Thc Buckfa51 Abtw Tru51 Y¢arcnded 31>t Ociobcr 2023 ChDrity cOmrnw￿ThN￿rn￿r232497 The Buckfast Abbey Trust Annual Report Year ended 31 October 2023 Thejjuckf￿¢ Abbcy'frusi Cll¢ldiii COJliWiknii ii'xJhilR rellgioNs coMINtiltlty' (Jf8eJ[edKiii￿l4oJ￿¢￿￿￿Ilsl￿d￿FSI￿lOQP iAbbey. Bttekfvw. YcaF ended 31M 0¢￿ber2023 Contents Page Reference and Adminisirative Infornjation Trustees, Report Independent Audiiors. Report lo the Trustees 10 Consolidated Ststement of Financial Activities 13 Charity Statem¢nt of Firtancial Activities 14 BalarLC¢ She¢t 15 Consolidated Stsiement of C&sh Flows 16 Notes to the Accounts 17 The Biickfa51 Abb¢y Tnisl (HeldiJtCOiiN¢ci1￿t Ii'iih ilw religlotrs¢wllthithi4'o/8tiRdirtiiJg hl¢¥ths esk7bli.fhedai& IloJ)rsAbbe),. 8tse&tas1. Dep￿ty Year ¢nded 3151 Octob¢r 2023 Referenee and Administrative Inforniation Trustees and Principal O￿lcerS The trusiees are incorporated by a certificate of Incorporation dated 24 F¢bnwy 1951 under the iitle "BucLf851 Abbey Try5tees Registered". Trustees: Right Rev. Dom. D R Charleswortji OSB Dom. Prior R D Smyth OSB Rev. Dom. P D May Dom. M A Prickett OSB Very Rev. Dom. K B M Thornas OSB, BA (Resigned 24 July 2024) Right Rev N P Wetz OSB (Resigned 10 February 2024) Rev Canon MaTk O'Keeffe (Appointed 19 March 2024) Louise J Hardy (Appointment 19 March 2024) Principal Officers: Superior Right. Rev. Dom. D R Charlesworth OSB Secrelary Dom. Prior R D Smyth OSB Chief Executive Officer Philip Arkwrighi Financial Direetor Mr P Hammond PrI￿ripl1 Ofllee Buckfast Abbey Buckfastleigh Devon TQII OEE Contthcts Monastery Office E-mail 01364 645500 01364 645590 enquiries@bu¢kfast.owuk Investment Advisers UBS AG 5 Broadgate London EC2M 2AN Ruffer LLP 80 Victoria Street London SWIE5JL ID$uTers Catholic National Mutual Ltd Maison Trinity Trinity Squar¢ St Peter Port Guernsey Brokers Arthur J Gallagher Insuran¢e Brokers Ltd Catholic Insurance Service 8 Albany Park Suiie 5 Cabot Lane Oxford House Poole Thame Oxon Dorset Oxon BH17 7AZ OX9 2AH Auditors PKF Frdncis Clark Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF Solieltors Tozers LLP Broadwalk House Southernhay Wesi Exeter EXI IUA Michelmores Woodwater House Pynes Hill Exeter EX2 SWR Page l of 39 lThe Duckfasi Abbey Tw51 (HeIdinrol. Education at primary and secondary level is provided by the award-winnin8 education service. Many thousands of school pupils from around the country use thi5 service, which includes leaching pack4 infomiation and currieulum-based projects in tlie Activity Centre. The pupils visiting lh¢ Abbey have the opportunity to meet with members of.the monastic community al￿ hear first-hand. the commitment thaljoinitlg a mot]astic community entsil5. The Abbey's Conference Cenire is used to provide facilities for tertiary education, as well as providing facilities for meetings and conferences on secular subjec(s. The peaceful surroundings and mon8Siic ambianee of the conference centre has made it a venue particularly appreciated by those groups who give instruction on social and emotional issues. The thousands of visitors have the opportunity to visit the Monastic Way Exhibition (a multimedia experience), which aims its inforni them of the history and values of Benediciine Mon&sti¢15m. The Monastic Community continues io donate their work to the Trust. Alihough not reflected in the acctsunts, their effort is Considerable, ranging from being infirmarian, sacristan, 8uesi-masler. church guides, parish priests and Tnany oth¢r unseen works wiihout which the Abbey would not fvnction. Other volunteers include parish meeters and 8reeters, flower arrangers. Altsr Servers and readers. To all who give their services freely, the Trustees are most grateful. The average age of the members of the Community continues to increase and accordingly more demands are placed on those who care and support the infimi and elderly. Fr Frnncis in his Tole as parish priest has visited the sick and dying in the parishes and provided most needed spiritual suppxjrt. Fr Gabriel has corresponded with the hundreds of requesis from those who want masses said for the sick and dece&sed, from all over the WOTId. The maintenance and improvement costs of the Abbey Church and mOn￿tiC precinci, together with other buildings connected with the charitable activities and chapels at Ashburton, South Brent and Buckfasileigh continues to constitute a large proportion of the ¢hariiable expenditure. This expenditu￿ has improved the historic site at Bu¢kfast, much of which is listed, and parts of which have the status of an Ancient Monument. The Charity has completed a review of Governance by an independent Kings Council. The review found no Slgnificant issue5 but has made best practice recommendations which have been adopted by the Charity to buttress existing day lo day Conlrols and pmcesses. Pagc 3 of 39 The Buckfasi Abbcy Tru51 (Neldhi ¢OmWCilth[ii'xiJi i1￿re1$#I?￿S¢￿1Jn￿lN1U'￿￿8elWdkI1J￿MOJlkSes1QblIS1￿Vd0iSI￿1QQPSAhbE),. Dev￿ Ycar ended 31SI Ociober 2Q23 Trustees. Report Objectives xnd Activitie5 (eontinued) Prineipal Aetivities, Achievements and Performance (continued) In accordance widi the Rule of St B¢nedict. the Trust has continued its emphasis on hospitality to guests and ViSitt>rs. The Abbey IM5 a number of Tetreat facilities witliin the precinct, including.. Southgate Retreat Centre- the Monastery Retreat House,. St Petroc's Retreat House, Northgaie House Hotel ar￿ residential houses. These ae¢ommodation buildings are primarily for continued OUt￿aCh, providing facilities for religious retreats, quiet days and residential activiti￿. The facilities have given many people the opportunity to participate in monastic worship and to experience the religious trdnquillity of Buckfast Abbey. Brother Daniel, as the Monastic Guest-tnasler, received the men who wanted io experience monastic life into the Monastery Retreat House and gave refreshment to the wayfarejs who came to Buckfast. As will be seen from noie 18, the Charity has decided to use some of lis income reserves to help support projects carried out by other eommunities of monks and nuns. As well as help and advic4 financial support has been given in the form of loans and purchase of property to assist in the financing of their charitable projects. The projeets supported assist the principal objective of advancing the Rom8n Catholic religion, and are therefore temied 'ProgTamme Related Inve5tments'. The Charity has also given considerable help to other charities in the English Benediciine Congregation. Fr Francis has acted as Congregational Bursar for the Ertgli5h Benedictine Congregation. &SSISling other Abbeys with their financial affairs. Abbot David acted as Chair of the Trustees to Oulton Abbey, assisting it Io cot]tinue its work of care for the sick. and financial support and assistance w&8 given to other houses in ih¢ ¢onwEgation. The Trust's wholly owned tradin8 subsidiary company {Dart Abbey Enterprises Ltd) not only trades to raise funds for the Trust, but also assists in the delivery of some of the charitable aetivities. The Visitor Welcome Centre retails Teligious items, educational maieria]s and activ¢ly support oiher monasteries and convents by selling their produce. The Grange Restaurant provides a hospitable welcome and s￿tenance io the guests of the Abbey. be they visiiors. or pilgrims. The Visitor Welcome Centre and Visitor Experience staff provide inforEnation for the hundreds of thousand5 of visitors who arrive at Buckfast Abbey ettch year. This facility together with the Monastic Way Exhibition not only educaies the visitor about the history and CU￿ent activities of the mona8iery, but also gives an insight into the religious life at Buckfa5t. The profitable trading of the company means that the Trust ne¢d not charge for parking or to enter the Abbey. Buckfast Tonic Wine is produced by the monks through Dart Abbey Enterprises L￿. The Wine is sourced, bottled and distributed by J Chandler & Co (Buckf85t) Ltd, And the Buckf&st Abbey Trust receives a royalty for each litre sold. This h&8 proved to be a valuable source of revenue for th¢ Charity. and enabled it to ¢onserve the Abbey and allow ihe Trustees to advance its charitable objeciives. Public Benefit The Trustee5 confinn that they have reftrted to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objeciive5. and in planning futhre activities. The Review of activities above clearly demonstrates ¢he public benefit of the work of BuckfL8t Abbey Trust. The facilities thai th¢ TTUSt has io offer are particularly targeted ai the furtherance of the Roman Catholic Religion, but are also freely available to all who want to visi4 regardless of iheir financial means. It is estimated that over 264,860 people benefited from a visit to the church and preeincÉ, and several thousands of people attended services in the Abbey Church. A review of these amenities at Buckfa5t continues with an eye to improving them for the benefit of visitors in the future. TheTe are no entry fees to the precinct or church, no car park fees and guests can slay free of charge in the various retreat locations. although donations from guests are accepted. Where charg¢s are levied. by the Trading Company forconference4 meals in the Grdnge R¢5taurant, stsys atNorthgate House Holel and purchases in ihe retail outlets, these aim at being value for money, and not to geneTate ex¢essive profits. Page 4 of39 The Buckfasi Abbey Tru (Mel￿1￿¢01t1le¢1lo￿[ ii'iili iIRrelisiotrSCoJKiJJtiJIit¢poJBeJted￿I1l￿ esknblJsh8LlqiSt h147iysilbbey. B￿￿0$1. Devfjyij Year ended 3]￿ Ooobei2023 Trustees, Report Inancial Revieiv The accounts disc105e net expenditure of £(11,695,990) (2022- nei expenditure of £(2.985.975)). This is inclusive of net losses on investments of £(10,415.978) (2022 - nel losses on inv¢stments of £{2,566,383)). The main sources of revenue continue to be income frotn invesiments and property, royalties and the Gift Aid payment from Dart Abbey Enterprises Ltd, whose levenue d¢rive5 from the provision of tourist amenities at Buckf&si Abbey and Buckf8St Tonic Wine production. The10ss arises as a result of provisions relatiftg to property development activities. L05s on investments is spli( out in the Investment and Investmeni Income noies to I￿￿e accounts. The Charity h05 a longstanding investmeni telation5hip wilh PG Group Companies. In the year it be¢ame clear that PG unable to service Buckfa5t debt and investmenl. All of the PG Group company loans Éhat weTe not suitably ￿Set bacLed have been provided for. To reduce risk contracts were negoliated on a fixed price togive greatercertainty of outeome. Unfortunately forthe Anstey's Cove Developmenl investment the ¢ontractor5 were not able to deliver for the priee agreed. Moving forward wilh a new contractor the costs to complete indicated that the investment had no value. Other Énveslments with the same contra¢tor were also provided for. future the Charity will take a more cautlous investment approach, using rigorous financial controls and contract law to ensure thai pAyments made to a contractor are reaching subcontractors performing the work on site. The contraetor's financial siability will be closely monitored and reviews of the contra¢tor's costs to cornplete are professionally assessed by a third party. The Charity is seeking to balance the demands of the present whilst ensuring a sound financial future. To this end substantial funds have been spent this year on repairs, maintenance and improvefflents of the buildings, grounds, plant and equipment within the Abbey pr￿Inct. Focus has continued on Health and Safety ¢ompliance, with fire precautions and access for those with disÈbilities. These current maintenance demands a￿ likely to grow, giv¢n the size and ag¢ of the buildings in lh¢ Complex. The maintenance and support of the community of monks ai Buckfast Abbey is ihe primary objective of the charity. and the Ènvestment income from the portfolio of investments should provide a large proportion of this support in ihe years to come. The Charity'slrading ¢tsmpany, Dart Abbey Enterprise5 Ltd had decreased trading profits before taxation of£l.018.965 in 2022 to a loss of £{10.949.127) in 2023. During the year £1,013,687 (2022.. £1.078,697) has been 'Gift Aided, to Ihe T￿￿. Details are given in note 5. From the balance sh¢¢i it remains clear that the financial EKJSition ofthe Charity is sound, and in futur¢ the charity will be managed so that it continues lo fulfil lis ctwitable objectives in future years. The Trustees have reviewed the principal risks and uncertainties facing the Charity and its subsidiary. They believe that these are ad4uately conirolled or insured against. The iDV¢Stment reserve$ 8150 provide a buffer forany unforeseen factors which may affect the financial perforniance going forward. Reserves Policy The Trustees Consider thai ihe long-term nature of the Trust's charitable objeclives requires that it retain some of its surplus income as reserves. These re5erve5 are necessary to secure the future ability of the Charity to support the religiou5 community at Buckfast, and to maintain and improve the building5 and plant that make up the Buekfast Abbey Precin¢t. See note 23 to the financial statements for further information. This note also identifies the restricted and designated elements incliiding amounts of funds that can only be ￿alIsed by disposing of tangible fixed assets or programme related investments. P•ge 5 of39 Th¢ Duckfasi Abky Trust (Heldlij tOJT1Ee¢ri￿l ii'iihihe religio{IScOlJllliliiil4'ofBei￿dK1￿Jle HI￿￿te￿o￿l￿11e￿U1S1 Al&Dp&Abbp),. 8wcWasi. De￿￿1) YeHT ended 31° Octob¢r2023 Trustees, Report nancial Revieiv (continued) The eiidowment and iesiri¢ted funds of the Charity consist of funds used to elect buildings in ihe Pern)aneni Endowment area and unexpended balance5 on donations held on trusts foT specific purposes. For further information see note 23 to the financial statetnents. Investment Policy and Objectives The investment policy 15 to maximise the total ETrV￿tment retum, within a controlled Tisk fiarnework and to seek to Achieve a total return which is in ac¢ordance with an agreed expected total return. The curTent investment Tnanagers, UBS AG and Ruffer. have be¢n set the tssk of achieving this return within an agreed ethical policy. Ethical considerations forni an integral part of the Trust'5 investment management pmcess in keepingwith its Christia wilness and values. Thi5 has led to the developtnent of an ethical inv¢5tment policy Is follows: To noi knowingly invest in those companies whose turnover in unethical operdtion5 exceeds 5V• of gTOUP tumover. Cornpanies with un¢thical o￿tationS are deemed io be those thai.. Invest in hospiials / clinics providing abortion or euthan&8ia as a major role- Exploii the labour force in swh a way that is unjustiftable in the light of local ¢ir¢umstances' Exploit vulnerable groups. Spe¢ifically. involvetnenÉ in the production of tobacco or in ihe provision of online gambling faciliti¢s would preclude invesiment in the Company. Have operations in areas of oppressive regimes where thes¢ operatiotjs contTibute to the oppressive nature of these regim Have the manufacture orsal¢ of amislweaptsns as a core activity. Specifically. involvement in the m8nufacture of anti-personnel mines- Are involved in pornogrdphy or obscenity. Due regard shall also be given lo environmental concem& The inveslment pow¢rs of the Charity are not restri¢fed by the TnLStee Act 2000. Future Plans The long-temi naiure of the Trust means that decisio￿ musl noi be rushed io deal with ihe short-temi problems. but rather, to adopt ihe long-temi goals as set out in the rule of St Benedi¢L The short-iemi future plans are set out in the objectives for the year earlier in this report, but the mediumllong temi plan will be considered as a process of distemment by the Ttustees and comtnunity of Buckfast Abbey. Under the chaimian5hip of Fr Abbot, the trustees a considering how best to achieve the charitable objectives of th¢ trust given ihe historic assets, traditions, values and improved fiTJances that have been inheTited from the stewardship of current and eaTlier generaiioDS of trustees and monks of Buckfast Abbty. E4g¢ 6 of 39 The Buckfasi Abbey TN51 (HeldiJrwiiJTeciioJt li'iilj religlotiswJyiwiINtytsJbel￿djC￿1l* Al￿1&e&l￿bI15I￿dQI￿.lIqOv sAbbeJ,. Bttekfv41. DevoJtJ Ycar ended 51￿ Ociober2023 Trustees, Report Structure, Governanee and Management Governing Doeument The Buckf&st Abbey Trust is a charitable trust established by a Trust Deed dated 28 October 1950. This irust deed incorporates the con5titUlion5 of the English Benedicline Congregation into IL8 Govemance. Trustee appointtRent and organisation The Buckfost Abbey Trust is held in cornmon with the religious comEDunity of Benedictine Monks established at St Mary's Abbey, Buckfasl. Devon. The Superior of the Comrnunity is ex-officio a Trustee and Chaimian of the Tru5L On 9 April 2022. the Right Rev. Dom. David Charlesworth was elected Abbot of Buckfast and Sup¢riorto the Buckfast Abbey Community. The Trustees are membeTS of ihe English Benedictine, Congregation and are appointed by the Superior. Regular meetings are held by the Trustees and including, where appropriate, the whole Monastic Chapter. Decisions are made in accordance with the Trust Deed and the constitutions of the English Benedictine Congregation. Philip Arkwright (Chief Executive Officer) manages the day-io-day activities of ihe Trus¢ and reports to the Trustees. Training Trnstee5 and Offjeers The princip21 Èlm of the charity is the advancemenl of the Roman Catholic ￿ligIon. All Trustees are Roman Catholic, with the mojority being Benedictine Monks. who began their religious life with tnany years of trkining in ScripluT¢, the teaching5 of the Rornan Catholic Church, as well as the Rule of St Benedict and ihe traditions and history of the Benedictine Order. On appointrnenL each trustee is given rhe ChaTity Commission Booklet'Responsibilities of Charity Trusiees,. Although not a Trwtee. the Abbey employs a Consultant who held the position of Finance Director, who advises the Trustees and l)&5 been a memberof the Charity Finance DiTectors' Group foT over 25 years and attends their Iraining sessions and workshops as well as charity conferences organised by The Institute of Chart¢ied Accountants and actountancy fim)s. Group strllct￿re #nd Relationships The Charity has a wholly owned non-charliable subsidiary, Dart Abbey Enterprises LiTnited (DAE Lid), whose actlvilies and trading perfomianee are discussed above. The Charity has a IOOVO iriterest in PG Glastonbury Limited. DAE Ltd 15 a member of Ansleys Cove Development LLP and is entitled to of any profil share arising. Further details can be found in note 15 to the financial statements. DAE Ltd owns Dart Abbey Investments Limited (DAIL Ltd) which itself is a 10(P/o 5harehold¢r of PG Poole Limited. DAE Ltd is a Enember of S( Dominic's House Developmeni LLP and is entitled ro SN of any profil share arising {Further deiails can be found in note 15 to the financial slatements). The Charity is also affiliated to the Eng]ish Benedictine Congregation and to other monastic charities and not for PTofil Organisatio￿ in England arKI the USA. The Charity has an interest in the equity share capital of J. Chandler & Co. {Buckf8si) Limited. This private limited company (which bottles and distribute5'BUCkf￿tT0nic WineTM?) continued its operations and contributes significantly to the income of the Charity. thu5 enabling much of the ¢haritable and maintenance work at Buckfasi Abbey to be continued. Further details can be found in note 14 to th¢ financial statements. Rlsk Mtsnagement The Trustees have examined tlie major strategic, business and operational risks which the charity faces. This involved identifyin8 the types of risks the charity faces. prioritising them in temis of potential impact and likelihood of occuNence, and identifying means of mitigatin8 the risks. The Tr115t has continued to develop its policies and procedures to Teduce risks, and irain all personnel as appropriate. The Safeguarding su￿COmMIttee has continued to develop children, young persons and vulnerable adults proteclion policies and proceduTes. A Health Safety and Welfa Management 5yStem has been created. The Safeguarding Sub-committee, the Health & Safety Sub-committee and the Heads of Departtnent monthly meeting all seek to reduce risks io the Cliarity, its employee5. its beneficiaries and its Vlsitors and Euests. Page 7 of39 The Bucklasl Abb¢y Tru Year crtd¢d 3111 Odober 2023 Trustees. Report Structure, Governanee and Management (continued) Invesiment risk exists given the subsidiaries and Joini VentUTes held by the group. The risk is that sales value will not exceed the cost of constrnction. The risks are tnanaged through r¢view by the Finance CotllEnittee. Further mitigation comes fFOtn employing 2 Project Director with sector experien¢e. To reduce risk contracis were negotiated on a fIxed price io give greater certainty Ouicome. Unfortunately for the Anstey's Cove Development investment the contractors were not able io deliver for the price agreed. Moving foTward with a new contracior the costs to complete indlcated that the investment had no value. The issue is partly as a result of global instability rdi5ing Costs significantly. In future greater care will be taken to assess the viability of the contractor and proieci payments from being redireeied by the contractor through contractual control5. Safeguarding The Trustee5 give the safety of young people and vulnernble adults high priority, and Buckfast Abbey has a SafeguaTding Su&Committee of Trnstees, which sits on behalf of the communities of Buckfast Abbey and St Gregory the Great, and include5 independent professional members. Br Daniel Smyth had the role of Safeguarding lead for Buckfast Abbey during the year. wilh Fr James Hood being the lead and Trustee member for the Community of St Gregory the Great. The independent ¢hair of the Commission is Mr Paul Northoott, and the Abbye's co-ordinator is Mr Andy King5. The independent inquiry into Child sexual abuse made a S￿¢If1¢ invesÈig*ion of the English Benediciine cOngreg￿lon &$ part of its iT4Uiry into the Roman Catholic Church. Several reports have been completed in ￿latiOn to Benedi¢line abbeys including Ampleforth and Downside. but not Buckfasi Abbey. These reports have been submitted and the final report from IICSA was published 20 October 2023. Buckfast Abbey Cooperated fully with ihis inquiry. Reference and Administrative InformAtion The Charity is registered with the Charity Commission under the regisiraiion number 232497 (England and Wales). Details of the Charity's Trustees. principal officers, principal office and professional adviseTS are given on page l. Statement of Truste&s' Responsibilities The Truslees are responsible for preparing the Trustees, Report and the financial staietnents in accord2n¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Aceoyniing Practice). The law applicable to charities in England and Wales requir¢s the Trnsrees io prepare financial statements for each financial year which give a tTue and fair view of the slate of affairs of the charity, and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the irustees are required to: select suitable accounting policies and then apply them consÈsiently' observe the methods and principles in the ¢harities SORP: make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departUTes disclosed and explained in the financial statements. prep2Te the financial statements on the going concern basis unless it is inappropriate to presume that the charity will coniinue in business. The Trustees are responsible for keeping proper accounting records that dise105e with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slatements comply with the Charities Act 2011. the applicable Charities {Ac¢ounts and Reports) Regulations and the provisions of the trust deed. They aTe also responsible for safeguarding the assets of the Charity and henc¢ for taking reasonable steps for the prevention and detection of fraud and oiher i￿egulaTI11es. Page 8 of 39 The Buck.f*sl Abbcy Trust fHeld1Jie￿11￿c￿￿Q￿I iviilj ilT¢ ryliziotiScoJJiiiwiiii4poJBenediJiix ￿￿￿.$¥￿{￿bIl3￿edU1￿X1ttry s Abbey. BuWas£ DevtrJ} Ytar ellded 31# Octob¢r2023 Trustees, Report Structure, Governanee and Management (continued) Compliance ivith the Charlty's governlng document and eurrent statutory requirements The financial staiements have been prepared in actordance with the goveming document of the Charity, current statutory requitlments and The Charities SORP (FRS 102): Accouniing and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts IT) a¢cordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland effeeiive l Jantsary 2019. Signed on behalf of the Trustees S¢¢retary to the Trust Page 9 of39 Thc Buckfa51 Abbcy Twsi (Heldtii eONJWdioii ii'trftli ilwreltsioILscoiiJMiIlil)'oJBeiKd￿Ii￿e Mvvk5estsbli$lrEdai5rAlttry sAbbeJ,. Bt￿51. I)ev0￿) Y¢ar ended 31$, Ociober 2023 AiidepeiideiirAudi¢or's Reporl lo ilie Truslees of rlte BiickfasiAbbey Triisl Opiiiioii Wehave athliled(hefEnahciu1slalei￿£Als ofThe BuekfastAbbey Triul (Ihe 'Group)forihEyeai'endÈd3J Ociober2023 which coinpF'i3e the Consolidaied Sioteiiieni of Financial Aclivilies. Ihe Charity Sialeiiieni of FEnancialAclivities the Gj'oup aiid Choi'ity Balance Sheels. Ihe Consolidoiedstalemepil of Cosh Floivs and notes lo ihefinancial siJlemenls, incliiding a suThiinary of signfi icanl aecounling policles. Tliefinancial iepgrlingfronieivork ihai been applied in Iheir pi'epJiaii017 is Uiiired Kiiigdoln Accouniing staiidffl.ds coijiprising Cliarilies SORP FRS 102 'The FEnancial Reporting SiandaiW applicable ihe UK and Rgpublic of Jrelojid, apzd applicable laiv ￿nIted Kingdom Genejally AccepledAccounlifrigPraclice). In oup. ownioK ihefinancialsialeinenls.- ' give a 1P.￿e aKdfaii' viaij of the Siafe ofihe chui-ity ilie group affoirs as ai 3J Octobei. 2023 and ofihe group's Inc￿￿1￿8 i*sources andapplicailon ofresoiip'ces. rncltsding ils incoiiie andexpendityre.foi' Ilieyeai. then ended.- liave bee17propei-lypi.epai.ed in accoi.dance iviili UniledKingdoin GeiieroltyAccepiedAccowiling Proclice,- and liave beenpi'epai'ediii accop.dance Iviih ihe requiremenls ofihg Chariiies Aci 2011. Bftslsfor oplnloli We conducledÉ)ur audii in attordanc* wilh IniaTriiionalSrandards onAudEling (UK) ffSAs (UK)) andapplicabl* law. Oiii- i'espoFFsibililies undeJ- those stondards tsiefurihei. de&cJ-ibed in ike Audiior's iesponsibililiesfor ihe audil of ihe groupfinancial srafemenls section ofoui. I'ep(Jrl. We are independenl ofboih the group a4d ihe charity in accordance wilh the elhical i'equir￿Me￿IS ihat are relevanl lo our audil ofihefinancial siaieinenls in ihe UK. includlKg the FRC'S Eihical Standard, and we havefvlfilled our oihep. eihEcal responsibililies in accordaneé with these rtquiremenls. We believe thai the &udil £videKce we have obiained is sufficienl ondoppropriaie loprovlde o bosisfoi- our opinion. Coneliisions rtlftling lo goiit8 coiieern Jn audEliKg ihefinancial Sialeinenis, we have concludedihoi ihe Irusiees ufe ofihe going concern b￿1$ ofoceounling in ihepiypoialion ofthefipiancialsioleinents is opproprioie. Based0￿ ihe ivorkive haveperforined. Ive have nol iden¢ifiedonyina¢erialuncei'lainii8s i-elalingioévenls oi'condElions Ihal. l￿dIVIdUallY or eoll¢clively. i￿aY cafr significani doubi on ihe group chop'ity$ ability io continue as a going concei'n foi- apei'iodofai le￿[ Aijelve monihsfi'om when ihe origipzalfEnanciolsialepnen¢s weiE ouihorisedfoi. issirt. Our responsibililies ondihe i'tsponsibililies ofihe Irusfees iyiih respe¢l logoing c0￿Cern ore describedin the Yelevanl sections of¢his reporl. Oiher ioifornialloii The li-usiees aiE i-esponsiblefoi. Ihg oihey inft)rmalion. The oihei. inf017ntsiion comprtses ihe informalion included in Ihe annual i'eporl, oiher fhan ike fEnancial slatenienls and ow. audittsr s repori ihereon. O￿T opinion on ihe financtal slalemenis does noi cover the oiher infoi'malion and, ayeepl lo the extenl oihemise expliciily stoled in 0￿. rep￿.1, we do nol express anyform ofasswan¢e conclwlon thereon. In eovneciion wilh oui- audil ofihegroupfinancialsfalemenl$. ow. responsibility is io reodihe oiher irforniailon an4 in doihg so, con5idei' wheihei- Ihe oihei. inforinaiion is malei'ially inconsisieni wilh ihe &'oupfEnancial slaleinenis or 0￿- knowledge obtained in ihe audil or oiheiivise appeois io be inalei-ially inisslaied. If vve idenlEfy such inaierial ipKonsislencies oi. apparenl inaierial pvissiateiiienls, Ive ape requii'ed io delerinine wheihel. Iheie is a matep'ial missloiemenl En ihe gioupfinancEal siaieinenls oJ- a inalepEal rhi5slaleJJienl of ihe oiliei. irfoF'lltalion. If, based gn fhe Ivork ifpe have performed, Ive conclude ihal there is a I￿al¢1'1a1 iME551aleineni oftliis oihei. irfop'pnation, we are i'equired lo i'epoi'l ihaifacl. We have Aoihing fo reporl in ihls i'egaid. Page loof39 The Buckfa51 AbbLy Tn￿1 fN¢ldiiicrniteciithrli'ilh ilRrnli8iDIiJC¢XNJJiiiiiioTrofBeNedicliJie esRiblAvlJedw&Alanr sAbbFJ,. 8wc¥asi. DevyJT) Year ertd¢d 3 IM Ocknbei2023 liidependeni Aurfitor's Report to Ilie Triislees oftlie BiickfaslAbbey frusl Matters oil ivliieh we are reouiredlo repori bv exceplio In ihe lighi ofour kn(ThTledge undeislanding ofihe charity (￿d lis ep7vironment obiainedEll ihe couise ofihe oudii. we have nol ideniified Inalei'ial niiSSiGleiHenis in ihÉ Truslees'Anp7ual Repoi'l. lye have notliing io i-epori in respeci ofihefolloiving inallep5 ivhej-e ihe Choi'iliesAci 2011 requiies ys lo reporl loyoii f En oui. opinion.. ' adeqNoie accou171ing recoi&ls h<7ve noi been kepi, oi. IhefiKancialsloiepiienls are noi in agigemeni iviih ihe accouniipzgrecords andigiiwns.. oi. eei'tain disclosures ofirltsiees reiniiveiaiion specifiedby Ithv UIE nol iKade,' oi- • we have nol receivedall the irformalion andaxplanolions we requii-efor our a￿dI1. Respoiisibllllles ofiniste As explaimedjnoi'efully in ihe Iru.siees' IEsponsibililies slalepiieni (sel Épuf onpoge 8), the Iruslees ore i'esponsiblefoT Ihe preparalion of the &oupfinoncial slalemenis andfor being salisfied ihat they give G ¢rue andfaip. view, andfth. siich iiilernal conlrol as ihe h-uslees delerTr7ine is necessary lo enable ihe pitpaiafEOn of&oupfEnancial Siaieinenls IhGI arefreefroin iMolep'ialinTsslaleinenl, wheiher due loffi￿￿d or error. Inprepoi'ing ihefinoncial slaleiitenis, Ihe li'usiees ore responsiblefoi- os$essTng the ehority's abElity lo conlinue as a going concei￿, disclosEng. os applicable, mailers relared io golng eoncern and using ihe going concern basis of accounlillg vnless ihe Irustees eliher intend ro liquidaie ihe charity or to cease operations. or have no realisrie aliernalive bui io do so. Amdilor's respoiislbililieslor Éhe audit oigiiejhiuiicial slalen￿nts Our obje¢lives are io obfain reasonable assuranee obolll ivhethei. Ihefinancial s(ulei￿e￿Is as a whole arefreefi'om Inulerial inisslaieineFIt, wherhep- due lofiat4d ￿- error. and io issue an audiioi. s repori ihar includes our opiniop7. Reaso1￿ble assiu'onet is a high level ofossurnnce. bul ES ￿01 aguaiunlee ihal an audil conduciedin accordance wilh ISAS (UKJ i¥ill alivays deleci a inotei'ial rnisslaleinenl when il exisls. Missiafemenls Ca￿ arisefromffiaud or erivi- ond ui'e consideped pnaierial if Individwilly oi- in the ag￿eg￿le. Ihey could reasonably be expecied io influence ihe *eonoinic declslons ofusers iaken on ihe basis ofihesefinoncials¢al¢inenls. Ii'i'egtslorilies, includingfraud, are Epzslances ofnon-compliance wilh lows andi'egulaiioFLf. We designprocedures in line wilh our responsibililEes. o￿lI1ned above, lo deiecl Trnalerial misstaleiK¢nls in i-especi of irreguloriiies, including fvud. The exieni io IvhEch oup'p-o¢edures are capable ofdeiecling iri'eguloriiies. includingfraud ES detailed below.. AspaJ-¢ ofoui. athlElplanning we obiained u￿dersIa￿dtXS ofthe legal oKd i*gulrJloryfraiptework ihol is applicabl¢ lo the Charityandihe seclor in which il opeiales io idenlify ihe key lthvs andp.egulailo￿ off*clEng the CkarEty. The key i'egultsiions ive idenlifEed were Chai-itylegislaiion, Sofeguoi'ding legislalion andsiandardssei byihe Noiional Caiholic Safeguardirtgcommission. Health & S¢3fety regulolions, The GeneiulDatoProitction Regulolion (GDPR) andchth-ity Cowinission J-equireinepz15. lye also copzsid¢redihose ILnVS andi'egulaiions ihth hayea direci impocl on ihepreparolion rfihefinuncialstalemgnls. p'iinarily ihe Chariiies Acl andihe Chai'iiiÈ& SORP. Ive thscusstd iviih iiianageinent how ihe complitmce wilh fhese laws and i'egulalions ts inonilored and diseiLssed policies andprocedui'es En place. We also ideniifigd Éhe individuols ivho have i'esponsibilityfor ensui'ing ihai the Charity ¢oniplies wiih l¢nvs and regula110￿ and deals wilh repoi'iing ony issues ifihey arise. As pai-l ofoui'plonning wocedui'es, Ive assessed tlie I'isk ofany non-coi)Iplianee WE¢li Iinvs andi'egulaliovs on ilie Charity s obility io eonlinue ils acliviiies andihe i'isk ofmulerial missluÉemeni io ihe accounls. Based (w ihis widerslonding we designed our audil proeédures lo idenlify nop7-coinplionee wilh $uch Imvs and regula110￿s. OurpJ'oCedur￿ I￿volved1hefo1lOIVlll8.. . EptyuEI-ies ofiiianagei?ieptl ond ihose chorged with governance regoi-ding iheir knowledge 0fanynon-c￿￿P/Ian¢e Iviih laws ondregulaiions by the charity that couldaffeci iheflna￿Clal slolepnent5. . Asparl ofikese enquii'id we also diSC￿$e￿ wilh inanageinenl wlieihei. Ihei-* h¢we been any knoivtr7 inslances. allÉgaiions or SUSPEcions osfraud, ofwhich ihei-e were none. Pa8e 11 of39 Th¢ Buekfasi Abbey T￿5¢ (H¢ldiii CthiJTecli(JJi iiriiltil* rYllslotrStWJiNwiilFJ,o/b￿￿d1cIfy￿ hI￿￿$¢S￿bIll￿g￿t1t￿AI{1ryJ sAbbty. 8uc¥asi, Dewvj Yetr ¢nded 31￿ Oclobcr 2023 RevEeivedfilings wilh ihe Chai-ity colni￿A$S1O￿ and enquired %VEili inanogeineni wheiher ihÈre were any Sei'ious Incideni Repoi'is inade dui'ing iheyear ofivhich tlieiE wei-e none. . Revieived legal andy'ofeJsional eosis ¢0 idenlify anypossible coinplldnce 01- legalcosls in i-especl ofpzo coinplEaJ7Ce,' . ReviewedBoardJninules.' Al￿11￿d the rtsk ofI￿anage1￿eni overi'ide ofcopilix)1s. ipicliidins ilirough iesÉingjouiTral enli'ies ondoihei. adj1￿1}Ite￿ilsfoF. L7pprop'ialeness, andevaluoliBg ilie business iarEonal¢ ofsignificant liansaciions oulside ihe nornial coi¢rse ofbusEness ofivhich ihere weie none,. . R*vieived esiimafes op7djudgepnenls iiiade in ihe aetounlsforapry indicalion ofbias andchallenged￿suIllP1I01ls used by phaFiageineni in inahng ihe es111￿Oies. Use ofoiir report This iEpori is inade solelylo ihe Chai'ity s ii'uslees, as o body. in accoydance Ivitli secil0￿ 144 ofthe ChariiiesAci 20JJ al￿[he regulaiions undei-seclion J54 ofihtsiAcl. Oui. tsudi¢ ivorkhas been underlaken so ihai we inEglii siaie lo Ihe Chai-ity s D'wlees ihose pnalteis we are required io siaie io ihem Ip7 an audiloi. 3 iypori andfoi. no oihei'puiijose. To ikefullesi exientpennitied by lthv, we do nol accew or assthne responsibility lo onyoHe oihei- Ihan ihe Chai'ity s Irnsiees as a body.foi- ozii. audii )vork,foi- (his i'epoi't, oi-for ihe opinions we havefoi'ined. PKFFrancis Clark Chai'¢eiedAccoun¢anls arnlSialuloryAudilors SE￿Ila House Oak View Close Edgihswell Park roiqu¢7y TQ2 7FF Dale.. 30 August 2024 PKFFraKcls Clark is eligiblefth. appoinlinenl as audEtor of lh* ¢hth'ity by VEI'lue of Els eligibilEtyfoi' appoinlmeni a$ audilor ofa company under seclion J212 ofihe Coinpanies Aci 2006. Page 12 of 39 The Buckf851 Abbey Tru51 (HeldiJTcoiiiieciiosi ¥riili ihc rcligt0113C(iJJiiJIiiiiiiJ?oJBeNedicfti￿ MaKksts￿bl1J1R￿￿lSIm&j)PJAh￿O,. BNLWtssl. Devtyjj Year ended 3111 O￿obe¥l025 Consolldated Statement of Finanei21 Activities InMiii¢¢ed F￿lld5 Fvlld5 T*iialFulld5 Ta141Fullds DDn3tiDD5 aDdkoatti$ aclliirit5 Othet utht a9)) {! iOO,JS31 (2?9.6931 ei {ewdlrnr+ylllrollJ* and (ElJ73.O (2JL4J74 Re(QllfWarhll offuDd%- Total knd$ brwBbl fornyd 80,830,7?? 90.iOi.497 93.491.47! Trfji￿ ciii%edtonYarf atiithEiabJe 69JOJ.7*9 7A94 YII F￿d Ballllces foryrnr (46,i971 64J63.7Y9 lJ41 471 7,494 ?07 Th¢ ChaTity'5 results dwive from continuing activrlie& The tLO(es on pages 17 to 39 form part ofthese ac¢tsunts. Pag¢ 13 of39 Tht Buckfas¢ Abb¢>, Trus1 Year ended 31° Oaober 2023 Charity Statement of Finaneial Activities l-Dt*¥iriried R*511icied Fvlld5 F*#d* TMalFuTrA5 Toial Fwds DDllWD5 JDd L&oatièi 119.6GO JK.i.-O 398,iiO Irrcstmtots 363,S69 oth 3.aJ?.39? 3,337.39! Tnial 0)37 614 441 7,7L4 OJ40J71 6.429.180 EJpeudliure oll: Cblrithble aeiiiibts 317.767 0.381.727 7,4fj3,89! Tvial 41 3.174 7.7?4.483 ei (è4endlrn￿y￿urQllL￿ aDd g4kns Iosiès IDI'esrniwts 4,)41 (670.314> l) j06,3831 ,66? (4!3.4?41 Traosfrt$ bctwttrl h 119,693 ?)9.693> {*21 J641 •J6.15971 RffoDdllailon If fuuts: T￿alh￿d5 brouyhi forni*d 68.i04.830 78.233,j7? 81.470,269 T(*ial I￿ndS forT¢atd 66J79.-, lJ51.571 7AP4 107 76.1?&486 133.57• Ttke Charity's Te5uIts d¢TiVC from cortiinuing activities. The no*s on p88es 17 ￿ 39 form part ofthese accounts. Pa8¢ 14 of 39 The Buckfa51 Abbej. Trusi (HEldiiJ co￿1￿¢1￿1 iiTrifh ih religi0113coiiiJtiti*ltyof8eJKdiCiineAlthJbr¥l￿blls1￿dalsl￿OQPjA6bcy. w. DE￿1} As ai 3 iji October 2023 Charitycoinmission 232497 Balanee Sheet Group Ciwtyp #022 Cbariry. Cb417V' Fixod asseTS: T￿lible ¥3eTa ?1.930,?36 )3.j)6.171 38.94i,767 21,779$76 39.07! 0)> ?3.573.W9 41,069.08! ui ¥14ci3ty. Sbareof net358¢tS 14 16.433.$21 l j.?81.884 Sbltc ofDet ￿$¢15 100.000 4.736,473 Total llxed Asstis 74 $17.lJTr &4,441.691 as5eis: Stocks DebTor$ 7.145.579 1.059.537 10.4)I,jO6 2.i16.37i Oii.745 0.038,986 19,493 10,77?.4?8 L.L)? $.300,356 17 12 18 ?roor3mme It￿ed tytsonellt shon itmi &pwi CA5b atb&￿￿dir￿bano 6.294.J 950.479 9,294,3fj4 9iO,4!9 115.940 30,96) TotAI eorr*tti assets li.748,861 t9.748,$i7 LJabDlIl•s: Crethrori- ArnouDt5 faUiDg thu" 3.4fj8.4i2 i.00?,470 t eiitrtiii asse15 4 ?•?J37 1SA73,454 17.75%881 Toial a5se15 less liAbllitles Cr¢th￿r5. Amounts fjlkno d fter rnOTe thao onei%•r 79,80￿ *D7 ¥.rik,400 70,4L4A86 3,31) ioo ?,000.000 ToialTLti as$*is 78J09.407 Tht fottls of ihe cbartt4-. EndoThTheni bJnds RestrKttd ￿t￿l¢t ￿d5 Lwe51rit*d ￿C01￿C bjrlds on-chJtiLibie ulthg 7.494,207 7.494,207 1.9il.571 0&564.830 63.880.767 Oi.46i.883 15.370,367 66,979.7Q8 7&8OP,407 9L40&497 7fj,4?£A86 OllCODuoliu£ uitue5t 146.)9 Total Fund% The notes on pages 17 to 39 fomi part of these a¢¢ounls Approved by the Trustees on 27 August 2024 and signed on their behalf by-_ Trustee D R Charlesworth Trnstee R D Smyth P88¢ 15of39 The Buckfast Abbcy Trust Illeldiiicoiliieciio￿ iivihihE religioiis comiJJtiiiity&JbeNedlcisKe sAbfv. LgIKkfvi. Dev￿￿ Year￿ded 31¥¢ O¢iober 2023 Consolidated Statement of Cash Flows lo?? Cash flom's opei?iing acth4ries: et ¢asb (used in)Ipi'oiided b?- opei'ating actiiities 108,463 (11.41?.464) sh flom-s fi￿￿ ini-esilllg iiciiiiiles: Diiidends, in(ere=t and renti from intystrnenii Proceed= from sale of prope￿. pianl & equipmenr Proceeds from sale of ￿les￿lleD1 Purchase of propem", plant & equ5pment rcha>e. of invT=Iments Progr3mme reiaied iniY5ttnent .4dditionat Ini"esttnent iti Joitit l."entur¢ -.4CDL Ini'e=Ullent in Other Loan> Proeeeds from dtsposal of.'(InfvYstmellt in) joint iyature 773.460 70.667 33.613.i03 (? j? IS)) (30.307.731) {?ji:378) (I:S?0:81g) (804.701) 1.170.?00 84.30) 10.347.104 (499.187) (0 274.?17) (180.870) 099.033 et casb fiTrml(used in) illie5tiDg 4i¢in4iies 1.0?6,S76 8.341.3i) L￿ange th ¢115h aDd cAsh equii-alenrs th tbe I'eai. h aod ca>h equii71ettt> 2¢ Ehe be.ginning of the !""ear 1.13i:339 110.24) (3.171,109) 3,287.3)4 Casb alld cash eqvhilettts at the elld of the Treai. 1.2il.i84 116.24) The note5 on pag¢$ 17 to 39 fomi part of these accounts Pagc 16 of39 The Buckfasl Abbev Trn (Held￿ COJriKriEwi il'l￿1￿￿￿11¥1Ql1sC0$It1llI[1llfy OJBeiKdicifr￿ ￿￿￿￿t.Frahll$1terfOls1JV09P s Abbey. BrKAJoJi. Deiwj Ycareijded 31# O¢iober2023 Notes to the Accounts l Aeeounting Policies The principal a¢couniing policies adopted, judgem¢nts and key sourGe50festirnation uncertainty in the preparation of the a¢¢ounts are set out below. a) Basls of Preparation These accounts have beeFL prepared under the hisiorical cosl Convention except to the exten¢ that fair values have been applied where indicated below. The financia] statements have been prepared in accordance with the Charities SORP (FRS 102) (effective l January 2019), FRS102 and the Charities Act 2011. There are no material departures from FRS102 except as Èndicated below. The Tnjst constilutes a public benefit entity a5 defined by FRSI 02. The Trustee5 Cortsider that there are no material uncertainties about the Trust's ability to continue as a going concern. The Charity has significant inve51ments that could be realised should tl)is become necessary to fund its day to day activities. b) Basis of ConsolidatSoD The financial statements consolidate the aciivities of the Charity and tts subsidiaries on a line by line basis. Th¢ results of the associate and joint ventures are recognised in The group accounts using the equity method. c) Critlcal Accounting Estimates atsd Areas of Judgement PrepaTation of the accounts requires the Truslee5 and mat]agement to make Significant judgements and estirnates. The items in the accounts where estimates have been made include.. i) Esiimaiing the fair values of programme related investment properties. li) Detertnining the valu¢ of designated funds needed at the year end to rneet Specific future expenditure. iii) The ¢on501idated financial JaieTnents incorporate the financial statements of the charity, its subsidiary undertakings and joint Ventu￿$. Wholly owned subsidiary DAEL held IOOYO of the shares in the newly in¢OTporated Dart Abbey Investments Limited {DAIL) at the year end a[￿ the results of th¢ company are consolidated in full. DAIL held IOOQh of the shares in PG Poole Limited (PGP) at the y¢ar end, and the results of PGP are consolidaied in full. DAEL'S investment in Ansteys Cove Developmeni LLP {ACDL) and St DoJninic's House Developtnent LLP are accounted for as a joint venture under the equity method. ACDL prepares financial statements to 31 March. The Charity held IOOYO of the sho￿$ in PG Glastonbury Limited al the year end, and the results are Consolid￿ed in full. The items iti the accounts where judgements have been made include- i) Estimating the cost of the funclional fixed assets, including land and buildings and indivrdual works of arL historie treasures and plate where original cost details were not available- ii) Judging that the figures used forthe recognition in the group ae¢ounts of J. Chandler& Co. (Buekfast) Limited should be based on its most recent audited accounts 10 3 IX March 2023. d) Fund A¢countiDg ]} The charity's general funds consist of funds whieh ihe Charity may use for its charitable purpos¢s at its discretion. ii) The charity has designated certain funds for specific purposes. The Trustees have decided that setting aside funds in this way is a useful financial discipline which will help the charity make the besi use of its ￿soUrces. ev¢n though there is no legal foTce for the designation. ili} The charity a number of endowment and restricted income funds. Pag¢ 17 of 39 Th¢ BUCkf￿ Abb¢), Trusi fHgldiit ¢￿ti￿cli0jr ii'iiliil* religioJisconiNMiiJ1tyoJbtrted￿i1lK E*abllslJed&iSiAlwysAbbey. BJ{eA/￿I. Dev￿ Ytar ended 31# Ociob¢r2023 Notes to the accounts l Aceounting Polieies (continued) iv) The nature and purpose of each endowmenL restricted and designated fund is explained in note 22. e) Ineome RecognStion Income is rttognised in the period in which the charity andlor group ha5 entitlement lo the income, the arnount of income can be fflepsured reliably and li is probable that the income will be received. Income comprises donations and legacies, iftcome from the commercial trading activities of the trading subsidiary, other subsidiaries. associate and joint ventures, investment income and interest re¢eivable, income from charitable a¢tiviiies, and other in¢oETre including royalty incom¢. Revenue from property deYelopment5 is re¢ogni5ed b&8ed on completion of property sales. Donations and legacies i) Voluntary income is Tecognised as soon as entiil¢ment is established and it is capable of being rneasu￿d in financial terms and receipt is considered probable. For legacie5, thi5 is the earlier of the charity being notified that probate ha5 been granted and an estirnate of the eharity's entitlement, notification of an impending distribution or the legacy being received. Donations given for restricted purpose are inelud¢d within restricted funds. it) Donations under gift aid together wilh the as￿lated income tax Tecovery are credited to incoJne when the gifted amount is received. iii) Gifts in kind are included at vAluation and rteognised as income as soon as they are distributed to the Charity- Other Trading Activities Income Consolidated results include income of the trading subsidiaries and joint ventures. Investment Income Dividends are cr¢dited to the Statement of Financial Activities according io the date the securities are declared ex-div on an aecrua15 basis. Gift aid and rent frorn the subsidiary is credited when it 15 due. Charitable Activities Income The charity runs a retreat centre and educational a¢livitie5. Income arnl fees from these 5¢rvices are credited io the Statement of Financial Activities as they fall due. Other Income This primarily corysists of royalties which are ¢r¢dited on an ae¢Tuals basis ExpeDdltllr¢ Liabilities are recognised Ls expenditure as soon as there is a legal or consiructive obligation committing the group andlor charÉty to make a payment to a third party. it is probable that a trdnsfer of economic benefits will be required in settlement and the amounl of the obligation can be measured reliably. All expendituÈe is a¢￿￿nted for on an accruals basis, inclusive of irrecoverable Value Added Tax. Expenditure ¢omprises dire¢1 costs and support costs not directly attributed to particular expendiiure headings they have been allocated to activitie5 based oll a re￿onable estimate of consumption. Grants payable are charged in the yearwhen the offer is authorised and conveyed. Pag¢ 18of39 The Buckfasi Abbey frust {FleldiJTcoiiJieciiOiiii'iili fI￿religI￿1￿cO￿M￿t1jtyofBtirffJK1i￿e I4￿*￿$￿bIl51Rd￿ISI,11oQVJAbbey. BI￿￿￿￿1. Devwij Y¢arehded SI￿ Oclober 2023 Notes to the accounts l Accounting Policies (eontlDued) Raising funds expetKliture includes the trading subsidiary'5 costs. Charitable acÉiviÉies costs include ext￿nseS relating to the retreat ceniT< educational activities, parish and rnini5try activities, rharitable givin& property maintenance costs and religious community support Costs. Support ¢05ts include office salaries, govemance costs and other adTninistrdtion costs and tl)ey have been allocated to actlvilies on the basis of usage. Govemance costs include audit fee4 office salaries and costs &8socia¢ed with trustee5 meetings and with prepardiion of the statutory accounts. g) Thxed Assets and DepreciatioD Freehold Land and Buildings i) Pemianent Endowment Land and Buildings The Trusi Deed of the Charity provides that certain land and buildings be retained ls a Pernianent Endowment and the ineome only thereof be applied for the charitable purposes of the Ttust. These lands and buildings comprise all that Monastery and Abbey Church known as St Mary's Abbey, Buckfast, with its ancillary buildings and dernesne together with the Convent known as St Mary's Convent and the Parish School known as St Mary's School and alsothe cottage known as Northgate Cottage. In accordance with SORP FRS102, these land and buildings are unique in ternls Of iheir religious and historical significance. As such, conventional valuation techniques cannot be applied and these assets have therefore not been valtsed in ihe accounts. Further infom)ation regarding these asseis is available on the charity's website (i%'ii'iv.bii¢Llast.OT guidebooks. and in its ii) Building5 erected on Pem8neni Endowment Land Sotne buildings have been erecied on Pem8nent Endowmeni Land. These buildings, although not Pern)anent Endowment in themselves, ore restricied in that they cannot easily be sold. Such building5 are included in the accounts at the original cost of construction. Buildings, which were in use at 3 1st October 2023, are depreciated at rates calculated to wriie off their cost over the whole of their anticipated useful life. iii)Other Functional Land and Buildings Land Functional land is included in the aecounts at original cost or where this is not available at an estilnate of its historic cosi (or in the ose of donated land. at its fair Value at lh¢ date of ftceipt). Freehold land is not depre¢iated because it an indefinitely long useful life. Buildings Functional buildings which are still in use by tlie Charity are included in the accounts at original cost or wh¢r¢ this 15 not available at an estimate of their historic cosi (or in the case of donated buildings. al an estimate of their fair value at the date of receipt)- All new funciional buildings. improvements and major renovations are capilalised at the ¢ost of construction including Professional fees. Buildings, which were in use at 31. October 2023, are depreciated at fdtes calculated to write off their historic cost (less the residual value) evenly over the whole of theiT useful life. iv) Properties occupied by Group Undertakings In accordance with SORP (FRS102) the Charity has chosen noi io a￿Unt for properties occupied by group undertakings as investment properties and has recorded them at Cost less depre¢iation. Pagc 19 of 39 The Butkfusl AbbL'), Trus1 (Heldlij COhitwi¢wJ iviikilw religioJis¢48 ,ii4.316 EDdtsMilleDt fuDd$ Diiidettd$ & ￿teres¢- ￿*￿ta securides 7.71) é.8)$ 7.71) 6.8)8 Total 773.460 1.170.790 ).4)5.263 ? 561.174 Investment inco￿¢ on other UK investsnents includes interest on loans calculated using theeffective interest method of £69.933 (2022: £462,683). The above income is net of provisions in the year. The gross positions are as follows: Provisiolls Against Interest D.4EL Interest B.4T tnteie5t a#d disideodsreceti'ed GrnuplA*r¢stbefottProrislon$ ID7J.li6 lJ>9ilS 3A13.4¢4 Proii5ions 3¢ I loi-enther)￿7 -4nsttN s CoieDei'elOpJn￿tLLPL0*n PGCadoEan PGPoole loan G Glastonbw. PG St cathe[u￿5 IDla))540 il.10 )' Prfjrfylons ai31 Oci•ber*O* (I:Jij,5671 .5,0? {679.6001 (140,0981 P.-6J9:9941 -4131 O¢tober•O?3 773460 Notes to the aceounts Pagc 2? of39 Th¢ BucLf2SI Abbev I rust (HeldiJi¢oNJTEclioJi ii'iili t1￿ rel¥rtWSCOWWttwityGJBelledJciirtÉJlloJrfSes1t?b1l&l￿dfj1s11c0Q, 5Abbe),, BJKVasi. Year ¢ndcd 3 iji Ocii>b¢r 2023 4 Total return investment Si Scholastica's Abbey Teignmouth Fund was set up on 3rd Januery 2006. It w&8 a requirement of the transferring trustees that £IOO,000 of tlie total portfolio be used io set up this permanent endowment fund, the income ihereof to be applied to the general purposes of Buckfast Abbey Trust. The difference between the value of the gift and the value of the fund at 31# October 2015 represents the opening balance of the unapplied lo¢al return. The power of total return peTmits the Tru5¢ees to invest pemianently endowed funds to maximise total reiuin and to apply an appropriate portion of the unapplied tolal retum io inoome each year. Until the power is exercised, the unapplied total retum remains invested as part of the pernanent endowment. The Trust¢e5 have not applied any portion of the unapplied total retum to income. Trnsi foi. IDi.e$￿ent Lttappued ToTal Remi Toial EndOw￿ent The iDVf5ttnetst Ibthd atsd ￿p￿atio0 of i)Ml reDJm 10 pert￿lleDt tDdoThThent f4thds'. Gift compollettt of pe￿8DeD[ ettd¢nineDt Lllappbed tolaj reDJm loo,000 loo.000 )!4,848 )14.S48 Toul loo,000 L)4.848 3!4.848 JEoi-èweDiS Ill tytt*ppJled Toial E*ruiTr aDd emdorneni th ihe i'e*r= IlliYsLTDeDI Tehmi.. diiideDds ¥nd threit>t Io%Ysnnent Tettrn recogrrixd andunrtcowcd io$sey JLi'tstmettr tnatsag¢meDI costs 7,351 2,118 2.lJ8 13.0?)) et moi-emeni in the l'ear 0,444 -41 JI Ortober ?0fj3 Gift COttPDnellt of pemiaTrent eudoThYtstDt Lnèpplkcd iot31 rett)n) loo.000 loo.000 231.299 231,)9) T(41 ioo.ooo ?31,)9? 331,?9? P3Ee 23 of 39 The Buckfasi Abbe), I rusi rHelrfiJTcoiJFiecijoti iriili I1￿ religiotls COllNJr1inityo/&gei￿￿l11￿ IVoKks esthblikndoiSrJVury iAbbey. 8vckJttsI. Yeor cnded 3 IY October 2023 Notes to the aceounts 5 Net income from Trading Aettvities of Subsidiary The charity has a trdding subsidiary. Dart Abbey Enlerprises Litnited (DAE Ltd), which is in¢orporated in the UK. The activities of DAE Ltd include wine manufacture, caterin& retail sales. provision of tourist facilities: conferences, production of items for Sale and property development thFough a joint venture. A Gift Aid payment of £1,013.687 was made lo the Trust on 27 July 2023. A summary of the trading Tesults, which have been ¢onsolidated into the group accounts on a line-by-line basis after adjusting for inlra-group tranwtions, is shown below.. •0•3 •0•* Cost of sales 4.989.074 (i80.7ill 4.i79,fj40 147) ?641 Gross profit Optr&till! erpets5tS Other incomc IllTert$i iecei47ble IDiere$ip&7bJe 4,40S,S73 14.016.i83) 4.107.3S) 13,311.837) {144,3931 (317.8981 139,990 Ilifj.iOOI ei woftt beforc ta￿110 Taiatiots Y5tmtni G*>. 170,001) (L05$esl etprofir ELution Gth.4id to TheBtrkfa5r.4bbts Tru51 (38.orx)) IJO.06?,iOil (1.013.087) 741.0?9 (1.078,6971 Re￿lled ￿ Subsidiatv (11.070.19?1 1337.0081 6 Costs ofRaisiDg Funds: Cost of Goods Sold Other Costs Giygup Cbarin. ?￿?3 cha￿tt" 10?3 Inresirftted fuDds Trad￿8 subsid1￿-. Cos¢ of saiei St3ff c051$ Depreciatio Other costs 458,47? 1.3 jl.776 8i.iio 1.869.5?4 ) j8.417 S￿,553 2,18i,717 SS,7iO l.li8,974 31i,993 2)8.417 31i.993 5,0?3.745 4,103,993 2)8,417 31i.W3 EDdtsThént funds Jnl'e5￿ellt W3nagerAeoi 3.174 3.174 1,774 Total i.016,9L9 4,102.?6? ?61,591 317,707 Page24 of39 Thc Buckfast Abbey I nisi (HeldliieopTitecll￿i ii'yilj rhe *elÈithtsctyiimiiiiio￿oJB￿￿￿Frf￿e MwLQ*estsbltyhe1S Cbaiin. Dli*tr tinliles Suppon Yoral *023 Toial I￿￿[17r1ed Rereat ceDtre & ￿￿￿tI￿￿$t EduEatiOti￿ acti%Yics P￿15￿ & wpporr Bulditill gr0￿d maijretsattte Chariiabie giiiDg Reboou5 comEhutiiTh" wppon 80,6)3 143.567 ) 170.i40 2,901.i42 92.)83 j)l.jj6 100.703 179,739 ? 711.736 3.699,904 119,41) 6>1.734 9).907 35.17) >11.190 738,4?2 ?3.53? 130,178 2.4?0,607 3,i87,1131 84.191 io? j?8 i,973,741 1,4S9,610 7.403.351 0,88117) Re5tii¢i¢d iDd t￿d0￿￿ent fwtds i%b &- llJiDisf*' SUPPOtt i41 45? Total 5.974.!8) 1:4S9,61Q 7.403.89? 0.8SJ,7)7 Pagc 25 of39 Th¢ BucKfa51 Abbey TNSI (Heldiii c￿1￿¢11￿1 li'iilj ilwrelssiOILfc0wwiiiNlyoJB￿lEd1rt1￿e HoJknesthbltsliedoiSIMary sAbbe),, bt￿1￿. 51. Dev￿ Year ¢ndcd 3 IY Ociobcr 2023 Notes to the accounts 8 Stspport Costs Oibèi. Total 1013 Toial ?0? ¢osi$ Offjce Th7ges and s3iaries Ballk- ￿teres[ atsd ch3t8es Audiroi> ftt5 Otbtr uffice c05r$ 350.Q06 985.?04 309,8iO 98i.ifyl 20.4? lQ7.836 770.237 3>4.783 li.fylo i4.7)4 6.903 100.873 1.437.)83 1.4S9,610 694.$14 Supwrt costs are allocated across activilies on the basis of w8age. 9 Audit Fees The audii fees of rhe charity were £26,420 (2022.. £15.040) and other fees of £Nil (2022: Nil). Audit fees of £43,000 (2022- £38,415) and other fees of £1,850 (2022- £2,000) were ￿ld in respect of fhe subsidiary. IO Staifeosts Gi￿￿P •0*3 )iup 20?? Chailo- ?0?3 Chati Social securir¥ co% Dtfsued ¢onmlutrJn pensioD Cootribu￿ll5 3.?28.4i2 311,878 330.810 1.793,i40 149,040 1.097.347 lii.945 LOS.109 3.4.801 36?.48• 4,617.j33 4.107.140 ! 103.746 ),0?1.461 The key management personnel ofthe group in charge ofdirectingand controlling. running and operaiingthe ¢harity on a day-to-day basis comprise ihe Trustee5, the CEO and the operational directots. The total remuneration (including taxable benefits and employer's pension contributions) of the key management personnel of the parent charity (and group) for Éhe year was £454,885 (2022.. £323.277}. Redundancy and tertnination payments of £93,280 (2022: £104,988) were made during the year. GtYJup ?0*3 Gyotsp 1021 Cha17D' ?0?3 Cbarf¢> Tbe a%'eya£e number of ¢mploi'tts the !p3r ￿.3$.. 140 67 The numt*T oftmpkn'tts tsfthe Group iithose emoillmtn15 2moiiDtcd 10 oiyr £60.000 I￿ar 35 fDlloti's". £60,001 £70.000 £70,001 £SO,000 £9Q.ODI - £IOO.CQO £iOD,OOi £110,000 Page 26 of 39 The Buckfast Abbey Trust (Ileldiji ¢OJi1￿clIO11 li'ihi¢l* iYligiouSCOllIFKNJiJiyofBtittdicliiie H￿￿eS￿&11s1￿d￿5tmorysAbtsey. 8TKkfvs1. Devojtl Year end￿ 3 October2023 Notes to the accounts Al Fixed ths5els- Tangible Group BllUdlo8$ tretred DL penllaneni Othtr fuD¢rfon.Trl lalld and buildings Flxrnre$ ffrtillgs 4Dd oquipmeni IIog¢+r ¥tbÈrle5 laty C05t -4t l loi'ember !02? -4dikntivn5 Disposa15 -41)1 October7023 15,6Th 1 ?4.S>90S4 l.Oi4,94 6.620,333 4l197 S99 ?5? IS5 Olli7D) 15.6:.S.li9 1:0-:0,90J 6.6',2.iOi Depr¢¢iJT&on 11.j12.ODO 71? 159 Char¥etoiKtar ElbTotiè¢edon th"5Pa53ts -4til Octobtt ?O)' $0! 541 4,0)gJ49 ,)J (g1.ii61 25#J3:i)6 S.Sil,625 Sjo,￿1 l ?j..,971 ttbDokw•wkr$ -41 il Odober 70?" ,140.614 !3IS7) ? 4i4AS2 At?1 O¢t•bet ?0?! 16,30-: ?580,J84 erecied• Other Fxmi* ndoment Jand landakd rèhi¢lt5 Total Cost -4til October tio?! 15I7S )) )4.Si9u 714,60ti 4461 JA653.6S9 Qtoup Trat)sCÈr IL05P.-47) Illlj-,01 11.171.112) -41il October 70?" )x¥j2.526 66S.i?? .619.61) Dept*¢iaiion .11 il Octobtr292? Chat4e forltar El￿v￿ated ort disp058ts .4til o￿tsber 70?" .JOI,93? 11:L)2,000 1,931.750 2) ?80.6SO 2,936 (91?i6) 191:)i6) tJJl.L)3 51Qi98 2ffjSJ_525 .4t 31 Ottober20?3 2H6i.Oil -4t 31 October?022 JO'.6:iO¥ lio1":,J84 S9.604 P88e 27 of39 Th¢ Buckfa* Abbey Tru51 (HeldiJtcoJriieclioiJ li'iiliik TcIi8loiisct>miiJitiiityoJBeiYdrciii* Alotthsesthbli5hedgi&Maryi s Abbey. $1. Dewtj Y￿r ended 31* Oclob¢r2023 Notes to the accounts 12 InVest￿entS Gnwp *0* Cbaiitr •0•.1 ChJrin' o*• -4t l Noiember ?022 -Iddstians SPQs&s Rèabstd g*ins 005ses)onths-è5bme0¢5 Rei'aiuatton j9,601,51? '9j40,-,S! 47 069.6S) -79.95:.,j?6 S.61$,4", {lJ,657:.49) 54) 74! 12,109,6J? I (i3,0!J:j6>) loi} 1? $9S,D15) li.109,6)5) P.-06-::S9DI -4t?1 Oervber ?0?" j6,173.11> J9,601.51) 39.0-:? Cl!J 4? (￿9,6$? -4nth"$edbemeen.' Fixed a5S*¢WiltStsnentS CuThent a5setini-esknÈnts )11?j.]13 3S,94i.p6 655.115 i9,0',1055 )Q69,6L? i9101.51Y i9,0-.2.055 4? 069,68? An•t)￿edb￿N'ettL listedini-e51menis k)it5DnentiThD.4ELtd J. Chattdler&. Co. (Suc￿451)Lrd1n0le 141 ProgrIty￿e RetatedIoi'tskntnts (note 12) Cashhtldas pth ofini-esknÈntportfobo ID&tSLTrerLtPTopertits Other￿)%"*51me1lls Laart J4.i9> ?)2 I2￿!-, 100,000 i.09S.gJ2 li,O!*,.JOO ?O.E6Y 15 i4,599,2 its),oth) i.098947 15:02",,510 IJA:7i5 15.0?", JOO 20.S6", ?5- 75J,QOD {1? 05Jo56) ?)4, {1) 05ii50 ig.601.il? i9,0?) 055 The loan of £12.053,356 is secured against £8,506,817 of listed investment8 and £19.973.101 of cash held by the investment manager {2022: £12,004.727 against £27.983.977)- Provisions Agafinst InYestmeDts B.4T84in5 onli5tedffj%Y5fthlttits D.4EL tosses G'iYJupCatn5 befo￿p￿)￿lI1Dll% 666J5 647003 Prn¥lslDP5 url.Nor*mb¢r*O•* -4n5te> s Coi'¢Dei'tlopmthi LLPLoa PGPvoltloart PGEnteryrists Loan PG GL75tonbury' FG St CathEJine5 loa Ptwl%lDfLs4r31 Ocrpbtr*O*) (2JOO,9-,5) (foD,0001 1615,OOL¥I {11,06:J811 Ye¢Lvsses alllDr¢5traents (Il41.-978) Page ?8 of39 The Buckfasi Abbey Tru51 ¢lleldiJi COyiiiecii(Jil li'lihil￿ r¢ligsoiiSc(WlilliiltltyoJ8eiJedlrtiiJt hlofvk¥eJfoblisliedoiSIAlary' 3Abbe),. BtKkfvsi. Deiwjj YeareEJd¢d 31￿ O¢tober2023 Notes to the accounts 13 Subsidiary Companies Dart Abbey Enterprises IAmiled The ChaTity a wholly owned subsidiary, Dart Abbcy Enterprise5 Limited (DAE Ltd). which undertakes trading activities in order to rdise fvnds for the Charity. The taxable profits earned by DAE Ltd may be pas5¢d to thE Charity by mean5 of fjift Aid. The Trn5tees of the Charity sit on the b02rd of the company but receive no remuneration for so doing. The company's results have been consglidated into these accounts after adjusting for inira-gTOUP items. The subsidiary shares the satne registered office of the Charity and its Company Registration Numbei is 1435171. The aggregate of its assets, liabililie5 and funds is as follows.. •0•3 -4ssets Liabihtie5 Funds 5,0%0,1!S 15.$$) ?6) 14.1-:9.$:,9 1.160,680 Dart Abbey Investments LimStsd As at 31 October 2023 DAE Ltd had advanced loans, including ac¢rued inier¢st of £629.600 {2022- £21,296), totalling £6,930,575 (2022.. £7,313,954) lo a wholly owned subsidiary Dart Abbey Investments Limited (DAIL Ltd). DAE Lid owns IOOQ/o of DAIL Ltd. The address of the registered offi¢e is Buckfast Abbey Buckfasileig Devon TQI I OEE, UK. In the period to 31 October 2023 there a loss of 43,061,675) largely due to the significant write down in the carrying value of the investment following an updated valuation of the underlying a55ets. The aggregate of its assets and liabilities is as follows.. 2023 2022 Asse15 Liabilities Funds 4.000.000 {6.930,5761 12,9305751 PG Poole Limited As at 31 October 2023 DAIL Ltd had advanced loans, including accrued interest of £629.600 (2022: £21,296). tolalling £6.930,575 {2022: £7,313.954) to PG Poole Limited, L company in which DAIL Ltd owns IOOVO of Éhe shares, as well as the colltrolling share. The address of the re8lStered office is Buckfast Abbey, Buckfastleigl Devon TQI I OEE, UK. In the period to 31 October 2023 there was a loss of £{3,061,675) largely due io the significant write down in the carrying value of the asset following an updated valuation of the underlying asse The aggregate of its assets and liabilities is as follows: 2023 2022 A55cIs Liabillties Fund5 4,001.266 16,952.(J46} 12,950.7801 PG Glastonbury Limfftted As at 31 Iktober 2023 the Charity had advanced loans, including a￿rUed interest of £411,680 {2022'. £62,517), totalling £4,501.403 (2022.. £4.192,852) to PG Glastonbury Lirnited, a company in which th¢ Charity owns lOOQh of the shares, as well a5 the controlling share. The address of the registered office ts Office Buckfast Abbey Buckfastleigh, Devon TQI I OE& UK. In the period to 31 October 2023 there was a10s5 of Ul.540,201) largely due to the significant write down in thecarrying valueofthe asset following an updated valuation ofthe underlying assets. The aggregate of its asseis and liabilities is &$ follows.. 202J 2022 Assets LiabÈliiÈes Funds 3,059,594 14,i90.7851 Pa8e 29 of 39 Thc Buckra￿ Abbei. Trnsi (HeldiNcgJiiwciioii Ii'iili ilR tell￿(l11S¢01j1￿MWj1OVOJ￿eI￿dkl1￿￿ iv¢￿￿￿8¥14bl1S1￿ai￿A1rtry iAbbe),. &irkfvsr. De¥￿11 Year ¢nded 31$1 Ociober2023 Notes to the accounts 14 J. Chandler & Co. {Buckfast) Limited- A5soeiate Company The Charity owns 32.4Q/ts oftke votingshare capital ofJ. Chandler & Co. (Buckf&%t) Limited. This company. which is a private litnited company. bottles and Enarkets "Buckfasi Tonic WineTMY The Charity ha5 hisiorically held shaTe5 in the Company since it was formed in 1927. The Trustees have considered SORP (FRS102). with Tegard to their relationship with the company, and they consider that it meets the definition of an A￿0¢￿ale. It has been ctsnsolidated using the equity method of aceounting. Its registered office Is New Abbey House. Fyfield Road. Weyhill, Andover. The Charity receives royalties and rents from the ¢omp2tty. Since 9 April 2022 two Trustee5 Sit on the board ofihe company but personally receive no remuneraiion for doing so. 15 Joint Ventures- LLPS As at 31 October 2023 the Charity's wholly owned Subsidiary DAE Ltd had advanced loans. including a¢ctued interest of £1,373,567, totalling £7,830.849 (2022= £5,642,203) to Anst¢y'5 Cove Developmellt LLP, an LLP in which it is entitled to SOYO of ihe profit arising. The joint venture's principal a¢tivity is propety development. In the period to 31 O¢tober 2023 there was no material return on the joint venture (2022: £5.642203) and the balance due to the company is nil. afterineludinga provision forthe anticipated lossofthe entire investment of£7,830,849. To reduce risk contracts were negotiated on a fixed price to give greater certainty of outcome. Unfortunately for the An5tey's Cove Development investment ihe contractors were not able io deliver for the priee agreed. Thi5 W&8 attributed to increased costs following the war in Ukraine. Moving fonvard with a new contrdctor the costs io complete indicated that the inveslment had no value. Other investments wilh the original contractor were also provided for. The Charity'5 wholly owned subsidiary. DAE Ltd. is a m¢mber of St Dominic's House Development LLP. and is entitled to 50Yo of any profit share arising. The joint venthre's principal a¢tiVlty is property development. In the period to 31 October 2023 there was no material profit Or loss in the joint venture, and the balance due to the charirable group represents its share of the underlying net asseis at C05t. The balance owed by the joint venlure is not material to the group. 16 Joint Venture- Liniited Companles Until 16 November 2022 the charity's wholly owned subsidiary, Dart Abbey Enterprises Limited. had a fifty percent interest in the ordinary shares of PG Enterprises (St Nicholas) Limited which was established to develop a Catholic Church site in Bristol for residential purposes. Page 30 of39 lThe Buckfast Abbey Trust IHeldiii rw11￿al￿l li I)te ￿1￿¥[0[11 COmWtutlryofBwwd¢ciiiie A1￿j*s￿$t&bl1S￿ed￿1&Aknllv 5Abbey, thKkfvsi. De￿ttl Y￿r cftded 31st October2023 Notes to the accounts 17 Debtors Group •0•3 Gmtsp Chants" Chaij Duei4ith#J ont %"ear. Trade debtors -4fftounidue from subsithw" -knouni due fraThassocEate Otherdtbiots Prepa%Mtrtts and •eemtdio¢omt 9i.J76 ).665 l )jj.'66 L?j,499 i9Ai3 556,910 t aftermore t&aTh one}Y￿. Prepa>trent5 and 3t¢mtdineomt Otherdebtors 10,546,:.96 $:iiO,--I .?91 ?15,$41 )J':,oso 31$,$$4 ?)9.5S5 ) 516.jtr5 $uM.356 18 Programme Related Investments As part of its charitable activities to promote the advAn¢ement of ihe Roman Catholic religion. the Twstees have decided to support other communities of Enonks and nuns. In a previous year a property was purch&sed. at a cost of £1,800,000, from Stanbrook Abbey io assist them with their ch2ri(able objects. The property has been leased back under a 999 year peppercorn lease, bul reverts to Buckfasi Abbey in the event that the Sister5 cease occupation at Stanbrook Abbey or other specified event5. The property i5 included as a prograTnme related investment at original cost. £7,440.55712022- £7,038,986) has been lent to Oulton Abbey in Siaffordshire to assist them with their charitable Ctivities, inteTest has been charged at 3.5Yo stnce April 2014 and security is held in the form of a legal charge over Oulton Abbey. There is a provision against the loan of £1.146,193. Buckfast Abb¢y owns a number of residential properties in the vicinity of the Abbey that are primarily occupied by employees of the group. These properties are classified as programme related investments. The Trustees have financed the conveTsion of a propety into offices foT use by The Plymouth Roman Catholic Diocesan Trust which are tn¢luded at a fair value of £2m within progratnme related inveslment property. Gi)iup CLsn¢eSsl•￿41￿- LoaD$ Cbari CoTLCt$$fouiiT LoJu$ Charin" Pr•pÈn!" Pi*peTFY -4t l Noltmbir )OU? .4dN-ance5 adllitions rnteresr Tmpainntnt Rtpa)Inents thsposab 6:OiS.9S6 15.0):.,iOO 10 )41,Q62 255AIS 551,70) (I,iOI.40)7 .4t 31 Octtsber207' 6,294.i04 15.0?J.S00 9,?9,.)￿1 15:02;.500 Concessionary loans are receivable within one yeaT. P4ge 31 of39 The Buckfasi Abbey Trusi (Heldrij COiVWCiloll il'l￿1 ilje rellgloriscoJJiiiii{Ipig'oJBeited￿1IJ￿ H￿ik$eSt&h￿ls1itd￿isIjlknrjP sAbbe),. ￿ck￿S1. Dev& Ycar cnded 31* Ociobcr 2023 Notes to the aeeounts 19 Creditors CTOUP 0*3 CbarE Cbaiitr -4rnountsfaUuitt due3¥itJbn one Near. B3nk.loao Tndè creditors -knou#t duè to subsilkn. -knount due to associatt and 50ciaisttwih" Othtrcreditors 5.OODmO 692,9SJ I J61.100 469.04- ?$0,15j lJ)O.!12 49J,139 5i9.051 ?13.006 i5i,OiJ ?lj,ryJ6 .S52 11.5!Q5?- i.46S,45? 5,6D!476 .4moty$faftng duè thtrmore one)tJr. BanK"loans SAI? 5QO 5.OOD.ODD s,j￿1￿￿o 5,ODO,QtAI A bank loan of £5.000,000 {2022.. £5.000,000) is secured by an undertaking in respect of the investments managed by Ruffer LLP and UBS AG and £3.312,500 (2022-. £3,312,500) i5 secured by a floating charge over the assets of the subsidiary eompany. The value of these invesimenis at 3151 October 2023 was £12,004.700 {2022'. £34.575,130). 20 Obligations under lea Operating leases•les$or both group and eomp•ny Tlie total of fulure miniTnum lease rentals receÉvable is &8 follows-. ?0?3 ?0•• or larer than ooe. lear Laier than one l'ear noi laier than fThe. ￿¢.ar) Later than file l'ears ?4? 213 ?60.4il 104.440 073.10) 207,3)4 2S9.4il 219.2>4 710.Oi9 These relate to leases for fixed temis with fixed rents. P4e 32 of 39 Th¢ Buckfasl Abb¢), Trust (Heldiij ¢￿￿￿cl￿OI1)1.iI¥I I1￿ re1igt} 16.4)>,S!? Ttsral ftMdiJkg fttud$ 15,i..0.867 j.99? 19-. (9..456,119} J.4$1 96) Trfal grtstsp turlds 90.%05,49", 11.IU,":65 {10,ti J:9-.81 Page 34 of 39 The BucLfasi Abbey l TUSI Illeldiii cwiJrtcitOii Ii'iih i1￿￿tIl¥10￿$et￿￿N1l1r1tyO/be1Wdlc1l11e Althlkses￿blIS1￿dtsI$t hluyTrsAbbey. But&/as1. Devwil Year Lnded 3 IA October 2023 Notes to the accounts 23 Thnds of the Group (continued) Analysis of charitsble funds movements- previous year Jncomlng i*$oDr(tsl Transférsj l_Norember ne d¢51glli¢ioTt .11 Orthbei. *0** utllistd rDdonThtutfuods: B￿ldIn￿5 in PEF Wea St SehoiasiÉca's.4bbe%- Teignmouth riss Stvne'5 T￿￿t Il"ar(th.I'emon.4llnuities 569.49$ {193.191) 6,)!5 (1,6SS1 91) 9.J81 Igo Tonl tDdoRTlle￿ttwd$ 1.934,158 6,$58 0.9)6) ?)1:919) Re$rri¢id funds: Contemptstii'elutts 1951,451 iio 1951.451 i_)0 iystrftitd funds JOO {iOD) 1951.5; l-ures¢iitricted ineome. -4ions made again?[ joTnr i-enD3re loan (Profit) ots s* of r￿ed asset$ on Coatrouing iDrerest .4s50ck)re $baTe of (profLtI Diiidetsd?. iDrere>l and renis froffl iu%e>Fment PTQIISLODS made agaittii iDicrest on ttott group loaD5 Dtcrea8e.(Increast) su debioT5 Decrease.lllicrea$¢) w 510cks (Decrease).uicrea>e creth.tors (11,095.9901 709.(H4 l.Oj9,74? (1.9Si,97il 83j.80? 1.000.000 .i06.383 1666.)iO) I,) Ji.000 6.4j7.?$) liO,633) (28.1781 (40.i971 IO)4.3181 (1.170.290) (l.lit.9381 (773.4601 1.4iO,S38 3.?78.l27 (4.4?)) (462.17?) (10.?07.1991 (299.8?0) 108,463 (11.i12.404) 26 Analysis of Cash and Cash Equivalents •0?3 C2%h on shon term deposit Cash at bank han(E 9)6.4?9 299 l li.940 I,? jl. j84 116,)4 j 27 Analysis of Change5 in Det debt .4t Srar( of Year Cash Fioii'i .4t End of Tr-ear 110.24) (2iO.000) (8.31? ioo) 1.13i.339 1.2il.i84 (8:062_iOO) (S.31) iOOI 8,312.iOO Loan* fauing due iiithin one K'ear Loans fauing due. after one Nyar ($:446:2ii) 1.3Si.339 (7.060.916 l)age 39 of 39