## **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:
- 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 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**
- 1 **Accounting policies**
## **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
10**Investments**
**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
12**Creditors:**
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