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|||||||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'|Annual|Report (Incorporating|Report (Incorporating|the Director's|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||||
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||||||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|
##
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##
||||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|
##
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||||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|
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|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||||
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|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|
##
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##
##
##
|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|during the year is analysed as follows:|||
|---|---|---|---|---|---|
|||||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|
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|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|
##
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##
|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|
##
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##
|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|
##
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##
|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|
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|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|
##
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##
|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|