Charlty R•gistratlon No.. 205177 Regulator of Soclal Housrng RegIStra￿On No.. A0215 THE GLOUCESTER CHARITIES TRUST ANNUAL REPORT AND FINANCIAL STATEMEprrs FOR THE YEAR ENDED 30 SEPTEMBER 2021 THE GLOUCESTER CHARITIES TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 CONTENTS Pag• INFORMATION AND ADVISORS REPORT OF THE TRUSTEES INDEPENDENT AUDITORS. REPORT TO THE MEMBERS 14 STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCNL POSITION STATEMENT OF CHANGES IN RESERVES 19 CASH FLOW STATEMENT 20 NOTES TO THE FINANCIAL STATEMENTS THE GLOUCESTER CHARITIES TRUST INFORMATION AND ADVISORS FOR THE Y&AR ENDED 30 SEPTEMBER 2021 Reglgtgred Offlc• and Princtpal Place of Bu8lnes$ Century House 100 London Road Gbucester GL13PL Bankors NatW8St Bank plc 21 Eastgate Street Gloucester GL1 1N sollcltors Tayntons LLP Cl8ren(Y Chambers 8-12 Cl¥en¢x Street GIoucESter GL1 1DZ Loclders Solicitors LLP G￿nSanda Housè 1 mon1pell￿r Parade, Cheltenham GL50 1 UA Audltor Hazlewc¥Jds LLP Wlndsor House 8ayshill Road Cheltenham GLSO 3AT Investmènt Mana9er8 In¥￿1￿ Weath & Investment 2 Gresharn Street Lomdon EC2V 7QP Brewln D￿phin Lrmited The Lypiatts Lansdown Road Chdlenham GL50 2JA R8giStgred Charlty Numbgr 205177 Ragulat￿ ol Soclal Houslng Re9istrdtlon Numbar A0215 THE GLOUCESTER CHARrriES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 TRUSTEES, REPORT The TnJ3tg9s pwent th￿r annual rep)rt and Ihe audtsd flnanoal statements for th8 year endBd 30 September 2021. Almq and Objècti￿$ The aims of the Charity 8re'. Provision of qu<ty sh6K8red accommthjakn at ￿ affordable 4))st Extra c8re faalits8s for frail Amshouse residents Admlnister, effeclivdy (he Relief in Negd branth of th9 Charity The Trust beneficiaries are 0￿er people in need in the County of Gk)west¥shir8. Tha beneficiary sa]￿l￿n politry Is in accordance witr. the wovksions of The Schome. whwth is the g)vemiro d￿ment of Ihe Trust. The Trast also separatdy administers the fomiw Glw(ester tlstsict NursiThJ Charity {svhich was unlted wlth the Trust in 2CX181. The aims ol Gloucester District Nursing Ch8rity arg.. Thè relief of person8 in n8èd r￿C￿nt in L*8 area of benefft who a￿ o)nvale5¢ent. di￿ab￿, or infirm by relleving thelr suffering or asslsting th￿r r8(X>VWy The relief of nurses who are in nee(> and a￿ In the wea of benefit,. and The r81ief of any relir8d nurs6s who are In need and wh) were fomerly employgd by the Glouce5tet Oi5trict Nursing So(xety In exceptiond (ases the Trustees may grant rdief to olh8rwis8 digir)le vA)o are res￿￿￿t outside tre sald are8 bul in t￿.e opinion ol the Trustee5 ought neve￿t￿.￿e$S (or suffici￿* r8a8on to b8 tr8at8d resldenl there orwho arg loGg18d for the ts'me b￿r￿ ￿li1n that area. Our Str#t•gle Alms To grow and be(x)me a lealirvJ. stralegiq and influenb.al hous1￿. ca￿. and SUp￿rt seNc85 providèrfor old8r people To operatè and fUrt￿r devdop exceptionJ ￿ms￿)use$ offwing *klitional care and support to maintain indeper,dent living, To ensu￿ h￿h quality serv￿8 ddN8ry in (Hjr r8sidBntial and nurslryJ hornes Sp￿181181r￿ in dementia., end ol life.. and palliative care To 8xp•d our speck41ist ￿em￿lt￿ day care S￿CeS in line market d8mand ID SUPW>rt those Ilving indep8ndentty as well as our¢Jwn resklenLs To support our loral ra)mmUn￿85 thrO￿h rAJr Relief in N86d gent gi￿ng To build our own intemal strengths and Cap￿lI.￿leS io InLye￿ our irn￿ ensuring our organbation sfvdure can delNer our strateJic plan To pursue our otherobjecbves whilst rnaInt￿nlng snd iMpro￿n￿ the finandal vLibilty of the Trust THE GLOUCESTER CHARITIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 R•f•r•ne• and Admlnlgtralhre Inforniatlon Pdncipal Office,. Century House, 100 London Road. GbJuc*slèr GL13Fi Mr Martin Cdlin8 Icharynan) MTS Gill Payne Mr Terry Hain.es Mrs Christine Harber Mr St8ph8n Heath (Mce ChaIrm￿l Mr Graham Howell Mr Graham Limbrick Mr Graham Lod(e Mr Stephen Ayland Mrs Jad(le Matthèkns Miss Dawn Memn Mr Lee Hendey Mrs A￿e18 Goniler {8ppoiniwJ 23.07.20211 Iss Par. T PlrM*tyn Whrte Mr Colin Youn9wn Dr lan tbnJd Dr Jan Lugg Mr Brian Lar￿ (reti￿1 23.07.20211 The day to day runnirvJ ofth$ Trust affairs ￿ manw by the Chief ExaxJtNe. Mrs Kathryn LewLs. H8z18woods LLP prowdes ￿drt and rdated to the Trustees. Tayntons S￿icitors and Lodders Sol.Yxlor8 pro*ide legal seTrices and rdaied adwcelo the Tiustees. Natwes; Barti Flc provides finandal servkes to thè TnL%ta&. Invest￿ Weatth & Investmont provide investmeni Servi￿ to the Trustees. Brewin Ddphin Fwovido SnVestrn￿rtSe￿GB$ to the for the Gk)uc￿ter Th's1rict Nursing Charity funds. OJslodlan Tru8t8s- The Off5081 Custodkin Mccarlneys LLP ad as L￿d Agentsforth8 Trust stw¢ture, G0￿ManCe and Manag•m•nt The ￿arity is an unincorporated Charity (regislration number 2051771 wlh an unincorporaled tr*)dy of Trustees. The goveming document of the Charity is The SchÉrne d8t8d 4 4>ri1 1997 amended by Schem8 dated 16 Decerr,ber t￿7 Sc*ema dated 30 April 2(M)1 regis.ered I•￿h the Chaty CommissN)n. The Ch8rily is a regi5ter2d charity, an Alrnshouse charity. and a Registered Provthr IRPI. The Charity reglstered wth th6 Regulator of HousirKJ. the Care Commission {CQCI and is a member of th$ Almshous$ Assooation. The body cf Trustee5. when 1￿Mplete. cx).vi81s 0118 TnJstee8 of wh￿h nne afft nominated Trustees and nlne o)- optslive Tru8tges. The COY)p¢atNe Trustees a￿ Indmduds wtr.o througP residènce, Dccupation. or ernploy￿ent in or near th8 City of Gloknceslw havea spe0a.'￿t knOw￿￿e or Interest in the work ofthe Charity. OFttte nominated Trustees seven should be appointed by tr9 Cwrol of lh8 City of goU￿Ster and by the Committee of the Fr88m&n of the City of Gloucester. The Trust has a Trus￿ Re(¥uitment arHI select￿)￿ Pdicy and a separate Trustee Inductior* PoliGy whiGh arp reviewed every t%￿ ytrar5. Trustees 8re prov￿9￿ with an infonnation pack upon joining the Trust which contains the most ￿ent aJQi18d financial st8tem8nts, the latest management account information, rninutes ofth8 iwo rnost ￿entG￿r4 Meets"ws. a short h.'story of the Trust the Trust Schetnes, and a copy of Chartses Commission bookle; CC3- The Essen'.ko1 Ttyjstee What you n￿£ io know, and a list of the yearfs '.Drthcoming m8at"ngs. In a￿d￿tr￿, th8y ar8 8tso ￿8￿ed *ith any polici8s wlh which they need to comp￿, th8 Cod8 of Governance and the Terms of Refere￿ the vari(￿$ SU￿¢0mmIttee$. Trustees can bè eo-OPt*l by 8xi8ting Tru51888 rf ￿ hav8 the r￿8¥an1 skllls. kn￿edge and background that enable them lo meet an &xBting sknlls gap on the Board of Trustees. THE GLOUCESTER CHAFUTIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Durillg 202012021 The Board ofTrustee5 met kH-monthy to rxry out the business ofthe Charity. Due tD t".e ￿VId- 19 re¥lricts"ans. rnosl of our Board meetings ￿re ne&Y virtualy using fvlicrosoft Team3. Gcfs Board has several Butrrcomrnitt8es. Audil and G0Ven￿nCe. Rnance and Propety anc We￿a￿ Istsff and Residents) whlch comprfse of Trustees with a Sp￿id15t knowledgg or skill in a parbculaty rdevanl area. These cornmittees meet approxirrately &fj Iirnes per y8ar and tske f(￿ard re￿lmendati0rB lo the rn8in me8ting5 of the lull Trustee Board. Employ88s of the Charity report lo the maln Board o.. Twstees at the bi-month..y meeliros or through a nJ)nthly Infomi*"on pack and may refer rec¥Jmrnendakn"ons forthewnsiderati)n approval of all Trustee5. The day to day rkjnning oftheTrust i8 d8l&Jated to th8 Chief Exe(th8 SUPWrt8d by a Sen￿r M8nagement Team. The Trust also operates an AdvSsory Commlitee thich ¢))nslsts of the Char. Vb% Chalr and one other Trustee to which th8 c￿.18f Ex8cutive rAn ref8r$￿)Ukl a d¥isK)n n*1 to be rn*e urg8nty. The Trustees a￿ requir&J under charity *lslaUon and Homes E￿aThy to prepare financld statements that give a true and fair v.'ew of the chanty's perfomiawe duriru and al the end of thefinancTal year. Publk Benefft The Trusts main charita￿e aim k% to pThid• good qv81ity. affordab￿ &ce(mmcNJAkn"on frJr ol(kr peop￿ from tho Cwnty ol Gloucestershire to m8et the variety of needs which this dienl group pr888pts. The Trust owns and manages 137 shdtered housing fiats at four kxztKJns ￿1n Glo ￿SLer. both ￿lIId Aouse Residential Home and Magdalen House Nurs',ng F*)me as wdl as the Kimbrose Club. T￿e Trust theref(*e operates a cirde of Ca￿ thi 5UPPOrts individuals living Indèwd￿tIY right Ihroush to those ,.￿u,.rinS Nursing carè. Thè accommoda￿On and Care provided by th8 flats and Homes.'s opgfi to the ¢x)mrnunty of GIOU￿terShIre subject to meeting the Trus¥s admission citeria. In addrtion. the TnLsi also offers a dedKaled day Ca￿ facility. The Kimbrose Club. Th& aub open to older people Ireswents rwesléentsl demenla, memory loss or depresslon anxiety. The Club 15 Intended to ar4x)rnrTh)date those wh> lrye indeP￿denty have no personl care r9qU1r￿ents. 11 15 a lively, vibrant place where frierKlships are made. ￿X￿j bod eat￿ and Whe￿ there is ttr..e opportunity to dSscover new Ihlngs to t*). Sadly, the Club had to cha)ge the way in svhid) we suprx)rted wr rnembws in the year so that we adhered to covid-19 guidance. This meant we io SUPWrt more than 15 members at any one time and had to rnaintain social dk%tancè etc. As in th8 pr8vK)￿ y8ar*tr.8rew&% a poriod wh6r6we had to Close (January and Fthuary 2021). however we $L￿ee$s[Ul..Y and have r￿arned open since March 2021. The a￿ve maets th8 public b8nefft crtt8ria and fal￿ witlmn the Charib&s Aet 20(￿ Charitab￿ pUr￿se defined as 'relièf of thoso in nèed by Rasons af youth. age. ill-health: di5atMIty. financi41 hardshlp tsf Other disadvantage.. All the Trust's charitable thi'.ies f(¢us on directly improwng the lives ol c4der p￿pIe by providing a raroe of housirrfJ and care options. The Trusts Relief in Need actvil'es aL%o cbarty meet public benefit criteria and are availab io non-residents, of any aGe, subject lo Lhe requiremellt5 of the ￿Vertyng ¢knurnent. In the furLherance of these ams the 8oard. as the Charity Trustees, have cx)mplled wth the duty In s.4 of the charib.es Act 20l￿ tts hzve due regard ro the Chatrty Co¥nmissiDn'5 published general aThJ ￿leva[rt sub-sector guidan(￿ con¢eming the operab.on of the publi¢ benefit requiremgrt under that Act. The Trust awaided grants to the value of £83.956 to indivpjuals in the year wa the Relief in Need and GI￿j￿$ter Oistrict Nursing Charity 5ch&Tr8s. There ha8 b88n a steady nbmb8r of applicatitrr.s during th8 year whleh is still indleative of the very diffi(￿11 circumstan￿$ so many IndNiidbJs b.ave foknnd thernsefves In. We have ￿)ntInued to fdlow a swrfter grant approval process 4thich was ap?ro¥eQ by the Board and set up in 2020 tts ensure we were able to provid8 immediat8 5UPPOrt wh8r8ver possible. R•vlew of ad)levements and perfom)an¢• for the year It rnust be no18d that due to the ￿rOnaVIruS p8ndwnic we hat to (x)nbnue lo mthe significanl changes lo the way in which we (onducted our operabo.la acti¥￿e$ In the year. ihwe were numerous dfficulties to overcome and some of planned proiett.s had to i>e plac￿ on hold. We had tie huge task of Implemenllng strfcl (x)vkJ tesllng imes throughout our operaboris followed by the leGal reGuirem8nl'hal ￿1 staff in our sector had to be doublg vacrjnated by 1 sl November 2021. We have found ways o. working to deal with the ongoing wronavirus situation and have been inrKtyvatiYe and re￿t￿e li our approaches but have hae to lockdovffl our Homes Dn several ¢Kc8sions du8 to having 2 or ￿K>f8 Staff I r￿Idents t8S: wjstyve fi)r (x)vid. Tr.is has tiovenle(S us from achieving anythiro like full 0¢￿panCY a8 we have been aole to a(trpt new reshlents when we have been dos8d. THE GLOUCESTER CHARITIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 It L% fair to Say that thi5 y88r.i& W arK)therV￿ chal￿￿J1ng one, Ènd w8 are so gratgful and aPp￿latiVe to our derlieated staff tèarn who have WKJrkgd so hard trirough)Lrt to ensure our re5Klents have been well looked aftar and supported. It is a sad fad that there are staff vacanoes..n IK)￿ ¢JJ.. Homes, whid) is somthing that we have [￿t had rnuch eXperi￿Ce of In previous yea￿. and rg(xuilrnent and retents.on of staff 15 a its most dffjcult. The Heatth & Swal Carè séctor has k)st its 8ppeal. p8rUy due to the appallir¥J publicity recaved duriro ttre pandwnie snd partly as staff 8r8 18avI￿ due to physical ard rnentsl exhaknstion.. 80me want a job where they can simpty swilth off al ine end of each day. We cannot match th8 pay and rA)nditions of staff in the NHS 50 aro doing all wecan to promote our ￿￿￿1Ve workplac* oJStur8 and fo￿￿ing on stsff wellb&ng. We hod SIgn￿Can1 charoes to our manag￿￿ttsaMS inour servhxs duri￿ thèyear with th6 rgtirwnent of on8 Reglstered Managsr th8 reS￿natiOn of another. Th￿ caused soma Prob￿rnS for a while whlch meant our Head of Operations and CoThpliance b￿me the Re9Stere(S Manager in bolh services whilst recruMment and 5ubsequgnl WObat￿ l intsrirn penods are satisfiwj. ltsms brought forY•ard from 2019r2020- progress rei Sècure plan.qlro pem)isslon to devdop our H￿. ar House site and build an anhanc8d sh8tt8r8d housing scheme- Outeomg." P18nnryp8m7i&von on this develLyrnenl w8s 8v8nlu8lly secu￿￿ in Dec&mbw 2021. 7h8 Trust is now looktn9 ¢0 Sell the site 8s a devWenl opportunity. 2. Create an addthonal flat at St Mark4 by m8king use of an undw-ublised bunge and kitc￿n. Outcome: Th18 hgs b&￿ p18G8d on hdd to olhorpKyeGtSb￿￿9pn￿1￿s$d. 3. Crgale a ￿n￿pOrary open plan I dining I kitch8n rrKJm at St Mark5 in the downstairs communal aw. ￿tt￿m0.. Thishasb88n plaG8d¢￿ hold due to Ihe ra&son$ list8d ￿ 2 above. 4. RePl￿e the care (al system al all rwnanirrfJ Almshow 5it88- (￿l¢0Me.. We have inslall&d ngw sy&tsrns 81 all owthglier8d sltes. S. Continuè our programme of upgradbig lighung to LED throughout the Trusl- Outcome." ongu.ng as 8nd hgn rcuns andfl8tS 8r8 v8cat8d. 6 Cary out various resurf*ng proj￿ts thrwghcxjt the Trust- Outcome: Completed. C￿Se rrK)nilollng of Brexit aThJ the imp￿1 it may havè on our abilty to operate our servi￿. Outwmg- Allhough 8r&￿t has happened. thè Mnpadof ths is h8rdlo assess and M"Il be ongoAng. Planned works 202012021- progress re In addrtion to our extwswe prDgrarnrne of tAanned and preventative mantènance and rycliral maintenan￿, we managed to cDmplete I progress Ihe fOlW￿ expendlture wc¥k5 ir. 202012021.. B tst extenslon blod( to Bruns￿l£k Ro￿- not pr(uress&J. E*lalkd fa&iL¥lity study r8quired lo ascertaln viatN"lity ol pr(4￿￿. 2. Retha(¢M￿t of both lrfts at St Barthok)rrws- complet•Y. Instsilation of Ur￿ated systems at St Margarets, St Marts & St Phillps- complet￿. Rem(&ddkng of 2 b8dsits al St Margarets and sreabon ol an addilvnal fial usillg exBUro faaliti&8 - planning pro-app discussx)ns were not favi)ura)'6. Priy￿* rxy proc*￿￿1ng. 5. Install 3 naw master suit8 k)d(Ir￿ system for the AlmSh(￿￿eS- o)mpleled. 6. Conl'nue our programme ol r8furbkshment and upgrJJing of dl our &ts)mrt￿8tltsn- onoving, THE GLOUCESTER CHARines TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Performance Revlew As prov￿L￿lY ment￿Jnd. this year has Lwn arK)ther extrErnely challervJing one. We have, however. strived lo ensure we have provided the high&. standard5 of cAre ard supw)rt fgr our residents with 8n emphasis ￿ their overall w￿[￿'n9. This.has Induded the pvvislon of addltk)nal staff FKtrurs to provide fflo￿ in-house S￿la1 èrtivili and resldent engagement as there has been lrttk oppThtuThty to go out tYJs or have outside entertsintr.ent and avents inVDlving relative5 and othervisilors. We have ensured our ￿SidentS who live Indep￿￿en￿lY have bgen well supp)rtad through OUT we￿are CAlls. méal dal￿ery 5ervi(xs and th8 in-hous& shopping service we dev8k)ped to ensure all our ￿ld￿t$ had access to f￿d. ar reasonatle pri¢e5. ddNered free to their coor5. these Iqitiative5 )ntinued for part of the year after whid) restn¢l]ons were rdaxed. Thls was extrèm8',y wdl r*cèivad by thtsse rasidènts as was the rsgular'traats. ￿ I)rgan￿ad 8ueh as erèam taas. and thips etc. The Trust had more vacant flats and h￿er oCcu￿¢Y In our shelter￿1 a(xx)mmodation during th& year than previously exp6rlanc8d, which waslsrgety attrftKrted io LLS notoffering acc0rnT7Ksdat￿)n fo."$8V8r81 months only V15iling ￿te5 to Cary OLf4 ￿sential works. This meant a dejay in (xrrwng out woths in fl8ts requiring refvrbishment. We also wèrienc&J svJnffica)L'y higher than budgeted wo￿$ in our Nu￿[￿j Fkmne, Magdalen H￿se and In our Resieential Horne, (>Jild House which was mainly due to our rK) ad￿lS$K>n8 tK)licy a de0S￿n to en3ure staff resources we.* not bwng unduty str£tched. Magda'.en House was Stil," able to offer OCCaSk)nal respite care when it Was safe to do so in aco)rdance wth ourstrict uJwd-19 prev￿h"On mea5knres. Thè promotion of thÉ circle of (*r8 offéred by thè Trust (x)ftLnL￿ to b8 a key feature of our $8rwic8. W8 are alw2yS oknng at W8ys in whith to add more into our Cird8 of Cw8 and our rnuth-anli¢ipaÈd socaal enlttprise pro1￿1 at The Yorft, now thown as No.76. is certwnly ￿ling io enh￿¢0 rt further. We are ￿annIng an opering event in March 2022, and we are very excSled at the FQten',kal impact thks venture may havè in our I￿81 ￿mMunIty. We were very apprwative of the Grants whK* we reixwed frorn Glou¢xstershirfr County Counryl.. these have helped us support our staff tearn. enhance resident 9rvJ￿8rnenL and f￿alitate safe VLsits for relatNes throU￿oUt the pandeml¢to dato Recruitment an(f r8tention havè ox(*ptionalty drffitrjll in Guild House and Magdalen House during the year,. however, we h8ve managed to maintain a core S.￿ team. We have. regrettab￿ had to rdy upon Agency staff tD maintain safe staffing ￿velS ngJotthed some fix￿1 tw4 ¢ontracts so t￿.al we had the 5atne staff work fDr us which mèans wè hav8 abk to provide continulty o! eara and suptxjrt to a l our r85idenls, wh￿h is of vital irnportanc8 to us. As always, th8 Staff tearn hav8 (k)ne a ￿)nCerfUl job in carro for and meeting the needs of our residents and mwnbers and we areeXtreMe￿ aKpwxaiAieo¥1b.edd￿ati0n and commitment they o)ntinue to glve under the most dIff￿U￿ of(ircumstances. Magd8len House Team are still to complete the (kAd Standard Framework twniro for ￿￿-014Ife care as the Iralning programme has been consideraNy di8wwed by CovhJ-19 pandemic. Wè are utillsiro leaming gan￿ to date to wsure we off¥the besl stsndards of end-of4rfe care. We have made use of the opportunity Whe￿ there have W vacant rooms at Gulld House and Magdalen House to refurbish Ihetn to indude new flwrfro. LED 1lghts.ng upgodes and r￿mplete re(Secoration so they are ￿adY to be occupied when a new re$￿ent￿$heS to move in. To ensure the retentR)n of our key siaff theTnJsl is o)niinually l¢y)king to incwse ourrange of well-being initiatives to implement. Our Tnst Wellbeipg Lead ￿J￿iSheS monlhly Wellbeing New￿￿tterS which ￿n￿1n a h05t of tips and advice for staff to fdlow and 0ft8n (x>nt8in a Sm￿1 gifl for staff as a token of our app￿￿alK)n. Our staff wlll benefit from discounted p.ices at No.76 and we 8re kM)knng at other ways in wh￿￿ we can trnprove thdr c£Jndrtlons ol 8mpk)ymsnl too. Our Kimbrose Club has had a very year due to ha￿r￿ to (lose in January and February 2021. We we ab'.e in Marth 2021 after an extenslve oige of tsk assessments wa5 1x)mpleted and criteria w£r8 met. We are de1￿hted to have rernained Op￿ since. OLr stsff have Ik)ne an excellenljob in making the Club sb'mulating and enjoyab￿ for our members whitsl adhering to the num9rous reslrictw)rts imtx)sed. We have Ii Ot progres5& our prLyJratnrne ofbrand awarene55 ofthe TfUSt promotip.g GCT &s there have been other far greater prioqbes needing to be addressed. We have wn'inu9d to develcp and improve UFX)n the range of qualilatlve and quantitslve Informalk)n prowdèd io ou.. T.wstees D assbt in the governan￿ tieGiSiOnS and to prowde Ihem with assurances Ihat the Trust is beiNJ wdl manaJed. THE GLOUCESTER CHARinES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 311 SEPTEMBER 2021 In finandal terms thè Trust h&% not had a wbc¥Jlaty SUCL*&%fvI in ovwdl tarms ol tha opèraOonal actlvltles however the perforrnance of its investsnent5 has been better than in the prEViOU5 year. We have complèted our Value for Money IVFM}metri.c8 for ifjclusM)n in Lie acc4)unts aswe are nowrequIr￿ to do 8nd th￿ear9 no concern8 noted ￿en comparing them to the prevk)us year. We have had our investrrwl pn)pgrbes for mos¢ of Ihern thi% h&% resulted in a s1gnrf￿arnt Inc￿$0 in the value of our 8SS8ts. 11 & the Inten)(￿ of the Tnist to rA)nYnue to rewew the us8 of its non-core a588ts in line with tsur strategic plan and we have a Day planngj in June 2022 to devebp this further. We manyd to hold a fiAI Board Strattyy Day whrh wa8 ethmety uselul and hdp8d u8 on tha priorth85 for the next 12 months and beyond. One ofthe main deosw)rJs to wme out of the day was thedeaslon to o)nslder the sale of nono)re assets to release funds for opwatthal projects and serv￿￿ devekjpment. Staff training has. wJwn. foujsed largdy upon trleamir@ as we wwe unable io o)nduct to face tr8inlng or att6nd oxtemal Iralning (ourses etc We We￿ not to progress fulty with Ihe Im￿eM￿ta￿on of our Positive Wort(place Culture training in 202012021 $0 is now tHng byour Head of Operations and cOm￿lanDe and Stsff Relali(Ms Manager who will be ir6trwnental in deydoping. Impl￿entI￿. and embeddir¥J the agreed culture straiegy during 202112022. Th9 Trust WnddCl￿ several kgy r8viewJ trroughout th$ year induding th¥ rwéw of it8 R1$k Summary and tho o)rrespondiry actlon p18rts lo rnltwle risks In wtaln areas. The Strategic Ran has been reviewed and further updated particularfy EQn51dellng Ihe events Dfthe year. The Head ol oP￿￿.￿S Co[Dp1ran￿ will wodt with the opèrational Managers to create detailoe indTwi¢ual busness tAans to dovetal wth the overarching GCT plan. In terms ofits rnn-core 8ssets, the Trust has o)ntinuedtowxk(*)sely wth our Land Aoent io suppcrt the Tenants to mske IrnprOvem￿ts to the fams they ocuJoy. We &rter8d another Lease ￿ Hartpury College at ok￿ CIKford F8rrn which gwès both p8rt1&5 56(xrtty for tb8 next 10 year5. Future Plans We are intending to <*J the folknwng this year. in a(kJitK)n to some ￿ the iterns we were not the to pwre55 previously.. We plan tofurtherdevebp. Irn[￿eMe￿t, and 8[￿b￿ ourw8ll-b￿￿g Inthativ￿forStaff and app)￿nt￿&11b8Ing Chamtxons lo support our work on furLier devdopirrfJ a w)5tbve Wofkpiace cullure. Tnere Mll be (x>nsiderabJe M4yk carried oul to or￿Ure our quality and audit sy8t8ms ar8 8ff8ctive and p￿de assur3n￿ to the Board of Trustees Ihat the management of the organlsath)n Is being Gompetently and efficienuy carri￿ out an Updat￿ sure of rnanwent infomation tcx)Is. W6 have further refined tho suite of inforMa:￿n prov'.¢Jed to Lle Boar¢ so that it ￿nSiSts of e55ential qualitative and quantllative infornation for them to meet thar governance obligabons effectively. Our Héad of Operations and Cornimiap(￿ will b8 instrurn8ntal in th8 rna￿)r rèvièw and r8vi%kJn ol fyJr QA and Audit systems throUgh￿t the organisation. We will be condudlng reviews inio our training progra￿Me$ to ￿SUre they enable us to equip slaH ￿th the necessary skills and knowledge to meet tyJr r&iiJents care and support ne&Js. We will cary out further work on dgvdopirvJ 8fKI I4￿￿eMen￿ng detailed busines5 plans for each of our areas of operatKJn whlth allgn wlth the strataJi¢ plans ofthe Tr&%t Risks The Trustee5 have Eonsidered the finanoal and operational r￿kS to which thE Trust is py)tentially expD5ed and have introduced pol."cies and rrPanaGe￿nt struc+.u￿s to rp.iJgate try￿. Th8 bigg8St rksk:.o us is th8 ongoing impact of ¢oMc-19 coup18d with trwng io ovwcorr.e the dIff￿1t in and retainiro high p2libre staff. All our care homa residents nave reeeNed both thvMI-19 vaconalions and Iheir tMX)Stets. Our staff a￿ all n￿. Tr& importance Df keeaing the reserves at a level is suffi(>enl to fund Ihe fvture upkeep and devglopmenl of Trust propertie8 Continu85 to be a rnajor coroide7tion for Trustees. The T￿t also wms to m8￿MISe the income on temporarily Invested mstrfthed funds. Thg Cn8rity Comrnis*on SCh￿e d*ed 4 April 1997 emwwws the Trustses to make suth arranggments &s they thlnk fit for any investments of the Charity kn be hdd by a (twNate body is Incorporated in England and Wales as the Trustees, nominee. We wll conts.nue to wort¢ in Iha c(xnirKJ year wth our investment managers Investéc WÉ2lth & Inv8stm8nt and Br8WP. t)olphin. c￿ar inYeslme.It dire(*on is provided to 4he Inveslmenl Manw al the ennual meebry,. however, the Trustees have not Idl It necessary or appropri*B to SiV8 5P8rific instrLctions regardir,g tha èxtent that social, environtnenlal. or 8thical a)n8id8fdlfrons are taken into a(xYJunL in ￿￿8￿"9n lo the re18nb.on and realisation of inveslmenls. The Trust reviewed its Investtnent ManagementoptK)ns duriThJ 2017 atKI de(1d￿ nol to tnake any changes at that tim8. li ￿ Ilkely that the Investm￿1 Manag9￿nI opbons wll be wnSId￿ 8gain In 2022. Reserveg pollcy Under the Housing SORP 2014 designated funds are rKb I0￿&T p8mktted and must revert lo norrn81 unrestricted reserves. The un￿tricted reseryes of the Trust therefo￿ Include ih)se ?￿viouS￿ ¢e$ignaied as either Cyclical Maintena1￿ Fund ICMFI or FxtrJJrdinary Rewr Fund IERFI reserves. The Tru8te85 are satisffèd th8tthe reserves are corp.rrensura* the SG318 of operation8. Most th8 Trust's xed assels are held oitherin our housipg or'.nveSim￿l pro?￿￿eS thweforethe levd ol reserves Ls commensurate wlth the contingency reQui￿d lo ensu￿ the Onw1￿ busness ol the TrusL Details of the levels ol ￿SeNe$ al the yèar end, and the polldes 8ttached to èach r&%8r¥8, can be found in rrt)t85 14 to16 of thes8 finantsal stateffl￿ts. Key Value of Money Metsl¢9 In April 2018 tb.e ReJulator of Sooal Housing h8s intr￿d￿Ed a requirernent of strall registered 50U81 housing landlorits to inolude their Value for Money (VFMI metrics in their annuJ finarycial stalgments. Below arethe seven rne1ri(% for the Trust. FWJUT￿ are in Pound5 SWirvJ. THE GLOUCESTER CHARITIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Motrle 1- Relnv•stmont This metric looks at tre inv8strnenl in proporties &8 a )grwtase of the ￿lue of the totsl properties hgld (fHP- Total Housing Properties). The reinve5trnent acb¥ibes indude eevdopvnent andlor acquis￿0￿ of p.ew properties and majDr rnaintEnance work5 C¥M￿l in tyJr 8xi5b.ng pryx)ertes li.e. centrdl heating upgrddes. new kntchèns and balhrry)m8 installations etl. 2020121 201912Q Developtrnnt of New Propethes (fHPI Nthy t￿lId propwtl8s wuir6d ITHPI Works to Exksts'rrfJ ITHP) 384,119 lo8,￿9 Dlvidad by.. busing Propwtw at net txxjk v4ue 2.S25.653 2.321,053 Outcomo 15% 5% Metrlc 2- New Suppty D•llver8d % The Supply metric sets out ihe number of sct*l h)uskng and non4odal h￿s￿r0 units (hat have bean acquired or d•velop8d in tha y88r as a pro[M)rti￿Tr of totd s(Mxal IKxJ&ng untts and non-SOa81 hou&ng units owned al 30 September 2a21. 2020121 2019120 Soopal Htsusing Unt Total Soual Housing Units Developed or Nthvly Built Units u.￿d In-year Divided Dy Tota &o'81 H(wsirKJ Units li￿. s￿9red Ownershi oUt￿Me 137 137 0% 0% b. Non-sorial Housing Units Total NO.1￿0¢ial Units Deveklped or Nethy Buitt Units Acquir8d In-Y8ar Iownedl. IToial non-social rent￿ hDLL8IThJ un'.b owned, rK)fpsooal le2sehdd units owned. oUtri￿t sèle Jnlts deve or Divided by Total and Non-social Pk)Usi￿ Units (Period Endl. (Total social ￿TrUSing units ow4ed, total fion- so¢lal rent81 housing units ow¥ed. social leasthjd untis ownèd, non-*)ry811888ehold units (wn8d end Outcome 0% THE GLOUCESTER CHARITIES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Metrlc 3- Gearlng % Thi8 metric assesses how much of Ihe *justd as58t8 are made up of debt and th9 d￿re? of depend8n¢g on debt fin￿Ge. 2020r21 2019120 Total of: ShDrt-Twm LDall5 4,037 3,618 LDng-Tertn Loans 379.147 383,184 L888 Cash and Cash Equivalents 11,579.5091 11,836.7891 Amounts OwÈd to Group Und8rtakins Finan¢e Lea8e 0￿￿8￿on Di￿￿9￿ by- Housing Prope￿e$ at net bcx)k vaue 2,625.753 2,321.050 oUt￿Me Motrlc 4- Earnlngs Before Interes( T￿ Depredatlon. AmortlBatlon. Major Repalrs Included IEBITDA AIRII Interegt Cover % The EBITDA MRI int8resl cover m885ur8 ￿ a key ind￿tOr for IKlU(dtty and investrnenl Ixpacty. It Sè8k8 to Measu￿ the ￿Ve1 of surplus that a registered prowder generates mpared to inlerest payable. 2020r21 2019120 Operating Surplus l {Defi¢it) ({￿erall) 31-,.749 298,&34 Less Gain I Ih)ssl on disposal of fixed assets Ihousing ro ertles Less Amortlsed Govemment grydnt Plus Int8r85t r8ceNable Less Capitali5ed major reJair5 expenditure for perTod Plus Total dèpr8(iation chargefor p￿0 1384.1191 147,8A)3 1108.3391 141,259 Divided by- Inter95t Ca￿talk9 Plus Interest payable and finanoTrJ o)sts 42,735 43,110 177% TTO% io- THE GLOiJCESTER CHARlfES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Metrlc 5- Headlin• S¢xlal Houslng Cost P•r UnSt 2020r21 2019120 Total of.. Mawernent C05t5 72,911 77,308 Servi¢9 Charge Costs 157,56S 151,425 Routin8 m￿ntenanCe Costs 98,189 100,551 Plapned klainlenance Costs 53,557 26.762 Major RepaSrs Expenditure CapilalSs8d Major Repairs Expend￿re for Pe￿j 384.119 108,339 Other Sooal Fk)using Lethng ￿$[$ 520,020 557.149 Community Serv'ces 643 Olhw Sori81 Fkjusing Athviti85 Dlvlded by: Total Social Housing Units Owned and Manw at the Period E?d 137 137 Outeomè 7A61 Mètrtc 6- Operatlng Maryln % The Operaling margin dwM)nstrat&% Ihè profftabilty of owating assets before exWtiOn￿ gypens&$ 8r8 conside￿d. The Association s Lperabng margin shows th*. the organizalion uses ts resources effirientty. The soa81 housing lettings exoude8 tho 80cial housng grant arrK>rbzabon. 2020121 2019120 Soclal Housing Letting5 25% 25% b. Ov6rall 3% 6% THE GLOUCESTER CHARITrESTRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021 M¢lri¢ 7- Return on Capitsl Employed IR¢XE) % Thi5 rnetriG o)mpares the 5u[pIL￿ to tota assets las5 current &abIl￿e5 and 15 a com1T￿n tnea5ure in tha comrnerci81 sector to a55858 Liè effi￿8n1 inve81ment of ca￿tal rex•Lrcw. The ROCE metric wjuld support rggistered provider5 With a wd8 raro8 of capr21 investrnent rmgrarnmes. 2020121 2019120 Operating Surplus I {Def￿) IrK. Galn I ILc6sl on Dksp)s￿ of FIx6d Assots IHou&rvJ PmWi&s} 156. 261,977 Share of Operabng Sufplus I Idefiutl In kn.nt Ventur&%lAssociates Divided by.. Total Asset5 less Curmt Liabil￿e8 23,809,669 20,991,744 Outcorne 1% 1% Comrnentary We are conscious of our obllgab'ons lo prowde value ts money in Ihe we ?rovlde, as evkJen¢ed In the Tnetrics IndUd￿ in these financial &ate[r￿s. The rryetri(E above are a?￿ICable to the AJm5house activi ies Df the eharfty, and therefore the information w0￿ded relatas solaty to the whwa rdovanl. The Almshouses a￿ just one part. albert a very important one. of the overall care ￿tiV￿e$ of the tharity. Unlike rmst provlders of social houslng, the eharity dertves mostof ils incomefrorp Oihwaclibities. As a result, It ts dlfficult to benchmark the m*nG8 as th6 aclivib'&s of I￿.e th.arity ar8 r81ativdy unique. Th8 trust88s do, however, ￿nSIder the metri(s to be within th￿r expectth'ors and show a very [K)$￿Ve ouiloak for the Almshotjse 8(*vfaes and the charity as a whole. 12- DocuSign Envelope ID: EECD024F-3F20-44C2-8D4A-7D6B16167F12 30/03/2022 THE GLOUCESTER CHARtnES TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS Oplnion We have audited the fin8roal 8talernents ofThe GkxwWCharliE6 TruStfortheYearend￿ 30 September 2021 whSth comprlse the StateM￿t rf Flnanaal Art"vlties, the Baary.c* Shee:. the Cash Flow Statement and the rdated notes. The finanaal reporting frarnework that has been ap￿led in their preparation is 8pplicatAe law and United lthngdom Accoun4iflg Standards, indudiro Fin8nry31 Re￿rt ng St8neard 102 The Fin8nci81 R8portip.g Standard appllcable In the UK an¢f Republic d I￿lanc IUr#ted ￿.,￿￿Orn Gene,Blly A￿9t￿ Acxounts"ng Prdcts"cel. Opinion on finanelal statements In our opinion the finanTral stataments.. 9Ne 8 truè and fair y￿W of the state of th8 thar,ty's affairs as at 30 S8Pternb8r 2021 and of its incoming resource8 and application of resour￿. including rts inwme and expenditure, for th9 year then ended., have been wopedy prepared in accordance with United lfjngdom Genwally Awited AC￿nI]ng Pr*Ke', and hav8 been prepared in accLJrdance ￿th the refw1reM￿ts of the Cnaritses Act 2011, the Housing and Regenerayon Act 2(XJ8 and the A¢￿UnIng t>rec*￿ for Pp.vate RegiSte￿d Provlders of Soclal Housi 2019. 8a515 fDr oplnlon Wg condud9d our in aowrdancg wih Intwn*ton4 Strndards on Auditing IUKI IISAS IUKII 8nd 8Pt4icable law. Our responsibilityes under hose standards are fvr*.er de$￿tr￿d in the Auditorfs ￿[￿sIbIlit es for the audit ol the financial statements section of our rek*Jrt Wè a* irbjepefjdent of tt)e charty in a￿ordan￿ wlh the ethical r8quirèm*nts that are rd8vant t¢) our aLKrrt of Ihe financ4al 5'ts&em8nts in th8 UK includirTrg tha FRC'S Ethical stand8rd, and w8 have fu￿lled ourother elhical r8SW)P.s.'tx"11ti8s in a(xx)rdance L￿eSe requirements. W8 b81iev8 that the audit evId￿Ce we have oblaned is sU￿￿t and appropriate lo pmide a basis for our ot%nion. Conclu8lon8 relatlng to golng concern We have nothing to reFQrt In reSp￿10fthe matters in reladon to which the ISAS IUKI require us to rewrt to you where.. the trustees, use of the g)ing basis of ac¢x)unting in th8 prepardiion of thg fln8D.cial slgterfjents Is not appropriate,. or the trust88s have nol dlsdowl in ts ftnanryd sta￿en￿ any identified matorial un(xrtainti8s th81 rnay st ￿gnIficant doubt about the charity's aoility to continue to &loptthe going ￿n￿M basis of 8ccounbng for a perv)d of ai least tw8lvemonths from deteWh￿ tr.èfinarrial are auihorised for k%SU6. Other InfL)matJon The trustees are responsi￿efor the other brformatTI)n. The other infofmatiDn CLYnp-.:ses the infortnatiDn included in the Rgport of th& Trustees. Othertran the finano81 Ststernents and our audilorfs report the￿￿￿. Our opinion on the financi£l stat￿ents Iloes not cover the othw informatv)n and. except io the extent Dtherylse explldtty stated in our report, we thj not express any10￿. of as5uonce COr￿u$l)n ther￿. 14- THE GLOUCESTER CHARMES TRLSST FINANCV4L STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 INOEPENOENT AUDITORS, REPORT TO THE MEMBERS In COn￿￿￿n our audit of th8 finèndd Stat￿ts. our responsibilty ts trj read the otr.er Infr)rrnation and, in doip.g so, c￿sider whether the other inforyllatic￿ is materlally Inconsi%ient wth the financial statements gr our thowledge obtained in the a￿lt or olherwse appears to materidty ￿.ISStated. If we Ider,t￿ such materi inconsistendes or apparent matenal misslalements. we we required to delerrr.ine whether the￿ Is a malertal rnlsstatement in the financia staternents or a rnaterial misstatement of the other Infonnation. 11. based on the work have performed. we ￿ndUde that there is a rp.aterial mi55tatement of this other Infomiat￿n,. w8 are requir8d to raport that f￿￿. We have Th)thing io r8Wrt in thks ward Oplnlon on other mattBrs presertbed by the Chartues Act 2011 In our oplnlon based on ihe ￿1)rk und8rt8k8n in 1he rAyJrse of tha aud￿". the inlormatvjn in the Repc¥t of the Trustees trthe finanaal period for th8 fin8nelal staterngnts are prgpared is ujnsistent with Ihe fina)oal stat￿￿ts. tha RekN)rt ofthe Trustees has be￿ prepa￿ in ￿)rdance￿ilh applic8blo legd requirements. Mattern on whl¢h wg arg rgq¥lr8d to r•p)rt by •xe•ptlon In th9 light of our kno￿edgE ane unde[s￿dIng of the and its environment obt￿n8d in thè eourse of tho audiL we have not identiff￿ material misstataments in the Report of the Twstees. W& have nothlng to report In re$￿t of the lolknwro Matte￿ Charibes Act 2011 r8quire5 US tts rap)rt to you il, in our op.'nN)n.' adequate 2rLnuntsThJ remrds h8V8 not b88n Wtor retums adequateforwr audit have not been receNgd from bond)es not visitgj by us., or the finarnx81818lemonts are Th)t In agre￿n￿t with Ihe a¢￿unting fecords and reiums.. or we have not r8caiv8d all of the Infomiath)n and exptanatiM8 we wuire for our audit. Respectfve re8pon$lbllMles of Truste85 As 8xplained morefullyin theTru5tees' ResFw5ibi1￿.es statw.enl setoulon page 13. th8 Tru5te8s are r&8ponsiblè for the prep8ralion of the financia st&tern8nts and +or be.'ThJ SatiSfi￿j that they give a true and Trdir wew, and for such intemal Control as the diredors det8mine is n8(x552ry to ￿able the preparatlon of finanaal sta+em￿ts that are free frcm matedal mSsstatement. whether due to fraud or error. In txeparing the financial statements. the trustees are r8swnsitAe for a5s85sing the charitys abillty to conlSnue as a golng concern. disdosins, as ap￿Icable, matters relatgd to 1x)n￿rn 3nd u51ng the going Goncem basls ol acLx)unting unles5 th8 dir￿[5 8ither int￿￿ to Ih)uidate the charity or to ￿$8 op8r8tK)ns. or have no reallslic altemative but to do so. 15- DocuSign Envelope ID: EECD024F-3F20-44C2-8D4A-7D6B16167F12 30/3/2022 THE GLOUCESTER CHARITIES TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 sepTEMBER2021 2021 2020 TURNOVER 4.420,290 4,413,718 COVID In¢ome 154,468 159,772 OpwaliThJ costs 4.417,79S 4.311,513 OPERATING SURPLUS 156. 261,977 Surplus I Idefiotl on dksposJ ol tangible fix￿1 assets 9.973 17,3761 Surplus I Idefidt} on disposal of fiX￿j asset investments 175981 SURPLUS ON ORDINARY ACTMTIES BEFORE INVESTMENT INCOMe AND INTEREST 232,254 78,620 Interesl r￿Nable and other Incxjrné 144.483 148,434 Inter&%t payable and similar charges 49.416 49,896 SURPLUS ON ORDINARY ACTIVITIES BEFORE CHANGES IN MARKET VALUE OF INVESTME￿5 327.321 177,158 move1n￿t In far value of in¥8Stmenis 119488 SURPLUS FOR THE YEAR 1,072.459 57,67D unrea51s￿ sutyus on revaluation of investment property 1,T12.7W2 TOTAL COMPREHENSNE INCOME FOR THE YEAR 2.845 161 946,528 3010312022 Th8se financlal statements were appyowl and auihorwl fo( issu8 by the Trustees on .... Mr Martin Collin5 Chalrman of Tru51Ees The Gloucest•r Charilles Trust r Stev Heath Chalrnian of Trwteos The Gloucestsr Chariljes Trust The Trust's results rdate wholty to continuing actmbes. The notes on pages 22 to 35 form part of these ffinanual statw1￿. 17- THE GLOUCESTER CHARrriES TRUST STATEMENT OF FINANCIAL POSITION FOR THE YUR ENDED 30 SEPTEMBER 2021 2021 2020 FIXED ASSETS Housing prop8rUgS Extra care la01￿.￿8 2,625,755 3,2D6,473 10,229,167 390,358 16.451,753 6.071,856 22.523.609 2,321,050 3,274,552 8,323,564 483,015 14.402,181 5.234,967 19,637.148 Inveslrnent prOp￿t Othèr assè15 Tangible ftxed assets Investments CURRENT ASSETS D6btors Cash at bank and in hand 10 153,131 1 579.509 1,732,640 136,732 1 636 789 1,773,521 CREDITORS.. amounts falliroJ due ￿thin on8 ye 446,999 418925 NET CURRENT AS8ETS t.280.870 TOTAL ASs￿s LESS CURRENT LIABILITIES 23.809 250 20 991744 CREDITORS: amounts Idling du6 8ftgr rrK*re than one year 12 1.912,748 FINANCING AND RESERVES Restricted reserv&8 Unreslrtl&J fund5 Endowment fvnds 14 1,188.944 18,546,090 2,189,123 21,924.157 23,809.250 1,154,549 15,871,498 2,052.949 19,078,996 20.991,744 16 15 These financial statemen(s were apwovgy aThJ authori5￿1 for issu 3010312022 by the Trusieas on .... IIL OL Mr Martin Collins Chairman of Trustees The Glou¢ester Charities Trust r Siev e31tr, ice Chairman of Trust805 The Gloucestèr Charttles Trust The nolgs on page8 22 to 35 fom part ofth88e ffinanual statements. LUZ (O LL THE GLOUCESTER CHARITIESTRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021 2021 2020 Net cash generated from operallTrg actiT4ltlo8 (nots l) Cash flow from Inves￿n9 actsvllles Purchsse of lnveSL￿ent s￿ritIeS 4￿,216 689.539 1708,1151 681.682 628.39YI 15,Be6 11.043,7601 1,044.97 12,005.3301 400 SalE alld maLrity of investment 5￿jr11[es Purchase of tangible fixed assets $810$ pro¢sÈd$ fmm ￿￿1 0ftwy1t￿e fi¥￿ assets Inte￿$t r￿1Ved 1998 501 ash flow from financlng advltles Divld6nds recdved Interest pald Repaymenl of borrowlng5 144,483 149,4161 3.619 91,448 143.224 149.8%) 3.244 9D,084 Not Chango In eash and ¢￿h equivalents {note111 Cash and rash oqulvalents at boginning of year Cash and eAsh èquivalents at gnd of ygar (s7,2￿> 1636 789 11,218,878) 2,855.667 1,636,789 1.579,509 2021 2020 11 ANALYSIS OF CASH FLOWS Cash flow op•rating activiiios Surplus for the year b￿0￿ revduabD.i of investrnents Adjustmants for non-cash Iterns: Depree4ath)n of tangib￿ fixed assets Iln¢reasel l D￿rea$a In debtors Iwease in u8ditors Surplu51 {deffiGItI on 581e of tangblefixed Surplus I IdefKrftl on sale of fixed asset Invest￿entS Adlustments for Inv•stlng orfftnanctng activltb•S: Governme-t g?nts utilised in the year Int8r8st payable Interest rgGeived vicenrts r8ceive 327,321 177,158 345.610 120,1521 31,414 19.9731 I￿,318) 332,999 29,64D 88,542 7,376 175,981 {23,6191 49.416 123,6191 49,8 15,2101 1143,2241 689,539 1144.4831 4￿,216 Net cash generated from operdting athtbes The notes or p8ge5 22 to 35 fomi part ofthe8e financbal statements. THE GLOUCESTER CHARMES TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021 11 ANALYSIS OF NET DEBT At l Oetobèr 2020 Cash llow Total 2021 mov¢ment Cash at bank and In hand 1,￿.789 {57.2￿) 1,579.509 Debt due withln on8 y8ar Debt due in more than one ye {36181 1383,1841 3,618 13.6181 3,618 13,6181 1379,5661 Net ¢Jebt 1.249.987 1,196,325 -21 THE GLOUCESTER CHARITIES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACCOUNTrNG POLICIES Basls of PreparaU¢)n .e linanoal statetnents have been prepared in xa)rdarKe wlh 8PtAicable Ac(x)unting Standard5 in the United Kingdom in¢ludiThJ FinanciJ Reporting sta￿ard IFRS 1021 and the Houslng SORP 2014.. statement of Re￿mmended F¥acf.ti for Regi%ier&J SoGal Housi￿ p￿￿lje[S and (%￿PIY ￿th the Accounting tl"rethDn lor Private RegkStered Providers uf Soo&, Housing 2019. Ba519 of accountlng These fin￿¢191 stateM￿ts have beer. using the 4istorical o)st c¥)nventton except for, wher& disdosed In these aecountsng polides, C￿taIn Itams that are sh(y•m at fair valu8. The pres8ntstional ￿rrencY ol the financial Statements Pounds Sl&1Ing, rojnded to the nearest pound, being the functional wrrerKy ol the pnmary euxomic epvironmènt In which Ihe Trust opèra as. Turnover Tumover represgnts weekty maintenanlx wntrfbutiorns, nursing home f8e5, re￿d￿tIal htsme IèB5 and comme￿Ial rent-reGeL¥a￿e. GoFng concam After making enquiries. the tnL8tees have a wg)nable Èxpecla(w)n thatthe charity has adequate ￿soUrC&S to continue its activities for the foreseea￿6 fthura. A(xordingly. Ih8y continu8 to adopt th8 going ￿nCern basls In preparing thè financk?I Stat*￿￿t￿ outin8d in the Statement of Trust88s Responsibil￿es. CrlllrAI ￿￿U￿￿n9 judgements and key Sour￿ of•stlmat]on unc•rtainty In the appllcatlon of tho Trusvs accounb.ng the m*rnb8r5 are required to maKe judg8ments. timate5 and assumptions aboLrt tr￿carryi% amounts of assets and liabilibes thatarenol re8drfy app8Wt from other Sou￿88. ThgS8 8sbmales 8p.d 888ooated 8ssumpborts are based on historwl experience and other fa¢toTr tha¢ are ￿nSIdered to be rdevanL Actual wJMs may drfferfrom these estimates. These estimates and un￿l￿.￿j assumptions are on 8n on￿)ing baws. Revisions to 81xx)unliry 6stim2te5 ar8 r8cogni58d in th8 Period ir. wh￿h the esbmate is revised if the revis￿)n affects only that perlod or th8 of the r8ViSKTrn and future p8riods rf the re¥￿￿n aNects tK)th cur￿nt and fvture periods. Flx•d ass•ts and d•pr•eiation Tansible fixed assets a￿ stated at C051 less 8￿￿mu[818d depreoation. the eX￿ption of investsnenl properties whith 8re shown al open markel value. Derriath)n is charged on a straght line basis overthe expected eCon￿niC usefiJl lives of the &sets at fo'k)wing rates per &nnum: Free￿[4 hous￿ propertios Refurbishments Office fixtures and ffith.ngs Motor vehiel&s Nursing Hom8 and Day Centr8 fixed equipment See bdow 5%-12.5% 20% 25¥, 10Yo-20% -22- THE GLOUCESTER CHARMES TRUST NOTES TO THE FINANCIAL STATEmE1￿s FOR THE YEAR ENDEO 30 SEPTEMBER 2021 ACCOUNnNG POLICIES (¢ontlnued} Houslng propertle8 Th9 Tmst ac(x)unts for its eXp￿d￿￿re on hrAJSiry proF*rUes usng component acxx)unting. Under comp)nwt ￿￿￿nting, in 8ddikn.1￿ lo the structu￿. the trouwng propety is divkI￿ into those major mp0￿￿t9 Ythich a￿ con9d￿ed to have suLtstsnLally dffterent useful INes 85 fol..owE'. Maln Fab Roof Windows and doors Bathroom8 Electr￿$ Lrfis Hgati Kitchens 100 years SO ygars 20 y8ars 10 years 20 years 20 years 15 years 10 years As required by FRS 102, the Tnjsl has mi8wed thè usafvl eo)mmic INes of its housng prDperties depreryates the wopwiy a¢<￿In￿Y. The Trust caprtaltses work lo existro properti&8 whkh regjts in an inuease in the net rental inoyjtne, including a r8dudon in Maintenan￿ c¥)sts. or results in Si￿￿Cant ext&nsTon to the useful ecor.omic lrfe of the property. Wh8re propety components with a separdte Ksentifiable lrfe are replac*d, the rAx))ponènis Ore ¢apit81ised with new lrfe and th6 coM￿ents, rf any. are wr.iten off. Housing propert￿ in the Cou￿8 of Ly)nstruc￿n are S'AL￿* at c*Jst and ar8 not deprad8tad. So¢lal Hou$lng Grant and Other Caiytal Grants Where developments havg been financedythdly or paruy by SO￿81 Housing Grant°SHG' Iformerty HAG'I, the grants are recognised in in￿m￿ over itr,e useful lrfe of the housing property struGture and, where applic8￿￿. its individual Components {8xduding landl und* the &cruals modd. SHG and HAG L8 repayab￿ under certain tsrcumstan￿. primaily fdlowng sale ol a prDpety but will ntsM)a￿ be ffjstrictgj to prcKwls of sale, rflhk% k% ky*w thai Ihe Inlbal grarrt reC￿ve(l. Government Grant Government graits are recoani5￿1 b&sed ￿ the alL¥U￿ modd are measurgd al th? falr value of the asset r￿e1Ved or r￿￿able. Grants rd8bng to revenue a￿ reojgnised in IrKx)me ov8r th8 perm￿ in which the rdated costs are reixgnised. Capltsli8ation of Int•r•st Inte￿1 on mrtgage loa￿ finan(iThJ new devebj￿￿nis is ¢8pitalised up tolhe dateof F*ac￿eal eomplet of the s¢heme. L•ased assets Lea￿ in wh￿h subslants81ty Jl the ri8ks ar￿ rwarts ofowwship are retained by lessor are da5sified as opgrJting leases. PaY.￿entS made undu operatiro le&sas arè tharged to profit or loss on a straighl-line basts over the wod ol the lease. Investrnnts Investments ar8 ststed 8t rnarkdvèlue aThJ are in aCcOrdar￿ wNh the valuation r8FA)rts rècdved from the Inv&%trnent Managets. Cash and Cash equlvalents Cash and cash equivalents wmprBe cash on hand and Ixll deFK>srts, and olher short-tem hBJhty liquid investments that a￿ readity u)nVeri￿e to a kp.0￿ 8mowit of cash and are subject to an 1nsignffjcant rtsk of change in value. -23- THE GLOUCESTER CHARMES TRUST NOTES TO THE FINANCIAL STATEMENTS Icon¥nu•d) FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACCOUNTING POLICIES lconllnued) Trade debtors Trade debtors aro amounts due frofft 1xJsto￿rs for the rentJ of Houg"rtg prOp￿t￿S. Trade debtors a￿ recogn,sed IniOally at Ihe tra4sacbon price. They are subsequendy measured ai 8mortlsed (ost using the effective interest rnethod. less rxovision for impaSrm6nt. A provision for the Impairmenl of trade debtor5 15 estatA￿￿ ￿fften trere ￿ objectNe evldence thatth8 charity will not be able co118Ct FJI amwnts due accordSng to the 0Th9na t￿rn5 tr Ihe r￿l¥alle8. Trade c￿dItorS Trade ctyditors ara obliGations io pay forgoo(Js or￿ceS that have been awuired In the orfinary o)ur8e of business from Sup￿lets. Aco)unts paya>le are dassffied as ¢urrent rialiiitw If thechatfty does not have an unconditiona right, at the end olth•raFM)rting peric￿. trj defersettL8menl of the credilorfDrat ￿&St IWe￿e months after thè reportiro dats. Ir there an urK))p.dth"ona to defer settlamanl for 811988t fv4elve month5 aftertha re￿r￿ng date. they are presented as nOn4￿rrent fiablltha5. Tr¥Je cred￿Or$ are Twi￿1 In￿allY at the transaclion pri￿ subs4uenJy maasur*l at arwrtised cost uslng the effective interest method. Taxatlon The Trust ts of Charitable status 8nd Ihgrefore exempt from tsxafjon. Irrecoverth18 VAT on expenditure 15 Included as part ol the cost of the item of 8xp&qditure to whith the VAT relate5. Penslon cos18 The Charty operates a defin￿1 Ix)ntributk?n Per￿￿n scheme. contnbub.orts are Gharged to thè income and expenditure acxounts as th8y bec￿ne payatAe in a￿)rdan￿ wth the wles ol the schÈrna. Legacy Inco LegtLy incyJme is wgnw in the inwrro and ewdrtu￿ aclount on a r￿val￿e basis. Re8trlcled res&r¥os Th65è are detailee in rM)te 14 to the fin￿(￿81 statements. Endowtnent Funds These are detailed In note 15 to thg fin￿rya1 Stat￿ents. Flnanclal In8trum¢nts The trust only enters iyi to b￿C finanraal i[￿trUment trar6a(aJ"ons that resutt in the reve repres8nts the emoluments of the highest Paid offThr. The Trustses, who cx)nstitute thE m8naging tKMly of the trust. re¢Aved no remuneration Iherefrorn. No employees of the trust wer6 p8id between £100,Q)O and £110,OOQ in theyear and one paid betrdeen £￿.000 and £100,00012020- One p8id betsveen £1(XJ.OOD aryj £110.000. nil betsveen £￿,0￿ and £100,000). Th8 Trust ha& no Dfflters olJ)er than the Trustees and the Chiel EX￿u)"ve. AUDITOR'S REMUNERATION 2021 2020 Remun&raiK)n payable to the auditor induding Vaue Added Tax a5 follows: For auéit sèmces 10,200 10,2(X) -28- THE GLOUCESTER CHARITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {corbtinuod) FOR THE YEAR ENDED 30 SEPTEMBER 2021 INTEREST RECEIVABLE AND OTHER INCOME 2021 2020 In¥•8tmtnt Inthne Dlvldend Income 144.463 143,224 5,210 148.434 Interest INTEREST PAYABLE 2021 2020 Int•re$t payable and slmllar charges Housing corrK)ration kJarLS Isee note 13) Bank charges payable 42.735 6,681 49.416 43,110 6.786 -29- o) o o THE GLOUCEsfER CHARMES TRUST NOTES TO THE FINANCIAL sTATEME￿s {conlinugd) FOR THE YEAR ENDED 30 SEPTEM8eR 2021 INVESTMENTS Total At 1 October 2020 Addrf£ions Disposals Change in marketvalue At 30 Septemb8r 2021 5.234,967 708,115 1616,3641 745,138 6 071.856 Cost.. 30 Septsmb•r 2021 3970105 30 S9ptsmber 2020 3,708,696 Al Investments ar& quobl. No 1ndW￿￿al investrn8nl rnakes up IT￿re S% of th8 total Investment portfolio. 10 DEBTORS 2021 2020 Trade debtors Other debtor5 and prepayments 92,420 PAJ.711 71,914 64,818 153.131 136 732 11 CREDITORS- due wlthin one ygar 2021 2020 Tradè eredilo Other cretjitors and wuats Deferred income- Soci81 Piousl￿ grants Housing kJ8ns Iwle 131 175,266 244.077 23,619 4.037 446,999 171,£86 220,1ff2 23,619 3,618 418,925 Creditors indude £nil12020- £16.9241 r8kting g)Idy to hou%ng ￿t￿rtieS. 12 CREDITORS- duo after more th•) one year 2021 2020 Defwrwl inoJme- Social Fk)usiro grdnts Houslng k)ans {note 131 1,505.946 379,147 1,885,093 1,529,564 393,184 1,912748 31 THE GLOUCESTER CHARlfES TRUST NOTES TO THE FINANCIAL STATEMENTS (c¢￿tInU•d1 FOR THE YEAR ENDED 30 SEPTEMBER 2021 13 HOUSING LOANS Borr¢wirwJs induded In ¢yeditor5 due 7•rilhin and after more than on8 yèar are as follows: 2021 2020 Loan secu￿￿ by rTh)rtgage on St Margarets Property r6w8ble try 8qU81 annual instalrnenls over60 years at an Interest rate of 14.75%. repayments cornrnenced in 1978 39.686 40,194 Loan se(wred by mortgage on Sl Philips Couri Property repayab￿ by ¢qu81 annual instalments over 60 years 81 an interesl rate of 11.37%. payment LyJmtner.¢ed in 1983 78,7 79,632 Loan s￿r￿1 by mortg&Je on St Marks Prop*ty r8payabl8 by equal annual instalmenls over 60 years at an int8rest rate of 10.25%. repayments Ix)￿.men￿ 1984 73.243 74,035 Loan 8￿ured by mortgag8 on St Barthdorr.ew5 Pruperty repay8bl8 by oqual annual instalrnents years at an interest rai8 of 10.5%, repayrnent5 ￿Mmenc& 1987 191.475 192,941 Total sewr&* bon)Mngs Loans ao ￿Payable as foll￿$. Due ￿thin one year 383,184 386.802 Note11 3,618 3,618 Due after mora than ong yew. 88hv8en one and ts¥o years 88Iw8en two aThJ five years After rTh)re than 5 years 4,037 16.148 359.381 4.037 75,146 364.(M)1 Note 12 379,566 383 184 Note11&12 383,184 386.802 -32- THE GLOUCESTER CHARrnES TRUST NOTES TO THE FINANCIAL STATEMENTS (conlSnu•dl FOR THE YEAR ENDED 30 SEPTEMBER 2021 14 RESTRICTED RESER1￿$ Gloucejtsr Distrlct Nurslrtg Charlty Rellef in N••d branch At 1 October 2020 Tr8n5feT (to) I from profft and kjss reserve Dired ex￿ditUre Transfer from revaluation reserve 570,320 9,471 137,426} 24.0 S84.229 24,776 1,154,549 34,247 137,4261 37.574 13,478 At 30 Saptomber 2021 566.461 622,483 1,188,944 The Relief in Need r&serve Is made upofthe Rdief in Need Bwch ir.v8Stmenis and theaLEurnulated surplus of income generated by these Invests))ents over Rdièf in Need expenditure. The reserve may be applied only for the purpose set Lmrt in the eonsbtutthal $the￿ oftho Charity. Th& G￿U￿ter Th'8Lfjct NUr￿ng Charity re8erv8 is made up of thg aLVJtnulated surplu$ of incom& over expendilure g￿eTrtsd by investm￿ts. 15 ENDOWMENT FUNIIS Asat30 Septèmber 2021 Asat 1 October 2020 Expendabh EThJO￿￿ent Gloucester Rel￿ in SKI(ness Endowment Permanont Endowttmrt Gltsucesler Relief in Sickness End0wm￿t Fund Nurses W8YI are Fknnd Wneel8r R8St Hom& Repair Fund Endowed Land 505. 438.119 208.287 82,144 208,723 1.184.000 179.927 70.822 180,081 1.184,(K)O 2,189,123 2,052,949 Expendable entlowment An exgendallle endDwment fund i8 a fund that must b8 Invest￿ to produce an￿Me. Depending on the (x)nditio￿ att￿h9￿ lo the endovrnwt. the In￿te85 wll have a I￿al w>wer to ￿Th¥ert all or part of It into an incune fund whKh can th8n b9 spenL An expendable 8nrm8rfy 8mpbyed by the GkxJ¢esief Th"strict Nursin9 Souety. The Whegler Rest Home RepairFund combrnes ￿.e p&Man￿rt EndowTnents known as tho WheelerLegacy and th8 Wheeler Legacy Mantenarce. These eTr(k)wrnents We￿ founded by the will of v￿)￿t Eva Wheèler and con5trtuted Ihe propwty 15, H8ath￿..￿ Road. Glouwter, and a captal gjm thè income ofWh￿h,'S us8d to bg used to megl the obl￿ts of the Charrty The propwty Vfds 501d duri￿ 2(x￿) the proceeds ranvested. Endowed larKI is hdd to gan8r8t8 InV￿t irKx)me. 16 UNRESTRICTED FUNDS Invests)wnt RevaluatTron Property Revaluatlon Total 2021 As al 1 October Surplus for the yeaf RÈvaluAtion of investments Revaluation re58rve oi disposaL8 Net transfer to endowed funds Net transfer to resificted funds 4,473,231 10.549,971 327,321 15,811,498 327,321 2,517.840 745.138 1167,&51} 1141,5951 137,5741 1.772.702 167,851 5,421 3,178 1136,1741 134.3951 At 30 Soptsm￿r 1246,414 6,245.933 11.053.742 18,546,0 THE GLOUCESTER CHARITIES TRUST NOTES TO THE FINANCIAL STATEMENTS l¢ontlnued) FOR THE Y&4R ENDED 30 SEPTEMBER 2tJ21 17 GUARANTEES AND OTHER FINANCIAL COMMITMENTS Th8 total of future minimum lease payments i8 as fdk)ws: 2021 2020 Not later than one yaar 37,312 40.604 Later than one year and not L*r than fve year8 60.135 97,448 97.447 138.052 The arnount of norFC3ncellable the payrrents r8ajgnls￿1 as an eypense during the year was £21,02712020- £8,n51. 18 LEGAL STATUS The Trust IS 8 R*Jist8red Charity {numbw 20517n under the Charities Ad 2011 and was constituted by way ol a Schwne of the Chartiy CoTr.miss.'oners dated 4 Apnl 1997. The Trust is dso a Regkstered Sodal L&ndlord Inumbw A02151 under 5edh)n 5 of Ihe Housing Assouakjns Acl 1985. 19 UNITING DIRECTION A Uniting Dlrerliop. was issuèd by the chty comrnission in 2009 for Gk)ueester Distri￿ Nurslng Charity and the Gloucester Chantw Trnst. Th8 effect of this Uniting f*rerbon ￿ thal the entibes are register under a c4ynmw regk%tration number and the trustees are required lo prgparg a &ngle set Df fv)anclal 51atetnents for the amals￿at￿ tharity. TAXATION The trust Is a R&Jtstered Ch￿ty and k% eX￿pt from ￿ twtK)n on ts charitable activ￿"￿8. no tax8lK)n thereforé arises In respect of in(x)me. 21 NON.ADJUSTING EVENf3 AFTER THE FINANCiAL PERIOD Following the year end. a new he&J Offi￿ buildiTrJ was purchased for £750,000. £250.￿)0 has tthn budgeted for relurtxshfflent ahead of the nN)v8 Ih8r6 (planned lor June 20221. A new sewerage plant has been Installed tts seNe 1 2 Mill Colla￿. 1 Mill Cottaga has been sold subject to contrdct. A hoating system has been in81al￿d in Guikl House. and a ngw cale call system in Sl Mark's Altnshouse.