The Buckfasl Ablw Trn5t {HeldiTh COfrTnEcliDFTIFith ihe ttligiotrs¢oiJimtslliry ofBenedicnne Jilonk5 gsiab1ubvdg1&,Vy sAbbry. BiiGAfas1. DevDJi) Year ended 31" October 2024 harity CotllTni5sion Number 232497 The Buckfast Abbey Trust Annual Report Year ended 31 October 2024
The Buckfllsl Abky TEUSt (H&l&iK con*e¢trioMiviihihe religiouscommwiity ofBenedl¢h#e esiAblishedaiSI hlory'sAbbe¥.. BtKl¥aJi. Devomj Year ended ][ October 2024 Contents Page Reference and Administrative Infomiation Trustees, Report Independent Auditors, Report to the Trustees 10 Consolidated Statement of FirwJ¢ial A¢tivities 13 Charity StateTnent of Finaneial Aetivities 14 Balance Sheet 15 Consolidated Statement of Cash Flows 16 Notes to the Accounts 17
The Buckfasi Abbey (Hyldin ¢op7lltci{on iyith ihg religTow comiKynityoJBeuYdicrine MoNks esiablishedoi &.Ilury sAbbYy. 8uGAfasE. D¥w? Year ended 31 Oiiober 2024 Reference and Administrative Information Trustees and Prilleipal OffKers The trustees are incorporated by a certificate of Incorporation dated 24 Febrnary 1951 under the title 'Buckfast Abbey Trustees Registered" Trustets- Right Rev. Dom. D R Charlesworth OSB Dom. Prior R D Smyth OSB Rev. Dom. P D May Dom. M A Prickett OSB Rev Canon Mark O'Keeffe Louise J Hardy Very Rev. Dom. K B M Thomas OSB, BA {ReSi]ed 24 July 2024) Right Rev N P Wetz OSB (Resigned 10 February 2024) Principal Offieers: Superior Right. Rev. Dom. D R Charl¢sworth OSB Secretary Dom. Prior R D Smyth OSB Chief Exeeutive ol¢er Philip Arkwright Principal Office Buckfast Abbey Buckfastleigh Devon TQI I OEE Conlacts Monastery Office E-mail 01364 645500 01364 645590 enquiries@buckfa5t.org.uk Investment Advisers UBS AG 5 Broadgat¢ London EC2M 2AN ID5urer5 Catholic National Mutual Ltd Maison Trinity Trinity Square St Peter Port Guem5¢y Brokers Arthur J Gallagher Insurance Brokers Ltd Catholi¢ In5wance Servic¢ 8 Albany Park Suite 5 Cabot Lane Oxford House Poole Thatne Oxon DoTS¢t Oxon BH17 7AZ OX9 2AH Auditors PKF Francis Clark Sigma House Oak View Close Edginswell Park Torqu2y TQ2 7FF Soli£itors Tozers LLP Broadwaik House Southemhay West Exeter EXI IUA Michelmore5 Woodwater House Pynes Hill Exeter EX2 5WR Pe l of39
The BuckfHsl Ablw Trust (Heldin ¢0tt17e¢FioA IFtthihe reli*03 coJJtmts#try ofBenediciine Al03 eJttsblishedaiSI Hory sAbbey, BMc¥oJi. Devon) Yearended 3[ October 2024 Trustee5' Report The Trustees Present their report for the year ended 3191 October 2024. Objectives and Activities Charitable Objects The piincipal aims of the charity are any charitable purpose consisting of or connected with the advancement of the Roman Catholic religion, in particular.. - The tnaintenance and support of the religious eommunity at Buckfast Abbey and those engaged in charitable works. Education or instruction in the teachings of the Roman Catholie Church, and in secular subjects. To provide facilities for the celebration of Divine Worship. To acquire, build and fftaintain ehurches, chapels, burial grounds, schools and other buildings connected with the charitable activities. The tnaintenanee and support otpriests, teachers and others engaged in charitable works. The maintenance and support of infrn or elderly persons fomerly engaged in charitable works. The maintenance and support of the charitable works prooted or carried on by the Buckfast Abbey ¢ommunity. Aims #nd Itttended Impact To maintain and support the Benedictine Communsty of Monks ai Buckfast Abbey and. by their example and witness, draw others who come into contact with Buckfast Abbey tg a deeper understanding of the Roman Catholic Faith and Christian values in a monastic context. It is hoped that thi5 will inspire more men to test their vocation as Benedictine monks at Buckfast Abbey. The maintetwice and improvement of the Abbey Church. buildings and facilities at Buckfast Abbey, so thatthis histori¢ site can not only be preserved, but improved, for tUre generations to carry on the monastic traditions and welcome the many thousands of interested visitors SO that they may be inspired by the RoTnan Catholic vision as manifest at Buckfast Abbey. Objeetivtt for the Year To continue the public daily celebration of the Mass, Div£ Office according to the rites of the Roman Catholic Church and provide pastoral ministy in parishes served by monks of the Abbey. To rther our aim5 for the support of the infirtn and elderly by developing a Retirement Village on the site of the fonner Spinning Mill next to Buckfa5t Abbey. To advance the educational and traii)ing opportunities available at the Abbey's Education Department. Parish School, Conference centre and guest accommodation, and for the launch of the Buckfast Institute- A Roman Catholic Higher Education faculty. Strategies To continue and promote the age-old monastic traditions in accordance with the Rule of St Benedict which prescribes a life of prayeT, work aiid sdY boillid by the Benedictine vows of stability. 'eonversatio morum, and obedience. To this end an exhibition ha5 been developed, to interpret the 'Rule'. To obtain professional advice and fomiulate designs to protect and improve the many buildings under the Stewardship of the Trust. To use the reserves and income of the Trust in a structured way, to achieve the long-tern) improvements and interpretation of these building5. PBge 2 of 39
The Buckf35t Abky Trust (Heldin ¢OnMeclyoFTiviilI ihe rg1wi0rcOmMun1tyohEn¥&lrI1lle lkS estsblithedaiSI.Vary sAbbev. DVIJ1) Year ended 31# October 2024 Trustees, Report Objeclives ondActivilies (conlinued) To coordinate the use of the education centre, ConfenCe and accommodation facilities to provide beneficial educational experiences to visiting groups. Principal Activitie& Achievements and Performance The Charity has eonlinued with its primary aim to maintain and support the Benedictine Community of Monks at Buckfast Abbey. The monastic con]tnunity at Buckfast continues the long-established monastic traditions in accordance with the rule of St Benedict. Over the year, many thou5and5 of people have witnessed, and taken part in, the public services, which are celebrated daily. Details of the services are given in the information leaflets or are available on the regularly updated Buckfast Abbey Web Site (www.buckfasl.01 In addition to public daily celebration of the divine office according to the rites of the Roman Catholic Church, the tnonks of Buckfast have continued to engage in many charitable activities. These range from work as parish priests, trusteeslgov¢rnor5 of other charities, to the support of the many activities at Buckfast Abbey. The Charity has furthered its objectives of teaching and instruction, Érdining and educating tnonk5. P05tulants test their vocations and receive itjstruction in the Noviciate. The Charity's education objectives were continued by providing and maintsining the local village primary school. Education at primary and secondary level is provided by the award-winning education service. Many thousands of school pupils from around the country use this service, which includes teaching packs, information and cutriculum-based projects in the Activity Centre. The pupils visiting the Abbey have the opportunity to meet with members of the monastic community and heEr rst-han[l the comrnitment that joining a monastic community entail5. The Abbey's Conference Centre is used to provide facilities for tertiary education, as well as providing facilities for meetings and conferences on secular subjects. The peaceful surroundings and monastic ambiance of the conference centre has made it a venue tmrticularly appTeciated by those groups who give itistruction on social and emotional issues. The thousand5 of visitors have the opportunity to visit the Monastic Way Exhibition (a multimedia exp¢rien¢e), which aims to inform them of the history and value5 of Benedictine Monasticism. The Monastic Community continues to donate their work to the Trust. Although not reflected in the accounts. their effort 15 eon5iderable, ranging from being infiTtnarian, 5acri5tan, gue5t-tnaster, church guides, parish priests and many other unseen works without which the Abbey would not function. Other volunteers include parish meeter5 and greeters, flower aangers. Altar servers and readers. To all who give thew service5 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 infiTm and elderly. Fr Francis in his role as parish priest has visited the sick and dying in the parishes and provided most needed spiritual support. Fr Abbot has corresponded with the hundreds of r¢qu¢sts from those who want masse5 said for the sick and deceased, from all over the world. The maintenance and itnprovement costs of the Abbey Church and monastic precinct. together with other buildings connected with the charitable activities and chapels at Ashburton, South Brent and Buckfastleigh continues to constitute a large proportion of the charitable expenditure. Thi5 expenditure has improved the histori¢ site at Buckfast. much of which is listed, and parts of which have the status of an Ancient Monument. Page 3 of 39
The Buckfast Abky Ttusi IHeldtn conneciiomwiihihe re11gtoS coKItKunityofBenedtciine.VoJikresrobliJhedaiSIM¢vy 3AbbgJ. BucAfo51. Devon) Yearended 3] Oclokr 2024 Trustees, Report Objectives and A¢tlVRti¢s {¢ontinued) Printipal Aetivities. Achievements and Performance (continued) In a¢cordance with the Rule of St Benedict, the Trust has continued its ernphasis on hospitality to guests and visitors. The Abbey has a nuinbeT of retreat facilities within the precinct, including.. Southgate Retreat Cenlre: the Monastery Retreat House. Si Petroc's Retreat House. Northgate House Hotel and residential houses. These accommodation buildings are primarily for conlinued outreaeh. providing facilities for religious retreats, quiet days and residential activities. The facilities have given many people the opportunity to participate in monastic worship and to experience the religious tranquillity of Buckfast Abbey. Brother Daniel, as the Monastic Guest-master, Teceived the men who wanted to experience monastic life into the Monastery Retreat House and gave refreshment to the wayfarers who ¢am¢ to Buckfast. As will be seen from note 18, the Charity has decided to use some of its llicome reserves to help support projects carried out by other comtnunities of monks and nuns. As well as help and advice. financial support has been given in the fomi of loans and purchase of property to assist in the financing of their charitable projects. The projects supported assist the principal objective of advancing the Roman Catholic religion, and we therefore teTmed 'Programine Related Investtnents, The Charity has also given ¢onsideTable help to other charities in the English Benedictine Congregation. Fr Francis has acted a5 Congregational Bursar for the English Benedictine Congregation, assisting other Abbeys with their financial affairs. Abbot David acted as ChaiT of the Trustees to Oulton Abbey. &ssisting it to Continue its work of care for the sick. and financial support and assistance w95 given to other houses in the congregation. The Trust's wholly owned trading 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 ¢haritable activities. The Visitor Welcome Centre retails religious items, educational materials and actively support other monasteries and convents by Selling their produce. The Grange Restaurant provides a hospitable welcome and sustenance to the guests of the Abbey, be they visitors. or pilgrims. The Visitor Weleotne Centre and Visitor Experience staff provide infomlation for the hundreds of thousands of visitor5 who arrive at Buckfa5t Abbey each year. This facility together with the Monastic Way Exhibition not only educates the visitor about the history and current activities of the monastery but also gives an insight into the religious life at Buckfast. Buckfast Tonic Wine i5 produced by the monks through Dart Abbey Enterprises Ltd. The Wine is soued, bottl¢d and distributed by J Chandler & Co IBuckfast) Ltd, and the Buckfast Abbey Trust receives a royalty for each litre sold. This has proved to be a valuable source of revenue for the charity. and enabled it to conserve the Abbty and allow the Trustees to advance its charitable objectives. Public Benefit The Trustee5 confimi that they have referred to the Charity Commission's guidance on public benefit whetl reviewing the Trust's aims and obje¢tiV¢5, and in pla[Ing future activities. The Review of activities above clearly demonstrates the public benefit of the work of Bu¢kfa5t Abbey Trust. The facilities that the frust has to offer are particularly targeted at the fijrtherdnce of the Roman Caiholic Religion, but are also freely available to all who want to visit. regardless of their financial means. It 15 estirnated that over 274,000 people benefited from a visit to the church and precinct, and several thousands of people attended services in the Abbey Church. A Teview of these amenities at Buckfast continue5 Wlth an eye to iTnproving them for the benefit of visitors the future. There are no entry fees to the precinct or church, no ¢ar park lees and guests can stay free of charge in the various retreat locations, although donations from guests are accepted. Where charges are levied, by the Trading Company for conferences, mea15 Iri the Grange Restaurdnt. stays at Northgate House 14otel and purchases in the Tetail outlets, these aim at being value for rnoney, and not to generate excessive profits. Ptge 4 of 39
The Buckfast AbbEy TNst {HeldiN ¢onnectlON wiikÉlie religio¥coTRlHThry ofB¥nedicEine JlloNkf eSEublithedai 5A&be)', Sucl4asi, Del,1) Year ended 31* October 2024 Trustees, Report Finaneial Review The accounts disclose net expendiknre of £{539,987112023- net expenditure of £(11,695,9901). This is inclusive of net gains on investments gf £254.594 {2023 - net losses on investments or£(10.415,978)}. The main sources of ievenue ntinue to be income from investments. property and royalties. The loss which arose in 2023 was as a result of provisions relating to property development activities. Loss on investments is split out in the Investment and Investment Income notes to these accounts. The Charity had a longstanding investment relationship with PG Group companie5. In 2023 it became clear that PG was unable to servic¢ Buckfast debt and investtnent. All of the PG Group company loans that were not Suitably asset backed have been provided for. To reduce risk contrdcts were negotiated on a fixed price to give greater certainty of outcome. Unfortunately for the Anstey's Cove Development investment the contractors were not able to deliver for the price agreed. Moving fonvard with a new contractor the costs to complete indicated that the investment had no value. Other investments with the same contractor were also provided for. In 2024 additional costs were incurred in relation to Anstey's Cove Developtnent which are ie¢oV¢rab1e. There ha5 also been a further provision against the canying value of the Poole development site. These losses relate to issues that initially arose in previous years. The Charity now takes a more cautious investment approach, using rigorous financial controls and contract law to ensure that payments made to a contractor are reaching subtontractor5 performing the work on 5lte. The Contractor's financial stability will be closely monitored and r¢vi¢ws of tl)e ¢ontra¢tor's costs to complete 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 thi5 end substantial funds have been spent this year on repairs, rnaintenance and improvetnents of the buildings, grounds, plant and equipment within the Abbey precinct. Focus has continued on Health and Safety compliance. with re precautions and acce55 for those with di5abilitie5. These cuent maintenance demands are lthely to grow. given the size and age of the buildings in the complex. The maintenance and support of the community of monks at Buckfast Abbey is the primary objective of the charity. and the investment income from the portfolio of investments should provid¢ a larg¢ proportion of this support in the years to come. The Charity'5 trdding ¢ompany, Dart Abbey Enterprises Ltd had decreased its group trading loss before tatIOn of £(10,062,505) in 2023 to a loss of £(2.807,5061 in 2024. During the year £Nil12023'. £1.013.687) has been 'Gift Aided. to the Trust. Details are given in note 5. During 2024, the group withdrew investments to enable a bank loan of £5m to be repaid. From thc balance sheet it remains clear that the fjnancial position of the Charity is sound, and the charity will continue to be managed so that it ]f11S its charitable objectives in future years. The Trusiee5 have reviewed the principal risks and uncertainties facing the Charity and its subsidiary. They believe that these are adequately controlled or insured against. The investment reserves a150 provid¢ a buffer for any unfor¢se¢D factors which may affect the fumncial perfonnante going forward. R¢5erve5 Policy The Trustees consider that the long-temi nature of the Trust's charitable objectives requires that it retain some of it5 surplus in¢o2ne as reserve5. These reserves are ne¢¢ssary to secure the future ability of the Charity to support the religiou5 community at Buckfast. and to maintain and improve the buildings and plant that tnake up the Buckfast Abbey Precinct. See note 23 to the financial statements for further infortnation. Thi5 note also identifies the restricted and designated elernents including amounts of funds that ¢an only be Tealised by disposing of tangible fixed assets or progrdtnme related inv¢5tments. Page 5 of39
The Buckfsst Abbey T51 fHeldiJT conne¢iioNwirhÉhe 110ComMtity0SB¢ed{¢I1ne fvloNkf eJrablishe&¢ai&Mary sAbbry. Buck[1. DrV} Y¢ar ended 31" October 2024 Trustees, Report Finaneial Review (conlinued) The endowment and restricted funds of the Charity Consist of fvnds used to erect buildings in the Pemianent Endowment area and unexpended balances on donations held on trusts for specific purposes. For further infomiation see note 23 to the financial statements. Inve5tmeTht Polity xrtd Objeetives The investment policy is to tnaximise the total investment return. within a controlled risk framework and to seek t achieve a total return which is in accordance with an agreed expected total return. The CUJTent investment managers, UBS AG. have been set the task of achieving this return within an agreed ethical policy. Ethical considerations form an integral part of the Trust's investtnent management process in keeping with it5 Christian witness and values. This has led to the development of an ethical investtnent policy as follows.. To not knowingly invest in those eompanies whgs¢ turnover in unethical operations exceeds 50/0 of group turnov¢r. Companies with unethical operations are deemed to be those that.. Invest in hospitals I clinics providing abortion or euthanasia as a major role- Exploit the labour force in such a way that is unjustifiable in the light of local circumstan¢e5' Exploit vulnerable groups. Specifically. involvement in the production of tobacco or in the provision of online gambling facilities would preclude investment in the company. Have operations in areas of oppressive regimes where these opeTation5 contribute to the oppressive nature of these regimes; Have the manufacture or Sale of arrnslweapons a% a core activity. Specifically, involvement in the tnanufaeture of anti-perso]el mines. Are involved in pornography or obscenity. Du¢ regard shall also be given to envinnmental concems. The investment power5 of th¢ Charity w¢ not restricted by the Trustee Act 2000. Future Plans The long-tem nature of the Trust means that decisions ust not be rushed to deal with the short-temi problems, but rather, to adopt the long-temi goals as set out in the rule of St Benedict. The short-tertn future plans are sei out in the objectives for the year earlier in this report, but the mediumllong temi plan will be considered as a process of discemment by the Trustees and community of Buckfast Abbey. Under the chairnianship of Fr Abbot. the trustees ar¢ considering how best to achieve the charitable objectives of the trust given the historic assets, traditions. values and improved finan¢¢s that have been inherited from the stewardship of current and earlier generations of trustees and monks of Buckfast Abbey. Pttge 6 of 39
The Buckfast Abbey Trust eldiFT COnFTeclionii'iih Ike religioCOlnVj1lty OfBgngdi¢iine.knkV g3toblithedaih.WaJy 3Abbei.. Biic¥osl. DgYoKJ Year ended 31. October 2024 Trustees, Report Stru¢tur¢, Governance and M8nagement Governing Doeument The Buckfast Abbey Trust is a charitable trust established by a Trust Deed dated 28 October 1950. This trust deed incorporated the wnstitution5 of the English Benedi¢tin¢ Congr¢gation into its Govcrnan¢¢. Trustee appoiDtment and organisation The Buckfast Abbey Trust is held in common with the religious community of Benedictine Monks established at St Mary's Abbey, Buckfast, Devon. The Superior of the Coinmunity is ex-officio a Truste¢ and Chairman of the Trust. On 9 April 2021, the Right Rev. Dom. David Charlesworth was elected Abbot of Buckfa5t and Superior to the Buckfa5t Abbey Community. The Monk Trustees are members of the 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-to-day activities of the Trust. and reports to the Trustees. Traillillg Trustees Offieers The principal aim of the charity is the advancement of the Roman Catholic religion. All Trustees are Roman Catholic, with the majority being Benedictine Monk5, who began their religious life with many years of training in Scripmre, the teachings of the Roman Catholic Church. as well as the Rule of St Benedict and the traditions and history of the Benedictine Order. On appointment, each tjustee is given the Charity Commission Booklet'Responsibilities of Charity Trustees.. Although not a TStee. the Abbey etnploys a consultant who held the position of Finance Ditector. who advise5 the TN5tees and has been a membcr of thc Charity Finance Directors, Group for over 25 year5 and attend5 their training sessions and workshops as well a5 charity conferences organised by The Institute of Chartered Accountants and a¢countancy firms. Group Strueture and Reimtionships The Charity has a wholly owned non-ch8rit2ble subssdiary, Dart Abbey Entery)ri8es Limited {DAEL}, whose activities and trading performance are discussed above. The Charity has a IOO/o interest in Dart Abbey Glastonbury Limsted. DAEL is a member of Ansteys Cove Devclopment LLP and is entitled to 500/0 of any profit share arising. Further details can be found in note 15 to the financial statements. DAEL owns Dart Abbey Development Limited {DADL) which itself is a IOO/o shareholder of Dart Abbey Poole Limited. DAEL is a member of St Dominic's House Developtnent LLP and is entitled to 50/D of any profit share arising (Further detsi15 can be found in note 15 to the fanCIal statements). The Charity is also affiliated to the English Benedictine Congregation and to other monastic charities and not for profit organisation5 in En&land and the USA. The Charity has an interest in the equity share ¢apitsl of J. Chandler & Co. {Buckfast) Limited. This private limited company {which bottles and distributes'Buckfast Tonic Wine I continued its operations and contributes significantly to the income of the Charity. thus enabling much of the charitable and maintenance work at Buckfast Abbey to be continued. Further details can be found in note 14 to the finaneial statements. TM) Risk Management The Trustees have examined the major strategic, business and operational risks which the chariry faces. This involved identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. The Trust has continued to develop its policies and procedures to reduce risks. and train all personnel as appropriate. The Safeguarding Sub-committee has continued to develop children, young persons and vulnerable adults protection policies 2nd procedures. A Health Safety and Welfare Management system has been created. The Safeguarding Sub-committee, the Health & Safety Sub-coinmittee and the Heads of Department monthly meeting all seek to reduce risks to the Charity. its employees. its beneficiaries and its visitOTS and guest5. Page 7 0139
The Buckr1 Abbey Trust {Heldin cottneciiojt H'iihshe rel10S coMpiunityoJBenedKiine Monk5 e51abliJhedoiSIMiJry'JAbbe)'. Biic¥asl. Dgvottj Yearended 3] Oilubei 2024 Trustees, Report Structure, Gov¢rDan¢¢ and Management (£ontittued) Investment risk exists given the subsidiaries and Joint Ventures held by the group. The risk with propety development l5 that sales value will not exceed the cost of construction. Such ri5k5 are managed through review by the Financ¢ Committee. Further mitigation comes from employing a Project Director with sector experience. To reduce risk contracts were negotiated on a fixed price to give greater certainty of outcome. Unfortunately foT the An5tey'5 Cove Development investment the contractors were not able to deliver for the price agreed. Moving forward with a new ¢ontractor the c05tS to colnplete indicated that the investtnent had no value. The issue is partly as a result of global instability raising costs significantly. In fijture greater care will be taken to asse55 the viability of the contractor and protect payments from being redirected by the contractor through contractual ¢ontrols. Safeguarding The Trustees give the safety of young people and vulnerable adults high priority, and Buckfast Abbey has a Safeguarding Sub-committee of Trustees, which sitg on behalf of the communities of Buckfast Abbey and St Gregory the Great. and includes independent professional members. Br Daniel Stnyth had the role of Safeguarding lead foT Buckfast Abbey during the year, with Fr James Hood being the lead and TNstee metnber for the Comtnunity of St Gregory the Great. The independent chair of the Cotnmission is Mr Paul Northcott, and the Abby's co-ordinator is Mr Andy King5. Referente xnd Administrative Information The Charity is registered with the Charity Commission under the registration number 232497 (England and Wales). Details of the Charity's Trustees, principal officers, printipal office and professional advisers are given on page l. Statement of Trustees. Responsibilities The Trnstees are responsible for preparing the Trustees. Report and the financial statements in accordanc¢ with applicable law and United Kingdom Accounting Standards (United Kingdotn Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare financial statement5 for each financial year which give a true and fair view of the state of affairs of the charity, and of ihe incoming resources and application of resource5 of the charity for that period. In preparing these financial statements. the trustees are required to.. select suitable ac¢ounting policies and then apply thetn conslstently; obsetve the methods and principles in the charities SORP: make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any tnaterial departures disclosed and explained in the fanCIal ststements: prepare the financial siatements on the going concern basis unless it is inappropriate to presume that the charity will eontinue in business. The Trustees are responsible for keeping proper accounting records that disclgse with reasonable accuracy at any tIe the financial position of the Charity and enable them to ensure that the financial statements comply with the ChaTlties Art 201 I, the applicable Charities (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the a55ets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Pa8e 8 of 39
ThE Buckfa51 Abbey Trust (Helditt COne¢iion ivlth ihe reli0& ¢OJPtiiiuNity ofBeThedKtine A4onknestsbliJhedai Mary sAbbEy. SIKhf47$1, Dvvoii} Year ended 31 October 2024 Trustees, Report Structure, GoverD3nce aDd Managernent (tontillued) Compliance with the Ch4rity's governing docum¢Dt and £urrent Statutory requirements The financial statements have b¢¢n prepared in accordance with the governing document of the Charity, current statutory requirements and The Charities SORP {FRS 102).. Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland effective l January 2019. Signed on behalf of the Trustees Secretary to the Trust PBge 9 of 39
The Buckfasi Abbey Trust leldipT conneciioK wilh fhereligiouscommuKity o[Btnedicnne.Ilonks enablishedui& sAbbey. BIW1$, DYvoNJ Year ended 31 Ociober 2024 Independent Auditor's Report to the Trustees of the Buckfast Abbey Trust Opillion We have audited the financial statements of The Buckfast Abbey Trust (the 'Group') for the year ended 31 October 2024 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flow5 and note5 to the financial statements, ineluding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standard5 cornprising Chatities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law {United Kingdom Generally Accepted Accounting Practice). In our opinion the fll)ancial statements.. give a true and fair view of the state of the charity and tlie group affairs as at 31 October 2024 and of the group's incoming r¢sources and application of resources, including its income and eXpendire, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basi5 for OPiDiOD We conducted our audit in accordance with Intemational Standards on Auditing IUK) {ISAs IUK)) and applicable law. Our Tesponsibilities under those siandards ale further described in the Auditor's responsibiliiies for the audit of the group financial statements section of our report. We are independent of both the group and the charity in accordance with the ethical requireTnents that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibilities in accordance with these requireTnents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fancial statements. we have concluded that the trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we havc not idcntified any material uncertaintie5 relating to events or conditions that. individually or collectively, may cast significant doubt on the group and charity's ability to continue as a going concem for a period of at least twelve months from when the original fmaneial statements were authorised for issue. Our responsibilities and the responsibilities of ihe trustees with respect io going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other inforniation. The other infomiation eomprises the infomiation included in the atll)ual reporL other than the fmancial statements and out audiioi's report Ihereon. Our opinion on the group financial statements does not cover the other infortnation and, except to the extent otherwise explicitly stated in our report. we do not express any forn) of assurance conclusion thereon. In connection with our audit of the group financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the group financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such rnaterial tnconsislencies or apparent material misgtatements, we are required to detemine whether there is a material misstatement in the group financial statements or a material misstatement of the other information. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other infortnation, we are required to report th21 fact. We have nothing to report in this regard. Page 10 of 39
The Buckfast Abbey Trust {Heldin eonlTe¢liDNiiiih ihe Teliglous¢onimTinityofBeNedicFlne Jllo#kn esiL)blishedaFSi h4ttry s.4bbei.. Bucllasi, Del,1) Year ended 31. October 2024 Independent Auditor's Report to the Trustees of the Buekfast Abbey Trust Matter5 on whieb we are required to report by exceptio In the light of our knowledge and undeTStanding of the charity and it5 environment obtained in the course of the audit, we have not identified Tnaterial misstatements in the Trustee5' Annual Report. We have nothing to report in respect of the following matters where the Charitie5 Act 201 I requires us to report to you if. in our opinion.. adequate atcouniing records have noi been kept, or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees remuneration specified by law are not made. or we have not received all the infoTmation and explanations we iequire for our audit. Responsibilities of trustees As explained more fully in the (ruslees. responsibilities statement {set out on page 8). the trustees are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trnstees determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error. In preparing the fancial statements. the tNstees are responsible for assessing the charity's ability to ¢(Trntinu¢ as a going concern, disclosing, as applicable. tnatters related to going concem and using the going coneem basis of accounting unless the tNstees either intend to liquidate the charity or to cease operations. or have no realistic altemative but to do so. Auditor's responsibilities foT the audit of th¢ financial statem¢thts Our objectives are tg obtain reasonable assurance about whether the fancIal statements as a whole are free from material misststement. whether due to fraud or ernir, and to 155u¢ an auditor's report that includes OUT opinion. Reasonable assurance is a high level of assurance, but is not a guaTantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or eOr and are considered tnaterial if, dividUally OT in the abgryebiate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststement5. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities. outlined above. to detect material misstatements in respect of Iegular1tieS, in¢luding fraud. The extent to which our procedures are capable of detecting itregulaTities. including fraud is detailed below.. As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity and the sector in which it operates to identify the key law5 and regulation5 affecting the Charity. The key regulations we identified were Safeguarding legislation and standards set by the National Catholic Safeguarding Commission, Health & Safety regulation5, The General Data Protection Regulation (GDPR) and Charity Commission r¢quirements. We also considered thosc laws and regulations that have a direct itnpact on the preparation of the fmancial statements. primarily the Charities Act and the Charities SORP. We diseussed with management how the complianee with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the indivEduals who have responsibility for ensuring thatthe Ctwity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we a55ess¢d the risk of any non-compliance with laws and regulations on the Charity's ability to continue its activities and the risk of material tnisstatem¢nt tg the accounts. Based on this understanding we des1&ed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following.. . Enquiries of management and those charged with governance regarding their knowledge of any non-colnpliance with laws and regulations by the charity that could affect the fmancial statements. Pag¢ I l of39
The Buckfast Abb¢y Trust {H¥ldin c0j1rcl1Dll iviih ihg rElistOW ColmTIty0JBted+Tt Mofft7kF rstGbliJheduNSI 3Abbey. BIK¥u3t. Del} Year ended 311 Octob¢r 2024 As part of these enquiries we a150 di5CUssed with ma]iagem¢nt whether there have been any known instances, allegations or suspicions of fraud. of which there were none.. Reviewed filings with the Charity Commission and enquired with management whether theT¢ were any Serious Incident Reports made during the year. Reviewed legal and professional costs to identify any possible non compliance or legal costs in respect of non cotnpliance. Reviewed Board minutes; Audited the risk of matthgement override of oontrols, including throiigh testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions out5id¢ th¢ nornial eourse of business; Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by managetnent in rnaking the estitnatcs. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from ¢rror, as fraud may involve deliberate omissiong, collusion, forgery. misrepresentations. or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transaetions retlected in th¢ financial Statements. Use of our report This report is made solely to the Charity's trustees, as a body, in accordance with Sli0n 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an auditor's report and for no other puryiose. To the fullest extent pemiitted by law, we do not accept or assutne responsibility to anyone other than the Charity's trustees as a body, for our audit work, for this report, or for the opiniong we have fomied. ¢KF Q.- {Senior Statutory Auditor} Francis Clark LLP, Statutory Auditor Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF Date.. 27 2025 PKF Francis Clark 15 eligible Jor appoinlmeut as audilor ofihe charity by virtue of its eligibilityfor appoinlment as audiior ofa Compa under seclion 1212 ofihe compani Aci 2006. Ptge 12 of 39
Th¢ Buckfasi Ablxy Trusi (Held conneciioniviih the peligipw cotttviiinityof4enediciine.wonh es&iblisliYdai& jV(Y sAbbey. Biicl¥JJi. Dei'¢NV Y¢ar cndtd 3151 O¢iob¢r 2024 Consolidated Statement of Financial Activities RestTlCted Fund 21b24 Tolyl FuDd Fund Tvi#l Fun N)te In<ome fTOm'. DoNiw)ns And l¢y¢s 240.352 406.463 283.970 406.453 179. 381.569 4.984.953 773.4fy) 3.337.392 I.487.5 Olhrr trady actwrt 1nvc5lnt5 olr Assocwe- Sh of n¢t pror JOt venture- shareofnet profit 2.360 586.773 TfjtAI iDcom 11,84420 1360 11,900.398 11.14&765 Ra1%8 fund5 Chrrtrtbk Artfvrts 7.420.379 1.088 7.421.467 5.026,919 7.397.S58 3.618 Total e%peMdlturt 12,690,173 3,618 116Y,979 11.424,777 I la¢Trm¢lltxptndlluril ntt movemet lo htlore gilns ¥nd loJst on Inv¢gtm¢ryts IlossesVg44)s on mvesiineTh15 Transfers between 1794.5811 254.594 2?9.693 Nel exptThdifurt snd et rnoveeD* fundj 1364,826} 1539,9871 {11,69&990) Rt(oThcditlo of (unth.. Tol funds biuu¥hl forward 69.363.729 7.494.207 78.8OQ.507 90.505.497 ToiAI Group Futhds 68,998.903 7,279,Qlfj 7IZ69,52 78,809,507 Th¢ CliaTity's Su115 d¢riv¢ from continuing activities. Th¢ notes on pag¢5 17 to 39 form part of these account5. Page 13 of 39
The Buckfast Abbey Trust (HeldincoKveciioJT)viih ihe religTOUSCOiWryUnlty oJBenedi¢1i hbnksesiobli4h¥dLtiSI BuclrfGs1. DEi'DJ YeaT ended 31tt 0¢ber 2024 Charity Statement of Financial Activities iknreStri¢ted Fulld Restrttted Funth 1024 Total Fumds 2023 Toi4l Funds Furtd4 Notes lllioJDi XDd EUdowents frDlll'. DomllDn5 Hnd Ch8rrtabIeAetTh% Inve5tnwnis (Ih¢r 240.352 233.97a 179.666 398.550 2.425.263 3.337.392 2.300 1.132.058 Tntl inmmt $1th1,474 43.6l8 2,360 S150.452 6.340,871 EVnltUre o•: i1g funds Charabk act3 119.704 5.347.472 120.792 5.351.09 7.463.892 ToAI eiPEnditu $467,176 3.618 471,88Z 7,7ZS,483 NEt (eXditrev1D£orne ad nit 0veent in fuDd4 fore aThd 1055es Oll YeStl¢S 1.272 Nei ga] ISSes) on mvesnncnts 1.287.728 1,300.988 TrfEr5 itween funds 229.693 ,154,719 979,SS8 11,808.0861 Re£Dnfdi3tion o(fulld5'. 7,494,707 76.4?5.486 78.233.572 Tr191 fv1ds ¢grrl¢d forra 68.134.4Z7 7,279.46 7?,4{,4 76.425.480 The Charity's results derive from continuing activities. The noies Iin pages 17 10 39 form part of Ihese accounts. Page l4of39
The Buckfa5t Abky T$t (Heldin contte¢iioK v'iili ihe reli8io#S¢O#iiJltthity ofBe#¢di¢Étne h1okS esittbliJhed4tFSi Mttry &.4bbev. Bu¢kfv$t. Devojt) As ai 31a (kiober 2024 Charity Conlllli&%ion Number232497 Balance Sheet Group 21124 Group 2Q23 Cbarity 2024 Ch]ity 23 Nute5 Tang 35se¢5 Investments Ithvc5tmtnt5 asSDc." ?1.203.104 ?7.5I9.731 1.779.976 39.072.055 29.286.429 Sht01Thet &%seiS 17.(th.443 16.4J3.821 Investrnents venWr. Shar¢ofM a55ets 100.000 6&423.278 74587,170 5Q41S,361 6Q851,031 Cllrrent AS8ets: Swcks Debtors 7.632.069 7.143.379 1.059.537 16.W6.54? 10.7n.428 Programrne re&ted inveshnent Ch OD 5holl term depos Cash ai bank and hATrJ 6.5S9.553 6.294.3 956.4?9 9.559.5S3 9.294.3 956.4?9 2.442.832 909.0 Totsl curTeDt &JSCtJ 18.299.411 15.748.864 27.655.383 IAabilltks.' CredDrS. knounts rag due whm OThE year 6.453.169 665. 5.602.476 Nei ¢urreni Asseis 11.546,241 4,221337 lo,9.685 15,573,455 78.269,$2 78,809.507 ,40&MI 7I42S486 CYedilOrS- Amuun15 [a¥due fter rnore than Dne year Thill net ass¢ts 78,2fi9,521J 75.809,507 76,428486 The fund5 of Iht ¢brtty'. 7.279.046 7.494.207 7.279.046 7.494.207 ReStrd COme fund5 Lknrcstrted Income fund5 Non-charnabk Iradmg fund5 23 23 23 51.298.460 17.7DO.443 63.880,767 5.482,962 68.134.427 66,979.708 Total chiiiiy fun 7&269,520 78.809.507 77.40&O41 7&425,486 The notes on page5 17 to 39 form Approved by the Trustee5 on of these accounts August 2025 and signed on their behalf by.. - Trustee D R Charlesworth Trustee R D Smyth Page 15of39
Th¢ BUckf1 Abbey Trust (HeldiFT wiih rhe tellglous¢OImTh1t[ty ofBenEdieÉinE mltabliS11gdll1Ma1y 3.4bbLY,. BIlaS1. D8tt) Year ¢nded 311¢ October 2024 Con501idated Statement of Cash Flow$ 2024 2023 Notes Cash flow5 from UratIng attivities.. Net eash (ustd inllprovided by 0rAting attivities 25 12.783,349) 108,463 Cash flows from investing aetivities: Dividends, terest and Tents from investment5 Proceeds from sale of property, plant & equipment Proceeds from sale of knsted vestMentS Purchase of property. plant & equipment Purchase of listed llivestments Purchase of programme reknted property Investfftent progiamme reiated VeStMent loans Additional Investment jOt Venture Investment til other loans Repayments of other loans Withdrawn from ksted llivestment portfoho 586,773 188,255 16,234,714 180,6681 112,676,821) (250,0001 (265,189) (996,367) (1,649,136) 466.892 7,578,721 773.460 70,667 33,623,563 1252,185) {30,307,731) 1255,378) (1.820,819) 1804,701) Net tash froml(ustd in) illvesting aetiwitits 9.137.174 1.026,876 Cash flows from financing g¢tivities: Repayment of bank ]oan 27 (5,000,000} Net eash froml(used in) finADeing activities (5.000.000} Cb&llge ill cash and cash equivaleDts in the year Cash and cash quivaient% at the begit]ntiig of the year 1.353.825 1,251,584 1,135,339 116,245 Casb and eash equivoleDts at the end of the year 26 2,605,409 1,251,584 The notes on pages 17 10 39 fomi part of these accounts PB8e 16 of 39
The Buckfast Abbey Trusi IHeldill comClI0'Iih ihf religious coJnpKwiity ofBeKedicTrve Monks esifjbliJheda1SrMY sAbbei'. Bucl¥aJi. De11) Year¢nd¢d 31" Oaober 2024 Notes to the accounts l Aeeounting Polieie5 The principal accounting policies adopted, judg¢m¢nts and key sources of estimation uncertainty in the preparation of the accounts are set out below. a) Basis of Preparation These account5 have been prepared under the historical cost convention except to the extent that fair values have been applied where indicated below. The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 (effective l January 2019), FRSI 02 and the Charities Act 2011. There are no material departures from FRS102 except as indicated below. The TNst constitutes a public benefit entity as defined by FRS102. The Trustees cor15ider that there are no material uncertainties about the Trust'5 ability to ¢ontinue as a going eonceTn. The Charity has significant investments that could be realised should this become necessary to fund its day to day activities. b) Basis of Consolidation The financial statements Consolidate the activities of the Charity and its subsidiaries on a line by line basis. The results of the a550¢iate and joint ventures are recognised in the wup accounts using the equity method. c) Critital AeeouDting Estimates and Areas of Judgement Preparation of the accounts requires the Trustees and management to make SIlf1£ant judgements and estimate5. The items in the accounts where estimates have been Jnade include.. i) Estimating the fair values of programme related investment properties: ii) Determining the value of designated ndS needed at the year end to meet specific future expenditure. iii} The consolidaled financial statements incorporate the financial statetnents of the charity, it5 subsidiary undertakings and joint ventures. Wholly owned Subsidiary DAEL held IOOQ/o of the shares in Dart Abbey Developments Limited IDADL} at the year end and the results of the company are consolidated in full. DADL held IOOO/o of the shares in Dart Abbey Poole Limited {DAPLI at the year end, and the results of DAPL are consolidated in full. DAEL'S investment in Ansteys Cove Development LLP {ACDL) and St Dominic's House Development LLP are accounted for as joint ventures under the equity method. ACDL prepare5 finBncial statements to 31 March. The Charity held IOO/o of the shares in Dart Abb¢y Glastonbury Limited at the y¢ar end, and the results are consolidated in full. The items in the accounts where judgements have been made include.. i} Estimating the eost of the functional fixed as5et5, including land and buildings and individual work5 of art, historic treasures and plate where original cost details were not available. li) Judging that the figures used for the recognition in the group accounts of J. Chandler & Co. (Buckfast) Limited should be based on its most recent audited accounts to 31. March 2024. d) Fllnd A¢¢ounting i) The charity's general fidS consist of fi]nds which the charity may use for it5 chaTitsbl¢ purposes 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 di5¢ipline which will help the charity make the best use of its resourc£4 even though there is no legal force for the designation. iiil The charity has a number of endowment and restricted income funds. P8g¢ 17 of 39
The Bllckft AbbEy Trust (Hgldill conMecliDnwiih the lIgI0coMI11UltyOIBtKed[CttllÈ MoNkrE3Éob1ishedttiAJttry sAbbey, BIKkfa51, Dev1) Yearended 31Y October 2024 Notes to the accounts l Accounting Policies (toThtiDutd) iv) The nature and purpose of each endowment. restricted and designated fund is explained in note 23. e) Income RecogDitign Ineome is recognised in the period in which the charity andlor grtsup has entitlement to the income, the amount of income can be measured reliably and it is probable that the incotne will be received. Income comprises donations and legacies, income from the commercial trading activities of the trading subsidiary, other Subsidiaries, associate and joint ventures, investment income and interest receivable. income from charitable activities, and other income including royalty incotne. Revenue from property developments is recognised based on completion of propety sales. Donations and legacies il Voluntary income is recognised as soon as entitlement is established and it is capable of being tnea5ured in financial temis and receipt is considered probable. For legacies. this is the earlier of the charity being notified that probate has been granted and an estimate of the charEty'S entitlement, notification of an impending distribution or the legacy being received. Donations given for restricted purpose are included within restricted fimds. ii) Donation5 under gift aid together with the associated income tax recovery are credited to income when the gifted amount is received. iiil Gifts in kind are included at valuation and recognised a5 incom¢ as sogn as they are distributed to the Charity. Other Trading Activities Incotne Consolidated results include income of the trading 5ub5idiaries and joint ventures. Investment Income Dividends are credited to the Statement of Financial Activities according to the date the securities are declared ex-div on an accruals basis. Gift aid and rent from the subsidiary is credited when it 15 due. Charitable Activities Income The charity runs a retreat centre and educational activities. In¢om¢ and f¢¢5 from these 5erviees are credited to the Statement of Financial Activities as they fall due. Other Income This pritnarily eonsists of royalties which are credited on an accrnals basis D Expellditure Liabilities are recognised as expenditure as soon as there is a legal or ¢onstrnctive obligation committing the group andlor charity to make a payment lo a third paty, it is probable that a transfer of economic benefits will be required in settlement and the arnount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. inclusive of irrecoverable Value Added Tax. Expenditure cornprises direct costs and support eosts not directly attributed to particular expenditure headings they have been allocated to activitie5 based on a re850nable estiTnatc of consumption. Grants payable are charged in the year when the offer is authorised and conveyed. Page 18 of 39
The Buckfast Ab[Y TTUSI (Heldin connection Ii'iih ihe reli0¢01ilty ofBeptedicftne.Vonks effittblishedui&A4ttry sAbbei', Buc¥asi, Devol YedT Ended 31* OctolKT 2024 Notes to the accounts l A¢counting Policies (continued) Raising funds expenditure includes the trading subsidiary's costs. Charitable activitie5 Costs include expenses relating to the retreat centre, educational activities, parish and ministry activities, charitable giving, property maintenance costs and religiou5 community suppx)rt costs. Support costs include office salaries. govemance costs and other administration costs and they have been allocated to activities on the basis of usage. Governance costs include audit fees, gffice salaries and costs associated with trustee5 meetings and with preparation of the statutory a¢¢ounts. Fixed Assets and Depreeiatioll Freebold Land and Buildings il Pernianent Endowment Land and Buildings The Trust Deed of the Charity provides that certain land and buildings be retained as a Permanent Endowment and the income only thereof be applied for the charitable puOse5 of the Trust, These lands and buildings comprise all that Monastery and Abbey Church known as St Mary's Abbey. Buckfast. with its ancillary buildings and demesne together with the Convent known as St Mary's Convent and the Parish School known ag St Mary's School and also the eottage known as Northgate Cottage. In aLcordance with SORP FRS102, these land 2nd building5 are unique in terms of their religious and historical significance. As such, conventional valuation techniques cannot be applied and these assets have therefore not been valued in the accounts. Further inforniation regarding these assets is available on the charity's website IMww.buckfast.or and in its guidebooks. ill Buildings erected on Pennanent Endowment Land Sorne buildings have been erected on Pernianent Endowment Land. These buildings, although not Permanent Endowment in themselves. are restricted in that they cannot easily be sold. Such buildings are included in the accounts at the original eost of construction. Buildings, which were in use at 31" October 2024. are depreciated at rates caleu12ted to write off their cost over the whole of their anticipated useful life. iii)Other Functional Land and Buildings Land Fun¢tional land is in¢lud¢d ITJ th¢ accounts at original cost or wh¢r¢ this is not available at an estimate of its historic Cost {or in the case of donated land, at its fair value at the date of receipt). Freehold land is not depreciated because it has an indefinitely long useful life. Buildings Functional buildings which are still in use by the Charity are included in the accounts at original cost or where this is not available at an estimate of their historic cost {or in the case of donated buildings. at an estimate of their fair value al the date of receipt). All new fttnctional buildings. improvements and major renovations are capitslised at the cost of construction including professional fees. Buildings, which were in use at 31St October 2024, are depreciated at rates calculated to write off their historic cost Ile5s the residual value) ¢v¢nly ov¢r the whole of their useful life. iv) Properties occupied by Group Undertakings In accordance with SORP (FRS1021 the Charity has chosen not to account for properties occupied by group undertakings as investment prop¢rti¢s and has r¢cord¢d them at C05t I¢s5 d¢pr¢ciation. Pag¢ 19 of 39
The Buckfasl Abbey Trust IHeldi# coptneciioK ivith the rel10con}MUMityttJenedlcume MonkesiabliJhedai&Alaiy sAbbe}. BNc¥i&ri, Devj} Ye&rended 31 October 2024 Notes to the accounts Aeeoullting Polieies (eolltinued) Freehold Land and Buildings (continued) g) Fixed A55ets and Depreciation (continued) v) St Mary's Catholic Academy Land The Charity owns the land which St Mary's Catholic Primary School, Buckfast oc¢upies. The nature of the oocupation of the land by thi5 excepted Charity mean5 that the Trustees do not have the power to dispose of the land, until the School ceases its o¢cupation, which in tL would require the approval of the Governors and the Secretary of State. Consequently. for the purposes of these aeeounts the land is treated as inalienable and is not capitalised. The cost of any land acquired for the purposes of a Voluntary Aided School is charged to the Statement of Financial Activities in the year of acquisition. vi) St Mary's Catholic Academy Busldings The school building5 are occupied, improved, extended and repaired by Plymouth CAST. The nature of the occupation of these buildings by thi5 Charity means that the Trustees do not have control over the buildings. until the School ceases its occupation, which in tum would requir¢ the approval of the Metnber5 of Plymouth CAST and the Secretary of State. Consequently. for the purposes of these accounts the buildings are treated &s inalienable in these accounts. Fixtures, Fittings and Equipment Fixtures, Fitting5 and Equipment are iD¢luded in th¢ finan¢ial statelnents Èt their historical cost. {or in the case of donated assets, at an estimate of value at the date of rer£ipt). Those assets which were in use at 31, October 2024, are depreciated at rates calculated to write off the cost or valuation, less the estimated residual value, of each asset evenly over its expected useful life of between 2 and 5 years. apart from the church organs that have an expected use1 life of 20 years. Individual works of art, histoiie treasures and plate have been included at a valuation which is to be regarded as the as5et'5 deemed cost. Sub5equ¢nt additions aTe included at CQ5t. These assets ate not depreciated as their residual value is not materially different from the cajrying amount of the asset. Motor Vehicles Motor Vehicle5 have been capitalised and included in the financial statem¢nts at their historical cost, (or in the case of donated assets, at an estimate of value at the date of receipt). They are depreciated at rates calculated to write off the cost or valuation, less the estimated residual value, of each asset evenly over its expected useful life of 4 years. h) FiD3Dcial IDStruments The Trnst only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These ¢QTnprise Cash and Bank Balanc¢5, Trade and Other Debtors, Bank Loans, Trade and Other Creditors and amounts due to and from subsidiaries, associates and joint ventures and listed investments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans (excluding con¢essionary loan5 classified as progratntne related investments}. which are subsequently measured at amortised cost using the effective interest method. Page 20 of 39
The Ruckfasi Abb¢y Ttusl (Helditt co8¢1[0 ibiih ihe religiow community of 8enedicriKe MOnknealiJ¥dar& H(y..FAbei'. BiickJaJi. Del.1) Year ended 31SI October 2024 Notes to the accounts l Aeeountlng Polieies (colltillued) i) lllvestmcnts i} Listed investments are initially recognised at their transaction value and subs4uently measured at their fair value as at the balance Sheet date usinbF the closing quoted maiket bid price. As noted above one of the financial risks the Charity is exposed to is that of volatility in equity tnarkets and inv¢sttnent markets due to wider economic conditions. Investments which the Charity expect to realise within 12 months are shown as current assets. li) Investment in the subsidiary companies are Encluded in the account5 at the historical cost. ili} Investment in J. Chandler & Co. IBuckfast} Limited is included as follows In the accounts of the charity.. at its deemed cost based on its valuation in the accounts at ISI November 2014 (SORP (FRS102) transition datel In the accounts of the group.. according to the group's share of its net assets. iv) Realised and unrealised gains lor losses) are combined in the Statement of Financial Activities and are credited (or debited) in the year in which they arise. v) Investment in the joint ventures are included in the accounts according to the group's share of their net assets. vi) ProbTamme related inve5tment5 are included in the accounts at an estimate of their fair values (see lj). vii) Cash on short terni deposit with instant acccss is classified as current asset invcstments and included as a cash equivalent. j) Programme related illvestmellts Buckfast Abbey provides support in the fomi of the provision of propety and loans to other charities with similar charitable objectives. The Trust has provided a loan to permit Dart Abbty Glastonbury Limited to acquire a farm where the intent was to build a Shrine along a new path between Wells and Glastonbury. It has also purchased property within one mile of the Abbey that is occupied by etnployees and those engFaged in charitable works. These properties are recorded at an estimate of their fair values by the Trustees based on their local knowledge and experience. Loans are considered to be concessionary loans and as such are recorded at initial cost less any impairments or amounts repaid. Any amounts written off are charged to the Statement of Financial Activities. k) Stocks Stock5 for consumption or re-sale, are valued at the lower of cost (on a f]rst in, rst out basis) and net realisable value after making due allowance for any obsolete and slow moving items. Construction work in progress is valued at cost less foreseeable losses. Cost includes all direct costs and attiibutable overheads. l) Pellsion eosts Retirement benefits available to all employees were provided by a group defined contribution personal pension plan with Royal London. Payments lo the plan. an insurance company. are funded by tontributions from the Charity and its eTnployee5. The Charity's contributlOll5 are charged against the results of the year on an acCal5 basl5. m) Foreign currencies Assets and liabilities expressed in foreign ¢UTrenci¢s are translated into sterling at the rate of exchange ruling at the balance sheet date. Nomial fluctuations on trading items are dealt with as part of the results of the year. Foreign currency transactions during the year are translated at the rate of exchange ruling at the date the transaction is settled. n) Legil status of the Trust The Trust is a charitable tNst established by a Trust Deed. It is registered with the Charity Commission in the UK and its principal office is detailed on page l. PBge21 of39
The Buckfllst Abbey Trusi (Heldili Cofrtiieciioii Irtih ihe religios commtMityofBenedicnne efvabliJlJedai& sAbbey. BIKAfiLFE, DEvDn} Y¢&rended 31A October 2024 Notes to the aeeounts 2 Emoluments of Trustees Four of the Trustees are monks of the Benedictine Community at Buckfast Abbey. They do not receive any relnunerdtion or expenses by virtue of their position as Trustees. The Charity maintains and 5UPPOrts these four Trustees in the same way as monks who are not Trustees. As this is part of the charitable objects of the Trust it is not seen to be remuneration for their servic¢5 as Trustees. The marginal cost of Tnaintaining one extra tnonk 15 calculated to be £23,584 (2023 £25.778) per annum and the Trustees listed in the Trustees, Report are deemed to have benefited to this extent. One of the Trustees (2023..1 l is a monk of another Benedictine Community and receives reimbursement of travel expenses. During the year £1,360 of expense5 were reimbursed {2023 - £1,605) During the year a lay Trustee received £3,810 in Choir Payments. 3 lllvestment income (Jarl 2014 Cbr(ty 2024 1013 IJDTestrtrred Di%ideJd$ & tiirereyr. byted seavllios ItsTert oll cash dryoslls Other Dart AbbeyEllterprtses Ltd & fe 241.779 16,125 526.509 657.755 8,0)7 69.933 241.772 16.12) 889.744 177.276 687.549 S.027 550.113 l.l7t.859 i84.4l3 76i.745 1.324.917 2,417,548 EnknMeDt tuDds 2.300 7.715 7.715 i86.773 773.400 1.327.277 2_4Tr5.263 Investment incotne on otherUK invegttnents includes interest on loans calculated using the effective interest method of £326.50912023.. £69,933). The above income is net of provisions in the year. The gr055 Posltions are as follow5.. Provision5 Against Interest Group 2024 2023 DAEL Inter¢st BAT Interest and divijends received Group Interest before Provtsions 189.673 547,071 736,744 2,074,136 1.339,318 3.413.454 Provisions at l November 2023 Provisions made during the year Provisions at 31 Octobe r 2024 (2,639,994) (149.971) 12,639,994) (2,789,965) 12,639,994) IDvestmenl Income 586,773 773,460 Pagc 22 of 39
The Buckfgst Abbey Irust (Heldih LY>nnE¢liOn Trviili ihere11oScOfflNlJry DfBEJredicline MoNkY e5ATblislieduiSi.¥luiy sAbbeJ. BiiclfoJl. Year ended 31* OctoEer2024 Notes to the accounts 4 Total return investment St Scholastica's Abbey Teignmouth Fund was set up on 31d January 2006. It was a requirement of the transferring trustees that £1 00.000 ofthe total portfolio be used to set up this pemianent endowment fund, the income thereof 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 3151 Octob¢r 2015 repr¢5ents th¢ op¢ning balanc¢ of th¢ urw?pli¢d total r¢tum. The power of total return perniits the Trustees to invest pemianently endowed funds to maximise total retum and to apply an appropriate portion of the unapplied total retum to income each year. Until the power is exercised, the unapplied total retUTn Temains invested a5 part of the perfftanent endowtnent. The TTUStees have not applied any portion of the unapplied total retum to income. Trnst thr rDiipplled Total 'estweD¥ TpialRemrn EndornTheDt Tbt inv¢5one4f fimd and Jpplication of iotsl rettun to Ar l Noi'ember ?O?J 100.000 100.ooo Lllappbed tot31 reth]rn 231.292 LQQ.000 331.292 vemeDts in uDaF•liod iotal return and ID thèsear. 2.249 11638 11.037) [lliThttDeDtretUt recOgJ£ed wduDrt£P5td1o9sts 12.638 (1.037) theveat L3.8iO 13.sio -41 JI October 20J• 245.142 245.142 loo.000 ?45.142 34i.142 Page 23 of39
The Buckfasl Abb¢y Tn1 leldin conneciioxiviih the religro¢01JjUn[ty01Bned1¢i1 l0eAlb11tdll1sI.wU1y sAbbev. Blwtrsi. Devotrt) Yearended 31tt Octoixr 2024 Note5 to the accounts S Net income from Trading Activities of Subsidiary The charity has a trading subsidiary, Dart Abbey Enterprises Limited (DAE Ltd). which is incorporated in the UK. The activities of DAE Ltd nClude wine anufaCtUre, catering, retail sales, provision of tourist facilities, conferences, production of items for sale and property development through joint ventures and subsidiaries. No Gift Aid payment was made to the Tnjst. The losses arising in the last two years are deemed to be exceptional, arising from difficulties with pn)perty development a¢tivitie5. The core activities of the trading activities of the trading subsidiary continue to raise funds for the charitable group. A summary of the trading results, which have been con501id8ted into the group accounts on a line-by-line basis after adjusting for intra-group trnnsa¢tion5, IS shown below.. 2024 2Q23 Turmover Cost of sales 5,573.774 11.894.9491 4.989.624 Gross profrt Operat$ ¢APCllSES IXh¢r uiroTnr Interest recewable Interest payable 3.678.825 4.408.873 14,016.5831 39,702 {360.4331 N¢t lTrs$ btfore t&YAtk)n T&¥aln Invesrneni ILossLYllGam5 Net bss after t&KAth)n Grft Ail to The CkfaSt Abbey Trust 170.iK>II 11.046.394) 12,807.5061 110.062.505) 19.992.504) Rela Sub5vJMry 6 C05t5 of Raising Fullds: C05t of Good5 Sold and Other Costs Grovp 2024 Group 2O2J Charity 2024 Charitv 2023 UrestrICted fllnds Trading suhsvjwy.. C051 of 5th5 Staff costs tkprCCLqtn Oth¢[ rosis Invesltnenl rnanagemcnl 1.894.949 3,105.833 43.590 2.256.303 119.7fy1 458.472 2,507.451 85,556 2£8.417 119.704 258,417 7,420.379 5.023.745 258.417 Enthwmertt funds Investment rnanagemenl 1.088 3.174 1.088 3.174 T11 7,421.467 5,026,919 120.792 261.591 Pag¢ 24 of 39
The Buckfasi Abky Trust (Heldiv covneciiott ii'iih the ttligiouscommwiity ofBe#tdiciiNe Jlliwikf tJtsblish¢dot& Majy S.4bh.. Bii¢llttJi. Devojt) Year ended 3 Oclobei 2024 Notes to the accounts 7 Cbaritabl¢ Activities Costs Group Direct Suppjrt 2024 2023 Unre5tricttd fun Retreat centre & guesthouse EducBtK)llai activti Parh & mll161ry 5upporl ddg and sround maintellce charrtab giymg Rcl]gus Commun support 122.855 80.834 1.247.486 3.083.964 126.334 608.421 84.296 71.433 ,102.595 2,729.460 9.401 144.890 354.504 14.467 71.784 2.699.724 3.681.685 536.637 640.015 4.657.138 612.756 5.269.894 7.397.317 Re$ir4¢te¢l ad tndowmtni fu111 Pwish & mmsiry Support 3,618 3.618 541 Total 4.660.756 612.756 5.273.512 7.397.858 Chariry Dlreci Swpwri CO515 Total 2024 Toigl 2023 UreStricted funds Retreat centre & guesth0e Educatll aclN125 pa[h & mmi41ry support dmg ground m8intenBnce Charitable gIvg Rcligious ¥ommunity support 136.952 72.693 154.663 82.094 100.763 179.739 2.711.736 3.6W.964 9.401 144.890 354.504 14.407 71.784 2.741.316 3.095.820 126.334 626,876 555.092 651.734 4.734.716 612.756 5.347,472 7.463,351 Restrirted eDdDWrntTht funs Parish & multry supporr 3.618 Total 4.738.334 612.756 5.351.090 7.463.892 Page 25 of 39
The Buckfsst Abbey Trust fHeldin coNnecliDn iviih ihe rellgotstCOMmtdnity ofBeJredietine Monkre&toblisliedttiSI Mury s.4bbei,, BIKl¥afi, Dewpn) Y¢ar ended 31# 0Qber 2024 Notes to the accounts 8 Support Costs OEhét tosls Total 2024 Total Office 5ats¢it5 B3nk Jlld cbx¥ts 18.944 209.000 135,410 2SS.550 135.410 49.400 139,396 369.8iO 985.5 26.4?0 107.830 49.400 S.057 Other ¢ffic¢ costy l31J39 76.401 i36.3ii 012.756 1.4S9.010 Support costs are allocated across activities on the basis of usage. 9 Alldit Fees The audit fees of the charity were £49,400 (2023.. £26,420} and other fees of £Nil12023.. Nill. Audit fees of £69,300 {2023.. £43.0001 and other fees of £69.173 (2023.. £1.850) were paid in respect of the subsidiaTies. 10 Staff costs 1024 1023 2024 4.295.991 379.081 39i_807 3.921.250 328_801 362_482 1.68i.i23 136.739 143_385 1.793.i46 149.040 161.160 S¢ti31 $e£wir¥ costs 5.071_479 4.012.533 1.96i.&P7 2.103.740 The key management personnel ofthe group in charge ofdir¢cting and controlling, running and opetating the charity on a day-to-day basis comprise the Trustees, the CEO and the operational directgrs. The total retnuneration costs {including t&xable benefits, employer's national insuTance and employer's pension contributions) of th¢ key management personnel of the parent charity land group) for the year was £526,32912023.. £454,885). Redundancy and temiitydtion paytnents of £14,805 (2023.. £93,280) were made during the year. Group 2024 Group 2023 Charity 2024 Chlrltv 2023 Tbe average nutnbEr olemployee5 durmg the year w". 150 144 54 60 ThE number Df empkny¢es of Group whos¢ ¢mohJmenis ¥mount¢d 10 £60.0Th) u] the Ye w% IDw$.. £60.001 £70.000 £70.001 £80.000 £80,001 £90.000 £90,001- £100,O(MI £IOO.001 £1 ID.01)O Page 26 of 39
The Bllckfast Abbey Trust (Heldim WKlleCiioJTiviik Ihergli8TgUSCfjniJPTWTity DfBgngdicfiJte esthb111¥dQ1s1.ljttjY $.4bbti., Bitckfiui. Devott) Year ¢nd¢d 31P Oaober 2024 Notes to ihe accounts I l Fixed a55ets- T4ngible Group erttftdts laud an Teht¢lt8 Cost At INoi'tmbtr2C23 Addi¢iotL5 rri5posa15 15,678239 23,852J26 53W8 ID70JW 6.67?uDJ 24.430 4727397! 80,66S (299_.801) (2W.8DI} .4t il OctobEt2024 15.6ryai9 23,R15,76J ",4JD3 ",33 47.054.839 -4t ) lJoi-ember?02i cefOrvear F]hOted ottdisposals 8J31,625 229.693 11,754.15 SW,031 61,SiD 116ijl8) J43_736 67jJl', 16ty.- lj65jl¥ ,85l735 -Itil Oetobet 7024 761.i18 11946,666 4.407ffi88 At51 Octobtr2D24 6J16911 IlJ59.098 2 ?89.04j At31 OctobÈrlD13 7_14&614 IllllJ67 2J"0.8-,: rJJJeoi ional Iwd il (knobEr2023 .4dditioDs ]hsposaJs ,851526 5i238 f451522 4_45D396 41.619.68i Ilii220) Ai JI OctobEr2OJ? li.1j39 536JD2 4,458.421 44J7&726 -4t ij taOI3 8JiL625 9.693 11:7MIJ9 I?J07 516 4iJ66 {49.8i9) 10$7J25 143.760 21869:7D7 6Jl.926 149.839) E]llTllll&td oThihspo5a15 .4t JI October 24 8 761Jl8 11.946.166 ii.D J,449.794 -4tJl Octobtt 20?4 6J16J21 iiwJ,op8 W77 U27336 ILl28gi2 -4til &tobt¥2023 .14&614 11118J6-, "6j.Dll 2J.;-,9,976 Page 27 of 39
The Bu¢kfasi Abbey Trust {HelJitt conlleciion iviih the reli•ow c(MlIty ofBenediciine MonknesMbIiJhedaiSIH( iAbbeJ,. BCol. Devon) YeHT ended 31 Oclober 2024 Notes to the account5 12 Investments Group 2024 GrTrup 2023 Cb4rity 2024 2fj23 Al l November 2023 AddlinS DpOsa Reallsed {kn55e51 VeStmentS 36.123,113 14.955.459 39,601,512 33.807.781 133.623.i631 2,735.448 39.072.055 12.r26.821 42.9.682 33.457.576 {33.622,7111 2.73i.448 12.iK7.8901 13.500,0501 9rA.832 1710.238} 964.832 336.156 Nei {WAhdrawatsJlInirQductrLs 13.500.050) At 31 (ktobEr 2024 27.519.731 29.286.429 39.072.055 Anatysed ben¥een". FLKed a5SCt Vc5trnent5 Curreni asset mvcstments 27.519.731 29.286.429 39.072.055 27.519.731 29.286.429 39.072.055 AnaSe b¢h4'een. LL41ed fftvestments Inve5rmeni DAF. Ltd J Chandkr & Co. 1ckfaSt) Ltd lrtotc 141 ProgrTre Re&led InYesitnen15 Ino 181 Cash he 2s part of vestment portfotio Investment propertEs Oiher 1VestMents 13.055.493 I2.17.7]2 13.055.493 100.000 3.098.942 15,277.500 102.889 12,027,712 100.000 3.098.94? 15.027.iOO 20.867,257 15.277,500 I.889 15,027.500 20.867.257 .436.244 12,352,3951 254.mo 4.000 12.352,3951 4.0 112.053,3561 27.519.731 29,286,429 39.072,055 The loan of £2.352.395 is secured against £13,055,493 of listed investments and £102.889 of cash held by the investment manager (2023.. £12,053,356 loan against £8,506,817 listed inv¢stment5 and £19,973,10 I cash). Provisions Against Investments Grnup 2024 2023 Prnvisions #t l Nove]nber2023 An51ey's Covy Devebpmeni LLP kthn Dart Abky PG Enryises loan PG provsion n¢rted off lli*r¢sl receivabk Dart Ail)¢v GL2slontw klan PG Si Catherin¢'s k)an 1996,3671 16,457,2821 12,300,975) 1600.0001 1200,WOI 149.973 11,089,724) 1615.0001 ProvKsions al 31 Oetober Z024 113.215.8341 £1,106,459 of the provisions made in the year to 31 October 2024 are in¢luded in ¢ost of saleg12023.. £nil). PRge 28 of 39
Th¢ Buckfasi Abbey Tn1 OfeldiK conneciion Iviih ihe religiotLvcomniunityofBenediciine (kS esiabllJhedoiSIM( sAbbe)'. Buc¥aJi, Dev Year ended 31M October 2024 Notes ¢0 the a¢count5 13 Subsidiary Companies Dart Abbey Enterprises Limited The Charity has a wholly owned subsidiary, Dart Abbey Enterprises Limited (DAE Ltd), which undertakes trading activities in order to raise fund5 for the Charity. The t&xable profits earned by DAE Ltd may be passed to the Charity by means of Gift Aid. Some of the Trustees of the Charity sit on the board of the company but receive no remuneration for so doing. The cotnpany's results have been ctsnsolidated into these account5 after adjusting for intra-group items. The subsidiary shares the satne re&7istered office of the Charity and its Cotnpany Registration Number is 1435171. The aggregate of its a55ets, liabilities and funds is as follows.. 2024 2023 Assets 8.644.751 121.885.4941 (13.240.743) 5,0¥0,12 Net li&bknts D4rt Abbey Developments Limited (formerly Dart Abbey Investments Limited) As at 31 October 2024 DAE Ltd had advanced loans, including acerued interest to date of £1.300.036 {2023.. £629,600), lotalling £8,032.77] {2023.. £6,930.5791 to a wholly owned subsidiary Dart Abbey Developments Limited (DAD Ltd). DAE Ltd owns IOO°/D of DAD Ltd. The address of the registered office is Buckfast Abbey Buckfastleigh, Devon TQI I OEE, UK. In the period to 31 October 2024 there was a loss of £(2,013,796112023'. £(3,061,6751) due to the further provisions in the carying value of the investment following an updated valuation of the underlying assets. The aggregate of its assets and liabilities is as follows.. 2024 2023 As5Ct5 3.033.940 4.000.(KPO 16.930.576) Net {4.944.3711 Dart Abbey Poole Limited (formerly PG Poole Limited) As at 31 (ktober 2024 DAD Ltd had advanced loans, including accrued interest to date of £1.300,036 {2023.' £629,600), totalling £7,558,580 (2023.. £6,930,575) to Dart Abbey Poole Limited, a ¢ompany in which DAD Ltd owns IOOO/o of the shares. as well as the controlling share. The address of the registered office is Buckfast Abbey, Buckfastleigh, Devon TQ I I OEE. UK. In the period to 31 October 2024 there was a loss of £(1,690.4801 (2023.. £{3,061,675}I largely due to the impairtnent of the only a55et following an updated valuation. The aggregate of its asscts and liabilities is 8s follows.. 2024 2023 Assets Liabthis Nel babfflrts 3.026.527 17.778.682) 4.Ml.266 16.952.0461 12.950.780} Dart Abbey Glastonbury Limited (fornierly PG Glastollbury Limittd) As at 31 Octob¢r 2024 th¢ Charity had advanced loans, including accrued interest to date of £411,68012023'. £411.680). totalling £4.501,403 (2023.. £4,501,403) to Dart Abbey Glastonbury, a company in which the Charity owns IOOO/o of the shares. as well as the controlling share. The address of the registered office is Office Buckfast Abbey Buckfastleigh, Devon TQ I I OEE, UK. In the period to 31 October 2024 there was a profit of £101,690 (2023.. loss of £l1,540,201)}. The aggregate of its assets and liabilities is as follow5.. 2024 2023 Assets Lwbkns Net aly71$ 3.059.594 14.590.785) 14,570,368) Page 29 of 39
The Buckfasi Abbey Trngi (Helditt COnKeciion Iviili ihe religi0COm{tyoeed{(llne fvlonkf esMblishedui& sAbbtv. Siicl47S1, Devon) Year ended 31 (ktobBr 2024 Notes to the accounts 14 J. Chandler & Co. (Buekfast) Limited- Assoeiate Company The Charity owns 32.40/0 of the voting share capital ofJ. Chandler & Co. (Buckfastl Limited. Thi5 company, which is a private limited Company. bottles and markets "Buckfast Tonic Wtne The Charity has historically held shares in the company since it was fomied in 1927. The Trnstees have considered SORP (FRS102). with regard to their relatior15hip with the ¢ompany, and they consider that it meets the definition of an Associate. It has been consolidated using the equity method of accounting. Its registered office is New Abbey House, Fyfield Roa Weyhill, Andover. Thi The Charity receives royalties and rents from the company. Since 9 April 2021 two Trustees sit OD the board of the ompany but personally receive Tro remuneTation for doing so. 15 Joint Ventures- LLPS As at 31 October 2024 the Charity's wholly owned gubsidiary DAE Ltd had advanced loans. including ac¢Tued interest, totalling £8,827,215 (2023.. £7,830,849) to An5tey's Cove Development LLP. an LLP in which it is entitled to 50Q/o of the profit arising. The joint venture's principal activity is propety developtt]ent. In the period to 31 October 2024 there was no material retum on the joint venture and the balance due to the company is tjil, after including a provision for the anticipated loss of the entire investment of £996,36612023.. £7,830,849). To redute risk contracts were negotiated on a fixed price to give greater certainty of outcome. Unfortunately for the Ansley's Cove Development investment the contractors were not able to deliver for the price agreed. This was attributed to increased costs following the war in Ukraine. Moving forward with a new contractor the costs to complete indi¢at¢d that the investment had no value. Other investments with the original contractor were also provided for. The Charity's wholly owned subsidiary. DAE Ltd, is a membei of St Dominic's House Development LLP, and is entitled to 50/0 of any profit share atising. The joint ventuie'5 principal activity is property development. In the period to 31 October 2024 there wa5 no material profit or loss in the joint venture, and the balance due to the chaTitable group represents its Share of the underlying net assets at cost. Th¢ balance owed by the joint venture is not material to the group. 16 Joint V¢nture- Limit¢d Companies Until 16 November 2022 the charity's wholly owned subsidiary, Dart Abbey Enterprises Lllnited, had a fifty percent interest in the ordinary shares of PG Enterprises {St Nicholas) Limited whi¢h wa5 establi5h¢d to develop a Catholic Church site in Bristol for residential purposes. Page 30 of 39
The Bllckfasl Abbey Ttvsl {HgldiM CQJTlleCiioKii'iik ihere11osc0jJl1iry olBenedic)rye hlgnks tblIFkelSI sAbbev'. BIKkfftsi, DeiwTJ Year ¢nd¢d 31* 0¢ber 2024 Notes to the accounts 17 Debtors Group 2024 GTOiIP 21123 Cbarity 2024 Chsrity 202J Dut Wrth 0Year. Trade debtors knount due ftom 5ub5vJw)' Amount due from &$Sixe her debtor5 Prepayments artd atend neome 248.023 93.476 70.345 62,665 10.067.794 In.089 76.8J2 450.269 134.852 596.352 59,251 63,270 353.067 1.140.718 792.666 16.717.709 10.546.796 Due after Inore than one year. Pr¢paym¢n15 and ¢rued iKorne Other debtor5 71,374 289.688 9,791 257.080 71,374 207.459 9.791 .059.537 16.996.542 10.772.428 18 Programrne Related Investments As part of its charitable activitie5 to promote the advan¢¢ment of the Roman Catholic religion, th¢ Trustees have decided to support other communities of monks and nun5. In a previous year a property was purchased, at a cost of £1,800,000, froln Stanbrook Abbey to assist them with their charitable objects. The property has been leased back under a 999 year pepper¢om lease, but reverts to Buckfast Abbey in the event that the Sisters cease occupation at Stanbrook Abbey or other specified events. The property is included as a programme related investment at original cost. £7,705,748 (2023.. £7,440,557) has been lent to Oulton Abbey in Stafford5hire to a5SiSt them with their charitable activities. interest has been charged at 3.5 /0 since April 2014 and security is held in the forni of a legal charge over Oulton Abbey. There ss a provision against the ltsan of £1,146,193. Buckfast Abbey 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 progiamme related investments. The Trustees have financed the conv¢r5ion of a propety into ofFices for use by The Plymouth RoTnan Catholic Diocesan Trust which are included at a fair value of £2m within probFraTnme related investment property. Gtrp Charity Con¢essioDary CoDCC55ionary l November 2023 6.294.364 15,027.500 250.000 9.294.364 15.027.5(K> 250,fAN> 265,IB9 265,189 At 31 (kiokr 2024 6.559.553 15.277.500 9.559.553 15.277,500 Concessionary102ns are receivable within one year. Page31 of39
The BuckfHst Abky Trust (HeldiFT cDNnectiDFT wilh ihErellgiOT cDJJrmunityofBEJredicliMe AloMkrestsbli3hedaFSt sAbbev. br¥5. Devort) Y¢aT ¢nd¢d 5] O¢lob¢r 2024 Notes to the accounts 19 Creditor5 Groryp oJ .401sfEigdeuryone yer. Bankloan TAdtue¢Jitor .4mount thtto subsi&y .4motsnt dueto £tiate Tax&tton and social security Othttcrtditors 3JIU1 42¥J 8J12Jrk) 6?7,594 Ir<#).( 2-,0.794 lJfj3,5",> 1.56J.I 469.ts17 290_153 M6.133 235926 371,641 J&981 3i7,9 89.740 257,852 6_453.169 11_526fj27 665_?00 s4..6 A bank loan of £Nil {2023". £5,000.0001 is secured by an undertaking in respect of the investments managed by UBS AG and £3,312,500 12023.. £3,312,500} is secured by a floating charge over the assets of a subsidiary company. 20 Obligations under kases ) Operating leases-lessor both group and company The total of future minitnutn lease rentals receivable i5 a5 follows.. 2024 2023 Not hier tknn one year Not hier tkgn one year and not &ter than fjve years Later than fw¢ y¢ars 184.663 370.468 176.390 242.213 266.45 164.440 673.104 These relate to leases for fixed terms with fixed r¢ntS. b) Operating leases-lessee The total of future minimum lease rentals payable is as follows.. Group 2024 Group 2023 Charity 2024 Charity 2023 Not later than one yvdr Later than one year and not later than five years 141,996 158,425 300,421 32,222 46.497 78,719 These refate to k&ses for fLxed terms with fLKed rents. Page 32 of 39
The Buckfa4t Abbey Trust (HeldiN Conjreclion irirh ihe rÉli5loTLYCORITrTUPTity DfBenedicttNe J¥lDNkT EslublishedNtSI.W s.4bkn.. biK¥a5F, DEYoK} Yeu ended 5] October 2024 Notes to the accounts 21 Commitments The Charity has provided a55urance to Oulton Abbey that it will continue to support it by way of loan. During the year ended 31 October 2023 the Charity made an offer of a loan of £2.4m to Downside Abbey of which Rt Rev N P Wetz is also a TTUStee and the Abbot. The loan has not been accepted at 31 October 2024. At 31 October 2024 Dart Abbey Enterprises had £Nil {2023.. £1.25m) of group contractual loan ¢ommitments and £Nil (2023.. £350kl of other contractual loan commitments not provided for in the financial statements. 22 Related Party Transactions As disclosed in note14 to the financial statements. the Charity has an equity interest in J. Chandler& Co. (Buckfast) Limited and under SORP IFRS1021 this has been accounted for as an associate company. During the year the Charity received dividends of £602,937 {2023". £335.787} from the company. The group. including its wholly owned subsidiary Dart Abbey Enterprises LiEnited, were entitled to royaltie5, rent and other charges during the year totalling £5,487,281 (2023.. £5,853,178). This included the tnanufacturing charges of £2,286,963 12023.. £2,385,891). In a previous year J. Chandler & Co. (Buckfast) Limited advanced a loan to Dart Abbey Enterprises Limited. The balance outstanding at the year end was £1,563,579 {2023.. £1,561,100) and interest was charged of £l11.215 12023.. £96,361). The Charity has given a limited undertaking to its subsidiary company in relation to a bank loan. The maximum commitment would amount to £3,312.500 (2023.. £3.312.500). Dart Abbey Enterprise5 Limited has entered into a c05t overrun guarantee in conne¢tion with a joint ventLe building project. A maximum of £1.2m has been guaranteed joint and severally with the partner organisation and Dart Abbey Enterprises has been required to place £600.000 into a designated bank account. Trdll5actions between Dart Abbey Glastonbury Limited and PG EntetPri5es Limited of £45,000 (2023-. £105,000} are included in the Group Financial Statements. Dart Abbey Enterprises Limited advanced secured, interest bearing loans of £923,50012023.. £250,000) to PG EnteriseS Limited. During the year repayments 01£436,892 were made and the balance outstanding at 31 Ociober 2024 was £665.37112023 £250.0001. The son of a director of a group subsidiary company was employed by PG Enterprises Limited {PG Company). Two members of key management personnel lived in job related accommodation close to the Abbey, paying peppercorn rents. One member of key management personnel received non contractual choir payments of £9,435. Total unsecured loans of £58,749 were made during the year to three tnetnber5 of key managetnent personnel. The total balance outstanding at 31 Octoberwa5 £66,96312023.. £30.969}. One of the loans 15 interest bearing at HMRC rate. During the year the charity employed the spouse of a member of key management personnel, paying them wages of £6,847. During the year the chariry made a donation of £52,984 to supplement teaching costs at a school where the headteacher was the spouse of a member of key management persO[e1. During the previous year Abbey (Design and Build) Ltd. which is controlled by a director of a group subsidiary eompany, advanced interest free cash flow loans totalling £238,000 to the charity. They were repaid during that y¢ar. During the year £350,000 of the consideration for a property development was paid to a company that is owned by a director of a group subsidiary company to settle the vendor's outstanding loan that was secured on the property. Pag¢ 33 of39
The BUckrt AbY Tnjsi (Heldtrtco#necitoTh Iviihihe religiow cotttnitMityofBenediciine MoNkresthbliJhedoiSrMary sAbbe¥'. BIK[{$, Dev} Year ended 3] OctokT 2024 Notes to the accounts 23 Funds of the Group Analysis of charitable funds movements- eurrent year At Tran51¢TS1 At 31 Ottobtr 2024 31 O<tobtT 2023 PEnditNrtl Invest[net Gl#s funds: IldiDg5 In PFS 3r St scho&sL&s Ab Teignmouth ML%5 s.$ Tru51 W8rren.Vernon Annuit 7.146.614 1229.6931 6,916,921 2,249 49 12.638 273 7.164 9.118 7,463 9.520 62 349 Totgl endOW¢llt 7.494.207 2.360 7,279,046 Reslri¢ted f¥Dth.. Contemp&tiVt Nun$ Other 120 43,618 40.120 Total restrirted 43.618 1.991.571 Communty SuppDrt Jthjmgs & ploni 17.494.022 (4.495.067) 61.263 12.443.864 14.211010 & unprovement Pro8raEnm¢ re&ied iivesiments Work8 capi1 956,429 142.1591 161) 21.321.864 9.475.090 20.037.053 4.442,956 5.1fy1.474 12.628.383} 17.508.?251 Totil unrtstri¢ted 63.880.766 5,104.474 14,420,7811 113.?65,9991 51.298.460 NDn ihritable trdiDg Subs1rs & lo¢ venture 110.950.8591 16.433.822 5,583.325 1.166.621 18.269.4921 13.737.026 IIN).000 17.61M),443 Total tr81bng fuDds 5.482.963 6.749.946 (8.269,4921 13,737,026 17.71M).443 TotBI ETTrUP 78.809.507 11.9(N).398 112.694.9791 254.594 78,269,520 Page 34 of 39
Tb¢ Buckfast Abbey Tru (HeldiJT conneciion ii'iik ihe reli05¢01itsn{tyQIBgned1¢ne j11¢k% gsiablished471SI.Vaiy s.4bbev. &1#51. Year ended 31 Ociober 2024 Note5 to the accounts 23 Funds of the Group (continued) Analysis of charitable funds movements- previous yr Vnfoming rèsowrttsj Trallsfrrsl 31 Ocfvbei. •0?3 7.376,J07 1229ffj93) 7.14&614 St$dlaStiCa.s.bbtY TeiwffjLouth Nfiss Stont's Ttijst 324147 7J51 iiis 12 38 331 ?91 9.135 7.715 Q27JO 7.494207 R¢5tri¢d knd5: CotLIlatiIe1lS ISJl.431 120 541 120 I171 15Jl) I,],)?1 499375 16.N)1_7DI (52LOPT) (lJ30,JI (14810 1611 1',.194.D22 lJ,633J61 3255.461 6.429 2U68J62 6ffj96J51 I946..) 21J21.861 .475,iW eApit 5.144.D12 (1.6U.>W 65,465,981 5.141,L512 (s",80) (FiliJ4) 6i.88tl.766 88J83 4XIOJ59 Lt51938 (6.424J82) (9-.456_119) IIOj5&:859) 16_133.8 -4s50Ciate lJJ7&867 3591497 1&424M2) 19_456:119) )J05.497 111424.XT) Page 35 of 39
The Bllckfast Abbey Trust IHeldiA eonNectlon IFitrh ihe rel101S comMwtityoJBettedictitte Honkf effiablished¢71& sAbbey, s[¢$, Deiwij Ywended 3151 October 2024 Notes to the accounts 23 Funds of the Group (fontinued) Elldowment Fullds The endowrnent funds in¢lude'.- ds used to erect buildings in the original Pemanent Endowment Fund area and are tantamount to being capital of the charity. Transfers are made durin&T the year to reflect additions and depreciation. St Seholastica'5 Abbey Teignmouth Fund was set up on 3rd January 2006. It was a requirement of the transferring trugtees thai £IOO.000 of the total portfolio be used to set up this pemianent endowment fund, the incorne thereof to be applied to the general purposes of Buckfast Abbey Trust.. Miss Stone's Trust Fund. an expendable endowment, which provides a small amount of income to be used towards the general upkeep and development of St Mary'5 Cemetery, Buckfast.. Warren-vernon Annuities Fund, an expendable endowment. which pay annuities under a Will Trust. Restricted Income Fund5 The restricted funds include:. Contemplative Nuns Fund which was set up on 3 January 2006. It was a request of the transferring trustees that these funds be used for the maintenance and 5UPPOrt of th¢ last remaining and St Mary's Convent with the balance to be held by Buckfasl Abbey Trust for their general purposes with priority to be given to applying the funds for chaiitable work of convents of nuns. Other restri¢ted fimds in¢lud¢ any un¢xp¢nd¢d balances of donations and grants held on trusts to be applied for specific purposes. Designated Reservts Reserve5 Policy The Trustees consider that the long-term nature of the objectiveg of the Charity requeS that it retain sorne of its surplus income to hold as reserves. These reserves are n¢c¢ssary in order to secure the future ability of the Charity to support the religious community at Buckfast. and to maintsin and improve the buildings and plant that make up the Buckfast Abbey Precinct. Sinte the return of the monastic Community to Buckfast in 1882 and the re-foundation of the Abbey, the costs involved in acquiring 2nd renovating the buildings which make up the Monasti¢ Precinct has meant that the Charity has had little in the way of realisable reserves. Recently, partly through one off items such as increased royalties and legacies, the Charity has been abl¢ to retain some income and enable the Trustees tg formulate, and start to achieve a reserves policy which will enable the Charity to fulfil its objectives and allow for expan5i0n in the futur¢. Cb%ritable Objeetivts i) Con]rnunity Support It is the tradition of Benedictine Mor5 to support their religious cotntnunity by the works that they perforni. However. the increasing age profile of the community at Buckfast will tnake this tnore difficult and alternative sources of income will be required in the future. To this end a sum has been set aside as a fixed asset investment represented by UK equities. gilts and deposits. The purpose of thEs designated fund is to generate an inflation- linked income. to provide some of the support revenue for the monastic community in tUre years. A transfer 15 made each year to the fijnd to cover support costs incurred. The retnaining movement on the fijnd, either a designation or utilisatlOD, being th¢ net ¢hange in the underlying value of the investments. Page 36 of 39
'Fhe Buckfast Abbey Trnst (Heldin cDp7JTeciioniviih ihy r¥1105 coJnRiimity' ofBeKedicrine,Vovk5 vJioblithedaiSI Maiy iAbbei'. BiickfoJi. Dei'cvij Year ended 31# Oaob¢r 2024 Notes to the accounts 23 Funds of the Group (continued) Charitable Objectives (continued) ii) Buildings and plant used foi chaTltable purposes A large proportion of the incotne of the Tst has been used to acquire IBnd, buildings and plant in order to establish the Monastic Community at Buckfast. It is the continuing aim of the Trustees to re-establish the Medieval Precinct. restore the buildings in the Monastic Enclosure and diversify its income base. As a result, the income funds which have been used to acquire land, buildings and equipinent have been transferred to a designated fund called"Buildings and Plant Reserve" since the income fid5 which aTe invested in them can only be realised by disposing of fixed assets used by the charity. A designation is made to the fund to cover building and plant additions during the year. Utilisation of the fund represents disposals of buildings and plant and depreciation of the assets. iii) Repairs and tnaintenance The estimated replacement Costs of the buildings and equipment. which are under the Trustees, stewardship. now amount to £165.$ million. Because of the age and condition of some of the buildings and plant it is anticipated that annual maintenance and replacement costs will run at approximately l /D of the tot21 replacetnent Costs. The annual maintenance biidget can be met from current income, however additional one- off repair works have been identified the tnaintenance and improvement budget and approximately £4.6 million will be required to be spent in addition. To this end, a designated 'M8intenance and Improvement Reserve" has been created with the aim for it to allow the improvement programme io be initiated when time and resources permit. The fund is utilised to meet the repairs and maintenance costs lljcurred during the year. Designations are made on the basis of anticipated tUre repair costs. iv) Progiamme related investtnents Since thc monies advanced and properties are not available for other charitable works a reserve representing the value of the unrestricted prOamMe related investments has been established. Contlngetteies, opportunities and risks i) WoTking capital Due to the nature of the Trust's actiVite5 it 15 necessary to retain a reserve to finance working capital in order to avoid overdraft or loan charges. DesignatiOnutilISat1OnS represent the movement of the working capital required for the ongoing work of the charity. ill Contingencies It would be impNdent of the Trustees not to retain some of the income to cover unforeseen contingencies. to this end a long te investment has been made which could be utili5ed in the event of a major unforeseen incident. The only designation or utilisation of the fund is to ref]ect the changes in the value of the underlying investment. iii) Opportunities The Trnstees wish to ¢ontinue the work, which has been ongoing for more than 100 years, of re-establishing the Medieval Enc105ure and Precinct of Buckfa5t Abbey and diversifying the base of its charitable activities. The Charity has been fortunate to acquire much of the original land and buildings. but the Trustees are conscious that future addition5 will be required to complete the process. To this end the Trustees wish to have sufficient fijnds available to purchase and restore any such propertie5 when the opportunities arise and therefore will not be spending all the income reserves. Page 37 of 39
The BuckfBst Abbey Trust ¢HeldiM conNe¢ltOfti wiFh ilie rel10comMp1lty olBenedichtte hloNkf esMbliJhedoi&Mary sAbbei,. SIKl/arl, Dev Y¢arend¢d 31. October 2024 Notes to tbe accounts 24 Analysis of Grnup Net Assets between Fullds Currellt year Tangible Fixed Other Total Net Assets Net Assets Investments As$et5 Communty support ]klings & plant Maintenan¢e & improvement Programme reted investments Working capital Endowinent Restricted income Associate Non-charitable tradllig & venture 10,443,864 2,000,000 12,443.864 14,212,010 14.212.010 162,577 162,577 20.037,053 3.998 362.125 1.800,000 17,600,443 1,532,244 20,037,053 4,442,956 7,279,046 1,991,571 17,600,443 100,000 4,438,958 6,916,921 191.571 74,173 (1,506.417} At 31 October 2024 21,203,104 51,779,727 5,286.689 78,269.520 Previous year Tangible Ixed Assets Other Net Tot41 Investment5 A55ets Assets Comrnunty support ildu)gs & pnt Mallitenance & itnprovement Programme related uivestments Working capital Endowmenl 20.494.021 (3.lJOO.000} 17,494,021 14,633,361 14,633,361 956,429 956,429 22,521,864 4,000 347,591 1.800.000 16.433.821 350,000 22.521,864 8,274.971 7,494,205 1,951,571 16,433,821 (11,450,997) 110,950,736) 8,270,971 7.146,614 RestrKted income sociate Non-charitable tradllig & Jollit venture 151.571 150,261 At 31 October 2023 21.930.236 61.951.297 (5.072,026) 78,809,507 Pag¢ 38 of 39
The BuckfBst Abbey Trust {HeldiN colllleclion wilh IhergligloCTlJl[tyoffBÉnEd1ClIIIe MoNk* esiabliJliedot& Maiy i.4bts.. Dj1} y¢ ¢Dded 315, October 2024 Notes to the accounts 25 Reconciliation of Net Income to Net Cash Inflow from Operating Activities 2024 2023 Net movement in group funds for the year DepreCtIOn Disposal of asset Net GaiDS on h8ted investments 1539,987) 673,517 111.695,9901 769,044 1.059,743 1666,2501 1,215,000 6.457,282 (50,6331 (1.151,9381 {773,4601 215,125 1,456,838 3,278,127 14,4251 {1.300,9881 50,027 996,367 (53,9721 (1,166,622) {586,7731 149,973 {442,2431 1489,2901 173,3581 Provisions ade against non group loans Provisions made against joint venture loan IProfiil on sale of tangible fLKed assets Ass0¢te share of (profit) Dividends, interest and rents frorn inYe5tments Provisioll5 made against interest on group loslls DecieaselllncTease} debtors Decreasellincieasel in siocks IDecrease)lincrease in creditors (2,783,349) 108,463 26 Analysis of Cash and Cash Equivalents 2024 2023 Ch on short term deposit Cash at ba]]k ad in hand 162,577 2,442.832 956,429 295,155 2,605.409 1.251.584 27 Analysis of Change5 ill Net Debt At Start of Cash Flows At End of Year Year Cash 1.251.584 18,312,500) 1.353.825 5,000.000 2.605.409 {3.312.500) tL)ans falluig due within on¢ year 17.060.916) 6,353.825 {707.091) Pag¢ 39 gf 39