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← Beckery Island Regeneration Trust

2024-07-31-accounts

Company no. 05518679 Charity no. 1120490

Beckery Island Regeneration Trust Report and Unaudited Financial Statements 31 July 2024

Beckery Island Regeneration Trust

Reference and administrative details

For theyear ended 31 July 2024
Company number 05518679
Charity number 1120490
Registered office Town Hall
Magdalene Street
Glastonbury
BA6 9EL
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Christopher Allen
Samantha Cullen Appointed 17 April 2024
Robert Henderson
John Keery
Christopher Leney
Paul Manning
Conor Ogilvie-Davidson Appointed 13 November 2024
Melissa Taylor
Gerard Tucker
Ian Tucker
Company secretary Jane Czornij
Bankers HSBC
101 High Street
Street
Somerset
BA16 0EY
Solicitors Davies and Partners
250 Aztec West
Almondsbury
Bristol
BS32 4TR
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Beckery Island Regeneration Trust

Report of the trustees

For the year ended 31 July 2024

The trustees present their report along with the financial statements of the charity for the year ended 31 July 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

The objects for which the charity is established are:

Achievements and performance

In September 2022, The Glastonbury Town Deal fund bid was successful, with funding for up to £6,320,395 secured for the Baily’s Project lead by Beckery Island Regeneration Trust and a further £650,000 allocated to the project from the Robert Richards Initiative for additional sustainability measures. The funding comes from the Government Town Fund and is administered by Somerset Council.

Extract from Glastonbury Town Investment Plan about the project:

‘This project will aesthetically and physically re-energise the Baily's complex which is part of the town's industrial past and is closely linked with the wider community. It will create a zero-carbon hub for local start-up, small and growing businesses, educational groups and workshops all housed within a beautifully conserved historic building complex together with a small, dedicated visitor centre celebrating the industrial past. It addresses the need to regenerate a historic, iconic set of buildings that are part of Glastonbury’s industrial past and delivers much needed, flexible and multifunctional space.’

Fundraising – Justelle Marketing were appointed on 22 November 2023 to complete the business plan required to support lottery applications.

The planning application submitted by Beckery Island Regeneration Trust for the repair and conversion of the former Bailys tannery and leather-working factory into multi-use workspaces was considered by Somerset Council planning Board on 5 December 2023. The application was unanimously approved.

Land Transfer - Davies and Partners Solicitors were engaged to handle the transfer of the parcel of land adjacent to the Baily’s Buildings into the ownership of BIRT to use as a car park. The land transfer from Somerset Council to the Trust was completed on 12 July 2024.

Beard Construction were appointed as Contractors for the Baily’s Project on 3 May 2024.

2

Beckery Island Regeneration Trust

Report of the trustees

For the year ended 31 July 2024

Davies and Partners Solicitors were appointed as Construction Unit Solicitors to review any contract amendments which should arise.

Enabling works were not able to start during this financial year due to a delay in receipt of the planning approval notice which was required before the bat licence could be submitted. The bat licence was finally approved on 31 July 2024 and enabling works scheduled for August 2024. In the meantime, a site office was situated on site, fencing installed to secure the site and scaffolding erected.

The Baily’s Project meets the objects of the charity in their entirety.

Northover Mill is a property which was restored by the Trust and is rented out to the general public. The property was vacated during the previous tax year and Heritage Properties were asked to market the property. After several interested parties viewed the Mill a wedding supplies company signed a 3 year lease for the use of the property and took occupation in December 2023.

Plans for future periods

The charity will continue with the projects as described above. The most financially significant activity is the Baily's Project, which at 31 July 2024 was still in its early stages, and will continue to be the predominant area of spending for at least the next two financial years.

Public benefit

The Trustees have had regard to the Charity Commission’s guidance on public benefit.

Financial review

In the year ended 31 July 2024, Beckery Island Regeneration Trust received £862,919 of income (2023: £368,196), of which £855,000 (2023: £376,166) was restricted grant income in relation to the Baily's Project.

Expenditure for the year was £35,390 (2023: £54,778), of which £32,730 (2023: £39,044) was restricted to the Baily's Project. A further £643,364 (2023: £18,749) is shown as a transfer out of restricted funds, representing capital expenditure on the project.

At 31 July 2024, the charity held restricted funds of £497,286 (2023: £318,380), and unrestricted reserves of £667,185 (2023: £18,562). Free reserves, defined as unrestricted general funds less any tangible fixed assets, were £5,072 (2023: net liabilities of £187).

Reserves policy

A formal reserves policy is in development, given the growth in the charity's size due to the Baily's Project. The trustees are satisfied that the charity's current level of reserves are sufficient to continue the planned level of operations.

3

Beckery Island Regeneration Trust

Report of the trustees

For the year ended 31 July 2024

Structure, governance and management

Beckery Island Regeneration Trust is a Company Limited by Guarantee and not having a share capital.

Date of Incorporation 26 July 2005

Governing Document Memorandum and Articles of Association, prepared by Stanley Davis Group Limited.

Trustees Recruitment by advertising locally via the Company Website or other publications or by word of mouth. The Trustees consider an applicant’s CV and invite them to a Board meeting to discuss the role. Should the applicant be considered suitable, a Trustee will nominate which is required to be seconded and then a vote is taken.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

4

Beckery Island Regeneration Trust

Report of the trustees

For the year ended 31 July 2024

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 22 April 2025 and signed on their behalf by

I C Tucker

Ian Tucker - Trustee

5

Independent examiner's report

To the trustees of

Beckery Island Regeneration Trust

I report to the trustees on my examination of the accounts of Beckery Island Regeneration Trust (the charitable company) for the year ended 31 July 2024, which are set out on pages 7 to 18.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I 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.

Date: 22 April 2025 Robert Wilson FCA Member of the ICAEW

Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

6

Beckery Island Regeneration Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 July 2024

Restricted Unrestricted
Note
£
£
Income from:
Charitable activities
3
855,000
-
Other trading activities
4
-
5,238
Investment income
-
2,681
Total income
855,000
7,919
Expenditure on:
Charitable activities
32,730
2,660
Total expenditure
6
32,730
2,660
Net income
7
822,270
5,259
Transfers between funds
(643,364)
643,364
Net movement in funds
178,906
648,623
Reconciliation of funds:
Total funds brought forward
318,380
18,562
Total funds carried forward
497,286
667,185		 2024
Total
£
855,000
5,238
2,681
862,919
35,390
35,390
827,529
-
827,529
336,942
1,164,471		 2023
Total
£
376,166
(7,970)
-
368,196
54,778
54,778
313,418
-
313,418
23,524
336,942

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts.

7

Beckery Island Regeneration Trust

Balance sheet

As at 31 July 2024

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
13
Funds
14
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
30,386
519,453
549,839
(47,481)		 2024
£
662,113
502,358
1,164,471
497,286
662,113
5,072
1,164,471		 2023
£
18,749
278,396
49,995
328,391
(10,198)
318,193
336,942
318,380
18,749
(187)
336,942

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 22 April 2025 and signed on their behalf by

I C Tucker

Ian Tucker - Trustee

8

Beckery Island Regeneration Trust

Statement of cash flows

For the year ended 31 July 2024

Cash provided by operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
Decrease / (increase) in debtors
Increase in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
827,529
Nil
(2,681)
248,010
37,283
1,110,141
2,681
(643,364)
(640,683)
469,458
49,995
519,453		 2023
£
313,418
Nil
-
(262,654)
5,992
56,756
-
(18,748)
(18,748)
38,008
11,987
49,995

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

9

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

1. Accounting policies a) Basis of preparation

Beckery Island Regeneration Trust is a charitable company limited by guarantee registered in England and Wales. The registered office address is (Town Hall, Magdalene Street, Glastonbury, BA6 9EL).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Beckery Island Regeneration Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of reserves. The charity has secured a significant restricted grant to cover the bulk of its activities, and receives rental income to supplement unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

10

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

1. Accounting policies (continued)

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to charitable activities, as the charity does not undertake any direct fundraising activity.

i) Tangible fixed assets

Tangible fixed assets relate to freehold land, which is not depreciated.

The charity also has an asset under the course of construction. Depreciation will be charged on the asset when it is brought into use, in line with its expected useful economic life.

j) 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.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors

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.

11

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

1. Accounting policies (continued)

m) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

2. Prior period comparatives: statement of financial activities

Income from:
Charitable activities
Other trading activities
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/ (expenditure)
Transfers between funds
Net movement in funds		 Restricted
£
£
376,166
-
-
(7,970)
376,166
(7,970)
39,044
15,734
39,044
15,734
337,122
(23,704)
(18,749)
18,749
318,373
(4,955)
Unrestricted		 2023
Total
£
376,166
(7,970)
368,196
54,778
54,778
313,418
-
313,418

12

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

3. Income from charitable activities

Income from charitable activities
2024
Total
£
Grant funding
855,000
All income from charitable activities is restricted in the current and prior years.		 2023
Total
£
376,166

4. Income from other trading activities

Income from other trading activities
Electricity recharges
Rental income
Total income from other trading activities		 2024
Total
£
571
4,667
5,238		 2023
Total
£
267
(8,237)
(7,970)

All income from other trading activities is unrestricted in the current and prior years.

5. Government grants

The charitable company receives government grants, defined as funding from Mendip District Council (now Somerset Council) to fund charitable activities. The total value of such grants in the period ending 31 July 2024 was £855,000 (2023: £376,166).

13

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

6. Total expenditure

Charitable
activities
£
Repairs and maintenance
233
Legal and professional
1,099
Site management fees
20,566
Utilities
2,206
Insurance
3,539
Accountancy
-
Administration costs
3,688
Sub-total
31,331
Allocation of support and governance costs
4,059
Total expenditure
35,390
Total governance costs were £3,031 (2023: £1,500).
Prior period comparative
Charitable
activities
£
Repairs and maintenance
5,473
Legal and professional
36,876
Site management fees
1,326
Utilities
3,783
Insurance
1,834
Accountancy
-
Administration costs
211
Sub-total
49,503
Allocation of support and governance costs
5,275
Total expenditure
54,778		 Support and
governance
costs
£
-
-
-
-
-
3,582
477
4,059
(4,059)
-
Support and
governance
costs
£
-
-
-
-
518
4,302
455
5,275
(5,275)
-		 2024 Total
£
233
1,099
20,566
2,206
3,539
3,582
4,165
35,390
-
35,390
2023 Total
£
5,473
36,876
1,326
3,783
2,352
4,302
666
54,778
-
54,778

14

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

7. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiner's remuneration:
Independent examination (ex VAT)		 2024
£
Nil
Nil
Nil
2,500		 2023
£
Nil
Nil
Nil
1,500

8. Staff costs and numbers The key management personnel of the charitable company comprise the trustees and the company secretary. They receive no remuneration from the charity. There are no employees.

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Tangible fixed assets

Freehold land
£
£
Cost
At 1 August 2023
1
18,748
Additions
10,000
633,364
At 31 July 2024
10,001
652,112
Depreciation
At 31 July 2023 and at 31 July 2024
-
-
Net book value
At 31 July 2024
10,001
652,112
At 31 July 2023
1
18,748
Assets under
the course of
construction		 Total
£
18,749
643,364
662,113
-
662,113
18,749

15

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

11. Debtors

Accrued income
Other debtors
Creditors: amounts due within 1 year
Trade creditors
Accruals		 2024
£
-
30,386
30,386
2024
£
41,585
5,896
47,481		 2023
£
275,000
3,396
278,396
2023
£
8,163
2,035
10,198

12. Creditors: amounts due within 1 year

13. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 July 2024
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 July 2023		 Restricted
funds
£
-
497,286
-
497,286
Restricted
funds
£
-
318,380
-
318,380		 Designated
funds
£
662,113
-
-
662,113
Designated
funds
£
18,749
-
-
18,749		 £
-
52,553
(47,481)
5,072
£
-
10,011
(10,198)
(187)
General
funds
General
funds		 Total
funds
£
662,113
549,839
(47,481)
1,164,471
Total
funds
£
18,749
328,391
(10,198)
336,942

16

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

14. Movements in funds

Restricted funds
Town Deal
Designated funds
Baily's Building
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 August
2023
£
318,380
18,749
(187)
18,562
336,942		 Income
£
855,000
-
7,919
7,919
862,919		 £
(32,730)
-
(2,660)
(2,660)
(35,390)
Expenditure		 Transfers
between
funds
(643,364)
643,364
-
643,364
-		 At 31 July
2024
£
497,286
662,113
5,072
667,185
1,164,471

Purposes of restricted funds

Town Deal

The Grant from Mendip District Council (MDC)/Somerset Council (SC) is only for the delivery of the Baily’s Building Project and in accordance with the terms and conditions set out in the Grant Funding Agreement between MDC/SC and Beckery Island Regeneration Trust. The Grant shall not be used for any other purpose without the prior written agreement of the Funder. Project timescale - start date 1 April 2023 – 31 March 2026.

Purposes of designated funds

Baily's Building

A designated fund has been created to hold the capital asset which is being constructed by the Town Deal grant funding. Transfers between funds represent capital additions to the asset.

Prior period
comparative
Restricted funds
Town Deal
Designated funds
Baily's Building
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 August
2022
£
7
-
23,517
23,517
23,524		 Income
£
376,166
-
(7,970)
(7,970)
368,196		 £
(39,044)
-
(15,734)
(15,734)
(54,778)
Expenditure		 Transfers
between
funds
£
(18,749)
18,749
-
18,749
-		 At 31 July
2023
£
318,380
18,749
(187)
18,562
336,942

17

Beckery Island Regeneration Trust

Notes to the financial statements

For the year ended 31 July 2024

15. Related party transactions

There were no related party transactions in the current or prior period.

18