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REGISTERED COMPANY NUMBER: 03650374 (England and Wales) REGISTERED CHARITY NUMBER: 1115119
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025 for Friends of the Cotswolds
Monahans Oakley House Tetbury Road Cirencester Glos GL7 1US
Friends of the Cotswolds
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
Friends of the Cotswolds
Report of the Trustees for the Year Ended 31 March 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The purposes of the charity as set out in its governing documents include the following:
1) Promoting, enhancing, improving and protecting the physical and natural environment of the Cotswolds Area of Outstanding Natural Beauty (AONB) and adjoining and adjacent areas;
2) Advancing the education of the public in relation to the AONB;
3) Providing within the AONB facilities in the interest of social welfare for recreation, sport and leisure time occupation;
4) Preserving buildings and/or sites within the area of historic or architectural merit; and
5) Undertaking such other charitable activities consistent with the above objectives.
Significant activities
The main activities undertaken during the year to meet the purposes of the charity were:
1) Ownership, renovation and ongoing fundraising for the charity's freehold Grade II* listed Georgian House of Correction at Northleach, Gloucestershire ("the Old Prison");
2) Continued delivery of the National Lottery Heritage Fund (NLHF) project to conserve and enhance the Old Prison and its nationally significant collection of agricultural artefacts;
3) Promoting and interpreting the Old Prison and its collection through exhibitions, educational programmes and community engagement activities; and
4) Establishment of the Cotswold Heritage and Environment Fund, a small grant-giving scheme supporting projects that align with the charity's objects and benefit the Cotswolds AONB and its communities. This scheme is overseen by a committee made up of trustees and represents an important new area of charitable activity.
Public benefit
The charity trustees remain mindful of the Charity Commission's guidance on public benefit and confirm that they have complied with the duty under Section 17 of the Charities Act 2011. The Old Prison, its café and the collection have remained open to the public throughout the year.
.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
During the year ended 31 March 2025, the charity continued to make strong progress on its National Lottery Heritage Fund project, which concluded early in the following financial year. Key achievements during this period included:
-
Creation of a Community Garden at the Old Prison, developed and maintained by a dedicated group of local volunteers, providing a new space for engagement, wellbeing and community activity;
-
Completion of an oral history project in partnership with Gloucestershire Archives, recording memories of the Old Prison and rural life in the Cotswolds, helping to preserve important local heritage for future generations;
-
Development of a school trip pilot programme, supporting the charity's educational objectives and strengthening connections with local schools;
-
Hosting of exhibitions and events, showcasing local heritage, crafts and community stories;
-
Partnership working with local trusts, community groups and organisations, helping to extend the reach and impact of the project;
-
Expansion of the fundraising and events programme, including the development of a partnership to deliver entertainment and events on site, contributing both to income generation and increased visitor engagement.
Outside of the NLHF project, the charity successfully secured a new tenant for the upstairs rooms from October 2025, which will provide additional and ongoing income to support the charity's work.
In this financial year, the charity also formally became a grant-giving organisation through the launch of the Cotswold Heritage and Environment Fund. This initiative enables the charity to support small-scale projects that promote and protect the heritage and natural environment of the Cotswolds. The first grants were awarded during the year, and the scheme continues to be managed by a committee of trustees.
The trustees are encouraged by the growing profile of the Old Prison and the strength of local support for its activities. The combination of heritage conservation, education, grant giving, and community engagement continues to advance the charity's objectives and lay the foundations for long-term sustainability.
Page 1
Friends of the Cotswolds
Report of the Trustees for the Year Ended 31 March 2025
FINANCIAL REVIEW
Going concern
The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved, for the following reasons:
The charity holds sufficient reserves;
The café tenancy continues to provide both a base and turnover rent; and
The charity has secured an additional tenant for the upstairs rooms from October 2025, providing a further source of sustainable income.
The trustees therefore consider it appropriate to adopt the going concern basis in preparing the financial statements
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03650374 (England and Wales)
Registered Charity number 1115119
Registered office
3 The Green Northleach Cheltenham Gloucestershire GL7 1US
Trustees
H A Acland Director P C Blacker Director L A Chandler-Mullins Director K Farquhar-Thomson Director M Hurrell Director K J Morgan Director S J C Randall CBE Director Dr D Rockey Director A G Wade Director C Hancock Lt Col A J Tabor
Company Secretary
L A Chandler-Mullins
Independent Examiner Monahans Oakley House Tetbury Road Cirencester Glos GL7 1US
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Dr D Rockey - Trustee
Page 2
Independent Examiner's Report to the Trustees of Friends of the Cotswolds
Independent examiner's report to the trustees of Friends of the Cotswolds ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Helen Jones ACA
Monahans Oakley House Tetbury Road Cirencester Glos GL7 1US
Date: .............................................
Page 3
Friends of the Cotswolds
Statement of Financial Activities for the Year Ended 31 March 2025
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 10,525 Charitable activities Insurance 21,650 Other trading activities 2 32,570 Investment income 3 39,821 Total 104,566 EXPENDITURE ON Raising funds 4 94,688 Charitable activities Insurance 15,621 Other 8,618 Total 118,927 NET INCOME/(EXPENDITURE) (14,361) Transfers between funds 12 (7,924) Net movement in funds (22,285) RECONCILIATION OF FUNDS Total funds brought forward 774,225 TOTAL FUNDS CARRIED FORWARD 751,940 |
Restricted funds £ 68,097 - - - 68,097 116,051 - - 116,051 (47,954) 7,924 (40,030) 131,929 91,899 |
2025 Total funds £ 78,622 21,650 32,570 39,821 172,663 210,739 15,621 8,618 234,978 (62,315) - (62,315) 906,154 843,839 |
2024 Total funds £ 154,680 1,200 39,695 62,293 |
|---|---|---|---|
| 257,868 | |||
| 95,244 53,415 10,009 |
|||
| 158,668 | |||
| 99,200 - |
|||
| 99,200 806,954 |
|||
| 906,154 |
The notes form part of these financial statements
Page 4
Friends of the Cotswolds
Balance Sheet 31 March 2025
| Notes FIXED ASSETS Heritage assets 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 515,679 75,504 442,824 518,328 (47,924) 470,404 986,083 (234,143) 751,940 |
Restricted funds £ - - 91,899 91,899 - 91,899 91,899 - 91,899 |
2025 Total funds £ 515,679 75,504 534,723 610,227 (47,924) 562,303 1,077,982 (234,143) 843,839 751,940 91,899 843,839 |
2024 Total funds £ 531,672 8,985 669,502 678,487 (34,984) 643,503 1,175,175 (269,021) 906,154 774,225 131,929 906,154 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
D Rockey - Trustee
The notes form part of these financial statements
Page 5
Friends of the Cotswolds
Notes to the Financial Statements for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
| Cafe income Courses 3. INVESTMENT INCOME Rents received Interest receivable - trading Dilapidation income |
2025 £ 32,570 - 32,570 2025 £ 23,197 16,624 - 39,821 |
2024 £ 39,461 234 |
|---|---|---|
| 39,695 | ||
| 2024 £ 9,714 5,079 47,500 |
||
| 62,293 |
Page 6
continued...
Friends of the Cotswolds
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
4. RAISING FUNDS
Investment management costs
Administrative expenses
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| 9,003 | - |
5. TRUSTEES' REMUNERATION AND BENEFITS
In the year, £35,520 has been paid to L Chandler-Mullins (2024: £35,520).
Trustees' expenses
In the year, £84 has been paid to L Chandler-Mullins (2024: £45).
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 102,031 Charitable activities Insurance 1,200 Other trading activities 39,461 Investment income 14,793 Total 157,485 EXPENDITURE ON Raising funds 15,989 Charitable activities Insurance 41,698 Other 10,009 Total 67,696 NET INCOME 89,789 Transfers between funds 420,000 Net movement in funds 509,789 RECONCILIATION OF FUNDS Total funds brought forward 264,436 TOTAL FUNDS CARRIED FORWARD 774,225 |
Restricted funds £ 52,649 - 234 47,500 100,383 79,255 11,717 - 90,972 9,411 (420,000) (410,589) 542,518 131,929 |
Total funds £ 154,680 1,200 39,695 62,293 |
|---|---|---|
| 257,868 | ||
| 95,244 53,415 10,009 |
||
| 158,668 | ||
| 99,200 - |
||
| 99,200 806,954 |
||
| 906,154 |
Page 7
continued...
Friends of the Cotswolds
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
| 7. | HERITAGE ASSETS | ||
|---|---|---|---|
| Total | |||
| £ | |||
| MARKET VALUE | |||
| At 1 April 2024 and 31 March 2025 | 649,726 | ||
| PROVISIONS | |||
| At 1 April 2024 | 118,054 | ||
| Charge for year | 15,993 | ||
| At 31 March 2025 | 134,047 | ||
| NET BOOK VALUE | |||
| At 31 March 2025 | 515,679 | ||
| At 31 March 2024 | 531,672 | ||
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors | 75,501 | 6,225 | |
| Accrued income | - | 1,928 | |
| VAT | 3 | 832 | |
| 75,504 | 8,985 | ||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans and overdrafts (see note 11) | 31,667 | 27,066 | |
| Trade creditors | 11,548 | 5,006 | |
| Accrued expenses | 4,709 | 2,912 | |
| 47,924 | 34,984 | ||
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (see note 11) | 234,143 | 269,021 | |
| 11. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Bank loans | 31,667 | 27,066 | |
| Amounts falling between one and two years: | |||
| Bank loans - 1-2 years | 234,143 | 269,021 |
Page 8
continued...
Friends of the Cotswolds
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
12. MOVEMENT IN FUNDS
| At 1.4.24 £ Unrestricted funds General fund 774,225 Restricted funds Restricted 131,929 TOTAL FUNDS 906,154 Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Net movement in funds £ (14,361) (47,954) (62,315) Incoming resources £ 104,566 68,097 172,663 |
Transfers between At funds 31.3.25 £ £ (7,924) 751,940 7,924 91,899 - 843,839 Resources Movemen expended in funds £ £ (118,927) (14,361 (116,051) (47,954 (234,978) (62,315 |
At 31.3.25 £ 751,940 91,899 |
|---|---|---|---|
| 843,839 | |||
| (62,315 |
Comparatives for movement in funds
| Net | Transfers | ||||
|---|---|---|---|---|---|
| movement | between | At | |||
| At 1.4.23 | in funds | funds | 31.3.24 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 264,436 | 89,789 | 420,000 | 774,225 | |
| Restricted funds | |||||
| Restricted | 542,518 | 9,411 | (420,000) | 131,929 | |
| TOTAL FUNDS | 806,954 | 99,200 | - | 906,154 | |
| Comparative net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 157,485 | (67,696) | 89,789 | ||
| Restricted funds | |||||
| Restricted | 100,383 | (90,972) | 9,411 | ||
| TOTAL FUNDS | 257,868 | (158,668) | 99,200 |
Page 9
continued...
Friends of the Cotswolds
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
At 1.4.23 £ 264,436 542,518 806,954 |
Net movement in funds £ 75,428 (38,543) 36,885 |
Transfers between funds £ 412,076 (412,076) - |
At 31.3.25 £ 751,940 91,899 |
|---|---|---|---|---|
| 843,839 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Incoming resources £ 262,051 168,480 430,531 |
Resources Movement expended in funds £ £ (186,623) 75,428 (207,023) (38,543 (393,646) 36,885 |
Resources Movement expended in funds £ £ (186,623) 75,428 (207,023) (38,543 (393,646) 36,885 |
|---|---|---|---|
| 36,885 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
Page 10
Friends of the Cotswolds
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| INCOME AND ENDOWMENTS Donations and legacies Gifts Donations Gift aid Grants Other income Other trading activities Cafe income Courses Investment income Rents received Interest receivable - trading Dilapidation income Charitable activities Insurance refund Total incoming resources EXPENDITURE Other trading activities Purchases Rooted in the Community costs Dilapidation costs Depreciation of tangible fixed assets Interest payable Investment management costs Administrative expenses Charitable activities Insurance Old Prison venue costs Old Prison maintenance Courses Other direct charitable activi ty Grants to institutions Other Bank interest Support costs Management General expenses |
2025 £ (1) 6,360 1,447 68,097 2,719 78,622 32,570 - 32,570 23,197 16,624 - 39,821 21,650 172,663 33,942 137,102 14,316 15,989 387 201,736 9,003 4,396 - - - - - 4,396 8,618 - |
2024 £ 3 152,634 1,893 - 150 |
|---|---|---|
| 154,680 39,461 234 |
||
| 39,695 9,714 5,079 47,500 |
||
| 62,293 1,200 |
||
| 257,868 - 58,951 20,304 15,989 - |
||
| 95,244 - 454 29,872 5,664 117 647 11,735 |
||
| 48,489 10,009 3,586 |
This page does not form part of the statutory financial statements
Page 11
Friends of the Cotswolds
| Management Other Consultancy Total resources expended Net (expenditure)/income |
Detailed Statement of Financial Activities for the Year Ended 31 March 2025 |
2025 £ 11,225 234,978 (62,315) |
2024 £ 1,340 |
|---|---|---|---|
| 158,668 | |||
| 99,200 |
This page does not form part of the statutory financial statements
Page 12