Charlty number: 1202389 THE GLOUCESTER (1682) CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 THE GLOUCESTER116821 CHARITABLE TRUST CONTENTS Page Reference and administrative detalls of the charity. Its Trustees and advisers Truslfjes. report Independent gxaminerfs report ststement of financial actwities Balanco sheet Notes to the financlal ststements 8-13 THE GLOUCESTER {1682) CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2024 Truslees Genoral The Lord Richard Dannatt GCB CBE MC DL- Chair Andrew 8ames Henry Calor OBE FRICS FRAgs DL Dominic Christian His Honour Philip Curt DL Slr Wllllam Goodenough Bi Professor Claire Jowilt FEA FRHislS FHEA IEx-offic40) Shei18 Oxtoby Bsc CPFA Clarg Whelan OBE DL James Woodham {Brig Rel'dl CBE MC Charity rggistered numbor 1202389 Principal offico Top Barn, Broad Fami, Upper Street. Salhouse, Norwich NR13 6HE Head of Development Rosie Lilllehales Accountants Sexty & Co, 124 Thorpe Road, NoNich, NR11RS Page 1 THE GLOUCESTER116821 CHARITABLE TRUST TRUSTEES. REPORT FOR THE PERIOD ENDED 31 MARCH 2024 The Trustees present theor annual report together wlh the financial statements of the charity for the period 20 March 2023 10 31 March 2024. The Trustees confimi that the Annual report and financial statements of the charity comply wlth the current slalutory requirements, the requirements of the charitys ooveming document and the provisions of the Statement of Recommended Practice ISORP} applicabie to ch8rf1ies preparing their accounts in accordance with the Financial Reportlng Stsndard appll(xble in the UK and Republic of Ireland IFRS1021. Risk Management The Trust assesses all risks at every Board meeting. The charity is cognisant that il has responsibilities to all stakeholders induding donors. funders. employees, supporters and the general public. Risk Policy Principles The Twst will assess risk through con8ider8lion of the Ilkellhood of som6lhing happenlng and ils polantial impact. Rlsk management covers= Operational Risks Finanelal Risks Environm8ntal and Exlemal Factors Compliance Rlsks Roles and Responsibilit188 The Board of Trustees has responsibility for identifying and mitigating risk. Trustees may delegate Risk Assessments as appropriate but will retsin overall responsbility. A Risk Assessment Matrix is usad al every Board meeting to identify levels of risk and the steps needed lo miligale identified risks. Risks are assessed 89 high, medium or low with a Top Risks Summary for all risks graded 'high.' Steps lo miluale risks are agreed by Trustees and managed on a 4Ts Rl8k Management approach- 'treal toleiate transfer and lgrminate,. Objectlves and Activities Charity Objects lo advance heritage for the public benefit by assisting with the recovery and preservation of the Gloucester and related or connected artefacls. to advance education for the publlc benefit by th8 establlshm8nl and malntenance of a museum or permanent 8xhibition in Norfolk to hous8 the Gloucester and related or connected artefacts. promoting and furthering interest, research (including pUt￿lShIng the results of such research) and kno￿edge in m8rilime history, navigation, safety and undersea heritsge and archaeology wherever located. Activities For The Year 2023-24 During the first year of activity the focus h8s been on putting in p18¢e the building blocks of good govemanc8. rinanci31 probity, and ethical conduct, and building key partn8rships 10&8lly. nationally and inlemalionally with other museums. organisalions ané supporters. Below are the key achievements for the last year Including publlc benefit actlvltles and events- A specialist heritage consultancy - A Differ8nt Wi8w- was 8ng2ged to work with the Board to sel the project vision. strategic objedives and roadmap for the next len years. A Head of D8V8lopm8nl was recriJit8d and appoint8d in April 2023. Over £140,000 of seed com fvnding was raised in the first year to support the early development of the Trust. A website was constructed in Spring 2023 {www.gloucester1682trusl.orgl A Development Committee was established to oversee fundraising. A Su￿$$fUl programme of tslks and educallonal events about the Gloucester across the county and Page 2 THE GLOUCESTER (1682) CHARITABLE TrUST county has been deliveretl by our partners from the UnThiersily of East Anglia and Norfolk Historie Shipwrecks with donations benefiting the Trust. The announcement of the discovery of the Glouc&ster shipwreck by the University of East Anglia and Norfolk Historic Shipwreck5 in June 2022 has gener818d over 2,000 news articles wortdwide. The Last Voyage ollhe Gloucester. Norfolk's Royal Shipwreck, 1682 - February lo September 2023. 69,539 visitors enjoyod this hugely successful exhibition al Norwich Castle Museum. Norfolk Museums Sorvice and the Universty of East Anglia jointty curated it, in partnership with Norfolk Historic Shipwrecks and supported by The Glouc8sl8r 1682 Charitable Trust and local businesses. The exhibition, which showcased a stunning collection of obigcts from the wreck, generated huge public interest and raised the profile of the Gloucester nationally and inlernalionally. A short film of the exhibition was producad and can be viewed on the Gloucesler 1682 Trust website. Over five hundred SUPF)Orters have signed up lo the Gloucester 1682 Newsletter. Appolntment of Trusloes The Board ofTruslees consists of ten Truslees as of 31 March 2024. The Shadow Board of Trusl88s was initialty established with seven c￿opt¥d Trustees with experienc& encompassing law, senior management, accountancy, governance. insurance, public engagement and stralegic consultancy. A skills audit was conducted in September 2023 to ascertain the strengths and weaknesses of the Board and the results infom)ed a public recruilmenl pr(Kess lo find new bustees with skills in financi81 management. legal, marttime archÈeology, business planning, operations and heritsge. Two new truste&* Ileg81 and herllagel were appointed. Thè TTUSI recruits according to ils Equal Opportunities Policy. Trustees are appolnted by Ihe Board after an o￿n and advertised rectuitmenl process and if no candidates come forward then suitable individuals will be ¢o- opted and approve(I by the Board. Flnanclal Revlew The first year has seell the establishment of the financial and policy infrastructure for the Trust. A bank a￿￿￿nI was opened and a channel for donations, a Chaiilies Aid Foundation accounl. was quickly sel up. Donations tolalling £147,978 were received during th8 fSrst year which enabl8d th8 employment of one full time member of stsff. the wnstruclion of a new website, PUbl￿11Y materials and consultancy costs lo be mel. All donations were unrestricted. The charlty operates a work from home arrangement keeping office overheads lo a mlnimum. A postal address and some recordkeeping are provkied gratls. The Development Committe8 Is tasked wlth fundraising and meets six times per year. Members of the commitlee include experienced charity fundraisers. DonatK)ns were received from private individuals, trusts and foundations. businesses and the general public. Other donation income was received from talks to dubs. learned societies. historical associations, schools, local clubs and societies, yacht clubs, maritime organlsatlons. and Women's Inslkules. Free talks about the Gloucester are given to schools. These talks are delivered by our partners the University of East Anglia and Norfolk Historic Shipwrecks as the Trust does not yel have the capacity to undertake public engagement activities. During our first year Price Bailey has given payroll and accountsncy support. Res•Nes Pollcy The Gloucester 1682 Charitable Trust has d8V8Iop8d a policy thal= fully justifies and clearty explains keeping a reserve re11ects the rlsks of unplanned closure associated with the charity's business model, spending commltments, polerntial liabilities and financial forecasl does not include endowments or reslricled funds is equal lo 3 months running costs wlh a minimum held of 1 month The reserve can be spent when.. thera is an unexpected Gall on fvnd5 or opportunhies may present themselves. Page 3 THE GLOUCESTER {1682) CHARITABLE TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 (CONTINUED) ststem•nt of Trust8e$' responsibilities The Trust88s are responsible for preparing the Trustees, report and the flnancSal slalements in 2ccord8nce wth 8pplie8ble law and United Kingdom Accounting Slandards (United Kingdom Generally Accept8d Accountlng Praclicel. The law applicable to charities in England & Wales requires the Trustees to prepare financial slalements for each financial period which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including ils income and expenditure. for that perFod. In preparing these finanry81 statements. the Trustees ar8 r8quir8d lo: sel8cI suitable accounting policies and Ih8n apply them consi8lenlly.' observe the methods and prinoiples of the Charities SORP IFRS 1021: make judgments and accounting estimates that are reasonabl8 and prudent- slate wheth8r applicable UK Accounting Slaridards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial slalements on the going con￿rn basis unless il is inapproprial8 lo presume th8t the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are suffic￿nI to show and explain the charity's transactions and disclosfj with reasonable accuracy al any lima the financial position of the charity and enable them to ensure that the financial slalements comply wllh the Charities AGI 2011, the Charity IAccounls and Reportsl Regulations 2008 and the provisions of the Memorandum of Association. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities Approved by order of the members of the board of Trustees and sKJned on their behalf by.. Ch8ir of Date.. 13r& Ja Z6l¥ Trusloe Date". 23 202y Page 4 THE GLOUCESTER {16821 CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 MARCH 2024 I report to the charity Iruslees on my 8xamination of the Bccounts of the charity for the period ended 31 March 2024 which are set out on pag8s 6 to 13. Responsibilitiès and basis of rnport As the charity's Iwstees you are responsible for the preparafjon of the accounts in accordance with the requirements of the Charities Act 2011 ('Ihe Act')- I report in respect of my examination of the Gharity's a¢counts carried out under Section 145 of the Act and in carrying out my examination I have followed all Ihe applicable Dir8clions given by the Charity Commission under se¢tion 14515llb) of the ACL Independent examinorfs statement I have completed my examination. l Gonfirm that no material matters have coma to my attention in connection with the examination giving me cause lo believe that in any material resp8Ct= accounting records were not kept in respect of th8 charity as required by section 130 of the Act. or 2. the accounts do not accor(I with those records., or 3. the accounts do not comply with the applicable requirements con¢8ming the form and conlenl of accounts set OL¢1 in the Charities {Accounts and R8POrtsl Regulations 2008 other than any requirement that th8 accounts giv8 a 'tru8 and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. l A Badow FCCA Fur and on behalfof Sexty & Co Charter8d Certified Accountsnts 124 Thorpe Road NoN4ich NR1 1RS Date.. ei T 242* Page 5 THE GLOUCESTER116821 CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2024 Unrestrlct•d funds 2024 Reslrictod funds 2Q24 Totsl funds 2024 Note Income from: Donations, grants and legacies 147,978 147.978 Totsl income Expenditure on: 147 978 147 978 Raising fvnds 8,657 8,657 Charitable activities 66.840 66.840 Other expendf(ure 13,232 13.232 Total expenditure Not incomallexpenditurel 59,249 59,249 Net movem8n* in funds Reconclllation of funds: Net movement in funds 59,249 59,249 Totsl funds carried forward The Slalement of financi81 activities includes all gains and losses recognised in the period. The notes on pages 8 10 13 lorm part of these financial stalemenls. Page 6 THE GLOUCESTER11682) CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 Notè Current assets Dabtors Cash at bank and in hand 7.200 58,641 65,841 Current liabilities CreditQTS'. amounts falling due within one year 10 6,592 N•t current assets 59,249 Total net assets Charity funds Restricted funds 11 Unrestricted fund8 59,249 Total funds The financial statements w8r8 apprDved and authorised for issue by th8 Trustees and signed on their behalf by- (Chair of ste {Truslee) Dale.. The notes on pagos 8 to 13 fomi part of Ihese financial statements. Page 7 THE GLOUCESTER {1682) CHAR￿ABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 General informatlon The Gloucester (16821 Charitable Twsl is a charitable incorporated organis8lion ICIO). charity number 1202389. The registered office Is Top Bam, Broad Fam), Upper Street. Salhouse, NoNich, NR13 6HE. Accounting pollcles 2.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared In 8¢¢ordance with the Chartties SORP (FRS 1021 Accounting 8nd Reporting by Charities.. Statement of Recommended Practice applicable lo charilles preparing their accounts in accordance with the Financial Reporting Standard applicable in thg UK and Republic of Ireland IFRS 1021 leffeclwe 1 January 2019), the Fin8noal Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Charities Act 2011. The finanoal statements have been prepare¢J lo gNe 8 Inje and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exienl ￿qUired to provide a Irug and fai view. This departure has Snvofved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity meets the definition of a public benefit enlty under FRS 102. Assats and liabilities are inttially r8cognis8d at historieAI cost or transaction value unless othe￿iSe slated in the relevant accounting policy. 2.2 Incomg All income 18 recognised once the charity has 8nlillemenl to the income, it is probable that the in¢ome will be received, and the amount of income recervable can be measured ￿llabty. For donations to be recognised the CIO will have been notified of the amounts and the settlement dale. If there are condttiorns attached lo the donation and this requires a18vel of perfomance b8for8 &ntit18m&nt can b8 obtained then income is deferred until those conditions ar8 fully m81 or the fulfilmenl of those condttions is within th8 control of th8 charity, and it is probabl8 that they will be lulfilled. Grants ore induded in the Ststement of financial athivilies on a re¢elvÈble b8sls. The balance of Income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in credttors as deferred income. Where entttlernent occurs before income is received. the income is accrued. Page 8 THE GLOUCESTER (1682) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 2.3 Expenditure Expenditure is recognised once Ih8r8 Is a legal or constructive obligation to transfer economic benefil to a third paty. it 18 probable that a transfer of economic b8nefrts will be required in setdemenl and the amount of the obligation can be measured reliably. Expgnditure 15 c18ssifi8d by The ￿sts of each activity are made up of the total of direct ¢osts and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable to a single activity are allocaled dirocliy to that activity. Shared costs which contribute to more than one 8clivity and support costs which are not attrlbutsble to a single actNty a￿ apportion8d bett￿en those 8Ctivilies on a basis consistent wf(h the use of resources. Central staff costs are allocated on the basis of lime spent. and depre￿atIon charges allocated on the portion of the asset's use. Exp8ndlture on raising funds indudes all expenditure Incurred by the charity lo raise funds for its charitable purposes and includes costs of all fvndraising activities events and non-charilable trading. Exponditure on charitable activities is Ineurred on direclty undertaking the activities which further the hanty's objectives. as well as any associated supwrt ￿st$. All expenditure is inclljsive of irrecoverable VAT. 2.4 Cash at bank and in hand Cash al bank and In hand includes cash and short-term highly IiquKI investments with a short maturity of three months OT less from the date of acquisition or opening of the deposit or similar accoijnl. IS Llabllltles and provlslons Liabilitie5 are recognised when there is an obligation al the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit wll be required in selllement, and the amount of the selllement can be estimated reliably. Liabilitles are recognised at the amount that the charity anticipates it will pay to sellle the debt or the arnounl il has received as advanced paymen15 for the goods or services it must provide. 2.6 Fund accounting General funds are unrestricted funds which are available for use at the discrelion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financi81 statements. R8Strfcled funds 8r8 funits which are to be used in acc￿rdanCe wth $￿CIfIC restrietions imposed by donors or which have baen raised by the charity for particular purposes. The costs of raising and 8dmini8lering such funds are charged against the speafic fjJnd. The aim and u88 of 88ch reslricled fund i8 sel out in the note5 to the financial statement8. Page 9 ThE GLOUCESTER (16821 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 In¢ome from donatlons and grants Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donations and grants 146,728 146,728 Gfft Ald 1,250 1,250 Exponditure on raising funds Unrestricted funds 2024 Total funds 2024 Fundraising costs Expenditure on charitable activities Unrestrlcted funds 2024 Total funds 2024 Staffing costs Consultancy costs 42,135 24,705 42,135 24,705 Page 10 THE GLOUCESTER11682) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Other expenditure Unreslricted funds 2024 Totsl funds 2024 Websile costs Subscriptions Prtnling. postage and stationery Recruilment costs Travel expens8$ Miscellaneous Accountancy Bank charges S,849 377 1,058 1,148 2,039 366 2,241 5,849 377 1,058 1,148 2,039 366 2.241 154 Independent examinerfs romuneration The independent examinevs remun8ration amounts io an independent examiner fe8 of £2,160. Staff Costs 2024 Gross salaries 40,592 Defined ¢ontribulK?n pension ethls 1,543 Total staff costs 42,135 No employee received remuneration amounting to more than £60.000 in the period. No Trustee ￿ceIVed any remuneralion from the tharity during the financial period, nor were any exwnses reimbursed. The average number of persons employed by the charity during the period was 1. Page11 THE GLOUCESTER116821 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Debtors 2024 A￿rUed income 7,200 10. Cr￿[torS 2024 Other creditors 4.236 Social $8curfty and other taxes 2,356 11. Analy515 of funds Transfer bolween funds At31 March 2024 In¢omin r080urce8 Resources expended Unrestrlcted funds UnreslrÈct8d fvnd 147,978 88.729 59,249 Total unr•strict•d fund8 147,978 88,729 59,249 Restrfcted funds Restricted funds Total r8stricted funds Total funds 147,978 88,729 59,249 Page 12 THE GLOUCESTER {1682) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Analy818 of net assets between funds Unrestrl¢ted fund8 Restricted Designated funds funds Totsl funds Current assets Current liabllllles 65,841 16,592) 65,841 16,592) 13. Related party transactions The chaiity has llol entered Into any relaled paty transaction during the perfod, nor are there any oulstsnding balances owlng bettmeen related parties and the charity al 31 March 2024. Pag8 13