2020-10-31-accounts - Buckfast Abbey Trust (Held Icw The Religious Community Of Benedictine Monks Established At St Marys Abbey Buckfast, Devon)

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			Page
Reference and Administrative		Information
Trustees' Report
Independent Auditors'	Report	to the Trustees
Consolidated Statement	ofFinancial Activities
Charity Statement ofFinancial		Activities	12
Balance Sheet			13
Consolidated Statement	ofCash Flows		14
Notes to the Accounts			15

			Unrestricted	Restticted	Endowment	2020	2019
			Funds	Funds	Funds	Total Funds	Total Funds
		Notes
Income and endowments	from:
Donations and legacies			129933	3 981		133914	902,S95
Charitable activities			459 740			459,740	569,050
Other trading activities			3?20,846			3 720,846	5,047,S74
Investments		3	933,861		6210	940,071	S84,672
Other		le	3915,401			3,915,401	3,556 281
Associate - share ofnet profit			1251.659			1,251,659	1,028 608
Joint venture - share ofnet profit
Total income			10,411,440	3PSl	6/10	10,421,631	ll o89380
Expenditure on:
Raising funds		6	3,S75,252		2,013	3 877,265	4,124,33S
Charitable activities		7	6,022,241	14,05S	92	6,036,391	6,261 726
Total expenditure			9,897,493	14,05S	2.,105	9ol3,656	10+86,064
Net income and net movement		in funds
before gains and losses on investment			513,947	(10,077)	4 105	507,975	1 603316
'Net gains/(losses) on investments			2,696,775		(5580)	2691 195	1424 245
Transfers between funds			(366376)		366 376
Net income (expenditure)	and
net movement in funds			2,844@46	(10,077)	364+01	3,199,170	3,027,561
Reconciliation offunds:
Total funds brought forward			73 001 598	1,961,64S	7,522,122	S2485,368	79,457,807
Total funds caned forwatM			75,845,944	i+51,571	7,8$7,023	$5,684,538	82,485/6S

		Unrestricted	Unrestricted	Restricted	Endomuent	2020	2019
			Funds	Funds	Funds	Total Funds	Total Funds
		Notes
Income and endomnents	from:
Donations and legacies			129933	3 981		133,914	902,895
Charitable acti~sties			482,137			482,137	612909
Investments		3	2 535,398		6,210	2,541,608	2,743 820
Other		le	3 663 644			3,663 644	3,556281
Total income			6,811,112	3@$1	6,210	6,S21,303	7,815,905
Expenditure on:
Raising funds		6	244 052		2,013	246 065	221 946
Charitable activities		7	6 066 3SS	14058	92	6080,538	6,391941
Total expenditure			6/10,440	14,05S	2,105	6+26,603	6,613,$$7
Net income and net movement		in funds
before gains and losses on investments			500 672	(10,0?7)	4.105	494 700	1202.018
Vet gains.'(losses) on investments			2 696.775		(5 5SO)	2 691 195	1424,245
Transfers be@veen funds			(366376)		366376
Net income (expenditure)	and
net movement in funds			2,831,071	(10,077)	364+01	3,185,895	2,626/63
Reconciliation offunds:
Total funds brought forward			61985,620	1,961648	7,522,122	71,469390	68,843 127
Total funds caned forward			64,816,691	I+51,571	7.887.023	74.655285	71,469 %90

Balance Sheet
			Group	Group	Charity	Charity
			2020	2019	2020	2019
		Notes
Fixed assets:
Tangible assets		11	24,781,616	25,167,134	24,495,937	24,788,100
Investments		12	39,305,681	35,224,686	42,504,623	38,423,628
Investments in associate:
Share ofnet assets		14	13,975,121	12,950,263
Investments injoint venture:
Share ofnet assets		15	4, 146,682	4,213,754
Total fixed assets			82,209,100	77,555,837	67,000,560	63,211,728
Current assets:
Stocks			198,776	310,661	19,244	28,506
Debtors		17	3,074,211	3,379,590	4,036,064	2,453,092
Investments		12	2,043,418	971,445
Programme related investment		18	7,425,907	6,992,175	7,425,907	6,992,175
Cash on short term deposit			2,559,496	5,367,960	2,559,496	5,367,960
Cash at bank and in hand			272,351	184,766	158,523	148,182
Total current assets			15,574,159	17,206,597	14,199,234	14,989,915
Liabilities:
Creditors - Amounts	falling due
within one year		19	3,286,221	3,214,566	1,044,509	982,253
Net current assets			12,287,938	13,992,031	13,154,725	14,007,662
Total assets less current liabilities			94,497,038	91,547,868	80,155,285	77,219,390
Creditors - Amounts	falling due
after more than one year		19	8,812,500	9,062,500	5,500,000	5,750,000
Total net assets			85,684,538	82,485,368	74,655,285	71,469,390
The funds ofthe charity:
Endowment funds		21	7,887,023	7,522,122	7,887,023	7,522,122
Restricted income funds		21	1,951,571	1,961,648	1,951,571	1,961,648
Unrestricted income funds		21	61,717,750	58,886,678	64,816,691	61,985,620
Non-charitable trading	funds	21	14,128,194	14,114,920
Total charity funds			85,684,538	82,485,368	74,655,285	71,469,390
The notes on pages 15 to	36form part ofthese accounts
Approved by the Trustees on to~ pubs'		202 1 and signed on their		bgealf by'-
			Trustee
			Trustee

			2020	2019
		Notes
Cash flows from operating activities:
Net cash provided by operating activities		23	767,345	983,605
Cash flows from investing activities:
Dividends, interest and rents from investments			940,071	884,672
Proceeds from sale ofproperty, plant &	equipment		70,256	30,638
Proceeds from sale ofinvestments			26,007,135	13,758,337
Purchase ofproperty, plant & equipment Purchase ofinvestments			(1,670,118) (29,468,908)	(1,964,511) (13,709,300)
Programme related investment loans			(433,732)	108,305
Investment in joint venture			67,072	84,217
Net cash (used in) investing activities			(4,488,224)	(807,642)
Cash flows from financing activities:
Cash inflows from new borrowing			1,000,000	8,312,500
Payment ofloan				(5,500,000)
Net cash provided by financing activities			1,000,000	2,812,500
Change in cash and cash equivalents	in the year		(2,720,879)	2,988,463
Cash and cash equivalents at the beginning ofthe year			5,552,726	2,564,263
Cash and cash equivalents at the end	ofthe year	24	2,831,847	5,552,726

				Group	Group	Charity	Charity
				2020	2019	2020	2019
Unrestricted funds
Dividends	& interest	- listed securities		546,413	517,126	546,413	517,126
Interest on cash deposits				8,947	13,076	8,947	12,858
Other UK	investments			378,501	348,462	520,543	829,328
Dart Abbey Enterprises			Ltd gift aid &rent			1,459,495	1,378,500
				933,861	878,664	2,535,398	2,737,812
Endowment funds
Dividends	& interest	—listed securities		6,210	6,008	6,210	6,008
Total				940,071	884,672	2,541,608	2,743,820

						Trust for	Unapplied	Total
						Investment	Total Return	Endowment
The investment	fund and	application oftotal return to
permanent endowment funds:
At 1November	2019
Gift component	ofpermanent		endowment			100,000		100,000
Unapplied total	return						171,777	171,777
Total						100,000	171,777	271,777
Movements in	unapplied	total return		and endowment		in the year:
Investment return: dividends			and interest				5,911	5,911
Investment return: recognised			and unrecognised		gains/(losses)		(5,312)	(5,312)
Investment management		costs					(1,916)	(1,916)
Net movement	in the year						(1,317)	(1,317)
At 31October	2020
Gift component	ofpermanent		endowment			100,000		100,000
Unapplied total	return						170,460	170,460
Total						100,000	170,460	270,460

			2020	2019
			f.
Turnover			3,839,666	5,445,581
Cost ofsales			(552,163)	(937,082)
Gross profit			3,287,503	4,508,499
Operating expenses			(3,194,878)	(3,364,785)
Other income			251,757
Interest receivable			244,632	197,817
Interest payable			(124,695)	(55,343)
Net profit before taxation			464,319	1,286,188
Taxation
Net profit after taxation			464,319	1,286,188
Gift Aid to The Buckfast Abbey Trust			(1,316,029)	(1,235,034)
Retained in Subsidiary			(851,710)	51,154
Costs ofRaising Funds: Cost ofGoods Sold and Other Costs
	Group	Group	Charity	Charity
	2020	2019	2020	2019
Unrestricted funds
Trading subsidiary:
Cost ofsales	474,037	660,100
Staff costs	1,943,862	1,813,664
Depreciation	230,582	236,453
Other costs	982,719	1,192,175
Investment management	244,052	219,990	244,052	219,990
	3,875,252	4,122,382	244,052	219,990
Endowment funds
Investment management	2,013	1,956	2,013	1,956
Total	3,877,265	4,124,338	246,065	221,946

Charitable Activities	Costs
Group			Direct	Support
			activities	costs	2020	2019
Unrestricted funds
Retreat centre &guesthouse			51,424	5,688	57,112	202,029
Educational activities			124,407	12,247	136,654	176,754
Parish &ministry support			1,010,563	98,209	1,108,772	1,288,161
Building and ground	maintenance		3,775,414	365,915	4,141,329	3,914,112
Charitable giving			144,668	14,916	159,584	425,426
Religious community	support		380,962	37,828	418,790	255,009
			5,487,438	534,803	6,022,241	6,261,491
Restricted and endowment		funds
Parish &ministry support			14,150		14,150	235
Total			5,501,588	534,803	6,036,391	6,261,726
Charity			Direct	Support	Total	Total
			activities	costs	2020	2019
Unrestricted funds
Retreat centre &guesthouse			58,981	5,688	64,669	257,990
Educational activities			126,996	12,247	139,243	187,862
Parish &ministry support			1,018,334	98,209	1,116,543	1,313,951
Building and ground	maintenance		3,790,344	365,915	4,156,259	3,938,361
Charitable giving			144,668	14,916	159,584	425,426
Religious community	support		392,262	37,828	430,090	268,116
			5,531,585	534,803	6,066,388	6,391,706
Restricted and endowment		funds
Parish &ministry support			14,150		14,150	235
Total			5,545,735	534,803	6,080,538	6,391,941

Support Cost	s
			Other	Total	Total
		Governance	costs	2020	2019
Office wages	and salaries	20,607	146,020	166,627	135,758
Bank interest	and charges		237,351	237,351	305,509
Auditors fees		16,080		16,080	16,200
Other office	costs	14,191	100,554	114,745	151,189
		50,878	483,925	534,803	608,656

Staff costs
			Group	Group	Charity	Charity
			2020	2019	2020	2019
Wages and salaries			2,988,161	2,781,655	1,345,830	1,260,781
Social security costs			241,664	229,189	120,556	111,084
Defined contribution	pension	contributions	386,710	297,828	206,287	123,143
			3,616,535	3,308,672	1,672,673	1,495,008

charity (and group) for the	year was f.153	,944(2019:f210,91	4).
		Group		Group	Charity	Charity
		2020		2019	2020	2019
The average number ofemployees
during the year was:		119		137	52	56
The number ofemployees	ofthe Group	whose emoluments	amounted	to over	660,000 in the year was as
foHows:
f60,001 —$70,000
$70,001 —f80,000
290,001 - 6100,000
f100,001 - f110,000
f.110,001 - f120,000

Group		Buildings
		erected on	Other
		permanent	functional		Fixtures
		endowment	land and	Motor	fittings and
		land	buildings	vehicles	equipment	Total
Cost
At 1 November	2019	14,125,173	24,076,921	790,150	6,526,707	45,518,951
Additions		933,831	283,124	267,067	186,096	1,670,118
Dispos als				(131,236)	(226,505)	(357,741)
At 31 October 2020		15,059,004	24,360,045	925,981	6,486,298	46,831,328
Depreciation
At 1 November	2019	6,888,585	9,608,401	529,915	3,324,916	20,351,817
Charge for year		567,455	835,870	156,487	433,457	1,993,269
Eliminated on disposals				(70,220)	(225,154)	(295,374)
At 31 October 2020		7,456,040	10,444,271	616,182	3,533,219	22,049,712
Net book amounts
At 31 October 2020		7,602,964	13,915,774	309,799	2,953,079	24,781,616
At 31 October 2019		7,236,588	14,468,520	260,235	3,201,791	25,167,134
Charity		Buildings
		erected on	Other
		permanent	functional		Fixtures
		endowment	land and	Motor	fittings and
		land	buildings	vehicles	equipment	Total
Cost
At 1 November	2019	14,125,173	24,076,921	516,602	4,223,720	42,942,416
Additions		933,831	283,124	208,400	92,681	1,518,036
Disposals				(108,576)	(15,857)	(124,433)
At 31 October 2020		15,059,004	24,360,045	616,426	4,300,544	44,336,019
Depreciation
At 1 November	2019	6,888,585	9,608,401	365,210	1,292,120	18,154,316
Charge for year		567,455	835,870	97,904	259,280	1,760,509
Eliminated on disposals				(58,886)	(15,857)	(74,743)
At 31 October 2020		7,456,040	10,444,271	404,228	1,535,543	19,840,082
Net book amounts
At 31October 2020		7,602,964	13,915,774	212,198	2,765,001	24,495,937
At 31 October 2019		7,236,588	14,468,520	151,392	2,931,600	24,788,100

				Group	Group	Charity	Charity
				2020	2019	2020	2019
	Contracted	but not provided for		178,599	1,208,524	178,599	1,208,524
	Authorised	but not contracted for
12	Investments
				Group	Group	Charity	Charity
				2020	2019	2020	2019
	At 1 November 2019			36,196,131	34,820,923	38,423,628	36,808,224
	Additions			28,468,908	13,709,300	26,900,171	13,378,630
	Disposals			(26,007,135)	(13,758,337)	(25,510,371)	(13,187,471)
	Realised gains (losses) on investments			2,531,770	1,547,335	2,531,770	1,547,335
	Revaluation			159,425	(123,090)	159,425	(123,090)
	At 31 October 2020			41,349,099	36,196,131	42,504,623	38,423,628
	Analysed between:
	Fixed asset	investments		39,305,681	35,224,686	42,504,623	38„423,628
	Current asset investments			2,043,418	971,445
				41,349,099	36,196,131	42,504,623	38,423,628
	Analysed between:
	Listed investments			30,191,469	28,319,177	30,191,469	28,319,177
	Investment	in DAE Ltd				100,000	100,000
	J.Chandler	&Co. (Buckfast) Ltd (note 14)				3,098,942	3,098,942
	Programme	Related Investments	(note 18)	14,877,500	12,236,449	14,877,500	12,236,449
	Cash held as part ofinvestment		portfolio	1,256,252	875,720	1,256,252	875,720
	Investment	properties
	Other investments			2,047,418	975,445	4,000	4,000
	Loan			(7,023,540)	(6,210,660)	(7,023,540)	(6,210,660)
				41,349,099	36,196,131	42,504,623	38,423,628

	2020	2019
Assets	9,407,753	7,856,928
LiabiTities	(8,698,187)	(6,295,652)
Funds	709,566	1,561,276

Debtors
		Group	Group	Charity	Charity
		2020	2019	2020	2019
Due within one year:
Trade debtors		102,895	199,435
Amount due from subsidiary				3,143,974	750,839
Amount due from associate		1,593,401	942,077
Other debtors		91,603	208,469	49,906	160,365
Prepayments	and accrued income	785,748	1,424,337	543,354	1,207,495
		2,573,647	2,774,318	3,737,234	2,118,699
Due after more than one year:
Prepayments	and accrued income	23,275	34,912	14,000	21,000
Other debtors		477,289	570,360	284,830	313,393
		3,074,211	3,379,590	4,036,064	2,453,092

included ata	fair value ofE1,965,114.
		Concessionary
		Loans	Property
At 1 November	2019	6,992,175	12,236,449
Advances/additions		500,000	2,641,051
Interest		266,842
Repayments/disposals		(333,110)
At 31 October	2020	7,425,907	14,877,500

Creditors
		Group	Group	Charity	Charity
		2020	2019	2020	2019
Amounts falling due within	one year:
Bank loan
Trade creditors		570,974	569,529	402,868	340,247
Amount due to subsidiary
Amount due to associate		1,526,465	1,524,288
Taxation and social security		348,101	349,986
Other creditors		749,264	659,426	550,224	530,669
Accruals		91,417	111,337	91,417	111,337
		3,286,221	3,214,566	1,044,509	982,253
Amounts falling due after more than one year:—
Bank loans		8,312,500	8,312,500	5,000,000	5,000,000
Other creditors		500,000	750,000	500,000	750,000
		8,812,500	9,062,500	5,500,000	5,750,000

Analysis ofcharitable	Analysis ofcharitable	funds movements-	funds movements-	current year
				Incoming
			At	resources/		Transfers/	At
			1November	new	Expenditure/	Investment	31October
			2019	designation	utilised	Gains	2020
Endowment funds:
Buildings in PEF area			7,236,588			366,376	7,602,964
St Scholastica's Abbey
Teignmouth			271,777	5,911	(1,916)	(5,312)	270,460
Mss Stone's Trust			6,260	136	(136)	(122)	6,138
Warren-Vernon Annuities			7,497	163	(53)	(146)	7,461
Total endowment	funds		7,522, 122	6,210	(2,105)	360,796	7,887,023
Restricted funds:
Contemplative Nuns			1,961,463		(10,012)		1,951,451
Other			185		(65)		120
Total restricted funds			1,961,648		(10,077)		1,951,571
Unrestricted income funds:
Designated funds:
Community support			20,201,972		(392,262)	1,347,063	21,156,773
Buildings &plant			17,551,512		(1,242,744)	584,205	16,892,973
Maintenance
&improvement			2,706,497		(2,229,932)	1,931,480	2,408,045
Programme
related investments			17,428,624			3,074,783	20,503,407
Working capital			998,073	5,629,821	(2,405,336)	(3,466,006)	756,552
Total unrestricted	funds		58,886,678	5,629,821	(6,270,274)	3,471,525	61,717,750
Non charitable trading		funds:
Subsidiary &joint venture			1,164,657	3,760,742	(3,631,200)	(1,141,126)	153,073
Associate			12,950,263	1,024,858			13,975,121
Total trading funds			14,114,920	4,785,600	(3,631,200)	(1,141,126)	14,128,194
Total group funds			82,485,368	10,421,631	(9,913,656)	2,691,195	85,684,538

Analysis ofcharitable	Analysis ofcharitable	funds	movements-	previous	year
				Incoming
			At	resources/				At
			1November		new	Expenditure/	Transfers/	31October
			2018	designation		utilised	Gains	2019
Endowment funds:
Buildings in PEF area			7,349,409				(112,821)	7,236,588
St Scholastica's Abbey
Teignmouth			249,773		5,716	(1,861)	18,149	271,777
Miss Stone's Trust			5,878		134	(179)	427	6,260
Warren-Vernon Annuities			6,889		158	(51)	501	7,497
Total endowment	funds		7,611,949		6,008	(2,091)	(93,744)	7,522,122
Restricted funds:
Contemplative Nuns			1,961,463					1,961,463
Other			285			(100)		185
Total restricted funds			1,961,748			(100)		1,961,648
Unrestricted income funds:
Designated funds:
Community support			18,612,372			(242,585)	1,832,185	20,201,972
Buildings &plant			17,421,570			(1,164,968)	1,294,910	17,551,512
Maintenance
&improvement			2,200,420			(1,879,660)	2,385,737	2,706,497
Programme
related investments			17,536,929				(108,305)	17,428,624
Working capital			399,197	6,387,537		(3,194,267)	(2,594,394)	998,073
Total unrestricted	funds		56,170,488	6,387,537		(6,481,480)	2,810,133	58,886,678
Non charitable trading		funds:
Subsidiary &joint venture			1,273,568	5,085,626		(3,902,393)	(1,292,144)	1,164,657
Associate			12,440,054	510,209				12,950,263
Total trading funds			13,713,622	5,595,835		(3,902,393)	(1,292,144)	14,114,920
Total group funds			79,457,807	11,989,380		(10,386,064)	1,424,245	82,485,368

Current year
	Tangible	Fixed	Other	Total
	Fixed	Asset	Net	Net
	Assets	Investments	Assets	Assets
Community support		24,156,773	(3,000,000)	21,156,773
Buildings &plant	16,892,973			16,892,973
Maintenance &
improvement			2,408,045	2,408,045
Programme
related investments		13,077,500	7,425,908	20,503,408
Working capital		(12,651)	769,202	756,551
Endowment	7,602,964	284,059		7,887,023
Restricted income		1,800,000	151,571	1,951,571
Associate		13,975,121		13,975,121
Non-charitable trading &joint venture	285,679	4,146,682	(4,279,288)	153,073
At 31 October 2020	24,781,616	57,427,484	3,475,438	85,684,538
Previous year
	Tangible	Fixed	Other	Total
	Fixed	Asset	Net	Net
	Assets	Investments	Assets	Assets
Community support		22,701,972	(2,500,000)	20,201,972
Buildings &plant	17,551,512			17,551,512
Maintenance &
improvement			2,706,497	2,706,497
Programme
related investments		10,436,449	6,992,175	17,428,624
Working capital		731	997,342	998,073
Endowment	7,236,588	285,534		7,522,122
Restricted income		1,800,000	161,648	1,961,648
Associate		12,950,263		12,950,263
Non-charitable trading &joint venture	379,034	4,213,754	(3,428,131)	1,164,657
At 31 October 2019	25,167,134	52,388,703	4,929,531	82,485,368

Reconciliation of 'Net income to net cash floxv from operating	activities
	2020	2019
Net movement in group funds for the year	3,199,170	3 027 561
Depreciation	1,993,269	1,96S 876
'Net (gains) on investments	(2691,195)	(1424,245)
(Profit) on sale oftangible fixed assets	(7.889)	(18,952)
Associate share of(profit)	(1.024 85S)	(510209)
Dividends, interest and rents from investments	(940,071)	(S84672)
De&ream (increase) in debtors	305,379	(724 775)
Decrease (increase) in stocks	111SS5	33 1S9
(Decrease) increase in creditors	(178,345)	(483 168)
	767,345	983,605

				2020	2019
Cash	on	short	term deposit	2,559,496	5,367,960
Cash	at	bank	and in hand	272,351	184,766
				2,831,847	5,552,726

					At start of
					year	Cash Flows	At End ofYear
Cash					5,552,726	(2,720,879)	2,831,847
Loans	falling	due	within	one year (refer to Note 12)	(6,210,660)	(812,880)	(7,023,540)
Loans	falling	due	after	one year	(8,312,500)		(8,312,500)
					(8,970,434)	(3,533,759)	(12,504,193)