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 Feb￿￿ry 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 T￿￿1 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 Wholeheart￿lY in what w¢ do. and seek to share our enthusiasm witb others.
inspiring ￿t￿re 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 d￿1$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 re￿8￿ 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 success￿IlY completed a 6 month paid placement as part of our Car¢ers in the Art5 initiative
with The Watemitll Th￿tre.
A record number of member8 across our Youth theatres, increasing numbers audilioning for Ihe annual youth
perfOrn￿nce
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 fi￿der. 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 expendItt￿e 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, cu￿ent 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 T￿Sle¢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 fo￿￿ed
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 prOJ￿l, 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 pU￿oSe 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 T￿SleeS, 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 hUn￿n 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
Cir￿mS1anr¢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 ￿n￿ming 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
T￿slee
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 t￿st¢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 n￿terIal 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 I￿SteeS 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 T￿￿te¢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 Sn￿11 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} T￿st 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 r￿onablY 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
IrregU1￿1t1es, 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 i￿gularitieS, 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 i￿egulaTitieS Tnay
occur either as a result of fraud OT c￿0[.
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 WInth￿Sh 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 fin￿me
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 fL￿d 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 aCtI￿tieS
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 I￿Ste¢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 fi￿ds.
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 f￿ed 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
acti￿tIeS
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
cU￿ent 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 In￿te¢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 eMplo￿ent 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
InfraStruc￿re
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
E￿endItllre
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 ¢In￿n8
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¢n￿nt 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)
D￿reaSe1(1￿C[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