Company registration number: 02388534 Charity regislration number: 900036 New Brewery Arts Limited (A company limited by guarantee) Annual Reporl and Financlal Statements for the Year Ended 28 February 2025 Ballards LLP Oakmoore Court 11c Kingswood Road Hampton Lovett Droilwich Worcestershire WR9 OQH
New Brewery Arts Lomlted Contents Reference and Administrative Details Trustees, Report 2to7 Statement of Trustees. Responsibllities Independent Examinerfs Report Consolidated Stalemenl of Financial Activities 10t011 Consolidated Balance Sheet 12 Balance Sheet 13 Consolidated Stalemenl of Cash Flows 14 Notes lo the FSnanclal Statemenis 15to29
New Brewery Arts Limited Reference and Administrative Details Trustees Theresa Rebecca A'court Bergne Cecily Dixon-Brown (appointed 16 May 2024) Verily Alice Elson Joanna Noles (appoinled 12 December 2024) Clare Jane Hannah (appointed 12 December 2024) Jessica Jane Yarrow (appointed 1 Febnjary 2025) Anita Jane Longley (appointed 12 December 2024) Jeremy David Hobbins Jeremy Goulding Lodwick Matthew Paul Smith Paul Keith Slyles (appointed 12 December 2024) Prlnclpal Offlce Brewery Court Cirencester Gloucestershire GL7 1JH Company reglslratlon number 02388534 Charlty reglstered numbor 900036 Commlttees Artistic Stralegy: Theresa Bergne Flnance and Audit: Cecily Dixon-Brown Developmenl. Joanna Noles Our People: Clare Hannah The Chair has an ex-officio appointment on all commitlees Senlor Management Team Beth Alden, Chief Executive Officer Andrew Riddington, Finance Manager Miranda Wells, Participalion Manager- resigned 5 March 2025 Jennifer Allison, Participation Manager- appointed 8 April 2025 Charlolte White, Commercial Services Manager Jill Park, Marketing Manager Patron Dame Fiona Reynolds Independent Examiner Ballards LLP Oakmoore Court 11c Kingswood Road Hamplon Lovelt Droitwich Worcestershire WR9 OQH Page 1
New Brewery Arts Limited Trustees, Report The trustees, who are directors for the purposes of company law, present Ihe annual report together with the financial statements of the charitable company for the year ended 28 February 2025. Objecliv8s and activities Objects and alms The charitable objects for which New Brewery Arts was established are: To advance the education. appreciation, participation and engagement of the public in relation to the arts, crafts, culture and creativity; To enrich the life of all communities by providing facilities, open to Ihe widest possible public access. for education, engagement and recreation in the arts, crafts, culture and creativity; To provide cultural, creative and recreational facililies and opportunities to all communities, for the purposes of learning and social Y11-being. Objectlves, strategles and actlvltles 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 crealivily in all our lives. We do this by supportlng makers, nurturing emerging talenl, and delivering partlcipatory programmes that invile everyone, not lust the 'artistically inclined,, to take part. Publlc beneflt The truslees confirm Ihal they have complied wilh the requlrements of sectlon 4 of the Charilles Act 2011 lo have due regard to Ihe public benefit guidance pubSished by the Charity Commission for England and Wales. Page 2
New Brewery Arts Limited Trustees. Report Achievements and performance Maln Achlevements of the Charlty New Brewery Arts is a resilient organisation despite the turbulence of the last few years. We recelve no core funding to shield us from exlernal impacts such as inflation and the cost-of-living crisis. In 2024- 25 we had to draw down on reserve funds to continue delivering our objectives. Our Impact- the year In numbers 110,003 people came through our doors in 2024145 Total Participalion hours: 21,363 1374 Students 640 studio hours lor New Brewery Hearts students 720/0 fell lols more enthuslastic about craft after a workshop or course 96% rated teaching good or above Standlng up for Craft "For almost 50 years, wetre championed Ihe power of making- not just as an artform. but as 8 m8ans ol connection, empowerment, and expression. We are more Ihan a gallery or workshop spaGe.' we aro a creatlve hub where people of all ages and b8ckgn?unds come togelher lo learn, make. and grow. Our studios buzz wilh aclivity - clay being shaped. looms clicking, silver being soldered- and each sound tells a story of someone discovering or redisGovering the Joy ol making. Our core mlssion Is to connecl people wilh Ihe hand. Ihe head, 8nd Ihe heart through craft. We do Ihls by supporting makers. nurturing emerging talent, and dolivering participatory programmes Ihat invile everyone- not jusl Ihe artislically inclined'_ to take part. We believe that craft and crealivily should be a part of everyday life. and Ihat everyone has the right to engag8 in cullural aclivilies noljust as obseNers and beholders. bul as participants. Through our exhibilions. classes, outre8ch, and residencies. we s117ve lo make craft 8cGessible, relevanl, and alive - not somelhing behind glass, bul somelhing in your hands". Beth Alden CEO A Place for Baauty To me, New Brewery Arts stands lor something incredibty speci81 in this wortd where growth, malerialism and conllict dominale Ihe headlines. We sland for beauty, crealivily and Ihoughlfulness, 8nd we bring th81 to anyone and everyono who needs it. As lime goes on. the values and experiences we curate seem more and more important, and we a proud to add a posilive, vibrant spirit lo the communily of Cirencester and beyond. Dame Fiona Reynokls DBE, MA, MPhil Honorary Palron Page 3
New Brewery Arts Limited Trustees. Report Maklng Together: We support everybody to try a new craft or creative practice Our participation programme comprises free drop-in activilies, as well as short workshops and courses, and spans a wide variety of activities from ceramics to gelli printing, learning to use a sewing machine, to making a stained-glass panel all in our dedicated craft studios. As well as mastering a skill or enjoying a hobby with like-minded friends, parlicipating in these Creative sessions provides moments of wellbeing. fulfilment and joy. "New Brewery Arts has for many years been my happy place. To have the space to learn and develop my craft and the opportunity to engage with other crealive people has been, wilhoul exaggeration, life changing." Ceramics Student Craft for the Communily Through our New Brewery Hearts scheme, we offer creatNe opportunilies to Ihose facing real barriers, whether emotional, financial or social. Our goal Is ambitious: to deliver 1,200 hours of free studio time each year. In the 12 months since launching, we've grown our impact by partnering with frontline charities including Gloucestershire Carers, The Churn Project and Cirencester Opporiunilies Group. Together. we've already delivered 640 hours of sludio time - and we're just gelling started. New Brewery Hearts 2024125 was funded by Cotswold District Councll Symondson Foundation Cirencesler Town Councll Individual donalions "I thought it would be a crealive oullet for me and some time to enjoy learning something new. Bul it's been much more Ihan that. Il's helped me on a deeper level with my mental health. Actually, it's been Ilke a weekly therapy session where I've just come and had some head space and had some time to think. Sophie, Stone-carving studenl (New Brewery Hearts recipienl) Sustalnlng the Industry We support sustainable creative livelihoods. Through New Brewery Arts, craftspeople and crealives earn an income from their practlce and establish and grow their small businesses. In 2024125 we paid over £300.000 to craftspeople through retail and freelance opportunities. Our Young Maker Residency gives 12 monlhs of studio Ilme and mentoring support to a young, emerging maker as they take their first sleps as a professional craflsperson. 'This residency has bridged the gap between graduation and professional practice. It's helped ne find my footing, develop my artistic voice, and pursue unexpected opporlunilies such as upcycling Queen Camilla's wedding dress and designirKJ embroidery for the Royal Opera House. The kind. generous communily at New Brewery Arts has provided practical support. pointed me towards new opporlunilies, and introduGed me to teaching. Most importantly, they offered the daily company I didn't realise I needed as I Iransitioned from a shared studio to working solo. Beth Someniille, Embroiderer (Resident Young Maker) Young Maker residency was funded by Arts Council England through a National Lotlery Project Grant. 155 makers exhibited int he gallery 8 studio makers 52 freelance tutors employed 338 makers sold work through our shop Page 4
New Brewery Arts Limited Trustees. Report Flnanclal review Flnanclal Performance As a consolidated enlity. the Charity incurred an unrestricted deficit of £40.191 (2024 deficit of £60,185). This reduced the unreslricted reserves brought forward of £83,04110 £42,850 as at the year end. Golng Concern After making approprfate enquirles, the Trustees have a reasonable expectation that the Charlly has adequate resources to continue in operational existence for the foreseeable future. For this reason, Ihey 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 pollcles. Pollcy on reseThes The Trustees believe that the Charily 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 £42,850 which is below the minimum level. but it Is felt by the Trustees to be a reasonable position, glven the uncertain silualion that prevails In the UK currently. The restrlcted fund value conslsis of the Improvements to the buildings on whith the Charity holds leases. We have 6-7 years remaining on the £600k capital works to creale guest accommodation. Other funds of Ihe Charily comprise mainly small value fixed assets. Prlnclpal Rlsks and Uncertalntles New Brewery Arts depends largely on personal discretionary spendlng. The effect of Ihe cosl-of-living crisis has depressed our earned income, while inflationary pressures remain and many overhead costs spiral. Trusts and foundalions. support of cullural activilies has fallen off sharply. This Current financial year (2024-25) marks a decade for New Brewery Arts without core fundlng. While our ability lo self-generate income at levels signlficantly higher than many cullural organSsations should be applauded, il is also a risk. Organisations that receive core funding say "regular public investmenl makes a big difference lo viabilily. acGessibilily, qualily and sustainabilily." (The Campaign for the Arls). The lack of public fundlng support for New Brewery Arts restricts our caparily lo deliver as we would want lo. We believe In the value of all our programmes and services and Ihe supporl and enjoyment they provide to our community. Bul wilhoul medium-term. secure funding, we face tough operational decisions around delivery. We will continue to explore new, creative ways to shift our business model and generate Income to cover all our aclivilies. As we do Ihls, we keep our purpose at the fore. Page 5
New Brewery Arts Limited Trustees. Report Princlpal fundlng sources The Charity generates income through charity related aclivities includlng 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 otheNise be borne by the Charily itself. Our commercial seniices enhance the overall offer to our audiencos and communities and generate vital income which is covenanted to the Charity. Plans for future perlods Alms and key obJe¢tlves for future periods Our future Ss uncertaln as we struggle with costs of running an hlstoric buildlng going through the roof, and arts funding going through the floor. Whilewe can almost make it work through our earned income (our shop, studios, and courses cover more than 90% of our running costs), donations have become more important than ever. In 2024 we launched a Patrons, scheme lo help sustain the organisation. Over the past year individual donations have helped to: Sustain a heritage building in central Cirencester Fund our Young Maker Residency Showcase and support the nexl generalion of makers Maintain the specbalist craft equipment used by our students. Structure, governance and management Nature of governlng document New Brewery Arts Limited is regislered as a charitable company registered by guarantee and was set up by a Memorandum of Association daled 24 May 1989, as amended by special resolulions dated 20 July 1990, 28 September 2004 and 25 April 2022. and as amended by certificale of incorporation on change of name daled 8 December 2011. Recrultment and appolntment of trustees Trustees are appointed by the Board in annual or general meelings al which not less Ihan half Ihe Ihen serving Truslees are present in person or by proxy. The Trustees undertake a skills audit to identify gaps wilhin the Board and proacliveSy seek new trustees to supplement Ihe skills. Inductlon and tralnlng of trustees The Trustees are provided wilh an induction pack and are encouraged lo spend time at New Brewery Arts between meetings. Arrangements for settlng key management personnel remuneratlon The Trustees consider thal the Board of Trustees and the Senlor Management Team comprise the Key Management Personnel of Ihe Trust in charge of directing and controlling, running and operating Ihe Charily 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 Ihe notes lo Ihe accounts (NIL). The pay for Ihe Senior Management Team is reviewed by the Board of Trustees annually and is normally increased in line with average earnings. Page 6
New Brewery Arts Limited Trustees, Report Organlsatlonal structure The Trustees, who must be no fewer than five and nol subject to any maximum, are also directors of the company, are responsible for the administration of the Charily 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 Ihe Charily. A subsidiary company. Brewery Arts (Trading) Limiled. covers the mmercial services operations (retail and accommodation) while our café is leased lo J Taylor and A Blend. For financial management purposes, the Board monitors the perfomiance of the five principal business units- participation, exhibitions. retail, accommodation and sludios. The full Board of Trustees meet at regular inleprfals during the year. Core subcommittees, comprising staff and Trustees also meet regularly and report to the Board. Task and finish groups are created to look at particular strategic areas. Rélatlonshlps wlth related partles None of our Trustees receives renumeratlon or any other benefit from their Vrk with Ihe 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 serrfices and attending our artislic and participalion programmes. 26 Nov 2025 The annual report was approved by the trustees of the charily on .................... and signed on Ils behalf by: Jeremy GouldSng Lodwick Truslee Page 7
New Brewery Arts Limited Statement of Trustees. Responsibilities The trustees (who are also the directors of New Brewery Arts Limited for Ihe purposes of company law) are responsible for preparing the truslees. report and the financial slatements in accordance with the United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the truslees 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 charitable company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the truslees are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charilies SORP; make judgements and estimates thai are reasonable and prudent: state whelher applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it Is Inappropriate to presume thal the charilable company v4ill continue in business. The trustees are responsible for keeping adequate accounling COrdS that are sufficient lo show and explain the charitable company's transactions and disclose wilh reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure thal the financial slalements comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable sleps for the prevention and detection of fraud and olher irregularities. 26 Nov 2025 Approved by the trustees of Ihe charily on .................... and signed on ils behalf by: Jeremy Goulding Lodwick Truslee Page 8
New Brewery Arts Limited Independent Examiner's Report to the trustees of New Brewery Arts Limited I report on the accounts of the group for ihe year ended 28 February 2025 which are set out on pages 10t029 Respective rasponslbllltles of trustees and examiner The Irustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and thal an independent examination is needed. The group's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of ICAEW. Having satisfied myself that the group is not subject to audit under Company law and Is eligible for independent examination, it is my responsibility to.. examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the general Dlreclions glven by the Charlty Commission under section 145(5)(b) of the 2011 Act: and to state whether particular matters have come to my attenlion. Basls of Independant examlner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the acwunling records kept by the group and a comparison of the accounts presented with those records. It also includes consideration of any unusual Stems or disclosures in the accounts, and seeking explanations from you as Iruslees concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether Ihe accounts present a 'lrue and fair view, and the report is limiled to those mallers set out in the slatement below. Indèpendent axamlner's statement In connection with my examination, no matter has come to my attenlion: (1) whlch gives me reasonable cause to believe thal in any malerial respect the requirements: lo keep ac¢ountlng records in accordance with section 386 of the Companies Acl 2006; and to prepare accounts whlch accL)rd wilh the accounting records, comply wilh Ihe accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended PraGtieA: Accounting and Reporting by Charities have not been rnet; or {2) to which, in my opinion, attention shcld be drawn in order to enable a proper understanding of the accounls to be reached. M A Skellum ICAEW Ballards LLP Oakmoore Court 11 c Kingswood Road Hampton Lovett Droiiwich Worcestershlre WR9 OQH Page g
New Brewery Arts Limited Consolidated Statement of Financial Activities for the Year Ended 28 February 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Restricted funds Total 2025 Note Income and Endowments from: Donalions and legacies Charitable activities Other trading activities Investment income 10.910 370.487 502.229 18,635 29.545 370,487 502,229 Total Income 884,901 18,635 903,536 Expendlture on: Trading activities Chariiable activilies (478.496) 446.596 (478.496) 74,079)S2O,6?S) 925,09?L74 079 999,171) 40,191 55,444 95,635 Total Expendilure Net expenditure Net movement In funds (40,191) (55,444) (95,635) ReconcSllatlon of funds Total funds brought forward Total funds carried forward 462 068 17 42,850 Unrestrlcted funds 406,624 Restrlcted funds 449.474 Total 2024 2024 comparatlves Income and Endowments from: Donations and legacies Charitable activities Other trading activitles Inveslmenl income Noto 27,538 352,645 485,377 2,826 26,405 53,943 352,645 485,377 2,826 Total Income 868 386 26,405 894,791 Expendlture on: Trading activities Charltable acllvltles {455,996) 472 576 (455,996) 564,894 92,318 Total Expendilure 928.572 92.318 1,020,890 Net expenditure 60,186 65.913 126,099 Net movement in funds (60.186) {65.913) (126,099) Reconclliatlon of funds Total funds brought foThvard 143,226 527,981 671,207 Total funds carried forward 17 83,040 462,068 545.108 Page 10
New Brewery Arts Limited Consolidated Statement of Financial Activities for the Year Ended 28 February 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) All of the group's aclivilies derive from continuing operations durlng the above two periods. The funds breakdown for 2024 is shown in note 17. Page11
New Brewery Arts Lirnited (Registration number: 02388534) Consolidated Balance Sheet as at 28 February 2025 2025 2024 Note Flxed assets Tangible assets 10 408.958 472,685 Current assets Slocks Deblors Cash at bank and in hand 12 13 36,409 24,926 175,318 236,653 35,109 32,421 175 589 243,119 Credltors: Amounts falllng due wlthln one year 14 196,137 170,696 Net current assets 72.423 Net assets 449,474 545,108 Funds of tha group: Restrlcted funds 406,624 462,068 Unrestrlcted Income funds Unrestricted funds 42,850 83,040 Total funds 17 449 474 For the financial year ending 30 November 2025 the charity was entitled io exempllon from audil under section 477 of Ihe Companies Act 2006 relating to small companies. Dlrectors, responsibilities: The members have not required Ihe charity lo obtain an audit of its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibilities for cornplylng with the requlrements of Ihe Acl with respect to accounting records and the preparalion of accounts. These accounts have been prepared in accordance with Ihe provisions applicable to companies subject to the small companies regime. 8fith¥RAAfiatements on pages 10 to 29 We approved by Ihe truslees. and authorised for issue on and signed on their behalf by: Jeremy Goulding Lodwick Truslee Page 12
New Brewery Arts Limited (Registration number: 02388534) Balance Sheet as at 28 February 2025 2025 2024 Note Flxed assets Tangible assets Investments 10 407.063 100 407,163 469,591 100 469.691 Current ass8ts Stocks Deblors Cash at bank and In hand 12 13 3,115 19,967 146 243 169,325 2,210 26,464 153,888 182,562 Credltors: Amounts falllng due wlthln one year 14 131.014 112,409 Net current assels Net assets 445.474 539 844 Funds of the charlty: Restrlcted funds 406,624 462,068 Unrestrlcted Income funds Unrestricled funds Total funds 17 445 474 539 844 For the financial year ending 28 February 2025 the charity was entitled to exemption from audit under section 477 of the Companies Acl 2006 relating to small companies. Directors, responsibililles.. . The members have not required the charily to obtain an audit of its accounts for the year in question In accordance with section 476; and The directors acknowledge Iheir responslbilities for complyrng wilh the requ1MentS of the Act wilh respect to accounting records and the preparalion of accounts. These accounts have been prepared in accordance wilh the provisions applicable to companies subject to the small companies regime. 2wfhyklaternenlS on pages 10 to 29 were approved by the Irustees, and aulhorlsed for issue on and signed on their behalf by- Jeremy Goulding Lodwick Truslee Page 13
New Brewery Arts Llmlted Consolidated Statement of Cash Flows for the Year Ended 28 February 2025 2025 2024 Note Cash flows from operatlng actlvltlès Net cash expenditure (95.635) (126,099) Adjustments to cash flows from non-cash Items Depreciation Investment Income 67,986 1,275 (28,924) 68.569 2.826) (60,356) Worklng capltal adjustments Increase In stocks Decreasel(increase) In deblors Increase in credltors 12 13 14 (1.300) 7,495 25,441 (35,109) (32,421) 170,696 Net cash flows from operating activities Cash flows from Investlng actlvltles Interest receivable and similar income Purchase of tangible fixed assets 1,275 4,259 2,826 10.462J. 10 Net cash flows from investing aclivities Net (decreaseylncrease In sh and cash equlvalents Cash and cash equivalents at 1 March {272) 35,174 175,589 140,415 Cash and cash equivalents at 28 February 175 317 175 589 All of Ihe cash flows are derived from continuing operations durlng the above Iwo perlods. Page 14
New Brewery Arts Llmited Notes to the Financial Statements for the Year Ended 28 February 2025 I Charlty status The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable lo contribute an amount not exceeding £Nil towards the assets of the charity in the evenl of liquidation. 2 Accountlng pollclas Summary of slgnlflcant accountlng pollcles and kay accounting estimates The principal accounting policies applied in Ihe preparalion of these financial siatements are set out below. These policies have been consistently applied lo all the years presented, unless othe1$8 stated. Statement of compllance The financial stalemenls have been prepared in accordance wilh Accounting and Reporting by Charities.. Statemenl of Recommended Praclice applicable to charities preparing their acwunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)). the Flnancial Reporting Slandard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies A¢l 2006. Basls of preparatlon New Brewery Arts Limited meets the definition of a public benefit entity under FRS 102. Assets and liabililies are initially recognised at historical cosl or transaction value unless olherwise slaled in the relevant accounting pollcy notes. Basls of consolldatlon The consolidaled financial statemenls consolidale the flnanclal stalements of the charfly and Its subsidiary undertakings drawn up to 28 February 2025. No statement of financial activilles is presented for the charity as permilted by section 408 of the Companles Act 2006. The charily made a loss after tax for the financial year of £94,372 (2024 - loss of £130,478). Page 15
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 A subsidlary is an enlily controlled by the charily. Control is achieved where the charily has the power to govern the financial and operating policies of an entity so as to obtsin benefits from its aclivities. The results of subsidiaries acquired or disposed of during the year are induded in the slatement of financial activities from the effeclive date of acquisition or up lo the effective date of disposal, as appropriale. Where necessary, adjuslmenls are made to Ihe financial statements of subsidiaries to bring their accounting policies Into line with those used by the group. The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination Is measured as Ihe fair value of the assels given, equily instruments issued and liabililies incurred or assumed at Ihe date of exchange, plus costs directly allribulable to the business combination. Identifiable assets acquired and liabilities and contingent liabililies assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer's interest in Ihe nel fair value of the identifiable assets, liabililies and contingent liabilities recognised is recorded as gcM)dwill. Inter-company transactions, balances and unrealised gains on transactions between ihe charity and 5ts subsidiaries, which are relaled parties, are eliminated In full. Intra-group losses are also ellmlnated bul may indicate an Impainnent Ihal requires recognition in Ihe consolldated financial statemenls. Accounllng pollcies of subsldiaries have been changed 4there necessary to ensure consistency with the policies adopted by the group. Non-conlrolling inleresis in the net assets of consolidated subsidiaries are identified separately from the group's equily therein. Non-conlrolling Interests consist of the amount of those interests at Ihe date of the original business combination and the non-controlling shareholder's share of changes in equity since Ihe date of the combination. Total comprehensive income is altributed to non-conlrolling interesls even if Ihis results in the non-controlling inlerests havlng a deficit balance. Golng concern The Irustees consider that there are no material uncerlainlies about the charity's ability to continue as a going concern nor any significant areas of uncertainly Ihat affect Ihe carrying value of assets hekd by the charily. Income and endowments All Income is recognised once the charity has enlillement to the income. it is probable that the income will be received and the amounl of the income receivable can be measured reliabty. Donatlons and legacl8S Donations are recognised when the charlty has been nolified in writing of both the amount and settlement date. In the evenl that a donalion is subject lo condilions that require a level of performance by the charity before the charily is entitled to Ihe funds. the income is deferred and not recognised untll either those conditions are fully met, or the fulfilment of those condilions is wholly within the control of the charily and it is probable Ihat these conditions will be fulfilled in the reporting period. Page 16
New Brewery Arts Limlted Notes to the Financial Statements for the Year Ended 28 February 2025 Grants recelvable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment Income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Exp8ndlture All expenditure is recognised once Ihere Is a legal or constructive obligation to Ihal expendlture, it is probable selllemenl is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly allributed to particular headings they have been allocated on a basis consislent with the use of resources. wilh central staff costs allocaled on the basis of time spent. and depreciation charges allocated on the portlon of the asset's use. Olher support costs are allocated based on the spread of siaff costs. Taxatlon The charity is consldered to pass the tests set out In Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets Ihe definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potenlially exempt from laxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of Ihe Corporation Tax Act 2010 or Section 256 of the Taxalion of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tanglbla flxed assets Individual fixed assets cosling £0.00 or more are inilially recorded at cost, less any subsequenl accumulated depreciation and subsequent accumulated impaimient losses. Depreclatlon and amortlsatlon Depreciation is provided on iangible fixed assets so as to v4rile off Ihe cosl or valuatlon, less any estimated residual value, over their expected useful economic life as follows: Asset class Leasehold Property Depreclatlon method and rate 15 years straight line 250/0 reducing balance and 250 straight line 25°/0 straight line no depreciation Fixtures and filtings Websile Artwork Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is delermined using the first-in, first-out (FIFO). Page 17
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised Inilially at Ihe transaclion price. They are subsequently measured at amortised cosl using the effective interest method, less provision for impairment. A provision for the Impairment of trade debtors is esiablished when there is objective evidence Ihat the charily will not be able lo collect all amounts due according to Ihe original terms of the receivables. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid Inveslmenls that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade credltors Trade credilors are obligations to pay for goods or seniices Ihat have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charily does not have an unconditional right, al the end of the reporting period, to defer settlement of Ihe creditor for at least twelve months after the reporting dale. If there is an unconditional right to defer settlemenl for at leasl twelve months after the reporting dale. they are presented as non-currenl liabilities. Trade credilors are recognised initially al the Iransaction price and subsequently measured at amortised cost uslng the effective inierest method. Fund structure Unreslricled income funds are general funds that are available for use al the Iruslees, dlscrellon In furlherance of the objectives of Ihe charily. Restricted income funds are those donaled for use In a particular area or for speclfic purposes, the use of which is restricted to that area or purpose. Penslons and other post retlremont obllgatlons The charily operates a defined contribulion pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or conslructive obligation to pay furiher contribulions even if the fund does not hold sufficient assets to pay all employees Ihe benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statemenl of Financial Aclivilies when they are due. If conlribution paymenis exceed the Gontribulion due for service, the excess is recognlsed as a prepayment. Page 18
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 3 Income from donations and legacles Unrestrlcted funds Restricted funds Total 2025 Total 2024 General Donations and legacies. Donations from individuals Grants, including capital grants. Government grants 10,910 18,635 29,545 31,854 18,635 29.545 53,943 4 Income from charltable actlvltles Unrestrlcted funds Total 2025 Total 2024 General Participallon Gallery Studio Renlal 248.141 21.761 100.585 370 487 248,141 21,761 100,585 370 487 228.646 30.892 352 644 5 Investment Income Unrestrlcted funds Total 2025 Total 2024 General Inleresl recelvable and similar Income; Interest recelvable on bank deposils 1,275 2,826 Page 19
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 6 Expenditure on charltable actlvltles Unrestricted funds Restrlcted funds Total 2025 Total 2024 General Participation Gallery Property Costs Support costs 197,514 16,300 2.344 6,789 1,000 66,290 204.303 17,300 68.634 230.438 520.675 205,418 16,728 68,561 274,186 564,893 446.596 74,079 7 Truste6s remuneration and éxpenses No trustees, nor any persons connected with them, have received any remuneratlon from the group during the year. No trustees have recelved any reimbursed expenses or any olher benefits from the charily during the year. 8 Staff costs The aggregate payroll costs vlre as follows: Group 2025 2024 Slaff costs durSng the year were: Wages and salaries Social securily costs Pension costs 313,701 13,869 294,428 12,529 332,529 311,807 The monthly average number of persons (including senior managemenl team) employed by the group during the year expressed as full time equivalents was as follows: 2025 2024 No Participation Administration Relail Accommodation 10 22 15 No employee received emoluments of more than £60,0(H) during the year. Page 20
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 9 Taxatlon The group is a registered charily and is therefore exempt from taxation. Page 21
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 10 Tanglble flxed assets Group Land and buildings Furnlture and Other langible equipment fixed asset Total Cost At 1 March 2024 Addilions 3,199.513 197,586 10,000 3,407,099 Al 28 February 2025 3 199.513 201,845 10,000 3,411358 Depreclation At 1 March 2024 Charge for Ihe year 2,746,369 188.045 2,934,414 At 28 February 2025 2811 103 3 002 400 Not book value At 28 February 2025 388 410 408 958 At 29 February 2024 453,144 472,685 Charlty Land and bulldlngs Furnlture and Other tanglble equlpment flxed asset Total Cost At 1 March 2024 Additions 3,199,513 131,870 10,000 3,341,383 At 28 February 2025 3 199 513 10 000 3 345 642 Depreclatlon At 1 March 2024 Charge for the year 2,746,369 64,734 125,423 2,053 2,871,792 66,787 At 28 February 2025 2811103 127 476 2,938,579 Net book valu6 At 28 February 2025 388,410 8,653 10.000 407,063 At 29 February 2024 453,144 6,447 10,000 469,591 Page 22
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 Group and Charlty All assets are used in direct furlherance of Ihe Charily's activilies. Leasehold property includes improvements to the building on which Ihe charity has a 99 year lease and will only benefil 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 Truslee's estimate of the useful economic life of these assets. The Arts Counal England hold a debenlure Incorporating a fixed and floating charge over the assets of the Charily. in relation lo Iheir assistance with the building project. Other fixed assets are a donated arbNork 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 impalnnent. 11 Flxed ass8t Investments Charlty 2025 2024 Shares in group undertakings and participating inlerests 100 100 Shares In group undertaklngs and partlclpatlng Interests Subsldlary und8rtaklngs Total Cost At 1 March 2024 100 100 At 28 February 2025 100 100 Net book value At 28 February 2025 100 100 At 29 February 2024 100 100 The investment represents a 100% shareholding In Brewery Arts (Tradlng) Llmiled, which is incorporated in England and Wales. 12 Stock Group Charlty 2025 2024 2025 2024 Stocks 36.409 35,109 3,115 2.210 Page 23
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 13 Debtors Group Charity 2025 2024 2025 2024 Trade debtors Prepayments Other debtors 19,221 3,531 2,174 24,926 10,161 6,061 16,199 16,372 1.706 9,524 3,491 13,449 14 Credltors: amounts falllng due wlthln one year Group Charity 2025 2024 2025 2024 Trade creditors Due to group undertakings Other taxatlon and social security Other creditors Accruals and deferred income 16,773 31,680 12,682 10,468 21,831 5.577 48,335 1,328 129.701 196 137 34.599 1.074 103,342 170696 544 107.320 131014 171 84,830 112 409 15 Penslon and other schemes Deflned contrlbutlon panslon scheme The group operales a defined o)nlrlbulion pension scheme. The pension cost charge for the year represents conlribulions payable by the group to Ihe scheme and amounted to £4,959 (2024 - £4,850). Page 24
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 16 Contingent IlabllltSes Charity In 2016 the charlty received funding from 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 continue to believe the lease will be signed and have therefore recognised Ihe income in accordance with SORP 2019. Page 25
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 17 Funds Group Balance at 1 March 2024 Incoming resources Resources expended Balance at 28 February 2025 Unrestricted funds General Charity Funds Brewery Arts (Trading) Limited 77,675 382,672 502 229 (421,596) 503,495) 925 091) 38,751 Restrlcted funds Barrel Slore Project New Brewery Hearts Gallery Funding Privale Donations Arts Sociely Radcliffe Trust 451.424 1,250 1,131 5.225 2,711 327 (64,734) {4,936) {1,000) (1,558) (1,524) (327) 386,690 10,749 131 7,867 1,187 14,435 4,200 Total restrlctod funds 462,068 406,624 Total funds 999170 449 475 Balance at 1 March 2023 Incomlng resources Résources Balance at 29 expended February 2024 Unrestricted funds General Charity Funds Brewery Arts (Trading) Limited 142.242 383,008 (447,575) 77,675 485 377 868,385 480,995 928,570 143,226 Restrlctad funds Art Heritage Funds Barrel Store Project New Brewery Hearts Gallery Funding Private Donations Arts Society Radcliffe Trust 13,300 {13,300) (64.734) 516,158 451,424 1,250 1,131 5,225 2,711 327 1,250 1.000 8,144 2.711 5,225 948 {5,094) {3,867) 5,650 5,323 Total restrlcted funds 527,981 26,405 92.318 462,068 Total funds 671.207 894,790 1,020,888 545,109 Page 26
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 Fund descrlptlons Art Heritage Funds A grant to produce a feasibilily 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 Ihe adjacent Niccol Building completed in 2016. The remaining balance is to cover future depreciation charges. Gallery Fundlng Our exhibitions programme is supported by trusts, foundations, Individuals and local businesses. Prlvate Donatlons We are fortunate to have the support of a private donor supporting core and project work. Arts Soclety Grant to aid the running of the charity. Radcllffe Trust Funding lowards our emerging makers, studio, supporting recent craft graduates. New Brewery Hearts This scheme allows us to offer crealive opportunities to Ihose facing real barriers, whether emotional, financial or social. We aim to deliver 1,200 hours of free studio lime every year. This is alded by our collaborations with several local frontline charilies. Page 27
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 18 Analysis of net assets between funds Group Unrestricted funds Restrlcted funds General Total funds Tangible fixed assets Current assets Current liabililies 16,877 222,110 196 137 392,081 14,543 408,958 236,653 196 137 Total net assets 42,850 406,624 449,474 Charlty Unrestrlcted funds Restrlcted funds General Total funds Tangible flxed asseis Fixed asset investments Current assets Current Ilabllilles 14.982 100 154,782 131014 392.081 407.063 100 169.325 131014 14,543 Total net assets 406 624 445 474 19 Analysls of net funds Group At 1 March 2024 At 28 February 2025 Cash flow Cash at bank and in hand 175,589 (271) 175,318 Nel debl 175,589 {271) 175,318 20 Related party transactlons Charity There were no related party transadions In the year. Page 28
New Brewery Arts Limited Notes to the Financial Statements for the Year Ended 28 February 2025 21 Controlllng party The charity is under Ihe joinl control of the Trustees. There is no ultimale controlling parly. Page 29 thFl8s Docwn¥A