**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
  • **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 DenmanNet 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