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2022-12-31-accounts

Charity registration number 264719

Company registration number 01078805 (England and Wales)

GLOUCESTER CIVIC TRUST LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

GLOUCESTER CIVIC TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Directors A.E. Bailey
E.C. Gibbon
I. Hatton
I.M.C. Hollingsbee
G.C. Jayne
J.A. Lovell
R.V. Morris
P. Moss
C.J. Nyland
Y. Russo
S.E. Smith
M.R. Waters
M.White
H.W. Worsnip
M.E.J. Williams (Appointed 19 January 2023)
Charity number 264719
Company number 01078805
Registered office Bishop Hooper House
99-103 Westgate Street
Gloucester
GL1 2PG
Independent examiner Pitt Godden & Taylor LLP
Unit 3 Ambrose House
Meteor Court
Barnett Way
Barnwood
Gloucester
GL4 3GG
Bankers National Westminster Bank plc
21 Eastgate Street
Gloucester
GL1 1NY
The Royal Bank of Scotland plc
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN

GLOUCESTER CIVIC TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers CCLA
Senator House
85 Queen Victoria Street
London
EC4V 4ET
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Paypal (Europe) S.a.r.l et Cie, S.C.A
5th Floor
22-24 Boulevard Royal
L-2449
Luxembourg
Solicitors DF Legal
22-24 Church Street
Newent
Gloucester
GL18 1PP

GLOUCESTER CIVIC TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 5
Notes to the financial statements 6 - 14

GLOUCESTER CIVIC TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The directors of Gloucester Civic Trust Limited (the 'Trust') present their report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Trust’s charitable purposes are established for the public benefit in the City of Gloucester. We raise the public’s awareness and interest in the City, promote high standards of local planning and architecture and secure the preservation, protection, development and improvement of features of historic interest in Gloucester.

Through encouraging the appreciation and conservation of Gloucester’s heritage, we have become a major force in the promotion of the City's tourism. We aim to ensure that regeneration programmes respect and complement Gloucester’s diverse past.

We are an independent charity run by volunteers. We work closely with local residents’ groups and businesses to encourage vibrant communities. Our projects help to improve the quality of life of local people, as well as educating both residents and visitors about our city’s rich culture and history. We want Gloucester to be a pleasant place to visit, and a safe and clean city for all those who live and work here.

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

Achievements and performance

Over the years we have undertaken numerous restoration projects which have left a legacy to Gloucester. These include:

Further details of these and other projects can be found on our website.

Gloucester Historic Buildings Limited (“GHB”), a building preservation trust formed in 1980, led on some of the above projects. GHB is a joint charity of Gloucester Civic Trust Limited and the City Council. During 2022, seven of our Directors participated as Directors on the Board of GHB and it was chaired by one of these seven directors. GHB’s objectives are to preserve, for the benefit of the nation, land and buildings of special beauty or historic or architectural interest within the City of Gloucester

In the past few years we have turned our attention to our latest project, The Folk of Gloucester (“The Folk” - formerly known as the Folk Museum). This is a row of medieval timber framed buildings in Westgate Street, opposite St Nicholas Church, dating back to Tudor times. In 2016, GHB started discussions with the City Council about taking over ownership of the land and property at The Folk. Gloucester Civic Trust began operating the premises in November 2019 under a Licence agreed with the City Council.

On 24 August 2021, the transfer of ownership of The Folk was completed. On the same date, Gloucester Civic Trust signed a lease with GHB, which enables us to continue operating the premises.

GLOUCESTER CIVIC TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Since then, despite the impact of Covid-19, we have begun to carry out necessary repairs and alterations to the buildings in conjunction with GHB. Certain elements of the work are considered as landlord’s responsibility and others as tenant’s improvements. Under the first heading the Westgate Street elevation of the Tudor buildings has been repaired and redecorated. The Civic Trust commissioned a ‘Level Access’ project, repairing and clearing a side passageway, removal of dangerous surfaces in the rear courtyard and installing level areas. We also carried out substantial alterations in the café area, installed a platform lift to enable access to ground floors of the Tudor buildings, and incorporated an unexpectedly discovered well in the floor design.

Financial review

Our income comes from subscriptions, donations, guided tours, talks and events and income generated by the cafe and EdShed meeting rooms at The Folk

We aim to build up reserves which can be deployed on significant, capital-intensive local projects from time to time. This means that the level of our reserves can vary substantially from year to year, depending on how much is spent on projects in any particular year. However, the year being reported has seen a considerable drain on our reserves due to unexpected issues in connection with building works described above. The contract for the work was let by GHB with agreed recharges made to the Trust. The Trust’s proportion of the total cost was £149,648 which was funded by external grants £117,603, with the balance being funded from reserves. This work was still ongoing at the year-end so these figures will be reported partly in the 2022 trading year and in 2023.

A grant of £57,890 from the National Lottery Heritage Fund agreed in September 2022 has enabled us to carry out an interpretation plan study, augmented audience research, investigative study of discovered C16th wall paintings and the creation of a number of community collaborative projects. This project was still in progress at 31 December 2022 with a completion date of 31 May 2023. Income and expenditure are shown in the accounts as ‘Restricted’.

We expect to invest more capital into the Folk over 2023. Overall, even if total expenditure exceeds total income, we are confident that we have sufficient reserves to see us through 2023. This highlights another reason why we hold reserves: to provide a margin for contingencies.

GLOUCESTER CIVIC TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

The Trust is a company limited by guarantee, incorporated on the 27th October 1972. It is governed by its Articles of Association, which were updated at the AGM in 2021.

A Board of Directors, known as the Council of Management, manages the Trust. Under the requirements of the Articles of Association, all members who joined the Council of Management mid-year, and one third of the remaining members of the Council of Management (made up of those in office longest since their appointment at an AGM) are required to retire from office at each Annual General Meeting and may offer themselves up for reelection.

The directors who served during the year and up to the date of signature of the financial statements were: A.E. Bailey C.A. Carpenter (Resigned 20 April 2022) D.R. Champion (Resigned 20 April 2022) J.F. Dillon (Resigned 22 September 2022) E.C. Gibbon I. Hatton I.M.C. Hollingsbee G.C. Jayne J.A. Lovell R.V. Morris P. Moss C.J. Nyland Y. Russo J. Smith (Resigned 19 October 2022) S.E. Smith M.R. Waters M.White H.W. Worsnip M.E.J. Williams (Appointed 19 January 2023)

None of the directors has any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up.

The directors of the company are also charity trustees for the purposes of charity law.

The Trustees' report was approved by the Council of Management.

J.A. Lovell Director Dated: 26 May 2023

GLOUCESTER CIVIC TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE DIRECTORS OF GLOUCESTER CIVIC TRUST LIMITED

I report to the directors on my examination of the financial statements of Gloucester Civic Trust Limited (the Trust) for the year ended 31 December 2022.

Responsibilities and basis of report

As the directors of the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

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

Nicholas J. Bishop FCCA ACA Pitt Godden & Taylor LLP

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

Dated: 26 May 2023

GLOUCESTER CIVIC TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
£
£
Income and endowments from:
Donations and gifts
17,162
97,023
Income from charitable activities
56,983
-
Investments
278
-
Other income
5
-
Total income
74,428
97,023
Expenditure on:
Raising funds
13,976
-
Expenditure on charitable activities
96,366
89,984
Total resources expended
110,342
89,984
Net (expenditure)/income for the year/
Net movement in funds
(35,914)
7,039
Fund balances at 1 January 2022
154,595
-
Fund balances at 31 December 2022
118,681
7,039		 Total
2022
£
114,185
56,983
278
5
171,451
13,976
186,350
200,326
(28,875)
154,595
125,720		 Total
2021
£
60,699
31,418
128
6
92,251
6,471
77,845
84,316
7,935
146,660
154,595

GLOUCESTER CIVIC TRUST LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Current assets
Stocks
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Income funds
Restricted funds
15
Unrestricted funds
Designated funds
16
General unrestricted funds		 2022
£
900
1,441
130,213
132,554
(6,834)
740
117,941		 £
125,720
7,039
118,681
125,720		 2021
£
1,280
1,831
154,815
157,926
(3,331)
-
154,595		 £
154,595
-
154,595
154,595

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Directors on 26 May 2023

M.White Director

Company Registration No. 01078805

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Gloucester Civic Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Bishop Hooper House, 99-103 Westgate Street, Gloucester, GL1 2PG.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities (update bulletin 1) applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The Trust is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

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

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used.

1.4 Incoming resources

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

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

Membership subscriptions are recognised on receipt, unless they are received in the final four months of the year. Where they are received in the final four months they are deemed to be a prepayment of the following year's subscriptions.

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

1.6 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.7 Cash and cash equivalents

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

1.8 Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

2 Donations and gifts

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
4,210
2,434
Grants receivable
12,952
94,589
17,162
97,023		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
6,644
3,120
-
107,541
22,356
35,223
114,185
25,476
35,223		 Total
2021
£
3,120
57,579
60,699

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Income from charitable activities

Central
Tour Guides
The Folk
The Tower
£
£
£
£
Sales within charitable
activities
10,937
3,964
33,594
8,488
Analysis by fund
Unrestricted funds
10,937
3,964
33,594
8,488
For the year ended 31 December 2021
Unrestricted funds
8,914
6,489
15,575
6,211		 Total
£
56,983
56,983		 2021
£
31,418
31,418

4 Investments

5
6		 Unrestricted Unrestricted
funds
funds
2022
2021
£
£
Interest receivable
278
128
Other income
Unrestricted Unrestricted
funds
funds
2022
2021
£
£
Other income
5
6
Raising funds
Unrestricted Unrestricted
funds
funds
2022
2021
£
£
Trading costs
Other trading activities
13,976
6,471
13,976
6,471		 Unrestricted Unrestricted
funds
funds
2022
2021
£
£
Interest receivable
278
128
Other income
Unrestricted Unrestricted
funds
funds
2022
2021
£
£
Other income
5
6
Raising funds
Unrestricted Unrestricted
funds
funds
2022
2021
£
£
Trading costs
Other trading activities
13,976
6,471
13,976
6,471
6,471

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Expenditure on charitable activities

Unrestricted
funds
Restricted
funds
2022
2022
£
£
Staff costs
28,218
-
Calendar
1,918
-
Newsletters & Memberships
355
-
Advertising
1,627
1,300
Website hosting
358
-
Insurance
12,117
-
Heat & light
(1,000)
-
Bank charges
474
-
Repairs
34,111
130
Rates
227
-
Print, Postage & Stationary
698
-
Telephone & Internet
1,557
-
Capital expenditure - General
9,490
672
Capital expenditure - Hardware
25
-
Professional fees
69
-
Cleaning
1,384
-
IT software & consumables
505
-
Donations & Sponsorship
1,000
-
Travel
-
-
Spending on volunteers
13
-
Training
500
-
Project development
-
64,374
Subscription
2,720
-
Consultancy
-
23,508
96,366
89,984
96,366
89,984
Analysis by fund
Unrestricted funds
96,366
-
Restricted funds
-
89,984
96,366
89,984
For the year ended 31 December 2021
Unrestricted funds
37,665
-
Designated funds
-
40,180
37,665
40,180		 Total
2022
£
28,218
1,918
355
2,927
358
12,117
(1,000)
474
34,241
227
698
1,557
10,162
25
69
1,384
505
1,000
-
13
500
64,374
2,720
23,508
186,350
186,350
96,366
89,984
186,350		 Total
2021
£
15,697
1,750
461
25
1,083
325
407
266
2,121
295
937
1,522
30,218
177
4,272
1,165
156
1,000
372
345
371
14,880
-
-
77,845
77,845
37,665
40,180
77,845
37,665
40,180
77,845

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Directors

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

9 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Administration 2 1
Employment costs 2022 2021
£ £
Wages and salaries 27,388 15,397
Other pension costs 350 300
28,218 15,697

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

10 Taxation

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

11 Stocks

11
Stocks
Goods for resale
12
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 2022
£
900
2022
£
766
675
1,441		 2021
£
1,280
2021
£
1,826
5
1,831

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
636
4,676
1,522
-
6,834		 2021
£
243
78
1,700
1,310
3,331

14 Retirement benefit schemes

Defined contribution schemes

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £350 (2021 - £300).

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Balance at
1 January 2021 resources expended 1 January 2022 resources expended 31 December
2022
£ £ £ £ £ £ £ £
The Folk 2,422 35,223 (40,180) 2,535 - 97,024 (89,985) 7,039

GLOUCESTER CIVIC TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement Movement in funds
in funds
Incoming
Balance at		 Incoming Resources Balance at
resources 1 January 2022 resources expended 31 December
2022
£ £ £ £ £
Jubilee fund - - 1,500 (760) 740
- - 1,500 (760) 740
17 Analysis of net assets between funds
Unrestricted Restricted **Total ** Unrestricted Restricted Total
Funds Funds Funds Funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
December 2022 are
represented by:
Current assets/(liabilities) 118,681 7,039 125,720 154,595 - 154,595
118,681 7,039 125,720 154,595 - 154,595

18 Related party transactions

Gloucester Civic Trust Limited and Gloucester Historic Buildings Limited have directors in common. All transactions in the year were carried out at arms length.