Charity registration number 276998 (England and Wales)
Company registration number 01393436
WARE ARTS CENTRE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
WARE ARTS CENTRE LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
John Davis
Tina Goodman
Sean Shaw
Jan Wing
John Wing
Jocelyn Crook
Trevor Mirams
Stephen Burton
Secretary
Jan Wing
Charity number
276998
Company number
01393436
Registered office
Southern Maltings
Kibes Lane
Ware
Hertfordshire
SG12 7BS
Independent examiner
Gary Howard FCA
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
Bankers
CAF Bank
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
WARE ARTS CENTRE LIMITED
CONTENTS
Page
Trustees report
1 - 6
Independent examiner's report
7
Statement of financial activities
8 - 9
Balance sheet
10
Notes to the financial statements
11 - 22
WARE ARTS CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE PERIOD ENDED 31 MARCH 2025
- 1 -

The Trustees present their annual report and financial statements for the period ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Southern Maltings is an artistic space dedicated to creating creative experiences that will enhance the health and well-being of the local and wider community. Through the provision of opportunities to learn, practice and experience creativity, we enable people of all ages and abilities to explore, experience and enjoy their own and other’s artistic achievements.

 

The charitable company is established to promote, maintain, improve and advance public education particularly by the production of educational plays and the encouragement of the arts and crafts; including drama, mime, dance, singing, music, drawing, painting, graphics, printmaking, photography, ceramics, sculpture, carving and craft handiwork and to formulate, prepare and establish schemes therefore provided that all objects of the company shall be of a charitable nature.

The Southern Maltings provide a vibrant, contemporary, inclusive, accessible and creative environment, offering studio, exhibition, performance, and social spaces for people of all ages and abilities in which to experiment and discover, to produce and display, to collaborate and celebrate, giving a heart and home for the wider creative community. We aim to be diverse in our activities and proactively inclusive.

 

By giving the Southern Maltings a new purpose as an 'arts for all centre' we bring cultural, social, and economic benefits to the whole area by creating new employment possibilities and providing opportunities for people and organisations to contribute time, skills, and enthusiasm to the wellbeing of the community through volunteering.

The objectives for the year under review were:

 

To undertake necessary repairs and improvements to our Grade II Listed Building ensuring our staff, volunteers and users are safe and feel welcome. Improvements and projects this year have included: New flooring and openable windows in our upper function room; new Fire doors fitted for both security and Fire Safety; created a new doorway to allow extension of our café; redesign of our café to be able to support our hirers and events.

 

To continue diverse programme of events, workshops for all ages and abilities widening the offer to new activities. To expand our activities to include local theatre, host a few young people theatre groups and increase opportunities for young people to use our centre or make new experiences through volunteering.

 

To create a hub of skilled craft people and artists to deliver workshops and provide space for their work to be celebrated and displayed. During the year of report, we have initiated children and adult craft workshops and hosted Herts Visual Arts for the 4th time during the Autumn over 3 weeks.

The main activities undertaken in relation to those objectives were:

 

Room hires formed approximately 46% of income generation in 2024/25 with diverse groups from Poets, dance schools, singing, yoga and Pilates, alongside social gatherings though our Local Social Café attracting over 35 people weekly.

WARE ARTS CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 2 -
Community Activities
During the year we have continued to support local charities Always Bee You, Local Social and Herts Inclusive Theatre.
-
We partnered an initiative with YMCA to host free toddler play sessions on one morning each week.  This has proven very popular with the local community.
-
We also continue to host Ware's The Fun Palace (a free annual event that promotes community spirit, sharing experiences and teaching art and science activities)
-
We hosted the Hertfordshire Book Festival (another free event where the public can enjoy story time, writing workshops and author talks).
-
Southern Maltings was one of the venues for the 3rd Ware Film Festival, a community event sponsored by Ware Town Council in venues around the town.  Approximately 100 people attended to watch Wicked Little Letters.
-
Quarterly we host the Simon Balle school rock band night, where students perform to friends and family.  This is always a well-attended event.
-
To celebrate Black History month and in collaboration with Learning through the Arts, we held a free creative writing workshop, 5 workshops for primary schools, and a month-long exhibition centred around the Windrush migration.  This received some very positive feedback.
-
We also held our first art exhibition.  Working with NHS Art therapists, who exhibited their work.  The preview evening was attended by over 60 people and allowed us to showcase our building as both an exhibition space as well as a central location from which therapists can work.  This event led to several enquiries regarding art exhibitions which we will be exploring in the coming year.
-
In January 2025 using a grant for Sovereign Network Group we launched SMYLE (Southern Maltings Youth Led Entertainment).  This was a direct reaction to a lack of safe and appropriate entertainment for the local teenage population.  Our first event was a silent disco and we had bookings for 120 attendees.  Although still in its infancy we expect this programme to grow in popularity and be led by the youth attending.  We have had feedback requesting a teenage rave and a film night, we will be exploring these in the coming year.
-
Our final Community event of the year was Ware's the Community.  This event brought together many local charitable and community organisations and enabled them to both network with each other and showcase themselves to the public. The event drew almost 300 people into the building and was very successful.
Charitable activities – income generation
A big part of our income generation comes from events.  During this past year we have held several different musical events as well as theatre productions and a Christmas Experience.
Music:
Regular monthly events include Sunday Afternoon Jazz, Monday Guitar Club, Acoustic Night, and our afternoon tea dance.  The jazz has now built up a strong reputation and regularly draws a crowd of more than 100.
In addition to our regular events, we hosted a small number of cover artists :- Moonage (David Bowie), Amy Winehouse and Abba.  We took part in Independent Venue week where local bands performed, and we had a sold out Soul Night.  We have hosted folk, rock, blues, jazz, soul and pop bands.  In the summer we held a free music and comedy ‘fringe' event as part of Ware Festival to coincide and complement a larger event in the town centre, a very successful Eurovision evening is now an annual event.
Spoken Word:
From a monthly comedy night to a moving one-man performance of The Rime of the Ancient Mariner, to Shakespearian comedy, Oscar Wilde and Charles Dickens our spoken word offering is expanding, and we hope to include more in the coming year, including some original works.  In recent months we have entered into a collaboration with a long time hirer – Ware Poets who host a monthly event which includes an open mic and a guest poet reading with Q&A.  Our collaboration has moved them into the downstairs function space where we are providing a pop-up bar for refreshments.  The events are advertised and booked via our website, so they take advantage of our media reach, and we gain another artistic event.
WARE ARTS CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 3 -
Markets:
During the last year, we held a Children's celebration day with a children's enterprise market, an art and craft market selling locally made items, a sustainable event with eco-friendly items for sale, two Christmas gift markets and a health and wellbeing weekend.  Each of these combined a market selling goods appropriate to the event, as well as activities (from trying an art class and upcycling items to experiencing reiki, massage, and exercise classes).
Classes and Workshops:
During the year we expanded our range of children's holiday workshops, introduced an after-school art club and a pre-school mini-masterclass giving littles ones a gentle introduction to the curriculum.
Many more adult art classes were also offered during this time.  We have nurtured and built relationships with several tutors, enabling us to offer a wide variety of classes.  These included sketching, painting, needle felting, wet-felting, wicker weaving, floristry, zentangle, metal embossing and macrame.
Statement on compliance with Charity Commission guidance on public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake. The Board is currently working to widen the skills of the Board, and creating a Strategy for recruitment, engagement and training our volunteers, now numbering approx. 50+. We are now into our 9th year of operating the new building we are working on succession planning and recruiting additional skills for the board.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.

Achievements and performance
Charitable achievements

Our investment in our building and creating events to support wellbeing and health, working with community groups supporting dementia sufferers and young people with learning difficulties and disabilities have increased and this year we have been pleased to work with an Inclusive Theatre Group.

Our programme has reflected the need for an emphasis on wellbeing, including delivery of a Wellbeing Festival, where attendees could try tasters of different treatments and exercise classes as well as attend talks on current topics. The event was incredibly popular, and planning is underway for this to become an annual event. During this period have partnered with other local groups to support our community, holding community events including hosting a local Housing Group to hold a conference to consult the community on how it best supports residents and community groups.

Our activities are only possible through the generosity of our volunteers who give their time to support all our many events. We now have over 50 regular volunteers who regularly help us and we have appointed one of our trustees to oversee our Volunteer Strategy.

 

Our partnership with Ware town council to introduce events in the town centre involving local producers and crafts as part of the town centre strategy to regenerate the High Street and encourage people to come out and enjoy something local continues to develop. We are pleased that our local businesses support this venture by taking stalls alongside our local councilors and neighbourhood police.

WARE ARTS CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 4 -
Fundraising achievements

Our fundraising is generated via our events and volunteering plus we are members of the Local Authority “lottery” which raises 50% from each ticket formed. All our fundraising is reinvested in our building maintenance and development of activities for the Community. We also have a talented group who assist us in keeping our building attractive and welcoming through work sessions. We also host “Volunteer days” when local companies spend a day with us undertaking a variety of tasks.

We were also fortunate that one of our Trustees, John Wing, has published a History of the Southern Maltings. The book was launched at a Maltmaker Supper and raised over £500 for the charity.

Financial review
The income for the 13 month period was £333,248 an increase of £97,958 on the previous period (£235,290). Major capital works on the building were started during the period following approval of Listed Building and Planning consent for our plans.

The expenditure for the period was £327,497, an increase of £98,662 on the previous period (£228,835).

At the year end the charity's unrestricted reserves stood at £202,510, an increase of £15,282 on the previous year. Of this, £107,785 has been designated as contingency funds and for specific ongoing projects. In addition, the charity had restricted reserves of £34,433, these being funds with restrictions on use for particular projects.
Reserves policy
The Trustees have assessed that we should maintain reserves of £75,000 being the estimated amount needed to ensure the Southern Maltings project can continue should a major issue be encountered as it would cover the fixed costs and maintenance costs needed to stay solvent.
At 31 March 2025 our reserves were in excess of £75,000. The additional funds are required to complete projects not yet finished and additional works required by the conservation officer
Principal sources of income

There were three principal sources of income in the year:

 

Room hire for local community groups.

 

Events run by volunteers as paid performances.

 

Grants to assist with projects to trial community activities or for expanding the offer of creative workshops and cultural activities.

Investment policy

Our cash reserves are the only form of investment we have. We currently earn low rates of interest on this. We have reviewed our banking arrangements and deposited an amount to spread risk.

Risk review

The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

WARE ARTS CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 5 -
Plans for future periods

The organisation is currently working on a 3-year business plan focusing on our Cultural Strategy feeding our Cultural Programme and aligning our Resource Plan, Building development and Communication plans for the Charity. The organisation has embarked on the first phase of our building development alongside undertaking significant repairs and renewals to certain areas.

 

We are now able to offer a wide range of activities for adults and children in a variety of workshops, more theatre and have developed links to local writers.

 

Continue to develop our café and bar to support the events and bring the community in.

Structure, governance and management

The Charitable Company was incorporated as a Company Limited by Guarantee on 10 October 1978 and as such has no share capital.

 

The Company was registered as a Charity on 21 March 1979 by the Charity Commission for England and Wales.

 

None of the Trustees has any beneficial interest in the company. The Trustees who are also the Members of the charitable company have undertaken to contribute a sum not exceeding £1 in the event of winding up.

The Trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

John Davis
Tina Goodman
Darrell Hegerty
(Resigned 1 March 2024)
Sean Shaw
Mark Wilkinson
(Resigned 24 June 2024)
Jan Wing
John Wing
Jocelyn Crook
(Appointed 12 April 2024)
Trevor Mirams
(Appointed 12 April 2024)
Stephen Burton
(Appointed 24 June 2024)

We advertise for Trustees and look for skills to support our Charity. Prospective Trustees are interviewed and attend a board meeting prior to joining. We are an equal opportunity organisation. We have currently 2 new Trustees/Directors and 1 co-opted member who will join the board at our annual meeting. We aim to recruit up to 3 additional trustees in the near future.

Organisational structure

The organisational structure is a Board of eight Trustees who meet quarterly and operate through sub-committees to oversee procedures and planning.

WARE ARTS CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 6 -
Induction and training of Trustees

The Board of Trustees is currently undertaking training through our Hertfordshire Community Foundation series of workshops including Carbon Awareness training in October 2025. During the period of report, trustees attended Fire Safety and Safeguarding courses. The induction training will be refreshed for new Trustees joining the Board.

 

Induction is through a short meeting with senior Trustees at present, but this is now planned to be using a skills analysis and to ensure we have the right skills needed for the organisation. We propose to advertise to widen our reach. We have also some special advisors on matters of property and HR issues.

Relationship with the wider network

We are actively involved with local groups in the town and work closely with many local groups who have adopted our building as their home. We also partner with Ware Museum and Ware Town Council.

Relationships with related parties

East Herts Council is currently our landlord and Ware Town Council is currently negotiating a 99 year lease to transfer the building and protect its use as a Community Arts Centre. we have regular review meetings with both East Herts and Ware Town Council on our progress and have received local grants from Ware Town Council and East Herts Community Grants Scheme.

Statement of Trustees responsibilities

The Trustees, who are also the directors of Ware Arts Centre Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees report was approved by the Board of Trustees.

Tina Goodman
Trustees
Dated: 16 July 2025
WARE ARTS CENTRE LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WARE ARTS CENTRE LIMITED
- 7 -

I report to the Trustees on my examination of the financial statements of Ware Arts Centre Limited (the charitable company) for the period ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Gary Howard FCA
Howard Wilson Chartered Accountants
36 Crown Rise
Watford
Hertfordshire
WD25 0NE
17 July 2025
WARE ARTS CENTRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2025
- 8 -
Current 13 month financial period
Unrestricted
Restricted
Total
Total
(Comparative 12 month period)
funds
funds
2025
2025
2025
2024
Notes
£
£
£
£
Income from:
Donations and legacies
3
5,781
1,028
6,809
4,880
Charitable activities
4
245,665
74,550
320,215
226,935
Investments
5
6,224
-
6,224
3,475
Total income
257,670
75,578
333,248
235,290
Expenditure on:
Raising funds
6
92,047
3,777
95,824
69,469
Charitable activities
7
182,791
48,882
231,673
159,366
Total expenditure
274,838
52,659
327,497
228,835
Net income/(expenditure)
(17,168)
22,919
5,751
6,455
Transfers between funds
32,450
(32,450)
-
-
Net movement in funds
8
15,282
(9,531)
5,751
6,455
Reconciliation of funds:
Fund balances at 1 March 2024
187,228
43,964
231,192
224,737
Fund balances at 31 March 2025
202,510
34,433
236,943
231,192

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

WARE ARTS CENTRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2025
- 9 -
Prior 12 month period
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
4,380
500
4,880
Charitable activities
4
209,760
17,175
226,935
Investments
5
3,475
-
3,475
Total income
217,615
17,675
235,290
Expenditure on:
Raising funds
6
66,528
2,941
69,469
Charitable activities
7
147,602
11,764
159,366
Total expenditure
214,130
14,705
228,835
Net income and movement in funds
3,485
2,970
6,455
Reconciliation of funds:
Fund balances at 1 March 2023
183,743
40,994
224,737
Fund balances at 29 February 2024
187,228
43,964
231,192
WARE ARTS CENTRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
31 March 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
56,686
14,007
Current assets
Stocks
13
5,890
2,947
Debtors
14
19,355
23,770
Cash at bank and in hand
180,099
237,537
205,344
264,254
Creditors: amounts falling due within one year
15
(25,087)
(36,315)
Net current assets
180,257
227,939
Total assets less current liabilities
236,943
241,946
Creditors: amounts falling due after more than one year
16
-
(10,754)
Net assets
236,943
231,192
Income funds
Restricted funds
17
34,433
43,964
Unrestricted funds
Designated funds
19
105,785
130,000
General unrestricted funds
96,725
57,228
202,510
187,228
236,943
231,192

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 16 July 2025
Tina Goodman
Jan Wing
Trustee
Trustee
Company Registration No. 01393436
WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Charity information

Ware Arts Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Southern Maltings, Kibes Lane, Ware, Hertfordshire, SG12 7BS.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "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 (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

 

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The charity has moved its accounting period end during the current period to 31 March from 28 February with the result that the current period figures for income and expenditure are for a 13 month period whereas the comparative figures are for a 12 month period. The change in year end brings the charity's period end in line with funding bodies and other reporting period ends.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.
1.4
Income
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Expenditure

Resources expended are included in the Statement of Financial Activities on an accruals basis.

 

Support costs are allocated on the basis of time spent on each activity.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over 10 years
Plant and equipment
over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Donations and gifts
5,781
1,028
6,809
4,380
500
4,880
WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 14 -
4
Charitable activities

Arts Centre Operation

Arts Centre Operation

2025
2024
£
£
Performance related grants
70,353
12,372

Events income

166,084
141,926

Hire income

83,778
72,637
320,215
226,935
Analysis by fund
Unrestricted funds
245,665
209,760
Restricted funds
74,550
17,175
320,215
226,935
Performance related grants
East Herts Council
3,953
-
Hertfordshire Community Foundation
-
2,000
Ware Town Council
56,750
9,000
Hertfordshire County Council
900
1,350
Sovereign Network Group
8,500
-
Actionfunder
250
-
Other
-
22
70,353
12,372
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest receivable
6,224
3,475
WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 15 -
6

Raising funds

Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Fundraising and publicity
Marketing and advertising
8,875
-
8,875
5,152
71
5,223
Events costs
55,301
3,527
58,828
36,312
2,520
38,832
Fundraising and publicity
64,176
3,527
67,703
41,464
2,591
44,055
Trading costs
Other trading activities
27,871
250
28,121
25,064
350
25,414
92,047
3,777
95,824
66,528
2,941
69,469
7
Expenditure on charitable activities
Arts Centre Operation
Arts Centre Operation
2025
2024
£
£
Direct costs
Staff costs
71,053
45,720
Depreciation and impairment
11,431
5,976
Premises costs
61,357
53,373
Insurance costs
4,705
2,919
Repairs and maintenance costs
18,784
24,415
Office costs
1,874
344
Computer costs
-
749
Travel and subsistence costs
672
446
General expenses
3,163
1,396
Professional fees
36,549
18,322
Interest paid
-
28
Irrecoverable VAT
17,244
3,938
Governance costs
2,040
1,740
Development costs
2,801
-
231,673
159,366
Analysis by fund
Unrestricted funds
182,791
147,602
Restricted funds
48,882
11,764
231,673
159,366
WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 16 -
8
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,040
1,740
Depreciation of owned tangible fixed assets
11,431
5,976
9
Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the period.

During the year expenses were reimbursed to 3 (2024: 6) Trustees for event, premises, office and fixed asset costs totalling £1,725 (2024: £10,747).

10
Employees
Number of employees

The average monthly number of employees during the period (including Directors/Trustees) was:

2025
2024
Number
Number
Directors/Trustees
8
8
Charity staff
4
4
12
12
Employment costs
2025
2024
£
£
Wages and salaries
71,053
45,720

The charity's staff are employed by Community Alliance Broxbourne and East Herts on its behalf and are reimbursed by Ware Arts Centre.

There were no employees whose annual remuneration was £60,000 or more.
11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 17 -
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Total
£
£
£
Cost
At 1 March 2024
29,436
32,090
61,526
Additions
52,586
1,524
54,110
At 31 March 2025
82,022
33,614
115,636
Depreciation and impairment
At 1 March 2024
21,436
26,083
47,519
Depreciation charged in the period
7,386
4,045
11,431
At 31 March 2025
28,822
30,128
58,950
Carrying amount
At 31 March 2025
53,200
3,486
56,686
At 29 February 2024
8,000
6,007
14,007
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
5,890
2,947
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,202
3,988
Other debtors
1,540
3,423
Prepayments and accrued income
14,613
16,359
19,355
23,770
15
Creditors: amounts falling due within one year
2025
2024
£
£
Loan
11,921
12,000
Other taxation and social security
-
1,585
Other creditors
1,195
3,800
Accruals and deferred income
11,971
18,930
25,087
36,315
WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 18 -
16
Creditors: amounts falling due after more than one year
2025
2024
£
£
Loan
-
10,754

The loan is from East Herts Council and is in respect of building works at the Centre which were paid for by the Council on the charity's behalf. The loan is due to be repaid over a three year period in equal instalments commencing January 2023.

WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 19 -
17
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds
Movement in funds
Balance at
1 March 2023
Incoming resources
Resources expended
Balance at
1 March 2024
Incoming resources
Resources expended
Transfers
Balance at
31 March 2025
£
£
£
£
£
£
£
£
Culture Recovery Fund for Heritage
14,092
-
-
14,092
-
-
(14,092)
-
Culture Recovery Fund for Heritage - Sustainability
18,500
-
-
18,500
-
-
(18,500)
-
Early Years Grants
-
1,500
(995)
505
4,400
(6,897)
1,992
-
East Herts Community
-
-
-
-
3,000
(1,008)
(1,992)
-
Ware In Bloom Garden Projects
-
-
-
-
1,278
(272)
-
1,006
Ware Town Council Resources
-
-
-
-
50,000
(40,000)
-
10,000
Covid Recovery
2,075
-
-
2,075
-
(2,127)
52
-
SMYLE project
-
-
-
-
5,000
(570)
-
4,430
Workshops
1,848
-
(493)
1,355
-
(250)
-
1,105
Warm Space Grant
1,589
2,500
(3,023)
1,066
-
(1,156)
90
-
Sound and Light Fund
2,137
100
(666)
1,571
-
(252)
-
1,319
Tudor Square Markets
753
12,975
(8,928)
4,800
11,900
(127)
-
16,573
Coronation Event Fund
-
600
(600)
-
-
-
-
-
40,994
17,675
(14,705)
43,964
75,578
(52,659)
(32,450)
34,433

Culture Recovery Fund for Heritage was a grant to enable us to recover after the extended period of closure, protect our heritage and employ staff. From the remaining balance have transferred an amount of £18,500 to our building development fund to match expenditure on development of the Maltings building. We have also transferred £14,092 to our Kitchen Start Up Fund to cover expenditure on development of the Maltings café.

 

Early Years Grants was funding towards the Mini Maltings masterclasses programme and Stay and Play/Craft Cafés.

 

East Herts Community was funding from East Herts Council to fund room hire, refreshments at events and staffing within the charity.

 

Ware In Bloom Garden Projects is funding for planting in Ware.    

WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
17
Restricted funds
(Continued)
- 20 -

Ware Town Council Resources is a grant to cover personnel costs.            

 

Covid Recovery is a grant for volunteer training and delivery of volunteer strategy.

 

SMYLE (Southern Maltings Youth Led Events) is funding for accessible, local, and safe social spaces for teens in Ware. Our youth-led initiative is designed to offer exciting activities and events that cater to the interests of young people, giving them a place to connect, learn, and have fun without needing to leave town.

 

Workshops includes funding from Ware Town Council to subsidise trial workshops to keep them affordable.

 

Warm Space Grant was funding from Hertfordshire Community Foundation to provide a warm and welcoming space during the winter months.

 

Sound and Light Fund is funding from Hertfordshire County Council and Maverick Advertising to maintain sound and lighting equipment.

 

Tudor Square Markets is funding from Ware Town Council to put on markets.

 

Coronation Event Fund was funding towards an event to celebrate the coronation.

WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 21 -
18
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
56,686
-
56,686
Current assets/(liabilities)
145,824
34,433
180,257
202,510
34,433
236,943
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 29 February 2024:
Tangible assets
14,007
-
14,007
Current assets/(liabilities)
183,975
43,964
227,939
Long term liabilities
(10,754)
-
(10,754)
187,228
43,964
231,192
19
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 March 2024
Incoming resources
Resources expended
Transfers
At 31 March 2025
£
£
£
£
£
Essential Building Works Fund
55,000
-
(34,729)
-
20,271
Building Development Fund
75,000
-
(23,113)
19,535
71,422
Kitchen Start Up Fund
-
-
-
14,092
14,092
General funds
57,228
257,670
(216,996)
(1,177)
96,725
187,228
257,670
(274,838)
32,450
202,510
WARE ARTS CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
19
Unrestricted funds
(Continued)
- 22 -
Previous Year:
At 1 March 2023
Incoming resources
Resources expended
Transfers
At 29 February 2024
£
£
£
£
£
Protect Arts Centre Fund
30,000
-
-
(30,000)
-
Essential Building Works Fund
37,000
-
(12,286)
30,286
55,000
Rental Reserve
6,250
-
-
(6,250)
-
Building Development Fund
-
-
-
75,000
75,000
General funds
110,493
217,615
(201,844)
(69,036)
57,228
183,743
217,615
(214,130)
-
187,228

Protect Arts Centre Fund is the core level of reserves that the Trustees consider would be required to enable the Southern Maltings project to continue should a major issue be encountered. This has been consolidated into the Essential Building Works Fund.

 

Essential Building Works Fund is to urgently address issues that are waiting planning consents.

 

Grain Store Repair Fund related to a specific project.

 

Rental reserve is to provide a contingency against rental negotiations failing.

 

Building Development Fund is to carry out a major plan of redesign and modifications to the building.

 

Kitchen Start Up was funds to help fund kitchen works at Southern Maltings.

20
Related party transactions

There were no disclosable related party transactions during the period (2024 - none).

2025-03-312024-03-01falsefalseCCH SoftwareiXBRL Review & Tag 2024.2013934362024-03-012025-03-3101393436bus:Director12024-03-012025-03-3101393436bus:Director22024-03-012025-03-3101393436bus:Director42024-03-012025-03-3101393436bus:Director62024-03-012025-03-3101393436bus:Director72024-03-012025-03-3101393436bus:Director82024-03-012025-03-3101393436bus:Director92024-03-012025-03-3101393436bus:Director102024-03-012025-03-3101393436bus:Director32024-03-012025-03-3101393436bus:Director52024-03-012025-03-31013934362025-03-31013934362024-02-29013934362023-03-012024-02-2901393436bus:FRS1022024-03-012025-03-3101393436char:IndependentExaminationCharity2024-03-012025-03-3101393436bus:FullAccounts2024-03-012025-03-31xbrli:purexbrli:sharesiso4217:GBP