Charlly Y•glstr•tlon numbo11158507 'Company reglstratlon numb•r 09124570 IEn#l•nd and Wales) DOWNSIDE ABBEY GENERAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 'AE08PA28* 1110412025 COMPANIES HOUSE A22 #243 DOWNSIDE ABBEY GENERAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru8l•es Rev Nlchola$ Phllip Wèts IAbbol) IConlroll•r ol the Trust) Flev Martln Joseph Hood R•v Mafe OavKI Brumw811 Plr Rich8fd Peler Bevan Ch•rlty numb•r 1158507 . Company numb•r 0912457Q Rt9ls¢•r•d offi¢• Downsldo Abbey Str8tlonvOn-Ihe-F059• RAOSTOCK BA3 4RH Audltor ML Au¢Jil LLP 4 aug•n Slr••l BATFI Smrset 8A1 1He 8•nk• Lloyd5 8Mnk Flc 47 Mlllom Str••l BATH Sornernol AI IDN Sollelioro Slone Klnp LLP 13 Qutvn aquorv Somtrrn•i 8A1 2HJ Invo•tm•nt •d¥l8or• BNY Mellon Ass•t M¥n•g•m•ni Llrnit•d Th• Bank of. New York Centr¢ 160 Qv&?n vktorlB streat LONDON EC4V4LA In•uranc• Brok•r Pl8 In8uran Poppiolon GarAg8 Low Popp18ton Lane YORK Y026 eGZ DOWNSIDE ABBEY GENERAL TRUST CONTENTS Tru8t••8' r•port In¢epend•nt aud110￿8 r•port 8- 10 Statsmentof Iln¥nclal actlvltles 12 ol ¢a$h IrM* 13 Nott$ to thè financw 8tatsments 14-35 DOWNSIDE ABBEY GENERAL TRUST TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THEYEAR ENDED 30 SEPTEMBER 202A The Iruglee8 present ihelr annual report 8nd Ilnon¢ial $tal•ments for the y08r èndèd 30 Sep¢ornb&r 2024. Tho finan￿81 gtatements havè bèèn pr$pArèd In aceofdanc& the ac¢ounllng pollcles $ot out in note 1 to tho fln8rtcl81 statemènts ond corrtpty wllh th¢ ¢hority'$ MgmorAndum and Artlclos. the Companies A¢t 2006 8nd "Accounting and R•porlln9 by Ch*rlll••.. Slol•m•nt of R•wmmonoed Pro¢1*9 8ppllc4ts18 lo ch8rbue$ prtrp8rlng thtrlr •¢¢ounls In o¢oord4nM wllh the Flnancitil ReporllrvJ 8thndard •ppJt¢abt• In lh• UK ortd Republk ol Ireland IFRS 1021 l•ff•¢liv¥ 1 January 20191.. Obj•et*vps and a¢livlt Th• obl•¢t• ol th• Chortly Inolud•-.- Any $u¢h ¢hgrltabl• purpo8• or puryJ0605 #pprovod by lh8 Controll•r as in Ihe oplnion ol tho Tru8t¢os 1$ or gr• condu¢lv• to tho adv•n￿ment or rnaifttenan¢• of Ihe Roman Calhollc r•ligwi. includlng:" Th• provbSon, m•lnt•n•nco ind upkn•p oTr.- ¢hur¢h•$ •nd ¢h8pe18 for the Roman Cafvll¢ Church and p¥rl¥b ro)rn¥ and halls In v)nnwth)n th8SO; Hou8es ol study. ¢¢ll•g?$ or ¥èmln¥rte$ for the édu¢gtloft #nd tralnlng ol prlesls and pefsons dejltous ol bo¢omln9 pr1051$ 01 lh• Rom8Tr Calhollc ¢huKh: an¢1 School$. eolkw and ¢du¢•tionAI 68tsbi4hmonts for lh• g•n•r•l ¢dU￿1[0D ol ¢hlkhrt ind oth•r por8on8. W• èlm throu9h thè work of th• Monaullc Cornmunlly to bo * lo￿1 e•ntre for Calhollc, Benedlcune Ilf• and lo b• 8 su8laingbt• ¢ommunlty. ObJ•cll In 8el¢lng our oblo¢Wv•$ and plannlng our aetl¥4U•8 w•, th• TnJ6tOo•, h•w 9lvon careful ¢on8lderailon 10 the Ch8rlly Commlg6ion'8 g•n•ral guldancg on publlG b8nefit and In partlcular $uppl&mgntory publ1¢ ben•fit guldanee on advanclng educaion. Our k•y obl•ctlv•o lor th• y••r In¢lud•d'. To conllnve to reflect on lh¢ best way to Ilva th8 88nedlclln8 Ilfè And Idenlify an •pproprloto locatbn: To ¢onUnug outreach and kYogr066 on the HLF fundgj Mon&8tlc Llbrary restoration proje￿., To promot• our woth8 •nd hl¥tory', To•••k to •hafe r•$ource6 and offor oupport to tho wldor communty; To lacllltole the qu•st for inlomiallon with be81 POSAihl• ffj8ource5,' To encouTrgè a culture of onooing philonthropic supp￿. To m•lni#ln our historie buildinu8 In 8 planned #nd off•¢iivè wsy., •nd To B￿k w•ys of Incre8¥lng In¢om• •fid r•du¢ln9 •xp•Ndllur•. Our Ellx¥•. strategy and Pollcle¥ rhe Trustees are rtrsponslblo for s¢IPin9 the 8lrategy and for achlevlng the obSecllves Ihey have sèt. Thg focus ol Ihè btral•oy is on d•vèlopin9 Ihe work of the K4onA8tfe Communlty. In Impl8mgnting our str8t•gy we: Inv8si In thè Infrastructure of the Twst Its propeni•s. Incluolng the At>b•y Chur¢h,. Enwur¥go interested parllos lo mAka ug0 ol règouree8 in th• mon85tsry Ilbrary: aTrJ Contlnu• to I￿1•W and d•v•lop ourtt•rfiag• ijuireach. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES. REPORT (CONTINUED)IINCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Our EU Down$ld& ADDey Qenernl TnJsi Is a chafll8bb trust whlch $èeks to benofil thè publle throuoh Ils s*a¢ed alms foT th• Monastie Community •nd thereby onhance the 8Piritual wèll-b&lnq ol v1511or$ ￿ the abbey church and Ilbrary. We are equal OPPOllunlllo8 oro8n1881ion end are commltted to o wtsrklnp •nvlronm•nt th•1 rf treo Irom any form or dl8crlmlnailon on Ihe ground$ ol coloui, ro¢¢, ethnlcity, fèliglon. è•x. s•xu•l 011onl•iion or tjlseblllty. We wlll m•k• r•8•ortablo &dlu8lments whor• poeslbl• lo moot lh• Th•ed8 019¢8ff who •rv or b•Gom¢ dlsatyled. Prot•rAl¢n of Chlldren and Vulnomble Adurts e arg commltted lo thé ttwJhesl standards ol safeou8rdln9 and 8e•k lo promote Ihg wellar• of thlldrnn and vulnorabl• •dulls In all our 4ndo•vourn, and o¥p•cl 011 IruJl8gS. 81aff 8nd volunto•r• lo #h•r• th18 eommllm•nt. We ¥ctlvely en9Ag• #nd coop8iat• with ond follow th& ouidance of the Roman C•thollc Oiocg?98 ol Clffton ond Plymouth. 8nd th• Catholk Saleguordlng Stsndard Agency. Followlng the I?￿re1￿)n ol the monasiic communmy to a houso In tho grounds ol 8u¢kfo$t Abboy, Ouf &•f•guardlng arranoements aro overno&n by tm 1nd8￿Md•nt 8af•guanllng commi88lon o18uckfa$l Abbey. 8trat•g1¢ rnport The de8Crtption under the hv•dlng¥ "Achlevtsmonts and PerformaThc8" en¢J "Flnan¢lal Review" méo1 th• company law requliem*nts for the INs198$ to pr88gnt a slr8t4glc res)ort. A¢hl•¥•m•n* •nd P•rforffl•￿• Govèrnan The Rlghl R•v•r•nd Niehol•$ Wotz, of 8•lmont Abbey, h•$ bten Abbot gln¢• 26 AugU•t 2020. The R•¥•￿￿0 Mgrc Brumw•ll nUnu•s •¥ Prlor lo 0s$l•t lh• AbboL P•storal wo The Monastic Communlly ￿nI￿nU•S to 8erv* Si 8trn4dl¢l'$ part$h, SlrAllon on th• Fo8•è IDloe•s• ¢1 Clifton), wh•r• Oom Mjrtln Gowmon l¥ tho Prlo811ft Charge. He also acts aB Ghapl4ln for the local Cathollc prlmary 6chool. Th¢ Monostic Archl¥e8 and Library 8r¢ •v811oble lor r8$•areh, vlslla ond •v•nts, wh•ro lh• Abb•y'# colloctions ar• exhlbll•tJ to a wleJBr oudl•nc•. Our t••m of •19hl••n volunt••r• conllnu• th• Impl•m•nt•tlon ol th• N•iion41 Lottery H?rll•g• Fund {NLHFI '8é8con of Loamlng, Pfolo¢l. mJnp9*d by DAGT at¥ff. The Tru¥t prolecty It¥ ¢oii*cllon¢ a¢Gordlng to Industry ¥l•nt18rds aftij W0th8 whh oipter orggnlsoiion$ to make its work moro widely known. W• were pleased to contlnue io bts a part ol thè Natlonal TrusVNLHF herltagts open dJy$ progrgmme. We ¢ontlnu8 to d•volop our partnerBhlps wilh the uni¥•r•iti•$ of 88th Spa, 8rl8tol, Outham and Ex•i•r, who8• 4tud8nt& And l•elurér8 aré •bl• to U8• our ¢olloellonJ lor ih•ir own work. oft•n publlsh•(I Ihrough the mons8￿¢ ¢offimunlty* lfvhoug• Aoumal, Th• Downsldo R•¥hw. Th• Abbey Offi¢¢ ¢ortlinu•# to dèvèlop and h•lp with wMr¢h. publlc4bon$. lectures and admlnlslration. In kgeplng with ourcore ¢h•rltsbl¢ ob￿cl$ w¢ are gble to publl$h rotevanl book$ and wovk8 Of th• Community 8nd others. The Oownsidfr R•vl•w. our qLIArtgrly m•ologleg1 journal. eontlnués lo b• publl8h•d and lold lo a l•fg• nurnb•r of In8UtUllons And Indlvldu418 throu9hout tl• worfd wllh thg aJglJlanr* of SAGE Publlcafjons. Members of the Mon881ic Communliy have contlnued thek pa51oral woyk boih on-llna and In ￿rgO￿, eondueting b8pli8m8, wedding8 and lun•rals and supplying In conv•nts and In lh• Dto¢•88 ol Plymouth whon n8od•d. We eoniinue to htssi a monlhly on-Iln• h••llng •eNK•, ond Al•0 lead 8 monihly MaB8 for h•allno wlth Iho QPPOrtunlty lar eonfé•&ion In lh• ehurch at u¢kfa81. 4• well os celebratlng Ihe dally mldday Mè55 In the chufch. Monks have led retreow Igr other monasiiG Gofflmunlllos, for Ihe Youno Cathollc N•￿trIk and m8mber¥ of the Monquehua Apo¥tollc Movement In partl¢ular. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES. REPORT ICONTINUEDI{INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Work in lh• Community Tho Trnsi make8 avallable land aaJo¢ont lo lh• Village H?11 lor u$0 by thg local foolball dub, 85 a pl$yoround for Iho vlllgQ• and for publ1¢ a¢c•6$. Tho Abbot Is ex olfitio 4 G0￿MOr ol Downslde School, wlth particular re8ptsn$ibillty lor oveo¢¢lng the Bènodithno and Ca¢hollc Oth08 In ¢onlunGtlon a Govemor4ppolnt•d by tha Blshop ol CNftoft. Th• church ha8 b•ort U89d for ￿nce￿ by • local ¢holr and tho adIa￿Tht Downsldo School, and the organ b r•gularty aod lor ory•n pra¢tico by a Io¢•i young org•nl$t, who h** a iaigè lollowlng on 80clal meLII8. Tho nelghbourlng Oown81*J• School ¢ontinu•$ to Y80 th• obb•y ch[t￿b for th•lr woekly Mq88 &n¢J hymn pracUc• and Iho lo¢#1 parlsh 81$0 usès lh• church for Svnday Ma¥a •nd a fgw Ilm•$ In tho W*#k. as w•ll 0$ for o¢c8$lonal weddM19s and fun•iolJ wh•ro a lar9or congr¢goUon 18 oxpo¢tg¢. Our oulreach on soclal medla h85 ¢ontlnued to grow. e¥pe¢ially on Inslagrgffl, ond wè conllnue to upload thè sounijlrack ol our dally Mass to Soundctoud, wngr8 many peopl• Ilslgn lo tho Ma$$. Ther• hav• glso boon regular mo•￿n98 of our oblo￿* *t Downslde, led by the Oblate Mjslef. Dom Jgmos Hood. On• of th• monks h•$ und•rt•k•n • gro8t deal ol carp•ntry work, rnpalr6ng and makkng church fvrnllum •nd often undart8*•s work th81 ￿1¢¥ comp¥n1•8 would d*clln•. In the post y•ar. •mong olh•r GommIs￿On¥ hè made èll•r r•lls for a church In Oorn•t Jnd MUS￿ •taDd• lor u•• It 8uckf#$l Abb¢y. Fuwr• Planj The Tru$t&ei Str• committfjd lo m•inlalrAng th• Inlr•¥lruclurg •nd bylldlngj ujgd by lh& Tw•1 on th• Down•ld• Jll• thnd nllnue Its 8••k to opan th• Ilbrnry w scholarn bolh 0Th41Th• 4nd In p•r•on, and t• •xplof• • ran9•ofposslble uses ol Ihg monA5t bulldlTrgs And grounds. The mona611c communlty Inlendi lo ¢ontlnue 118 oulrgach wlth dlffer•nt groups. beln9 4vqllabl• as r•tr•At 9lv•r• Jnd 6pe•kors. both oA-Ilne and In person. W8 also Int•nd ￿ eonlinue anLI oxt•n6 our obl•t• programme wlth cathol1￿ who wlsh lo de8p•n thgil I￿th by m•8ny ol 0 ¢gnna¢15ong with th• monastl¢ ¢ommunlty. R¥gulèr oays ol recollgcllon h•ve token pl4c• •t Down*ld• •n¢Jwlll oot)Ilnue lo doso, aa we 8e•k lo Incr•aJe aw•ren•s$ ofth• obl•ts IN• #fid lo •ngqg0 mor• p•opl• In thla a8pocl of 8enedl¢tlne Ilfe kn partlcJJlar. FundrnlalnB Fundralslng ha8 Iradlllonally not b&8n con81derèd a major In￿mIng r••ourco strfjam, but wo alm th ro18• Incomg by donAtlon¥ for the abbey ¢huth whBn usoo for ¥v•nlB and in 109a¢io$. W• ha￿ r¢¢ently launched a newsletter to raise aw•fan8ss of thè wot1( of th• Trnst and foster Èupptsrt. Fln8nGl41 ￿¥1¢W The fln8nclal stslements show net Incomlng resources for thè year for thè Trvst of £413.192 12023 ro$tat•d.' irteomlD9 £1,048.876). Incom8 from don•tions and l0oaeies for tho y•4r amountsd 10 £203,5?9 {2023.. £299.4671. Totol w8ourc•8 exynijod w8rg £1,711,664 12023- t1,499.5681. Overell ihe nei mov8ffteni of fun¢$ for the year was 8 5uFplus of £413.191 {2023 reslated". ¥urplu8 £1.048,87S}. N•t g•ln •n Iiiv•iJtm¢fity w•9 £TV1,47a 12023 rost•teo- £1,Q49,4641. The Trusfs bAIBnce Sheel as detsiled on page 12 Shows a salislactory position wth lund# totaling £20.862,269 (2023 w••tot•d.. £20.449.0771. The fin8nclal $tat•mgnt8 comply wlth ¢urr•nl atatu￿ry r•quir•m•nt•. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Post 51gnlng of Downslde Abbey Goner81 TnJst fln8nclal staiements for tho year er+ded 30 S#ptarnb•r 2023, It w•# identified that thew wa$ a lundamontsi error wlth th& val￿all0￿ report, for the farm land. provld•¢J by Coopef an¢ Tanngr LLP. Th• Valv>￿On of £4.85m. Included wlthln tho flnonclal 9tstgmentS. Wa8 ba$•d oft vacant possession but had been dl8Glo?•d In th• valu$Uon report a$ subjgct io lh• ex18tlng tenancy to ond In May 2032. The valuatlon r•port was $ub$eqLt8ntly f•8tsied 10 value tho f*m lan¢J al £3.85m stjblect ts th8 ¢xlstlng tenancy agrgorn•nt. W• wer¢ •tJv180d that the financial 81at¢menla were not defecliv¢ and so lia not requlre amending and refillng. bul the prior yoaf numbers would have to b8 restated to rollact thls orror withln the 30 Seplgmbgr 2024 finan(i81 stsi•ments. $¢0 Noie 31. R••of¥•• Nolos 25 to 28 to thè Iln8n¢lal statamtsnts show the assets Ibbllltle8 attrltsulablo lo th• varlous fijnds by ty￿ and also 8how tho vaiious Trusts of the Charlly and summarlsè lh8 yearfs movement on èach lund. Tho o8•N•s of the Chirfty •r• Ih090 lund8 tho1 •r• It￿lY av•ll•bl• tts bo ip•nt In pur•ulng th• ChArlly's oble¢ts. Th• Im8 r*s•Thfes ol lh• Charity 81 lh¢ flTr8nclal yoar end w•rg'. 2024 2023 th$ Y•itat•d Total ReBerv85 a¥ at 30 Septemb6r.' 20,862,269 20.449.077 Restricted Funds D•s*natfjJ FtJnd• Unraslrl¢lod Funds whleh eAyJld only bvj r¢8iia¢d by di&posing ol ihg fixgd a&*t8 held for thority us• 1856,8911 112,8671 {9,718,1211 1796,060) 112,860) 19,640.371) Frèè R•s•rv•g SwplsJ• 10,274,390 9,998.768 The Tru51eo9 regularly revlew th8 Ilnances, budgets ond spend 3gBinst budget log•lh•r wllh tho c•sh fflow an•ly81s a8 Part ol Ihe offtt¢llv• siewarashlp ol Iho Tfll81. Work 18 onooln9 to d•v•lop bu8in••¥ pl•n• •nd a¢llon8 thal proporfy fenect Ihe shape ol Iha Tw$1 $lnc• 18901 and flnon¢lo1 ••pJrat6on Ifom Down8ld• $sho¢Jl. Tho Twste&s recognls• ihat thè la￿1 of rnserv•# ftuciuat•i dur¢ng period$ ol Inv•8tm•nl and that arr•ngwn•nt8 or• In pl•ce with oui b#nk to provido facSlltl&$. Thè TWI￿09. 11ft8ftel81 plong lor.tr• lutur• aro to ramoln in 8urplvs and io hold an •pproprfot• l•v*l ol r988ry*1. whlloi ¢onsclou$ th•1 11 wlll tak¥ Ume io bulla up Juch res8Ne6. Underthe tarm8 oftha Sfrpafatlon Agr••m•n¢ wlth OownBid• S¢ht)ol. Oown$l¢J• Abbey Gengral Trust h•d 09rood to provld• e•rt*in finan¢l•l •upport to th• School, an aoraem•nt whlch ondèd In Docèmber 2023. A$ slaied In note 23 lh• Tru$te•$ provid•d In fvll for ropoymant of 8arcl•ys' IO•n lo DownBlde School (for whlch Oownslde Abbgy General Trust aclgd 4$ 9uaran￿rI, thereby ret1uclng thv amouni of Down51de Abbey General Trust's oulstsnding eapilal eommilment. The free roser¥es havè Increa88d to £10.274.390 or appromimalgly 72 months, h￿drooM at ¢urr•nt1ovels. The Tru$t••9 conslder Ihal givan th• stronolh of th• Chorlty'g balancè shetrt. tho stsble flow and th• •v4118bl• b¥nking laclllty Ihls 18 a¢¢eptablft At present. Imi•th•nt Pow• Tho Tru•le•s are permltl•d by th• t•rms ol th? Tru*1 O••d to m•k• Inv••tm•nt• In •ny mannor allowod by law. I￿￿￿*￿t Polley Tho Tru$leaJ' obl8cllv• l• to maximls• th• tot•1 Investment r•tum wlthln • eontrOll•d rl#lt fr•mework •Ubl•ct io c•rLg Inv•8tment and ethl¢#l re#trlGllon$. Wo ¢urrently hokl no Inv•8tm•nls. Oevelopments and Malntenance W• conllnue lo Invest In the esla16. completing work on A numbor of vlllooe rent81 properties. Work has also b•8n undertakèn on the Abbgy Visitors, Centra to enable tho $18ff employed by the Trust to r6looate thelr office?, lollowlng an agre8ment.wlth Downslde School that they may use the former monk5. refwtory and adlolning rooms. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT AND STrATEGIC REPORD FOR THE YEAR ENDED 30 SEPTEMBER 2024 Stru¢tur•. Govorn8n¢è and Manaaèmont Con5tltutlon Downsids Abbey Gener81 Trust, the Charily. 1$ 8180 known as Downslde General Trust and 1$ relerr&d to throughout thè nanci81 st8temonis 86 Ihtr TnJ$i. Thtt Trust Is a company Ilmlted by gu818nto4 constltul•d by It6 Momorandurn & Articl08 on 10 July 2014. 11 was T•9lJtBreL1 as a ch&rity on 09 September 2014. This ¢ompany 5upèrsede8 the former D¢)wnside Abbèy Gon8rbl Trusi Ichèrity number 2325481 which w88 formèd by Trust Deèd In 1934 and r•g(61erod •s • ¢h8rlty on 18 Fobruary 1965. All 85svIS 8nd ini6rtrsis w•r* tr•n¥f•rr•d to lh• n*w comp•ny. Thg trustèos, who arè *l$o iho ¢Jlr•ctOfg for th¢ PUfP088 01 eompAny i#w, and who #•fvèd durln9 y•ar w*ro'. Rav Nicma? PhSJlp Wetr (Abl￿1> (Controller of the Twstl Rev ma￿Tr Joa¢ph Hood Rev Mar¢ DavKI 8rumw•ll Mr Richafd Petor 8•von Downside Abbey General Tru¥t Icc no. 1158S071 la cheritable Companyl was appoinled the solo CO￿OratE tnJ5too ol Down¥ide Abbey General frusl Ipreviously cc. no. 232548. now 1168507-11 la iw311 by Charlty Commltsst¢n Schem• dai•d 04 Septembèr 2015. Thg Controllor ol thè Trust, bo￿9 th• Abbot of Down*id•, h•• •b8olui• d18Cf•tion over lh• appolntm•nt and r¢mov•l ot th• Twsteeg ol The Down¥ld• Abb•y Gen•rpl Truat. The number ol Trusiees shall be no fewer Ihan foLsr ancl no more than th¥•nty. H811 of thè TNste¢$ aro 8ppolnle(I by ihè Abbol and half aro elfjcled by th• Annu•l G•n•r•l M•oting of M•mb8r8 01 th• Mona6llc Communlty. In m8klng lh8 •ppoinlrn•nts both lh• Abbot and the Communlly considei th* ou8llflc8tlon8 and exp•rlen¢e of th• monk¥ and Ih•lr suiiablllly to act as Tnjslees. Now Trusteos an¢ othor potentlal appointees are brlgled by experfenced Truslegs about Ihoir rol• and ￿8￿0￿¥1b11l1(ts and couraoo are m8do a¥allable to them. Trust8es sra autfiods8d io cornmll UP to £2S0,000 oft any one Itgm Of prol#Gted expvndiiure. Prolect expenditur• In •xcesB of É250.000 ￿qUireS the approval ol tho Chapter of solttmnly profossed mombors of Ihg Mon8Jlic Community. The Trusleas of tho Downside Abbey Gener81 Trust #ro committed to high $tandar¢Js ol corporate gov•m8nce. Tho Truste•s ex8mlne the prfnc5po18ieas of Iho Trusvs oporotlono and rortsld•r tho major ri¥k$ fa¢•d lfi tra¢* of the$8 argas at th• b•oinnlng ol ••ch fin•ncl•l yfy•r •8 part ol the pl*nnSng pfoGes¥. In the oplnlon of ihe Trustges tho Charity has establlshod Tesourcos and review s￿leMS which. under normal cwdlllon$, should •llow these vi$k$ to bg millqaled to an accepl8ble levol In Ils doy lo day opar8tlong. Thè prineipal risk to tho fn4St 1$ tho financlal $u8calnability of Ihe monastery. partICu￿NY followln9 th• r•lg¢allvn of Ihtr mon&8UG communlly. Non-flnanclal rt$k$ ol material ¢onGtrm in¢lude Charlty Comml$$lon comploance ¥n¢ and hèallh and sAl•ty ri$ks. These risk$ aro managed by h8vlng robust poli¢le$ and procèdures in pl8¢L4. SVPPOrted by tel#v•nl Irainlng onL1 prof?Ftslono1 Ovlc•. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES, REPORT {CONTINUED)IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI FOR THEYEAR ENDED 30 SEPTEMBER 2024 The Chaiity ha5 some exposure to credit risk whlch It manages through robLtsl credit policiès. r8gul•r roviow ond enfofc*menl agalnst lee debtors. The TTU$t ho$ suffi¢ient re$our¢¥s to meel ils noeds. but Iher8 Is incro48ingly a ¥9gson81 Ilquldity ri$k $1 cortaln ￿rn•6 01 th• y•8rwh•n peak •xpondiiure and income oro not gligned. Th1$ Is monitored ihrouoh c•$h flow for8¢asting models. and we enjoy a p08itlve relationship wlth our bankers to ensure that the$e rlsks tlo not PO￿ a mAt•rfo1 threat lo tho Tru6t. Ab nolo¢J •bovo, th• Tru$t•ès alm to In¢fè8s• th• 11guldlty bulf¢r, which Is likely lo result in Ihe sal• ol non-In¢om• prc*ducln9 •$*•1a ov•r tho y•4r. All Trual••s 9lv• th•lr tim• fr•oly. •nd gxt•mg1 TruJt••8 who •r• not r•8ld•nl wvr• noi pold any irnvel •xp•nM$ durlng lh• y8*r. Conn•¢t*d Enlltl•$ The lollowlng charlU¢g art ¢onnaded 10 Downslde Abbey General TruJt.'- Downsld• Abb•y Ml8$lon8 Tru$l. Downild• Atybgy. Slralton on Ih• Fo•$•, R•d8to¢k, BA3 4RH ICh•rlty Number 2325501. Th• obov• chanty Is ¢ontrollèd by Thè Downsl¢Y6 Abbèy Gen•ral Tfllsl, Siratlon on tho Fosyt, Radstock, 8A3 4RN. I Char Number 11585071, b•ln9 an Incorporaied body ol Tru5t8e3. The assets ol Downslde Abbgy Mi$$lon$ Trust Bify h•ld ¥eparately from Iho$e of Down81de Abboy GeneTo1 Trust. 0owns￿o S¢hool. Slr•llon on tho Fo8••. R•dstack. BA3 4RJ (Chartiy Nurnb•r 1184700). &t*t•rn•nt tsliruJtee•' r•sponslbilltJo8 rhe trustèes, who aro also the dir•clor8 of Down8id• Abbey G•n•r•l Trusl for th• puootyg ol company law. •re reyponslbl• lor pieparlng the Trus￿¢8. Report and the finone181 stat8menl$ in accordance with applicable law and Unlled Kingdom Aoe0un￿n@ Stondards Iunltod Klngdom Genor¥lly Accepl•d A¢eovnllng Pme￿¢¥I. Company Law ¢¢quirgs the truate¢8 to pi•paro linon¢ial statements lor each flnanclal year whlch 0Svo a Iru• and falr view ot thè 8t&io of •ffalr$ ol th• chaflty and ol th• In¢omlfig r•8ourc•• •nd 4ppllG•tton of Msources, Inclut11ng thè Incomo 4nd •xpandiiiir8, of the charitable company lor that year. In prop4rlng Ih•s• flngTr¢L*l sl•l•m•nlg, th• tru•t•e8 •r• rwulod lo.. - $•l•¢t sultablo aecounbng poli¢l•• on¢ th•n apply th•m Gon$l$tenlty; . observo the method$ and princi￿$8 in the Chariists SORP.. mako ludg•m•nts and ••llm•t•8 tho1 or• r•awnobl• and prud•nl', - 8l&t• vthèther èpplic8ble UK Accounting sian(1ord$ have ￿*n ftsiiow•d, •ubject to #ny m#teribl d•p8rtur•$ al$c1069d and •xpl#in•d In th• fln•nci•l *t*t•mèrtt•'. •nd ptèpara tho finonci¥l $tabmeni$ on the golno conoem basls unless 11 1$ In#pproprlat• to pr•8um• that th¢ Charity will conunue In op8TJUon. The trus¢•e8 are feaponslble for keeplno adeouale aeeountino r•¢orda th•t diaelo#è with T•#￿nIbl• A¢cur•¢y At Ony tlrn• tha flnonc481 po¥ltlon of thè chthrily athd •nablo them lo ensure th81 tho nnanclal Jt•t¢m?n13 ¢omply with thg Comp8nles 20Qfj, They ere a130 responsible for $af8guaroing the 3SS•ts olthg chgrfty And hen¢• fortsk¢n9 reasonablg steps lor Ihe preveniion and deteclion of fr¥ud and olher irregulariiies. The twsto88 ar• fatspon¥lblp for th• malnL¥nanre an(J Inie9rily ol Ihe charlly and flnanclal Inlomaw)n Included on th charity's web511e. Leol8laUon in tho United Kingdom gov•rnlno th• prèp•ration and dissominalitin ol fln•n¢ial statemen may dilfer from legis18tion In other juri8dickn'on#. DOWNSIDE ABBEY GENERAL TRUST TRUSTEES. REPORT (CONTINUEDI(INCLUDING DIRECTOR8, REPORT AND STRATEGIC REPORT) FOR THEYEAR ENDED 30 SEPTEMBER 2024 Dl¥Glosure ol Inlonnauon to audltor ' Each of the trvstèès h3s eonfirniod th¥t 18 rio Infonnolion of whlch Ih¢y •ro ?w•r¢ whi¢h 18 felevanl 10 the audll, but of which the audllor is un8W8r6. They hove lyrther ¢onfimied thai they have tak*h appropri8ie steps to Identlly 6yeh relèvanl ififolmation 4nd to eslabllsh Ihal the Judiiof ¢8 awaie of.such. Infoimauon. The tru8taes' report, Includlng the stratègi¢ roport. was approvod by the. 808rd ofTrvst••s. R•v Nlcholos Phlllp Wttz (Abbotl (Controller of th• Trustl TftL8lee Da￿d.. DOWNSIDE ABBEY GENERAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DOWNSIDE ABBEY GENERAL TRUST Opinion W• havo audlted the nnan¢l•l ¥iBlemenls of Down85d• Abb•y G•ner•l Trusl lor the ye•¥ *n¢J*d 30 S*plember 2024 which compri8• the Slalement of Finanelol A¢llvlllo5. Ihg 8alan¢e Sheet. Ihg Slatgrn¥ni ol Cash Flow8 gnd Iho notes io Ihg flnanelgl stal8menl8, includlng stgnificani accounbng poli¢i05. Tho financial r8POrtln9 Iramtwork thai h85 been applled In Ihelr preparation is 8pplic8bl• law 8nd United Kingdom A¢counllng Stsndards, Indudlnu FlnBnci&l Repoibn9 Stsndard 102 Thè Fin&nci81 R&portiftg Slènd•rd •ppli¢•bl• In th• UK •nd R•publl¢ of ir￿8ft￿ IUnll•d Kingdom Gener4lly A¢Gepted Accounllng Practlcgl. In Our oplnion, the flnan¢ibl slalem6nts.' 91ve a true and fair vlow of the stats of the charitsbla ¢ompany's gffalr9 as al 30 SgPt¢mb¢r 2024. and of its incomlng reiourc•s and 4ppllc•iion of ¥e8011f¢•ll, In¢ludln9 It8 Incomo and •xpendlturo. for the year then ènded.. h•¥e btsen pn)perfy prepared In •Ce￿O￿nce wlth United Klngdom G?n•rally Ac¢epted Accounting PrBctlcè: and have been prgp•w¢J In 8eeordanc• wlth thè r•qulr•morl￿ ol th• ¢ompenl08 Ael 2006. 8111$ l¢r oplnlon W• conducto¥ our audll In accordance wlth Inlematlonal stsndards on Audlllng IUKI IISAS IUKII and appll¢•blg law. Our r0sponsibilitloa undor thos? $t¥ndards are further (Jescrlbed In the Autjiloffs r•spon$ibilili8$ for Iho audit of Iho financlal &lalemenls section of our rèport. Wo are Indèpendent of tho ch•ritMblo ¢omp#ny accordanc8 wllh the ethl¢ai feoulremen¢s Ihat 8r• r•l•v4nt lo our audit ol th? fln•nu•l 8tatement$ In th¢ UK. In¢luding lh¢ FRC'S Elhlcol S¢gndMrd, anrj we have fulflllerj our olher $ihScal responslt)ilitles In 8¢cordoncè wilh Ihose requir¢ments. We believe that Ihe oudll evldence we hovo obtolnod 18 svffld¢nt ana •pproprlo18 to provlde a basls lor our oplnlon. Condu•1¢￿¥ r•lrtlng to golng conc•rn In &udiUn9 the financlal 5taiemenis, we hava concluded that Ihe Iru8lees' u88 ol the going concern basls of accountlng in th• preparaiion of Ihe flnanclal slalements is appropriate. e•$*(l on the wort we havg p•rform•d. wo hav• not Id•ntlllèd any materlal uncortalniies relaiino to OV9nts or condllion$ Ih•t, indlvidually or colleclively, Inay c881 s*gnifi¢anl doubl on the charflable company'$ ability to continua as ¥ 9oin9 wncem for perfod ol 81 lea81 ty4elve months trom when the finandal $tatomento ar• 8uthoris#t1 for1$8Lr¢. OL4r f••pon8lbllltleJ •nd the r•8pon81bllllle¥ of thè trust•08 wlih r•spoct to goln9 COn￿M •ro d¥scrlbed In the r•lev•nl ¥•cllona Qf thbs report. Oth•r Inlorm•tl•n The olher Inlormalion compri5¢8 Ihe Infomiatlon Included In thé tru81¢&8' Annual raport, other thon the Ilnanclal 5tatemenls an¢J our audi￿r9 report Ih8r•on. Tho Irvslees ore rasponslble for the other inform#15on. Our opinlon on tha financial 8tatom•fits does not cover thè other information and, èxcept to the •xlgnl oth&rwi#e *xpll¢llly 8Lattd li) report, we do not express any romi of assurAn¢a eoncluslon thoroon. Our rèAptsn•lblllly 16 io r••d tho utner Informauon #nd, In ooino $0, con&ldor whoth•r tho other Informatlon l? mal?Tlally In¢on8lstent with the flnanclal $lalemofit$, or our knowledge obt8lned in the course of Ill• audlt. or olhenyise app8ars to be materially mi98teted. If w¢ Idontlfy Such mat8rfal in¢onsist8nclg$ or apparènt rn8teriai misstalfjments, W• 8r• roouired lo d9termina whethgr Ihl6 give5 rise to a material misstaiemèni In tha financial glalgments th•m*•lv•$. 11. b8s•d on th• work w• h4v• p?rfr•rmed, w¢ ￿nGlU￿# thoi th•r• Is • mai•rf81 mls$loternent of thls oih4r Information, we ¥ro r¢qvI￿￿ 10 report thai lact, We have nothlng to r¢port iri thig rtgard. DOWNSIDE ABBEY GENERAL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHE MEMBERS OF DOWNSIDE ABBEY GENERAL TRUST Opintoiis on othor matt•rs prescrib•d by the Companles AGt 2006 th our oplnlon. bo8od on tha w¢rk und8rlaken in lh• ¢our•¢ of our •vdit'. the InforMat￿ft Glven In the Iiustèès. report. which includes th• tW51oas' rnport prèparèd ftsr ihe purposes of mpany law. for th¢ finandal year for whlth Ihe financial Sta￿fflents are p￿pared is consfjstertt with thè financi01 Staiem$nts', and the •tr#tOg1¢ r•port •nd the dli•clor8' report indud•d wllhlft tho InJ#le•s' report have begn prepaied In ac¢ordance wlth applltabla legal requiromènts. M•lt•r• on whlch w• •r• r¢qulr•d to roport by •xc•puon In Ihe Ilght ol tha knowledge •nd undernianding of tho ch4rltabl¢ company end Ils •nvlronm•nt ots¢•ln•d In th• ¢our¥• of the audli. wo havè not Sdentlfio¢J mAtèrfal mls8tatom•nt8 In lhg trusto•s' r•port. We have nothlng fo r#port In respe￿ ol Iho followlng maitori In roliuon lo whl¢h th• Comp•nl•s Acl 2008 r•qulr•s u• 10 r•port io you il, In our opinlon.. adequate accounllng recor¢s have noi been kepl. or relum8 adéouat• for our #udit h4vo not ￿•n recolved from bAncha8 not vlsited by us.. or th• fln4nd41 st81omenls are not In •gr••menl wllh Ihg a￿l￿ntIng records and relum8', OT rtoln dioclosures 91 tru8tees' remuneTa¢lon $pg¢lfièd by law Jre not m8(1e', or W¢ hove not fecelved ￿1 thè Inlomiauon and •xpl•ngllons w• r•ouli• for our Aud￿. or th• Irust••s wef? nol gntill*d io prep•r¥ ¢h• fln4nclal glalomtrnt• In •¢corYJanco with th• ¥m•ll companlos. ffjglm• and lakè adv4nlage ol Ihe Small companles, •xemptlon In prnp8ring Ihè dlractorfs rwort. R••pon¥lbllltl•B of tru•t• AS $xpi#lnèd more lully In the tru$te¢$' r•spon•lblliti•s $iatom•nt s•l oul on p#9• 8, lh• ¢ru8tee8 (who •r• •180 the dlreciorJ of the chanlablè company for the purpo¥$ ol ¢omp#ny lawl are r88ponslble for the preparation ol the flnanclal Stslemeni$ and for belng Sail8neQ th8t thay givo B tru¥ f*ir vl•w. and for guch Internal control a$ Ihg tru$teg3 determlne Is ne¢•5s8ry 10 n*bl• tho pr•poration ol finonctal Blalemenls that are fro• from materlal rnls8latement, wheihor du& to fraud or error. In preparing the financlal ststement$. th• Irusto•s ar& responsible lor assesslng tha charitable company's Bbility lo ¢onlinue as a going concem, d18closlng, as 8pplScable, matters related to Golng concern and using the oolno concem t*8Si$ ol Accounting nl•s$ th• Irusl*e$ ellher Intend io Ilouldaie Ihe charltsblg company or to e•gs• op8rgtlong, or havé no realistlc 81temati¥e but lo do xo. Qthgr Matt•rs Th• Financlal •t8l8m•nt ol Down$i¢• Abbey Ger¢eral Trust for the yeor •nd8d 30 S•ptsmb•r 2023 w•r• •udlt•d by •noth•r udllor who expr•ssed an unqu•iifi•d opinlon on th04• Bthtsments on 26 M*roh 2024. 10 DOWNSIDE ABBEY GENERAL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DOWNSIDE ABBEY GENERAL TRUST Auditorfs responsibilltie$ for the audlt olthe finoncial $talem•nl$ Our objectives are lo obtaln reasonable assurance about whether ihe fin8n¢ial slatements 88 • whole 8re free from matgri81 ml8$tOt•m8nt, whother du• lo Iraud or ¢rror. and lo188uè en audStors ieport that Includ8$ our opinlon. R•ason4bl& 0$8Ufan¢• Is a high level ol assurance bui is not 8 9uar?ntee that an a¢Jdil conducted in a¢COfdanc8 Wlth ISAS IUKI will olways detect malerlal misslaternent when it exlsts. Misstatements cen arise from fraud or etror and aro congid8rgd rnaiorl81 if, indi¥￿uallY or in Ihè 8ggre9ate. thèy eould ré#sonabty be gxpoct•d io Inftuonce the 8¢onomlc dec181on8 of u8er8 taken on the ba81s of Ihg80 finoncial 8t•l•m•nl•. IriegJlarities. including fvaud. are instancos ol non-complianca with laws and r8gulatlon8. W* design procedu￿6 in Ilne wlth our iesponsibllitl•$, outlingd Abov•, to cletect m4todol ml8$t•tomenta in r£i¥ptrct ol Irr•gvlJrtUea. Inciudln9 fraud. The extsnt to whlch our procedure• are c•pabl• ol dot¢Ctirbq irragularlllfrs. Inolvtllng ffaUL1, 1• d•l8llorJ bolow. Oblalned an undeist8ndino ol Ihe naturo of the induslry and se¢tor, includiThg the legal and teg¢JlaiOry framework that the ch8rlly operatos In and how the Ghgrity is complylng wllh Ihelggal and rogulatory framwork., Inqutrrtyd ol m•n•g•mont. and those charged wlth oov•rnanc•, at)oul Ihelr own tdgniin¢•￿0n •nd •$se8smenl of the rlsk Of Irf•gularllJes. Includlnp known and aclual. $u$peGted or alleged In8tance3 of fraud,. Identifi•d l•st•d joumal •ntrios, In particular •ny journal enlrfes po8teiJ wllh unusual •¢t¢unt ￿MbInat￿On$. gnd m4it?r8 about non-compllance wllh laws and r•gulglloni and how fraud might occur Sndudlng 08sèJ$m•nt of how on¢ whero lh¥ finonci81 slatomontg may ba 8u•c•pliblts lo fraud. 8eGause of Iho Inhornnt Ilmlt8tlons of an •udlt. Ih•r• i• • rl•k th•t Wo will not d#l•¢t #ll Irr¥gulaYlli•s, Inclutjlng those leadlng 10 • mgt•tlal ml$8lAl•m•nt In th• ffn4noial 8tsiemtsnt8 or non-compliance wl(h regulallon. Thls rl$k Incro88es th• mor• Ih8t ¢omplian¢• wllh 8 14w or re9ulotlon Is rtrmoved Irom Ihe events and trans•¢tion8 rell?¢t¥d in th¢ financlal 81alemonts. •¥ WO wlll ba lèss Ilkgly lo b8com• 8war• of instonc•$ of non-¢ompliance. Th8 rl3k Is also greaier regardln9 Irre9ularltles occurilng due to Ir8ud lather than error. as fraud Involve$ Inlonlional Gon¢èalmenl. forgery, ¢ollu$lon. omisslon or mlsiepro8enl811on. A further descrlpllon ol our respon61blllt1•8 1& av8ll•bl¢ on th• FRC'6 w•bBll• 01.. on Thls deacription form¥ part of our audltOf'5 rèport. U84 of our i•port Thls report 16 madg •olely lo th• ¢h4rlt•blg ¢ompan*8 memb?r¥, 8¥ a bo¢Jy. In accordan￿ wllh Ch•s*r 3 01 P*t 16 of the Ctsmpanles Act 2008. Ouraudlt woik h8s been unO8rtak8n so thgt we mlghl slatè to th6 charitable company's mambèrs thos* mailers we afe r¥qvlreo 10 $tai& io thom in #n *udiloVs report and lor no othèr purposo. To Iha fullesl 8xl8nt p8mii118d by law, w•do not aecepl or assume r•sponsibility10 anyone othèr Inan th• th•rltabl• company and th• ch•rilabl• compÈny's memb#r• *8 • body. for our audlt wod¢, for th18 roporL or for Iho oplnlon• w• h•ve lorm•d. Tlrn Lenvlll IS•nlor8tatutpry Audi¢orl For Jnd ¢n b#hall of ML Audll LLP statulory Audltor BATH SomofS•t BA1 1HE 0410412025 D81￿............ io DOWNSIDE ABBEY GENERAL TRUST STATEMENT OF FINANCIAL ACTivmES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 UDr••tYlct•d fu￿d4 9en•MI Unr••trlel•d lund• 4•84gnat•d R•Btrl6t•d furtd• Toi•l 2023 Z024 r••tatod Not•9 Oonatlon$ •nd 1ogael•$ Ch•rftsble actiw"li•8 Mon8sllc income Inv8slmenl8 Olh•r 185,921 107,818 293,539 299.467 452,270 429.549 248,025 452,270 429.549 248,026 458.967 394,376 346,167 Tot•1 Incom• •nd •ndowmont¥ 1 315765 107618 1423 383 1498 977 R•l¥lng lund• Monas￿¢ 1,060.341 45.555 1,705,896 1,491,919 T•tsl ¢harlt•bl• •xp•ndStur• 1705 896 1491 919 Tot•1 to8out¢•* •Xp•￿d*d 1711664 N•1 g•ln• OD Invulmtrnto 14 7ry2.718 1131 11,232) 701,473 1.049,484 N•t movom¢nt In fund¥ 352.374 1131 60,831 413,192 1,048.875 Fund balaThce$ al i oacb•r 2023 19.640.137 12.880 798,060 20,449,077 19,400,202 Fuhd b¥lar*e•8 •t 30 S•pt•mb•r 2024 19,992.511 12,867 B58.891 20,862.269 20.449,077 The staloment of lknancial 8ctivrfie8 ineludes all gains and losses fKo9nlged In the year. l income and exp•ndilure d•vi¥e from conltnuing a¢livillo¥. Th• •t•t•m¢nl Oi fin4n¢lal •ttlvl¢l•• •lJL) oompll•$'wllh th• r•oulromont8 ior an ifi¢om• ont# •Jrp•n*Jltur• •¢¢ount undof th• ¢omp3nie$ Act 2006. DOWNSIDE ABBEY GENERAL TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024. zrg3 Notss Flxed a$s*ts Tangiblo #%8ets Inve$tm¥nt propertl•i 16. 17 9,718.121 13,468,595 9.640,371 13.292.000 23.188.716 22.932.371 CurMb)t a88•15 Slo¢k$ Oobto Invoslrnants .Cash ai bank and In han(1 19 51,520. 498.364 53,889 358,890 67.367 282,727 18 276.867 826,751 762.853 Cr•dbtor•: am•uNi• f•lllrtg #y• wlthln on• ye•r 21 1328.0751 1665,458) Nal curreni 8gs9t8 496.876 97,397 Tot•1 ••￿% l••• curr•ni Il•bllltl•s 23,686,392 23.029,788 r•dltors- amounts falllng du• aft•r mprn than on• y•ar 23 12,398,123) pro￿￿on• for Il•blllU 23 1425.0001 12.580.891) Net a8••1* 20,862.269 20,449,077 Irb¢om• fvnd• R83tricied funds 25 868.891 798.080 Designatod funds 12.807 12.880 Gan•ral unre$lrl¢t•d luftd8 27 19.992,611 19.840.137 20.005,378 19,853.017 20,862.269 20,449,077 Tho firtan¢(al atal¢ment8 were approved by the 6oard of Truslee5 ¥n4 authijrbsed lor 166ue ￿ ... 619n¢d on *t¥ behalf by.. R•v Nlahol•• Phlllp W•tz (Abbot Trustoo •ll•r of lh• Tw•ti R•¥ Davld BThrnw¥ll Twstoe Comp8ny R•9istratFoTr No. 09124570 12- DOWNSIDE AB8EY GENERAL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 N•1•• Cash Ilows Irorn op8raling actlv511•8 Cash absorbed by operauons 32 13.028,2931 1748.9391 Invo8ting •etlvltl•$ Purchase of langibl• fixed •6•6ts Purcha$9 of inv*stm•nt prop.erty Proce8ds on dlsposal of Investmont property Proceed8 on dl$POS81 of Oihar invgstmèn Invesknant Income R$t•fvéd 119.OE111 183.3481 212,000 66.122 {31,983) 1107,0731 495.005 429.549 394.378 N•t ¢ash 9•n•r•t•d Irom Inv••llng actl¥lti 604,642 750,325 Fln8n¢ing adl¥lll•8 R•p8yn￿nt$ ol loans and btrfrowing8 Cmh Inflo￿ lffjm new loan 16,2091 2,424.OfrJ N•t ¢••h g•n•rated from Iln•nclng •¢llvttl•• 2.417,791 N•t In¢M•s•lld•cr•a••l In ￿•h and ¢aih •qul¥al•Dt• 15,8801 1,386 Ash and ¢8sh oqufvalents at boolnnin9 of year 262,727 281.341 Caih and c••h •qulv•l•nts at •nd of ymr 278,867 282.727 13. DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢¢¥)unting poll¢le8 Chailty snlormation Otywnsid¢ Abb¢y G¢neial Tru8t13 b prlvate company Ilmlled by gu8w8nlee inrxywrgleil In En918nd 8rtd W810$. The regis1w￿01fl l¥ Down6￿0 Abbey. Strallon.on-Ih&Fo88e, FWDSTOCK, 8A3 4RH. Accounting eonv•ntion Thè financial s131ernents havts been preparod In 8c¢ordan¢• tha chariws Memorandum and ArtKg83. Ihtt cOm￿nI•S AGt 2006 and "A¢eouftbrtg and Reporting by Churilies.. Slatemont ol Recommende(I Pra¢iice 8ppli¢8bl• lo ¢h8th106 pfapBrtng Ihélr ocwunts In 4ccord•n¢• wllh lh• Fln•n¢l41 R•p>rUn9 $1ond•rd OP￿1¢•b$a In the UK and Republlc ol Irel?nd IFRS 102) leff•cllv• l January 20191". T*tseharfty Is 8 Publlc Beneth eniity 8sd¥flned by FRS 102. The nn8nclal stalements are piepar8d In slerf1￿. whi¢h ig Ihè lun¢lional curf•nw orth¢ Charlty. Monètsry amounts in th•s& fin*n¢io1 sialements arg rounded lo the neoro91 £. Th• fln*ndal ¥tst•m•nts h•v• been Pfopared under the hl8lork81 cost cJ)nvwllon. Thg Prtndpal accounting polides adopted gr• •¢1 out ty•low. 1.2 Goln4 COn￿rn Th• tN8t608 hav• rgvl•w•d Ilk•ly fulyr• d•vglopm•ntJ •• w•ll 0$ tn• ￿rr*nt nn•nd•l cllm•l• ¥￿￿1 r•m•ln ol lh• oplTrion Ihat there Is no reason to beliav• th81 thè eharfty will have lo cegse opw8bng #8 0 ￿sU11 ol Inadequate flnandal resource5. or ony olher foreseeable evonl, withln 8 p•rfod of al leagt 12 month8 ffom the date of lh8 approval ofthe5e 1J Ch•rlt•bl• fund• Vnre5trtle(I lunds are avail&ble lor u$& al the dl8¢rolion ol lh• Iru8l•e8 kn lurlh•rnnce of th¢lr ¢h8rti¥blg oblO¢llv•8 unl•tsB th• funds havg beon des￿nated fof other purp058S. 0081gnét•d lund8 comprlse lunds whlch have beèn s•1 a￿(1& 81 the di8crebon of th• tru#t•#J lor •p•elne pvrpoi$B. Th• purpo8•¥ and us•8 ol iha dgsignaiod funds are 801 oul In the noles lo th• attounl8. R•stri¢t•d fvnd$ 8rg 8ubleGt ts $pecific condllknns by donofs 8$10 how ih8y may b• uB•d. Tho purptsM$ Ond usè$ ol the rejlrfcted lund8 ¥ol out nolas ￿ the a¢coLtnls. Incoming r•••uic Income is re¢o9ni5eLI whon Ihe charily 1$ lepatly entitled lo it after Any p•rfomianco condilions hovo been mot, the amounls con be measuTe(I rellably, and it 19 probabl8 that income will ba rncglved. Cysh donallons afe i•eognls8d fecaipt. Olh8r don•lions Bre reco9nlsed once the ¢hority h8$ b￿ft nottfied ol the don8110n, unle55 perfomance GondiliDro teouire defeThal ol Y)e amunl. Income lax rocoverablt In rel8lK¥n lo donatlon5 recelvgd under Glll Ald or deods of covon3nl is rgcogni59d 91 th• bmg ol the don5￿0ft. L•o•¢l•s •r• r•eogni6•d on r•G•ipI tsr othon¥btr 11 Ihe chority has been notlned of an Impgndlng dlalrtbution. lh• •mout)l i• known, ¥nd Yec•ipl l¥ expected. Ilthe amoynlls noittnown, Ihe legacy is treated as 8 conllngenl 8gWt. C41 f*l¥gtlUP' 9riJiitOi lo r¢Gognia¢a wnen Ine cnad(y nas enbverrienl lo the funds, any perfo￿anCe condibons 8ttrzGhEd lo Ihe gr8nls hav$ b?pn mgt. il 1$ proba￿* Ihal Ihe Inc(bne wlll b• f￿1Ved ond Iho oThthtnt can be mea$ured rdlobly si noi ¢eferred. Inlerest on funds held On dep051t Is included wheh receivable and Ihe amovni Can be me•sur¢d relrably by the tharfty, th18 18 normally upon notificallon of Ihe interest paid or payablo by the bank. 14- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountin9 poli¢les Icorthuedj F•0$ r•¢•ivabl• and ¢h•rgèts lor sarv1¢•8 end use oFproml808 Ilfo accounted lorln th¢ period In whi¢h lh• sgrylce Is provl¢Jod. Fees recewable ar¢ slaied alter ¢educiing allowonc¢$ and 01hor roml8Jlons grèntod by the Trysi. R•SOur￿ •¥p•fid•d ExpendlluT• 1$ r¥cognls¥d on¢9 Ihew 1$ g legal or constructive obllgallon lo m¥ke a payment 10 g Ihlrd party, It 1$ probable that S8titement will b• reouw•d and th8 amount ol tha oblloèlioN Can tye m¢a$ured r•li#)ly. Th6 Iffocov¢r•bla •l•menl of VAT 1$ in¢lud*d withln Iho It¢m Of •xpons0 to whlch it rglales, Wh•ro an Itom of •yp•ndituT• l•119 dtr•clly wlthln on• cost ￿t•gOry 11 l• •tirtbvt¢d to thal c•t•gory only. Wh•r• oxpendltur• Involv•$ more than onè cai•g0ry 11 1$ apportlon•d on • rtrason•bl• ¥nd jtsstlfig>le b881s. FuniJr¥i8lng ￿&t5 *re thosè In¢urr•o In sèeklng voluntary eontrlbtstton8 and Includ• th• of dis8•minallno N)lom)allon In Support of the chariiable 8cliviti•8. Support costs th08• ¢OSti Incvrrod ¢Jlrecily In $upporl ol expondituro on thè objoct$ of Iho ¢harity. Governancè ¢08t6 8r• th08• In¢urr•d in conn•G¢lon wllh admlnl6traiion of th• charlty and complSanco with cot)stllutional and ¥tatvtory requirements. 1.8 T•nglblg Ilxgd •s••ts T#rtglbl• Ilxed assels ar? Ini14ally moa$ur•d al Go#1 •nd 8uboequenily mtsa8vred at ¢05101 valuatlon. n•1 ol d•pf•¢iglon and any Impalm)enl losaes. The Abbey Church and Monasiery èr8 ¢onsldoied In18gral to tho a¢tlvlllè8 ol the ehartty. Thls glves ri80 to diificultlos In ascertaining an eslimato of the c¢Jrrgnt cost ol constNetion o18n assel that hag the same seryice pol•nti¥l. A new sINcture could recreate 8 slmllar sized $oa¢e bui wouia not ro¢r¢41• tho unlqu•ne•$ ol thg 0rf9in81 buildln9•. No Inlormallon on or4pinAI cost 19 4v•llabl& and It la eon•id•r•d thet convenllon•l ¥•luaUon lechnlque3 would be In*pproprlat¢ and impraC￿¢8b1fj for buildlng$ of 5u¢h an age used only for r•llgloLrs purposos. Wllh Ihe age of th•so ulldings and a3 0 depreclaiJng a5Sèt ov¢r Ihat tlmè tna eurrenl caffying value at cost is deemed lrnmaterial. In Iln• wllh FRS102. cart•ln 8ub8equ•nt •X￿￿￿￿￿Jré lov•r £5.0001 on Ih•s0 bulldln99 has b••n ¢•pltall3èd on iht ba818 thèt tho oxpendilure ¢nhaneA$ lh• previouoly a$seo8ed 6landJrd ol performance. Is- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢¢ountlng polktes {ContInu Thé historical 8lm ol holdlng vlllage propentes was to provlda accommodation lor employees and fom•r employe09 of the Abbey and School.. a charitable usg. WheT8 a village property 1$ not required in the short lerni to be used for ¢harilobl8 purpos¢8 1118 r•nled 81 ami'g length lo a third party on èn o#surgd shorthold t•n8n¢y. Vill¥g• prop¢r(14YO identlfled &s 8uolu8 to chartiable roqulr•m•ni# ar• r•ela8gin•d •• inv••tm•nt prop•rtl••. Vllla9• prop•rtla8 wero rovaluo¢ by Strutt & Pprker. In OctO￿r 2023 on an open market non-vacant possesslon value b881• in ¥¢¢ordancg wllh the Royal Institullon of Chort8rèd Sur¥•yor8 Approlsal bnd V•luotlon m#nu81. Your Mov¢ an Andrèw8. both E81al• 8nd Lettlng Ag•nt$ mon•glng th• Oownsld• Abb•y G•n•ro1 Trusi Inv•stmenl Property portfollo. In O¢tob4r 2024 p•rfomed a desktop r¢vlew of Slfutl & Parker Oetober 2023 v&lual¥on8, egaln on an open marl(et non- Vacant l)OS68SSlOrt value ba$l$. Tho Iwstoes bellove th•t tho80 valuatlons org corro¢t •t 30 S•pt•mb•r 2024. Tb8 Monastary Libr8ry and c8rt&ln btslJdln98 1•8•¢d to Downsidc school hevc been ¢8p11811sed alan esllm8le. Th• b¢Dk# ara he￿ In th• Ilbrary under condttlons io ensure Ihe books ar8 pres•N8d. All oth•r l•ngiblo flx•d a¥MI$ ¢08tlng morv than £5,000 ore capits113ed. D¢pr¢clation Is recognlsed so as lo wrlte off Iho C431 or v4luJlon ol as$ats 1•88 th•lr r•sldual vAlu•• over th•lr u••ful vèB oft the followin9 ba￿$.. L•nd and buiK11ngs Flxwfe3, t)t¢lng8 & equlpmeni Molor vohicles 40- 190 Yeorn Straioht Lin• 5- 33.3% Straighl Llng 20% Stralght Lino Included wllh ffe•hOld land ana bulldlngg •re hou$• prop•rUe¥ •nd l•nd whlch Jre nol bèlng dèprÈclatod. .18- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢countlng polkl•¥ IContinu•Jl There is B ro115ng proorammo ol malntenan¢e and repali leh8rg¢$ fot whi¢h am mAde lo the profil and loss accounts) sueh thbi the vlll896 propertl85 are reialTred al Iheir pr¥vlously asses$9d Standard ol performan¢o. Con6eoueniiy Ilie u¥&ful onomlc Ilf¢ of Iheso bulldings is exiended, and Ihe esiimglod r961du81 value at the end ol Ihelr useful •conoml¢ liv¥• l• noi moteri&lly diffef•nl liom the orlglnal costs. Therèlor•. no deproci¥tlon ehBfga IB mad• on lh• 9round8 il would b• Imm8terial. PaIn￿n9$ and relwlou¥ ort¢f8cts aro malntsined in Such 8 state of repolr Ih9t tholr estlmated iesidual volue Is not less than thelr carrylng 8mounl and Inu$ thè annu81 charoo for dgpr&c54lion is tn51. Annual Impalrmenl revl¢ws of fro•hold bulldlng$ •nd r•ll9lous 8rtel8ct$ wlth on exp•cted Ille Ormo￿ man SO years ano of house propertt•s h#v8 boon ¢8rrl•d out in accord8nGe wllh the reqtsiremen15 dètailed In not& 1.8 balow. So lèr the$ hbvtt conflrmod Ihal tho 80Thlcfj potenUg1 ofthoso ès88ts femaln$ vndlmlnl$h•d. Th• g•in or l?•• ari$ing on Ihe dl8poJ•l of In a¥*ot IJ dotgrmlnttd •s tile dSffer•nc• bets¥een Ihe 8alo proGoeds and tho rrylng valu• ol th¢ as8Ot reco9nlsed In net In￿melle#pendknjre) lor the y•ar. On th• IA8t day of the a¢counling p•rlod In 2015. o•rt•in •o••1• w•r• tr¥n•f•r¢•d from th• unlncorporaled ¢harlry (O tho IncorporAlèa charlty. Th•$• •s¥•t$ w•r• tr•n•l•rmd •* Ih•lr Nql ValsJ• ai Ihe dale ol transfer. Depreclaiion h48 b¢•n ealculat•d in lino wllh the charlty's depreclallon pollcy, based on th8 orlglnal ¢osI to th• unlnGorpor•ted chtyrlty ana tsKln9 Inio account the remalnlng useful Ille of the8e a$s¢i$. Inv••tm•nt prop•rtl•• Inv•6tmgnt propety. whleh 14 prop•rty hold 10 •arn mn￿1$ andlor lor capiial approcl8tlon, Is InltJ•lly r¢co9nl8•d at eo$l, whieh includes the purchase c06l end any dlrecuy altrlbutable expendilure. Sub3equenUy It 18 measurtd 81 lair v81ue 81 lh• rnportln9 ond ¢at8. The #urplus or daficli on revaluauon IG reco9nlsed In proflt or loss. 1.8 Imp•lim•nl of flx•d *•••t• Ai each reportlng end dat•. lh• ¢hgrlry r•vlow8 Ihe ¢•rylng amounts ol Ils langbble assets 10 d91•nnlno wholher Ihor8 19 any Indlcatlon that Ihose assets h8ve suffered an impalrmént loss. 11 Any such in¢Jication oxlsts, th• recov•rabl• amount ol Ihè 8ss•I i¥ •sllm•tod in order lo del•mlnts th• ?xl•nl ol lh• impoimiènf lo$$ 111 any). RoCQVor4blo •moynl lo th¢ hlgtter ol lalf value less coyts lo $9114nd valuo in uB8. In 8sg•ssin9 v•lue In uge, lh• ￿1￿m81•d fu￿re cash nows aro dlscounted to tholf pr8s•nt valuè u$lng a pre-lax ¢lscounl rote Ihai rènects ¢urMnt markèl a$$•ssm•nts ol lh• timo value ol money oftd Iha rlgks specific to lh¢ asset for Whl¢h Ihe 06timaiè$ of ILt*ur• caBh Ilow$ hav• not been If tho recov6rable Bmount of an a$sot is gstlmatèd to be lo$$ than It$ ￿rryIng 8mount. th• ¢arrylng 4mouni of the as￿1 Is r8duced to its recovgrablo amount. An Im￿l￿m¢nI108￿ IJ reGognS$eiJ immedlately In Incomgllexpenditure forth• year. unl?85 tho r*l•vani ass•t 1$ caM8tt ai a rovaluod amount. In whl¢h ¢4$9 the Impatrment 10$$ 18 trgatod as a ￿ValUatIOn decrease. Re￿gnised impaimienl losses ￿￿ reversed if, and only il. the reasons lor Ihe impaSrment loss havè e•asod to apply. Wharo on imp•i¢rn••t loSB Sub8¢q￿onI1y r*vwr¥¢$, itt# 8mouni ol th• assei Is Incr88¥eO 10 thg revi5eO esiimaie of i¢s r•cova¥Dblo gmounl, bul so that tho IncroASed catyn9 amouni ocea noi exceed the carrying amount inat woulo hav¢ bo•n d*t•rmin¢d ho¢J no Impalrment Ioss been recognlsed for the 868•1 In prior years. A rover3al ol an imp•irm•nl 1088 IJ recognl8e¢ Immedlaièly. unlo6$ Ihg rolovgnt 8Èsg11g carrlod in al J r•valy•d 8mount. In whlch c8Se the rav8fSo1 of Iha Impalmienl loss 1$ tre?teLI as a fevaluabon increose. .17. DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 AG¢ountlng pollcles Icontlnuodl l.• Sto¢ks Stocks ar• stat￿ At the low•r of cost •nd •8tlm•t•d ••lllng prlc• l•*• eo•ta to Compl•￿ and 8011. Gost ¢omkMS•8 ¢lm¢l mDterial¥ •n¢J. where Sppllcable, ¢Jirect18bouT Cosis ond those ovetheads that have b&en incurrad in brlngSng the sttsGk4 to their preseni locatlon an¢ condllfion. Ilgms held fordlsiflbuiion at no or nomin81 consrdoration ar• measuted the lower ol replaGemgni cosi an*J cost. Net ièallsablo valuè Is the ostlmated selling price le88 all estlmate¢J costs ol ¢ompletlon and ts)$ts to be incurred in matheling. ¥¢lllng ond dlstrtbullon. 1.10 Cash and c•$h gquiv•lents Cash And e88h equlvai•nts Inclu¢0 cajh In Jiand, depositD h•ld ai call wilh banks, othef $hort-iemi Ilquld Investmènts wllh prfgin41 m•lyrltl•• of thre• m¢JnlhB or i•u, and bank ov•rOraft8. 8ank over(If#ft8 8r8 shown wlthln borrtJwlng• in current Ilabllllles. 1.11 Flffi•nGlal In*trum•nt• Thg charlty has 01oet*d to opply th* provS?ion8 of Sectlon 11 '3aslc Fln4ncl•l In8trument8' S•¢lSon 12 '0th•r Finan¢ial Instruments I#$u¢8' of FRS 102 to all 01118 financlal Inslrum8nls. Flngn¢lMI Instrum•nls ar* reeognlg•d In the ch•flty'$ balen￿ $he•l wh•n the charlty becomes pafty lo tho contractual provbsions ol the InstNmenL Flnandal •J3ets and Ilablllde¥ af• offset, wlih the not Amoun18 pre*•nt•d In lh• fin•n¢i¥l ¥t*t•m•nlS, wh•n th•r• I 100olly •nforc•ablè rioht to $et off the rewnised amounts and thor• ¢8 an Inthnlion tc* 80ttlè on a n•1 bo•19 or to roall¥• th• •#•ot $ettl• lh• li•tyllty 3lrnuManèOUSby. Oajlc ffnancl•l•ss•ts Basic financial assets, which inclutJe dabtors, CBsh #nd bank b•ianc04, Inlti•lly mtra8urgd Ul tr•n88cllon prlc• Includlno trgn$8c¥on c06ts and Of& $ub8oquently ¢arrl8d at amort16¢d cost uslng Ihe •ffecllve Initrro81 m•thod unl•$s thè AfTanè•m•nt constllutes a financlng tran$•¢llon, where the transacilon Is m9a8ur•d 91 th• pr•8enl valuo 01 th• luture recelpls dlsc¢unled at a m¥rk¢i ralg ol Interest. Financial as$el$ classified 8s rncelvable wSthln ong y•gr or• not amortised. 8aslcllnan¢l•l Ilabllltios 8?sic financial liabililles, including ¢redltors and bank loans ai8 iniually r•cognised at transaction price unless the •rr#ng•mènt COn$litule8 a fifi8n¢in9 tr•n$o¢Uon, wh*rè the debl Insirumenl Is mea5urea ai the presènl value of th• fulur• paymonts ¢Is¢ounted at e marf(el rate ol Inleresl. FlnancSai Ilablllil•g daÈ$lfl•d al pAy8bl• wilh¢n afi• y••r •r• not gmorti$ed. Debl lnslrum•n￿ are 8utys¢quenlly Carrled al amortised Gosl. usln9 the efteciivo Ini&r•$i r•ie melhad. Trada crèdilors are obligationg to pay for goo¢Js or servlces thai have been acqulrad in Ihg orrjinary course of op?r8llon$ from 5uppll¥rs. Amounts payablè afv classsfiBd a$ current Il¥blllleg if paym•ni Is du• wilhin one year ar less. 11 not, they are presentad •8 non-currènt Ilabllitles. Tradé ¢fodltor8 8ro re¢ognlse(J Initially at Iran6aCllon p￿ce #nd gubtequenuy measured at amortlsed cost uslng lh• èffactlvg intèr•#t m•thod. Dorncognlllon of Ilnan¢l*llablllli Finan¢lal Ilabllitles are dececognised when the ch8rlty'$ ￿ntraCtual obli9alion$ oxpira or are discharged or cancelled. 1.12 Taxatlon Tne trust. belng a registered Charity. Is exempt from sny taxation wilh tho e¥ctrDtlon gf Valu6 Aorlod Tax. 18- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting polioes leontinuedl 1.13 pr1>￿544)n9 Provistons recognis&d whèn the eharity has 8 legal or con8trucUve preseni oblloatlox #s a f•suIt of 8 past o￿nI. it Is probable thal Ihe charity will be required ￿ $elUo that obllgation and a raliab18 1381imato cart b¢ made of th* amount of the obllgalion. The amount rerA)gnised as è provl$lon Is the best 8$tSmate of tho ¢on$¢dero1ion requlred lo $etit* th8 present obllgallon at the feportlng end dat¢. taking into account the iisks and uncgrt•intltrS guirounding the obligation. WheTts the effeGi ol lh• tima value ol money 1$ m#i$rial, the amount exp8et8d to be requirnd to 88ttle the obllgéiion Is r•¢ognlsed ai Pf&sent valu•. Wh•n a piovision i¥ mea•ur•d 91 pr•¥onl v4lue, lh• unwlndlng 01 th• dhcount l• r•Go9nl•¢d aa a IlnanGe cost In n•t Incomoll•¥p•ndlluro1 In tho pèriod In whi¢h 118ri89¥. 1.14 Empl•y•• bonefts Tho cost ol any unu$•d holld*y •ntlll•m•nt il r•co9n5••d In th• In whl¢h lh• •mploy•a's VJTvIG?$ #re reGelv¢¢J. T&mination b&n•fit$ are r¢cognl¥ed Immedl8lely 8$ an exp8nso when th8 charlty li d&mon$trgbly ¢ommitt•d lo t•mlnalo the employmonl of gn •mploy•• ar to provldè t•rmln•tlon b•neflt$. 1.1S R•¢ir•m•nt bgnefft$ P8ymènt8 to definod contribution rotiremant benefit ¥chomgs chargéd 8$ an expens• #B th?y f¥ll duo. 1.16 Lo4s•s Rentals p?y8ble under opèrating lèas•s. induding ¥ny lea¥0 in¢enti¥es receSved, ale charge¢J as an expensa on ¥ •troi9ht Iln¢ bag1• ov•r tho tem) ol the relevgnl lease. Rental incom8 from operaiing leases 1$ Ye￿gnISed on a sirai9hl line b8$is over the lern ol Iha rslavant l•as8. Inltlal dlrecl coslg Incurr•d irt ne9oi¢Bting ond arfonglng an operatlno 18a5e ar? addeo to the Carr￿ng amount of lh• leagad ••5•1 #nd r•¢o9nlMd on a 8tralght Ilne ba515 over tho 1?rm. 1,17 For•lun •xehango Transacifjon¥ In Curreneles other than poui)¢Js sterfing recorded at the rat05 of exchange ￿¥¥111￿9 at the d¥1•$ of the Iren8actlons. Al each reportlno end dale, mon818ry asseis ènd liabilltiès that are d8nominat•d in for•i9n ¢urroncl•• a￿ ￿translated 31 the rales prevallin9 on Iho rtportlni ehd data. Ggins and los*t• arlglng on translallon ore Includod Sn n•1 ineomellexpendiluro) for the perfod. Crltlcal accounung ¢$Umat•$ 4nd Judg•m•M8 In the appllcatlon of the chartV$ a¢covnting policies. the truslee¥ ar? rgqulTed to rnak8 ludopm•nty. •$tim•toi and 9¥8umption? about the carrying amount of assets and Ilablllties that are not ￿1*Y11Y appafont from other sources. The •sUmales and a$soc181ed assumpiions are based on h161orf￿1 èXP8N•neo 8nd oth•r faclors th•1 ar• congld8r•d to b• r•1•¥•￿¢. r•4iull¥ rritiy utiior Irom iii¢ar ¢JumJie3. The e51imales and underlyino 8ssumptions afè rgvSèwod on 4n or*going ba¥is. RgviJion¥ to ac¢ounUng e$Umal¢s are rocogn198d In the p•rio¢J In whlch Ihg 08tlm•t• 16 rovi$•d wher• iho rthslon aff?cis only Ihat wrtod, or In th• pèriod ol tho r¢vision and fvlure periods where the revlslon affects both currant and perlods. 19- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Critical accountlng •¥timates and jud9om•nts Icontlnuod) K•y ¥ouK•g ol ••tlni•tlon Un￿rt¥l￿ty Th• tfU81•v6 u$• th¥lf knowl•dg0 ol tho Charliy an¢J th8 S¢hool 80CtOf io esiimate tho useful 1110 and ra8ldu•l valuè ol tan9ible fixe<18s$8ts In order to arrlvè at an appllcablo deprorAatton ratè. In accordancè wsth section 17 01 FRS102, th• Iru?tee8 review ano upaaitt inese esllm81es If there are Indlcaiors that cuttent o$timèles Bhould ehano•. It mU8t b• nol¢d th81 th•re 18 inheront ufi¢•rtalnty with th¥s• 08Urn•t*$ 88 f8£tOf¥ ¥u¢h as yne¥pecte¢J wear 8na itar. tschnologleol thdvan¢emont and changeo In m*¥kot prlce may r*sull In fuwre ch8noes to the approprlate raié ol depre¢i8tion. Dtsn•tlon• ond1og•¢i•• Ufir••trl¢thd R•8trfct•d Tol•l Tot•1 fvnd8 1024 3023 gen•r*l Oonallon8t gifi8 Jnd leg•¢188 Gr#nt In¢om• 101,784 107.818 209,402 218.501 8.526 6.926 2.152 Other 77,611 TT.811 80,814 185.921 107,818 293,539 299.467 For th• y*•r •nded 30 8•pt•mb•r 2023 294.580 4,887 299,407 Ch•rltsbl• •cllvlth* 2024 202) Ch•rlt#bl• r•nto15ii¢om• 448,124 439.765 Olhor income 8.148 19,202 452,270 458.967 -20.- NoTEIRYNéIPKh￿YsfRkE1Is1&¥hI NUED) FOR THEYEAR ENDED 30 SEPTEMBER 2024 5 In¥e$trn*nts Unr•8trl¢ted Unrestsl¢ts"d R•61ri¢ted Totsl 2024 Total 2023 fund• general th$1gn•ied Rental Incom Oividends trom Invastments Ilsted on a 42S,538 423.538 383,760 rectsgnlseo Stock ex¢Aong8 Inieresl rec8ivabl• '2,51'1 429.549 429.549 394,378 For th• y••r •nd•d JO S•pt•mb•r 202J 391,885 27 2.484 394,378 8 Oth•r 2024 2023 Oiher Incom8. 238,367 8,658 2.032 284.135 Hefitg9e asB4t &8108 246,025 346.167 For the y•ar ended 30 Sèpt•mb•r 2023 346,167 AS expi8lned In more detall In noie 1.6. Ihg charlty holds heritage assets with a £nll ¢arying v81ug. Therefore. all of the procpe05 recelved ale ￿¢0￿nIsed as aain on the sal8 of h•rilago as8018 Wlthin olh•r inC¢Jmo. 21 DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL'STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30SEPTEMBER 2024 Raising Funds 2024 2023 Fundr•i$ino olh*r ¢0gts S.768 7.667 5.768 7,067 Grnrtts p•yabl• 2024 202) Oownsld• &hool 425.(WJO 262.500 Grnnl¥ lo indfvlduaL* 915 2,021 425,915 264.521 Tho Tru8lees hovo agreed to make a grant of £425.000 i.e. tho ¢quival?nt ol on6 y8ar'8 rent. to Oown$ide School for the S¢hool year 1¥1 $opl&mbor 2024- 3181 Au911¥120Z5. Thls has been fully Q￿VIdeo for 4$ 8hèwrt in Nolo 23. .29- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 308EPTEMBER 2024 Charltsblg a¢tl¥hl•• 2024 2023 siaif cost8 62,407 91,781 Oepffjclaiton and knpalrmant 339.402 336,710 W•if•r• 59.113 81.718. Pr8mlsg$ 221,870 259,772 Support 247.789 326,102 L￿rt Ihl•r••t 187,062 1,117.423 1,078,083 Gfant fundlng ol actlvllle# (see note 81 Shor• ¢1 govqrn#n¢• ¢opl• lJ•• nol• 111 42S.915 284,521 162.558 161.316 1.705,B96 1,491,919 Anatyils by lund Vnr•8irl¢l•d fun¢$ . 9on*r#l Reslr¢cLad funds 1,860,341 45.555 1,705,896 For lh• y•8r•nd•d 3.0 S8plèmb•r 2023 Unre6trlclod funds gon¢ro1 1,370,935 R•$lrlct•d lund• 120,984 1,491,919 Truste•s one 91 th• Iru8toeJ loi any prr¥on3 connecieo with Iheml r8cglvgcl any Tumunèralion or benefils from the chadly durlng thg year. No trustgos ware relmbur80d •xpen8e8 during the y¢ar12023:£niii. The Chaflly piovides board and living expens•s for th• Trustees who ore Monks of Oownslde Abbey. DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 30 SEPTEMBER 2024 li Support & Govèrnance costs $ypport GQv•m4n￿. 2024 2023. 81*1• ol •llo¢•llon CO8ts 81eff ¢0810 141,738 141.738 12t,624 .Audit fèes 20,820 .20,820 24.494 Governan¢8 Leobl •nd prol8$ilonal 5.197 Gov8rnanc• 162.55e 162,558 151.31S An#Wd b•lw••n Charfl8bl8 adlvlty•S 162.558 162,558 151,315 in addltlon ￿ thé au¢Jlt cosls shown above and In¢iud•d within itt• •XP•n8•B of lh• Trusl •ro f•¢fy p)y6bl* to Ihe iudSior for olhtr servkes of £nll12023.'£5.1971. Th9 Tnjst 'has 18gal Ilablllty Insurgnco that cov•rg the 1Sabilily of th.e Tw51ot$ up lo & limli 01 £1 mllllon. The premlunls pald lor th1$ eovor w•r• £1.13512023..¢1,1351. 12 Taxallon Th• chqrityls •xtrmpl Irom thx on In¢ome and oalrts ljlllng withln secilon 505 01 Iha TDx88 Acl 1988 or 4•¢tltsn 2S2 (>1 th• Tèxaiion oi char9eable Galns Act 1992tO Iho extènt U)at the86 ar8 appli•d lo Its ch8rOtabl8 objeGts. -24- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 13 Employ• Numb•r •f •mploy••• Tho •v*t•g• monthly number of employo•9 durfng Ihe ￿ar was.. 2024 2023 Numb•r Numb•r Volunl•ry Pffjmlses 8uppo Employment costs 2024 2023 W8o¢s and salBrie5 183,414 191.534 Soclal so¢urlly ¢osls Other wnslon ¢0¥18 11,524 12,775 9,207 9,096 2Q4,14S 213,405 Wllhln employment cosls shown above are £141,73812023'.£121.6241 In retstion lo 90￿Mon¢• cost shown In nol• I l. Thg rempinin9 amount Is Included wllhin Gharilablo 8¢1ivilie5 on note 9. Ther$ wero no 9mploy￿S ¥¥ho8• annual r•mun•rttllon w•8 £60.000 or mor•. InGludod tn wagtss and salarte3 are terMIna￿On beneriis totglllno £nil12023..Ènill. 14 Ntrt galnslllo$s•s1 on Inv•$tmeni8 Unr•slri¢t•d Unr••trt¢led R•5tdct•d Totsl Totol lundg general lunds deslgnaled I￿￿* 2024 2023 09 r•otal•d Ir*v¢p•lm•f71¥ 11,2321 11,2451 70Z.716 23.788 R•valuallon of Inv•sim•nt pffjp•rllg• 702.718 1.025,698 702.718 1131 1.2321 701.473 1.049.484 For the year end•d 30 Sopi•m)Of 2013 1.025,698 255 23,531 1.049,484 -2S. DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Is Flnandal Instrumen 2024 2023 Carrylng amount ol fin•fiel81 #$8•tg Debl Instrumen￿ rn8asw•d al am01￿88(1 cost 271,258 146.217 Inslruments measured at lair valvg Ihrough prorrt or loss 67,367 •rryin9 amount ol Iln?nclal IlalJllltl•i Me•sur•(l at 4mor118￿ ¢011 2,722,319 881,709 11 T•ngibl• fix•d *•A•t• L•nd and buildlnos Flxiui•i, fittings & equipmènt Motor ¥•hlcl•g Al 1 October 2023 Additions Tran$f•r Irom Invo$lm•nt pry)p•rty AI 30 S•pt•mb•r 2024 10,820,412 l.S92,709 19,e81 28,015 12,241.136 19.881 395,066 12.85S.883 395,006 11,01?.47 1.812,390 28,015 0eprocl8tlon ahd Imp*mont Al l Ociober 2023 Doprectalion chargod In the y8gr Trbnsfèr to Inv•8im¥nt prop8rty AI 30 Sgptembor 2024 1,947.445 248.037 2,40S 2,191.077 642,550 87,816 10.770 5,749 2.600,765 339.402 2,4051 730.168 18.519 2,937,782 C•rryino ¥mount AI 30 September 2024 8,B24.401 882,224 11,498 9,718.121 AI 30 Sept•mber 2023 8.872.967 950.159 17,246 9,840,371 17 In¥•*lmont property 2024 Falr v*luA At l October 2023 as r98tate(I Addlbons through 8Xtemal 8cqyl¥itron Tr8nslwB to Lond and 8uSldin9¥ Disp)S￿$ Nat gAkns or los$•• through f•lr v•lu• adlustmonls 13.292.OCKI B3.34B 1397.4711 la12,1)Qg 702,718 AI 30 Sept¢mbgr 2024 13.498,595 DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 17 Inv•$tm•nt prop•ty {Contlnuodl Investmerbt propèrty comprises of farm buildings, forn1 lantl vill89e .propertieS identified os $urplu$ Lo ¢harftsble requlremenis and are shown at market value At the b8lan¢t 8h6¢t ¢Jale. The propertles coniinue to be rented durlno Ih? y••r. Tho lalr vgluo 01 the lami land Ind bullding3 18 ba$è¢J on Cooper and Tanner LLP'S assèssmèni In O¢tob•r 2024 ot ￿1h￿l these assets would havè béèn worlh al 30 S8plgmbar 2024. They are not eonnécted with the cha¢ity. Cooper and Tanner LLP 1$ 0 m¢mbor ol Th* Cènlrel A$$o¢lallon ol Agriujltural Vgluers. Tho valuat￿n wa• mad• on ?n op¢n markel valu* b861$ by fo￿Ten￿ to m¥rk•t eVIden￿ of tr8n$acllon prl¢g9 lor ilrnnar prop8rtles. Post slgnlng of the Oownside Abb¢y G•newal Trust financlal slat8meni$ tor the y99T en¢Jéd 30 $9piemb8r 2023, il was Idonlified Ihal Ih¢r¢ was a fundarn8ntal 8rror with the vBlu0t￿n report for Iha larm land PTovidod by Cooper and Tanner LLP. Th• valuallgh of £4.85m, IncluOe¢J wilhln ihpj nnanclèl stsiemefits, was basèd on vacbth possèsslon bul had b•en disclosèd In iho vqly815on r*port 83 Jvbh•GI 10 11)¥ eil$iino l¢n•n¢y du• lo *nd In May 2032. Th• v4lu&lion r•port W98 •ub8oqu*nlly restated lo value the farm Ignd 81 £3.85m subjtcl to tho oxljlin) l•n•ncy ogr•èm•nt. We w•r• 04Yvlsod thal the flnanGl•l tat¢ment$ wer¢ not dof¢¢tlve ¥n+y $0 dld Aot requlre 8m¢n¢Jlng Bnd ronlln9, tsul tha pdor year numbors would havo to ty6 8l•t8d 10 r•ne¢l Ihl¥ orror withkn Ihe 30 Septomty¥r 2024 fifioncial stalern•nt•, •e¢ Nol¢ 31. The falr valu8 of the vlllg9e propertlos 18 bagtrd on Your Mova and Andfews. bolh Lfrlllno Aggntg man•¢lng lh• Down$ld8 Abbey General Trust Investmfjnt property porllollo. B5569smenl In October 2024 of what Ihèse a81•18 would havè b•en worth at 30 Sgpi•mber 2024. They aro not cofin¢¢tvd wlth th• ¢harlty. The V•lueiiDns werts made on an open m•rkat valug b•$l$ by rof•ronce to market •vidence of tran¥acllon prlce5 for slmllar proport19$. Curr•nl •ss•t Inv•stm•nts 2024 2023 unlist￿ Inv*¥lm•nt$ e7,367 8todr• 2924 2023 Flnl4hed goodg •nd pood$ lor 108alo 51.620 63.869 20 Oebtors 2024 2023 Amounts fallin9 due wlthln one year.. Trgde debto 1.460 269.789 227.115 1.008 145.458 212,424 ot*trr Prepayments and accrvod Incom• 498.364 358.890 DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 21 Credrtors: amounts falling due wlthin on• year 2D24 2023 Oth•f laxa￿On and 30¢1¥l $•curily Trade credttors athar craditors Accruals 8nd ¢J¢16rrod In¢9rne Bank loan 3.880 12,953 4,002 287,572 19,668 3,747 61,406 66,634 523,669 328.075 665,4S6 Included in atcruBlJ and deftrrèd In￿m0 19 d•l8ifed Income 01 £229.941 12023., £219.gOSI lof l•fil 4fid Iniur#n¢• re¢eivable relatin9 to a laler perlod. 22 Cr•diior•: #mounts f•iiing du• wft•r rnor• th*n I￿• y••r 2024 3023 8ank loèn 2,398.123 2.398,123 During March 2024, Downside Atsbey General Tru$1 look 'oul 8 loan lo Ihe value.of E2,424,000 Iroh) Lloyd8 to r•Day Iho 88rclays loan on behalf ol Downsld9 School. 9$ pr•¥lou8ly providgd for within nolo 23.'The Lloyd* lo•n 18 s•cur•d by JIJ inv•stmont prop•rtiè# from tho Downside Abbey G?n•r•l Trual property portfolio. Tha loan h85 8 i•im ov•r 5 ye•rJ, •1 o fix•d rate of 7.23% lor Inillal 2-yèar pertod *ndln9 on 28 M8rch 2026. At th¢ gnd of the terth. the loan 1$ io bo repald In full or roflnonco apt**ft• wlll bo •XPlo￿d. Th• 4g•ln9 01 Ihe b4nk ￿1n fg11s to ty• ropold •$ follow8.. 2024 2023 Due wllhSn ono yoar Oue wllhln on8 10 ￿ars Due wilhin two io fiv¥ year 19,668 19,668 2.378,455 2.417,791 .28- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENOED 30 SEPTEMBER 2024 ProvS•lon6 for Ilabilit4•• 2024 2023 Support to Downs4d¢ School. 425.000 2.580.691 Movementon provlsio Support t¢> Down8lde School At 1 Oclotser 2023 Addition81 prov¢slons in the y•ar Olh9r movem¢nls 2.580.691 42S,000 2.580,891 AI 30 September 2024 425,000 As p8rt ol tho S•par8llon Aqr•em•nl. Downsld• Abbay Genoral Tnt?* 89f•8d to pay up to £4m lo Down31do Sthool. AI 30 Sopl•mb•f 2023. th• ouljlandlng c•pii•l ¢ommltmenl £2,SBO.691. Tni$ wa$ Mtugd durlng the y••r by w•y of o grortt paym•nl ￿ Downsld• School of £141,951 on 29 Nov•mb•r 2023. and lurlhwr by. Iho £2,431,740 OownJld• School loan 118blllty duo to B•r¢l•y• e•nk baifig pokl by Down$ld• Abboy Gtnor•l Tru¥1 on 28 M•r¢h 2024. Th• f•p•ym•ni of th• 88rcl8ys loan was Achleved by taklng Out a now loan, of £2,424,000 Is9• noie 221 from Lloyds Bank, Th• inveslm•nt properties of Down8ide Abbey General Tfu$l aGt a8 89curlty for thls new108n. Sop*rgl•ly, during Spiing 2024 Downside SGhool requeJi#d lurth¢r lln•n¢lJl support. lor th• S¢hooi yo4r 1 S*pl•mtsor 2024 31 Augtsyi 2025. eoLtlvalent lo 1119 annual renl of £425,000 which wa$ Attgpted ond agro•d by the TruJleea ol Downslde Abbèy Gen•ral Trugl. This h8s be*n fully provided for by Ihe Tru31ees. P8ym¢nl of th•s4 #mounts will b• fund•d oul ol the TNol'8 r••¢rv•$ and from th• •Jle ol ¢ert*lrt Inv•8im•nts. Th• provl$ioh 1$ •xp•¢l•d tts unwind In full wllhln OTr• year. R•tit•m•nt b•n•llt •oh•m•• D•fin•d ¢•ntributiort $¢h•rn•$ Tho Charity run# o dellned contdbullon8 Scheme. The cosi lor th• y•4r, rnpr058nts the Ch8rlty'8 tontribulions tts that 8Gh•m¢ of £9.20712023.. £9,096). At thè yoar-•nd È1.18212023.. £1.0761 wo? accNed In reJpe¢i of conlflbution$ 10 Ihls 5eh8m•. -29- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENOED 30 SEPTEMBER 2024 25 Re8trict¢d fwids The Income ftsnds ol ihe ¢harlty Include reslrfcte(l fvnds compl1￿￿9 Iha follrNing unoxpondèd bal3rKe$ ol dona￿On& and >ranis h•ld on Irv$t lor $pocifie purpose$'. Movement In funds B*lan¢• at l O¢tob•r 2023 Gal L05••• Jnd Tr4n81• In¢omlng i¢•¢ur¢•• ReKwrce• •xp•nded 8alane• •t 30 S•pt•mb•r 2024 ecdesknststsl Educa￿)n Abt¢y Churth Nave Fund Fri8nd$ ol Down5kle Oro•n Re)1￿¥t￿ St Vedast Ftjnd Other Funds 315.560 188.570 2,237 99,878 3,267 213 4,280 12,3771 116,9311 13921 1281) 412,689 1S4.825 2.450 206,352 103.321 125.3591 1888 14031 11561 180.590 102.277 796.oeo 107.818 145,5551 17,2321 866,891 Prl(¥r Yojr Mov•m•nl In lund• 8al•ne• •t 1 Ociob•r 2022 •i•nc• •13fj 8•ptomb•r 2023 In¢omln9 ourGg8 R•6¢)urc•# Etxk)sioslcal &14Kati Abbey Church Fund Frtend8 of Down$Kh. OownsKle School Sl V8dAsi Fund Olhor Funds 324,694 186,429 2,137 60.000 222,853 100.029 2,851 2,560 119.4fj01 125,7891 7,495 5,370 315,580 188.570 2.237 150.0001 125,735 1,546 314 7,688 2,978 206,352 103.321 888.142 7,371 1120,9841 23.531 796,060 Th• Ecc[•6iasllc￿ Edu￿11￿n Fund provkl*$ lur ¢duc•iion tn England 4r •ls•wher• ol $ludents tor thg Roman Gaihdl¢ pl•Sth￿￿. Th• Ab* Chweh N•v• Fund provld•¥ for Ihe •xl•nslryi. sjpkeep OT f¢palr ollhB Abbey Church 81 Dry￿￿109. The Friends ol Downside is a supp(Kt gn)up lor the Bgnedicline rnonks oflhe Abbey of St GwDry tha Great, its ¢entral alms b9hg to holp Ihem wllh Iholr work In edueal￿n, minislry. sthol•r5hip ond pray•r. Organ Re*oraUon Fund provldg$ lor tho f¢siof81ion woth required to th& Comffi Organ Iwated wltho1 the Abboy ¢h41rch at Q¢)wn$ldt. Oown•ld•School I￿l¢One1$1•d of 81*9acy f•celvod that wa6 transferred lo l)ownslde School. The Sl V8das1 Fund provides Support lo memb8f5 oFth8 wnmunily. Sufficient resourG95 are held in 8n approprl8ie form for oach furtd to •nable Iha luhd lo be épplled In accordance wllh the rastricuw. .30- DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 26 Unr••trl¢l•d fund8 -d•Jl9nat•d Th8s• ara unr•8tricted funds whtch are m8teri•l to Ihe charity'8 Èeb¥it18s mad8 up as follows.. Mgv•rn•nt In tund• Balanc• •t 1 Octob•r 2023 IRcomlnq Galn•. L￿•¥ BndTrnn•fv Balane• *130 S•pt•rnb•r 2024 wienthd Sundry Fund 12,880 1131 12.867 Prlor Y•af Mov•mèh¢ in lund• B•l•nc• *t I .O¢tob•r 2022 Incomlno r••oui¢ Oalnb, Lo88e• •nd TrnMf•rn •xp￿d•d 8•p¢•mb•r 1023 Sunory Funds 12.598 27 255 12.880 Sunary lunds cornwts￿ ol Jmall fur￿5 for varloLtJ purp)ses such as schdarshlps bur4811•&. 31 DOWNSIDE ABBEY.GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 27 UThrvstrlcted f￿d5 The in¢om• (unds of the charity includ• Ihè followlno d•slo.natad hjnds which have b89Th 8¢1 ¥$lde oui of unr8slrtcied lund6 by thè tNsiées for Spec￿lC purpo$vs.' Movement In lund$ 8oIAn¢¢ at 1 OGiober 2023 Incomlno R¢sour¢es •xponded Balaft￿ ot 30 S•oomb•r 2024 •ThJTransf•rn Gon•ral Funds 19,640.137 1.315.TOS (1,666,109) 702,718 19.992,511 T¢*¥1 unrestrlct•d 19,640,137 1.315,765 11.866,1091 702,718 19.892,S11 Prlor Y••r a• 1•8tated v•monl in lund• Balonce It I October 2022 In¢omlng ro•oure•$ ReBourc•s G￿(*, L089èS •ndTr*n•f•r¥ alan¢• al 30 Sept•mb•r 202J Gon•ral Fundg 18,501.482 1,491,5T 11.378.802 1.025,898 19.e40.137 Toi¥l unr•$trfcted fvnd$ 1,49?,57 11,378,602 IB,501.462 1,02S,898 19.640.137 DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 28 An•ly•h a•••l• ts•￿•￿ lund• Unmgtrlcted .D￿lgnalttt R•strlct*d Fvnd b818nces at 30 SepiÈmber 2024 are r6pre88nied by.. Tanglbl• a$s*tg Inveslmènt proporties CLsrrent assetsllliabllities) Provis#)nwLoan$ 9,718,121 13,468.595 1351.4141 12.842,7911 9,718.121 13,488.595 518,344 12.842.791) 12.867 856,891 19.992,517 12.867 858.ft91 20.862.289 Plloi y••r a$ r••tst•d Analy•l$ pf n•1 a$$fyts b¢rw•en fun0$ Unrn$M¢t4d D•51gnated R•strlct•d T•tsl Fund bAloneos 0130 Soptember 2023 •rn represented by.. Tanglblo a$sot$ Inve8tm•nt proportlv? Curoni a?•etyllllJblllllBJI Pffjv151on$ 9.640,371 13.292.000 1711.5431 2.580.691 9,640.371 13.292.000 97,397 2,580,891) 12,880 798,080 19,640,137 12,880 796.060 20,449.077 The operntlng lea8e repfesonl8 the lea80 ol thts premlses to Downslde Scltool. Th&.18ose ¢ommeneèd on 11 Sept8mb•r 2019 ¥nd Is sutylecl lo a five yearly rgnl review. At 11 SoPtemb8r 2024. 51was agre¢d that the r8nl revlèw would be postponed by 12 monlhs and Downsido Abboy General TfU8t would prov¢de Down$id¥ School wllh 0 9rAni of £425,000. s¢e note 23. th• èquiv81onl ol ono yo•r's r•nl for lh• School y•ar 1 sap￿mb•1 2024- 31 Au9u$1202S. At thg reportln9 •nd djlt the ¢horfty hod contracled wllh tenanis for th8 tsiiowlno mlnjmum1•8•• poym•ftts: 2024 2023 Withln one year 42S,OOD 425,000 8elwevn Iv40 and fiv• y•ars 425.000 425.000 DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 R•lated pary tran$aetions Tr•n••¢tion• with r•l•l•d p•rtl•• Ouring thè yoar th• charity ontgre¢J into the followlng traDs8Ctlons wilh rèlated paffj'es: 2024 2023 Parlsh prtos Parl8h expenses 550 17,474 25,921 18,024 25,921 The foiitrwing amountswero o¢Jtslandlng Rt th• rep)rtlng oro dat•.. Amounts ow•d by rnlated partles 2024 Amoun1• ow*d by r•lai8d port1•6 2023 B•1• N•t Balan N•t Parlsh exwn#•a S6 32 32 32 The above b8lance Is duè from Downsld& Abboy Ml8sionJ Trusl. The a•set$ ol Oownside Abbey mLI￿on5 TruBt •f• held sèpardlèly trom Ihosa of Oownstde Abbèy eenorel TruJl. 31 Prlor Y••r 4dlu•tm•nt As notèd wltiitn not8 17. 8 prlor year 8dluglm•nt h98 b•8n r85ged wlth ¥e98rd8 to Inv•slmenl. Propertles as a r¢3uli ol lundamont•l •rror with th• v•luotion r¢tport For ih* f6rm land provlded by cooper •nd Tanner LLP. used ¥s a bo91s to kY•ntify lh* Form'$ fa5r ¥•lu• •t 30 SOP￿Mb0¢ 2023. Th• ortgln•i v•lv8llon of £4.85rn wa) based on v8Ganl 905sesslon bul had b80h dl$c1088d In Ihe valuatlon report 95 3ubje¢l lo Ihe ex13tlng tenancy due to end In May 2032. Tha valuatlon reportw•$ $ub6equonlly reslaled lo value the farffl lano ai £3.85m sublgci to the •xisllng lengncy agr&emenl. As a f85uII, 8 £lm rodu¢lioft was ffjade lo Inve8lmenl ProP&rtle8 lo bring Its• Farm lo it'o fair ¥8lu• and Itt• rov*lual¢on goln r•¢ts9nlB#d In th• 8lalemtrni ol Fln8rt¢1•l AGllvlty •• et 30 Sepl•rnb•r 2023 ha• also bo•n r•duc•d by £1ffl. Thg comparatfjve flgures as at 30 Sopl•mb8r 2023 havg omend•d 8¢cordSngly •$.Follow$: A• pr•¥lo￿￿•t0IQd PrloTy¢ar •dJu¥knent AS regiat•d Inv88tment Propoty 14,292,000 11,LW,0001 1,000.000 13,292.000 UnrvJlri¢iea Funds 12Q,640.1371 119.640.1371 Tol•l 16,W.1371 {0,3411,13n DOWNSIDE ABBEY GENERAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 30 SEPTEMBER 2024 Cosh gtrnorttedfrom 21124 2023 a• r¢8tatsd Surplusll¢Je17citl lor Ihe yeqr Adjustmenis lor. Investment income recogn1￿ In $￿t￿nent ol ttnandal ath"villes Falr value Igoins> and lossos on Inv•8iment pfop&rtl•$ Folr value Igalnsl ond on Investsnenlg O¢pr•cl•tlon and imp•lrm•nl of t•nglbl¢ fixgd a8901• 413,192, 1,048,875 1429,54UI 1702,7181 1,245 339.402 1394.3761 11,025,698) 123,786} 338,710 hAovemoni$ in worklng ¢apito1'. (Iner•88•yDè¢rts#s0 In siocKs line￿0$9)10¢¢rfr•$g In debiors IOe¢rea6eylncr•aso In cr•Llllor5 Increa3ellDocrea$el In pro¥l8ion8 2.249 {139.4741 1357.0491 12,ISS,6911 11.6701 154.9071 1131.1911 1502.6961 C4•h 4b•orb•d by op•r•16on• 13,028,293) 1748.939) Atl Octob•r 2023 A130 S•pthmb•r 2024 33 An4ty¢1o of¢h*no•• In n•tfithd•lldèb4 C••ll IIOW4 C8sh at 8ank and in h8nO 282.727 15,8801 276,867 Lo•rt• f•llin9 du• withln on• y••r (19.6681 119,8681 Loart$ falling dug aftor mor• Ih•n one year {2,398.1231 (2,398,123) 282,727 12,423.6511 12,140,924} -35.