The Glastonbury Trust CIO
Charity No. 1012598
Trustees' Report and Unaudited Accounts
31 December 2020
The Glastonbury Trust CIO Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Page 1
The Glastonbury Trust CIO Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2020.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1012598
Trustees
The following Trustees served during the year:
D.M. Jones R.A. MacBeth G.R.J. Mills K.K. Von Coels
Accountants
Hele Kergozou Ltd Lilac Cottage The Street Draycott Cheddar BS27 3TH
OBJECTIVES AND ACTIVITIES
The purpose of the charity as set out in its governing document.
The main activities undertaken in relation to those purposes are to benefit the public through the advancement of religion and education generally , the advancement of citizenship and the community and the advancement of environmental protection or improvement.
The trustees have given due consideration to the Charity Commission's guidance on the public benefit requirement and all activities and grants have been in accordance with that requirement. A number of grants have been made to educational charities, a registered place of worship, a community group promoting and celebrating religious and spiritual diversity as well as other community groups that promote citizenship in the community.
Grants for Rental costs
Support for Community Projects
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 2
The Glastonbury Trust CIO Trustees Annual Report
Signed on behalf of the charity's trustees
D.M. Jones
Trustee 16 June 2021
Page 3
The Glastonbury Trust CIO Independent Examiners Report
Independent Examiner's Report to the trustees of The Glastonbury Trust CIO
I report to the trustees on my examination of the accounts of The Glastonbury Trust CIO for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
J S Hele Kergozou ICAEW Hele Kergozou Ltd Lilac Cottage The Street Draycott Cheddar BS27 3TH 16 June 2021
Page 4
The Glastonbury Trust CIO Statement of Financial Activities
for the year ended 31 December 2020
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Charitable activities 4 Other 6 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2020 £ 33,248 |
Total funds 2020 £ 33,248 |
Total funds 2019 £ 652,884 |
|---|---|---|---|
| 33,248 19,894 9,045 |
33,248 19,894 9,045 |
652,884 37,658 6,136 |
|
| 28,939 - |
28,939 - |
43,794 - |
|
| 4,309 - |
4,309 - |
609,090 - |
|
| 4,309 | 4,309 | 609,090 | |
| 4,309 609,090 |
4,309 609,090 |
609,090 - |
|
| 613,399 | 613,399 | 609,090 |
Page 5
The Glastonbury Trust CIO Balance Sheet
at 31 December 2020
| Charity No. 1012598 Fixed assets Tangible assets 8 Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors:Amount falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 12 Unrestricted funds 12 General funds Reserves 12 Total funds Approved by the trustees on 16 June 2021 |
2020 £ 92,200 251,754 343,954 210,000 60,966 270,966 (1,521) 269,445 613,399 613,399 613,399 613,399 613,399 613,399 |
2019 £ 92,200 251,754 |
|---|---|---|
| 343,954 210,000 56,457 |
||
| 266,457 (1,321) |
||
| 265,136 609,090 |
||
| 609,090 | ||
| 609,090 | ||
| 609,090 | ||
| 609,090 | ||
| 609,090 | ||
And signed on their behalf by:
D.M. Jones Trustee 16 June 2021
Page 6
The Glastonbury Trust CIO Notes to the Accounts
for the year ended 31 December 2020
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the income charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in legacies the the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
-
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market revaluation of fixed value at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
The Glastonbury Trust CIO Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, raising funds fundraising trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities charitable activities and services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 8
The Glastonbury Trust CIO Notes to the Accounts
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
The Glastonbury Trust CIO
Notes to the Accounts
2 Statement of Financial Activities - prior year
| 2 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds carried forward 3 Income from donations and legacies Gift Aid Transfer of assets from Glastonbury Trust Other Donations Government Furlough Grant 4 Expenditure on charitable activities Expenditure on charitable activities Grants made Governance costs |
Unrestricted £ 30,000 - 1,000 2,248 33,248 Unrestricted £ 19,894 19,894 |
Unrestricted funds 2019 £ 652,884 652,884 37,658 6,136 43,794 609,090 609,090 609,090 609,090 Total 2020 £ 30,000 - 1,000 2,248 33,248 Total 2020 £ 19,894 19,894 |
Total funds 2019 £ 652,884 |
| 652,884 37,658 6,136 |
|||
| 43,794 | |||
| 609,090 | |||
| 609,090 | |||
| 609,090 | |||
| 609,090 | |||
| Total 2019 £ 30,000 622,781 103 - |
|||
| 652,884 | |||
| Total 2019 £ 37,658 |
|||
| 37,658 |
Page 10
The Glastonbury Trust CIO Notes to the Accounts
5 Analysis of grants
Grants to
| Grants to | |||||
|---|---|---|---|---|---|
| Activity or programme | Institutions | Total | Total | ||
| 2020 | 2019 | ||||
| £ | £ | £ | |||
| Rental Support | 2,514 | 2,514 | 10,221 | ||
| Community Projects | 17,380 | 17,380 | 27,437 | ||
| 19,894 | 19,894 | 37,658 | |||
| Activities | Grant | ||||
| undertaken | funding of | ||||
| Activity or programme | directly | activities | Total | Total | |
| 2020 | 2019 | ||||
| £ | £ | £ | £ | ||
| Rental Support | 2,514 | - | 2,514 | 10,221 | |
| Community Projects | - | 17,380 | 17,380 | 27,437 | |
| 2,514 | 17,380 | 19,894 | 37,658 | ||
| 6 | Other expenditure | ||||
| Unrestricted | Total | Total | |||
| 2020 | 2019 | ||||
| £ | £ | £ | |||
| Promotion | - | - | 723 | ||
| Employee costs | 8,050 | 8,050 | 4,620 | ||
| Premises costs | 245 | 245 | 226 | ||
| General administrative costs | - | - | 17 | ||
| Legal and professional costs | 750 | 750 | 550 | ||
| 9,045 | 9,045 | 6,136 | |||
| 7 | Staff costs | ||||
| Salaries and wages | 7,800 | 4,620 | |||
| 7,800 | 4,620 | ||||
| No employee received emoluments in excess of £60,000. | |||||
| The average monthly number | of full time equivalent employees during the year was as follows: | ||||
| 2020 | 2019 | ||||
| Number | Number | ||||
| Administration | 1 | 1 | |||
| 1 | 1 |
Page 11
The Glastonbury Trust CIO Notes to the Accounts
- 8 Tangible fixed assets
| Cost or revaluation At 1 January 2020 At 31 December 2020 Net book values At 31 December 2020 At 31 December 2019 9 Investments Cost or revaluation At 1 January 2020 At 31 December 2020 Net book values At 31 December 2020 At 31 December 2019 |
£ 92,200 92,200 92,200 92,200 Other investments - Unlisted £ 251,754 251,754 251,754 251,754 |
£ 92,200 |
|---|---|---|
| 92,200 | ||
| 92,200 | ||
| 92,200 | ||
| Total £ 251,754 |
||
| 251,754 | ||
| 251,754 | ||
| 251,754 | ||
Unlisted investments consist of £231,754 for 100% of the share capital of Glastonbury Courtyard Ltd which had revenue reserves of £181,159 at year ended 31 December 2020 (2019 £354,209). Additionally £20,000 is invested in other local not for profit enterprises.
10 Debtors
| Other debtors 11 Creditors: amounts falling due within one year Accruals and deferred income |
2020 £ 210,000 210,000 2020 £ 1,521 1,521 |
2019 £ 210,000 |
|---|---|---|
| 210,000 | ||
| 2019 £ 1,321 |
||
| 1,321 |
Page 12
The Glastonbury Trust CIO Notes to the Accounts
12 Movement in funds
| Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 13 Analysis of net assets between funds Fixed assets |
At 1 January 2020 609,090 609,090 |
Incoming resources (including other gains/losses) £ 33,248 33,248 At 1 January 2020 £ |
Resources expended £ (28,939) (28,939) Unrestricted funds £ 92,200 |
At 31 December 2020 £ 613,399 |
|---|---|---|---|---|
| 613,399 | ||||
| Total £ 92,200 |
||||
| Investments | 251,754 | 251,754 | ||
| Net current assets 14 Reconciliation of net debt Cash and cash equivalents Net debt |
269,445 613,399 Cash flows £ |
269,445 | ||
| 613,399 | ||||
| At 31 December 2020 £ |
||||
| 56,457 | 4,509 | 60,966 | ||
| 56,457 56,457 |
4,509 4,509 |
60,966 | ||
| 60,966 | ||||
Page 13
The Glastonbury Trust CIO Detailed Statement of Financial Activities
for the year ended 31 December 2020
| Income and endowments from: Donations and legacies Gift Aid Transfer of assets from Glastonbury Trust Other Donations Government Furlough Grant Total income and endowments Expenditure on: Charitable activities Grants made Total of expenditure on charitable activities Other expenditure Promotion Employee costs Salaries/wages Staff training Premises costs Premises insurances General administrative costs, including depreciation and amortisation Sundry expenses Legal and professional costs Audit/Independent examination fees Total of expenditure of other costs Total expenditure Net gains on investments Net income |
Unrestricted funds 2020 £ 30,000 - 1,000 2,248 33,248 33,248 19,894 19,894 19,894 - - 7,800 250 8,050 245 245 - - 750 750 9,045 28,939 - 4,309 |
Total funds 2020 £ 30,000 - 1,000 2,248 33,248 33,248 19,894 19,894 19,894 - - 7,800 250 8,050 245 245 - - 750 750 9,045 28,939 - 4,309 |
Total funds 2019 £ 30,000 622,781 103 - |
|---|---|---|---|
| 652,884 | |||
| 652,884 37,658 |
|||
| 37,658 | |||
| 37,658 723 |
|||
| 723 | |||
| 4,620 - |
|||
| 4,620 | |||
| 226 | |||
| 226 | |||
| 17 | |||
| 17 | |||
| 550 | |||
| 550 | |||
| 6,136 | |||
| 43,794 - |
|||
| 609,090 |
Page 14
The Glastonbury Trust CIO Detailed Statement of Financial Activities
| The Glastonbury Trust CIO Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
4,309 - 4,309 609,090 613,399 |
4,309 - 4,309 609,090 613,399 |
609,090 - |
| 609,090 | |||
| - | |||
| 609,090 |
Page 15