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2025-03-31-accounts

Charity registration number 305034 (England and Wales)

Company registration number 00954753

FARNHAM MALTINGS ASSOCIATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FARNHAM MALTINGS ASSOCIATION LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms H M Bird Ms J E Bradshaw Ms S E Cheers (Appointed 27 March 2025) Mr M F Cummins Ms A Gregory (Appointed 10 June 2025) Mr P A M Hare (Retired 25 November 2024) Mr D Harland (Appointed 1 October 2024) Mr M Maher Mr M Notiar Ms H D Shakeri (Appointed 1 October 2024) Ms K O'Neill Ms H E Wade Ms G M Grant Haworth (Resigned 15 January 2025) Charity number (England and Wales) 305034 Company number 00954753 Registered office The Maltings Bridge Square Farnham Surrey United Kingdom GU9 7QR Auditor Xeinadin Audit Limited 46-48 East Street Epsom Surrey United Kingdom KT17 1HQ

FARNHAM MALTINGS ASSOCIATION LIMITED

CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 31

FARNHAM MALTINGS ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

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 charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. Farnham Maltings relies on grants and the income from fees and charges to cover its operating costs. In setting the level of fees, charges and concessions, the trustees give careful consideration to the accessibility of its activities for those on low incomes.

The objectives of Farnham Maltings Association as stated in the Articles of Association, dated 10 October 2022 which replaced the 1969 Memorandum of Association (as amended in 2014) are:-

  1. To establish community centres for the benefit of the inhabitants of the Town of Farnham aforesaid and the neighbourhood, without distinction of sex, sexual orientation, race or political, religious or other opinions, for the advancement of education and the provision of facilities, in the interests of social welfare, for recreation and leisuretime occupation, with the object of improving the conditions of life for the said inhabitants.

  2. To promote and encourage the arts for the public benefit, including the musical, visual, dramatic, cinematic and applied arts.

  3. Generally, to encourage, promote, undertake or carry on or assist the promotion, undertaking or carrying on of such charitable activities and purposes as may promote the arts and strengthen the bonds of community life. Farnham Maltings is a pioneering cultural organization based in Surrey with a local, national and international reach. For over 50 years we have operated as an Arts Centre presenting a programme of festivals, film, theatre, music comedy, craft and participative activities for the community.

We support artists and makers to create with and for the communities to improve the quality of people’s lives. Broadly, we achieve this through three keys strands of activity:

Community engagement: which encompasses the participatory programme in Farnham, making the maximum use of the buildings as a community resource, leading a museum service and delivering a workshop programme. Craft development: which encompasses a programme of craft festivals, workshops, supporting makers and coordinating craft town.

Theatre development: which includes producing a cohort of regional companies, making our own touring theatre, running a programme of work to internationalise the independent theatre sector, leading a 180-venue network across the southeast and delivering a programme of sector development.

We are guided by a set of values that shape all our thinking, activities and the partnerships we form.

These are to be collaborative and courageous, always with integrity.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

FARNHAM MALTINGS ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

This past year, 2024/25, has been a year of continued transformation of Farnham Maltings as new CEO, Peter Glanville completed his second full year in post. The realisation of a new five-pillar vision has driven the organisation forward:

  1. To grow and diversify our audiences for both buildings

  2. To focus our support for artists, communities and venues across the South East

  3. To develop the reach and profile of our craft offer

  4. To develop support for artists and communities to work together internationally

  5. To develop Farnham Maltings as a producing House

This year of transition and transformation has seen no let-up in the breadth and scale of the work we do and the facilities and opportunities we provide for our community.

Our community engagement led by our Creative Communities team has developed and delivered a year-round programme of participatory activities which enhance a sense of wellbeing and belonging amongst all in our community.

This includes activities such as Nimble Fingers craft group, 4 youth theatres, a dementia friendly singing group, dance tours with New Adventures Doorstep Duets and organisations using the Maltings building, including U3A, students from the UCA and groups that provide charitable activities to the community. We also developed Maltings At…a summer programme of events at local community centres and Craft Cafes in different community settings.

We continued our ambition to nurture the ecology of independent, contemporary theatre in the South East, connecting artists & audiences locally, nationally, & globally. This work continues to be largely supported by Arts Council England.

The tour of Mrs Armitage on Wheels was enjoyed by communities across the South East, building and reaching new family audiences, and we presented work to tour through our house network along with performances at our venue. We also built on the success of our previous Christmas Show, with a production of Christmas in Exeter Street which continued to build new audiences.

Our house network reached 180 members who continue to benefit from training, peer to peer support and networking to discuss shared successes and challenges.

The Maltings’ international work saw new relationships continued with partners in Ireland and the strengthening of our new conversations work with the US and Egypt. We delivered caravan assembly in 2024 as part of Brighton Festival bringing delegates from all over the world to Brighton Festival. A strong commitment to exploring sustainable approaches to international touring underpinned our activities.

Our regular programme of activities continued to grow and included special events such as the Visions of Dylan festival, Kinosonic music and film festival curated with UCA, and our second Family Festival in September - the doors thrown open for a day of free or low-cost events for children of all ages and their families. Our film and event screen offering continue to be very popular, and we attracted top names from the comedy circuit.

We also continued to grow the demand for our 6 Craft festivals which now attract worldwide recognition and visitors. We are working closely with partners across Farnham and Waverley to build on our World Craft Town Status, supported by Farnham Town Council. We also work closely with the Council and partners to deliver October Craft Month.

This year the Craft team delivered the second and final year of the creative business programme, supported by funding from Waverley Council, offering much needed business skills and development to 30 craft makers from across the local area.

There has been a steady growth in the museum’s community events and the roll-out of new craft activities, our partnership with Waverley Council in running the museum remains strong, and we started the Arts Council MEND / Heritage Lottery Funded restoration work on the façade of Willmer House. School groups continue to relish the history sessions, run by our dedicated museum learning and community engagement team, visiting from across the county, as well as Hampshire and parts of London. The outreach work extends to others that are unable to visit the building itself with our popular loan boxes scheme.

Our work in Buckinghamshire libraries, with a three-year project called Rekindle, working with Creative Arts East,

completed a successful second year.

FARNHAM MALTINGS ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our operations team continue to care for our listed buildings and are moving forward with a number of projects to fulfill our ambitions to radically reduce our carbon footprint. A key investment was new LED lighting in the Great Hall. We are also in the process of developing a CAPEX Strategy.

Our catering team have grown our offering of delicious seasonal fare, increasing the pre-show dining opportunities and delivering another two popular summer Street festivals.

We successfully participated in the Big Give campaign, spearheaded by our Development Director, raising over £6.8k to support our community activities. We also refreshed our membership offer and patrons engagement.

Achievements and performance

Significant activities and achievements against objectives

We have a strong and capable team of over 90 staff who work together to provide the many and varied activities and opportunities and support our community and partners.

We are immensely proud of what we have achieved given the ongoing restrictions in funding that are experienced sector-wide at present.

Our investment in a new Director of People and Culture role is part of our commitment to creating a positive, supportive and productive working culture.

Particular highlights and successes for the year include:

Rolled out monthly Monday night Games Night, attracting up to 30 participants, to help tackle social isolation.

Continued our successful partnership with New Adventures touring more Doorstep Duets.

Produced Visions of Dylan Festival.

Produced Kinetica music and Film Festival with UCA.

Craft Festivals including:

house Network reached 180 venues across South East England.

The Maltings supported the restoration work to the Museum façade and helped develop a Buy-A-brick campaign.

Two-year Creative Business Programme was successfully delivered to 30 participants.

No Strings Attached – a programme of support for early career artists under 25 years.

6 South East artists and makers granted seed funding for projects and producing support.

Big Give campaign raised over £6k for our community activities.

Maltings at offered art and craft activities and workshops to over 300 children and adults across the town Establishing 4 youth theatre companies.

Continuing to develop our caravan international programme supporting artists and producers with projects in America, Ireland and Denmark.

Delivered caravan assembly at Brighton Festival.

FARNHAM MALTINGS ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

The charity made an overall deficit for the year of £319k (2023/24 deficit of £297.5k).

The 2025 deficit is split between a surplus on unrestricted funds of £9k and a deficit on restricted funds of £328k.

The restricted funds deficit is a result of spending reserves on deferred projects using funds that were built-up due to the underspend of funding during the COVID-19 pandemic.

There have been a number of staff changes and appointments which have allowed the Charity to increase its Arts Council National Portfolio Organisation activities.

During the year we have seen increases in our activities including venue hire, catering, programming and festivals.

A new “Family Festival” was initially introduced in Sep 2023 and repeated this year. This was free to attend for the community and a great success.

We also co-produced our own Christmas show called “Christmas in Exeter Street”.

We will continue to grow our activities, including in-house productions.

The decrease in restricted funds is after charging £6k for depreciation on property improvements. These improvements were funded by grants, which were accounted for as a restricted fund, and the costs are being depreciated and charged against that fund.

The principal sources of income during the year were:

The trustees would like to thank our partners for the grant support received and, also, for donations and membership subscriptions from the public.

During the year the charity claimed theatre and museum tax relief of £126k.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year

FARNHAM MALTINGS ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

At the year end the charity held £1,217,633 in restricted funds, which must be spent on specific projects described in note 22 to the financial statements.

At the year end the charity held £1,478,664 in unrestricted funds, which included £1,479,251 relating to fixed assets, leaving residual reserves in deficit by £587. Within its fixed assets, however, the charity holds the cottage at 4 Red Lion Way, valued at £300,000 which is not used for operational purposes and can be used for borrowing. This is therefore regarded by the trustees as part of the available reserves, leaving a residual reserves surplus of £299,413. Included within this figure is £8,303 in respect of a designated reserve for Youth Participation, which leaves free reserves of £291,110.

The trustees have recently reviewed the reserves policy and consider that the desired level of free reserves remains at £200,000. This represents £100,000 to cover unexpected loss of funding and £100,000 to cover retention of key staff and alternative accommodation if the Maltings is required to close because of fire or other major occurrence. The trustees recognise that some causes of closure may be covered by insurance but nevertheless regard this as a prudent reserves level.

Fixed assets

The freehold property owned by the charity has not been revalued for some years. In the opinion of the trustees, the market value is considerably in excess of the book value.

Investments

Funds of £200k placed on investment in September 2019 have outperformed the FTSE 100 by 17.5%. As at 31 March 2025 they were valued at £267k (2024: £257k).

Major risks

The trustees of the Maltings review the Risk Management Policy on a regular basis, and have a risk management strategy which comprises:

This work has resulted in better emergency procedures and contingency plans and has given the impetus for better planning for risks arising from fire, health and safety of artists and audiences, changes in funding, succession planning and food hygiene.

The Committees and the Board consider the key risks at each of their meetings.

FARNHAM MALTINGS ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Plans for future periods

We will continue to root our practice in Farnham, in South-East England, delivering multiple creative strands of work with a focus on theatre, craft, an in-house programme (film/theatre/live music/comedy) and a range of participative and community engagement programmes.

We remain committed to achieving our mission to bring artist and makers together with communities to improve people’s lives. Our work connects artists with communities from a local level to a global one.

Our future plans are very much shaped by our new five pillar vision:

These are also shaped by our NPO agreement with Arts Council England, our Thriving Communities programme with Waverley Borough Council and our local agreement with Farnham Town Council.

With Arts Council England we will continue to work to increase the range, quality and audience for independent theatre across the South East of England, further developing the impact of our house, South East Theatre Network. We will make and produce theatre which will tour to communities as well as co- producing work more locally at Christmas. Plans for 2025/26 include a further tour of ‘Mrs Armitage on Wheels and a community tour of ‘All For your delight’ We will also support artist development through our networks and build on the impact of our new NEST Associates scheme.

We will continue to develop our international programme through caravan, which seeks to support the internationalisation of England-based independent theatre artists and communities. Projects are currently being developed with Denmark, Egypt, Ireland and America. We are now on the Advance course for ITER (International Touting and Environmental Responsibility) having delivered a project with ILT Festival Denmark in 24/25.

The longer-term relationship with Waverley Borough Council has allowed us to develop our community engagement work as a strand that is central to our work, with a close strategic relationship, allowing us to refine the creative engagement specifically to the needs of the people and places we reach across the borough.

There will continue to be strands of work that focus on support for young people, improving well-being and tackling social isolation. We are awaiting outcomes of the new plans for Strategic Authorities across Surrey.

We also have an agreement with Waverley Borough Council to manage on their behalf, the operations of the Museum of Farnham. Future plans involve the completion of the refurbishment of Willmer House, accompanied by a range of community engagement activities, which will raise awareness of the significance of this building as well as bringing more people to see our exhibitions and collections, which include significant Stone Age and Bronze Age collections.

Underpinning all our activities is also a commitment to being environmentally sustainable and reducing our carbon footprint. We are now developing strategic plans for Farnham Maltings to move towards being carbon neutral, based on our environmental impact audit.

It is an incredibly exciting time for Farnham Malting as we move forward with a new vision for the organisation under the tenure of Director and CEO Peter Glanville, appointed in January 2023. This is underpinned by our values to be ‘collaborative and courageous, always with integrity’

FARNHAM MALTINGS ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Farnham Maltings Association Limited is a company limited by guarantee, governed by its revised Articles of Association, which were adopted by Members on 10th October 2022.

The company was incorporated on 22 May 1969. It was registered as a charity with the Charity Commission on 13 January 1970.

The charity is administered by a Board of Directors, which has not less than five nor more than fourteen members and meets quarterly.

The Board's role is to represent the best interests of the Charity, Members, Staff and its stakeholders.

Over the past three years, we have been progressively updating our approach to governance, in particular how the board meeting operates to ensure that it performs its fiduciary responsibilities to the most extent possible.

During the year we have changed the model into what we believe to be the best approach to proceed with over the coming years.

For part of the year, we continued to operate a "split meeting" approach proceedings of our Board of Directors being in 2 parts -

Since January 2025, the meeting now follows normal best practice with the trustees and senior management team only attending meetings of the Board.

To ensure we engage fully with our key stakeholders we have scheduled separate meetings, in order to discuss matters of mutual interest. We keep the stakeholders informed of our work on a quarterly basis.

The current trustees and those who have been appointed or retired since the last AGM, are as listed in report.

Trustees, who are voting members, are selected in accordance with an established and open process, then formally elected by the membership at an AGM. In accordance with the Articles of Association, trustees retire in rotation, with approximately one-third retiring each year who may offer themselves for re-election.

All trustees may serve a maximum of six years' service (from AGM to AGM). There is provision to extend their term by up to 2 years in exceptional circumstances.

Trustees give their time freely and on behalf of the organisation. I would like to them all for what they do for the charity.

We are mindful that when we recruit new trustees who are in active employment, their day job must take precedence. As a consequence, we will always lose trustees during the year when the pressures of their job become a key priority. In this year, Georgina Grant-Haworth and Dominic Whittle, had to stand down because of work commitments. I would like to express my thanks to them both for their contribution during their time as a trustees and wish them well.

We have appointed two new trustees - Sarah Cheers and Alex Gregory. In accordance with the Articles, they will retire by rotation and they offer themselves for re-election at the AGM.

Trustees bear the legal responsibilities for the Charity and the Company. New trustees are given a briefing on their legal obligations under charity and company law, the content of the Articles of Association, the board committees and decision-making processes, the business plan and the financial position of the charity. During the appointment process, they are given a chance to meet senior employees and other trustees.

FARNHAM MALTINGS ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Organisational structure

Governance

The new Committee structures are a vital part of our overall governance. These are now well established and functioning as we had hoped. I would like to express my thanks to the chairs of these Committees.

Trustee Succession

Since the last AGM, we appointed 2 new trustees - Sarah Cheers and Alex Gregory. They will retire in accordance with the Articles and offer themselves for re-election at the forthcoming AGM.

Staff & Volunteers.

We are indeed fortunate to have an excellent team of colleagues and volunteers who support all the activities of The Maltings. May I take this opportunity to express my thanks to them all for their achievements.

Peter Glanville, as our CEO, joined The Maltings in January 2023, and has settled into his new role very well. Working with a new organisation team and the Board, Pete has created a new vision for the Maltings, which will guide us for the coming years. Thanks to him, the management team and all the staff for all that they undertake on behalf of the Members.

Other matters

Associated parties

The charity has close working relationships with the Arts Council England, Waverley Borough Council, Farnham Town Council and other charitable foundations, who together provide substantial funding to enable the charity to carry out its charitable activities.

Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

..............................

Mr M Maher Director

Date: .............................................

FARNHAM MALTINGS ASSOCIATION LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors of Farnham Maltings Association 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 charity 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:

The trustees are responsible for keeping adequate accounting records that 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.

FARNHAM MALTINGS ASSOCIATION LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF FARNHAM MALTINGS ASSOCIATION LIMITED

Opinion

We have audited the financial statements of Farnham Maltings Association Limited (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (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 charity 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 charity’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 annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

FARNHAM MALTINGS ASSOCIATION LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FARNHAM MALTINGS ASSOCIATION LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within 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 charity for the purpose 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 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 charitable company 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.

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

FARNHAM MALTINGS ASSOCIATION LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FARNHAM MALTINGS ASSOCIATION LIMITED

A further description of our responsibilities is available 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 members those matters we are required to state to them in an auditor’s 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Donald Nelson FCA (Senior Statutory Auditor)

For and on behalf of Xeinadin Audit Limited, Statutory Auditor Chartered Accountants 46-48 East Street Epsom Surrey KT17 1HQ United Kingdom Date: .........................

FARNHAM MALTINGS ASSOCIATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
funds
Restricted
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
34,694
1,592
Charitable activities
4
1,402,112
1,170,846
Other trading activities
5
346,845
-
Investments
6
20,722
-
Other income
7
126,714
-
Total income
1,931,087
1,172,438
Expenditure on:
Charitable activities
8
2,003,973
1,428,875
Total expenditure
2,003,973
1,428,875
Net gains/(losses) on
investments
13
10,105
-
Net expenditure
(62,781)
(256,437)
Transfers between
funds
71,750
(71,750)
Net movement in
funds
10
8,969
(328,187)
Reconciliation of funds:
Fund balances at 1 April 2024
1,469,695
1,545,820
Fund balances at 31 March
2025
1,478,664
1,217,633		 Total Unrestricted
funds
Restricted
funds
2025
2024
2024
£
£
£
36,286
15,055
4
2,572,958
1,341,880
1,109,110
346,845
319,250
-
20,722
21,627
-
126,714
115,705
-
3,103,525
1,813,517
1,109,114
3,432,848
1,912,746
1,327,267
3,432,848
1,912,746
1,327,267
10,105
19,840
-
(319,218)
(79,389)
(218,153)
-
73,345
(73,345)
(319,218)
(6,044)
(291,498)
3,015,515
1,475,739
1,837,318
2,696,297
1,469,695
1,545,820		 Total
2024
£
15,059
2,450,990
319,250
21,627
115,705
2,922,631
3,240,013
3,240,013
19,840
(297,542)
-
(297,542)
3,313,057
3,015,515

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

FARNHAM MALTINGS ASSOCIATION LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within
one year
20
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
22
Unrestricted funds
23		 2025
£
423,308
530,000
452,893
1,406,201
(476,797)
£
1,499,358
267,535
1,766,893
929,404
2,696,297
1,217,633
1,478,664
2,696,297		 2024
£
331,255
-
1,419,545
1,750,800
(450,452)
£
1,457,736
257,431
1,715,167
1,300,348
3,015,515
1,545,820
1,469,695
3,015,515

The financial statements were approved by the trustees on .........................

.............................. Mr M Maher Director

Company registration number 00954753 (England and Wales)

FARNHAM MALTINGS ASSOCIATION LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
27
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Investment income received
Net cash (used in)/generated from investing
activities
Net cash generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(60,965)
(530,000)
20,722
£
(396,409)
(570,243)
-
(966,652)
1,419,545
452,893		 2024
£
(3,510)
-
21,627
£
(494,055)
18,117
-
(475,938)
1,895,483
1,419,545

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Farnham Maltings Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Maltings, Bridge Square, Farnham, Surrey, GU9 7QR, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 charity 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 charity.

1.4 Income

Income is recognised when the charity 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 charity 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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants are recognised in accordance with the terms of the grant. Where any conditions are applicable in the grant the income is recognised as these are met.

Membership income is recognised upon receipt.

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Income from the Shop and the Cafe is recognised when the sale takes place and is recorded net of any applicable VAT.

Income from rentals, including the car park, are recognised based on the date the rental takes place. Income is recorded net of VAT.

Box office income is recognised based on the date of the performance. Income from Hires of the theatre is also recognised based on the date of the performance. Income is reflected net of VAT where this is applicable.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recorded net of VAT, any irrecoverable VAT is recorded separately following completion of the partial exemption calculations.

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:

Freehold land and buildings Not depreciated Car park improvements Not depreciated Furniture, equipment and fittings 10%-33.3% straight line Motor vehicles 50% straight line

Freehold land and Car park improvements are not depreciated since the Directors consider that, given the high level of maintenance, any depreciation charge would be immaterial.

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.

Assets costing £1,500 or more are capitalised and depreciated over their useful economic life.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the charity 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).

1.9 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 charity 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 charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

Basic financial liabilities

Basic financial liabilities, including creditors and 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 charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

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

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2 Critical accounting estimates and judgements

In the application of the charity’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
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts 34,694 1,592 36,286 15,055 4 15,059

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Catering
Catering income
389,926
-
Venue hire, PRS and Security
Venue hire, PRS and
Security
323,950
-
Visual and performing arts promoted
by the Maltings
Commission received on
artist sales
5,397
-
Visual and performing
arts promoted by the
Maltings
614,257
-
Commission received on artist sales
Commission received on
artist sales
7,833
-
Farnham Museum
Performance related
grants
-
71,000
Farnham Museum
-
49,054
Subscriptions
Subscriptions
20,154
-
Core funding and other grants
Performance related
grants
40,595
1,050,792
1,402,112
1,170,846		 Total Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
389,926
366,785
-
323,950
286,991
-
5,397
5,434
-
614,257
583,551
-
7,833
5,828
-
71,000
-
73,409
49,054
-
34,412
20,154
19,108
-
1,091,387
74,183
1,001,289
2,572,958
1,341,880
1,109,110		 Total
2024
£
366,785
286,991
5,434
583,551
5,828
73,409
34,412
19,108
1,075,472
2,450,990

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Car Park income 195,716 175,339
Market income 77,713 72,219
Tenancy rental income 73,416 71,692
Other trading activities 346,845 319,250

6 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 20,692 21,627
Interest receivable 30 -
20,722 21,627
7 Other income
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 126,714 115,705

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Expenditure on charitable activities

Arts,
development
and producing
2025
£
Direct costs
Arts development and producing
838,627
Workshop, courses and exhibitions
-
Catering
-
Musem
-
838,627
Share of support and governance costs (see note 9)
Support
-
Governance
-
838,627
Analysis by fund
Unrestricted funds
2,676
Restricted funds
835,951
838,627		 Catering Community
2025
2025
£
£
-
-
-
5,926
181,027
-
-
-
181,027
5,926
-
-
-
-
181,027
5,926
181,027
5,926
-
-
181,027
5,926		 Farnham
Museum
2025
£
-
-
-
133,845
133,845
-
-
133,845
-
133,845
133,845		 Other
support
costs
Venue hire,
PRS and
Security
Visual and
performing arts
promoted by
the Maltings
Total
2025
2025
2025
2025
£
£
£
£
-
10,641
-
849,268
-
-
342,605
348,531
-
-
-
181,027
-
-
-
133,845
-
10,641
342,605
1,512,671
1,902,599
-
-
1,902,599
17,578
-
-
17,578
1,920,177
10,641
342,605
3,432,848
1,899,879
(85,535)
-
2,003,973
20,298
96,176
342,605
1,428,875
1,920,177
10,641
342,605
3,432,848

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8
Expenditure on charitable activities
Previous year:
Arts,
developmen
t and
producing
2024
£
Direct costs
Arts development and producing
848,965
Workshop, courses and exhibitions
-
Catering
-
Musem
-
848,965
Share of support and governance costs (see note 9)
Support
1,148
Governance
-
850,113
Analysis by fund
Unrestricted funds
1,148
Restricted funds
848,965
850,113		 Catering Community
2024
2024
£
£
-
-
-
33,445
174,754
-
-
-
174,754
33,445
-
-
-
-
174,754
33,445
41,710
-
133,044
33,445
174,754
33,445		 (Continued)
Farnham
Museum
Other
support
costs
Venue hire, Visual and
PRS and performing
Security
arts
promoted by
the Maltings
Total
2024
2024
2024
2024
2024
£
£
£
£
£
-
-
13,265
-
862,230
-
-
-
295,551
328,996
-
-
-
-
174,754
141,501
-
-
-
141,501
141,501
-
13,265
295,551
1,507,481
-
1,714,699
-
-
1,715,847
-
16,685
-
-
16,685
141,501
1,731,384
13,265
295,551
3,240,013
138,503
1,731,384
-
1
1,912,746
2,998
-
13,265
295,550
1,327,267
141,501
1,731,384
13,265
295,551
3,240,013		 (Continued)
Farnham
Museum
Other
support
costs
Venue hire, Visual and
PRS and performing
Security
arts
promoted by
the Maltings
Total
2024
2024
2024
2024
2024
£
£
£
£
£
-
-
13,265
-
862,230
-
-
-
295,551
328,996
-
-
-
-
174,754
141,501
-
-
-
141,501
141,501
-
13,265
295,551
1,507,481
-
1,714,699
-
-
1,715,847
-
16,685
-
-
16,685
141,501
1,731,384
13,265
295,551
3,240,013
138,503
1,731,384
-
1
1,912,746
2,998
-
13,265
295,550
1,327,267
141,501
1,731,384
13,265
295,551
3,240,013
1,507,481
1,715,847
16,685
3,240,013
1,912,746
1,327,267
3,240,013

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 Support costs allocated to activities

9
Support costs allocated to activities
Staff costs
Depreciation
Irrecoverable VAT
Office and premises costs
Bank charges
Credit card charges
Governance costs
Analysed between:
Arts, development and producing
Other support costs
Governance costs comprise:
Audit fees
Accountancy
Legal and professional
Trustees expenses
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 2025
£
1,468,080
19,344
49,366
336,825
2,407
26,577
17,578
1,920,177
-
1,920,177
1,920,177
2025
£
5,000
5,820
5,758
1,000
17,578
2025
£
5,000
19,344		 2024
£
1,312,575
14,007
32,099
332,898
2,736
21,532
16,685
1,732,532
1,148
1,731,384
1,732,532
2024
£
5,000
8,900
1,200
1,585
16,685
2024
£
5,000
14,007

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Employees

The average monthly number of employees during the year was:

2025
Number
Administration
9
Box office and front of house
14
Operations
23
ACE Arts
13
Workshop and courses
4
Touring
1
Catering
24
Museum
4
Total
92
Employment costs
2025
£
Wages and salaries
1,439,708
Social security costs
2,497
Other pension costs
25,875
1,468,080
The analysis of employee numbers on a full time equivalent basis for the year is as follows:
Administration
6
Box office and front of house
9
Operations
9
ACE Arts
11
Workshop and courses
2
Touring
-
Catering
9
Museum
3
Total
49
The number of employees whose annual remuneration was more than £60,000
is as follows:
2025
Number
60,001-70,000
1		 2024
Number
9
13
14
7
6
1
17
5
72
2024
£
1,290,664
-
21,911
1,312,575
2024
Number
1

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Employees

(Continued)

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 199,668 150,804

13 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 10,105 19,840

14 Taxation

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

15 Tangible fixed assets

Freehold land
Car park
Furniture,
and buildings improvements equipment and
fittings
Cost
£
£
£
At 1 April 2024
1,401,298
592,523
428,153
Additions
-
46,061
14,904
At 31 March 2025
1,401,298
638,584
443,057
Depreciation and impairment
At 1 April 2024
64,664
534,080
365,493
Depreciation charged in the year
-
9,982
9,362
At 31 March 2025
64,664
544,062
374,855
Carrying amount
At 31 March 2025
1,336,634
94,522
68,202
At 31 March 2024
1,336,633
58,442
62,661		 Motor
vehicles
£
14,545
-
14,545
14,545
-
14,545
-
-		 Total
£
2,436,519
60,965
2,497,484
978,782
19,344
998,126
1,499,358
1,457,736

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

16 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 1 April 2024
257,429
2
Valuation changes
10,104
-
At 31 March 2025
267,533
2
Carrying amount
At 31 March 2025
267,533
2
At 31 March 2024
257,429
2		 Total
£
257,431
10,104
267,535
267,535
257,431

The company's at the balance sheet date in the share capital of companies include the following: Farnham Maltings Trading Limited Registered office: Bridge Square, Farnham, Surrey, GU9 7QR Nature of business: Theatre Production Class of shares: Ordinary Holding: 100%

17
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
18
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
19
Current asset investments
Unlisted investments		 2025
£
530,000
2025
£
103,059
-
243,897
76,352
423,308
2025
£
530,000		 2024
£
-
2024
£
140,017
7,054
117,325
66,859
331,255
2024
£
-

The current assets investments relate to fixed term deposit accounts held to generate interest income for the Charity.

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
77,981
100,629
218,706
79,481
476,797
2025
£
25,875		 2024
£
90,733
88,354
209,184
62,181
450,452
2024
£
21,911

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

22 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.

Farnham Museum
Craft
Arts Council England - Catalyst
Creative case
Capital Projects
NPO 18-22 Arts Funding
Community Engagement
International Theatre
Development
Regional Theatre Development
NPO 22-23 Arts Funding
NPO 23-26 Arts Funding		 At 1 April
2024
£
Incoming
resources
£
Resources
expended
£
33,942
121,646
(151,689)
3,951
-
-
58,886
-
(26,370)
14,569
-
-
26,062
-
(5,955)
891,001
-
-
51,664
42,380
(61,813)
81,781
15,415
(14,224)
117,902
40,365
(7,352)
29,188
-
-
236,874
952,632
(1,161,472)
1,545,820
1,172,438
(1,428,875)		 Transfers
£
At 31 March
2025
£
(7,500)
(3,601)
(812)
3,139
-
32,516
-
14,569
-
20,107
(891,001)
-
-
32,231
-
82,972
(6,000)
144,915
(29,188)
-
862,751
890,785
(71,750)
1,217,633

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

22
Restricted funds
Previous year:
Farnham Museum
Craft
Arts Council England - Catalyst
Creative case
Capital Projects
NPO 18-22 Arts funding
Community Engagement
International Theatre
Development
Regional Theatre Development
NPO 22-23 Arts Funding
NPO 23-26 Arts Funding		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
71,623
107,820
(141,501)
3,062
1
(150)
68,755
-
(9,869)
14,569
-
-
51,357
1
(5,955)
912,533
2,700
(24,232)
60,434
5,224
(33,286)
103,988
-
(21,544)
254,740
64,301
(212,379)
296,257
19,004
(286,073)
-
910,063
(592,278)
1,837,318
1,109,114
(1,327,267)		 (Continued)
Transfers
At 31 March
2024
£
£
(4,000)
33,942
1,038
3,951
-
58,886
-
14,569
(19,341)
26,062
-
891,001
19,292
51,664
(663)
81,781
11,240
117,902
-
29,188
(80,911)
236,874
(73,345)
1,545,820		 (Continued)
Transfers
At 31 March
2024
£
£
(4,000)
33,942
1,038
3,951
-
58,886
-
14,569
(19,341)
26,062
-
891,001
19,292
51,664
(663)
81,781
11,240
117,902
-
29,188
(80,911)
236,874
(73,345)
1,545,820
1,545,820

23 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.

Youth
participation
General funds		 At 1 April
2024
£
6,649
1,463,046
1,469,695		 Incoming
resources
£
Resources
expended
£
Transfers
£
Gains and
losses
£
At 31 March
2025
£
-
(185)
1,839
-
8,303
1,931,087
(2,003,788)
69,911
10,105
1,470,361
1,931,087
(2,003,973)
71,750
10,105
1,478,664		 Incoming
resources
£
Resources
expended
£
Transfers
£
Gains and
losses
£
At 31 March
2025
£
-
(185)
1,839
-
8,303
1,931,087
(2,003,788)
69,911
10,105
1,470,361
1,931,087
(2,003,973)
71,750
10,105
1,478,664
1,478,664

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23
Unrestricted funds
Previous year:
Arts
development
and producing
2018-2022
projects
Youth
Participation
General funds		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
248,911
-
-
99,876
-
(68,180)
6,649
-
-
1,120,303
1,813,517
(1,844,566)
1,475,739
1,813,517
(1,912,746)		 (Continued)
Transfers
Gains and
losses
At 31 March
2024
£
£
£
(248,911)
-
-
(31,696)
-
-
-
-
6,649
353,952
19,840
1,463,046
73,345
19,840
1,469,695		 (Continued)
Transfers
Gains and
losses
At 31 March
2024
£
£
£
(248,911)
-
-
(31,696)
-
-
-
-
6,649
353,952
19,840
1,463,046
73,345
19,840
1,469,695
1,469,695

24 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 March 2025:
Tangible assets
1,479,251
20,107
Investments
267,535
-
Current assets/(liabilities)
(268,122)
1,197,526
1,478,664
1,217,633
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 March 2024:
Tangible assets
1,431,674
26,062
Investments
257,431
-
Current assets/(liabilities)
(219,410)
1,519,758
1,469,695
1,545,820		 Total
2025
£
1,499,358
267,535
929,404
2,696,297
Total
2024
£
1,457,736
257,431
1,300,348
3,015,515

FARNHAM MALTINGS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

25 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
1,389
5,556
6,945		 2024
£
-
-
-

26 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

27 Cash absorbed by operations
Cash absorbed by operations 2025 2024
£ £
Deficit for the year (319,218) (297,542)
Adjustments for:
Investment income recognised in statement of financial activities (20,722) (21,627)
Fair value gains and losses on investments (10,105) (19,840)
Depreciation and impairment of tangible fixed assets 19,344 14,007
Movements in working capital:
(Increase) in debtors (92,053) (167,362)
Increase/(decrease) in creditors 26,345 (1,691)
Cash absorbed by operations (396,409) (494,055)

28 Analysis of changes in net funds

The charity had no material debt during the year.