Charity Registration No. 701194
Company Registration No. 02332073 (England and Wales)
THE MALTINGS (BERWICK) TRUST
CONSOLIDATED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

THE MALTINGS (BERWICK) TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Jonalhan Lang
Scoll Sherrard
Benjamin Curthoys
Helen Milner
Wendy Barrett
(Appointed 1 April 2023)
Executive Director and Chlef
Executive
Rosanne Lamont
Also known as
The Maltings
Se¢retary
Rosanne Lamont
Charlty number
701194
Company number
02332073
Règlstered offlce
The Maltings Theatre & Cinema
Eastern Lane
Berwick upon Tweed
TD15 1AJ
Audltor
Sumer Auditco Limited
Unil 2. Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
Bankers
CAF Bank Limited
25 Kings Hill Avenue
West Malling
Kent
ME194JQ
Accountsnt
JH Greenwood & Company Limited
Ava Lodge
Castle Terrace
Betwick upon Tweed
TD15 1NP
Solicitors
Sander50n Mccreath & Edney
4 Quay Walls
Berwick-upon-Tweed
TD15 1HD

THE MALTINGS (BERWICK) TRUST
CONTENTS
Page
Trustees, report
Independent auditor's report
Group Slalement of financial activities
14-15
Group Balance sheet
16-17
Charity Balance sheet
18-19
Group Slalement of cash flows
20
Notes lo the financial statements
21-42

THE MALTINGS (BERWICK) TRUST
TRUSTEES, REPORT (CONTINUED) (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The tru51ees present their report and together with the consolidated financial statement5 of the charily and its
subsidiary for the year ended 31 March 2024.
The financial statements have been prepared in accofdance with the accounting policies sel out in note 1 to the
financial statements and comply with the charity's governing document, the Companies Acl 2006 and "Accounting
and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" (effective
1 January 2019).
Objectives and activities
The charity's objects are to "promote, maintain, improve and advance education particularly by the encouragement
and provision of all forms of the Arts. Principally for. bul not restricted lo, everyone in the North East of England and
the Scollish Borders"
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the
charity should undertake.
The Iruslees, who are also the directors for the purpose of company law, and who Se￿ed during the year and up lo
the dale of signature of the financial statements were..
Scott Sherrard
Jonathan Lang
Laura Catterall
Benjamin Curthoys
Dean Jackson
Helen Milner
Wendy Barrett
Matthew Runham
(Resigned 11 January 2024)
(Resigned 15 August 2024)
(Appointed 1 April 20231
{Resigned 7 June 2023}
Staff team as at 31 March 2024
Programme Managgr..
Venues tgam..
Daniel Cox
Neil Davidson, Januario Espejo, Wendy Payn. Ross Graham
Sarah Graham, Caitlin Mulch, Oliver Payn, Daniel Flannigan
Shona Hammon
Rosanne Lamont
James Lowlher
Cloudy Manningham
James Manningham
Anne Cranston
Sally Wilson
Val Tobias
Vgnue Managor..
CEO..
Head of Visual Arts..
Admin.Assislant
Technical Manager..
General Manager..
Hgad of Markgting
Leaming & Engagement Manager (schools)

THE MALTINGS (BERWICK) TRUST
TRUSTEES, REPORT (CONTINUED) (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
l. Chairman's statement
1.1 Introduction
The Mallings (Bemick) Trust is the cultural heart of Berwick, and a key creative hub for North Northumberland.
We are passionate about ensuring that exhibitions, cinema, live performances. and special events are available
locally, delivered lo the very highest standard. and accessible to all. We operate across three venues {Ihe main
venue al Eastern Lane, the Gymnasium Gallery in Bemick's historic Barracks and the Granary Gallery) as well as
working off-site in the community.
As an organisalion with social objectives, we have strong and active working partnerships with artists, community
organisations, schools, higher education, our regional peers, and also a well-eslablished outreach and youth arts
programme - community and audience engagement are al the core of what we do.
We are the principal professional digital cinema serving a rural area of 1,000 square miles. Our visual arts
programme is a major regional resource for visual arts development and learning, supports emerging artists and has
an international reach for Ils artists residencies. Over the last 30 years, over 1,000 artists and companies have
performed at The Mallings with over 1 million lickels sold. The annual programme is a rich and varied artistic mix
arsd usually includes over 600 performances, events, screenings, and workshops.
1.2 The last year
After the lingering trauma of the pandemic, il was refreshing to move steadily towards something more like 'business
as usual" albeit in increasingly challenging economic limes. Confidence and audiences returned, especially for live
performances, and particularly for the year's in-house production of Cinderella, our most successful pantomime ever.
The breadth of our Visual Arts programme was ambitious and popular. Active community engagement continues to
strengthen.
1.3 Thè futurè
We look fO￿ard with Optimism and purpose. Our pantomime will bring part of our history to a happy closè. Decant
will then present an opportunity to build on our community engagement and activity. We shall continue to develop a
fuller role in the town and Ihe region, playing our part as key partner in the Living Barracks and core contributor lo
Create Betwick. The Trust will continue lo be central to the cullure-led regeneration of Berwick and the surrounding
area, acting for as wide a cross-seclion of our community as possible, delivering additional projects that support well-
being. address social isolation, engage early years and children both within and outwith formal education.
We will face challenges. The coming year will be about transition as we prepare lo leave the theatre. Subject to
planning approval, our cinema programme will be delivered through Ihe lemporary cinema al the Mob Store in the
Barracks from March 2024. Change will be challenging for staff members as roles are redefined and for audiences
as our programme inevitably changes. There will be some financial advantages to this exit timetable as the some of
the effects of an anticipated fourfold increase in utililies costs will be mitigated. Nevertheless the continLfring high
levels of inflation and an evident cost of living crisis are applying growing pressures on the commeicial operation al
a lime when revenue funding is set to decline in real terms.
Timely progress on the Iransformalion of Eastern Lane will be essential if we are to plan effectively for Ihe medium
lo long term, and we are working with NCC lo ensure levels of appropriate support.
With a strong business foundation, we are commilled lo confronting these challenges creatively and rigorously,
recognising that our business model will of necessity require reinvention lo address operational and commercial
reslraints.

THE MALTINGS (BERWICK> TRUST
TRUSTEES, REPORT (CONTINUED) (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
1.4 Acknowledgements
We are graleful for the continued support of our main funders Northumberland County Council and Arts Council
England.
The public's appelile and enthusiasm for our work continues to be a major asset and we continue lo be extremely
grateful for their support.
The Trust continues lo be indebted to all membeTS of staff and volunteers. led by CEO Ros Lamont, for their
continuing enlhusiasm. commitment and loyalty.
Finally. I musl thank my fellow Trustees for their enormous efforts, commitment and diligence throughout this year.
Their experience, energy and wisdom have proven invaluable.
Scott Sherrard
Chalr of Trustees

THE MALTINGS (BERWICK) TRUST
TRUSTEES, REPORT (CONTINUED) (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
2. Structure, governance and management
2.1 Governing Instruments
The Trust is governed by a Trust Deed dated 2nd May 1989, and Memorandum and Articles of Association dated
12th October 2010 and as amended by Special Resolution 4th December 2017.
2.2 Organlsation of the charlty
The Mallings {Betwickl Trust was established in 1989 as a company limited by guarantee and a re9lStered charity.
The company has no share capilal.
Every member of the charily promises. if the charity is dissolved while he or she a member or within ￿e1ve months
after he or she ceases lo be a member, lo contribute such sum (nol exceeding £10) as may be demanded of him or
her lowards the payment of the debts and liabilities of the charity incurred before he or She ceases lo be a member,
and the costs charges and expenses of winding up, and the adjustment of Ihe rights of the Gonlribulories among
themselves.
2.3 Trustèes l Dlrectors
The maximum number of TrusleeslDirectors is unlimited. Al each annual general meeting. the third of elected
Trustees who have been longest in office are required to retire. A retiring elected Trustee is eligible for re- election
for one additional term.
The Board of Trustees meat formally èvery thrèe monlhs, with an annual general meeting held every autumn and
further informal meetings as required. The Finance and General Purposes Sub Committee meets on a quarterly cycle
bet￿een Board meetings and further as required.
Policy decisions, risk management, fundraising, capital development and financial issues are regularly referred lo
the Trustees. All programming, external affairs, resource and operational decisions are delegated to the Executive
Director, who may consult the Trustees as required.
The Trustees serving during the year ended 31 March 2024 as Directors of the company are noted above.
2.4 Trustees, Interests
The Trustees. as Directors of the company, have subscribed lo guarantee the sum of up lo £10 each to the debts of
the Trust in the event of a winding up. The Trustees have no other financial inleresls in The MaS1ings and all of their
lime and services are provided on an entirely voluntary basis.
2.5 Risk statement
The Board of Trustees lakes the risks to which The Mallings IBerwick} Trust is exposed very seriously. With additional
emphasi5 on risk within SORP FRS 102, the Board has eslablished a rolling risk register. which is reviewed regularly
by the full Board.

THE MALTINGS (BERWICK) TRUST
TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
3. Achievements and performance
3.1 Cinema
Cinema is an important revenue stream for us and one of our most universally appealing and accessible programme
strands. The return of audiences to a local cinema a programme in Berwick has built steadily over the last year, but
in common with the wider UK cinema sector- is slill negatively impacted by supply-side changes as film dislribulors,
continue to release films on streaming channels at the same time as Big Screen cinema release. Some stand-oul
film titles have proved very popular. and we are optimistic that our audiences will continue to build over time.
We offer digital quality films in both our Main House and the Sludio, showing mainstream film titles throughout the
year. Our Programme Manager also works closely with Berwick Film Society lo promote art house and foreign
language films in Berwick. Our event broadcast progfamme ensures our community has easy access to the work of
the National Theatre, Royal Opera House. and Royal Ballet, as well as live streams of popular music and visual arts
events. We are also the home base for the Berwick Film and Media Arts Festival.
3.2 Performlng arts
Our live programme continue5 to deliver a diverse mix of theatre, dance, music, family shows, community
productions, popular entertainment and events across the performing arts, and has sold strongly throughout the year.
We strengthened our partnership with the Bewick Literary Festival in 2023, hosting three near-5ell-put evening
events in our Main House. The 2023 Pantomime ha5 broken all previous box office records, with 7,404 tickets sold
(including 1,67410 schools) and £113,587 in gross revenues.
3.3 Visual Arts
Through April 2023, we hosted a new exhibition Smoke and Drawings by Brazilian artist Lucia Nogueira al The
Granary Gallery. Nogueira's practice encompassed sculptures and installations, video works and drawings and her
work often alluded to the body and was concerned with the relationship between objects and language. Alongside
her drawings is Nogueira's film Smoke, which was part of a sile-specific performance work presented for the Berwick
Ramparts Project in 1996. The film explores the Iransilions between sea and sky, sky and land, night and day, the
town's ramparts, and Berwick as the ultimate border town. 976 people visited the exhibition.
In May, we opened our summer exhibition al The Granary Gallery. Anne Redpalh and Her Circle. curated in
partnership with the Fleming Collection of Scollish Art. celebrates the life and work of one of Scotland's finest mid-
20th century artists. It includes 25 of Anne Redpalh's richly coloured landscapes, still lives and church interior5
alongside works from fellow Edinburgh School artists including Elizabeth Blackadder, William Crozier. David Michie,
and Sir Robin Philipson. It also includes loans from Hawick Museum, Laing Art Gallery, MIMA and the Ruth Borchard
Collection. We launched the exhibition with a sold-oul lecture in the Henry Travers Studio by curator and art historian
Alice Strang, who explored Redpath's work in more detail and a preview of Ihe exhibilion which was allended by
Anne Redpalh's granddaughter. We also partnered with Berwick Educational Association who will deliver a
programme of exhibition tours, practical art workshops and lectures throughout the summer. The exhibition received
five-slar Teview in The Scotsman, which said that 'This is a small show, bul because il is well selected and carefully
hung it makes il very clear that she was one of the outstanding British painters of her generation.
We also appointed artist Sneha Solanki lo undertake a Northern Bridge Consorlium Collaborative Doctoral Award
(CDA) lo work with The Mallings and Newcastle University to examine the complexities of access to the countryside
for global majority communities. Starting in September 2023. Sneha has been work collaboratively, alongside
researchers and academics at Newcastle University, to develop creative methodologies and research that increase
understanding of how cultural organisations can support and increase diversity in rural areas.
In July. we launched a new exhibition al the Gymnasium Gallery by Glasgow based action research group Durty
Beanz. The group were OUT artists in residence during 2022 and worked with Newcastle University's Centre for Rural
Economy to examine rural food production, its consumption and how ils value is constructed by producers and
consumers. The resulling film followed a fictional television presenter and her crew as they travelled across
Northumberland, apparently shooting some kind of documentary about the region's food and farms. However, the
presenter's confusion in the face of everything she encounters offered both a comedic and poignant space for
reflection and an invitation lo think twice about some of the language, values and ideas commonly associated wilh
contemporary issues of food, environment and technology.

THE MALTINGS {BERWICK) TRUST
TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
Swedish based sculptor and musician Mats Wikslrom visited Berwick for 3 weeks as part of our ongoing partnership
with Swedish Lapland AIR in Ihe Norbotten region of North Sweden.
3.4 Learning & engagement
Lucia Nogueira: Smoke and Drawings exhibition sGhool visits and workshops 3 Berwick school classes had a
guided visit lo the exhibition prior lo Easter which have been followed by a kile-making and dance workshop in school
in early May led by artists Chloe Smith and Greer Pester.
We attended the LCEP North East regional meetings for LCEPS held in Newcastle, which clarified the closure of
Culture Bridge North East and brought reps from LCEPS across the North East together to discuss progress and
challenges with the LCEP model of working.
18 animations have been created inspired by Ihe rellective Talk Time journals thal pupils create as part of their PHSE
curriculum. Animator, Robin Webb worked with each Year 7 pupil al Tweedmoulh Middle School190 pupils) for 3
days. Pupils also used their Art and English lessons to create the narralive. images and videos, so their assets wère
ready for each day they worked directly with him.
With a focus on using drama and theatre skills lo build pupil confidence and oracy skills. 10 sessions have taken
place al Berwick Academy since Christmas working with 18 x Year 9 students, the sessions were delivered by Wendy
Payn and Ross Graham and the pupils were selected by staff as needing support. The pupils had a chance to use
Mallings costumes and their last session included a performance from Peter Pan. A follow-up meeting with staff to
discuss how to take this work forward is being organised.
Both programmes are designed lo build pupil ¢onfiden¢e and assist with pupils, health and wellbeing and have been
evaluated using the PERMA Framework Toolkit and are part of a wider Northumberland LCEP programme. The
Northumberland LCEP group will be taking the data collected from above activity and collate wilh finding5 from the
other programmes taking place across Northumberland led by Mortal Fools, Music Partnership North and Queens
Hall Arts.
Inspired by their Ugly Duckling production which came to The Maltings al Easter, Northern Ballet delivered workshops
al Berwick St Mary's First School with 68 pupils and adapted sensory workshops in The Grove Special School with
48 pupils in mid-march. We have since had a conversation with The Grove School to find out how Maltings could
provide arts activity for additional needs pupils. they were keen to feed into the design of the new building.
Tweedmoulh Middle School are again using quilling as part of Ihe Design and Technology curriculum for year 7 and
year 8 cohorts this year, this is continuing the learning from the quilting project ran in the school last year inspired by
our Quilling.. Resurgence exhibition visits and workshops. They are also preparing to submit 33 pupils for their Arts
Award Explore award, this is Ihe highest number submilled since 2017 when we started supporting them with NAD
Visual Arts funding and our workshops for the award.
We also worked closely and successfully wilh Northumberland Libraries for October 2023's The Big Draw Festival,
including sensory workshops for Early Years and young people with special educational needs.
3.5 Trading subsidiary
Trading income for the Maltings Betwick Catering Company has built through the year. and the café in particular
remains a popular destinalion for locals and visitors throughout the year.

THE MALTINGS (BERWICK) TRUST
TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
3.6 Plans for the future
We will, in common with the wider cultural sector, continue lo work in a context of escalating economic challenges -
wage expectations in line with inflation, escalating cost of living and so less disposable income. significanl increases
in utilities and overheads costs, slandslill I decreasing revenue funding. We are committed to a creative and rigorous
approach lo managing our operations and programme, lo the streamlined and efficient use of all our resources going
forward, and lo revising our business model and approach in line with operating conslrainls and challenges as
required.
Our goal is to ensure a solid business foundation for an on-going period of significant transition and change as we
work with NCC on the Eastern Lane capital development. However, project slippage has impacted negatively on our
short to medium term operations, and our ability to plan long term. and this continues to be a significant challenge
and source of frltslralion. We are working closely with NCC to ensure we are adequately supported through this
protracted period of change.
A5 ever. we will strive to deliver a finely judged balance between delivering against financial, social and artistic
objectives in all our endeavours. Growing our engagement with new audiences continues to be central lo our future
planning.
4. Engaging wlth the Community
We will continue lo cultivate productive ils working relationships with all the local organisalions and partners who use
our resources and facilities, including Berwick Academy. Berwick Creative Guild, Berwick Community Trust, Be￿ick
Educational Association. Berwick Film Society, Berwick Film and Media Arts Festival, Berwick Literary Festival,
Berwick Middle School, Betwick Operatic Sociely, Holy Trinity First School, Longridge Towers School, Mallings Youth
Theatre, North Northumberland Voluntary Forum. Northumberland Arts Development, Thursday Singers, and
Tweedmoulh Middle School.
5. Flnanclal revlew
5.1 Reslricted fundlng grants 2022123
Restricted funds continue lo support initiatives and projects which are ongoing.
5.2 Inveslment policy and performance
The Board's investment powers are sel out in the Trustee Act 2000. The Mallings (Berwick) Trust can invesl until
needed any part of its capital or income nol required for the immediate running of the organisalion. Interest rates
remained relatively low resulting in minimal earnings from interest for 2023124.11 is the Board's objective to provide
the best possible return from investments, as well as conforming lo the Trusl's policy on ethical investments.
5.3 Reserves
The statement of financial activilies shows lolal incoming resources lo be £1,168,152 (2023.. £1,170,158). The deficit
on the unrestricted funds for the year before transfers amounted to £8,732. Unrestricted funds at the end of Ihe period
amounted lo £189,656 12023.. £198,388}. Restricted funds al the end of the period amounted to £66,868 (2023..
£79,517). The Trust had sufficient liquid funds Ihis year to meet obligations and did not require to draw down from
the Endowment Fund.
It is the policy of the charity that we aim to ensure that unrestricted funds which have not been designated for a
specific use should be maintained at a minimum level equivalent lo three month's operating costs. Trustees consider
that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue
the charity's current activities while consideration is given lo ways in which additional funds may be raised. The
current economic silualion is challenging bul Ihe Trustees believe that the actions taken lo control cosls and conserve
resources will mean an adequate level of reseNes can been maintained throughout the year to assisl with working
capital needs.

THE MALTINGS (BERWICK) TRUST
TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
As can be seen in note 28, the 'free reserves, of the charity (defined as those unrestricted funds not designated for
specific purposes or tied up in fixed assets) stood al £92,497 at the year end12023'. £84,923).
5.4 Fixed assets
Movement in fixed assets are shown in note 17 to Ihe accounts.
5.5 Publlc benefit
In considering the operation, achievements and performance and finances of the charity, the direclor51truslees are
satisfied that public benefit has been provided in accordance with the Charities Act 2011 and guidanGe provided by
the Charities Commission.
5.6 Golng Concern
The Trustees have determined that the charity has sufficient liquidity lo continue its charitable activities for al least
twelve months. Therefore, the Tfustees are of the opinion that the financial statements should be prepared on a
90ing concern basis.
Statement of trustees, responslbilitles
The trustees, who are also the directors of The Maltings (Berwickl Trust for the purpose of company law, are
responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair
view of the slate of affairs of the charity and of the incoming resources and application of resources, including the
income and expenditure, of the charitable company for Ihal year,
In preparing these financial slatemenls, the Iruslees are requiréd to..
select suitable accounting policies and then apply them consislenlly.,
observe the methods and principles in the Charities SORP.,
make judgements and eslimales that are reasonable and prudent.,
stale whether applicable UK Accounting Standards have been followed, subjecl to any malefial departures
disclosed and explained in the financial statements., and
prepare Ihe financial slalemenls on the going concern basis unless il is inappropriate lo presume Ihal the charity
will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any
lime the financial position of the charity and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are a150 responsible for safeguarding Ihe assets of the charity and hence for laking
reasonable steps for the prevention and detection of fraud and other irregularities.

THE MALTINGS (BERWICK) TRUST
TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
Small company exemptions
This report has been prepared in accordance with the special provisions relating to small companies within Part 15
of Ihe Companies Act 2006.
Auditor
In accordance with the company's articles, a resolulion proposing that Sumer Auditco Limited be reappointed as
auditor of the company will be pul al a General Meeting.
Disclosure of Information to auditor
Each of the Iruslees has confirmed that there is no information of which they are aware which is relevant to the audit,
but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify
such relevant information and lo establish that the auditor is aware of such information.
The Iruslees, report was approved by the Board of Trustees.
Scott Sherrard
Chalr of Trustees
Dated:

THE MALTINGS (BERWICK) TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE MALTINGS (BERWICK) TRUST
Opinion
We have audited the financial statements of The Mallings (Betwick) Trust (the 'parenl company'l and il's
subsidiary (the 'group) for the year ended 31 March 2024 which comprise the group slalemenl of financial
activities, the group balance sheet, the charitable company balance sheet, the group statement of cash flows
and the notes lo the financial slatements, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in rhe UK
and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice
In our opinion, the financial slalements..
give a true and fair view of the state of the parent charitable company's affair5 as at 31 March 2023 and
of its incoming resources and application of resources, including its income and expenditure, for the
year then ended.,
have been properly prepared in a¢¢ordance with United Kingdom Generally Ac¢epied A¢counting
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 are further described in the Auditor's responsibilities for the audit
of the financial slalements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant lo our audit of the financial statements in the UK, including Ihe FRC'S Ethical
standard, 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.
Concluslons relatlng to golng concern
In auditing the financial slalements, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the financial slalemenls is appropriate.
Based on the work we have performed, we have not identified any material uncertainlie5 relating to events or
conditions that, individually or collectively. may cast significant doubt on the charity's ability lo continue as a
going concern for a period of at least twelve months from when the financial 51alemenls are aulhorised for issue.
Our responsibilities and the responsibililies of Ihe Iruslees with respect lo going concern are described in the
relevant sections of this report.
Other Infomiatlon
The other information comprises the information included in the annual report other than the financial statements
and our audilo¢s report Ihereon. The Iruslees 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 lo the
exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is lo read the other information and, in doing so, consider whether Ihe other irbformation is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise
appears lo be materially mis5taled. If we identify such material inconsistencies or apparent material
misslalemenls. we are required lo determine whether Ihis gives rise to a material misstatement in the financial
slatemenls themselves. If, based on the work we have performed. we conclude that there is a material
misstalemenl of this other information. we are required lo report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audil..
the information given in the trustees, report for the financial year for which Ihe financial statements are
prepared, which includes Ihe directors, report prepared for Ihe purposes of company law, is consistent
with the financial slalemenls., and
the directors, report included within the trustees, report has been prepared in accordance with applicable
legal requirements.
-10-

THE MALTINGS (BERWICK) TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE MALTINGS (BERWICK) TRUST
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent charilable company and its
environment obtained in the course of the audit, we have not identified material misstatements in the directors,
report included within the trustees, report.
We have nothing to report in Tespecl ofthe following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept by the parent charitable company, or returns adequate
for our audit have not been received from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and reluTns', or
certain disclosures of Iruslees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for OUT audit., or
the Iruslees were not enlilled to prepare the financial slalemenls in accordance with the small
companies regime and lake advantage of Ihe small companies, exemptions in prèparing the Iruslees,
report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the slalemenl of trustees, responsibilities, Ihe Iruslees, who are also the directors of
the charity for the purpose of company law, are responsible for Ihe preparalion of the financial statements and
for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is
necessary to enable the preparation of financial statements that are free from material misslalemenl, whether
due lo fraud or error.
In preparing the financial slalemenls, the trustees are responsible for assessing the group's and the parent
charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the
charitable company or to cease operations, or have no realistic alternative but lo do so.
Audltor's responslbllities for the audit of the flnanclal statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due lo fraud or error, and to Issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always delect a material misstatement when it exisls. Misslalemenls 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 slalements.
The extent lo which our procedures are capable of delecling irregularities. including fraud, is detailed below.
Capability of the audlt In detecting irregularities, Including fraud
Based on our understanding of the charitable company and the sector in which it operales, we identified that the
following laws and regulations are significant lo the entity..
Those laws and regulations considered lo have a direct effect on the financial statements including UK
financial reporting standards. Company Law and Charity Law.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of
the charity and therefore may have a material effect on Ihe financial statements include compliance with
charitable objectives, public benefit, fundraising regulations, safeguaTding and health and safety
legislation.
These mallers were discussed amongst the engagemenl team al the planning stage and the team remained
alert Ihroughout the audit.
Audit procedures undertaken in response to Ihe potential risks relating lo irregularities (which include fraud and
non-compliance with laws and regulations) comprised of.. inquiries of management and the Trustees as to
whether the entity complies with such laws and regulations,. enquiries with the same concerning any actual or
potential litigation or claims,. inspection of relevant legal correspondence and legal costs incufred., review of
Trustee meeting minutes., testing the appropriateness of journal entries., and the performance of analytical review
to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,

THE MALTINGS (BERWICK) TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE MALTINGS {BERWICK) TRUST
including fraud. is limited by the inherent difficully in delecling irregularilies, the effectiveness of the entity's
controls, and the nature. timing and extent of the audit procedures performed. Irregularities that result from fraud
might be inherently more difficult lo detect than irregularities that result from error. As explained above, there is
an unavoidable risk that maleiial misslalemenls may not be delecled. even though the audit has been planned
and performed in accordance with ISAS (UK).
A further description of our responsibilities is available on the Financial Reporting Council's website at..
https.'lthww.frc.org.uklauditorsresponsibililies. This descflption forms part of our auditor's report.
Use of our report
This report is made solely lo the company's members, as a body, in accordance with section 391 of the
Companies Act 2014. Our audit work has been undertaken so that we might slate lo the company's members
those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullesl
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the
company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Stephen Slater (Sonior Statutory Auditor)
for and on behalf of Sumer Audltco Llmlted
Statutory Auditor
Unlt 2, Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
Dated..
-12-

THE MALTINGS (BERWICK) TRUST
GROUP STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Current financlal year
Unreslricted Restricted
Total
Tolal
funds
funds
2024
2023
Notes
Income and endowments from:
Donations and legacies
Chafltable activities
Other trading activities
Investments
other income
318,404
485,447
341,123
1,208
2,260
16.210
3,500
334,614
488,947
341,123
1,208
2,260
283,352
467,736
337,212
894
80,964
Total income
1,148,442
19.710
1,168,152 1,170,158
Expenditure on:
Raising funds
Trading subsidiary
Charitable activities
Olhei
81,095
285,167
783,293
7,619
2,490
83,585
285,167
803,546
17,235
83,999
287,823
795,606
59,202
10
16
20,253
9,616
Total resources expended
1,157,174
32,359 1,189,533 1,226,630
Net Incomel{expenditur8} for the yearl
Net movement In funds
{8,732)
(12,6491
121,381)
(56,472)
Fund balance5 at 1 April 2023
198,388
79,517
277,905
334,377
Fund balances at 31 March 2024
189,656
66,868
256,524
277,905
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing aclivilies.
The slalemenl of financial activities also complies with the requirements for an income and expenditure accounl
under the Companies Act 2006.
-13-

THE MALTINGS (BERWICK) TRUST
GROUP STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Prior financial year
Unrestricted Restrlcted
Total
funds
Funds
2023
Notes
Income and endowments from:
Donations and legacies
Charitable aclivities
other trading activities
Investments
Other income
274,732
436.938
337.212
894
18,000
8,620
30,798
283,352
467,736
337,212
894
80,964
62.964
Total income
1.067.776
102.382 1,170,158
Expenditure on:
Raising funds
Trading subsidiary
Charitable activities
Other
64,385
287,823
741,658
11,427
19.614
83.999
287,823
795.606
59,202
10
16
53.948
47,775
Total resources expended
1,105,293
121,337 1,226,630
Net Incomelléxpèndlturèl for the yearl
Net movèment In funds
(37,517)
(18,955)
(56,472)
Fund balances al 1 April 2022
235.905
98,472
334.377
Fund balan¢è$ at 31 March 2023
198.388
79,517
277,905
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing aclivilies.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.
-14-

THE MALTINGS (BERWICK) TRUST
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Notes
Fixed assets
Tangible assets
Heritage assets
Goodwill
17
18
19
70,917
55.300
107,386
55,300
2.580
126,217
165.266
Current asset8
Stocks
Debtofs
Cash al bank and in hand
21
22
8,295
172.657
122,029
7,244
107,628
135,866
302,981
250.738
Credltors: amounts falllng duè wlthln
one year
23
<170,290)
(135,935)
Nel current assets
132,691
114.803
Total assets loss current liabilitles
258,908
280.069
Provlslons for Ilabllities
(2,3841
(2,164)
Net assets
256,524
277,905
Income funds
Restricted funds
Unrestricted funds - general
28
66.535
189.989
79,517
198.388
256.524
277,905
-15-

THE MALTINGS (BERWICK) TRUST
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
The trustees acknowledge their responsibilities for ensuring Ihat the charily keeps accounting records which comply
wilh section 386 of the Act and for preparing financial stalemenls.
These financial statements have been prepared in accordance with Ihe provisions applicable to companies subject
to the small companies regime.
The financial slalements were approved by the Trustees on
tli |,.r
Scott Sherrard
Chalr of the Board of Trustees
Company Reglstratlon No. 02332073
-16-

THE MALTINGS (BERWICK) TRUST
CHARITY BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Notes
Fixed assets
Tangible assets
Heritage assets
Investments
17
18
20
61,382
55,300
100
95,671
55,300
100
116.782
151.071
Current assets
Stocks
Debtors
Cash at bank and in hand
21
22
901
172,402
103,327
1,100
117,252
119,328
276,630
237.680
Credltors: amounts falllng due withln
one year
23
(142,174)
{112,721J
Net current assets
134,456
124,959
Net a88et8
251,238
278,030
Income funds
Restricted funds
Unrestricted funds
27
66,868
184,370
79,517
196.513
251,238
276,030
-17-

THE MALTINGS (BERWICK) TRUST
CHARITY BALANCE SHEET
AS AT 31 MARCH 2024
As permitted by s408 of the Companies Act 2006, the charity has not presented its own income and expenditure
account and related notes. The charity's nel lexpenditurellincome for the year was (£24.792} (2023.. expenditure
£59,704)
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with
respect to accounting records and the preparation of financial statements.
The financial slalemenls were approved by the Trustees on
<(11202f
co
Sher
ard
CThair of the Board of Trustees
Company Registration No. 02332073
-18-

THE MALTINGS (BERWICK) TRUST
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Notes
Cash flows from operating activitles
Cash generated from operations
30
(6,122)
(138,781)
Investing activities
Purchase of tangible fixed assets
Interest received
(1,064)
1,208
16,475)
894
Net cash used In Investing activities
144
(5,5811
Financing activities
Repayment of bank loans
(7,859)
{45,704}
Net cash used In financing actlvltles
(7,8591
(45,7041
Net (decreasellincrease In cash and cash
equivalents
113,837)
(190,0661
Cash and cash equivalents al beginning of year
135.866
325,932
Cash and cash equivalents at end of year
122,029
135,866
-19-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
Charity informatlon
The Maltings (Berwick) Trusl is a private company limited by guarantee incorporatèd in England and Wales.
The registered office is The Mallings Theatre & Cinema. Eastern Lane, Berwick upon Tweed, TD15 1AJ.
1.1 Accounting convention
The financial slalements have been prepared in accordance with the charity's memorandum and articles of
association. the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland" I'FRS 102.1 and the Charities SORP ' Accounting and Reporting by Charities.. Stalemenl
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 1021" leffectiv8 1 January 2019). The
charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary
amounts in thesè financial statements are rounded to the nearesl £.
The financial statements have been prepared under the histori¢al cosl convention, modified to include the
revaluation of heritage assels at fair value. The principal accounting policies adopted are set out below.
1.2 Golng concern
The financial slalemenls have been prepared on the going concern basis. The Board has a reasonable
expectation Ihal the charity has adequate resources lo continue in operational existence for the foreseeable
future. The Board has concluded that the goin9 concern assumption is appropriate in preparing these financial
statements.
The going concern basis assumes the on-going support of the Charity's bankers and principal grant providers
into the foreseeable future.
On thi5 basi5 the Board continues to prepare the accounts on the basis that The Mallings remains a going
concern. In the event of wilhdrawal or major reduction in funding, the use of this basis may need lo be Teviewed.
1.3 Charltable fund8
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable
objectives unless the funds have been designat8d for olher purposes.
Restricted funds are subject lo specific conditions by donors as lo how they may be used. The purposes and
uses of the reslricted funds are set out in the noles to the financial slalements.
Restricted funds comprise'.-
The Third Age Project.. for the provision of free theatre tickets and transport for the elderly only.
Awards For All.. Projection Equipment.. for the purchase of a projector only.
Communily FoundationlBusiness EnleTprise.' for funding improvements to the charitable companies
web site.
Arts Council Visual Arts Study.. for the visual arts study only.
Berwick Visual Arts.. lo develop and promote visual arts wilhin the region.
Borderlands.. for the provision of feasibility and planning work in relation to a new venue.
NCC Branding: for developing new branding and visual identity for The Maltings (Be￿Ickl Trust.
-20-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
1.4 Incoming resources
PTe-produclion costs of events are recognised on the production dale. Income from productions is recognised
on the production date.
Donalions and grants are recognised when receivable, unless donors specify Ihat grants musl be used in future
accounting periods, in which case the grant is deferred until those periods.
Grants for the purchase of fixed assets are deferred and released in line with the depreciation on the fixed
asset.
When donors specify that donation5 and grants are for particular restricted purposes, which do nol amounl lo
pre-conditions regarding enlillemenl. the income is included as reslricled income when receivable.
Subsidiary income represents amounts receivable for goods and services net of VAT and trade discounts.
Subsidiary income is atlribulable to the continuing principal activity of the catering subsidiary being a licensed
restaurant and arose wholly within the United Kingdom.
Programme Income Tepresents income which is derived from the Trust's own promotions or derived from hire
of the venue.
Governmènt grants
Government grants are re¢ogni5ed al the fair value of the asset received or receivable when there is reasonable
assurance that the grant condilions will be mel and the grants will be received
A grant that specifies perlormance conditions is recognised in income when the perfoTman¢e conditions are
mel. Where a grant does not specify performance conditions it is recognised in income when the proceeds are
received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.S Resources expended
Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit lo a third
party, it is probable that a transfer of economic benefits will be required in selllement, and the amount of the
obligation can be measured reliably.
Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and
shared costs. including support costs involved in undertaking each aclivily. Direct costs allribulable to a single
activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support
cosls which are not allribulable to a single activity are apportioned between those activities on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and
depreciation charges are allocated on the portion of the asset's use.
Resources expended are included on an accruals basis.
Certain expenditure is directly allributable to specific aclivilies and has been included in those expenditure
categories.
Other costs, which are altribulable to more than one activity, are apportioned on the basis of an estimate of the
proportion of lime spent by staff on those aclivilies. Governance costs are those incurred in the Trust and
primarily associated with constitutional and slatutory requirements.
Irrecoverable VAT is allocated to expenditure on charilable aclivilies which is disclosed in note 10 to the
accounts.
Programming expenditure only includes expenditure paid out artists engaged to undertake promotions on the
Trust's behalf.
-21-

THE MALTINGS {BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
1.6 Tangible fixed assets
Tangible fixed assets are inilially measured al cost and subsequently measured al cost or valuation. nel of
deprecialion and any impairment losses.
Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
General equipment
Office equipment & furnishings
Computer equipment
Studio refurbishment
50A 1100/0 Straight line
150kn reducing balance
25 /0 Straight line
100/0 Straight line
The gain or loss arising on the disposa5 of an asset is determined as the difference between the sale proceeds
and the carrying value of the assel and is recognised in nel incomel(expenditure} for the year.
Fixed Assels purchased prior lo 31 March 2000 were capilalised al nel cost after deduction of donations and
grants toward their cost. Grants towards capital items are now treated as income to a designated fund and
amortised over the capital life of the assets acquired. Fixed Assets are reviewed regularly for impairment and
written down lo their recoverable amount where necessary.
1.7 Herltage assets
The Mallings holds a 1950 Model D Sleinway Piano which was donated by The Friends in 1990. Ils value al
acquisition was £16,445 but, in accordancè with thè accounting treatment al the time, was held al £nil net book
value in the ac¢ounls.
Trustees recognise Ihat this asset has appreciated in value since acquisition and will do so further. The
Steinway is held and maintained principally for ils contribution to culture within the 'communily and has
significant historical and artistic qualities.
Therefore. trustees have considered Ihal the Steinway should be accounted for as a heritage asset which,
under accounting standard FRS 102, should be recognised on the balance sheet al ils current value.
Independent market valuation at March 2014 has been formally obtained from Besbrodes and a figure of
£50,000 placed on the asset.
In 2011 The Mallings was donated an Ollo Schwartz Baby Grand Piano GP 142. This was purchased by the
donor for £3,300 and has therefore subsequently been valued at this amount. This has also been valued by
Besbrodes in 2014 al a value of £5,000 and so has been revalued to this amount in these accounts.
In 2012 The Mailings was donated a Danemann Library Grand Piano. This has been included at an independent
valuation by Besbrodes as al 31 sl March 2014 of £300.
In the opinion of the Irustees, the value of these items has not significantly changed.
The policy for receiving, accounting for, managing, preserving and disposing of such assels is held by Iruslees.
The Maltings currently does not hold any other assets considered to be heritage assets but would account for
these in the same way upon acquisition.
Trustees regularly review the value of these assets. Following guidance laid down in the provisions of FRS 102.
Trustees do not consider that depreciation is appropriate for this class of assets.
-22-

THE MALTINGS {BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
1.8 Goodwill
Goodwill represents the excess of the cosl of acquisition of unincorporated businesses over the fair value of
net assets acquired. 11 is initially recognised as an asset at cost and is subsequently measured al cost less
accumulated amortisation and accumulated impairment losses. Goodwill shall be considered to have a finite
usefLJI life and shall be amortised on a systematic basis over its life, bèing 5 years.
1.9 Fixed asset investments
Fixed asset investments are initially measured al transaction price excluding transaction costs and are
subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in net
incomel(expendilure) for the year. Transaction Gosts are expensed as incurred.
A subsidiary is an enlily controlled by the charity. Conlrol is the power to govern the financial and operating
policies of the entity so as lo obtain benefits from its activities.
1.10 Impairment of flxed a88ets
At each reporting end date, the charity reviews the carrying amounts of ils tangible assets lo determine whether
Ihere is any indication Ihal those assets have suffered an impairmenl loss. If any such indication exists, the
recoverable amount of the asset is eslimaled in order lo determine the exlenl of the impairment loss lif any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the eslimaled future cash flows are discounted to their present value using a pre-tax discount rale that reflects
current market assessments of the time value of money and the risks specific lo the assel for which the
estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of
the asset is reduced lo ils recoverable amount. An impairment loss is recogni5ed immediately in
incomel{expendilure) for the year, unless the relevant asset is carried at a revalued amount, in which case the
impairment Ioss 15 Ireated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if. the reasons for the impairmenl loss have ceased lo
apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the
revised estimate of ils recoverable amount. but so Ihal the increased carrying amount does not exceed the
carrying amount that would have been determined had no impairment loss been recognised for the asset in
prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in
al a revalued amount, in which case the reversal of the impairment10s5 is treated as a rèvaluation increase.
1.11 Stocks
Stocks include items for resale and are slated at the lower of cost and eslimaled selling price less costs to
complete and sell.
Nel realisable value is the estimated selling price less all eslimaled costs of completion and costs lo be incurred
in marketing, selling and distribution.
1.12 Cash and cash equivalents
Cash and cash equivalenls include cash in hand, deposils held at call with banks, other short-lerm liquid
investments with original maturities of three months or less, and bank overdrafis. Bank overdrafts are shown
within borrowings in current liabilities.
-23-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
1.13 Financial instruments
The charity has elected to apply the provisions of Seclion 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the nel amounts presented in the financial slatemenls, when
there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a net
basis or lo realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction
price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement conslilules a financing transaction. where the Iransaclion is measured at the
present value of the future recèipts discounted al a market rate of interest. Financial assets classified as
receivable within one year are not amortised.
Baslc flnanclal liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured al the present
value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable
within one year are not amortisèd.
Debt inslruments are subsequently Carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year
or less. If not, Ihey are presented as non-currenl liabilities. Trade credilors are recognised initially at Iransaclion
price and subsequently measured at amortised cost using the effective interest method.
Derecognltlon of flnanclal Ilabllltles
Financial liabilities are derecognised when the charity's conlraclual obligations expire or are discharged or
cancelled.
1.14 Employee beneflts
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are
received.
Termination benefits are recognised immediately as an expense when the charity is demonslrabSy committed
to terminate Ihe employment of an employee or lo provide termination benefits.
1.15 Retirement benefits
Payments lo defined conlribulion retirement benefit schemes are charged as an expense as they fall due.
Eligible staff are admitted lo the NEST Auto Enrolment pension scheme with the employer's conlribution
currenlly confirmed at 30/0 of salary.
1.16 Leases
Rentals payable under operating leases, including any lease incentives received. are charged as an expense
on a straight line basis over the term of the relevant lease.
-24-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting pollcies
1.17 Legal status of the charity
The company is limited by guarantee and has no share capital. In the evenl of a winding up, every member
undertakes to contribute to the payment of liabilities such amount as may be required not exceeding the total
of£1.
Criti¢al accounting estimates and judgements
In the application of the charity's accoltnling policies, the trustees are required to make judgements, estimates
and assumptior15 about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these estimales.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting
estimates are recognised in the period in which Ihe estimalo is revised where Ihe revision affects only that
period, or in the period of Ihe revision and future periods where the revision affects both current and future
periods.
Crltlcal Judgements
The following judgements (apart from those involving estimates> have had the most significant effect on
amounts recognised in the financial slatements.
Assesslng Indlcators of impalrmenl
In assessing whether there have been any indicators of impairment of assets, the trustees have considered
both external and internal sources of information such as market conditions and experience of recoverability.
There have bèen no valuations carried out by external surveyors lo report.
Kèy sources of estlmatlon un¢ertalnty
The eslimales and assumptions which have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities arè as follows.
Determining residual values and useful economlc Ilves of tangible fixed assets
The company depreciates tangible fixed assets over their estimaled useful lives. The estimation of the useful
live5 of assets is based on historic performance as well as expectations about future use and therefore requires
eslimales and assumptions to be applied by managemenl. The actual lives of these assets can vary depending
on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by trustees when determining the residual values for tangible fixed assets. When
detefmining the residual value Iruslees aim lo assess the amount thal the company would currently obtain for
the disposal of the asset, if it were already of the condition expected at the end of ils useful economic life. Where
POS5ible this is done with reference lo external market prices. The carrying amount of tangible fixed assèts of
the group at the reporting end dale was £70.917 {2023.' £107.386}
-25-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Donations and legacies
Unrestricted Restricted
funds
funds
Totsl
2024
Total
2023
Donations and gifts
Grants received
16.397
302,007
16.397
318,217
13,408
269,944
16,210
318.404
16.210
334,614
283,352
For the year ended 31 Marth 2023
274.732
8.620
Grants recelvable for core activities
Northumberland County Council
Arts Council England. North East
Charitable Trusts
122,373
179,634
122,373
179,634
16,210
80.691
179,633
9,620
16,210
302,007
16,210
318,217
269,944
Charltable actSvlties
Current flnanclal year
Theatre
Clnema Vlsual Arts
and Dance
Classes
Total
Total
2024
2024
2024
2024
2024
2023
Sales within charitable
activities
Theatre tax relief
Performance related
grants
Other income
227,071
61.475
131,278
3,102
25,487
386,938
61.475
38,744
311,522
78,000
69,932
38,744
1,790
1,790
8,282
288,546
131,278
43,636
25,487
488,947
467,736
Analysis by fund
Unrestricted funds
Reslricted funds
288,546
131.278
40,136
3,500
25.487
485,447
3,500
436,938
30,798
288,546
131,278
43,636
25,487
488,947
467,736
-26-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Charitable activities (continued)
Prior financial year
Theatre
Cinema Visual Arts
and Dance
Classes
Total
2023
2023
2023
2023
2023
Sales within charitable activities
Theatre tax relief
Performance related grants
Other income
186,460
78,000
101,119
12,623
11,320
311.522
78.000
69,932
8,282
69,932
8,282
264,460
101,119
90,837
11,320
467,736
Analys18 by fund
Unreslricled funds - general
Reslricled funds
264,460
101,119
60,039
30.798
11.320
436.938
30,798
264.460
101,119
90,837
11,320
467,736
Other trading activities
Unrestrlcted Unrèstrlcted
funds
funds
2024
2023
Subsidiary income (note 7)
Bar & confectionery sales
Letting
312,578
23,337
5.208
317,055
14,174
5,983
Other trading activities
341.123
337,212
Investment8
Unrestricted Unrestricted
funds
funds
2024
2023
Interest receivable
1,208
894
-27-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED>
FOR THE YEAR ENDED 31 MARCH 2024
Commerclal trading operations and investment in trading subsidiary
The wholly owned trading subsidiary, The Maltings {Betwick) Caterin9 Limited (company number 11853135),
which is incorporated in the United Kingdom will pay ils entire available profils to the charity by gifi aid. The
Mallings (Berwick) Catering Limited provides the trading services of the charity. The charity owns the entire
share capital of 100 ordinary £1 shares. A summary of the trading results is shown below:.
2024
2023
Turnover
C051 of sales
312,578
(84.954)
317,055
(81.753}
Gross profit
227,624
235,302
Administration expenses
1222.101)
1229.906)
Profit on ordinary activities before taxalion
5,523
5,396
Taxation
2,112
2.164
Profil after taxation
3,411
3,232
The assets and liabilities of the subsidiary were..
Fixed assets
Current assets
Creditors due within one year
Credilors falling due after more than one year
Net assets
9,535
26,787
128,5521
(2,3841
14,295
23,058
(33,214)
(2,164)
5,386
1.975
Aggregate share capilal and reserves
5,386
1,975
Other Income
Unrestricted Restricted
funds
funds
2024
2024
Total Vnrestricted Restricted
funds
funds
2023
2023
Total
2024
2023
Borderlands
Live Barracks
Access to work
62.964
62,964
18,000
18,000
2,260
2,260
2,260
2,260
18,000
62,964
80,964
-28-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Ralslng funds
Unrestricted Restricted
funds
funds
2024
2024
Total Unrestricted Restricted
funds
funds
2023
2023
Total
2024
2023
Bar & confectionery costs
Support and governance
costs
10,506
10.506
7,959
7,959
70,589
2,490
73,079
56.426
19.614
76,040
Trading costs
81,095
2,490
83.585
64.385
19,614
83,999
10 Charitsble actlvltle8
Current financial year
Theatre
Clnoma Visual Arts
and Dance
2024
Classe8
Tolal
Total
2024
2024
2024
2024
2023
Staff costs
Operating costs
696
68,049
15,182
7,553
15,878
193.111
72,881
223,118
55,776
61,733
68,745
55,776
61,733
22,735
208,989
295,999
Share of support costs (see
note 111
Share of governance costs
(see note 111
306,736
177,335
58,945
34.430
577,446
480,441
9,089
5,255
1,747
1.020
17,111
19,166
384,570
238,366
122,425
58.185
803,546
795,606
Analysls by fund
Unrestricted funds
Restricted funds
373.812
10,758
232,146
6.220
120,358
2,067
56,977
1,208
783,293
20,253
741,658
53,948
384.570
238,366
122.425
58,185
803,546
795,606
-29-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10 Charitable activities {continuedl
Prior financlal year
Theatre
Cinema Visual Arts
and Dance
2023
Classes
Total
2023
2023
2023
2023
Staff costs
Operating costs
3,000
72.770
62.259
104.195
7.622
72,881
223,118
46,153
75.770
46,153
166.454
7.622
295,999
Share of 511PPOrt costs (see note
11)
Share of governance ¢osls (see
notè 11)
229,856 124,653
111,978
13,954
480,441
9,189
4,973
4,467
557
19,166
314,795 175,779
282,899
22,133
795,606
Analysls by fund
Unreslricled funds
Restricted funds
303,719 169,773
11.076
6,006
246,705
36,194
21,461
672
741,658
53,948
314,795 175,779
282,899
22,133
795,606
11 Support costs
2024
2023
Staff costs
Depreciation and impairment
Box office
Premises & office costs
Markeling
General expenses
GovernanGe costs
387,028
35,154
22,471
162,584
28,815
12,369
19,215
328.069
41,944
18,287
105.487
43,709
16,716
21,435
667,636
575,647
Analysed between:
Fundraising
Thealre
Cinema
Visual Arts and Dance
Classes
73,079
315,825
182,590
60,692
35,450
76,040
239,025
129,626
116,445
14,511
667,636
575,647
-30-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11 Support costs l¢ontinued}
Governance costs comprise:
Audit fees
Accountancy
3,000
16,215
3,000
18,435
19,215
21,435
12 Net movement In funds
The nel movement in funds is stated after chargingl(creditingl'.
2024
2023
Fees payable to the charily's auditor..
For the audit of the charity s financial statements
For other financial services
Depreciation of owned tangible fixed assels
Amortisalion of intangible assets
3,000
3,500
35,154
2,580
3,000
3,600
41,944
2.580
13 Audltor remuneratlon
The analysis of auditor's remuneration is as follows..
2024
2023
Audit of the charily's annual accounts
3,000
3,000
Non-audit serrflces
All other non-audil services
3,500
3,600
14 Employees
Number of employees
The average monthly number of employees during ihe year was..
2024
Number
2023
Number
Full time
Part time
22
22
28
31
-31-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14 Employees Icontinued)
Employment costs
2024
2023
Wages and salaries
Social security costs
Other pension costs
545,628
26,560
9,629
551,583
22.120
8,699
581,817
582.402
The full lime equivalent of staff was 16 (2023.. 20).
The number of employees whose annual remuneration was more than £60.000 is as follows.,
2024
Number
2023
Number
£60,000 to £69.999
Remuneratlon of key management personnel
Key personnel is the CEO of the charity.
The Temuneration of key management personnel is as follows.
2024
2023
Aggregate compensalion
60,781
56,708
15 Trustees
None of the Iruslees (or any persons connected with them) received any remuneration or benefits from the
charity during the year.
-32-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16 Other
Unrestrlcted Restricted
funds
funds
2024
2024
Totsl Unrestrlcted Restricted
funds
funds
2023
2023
Totsl
2024
2023
Financing costs
Borderlands expenditure
Live Barracks
expenditure
7,619
7,619
9,616
6,427
6,427
47,775
9,616
47,775
5,000
5,000
7,619
9.616
17,235
11,427
47,775
59.202
17 Tangible fixed assets - Group
General
Offlce Computer
studlo
equlpment oqulpment & equipmentrefurblshment
furnishlngs
Total
Cost
At 1 April 2023
Additions
181,756
30,705
1,064
51,195
333,407
597,063
1,064
Al 31 March 2024
181,756
31,769
51,195
333,407
598,127
Depre¢lation
At 1 April 2023
Depreciation charged in the year
142,237
4,952
13.420
3,312
41,749
4.661
292,271
24,608
489.677
37,533
Al 31 March 2024
147,189
16,732
46,410
316,879
527,210
Carrying amount
At 31 March 2024
34,567
15,037
4,785
16,528
70,917
At 31 March 2023
39,519
17,285
9,446
41,136
107,386
-33-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17 Tanglble fixed assets - Charlty
General
Office Computer
Studio
equipment equipment & equipment refurbishment
furnishings
Total
Cost
Al 1 April 2023
Additions
181,756
13,058
865
50,332
333,407 578,553
865
Al 31 March 2024
181,756
13,923
50,332
333,407 579,418
Depreciation
Al 1 April 2023
Depreciation charged in the year
142,237
4,952
7,138
1,003
41,236
4,591
292,271 482,882
24,608
35,154
At 31 March 2024
147,189
8,141
45,827
316,879 518,036
Carrylng amount
At 31 March 2024
34,567
5,782
4,505
16,528
61,382
At 31 March 2023
39,519
5,920
9,096
41,136
95,671
18 Herltage assets- Group and Charlty
Al 1 April 2023 and al 31 March 2024
55,300
19 Intanglble Flxed assets - Group
Goodwill
Cost or valuation
At 1 April 2023 & 31 March 2024
12,900
Amortisation
At 1 April 2023
Amortisalion charged in the year
10,320
2.580
Al 31 March 2024
12.900
Carrylng amount
Al 31 March 2024
At 31 March 2023
2,580
-34-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20 Fixed asset investments - Charity
Other
Investments
Cost or valuation
At 1 April 2023 & 31 March 2024
100
Carrying amount
Al 31 March 2024
100
At 31 March 2023
100
2024
2023
Other investments comprise..
Investments in subsidiaries
100
100
21 Stocks
Group
2024
Charlty
2024
2023
2023
Shop stock
8.295
7,244
901
1,100
22 Debtors
Group
2024
Charlty
2024
2023
2023
Amounts falllng due within one
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
15,662
10,713
15,407
10.337
10,000
92,995
3,920
151,352
5,643
92,995
3.920
151,352
5,643
172,657 107.628
172,402
117,252
-35-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23 Creditors: amounts falling due wlthin one year
Group
2024
Charity
2024
2023
2023
Notes
Bank and other loans
Other laxalion and social security
Corporation tax
Deferred income
Trade creditors
Other creditors
Accruals
24
7,859
12,984
7,859
16,185
1,892
62,447
58,591
143
31,032
26
81,097
17,848
62.447
50,052
143
29,532
81,097
9,068
16,147
14,697
170,290 135,935
142,174
112,721
24 Loans and overdrafts
Group
2024
Charlty
2024
2023
2023
Bank and other loans
7,859
7,859
Payable within one year
7,859
7,859
The charity entered into a loan agreement with Northumberland County Council on the 20 March 2015 for an
amounl of £150,000. The term of this loan was for 10 years al a commercial interest of 3.870A and with
repayments of £5,250 quarterly, commencing on 1 July 2016.
The loan was fully repaid in the year.
25 Retlrement benefit schemes
Defined contribution schemes
The charity operates a defined contTibution pension scheme for all qualifying employees. The assets of the
scheme are held separately from those of the charity in an independently administered fund.
The charge to the statement of financial activitie5 in respect of defined contribution schemes was £9,62912023'.
£6,013). Al the balance sheet dale a pension liability of £nil (2023.. £nil) was outstanding.
-36-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
26 Deferred income
Group
2024
Charity
2024
2023
2023
Other deferred income
62,447
81,097
62.447
81,097
Deferred income is included in the financial statements as follows..
£45.426 for events planned and held later in 2024 {2023'. £57,933). £17,023 for unredeemed vouchers sold
(2023. £22,717).
Group
2024
Charity
2024
2023
2023
Deferred income is included wilhin..
Current liabilities
62,447
81,097
62,447
81,097
Movements in the year..
Deferred income al 1 April 2023
Released from previous periods
Resources deferred in the year
81,097 130,751
(81,097) 1130,751)
62,447
81.097
81,097
130,751
{81,097) {130,7511
62,447
81,097
Deferred income at 31 March 2024
62,447
81.097
62,447
81,097
-37-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
27 Movement in funds
Current financial year
Movement In funds
Incoming
Resources
resources
expended
Balance at 1
Aprll 2023
Transfers Balance at 31
March 2024
Unrestrlcted funds
General funds
198,388
1.148,442
(1,157,174)
189.656
Restricted funds
Artistic development
Visual Arts StLsdy
Awards For All - Projection
Equipment
Community FoundationlBusiness
Enterprise
Third Age Project
Heather Sutherland Exhibition
Margaret Dickinson Exhibition
Borderlands
NCC Branding
National Heritage
Newcastle University
Scarborough Museums
49,351
720
122,2921
27.059
720
2,450
{451)
1.999
8,993
1,290
7,260
16,253
1.290
11.713
5,000
(9.616)
2.097
5,000
8,950
3,000
500
8.950
3,000
500
Total restrlcted funds
79,517
19,710
(32,359)
66,868
Total funds
277,905
1,168,152 (1.189.533)
256,524
The Thlrd Age ProJe¢t:
This represents funding for the provision of free theatre tickets and transport for the elderly only.
Awards For All: Projection Equipment..
This represents funding for the purchase of a projector only.
Community FoundationlBusiness Enterprise..
This represents funding for improvements lo the charitable company's web site and also the Lowry in Berwick
Volunteer Guide programme.
Arts Council Visual Arts Study:
This represents funding for the visual arts stLtdy only.
Bepwick Visual Arts:
This represents funding to develop and promote visual arts within Ihe region.
Borderlands:
This represents funding for the provision of fea5ibilily and planning work in relation to a new venue.
NCC Branding
This represents funding for developing new branding and visual identity for The Maltings (Bemick) Trusl.
National Heritsge..
This represents funding for the Lowry in Be￿ICk Volunteer Guide programme.
-38-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
27 Movement in funds (contlnued)
Newcastle University..
This represents funding for the Artist residency programme.
Scarborough Museums..
This represents funding for the Artist residency programme.
Prior financlal year
Movèment In funds
Incomlng Resources
re8ourcos
expended
Balance at 1
April 2022
Transfers Balance at 31
March 2023
Unrestrlcted funds
General funds
235,905
1,067,776 {1,105,293}
198,388
Restricted funds
Artistic development
Visual Arts Study
Awards For All - Projection
Equipment
Community FoundationlBusiness
Enterprise
Third Age Project
Heather Sutherland Exhibition
Margaret Dickinson Exhibition
Borderlands
NCC Branding
71,642
720
(22,291)
49,351
720
6,051
(3,601)
2,450
373
1,290
8,620
8,993
1,290
24,778
6,020
62,964
124,7781
{6,020)
164,6471
13,396
5.000
11,713
5,000
Total restrlcted funds
98,472
102,382
1121,337)
79,517
Total funds
334,377
1,170,158 (1,226,630)
277,905
28 Analysis of net assets between funds
Current financial year
Unrestrlcted
Restrlcted
Total
Group
Fund balances al 31 March 2024 are represented by..
Tangible assels
Heritage assets
Goodwill
Current assetsl(liabilitiesl
Long term liabilities
41,859
55,300
29,058
70,917
55,300
94,881
(2,384)
37,810
132,691
(2,384)
189,656
66,868
256,524
-39-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
28 Analysis of net assets between funds (continued)
Unrestricted
Restrlcted
Total
Charity
Fund balances at 31 March 2024 are represented by-
Tangible assels
Heritage assets
Investments
Current asselsl{liabilities)
32.324
55,300
100
96.646
29,058
61,382
55,300
100
134,456
37,810
184.370
66,868
251,238
Prlor flnanclal year
Unre8trlcted
Restrlcted
Total
Group
Fund balances at 31 March 2023 are represented by..
Tangible assets
Heritage assets
Goodwill
Current assetsl{liabilities)
Long term liabilities
55,585
55,300
2,580
87,087
(2,164)
51,801
107,386
55.300
2,580
114,803
(2,164)
27,716
198,388
79,517
277,905
Charlty
Fund balances at 31 March 2023 are represented by..
Tangible assets
Heritage assets
Investments
Current asselsllliabilities)
43,870
55,300
100
97,243
51,801
95,671
55,300
100
124,959
27,718
196.513
79,517
278,030
29 Related party transactions
During the year the charity entered into the following transactions wilh Telaled parties..
In the prior year, the charity engaged the services of Outland Archilecls Ltd of which Susan Hallsworth (Former
Truslee) 15 a director. The fee was for revised planning io support the capital bid for the Gymnasium building.
The Iransaction was carried out al arms length.
40-

THE MALTINGS (BERWICK) TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
30 Cash generated from operatlons
2024
2023
Deficit for the year
(21.381)
(56.472)
Adjustments for..
Investment income recognised in slalemenl of financial aclivilies
Deprecialion and impairment of tangible fixed assets
Amortisalion of Goodwill
(1,208)
37.533
2,580
(8941
44,277
2,580
Movements in working capital..
Ilncreaselldecrease in slocks
Decrease in debtors
Increase in creditors
Increase in provisions
IDecrease)lincrease in deferred income
11,051)
{65,029)
60.864
220
(18.6501
(8801
(83,520}
3,618
2,164
(49,654)
Cash generated from operations
(6,122)
(138,7811
41-