Chartty Registrntlon No. 1158507 Company Re8lstrntst>n Ng. 09124570 IEnOand and Wales) DOWNSIDE ABBEY GENERAL TRUST ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 DOWNSIDE ABBEYGENERAL TRusr LEGAL AND ADMINisfRATIVE INFORW4TION Truste*slMonasd¢ Couthdl Ileverend Nicholas Philip Weiz IAbbotl (Controller of the Thjstl Ilev Martln Joseph Hood Rev Mart Dawd Brumwell Rev David Rc6er Charlesworth Mr Rlchard Peter Bevan IAFvointed 9 November 20211 Charlty numbèr 1158507 Company number 09124S70 R•i1Ste￿I offlce Downslde At+) Stratton-on-the4osse RADSTOCK 34RH Audltor Old Mill Au(rrt timited 61shopbrook House Cathedral Avenue WELL5 Sorner5et BAS IFO Bankus Barclays Bank PIC 37 Milsom Stre 8ATH Somefset 8A1 IDW Solldtor5 Sione King LLP 13 Queen Square BATM Somerset BAI 2trU lrniesiment ad¥lsor5 BNY Mellon Asset Mana8ement Limited The Bank of New York Centre 160 Queen Victoria Stfeet LONDON EC4V 4LA Insurance Broker PIB Insurance Poppleton Gzr3ge Low Poppleton lane YORK Y026 6GZ DOWNSIDE ABBEY GENERAL TRUST CONTEKrs Trustees ￿port Independent audltorfs report 9-11 Consolldated statement of financlal a￿￿tieS 12 Group balance sheet 13 8alawe sheet 14 Con501KJaied and charity statement of cash flows 15 Note5 to the accounts 16-40 t>OWNSIDE ABBEY GENERAL TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI FOR THE GROUP FOR THE YEAR ENDED 30 SEPTEMBER 2021 The trustee5 present their report and financial statements for the year ended 30 September 2021. The financlal statements have been prepared in accordance with the accountin8 policles set out In note I to the financial statements and comply with the charitys Mernorandvm and Anicle5. the Companies Att 2CIJ6 and 'Accounting and Reportin8 by Charities.. Statement of Recomrnended Practice applicable to charlbes prèpariThg thelr accounts in accordance with the Financial Reporfng Stsnthr¢l appI￿able in the UK and Republlc of Ireland IFRS 1021 leffective l January 20191.. Objecbves and acUvlt5es The objects of the Charity Intlude... Any such charltable purpose or purposes approved ty the Controller as In the opinlon of thè Trustees Is or are conduclve io the advancement or malntenance of the Roman tstholit re15gion, In¢ludlng:. The provi51on, malntènance and upkeep ofr.- Churches and chapels for the Roman Cathollc chU￿h and parish rooms and halls In connertlon w￿h these; Houses Qf studyi colle8es or seminaries for the education and tralnin8 of pAe5ts and per50n5 deslrous of becomlng priests of the Roman Cath(Ak church,. and Schools, colleges and educarfonal e5taWlshments for thegeneral *d￿ltiOn of children •nd other petsons. We a5m through the work of tho Mona51Ic Communlty to be a fcul centre for Cotholic, 8enedlctint life and to be sustainable communily. Obleffllves In 5ettln8 our oblethves and planning Lwr act6v￿￿e$ we. the Trustees, have 84ven carefvjl conslderafjon to the Charlty Commlsslon's general 8uldanct on publit btnefit and in particular to Its supplementary oublk benefit guldance on advancln8 educa￿9n. Our key obledves for the year In¢luded: To contlnue to rdect on the best wa¥to Ilvethe 8enedktine Ilfe; To conUnue outreach and pro8re35 on the HLF funded Monastic LI￿ry restoration prolert,. To promote our works and history: To seek io share resources and (ther support to the widercommunity.. To facllltate the quest for Information wlth best wssible reSoU￿e$. To encourage a tU￿ure of on80ing philanthropK support,. To maintain ow historic bulldin85 in a planned and effertive way.. •nd To seek w￿S of increasin8 5ncome and re(l￿1n8 expenditure. Our Ethos. Strat￿ and Polkles The Trustees are responslble for setting the strategy and for achieving the objectives they have set. The fo¢us of the strate8y Is on develop4ngthe of the Monastit Cornmunty. In irnplem2ntin8 our strate8VWÈ'. Invest in the infrastructure of the frkna￿ery and Abbry Churth,. Encourage interested pardes to make use of resourtes in the monastery libtsry: Cmperate and share resour¢e5 Wlth local schools.. and Continue to review and develop our herrta8e outreach. DOWNSIDEABBEY GENERAL TRUST TRUSTEES REPORT ICONTINUED)IINCWDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE GROUP FOR THE YEAR ENDED 30 SEPTEMBER 2021 Our Ethos Downside Ab* General Trust is a charitable trust whtch seek5 to benefit the public through its stated airns for the Monastic Cornrnunlty and thereby enhance the spiritual well-bein8 of ¥islttr5 to the abbry churth, librgry and 8uest win& We are an equal opmunides organlstition and are commttted to a workrng eThvlronmènt that k free from any lorm of discrimination on the 8rounils of cobur, race. ethnlcity. relig￿Tr. sex, sexual orlentatSon or d￿sabIl￿Y. We will make reasonable adjustments where ￿)SsIble to meet the nee& of staff who are or become dlsabled. Protsalon of Chlldr*n and Vulnerable Adults We are comrnitted to the hi8hest standards of safeguarding and seek to womote the welfare of chlldren and vulnerable adults in all our tndeavour5. and eX￿t all trustees. Staff and ¥olunteers to sha￿ thi5 commltment. We acdvely enga8e and Cooperate with and follow the guldance of the Roman Cathollc Diocese of aifton, the Cathollc Safeguard1Th8 Advlsory Service and the National Cathollc Safe8uardiTrg Cornmis5ion. Following the publicatlon of the Elliott ReporL and as a result of our move to a htsjse In the 8rounds of 8LKkfast Abbry. our sale8Ltardin8 airèngements wlll be allgned wtth the requlrements of the new CatWic Safe6uardln8 Standards A4en(v ICS5AI and wll be overseen by the 5ndependent safe8uardin8 Commi￿lon at Bycklast Abbey. Our safe8uardiThg committee. compri51n8 the Abbot, Compll&nce Trustee and lay Desi8nated S8fe8uardin8 Lead meets re8ulady and reports to the frustee5 every moftth. The monastery 5ale8uarding commltlee also meets wlth the safe8uardin8 commlttee of l)ownslde School In order to share relevant Informadon and to ensure a coordinated approjch. Slratesk r•port The descriptron under the headln8s 'Achlevernents and Ptttrmance" and 'Fln•n¢l81 Review. meet the company law requirements for the trustets to p￿sent 4 5trate8lc report. A(hI￿rnents ond P•rforni•nc• Go¥ernanre The Right Reverend N[ch￿a5 Weiz, of 8elmont Abw, has been Abtr*)t since 26 August 2020. The lknrend Marc Brurnwell contlnues as Prlor to assist theAbbot. P#>toral w¢>vk The Monastic Community COn￿nUed to serye its lovr parlshes, whlch are Jo¢ated in three dioceses iaifton. Blrmln8ham. E8St ATr8lial. The Cornmunlty also Pro￿deS thaplalns for three local schools IDownside School, St Benedlrt'5 Primary School, All Hallows Sthodl and one rnonk was employed as a teather In Downside School until July 2021. The Monastit library is usually made available for rt5earth. vtsits and e¥errts but the global COVID-19 pandemlc once a8aSn limlted this In the past year. The mona5￿C knbrary not onty helps to protett the housed collection, but we have corntlnued to open it up to the puNic thiou8h digio￿lOn. tou￿ and exhibffjons. Nonetheless a number of events took place during the year. includinB Herlta8e Open Days. talks on Abbot Edmund Ford and his work for the Foreign Office between the World Wars Dr Stella Fletcherl, Dom Joseph CLK)mbe-Tennant'5 remarkable life as a proposed Me551ah, soldler. spy and monk (by Bemard Lewis) and on old boys of Downslde khool who died in the First World War Ibv Steven Parson51. The Librdry Team also curated an exhibition In the Church on some of those commemorated there who died in warfare. We continue to culiivate our partnershlp wr(h the Departrnents of Theology and Relig￿0U5 Studies and History at 8ristol UTriveryty. whose Mudents and I￿u￿r5 are eager to be able to return to Use the tibrary for their research. Jt was ¢cryl to be able to wekorne back our ￿Unteers. who We￿ kéen to resume thèir projects In the tsbrary. The Abbey Offlce (ontynues to develop and hdp wth researth. publications, lectures and administration. In keeping wlth our core charitable objects we a￿ able to publish ￿leVant and works of the Community and others. The Downslde Review, our quartertytheological journal. confjnue5 to be publtshed and sold to a large number of institutions and individuals throughout the world with the assistance of S4GE Put￿1(atIonS. DOWNSIDE ABBEY GENERAL TRUST TrUSTEES REPORT (C014TINUED){INCLUOING DIREcfoRS' REPORT AND sfRATEGIC REPORT) FOR THE GROUP FOR THE YEAR ENDED 30 SEPTEMBER 2021 The Abbey Wisitor Centre prowiles facilitles lor retreats and coutses to CatholK schools and organisation5 and other 8roup5. It serves as a venue for lectures, retveats antl discussion 8roups. Again. this was not rxJsslb1e for much of the past year owln8 to the global pandernic. The monastery 8ue5t rooms are usually available for retreatants, wishln8 to beneflt from the quiet offered by a few days living alongside a monasJc cornrnunlty. and it has been a pleasure to See these rooms used once agaln, although wth fewerotcupants. Work In the Communlty The Trust makes available land adjocent to the Wlla8e Hall for use by the local f¢otball Club, as a play8rtJund for the vlllage and for public access. The annual Order of Malib Volunteers pil8rirna8e to Lourdes, in the sO￿h of France. usually take5 place every july and is supporte¢l by one of the Scho￿ chaplains la member of the mona51tc community) and mernbers of the St Gregory's Society. Th15 pi18rlm4e takes a number of physicalty and rnental￿ dlsable(I pll8rims to Lourde5 and enablès volunteers to learn more about the needs of vulnerable and disabled people and how io look after and ￿late to them approprIat•￿. The Abbot Is ex offic50 a G¢)vernor of l)ownside School. wth pa￿t￿lar responslblllty for ovetseelng the 8enedktsne and Catholic ethos, in Conjunc￿On wlth a Governor ap￿inted by ihe Bishop of Clifton. A monk Is Chaplaln Sn Downside School. asslsted by other members of the Community. and anoiher rnonk was employed to ieath Rel*lous Siudies untll july 2021. The Trustees are commltted to flndln8 more w•is to open up the 8rounds. •nd ¢￿&te addltlonal opportunllle5 for the public to enj¢)v the facllltles, and to Internct wtth the monastic community- Imp4¢t ol COVI0-19 Inevltably the global COVID-19 pan¢JemK has impatted on the vKJrk of thè Chadty. The guest roDm$ and Visltor Centre have been closed lor wme of the year. As a consequence the income of the Charity has reduced, but expenditure has also decreased. On the posltlve side. however, the 0￿reaCh of the Monasyc Communlty has wldened through the Increased use of SLKial media, the uploadin8 of the daily Mass. whlch 35-90 people lisren to on average each day, and occask)nal podcasts. We a150 host a rnonthly on-line service of prayer for healin8 on Insta8ram and VouTube. Future Pl¥ns In July 2020 the commvftity decided to leave Strall0n￿n-the-FosSe. Folk)1￿￿8 vlslts to a number of ￿¢&￿0￿$. the monks declded to accept the offer of the community at Buckfast Abkn to occupy a former ￿t￿&t house in thelr grounds for perlod of up to five years. The tornrnunity will maintain an Independenr existence and wlll use this time in order to discern the next step, whlch should lead to a pemanent home for the Members of thè moTh8stlc CC+mmunity. The reglstered offices of the charlty wlll ￿maIn in Stratton on the Fosse. The TrustÈes are committed to ensurln8 that the buildin8s at Downslde are maintained and continue to bt available to further the aims of the Charlty as far as th15 15 h￿an1V and financ181￿ possible. O¢)wnslde Abbey has the largest rnonasbc arrhi¥e and librnry in the Unlted Kingdorn. The Trusiees continue to explore new ways of consèrvlTr8 and pre5erwng the heritage assets of the Trust. Includin8 the IlbFary and archives. They wlll continue to funher the pfoiert for widening accw to the historically important material ctjlture in accordance with the Heritage Mana8ement Plan drawn up in conneulon ￿th the Herttage Lottery Fund projett. When permitted, publi talk5 will take place orn a variety of topics. trKxh in person and wa communication platfom5 such as Zwrn la number of talks are already scheduled for 20221. We will also continue to hold dtys for our volunteers and participate in the national Herlta8e Open Days week. There a￿ also plans to open the garden5 for public lou￿ and to hold other events. such as a Christmas MarkeL in orderto attract V45ltors to the site who rn1g￿ otherw5e not corne here. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES REPORT (CONTINUED)IINCLUDING DIRECTOFiS' REPORT AND STRATEGIC REPORT) FOR THE GROUP FOR THE YEAR ENDED 30 SEPTEMBER 2021 Flnanclol revlÈw The financlal ststements show net incomln8 resources the yearfor theTrust of É3,476,25612020.. £1,416,498). Income frorn Ih)nations and lyles forthe year amovnted to £251.64512020.. £248,C#)61. The Charl￿5 trading subsldiary, tlownside Enterprise Umited, whKh Is comprised of the abbey t(Jok shop, was dormant durln8 the yeai. In 2020 it made a profit of £16,297. Total resoU￿e5 expended were £1.074.9821202tr. £1,212.3181. Overall the net movement of fund5 for the year w?s surplus of £3.476.25612020: £1,416.4981. Net g?Ins lrn Investments were £2,656,84212020.. £362.5921. The consolldated Tru#'s balance sheet as detalled on page 13 show5 a safjslartory posttlon wlth funds totallln8 £23.070,79612020.. £19,594.5401. The financial ststements tornpty wlth current siatutory requlrements. Reserves Notes 25 to 28 to the financlal siatements show the assets •nd Ilathli¥es attrtbutable to the varlous fwds by type and also show the various Trusts of the Charfty and summari5e the year's mo¥ement on each fund. The reserw of the Charlty are those funds that are freety aVail•￿e io bt Spent in putsuln8 the Charlty's oblert5. The free reserves of the Charlty at the f(nanclal year end were.. 2021 2020 Total Reserves as at 30 September.. Léss Restrlcted Funds Designated Funds Unrestrlcted Funds whlch could be ￿alised by dlsposin8 of the fixed a53ets hdd ft*r Charlty 23.070,796 19,594,540 1789.S531 112.8221 110,616,9931 1701.4551 111.7271 110,841.0171 Free Reserves Surplus IL651,428 ,040,341 The Trustees ￿gularlY review the financeg, budgets and spend agalnst bud8rf together with the cash flow analysis a5 part of the effeal¥e stewardshSp of the Trust. Work is on80ing io develop bu51ness plans and acuons that properly reflect the shape of theTrust 5iThce le8al and finandal separation frorn Downside Sthool. Downside School has a continu1￿ prograrnrne of refurbishment, d￿￿k)pment and investment to malntain excellent facilities for their pupi15 and as landlords we have cornmitted to support iht School, including payilbg for repairs to the bulldlng5 UP to an a8reed arnount with the Direcrors of Downside Scho￿. The free reserves are £11.651,428 or approximately 130 months. headroom at current levels. The Trustees considerthat glven the srfength of the Ctharivs balance sheeL the stable cash flow and the available banklng facility this is acceptable at prestnl. The Trustee5 recognlse that the I￿1 of reserves fluctuates durin8 perlods of investrnent and that arrangements are In I￿ate wlth our bank to provide facilities. The Trustees, financial plans for the futu￿ a￿ to remain in surplus and to hold an aprxopriate level of resetves, whi15t conscious that it will take time ￿ build up SIKh reserve& DOWNSIDE ABBEY GENERAL TRUST TRUSTEES REPORT ICONTINUED)IINCWDING DIRECTORS, REPORT AND sfRATEGIC REPORT) FOR THE GROUP FOR THE YEAR ENDED 30 SEPTEMBER 2021 Investment Powe The Trust￿ are permttted ty theterms of the Trust l)eed to make irwestments in any manner allowed by law. Investmtnt Pollcy The Truste¢s' objective Is to maxSmise the total investment retum within a controlled risk framework subject to certain investment and ethical rèstrictions. A small proportion of the Trust's assets are invested in a leading common 5rtvestment fund to provldt Income and Cap￿al growth forcertain restricted and desl8nated funds. Investment Perforn)anc¢ 90% of li￿ed irwestments a￿ in the Newton Growth fund foi charities, which Is a bespoke Vehicle for charitles looking to adopt certain ahical princip1è5 sn thelr investments. For example, the fund does not Invest in companies that derlve more than IO% OF turnover from tobacco prodvrtion. Listed imiestrnents o¥erall returned +2.98% for the perlod. Thls compares lavourabty wlth a broad￿ flat FTSE ICKJ share Index in the Same period. and near zero Interest fates on cash deF)osIts. Developrn*nts and Malntenance We continue to invest in the estate, completln8 a number of srnaller projects durin8 the year, IncludSn8 work on some vllla8e Pfopethes. Strurture, Go¥•monc• •nd M¥n4￿m￿fit conststu￿Qn Downside Abbey General Trust, the Charlty. Is also known as Downside Genernl Trust and Is referred to throughout the flnancial statement5 as the Trust. The frust is J company Ilmlted by Buarnntee consfjtLrted by r(s Memornndum & Artlcles on 10 July 2014. It was re8lstered as a charlty on 09 September 2014. Thls company supersedes the fomier Downside Abbey General Trust Icharity number 2325481 which was fom)ed by Tftjst Deed In 1934 and ￿￿ered as a tharity on 16 February 1965. AJI assets and Interests werè transferred to the new company. The trustees, who are also the dlrettor5 for the purpose of company law, and v4ho ser¥*d durln8 ihe year were.. Reverend Nlcholas Phlllp Wett IAbbotl Icontrdlerof the Trust) Rev Martin Joseph Hood Rev Marc David grumwell Rev John Mark Bèrrett Rev Davld Roger Charlesworth Mr Richard Peter Bevan I￿￿￿ned 28 Septernber 20211 IAprKJinted 9 November20211 DOWNSIDE ABBEY GENERAL TRUST TRUSTEES REPORT {coMfiNUED)IINCWDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE GROUP FOR ThE YEAR ENDED 30 SEPTEMBER 2021 Oownside Abbey General Trust Icc no. 11585071 la charitable Cornpanyl wa5 appointed the sole corporate trustee of Downside Abbey General Trust (previously ￿. ￿. 232548, now 1158507-11 la trustl by Charity Commlssion Scheme dated 04 September 2015. The Controller of the Trust. be4nz the Abbot of D¢N¥n51de. has absdute discretlon overthe apporntment and removed of the Trustees of The Downside Abbey General Trust. Follo￿n8 a review of eXIs￿n£ Trusts. The Monastery Trust Icomrnonly known as the £50 Tru￿} wa5 this year merged with The Downside Abbty General Trust. The number of Trustees shall be no fewer than four and no rn0￿ ihan twenty. of the Trustee5 a￿ appolnted by the Abbot and haff are elected by the annual Chapierof Member5 of the Monastlt Community. If It is believed to be helpful, under the provisions of the Cofistitutlons of the English Benedictine Con8re8ation the Abbot President of the En811sh Benedlctine Congre8ation may a150 appoint membèr5 of the Abbot's Councll, who also att as Charlty Trustees. In makin8 the appolntrnents both the Abbjt and the Communiry consider the qualifications and exper5ence of the monk5 and thelr suitabillty to act as Trustees. New Tntstees are brlefed ty eKperlenced Trustees about thèir rgle and responslbilities and course5 are made available to them. Trustees are authorlsed to commit up to £210.CKXloTr any one Item of projected expendlture. Projtrt expenditure In excess of £210,QW requlres the approval of tht Chapier of 501emnly professed membets of the Mona5tlc Communlty. Mr5 nna Woodham ha5 conlnued her work as Business Manager for Downslde Abbey General Trust and Mr Robert BliThcow was appolnted to oversèe the maintenance ol the buildin￿ and conslder their posslblé use for commercial ventures whkh May ralse Income for the charlty. The Trustees of the (Jownslde Abbey Genernl Trust are committed io h*h standards of corporte &overftance. The Trustees exam5ne thè prlnclpal areas of the Trum's operab.ons and consider the maloi rlsk5 faced In each of these a￿aS at the beglnniTh8 ol ea¢h flnancial year as part olthè plannin8 pmcess. In the opinlon of the Trust￿5 the Charity has established resources and revlew systems whleh, under normal ¢ondltion5. should allow thest r15ks w be miD8ated to an accepts￿e lertl in its day to day operatlon5. The prlncipal rbsk to the Trust is the fiThanclal sUStalnabilltyof the n￿TraStery. partlcularly in a ljrne of global pandemlt. Non-financial r15ks of material concern Include Charity Commission compliance. vocational recrur(ment to the monasfjc comrnunity and fire and health and safety risks. These risks a￿ managed ￿ havin8 robust p)licle5 and pro¢edures In place, supported by relevant training and professional advite. The Charlty hè5 Some exposyreto cred5t rfsk whlth Ir mana8es thrO￿h robust credit poltcies, regular review and enforcèrnent against fee debtors. The Trust has sufficient Ye￿Urre5 to meet i($ needs. but there 15 increasingly a seastsnal Ilquldity risk at certain times of the year when peak ÈxpeTrdr(ure and income are not aligned. Th5s Is monitored through cash flow forecasting rTrode15, and we enjoy a posiDve relatioTrship with our long terni banker5 to ensure that these risks do not P05e a material th￿at to the Trum. As noted above, the Tnjstees have commenced an exercise to increase ihe liquldlty buffer. whlch is likely to result in the sale of no*Hnt¢rne produting assets over the year. All Trustees give thelr time freely. and external Trustee5 who gre not re51dent at Downslde were not paid any trav expenses durin8 theyear. DOWNSIDEABBEYGENERAL TRusr TRUSTEES REPORT ICONTINUEDI(INCWDING DIREcfoRS' REPORT AND STRATEGIC REPORn FOR THE GROUP FOR THEYEAR ENDED 30 SEPTEMBER 2021 Connected E￿￿tIeS The followin8 charithes are connected to Downside Abbey General TnJst'.- Downside Abbw Mi$5ions Trust. DownsideAbbty. Stratton oft the Fosse. Rad5tocL W 4RH (Charity Number 2325501. The abovecharty is controlled ty The Downslde AbbeyGeneral Trust. Sirttton on the Fosse, Radstock. BA3 4RH. (Charity Number 11585071, bein8 an incorporated body of Trustees. The assets of Downside Abbty Misslons frust are held separately from those of t)ownside Abbey General Trust. Statement of trustees rnsponslbllhles The trustees, who a￿ also ihe directors of Downslde Abbey GeneRI Trust for the purpose of company law. are responsible for preparin8 the Trus¢ee5 Report and the finan¢lal statements In accordance wlth applicable law arnd Unlted Kingdom Accountlng Standards Iunlted Kingdom GeneraltyAccepted Acwunbng Practice). Company Law requires the trustees io prepare financial statements fof e¥h financial ye•r which give J true and falr vlew of the state of affairs of the charity and of the Incomin8 rexiurces and appllcation of resources, includlng the Incorne and expendlture. of the tharitsble cornpany (oi that year. In preparlTr8 these finandal statements. the trustees are required to.. - selert 5ultable accoUn￿n￿ pollcles and then appty them consistentbr. . observe the methods and prlnclples In the Charlties SORP; - make judgements and es￿rnat¢S th￿ are reaSona￿e and prudent,. . state whethér appllcable UK Accoun¥n8 Standards have been folkl%￿￿, subject to arw material departures disc105ed and explalned in the financial staièments; and prepare the flnanclal statements on the 8oln8 corKern basls ￿1*$5 It Is Inappropdate to presume that the charlty will cont5nue In operation. The trustees are resp0Th￿l￿e for keepin8 adequate accountirrf records that di5cJose wth ￿8$onable a¢¢uracy at any tlme the Ilnanclal position of the charity and ènable ihem to ensure that the financial statements comply with thè Companies Art 2(￿6. They are also reswsible for safeguardiw the a55ets of the charity and hence for takin8 reasonable steps for the prevention and dwection of fraud and other Irre8ularities. The trustees are respon￿ble for the Maintena￿ and integrlty of the charity and financlal information Included on the charlty's website. Le8islation in the United Kingdom 8overnin8 the preparation and dlssemination of financial statements may differ from legislation in other jurisdittion5. Dls¢loswe of Infoimaiion to audltor Each of the trustees ha5 confirmed that there is no inforniation of which they are awa￿ which is relevant to the audit, but of which the auditor is unaware. They have further confirrned that thty have taken appropriate steps to identfy such relevant Information and to e5tabllsh that the auditor ts aware of such Inforrnaoon. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES REPORT (CONTINUED){INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORT) FOR THE GROUP FOR THE YEAR ENDED 30 SEPTEMBER 2021 The tiustees report. induding the strategk report, was approved bythe Board of TnJstee5. Rev•rend Nkholas Phlllp Wetz I Trustee t) IControll¢r of the Tn￿) tKIWNSIDE ABBEY GENERAL TRUSr INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DOWNSIDE ABBEY GENERAL TRUST Oplnlon We have audited the actounts of tknvnside Abby Genernl Trust (the 'Pa￿nI tharit¢l for the year ended 30 September 2021 which tomprise the Group Statement of Financial Actiwties, the Group and charity Balance Sheet, the Group and chaiity Statement of Cash Flow5 and the notes to the accounts. includin8 a summary of signiflcant accounting policie5. The financial reporting Iramework that has been applied in their preparation is applicable law and Unlted Klft8dom Accounting Standards, includin8 Financial Reporting Standard 102 The Flnt7nclol Remrting Sttsndord upplicoble in the UK ond Republlt oAlrelond (united Kin8dorn GeneiallyAccepted Accounttn8 PracDcel. Thls report bs made solely to the Char￿able company's memben, a5 a In a¢¢ordance with Chapter 3 of Part 16 of the Companles Art 2006. Our audlt I￿rk has been undertaken so that we migth state to the charitable company's members those matter5 we are required to State to them In an auditors. rep￿ and for no other purpose. To the fullest extent pèrmltted by law, we do not acttpt Of assume ￿pOnSIbIlIty to anwne other than the charitable company and the ¢harltable tompanvs members as a trfxly, tor our aLKtit lor this report. or forthe opinions we havè lormed. In our oplnion, the financlal statements.. give a true and falr vlew of the state of the Group ond charit•ble company's affalrs Is at 30 September 2021 and of Its incomln¥ rewurces and applIta￿tsn of resources. Includlng its income and txpendlture, for the year then ended.. have been propedy prepa￿d in Kcordancè ￿th united KinBdom Generally kcepted ktountyn8 Practice,. and have been prtpared in accordance ￿th the reoulremènts olthe Companles Act 2C¥J6. Basts foroplnl¢ We conducted our audlt ID accordarKe whh Inttrnalion•l Standard5 on Audlfjn8 IUKI ILSAS IUKII and appllcable law. Our responsibllities under those standards aré further described in the Auditor's respLMsibiliJes fvr rhe oudlt of the finonelol staremenrs sectlon ol our report. We a￿ independent of the charity in auordan¢e with the ethltal requirements that are relevant to our audit of the financial statements in thè VK. iTrcludinB the FRC'S Eihltal Standard, and we have fulfilled our other ethical responslbillljes In accoidance with these requ1remeft￿ We belleve that the audlt evldence we have obtalned Is syfficient and appropriate to provlde a basis for our ownion. Condu$lon$ rel*ing to 8olw concern In auditing the financial statements. we hwe concludtd that the trustee5 we ol the 8dng concern basls Of accouTrtln81Tr the preparatSon of the financlal statement5 15 appropriate. eased on the work we have perfOrn￿d, we have identtfied any maierlal u￿ertainl￿eS relètlng to events or condltlon5 that, Sndivldually or collecbvely, May cast significant doubt on the charit￿5 ability to Continue as a golng concem for a perSod of at least twelve month5 from when the financlal staternents are authorised for i$5ue. Our responslbllltieS and the resp)nsibi1itSes of thè trustees with respect to 8oln8 concern are descrlbed In thè relevant secbons of this rÈport. Other Informatlon The other information comprises the information Included In the annu81 report other than the financial statements and our auditor's report thereon. The trustees are responsible frgr the other iThfr)rniaDon contalned withln the annual report. Our opinion on the financial statements does not cover the other Information and. except to the extÈnt otherwlse explicitly sr8ted sn our report. we not exp￿$ any forrn ol assurance contlusroTh thereon. Our responsibility is to read the other Information and, in doin8 so, consider whether the other Information is materially Inconsistent with the financial Statements or our knowledge obtalned in the course of the audit, or othenwise appears to be materially mlsstated. If we Identlfy such material inconsistencies or apparent material mis5trtements. we are requlred to deterrnine wherher this 8lves risè to a m*erial misstatement in the financial statemerts thernselves. If, based on the work we have performed. we conclude that there is a material misswement of oiher information. we a￿ reouiied io reiK)rt that fact. We have nothingto report in this regard. DOWNSIDE ABBEY GENERAL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DOWNSIDE ABBEY GENERAL TRUST Oplnk+ns on othef mattw5 prescribed bythe Companles A¢t 21>)6 In ouropinion, based on the work undertaken in the course of our audit.. the Informatlon glven in the trustee5 repo¥L whlch Intludes the directors, report and the strategic report p￿pared for the purposes of company law. for the financial year for wh￿h the finaAcial statements are prepared is ronsistent wtth thè financial statements.. and the strategic report and the directors, Tel￿ included within the trusiees reF4* h￿t been prepared In atcordance with applicable le8al requ1￿ments. Matters whld) we are requlred to report by t￿ep¥On In the li8ht of the knowledge and unde￿tandIng 01 the charity and Its environment obt&lned in the course of the audlt, we have not Identified material misstatements in thè strnte8ic report or the directors, report included within the trustees report. We have nothlng to report In respert of the followln8 matters In rtlat5on to which the Companles Att 2CK)6 requlres us to report to you if, In our opinion.. adequate accounting recoids have not been kepl or adequate for our audit have not been ietelved from branches not vlslted by us- or the financlal $tatements are not In a8reement with the accounting records and ￿tUrns,. or certaln dlsclosures of trvstees, remuneration spetified ￿ law are not made,. or we have not rec•ved all the infomiatSon and explana¢Sons we ￿QUire for our audit. Responslbllltl•s of tru5te•s A5 emplalned more fully in the st•ternent of trus¢ees re4>)nslbillties, thé trusiees, who a￿ also the d1￿CtOrS of the charity for the purpose of company law. are responsible for the preparation of the financlal statements and for bein8 Satisfied that they 8lve a trut and falr vlew. and for such Snternal control as the tnjstees determine Is necessary to enablè the preparation of financial statement5 that are free from material m153tsteff￿nt, whethei due to fraud or error. In preparlng the flnancial statemènts, the trustees are T￿pon￿ble for assessing ¢he charitys abillty to continue a5 a 8olng concern, disclosin& as applicable, Matte￿ related to goln8 concern and using the 8Oln8 eoncem basis of accountin8 unless the truste*5 elther intend to liouldate the charltable company or to cease operations, or have no reallstic alternauve but to do Aud6tor's responslbS1ides for the atsdlt of the flnandal statsmènts Our oblettives are to obtain reasonable a$5urnnce about whether the financial staternents a5 3 whole afe free from mattrial misstaternent, whether due to fraud or error, and to issue an auditor's reFQrt that inclvdes our opinion. Reasonable assurance Is a high level of assurance bLrt is not a 8vafantÈe that an audit conducted in accordance with ISAS IUKI will always detert a material misstètement when r( Éxists. Misststements can arise frorn fraud or error 8nd are considered materlal rf. indr￿dUallY or in the ag8re8ate, they could reasonabfy be expected to Influence the economit decislon5 of users taken on the basss of these financial statements. Irregulariues, 5rtcludlng fraud. are Instance5 of non-CL)mpliance with laws and wularions. We de518n procedure5 In Ilne with our responsltNIi￿es. outllned above. to detert material misstatements in re5peci of Irre8vlartbe5, Indtsd5ng frnud. The extent io which our procedure5 are capable ot detecti￿ irre8ularltyes, inclu1￿￿¥ fraud, is detailed bdow. We galned an understanding of the le8al and regulatory framework applKable to the charity and the sertor in which li operates, and con5idereil the risk of aus by the charity that were contrary to applrcable laws and re8ulations, including fraud. We designed audit procedures to ￿Spond to the risl recognised that the risk of not detecting a material misst3tem•nt due to fraud is hi8her than the risk of not detectin8 one ￿ulling from error. a5 fraud rnay Involve dellbernte concealment by, for example, forgery or intentional misrepresentation. or through collusM)n. io- DOWNSIDEABBEY GENERAL TRUST INDEPENDENT AUDITOR'S REPORT ICONTINVED) TO THE TRUSTEES OF OOWNSIDE ABBEY GENERAL TRUST We focused on laws and regul￿10￿s which could 8lve risè to a m?￿rial misstatement in the financial statement5, includin& but not Ilmited to: The char￿e$ Act 2011, Cornpanies Act 2(￿6. and Employment Law.. Our tests included a8reeing the Ilnanclal statement dlsc105ures io underfyin8 SVPFrf)rtin8 (Sxumentation and enouirfe5 With management. There are Inhe￿nt limliations in the audit procedu￿5 dexribed at￿ye and, the further removed noll-compllance with laws and re8ulatlons is from the events and transactions relletted in the financtal statements. the le55 Ilkely we would become aware of It. We dld not ldeTr￿fy any key audit matters relating io Irwularities. includin8 fraud. As in all our audits, we also addressed the rfsk of management override of internal tontrols. tncluding te5tsn8 journals and evaluatin8 whether thère was evidence of blas by the dlrectors that ￿Presented a dsk of materlal rn15Statement duè to fraud. A further description of our reskK)n5ibllitie5 is ￿aIlable on the Fin&nclal Reporfn8 Courtil's webslte ￿.. https'./l www.frc.or8.uVaUditors￿panSbIIStieS. This description lorm5 Part ofour audltor's repyt. Use of our report Thls report is made solely to the tharitable company's members, a5 a bo¢h. in accordarKe wlth Chapter 3 of Part 16 af the Compan5es Act 2006. Our audit work has been undertaken so that we might state to the charitable company's mernbets those matters we are reoulred to slate to them in an audltors. report and for no othèr purpose. To the lullest extent permltted by law, we do not accept or assume responsibility to anyoné other than the charitable company and th• charltable companls rnembets as a body. forour audit work, for th15 report, or for the oplnlons we have fomied. m Lerwlll BS( BFP FCA Isènlor Ststutory Authw) for and s)n behallof Old Mlll Audtt Urnlled Statutory Audlt 2910612022 815hopbmok House Cathedral Avenue WELLS &)merset &45 IFD li- DOWNSIDE ABBEY GENERAL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 30 SEPTEMBER 2021 Total 2021 T¢>tal lunds funds nernl ￿￿￿n￿ted fvnds 2020 Notes In wm* Donations and le8acies ctivi Monastsc Income Othertradin8 attivities Investments Other me 239.495 12,150 251.645 248,(￿6 458,Crf)B 458.008 436,170 16,941 339.176 1,225,931 351,060 821,282 133 12,268 363.461 821,282 Totsl Income and end￿￿￿nts 1.869.845 133 24,418 1,894,396 2,266,224 Raising funds 84,750 92,224 Monasfjc li 965,176 25,056 990,232 1.120,094 Total charltsble •xpendltur• 965,176 25,056 990,232 1,120,094 Totsl rtI¢￿r(•S •xp•nded 1,049,926 25,056 1,074,982 1,212,318 Net 8alns on Snvestments is 2.567,144 %2 88,736 2,656,842 362.592 Net fflov•ment In funds 3,387,063 1,095 88.098 3.476,256 1.416,498 Fund balances at l October 2020 18WI,358 11.727 701,455 19,594,540 18,178,042 Fund balan￿ * 30 Septemb•r 2021 22,268.421 12,822 789,553 23,070,796 19,S94,540 The statement of financial acti￿tieS includés all gains and losse5 recognised in the year. All income and expenditure derive from continuin8 acllvilies. The statement of financial a￿l￿tieS also comWles wlth ihe requirements for an income and expenditure actount under the Qjmpanies Art 20C6. 12- DOWNSIDE ABBEY GENERAL TRUST GROUP BALANCE SHEET AS AT 30 SEPTEMBER 2021 2021 2020 Notes Flxed a55ets Tan8ible assets Investment properttes Investments 16 17 10,616.993 11.665,878 571,735 10,841,017 9,098.734 482,037 22,854,606 20,421.788 Current assets Stock5 Debtors Cash at bank and In hand 54,461 240,919 .154 71,218 543,055 2￿,623 21 801.534 Credltor5: amounts I•ll1￿ du• wlthln on• year 874,896 1585.3441 11,702,144> Net Current assètsllllabllltiesl 216,190 1827,2481 Totsl •$5ets hss ¢urrent llablllt1•5 23.070,796 19,$94,540 Income lunds Restrlcted funds Unrestricted fun Deslgnated funds General unre5trlcted funds 25 789,553 701,455 26 17 12,822 22,268,421 11.727 18,881,358 UnrestrScttd funds 22.281,243 18,893,085 23,070.796 19,594,S40 The financlal statements were approved by the board of trustees and authorised for issue on . slgned on its behalf bv.. and are Reverènd Nlcknlas Phlllp W•ts (Abbot) Icofflroller of the Trustl Tiustee Rw Marflnjoseph Hood Trustee 13- DOWNSIDE ABBEY GENERAL TRUST BALANCE SHEET AS AT30 SEPTEMBER 2021 2021 2020 Notes FI￿d assets Tan8ible assets Investment propenles Investments 16 10,616,993 11.665.878 571,737 17 10,841,017 9,098,734 482,039 22,854.608 20,421,7 Current assèts Stocks Debtors Cash at bank and In hand 54,461 240.919 $06.154 71.218 543.055 260,623 21 Cr•dltOf5: •mounts fallln8 due wlthFn on• ar 801.534 874,896 23 IS85,3461 11,702,146) Net current asseisllllabllltle51 216.188 1827,2501 Tot41 •ssets less wrrent Nabllttles 23.070,796 19,594,540 Income funds Restrlcted funds UnrestrScted funds Desl8nated funds Generdl Un￿5trI¢ted funds 25 789.553 701,455 26 27 12.822 22.268,421 11,727 18,881,358 22.281,243 18,893,085 23,070,796 19,594,540 The flnanclal statements were approved by the boartl of trustees and authorised for Issue on $18ned ¢)n11s behalf bv.. and are niJ IlwL Réverènd Nicholas Phlllp Wets (Abbot) IC¢ntrollerof the TruAI Trustee Rev Marf5TrJoseph Hood Trustee Company Re8istration No. 09124S70 14- O r4 o o DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accountlng polldes Charity Informalon Oownside Abbey General Trust is a wivate company limlted by guarantee incorporated In England and Wales. The registered office Is DownsideAbbey, stratton￿n-the-Fo#se. RADSTOCK, 8A3 4AH. 1.1 Accoun￿￿$ ¢on¥entsM The financial statements have been wepared In accordance with the charity's Mernofandum and Articles. the Companles Art 2(>J6 and"Accoundn8 and Reportin8 by Charities.. Statement of Rewmmtnded Prartlce applicable to chartt5es preparin8 their accounts in accordance with the Financial ReporDn8 Standard applicable In the UK and Republlc of Ireland IFRS 1021 (effective l January 20191.. The charity is a Public Benefit En￿ty a5 deflned by FRS 102. The )Inancial staternents are prepared In stertln& whlch is the fun¢itonal currency of the charlty. Monetary amounts In these financlal 5tatement5 are rounded to the nearest £. The flnanclal statements been prepared under the hlstorical cost tonvention, modifled to Include the re¥alu*lon of Ireehdd properties and to include investment properties and certain financial Instruments at fair value. The principal Kcounttng Olcies adcyted are set oui bdow. 1.2 Goln8 concem In 15ghi of the current coronavirus pandemk, the trusteE5 have re￿ewed likely futu￿ developments and remaln of the oplnlon that the￿ is no reason to believe that the charity will havè to cease operatin8 as a result of Inadequaie financlal resourtes. or any other fort5eeable thnt, whhin a period of at least 12 months from the date of the approval of these accounts. 1.3 Charllable lund5 Unrestritted funds are available foi use at the dlscretion of the trustees In furtherance of thelr charltable Objec￿veS unless the funds have been designated for other purp)ses. Desl8nated funds comprise fvnds which have been sd aside ai ihe discrètion of the trustees for sprflfic purposès. The purposes and uses of the desi8nated funds are set Oul in the notes to the accounts. Restrlcted tunds are subjert lo specific conditions ￿ donots as to how thLW may be used. The purposes and uses ol the ￿$trIcted funds are Set out in the notes to the a¢¢ounts. 1.4 Incom0￿ re50ur¢es Income is recognised when the charity Is legal￿ enlitled to it after ary perfoman¢e condi￿onS have been met. the amounts can be measured reliatsly, and it is probable that inwme will be recefved. Cash donatlons are rec￿nIsed on recelpt. Other don￿lon5 a￿ woBni5ed or*ce the ¢harfty has been notlfied of the donation, unle55 performance condlbons require deferral of the amount. Income tax reCOvera￿t in relatlon to donations received under Glft Aid or deeds of co¥enant is recogn15ed at the tirne of the donation. Le8acies are reco8nised on receipt or otherwise rf the charlty has been noijfted of aTr impendin8 distribution. the amount is known, and receipt is experted. If the amourrt Is not knovm. the le8w is treated as a contingent asset. Incorne from government and other 8rènts. t*hether 'caFhtal' grants or 'revenue' 8rant5. is recognised when the tharity has entitlement to the funds, any performance tondiDons attathed to the grnnts have been rnet, it 15 probable that the income wll be receNed and the amount can be rneasu￿d itliably and is not deferred. 16- DOWNSIDE ABBEY GENERAL TRusr NOTES TO THE FINANCIAL STATEMEIUS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 A¢counUnK polldes Icontlnued) Interest on funds held on dep051t is included when receivable and the arrN)unt taTr be mèasured rellab￿ by the charity. thls is Trom)ally upon notificabon of ihe interest paid or payable by the bank. Fees recelvable and charges for services and use of premise5 are accounted lor in the period In which the service Is provided. Fees receivable are stated after deductin8 allowances, scholarships and other ￿missk)n$ granted by the Trust. 1.5 Resources expended Expenditu￿ Is recognised once there Is a legal or constructive O￿l88tiOn to make a payment to a third party, it 15 probable that settlement will be requlred and the amount of the obligation (an be measured reliably. Th& 5rrecovera￿e element of VAT is included wlthSn the i(em of expense to which it rela￿$. Where an Itern of expendlture falls direttly ￿th1Th one c05t category it Is attrlbuted to that catègory only. Where éxpenditure involves mort than one cate80ry it is apportioned on a reasonable and lusufiable basls. Furndral$ln8 costs are those Incurred in seekln8 voluntary contrlbutions and include the costs of dissemlnatlng Information in sUPPOrt of the charlrable acti¥Abes. Support Costs are those costs incyrred dlrettly in suppori of expendlture on the obletts of the charity. Governance costs are those incurred in conntction wlth adrnlnlstralon of the charlty and compllance with constitutional and xatutory requlrements. 1.6 Tanglblo fixed ws•ts Tangible fixed assets are Inltlally meawred ￿ wst and subsequently rneasured at cost or valuafjon, net of depreclation and any impairment losses. nd Mon te The Abbey Church and Monastery are considered Inte8ral to the attivities of the charity. This gives rise to difficulfjes In ascertainin8 an estsmate of the turreni cost of consrrudon of an asset that has the same service poten￿31. A new 5truttur¢ could retreate a similar slted space but would not recreate the uniqueness gf the ori8lnal buildings. No nfomauon oft ori8inal cost Is available and rt is consldered that conventional valuation techniques would be inapproprlate and impracticable for buildin8s of such an a8e used only lor reliKiou5 purtoses. With the a8e of these bulldlngs aDd as • depretiating asstt over that Irme the cuirent carryln8 value at cost is deeme(l irnmaterlal. In line with FAS102. certain subsequent expendlture lfftr £5,C(l)I ￿ these buildin8$ has been capitali5ed i)n thè basis that the expenditu￿ enhan￿5 the pre1￿u51V assessed Mandard ofperforrnance. 17. DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accound￿ polldes Icominuedl Ab Pffj The primary aim of holdin8 village properties is to prowde accommodation for employees and forrner employees ol the Abbey and School.. a charitable v5e. Where a villa8e pmperty ts not required In the shtsrt term to be used for charitable purposes It is rented at ams length to a third party on an assured shorthold tenancy. Villa8e prope￿e5 identified as surp1ts5 to charitable requirements are rfflassffied as irwestment propertjes. Village propert(e5 were revalued by Cluttons, Chartered Sur¥tyrs. on 31 July 2013 on an open rnarket non-vatant possession value basls In accordènce with the Royal InstltulioTh of Chartered Surveyors Appralsal and Valuatyon Manual. The trustees belleve that thi5 valuation is 51111 correct at 30 Septembtr 2020. The Monastery L5brary and tertaln School butldings have been ¢apltali5ed at an estimated Mst based on Indexin8 back reinstatement InsuraTrce ￿lUeS to the year of acquisltion. Other buildin83 with cost In èxcess of £5,[￿ have been captsalised at cost. an Certain fell￿ou$ artefatt5 have been valued for ifisur&ncÈ purposes. Thelr tOSt Is tstimated by iThdexlng back relnstatement Insurance values at 31 July 2011 tothe appmximate year of acqulsition. Where no reliab￿ information 55 avallable on the Irbrary books. Jnd certaln rÈliglous artetstts, ori8lnal cost or valua¥on these assets have noi been tapltalised. tt is considered that $18nificant CQ5rs involved in obtainin8 3 Yalualon and thest would be onefOUS compared wth the addiyonal benefit derlved by usets ol the accounts In aSses￿n6 the Trv5tees' 5tewardshlp of the assets. The bools are held ID the library undercondT¥on5 to ensurethe bc¥*s a￿ preseryed. onTh All othert#n8lble fixeil a55ets cosOng more than ES.CQ) are cathlised. DeprK5aJon 15 reco8nlsed x* as to write off the cost or valuaJon of assets less thelr residual valtse5 over thelr usèful Ilves on the followlnl bases: Land and buildln8S Fixturès. fftbng5 & equipment Motor vehlcles 40- 190 Years Stralght ￿rte 5- 33.3% Straight knne 20%5tral8ht Une Included with freehold land and bulldln85 are house prDper¥es and land whkh are not bein8 depreciated. -lB- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accountl￿ ￿l￿e$ Iconllnuedl There Is a rolling pro8ramme of malnteTrance and repair Ichar8es lor which a￿ made to the profit and ltsss accounts) such that the v(Ilage properties are retained * their pieviously assesse¢J stsndard of performance. Consequently the useful econornic Ilft of these buildin8s Is extended, and the estimated residual value at the end of their useful economit lives is not materially differeni from the orl8lnal costs. Thwefore, no de￿￿￿lation charge is made on the 8rounds St would be immaterial. Palmlngs and rel18h￿S artefacts a￿ maintalned in such a state of repalrihat theirestimated residual value Is not less than their carrWn8 amount and thus ihe annual cha￿e fordepreciition Is £nil. Annual impalmient rt￿eWS of freehold buildlngs and relSgious artefarts with an e¥pected life of more thèn SO year5 and of house properties have been carried out in accordance with the reovirements detalled in note 1.9 below. So far these have coThflrmed that the sewe potential of these assets remains undimlnlshed. The 8aln or loss arislng on the disposal of an assèt is determlned as the dlfference between the sale proceeds and the carrylng value gf thè asseL and is reco8nised In net IKome/lexpenditurel forthe year. On the last day of the accountlng per￿￿ in 2015, certain assets were trnnsferred from the unlncorpoiated charlty to the Incorporated charity. These a$5ets We￿ transferred at thelr Net Book Valve at the date of transfer. Depreclatlon has been calculated in 15ne with ihe charity's depreciation poly. based on the orl8inal cost to the un5ncorporated charlty and taking into account the remalnlne uselul lifeof these assets. 1.7 Investment pfoyrtles Inve5trnent property, whkh is prgperty held to earn rentsls and/or for capital as¥Jreclatiom. Is In5tially reeognlsed at cost, whlch include5 the purchase cosi and any direttly attributable eXpen¢yitu￿. Subsequently it Is rneasured at falr value at the reportin8 end date. The su￿u$ or deficit on walua16on Is reco8nised in proftt or loss. 1.8 Flxed asset Investments Fixed asset investments are InitSally measurtd ai trdn5aCtfon Pflce exclu¢Jing trnnsacllon costs, and are sub5equentlv measured at falr value at each reporting datt. Chanses In falr ￿lue a￿ reco8nlsed In nei inwmellexpenditurel for the year. Transart5on costs are expensed as incurred. A subsldSary Is an entlty controlled by the charity. Control Is the power to govern the flnancl•l and operaiing pollel&s of the entity so as to obtaln benefits from activ￿e$. 1.9 IM￿[rment of flxed assets At each reporbn8 end date. the charity reviw thè carywng amounts of its tanglble assets to detem)ine whether there is any indkation that those assets have suffered an impairnient 195$. If ary suth Indication exists, the rKoverable amount of the a55et is estimated In order to determlne the e¥tent of the Impairment loss lif any). 19- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 A¢countlng polkies Icontlnuedl Retoverable amount is the hlgher of fair Wdlue less costs to sell antl value in use. In aSSe￿Ing value in use, the estimated future cash flows are dlxounted to their piesent value Ltsin8 a pre-tax discount rate that rellects current market assessments of the time value of rnoney and the risks specific to the asset for which the e5Dmates o* future ash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carryln8 arnount, the carryin8 amount of the asset is redweil to its ￿0Verable amount. An impalrment loss is reco8nised immediately in Incomellexpendilure for the year, unless the relÈwant asset is carried at a rÈwalued amount, in which case the Impalrment1055 IS treated as a revaluatoon (lecrease. Reco8nlsed Impalmient losses are reveysed if. and ortfy 11. Ihe reasons for the impairment105s ceased to applv. Where an lrnpairment 105s subsequently reverses, the ￿rry1Th8 arnount of the asset Is increased to the revlsed esumate of 5ts recoverable 4mount. bLrt $0 that the Increased carrwng amount does not exceed the carryin8 amount that would have been deterrnined had no impaimient loss been recoonised for the a$5et in prlor years. A reversal of an Impalrrneni loss Is recognised immediately* unless the relevant a55et Is carried In at a revalved amount, In whlch casé the reversal of the irnpairment Ioss 15 treated a5 a revaluation Increase. i.io Stscks Stocks are statèd at the lower of tost and e515mated Sell1￿ prf¢e less costs to complete and Sell. Cost comprlses dlrect materials and. where appllcable. dliect labour costs and those overheads that have been Incurred In br5ngln8 the stocks to thelr present location ènd conditipn. Item5 held for distribution at Tro or nominal consideratlon are measured the lowerof ￿plaC•Ment cost and cost. Net realisa1￿e valve Is the esUm*ed 5ellin8 prftt le$5 all es¥mated costs of tompletion and ￿$ts to be Incurred In marketln& sellln8 and dlstrtbufiort. 1.11 Cash and ￿sh equb4alents Cash and cash equlvalents include cash in hand deposits held at tall with banks. Other short-temi 1fjqu￿ Investments wlth or(85nal maturitie5 of three months or less, and bank overdrafts. Bank overdr¥fts are shown withln borrowlnss in cur￿nt liabl11￿e$. 1.12 Flnandal Instrumer The charity has elected to asiply the provisions of Seclion 11 'Ba5K Financial InKrurnents' and SertToTr 12 '0ther Financial Instruments Issues, of FAS 102 10 all of its financial instrvrnents. Flnanclil instruments are feco8nlsed in the charivs balance sheet when tharity becomes party to the ontrattual provisions olthe instrument. Fillanclal assets and liabilities are offset, with the net amounts presented In the financial statements. when the￿ 1$ a le8ally enforceable right to set off the reco8nised amounts and there ts an inteTrt5on to settle on a net ba515 or to realise the asset and setde the liablltty simulianeou51y. Buskfinartlolossets Basic financial a55ets, which includt debt0￿, cash and bank balarw. are inlttally measured at transaction prlce Sntluding trdn5acDon costs and are subsequently carrled at amorbsed cost usins the effecbve interest method unless the arrangemem constltute5 a financin8 transaction, where the transaction 15 rneasured ot the present value of the futu￿ ¥eceipts discounted at o market rfe of interest. Financial assets clasS￿ed as receivable within one year are not amortlsed. -20- DOWNSIDE ABBEY GENERAL TRusr NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACcoUrrtl￿ polld•s Iconlnyedl Boskflnqnd&lMoblllbe5 Basic financial liabilitie5, including crethory and bank Joans are Intttally reco£nised at transaC￿On prlce unless the arrangement constitutes a financin8 trnnsaction. where the debt instrument is measured at the present value of the future payments discounted at a markèt Me of interest. Flnandal Ilabllitles classified as ptyable wFthln one year are not arnortlsed. Debt Instruments are 5ubsequentty carrled at amortSsed cost. U￿n8 the efftttive interert rate method. Trade creditors are olAigations to pay for goods or services that have been acqulred in the Ord￿rtary course of operaD"on5 from Suppliers. Amounis payablè are cla$5ified as currenr liabill￿e$ if payment Is duè wlthiTh one ￿ar or le$5. If not. thty are piesented as noner 2021 571.735 571,737 At 30 September 2020 482.037 482.039 Shareholdln85 which individually represent more than 5% of the 8roup's Investments are.. No of sha 357,223.44 Global Growth and Income Fund for Charile5 Mark•t volu• £571.735 Group 2021 Charlty 2021 2020 Other Investments compr15e: 2020 Investments In subsidSarles Finafidal Instruménts Group 2021 Charlty 2021 2020 2020 amount of finandal assets Debt instrvmenis measured at amorhsed cost Equity instrument5 measured at cost less 5mpairrnent 71.527 396.383 71,527 396,383 571,733 482.035 571.735 482.037 amount of financial15obblitiÈ5 Measured at amort•sed cost 579.550 1.695,682 579.550 1,695.682 20 Stocks Group 2021 tharlty 2021 2020 2020 Anished goods and goods for resale 54,461 71.218 54,461 71,218 .31- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 21 Debto Gn>up 20Zi tharlty 2021 2020 Amounts falllng ￿￿* wlthkn gne >par. 2020 Trade debtois Other debtors Prepayments and accrued income I3￿59 57,668 169.392 154,622 241.761 146.672 13,859 57,668 169,392 154.622 241,761 146,672 240.919 543.055 240.919 543,055 22 Loan5 and ¢werfrnftg 2021 2020 Other loans 5CK).OC(t Payable wlth5n one year The loan 15 secured by by way of legal rnon8a8e over a property owned by thè Trust, It Is a 5 year loan whlch was expected to be fulty repald by 30 September 2025. and has 8n Interest rale of 4% Jl)ove base rate. The charlty h•s been able to repay thls loan durin8 the year tnded 30 Septernber 2021. Credjtois: ¥mouTrts hlllni due wlthln on• ￿al Group 2011 Charhy 2021 2020 BorrowSn85 Other taxauon and social secur Trade creditors Other c￿lIorS Accruals and deferred Intome 500,Q)O 6,464 196,306 681.197 318,179 6,464 196.306 681.195 318,179 5,796 248,630 33.293 297,627 248.630 33,291 297,627 585,344 1,702.144 58S.346 1,702.146 24 Reiirement Ixnefft sthemes Dèfined contrlbuiion sthemes The Charity run5 a defined £ontributions scherne. The cost for the year reP￿ents the Charity's contrlbu170ns to that scheme of £8,77512020.'£9,2TII. At the year-end £1.31712020.'£L1501 was accnjed in respett of eontributi¥n5 to thi5 scheme. -32- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 25 Restrlcted funds The income funds of the charfty include restricted funds tomprising the following unexpended balantes of donations and 8rants held ￿ trust for specific purposes.. Mo¥ement in funds Balant¢ at i Int¢)mln$ (ktober 2020 ￿oUr( Resourc•$ Galns, Losses Balan¢* at 30 e¥pended and Transleysseptember 2021 E¢cles5stical EtlutaJon Abbty Church Extension Frlends of D¢)wnside St Veda5t Fund Other Funds 199.308 181,985 810 229.370 89.982 9,4S5 6.241 1,109 6,C61 1.552 17,0561 11,7341 28,266 20.249 229,973 206.741 1,919 248.157 102,763 116.2661 28,992 11.229 701,455 24,418 125,0561 88,736 789.553 Prfor Yèar Mov•rt￿nt In funds Balance at I Incomlni Rtsources Galns. Losses Oth)ber 2019 T¢%￿r￿S Baflnce at 30 expended and Transferssewmber 2020 Ecclesisiital Educatjon Abbey Church Extension Friends of Downslde St Vedast Fund her Funds 214,771 173.636 510 232,134 92,174 5,262 21,585 350 16.810 2.324 19.3571 15,0921 1501 17,9141 111,3681 18.1441 199,308 181.985 810 229,370 89,982 111,6601 14,5161 713.225 46,331 122,4131 135.6881 701,455 The E¢clesl¥$tical E(lutation Fund provldes for edu(ars￿ In Enwand or elsewhere of St￿entS for the Roman Cathollc priesthood. The Abbry Church Extenslon Fund ￿deS for the Éxtenslon, upkeep or repalr of the Abbry Church at Downsirje. The St Veda5t Fund prowdes support to elderty Mernbe￿ ofthe tommunlty. Suffi¢ient resources are held in an appropriate forTn for ea¢h fund to enable the fund to be applied in accordance with the ￿Strictl0￿. -33. DOWNSIDEABBEY GENERAL TrUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 26 Unre5tr1cted lunds. d•slBnat These are unrestritted funds whlch are material to the charity's athrvitses made up as follows.- Mo¥emÈnt kn fvnds Re50ur¢es Galns, Losses Balanc¢ at 30 expended and Th¥ns1or5 Septembtr 2021 8alan¢* at i Incoml O£tober2020 r•sources Sundry Funds 11,727 133 962 12,822 prtorydar Movernent In funds Re50Urtes Galn$, Losses Balance at Jo expended •hd Transters Septembtr2020 alanre •t i Ortober 2019 r*50urc•s Sundry Funds 11,960 154 13871 11,727 Sundry funds comprlses of small f￿dS for varlous pu￿se$ such as scholarshlps and bursarie5. DOWNSIDE ABBEYGENERAL TRUST NOTES TO THE FINANCIAL STATEMEiif5 (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 27 Unrestricted fvnds The income funds of the charity include the followlng designated funds which have been set aslde out of Un￿strICted fund5 by the truste¢s lor specific puiposes.. Mgvem•nt In lund$ Resourc￿ Galns. Losses Balance at 30 exptnded and T￿n$[tr$ September 2021 •nce at I Incoml October 2020 resour￿5 General funds 18.881,358 1.869,845 11.049,9261 2,567.144 22,268.421 Total unrestrltted turtds 18.881,358 1.869,845 11.049.926) 2.567,144 22,268,421 prtor Y••r M(v4ement Ih fvndi IncomSn8 Resources G¥lns. Losses B•lance at JO resour expended and Trnhslen Soptember2020 alante wt i Ortober 2019 Genero1 funds 17.452,857 2.219,739 11,189,905) 398,667 18,881,358 Total unrestrftted funds 17,452,857 2,219,739 11,189.9051 398,667 18,881,358 -35- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 28 Analysb of 8Youp net assets betweeTh Totsl FuTrd balances * 30 September 2021 are represented by.. Tangible a￿et$ Investment properties IrNestments Current a￿et$/[lia￿lII1e51 10.616.993 11,66S,878 10,616,993 11,665,878 571,737 216,188 12,287 535 559,450 230.103 114.4501 22.268,421 12.822 789,553 23.070,796 Prlor ￿ar An•tysls of #roup net assets between funds Fund balances at 30 Septembtr a￿ rep￿ented Tan8lble assets Investment prop￿￿eS Investments Current assetsllliabllitlesl 10,841.017 9.098,734 10,841,017 9.098,734 482,039 1827,2501 11.192 535 470,847 230.608 11.058,3931 18,881.358 11,727 701,455 19,594,540 29 Flnan¢l•l tommltments• iu•rante•s CO+ttlnBent Ilabllttlès The land and bulldlngs and Investment pn)pertie5 of thls charty. att a5 securtty for a loan whlch Downslde School (Company Nurnber.. I1751￿)9 and Charity NUmber..11847￿l have taken out. At 30 September 2021 this was valued at £2,759,985. ff the Schc*Jl Ls unable to keep up woth the reoulred reptyments then these assets wlll act as collateral against the loan. DOWNSIDE ABBEY GENERAL TRUST NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 30 Operatln¥ le￿ commltm•nts The operating lease represents the lease of the premrses to Downside Sthool. The lease commenced on 30 September 2019 and is subject to a five yearty rent rewew. At the repor￿n8 end date the charity had contwted with tenants for thè followlng minimum lease payments.. 2021 2020 Wlthln ont yeai Between two and years 425.C%MJ 850,CIJO 425,00) I,275,1￿] 1,275.00 1,700,¢JJ) 31 Related panytr¥nsa¢ii Tr4nsacibon$wlth rtlatsd partles Durlng the year the charity entered Into ¢he followSn8 tr4nsa¢tions w￿h related parbe5: 2021 2020 Parish prlests Parlsh expenses io.cK 22,116 17,500 129,3751 32.116 111,8751 The followlng amounts were outstandinK at the reportfjn8 end date- Amgunts owed by related partles 2020 Balance partles 2021 Balance Net Net Parish pdesis 7,5CQ 7,5Q) 7.5(N) -37- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 31 Relatsd partytransacdons Icontinued) The above balance, due Irom DowTrslde Abbey Miss￿n$ Trust, at 30 September 2021 ts for the 8roup, the amount owed to the charity onty rotalled £2.5(￿(202o..£7,S￿). The assets of DownsideAbbey MlsslonsTrust are held separatdy from those of Downside Abbey General Trust. 32 Capltal ￿n￿ll￿ments 2021 2020 At 30 September 2021 the charity had capllal commlthients as follow5: Contracted for not provided in the financlal statements.. Commitments due to Qownslde School 4,OCII.LKX) 4,(￿0,Oc(I As part of the separalon a8reement, DownsSde Abbty General Trust have agreed to pay up to £4m to Downslde School. At thè year end ihere Is no ft¥ed date on when this monty wlll be wuired to be pald to Downslde School. 33 ev•nts w￿rthe rnponln8 date After the year end l)ownsSde Abw Genernl Trust re4ised Its operaong lease agreement and capltal ¢ornmltment with ihe tknwnside Schcol. Con5eouently the lease comrnltment distjosed in noie 30 has red￿ed by £425,IxKI to £850,C(Q. There Is a decrease 01 £212,500 In both the under a year and over a yearcornmliment. The amount of the capttal cornmitment remains thè same at £4m but repayments have been madt since the year end. Downslde Abbey General Trust paid £3￿,((￿) io ttlwnside School across t%K¢ payments on 31 March 2022 and 8 Aprll 2022 for £ISO,CIXI e%h. Subsldlarfel These flnanclal statements are consolld￿ed charfty financial statern￿ts. Detalls of the charlvs 5ubsldlaryat 30 Septernber2021 are as folkjws: Name ot und•rtakln8 and country ol Natyr• otlMulne55 Incorpordtlon or resldenry ssof shareholdlng % Held Dtmrt Indlrect Downside Enterprise mitet1 UK Domiant company. fonnedv operated rhe Lwkshop Ordlnary Sha￿5 ICK). DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 35 Anafyyls otthanys net fvndslldebt) At l O¢tob•r2020 C*shfl¢M AtJOSeprember 2021 Cash at bank and In hand 260,623 245,531 506,154 Loans falllng due ¥￿thIn oneyear IS(K).O(h)I S￿.(￿0 1239.3771 745,531 506.154 -39- DOWNSIDE ABBEY GENERAL TRUST NOTES TO ThE FINANCIAL STATEMENTS (coKfiNUED} FOR THE YEAR ENDED 30 SEFvfEMBER 2021 36 Cash oenerated from opemlons Group 2021 Charlty 2021 2020 Surplus for the year 3,476.256 1,416.499 3.476,256 1,400,202 Adjustments for.. Investment income rtto8nised In profft or loss Los5 on éisFosal of investment property L05$ on dlsposal of tangible assets Fair value 8aln5 and losses on Investment propertye5 Fall value galns and losses on investments Depreciation antl impairment of tan8lble fjxed assets 1363.4611 1339,1761 70,837 16,637 1363,4611 1339.1761 70,837 16,637 9,373 9.373 12,S67,1441 189,6981 1398.6671 12.567,1441 36,075 189,6981 1398,6671 36,075 371.615 422,550 371,615 422,550 Movements In *￿rkIng capStal: Decrease/llntrÈ?sel In stocks Decrta5e ￿n debto IDè¢reasel In credito 16,757 302,136 1616.8LX)I 120,1861 942,553 13,471.5661 16,757 302,136 1616.8C¥J 144,0361 931.990 13,417,059) CJsh 8enerated from/lalJsOrt￿d by) opern¥¢ns 539,034 11.324,4441 539,034 11,320,647) ## **Document Activity Report** ## **Document Sent** Tue, 28 Jun 2022 11:51:42 GMT ## **Document Activity History** Document history shows most recent activity first ## **Date** ## **Activity** You can verify that this is a genuine Portal document by uploading it to the following secure web page: **http://oldmill.accountantspace.co.uk/messages/VerifyDocument**