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2024-09-30-accounts

Company Number: 1158819 Registered Charity Number: 267043

Wac Arts (A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

For the year to

30 September 2024

Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

Contents:

ontents:
Wac Arts Administrative Information 3
Structure, Governance and Management 4
Trustee Recruitment, Induction and Training 4
Mission and Activities 5
Values 5
Strategic Report 5
Financial Review 9
Risk Management 10
Looking to the Future 10
Board of Trustees’ Responsibilities 10
Independent Auditor’s Report to the Members of Wac Arts 12
Consolidated Statement of Financial Activities 15
Charity Statement of Financial Activities 16
Consolidated and Charity Balance Sheets 17
Consolidated Cash Flow Statement 18
Notes to the Financial Statements 19

Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

Wac Arts Administrative Information

The Trustees are pleased to present their report together with the financial statements of the charity for the year to 30 September 2024.

Reference and Administrative Details

These are the consolidated accounts for Wac Arts and The Hamden Trust, both companies and charities. In this report we refer to them as (the “Charity”). Consolidated accounts are prepared to reflect the substance of the two charities working together as one over the legal form of two independent charitable companies with trustees in common.

Charity number: Wac Arts: 267043 The Hamden Trust: 1045440
Company number: Wac Arts: 1158819 The Hamden Trust: 03036627
Principal & registered Office: The Old Town Hall
213 Haverstock Hill
London NW3 4QP
Auditors: Knox Cropper LLP
65 Leadenhall Street
London EC3A 2AD
Bankers: Co-operative Bank Plc
Islington Branch
Islington High Street
London N1 9TR

Trustees

The directors of both charitable companies (Wac Arts and the Hamden Trust) are their Trustees for the purpose of charity law and throughout this report are referred to collectively as (the “Trustees”) and (the “Board”). They are also the members of both charities. Trustees and management serving during the period and since the year end:

Chair: Justina Cruickshank (resigned January 2025)
Margaret Gorman (appointed January 2025)
Elected trustees: Nicola Clements
Justina Cruickshank (resigned January 2025)
Dorota Dominiczak
Margaret Gorman
Swagata Ganguly
Lao Lee
Martin Summersgill
Aradhna Tayal
Mark James-Matthews (appointed October 2024)
Chief Executive: Bhuvan A Sharma

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

Structure, Governance and Management

Organisational Structure

The Board sets the strategic direction for the Charity and measures progress against objectives. The Board meets quarterly as does the supporting Finance Committee. Terms of Reference for committees of the Board are approved by the Board.

Governance

Both Wac Arts and The Hamden Trust are companies limited by guarantee each governed by its Memorandum and Articles of Association. They are registered as charities with the Charity Commission. The members of the charities are the Chair and the elected Trustees, of which there were eight serving at the period end.

Management

The Chief Executive (CE) is appointed by the Board to deliver the Charity’s work. The other key role during the year was the Director of HR and Administration. The Chief Executive and Director comprise the Senior Leadership team. This team are supported by Counterculture LLP for strategic financial director-level advice and several key staff namely the Head of Learning and Participation, Head of Property Management, Head of Development and Communications, Finance Manager and Schools and Community Manager. All staff recruitment is done by open advertising with interviews conducted by appropriately skilled and experienced panels. Interview panels include Trustees and external industry specialists where appropriate.

Key Management Personnel Remuneration Policy

Wac Arts is committed to ensuring that staff are paid fairly and consistently. The Charity’s pay policy seeks to balance the need to attract and retain suitably experienced individuals to ensure it provides the greatest public benefit in delivering its charitable objectives, with what the Charity can reasonably afford. Pay is positioned relative to other similar organisations.

Remuneration for the CE is set by the Board. Remuneration for all other staff is presented to the Finance Committee in the annual budget and subject to scrutiny, is recommended to the Board for approval. No member of staff is involved in determining his or her own remuneration.

Annual pay awards are not a contractual requirement. They are considered in relation to the organisation’s financial position, performance and sector benchmarking.

Trustee Recruitment, Induction and Training

Recruitment and Election of Trustees

The Board of Trustees periodically reviews the skill sets it includes to identify gaps, if any, in the Board with a view to considering the potential for recruiting new Trustee(s). Advertising schedules look to reach the broadest potential group of interested candidates, with interviews and recommendations being made to the Board by the Chair and Vice Chair, supported by additional panel members as appropriate.

All Trustees are elected as the members and directors (co-terminus) of the Charity. Board members are appointed with the expectation they will serve for at least three years and normally for two terms. In exceptional circumstances, Trustees may serve a maximum of three terms (nine years).

Trustee Induction & Training

New Trustees undergo an orientation meeting with the Chair and a briefing with the Chief Executive. They can attend activities and meet a selection of beneficiaries. They are provided with a Board induction pack including copies of the Memorandum and Articles of Association, Committee Terms of Reference and decision-making

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

processes, the organisation structure, the Business Plan and the recent financial performance of the Charity. All Trustees receive training in Safeguarding and Unconscious Bias. Trustees are expected to attend events presenting the Charity’s work.

Related Parties

Wac Arts and Hamden Trust are sister charities. Trustees of Wac Arts are also Trustees of The Hamden Trust. Although The Hamden Trust shares Wac Arts’ passion for supporting groups in society who face barriers to opportunity, its primary role is to conserve and enhance its historic building and encourage educational work to celebrate our heritage.

Mission and Activities

Charitable Objects

Wac Arts’ charitable objects may be summarised as the provision and development of activities which seek to make the arts relevant and available to the public, the provision of activities to improve the lives of people who may be disadvantaged, the provision of support for other organisations, and the promotion of citizenship and community development.

With the new Chief Executive appointed, the charity underwent a period of consultation with the staff, management and board to create an updated business plan that served as an active response to the learnings the charity had taken from the ‘build and test’ phase as per the business plan drafted in previous years. The plan celebrates the ambition of the team and showcases the dynamism within the organisation in adjusting to the evolving landscape the charity finds itself in today. It further sets the direction of travel for the organisation under new leadership and aims to strengthen the synergy between the mission, vision, purpose of the organisation, its charitable objectives and its actions. The process allowed us to refine how we define ourselves as below:

MISSION

(What we do?)

Nurture children and young people’s creativity through the arts.

VISION

(Who will we become?)

PURPOSE

(Why do we do this?)

To provide access to arts for children and young people, particularly those who are experiencing barriers to participation.

VALUES

Strategic Report

Overview 2023-24

Page 5 of 31

Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

2023-24 saw the organisation undertake a dynamic approach as it adjusted to new leadership, a revised business plan with a hyperlocal approach and robust goal setting in the short term, while continuing to be operationally resilient, creatively engaging and financially successful. We are pleased to say that the year finished with a financial surplus that continued building the organisation’s free reserves.

Our arts programme expanded its offer; piloting new art-forms, while developing bespoke activities in partnership with communities. We engaged with more than 1600 young people in performing, creative and digital arts opportunities, from our HQ in Camden, as well as continuing to establish ourselves in school and community settings (previously referred to as outreach ) across London and beyond. We remained committed to working with those who would otherwise face barriers to participation in the arts.

Our Bursary Scheme directly supported 52 children and young people. 17% of our participants identified as having a disability, and of those engaged in our onsite provision, more than 45% came from global majority backgrounds.

To ensure that young people continue to have an active voice in our artistic output, Wac Arts also established its first Youth Advisory Group. The group comprises of 5 young people from a diverse professional and personal background. The group will meet with both the leadership and senior management of the organisation on a regular basis, discussing the artistic output of the organisation to ensure the charity continues to meet the needs of young people.

1 Arts Programme

The Charity provides a multi-disciplinary year-round arts programme for children and young people, providing activities exploring the performing arts (dance, musical theatre, drama), music and digital arts (animation and film production). 2023/24 saw greater participation numbers than the previous year, as the organisations reach continues to grow.

Arts Programme Participants FY2023 FY2024
Learning and Participation 559 612
School and Community Partnerships 919 1,016
Total 1,478 1,628

Learning and Participation:

Weekly Classes and Summer Schools:

The Charity continued to provide subsidised affordable classes during evenings and weekend, as well as an enhanced summer school offer (expanded to children of the age of 4 years and above).

From our Camden HQ, the Hampstead Old Town Hall, we delivered a 30-week programme of evening and weekend classes, exploring music, and art forms across the performing, creative and digital arts. We launched new classes to help grow and adapt our offering, ensuring we continue to meet the needs of the communities we serve. When describing what Wac Arts offers, one parent said our programme was ‘very varied and something to match each area of creativity .’ In June and July, we celebrated the achievements of our young people with an end of year sharing. Over 150 young people performed song, dance, drama and music, as well as showcasing their creative designs, animations, and films. An invited audience of more than 100 parents, carers, friends and staff celebrated the young participants achievements, recognising the commitment of the young people, their individual learning and development.

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

“My son is more confident in public and audience. The teacher is amazing and makes the kids very comfortable in class. My son always enjoyed the singing class. And thanks for amazing show end of the year!!!”

Actors Company:

Our Actors Company launched in September 2022, and has continued to be led by experienced actor, writer, and director, Katie Coull. Each week, Katie leads an extended rehearsal, where members develop their individual acting skills (including ensemble work, sight reading, script analysis) and build their company ethos. In July 2024, the Company presented the play ‘Punk Rock’ written by Simon Stephens, at the Tara theatre in South London. It was a resounding success with a big turn-out from friends, family, carers and staff members all in attendance.

“I found out about Wac Arts through my school drama teacher. From there I was like, oh, I want to do more of this and Wac Arts was the affordable way of doing it. So it's my third year doing the acting company”

Special Educational Needs Provision

The charity continues to expand on its experience in supporting children and young people with SEN/D requirements through:

Schools and Community

The 2023-24 year saw the organisation further develop its previous outreach offering to a more structured schools provision, alongside a clear approach towards community projects and related partnerships.

We worked with 27 schools, youth and community organisations across London, and the wider regions, providing more than 2,717 hours of creative opportunities. We engaged more than 1,000 young participants from organisations in Camden as well as Brent, Hammersmith & Fulham, and Hackney, as well as working with schools and communities in Bolton and Norfolk.

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

We worked in consultation with each organisation, providing bespoke projects to address their needs. Through this consultation, we identified the need for affordable activities during after-school hours. In response we piloted two afterschool Creative Clubs, in a Primary and Secondary school setting. The clubs introduced the young participants to new creative and performative skills. Of those we engaged, 68% came from global majority backgrounds, 14% identified as have a having a disability and 55% were eligible for Pupil Premium and Free School meals.

Our community projects align with our purpose of improving the access to arts for those children and young people who due to socio-economic, geographic, and cultural barriers are unable to.

Through the programme, we aim to work in partnerships and deliver programmes that:

2 Building - The Old Town hall

The Charity continued to attract tenants from the creative sector organisations and charities in line with its charitable objectives. The earned income met expectations against forecasts when it came to hires and leasehold. The earned income is managed by the Sales and Accounts Officer, who is line managed by the Head of Property Management.

As part of the Camden Business Climate Challenge, Wac Arts received recognition from the Mayor of London for our work in making the building more sustainable and carbon efficient. We also successfully applied for both planning permissions and some funding towards installing solar panels in the arts block of the building, with work scheduled through 2024-26.

3 Development

The Charity continues to raise funds from a wide variety of trusts, foundations, statutory bodies, corporations, and individuals. Our extended thanks and appreciation to all those who have chosen to support Wac Arts, including; Aldenham Club Trust, Andor Charitable Trust, Aspinwall Educational Trust, Boris Karloff Charitable Foundation, Camden Council, Jack Petchey Foundation, John Lyon's Charity, London Youth, The 29th May 1961 Charitable Trust, The Big Give Trust, The Charlotte Bonham-Carter Charitable Trust, The Childhood Trust, The D'Oyly Carte Charitable Trust, The Hampstead Wells and Campden Trust, The Mackintosh Foundation, The Mercers’ Company, The Wellside Trust, Young Camden Foundation as well as all those who prefer to give anonymously.

Key Development Achievements

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

Fundraising Regulation

The Charity is registered with the Fundraising Regulator and complies with the Regulator’s Code of Fundraising Practice and Charity Commission Guidance. Wac Arts does not use third parties to undertake any fundraising activities.

The Charity received no complaints relating to its fundraising activities during 2023/24.

Financial Review

The accounts show a £80k surplus (2023: £36k) on unrestricted funds, which represents a continued stabilisation of the financial position. Wac Arts’ principal sources of income continued to be the provision of services to Camden Council for disabled young people, lettings of its premises at the Town Hall, fundraising, and fees for artistic activities provided. The surplus was achieved through continued success in building income and good cost management during the financial year.

The consolidated results of Wac Arts and The Hamden Trust report a £118k deficit (2023: £123k deficit) in total funds during the year, of which £180k (2023: £180k) was a deficit relating to Hamden Trust mainly reflected by depreciation charges on building improvement costs financed by restricted funds accumulated within the Hamden Trust for this purpose in previous years.

The surplus has helped to improve unrestricted reserves to £431k (2023: £351k). Charity funds are distinguished between unrestricted and restricted funds in line with the accounting policy definitions (note 1j). The financial health of the charity is considered mainly in the context of the charity's own funds, i.e., unrestricted funds. The term "free reserves" refers to unrestricted funds less fixed assets in order to describe the funds which are readily available to the charity. Free reserves were £64k (2023: £16k negative), representing the achievement of a positive free reserves position after stabilisation of the organisation’s finances over the last five years:

five years:
18/19
£		 19/20
£		 20/21
£		 21/22
£		 22/23
£		 23/24
£
Unrestricted Surplus/(Deficit)
Unrestricted Reserves
Free Reserves (standard definition)		 (185,903)
148,584
(184,288)		 57,338
205,922
(139,823)		 61,497
267,389
(64,415)		 46,921
314,310
(45,124)		 36,261
350,571
(15,754)		 80,491
431,062
63,500

Wac Arts is committed to a phased building of reserves to a level equivalent to three months’ running costs (approximately £323k, based on forecast FY23/24 non-programme expenditure). Until this is achieved, the Charity is working to a cash target using long term loans to maintain cash reserves above this level. At 30 September 2024, the Charity’s cash balance was £600k, which was ahead of this interim target.

The cash position was supported by a CBILS loan balance of £327k (2023: £356k) outstanding from loan drawn down in January 2021 to provide working capital to enable the Charity to manage through a period of anticipated income reductions resulting from the Coronavirus pandemic. This is repayable over a 6-year period. A separate loan from Triodos (2023: £164k was outstanding last year) was repaid in year.

The Charity intends to maintain its recent trajectory towards greater financial stability through continued careful budgeting and financial management.

Trustees have considered emerging macroeconomic risks, including inflation, through its budgeting and reforecasting processes.

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

Risk Management

The Trustees' risk management strategy comprises:

This strategy has ensured risks are identified and discussed at an early stage, enabling appropriate management and mitigation arrangements to be put in place.

At present, the charity does not have any risks that might impact the charity as a going concern.

Looking to the Future

2024-25 will see the organisation celebrate its 25[th] year as custodian of the old town hall building. In recognition of the landmark, the arts programme shall:

Beyond the arts programme, the charity will continue its organisational development through the implementation of its own registration system, an active approach to meet its financial responsibilities (including long-term loans) and launching feasibility studies to match its capital ambitions.

Board of Trustees’ Responsibilities

Company law requires the Trustees to prepare financial statements for each financial year. The Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the profit or loss of the charity for that period. In preparing these financial statements, the Trustees are required to:

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2024

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with company law, each of the persons who are Trustees at the time when this report is approved has confirmed that:

The members each agree to contribute an amount not exceeding £10 to the assets of the charity in the event of it being wound up whilst a member and for one year after ceasing to be a member. The amount of these guarantees at 30 September 2024 was £80 (2023: £100).

Trustees have no beneficial interest in the charity and are not remunerated.

Statement on Public Benefit

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit published by the Charity Commission in determining the activities undertaken by the charity. The identifiable benefits are set out in this report as are the aims of the Charity and the beneficiary groups.

This report, which incorporates the Strategic Report, was approved by the Board of Trustees and signed on its behalf on 1[st] May 2025 by:

Margaret Gorman Chair

Page 11 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

Independent Auditor’s Report to the Members of Wac Arts

Opinion

We have audited the financial statements of WAC Arts (the ‘parent charity’) and its subsidiary (‘the group’) for the year ended 30 September 2024 which comprise the consolidated and charity Statements of Financial Activities (including the Income and Expenditure Account), the consolidated and charity Balance Sheets, consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable 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 this report.

Other information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

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 assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility 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 inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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 nothing to report in this regard.

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Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are Required to Report by Exception

In the light of the knowledge and understanding of the group and the parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Goodridge (Senior Statutory Auditor) Date: 11 June 2025 For and on behalf of Knox Cropper LLP (Statutory Auditor) 65 Leadenhall Street London EC3A 2AD

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Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

Consolidated Statement of Financial Activities

Restricted Unrestricted Total Total
2024 2024 2024 2023
Note £ £ £ £
Income from:
Grants and donations 2 141,935 79,259 221,194 252,518
Charitable activities 520,705 1,220,372 1,741,077 1,608,875
Other income - 2,416 2,416 6,211
Investment income - 5,564 5,564 5,861
--------------------- ---------------------- -------------------- --------------------
Total income 662,640 1,307,611 1,970,251 1,873,465
========== ========== ========== ==========
Expenditure on:
Charitable activities:
Service and projects expenditure 3 857,060 672,468 1,529,528 1,495,442
Centre management 3 4,219 554,652 558,871 501,496
----------------------- ---------------------- -------------------- --------------------
Total expenditure 3 861,279 1,227,120 2,088,399 1,996,938
=========== ========== ========== ==========
(198,639) 80,491 (118,148) (123,473)
Transfers between funds 12 - - - -
---------------------- ------------------------ ------------------------ ------------------------
Net Movement of Funds (198,639) 80,491 (118,148) (123,473)
Reconciliation of funds
Funds at 1 October 2023 5,838,470 350,571 6,189,041 6,312,514
----------------------- ---------------------- ----------------------- -----------------------
Funds at 30 September 2024 12 5,639,831 431,062 6,070,893 6,189,041
=========== =========== =========== ===========

All of the charity’s activities are classed as continuing. All recognised gains and losses are shown above. The comparative year’s Statement of Financial Activities is included in note 20.

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Wac Arts
Consolidated Financial Statements for the year to 30 September 2024
WAC Arts Statement of Financial Activities
Page16of31
Restricted
Unrestricted
Total
Total
2024
2024
2024
2023
Note
£
£
£
£
Income from:
Grants and donations
2
141,935
79,259
221,194
252,518
Charitable activities
520,705
1,220,372
1,741,077
1,608,875
Other income
-
2,416
2,416
6,211
Investment income
-
5,564
5,564
5,861
---------------------
----------------------
--------------------
--------------------
Total income
662,640
1,307,611
1,970,251
1,873,465
==========
==========
==========
==========
Expenditure on:
Charitable activities:
Service and projects expenditure
3
680,782
672,468
1,353,250
1,319,165
Centre management
3
-
554,652
554,652
497,386
-----------------------
----------------------
--------------------
--------------------
Total expenditure
3
680,782
1,227,120
1,907,902
1,816,551
===========
==========
==========
==========
(18,142)
80,491
62,349
56,914
Transfers between funds
13
-
-
-
-
----------------------
------------------------
------------------------
------------------
Net Movement of Funds
(18,142)
80,491
62,349
56,914
Reconciliation of funds
Funds at 1 October 2023
84,010
350,571
434,581
377,667
-----------------------
----------------------
-----------------------
-----------------------
Funds at 30 September 2024
13
65,868
431,062
496,930
434,581
===========
===========
===========
===========
All of the charity’s activities are classed as continuing. All recognised gains and losses are shown above. The
comparative year’s Statement of Financial Activities is included in note 21.

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

Consolidated and Charity Balance Sheets Company Number: 1158819

30 September 2024 30 September 2024 30 September 2023 30 September 2023
Group Wac Arts Group Wac Arts
Note £ £ £ £
Tangible fixed assets 6 6,006,856 432,895 6,198,677 448,438
Non-Current Assets
Amount due from
Related Charity 7 - 4,220 - 3,799
Current Assets
Debtors 8 196,571 196,568 266,948 266,948
Cash at bank and in hand 612,247 600,735 629,152 617,596
------------------- ------------------- ------------------- -------------------
808,818 797,303 896,100 884,544
Creditors, amounts falling due
Within one year 9 (450,561) (443,268) (435,840) (432,304)
------------------- ------------------- ------------------- -------------------
Net Current Assets/(Liabilities) 358,257 354,035 460,260 452,240
Creditors, amounts falling due
After more than one year 11 (294,220) (294,220) (469,896) (469,896)
----------------------- ------------------- ----------------------- -------------------
14 6,070,893 496,930 6,189,041 434,581
========== ========= ========== =========
Funds
Restricted funds 1(j), 12, 13 5,639,831 65,868 5,838,470 84,010
Unrestricted funds 1(j), 12, 13 431,062 431,062 350,571 350,571
---------------------- ------------------- ---------------------- -------------------
6,070,893 496,930 6,189,041 434,581
========== ========= ========== ========

The financial statements were approved and authorised for issue by the Board of Trustees on 1[st] May 2025 and signed on its behalf by

Margaret Gorman Chair

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Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

Consolidated Cash Flow Statement

2024 2023
£ £
Net cash (outflow)/inflow from operating activities
Net movement in funds (118,148) (123,473)
Investment income (5,564) (5,861)
Interest payable 38,274 41,274
Depreciation 238,308 232,356
Disposal of fixed assets - 2,790
(Increase)/ Decrease in debtors 70,377 87,732
(Decrease) in creditors 33,163 (41,874)
------------------- -------------------
Net cash (used in)/provided by operating activities 256,410 192,944
------------------ ------------------
Cash flow from investing activities
Investment income 5,564 5,861
Purchase of tangible fixed assets (46,487) (84,515)
----------------- ----------------
Net cash used in investing activities (40,923) (78,654)
----------------- ----------------
Cash flows from financing activities
Cash inflows from new borrowing - -
Loan repayments (194,118) (46,647)
Interest paid (38,274) (41,274)
----------------- -----------------
Net cash used in financing activities (232,392) (87,921)
----------------- ----------------
Net change in cash and cash equivalents in the year (16,905) 26,369
Cash and cash equivalents at the beginning of the year 629,152 602,783
------------------- -------------------
Cash and cash equivalents at the end of the year 612,247 629,152
========= =========
Analysis of cash and cash equivalents
Cash at bank 612,247 629,152
-------------------- --------------------
612,247 629,152
========= =========
Analysis of changes in net debt:
At 30 Sept 2023 Cash flows At 30 Sept 2024
Cash and cash equivalents 629,152 (16,905) 612,247
Borrowings:
Debt due within one year (50,791) 18,443 (32,348)
Debt due after one year (469,896) 175,676 (294,220)
(520,687) 194,119 (326,568)
Total 108,465 177,214 285,679

Page 18 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

Notes to the Financial Statements

1. Accounting Policies

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The format of the financial statements has been presented to comply with the Companies Act 2006, FRS102 The Financial Reporting Standard applicable in the UK and Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities (FRS102 SORP second edition). Figures are presented in sterling and rounded to the nearest pound. The Charity is a Public Benefit Entity as defined by FRS102.

These financial statements include the results, assets and liabilities of the main charity, Wac Arts, together with its subsidiary, The Hamden Trust (company number 03036627). The Net Movement in Funds of the Parent was a surplus of £62,349.

(b) Basis of Consolidation

The Statement of Financial Activities, Balance Sheet and Cashflow Statement consolidate the results of the two sister charities, WAC Arts and Hamden Trust. The entities have several Trustees in common and agree that although there is no direct control of one over the other, because the charities work together as one entity consolidation is appropriate to reflect substance over form.

(c) Going concern

The Trustees consider that there are no material uncertainties which would cast doubt on the Group’s ability to continue as a going concern based on consideration of a range of information presented to the Finance Committee. This has included cashflow forecasts, budget plans for 2024/25, management forecasts (both in year and medium term), and associated papers (including Development Team reports) in year, and business plan updates. Trustees have also reviewed a financial risk register during the year, and considered how emerging macroeconomic risks including inflation are managed through budgeting and reforecasting processes. The free reserves position of the Charity and Group has also been monitored against the targets set in the long term business plan, via finance committee papers to inform the view that the Charity and Group remain a going concern.

(d) General information

The Charity is a company limited by guarantee, incorporated in England and Wales (company number: 1158819) and a charity registered in England and Wales (charity number: 267043). The registered office is The Old Town Hall, 213 Haverstock Hill, London NW3 4QP.

(e) Significant judgements and estimation uncertainty

In preparing these financial statements the trustees have had to make estimates and assumptions that affect the amounts recognised in these financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key areas subject to judgement and estimation are as follows:

Fixed asset depreciation. Judgement is applied when assigning anticipated average lives to the fixed assets of the charity.

(f) Income

Income is included in the statement of financial activities when the Charity is entitled to the income, its receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of donations and gifts and are recognised when receivable or when the Charity becomes legally entitled to them and receipt is probable and they can reasonably be measured in financial terms.

Fee income (from sales, room hire and training services), investment income, including interest receivable, and other miscellaneous income are accounted for on a receivable basis.

Page 19 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

Revenue grants are credited to the Statement of Financial Activities when receivable, unless they relate to a specified future or prior period, in which case they are deferred or accrued respectively. Grants received specifically for the purchase of fixed assets are credited to restricted funds when received.

(g) Expenditure

Costs of charitable activities consist of all expenditure directly relating to the objects of the Charity. Support costs which cannot be directly allocated are apportioned between charitable activities and governance costs on the basis of the Trustee’s estimate of the time spent on the relevant functions. Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).

Governance costs include expenditure on management and compliance with constitutional and statutory requirements. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Support costs, which are attributable to more than one activity, are apportioned across cost categories on a basis consistent with the use of resource.

(h) Fixed assets

Individual fixed assets costing £500 or more are capitalised at cost.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life as follows:

Studio equipment 50% straight line
Land Not depreciated
Programme content 33.3% straight line
Fixtures and fittings 25% straight line
Computer equipment 25% straight line
Solar Panels, flooring, pipes & ventilation 10% straight line
Lifts & structural maintenance (including roof) 5% straight line
Fire panel 5% straight line
Leasehold buildings 2% per annum
Improvement to properties - Straight line over the shorter of
- the term of the lease, or
- 2% per annum
Artwork Not depreciated

(i) Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

(j) Leased assets

Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred. Assets purchased under finance lease are capitalised as fixed assets. Obligations under such agreements are included in creditors. Finance charges are written off to the SOFA over the period of the lease so as to produce a constant periodic rate of charge.

Page 20 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

(k) Fund accounting

Restricted funds – these are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Unrestricted funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

(l) Pensions

This year the Trust has made available pensions for all qualifying staff in order to comply with the government’s auto enrolment scheme regulations. Contributions to this defined contribution pension scheme are recognised as expenditure when they fall due.

2. Income from Grants and Donations: Wac Arts and Group

Restricted Unrestricted Total Total
Funds Funds 2024 2023
Wac Arts (for 2023-24) £ £ £ £
Camden – Youth Committee - - - 30,000
Individual Donations 12,328 26,505 38,833 45,896
Trusts and Foundations 129,607 52,754 182,361 176,622
--------------------- --------------------- --------------------- ---------------------
141,935 79,259 221,194 252,518
========== ========== ========== ==========
Restricted Unrestricted Total
Funds Funds 2023
Wac Arts £ £ £
(comparatives for 2022-23)
Camden – Youth Committee 30,000 - 30,000
Individual Donations 12,000 33,896 45,896
Trusts and Foundations 151,122 25,500 176,622
--------------------- --------------------- ---------------------
193,122 59,396 252,518
========== ========== ==========

3. a Total Resources Expended: Wac Arts

Service and Centre Total Total
Projects Management 2024 2023
Wac Arts (for 2023-24) £ £ £ £
Staff costs and tutor fees 882,823 335,823 1,218,646 1,137,665
Other direct costs 165,096 76,636 241,732 311,475
Audit fee - 16,043 16,043 14,088
Allocation of support costs:
General staff costs 9,504 19,876 29,380 15,333
Premises expenses 183,460 941 184,401 156,516
Depreciation 39,990 22,040 62,030 56,078
Insurance 29,519 29,856 59,375 28,519
Professional fee 42,858 26,653 69,511 58,113
Irrecoverable VAT - 26,784 26,784 38,764
--------------------- --------------------- --------------------- ---------------------
1,353,250 554,652 1,907,902 1,816,551
========== ========== ========== ==========

Page 21 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

Wac Arts Service and Centre Total
(comparatives for previous year) Projects Management 2023
£ £ £
Staff costs and tutor fees 915,073 222,592 1,137,665
Other direct costs 195,992 115,483 311,475
Audit fee - 14,088 14,088
Allocation of support costs:
General staff costs 4,749 10,584 15,333
Premises expenses 155,618 898 156,516
Depreciation 29,782 26,296 56,078
Insurance 16,841 11,678 28,519
Professional fee 1,110 57,003 58,113
Irrecoverable VAT - 38,764 38,764
--------------------- --------------------- ---------------------
1,319,165 497,386 1,816,551
========== ========== =========
3. b Total Resources Expended: Group
Service and Centre Total Total
Group Projects Management 2024 2023
£ £ £ £
Staff costs and tutor fees 882,823 335,823 1,218,646 1,137,664
Other direct costs 165,096 77,065 242,161 312,049
Audit fee - 19,833 19,833 17,624
Allocation of support costs
General staff costs 9,504 19,875 29,379 15,333
Premises expenses 183,460 941 184,401 156,516
Depreciation 216,268 22,041 238,309 232,356
Insurance 29,519 29,856 59,375 28,519
Professional fee 42,858 26,653 69,511 58,113
Irrecoverable VAT - 26,784 26,784 38,764
--------------------- --------------------- --------------------- ---------------------
1,529,528 558,871 2,088,399 1,996,938
========== ========== ========== ==========
Group Service and Centre
(comparatives for previous year) Projects Management 2023
£ £ £
Staff costs and tutor fees 915,073 222,591 1,137,664
Other direct costs 195,992 116,057 312,049
Audit fee - 17,624 17,624
Allocation of support costs:
General staff costs 4,749 10,584 15,333
Premises expenses 155,617 899 156,516
Depreciation 206,060 26,296 232,356
Insurance 16,841 11,678 28,519
Professional fee 1,110 57,003 58,113
Irrecoverable VAT - 38,764 38,764
--------------------- --------------------- ---------------------
1,495,442 501,496 1,996,938
========== ========== ==========

Support costs are allocated according to the proportion of staff time or floor space used by each activity.

Page 22 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

4. a Staff costs and numbers 2024 2023
£ £
Wages and salaries 1,129,713 1,050,196
Social security costs 72,202 69,740
Pension scheme contributions 16,731 17,728
--------------------- ---------------------
1,218,646 1,137,664
========== ==========

One employee received more than £60,000 (in the band £90k-£100k) during the year (2023 – one employee received more than £60,000 (£70k-£80k)).

The key management personnel consisted of the CEO in year. This staff member received combined salary, benefits and pension contributions of £103,866 (2023: CEO and Chief Operating Officer/ Interim CEO received £128,640).

The average number of persons employed during the year was 85 (2023: 84). There were no redundancies (2023: 2 receiving total redundancy payments of £12,185).

4. b Trustees Remuneration and Expenses – Wac Arts and Group

Trustees received no remuneration during the period (2023: nil). No expenses were reimbursed during the period to any Members (2023: nil).

4. c Trustee Donations

All trustees donate to the charity. During the financial year 2023/24 total donations from trustees came to £4,925 (2023: £5,360).

5. Net movement on funds 2024 2023
Group Wac Arts Group Wac Arts
£ £ £ £
This is stated after charging:
Depreciation (note 5) 238,308 62,030 232,356 56,078
Auditors' fees
- For Audit Services 14,700 12,200 13,824 11,588
- For Non-Audit Services 4,040 2,790 3,800 2,500
======== ======== ======== ========

Page 23 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

6. a Tangible Fixed Assets: Wac Arts

Cost
At 1 October 2023
Additions
Disposals
At 30 Sept’ 2024
Depreciation
At 1 October 2023
Charge for period
Disposals
At 30 Sept’ 2024
Net Book Value
At 30 Sept’ 2024
At 30 Sept’ 2023		 Building
Improvm'ts
£
Fire Panel
£
Fixtures
&
Fittings
£
Plant &
Equipm’t
£
Lift
£
Solar
Panels
£
Programme
Content
Development
& Creation
£
Total
Wac Arts £
335,559
6,308
182,071
99,223
65,951
-
10,103
699,215
900
-
37,299
2,078
-
6,210
-
46,487
-
-
-
-
-
-
-
-
336,459
6,308
219,370
101,301
65,951
6,210
10,103
745,702
40,283
631
130,226
67,750
8,553
-
3,334
250,777
6,729
315
29,027
18,706
3,298
621
3,334
62,030
-
-
-
-
-
-
-
-
47,012
946
159,253
86,456
11,851
621
6,668
312,807
289,447
5,362
60,117
14,845
54,100
5,589
3,435
432,895
295,276
5,677
51,845
31,473
57,398
-
6,769
448,438

Page 24 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

6. b Tangible Fixed Assets: Group

Cost
At 1 October 2023
Additions
Disposals
At 30 Sept’ 2024
Depreciation
At 1 October 2023
Charge for period
Disposals
At 30 Sept’ 2024
Net Book Value
At 30 Sept’ 2024
At 30 Sept’ 2023		 Freehold
Long
Lease
£
Long
Leasehold
Building
£
Fire
Panel
£
Improvements,
Artwork and
Building
£
Fixtures
and
Fittings
Lift
£
Solar
Panels
£
Programme
Content
Development
& Creation
£
Total
£
330,000
900,000
6,308
8,250,933
426,443
65,951
-
10,103
9,990,238
-
-
-
900
39,377
-
6,210
-
46,487
-
-
-
-
-
-
-
-
-
330,000
900,000
6,308
8,251,833
465,820
65,951
6,210
10,103
10,036,725
-
347,727
631
3,088,191
343,125
8,553
-
3,334
3,791,561
-
18,000
315
165,007
47,733
3,298
621
3,334
238,308
-
-
-
-
-
-
-
-
-
-
365,727
946
3,253,198
390,858
11,851
621
6,668
4,029,869
330,500
552,273
5,362
4,998,635
74,962
54,100
5,589
3,435
6,006,856
330,500
552,273
5,677
5,162,742
83,318
57,398
-
6,769
6,198,677

Page 25 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

7. Non-current Asset – Amount due from Related Charity

The non-current asset of £4,200 (2023: £3,799) relates to amounts due from Hamden Trust.

8. Debtors 2024 2023 2023
Group
Wac Arts		 Group Wac Arts
£ £ £ £
Trade debtors 121,154 121,154 198,321 198,321
Other debtors - - - -
Prepayments and accrued income 75,417 75,417 68,627 68,627
-------------------- ------------------- -------------------- -------------------
196,571 196,571 266,948 266,948
========= ========= ========= =========
9. Creditors: amounts falling due 2024 2023
within one year Group Wac Arts Group Wac Arts
£ £ £ £
Trade creditors 49,993 49,993 82,008 82,008
Taxation and social security 94,960 94,960 70,165 70,165
Grants in advance 11,200 11,200 - -
Loan from Triodos Bank - - 22,279 22,279
CBILS Loan 32,348 32,348 28,512 28,512
Other creditors and accruals 45,759 38,466 34,736 31,200
Deferred income (Note 10) 216,301 216,301 198,140 198,140
------------------- ------------------- ------------------- -------------------
450,561 443,268 435,840 432,304
========= ======== ========= =========
10. Deferred income 2024 2023
Group Wac Arts Group Wac Arts
£ £ £ £
Balance at 1 October 2023 198,140 198,140 238,428 238,428
Amount released to incoming resources (198,140) (198,140) (238,428) (238,428)
Amount deferred in the year 216,301 216,301 198,140 198,140
-------------------- -------------------- -------------------- -------------------
Balance at 30 September 2024 216,301 216,301 198,140 198,140
========= ========= ========= =========
11.
Creditors: amounts falling due after more than one year		 2024 2023
£ £
Due between 1 and 5 years 172,080 256,495
Due after 5 years 122,140 213,401
------------------ ------------------
Balance at 30 September 2024 294,220 469,896
======== ========

The charity took a long term borrowing facility from Triodos Bank N.V. of £232,481 in 2019 to help the organisation manage its cashflow as it looked to initiate a capital project to re-develop the Old Town Hall on behalf of The Hamden Trust, a related charity. The loan was for a period of 10 years from the date of draw-down (25th August 2019) and was secured on the freehold property of 213 Haverstock Hill (the Old Town Hall). However, in the year the charity repaid the balance of the loan and the charge on the property was released.

In response to concerns on the impact of Covid-19, the charity applied for – and were awarded – a Coronavirus Business Interruption Loan Scheme (CBILS) loan. In February 2021, WAC Arts drew down £400,000 from The Cooperative Bank. The terms of the loan included a 12-month capital repayment holiday and agreement that the Secretary of State would cover any interest, fees and other charges for the first 12 months of the loan. After this initial period, repayments will be made over 60 consecutive months. An interest rate of 3.5% over the Bank of England base rate will be charged per annum.

Page 26 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

12. Movement on funds
At		 Total Total At
1 October Incoming Resources 30 September
Group 2023 Resources Expended Transfers 2024
£ £ £ £ £
Restricted Funds
Wac Arts
Town Hall leasehold
acquisition 900,000 - - - 900,000
Freehold land 212,000 - - - 212,000
Bridge House
Estates Trust Fund 300,000 - - - 300,000
Right of Way 118,500 - - - 118,500
Wac Arts Programme
Costs 28,148 662,640 (673,288) - 17,500
City Bridge Trust
Capital Project 55,863 - (7,494) - 48,369
Town Hall Project
Costs 4,223,959 - (180,497) - 4,043,462
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
5,838,470 662,640 (861,279) - 5,639,831
Unrestricted funds
General 350,571 1,307,611 (1,227,120) - 431,062
--------------------------- --------------------------- --------------------------- --------------------------- --------------------------
6,189,041 1,970,251 (2,088,399) - 6,070,893
============ ============ ============ ============ ============
Movement on funds Comparative
At Total Total At
1 October Incoming Resources 30 September
Group 2022 Resources Expended Transfers 2023
£ £ £ £ £
Restricted Funds
Wac Arts
Town Hall leasehold
acquisition 900,000 - - - 900,000
Freehold land 212,000 - - - 212,000
Bridge House
Estates Trust Fund 300,000 - - - 300,000
Right of Way 118,500 - - - 118,500
Wac Arts Programme
Costs - 677,606 (649,458) - 28,148
City Bridge Trust
Capital Project 63,357 - (7,494) - 55,863
Town Hall Project
Costs 4,404,347 - (180,388) - 4,223,959
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
5,998,204 677,606 (837,340) - 5,838,470
Unrestricted funds
General 314,310 1,195,859 (1,159,598) - 350,571
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
6,312,514 1,873,465 (1,996,938) - 6,189,041
============ ============ ============ ============ ============

Restricted funds consist of grants and donations restricted to the purposes as described in each fund’s title above. Transfers represent restricted funds spent on fixed assets.

Page 27 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

13. Movement on funds
At		 Total Total At
1 October Incoming Resources 30 September
Wac Arts 2023 Resources Expended Transfers 2024
£ £ £ £ £
Restricted Funds
Wac Arts Programme
Costs 28,148 662,640 (673,288) - 17,500
City Bridge Trust
Capital Project 55,862 - (7,494) - 48,368
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
84,010 662,640 (680,782) - 65,868
Unrestricted funds
General 350,571 1,307,611 (1,227,120) - 431,062
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
434,581 1,970,251 (1,907,902) - 496,930
============ ============ ============ ============ ============
Movement on funds Comparative
At Total Total At
1 October Incoming Resources 30 September
Wac Arts 2022 Resources Expended Transfers 2023
£ £ £ £ £
Restricted Funds
Wac Arts Programme
Costs - 677,606 (649,459) - 28,148
City Bridge Trust
Capital Project 63,357 - (7,494) - 55,862
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
63,357 677,606 (656,953) - 84,010
Unrestricted funds
General 314,310 1,195,859 (1,159,598) - 315,361
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
377,667 1,873,465 (1,816,551) - 434,581
============ ============ ============ ============ ============

14. Analysis of Net Assets between Funds

a) Group

Fund balances at 30 September 2024 are represented by:

Restricted Unrestricted 2024
£ £ £
Tangible fixed assets 5,639,294 367,562 6,006,856
Net long-term assets/(liabilities) (4,220) (290,000) (294,220)
Net current assets/(liabilities) 8,555 349,702 358,257
----------------------- ----------------------- -----------------------
Total Net Assets 5,643,629 427,264 6,070,893
=========== =========== ===========
Restricted Unrestricted 2023
Comparative 2023 £ £ £
Tangible fixed assets 5,832,352 366,325 6,198,677
Net long-term assets/(liabilities) (3,799) (466,097) (469,896)
Net current assets/(liabilities) 9,917 450,343 460,260
----------------------- ----------------------- -----------------------
Total Net Assets 5,838,470 350,571 6,189,041
=========== =========== ===========

Page 28 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

b) Wac Arts

Fund balances at 30 September 2024 are represented by:

Restricted Unrestricted 2024
£ £ £
Non-Current Assets 69,554 367,561 437,115
Net long-term assets/(liabilities) (4,220) (290,000) (294,220)
Net current assets/(liabilities) 534 353,501 354,035
----------------------- ----------------------- -----------------------
Total Net Assets 65,868 431,062 496,930
=========== =========== ===========
Restricted Unrestricted 2023
£ £ £
Tangible fixed assets 82,113 366,325 448,438
Net long-term assets/(liabilities) (3,799) (466,097) (469,896)
Net current assets/(liabilities) 5,696 450,343 456,039
----------------------- ----------------------- -----------------------
Total Net Assets 84,010 350,571 434,581
=========== =========== ===========

15. Taxation

The company is a registered charity and, as such, is not liable to corporation tax on its charitable operations.

16. Lease Commitments

Lease Commitments
2024 2023
£ £
The total of future minimum lease payments under non-cancellable
operating leases for each of the following periods:
Not later than one year 14,049 14,049
Later than one year and not later than five years 8,356 22,405
More than five years - -
------------------ ------------------
22,405 36,454
========= =========

17. Connected Charities

The members of the Board of Trustees of Wac Arts are also the Board of Trustees of The Hamden Trust.

18. Pensions

The Charity contributes to certain individual employees’ personal pension schemes. In addition, the Charity makes pension contributions for all eligible staff to comply with the Government’s auto enrolment scheme regulations. The pension charge for the period was £16,731 (2023: £17,728).

19. Financial instruments

Financial instruments
2024 2023
£ £
Financial assets measured by amortised cost 121,154 198,321
Financial liabilities measured by amortised cost 376,562 602,695

Financial assets measured at amortised cost comprise trade other debtors. Financial liabilities measured at amortised cost comprise loans and trade creditors.

Page 29 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

20. Consolidated Statement of Financial Activities for the year ended 30 September 2023 (for comparative purposes)

Restricted Unrestricted Total
2023 2023 2023
Note £ £ £
Income from:
Grants and donations 193,122 59,396 252,518
Charitable activities 484,484 1,124,391 1,608,875
Other income - 6,211 6,211
Investment income - 5,861 5,861
--------------------- ---------------------- --------------------
Total income 677,606 1,195,859 1,873,465
========== ========== ==========
Expenditure on:
Charitable activities:
Service and projects expenditure 3 833,230 662,212 1,495,442
Centre management 3 4,110 497,386 501,496
----------------------- ---------------------- --------------------
Total expenditure 3 837,340 1,159,598 1,996,938
=========== ========== ==========
(159,734) 36,261 (123,473)
Transfers between funds 12 - - -
---------------------- ------------------------ ------------------
Net Movement of Funds (159,734) 36,261 (123,473)
Reconciliation of funds
Funds at 1 October 2022 5,998,204 314,310 6,312,514
----------------------- ---------------------- -----------------------
Funds at 30 September 2023 12 5,838,470 350,571 6,189,041
=========== =========== ===========

Page 30 of 31

Wac Arts

Consolidated Financial Statements for the year to 30 September 2024

21. WAC Arts Statement of Financial Activities for the year ended 30 September 2023 (for comparative purposes)

Restricted Unrestricted Total
2023 2023 2023
Note £ £ £
Income from:
Grants and donations 193,122 59,396 252,518
Charitable activities 484,484 1,124,391 1,608,875
Other income - 6,211 6,211
Investment income - 5,861 5,861
--------------------- ---------------------- --------------------
Total income 677,606 1,195,859 1,873,465
========== ========== ==========
Expenditure on:
Charitable activities:
Service and projects expenditure 3 656,953 662,212 1,319,165
Centre management 3 - 497,386 497,386
----------------------- ---------------------- --------------------
Total expenditure 3 656,953 1,159,598 1,816,551
=========== ========== ==========
20,653 36,261 56,914
Transfers between funds 13 - - -
---------------------- ------------------------ ------------------
Net Movement of Funds 20,653 36,261 56,914
Reconciliation of funds
Funds at 1 October 2022 63,357 314,310 377,667
----------------------- ---------------------- -----------------------
Funds at 30 September 2023 13 84,010 350,571 434,581
=========== =========== ===========

Page 31 of 31