77E,D Ill,.S Battersea Arts Centre Annual Report and Flnancial Statement5 31 March 2025 Compart¥ Llmlied ty Guarantee ReiSstr8tion Number 01569115 IEn8land Ind Wales) Chirity Reilstr•ibofi Number 282857 SupwieOtr1 ART5 COUNCIL ENGLAND waiid5￿￿[h 'AEDVSFLfrJ• 2411012025 COMPANIES HOUSE A19 #278 Contents Reports Reference and admlnlstratlve Information Chairfs review ArtlStlc Director & CEO review Trustees, reporr Independent auditorfs report on the financial statements 17 Financial statements Consolldated statement of flnanclal activlties 21 Comparative consolidated statement of financial actr¥ities 22 Balance sheets 23 Consolldated statement of cash flows 24 Principal accountlng policies 25 Notes to the financlal 5t•tement5 29 Battersea Arts Cent Reference and administrative infomation Trustees Cllr Safa Apps Rachel Bagshaw Christopher Cabot Marsha Oe Cordova. MP Liz Fosbury Ichair Finance Groupl Ali50n Gannage-stewart (Chair Énterprises Board from November 20241 Anu Girl Malik Gul Patrick Harrison (Chair Enterprises Board to November 20241 Claudia Kenyatla Ichairl Susie Thornberry Jessica Azeeza Nelson lappointed August 20241 Chlef Executlve Officer Tarek Iskander Cornpany se¢ret•ry Amy Vau8han (Until September 20251 Charity registration numbef 282857 Company reglslratSon number 01569115 Registered addre5$ Battersea Art5 Centre Lavender Hill London SWII STN Audltor 8uziacott Audit LLP 130 Wood Street London ÉC2V 60L Bankers Lloyds Bank 25 Gresham Street, London EC2V 7HN Sollcitors Osborne Clarke One London Wall 8arbican London EC2Y SEB Battersea Arts Centre I Chalrfs re¥lew 31 March 2025 Ch•Srfs r•¥l•w On behalf of the Board of Trusteès, l am pleased to present this yearfs Annual Report and Financial StstementS for Battersea Arts Centre. This has been a year of continued determination and achievement in the face of significant financial pressures. Like many in the sector. we continue to navlgate economic volètility, constrained public funding, and rising opèratin8 Costs. Nonetheless, the leadèrshlp and resllience Shown by the 8AC team has been extraordinary. ensuring that the charlty remains open, inclusive. and impactful. Audience numbers grew to over 26,000. and our Pay What You Can priclng model not only held but improved.. the average tlcket yleld rose from £11.14 to £12.06, a testament to the trust and value our audlences place In our work. BAC has also surpassed its diversity targets, programmln8 41% Global Majority and 23% Disabled artlsts, contlnuin8 to demonstrate leadershlp in incluslve practice. These succe55es are all the more notable glven the financlal constraints under whSch they have been achieved. Throughout the year, 8AC has maintained its dual focus on artistic excellence, internationalism and community engagement. Our International partnerships h•¥e expanded throu8h bold commi551onlng and Inbound tourln8 activity. whilst local initiatives such as the Community Hub, Garden, and Town Hall Project have continued to seNe a broad range of community partners. The Board is particularly proud of the continued reach and impart of our youth and artist development pro8rammes, which are helping to shape the future of the cultural sector. The Youn8 Producers brilliant Homegrown Festival being a particular highlight for all of us at 8AC. While financial challen8e5 persist and the organi5ation continues to operate in deficit we are reassured by the strength of the team's financial stewardship. bu51nes5 plannin81 and the diversity of Income streams now In place. We also look ahead with cautlOUS Optimism as we begln to lay the foundations for a major new capital phase, designed to make our Grade11 ty home more accessible. more sustainable, and more financially resilient. None of thls work would be posslble without the dedlcation and creativlty of the executive team, led by Tarek Iskander, and the commitment of our partners, funders. and community. l offer sincere thanks to all of them, and to my fellow Trustees. as we continue to guide BAC throu8h thls PNOtal perlod in its history. Claudia Kenyatta, Chair Battersea Arts Centre 2 Artistic Dirertor & CEO'S review 31 March 2025 Artistic Olrertor & CEO'S Revlew In 2024 we celebrated the critical milestone of 50 year5 of Batter5ea Art5 Centre. It wa5 a fantastic opportunity to reflect on BAC'S unique le8acy. In exploring our past, what has been notable is how the organlsatlon has constantly re-imagined itself to meet the challenges of the times. And yet some things have been remarkably consistent.. its boldness, its commitment to creative risk-taking, its sector leadership role a5 an innovator both nationally and internationally. Also. its ability to survive multiple crises that have threatened it5 existence over the decades. In keeping with this remarkable history, It has been another year of slgnificant successes. Artisticallyi our bold and diverse programme hès continued to push boundaries including h05ting dynamic work by Katy Baird, Fi8$ in Wigs, L•ur• Murphyi Jo Fon8, and many other UK artists. Our international credentials continued tn hp bub'l)i>li¢d willi sell out ihows made by Theatre Warszawa, Forced Entertalnment ènd Khalld Abdalla Iproduced by Fuel). All of this strong cross-border programming was crowned with the International Prize at The Stage Awards. And we also partnered on another succe55ful Iteration of the Here and Now project, the largest showcase of work England has ever taken to the Edlnburgh FestSval. In terms of our youth programmes, our Beatbox Academy contlnued to tour Its show Pled Piper to notional venues including The South Bank Centre in London. the Belgrade In Coventry and the Gulbenkian in Kent. The Dance Academy, Next Gen Producers and the Agency pro8rammes continued to thrive - our evaluations have demonstrated how these Inltiatives have helped improve the creatSve 5kllls, employment prospects, and health nd wellbeing of some of our most under.serNed youth. We expanded our 5uc¢e55ful community programme which gives free space to local charities, bringing in four new partners.. WNS, Extant. Share Community and the Arty.Crafty Crescent Club. And our Grand Hall and other parts of the bulldln8 were made available for myrSad free hSres for community groups that dellver Important social impact. So. it's been a very successful yearoverall, particularly glven the difficult financial challenges all art5 organi5ations re still havln8 to navi8ate. Looking fotward to next year. the theme Is likely to be partnerships. We are key players in WandsWQrth's London Borough of Culture year and will be working closely wlth many local partners on ￿lated projects. We Intend to expand our youth programmes through new collaborations and further develop our International offer to artists through new international network5. 50, it's been a promising start to BACS next SO years. Tareklskander, Art15tic Director & CEO Battersea Arts Centre 3 Trustees, report 31 March 2025 TRUSTEES, ANNUAL REPORT The Trustees, who are also referred to as the Board of Management and are the directors for the purposes of company law, present their report together with the financial statements of Battersea Arts Centre for the year ended 31 March 2025. The report has beèn prèpared in accordance wlth Part 8 of the Charl¢les Act 2011 and constitutes a directors. report for the purpose of company legislation. The financial statements have been prepared in accordance with the accounting policies set out on pages 25 to 30 of the attached financlal statements and comply wlth the choritable company'5 memorandum and artlcles of association, applicable laws, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to ¢haritie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. 08JEcfivES AND ACTIVITIES About 8attersea Arts Centre 8attersea Arts Centre18ACI15 based In the old Battersea Town Hall in Wandsworth. It hès a range of performance spaces, creatlve development workspaces, corporate, event, and rehearsal hirt facllltles, a renowned Grand Hall, and a public café. The buildin8 IS steeped In history and 8AC celebrate5 that heritage through public art, heritage trails and contlnuing to promote the values of those who have passed throu8h before u5. We live by the old town hall motto, Inscrlbed on our beautlful bulldln8'. 'Not for me, not for you, but for us.. Thls Is our guldlng principle, our code of conduct, the pole star for everything we do. Our alm Is to always work compassionately, collaboratively. ond 8enerou51y with others.-. for the greater beneflt of everyone. 8ACs work focuses on usln8 creativity to provlde a platform lor mJr8lnallsed and unheard voices, offerin8 opportunity where there is none and 5UPPOrtin8 creative expresslon for local communlties, youn8 people and artlsts. The charity offers resource, support (producing and businessl, access to space, youth programmes, creative development. public programmin& and community gatherings, to realise Its ambitions for social chan8e. We thank all our funders and sUPPOrters. Speclal note of thanks goe5 to Arts Councll England. who support us with core funding as o National Portfollo Organisation. Thènks also 80 to our landlord Wandsworth Borough Council who support our lease at a peppercorn rent whith is vital to our ongoing resS1ience and delivery. Ml551on & Strate8lc Dlrertlon Battersea Art5 Centre5 IBACI mi55ion is to harness the power of arts and creativity to insplre a future that is more inclusive, more sustainable, and more fair. Our current focus withln that mission Is expandin8 our international reach, deepenlng local Impact. and embedding sustainable practices across all area5 of it5 work. The busine55 has a bold strategic vlsion, supported by robust KPIS and financial oversight, and we are poised to grow our influence both in the UKand internationallv. while remaining a vital community resource in Wandsworth. Our Business Plan outlines the strategic objectlves. performance measures. and organi5ational changes that will ensure BAC remains a global trailblazer in the creative 5ector-delivering tangible social impact for artists. young people, audiences, and communities. Battersea Arts Centre 4 Trustee< report 31 March 2025 STRATEGIC REVIEW OF THE YEAR eative Artl¥lty Public Programme In 24125 there were a total of 30 pro8rammed shows, plus a Santa's Grotto experience as part of a Christma5 building takeover. This year's programme included two international shows.. Pieces of a Woman by critically acclaimed Polish theatre company TR Warszawè and award winning Soliloquio by Indigenous Argentine artist Tiiiano Cruz (Winner of ANTI Festlval Internatlonal Prize for Llve Artl, and 3 BAC commi55i0n5', Katy Baird's Get Off. which ran for three weeks in the Council Chamber kicking off a national and international tour produced by Belgiurn produclng house CAMPO, an exciting partnership brokered by BAC.- Ocean Chillin8WOrth's 81ood Show. which sold out a two-week run, saw BAC safely navigate 75 litres of fake blood per performance, and r.APtured the attention of the industry. being picked up as a co.production by Dutch producing house Frascatl, a relationshlp also brokered by BAC: and Wild Rurnpu5's Interactive, Chrlstmas bulldln8 takeover The Holly Kin8 and The Oak Kln& further developing our unique partnership with Wild Rumpus from our first co-production Solstice in 2023 and to be continued in 2025. As part of the organisation's 50 birthday celebrations, BAC also hosted a four-week run of Wise Children's 81ue Beard in the Grand Hall, wrltten and directed by Emma Rlce. The malorSty of shows In 24125 were offered on a Pay What You Can basls.. in 2024-25, attendlng audience totalled 26,265 and. of those who supplied an address, 24% of those came from Wandsworth wlth a further 24% from wider South London postcodes. Total tickets sales were 62% of the total tickets available. BAC has a KPI to programme at least 40% Global Majority and 20% Disabled Artists every year. Thls year we reached 41% and 23% respectlvelv. Creatlve Development In 24125, BAC commissioned 13 artists14 of them disabled artists) and offered an extraordinary 77 weeks of spaces allocated for artists residencie5, more than double 23124133 weeks). Out of 20 shows in the programme, S were commissioned or supported by BAC previously Sncludlng Katy 8alrd's Get Off, Khilid Abdalla's Nowhere, Ocean Chillin8WOrth's Blood Show, Lost Do¢$ 10 Annlversary tour ol Paradlse Lost, and Wlld Rumpus, The Holly and The Oak King. Many of those work5 premier-toured in the UK and internationèlly after performing at BAC. 8AC's Scene Ch•n8e {Intefnational Exchange Prooramme) supported Sarnir Kennedy and Colette Dalal Tchantcho to travel to two international festivals in Amsterdam and Belgium. meet with their peers. see and dlscuss international works in those fe5tiv815. Inlernatlonal Programmes 8AC also continued to be a sector-leader by deliverlng large scale projects with partners across the UK ènd Internationally. These included.. Making Waves A large.scale co-commisslonlng and co-producing programme to oddre5S the lack of high-quality touring work in the UK, Makine Waves works with 11 partners led by BAC to curate new touring work. The programme in 24125 saw S artists commissioned to develop their work in residency at BAC and then present to a selection of 50 international delegates. Moving forwards all these work5 will present nationally and internationally, and we have Iso confirmed 3 additional seed commi5sion5 for disabled art15ts a5 part of the programme. Battersea Arts Centre 5 Tru5tees' report 31 March 2025 New Dimensions A partnership of five UK venues looking to provide an opportunity for UK artists to scale up, we continued to develop the 2025 New Dimenslons commisslon Dan Daw Creative Prolects. 24125 Saw them continue residencies and developlng the Work before presenting in Autumn 2025 a5 well as travelling to festivals and to meet with delegations around the world, securing international touring opportunities for the commission. InternatSon•l Commls$5on- FlorentSna Holiln8•r For the first time we developed an international commission for Florentlna Holzin8er to promote the creation of high.quality European work in the UK and to secure our involvement In the development of Florentina's next piece. havlng presented Tanz prevlously. Youth & Communlty Progrommes BAC continued delivering deep engagement activities with local young people and community groups. Next Gen Is our young people's programmes and Town Hall is our communities offer. Next Gen Next Gen is a collection of projects airned at young people111- 291 with the intention of offerin8 free, accessible nd hlgh.quality creative provislon to anyone who Is interested. BAC Academles The Dance Academy and Beatbox Academy contlnue to zo from strength to stren8th. Free to ?c¢e55 and focused on hi8h quality creative development for all levels, the young participants are given opportunities to develop and Improve their performance skill5. In total these programmes delivered 75 sessions of activity to young people over the year. Membership ranges from 25.30 in each academy, Is hyper local (within I mile). and 55% 8lobal majority. Oata on disability in these Iroups Is currently unavablable. Thi5 year the Dance Academy were involved with a borough wide collaboration as part of London 8orough of Culture celebrations and performed as part of a ma55 dance evert with over 100 other performers. 8eatboxAcademywerealsocommlssionedtocreate a new scratch performance piece as partofthe Homegrown Festival. They devised the show during weekly sesslons as well as weekend Intensive workshops and performed in BAC'S Council Chamber at Homegrown. 14ext Gen Produ¢er5 The Next Gen Producers are our annual cohort of young people with a specific passion for producing and an idea that needs SUPPQrt. The cohort goes through a 15-week development programme culminatin8 in a fe5tlval of thelr work whlch takes over BAC for a week. 75% rated their experience on the programme excellent. 100% said they felt welcome and included. 95% said they felt the pro8ramme contrlbuted posltlvely towards thelr artlstic practice devèlopmènt. This year's cohort produced 13 events across 3 days and attracted an audience of 640 people. All the ticketed events were sold out,. 43 artists were contracted for their work on the festlval. 45% of ticket buyers were under 35. Batter5ea Arts Centre 6 Trtsstees, report 31 March 2025 Some of the cohort also have the opportunlty to return to 8AC durSng summer to produce their own work using in-kind space and producing support. Thi5 year, S tsf the cohort returned to produce work ai 8AC across July and August and the 5 events which were held brought approximately 225 people into the building. B•tterse• Power Statlon Comrnun5ty Cholr18PSCC] BAC now manages the 8PSCC on behalf of the power station. The choir ha5 approximately 100 members and since the partnership has taken part in 3 local performances with S lined up for the remainder of the year. The Agency The Agency supports young people aged 15-25 from local housing estates to create their own soclal enterprises that benefit their communities. Alongside delivery in Wandsworth this year the Pfogramme also operated in Chester. 8olton. Manchester, Southampton and Belfast. Across the UK a total of 112 agents taking part in Cycle One, and 26 movin8 on to Cycle 2 where their projects are funded i'o start up. Thls yearfs London programme had 22 In their cohort, for whom BAC are the dellvery partner, were all Irom Wandsworth and 94% global majority. In early 2025, an application wa5 made to the Charities Commission for The Agency to become its own standalone or8ani5ation, delivery will continue in Wandsworth in partnership with BAC, subject to successful fundralsSng efforts. Town Ilall Projert The Town Hall Project enables local groups and organlsatlons to access space at BAC to hold regular communitv ctivity or one.off larger events. It does this primarily throu8h three schemes: Community Partners, Community Hlres and the Communlty Garden. Communlty Partners The Community Partners scheme saw 8 local groups- Homestart Wandsworth, 575 Wandsworth Road {National Trust), Hope In ihe He•rt, Biked 8t*n Chafitvi Wrlteri and Scrlbez, Share Communlty, Extant and The Artv. Crafty Crescent Club - 8lven free weekly space and operational support to run Cfeatlve activitle5, events and workshops for the local community. Over the course of 24125, average footfall for Community Partner actlvitle5 wa$ 1,720 with the Partners offered 275 hrs of free space at BAC to run thelr prolects Ifour additlonal Partners began In September 2024, so sessions Sncreased for second half of 24125 only). Communlty Hlres Whilst income from commercial hire of the Grand Hall contlnues to play a huge role In the financlal health of the organisation, It 55 important that access to thè C?rand Hall and other spaces in the building - cohtinues to be made available to the local community. To facilitate this, we offer up to 8 in-kind hires of the Grand Hall per year to or8anisations planning lar8e-5cale community activities. In 24125 this included San• Fe5t, Barnes Children'5 Literature Festival and the Wandsworth Children's Servlces x Apple Showcase. Appllcatlons for these hires are reviewed and approved by the Creative Partners Group - made up of Artists, Yovng People and Community representatives. Across 24125 we held four Grand Hall Community Hires, Wlth an average attendance of 630 per event and an opportunity cost of £42.5k, alongside 45 ad-hoc communlty h1￿$ across the building.. Community Garden The garden is open to the community through a serie5 of gardening workshop5 this projert continued to offer outdoor soclal artivitles for local people and 15 now maintained with the help of local volunteers. Battersea Arts cent￿ 7 Trustees. report 31 March 2025 Inclusive Prartice 8ACs ambition Is to become a proactSvely incluslve organisatlon, which means challengin8 and developin8 our practices. policies and procedures right across the business, as well as continuing our commitment to removing barriers to access. We are Jctively developing strengthened organisational policies, we offer support and expert15e to creatives acr055 all our producing programmes and are planning capltal work5 to improve the physical and sensory access to our building. Pay What You Can As part of our Contlnued commitment to access, the Pay What You Can scheme continued throughout thSs year and was applied to all our contemporary performance programmin8. Average ticket yleld was £12.08 where the average recommended price would be £14.00. Relaxed Venue 8AC ha5 continued to implement a Relaxed Venue meihodology acr055 its public programme strand. Relaxed Venue is a provislon for audiences that Strives to ensure no-one feels excluded from oui spaces. A team Is in place dedicated to supporting incomlng artlsts to Work with BAC in achievin8 our ambition5 in relation to thi5. Risk Management The Rlsk Management model captures the bS8gest r15ks f3cln8 the organlsatlon: • All activlty at BAC 15 mona8ed by specific team5. Each team belongs to either Creative Impact or Resources mana8ement groups. Every month the Dlrector.lead management groups convene and revSew rlsk across all workstream that slt wlthin their Strategies. • Every quarter the Strategic Directors meet to review Risk and Miti8ations acr055 the organisation and sign off the Risk Re8lStef report whlch Is then shared with Trustees. The Executive Director malntains the organisational Risk Register which capture5 overarchlng capacity, flnancial nd personnel risk that may not be hlghlighted through individual r15ks. Thls risk register goes to BAC'S Board of Trustees at quarterly 8oard meeting5. Trustees implement the rlsk management strategy that comprises- • A review of the risk5 which the Charity may face • Ensurin8 fit-for-purpose systems and procedures are established to mitigate risks ImplementSn8 procedures desi8ned to mlnlmise any potential impact on the Charity should those r15ks materia115e. The main risks being managed concern the ongoing financial health of the organisation and programme risks, the key areas are.. Financial climate and impact on fundraising There are ongoing financial sustainability pressures in fundraising both from institutions and individuals as economic pressure continues to be felt across the board which is anticlpated to remaln so is mitilated through a robust and diverse fundrai51ng strategy. • Income generation from commercial activities Income from the events and catering is dependent upon securing customers and we have a sales team dedicated to this. Commercial business contribution remains essential to the organisation's long-term financlal stability. Whilst currently buoyant, the financial climate remains volatile and could impact future business. 8otter5ea Arts Centre 8 Trustee< report 31 March 2025 • Sustainablllty and 8uildin8 Malntenance - 8AC is a Grade 11 Ilsted buildin8 which makes climate action measure5 challeniin8 as the buildin8 is so complex. Maintalnln8 8ACs fabric and built infrastruclure is a key priority as the building is a key asset for the organisation. Fundraising for future tapital works and scoping the works to incorporate sustainability will be essential activity for the future. Volatile energy prices put further pressure on the importance of maintaining the building to the highest level to reduce unnecessary exposure to Increased prices, Flnancial review The Charity's total net posltion. including the results of its trading subsidiary, BAC Enterprises Limited. for the ve3r ended 31 March 2025 amounted to a deficit of £1.13m12024 - net deficit of £2.105ml This consists of an Increase of +£76k 12024, decrease -£818kl on Restricted Funds, a Designated Capital Fund movement of £1.038m12024, -£954kl which consists of depreciation movement and a General Fund deficit of .£169k12024. £333kl. The 8oard of Trustees continued to maintain an aglle financlal model responsive to the continulngly challenging flnanc5al clrcumstances, including growing fundraising support and maxirni5ing ihe use of the bulldln8S' spaces to allow the trading subsidiary to generate additSonal income. Work was undertaken during the year to reduce the Charit￿5 core operating costs whilst maintaining Its charitable aims, to better support future financial sustainability. FSnanclal reportln8 55 produced for the Charlty monthly for internal review,. thls Is presented to the Finance and Audit Committee and the Board of Trustees quarterly who continue to discharge their statutory responsibilities as ultimate decision makers. All Flnancial pollcies were reviewed and si8ned off by the Finance and Audlt Committee In year Including Procurement, Expenses. Reserves and Remuneration and Annual Pay In light of the financially challenglng and high inflationary trading environment. the Board agreed the organisation woulcl operate at a deficit in 2024125 supported by the use of reseNes. The 8oard ègreed revised reseThes target levels of £250k unrestricted and ÉIOOk of designated capital comblning to available re5eTres of £350k During the 2024125 financial year the Trustees agreed to manage reseThes below this total to £311k as a temporary measure. Despite the challengin8 fundraisin8 and hl8h Inflationary envlronment, and supported by strong financlal contro15. information and risk management, the Charity delivered the majority of its financial tar8ets for thè year and retain5 a level of reserves appropriate to operate as a going concern. Incorne Total income for the Charity amounted to E4.56m12024- £4.28ml which was a £282k Sncrease from 2023124. Grants and donations Grant5 and donations represented 46%12024- 49%) of the Charity's total income in 2024125 Of the total of E2.Ilm12024- E2.11 millionl generated in the year, funding received from ACE NPO grant of £706,66512024- £706,665) remains Batter5ea Arts Centre's single main source of voluntary income. Wandsworth Borough Councll continues to provide 8attersea's Old Town Hall a5 a home on a peppercorn rent until 2028, worth an additional £150,000 of support In kind. We have also been successful in raising funds from many other sources to fund the Charity's charitable activities and theatre projects. Batter5ea Arts Centre 9 Trustees. report 31 March 2025 Earned In¢ome from theatre and •rts Centre activities Income from charitable activities increased; total earned income amounted to £764,97512024 - £421,801) of which £329,70012024- £213.9271 was 8enerated through admlssion fees with the Charity continuing to operate 4 'Pay What You Can, scheme on tlcket income. Earned intome from other artlvities 8AC Enterpri5e5 Llmlted, Battersea Arts Centre's trading sub5idlary generated a turnover of El,662m12024 £1.70ml. An overall profit of £384k12024~ profit of £594kl was aChI￿e Expendlture The Charlty's total expenditure was £5.693m12024- £6.39ml whlch was a decrease of E693k on 2023124. £4,491,021 of total expenditure related to the Charity's core activSiies12024 £5.3ml. £987,763 of the total costs arose from expenditure wSthin the Charlly's desi8nat*d and restricted capital funds. beSng depreciation and other building development costs. Within the costs of charltable actlvltles. support Costs Increased to £3.395,28412024 - £3.2ml; of which £988k related to the dep￿(latIon charge In the year. 8•lan¢e Sheet pasltlon •t JI M•rch 202S The Charlty reduced It5 balance on unre5trlcted general funds to £111.65312024 - E280,6241 and reduced Its desi8nated capital funds to £16,559,70012024 - £17,597,463) through depreciation of the building as5et5. The latter was designated specifically for spend on festorin8 our buildin8 and operations after the fire, now represented by the carrying value of fixed assets and a bulldin8 reseNe fund of E17.347m as at 31 March 2025. Restricted funds decreased to E623,543 12024 - £1,366,047). Cash holdings decreased to £1.079m 12024 £1.431ml reflectin8 the dÈfi¢it in ihe profit and loss. Reser¥es policy Batter5ea Arts Centre's reserve5 policy reflects the organisation's on8oin8 W15h to strike a balance between four ftnancial objectives: To ensure consistent financlol Stability and going concern To allow for calculated real-time responses to opportunities and investments. To ensure Cash fluidily whi15t undertakin8 lar8e and complex projects. To have the ability to respond quickly to building related issues through a designated capital fund. The Trustees revlewed the policy In March 2024 In Ilne with the operatSonal guldance CC19 (Charities and Re5erve51 issued by the Charity Commission, and confirmed the following objeclives.. To establish a General Fund feserve io malntaln financlal stabillty on an on-80in8 ba51$ In the event of a shortfall in income or unexpected operating expendlture,. To establish a Designated Capital Fund to ensuie that sufficient money is set aside so that 8attersea Art5 Centre is able to meet any major maintenance costs not likely to be able to be met out of income if and when they arise. To ensu￿ that the charity had ample funds to pay each and every credltor if the charity did not meet the requirements of going concern, allowing it to wind up with no outstanding flnancial commitments. Battersea Arts Centre 10 Tru5tees' report 31 March 2025 The Trustee's aim is to maintain a minimal level of unrestrlcted general funds of £500k sufficient to cover wind UP Costs estimated at the same value, with an additional E249,000 in designated capital resernes for urgent post capital work. The balance of these fund5 at 31 March 2025 was £311,47112024- £530,4421 and £199,81812024 £249,818) and there are ongolng resenies management and flnancial reslllence controls in place to provide assurance to the Trustees. The Tru5tee5 aim to restore unrestricted and designated capital reserves to their target level of £SOOk and £249k respectively over the coming few years. PLAN5 FOR THE FUTURE 8AC has been a Home for the Extra-ordinary for over 50 years, transformln8 the lives of countless individuals and their communitles. The positlve ripples are felt locally, natlonally and internationally. Our Bu51nes5 Plan for 2023 - 2028 sees us deliverlni projects that will further strengthen 8ACs PQsltlon in the local, natlonal and internatlonal landscape for cultural venues. We intend to ensure we are.. • the go-to cultural space in the UK to make and experience boundary"pushin8 work role model on how young people can be empowered to realSse thelr creatlve potentSal a world-leading authority on acce55 & inclusion in the arts home to the m05t distinctlve events space In London meaningfully demonstrating social and environmental change Our 8uslness Plan focuses on.. Cfe•tive lrnpart.. The Creative team run all actlvity that directly impacts on our beneficiaries: Artists, Young People and Communities. Thi5 Strategy ensures these projects have clear KPI'S that are focused on our ambitions to be an international hub. and remain wholly accessible to those who are often underrepresented in our Industry, participants and audience5 Commercial Enterprlses: The trading subsidlary, BAC Enterprises, is vital to 8AC's resilience and has been a source of financial strength throuEhout the last 3 years. Investment In th15 side of the organisation focuses on the Grand Hall Events, Building Hires and the 8ars & Catering buslness wlth the expectatlon that acr05S the next 3 financial years it returns a year-on-year increased contribution to the Charity. Continuous Improvement: This strategy focuses on the reslllence of the organisation and its ability to respond proactlvely to external challen8es, This strategy focuses on Artificial Intelli8ence, Data and Evaluation, Climate Action, Footfall and Workforce Diversity. as well as a continued commitment to accessibility through a new Inclusive Practice plan. CapStal Ambillons Looking ahead, BAC will move more actively into a planning phase for a major capital redevelopment. Ambitions include a radical new approach to acces5, introducing Al into the building and upgrading the venue to be le55 impactful on the climate, moving toward net zero in line with local strategic plans. Battersea Arts Centre 11 Trustees, report 31 Mafch 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution Battersea Arts Centre18ACI is o company limited by guarantee and a registered Charity. It is governed by its Memorandum and Articles of Association dated 19 June 1981, amended by special resolutSons dated 30 November 1981, 19 July 1982 and revised 28 May 2004 to allow the Charity to engage with wider art forms, to permit its activities to benefit the public beyond the UK, and to allow for current governance arrangements; and 25 February 2009 to perrnit the Dlrectors to deal with conflicts of Interest, to modernise communieatlons methods and to in¢re3se the maxlmum numbèr of Trustees to 16 in recognition of the additional expertise required to fulfil the Charity's new lease responsibilities. New Articles of As50Clation were approved by the Board on 4 July 2019 which updated the Articles to reflect the organisation's development a5 a CIVIC space. The terms of office for Trustees were also altered from five years to three year5. The members of the Company are the members of the Board of Management and the Trustees of the Charity. Each agrees to contribute £1 in the event of the Charlty windin8 UP. Org•nls•tSon The business of the Charity 15 supervised by the Board of Trustees, which meet5 four times each year or more frequently If required, 8attersea Arts Centre's 8oard has three formal sub-committees, each wlth an annuallv reviewed terms of reference.. Flnance and Audit Committee Ichalred by Llt Fosbury) Enterprlses 803rd Ich?Ired by Patrick Harrlson untll November 2024, taken over by Alison Gannage.Stewartl Creative Partnerships Group (chaired by Rachel 8a8shawl The Trustees review and approve the Charlty's maln pollcles and strateglc objectlves and delegate the day-t day management and operation of the Charity to its salarSed staff. Decisions on remuneratlon for key management personnel are taken by the Finance Jnd Audlt Committee based on advice from the Exetutive Board and takin8 sector norms into account. The Artistic Director & Chief Executive, Tareklskander, Is a salarled member ol staff appointed by the Trsjstees. The or8anSs3tSon is managed by the Dlrectors which consist of the Artlstlc Dlrector & CEO. ExecutSve Director & Dèputy CEO IAMY Vaughan), Commercial Director Icatrlona Guthrie) and Director of Flnance ILlizle Balll- Recrultment and appolntment ol new Trustees As set out in the Articles of A550ciation, the Chair of the Board of Management is elected by its members and preside5 a5 Chair at General Meetings of the Chafty. Under the new artlcles of association there are è maximum of 16 Trustees elected to the Board of Management at any time, with an Intentlon to hold this number at around 12. Trustees appointed in this way are elected a5 members of the Cornpany at the subsequent annual general meeting. Trustees are obli8ed to resign every three years but are eligible for re-election If w511in& up to maximum of three terms, but ideally no more than two. Representatives of Arts Council England receive copies of Board paper5 and attend one meeting annually but do not setve as Trustees. When considering appointing new Trustees, the 8oord has regard both to the or8anisation's need for any specialist ski115 and to the diversity of the 8oard's membership. Battersea Arts Centre IZ Trustees, report 31 March 2025 Indurtlon and tr•lnln8 ol new Trustees New Trustees are invited to a welcomp brlefin8 by key members of staff. An informatlul) Pdck Is sent to all new Trustees, including the Charity's Memorandum and Article5 of Association. recent audited and management accounts, the business plan, minutes of recent 8oard meetings, a full list of the members of the 8oard and its subcommittees, and the Charlty Commlsslon's informatlon on Responsibilities of Trustees. Fundraising prartice5 The Charity aims to achieve best practice in the way in which it tommunicates with supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. The Charity Is registered with the Fundraising Regulator and adhere5 to the Code of Fundraising Practice. 11 applies best practSce to protect supporters, data, It never sells or swaps data wlth other organSsations and ensures that its communication preference5 can be changed at any time. The Charity manages it5 own fundraising activities and employs the services of professional fundraisers from time to time. The Charity undertakes to react to and investigate any complaints regardin8 its fundraisin8 activities and to learn from them and improve its service. Durin8 2024125, the Charlty feceived no complalnts about Its fundralslng activlties. THANKS Thank you to the following funders for their backin6 and generous support of our activity in 24125.. Andor Charitable Trust Art5 Council England Battersea United Charities British Council ChristSna Smlth Foundation Cockèyne- Grants for the Arts.. a donor advlsed fund held at The London Communlty Foundatlon John S Cohen Foundation Garrick Charitable Trust International Music and Art Foundation John Coates Charitable Trust Kri5tian Gerhard Jebsen Foundation Leche Trust The Orange Tree Trust Portal Trust National Lottery CommunSty Fund Three Monkles Trust UK Democracy Fund- a Joseph Rowntree Reform Trust inStiative Wandsworth Borough Council Wimbledon Foundation Youth M¢Jsic Battersea Arts Centre 13 Tiustees, report 31 March 2025 Individual donors and hive members Ali Gannagé-stewart Catherine Weston Chirle$ Bland Charles Holloway OBE Chris and Alison Cabot Christopher Hall Cralg Mawdsley David Jubb Eric 8ens3ude Fiona Clements Francesca Valli Henrletta Marsh Hermlone Stanford Jonathan Wakeham Justin Shinebourne Kate Olver & Jeremy Youn8 Patrick Harrison Rafe Offer Rosalind Glven-wllson Scott & Laura Malkin Simon Hooper The Sisklnd Famllv Stuart Doole Corporate partners •nd rnembers Apple Bloomberg Philanthroples Thank you also to our supporters and funders who wish to remain anonymous. 8attersea Arts Centre 14 Trustees, report 31 March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the Oirectors of the charitable company for the purposes of compaiiy 14iwI are sponslble for preparlng the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Pfactlce. Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair vlew of the state of affair5 of the charitable company and group and of the income and expenditure of the group for that period. In preparlng those financial statements. the Trustees are required to- select Suitable occountin8 pollcles and then apply them consistentlv.. observe the methods and principles in Accounting and ReportinR by Ch?rStSe5: Statp.mp.nt nf Rpromm•nded Practice applicable to charities preparing theSr accounts in accordance with ihe Financial Reportin8 Standard applicable in the UK and Aepubllc of Ireland IFRS 1021; make judgements and estimates that are reasonable and prudent,, state whether appllcable under Unlted Klngdom Accountlng Standards have been followed. subject to any material departures and explained in the financial statements,. and • prepare the fsnanclal statements on the goln8 concern basis unless It Is Inappropriate to presume that the charStable company w411 continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable thèm to ènsurè that the linancial Statements comply wlth the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and the 8roup and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Each of the Tru5tee5 confirms that,. 50 far as the Trustee is aware, there is no relevant audSt Informatlon of which the charitable company's auditor Is unaware,. and • the Trustee has taken all the steps that he15he ought to have taken as a trustee in order to make him5elflherself aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of 5418 of the Companies Act 2006. Battersea Arts Centre 15 Tfustees, report 31 March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES Icontlnuedl The Trustees are responsible for the maintenance and integrity of the corporate and financial infomation Included on the charitable company's website. Leglslation In the United Kingdorn governing the preparation and dissemlnatlon of flnanclal statements may differ from legislation in other lurlsdictions. This report was approved by the Trustees and signed on their behalf by: SignJtur¢: Claudia K8n Email: claudiak@bac.org.uk a4*a Chair of Trustees Date 1011012025 8attersea Arts Centre 16 Independent auditorfs report Year to 31 March 2025 Independent audltorfs report to the members of 8attersea Arts Centre Opinion We have audited the financial Statements of Battersea Art5 Centre (the 'charitable parent company'l and its subsidiary company (the 'group'l for the year ended 31 Mèrch 2025 whlch comprlse the group statement of fSnancial activities, the group and charitable parent company balance Sheets, the group statement of cash flow5, the principal actounting policies and the notes to the flnancial statements. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standord 102 'The FSnanclal Reportln8 Standard appllcable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our oplnlon, the financlal statements: • 8ive a true and falr vSew of the state of thp grniip'4 and of thg Gharitablc pJrcnt eompJnVs 4rrdii> i15 ai 31 March 2025 and of the 8roup's income and expenditure for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Prèctice,. and • have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audlt In accordance wlth Internatlonal Standards on Auditin8 IUKI IISA5 IUKII ond applicable law. Our responsibilities under those standards are further described In the auditor's responslbilitles for the audlt of the financial statements section of our report. We are Independent of the group In accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical StJndard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We belleve that the audit evidence we have obtained Is 5ufflcSent and appropriate to provlde a basis for our opinion. Contlusions relating to going concem In auditing the financial Statements, we have concluded that the trustees, use of the goin8 concern basis of accountln8 In the preparatlon of the flnanclal statements Is approprlate. 8a5ed on the work we have performed. we have not identified any material uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thi5 report. Other Intormatlon The trustees a￿ responsible for the other information. The other information comprises the information inclvded In the annual report. other than the financial Statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of aSSUfance concluslon thereon. Battersea Arts Centre 17 Independent auditorfs report Year to 31 March 2025 Other Informatlon Icontlnuedl In connection with our audit of the financial statements, our fesponsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material Inconsistencles or apparent material misstatements, we are required to determine whether there Ss a materlal mi$5tatement in the financial 5tatement5 or a material misstatement of the other Information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report In thls regard. Opinions on other matters pres¢ribed by the Companies Art 2006 In our oplnlon, based on the work undertaken In the course of the audit.. • the Informatlon glven In the trustees. report, whlch Is also the directors. report for the purposes of company law and includes the strategic report, for the tinancial year for which the financial statements are prepared is consistent with the financial statements: and • the trustees. report. whlch 15 also the dlrector5' report for the purposes of company law and Includes the strateglc report. has been prepared In accordance with applicable legal requlrements. Matters on which we are required to fePQrt by ex¢eptlon In the li8ht of the knowled8e and understanding of the group ond the charitable ph￿nt company and its environment obtained in thè course of the audit. we have not Identlfled material misstatemenis in the trustees, report including the strategic report. We have nothlng to report In respect of the following matters In relation to whlch the Companles Act 2006 requires us to report to you If, In our oplnlon: adequate accounting records have not been kept by the charitable parent company, or returns adequate for our audlt have not been received from branches not visited by us,. or • the charitable parent company flnanclal statements are not In agreement with the accounting record5 and returns,. or certain disclosures of trustee5' remuneration speclfled by law are not made- or we have not received all the informatlon and explanatlQn5 we requlre for our audit. Responsibilities of trustees As explained more fully In the trustees, responsibilities statement, the trustees (who ère also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the flnancial statements and for being sat15fied that they give a trve and fairview, and for such internal control as the trustee5 determine 15 necessary to enable the preparation of financial statement5 that are free from material mi55tatement, whether due to fraud or error. In preparing the financi31 statement5, the trustees are responsible for assessing the group's and the charitable parent compan￿$ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern ba515 of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so. 8attersea Arts Centre 18 Independent auditorfs report Year to 31 March 2025 Ayditorfs r¢sponslbllitles for the audlt of the flnanclal statements Our objective5 are to obtaln reasonable assurance about wheth•.r th• flnancial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue èn auditorfs report that includes our opinion. Reasonable a55urance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre8ate, they could reasonably be expected to Influence the economic declslons of users taken on the basis of these financial statement5. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularitie5, Including fraud, The extent to which our procedures are Capable of detectin8 irre8ularities. includln8 fraud Is detailed below.. • the engaRement partner ensured that. thp eneagem•nt tèam collectively had the appropriate Competence, capabilities and skills to identify or recognlse non-compliance with applicable laws and re8ulatlons; we identlfled the laws and regulatlons applicable to the group through disCU55ion5 Wlth management. and from our knowledge of the charity sector; • the Identifled laws and re8ulations were communlcated withln the audit team regularly and the team remalned alert to Instances of non-compliance throughout the audit,. we considered the legal and regulatory frameworks that are applicable to the group and determined that the most Significant are the Companies Act 2006, and the Charities SORP FRSIO2,, we understood how the 8roup is complyln8 Wlth those le8al and regulatory frameworks by maklng Inqulries to management ond those responsible for le8al, compliance and governance procedures. We corroborated our inquiries through our review of the mlnutes of trustees. meetings and the subsidiary company directors, meetings and papers provided to the trustees and directors. We assessed the susceptlblllty of the group's financlal Statements to material mlsstatement, includln8 obtainln8 an understanding of how fraud mi8ht occur, by.. maklng enquiries of management and those charged with governance as to where they consldered there wa$ 5us¢eptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non and its flnancial result for the year was a loss of £986.71712024- a loss of £2,168,298). The financial statements were approved by the board of the Battersea Arts Centre, Company Re8lStration No. 01569115 (England and Walesl and signed on its behalf by.. Signature: Claudia Ken Email: claudiak@bac.or8.uk Chair of Trustees Date: 1011012025 Battersea Arts Centre 23 Consolidated statement of cash flows Yeor to 31 March 2025 2025 2024 Notes Cash flows fr¢m operatlni actlvltles: Net cash v5ed In opeiatin8 activities (347,6911 11,261,1731 Cash Ilows from in¥estins activlties: Investment income Pyrchases ol property, plant and eqvlpment Disposal of assets Net ¢ash pro¥lded by Investlni actl¥lt5es 22,330 {7.2981 44,277 134,7171 6,OCQ 15,$60 15.032 Clsh Ilows Irom flnbnclni •dlvltles Finance lease repayments 119,6191 Ch¥n8e In c¥sh and cash equlvalents In thè year (352,S481 11,246.6131 Reconclll•tlon of net Ush flow to mwement In net fvr*ds: Cash and cash equivalenis ai l Apiil 2024 C•sh ¥hd c¥sh equlvalents at 31 March 202$ IA31,816 1.079,268 2.678.429 1.431,816 Notes to the st*tement ol cash flo￿ lor the year to 31 March 2025 Reconciliation of net expenditure to net cash provided by operatlng activities 202S 2024 Net empendlture for the reportlng perlod las per the statement of flnan¢lal artlvltlesl Adjustments for: Oepreclaiion charges Inote 121 Non-cash flxed asset addition 11.130,S46) 12.105,3361 987,763 139,0891 122,3291 13,2961 1117.2161 {23,2411 953,￿1 189,5111 144,2771 11,6221 1216,1191 245,040 14,2491 1347,9611 11.262,1731 Investment income Incfease In stocks Increase in debtors Ioecreasel increase In creditors Profit on disposal of fixed assets Net cash used In operatint artlvltles An4lysls of ush and cash equlvalents 2025 2024 Cash at bank and In hand Totsl cash and ￿$h equlvalents 1.079.268 1.079.268 1,431,816 1,431,816 An•lysis of ¢hanges Sn net debt: l Aprll 2024 31 March 2025 Cash flows Non.cash Cash at bank and in hand Finance lease obligations Total 1.431.816 1108,4781 1,323.338 1352,5481 1,079,268 188,8591 990,409 19,619 19.619 1352,5481 Battersea Arts Centre 24 Principal Accounting Policies Year to 31 March 2025 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basls of preparation These financial statement5 have been prepared for the year to 31 March 202S. These financial statements have been prepared under the hlstorical cost convention wlth items reco8nlsed at cost or transaction value unless otherwise stated in the relevant atcounting policies below or the notes to these financial statements. The flnancial statements have been prepared In accordance with Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their financial Statements in accordance with the Financial Reporting Standard applicable in the UnSted Kin8dnm RepLiblSc of Ireland IFRS 1021 (Charities SORP FRS 1021, the Financi31 Reporting Stondard opplicable in the UK and Republic of Irelènd IFRS 1021 and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS 102. The flnancial siatements are presented In sterling and are rounded to the neorest pound. These financial statements consolidate the results of the Charity and its wholly owned 5ubsldiary 8AC Énterprise5 Ltd on a Ilne-by-llne basls. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. The parent undertakSn8'S total Income for the year was £3.707.02612024 - £3,IOS,0351 and It5 financlal result for the year was a loss of £986,71712024- a loss of £2.168,2981. Crltl¢al •c¢ountin8 estimates and areas of judgement PreparatSon of the financial statements requires the Trustees and management to make $58niflcant lud8ements and estlmates. The items in the financial statements where these judgements and estimate5 have been made include: the allocation of support costs. estimating the useful economlc Ilfe of tanglble fixed assets; and estimating the value of donated services and facilities. Assessment of ioing concern The trustees have assessed BAC'S ability to continue as a going concern. They believe the Charity will continue to operate for a period of at least 12 months from the date of signingthese accounts and have considered several factor5 when forming this ¢onclusion. Battersea Arts Centre 25 Principal Accounting Policies Year to 31 March 2025 Assessment ol going concern Icontlnuedl At end of March 2025. unrestricted reserves l£lllkl and designated capltal reserves1£200kl are behind the targets referenced previously in the rese￿e$ policy. These reserves are available to absorb 5hort-term deficits •nd out current breakeven outturn for March 2026 with the intenlion of a surplus in the following flnan¢lal year with extremely controlled spend commitments means the Trustees believe we will remaln viable. Ongoing annual unrestricted funding as part of Arts Council England's National Portfolio, secured through to March 2026, alon85ide growth in BAC Enlerpr15es provides a 501id foundation to the years ahead. BAC proactively manages cash flow,. much of 8ACs income it is paid in advance or on the day. Most of our operèting tost 15 5preèd evenly across the year apart from payment for capital projects. The Trustees have consldered the charitable company's business planning in the context of known resources and have reviewed the operatln8 basis of the group's operations. A formal busine55 plan for the period to March 2026 has bee greed by the Tru5tee5. Trustee5 have reviewed the business model to March 2027, which demonstrates the Chèrity retaining Unre5tri¢ted Reserve5 and having Sufficient resources to continue operating for the foreseeable future. Accordingly, the accounts have been prepared on the basis that BAC Ss a Eoing contern. Income recognition Voluntary income comprlses all Incoming resources from sponsorships, donations and grants. Income from donatlons and grants, Includin8 capltal 8rants, Is Included In Incomin8 resources when these are receivable. except as follows.. When donors specify that donations and grants 8iven to the Charity must be used in future atcountin periods, the income 15 deferred until those periods. When donors Impose conditions that must be met before the Charity has unconditionol entitlement, the Income is deferred and not included in incoming resources until the pre