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2023-03-31-accounts

Charity registration number 1176776

GLOUCESTER HISTORY TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

GLOUCESTER HISTORY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Richard Graham
John Lovell
Phillip Moss
Gareth Swain
Debra Tullett
Carole-Dawn Francis-McGann (Appointed 27 September
2022)
Vernon Harwood (Appointed 27 September
2022)
Andrew Pitt (Appointed 27 September
2022)
Charity number 1176776
Principal address c/o Gloucestershire Heritage Hub
Clarence Row
Alvin Street
Gloucester
GL1 3DW
Independent examiner Nicholas J Bishop FCCA ACA
Unit 3 Ambrose House
Meteor Court
Barnett Way
Barnwood
Gloucester
GL4 3GG
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

GLOUCESTER HISTORY TRUST

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 12

GLOUCESTER HISTORY TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Trust's objects are to advance:

The vision of the Trust is to develop the Gloucester History Festival as the major flagship Festival in the city, to be of national and international relevance and with recognition for the quality, inclusiveness and originality of the Festival's community arts and heritage engagement programme.

The Trustees aim to combine the high-profile Blackfriars Talks with the unique City Voices Programme, giving residents from all backgrounds the opportunity to explore and celebrate the heritage that is important to them.

The size and range of Heritage Open Day events also enables the Gloucester History Festival to provide an urban offer which sets it apart from other festivals and history weekends.

The Trustees believe that a well organised and supported Festival will build local pride, support, improve social cohesion and help economic regeneration while involving active citizens from all quarters including young people.

In broad terms the Festival will contribute to;

The work of the Trust fits with Gloucester's cultural strategy. Gloucester's regeneration strategy put heritage at its centre, recognising that heritage is one of Gloucester's most important assets. The National Heritage Lottery Fund has invested over £30 million in "heritage regeneration" of the city's ancient buildings and the History Festival is an effective way to realise additional benefit from that investment and a lasting legacy.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

GLOUCESTER HISTORY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

During the year ended 31 March 2023 the Trust had planned carefully to manage resources following the COVID pandemic, the after effects of which were still being felt in the early part of the year.

We held a very popular Spring Weekend in April 2022, which encouraged us to build on this in 2023 and beyond.

A reduced programme of events was put together for the 12 Gloucester History Festival as we sought to reconnect with our audiences and sponsors.

Unfortunately the Blackfriars Talks, had been planned between 3 to the 18 September 2022, and were cancelled following the death of Queen Elizabeth II, a difficult decision but inevitable as our Festival coincided precisely with the Period of National Mourning.

Presold tickets were either refunded, honoured against 2023 Spring and Autumn Festivals, or donated.

The Trust was able to manage the financial fallout from this decision with the help of existing and new donors and plan for both a Spring Weekend and Autumn Festival in April/September 2024. We did also successfully launch two sell out King’s Talks in 2022 (see below) as well as a successful Winstones Talk in Cirencester (speaker Dan Jones). We have gone on to expand both the King’s Talks and the Winstone Talk.

King's Talks

The Trustees decided to boost involvement with local schools, by creating a new partnership with King’s School Gloucester and holding events there, some of which will be angled towards the GCSE/A Level curricula. The support of Hazlewoods and the Hon Company of Gloucestershire has been key to enabling this, as well as the strong support of King’s School itself.

The first talks were by David Evans speaking about the history of Gloucester Schools followed by Matt Cass and Paul James talking about the history of the city through their book ‘Gloucester Revealed’.

Financial review

The financial year ended 31 March 2023 was a further challenging year above all because of restricted venue capacity as a result of COVID pandemic restrictions. Trustees kept the short, medium and longer-term priorities of the Trust under constant review, monitored the financial position of the Trust and maintained the policy of holding a cash balance equivalent to at least one years’ surplus. This provides the financial security necessary to allow for variability in cashflows, given the Trust’s dependence on Blackfriars Talks income.

Fund raising and financial management has been discussed at each Trustee meeting. The Trustees would like to express their gratitude to all that have made a financial and “in kind” contribution to the Trust – including speakers who spoke without charge. This support is extremely welcome and enables the Trust to continue to achieve its objectives.

During the Pandemic and having robustly reviewed the financial position of the Trust, the wealth of digital material available and the new and enhanced Festival website, the Trustees agreed that the 12[th] Gloucester History Festival would be entirely physical and take place between 3rd – 18th September 2022. The theme of the Programme was to be “Families and Innovations” but as explained above it would have been inappropriate to continue, as supporters reluctantly agreed.

The Trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems are in place to mitigate exposure to major risks, although conscious that there are always unexpected challenges.

GLOUCESTER HISTORY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods

The Trust held a Spring Weekend in late April 2023 as well as full, unrestricted nine-days of Blackfriars Talks at the Gloucester History Festival in September 2023.

We are also continuing with a series of King’s Talks at the Ivor Gurney Hall, with the potential to hold events in other King’s School Gloucester venues. Our plan to record a film on Gloucester’s Past and Present, with archive material, led by the City’s Archaeologist, and show this to schools and visitors to the City Museum, as well as in schools, has been set back through ill health, but we hope to revert to this as soon as possible.

The numbers of high-quality speakers attracted, and number of tickets sold, together with customer feed back during 2023 has been remarkable, with over 12,000 tickets bought in September alone.

Improved logistics included better ticketing software, better quality seating and a greater number of volunteers under the new Festival Manager. She and our Curator worked hand in glove to deliver two wonderful, different programmes and the trustees are very grateful. More in our next annual report.

Having followed a prudent approach to the management of the Trust’s financials, including robust cost management, and after receiving additional financial donations, Trustees have an expectation that the Trust has adequate resources to continue for the foreseeable future. For this reason, they continue to adopt the ‘going concern’ basis in preparing this financial statement.

Structure, governance and management

The Trust was formed as a Charitable Incorporated Organisation ("CIO") on 22 January 2018 and took over the running of the Gloucester History Festival from that date.

The Trustees who served during the year and up to the date of signature of the financial statements were: The Trustees who served during the year and up to the date of signature of the financial statements were:
Richard Graham
Heather Forbes (Resigned 27 September 2022)
John Lovell
Phillip Moss
Graham Howell (Resigned 23 December 2022)
Gareth Swain
Debra Tullett
Carole-Dawn Francis-McGann (Appointed 27 September 2022)
Vernon Harwood (Appointed 27 September 2022)
Andrew Pitt (Appointed 27 September 2022)

Prospective Trustees with relevant experience are interviewed by a sub set of the existing Trustees. Appointments are made and ratified at Trustees' meetings.

The Trustees manage the affairs of the CIO with the following duties in mind;

The Trustees are also mindful of the Good Governance Code for Small Charities and the Charity Commission guidance on public benefit.

GLOUCESTER HISTORY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Trustees are sought from a range of backgrounds to provide breadth of experience and knowledge.

Decisions are taken by consensus and formal approval at the regular Trustees' meetings. Trustees meet between 8 and 12 times a year. The minutes are taken by a professional minute taker and ratified at the next meeting.

A Chair of Trustees has been appointed and the Chair runs the meetings. In his absence the Vice Chair of Trustees runs the meetings.

The Trustees are responsible for setting spending priorities, monitoring the financial performance and position of the Charity and making major-decisions about the direction of the Trust. As appropriate contracts are awarded to support the delivery of the Trust's objectives. During the period of this report a Festival Manager, Curator Fundraiser and Festival Coordinator provided invaluable and expert support. Thanks are also given to all of the volunteers who contributed their time to make the events held so successful.

The Trustees' report was approved by the Board of Trustees.

Richard Graham

Chair

19 January 2024

GLOUCESTER HISTORY TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLOUCESTER HISTORY TRUST

I report to the Trustees on my examination of the financial statements of Gloucester History Trust (the Trust) for the year ended 31 March 2023.

Responsibilities and basis of report

As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Nicholas J Bishop FCCA ACA

Unit 3 Ambrose House Meteor Court Barnett Way Barnwood Gloucester GL4 3GG

Dated: 19 January 2024

GLOUCESTER HISTORY TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Unrestricted
Restricted
funds
funds
funds
2023
2022
2022
Notes
£
£
£
Income from:
Donations and legacies
3
61,122
80,363
2,555
Charitable activities
4
4,803
40,450
-
Total income
65,925
120,813
2,555
Expenditure on:
Raising funds
5
1,500
8,672
-
Charitable activities
6
43,695
110,873
16,374
Other
9
1,500
3,840
-
Total expenditure
46,695
123,385
16,374
Net income/(expenditure) for the year/
Net movement in funds
19,230
(2,572)
(13,819)
Fund balances at 1 April 2022
38,506
41,078
13,819
Fund balances at 31 March 2023
57,736
38,506
-		 Total
2022
£
82,918
40,450
123,368
8,672
127,247
3,840
139,759
(16,391)
54,897
38,506

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

There were no restricted fund movements this year.The balance remains at nil.

GLOUCESTER HISTORY TRUST

BALANCE SHEET

AS AT 31 MARCH 2023

2023
Notes
£
Current assets
Debtors
11
6,450
Cash at bank and in hand
62,840
69,290
Creditors: amounts falling due within
one year
12
(11,554)
Net current assets
Income funds
Unrestricted funds		 £
57,736
57,736
57,736		 2022
£
2,000
45,478
47,478
(8,972)		 £
38,506
38,506
38,506

The financial statements were approved by the Trustees on 19 January 2024

Richard Graham Trustee

GLOUCESTER HISTORY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Gloucester History Trust is controlled by, its governing document, Constitution of the Gloucester History Trust dated 14 December 2017, and was formed as a Charitable Incorporated Organisation ("CIO") on 22 January 2018 and took over the running of the Gloucester History Festival from that date.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019". The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

GLOUCESTER HISTORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Support costs are those costs Incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

GLOUCESTER HISTORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Unrestricted
Restricted
funds
funds
funds
2023
2022
2022
£
£
£
Donations and gifts
42,735
8,673
2,555
Grants
7,650
50,350
-
Patrons programme and sponsorship
10,737
21,340
-
61,122
80,363
2,555		 Total
2022
£
11,228
50,350
21,340
82,918

4 Charitable activities

Charitable Charitable
Activities Activities
2023 2022
£ £
Ticket sales 4,402 37,947
Other income 401 2,503
4,803 40,450

GLOUCESTER HISTORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Raising funds

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Support costs 1,500 8,672
1,500 8,672

6 Charitable activities

Direct costs
2023
£
Marketing and
promotion
10,292
Event costs
29,351
Venue costs
1,298
Sundry expenses
-
Irrecoverable vat
-
City voices
-
40,941
40,941
Analysis by fund
Unrestricted funds
40,941
Restricted funds
-		 Support
costs
2023
£
-
-
-
817
1,937
-
2,754
2,754
2,754
-		 Total
2023
Direct costs
2022
£
£
10,292
21,793
29,351
63,482
1,298
19,780
817
-
1,937
-
-
13,874
43,695
118,929
43,695
118,929
43,695
102,820
-
16,109		 Support
costs
2022
£
-
-
-
1,408
6,910
-
8,318
8,318
8,053
265		 Total
2022
£
21,793
63,482
19,780
1,408
6,910
13,874
127,247
127,247
110,873
16,374

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

GLOUCESTER HISTORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

9 Other

Unrestricted Unrestricted
funds funds
2023 2022
Governance report on Gloucester History Festival for Lottery bid - 1,650
Accountancy & independent exmination 1,500 2,190
1,500 3,840

The Independent Examiner's remuneration amounted to £1,500 (2022: £1,800).

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
2,000
460
3,990
6,450		 2022
£
-
-
2,000
2,000

12 Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income		 2023
£
201
11,353
11,554		 2022
£
7,172
1,800
8,972

13 Related party transactions

Trustee Gareth Swain is Managing Director of The History Press. Sponsorship monies were received from The History Press during the period in respect of The Gloucester History Festival amounting to £1,000 (2022: £1,500). There was no amount outstanding at the year end.