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2020-12-31-accounts

COMPANY REGISTRATION NUMBER: 06873912 CHARITY REGISTRATION NUMBER: 1129263

Glastonbury Abbey Company Limited by Guarantee Consolidated Financial Statements 31 December 2020

WEBB & CO LTD

Chartered accountants & statutory auditor One New Street Wells Somerset BA5 2LA

Glastonbury Abbey

Company Limited by Guarantee

Consolidated Financial Statements

Year ended 31 December 2020

Page
Trustees' annual report (incorporating the director's report) 1
Independent auditor's report to the members 10
Group statement of financial activities (including income and expenditure
account) 14
Group statement of financial position 15
Statement of cash flows 17
Notes to the consolidated financial statements 18
The following pages do not form part of the consolidated financial statements
Detailed group statement of financial activities (including income and
expenditure account) 37

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2020

Reference and administrative details Reference and administrative details
Registered charity name Glastonbury Abbey
Charity registration number 1129263
Company registration number 06873912
Principal office and registered Abbey Gatehouse
office Magdalene Street
Glastonbury
Somerset
BA6 9EL
The trustees
S Bird
J Brendon (Resigned 31 December 2020)
Prof R Gilchrist
R Jackson
P Saunders
J White
R Richards
M Thomas
Rev D MacGeoch*
H Musselwhite* (Resigned 31 December 2020)
Archdeacon A Gell *
D Odgers
E Gregory *
J Cooper
P Heal (Appointed 2 October 2020)
W Bloom
N May (Appointed 19 January 2021)
*Ex officio appointments
Auditor Webb & Co Ltd
Chartered accountants & statutory auditor
One New Street
Wells
Somerset
BA5 2LA

1

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)(continued)
Year ended 31 December 2020
Director Janet Ann Bell
Company secretary Sally Peters
Auditor Webb & Co Ltd
Chartered accountants & statutory auditor
One New Street
Wells
Somerset
BA5 2LA
Bankers National Westminster
7 High Street
Wells
Somerset
BA16 0EJ
Solicitors Michelmores
Woodwater House
Pynes Hill
Exeter
EX2 5WR

2

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2020

Structure, governance and management

The Trustees, who are also directors for the purposes of company law, oversee the work of the charity and the Board normally meets four times a year. The Director is responsible for the day-to-day operations of the charity with delegated powers approved by the Trustees. A senior management team headed by the Director meets regularly to review plans and progress, consider the external environment and develop the services and activities of the charity to achieve the strategic objectives set by the Trustees.

Employee remuneration is reviewed by the Finance and Audit Committee before making recommendations to the Board of Trustees for approval. Risk policies are reviewed periodically by either the Nominations and Appointments Committee or the Finance and Audit Committee, whichever is more appropriate; procedures are put in place to manage risks where necessary.

Two professional consultants dealing with archaeology and architecture are retained to advise the charity along with other professional advisors who provide services as required.

Trustees review the charity's needs to ensure that new trustees will be recruited with the skills the charity requires. When trustee vacancies occur, other than for ex-officio appointments, the Nominations and Appointments Committee considers applications and nominations for new trustees before recommendations are made to the Board. On their appointment, all new trustees are offered an appropriate induction to provide them with an understanding of how the charity operates. Trustees do not receive remuneration from the charity and the charity has not entered into contractual arrangements with any company or entity in which a trustee has a financial interest.

Paul Heal was appointed as a trustee on 2nd October 2020. Trustees who resigned during the year were John Brendon (Chairman) and Harry Musselwhite (Chairman of the Diocesan Board of Finance) on 31st December 2020. David Odgers took over the role of Chairman and Ian Theodoreson, the new Chairman of the Diocesan Board of Finance appointed Nick May as an alternate on 19th January 2021. Other than the above changes, the trustees who served throughout the year and to the date of this report are set out on page 1.

3

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2020

Objectives and activities

Glastonbury Abbey maintains and cares for the ruins of Glastonbury Abbey and the surrounding 36 acres (15 Hectares) of grounds which are enjoyed by some 100,000 people a year, who visit from all over the world. The ruins were bought in 1907 and opened to the public in 1908.

The charitable objectives of Glastonbury Abbey are:

Strategies for Achieving Objectives

The charity's strategies for achieving its long term vision and objectives include:

The trustees have adopted a five year business plan to provide the charity with a clear framework from which to develop its activities and programme to meet its strategic priorities. The charity has regular reporting to monitor progress and understand the impact of its work. The trustees consider the major operational and business risks facing the charity and are satisfied that systems have been established to mitigate significant risks. In line with good practice, all relevant staff and volunteers have been through a check from the Disclosures and Barring Service.

4

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2020

Objectives and activities (continued)

Events during 2020

On the 11 March 2020, the World Health Organisation declared the outbreak of Covid 19 a pandemic. The abbey and shop were closed to the public on 23 March 2020, with the Prime Minister announcing a lockdown and stay at home message on the same day. The abbey partially re-opened on 3 June 2020. The partial reopening was planned in a way that ensured government restrictions on social distancing were followed; visitor numbers were restricted to take account of the local town council's request to limit the numbers of visitors coming into Glastonbury. A pop-up shop/take away café opened in the grounds after June. During the year, a different tier restriction and two national lockdowns were announced; each time the abbey responded in an appropriate manner, closing only areas required. The success in responding to these different scenarios is a testament to the efforts of the Director and Assistant Director as well as the dedication of the staff.

The government scheme to pay furloughed employees 80% of their earnings, was adopted, to assist with staff retention. All government and local government grants and schemes for hospitality and tourism were claimed or applied where possible. Grants were also sought and received from Heritage Emergency Fund and the Culture Recovery Fund Heritage, and together with a successful application for a CBILs loan by the parent company, the cash flow has been carefully managed during the year.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

5

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2020

Achievements and performance

Glastonbury Abbey's key achievements are described below.

The target number of visitors was 168,000 and due to the Covid 19 pandemic, the abbey only hosted 34,540 visitors, including 730 educational visitors, with an additional 539 free entry for carers, teachers, and promotions, plus 33,759 separate visits by 2,370 members, a total of 68,838 visitors.

Excluding Staff there were 2,370 memberships in 2020, a decrease of 522 on 2019. There was also an extension granted to existing members at the 23rd of March of 72 days due to the first national lockdown. Life members increased by 5 to 65.

Grant received from Small Grant Big Improvement for the Pilgrims Costume Project, aimed to increase learning and engagement, on and offsite.

Emergency and recovery funding from the Heritage Emergency Fund and Cultural Recovery Fund Heritage enabled the abbey grounds to remain open from June 2020, providing a safe, open, green space particularly for local people to support their well-being, and a place for exercise and reflection. They also supported the provision of enhanced safety measures, increased focus on marketing and business planning to mitigate the effects of the pandemic, and the development of a new website to enable greater audience engagement and commercial activities. However, Covid19 restrictions and necessary staff furloughing had a significant impact on our ability to provide the usual range of interpretation, learning activities and events. Living History tours were suspended for safety reasons, but some staff were available on site to answer questions and provide information. A number of family trails were also produced to enable self-guided tours of the site, along with the guidebook and printed information on site.

Collections management was restricted to regular monitoring and we did subscribe to the museum pest monitoring programme, Pest Partners, provided by the South West Museum Development Service.

Due to restrictions our volunteering programme was suspended except for the regular contribution from trustees.

St Patrick's Chapel remained open for individual prayer and reflection when restrictions were periodically lifted for places of worship and we continue to distribute our Meditation and Prayer Walk leaflet for visitors.

Due to the effects of the COVID-19 pandemic the usual programme of events was significantly curtailed. It was not possible to stage the main early and mid-season events - the Medieval Fayre and Extravaganza. However, there were an additional 3,095 visitors to the abbey in August at a series of reduced capacity events including an open-air theatre, an outdoor cinema, and two notable musical events - Night at the Abbey and One Enchanted Evening. All events sold out in advance but were held at reduced capacity. Night at the Abbey was a finalist at the Bristol, Bath & Somerset Tourism Awards in the Event of the Year category and received a Silver Medal on the 18th March 2021

Unfortunately, Abbey House has remained closed to events and private hire since the lockdown restrictions came into force on 23 March 2020.

6

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2020

Achievements and performance (continued)

Public Awareness and External Relations

In line with its strategy to increase visibility the charity increases its public profile both locally and regionally through a variety of news and social media and advertising. The staff and trustees are actively involved in supporting and working with a range of local and national organisations and agencies. Our exhibitions, events and fundraising appeal have attracted wide interest from the national media.

Public Benefit

Glastonbury Abbey is committed to ensuring that its fabric, grounds, ruins and collections are conserved so that they can be enjoyed by thousands of visitors each year and are preserved for future public benefit. The trustees make every effort to keep admission prices affordable. Membership includes a season ticket which offers good value to residents in and around Glastonbury, providing them with access 364 days a year. Annual passes for local schools also enable heavily subsidised return visits.

The abbey continues to rent part of the original precinct to Mendip District Council to provide a free play facility at the heart of the town, which is open seven days a week. The park is well used and is open to all. In 2020 the abbey was unable to host a range of events due to the pandemic. Several would usually be provided free of charge. Several free tickets are provided to support good local causes.

The abbey recognises that work experience is an important activity and relationship which is offered to local schools. The exposure to work is a significant step in preparing young people for adult and working life by developing their personal and social skills as well as the key skills they will need for the world of work. In 2020 the pandemic resulted in a cancellation of work experience places.

The Finance and Audit committee annually reviews public benefit against guidance published by the Charity Commission.

Subsidiary Company

Glastonbury Abbey Trading Limited is the wholly owned trading subsidiary of Glastonbury Abbey selling souvenirs and books, providing catering facilities, hosting events at Abbey House and car parking in Silver Street. It is run by a Board of Directors, which includes representatives from local businesses as well as representatives from the abbey. It was set up in 1990 and donates its profits to the charity as Gift Aid. Operations were significantly affected by the Coronavirus pandemic during 2020. The Company made a profit of £20,319 (2019 profit of £1,602).

Fundraising

The charity's fundraising, excluding grants, raised a total of £16,507 was raised in 2020.

7

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2020

Financial review

Consolidated financial statements have been prepared for 2020. Incoming resources for 2020 are £1,156,647 compared to £1,200,938 for 2019. Expenditure decreased by 31% to £980,156 (2019 £1,285,113). There was an excess of income over expenditure of £216,354 (2019 excess of expenditure over income of £79,888).

Reserves

It is the policy of the charity to hold cash or accessible investments as unrestricted funds that have not been committed or designated for any specified purpose. The Trustees set aside these funds on a prudent basis to provide reserves in order to protect the future operations of the charity from the effects of any unforeseen variations in its income streams or expenditure.

In line with good practice and sound financial management the trustees aim to build up the charity's reserves over a period of time to reflect the increasing complexity of the challenges facing the charity and the diversity of income streams.

Plans for future periods

Trustees and staff continued to plan for conservation and development of facilities and interpretation within the precinct to improve visitor services and access for all our users and contribute to the charity's sustainability.

Investment Powers

The Board of Trustees has the power to invest the unrestricted funds in appropriate investments.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 30 to the consolidated financial statements.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare consolidated financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

8

Glastonbury Abbey

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2020

In preparing these consolidated financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the consolidated financial statements comply with the Companies Act 2006. They 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.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

The trustees' annual report and the strategic report were approved on .............................. and signed on behalf of the board of trustees by:

Sally Peters Charity Secretary

9

Glastonbury Abbey

Company Limited by Guarantee

Independent Auditor's Report to the Members of Glastonbury Abbey

Year ended 31 December 2020

Opinion

We have audited the consolidated financial statements of Glastonbury Abbey (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 December 2020 which comprise the group statement of financial activities (including income and expenditure account), group statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the consolidated financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the consolidated financial accounts section of our report. We are independent of the group and the parent charitable company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial accounts in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the consolidated financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the consolidated financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the consolidated financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

10

Glastonbury Abbey

Company Limited by Guarantee

Independent Auditor's Report to the Members of Glastonbury Abbey (continued)

Year ended 31 December 2020

Other information

The other information comprises the information included in the Trustees Annual Report, other than the consolidated financial accounts and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the consolidated financial accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the consolidated financial accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the consolidated financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of consolidated financial accounts that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial accounts, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group and the parent charitable company or to cease operations, or have no realistic alternative but to do so.

11

Glastonbury Abbey

Company Limited by Guarantee

Independent Auditor's Report to the Members of Glastonbury Abbey (continued)

Year ended 31 December 2020

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

12

Glastonbury Abbey

Company Limited by Guarantee

Independent Auditor's Report to the Members of Glastonbury Abbey (continued)

Year ended 31 December 2020

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Barry Davidson FCA FCCA (Senior Statutory Auditor)

For and on behalf of Webb & Co Ltd Chartered accountants & statutory auditor One New Street Wells Somerset BA5 2LA

13

Glastonbury Abbey

Company Limited by Guarantee

Group Statement of Financial Activities (Including Income and Expenditure Account)

Year ended 31 December 2020

2020 2020 2019
Unrestricted Restricted Endowment
funds funds funds Total funds Total funds
Note £ £ £ £ £
Income and endowments
Donations and legacies 5 328,584 349,288 – 677,872 39,401
Charitable activities 6 323,234 – – 323,234 770,553
Other trading activities 7 132,085 – – 132,085 366,220
Investment income 8 23,456 – – 23,456 24,764
───────── ───────── ──── ──────────── ────────────
Total income 807,359 349,288 – 1,156,647 1,200,938
═════════ ═════════ ════ ════════════ ════════════
Expenditure
Expenditure on charitable
activities 604,201 307,263 – 911,464 1,120,619
Other expenditure 9 66,865 – – 66,865 164,494
Taxation 10 1,827 – – 1,827 –
───────── ───────── ──── ──────────── ────────────
Total expenditure 672,893 307,263 – 980,156 1,285,113
═════════ ═════════ ════ ════════════ ════════════
Net gains/(losses) on
investments 11 39,863 – – 39,863 4,287
───────── ───────── ──── ──────────── ────────────
Net income/(expenditure)
and net movement in funds 174,329 42,025 – 216,354 (79,888)
═════════ ═════════ ════ ════════════ ════════════
Reconciliation of funds
Total funds brought forward 1,484,475 – 37,384 1,521,859 1,601,747
──────────── ───────── ──────── ──────────── ────────────
Total funds carried forward 1,658,804 42,025 37,384 1,738,213 1,521,859
════════════ ═════════ ════════ ════════════ ════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 18 to 35 form part of these consolidated financial statements.

14

Glastonbury Abbey

Company Limited by Guarantee

Group Statement of Financial Position

31 December 2020

2020 2019
Note £ £
Fixed assets
Tangible fixed assets 16 644,192 670,440
Investments 17 624,086 584,223
──────────── ────────────
1,268,278 1,254,663
Current assets
Stocks 19 48,531 36,114
Debtors 20 43,158 42,005
Cash at bank and in hand 727,805 315,108
───────── ─────────
819,494 393,227
Creditors: amounts falling due within one year 21 147,732 126,031
───────── ─────────
Net current assets 671,762 267,196
──────────── ────────────
Total assets less current liabilities 1,940,040 1,521,859
Group creditors: Amounts falling due after more than one year 22 200,000 –
Provisions 24 1,827 –
──────────── ────────────
Net assets 1,738,213 1,521,859
════════════ ════════════
Funds of the charity
Endowment funds 37,384 37,384
Restricted funds 42,025 –
Unrestricted funds 1,113,654 977,995
Fair Value reserve 545,150 506,480
──────────── ────────────
Total charity funds 26 1,738,213
════════════		 1,521,859
════════════

These consolidated financial statements were approved by the board of trustees and authorised for issue on 6 May 2021, and are signed on behalf of the board by:

D Odgers Trustee

The group statement of financial position continues on the following page. The notes on pages 18 to 35 form part of these consolidated financial statements.

15

Glastonbury Abbey

Company Limited by Guarantee

Parent Company Statement of Financial Position

31 December 2020

2020 2019
Note £ £
Fixed assets
Tangible fixed assets 16 611,243 638,598
Investments 17 625,728 585,865
──────────── ────────────
1,236,971 1,224,463
Current assets
Stocks 19 2,780 3,873
Debtors 20 107,746 84,154
Cash at bank and in hand 688,202 308,568
───────── ─────────
798,728 396,595
Creditors: amounts falling due within one year 21 118,235 99,629
───────── ─────────
Net current assets 680,493 296,966
──────────── ────────────
Total assets less current liabilities 1,917,464 1,521,429
Creditors: amounts falling due after more than one year 22 200,000 –
──────────── ────────────
Net assets 1,717,464 1,521,429
════════════ ════════════
Funds of the charity
Endowment funds 37,384 37,384
Restricted funds 42,025 –
Unrestricted funds 1,092,904 977,565
Fair Value reserve 545,150 506,480
──────────── ────────────
Total charity funds 24 1,717,463
════════════		 1,521,429
════════════

These financial statements were approved by the board of trustees and authorised for issue on 6 May 2021, and are signed on behalf of the board by:

D Odgers Trustee

The notes on pages 11 to 25 form part of these financial statements.

16

Glastonbury Abbey

Company Limited by Guarantee

Group Cashflow Statement

Year ended 31 December 2020

2020 2019
£ £
Cash flows from operating activities
Net income/(expenditure) 216,354 (79,888)
Adjustments for:
Depreciation of tangible fixed assets 42,618 41,506
Net gains/(losses) on investments (39,863) (4,287)
Dividends, interest and rents from investments (21,760) (21,070)
Other interest receivable and similar income (1,696) (3,694)
Taxation 1,827 –
Accrued expenses 26,364 9,945
Changes in:
Stocks (12,417) 9,908
Trade and other debtors (1,153) 739
Trade and other creditors (4,663) 4,507
───────── ────────
Cash generated from operations 205,611 (42,334)
Interest received 1,696 3,694
───────── ────────
Net cash from/(used in) operating activities 207,307 (38,640)
═════════ ════════
Cash flows from investing activities
Dividends, interest and rents from investments 21,760 21,070
Purchase of tangible assets (16,370) (34,018)
Purchases of other investments – (1,330)
Proceeds from sale of other investments – 1,499
───────── ────────
Net cash from/(used in) investing activities 5,390 (12,779)
═════════ ════════
Cash flows from financing activities
Proceeds from borrowings 200,000 –
───────── ────────
Net cash from financing activities 200,000 –
═════════ ════════
Net increase/(decrease) in cash and cash equivalents 412,697 (51,419)
Cash and cash equivalents at beginning of year 315,108 366,527
───────── ─────────
Cash and cash equivalents at end of year 727,805 315,108
═════════ ═════════

The notes on pages 18 to 35 form part of these consolidated financial statements.

17

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements

Year ended 31 December 2020

(continued)

1. General information

Glastonbury Abbey is a charity registered in England (registration number 1129263).

The nature of the charity's operations and principal activities are that of maintaining and caring for the ruins of Glastonbury Abbey and the surrounding grounds and the operation of a souvenir shop, catering facilities and car parking through its trading subsidiary company.

Charity structure

In 2009 Glastonbury Abbey's legal structure was reorganised. The Bath and Wells Diocesan Trustees (Registered) (Charity number 257529) transferred Glastonbury Abbey Estate (Charity number 222448) into a new structure as follows:

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016) , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

3. Accounting policies

Basis of preparation

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

18

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Going concern

On the 11 March 2020 the World Health Organisation declared the outbreak of Covid 19 a pandemic. The abbey and shop were closed to the public on 23 March 2020, with the Prime Minister announcing a lockdown and stay at home message on the same day. The abbey partially re-opened on 3 June 2020. The partial reopening was planned to ensure that government restrictions on social distancing were adhered to, whilst also ensuring that visitor numbers were limited in line with the local town council's request to limit the numbers of visitors coming into Glastonbury. A pop-up shop/take away café opened in the grounds after June. During the year a different tier restriction and two national lockdowns were announced. The abbey responded in an appropriate manner each time, closing only areas required.

The government scheme to pay furloughed employees 80% of their earnings, was adopted, to assist with staff retention. All government and local government grants and schemes for hospitality and tourism were claimed or applied where possible. Grants were also sought and received from Heritage Emergency Fund and the Culture Recovery Fund Heritage, and together with a successful application for a CBILs loan by the parent company, the cash flow has been carefully managed during the year.

The trustees, taking account of the above in forming their opinion, are satisfied that the going concern basis of preparation of accounts remains appropriate.

Consolidation

The financial statements consolidate the results of the charity and its wholly owned subsidiary on a line-by-line basis. A separate Statement of Financial Activities and income and expenditure account for the parent company has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

19

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Judgements and key sources of estimation uncertainty

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

Critical Judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment properties

The trustees use their knowledge of the local area and the business and industry to estimate the investment property valuations with interim professional valuations on a cyclical basis.

Impairment of assets

The tangible fixed assets are periodically reviewed for impairment by the trustees based on their knowledge and judgements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

Depreciation

The trustees use their knowledge of the charity and the industry to estimate the useful life and residual value of tangible assets in order to arrive at applicable deprecation rates. In accordance with section 17 of FRS 102, the trustees review and update these estimates if there are indicators that current estimates should change.

It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of deprecation.

20

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Donated goods and services

Donated goods or services 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 use by the charity of the item is probable and the the economic benefit can be measured reliably. On receipt, donated goods and services 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. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail about volunteer time is given in the Trustees' Annual Report.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.

Current tax is recognised on trading income from the subsidiary company. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.

Endowment funds consist of the original acquisition of the Abbey Estate in 1908. This fund is represented by land and buildings.

21

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity, however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Dividend and rent income is recognised as the charity's right to receive payment is established.

22

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Resources expended

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.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services in accordance with its objectives. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated on a straight line basis so as to write off the cost of tangible assets, less their residual value, over the useful economic life of that asset as follows:

Freehold property - 2%, Land is not depreciated
Fixtures and fittings - 15% Equipment and 33.3% Computer Equipment
Motor vehicles - 20%
Donated statues - 10%

Listed investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the first in first out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

23

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Limited by guarantee

Glastonbury Abbey is limited by guarantee. The liability of individual members of the company is limited to £10 each.

5. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Donations
Donations from individuals 12,320 – 12,320
Donations from organisations 392 – 392
Grants
Trusts and grants 315,872 349,288 665,160
───────── ───────── ─────────
328,584 349,288 677,872
═════════ ═════════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2019
£ £ £
Donations
Donations from individuals 11,213 – 11,213
Donations from organisations 7,595 – 7,595
Grants
Trusts and grants 20,593 – 20,593
──────── ──── ────────
39,401 – 39,401
════════ ════ ════════

24

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

6. Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Entrance fees - individuals 227,799 227,799 476,317 476,317
Entrance fees - groups 1,781 1,781 93,084 93,084
Entrance fees - season tickets 52,989 52,989 65,186 65,186
Entrance fees & activities - learning &
education 4,416 4,416 57,159 57,159
Museum activity charges 40 40 371 371
Events and exhibitions 35,809 35,809 77,256 77,256
Television and radio 300 300 293 293
Wedding photography 100 100 887 887
─────────
─────────		 ───────── ─────────
323,234 323,234 770,553 770,553
═════════
═════════		 ═════════ ═════════
7. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Trading income 132,085 132,085 366,220 366,220
═════════
═════════		 ═════════ ═════════
8. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Land and property rents 21,760 21,760 21,070 21,070
Bank interest receivable 139 139 2,393 2,393
Dividends received 1,557 1,557 1,301 1,301
────────
────────		 ──────── ────────
23,456 23,456 24,764 24,764
════════
════════		 ════════ ════════
9. Other expenditure
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Glastonbury Abbey Trading Ltd - Cost
of sales 66,865 66,865 164,494 164,494
════════
════════		 ═════════ ═════════
10. Taxation
Deferred tax:
Origination and reversal of timing
differences 1,827 –
─────── ────
Taxation 1,827 –
═══════ ════

25

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

10. Taxation (continued)

Reconciliation of tax expense

The tax assessed on the income for the year is lower than (2019: higher than) the standard rate of corporation tax in the UK of 19% (2019: 19%).


of corporation tax in the UK of 19% (2019: 19%).
2020 2019
£ £
Income/(expenditure) before taxation 218,181 (79,888)
═════════ ════════
Income/(expenditure) by rate of tax 41,454 (15,671)
Effect of capital allowances and depreciation (273) (2,399)
Effect of income exempt from tax (39,354) 18,070
───────── ────────
Tax on income/(expenditure) 1,827 –
═════════ ════════

11. Net gains/(losses) on investments

Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Gains/(losses) on disposal of fixed
assets – – 1,500 1,500
Gains/(losses) on listed investments 1,193 1,193 2,787 2,787
Gains/(losses) on other investment
assets 38,670 38,670 – –
────────
────────		 ─────── ───────
39,863 39,863 4,287 4,287
════════
════════		 ═══════ ═══════

12. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

2020 2019
£ £
Depreciation of tangible fixed assets 42,618 41,506
════════ ════════
Auditors remuneration
2020 2019
£ £
Fees payable for the audit of the consolidated financial statements 13,169 12,354
════════ ════════
Fees payable to the charity's auditor and its associates for other services:
Other non-audit services 470 663
════════ ════════

13. Auditors remuneration

26

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as The total staff costs and employee benefits for the reporting period are analysed as follows:
2020 2019
£ £
Wages and salaries 569,502 644,168
Social security costs 30,625 36,034
Employer contributions to pension plans 36,768 42,863
───────── ─────────
636,895 723,065
═════════ ═════════

The average head count of employees during the year was 40 (2019: 48). The average number of full-time equivalent employees during the year is analysed as follows:

2020 2019
No. No.
Office and Administration 15 13
Ticket Office and Shop 10 15
Education and Learning 8 13
Cleaners and Grounds Staff 7 7
──── ────
40 48
════ ════

No employee received employee benefits of more than £60,000 during the year (2019: Nil).

Key Management Personnel

The director and certain key employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total compensation paid during the year was £88,636 (2019 £82,801).

15. Trustee remuneration and expenses

No remuneration or other benefits from the charity or a related entity were received by the trustees during the current or preceding year.

Trustees have claimed expenses for travel and parking costs during the year totalling £765 (2019 £1,616). The total amount of expenses waived by trustees during the year amounted to £827 (2019 £739).

27

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

16. Tangible fixed assets

Freehold
Fixtures and		 Motor Donated
property
fittings		 vehicles Statues Total
£ £ £ £ £
Cost
At 1 Jan 2020 746,657
302,822		 4,500 24,754 1,078,733
Additions –
16,370		 – – 16,370
─────────
─────────		 ─────── ──────── ────────────
At 31 Dec 2020 746,657
319,192		 4,500 24,754 1,095,103
═════════
═════════		 ═══════ ════════ ════════════
Depreciation
At 1 Jan 2020 161,334
238,633		 900 7,426 408,293
Charge for the year 14,941
24,302		 900 2,475 42,618
─────────
─────────		 ─────── ──────── ────────────
At 31 Dec 2020 176,275
262,935		 1,800 9,901 450,911
═════════
═════════		 ═══════ ════════ ════════════
Carrying amount
At 31 Dec 2020 570,382
56,257		 2,700 14,853 644,192
═════════
═════════		 ═══════ ════════ ════════════
At 31 Dec 2019 585,323
64,189		 3,600 17,328 670,440
═════════
═════════		 ═══════ ════════ ════════════

17. Investments

Listed Investment
investments properties Total
£ £ £
Valuation
At 1 Jan 2020 47,893 536,330 584,223
Transfers from tangible assets – – –
Fair value movements 1,193 38,670 39,863
──────── ───────── ─────────
At 31 Dec 2020 49,086 575,000 624,086
════════ ═════════ ═════════
Impairment
At 1 Jan 2020 and 31 Dec 2020 –
═════════
Carrying amount
At 31 Dec 2020 49,086 575,000 624,086
════════ ═════════ ═════════
At 31 Dec 2019 47,893 536,330 584,223
════════ ═════════ ═════════

All investments shown above are held at valuation.

Investment properties

Investment properties are valued at fair value at 31 December 2020 by the trustees based on advice received from their professional advisers.

Financial assets held at fair value

Listed investments relates to units held in a Charities Aid Foundation Fixed Interest Bond. The investments were valued at market rate at 31 December 2020 and 2019.

28

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

18. Investment entities

Subsidiaries and other investments

Percentage of
Class of share
shares held
Subsidiary undertakings
Glastonbury Abbey Trading Ltd Ordinary
100
Glastonbury Abbey Trust No shares
–

Glastonbury Abbey Trading Limited

Glastonbury Abbey Trading Ltd (company number 02201925) is the trading subsidiary of Glastonbury Abbey and comprises of activities covering a souvenir shop, catering facilities and car park. All profits generated are given to Glastonbury Abbey by means of gift aid. Its summarised trading results for the year ended 31 December 2020 were:

2020 2019
£ £
Turnover 132,085 365,290
Total expenditure (111,766) (363,688)
───────── ─────────
Retained (loss)/profit 20,319
═════════		 1,602
═════════

The assets and liabilities of Glastonbury Abbey Trading Ltd were:

2020 2019
£ £
Assets 120,668 81,841
Liabilities (98,279) (79,771)
───────── ────────
Funds 22,389 2,070
═════════ ════════

Glastonbury Abbey Trust

Glastonbury Abbey Trust is a subsidiary charity of Glastonbury Abbey which holds the permanent endowment and collection. The charity is non trading in both the current and prior year.

29

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

18. Investment entities (continued)

Parent Company

Of the surplus for the year £196,035 has been dealt with in the accounts of the parent company and £20,319 in the subsidiary company (2019 £81,490 deficit in the parent company and £1,602 surplus in the subsidiary company)

19. Stocks

Group stocks
2020 2019
£ £
Finished goods and goods for resale 48,531 36,114
════════ ════════
Company stocks
2020 2019
£ £
Finished goods and goods for resale 2,780 3,873
═══════ ═══════
20. Debtors
Group debtors
2020 2019
£ £
Trade debtors 13,915 31,576
Prepayments 29,243 10,429
──────── ────────
43,158 42,005
════════ ════════
Company debtors
2020 2019
£ £
Trade debtors 13,786 23,861
Prepayments 27,005 6,927
Amounts owed by group undertakings 66,475 53,368
───────── ────────
107,266 84,156
═════════ ════════

30

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

21. Creditors: amounts falling due within one year
Group creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 10,665 20,761
Accruals 117,145 90,781
Social security and other taxes 1,750 8,076
Other creditors 18,172 6,413
───────── ─────────
147,732 126,031
═════════ ═════════
Company creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 8,784 15,829
Accruals 109,451 83,788
Social security and other taxes – 11
───────── ────────
118,235 99,628
═════════ ════════
22. Group creditors: Amounts falling due after more than one year
Group creditors: amounts falling due in greater than one year
2020 2019
£ £
Bank Loans 200,000 –
Company creditors: amounts falling due in greater than one year
2020 2019
£ £
Bank Loans 200,000 –
23. Group and company deferred tax
The deferred tax included in the group statement of financial position is as follows:
2020 2019
£ £
Included in provisions (note 24) 1,827 –
═══════ ════
The deferred tax account consists of the tax effect of timing differences in respect of:
2020 2019
£ £
Accelerated capital allowances 1,827 –
═══════ ════

31

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

24. Provisions

Deferred tax
(note 23)
£
At 1 Jan 2020 –
Charge against provision 1,827
───────
At 31 Dec 2020 1,827
═══════

25. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £36,768 (2019: £42,863).

26. Analysis of charitable funds

Unrestricted funds

At Gains and
At
1 Jan 2020 Income Expenditure Transfers losses
31 Dec 2020
£ £ £ £ £ £
Unrestricted funds 977,995 807,359
(672,893)		 (38,670) 39,863
1,113,654
Fair value reserve 506,480 –
–		 38,670 –
545,150
──────────── ─────────
─────────		 ──────── ────────
────────────
1,484,475 807,359
(672,893)		 – 39,863
1,658,804
════════════ ═════════
═════════		 ════════ ════════
════════════
At Gains and
At
1 Jan 2019 Income Expenditure Transfers losses
31 Dec 2019
£ £ £ £ £ £
Unrestricted funds 1,057,883 1,200,938 (1,285,113) – 4,287
977,995
Fair value reserve 506,480 –
–		 – –
506,480
──────────── ────────────
────────────		 ──── ───────
────────────
1,564,363 1,200,938 (1,285,113) – 4,287
1,484,475
════════════ ════════════
════════════		 ════ ═══════
════════════

32

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

26. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
At Gains and
At
1 Jan 2020 Income Expenditure Transfers losses
31 Dec 2020
£ £ £ £ £ £
Restricted Funds – 349,288
(307,263)		 – –
42,025
════ ═════════
═════════		 ════ ════
════════
At Gains and
At
1 Jan 2019 Income Expenditure Transfers losses
31 Dec 2019
£ £ £ £ £ £
Restricted Funds – –
–		 – –
–
════ ════
════		 ════ ════
════

Restricted funds are designated for specified use from the National Lottery Heritage Emergency Fund and Culture Recovery Fund grants received during the year.

Endowment funds

At Gains and
At
1 Jan 2020 Income Expenditure Transfers losses
31 Dec 2020
£ £ £ £ £ £
Donation for
Estate purchase 37,384 –
–		 – –
37,384
════════ ════
════		 ════ ════
════════
At Gains and
At
1 Jan 2019 Income Expenditure Transfers losses
31 Dec 2019
£ £ £ £ £ £
Donation for
Estate purchase 37,384 –
–		 – –
37,384
════════ ════
════		 ════ ════
════════

33

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

27. Analysis of net assets between funds

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2020
£ £ £ £
Tangible fixed assets 606,808 – 37,384 644,192
Investments 624,086 – – 624,086
Current assets 777,469 42,025 – 819,494
Creditors less than 1 year (147,732) – – (147,732)
Group creditors: amounts falling due
after more than one year (200,000) – – (200,000)
Provisions (1,827) – – (1,827)
──────────── ──────── ──────── ────────────
Net assets 1,658,804 42,025 37,384 1,738,213
════════════ ════════ ════════ ════════════
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2019
£ £ £ £
Tangible fixed assets 633,056 – 37,384 670,440
Investments 584,223 – – 584,223
Current assets 393,228 – – 393,228
Creditors less than 1 year (126,032) – – (126,032)
Group creditors: amounts falling due
after more than one year – – – –
Provisions – – – –
──────────── ──── ──────── ────────────
Net assets 1,484,475 – 37,384 1,521,859
════════════ ════ ════════ ════════════

28. Financial instruments

The carrying amount for each category of financial instrument is as follows:

2020 2019
£ £
Financial assets measured at fair value through income and expenditure
Financial assets measured at fair value through income and
expenditure 624,086 584,223
═════════ ═════════

29. Analysis of changes in net debt

At
At 1 Jan 2020 Cash flows 31 Dec 2020
£ £ £
Cash at bank and in hand 315,108 412,697 727,805
Debt due after one year – (200,000) (200,000)
───────── ───────── ─────────
315,108 212,697 527,805
═════════ ═════════ ═════════

34

Glastonbury Abbey

Company Limited by Guarantee

Notes to the Consolidated Financial Statements (continued)

Year ended 31 December 2020

30. Post balance sheet events

Non Adjusting Post Balance Sheet Events

On 11 March 2020 the World Health Organisation declared a worldwide pandemic due to the Covid-19 virus. As explained in the Going Concern note 3, the charity has adapted and responded to the government restrictions in an appropriate manner. The roadmap to remove government restrictions gives a clear path to follow. Whilst future income may be impacted due to potential additional future restrictions imposed by the government, the Charity has contingency plans in place to adapt to these changing circumstances.

35

Company Limited by Guarantee

Glastonbury Abbey

Management Information

Year ended 31 December 2020

The following pages do not form part of the consolidated financial statements.

36

Glastonbury Abbey

Company Limited by Guarantee

Detailed Group Statement of Financial Activities (Including Income and Expenditure Account)

Year ended 31 December 2020

2020 2019
£ £
Income and endowments
Donations and legacies
Donations from individuals 12,320 11,213
Donations from organisations 392 7,595
Trusts and grants 665,160 20,593
───────── ────────
677,872 39,401
───────── ────────
Charitable activities
Entrance fees - individuals 227,799 476,317
Entrance fees - groups 1,781 93,084
Entrance fees - season tickets 52,989 65,186
Entrance fees & activities - learning & education 4,416 57,159
Museum activity charges 40 371
Events and exhibitions 35,809 77,256
Television and radio 300 293
Wedding photography 100 887
───────── ─────────
323,234 770,553
───────── ─────────
Other trading activities
Trading income 132,085 366,220
───────── ─────────
Investment income
Land and property rents 21,760 21,070
Bank interest receivable 139 2,393
Dividends received 1,557 1,301
──────── ────────
23,456 24,764
──────── ────────
──────────── ────────────
Total income 1,156,647 1,200,938
════════════ ════════════

37

Glastonbury Abbey

Company Limited by Guarantee

Detailed Group Statement of Financial Activities (Including Income and Expenditure Account) (continued)

Year ended 31 December 2020

2020 2019
£ £
Expenditure
Expenditure on charitable activities
Wages and salaries 569,502 644,168
Employer's NIC 30,625 36,034
Pension costs 36,768 42,863
Rates and water 2,875 7,350
Light and heat 15,762 23,824
Insurance 27,552 26,001
Audit fees 13,639 13,017
Depreciation 42,618 41,502
Staff development and training 1,415 2,831
Cleaning and waste disposal 5,403 7,417
Health and safety 4,054 40
Telephone, printing, postage and stationery 6,916 16,931
IT Costs 7,406 9,568
Security 2,425 19,137
Estate maintenance and repairs 15,445 27,844
Properties maintenance and repairs 719 1,300
Grounds 10,321 12,036
Interpretation – 567
Communication 39,241 36,169
Museum 1,067 4,548
Events and exhibitions 27,870 63,635
Learning and education 3,962 4,873
Development costs 18,621 22,445
Staff expenses 2,122 6,625
Bank charges 2,960 4,623
Credit card charges 8,453 15,493
General expenses 1,631 9,753
Motor expenses 265 705
Legal and professional fees 11,062 17,704
Trustees expenses 765 1,616
──────────── ────────────
911,464 1,120,619
──────────── ────────────
Other expenditure
Glastonbury Abbey Trading Ltd - Cost of sales 66,865 164,494
──────── ─────────
Taxation
Deferred taxation charge/credit 1,827 –
─────── ────
───────── ────────────
Total expenditure 980,156 1,285,113
═════════ ════════════

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Glastonbury Abbey

Company Limited by Guarantee

Detailed Group Statement of Financial Activities (Including Income and Expenditure Account) (continued)

Year ended 31 December 2020

2020 2019
£ £
Net gains/(losses) on investments
Gains/(losses) on disposal of fixed assets – 1,500
Gains/(losses) on listed investments 1,193 2,787
Gains/(losses) on other investment assets 38,670 –
───────── ────────────
39,863 4,287
───────── ────────────
───────── ────────
Net income/(expenditure) 216,354 (79,888)
═════════ ════════

39