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2026-03-31-accounts

Company registration number 01393436 (England and Wales) Charity registration number 276998 (England and Wales)

WARE ARTS CENTRE LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

WARE ARTS CENTRE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees John Davis Tina Goodman Sean Shaw Jan Wing John Wing Trevor Mirams Stephen Burton Tara Farnworth Secretary Jan Wing Charity number 276998 Company number 01393436 Registered office Southern Maltings Kibes Lane Ware Hertfordshire SG12 7BS Independent examiner Gary Howard FCA Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ

WARE ARTS CENTRE LIMITED

CONTENTS

Page
Trustees report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 10
Notes to the financial statements 11 - 22

WARE ARTS CENTRE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2026

The Trustees present their annual report and financial statements for the year ended 31 March 2026.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

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

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

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

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

The objectives for the year under review were:

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

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

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

The main activities undertaken in relation to those objectives were:

Room hires formed approximately 46% of income generation in 2025/26 with diverse groups from Poets, dance schools, singing, yoga and Pilates, alongside social gatherings though our Local Social Café attracting over 35 people weekly.

WARE ARTS CENTRE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Community Activities

During the year we have continued to support local charities and have initiated some nurture sessions in our Malt Garden with local schools and families. We continue to support and host Herts Inclusive Theatre.

Charitable activities – income generation

A large part of our income generation comes from events. During this past year we have held several different musical events as well as theatre productions and a successful 2-day Winterfest market.

Launch of our Smart Café:

After a delay due to Conservation adjustments for our proposed new cafe, we launched our Smart Café (a community café with local art on display and for sale) on 6 January 2026. We offer light snacks, lunches, child friendly food and features a book corner. Young families have told us they love that we have room for buggies. The café is now able to support other activities e.g. our markets and Tea Dances.

Music:

Regular monthly events include Sunday Afternoon Jazz, Monday Guitar Club, Acoustic Night, and our afternoon tea dance. The jazz has now built up a strong reputation and regularly draws a crowd of more than 100.

In addition to our regular events, we hosted a small number of cover artists: We took part in Independent Venue week where local bands performed including 2 young groups, and we had a sold-out Motown Night. We have hosted folk, rock, blues, jazz, soul and pop bands. In the summer we held a music and comedy ‘fringe’ event as part of Ware Festival to coincide and complement a larger event in the town centre, a very successful Eurovision evening is now an annual event.

Spoken Word:

From a monthly comedy night to Shakespearian comedy, Oscar Wilde and Charles Dickens our spoken word offering is expanding, and we hope to include more in the coming year, including some original works. We have continued our successful collaboration with Ware Poets who host a monthly event which includes an open mic and a guest poet reading with Q&A. Our collaboration has moved them into the upstairs function space where we are providing a pop-up bar for refreshments. We also collaborate on an annual event where local senior schools attend a reading and Q&A session with a leading poet.

The events are advertised and booked via our website, so they take advantage of our media reach, and we gain

another artistic event.

WARE ARTS CENTRE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Markets:

During the last year, we continued to run Tudor Square markets in partnership with Ware Town Council. Offering local traders a regular monthly market with entertainment from local artists. We also held a 2 day Christmas gift market in November and a health and wellbeing weekend in January including a hot tub and Sauna. Each of these combined working with local small businesses appropriate to the event, as well as activities (from trying an art class and upcycling items to experiencing reiki, massage, and exercise classes).

Classes and Workshops:

During the year we expanded our range of children’s holiday workshops, and our popular Stay and Play plus Craft Carousels each holiday.

Many more adult art classes were also offered during this time. We have nurtured and built relationships with several tutors, enabling us to offer a wide variety of classes. These included sketching, painting, needle felting, wet-felting, wicker weaving, floristry, macramé, mosaic and glasswork.

Statement on compliance with Charity Commission guidance on public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake. The Board is currently working to widen the skills of the Board, and creating a Strategy for recruitment, engagement and training our volunteers, now numbering approx. 50+. We are now into our[10th] year of operating the new building we are working on succession planning and recruiting additional skills for the board.

Strategic report

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

Achievements and performance

Charitable achievements

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

Our programme has reflected the need for an emphasis on wellbeing, including delivery of a Wellbeing Festival, where attendees could try tasters of different treatments and exercise classes as well as a pub choir in the evening. The event was incredibly popular and is now an annual event. During this period have partnered with other local groups to support our community, holding community events.

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

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

WARE ARTS CENTRE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Fundraising achievements

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

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

Financial review

The income for the year was £229,011 a decrease of £104,237 on the previous 13 month period (£333,248) which contained grants in respect of the major capital works on the building which were started during that period following approval of Listed Building and Planning consent for our plans.

The expenditure for the period was £300,521, a decrease of £26,976 on the previous period (£327,497).

At the year end the charity's unrestricted reserves stood at £146,287, a decrease of £56,223 on the previous period. Of this, £74,911 has been designated as contingency funds and for specific ongoing projects. In addition, the charity had restricted reserves of £19,146, these being funds with restrictions on use for particular projects.

Reserves policy

The Trustees have assessed that we should maintain reserves of £75,000 being the estimated amount needed to ensure the Southern Maltings project can continue should a major issue be encountered as it would cover the fixed costs and maintenance costs needed to stay solvent.

At 31 March 2025 our reserves were in excess of £75,000. The additional funds are required to complete projects not yet finished and additional works required by the conservation officer

Principal sources of income

There were three principal sources of income in the year:

Room hire for local community groups.

Events run by volunteers as paid performances.

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

Investment policy

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

Risk review

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

WARE ARTS CENTRE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Plans for future periods

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

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

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

Structure, governance and management

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

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

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

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

John Davis
Tina Goodman
Sean Shaw
Jan Wing
John Wing
Jocelyn Crook (Resigned 24 September 2025)
Trevor Mirams
Stephen Burton
Tara Farnworth (Appointed 24 September 2025)

We advertise for Trustees and look for skills to support our Charity. Prospective Trustees are interviewed and attend a board meeting prior to joining. We are an equal opportunity organisation. We have currently 1 new Trustees/Directors and 1 co-opted member from Ware Town Council, who will join the board at our annual meeting. We aim to recruit up to 3 additional trustees in 2026/27.

Organisational structure

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

WARE ARTS CENTRE LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Induction and training of Trustees

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

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

Relationship with the wider network

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

Relationships with related parties

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

Statement of Trustees responsibilities

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

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

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

The Trustees report was approved by the Board of Trustees.

Tina Goodman Trustees Dated: 23 July 2026

WARE ARTS CENTRE LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WARE ARTS CENTRE LIMITED

I report to the Trustees on my examination of the financial statements of Ware Arts Centre Limited (the charitable company) for the year ended 31 March 2026.

Responsibilities and basis of report

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

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

Independent examiner's statement

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

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

Gary Howard FCA

Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE 24 July 2026

WARE ARTS CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2026

Current 12 month financial period
Unrestricted
Restricted
(Comparative 13 month period)
funds
funds
2026
2026
Notes
£
£
Income from:
Donations and legacies
3
14,421
150
Charitable activities
4
194,196
17,371
Investments
5
2,873
-
Total income
211,490
17,521
Expenditure on:
Raising funds
6
85,483
6,948
Charitable activities
7
202,230
5,860
Total expenditure
287,713
12,808
Net income/(expenditure)
(76,223)
4,713
Transfers between funds
20,000
(20,000)
Net movement in funds
8
(56,223)
(15,287)
Reconciliation of funds:
Fund balances at 1 April 2025
202,510
34,433
Fund balances at 31 March 2026
146,287
19,146		 Total
2026
£
14,571
211,567
2,873
229,011
92,431
208,090
300,521
(71,510)
-
(71,510)
236,943
165,433		 Total
2025
£
6,809
320,215
6,224
333,248
95,824
231,673
327,497
5,751
-
5,751
231,192
236,943

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

WARE ARTS CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2026

Prior 13 month period
Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
5,781
1,028
Charitable activities
4
245,665
74,550
Investments
5
6,224
-
Total income
257,670
75,578
Expenditure on:
Raising funds
6
92,047
3,777
Charitable activities
7
182,791
48,882
Total expenditure
274,838
52,659
Net income/(expenditure)
(17,168)
22,919
Transfers between funds
32,450
(32,450)
Net movement in funds
8
15,282
(9,531)
Reconciliation of funds:
Fund balances at 1 March 2024
187,228
43,964
Fund balances at 31 March 2025
202,510
34,433		 Total
2025
£
6,809
320,215
6,224
333,248
95,824
231,673
327,497
5,751
-
5,751
231,192
236,943

WARE ARTS CENTRE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2026

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
The funds of the charitable company
Restricted income funds
17
Unrestricted funds
18		 2026
£
6,879
19,509
113,619
140,007
(42,901)		 £
68,327
97,106
165,433
19,146
146,287
165,433		 2025
£
5,890
19,355
180,099
205,344
(25,087)		 £
56,686
180,257
236,943
34,433
202,510
236,943

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2026.

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

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

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

The financial statements were approved by the Trustees on 23 July 2026

Janice I Wing

Tina Goodman Jan Wing Trustees Trustees

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

1 Accounting policies

Charity information

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

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

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

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

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

1.2 Going concern

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

1.3 Charitable funds

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

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

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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

1.5 Expenditure

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

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

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

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

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

Leasehold improvements over 10 years Plant and equipment over 4 years

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

1.7 Impairment of fixed assets

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

1.8 Stocks

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

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

1.9 Cash and cash equivalents

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

1.10 Financial instruments

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

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

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

Basic financial assets

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

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

1 Accounting policies

(Continued)

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.11 Employee benefits

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

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

2 Critical accounting estimates and judgements

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

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

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2026 2026 2026 2025 2025 2025
£ £ £ £ £ £
Donations and gifts 14,421 150 14,571 5,781 1,028 6,809

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

4 Charitable activities

Arts Centre Arts Centre
Operation Operation
2026 2025
£ £
Performance related grants 15,604 70,353
Events income 131,698 166,084
Hire income 64,265 83,778
211,567 320,215
Analysis by fund
Unrestricted funds 194,196 245,665
Restricted funds 17,371 74,550
211,567 320,215
Performance related grants
East Herts Council 2,744 3,953
Hertfordshire Community Foundation 1,000 -
Ware Town Council 5,250 56,750
Hertfordshire County Council 500 900
Sovereign Network Group 6,000 8,750
Other 110 -
15,604 70,353

5 Income from investments

Unrestricted Unrestricted
funds funds
2026 2025
£ £
Interest receivable 2,873 6,224

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

6 Raising funds

Unrestricted
Restricted
funds
funds
2026
2026
£
£
Fundraising and publicity
Marketing and
advertising
11,469
371
Events costs
40,506
6,214
Fundraising and publicity
51,975
6,585
Trading costs
Other trading activities
33,508
363
85,483
6,948		 Total
Unrestricted
Restricted
funds
funds
2026
2025
2025
£
£
£
11,840
8,875
-
46,720
55,301
3,527
58,560
64,176
3,527
33,871
27,871
250
92,431
92,047
3,777		 Total
2025
£
8,875
58,828
67,703
28,121
95,824

7 Expenditure on charitable activities

Arts Centre Arts Centre
Operation Operation
2026 2025
£ £
Direct costs
Staff costs 75,136 71,053
Depreciation and impairment 10,255 11,431
Premises costs 53,230 61,357
Insurance costs 5,580 4,705
Repairs and maintenance costs 40,302 46,144
Office costs 1,292 1,874
Travel and subsistence costs 259 672
General expenses 3,847 3,163
Professional fees 11,784 9,189
Irrecoverable VAT 1,699 17,244
Governance costs 1,830 2,040
Development costs 2,876 2,801
208,090 231,673
Analysis by fund
Unrestricted funds 202,230 182,791
Restricted funds 5,860 48,882
208,090 231,673

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

8 Net movement in funds 2026 2025
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 1,830 2,040
Depreciation of owned tangible fixed assets 10,255 11,431

9 Trustees

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

During the year expenses were reimbursed to 5 (2025: 3) Trustees for event, premises, office and fixed asset costs totalling £2,156 (2025: £1,725).

10 Employees

Number of employees

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

2026 2025
Number Number
Directors/Trustees 8 8
Charity staff 4 4
12 12
Employment costs 2026 2025
£ £
Wages and salaries 75,136 71,053

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

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

11 Taxation

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

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

12
Tangible fixed assets
Leasehold
improvements
Plant and
equipment
£
£
Cost
At 1 April 2025
82,022
33,614
Additions
19,398
2,498
At 31 March 2026
101,420
36,112
Depreciation and impairment
At 1 April 2025
28,822
30,128
Depreciation charged in the year
7,707
2,548
At 31 March 2026
36,529
32,676
Carrying amount
At 31 March 2026
64,891
3,436
At 31 March 2025
53,200
3,486
13
Stocks
2026
£
Finished goods and goods for resale
6,879
14
Debtors
2026
Amounts falling due within one year:
£
Trade debtors
4,596
Other debtors
-
Prepayments and accrued income
14,913
19,509		 Total
£
115,636
21,896
137,532
58,950
10,255
69,205
68,327
56,686
2025
£
5,890
2025
£
3,202
1,540
14,613
19,355

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

15
Creditors: amounts falling due within one year
Notes
Loan
Other taxation and social security
Deferred income
16
Trade creditors
Other creditors
Accruals and deferred income
16
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2025
Resources deferred in the year
Deferred income at 31 March 2026		 2026
£
-
772
16,888
8,750
3,600
12,891
42,901
2026
£
16,888
2026
£
16,888
2026
£
-
16,888
16,888		 2025
£
11,921
-
-
-
1,195
11,971
25,087
2025
£
-
2025
£
-
2025
£
-
-
-

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

17 Restricted funds

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

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at
1 April 2024 resources expended 1 April 2025 resources expended 31 March 2026
£ £ £ £ £ £ £ £ £
Culture Recovery Fund for Heritage 14,092 - - (14,092) - - - - -
Culture Recovery Fund for Heritage -
Sustainability 18,500 - - (18,500) - - - - -
Early Years Grants 505 4,400 (6,897) 1,992 - - - - -
East Herts Community - 3,000 (1,008) (1,992) - - - - -
Ware In Bloom Garden Projects - 1,278 (272) - 1,006 1,557 (1,773) 1,105 1,895
Ware Town Council Resources - 50,000 (40,000) - 10,000 - (2,667) - 7,333
Covid Recovery 2,075 - (2,127) 52 - - - - -
SMYLE project - 5,000 (570) - 4,430 - (4,430) - -
Learning and Skills - - - - - 5,000 - - 5,000
Winter Wishes - - - - - 1,000 (1,000) - -
Workshops 1,355 - (250) - 1,105 - - (1,105) -
Warm Space Grant 1,066 - (1,156) 90 - - - - -
Sound and Light Fund 1,571 - (252) - 1,319 - - - 1,319
Tudor Square Markets 4,800 11,900 (127) - 16,573 7,017 - (20,000) 3,590
Green Grants - - - - - 2,947 (2,938) - 9
43,964 75,578 (52,659) (32,450) 34,433 17,521 (12,808) (20,000) 19,146

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

17 Restricted funds

(Continued)

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

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

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

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

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

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

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

Learning and Skills is funding from Sovereign Network Group towards skills and activities based around Café and Children's crafts, Malt Garden sessions and volunteer and staff training.

Winter Wishes was funding from Sovereign Network Group for the Children's Winter Wishes Afternoon Tea.

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

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

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

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

Green Grants funded environmentally friendly lighting in the Café.

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

18 Unrestricted funds

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

At 1 April Incoming Resources Transfers At 31 March
2025 resources expended 2026
£ £ £ £ £
Essential Building Works Fund 20,271 - (993) (1,722) 17,556
Building Development Fund 71,422 - (5,905) (9,939) 55,578
Café Operation Start Up Fund 14,092 - - (12,315) 1,777
General funds 96,725 211,490 (280,815) 43,976 71,376
202,510 211,490 (287,713) 20,000 146,287
Previous period: At 1 April Incoming Resources Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
Essential Building Works Fund 55,000 - (34,729) - 20,271
Building Development Fund 75,000 - (23,113) 19,535 71,422
Café Operation Start Up Fund - - - 14,092 14,092
General funds 57,228 257,670 (216,996) (1,177) 96,725
187,228 257,670 (274,838) 32,450 202,510

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

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

Café Operation Start Up is funds to support the establishment of the café operation at Southern Maltings.

19 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2026
2026
£
£
At 31 March 2026:
Tangible assets
68,327
-
Current assets/(liabilities)
77,960
19,146
146,287
19,146		 Total
2026
£
68,327
97,106
165,433

WARE ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

19 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
At 31 March 2025:
Tangible assets 56,686 - 56,686
Current assets/(liabilities) 145,824 34,433 180,257
202,510 34,433 236,943

20 Related party transactions

There were no disclosable related party transactions during the year (2025 - none).