Charlty Reglstration No. 1206694 THE FRANK BOWLING FOUNDATION TRUSTEES REPORT AND UNAUDITED ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025 THE FRANK BOWLING FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor Benjamin Bowling Mr Sacha Bowling Ms Palrizia Saro Mr Robert Craig Charity number 1206694 Principal address 5A Peacock Yard Iliffe Street London SE17 3LH THE FRANK BOWLING FOUNDATION CONTENTS Page Trustees report Independent examinerfs report Statement of financial activities Balan¢e sheet Notes to the accounts THE FRANK BOWLING FOUNDATION TRUSTEES REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The trustees present their report and unaudited accoullls for the period ended 31 Maich 2025. The acmunls have been prepared In accordance with the accounting policies sel out In note 1 lo accounts nd COTnply with the CIO'S governing document, the Charities Act 2011 and Ihe Stslemenl of Recomtnended Practice, "Accounting and Reporting by Cliarilies issued in March 2005. Structure, governance and managemènt The CIO wa5 established by a chaiitable trust deed on 24 January 2024. The CIO has been approved by the Charity Cornrnission ant5 has a regi51ralion nurnber 011206694. The managernent of the CIO is the responsibility of the trustees who tlleet regularly to discuss the current and lulure operation of the CIO. For the purpose ol Ihis report and accounts. Sil Frank Bowling OBE RA is Irealed as a related party in his capacAly as donor lo the CIO. During the period Sil Frank Bowling donated £10,000 to the CIO foi the furtherance ol the CIO'S objectives. Trustees The trustees who served during the period and up to the dale of signature of the trustees report were.. Professor Benjamin Bowling IAppointed 24 JanLJary 20241 Mr Sacha Bowling (Appointed 24 January 20241 Ms Patrizia Saro (Appointed 24 January 20241 Mr Robert Craig (Appointed I Septerrber 20251 The power to appoint new or additional Iruslees 15 vested in the trustees to choose individuals wrth the appropriate skills. kr)owledge and experience for the effective operation of the CIO. Risk management The Iruslees assess the major risks lo which the CIO 15 exposed. In the opinion of the Trustees the CIO h35 eslzblished, and will conlinue lo operate, systems and controls to mitigate risks to an acceptable level In day lo day operations. Objectives and activities The cio's objects are111 lo advance the public understanding and appieci21ion ol the visual arls nationally and internationally in particulai through the works ol Sil Frank Bowling OBE RA by means of exhibitEons, displays and loans from the CIO'S collection, and from the collection ol hi5 work by others. and the pre5eNalion and publication of his artistic work, antl research into it. Any useful results of iesearch shall be published.121 lo carry out such other ¢hanl3ble purposes as the trustees of the CIO May in their absolute discietion determine. Nothing in Ihe constitution shall aulhorise ar) application of the property of the CIO lor any purposes which are not chaiitable in accordance with English law The focu5 for the first reporting period has been on setting up ihe CIO anJ progre55ing the gift of artworks, from Sir Flank Bowling OBE RA to the CIO. that will enable the eslablishrnent of the CIO'S art collection. The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake. THE FRANK BOWLING FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Achievements and perfomiance The setting up of this fledgling organisation and the progression ol the gift of artworks, from Sir Frank Bowling OBE RA to the CIO, that will enable the establishment ol the CIO'S art collection, weie the significant achievemen15 during the first reporting period. Over this peiiod ol time the trustees have.. prepared stiategies reviewed the collection management of ariworks prior to gift prepared policies and procedure5 reviewed further appointmen15 of trustees and an advisory board The Iruslees confirm that they have referred to the Charity Commission's general guidance on publ￿ benefit when reviewing the CIO'S aims and objectives and in planning future activilies. Financial review During the period ended 31 Maich 2025 the CIO ieceived donations of £10,000 to enable the charity to achieve its chaiitable objectives and lo cover required expendilure, received bank interest of £11 and incuffed expenrjilure of £780 which results in a profit foi the year of £9,231. Unrestricted reserves as at 31 March 2025 amounted lo £9,231. Reserves policy During the period the CIO wa5 Still in ils Infancy and did not h8ve a fortnal reserves policy. 11 relies on donations lo cover charitable objectives and required expenditure. The trustees. aim is lo maintain a level ol reserves sufficient to provide a stable base foi Ihe CIO'S conlinLiing aclivilies. The truslees believe Ihal the reserves are sufficient lor ils cuirenl purposes and these are reviewed on 8 regular basis. On behalf of the board of tru5tee5 Professor Benjamin Bowling Trustee Dated. 19 January 2026 THE FRANK BOWLING FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRANK BOWLING FOUNDATION I report on the accounts of the CIO for the period ended 31 March 2025, which are sel out on pages 4 Its 8. Respective responsibilities of trustees and examiner The chartty's Iruslees are responsiblè for the preparation ol the accounts. The charity's Iruslees consider that an oudil is nol iequiTe(J for thls pertod under section 144121 of the Charities Act 2011 (the 2011 Acll and that an independent examination is needed. 11 is my responsibility lo.. examine the accounts under section 145 of the 2011 Act, to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl ol the 2011 Act". and liiil to stale whether particular mallers have come to my attention. Basis of rndependent examlner's report My examination was carried out in accordance with the general Directions given by the Charity Commission An examination includes a review ol the accounting records kept by the charity and a comparison ol the Bccounts presented ¥Mlh those records. 11 also includes considefab'on ol any unLJsual items or disclosures In the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be reouired In an audit and consequently no opinion is given as lo whèther the accounts present a 'lrue and fair view, and the report Is limited to those matters sel out In ttre statemènt belobv. Independent examiner's statement In connection with my examination, no matter ha5 corne to my attention lal which gives me reasonable cause to believe that In any material respect the requirements. to keep accoLSnling records in accordance with section 130 of the 2011 Act, and Iiil lo prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act., have not been mel". or Ibl to which, in my opinion, attention 5hoLJld be drawn in orcler lo enable a pioper understanding of the accounts lo be reached. nd w Gammon CTAACII 3r Floor 28 Austin Friars London EC2N 2QQ Dated". THE FRANK BOWLING FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2025 2025 Notes Donations and legacies Investment inootne 10.000 11 Total Incoming resources 10.011 Governance costs 780 Total resources expended 780 Net income for the yearf Net movement in funds 9,231 Fund balances at 24 January 2024 Fund balanGes at 31 March 2025 9.231 THE FRANK BOWLING FOUNDATION BALANCE SHEET AS AT31 MARCH 2025 2025 Notes Curyent assets Cash al bank and in hand CredltoTr.' amounts falling due withln one yèar 9.9B1 17501 Total assets less current Ilabilities 9.231 Income funds Reslrid$d funds 9,231 Unrestricted funds 9,231 The accounts were approved by the Trustees on . 19 January 2026 Professor Benjamin Bowling Trustèe THE FRANK BOWLING FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025 Accountin9 policies 1.1 Basis of preparation Fhe accounts have been prepared under the historical cost convention. The accounts have been prepared In accordance with applicable 8c¢ounting standards, the Slalement of Recommended Practice, "Accoiinting and Reporting by Charities" Issued In March 2005 and the Chaiilies Act 2011. Golng con¢em The Iruslees have considered the level of experidilure lo which the CIO 15 Cornrnltled and the timings ol lulure cashflows a115ing. The trustees consider that Ihe assets held within the CIO ale sufficiently capable to rneet expenditure as and when required. As a result of the inquirie5 made, the trustee5 have a reasonable expectation that the CIO has sufficient resources to continue in operational existence for the foreseeable fulure. Accordingly the trustee5 conclude that it is appropriate to prepare the CIO'S accounts on the going concern basis. 1.2 InGoming resources All incorne of the CIO is recognised in the statement of financial aclivilies on 3n acciuals basis when the conditions for rpceipt have been rnet. The following accounting polici85 are applied to differenl categories of income. Donations receivable Donations 3re recognised in the statement ol financial aelivilies when conditions for receipt have been met. Investment income Inlerest receivable on bank accounts 8nd deposits is recognised when il is received. 1.3 Resource5 expended Liabilities are recogllised as resources expended as soon as there is a legal or constructive obligation committing the CIO to the expenditure. All expenditure Is accounted for on an accruals basis and has been classified under he3dings that aggiegale all eDsls related lo the category. The following accounting policies ale applied to the diffeienl categories ol expenditure. Charitable activities Expendituie Incurred directly in the fulfilmenl ol the objective5 of the CIO including allocated overheads. Governance costs Expenditure incurred In running and administering the CIO which Is not directly atlribulable lo charitable activities. Expenditure is charged lo the profit and loss account on an acciuals basis. 1.4 Foreign currency translation The functional and presenlalional currency ol the CIO is Greal British pounds. Transactions in currencies other thai) the CIO'S lunclional curiency are recorded at the rates ol exch2llge prevailing on the dale ol the transactions. Al the balance sheet dale, monetary assets and liabilities thal are denominated in foreign curren¢ies are retranslated at the prev811ing rale on the balance sheet date Exchange differen¢es are recognised In the 5taternenl of fin3ncial activities in the period In which the arise. 1.5 Cash and cash equivalents Cash and cash equivalenls include cash in hand, deposits held al call with banks and bank overdrafts. THE FRANK BOWLING FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED} FOR THE PERIQD ENDED 31 MARCH 2025 Accounting policies Icontinuedl 1.6 Financial instruments The CIO has elected lo apply the provisions of Seclior) 11 'Basic Financial 1nslrutnenls of FRS 102 to all ol Its financial Instrurnents. Financial Instruments are recognised in CIO balarTrce sheet when the CIO becomes party to the contractual provisions of the Insliumenl. Financial assets and liabililies are off5el. with the net amounts presented in the accoLJnt5. when there is a legally enforceable right to set off the recugnised amounts and there 15 an intention lo sell1£ on a nel basis or lo realise the asset and settle the liability sitnLJllaneously. 1.7 Key èstimates and Judgements In preparing Ihe accounts It is necessary to make certain judgements, eslifflales and assumptions that affect the 2rnounls recognised in the accounts. In the view of thè trustees in applying the ac¢ounb"ng policies adopted. no judgements werè requlre that have had a significant effect on the atnounls re¢ognised In the accounts nor do any estimates or assumptions made carry a significant risk of material adjL5Stmenl in the nexl financial ye3r. Donations and lega¢ies 2025 DonaliDns and gifts 10,000 During the period donations of £10.000 were received from Sir Frank Bowling OBE RA. Investment income 2025 Interest receivable 11 During the period interest of £11 was received from bank accounts In the name of the CIO. Total resources expended 2025 Governance costs 780 Governance costs consist of bank charges of £30 and a¢eounling fees of £750. Legal and professional costs, including accounting fees. incuired In the course of tllanaging the CIO and its affairs have been allocated to governance costs, a5 detailed above. THE FRANK BOWLING FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Trustees During the periorj ended 31 March 2025, none of the trustees received any remuneration or received any reimbursement of expenses from the CIO. Employees There were no employees during the period. Taxation The Frank 8owl¥ng Foundation ts a registered chaiity and has been exompled by HM Revenue and Customs from lax on in¢oJne and capital gains falling within Chapter 3 of Part11 lo the Corporation Tax Act 2010 or Section 256 of the Taxatson of Chargeable Gaifts Act 1992 to the extent that these are applied to Ils charitable objectiv&s. During the peiiod no tax charges have arisen in the CIO. Crèditors.. amounts falling due within one ytsar 202S Accruals 750 Related partleS During the period the CIO received a donation of £10,000 from Sir Frank Bowling OBE RA. 10 Post balance sheet èvents On 21 May 2025 the 100% subsidiary undertaking FBF Art Tiading Ltd was incorporated al Companiès House, the registration number of FBF Art Trading Ltd is 16464322.