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2025-09-30-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 2025

Wac Arts

Consolidated Financial Statements For the year to 30 September 2025

Contents:

ontents:
Wac Arts Administrative Information 3
Structure, Governance and Management 4
Trustee Recruitment, Induction and Training 4
Mission and Activities 5
Strategic Report 5
Financial Review 10
Risk Management 10
Looking to the Future 11
Board of Trustees’ Responsibilities 11
Independent Auditor’s Report to the Members of Wac Arts 13
Consolidated Statement of Financial Activities 16
Charity Statement of Financial Activities 17
Consolidated and Charity Balance Sheets 18
Consolidated Cash Flow Statement 19
Notes to the Financial Statements 20

Wac Arts

Consolidated Financial Statements For the year to 30 September 2025

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 2025.

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
Miriam Feldman (appointed June 2025)
Mark James (appointed October 2024)
Rebekah Keane (appointed June 2025)
Lao Lee
Martin Summersgill
Aradhna Tayal Leach
Megan Taylor (appointed June 2025)
Rebecca Williams (appointed June 2025)
Chief Executive: Bhuvan A Sharma

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2025

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 Head of Property Management, Head of Development and Communications, Finance Manager, Programme 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).

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2025

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 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 are 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.

The charity defines its mission, vision, purpose and values as follows:

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 2024-25

The year saw the charity build on the successes from the last few years, with the board and management taking a conscious approach to invest into the charity, both for its immediate needs, and the future.

Page 5 of 32

Wac Arts

Consolidated Financial Statements For the year to 30 September 2025

The year also marked the 25-year anniversary of Wac Arts acting as custodians of the Old Town Hall. To celebrate this, the charity planned a series of activities across the year, with the theme of heritage staying at the heart of it all as a common thread.

Continuing our hyperlocal approach, we forged stronger relationships with our partners across the board. This allowed for more meaningful projects, with the shift in approach focussing on more repetitive relationships with partners over one-off touchpoints with multiple new ones. While the arts programme still made new relations, it did so with those who align with its strategy.

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).

In 2024/25, the charity had meaningful engagement with more than 1,100 children and young people aged 4 – 30 across its exciting performing, visual and digital arts programme. We remain committed to working with those who would otherwise face barriers to participation in the arts. This year though our Bursary Scheme directly supported 51 children and young people.

‘Thank you very much for offering us a bursary for the upcoming academic year. My daughter has gained so much attending classes at Wac Arts and we are grateful that she will be able to continue. ’

Of our participants, 17% identified as having a disability, and of those engaged in our onsite provision, more than 45% came from global majority backgrounds.

Weekend & Evenings:

The Charity continued to provide subsidised affordable classes during evenings and weekends, 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. This year, we also launched a brand-new Advanced Dance Technique class providing further training for the 12-15 age group.

In July, we celebrated the achievements of more than 150 young people with a special end of year variety show, at The Shaw theatre in Euston. Developed over the Summer term, ‘This is Me’, explored the themes of heritage, culture and identity, through the performance of song, dance, drama and music, as well as showcasing creative designs, animations, and films. This was the first time Wac Arts has attempted to put on a performance of this size in a professional performance space.

“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!!!”

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2025

Actors Company:

Led by experienced actor, writer, and director, Katie Coull, the participants of the Actors Company develop their individual acting skills while strengthening their company ethos. This year the Actors Company presented ‘She’s a Witch!’, a piece that explored witchcraft and the Salem witch trials. Building upon the success of our Actors Company, we are launching a Junior Actors Company for those aged 12-15 next year. This expansion will allow younger participants to immerse themselves in an intensive drama series, concluding with a performance for family and friends.

“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 Education Needs Provision - Wac Nites:

Our creative project for those with mild to moderate special education needs and/or disabilities has engaged more than 23 young people with imaginative drama games, storytelling, character creation, movement, dance, music, narration and performance. A highlight of the autumn term was the creation of a joyful pantomime performance of Aladdin , blending comedy, dialogue, music and dance. In addition to performance work, participants explored the art of sound and music-making through innovative projects using found instruments and percussion. These ambitious ventures gave senior participants the opportunity to achieve at least two fully accredited AQA Unit Award qualifications, recognising both their creativity and commitment

“We have 3 daughters of varying ages, the oldest of which has SEND support. From initially dipping their toes in, they are now fully immersed into all the offerings Wac Arts bring to the community, taking classes on Wednesday nights, all through Saturday and from January, starting on Tuesdays too. The variety of classes, the quality of the teachers and support, and the care the organisers all bring, has been genuinely enriching to our lives and in the case of our eldest, life changing.”

Special Educational Needs Provision (Short Breaks)

The Charity continued its work to deliver Short Breaks activities for the London Borough of Camden having successfully won a new 3-year contract to provide services for families of children with disabilities (from April 2022). The contract includes an option to be extended to 5 years.

Schools and Community

Through partnerships with schools and community settings we consult with young people to develop and deliver creative opportunities in settings familiar and known to them. This year our range of activities, and the organisations whom we work with grew, enabling us to provide workshops, multi-week activities, afterschool clubs, and new exciting creative projects. We focussed on not only expanding to new schools but also building more sustainable relationships with existing ones. We have engaged more than 500 children and young people from 17 schools, youth and community organisations across London. We continued to target London’s north and west boroughs, focusing on organisations in Camden, and Hammersmith & Fulham.

School Festival

In May we hosted our inaugural Schools Festival. Four secondary schools took part fromCamden, Islington and Hammersmith and Fulham. Over 6-months, through the mediums of drama, spoken word and visual art, ' each group explored the theme 'Celebration of Heritage . The work of over 50 young people was shared with an audience of family and friends through live performance and installation.

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2025

“The overall experience of the Wac Arts School Festival Programme was incredibly enriching and inspiring for both students and staff. It provided our students with a unique platform to explore their creativity beyond the classroom, collaborate with peers from other schools, and showcase their work in a vibrant, inclusive setting. The programme encouraged confidence, experimentation with new techniques, and a deeper understanding of the creative process. Students left feeling proud, empowered, and more connected to their own artistic identity, and the opportunity to see their work celebrated publicly was both motivating and memorable”

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. This year we worked with community centres like SHAK, Catch 22, The Winch, University of Third Age and arts organisations like Hampstead Theatre.

Intergeneration Project - In Good Company

We piloted a new intergenerational writing project in partnership with Hampstead Theatre. 19 participants aged 17 to 93 took part over seven weeks. Together they developed 16 short scripts, which were performed by professional actors.

“What a brilliant way of bringing the community together! All ages and backgrounds were represented. It was so rewarding to be part of such a warm, friendly and talented group where collaboration and feedback were key to the project's success […] The gentle guidance, suggestion and teaching were provided with such care and thought and the confidence we gained from this process was evident. The course was an absolute inspiration for all of us. New playwrights will undoubtedly emerge from this group”

Performances at Old Town Hall

In addition to providing unique participatory opportunities for children and young people, we identified the need for affordable family engagement within our community. We held a successful pilot performance in December 2024, of The Nutcracker, with live storytelling, violin and piano. The performance introduced live professional performance within our community building, where children, parents, and carers could experience creativity together. The performances reached capacity, with more than 120 babies, toddlers, young people and families joining.

“This was fantastic. Please more events like this. Was amazed that our 2-year-old was engaged throughout the entire event!”

Recognising the need for this provision, we have piloted further opportunities including, a live storytelling and musical performance of Alice in Wonderland, and Baby Gospel, an interactive music concert for babies and families. Our ambition is to have an affordable seasonal performance series, showcasing professional artists and different art forms. Our 2025-26 season will host four performances, with the ambition of welcoming more than 250 audience members. For some, this will be their first interaction with live performance and will mark a crucial formative relationship with the arts, and Wac Arts.

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Wac Arts

Consolidated Financial Statements For the year to 30 September 2025

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 Events & Sales Officer, who is line managed by the Head of Property Management.

While the property management team continues to work through its Capex and PPM (Planned, Preventive Maintenance) plans to ensure the building remains functions, 2024-25 also saw the charity make further investments into the building’s sustainability, including:

  1. Replacing the existing gas pipes with new ones. A huge undertaking, the process meant the building faced disruption in its day to day working but assures the town hall of an efficient heating system for decades ahead.

  2. Installing solar panels on the arts block. The panels are particularly relevant given the ongoing impacts of climate change and rising energy costs. They have helped to reduce our reliance on the grid, enabling us to use greener self-generated energy (contributing at least 25,000 kWh of energy in the year). This progress is particularly meaningful given the constraints of operating within a listed building, where every improvement must be carefully considered.

  3. Feasibility studies conducted by experts on the dance studios and halls to assess their current condition and help formulate a capital plan that can ensure the town hall remains fit for purpose and continues to serve the arts and culture sector for years ahead.

  4. 15,554 kg of waste disposed over the last year with a 30% recycling waste, and a food waste management system that aligns with best practices of today’s comprehensive waste practices.

The above confirms the charity’s ambition to make the town hall as sustainable as possible, while meeting the needs of today and the challenges of tomorrow.

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; London Youth, Enterprise Arts Trust, Hampstead Wells and Campden Trust, Taurus Foundation, The Childhood Trust, Camden Council, The 29th May 1961 Charitable Trust, Buzzacott Stuart Defries Memorial Fund, Shaftesbury Capital, The HDH Wills 1965 Charitable Trust, Jack Petchey Foundation, John Lyon's Charity, 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 2025

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 2024/25.

Financial Review

The accounts show a £49k surplus (2024: £80k) 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.

Total income generated during the year was £1,992k (2024: £1,970k). Income from charitable activities included £1,162k (2024: £1,157k) from room hires and tenants, and £440k from the Short Breaks contract with Camden Council (2024: £409k).

The consolidated results of Wac Arts and The Hamden Trust report a £141k deficit (2024: £118k deficit) in total funds during the year, of which £176k (2024: £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 £480k (2024: £431k). 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 remain in a positive position at £11k (2024: £64k), with the reduction from prior year resulting from emergency gas pipe capital works which were required.

Wac Arts is committed to a phased building of reserves to a level equivalent to three months’ running costs (approximately £323k, based on non-programme activity). 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 2025, the consolidated cash balance was £597k (2024: £600k), which was ahead of this interim target.

The cash position was supported by a CBILS loan balance of £297k (2024: £327k) 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.

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 2025

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

2025-26 will see the organisation continue building on its arts programme. Based on the theme of People, Places and Purpose, the programme will see us delivering multi-art form sessions across various settings. Key highlights include:

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 2025

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 2025 was £120 (2024: £80).

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 30[th] April 2026 by:

Margaret Gorman Trustee

Page 12 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

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 2025 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 2025

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 2025

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: 15 May 2026 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 2025

Consolidated Statement of Financial Activities

Restricted Unrestricted Total Total
2025 2025 2025 2024
Note £ £ £ £
Income from:
Grants and donations 2 194,630 33,349 227,979 221,194
Charitable activities 485,562 1,270,022 1,755,584 1,741,077
Other income - 1,531 1,531 2,416
Investment income 36 6,398 6,434 5,564
--------------------- ---------------------- -------------------- --------------------
Total income 680,228 1,311,300 1,991,528 1,970,251
========== ========== ========== ==========
Expenditure on:
Charitable activities:
Service and projects expenditure 3 869,317 712,732 1,582,049 1,529,528
Centre management 3 36 549,952 549,988 558,871
---------------------- ---------------------- -------------------- --------------------
Total expenditure 3 869,353 1,262,684 2,132,037 2,088,399
=========== ========== ========== ==========
(189,125) 48,616 (140,509) (118,148)
Transfers between funds 12 - - - -
---------------------- ------------------------ ------------------------ ------------------------
Net Movement of Funds (189,125) 48,616 (140,509) (118,148)
Reconciliation of funds
Funds at 1 October 2024 5,639,831 431,062 6,070,893 6,189,041
----------------------- ---------------------- ----------------------- -----------------------
Funds at 30 September 2025 12 5,450,706 479,678 5,930,384 6,070,893
=========== =========== =========== ===========

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 2025
WAC Arts Statement of Financial Activities
Page17of32
Restricted
Unrestricted
Total
Total
2025
2025
2025
2024
Note
£
£
£
£
Income from:
Grants and donations
2
194,630
33,349
227,979
221,194
Charitable activities
485,562
1,270,022
1,755,584
1,741,077
Other income
-
1,531
1,531
2,416
Investment income
-
6,398
6,398
5,564
---------------------
----------------------
--------------------
--------------------
Total income
680,192
1,311,300
1,991,492
1,970,251
==========
==========
==========
==========
Expenditure on:
Charitable activities:
Service and projects expenditure
3
693,039
712,732
1,405,771
1,353,250
Centre management
3
-
549,952
549,952
554,652
-----------------------
----------------------
--------------------
--------------------
Total expenditure
3
693,039
1,262,684
1,955,723
1,907,902
===========
==========
==========
==========
(12,847)
48,616
35,769
62,349
Transfers between funds
13
-
-
-
-
----------------------
------------------------
------------------------
------------------
Net Movement of Funds
(12,847)
48,616
35,769
62,349
Reconciliation of funds
Funds at 1 October 2024
65,868
431,062
496,930
434,581
-----------------------
----------------------
-----------------------
-----------------------
Funds at 30 September 2025
13
53,021
479,678
532,699
496,930
===========
===========
===========
===========
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 2025

Consolidated and Charity Balance Sheets Company Number: 1158819

30 September 2025 30 September 2025 30 September 2024 30 September 2024
Group Wac Arts Group Wac Arts
Note £ £ £ £
Tangible fixed assets 6 5,910,451 512,767 6,006,856 432,895
Non-Current Assets
Amount due from
Related Charity 7 - 11,481 - 4,220
Current Assets
Debtors 8 237,730 237,730 196,571 196,568
Cash at bank and in hand 595,661 584,179 612,247 600,735
------------------- ------------------- ------------------- -------------------
833,391 821,909 808,818 797,303
Creditors, amounts falling due
Within one year 9 (557,561) (557,561) (450,561) (443,268)
------------------- ------------------- ------------------- -------------------
Net Current Assets/(Liabilities) 275,830 264,348 358,257 354,035
Creditors, amounts falling due
After more than one year 11 (255,897) (255,897) (294,220) (294,220)
----------------------- ------------------- ----------------------- -------------------
14 5,930,384 532,699 6,070,893 496,930
========== ========= ========== =========
Funds
Restricted funds 1(j), 12, 13 5,450,706 53,021 5,639,831 65,868
Unrestricted funds 1(j), 12, 13 479,678 479,678 431,062 431,062
---------------------- ------------------- ---------------------- -------------------
5,930,384 532,699 6,070,893 496,930
========== ========= ========== ========

The financial statements were approved and authorised for issue by the Board of Trustees on 30[th] April 2026 and signed on its behalf by

Margaret Gorman Trustee

Page 18 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

Consolidated Cash Flow Statement

2025 2024
£ £
Net cash (outflow)/inflow from operating activities
Net movement in funds (140,509) (118,148)
Investment income (6,434) (5,564)
Interest payable 29,402 38,274
Depreciation 237,512 238,308
Disposal of fixed assets - -
(Increase)/ Decrease in debtors (48,453) 70,377
(Decrease) in creditors 116,775 33,163
------------------- -------------------
Net cash (used in)/provided by operating activities 188,293 256,410
------------------ ------------------
Cash flow from investing activities
Investment income 6,434 5,564
Purchase of tangible fixed assets (141,106) (46,487)
----------------- ----------------
Net cash used in investing activities (134,672) (40,923)
----------------- ----------------
Cash flows from financing activities
Cash inflows from new borrowing - -
Loan repayments (40,805) (194,118)
Interest paid (29,402) (38,274)
----------------- -----------------
Net cash used in financing activities (70,207) (232,392)
----------------- ----------------
Net change in cash and cash equivalents in the year (16,586) (16,905)
Cash and cash equivalents at the beginning of the year 612,247 629,152
------------------- -------------------
Cash and cash equivalents at the end of the year 595,661 612,247
========= =========
Analysis of cash and cash equivalents
Cash at bank 595,661 612,247
-------------------- --------------------
595,661 612,247
========= =========
Analysis of changes in net debt:
At 30 Sept 2024 Cash flows At 30 Sept 2025
Cash and cash equivalents 612,247 (16,586) 595,661
Borrowings:
Debt due within one year (32,348) 8,718 (41,066)
Debt due after one year (294,220) 38,323 (255,897)
(326,568) 27,870 (296,963)
Total 285,679 13,019 298,698

Page 19 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

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 £35,769.

(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 2025/26, 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 20 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

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 21 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

(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 2025 2024
Wac Arts (for 2024-25) £ £ £ £
Individual Donations 24,486 21,349 45,835 38,833
Trusts and Foundations 170,144 12,000 182,144 182,361
--------------------- --------------------- --------------------- ---------------------
194,630 33,349 227,979 221,194
========== ========== ========== ==========
Restricted Unrestricted Total
Funds Funds 2023
Wac Arts £ £ £
(comparatives for 2023-24)
Individual Donations 12,328 26,505 38,833
Trusts and Foundations 129,607 52,754 182,361
--------------------- --------------------- ---------------------
141,935 79,259 221,194
========== ========== ==========

3. a Total Resources Expended: Wac Arts

Service and Centre Total Total
Projects Management 2025 2024
Wac Arts (for 2024-25) £ £ £ £
Staff costs and tutor fees 954,658 322,272 1,276,930 1,218,646
Other direct costs 180,969 112,890 293,859 241,732
Audit fee - 14,990 14,990 16,043
Allocation of support costs:
General staff costs 8,258 7,154 15,412 29,380
Premises expenses 131,190 16,456 114,736 184,401
Depreciation 45,989 15,245 61,234 62,030
Insurance 34,497 34,012 68,509 59,375
Professional fee 45,582 42,287 87,869 69,511
Irrecoverable VAT 4,628 17,556 22,184 26,784
--------------------- --------------------- --------------------- ---------------------
1,405,771 549,952 1,955,723 1,907,902
========== ========== ========== ==========

Page 22 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

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

3. b Total Resources Expended: Group

Service and Centre Total Total
Group Projects Management 2025 2024
£ £ £ £
Staff costs and tutor fees 954,658 322,272 1,276,930 1,218,646
Other direct costs 180,969 112,890 293,859 242,161
Audit fee - 15,026 15,026 19,833
Allocation of support costs
General staff costs 8,259 7,153 15,412 29,379
Premises expenses 131,190 16,456 114,736 184,401
Depreciation 222,267 15,245 237,512 238,309
Insurance 34,497 34,012 68,509 59,375
Professional fee 45,582 42,287 87,869 69,511
Irrecoverable VAT 4,627 17,557 22,184 26,784
--------------------- --------------------- --------------------- ---------------------
1,582,049 549,988 2,132,037 2,088,399
========== ========== ========== ==========
Group Service and Centre
(comparatives for 2023-24) Projects Management 2024
£ £ £
Staff costs and tutor fees 882,823 335,823 1,218,646
Other direct costs 165,096 77,065 242,161
Audit fee - 19,833 19,833
Allocation of support costs:
General staff costs 9,504 19,875 29,379
Premises expenses 183,460 941 184,401
Depreciation 216,268 22,041 238,309
Insurance 29,519 29,856 59,375
Professional fee 42,858 26,653 69,511
Irrecoverable VAT - 26,784 26,784
--------------------- --------------------- ---------------------
1,529,528 558,871 2,088,399
========== ========== ==========

Page 23 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

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

4. a Staff costs and numbers 2025 2024
£ £
Wages and salaries 1,185,557 1,129,713
Social security costs 67,757 72,202
Pension scheme contributions 23,616 16,731
--------------------- ---------------------
1,276,930 1,218,646
========== ==========

One employee received more than £60,000 (in the band £100k-£110k) during the year (2024 – one employee received more than £60,000 (£90k-£1000k)).

The key management personnel consisted of the CEO and the Director of HR and Administration in the year. This staff member received combined salary, benefits and pension contributions of £163,621 (2024: made up of only the CEO, who received £103,866).

The average number of persons employed during the year was 87 (2024: 85). There were no redundancies (2024: no redundancies).

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

Trustees received no remuneration during the period (2024: nil). No expenses were reimbursed during the period to any Members (2024: nil).

4. c Trustee Donations

All trustees donate to the charity. During the financial year 2024/25 total donations from trustees came to £6,855 (2024: £4,925).

5. Net movement on funds 2025 2024
Group Wac Arts Group Wac Arts
£ £ £ £
This is stated after charging:
Depreciation (note 6) 237,512 61,234 238,308 62,030
Auditors' fees
- For Audit Services 14,700 12,200 14,700 12,200
- For Non-Audit Services 4,040 2,790 4,040 2,790
======== ======== ======== ========

Page 24 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

6. a Tangible Fixed Assets: Wac Arts

Cost
At 1 October 2024
Additions
Disposals
At 30 Sept’ 2025
Depreciation
At 1 October 2024
Charge for period
Disposals
At 30 Sept’ 2025
Net Book Value
At 30 Sept’ 2025
At 30 Sept’ 2024		 Building
Improvm'ts
£
Fire Panel
£
Gas Pipe
£
Fixtures
&
Fittings
£
Plant &
Equipm’t
£
Lift
£
IT
Equipment
£
Solar
Panels
£
Programme
Content
Development
& Creation
£
Total
Wac Arts
£
336,459
6,308
-
219,370
101,301
65,951
-
6,210
10,103
745,702
(900)
-
85,980
14,443
7,830
-
4,586
29,168
-
141,106
-
-
-
-
-
-
-
-
-
-
335,559
6,308
85,980
233,813
109,131
65,951
4,586
35,378
10,103
886,808
47,012
946
-
159,253
86,456
11,851
-
621
6,668
312,807
6,694
315
1,720
29,936
10,771
3,297
1,529
3,538
3,435
61,234
-
-
-
-
-
-
-
-
-
-
53,706
1,261
1,720
189,189
97,227
15,148
1,529
4,159
10,103
374,041
281,853
5,047
84,260
44,624
11,904
50,803
3,057
31,219
-
512,767
289,447
5,362
-
60,117
14,845
54,100
-
5,589
3,435
432,895

Page 25 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

6. b Tangible Fixed Assets: Group

Cost
At 1 October 2024
Additions
Disposals
At 30 Sept’ 2025
Depreciation
At 1 October 2024
Charge for period
Disposals
At 30 Sept’ 2025
Net Book Value
At 30 Sept’ 2025
At 30 Sept’ 2024		 Freehold
Long
Lease
£
Long
Leasehold
Building
£
Fire
Panel
£
Gas
Pipe
£
Improvements,
Artwork and
Building
£
Fixtures
and
Fittings
Lift
£
IT
Equipment
£
Solar
Panels
£
Programme
Content
Development
& Creation
£
Total
£
330,500
900,000
6,308
-
8,251,833
465,820
65,951
-
6,210
10,103
10,036,725
-
-
-
85,980
(900)
22,273
-
4,586
29,168
-
141,106
-
-
-
-
-
-
-
-
-
-
-
330,500
900,000
6,308
85,980
8,250,933
488,093
65,951
4,586
35,378
10,103
10,177,831
-
365,727
946
-
3,253,198
390,858
11,851
-
621
6,668
4,029,869
-
18,000
315
1,720
164,972
40,707
3,297
1,529
3,538
3,435
237,512
-
-
-
-
-
-
-
-
-
-
-
-
383,727
1,261
1,720
3,418,170
431,565
15,148
1,529
4,159
10,103
4,267,381
330,500
516,273
5,047
84,260
4,832,763
56,528
50,803
3,057
31,219
-
5,910,451
330,500
552,273
5,362
-
4,998,635
74,962
54,100
-
5,589
3,435
6,006,856

Page 26 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

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

The non-current asset of £11,481 (2024: £4,200) relates to amounts due from Hamden Trust.

8. Debtors 2025 2024 2024
Group
Wac Arts		 Group Wac Arts
£ £ £ £
Trade debtors 142,180 142,180 121,154 121,154
Other debtors 1,064 1,064 - -
Prepayments and accrued income 94,486 94,486 75,417 75,417
-------------------- ------------------- -------------------- -------------------
237,730 237,730 196,571 196,571
========= ========= ========= =========
9. Creditors: amounts falling due 2025 2024
within one year Group Wac Arts Group Wac Arts
£ £ £ £
Trade creditors 55,249 55,249 49,993 49,993
Taxation and social security 90,848 90,848 94,960 94,960
Grants in advance 12,400 12,400 11,200 11,200
CBILS Loan 41,066 41,066 32,348 32,348
Other creditors and accruals 69,481 69,481 45,759 38,466
Deferred income (Note 10) 288,517 288,517 216,301 216,301
------------------- ------------------- ------------------- -------------------
557,561 557,561 450,561 443,268
========= ======== ========= =========
10. Deferred income 2025 2024
Group Wac Arts Group Wac Arts
£ £ £ £
Balance at 1 October 2024 216,301 216,301 198,140 198,140
Amount released to incoming resources (216,301) (216,301) (198,140) (198,140)
Amount deferred in the year 288,517 288,517 216,301 216,301
-------------------- -------------------- -------------------- -------------------
Balance at 30 September 2025 288,517 288,517 216,301 216,301
========= ========= ========= =========
11.
Creditors: amounts falling due after more than one year		 2025 2024
£ £
Due between 1 and 5 years 142,521 172,080
Due after 5 years 113,376 122,140
------------------ ------------------
Balance at 30 September 2025 255,897 294,220
======== ========

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. In March 2026 £80,000 of the loan was repaid.

Page 27 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

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 17,500 680,192 (688,942) - 8,750
City Bridge Trust
Capital Project 48,369 - (4,097) - 44,272
Town Hall Project
Costs 4,043,462 36 (176,314) - 3,867,184
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
5,639,831 680,228 (869,353) - 5,450,706
Unrestricted funds
General 431,062 1,311,300 (1,262,684) - 479,678
-------------------------- --------------------------- --------------------------- --------------------------- --------------------------
6,070,893 1,991,528 (2,132,037) - 5,930,384
============ ============ ============ ============ ============
Movement on funds Comparative
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
============ ============ ============ ============ ============

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 28 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

13. Movement on funds At Total Total At
1 October Incoming Resources 30 September
Wac Arts 2024 Resources Expended Transfers 2025
£ £ £ £ £
Restricted Funds
Wac Arts Programme
Costs 17,500 680,192 (688,942) - 8,750
City Bridge Trust
Capital Project 48,368 - (4,097) - 44,271
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
65,868 680,192 (693,039) - 53,021
Unrestricted funds
General 431,062 1,311,300 (1,262,684) - 479,678
--------------------------- --------------------------- --------------------------- --------------------------- ---------------------------
496,930 1,991,492 (1,955,723) - 532,699
============ ============ ============ ============ ============
Movement on funds Comparative
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
============ ============ ============ ============ ============

14. Analysis of Net Assets between Funds

a) Group

Fund balances at 30 September 2025 are represented by:

Restricted Unrestricted 2025
£ £ £
Tangible fixed assets 5,441,957 468,494 5,910,451
Net long-term assets/(liabilities) (11,481) (244,416) (255,897)
Net current assets/(liabilities) 20,230 255,600 275,830
----------------------- ----------------------- -----------------------
Total Net Assets 5,450,706 479,678 5,930,384
=========== =========== ===========
Restricted Unrestricted 2024
Comparative 2024 £ £ £
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 29 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

b) Wac Arts

Fund balances at 30 September 2025 are represented by:

Restricted Unrestricted 2025
£ £ £
Non-Current Assets 44,273 468,494 512,767
Net long-term assets/(liabilities) - (244,416) (244,416)
Net current assets/(liabilities) 8,748 255,600 264,348
----------------------- ----------------------- -----------------------
Total Net Assets 53,021 479,678 532,699
=========== =========== ===========
Restricted Unrestricted 2024
£ £ £
Tangible fixed 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
=========== =========== ===========

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
2025 2024
£ £
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
More than five years - -
------------------ ------------------
14,049 22,405
========= =========

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 £23,616 (2024: £16,731).

19. Financial instruments

Financial instruments
2025 2024
£ £
Financial assets measured by amortised cost 143,244 121,154
Financial liabilities measured by amortised cost 352,212 376,562

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

Page 30 of 32

Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

20. Consolidated Statement of Financial Activities for the year ended 30 September 2024 (for comparative purposes)

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

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Wac Arts

Consolidated Financial Statements for the year to 30 September 2025

21. WAC Arts Statement of Financial Activities for the year ended 30 September 2024 (for comparative purposes)

Restricted Unrestricted Total
2024 2024 2024
Note £ £ £
Income from:
Grants and donations 141,935 79,259 221,194
Charitable activities 520,705 1,220,372 1,741,077
Other income - 2,416 2,416
Investment income - 5,564 5,564
--------------------- ---------------------- --------------------
Total income 662,640 1,307,611 1,970,251
========== ========== ==========
Expenditure on:
Charitable activities:
Service and projects expenditure 3 680,782 672,468 1,353,250
Centre management 3 - 554,652 554,652
----------------------- ---------------------- --------------------
Total expenditure 3 680,782 1,227,120 1,907,902
=========== ========== ==========
(18,142) 80,491 62,349
Transfers between funds 13 - - -
---------------------- ------------------------ ------------------
Net Movement of Funds (18,142) 80,491 62,349
Reconciliation of funds
Funds at 1 October 2023 84,010 350,571 434,581
----------------------- ---------------------- -----------------------
Funds at 30 September 2024 13 65,868 431,062 496,930
=========== =========== ===========

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