y7,720 £ 333,419 The anr￿Xed n¢)tes fomi part ofthese finan￿ai statements

BOOK WORKS IUK} LTD Icornpany lirnited by guarantee) Co an limited uarantse no. 03190880 BALANCE SHEET As at 31 March 2023 Note5 2023 2022 FIXED ASSETS Tangible assets 11 1.829 719 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 64.519 105,724 252.667 58,092 79.251 233.343 422.910 37Q.686 CREDITORS: arnounts falllng due thin ono year 14 147.019) 13T,986J NET CURRENT ASSETS 375.891 332, 700 NET ASSETS 377.720 £ 333,419 FUNDS ReS￿r￿ed funds Unrestricted funds.. Designated funds General fund 15 67.214 21.000 171.370 139,136 171,370 141,049 15 310.506 312,419 377.720 £ 333.419 For the year ended 31 March 2023 the cha￿ty entilled to exemption unL¥er section 477 01 the Companies Act 2006 relating to Small ￿MPan*S The Managemerrt Committee memberfs ￿sPonsIbl11]es." The members have rKrt required the chartty to oblain an audrt rf ts accounts for the year in question in accordan￿ with section 476,. Th& Management committee acknDwledges its re5POV5ibilrfie$ for complwng wth the wuirement5 of tre Act with respect to accxyrting recotd5 and the preparth.on of accounts. The financial ststements have been p￿pared in aCco￿nte with the provisions applicable to companies subject to the small companies regime. Th￿ wete approved. and authorised for issue. by the Management Commrttee on ..l.x..J.i..-.1.S....... and 5KJned on their behalf by.. Teresa Drace-Francis, Trnstse The annexed noles foTrn Pat of Ihese fmanoa5 statement5 12

BOOK WORKS (UK) LTD

STATEMENT OF CASH FLOWS For the year ended 31 March 2023

Notes
Net cash flow from operating activities
19
Cash flows from investing activities
Interest received
Purchase of tangible fixed assets
Net cash provided by (used in) investing activities
(Decrease)/Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year		 2023
£
19,362
1,761
(1,799)
(38)
19,324
233,343
252,667
£		 2022
£
(60,074)
267
(959)
(692)
(60,766)
294,109
233,343
£

The annexed notes form part of these financial statements

13

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

1. ACCOUNTING POLICIES

General information and basis of preparation of financial statements

Book Works (UK) Ltd is a private company limited by guarantee, domiciled and incorporated in England and Wales. The registered office is 19 Holywell Row, London EC2A 4JB. The nature of the charity’s operations and principal activities are described in the Trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006* and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity and which have not been designated for other purposes.

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of 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. Statutory grants which are given as contributions towards the Charity's core services are treated as unrestricted.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Grants are recognised when the charity has entitlement after any performance conditions have been met. It is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Income received in advance of a book publication or other specified service is deferred until the criteria for income recognition are met.

No amount is included in the financial statements for volunteer time in line with the SORP.

Investment income is recognised on a receivable basis.

14

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. It is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Goverance costs are included within support costs. Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the charity.

Tangible fixed assets and depreciation

All assets costing more than £500 are capitalised.

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

Leashold buildings - 8% Straight line
Fixtures and fittings - 25% Straight line
Office equipment, plant and machinery - 25% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period in which the cost is incurred.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date.

Pensions

The charity operates a defined contribution scheme, which is open to all employees. Employer contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

15

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have a significant effect on amounts recognised in the financial statements.

2. DONATIONS AND LEGACIES

Grants - Arts Council England
Donations
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2023
£
Studio
367,348
Commissions of new work
99,030
466,378
£		 Restricted
Funds
2023
£
-
52,414		 Unrestricted
Funds
2023
£
179,760
71		 Unrestricted
Funds
2022
£
179,760
437
179,831
£		 180,197
£
Total
Funds
2023
£
367,348
151,444		 Total
Funds
2022
£
306,072
109,793
52,414
£		 518,792
£		 415,865
£

3. INCOME FROM CHARITABLE ACTIVITIES

Restricted income from charitable activities in 2022 was £26,285.

Studio
Commissions of new work		 Unrestricted
Funds
2022
£
304,762
84,818
389,580
£		 Restricted
Funds
2022
£
1,310
24,975
26,285
£		 Total
Funds
2022
£
306,072
109,793
415,865
£

16

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

4.
GRANT INCOME, DONATIONS AND CO-CONTRIBUTORS
Arts Council England
Arts Council England - Projects
Phillida Reid
Cecilia Vicuña
Institute of Contemporary Arts
Luma Foundation
The Mead Gallery
The Mosaic Rooms/A M Qattan Foundation
The Elephant Trust
Paul Mellon Foundation
Bluecoat Gallery
Newnham College
Creative Scotland
Baltic Centre for Contemporary Art
Grand Union
Peter Freeman Inc
Grimm
University of Dundee
Coronavirus job retention
Other		 2023
£
179,760
3,200
2,000
10,000
2,000
24,714
5,000
6,000
2,000
8,000
-
-
-
-
-
-
-
-
-
500		 2022
£
179,760
-
-
-
-
-
-
-
-
-
2,000
2,000
1,000
2,000
1,000
7,500
7,500
1,000
1,599
686
243,174
£		 206,045
£

Of the £243,174 received in 2023 (2022 - £206,045) £52,414 was restricted funds (2022 - £26,285).

5.
INVESTMENT INCOME
Bank interest receivable		 2023
£
1,761		 2022
£
266
1,761
£		 266
£

There was no restricted income from investment income in the year (2022 - None).

6. RESOURCES EXPENDED

RESOURCES EXPENDED RESOURCES EXPENDED
Staff costs
£
Studio
196,507
Commissions of new work
134,414
330,921
£		 Activities
undertaken
directly
£
83,937
100,946
184,883
£		 Support
Costs
£
61,452
78,827		 Total 2023
£
341,896
314,187		 Total 2022
£
333,104
314,688
330,921
£		 140,279
£		 656,083
£		 647,792
£

Restricted expenditure from resources expended in 2022 was £7,285.

17

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

6. RESOURCES EXPENDED continued

Staff costs
Activities
undertaken
directly
Support
Costs
£
£
£
Studio
179,129
85,415
68,560
Commissions of new work
131,665
105,279
77,744
310,794
£
190,694
£
146,304
£
Resources expended include:
Operating lease rentals
- Land and buildings
Depreciation
- on owned assets
SUPPORT COSTS
Staff
Premises
Other
Administration
£
£
£
Studio
19,311
24,769
17,372
Commissions of new work
18,891
24,815
35,121
38,202
£
49,584
£
52,493
£
Staff
Premises
Other
Administration
£
£
£
Studio
19,060
27,665
21,835
Commissions of new work
18,425
26,397
32,922
37,485
£
54,062
£
54,757
£		 Support
Costs
£
68,560
77,744		 2023
£
33,823
689		 Total 2022
£
333,104
314,688
146,304
£		 647,792
£
2022
£
32,837
1,224
34,512
£		 34,061
£
Total
2023
£
61,452
78,827		 Total
2022
£
68,560
77,744
52,493
£		 140,279
£		 146,304
£
Total
2022
£
68,560
77,744
54,757
£		 146,304
£

7. SUPPORT COSTS

Support costs including governance have been allocated as follows: staff costs have been allocated to activities on a time basis: premises and other costs have been allocated on the basis of costs directly attributable to each activity: costs not directly attributable to an activity have been allocated on a 50:50 basis except for rent which has been allocated on the basis of floor space.

18

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

8.
GOVERNANCE COSTS
Independent examiners remuneration
Trustee' expenses
9.
STAFF NUMBERS AND COSTS
Wages and salaries
Social security costs
Pension costs		 2023
£
3,700
-		 2022
£
3,700
199
3,700
£		 3,899
£
2023
£
332,495
28,945
7,399		 2022
£
315,411
26,022
6,768
368,839
£		 348,201
£

The average monthly head count was 12 staff (2022 - 11 staff).

No employee received remuneration of more than £60,000.

10. MANAGEMENT COMMITTEE AND KEY MANAGEMENT PERSONNEL

During the year, no Management Committee member received any remuneration (2022 - £NIL). No member of the Management Committee received reimbursement of expenses (2022 - £NIL).

During the year, Key Management Personnel, defined as the management committee and the codirectors, received remuneration of £95,749 (2022 - £93,713).

11. TANGIBLE FIXED ASSETS

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2022
At 31 March 2023		 Land and
buildings
£
32,226
-
32,226
32,226
-
32,226
Nil
£
Nil
£		 Fixture and
fittings
£
6,897
-		 Office
equipment
£
21,352
1,799		 Total
£
60,475
1,799
6,897 23,151 62,274
6,897
-		 20,633
689		 59,756
689
6,897 21,322 60,445
Nil
£		 719
£		 719
£
Nil
£		 1,829
£		 1,829
£

19

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

12.
13.
**14. **		 STOCKS
Finished goods
Raw materials
Work in progress
DEBTORS
Due within one year
Accounts Receivable
Prepayments and accrued income
Other debtors
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals
Deferred income
Deferred income
Balance at 1 April 2022
Amount released to income
Amount deferred in the year - Fees
Balance at 31 March 2023		 2023
£
41,347
11,336
11,836		 2022
£
43,577
11,336
3,179
64,519
£		 58,092
£
2023
£
82,253
23,438
33		 2022
£
59,658
19,089
504
105,724
£		 79,251
£
2023
£
14,759
9,690
58
12,012
10,500		 2022
£
10,872
7,778
58
15,308
3,970
47,019
£		 37,986
£
3,970
(3,970)
10,500		 4,470
(500)
-
10,500
£		 3,970
£

20

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

15. STATEMENT OF FUNDS

Movements in funds (current year)

Brought
Forward
April 2022
£
DESIGNATED FUNDS
Equipment and premises
94,000
Website
7,370
Redundancy
70,000
171,370
£
RESTRICTED FUNDS
Commissions of new work
21,000
21,000
£
SUMMARY OF FUNDS
Designated Funds
171,370
General Funds
141,049
312,419
Restricted Funds
21,000
333,419
£
Movements in funds (prior year)
Brought
Forward
April 2021
£
DESIGNATED FUNDS
Equipment and premises
94,000
Website
8,285
Redundancy
70,000
Development and Staffing
30,000
202,285
£
RESTRICTED FUNDS
Commissions of new work
2,000
2,000
£
SUMMARY OF FUNDS
Designated Funds
202,285
General Funds
180,598
382,883
Restricted Funds
2,000
384,883
£		 Brought
Forward
April 2022
£
94,000
7,370
70,000		 Incoming
Resources
£
-
-
-
Nil
£
52,414
52,414
£
-
647,970
647,970
52,414
700,384
£
Incoming
Resources
£
-
-
-
-
Nil
£
26,285
26,285
£
-
570,043
570,043
26,285
596,328
£		 Resources
Expended
£
-
-
-		 Transfers
£
-
-
-		 Carried
Forward
March 2023
£
94,000
7,370
70,000
171,370
£		 Nil
£		 Nil
£		 171,370
£
(6,200) - 67,214
(6,200)
£		 Nil
£		 67,214
£
-
(649,883)		 -
-		 171,370
139,136
(649,883)
(6,200)		 -
-		 310,506
67,214
(656,083)
£		 Nil
£		 377,720
£
Resources
Expended
£
-
(915)
-
(30,000)		 Transfers
£
-
-
-
-		 Carried
Forward
March 2022
£
94,000
7,370
70,000
-
(30,915)
£		 Nil
£		 171,370
£
(7,285) - 21,000
2,000
£		 (7,285)
£		 Nil
£		 21,000
£
202,285
180,598		 (30,915)
(609,592)		 -
-		 171,370
141,049
382,883
2,000		 (640,507)
(7,285)		 -
-		 312,419
21,000
384,883
£		 (647,792)
£		 Nil
£		 333,419
£

21

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

15. STATEMENT OF FUNDS continued

DESIGNATED FUNDS

The funds of the company include the following designated funds which have been set aside out of unrestricted funds by the management committee for specific purposes:

Equipment and premises fund

This fund was set up to replace printing and ancillary equipment, and to enable the charity to have necessary funds available to fund upkeep of the building and increase premises available for operations over the next 5 years.

Website fund

Set aside for ongoing work on the website and post-launch in 2020, maintenance and development of the site.

Redundancy fund

Book Works has set a fund aside to ensure that Book Works has the necessary funds to cover redundancy costs.

Development and Staffing fund

RESTRICTED FUNDS

The funds of the company include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

Commission of new work – relates to contributions towards the costs of producing new book titles.

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current Year
Tangible fixed assets
Net current assets		 Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
1,829
171,370
137,307
171,370
£
139,136
£		 Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
1,829
171,370
137,307
171,370
£
139,136
£		 Restricted
Funds
£
-
67,214		 Total
Funds
£
1,829
375,891
139,136
£		 67,214
£		 377,720
£

22

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS continued

Prior Year
Tangible fixed assets
Net current assets		 Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
984
202,285
179,614
202,285
£
180,598
£		 Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
984
202,285
179,614
202,285
£
180,598
£		 Restricted
Funds
£
-
2,000		 Total
Funds
£
984
383,899
180,598
£		 2,000
£		 384,883
£

17. OTHER FINANCIAL COMMITMENTS

Operating leases which expire:
within one year
At 31 March 2023 the Company had annual commitments under non-
cancellable operating leases (all for land and buildings) as set out
below:		 2023
£
8,709		 2022
£
33,823

18. RELATED PARTY TRANSACTIONS

During the year the charity incurred expenditure of £33,823 (2022 - £32,837) with the artistic codirector of Rob Hadrill for the rental of the property at Holywell Row.

19. RECONCILLIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net movement in funds
Depreciation charge
Bank Interest Received
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities		 2023
£
44,301
689
(1,761)
(6,427)
(26,473)
9,033		 2022
£
(51,464)
1,224
(267)
3,982
(14,982)
1,433
19,362
£		 (60,074)
£

23