Charity Number: 1185309 ## Forest of Dean ## Sculpture Trust CIO Trustees Annual report and financial statements For the year ended 31 March 2022 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 The Forest of Dean Sculpture Trust CIO Reference and administration information ## **Charity number** Formerly, as Forest of Dean Sculpture Trust: 1059078 Now, as Forest of Dean Sculpture Trust CIO: 1185309 The activities and assets of the previous charity, number 1059078 (a charitable trust) were merged into Forest of Dean Sculpture Trust CIO, number 1185309, in April 2022, at which point 1059078 was removed from the register. ## **Also known as** FoDST ## **Registered office and operational address** Forestry England Bank House, Bank Street Coleford Gloucestershire GL16 8BA ## **Trustees** Trustees who served during the year and up to the date of this report were as follows: Sarah Bowden Chair and Treasurer Andrew Stonyer Vice Chair Very Reverend Nick Bury Leo Goatley (appointed 29/11/21) Khady Gueye (appointed 01/02/22) Geoff Morrow (appointed 01/02/22) Grace Storey (appointed 01/02/22) Jonathan Wood (appointed 06/04/22) ## **Nominated representatives** The following are nominated to the board to represent Forestry England: Emma Clitheroe Judith Lack Mariam Zulfiqar ## **Bankers** Lloyds Bank plc ## **Independent Examiner** Patrick Morrello ACA Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 0AS 1 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 FOREST OF DEAN SCULPTURE TRUST CIO Trustees’ annual report for the year ended 31 March 2022 The trustees present their report and the unaudited financial statements for the year ended 31 March 2022. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. ## **Objectives and activities** The trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives of the Charity that have been set. The object of the Charity is is to advance public appreciation of and education in the arts, in particular the art of sculpture. The way the Charity performs this function is defined by a Memorandum of Understanding (MOU) between the Charity and Forestry England signed in June 2021. This MOU replaced the previous Concordat and defines the areas when the Charity will work with Forestry England to make a contribution to the Sculpture Trail. These are: - Provision of new and replacement Artworks - Decommissioning of Artworks - Providing information of relevance to managing the trail - Publicity and promotion - Fundraising The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity’s aims, objectives and activities remained focused on its stated purposes. ## **Achievements and performance** The charity’s main activities and who it tries to help are described below. All its charitable activities focus on maintaining and developing the sculpture trail for the benefit of the public, and are undertaken to further the Forest of Dean Sculpture Trust’s charitable purposes for the public benefit. Despite the ongoing challenges of the global pandemic, trustees continued to meet regularly by video conference, and the Trust had a very busy year of programme activity and organisational development. The appeal over DEFRA’s decision to pursue repayment from the LEADER grant concluded in September 2021, when trustees received a letter confirming the RPA debt had been written off. Following the conclusion of the DEFRA appeal, Sarah Bowden became the Chair of Trustees in September 2021, and advanced plans to transfer operations from the unincorporated Forest of Dean Sculpture Trust Charitable Trust (CT) to the Forest of Dean Sculpture Trust Charitable Incorporated Organisation (CIO). Five new trustees were added to the board of the CIO: Leo Goatley, Khady Gueye, Geoff Morrow, Grace Storey and Jon Wood. 2 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 FOREST OF DEAN SCULPTURE TRUST CIO Trustees’ annual report for the year ended 31 March 2022 On 29 November 2021 the CIO passed a resolution to amend the Constitution to clarify the nomination of Forestry England representatives on the Board, and to add a subclause defining the appointment of Trustees by a resolution at a properly convened meeting for term of three years that may be extended twice to a maximum term of 9 years. On 14 February 2022 a resolution was passed by trustees of the CT to dissolve The Forest of Dean Sculpture Trust Charitable Trust according to Clause 16 of the Deeds (1996), to enable the transfer of assets to Forest of Dean Sculpture Trust CIO. On 6 April the CT’s assets were transferred to the CIO and shortly afterwards the CT was removed from the register of charities at the Charity Commission. During the period covered by these financial statements, and the comparative period, the charity was the CT. However under merger accounting as set out in Module 27 of the Charities SORP these figures are reported by the new legal entity, the CIO. The year’s programming activities continued to be impacted by the pandemic, however with new funding opportunities as a consequence, project manager Cathy Mager and producer Matt Nightingale were able to deliver a significant temporary public programme, _Forest to Forest_ , between August and the end of October 2021. _Forest to Forest_ was a grouping of 8 new temporary artworks by international artists, close to the start of the trail. The short trail proved to be hugely popular with members of the public, particularly families. 60,000 visitors were recorded on the trail during August; the Beechenhurst site itself received 70,000 visitors, demonstrating that most people visited to access the trail. Beechenhurst is the only FE site in the West of England to have increased visitors post-Covid. _Soil unsoiled_ , a project that began as a collaborative poem for broadcast and expanded into a new sculpture on the trail, was unveiled in July 2021 on the former site of David Nash’s _Black Dome_ . A film featuring Zakiya Mckenzie and Khady Gueye was also produced for the new website, which also went live in July 2021. In August 2021 Arts Council England released Culture Recovery Funding: Continuity Support, in response on the ongoing impact of the pandemic on arts organisations. Trustee Sarah Bowden, supported by consultant Mandy Fowler and producer Matt Nightingale, submitted an application for funding that was successful. The Culture Recovery Funding: Continuity Support project, _Future Forest_ , includes funds for project production; additional funds for Kristina Veasey’s _Meander_ bench; a legacy project for _Soil unsoiled_ undertaken by Zakiya Mckenzie and Emma Blake-Morsi working with schoolchildren at Wyedean School that will create an artwork for the school addressing belonging in the Forest; a major audio-description project to provide downloadable audio files for sight-impaired people visiting the Trail, part-funded by Barnwood Trust; funds to kickstart two lines of merchandise with commissioned illustrations; funds for PR and marketing assistance; funds to commission a Feasibility Study for the Trust/CIO’s future programme which is being undertaken by consultant Mandy Fowler; funds to cover trustee recruitment and board training. The funded activity was to be delivered between November 2021 – January 2022, however this was revised by ACE due to a further pandemic limitations over this period to conclude on March 31[st] 2022. Sarah Bowden requested a further extension to activity from ACE to accommodate the trustee Awaydays in May 2022 and the delivery of the Feasibility Study, which was granted. Negotiations continue with Julian Wild to install the sculpture _Gathering_ , redesigned and renamed from _Sound Forest_ when it was discovered that previous sound elements would interfere with bat flight-paths. Post-pandemic there have been significant increases in the costs of materials that will need to be considered once planning permission is granted. Barnwood Trust are still willing to part-fund this project. It is hoped _Gathering_ will be installed in September 2022. 3 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Trustees’ annual report for the year ended 31 March 2022 ## FOREST OF DEAN SCULPTURE TRUST CIO Discussions continue with Kristina Veasey to fabricate and install _Meander_ , a bench at Forestry England’s Symonds Yat Rock site, as a result of an R&D project begun in 2019 in partnership with Unlimited. At 5.5m long, the bench requires planning permission, and the install will be complicated by the Scheduled Ancient Monument designation at Symonds Yat Rock. This work is seen as a pilot project for a new initiative between Forestry England and the Trust regarding the commissioning of artwork at Symonds Yat Rock in the future. It is hoped the bench will be installed in June 2022. _Dead Wood/Bois Mort_ was removed from the Beechenhurst map, and although it remains in situ, it is now decommissioned. A new trail route that encounters Rheinhild Breuther’s brick poem from 2000 was completed in March 2022. ## **Beneficiaries of our services** The main beneficiaries of the charity’s activities are members of the public who visit the sculpture trail. ## **Financial Review** During the year, total income from charitable activities was £83,455; of this £105 related to unrestricted and £83,350 related to restricted activities. The CIO spent £149,575 during the year with £4,626 spent on unrestricted activities and £144,949 on restricted activities. At 31 March 2022, unrestricted free reserves were £14,725 and restricted reserves were £33,400. ## **Reserves policy** The aim of the reserves policy is to ensure that the charity’s ongoing and future activities are reasonably protected from unexpected fluctuations in its oncome and expenditure. The board reviewed the reserves policy and agreed that a minimum level of unrestricted general funds, also known as free reserves, of £15,000 is appropriate given the risks faced by the charity and the sustainability of its different income streams. Free reserves at the year end were £14,725. ## **Structure, governance and management** The charity was originally named The Forest of Dean Sculpture Trust and was established by a trust deed dated 20 May 1996, registered as a charity number 1059078. Forest of Dean Sculpture Trust CIO was established by a Constitution dated 4 September 2019 as amended 29 November 2021, and is registered as a charity, number 1185309. On 14 February 2022 a resolution was passed by the trustees to dissolve The Forest of Dean Sculpture Trust Charitable Trust according to Clause 16 of the Deeds and to enable the transfer of assets to Forest of Dean Sculpture Trust CIO. The final transfer of assets was completed on 6 April 2022. ## **Recruitment and Appointment of Management Board** The CIO Constitution provides for a minimum of three trustees with no maximum. New trustees may be recruited and appointed by existing trustees. Forestry England may nominate representatives to attend and contribute to Board meetings. ## **Induction of new trustees** The Chair of trustees is responsible for the induction of new trustees. New trustees are given an introduction to the work of the CIO and provided with information they need to fulfil their role. This includes information about the role and responsibility of trustees, Charity law and the Charity Commission document ‘The Essential Trustee: What you need to do'. 4 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Trustees’ annual report for the year ended 31 March 2022 ## FOREST OF DEAN SCULPTURE TRUST CIO ## **Organisational Structure** The Board of Trustees manage the CIO. Meetings are usually held every two months. The day to day operations of the CIO are carried out by freelance Project Managers and Producers who reports to the Board of Trustees. Sarah Bowden was appointed as Chair of the Charitable Trust and the CIO, and Andrew Stonyer Vice Chair, at the CT AGM on 21 September 2021. All trustees give of their time freely and no remuneration other than legitimate expenses was paid by the CIO in the year. ## **Risk Management** The board has considered the major risks to which the CIO is exposed, with measures taken to mitigate those risks. All procedures are reviewed periodically to ensure that they still meet the needs of the organisation. ## **Project Management** After delivering the _Forest to Forest_ public programme, Cathy Mager stepped down from her role as Project Manager on 31 July 2021 in order to take up a Clore ‘Transform’ Fellowship. We are very grateful for her transformative contribution to the Trust and the Trail over the past 6 years. Public engagement in activities programmed by the Trust has increased significantly. We are particularly grateful for the focus Cathy brought to the Trust’s activities on accessibility and inclusion. Following Cathy Mager’s departure, trustee Sarah Bowden has overseen project development, fundraising and financial management in the interim, prior to appointing a new Project Manager. ## **Acknowledgments** We are grateful for producer Matt Nightingale’s excellent work, developing and installing _Forest to Forest,_ and producing subsequent _Future Forest_ projects, and supporting ongoing projects with Kristina Veasey and Julian Wild. Matt Nightingale stepped down from his role in April 2022 and Eira Szadurski was appointed his successor. Thanks are due to Judith Lack, Emma Clitherow and Dawn Thompson at Forestry England who work closely with the Trust to develop projects, and maintain and improve the Trail. In particular we are grateful for the installation of a bench plaque dedicated to former trustee Joanna Greenhill-Holland. Thanks to Neil Batt at Forest of Dean District Council for assistance concluding the DEFRA negotiations. Thanks to Nick Bury who Chaired the Charitable Trust until September 2021 with great patience and skill during the challenges of the past few years. 5 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 FOREST OF DEAN SCULPTURE TRUST CIO Trustees’ annual report for the year ended 31 March 2022 ## **Statement of responsibilities of the trustees** The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to: - Select suitable accounting policies and then apply them consistently - Observe the methods and principles in the Charities SORP - Make judgements and estimates that are reasonable and prudent - State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. ## 10 / 06 / 2022 The trustees’ annual report has been approved by the trustees on ……………………….. and signed on their behalf by Sarah Bowden Chair 6 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 ## FOREST OF DEAN SCULPTURE TRUST CIO ## Independent examiners report for the year ended 31 March 2022 I report on the accounts of the charity for the year ended 31 March 2022 set out on pages 8 to 17. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. ## It is my responsibility to: - examine the accounts under section 145 of the Charities Act, - to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and - to state whether particular matters have come to my attention. ## **Basis of independent examiner’s statement** My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. ## **Other matters** Your attention is to drawn to the fact that the charity has prepared the accounts (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 been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In connection with my examination, no matter has come to my attention: 1. which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 130 of the Charities Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Patrick Morrello ACA Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 0AS 10 / 06 / 2022 7 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 ## Forest of Dean Sculpture Trust CIO ## Statement of Financial Activities for the year ended 31 March 2022 |Unrestricted
funds
Note
£
**Income from:**
Charitable activities
3
105
**Total income**
**105**
**Expenditure on:**
Charitable activities
4
4,626
**Total expenditure**
**4,626**
5
**(4,521)**
Transfer between funds
12,943
**Net movement in funds for the year**
**8,422**
**Reconciliation of funds**
Total funds brought forward
6,303
**Total funds carried forward**
**14,725**
**Net income/(expenditure) for the year**|Restricted
funds
£
83,350
**83,350**
144,949
**144,949**
**(61,599)**
(12,943)
**(74,542)**
107,942
**33,400**|Total funds
2022
£
83,455
**83,455**
149,575
**149,575**
**(66,120)**
-
**(66,120)**
114,245
**48,125**|_Unrestricted_
_funds_
_£_
_13,333_
**_13,333_**
_39,966_
**_39,966_**
**_(26,633)_**
_22,135_
**_(4,498)_**
_10,801_
**_6,303_**|_Restricted_
_funds_
_£_
_142,000_
**_142,000_**
_35,308_
**_35,308_**
**_106,692_**
_(22,135)_
**_84,557_**
_23,385_
**_107,942_**|_Total funds_
_2021_
_£_
_155,333_| |---|---|---|---|---|---| ||||||**_155,333_**| ||||||_75,274_| ||||||**_75,274_**| ||||||**_80,059_**
_-_| ||||||**_80,059_**
34,186| ||||||**_114,245_**| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 8 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Forest of Dean Sculpture Trust CIO ## Balance sheet as at 31 March 2022 |Note
£
£
**Current assets**
Debtors
9
8,100
Cash at bank and in hand
50,314
**Total current assets**
**58,414**
**Liabilities**
Creditors: amounts falling
due in less than one year
10
(10,289)
**Net current assets**
**48,125**
**Total assets less current liabilities**
48,125
**Net assets**
**48,125**
**The funds of the charity:**
Restricted income funds
11
33,400
Unrestricted income funds
12
14,725
**Total charity funds**
**48,125**
Nick Bury
Sarah Bowden
(Trustee)
(Trustee)
Approved by the trustees on and signed on their behalf by:
The notes on pages 10 to 19 form part of these accounts.
2022
10 / 06 / 2022|_£_
_£_
-
117,287
_117,287_
_(3,042)_
**_114,245_**
_114,245_
**_114,245_**
_107,942_
_6,303_
**_114,245_**
_2021_|_£_
_£_
-
117,287
_117,287_
_(3,042)_
**_114,245_**
_114,245_
**_114,245_**
_107,942_
_6,303_
**_114,245_**
_2021_| |---|---|---| |||_114,245_| |||**_114,245_**| |||_107,942_
_6,303_| |||**_114,245_**| |||| 9 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Forest of Dean Sculpture Trust CIO Notes to the accounts for the year ended 31 March 2022 ## **1 Accounting policies** The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## **a Basis of preparation** The financial statements have been prepared in accordance with 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) issued in October 2019 - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Forest of Dean Sculpture Trust CIO meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £ sterling. ## **b Judgments and estimates** The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period. ## **c Preparation of the accounts on a going concern basis** The trustees have reviewed the charity's forecasts and projections and in particular have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the charity, and on the overall economy, remains uncertain, the trustees are confident that the charity will be able to remain operational throughout the pandemic. It has reviewed its expenditure and projects and, based and its reserves and some donor commitments, the trustees are confident that the charity can also fulfil its commitments to its beneficiaries for the period ending 31 March 2022. 10 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Forest of Dean Sculpture Trust CIO ## Notes to the accounts for the year ended 31 March 2022 ## **d Income** Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met. ## **e Donated services and facilities** Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. ## **f Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. ## **g Fund accounting** Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity. 11 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Forest of Dean Sculpture Trust CIO Notes to the accounts for the year ended 31 March 2022 ## **h Expenditure and irrecoverable VAT** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs of artwork installation and community engagement undertaken to further the purposes of the charity and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## **i Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **j Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **2 Legal status of the charity** The charity was previously an unincorporated Trust established by a trust deed dated 20 May 1996. The charity is now structured as a CIO, established by a Constitution dated 4 September 2019 as amended 29 November 2021. The charity's registered address is disclosed on page 1. 12 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 ## Forest of Dean Sculpture Trust CIO ## Notes to the accounts for the year ended 31 March 2022 (continued) ## **3 Income from charitable activities** |Arts Council
Unlimited
Forestry England
Barnwood Trust
Esmee Fairbairn Foundation
Donations
**Total**
**4**
**Analysis of expenditure on charitable activities**
Project Manager
Audience and community engagement
Artwork
Marketing
Professional and legal fees
Accountancy and Independent examination
Other expenditure|Unrestricted
£
-
-
-
-
-
105
105
Unrestricted
£
-
-
-
153
1,360
1,800
1,313
4,626|Restricted
£
78,950
-
-
4,400
-
-
83,350
Restricted
£
17,514
8,894
35,439
28,070
53,772
1,140
120
144,949|Total 2022
£
78,950
-
-
4,400
-
105
83,455
Total 2022
£
17,514
8,894
35,439
28,223
55,132
2,940
1,433
149,575|_Unrestricted_
_£_
_-_
_-_
_-_
_-_
_13,333_
_-_
13,333
_Unrestricted_
_£_
4,116
5,506
18,498
3,359
6,371
1,200
916
_39,966_|_Restricted_
_£_
_137,000_
_3,000_
_2,000_
_-_
_-_
_-_
142,000
_Restricted_
_£_
9,300
13,300
8,534
-
4,174
-
-
_35,308_|_Total 2021_
_£_
_137,000_
_3,000_
_2,000_
_-_
_13,333_
_-_| |---|---|---|---|---|---|---| |||||||155,333| |||||||_Total 2021_
_£_
_13,416_
_18,806_
_27,032_
_3,359_
_10,545_
_1,200_
_916_| |||||||_75,274_| 13 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Forest of Dean Sculpture Trust CIO Notes to the accounts for the year ended 31 March 2022 (continued) ## **5 Net income/(expenditure) for the year** |This is stated after charging/(crediting):|2022|_2021_| |---|---|---| ||£|_£_| |Independent examiner's fee|240|_400_| ## **6 Staff costs** The average number of staff employed during the period was nil (2021: nil). The average full time equivalent number of staff employed during the period was nil (2021: nil). The key management personnel of the charity comprise the trustees, together with the Project Manager and Programme Director who are freelance contractors. The total remuneration of the key management personnel of the charity was £26,409 (2021: £32,222). ## **7 Trustee remuneration and expenses, and related party transactions** The management committee nor any persons connected with them received any remuneration. Reimbursed expenses during the year were £461 (2021: £299). Aggregate donations from related parties were £nil (2021: £10,000). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2021: nil). ## **8 Corporation tax** The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. ## **9 Debtors** |Grants receivable|2022
£
8,100
8,100|_2021_
_£_
_-_| |---|---|---| |||_-_| 14 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Forest of Dean Sculpture Trust CIO Notes to the accounts for the year ended 31 March 2022 (continued) ## **10 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| |Other creditors and accruals|2022
£
10,289
10,289|_2021_
_£_
_3,042_| |||_3,042_| ## **11 Analysis of movements in restricted funds** |Arts Council - CRF
Arts Council - CRF CS
Unlimited
Forestry England
Barnwood Trust
Total
**_Comparative period_**
Arts Council - CRF
Arts Council - ERF
Unlimited
Forestry England
Artwork: Threshold
Other
_Total_|Balance at 1
April 2021
£
102,942
-
3,000
2,000
-
107,942
_Balance at 1_
_April 2020_
_£_
_-_
_-_
_-_
_-_
_22,135_
_1,250_
_23,385_|Income
£
51,950
27,000
-
-
4,400
83,350
_Income_
_£_
131,400
5,600
3,000
2,000
_-_
_-_
_142,000_|Expenditure
£
(112,828)
(23,121)
(2,600)
(2,000)
(4,400)
(144,949)
_Expenditure_
_£_
(28,458)
(5,600)
_-_
_-_
_-_
_(1,250)_
_(35,308)_|Transfers
£
(9,064)
(3,879)
-
-
-
(12,943)
_Transfers_
_£_
_-_
_-_
_-_
_-_
_(22,135)_
_-_
_(22,135)_|Balance at 31
March 2022
£
33,000
-
400
-
-| |---|---|---|---|---|---| ||||||33,400| ||||||_Balance at_
_31 March_
_2021_
_£_
_102,942_
_-_
_3,000_
_2,000_
_-_
_-_| ||||||_107,942_| 15 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Forest of Dean Sculpture Trust CIO Notes to the accounts for the year ended 31 March 2022 (continued) ## **Name of restricted fund Description, nature and purposes of the fund** ## _Arts Council - Culture Recovery Fund_ Financial support for cultural organisations that were financially stable before Covid-19, but were at imminent risk of failure due to the pandemic ## _Arts Council - Culture Recovery Fund - Continuity Support_ Developing organisational capacity, completing commissions and building reserves _Unlimited_ Grant to support artwork by Kristina Veasey _Forestry England_ Grant to support costs of new signage for the sculpture trail _Barnwood Trust_ Grant to support development of downloadable audio descriptions of the entire trail for sight-impaired visitors ## **12 Analysis of movement in unrestricted funds** |**_Comparative period_**
General fund
_General fund_
Designated fund
_Designated fund_|Balance at 1
April 2021
£
3,303
3,000
6,303
_Balance at 1_
_April 2020_
_£_
_10,801_
_-_
_10,801_|Income
£
105
_-_
105
_Income_
_£_
_13,333_
_-_
_13,333_|Expenditure
£
(4,626)
_-_
(4,626)
_Expenditure_
_£_
_(39,966)_
_-_
_(39,966)_|Transfers
£
12,943
_-_
12,943
_Transfers_
_£_
_19,135_
_3,000_
_22,135_|As at 31
March 2022
£
11,725
3,000| |---|---|---|---|---|---| ||||||14,725| ||||||_As at 31_
_March 2021_
_£_
_3,303_
_3,000_| ||||||_6,303_| ## **Name of** ## **unrestricted fund Description, nature and purposes of the fund** General fund The free reserves after allowing for all designated funds Designated fund To support artwork by Kristina Veasey, matching grant received 16 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5 Forest of Dean Sculpture Trust CIO Notes to the accounts for the year ended 31 March 2022 (continued) ## **13 Analysis of net assets between funds** |Net current assets/(liabilities)
Total
**_Comparative period_**
_Net current assets/(liabilities)_
_Total_|General
fund
£
14,725
14,725
_General_
_fund_
_£_
_107,942_
_107,942_|Restricted
funds
£
33,400
33,400
_Restricted_
_funds_
_£_
_6,303_
_6,303_|Total 2022
£
48,125| |---|---|---|---| ||||48,125| ||||_Total 2021_
_£_
_114,245_| ||||_114,245_| 17 Doc ID: e97862c712d4703a541286c5af58b50f9755b7c5