Cc¥npany number-. 03￿8975 (England & Wales) Ghartty number.. 1080567 The Com Exchange (Newbury) Trust la company limited by guarantee) Report and Consolidated accounts Year ended 31 March 2021 The Corn Exchange (Newbury) Trust Contents Reference and adminstrative details Report of the trustees Report of the independent auditors io Consolidated statement of financi313ctwities 13 Consolidated and chartty balance sheets 14 Consolidated Cash flow statement 15 Notes to the accounts 16 The Corn Exchange (Newbury) Trust Reference and administrative details Charity number 1080567 Company number ON)8975 Reg15tered offi Belrnont House Station Way cra%￿Y West Sussex RG10 1JA Pnntspal offi Market Pla Newbury RG14 58D Auditors Ea￿ttS Intemational Limrted Grenvil￿ Court Britwell Road Bumham Bud(5 SL18DF Soliotors Irwin Mrtthell Group merCAnts￿ House 18 Lond￿ R¢Md Newbury Berks RG14 1JX Bankers National Westrninster Bank 30 Market Plac£ Ne%thry RG14 Dlr•¢tors and Tru$tsg$ Nominated Chair R Holbnd West Berkshire Counol norninees Elected Trustees Lord G Camarvon M Di Gioia R Holland R Constab R McKinlay R Haye5 Secretary Irwin Mrtthell Seuetsries Limited Chief Executive Offi￿r$ K Grrffiths The Corn Exchange (Newbury) Trust Report of the Trustees For the year ended 31 March 2021 The Trustses are pkased le present their annual direcaors, report tojetherwth the conselK1ated financial statements of the tharity and its subs￿12ryftsr the year ending 31 Marth 2021 whith are also prepared to meet the wu1￿mentS for a diredors, report and accountslorCtynpanEs A(a purposes. The financial statements compty with the char￿eS Ad 2011. Ihe Companie5 Art 2006. the Memorandutn and Artides of A55oaalion, and Accounliry and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities prepanng their accounis in a¢xx)rdan(* with Ihe Finarrial Reporting Standard applicable in the UK and RepubliGof Ireland IFRS 1021 leffedive l January 20151. Objectives and actovities forthe public benefft Sintt the charty was formed In 2000, the Twsfs reEponsibilrties and ambitions have grown wnsiderably. From that of a single Ihealre. to a MU￿-venue ￿ntr? with a eseabon Spa￿ sUppO￿n9 ta￿nt developmÈnt and residentses for artists WQTking Ihe ouldoor5. The Ttust prO￿deS a variety of a¢￿$$ wint5 to an ever growing range of Guttural opportunitses. Our Charltable Oblectl¥& The educats.on of the public in Ihe Arts in West Bertshire and ￿ surrtyjnding distrh*. The Trustee's rnission. ￿510￿ arKI value5 forthe Trust ate as fol￿". Our MIs8K)n what we do Offer high qualty arts and entertainrnent to enhan￿ the lrfe of Ihe comrnunty. o)ntinualty provhaing new and enriching eX￿[￿nt*S foreveryone. Our Vision what ￿ wantto be More than just a theatre . the Corn Exchange is a ￿ading creative arts organisation with iwo iconic venue5. We are passion8te about inspirin9 aud￿n￿5, conr*cbng with the community and presentsng an exating programme of live perfomants, film. vi8ual arts and outdoor events. Centre for EX￿llence.. En8ble exCeller￿￿ 8teveryoworturrity Our ro￿ as artsstic kader Ls to provh1e eXaMp￿S of what is excelknt and to encourage and enabk this WO￿ to thnve in West Berkshire and the surrounding distri To continue to play a key rde in providing inspiration for tM)th a￿sts aThl aUd￿n￿$ Creative COMMUn￿e$.. ProvKle 8tte&sposnts arKlencovra4E mNofvement1n￿ ouren11￿ community Deliver a prcgr8mme of aitistic opportunits.es in rr￿re pla￿. Inco￿or8￿.ng mere art foms and engaging with more peoplè Develop and provKJe more qualrty 0pporiun￿eS for IDc*l peop￿ to pathrapate in ujltural athvities ￿thIn their own comFnunity Cusltyjian.. safeguard0ur1onTrfr￿ sust81n￿lrtY Ensure that the organisation and its buih4ings are valued bythe people ofwest Be￿ShIre and the surreunding Maximise In(*JmÈ generated from the fve incrxne streams at every opportunrty in order to ensure we (2n deliver on our viS￿n Inve$t in 5tsft and InfrHsttu(knre to enable mntin￿l 5UC4zss and gro The Corn Exchange (Newbury) Trust Report of the Trustees For the year ended 31 March 2021 The Trust airns io be a ￿ntre for arbsbc excellEn(2 that Izre5 about provKling a high quality experien￿ for its audiences. artists and employees. We encourage invofvernent In the creative arts from our entire community, w&lcoming everyone and inspiring future generatons. By forging strong re18tionships wrth our aud￿nceS and slakeholders and being effiuent In the opetabon of the business. a￿ (xynrnrted to safeguarding the long-tertn sustainability of the organisalion. In doing this we %MII hold tnje to the fOlkn￿n9 values". We are passionate about the arts We aim for excel￿n We put our customets first We work collaboratsvely We restEct and Indude everyone We seek out better wdy5 to do things WÈ ale passNx)ate about Ihe arts." We believe WhO￿￿Èartedty in whai * do. and seek trj Sha￿ our enthusiasm th others., inspiring future generations. aifft forexcellence.. We a￿ayS try lo exceed expects￿n5 and aclwety pursue SU￿sS. We are proud of our reputation and ￿ want to buikj ittogether. Vve put our customers first.. Customers are our audienc£s. parbtipants. artists and stakeholders and we worf( ha lo see thing5 froTn their wint of view and improve ttEir experience of Ihe Cotn Exthange and the brea(tth of our We ¥wrk collaboratwefy." We forge relathinship5 other5 in order to succeed. We wort a5 a team and are adaptab￿. making It Èasyfor our (x)I￿agueS. parthers and (*mmunthsto *YJrft wrfh us. We ￿*)￿ct 8nd indude evefyone" We wll treai everyon& * entounter wth respÈtt and understanding". athvely seeking out opportunitiesto be rnore indusive and work %wth underrepresented cornrnunit￿S. We want everyone Wp seek out bptter bvays lo do thiFUS." This mean5 hard to get the best possibk value out of everything we do, and actively look for examples of best Prath￿ both insK1e and outsA1e our organisation. These are the visions and values that shape the Twsfs annual acli¥rtk?s. and our rok as a kading creatsve arts organisation in West Berkshire. The TTUStees remain (x)nvIn￿d that thÈ bÈnefits of an ath¥è involvement in high qualty arts adivilies are vital to sooety and that our core annual adivty programryE ttntres around the prornolion and education of the public in the arts. The Trust expects the stsff and volunteers to dernonstrate a commrtn*nl lo these values and use them in their decision making and athons every day. for the ￿nefft of rfs audien(*s. a￿Sts. stakeholders. and fellow empbyee5. In shaping the obie(*ve5 and V￿10￿. the Ttustees have mnsidered the ChHTity Cornmissions guidanre on publi benefit, including the guidan￿ on public benefit and fee char9ing. The theatre rdES on grants and income from fe88 and charges lo cover its operating costs. In setting Ihe level of fees charges and concessions. the Trustees give Careful Cons￿e[abon to the atrA*ssibilty of rfs ftr those on ltrw inthmes and ensufft a range of pri￿ and adivities as WEII as bursaries and free events. Covid-19 Impact During Ihe period under review rnany of tsur 3thwbES have bEen imp3LtÈd 35 a Te5uft of the eLv￿.19 pandemi Our focus throughout has been on what ￿ coubJ do rather than what coukfjn'l, supporting our staff and volunteers as well as finding ueabve way3 to remain engaged *ilh our fxjmmunrtyensuring continued to meet our objectives. The Corn Exchange (Newbury) Trust Report of the Trustees For the year ended 31 March 2021 Within a fortnight of dosing our doors on 16th March 2020. had taken our partsapalory 8nd eng8g8ment work onlin& and launthed a digital fX)mmissioning programme aimed at prov￿Ing freelantsts wrth vital work and creating unwue content for our communty to engage Imth during the first bthdown. We pivoted to find ways lo support our community through the cnsis and to focus our Income generation on fundraising. We launched a range of new cov¥J-safe projects desyned to use crEalive actiwties lo support the wellbeing of those most Impacted as a resutt of Co¥Ad-19. These incjuded Contsc*1e￿ Creativity (with teams of volunteers delivering creatrrfe pad(s curated by freelan￿ 3rb5ts to those i501ating and wthout a￿5$ to Ihe intemetl Unlocked & Unbohed a youth theatre project to give vol￿ to the Iwed eXpe￿en￿ of our young people during the P2ndemic and a virtual communrfLy cthoir. This move towards digrtal engagement has undoubtedly pushed our digiial stratrfy fotWdrd at a pa¢e not P￿￿OU5￿ aTrt￿pa￿. and will buiU on this exppneno over the ¢oming year. With restrKtKns r8duang. returned to in-person activths at our c¥eatr"on space 101 in Juty in order to cfjntinue our $upwrt of ouldoor artists through our ta￿nt develaprnent ar￿ tesidency progratntrEs. and we reopened our building5 to the public in September for attendance at in person performances and films lin our main auditorium) th temporary seating and screens inStal￿d in 0￿er to ueate a viable capacty for socially distanced seating. With a second lockd(Iwn for a month in Novetnber and then fier 4 reslrithons and a further lodtdown from 18th December." we have only tttn able to open to the publKfor9 ¥*eks. We have used this year to Èmbed our arnb￿Ons to play as a ro￿ as possib￿ in (JJmmunity lift. During th ar, the tearn continued lo lead and develop an Innovative programme of accessible free outdoor even15 replaang our usual prO￿sSIOnal events ￿ instalL8tion based athvit*s managed In a covid-safe way (attended by in ex￿$5 of S.WO peop￿) whth by Iheir nature attra(* a￿lEn￿$ who tnuht not othe[w￿e engage with the arts. The work of of our leaming and pa￿[￿patKJn team. %¥hose a(*vthes usualtytske pla￿ at the Learning Centre that h85 provided us wth the Tnosl opportunit￿5 to engage our communty. WoTking across 8 range of artfoTrn5 in both fomial and nen-fomal settings. the Impact of the conshjerabk and arthough attendance is inevitably lo*rthan pnoryearwe have still manayed to ath*ve 20.rm engagÈments12o19￿O 28.1671. The work of the Trust is onty po551b￿ thanks to its tearn of dedi￿ted volunteers. suppothng them and helpifTrg them to slay connected while we wrère dosed has been a pnorty for the Trust. In the year, we have continued to keÈp In touch wilh over 120 volunteets %vho usually support I*id￿n91ng athvibes of thè charity, assisting the operational running of the CoTn Exthange and supporbng the outdoor prograrnme but we have actively wothed wrth around 113 of this number given the redU￿d kvels of our in person activrtEs. Working with our volunteers. enab￿$ longer opening houts and l(Y*ET #aff tx)stS Ihan Y￿uld othetwse be the tAse and helps deepen our connedion to the comrnunty WE serve. Volunteer5 are managed by staff rnembers and receive safety and operational training and svJn a volunteer agreew*nt on joining. The contribution made by the volunteers lo the organisation goes well beyond pure fvJures. but thi% ￿ar the esbmaied finantial value amounts to In tt)e reaion of £25.000. In the year the Trust continwl rls 5UPPOrt of The Base. Thi5 new vEual art and craft venue on Greenha Business Park presents the hvjhesl qualty touring exhibits"ons. supports 8 Visual arts and craft makers %*ith Studios al a peppercom rent as *ll as a wotkshop spaf* for parbupatory vthsheps. The Tnjsl supports The Base %Mth expertise in ￿ratiOn and marketing 5UPPQrt. enabling thL5 new. not-for-profrt. (x)Fnpany to operate effrEnUy. Achlevements and perfomiance This year has b8en one of the rnosl chalkngin9 in the organisab.on s history. but Mth a very successful ftjndraising c2mpaign within the lo(21 ¢x)mmunrty. the ￿ntinUed support of our fxrÈ fundÈrs. and support from the Culture Recovery Fund. have iEen abk to (x)nbnue to delNer cuttural a(Jiv￿e5 for the benefit of our community. The facilities and pro9rarnme Managed bythe Trust remain broadly similar and indude.. The Com Exchange - 420 seat auditorium Itnaxirnutn 235 wth our ternpDrary d￿tsn0￿ seatingl 40 seat anema. exhibition Space and anullary faulities 101- 20,000 square feol creation ￿￿tre fabricab.on faolitEs. rehearsal space and on-site accommodation The Corn Exchange (Newbury) Trust Report of the Trustees For the year ended 31 March 2021 Our dedicated Learnin9 Centre for Parb￿Pat0ry activths Activities affected include." Our 8rbstic perforTnanTr prograrryne." tnuth of our pt(pJramrrE has been [eSd￿dule￿ with produ￿[$ not able lo tour viably to sooally distan￿￿ auditoria. Our large-SCa￿ outdoor events programme.. was redueed but reimagined to indude more Installation and trail based work which COU￿ go ahead outdotsts wth restri(*ons in pla(* A range of film5 and livtrstrearned ￿tIon￿arKE$.. Qui onetna ha5 retnained (kn5ed throughout the year due lo social distsnryng requirements Our learning and engagements prcgramn* was primarily delivered remotely but O)ntinued to work directly with lo￿1 commUnit￿S using dvJiial and remote delNery ft*thods to worfL in cAre homes. schools and peOp￿'S Ouring 2020tt1 wth our door5 open to the publK for just 9 ￿Eeks. presented 42 live performan￿$ lo audien￿$ In ex￿$$ of 13.WO. Our online engagement acbvthes have delivered 245 online Sessions engaging %Mth over 20.ON people. At 101 V￿ have supported freelan￿ artists ￿ re$￿e￿￿e$ to develop wotk and support their pradice. hosting 174 artists in-kErson reshlencts and a furttw 127 with online CPO opportunities. We went ahead wth plans for our annual pant(xnThe generabng huge go(xfvll and fvndraising income frorn our audiences, national television press coverage and ueating vital werk for a freelance cast and crew. Before having lo dose as a result of fier 4 restrictions. welttjmed 4.000 in person attendan(*s and produr*d an as live filmed veT5ion whith receNed 3.OtMltr unm1￿ Vi•￿. Key projects delivered Indude Unlo(*ed & Unbotted gNing voi(* to the stor*s and experiÈn(*s of our young people during the pandernic., The Museum of ￿$ten1￿. worting %*Tih young SENO partiopants lo explore their experienr*s of work and WOrk￿SSneSS through film." Contacljess CwtNty. delivering uver 3.000 creativty bags 10 those Sh￿￿l￿g and Isolated due to COv￿-19". 1)ur annual lantern prixzssion was reitnagined as an Installation base(1 trail. welcoming over 3.0(M) audien￿ rrembers and working *ith 30 freelance lantetn artists an(1 1.150 Scho￿ children frt￿ acress the district whose c$ea￿"0nS became part of the trail. In addition this year... Delivered h¥0 very su￿$S1U1 fundraising egmpavJns, our most su(x*ssfvl to date. raising vital funds in a year when our abilty to earn incorTE Wd5 deornateil. We worked wth Thingatn3lVJ to reitnagine our annual Lytrtern prO￿5510n into an in51all*ion based lantern trail. filling Newburls to￿ centre with amazing sculptural lanterns lall created at 1011 reinventing all our pro*sses Suc￿sSfUllY applie(I to both rounds of the governrnent's Cutture Recovery Fund in order lo safeguard our return lo athv1ties Developed and delivered Contadess C￿at￿rtY ¥Yith Nat￿n81 Lottery reaching ￿MmUnity funds, to support those Isolatinglshielding with creabve and ￿￿U[ala[￿￿e$_ Delivenng over 3.000 uealivty bag5 tg re$￿entS across the District. Our application to buikl on the sucttss of our Agwng Creatwety programme was sU￿ssful and a new 5 hear programme of worf¢ will now begin in April 2021. Having worked on the development of the new (ajknral strategy for Ihe DistrKx. WÈ have now joined the West Berkshire Counul cuhure and herrtage strategy delwery group as ￿￿11 a5 tnainlaining our role on the West Berkshire Counal Health and Wellbeing Board. Supported 7 digital commissions to outdoor artists to create or R&D new ￿r￿ Our residency programme at 101 retumed from July 2020 and hosted 174 arbsts to explore and develop new wotk 3t 311 stages of the creation pro(Ess induding Far From tt* Notrn. Ray Lee. Beady Eye. LAS Theat￿. Zoielogic, Coda Dan￿. SoLrthpaw and Johnny Autin The Corn Exchange (Newbury) Trust Report of the Trustees For the year ended 31 March 2021 Financial review The 2020121 financial year has been overshado**d by the CovM¥19 pandemio The TTVSt continue5 to enjoy a strong relabonship with Greenharn TtUSt. who have continyeil lo support the Twsl's activities at nomal kvels in ¥ite of the reduction in engagements. The Trust supports three distinct strands of the chantys aCD¥rt￿8". the Com Exf*ange. Leaming Centre and 101 & Ihe outdoor programmes. We have also received a variety of smalkrgrants frcrn tnjsts and foundations to support the worf( of our Learning and PartlClP8tion pr￿raMMe and Ihe projeds initiathd as a ￿Sutt of Covid-19. together ￿th two successful fundraising carnpavJns raising £2rK.200 frotn local cotrynunty to help ensure the SUTvival of the organisabon which has enabled a contribution of £130.000 to the Future Fund. The Trust also receives funding from as an Arts Counul England. National portfol￿ Organisation wth £239,234 secured until 2022, with an exten&on year trj 2023 as a of Co￿d-19. Throughout the year, ￿ have worked hard to rnake Ihe very iE5t use of our fvnds and the government support availabk through the coronaviws job retention scheme and ￿ have also been fortunate to receive emergency funding through both rounds of the Cuknre Rewwery Fund. This support. alongside su￿ssful fundraising h8S ensu￿ the ￿5111en￿ ofthe Ttustduring Ihis unpre￿ented timE. Income1£2.048,5001 was up on the previous yearwith eXp&nd￿re do%*n £1.689.500. The Tnjst has made an operating surplus £359,OW, exduding the actuarial loss on the pension stheme of £322.000. The audited accounts show year end p0S￿On of £37.000 taking into account the increased Iiabilty of the pension scheme. Comptying wth FRS17 mean5 reporting any liabilrty on the defined benefrt pension Schemes in the annual account. Last years pension fund defiat sho*Ed a liabilty of £525.000. This was increa*d this year to £847.000, this is a s￿n￿l¢ant intrease and rf for any reason sums were ever to ￿ n*Jed they (x)ukJ be (x)vèred from designated fund5. for further details see note 15. Reserves Policy The Corn Exchange hoWs rÈsetves to (x)ver unplanned emÈ￿nC¥ repaits and other Èxtspbonal expenditure. Thi5 enab￿5 US to bridge the gap bet¥￿n the spending and re￿wing of resour￿. and ensure that we can respond to unexpected atteralions in incorne. Dunn9 this extraordinary year. the Trustees agreed use of the rÈserv&s to ensure sUfF￿￿nt (ashflow for Ihe OTganisation. and the Trust *ill need 10 rebuild its free rÈservÈs over the corning years a5 the Trustee5 consider £5(M).000 the Kleal level of reserves. This fi'gure has been calculated by considering the charrfLy'S income. its potenbal vulneiabilty ￿ a dedine in particular funding sources. and the impact of the general economic srtuation_ As at 31 Marth 2021. the free unreslrided reser￿ are £535.100 12020." £343.0001. In (zlGulating the reseTve figure the Trustee5 have exduded from total funds It* restricted income fvnd5 1£234.0001. the fixed asset5 1£443.1001. the pension liability and current des￿nated fundS{£411.4￿1. Designated funds are unrestrid8d funds Ihat are eamiarked Idesignatedl for essential future spending to fund repairs. rèfurbishmeni and tapital inyesbnent in Iht buikling. Wth the approval of the TrustsÈs. the Executive team priorilise projth lo ensure the organisation maintains a huh kvel of customer and perfortrEr experience. whilst also ensuring staff are provided wth the appropriate tools lo Suc￿sSfUlty deliver the activrties of the organisation. It is expecied tt)at ￿pAi￿ and improvemÈnts ￿11 be an on-going finanual need. particulady given the age of the Corn Exchange. Followng an extraordinary year. the reseNes are now below Trustee s aspirations. however government support via th& CRJS and CRF mÈans that Ihe balanc* sheet remains strong in the rarcumstan(*s nel (￿rrent assds of £1.147.200. Given the continued 5UPPOrt of our bank and our key fvnders (Greenham Trust and Arts Council England) the Trustees o)nsider the Twsl lo be a sound commeraal contrrn allhough the challenge of continuing dosure and limited audienr*s as a resutt of COV￿-19 remains a (ause for (x)n(*m. The Trust aspires to rebuild Ihe reserve5 Ihrough the development of small annual surpluses (year on ￿ar) generated via anolbry Irading sales and the sale ef tickets lo work that is prLyJrammed and pfr￿uCed al the Com Exchange once more nomal levels of athvrty (Xn be resumed. The Corn Exchange (Newbury) Trust Report of the Trustees For the year ended 31 March 2021 Plans for future periods The impad of CovKJ-19 has been huge. Plan5 for the capital developrnent of 3 new studio theatre and more permanent Learning Centre space had to tÉ put on hok1. Whi￿ focused on building reSi1￿nCe within the organisation, generating goodwill for our aCb¥thes and reinvenbng our foreovid-safe delivery. Our key priorities as we look ahead are focused on.. Reluming to nomal ￿ve1$ of af*vity and audien(*s as soon as ￿Mitted Delivering the new 5 yearAgeing Crtatively proyrammè fijnded bythe National k>ttery. induding the development of new networks for soual prescribing Building on our recent project funding success". foc￿￿ on using the art5 to support heatth and ￿lIbeing Delivering our next maiorfundraisiThJ campaign with a locJJs on regular Indwhlual Giwing and support from new Trusts & Foundations building our tApacAty in advan(* of a majerrApital cAmpaign Revising our business ￿an and financial strategy in readiness forthe 2023-2027 NPO funding Making a dairn on our bu5irEss IntertuptK>n Insuran￿ forthe peri￿$ during whith we vEre rnandated rlosed Struetur•. G0￿manc* and Manag•m•nt GosErning DoGument The Com Exthange INewburyl Trust is a registered tharity (registered nuthr 10805671 limited by guarantee. is govemed by its Memorandurn and Aiticks of Asswatw ￿0)rporated 13 January 20W as amended 20 April Appointment of Trustees The directors of the Charitable company llhe TrusVI are trustees fer the pU￿Se of company law and throughout this report are co1￿￿velY ￿ferred to as the Truststs. As set out in the ￿￿M0[anduM and ATtides of Association. the Board of the Ttust cornprises of no ￿$$ than five and no more than fifteen Trustees. Nomination5 are put lo the Trust 8nd membership is detemiined against the requirements of a role profik, the policy on corporate govemants and the need$ of Trust on a Sthfaty equal opportunths basis. Eath Trustee vnll b2 appointed for a period of three year5. Tn￿tee induction and training New TTU5tee5 meet wlh the Chaii who prov￿eS Ihem a Mitten TtU5tee Ir￿u¢*on Pa(* and briets Ihem on their leg81 obligatsons under charity and company law. the board and its deosion making processes as well as the Tnjst's objectivÈs. strategic plan and reeeni finantial perfotmants. During this mÈÈting they tan meet key empbyees and other Trustee5 and are inviteil to %Mthess and patbopate in adminislering the Trust Trustees are encouraged to attend appropriate external training events where It wll help facilitate the undertaking of their role. The Trusi Is In th& pr(K*ss of recruitng for at ￿8S[three new TrusteÈs to ino*ase the r8ngÈ of expethse and lived experien￿ on the Board. Oryanisation The day-tfrday operab'on of the Trusfs affai￿ is delegated to Ihe Director which is a Board appointed postion. The Director worts with an ExeoJlNe team of four and a wider management team of five. Finanraal matters are reported on a bi-monthly basis to a ffinan￿ suthtotntnittee that I￿￿￿eS the Chaittnan of the TTUSt. strategic and policy matters are referred to the full Board at quarterty Trustee's meetings, where they also re*we repotts on attendances, future programme plans. personnel. finan￿. health and safety issues and other matters arising. Four such tneetings were heW in the )E3r ending 31st March 2021 in addition to the AGM In October along wth a nurnber of additional emergency rneeling5 to rnanage the unprecedented deusion making required by the impact of coV￿-19. The Corn Exchange (Newbury) Trust Report of the Trustees For the year ended 31 March 2021 The Trustees are p￿ased to report that a small surplus for Ihe year has been athieved.. not to dampen this achièvement as the organisation has wotked tirew to rests￿* the finantial gap (xtaied as a result of enfortsd dosure, but it is iTnportant to note that this end fyure creates 50rnething of a false snapshot as we are Still in the midst of dealing wrth the effects of CovhJ-19 and continued dosures across many areas ef our business. LoDking ahead V￿ are antiapating a redu(*Dn in the ￿ of grant SUPPDrt from gDvemment and a gradual. prolonged ￿tUrn lo normal levels of aL*vity. The Trustee5 would like to fotmalty tEcognise the (x)ntinuing efforts and dedication of both staff and viJunlEer5 at the Trust in these unprecedented tsrnes. • Related Partles The Trust has a very dose a$s￿latIon wth bolh Atts Countil England and Gretnham Trust who proV￿e funding lo enable the Trust to carry out rts Chartsb￿ objects￿. Since the *ithdrwdl of their funding West Berkshire Council now nominates one Trustee to sit on the Board. A summary regardiThJ transathons them. and other related part￿$. is set out wthin the notes to the financial statetn2nlS_ The than￿$ wholty o¥Yned subsKli2ry. Com Exthange INÈ*knuryl Trading Cempany was established to operate Ihe commercial bar5 and conferenryng faulthe5 at The Corn Exdwnge. The Trading Cotnpany Grft Aids its profft5 lo the charity. The Corn Exobange (Newburyl Produthons Limited was inojrporated to Independenty operate the tidtets"rrfJ and producing aspÈtts of the organisaton's arts pffjgrammÈ and is nowrofft making. Pay policy forseniorstaff The strategic management of the organi5ats.on dekgaled by Ihe board of directors. who are the Trust's Trustees, lo tt)e exe￿Il¥e management team ttjmprising of Ihe D1￿ClOr. Katy Gnffrths Deputy Director. Je8SICA JhundooEvans, Head of Tethni(zl and Operatson5. Guy Di(*ens". Head of Corntnunication5 and Audien(E5, Gemma Twisefton and Head of 101. D¥nE1￿ Cortsshky. All Trustees give their time freety and no Trustee r￿1Ved r8mun8ration In the year. Details of Trttstees. exFenses and related paty transac*ons are disdosed in note 16 to the account5. The pay of eKecLrtive team is re¥￿￿ annually and the Trustees make any in(xeasÈs that are possible eath year on the basis of the financial heatth of the organisation and future budgets and forecasts. This year in line Mlh the acceptance requirements of the cultural recovery fund. no salary Inc￿aseS have teen made for senior stsff. In view of the nature of the tharty. the Trustees benchmatk against pay ￿ve1$ In other provincial atts ￿ntre$ of a sirni18r s￿e. Risk Managoment The Trustees review the major rtsks on an annual basis and thi5 is fijrther delegated to the Finance Sub- committee to revM¥ on a quarterfy basis. They revw the risks and ensure that systems and procedures are established to mitigate any risks Identified as part of Ihe organisation's strategic planning pro(*ss. Thi5 work ha5 identifEd that finanual 5ustsinabilty is the biggest finanryal risk for the charity following the enforced dosures as a result of Co¥i(k19. Ihis is an ongoing cJ)ncern ￿th attendance Iikety to be reduced for Some timè as a re$utt of both government tÈstn(*ons and thnsutner (J)nffiden￿. Longer4em financial risks indude the impact of the %Mthdrawal of IoL31 authorityfunding in 2018 which ha5 resutted in a significant increase in fundraising requirements, and there is now a of donoi fat￿ue vthh so many demands in the fac* of the pandetniG A key element in the management of finanual risk is a re9ular revw of available liquid funds to setde debts 8S they fall du&. regular liaison the bank. and a(Xive management of Irade debtors and creditots balancÈs lo ensure sufficient working capital by the Trust and its subsKliary company. In addrtion, the Director ensures regular communication %Mth keystakehok1ers. Greenham Trust and Arts Council England. The Corn Exchange (Newbury) Trust Report of the Trustees For the year ended 31 March 2021 Attention h8s also been focused en non-flnan￿al rtsks parbcuL8rfy those arising as a result of Covid-19. Inueased risk assèssment pro(*sses and prototrx>L% have all been put in pla(*, athvitses and events have bèen reimagined lo ensure they can take pla￿ wlhin cutrent guKlelines and wherever possib￿ staff have been provide(I with the tools to work from home. Ak)ngside all government requirewEnts. the Trust's adivities also o)mply with the Visit England. GO￿ to Go scheme and the SOc￿ty of London TheatrE. s￿ tt Safely (*mpaign. Additionally, risks arising from fire. heatth and safety of artist5 and audEn￿. rnanagement of perfomiing right5 and foo(1 hygiene are all taken into consideration. These rBks a￿ managed by ensunng accreditation Is up lo date, having robust poli(xes and pro(*duffts In pla(*. and regular awareness tsaining fotstsffwotknng in tr￿$@ opÈrabonal areas. The Trustees are satisfied thai there are adaquate sythms in M￿981e finanual and non-finantial risks in the (xrrent 0rcurn5tsn￿S. Trustees responsibility in relation to the accounts The Truste&s l%¥ho are also directots of Com Exth2nge IN￿tUry) Trust for the purp)ses of company lawl are responsible for preparing the Truslee5' Report and the finanual statements In accordan￿ with appIl￿b￿ law and United Kingdom Accountin9 Standards (Llnited ￿n9dlIn Genertlly A￿p*e0 Accounting Practi￿) Company Lgw requires the Trustees to prepare financial stslemenls for each finantyal year which give a true and fair view of the State of affaits of the tharItab￿ (x)mpany and of Ihe in(x)ming resour￿$ and appli(*tion of resour￿5. induding the incotne and expenditure of the tharity for that period. In preparing these financial statements, the Trustees are required to.. Select surtable accounting poliaes and then aFytythem consstenuy. Observe the methods and prinUP￿ In the Charit￿S SORP., Make sound iudgÈmenls and estimaies that are reasonab￿ and prudent.. and Stal& whether applicable accounting standards have been folk)%*d. subject to any material departures disclosèd and explained in the financial ststÈTnents". Prepare the financial $12temÈnts on the going cA)n￿rn basis Un￿$S it is inappropriate to presume tt)at tt)e tharity will conlinue In operabon. The Trustees are re5ponsib￿ for keeping properaccounting records Ihat disdose with reasonable accuracy al any lime the financial p0s￿On of the charitabk cthmpany and enab￿ them le ensure that the financial statements (*Jmply wilh the Companies Act 20￿, the Charibes Ad 2011. arè also [esponsib￿ for safeguarding th& assets of the tharitsble company and hen￿ for tsking reasonab￿ steps for the prevention and detedion of fraud and other irreguLqthes. In so far as the Twstees are aware.. there is no relevant audrt informabon of %vhich the umpanys audrtor 15 unaware.. and the Trustees have taken all the steps that they ought io have taken in order to make ihemselves aware of any r*￿vant audit infomatr.on and to establish Ihat ehantys auditers are aware of that information. Auditors A resolLrtion will be proposed at the Annual GerEral Meeting that Ihe Trust go ¢yJt to tender for auditor5 to the tharity forthe ensuing year. Current audrtors Eacotts Ltd wll be invited to tender as part of this pro￿$$. By order of the TN5tees tsLrt sl BOF48FC38DA2A1 Mr R Holland O*e". 06 December 2021 The Corn Exchange INewbury} Trust Report of the independent auditors to the Members and Trustees of The Com Exchange (Newbury) Trust Opinion We have sudited the financial ststements of The Corn Exchange (Newburyl Twst for the year ended 31 March 2021 which comprise the Group and Parent Chartabk Company StaterTEnt of Financial Activrties. the Group and Parent Charrtable Cornpany Summary Incorne and Eyendrture Account. the Group and Parent Charitable Cornpany Balance Sheets and the related note5. The finanoal reporbng fratnework that ha5 been applied in their preparation applicab￿ law and United Kingd(xn Generalty Accepted Accounting Practi￿. The repoort is Tnade SO￿lY to the Charty's trustees. a5 a ly)dy. in accordan￿ with seL1K)n 144 of the Charibes Act 2011 and the regulations tnade under Section 154 of the Act. Our audit work h35 been undertaken so that we tnight State to the Ch3nty's trustees those tnatter5 we are required to 5tste to thern in an auditorfs report and for no other purpose. To the fvI￿t extent pertnitted by law. we do not 8￿pt or assurne responsibilrty to anyone otherthan the Charity's trustees as a body. for our audit wotk. or forthe ¢)pinions we have fomwl_ In our opinion the financial statements". give a true and fair view of the stste of Ihe group's atKI ttE parent chatrtable cornpany'5 affairs as at 31 March 2021. and of the group's incorning resour￿ and appltsb.on of o$our￿. induding its in¢¢xne and expenditu￿. for the yearthen ended". have been propedy prepared in accordane* with United ￿ngdorn GeneraltyAc¢*pted Accounting Practice., and have been prepared in accordance with the requirements of the Compan*s Act 2006 and the Charities Act 2011. 8a8is for opinion We conducted our audit in accordance with Intemabonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audrtorfs responsibilities for the audrt of the accounts section of our report. We are independent of the Trust in arLordance with the ethical requirements that are relevant to our audit of the accounts in the UK. Ind￿￿1ng the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We beI￿Ve that the auditevh*nce we have obtained is sufficvènt and appropriate to prov*Je a basis forour opinh)n. The Impact of Macro-Economic Uncertainties on our Audit Our audit of the financial State￿￿ntS requi￿$ us to obtain an understanding of all relevant uncertainties. including those arising as a consequence of the effects of macrO*conom￿ unr£rtainties such as Covid-19. Al audits assess and challenge the reasonableness of estimates made by Ihe directors arKI the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. Al of these depend on assessments of the fLrture economic environment and the Trusfs fuiure prosF*cts and Ferfomance. Covid-19 is amongst the most signrficant economic events currenlty far*d by the UK. At the date of this report their effects are subject to unprecedented ￿VelS of uncertainty, with Ihe full range of possible outcomes and their impacts unknown. Detsils as the future pkns and develOp￿Ents of the Trust are documented in the Trustee's Report. However, no audit Shou￿ be expected to yedKt the Unknowab￿ factor5 or all possib$& future Implications for the Trust associated with these partKular events. Con¢lusions relating to going ¢on¢em We have nothiThJ to report in re5peLI of the follvwing in relation towhich the ISAS IUKI require u5 to report to you where". the trustees use of going concem basis of accountsrvj in Ihe preparation of the financial statements is not appropriate., or the trustees have not dixlosed in the finanoal 5t*errEnts any l(lentst￿ rnaterial Un￿rtaintieS that may cast significant doubt about the Trusfs ability to continue tts adoptthe going ¢on¢em basis of a¢￿￿ntIng for a per￿￿ of at kast twelve montt)s from the date when the accounts a￿ authorised for issue. io The Corn Exchange INewbury} Trust Report of the independent auditors to the Members and Trustees of The Com Exchange (Newbury) Trust in our evaluation of the Trustee's conclusions. we ￿nS￿ler&I Ihe risks asS￿ated with Ihe Trusfs bUsI￿ss. induding effects arising from macrcpeconomic uncertainties such as co¥hl-19. We have analysed how these risks might effect the Tru8t's financial resources or abilty to continue operations over the peri￿ of at least 12 months from the date when the finan￿81 ststements are authorised for issue. In accordance with the above, we have nothing to report in thes8 respects. However. we cannot predict all future events or cOnd￿onS and as subsequent events may result in outcomes that are inconsistent with judgernents that were reasonable at the ts'n* that they were made. the absence of a refemce to a material uncertainty in this auditorfs report is not a guarantee that the TNst will continue in operation. Other informatlon The other information comprises the Infonrdion included in the annual report other than the financial statements and our audrtorfs ￿ptsrt thereon. The trustees are responsib￿ forthe Olher infomiation. Our opinion on financial statements does not cx)ver the other infomiatron and. Èxe*pt to Ihe extent otherwse explirity stated in our repor( we do not express any form of assurancE condu&on the(eon. In connection with our audit of the accounts. our resFonsibilty is io read Ihe other information and. in doing so. consKlerwhelher the other infomiation is materialty inconsistent wrfh financial staterr￿ntS or our knowledge obtained in the sudit or othe￿iSe appears to be rnaterialty rnis5tated. If we such matenal inconsistenues or pparent rnaterial misstatements, we are required to determine whelher there is a ￿￿terial rnisstate￿￿nt in the financial staternents or a material mi5Statement of the other Information. If. based on the work we have perforrned, we conclude that there is a rnaterial mis5taternent of this other inforTnation. we are wuirEd to report that fact We have nothiNJ to report in this regard. Matters on which we are required to report by exception In the light of the knOw￿dge and understandiThJ of the Trust 8nd its environment obtaina in the course of the audit, we have not Identif￿ material misstatements in the Tnjstee's Annual ReporL We have nothing to report in respect of the folk)wing matters where the Charities Act 2011 requires us to report to you if, in our opin￿n. adequate accounting ￿ordS have not been kep( or retsjms adequate forour audrt have not been rer*ived from branches not visited by us.. or the financial statements are not In agreement with the a¢¢ounb"ng re¢¢)rd$ and retums". or we have not retsived all tt)È infomiation and explanatK)ns we require for our audit". or the Trustee's were not entided to prepare the accounts in accordance with the small companies regime and take advantage of the small companies, exewptions in preparing the Trustee's Report and frcm the requirewEnt to prepsre a Strategic ReporL Responsibilities of Truste85 As explained more fulty in the Trustees, ReSponsibilit￿S Statement set out on page 9. the Trustee5 Iwho are also the directors of the charrtable car￿anY for the purpose5 of company lawl are resp)nsible for the prwration of the financial statements and for being satisfEd that they give a trLE and fairvEw. In preparing the finanrial statements. the Tnjstee's are responsib￿ for assessing the Trusfs abilty to continue a8 a going concÈrn. disclosirvJ. as applicable. matters related to going coneem and using the going concem basis of accounting unless the Trustee's either intend to I￿lIm￿ate Ihe company or to r*ase 0￿rat￿)ns. or have no realistic ahernative but to do so. li The Corn Exchange INewbury} Trust Report of the independent auditors to the Members and Trustees of The Com Exchange (Newbury) Trust Auditorfs responsibilities forthe audit of tho financial staternents The trustee5 have elected for the financial statements to be audited in accordance wrth the Charities Act 2011 rather than the Companies Act 2006. Accordingty. we have been appointed a5 audrtor under section 144 of the Chantie5 Act 2011 and rewrt In accordance wrth the regulations made under section 154 of the Act. Our objectives are to obtain reasonab￿ assuran￿ aboth whether Ihe finanual staten*nts as a whole are from material misstatement. whether due to fraud or error: and trj L8SUe an audrto¢s report that includes our opinion. Reasonab￿ assurance is a hvJh level of assuranrÈ. but is not a guarantee that an audit conducted in accordanr with ISAS IUKI will always detect a material mIsstate￿￿nl when it exists. Misstatements can 8rise from fraud or error and are considered material if. indivklualty or in Ihe aggregate. t￿Y could reasonabty te expected to influence the economic deosions of users taken on the basis of Ihese accounts. A further description of our responsibil￿e$ forthe of Ihe a¢¢ounts i% l(K*ed on the Finan¢ial Reporting Council's website at." http."Ilwww.frG¢rg_uklaudtiotsresponsibilths. This des¢ripb"on forrr6 part of our auditorfs report. Do¢uSWtrfy'. &5E6A422F7T5435 Mr Brdndis Savizon FGCA (Senior Statutory Auditor) for and on behalf of Ea¢olls Intemational Limited Accountants IGAEW Registered Audiior Grenville Court Bri￿&11 Road Butnhsm Bucks SL1 8DF Dated.. 06 December 2021 12 The Corn Exchange INewbury} Trust Consolidated ststement of financial activities (including income and expenditure accounti For the year ended 31 March 2021 Total fvtr)d$ 2021 Total fund8 2020 fvDd8 2021 funils 2021 Incoming re80urce8 Donation5 and grants 1,115.2 1,179.9 713.3 Incorne from charitsble actMtE5. Operation of theatre and art ontre 316_0 535.4 851A 1.109.5 Incorne from other trading act￿￿'eS Commercial trading operations 15.6 15.6 245.4 Investment income Total incoming re50urce5 380.7 1,667.8 2,048.5 2,071.6 Resources expended Costs ofgenerafing funds." Commercial trading operations 23.0 23.0 116.9 Charitable aGtivities" Operation of theatre and arts r£ntre 10 310_8 1.355.7 1.666.S 1.￿3.4 Total re50urce5 expended 310.8 1.378.7 1,689.5 2,080.3 Net incomellexpenditurel 69.9 289.1 359.0 18.71 Transfers between furKIs 24 148.71 205.0 1156.31 Other recognised gainsnosses.. Gainslllossesl on defined benefrt pension scherne 15 1322.01 1322.01 65.0 Net movement of fund$ 21.2 2Q&O 1892 37.0 56.3 Reconciliation of fvnfjs Total funds brought foTwattl 212.8 206.4 320.4 739.6 683.3 Total fund8 carried forward 25 411A 131.2 776.6 739.6 13 The Corn Exchange {Newburyl Trust Consolidated balance sheet For the year ended 31 March 2021 C￿￿nY nur￿. 3908975 Group 2021 GrL*P Trust 2021 Twst 2020 £fyJ05 Fixed assets Tangible assets Investments 17 18 4411 4413 499.6 Total fixed a55ets 4413 4g9.6 Cuwent assets St(￿k Deblors Cash al bank arKJ in hand 19 20 161.9 1.166.2 1.333.2 327.2 1.237.8 1.56&0 161.8 1.169.3 1.331.1 1.276.9 1.SS9.2 Total current a55ets Creditors falliry due ￿1th1n one year Not current as88ts I Illabllltlesl 21 3613 547.9 785.3 359.9 543.0 788.1 Total assets less current liabilities 1.64D.O 1.287.7 1.647A 1.287.7 Creditors fallit¥J d￿ after more Ihan one 123.11 116AI Net as80ts excludlng penslon schom8 Ilabll 1.264.6 1.264.6 DefirEd benefit penS￿n schetne lithlty 15 1847.01 1525.01 1847.01 1525.01 Total net Ilab116tfjes of tho Trust TT6.6 739.6 7B4.0 739.6 The funds of the Trust Restricted income fuTKJs 24 2MO 212.8 212.8 Unrestricted in(*)mÈ furKJs". General Desi9n¥ied Total unrestricted funds eX￿￿lry lfftj Pension fu￿ surpluslldefioti Totsi unr8stYl¢t8d fvnds 24 97&2 411.4 1.389.6 847.Q 5416 9BS6 411.4 1.397.0 847.0 2￿.4 1.051.8 525.0 526.8 206.4 1.051.8 525.0 526.8 24 Total Trust fund5 77&6 739.6 7￿0 739.6 The cotnpany 15 entitled to Ihp exempbon fr(Kn the audit requremenl conta[￿￿ In sethon 477 ofthe Cotnpanie5 Act 2006. fry the year ended 31 March 2020, atthough an a￿111 has been ¢affl￿ Olrt under section 144 of the Charities Act 2011. No mber oflhe wmpany ha$ deposrted a ntho. wtsuarttosethon 476. ￿ul￿r￿j an 8￿rt oflhÈsE a(mJnts u￿￿[ requirements of the Corllpan￿S Act 2006. The direciors al*nI)￿ledge tr*ir respmsibilities f¢x ertsurirKJ thai ¢x)mpany keeps athxxJntiNJ ￿ordS u)MKAY￿lh secliw 386 of trE Companies Ad 20{￿ arxl for twnrvJ account5 ￿kniCh gNe a and tsrmewoflhe 5tste of affairs of IrE company as al the eThJ ofthe financial year and of rts incLmiThJ res￿r￿ aThJ aplicalion of reswrces, Induding its income and Èxpendilure. for Ihe finan￿81 year in accotdano valh Ihe requremetrts of sections 394 arKI 395 and ￿thIch othetwse cotnpty the requirernen15 of Ihe CotnpaThe5 Ad 2(th rdating to accounts, so far as ap￿iCab￿ to the compary. The accwnt5 ha￿ been Fwared in aCc(KdanCev￿ secti(kn 138 of Ihe Charibe5 Ad 2011 and ttE wowsion5 in Part 15 ofthe Companies Act 2(K￿ ap￿1¢able lo CoMpan￿S subJe£l lothe smam ¢(￿par1e$ reginE. The notes on the folD%%irvJ pages form part of Ihpse actwrts. Approved by the Trustees aThJ ￿gned cn teh8ifby.' Do¢uSpJned by.. 94thf5n￿DA2Al1 Dale 06 Decernber 2021 14 The Corn Exchange INewbury} Trust statement of Cash Flows and Consolidated Statement of Cash Flows Forthe year ended 31 March 2021 Group 2021 Group 2020 Tru 2020 2021 Cash flows from operating activibes.. Net cash provided by lused inl operatsng activrt 119.5 69_3 66.7 Cash flows from Inve8tfjng a¢￿¥￿8. Diwdends. interest and rents from investmeThls Purchase of property. plant and equiptnenl Net cash pra￿ded by lused inl imvosting aclivititrs 12 50.3 47.1 148.9 Cash flow5 from financing activities- Repayments of borrowng Cash infio¥vs from new borrDwng Not ¢a8h pro¥Sded by Iusod Inl financlng actlv6Uo8 113_51 113.51 13.5 13.5 Change in cash and cash equNalents in the reporbny period 110.7 Cash and cash oquivalonts at the beginning of the reporting period 1.16&2 1.159.3 1,169.3 1,163.2 Cash and cash equivalents at the end of the reporting Fleriod 1.27&9 1.166.2 1,237. 1,169.3 Is The Corn Exchange (Newbury) Trust Notes to the accounts For the year ended 31 March 2021 1 Accounting policies The pnn¢ipal awounting polic￿$ adopted. judgetrents and key Sour￿ of estirnab.￿ ￿n￿rtaInty in the preparation of Ihe Consolidat￿ financial slat*nents are as follows." Company Info￿natiOn The Corn Exchange INÈwburyl Trust Is a registered (￿aritab￿ company. domici￿d and incorporated in England and Wales. The registered officÈ Is Belmont House. Station Way. Craw*. West Sussex. RG10 1JA. Basis of preparaiion These finanaal 5taternents have been prepared In accOr¢jan￿ wrth FRS 102'The Finanual Reportsng Standard applicable in the UK and Republic of Ireland" I"FRS 102"1."Accounting and Reportiry by Charibes" the St3tetDent of Recommended practi￿ for charttses apFAying FRS 102. the Chartbe5 ALt 2011, the CotnpanE5 Act 2006 and UK GeneraIlyA¢￿pted A¢¢ounting prath￿ as it applies fmm l January 2015. The ¢harty is a Publi¢ Benefit Entyty as defined by FRS 102. The Com Exchange (Newburyl Trust rneets Ihe defintbon of a putAic benefft entrty under FRS 102. A55ets and 113bilitie5 are Initially recLvJnised at hi%knol cost ortrèn5**on value un￿$ othetvAse ststed in the relevant a¢¢ountlng policy notelsl. The financial Stste￿nts are prepar8d in 5tsrfiTrJ, which Is thefvnctional currency of the cornpany. Monetsry amounts in these finanual statements are rounded to the nearest£1.CMXI. Prepardtion of the accounts on a going concem basis The Trust ￿pOrte 1.9S4.7 11.963.41 Net IrKxJrning resources before pens￿ S(*￿￿e aliuslments 366.4 Gainsllh)ssl ￿ per6￿n 1322.01 Net incxxnlngll(MJtg￿llg) re￿￿￿5 forlhe year 44A Totsi brought forward 739.6 683.3 Total furKJsixrri&J fDTwatd 784.0 739.6 Represented by.. Reslncted Income fl1￿5 Unrestnctsd InC￿e funds 234.0 sso.o 212.8 S26.8 Totsl Trustlunds 784.0 739.6 6 Tradlng $ybsldiAry The Sktemeni of Financia Acuvibes In these gr￿P accounts i￿ude those ofthe Trusfswtrdlyiwned subsidiary. The Com Exchange INewburyl Trading C(xnpany Limited This (xxnpany disthtxrtes rts wofitsto the Trust undergift aid. Asummary ofsubsidiary urKlert¥kingb Ir•SThJ resuitsand financial position Is 3s fdlow 2021 2Q20 Tumovèr Cost of s¥les and administrabve ewses Arnount9ifted to the Trust 115.61 22 1245.41 116.7 128.7 Net profft retained Net bod( value of fixed assets Curwi assets Current liatr￿lI￿eS Net assèts and aygregate share ¢#prt￿ and tÈsetves The Corn Exchange INewbury) Trust Notes to the accounts For the year ended 31 March 2021 7 Donations and grants ToialfvThts 2021 Totsifvnds 2020 rrt tknnaiions¥nd w credits Membership Grants 206.3 206.3 20.0 953.6 1.179.9 217.5 42.9 452.9 713.3 8889 1.115.2 Year end￿1 31 March 2020 76.7 628.6 713.3 8 Incomlng resour¢8s from ¢h•rftoblo a¢tiY6Ues The Income was generated fr￿￿ kneoperalThofthelhpatre and ats￿tres in Newknjry. funds 2021 2020 Ints)me films PerfO￿anCe grants & Income I[￿n perfOrmar￿eS 10.7 355.7 366_4 10.7 671.7 6B2.4 316.0 316.0 361.4 522.5 Facilities and equIpm￿t hire Rent, and costs r￿harged Inrrte 141 Rent and [￿argeS 140.0 140.0 140.0 140.0 402.1 438.1 Sales ty)mmiSs￿n5 Other rdaled Ir￿oMe Other tharrtabk In(Lme 29.4 119.5 148.9 19.8 19.8 29.0 316.0 535A 851.4 1,105.5 Year endaj 31 March 2020 1.039.9 1.109.5 The live arbSb¢ woyrsmmt Is ¢peTated by The Com ExdwrvJÈ IN6Vtwryl Prc#JLiiths Limtsy and rent, ttyethtrr with Staff and ￿$t.$h￿rIng rethaoes. a￿ m8de iotris ¢tyn￿nY (see note 161. 9 Invgsknent Incomo Totsl 15 2021 nds fvnds 2020 Bank and other intsr&l recewwj Net reium on pension tstheme assets Irotr 151 21 The Corn Exchange INewbury) Trust Notes to the accounts For the year ended 31 March 2021 10 Anatysis of Charitab￿ expenditure The Trust undertak* thattrdbleautiwbesC￿￿a￿d Change in demographic ¥ssumpiity)s Experients gain on defined benefit oNigatiDns Estimated benefits paid Inetof transf￿5 In) Contribub￿S by stheme parbtsp¥n 1.396.0 12.0 33 435.0 115.01 11B.01 1.493.0 14.0 37.0 1143.01 14.01 io ¢h)51ng defined benefrtoblvJatk 1,841.0 1.396.0 Re¢on¢lllatlon ol the pres8ntvalug ol$chomo assets 2021 £OOOs 2020 £OOOs Opening tsif valLe of sc**me¥s* Inlereston assets Rthrn on assets ￿5S Interest Contribubons by ernp￿yer Contribub￿S by scheme parbopants Estimated benefits pad Inetof transfers n) 871.0 21.0 91 14.0 zo 14.01 )3.0 134.01 14.0 14.01 Closiry tsir value of s&beme a58ets 994.0 871.0 Reconciliation of the openin9 and closing balance sheet position 2021 £OOOs 2020 £OOOs SUrFlU￿{￿e￿crtI 81 the beginning of Ihe year Current sery￿e cost Contribubons by empbyer Other finance in¢omell¢ostl Actuari￿ gainslllossesl 1525.01 {12.01 14.0 111.0 1435.01 1590.01 14.0 178.01 143.0 Surpluslldeficitl at the end of the year 847.0 525.0 Allocation of lairvalue of scheme a55ets ILGPS. EM￿0ye1 asset allc¢8uon- M value) 2021 2020 2021 2020 Equiti Gitts Other b￿d$ Property Cash T8wet Retum Portr￿10 Commc*libes Infrastsucture LoDgevty Insurance S9&0 492.0 60 1620 1210 4&0 41.0 81.0 120.0 103.0 37.0 16.0 12 14.0 12.0 nla 81.0 71.0 138.01 15.01 14.01 Totsl 871.0 100.0 100.0 Based on these estimatsd ￿are5 ofassets. Ihe Share ofthe assets ofthe Fund Is ￿than 1%. The Corn Exchange INewbury) Trust Notes to the accounts For the year ended 31 March 2021 1S Defined benefit pe115ion Scheme {continuedl Expe¢itd retum on ¥s8ets The relum ￿ the assets lon a value to ba￿5} frwlhe yearto 31 Marth 2020 is estsmaled to be-1% {2019". l. This Is based ￿ Ihe esbm*d Fund value used atthe p¢VKw¥cJ￿jnknny d* arwj theestim¥ted Fund value used ai this a¢coJniiw date. a¢￿￿1 re￿M M Fund assets overthe year may be drferenl 2021 2020 Anatysl$ oltotsl oxr*nso rgeognw In thg ststernent of Financial Activitie5 2021 £OOOs 202 £DOOs Curwi servti cy) contributions by emptyer Other tillan￿ IDCx)mell￿Sti Aciuangl gainslllo>*sl 112.01 14.0 111.0 1435.01 114.01 14.0 {78.01 143.0 322.0 65.0 The estmaled pensN)natAe payrol forthe cutrentyear i5£35.0(X)12019". £35 WDI and Ihe woie(*ed payrdl c05t forlhe ¢omiDg year 1$ £35.00012019" £35,(N)01. charrty expeds to(wknbJte £11 0(N) lo Ihe xtheme a5 eTnpbyer In the neAt finan)81 year. 2021 Aotual return On SL*eTne assets Sensitivity an￿￿51& The ftAbwing tsble Sets out Ihe impaotof a (*arye In the dig>Junt rates ￿ Ihe total 0￿￿jat￿￿ and wojeGted seTvice I￿￿t wth a +1. 1 yearage *Jiusbneni tots m(*v4ty asxmpbm. Adiuslmentto discount rate 40.1% 4).1% - P￿entv81Ve of1￿1 c*)11￿0 - Prqected servi￿ CA)51 1,802.0 15.0 1.841.0 15.0 1.880.0 15.0 Adjusknentto m(rtalty age rabng +1 ye4r -1 year - Presentvalue of total thligation - Prqected Servi￿ cx)st 1 913.0 16.0 1.841.0 15.0 1.771.0 15.0 26 The Corn Exchange INewbury) Trust Notes to the accounts For the year ended 31 March 2021 1S Defined benefit pe115ion 5chwne {continuedl Hi8tary ol 8urplu8lldefi¢itl in tho 8¢htme exwriem¢e adl￿eth¥ 202 2Mg 2011 2ts17 £OOOs Defined benefit obligat Stheme assets lat bid prit%) Surpluslldeficitl 11.841.0) (1 396.0} 871.0 1525.01 11.493.01 903.0 (s￿.0) 11.446.01 820.0 1626.01 {1.461.01 788.0 1673.01 1847.01 Expenentr ad1usbm￿ts. - on stheme &sets - OD stheme Iiatslthtrs 1109.0} 173.01 287.0 118.01 % ol assets -125% 12% 36.4% Cumulabve ￿l￿nal ￿1n11￿)SSI (Sin￿ 31-Mar-041 404.0 469.0 $05.0 552.0 16 Rolated pawty trnn88¢ti0th8 Rernuneration of key marbagement personnel The Remunerabon of key management per￿ne1 15 a5 frAkN•5" 2021 £OOOs 2020 £OOOs Aggregate remuner*un 154.2 178.3 TransaC￿onS with r•lathd partlps The Ctyn Extr￿nge (Newbury) Pr(x1U¢b￿ Limited Is a company Imited by warantse that was iro)rrxyaW to operate Independenlythe cumural arts [K￿raMMe atthe C￿tre by the Tru5L R￿argeS lo this company from the T￿st Indude £45.00012020". £327 057} In respe(* of 5uppty of lab￿( for eIn￿OyeeS with iaiDI (y)DtractS Df e[￿￿oY￿errt and £1 989.55 12020" £66 093.451 fur gther (￿ts tharged U[￿er CDSI a 5hanng agreemwt eniera Ini¢ in Juty 2(Kh5. Al the baiqrte sheei date tre Trua was ￿ £89.547 12020.. £43.5811 from this mpany. At the baLan￿ sheet date the Tw5t hekj £101.214 12020". £99.0441 In Te5peL*of (￿et Ituyne L¥Jkn*wJ OD LEha￿OfTh9 Com Ex¢hanoe 5ts to The Trust during the y&ar. At th8 babD¢e sFEet d¥ts TtUSt tr*es £30.(W)O to TkE B¥se. At the baLgnts sheet date the Tmst hekl £2.350 12020 £01 in resrttt oftirket income t￿￿jed on behaKofThe Base Greenham This amount Is induded In'DefeTred incorne. In the aC￿￿ntS 27 The Corn Exchange INewbury) Trust Notes to the accounts For the year ended 31 March 2021 17 Tangible assets Group 2021 Tr￿t 2021 Fixtures, fittin95, plant and eqUI￿￿ent As 811 Apnl 2020 Additions Disposals AS al 31 Math 2021 1,168.6 1.157.2 1 170.8 1,159.4 Depreclatlon As al 1 Apnl 2020 Cha￿tr forthe year Qn diswsals As al 31 March 2021 657.6 59.5 61.5 727.7 717.1 Net book valu As at 31 March 2021 As al 31 March 2020 4413 499.6 502.4 18 Invèstsnènts Trltst Trust 2021 2020 Shares Sha￿$ Shares In S￿￿￿12ry U￿lertakIng The Trust o%vn$ 100% of ￿e issued ofThe Cryn Exchange (Newburyl T￿ling Cornpany ￿MIted. The primpal activty ofthis wmpany 15the opera￿n of caf&barfaahbe5 made avaikble to It￿re aUdien￿S. hirers of fa01￿e$ and the general puN 19 Stock Gmup YJ21 Ttitst 2021 Twst 2020 Goods held for resale 20 Dgbtors Grtwp 21 Group Tr￿t 2021 Trust 202D £t*)Os Trade debtors Other debtss PrepaymenlsaDd acmed Ino)me Amounts due fwm Su￿￿ty undtr1*ing 2012 114.5 203.2 49A 25.2 49.4 114.4 2&2 47.4 47.4 161.9 327.2 161.8 28 The Corn Exchange INewbury) Trust Notes to the accounts For the year ended 31 March 2021 21 CroditOV8". amoun18 f8llinU dtso within year ¢n>up 21 Tr￿L 2021 Truwt 2Q2fy ank ovwdraft Bank I(￿nS Other knans Trade creditotS VAT and Other wes Qlher Credit￿98nd accru￿5 7&9 10.71 17Z4 10&0 125.5 75.6 122.7 280.1 133.8 170.3 108.0 278.0 133.8 AmDunts due ID subsdiary undertrakng 36Z3 547.9 359.9 543.0 Deferred Ir￿Qme comprises admission fees, derti&ts forauditorium grants rdabrvj trl ￿re Ftriods The movement in deferred irKX)me 15 asfrAIuw5 Gn)up 2121 Trltst 2021 AS a11 April 2020 Amounts released to in¢x)miry re50ur Arnounts deferr￿ dunng Ihe Cu￿￿tYear 133.8 1133.8} 108.0 133.8 108.0 As al 31 March 2021 108.0 108.0 22 Creditor8." amoun18 falling d¥e an81 one y&8r GvJup 21 Truyt 2021 202D Other bans repayaide by instalm6nts RepaY8￿e within S years RepaY£￿e after 5 years 1&4 23.1 16A 23.1 23 BOrrO￿ngS Trust 2020 £OOO$ 2021 £OCW)s Repayable within 1 year Repay¥blt within S Repayatde after 5 years 16.4 23.1 31.4 Borrtswings wn*si of £6,50012020" £9,5(M)I for the upgt¥Je of tr* b)x oifw*. £012020 £1,814) for 8Th ¢inem¥ s¢reen armj £16.58812020 £19,045) for Ihe Frfy)i of House refuthshmeni. bans are to Greenham Ctymm Trust. Inte￿st Is charged at2Wo above base forthe trA)x offi￿ h)an. 4% for the onerna sueen and Front of H￿se refurbishmefit loan. ID addth￿ the Front of House agreem&rt IrKJudes ald￿(￿al payments b￿ng made rf The Cotn EK*ange INeNburyl Tradiry Company Iimrted tn¥kes a grftathb￿ ptofrtufmLYe than £80.(M)O. ai whith wni 1.5% of any amount 3bDve £80.000 will be paid io Greenham C¢mmw TrusL 29 The Corn Exchange INewbury) Trust Notes to the accounts For the year ended 31 March 2021 24 Anatysis of funds movements Unrostrt¢t8d funds mo¥emonts BIk￿ced¢ BalaThGeat 314lar.21 £rths lTrGcADe ExpeTrY*U￿ Transle Unresthcted ￿ndS before p￿Skin eficit Pension assetlldefiDtI 845.4 (525.0) 1.667.8 11.378.71 1322.01 978.2 1847.01 Tolal unrestricted funds 320.4 1.667.8 1.7￿. 156.3 131.2 Designated funds movtmethts Leaming Projects Repairs and rep￿1￿ment r*pr*¢i8tson Future Fund COMD recovery ￿nd Total Designated lunds 43.5 43.5 5D.O 112.9 130.0 75.0 205.0 242.9 75.0 Leaming and deV￿O￿ne￿I prcittts baLgrtr carried rerrfeS￿ fvndiro snd desgnsted fora variety of edU￿bO￿al projects njn by the T￿st Capital Reserves-th1sfurKJ representthe am(xJnt dtrAgnated L¥rt the Twstee5 t0f￿K1 the ￿ann￿d buikJirvJ ￿paIrS and Depreciation. this ￿presents the depr￿ati￿ cn fred assets whKh have been CgPit¥isa as a re5uII ofaud adiustmenls In the prior year rAus assets wrchased from want fun(Sng. The Fulurtr Fund Isan amount re¢¥ved donati￿$. btyetyfrem the Save YtyJr Cr¥n Exthany&£ampaign. This has n d2￿gnated to help sustsin Ihe firttsre of The Ccrfn Exchange. The Corn Exchange INewbury) Trust Notes to the accounts For the year ended 31 March 2021 24 Ana￿sIS offunds movements Icontinuedl Rèstrcted fund¥ movements Tr4nsfe¥s 31414r-21 Outdoor events Leaming and develorment 164.7) 1100.01 10.4 152.3 148.71 14.0 Catslyst Evolve Arts and Okler peorAe Capital prqects AMbIb￿ for eN¢41￿ce Qlher restricted funds 19.41 59.8 163.7 1136.71 125.5 28.4 Total restricted funds 212.8 380.7 310.8 48.7 OutdoDrevents ba£n￿ carn￿1 forwards reWeS￿ f￿￿K¥j of¢xrtd¢Xjre￿t Le¥ming and developnent WCigX8 b8bn* ¢wried forw¥ts let¥es¥)tsfvnOi￿ ￿l¥&Y fora wety ofedLtstional oiects run by the Trust. Salaries balarKe czrried furwards wresettsfLTvJrvJ rEwbed to futvj w515 the organisation. Calaly5t proje(* balan￿ (xr[￿1 forwar(ts rep[￿lSfU￿1I￿ ￿￿1ved Arts En￿and forthLs S￿￿fiC prqed Evolve restiictsd fund$ 1¢ supp)rt the C¢m Ex¢h¥roe'$8rtisb¢rwgramme. Arts and older p6ole balart*t¥n￿ ftrwards wr6sentsfL¥¥JifKJ [orpffji￿ ¥*ufi¢alty amed atohJÈr peLWt. Caprta prqeLts represent5fundity re(￿Ved t(AYartsthe frontof house refiJthshm&rt und￿taken dunry Ihe year. Arnbib￿ for eXc41￿ce represent$ funding ￿Ned M's 8 rw progr8mme ofoutdoor acti￿lieS for 101 ￿ntre for the creabon of (Mrtd￿rarts. 25 Ana￿51¥ of group net assets bptween funds Total 21 2021 2020 Tary1b￿ fixed assets InlaDgible fixed assets C¥$h ai bank and In hand Qlher net Current assets Long term IL4bilibes Pension xheme defiLit 443_1 443.1 502.4 411.4 631.5 180.01 1.276.9 IBo.01 {16.41 1847.01 1.166.2 1380.91 1847.01 1525.01 411.4 131.2 776.6 739.6 31 **The Corn Exchange (Newbury) Trust Notes to the accounts For the year ended 31 March 2021** ## **26 Financial commitments** The Trust has the following commitments under non-cancellable operating leases: |The Trust has the following commitments under non-cancellable operating leases:||| |---|---|---| |**Other Operating leases**
Leases expiring
Less than 1 year
within 2-5 year
Over 5 Years|**2021**
**£000s**
79.7
118.7
-
**198.4**|**2020**
**£000s**
79.7
198.4
-| |||**278.1**| ## **Land and Buildings** The Trust leases the Corn Exchange building from West Berkshire Council on a 99 year lease. The council can charge a peppercorn rent under the terms of the lease. The amount to be paid in the following year, if demanded, is expected to be £1 (2020: £nil). ## **27 Cash generated from operations** |Net
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
Loss/(profit) on the sale of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase/(decrease) in provisions
Net cash provided by (used in) operating activities|**Group**
**2021**
**£000s**
37.0
61.6
(1.6)
-
0.6
(165.3)
(134.8)
322.0
**119.5**|**Group**
**2020**
**£000s**
56.3
67.0
(3.4)
-
1.9
98.6
(86.1)
(65.0)
69.3|**Trust**
**2021**
**£000s**
44.4
59.5
(1.6)
-
-
(165.4)
(181.6)
322.0
**77.3**|**Trust**
**2020**
**£000s**
56.3
65.1
(3.2)
-
-
98.4
(84.9)
(65.0)| |---|---|---|---|---| |||||66.7| 32