OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-10-31-accounts

Page
Reference and Administrative Information
Trustees'
Report
Independent
Auditors'
Report
to the Trustees
Consolidated
Statement ofFinancial Activities
12
Charity Statement ofFinancial Activities 13
Balance Sheet 14
Consolidated
Statement ofCash Flows
15
Notes to the Accounts 16

l.urest t4cted Resttdcted Eudousuent 2P22 2021
Funds Funds Funds Total Funds Total Fuuds
.'bootes
Iucome aud endowments fmm:
Donations
and legacies
231.360 300 231,660 1$1,271
Charitable
activdties
363,$69 363,869 406 26s
Investments 3 2.554,316 6,S5S 2,561,174 1,997,144
Other 3,372,477 3,372,477 3,345,715
Total htcome 6 $11pss 300 6,858 6,529,180 5,930,395
Ezpendlnue
ou:
Raising fbnds 6 315,993 1,774 317,767 303,879
Charitable
activdties
7 6,$81,275 300 152 6,881,727 6,529,856
Total ezpeuditure 7,197,268 300 l„t)26 7,199,494 6,833,735
Wet (ezpeuditure)/income aud net movement iu fuuds
before gains and losses ou Investments (675,246) 4,932 (670,314) (903,340)
Net (losses) 'gains on investments (2,537,655) (2S,728) (2,566,383) 7 718,324
Transfers between
funds
193,191 (193,191)
Set (ezpeudlture)/Income aud
net movement
in funds
(3,019,710) (216,987) (3,236,697) 6,814@84
Recouciliatiou
offunds:
Total funds brought
forward
71,5S4.540 1,951,571 7,934,15S 8IA70,269 74,655,285
Total funds cartded fonvant 68,564,830 1,951,571 7,717,171 78,233,572 81,470,269
Balance Sheet
Group
1Q11
Group
3031
Chatdty
101'S
Charity
1Q11
«tates f.
Fixed assets:
Tangible assets
Investments
Im estments
in associate:
23s526r$71
3$.945.767
23r919i508
4(.476.399
23t37Si009
42i069i682
23,i24.409
50,675i341
Investments
injoint venture:
Share ofnet assets
Share ofnet assets
15 15.2S1.S84
4 "64'
14,62(,566
5,436,406
Total fixed assets 82,490 rt95 91,459sS79 65(447,691 74+99,750
Cutvent assets:
Stocks 10,421r506 114.307 21322 23r367
Debtors 17 2i516r375 2.054.203 Si360,356 3.513.5$9
Im estments 655s745 1,761,383
Programme
related investment
18 6i03St986 6.$5~711 i ]0.241 Q62 6i852r117
Cash on short tenn deposit
Cash at bank and in hand
299
115r946
2,965,462
321,S93
299
36(hb
2„(765,462
172e900
Total current assets 19748rS57 14r112r365 18r660,0Q4 13.527.435
Lhbilities:
Creditors - Amounts
faging due
«ithin one veer 19 3,46$,452 3r51$172 S7',123 I,'(06r916
Net curt ent assets 16~«80,405 10«94,093 3'7,785,S81 13@30~«19
T'otal assets less current liabilides 9$,771,4QQ 102.053(173 $3133«73 86,73Q 169
Creditors - Amounts
falling due
after more than one veer 19 Sr312r500 SZ62 500 5 000s000 5 750r000
Total net assets 904«8 900 93491471 7S133«71 81470 169
The funds ofthe charity:
Endo«utent
funds
22 7,i17r171 7r93-'.rl5S ail 'i171 ii934r15$
Restricted income funds 22 Is951i571 lr951e5.
'I
Ir951,571 lr951r571
Unrestncted
income funds
22 65,465tSSS 68.485 59i 68.561.830 71,5$!r5!0
Yon-charitable
trading funds
15i370egdi 15el20s146
Total charitv funds 90sg«05(497 93,491,473 7S~~33«72 81,470169
sson controlling
interest
(46r597)
Total Funds 90.458„(100 93,491,473

1021 2011
bootes
Cash flows from operating actirities:
Wet cash (used in)/provided
by operating
activities
24 (11,512,464) 1.226,812
Cash flows from investing
actisities:
Dividends
interest
and rents from investments
Proceeds from sale ofproperty,
plant k equipment
Proceeds from sale ofinvestment=
Purchase ofproperty,
plant k equipment
Purchase ofinvestments
Proy amme related investment
loans
Proceeds from disposal
oft(1nvestment
in) joint venture
1,170.290
84.301
16347 104
(499,187)
(9,274,216)
(1S6.S70)
699,933
1,205,205
41 041
15,125,678
(1.12S,258)
(15,299,036)
573,790
(1.289,724)
i%et cash fromi'(used
in) hn esting activities
S,341,355 (771304)
Change in cash and cash equivalents
in the year
Cash and cash equivalents
at the beginntng
ofthe vear
(3 171.109)
3.2S7 354
455 507
2,831,847
Cash and cash equivalents
at the end ofthe year
75 116,245 3 287 354

Group
1051
Group
'l01I
Chori
101s
Charity
op&I
Ltnmsn icted funds
Dividends
d.interest -listed secunties
Interest on cash deposits
Other tiKmvestments
Dart Abbey Enterprises
Ltd~aid d:rent
700072
677
462.683
6S2 99$ 219
616099
700,072
677
624,231
1,229,336
6S2,99S
219
669330
637,60S
1,163,432 1 198316 2 Ssh 316 lggp a66
Endowment
funds
Dividends
Ecinterest -
listed securities 6,SSS 6.,889 6.868 6,8$9
Toral 1,170 &90 1206206 2,661 174 1997,th-'.

Trust for I.'napplied Total
Inresnuent Total Return Kndoumeut
The investment
fund and application
oftotal return to f.
permanent
endo~ment
funds:
AtI November 2021
Gift component ofpermanent
Unapplied
total return
endonment 100.000 247~46 100.000
247,345
Total 100,000 247 346 347,345
liorements
hr unapplied
total
return and endoutuent in the vear:
Investment
return: dividends
and interest
Investment
return: recoyused
and unrecognised
Investment
management
costs
losses 6.626
(2!334)
(1.688)
6,625
(27~34)
(1.,688)
'Net movement
in the vear
(22,497)
At31October 2022
Gift component ofpermanent
Unapplied
total return
endowment 224 SSS 100,000
224,848
Total 100,000 224,848 324,SSS

Net income from Trading Activities ofSubsidiary Net income from Trading Activities ofSubsidiary Net income from Trading Activities ofSubsidiary Net income from Trading Activities ofSubsidiary Net income from Trading Activities ofSubsidiary Net income from Trading Activities ofSubsidiary Net income from Trading Activities ofSubsidiary
The charity has a trading subsidiary,
Dart Abbey Enterprises
Limited (DAE
The activities
of DAE Ltd
include
wine
manufacture,
catering,
retail
conferences,
production ofitems for sale and property
development
through
of El,078,697 was made to the Trust on 27 July 2022. A summary
of
Ltd), which is incorporated
in the UK.
sales,
provision
of tourist
facilities,
ajoint venture.
A Gift Aid payment
the trading
results,
which
have
been
consolidated
into the group accounts
on a line-by-line basis after adjusting for intra-group
transactions,
is shown
below:
1011 0 I
Tunto ver
Cost ofsales
-'.,579,616
(472.264)
3.,906,423
(3$1,50$)
Gross pront !.107.382 3521915
Operating
expenses
Other income
Interest receivable
(3311,$00)
417,889
(2.,965468)
2S5,216
776 107
Interest payable (156,506) (112,8$3)
Net profit before taxation I056965 I 004 887
Taxation (38000)
Net profit after taxation
Gitt Aid to The Buckfast Abbey Trust
IOIS965
(I07$697)
1001S$7
(4N,042)
Retained in Subsidiary (59.732) 510$45

Group
'IQ1'I
Group
1011
Charit5
1Q'1'I
Charity
'IQ'II
f. f.
1.nresn icted funds
Trading subsidiary:
Cost ofsales 314.553 292,-'.61
StafFcosts 2,1S5
17
I, 5 .967
Depreciation $$ 756 193,761
Other costs 1,158,9 '4 932,953
Investment
management
315.99s 301,590 315993 301,590
4.,103993 3,47$ 732 31'3,993 301.590
Endowmenr
finids
Investment
management
2289 7 7$9
Total -',ID5.,I67 3, I81,021 303,$79

Group Direct Support
activities costs 10'v'0 2021
Unrestricted
funds
Retreat centre k guesthouse
Educational
activities
Parish k nunistry
support
Building and ground maintenance
Charitable
going
Religious
commusrity
support
19 is
113,027
2,.191,639
3,183,341
75,691
490,200
9,683
13,137
244,397
362..286
8,600
56,841
29,037
126,1Q
2,436,036
3.845297
$4.191
i'!0-'1
2g 197
10$,109
976..369
4 762,669
SS,&63
500.982
6.073,252 694,$14 6.,l68.066 64606S9
Restricted
and endowment
funds
Parish k ntisusny
support
882 9440
Total 6,073,704 694,814 6,76S,i1S 6,470,129
Charit Duect Support Total Total
activities costs &0&i '10'll
Unrestricted
funds
Retreat centre
eve guesthouse
Educational
activities
Parish 4ministry support
Building and ground maintenance
Charitable
going
Religious
community
support
$6224
116P74
2.,176310
32266'5
75691
i05,6S.
9,6S3
13,137
2W,397
362i86
8,500
66,841
95,907
130111
2420,60!
3i$7P31
$4,191
852 528
31262
108,9$9
983,330
-',.791758
SSi63
816S17
6.1$6,461 694,814 6,8$1,&76 6820,416
Resttdcted
and endowment
funds
Parish E' ministry
support
IS2 9,440
Total 6,1S6P13 694,814 6,SS1,727 6629.Si6

Other Total Total
Governance costs 101'I 202l
Office tvages and salaries 23.SS1 246.356 'i"p s 181,614
Bank interest and charges 354.783 354 783 222 1P9
Auditors fees 15,040 15,0tp 19,600
Other office costs 4,839 49,915 54,754 74937
P3,760 65L05' 694S14 '98 'i60

Group Group Charitv Chatdty
%0'lJ '101'i 'iphg
~tages and salaries 3,088,082 1 697347 1618,548
Social security costs 311,878 277.167 155,945 133,15S
Defined contribution pension contributions 336,810 309,873 168,169 135,450
4 ~07.140 3.675.122 2 021.-'.61 1,917,156
Group Group Charitv Charitv
10'i'i 2Q2$ 2Q22 2021
The average number ofemployees
during the year svas: 140 125 6 59
The number ot employees ofthe Group v'hose emoluments
m erf60,000in the year rvas as folio.vs:
f.60001 —f70,000
amounted to
f70001-fS0.,000
f90,001 —f,100,000
f100.001 -f110,000

Group Buildings
erected on Other
petsuanent functional Fiztutw. s
endovrment land and Afotor fittings and
Cost land buildings
f.
vehicles equipment
8
Total
At INovember
2021
A.dditions
Disposals
15.,631 510
46.729
24,705,190
134,194
1.001.389
163,634
(110OSO)
6,465,.703
154.630
47,S03,792
499,187
(110.080)
A.t31October 2022 15,67S,239 24,839,3S4 1,054 943 6,620,333 48,192899
Depreciation
A.t I november
2021
Charge for year
Hiounated
on disposals
8,062,012
239.920
11280,530
241.470
700.1S4
156,421
(5405S)
3,841,55S
197.991
23.8S4.2S4
S35,802
(54,05S)
A.t31October 2022 S,301,932 11,522,000 802,547 4,039,549 24,666,02S
Net book amounts
A.t 31October 2022 7~76,30
'
13,317~S4 252396 2580 7S4 23,526,8!I
A.t31October 2021 7.569,49S 13,424 660 301 't05 2,624 145 23,91950S
Charit Buildings
erectetl on Other
petsu anent functional Fixtures
endoument land and hfotor Sttings and
land buildings vehicles equipment Total
Cost f.
A.t Inovember
2021
15.631.510 24, 05,190 624 318 4~38,71 45299 735
A.dditions 46.729 134194 I13224 S7,747 381,S94
Dispo sais
Group Transfer
(54915)
31975
(54,915)
31,975
At 31October 2022 15 678,239 2 ' Ss9s84 71 ' 602 44 646-' 45.,65S,6S9
Depreciation
A.t I'november
2021
Char
eforyear
S,062.,012
239.920
11!80,530
241470
458,39
99,978
1,774,392
157«8
21.,5i5,326
738.726
EIItninated on disposals (33372) (ss 1! )
A.t31October 2022 S301.,932 11.522,000 524,99S 1,931750 22.,280.,6S0
'iet book amounts
At 31October 2022 7 376,307 13,3173S4 189,604 2 494 71' 23,378 009
A.t31October 2021 7 569,49S 13.424 660 165,926 2 564~25 23,724,409

Group Group
'1003
Charity
00'l1
Charity
'10'1l
Contracted but not provided for
Authorised
but not contracted for
12 Investments
Group Group Charity Charity
'IDAHO AQUI 50'to nQ01
A.t INovember
2021
A.ddtuons
Disposals
Realised gains (tosses) on investments
f.
49,)40 /82
9 774 717
(16.,347.104)
543242
41,349099
15~99,036
(15,125,678)
~ 793f
50,675,341
8,618,473
(14,6ii,i49)
543242
f.
42,504,623
15,17$071
(14,725.,678)
7 "7 9~~
Re~&nation (3,109625) 5390,3$$ (3,109 625) 5 390,3SS
At 31October 2022 39,601512 49~40 7$2 42.069,682 50,675.341
Analysed
between:
Fired asset investments
Current asset investments
3S.945.767
655 743
47476399
I 7643S3
!2,069.,6S2 50,675,341
39,601512 49 t40,7S2 !2,069,.6$2 506ti~41
Analysed benveen:
Listed im estments
Investment
in DAE Ltd
J.Chandler d.Co.(Buckfast) Ltd (note I')
Programme
Related Investments
(note 18)
Cash held as part ofinvesttnent
portfolio
Investment
properties
34,599732
15.027.500
I, A.tia
43t 1&1
15.02"..500
2.103.,027
34.499~~3
100,000
3.Q9$.942
li.027.i00
1,2&,i 35
37,457.,155
100,00D
3098.942
15 D27 500
2.103.02.
'
Other investments
I.oan
7 477&
(12,004.727)
1,76S,3S3
( ~,115283)
4,000
(12.004.727)
',000
(,115,2S3)
39,601.512 49.240
S~
42.069,682 5067i,341

he aggregate ofits assets, liabilities
and funds
is as follows:
1051 00ng
Assets
Liabilities
Funds
14,479,879
(13~19,19S)
1,160,680
k
9,427,230
(S,206,S19)
1,220,411

Group
1011
Gtvup
8021
Charitv
505'&
Charity
10'&1
Due i~ithin one year.
Trade debtors 9 &,894 51.24S 61296 4916'
Amount
due from subsidiary
'.'52.932 2.582.962
Amount
due from associate
242 (132 823.61:
Other debtors 1 233-66 Si493 59.633 56,119
Prepayments and accrued income 623,-'.99 232, '65 556,910
2.19 ',491 1695.123 S,130.i &1 3.249,992
Due after more than one year.
Prepayments and accrued income 13.1S4 '.000
Other debtors 318,88! 345,896 229,585 25659
.516.3:5 2,054203 S,360,356 3,513,589

Gnnp Gl'oap Charity Charltv
Concessionat~- Concessionazw-
Loans Pamper Loans Propetm-
At 1November
2021
Advances
additions
6.$62.117 15,02:.300 6,862,117
4 &02.076
1&,0 7,600
Interest 246.,869 246,$69
Impairmettt (1,000.000) (1,000,000)
Repaymertts disposals (60,000) (60.,000)
At 31October 2022 6,0389$6 15,02. 600 10,241 062 15,027,600

Gteup Group Charitv Charity
OQnn 2021 'I001 2021
f. 8
Amounts falling due i~ithin one year.
Bank loan
Trade creditors 692,984 556.210 30S,OS3 347. 63
Amount due to subsidiary
Amount due to associate 1.53P.272 1,51S.,526
Taxation and social security 493,139 216955
Other creditors 539,051 1.053.97S 353.034 687,050
A«cruals 213.,006 172.,603 213,006 172,603
3,468,452 3,518272 1 i06,916
Amounts fallittg due after more than one year.-
Bank loans S,312,500 8.312.5PP 5,QQO,QQQ 5,000,000
Other creditors 250,000 250,000
8,312500 8,562 300 5,000,000 5,250,000

Incoming
At resouiicesl Transfeiisl At
1 iovember new Expenditure/ Int»stment $1October
sQOI designation utilised Gains sQs&
f. E
Endomuentfunds:
Buildings
in PEFarea
7.569398 (193/191) 7 376.307
StScholastics's
/Abbey
Tmgnmouth
bliss Stone's Trust
347,344
7.735
6/525
153
(1,5S8)
(191)
( 7/334)
(6tO)
324/$47
r/057
XVanen-X/emon
Annuities
9581 18Q (47) (754) Si960
Total endowment
funds
7,934.15S 6i85$ (1,926) (221i919) 7,717i171
Restricted funds:
Contemplative
Nuns
1,951,451 1i951.451
Other 120 300 (3QO) 120
Total restricted
funds
1i951,571 (300) 1i951i571
I.:nrestricted
income funds:
Desigtrnred frindst
Community
support
Buildings d:plant
29.0S0.23S
16i154911
(506i139)
(520i350)
(S 075 724)
367.140
20,498~75
16i001i701
Maintenance
6 improvement 2.81 r.010 (2 593/923) (219i7SS)
Programme
related investments 20/079i616 3.388946 23,458562
AVorhng capital 356,S22 52S5,579 (3i3SO/1S6) J2J4i/36 5,496951
Total uni»stricted
funds
68,s85/597 5 785i579 (7i000/598) (1/304i690) 65/%5 SSS
Ron charitable
trading funds:
Subsidiaries
d.joint venture
Associate
492,5SO
I r/627i 566
-'/507/638
554i31$
(3871.'61) (l/039, ".) SS/983
15,~$1884
Total trading
funds
13/120/145 5i161i956 (3,$71i!61) (li039/774) 15/370.S5i
Total gisrup funds 93491,472 10454 693 (10/S 4i2$5) (2566383) 90i505s97

Incoming
At
I November.
resources/
new
Ezpenditurel Ttunsfetz/
Investment
At
81October
sQsQ designation utilised Gains 2021
f. f. f.
Endowment
funds:
Buildings
in PEFarea
StScholastics's Abbey
7602.964 (33466) 7.669.49S
Tetgtlalouth
bliss Stone's Trust
XVatren-% efnon Atuuuties
2
Q,460
6,138
7,461
6,669
149
ISI
(2,180)
(19S)
(60)
72,606
1,646
1,999
347,344
!,736
9..6SI
Total endowment
funds
.,887,023 6.889 (2,43S) 42 6$4 ,934.,15S
Restricted funds:
Contempianve
jinns
Other
1,951461
120
9291 (9s91) 1,951,461
120
Total restricted funds 1,9616!I 9291 (9 &9I) 1,951671
Unrestricted
income funds:
Dest'gnared ftmdst
Community
support
Buildings
dt plant
' Iaintenance
21,166, 73
16.892.973
(486 101)
(I,ISS 631)
S409666
447.669
29,0$0 't38
16.154..911
k improvement 2,40$,045 (3.0S2.006) 34S7970 2.S14010
Programme
related investments
%.oding capita!
20.603.40
'
756652
5.090,6!6 (2,00$,642) (423 791)
(3,481,733}
20,079,616
356,822
Total unrestricted
funds
61.717,76Q 5,090,645 (6,762279) 8,439,681 6$,4$5.697
Non charitable trading funds:
Subsidiary kjoint venture
Associate
153,0 3
13975,121
4,780,69I
6& 4-'i
(3,177.14!I) (763943} 492,680
14.627.566
Total uuding
funds
I!.12S,194 -',933,036 (3.1!7.141) (763,943) 15,120,146
Total group funds 85 684,638 10,039,!60 (9,951 I!9) '.71S322 93,491,472

Current year
Tangible Fired Other Total
Fired Asset iNe.t Xi'et
Assets Investments Assets Assets
Community
support
Buildings R plant
3laintenance
R
16,001,701 23,49S,375 (3,000,000) f.
20,49S,375
16,0Q1.701
improvement 2oo
Progranune
related investment=
Worhng
capital
Endowment
Restricted income
Associate
Yon-charitable
trading k joint venture
7376.307
148 S63
13,227,500
4,000
340864
1 800,000
15281 884
4 736473
10,241 062
5,492,951
151.571
(4 796,353)
273,46$,562
5,496 951
7,717,171
1 951,571
15281 S84
88 9S3
At 31 October 2022 23526,S71 5S.889096 8089530 90,505497
Prerious year
Tangible Fired Other Total
Fired Asset Yet iNet
Assets Investments Assets Assets
Conununity
support
Buildings k plant
Xiainienance 0
16 154,911 32,080,738 (3.000,000) 29.0S0.238
16,154.911
improvement
Progranune
2 814.010 2,814,010
related fnvestments
%Forking capital
Endowment
Restricted income
Associate
Xon-charitable
trading k joint venture
7 569,498
195,099
13.227 500
4,000
364 661
1 SQQ 000
14 627 566
5436406
6.852.117
352 82Q
151.571
(5 13S925)
20.079617
356,820
7.934 159
1,951 571
14.627 566
492.580
At 31 October 2021 23 919508 67.540371 2 031.593 93 491 472

2022 2021
Yet movement in group
fund= for the year
(2,985,975) 7.S06,934
Depreciation S35,802 1 990,368
Impairment 1,000,000
Xiret (gains) on investments 2,566,383 (7,718,324)
(Profit) on sale of tangible
fixed assets
(28,278) (41,042}
Yon Controlling interest (46,597)
Associate
=hare
of(profit) (654,318) (652,444)
Dividends,
intere t and rent.- from investments
Decrease (Increase) in debtor
(1,170,290)
(462,172)
(1.205.205)
1.920.007
Decrease (increase) in stock= (10,267,199} 44,468
(Decrease) increase in creditors (299,820) (1?949)
(11,512,464) 1,226,S13
2022 2021
Cash on short term deposit 200 2,965,462
Cash at bank and in hand 115,946 321 893
116,24& 32S7.354
26 Analysis ofChanges in net debt
At Stan of Cash Floxvs At End of
Year
Cash 32S?354 (3 171 109) 116245
Loan= falling due ~vithin one vear (2 9,000) (250,009)
Loan.= falling due after oneyear (8 562 590) 259 000 (S312500)
(5 275 146) (3 171 109) (S446 255)