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 Y￿11-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 V￿rk 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 shc￿ld 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 requ1￿MentS 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.
2wfhy￿￿k￿laternenlS 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 othe￿1$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 v￿lre 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
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