Company registration number: 03340600
Charity registration number: 1066687
WOLVERHAMPTON ARTS CENTRE LTD
DIRECTORS' REPORT
AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Daw White Murrall
Chartered Accountants
1 George Street
Snow Hill
Wolverhampton
WV2 4DG

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
Company information
Registered charity name
Charity registration number
Company registration number
Registered office
Trustees/Directors
Company secretary
Accountants
Wolverhampton Arts Centre Ltd (formerly
Newhampton Arts Centre until 3'd June 2025).
1066687
03340600
Dunkley Street
Wolverhampton
West Midlands
WV1 4AN
RJ Ashwell
K Fraser
M Cartwright
C Shelton
R Taylor
F Richings
J Blunt
L Court
S Pallan-Jhali
W Stephens
T Wright
Daw White Murrall
Chartered Accountants
1 George Street
Snow Hill
Wolverhampton
WV2 4DG
2

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
Contents
Page
Report of the Trustees
Independent Examiner's report
Statement of Financial Activities
Balance Sheet
Cash Flow
Notes to the financial statements
4-13
14-15
16
17
18
19-30

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
The trustees, who are also the directors for the purposes of company law, present their report and
the unaudited financial statements of the charity for the year ended 31 March 2025.
Structure, Governance and Management
Wolverhampton Arts Centre Ltd is a company limited by guarantee and not having a share capital
under the Companies Act 2006 (registration number 03340600) and is registered with the Charity
Commission as a charity (registration number 1066687) under the Charities Act 2011.
The company changed its name from Newhampton Arts Centre to Wolverhampton Arts Centre Ltd
on 3r° June 2025.
The charity is governed by a Board of Trustees who are also directors. Directors are elected at the
AGM and serve for three years. They represent arts, site users, the local community, business and
education.
The governance of the charity is laid out in its governing document which is available on request.
Trustees Responsibilities
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements
for each financial year, 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 2015 (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements;
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.
Appointment of trustees
As set out in the Articles of Association, the chair of the trustees is nominated by the Board. The
trustees are elected annually by the members of the charitable company attending the Annual
General Meeting and serve for a period of three years. They can then be re-elected for a further
4

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
three year period. The Board may recommend additional terms if the arts centre would benefit as a
result. There can be up to 12 Board members.
Trustee induction and training
New trustees undergo an induction to brief them on their legal obligations under charity and
company law, the content of the Memorandum and Articles of Association, the committee and
decision making processes, the business plan and recent financial performance of the charity.
During the induction they meet key employees and other trustees. Trustees are encouraged to
attend appropriate external training events where these will facilitate the undertaking of their role.
Organisation
The board of trustees administers the charity. The board meets bi-monthly and there are action
groups covering development, personnel and finance which meet as required. A Chief Executive is
appointed by the trustees to direct the day to day operations of the charity. To facilitate effective
operations, the Chief Executive has delegated authority, within terms of delegation approved by the
trustees, for undertaking agreed strategies and operational matters including finance, employment
and artistic programme related activity.
Risk management
The trustees have a risk management strategy which comprises:
:
•
an annual review of the risks the charity may face
the establishment of systems and procedures to mitigate those risks identified in the
plan
the implementation of procedures designed to minimise any potential impact on the
charity should those risks materialise.
This ongoing work has resulted in better emergency procedures and contingency plans and gives the
impetus for better planning. Particular attention is focussed on non financial risks arising from
buildings, health and safety of all site users, and food hygiene. A key element in the management of
financial risk is the setting of a reserves policy and its regular review by trustees.
5

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Public benefit
The trustees have had regard to the Charity Commission's guidance on public benefit.
Wolverhampton Arts Centre aims to deliver charitable public benefit by inspiring and supporting
those who may not regularly be involved in creative experiences, including:
children and young people
families and intergenerational groups
people with disabilities
people who feel on the edge of or excluded from mainstream society and/or who do not
identify themselves as arts attenders
6

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Objectives and activities
The charity works to achieve its aims by:
1.
2.
3.
5.
6.
Providing a high quality and supportive venue for the performance of music, dance,
drama and other performing arts, for professional and community use including minority
cultural events.
Providing good value office, rehearsal and meeting space for resident organisations and
appropriate groups and organisations from the wider community.
Engaging local voluntary and professional organisations in positive cultural partnerships
and collaborations within the centre, the city and the West Midlands region.
Providing opportunities for young people, children and families to participate in the arts.
Promoting the Wolverhampton Arts Centre as a hub for formal and informal education,
training and participation within the arts.
Encouraging links and shared opportunities between organisations to optimise the use
of the Wolverhampton Arts Centre facilities.
Promoting training and development for staff, resident and other organisations in the
cultural industries.
Promoting inclusion in the arts by addressing barriers - physical, social, cultural,
economic.
Maintaining the economic viability of the Wolverhampton Arts Centre, to sustain the
delivery of arts opportunities.
10.
Seeking funding to support new cultural opportunities.
7

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance
Change of Name
2024-5 was the final year when the charity was known as Newhampton Arts Centre, and plans were
developed and delivered for a name change in April 2025 to Wolverhampton Arts Centre.
Performance Venue
NAC presented a full year's programme of live events in the theatre and New Horizons outdoor stage
tent.
In total 151(138 2023-4) live events were presented in the theatre and tent. There were 40 days of
exhibitions in the Gallery Hall.
Audience numbers continued to increase. Total audience for events and exhibitions was 12274, up
from 9992 (2023-4), 8,121 (2022-3).
Room Hire and Residents
2024-5 saw the boiler system replaced in the Gallery Hall, so the winter of 2024-5 saw the site fully
heated for the first time since December 2023.
We were able to relocate affected residents to their former spaces and return the Studio Block to
full-time hire space use.
Resident occupancy continued to recover well and as of March 31 was above 90% of lettable units.
Work continued on units affected by damp and water ingress caused chiefly by the boiler failure to
bring them back into lettable condition.
Cultural Partnerships
NAC continued to act as lead body for Wolverhampton City of Youth Culture and worked throughout
the year with partners Wolverhampton Music Service, Gazebo TIE, Learnplay Foundation, University
of Wolverhampton and City of Wolverhampton Council to deliver a wide-ranging programme of
youth cultural opportunities.
8

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
NAC continued to support the work of the Wolverhampton Cultural Education Partnership and
continued to employ its co-ordinator.
We continued to work with Black Country Touring on our adult and family theatre programmes and
we were able to bring work by Bric a Brac Theatre, Townsend Productions, Jack and Friends, Goofus
Theatre and Takeshi Matsumoto
Our partnership with Jazz at Wolverhampton continued to enable us to present high-quality
contemporary touring artists in the city - including Jay Phelps, Emma Rawicz, Empirical and Alice
Zawadski. The folk programme saw Wakefire, The Carrivick Sisters, Will Page, Kathryn Roberts and
Seth Lakeman among the artists appearing.
NAC has become a regular venue for the Wolverhampton Literature Festival and presented talks and
events by Adrian Chiles, Worklight Theatre and Fesshole.
Finally, we were able to support a number of independent artists to create new work. Curl Girl
Productions rehearsed a new theatre piece Valley of the Queens at NAC before it was seen at
theatres in the region. Two early-career producers on a development scheme with Moving Souls
Dance were able to contribute to the Same Difference Festival. We also launched in March our first
New Producers programme for early career creatives in the Black Country.
Economic Viability
Income from tickets continued to increase during the year, as well as that from shows and catering.
The rises in National Insurance and the Minimum wage in the budget of December 2024 meant that
NAC had no choice but to pass these increased costs onto purchasers. The increase in earned income
levels can be partly explained by higher prices, but also a full year without the heating issues that
curtailed rental and hire income in the previous two financial years.
Earned income levels all rose in 2024-5 reflecting both the raising of prices and increased activity in
the theatre. The drop in bar income from the previous year was reversed to match 2022-3,
suggesting that with the right programme there is no systemic fall in this income sector.
Rental income
Hire space income
Show income
Bar income
2024-5 £107,259 (2023-4 £99,203 2022-3 £91,111)
2024-5£106,505 (2023-4£89,717 2022-3 £104,976)
2024-5 £116,908 (2023-4 87,471 2022-3 £64,247)
2024-5 £46,038 (2023-4 £40,926 2022-38 3 £46,373)
9

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Earned income as a whole was very significantly up - £376,710 compared to £317,317 (2023-4) and
£306,707 (2022-3) - a rise of 16%.
Fundraising Activity
NAC continued to fundraise to support the charitable activities of the organisation.
Funding was secured from the Architectural Heritage Fund to pay for design and development work
on the capital scheme.
The Foyle Foundation provided £20,000 to support the purchase of a new sound control desk and
associated equipment for the theatre.
The Garfield Weston Foundation and The Roger and Douglas Turner Charitable Trust both supported
the core charitable activities of the organisation.
The Eveson Trust provided funds for work with 12-16 year olds.
The Holiday Activities and Food Programme and the YES Programme, both operated by
Wolverhampton City Council, supported work with young people in the school holidays.
A contract to run the Wolverhampton Urban Rooms project was secured from the West Midlands
Combined Authority.
Arts Council England
NAC continued to act as the lead body for the Place Partnership Fund programme of work
Wolverhampton: City of Youth Culture together with partners Wolverhampton City Council,
Wolverhampton Music Service, Gazebo TIE, Wolverhampton CEP, and Learn/Play Foundation.
Together with match funding the total project value is €950,000.
NPO funding for WAC was confirmed by Arts Council England as continuing on an annual renewable
basis until March 2028.
Organisational Development
Joanne Blunt was on secondment to Arts Council England and returned to the board with additional
skills and expertise.
10

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
A Capital Campaign Manager at senior management level will be appointed to lead the fundraising
campaign for the capital work.
PLANS FOR FUTURE PERIODS
WAC will complete the works enabled by €1.5 million investment programme from the Towns Fund
and as part of this secure a long-term lease on the site with Wolverhampton City Council, followin
urchase of the half of the site owned by City of Wolverhampton College
APEC Architects will continue to develop the masterplan for the site development during 2024-5 and
we anticipate their work will reach RIBA Stage 4.
All legal, public and financial aspects of the name change will be completed in 2025-6.
11

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Financial Review
The charity's financial position is laid out in the balance sheet and financial statements. Total funds
of the charity at 31 March 2025 were £352,017 (2024: £468,086).
At the end of the year under review there were free reserves of £142,690 (2024: £225,642).
Trustees investment powers and policy on reserves
The trustees have power to invest and expend the funds of the charity in such a manner as they shall
consider most beneficial for the achievement of the objects in accordance with the Articles of
Association of the charity.
Reserves in this context constitute all funds held in cash, at the charity's bankers, or in the form of
other current, medium or long term investments, which form part of the charity's unrestricted funds
available for expenditure on the charity's charitable purposes.
Newhampton Arts Centre is currently dependent on earned income from renting out facilities, room
hire and event income. In addition there is income from fundraising (with support from
organisations such as the NACtivists), donations and, where successful, grant and funding
applications to sustain its activities. The purpose of having a written reserves policy is to ensure that
trustees abide by the Articles of Association of the Newhampton Arts Centre and provide
information for potential funders.
The purpose of the reserves is to:
1.
Provide funds for urgent priorities not covered in the annual budget such as building and
equipment repair and replacement and other urgent requirements as agreed by the
board.
2.
Supplement annual expenditure where necessary at the end of the financial year.
Provide for three months running costs including all recurring predictable expenses such
as salaries and benefits, utilities, rentals and ongoing professional services, to enable the
charity to fulfil its debts and obligations and wind-up costs in the event of enforced
closure.
The reserves should be held in an account aimed to generate a better return on funds than those
available on an ordinary current account but still sufficiently flexible to be accessed to meet urgent
priorities. The amount of the reserves will be calculated each financial year as part of the annual
budget but will have a dynamic role and will be subject to review and adjustment in response to
internal and external changes. It has been calculated that reserves of 25% of turnover would be
needed to continue running for at least three months. This policy will be kept under review in
relation to any changes in circumstances.
12

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to
the small companies exemption.
The trustees' annual report (incorporating the directors' report) was approved on
signed on behalf of the board of trustees by:
and
WENDY ANN STEHENS
CHAIR a BOARD a TRUSTEES
qth Decoubor 2025
13

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
Independent Examiner's Report to the Trustees of Wolverhampton Arts Centre Ltd
for the Year Ended 31 March 2025
I report on the financial statements for the year ended 31 March 2025, which comprise the
Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows and the related
notes.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are
responsible for the preparation of the financial statements. The trustees consider that an audit is
not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an
independent examination is needed.
The charity's gross income exceeded €250,000 and I am qualified to undertake the examination by
being a qualified member of the Institute of Chartered Accountants in England and Wales (ICAEW).
Having satisfied myself that the charity is not subject to audit under company law and is eligible for
independent examination, it is my responsibility to:
•
examine the accounts under section 145 of the 2011 Act;
•
to follow the procedures laid down in the general Directions given by the Charity
Commission under section 145(5)(b) of the 2011 Act; and
•
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity
Commission. An examination includes a review of the accounting records kept by the charity and a
comparison of the accounts presented with those records. It also includes consideration of any
unusual items or disclosures in the accounts, and seeking explanations from you as trustees
concerning any such matters. The procedures undertaken do not provide all the evidence that
would be required in an audit and consequently no opinion is given as to whether the accounts
present a 'true and fair view' and the report is limited to those matters set out in the next
statement.
14

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
Independent Examiner's Report to the Trustees of Wolverhampton Arts Centre Ltd
for the Year Ended 31 March 2025
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1)
which gives me reasonable cause to believe that in any material respect the requirements:
•
to keep accounting records in accordance with section 386 of the Companies Act 2006,
and
•
to prepare accounts which accord with the accounting records, comply with the
accounting requirements of section 396 of the Companies Act 2006 and with the
methods and principles of the Statement of Recommended Practice: Accounting and
Reporting by Charities
have not been met, or
to which, in my opinion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
murall
Vir G. Murrall PCA, on behalf of
DAW WHITE MURRALL
1 George Street
Snow Hill
Wolverhampton
WV2 4DG
15

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
(including Income and Expenditure Account)
FOR THE YEAR ENDED 31 MARCH 2025
Notes
Unrestricted
Restricted
Total
2025
€
Total
2024
€
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities
Grants
Earned income
Other income
Investment income
Total Income and Endowments
EXPENDITURE:
Charitable activities:
Direct costs
Support costs
Raising funds
Total Expenditure
NET INCOME/(EXPENDITURE)
Transfers between Funds
Fund balances at 1 April 2024
TOTAL FUNDS CARRIED FORWARD AT 31
MARCH 2025
2
3
7
16,111
251,145
376,710
6,102
3,990
654,058
147,243
529,903
11,000
688,146
(34,088)
248,711
214,623
-
304,777
304,777
16,111
555,922
376,710
6,102
3,990
958,835
338,270
48,488
485,513
578,391
11,000
386,758
1,074,904
(81,981) (116,069)
-
-
219,375
468,086
137,394
352,017
26,649
482,773
317,392
363
3,852
831,029
161,956
506,077
11,000
679,033
151,996
-
316,090
468,086
The statement of financial activities includes all gains and losses recognised in the year. All incoming
resources and resources expended derive from continuing activities.
The notes form part of these financial statements
16

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
BALANCE SHEET
AT 31 MARCH 2025
Notes
2025
€
2024
€
FIXED ASSETS
Tangible assets
CURRENT ASSETS
Stock
Debtors
Cash at bank and in hand
10
107,880
65,031
11
12
CREDITORS
Amounts falling due within one year
NET CURRENT ASSETS
13
2,722
41,323
566,939
610,984
(366,847)
244,137
2,469
27,446
413,971
443,886
(40,831)
403,055
TOTAL ASSETS LESS CURRENT LIABILITIES
352,017
468,086
FUNDS
Unrestricted funds
Restricted funds
15
16
214,623
137,394
248,711
219,375
TOTAL FUNDS
352,017
468,086
For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the
Companies Act 2006 relating to small companies.
Directors' responsibilities:
the members have not required the company to obtain an audit of its financial statements for the
year in question in accordance with section 476;
the directors acknowledge their responsibilities for complying with the requirements of the Act
with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance wih the provisions applicable to companies
subject to the smal companies' regime.
The financial statements were approved by the Board on ....
The notes form part of these financial statements
... and signed on its behalf by:
WENDY
ANN STEPHENS
CHAIR of BORD of TRUSTEE)
means.
091225
17

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
AT 31 MARCH 2025
Notes
2025
Cash provided by operating activities
Cash flows from investing activities:
Interest income
Purchase of tangible fixed assets
a
203,354
Cash provided by/(used in) investing activities
3,990
(54,376)
(50,386)
Increase/decrease in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
b
Cash and cash equivalents at the end of the year
b
152,968
413,971
566,939
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2025
Net (expenditure)/income for the year as per the SOFA
(116,069)
Adjusted for:
Depreciation
Loss on fixed asset disposals
Investment income
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
11,527
(3,990)
(253)
(13,877)
326,016
Net cash provided by operating activities
203,354
b
Analysis of cash and cash equivalents
2024
€
177,600
3,852
(18,362)
(14,510)
163,090
250,881
413,971
2024
151,996
11,760
(3,852)
(491)
22,781
(4,594)
177,600
Cash at bank and in hand
2025
€
566,939
2024
413,971
18

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.
1.1
1.2
1.3
ACCOUNTING POLICIES
General Information
The charity is a private company limited by guarantee, registered in England and Wales and
a registered charity in England and Wales. The address of the registered office is Dunkley
Street, Wolverhampton, West Midlands, WV1 4AN.
Statement of Compliance
These financial statements have been prepared in compliance with the 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 from 1st January 2015 - Charities SORP
(FRS 102) and the Companies Act 2006.
Accounting Policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at
fair value through income or expenditure.
Going concern
The financial statements have been prepared on a going concern basis as the trustees
believe that no material uncertainties exist. The trustees have considered the level of funds
held and the expected level of income and expenditure for 12 months from authorising
these financial statements. The budgeted income and expenditure is sufficient with the
level of reserves for the charity to be able to continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,
estimates and assumptions that affect the amounts reported. These estimates and
judgements are continually reviewed and are based on experience and other factors,
including expectations of future events that are believed to be reasonable under the
circumstances.
Funds accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the
charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future
projects or commitments.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or
through the terms of an appeal.
19

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Income
All incoming resources are included in the statement of financial activities when entitlement
has passed to the charity; it is probable that the economic benefits associated with the
transaction will flow to the charity and the amount can be reliably measured. The following
specific policies are applied to particular categories of income:
•
income from donations or grants is recognised when there is evidence of
entitlement to the gift, receipt is probable and its amount can be measured reliably.
•
legacy income is recognised when receipt is probable and entitlement is established.
•
income from donated goods is measured at the fair value of the goods unless this is
impractical to measure reliably, in which case the value is derived from the cost to
the donor or the estimated resale value. Donated facilities and services are
recognised in the accounts when received if the value can be reliably measured. No
amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of
the contracted service. This is classified as unrestricted funds unless there is a
contractual requirement for it to be spent on a particular purpose and returned if
unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes
any VAT which cannot be fully recovered, and is classified under headings of the statement
of financial activities to which it relates:
expenditure on raising funds includes the costs of all fundraising activities, events,
non-charitable trading activities, and the sale of donated goods.
•
expenditure on charitable activities includes all costs incurred by the charity ir
undertaking activities that further its charitable aims for the benefit of its
beneficiaries, including those support cost and costs relating to the governance of
the charity.
•
other expenditure includes all expenditure that is neither related to raising funds for
the charity nor part of its expenditure on charitable activities.
20

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Tangible fixed assets
All fixed assets are initially recorded at cost and subsequently stated at cost less any
accumulated depreciation. 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:
Fixtures and fittings
Equipment
Computer equipment
10% straight line
10% straight line
33% straight line
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be
impaired at each balance sheet date. If such indication exists, the recoverable amount of
the asset, or the asset's cash generating unit, is estimated and compared to the carrying
amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is
recognised in the statement of financial activities.
Financial instruments
Financial instruments are recognised in the charity's balance sheet when the charity
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.
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 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.
Stock
Stock is included at the lower of cost or net realizable value.
Pensions
Defined pension contributions payable to the charity's pension scheme are charged to the
statement of financial activities in the period to which they relate.
21

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.
DONATIONS AND LEGACY INCOME
Unrestricted Designated Restricted
Funds
Funds
Funds
Fundraising and donations
16,111
16,111
:
GRANTS RECEIVABLE
The Foyle Foundation
Arts Council England
LCEP
Roger & Douglas Turner Trust
HAF/YES
Youth Culture Project/LCEP
Saturday Club
Cultural Youth Board
Urban Rooms
Architectural Heritage Fund
Garfield Weston Foundation
Architectural Heritage Func
Wolverhampton College
Total
2025
€
16,111
16,111
Unrestricted Designated Restricted
Funds
Funds
Funds
Total
2025
-
251,145
-
-
-
-
-
251,145
:
:
5,730
190,730
20,685
19,028
10,000
38,604
20,000
:
5,730
190,730
20,685
19,028
10,000
38,604
20,000
:
251,145
304,777
555,922
Total
2024
€
26,649
26,649
Total
2024
€
20,200
251,145
(2,135)
2,000
23,379
190,563
-
-
(2,379)
482,773
*The negative balances in 2024 are due to expectations in the 2022/23 accounts of grants due in
2023/24 which turned out to be overstated.
22

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
EARNED INCOME
Rental income
Theatre and room hire
Show income
Workshop income
Bar and vending machine income
OTHER INCOME
Miscellaneous income
Unrestricted Designated Restricted
Funds
Funds
Funds
€
107,259
106,505
116,908
-
-
-
46,038
376,710
:
Total
2025
€
- 107,259
106,505
116,908
46,038
- 376,710
Unrestricted Designated Restricted
Funds
Funds
Funds
€
€
€
6,102
6,102
Total
2025
6,102
6,102
23
Total
2024
€
99,203
89,717
87,471
75
40,926
317,392
Total
2024
363
363

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
6.
COST OF OPERATION OF THE ARTS CENTRE
Unrestricted Designated Restricted
Funds
Funds
Funds
Direct Costs
Show costs
Workshops
Catering and bar
Printing and publicity
Support Costs
Staff costs
Training and recruitment
Office costs and administration
Rent
Rates and water
Light and heat
Insurances
Maintenance of premises
Cleaning
Licenses and affiliations
Telephone and broadband
Travel and entertaining
Bank and credit card charges
Miscellaneous expenses
Legal and professional fees
Accounting fees
Payroll fees
Depreciation
Total Operational Costs
FUNDRAISING
106,852
10,608
20,465
9,318
147,243
343,598
2,029
5,800
-
8,883
39,214
3,192
16,448
71,132
3,723
775
261
2,523
11,606
3,182
8,936
3,089
5,512
529,903
677,146
:
-
338,270
-
338,270
36,784
5,689
6,015
48,488
Total
2025
€
106,852
348,878
20,465
9,318
485,513
380,382
2,029
5,800
8,883
39,214
3,192
22,137
71,132
3,723
775
261
2,523
11,606
3,182
8,936
3,089
11,527
578,391
386,758
1,063,904
Fundraising expenses
Unrestricted Designated Restricted
Funds
Funds
Funds
11,000
11,000
24
:
Total
2025
€
11,000
11,000
Total
2024
€
69,771
58,784
22,402
10,999
161,956
320,721
225
4,655
9,352
50,879
3,462
16,272
68,275
5,078
1,445
477
1,770
4,547
3,327
3,832
11,760
506,077
668,033
Total
2024
€
11,000
11,000

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
8.
TAX ON ACTIVITIES
The company is a registered charity and as such is not liable for taxation on any surplus in
the year.
9.
STAFF COSTS
2025
2024
Wages and salaries
Employers national insurance
Employers pension contributions
351,703
20,320
8,358
380,381
298,830
14,743
7,148
320,721
No staff member received remuneration in excess of £60,000 (2023: none).
During the year the charity paid pension contributions totalling £8,358 (2024: £7,168) into
the defined contribution group personal pension scheme.
The key management personnel comprise the members of the Management Team. The
total amount of employee benefits (including employer pension contributions) received by
the management team for their services to the charity for the year was £72,137 (2024:
£69,785).
The trustees did not have any expenses reimbursed during the year (2024 - nil).
25

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10.
TANGIBLE FIXED ASSETS
Leasehold
Improvement
€
Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net Book Value
At 31 March 2025
At 31 March 2024
11.
STOCK
53,859
53,859
53,859
-
Bar
Vending machine
12.
DEBTORS
Trade debtors
Other debtors and prepayments
26
Fixtures,
Computer
Fittings &
Equipment
Equip
129,950
129,950
66,001
10,462
76,463
53,487
63,949
12,572
517
13,089
11,490
1,065
12,555
534
1,082
2025
2,722
2,722
2025
€
39,609
1,714
41,323
Total
€
142,522
54,376
196,898
77,491
11,527
89,018
107,880
65,031
2024
€
2,469
2,469
2024
25,477
1,969
27,446

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.
CREDITORS: AMOUNTS DUE WITHIN ONE YEAR
Trade creditors
Taxes and social security costs
Other creditors and accruals
2025
€
35,433
331,414
366,847
2024
€
4,250
36,581
40,831
14.
15.
PENSION COMMITMENTS
The charity operates a defined contribution pension scheme in respect to employees.
Contributions are charged in the statement of financial activities as they fall due and amount
in the year to £8,358 (2024: £7,148). At the balance sheet date there were outstanding
contributions of £1,790 (2024: €1,149).
UNRESTRICTED FUNDS OF THE CHARITY
Balance at 1 April 2024
Movement in funds for the year
Transfers between funds
Balance at 31 March 2025
General
Fund
€
248,711
(34,088)
214623
27

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16.
RESTRICTED FUNDS
Balance at
1 April
2024
€
21,203
3,389
2,100
15,270
3,233
Incoming
Resources
Capital Purchases
Co-op/Esmee
Fairbairn
ACE CRF 2
D'Olye Cart
Foyle Foundation
Other Grants
Foyle Foundation
(bal)
Children & the
Arts/StartArt
Garfield Weston
Foundation (a)
HAF/YES grant
Roger & Douglas
Turner CT
Youth Culture
Project
Saturday Club
Urban Rooms
Eveson Trust
Garfield Weston Fdn
Architectural
Heritage Fund
Esmee Fairbairn
-
2,719
-
156,460
:
15,001
:
219,375
-
-
-
5,730
-
209,758
20,685
10,000
20,000
38,604
304,777
28
Resources
Expended
(3,534)
(484)
(300)
(1,697)
Transfers
Balance at
Between
31 March
Funds
2025
€
€
17,669
2,905
1,800
13,573
3,233
-
(6,240)
-
(359,025)
(7,458)
(2,330)
(5,690)
(386,758)
-
-
:
-
:
2,209
-
7,193
13,227
7,670
15,001
20,000
32,914
137,394

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RESTRICTED FUNDS (continued)
16.
Capital Purchases
Co-op Foundation/Esmee Fairbairn
Foundation
Arts Council England CRF2
D'Oyly Carte Charitable Trust
Foyle Foundation
Funds to support the purchase of outdoor stage tent and
associated equipment
Funds to support the organisation to adapt its facilities and
recover from COVID restrictions
Funds towards the purchase of a piano to support the jazz
programme
Support for the purchase of a new sound mixing desk for the
theatre and associated sound equipment
Other Grants
Children and the Arts/StartArt
Garfield Weston Foundation
Funds for work with young people
Funding to support the programming of the organisation
during this transition year post-COVID
HAF (Holiday Activities and Food
Programme)
Funding disbursed by Wolverhampton City Council to support
school holiday creative and food activities for families on
means-tested free school meals
YES Programme
Funding from Wolverhampton City Council to support school
holiday creative activities for families
Roger and Douglas Turner Charitable Trust Funding to support the core costs of the organisation
Youth Culture Project
Funding from Arts Council England to support a three-year
or out meltwork with young people, Wolverhampton Gily
LCEP
Funds received from Arts Connect to support the costs of the
Wolverhampton Local Cultural Education Partnership
The Eveson Trust
Funds to support participatory visual arts work with young
people aged 11-16
Architectural Heritage Fund
Support for an Options Appraisal to be carried out by a
registered architect on the future options for the site
Esmee Fairbairn Foundation
Grant towards a community mapping project
29

WOLVERHAMPTON ARTS CENTRE LTD
(Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
17.
ANALYSIS OF RESERVES
Fixed assets
Net current assets
Total
18.
Restricted
Funds
35,947
101,447
137,394
Designated Unrestricted
Funds
Funds
:
71,933
142,690
214,623
Total
107,880
244,137
352,017
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 23
(2024: 21).
30