Charity R•glstrnti¢Jn No. 1119692 C•ny Registration No. 06113608 (England and Wal•s) LLANTHONY SECUNDA PRIORY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 4A4726REA• 03107r2021 COMPANIES H(KISE Iiiu
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LLANTHONY SECUNDA PRIORY TRUST LEGAL AND ADMINISTRATIVE INFORMATION TTUSt•OS Mr I Patton Ms E Grrffiihs Mr G HO1 Mr M Trite Ms S Gilbert Miss C &lbert Mr N D Hopwood Mr P M Evans MrSG GAiano MrMJCourt Mrs J Cri¢hard (Appointed 11 JLme 2020) {ointed 11 JLme 2020) (Appointed 11 June 20201 (*•wxnted 11 June 20201 Charlty numb•r 1119692 Company numb•r 06113608 Regl$¢ew•d offl Uanthory Secunda Priory PrK)ry Juncb'on Off StAnne Way Gloucester Unrted ngM GL2 5FA Indepondent examlnof Sarah Case FCA DChA A2ets Audit SeThi Pillar House 11>115 Bath Road Cheftenham GL53 7LS Bankers 128 High Street Cheltenham Gloucestershire UnTted lfjngdom GL50 1EL
LLANTHONY SECUNDA PRIORY TRUST CONTENTS Trustees, report Independent examinerfs re1 Statement of finaLa1 athitie$ Bal¥u sheet 10 Notes lo Ihe financial $tstekr*nts
LLANTHONY SECUNDA PRIORY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020 The Iruslees presen¢ their repwl and financial slatements for the year ended 31 Dewnber 2020. The financial $talemont$ have been Fxepared in accordarte ¥Alh the accounling policies Bel cwt in nol& 1 to the financial statemen15 and compty with the Trust's goveming document, the Companies Act 2006 and -Accounting and Reporfing by Charit•'. Ststement of Re¢ommended Pracb"¢e appli¢abk to ¢harrties preparing iheir accounts in accordance with the Finarwl Rewting Sland¥d atvli¢able in the UK and Repu1¢ of Ireland (FRS 102> (effective 1 January 2019)-. Obj11¥¢¥ and activities The Trusts objects are.. to preseNe for the benefft of Ihe people of Gloucestwshire and Of the nation, the historical archrtecture and ConstruWaI heritage that may exist in and around Gbuceslershire in buildings (including any structure or erection and any part of a buihjingl of particular beauty or hi$toriGal chile¢tural or construdal interest, in particular to manage. restore and preserve for the benefft of the pthlic Uanlhony Secunda Priory in the City of Gloucester lo advance the edu¢ation of the publK in the histoncal. archite¢tural and constructional herilage in Gloucester, in parb'cular the Llanthony Secunda Priory tsjrfding and for the public benefit as a whole lo $e¢ure la$ far a$ reasonably Possib in accordarKe all relevant las and gUlatIOnS) public access to the land known as Uanthony SeLyJra Piiory in the Cty of Gl(yxester and registered under tille number GR49417 and GR143668 To rneet these objectives the Tnjst promotes itsew to Sere donations and grants. and is xtNety developing a wder range of other income sour¢es. We have referred lo the gL#dan¢e cortained in Ihe Charity Commission's gerwal tymdance on Publ benefft In our aim5 and objectives and in planning for our frjture activities. The trustees have paid the re98rd to giidance is$ ty the Charty C1)MrTN10n in deriding vthat activitie$ the Trust should undertake. Acl¥ev¢ments and Fxrfomhanc• Llanthony Secunda Priory is a scheduled monument, vlilh seven indmdual listed structureslbuilding5. Four of the structure5 had been on the Histori¢ EtvJland 'At Risk. register". the su¢¢e$$fvl a¢hievement of Its Refomation Project resulted in these buildings being reved from this register in 2018. In March 2016 the TTU$t was successfrjl n being awarded a Nabonal Lottery Heritage Fund INLHF) grant of £3,194,400 towards a totsl xhemè of £3,999.400 for the Uanthony Reformation Proje¢L In parallel to the major t4"d. the Trust has succes5fv1ty to fijndraise for matched fvnding required for the project and exceeded rts target of £564,000 by a fijther £124.197. The Trust conbnued to look for further fvnding to support fijlure work. both capilal grants and operationaVa¢tiffts a¥rdrds. and for widened revenue streams through Tunning events and undertakiNJ apprwate ¢ulbJral, hentage. educational. re¢reational. community and commercial ivit$. August 2018 saw the o)mpleth)n of the capbtal phase of the project Vilh Ihe opening of the main building ranges - the Medieval Range and ihe RarMJe. From September 2018 the Pric¥y has been open as heritage attraction and venue. The landscape defects Vt)rk had still lo be finalised. work due to be ¢onWeted in wmmer 2021. The final vrt)rks on the eastem end of the Range. to complete the toilets and servery. had originally been planned as a Cowoperalion between the Trust and the College. However, for Various pra¢ti¢al reasons Gloucestershire College were unable to ¢omplete their scheduted part of the wth, and the project was 'cked up by the Tw$t. As this had been subject to conshderable delay and expense. it VA5 consNlered urgent to complete this so that there is a full tscilrty to offer the wblic for events arthj venue hire. The project vms overseen by Graham Ho11, Trustee, using local contractors and trades ¥h) vme avaiL7b a5 lockd¢)wn eased. This work was signed off by Bulding Contrd in October 2020.
LLANTHONY SECUNDA PRIORY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 The Trust's 2020 a¢ti¥ities were swJntficantly impacted by the outbak of the Covid-19 ¥inJ$, vthh the lockdovm$ requiring closures of the site. The viru5 control measures required the buildings to be closed to the public from April 2020 and the majonty of tyanned events and adiwbes had lo be nceld. Thi$ was specially ¢hallengin9 as il s onby the second full of operation and the Trust vras kno"9 forward lo building on the $u¢ce$s of 2019. The grourKl$ were kept open throughout the year. and re aval for use by local community for exercise. The Trust would especialty like lo thank Graham Lamond. one of Volunteers. continued lo ovide outstsnding grounds mwnleronce and look after the site during the year even %thn the otfices were dosed. The Trust worked hard to miligale the impxts of Covi&19 M the siie. tt took advantage of the government job retention lowance. The staff rnembers. one of lKJm wa$ just retuming from matemty leave, were fiJrfoughed from the start of May until mid Juty l August 2020 as the inits.al bckdown eased. They have ¢ontirtued lo work through the rest of the year focussing on maintenance issues and seThicing the specific grants and outcomes. vthile plannir#J for the future. Although the actsvib"e5 lated lo the NLHF Programme vRre unable to be lully tjeltvered, the Trust attracted number of short term restri¢ted grants and emergency funding. An Historic England Grant of £42.360 was aimed at providing so¢ialty4listanced a"èS and events ouldoots during 2020 into earfy 2021. These events promoted wellbeing in the c(rfnmunty, bolh physKaty and fvwncially. a5 they wwe 'free to the public. and they proved very suttessfvl. A Hèritage Emergency Grant nnl9 from Septwvkn 2020 to January 2021 and a CLthrnl Recovery &anl running from O¢tober 2020 to March 2021, together govemment small business grants. providing resour¢es for the TnJ$t to Prepa for re-operbing and Put the ground running. allowed work on: Heritage Emergency Gwtr. SLtpport for salary costs PPE and other Cw¢>$afety measure$ digital resouices induding a ContactSS don•tth point a contxttess payffnt system for the new catering point websitelsofthre upgrades vrtal maintenae acb.vrty Cultural Recovery Grant a marketing events assistsnl resear¢h to develop the ¢gmercial offer preparation of a-new guidebook for sale to vr5itors fitb.ng ¢t of the Servery in the 81i¢k Range to provide a caterir#Jlfè fachlty support for grc¥Jnds maintenance vafiOUS markeiing and bune$S development consultancies to supwt prepare the Trust the site for a postyrKlemic vAJrld. and ¥Alh more thgiial resourw. ideas and ways for fvture working
LLANTHONY SECUNDA PRIORY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 The Historic Errfjland Project Llanthropc409y prqect expled new ways to enga9e and inspire local audiences in the short term, providing a range of aCtivrts and evenls includin9 physical a1VIe5 and culiural experien¢es ¢reated togethef local pathers, vRre free for k¢al Feople to participate in and enjoy. These adivities were effectively managed through the lockd( wods. The"We're Good To Go. IrKIu51ry Sta[d Co¥i¢sure cerbftcalion was achie¥ed for safe Nisiing to Heritage siles. The infomlation room was re-opened in August 2020 for Covi(ks groups and the Tntst trsted an open4ir thealre event in the grounds. The Trust ¢ontinued in partnership ith Gl0wstershi Cdege have a lease on some of the space wlhin the buildings. This ast forn4 the basis of the COTnmml income in Ihe year. The ongoing negotiations befven Marstons. Peet and the Highways department of Gk)ucestershI County Counol to deliver an allemab've entrano to the srte progossed sloknly through the year. further delayed by Covid-19. Haver. the vA)rks were started in March 2021 and comwed in Aprl 2021. The continued uncertainty through the year. inclL¥Jing Ihe forced thsures and the b¢ktJown$ eonlinuing into 2021. meant that the Trust has not been abilty to buihj up its commerc1 income which would provide the level of financial stability and security it hoped. The Trust has thntified the wgent need to reviw its busimss plan ar#1 strategy for the future. The Trustees have not been able to meet in person sIre the AGM. In September 2020 a new Chair was appoint¥d in the person of Matthew Green vthen Jeremy Wfilliamson. VtK) had been Cwpted ba¢k lo the Trust. stood dobvn. FNe new Trustees tre also appointed. matth Green resigned in December 2020 follwng psSu on hi$ business Inte$ts from Covi&19. The Tfust approved Stephen Aiano as a¢ting Chair, and this appointment was ratifRd in March 2021. The Trust looks foward to 2021 and beyond as being more stsble, to strategies teing fvrther developed and implemenled.
LLANTHONY SECUNDA PRIORY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 Flnancial rn¥i•w The financi year to Decembw 2020 the Trust shtyhtd a su$ anw)untirwJ to £47,705, (year to Oecember 2019 deficit £64.733)- As a resuft of the Covi&19 outbreak the Trust appl for aiHI recebved a number of grants. including tsvo unrestncted grants froffl Gloucester Cty Coun¢il amounb"n9 to £27,01)O. as emefgen¢y small trSInesS and local restriclions support. Three applications for speufic grants were S[$1 lo Supwrt activi support in the Cowd-19 environment Heritage Emergency Grant £9,700 Histori¢ England ProJe¢l." Uanthropokqy £35.OOD Culbjre Recovery FurKI £45.300 Ourin9 the 12 months three claims Ire made to the NLHF covering experKlriure of £105.873. The NLHF paid 82% of the expenditu, ith the remainw)g 18% ¢omw from matched fun¢Js. During the year 44% of experbditure was on salarie5. rn0511y from restricted lunds. The remainder of expenditure related to serwcirtg the re$tiicted grnnts and the running and Supp costs. H•rltsg• A$8ets The Tru$l's heritsge assels in tern of building and land were transferred to the Trust from Gloucester City Counul for £1 in 2007. At the the assets were in a ruinous $tate no e¢onomic benefit. As a result of the grants from the National Lottery Herrtage FLmd and Histor England Ihe mali structures and the landscape are being conserved and restored. The decision ha5 been taken that restorabon and conservation works fal under the definition of Hwitage Assets in FRS 102 and the Charity SORP. The v¥ue of the caprtal wor and asso¢iated profe$onal fees lo date has therefore tjeen capitsltsed durry the past fourfinanaal years. At the end of the year the Trusl held total reserves of £3,825,129 of Ithich £3.754.523 vHe restricted funds laling to the NLHF grant. The rest of the reserve5 V•pre othef matched fund$ relakn"r#J to the NLHF grant to support Ihe Reformation Project and other restn"¢ted fund$ granted in the 2020 year. The Trust allocated a designated maicrf repair fvrd and transfrffed £16.IYY) to Ihe fund in 2020. The nstrICted funds were £47,005. The Tfuslees exattwned the Iwsys requirements for reserves in light of the main risk$ lo the Twst, and continued to Vorrk towards the implementation of a policy of having reseNes of at kast three MGth5 planned expeThJiture. (rte the NLHF project has been luly Completed. Inv•skn•nt pow• The Trustees have the pvhr to wivest any lurKls not required for 1Thdiate use after hawng taken financial advice and having regard to the Suitabdty of Ihe investments and the r*ed for di¥er&fKats"on.
LLANTHONY SECUNDA PRIORY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 Rlsk Factors The Trustees continued to review the mapr strateg. business and Operalw risks vthich the company faced and ¢onfimed that system$ were estsbfished to enable regular reports to be proded so that the necessary steps could be taken to lessen Ihese risks. The principal risk to impa¢1 tw)th finanual and non&finan¢ial aspects for the Twst in 2021 and beyond was the Covid-19 pandemic. During 2020 the Trust dosed Ihe buiklings for both staff and public. Staff were fvrtoughed from 11 May 2020 10 31 August 2020. Al the start of 2021 vnth a third kxkdo¥Tt in place, the bull dings contsnued to be dosed to the public. One member of slaff worked in the office other stsff members worked frorn home. Wrth the govemment roadmap, it is hoped lo resume r>pening from June 2021. The financial risk lor 2021 and beyond is Signif1. The NLHF project was due to ffirish at the ènd of 2021, but the Trust SU$slty negotiated an eXienOn of the project lo March 2023. together tsth a fvrther grant of £82,400 to support salaries in this period. This V•in gwe time to comF4ele the outcome5 required from the NLHF. and most importanuy eftable the Trust to dèvelop an aclmty programme such that the obj.eds of the Trust are sustainable into the future. A second Cutture Recovery Grant of £9,400 was awarded forApril- ju 2021. thich will continue lo support an administrative salary. and to open the ¢afé. A revised budw for 2021 was prepafed. and carefvl managewnÈnt Ihe posibon frx 2021 ds deemed to be Managea¢. as long as the Wogram of events, hire actiwbes could rests The greatest noTrfinanoal risk continued to centre on changes to thrthplace pra¢ti¢es b¥hi¢h may impact on lettings. and to public perception of safety, wlh impfKations for h(Yw peOe and volunteers react lo activikn'es once the lockdovm is lrfled. The business plan is being revisited in I1 of these issues. StnKtvre. gov•rnan¢• and managwnent Llanthony Secunda Priory TnJst is a charitable coffyany, in¢orpoTated on 19 FeW 27. limited by 9uararee arKI governed by Tls P4lemornndum and AJlJ¢les ofAssOci. Under the requirements of the Memorandum and Articles of Association number of Tnjslees shall not be less than 3 and not more than 12. The trustees. who are also the directOTS for the purpose of company law. and wfio served dwng the year and up to the date of signature of the financi statements Vre.. Mr I Patton Ms E Gnffths Mr G Howell Mr M lte Ms S Gilbert Mr P Taylor Miss C Gilbert Mr N D Hopwood Mr P M Evans MrSGGAiano MrMJCourt Mrs J Cri¢hard Mr M R Green (Resigned 6 March 2020) (Apw'nted 11 June 2020) (Appointed 11 June 2020) (Appointed 11 ne 2020) {Appoirrted 11 ne 20201 (hppointed 11 ne 2020 and resigned 18 December 2020)
LLANTHONY SECUNDA PRIORY TRUST TRUSTEES. REPORT IINCLUDING tXRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Al eathAnnual General MeelJ"NJ oneth.rd {cthe Thmtr rearest cne thKd) ofts Inee¥ )all retwe. The Trustees rnay at any lime any ddy qurf¢ed to a vaeanw or as an athjitional tr8. A rknopted Trustee will hokj Offi until the nextAGM. Th¢ liètslity of the memtrs 15 limited and urthrfAken ¢thie a It exceedirJ £1 In the 6vent oftMewindirrfJ up ofthe tsjnpany. The Board of Trusleeg meets a rwJlar b3SiS. less than knjriiffles a year. arvj is re5wnslt4e for sthrg irection aThJ polw of tha chkn. The day to day •JrThTrtstratKJn of the Tntst is dekgated to the Secrel¥ry ol thè Tnjst. FolltiwrvJ a Stiètegy Day hebj In eaity 2020. tr Btsard fonn&l SU))mMitt*eS fiX1j on Business and Fliance aThJ Eslates ManeMent The sCoMmItees meet a regllar basis, befv4een Trust rn¢etwv>. The strudure is revi•v. as Ihe Tntst devew. The trtee$. tW&9 aFj ty fv Board ofTnthes MrSGGAlano Tru¥tee Daled.. 1S June 3J21
LLANTHONY SECUNDA PRIORY TRUST INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF LLANTHONYSECUNDA PRIORYTRUST l report to the trustees on my examinalrt of Ihe finan¢ial statements of Ltsn{nY SecuTrJa Priory Trust Ilho Tru5t} for the year ended 31 December 2020. Responslbllltlos and ba$ls of r•port A$ the trustees of the Trust (ar aso rfs directors for the purposes of conpany law) you a resp)nsible for the preparalitin of the nala1 statements in accordance Nmth the reqU1rerrts of the Companies Act 2006 (the 2006 Acti. Having satisfied myself that the ffinan¢ral $tstements of Ihe Trust are nol required to be audited under Part 16 of the 2006 Act and are eligie for independent examination. I report in respect of my examination of the Trust's financial statements ¢ameO out under section 145 of the Charities Act 2011 (the 2011 Acl). In carrying out my examination I have fdk)vRd al the appkatAe Tr"recbons gr¥en by the Chanty CorThni5sion under se¢tion 14515llbl of the 2011 Act. Independent exaffllner's statwn•nt I have completed my examination. I corfftrm that matters have come lo my attention in nneC110n with the examination giving me cause lo beh.eve that in any material respect.. ac¢ounting records tTe not kept in re5pe¢t of the Trust as required by section 386 of 20 A¢t,' or the financial statements do not accord With those records.. or the financial statements do not compty Ihe accounting requirements of section 396 of the 2006 Act other than any requirement that the ac¢ounts give a true and view vA)ich is not a matter considered as part of an independent examination. or the financial stements have not been prepared in ac¢ordar¢e with the methods and prtnciples of the Slalement of Recommended PraCte fur a¢¢ounting and reporb.ng by charrties applicable to Chare$ preparing their a¢¢ounts in accordance *ilh the Finanual Rel Stand¥d appli¢abkn in the UK and Republic of Ireland {FRS 102). I have no ¢on¢em$ and have come aLYoss no other matters in conrCb.0n with the examination lo vthich attention should be drawn in this report in order to enable a proper understsnding of the ffinancial $tatement5 lo be reached. Sarah Case FCA DChA Azels Audr( Services Pillar House 11>115 Bath Road Chelienham GFc¥Jcestershire GL53 7LS United Kingdom Dated.. 17 June 2021
LLANTHONY SECUNDA PRIORY TRUST STATEMENT OF FINANCIALACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 Current fman¢ial ye•r Total Totsl ld5 2020 2020 2020 2019 Donations and lega¢ies Charitable activib.es Olher tradin9 aetivittes 35.214 1.377 42.612 90.000 125,214 1.377 42.612 27,947 5,673 58,557 Totsl income 79.203 90.000 169.203 92.177 Ex ndltw• on: Rwsing funds 30.892 23.277 54.169 49,274 Charitable actiwtie$ 24.207 43,122 67,329 107,636 Totsl r¢sourc•s •xp•nded 55.099 66.399 121.498 156,910 Met incomellexpenditurel for the yearl Nel movement in fund5 24.104 23.601 47.705 {64.733) Fund balance$ at 1 January 2020 22.901 3.754.523 3.777.424 3,842.157 Fund balances al 31 Dec•fftber 2020 47.005 3.778.124 3.825.129 3,777.424 The statement of finanaal acti¥itie$ indu(*s all wns arvj h)sses recognised in the year. All wKome expenditure derive from conlinuing acbvities. The statement of fmancial activilies a150 complies ¥thith Ihe requirements for ¥Kome expenditijre account undef Companies A¢t 2006.
LLANTHONY SECUNDA PRIORY TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 Prior financial year Total fund$ 2019 2019 2019 Donations and legacies Charitsble actwities Other trading actiNities 1.447 5.673 58.557 26.500 27,947 5,673 58,557 Total income 65.6n 92,177 Raising fvnds 27.377 21.897 49.274 Charitable activities 21.754 85,882 107,636 Total r•sources gxpend•d 49.131 107.779 156,910 N•t Inc1&xp•d•tuf) for th• yearl Not movemont In funds 16.546 (81.279) (64,7331 Fund baances al 1 January 2019 6.355 3.835.602 3,842,1 $7 Fund balances at 31 Dg¢•mb•r 2019 22.901 3.754.523 3,777,424 The statement of ffinana a¢liwb'es indudes all gains and losses recognised the year. All rne and expenditure derive from continwy acli¥itses. The statement of financial adiviti'es also compthes the requirements for an irffie and expenthture account under the Companies Act 2006.
LLANTHONY SECUNDA PRIORY TRUST BALANCE SHEET AS AT 31 DECEAIBER 2020 2019 Flxed assets Herilage a58ets Curientas¥ets Debtor5 Cash at bank aThJ in hand 11 3.558.399 3.530.133 12 113.257 182.596 252.745 90.986 295.853 343.731 Creditorn: amounts lalling duewllhln one year 13 129.1rJi 1%,440} Nel currert assets 266.730 247,291 Total assets less currwrt liililies 3,825,129 3,7n,424 Incom• Restn"¢ted lu5 Unre5triLtsd fur 15 3,778,124 47.005 3,754,523 22,901 3.825.129 3.777.424 The eompany v6 entitled to the exemplion from the reqlorement tntamed n se(a)n 477 of the C[AnIeS Ad 200S. forthe year eTrled 31 Ccembef 2020. The dlrectots thwr resp11¢$ for tsuKivJ th ts charity keeF6 record" $ vthich eompty wth sedion 386 01 the and for wepariry finarAl slatemerts gNe a true arvj fair view of the state of affaws of the corrpany as at the eTrJ ofthe nCIal ygar and of its ir&)ming rfr50Ur and applicab'on ol iesources. includffig its intsjme and eXpendrtu. for Ihe firrancÈal year ift ac0)anCe wiiti thè ¥equirements of seeb.ons 394 and 395 and which clherwr comdy T[h the requireents of the Companies ALa 20C6 relating to finanaal staiemènt4 so faf as aKthcatle to the c4)mpany. The memters have nol rewired the <>yApany to rttsln an 3Jrt of ts financaèl S1eM foT the yEaT in questy.on In aeo)rdartt *ith sed¥Jn 476. These financial statements have teen preFqred n a(£crfdan¢e t4kn) the provi"t appl¢atle to c¥mwie5 subjectto Ihe small ¢omw¢es regime. The finarvial st merts re apk¥o¥ed ty the 15 2021 MrP M Ev•r£ TItee Company R•gistration No. 06113 10-
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting poli¢i•s Charity inforniatlon Uanthony Secunda Priory Trust is a private company limited by guarantee inrpOrated in England and Wales. The gIStered office ig Uanthony Secunda Priory. Priory Junction. Off Sl Anne V. Gloucester. GL2 5FA. Unrted Kingdn. 1.1 A¢¢ountrng ¢¢)Th•ntion Th¢ ffinan¢ial stslemenls have been prepared in accordarKe with the Trusfs govemir¥J document. Ihe Companies Acl 20C6 and "Accounting and Reporting by Charities". Statennl of Recommended Practice applicable to thanb.es preparing their a¢cwnts in accordance wlh the Financial Repoth'ng Standard applicable in the UK and Repu1¢ of Irdand (FRS 102) leffethe 1 January 2019)-. The Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken aifvantage of the provisn8 in the SORP for smaller charities not to prepare a Stslement of Cash Flovts. The ffinamal statements are prepared in slethng. wtiich is the fixbclional currency of the Trust Monetary amounts in these finanaal statements a rounded to the nearest £. The ffinanoal ststements have been wepared under the historical cost WNention. modrfied lo indude Ihe revaluation of freehold Pfopeities and to indude in¥e5tmenl properties and Certain financtal instruments at fw'r value. The principal accounts'n9 Fdicies adopted set wt b8w. 1.2 Going concern At the time of approv7ng the finanaal statements. the trustees have a Yeasonatr expe¢tsbon that the Trust has adequale resources to w)b"nue in coerational eStence for the foreseeable future. Thus the Iruslees continue to adopt Ihe going concun basis of 0UnlIn9 in prepariry the finan¢ial statements. 1.3 Charitable funds Unrestricted funds are availatrAe for use at the di5crebon of the trustees in fvrth8Ta of their ¢harilabl• objectives. Resln"cled ftmds are $ubJ"ecl to speufK ¢oThlition$ by donors as to htr4V they may be used. The purposes and uses of the reslrKted funds are set out in the notes to the finanual statements. 1.4 In¢ome Incorre is recognised when the Twst 1$ kgalty entitled to rt after any performance condthons have been nL Ihe amounts can be measured rdiatty. and it probable thal income will be received. Cash donations a recognised on receipt. Other donations a recognised once the Trust has been rKJtified of the donation, unless performarKe COndS require defeffal of ihe arrKJunt. Income tax recoverable in rdab.on to donations re¢eived under Gfft Aid or deeds of ¢ovenant is ¢¢gnised at Ihe time ofthe donation. Legacies a recognised on recpt or othepise rf the Twsl has been nobfied of aft inynding distribution. the am¢)unt is kno4. and re¢eyt is expected. If the amount is not kJKYI. th8 legw is treated a5 a contingent asset. InwrrE from donated goods. fa01"e5 ¥#J serlites is recognised by Ihe tharty as the value of these ilems in the year Ihey are nated. The charity doe5 not recognise the unpaid contritiOn of general volunteers in the accounts. 11
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 A¢¢ounting policO•s {C¢ntinuedl Incom from governnI arTrd other grants is reujgnised then the Charity has entiuement lo Ihe funds, any perfornance conditions attached lo the grants have been meL rt is probable that the income will be receNed and the amount ¢an be mea$ured reliabty. 1.5 Exp•n(kn abilities are recognised as expenditure as soon as Ihere is a kgal or construdive obligation mmittIng the charity to that expenditu. it is wobable that a transfer of e¢0m benefrts will be requiTed in settlement and the amount of the olAigab"on carh be measured relbty. Eypendrture is accounted for on an accruals basis and has been clasSrfd under headings that aggregate all cost related to the category. Where costs cannot be dire¢t5y attributed to particular heading5 they have been allocated lo activities on a basis consistent wth the use of resources as set out in the notes to the finan¢ral statements. Irrecoverable VAT is charged against the categcffy of re50Lwces exped for it is wKurred. Support costs are those fvnctions that a55iSt the th of the chanty Imrt do not directy undertake charitable ath"wlies. Support ¢osts include offi¢e cost$, finan¢e. personnel. payroll and goveman¢e ¢osts 1¢h support the chanty's projects, prOgramS and activrties. These costs have been allocated betsveen categories of expen¢Jilure on chantable adJvits. The bases on $POrt costs have been alkncaled are sel out in the notes to the financial statements. 1.6 Heritag• a$$•ts The Trust hentage assets in tem of lIairj and land were transferred to the Trusl from Gloucester City Counal for £1. At the rne the assets re in a ruinous state economic benefit. As a result ol the grants frMI the Heritsge Lottery Fund and Historic Ennd the main 5truGture$ and the landscape a being nSerVed and restored. Heritage assets in course of restorabon are measured at cost of restorat)n works to date, induding associated professional. legal and rnanagemenl lees Wre contritArte directty to assefs restoration. Heritage assets in ¢ourse of restoration are n¢X depreaated. 1.7 Cash and cash •qulvalents Cash and cash equivalents indude cash in harKI. deposits held at cal with bars. other shcrt-term liquid Investments th original matUritS of three months or less. aTrJ bank overdrafts. Bank overdrafts are shown wthin borrowings in ¢urrent1obdilie5. 1.8 Financial instruments Financial rnstrumenls are r09ned in the Tru$t'$ balance sheet wthen the Trust becom$ paty to the contractual prO$19nS of the instrument. FinatKial assets and lialJ"Iitie$ are offset, the net amounts wesenled in the finan¢ial Statements. when there is a legally enforceabfe right to set off the recognised amounts and there rs an intention to settte on nel basis or lo realise the asset and 5elUe the liabilrty simuttaneousty. 8a$lc financial assets Basic financial assets, **)i¢h indude debtors and s and bank bakn¢es. are inlb.alty measured at transaction price including transaction costs and are bsequenty carried at amortised cost using the effective interest method Un$$ the arrangement constitutes a financing Iransaciion. whtr the transaction is measured al the present Ve of the fijture receipts diswinted at a Maet rale of interest. Finanal assets classified as rec¢i¥able wrthin one year are not ar1b)"sed. 12-
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS {coMfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2020 A¢¢ountlng policies IContlnu•dl Basic fman¢ial liabilities Basic financial liabilbes. including credbtors and bank loans are initially re¢ogni$ed at transaction price unless the arrangement constrtutes 8 fin¥nciNJ transacknon, wthere the debt instrument is measured at the presenl value of the future payments dis¢ounted at a markel rate of interest. Financial liabilities cla$5thed as payable ¥in fft year are T¥)t ¥nortised. Debt instruments are subsequenlly ¢anied at amorltsed ¢osL usirwJ the effethe interest rate method. Trade dItOrS olAigatiDns to pay for go)ds or seryices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassffied as current liabilits rf payment is due thIn one year or less. If not, they are presented as nonwcurrent liabilibe5. Trade creditors a recognised initially at Iransacbon vice and subsequenuy measured at amtylised ¢ost using the effe¢bve inrest method. Derecognltlon of Ilnan¢lolllabllllles Financial liakn"liiies e derecognised 7Athen the TrusY5 contractual otligations expire or are diharged or cancelled. 1.9 ProvisiorvJ Provisions are recogrlsed vknen the Trust has a legal or construclive present oblgation as a result of a past event. il is probable that the Trust wll bè required to settle that 09•1n and a reliable estimale can be made of the amount ofthe obligalKJn. The amount recognised as a provisron rs the best eslimale of the sideration required lo settle the present obligation at the reporlirvJ end date. taking into account Ihe risks and uncertaintres surrounding the obligation. Where the effect of the time value of money 1$ matenal. the amount expected to be required to settle the obligation is rewnised at present value. When a provision is Isred at present value, the unwnding of the discount is recognised as a finan¢e ¢05t in net inconllexpenditure} in the wiod in which il arises. 1.10 Employ b•n•ffts The costs of short-temi enwoyee beneffts are Tecogni5ed as a liabilty and an expense. urde$s those are required lo be recognised as part of the $t of stock or fixed assets. 1.11 R•tir•ment ljenefits Payments to deffined COntrknutn rdirement benefft Sch¢$ are ¢haryed as an expense a$ they fall 8. Crltl¢al accouTrtlng estfjmates and Judym•nts The Trustees are ofthe oimnion that the a judgements or urCeS of e$timabon un¢ertainty Ihal have a signifi¢ant effed (xh amounts reeognised in the finala1 statements. 13-
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Donations and legacies ilnrestricted Restricted funds funds 2020 2020 Total unreStrted Restitted funds lund$ 2019 2019 Total 2020 2019 Donalions and gifts Grants 510 34.704 510 124,704 1.447 18.400 8.100 19.847 8.100 35,214 90.000 125,214 1,447 26.500 27,947 T•Jlal Unrestricted Restrthd fijnds funds Total ld9 2020 2020 2020 2019 2019 2019 Grants r•¢vable for r• activltle$ GCC - Small Business Grant COVID19 GCC- Local Restriction Support Income Gloucester Culture Trust Marketin9 Gloucester Culbjre Recovery Fund HE Llanlhropo109y HE Emergency Fund Coronavirus Job Retention Scheme 25,000 25.000 2.000 2.ty)0 8,000 100 8.000 100 45.300 35,000 9.700 45.300 35,000 9.71x1 7.704 7.704 34.704 90.000 124.704 8.100 8.100 Donated goods. facilities and s•rvi¢es TEre We no donated faulit.ies ty seNices in 2020. In 2019 donations inelLAled donated seNi¢es valued at £16,000 from Gloucestershire College towards capital. and E2.400 from Gloucester City Counal in relabm to grass ¢Jth"ng. 14-
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL sTATEmEs (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 Charllabl• acbvibes Charitablg Charilabb• activibes a¢tlvities 21120 2019 Tours, talks & other charitable events 1,3n 5.673 Othertradlng actlvltles Unrnstrlct•d Unrestricted nds funds 2020 2019 Hire facilities 42.612 58.557 Raising funds UNestrict•d Restrict•d funds 2020 Tolal unresth.cted Restricted funds fur3 2019 2019 Totsl 2020 2020 2019 arwj Other fundraising costs 1.567 2.667 4.234 771 771 Tradin Other trading aCtiVe$ Staff costs Support ¢0sts 307 1.481 24,818 307 23,378 24,818 20.610 26,676 23.259 21,897 23.259 Trading costs 29,325 20.610 49.935 26,606 21.897 48.503 30.892 23.277 54.169 27,377 21,897 49.274 1s-
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Charitsbl• activilies CIMrltsbl• Ch•rftab activiti•s activities 2020 2019 Staff cost$ Professional fees Grant application and management Activities HLF Other Other Staff expenses 22,604 7.853 13.319 23,000 28.989 2.726 615 3.354 3,143 135 37.089 68.649 Share of support costs (see note 8) Share of governance costs (see note 8) 25.860 36,171 2,816 67,329 107,636 Anatysis by fund Unrestricted fvnds Restricted fund$ 24,207 43,122 21.754 85.882 67,329 107,636 16-
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2020 Support costs Support Govern•n¢• costs costs 2020 SupF4Xt Govemance costs costs 2019 AdmirM$trali¥e wsts Premises $1$ Other professional fees Insurance and rates 3.298 32.576 7.475 5.770 3,845 33,887 11,928 11,329 3.845 33,887 11,928 11.329 32.576 7.475 5,770 Independent examiner 1.620 2.760 1.620 2,760 1.560 1,256 1.560 1.256 Other a¢¢ountancy fees 49.119 53.499 60.989 2.B16 63.805 Analysed behn Trading Charitable activiiies 23.259 25,860 23.259 30.240 24.818 36.171 24.818 38.987 2,816 49,119 4,380 53.499 60,989 2,816 63.805 Govemance costs indude$ payments to the independent examiners of £1,62012019 - £1,560). Adrlilional fees lotalirg £2.760 were payable lo the irmFenth exam1rr for other ¢ountancy seThKes 12019 - É1,2561. None of the Iruslees (or any pers5 connected Vith them) 1ve any remuneratv)n or beneffits from the Trust during the year12019- nor). 10 Employ••s The average monlhty number of em1)YeeS dLrring the year a$. 2020 Number 2019 Num1 Employment costs 2020 2019 Wage5 and salarvs Oiher pen%on Costs 47.814 35,739 958 49.280 36.897 17_
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 10 Employ¢os {C¢)ntlnyedl There are no empbyees received W enwoyee beneffts {exdudirvJ employer pension costs} of more than £60,00012019- none). 11 Heritage assots At l January 2020 Expenditure on resloratiord¢onservation 3.530.133 28.266 At 31 De¢•mlxr 2020 3,558.399 Prior to 2017 the buildings had in a ruinous state and not irrtluded in Ihe valuation. The have been no disposals of assets and Ihe conservation work continue5 no impairment IS attributed. Summary anaty$ls of heritage asset transactions: yh 31 De¢ y1• 31 D•c 10 mlt 31 2020 2019 D•c 2011 yh 28 Feb ylo 28 2018 Feb 2017 Expenditure on resIatiOnIcanseNaIi0n 28.266 54.554 1.366.049 1.485.731 623,799 Total expenditure on restorationl con$eNation 28.286 54.554 1,366,049 1.485,731 623.799 12 D•btors 2020 2019 Amounts falling due vAthin on• year. Trad* debtors Other debtors Prepayments and acCry income 29.175 2.175 3,646 246,924 84,082 113.257 252,745 18-
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 13 Crnditors: amounts falling thin on• y•ar 2020 2019 Trade credilc*s Accruals and deferred income 71,923 24,517 27.024 29.123 96,440 19-
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINVEDI FOR THE YEAR EPIDED 31 DECEIIBER 2020 14 ur11clAdIM1th 20 Ur*e9thcied fijn 6.355 65 22.YJ1 79203 {55.0991 {16.0001 1fj.ODO 31.005 16.000 $.J55 65.677 2Z.9D1 .203 {55.0951 47.W5
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THÉ FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 16 R1cted knid* Herrtage Lottery Fund HiStoAe Atthrtedural Herila9B Fund Houses Fourthtion Rvco¥ery Fur E Uarthrgpjkn HE Emergerty Fund Peel H(4LIw$ i Peel Hdthng$2 Gkc¢SrclurPTrWt 3.599.844 1&4L)J (95.839) 179.1n 30.020 12 10.169 1532.774 179.171 29.951 140.¥3YI 19.057 3.510,892 119.osn 10.894 {1200) 13.4851 116.0721 18.929 5.f69 2.868 7,860 {12.14DI {8.L (1(#)) 1OJ 3.135.8ty1 26.W 1107.77 3.754.523 1fj6.J991 3.778.124
LLANTHONY SECUNDA PRIORY TRUST NOTES TO ThE FINANCIAL STATEME14TS ICOIITINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 15 R••tri¢t•d knd¥ ICndI The PLYptrses afthe resmrled are a5 HeiiEage Lllitery Fund. &>JÈ 2 Dfthe RtknTr PTOPCt HK%toDc Engk3nd ryit alstrtrjre3 rernmdkn Hentap Empr9erty Fund. IT. ¢qLIWMta s*¥y HL5toncEn9W LknnthTWlow
LLANTHONY SECUNDA PRIORY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 16 Analysis of n•t ass•ts b•twe•n lund$ Unvestricted Restricted funds 2020 Total Unrestricted Restricled funds frjnds 2019 2019 Total 2020 2020 2019 Fund balances at 31 DKember 2020 are represented by.. Heritage assets Current assetsl Ui¥bilitie$l 3.558.399 3.5S8.399 3.530,133 3,530,133 47.005 219,725 266.730 22,901 224,3 247,291 47.005 3.778.124 3.825.129 22,901 3.754,523 3.777,424 17 Financlal commitin•nts. waranlms and ¢ontiwt liabilili•s At the balance sheet date the Trust had total guaranlees. ¢ontingen¢ies and Commitments of £Nil (2019 - £55,759). 18 Rolalod party iransa¢lions Trnnsa¢tionJ ith related rtIeS During the year the Trust ertewd 10 the transathons with related parties.. Pur¢has• of goods 2020 2019 Crther related parties 17.217 The purchases referred to above relate to site wY>rk swvi¢es perfom*d ty Ihe ABH Carpentry. a business ovmed by the son of one of the Trustees. -23-