# **COMPANY REGISTRATION NUMBER: 06873912 CHARITY REGISTRATION NUMBER: 1129263**
# **Glastonbury Abbey**
# **Company Limited by Guarantee Consolidated Financial Statements**
## **31 December 2022**
## **WEBB & CO LTD**
Accountants and Business Advisers & statutory auditor
One New Street Wells Somerset BA5 2LA
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Consolidated Financial Statements**
## **Year ended 31 December 2022**
||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent auditor's report to the members|**11**|
|Group statement of financial activities (including income and expenditure||
|account)|**16**|
|Group statement of financial position|**17**|
|Company statement of financial position|**18**|
|Statement of cash flows|**19**|
|Notes to the consolidated financial statements|**20**|
|**The following pages do not form part of the consolidated financial statements**||
|Detailed group statement of financial activities (including income and||
|expenditure account)|**38**|
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)**
**Year ended 31 December 2022**
The trustees, who are also the directors for the purposes of company law, present their report and the consolidated financial statements of the charity for the year ended 31 December 2022.
## **Reference and administrative details**
**Registered Charity Name** Glastonbury Abbey
|**Registered Charity Number**1129263|**Registered Charity Number**1129263||
|---|---|---|
|**Company Registration Number**06873912|||
|**Principal office and registered**Abbey Gatehouse|||
|**Office**|Magdalene Street||
||Glastonbury||
||Somerset||
||BA6 9EL||
|**The trustees**|||
||S Bird||
||W Bloom||
||J Cooper||
||Archdeacon A Gell *||
||Prof R Gilchrist||
||R Jackson||
||Rev D MacGeoch *||
||D Odgers||
||R Richards|(Deceased 13 January 2022)|
||M Thomas||
||J White||
||E Gregory *||
||P Heal||
||N May *||
||M Sidique|(Appointed 20 October 2022)|
_*** Ex officio appointments**_
**1**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
||**Glastonbury Abbey**
**Company Limited by Guarantee**|
|---|---|
|**Trustees'**|**Annual Report (Incorporating the Director's Report)****_(continued)_**|
||**Year ended 31 December 2022**|
|**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 2022**
## **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 leadership 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 the SLT and any proposed substantive changes submitted to 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. In 2022, the biennial Trustee and Board review was held in October. Trustees spoke individually with the Chair and submitted their assessments of the Board, as did the Senior Leadership Team. In addition, Trustees completed the biennial Competency Framework, a skills audit to assess strengths and potential skill gaps on the Board.
Trustees who were appointed, reappointed or resigned during the year were Monica Sidique, appointed on 20 October 2022, William Bloom reappointed for 5 years on 2 June 2022 and Janice White reappointed for 3 years on 8 April 2022. Robert Richards sadly died on 13 January 2022. 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 2022**
## **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:
- To preserve the fabric and the grounds of Glastonbury Abbey ruins for the public benefit;
- To use Glastonbury Abbey to advance religion in accordance with the doctrines of the Church of England;
- To educate the public in the historic and religious importance of Glastonbury Abbey (including the skills and learning associated with it).
## **Strategies for Achieving Objectives**
The charity's strategies for achieving its long term vision and objectives include:
- Delivering a high quality experience for our thousands of local, national and international visitors, that is appropriate to the abbey's rich history and cultural heritage.
- Connecting with the community, securing support from our stakeholders and working well with partner organisations and individuals.
- Building a business that is sustainable and fit for purpose, a trusted employer and a sought after partner.
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.
In line with good governance, the trustees have embarked on a governance review in 2021 including Articles of Association for both the abbey and the trading company along with the charitable objectives. The last review was in 2009 and trustees propose to complete the review in 2023.
## **Strategic report**
The following sections for achievements and performance and financial review form the strategic report of the charity.
**4**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
**Year ended 31 December 2022**
## **Achievements and performance**
Glastonbury Abbey's key achievements are described below.
## **Visitors**
Visitors for 2022 totalled 152,627. The abbey hosted 58,710 individual and group visitors, 4,318 educational visitors, with an additional 7,828 free entry for children go free, carers, teachers, and promotions, plus 58,239 separate visits by 3,207 members and 23,532 visits for events. Due to the Covid 19 pandemic, group and education visitors are increasing, but still below 2019 figures. Visitors in 2019 totalled a figure of 168,733 and in 2021 figure of 115,715.
## **Membership**
At the end of 2022 Glastonbury Abbey had 3,270 active members achieving a height of 3,345 during the year. Both figures do not include trustee or staff cards. Pay monthly membership was trailed from October and has been made available to all in February 2023.
## **Grants**
Two grants from the government's Cultural Recovery Fund Heritage covering the periods of October 2020 to March 2021 and October 2021 to January 2022 assisted the abbey to continue to maintain and offer access to the grounds and ruins, providing a safe, open, green space for domestic visitors and 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 provided support for regular costs and salaries. Other grants received during the year included support from Mendip District Council for Covid 19, contributions towards installation of sitewide WIFI (Cosmic), Somerset Art Works (SAW) project (SAW, NLHF), Interpretation app project (Arts and Humanities Research Council) and a consultancy on volunteering (SW Museum Development).
A grant of £934,367 has been secured from the Town Deal Fund for a project to enhance the visitor welcome, refurbish the visitor entrance and facilities and create a new open piazza area. Work is continuing on raising the matching funding for the £1.6 million project which is part of the Town Investment Plan. Work is due to begin on site in the autumn of 2023.
## **Learning and Engagement**
Despite the smaller team since Covid 19, the team have worked hard on creating a good diverse programme with limited resources, relying on volunteering and a creative approach to engage visitors with a lot more self-led activities. The team have fully tested out the revised schools offer, which has proved to be of higher quality, more resilient and structured than in previous years. The onsite public engagement has been varied, ranging from tours and demonstrations to formal talks. Across all the offers the team have welcomed back volunteers who have been able to work more regularly with them and have engaged with over 13,000 visitors this year. The artist in residence, Patrick Duff has provided a series of meditations at Abbey House. The Allotment project, undertaken in partnership with the Volunteer Network, began in February and provides twice weekly sessions onsite. It aims to support people in the local community who want to get involved in outdoor projects and have an interest in growing produce or want to improve their knowledge and understanding of growing their own food.
## **Collections and Interpretation**
Collections management activities have resumed after Covid 19. A few small items, mainly postcards, have been added to the collections. The display of the Glastonbury leaf was the culmination of a collaborative project with the University of Bristol, Medieval Studies Department, where a post-graduate student carried out research that provided the detailed information that has been made available on-line to accompany the display of the Bible page and other artifacts. The display was also
**5**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 December 2022**
accompanied by talks from professors from the university. In the Autumn some objects from the museum collection were displayed to complement artworks by Rory Pilgrim, Olivia Plender and Sally O'Reilly. The exhibition 'Dissolution to Evolution' was curated by Josephine Lanyon and was produced in partnership with Somerset Art Works, Serpentine Gallery, Green Shoes Arts and YMCA for Somerset Art Weeks. It was opened to the public at Abbey House, with promenade projects and a performance in the abbey grounds. Objects from the collections have been photographed and digitally manipulated to feature as a major part of the forthcoming App for interpreting the abbey site, which has been worked on throughout the year as part of a partnership project with University of Reading, Arcade and Thread.
## **Volunteering**
Volunteers contributed 1136.5 hours last year (not including trustees). This is only approximately a quarter of what was contributed in 2019 but up by over 300 hours on the previous year. Although the abbey had a very successful programme in place prior to the pandemic, it has been on hold due to Covid 19. A review has been undertaken and with the evaluation of a consultant, funded by a grant from South West Museum Development, opportunities to further develop and embed volunteering across the abbey will be developed.
## **Events**
The 2022 events season was another great success with more visitors than ever before attending Glastonbury Abbey Events. The Summer Open Day and Medieval Fayre were both medal winners (silver & bronze respectively) at the Bristol Bath and Somerset Tourism Awards and the abbey was a finalist in four categories at the National Outdoor Events Association Awards including Best Small Event, Best Large Event & Event Organiser of the Year. Over 23,000 visitors attended events in 2022 compared with 6,763 in in 2021. The Summer Open Day attracted more than 6,000 visitors and the Medieval Fayre more than 7,000. In 2022 the abbey took control of the production of the Medieval Fayre, retaining all ticket income from the event where it used to be a ticket split with an event producer. The income from the event grew from just under £10,000 in 2021 to more than £50,000 in 2022. Night at the Abbey had a disappointing year in terms of visitors and income but the addition of a Horrible Histories performance in the theatre schedule was a great success and will return in 2023.
## **Digital**
The website eTickets system was delivered in December, providing a much more modern ticketing solution. Social media followers continue to increase at a rate higher than our immediate competitors across all channels apart from Twitter. The second season of the Talking Spirituality podcast was released in late 2022. The monthly membership digital magazine was read more than 4000 times across the year and continues to grow in readership month to month. The members Facebook group has more than 400 members and an active discussion.
## **Spiritual**
Weekly eucharist services in St. Patrick's Chapel continued throughout 2022 after resuming partway through 2021 when restrictions were lifted. The Catholic and Anglican pilgrimages returned the weekend of 9/10 July 2022 after two years of postponement. Our Meditation and Prayer Walk remains a popular leaflet for visitors and in November and December the second season of the abbey podcast Talking Spirituality was released, building on the success of the first series, focusing on topics such as saints, Christian meditation, and respecting sacred space. Plans were begun for a non-denominational space for quiet contemplation near the wildlife pond, to be progressed in
**6**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
**Year ended 31 December 2022**
## **Abbey House events**
In 2022 almost 1,400 people either hired the rooms, attended workshops or open days. 59 individual hires or uses were recorded not including the Somerset Art Weeks use of the house in October or the many abbey related activities. Somerset Art Weeks used Abbey House as a focus venue for hosting the launch event and a leading partnered installation. During the Summer discussions began regarding the potential of the grounds becoming a wedding reception venue for a single partner. Discussions are ongoing.
## **Grounds**
The abbey's grounds team were busy in 2022 restructuring the public paths in and around the wildlife area and the upper pond. The bridge across the upper pond was judged to be unsafe for public use and was therefore dismantled and a gravel path laid around the pond in lieu. The remaining bridge stilts have proved to be a haven for visiting wildlife. The walkway through the wildlife area was also dismantled and an alternative chippings path laid, which has proved to be a great success with the visitors who now see more of the plants and wildlife. The plant sales have been a great success, along with Holy Thorn Discs and firewood, bringing in a total income of over £4,000. Despite machinery problems, the grounds team achieved a very high standard around the grounds in 2022, and with recent investment start 2023 with a new fleet of grounds machinery.
## **Public Awareness and External Relations**
In line with its strategy to increase its visibility the charity raises its public profile both locally and regionally through a variety of news, 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 development project have attracted wide interest from the media.
**7**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
**Year ended 31 December 2022**
## **Achievements and performance** _**(continued)**_
## **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 and in 2022 introduced a monthly payment scheme for membership. Membership includes a season ticket which offers good value to residents in and around Glastonbury, providing them with access 364 days a year. A low cost guest pass can be purchased alongside membership. 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 2022 the abbey hosted a range of events offering free entry to the abbey, Summer Opening in May, Jubilee Day in June and Frost Fayre in November. Several free tickets for admission or events are provided to support good local causes.
As a result of the pandemic, mental health and wellbeing of the general public has been seriously affected. The abbey has committed to work on local community engagement where appropriate. A social prescribing voucher scheme delivered through two GP surgeries in the town, offers a limited number of free six-monthly membership passes for people GPs identify as potentially benefiting from access to the abbey for medical/mental health recovery. This scheme is being extended to other local areas. Working with the Volunteer network a community mental health support project based on learning about gardening and food production skills is ongoing, focusing on supporting people with low to moderate conditions.
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 and in 2021 work experience places had not been organised. A comprehensive plan was in place for 2022.
The Finance and Audit committee annually reviews public benefit against guidance published by the Charity Commission.
**8**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 31 December 2022**
## **Achievements and performance** _**(continued)**_
## **Subsidiary Company**
Glastonbury Abbey Trading Limited is the wholly owned trading subsidiary of Glastonbury Abbey which has responsibility for the gift shop selling souvenirs and books, a café providing catering facilities, events held at Abbey House and a car park in Silver Street. It was set up in 1990 and donates its profits to the charity as Gift Aid. It is run by a Board of Directors, which includes representatives from appropriate businesses as well as representatives from the abbey. In 2021 the process of recruiting two or three suitably qualified non-executive directors commenced, interviews and recommendations took place in early 2022 and resulted in the recruitment of three new non-executive directors with a range of highly relevant skills. The café continues to perform well and some much needed improvements were made throughout the year. The coffee offering has again been upgraded for 2023. The Café is now operating at the limits of the power available to it which will affect any expectations of savoury food offerings. The shop had a challenging year but was much improved on 2021. Its stock will be wound down throughout 2023 for the town deal closure. In 2023 Glastonbury Abbey events will be part of the trading company rather than the charity. The Company made a profit of £2,986 in 2022 (2021 profit of £16,979).
## **Financial review**
Consolidated financial statements have been prepared for 2022. Incoming resources for 2022 are £1,462,562 compared to £1,400,031 for 2021. Expenditure increased by 35% to £1,390,128 (2021 £1,036,394). There was an excess of income over expenditure of £85,993 (2021 £551,355).
## **Reserves**
It is the policy of the charity to hold cash or accessible investments as unrestricted funds that have not been committed for any specified purpose. The charity also maintains designated funds to contribute towards the cost of identified needs for development and conservation. 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 and to ensure there are sufficient resources to fund conservation and development projects. 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. The abbey's project to improve the visitor entrance and reception and create an external community accessible space, is part of Glastonbury's Town Investment Plan, as part of the government's Town Deal initiative. Planning permission and Scheduled Monument Consent have been secured and work is scheduled to commence in the Autumn of 2023.
## **Investment Powers**
The Board of Trustees has the power to invest the unrestricted funds in appropriate investments.
**9**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
**Year ended 31 December 2022**
## **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.
In preparing these consolidated financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP 2019 (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
- so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
- they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
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
**10**
## **Glastonbury Abbey**
**Company Limited by Guarantee**
## **Independent Auditor's Report to the Members of Glastonbury Abbey**
**Year ended 31 December 2022**
## **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 2022 which comprise the group statement of financial activities (including income and expenditure account), group statement of financial position, company statement of financial position, group 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 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:
- give a true and fair view of the state of the group and the parent charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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.
**11**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Independent Auditor's Report to the Members of Glastonbury Abbey** _**(continued)**_
**Year ended 31 December 2022**
## **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:
- the information given in the Trustees' report incorporating the Strategic Report and the
- Directors' Report for the financial year for which the consolidated financial statements are prepared is consistent with the consolidated financial statements; and
- the Directors' report has been prepared in accordance with applicable legal requirements.
## **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 and Charities Act 2011 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company's financial statements are not in agreement with the accounting records and the returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
-
- we have not received all the information and explanations we require for our audit.
**12**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Independent Auditor's Report to the Members of Glastonbury Abbey** _**(continued)**_
**Year ended 31 December 2022**
## **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.
**13**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Independent Auditor's Report to the Members of Glastonbury Abbey** _**(continued)**_
**Year ended 31 December 2022**
## **Auditor's responsibilities for the audit of the consolidated financial statements**
We have been appointed auditor under the Companies Act 2006 and Section 151 of the Charities Act 2011 and report in accordance with those Acts.
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 the Charities Act 2011. 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 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
**14**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Independent Auditor's Report to the Members of Glastonbury Abbey** _**(continued)**_
## **Year ended 31 December 2022**
- Conclude on the appropriateness of the trustees' use of the going concern basis of accounting
- and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or activities within the group to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
**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 Accountants and Business Advisers & statutory auditor One New Street Wells Somerset BA5 2LA
**15**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Group Statement of Financial Activities (Including Income and Expenditure Account)**
## **Year ended 31 December 2022**
||||**2022**|**2022**||2021|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|||
|||funds|funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|**£**|£|
|**Income and endowments**|||||||
|Donations and legacies|**5**|120,394|160,253|–|280,647|596,327|
|Charitable activities|**6**|789,340|–|–|789,340|514,802|
|Other trading activities|**7**|367,927|–|–|367,927|266,108|
|Investment income|**8**|24,648|–|–|24,648|22,794|
|||-----------------------------------------|--------------------------------|--------------|-----------------------------------------|-----------------------------------------|
|**Total income**||1,302,309|160,253|–|1,462,562|1,400,031|
|||=========================================|================================|==============|=========================================|=========================================|
|**Expenditure**|||||||
|Expenditure on charitable|||||||
|activities||1,090,461|154,288|–|1,244,749|942,417|
|Other expenditure|**9**|145,226|–|–|145,226|90,998|
|Taxation|**10**|153|–|–|153|2,979|
|||-----------------------------------------|--------------------------------|--------------|-----------------------------------------|-----------------------------------------|
|**Total expenditure**||1,235,840|154,288|–|1,390,128|1,036,394|
|||=========================================|================================|==============|=========================================|=========================================|
|Net gains/(losses) on|||||||
|investments|**11**|13,559|–|–|13,559|187,718|
|||-----------------------------------------|--------------------------------|--------------|-----------------------------------------|-----------------------------------------|
|**Net income and net**|||||||
|**movement in funds**||80,028|5,965|–|85,993|551,355|
|||=========================================|================================|==============|=========================================|=========================================|
|**Reconciliation of funds**|||||||
|Total funds brought forward||2,252,184|–|37,384|2,289,568|1,738,213|
|||-----------------------------------------|--------------------------------|---------------------------|-----------------------------------------|-----------------------------------------|
|**Total funds carried forward**||2,332,212|5,965|37,384|2,375,561|2,289,568|
|||=========================================|================================|===========================|=========================================|=========================================|
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 20 to 36 form part of these consolidated financial statements.**
**16**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Group Statement of Financial Position**
## **31 December 2022**
|||**2022**|2021|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**15**|621,590|618,497|
|Investments|**16**|823,626|811,803|
|||-----------------------------------------|-----------------------------------------|
|||1,445,216|1,430,300|
|**Current assets**||||
|Stocks|**18**|44,715|28,317|
|Debtors|**19**|70,073|256,680|
|Cash at bank and in hand||1,194,811|970,350|
|||-----------------------------------------|-----------------------------------------|
|||1,309,599|1,255,347|
|**Creditors: amounts falling due within one year**|**20**|257,628|234,606|
|||-----------------------------------------|-----------------------------------------|
|**Net current assets**||1,051,971|1,020,741|
|||-----------------------------------------|-----------------------------------------|
|**Total assets less current liabilities**||2,497,187|2,451,041|
|**Group creditors: Amounts falling due after more than one year**|**21**|116,667|156,667|
|**Provisions**|**23**|4,959|4,806|
|||-----------------------------------------|-----------------------------------------|
|**Net assets**||2,375,561|2,289,568|
|||=========================================|=========================================|
|**Funds of the charity**||||
|Endowment funds||37,384|37,384|
|Restricted funds||5,965|-|
|Unrestricted funds||1,578,962|1,517,034|
|Fair Value Reserve||753,250|735,150|
|||-----------------------------------------|-----------------------------------------|
|**Total charity funds**|**25**|2,375,561|2,289,568|
|||=========================================|=========================================|
These consolidated financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
P Heal Trustee
.
**The notes on pages 20 to 36 form part of these consolidated financial statements.**
**17**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Statement of Financial Position**
## **31 December 2022**
|||**2022**|2021|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**15**|594,699|592,244|
|Investments|**16**|825,268|813,445|
|||-----------------------------------------|-----------------------------------------|
|||1,419,967|1,405,689|
|**Current assets**||||
|Stocks|**18**|2,971|2,846|
|Debtors|**19**|126,406|259,954|
|Cash at bank and in hand||1,122,083|887,183|
|||-----------------------------------------|-----------------------------------------|
|||1,251,460|1,149,983|
|**Creditors: amounts falling due within one year**|**20**|219,914|147,167|
|||-----------------------------------------|-----------------------------------------|
|**Net current assets**||1,031,546|1,002,816|
|||-----------------------------------------|-----------------------------------------|
|**Total assets less current liabilities**||2,451,513|2,408,505|
|**Creditors: amounts falling due after more than one year**|**21**|116,667|156,667|
|||-----------------------------------------|-----------------------------------------|
|**Net assets**||2,334,846|2,251,838|
|||=========================================|=========================================|
|**Funds of the charity**||||
|Endowment funds||37,384|37,384|
|Restricted funds||5,965|–|
|Unrestricted funds||2,291,497|2,214,454|
|||-----------------------------------------|-----------------------------------------|
|**Total charity funds**|**25**|2,334,846|2,251,838|
|||=========================================|=========================================|
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
## P Heal Trustee
**18**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Group Cashflow Statement**
## **Year ended 31 December 2022**
||**2022**|2021|
|---|---|---|
||**£**|£|
|**Cash flows from operating activities**|||
|Net income|85,993|551,355|
|_Adjustments for:_|||
|Depreciation of tangible fixed assets|46,666|43,835|
|Net gains/(losses) on investments|(13,559)|(187,718)|
|Dividends, interest and rents from investments|(21,149)|(21,135)|
|Other interest receivable and similar income|(3,499)|(1,659)|
|Taxation|153|2,979|
|Accrued expenses/(income)|196,869|(216,472)|
|_Changes in:_|||
|Stocks|(16,398)|20,214|
|Trade and other debtors|(7,789)|(19,126)|
|Trade and other creditors|20,549|68,950|
||--------------------------------|--------------------------------|
|Cash generated from operations|287,836|241,223|
|Interest received|3,499|1,660|
||--------------------------------|--------------------------------|
|Net cash from operating activities|291,335|242,883|
||================================|================================|
|**Cash flows from investing activities**|||
|Dividends, interest and rents from investments|21,149|21,135|
|Purchase of tangible assets|(52,123)|(18,140)|
|Proceeds from sale of tangible assets|2,364|–|
|Purchases of other investments|(1,900)|–|
|Proceeds from sale of other investments|3,636|–|
||--------------------------------|--------------------------------|
|Net cash (used in)/from investing activities|(26,874)|2,995|
||================================|================================|
|**Cash flows from financing activities**|||
|Proceeds from borrowings|(40,000)|(3,333)|
||--------------------------------|--------------------------------|
|Net cash used in financing activities|(40,000)|(3,333)|
||================================|================================|
|**Net increase in cash and cash equivalents**|224,461|242,545|
|**Cash and cash equivalents at beginning of year**|970,350|727,805|
||-----------------------------------------|--------------------------------|
|**Cash and cash equivalents at end of year**|1,194,811|970,350|
||=========================================|================================|
**The notes on pages 20 to 36 form part of these consolidated financial statements.**
**19**
**Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements**
**Year ended 31 December 2022**
## **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:
- Glastonbury Abbey was registered as a company limited by guarantee (Company number 6873912) incorporated in England and Wales on 8 April 2009 and registered as a charity (Charity number 1129263) with the Charity Commission on 22 April 2009.
- On 1 June 2009 the permanent endowment and collection held historically by Glastonbury Abbey Estate (Charity number 222448) were, by a scheme under the Charities Act 1993, retained in a renamed charity, Glastonbury Abbey Trust (Charity number 1129263-1), which became a subsidiary charity to Glastonbury Abbey, which is now the operating charity. The other assets of Glastonbury Abbey Estate were transferred directly to Glastonbury Abbey.
## **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 (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 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.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
**20**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Notes to the Consolidated Financial Statements** _**(continued)**_
**Year ended 31 December 2022**
## **3. Accounting policies** _**(continued)**_
## **Consolidation**
The financial statements consolidate the results of the charity and its wholly owned subsidiaries 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.
## **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.
**21**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Notes to the Consolidated Financial Statements** _**(continued)**_
**Year ended 31 December 2022**
## **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.
**22**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Notes to the Consolidated Financial Statements** _**(continued)**_
**Year ended 31 December 2022**
## **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 fulfillment 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.
**23**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Notes to the Consolidated Financial Statements** _**(continued)**_
**Year ended 31 December 2022**
## **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 and short|
|||life assets|
|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.
## **Investment property**
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
**24**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Notes to the Consolidated Financial Statements** _**(continued)**_
**Year ended 31 December 2022**
## **3. Accounting policies** _**(continued)**_
## **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 slowmoving stock where appropriate.
## **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**
|**Donations and legacies**||||
|---|---|---|---|
||Unrestricted|Restricted|**Total Funds**|
||Funds|Funds|**2022**|
||£|£|**£**|
|**Donations**||||
|Donations from individuals|34,062|5,965|40,027|
|Donations from organisations|7,264|–|7,264|
|**Grants**||||
|Grants receivable|79,068|154,288|233,356|
||--------------------------------|--------------------------------|--------------------------------|
||120,394|160,253|280,647|
||================================|================================|================================|
**25**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
|**5.**|**Donations and legacies** **_(continued)_**|||||
|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2021|
||||£|£|£|
||**Donations**|||||
||Donations from individuals||36,642|1,000|37,642|
||Donations from organisations||5,381|–|5,381|
||**Grants**|||||
||Grants receivable||217,079|336,225|553,304|
||||--------------------------------|--------------------------------|--------------------------------|
||||259,102|337,225|596,327|
||||================================|================================|================================|
|**6.**|**Charitable activities**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Entrance fees - individuals|493,356|493,356|367,444|367,444|
||Entrance fees - groups|50,258|50,258|4,900|4,900|
||Entrance fees - season tickets|98,519|98,519|74,254|74,254|
||Entrance fees & activities - learning &|||||
||education|19,096|19,096|7,945|7,945|
||Events and exhibitions|124,971|124,971|59,632|59,632|
||Television and radio|2,175|2,175|250|250|
||Wedding photography|965|965|377|377|
|||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
|||789,340|789,340|514,802|514,802|
|||================================|================================|================================|================================|
|**7.**|**Other trading activities**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Trading income|367,927|367,927|266,108|266,108|
|||================================|================================|================================|================================|
|**8.**|**Investment income**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Land and property rents|21,149|21,149|21,135|21,135|
||Bank interest receivable|1,918|1,918|265|265|
||Other interest receivable|–|–|37|37|
||Dividends received|1,581|1,581|1,357|1,357|
|||---------------------------|---------------------------|---------------------------|---------------------------|
|||24,648|24,648|22,794|22,794|
|||===========================|===========================|===========================|===========================|
**26**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
|**9.**|**Other expenditure**|||||
|---|---|---|---|---|---|
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Glastonbury Abbey Trading Ltd - Cost|||||
||of sales|145,226|145,226|90,998|90,998|
|||================================|================================|===========================|===========================|
|**10.**|**Taxation**|||||
||**Deferred tax:**|||||
||Origination and reversal of timing|||||
||differences||153||2,979|
||||--------------||-----------------------|
||**Taxation**||153||2,979|
||||==============||=======================|
||**Reconciliation of tax expense**|||||
The tax assessed on the income for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19% (2021: 19%).
|
corporation tax in the UK of 19% (2021: 19%).|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Income before taxation|86,146|554,334|
||===========================|================================|
|Income by rate of tax|16,367|102,451|
|Effect of capital allowances and depreciation|(596)|863|
|Effect of income exempt from tax|(15,618)|(100,335)|
||---------------------------|--------------------------------|
|Tax on income|153|2,979|
||===========================|================================|
## **11. Net gains/(losses) on investments**
|**11.**|**Net gains/(losses) on investments**|||||
|---|---|---|---|---|---|
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Gains/(losses) on disposal of fixed|||||
||assets|3,636|3,636|–|–|
||Gains/(losses) on listed investments|(8,177)|
(8,177)|(2,282)|(2,282)|
||Gains/(losses) on other investment|||||
||assets|18,100|18,100|190,000|190,000|
|||---------------------------|---------------------------|--------------------------------|--------------------------------|
|||13,559|13,559|187,718|187,718|
|||===========================|===========================|================================|================================|
|**12.**|**Net income**|||||
||Net income is stated after charging/(crediting):|||||
|||||**2022**|2021|
|||||**£**|£|
||Depreciation of tangible fixed assets|||46,666|43,835|
|||||===========================|===========================|
**27**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **13. Staff costs**
The total staff costs and employee benefits for the reporting period are analysed as follows:
||**2022**|2021|
|---|---|---|
||**£**|£|
|Wages and salaries|613,856|507,528|
|Social security costs|32,902|31,717|
|Employer contributions to pension plans|32,789|35,758|
||--------------------------------|--------------------------------|
||679,547|575,003|
||================================|================================|
The average number of employees during the year is analysed as follows:
||**2022**|2021|
|---|---|---|
||**No.**|No.|
|Office and Administration|14|15|
|Ticket Office and Shop|9|9|
|Education and Learning|4|4|
|Cleaners and Grounds Staff|11|7|
||--------------|--------------|
||38|35|
||==============|==============|
No employee received employee benefits of more than £60,000 during the year (2021: 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 £88,868 (2021 £88,496).
## **14. Trustee remuneration and expenses**
£5,000 was paid to Trustee R Jackson's Company (The Horseback Consultancy Ltd) for a volunteering project approved by the board in December 2022. Other than this, 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 £2,642 (2021 £745). The total amount of expenses waived by trustees during the year amounted to £942 (2021 £319).
**28**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **15. Group Tangible fixed assets**
||Freehold|
Fixtures and|Motor|Donated||
|---|---|---|---|---|---|
||property|
fittings|vehicles|Statues|**Total**|
||£|£|£|£|**£**|
|**Cost**||||||
|At 1 Jan 2022|746,657|
337,332|4,500|24,754|1,113,243|
|Additions|–|
52,123|–|–|52,123|
|Disposals|–|
(23,642)|–|–|(23,642)|
||--------------------------------|--------------------------------|-----------------------|---------------------------|-----------------------------------------|
|**At 31 Dec 2022**|746,657|
365,813|4,500|24,754|1,141,724|
||================================|================================|=======================|===========================|=========================================|
|**Depreciation**||||||
|At 1 Jan 2022|190,829|
288,840|2,700|12,377|494,746|
|Charge for the year|14,933|
28,357|900|2,476|46,666|
|Disposals|–|
(21,278)|–|–|(21,278)|
||--------------------------------|--------------------------------|-----------------------|---------------------------|-----------------------------------------|
|**At 31 Dec 2022**|205,762|
295,919|3,600|14,853|520,134|
||================================|================================|=======================|===========================|=========================================|
|**Carrying amount**||||||
|**At 31 Dec 2022**|540,895|
69,894|900|9,901|621,590|
||================================|================================|=======================|===========================|=========================================|
|At 31 Dec 2021|555,828|
48,492|1,800|12,377|618,497|
||================================|================================|=======================|===========================|=========================================|
## **16. Group Investments**
|**Group Investments**||||
|---|---|---|---|
||Unlisted|Investment||
||investments|properties|**Total**|
||£|£|**£**|
|**Valuation**||||
|At 1 Jan 2022|46,803|765,000|811,803|
|Transfers from tangible assets|–|1,900|1,900|
|Fair value movements|(8,177)|18,100|9,923|
||---------------------------|--------------------------------|--------------------------------|
|**At 31 Dec 2022**|38,626|785,000|823,626|
||===========================|================================|================================|
|**Impairment**||||
|**At 1 Jan 2022 and 31 Dec 2022**|||–|
||||================================|
|**Carrying amount**||||
|**At 31 Dec 2022**|38,626|785,000|823,626|
||===========================|================================|================================|
|At 31 Dec 2021|46,803|765,000|811,803|
||===========================|================================|================================|
All investments shown above are held at valuation.
## **Investment properties**
Investment properties are valued at fair value at 31 December 2022 by the trustees based on a valuation received by a local, independent, professionally qualified valuer with recent experience in the location and class of the investment properties.
## **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 2022 and 2021.
**29**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **17. Investment entities**
## **Subsidiaries and other investments**
|**Subsidiaries and other investments**|||
|---|---|---|
|||Percentage|
|||of shares|
||Class of share|held|
|**Subsidiary undertakings**|||
|Glastonbury Abbey Trading Ltd|Ordinary|100|
|Glastonbury Abbey Trust|No shares|–|
The charity's share of income and expenditure of each material associate that is a charity is analysed as follows:
## **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 2022 were:
||2022|2021|
|---|---|---|
||**£**|£|
|Turnover|331,502|239,196|
|Total expenditure|(328,516)|(222,217)|
||--------------------------------|--------------------------------|
|Retained (loss)/profit|2,986|16,979|
||================================|================================|
The assets and liabilities of Glastonbury Abbey Trading Ltd were:
||2022|2021|
|---|---|---|
||**£**|£|
|Assets|145,815|168,042|
|Liabilities|(103,461)|(128,674)|
||--------------------------------|--------------------------------|
|Funds|42,354|39,368|
||================================|================================|
## **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.
**30**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
**Year ended 31 December 2022**
## **17. Investment entities** _**(continued)**_
## **Parent Company**
Of the surplus for the year £83,007 has been dealt with in the accounts of the parent company and £2,986 in the subsidiary company after gift aid paid to the parent company (2021 £534,376 surplus in the parent company and £216,979 in the subsidiary company)
## **18. Stocks**
|**Stocks**|||
|---|---|---|
|**Group stocks**|||
||2022|2021|
||**£**|£|
|Finished goods and goods for resale|44,715|28,317|
||===========================|===========================|
|**Company stocks**|||
||2022|2021|
||**£**|£|
|Finished goods and goods for resale|2,971|2,846|
||=======================|=======================|
|**Debtors**|||
|**Group debtors**|||
||2022|2021|
||**£**|£|
|Trade debtors|33,578|27,806|
|Prepayments|36,495|34,440|
|Accrued Income|–|194,396|
|Other Debtors|–|38|
||---------------------------|--------------------------------|
||70,073|256,680|
||===========================|================================|
|**Company debtors**|||
||2022|2021|
||**£**|£|
|Trade debtors|32,098|25,127|
|Prepayments|33,519|31,791|
|Amounts owed by group undertakings|60,789|36,430|
|Other debtors|–|38|
|Accrued income|–|166,568|
||--------------------------------|--------------------------------|
||126,406|259,954|
||================================|================================|
## **19. Debtors**
**31**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **20. Creditors: amounts falling due within one year**
## **Group creditors: amounts falling due within one year**
||**Group creditors: amounts falling due within one year**|||
|---|---|---|---|
|||2022|2021|
|||**£**|£|
||Trade creditors|18,655|20,956|
||Accruals|97,542|95,069|
||Other creditors|101,431|78,581|
||Bank Loans|40,000|40,000|
|||--------------------------------|--------------------------------|
|||257,628|234,606|
|||================================|================================|
||**Company creditors: amounts falling due within one year**|||
|||2022|2021|
|||**£**|£|
||Trade creditors|14,378|17,730|
||Accruals|90,536|89,437|
||Other creditors|75,000|–|
||Bank Loans|40,000|40,000|
|||--------------------------------|--------------------------------|
|||219,914|147,167|
|||================================|================================|
|**21.**|**Group creditors: Amounts falling due after more than one year**|||
|||2022|2021|
|||**£**|£|
||Bank Loans|116,667|156,667|
|||================================|================================|
||**Company creditors: amounts falling due in greater than one year**|||
|||2022|2021|
|||**£**|£|
||Bank Loans|116,667|156,667|
|||================================|================================|
**32**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **22. Group and company deferred tax**
The deferred tax included in the group statement of financial position is as follows:
||**2022**|2021|
|---|---|---|
||**£**|£|
|Included in provisions (note 23)|4,959|4,806|
||=======================|=======================|
|The deferred tax account consists of the tax effect of timing differences in respect of:|||
||**2022**|2021|
||**£**|£|
|Accelerated capital allowances|4,959|4,806|
||=======================|=======================|
## **23. Provisions**
||**Deferred tax**|
|---|---|
||**(note 22)**|
||**£**|
|At 1 Jan 2022|4,806|
|Charge against provision|153|
||-----------------------|
|**At 31 Dec 2022**|4,959|
||=======================|
## **24. 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 £32,789 (2021: £35,758).
**33**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **25. Group Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**|||||||
|---|---|---|---|---|---|---|
||||||Gains and|**At**|
||At 1 Jan 2022|Income Expenditure||Transfers|losses|**31 Dec 2022**|
||£|£|£|£|£|£|
|Unrestricted funds|907,034|1,302,309|(1,235,840)|(248,100)|13,559|738,962|
|Fair value reserve|735,150|||18,100||753,250|
|Designated funds;|||||||
|Abbey house|350,000|||||350,000|
|Town fund piazza|200,000|||200,000||400,000|
|Landscape appraisal|30,000|||||30,000|
|Conservations fund|30,000|||30,000||60,000|
||________|________|________|______|______|________|
||2,252,184|1,302,309|(1,235,840)|-|13,559|2,332,212|
||`════════════`|`════════════`|`════════════`|`═════════`|`═════════`|`════════════`|
||At||||Gains and|At|
||1 Jan 2021|Income Expenditure||Transfers|losses|31 Dec 2021|
||£|£|£|£|£|£|
|Unrestricted funds|1,113,654|1,062,806|
(657,144)|(800,000)|187,718|907,034|
|Fair value reserve|545,150|–|–|190,000|–|735,150|
|Designated Funds||||610,000||610,000|
||`────────────`|`─────────`|`─────────`|`────────`|`────────`|`────────────`|
||1,658,804|1,062,806 (657,144)||–|187,718|2,252,184|
||`════════════`|`═════════`|`═════════`|`════════`|`════════`|`════════════`|
Unrestricted funds include the following designated funds;
Abbey House is an important asset in the commercial arm of the charity and requires long overdue redecoration and refurbishment of its prime hireable rooms in order to fulfil its potential. The house is Grade II* listed and requires specialist treatment in terms of materials and techniques.
Glastonbury Abbey is bidding for almost £1m from the Towns Fund in to transform its visitor approach and welcome area. Matched funding is required as well as additional investment in infrastructure not covered under the grant.
Trustees agreed to commission a full detailed Landscape Appraisal as an essential component of the Masterplan for the precinct. This has been delayed by the COVID-19 pandemic and is required in order to move forward with plans for the whole site.
Trustees identified the need to ringfence funds for both planned and unplanned conservation work that may occur. A programme of monitoring and conservation work for the North Wall was set in motion in 2022.
**34**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
**Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **26. Analysis of charitable funds**
## **Restricted funds**
|**Restricted funds**||||||||
|---|---|---|---|---|---|---|---|
|||At||||Gains and|**At**|
||1|Jan 2022|Income|Expenditure|Transfers|losses|**31 Dec 2022**|
|||£|£|£|£|£|£|
|Restricted Funds||–|160,253|
(154,288)|–|–|5,965|
|||==============|================================|================================|==============|==============|=======================|
|||At||||Gains and|At|
||1|Jan 2021|Income|Expenditure|Transfers|losses|31 Dec 2021|
|||£|£|£|£|£|£|
|Restricted Funds||42,025|337,225|
(379,250)|–|–|–|
|||===========================|================================|================================|==============|==============|==============|
Restricted funds carried forward relates to gift aided donations from individuals ringfenced for specific projects.
## **27. Endowment funds**
||At||||Gains and|**At**|
|---|---|---|---|---|---|---|
||1 Jan 2022|Income|Expenditure|Transfers|losses|**31 Dec 2022**|
||£|£|£|£|£|£|
|Donation for|||||||
|Estate purchase|37,384|–|
–|–|–|37,384|
||===========================|==============|==============|==============|==============|===========================|
||At||||Gains and|At|
||1 Jan 2021|Income|Expenditure|Transfers|losses|31 Dec 2021|
||£|£|£|£|£|£|
|Donation for|||||||
|Estate purchase|37,384|–|
–|–|–|37,384|
||===========================|==============|==============|==============|==============|===========================|
Endowment funds consist of the original acquisition of the Abbey Estate in 1908. This fund is represented by land and buildings.
**35**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Notes to the Consolidated Financial Statements** _**(continued)**_
## **Year ended 31 December 2022**
## **28. Group analysis of net assets between funds**
||Unrestricted|Restricted|Endowment|**Total Funds**|
|---|---|---|---|---|
||Funds|Funds|Funds|**2022**|
||£|£|£|**£**|
|Tangible fixed assets|584,206|–|37,384|621,590|
|Investments|823,627|–|–|823,627|
|Current assets|1,303,633|5,965|–|1,309,598|
|Creditors less than 1 year|(257,628)|–|–|(257,628)|
|Group creditors: amounts falling due|||||
|after more than one year|(116,667)|–|–|(116,667)|
|Provisions|(4,959)|–|–|(4,959)|
||-----------------------------------------|-----------------------|---------------------------|-----------------------------------------|
|**Net assets**|2,332,212|5,965|37,384|2,375,561|
||=========================================|=======================|===========================|=========================================|
Unrestricted funds includes the fair value reserve and designated funds totalling £1,399,215, as shown in note 25.
||Unrestricted|Restricted|Endowment|Total Funds|
|---|---|---|---|---|
||Funds|Funds|Funds|2021|
||£|£|£|£|
|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 funds includes the fair value reserve and designated funds totalling £1,345,150, as shown in note 25.
## **29. Group analysis of changes in net debt**
||At||**At**|
|---|---|---|---|
||1 Jan 2022|Cash flows|**31 Dec 2022**|
||£|£|**£**|
|Cash at bank and in hand|970,350|224,461|1,194,811|
|Debt due within one year|(40,000)|–|(40,000)|
|Debt due after one year|(156,667)|40,000|(116,667)|
||--------------------------------|--------------------------------|-----------------------------------------|
||773,683|264,461|1,038,144|
||================================|================================|=========================================|
**36**
**Glastonbury Abbey**
**Company Limited by Guarantee**
## **Management Information**
**Year ended 31 December 2022**
**The following pages do not form part of the consolidated financial statements.**
**37**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Detailed Group Statement of Financial Activities (Including Income and Expenditure Account)**
## **Year ended 31 December 2022**
||**2022**|2021|
|---|---|---|
||**£**|£|
|**Income and endowments**|||
|**Donations and legacies**|||
|Donations from individuals|40,027|37,642|
|Donations from organisations|7,264|5,381|
|Grants receivable|233,356|553,304|
||--------------------------------|--------------------------------|
||280,647|596,327|
||--------------------------------|--------------------------------|
|**Charitable activities**|||
|Entrance fees - individuals|493,356|367,444|
|Entrance fees - groups|50,258|4,900|
|Entrance fees - season tickets|98,519|74,254|
|Entrance fees & activities - learning & education|19,096|7,945|
|Events and exhibitions|124,971|59,632|
|Television and radio|2,175|250|
|Wedding photography|965|377|
||--------------------------------|--------------------------------|
||789,340|514,802|
||--------------------------------|--------------------------------|
|**Other trading activities**|||
|Trading income|367,927|266,108|
||--------------------------------|--------------------------------|
|**Investment income**|||
|Land and property rents|21,149|21,135|
|Bank interest receivable|1,918|265|
|Other interest receivable|–|37|
|Dividends received|1,581|1,357|
||---------------------------|---------------------------|
||24,648|22,794|
||---------------------------|---------------------------|
||-----------------------------------------|-----------------------------------------|
|**Total income**|1,462,562|1,400,031|
||=========================================|=========================================|
**38**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Detailed Group Statement of Financial Activities (Including Income and Expenditure Account)** _**(continued)**_
**Year ended 31 December 2022**
||**2022**|2021|
|---|---|---|
||**£**|£|
|**Expenditure**|||
|**Expenditure on charitable activities**|||
|Wages and salaries|613,856|507,528|
|Employer's NIC|32,902|31,717|
|Pension costs|32,789|35,758|
|Rates and water|8,049|2,002|
|Light and heat|20,191|20,812|
|Insurance|30,563|28,367|
|Depreciation|46,666|43,835|
|Staff development and training|473|1,750|
|Cleaning and waste disposal|4,727|5,630|
|Health and safety|1,002|3,485|
|Telephone, printing, postage and stationery|7,061|9,482|
|IT Costs|15,971|8,455|
|Security|–|959|
|Estate maintenance and repairs|37,074|26,729|
|Properties maintenance and repairs|510|869|
|Grounds|15,086|13,115|
|Interpretation|14,801|2,500|
|Communication|86,110|22,323|
|Museum|2,485|633|
|Events and exhibitions|96,019|49,847|
|Learning and education|3,418|494|
|Development costs|93,801|67,669|
|Staff and volunteer expenses|10,997|2,086|
|Bank charges|8,002|5,924|
|Credit card charges|18,860|17,784|
|General expenses|3,203|1,474|
|Motor expenses|860|1,018|
|Bank loan interest|5,611|–|
|Legal and professional fees|16,050|15,646|
|Audit fees|14,970|13,780|
|Trustees expenses|2,642|746|
||-----------------------------------------|-----------------------------------------|
||1,244,749|942,417|
||-----------------------------------------|-----------------------------------------|
|**Other expenditure**|||
|Glastonbury Abbey Trading Ltd - Cost of sales|145,226|90,998|
||--------------------------------|---------------------------|
|**Taxation**|||
|Deferred taxation charge/credit|153|2,979|
||--------------|-----------------------|
**39**
## **Glastonbury Abbey**
## **Company Limited by Guarantee**
## **Detailed Group Statement of Financial Activities (Including Income and Expenditure Account)** _**(continued)**_
**Year ended 31 December 2022**
||**2022**|2021|
|---|---|---|
||**£**|£|
||-----------------------------------------|-----------------------------------------|
|**Total expenditure**|1,390,128|1,036,394|
||=========================================|=========================================|
|**Net gains/(losses) on investments**|||
|Gains/(losses) on disposal of fixed assets|3,636|–|
|Gains/(losses) on unlisted investments|(8,177)|(2,282)|
|Gains/(losses) on other investment assets|18,100|190,000|
||-----------------------------------------|-----------------------------------------|
||13,559|187,718|
||-----------------------------------------|-----------------------------------------|
||---------------------------|--------------------------------|
|**Net income**|85,993|551,355|
||===========================|================================|
**40**