## **The Glastonbury Trust CIO**
**Charity No. 1012598**
**Trustees' Report and Unaudited Accounts**
**31 December 2024**
**The Glastonbury Trust CIO Contents**
||Pages|
|---|---|
|Trustees' Annual Report|2 to 3|
|Independent Examiner's Report|4|
|Statement of Financial Actvites|5|
|BalanceSheet|6|
|Notes to the Accounts|7 to 12|
|Detailed Statement of Financial Actvites|13 to 14|
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 2024.
## **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
## **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 was put on the market in December 2023 and sold in 2025.
## **Community Development**
The Glastonbury Trust gave Paddington Farm Trust a donation to set up a food hub that would benefit the community.
## **Supporting Adult Education**
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 2025**
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
2025
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 2024 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 2025
Page 4
**The Glastonbury Trust CIO Statement of Financial Activities**
## **for the year ended 31 December 2024**
|**Notes**
**Income**
Donatons and legacies 3
Charitable Actvites 3
Other Income 3
**Total**
**Expenditure on:**
Charitable actvites
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**
**Reconciliaton of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
75,880
-
-|**Total funds**
**Total funds**
**2024**
**2023**
**£**
**£**
75,880
-
-
103,000
7,704
11,800|
|---|---|---|
||75,880
17,752
2,425|75,880
122,504
17,752
238,012
2,425
1,298|
||20,177
-|20,177
239,310
-
-|
||55,703
-|
55,703
(116,806)
-
-|
||55,703|55,703
(116,806)|
||55,703
541,818|55,703
(116,806)
541,818
658,624|
||597,521|597,521
541,818|
Page 5
**The Glastonbury Trust CIO Balance Sheet**
## **at 31 December 2024**
|**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 liabilites**
**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 2025
And signed on their behalf by:|**2024**
**£**
323,998
251,754
575,752
5,880
66,814
72,694
(50,925)
21,769
597,521
597,521
597,521
-
597,521
597,521
597,521|**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|
||||
D.M. Jones Trustee
2025
Page 6
**The Glastonbury Trust CIO Notes to the Accounts**
## **for the year ended 31 December 2024**
- 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**
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 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 assets Gains/(losses) on investment assets revaluation of fixed
Page 7
**The Glastonbury Trust CIO Notes to the Accounts**
This includes any from revaluing investments to market value at the end of the year. gain or loss resulting
This includes any gain or loss on the sale of investments.
## **Expenditure**
- Recognition of expenditure
- Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs.
- Expenditure on
- 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.
## **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 8
**The Glastonbury Trust CIO Notes to the Accounts**
|Organisers
2
**Statement of Financial Actvites - prior year**
**Income and endowments from:**
Donatons and legacies
Charitable Actvites
Other Income
**Total**
**Expenditure on:**
Charitable actvites
Other
**Total**
**Net income**
**Net movement in funds**
**Reconciliaton of funds:**
Total funds brought forward
**Total funds carried forward**
3**Income from donatons and legacies**
Gif Aid
Charitable Actvity – Training courses
Net gain on disposal of property
**4 Expenditure on charitable actvites**
Training Courses – costs to run
Organisers etc for Courses
Sofware and website
Grants made|**Unrestricted**
**£**
75,880
-
-
75,880
-
-
434
17,318|**Unrestricted**
**funds**
**2023**
**£**
103,000
7,704
11,800
122,504
238,012
1,298
239,310
(116,806)
(116,806)
658,624
541,818
**Total**
**2024**
**£**
75,880
-
-
75,880
-
-
434
17,318
17,752|**Total funds**
**2023**
**£**
103,000
7,704
11,800
122,504
238,012
1,298
239,310
(116,806)
(116,806)
658,624
541,818
**Total**
**2023**
**£**
103,000
7,704
11,800
122,504
6,352
1,593
-
220,067
238,012|
|---|---|---|---|
Page 9
## 5 **Analysis of grants**
## **Grants to**
||||**Grants to**|||
|---|---|---|---|---|---|
||**Actvity or programme**||**Insttutons**|**Total**|**Total**|
|||||**2024**|**2023**|
||||**£**|**£**|**£**|
||Rental Support||3,638|3,638|3,637|
||CommunityProjects||13,680|13,680|216,430|
||||17,318|17,318|220,067|
|||**Actvites**|**Grant**|||
|||**undertaken**|**funding of**|||
||**Actvity or programme**|**directly**|**actvites**|**Total**|**Total**|
|||||**2024**|**2023**|
|||**£**|**£**|**£**|**£**|
||Rental Support|3,638|-|3,638|3,637|
||CommunityProjects|-|13,680|13,680|216,430|
|||3,638|13,680|17,318|220,067|
|6|**Other expenditure**|||||
||||**Unrestricted**|||
|||||**Total**|**Total**|
|||||**2024**|**2023**|
||||**£**|**£**|**£**|
||Employee costs||500|500|600|
||Premises costs||875|875|(599)|
||General administratve costs||90|90|86|
||Legal and professional costs||960|960|1,211|
||||2,425|2,425|1,298|
|7|**Net (expenditure)/income before transfers**|||||
||||**2024**||**2023**|
||This is stated afer charging:||**£**||**£**|
||Independent Examiner's fee||925||900|
|8|**Staf costs**|||||
||Salaries and wages||-||11,857|
||||-||11,857|
||No employee received emoluments in excess|of £60,000.||||
||The average monthly number of full tme equivalent employees during the year|||was as follows:||
|Administraton
Charitable actvites|**2024**
**Number**
1
1
2|**2023**
**Number**
1
1|
|---|---|---|
|||2|
Page10
**£**
**£**
## 9 **Tangible fixed assets**
|**Cost or revaluaton**
At 1 January 2024
Costs in renovatng freehold property
Disposal of property
At 31 December 2024
**Net book values**
At 31 December 2024
At 31 December 2023
10**Investments**
**Cost or revaluaton**
At 1 January 2024
At 31 December 2024
**Net book values**
At 31 December 2024
At 31 December 2023|323,998
-
-
323,998
323,998
323,998
**Other**
**investments**
**- Unlisted**
**£**
251,754
251,754
251,754
251,754|323,998
-
-|
|---|---|---|
|||323,998|
|||323,998|
|||323,998|
|||**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 £189,291 at year ended 31 December 2024 (2023 £177,864). 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
**13 Movement in funds**
**Restricted funds:**
**Unrestricted funds:**
**General funds**
**Total funds**|**At 1 January**
**2024**
541,818
541,818
|**2024**
**£**
5,880
5,880
**2024**
**£**
925
50,000
50,925
**Incoming**
**resources**
**(including**
**other**
**gains/loss)**
**£**
75,880
75,880
|**Resources**
**expended**
**£**
(20,177)
(20,177)
||**2023**
**£**
210,000|
|---|---|---|---|---|---|
||||||210,000|
||||||**2023**
**£**
900
50,000|
||||||50,900|
||||||**At 31**
**December**
**2024**
**£**
597,521
597,521|
Page 11
## 14 **Analysis of net assets between funds**
|14 **Analysis of net assets between funds**|||||||
|---|---|---|---|---|---|---|
|||**Unrestricted**|||||
||||**funds**||**Total**||
|||||**£**||**£**|
|Fixed assets||323,998||323,998|||
|Investments||251,754||251,754|||
|Net current assets||21,769||21,769|||
|||||597,521|||
|**15 Reconciliaton of net debt**|||||||
||**At 1**||||**At**|**31**|
||**January**|||**December**|||
||**2024**|**Cash**|**fows**||**2024**||
||**£**|||**£**||**£**|
|Cash and cash equivalents|16,966
|||49,848|66,814||
|Net debt||16,966
|49,848
||66,814||
## **15 Reconciliation of net debt**
Page 12
## **The Glastonbury Trust CIO Detailed Statement of Financial Activities**
## **for the year ended 31 December 2024**
## **Unrestricted**
|**Income from:**
Donatons and legacies
Gif Aid
Charitable Actvites
Net Gain on disposal of property
**Total income**
**Expenditure on:**
Charitable actvites
Website and sofware
Training
Courses Salaries and staf costs
Grants made
**Total of expenditure on charitable**
**Actvites**
**Employee costs**
Salaries/wages
**Premises costs**
Premisesinsurances
Premises repairs and maintenance
**General administratve costs**
Bank charges
Legal and professional costs
Independent examinaton fees
Solicitor's fees
Other legal and professional
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments|**funds**
**2024**
**£**
75,880
-
-
75,880
434
-
17,318
17,752
|**Total funds**
**2024**
**£**
75,880
-
-
75,880
434
-
-
17,318
17,752
|**Total funds**
**2023**
**£**
103,000
7,704
11,800|
|---|---|---|---|
||||122,504|
||||
-
6,352
11,593
220,067|
||||238,012|
||
500
500
-
875|
500
500
-
875
875
90
90
925
**-**
35
960
2,425
20,177|
600|
||||600|
||||-
(599)|
||875
90
90
925
-
35
960
2,425
20,177|||
||||(599)|
||||86|
||||86|
||||900
**-**
311|
||||1,211|
||||1,298|
||||239,310
-|
||
-|
-||
Page 13
|||||
|---|---|---|---|
|**Net (expenditure)/income**
**Net (expenditure)/income before**
**other gains/(losses)**
Other Gains
- - -
**Net movement in funds**
**Reconciliaton of funds:**
Total funds brought forward
**Total funds carried forward**|55,703
55,703
55,703
**-**
|55,703
55,703
**-**
|(116,806)|
||||(116,806)
**-**|
|||55,703|(116,806)|
||541,818|541,818|658,624|
||597,521|597,521|541,818|
Page 14