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2023-12-31-accounts

The Glastonbury Trust CIO

Charity No. 1012598

Trustees' Report and Unaudited Accounts

31 December 2023

The Glastonbury Trust CIO Contents

Pages
Trustees' Annual Report 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
BalanceSheet 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 2023.

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 I.A.R. Jones appointed 4 October 2023

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.

EVENTS IN THE YEAR

The Glastonbury Trust completed renovation work on a residential property that has been put on the market in December 2023.

Community Development

The Glastonbury Trust converted a £215,000 loan to the Red Brick Building Community Benefit Society into a donation. This had been agreed as matchfunding for £1 million grant to the Red Brick Building from the Town Deal Fund.

Supporting Adult Education

The Glastonbury Trust ran adult education classes to the end of May 2023 with part funded support from Somerset Skills and Learning.

The Glastonbury Trust made donations in support of rent to the Library of Avalon, a registered educational Charity.

Supporting Childrens Education

The Glastonbury Trust made donations to Roots and Wings educational project for 8 to 11 year old children . Core Activities

The Charity will continue to be a grant funding body, rather than initiating its own projects. Targets for 2024

To identify key community needs for Glastonbury in order to prioritise grant making policy.

Page 2

The Glastonbury Trust CIO Trustees Annual Report

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.

Signed on behalf of the charity's trustees

D.M. Jones Trustee 2024

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 2023 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:

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 2024

Page 4

The Glastonbury Trust CIO Statement of Financial Activities

for the year ended 31 December 2023

Notes
Income
Donations and legacies 3
Charitable Activities 3
Other Income 3
Total
Expenditure on:
Charitable activities
4
Other
6
Total
Net gains on investments
Net (expenditure)/income
7
Transfers between funds
Net (expenditure)/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
2023
£
103,000
7,704
11,800		 Total funds
Total funds
2023
2022
£
£

103,000
7,704
11,800
87,000
16,820
159
122,504
238,012
1,298		 122,504
103,979
238,012
36,213
1,298
8,563
239,310
-		 239,310
44,776
-
-
(116,806)
-		 (116,806)
59,203
-
-
(116,806) (116,806)
59,203
(116,806)
658,624		 (116,806)
59,203
658,624
599,421
541,818 541,818
658,624

Page 5

The Glastonbury Trust CIO Balance Sheet at 31 December 2023

Charity No. 1012598

Charity No. 1012598
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors:Amount falling due within one year
12
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
13
Unrestricted funds
General funds
13
Reserves
Total funds
Approved by the trustees on 2024
And signed on their behalf by:		 2023
£
323,998
251,754
575,752
-
16,966
16,966
(50,900)
(33,934)
541,818
541,818
541,818
-

541,818
541,818
541,818		 2022
£
257,969
251,754
509,723
210,000
2,751
212,751
(63,850)
148,901
658,624
658,624
658,624
-
658,624
658,624
658,624

D.M. Jones Trustee

2024

Page 6

The Glastonbury Trust CIO Notes to the Accounts

for the year ended 31 December 2023

Basis of preparation

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Glastonbury Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these account

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

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

Fund accounting
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the
general objects of the charity.
Designatedfunds 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 charity
income 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 the
legacies 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 value
revaluation of fixed 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, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities 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.

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. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

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.

Page 8

The Glastonbury Trust CIO Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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

Organisers
2
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Charitable Activities
Other Income
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
3
Income from donations and legacies
Gift Aid
Charitable Activity – Training courses
Other Income – Bank compensation
Net gain on disposal of property
4 Expenditure on charitable activities
Training Courses – costs to run
Organisers etc for Courses
Grants made		 Unrestricted
£
103,000
7,704
-
11,800
122,504
6,352
11,593
220,067		 Unrestricted
funds
2022
£
87,000
16,820
159
103,979
36,213
8,563
44,776
59,203
59,203
599,421
658,624
Total
2023
£
103,000
7,704
-
11,800
122,504
6,352
11,593
220,067

238,012		 Total funds
2022
£
87,000
16,820
159
103,979
36,213
8,563
44,776
59,203
59,203
599,421
658,624
Total
2022
£
87,000
16,820
159
-
103,979
7,236
25,340
3,637
36,213

Page 10

The Glastonbury Trust CIO Notes to the Accounts

5 Analysis of grants
Grants to
Activity or programme Institutions Total Total
2023 2022
£ £ £
Rental Support 3,637 3,637 3,637
CommunityProjects 216,430 216,430 -
220,067 220,067 3,637
Activities
Grant
undertaken
funding of
Activity or programme directly activities Total Total
2023 2022
£
£		 £ £
Rental Support 3,637
-		 3,637 3,637
CommunityProjects -
216,430		 216,430 -
3,637
216,430		 220,067 3,637
6 Other expenditure
Unrestricted
Total Total
2023 2022
£ £ £
Employee costs 600 600 6,312
Premises costs (599) (599) 1,017
General administrative costs 86 86 84
Legal and professional costs 1,211 1,211 1,150
1,298 1,298 8,563
7 Net (expenditure)/income before transfers
2023 2022
This is stated after charging: £ £
Independent Examiner's fee 900 850
8 Staff costs
Salaries and wages 11,857 30,897
12,757 31,747
No employee received emoluments in excess of £60,000.
The average monthly number of full time equivalent employees during the year was as follows:
2023 2022
Number Number
Administration 1 1
Charitable activities 1 2
2 3

Page 11

The Glastonbury Trust CIO Notes to the Accounts

9 Tangible fixed assets

Cost or revaluation
At 1 January 2023
Costs in renovating freehold property
Disposal of property
At 31 December 2023
Net book values
At 31 December 2023
At 31 December 2022
10Investments
Cost or revaluation
At 1 January 2023
At 31 December 2023
Net book values
At 31 December 2023
At 31 December 2022		 £
257,969
78,229
(12,200)

323,998
323,998
257,969
Other
investments
- Unlisted
£
251,754
251,754
251,754

251,754		 £
257,969
78,229
(12,200)
323,998
323,998
257,969
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 £177,864 at year ended 31 December 2023 (2022 £173,532). Additionally £20,000 is invested in other local not for profit enterprises.

11 Debtors

Other debtors
12Creditors:
amounts falling due within one year
Accruals and deferred income
Short term loans		 2023
£
-
-
2023
£
900
50,000
50,900		 2022
£
210,000
210,000
2022
£
850
63,000
63,850

Page 12

The Glastonbury Trust CIO Notes to the Accounts

13 Movement in funds

Restricted funds:
Unrestricted funds:
General funds
Total funds
14 Analysis of net assets between funds
Fixed assets
Investments
Net current assets
15 Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 January
2023
658,624
658,624


 Incoming
resources
(including
other
gains/loss)
£
122,504
122,504


At 1
January
2023
£
2,751
2,751
2,751
 Resources
expended
£
(239,310)
(239,310)
Unrestricted
funds
£
323,998
251,754
(33,934)

Cash flows
£
14,215
14,215
14,215		 At 31
December
2023
£
541,818
541,818
Total
£
323,998
251,754
(33,934)
541,818
At 31
December
2023
£
16,966
16,966
16,966
658,624


Page 13

The Glastonbury Trust CIO Detailed Statement of Financial Activities

for the year ended 31 December 2023

Income from:
Donations and legacies
Gift Aid
Charitable Activities
Other Income
Net Gain on disposal of property
Total income
Expenditure on:
Charitable activities
Training Courses
Salaries and staff costs
Grants made
Total of expenditure on charitable
Activities

Employee costs
Salaries/wages
Premises costs
Premisesinsurances
Premises repairs and
maintenance
General administrative costs
Bank charges
Legal and professional costs
Independent examination fees
Solicitor's fees
Other legal and professional
Total of expenditure of other costs
Total expenditure		 Unrestricted
funds
2023
£
103,000

7,704
-
11,800
122,504

6,352
11,593
220,067
238,012

600
600
-
(599)
(599)
86
86
900
-
311
1,211
1,298
239,310		 Unrestricted
funds
2023
£
103,000

7,704
-
11,800
122,504

6,352
11,593
220,067
238,012

600
600
-
(599)
(599)
86
86
900
-
311
1,211
1,298
239,310		 Unrestricted
funds
2023
£
103,000

7,704
-
11,800
122,504

6,352
11,593
220,067
238,012

600
600
-
(599)
(599)
86
86
900
-
311
1,211
1,298
239,310		 Unrestricted
funds
2023
£
103,000

7,704
-
11,800
122,504

6,352
11,593
220,067
238,012

600
600
-
(599)
(599)
86
86
900
-
311
1,211
1,298
239,310		 Total funds
2023
£
103,000
7,704
-
11,800
122,504
6,352
11,593
220,067
238,012
600
600
-
(599)
(599)
86
86
900
-
311
1,211
1,298
239,310		 Total funds
2022
£
87,000
16,820
159
-		 Total funds
2022
£
87,000
16,820
159
-
122,504
6,352
11,593
220,067		 103,970
7,236
25,340
3,637
238,012 36,213
6,312
600









600 6,312
-
(599)		 418
599
(599) 1,017
86 84
86 84


900
-
311		 850
-
300
1,211 1,150
1,298 8,563
239,310 44,776

Page 14

The Glastonbury Trust CIO Detailed Statement of Financial Activities

Net (expenditure)/income
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 -
(116,806)

658,624

541,818
(116,806)
(116,806)		 -
(116,806)
658,624

541,818
(116,806)
(116,806)		 59,203
-
59,203
59,203
599,421
658,624

Page 15