BOOK WORKS (UK) LTD (Company limitod by guarantee no. 03190880 reglstered charlty no. 1104148) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 BOOK WORKS (UK) LTD (Company Ilmtt•d by guarant•• no. 03190880, reglst•r•d charlty no. 1104148) REpoirr AND FINANCIAL STATEMENTS For th• >*ar •nded 31 March 2024 CONTENTS L•gal and 8th￿InIstratIV• Infonnatlon Manag•nN•nt Commltt••'s r•port Ind•p•nd•nt •xamln•es r•port Stat•m•nt of flnanclal actlvftl•s 10 Balanc• sh••t 11 Cash flow stat•m•nt 12 Not•8 to th• flnanclal stat•m•nts 13 BOOK WORKS (UK) LTD REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS For th• y•ar Ond￿ 31 March 2024 anag•m•nt Commltt Teresa Drace-Fr8ncis (Chair) Mana AMKIU Nic1￿5 Brown Tess Denman£leaver {appoint6d 21 May 2024) Jiya Gulamani Claire Malcdm (resigned 17 November 2023) S•cr•tsry Gavin EveTh711 C￿Dlr•ct0fS Rob Hadril Gavln Everall Company r•g. no. 031￿)880 Charlty r•g. no. 1104148 R•glst•r•d offlc• 19 Hol￿11 Row Lormaon. EC2A 4JB Ind•p•nd•nt Examln•r 8 Margaret Avenue St Albans, AL3 STE Bank•ra Lk>yds Bank FinstrAJry Square Branch PO Box 1(KIO 8x1 ILT BOOK WORKS (UK) LTD AIANAGEMENT coMMirrEES REpoirr For th• y•ar and•d 31 March 2024 M4magement Committee Report - year end March 20?4 The Management Commillee. WIK) are al%0 direLlor4 of the Compan!. for the purposes of the Companie4 ALC and trustees for Lharit). law purFK)ses, submit their annual report and the finanLial stsiemenLs of B￿k Work% (UK) Ltd for the year ended 31 MarL'h ?024. The Management Commitiee Lonfirnis that the annual rerK)rt and financial sts(e￿￿nLs of the Compan! Lomply with the Charities ALI ?01 l. the Companies ALI 2(Kkn, the requiremenLs of the Companv's governing d(Kument and the provision.% of the Stsiemeni of ReLommended PraL"tice (SORP) 'ALcounting and Rew)rting b), Charilies (FRS I￿).. Principal activities and rei'iew of actiiities The company is e.stabhibhed with the obJeL't to ad1'a￿"e eduLatiun of the publiL in the vi.sual arts. and. in partiLular. in the coniexl of b(K)k.s. thr￿gh ￿nting. publi.shing and exhibition.s of artisLs' boL)ki*. As an arLs organi.%ation. we aim to tYnL'fil the publiL through our programme of publishing and educational ei'ent.s. and Ihrough our distribution of our bLX)k.s to a wide Lro&% ￿tIOn of the publiL. The Management Commitiee have paid due regard to the Charit}, Commi55ion's guidanLe on public tKnefit in deLiding aL"tiN'ities undertaken during the year. The Lompany commissiorLS new WOTk in Lollabordtion with artisLs and writers. publishing. produLing and winting tK)oks, multiples. limiied edition.s. and new media prnjeLt%. It also organi.ses exhibitions. instsjlatiotLS. time-b&sed and ￿rfonnanle works. WL)rkshops and eduLational evenLs in a variet), of different l(Kationii illL'luding galleries, librarie%. muK"ums. reiail .5p&e.s and on the Iniernei. It &Ls &$ a national resource for arti%Ls' bo()Ls and tho.%e involl'ed in publishing in thL' arL%. and aim% to distribute il% work 10 a wide aThJ varied audIe￿e. It reLeives fixed-term funding from ArLs Council England towards IL% cotr publiskn.ng Fyogramme. Actii'ities/O¥'eTh'iew Thi5 y¢<￿ marked the fwsl )'ear of the new funding terni1202.¥2026) w ith Art4• CounLiI England (ACE). It h&$ been a signifiiant year for us. with a number of ambitiou% projeLIs delivered. and new commi.%%10￿$ and projeLts laUnL.￿d. It has aLso been a v&qr in whiLh we have faled a number of challenges. with lome staff Lhange%. and fina￿'la1 pres.sure4• resulting ri.sing L(KsLs. and slow-down in the eLonom)'. if not reLession. In reLogniiion Cfyf the dit"fiLU]ties ACE h&s again extended the funding round by l )'&qr. to 2027. whiLh give some flexibilit). in scheduling and management of L&shflow41. 20?4 also marks our anniiersar),, and re%ry)nding to the LurrenL and urgent humanitarian LTiSilb in Gaza thai is overNhadowing all our activity we launLhed Whal did I'( .- (20?41. a poster projeLt that invited artists to Lontribute work that .speaks lo idea4 of solidarity with Ihe oppressd and liberation for the (Kcupied. for a series of A3 wsters. 800K WORKS (UK) LTD PAANAGEMENT COMMITTEE'S REPORT For the y•w •nd•d 31 March 2024 Arti%L% partiLipating in this t￿0JeLl inLlude: Alternative SL"hool of EL"onomiLs, Banu Cennetoou. MarLU41 Coates. Jerem) Deller. Falgoush Collective. Dora GarLi& Debornh- Jo)'Le Holman. Karl HolnNvisL Marianne Keating, Rosalind Nishas"hibi. Prem Sahtb. Sofia Nia7.i. Katrina Palmer. Charlie Pr(xJger. Anne Tallentire. Joanne Tatham and Tom O'sullivan. and CeLilia ViLufia. Profits from this woiect will ￿ donated to MediLal Aid for Palesline. Publilhhing The following pro￿LS were published and (klivered during 2023-24: Single Titles Thai Fiff thyr The￿ bv Prem Sahib w&5 designed b)" Martin McGrath Studio. and supported wilh a small grdnt from Ptu'llida Read Gallery. Sathrdmi by Cecilia Vicuna (and Four Rrm.s fir Chik). were Ix)th designed by Jame5 Langdon, and SalK)fdmi w&5 SUPP)rted b), a number of grdnLs. inLluding from Jan MiLhaLski Foundation. CeLilia VILu￿ Kings College Londc)n, and Newnham College, Co-Serie¢• Show Me WoAd mi.strr by Ayo Akingbade. a LfrpubliLation with Chisenhale Gallery, who seLured £12.(m towariLs the LOSLS of this publiLaiion. Okyn for a Datr by DelK)rah JoyLe Holman. a LfrpubliLaiion with Luma Foundation. that w&s also .supFx)rtLd by ICA. LA)ndon and a .small Pro￿lI grant from ArLs Council England. Open Submis•bion The Medium by AIiLe wal￿ and 77xb Il'astrl by Roy Claire Poller were commissioned &s part of our Anfitrthmia series. gue%1 edited by Katrina Palmer. Both were printed and deliVe￿d 10 BL)ok Works in February 20?4. We had a ￿'ery px)silive reSpo￿￿e through pre-ordep• for Ihe%e titles, whiLh are ￿heduled fLY publiLation in Mav ?0?4. with the two remaining litle% b Andrew Colarusso and Kamw'angi Njue. scheduled for later in ?02&k25. ReprinLs/New Edition Fania4i¢% ffl a Found I¥￿e £A￿￿2[ed lo the Man Lo%1 It by Mahmoud Khaled wa4• reprinted in DeL"ember. Sad S&k. b) Sophia Al-Mari& w&s reprinted with new material in January. Public Programme. outreach and educaiion Graphi& Neg￿latIOn5- we Lontinued our popular. f￿e online evenLs with graphiL designers, with a third *£ries ot" pres£ntation4• and dI￿U$￿10ns with: Martin MLfJratlL Maeve Redmon(L Mark El.Khatib. and Abeera Kamrdn. BOOK WORKS (UK) LTD IW4AGEMEKf COMMrrrEES REPORT For th• y•w •nd•d 31 March 2024 We alw held txx)k launches for Thai FI￿ bv Prem Sahib which was SUcLe%sfully launLhed at Phillida Reid oaller), ￿'hO aLso hc)%ted a disLU.%*•ion eveni t￿tWeen the artist and Sita Balani. one of the Lontributors: Show, Me the World b!, Ayo Akingbade ai whiteL"ha￿l GallLry: Queen for a Dai b), Deborah-Joi'Le Holman at ICA. LA)ndon. and SalK)fdmi by Cecilia Viiufi4 whiLh SULLes%fully laurnhed with Tate Lilyary. at an eveni that also unpaLked the Beau Geste arL"hive. and included a perforniarKe by tIK artiSL and readings from Four for Chik by the edilm. and p)et**. Nisha Ramayv& and Will L()we. Similar evenl.$ were held at Newnham College. Cambridge. and in New York. with Hau*r and Wirth. and Triple Canopy. We participated in a number of b(M)k fairs during 2023-?4. inLluding Bergen Art Book Fair. Norwav, 14-16 April. Offprint London, 12-14 May. Press Books Fair. London. 17 June. Tsundoku/Photolreland. Dublin 11-16 Jul),. Miss Read: BcTlin ?2-?4 Sepiemlxr. and remotely ai the Index B(￿k Fair. Mexico. in January. Fc)rthcoming commissi()ns for 2￿4-?5 onwards include: Single Till 7he T(uk'h Rqxprt bi. Katrina Palmer - a new work b&sed on researL'h of the National Gallery during her Artist in ResidenL"e ￿)SitiOn. To be lau￿￿ in DeL'ember ?0?4. Won￿￿ of cOk￿r In&x Reading Gnwp by Samia Malik - a new Lommission that un￿k.% Ihe legac). of the Women of Colour Index. for contemFX)rJr)' art prdLtice and audienLes. Funding for this projeLt ha% t￿en seLure from Paul Mellon Foundation. and the Elephant TrusL To be publi.4ihed in 20?4-?6. L￿.1, Sk&•r- a new project ¢ksigned by Sara dc Bondt. with grant funding from Grimm Galler), and Peter Freeman Cjallery. Additional funding ha% been awarded by Henry Moore Foundation. payabk on publiLation. To publi4+hed in 20?&?J Sof18 Niazi- commi&sioned for a new work exploring domestiLit)'. homes. and housing. To be publi.shed in ?024-?6. Huw, Lear. our risk summarv SL(Ye h&5 been Lhanged from 4, to 5, though that remains in Lategory of 'minor' risk. Following the ACE offer to all NPO4". we will be applying for exten.sion funding for ?0?6-27 thi.s year. &s part of a non-competitive ￿eSs. BOOK WORKS (UK) LTD ANAGEMENT COMMrrrEES REPORT For th• y•ar •nd•d 31 March 2024 The Management Committee h&s Lonsidered the risks to whiLh the charitv 1.% exposed and h&% taken sterAs ￿ mitigate Ihose risks. with introduLtic)n of a risk registcr and polic). review Khedule. Ri.sk41 i￿lUde fluctuaiion in IxK)k and Sludio inLome, sLqff health. and other risks" &s agreed with The ManagLment Committee who rei'iew ri.sks on a quanerly basis and the ￿'sk Management Register is u￿la[ed &5 neLe%sary. Financial Reliew The compani a deficii on unrestriLied funds. of £￿.9.$7 12023 defiLit £1,91.3) for the year. T(Eeiher with the xcumulated surplus brought forward from p￿VIouS )'ears. the company now h&s an &cumulaied surplus on unrestriLted fund% of £?49.-549 (?0?.3 £110.5(kn). Re%trK"ted funds carried fonvard at .1 l MarL"h 2024 amounted to £61.818 (?023 - £67214). ReseTh'es Pr)licy Book Works now have free reserves of £249.549. These are the unrestriLled funds le&£ Ihe designated fun(Ls and the unrestriLted fixed a55eLs. TIK" Nlanagemcnt Commitlee h&s established a reserves polic!, b&sed on the need to hold funds &s idLniified in Book Works, ri.sk rei'iew%. The reN'iew% identified Ihai it ￿'OUld be prudeni to hold the equivaleni of four month.s expenditure on salaries and Support LOSLs in reserves. Thi.$ arnouni% to approximately £165.(KX). The charity reN'iews the reserves policy on a annual b&%i.%. Principal fun(ling sources Book Works generated funding from its own sourLes and also receives Lore revenue funding from Arts Council England. ILS own sourccs inLlude earned income through studio bookbinding/printing saks, tKK)k sales from our publi.shed titles. .supp)rt from trusL% and foundations, Lyowdfunding and other fundraising initia¢ii'e5. As a National Portfolio OrganI.￿tiOn. Book Works reLeii'es core rei'enue funding from ArLS Cournil England. So Is not to beLome dependent on an), one sourLe of funding we reLognise the need t() build a fundrai.sing strategy and the necessity to diversify our funding tream% 10 build resilienLe into the fuwre. Through our inLome generation. and fundraising strategy we raise awaren¢￿5 of the organi￿(10n within the art world and to new audienLe and supporters. allowing to Lontinue to pr￿ent and expand our experimental and innovative programme. We aim to KLure 5UPPOrt from a variety of sourLes. li%ted below. and this vear have investrd in a new staff ￿)$11]()n of FU￿1raiSIng C(K)rdinator, 10 expand on funding raised from LO- publi.%her and galleries through our c￿SerieS. and the suptK)rters sLhemes, lo new grdni applilativns to TnLSLS and Foundations. BOOK VdORKS (UK) LTD MANAGEMENT COMMrrrEE'S REPORT For th• y•w •nd•d 31 March 2024 Funding Sources for ?0?3-24 included: GranL% from Ardh Fund for An and Culture, Beirut. L£banon: Richmond Art Gallery, Canada. Phillida Read Galler)., London; Chisenhale Gallery. London: Luma Foundation. France. Jan MiLhalski Fwn(tsiion, Switterland: Korean Arts Management Service. Seoul. We also launLhed a new initiative Whai did)vu (k)... (20?4), that aims to raise funds for MediLal Aid for Palestiniarns. We have received no complainLS about our fundraising and all funds raised SUPFX)rt our programme. eduLation &tivitiLs and Lharitsbk aims. Pc)licy s a Lharii), and re%tK)nsible Lompan),. we have a range of tx)IiLi&S thai are reviewed on a heduled b&sis. inLluding Equal Opportunities Polic) and statement publi4•hed on our website. Safeguarding. Harr&&sment and Bullying. and Wkn'sdeblowing. Priv&y published on our website with our GDPR L0mplia￿e statrmenc Reserves and Inv&smienLs. Plans for future periixLs Book Work¢• key obieLtives over the next year will in li￿ with our charitable aims - to adianLe eduLation of the publiL in the vi.sual arLs and in partiLular in the Lontext of book%. through printing. publi%hing and exhibitions of arti.sL% IK)oks. Our objeLtives. programme and f•trateg)' are defined in our our reL-ent Nlf) submis.sion for Lore t"unding 2U23-26. Structure. goi'ernance and mI￿agernent B(x)k Works (UK) Ltd is a compan) limited by guarantee and a regiii*red Lharily. It is ef¥(abli*+hed with the objecLs ali noted above. The%e objects are sei out in IL% govLTning instrumenL which 1% ILS Memornndum and ArtiLles of Assc&'iation. ThL governing b￿), is the Managemeni Commitiee whose memlKrs are nonion% and ultimate respon.lbibility l.or the l￿nduLt 41nd finanLial SLqbilit)' of B(K)k Work4>. The M41n41gemeni Commiltee appx)inLs and (klegatcs to the C(HlireLtors the artisliL control of Book Works. 'Th'reLtor is the traditional title used for thi.s FX)St though the holders are not direLior% under Ihe Companies ALt. The M4tnagement Commit￿¢ regularlv review% iL*i Ll)mpx)sition to en%ure it h&s Ihe skill neLe&sarJ: for its Lontinued good managemenL cultural d1￿C[si(). and gender balanLe. In lighi BOOK WORKS (UK) LTD MANAGEMEKf COMMirrEES REPORT For th• y•ar •nd•d 31 March 2024 of the review. w)tential new members are invited 10 join. A LO-direLlor provide.s approwiate induLlion and training. Siilternent of Managerneni Commiltee's re4•ponsibilities The Management Committee are responsible for preparing the Annual Rep()n and the finanLial %tatement% in aLI"ordanLe Mith applKable law and United Kingdom Generally ALLepiLd ALcounting PraL'tILe. Company and Lharity law applicable to charities in England/Wales requires the Management Commiiiee 10 prepare finanL"ial staiemenLs for eaL"h financiat year whiLh give a true and fair view of the SLqie of affairs of the Chan'ty and of the surp1￿￿ or deficit of the Charity for that period. In preparing those finanlial %tatemenLs the Management Committee have: Selected suiiabk ￿"OUnting policies and applied t￿M Lon%istenil)', Observe the meth(Kls and prinLiples of the Chan'ties SORP (FRS 102) Made judgemenLS and estimates thai re&sonable and prudenl. SLite Whet￿r applicable *counting .standards have ￿en followed. subject to any maierial departures disLIosed and explained in the finanLial statemenLS: and prepared the finanLial statemenLS on a goino LonLern basis unless li is inappropriale to presume that the Charity" will continue in o￿allOn. The Management Committee is responsible for keeping prO￿r aLcounting reL"ords whiLh disclose with reasonable 2£LuraLy at any timc the finarKial tK)sition of the Charity a￿1 enable them to ensure that the fInanL1￿ statemenLs comply with the Companie% ALt ?(MK). Thev are also responsible for safeguarding the &sseLs c)f the Chari tv and henLe for tak. ing re&sonable steps for the detection and prevention of fraud and other irregulariti&A. Small company exemptions This report h&s ￿en prepared thking advantage of small companies exemption of .￿tIOn 415A of the CL)mpani&s ALI 2(KkJ, Thi% rewrt w&% approved and authorised for i.ssue by the Management Committee and 4iigned on ILS behalf by 11 Gavin Everall. SeL"retary Dafr.. 19 November 2024 BOOK WORKS (UK) LTD Indepondent oxamlnerfs roport to the Manaooment Committee of Book Works (UK) Ltd I report on the flnarKaal ststements for Ihe y￿r efMJed 31 March 2024 set out on pages 10 to 22. This reFK)rt is made 301ety to the Management Commrtlee, as a body, in accordance with regulatlorA made urNJer secti1￿ 154 of the Charities Act 2011. My th has been undertaken 80 that I might state to the Management Committee matter8 l am required to State to Ihem In an IrMJeperKlent Examinerfs report and ft)r rK) Other purpose. To ts fullest extent pennitted bylaw, I do not accept or assume responsibility to any other Ihan the Management Committee for my irKJeFwthnt examination VK)rk, for th￿ roport. or for the ststement I have given beknv. R•sponslblllll•s and basls of r•port As the Management Committees of the chanty (and rts directors for the wrposes of company law) y)u are reswnsible for Ihe preparats"￿ of the ac(x)unts in accordance the wuirements of the Companies Act 2006 (Ihe 2006 Arf). Havlng Satisfied that the aCC￿nts of the Charity are not required to be audited urmler Part 18 of the 2006 Act and are elyible for independent ex8minats'(M, I report in respect of my eXaMinat￿n of the Charitys accounts carried (xrt under sectK>n 145 of the Charibes Act 2011 {Ihe 2011 Acf). In carrying cxrt my examinatK)n I have followed the DKectK>ns given by the Charity Commi88ion under 8ectlon 145(5Xb) of the 2011 Act. Ind•p•nd•nt •xamln•rfs stat•m•nt SirKe the Chantys Ir￿￿ne exceeded £250,(K)O. I confimi that l am qualified to urKlertake the examination because l am a member of the Chartered Associalion of CertIf￿1 Accountants. whth is one of the listed bod￿. I have completed my exarninati￿. I can corrflnn that no matters have (x)me to my attentlcm in connection with the examination giviNJ me (ause to bel￿8. acccKJntlng rec(xd8 wpr• rM)t kept In resFrtt of the Charity as required by section 386 of the 204￿ Ad: 2. the accounts do not accord th088 reC￿d8. or 3. Ihe accounts do not compty wth the acc4)unting requirements of sectlon 396 of the 20(￿ Act other than any requirement that the accounts give a Irue and fairf vthv which is not a matter consKlered a8 part of an indeperHJenl exwninats'on: or 4. the accounts have nol been prepared In acccKdance the methods and prlnclpl8s of the Ststement of Recommended prac￿ for accountirKJ and reporting by charities applicable to charilies preparlng their accounts in accordance wlth Financial Reporti"ThJ Stsndard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have CA)me across no other matters in connoclion V￿th the examinatKJn to whlch attentx)n Sh￿Id be drawn in this report in order to enable a yoper understar)ding of the accwnts to be Tin Myint FCCA Delts Acc￿nt￿ Advice Ltd 8 Margaret Avenue St Albans, AL3 5 Date. 22/11 800K WORKS (UK) LTD STATEPAEKf OF FINANCIAL ACTIVITIES (Incorporatlng Incom• and Ex￿ndItur0 Account a statem•nt of Total R•allsed Galns and Loss•s) For the y•ar •nded 31 March 2024 Unr•strlct•d R•8trfct•d Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Not• INCOME FROM: Charrlable aclivits'es Investments TOT￿ INCOMING RESOURCES 180.917 413,384 180,917 449,213 4,359 634.489 179,831 518, 792 1, 761 35,829 35,829 RESOURCES EXPENDED Charitsble a￿'v￿.88 TOT￿ RESOURCES EXPENDED 659,617 659,617 39,205 698,822 698,822 656,083 656.083 NEf INCOMEI(EXPENDrruRE) R•conclllatlon of funds: TOTAL FUNDS AT 1 APRIL 2023 (60.957) (3,376) (64,333) 44.301 310,506 67,214 377. 720 333,419 TOTAL FUNDS AT 31 MARCH 2024 £ 249,549 £ 63,838 £ 313,387 £ 377,720 The annexed Th)tes f￿ part of these finandal stalements 10 BOOK WORKS (UK) LTD (company Ilmlt•d by guarants•) Com Ilmlt•d uarant•• no. 03190880 BALANCE SHEET As at 31 March 2024 2024 2023 FIXED ASSErs Tangl1￿8 assets 11 2,201 1,829 CURRENT ASSErs StcKks Debtors Cash at bank arKI In hand 12 13 64.519 105, 724 252, 667 155,451 422,910 CREDrroRS: amounts falllng due wlthln on• y•ar 14 (23,862) (47.019) NEf CURRENT ASSETS 311,186 375,891 NET ASSETS £ 313.387 £ 377.720 FUNDS RestrKted fvrlds Unrestricted funds: De8yr￿ted funds General fund 15 63,838 67.214 15 15 171,370 139,136 249,549 249,549 310.506 £ 313 387 £ 377, 720 F(x the year ended 31 March 2024 the charlty was ontrtled to exempts'on under section 477 of the Companies Act 2006 relatlrvJ to small ccxnpanbes. The Management C(xnmittee memberfs resp(Thibilities: The members have fK)t required the Ct￿rity to obtsln an audit If Its aCC￿nts for the year in queslion In accordance wth sectK)n 476; The Management commlttee 8cknc￿8dg0S Its res￿nSIbIlItieS for Cx)Mpl￿ng with the requirements of the Act wlth respect to acclxrtinq records and the preparat￿ of accounts. The fSnancW ststements have been prepared In accordance wth the provislons appllcable to companles subject to the small Ix>mp8nies regime. They were approved, and authorised for Issue. by the Man￿erne￿t Committee on 19 November 2024 and sIgr￿j ￿ thelr beh*f by. Teresa DrnctrFrancis. Trustee The annexed notes fofm part of these finan(aal ststements 11 BOOK WORKS (UK) LTD STATEMEKf OF CASH FLOWS For th• y•ar •nd•d 31 March 2024 Not•8 2024 2023 Net Ixsh flow from operating actlvities 19 19,362 Cash flows from Inv•gtlng actlvltl•8 Interest recwved Purchase of tangible fixed assets Net cash provided by (used in) investing ￿1￿11188 4,359 (1.416) 1, 761 (1, 799) 38 (D•cr•as•)nncr•as• In cash and cash •qulval•nts In th• y• Cash and cash •qulval•nt8 at th• b•glnnlng of th• y•ar Total cash and cash •qulval•nts at th• •rKI of th• y•ar (97,216) 19.324 251667 233,343 £ 155,451 £ 25 Tho annexed notes part of these finandal stalements 12 BOOK WORKS (UK) LTD NOTES TO THE FINANCIAL STATEMENTS For th• year •nd•d 31 March 2024 1. ACCOUNTING POLICIES G￿8￿1 InfDrnMtlon and basls of w•paraUon of flnanclal slat•m•nts Book Works (UK) Ltd is a private company limfted by gu8rant8e. domiciled and incorporated in ErvJlarKI ar)d Wales. The registered office is 19 H(W811 Row. LorKk)n EC2A 4J8. T*￿ nature of the charity's operations and wnopal acIMt￿S are dwi'bed in the Trustees. report. The charity con8titute8 a public benefft entty as defineAJ by FRS 102. Tho financial statements have been wepared kn acccxdance with AC￿￿nti￿j and Rewxtlng by Ch8ritEs' Statement of Recommended.PractiC8 applicable to d￿ritIeS prepariry thelr accounts In accordance with the Flnancial ReportirvJ StsrKJard applicable in the UK and Republic of Irdand Issued In October 2019, Financial ReportirKJ Stsndard applicable in U)e United Kingdom and Republic of Ireland (FRS 102). the Charities Ad 2011. the C(vnpani88 Act 2CW and UK Generalty Accepted Accwnting Practice. The financial ststements are prepared on a goiTVJ ccYKem ba818 urKler hlstorlcal (x)st CAxNentK>n. rn0drf￿d to irKaude certain btems at fair v4ue. The shanlficant xcountlng w￿•cleS applied in the preparation of these flnandal statements are set out bolow. These policies have been C(￿SiSten0Y applied to all presented unless olherwise ststed. Fund •ccountlng General funds are unrestn.cted funds whth are available for u8e at the dlscretion of the Truslees in furtherance of the general oty'ects of the Charlty and whlch have rK)t been deS￿nated for other rposes. Des￿nated fur*ts comFThe unrestncted funds that have been set aslde by the Twstees fLY parti(xA8r purposes. The 8im and use of each desynatwj fund is Set out In the rK)tes to the financlal ststements. Restn"cted funds are funds which are to be used In accordance specific r8strktlOr￿ Imposed by donors which have been raised by t￿ Charty for partlcular wrposes. The cost d admlnisterlng such furxts are (*￿rged against the speclfic fund. The aim arKI use of each restrKted fund is set out in the rK)tes to the financial ststements. Statuw grants ￿lch are glven as contributbons towards the Charity8 core servic88 are treated as unrestricted. Incom• rKognftlon All Ir￿OmIng resources are Included in Ihe Ststement of Flnanclal Activities (SOFA) when the charity is legally entstled to the income after any performance cOnd￿onS have been met. the amount can be measured reliably and it is probable that the income will be received. Grants are reCogn￿d when the charity has entlfj8m￿I after any performance (xyNJiti'ons have been met. It is probable thal the income will be received arKI the amount can be measured reliabty. If entitlement is not mel then these amounts are deferred. Income receiwj in advance of a book pubffiCAti(￿ or othw 8p6dfi8d seTrice is deferred until the criteria fLY Income recognltk)n are meL No amount is inckxled in the financial slalements for volunteer time in line with the SORP. Investrnent income is rwnised on a receivable basis. 13 BOOK WORKS (UK) LTD NOTES TO THE FINANCIAL STATEMEKrs For th• y•ar •nd•d 31 March 2024 All expendlture is accounted fcK on an accruals ba￿ and has been induded urthr expense categories thal aggregate all (xjsts for alocalson k) actNille8. Expenditure Is recognlsed where there is a legal or constructive 0b1lgati￿ to make payments to thlrd parties. It is probable that the settlement will be requlred and the amount of the oblwion can be measured rellably. Support costs are those cx)sts Incurred diredly in 8UPPOrt d expenditure on Ihe objects of Ihe charty. Goverance costs are induded withln support costs. Governan￿ costs are those costs incurred in Connect￿ ￿th the compliance with u)n8tllutI￿ ar#J statutory requirements of the charlty. Tanglble Ilxod ass•ts and dwvclatlon All assets cosb'ThJ m(xe Ihan £500 are caF4tsltsed. Tangible flxed assets are ststed at cost1888 d8preCwtlc￿. Depreuation18 pfDvKJed at rates calculated to wrlte off the cost of fixed assets. less thelr estimaled rBsKlual value. over their eX[￿ded useful lives on the folk>￿'ng bases: Leashokj bulldirvJs Fixtures and fittings OffKe equitxnent, plant and machinery Stocks Stod(s are stsw at the lower of (x>st and esbmated selling price less costs to complele arKI sell. Cost indudes all costs of wrchase, costs of convers￿n and other costs incurr&Y in brlnging stock to its present kulM)n and condrtion. Cost is ca1￿lated using the firnt4n. first4xrt fomiula. Provision is made for damaged. obsolete armj slow4novirvJ Stock where appropriate. 8% Straight Ilne 25% stra￿ht line 25% stra￿ht line D•btor* and cr•dllofS rnc•lvable /p•yable wlthln orn y•ar Debtors and credltors no stated intefe81 rate arKI receivatkn or payable wthin one year are recorded at transaclth price. Any losses arlslrKJ from impairment are recognised In expenditure. Rentsls applicable to operating leases are chargwj to Ihe Slatement of Flnancial Actlvllies over the period in which the cosl is incurred. Transact1￿3 in forelgn currendes are recor￿ al Ihe rate rullng at the dale of the transaction. Monetary assets arKI Ilabilth'es denominaled in fortyn ￿rrenCIeS are translated ￿ the rate of exchange ruling at the balance sheot date. The charty operates a defir￿d c¢￿tritxrtX)n scheme. is open to all empws. Employer contributions are charged to the Ststement of Financial Activibes as they become payable in accordance wth the rules of Ihe scheme. 14 BOOK WORKS (UK) LTD NOTES TO THE FINANCIAL STATEMENTS For th• y•ar •ndod 31 March 2024 Golnq con¢wn The financial statements have been p￿Pared on a golng concem basls as Ihe trustees believe that no material uncertaintss exist. The truste8s have c<>nsider8d the level of funds held and the expected level of income and expenditure for 12 months from authorising these flnanclal stst8ment8. The budgeted income arbd experKliture is sufficient ￿￿th the level of resefve8 for the tharity to be able to continue as a goiw concern. Judg•m•nts and k•y sourc•s of •stlmatlon uncwtalnty No judgements (apart from those invofving estimates) have been made in the process of applwng the above accountifig Oicies that have a s1gnrf￿nt effect ￿ amounts recognlsed In the financial statements. 2. DONATIONS AND LEGACIES Unr•strlct•d Unrnstrkted Funds Funds 2024 2023 Grants - Arts C￿nd1 Eroland Donatlons 179,760 179. 760 71 £ 180,917 £ 179,831 3. INCOME FROM CHARITABLE ACTivrriES Unr••trkt•d R•strlct•d Funds Funds 2024 2024 Totsl Fund8 2024 Total Funds 2023 Studio Commission8 of new ￿rk 303,735 109,649 £ 413,384 £ 303,735 367.348 35,829 145,478 151.444 35.829 £ 449,213 £ 518,792 Restricted irKX)me from charltsble 8cIMtles In 2023 was £52,414. Unrnstricted Restricted Funds Funds 2023 2023 Total Funds 2023 Studk) Commiss￿n8 (rf new VK>rk 367.348 99.030 ,37 367.348 151,444 51 52.414 52,414 15 BOOK WORKS (UK) LTD NOTES TO THE FINANCIAL STATEMEpirs For the y•ar •nd•d 31 PAarch 2024 4. GRANT INCOME. DONATIONS AND COsts have been alk)cated to acliwties on a time basis: Fyemises arKJ olher costs have been allocated on the basis d costs directy atIn'l￿tsbI8 to each activity. costs not directy attn'txrtable to an athty have been allocated a 50.50 basis excepl for rent which ha8 been allocated on Ihe basis of fioor space. 17 BOOK WORKS (UK) LTD NOTES TO THE FINANCIAL STATEMEKrs For th• y•ar •nd•d 31 March 2024 8. GOVERNANCE COSTS 2024 2023 IndeperKlenl examiners remuneratK)n Trust88' expenses 3,700 159 3,859 £ 3, 700 3, 700 9. STAFF NUMBERS AND COSTS 2024 2023 Wage8 and salarfes Social security costs 337,739 332,495 28,108 28,945 7,792 7,399 £ 3n 639 £ 368.839 The average monthly twl C￿nt was 11 stsff (2023 - 12 8taffj. No emc4oy8e received rernuneration of m(xe than £60.IJX). 10. MANAGEMENT COMMrrrEE AND KEY MANAGEMENT PERSONNEL During the year. no Management Commltteo member rec￿Ved ary remuneratlon (2023 - £NIL). No member of Ihe Management Commrttee received reimbursement of expenses (2023 - £NIL). During the ￿r, Key Management Personnel. defined as Ihe management committee and the c director3. received remuneratK>n 01 £94,038 (2023 - £95.749). 11. TANGIBLE FIXED A88Er8 Land and Flxtur• and Iwlkllngs ffttlngs •qulwn•nt Total At 1 Aprfl 2023 Addlbons At 31 March 2024 31226 6,897 23,151 1,416 62,274 1,416 63,690 32,226 6,897 D•pr•clatlon At 1 April 2023 Charge for the ￿ar At 31 March 2024 32,226 6,897 21.322 32,226 21366 61,489 N•t book valu• At 31 March 2023 At 31 March 2024 Nl £ Nl £ 1,829 £ 1,829 18 BOOK WORKS (UK) LTD NOTES TO THE FINANCIAL STATEMENTS For th• y•ar •nd•d 31 March 2024 11 STOCKS 2024 2023 Flnlshed goods Raw materials Work in progress 61,759 41,347 12.252 11.336 5,637 11.836 79 648 £ 64 519 13. DEBTORS 2024 2023 Ou• wlthln one y•ar Accounts Receivable p￿payrnents and accrued kKome Other debtor5 64,810 35.106 82, 253 23,438 33 99,949 £ 105, 724 14. CREDITORS: AMouKfs FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade credrt soc￿1 secunty arKI other taxes Other credrtor5 Accwals Deferred in￿rne 5.976 8.239 14,759 9.690 12,012 10.500 23,862 £ 47.019 in Balance at 1 Aprll 2023 Amount released to income Amount deferred in the year - Fees Balance at 31 Marth 2024 10,500 (10.500) 3,970 (3, 970) 10,5 10.500 Nll £ 19 BOOK WORKS (UK) LTD NOTES TO THE FINANCIAL STATEMENTS For th• y•ar •nd•d 31 March 2024 15. STATEMENT OF FUNDS Mov•m•nts In fvnds (curr•nt y•ar) Brought Incomlng Ro8ourc•s Transf•rn Forward Resourcu Exp•nd•d Aprll 2023 Carrl•d Forward arch 2024 DESIGNATED FUNDS Equ1rmn￿t and prwnises Website Redu￿lanCY 7,370 70,000 £ 171.370 ￿NI1 £ (94,000) fl.370) 7,370 164,000 Nll RESTRICTED FUNDS Commissbns of new 67,214 35,829 35,829 £ 39,205 39,205 63,838 SUMMARY OF FUNDS Deswnate(J Funds General Funds 171,370 139,136 310,506 67.214 (7.370) 652.247 (659,617) 39.205 698,822 (164,000) 164.000 598,660 $98,660 35,829 249,549 249,549 Restrlthj Funds Nll £ 313 387 hlov•m•nts In funds (prlor year) Brwht InC￿n￿￿ Resource8 Transfer3 Fonvanl Resources Expended 2022 Carried Forward Alarch 2023 DESIGNATED FUNDS Equiwient 8nd premises Website R&Jundancy 94,￿￿) 7,370 70.1X 171370 £ 7.3TO 70,000 Nrf £ 171.370 Nll £ Nll £ RESTRICTED FUNDS CcffimlssM)ns of new M)rk 21.CKKI 21,000 52.414 6, 200 6, 200 67,214 67,214 Nil £ SUIAAIARY OF FUNDS Designated FurKIs General Funds 171,370 141.049 647.970 649,883 312.419 647.9TO (649.883) 21.( 52.414 6,2 333.419 £ 700,384 £ 656,083 171.370 139, 136 310,506 67.214 £ Nil £ 377,720 Restrictod Funds 800K WORKS (UK) LTD NOTES TO THE FINANCIAL STATEMENTS For th• y•ar •nd•d 31 March 2024 15. STATEMENT OF FUNDS contlnu•d DESIGNATED FUNDS The fvnds of the cornpany Ind￿je the following designated funds which have been set 88ide ￿1 of unrestricted furKls by the management c(xnmittee for spKffic purpo888: Equipment and premises furKJ This fund was sel up to replace printing and ancffiary equipmenc and to enatkn the charlty to h8ve necessary funds available to fund upkeep of the building arml in(xease premises avallable for operabons. There are currently rK> ￿n8 to 8xpwNJ Ihe fund arKI it ha8 been transferred to gen6ral Website fund Set aside for ongoirvJ th on the website and post4aunch in 2020. maintenance and development of the Site. The ￿*b81t8 has now been redevebped. RedurKlancy fund The redundancy. deveknpment and staffing lund is covered by free reserves and has been released to general furKIs. RESTRICTED FUNDS The furKI8 of the company indude restricted fvnds comprising the folk)wing unexpended balarKes of donations and gr8nts held on trusts to be applEd for specffic wrposes: Commissk*n of new wcrfk - relates to contributions kwards th@ costs of producing new tK>ok lities. 16. ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unr•strlct•d Funds D•slgnat•d G•n•ral R•strlct•d Funds Fund• Funds Curr•nt Y•ar Totsl Funds T8nglble flxed assets Nel current assets 2301 247,348 Nll £ 249,549 £ 2201 63.838 311,186 63,838 £ 313.387 Unrestrided Fund8 Deslgnat8d General Resttlcted Funds FWKIS Funds Prfor Y88r Funds Tangible fixed assets Net current assets 1.829 171.370 137.307 171,370 £ 139,136 £ 1.829 67.214 375.891 67,214 £ 3TT 720 21 BOOK WORKS (UK) LTD NOTES TO THE HNANCIAL STATEMEKrs For th• y•ar •nd•d 31 March 2024 17. OTHER FINANCIAL COMMfThiENTS 2024 2023 At 31 March 2024 Ihe Company had annual commitments under non cancellable oper8b.ng leases (all for larwj and t￿lIdir￿ds) as set Ixrt below. Operating leases ￿•ch expire: ilhin 18. RELATED PARTY TRANSACTIONS During the year the charty Incurred expenditure crf £34,825 (2023 - £33,823) wilh the artistlc co director d Rob Hadrll for Ihe rent81 of the propety at Hol￿11 Row. 19. RECONCILLIATION OF NET MOVEMEKf IN FUNDS TO NET CASH FLOW FROM OPERATING ACTMTES 2024 2023 Net movement In funds Depr￿latI￿7 chanJe Bank Interest Received (Increaseydecrease in stc (Increaseydecrease in debtor3 Increasel(decrease) in credrtors Net cash flow fr￿n owatsrKJ athttle8 (64,333) 44,301 (4,359) (15,129) 5,775 (23,157) (1, 761) (6,427) (26,473) 9,033