Charlty r4glstraYon number 1158507 Company regl$tra￿on number 09124570 (England and Walejl DOWNSIDE ABBEY GENERAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 DOWNSIDE ABBEY GENERAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rev Nicholas Philip Wetz (Abbot) IContrDII@r of the Trvstl Rev Marhn Joseph Hood Rev Marc David Brumwell Mr Richard Peter Bevan Charlty number 1158507 Company numb*¥ 05124570 Regljtered office Downside Abbey Stratton-on-the-F055e RADSTOCK BA3 4RH AudlEO Old Mlll Audit Umlted 815hopbrook Hou5A Cathedral Avenue WELLS Somerset DA5 IFD Banknys Barclays Bank Ple 37 Milsom Street BATH 5omerset BAI IDW Sollcltors Stone Kln8 LLP 13 Queen Square BATH 5¢merset BAI 2HI Investment advlsors BNY Mellon Asset Man3gernent Limlted The Bank of Newyork Centre 160 Queen Vlttorla Street LONDON EC4V 4LA Insurance Broker PIB Insurance Poppleton GaraEe Low Poppleton Lane YORK Y026 6GZ DOWNSIDE ABBEY GENERAL TRUST CONTENTS Page Trustees. report Independent auditor's report 8-10 Statement of flnandal activifj li 8alan¢e Sheet 12 Statement of cash flows 13 Notes tothe linancial 5tatement5 14-35 DOWNSIDE ABBEY GENERAL TRusr TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI FOA THE YEAR ENDED 30 SEPTEMBER 2023 Th@ trustees prèsent their annijal report and fir43ncial 5taternents for the year ended 30 September 2023. The financial statements have been prepared in accordance with the accounting policies set out In note I to the linancial statements and complv with the charitv's Memoiandutn and Ardcles. the Cotnvanie5 Act 2006 and Accoun￿￿£ and fteporhnE by Charities.. Statement of Recommendèd Practice applicablè to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in tho UK and Republic of Irèland IFRS 10211offéctivè l January 20191" Oblpcdve5 and acllvliies The Dblects of the Charlty Include'.- Any such charitable purpose or purp05e5 approved by the Contrdler a5 In the oplnion of the Trustees is or are conducpie to the advancemÉnt or maintènance of the Roman Catholic religion, including:" The prov151on, maintonance and upkeep of..- Churches and chape15 for the Roman Catholle Church and parlsh rooms and halls In conneciion wlth these.. Houses Of study, wlleaes or semlnarle5 for the eduearfon and tralnlng of prlests and persons deslrous of *Jecomlng priests of the Roman Catholic churth,. and Sehools, colleges and educational establishments for the general education of chlldren and other persons. We aim through the work of the Monasknc Comrnunity to be a local centre for Catholic, 8enedi¢tine life and to be a 5UStainable community. Obl•¢tlves In serting our objec￿ve$ and planning our activities we, the Trustee5, ha￿ givèn careful consideration to th@ Charitv Commission's eeneral guidance on public beneh't and in parhcular to it5 supplementary public benetit guidance on dvancing education. Our key oblecknve5 for the year included.. To condnue to reflect on the best way to live the Benedictine life and identify an appropriate location. Tg continue outrEaih and prDEfE55 the HLF funded MDn05￿C Llbrary rÈ5toradon projeit", To proniote our works and history. To seek to 5hBre resource5 and offpr support to the wlder communlty., To facllitate the quest for information with best possible resources,. TO encourage a culture of ongoing philanthropic support. To maintain Dur h￿storIC buildings in a planned and effective way.. and To seek ways of increasing income and reducirig expendlture. Our Ethos, Strategy and Poll¢les The TrustÈès arè responsible For sethng strateEV and for achièving the objectives they have 50t. The focus of tho strateg¥15 On developlnÉ the work of the DAonastie Communitv. In implementlng our strat8gy we.. Invest In the Infrastructure of the Monasterysite and Abbey Church,. Encourage interested partie5 to make use of resources in the monastery librarvt and Continue to review and develop our heritage outreath. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES. REPORT (CONTINUEDI{INCWDING DIRECTOR5, REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Our Ethos Downside Abbey General Trust Is a charltable trust whlch sÈèk5 to benelit the public through Ils Stated alms for the Monastic Comtnunlty and thereby enhance the spiritual wolkbeing of visitors to the abbey church and l￿brary. We are an equal opportunltie5 or8anlsation and are committed to a working ènvironment that Is free from any form of discrimination on the 8rounds of colour, race, ethnicitV* religion, sex, sexual orientatii>n ar disability. We will make reasonable adju5trnents where posslble to meet the needs of staff who are or becotne dlsabled. Prote¢tlon of Chlldret) 8nd Vulnerable Adults We are committed to the highest standards of 5afeguardlng and seek to promote the we￿are of chlldren and vulnerable adults in all our endèivours. and expect all trustees. Staff and volunreers to share this wmmitment. We acknvely engage and cooperate with and follow the guidance of the Roman Catholic Diocese5 of Clifton and Plymouth, and the Catholle Safeguarding Standards Agency. Followlng the relocation of the monasric community to a house in the grounds of Buekfast Abbey. oursafeguarding wrrangtmonts ar& owrseen by the independent safeguarding c¢mmi5%0Tr 4t OuekFast Abbey. Strateel¢ report The d£5cription under the headings "Achievements and Performance" and "Flnantlal Revlew meet the company law requSretnÈnts for the trustees to present a strategi¢ report. AchlÈvtrments and Performance Governance The Right Reverend Nicholas Wetz, of selmont Abbey, has been Abbot slnce 26 August 2020. The Reverend Marc Brumwèll Con￿n￿e$ as Prbr to asslst the Abbot. Pastoral work The Monasfjc Communiry continue5 to sorve St Bengdict's paflsh. Stratton on the Fosse Ioiocese of Cliftonl, wherfy Dom Mardn Gowman is the Priest in Charge. He also 3¢ts a5 chaplain forthe local Catholic prlmary school. The Monastic Llbriry Is usually mad& available for research. vlslts and events, and our team ol volunteers . Income from donadons and legatles for the ye3ramounted to £299,46712022'. £3216661. iotal resources expended were £1,499,586 12022.. £4.879.2851. Overall tho net movement of funds for the year was surplus of £2,048,87512022.. deliclt £3.295.5981. Net eain on investmentswas £2,049,48412022.. É346.7991. The Tru5t'5 balance sheet a5 detailed on page 12 shows a satisfactory position with funds totslling £21.449.077 12022-. £19.400.2021. The linancial 5taternents complv with current ststutorv reouirernent5. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES. REPORT ICONTINUED)IINCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Reservqs P4otes 24 to 27 to the financlal statem@nts show the èssets and Ilabillties attributable to the various fund5 by type and also show th@ vaiious Trusts of the Charity and summar55e the yeai's movement on e3ch fund. The reserves of the Charlty are these funds that are fr*Èly avallable to be Spent in pursuing theiharity'5 objects. fht tree reserves of thè Charity at the financlal year end were.. 2023 2022 Total Rèserves as at 30 september.. L85S RestrSrted Funds Deglonared Funds Unr8stricted Funds wh5ch could onl¥ be realised by dlsposlng of the lixod assets held for chariiy use 21,449,077 19,400,202 1796,0601 112,8801 19,640,371) 1886,1421 112,5981 19,951,9571 Free Reserves Surplu5 10.999.766 8,549,505 The Trustees regularly revlew the linance5, budgets and spend against budget together wlth the cash flow analy51s as part of the effective 5tewardshSp of the Trust. Work Is ongoSng to develop buslness plans and 3ctions that prDperly reflect the shapoofthÈ Trust slnee legal and financial separadon fmm Downside Sthool. The Trustees recogni5e that the level ol reserves flurtuates during periods of Investment and that arran8ernents are in place with our bank to provlde faeillties. The Trustees. flnancial plans for the future are to remain +n surplu5 and to hold an appropriat9 level of reserve5. whilst consciou5 that St will take time to build up such reserves. Underthe terms of the Separatton A8reement with Downslde School, Downside Abbey General Trust had agreed to provlde certaln finanelal support to the School, an agreement which wlll end in December 2023. As stated In note 22 the Trustees have provided in full for repayment of Barclays. loan to Downslde School (for which Oownslde Abbey Goneral Trust acts as guaianrorl, th@reby reducing the amount of fJown5ide Abbey General Tru5t'S Outstanding capital commilment. The free reserves havè increased to £10.999.766 or 3PPToximatÈly 88 month5, headroom at current levèls. The Trustees conslder that ¥l¥en the strength of the Charlty's balance shept. the stable cash flow and the ayallable banking facility thls is aceeptable at present. Invvstment Powers The Tru5tee5 are permltted bythe terrn5 of the Trust Deed to make Investments In any manner allowed by law. Investment Pollcy The Trustees, objective Is to maximlse the total Investment return wlthln a controlled rlsk fr?mew)rk subject to certain Investment and ethical restrlcdons. A small PropOr￿on of the Trust's asset5 are Invested in a leadng common Investment fund to provid@ Incotne and capltal Rrowth for certain restrlcted and designated funds. Investment Performance of listed investments ar@ In the Newton Growrh fund for charities, whS¢h Is a bespoke vehicle for charities lookn'nE to adopt certain ethical principle5 in their investments. For example, the fund does not invgst in Compan1￿ that derivè more than IO% of turnover from tobacco production. Listed Investments overall returned +2.49% for the period. Th15 compares favourably with a broadly flat FTSE 100 share index in the same period, and near Zero Interest rates ori cash deposSts. De¥elopmoni$ and Malnterbance We continue to invest In the estate. Cornple￿nI work on a nurnber of vlllage rental prop•rde5. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES, REPORT ICONTINUEDIIINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Stru¢turo, Govornanre and Management Con$Eliudo Downside Abbey General Trust, the Charity. 15 a150 known a5 Downside General Trust and Is Toferred to throughout the tinanoal statements as the Trust. The Trust is a company limited by guarantee constituted by its Memorandum & Ar￿CleS on 10 July 2014. It was reElstered as a charity on 09 September 2014. Th15 company 5uper£edes the former Downside Abbey General Trust (Charity number 2325481 whlch was formed by Trust Deed In 1934 and registered a5 a Charity on 16 February 1965. Alla5set5 a#d Interests were transferred to the new company. The tiustees, who are *lso the dlrectors forthe purpose of company law. and who served durlngthe yearwere.. R@v Nicholas PhllSp Wetz (Abbot) (Controllerof th• Trust) Rev Marbn Joseph Hood Rev Marc Davld Brutnwell Rev David Roger Charlèsworth Mr Rlchard Pgtor Bevan IReslgned 14 Fobruary 20241 Oownside Abbey General Trust Icc no. 11585071 la ehariiable Company) was appointed the 501e wrporate trusree of Oownslde Abbey General Trust Iprevlously cc. no. 232548. new 1158507-11 la trust) by Chai"Ity Conimi￿on 5¢heme daied 04 SèptÈmbÈr 2015 The Controller of the Trust, being the Abbot of Downslde. has absolute dI5cretion over the appointment and remeved of the Trustpes ofThe Downside Abbey General Trust. The number of Trustees shall be no fewer than four and no more than Imenty. Half of the Tru5tee5 are appointed F>y the Abbot and half ale decred by the Annual General Meeting of Members of the Monastic Communlty. In rnaking th• appolntments both the Abbot and the Community consider the qualilication5 and experience of the tnonk5 and their suitabillty to act as TrusrÈes. New Trustees and other potenttal appointees aro briefèd by experienced Trustees gbout their role and responsibilities and courses are made available to them. Trustees are authorisèd to Commit up to £250,000 on any one itetn of projected expendlture. Project expenditure In exeess of £250,000 requires the approval of the Chapter of solemnly professed tnetnber5 of the Monastic Community. Mrs fina Woodh3m and Mr Robert Bllncow both took up p05t5 in other organisation5, and their poslfjons have been filled by Mr Jack Barr IFinancÉ Manager) and Mrs Sarah Jones (Properties, Manager). The Tru5t005 of the Oownslde Abbey General Trust are cornmltted to high standards of corporate governance. The Trustees examlne the principal areas of the Trust's Operations and eonslder the major risks faced In each of these areas at the beginning of each hnanclal year as part of the plannin8 process. In the opinlon of the Tru5tee5 the Charity ha5 established resourc05 and review sysiems which. under normal condidons. should allow these risks to be mitigated to an acceptable leve1 in its day to day operations. The prlntlpal risk to the Trust is the financial sustainability of the monastery. particularly followln8 the rElocadon of the monastsc communitv. Non-linancial risks of material concern include Charity Cornmi5slon compliance, vocational recruitment to the monasknc supported by relevant tralnithg and professlurial advi£È. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIREcfoR5' REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Charity has some exposure to credit risk whlch it manades through robust credit policies, regular revlew and enforcement aeainst fee debtor5. The Trust has sufficient resourees to meet Its nÈed5, but there Is increasln¢ly a seasonal Ilquldlty rSsk ar certaln tim&5 of the year when peak expendlture and incomè are not aligned. Thi5 k% monitored through Cash flow forecasting models, and we enjoy a positive relationship with our long term bankers to ensure that these risks do not pose a materlal threat to the Trust. As noted above, the Trustees alm to Increase the liquidity buffer. whlch Ss likely to result In the sale of non-income producing asset5 over the year. All Trustee5 give thelr dme freely, and exterTral Truste@s who are not Tèsldent were not paid anytravol expenses duiing the year. Conno¢t•d Enytles The following charitie5 are connected to Downside Abbey General Tru5t'.- Downside Abbey Miwon5 Trust. Downside Abbey, Stratton on the Fosse, Rad5tock. BA3 4RH Icharity Number 2325501. Th@ abo￿ charity 15 controlled byThe Downslde Abbey General Trust, stratt￿ on the Fosse, RadstocK BA3 4RH, (Charity Nurnber 11585071. bein¥ an Inwrporated body of Trustees. The assets of Downslde Abbey Missions Trust are held separately from those of Downside Abbey General Trust. Downside School, Stratton on the Fosse. Radstock. BA3 4RJ (Charity Number 11847001. 5tot2mant of trustee5' rèsponslbllldos The trustees, who are also the dlTectors of Downside Abbey General Trust for the purpose of comp2ny law, are responslble for preparing the Trustees. Report and the financial statetnents In actordanee with applicable law and United Kingdom Accounting Standards (United Kingdotn Generally Accepted Accounting Prathcel. Company Law rAouire5 the tru5tee5 to prepare linancial statement5 for each financial year which give a true and fair view of the State of affairs of the charity and of the IncominE resources and appllcatton of resource5, In¢ludin8 thg income and expenditure, of the charitable company for that year. In preparing these linanclal statements. the truste85 are requlred to.. $81oct suitable accountin8 pollcles and then apply them consistently.. observe the methods and princlp185 in the Charitie5 SORP: make judgèments and estimates that ère reasonable and prudent. state whether applicable UK Accouri￿n& sts￿ardS have b@en followed, subject to any materlal departures disclosed and exp131n@d in tha fi'nancial ststèmenis,. and prepare the financial statements on the golng concern basis unles5 It is inapproprlate to presume that the charity wlll condnuÉ in operation. The trustees are responslble for keeplng adequate accountlng records that dlselose wSth reasonable accvraty at any ￿me the linancial p05itton of the eharSty and enable them to ensure that the finan¢ial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for takln8 reasonable steps for tho preventton and detection of fraud and other i[￿E￿Iar￿￿e$. The trustees are responsible for the tnalntenanee and Inteprlty ol tho charlty and flnanclal Snformadon Included on the chBrity's web51te. Le8lslafjon in the United Kinedotn 8overnlni the preparation and dissernination of finaneial statements rnaydiffer from legislation in otherjurisdictions. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES, REPORT {CONTINUED}IINCWDING DIRECTORS, REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Dl$tlo$ur8 of Infoimatlon to audltor Each of the trustee5 has conlrmed that there Is no InforrnaUon of whlch they are aware which is ￿leVant to the audst, but of which the auditor is unaware. They have further confirrned that they have taken appropriate stgps to Identify such relevant information and to establish that the auditor Is aware of sueh Informa￿On. The trustees, repoit. Includlng the strateÉlc report, was approved bythe 8oard of Tru5tee5. Rev Nl¢holas Phlllp Wet2 (Abboil Icontroller of the Tru511 Trustee Dated.. LI eb DOWNSIDE ABBEY GENERAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DOWNSIDE ABBEY GENERAL TRUST Oplnlott We have audited the account5 of Downslde Abbey General Trust Ithè'parent ch3rit(I for the year ended 30 September 2023 which cornprise the Statetnent of FlnaThclal A¢￿VitieS, the Balancè Sheet, the Staternent of Cash Flows and the notes to the account5, including a summary of significant a¢countinE policies, The linancial reporting framework that has been applled In their preparation is applicable law and Unlted Klnqdom Accounting Standard5, including Financial Repothng Standard 102 The Finunciol Reporting Stondard opplicoble ift the UK ond Republic of Irelond (United Kingdotn Generally Accepted Accounting Practice). This report 15 made solely to the charitable ccrnpany's members. as a body, in 3cwrdance with Chapter 3 of Part 16 of the Companies Act 2iJ)6, Our audit work has been undertaken so that we might state to the charitsble company's members thos matt&r5 we ar8 required to state to them In an auditors. report and for no other purpose. To the fulest extent permitted bv law, we do not accept or assume responsibllity to anyone other than the charitable company and the tharltable company's members as a body, for our audlt work, for thls report, or forthe opinions we have formed. In our opinion, the lin3ncial stateTnent5'. give a true and lair view of the state of the charf(able company's affairs a5 at 30 Septernber 2023 and of Its IncominE résources and apPlIca￿on of resources, includinp Sts inwmg and expendlture. forthe year then ended,. have been properly prepaied In accordance wlth Unlted Kingdom Generally Accepted Accounting Pracmte., and have been prepared in accordance with the requlrement5 ofthe Companles Act 2006. Basls for oplnlDn We condutted our audi( in accordance with International Standard$ on AudidnR IUKI (Iskn IUKII and applicable law. Our responsibilitie5 under those standards are further descrlbed In the Auditor's responslblllt*es fvr the audit ol the fiFJoncial 5tutements sethon of our report. We are Independent of the charity in accordance wlth the ethlcal requirements that are relevant to our audit of the financial starements in the UK. including the FRC'S Ethical Standard, and we have fulfill@d our othèr ethical re5p0nslbill￿eS accordance with these requiroménts. We believe that the audlt evSdence we hav@ obtained 15 sufficlent 3nd approprSate to provide a basi5 for our opinion. tM¢luslons r•latlngto goSn8 concer In auditing the flnanclal statements, wé hav8 concluded that the trustees, use of the golng concem ba&1$ of Accounting in the preparadon of the flnancial statements is appropfiate. Based on the work we ￿ve performed, we have not Idenufled any materlal uncertalnnes relatinE toèvonts or conditions that, Individually or collecU¥ely. may east sSgnificant doubt on the charity's ability to continue as a wlng c¢n¢ern for a period ol at least twelve months froffl when the financial statements are 3Uthori5ed for issue. Our responslbilities and the r￿Por¥sIbili￿eS of the trustees wlth respect to goln8 concgrn are de5crlbed the relevani Soctions of thi5 raport. Other Informa￿On The other information cornprise5 the inforrnaknon Included In the annual report other than the financial statements and our auditorf5 report thereon. The trustees are rÈsponslble for the other information contained wlthln the annual reporr. Our opinion on the financial statements dees not eover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our respcnsSblllty Isto read the othér information and. In dolng SO. tonglder whether the other inforrnation is rnaterlally ineonsistent ￿th the flnancyal ststement5 or our knowledge obtaSned Sn the course of the audit. or otherwise appears to be materially missrated. If we identify such materlal Inconsistencles or apparent material Misstatement5, wè are requlred to determine whèther this give5 rise to a materlal mlssiatÈmÈnr in the linancial 5taternent5 theffls2lves. If. based on the work we havo performed, we conclude that there 1$ marerial misstatement ol this other information, we are required to report that fact. We have nothlnE to report in this regard. DOWNSIDE ABBEY GENERAL TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE MEMBERS OF DOWNSIDE ABBEY GENERAL TRUST Oplnlons other mattets pres¢rlbed by the Companle$ Art Z006 ID our opinion. based on the work undertaken in the COUTse of our audit.. the informarion plven in the tru5tèes' report for the linancial year lor which the linancial statements are prepared, whKh Includes the directors. report and the strateEic report prepared for the purposes of ¢ompanv1aw. is conslstent with tho fi'nanclal statsments,. and the strategk report and the dlrectors. report Included wlthln the trustees, report havtr been prepared atcordance wlth appll¢able legal requSrements. Mattgrs on whlch wa 4r• roqulred to rgport by •xcepYon In th@ IiÉht of the knowledgè and understandlng of tho charlty and its environment obtained In the course of the aurtit. we have not idenhlied material mi55tatements in the Strategic report or the directors, report included within the trustees. report. We have hothine to report in respect of the followln8 matters in ¥eL3tion to whlt been re￿IVed frorn branches not vislted by us.. or the tinancial statement5 are not in agreement with the accounting record5 anLI returns- or certain disclosures of trustees. remuneration specifi'ed by law are not made. or we have not received all the information and explanations we require for our audit. Responslbllltl8s of trustoe$ As explainèd moré fijlly in the Statement of trusteos, responsibilitie5. the trustees, who are also the diroctDrs of the charity for the purpose of company law, are responsible for the preparaknon of the linancial statements and for being satislied that they ive a true and falr view, and for such internal control a5 the tTU5tee5 deterrnlne 15 nec255ary to enable the preparatiori of financial statements that are free from rnaterial mi55tatement, whether due to fraud or error. In preparing the financial statements, the trustees ar@ rèsponsible for assessing the charity's ability to continue as a going concern, dlsclosinE* as app5icable. rnatters ralated to going concern and using the going concern basis of accounting unless th8 tru5tee5 eithèr intsnd to liquidate the charitable company or to cease operations, or have no rea115tic alternative but to do so. Audltor'$ ￿SponSIbIlItIeS for the audlt of the flnan¢lal statemet)ts Our objecknve5 are to obtairi reasonable a55urance about whether the linanclal 5taternents a5 a whole are free from materia mi55tafernent. whether due to fraud or error, ènd tu 555ue an auditor'5 report that Indude5 Dur opinlon. Reasonable assurance Is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI wlll always detect a materlal rnisslalftment when it exists. M155tatementS Can arise from fraud or error and are considered material If, individuallv or in the aggregate, they could reasonably be expected to influence the econotnic dec1510ll5 of u5er5 taken cn the ba515 ofr these linancial 5tatement5. Irreeulèrlties, Including fraud, are in5t3ncès of non Net assets 21,449,077 19,4QO,202 ltttomè funds Restricted funds Z4 796.060 886,142 Oesignated fund5 General tsnrestrkted funds 25 12,880 20,640.137 12,598 18.501,462 16 20,653,017 18,514,060 21,449,077 19,400,202 The financlal Statements were approved by thg Board of Trustees and authorised for issuA on on its behalf by.. and are slgned Rev Nlcholas Phlllp Wetz IAbbDtI Icontrollor of the Trustl Trustee A•v MardThJoseph Hood TiusEe Company Reg15trètlon No. 05124570 12- DOWNSIDE ABBEY GENERAL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 20Z3 2023 2022 Nottr5 Cash flows from ￿p•r￿￿￿8 a¢t[vI￿•S Cash absorbed by operations 31 1748.9391 1420.4991 Investing activitie5 Purchase of tangible fixed assets Pruceèd5 from dI5posal OF tan8lble Nxed assets Purchase of investm&nt properly Proceeds frorn disposal of other investments Invesrmenr Income recelved 131,9831 185.4541 7,500 1106.5441 1107,0731 495,OD5 394,376 380.184 Net ¢ash ￿n￿rated from Ihvestlng a¢iivltltr$ 750,325 195.686 Net cash used in flnanclng activltle5 Net Inc¥ea5e/ldEcreasel In cash a*d cash eqLtlvalents 1,386 1224,8131 C35h and cash gquiv31onts at beginning of year 281.341 506,154 ash and ¢a5h •qulval8llts at •nd of yoar 282.727 281.341 13- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FSNANCIAL STATEMENT5 FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢￿￿￿tIng poll¢l•s Charlty InfoTn)ation Downsidé Abbev General Trust is a prlvate companv limited bv guarantee incorporated in Enaland and Wale5. The regSstèred offtce is Downside Abbey. Stratton-on-the-Fosse, RADSTOCK. BA3 4RH. 1.1 A¢¢ountlng ¢on¥onYon The financial statern@nts have been prepared it) attordance w*th the charitV'5 MemorarHlum and Articks, the Companies Act 2006 and Accounting and Rèporttng by Chariries.. statemènt of Recommended Pracrice applicable to charilles prep3ring their account5 In accordance with the Flnancial Rèporting Standard applleable in the UK and Republic ol Ireland IFRS 1021 leffecLive l Jènuary 20191 The charity is a PublK Benelit Entlty èsdefined by FRS 102. The financial staternent5 are prepared In sterling, whieh 15 the lunctional currency of the ch#rlty. Mon@tary amounts in these financial statementsare rounded tothe nearest E. The financial statements have been prepared under the hlstorieal cost convention. The prlnclpal atcounfjn8 pollcles adopted are set out bèlow. 1.2 Golng concern The trustees have feviewed Ilkely future d8velopmÈnts as wÈll as the current fln3ndal cllmite and rernaln of the opinion that there is no rea50n to believe that the charlty wlll have to cease operating as a result of inadequate financial resource5. or any orher roieseeable evenr, WlThin a period of at least 12 tnonih5 frorn thE fjf tlie &PPlUVdl of these a￿Ount$. 1.3 Charltable fundj Unrestricted fund$ are available for use at the discretion of the trustees Sn furtherance of their charitable cblectives unless the funds have been desSgnated for othér purpTrsas. De$1Enated funds ¢ompri5e funds whlch have been set aslde at the diSC￿￿on ol thg trusttres for specllc purposes. The wrposes and u59s of ihe de5ignatÈd funds are set out In the note5 to the accounts Restricted funds are subject to 5pecilic condittons by donors as to how they may be used. The purposes and uses of the re5trkted funds are set out In the notes to the account5. 1.4 Incomlng resources Income is recognlsed wh@n the charity 15 legally erTrtitled to It after any performance condthon5 have been met, the èmounts can be measured reliably, and it 55 probable that Income will be received, Cash dOna￿QnS are recognlsed on receipt. Othar dtsnadons are reco8nlsed once the charity has b&en nodfied of the donation. unless perf0rrnan￿ conditions require deferral of the amount. Income tax recoverable in rela￿0￿ to donation5 reteived underGiftAid Qr deeds of ¢ov8nant is recognlsed at the time of the donation. Legacies are recogni5ed on reeeSpt or otherwise if the charity has been nottfied of an ImpendlnÉ distribution, the amount is known, and recelpt Is expected. If the amount is not known. the le8acy Is treated as a contingent a55et. Income from government and other grants, whether'capltal, 8rants or'revenue, grants, Is r8cognised when the charitv has Èntttlement to the funds, any performance condiknons attached to the grant5 havè been meL it 15 probable that the Income will be received ana rhe amounr can be me35ured re113blyand 15 not deferred. Interest on funds held on dep051t is Included when receivable and the amount can be measured rellably by the charityi this 15 normally upon notIfica￿On of the Interest paid or payablA by the bank. 14- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢¢ountlng poll¢le$ IcDntlnuedl Fees recelvable and charges for servScÈs and use of prpmises are accountqd for in the period In whlch the Service 15 rovided. Fees receivable are stated after deducting allowances and other remissions eranted bv the Trust. 1.5 Resuurces expendod Expendlture is reco8nlsed once there Is a legal or tonstfltttfve obll8adon to make a payment to a thlrd pBrtYi It 15 probable that settlement wlll be required and the arnount of the obligation can be measured reliab￿.The irrecoverable element of VAT15 Included wlthln the Item of expense to whlch It relatÈs. Where an item of expendirure falls directly wlthin one e05t tategory it is attrlbuted to that cat¥ory only. Where expenditure Snvolves more than one category It Is apportioned on a reasonable and justifiable basls. Fundraising t05ts are those incurred In seeking voluntary tontrlburions and indude the e05t5 of d555emlnattne inforrnaknon in SuP￿rt OF the ch3ritable activitios. Support C05t5 are those costs incurrèd directly in support of expenditure on the objects of the charity. Governance c05t5 are those incurred in connection with 3tknini5tration of the Charity and compllance with constitutional and 5tattJtory requlrement5. 1.6 Tanglble fixed a5$ets Tangible fiKed a55et5 are ini￿allY measured at cost ènd Subsequent￿ measured at C05t or Valua￿On. net of depreclation atTrd Itnpairment losses. The Abbey Church and Monastery are considered inteiral to the activities of the charity. This gives rise to difliculties in aScerTa￿Tri￿￿ an estimate of the current cost of construction of an asset that has the same service potential. A new structure could recreate a slmllar slzed space but would not recreate the unlquene55 of the original bulldin85. information on orieinal tost 15 avèilable and It Is considered that conventiona1 valuation techniqu25 would be Inappreprlate and impracdcable for buSldinÉs of such an age used only for religlous purposes. With the age of these buildines and as a depreciaring asset over that time the Current carrying value at cost is deemed immaterial. In line wlth FR5102, ￿rtaIn subsequent expenditure lover E5,0001 on these bulldiws has ljeen capitallsed on the basls that rhe expenditure enhances the previously a5$8$sed standard of performance. -15- DOWNSIDE ABBEY GENERAL TRUST NOTE5TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Acwundng poll¢le$ bbe The historical aim of holding village prope￿e5 was to previde accommodation for employees and former employees of the Abbey and School.. a charitable use. Where a village property 15 not required in the short term to be used for chhrirable purposes it 15 rènted at arm's length to a third party on an assured shorthold tenanty. VSllaae properties identilied as surplus to charitsble requirements are reda55ilied as Invpstrnent propethes. Village properhes were revalued by Strutt & Parker, Chartered Surweyors. in October 2023 on an open market non- vacant P05sèssion value basls In accordanee wlth the Royal Institution of Chartered surveyors Appraisal and Valu4tion Manual. Thetrusrees belleve that thls Valua￿On is correct at 30 September 202Y. Other Bulldin The Monastery Llbrary and certain buildSngs leased to Downside School have been capitali5ed at an estiTn3ted cost based on IndexlnE back relnstatement Insurance values to the year of acqu151tion. Other bulldlngs with eost In excess of £5,000 have been capitalised at cost. Llbrar Books and Rell lousArtefacts Certaln rellgious artefacts have been valu@d for Insurance purpose5. Their c05t Is esttmated by Indexln8 back Instatèm@nt insurance values at 31 July 2011 to the aDproximBte year of acqulsitiort. Where no rellable Informafjon Is avallable on the library book5. and certain religlou5 artefacts, orl8lnal tost or Vèlua￿On these assets have not been capltalised. It15 considered that SlEnilicant cost5 are invofved in obtBining a valuation and these would be onerous compared wth the additional benelit derived by users of the accounts In assesslng the Trusrees. stewardship of tho assots. The books are held in the Ilbrary under condM0Tr5 to ensure the books are preserved. Ca Italisadon Threshol All other tan8lble flxed assers cosdng more than £5,OLK> are ￿pItalIsed. Depreciation is recogni5ed 50 a5 to write off the c05t or valuation ot asset$ less thelr resldualvalues over thelr uselul lives on the following bases., Land and buildings Fixtures, fithngs & eouipment Motor vehleles 40- 190 Year5 Straight Line 5 33.3% Straight Line 20%Straight Line Induded with freehold land and buildlngs are housÈ properdes and land whleh are not belnq deprecSated. -16- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 AcCoun￿ng pollcles {con￿nued) There is a rolling progiamme of maintenance and repalr (charges for whlch are made to the profit and loss accounts) such that the village proper￿e5 are retalned at their prevlouslv assessed standard of performan￿. Conseuuentlv the useful ÈconDmic life of these bulldings15 ext2nded. and the esdmated re51dual value at the end of thelr useful economlc lives 15 not tnaterlally different from the original costs. Therefore, no depreciation charge 15 made on the grounds it would be Smmaterial. Paintings and reliEiOVS artefacts are maintained in Such a State of repalr that thelr estimated resldual value15 nat less than their carrylng amount and thu5 the annual charge for deprecladon Is £nll. Annual irnpairment reviews of freehold buildings and religious artefacts with an expected life of more than 50 year5 and of house properdes have been earrled out In accordance with the requirèmènts detailed in note 1.8 below. 50 far thes have confirmed that the servi￿ potential of these assets remains undlmlnlshed. The gain or loss arlslng on the dksposal of an asset Ss determlned as the dlfference between the sale proceeds and the carrying value of the asset, and Is recogn15ed In net Income/lexpendlturel for the year. On the last d* of the actoundnd perlod 2015, Certain assets were transferred from the unincorporated charity to the incorporated charlty. These assets were transferred at their Net Book Value at the date of transfer. Depreciation has been taltulated Ilne wlth the charlty's depreciation policyp based on the original cast to the unincorporat8d charity and taking into account the remaining useful life of these assets. 1.7 Inv•5tment prop•rtlas Irivestrnent property, which Is property held to earn rentals andlor for capital appreclation. Is Initially recognised at cost. which include5 the purchase cost and any directly attributable expenditure. Subsequently it is measured at falr value at the reporttng end date. The surplus or deficit on revaluation is recoEnised In profit or loss. 1.8 Impalrm¢nt of fixed assets At each reporting end date, the charity reviews the carrying arnount5 of Its tanglble asset5 to determlne whether there is any indication that those assets have suffered an ifflpèlrment loss. If any such 5ndIca￿tsn exlsts, the recoverabl amount of thè asset is estirnated in orderto deterrnine the extent of the impalrment1055 lif anyl. Recoverable Bmount15the hl8her of falr value less costs to sell and value in use. In assessing valuè in use, the @stirnated Suture cash flows are discounted to their present value using a prtrtax discount rate that reflects current market assessments of the time value of money and the risks specilic to the asset for whlch the esknmates of future cash flows have not been adjusted. If the re¢overable am¢unt of an asset Is estimated to be le5S than its carrving amount, the carryinE amount of the 35set is reduced to its recoverable amount. An Impalrment loss Is recognlsed immediately In Incomellexpendlture for the year, unlass tha relevant a5S&t 15 carried at a revalued atnount, in whieh case the Impalrment loss Is treated 3$ a revaluation decrease. Reco8nlsed impalrment losses are reversed If, and only If, the reason5 for the impalrment loss have cèasod to applv. Where an Impairment10ss subsequently reverses. the carrying amount of the asset is increased to the revised estimate of Its recoverable amount, but so that the Increased carrylng amount doe5 not exceed the carry5ng amount that would havè been detÈrmined had no imp3irment105s been recognised for the asset in prior years. A reversal of an itnpairment 1055 is recognised immediately, unless the relevant a55et Is carrled In at a revalued amoun¢ whlch case the reversal of the impairment Ios5 15 treated as a revèluatton Increase. 17- DOWNSIDE ABBEY GENERAL TRUST NOTE5TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢¢ountlt)g pollcl•s (con￿nued) 1.9 Stocks Stotks are stated at the lower of cost and estimated sellinE price le55 Costs to Complete and sell. Cost comprises dlrect materials Bnd, where app1Icable, dSrect labour costs and those overhead5 that have beeri incurred in bringlng the stocks to their present location and condition. Items held for distribution at no or nominal Considera￿0￿ are measured the lower of re￿ateMent cost and cost. Net reali5able value Is the es￿Mated selllnR pr4ce less all estimated costs of completion and eosts to be Incurred In marketing. selllnp and dSstrlbution, 1.10 Cash and cash èqulvalemts Cash and cash gquivalents include cash in hand, deposltg hÈld at call with banks, other short-tefm liqijld invtr5tmÈnts wlth orlBinal maturitie5 of three rnonth5 0¥ less. and bank overdrafts. Bank overdrafts are shown within borrowings In 1.11 Flnat)¢lal Instruments The charlty has elected to apply thè provisions of Section 11 'Bask FlnantSèl Instruments. and Section 12 '0ther F1nan¢ial Instruments Issue5. of FRS 102 to all of it5 finandal Instruments. Financial instrument5 are recogni5ed in the charlty's ￿lance sheet when the charity b￿OrneS party to the contrattuèl provisions of th• instrum4rt. Flnancial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is legally ènforceable right to Set off thp retognised amounts and there Is an Intention to Settle an a net basls or to realSse th8 a55•t and 59tt14 the Ilablllty slmultaneously. skAlnanclalossets Basic linancial assets, whleh Inelude debtors. cash and bank balances, are initially measured at transacdon prlce including transaction costs and are subsequently carried at amorti5ed c05t Using the effectlve Intetest method unle55 the arrangement ¢onsttiuies a linanclne tr3nsathon, wherè th• trarisaction 15 tneasurÈd at thÈ prÈsèrt Valuè Df the future receipts dlscounted at a market rète of l*)terest. Flnanclal a55ets classified 35 receivable wthin one year are not arnorti5ed. BuskflnuncAallAablllrfe$ Basic financlal liabilities, Including credltors and bank loans are initially recogni50d at transacuon price unless the arrangèment con5titute5 a linan¢in8 transacd¢n. where the debt instrument 15 rnea5ured Bt the presert value of the future payrnent5 discounted at a market rate of interest. Financial liabilitie5 cla55ilied a5 payable wSthin one year are not amortlsed. Debt instruments are subsequently carrled at amortised c05t, usin8 the effective Interest rate method. Trade Credltors are obllEation5to pay for goods or servieÈs that have been acqulred Sn the ordlnary CDuf5e of opprations from suppliers. Amounts payable are classified as current Ilabilifjes If payment is due within one year or le55. If not, they are presented a5 non-current liabilities. Trade credStors ère recoEnised initially at transaction price and subsequentlv mea5urod at amortised cost usin8 the effeC￿ve Interest method. Derecognlllon ojflnahclullldbllltle$ Inancla5 li3billH•s do*O¢t)enlgod wh*n th* rharltrf¢ rnn*rArtiial nhlwAHnn% A¥pirR nr arp. dlscharrtÈd or t3ncÈllèd. 1.12 TaM•tIo The trust. being a reglstered tharlty. Ss exempt from any tsxatlon with the excepdon of Value Added Tax. -18- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢countlng pollcles {con￿￿￿ed) 1.13 ProYl$lons Pmvlrknng end date. Galn5 and105SES ari51n¢ on tran51adon are Included In nèt incomellexpenditurel forthe period. cr1￿Cal a¢countlng eslfjmates andludBemeTht5 In the applicadon of the Charity's accoundnE poli¢les, thè trusteès aré required to make judgement5. estimates and a55umptions about thE cariwng amount of assets and Ilabllities rhat are nor readily apparenr from other saurce5. The e5titnates and assDclated assumptions are based on historical experience and other fictor5 that are consldered to be relgvant. Actual rosults rnay differ frcsm these È5tlrnate5. The e5tirnates and underlylnÉ assumpdons are revlewed on an ongoing basis. Revisions to accoundng estimate5 are reco¥ni5ed in the perlod in whlch the estimare is revlsed wherè thè revision afFects only that perid, or in the period of the revlsion and future periods where the revision affects both current and future periods. 19- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINueDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Crlllcal aceountfnge$tlmates andlud8em•ntS ICont4ttvedl KAV sources ot e5dmatton uncertalnty Depre¢latlon The trustees use their knowledge of the charity and the School sector to estimate the useful Ille and resldual value of tangSble fixed asset5 in order to arrive at an applicable depreci31ion rate. In accordance with section 17 of FRS102. the truste¢5 review and update these estimates If there are indicators that current estlmates should change. It must be noted that there is inhfrrènt uncertalnty wlth these estimates as factors such as unexp*ted wear and tear, technological advancement and change5 in market price may result In future changes to the appropriate rate of depreclaThon. DonatioTrs and legacles Unrestrlcted funds general Rtstrlcted lunds Totsi 2023 Total 2022 Donatlons, 8Ifts and legacSes Grant Income Other 211,614 2,152 80,814 4,887 216.501 2,152 80,814 247.228 75,438 294,580 4.887 299.467 322,666 For tha year ended 30 September 2022 165.032 157,634 322,666 Charltable a¢tlvltles 2023 2022 Charitable rental Income Other ineome 439,765 19,202 446,238 28,355 458,967 474,593 -2D- DOWNSIDE ABBEY GENERAL TRUST NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Investments Unreslrlcted Unre5trlcted fund5 lund5 general dÈ51gmatqd Rgstrltted funds Total 202a Total 2022 Rontal IrKome Dlvldend5 from Investmenss Ilsted on re¢oÉnised stock exchange Interest rgc•ivablg 383,760 383.760 366,791 27 2A84 2.511 8.105 12,29B 1,095 8.105 391.865 27 2,484 394,376 380,184 For the y•arended 30 Septernber 2022 367,B86 132 12.166 380,184 other 2023 2022 Other Income Heritage asset sales Profit/llossl on the disposal of tanEible fi'xed assets, investment properties & Downslde Mission Trust churches 62,032 284,135 35,464 19,881 4,100 346,167 59,445 For the year ended 30 September 2022 59.445 A5 explain￿ in rnorA detsil in nots 1.6, the charity holds h8ritaEe asset5 wlth a £nll Carrylngvalue. Therefore, all of the proceeds received are reeognised asgain on the sale of heritage assets wlthln other Incorne. It wa5 agreed with Downside Mission Trust that any proceeds from th@ salè of their churchés will be recoEnlsed In thi5 charlty- -21- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEM8ER 2023 Ralslngfunds 2023 2022 Fundraising other c05t5 Fundraisini staff cost5 7.667 20.285 75,800 7.667 96.085 Th@ trusteès have revlewed the alloca￿0￿ of waees and deem that it would be more appropriate for the arnount5 previously allocated as fundralslnE wages io be 311ocated as governance costs going forward, a5 they fEel thai rhls Is a more accurate reflection of the nature of these amounts. Grants payable 2023 20Z2 Grants to InsMtutions'. Downslde School 262.500 3,596,087 Grants to Indlvlduals 2.021 3.960 264.521 3,600,047 As part of the Separation Agreement, asset5 & liab511￿e$ prevlously retOEnlsed in this entity but related to the school were transferred In 2019. The net value of these transaction5 resulted In thls entity making grants to Pownsida School In 2019, 2020, 2022 and 2023. 22- DOWNSIDE ABBEY GENERAL TRUST NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Charltable acttvltles 2023 2022 Staff costs Depreciation and Impalrment Welfare Prem15es 91.781 336.710 61.718 259,772 326.102 106,699 372,094 74,935 240,411 298,331 Support 1.076,083 1.092,470 Grant fundlng of activldes Isee note 81 Sharg of goveTnance £05t515ee note 111 264,521 151.315 3,600,047 90,683 1,491.919 4,783,200 Analysls by fund Unrestricted funds- general Kestricted funds 1.37U,Y35 12U,Y84 1,491,919 For tho yoar *nd•d 30 Saptember 2022 Unrestrlcted funds general ReStrI￿ed funds 4,742.783 40,417 4,783,200 io Tru5ta2s None of the trustee5 lor any persoh5 connected with theml retelved any remunerèdon or benefits frrJm the Charity during the year. Na trustees were reSmbursed expenses durln8 the year12022.'£nlll. The Charlty provldes board and livlng expenses fw the Trustees who are Monks of DownsideAbbey. 23- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 li Support & GovErnamte ¢oMs Support C051s Governa*¢e 2023 1022 8as15 of allocatlon costs staff costs 121,624 121,624 70.443 Audit fe•5 Legal and profassional 24,494 5,197 24,494 5.197 16,500 Governance 3,740 Governance 151,315 1S1,315 9Q,683 Analysed between Charitable activitie5 151,315 ISL315 90,683 In addition to the audit costs shown above and Included withln the e¥pènse5 of the Trust are fee5 payable to the auditor for other services of £5.19712Q22'.£3,74ol. The Trust has legal liability insurance that covers the Ilabllity of the Trustees up to a limit ol £1 milllon. The premlums pad for this cover were £1.13512022'.£1.1351. 12 Toma￿on The Charity is e¥empt from t3¥ on incorne and gain5 fallin8 wlthln secdon 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applled to Its charitableobjects. -24- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 13 Employees Number OF employees The averaqe monthly number of emplovee5 durinc the vearwas.. 2023 Number 2022 Numbèr Voluntary Premise5 Support Employment COSts 2023 2022 Wages and salarles Soci31 security Costs Other PEll55Dn wsts 191,534 12,775 9.096 226,829 15,834 10,279 213,405 252,942 Within employment costs shown above are £n1112022..£75.8001 In rela￿On to rai51nE furid5 Shown In nottr 7., and E121,62412022..É71,6661 relatt(￿ to etsvÈrnance tost shown In note 11. The remalnlng amount Is Included wlthin charitable activities on note 9. There were Tro employee5 whose annual remuneradon was £60,000 or more. Included in wages and salaries are terrnination benefits totalllng £nll12022..£6.1161. All amount5 Telated to stètutory redundancy paymerits. 14 Net galnslllossesl on Investments Unre5trlcted Unre5trlcted funds funds general deslgnated Restrlcted fund5 Total 2023 Total 2022 RevaluaDon of Investments Revaluation of Investment propertie5 255 23,531 23,786 2.025.698 133.1501 379.949 2,025,698 2,025,698 255 23,531 2.049.484 346.799 For thè Èndèd 30 Saptèmbqr 2022 379.949 13561 132,7941 346.799 -29- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 15 Flnantlal In5trumont5 2023 2022 Carryln8 amount of flnanclal assats Debt instruments measured at amortised e05t Instrument5 measured at fairvalue through profit or loss 146.217 67.367 105,377 538,585 Carrylng amount of Ilnan¢lal Ilabllltles Measured at amortised c05t 661,709 791,938 16 Tan8lble Ilxed assets Land and Hxlure5, fittSnK5 motor￿h￿leS bulldlny &equlprnent Toial Cost At l October 2022 Addition5 Transfer to investment propertv 10.662,568 4.760 146.9161 1,565,486 27,223 28,015 12.256,069 31,983 146,9161 At 30 September 2013 10.620.412 1.592.709 28,015 12,241,136 Depreclatlon and Impalrm•nt At l October 2022 Depreciation charged In the year Transfer to investment property 1.704,702 245.942 13,1991 590,556 88.852 136,8581 8.854 1,916 2.3(14.112 336.710 140.0571 At 30 SepteTnbÈr 2023 1.947.445 642.550 10,770 2.600,765 Carryln8 amount At 30 September 2023 8,672,967 950.159 17,245 9.640,371 At 30 September 2022 8.957.866 974,930 19,161 9.951,957 17 Investment property 2023 Falr valug At l October 2022 Addition5 throu8h external acquIsl￿on Transfer5 from Property, Plant, and Equlpment Net Eains or Ioss85 through fair value adjustments 12.152,371 107,073 6,858 2,025,698 At 30 September 2023 14,292,000 -26- DOWNSIDE ABBEY GENERAL TRUST NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 17 Inv8$tment propertv Icohttnuedl Investment property cotnpri5e5 of farm buildin¥5. fartn land and village properties identified a5 5wplus to charitable requlrements and are shown at market value at the balance sheet date. The properde5 COn￿nUe to be rented durin8 the year. Th8 fair value of thè farm land and buildings is basod on Cooper and Tanner LLP'S assessment In January 2024 Of what these assets would have been worth at 30 September 2023. They arè not connected with the charity. Cooper and Tanner LLP Is a member of The Central A550ciation of Agrlcultural Valuers. The valuation wès made on an open market value ba515 by reference to maTket evidence of tran5acUon prices forslrnllar properti6Tr5. The falr value of the village propethes Is based en Strutt & Parker è5ses5ment Ortober 2023 of what these a55ets would have been worth at 30 september 2023. They are not Connected with the eharlty. Strutt & Parkeris a tnember af The Royal Institution of Chartere(f Surveyors. The valuation Wd5 made on an open market value basis by reference to market evldence of transa¢tton prlces forsSmllar prOper￿e$. 18 Curr•Tr¢ assAt Investments 2023 2022 Unlisted investments 67.367 538.585 19 Slocks 2023 2022 Finished goods and goods for resale 53,869 52,199 20 Debtors 2025 1022 Amounts fallln8 duq wlthln one year.. Trade debtors Other dpbtor5 Prepayments and aecrued Income 1,008 145,458 212,424 14,884 90,628 198,471 358,890 303,983 27 DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 21 Credltors.. amounts falllng du8 wlthln one year 2023 Z022 Other taxation and soclal sec4Jrlty Trade creditors Other creditors Accruals and deferred income 3.747 51,406 86,634 523,669 4,709 312.663 45,891 433,384 665,456 796.647 IntludÈd In acerL*als and deferred IncornA is doferred incotTrÈ of r119.905 12022.. £211,5491 for rent and Insurance receivable relatinzto a later period. Z2 Pr¢wlsloDs for Ilabllltles 2023 2022 Support to Downside School 2.580.691 3,083.587 Movements on provisions.. Support to Down$lde school At l October 2022 Additional provSslons In the year other movements 3.083,587 197,104 1700,mOI At 30 September 2023 2,580,691 The land and buildings and investrnent properdes of thls charity, 3Ct as security for a loan whlch Oownslde School Icompany Number.. 11751009 and Charlty Number.. 11847001 h3V6 taken out. Thè amount due under thè loan was £2,431,740 at 30 September 202312022.. £2,383,587). The Tru$tee$ have agreed with Downside School and Barelays to repay the outstanding balance due as part of the comTnitment provlded by the Trust to Downslde School under the Separation AEreem@nt and referred to h note 30. The balante outgtandSnR has therefore boen provided for in full. Rèpayment of the loan (which reduces the amount of Downside Abbey General Trust's outstanding capltal commitment to Downside School under the Separadon Agreement) Is expectÉd to be financed by way of new medlum ierm borrowlngs secured against a numberof Downside Abbey GeneralTrust's properties frorn the Trust's porrfolio. Paytnent of these amounts wlll b@ funded out of the Trusi's reserves and from the 531e of certain investments. The provlslon Isexpected to unwlnd In full wlthln one year. -2B- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR TPtE YEAR ENDED 30 SEPTEMBER 2023 23 Retirement beneNt s¢hem¢¥ Oefined contrIbU￿On stheme5 The Charitv runs a delined cantributions scheme. Thè cost fcr the year reDre5ents the Charitrfs contribuknon5 to that scheme of £9,(Y)612022..£10,2791. At the year-end £1,07612022..£1,2301 was accrued in respect of contrlbutions to thi5 scherne. -29- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER Z023 Restrlrted funds The Income funds of the charlty Include rostrlcted funds comprlsln8 the followlng unexpended balanc&s of donthcns and granrs held on trust for specilic purpose5'. Movemenl In lunds Incomlns Resources Galn$ Lo$$8s Balance at 30 resources expend*d and Tian$fers September 2013 Balan¢• at I O¢tober2022 Eccleslastical Education Abbey Churth Extènslc Frlends of Downslde Oownslde School St Ved35t Fund other Funds 324,694 186,429 2,137 50,000 222,853 100.029 2.851 2,560 loo 119,4601 125,7891 7.495 5.370 315.580 168.570 2,237 150,O)01 125,7351 1,546 314 7,688 2,978 206,352 103.321 886.142 7,371 1120,9841 23.532 796.060 Prlor Year Movement In tunds In￿mIng Resou￿05 resources expend•d Balance at I October2021 fjalns, Losse5 Balance at 30 and Transfer5 September 2022 Ecclesiastical Educatyon Abbey Churth Extenslon Friends of Downside Oown$lde School St Veda5t Fund othèr Funds 229,973 206,741 1,919 110.296 3.767 218 15,1291 116.5961 110,4461 17.4831 324.694 186,429 2,137 50.000 222,853 100.029 50,000 3.980 1,539 248,157 102,763 118,5691 11231 110.7151 14.1501 789,553 169,800 140,4171 132.7941 886.142 The Ercleslasdial Educadon Fund provldes for edu¢ailon in England or el3ewherB of students for the Roman Catholic priesthood. The Abbey Church Extenslon Fund provldes for the extension, upkeep or repair of the Abbey Church at Downside. The Frlends of Down55de is a suppDrt group for the BenÈdlctlne monks of St Gregory's with Its central Hims to help them wlth thelr work in education, minlstry. scholarship and prayer. DOWn￿de School fund consSsts of a leqacy recelved that is to bo transferred to Downslde School. The St Vedast Fund provldes support to e5derly members of the cornmuTritv. Suflicient resources are held in an appropriate fomi for each fund to enable the fund to be app51￿ In accordan¢e with the restrlcdon. -30- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 25 Unrestrlcted fund¥- de51¥n4ted These are unrestrlcted funds whlch are materlal to the charfty's aCti￿tieS made up as follows.. Movement ITr fund5 Incomlng Resource5 re50urce5 expended 8alance at I October 2022 Galns, Los5e5 Balance at 30 and Transfers September 2023 Sundry Fund5 12.598 27 255 12,880 Prlor y•ar Movern•nt In funds Incomlng R950urcgs resource5 expended Balanc4 at I October 2021 Galns, Losses Balanco at aQ and Transfers September 2022 Sundry Funds 12.812 132 13461 Sundry funds comprlses of small funds for vari¢us purposes such a$5cholar5hips and bursaries. 31 DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 26 Ut)restrlct•d funds The Income funds of the charlty Include the followlng desl8nated funds whlch have been set aslde out of unrestrlcted funds by the trustees for specific purposes.. Movemont In funds Incomln8 Re50urc£s t50urcé5 expended Balance at I October 2022 Galns, Losses Balance at 30 and Transfer5 September 2023 General funds 18,501,462 1,491.579 11.378,6021 2.025.698 20.640.137 Total unrestrlcted funds 18.501,462 1.491.579 11.378.602> 2.025.698 20.640,137 Prlor Y88ras re$tsted Movement In ftsnd5 Incomlng Resotsrce5 re$ourte$ oxpended B8lan¢tr at i O¢tober 2021 Galn5 L055es Balance at 30 and Transfers S8Ptembai 2022 General funds 21.893.425 1.066.956 14,838.8681 379.949 18,501A62 Total unrestricted funds 21.893.425 1.066,956 14,838.8681 379.949 18.501,462 -32- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 27 Analys5$ of nat assets between lund5 Unreslrlcted Dt51qnatsd Rastrltted Total Fund bal3ncBs at 30 Septernber 2023 are represented by.. Tangible assets Investment properties 9.640.371 14,292.000 1711.5431 12.580,6911 9,640,371 14,292,0(Kl 97,397 12,580,691> 12,880 796.060 Provisions 20,640,137 12,880 796.060 21,449,077 Prlor year Analys15 of net assets b&ttveen funds Unrestrl¢tod DASlgnaled Restrlcted Total Fund balances at 30 September 2022 are represented bw. Tangible assets Investment propethes Investments Current a5sets}Iliabilitiesl Provi5ion5 9,951,957 12.152,371 1538,5851 19,306 13,083,587> 9,951,957 12,152,371 12,064 534 526.521 359,621 379,461 13,083,587> 18.501,462 12,598 886.142 19.400,202 28 Operailng IEast ¢ommltments Les$or The operating leasg represents the ￿ast of the premises to Down5ida School. The lease commented on 11 September 2019 and is subject to a Nve yearly rent review. At the repordng end date thè charity had contracted wlth tenants for the following mlnimum lease p3yment5'. 2013 2022 Withln one yea¥ Between two and five years 425.ot 425,000 425.000 425,OiX 850,000 33- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 29 Rèlaied party tran$a¢tlons Transa¢tlons wlth rellted partle$ During the year the charity entered into the followinE transactions with related parties.. 2023 2022 Parlsh prlests Parlsh expenses 2,500 10,334 25,921 25,921 12.834 The followinE amounts were outstanding at the reporting end date.. Amounts owed by re13t¢d Par￿e5 2023 Amounts owed by related partle$ 2022 Balanco Balante Nèt Net Parlsh prlest5 32 32 904 904 32 32 904 904 The above balantÈ Is due from DownsSde Abbey M1s55ons Trust. The assets ol Downside Abbey Misslons Trust are held 58parately from those of Downside Abbey General Trust. 30 ¢apltal ¢ommltments 2023 2022 At 30 September 2023 the charlty had capltal commitments a5 follow5.. Contracted for but not provlded Sn the Ananelal statements.. Commitment5 due to Downside School 403,913 As part ofthe Separafjon Agreement, Downslde Abbey General TNst agreed to pay up to £4m to Down￿de School. As set out In note 22, Trustees have made full provision for the liability due to Barclays for the loan to Downslde Sehool which Downside Abb￿ General Trust will repay under the Spparation AgreeFnent. Provision of th15 atnount, as well as a further Erant funding paid (note 81 reduces the amount of the outstandlng eapitsl commltment. 34- DOWNSIDE ABBEY GENERAL TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 31 h 8Angrated from operattons 2023 2022 Surpluslldelicltl for the year 2,048.875 13,295,598) Adjustments for.. Investment Income reeoanised In statementof fi'nancial activities Galn on disposal of tangible lixed assets Fair value gains and losse5 on investment propethes Fair value gains and losses On inv@stm@nts Deprecladon and lrnpairment of tanglble flxed asser5 1394,3761 1380.1841 14,1001 1379.9491 33.152 372.094 12,025,698 123,7861 336,710 Movements In worklng cèpltal.. Ilncrea5elldecrease In stock5 Iincreasel in debtors IDecreasel/increase in creditors Increa5e/ldecrea5el In provlsions 11.6701 154,9071 1131,1911 1502.8961 2,262 163.0641 211,301 3.083.587 Ca$h absorbed by operatlon5 1748.9391 1420,4991 az An•ly•l• ol In fuknds The charlty had no debt durlnÉ the year. -35-