2023-03-31-accounts - The Corn Exchange (Newbury) Trust

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				Page
Reference and administrative			details	1 —2
Report ofthe	trustees			3 9
Independent	Auditor's	Report		10-12
Statement of	Financial	Activities		13
Balance Sheets				14
Statement of	Cash Flows			15
Notes to the	Accounts			16 —34

Charity number:	Charity number:	1080567
Company	number:	03908975
Registered	Office:	C/0 lrvin Mitchell LLP
		Riverside East
		2Millsands
		Sheffield
		South Yorkshire
		S3SDT
Auditors		UHY Ross Brooke
		Suite I
		Windrush Court
		Abingdon Business Park
		Abingdon
		OX14ISY
Bankers		National Westminster	Bank
		30Market Place
		Newbury
		Berks
		RG14 5AJ
Solicitors		Irwin Mitchell Group
		Mercantile House
		18London Road
		Newbury
		Berks
		RG14 IJX
Principal Office		Corn Exchange Newbury
		Market Place
		Newbury
		Berkshire
		RG14 5BD
Chief Executive Officer		KGriffiths
		JJhundoo-Evans
Secretary		Irwin Mitchell Secretaries Limited

					Unrestricted	Designated	Restricted	Total Funds	Total Funds
					Funds	Fuads	Funds	2023	2022
				Note	f
Income:
Donations and grants				4	693,408	687	216,520	910,615	1,289,122
lncomePom charitable		activities:
Operation oftheatre	and	art centre		5	1,333,478			1,333,478	1,086,417
Income from other trading activities:
Commercial trading	operations			7	238,352			238,352	144,811
Investment incoine				6	5,198			5,198	806
Total income					2,270,436	687	216,520	2,487,643	2,521,156
Expenditure:
Cost ofgenerating funds:				7	107,265			107,265	76,208
Commercial trading	operations
Charitable activities:				7	2,056,875	56,864	211,293	2,325,032	2,373,239
Operation oftheatre	and	arts	centre
Total expenditure					2,164,140	56,864	211,293	2,432,297	2,449,447
Net income / (expenditure)			before		106,296	(56,177)	5,227	55,346	71,709
investment gains / (losses)
Transfers between funds				21	(185,000)	185,000
Other recognised gains/losses:				20	577,000			577,000	192,000
Gains/fiosses) on defined		benefit
pension scheme
Net income / (expenditure)			and net		498,296	128,823	5,227	632,346	263,709
movement in funds	for	the	year
Reconciliation offunds
Total Funds brought	forward				315,071	544,360	180,876	1,040,307	776,598
Total funds carried	forward
					813,367	673,183	186,103	1,672,653	1,040407

			Group	Group	Trust	Trust
			2023	2022	2023	2022
		Note
Fixed assets
Tangible assets		13	362,309	394,783	352,654	394,783
Investments		14			2	2
Total Fixed Assets			362,309	394,783	352,656	394,785
Current assets
Stock		15	7,569	5,318
Debtors		16	94,128	467,690	92,840	466,419
Cash at bank and in hand			1,751,579	1,653,834	1,761,226	1,647,068
Total Current Assets			1,853,276	2 126842	1,854,066	2,113,487
Liabilities
Creditors falling due within one year		17	459,318	816544	450,450	803,190
Net Current assets			1,393,958	1,310,298	1,403,616	1,310,297
Creditors falling due after one year		17	5,614	9 774	5,614	9,774
Net assets excluding	pension
liabilty			1,750,653	1,695,307	1,750,658	1,695/08
Pension scheme liability		20	(78,000)	(655,000)	(78,000)	(655,000)
Net assets including liability	pension		1,672,653	1,040,307	1,672,658	1,040,308
The funds ofthe charity:
Unrestricted income funds		21	891,367	970,071	891,372	970,070
Designated funds		21	673,183	544,360	673,183	544,361
Restricted income funds		21	186,103	180,876	186,103	180,877
Pension fund surplus/(deficit)			(78,000)	(655,000)	(78,000)	(655,000)
Total charity funds			1,672 653	1040,307	1,672,658	1,040,308

					Group	Group	Trust	Trust
					2023	2022	2023	2022
				Note			f.
Cash used in operating	activities			24	126,129	394,670	123,730	427,118
Cash flows from investing
activities
Interest income					5,198	806	5,198	806
Loss on fixed asset disposal						12,481		12,421
Purchase oftangible fixed assets					(26,924)	(24,403)	(8,110)	(24,403)
Cash provided by (used investing activities	in)				(21,726)	(11,116)	(2,912)	(11,176)
Cash flows from financing
activities
Proceeds/(repayment) of	long-term
borrowings					(6,660)	(6,660)	(6,660)	(6,660)
Cash used in financing	activities				6 60	6660	6,660	6660
Increase/(decrease) in cash		and cash
equivalents in the year					97,745	376,892	114,158	409,282
Cash and cash equivalents		at the
beginning ofthe year					1,653,834	1,276,942	1,647,068	1,237,786
Total cash and cash equivalents the end ofthe year			at		1,751,579	1,653,834	1,761,226	1,647,068

			2023	2022
Income			2,380,377	2,438,874
Expenditure	on charitable	activities	(2,325,032)	(2,373,239)
Gains/(loss)	on pension scheme		577,000	192,000
Net income			632,345	257,635
Total funds	brought forward		1,040,308	782 673
Total funds	carried forward		1672658	1040308
Represented	by:
Restricted income funds			186,103	180,876
Unrestricted	income funds		1,486,555	859,432
			1672658	I 040308

	2023	2022
Donations	156,746	168,911
Membership	22,231	19,420
Grants	731638	1,100,791
	910,615	I 289122

ncome from	charitable activities
		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
				2023	2022
Income from	films		96,254	96,254	42,127
Performance	grants and sponsorships		641,423	641,423	749,539
Rent, snd costs recharged			442,711	442,711	218,755
Sales commissions			79,363	79,363	50,546
Other related	income		73,727	73,727	25,450
Total income	from charitable		1,333,478	1,333,478	1,086,417

alysis ofexpendi	ture on charitabl	e activities
		Designated funds 8	Restricted funds f	Unrestricted funds	Total funds 2023	Total funds 2022
Live programme	costs			7,151	7,151	7,277
Film costs				52,382	52,382	20,572
Specific projects —productions				118,426	118,426	100,200
Specific projects	- other		211,293	187,305	398,598	881,596
Marketing and advertising				107,240	107,240	105,651
Staffcosts				1,067,450	1,067,450	766,774
Premises costs		56,864		136,696	193,560	140,773
Repairs and renewals				97,197	97,198	136,755
General overheads				156,659	156,659	96,025
Depreciation				50,239	50,239	59,422
Support costs (see note 8)				76,130	76,130	58,194
		56,864	211,293	2,056,875	2)325)032	2/73,239

he summary fina	ncial performan	ce ofthe	subsidiary alone is:
				2023	2022
					8
Tultlovef				238,352	144,811
Cost ofsales and	administrative	expenses		(107,265)	(76,208)
Amount gifted to the Trust				(131,087)	(62,528)
Net profit/(loss)	retained				6,075
The assets and liabilities ofthe		subsidiary	were:
Fixed assets				9,655
Current assets				8,874	13,356
Current liabilities				(18,527)	(13,354)
Total net assets
Aggregate share	capital and reserves

			Basis ofapportionment	General	Governance
				support	function	Total
Audit and accountancy		fees	Governance		11,000	11,000
Professional	fees		Governance		37,345	37,345
Interest and	charges		General support	27,785		27,785
Total				27,785	48,345	76,130

9	Net income/(expenditure) for the year This is stated atter charging:
		2023	2022
	Depreciation	50,669	59,422
	Auditor's remuneration:
	Audit fees	14,500	14,500
10	Analysis ofstaff costs, trustee remuneration	and expenses, and the costofkey management
	personnel
		2023	2022
	Salaries and wages	961,304	687,246
	Social security costs	70,293	46,186
	Pension costs	31,451	26,582
	Other staff costs	4,402	6,760
		1,067,450	766,774

		2023	2022
		No	No
Concert and	stage performers
Management
Administration
Marketing
Front ofHouse		14	12
Community	and Arts
		48	45

3	Tangible	fixed assets —charity	(also comprising that ofth	e group)
			Plant ds	Assets Bought	Capital Refurb	Total
			machinery,	with Funding	Project
			fixtures, fittings
			di equipment
	Cost:
	As at	1 April 2022	647,475	247,891	287,428	1,182,794
	Additions		10,085	8,110		18,195
	Disposals		(24,383)		(2,541)	(26,924)
	As at	31March 2023	633,177	256,001	284,887	1,174,065
	Depreciation:
	As at	1 April 2022	590,186	118,626	79,199	788,011
	Charge for the year		16,821	22,957	10,891	50,669
	Disposals		(24,383)		(2,541)	(26,924)
	As at	31March 2023	582,624	141,583	87,549	811,756
	Net book value:
	As at	1April 2022	57,289	129,265	208,229	394,783
	As at	31 March 2023	50,553	114,418	197,338	362,309
14	Investments
				Shares in	Other	Total
	Charity			subsidiary	investments
				undertakings
	Cost;
	As at	1 April 2022
	Movement
	As at	31March 2023
	Group			Shares in	Other	Total
				subsidiary	investments
				undertakings
	Cost:
	As at	1 April 2022
	Movement
	As at	31 March 2023

				Group		Trust
				2023	2022	2023	2022
Goods	held	for	resale	7,569	5,318
				7,569	5,318


		2023	2022	2023	2022
Trade debtors		60,968	238,669	60,968	238,689
Other debtors		1,411	187,354	123	186,066
Prepayments	&,accrued income	31,749	41,664	31,749	41,664
Amounts due	from subsidiary
undertaking
		94,128	467,690	92,840	466,419

reditors: amounts falling due withi	n one year
		Group			Trust
	2023		2022	2023		2022
Trade creditors	82,360		200,604	76,504		190,808
Other creditors &.accruals	44,766		147,449	42,207		143,999
Deferred income (note 19)	328,175		461,831	327,722		461,723
Other loans	4,017		6,660	4,017		6,660
Taxation &social security
	459,318		816,544	450,450		803,190


		2023	2022	2023	2022
Other	loans	5,614	9,774	5,614	9,774
		5,614	9,774	5,614	9,774

rrowings
			Trust	Trust
			2023	2022
Repayable	within	I year	4,160	6,660
Repayable	within	5 years	5,614	9,774
Repayable	after 5	years
			9,774	16,434

			Group	Trust
			f.
Balance	as at I April 2022		461,831	461,723
Amount	released to income earned &om charitable	activities	(461,831)	(461,723)
Amount	deferred in year		328 150	327,696
Balance	as at 31March 2023		328,150	327,696

Changes in th	e defined benefit obligation are as follows:
		2023
		8'000
Present value	at start ofyear	(1,735)
Current service cost		(17)
Interest cost		(45)
Actuarial gains and losses		700
Experience gain/(loss) on defined benefit obligation		(76)
Benetits paid		15
Contributions	by scheme participants	~2
Present value	at end ofyear	1 160

				2023
				g'000
Fair value at start ofyear				1,080
Interest income				28
Return on plan assets, excluding	amounts	included	in interest income/(expense)	(28)
Administration expenses				(I)
Employer contributions Contributions by scheme participants Benefits paid				16 2 ~15
Fair value at end ofyear				I 082

			2023	2022
			K'000	8'000
Current	service cost		(1'/)	(16)
Contributions		by employer	16	15
Other finance		income/(cost)	17	113
Actuarial	(losses)/gains		577	80
			593	192

The major categories ofscheme assets are as follows:
	2023	2022
	0/
Cash and cash equivalents
Equity instruments	62	62
Other bonds	14	16
Property	13	12
Target return portfolio
Infrastructure	14	12
Longevity insurance		~5
	100	100
Return on scheme assets
	2023	2022
	0'000	0'000
Return on scheme assets	27	15

The principal actuarial assumptions at the balance sh	eet date are as follows:
	2023	2022
Discount rate	4.80	2.60
Future salary increases	3.95	4.20
Future pension increases	2.95	3.20

				2023	2022
				Years	Years
Current	UK pensioners	at retirement	age -male	21.10	21.00
Current	UK pensioners	at retirement	age - female	23.90	24.00
Future	UK pensioners	at retirement	age - male	22.30	23.00
Future	UK pensioners	at retirement	age -female	25.30	25.00

nalysis ofmovem	ents in unrestricted	funds
	Balance I	Income	Expenditure	Gains and	Transfers	Funds 31
	April 2022			losses		March
						2023
General fund	970,071	2,270,436	(2,164,140)		(185,000)	891,367
Pension	(655,00Q)			577,0QQ		(78,000)
asset/(deficit)
Total	315,071	2,270,436	(2,164,140)	577,000	(185,000)	813,367

	Balance 1	Income	Expenditure	Gains and	Transfers	Funds 31
	April			losses		March
	2021					2022
General fund	978,239	2,203,340	(2,076,508)		(135,000)	970,071
Pension
asset/(deficit)	847,000			192,000		(655000
Total	131,239	2,203,340	(2,076,508)	192,000	(135,000)	315,071

nalysis ofmovemen	ts in designated	funds
	Balance 1	Income	Expenditure	Gains and	Transfers	Funds 31
	April 2022			losses		March
						2023
Learning Projects	43,500					43,500
Repairs and replacement	50,000		(33,427)			16,573
Future Fund	260,920				185,000	445,920
Covid recovery fund	70,750					70,750
Cinema and Bar upgrade	55,000	687	(687)			55,000
101Funds	52,000		(22,750)			29,250
Green Shoots	2,190					2,190
ITcosts	10,000					10,000
Total	544,360	687	(56,864)		185,000	673,183

	Balance 1	Income	Expenditure	Gains and	Transfers	Funds 31
	April			losses		March
	2021					2022
						g'000
Learning
projects	43,500					43,500
Repairs and
replacement	50,000					50,000
Future Fund	242,920				18,000	260,920
COVID
recovery fund	75,000		(4,250)			70,750
Cinema and Bar
upgrade					55,000	55,000
101Funds
					52,000	52,000
Green Shoots
		2,190				2,190
ITcosts					10000	10000
Total	411,420	2,190	(4,250)		135,000	544,360

			Balance 01	Income	Expenditure	Funds 31
			April 2022			March
						2023
						g
Outdoor events			6,030			6,030
Evolve
			54,272	36,591	(76,070)	14,793
Learning and development	projects		54,725			54,725
Careers in the arts				54,000	(14,173)	39,827
Ageing creatively			15,447	73,409	(82,537)	6,319
Independent	cinema			3,613	(3,613)
101			22,000		(22,000)
Capital funding				48,907	(12,900)	36,007
library
Other restricted		fund	28,403			28,403
Total			180,876	216,520	(211,293)	186,103

		Balance 1	Income	Expenditure	Funds 31
		April			March
		2021			2022
Outdoor events		6,030			6,030
Evolve		59,772		(5,500)	54,272
Ageing creatively			75,308	(59,861)	15,447
101			22,000		22,000
Evolve		14,183	72,020	(31,478)	54,725
Ambition	for	125,550	150,000	(275,550)
excellence
Other restricted		28,403			28,403
funds
Total		233,938	319,328	372,389)	180,877

	General fund	Designated	funds	Restricted	Total
				funds
Fixed assets	362,309				362,309
Cash at bank and in hand	892,293	672,496		186,790	1,751,579
Long tenn liabilities	(5,614)				(5,614)
Pension Scheme deficit	(78,000)				(78,000)
Other net current	(357,621)				(357,621)
assets/(liabilities)
Total	813,367	672,496		186,790	1,672,653
nalysis ofgroup net assets between	funds —previous	year
	General fund	Designated	funds	Restricted	Total
				funds
Fixed assets	394,783				394,783
Cash at bank and in hand	928,600	544,360		180,876	1,653,836
Long term liabilities	(9,774)				(9,774)
Pension scheme deficit	(655,000)				(655,000)
Other net current
assets/(liabilities)	(343,537)				(343,537)
Total	315,072	544,360		180,876	1,040,308

cellable operating leases, which fall d	ue as follows:
		Group			Trust
	2023		2022	2023		2022
						g
Within one year	22,500		58,383	22,500		58,383
Between two aud five years	15000			15000
	37,500		58,383	37,500		58,383

ReconciTiation ofnet movement	ReconciTiation ofnet movement	in funds to net cash flow	from operating	activities
			Group			Charity
		2023f		2022	2023 f	2022 f
Net movement in	funds	632,346		263,709	632,350	257,635
Add back depreciation charge		50,669		60,157	50,239	59,422
Dividends, interest	and rents from
investments		(5,198)		(806)	(5,198)	(806)
(Increase)/decrease	in stocks	(2,251)		(839)
Decrease/(increase)	in debtors	363,576	(139,165)		373,579	(139,225)
Increase/(decrease)	in provisions	(577,000)	(192,000)		(577,000)	(192,000)
Increase/(decrease)	in creditors	336013		403,614	350240	442,092
		126,129		394,670	123,730	427,118