2021-03-31-accounts

				Page
Reference and Administrative		Details ofthe Company,	its Trustees and Advisers	1-2
Trustees' Report				3-21
Independent	Auditors' Report	on the Financial Statements		22-24
Consolidated	Statement of Financial Activities			25
Consolidated	Balance Sheet			26-27
Company Balance Sheet				28-29
Consolidated	Statement of Cash Flows			30
Notes to the	Financial Statements			31-58

THE CHELTENHAM TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 Page 3

Risk	Identified		Management Action	Management Action	Managing Future	Managing Future	Change	in risk sine
					Uncertainty		prior period
1.Irripact	ofCovid-19		Robust control ofcasts		Continue to respond
and recovery ta pre-			Bnd cash flow. 2021/22		with agiiity to origoing
pandemic	income levels.		recovery budget plan		developn1ents
Business agility to			in1plemented. All		throughout the
maximise	incame		available appoltunities		pandemic crisis and
pote ntia I.			'to sec u Iegave mme At		adapt plans to mitigate
			cavid suppart funding		Ilsks Bnd maxiAlise	new
			p ursu eel.		business appal%unities.
			Develapment of
			2022/23 budget plan
			and revised five year
			plan to dernanstrate
			Iongel tfrn1
			sustainability.
2.Staff resource capacity			Ensure leadership model		Seek optimal model	for
and skills	to deliver the		ls aligned ta filve yeal		charitable and trading
Ievlsed five year plaA.			plan, Development af		opportunities.
Challenges	of industry		people strategy to
skills sholtages.			address industly
			recruitment challenges.
3.Business systems-			Audit of all business		Prioritisation ofcritical
infrastru cture			systems undertaken	to	immediate remedial
transfarmation			identify key weaknesses		actions to addi ess
necessary	ta ensure	the	and develop		highest risk areas, within
Trust's systems Bnd			implementation		overall project mapping
corporate	functions	are	raadmap including		afthe longer term	plan.
robust, efficient and		fit	remedial actions and
for purpose.			timelines.
4.Capital	Project —risk		Rabust project and risk		High-risk supplies
afdelays.			management thraugh	a	identified to ensure
			dedicated Capital Assets		early procurement.
			Wol king 6Ioup.		Cantinual updates	and
					monitoring af project,
5.6ralvth	in cyber-		Maintain robust ICT		Continue to respond
CI IA1e,			security measures to		with agility to identified
			mitigate increasing risks.		risks with remedial
					actions,

				Restricted	Unrestricted	Total	Total
				funds	funds	funds	funds
				2021	2021	2021	2020
			Note
Income from:
Donations and legacies					29,688	29,688	14,228
Charitable activities					3,093,553	3,681,987	5, /21,680
Other trading activities					826„057	826,057	1,124,862
Investments					27	27	5,264
Total income				588,434	3,949„325	4,537,759	6,266,034
Expenditure on:
Raising funds					547,195	547,195	873,163
Charitable activities				332,956	3,359,534	3,692,490	5,502,767
Total expenditure				332,956	3,906,729	4,239,685	6,375,930
Net movement in	funds	before other
recognised gains/(losses)				255,478	42,596	298,074	('/09, 896)
Other recognised	gains/(losses):
Actuarial (losses)/gains benefit pension schemes		on defined			(1,497,000)	(1,497,000)	999,000
Net movement in	funds			255,478	(1,454,404)	(1,198,926)	889, '/04
Reconciliation of	funds:
Total funds brought	forward			32,414	(1,203,801)	(1,171,387)	(2,060,491)
Net movement in funds				255,478	(1,454,404)	(1,198,926)	889,104
Total funds carried forward				287,892	(2,658,205)	(2,370,313)	(1,'/71, 387)

										2020
Fixed assets
Tangible assets						12		77373		/06, 669
								77,373		106,669
Current assets
Stocks						14	52,297		63,685
Debtors						15	286,327		859,313
Cash at bank and	in hand						1„804,450		1,039,585
							2,143,074		/,962,583
Creditors: amounts		falling due within one
year						16	(1,856,731)		(2,028,610)
Net current assets		/ liabilites						286,343		(66,027)
Total assets less	current			liabilities						40,642
Creditors: amounts		falling due after more
than one year						17		(1,029)		(1,029)
Net assets excluding			pension		liability			362,687		39,613
Defined benefit pension			scheme		liability	25		(2,733,000)		(1,211,000)
Total net assets								(2,370,313)		(1,171,387)
Charity funds
Restricted funds						19		287,892		32,414
Unrestricted funds
Unrestricted funds	excluding			pension asset		19	74,795		7,199
Pension reserve						19	(2,733,000)		(1,21'/, 000)
Total unrestricted	funds					19		(2,658,205)		(1,203,801)
Total funds								(2,370,313)		(1,171,387)

												2020
Fixed assets
Tangible assets								12				92,472
Investments								13				1
										66,612		92,473
Current assets
Debtors								15	439,824		446,137
Cash at bank and		in hand							1,544,121		337,359
									1,983,945		783,496
Creditors: amounts		falling	due within				one
year								16	(2,363,330)		(1,232,954)
Net current liabilities										(379,385)		(449,458)
Total assets less		current		liabilities						(312,773)		(356,985)
Creditors: amounts		falling	due after				more
than one year										(1,029)		(1,029)
Net liabilities excluding			pension			liability				(313,802)		(358,014)
Defined benefit pension scheme					liability			25		(2,733,000)		(1,211,000)
Total net assets										(3,046,802)		(1,569,014)
Charity funds
Restricted funds:
Restricted funds excluding				pension		asset		19			32,414
Total restricted funds								19		287,891		32,414
Unrestricted funds
Unrestricted funds		excluding		pension			liability	19	(601,693)		(390,428)
Pension reserve								19	(2,733,000)		(1,211,000)
Total unrestricted	funds									(3,334,693)		(1,601,428)
Total funds										(3,046,802)		(1,569,014)

					2020
Cash flows from operating activities
Net cash generated in operating activities				767,983	142,299
Cash flows from investing activities
Dividends, interests and rents from investments				27	5,264
Purchase of tangible fixed assets				(3,145)	(92,928)
Net cash used in investing activities				(3,118)	(87,664)
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents	in	the year		764,865	54„635
Cash and cash equivalents at the beginning		ofthe year		1,039,585	984,950
Cash and cash equivalents at the end	of	the year		1„804,450	1,039,585
The notes on pages 31 to 58 form part of	these financial		statements

	Unrestricted	Total
	funds	funds
	2021	2021
		F
Donations	29,688	29,688
	Unrestricted	Total
	funds	funds
	2020	2020
Donations	14,228	14,228

			Restricted	Unrestricted	Total
			funds	funds	funcls
			2021	2021	2021
Public engagements			272,825	174,769	447,594
Commercial	and customer	services		426,194	426,194
Content and	programming		315,609	321,042	636,651
Corporate				1,116,251	1,116,251
Coronavirus	Job Retention	Scheme (CJRS)		1,055,297	1,055,297
			588,434	3,093,553	3,681,987

				Restricted	Unrestricted	Total
				funds	funds	funds
				2020	2020	2020
Public engagements				50,052	1,176,087	1,226,139
Commercial	and customer services				1,281,368	1,28'/, 368
Content and	programming			206,170	1,442,396	1,648,566
Corporate					965,607	965,607
				256,222	4,865,458	5,121,680
Income from other trading		activities
Income from non charitable		trading	activities

									Unrestricted	Total
									funds	funds
									2021	2021
									F
Sales	-	operations	of	Cheltenham	Leisure	8	Culture	Limited	826,057	826,057
									Unrestricted	Total
									funds	funds
									2020	2020
Sales	-	operations	of	Cheltenham	Leisure	8	Culture	Limited	1,124,862	1,124,862

			Unrestricted	Total
			funds	funds
			2021	2021
			E
Bank	interest	receivable	27
			Unrestricted	Total
			funds	funds
			2020	2020
			E
Bank	interest	receivable	5,264	5,264

			Restricted	Unrestricted	Total
			funds	funds	funds
			2021	2021	2021
					F
FRS102 Pension		adjustment		27,000	27,000
Public engagements			31,302	124,617	155,919
Commercial	and	customer services	222,980	873,798	1,096,778
Content and	programming		78,674	142,843	221,517
Corporate				2,191,276	2,191,276
			332,956	3,359,534	3,692,490

			Resfricfed	Unrestricted	Total
			funds	funds	funds
			2020	2020	2020
FRS102 pension		adjustment		155,000	155,000
Public engagements			34,231	562,030	596,261
Commercial	and	customer services		1,758,930	1,758,930
Content and	programming		223,551	1,351,239	1,574,790
Corporate				1,417,786	1,417,786
			257,782	5,244,985	5,502,767

				Total
		Staff costs	Other costs	funds
		2021	2021	2021
		F		F
FRS102 adjustment			26,999	26„999
Public engagements		100,173	55,746	155„919
Commercial	and customer services	641,202	455,576	1,096,778
Content and	programming	79,244	142,274	221,518
Corporate		1,619,675	571,600	2,191,275
		2,440,294	1,252,195	3,692,489

				Total
		Staffcosts	Other costs	funds
		2020	2020	2020
FRS102 adjustment		102,000	53,000	155,000
Public engagements		472,016	124,245	596,26'I
Commercial	and customer services	1,3'/4, 430	444,500	1,758,930
Content and	programming	369,710	1,205,080	1,574,790
Corporate		549,065	868,721	1,417,786
		2,807,221	2,695,546	5,502,767

		ActIVIties
		undertaken	Support	Total
		directly	costs	funds
		2021	2021	2021
		E
FRS102 adjustment		26,999		26,999
Public engagements		155,919		155,919
Commercial	and customer services	1,096,778		1„096,778
Content and	programming	221,518		221,518
Corporate			2,191,275	2,191,275
		1,501,214	2,191,275	3,692,489

		Activities
		undertaken	Support	Total
		directly	costs	funds
		2020	2020	2020
			E
FRS102 adjustment		155,000		155,000
Public engagements		596,261		596,261
Commercial	and customer services	1,758,930		1,758,930
Content and	programming	'/,574,790		1,574,790
Corporate			1,417,786	1,417,786
		4,084,981	1,417,786	5,502,767

Auditors' re	muneration
									2020
Fees payable to the Company's annual accounts			auditor		for the audit of the Company's			8,800	8,600
Fees payable	to the Company's		auditor		in respect of:
All non-audit	services								3,400
Staff costs
						Group 2021	Group 2020	Company 2021	Company 2020
Wages and	salaries				2,151,503		2,599,896	2,152,902	2,333,072
Social security costs						156,680	248,919	144,816	'f85,623
Contribution schemes	to defined	contribution		pension		349,010	362,375		288,527
					2,657,193		3,211,190	2,440,295	2,807,222

The	aver	age	num	ber of pers	ons emp	loyed by t	he Compa	ny during t	he year wa	s as follows:
										Group	Group
										2021	2020
										No.	No.
Average		monthly		headcount							182
The	number		of	employees	whose	employee	benefits	(excluding	employer	pension costs)	exceeded
f60,000		was:
										Group	Group
										2021	2020
										No.	No.
In the band F80,001 - 890,000

Group	Group
2021	2020
No.	No.

	Fixtures and	Office
	fittings	equipment	Total
	E	E
Cost or valuation
At 1 April 2020		196,871	212,713
Additions		3,145	3,145
At 31 March 2021		200,016	215,858
Depreciation
At 1 April 2020	1,646	104,399	106,045
Charge for the year	3,436	29,005	32,441
At 31 March 2021	5,082	133,404	138,486
Net book value
At 31 March 2021	10,760	66,612
At 31March 2020	14,197	92,472	106,669
Company
			Office
			equipment
Cost or valuation			E
At 1 April 2020			196„871
Additions			3,145
At 31 March 2021			200,016

	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2021
12.	Tangible fixed assets (continued)
	Company (continued)
		Office
		equipment
		F
	Depreciation
	At 1 April 2020	104,399
	Charge for the year	29„005
	At 31 March 2021	133,404
	Net book value
	At 31 March 2021	66,612
	At 31March 2020	92,472
13.	Fixed asset investments
		Investments
		in
		subsidiary
		companies
	Company	F
	Cost or valuation
	At 1 April 2020
	At 31 March 2021
	Net book value
	At 31 March 2021
	At 31 March 2020

Group	Group
2021	2020
52,297	63,685

			Group 2021	Group 2020	Company 2021	Company 2020
Due within one year
Trade debtors			40,864	71,560	40,864	71,560
Amounts owed by group		undertakings				100,997
Other debtors			220,121	773,120	373,618	258,947
Prepayments	and accrued income		25,342	14,633	25,342	14,633
			286,327	859,313	439,824	446,137

							Group 2021	Group 2020	Company 2021	Company 2020
							F
Trade creditors							121,774	403,580	108,772	34,467
Amounts	owed	to group undertakings							687,618
Other taxation		and	social		security			53,461		53,461
Accruals	and deferred			income			1,734„957	1,571,569	1,566,940	1,145,026
							1,856,731	2,028,610	2,363,330	1,232,954
							Group 2021	Group 2020	Company 2021	Company 2020
							F
Opening	Deferred		Income				880,862	613,551	880,862	613,551
Resources deferred			during		the year		1,423,749	880,862	1,256,977	880,862
Amounts	released		from	previous		periods	(880,862)	(613,551)	(880,862)	(613,551)
							1,423„749	880,862	1,256,977	880,862

			Group 2021	Group 2020	Company 2021	Company 2020
					E
	Other creditors		1,029	1,029	1,029	1,029
18.	Financial	instruments

			Group 2021	Group 2020	Company 2021	Company 2020
			E		E
Financial assets
Financial	assets measured	at fair value
through	income and expenditure		1,804,450	1,039,585	1,544,121	337,359

Statement offunds
Statement offunds	- current year
						Balance at
Balance at 1 April 2020		Income	Expenditure	Transfers in/out	Gains/ (Losses)	31 March 2021
		E	E		K
Unrestricted
funds
General Funds- all funds	7,199	3,949,325	(3,881,729)			74,795
Pension reserve	(1,211,000)		(25,000)		(1,497,000)	(2,733„000)
	(1,203,801)	3,949,325	(3,906,729)		(1,497„000)	(2,658,205)
Restricted
funds
Art Fund
Kauffman
Portrait		24,000	(24,000)
Archaeology	5,676		(826)
Wilson Arts
Collective	4,124		(3,124)	(1,000)
Street Games	5,687			(5,687)
Community
Takeover Exhibition		6,000		50		6,050
//FuelThursdays	3,500	17,700	(2,083)	(1,313)		17,804
Roaming Arts Project		1,000	(950)	(50)
GEM - Go the
Extra Mile
Navigator Developer		25,145	(25,145)
Gimson			(7,427)
ACE Community Fund COVID-19		28,617	(28,617)
Friends ofthe Wilson Project Memory Cafe Hidden Trails	6,000			1„000 5,000		6,000 1,000 5,000
Arts award				2,000		2,000
COVID 19 Re-
mobilisation		222,980	(222,980)

			Balance at 1 April 2020 E	Income	Expenditure E	Transfers in/out	Gains/ (Losses) F	Balance at 31 March 2021
Charles	Irving
Trust				250,000	(4,812)
Cheltenham
Borough	Council
-Accreditation		8
Social Grants				12,992	(12,992)
			32,414	588,434	(332,956)			287,892
			Balance at 1 April 2020	Income	Expenditure	Transfers in/out	Gains/ (Losses)	Balance at 31 March 2021
					F		F
Total of	funds		(1&171&387)	4&537&759	(4&239&685)		(1,497,000)	(2,370,313)

Statement offunds - prior year
					Balance at
	Balance at			Gains/	31March
	1 April 2019	Income	Expenditure	(Losses)	2020
Unrestricted funds
General Funds - all funds	(39,465)	6,009,812	(5,963,148)		7,199
Pension reserve	(2,055,000)		(155,000)	999,000	(1,211,000)
	(2,094,465)	6,009,812	(6, 1'I8,148)	999,000	(1,203,801)
Restricted funds
Art Fund Kauffman Portrait	1,135		(1,135)
Archaeology	4,709	1,635	(668)		5,676
Wilson Arts Collective	676	12,140	(8,692)		4,124
Street Games	3,681	10,702	(8,696)		5,687
Community Takeover Exhibition	15,582		(15,582)
ttFuelThursdays		5,903	(2,403)		3,500
Roaming Arts Project	2,190		(2,190)
GEM - Go the Extra Mile
Navigator Developer		21,306	(21,306)
Gimson		99,715	(92,288)		7,427
ACE Community Fund COVID- 19		58,829	(58,829)
Friends ofthe Wilson Project	6,001	45,992	(45,993)		6,000
	33,974	256,222	(257,782)		32,414
Total offunds	(2,060,491)	256,222	(6,375,930)	999,000	(1,171,387)

Summary	offun	ds - current yea	r
							Balance at
		Balance at 1			Transfers	Gains/	31 March
		April 2020	Income	Expenditure	in/out	(Losses)	2021
		E	F	E		E
General funds		(1,203,801)	3,949,325	(3,906,729)		(1,497,000)	(2,658,205)
Restricted	funds	32,414	588,434	(332,956)			287,892
		(1,171,387)	4,537„759	(4,239,685)		(1,497,000)	(2„370,313)
Summary	offunds -prior year
							Balance at
			Balance at			Gainsl	31March
			1April 2019	Income	Expenditure	(Losses)	2020
General funds			(2,094,465)	6,009,812	(6,118,148)	999,000	(1,203,801)
Restricted	funds		33,974	256,222	(257,782)		32,414
			(2,060,491)	6,266,034	(6,375,930)	999,000	(1,'/71, 387)

Analysis	of net asset	s between funds -c	urrent year
				Restricted
			Restricted	funds	-	Unrestricted	Totai
			funds	class	ii	funds	funds
			2021	2021		2021	2021
			E		E	F
Tangible	fixed assets					77,372	77,372
Current assets			287,892			2,542,801	2,830,693
Creditors	due within one year					(2,544,349)	(2,544,349)
Creditors	due in more	than one year				(1,029)	(1,029)
Provisions	for liabilities	and charges				(2,733,000)	(2,733,000)
Total			287,892			(2,658 205)	(2370,313)

				Other
				Restricted	Restri cted	Unrestricted	Total
				funds	funds	funds	funds
				2020	2020	2020	2020
Tangible	fixed	assets				106,669	106,669
Current assets					37,839	1,924,743	1,962,583
Creditors	due	within one year			(5,425)	(2,023,185)	(2,028,610)
Creditors	due	in more	than one year			(1,029)	(1,029)
Provisions	for	liabilities	and charges			(1,211,000)	(1,211,000)
Other allocations						1
Total					32,414	(1,203,801)	(1,171,387)

22.	Reconciliation	Reconciliation	Reconciliation		of	net	movement	movement	in funds	in funds	to	net	cash flow	from	operating	activities
																Group	Group
																2021	2020
																F
	Net	income/expenditure					for	the	year	(as		per	Statement	of	Financial
	Activities)															298,074	(109,896)
	Adjustments			for:
	Net cash		provided			by/(used		in) operating			activities					298,074	(1'09,896)
23.	Analysis		ofcash and				cash equivalents
																Group	Group
																2021	2020
																F	E
	Cash	in hand														1,804,450	1,039,585
	Total	cash and			cash equivalents											1,804,450	1,039,585

Principal actuarial assumptions at the Balance She	et date (expressed as weighted averages)	:
	At 31 March	At 31March
	2021	2020
	0/	0/
Discount rate	2.05	2.3
Future salary increases	3.10	2.1
Future pension increases	2.8	1.8

	At 31 March	At 31March
	2021	2020
	Years	Years
Mortality rates (in years)
-for a male aged 65 now	21.9	21.7
-at 65 for a male aged 45 now		22.4
-for a female aged 65 now		23.9
-at 65 for a female aged 45 now	26.0	25.3

The Grou	p's share ofthe assets in the scheme was:
		At 31 INarch	At 31March
		2021	2020
		f.
Equities		4,040„000	2,843,000
Corporate	bonds	1,154,000	1,155,000
Property		404,000	400,000
Cash and	other liquid assets	174,000	44,000
Total fair	value ofassets	5,772,000	4,442,000

						2020
Current service	cost				141,000	243,000
Past service cost					10,000
Interest income					(104,000)	(123,000)
Interest cost					131,000	176,000
Total amount	recognised	in the Consolidated	Statement	of Financial
Activities					178,000	296,000

Moveme	nts in the	present value of the defined benefit obli	gation were as follows:
				2020
Opening	defined	benefit obligation	5,653,000	6,903,000
Interest	cost		131,000	176,000
Contributions by		scheme participants	27,000	35,000
Actuarial	losses/(gains)		2„590,000	(1,635,000)
Benefits	paid		(47,000)	(69,000)
Current	service cost		141,000	243,000
Past service cost			10„000
Closing	defined	benefit obligation	8,505,000	5,653,000

				2020
Opening	fair	value of scheme assets	3,922,000	4,259,000
Expected	return on assets		104,000	123,000
Actuarial	gains/(losses)		1,093,000	(636,000)
Contributions		by employer	153,000	141,000
Contributions		by scheme participants	27,000	35,000
Closing	fair	value of scheme asset	5,299,000	3,922,000

					2020
Cheltenham	Borough		Council	137,939	308,670
Publica				141,255	134,878
West Oxfordshire		District Council		4,531
				283,725	443,548