2021-12-31-accounts - Glastonbury Abbey

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

						Page
Trustees' annual report (incorporating	the director's		report)
Independent auditor's report to the members
Group statement offinancial activities	(including	income		and	expenditure
account)						16
Group statement offinancial position						17
Company statement offinancial position						18
Group statement ofcash flows						19
Notes to the consolidated financial statements						20
The following pages do not form part ofthe		consolidated			financial statements
Detailed group statement offinancial	activities	(including		income and
expenditure account)						38

Reference	and administrative	and administrative	details
Registered	Charity Name		Glastonbury	Abbey
Registered	Charity Number		1129263
Company	Registration	Number	06673912
Principal office and registered			Abbey Gatehouse
Office			Magdalene	Street
			Glaslonbury
			Somerset
			BA6 9EL
The trustees
			S Bird
			W Bloom
			JCooper Archdeacon	A Gell *
			Prof R Gilchrist
			RJackson
			Rev D MacGeoch *
			D Odgers
			R Richards		(Deceased	13January 2022)
			P Saunders		(Resigned	31 December 2021)
			M Thomas
			JWhite
			EGregory *
			P Heal
			N May		(Appointed	19January 2021)
*ExoNolo	eppolnrmenle

	Trustees'	Report (Incorporating	Report (Incorporating	Report) (coiuinuedJ
		Year ended	31 December 2021
Director		Janet Ann Bell
Company	secretary	Sally Peters
Auditor		Webb &Co	Ltd
		Accountants	and Business Advisers	&
		Statutory Auditor
		One New Street
		Wells
		Somerset
		BA5 2LA
Bankers
		National Westminster
		7 High Street
		Wells
		Somerset
		BA16OEJ
Solicitors
		Michelmores
		Woodwater	House
		Pynes Hill
		Exeter
		EX2 5WR

					2021	2021		2020
				Unrestricted	Restricted	Endowment
			Note	funds f	funds 6	funds 6	Total funds	Total funds
Income and endowments
Donations and legacies			5	259,102	337,225		596,327	677,872
Charitable activities			6	514,802			514,802	323,234
Other trading activities			7	266,108			266,108	132,085
Investment income			8	22,794			22,794	23,456
Total income				1,062,806	337,225		1,400,031	1,156,647
Expenditure
Expenditure on charitable
activities				563,167	379,250		942,417	911,464
Other expenditure			9	90,998			90,998	66,865
Taxation			10	2,979			2,979	1,827
Total expenditure				657,144	379,250		1,036,394	980,156
Net gains/(losses)	on
investments			11	187,718			187,718	39,863
Net income and net
movement in funds				593,380	(42,025)	—	551,355	216,354
Reconciliation of	funds
Total funds brought		forward		1,658,804	42,025	37,384	1,738,213	1,521,859
Total funds carried		forward		2,252,184		37,384	2,289,568	1,738,213

			Note	2021 f	2020
Fixed assets
Tangible fixed assets			15	618,497	644,192
Investments			16	811,803	624,086
				1,430,300	1,268,278
Current assets
Stocks			18	28,317	48,531
Debtors			19	256,680	43,158
Cash at bank and	in	hand		970,350	727,805
				1,255,347	819,494
Creditors: amounts		falling due within one year	20	234,606	147,732
Net current assets				1,020,741	671,762
Total assets less	current liabilities			2,451,041	1,940,040
Creditors: Amounts		falling due after more than one year	21	156,667	200,000
Provisions			23	4,806	1,827
Net assets				2,289,568	1,738,213
Funds ofthe charity
Endowment funds				37,384	37,384
Restricted funds					42,025
Unrestricted funds				1,517,034	1,113,654
Fair value reserve				735,150	545,150
Total charity funds			25	2,289,568	1,738,213

			2021	2020
		Note	6	L'
Fixed assets
Tangible fixed assets		15	592,244	611,244
Investments		16	813,445	625,728
			1,405,689	1,236,972
Current assets
Stocks		18	2,846	2,780
Debtors		19	259,954	107,746
Cash at bank and in	hand		887,183	688,202
			1,149,983	798,728
Creditors: amounts	falling due within one year	20	147,167	118,237
Net current assets			1,002,816	680,491
Total assets less current liabilities			2,408,505	1,917,463
Creditors: amounts	falling due after more than one year	21	156,667	200,000
Net assets			2,251,838	1,717,463
Funds ofthe charity
Endowment funds			37,384	37,384
Restricted funds				42,025
Unrestricted funds			2,214,454	1,638,054
Total charity funds		25	2,251,838	1,717,463

			2021	2020
			6	6
Cash flows from operating Net income	activities		551,355	216,354
Adjustments for: Depreciation oftangible fixed	assets		43,835	42,618
Net (gains)/losses on investments			(187,718)	(39,863)
Dividends, interest and rents	from investments		(21,135)	(21,760)
Other interest receivable and	similar income		(1,659)	(1,696)
Taxation			2,979	1,827
Accrued (income)/expenses			(216,472)	26,364
Changes in:
Stocks			20,214	(12,417)
Trade and other debtors			(19,126)	(1,153)
Trade and other creditors			68,950	(4,663)
Cash generated from operations			241,223	205,611
Interest received			1,660	1,696
Net cash from operating activities			242,883	207,307
Cash flows from Investing	activities
Dividends, interest and rents	from investments		21,135	21,760
Purchase oftangible assets			(18,140)	(16,370)
Net cash from investing activities			2,995	5,390
Cash flows from financing	activities
Proceeds from bonowings			(3,333)	200,000
Net cash (used in)/from financing activities			(3,333)	200,000
Net increase in cash and cash equivalents			242,545	412,697
Cash and cash equivalents	at beginning	ofyear	727,805	315,108
Cash and cash equivalents	at end ofyear		970,350	727,805

Freehold	property	2%, Land is not	depreciated
Fixtures	and fittings	15%Equipment	and 33.3%Computer	Equipment	and short
		life assets
Motor vehicles		20%
Donated	statues	fg

Donations	and legacies fconrinuas
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2020
		f		6
Donations
Donations	from individuals	12,320		12,320
Donations	from organisations	392		392
Grants
Grants receivable		315,872	349,288	665,160
		328,584	349,288	677,872

			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2021	Funds	2020
			6	8	8	6
Entrance	fees - individuals		367,444	367,444	227,799	227,799
Entrance	fees - groups		4,900	4,900	1,781	1,781
Entrance	fees - season tickets		74,254	74,254	52,989	52,989
Entrance	fees &activities - learning	&
education			7,945	7,945	4,416	4,416
Museum	ectivity charges				40	40
Events and exhibitions			59,632	59,632	35,809	35,809
Television	and radio		250	250	300	300
Wedding	photography		377	377	100	100
			514,802	514,802	323,234	323,234

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds f	2021 8	Funds 8	2020 8
Trading	income	266,108	266,108	132,085	132,085

			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2021	Funds	2020
			E	8	8
Land and	property	rents	21,135	21,135	21,760	21,760
Bank interest receivable			265	265	139	139
Other interest receivable			37	37
Dividends	received		1,357	1,357	1,557	1,557
			22,794	22,794	23,456	23,456

9.	Other expe	nditure
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds f	2021 f	Funds f	2020 F
	Glastonbury	Abbey Trading	Ltd -Cost
	ofsales			90,998	90,998	66,865	66,865
10.	Taxation
	Deferred tax:
	Origination	and reversal of	timing
	differences				2,979		1,827
	Taxation				2,979		1,827

corporation tax in the UK o	f 19%(2020:19%).
		2021 f	2020 f
Income before taxation		554,334	218,181
Income by rate oftax		102,451	41,454
Effect of capital allowances	and depreciation	863	(273)
Effect of income exempt from tax		(100,335)	(39,354)
Tax on income		2,979	1,827

11.	Net gains/(lo	sses) on	investments
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds f	2021 f	Funds f	2020 f
	Gains/(losses)	on listed	investments	(2,282)	(2,282)	1,193	1,193
	Gains/(losses)	on other	investment
	assets			190,000	190,000	38,670	38,670
				187,718	187,718	39,863	39,863
12.	Net income
	Net income is stated after charging/(crediting):
						2021	2020
						F	F
	Depreciation	oftangible	fixed assets			43,835	42,618

Staff costs
The total staff costs and	employee	benefits for the reporting	period	are analysed as	follows:
				2021 f	2020 6
Wages and salaries Social security costs Employer contributions	to pension	plans		507,528 31,717 35,758	569,502 30,625 36,768
				575,003	636,895

The average number ofemployees	The average number ofemployees	The average number ofemployees
			2021	2020
			No.	No.
Office and	Administration		15	15
Ticket Office and Shop			9	10
Education	and Learning		4	8
Cleaners	and Grounds	Staff	7	7
			35	40

Group Tangible fixed ass	ets
	Freehold	Fixtures and	Motor	Donated
	property f	fittings	vehicles	Statues	Total f
Cost
At 1 Jan 2021	746,657	319,192	4,500	24,754	1,095,103
Additions		18,140			18,140
At 31 Dec 2021	746,657	337,332	4,500	24,754	1,113,243
Depreciation
At 1 Jan 2021	176,275	262,935	1,800	9,901	450,911
Charge for the year	14,554	25,905	900	2,476	43,835
At 31 Dec 2021	190,829	288,840	2,700	12,377	494,746
Carrying amount
At 31 Dec 2021	555,828	48,492	1,800	12,377	618,497
At 31 Dec 2020	570,382	56,257	2,700	14,853	644,192

Group Investments
	Unlisted	Investment
	investments	properties	Total
	8	5
Valuation
AI1 Jan 2021	49,086	575,000	624,086
Transfers from tangible assets
Fair value movements	(2,283)	190,000	187,717
At 31 Dec 2021	46,803	765,000	811,803
Impairment
At 1 Jan 2021 and 31 Dec 2021
Carrying amount
At 31 Dec 2021	46,803	765,000	811,803
At 31 Dec2020	49,086	575,000	624,086

Subsidiaries	and other in	vestments
				Percentage of
			Class ofshare	shares	held
Subsidiary Glastonbury	undertakings Abbey Trading	Ltd	Ordinary		100
Glastonbury	Abbey Trust		No shares

summaris	ed trading results for the year ended	31 December 2021 were:
		2021	2020
Turnover		239,196	129,456
Total expenditure		(222,217)	(109,137)
Retained	(loss)/profit	16,979	20,319

The assets and liabilities ofGlastonbury	Abbey Trading Ltd were:
	2021 f	2020
Assets	168,042	120,668
Liabilities	(128,674)	(98,279)
Funds	39,368	22,389

18.	Stocks
	Group stocks
		2021	2020
	Finished goods and goods for resale	28,317	48,531
	Company stocks
		2021	2020
		F
	Finished goods and goods for resale	2,846	2,780
19.	Debtors
	Group debtors
		2021 f	2020 6
	Trade debtors	27,806	13,915
	Prepayments	34,440	29,243
	Accrued Income	194,396
	Other Debtors	38
		256,680	43,158
	Company debtors
		2021	2020
	Trade debtors	25,127	13,786
	Prepayments	31,791	27,005
	Amounts owed by group undertakings	60,722	66,475
	Other debtors	38	480
	Accrued income	166,568
		284,246	107,746

20.	Creditors: amounts falling	Creditors: amounts falling	Creditors: amounts falling	due within one ye	due within one ye	ar
	Group creditors: amounts			falling due within		one year
									2021 6	2020 f
	Trade creditors								20,956	10,665
	Accruals								95,069	117,145
	Social security and other		taxes							1,750
	Other creditors								78,581	18,172
	Bank Loans								40,000
									234,606	147,732
	Company creditors:	amounts			falling due within one year
									2021 f	2020 F
	Trade creditors								17,730	8,786
	Accruals								89,437	109,451
	Bank Loans								40,000
									147,167	118,237
21.	Group creditors: Amounts			falling due after more than one year
	Group creditors: amounts			falling due in greater than one year
									2021	2020
	Bank Loans								156,667	200,000
	Company creditors:	amounts			falling due in greater than		one year
									2021	2020
									6	L
	Bank Loans								156,667	200,000
22.	Group and company	deferred			tax
	The deferred tax included		in	the	group statement	offinancial	position	is	as follows:
									2021	2020
	Included in provisions	(note		23)					4,806	1,827
	The deferred tax account		consists ofthe lax effect oftiming differences						in respect of:
									2021	2020
	Accelerated capital allowances								4,806	1,827

Restricted	funds
								At
			At				Gains and	31 Dec 202
		1	Jan 2021 5	Income	Expenditure 5	Transfers f	losses f	1 5
Restricted	Funds		42,025	337,225	(379,250)
								At
			At				Gains and	31 Dec 202
		1	Jan 2020 5	Income f	Expenditure F	Transfers f	losses	0
Restricted	Funds			349,288	(307,263)			42,025

							At
		At				Gains and	31 Dec 2021
		1 Jan 2021 f	Income f	Expenditure f	Transfers 8	losses K
Donation	for
Estate purchase		37,384					37,384
							At
		At				Gains and	31 Dec2020
		1 Jan 2020	Income 5	Expenditure E	Transfers f	losses
Donation	for
Estate purchase		37,384					37,384

26.	Group Analysis of	net a	ssets betwee	n funds
				Unrestricted	Restricted	Endowment	Total Funds
				Funds 6	Funds	Funds f	2021 6
	Tangible fixed assets			581,113		37,384	618,497
	Investments			811,803			811,803
	Current assets			1,255,347			1,255,347
	Creditors less than	1 year		(234,606)			(234,606)
	Group creditors: amounts		falling due
	after more than one	year		(156,667)			(156,667)
	Provisions			(4,806)			(4,806)
	Net assets			2,252,184		37,384	2,289,568
				Unrestricted	Restricted	Endowment	Total Funds
				Funds	Funds	Funds	2020
				6		F
	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
27.	Financial instruments

27.	Financial in	struments
	The carrying	amount	for each category offinancial			instrument	is as follows:
							2021	2020
							6
	Financial assets measured			at fair value through		income	and expenditure
	Financial assets measured			at fair value through	income and
	expenditure						811,803	624,086
28.	Analysis of	changes	in net debt

Analy	sis ofchanges in net debt
				At
		At 1 Jan 2021	Cash flows	31 Dec 2021
		6	5	6
Cash	at bank and in hand	727,805	242,545	970,350
Debt	due within one year		(40,000)	(40,000)
Debt	due after one year	(200,000)	43,333	(156,667)
		527,805	245,878	773,683

		2021	2020
Income and endowments
Donations and legacies
Donations from individuals		37,642	12,320
Donations from organisations		5,381	392
Grants receivable		553,304	665,160
		596,327	677,872
Charitable activities
Entrance fees - individuals		367,444	227,799
Entrance fees - groups		4,900	1,781
Entrance fees - season tickets		74,254	52,989
Entrance fees &activities - learning	&education	7,945	4,416
Museum activity charges			40
Events and exhibitions		59,632	35,809
Television and radio		250	300
Wedding photography		377	100
		514,802	323,234
Other trading activities
Trading income		266,108	132,085
Investment income
Land and property rents		21,135	21,760
Bank interest receivable		265	139
Other interest receivable		37
Dividends received		1,357	1,557
		22,794	23,456
Total income		1,400,031	1,156,647

					2021	2020
Expenditure
Expenditure on charitable				activities
Wages and salaries Employer's NIC					507,528 31,717	569,502 30,625
Pension costs					35,758	36,768
Rates and water					2,002	2,875
Light and heat					20,812	15,762
Insurance					28,367	27,552
Depreciation					43,835	42,618
Staff development	and		training		1,750	1,415
Cleaning and waste		disposal			5,630	5,403
Health and safety					3,485	4,054
Telephone, printing,		postage		and stationery	9,482	6,916
ITCosts					8,455	7,406
Security					959	2,425
Estate maintenance		and repairs			26,729	15,445
Properties maintenance			and	repairs	869	719
Grounds					13,115	10,321
Interpretation					2,500
Communication					22,323	39,241
Museum					633	1,067
Events and exhibitions					49,847	27,870
Learning and education Development costs					494 67,669	3,962 18,621
Staff expenses					2,086	2,122
Bank charges					5,924	2,960
Credit card charges					17,784	8,453
General expenses					1,474	1,631
Motor expenses					1,018	265
Legal and professional			fees		15,646	11,062
Audit fees					13,780	13,639
Trustees expenses					746	765
					942,417	911,464
Other expenditure
Glastonbury Abbey		Trading		Ltd - Cost ofsales	90,998	66,865
Taxation
Deferred taxation charge/credit					2,979	1,827
Total expenditure					1,036,394	980,156

				2021	2020
Net gains/(losses)		on investments
Gains/(losses)	on	listed investments		(2,282)	1,193
Gains/(losses)	on	other investment	assets	190,000	38,670
				187,718	39,863
Net income				551,355	216,354