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← Book Works (UK) Limited

2025-03-31-accounts

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

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

BOOK WORKS (UK) LTD

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

REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2025

CONTENTS
Page
Legal and administrative information 1
Management Committee's report 2
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Cash flow statement 11
Notes to the financial statements 12

BOOK WORKS (UK) LTD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 March 2025

Management Committee Maria Amidu
Nicholas Brown (resigned 17 June 2025)
Taghrid Choucair-Vizoso (appointed 19 November 2024)
Tess Denman-Cleaver (Chair 25 March 2025) (appointed 21 May 2024)
Teresa Drace-Francis (Chair) (resigned 25 March 2025)
Aliya Gulamani
Gerrie van Noord
Secretary Gavin Everall
Co-Directors Jan Burgess
Gavin Everall
Rob Hadrill
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 (UK) LTD

MANAGEMENT COMMITTEE'S REPORT For the year ended 31 March 2025

Management Committee Report – year end March 2025

The Management Committee, who are also directors of the Company for the purposes of the Companies Act, and trustees for charity law purposes, submit their annual report and the financial statements of Book Works (UK) Ltd for the year ended 31 March 2025. The Management Committee confirms that the annual report and financial statements of the Company comply with the Charities Act 2011, the Companies Act 2006, the requirements of the Company’s governing document and the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities (FRS 102)’.

Principal activities and review of activities

The company is established with the object to advance education of the public in the visual arts and, in particular, in the context of books, through printing, publishing and exhibitions of artists’ books. As an arts organisation, we aim to benefit the public through our programme of publishing and educational events, and through our distribution of our books to a wide cross section of the public. The Management Committee have paid due regard to the Charity Commission’s guidance on public benefit in deciding the activities undertaken during the year.

The company commissions new work in collaboration with artists and writers, publishing, producing and printing books, multiples, limited editions, and new media projects. It also organises exhibitions, installations, time-based and performance works, workshops and educational events in a variety of different locations including galleries, libraries, museums, retail spaces and on the Internet. It acts as a national resource for artists’ books and those involved in publishing in the arts, and aims to distribute its work to a wide and varied audience. It receives fixed-term funding from Arts Council England towards its core publishing programme.

Activities/Overview

2025-26 was a difficult financial year, with a slow-down in sales for both Studio and Publishing, creating a challenging situation in the first half of the year. During the second half of the year this turnaround, leaving us in a better financial position than 2023-24.

Despite this we produced or published a number of successful projects, and work through the Studio significantly increased in quarters 3-4. Highlights of the year included: The small tour with Amy Lam to mark the publication of Property Journal , published as part of our collaborative Co-Series, with funding from Richmond Art Gallery London. Amy Lam wrote to us to give feedback and said:

‘Working with Book Works on my Property Journal was an exceptional experience. In an increasingly commodified and challenging arts landscape, this project gave me hope for multidisciplinary, experimental practices like my own. I was supported by the staff’s

ÿ

BOOK WORKS (UK) LTD

MANAGEMENT COMMITTEE'S REPORT For the year ended 31 March 2025

incomparable experience in artists’ publishing throughout the entire process. The publication of Property Journal has significantly raised my international profile and created new opportunities in both the UK and North America. I am honoured to be part of the legacy of artists who have published with Book Works, and I look forward to seeing the organization continue to expand and innovate on its important and rigorous work over the coming years.’

With the support of a small grant of £5,000, we published The Touch Report, the fourth book with Katrina Palmer. This accompanied her exhibition at the National Gallery, where the book was installed in the exhibition/reading room. Katrina was also the guest editor of the recent Arrhythmia series, that published four books in the 2024-25, by Roy Claire Potter, Alice Walter, Andrew Colarusso, and Through the Tinnitus by Kamwangi Njue which was nominated for the Bob Calle artist book prize.

During the year we developed an ambitious new project, a new review-based magazine, that will launch in 2025. Titled Dummy and guest edited by Josie Mitchell and Rachael Allen, it is a new magazine of criticism dedicated to the obscure, difficult or overlooked, and will feature long-form writing on innovative, boundary-pushing work by artists and writers from historically underrepresented backgrounds and those supported by independent presses. We were awarded £7,000 for this project by the Cockayne Foundation, and via the editor, £30,000 from an Arts Council England Project Grant.

As part of our ongoing educational work, we commission another series of Graphic Negotiations – online presentations with graphic designers, including Claire Mason, Matthew Wallerdine, Rose Nordin, and Engy Aly. Not only has this series expanded our audience, but also increased diversity of the freelance designers that we work with.

As well as the events held for Amy Lam – in Glasgow, Birmingham and London, and the launch event for Katrina Palmer at the National Gallery, we also organised two events with Cecilia Vicuña in New York during the New York Art Book Fair, to promote Saborami , at Hauser and Wirth, and at Triple Canopy. Alice Walter participated in a reading from The Medium at Offprint bookfair, at Tate Modern, and other bookfairs we participated in included: Offprint at Tate Modern, BABE Bristol, Inventory London, Duplicate Eastside Projects Birmingham, Fruitmarket Gallery Book Fair Edinburgh, Bound Artbook fair Manchester, Brighton Artbookfair, Turning Tables art book fair Toronto, Dublin Artbook fair Ireland, Wiels Artbook Fair Brussels, and Queer Utopias Wysing.

The long-standing Studio manager Jan Burgess was appointed co-Director of the Studio in May 2025. The Studio continued its education programme with successful uptake of places for the two six-week evening bookbinding classes. It also worked on a number of high profile artist commissions, including with Tracey Emin, Beatrice Milhazes, Idris Khan, Yinka Shonibare, Damien Hirst, Tacita Dean, and with the National Trust and Wellcome Foundation.

þ

BOOK WORKS (UK) LTD

MANAGEMENT COMMITTEE'S REPORT For the year ended 31 March 2025

Forthcoming commissions for 2025-26 onwards include:

Single Titles

The Truth and Untruth of Stones by Lucy Skaer – originally commissioned in 2022, this ambitious project, designed by Sara de Bondt, with grant funding from Grimm Gallery, Peter Freeman Inc., Henry Moore Foundation, and Elephant Trust, will be published in November 2025.

Wafq by Sofia Niazi – a project that has been in development since 2023 is due to be completed and published in 2025-26.

Portmanteau by Hiba Ismail, secured funding from Arab Fund for Art and Culture, and the artist was supported through ACE’s DYCP fund, to enable further research. An application for ACE Project Grant funding is being developed, and the project will be published in 2025-26.

Open Submission

Our new open submission Satirical Strains was launched in April 2025, with Holly Pester as the new guest editor. Selections for this commission will be made in November 2025.

Co-Series

Distinguish the Limit from the Edge a collaboration between the work of Theresa Hak Kyung Cha and Jimmy Robert, edited by Jacob Korczynski, and co-published with Participant Inc., New York has been funded by the Korean Management Service, and Participant Inc, and will be published in November 2025.

The Circle by Bouchra Khalili, funded by Luma Foundation will be published in February 2026.

Our Bodies Ourselves by Olivia Plender, is a collaboration with Glasgow Women’s Library, the University of Edinburgh, and Book Works, and will be published in January 2026.

The Studio

The Studio has been commissioned and delivered a range of new projects, and continued its education work with fully subscribed evening bookbinding course.

Projects included work with: Queen Elizabeth Memorial Projects from two architect practices – Heatherwick and Tom Stuart-Smith, Factum Arte, Yinka Shonibare special edition, Georg Baselitz for Alan Cristea Gallery, Chantal Joffe for Paragon, Damien Hirst, boxes, Sara Haq and the Bethlem Museum, and a new project with David Batchelor.

Staff

Jan Burgess was appointed co-Director of the Studio, and we appointed Nida Sajid as Sales and Distribution Assistant.

ý

BOOK WORKS (UK) LTD

MANAGEMENT COMMITTEE'S REPORT For the year ended 31 March 2025

Arts Council England Funding

We have successfully reported all required information to ACE during this financial year and received positive feedback for our activity at our annual review, including the news that our risk had been reduced. Due to government spending reviews the NPO schedule has been postponed, with no date of when the new schedule will start. We have confirmation that our funding for 2026-27 (Extension year 1) has been accepted and that we are eligible to apply for extension year 2 funding for 2027/2028. Budgets for these extension remain unconfirmed.

Risks

The Management Committee has considered the risks to which the charity is exposed and has taken steps to mitigate those risks, with board meetings on a quarterly base reviewing the risk register and policy review schedule. At the end of this financial year the board agreed that risk was low and the main risk was associated with the unknown and forthcoming news from Arts Council England. The board agreed that measures were in place to mitigate this risk which would be reviewed at quarterly meetings.

Financial Review

The company had a deficit on unrestricted funds, of £48,280 (2024 deficit £60,957) for the year. Together with the accumulated surplus brought forward from previous years, the company now has an accumulated surplus on unrestricted funds of £201,269 (2024 - £249,549). Restricted funds carried forward at 31 March 2025 amounted to £83,723 £ (2024 - £63,838).

Reserves Policy

Book Works now have free reserves of £198,845. These are the unrestricted funds less the designated funds and the unrestricted fixed assets. The Management Committee has established a reserves policy based on the need to hold funds as identified in Book Works’ risk reviews. The reviews identified that it would be prudent to hold the equivalent of four months expenditure on salaries and support costs in reserves. This amounts to approximately £158,000. The charity reviews the reserves policy on a annual basis.

Principal funding sources

Book Works generated funding from its own sources and also receives core revenue funding from the Arts Council England as a National Portfolio Organisation which amounts to about 28% of our income. So as not to become dependent on any one source of funding we recognise the need to build a fundraising strategy and the necessity to diversify our funding streams to build resilience into the future. Through our income generation, and fundraising strategy we raise awareness of the organisation within the art world and to new audiences and supporters, allowing us to continue to present and expand our experimental and innovative programme.

ü

BOOK WORKS (UK) LTD

MANAGEMENT COMMITTEE'S REPORT For the year ended 31 March 2025

Our own sources include earned income through studio bookbinding/printing sales, book sales from our published titles, support from trusts and foundations, crowdfunding and other fundraising initiatives.

Funding Sources for 2024-25 included:

Grants from National Gallery, London, via Katrina Palmer; Cockayne Foundation, Arts Council England Project Grants, via Josie Mitchell. We have received no complaints about our fundraising and all funds raised support our programme, education activities and charitable aims.

Policy

As a charity and responsible company, we have a range of policies that are reviewed on a scheduled basis, including Equal Opportunities Policy, Safeguarding, Harrassment and Bullying, and Whistleblowing, and Privacy published on our website with our GDPR compliance statement. In 2025 we formally adopted the principles of the Palestine Academic and Cultural Boycott of Israel (PACBI).

Plans for future periods

Book Works key objectives over the next year will be in line with our charitable aims – to advance education of the public in the visual arts and in particular in the context of books, through printing, publishing and exhibitions of artists’ books. Our objectives, programme and strategy are defined in our our recent NPO submission for core funding 2023-26 and updated through quarterly and annual reviews with ACE.

Structure, governance and management

Book Works (UK) Ltd is a company limited by guarantee and a registered charity. It is established with the objects as noted above. These objects are set out in its governing instrument, which is its Memorandum and Articles of Association.

The governing body is the Management Committee whose members are non-executive and unpaid. Members perform the role of directors in company law and trustees in charity law. The Management Committee meets regularly, retains full and effective control over the company and monitors the Co-directors. The Management Committee is involved in major strategic decisions and has ultimate responsibility for the conduct and financial stability of Book Works.

The Management Committee appoints and delegates to the Co-directors the artistic control of Book Works. ‘Director’ is the traditional title used for this post though the holders are not directors under the Companies Act.

û

BOOK WORKS (UK) LTD MANAGEMENT COMMrrrEE'S REPORT For the year ended 31 March 2025 The Manageinent Committee regLilai'ly review.4 Its coinpo8ition to ensure it h&% the skills neLe.ssary for it% coniiniied good management, LLiltiiral diver%ity and gender balance. In light of the review, poientiaL new memberi are invited 10 join. A Lo-Director provideg appropriate induction and training. Both Tes% Denman-cleaver, and Taghrid ChouLaii"_Vizoso were invited to join the boai'd in 2024-2025, Statement of Management Committee's responsibilities The Management Cc)mmittee are responsible for preparing the Annual Report and the financial ,statements in aLuordanLe wilh applitiable law and United Kingdom Generally Accepted AcLoiinting PTactiLe. Company and Lharity law applicable to Lharitie% in EnLTland/Wale% requii'es the Management Committee to prepare finanLial statenieiitq for each financial year which give a tnie and fair view of the state ol aftairs of the Charity and of the surplu.s or deficit of the Chariiy for that period. In preparing those finanLial statcinLJ)Is thL Mariagcmcni Cuminittcc havL: SLILLted suilable a¢rounting pol?cie8 and applied them Longistently, Observe the niethods and pi'inciples of the C.haiities SORP {FRS 102) Made jiidgement% and e.siimate% thal are reasonable and pnident, State whether appliLable aLLounting slai)dard.% have been followed, siibjecl to any rnaterial departure% disLlo%ed and explained in the tinancial statemenL%; and prepared the tinancial stateinentq on a goino concern basis iinle8,s it 18 inappropriatr to presiime that the Charity will continue in operation. Tlie Management Committee is responsible f￿. keeping proper aLcouniing records which di%il08¢ with itasonable aLLUI-aLy at ai)y liiiie die ILI)aIiii<LI yu%itiuii uf (lie Clièii'ily aiid èiiiible them to ensure that the financia] %tafrmenLS Lomply with the Companies Act 2006. Thcy are al%0 responsible fot. safegiiarding the asqet4 of the Charity and hence for takin<f re&sonable steps k'or ihe delection and prevention of fraLid and other irregiilarilies. Small company exemption& Thi4 report has been prepared taking advantage of the 8matl Lompanies exemption of secuon 4I5A of the Companies ALt 2006. This report was approved and authori4ed foi. igsue by the Management Committee and si&ined on ILS behalf by Gavin Everall, Secretary Date.. 24 November 2025

BOOK WORKS (UK) LTD Indep6ndent examinerfs report to tho Manaqement Committee of Book Works (UK) Ltd I report on the flnancial statements tor thè year ended 31 March 2025 set out on pages 9 to 22. This report Is made solely to the Management Committee, as a body, in accordance with regulatlons mada under section 154 of the Charities Act 2011. My work has been und8rtaken so that I might stale to the Management Committee matters l am required to state to them in an Independent Examlneffs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than th8 Management Committee for my independent 8xaminalion work. for this report, or for the slalement I have given below. Responslblllties and basls of roport As the Management Committees of the charity (and its directors f¢r the purposes of company law) you are responsible for Ihe preparation of tha accounts in accordan￿ wlth the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Charity are nol requlred to be audited under Part 16 of the 2006 Act and are eligible for Independent examination, I report in respect of my examination of the CharlV8 accounts carried out under sectlon 145 of the Charities Act 2011 I'the 2011 Act,). In carying oul my examination I have followed the Directions glven by the Charity Commission under sectlon 145(5){bl of the 2011 Act. Independent examlnerfs statément Sln¢e the Ch8ritls income excogded £250,000, I confirm that l am quallfled to undertake the examinalSon because l am a member of the Chartered Assoclatlon of Certified Accountsnts, whlch Is one of the listed bodiés. I have ¢ompl8ted my examination. I can confirm that no matter8 have come to my attentlon in Gonnection wilh the examination giving me caus8 to b6lleve' accounting records were not kept In respect of the Charity as required by section 386 of the 2006 Act. 2. the accounts do not accord with th06e recorés., or 3. the accounts do not comply with the accounting requlrements of section 396 of the 2006 Acl other than any requirement that the accounts give a 'true and fairf vlew whlch Is not a matter consldered a8 part of an indepandent examlnation. or the ac￿￿nts have iiol beeii pi'¥yai¥d iii d¥wrdaiiLiI with tlif) rnelhvd¥ and prinLiple¥ uf tht) Slulviiiviil of Recommendad Praclice for accounting and reportlng by charitles applicable to charities preparing their accounts In a¢wrdance with the Flnancial Reporting Standard applicabla in the UK and R8publlc of Ireland (FRS 102). I hav8 no concems and hav8 come a¢ross no other matters in connection with the examinatlon lo which attention should be drawn in this r8port in order to enable a proper understanding of the accounts to be reached. Tln m￿nt FCCA Delts Accountancy Advice Ltd 8 Margaret Avenue St Alb8ns, AL3 STE Date: 28114120

BOOK WORKS (UK) LTD

STATEMENT OF FINANCIAL ACTIVITIES

(incorporating Income and Expenditure Account & Statement of Total Realised Gains and Losses) For the year ended 31 March 2025

Unrestricted
Funds
Note
2025
£
INCOME FROM:
Donations and legacies
2
183,118
3
406,352
Investments
5
4,383
TOTAL INCOMING RESOURCES
593,853
RESOURCES EXPENDED
Charitable activities
642,133
TOTAL RESOURCES EXPENDED
6
642,133
(48,280)
Reconciliation of funds:
TOTAL FUNDS AT 1 APRIL 2024
249,549
TOTAL FUNDS AT 31 MARCH 2025
201,269
£
Charitable activities
NET INCOME/(EXPENDITURE)		 Restricted
Funds
2025
£
-
42,419
-
42,419
22,534
22,534
19,885
63,838
83,723
£		 Total
Funds
2025
£
183,118
448,771
4,383		 Total
Funds
2024
£
180,917
449,213
4,359
636,272 634,489
664,667 698,822
664,667 698,822
(28,395)
313,387		 (64,333)
377,720
284,992
£		 313,387
£

The annexed notes form part of these financial statements

9

BOOK WORKS (UK) LTD (¢ompany Ilmited by guaranto0) Com Ilmlted b uaranlee no. 03190880 BALANCE SHEET Ag at 31 March 2025 Notes 2025 2024 FIXED ASSETS Tanglble assets 2,424 2.201 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 81,808 86,376 145.963 79,648 99.949 155,451 314,145 335,048 CREDITORS: amounts lalllng du• wlthln on• yèar 14 (31.577) (23,862) NET CURRENT ASSETS 282,568 311,186 NET ASSETS £ 284 992 £ 313,387 FUNDS R8Stricted funds Unresiricted funds: General fund 15 83,723 63,838 15 201269 249 549 201.269 249,549 £ 284,992 £ 313.387 For the year ended 31 March 2025 the charlty was entliled to exemptlon under sectk>n 477 of th& Companle8 Act 2006 relotlng to Small companles. The Management Commltt88 m8mberf$ responsibllitles.. The members have nol requlred the charity to oblaln an 8udlt if its accounts for the year In que8tlon In accordance with sectlon 476; The Management commlttee aCkno￿edge9 Its responslbllltles for complying with the ￿qUIrements of Ihe Act with respect to accoutlna records and the preparation of accounis. The financi81 statam6nts hava been prepared In a¢cordancg whth the provlsions applicabl8 to comp8nle8 subject to the small companies regime. They were approved, and authorlsed for 188U8, by the Management Commlttee on 24 November 2025 2nd signed on thelr behalf by. Tests Denman<leav8r, Trust68 The annexed notes form part of thes8 financlal statements 10

BOOK WORKS (UK) LTD

STATEMENT OF CASH FLOWS For the year ended 31 March 2025

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		 2025
£
(12,182)
4,382
(1,688)
2,694
(9,488)
155,451
145,963
£		 2024
£
(100,159)
4,359
(1,416)
2,943
(97,216)
252,667
155,451
£

The annexed notes form part of these financial statements

11

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

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.

12

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

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.

13

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

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
3.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2025
£
Studio
304,423
Commissions of new work
101,929
406,352
£		 Restricted
Funds
2025
£
-
42,419		 Unrestricted
Funds
2025
£
179,760
3,358
183,118
£
Total
Funds
2025
£
304,423
144,348
448,771
£		 Unrestricted
Funds
2024
£
179,760
1,157
180,917
£
Total
Funds
2024
£
303,735
145,478
42,419
£		 449,213
£

Restricted income from charitable activities in 2024 was £35,829.

Studio
Commissions of new work		 Unrestricted
Funds
2024
£
303,735
109,649
413,384
£		 Restricted
Funds
2024
£
-
35,829
35,829
£		 Total
Funds
2024
£
303,735
145,478
449,213
£

14

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

4.
GRANT INCOME, DONATIONS AND CO-CONTRIBUTORS
Arts Council England
Arts Council England - Projects
National Gallery Ltd
The Prism Charitable Trust (Cockayne Foundation)
Swiss Cultural Fund
Richmond Art Gallery
Korean Arts Management Services KAMS
Jan Michalski Foundation
Arab Fund for Art and Culture AFAC
Chisenale gallery
Other		 2025
£
179,760
30,419
5,000
7,000
-
-
-
-
-
-
3,358		 2024
£
179,760
1,771
-
-
2,500
4,615
12,484
10,000
4,459
12,500
1,157
225,537
£		 229,246
£

Of the £225,537 received in 2025 (2024 - £229,246) £42,419 was restricted funds (2024 - £35,829).

5.
INVESTMENT INCOME
Bank interest receivable		 2025
£
4,383		 2024
£
4,359
4,383
£		 4,359
£

There was no restricted income from investment income in the year (2024 - None).

6.
RESOURCES EXPENDED
Staff costs
£
Studio
181,066
Commissions of new work
149,145
330,211
£		 6.
RESOURCES EXPENDED
Staff costs
£
Studio
181,066
Commissions of new work
149,145
330,211
£		 Activities
undertaken
directly
£
83,831
105,520
189,351
£		 Support
Costs
£
62,020
83,085
145,105
£		 Total 2025
£
326,917
337,750		 Total 2024
£
344,132
354,690
330,211
£		 664,667
£		 698,822
£

Restricted expenditure from resources expended in 2024 was £39,205.

15

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

6. RESOURCES EXPENDED continued

Staff costs
Activities
undertaken
directly
Support
Costs
£
£
£
Studio
186,346
80,920
76,866
Commissions of new work
149,828
124,129
80,733
336,174
£
205,049
£
157,599
£
Resources expended include:
Operating lease rentals
- Land and buildings
Depreciation
- on owned assets
SUPPORT COSTS
Staff
Premises
Other
Administration
£
£
£
Studio
15,927
27,146
18,947
Commissions of new work
19,846
29,036
34,203
35,773
£
56,182
£
53,150
£
Staff
Premises
Other
Administration
£
£
£
Studio
17,754
26,562
32,550
Commissions of new work
19,861
26,933
33,939
37,615
£
53,495
£
66,489
£		 Support
Costs
£
76,866
80,733		 2025
£
34,824
1,465		 Total 2024
£
344,132
354,690
157,599
£		 698,822
£
2024
£
34,825
1,044
36,289
£		 35,869
£
Total
2025
£
62,020
83,085		 Total
2024
£
76,866
80,733
53,150
£		 145,105
£		 157,599
£
Total
2024
£
76,866
80,733
66,489
£		 157,599
£

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.

16

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

8.
GOVERNANCE COSTS
Independent examiners remuneration
Trustee' expenses
9.
STAFF NUMBERS AND COSTS
Wages and salaries
Social security costs
Pension costs		 2025
£
3,800
599		 2024
£
3,800
159
4,399
£		 3,959
£
2025
£
331,250
26,880
7,853		 2024
£
337,739
28,108
7,792
365,983
£		 373,639
£

The average monthly head count was 12 staff (2024 - 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 (2024 - £NIL). One member of the Management Committee received reimbursement of expenses amounting to £455 (2024 - £NIL).

During the year, Key Management Personnel, defined as the management committee and the codirectors, received remuneration of £89,434 (2024 - £94,038).

11. TANGIBLE FIXED ASSETS

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2024
At 31 March 2025		 Land and
buildings
£
32,226
-
-
32,226
32,226
-
-
32,226
Nil
£
Nil
£		 Fixture and
fittings
£
6,897
-
-		 Office
equipment
£
24,567
1,688
(9,871)		 Total
£
63,690
1,688
(9,871)
6,897 16,384 55,507
6,897
-
-		 22,366
1,465
(9,871)		 61,489
1,465
(9,871)
6,897 13,960 53,083
Nil
£		 2,201
£		 2,201
£
Nil
£		 2,424
£		 2,424
£

17

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

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
Balance at 1 April 2024
Amount released to income
Balance at 31 March 2025		 2025
£
66,582
12,576
2,648
81,806
£
2025
£
60,335
21,638
4,403
86,376
£
2025
£
9,900
15,687
-
5,990
31,577
£
-
-
Nil
£		 2024
£
61,759
12,252
5,637
79,648
£
2024
£
64,810
35,106
33
99,949
£
2024
£
5,976
8,239
58
9,589
23,862
£
10,500
(10,500)
Nil
£

18

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

15. STATEMENT OF FUNDS
Movements in funds (current year)
Brought
Forward
April 2024
£
RESTRICTED FUNDS
Commissions of new work
63,838
63,838
£
SUMMARY OF FUNDS
General Funds
249,549
Restricted Funds
63,838
313,387
£
Movements in funds (prior year)
Brought
Forward
April 2023
£
DESIGNATED FUNDS
Equipment and premises
94,000
Website
7,370
Redundancy
70,000
171,370
£
RESTRICTED FUNDS
Commissions of new work
67,214
67,214
£
SUMMARY OF FUNDS
Designated Funds
171,370
General Funds
139,136
310,506
Restricted Funds
67,214
377,720
£		 15. STATEMENT OF FUNDS
Movements in funds (current year)
Brought
Forward
April 2024
£
RESTRICTED FUNDS
Commissions of new work
63,838
63,838
£
SUMMARY OF FUNDS
General Funds
249,549
Restricted Funds
63,838
313,387
£
Movements in funds (prior year)
Brought
Forward
April 2023
£
DESIGNATED FUNDS
Equipment and premises
94,000
Website
7,370
Redundancy
70,000
171,370
£
RESTRICTED FUNDS
Commissions of new work
67,214
67,214
£
SUMMARY OF FUNDS
Designated Funds
171,370
General Funds
139,136
310,506
Restricted Funds
67,214
377,720
£		 Incoming
Resources
£
42,419
42,419
£
593,853
42,419
636,272
£
Incoming
Resources
£
-
-
-
Nil
£
35,829
35,829
£
-
598,660
598,660
35,829
634,489
£		 Resources
Expended
£
(22,534)		 Transfers
£
-		 Carried
Forward
March 2025
£
83,723
(22,534)
£		 Nil
£		 83,723
£
(642,133)
(22,534)		 -
-		 201,269
83,723
(664,667)
£		 Nil
£		 284,992
£
Resources
Expended
£
-
(7,370)
-		 Transfers
£
(94,000)
-
(70,000)		 Carried
Forward
March 2024
£
-
-
-
(7,370)
£		 (164,000)
£		 Nil
£
(39,205) - 63,838
67,214
£		 (39,205)
£		 Nil
£		 63,838
£
171,370
139,136		 (7,370)
(652,247)		 (164,000)
164,000		 -
249,549
310,506
67,214		 (659,617)
(39,205)		 -
-		 249,549
63,838
377,720
£		 (698,822)
£		 Nil
£		 313,387
£

19

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

15. STATEMENT OF FUNDS continued

DESIGNATED FUNDS

The funds of the company included the following designated funds which were 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. There are currently no plans to expend the fund and it was transferred to general reserves in the previous year.

Website fund

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

Redundancy fund

The redundancy, development and staffing fund is now covered by free reserves and was released to general funds in the previous year.

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
Prior Year
Tangible fixed assets
Net current assets		 Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
2,424
-
198,845
Nil
£
201,269
£
Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
2,201
-
247,348
Nil
£
249,549
£		 Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
2,424
-
198,845
Nil
£
201,269
£
Unrestricted Funds
Designated
General
Funds
Funds
£
£
-
2,201
-
247,348
Nil
£
249,549
£		 Restricted
Funds
£
-
83,723		 Total
Funds
£
2,424
282,568
201,269
£		 83,723
£		 284,992
£
Restricted
Funds
£
-
63,838		 Total
Funds
£
2,201
311,186
249,549
£		 63,838
£		 313,387
£

20

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

17. OTHER FINANCIAL COMMITMENTS

Operating leases which expire:
within one year
At 31 March 2025 the Company had annual commitments under non-
cancellable operating leases (all for land and buildings) as set out
below:		 2025
£
37,790		 2024
£
36,389

18. RELATED PARTY TRANSACTIONS

During the year the charity incurred expenditure of £34,825 (2024 - £34,825) 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		 2025
£
(28,395)
1,465
(4,382)
(2,158)
13,573
7,715		 2024
£
(64,333)
1,044
(4,359)
(15,129)
5,775
(23,157)
(12,182)
£		 (100,159)
£

21

BOOK WORKS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

20. COMPARATIVE STATEMENT OF FINACIAL ACTIVITIES BY FUND FOR THE YEAR ENDED 31 MARCH 2024

INCOME FROM:
Donations and legacies
Charitable activities
Investments
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable activities
TOTAL RESOURCES EXPENDED
NET MOVEMENT IN FUNDS
Reconciliation of funds:
TOTAL FUNDS AT 1 APRIL 2023
TOTAL FUNDS AT 31 MARCH 2024
NET INCOME/(EXPENDITURE)		 Unrestricted
Funds
£
180,917
413,384
4,359
598,660
659,617
659,617
(60,957)
(60,957)
310,506
249,549
£		 Restricted
Funds
£
-
35,829
-
35,829
39,205
39,205
(3,376)
(3,376)
67,214
63,838
£		 Total
Funds
2024
£
180,917
449,213
4,359
634,489
698,822
698,822
(64,333)
(64,333)
377,720
313,387
£

22