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2025-03-31-accounts

Company registration number: 03908975 Charity registration number: 1080567

The Corn Exchange (Newbury) Trust

(A company limited by guarantee)

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2025

The Corn Exchange (Newbury) Trust

Contents

Page Page
Reference and administrative details 1 2
Report of the trustees 3 11
12 - 15
Statement of Financial Activities 16
Balance Sheets 17
Statement of Cash Flows 18
Notes to the Accounts 19
36

The Corn Exchange (Newbury) Trust

Reference and Administrative Details

Charity number: 1080567
Company number: 03908975
Registered Office: Riverside East
2 Millsands
Sheffield
South Yorkshire
S3 8DT
Auditors UHY Ross Brooke
Suite I
Windrush Court
Abingdon Business Park
Abingdon
OX14 1SY
Bankers National Westminster Bank
30 Market Place
Newbury
Berks
RG14 5AJ
Solicitors Irwin Mitchell Group
Mercantile House
18 London Road
Newbury
Berks
RG14 1JX
Principal Office Corn Exchange Newbury
Market Place
Newbury
Berkshire
RG14 5BD
Chief Executive Officer J Jhundoo-Evans
Secretary Irwin Mitchell Group

Page 1

The Corn Exchange (Newbury) Trust

Reference and Administrative Details

Key management personnel The Corn Exchange (Newbury) Trust: Trustees and Directors

The Trustees, most of whom who are also directors for the purposes of company law, who served during the year, together with subsequent appointments were:

K Bahia

L Butcher

R Constable

Earl G Carnarvon (resigned 13/11/24)

I Ghosheh (appointed 1/7/25)

R Hayes

R Holland (Chairman)

R Mckinlay

J Whatsize

Page 2

The Corn Exchange (Newbury) Trust

statements of the charity and its subsidiary for the year ending 31 March 2025 which are also prepared to meet the

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Our Purpose and Activities for the Public Benefit

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 programme and a world-class outdoor performance programme; our Learning Centre, home to a flourishing participation programme, provides a wide range of social, creative and inclusive opportunities, with specific projects for young people, schools, under 5s and over 55s and increasingly projects aimed at improving wellbeing and health outcomes; and 101 Outdoor Arts - National Centre for Arts in Public Space, our unique artist development and creation centre that supports the production of high quality outdoor work.

Our Charitable Objective

The education of the public in the Arts in West Berkshire and the surrounding districts

Our Mission (what we do)

Offer high quality arts and entertainment to enhance the life of the community, continually providing new and enriching experiences for everyone.

Our Vision (what we want to be)

about inspiring audiences, connecting with the community and presenting an exciting programme of live performance, film, visual arts and outdoor events.

Shaping our Vision (three key themes)

Centre for Excellence: Enable excellence at every opportunity

Creative Communities: Provide access points and encourage involvement from our entire community

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The Corn Exchange (Newbury) Trust

Custodian: Safeguard our long-term sustainability

Core values (the way the Trust works)

The Trust aims to be a centre for artistic excellence that cares about providing a high quality experience for its audiences, artists and employees. We encourage involvement in the creative arts from our entire community, welcoming everyone and inspiring future generations. By forging strong relationships with our audiences and stakeholders and being efficient in the operation of the business, we are committed to safeguarding the long-term sustainability of the organisation.

In doing this the Trust will hold true to the following values

We are passionate about the arts: We believe wholeheartedly in what we do, and seek to share our enthusiasm with others; inspiring future generations.

We aim for excellence: We always try to exceed expectations and actively pursue success. We are proud of our reputation and we want to build it together.

We put our customers first: Customers are our audiences, participants, artists 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 collaboratively: We forge relationships with others in order to succeed. We work as a team and are adaptable, making it easy for our colleagues, partners and communities to work with us.

We respect and include everyone: We will treat everyone we encounter with respect and understanding; actively seeking out opportunities to be more 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 best practice both inside and outside our organisation.

on in West Berkshire. The Trustees remain convinced that the benefits of an active involvement in high quality arts activities are vital to society and that our core annual activity programme centres around the promotion and education of the public in the arts.

The Trust expects the staff and volunteers to demonstrate a commitment to these values and use them in their decision making and actions every day, for the benefit of its audiences, artists, stakeholders, and fellow employees.

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The Corn Exchange (Newbury) Trust

In shaping the objectives and vision, the Trustees have considered the Charity Commissions guidance on public benefit, including the guidance on public benefit and fee charging. The theatre relies on grants and income from fees and charges to cover its operating costs. In setting the level of fees, charges and concessions, the Trustees give careful consideration to the accessibility of its activities for those on low incomes and ensure a range of prices and activities as well as bursaries and free events.

Review of activities during the year

This has been a year of reflection alongside consistency. We want to continually understand what our audiences need, what has worked well in the year and where we can do better, but we also work hard to provide an exciting and reliable programme and service to meet the high expectations set. Our attendance figures for 2024/25 sit at 148,229 engagements, which compares hugely favourably with our highest ever engagement levels in 2019/20 (128,000). In particular attendance at ticketed live events saw attendances of 98,378. Our L& P activities saw 35,105 engagements; 11,466 in our learning centre programme of courses and workshops and 23,639 in our activity within the community. Our 101 Outdoor Arts Centre supported over 612 artists through 82 residency opportunities, 11 seedbed residencies and 18 professional development and network opportunities. We also celebrated ten years of our 101 facility, with a three day event, Ablaze, welcoming around 10,000 visitors.

In all, a tremendous achievement and we believe a result of our efforts to try and reach as many people as possible through an exciting and varied programme of activities and services.

Highlights have included:

Page 5

The Corn Exchange (Newbury) Trust

The work of the Trust is only possible thanks to its team of dedicated volunteers who have provided over 33457 volunteer hours for the Trust, supporting the wide-ranging activities of the charity: assisting with the operational running of the Corn Exchange, supporting our engagement activities and the outdoor programme. Working with our volunteers enhances our audiences experience, enables longer opening hours and lower staff costs than would otherwise be the case and helps deepen our connection to the community we serve. Volunteers sign a volunteer agreement on joining and are managed by staff members, receiving safety and operational training. The contribution made by the volunteers to the organisation goes well beyond pure figures, but this year the estimated financial value amounts to in excess of £382,748.

In the year the Trust also continued its support of The Base charity. 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 supports The Base with expertise in curation and marketing support and for the first year since its incorporation supporting a dedicated part time fundraising post, enabling this new organisation to operate more efficiently.

The Trust would like to acknowledge the long service of Jeff Beck. Mr Beck represented the local authority, as a councillor, and commitment to our charitable work.

Page 6

The Corn Exchange (Newbury) Trust

Financial Review

The 2024/25 financial year saw the organisation return to more normal levels of activity; although the cost of living crises did impact on booking patterns, repeat sales and attendance at points in the year.

The activities as a core funder; the Corn Exchange, Learning Centre and 101 & the outdoor programmes. Additionally, they also fund a joint project between the Corn Exchange and the Watermill Theatre aimed at supporting young people to develop transferable skills and awareness of opportunities provided by the creative industries.

We have also received a variety of smaller grants from trusts and foundations to support the work of our Learning and Participation programme and together with successful 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 year until March 2026.

Income £2,855,558 was lower than in 2023/24 (£2,916,194) with expenditure also lower at £2,625,587 (2023/24 £2,693,336). The Trust has made an operating profit of £229,971 before gains/(losses) on the defined pension scheme. Of the £229,971 net income prior to gains/(losses) on the defined pension scheme £143,920 relates to operating surplus/deficit and £86,051 is income for the redevelopment of the Old Library, for which we will see the associated works and expenditure in 2025/2026 Profit and Loss.

This year saw greater sales across the live programme, ancillary spending in the café bar, and increased efforts in earned income through out 101 programme. Of particular note was programme income up 31% on budget, largely attributed to more programming than in recent years which helps the overall organisational position in a tricky funding climate. Cinema, whilst still recovering from the pandemic hit budget this year for the first time since 2020. The fundraising climate is challenging at the moment, with grant funds heavily oversubscribed and cost of living affecting individual giving, In expenditure terms, overheads including electricity, maintenance, IT and increased wages continue to pose a very difficult operating climate and the team must remain constantly agile to respond to the market and careful manage income and spend.

The cultural arts programme delivered at the centre managed by Corn Exchange (Newbury) Trust is operated by Corn Exchange (Newbury) Production Ltd. During the year Corn Exchange (Newbury) Production Ltd was recharged £428,265 for labour costs and £13,917 for other costs, under the cost sharing agreement entered into in July 2006. Including this, the total income for the Trust and Production Ltd was £3,297,740.

Complying with FRS17 means reporting any liability on the defined benefit pension schemes in the annual accounts. Last see note 20.

Reserves 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 receiving 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 operational costs as advised by The Charities Commission. A future target would be the more ideal level of £860,000 equating to 6 months operat potential vulnerability to a decline in particular funding sources, the impact of the general economic situation, and also considers a timeframe to enable the Trust to adjust its business model in the event of a major change in its funding levels.

Page 7

The Corn Exchange (Newbury) Trust

As at 31 March 2025, the free unrestricted reserves are £304,343 (2024: £101,316). In calculating the reserve figure the Trustees have excluded from total funds the restricted income funds £482,660, current designated funds £681,529 and a pension liability reserve of £355,500, where trustees have chosen to assume an average of the last 6 years given the significant fluctuation in this liability.

Designated funds are unrestricted funds that are earmarked (designated) for essential future spending to fund repairs, refurbishment, infrastructure and capital investment of its buildings. With the approval of the Trustees, the Executive team prioritise projects to ensure the organisation maintains a high level of customer and performer experience, whilst also ensuring staff are provided with the appropriate tools to successfully deliver the activities of the organisation. It is expected that repairs and improvements will be an on-going financial need, particularly given the age of the Corn Exchange building.

Although -term aspirations, with net current assets of £1,824,032 the balance sheet remains strong. Given the continued support of our key funders (Greenham Trust and Arts Council England) the Trustees consider the Trust to be a sound commercial concern with exciting ambitions for the future. The Trust aspires to build the reserves through 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 Old Library, into a creative wellbeing hub. As well as becoming the permanent home for our learning and wellbeing focused activities, the transformation will include a new studio theatre broadening the range of work we are able to present and the artists we are able to support. This sustainable reuse of an existing heritage building continues our partnership with Greenham Trust, who have purchased the building, providing us with a 25 year lease; securing our business model for the future and transforming the space for cultural and community use.

Other key priorities for the year ahead include

Page 8

The Corn Exchange (Newbury) Trust

Structure, Governance and Management

Governing Document

The Corn Exchange (Newbury) Trust is a registered charity (registered number 1080567) limited by guarantee. It is governed by its Memorandum and Articles of Association incorporated 13 January 2000 as amended 20 April 2000.

Appointment of Trustees

The report are collectively referred to as the Trustees. As set out in the Memorandum and Articles of Association, the Board of the Trust comprises of no less than five and no more than fifteen Trustees. Nominations are put to the Trust and membership is determined against the requirements of a role profile, the policy on corporate governance and the needs of the Trust on a strictly equal opportunities basis. Each Trustee will be appointed for a period of three years.

Trustee Induction and Training

New Trustees meet with the Chair and Director who provide them with a written Trustee Induction Pack and briefs them objectives, strategic plan and recent financial performance. During this meeting they can meet key employees 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 facilitate the undertaking of their role.

Organisation

The day-to-

works with an Executive team of four and a wider management team of seven. Financial matters are reported on a quarterly basis to a finance sub-committee that includes the Chairman of the Trust. Strategic and policy matters are referred to the personnel, finance, health and safety issues, all Arts Council reporting requirements and any other matters arising. Four such meetings were held in the year ending 31st March 2024 in addition to the AGM in November.

The Trustees would like to formally recognise the continuing efforts and dedication of both staff and volunteers at the Trust.

Related Parties

The Trust has a very close association with both Arts Council England and Greenham Trust who provide funding to enable the Trust to carry out its charitable objectives. A summary regarding transactions with them, and other related parties, is set out within the notes to the financial statements.

commercial bars and conferencing facilities at The Corn Exchange. The Trading Company Gift Aids its profits to the charity. (see note 7 in the accounts).

The Corn Exchange (Newbury) Productions Limited was incorporated to independently operate the ticketing and producing -profit making.

Pay policy for senior staff

executive management team comprising of the Director, Jessica Jhundoo-Evans; Head of Technical and Operations, Guy Dickens; Head of Programme and Audiences, Gemma Twiselton; Head of 101, Danielle Corbishley; and Head of Development, Ruth Stillman. All Trustees give their time freely and no Trustee received remuneration in the year. Details ions are disclosed in note 11 to the accounts.

Pay is reviewed annually and the Trustees make any increases that are possible each year on the basis of the financial health of the organisation and future budgets and forecasts. In view of the nature of the charity, the Trustees benchmark against pay levels in other provincial arts centres of a similar size.

Page 9

The Corn Exchange (Newbury) Trust

Risk Management

The Trustees review the major risks on an annual basis and this is further delegated to the Finance Sub-committee to review on a quarterly basis. They review the risks and ensure that systems and procedures are established to mitigate any risks identified

This work has identified that financial sustainability remains the biggest risk for the charity; this is an ongoing concern with the cost of living crisis affecting spending and fundraising efforts alongside soaring utility and overhead costs. Additional risks also revolve around the resources (both human and financial) required to deliver the Old Library capital project.

A key element 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 trade debtors and creditors balances to ensure sufficient working capital by the Trust and its subsidiary company. In addition, the Director ensures regular communication with key stakeholders, Greenham Trust and Arts Council England.

Attention is also given to non-financial risks. Staff retention is an identified risk, given limited salary budgets, ensuring greater focus on staff wellbeing, satisfaction and adaptations including hybrid and flexible working practice. Additionally, risks arising from fire, health and safety of artists and audience, management of performing rights and food hygiene are all taken into consideration. These risks are 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 Trustees are satisfied that there are adequate systems in place to mitigate financial and non-financial risks in the current circumstances.

Trustees Responsibilities

The Trustees (who are also directors of Corn Exchange (Newbury) Trust for the purposes of company law) are responsible Accounting Standards (United Kingdom Generally Accepted Accounting Practice)

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 1993 and the Charity (Accounts and Reports) 2008. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 10

The Corn Exchange (Newbury) Trust

In so far as the Trustees are aware:

Auditors

Following the Annual General Meeting the Trust UHY Ross Brooke were appointed by the Trustees to undertake the audit for 2025/26.

By order of the board of Trustees

R C Holland

Trustee Date:

12/12/2025

Page 11

The Corn Exchange (Newbury) Trust

Opinion

We have audited the financial statements of The Corn Exchange (Newbury) Trust (the 'charitable company') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, Balance Sheets and Statements of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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The Corn Exchange (Newbury) Trust

Opinions on other matters prescribed by the Companies Act 2006

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

applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

annual report and financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 13

The Corn Exchange (Newbury) Trust

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We have considered:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, Charities Act and tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Page 14

The Corn Exchange (Newbury) Trust

Use of our report

members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for ou r audit work, for this report, or for the opinions we have formed.

Caroline Webster (Senior Statutory Auditor) for and on behalf of UHY Ross Brooke, Statutory Auditor

Suite I Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY

Date: 15.12.2025

Page 15

The Corn Exchange (Newbury) Trust

Consolidated Statement of Financial Activities (including Consolidated Income and Expenditure account) For the year ended 31 March 2025

Note
Income from:
Donations and grant
4
Income from charitable activities:
Operation of theatre and art centre
5
Income from other trading activites:
Commercial trading operations
7
Investment Income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
7
Total expenditure
Net (expenditure)/income
Transfers between funds
21
Other recognised gains/(losses):
Actuarial losses on defined
benefit pension schemes
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
21		 2,403,857
336,408
34,019
-
123,354
148,468
2,280,503
2,132,035
funds
2025
£
580,068
1,453,362
Unrestricted
32,000
155,354
884,041
1,039,395		 13,685
-
-
86,051
99,768
2025
£
86,051
-
-
Designated
funds
-
99,768
(13,717)
(32)
681,561
681,529		 (13,685)
-
245,316
365,650
-
2025
£
Restricted
funds
-
-
365,650
-
245,316
120,334
106,649
376,011
482,660		 Total
funds
2025
£
1,031,769
1,453,362
336,408
34,019
2,855,558
148,468
2,477,119
2,625,587
229,971
-
32,000
261,971
1,941,613
2,203,584		 Total
funds
2024
£
1,402,897
1,190,283
295,744
27,270
2,916,194
136,938
2,556,398
2,693,336
222,858
-
46,000
268,858
1,672,755
1,941,613

The Statement of Financial Activities includes all gains and losses recognised in the year.

All activities derived from continuing operations during the above two financial periods.

Page 16

The Corn Exchange (Newbury) Trust NUMBER: 03908975

Consolidated and Trust Balance sheets as at 31 March 2025

Note
Fixed assets
Tangible assets
13
Investments
14		 Group
Group
Trust
Trust
2025
2024
2025
2024
£
£
£
£
379,552
360,225
372,179
351,412
-
-
2
2
Current assets
Stock
15
Debtors
16
Cash at bank and in hand		 379,552
360,225
372,181
351,414
11,116
11,599
-
-
629,292
380,532
629,398
378,926
1,739,853
1,920,580
1,746,086
1,935,062
Liabilities
Creditors: amounts falling due within
one year
17		 2,380,261
2,312,711
2,375,484
2,313,988
(556,229)
(698,268)
(542,793)
(689,543)
Net current assets 1,824,032
1,614,443
1,832,691
1,624,445
Creditors: Amounts falling due after
more than one year
17		 -
(1,055)
-
(1,055)
Net assets excluding pension liability 2,203,584
1,973,613
2,204,872
1,974,804
Defined benefit pension scheme liability
20		 -
(32,000)
-
(32,000)
Total net assets 2,203,584
1,941,613
2,204,872
1,942,804
Funds
Unrestricted income funds
Designated funds
Restricted income funds
Pension reserve		 1,039,395
916,041
1,040,683
917,232
681,529
681,561
681,529
681,561
482,660
376,011
482,660
376,011
-
(32,000)
-
(32,000)
Total funds
21		 2,203,584
1,941,613
2,204,872
1,942,804

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements on pages 16 to 36 were approved by the Trustees, and authorised for issue on setetstetteeeseeeeeeee 12.12.2025 aNd are Signed on their behalf, by:

_ R Holland

Trustee

Page 17

The Corn Exchange (Newbury) Trust

Statement of Cash Flows and Consolidated Statement of Cash Flows For the year ended 31 March 2025

Note
Cash flows from operating activities
24
Cash flows from investing activities
Interest income
Loss on fixed asset disposal
Purchase of tangible fixed assets
Cash flows from financing activities
Proceeds/(repayment) of long-term borrowings
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 Group
2025
(145,240)
34,019
-
(65,388)
(31,369)
(4,118)
(180,727)
1,920,580
1,739,853		 Group
2024
191,105
27,270
-
(45,417)
(18,147)
(3,957)
169,001
1,751,579
1,920,580		 Trust
2025
(152,828)
32,530
-
(64,560)
(32,030)
-
(4,118)
(188,976)
1,935,062
1,746,086		 Trust
2024
195,937
26,291
-
(44,435)
(18,144)
-
(3,957)
173,836
1,761,226
1,935,062

Page 18

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

1. Accounting policies

The Corn Exchange (Newbury) Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O 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:

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as amended for accounting periods commencing from 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Corn Exchange (Newbury) Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical 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.

1.2 Going concern

The Trust reported a surplus of £229,971 before the gain on the pension scheme for the year, the financial statements have been prepared on a going concern basis. This surplus includes donations for the Old Library of £86,051. The Trust made an operational surplus/deficit of £143,920 before Old Library contributions.

At the time of approving these financial statements, Corn Exchange (Newbury) Trust consider performance to be continuing in a positive way. We have navigated the changes in consumer behaviour since the pandemic and maintain an ongoing review of how people choose to consume art and culture and how they spend their time and disposable income, so that we can be flexible and responsive in our programming. The cost of living crisis continues to challenge the sector amidst increasing overhead costs and the fundraising climate is particularly tricky with individual giving dipping and the success rate of

We are putting energy into pursuing areas of work where we can make a difference, diversifying income streams and articulating our social impact across sectors. We work hard to understand our audiences, the needs of our locality and the potential of partnership working.

community hub for arts and wellbeing. The fundraising campaign continues to raise funds for the final fit out of the building and to ensure inclusion and accessibility. This venue will enable us to grow our programme and our reach as well as work with others for a more vibrant and health district.

1.3 Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary, The Corn Exchange (Newbury) Trading Limited on a line-by-line basis. A separate Statement 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 the Companies Act 2006.

Page 19

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

1.4 Income

Income including donations, gifts, legacies, grants and donated assets that provide core funding or are of a general nature, are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when:

Donated assets are valued by reference to their replacement value as stated by the donor or an independent third party.

The Trusts leases the Corn Exchange building from West Berkshire Council on a 99 year lease at a peppercorn rent payable under the terms of the lease. No value has been recognised in incoming resources in relation to this lease as the possible market value cannot be ascertained or estimated.

Investment income is recognised on a receivable basis.

Income from charitable activities, which includes income received under contract or where entitlement to grant fund is subject to specific conditions, is recognised as earned (as the related goods or services are provided). Grant income included in this category provides funding to support performance activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient accuracy.

1.5 Volunteers and donated services and facilities

The value of services provided by volunteers is not incorporated into these accounts. Further details of provided to the Trust as a donation that would normally 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.

1.6 Expenditure and irrecoverable VAT

Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being unavoidable. Irrecoverable VAT is included within the associated cost.

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds

Charitable activities include expenditure directly and indirectly associated with the staging of concerts, stage productions, showing films, art exhibitions and educational programmes and include both the direct costs and support costs relating to these activities.

Governance costs include those incurred in the governance of the Trust and its assets and are primarily associated with constitutional and statutory requirements.

Page 20

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

1.7 Allocation of support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

1.8 Operating leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are depreciated over their estimated useful economic lives on as follows:

Plant and machinery 10% to 20% straight line Fixtures, fittings and office equipment 5% to 25% straight line Piano 20% reducing balance Computer equipment 33% straight line

1.10 Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

1.11 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term 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.

1.12 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

1.13 Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 21

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

1.14 Pensions

The Trust participates in a defined benefit scheme. Pension costs are assessed in accordance with actuarial advice and based on the most recent actuarial valuation of the scheme. These costs are accounted for on the basis of charging the cost of providing pensions over the period during which the the accounts.

1.15 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified

2 Legal Status of the Trust

The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

Page 22

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

3. Financial Performance of the charity

the trading body of the group.

The summary financial performance of the charity alone is:

Income
Expenditure on charitable activities
Gains/(loss) on pension scheme
Net income
Total funds brought forward
Total funds carried forward
Represented by:
Restricted income funds
Unrestricted income funds
ome from donations and grants
Designated
Restricted
funds
funds
2025
2025
£
£
Donations
86,051
25,426
Memberships
-
-
Grants
-
340,224
86,051
365,650		 Total
funds
2025
£
2,707,192
(2,477,124)
32,000
262,068
1,942,804
2,204,872
482,660
1,722,212
2,204,872
Total
funds
2025
£
206,847
24,915
800,007
1,031,769		 Total
funds
2024
£
2,780,544
(2,556,398)
46,000
270,146
1,672,658
1,942,804
376,011
1,566,793
1,942,804
Total
funds
2024
£
272,463
21,027
1,109,407
1,402,897

4. Income from donations and grants

The income from donations and grants was £1,031,769 (2024: £1,402,897) of which £580,068 was unrestricted (2024: £1,000,848) and £451,701 restricted (2024: £402,049).

5. Income from charitable activities

Income from filims
Performance grants and sponsorship
Rent, and costs recharged
Sales commissions
Other related income		 Restricted
funds
2025
-
-
-
-
-
-		 Unrestricted
funds
2025
99,780
668,374
458,928
107,572
118,708
1,453,362		 Total
funds
2025
£
99,780
668,374
458,928
107,572
118,708
1,453,362		 Total
funds
2024
£
90,849
534,878
366,250
104,191
94,115
1,190,283

Page 23

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

6. Investment income

accounts.

7. Analysis of expenditure on charitable activities

----- Start of picture text -----
Designated Restricted Unrestricted Total Total
funds funds funds funds funds
2025 2025 2025 2025 2024
£ £ £ £ £
Live programme costs - - 11,683 11,683 28,919
Film costs - - 51,326 51,326 50,658
10,000 - 134,818 144,818 140,641
Specific projects - other - 245,316 1,290 246,606 395,181
Marketing and advertising - - 107,865 107,865 101,978
Staff costs - - 1,258,682 1,258,682 1,162,870
Premises costs 81,768 - 304,273 386,041 411,286
Repairs and renewals - - 77,336 77,336 70,010
General overheads 8,000 - 92,785 100,785 110,765
Depreciation - - 43,792 43,792 45,679
Support costs (see note 8) - - 48,185 48,185 38,411
Total 99,768 245,316 2,132,035 2,477,119 2,556,398
----- End of picture text -----

The summary financial performance of the subsidiary alone is:

Turnover
Investment Income
Cost of sales and administrative expenses
Amount gifted to the Trust
Net profit/(loss) retained
The assets and liabilities of the subsidiary were:
Fixed assets
Current assets
Current liabilities
Total net assets
Aggregate share capital and reserves		 2025
£
336,408
1,489
(148,468)
(189,531)
(102)
7,373
4,777
(13,436)
(1,286)
(1,286)		 2024
£
295,744
979
(136,938)
(161,073)
(1,288)
8,814
13,245
(23,243)
(1,184)
(1,184)

Page 24

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

8. Analysis of governance and support costs

The Trust initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Refer to the table below for the basis for apportionment and the analysis of support and governance costs.

----- Start of picture text -----
|||||| |---|---|---|---|---| |General|Governance| |Support|function|Total|Total| |2025|2025|2025|2024| |£|£|£|£| |Audit and accountancy fees|-|11,750|11,750|4,255| |Professional fees|-|4,570|4,570|3,660| |Interest and charges|31,865|-|31,865|30,496| |Total|31,865|16,320|48,185|38,411|

----- End of picture text -----

9. Net income/(expenditure) for the year

----- Start of picture text -----
|||| |---|---|---| |This is stated after charging:|2025|2024| |£|£| |Depreciation|46,061|47,501| |Audit fees|12,500|12,500|

----- End of picture text -----

10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Wages and salaries|1,130,082|1,042,336| |Social security costs|80,872|74,557| |Pension costs|38,819|35,633| |Other staff costs|8,910|10,344| |1,258,682|1,162,870|

----- End of picture text -----

No employees had employee benefits (2024: £nil). Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2024: £nil) neither were they reimbursed expenses during the year (2024: £nil) other than those disclosed in note 11. No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

Page 25

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Concert and stage performers
Management
Administration
Marketing
Front of House
Community and Arts		 2025
8
5
14
4
15
12
58		 2024
9
5
11
4
12
11
52

11. Related party transactions

The Corn Exchange (Newbury) Productions Limited is a company limited by guarantee that was incorporated to operate independently the cultural arts programme at the centre managed by the Trust.

Recharges to the company from the Trust include £428,265 (2024: £364,558) in respect of supply of labour for employees with joint contracts of employment and £13,917 (2024: £13,539) for other costs charged under a cost sharing agreement entered into in June 2006. At the balance sheet date the Trust was owed £249,132 (2024: £155,584) from this company.

At the balance sheet date the Trust held £278,901 (2024: £250,504) in respect of ticket income collected on behalf of the Corn Exchange (Newbury) Productions Limited. This amount is included in "Deferred Income" in the accounts.

The Base Greenham is a company limited by guarantee that was incorporated to operate independently the visual arts programme at the new location known as The Base.

Recharges to this company from the Trust include £6,824 (2024: £2,241) for costs paid by the Trust on behalf of the Base. At the balance sheet date the Trust was owed £3,478 (2024: £4,456) from this company.

The Base has recharged £688 (2024: £618) of costs to the Trust during the year.

At the balance sheet date the Trust held £nil (2024: £5,091) in respect of ticket income collected on behalf of the Base Greenham. This amount is included in the accounts.

12. Coproration Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 26

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

13. Tangible fixed assets

GROUP
Plant &
Machinery
£
Cost or valuation
At 1 April 2024
-
Additions
-
Disposals
-
At 31 March 2025
-
Depreciation
At 1 April 2024
-
Charge for the year
-
On disposals
-
At 31 March 2025
-
Net book value
At 31 March 2025
-
At 31 March 2024
-
CHARITY
Land and
buildings
£
Cost or valuation
At 1 April 2024
-
Additions
-
Disposals
-
At 31 March 2025
-
Depreciation
At 1 April 2024
-
Charge for the year
-
On disposals
-
At 31 March 2025
-
Net book value
At 31 March 2025
-
At 31 March 2024
-		 Plant &
machinery,
fixtures,
fittings &
equipment
£
622,964
9,818
-
632,782
545,444
20,202
-
565,646
67,136
77,520
Plant &
machinery,
fixtures,
fittings &
equipment
£
605,410
8,990
-
614,400
536,704
17,933
-
554,637
59,763
68,706		 Assets Bought
with Funding
£
256,001
-
-
256,001
159,743
14,967
-
174,710
81,291
96,258
Assets Bought
with Funding
£
256,001
-
-
256,001
159,743
14,967
-
174,710
81,291
96,258		 Capital
Refurb
Project
£
284,887
55,570
-
340,457
98,440
10,892
-
109,332
231,125
186,447
Capital
Refurb
Project
£
284,887
55,570
-
340,457
98,440
10,892
-
109,332
231,125
186,447		 Total
£
1,163,852
65,388
-
1,229,240
803,627
46,061
-
849,688
379,552
360,225
Total
£
1,146,298
64,560
-
1,210,858
794,887
43,792
-
838,679
372,179
351,411

Page 27

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

14. Investments

Group
Cost
At 1 April 2024
Movement
At 31 March 2025
Charity
Cost
At 1 April 2024
Movement
At 31 March 2025		 £
-
-
-
£
2
-
2
Subsidiaries
Subsidiaries		 £
-
-
-
£
-
-
-
Other
investments
Other
investments		 Total
£
-
-
-
Total
£
2
-
2

The Corn Exchange (Newbury) Trading Limited

The charity holds 2 ordinary shares of £1 each in its wholly owned trading subsidiary company The Corn Exchange café-bar facilities made available to theatre audiences, hirers of facilities and the general public. These are the only shares allotted, called up and fully paid. The activities and results of this company are summarised in note 7.

15. Stock

Goods held for resale
16.
Debtors
Trade debtors
Other debtors
Prepayments and accrued income
Amounts owed by group undertakings		 2025
2024
£
£
11,116
11,599
11,116
11,599
2025
2024
£
£
216,948
173,588
104,845
155,417
58,367
51,527
249,132
-
629,292
380,532
Group
Group		 2025
2024
£
£
-
-
-
-
2025
2024
£
£
216,948
173,200
104,951
155,058
58,367
50,668
249,132
-
629,398
378,926
Charity
Charity

Page 28

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

17. Creditors: amounts falling due within one year

2025
2024
£
£
Trade creditors
95,308
95,901
Other creditors & accruals
50,699
179,441
Deferred income (note 19)
409,167
418,808
Other loans
1,055
4,118
556,229
698,268
Creditors: amounts falling due in greater than one year
2025
2024
Other loans
-
1,055
-
1,055
18.
Borrowings
Repayable within 1 year
Repayable within 5 years
Repayable after 5 years
Group
Group		 2025
2024
£
£
85,100
90,177
47,574
176,578
409,064
418,670
1,055
4,118
542,793
689,543
2025
2024
£
£
-
1,055
-
1,055
Trust
Trust
2025
2024
£
£
1,055
4,118
-
1,055
1,055
5,173
Charity
Charity

Borrowings consist of £1,055 (2024: £5,173) for the Front of House refurbishment and are owed to Greenham Common Trust. Interest is charged at 4% above base. In addition the Front of House loan agreement 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% of any amount above £80,000 will be paid to Greenham Common Trust.

19. Deferred Income

Balance at 1 April 2024
Amount released to income earned from charitable activities
Amount deferred in year
Balance at 31 March 2025		 2025
£
418,808
(418,808)
409,167
409,167		 2024
£
328,150
(328,150)
418,808
418,808

Page 29

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

20. Pension and similar obligations

Defined benefit pension plans

Pension benefits are provided under the Local Government Pension scheme ('the LGPS') to certain employees of the charity. The LGPS is a defined benefit statutory scheme, administered in accordance with the Local Government Pension Scheme Regulations 2013. Changes to the LGPS came into effect from 1 April 2014 with various protections in place for those members in the scheme before the changes took effect. It is contracted out of the State Second Pension. An independent firm of actuaries and consultants, Barnett Waddingham, were instructed by the Royal Borough of Windsor and Maidenhead, the Administering authority to the Royal Country of Berkshire Fund ('the Fund') to undertake the calculations required and provide the disclosures following.

The calculations are in accordance with IAS19 and comply with FRS102. They use the results of the Triennial Actuarial Valuation as at 31 March 2023 and roll forward the value of the employer's liabilities. The projected unit method of valuation has been used to calculate the service cost.

Assets are valued on a 'bid value' basis (not at 'mid market') where available, or otherwise an appropriate assumption has been used.

Principal actuarial assumptions

Principal actuarial assumptions
2025 2024
Rate of increase in salaries 3.90% 3.90%
Rate of increase for pensions in payment/inflation 2.90% 2.90%
Discount rate for scheme liabilities 5.80% 4.90%

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

2025 2024
Retiring today
Males 20.7 20.8
Females 23.6 23.6
Retiring in 20 years
Males 22.0 22.0
Females 25.0 25.0
Return on scheme assets
2025 2024
£'000s £'000s
Return on scheme assets (32) 44

Page 30

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

Defined benefit pension scheme net liability
Fair value of scheme assets
Present value of defined benefit obligation
Unrecognised asset
Recognised on the balance sheet
The major categories of scheme assets are as follows
Cash and cash equivalents
Equity instruments
Other bonds
Property
Target return portfolio
Infrastructure
Longevity insurance
Total market value of assets		 2025
£
1,196
(1,058)
138
(138)
-
2025
%
2
68
14
8
-
12
(4)
100		 2024
£
1,181
(1,213)
(32)
-
(32)
2024
%
1
69
12
9
-
13
(4)
100

Amount recognised in the Statement of Financial Activities

Current service costs
Contributions by employer
Other finance income/(cost)
Actuarial (losses)/gains
Total amount recognised in SOFA
Changes in the defined benefit obligation are as follows:
Present value at start of year
Current service cost
Interest cost
Actuarial (gain)/loss
Experience gain/(loss) on defined benefit obligation
Benefits paid
Contributions by scheme participants
Asset ceiling
Present value at end of year		 2025
£'000s
12
1
1
18
32		 2024
£'000s
(12)
17
4
37
46
2025
£'000s
(1,213)
(12)
(57)
157
3
30
(3)
37
(1,058)

Page 31

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

Fair value of scheme assets

Fair value at start of year
Interest income
Return on plan assets, excluding amounts included in interest income/(expense)
Administration expenses
Employer contributions
Contributions by scheme participants
Benefits paid
Fair value at end of year		 2025
£'000s
1,181
58
(32)
(1)
17
3
(30)
1,196

21. Funds

Analysis of movements in unrestricted funds

£
General funds
916,041
Pension asset/(deficit)
(32,000)
Total
884,041
Funds (continued)
Analysis of movements in unrestricted funds
£
General funds
891,469
Pension asset/(deficit)
(78,000)
Total funds
813,469
Balance at 1
April 2024
Balance at 1
April 2023		 Income
£
2,403,857
-
2,403,857
- previous year
Income
£
2,514,145
-
2,514,145		 Expenditure
£
(2,280,503)
-
(2,280,503)
Expenditure
£
(2,459,573)
-
(2,459,573)		 £
-
32,000
32,000
£
(30,000)
46,000
16,000
Gains and
losses /
Transfers
Gains and
losses /
Transfers		 £
1,039,395
-
1,039,395
£
916,041
(32,000)
884,041
Balance at 31
March 2025
Balance at 31
March 2024

Name of unrestricted fund Description, nature and purposes of the fund

General fund

none at present.

Page 32

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

Analysis of movements in designated funds

Learning Projects
Repairs and replacement
Future Fund
Covid recovery fund
Cinema and Bar upgrade
101 Funds
Green Shoots
IT costs
Old library
Total funds		 £
43,500
87,181
410,670
70,750
26,958
29,250
2,190
11,062
-
681,561
Balance at 1
April 2024		 Income
£
-
-
-
-
-
-
-
-
86,051
86,051		 Expenditure
£
-
(79,004)
-
-
(2,764)
(10,000)
-
(8,000)
-
(99,768)		 £
-
13,685
-
-
-
-
-
-
13,685
Transfers		 £
43,500
21,862
410,670
70,750
24,194
19,250
2,190
3,062
86,051
681,529
Balance at 31
March 2025

Analysis of movements in designated funds - previous year

Learning Projects
Repairs and replacement
Future Fund
Covid recovery fund
Cinema and Bar upgrade
101 Funds
Green Shoots
IT costs
Total funds		 £
43,500
16,573
445,920
70,750
55,000
29,250
2,190
10,000
673,183
Balance at 1
April 2023		 Income
£
-
-
29,500
-
-
-
-
-
29,500		 Expenditure
£
-
(14,142)
-
-
(28,042)
-
-
(8,938)
(51,122)		 £
-
84,750
(64,750)
-
-
-
-
10,000
30,000
Transfers		 £
43,500
87,181
410,670
70,750
26,958
29,250
2,190
11,062
681,561
Balance at 31
March 2024

Name of designated fund Description, nature and purposes of the fund

Learning Projects Repairs and replacement Future Fund Covid recovery fund Cinema and Bar upgrade

101 Funds Green Shoots IT costs

Funding for a variety of educational projects run by the Trust Fund for planned building repairs and replacement of capital items This has been designated to help sustain the future of the Corn Exchange. Fund set aside for any future costs associated with Covid and its ongoing affects. Fund for costs to upgrade the cinema and bar refurbishments to allow better utilisation of space.

Fund to support 101 activities and residency facility

A small fund to support green initiatives throughout the organisation

Fund to upgrade and/or purchase IT systems with a view to increasing productivity and streamlining processes.

Page 33

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

Analysis of movements in restricted funds

£
Outdoor events
6,030
Learning and development proj
9,497
Evolve
54,725
Careers in the arts
89,196
Ageing creatively
4,485
101
5,679
Capital funding library
177,997
School Projects
-
Green and Sustainability
-
Other restricted fund
28,402
Total funds
376,011
Balance at 1
April 2024		 Income
£
-
24,436
-
112,300
69,303
22,947
132,964
2,800
900
-
365,650		 Expenditure
£
-
(11,725)
(4,900)
(77,725)
(77,660)
(10,851)
(62,355)
(100)
-
-
(245,316)		 £
-
-
-
-
-
-
(13,685)
-
-
-
(13,685)
Transfers		 £
6,030
22,208
49,825
123,771
(3,872)
17,775
234,921
2,700
900
28,402
482,660
Balance at 31
March 2025

Analysis of movements in restricted funds - previous year

£
Outdoor events
6,030
Learning and development proj
14,793
Evolve
54,725
Careers in the arts
39,827
Ageing creatively
6,319
101
-
Capital funding library
36,007
Other restricted fund
28,402
Total funds
186,103
Balance at 1
April 2023		 Income
£
-
15,900
-
110,300
73,246
20,000
153,103
-
372,549		 Expenditure
£
-
(21,196)
-
(60,931)
(75,080)
(14,321)
(11,113)
-
(182,641)		 £
-
-
-
-
-
-
-
-
-
Transfers		 £
6,030
9,497
54,725
89,196
4,485
5,679
177,997
28,402
376,011
Balance at 31
March 2024

Name of restricted fund

Description, nature and purposes of the fund

Outdoor events Learning and development projects Evolve Careers in the arts

Ageing creatively

101 Capital funding library School Projects Green and Sustainability

balance carried forward represents funding of outdoor events

balance carried forwards represents funding received for a variety of educational run by the Trust.

balance carried forward: A programme run in collaboration with The Watermill to raise awareness of the breadth of the Creative Industries and of the essential skills that can be developed through creative activity; to support career pathways.

balance carried forward: A programme to provide creative activities for those aged over 55, funded by the National Lottery Community Fund A Jerwood fund to support artist development

A fund of grants received to support the redevelopment of the Old Library

A fund to support creative activity within education settings Funding received for green initiatives

Page 34

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

22. Analysis of group net assets between funds

Unrestricted
funds
2025
£
Fixed assets
379,552
Cash at bank and in hand
575,664
Long term liabilities
-
Pension scheme deficit
-
Other net current assets/(liabilities)
84,179
1,039,395
Analysis of group net assets between funds - prior year
Unrestricted
funds
2024
£
Fixed assets
360,225
Cash at bank and in hand
863,008
Long term liabilities
(1,055)
Pension scheme deficit
(32,000)
Other net current assets/(liabilities)
(306,137)
884,041		 Designated
funds
2025
£
-
681,529
-
-
-
681,529
Designated
funds
2024
£
-
681,561
-
-
-
681,561		 Restricted
general
funds
2025
£
-
482,660
-
-
-
482,660
Restricted
general
funds
2024
£
-
376,011
-
-
-
376,011		 Total
funds
2025
£
379,552
1,739,853
-
-
84,179
2,203,584
Total
funds
2024
£
360,225
1,920,580
(1,055)
(32,000)
(306,137)
1,941,613

Page 35

The Corn Exchange (Newbury) Trust

Notes to the financial statements for the year ended 31 March 2025

23. Operating lease commitments

Lessee

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

2025
2024
£
£
Amounts due within one year
20,404
19,167
Amounts due between one and five years
6,075
4,167
26,479
23,334
Group		 2025
2024
£
£
20,404
19,167
6,075
4,167
26,479
23,334
Charity

The Trust leases the Corn Exchange building from West Berkshire Council on a 99 year lease. The council can charge a peppercorn rent under the terms of the lease. The amount to be paid in the following year, if demanded, is expected to be £1 (2024: £1).

24. Cash flows from operating activities

Net movement in funds
Add back depreciation charge
Interest income
(Increase)/decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Movement in pension liability		 2025
2024
£
£
261,971
268,858
46,061
47,501
(34,019)
(27,270)
483
(4,030)
(248,760)
(267,825)
(138,976)
219,871
(32,000)
(46,000)
(145,240)
191,105
Group		 2025
2024
£
£
262,068
270,146
43,792
45,679
(32,530)
(26,291)
-
-
(250,472)
(286,086)
(143,686)
238,489
(32,000)
(46,000)
(152,828)
195,937
Charity

25. Non adjusting events after the financial period

Included in year end funds are amounts raised for the Old Library project, the plan is to spend this on the works due to take place in 2025/26. After the year end the trustees have designated £500,000 of unrestricted funds to the Old Library project.

Page 36