The trustees present their annual report and financial statements for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the 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).
The objects of Forest of Dean Buildings Preservation Trust are to preserve for the benefit of the people of the Forest of Dean District and of the Nation, the historical, architectural, and constructional heritage that may exist in and around the Forest of Dean District in its land and buildings (including any structure or erection, and any part of a building as so defined) of particular beauty or historical, architectural, or constructional interest.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. Our vision is for a community where the area's heritage assets are valued and substantially preserved, for the benefit, education, and enjoyment of current and future generations.
The Trust has continued to actively maintain and care for its three historic properties, the Scheduled Monuments , Gunn's Mill Charcoal Fuelled Blast Furnace, the later Whitecliff Coke Fuelled Blast Furnace, and the ancient, ruined chapel of St James at Lancaut. The tenancy arrangements for Furnace Cottage at Whitecliff, provides the Trust with a modest but steady income. Interest was pursued, at arm's length, without expense on part of the Trust, in another possible acquisition, the Grade II listed Clearwell Community Chapel which became redundant several years ago. This is seen as fitting our vision "for a community where the area's heritage assets are valued and sustainably preserved for the benefit, education, and enjoyment of current and future generations."
Regular safety and insurance inspections and general ground maintenance were carried out at all of the Trust's sites during the year by Trustees and volunteers.
The website www.fodbpt.org allows us to update the news section, and encourages visitors to donate and enables the Trust to receive Gift Aid. We are deeply indebted to Charles Rose of The Heritage Practice Clearwell for his skilled input in setting up the website and keeping it up to date.
Gunns Mill - the last project to repair the roof trusses over the charging house is now complete and finished to an exceptionally high standard. As well as the complex specified timber repairs and small areas of associated masonry, this project created a large square room, clear of props. Recent work by David Viner and his volunteers removed the mid-20th century stone dividing wall thus creating an impressive rectangular space, and also topped off the boundary waill to the Asha Centre with original Coleford bricks and with the benefit of a £200 gift from Asha. There is still much to do, as is obvious. These works are the latest in a series of contracts which have moved Gunns Mill from being in 1995 dangerous to the point of collapse to being a structure that should have a meaningful future use. Our work is supported by very welcome donations from Trustee and original donor Bill Parker, GSIA, FoDLHS, SPAB Gloucester
Whitecliff Furnace continues to be available for public viewing with the central core fenced off for safety and the surrounding area maintained by our tenant's active caretaking duties on site. The furnace structure is sound but the intrusive vegetation is increasing. Funding and action are being organised to clear this. Furnace Cottage continues to provide useful rental income though repairs are needed. During the year necessary repairs were carried out to the roof and chimney and a replacement modern flue liner installed.
Lancaut Chapel of St James, a conserved ruin, continues in fair condition and while on a popular remote ramblers path was relatively free of litter and vandalism. There have been no further episodes of nighthawking.
Clearwell Cemetery Chapel - sporadic discussions have continued regarding the acquisition of the Chapel from the Church Commissioners who manage the redundancy process in conjunction with the Diocese of Gloucester. The chapel continues to deteriorate. At say a year ago it was in poor but still reasonable condition. The boundary wall has split and became a public hazard though the diocese has supported localised rebuilding. The decorative stonework of the rose window has come apart and glass has fallen out. During the year the Trust had an initial meeting with members of the local Newland Parish Council about co-operation on the project which was well attended by local residents
Outreach - Gunns Mill was advertised as a venue on Heritage Open Day in September 2025 and despite exceptionally inclement weather more than 80 visitors came to learn about the work of the Trust, tour the building, hear about its origins, various past uses, and proposed renewal. Rather than our usual gazebo we used the newly cleared internal space to welcome visitors. Cash donations on the day of £240 were more than double that of some previous years.
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least 12 months of general running costs. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trust is a company limited by guarantee under the Companies Act, and is controlled by its governing document, a deed of Trust.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The range of skills and experience of all the Trustees is closely matched to the demands of current and proposed projects. Abbreviated biographies are included on the website. Meeting locations are arranged on an ad hoc basis, usually face to face but with zoom for those unable to be present due to work commitments. Laura Stevens continues with her dedicated input as company secretary dealing with insurance and administrative tasks as well as recording and minuting the monthly meetings. Griffiths Marshall continue as our independent examiners, Lloyds as our bankers. Annual accounts may be inspected on the Companies House website. The trust actively seeks new volunteers and trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Forest of Dean Buildings Preservation Trust (the trust) for the year ended 31 March 2026.
Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the Companies Act 2006 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. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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:
accounting records were not kept in respect of the trust as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Forest of Dean Buildings Preservation Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Security Office, Whitecliff Quarry, Newland Street, Coleford, GL16 8NB.
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and heritage assets at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
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.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
[Property rented to a group entity is accounted for as tangible fixed assets.]
Heritage Assets are stated at Cost, and are Not depreciated.
The costs of the conservation of the Heritage Assets are expensed in the Statement of Financial Activities where they are included in expenditure on charitable activities.
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.
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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Grants income includes grants from Historic England and other government grants.
Charitable expenditure for the year ended 31 March 2026 includes independent examiner's fees of £1,320 (2025-£1,200).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Heritage Assets comprise freehold land and buildings, being Gunns Mill Furnace, Whitecliff Furnace, and Lancaut Church of St James. The cost of the Heritage Assets comprises work done to offer public access to Gunns Mill Furnace. In the opinion of the Trustees, the value of these properties as Heritage Assets was £50,000 as at 31 March 2026.
Investment property comprises Furnace Cottage. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2026 by The Trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2025 - none).