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2024-02-29-accounts

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

COMPANY REGISTRATION NUMBER - 02388534 CHARITY NUMBER - 900036

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisors 1
Trustees Report 2 – 7
Independent Auditors’ Report on the Financial Statements 8 – 10
Consolidated Statement of Financial Activities 11
Consolidated Balance Sheet 12
Charity Balance Sheet 13
Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15 - 28

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NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee) TRUSTEES REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

Reference and administrative details for the charity, its trustees and advisors for the year ended 29 February 2024

TRUSTEES Theresa Bergne (appointed 15 June 2023)
Cecily Dixon-Brown (appointed 16 May 2024)
Verity Elson (parental leave 16 March 2023 to 16 May 2024)
Colin Forbes (resigned 15 June 2023)
Victoria Forrest
Jeremy Hobbins (appointed 16 March 2023)
Jeremy Lodwick, Chair
Jane MacFarlane (resigned 27 February 2024)
Jane Maitland (resigned 6 August 2024)
Emerson Osmond (resigned 27 February 2024)
David Roberts (resigned 15 June 2023)
Matthew Smith
Charles Woodd
Company registered number 02388534
Charity registered number 900036
Registered office Brewery Court
Cirencester
Gloucestershire
GL7 1JH
Committees Artistic Vision Committee: Chair role currently vacant
Finance & Audit Committee: Charles Woodd, Chair
Digital Strategy Committee: Chair role currently vacant
Development Board: Matthew Smith, Chair
Net Zero Committee: Jeremy Lodwick, Chair
The Chair has an ex-officio appointment on all committees
Senior Management Team Beth Alden, Chief Executive Officer
Andrew Riddington, Finance Manager
Miranda Wells, Participation Manager
Charlotte White, Commercial Services Manager
Jill Park, Marketing Manager
Patron
 Dame Fiona Reynolds
Independent Auditors Wenn Townsend
30 St Giles
Oxford
OX1 3LE

1

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 29 February 2024. The Annual Report serves the purpose of both a Trustees’ reports and a directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.

OBJECTIVES AND ACTIVITIES

Policies and Objectives

The charitable objects for which New Brewery Arts was established are:

Main activities undertaken to further the charity’s purposes for public benefit.

New Brewery Arts’ purpose is to connect people with the hand-made, promote the joy and fulfilment of making and celebrate the role of craft and creativity in all our lives.

We fulfil this purpose through our program of free-to-enter exhibitions which showcase craft, creativity and the ways these highlight important social issues, our participation programs of creative courses and workshops for all ages, and through our support for craftspeople and makers with subsidised studio spaces, advice, mentoring and professional opportunities.

ACHIEVEMENTS AND PERFORMANCE

a. Main Achievements of the Charity

New Brewery Arts is a resilient organisation despite the turbulence of the last few years. We receive no core funding to shield us from external impacts such as inflation and the cost-of-living crisis. In 2023-24 we had to draw down on reserve funds to continue delivering our objectives.

Our impact – the year in numbers

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NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

Our principal areas of impact are:

a1) Curation and production of free, high-quality exhibitions

Our exhibition programme saw us work in partnership with organisations, independent creatives and curators to deliver exhibitions and activities to involve more people than ever before.

Meanings and Messages

15 April – 17 June, 2023

To celebrate its 25th anniversary, the Association for Contemporary Jewellery (ACJ) hosted the major touring showcase “Meanings & Messages” visiting six venues throughout the UK – with the final stop at New Brewery Arts. Brooches can be subversive and are often used by people in the public eye, by political figures or sovereignty to convey important messages. These messages may be hidden, subtle or occasionally more of an overt protest! Showcasing 60 unique brooches created by 60 current ACJ members, the exhibition explored the meanings and messages behind the ideal jewellery archetype: the brooch.

Craftival

6 – 29 July, 2023

Craftival was all about New Brewery Arts trying something new. We wanted to break out of our traditional, static exhibitions that we usually programme for the summer, and deliver a summer of events for our community. Our aim was to create new connections for makers, craftspeople, local charities, families and community groups.

We welcomed 5,515 to Craftival and over 27 days we delivered 32 activities and worked with 85 creatives and makers and 4 community groups.

Highlights were working with Let’s Make Art and local volunteer led group Makers and Menders to host their first ever ‘Crafty Bundles’ materials swap. Across the 4 days that Let’s Make Art were in the gallery 548 people popped into our gallery. We saw a grandfather enjoying making with his granddaughter, young people planning a fashion show for their parents, boys creating outrageous fashions and smiles and laughter. We even managed to give parents a short break as afternoon sessions were, as one mum said ‘drop-and-run’. With 214 attendees and more than 275 items successfully swapped and re-homed, Crafty Bundles was an enormous success. Six Makers and Menders volunteers helped to staff this and make it such a wonderful event.

Two Creative Lives: Penny & Mike Smith

16 September – 14 October, 2023

Mike and Penny Smith’s careers have been entwined in the history of New Brewery Arts. Mike was one of the first studio holders at Cirencester Workshops in 1979, whilst Penny joined the organisation two years later as assistant director. Through Cirencester Workshops and New Brewery Arts, Mike and Penny had the opportunity to individually develop and expand their craft skills and disciplines to make them the creatives they are today, we were delighted they chose to show their retrospective exhibition here. Penny said: “We both found that moving into dedicated workshop spaces as part of the very lively and creative community of craft workspaces gave us the opportunity to present our work to a local and nationwide audience.”

Clay is My Canvas

20 January – 7 April, 2024

Curated by Nick Duxbury, Clay Is My Canvas explored different techniques used across ceramics that have their roots in painting and illustration by a select group of contemporary artists. From the almost Abstract Expressionism of Emily Gibbard and Eddie Knevett to the tight illustrative control of Ian Thompson and Jihye Han, these are artists who have chosen to use clay as their medium to present their visual language. Some of the artists featured, like Rafaela de Ascanio and Tom Norris, are completely comfortable drifting between clay and other materials, including painting on canvas and working with textiles, as part of their wider artistic practice. The perceived boundaries that existed between a hierarchy of mediums as recently as the late 1990s are being erased by the next generation of artists.

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NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

a2) Delivery of creative and craft skills learning

Our participation programmes take place in our five studios. We offer weekly courses, one off workshop and an increasing number of residential weekends. Working with local and nationally based tutors, participation provides access to creativity with a wide variety of skills and mediums available. From stone carving to stained glass, drawing to dyeing, pottery to sewing using a pattern we offer ways for everyone to explore their creativity through craft.

We asked one of our bursary students (our bursary initiative is now called New Brewery Hearts) to tell us about his journey with us.

“Joining the stone Carving Course at New Brewery Arts Centre was a turning point for me. I live a very isolated life in a quiet village with my parents. I am neuro diverse and suffer with dark depression. Life was empty and I had no hobbies or routine. I would lie in bed all day long and have no purpose to get up.

The Churn suggested doing a course at New Brewery Arts. I was able to get a bursary which was amazing, as being on benefits means I don’t have a lot of money to spend on myself. I was able to visit the space [before starting the course], this helped me a lot as with my autism new situations are difficult to cope with. This support helped big time.

It’s been 3 years now and I look forward to my weekly sessions. I have made a friend, and everyone at New Brewery Arts is very kind and lovely. I travel independently, buy some lunch before class and it sets me up for the weekend. If I hadn’t had the bursary opportunity, I would never have found a space and hobby that helps me relax and have a sense of purpose.”

Supporting professional craftspeople through studios and professional opportunities

Throughout the year we continued to support emerging makers through our residency studio and online mentoring. Sophie Bowen was based in the studio for the year, and Maria Goff left the scheme in the summer of 2023. We are grateful to the Radcliffe Trust who enabled us to support a further six emerging makers with online mentoring provided by Melody Vaughan.

“The mentoring scheme has been a really positive experience for me, especially as I am balancing work with my creative practice and have been finding it quite challenging. I found it really useful to be able to have a safe space to talk about how I could work around these challenges and also emotional blocks around creativity. It was also very valuable to be able to connect with other craftspeople and share our experiences as it made me feel more understood.”

online mentoring participant

With support from the Architectural Heritage Fund, we commissioned Turner Prize winning collective Assemble to work with us to propose bringing two empty buildings into reuse by creating new studio and community spaces, potentially increasing our capacity and enabling us to support professional and emerging makers through an additional 10 studios – more than doubling the space currently available. However, the final feasibility report made it clear that the project was financially unviable for us. We will continue to explore other options for studio capacity as opportunities arise. (see note 16)

FINANCIAL REVIEW

a. Financial Performance

As a consolidated entity, the Charity incurred an unrestricted deficit of £60,185 (2023 deficit of £63,468). This reduced the unrestricted reserves brought forward of £143,226 to £83,041 as at the year end.

b. Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

c. Reserves Policy

The Trustees believe that the Charity should be holding a minimum level of free reserves of between 3 and 6 months of core overheads, approximately £55,000-£110,000. At year-end, the free reserves were £83,041 which exceeds the minimum level but it is felt by the Trustees to be a reasonable position, given the uncertain situation that prevails in the UK currently.

The restricted fund value consists of the improvements to the buildings on which the Charity holds leases. We have 7-8 years remaining on the £600k capital works to create guest accommodation. Other funds of the Charity comprise mainly small value fixed assets.

d. Principal Risks and Uncertainties

New Brewery Arts depends largely on personal discretionary spending. The effect of the cost-of-living crisis has depressed our earned income, while inflationary pressures remain and many overhead costs spiral. Trusts and foundations’ support of cultural activities has fallen off sharply.

This current financial year (2024-25) marks a decade for New Brewery Arts without core funding. While our ability to self-generate income at levels significantly higher than many cultural organisations should be applauded, it is also a risk.

As Arts Council England support reduces, local authorities are currently the biggest public funder of culture in England. However, Cotswold District Council ended core funding of non-local authority run cultural organisations in 2012 and Gloucestershire County Council followed suit in 2013. New Brewery Arts receives no regular funding from local authority. Organisations that receive core funding say “regular public investment makes a big difference to viability, accessibility, quality and sustainability.” (The Campaign for the Arts). The lack of public funding support for New Brewery Arts restricts our capacity to deliver as we would want to.

We believe in the value of all our programmes and services – and the support and enjoyment they provide to our community – but we face making tough operational decisions around what we can continue to deliver.

We will continue to explore new, creative ways to shift our business model and generate income to cover all our activities. As we do this, we keep our purpose at the fore.

e. Plans for Future Development

In 2022-23 a subcommittee of the Board of Trustees was established to focus on philanthropic giving. We have focussed much effort in diversifying our fundraising through increasing individual giving from supporters and patrons.

In early 2024 we launched ‘New Brewery Hearts’ as both a scheme for patrons’ support and as a public crowdfunding campaign. New Brewery Hearts sees us grow our bursary scheme and increase the amount of free spaces available to those who need the support, wellbeing, social contact and creativity that taking part on a course or class at New Brewery Arts brings. Our aim for this financial year is a significant increase from some 300 hours of ‘New Brewery Hearts’ funded bursary hours to 2,000 hours. To reach this ambitious target we are partnering with front-line charities locally to increase the number of participants introduced / referred to us. Current partners include The Churn Project, CHYP, Cirencester Opportunities Group and Cirencester Foodbank. New Brewery Hearts Patrons and Supporters are encouraged to ‘pay it forward’ and give the gift of creativity to those in our community who need it most.

We are grateful to have received 2, multi-year grants towards New Brewery Hearts, and local authority and public support through our crowdfunder to ‘kick-start’ the project. Our Patron’s scheme encourages regular gifts of >£500, and since launch in spring 2024 we already have five patrons on board.

Another area of trustee focus in 2023 was our carbon footprint, we implemented a series of ‘quick wins’. Our landlords (Cotswold District Council (CDC)) declared a climate emergency in 2019, and committed to making activities net-zero carbon as soon as possible and achieving 100% clean energy use across their full range of functions as soon as possible, and no later than 2030. As part of this CDC are proposing to install solar panels on the New Brewery Arts buildings to generate clean energy for us and for CDC. Our Trustees are fully supportive of this proposal if we can ensure this installation would not put New Brewery Arts at risk of any additional costs.

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NEW BREWERY ARTS LIMITED

(A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

f. Principal Funding

The Charity generates income through charity related activities including studio licenses, classes, courses and workshops and other activities.

The Charity uses trading (commercial services) activities (managed through a trading subsidiary) to make effective use of the extensive buildings, defraying some overheads which would otherwise be borne by the Charity itself. Our commercial services enhance the overall offer to our audiences and communities and generate vital income which is covenanted to the Charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

New Brewery Arts Limited is registered as a charitable company registered by guarantee and was set up by a Memorandum of Association dated 24 May 1989, as amended by special resolutions dated 20 July 1990, 28 September 2004 and 25 April 2022; and as amended by certificate of incorporation on change of name dated 8 December 2011.

b. Method of Appointment or Election of Trustees

Trustees are appointed by the Board in annual or general meetings at which not less than half the then serving Trustees are present in person or by proxy. The Trustees undertake a skills audit to identify gaps within the Board and proactively seek new trustees to supplement the skills.

c. Policies Adopted for the Induction and Training of Trustees

The Trustees are provided with an induction pack and are encouraged to spend time at New Brewery Arts between meetings.

d. Pay Policy for Senior Staff

The Trustees consider that the Board of Trustees and the Senior Management Team comprise the Key Management Personnel of the Trust in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses are disclosed in the notes to the accounts (NIL).

The pay for the Senior Management Team is reviewed by the Board of Trustees annually and is normally increased in line with average earnings.

e. Organisational Structure and Decision Making

The Trustees, who must be no fewer than five and not subject to any maximum, are also directors of the company, are responsible for the administration of the Charity and oversee the management of the Charity through the appointed Chief Executive Officer, Beth Alden, who is responsible for the day-to-day operations of the Charity. A subsidiary company, Brewery Arts (Trading) Limited, covers the commercial services operations (retail and accommodation) while our café is leased to J Taylor and A Blend. For financial management purposes, the Board monitors the performance of the five principal business units – participation, exhibitions, retail, accommodation and hospitality (café).

The full Board of Trustees meet at regular intervals during the year. Core subcommittees, comprising staff and Trustees covering Artistic Programming, Finance & Audit and Risk also meet regularly and report to the Board. Task and finish groups are created to look at particular strategic areas.

f. Related Party Relationships

None of our Trustees receives renumeration or any other benefit from their work with the Charity and none held any interest in the share capital of the subsidiary. Many Trustees support the activities of the Charity by using our commercial services and attending our artistic and participation programmes. See note 24 for further details of related party transactions.

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NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

Statement of Trustees’ Responsibilities

The Trustees (who are also the directors of the Charity for the purposes 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 Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditors

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

Jeremy Lodwick

(Chair of Trustees)

Date: 5th November 2024

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NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF NEW BREWERY ARTS LIMITED

Opinion

We have audited the financial statements of New Brewery Arts Limited (the ‘parent charitable company’) and its subsidiaries (The ‘group’) for the year ended 29 February 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, and Consolidated Statement of Cash Flow and related notes, 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 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting 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 statements and our auditor’s report thereon. 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 inconsistencies, 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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NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF NEW BREWERY ARTS LIMITED

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

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

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the 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.

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using 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.

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 material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. 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:

As a result of these procedures, we have considered the opportunities and incentives that may exist with in the organisation for fraud and identified the highest are of risk to be in relation to revenue recognition, with a particular risk in relation to yearend cut off. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

.

9

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF NEW BREWERY ARTS LIMITED

We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s 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 our audit work, for this report, or for the opinions we have formed.

Lee Baker FCA Senior Statutory Auditor For and on behalf of Wenn Townsend, Statutory Auditor 30 St Giles Oxford OX1 3LE

Date: 5th November 2024

10

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024

Note Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
£ £ £ £
Income from:
Donations and legacies 3 27,538 26,405 53,943 58,341
Charitable activities 4 352,644 - 352,644 312,329
Other trading activities 5 485,377 - 485,377 454,003
Investment income 6 2,826 - 2,826 1,581
___ ___ ___ ___
Total Income 868,385 26,405 894,790 826,254
___ ___ ___ ___
Expenditure on:
Trading activities 5 455,995 - 455,995 427,723
Charitable activities 7 472,575 92,318 564,893 675,737
___ ___ ___ ___
Total expenditure 928,570 92,318 1,020,888 1,103,460
___ ___ ___ ___
Net movement in funds (60,185) (65,913) (126,098) (277,206)
___ ___ ___ ___
Reconciliation of funds:
Total funds brought forward 143,226 527,981 671,207 948,413
Net movement in funds (60,185) (65,913) (126,098) (277,206)
___ ___ ___ ___
Total funds carried forward 83,041 462,068 545,109 671,207
___ ___ ___ ___

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

The notes on pages 15 to 28 form an integral part of these financial statements.

11

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET AS AT 29 FEBRUARY 2024

Note 2024 2023
£ £
Fixed Assets
Tangible Assets 12 472,685 530,792
___ ___
Current Assets
Stock 35,109 38,776
Debtors 14 32,422 18,895
Cash at Bank and in Hand 175,588 238,721
___ ___
243,119 296,392
Creditors(Amounts falling
due within one year)
15		 (170,695) (155,977)
____ ____
Net current assets 72,424 140,415
___ _____
Net Assets 545,109 671,207
___ ___
Charity funds
Restricted funds 16 462,068 527,981
Unrestricted funds 16 83,041 143,226
___ ___
545,109 671,207
___ ___
545,109 671,207
___ ___

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue on 5th November 2024 by the Trustees and signed on their behalf by:

Jeremy Lodwick

(Chair of Trustees)

The notes on pages 15 to 28 form an integral part of these financial statements

12

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee) Registered Number: - 02388534

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 29 FEBRUARY 2024

Note
2024
£
Fixed Assets
Tangible Assets
Investments
12
13
469,591
100
_
469,691
Current Assets
Stock
2,210
2,210
Debtors
14
26,464
23,784
Cash at Bank and in Hand
153,888
216,364
_
_
182,562
242,358
Creditors(Amounts falling
due within one year)
15
(112,410)
_
(101,420)
_
Net current assets
70,152
___

Total Net Assets Liability
539,843
_

Charity funds
Restricted funds
16
462,068
527,981
Unrestricted funds
16
77,775
142,342
_
__
539,843
_
 2023
£
529,285
100
529,385
140,938
_
670,323
_
670,323
_

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue on the 5th November 2024 by the Trustees and signed on their behalf by:

Jeremy Lodwick

(Chair of Trustees)

The notes on pages 15 to 28 form an integral part of these financial statements

13

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee) Registered Number: - 02388534

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Cash flows from operating activities
Net cash used in operating activities (note 19) (52,671) (89,092)
Cash flows from investing activities
Cost of fixed asset additions (10,462) -
___ ___
Net cash used in investing activities (10,462) -
Change in cash and cash equivalents in the year (63,133) (89,092)
Cash and cash equivalents at the beginning of the year 238,721 327,813
___ ___
Cash and cash equivalents at the end of the year 175,588 238,721
___ ___

The notes on pages 15 to 30 form an integral part of these financial statements

14

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

1. General information

New Brewery Arts Limited is a charitable company limited by guarantee, registered and incorporated in England and Wales. The registered office is Brewery Court, Cirencester, Gloucestershire GL7 1JH. The members of the charity are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

2. Accounting Policies

2.1 Basis of Preparation of Financial Statements

They have been prepared in accordance with the Charitie SORP (FRS 102) - 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 (FRS102) (effective 1 January 2019) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

New Brewery Arts Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Statement of Financial Activities (SOFA) and Consolidated Statement of Financial Position consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The statements are prepared in sterling which is the functional currency of the Charity.

2.2 Going Concern

The Trustees assess whether the use of going concern is appropriate, i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. This includes considered regarding the implications of COVID-19 and the restrictions imposed.

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements.

2.3 Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance on income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement or receipt, its recognition is deferred and includes in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

15

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Accounting Policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including supports costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity support costs which are not attributable 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 time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group’s objectives, as well as any associated support costs.

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

Charitable activities and Governance costs are costs incurred on the Charity’s educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

2.6 Basis of Consolidation

The financial statements consolidate the accounts of New Brewery Arts Limited and all of its subsidiary undertakings (‘subsidiaries’)

The Charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure Account.

The income and expenditure account for the year for the Charity showed a deficit of £126,098 (2023: £277,206)

2 .7 Tangible Fixed Assets and Depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on the following bases:

Leasehold property - straight line over 15 years
Fixtures and fittings - 25% reducing balance
Website - 25% straight line
Artwork - no depreciation

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at costs less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

16

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Accounting Policies (continued)

2.9 Operating Leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.11 Interest Receivable

2.12 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.13 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.14 Cash at Bank and in Hand

Cash at bank and 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.

2.15 Creditors and Provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payment for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value or money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.16 Financial Instruments

The Charity 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

17

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

3. Income from Donations and Legacies

Unrestricted
funds
2024
£
Donations
18,974
Grants
8,564
_
27,538
_
Total 2023
51,341
___		 Restricted
funds
2024
£
12,880
13,525
_
26,405
_
7,000
___		 Total
funds
2024
£
31,854
22,089
_
53,943
_
58,341
___		 Total
funds
2023
£
16,444
41,897
_
58,341
_

4. Income from Charitable Activities

ncome from Charitable Activities
Unrestricted Total Total
funds funds funds
2024 2024 2023
£
 £ £
Participation 228,646 228,646 188,814
Gallery 30,892 30,892 39,793
Studio Rental 93,106 93,106 83,722
___ ___ ___
352,644 352,644 312,329
___ ___ ___
Total 2023 312,329 312,329
___ ___
harity Trading Activities
Unrestricted Total Total
funds funds funds
2024 2024 2023
Charity Trading Income £
 £ £
Accommodation 158,182 158,182 137,419
Retail 327,195 327,195 316,584
Cafe - - -
___ ___ ___
485,377 485,377 454,003
___ ___ ___
Trading expenses
Accommodation (122,211) (122,211) (112,113)
Retail (286,025) (286,025) (279,346)
Cafe - - (2,626)
Management and Administration (47,759) (47,759) (33,638)
___ ___ ___
(455,995) (455,995) (427,723)
___ ___ ___
Total Profit/(Loss) from Charity 29,382 29,382 26,280
Trading activities ___ ___ ___

5. Charity Trading Activities

18

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

6. Investment income

vestment income
Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Bank interest receivable 2,826 2,826 1,581
___ ___ ___

7. Analysis of Expenditure on Charitable Activities

Summary by fund Type

Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
£ £ £ £
Participation 205,418 - 205,418 156,664
Gallery 16,728 - 16,728 37,226
Property Costs 1,857 66,704 68,561 214,769
Support Costs 248,572 25,614 274,186 267,078
___ ___ ___ ___
472,575 92,318 564,893 675,737
___ ___ ___ ___
Total 2023 454,999 220,738 675,737
___ ___ ___

19

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

8. Analysis of Expenditure by Activities

Analysis of Direct Costs

Property Other Total Total
Participation
2024		 Gallery
2024		 Costs
2024		 Projects
2024		 Funds
2024		 funds
2023
£ £ £ £ £ £
Staff costs 46,169 - 1,000 - 47,169 45,031
Depreciation - - 67,370 - 67,370 208,669
Exhibition Stock - 939 - - 939 362
Purchases
Bank Charges 5,167 - - - 5,167 3,602
Materials and exhibition 119,641 9,407 - - 129,048 125,411
costs
Room Hire - 750 - - 750 4,500
Travel and Training 134 622 - - 756 2,904
Irrecoverable VAT 2,065 658 - - 2,723 3,077
Sundry Expenses - - 191 24,154 24,345 5,448
Repairs & Renewals 3,059 - - - 3,059 1,867
Marketing & Promotion 5,029 4,352 - - 9,381 7,788
___ ___ ___ ___ ___ ___
Total 2024 181,264 16,728 68,561 24,154 290,707 408,659
___ ___ ___ ___ ___ ___
Total 2023 156,664 37,226 214,769 - 408,659
___ ___ ___ ___ ___

Analysis of Support Costs

Analysis of Support Costs
Total Total
Funds funds
2024 2023
£ £
Staff costs 98,120 95,186
Advertising and publicity 6,735 1,269
Marketing 11,098 13,606
Cleaning and waste disposal 7,786 10,705
Insurance 14,577 15,187
Legal and professional fees 9,804 9,953
Light and heat 54,076 40,697
Office, printing, postage and stationery 808 465
Bank charges 340 752
Rent and rates 34,141 32,459
Repairs and decorations 11,691 21,892
Telephone 3,010 3,151
Travel and training 479 1,026
Lease of equipment 918 772
Audit and accountancy 5,500 5,621
Sundry expenses 6,489 2,640
Bad Debts 8,614 11,697
___ ___
Total 2024 274,186 267,078
___ ___

20

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

9. Staff costs

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Wages and salaries 294,427 279,749 139,070 133,997
Social security costs 12,529 11,294 3,958 4,317
Pension costs 4,850 4,114 2,261 1,903
___ ___ ___ ___
Totals 311,806 295,157 145,289 140,217
___ ___ ___ ___

The average number of persons employed by the Charity during the year was as follows:

Group Group
2024 2023
Participation 2 2
Administration 4 4
Retail 6 6
Accommodation 3 3
___ ___
15 15
___ ___

No employee received remuneration amounting to more that £60,000 in either year

10. Trustees’ Remuneration and Expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £Nil)

During the year ended 29 February 2024, no Trustee expenses have been incurred (2023 - £Nil).

11. Taxation

The Charity is exempt from tax on income and gains falling within section 466 to 493 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

21

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

12. Tangible Fixed Assets

Group

Group
Long Term Fixtures
Leasehold and
property Fittings Artwork Total
£ £ £ £
Cost
At 1 March 2023 3,199,513 187,124 10,000 3,396,637
Additions in Year - 10,462 - 10,462
___ ___ ___ ___
At 29 February 2024 3,199,513 197,586 10,000 3,407,099
___ ___ ___ ___
Depreciation
At 1 March 2023 2,681,634 184,211 - 2,865,845
Charge for the Year 64,733 3,836 - 68,569
___ ___ ___ ___
At 29 February 2024 2,746,367 188,047 - 2,934,414
___ ___ ___ ___
Net Book Value ___ ___ ___ ___
At 29 February 2024 453,146 9,539 10,000 472,685
___ ___ ___ ___
___ ___ ___ ___
At 28 February 2023 517,879 2,913 10,000 530,792
___ ___ ___ ___
Charity
Long Term Fixtures
Leasehold and
property Fittings
 Artwork Total
£ £ £ £
Cost
At 1 March 2023 3,199,513 124,195 10,000 3,333,708
Additions in Year - 7,676 - 7,676
___ ___ ___ ___
At 29 February 2024 3,199,513 131,871 10,000 3,341,384
___ ___ ___ ___
Depreciation
At 1 March 2023 2,681,634 122,789 - 2,804,423
Charge for the Year 64,733 2,637 - 67,370
___ ___ ___ ___
At 29 February 2024 2,746,367 125,426 - 2,871,793
___ ___ ___ ___
Net Book Value ___ ___ ___ ___
At 29 February 2024 453,146 6,445 10,000 469,591
___ ___ ___ ___
At 28 February 2023 517,879 1,406 10,000 529,285
___ ___ ___ ___

22

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

12. Tangible Fixed Assets (continued)

Group and Charity

All assets are used in direct furtherance of the Charity’s activities.

Leasehold property includes improvements to the building on which the charity has a 99-year lease and will only benefit from the use of the building, rather than any increase in value. These costs have been depreciated on a straight line basis over 15 years from February 2008, which is the Trustee’s estimate of the useful economic life of these assets. The Arts Council England hold a debenture incorporating a fixed and floating charge over the assets of the Charity, in relation to their assistance with the building project.

Artwork

The artwork is a donated asset recognised in the accounts at valuation. No depreciation has been charged against the value of the asset in the current or previous years. The value is regularly reviewed by the Board of Trustees for the impairment.

13. Fixed Asset Investment

ixed Asset Investment
Shares in
Group
Undertakings
Charity £
Cost or Valuation
At 1 March 2023 and at 29 February 2024 100
___

14. Debtors

14. Debtors
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade Debtors 10,161 12,254 9,525 11,603
Other Debtors 16,200 - 13,449 621
Amounts Recoverable on Contracts 6,061 6,641 3,490 3,867
Intercompany - - - 7,693
___ ___ ___ ___
32,422 18,895 26,464 23,784
___ ___ ___ ___
15 Creditors (Amounts falling due within
one year) Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Trade Creditors 31,680 33,150 21,831 20,914
Amounts owed to group undertakings - - 5,577 -
Other taxation and Social Security 34,599 16,889 - -
Costs
Other Creditors 1,074 1,063 173 549
Accruals and deferred Income 103,342 104,875 84,829 79,957
___ ___ ___ ___
170,695 155,977 112,410 101,420
___ ___ ___ ___

23

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

16. Statement of Funds Current Year

Unrestricted Funds
Charity Funds
Brewery Arts (Trading) Limited
Restricted Funds
Art Heritage Funds
Barrel Store Project
Bursaries and Community
Gallery Funding
Private Donations
Arts Society
Radcliffe Trust
Total Funds
Prior Year
Unrestricted Funds
Charity Funds
Brewery Arts (Trading) Limited
Restricted Funds
Building Development Project
Barrel Store Project
Bursaries and Community
Gallery Funding
Private Donations
Supporter Engagement Projects
Radcliffe Trust
Other Restricted Funds
Total Funds		 Balance
1 March
2023
£
142,242
984
_
143,226
_
-
516,158
-
5,225
948
-
5,650
_
527,981
_
671,207
_
Balance
At 1 March
2022
£
204,990
1,704
_
206,694
_
137,632
585,917
-
11,391
5,307
1,050
-
422
_
741,719
_
948,413
_		 Income
Expenditure
£
£
383,008
(447,575)
485,377
(480,995)
_
_
868,385
(928,570)
_
_
13,300
(13,300)
-
(64,734)
1,250
-
1,000
(5,094)
8,144
(3,867)
2,711
-
-
(5,323)
_
_
26,405
(92,318)
_
_
894,790
(1,020,888)
_
_
Income
Expenditure
£
£
365,251
(427,999)
454,003
(454,723)
_
_
819,254
(882,722)
_
_
-
(137,632)
-
(69,759)
1,000
(1,000)
-
(6,166)
-
(4,359)
-
6,000
(1,050)
(350)
-
(422)
_
_
7,000
(220,738)
_
_
826,254
(1,103,460)
_
_		 Balance
Transfers
29 February
In/Out
2024
£
£
-
77,675
-
5,366
_
_
-
83,041
_
_
-
-
-
451,424
-
1,250
-
1,131
-
5,225
-
-
2,711
327
_
_
-
462,068
_
_
-
545,109
_
_
Balance
Transfers
28 February
In/Out
2023
£
£
-
142,242
-
984
_
_
-
143,226
_
_
-
-
-
516,158
-
-
-
5,225
-
948
-
-
-
5,650
-
-
_
_
-
527,981
_
_
-
671,207
_
_

24

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

16. Statement of Funds

Fund descriptions

Art Heritage Funds

A grant to produce a feasibility study on the use of two heritage buildings in Cirencester to create additional craft studio space.

Barrel Store Project

A refurbishment project to create guest accommodation in the adjacent Niccol Building completed in 2016. The remaining balance is to cover future depreciation charges.

Bursaries and Community

Funding from local authorities to support our ongoing bursaries to help with accessing our classes.

Gallery Funding

Our exhibitions programme is supported by trusts, foundations, individuals and local businesses. Gloucestershire County Council supported this years’ programme through their Build Back Better Market Towns Fund.

Private Donations

We are fortunate to have the support of a private donor supporting core and project work.

Arts Society

Grant to aid the running of the charity.

Radcliffe Trust

Funding towards our emerging makers’ studio, supporting recent craft graduates.

Building Development Project

A refurbishment project to our main building completed in 2008. The balance represented outstanding depreciation at previous year ends as the fund has been spent in full.

Supporter Engagement Projects

With funds received in previous years and ag rant from the Heritage Lottery Fund, we undertook a project to increase visitor awareness of our purpose in order to increase an understanding of our impact and encourage philanthropic giving.

Other restricted funds

Other funding relates to funding from previous years for capital expenditure.

17 . Summary of Funds

Current Year

General Funds
Restricted Funds		 Balance
At 1 March
2023
£
143,226
527,981
_
671,207
_		 Income
Expenditure
£
£
868,385
(928,570)
26,405
(92,318)
___
_
894,790
(1,020,888)
__
__		 Balance
Transfers
29 February
In/Out
2024
£
£
-
83,041
-
462,068
_
_
-
545,109
_
_

25

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

17. Summary of Funds

Prior Year

General Funds
Restricted Funds		 Balance
At 1 March
2022
£
206,694
741,719
_
948,413
_		 Income
Expenditure
£
£
819,254
(882,722)
7,000
(220,738)
_
_
826,254
(1,103,460)
_
_		 Balance
Transfers
28 February
In/Out
2023
£
£
-
143,226
-
527,981
_
_
-
671,207
_
_

18 . Analysis of Net Assets by Fund

Current Year

rent Year
Unrestricted Restricted Total
Fund Fund Funds
2024 2024 2024
Tangible Fixed Assets 24,205 448,480 472,685
Current Assets 229,531 13,588 243,119
Creditors due within one year (170,695) - (170,695)
___ ___ ___
Total 83,041 462,068 545,109
___ ___ ___
r Year
Unrestricted Restricted Total
Fund Fund Funds
2023 2023 2023
Tangible Fixed Assets 17,578 513,214 530,792
Current Assets 281,625 14,767 296,392
Creditors due within one year (155,977) - (155,977)
___ ___ ___
Total 143,226 527,981 671,207
___ ___ ___

Prior Year

26

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

19. Reconciliation of Net Movement in Funds to Nest Cash Flow from Operating Activities

Group
Group
2024
2023
Net expenditure for the year (as per statement of Financial Activities) (126,098)
(268,309)
___
___
Depreciation charges 68,569
207,476
(Increase)/decrease in stocks 3,667
(11,318)
Decrease/ (increase) in debtors (13,527)
(3,195)
Increase/ (decrease) in creditors 14,718
(13,746)
___
___
Net cash used by operating activities (52,671)
(89,092)
___
___
Group Group
2024 2023
Cash in hand 175,588 238,721
___ ___
20. Analysis of changes in net funds
At 1 March At 29 February
2023 Cash flows 2024
£ £ £
Cash at Bank 238,721 (63,133) 175,588
___ ___ ___

21. Contingent Liabilities

In 2016 the charity received funding from Arts Council England and K D Winstone Trust towards the Barrel Store project. The condition in relation to this funding regarding the signing of a new lease on the refurbished property was not met at the year end. The Trustees continued to believe the lease will be signed and have therefore recognised the income in accordance with SORP 2019.

22 . Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contribution payable by the group to the fund and amounted to £4,850 (2023: £4,114). Contributions totalling £507 (2023: £1,063) were payable to the fund at the balance sheet date and are included in creditors.

27

NEW BREWERY ARTS LIMITED (A Company Limited by Guarantee and not having a Share Capital)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

23. Operating Lease Commitments

At 29 February 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Group
29 February 28 February
2024 2023
Not later than 1 year 32,168 32,168
Later than 1 year and not later than 5 years 113,265 113,265
Later than 5 years 2,121,499 2,153,618
___ ___
Total cash and cash equivalents 2,266,932 2,299,051
___ ___

24. Related party transactions

Charles Woodd is a Trustee of New Brewery Arts Limited and director of St. James’ Place UK plc. During the year St James’ Place made a donation to the Charity of £nil (2023: £2,500).

25. Controlling Party

The Charity is under the joint control of the Trustees. There is no ultimate controlling party.

26. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Holding Included in Included in
Number consolidation
Brewery Arts (Trading) Limited 02280161 100% Yes
The financial results of the subsidiary for the year were:
Name Income
Expenditure
 Profit/(Loss) Net assets
£ £ £ £
Brewery Arts (Trading) Limited 485,377 (480,995) 4,382 5,366

28