Company regtstration number: 03908975 Charity Tegistration number: 1080567 The Corn Exchange (Newbury) Trust (A company limited by guarantee} Annual Report and Consolidated Financial Statements for the Year Ended 31 March 2024
The Corn Exchange (Newbury) Trust Contents Pag• Reference and administrative details Report of the trustees Independent Auditor's Report 10-12 Statement of Financial Attivities 13 Balance Sheets 14 Statement of Cash Flows 15 Notes to the Accounts 16-34
The Corn Exchange {Neivbury) Trust Reference and Administrative Details CharAty number: 1080567 Company number.. 039Q8975 Registered Office.. CIO T]nMitChell LLP Belmont Ho Station Way Crawley West Sussex RGIO IJA Auditors UHY Ross Brooke Suite I Windnth Court Abingdon Bwin¢ss Palk Abingdon OX14 ISY Bankers National Westminster Bank 30 Market Place Newbury Berks RG14 5AJ Solicitors Irwin Mitchell Group Mcrcantilc Housc 18 London Road Newbury Bcrks RG14 IJX Principal Office Corn Exchange Newbury Market Place Newbury Berkshire RG14 5BD Chief Executive Officer J Jhundoo-Ev&ns (appointed In123) K Griffiths (resigned 2916123) Secretary Irwin Mitchell Secretsries Limited
The Corn Exchange (Newbury) Trust Reference and Administrative Details Key management personnel The Corn Exchange {N¢wbury) Trust: Trustees and Directors The Trustees. most of whom who are also directors for the purposes of company law, who rVed during the ycar, together with subsequent apwinttnents were: Earl G R O Carnarvon L Hinchliffe (resigned 2019124) K Bahia R C Holland (Chairnian) R Mckinlay RJEHayes J G Beck (deceased Febry 24) R Constable L But¢her (appointed 3011124) J Whatsize (appointed 712124)
The Corn Exchange (Newbury) Trust Trustees, Report The trnstees are pleased to present their annual dir¢clors' repon together with the consolidated financial statements of the charity and ils subsidiary for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial sialernents comply wiih th¢ Charitie5 Ac¢ 2011, the Companies Aci 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (effective l January 2019). OUT Purpose and Aetlvfitl¢s for the Publlc Benellt Sin¢e the charity was fornied in 2000, the Trust's responsibilities and ambitions hav¢ grown considerably. We manage three key spaces.. the Corn Exchange which includes a 400 seat auditorium and 40 seat independent cinema and is home to an inspiring live events programn)e and a world-class ouidoor perfom]ance programm¢; our Learning C¢nlre, hom¢ to a flourishing parti¢ipation programme, provides a wide range of social, creative and inclusive opportunities, with specific projects for young people. h0o18, under 5s and over 55s' and 101 Ouidoor Arts - Natiotjal Centre for Arts in Public Space, our unique artist development and creation centre supports ihe production of high quality Olltd(Tror work. Our Charitable Ob"ective The education of the publi¢ in the Arts in West Berkshire and the surrounding distrids The Trnstee's mission, vision and values for ihe Trust are as follows: Our Mission wbat we do Offer high quality arts and entertainment to enhance the life of the community. continually providing new and etiriching experiences for everyone. Our Vision what we want to be More than just a theatre... the CoTn Exchange 1$ a leading creative arts organisation with two iconic venues. We are passionate about inspirlng audiences, connecting with the community and presenting an exciting programme of liv¢ p¢rfonnance. film. visual arts and outdoor events. Sha in our Vision three ke themes Centre for Exc¢llen¢e.' Enable excellence at every opporlunity Our role as artistic leader is to provide examples of whal is excellenl and to enwurage and enable this work to ihriv¢ in West Berkshir¢ and the surrounding district To continue to play a key role in providing inspiration for both artists and audiences Creative Communities: Provide accesspoints and encourage involvementfrom our entire community Deliver a programme of artisti¢ opportunities in more places. incorporating more artfornis and engaging with more people Develop and provide more quality opportunities for local people to participate in cultural activities within their own community Custodian.. Safeguard our long-lerm sustainability Ensure that the organisation and its buildings are valu¢d by the people of West Berksbire and the surrounding district Maximi5e income generated from the five income slreams at every oppor¢unity ffin order to ensure we can deliver on our vision Invest in staff and infrastructure to enable continued success and growrth
The Corn Exchange (Newbury) Trust Trustees, Report Core values the wa the Trust works The T1 aims to be a centre for artistic excellence that cares aboul providing a high quality experien¢¢ for its audiences, artists and employees. We encourage involvement in the ¢reativ¢ arts from our entire eommunity. welcoming everyone and inspiring future generations. By forging strong relationships wilh our audiences and stakeholders and being efficlent in the operation of the business, we are committed to safeguarding the long-terni sustainability of th¢ organisation. In doing this the Trnst will hold trne to the following values We are passionate about the arts We aim for excellence We put our customcrs first We work collaboratively We respect and include everyone W¢ seek ollt better ways ¢0 do things We are passionate about the arts: We believe WholeheartlY in what w¢ do. and seek to share our enthusiasm witb others. inspiring tre generations. We aim for eAeellen¢e: We always ty to exceed expectations and tIVelY pursue success. We are proud of our repulation and we want to build it tog¢th¢T. We put our eustomers first: Customers are our audiences, participants, artisls and stakeholders and we work hard to see things from their point of view and improve their experience of the Corn Exchange and the breadth of our activities. We work ¢ollabor4¢hvely: We forge relationships with others in order to succeed. We Work a5 a team and ar¢ adaptsble. making it easy for our colleagues, partners and communities to work with us. We respect and Indude everyone: We will treat everyone we encounter with respect and understanding" aetively seeking out opportunities to be morc inclusive and work with underrepresented communities. We want everyone to be able to participate in cultural activities. We seek out better ways to do things. This means we work hard to get the best possible value out of everything we do, and actively look for examples of besi practice both inside and outside our organisation. Thc5c arc the visions and values that shape ihe Twsl's annual activities, and our role as a Itading eatIVe arts organisation in West Berkshire. The Trustees remain convinced that thc bcncfits of an active involvement in high quality arts activities are vital to society and that our core annual activity programmc centres around the promotion and education of the public in the arts. The Trust expects the stsff and volunteers to demonslrate a commitment to these values and use th¢m in their d1$10 making and aclions every day. for the benefit of its audiences, artists, stakeholders. and fellow ¢mployccs. In ghaping the objectives and vision, the TNstees have considered the Charity Comrnissions guidance on public benefit, including the guidance on public benefit and fee charging. The theatre relies on granis and income from fees and charges to cover its operating costs, In setting the level of fees, charges and concessions, th¢ Trustees give careful consideration to the accessibility of its activities for those on low incomes and ensure a rdnge of prices and a¢tAvAties as well as burwies and free events.
The Corn Exchange (Neivbury) Trust Trustees, Report Revfiew of actlvltles during the year We have worked hard to maintain positive momentum, understand what our audiences want, make changes and build on successes. Our attendance figures for 2023124 sit at over 153,647 engagements, which Compares hugely favourably with our highest ever engagement levels in 2019/20 {128,000). In parlicular attendance at ticketed live events saw attendances of 106,534, 19,000 of which were visitors to the Corn Exchange over the Summer for Luke Jerram's Museum of th¢ Moon installation. Our L& P activities saw 27,460 engagements. Our 101 Outdoor Arts Centre supported over 387 artists through residency opportunities and a fillther 453 through a programme of training, netsvork events and opportunities for work. In all, a tremendous achievement and we believe a result of our efforts to try and r¢a¢h as many people as possibl¢ through an exciting and varied programme of activities and services. Highlights have included: A successful first year of our new Arts Council NPO aclivity plan Launching our fundraising ¢ampai8n for our redevelopment of the Old Library into a new arts and wellbeing hub and pennanent home for our engagement artivity Presenting L'homme Debout's Mo and the red ribbon. a giant puppet promenade telling the story of a re8 child and digital light show perforntsn¢e Our annual ¢ommunity lantern procession which saw us support the creation of over 1200 traditional cand]elil wAllow lanterns, and a procession through the town centre Our collaboration with Newbury to present a 3 week festival of the moon, with the focal point being Luke Jerram's Museum of the Moon inslallation in the Corn Exchange auditorium throughout August The continuation and growh our 'seasonal so¢ials' brand which this year introduced monthly open mic nights. music on Ihe terrace and vinyl evenings in response io a demand for more music activities. Supporting 840 artists across the l 01 programme, including residencies, a symposia for 120 artists and producers on the theme of ¢Owcrealion and the start of our Jerwood fvnded Take it Outside projecl to support new artists Jntroducing Creative Journalling. a new strand of arts and health work, which has been particularly well received by young people and deliveied in an increasing number of schools and settings Delivering th¢ third yearof Ageing Creatively activity acbieving 6735 engagemenls across our programme working in care homes and assisted living accommodation as well as Nral locations across the District Also consultation and ¢0 creation of a programme of activity with and for the residents of two new strategic areas for ml engagement attd introduction of new activities aimed at the male demographic in partnership with a local café Two young trainees successIlY completed a 6 month paid placement as part of our Car¢ers in the Art5 initiative with The Watemitll Thtre. A record number of member8 across our Youth theatres, increasing numbers audilioning for Ihe annual youth perfOrnnce Ov¢r 1,000 members of our Membership scheme giving Tegularly to suppon the work we do Exceeding tbe fi]ndraising target for the second year of OUT panto pay-il-fonvard scheme, Providing 403 tickets to Ihose nominated by their schools, community groups and so¢ial worker5 Successful applications to 22 trusts and fowidations, which is a 650/• su¢¢ess ra Developing new relationships with Syder Foundation and Backstage Trusl Record sales of £394,000 for our 2023 pantomime, Beauty and the Beasl Th¢ work of th¢ Trnst is only possible thanks to its team of dedicated volunt¢¢rs who hav¢ provided over 19773 volunt¢¢r hours for the Trust, supporting the wide-ranging activities of the Charity, assisting with th¢ operational rnnning of the Corn Exchange. supporting our cngagement activities and the outdooT programme. Working wtth our volunteers ¢nhan¢es our audien¢¢s experience, enables longer opening hours and lower staff costs than would otherwise be the case and helps deepen our connection to ihe community we serve. Volunteers sign a volunteer agreement on joining and are managed by staff members, receiving safety and operalional training. The ¢ontribulion made by the volunteers to the organisation goes well beyond pure figures. but this year the estirnated financial value amounts lo in excess of £226,000. tn the year the Tn]st also continued its SUPPOrt of The Base ¢harity. This visual art and craft venue on Greenham Business Park presents the highest quality touring exhibitions. supports 8 visual arts and craft makers with studios as well as a workshop space for participatory workshops. The Trust 511PPQrts The Base with ¢xpertise in ¢uralion and marketing supporL enabling this new organisalion lo operale more efficiently.
The Corn Exchange (Newbury) Trust Trnsteesl Report Flnancial Review The 2023124 tmancial year saw the organisation retum lo more nomial levels of a¢tivity.' although tbe cost of living crises did impact on knking patterns, repeat sales and att¢ndan¢e at points in the year. The Trust continues to enjoy a strong relationship with Greenham Trust, who support three distinct strands of the charity's activities as a core fider. the Corn Exchange, Learning Centre and 101 & the outdoor programmes. Additionally, they also fund a joint project between the Com Exchang¢ and the Watern)ill Theatr¢ aimed at supporting young people to develop transferable skills and awareness of opportunities provided by the creative industries. We have also receiv a variety of smaller grants from trusts and foundations to support the work of our Learning and Participation programme and together with su¢¢essfvl fundraising campaigns to maintain our support from the local community to help ensure the survival and resilience of the organisation. The Trust also receives funding as an Arts Council England. National Portfolio Organisation with funding now secured at £396,690 per y¢ai witil Mar¢h 2026. Income £2,916,194 was higher than in 2022123 with expendItte at £2,693.336. The Trust has made an operating profit of £222,858 before gains/(losses) on the defined pension scheme. Of the £222,858 net income prior to gainsl(losses) on the defined pension scheme, £54,572 relates to operating surplus and £153,103 is income for the redevelopment of ihe Old Library, for which we will see the associated works and expenditure in 202412025 and 202512026 Profit and Loss. Contributing factors to the operating surplus were greater sales acr05S the live and learning programmes, increased hires and an¢illary spending particularly in the latter half of the year and consistency of regular giving from our loyal ¢on)panion members. With that said, overheads including maintenance, insurance and wages Continued to significantly challenge the budgets. demonstrating the agility of the team to respond to ihe market and Careful management of income and spend in order to reach a surplus position. The cultural arts programme delivered at the ¢¢ntre managed by Corn Exchange (Newbury) TNst is operated by Corn Exchange (Newbury} Production Ltd. During ihe year Corn Exchange (Newbury) Production Ltd was recharged £1,072,030 for labour costs and under the cost sharing agreement entered into in July 2006. Including ihis, the total income for the Trnsl and Produclion Ltd was £2,916,194 Complying with FRSI 7 means reporÉing any liability on the defined b¢n¢fil pension schemes ID the annval a¢¢ounts. L&4t year's pension fund defi¢it showed a liability of £78,000, this was further decreased ihis year to £32.000, for fijrther details see not¢ 20. Reserv Policy The Corn Exchange holds reserves to cover unforeseen Circumstances. unplanned emergency repairs and other exceptional expenditure. They enable us to bridge the gap between the spending and r¢¢¢iving of resources, and also ensure that we can respond to unexpected alterations in income. The Trustees consider £430,000 the minimum level of reserves, equating to 3 months operalional costs as advised by The Charities Commission. A thture target would be the more ideal level of £860,000 equating to 6 months operating Costs. This figure has been calculated by considering the charity's income. its potential vulnerability to a decline in particular fijnding sources, the impact of the general e¢onomic siwation. and also considers a timeframe to enabl¢ the Trust to adjust its business model in Ihe event of a major change in its nditig levels. As at 31 March 2024, the UnTestricted funds are £523,816 (2023: £375,545) after d¢ductlDg this year's pension liability valuation of £32.000. Given the significant fluctuation in ihe pension liability in recent years, and to minimise risk to the Trnsl's going concern, the Trnstees have chosen to calculat¢ an average liability of the last 6 years to create a pension reserve of £454,500. Trustees have therefore assumed a £101.316 free unrestri¢t¢d general thnd this year: which excludes the rcstrtcted income nds of £376.01 I, cuent designated funds of £681,561 and a pension reserve of £454,500, until such time the pension liability is ¢rystallised. Designated thnds are unrestricled funds Ihat are earniarked (designated) for essential future spending to fund repairs. rethrbishment, infrastrncture and capital investment of its buildin8s, With the approval of the Trustees, the Executive team prioritise projects to ensure thc organisation maintaiDS a high level of customer and perfornier experience, whilst also ensurlng staff are provided with the appropriate tools to su¢¢essfjJlly deliver the activities of the organisalion. It is expected that repairs and improvements will be an on-going finan¢Aal need, particularly given the age of the Corn Exchange building.
The Corn Exchange (Newbury) Trust Trustees, Report Although reserves are below Trnstee's long-terni aspirations, with net current ossets of £1,614,443 the balance sheel remains strong. Given the continued support of our key fimders (Greenham Trusl and Arts Council England) the TSle¢S consider the Trnsl to be a sound comrnercial concem with exciting ambitions for the future. The Trust asyires to build the reserves througb the development of small annual surpluses (year on year) generated via earned income sales and the growth of sale of tickets to Work that is programmed and produced at the Corn Exchange Plans for Future Periods The next year holds a number of exciting opportunitie5 for the Trust. in particular the ongoing redevelopment of Newbury's Old Library. into a crcative wcllbeing hub. As well as becoming the pernianent home for our learning and wellbeing foed activitie5. the transfoTmation will include a new studio theatre - broadening the Tange of work we are able to present and the artists we are able to support. This sustainable reuse of an existing heritage building continues OUT parthership with GTeenham TrugL who havc purchased thc building, providing us with a 25 year lease: securing our business model for the future and transfi)Tming thc space for cultural and community use. Alongsidc this major ¢apitsl prOJl, our key priorities for the year ahead include Completion of a diverse fvndraising campaign to support the redevelopment of the Old Library, with plans well undcTway for opening in Spring 2025 A revised audience developnlent plan, with a focus on new visitOT/audience groups 101 Outdoor Arts, ten year anniversary celebrations v/ith major events: a free three day ¢vent Ablaze 3nd an industy visioning symposia, imagining the next 10 years of Outdoor Arts Establishing links with key partners and exploring ways to progress our Arts & Health work across the Distri¢t An¢reasing our engagement with the hardest Io Teach groups Re-developing our offer to schools and estsblishing lapsed or n¢w connections to the local education sector Working closely with our stsff, to revlew the last few years and through a staff survey gather feedback on working with the Corn Exchange, what we do, how we do it Continuing with our focus on EDIB Equity, Diversity, Inclusion and Belonging across our training plan and &% a considered part of all of our work Increasing our work with harder lo reach young people focused on improving employability pro8pe¢ts and life chances and developing resilience through 18ilored projects in partnership with supporl organisations Undertaking an energy assessment to infonn our plans for progressing our sustainability and green ambitions Reviewing our methods for evaluation of activity and implement a shared approach, enabling us to align in how we talk about our social impath as an organisation Reirnagining our artistic vision with a particular focus on programming more dance and drama shows and building these audiences Structure. Covernante 2nd M2n2gement Governin Document The Corn Exchang¢ INewbury) Trust is a Tegistered charity (registered number 1080567) limited by guarantee. It is governed by its Memorandulll and ArtiGles of Association incorporated 13 January 2000 as arnended 20 April 2000. Appointment of Trustees The directors of the chaTitabl¢ company ('tthe Trnsf.) are trustees for the pUoSe of company law and throughout this report are collectively Tefctrcd to as the Trustees. As set out in the Memorandum and Articles of Association. th¢ Board of the Tnjst comprises of no less than five and no moTe than fifteen Trustees. Nominations are put to the Trust and membership is deterniined against the requirements of a role profile, the policy on corpordte governance and the needs of the Trust on a Strictly equal opportutiities basis. Each Trustee will be appointed for a period of three years. Since West Berkshire Council Stopped providing core fimding for the Trnst's activities in 2018. there is no longer an obligation for one of the Trnstees to provide WBC representation, however the Trust continues to offer represcntation on th¢ Board to J B¢ck who has r¢pr¢s¢nt the local authority since the building wa5 refurbished over 20 years ago. Trustee Inductlon fdnd Tralnlng New Trustccs meet with the Chair and Director who provide th¢m Ivith a written Trust¢e Induction Pack and bTi¢fs them on their legal obligations under charity and company law. the board and its decision making processes as well as the Trust's obje¢tiv¢s, strat¢gic plan and recent financial perfornian¢e. During this m¢¢ting th¢y can m¢et key employ¢¢s and other Trustees and are invited to witness and participate in administering the Trust. Trustees are encouraged to attend appropriate external training events where it will help fa¢iliÉate the undertaking of their role.
The Corn Exchange O¥ewbury) Trust Trustees, Report Organisation The day-to4ay operation of the Trust's affairs is delegated to the Director which is a Board appointed p05ilion. The Director works with an Executive team of four and a wider management leam of seven. Financial matters are r¢port¢d on a quarterly basis to a finance sub-committee that includes the Chainnan of the Trust. Strategic and policy matlers ar¢ referred io the full Board at quarterly Trustee's meetings, where they also receive reports on attendances, tllre programme plans, personnel, finance, health aThd safety issues, all Arts Council reporting requirements and any other matters arising. Four such meelings were held in the y¢ar ending 3151 M4r¢h 2024 in addition to the AGM in Novernber. The Twstees would like to fornially Yecognise the continuing efforts and dedication of both staff and volunteers at the Trust. Related Parties Th¢ Trust has a very close association with both Arts Council England and Greenham TNst who provide funding to enable the Trust to Cary out its ¢haritsble objectives. A summary regarding transactions with them, and other related parties, is set out within the notes to Ihe financial statements. The ¢harity'S wholly owned subsidiary, Com Ex¢hange (Newbury) Trading Company was established io operate the commercial bars and ¢onferen¢ing facilities at The Corn Exchange. The Trading Company Gift Aids its profits to the charity. (see not¢ 7 in the ¥¢ounts)- The Corn Ex¢hange (Newbury) Productions Limited was incorporated to independently operate the ticketing and pr(NJucing aspects of the organisation's arts programme and is non-profit making. Pay pollcy for senlor staff The strategic management of the organisation is delegated by the board of directors, who are the TTusI's TSleeS, to the executive management ieam ¢omprising of the Director, Jessica Jhundoo-Evans; Head of Technical and Operations, Guy Dickens; Head of Programme and Audiences, Gernma Twiselton" Head of 101, Danielle Corbishley. and Head of Developn)ent, Ruth Stillman. All Trnstees give their lime freely and no Trustee received remuneration in the year. Details of Trustees, expenses and related paty transaclions are disclos in note I I to the accounts. Pay is reviewed annually and the Trustees m8ke any increases that are possible each year on the basis of the finan¢ial health of the organisation and budgets and forecasts. In view of the nature of the charity. the Trustees benchmark against pay levels in oiher provincial arts centres of a similar size. Risk Management The Trnstees review the major risks on an annual basis and this is further delegated ts) the Finance Sub-wmmittee lo review on a quarterly basis. They review the risks and ensure that systems and procedures are established to mitigate any risks identified as part of the organisalion's strategi¢ planning process. This WOTk has identified that financial sustainability remains biggest risk for the charity. this is an ongoing concern with attendan¢e likely to be affected for some time as a result of consumer confidence, the cost of living crisis affecting ancillary spending and thndraising efforts alongside soaring utility and overhead costs. Additional risks a150 revolve around the resources (both hUnn and financial) required io deliver the Old Library capital project. A key el¢m¢nt in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with the bank, and active management of tra(k debtors and Creditors balances to ensure 8uffJcient working capital by the Trust and ils subsidiary company. In addition, th¢ Dire¢tor ensures regular communication with key slakeholders, Greenham TTUSI and Arts Council England. Ats¢ntson is also given to non-financial risks. Staff Tecrnitmenl and retention is an identifi¢d risk. giv¢n limited salary budgets, ensuring greater focus on slaff wellbeing, satisfaclion and adaptations including hybrid and flexible working pra¢ti¢e. Additionally. risks arising from fire, healih and safety of artists and audience, management of p¢rfomiing rights and food hygiene are all taken inlo consideralion. These risks ar¢ managed by ensuring accreditation is up to date. having robust policies and procedures in place, and regular awareness training for staff working in these operational areas. The TNstees satisfied that ther¢ ar¢ adequate systems in place to mitigate fmancial and non-financial risks in the current CirmS1anr¢s.
The Corn Exchange (Neivbury) Trust Trustees, Report Trustees Responsibilittes The Trustees (who are s0 directors of Corn Exchange INewbury) Trnst for the purposes of company law) are responsible for preparing the Truste¢s' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdorn GeDerdlly Accepted Accounting Prdctice) Company law iequires the Trustees lo prepaTe financial statements for fllwicial year which give a trne and fair view of the state of affairs of the charitable company and of the nming resources and application ofresources, including ihe income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required io.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the ChaTiti¢s SORP- Mak¢ judgements and estimates that aTe reasonable and prudent. Slate whether applicabl¢ a¢¢ounting standards have been follow¢d, subject to any material d¢partur¢5 disclosed and explained IT] the financial statern¢nts- Prepare the financial slatcments on the goiTJg ¢on¢¢rn basis unl¢ss it is inappropriate lo presurne Ihat the charity will continue in business. The Trustee5 are responsible for keeping proper accounting records that disclose with re&8onable accuracy al any lime the fmanctal position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Aci 1993 and the Charity (Accounts and Reports) 2008. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. In so far as the Trustees are aware: There is no relevant alldit infomation of which the company's auditor is unaware" and The Trustees have tsken all the steps that they ought to havc lakcn in order lo make themselves aware of any relevant audit infomiation and to estsblish that the charity's auditOTS aTC aware vf ihat inlormalion. Auditors Following the Annual Generdl Mceting thc TTUSt UHY Ross Brooke were appoinled by the Trustees to und¢rtake the audit for 2024125. By er of the board of Trustees R C Holl*nd Tslee Date: ( s 2JLY
The Corn Exchange (Neivbury) Trust Independent Auditor's Report to the Members of The Corn Exchange (Newbury) Trust Oplnion We have audited the financial statements of The Corn Exchange (Newbury) Trust (the 'charitable company) for the year ended 31 March 2024 which comprise the Consolidated Statement of Finan¢ial Activities, Balance Sheets and Statements of Cash Flows and notes to the financial statemenis, including a sun)mary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Siandards, including FRS 102 The Financial Reporling Siandard applicable in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Praciice). In our opinion the financial ststernents- give a Irue and fair view of the state of the group's and charitsble Company's affairs as at 31 March 2024 and of the group's incoming resources and application of resources. including its income and expenditure, for the year then ended; have been properly prepared in acoordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. 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 aTe filrther described in the Auditorfs responsibilities for the audit of Ihe financial statements sc¢tion of our Teport. We are independent of the charitable company in a¢¢oTdan¢e with the ethical requirements that are relevant to our audit of the fin8nci81 statemettts in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in a¢¢ordan¢e with these requirements. We believe that the audit evidence we have obtained is sutTicient and appropriate to provide a basis for our opinion. Conclusions relating to golllg eoneern In auditlDg the fllwicial Statements. we have concluded tbat the tst¢es, use of the going concern basis of accounting in the preparation of the f]nancial statements is appropriate. Based on the work we have perforn]ed, we have not idenlified any nterIal uncertaintie5 relating to events or conditions that, individually OT collectively, may Cast signifi¢ant doubt on the charitable company's ability to continue a5 a going concern for a period of at least ttvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are des¢ribed in the relevant s¢ctiODS of this report. Other information The other inforn]ation comprises the inforrnation included in the ISteeS annual report, olher than the finan¢ial statements and our auditor's Teport thereon. The trustees are responsible for the other infom]ation contained within the annual report. Our opinion on the financial statemenls does not cover the other infomlation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance ¢on¢luston thereon. Our responsibility is to read the other infonnation and, in doing so, consider whether the other inforn]ation is malerially inconsistent wilh the fmancial sla¢ements or our knowledge oblained in the course of the audit or otherwise appear5 to be maierially mi$staled. If we idenlify such material incon8lStencies or apparent malerial misslat¢m¢nts, w¢ are required to detem)ine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfoTm¢(L w¢ conclude that there is a material misstatement of this other inforniation, we are required tQ Teport that fa¢t. We hav¢ nothing to report in this regard. 10
The Corn Exchange {IYewbury) Trust Independent Auditor's Report to the Members of The Corn Exchange (Nejvbury) Trust Oplnfion8 on other matters prescribed by the Companies Act 2006 JD our opinion, based on the work undertaken in the course of our audit: the inforniation given in th¢ Trustees, Annual R¢port, which includes the Directors, Report prepared for the Purposes of company law, for the financial year for which the finaTJcial slatements are prepared is consistent with the financial statements. and the Directors. Report included within the Trustees, Annual Report has been prepared in accordance with applicable legal requirernents. Matters on Ivhich we #re required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its enviroDment obtained in the course of the audit, we have not identified material rnisstatements in the Tte¢s, Report included within the Trustees. Annual Report. We hav¢ nothing to report in respect of the following matters wher¢ the Companies Act 2006 requires us to report to you if, in our opinion: adequate a¢¢ounting re¢ords have not been kept, or retUTns adequate for our audit have not been received from bran¢h¢s not visited by us. or the parent charitable company financial statements are not in agre¢ment with the accounting records and returns. or rtain disclosures of truste¢s' remuneration specified by law are not nwle. or we have not received all the infonnatlon and explanations we require for OUT audit; or the trustees were not entitled to prepare tbe financial statements in accordance with the Sn11 companies regime and take advantage of the small companies, exemption in preparing the Trustees, Annual Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report. Responslblllties of *rustees As explained more fully in the Trustees, Responsibilities Statement, lh¢ charity trustees (who are also the directors of the Corn Exchange (Newbury} Tst for the PUTPQ5eS of company law) are responsible for the preparation of a truslees, annual report and financial stat¢rnents and for being satisfied that they give a trne and fair view, and for such internal control as the trnstees detern]in¢ 15 necessary to enable the preparation of fllwicial statements that are free from material misstat¢m¢nL whether due to fraud or error. In preparing the financial statements, the knste¢5 are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using th¢ going con¢¢rn ba515 of accounting wiless the trustee5 either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor'$ r¢sponslbllltles for the audit of the fln2nelal $tatrments Our objectlves are to obtain reasonable a55uran¢e about whether the financial statements as a whole are fr¢e from material misstatement, whether due to fraud or ettor, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high lcvel of assurance, but is nol a guaranle¢ 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 ronablY be expected to influence the economi¢ decisions of users taken on the basis of these financial statements. 11
The Corn Exchange (Newbury) Trust Independent Auditorls Report to the Members of The Corn Exchange (Newbury) Trust IrregU11t1es, including fraud, are insiances of non-compliance with laws and regulations. W¢ d¢sibm procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of igularitieS, including fraud. The specific procedures for this engagernent and the extent to which these are capable of delecting iTregularities, including fraud is detailed below- We have considered: the naturc of thc charity and sector, control environment and opernting pcrfoTmancc' the charity's own asse*sment. including asscsSmCDts nlade by key managemenL of the risks that iegulaTitieS Tnay occur either as a result of fraud OT c0[. any matlers we idenlified having reviewed the charity's policics and ptocedures relaiing to: idenlifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance" delecting and responding to the risks of fraud and whether they have knowledge of any actual, susperted or alleged fraud- and the internal controls established to mitigate risks of fraud or non-compliance with laws and gUlatiOns. the matters discussed amongst the audit engagement leam. As a result of these proceduT¢S. w¢ considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest pofrntial for fraud in the areas in which management is required to exercise significant judgement, such as the dis¢losure of adjusting items. In common with all audits under ISAS (UK), we are also required to perforn) specific PTocedures to respond to the risk of management override. We also obtsined an understanding of the legal and regulatory framework tbat Ibe charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the deterniination of material amount5 and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, Charitie5 Act and tax legislation. Because of the inherent limitations of an audit, there is a risk that we will noi detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the rnorc that compliance with a law or regulation is removed frovn the cvcnts and iransactions reflecled ID th¢ financial statements. as wc will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occutTing due to fraud raihcT than error, as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our rcsponsibilities for the audit of the financial statements is locatcd on thc Financial Reporting Council's website at: http:/lwww.frc.org.uklauditorsresponsibilities. This description forn]5 part of our auditor's reporl. Use of our report This report is made solely to the charithble company's membcrs. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertakcn so thal we might stale lo the charitable company's members those matters we are required to 5tal¢ to th¢m in an auditoes report and for no other PUTpose. To the fullest cxtent perniitted by law, we do not accepi or assume responsibility to anyoDe other than the charitable company and the charitable company's memb¢rs as a body, for OUT audit work. for this reporL or for the opinions we have forn]ed. Caroline Webster (Senior Statutory Auditor) for and behalf of UHY Ross Brooke, Statutory Auditor Suite I WInthSh Court Abingdon Business Park Abingdon Oxfordshire OX14 ISY Date: 12
The Corn Exchange (Newbury) Trust Consolidated Statement of Financial Activities (including Consolidated Income and Expenditure account) for year ending 31 March 2024 Unres¢rlcted Funds Deslgnated Funds Re5trieted Total Funds Totsl Funds FuDd$ 2024 2023 Note Ineome: Donations and grants Income from charilable aclivities.. Operation of theatre and art centre Incomgfrom other trading activities.. Commercial irading operations 1,000,848 29,500 372,549 1,402,897 910,615 .190.283 1,190,283 1,333.478 296,723 296,723 238,352 Investment income 26.291 26,291 5.198 Total finme 2,514,145 29,500 372,549 2,916,194 2,487,643 Expendlture: Cost ofgeneralingfunds.. Cornmercial trading op¢ration5 136,938 136,938 107,163 Charitable activities: Operation of theatr¢ md arts ¢entre 2.322,635 51,122 182,641 2,556,398 2.325,032 Total expenditure 2,459,573 51,122 182,641 2,693 J36 2,432,195 Net ineome l (expendfiture) before investment gains l Oosses) 54,572 (21.622) 189,908 222,858 55,448 Transfers between funds 21 (30,000) 30,000 Other recognised gain&llosses: Gains/Oosses) on defmed benefit F¢nsion s¢heme 20 46,000 577,000 Iyet income l (expendlture) And net movemeni In funds for the ye4r 70,572 8J78 189,908 268058 632,448 Reconciliatlon of funds Total Funds brought forward 813.469 673.183 186,103 1,672,755 1,040,307 Total fund$ tarried forward 884,041 681.561 376,011 1,941,613 1,672,755 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuirLg activities. 13
The Corn Exchange INewbury) Trust Consolidated and Trust Balance Sheets as at 31 March 2024 Group 2024 Group 2023 Trust 2024 Trust 2023 Not¢ Fixed assets Tangible assets Investments Totydl Fixed Assets 13 14 360,225 362,309 351,412 352,654 360,225 362,309 351.414 352.656 Current 455ets Stock Dcbturs Cash at bank and in hand Total Current Assets 15 16 11.599 380,532 1,920,580 2,312.711 7,569 94,128 1,751,579 1.853,276 378,926 1,935.062 2J13,988 92,840 1,761,226 1,854,066 Liabilities Crcditors falling due within one year et Current a55¢t$ 17 698.268 1,614,443 459.216 lJ94,060 689,543 1,624.445 1450.450) 1,403.616 Creditors falling due after one yeaT Iyet assets excluding peDsion Ilabilty 17 1.055 5,614 1,055 5,614 1,973,613 1,750,755 1,974,804 1.750,658 Pension scheme liability 20 (32,000) (78,000) (32,000) (78,000) Net assets illeluding penslon 1,941,613 1,672,755 1942,804 1,672,658 The funds ol the chaTity: UnTCStTiCtcd income funds Designat¢d fvnds Restricted incomc funds Pension fLd SUTplusl(deficit) 21 21 21 916.041 681,561 376,011 (32,000) 891.469 673,183 186,103 (78,000) 917,232 681,561 376,011 (32,000) 891,372 673,183 186,103 (78,000) Total charity funds 1,941,613 1672,755 1,942 804 1672,658 The trustees have prepar¢d group accounts in accordance with section 398 of the Companies Act 2006 and seclion 138 of th¢ Charities Act 2011. These accounts are prepared in accordanc¢ with the sp¢cial provisions of Part 15 of the Companies Act relating to small companies and conslitute the annual accounts required by the Companies A¢1 2006 and are for circulation to members of the Gompany. The notes at pages 16 to 34 forn] part of these account5 R C Holland, Trustee on behalf of the Board of Trustees Approved by the Trustees on: 14
The Corn Exchange (Newbury) Trust Statement of Cash Flows and Consolidated Statement of Cash Flows for year ending 31 March 2024 Group 2024 Group 2023 Trust 2024 Thist 2023 Not¢ Cash used In operatlng aCtItieS 24 192,084 126,129 195,937 123,730 Cash flow5 from investing activitie$ Interest income Loss on fixed asset disposal Purchas¢ of tangiblc fLxed assets 26,291 5.198 26.291 5.198 145.4171 (26.9241 (44.4351 (8,110) Cash prosryded by {used in) investing activities (19,126) {21,726) (18,144) (2,912) Casb floivs from finanelng activities Proceedsl(repayment) of long-tern] borrowings (3,957) (6,660) (3,957) (6,660) Cash used in financing activities 6,661) 3957 (6,660 Increase/(decrease} in cash and cash equivalents in the year 169.1101 97,745 173,836 114.158 Cash and cash equivalents at the beginning of the year Total cash cash equivalents at the end of the year .751,579 1,653.834 1.761.226 1.647.068 1.920.580 1,751,579 1.935.062 1.761,226 15
The Corn Exchange (Newbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 Accounting Policies The Corn Exchange (Newbury) Tn]st is a private company limited by guarantee incorporated in England and Wales. The registered office is CIO Irwin Mitchell LLP, Riverside East, 2 Millsands, Sheffield, South Yorkshire, S3 8DT, The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. Basis of prepardtion The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 pr¢paring their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of fr¢land (FRS 102) (as amended for accounting periods commencing from l January 2019) - (Charities SORP (FRS 102}). the Financial Reporting Standard applicable in the UK and Republic ot Ireland (FRS 102) and the Companies Act 2006. The Corn Exchange (Newbury) Tnlst mccts tbe definition of a public benefit entity Under FRS 102. Assets and liabilitie5 are initially recogrnised at bistorical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in Sterling. which is the function currency of the company. b) Preparation of the accounts on a going concern basis The trnst Teported a 5UTplus of £222,858 before the gain on the pension scheme for the year, the financial statements have been prepared on a going concern basis. At th¢ time of appToving these financial statements. Corn Exchange (Newbury) Trust considers perfomiance lo have returned to levels seen prior to the 2020 COVID-19 pandemic. The arts industy more widely continues to navigate the long tern effects of the n¢r0eCOnoMiC issue, impacted by the cost of living ls1S, and has seen significant changes in the way society consumes arts and culture and the benefils people attribute to iheir engagement. We have worked hard to understand what our audiences want. maintain positive momenlurn, mok¢ ¢hang¢s and build on su¢¢esses Some areas of the arts continue to see slower sales, including film. dance and dram4 however, a well managed and balanced programme ensures we can continue to offer a broad range of activity appealing to a wide demographic, as well as looking at opportunities which diversify income stream. such extenjal bires. social activities, partnership activities and commissioning oul services. At the tirne of reporting. we havc launcbcd a capital ndraising campaign to raise funds lo redevelop the Old Library in Newbury. as a permanent and laTgeT spacc for oui participation activities and a small studio theatre space, where we hope to grow our programme and reach. Group fmancial stalemenls The financial statements consolidate the Tesults of thc charity and its wholly owned subsidiary, The Corn Exchange (Newbury) Trading Limited on a line-by-linc basis. A separate Sthtement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of tbe Companies Act 2006. d) Income Income including donations. gifts. legacies. grants and donated assets that provide core fimding or are of a general nature, recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when: The donor specifies that the grant or donation must only b¢ used in future accounting p¢riods' or Th¢ donoT has imposed conditions that must bc met before the Trust has unconditional entitlement. Donated assets are valued by reference to their replacement value as stated by the donor or an independent third party. 16
The Corn Exchange (Neivbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 The Trusts leases the Corn ExchaDge building from West Berkshire Council on a 99 year lease at a peppercorn rent payable und¢r the temis of the lcase. No valuc has been recognised in incoming resources in relation to this lease as the possible market value cannot be ascertained or estimated. Inveslmenl income is recognised on a receivable basis. Income from charitsble activitics. which includes income received under contract or where entiileTnent to grant fimd is subject to Specific conditions. is recognised as earned (as the related goods or s¢rvi¢es are provided). Grant incoTne included in this category pn)vides funding to SLWPOrt perfomiance activities and 15 Tecognised where there is entiilemenL certainty of receipt and the amount can be measured with suffi¢i¢nt accuTacy. Income is deferred when.. Admission fees or perfomiance related grants are received in advancc of thc perforniances or event to whicb they relate. Volunteers and donated services and facilities The value of services provided by volunteers is not incorpofdted into these accounts. Further details of the contribution made by volunteers can be found in the Trustees, annual r¢port. Wher¢ services are provided to the Trust as a donatio that would nornially be purchased from other suppliers, this contribution is included in the accounts at an estimate based on the value of the contribution to the Trust. Int¢restr¢ceivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the ¢harity' this is nonnally upon notification of the interest paid or payable by the Bank. Fund a¢¢ountAng Unrestricted funds are available to spend on activities that fi)rther any of the pury)ose8 of charity. Designated funds are unr¢stri¢t¢d funds of the charity which ihe ISte¢S have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for areas of the Trust's work or for specific projecls being undertaken by the Trnst. h) Expenditure and irrecoverable VAT Expenditure is Te¢ogmised when a liability is incurred. Contractual arrangements and perforn)ance related grants are recognised as goods or services arc supplicd. Other granl payments are recognised when a constructive obligation arises ihat results in thc paymcnt bLin¥ unavoidable. Irrecoverable VAT is included within thc assoLiatcd cost. Costs of generating lunds are those costs incU¢d in attracting voluntary income. and those incurred in trading activities that rdise fids. Charitable activities include ¢xpenditUTC diTCCtly and indirectly associated with ihe staging of concerts. stage productions. showing films, art exhibitions aEJd cduLational programmes and include both the direct costs and support costs relating to these artivities. Governance costs includc those incurred in the governance of the Trust and its ass¢ts and are primarily associated with conslitutional and statutory requiremenls. Allocation of support costs Support costs include central functions and have been allocated to aclivity cost categories on a basis ¢onsistenl with the use of resources. for ¢xample. allocating property costs by tloor ar¢a5. or per ¢apit4 stsff costs by the time spent and other C05ts by their usage. i) Operating leases Rentals payable under operating leases, including any lease incentive5 received, are charged to income on a straighi line basis over the tenn of ihe relevant lease. 17
The Corn Exchange (Newbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 k) Tangible fixed assets Tangible fed assets are depreciated over their estimated useful economic lives on as follows.. Asset Category ADnual rate Plant and machinery Fixthres, fittings and office equipmev]t Piano Computer equipment IOO/o to 200/0 Straight line 5/ts 10 25 /ts straighi line 200/0 reducing balance 330/0 slrdight line i) Debtors Trade and other debtors are recognised at the settlement amount duc. Prepayments are vAlued at the amount prepaid. Cash at bank and inhand Cash at bank and Cash in hand includes casb and short terni highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors andprovisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past ev¢nt that will probably result in the transfer of fund8 to a third party and the amount due to s¢ttl¢ the obligation can be measured or estimated reliably. Creditors and provisions are norn)ally recognised at their settlement amount. Financial instruments The ITUSt only has fmancial assets and financial liabilities of a kind that qualify as basic fmancial instrnments. Basic financial instruments are initially recognised at transaction value and subsequently measured at iheir settlement value with the exception of bank loans which are subsequently measured al amortised Cost using the effective interest method. p) Pensions The Trust participates in a defmed benefit scheme. Pension costs are assessed in accordance with actuarial advice and based on the wost recent actuarial valuation of the scheme. These costs are accounted for on the basis of Charging th¢ wst of providing pensions over the PeTiod during which the Trnst benefils from the employees, senTi¢es. Any resulting pension asset or liability is fully provided for tin the accounts. Legal $t2tu$ of the Trust The Trust is a company limited by guarantee and has no shaTe capital. In the event of the chayity being wound up, the liability in respect of the guarantee 15 limited to £10 per member of the charity. 18
The Corn Exchange (Newbury) Trust Notes to the A¢¢ounts for the Year Ended 31 March 2024 Financial Performance of the ¢harlty The consolidated statement of financial activities includes the results of the charity's wholly owmed subsidiary which is the trading body of the group. The Summary financial perfonnance of the charity alone is: 2024 2023 Income Expenditure on charitable activities Gainsl(loss) on pension scheme Net intome 2.780,544 (2,556,398) 46,000 270 146 2,380,377 (2,325.032) 577,000 632J45 Totsl llds brought forward Total funds carried forward 1,672,658 1942 804 1040,308 1672 658 R¢presented by: RestrActed income funds Unrestricted income ndS 376,011 1,566,793 1,942,804 186,103 1,486,555 1,672,658 Of the £222,858 net income prior lo gainsl(losses) on the defined pension sch¢rne £54.572 relates to operating SUTplus and £153,103 is income for the redevelopmenl of ihe Old Library, for which we will see the associatrd works and expenditure in 202412025 and 202512026 Profit and Loss. In¢om¢ from donatlons And grants 2024 2023 Donalions Membership Grants 272,463 21,027 1.109.407 1,402,897 156,746 22,231 731,638 910,615 The income from donations and grants was £1,402,897 {2023: £910.615) of which £1,000,848 was UJtr¢Stricl¢d (2023: £693.408) and £402,049 restricted (2023.. £217,207}. Incom¢ from charitable actfvltfies Restricted Unrestricted funds funds Total funds Total funds 2024 2023 Income from fibns Perforn]an¢e grants and sponsorships Rent, and Costs re¢harg¢d Sales commissions Other related income 90.849 534,878 366,250 104,191 94.115 90.849 534,878 366,250 104,191 94.115 96,254 641,423 442,711 79,363 73.727 Total Ineome from charitable actitIeS 1,190,283 1,190,283 1,333,478 19
The Corn Exchange (Newbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 Investment fincom¢ All of the group's investment income of £26,291 {2023.' £5,198) aris¢s from money held in interest bearing deposit accounts. Analy$fis of expenditure on charitable activities Designated Restrieted Unr¢strl¢ted Total funds Total funds funds £ fynds £ funds 2024 2023 Live programme costs Film costs Specific projeGts- ptoductions Specific projects - other Markcting and advertising Staff costs Premises costs Repairs and renewals G¢neral oveTheads Dcprecialion Support costs (see note 8) 28.919 50,658 140,641 212,540 101,978 1.162,870 360.164 70,010 110,765 45.679 38.411 2,322,635 28.919 50,658 140,641 395.181 101.978 1,162.870 411286 70,010 110,765 45.679 38,411 2,556,398 7,151 52,382 118,426 398,598 107,240 1.067.450 193,560 97,198 156,658 50.239 76,130 2J25,032 182,641 51,122 51,122 182,641 The summary financial perfornlance of the subsidiary alone is: 2024 2023 Turnover 296,723 238,352 Cost of sales and administrative expenses Amount gifted to thc Trust Nct profiil(loss) retained (136.938) (161.073) (1288) (107.163} (131.087) 102 The assets and liabilities of the subsidiary weTe.' Fixed assets cUent assets Current liabilities Total net assets 8,814 13,245 (23243) (1.184) 9,655 8.976 (18,527} Aggregate share capital and reserves (1,184) 104 20
The Corn Exchange (Neivbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 Analysis of governance 2nd support eosts The Trust initially identifies the costs of its support functions. It then identifies those costs which relate to the govemance fimction. R¢f¢r to the table below for the basis for apportionment and the analysis of support and governall¢e costs. Basis of apportionment G¢neral support Coi'ernance function Total Audit and accountancy fees Professional fees Interest and charges Gov¢rnan¢e Governance General support 4.255 3,660 4,255 3,660 30,496 30,496 Total 30,496 7,915 38,411 Net incomel(expenditsre) for the year This is stated after charging: 2024 2023 Depreciation Auditor's remuneration: Audit fees 47,501 50.669 12.500 12.000 10 Analysls of staff costs, trustee remuneration and expenses, And the eost of key management personnel 2024 2023 Salaries and wages Social security costs Pension costs Other staff costs 1,042,336 74,557 35,633 10.344 1,162,870 961,304 70.293 31,451 4.402 1,067,450 No employees had unployee benefits (2023: £nil). Pension costs are allocated to a¢tivities in proportion to th¢ related stsffing costs incurred and are wholly charged to ut)restri¢ted fijnds. The charity Inte¢S were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2023: £nil) neither were they reimbursed expenses during the year (2023.. £nil) other than those disclosed in not¢ I l. No ¢harity truscee received payment for professional or other Services supplied to the charity (2023- £nil). The monthly average number of persons (including senior management / leadership team) employed by the chaTity during the year expressed a5 full time equivalents was as follows.. 21
The Corn Exchange (Newbury) Trust Notes to the A¢counts for the Year Ended 31 March 2024 2024 2023 Concert and stage p¢rforniers Management Administration Marketing Front of House 12 14 Community and Arts 52 48 No employee received emolumenls of more than £60,0(Kl during the year. The total employee benefits of the key management persomiel of the ¢harity were £234,739 (2023: £253,583). 11 Related party transacdons The Corn Exchange INewbury} Productions Limited is a company limited by guarantee that was in¢oTPOrnted to operafr independently the cultural arts programme at the centre managed by the Trust. Re¢harg¢s to th¢ ¢ompany from the Trust include £364,558 (2023., £257,820) in respect of supply of labour for employees with joint contracts of eMploent and £13,539 (2023- £16,380) for other costs charged under a cost sharing agreement entered into in June 2006. At the balance sheet date the Trust was owed £155,584 (2023.. £49,026) from tbis company. Ai the balance sheet date the TTU5t held £250,504 (2023= £193.719) in respect of ticket income collected on behalf of the Corn Exchange INewbury) Productions Limited. This amount is included in "Deferred Income" in the accounts. The Base Greenham is a company limited by guarantee that was incoryoraled to operate independently ihe visual arts programme at the new location known as The Base. Re¢harges to this company from the Trust include £2,241 (2023: £10,666) for costs paid by the Tns$t on behalf of th¢ Base. At the balance sheet date the Trust was owed £4,456 (2023= £2,314) from this company. The Trust has paid an agreed Profit share of £nil (2023- £DiI) at the end of M&r¢h 2023 plus a commissioning fee of £nil (2023: £nil) to the Base as part of an ongoing parthership agreem¢nt. The Base has also recharged £618 (2023: £10,666) of costs to the Trust during the year. At the balance sheet date the TTUSt held £5,091 (2023: £12,384) in respect of ticket income collected on behalf of the Base Greenham. This amount is included in the accounts. 12 Corporation Taxalion The charity is a TegisteTed charity and is therefore exempt from taxation. 22
The Corn Exchange (Newbllry) Trust Notes to the Accounts for the Year Ended 31 March 2024 13 Tangible fixed assets- eharfity (#lso comprlslng that of the group) Plant & m2thinery, fixlures, fittlngs & equipment Assets Bought wlth Fundfing Capital Refurb Project Total Cost: As at l April 2023 Additions Disposals As at 31 March 2024 633,177 45.417 (55,630) 622,964 256,001 284,887 1,174,065 45,417 {55,630) 1.163.852 256.001 284,887 Depreeiation.. As at l April 2023 Charge for the year Disposals As at 31 March 2024 582,624 18.450 (55,630) 545,444 141,583 18,160 87,549 10,891 811.756 47,501 (55.630) 803,627 159,743 98,440 Net book valu¢: A5 at l April 2023 50,553 114,418 197,338 362,309 As at 31 March 2024 77,520 96,258 186,447 360,225 14 Investments Shares In subsidiary undert4kings Other investments Total Charity Cost: As at l April 2023 Movement As at 31 March 2024 Group Shares in subsidiydry undertakings Other investments Total Cost: As at l April 2023 Movement As at 31 March 2024 Tbe Corn Exchange (Newbury) Tradlng Llmlted Thc charity hold5 2 ordinary shares Df £1 each in its wholly owned trading subsidiary company The Corn Exchange (Newbury) Trading Limited which is incorporaied in tbe United Kingdom and undertakes the group's operation of café-bar facilities made available to theatre audiences, hirers of facilities and the general public. These are the only sharcs allotted, called up and fully paid. The activities and results of this company are summarised in note 7. 23
The Corn Exehange (Neivbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 15 Stoek Group 2024 Trnst 2024 2023 2023 Goods held for resale 11,599 11,599 7,569 7,569 16 Debtors GTOUP Trust 2024 2023 2024 2023 Trade debtors Other debtors Prepayments & accTued tncome Amounts due from subsidiary undertaking 173.588 155,417 51,527 60.698 1,411 32,019 173,200 155.058 50,668 60,968 123 31,749 380,532 94.128 378,926 92,840 17 Credltors: amounts falling due within one year Group Trust 2024 2023 2024 2023 Trade creditors Other creditors & accruals Deferred income (note 19) Other loans 95,901 179,441 418,788 4,118 82.360 44,664 328,175 4.017 90,177 176,578 418,670 4,118 76,504 42,207 327,722 4,017 Taxation & social security 698,268 459.216 689,543 450,450 Creditors: amounts falling due after more than one year Group Trust 2024 2023 2024 2023 Other loans 1,055 1.055 5,614 5,614 1,055 1,055 5,614 5,614 24
The Corn Exchange (Newbury) Trust Notes to the A¢¢ounts for the Year Ended 31 March 2024 18 Borrowing8 Trust 2024 Trust 2023 Repayable within l year Repayable within 5 years Repayable after 5 years 4.118 1,055 4,160 5,614 5,173 9,774 Borrowings consist of £500 (2023: £500) Cor the upgrade of th¢ box offi¢¢ and £5,173 (2023: £9,274) for the Front of House refurbishment. All loans are owed to Greenham Common Trust. Inl¢r¢st is charged at 2f/*o above base for the box oifi¢e loan, 4•/0 for the cinema scrcen and Front of House refurbishment loan. In addition the Front of House loan agr¢ement includes additional payments being made if The Corn Exchange (Newbury) Trading Company Limited makes a gift aidable profit of more than £80,000, at which point 1.5 /0 of any amount above £80,000 will be paid to Greenham Common Trust. 19 Deferred in¢ome Group Trust Balance 88 at l April 2023 Amount released to income earned from charitable activiiies Amount deferred in year Balance as at 31 March 2024 328,150 (328,150) 418,788 418,788 327,696 (327,629) 418,670 418,670 20 Pension 4nd other schemes Deflned benefit pension schemeg Pension benefits are provided under the Local Government Pension scheme ('the LGPS,) to certain ernployees of the charity. The LGPS is a defined benefil statutory scheme, administered in accordance with the Local Government Pension Scheme Regulations 2013. Changes to the LGPS ¢am¢ into effect from l April 2014 wilh various protections in place for those members in the scheme before the changes fook effect. It is contracled out of the State Second Pension. An independent firni of actuaries and ¢onsultsnts. Barnett Waddingham. were inslructed by the Royal Borough of Windsor and Maidenhead, the Athninistering authority to the Royal Country of Berkshire Fund Cth¢ Fund) lo undertake the calculations required and provide the disclosures following. The calculalions are in accord8n¢e wilh IAS19 and comply with FRS102. They use th¢ results of the Triennial Actuarial Valuation as at 31 March 2023 dnd roll fonvard ihe value of the employer's liabilities. The projected vnit method of valuation has been used to calculate the service cost. Assets are valued on a bid value. basis (nol at'rnid markev) where available, or otherwise an appropriate assumption has been used. Reconcili4tion of %¢heme assets and Ilablllties to assets and liabilities recognis¢d The amounts recognised in the balance sheet are as follows: 2024 2023 £'ooo Fair value of scheme assets Present value of defined benefit obligation D¢fined benefit pension scheme liability 1,181 1213 1,082 1.160 32 78 25
The Corn Exchange (Newbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 Deflned ben¢fit obllgation Changes in the defined benefit obligation are as follows: 2024 £'ooo Present value at Start of year c.urrent service cosl (1,160) (12) (55) 41 Interest cost Actuarial galns and losses Experience gainl(loss) on defined benefit obligation Benefits paid Contributions by scheme participants Asset ceiling Present value al end ofyear (3) 15 37) 1.213 Fair value of $¢heme assets Changes in the fair value of scheme assets are as follows.. 2024 £'ooo Fair value at slarl of year Interest income ,082 52 Return on plan assets, excluding amounls included in interest incomel(expeThsc) Administration expcns¢s Employer contributions Contributions by scheme participanls Benefits paid Fair value at end of year (i) 17 115) Analysis of total incomel{expense) re¢ognlsed In the Statement of Financial Activitie5 2024 2023 £'ooo Current service cost (12) 17 (17) 16 Contributions by employer Other finance incomel(cost) Actuarial (lossesygains 17 37 561 46 577 26
The Corn Exchange (Newbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 An21y8is of assets The major categories of scheme assets are as follows.. 2024 2023 Cash and cash equivalents Equity instruments Other bonds 69 62 12 14 Property Target return portfolio InfraStrucre 13 13 14 Longevity insurance 100 loo Return on sehem¢ assets 2024 £'ooo 2023 £'ooo Return on scheme assets 44 27 The pension scheme has not invested in any of the ¢harAty's own financial instrnments or in properties or other assets used by the charity. Principal actuarial assumption5 The ptincipal actuarial assumptions at the balance sheet date are as follows.. 2024 2023 Discount rate 4.90 4.80 Future salary increases Futur¢ p¢nsion increases 3.90 3.95 2.90 2.95 Po$t retirement morlolity assumplions 2024 Y¢Ars 2023 Years Current UK pensioners at retirement age - male Current UK pensioners at retiremenl age - f¢mal¢ Future UK pensioners at retirement age - male Future UK p¢nsioners at retirement age - female 20.80 21.10 23.60 23.90 22.00 22.30 25.00 25.30 27
The Corn Exchange (Newbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 21 Analysi5 of charitable funds An#lysi$ of movements in unrestrleted funds Bal8nce I April 2023 Expenditure Cain5 and losses Transf¢Ts FuDd5 31 March 2024 General fund 891,469 2,514,145 (2,459,573) {30,000) 916.041 Pension assetl(deficit) (78.000) 46,000 (32.000) TotAI 813,469 2,514,145 (2,459,573) 46,000 (30,000) 884,041 Analysis of movements in unrestricted fund5 - previous year Balance I April 2022 Income EendItllre Gain$ and losses Transfers Fund5 31 March 2023 General fund 970,071 2,270,436 (2.164.038} (185,000) 891.469 Pension assetl(deficit) Total 655 000 315,071 577,000 577,000 78,000 813,469 2,270,436 (2,164,038) (185,000) 28
The Corn Exchange (Neivbury) Trust Notes to the Accounts for the Year Ended 31 March 2024 Analysis of movements In desigDated fund Balance I April 2023 Income Expenditure Gthins and losses Transfers Funds 31 March 2024 Learning Projects 43,500 43,500 Repairs and replacement 16,573 (14,142) 84,750 87,181 Future Fund 445,920 29,500 (64.750) 410.670 Covid Tecovery fund 70.750 70,750 Cinema and Bar upgrade 55.000 (28,042) 26,958 101 Funds 29.250 29,250 Green Shoots 2,190 2.190 IT costs i 0.000 (8.938) 10.000 11.062 Total 673,183 29,500 (51,122) 30.000 681,561 29
The Corn Exchange (Newbury) Trnst Notes to the Accounts for the Year Ended 31 March 2024 Analysis of movements In d¢dgnated funds - prevlous year Balance I April 2022 Income Expenditure Gains and losses Transfer$ Fund$ 31 March 2023 £yooo Learning Projects 43,500 43,500 Repairs and rcplaccmcnt 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) 55,000 101 Funds 52,000 (22,750) 29250 Green Shoots 2,190 2,190 IT costs 10.000 544,360 10.000 673,183 Total 687 (56.864) 185,000 Name of deslgnated fund Description, nature and purposes of the fund Learning Projects Repatrs and replacement Future Fund Funding foT a variety of educational projects run by the Trust Fund for planned building repairs and replacement of capital items Donations from the Save Your Corn Exchange campaign. This has been designated io help sustain the future of the Com Exchange. Fund set aside for any fiiture costs associated with Covid and its ongoing aff¢¢ts. Covid recovery fimd Cinema and Bar upgrade A fund set up for Costs to upgrade and refurbish the cinema to allow it to operate as intended. Additionally the balcony bar needs some work to allow better utilisation of the space and generate rther income from hires etc. A fund to support 101 in continuing its work with the Ambition for Arts funding ce&8ing at thc end of Ihe 2021122 fmancial year A small fund to support green initiatives throughout the organisation. Fund to upgrade aniVoT purchase IT systems with a view to increasing productivity and streamlining PTocesses. 101 Funds Green shoots IT costs 30
Analysis of movements in restricled funds Balance 01 April 2023 Income Expendlture Transfers Funds 31 Mareh 2024 Outdoor events 6.030 6,030 Learning and dcvelopment projects 14,793 15,900 (21,196) 9,497 Evolve 54,725 54,725 Careers in the arts 39,827 110,300 {60,931) 89.196 Ageing creatively 6,319 73,246 (75,080) 4,485 20,000 {14,321) 5,679 Capital funding library 36,007 153.103 {11,113) 177,997 Other restricted fuDd 28.402 28,402 Total 186,103 372,549 (182,641) 376,011 31
Analysis of movements in restricted funds- previous year Balance I April 2022 Income Expenditure Transfers Funds 31 Mareh 2023 Outd¢)OT events 6,030 6,030 Evolv¢ 54,272 36.591 (76,070) 14,793 Leaming 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 ¢Inn8 3.613 (3.613) ioi 22,000 {22.000) Capital funding librdry 48,907 {12.900) 36,007 Other restricted fund 28,402 28.402 Total 180,876 216,520 {211.293) 186,103 Outdoor evenis balan¢e carried fonvard represents fi]nding of outdoor events. Lcarning and dcvclopment projcLts balance carried fonvards represents ndIng received for a variety of educational nu) by the Twst. Calalysl project balance carried forward represents fundlng received to fund specific posts with the organisation. Evolve restricted funds to support thc Corn Exchange's artistic progTamme Ambition for excellence r¢presents funding received from Art's Council England for a new programme of outdoor tivities for 101 centre for tbe creation of outdoor arts. 32
Analysis of group net assets between funds General fund Designated funds Restricted fund8 Total Fixed assets 360,225 360,225 Cash at bank and in hand 863.008 681,561 376,011 1,920,580 Long terni liabilities (1,055) (1,055) Pension Scheme deficit (32,000) (32,000) Other net current assets/(liabiliiie$) Total (306,137) (306,137) 884,041 681,561 376,011 1,941,613 Anatysis of group net assets belween funds - prevlous year General fund De%ign2ted fllnds Restrlcted (und5 Total Fixed assets 362,309 362,309 Cash at bank and in hand 892.293 672.496 186,790 1.751.579 Long tenn liubilities (5.614) (5.614) Pension scheme defjcit (78,000) (78.000) Other net CUTrent assets/{liabililies) (357.519) (357.519) Total 813,469 672.496 186.790 1,672.755 23 Opergting lease eommitments Lessee At the Teporting end date, the group had outstanding commitments for fijture minimum lease payments under non- cancellable operating leases, which fall due a$ follows: Group Trust 2024 2023 2024 2023 Within one year 19,167 22,500 19,167 22,500 Between two and five years 4,167 23,334 4.167 23,334 15,000 37,500 37,500 33
Land and Buildings The Trust leases the Corn Ex¢hange building from West Berkshire Council on a 99 year Icase. Th¢ council can harg¢ a peppercom rent under the tern)s of the lease. The amount to be paid in the following ye, if demanded, is expected to be £1 (2023: £nil}. 24 Reconciliation of net movement In funds to net tash flow from operating activities Group Cbarity 2024 2023 2024 2023 Net MoV¢nnt in fiJnd8 268,858 632.448 270.146 632,350 Add back depreciation ¢h#r8¢ 47301 50,669 45,679 50239 Dividends, interest and rents from inNesttnents (26291) (5,198) (26291) (5.198} Itncrease)Idecrcas¢ in slo¢ks (4,030) (2,251) DreaSe1(1C[eaSe) in debtors (267,825) 363,576 {286,086) 373,579 Decreasellincrease)in debtors (46,000) (577,(N)O) {46,000) (577,(MlO} Increasel{dxreas¢) in creditors 219.871 192,084 336.115 126,129 238.489 195,937 350240 123,730 34