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2022-03-31-accounts

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST (A Company Limited by Guarantee)

ACCOUNTS 31 March 2022

Company no: 06857427 Charity no: 1140440

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

C O N T E N T S
Page
DIRECTORS’ REPORT 1-7
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS 8-10
STATEMENT OF FINANCIAL ACTIVITIES 11
BALANCE SHEET 12
NOTES TO THE ACCOUNTS
 13-21

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST DIRECTORS’ REPORT

The directors present their report and the accounts for the year ended 31 March 2022. The directors of the company fulfil a similar role to that of Trustees of an unincorporated charity and are therefore referred to as ‘trustees’ throughout this report.

1 LEGAL AND ADMINISTRATIVE INFORMATION

The company is a company limited by guarantee and does not have share capital. The company was incorporated on 24 March 2009 and it was registered as a charity on 15 February 2011.

Auditors

Registered Office

Hazlewoods LLP Third Floor Windsor House 95 The Promenade Bayshill Road Cheltenham Cheltenham GL50 1HH GL50 3AT

Solicitors

Bankers Solicitors Unity Trust Bank plc Wiggin Osborne Fullerlove 4 Brindley Place 95 The Promenade Birmingham Cheltenham B1 2JB GL50 1HH

2 GOVERNANCE AND MANAGEMENT

Governing document

The Gloucestershire Gateway Trust (“GGT”) is a company with charitable objects, which was established using the Charity Commission’s model Memorandum and Articles of Association.

Trustees

The trustees serving during the year and since the year end were as follows:

Ms J E White Mr R F Allen Mr S Pallister Bishop R W Springett Mr M J Simon Company Secretary Chief Executive Mr I J Simpson Mr M Gale

The procedures for the appointment and removal of trustees are set out in the company’s Articles of Association.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST DIRECTORS’ REPORT

2 GOVERNANCE AND MANAGEMENT (Continued)

Organisational structure

The company’s affairs are managed by a Board of trustees who are drawn from local community-based organisations, grant-making trusts and appropriate business backgrounds. Day to day responsibility for the operation of the company is delegated to the Chief Executive, Mark Gale.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have implemented and maintained an active risk register.

3 PRINCIPAL ACTIVITY AND OBJECTIVES

Objectives and aims

The charitable objects of GGT include the following objects:

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST DIRECTORS’ REPORT

3 PRINCIPAL ACTIVITY AND OBJECTIVES (Continued)

Objectives and aims (Continued)

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives in planning future activities.

Public Benefit

GGT is focused on tackling disadvantage, poverty, promoting education and sustainable development in Gloucestershire. GGT has community regeneration at its heart and applies funds received for charitable benefit to deliver substantial long-term charitable outputs.

Through its unique partnership with Gloucestershire Gateway Limited, the operating company of Gloucester Services, a Motorway Services business located on the M5 in Gloucestershire, the Trust works to encourage people living in its Target Communities near to the motorway to find jobs at the Services and elsewhere by supporting community enterprise initiatives and providing free pre-employment training for local people.

GGT provides financial and practical support to enable community and economic development activity in Gloucestershire particularly our Target Communities of Matson and Robinswood, White City, Podsmead, Tuffley and Stonehouse and the surrounding areas in the GL10 postcode

The trustees confirm that they have complied with the duty set out in section 4 of the Charities Act 2006, to have due regard to the public benefit guidance published by the Charity Commission.

4 REVIEW OF ACTIVITIES

2021/22 has been another year dominated by COVID as operating in a pandemic became the new normal. However Gloucestershire Gateway Trust managed the development of its services by continuing to increase face to face contact where ever safe and by moving other activities online. As demonstrated by our significant increase in income and distribution, GGT has never been so active and this has ensured the Trust’s impact on life for residents and partners locally has been the greatest it has ever been. In the communities where our trust focuses its resources - Matson, Robinswood, White City, Podsmead, Tuffley in Gloucester and Stonehouse, the new normal of social and economic life locally has been established and the resident and community networks and actions have never been so important.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST DIRECTORS’ REPORT

4 REVIEW OF ACTIVITIES (continued)

Bottom up responses across communities built on the trust and relationships that GGT has long invested in, has enabled changing community responses which will support the long term resilience with our partners working more cohesively than ever before.

Our Trust’s role during this period has been both to provide capacity support to new and existing neighbourhood networks and coalitions, whilst also supporting direct practical support for

2021/22 has presented challenges that our trust has had to rise to. The evidence is clear that some disadvantaged communities are suffering disproportionally as a result of the social and economic impact of COVID.

As part of our economic and social support activity we have supported community coalitions organising neighbourhood led responses to the challenges they have faced. As part of this support our Trust has effectively acted as the ‘accountable body’ for consortia funds such as the Household Support Grant, Market Towns and other community investments via Gloucestershire County Council and Gloucester City Council. These restricted funds have all been used for the immediate direct benefit of residents adversely affected by the COVID pandemic and to support neighbourhood economic recovery.

We have supported residents in building on their strengths and connections and helping communities influence commissioners and other decision makers so that investment in our neighbourhoods is more effective and supports sustainable improvement. We continue to be excited by the work of the Hotspots Alliance funded by Thirty Percy which partners GGT with the Grace Network, GL11, Fair Shares Community Timebanks, Gloucester Community Builders Collective and Thirty Percy.

Community Resilience

In 2021/22 each of our nine core partners continued to receive annual Community Development Grants from GGT as part of our commitment to support them until at least March 2022. This year is the last year of our commitment to support these nine partners with a community investment of £20,000 each per year. These partners continued the delivery of their agreed plans utilising GGT grants to support activities, predominately in our target communities. The partners receiving this financial support are: -

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST DIRECTORS’ REPORT

During 2021/22 GGT also provided additional one-off support to a wide range of partners for activities in or connected to our target communities.

In 2021/22 GGT trustees undertook a detailed evaluation of the impact of their first five years of community investments both in terms of individual organisations and collective impact. This evaluation included important feedback from our partners and residents. The process also included another survey involving over 600 residents in our communities.

As a consequence of the evaluation GGT trustees agreed a new 3 year program of community investments from 2022 to 2025, with the nine established plus three new partners:

GGT’s work including our investment in our local partners has for many years been focused on building local resilience by connecting neighbour to neighbour, supporting community hubs and services, and encouraging residents and partners to take the lead in local plans and activities. These informal connections together with our small team of part time Neighbourhood Connectors in our LOOP (Looking Out for Others Potential) project have made an important contribution to the resilience of our communities as they come to terms with their ‘new normal’ post COVID.

During this period GGT also invested significant capacity in supporting residents in Podsmead through the Podsmead Big Local (PBL) and with the development of a new organisation the Blackbridge Charitable Community Benefit Society, which is the legacy organisation for PBL and has been developing as a community anchor organisation developing a new £4 million Community and Sports Hub which we anticipate will open in 2024.

Employment and Training

The GEM Project entered its final full financial year of delivery in 2021/22. The consortium project is managed by GGT on behalf of the Lead Organisation, Gloucestershire County Council and a wide consortium of community partners. GEM aims to engage with and support individuals across Gloucestershire with multiple and complex needs who are furthest from the labour market. The project provides tailored 1:2:1 support to people to move them closer towards education, training, volunteering or work, including self-employment.

The GEM Project is jointly funded by the National Lottery Community Fund and European Social Fund as part of the 2014-2020 European Structural and Investment Funds Growth Programme in England.

GEM rapidly adapted to pandemic restrictions by taking its services and support online. Despite these unexpected challenges, the GEM partnership continued to perform excellently and the scheme as a whole is still ahead of its employment targets. Consequently, the life of the scheme has been extended by another year so that project delivery will now continue until the end of December 2022.

During 2021/22 GGT has also been increasing its focus on supporting local schools to improve their performance and to help them connect with nearby employers. There is much to be done to improve local performance and GGT is working hard to provide formal and informal support to our local primary and secondary schools and through its staff and trustees taking up a number of roles at different local schools such as Enterprise Advisor, trustees and governors.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST DIRECTORS’ REPORT

Principal funding sources

Gloucestershire Gateway Trust’s wholly owned subsidiary company, Gloucestershire Gateway Trust (Operating) Limited is a shareholder of Gloucestershire Gateway Limited, the operating company of Gloucester Services.

2021/22 saw Gloucester Services Northbound and Southbound trading activities begin to recover from the significant reductions as a result of the lockdowns of the previous year. During this period Gloucestershire Gateway Trust (Operating) Limited received its Royalty income which it donated to GGT. This was again GGT’s principal source of Unrestricted Income during 2021/22 has been the receipt of these donations.

In 2021/22 the Trust also received an income from counter collection points at Gloucester Services, enabling customers to make direct donations to the work of GGT and its partners.

The Trust also receives payment from the GEM project to cover the cost of the GEM Management Team employed at GGT.

Finally GGT could not have had the impact it did in such a uniquely challenging period without the support of the Resilience and Recovery Fund, Gloucestershire County Council, Gloucester City Council, the Tudor Trust, the Henry Smith Charitable Trust, the Zurich Community Trust, Ethical Giving, Thirty Percy, and Business in the Community, along with many other generous individual and organisational donations. Our thanks go to our community partners for the brilliant jobs they have done and to our funding partners who have stood with us in another exceptional year.

5 RESERVES POLICY

The trustees are mindful that unrestricted reserves are needed to enable the Charitable Company to cover six months’ core funding and subsequent redundancy liability of the CEO together with contingency for early exit grants to existing charity partners. This is to manage any existing partnerships and commitments to a successful conclusion and exit, should the royalty payments from Gloucestershire Gateway Trust (Operating) Limited significantly reduce or cease for any reason. The trustees’ intention is to ensure a general reserve sufficient to meet these costs is maintained.

6 ACCOUNTING AND REPORTING RESPONSIBILITIES

The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Standards and applicable law). Under company law, the directors 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST

DIRECTORS’ REPORT

to assume that the company will continue in business.

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

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the Board

…………………………………… Mr S Pallister – Chairman

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

Opinion

We have audited the financial statements of Gloucestershire Gateway Trust for the year ended 31 March 2022, which comprise the Charity Statement of Financial Activities, the Charity Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matter

The corresponding figures for the period from 1 April 2020 to 31 March 2021 shown in the financial statements are derived from the financial statements prepared for that period that were not audited.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the trustee’s responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

GLOUCESTERSHIRE GATEWAY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

Extent to which the auditor was considered capable of detecting irregularities, including fraud

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planning and performed in accordance with the ISA’s (UK).

In identifying and assessing risks of material misstatement in respect of fraud, including irregularities and noncompliance with laws and regulations our procedures included the following:

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...................................... Martin Howard (Senior Statutory Auditor) For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House Bayshill Road Cheltenham GL50 3AT

20/12/2022 Date:.............................

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

for the year ended 31 March 2022

Unaudited
Unrestricted
funds
2022
Restricted
funds
2022
Total funds
2022
Unrestricted
funds
2021
Restricted
funds
2021
Note
£
£
£
£
£
INCOME AND EXPENDITURE
Incoming resources
Voluntary income
2
452,501
1,047,122
1,499,623
371,079
513,376
TOTAL INCOMING RESOURCES
452,501
1,047,122
1,499,623
371,079
513,376
Resources expended
Charitable activities
3
431,415
951,318
1,382,733
367,141
429,797
TOTAL RESOURCES EXPENDED
431,415
951,318
1,382,733
367,141
429,797
NET INCOMING RESOURCES FOR THE YEAR
21,086
95,804
116,890
3,938
83,579
Transfer between reserves
4
40,151
(40,151)
-
26,386
(26,386)
Accumulated surplus brought forward at beginning of year as
restated
191,784
57,193
248,977
161,460
000000-
ACCUMULATED FUND CARRIED FORWARD AT END OF
YEAR
£ 253,021
£ 112,846
£ 365,867
£ 191,784
£ 57,193		 £ Total
funds
2021
£
884,455
884,455
796,938
796,938
87,517
-
161,460
248,977

All activities of the company are continuing activities, there were no acquisitions in the year.

There were no recognised gains or losses other than the surplus for the year shown above.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

BALANCE SHEET
31 March 2022
Note
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Cash at bank and in hand
Debtors
9
CREDITORS
due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES

CREDITORS
due after more than one year
11
RESERVES
Accumulated surplus (unrestricted)
14
Restricted funds
14
Designated fund
14
Total funds
TOTAL FUNDS AND LONG TERM LIABILITIES
 Unaudited
2022
2021
£
£
-
-
1
1
__
_
1
1


609,217
586,996
107,709
5,415


716,926
592,411
(124,319)
(24,282)


592,607
568,129


£592,608
£568,130

226,741
319,153


223,021
161,784
112,846
57,193
30,000
30,000
365,867
£248,977

___
£592,608
£568,130

The directors acknowledge their responsibility for ensuring the company keeps proper accounting records which comply with Section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the 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 accounts, so far as applicable to the company.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the Small Companies Regime within part 15 of the Companies Act 2006.

20/12/2022

Approved by the board for issue on ……………………

…………………………………..

Mr S Pallister – Chairman

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

1 ACCOUNTING POLICIES

Basis of preparation and assessment of going concern.

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Incoming resources

Donations, gifts and legacies represent amounts received during the year, together with any associated tax refund. Gifts in kind for use by the charity are recognised as incoming resources when receivable at a reasonable estimate of their value. Assets given for distribution are only recognised when distributed.

Grants receivable for specific purposes are credited to the statement of financial activities in the year to which they relate as soon as conditions for receipt have been met. Unspent balances are carried forward to subsequent years within restricted funds.

Grants for immediate financial support received against costs previously incurred are recognised immediately in the Statement of Financial Activities. Voluntary income is shown gross before deduction of fund-raising expenditure.

Resources expended

All expenditure is accounted for under the accruals concept. The irrecoverable element of Value Added Tax is included within the item of expense to which it relates.

Funds

General unrestricted funds comprise accumulated surpluses and deficits on general activities. They are available for use at the discretion of the trustees in furtherance of the charity’s objectives. Restricted funds comprise accumulated funds which are subject to specific conditions imposed by the donor(s).

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

1 ACCOUNTING POLICIES (Continued)

Depreciation

Depreciation is calculated to write off the cost less estimated residual value of tangible assets over their estimated useful lives at the following rates per annum: Computer equipment 33.3% of cost, and are fully depreciated

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The charitable company is meeting its day-to-day costs from voluntary income and its balances. The directors have prepared forecasts that show that, on the basis of this continuing, it will be able to continue as a going concern for at least the next twelve months and have therefore prepared the financial statements on the going concern basis.

2 INCOMING RESOURCES

INCOMING RESOURCES
Unaudited
2022 2021
Unrestricted funds
Donations from Gloucestershire Gateway
Trust (Operating) Limited 433,500 286,000
Covid support rebate - 10,000
Resilience and Recovery Loan Fund Grant - 62,000
Other donations received 19,001 12,762
Investment income - 317
______ ______
£ 452,501 £ 371,079
Restricted funds
Donations received 30,000 30,000
GEM project income 316,104 271,791
Covid response appeal 96,928 123,252
HAF Programme 493,257 -
Thirty Percy 110,833 88,333
______ ______
£ 1,047,122 £ 513,376
Total income £ 1,499,623 £ 884,455

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

3 RESOURCES EXPENDED

Unaudited
2022 2021
£ £
Direct charitable – unrestricted funds
Community education and development 225,488 182,588
Local event and hospitality costs 7,417 6,317
Growing project costs 6,282 167
Employment support 2,831 705
Contribution to Gloucester Services staff
bus		 21,600 21,600
Staff costs 107,336 103,089

______ ______
Total direct charitable – unrestricted funds £370,954 £314,466
______ ______
Support costs – unrestricted funds
Rent / utilities 327 715
Legal and professional fees 14,242 8,879
Telephone and postage 2,379 1,662
Office supplies and stationery 1,043 679
Marketing and advertising 655 -
Travelling and subsistence expenses 902 483
Insurance 3,602 2,374
Publications and subscriptions 1,277 -
Accountancy and bookkeeping fees 9,944 11,500
Equipment purchases and repairs - 889
Volunteer expenses 869 868
Tudor Trust Loan interest 13,405 11,690
Bank charges 345 249
Staff costs 11,471 12,687

______ ______
Total support costs – unrestricted funds £60,461 £52,675

______ ______
Total unrestricted funds expenditure £431,415 £367,141
______ ______

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

3 RESOURCES EXPENDED (Continued)

Unaudited
2022 2021
£ £
Restricted funds
GEM Project
Staff costs 237,069 217,376
Accommodation and room rental 9,463 9,753
Consultancy fees 11,099 6,458
Telephone and postage 2,092 2,242
Office supplies, stationery and publications 3,908 910
Bank charges - 113
Subscriptions and memberships - 35
Travel expenses 956 3,010
Marketing and advertising 15,706 5,508
______ ______
Total GEM project expenditure £280,293 £245,405
______ ______
Thirty Percy
Charitable payments 57,378 31,140
______ ______
Total Thirty Percy expenditure £57,378 £ 31,140
______ ______
Other Donations
Other costs incurred within the terms of the
donation		 22,654 30,000
______ ______
Total other donations expenditure £22,654 £30,000
______ ______
COVID Response Appeal and HAF
Programme
Purchases and distribution of food and activity
cost		 590,993 123,252
______ ______
Total COVID response expenditure £590,993 £ 123,252
______ ______
Total restricted fund expenditure £951,318 £429,797
______ ______
Total expenditure £1,382,733 £796,938
______ ______

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

4 TRANSFER BETWEEN RESERVES

In February 2016, the Department for Work & Pensions (DWP) the Managing Authority for the GEM Project, confirmed that a simplified cost option method had been selected for all indirect costs related to the project; this is calculated at a flat rate of 15% of direct staff costs incurred on the GEM Project. No evidence or other calculation is required by DWP.

5 TAXATION

The company does not trade for profit; therefore, no corporation tax liability arises on its results.

6 STAFF COSTS

Unrestricted
funds
2022
£
Restricted
funds
2022
£
Wages and salaries
104,272
219,431
Employer’s NICs
9,417
9,751
Payroll charges
298
921
Pension costs
4,820
6,966
__
____
£118,807
£ 237,069
~~4554 5~~
~~4554 5~~		 Total
funds
2022
£
Unaudited
Unrestricted
funds
2021
£
Unaudited
Restricted
funds
2021
£
Unaudited
Total
funds
2021
£
323,703
101,461
196,970
298,431
19,168
8,796
13,206
22,002
1,219
270
864
1,134
11,786
5,249
6,336
11,585
__
_

___
£ 355,876
£ 115,776
£ 217,376
£ 333,152
~~4554 5~~
~~4554 5~~
~~4554 5~~
~~4554 5~~

Staff costs for Unrestricted Funds have been allocated between Charitable and Support costs depending on the activities undertaken by the relevant staff member.

The average number of persons employed by the charity during the year was:

Unrestricted funds
Restricted funds		 2022
No.
Unaudited
2021
No.
3
3
10
9
13
12

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

7 TANGIBLE FIXED ASSETS
Computer
equipment
Cost
At 1 April 2021 and 31 March 2022 1,005
_
Depreciation
At 1 April 2021 and 31 March 2022 1,005
_
Net book value
At 31 March 2021 and 31 March 2022 £ -

All assets are used for direct charitable purposes.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

8
INVESTMENTS HELD AS FIXED ASSETS
Shares in group undertakings		 Unaudited
2022
2021
£ 1
£ 1

The company owns 100% of the ordinary share capital of Gloucestershire Gateway Trust (Operating) Limited. The profit for the financial period to 31 March 2022 of Gloucestershire Gateway Trust (Operating) Limited was £433,271 and the aggregate amount of capital and reserves at the end of the period was £1.

9
DEBTORS
Donations from Gloucestershire Gateway
Trust (Operating) Limited
Other debtors

£
10
CREDITORS due in less than one-year
Accruals and deferred income
Loan from Charity Bank
Tudor Trust
£
11
CREDITORS due after more than one-year
Loan from Tudor Trust
Loan from Charity Bank
£		 Unaudited
2022
2021
95,619
-
12,090
5,415
_
__
107,709
£ 5,415

Unaudited
2022
2021
13,651
15,646
35,668
8,636
75,000
-
_

124,319
£ 24,282

Unaudited
2022
2021
107,344
169,789
119,397
149,364

___
226,741
£ 319,153

Repayment of the loan from Tudor Trust was conditional upon obtaining planning permission to proceed with the Motorway Service Area. Total repayments are dependent on future cash flows arising from the Service Area. The value of the liability has been determined by use of a discounted cash flow model for which the key inputs are the estimated future cashflows and the rate at these are discounted. A discount rate of 7.39% has been determined taking into account various factors including duration of the agreement and a benchmark risk free rate.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

12 LIMITED LIABILITY STATUS

The company is limited by guarantee.

13 TRUSTEES’ EXPENSES

During the year the company paid expenses of £nil (2021: £nil) to its trustees.

14 FUNDS

Unrestricted Restricted Designated Total funds
funds funds funds 2022
2022 2022 2022 £
£ £ £
Balance brought forward 161,784 57,193 30,000 248,977
Surplus/(deficit) for the year 21,086 95,804 - 116,890
Transfers 40,151 (40,151) - -
______ ______ ______ ______
£ 223,021 £ 112,846 £ 30,000 £ 365,867
~~4554 5~~ ~~4554 5~~ ~~4554 5~~ ~~4554~~

The Trustees have set up a designated fund for the purposes of setting aside closure costs in relation to the GEM project.

Analysis of Restricted Fund Movements

Balance Balance 31
1st April Incoming Resources Transfer to March
2021 resources expended Unrestricted 2022
£ £ £ £ £
GEM project - 316,104 (280,293) (35,811) -
Thirty Percy Hotspot
Alliance 57,193 88,333 (39,218) - 106,308
Thirty Percy Matson
Support - 22,500 (18,160) (4,340) -
Covid Appeal - 96,928 (82,221) - 14,707
HAF Programme - 493,257 (508,772) - (15,515)
Henry Smith
Charitable Foundation - 20,000 (20,000) - -
GCC Market Town
Project - 10,000 (2,654) - 7,346
______ ______ ______ ______ ______
£ 57,193 £ 1,047,122 £ (951,318) £ (40,151) £ 112,846
______ ______ ______ ______ ______

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

NOTES TO THE ACCOUNTS

for the year ended 31 March 2022

15 RELATED PARTY TRANSACTIONS

There were no related party transactions in the year to 31 March 2022.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

Gloucestershire Gateway Trust Third Floor 95 The Promenade Cheltenham GL50 1HH

Hazlewoods LLP Windsor House Bayshill Road Cheltenah GL50 3AT

Dear Sirs

Gloucestershire Gateway Trust (‘the Company’) - AUDIT FOR THE YEAR ENDED 31 MARCH 2022

We confirm to the best of our knowledge and belief, having made such inquiries as we considered necessary for the purpose of appropriately informing ourselves, the following representations given to you in connection with your audit of the Company's financial statements for the year ended 31 March 2022 for the purposes of expressing an opinion as to whether the financial statements give a true and fair view of the financial position of the Company at 31 March 2022 and of the results of its operations and its cash flows for the year then ended in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities.

We have fulfilled our responsibilities as directors, as set out in the terms of the audit engagement letter dated 23 August 2022, for the true and fair presentation of the Company’s financial statements, in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities, which are free from material misstatement, including omissions. All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the Company have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and shareholders' meetings, have been made available to you. We have given you unrestricted access to persons within the Company in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit.

Contingencies

We confirm that all known actual or possible litigation and claims whose effects should be considered have been disclosed to you and accounted for and disclosed in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities.

Laws and regulations

We confirm that we have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations which provide the legal framework within which the Company conducts its business and which are central to the Company’s ability to conduct its business, together with the actual or contingent consequences which may arise therefrom.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

Fraud

We acknowledge our responsibility for the design and implementation of internal controls to prevent and detect fraud. We confirm we have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud. We confirm we have disclosed to you all information concerning fraud or suspected fraud that we are aware of and that affects the Company and involves management, employees who have significant roles in internal control or others where the fraud could have a material impact on the financial statements. We also confirm that we have disclosed to you all information in relation to allegations of fraud, or suspected fraud, affecting the Company’s financial statements communicated by employees, former employees, regulators or others.

Transactions with directors

The Company has had, at no time during the year, entered into any arrangement, transaction or agreement to provide credit facilities (including advances and credits granted by the Company) for directors, nor to provide guarantees of any kind on behalf of the directors, except as disclosed in the financial statements in accordance with section 413 of the Companies Act 2006.

Related parties

We have disclosed to you the identity of the Company’s related parties and all the related party relationships and transactions of which we are aware. All such transactions and balances with related parties (including directors) have been appropriately accounted for and have, where material and appropriate for the presentation of a true and fair view, been disclosed in the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities.

Accounting estimates

We confirm that significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

Post balance sheet events

There have been no events since the balance sheet date, to the date of approval of the financial statements, which necessitate revision of the figures included in the financial statements or inclusion of a note thereto in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities.

Going concern

To the best of our knowledge there is nothing to indicate that the Company will not continue as a going concern in the foreseeable future, having considered our expectations and intentions and the availability of working capital. The period to which we have paid particular attention in assessing the appropriateness of the going concern basis is not less than twelve months from the date of approval of the financial statements.

DocuSign Envelope ID: 863CE732-29A7-4BE9-BDCB-4F3B18441036

Uncorrected misstatements

We confirm that, in our opinion, the effects of uncorrected misstatements identified during your audit procedures are immaterial, both individually and in aggregate, to the financial statements as a whole.

Disclosure of information

We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that:

Effective date of this letter

The effective date of this letter is the same date the financial statements were approved by the Board as shown in those financial statements.

Yours faithfully

On behalf of the directors

………………………………………