**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. - 1 - ## **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. - We partnered an initiative with One YMCA to host free toddler play sessions on one morning each week. This has proven very popular with the local community. - We hosted the Hertfordshire Book Festival once again (another free event where the public can enjoy story time, writing workshops and author talks). - Southern Maltings was one of the venues for the 4th Ware Film Festival, a community event sponsored by Ware Town Council in venues around the town. Approximately 100 people attended. - Once again, we worked with NHS Art therapists, who exhibited their work and offered some family workshops. The preview evening was attended by over 60 people and allowed us to showcase our building as both an exhibition space as well as a central location from which therapists can work. This event led to several enquiries regarding art exhibitions which are beginning to book in. - In January 2025 using a grant for Sovereign Network Group we launched SMYLE (Southern Maltings Youth Led Entertainment). This was a direct reaction to a lack of safe and appropriate entertainment for the local teenage population. The events were monthly until November when the grant ended. We are currently looking for additional funding for more events. - In January 2026 we ran a very successful Themed event to celebrate our new Smart Café – with a Gruffalo themed afternoon for children from 2 to 7 years. The event had themed food, story time and a craft session to make a Gruffalo headdress. Each child was gifted a book. This was funded by a grant for Sovereign Network Group as part of a Winter Wishes fund. - We have started for offer garden sessions to our local primary schools for planting and maintaining our small Malt Garden. We have a group of 10 children who attend weekly and feedback has been very positive. We also had a group of 20 from another school throughout the summer term. ## **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. - 2 - ## **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. - 3 - ## **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. - 4 - ## **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 obtained necessary Planning consents and Listed Building consents for all adaptations of the building needed to support our Cultural Programme - We have scoped the requirements for a major repair of our Cowl rooms where we have some ingress of water - We have an outline plan for creating a gantry from our East End part of the building into the upper floor of the Central function space. We have created a team of experts to oversee the project which will enable improved access for those with mobility issue, allowing equality of access. - We are currently working on a pipeline of grant applications to support both our development plans for the building but also core funds to enable us to deliver our cultural programme - We have taken our staff payroll in house for cost reasons and some flexibility in hiring part time staff. - We continue to look for more environmental improvements for our activities and our building. Two of our Trustees are now Carbon Literacy certified and will look to embed good policy in our organisation. 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. - 5 - ## **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. - In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees report was approved by the Board of Trustees. **Tina Goodman** Trustees Dated: 23 July 2026 - 6 - ## **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: - 1 accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Gary Howard FCA** Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE 24 July 2026 - 7 - ## **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. - 8 - ## **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| - 9 - ## **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** - 10 - ## **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. - 11 - ## **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. - 12 - ## **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| - 13 - ## **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| - 14 - ## **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| - 15 - ## **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. - 16 - ## **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| - 17 - ## **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**
**£**
-
-| |||-| - 18 - ## **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| - 19 - ## **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. - 20 - ## **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| - 21 - ## **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). - 22 -