The Buckfasl Ablw Trn5t {HeldiTh COfrTnEcliDFTIFith ihe ttligiotrs¢oiJimtslliry ofBenedicnne Jilonk5 gsiab1ubvdg1&,V￿y 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 o￿l¢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 P￿e l of39 The BuckfHsl Ablw Trust (Heldin ¢0tt17e¢FioA IFtthihe reli*0￿3 coJJtmts#try ofBenediciine Al0￿￿3 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 inf￿rn or elderly persons fomerly engaged in charitable works. The maintenance and support of the charitable works pro￿oted 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 s￿dY 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 rg1wi0￿rcOmMun1tyo￿hEn¥&lrI1lle ￿l￿￿kS estsblithedaiSI.Vary sAbbev. D￿VIJ1) Year ended 31# October 2024 Trustees, Report Objeclives ondActivilies (conlinued) To coordinate the use of the education centre, Confe￿nCe 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 r￿st-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 a￿angers. 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 re11gto￿S 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 sou￿ed, 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￿¥co￿TRlHTh￿ry 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 i￿e¢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 r￿e precautions and acce55 for those with di5abilitie5. These cu￿ent 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 t￿atIOn 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 T￿51 fHeldiJT conne¢iioNwirhÉhe ￿11￿0￿ComMt￿ity0SB¢￿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 religio￿￿CO￿lnVj1lty 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 T￿Stee. 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 f￿anCIal 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 Buckr￿1 Abbey Trust {Heldin cottneciiojt H'iihshe rel1￿0￿S 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 f￿anCIal 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 tI￿e 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 CO*ne¢iion ivlth ihe reli￿0￿& ¢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 eXpendi￿re, 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 f￿ancial 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 f￿ancial 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 f￿ancIal 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 e￿Or 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 I￿egular1tieS, 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 c0j1￿rcl1Dll iviih ihg rElistOW Colm￿￿￿TIty0JBt￿ed￿￿+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 S￿li0n 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 InnnE¢liOn Trviili ihere11￿o￿ScOfflNl￿￿Jry 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£P￿￿5td1o9sts 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 Tn￿1 leldin conneciioxiviih the religro￿¢0￿1JjUn[ty01B￿ned1¢i1￿￿ ￿l0￿￿e￿Alb11￿tdll1sI.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&¥al￿n 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 U￿restrICted fllnds Trading suhsvjwy.. C051 of 5th5 Staff costs tkprCCLqt￿n 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 T￿1￿1 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 Par￿h & mll161ry 5upporl dd￿g and sround maintell￿ce charrtab￿ giymg Rcl]g￿us 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 a*d tndowmtni fu￿111 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 U￿reStricted funds Retreat centre & guesth0￿e Educat￿ll￿ aclN*125 pa[￿h & mmi41ry support dmg ground m8intenBnce Charitable gIv￿g 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 & mul￿try 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 rellg*otstCOMmtdnity ofBeJredietine Monkre&toblisliedttiSI Mury s.4bbei,, BIKl¥afi, Dewpn) Y¢ar ended 31# 0Q￿ber 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 $e£wir¥ costs 5.071_479 4.012.533 1.96i.&P7 2.103.740 The key management personnel ofthe group in charge ofdir¢cting and controlling, running and opetating the charity on a day-to-day basis comprise the Trustees, the CEO and the operational directgrs. The total retnuneration costs {including t&xable benefits, employer's national insuTance and employer's pension contributions) of th¢ key management personnel of the parent charity land group) for the year was £526,32912023.. £454,885). Redundancy and temiitydtion paytnents of £14,805 (2023.. £93,280) were made during the year. Group 2024 Group 2023 Charity 2024 Chlrltv 2023 Tbe average nutnbEr olemployee5 durmg the year w￿". 150 144 54 60 ThE number Df empkny¢es of Group whos¢ ¢mohJmenis ¥mount¢d 10 £60.0Th) u] the Ye￿ w*% ￿ ID￿w$.. £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 esthb11￿1¥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'tmbtr2C*23 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 c￿￿efOrvear F]h￿O￿ted 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-,: r*JJJeoi 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 ￿ta￿￿￿OI3 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(￿M￿lIty ofBenediciine MonknesMbIiJhedaiSIH(￿ iAbbeJ,. B￿C￿￿o￿l. Devon) YeHT ended 31￿ Oclober 2024 Notes to the account5 12 Investments Group 2024 GrTrup 2023 Cb4rity 2024 2fj23 Al l November 2023 Addli￿nS D￿pOsa 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 {WAhdrawatsJlInirQduct￿rLs 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 Ana￿Se￿ b¢h4'een. LL41ed fftvestments Inve5rmeni ￿ DAF. Ltd J Chandkr & Co. 1￿ckfaSt) Ltd lrtotc 141 Progr￿Tr￿e 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 En*ryises 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 Tn￿1 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&bknt*s 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 Liabthi￿s Nel babfflrt￿s 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 Lwbkn*s Net ￿aly71￿$ 3.059.594 14.590.785) 14,570,368) Page 29 of 39 The Buckfasi Abbey Trngi (Helditt COnKeciion Iviili ihe religi0￿COm￿￿￿{tyo￿￿e￿ed{(llne fvlonkf esMblishedui& sAbbtv. Siic*l47S1, 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 ihere11￿o￿sc0jJl￿￿1iry olBenedic)rye hlgnks t￿￿blIFke￿￿lSI 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￿ 0￿Year. Trade debtors knount due ftom 5ub5vJw)' Amount due from &$Six￿e her debtor5 Prepayments artd aten￿d 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. G￿tr￿p 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 ihErellgiO￿T cDJJrmunityofBEJredicliMe AloMkrestsbli3hedaFSt sAbbev. br￿¥￿5*. Devort) Y¢aT ¢nd¢d 5]￿ O¢lob¢r 2024 Notes to the accounts 19 Creditor5 Groryp *o*J .4￿0￿1sfE￿i￿gd￿eury￿￿one yer. Bankloan TAdtue¢Jitor .4mount thtto subsi&*y .4motsnt dueto ￿£￿tiate Tax&tton and social security Othttcrtditors 3JIU￿1 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 s￿4..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 ventL￿e 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 Ente￿riseS 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 BUckr￿t Ab￿Y 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 OW 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 rel1￿01S 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 requ￿eS 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 Mor￿5 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¥11￿0￿5 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 T￿st 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 fi￿d5 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 prO￿amMe related investments has been established. Contlngetteies, opportunities and risks i) WoTking capital Due to the nature of the Trust's actiVit￿e5 it 15 necessary to retain a reserve to finance working capital in order to avoid overdraft or loan charges. DesignatiOn￿utilISat1OnS 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 rel1￿0￿comM￿p1lty 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 re￿ted 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 & p￿nt 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 Ihergliglo￿C￿￿TlJl￿￿[tyoffBÉnEd1ClIIIe MoNk* esiabliJliedot& Maiy i.4bts￿.. D￿j1} 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 DepreC￿tIOn 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 C￿h on short term deposit Cash at ba]]k a￿d 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