The Buckfost Abbey Trusl
(Hel&￿ coMie¢itoK ivitrh ihe reltgloiLf ¢(lthmlihityoIBenedt¢iineMonktesiablishtdaiSf ivary sAbb¥y. BJK¥us4 Dev(wJ
Yeat ended 31￿ O¢iob¢r 2025
Chariiy Commission Number 232497
The Buckfast Abbey Trust
Annual Report
Year ended 31 October 2025

Th¢ Bu¢kfasi Abbey Ttusi
{HeldiJi C<￿￿¢￿19￿ iyiili ihe reliwouscommith1tyofBe￿lciI￿e mOttkse￿￿bIIShe￿￿1sl,vllry sAbbey, BiickJasi, Del￿)
Year ¢nd¢d 31# O¢tob¢r 2025
Contents
Page
R¢fereTrce and Administrative Inforn]ation
T￿￿te¢s, Report
Independent Auditors. Report to the TNstees
10
Consolidated Statement of Financial Activities
13
Charity Ststement of Financial Aeiivities
14
Balance Sheet
15
Consolidat¢d Statement of Cash Flows
16
Notes to the Accounts
17

The BUckf￿ Abbey Tru
(Heldiij copjneclion ivitA ihe rElisioiiicymmNnity 0lBe￿I¢ll￿¥ sAbbYy, Birfasi. Dtvon)
Yearended 319 October 2025
Reference and Administrative Information
Trustees and Principal Officers
The trustees are Éncorporated by a certificate of Incorporation dated 24 February 1951 under the title
"Buckfast Abbey Trustees Registered"
Trustees:
Right Rev. Dom. D R Charlesworth OSB
Dom. Prior R D Smyth OSB
Rev. Dom. P D May
Dom. M A Pri¢kett OSB
Rev Canon Mark O'Keeff¢
Louise J Hardy
Prln¢ip#l Offlcers:
Superior
Right. R¢v. Dom. D R Charlesworth OSB
S¢er¢tary
Dom. Prior R D Sinyth OSB
Chief Executive Officer
Philip Arkwright
Principal Office
Buckfast Abbey
Buckfastleigh
Devon
TQII OEE
Contacts
Monastery
Office
E-mail
01364 645500
01364 645590
enquiries@buckfasLorg.uk
Inve$iment Advi$eTS
UBS AG
5 Broadgate
London
EC2M 2AN
Insurers
Catholic National Mutual Ltd
Maison Trinity
Trinity Square
St Peter Port
Guernsey
Brok¢rs
Arthur J Gallagher Ensurance Brokers Ltd Catholic Insurance Service
8 Albany Park
Suite 5
Cabot Lane
Oxford House
Poole
Thame Oxon
Dorset
Oxon
BH177AZ
OX9 2AH
Auditors
PKF Francis Clark
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
Soli¢i¢ors
Tozers LLP
Broadwalk Hous¢
Southernhay West
Exeter
EXI IUA
Michelrnores
Woodwater House
P}￿e5 Hill
Exeter
EX2 5WK
Pa8e l of 40

The Buckra￿ Abbey TNSI
eldiii conp7e¢lioKiviili ili¢ reli8ioitstlJthmttrtityofB*n¢dl¢ilne hlo#kf establlshedaiSI,Wttry sAbbey. LPt¥kfafi. DevoN)
Yeay ended 31* October 2025
Trustees, Report
The Trustees present their report for the y¢pr ended 3151 October 2025.
Objective$ and Activities
Cbarltable Objeets
The principal aims of the charity aTe any charitable purpose consisting of or connected with the advancem¢nl of the
Rornan Catholic religion, iFL particular'.-
The maintenance and support of the religious comrnunity at Buekfast Abbey and those engaged in charitable
works.
Education or instruction in the teachings of the Roman Catholic Church. and in secular subjects.
To provide facilities for t]ie celebration of Divine WoT511ip.
To acquire, build and maintain churches, chapels, burial grounds, schools and other buildings connected with
the charitable activities.
The maintenance and support of priests. teachers and others engaged in charitable WQTk5.
The maintenance and support of infirm or elderly persons forn)erly engaged in charitable works.
The maintenance and support of the charitable works prornoted or carried by the Buckfast Abbey
community.
Aims and Intended Impaet
To maintain and support the Benedictine Community of Monks at Buckfast Abbey and, by their example and witness,
dTaw others who eome into contsci with Buckfast Abbey to a deeper understanding of the RomaTh Catholic Faith and
Christian values in a monastic context. It is hoped that this will in5pir¢ more rnen to test their vocation as BenedÉctine
monks at Buckfast Abbey.
The maintenance and improvement ofthe Abbey Church. buildings and fa¢ilitie5 at Buckfast Abbey, so thatthis historic
site can not only be preserved, but improved, for ￿tUre generations to carry on the monastic traditions and welcotne
the many thousands of interested visitors so that they may be inspired by the Roman Catholi¢ vision as manifest at
Buckfast Abbey.
Objective5 for the Year
To Continue the publi¢ daily celebration of the Mass, Divine Office according to the rites ofthe Roman Catholic Churth
and provide pastoral ministry in parishes served by monks of the Abbey.
To advance the educational and training opportunitie5 available at the Abbey's Education Department, Parish SchooL
conference centre and guest a¢¢ommodati(Trn, and for the launeh of the Buckfast Institute- A Roman Catholic Higher
Education faculty.
Strategies
To continue and promote the agewold monastic tradition5 in ar¢oTdanc¢ whih the Rule of St Benedict which prescribes
a life of prayer, work and study bound by the Benedictine vows of stability, 'conv¢rsatio monun, and obedience. To
this end an exhibition has been developed, to interpret the 'Rul¢'.
T(Tr obtain professional advice and formulate designs to protect and improve the many building5 under the stewardship
of the Trust. To use ihe reserve5 and inco]ne of the Trust in a structtwed way, to achieve the long-term improv¢m¢nts
and interpretation of these buildings.
Page 2 of 40

The Bu¢kfast Abbey Trust
IHeldin ¢onMe¢l￿11yI1ltl1Je ttligi##sc0mJJt￿lty tr/BenEdi¢irne AlofvkFeslublishvdoiSi JVory'sAbbey. Devon)
Y¢ar ended 31* OLtobeT 2025
Trustees, Report
Objeclives andAeiivilies (eoAiinued)
To coordinate the use of the education centre, conference and accommodation facilities to provide b¢n¢ficial
educational experienc¢5 to visiting groups.
Principal ActÉYities, Af hievemettts and Performance
The Charity has continued with its primary aim to maintain and 5UPPOrt the Benedictine Community of Monks at
Bu¢kfa5t Abbey. The monastic community at Buckfast continues the long-established monastic traditions in
accordance with the rule of St Benedict. Over the year, many thousands of people have witnessed, and taken part in,
the public services. which are celebrated daily. Details of the services are given in the infomiation leaflets or are
available on the regularly updated Buckfast Abbey Web Site (www.buckfast.org.uk). In addition to public daily
celebration of the divine office according to the rites of the Roman Catholic Church, the monks of Buckfast have
continued to engage in charitable actLVlties. These range frorn work as parish priest5, tru5tee51governors of
other charities, to the support of the tnany activities at Buckfast Abbey.
The Charity fi]rthered its objectives of teaching and instruction, training and educating rnonk5. P05tulants test
their vocations and receive instruction in the Noviciate. The Charity's education objectives were continued by
provjding and maintaining the local village primary school. Education at primary and secondary level is provided by
the award-winning education service. Many thousands of school pups5s from around the country use this service,
which includes teacl)ing packs, information and curriculum-ba5ed projeets in the Activity Centre. The pupils vislting
the Abbey have the opportunity to meet with members of the monasti¢ community and hear fJTSt-hand, the
committnent that joining a monastic community entails.
The Abbey's Conference Centre ts used to provide facilitie5 for tertiary edueation, as well as providing facilities for
meetings and conferen¢es on secular subjects. The peacefvl surroundings and monastic ambian¢e of the conference
ntre ha5 made it a venue particularly appreciated by ihose groups who give instruction on social and emotional
issues. The thousands of visitors have the opportunity to visit the Monastic Way Exhibition (a multin)edia
experience). which aims to infom) them of the history and values olBenedictine Monasticism.
The Monastic Community continues to donate their work to the Trust. Although not reflected in the accounts, their
effort is considerable. ranging from being infimarian. sacristan, guest-ma5ter. church guides, parish priests and many
other unseen works without which the Abbey would not function. Other volunteers include parish meeters and
greeters, flower arrangers, Altar servers and reader5. To all who give their services freely, the T￿sttts are most
gratefvl. The average age of die rnembers of the Community continues Éo increase and accordingly more demands are
placed on those who care and support the inf]rm and elderly. Fr Francis in his role as parish priest has visited the sick
and dying in the parishes and provided Tllost needed spiritual 5UPPOrt. Fr Abbot has corresponded with the hundreds
of requests from those who want masses said for the sick and deceased, from all over the world.
The rnaintenance and improvement costs of the Abbey chU￿h and monasti¢ pre¢in¢t, together with other buildings
connected with the charitsble activities and chapels at Ashburton. South Brent and Bu¢kf3stleigh Continues to
¢on5titute a large proportion of the charitable expenditure. This expendiiure has improved the historic site at
Buckfast. much of which is listed. and parts of which have the staths of an Ancient Monument.
Page 3 of 40

The Buckfast Abbey Trust
(Htldiii conneciioii iviili ihe reli8loiiSCOtttMwiityoJBenedi¢iineMonknesiob115hedaiSi J¥lary 5Abbey. BIKVasi. DevoN)
Year ¢nded 3 O¢lob¢r 2025
Trustees, Report
Objectives and Aetiyities (eontillthed)
Prineipal Aetiyities, Achievements and Ptrformathce (ct)ntinued)
In accordance with the Rule of St Betjedict, the Trust ha5 continued its ernphasis on hospitality to guests and visitors.
The Abbey has a number of retreat facilities Wlthin the precinct, including: Southgate Retreat CentTe- the Monastery
Retreat House; St Petroc's Retreai House, Northgate House Hotel and residential house5. These accommodation
buildings are primarily for continued outreach, providing facilities for relibFious retreats, quiet days and residential
activities. The facilities have given many people the QpportL￿1ty to partscipate in monastic worship and to ¢xperien¢e
tlie religiou5 tranquillity of Buckfast Abbey. Brother Daniel. as the Monasti¢ Guest-master, received the men who
wanted to experience monastic life into the Monastery Retreat House and gave refreshment to the wayfarers who
ame to Bu¢kfast.
As will be seen from note 18. the Charity has decided to use some of its income reserves to help support projects
carried out by other Communiti￿ of monks and nuns. As well as help and advice. fjnancial support has been given in
the forni of loans and purchase of propety to assist in the f￿ancIng of their charitable projects. The projects
supported assist the principal objective of advancing the Roman Catholic religion, and are therefore ternied
'Progrdmme Related Invest￿entS,. Th¢ Charity has also given Considerable help to other charities in the English
Benedictine Congregation. Fr Francis has acted as Congregational Bursar for the English Benedictine Congregation,
assisting other Abbtys with their f]nan¢ial affairs. Abbot David acted as Chair of the Trustees to Oulion Abbey,
assisling it to continue its work of eare for the sick, and fjnancial support and assistance was given to other houses in
the congregation.
The Trust's wholly owned trading subsidiary company (Dart Abbey Enterprises Ltd) not only trades to rais¢ fimds for
the Trust, but also assists in the delivery of some of the ¢haritabS¢ a¢tiviti¢s. The Visitor Wel¢ome C¢ntre retai15
religious iterns, edu¢ational materials and actively 5UPPOrt other monast¢ries and ¢onvents by s¢lling th¢iT produce.
Th¢ GTange RestauTant provides a hospitable welcome and sUStenan¢¢ to the guests of the Abbey, b¢ they visitors. or
pilgrims. The Visitor Welcome Centre and Visitor Experience staff provide infomiation for the hundreds of
thousands of visitors who arrive at Buckfast Abbey each year. This facility together with the Monasti¢ Way
Exhibition not only educates the visitor about the history and Cu￿ent activities of the monastery but also gives an
insight into the religious life at Buckfast.
Buckfast Tonic Wine is produced by the monks through Dart Abbey Enterprises Ltd. The Wine is sourced, bottled and
distributed by J Chandler & Co (Buckfast) 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 Abbey and allow the
Trustees to advance its charitable objeetives.
Public Benefit
The Trustees confimi that they have referred tr> the Charity Commission's guidance on public benefit when reviewing
Ihe Trust's aims and objectives. and in planning funjre activities.
The Review of i¢tiviti¢s above ¢l¢arly demonstr¥i¢$ the publi¢ benefit of the work of Bu¢kfast Abbey Trust. Th¢
fa¢ilitie5 that th¢ Trusi has to offer are particularly targeted at the furtherance of the Roman Catholic Religion. but are
also freely available to all who want to visit. regardless of their fmancial means. It is estimated that over 282.000 people
benefited from a visit to the church and precincL and severdl thousands of people attended services in the Abbey
Church. A review of these amenities at Buckfast continues with an eye to improving them for the benefit of visitors in
the future. There are no enty fees to the precinct or church. no car park fee5 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 forconference& meals in the Grange Restaurant, stsys 2tNorthgate
House Hotel and purchases in th¢ retsil outlet% these airn at being value for money. Ènd not tts generate excessive
PTofits.
Page 4 of 40

Th¢ Bu¢kfa5t Abbey Trust
1Hg1d￿ iviili rEligiOii$ ¢OthnJttniryofBeMdKiitteMonksesiablishedaf& Jv¢￿ sAbb¥y. BMtAf¢LtF. DeVt)h)
Year ended 3 October 2025
Trustees, Report
Financial Review
The accounts disclose net income of £1.044,621 (2024- expenditure of £{539,987)). This is inclusive of net gains
on investments of £1,965,735 (2024- net gains on investments of £254,594). The main sources of revenue continue to
be income from investhients, property and royalties.
The Charsty is seeking to balance the demands of the present whilst ensuTing a sound financial future. To this end
substantial fund5 have been spent this year on repairs. maintenance and improv¢rnents of the buildings, grounds. plant
and equiplnent within the Abbey precinct. Focus has continued on Health and Safety ¢ompliance, with fire precautions
and acc¢ss for th05e with disabilitie5. These current tll8intenance demands are likely to grow, given the size and age of
the building5 in the complex. The malljtenance and support of the community of monk5 at Bu¢kfa5t Abbey 15 the
primary obj¢¢tive of the Charity, and the inve5tTnent income from the portfolio of investments should provid¢ a large
proportion of this support in the year5 to Come.
The Charity's trading company. Dart Abbey Entery)rise5 Ltd had decreased trading loss before taxation of £(2.807,506)
in 2024 to a loss of £(1.022.730) in 2025. During the year £Nil (2024.. £NtL) has been'Gift Aided, to the Trust. Details
are given in note 6.
During 2025. the group withdrew investments to enable a bank102n of £3,312,500 to be repaid.
In the light of losses incurred in 2023 the Charity now take5 a more eautious investhienl approach. using rigorous
rinaneial eontrols and contract law to ensure that payments made to a ¢ontractor are reaching subcontractors performing
the work on site. The Contractor's financial stability will be closely monilored and reviews of the contraetor's costs to
colnplete are professionally assessed by a third party.
Frotn the 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 fulfils its eharitable objeetives in future years.
The Trustees have reviewed the principal risks and uncertainties facing the Charity and its subsidiary. They believe
thatthese are adequately controlled or insured against. The investsnent reserves also provide a buffer for any unforeseen
fa¢tor5 which may affect the fjnancial perfortnanee going fojward.
Reserves Policy
The Trustees consider that the long-term nature of the Trusl's eharitable objectives requires that it retain some of its
surplus income as reserves. These reserves are ne(%ssary to secure the ￿tUre ability of the Charity to support the
religious community at Buckfast. and to maintain and improve the buildings and plant that make up the Buckfa5t
Abbey Precinct. See noie 23 to the f￿ancial statements for further infomiaiion. This note also identifies the restricted
and designated elements including amounts of funds that can only be realised by disposing of tangible fLxed assets or
prograrnme related investments.
Pag¢ 5 of 40

The Buckfost Abbey Trust
(Heldimeoniiecrion wlrli tlie rel@IoiL*¢OMPilinityoJB¢nediciine hlonksesiobliJhedaiSi Jvary sAbbey, BIKkl(Lri. Dev(Jn)
Year ended 31# October 2025
Trustees, Report
Financial Review {¢ontiDued)
The endowment and restricted fi￿dS of the Charity conslst of funds used to erect buildings in the Pernianent
Endowment area and unexpended balance5 on donations held on trusts for specific purposes. For further information
see note 23 to the financial statements.
Investment Policy and Objectives
The investment policy is to maximise the total investment return, within a controlled risk fratnewoik and io seek to
achieve a total return which is in accordan¢e with an agreed expected t(Trtal retum. The eurrent investment manager
UBS AG. have been set the task of achieving this return within an agreed ethical policy.
Ethical considerations fom) an integral part of the Trust's investsnent management pro¢ess in keeping with its Christian
witness and values. This has led to the development of an ethical investment policy as follows..
To not knowingly invest in those ¢ompanies whose tt￿n0Ver in unethical operations exceeds 50/(* of group tumover.
Companies with unethi¢al operations are deemed to be those that..
Invest in hospitals I clinics providing abortion or ¢thhanasia as a major role.
Exploit the labour force in such a way that is unjustifiable in th¢ light of local circumstances.
Exploit vulnerable 8roups. 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 operations ￿￿trIbute io the oppressive trdNre of
these regimes.
Have the manufacture or sale of ann￿WeapOnS as a core activity. Specifically, involvement in the manufacture
of anti-personnel mines;
Ar¢ involved in wmography or obscenity.
Due regard shall also be given to environmental concerns.
The investment powers of the Charity are not r¢striot¢d by the Trll3tee Act 2000.
Future Plans
The long-tenn nature of the Trust Tneans that deeisions must not be nkshed to deal with the short-tenn problems, but
rather, to adopt th¢ long-t¢rm goa]s a5 set out in the rule of St Benedict. The short-terni ￿t￿re plans are set out in the
objective5 for the year ¢arli¢r in thi5 report, but the mediumllong term plan will be considered as a pro¢es5 of
discernment by the Trustees and Community of Buckfast Abbey. Under the chairrnanship of Fr AbboL the trustees are
considering how best to achieve the charitable obje¢tlV¢5 of the trust given the historic a￿ets, traditions, value5 and
improved f￿anceS that have been inherited from the stewardship of current and earlier generations of trnstees and
monks of Buckfast Abbey.
Page 6 of 40

ThE Buckfasi Abbey Trust
(Heldinconngciiow willi ihe religigm5wmwiivitygJBenyLli¢tinE Mohkt ¢mubli$heddiSEJ4tsiy sAb&ey, B*ckfatr. Devon)
y¢￿ ¢ndcd 31M O¢iob¢r2025
Trustees, Report
Strueture, Goverttatsee alld Mana¥ement
Governing DoCU￿ent
The Buckfast Abbey Trust is a charitable trust establi%hed by a Trust Deed dated 28 October 1950. This trust deed
incorporated the conststutions of the English Benedictine Congregation into its Govemance.
Trustee appointment 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 ComTnunity is ex-officio a Trustee and Chairman of the Trust.
On 9 April 2023. the Right Rev. Dom. David Charle5WQrth was elected Abbot of Buckf2St and Superior to the Buckfast
Abbey Community. The Monk Trustees are members of the English Benedictine, Coiigregation and are appointed by
the Superior. Regular meetlljgs are held by the Twstees 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 ArkTrvright (Chief Executive Officer) manages the day-to-day activities of the Trust, and reports to the Trustees.
Training Trustees and Officers
The principal aim of the charity is the advancement of the Roman Catholic religion. All Trustees are Roman Catholic,
with the majority being Benedictffte Monks. who began their religious life with many years of training in Scripture, the
teaching% of the Rolnan Catholic Church, as well as the Rule of St Benedict and the traditions and history of the
Benedictine Order. On appointment, each tnjstee is given the Charity Commission Booklet 'Responsibilities of Clwity
Trustees,.
Group Structsre and Relationships
The Charity has a wholly owned non-charitable subsidiary, Dart Abbey Enterprises Limited (DAEL). whose activities
and trading perfomiance are discussed al￿Ve. The Charity has a IOOQ/o interest in Dart Abbey Glastonbury Limited.
DAEL is a member of An5teys Cove Development LLP and is entitled to 50% of any profit share arising. Further
details can be found in note 16 to the finan¢i31 statements. DAEL own% Dart Abbey Development Limited (DADL)
which itself is a lo￿/0 shareholder of Dart Abbey Poole Litnited. DAEL is a member of St Dominic's H(Truse
Development LLP and is entitled to 500/0 of any profit share arising (Further details can be found in note 16 to the
financial statements).
The Charity is also affiliated to the English Benedictine Congregation and to other Tnonastie eharities and not for profit
organisations in England and the USA.
The Charity has an interest in the equity share capitsl of J. Chandler & Co. (Bu¢kfast) Lirnited. This private limited
¢ornpany (which bottles and distributes'BuckfastTonic Winefm,) continued its operations andeontributes significantly
to the incolne 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 IS to the financial statements.
Risk Management
The Trustees have examined the major strdtegic. business and operatiot￿l risks which the charity faces. This involved
identifying the types of risk5 the charity fa¢es. prioritising them in ternis of potential iMp￿t and likelihood of
occurrence, and identifying means of mitigating the ri5k5. Th¢ Trust has continued to develop its policies and
procedures to reduce risks. and train all personnel as appropriate. The Safeguarding sU￿cOMMittee has continued to
develop children. youn8 persons and vulnerable adults protection policies and procedures. A Health Safety and Welfare
Management system has been created. The Safeguarding Sub-C(Trmmittee. the Health & Safety SubQommittee and the
Heads of Department monthly meeting all seek to reduce risks to the Charity, its ¢mployees, its beneficiaries and its
visitors and guests.
Page 7 of40

The Buckfast Abbey Trust
(Heldln comiectlOK witrli the reli8loiLf comMwnityoJBenedicNne Mopks etsobli5hvd4TiSrJVary iAbbey. B￿k￿￿t. DevOiJJ
Year c￿ed 31# Octobci2025
Trustee5' Report
Stru¢lure, GoveTDance and MaRagemellt {colltiDued)
Inve5tm¢nt risk exists given th¢ subsidiaries and Joint Ventures held by the group. The risk with PTop¢ty development
is that sales value will not exceed the cost of construetion. Such risk% aTe managed through review by the Finan¢e
Committee. Further mitigation ¢Om¢s from employing a Project Director with sector experience.
SafeguardiTrg
The Trustees give the safety of young peopl¢ and vulnerable adults high priority, and Buckfast Abbey has a
Safeguarding Sub-committee of Trustees, which sits on behalf of th¢ ¢ommunities of Buckfast Abbey and St Gregory
the GreaL and includes independent professional memb¢rs. Br Dani¢l Smyth had the role of Safeguarding lead for
Buckfagt Abbey during iht year. with Fr James Hood being the lead and Trust¢¢ rnetnber for the Community of St
Gregory the Great. The independent chaffir of the Commission is Mr Paul NorthcotL and th¢ Abby'5 Cts-ordinatoi is Mr
Andy King%.
Refertnce and Administrative Informatio
The Charity is registered with the Charity Commission under the registration number 232497 {En8land and Wales).
Details of the Charity'5 Trustees, Pr￿cipal offL¢ers, principal office and professional advis¢rs ar¢ given on page l.
Statement of Trustees, Responsibilities
The Trustees are responsible for preparing the Trustees, Report and th¢ financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the charity, and of th¢ incoming resources and
application of resour￿5 of the charity for that period. In preparing these fjnancial statements, th¢ trustees are required
to..
select suitable accounting policies and then apply them consistently;
observe the methods and prin¢iple5 in th¢ ¢hari¢i¢s SORP.
make judgements and ¢5tim*e5 that are reasonable and prndent.
$tate wh¢th¢r applicable accounting standards have been followed. subject to any material departures di5elosed
and explained in the fmancial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity
will continue in busine5S.
The T￿￿tte$ are responsible for keeping proper accounting reeords that disclose with reasonable accura￿ at any
time the fmancial position of the charity and enable them to ensure that the financial statements comply with the
Charities Act 2011. the applicable Charities (Accounts and Reports) Regulations and the piovisions of the trust deed.
They are also responsible for safeguarding the ossets of the charity and hence for takitlg reasonable steps for the
preverttion and detection of fraud and other I￿¢gularitieS.
P4¢8of40

The BuckfDSt Abbey Tnjst
(Helditt coMe¢tioii witrli the religioiLf ¢¢lmtttitKityolBetrKdtciinehknks esiablishedoi&,Wary sAb&ey. BIKkfiLr£ Dewn)
Year ended 31X October 2025
Trustees, Report
Stru¢ture, Gov¢Tnance #nd MaDagement (contlDlled)
Complian¢¢ wi¢h ihe Charity's governing documeDt and turrettt statutory req￿ireMellts
The financial statements have been prepared in accordance with the governing dwument of the Charity, current
stattjtory requirelnents and The Charities SORP (FRS 102).. Accounting and Reporting by Charitie5.' StateTnent of
Recommended Prdctiee applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republie of Ireland effective l January 2019.
Signed on behalf of the Trustees
Secrets
o the Trust
Page 9 of 40

The Ilu¢kfasi Abbey Trust
(Held￿ compeciioii iviili ihe relt¥tOi&f COmPitliiityoJBe#edKiine MonbesiabliJhedaiSi Jvary sAbbey, BIKk/asi. Devon)
Year ended 31ll Octobei 2025
Independent Auditor's Report to the Trustees of the Buekfast Abbey Trust
We have audited the financial statements of The Buckfast Abbey Trust (the 'Group') for the yeaF ended 31 October
2025 which comprise the Consolidated Statement of Financial Activitie5, the Charity Statement of Financial Activities
the Group and Charity Balance Sheets. the Consolidated Statement of Cash Flows and notes to the financial statements,
including a summary of significant accounting policies. The fu)ancial reporting framework that has been applied in
their preparation is United Kingdom Accounting Standards comprising Charities SOiiP - FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland, and appli¢abl¢ law (United Kingdom G¢nerally
Accepted Accounting Practice).
In our opinion the financial statelnents..
give a true and fair view of the state of the charity and the group affairs as at 31 October 2025 and of the group's
incomin8 resources and application of resources, includin8 its income and expenditure, for the year then ended.
. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Pradice- and
have been prepared in accordance with the requir¢￿entS of the Charities Act 2011.
Ba515 for opillio
We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law.
Our responsibilities under those standards are fiuther described in the Auditor's responsibilities for the audit of the
group fll)ancial statements section of our report. We are independent of both the group and the charity in accordance
with the ethical requirements that are relevant to our audit of ihe fmancial statements in the UK. including the FRC'S
Ethieal Standard, and we have fulfilled our other ethical responsibilities in actoidance with these requirements. We
believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to goiDg toncern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Based on the workwe have perfornied, we have not identified any material uncertainties relating to events or conditions
that, individually or eollectively, may cast significant doubt on the group and charity's ability to continue as a going
coneem for a period of at IL¥St twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibililies of the trustees with respect to goino concern are described in the relevant
sections of this r¢port.
Other inform*ti•tt
The trustees are responsible for the other infom)ation. The other infomiation comprises the infomiation included in the
annual reFx)rL other than the fmancial statements and our auditor's report thereon. Our opinion on the group f￿anCial
statements does not cover the other infomiation and, except io the extent otherwise explicitly stated in our repor¢ we
do not express any forni of assurance conclusion thereon.
In connection with our audit of the group financial ststements. our responsibility 15 to read the other tnforn]ation and.
in doing so. consider whetherthe other infomation is 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 material
inconsistencies or apparent material misstatements, we are required to detemine whether there is a material
misststement in the group financial statement% or a material misstatement of the other intornjation. Sf, based on the
work we have perforrned, we conclude that there is & material misstatement of this other infomiation, we are required
to report that fact.
We have nothing to report in this regard.
Page 10 of 4

The Bu¢kf2st Abbey Trust
(Heldiii conneciioii ivirli ili¥ reli¥iotiSCOmMtwiityoJBentdKiiwt fv1omknesmbli￿edUI ￿ Jvory sAbbey. Bttckfvsi. Devort)
Yearended }[￿ October 2025
Independent Auditor's Report to the Trustees of the Buckfast Abbey Trust
Matters on whicb we are required to report by exceptio
In the light of our knowledge and understanding of the charity and its environment obiained in the COUTS¢ of the audit.
we have not identified material misststements in the Trustees, Annual Report.
We have nothing to report in respect of the following matters where the Charities Aci 2011 requires us to report to you
if, in our opinion".
adequate aCcoUnt￿g records have not been kept. or
. the fthancial statements are not in agreement with the accounting re¢oTds and returns- or
• certain disclosures of tn]stees remuneration Specified by law are not made; or
we have not received all the inforn)ation and explanations w¢ require for our audit.
Responsibilities of trustees
As explained more ￿]lY in the trustees. responsibilities Statement set out on page 8, the t￿￿tteS responsible for the
preparation of the group fll)ancial statements and for being satisfied that they give a true and fair view, and for Such
internal control as the trustees detemine is necessary to enable the preparation of group fJnan¢ial statements that are
free from material misstatement. whether due to fraud or error.
In preparing the fmancial statements, the trustees are responsible for assessing the charity's ability to continue as a
going concem, disclosing, ￿ applicable, matters related to goin8 concern and using the going concern basis of
accounting unless the trustees eithei intend to liquidate the charity or to cease operations, or have no realistic alternative
bui to do so.
Auditor's respfrnsibilities for tbe audit of the finallci*I statements
Our objeotiY¢5 are to obtain reasonable assuran¢¢ about wh¢th¢r the financial stateTnents as a whole are free frotn
material misstatement. whether due to fraud or error. and to issue an auditor's T¢POrt that include5 our opinion.
Reasonable assurance is a high level of assurance, but is not a guar8ntee that an audit conducted in accordance with
ISAS (UK) will always detect a material rnisstatement when it exists. Misstatements can arise from fraud or ¢Tror and
are considered material if. individually or in the aggregate. they could reasonably be expected to influen¢ethe e¢onomi¢
decisions of users taken on the basis of these financial statements.
Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities. including
fraud. The extent to whieh our procedures are capable of detecting irregularities, includtng fraud is detailed below-.
As part of our audit planning we obtained an understanding of the legal and regulatory ftamework that is applicable to
the Charity and the seetor in which it operates to identify the key laws and regulations affecting the Charity. The key
regulations we identified were Safeguarding legislation and standards set by the National Catholie Safeguarding
Colnmigsson, Health & Safety regulations, The General Data Proteetion Regulation {GDPRI and Charity Commission
requiretnents. We also considered those laws and regulations that have a direet i]npaet on the preparation of the fmaneial
StateTnents, prirnarily ihe Charities Act and the Charities SORP.
W¢ diseussed with management how the cornpliance with these laws and regulaiions is monitored and discussed
policies and procedures in place. We also identified the individuals who have responsibility for ensuring thatthe Charity
complies with laws and regulations and deals with reporting any issue5 if they arise.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the
Charity's ability to continue its activities and the risk of material misstatement to the accounts. Based on this
understanding we designed our audit procedures to identify non•eompliance with such laws and regulations. Our
procedures involved the following:
. Enquiries of rnanagem¢nt and iho5¢ charged with govemanee regarding their knowledge of any non•compliance
with laws and regulations by the charity that Could affect the finaD¢ial statern¢nt5'
Page I l of 40

The Bu¢kfasi Abbey TtU51
leldiji (ooff¥rii4)n If1￿$he reli&&￿¢0￿JjIk￿lty0ABe*￿lC1fj￿e iAb&ey. B[￿kA￿lI. Dev￿1)
Year ended 31A October 2025
As part of these enquiries we also di5CU55ed with managern¢nt whether there have been any known instances,
allegations or suspicions of fraud.
Reviewed filings with the Charity Commission and enquired with management whether there were any Serious
Incident Reports made during the year or since the ye#T end.
Reviewed legal and professional costs to identify any possible non cornpliance or legal ¢05ts in respect of non
eoTnpliance'
* Reviewed Board minutes.
Audited the risk of management override of controls. including through testing journal entries and other adjustments
for appropriateness, and evaluating the business rationale of significant transactions outside the nomial eourse of
business..
Reviewed estimates and judgeinents made in the accounts for any indication of bias and challenged assumptions
used by management in making the estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all l￿egUlarLtieS, including those
leading to a material misstalement in the financial ststements. The risk of not detecting a material m15Statetnent due
to fraud is higher than the risk of not detecting one resulting from error. ￿ fraud may involve deliberate omissions,
tollusion, forgery, tnisrepresentations. or the oyerride of intemal contro15. We are also less likely to become aware of
instsnces of non-cornpliance with laws and regulations that are not closely related to events and transactions ref]ected
in the financial stat¢rn¢nts.
Use of our report
This report is made solely to the Charity's trustees. as a body. tn accordance with seciion 144 of the Charitie5 Act 2011
and the regulations made under section 154 of that Act. Our audit woik has been undertak¢n w that we might state to
the Charity's trustee5 those TnatteTS we are required to state to them in an auditor's report and for no other puTrose. To
the ￿lIest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's trustees
as a body. for our audit work. for thi5 report. or for the opinions we have fomied.
ptyfr a.-,
PKF Francis Clark. Statutory Auditor
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF
Dats..
25 August 2026
PKF Francu Clark is eligiblefor appointment as audilor of the Gharity by virlue of ils eligibilityfor appoiniment as
audilor ofa company l￿der section 1212 Of1￿ Companies Act 20QO.
Page 12 of 40

Th¢ Buckla￿ Abbey Trust
leldin ¢<NJffe¢EI?y iiiili ihepYligioEtS¢¢>lllhlilllttyoJB¢NedtcFirte MonknE5tsblished4riSi Jvory sAbbEy. BiK¥ixJi. D¢wn)
Year end¢d 31* O¢tot¢r 2025
Consolidated Statement of FinanciAI Activities
Unrestricted
Fund5
Restricted
Funds
EndowmeDt
Funds
2025
2024
Tot#1 Furtds Total FU￿d5
Notes
Income and endowments from-.
Donations and legacLe5
337.188
337,188
283,970
Charitable activiti
431273
431.273
406.463
Othcr tradin8 a¢iivities
8.976,668
8,976.668
5,721.575
Invc5tm¢nts
556.144
2,145
558,289
586,773
Other
3,020,134
3,020,134
3,132.058
Associate- share of net profit
,507.162
1,507.162
1,769,559
Joint vtntur¢-5hare of nffl profit
Total income
14328,569
2,145
14.830,714
11,900J98
Expenditure on:
Raising funds
9,998,763
905
9,999,668
7,421,467
Charitable activitie5
5.751,296
864
5,752.160
5,273.512
Total expenditure
Net Itxpenditurellintomt net
¥trneknt ith funds befo￿ gwin5
#nd lo$ses iDvestments
Net gains on inv¢5tm¢nts
15,750,059
864
905
IS,751,828
12,694,979
1921,4901
(864)
1,240
1794,5811
13
1.947,795
17,940
1,965.735
254,594
Transf¢rs beiween funds
222,970
(222,970}
Net in¢omellexpenditurtl attd tttt
movement in funds
1,249,27S
18641
{203,790)
1,044,621
1539,9871
RecontilÈatiotL of fund5-
Total futtds brought forward
68,998,903
,991,571
7,279,046
78.269,520
78,809.507
Total Group Funds
70,248,178
1,99),707
7,07S256
79J14,141
78,269,520
The Charity's results derive from continuing aciiviiies.
The noies on pages 17 to 40 form part of the8e accounts.
Pag¢ 13 of 40

Th¢ Bu¢kfa5t Abbcy Trusi
(Heldiii coniiection relFgioNI Ggmmiiiiiry ofBenediciine HonksesMblisAtdai&Mary sAbbty. Bitc¥rf&i. DEVOh)
Year ended 3151 O¢totrÉr 2025
Charity Statement of Financial Activities
As reslaled
2024
TotAI Funds
Unre$trltted
Fund5
Ré$tritted
FMnd5
EndowmeDt
Funds
2025
TotAI Fujkds
Note5
Y4nd endowments from:
Donatio￿$ and Ic8acies
337,188
337.188
283.970
Charitable activities
43 1.273
431273
407,147
ItLV¢5tsn¢nts
1.592.865
2,145
1.595.010
1.327,277
Other
3.020.134
3.020.534
3.132,058
Totgl income
5J81.460
2,145
5,383,605
5,150.452
Expenditure on:
Raising fund8
103,370
905
I[￿,275
120,792
Charitsble activiti¢s
6,071,384
864
6,072,248
5,351,090
Total èxpeDditurÈ
Net in¢omel{expenditurel and ntt
movement in funds before gllin5
alld lossts on invtStment$
Nci Ilosses}18ains on investtnents
6.174.754
864
905
6,176,523
5,471,882
1793,2941
18641
1.240
{792,9181
1321,4301
682.853
17,940
700,793
11,871.9611
Tr8nsfeTS between fi]nds
222.970
(222,9701
Net {¢xpenditureyincome and net
movement in funds
112,529
1864)
{203,790}
192,1251 (2,193,391)
Re¢on¢iliation of funds:
Total funds brought forward
54,893,684
1,991.571
7,279,046
64,164,301
66,357.692
Total Charity Funds
55,1106213
1,990,707
7,075,256
64,072,176
64,164JOI
The ChaTity'5 results derive from continuing 2ciiviiies.
The notes on pag¢5 17 to 40 fomi part of these a¢¢ounts.
Page 14 of 40

Th¢ Bu¢kfast Abb¢y Trust
(Heldin ￿￿￿¢(1[0•j iyitli th ￿1￿¥￿0￿￿¢?￿n7Ynltyo￿BE￿ed[rI[KemOnkFes1QblI￿¥drtI￿￿ttry iAbbey. B￿￿￿1, Devojt)
As at 31. october 2025
Charity Cotnmis5KTrn Numb¢r 232497
Balance Sheet
A5 re5txted
Charity
2024
Group
2025
Gr0￿p
2024
Charity
2025
Notes
Fixed #ssÈts..
Tangible assets
Investment$
Inve5tm¢nts in associate..
12 20,715.578
13 28,226,898
21,203.104
27.519.731
20.662.944
29.947,831
21.128,932
29.286,429
ShaTe of net assets
15 18.148,565
17,600,443
Investments in joint ventures:
ShaT¢ of net è$s¢ts
16
100,000
67,191.041
loo,000
66,423278
TolY41 fixed a$5ets
50,610,775
50,415,361
Current assets:
Sto¢ks
3,674,592
1,335,014
6,694,174
886,383
2.564.744
1S,IS4,907
7.63?.669
,501,780
6.559.553
162.577
2,442,832
18,299AII
36,313
5.738.753
6.694.174
886,383
942.108
14397.731
27.631
3,755,799
9,559.553
162,577
909,080
14,414,640
Debtors
17
13&18
Progratnme related itJve5ttnent
Cash on shon term d¢pDsit
Cash at bank and hond
Total current ass¢t5
Liabilities:
Creditors- Amounts falling due
Lvithin one year
Iyet current assets
19
3,031.807
6,453.169
836.330
665,700
12,123,100
11,846,242
13,461,401
13,748940
Total a55ets 1¢55 current
liabilities
Tot#1 kn¢t Asset$
79,314,141
78,269,520
64,07Z,176
64,164JOI
79,314,J41
78,269320
64,072,176
64,164JOI
The fvnd5 ofth¢ ¢h4rity=
Endowment fund5
Re51ricied income ￿ndS
Unrestricted income ￿ndS
Non-charitable trading funds
23
23
7,075,256
1.990.707
23 51,999,613
23 18.248,565
7,279,046
1,991.571
51,298,460
17,700,443
7,075.256
1,990.707
55.006213
7,279,046
1,991,571
54,893,684
Totsl funds
79,314,141
78,269,520
64.072,176
64,164,301
The notes on pagc5 17 to 40 fonn part of these aecounts
Approved by the Trustees on
25 August 2026 and signed on their behalf by.. -
Trustee D R Charlesworth
Trustee R D Smyth
PAge IS of 40

The Buckfasi Abbey Tnjst
(Held￿ compecrioA iviili ihe ttligioiLf commiinity ofse￿￿lIj?t Monks esrqblishedoiSEiVqry'JAbkv, bu¢¥￿￿1, Dev￿1}
Year e￿jed 31# October 2025
Consolidated Statement of Cash Flows
2025
2024
Notes
Cish flows from operating aetivitits:
Net provided byllu5ed illl opetstittg Activities
25
1,873,780
{2,783?491
Cs5h flow5 from investing Httivities..
Dividends, tntere$t and rent$ fmm invesunents
Proceeds from sal¢ of property. plant & equipm¢nt
Proc¢¢d$ fro]n sale of listed Ènvestsnents
Puichase of propeny. plant & equipm&)t
Purchase oFlssted investments
1,032,743
68,802
19.514
{156,820}
586,773
188.255
16234,714
180,6681
{12,676,8211
(250,000)
{265.189}
1996,3671
(1,649,136)
466,897
7,578,721
Purchase of Programme related property
Investmen¢ in programm¢ r¢laied investhjent loans
Additional Inv¢stmeni in Joint Venture
Inv¢51rnent in other loan5
Repayments of other loans
Withdrawn fiDm listed inv¢sitnent ￿rIf0]I
Introduction to listed invesiment portfolio
{1,7701
54,418
3.312.550
12,045,(X)o)
Net exsh from/{ustd ih) ittvestihg #ttivitits
2.284,437
9.137.174
CAsh now5 from financing activities..
R¢paytn¢nt of bank loatl
27
{3,312,5001
{5,000.0001
Net ¢Ash froml(used inl financing Activities
13,312,500}
{5.QQO,0001
Change ill ea5h &nd cash equivxlents in the ytir
Cash and equivalent5 at thc beginning of the year
Cwsh and cash equiyalents at the end of the yeAr
845.718
2,605,409
1,3i3,825
,251.584
26
3.451,127
2,605.409
The notes on pages 17 to 40 form p¥rt of these accounts
Pagc 16 of 40

The Buckfast Abbey Trust
(Heldi# connectioii wilh ihe ￿lIgIO￿se0￿￿ItIiI1[V ofBenediciineMdnkFesiabllshedoiS1￿￿ry iAbbey. BI￿￿￿1. Dev￿1)
Year ¢nd¢d 31K October 2025
Notes to the accounts
Accounting Policies
The principal accounting policies adopted, judgernents andkey sourees of e5timktion uncertainty in iheprepardtion
of the aecounts are set out below.
4) Basis of Preparatio
These accounts have been prepared under the historical cost Convention except to the extent that fair values
have been applied where indicated below. The financial staternents have been prepared in accordance with the
Charities SORP (FRS 102} (effective l January 2019}, FRS102 and the Charities Act 2011. There are no
material departures from FRS102 except as indicated below. The Trust constitutes a public benefit entity as
defined by FRSIO2.
The Trustee5 Consider that there are no material uncertainties about the Trust's ability to continue as a going
concern. The Charity has significant investments that could be realised should this becorne necessary to fund
its day to day activiti¢s.
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 associate and joint ventures are recognised in the group accounts using the equity method.
c) Critical Aeeountlng Estimates and Areas of Judgement
Preparation of th¢ a¢¢ounts requir¢s the Truste¢s and managem¢nt to make significant judgem¢nts and
estimates. The iterns in the accounts where estimates have b¢en mad¢ include..
i) Estimating the fasr values of programme related investment propertie5'
li) Detemiining the value of designated ￿ndS needed at the year end to meet specific fvture eXpendI￿re.
iii) The consolidated financial statements incorporate the financial statements of the charity. its subsidiary
undertakings and joint venwres. Wholly owned subsidiary DAEL held l OO/¢ of the shares in Dart Abbey
Developments Limited (DADL) at the year end and the result5 of the company are consolidated in fijll. DADL
held 100 /D of the shares irl Dart Abbey Poole Limited (DAPL) at the year end, and the results of DAPL are
consolidated in full. DAEL'S investment in An5teys Cove Developtnent LLP (ACDLI and St Dominic's House
Development LLP are accounted for as joint ventures under the equity rnethod. ACDL prepares financial
statements to 30 September. The Charity held IOOQ/o of the shares in Dart Abbey Glastonbury Limited at the
year end, and the results are consolidated in fi]11.
The items in the accounts where judgements have been made include..
i) Estitnating the cost of the functional fjxed assets. including land and buildings. progrdmrne related propertl¢S
and individual works of art. historic treasures and plate where original cost details were not ayailable"
ii) Judging that the figures used for the recognition in the group accounts of J. Chandler & Co. {Bu¢kfast} Limited
should be based on its most recent audited accounts to 3 Isi March 2025.
d) FuDd Aceounting
i) The charity'5 generdl fi￿dS consist of fi￿dS which the charity may use for its charitable purposes at its
discretion.
ii) The ¢harity has designated certain funds for specifi¢ purposes. The Trustees have decided that setting aside
funds in this way is a useful financial discipline which will help the charity make th¢ best use of its resou￿¢&
even though there is no legal force for the designation.
iii) The charity has a number of endowment and restricted income fi￿ds.
Psg¢ 17 of 40

Th¢ Buckfast Abbey Trusi
fHeldiFT cpwig¢li¢w iviili ilie ryligiowscomtttimity ofBtned1¢iineMonks￿labIlSh¢d¢l￿thry,5Ahb￿y. BurkI￿1. Devon)
Year ended 3111 O¢tob¢r 2025
Not&8 to the accounts
l Aeeounting Polacies (£ontinued)
iv) The tvdture and purpose of endowment. restricted and designated fimd is explained in note 23.
e) IDcome Recognition
Income is recognised in the period in which the charity andlor group has entitlement to the income, the amount
of income can be measured reliably and it is probable that the incorne will be received. Income comprises
donations and legacies, income frorn the commercial trading activities of the trading subsidiary. other
subsidiaries, associate and joint ventures, investment in¢ome and interest r￿e1vable. income from charitable
aetivities, and other inc(Trme including royalty income. Revenue from property developments is recognised
based on ¢ompl¢tion of property 5ale5.
Donations and legacies
i) Voluntary income is recognised as soon as entitlernent is established and it is capable of being measured in
fll)an¢ial ternis 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 charity's entitlement, notification of an impending
distribution or the legacy be]n8 received. Donation5 given for restricted purpos¢ ar¢ includ¢d within restricted
nds.
ii) Donations under gift asd together with the a55ociat¢d income tax recoyery are credited to income when the
gifted amount is received.
iii)Gifts In kind are included at valualion and recognised as income a5 soon as they are distributed to the Charity.
Other Trading Activities Incom¢
Consolidated results include income of the trading subsidiaries and joint ventUTes.
Investment Income
Dividends are credited to the Statement of Finaneial Activitie5 according to the date the securities are de¢lared
ex-div on an accn)als basis. Gift aid and rent from the SILbsidiary is credited when it 15 due.
Charitable Activitie5 Income
The charity runs a retreat centre and educational activities. Incom¢ and fees from these servi¢e5 are credited to
the Ststernent of Fhnancial ActlVLties as they fall due.
Other Incorne
This primarily Consists of royaltie5 which are credited on an accruals basis.
ExpeDditure
Liabilities are recognised as expenditure as 509n as there is a legal or consttuctive obligation committing the
group an￿Or charity to make a payment to a third party. it is probable that a transfer of economic benefits will
be required in settlement and the amount of the obligation can be measured reliably. All expenditure is
ccounted for on an ac¢Tuals basis, inclusive of irrecoverable Value Added Tax. Expenditure comprises direct
eosts and support costs not directly attributed to particular expenditure headings they have been allocated io
activitie5 based on a reasonable estimate of consumption. Grants payable ate Charged in the year when the offer
is authorised and conveyed.
Page 18 of 40

The Buckfa# Abbey TnJ51
{Heldin ¢onJiediOn iviih ilie fel¥soNSeètRrn￿lty0JheP1edlc1Illt xlonkfeJ￿bli$h¢￿tt1SI Jvary sAbbey, BIKkfasi. Dswn)
Yearended 31A Octobei 2025
Notes to the aceounts
l Accounting Polieies (eontinued)
Raising funds expenditure includes the trading subsidiary's costs. Charitable activities costs include ¢xpen5es
relating to the retreat centre, educational activities, parish and ministry activities. charitsble giving. property
aintenance costs and religious community SUPPOrt costs. Support costs include office salaries. goveman¢e
Costs and oiher administration ¢o5ts and they have been allocated to activities on the basis of usage. Govemance
costs include audit fees. office salaries and ¢os¢s asso¢iat¢d with trustees ]neetings and with preparation of the
Statutory accounts.
g) Fixed Assets and Depreciation
Freehold Land and Buildings
i) Pernianent Endowlnent Land and Buildings
The Trust Deed of the Charity provides that certain land and buildings be retsined as a Pernianent Endowment
and the income only therwf be applied for the charitsble purposes of the Trust. These lands and buildings
omprise all that Monastery and Abbey Church known as St Mary's Abbey, BuckfasL with its ancillary
building5 and demesne together with the Convent known as Si Mary's Convent and the Parish School known
a5 St Mary's School and also the ¢ottage known as Northgate CottAge. In accordance with SORP FRS102, these
land and buildings are unique in temis of their Teligiou5 and historical signifieanee. As such, conventional
Yalu21ion t¢¢hniques cannot be applied and these assets have (herefore not been valued in the accounts. Further
inforn)ation regarding these assets is ayailable on th¢ charity's website {www.buckfasi.org.uk} and in its
guidebooks.
li) Buildings erected on Pemanent Endowment Land
Some buildings have been erected on Pemianent Endowment Land. These buildings. although not Pernianent
Endowment in thernselves, are restricted in that they cannot easily be 501d. Such buildings are included in the
accounts at the original cost of construction. Buildings. which were in use at 3 1st October 2025, are depr￿lated
at rates caleulated to write off their cost over the whole of their anticipated useful life.
iii)Other Fundional Land and Buildings
Land
Functional land is included in the accounts al original c()sl or where this is not available at an estimate of its
histOTi¢ Cost (OT 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 us¢ful lifr.
Buildings
Functional buildings which are still in use by the Charity are included in the accounts at original cost or wher¢
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 at the date of receipt). All new functional buildings, improvements and major renovations are
capitalised at the cost of construction including professional fees. Buildings, which were in use at 31, October
2025, are depreciated at rates calculated to write off their historic cost {less the residual value) evenly over the
whole of their useful life.
iv) Properties occupied by Group Undertakings
In aecordance with SORP (FRS1021 the Charity has chosen not to account for properties occupied by group
undertakings as investtnent properties and has recorded them at cost less depreciation.
Page 19 of 40

The Bu¢kfast Abbey Tru
(Held￿ Comieciion iviili ihe relisiotsscomnittnity 0fBettedici￿t Moltse￿￿bfIsl1V￿Of& ivory sAbb¥y. Devojr)
Year ended 31￿ October 2025
Notes to the accounts
l A¢coun¢ing Policies (eontinued)
Freehold Land and Buildings (continued)
g) Fixed Assets and Depreciation {continued)
v) St Mary's Catholic Acadeiny Land
The Charity owns the land which St Mary'5 Catholic Pritnary School, Buckfast occupies. The tsa￿re of the
occupation of the land by this excepted Charity mean5 that the Trustees do not have the power to dispose of the
land, until the School ceases its occupation, which in turn would require the approval of the Governors and the
S￿retary of State. Consequently, for the purposes of these accounts the land 1% treated as iiialienable and is not
capitalised. The cost of any land acquired for the p￿ry￿Se$ of a Voluntary Asded School 15 charged to the
Statement of Financial Activities in the year of acquisition.
vi) St Mary'5 Catholi¢ Academy Buildings
The school buildings are occupied, improved. exte[￿ed and repaired by Plymouth CAST. The nature of the
occupation of these buildings by this Charity m¢ans that the Tntsiees do not have control over the buildings.
until the School ceases its occupation. which in tum would r¢quir¢ th¢ approval of the Members of Plymouth
CAST and the Secretary of Stste. Consequently. foT the purposes of th¢s¢ accounts th¢ buildings are treated as
inalienable in these accounts.
Fixtures, Fittings and Equipment
Fixtures, Fittings and Equipment are included in the financial statements at their historical cost, {or in the case
of donated assets. at an estimate of value at the date of re¢eipt}. Those assets which were in use at 3lSl October
2025. are depTeciated at rates calculated to write off the cost or valuation. less the estimated residual value, of
each asset evenly over its expected use￿1 life of between 2 and 5 years, apart from the church organs that have
an expected useful life of 20 yeaFS.
Individual works of art, historic treasures and plate have been included at a valuation which is to be regarded
as the asset's deemed cost. Subsequent additions are included at COSt. These assets are not depreciated as their
residual value is not materially different from the carying amount of the assel.
Motor Vehiele5
Motor Vehicles have been capitalised and included in the financial 5tatement5 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) FiDancial Instruments
The Trust only ha5 f￿an¢La] asset5 and financial liabilities of a kind that qualify as basic financial instruments.
These Comprise Cash and Bank Balan¢e5, Trade and Other Debtors, Bank Loans, TTade and Other Creditors and
amounts due to and from subsidiari¢& associates and joint ventures and listed investment5. Basic f￿ancIal
instruments are initially recognised at transaction value and subsequently Tneasured at their settlement value with
the exception of loans (excluding con¢¢s5ionary loans cla55ified a5 progratnme related investments), which are
subsequently measured at amortised cost using the effectiv¢ int¢rest method.
Page 20 of 40

The Buckfast Abbey Ttust
(H¢ldJR ¢op7Jieciioii iviili ibe religioiiscommiinityoIBenediciittt MoNknesiobliJhedttiSi Jkkry sAbbey. BI￿￿￿1. Devofrt)
Year ¢nd¢d 3 IY Octobcr 2025
Not£s to the accounts
l Aiet)unting Policies (eontlDued)
i) InY¢5tments
i) Listed itEvestments are initially recognised at their transaction value and subsequently measured at their fair
value 3$ at the balance sheet date using the closing quoted market bid price. As noted above one of the fll)ancial
risk5 the Charity is exposed to is that of volatility in equity markets and investment markets due to wider
economic conditions. Investments which the Charity expect to realise within 12 months are shown as eurrent
assets.
ii) Investment in the subsidiary companies are included in the accounts at the historieal cost.
iii) Investment in J. Chandler & Co. (Buekfast) Limited is included as follows
In the accounts of the charity.. at its deemed cost based on its valuation in the accounts at ISI Novemb¢r
2014 (SORP (FRS102) transition date)
In the accounts of the group.. according to the group's share of its net assets.
iv) Reali5ed and unrealised gains {or 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 a55etS.
vi) Programme r¢lat¢d investments are included in the accounts at an estimate of their fair values (see lj).
vii) C85h on short terni deposit with instant a¢¢ess is classified as eutTent asset investments and included as a cash
equivalent.
j) Programme related investments
Buckfast Abbey provides support in the forn) of the provision of property and loans to other charities with
similar charitable objective5. The Trust previously provided a loan to permit Dart Abbey Glastonbury Limited
to acquhre a fami where the intent was to build a shrine along a new path betsveen Wells and Glastonbury. The
property was 501d during the year and the proceeds were used to repay the loan. It has also purchased property
within one mile of the Abbey that is occupied by employees and those engaged in charitable works. These
properties are recorded at an estimate of theit fair values by the Trustees based On their local knowledge and
¢xperien¢e. Loans are considered to be concessionary loans and as such are recorded at initial cts5t less any
impainnents or amounts repaid. Any amounts provided for are Charged to the Stat¢￿ent of Financial Activities.
k) Stoeks
Stocks for consumption or re-sale, are valued at the lower of cost {on a first irt, first out balis) and net realisable
value after making due allowance for any obsolete and slow moving item5. Construction work in progr¢ss is
valued at cost less foieseeable losses. Ctsst includes all direct colts and attributable overhead5.
Peth510D ¢05ts
Retirement benefits available to all employees were provided by a group defjned oontribulion personal pension
plan with Royal London. Payments to the plan, an insurance company, are fi]nded by contributions from the
Charity and its ernployees. Th¢ Charity's ¢ontributions are ¢harg¢d against the results ofthe year on an a¢¢n￿lS
basis.
m)FoTeign currencies
Asset5 and liabiliti¢$ expressed in foreign cuJreThcies are translated into sterling at the rate of exchange ruling
at the balance sheet date. Nom)al fluctuations on trading items are dealt with as part of the results of the year.
Foreign ¢urren¢y transactions during the year are translated at the rate of exchange ruling at the date the
transaction is settled.
} Lt8#l st#tU5 of the Trust
Th¢ Trust is a charitable trust established by a Trust Deed. It is registered with the Charity Commission in the
UK and its principal offiee is detailed on page l.
Page 21 of 40

Th¢ BuGkfJst Abb¢y TNSI
(HeldiNcomyerlioJt Trviili tlIE ￿1￿19￿5¢￿￿1jrl￿ltyOjBfj1fd1C1i0e Monks ¢*ablishedaiSI,Wary sAbbey. Bi¢Glrfa5r. Devoji)
Year ended 31￿ October 2025
Notes to the accounts
2 Charity Debtor Losses- Prior Year Adjustment
During the current financial year. it was identified that inadequate provision had been made by the charity against
the inter group balance owed to it by its subsidiary Dart Abbey Enterprises Limited over consecutive periods. This
tnaterial error has been eorrected by retrospectively T¢Stating the ¢ompar8tive figures. The gTOUP figures are not
affected.
The cumulative effect of the corr¢¢tion on th¢ ¢h3Tity's funds is as follows..
Opening fi￿d5 at l November 2023 have been reduced by £10.067.794 representing the provision omitted in the
year to 31 October 2023 and prior periods.
Net income for the year ended 3 1 October 2024 has been reduced by £3.172,949 reptesenting the provisions
omitted during that year.
a) Impact on the Charity StaTrment of Financial Aetivities (SOFA)
(for the comparative year ended 31 October 2024)
As
previtsusty
Teported
Cbarlty SOFA Lin¢ item
Adjustments
As restated
Net gaind(losses) on inyestsnents
Net incomel(expenditure)
Fwjd balances brought forward (l Nov 2023)
Fund balances carried fotward (31 Oct 2024)
1,300,988
979,558
76.425.486
77.405,044
(3,172,949)
{3,172,949)
(10.067.794)
(13.240,743)
(1.871,961)
(2,193,391}
66.357,692
64,104JOI
b} Impact on the Charity Balance Shed (at 31 October 2024)
As
prevRously
reported
Charity Bai*Dee Shtet LiDe item
Adjustments
A5 restated
Debtors due within l y¢ar
Net assets
16.996.542
77.405,044
{13.240.743)
(13.240.743)
3.755.799
64.164,301
Charity ￿ndS..
Unrestricted fi￿d$
68,134,427
(13,240,743)
54.893.684
PaEe 22 of40

The Buckfast Abbey Trusi
(Heldin ¢tsnAecIi￿I Iviili rElrgiOiis rymMI￿1ty0fBe￿vdIVI￿Y ivary 5Abbe),. BIK¥asi. D￿￿tt)
Year ended 31M Octokr2U25
Not&s to the accounts
3 Emolumtnts ofTruslees
Four of the Tn]5tees ar¢ monks of the Benedictine Community at Buckfast Abbey. They do not receive any
reinuneration or expense5 by vittue of their position as TNstees.
The Charity maintains and supports these four Trustee5 in the same way as monks who are not Trustees. As this is
part of the charitable objects of the Trust it 15 Ilot 5e¢n to b¢ remuneration for their services as Trustees. The
marginal cost of maintainin8 one extra monk is ealculated to be £27,995 (2024 - £23.584) p¢r annum and the
T￿￿teeS listed in the TtUStees' Report are deemed to hav¢ b¢n¢fit¢d to this ¢xt¢nt.
For part of 2024 one of the Tru5t¢¢5 was a monk of another Benedictine Community and received reimbursement
of travel expenses. During 2025 no expenses were reirnbur5ed (2024- £1.360)
During the year a lay Trustee received £3,630 (2024.. £3.810) in Choir Payments.
4 Investment IDcome
Grnup
2025
Group
2024
Charity
2025
Charity
2024
Unre5trictcd fund5
Dividends & in[Lr￿l- listed $ecuriti¢s
InteTe$t on ¢Lsh deposits
Other UK Jnve51ni¢nis
225,633
18,806
311,705
241,779
16.125
326,i09
225.633
18.806
,168,146
180.280
1,592.865
241,772
16,125
889,744
177,276
1.324,917
Dart Abbey Ent¢rpri5¢s Ltd gift aid & rent
556,144
584.413
Endowment funds
Dividenits & inieT¢St- listed swuritits
2.145
558,289
2,360
586.773
2.145
1.595,010
2.360
Totsl
1,327,277
Investment income on other UK investtnents include5 intere5ton loans calculated using th¢ effective int¢rest method
of £311,705 (2024. £326,509).
The above income is net of provisions in the year. The gross posithon5 ar¢ as follows..
Provisions Against Interest
Group
Croup
2024
2025
DAEL Interest
102.542
455,747
558.289
189.673
547,071
736,744
BAT Interest and dividend5 received
Group Interest before Provisions
Provisiim5 at l NovembeT 2024
Provision5 made durtng th¢ year
Provi5ion5 ¥t 31 October 2025
12,789,965)
12,639,994)
1149,9711
{2,789,9651
586.773
11789,9651
558.289
Investment IntoThe
Pag¢ 23 of 40

The Buckra￿ Abbey Tyusi
(Hvldin ￿nn£(lI011 iviih iliv r8ligiouswmmNRityoJBgnedi¢iine Moryks ¥srabli5h¥doiSiJVary sAbb¢y. ￿￿￿￿￿1. DWJ
Year ¢nded 31# October 2025
Notes to the ac¢ounts
5 Total Return Investrnent
St Scholastica's Abbey Teignmouth Fund was set up on 3td January 2006. It was a requirement of the transferring
tnLStees that £IOO,000 of the total portfolio be used to set up this permanent endowment fund, the income thereof
to be applied to the general purposes of Buckfast Abbey Trust The difference betwctn the value of the gift and the
value of the fund at 3 1st October 2015 represents the opening balance of the unapplied total retum.
The power of total return pemiits the Trustees to invest pemianently endowed fvnds to maximise total rthm and
to apply an appropriate portion of the unapplied total retum to income each year. Until the power is exercised, the
unapplied total retUTn remairLS invested as part of the pernianent endowment. The Trnstees have not applied any
portion of the unapplied total retuni to incorne.
Trust for
Investment
Ull¥pplied
Total R¢tur
Total
Eudowment
The investmcni ￿nd and application of total rctuin to
Pernianeni endowmeni fimd$:
At l November 2024
Gift component of pcm)8nent endowment
Unapplied total r¢ium
100.O(Ki
100,000
245,141
245,141
Total
100.000
245,141
345,141
Movements ID unapplied total return and endowment in th¢ year
Investment retum.. dividends 2nd interest
2,045
17.102
{8631
2.045
17.102
18631
Investment return.. recognised and unrccognised gain5
lrtvesthjeni manaȢmeAt costs
Net movement in the year
18,284
18,284
At 31 October 2025
Gift comwFrteni of pernjantrti endowtnent
Unapplicd total rctum
i(x>,000
ioa,000
263,425
263.425
Total
100,000
263,425
363,425
Pag¢ 24 of 40

The Butkfast Abbey Trust
IHeldtJi ¢owieeiioJtwiiA ilie relig1oMs¢wMM￿1￿tygfBentd1ctIlle AloA*J esMbliJhedai&ÉVary iAbbeJ'. Lli¥kloJi. Devon)
Yetr ended 31tt Oetokr 2025
Notes to the accounts
6 Net Income from Trading Aetivitits of SubsMii8ry
The charity has a trading subsidiary, Dart Abbey EnleTpfi5es Limited (DAE Ltd). which is incorporated in the UK.
The activities of DAE Ltd in¢lude wine manufacture. catering. retail sales. provision of tourist faeilities,
conferences, production of items for Sale and propety development through joint ventures and subsidiaries. No
Gift Aid payment was made to the Trust. The losses arising in the last two years are deemed io be exceptional,
arising from difficulties with property developmeni activities. The core activities of the trading activities of the
trading subsidiary continue to raise ￿ndS for the charitable group. A summary of the trading results, which hav¢
been consolidated into the group accounts on a line-by-line basis after adjusting for intra-grtsup transactions, is
shown below..
2025
2024
Tumov¢r
Cost of sales
Gross profit
Operating expenses
Other income
Interest receivable
5.892.354
(1,828.0291
4,064.325
(5,101,501)
5.573.774
11.894.949)
3,678.825
(5,119.2061
102,542
{124,326}
11.058,9601
38.000
11,7701
(1.022,7301
39,702
1360,4331
Intctest payable
Nel Ioss before taxation
T&xauon
Inve51tn¢nt (L05se5VGains
Net losses after taxation
11,046,3941
(2,807.5061
Gift Aid to The Burkfast Abbey TDJst
Retained in Subsidiary
(1,022,730)
{2,807,5061
7 Costs of Raising Futhds: Cost of Goods Sold and Other Costs
GTOUP
Group
2024
Charity
2025
Charity
2024
2025
Unrestrltted fknnd$
Trading subsidiary..
Cost of sales
4,614,505
3,386.279
43,318
1,851,291
103.370
9.998,763
1.894,949
3,105,833
43.59Q
2,256.303
119,704
7,420.379
Staff costs
Dep￿ciall0n
Oth¢r costs
Investment momagcment
103,370
103,370
119.704
19.704
Endowment fund5
Investm¢nt management
Total
905
1.088
7,421,467
905
1.088
120,792
9,999,668
104,275
Page 25 of40

The Butkfast Abbey Trust
{Heldin ¢omteciion Ivtih ihe ￿ligioUs¢0￿￿1t￿Iryo￿￿e￿ed{¢siNe esioblishedaiSiJVary 5Abb¥y. Dewmj
YeareJ]ded 31* Octo￿[ 2025
Notes to the accounts
8 Charitable Activities Costs
Gtoup
Direct
Activittes
Support
Costs
20Z5
2024
Unrestricted funds
Retreat centre & guesthouse
Educaiional activitie5
231.212
244,598
942,289
3,122.766
79.441
602.448
5,222,754
92.044
23,320
89,921
328,245
7,574
57,438
528.542
253,256
267,918
1,032,210
3,451,011
87,015
659,886
5.751.296
122.855
80.834
1,247.486
3.083,964
126,334
608.421
5,269,894
Parish & tninistry support
Building and 8round maintenance
Charitable giving
Religious community suprort
R¢slricted endoivffttnt fMnd$
Parish & mini5(ry 5UPPOTt
Total
864
864
3,618
5.273,512
5.223.618
528,542
5,752.160
Charity
Direet
Attivities
Support
Costs
2025
2024
UnrestTlCt¢d funds
Retreat centrc & 8uesthou$e
Educational activitics
PaTish & ministry support
Building and ground maintenanc¢
ChaTitable giving
Religious cosnmunity support
231.212
244,598
942,289
3.442,854
79.441
602,448
5,542,842
?2.044
23,320
89,921
328,245
7,574
57.438
528.542
253.256
267.918
1.032,210
3.771.099
87,015
659,886
6,071,384
154.663
82,094
,261,686
3,095.820
126.334
626.876
5.347.473
Rtstricted and endowment funds
PaT15h & Tninistry support
Total
864
864
3.618
5,543.706
528,542
6,072,248
5J51.091
Page 26 of 40

Thc Bu¢kfa* Abbcy Trnst
Idiji conKecEioJi willi ilie relwouscomrnwiityrfBtnEditlint ESlabliShEd￿&i,vUry'trAbbev. Bt*klwr. Dewi)
Year ended 31# October 2025
Notes to the accounts
9 Support Costs
Other
Costs
Totsl
2025
Total
2024
CovtrthADte
OffLC¢ wage5 and saIaries
Bank intercst and char8es
Auditors fees
Other office costs
15,765
209,446
147,921
225,211
147.921
57.200
98,210
528.542
288,i50
135,410
49.400
139,396
612,756
57.200
6,875
79.840
91,335
448.702
Support costs are allocated across activities on the basis of usage.
10 Alldit Fees
The audit fees of the charity were £49,700 (2024: £49.400) and other fees of £7.500 (2024.. Nil). Audit fees of
£50.850 (2024.. £48.000) and other fees of £20,950 (2024.. £86,948) were paid in resp￿1 of the subsidiaries.
11 St%ff Costs
Group
2025
Group
Charity
2025
Charity
2024
2024
Wagcs and salaries
Social $eturity costs
Defjned contributlon pension contributions
4,583.323
466,347
449,QQ9
5,498,679
4.295.991
379,681
395,807
5,071,479
1,787,917
172,009
152,475
2,112.401
1,685,523
136.739
143,385
1,965.647
The key management personnel of the group in Charge of directing and ¢ontrolling, TUT)ning and operating the charity
on a day-to-day basis comprise the Trustees. the CEO and the operational directors. The total T¢mun¢ration costs
(including taxable benefits, employer's national inswance and employer's pension contributions) of the key
management personnel of the parent charity (and group) for the year was £658,251 (2024.. £526,329).
ReduThdancy and terminatton payments of £105,476 (2024.. £14,805) were made during the year.
Group
ZOZ5
Group
2024
Charity
2025
Charity
2024
The av¢rage number of employees
durin8 the year iv&8".
136
150
49
54
The nutnber of etnploy¢¢s of the GTOUP
whose ¢tnoluments amount¢d to over
£60.000 in the year was as follow5..
£60.001 £70,000
£70.001 £80,000
£80,001- £90,000
£90,001- £IQO.000
£ioo,Ixii - £1 10.000
Page 27 of 40

The Buckfasl Abbey Trust
IHeldiJi¢Omie¢tiott iviili ilte rel¢loitsctsmmu#ityoJBEnediciineJVonkses1g&lislKdor&.Uary sAbbey. BKcVttti. Devol
YeaT ended 31# Octobei 2025
Notes to the accounts
12 Fixed A55ets- Tangible
Group
Buildings
ererted
OD perrnanent
endoiyment
land
Other
functionxl
land xlld
buiklings
Fixture5
fittings
equlpment
Motor
vehicles
Total
Cost
At l November 2024
15,678,239
23,905,764
81,477
774,103
4,750
(50.828}
728.025
6,696.733
70,)93
19.4051
6,757,921
47.05di,839
156,820
{60,233)
47,151,426
Additions
Disposals
At 31 Ociober 2025
15,678,239
23,987.241
D¢pr¢cigtion
Ai l November 2024
Charge for year
Eliminated on disposals
At 31 Octob￿ 2025
Net book amounts
At 31 O¢tobeT 202)
8.761,318
222,969
11,946.666
213.759
736,063
30,810
(48,0831
718.7
4.407,688
166,813
{2,155)
4,572,346
25.851,735
634,351
{50,238}
26,435,848
8,984,287
12.160.425
6,693.952
6,916.921
11,826.816
11,959.098
9.235
38,040
2,185.575
2.289,045
20.715,578
21.203,104
At 31 October 2024
Charity
Building$
erected
on permanent
etsdowmellt
land
Other
functional
laThd and
buildings
Fixturts
fittings and
equipmtnt
Motor
vehielt5
TotAI
Cost
At 31 October 2024
15.678,239
23,905,764
81,477
536.302
4,458.421
45,693
44,578.726
127,170
(40.9171
Addition3
Disposals
Group Trdnsfer
Ai 3 1 Ocrober 2025
{40,9171
15,678.239
23.987.241
495,385
4.504.114
44,664,979
Depreciwtion
Ai 31 October 2024
Charge for year
Eliminated on disposals
At 31 October 2025
8,761.318
222,969
11,946,666
213.759
510.725
19.728
{38.7921
491,661
2,231,085
134,577
23.449,794
591.033
{38,792}
24,002,035
8,984,287
12.160,425
2,365,662
Net book amounts
At 31 October 2025
6,693,952
6,916,921
11,826,816
11,959,098
3,724
25.577
2,138,452
2,227,336
20,662.944
At 31 Octoki 2024
21,128.932
P￿¢ 28 of 40

The Bu¢kfasi Abbey Tru51
(Heldin conii¥Gijor iviih the relwi9115commiuiity esfabli3htdat&Mury'sAbhJ'.
Year ¢nded 31. O¢tokr 2025
Notes to the accounts
13 Investments
Group
Group
Charity
2025
Charity
2024
2025
2024
Al l Novembcr 2024
Additi0Ths
Disposals
Realised gains (losses) on invcstmenls
Revaluation
Net {Withdrawalslllntroduciion5
Ai 31 October 2025
34.079 ?84
6,885,526
{6,741,9231
739,610
1.226,125
11.267,5501
34,921,(y72
42,417.477
15.220,648
(16,234.7141
964,832
(710,238)
17.578.721)
34,079.284
38,845.982
7,644.338
(10.041,9231
235.033
.296.125
{1.267,5501
36.642,005
48,366.419
12.99?,QlO
116,234,7141
964.832
536,156
17.578.721)
38.845,982
Analysed beNeen:
Fixd a￿1 investments
Current asset investments (note 18)
28,226,898
6,694.174
34,921,072
27,519,731
6,559.553
34,079,284
29.947,831
6,694,174
36.642.005
29.286,429
9,559,553
38,845.982
ADJlysed between..
Listed invcsimcnts
13.812,875
13,055,493
13,812,875
loo,000
3,098,942
21.971,674
109,646
13,055,493
ioo,ooo
3,098,942
24,837.053
102,889
Inv¢stsnent IA DAE Lid
J. Chandler & Co. (Buckfastl Ltd Inoie IS)
Progratntne Related Inv¢sttn¢nts (note 18)
Cash held as part of investment portfolio
Invesltnent pr<>p¢rti¢5
Other investments
Loan
21,975,674
109,646
21,837.053
102,889
1,482.009
(2.455.132)
34,921,072
1,436,244
{2.352,3951
34,079.284
4,000
12.455.132)
36,642,005
4,000
(2.352,3951
38,842,982
The loan of £2,455,132 is secured against £13,812.875 of listed investments and £109,646 of ¢a5h held by th¢
inve5ttnent manager (2024.. £2,352,395 loan against £13.055,493 listed investments and £102,889 ¢ash).
Page 29 of 40

The Buckfast Abbey Trust
(Heldlh co￿1¢¢11￿11 iviili ihe religlotrs Cdmmthilry ofB¢hediciI￿t e*dbllthtdui Si,¥Sary sAbbeJ,. ￿t￿k/0S1. Dev¢￿)
Yearended 31M OctobEr 2025
Notes to the accounts
14 Subsidiary Companxts
Dart Abbey Enterprtses Limited
The Charity has a wholly owned subsidiary, Dart Abbey Enterprises Limited (DAE Ltd), which undertakes trading
activities in order to raise funds for the Charity. The t￿able profits earned by DAE Ltd rnay be passed to the
Charity by mean5 of Gift Aid. Sorne of the Trustees of the Charity 51t on the board of the company but receive no
remuneration for 50 doing. The company's results have been con501idated into these account5 after adjusting fgr
intra-group item5. The subsidiary shares the same registered office of the Charity and its Company Registration
Number 15 1435171. As ot 31 October 2025 DAE Ltd had advanced loans, including accrued interest to date of
£1,963,120 (2024.. £1,300.036), totalling £8.264.095 (2024.. £7,601,012) to a wholly owned Subsidiary Dart Abbey
Developinents Limited {DAD Ltd). DAE Ltd owns IOOD/o of DAD Ltd. A provision h35 been made against the
loans and accrued interest of £7,191.45412024.. £4.601,012). based on the net asset position of Dart Abbey Poole
Limited. leaving £1.072,641 (2024.. £3m) recoverable by DAEL. The aggregate of it5 assets. liabilities and funds
is as follows..
2025
2024
A55¢ts
7,339,483
122,146,938)
114.807.4551
8,644,751
121.885,494)
113.240,743)
Dart Abbey Developments Limited (DAD Ltd)
DAD Ltd conducts propety development and Invests in buildÉng deyeloptnent projects on behalf of the group.
The address of the registered office is Buckfast Abbey Buckfastleigh, Devon TQI I OEE, UK. In the period to 31
October 2025 there was a loss of £(2247,082)12024.. £{2,013,796)} due in part to the further provisions in the
carrying value of the investment following an updated valuation of the underlying assets. As at 31 October 2025
DAD Ltd had advanced loans, including accrued interest to date of £1,963,120 {2024.. £1,300,036), totalling
£8,264,095 (2024.. £7,601,012) to Dart Abbey Poole Lilnited, a company in wl)ich DAD Ltd owns 100 /0 of the
shares. The aggregate of DAD Ltd's ass¢ts and liabilities is as follows..
2025
2024
Assets
1.765,138
18,956,591)
17,191,453)
3.033.940
17.978.311)
14,944,371)
liabilities
Dart Abbey Poole Limited (DAP Ltd)
DAP Ltd is a special PUTpose vehicle for the development of a site at Serpentine Road. Poole. The address of the
registered office is Buckfast Abbey, Buckfastleigh. Devon TQI I OEE, UK. In the period to 31 October2025 there
was a loss of £{1,766,322) {2024.. £(1,690,480)) largely due to a further provision made to the only asset. The
aggregate of its assets and liabilities is as lollows..
2025
2024
Assets
2,005.888
(8.524,3651
(6.518,4771
3.026.527
17.778.682}
14,752,155)
liabilsties
Pag¢ 30 of 40

The Buckfast Abbey TLVSI
(Hvldiii conne¢iioii iyiili ihe rtligioiu fgmJJlVfftTity0JB£nO￿11llV AloJJkFe&FoblisheduFSt,14tsry sAbbeJ', Birfasi. Devort)
Year ended 31Y October 2025
Notes to the accounts
Dart Abbey Glastonbury Limited (formerly PG Glastonbury Llmited)
As at 31 October 2025 the Charity had advaneed loans to Dart Abbey Glastonbury. a company in which the
Charity owns IOO¢/o of the shares. In the period th¢ asset held in Dart Abbey fjlastonbury was sold repaying part
of the loan and leaving a balance of £2,007,750 (2024.. £4,501,403) including accrued interest to dale of
£1.218.027 (2024.. £411.680). The addTe55 of the r¢gisier¢d office is Buckfast Abbey. Buckfastleigh. Devon TQI I
OEE, UK. In the period to 31 October 2025 there was a1055 of £(461,705) {2024.. £{101,690)). The aggregate of
its assets and liabilities is as follows..
2025
2024
A55¢15
188,223
12.088,439)
(1,900.2161
3.131.857
14,570.3681
Liabiliiies
15 J, Chandler & Co. (Bu¢kf¥$t) Limited- A$soeiate Company
Th¢ Charity owns 32.4(*/o of lh¢ voting share eapital of J. Chandler & Co. (Buckfast) Limited. This company. which
is a private limited ¢ompany, bott5es and rnarket5 "Buckfast Tonic Wine
The Charity has historically held
shares in the company since it was form¢d in 1927. The Trustees have consideied SORP {FRS102). with regard to
their relationship with the company, end th¢y consider that it meets the definition of an Associate. It has been
¢onsolidat¢d using the equity m¢thod of 2¢eounting. Its registered otTice is New Abbey House, Fyfield Roa
Weyhill. Andover.
The Charity receives royalties and rents from the company. Since 27 August 2024 three Trustees sit on the board
of the company but personally teceive no remuneration for doing so.
16 JoiTht Ventures- LLPS
As at 31 October 2025 the Charity's wholly owned subsidiary DAE Ltd had advanced loans, including a¢¢Ned
terest, totalling £8.828,985 {2024.. £8,827.215) to Anstey's Cove Development LLP. an LLP in which it is
entitled to 500/17 of the profit arising. The joint venture's principal acuvity is propety development. The joint
venture has recognised a Ioss ITS the period% to 30 September 2025 that resulted in the group making full
provision against the lo¥ns of £8,828,985.
The Charity's wholly owned subsidiary, DAE Ltd. is a rnernber of St Dtsminic's House Development LLP, and is
entitled to 500/0 of any profit share arising. The joint venture's Principal activity LS property development. In the
period to 31 October 2025 there was no material profit or 1055 in the joint venture, and the balance due to the
charitable group represents its share of the underlying net assets at cost. The balance owed by tlie joint venture i%
not material to the group.
Pag¢ 31 of 40

ThE Butkfast Abbey TnLSI
(Heldiii cowieciioniyiiliilje religio￿￿mm￿j1lry0￿5e￿edlc1I￿e HojtsgwablishedfjiSIMary iA6bey, Biickl47S1, Dgvotrj)
Y¢arended 31# O¢iob¢r 2025
Notes to the accounts
17 Debtors
As restated
Chlrity
2024
Group
2025
Group
2024
ChArity
2025
Due within one year..
TTade debiots
152,512
248.023
88,169
4,891,890
70.345
2,925.489
Amount due from Subsidiary
Amouni du¢ from associate
Other debtors
Pr¢paytn¢nts and arrrued inwme
161.491
134,852
596,352
1.14Q,718
166,365
733,303
1,052,180
98.120
459.091
5.537,270
59,251
421,881
3.476,966
Due after more than one year..
Prepayn)¢nts and accrued income
oihei debtors
257
282,577
,335.014
71,374
289,688
,501,780
71.374
207,459
3,755.799
201.483
5,738,753
18 Programme Related Ittvestment5
As part of its charitable activities to promot¢ the advancement of the Roman Catholic religion, Ihe Trustees have
de¢ided to support other communities of monks and nuns.
In a previous year a property was purchased, at a cost of £1,800,000, from Stanbrook Abbey to assist them with
tlieir charitable object5. The property has been leased baek under a 999 year peppercom lease, but reverts to
Buckfast Abbey in the event that the Sisters Cease occupation at Stanbrook Abbey or other specified events. The
propety is ineluded as a programme related investment at original cost.
£7.840.368 (2024.. £7.705,748) has been lent to Oulton Abbey in Staffordshire to assist them with their charitable
activities, interest has been charged at 3.5 /(* since April 2014 and security is held in the fonn of a legal charge over
Oulton Abbey. There is a provision against the loan of £1.146.194.
Buckfast Abbey owns a number of residential properties in the Yieinity of the Abbey that are primarily oeeupied
by employees of the group. These properties are ¢la555fied as programrne related snvestments. The Trustees have
financed the conversion of a property into offices for use by The Plymouth Roman Catholic Diocesan Trust whi¢h
are included ot a fair value of £2m within PTogramme related investment property
Group
CoDee5$lOllary
Loans
Chirity
Cottttssionlry
Lo¥ns
Group
Property
Charity
Property
At l November 2024
6.559.553
15.277.500
9,559.553
15,277JOO
Advanr¢sladdition5
Interest
134.621
134,621
{3,000,000)
6.694.174
Asnount5 T¢tYdid
At 31 October 2025
6,694,174
15,277,500
15,277,500
Concessionary loans are receivable within one year.
P8ge 32 of 40

The Buckfasl Abbey Trusl
rHeldifrt com￿cli0￿ willi ihe reli8ioiiscomttiiinityoJBenfdiciine Monkn eSlublished&ih.lthry sAbbey. B￿ck(l￿1. Dev(wJ)
Year ended 51￿ O¢iob¢i2025
Notos to the accounts
19 Creditor5
Group
2025
Group
2024
Charity
2025
Ch2rity
2024
Atnounts fa]ling due within one year-.
Bank loan
3.312.50Q
428.560
Trade ueditor5
Amount due lo subsidiary
Afflouni due to associ&e
T￿ation and social security
Other ¢reditOT$
AccNals
535.623
350.78?
270.794
1,555,031
527,817
209,681
203,655
3,031.807
1,563,i79
540,962
235,926
371,641
6.453,168
285.793
199.7)5
836,330
56.981
337,925
665,70
A bank loan of £Nil (2024.. £3,312,500) was secured by a floating Charge over the assets of a subsidiary company.
20 ObligatioTrs Under Leases
a) Operatillg leaseswlessor both group and company
The total of minimum lease rentals r¢ceivable is as follows..
2025
2024
Not later than one year
Not later than one year and not later than 5 y¢aTS
Later than five y¢ar5
324,463
495,266
92,958
912,687
184,663
370.468
176,390
731.521
These relate to leases for fixed tern15 With fixed rents.
b) OperatlDg leaseswlessee
The total of ￿tllre mintmum lease rentals payable is as follows..
Group
2025
Group
2024
ChaTity
2025
ChArity
2024
Not later than one year
Later thatl one year athl wt lai¢r than five years
113,659
51,098
164,757
141,996
158.425
300,421
38,621
20,385
59.006
32222
46,497
78,719
These r¢lale to leases for fixed tems with fixed rents.
Page 33 of 4

Th¢ Buckfast Abbey Trust
(HEldiiJ with11￿ JEli¥ifjw ¢OmmNNityofBf￿di(1lVy MOPkn¥￿￿bll51je￿U1SI Jvory sA&bey, Bric￿¢￿1. Devonj
Yearended 31" O¢tob¢r 2025
Notes to the a¢¢ounts
21 Commltm¢nts
Th¢ Charity has provided assuTance to Oulton Abbey that it will continue to support it by way of loan.
22 Related P*rty Transactions
As disclosed in note 15 to the financial Statements, the Charity has an equity interest in J. Chandler & Co. (Buckfast)
Limited and under SOtiP (FRS1021 this has been a¢¢ounted for as an associate company. During the year the
Charity recesved dividends of £1,013,927 {2024.. £602,937) from the company. The group. including its wholly
owned subsidiary Dart Abbey Enterprises Limited. were entitled to royalties, lent and other charges during the
year totalling £5.332.525 (2024.. £5,487.281). This included the manufacturin8 charges of £2.243.391 (2024..
£2,286,963).
In a previous year J. Chandler & Co. {Bucklast) Limited advanced a loan to Dart Abbey Enterprises Limited. The
balance outstanding at the year end was £1,555,030 {2024.. £1,563,579) and interestw&s charged of£98,384 (2024..
£111.215).
The Charity had given a limited undertaking to it5 5ub5idiary coinpany in relation to a bank loan. The maximum
cofflmittnent would have amounted to £3,312,500 and a5 this loan was repaid during the year there is no longer
any commitment at the year end12024.. £3,312,500)-
One (2024.. 21 ￿ember of key managetnent perso[￿e1 lived in job related accornmodation c105e to the Abb¢y,
paying a peppercorn rent. One rnernber of key rnat￿gement personnel received non Contractual choir payments of
£15,240 (2024.- £9,435). No unsecured loans were made during the year to k¢y rnanagement personnel (2024
£58,749 to 3 Enember5), the balance of unsecured loans outstanding to key management personnel at 31 October
2025 was £50,161 (2024.. £66,963). One of the loans is interest bearing at the HMRC rate. During the year the
charity employed the spouse of a m¢mber of key management personnel. paying them wages of £40,000- £50.000
(2024.. £5,000- £10,000).
During the previous year £350.000 of the Consideration for a property development was paid to a company that is
owned by a fornier director to settle the vendor's outstanding loan that was secured on the propety.
During the year a loan of £nil (2024.. £5.000) was made to St Benedict Care Trust, a charitable company under the
control of Buckfast Abbey's Ablx)t.
Page 34 of 40

The Buckfast Abbey Trnst
(Hvldiii coniieaioij ifiiliilie religious coMnillnityoJBenediciine Monks eJmbliShed￿3I Jvory sAbbey. LPt*kJ(ui. Deivwij
Yearended 31° Octob¢r 2025
Not￿ to the accounts
23 F￿ndS of the Group
An•lysis of eharitablt funds movements- curreDt year
Incoming
At
31 (kttsber
2024
Tr#tt$fe￿I
Illve$tmcnt
Gains
At
31 October
2025
new
designatio
ExptnditurÉl
utili5ed
fund5:
Buildings in PEF area
St Scholastica's Abbey
Teignmouth
Mi55 Stone's Trust
6,916,922
{222.9701
6,693,952
345.141
7.463
9.520
7,279,046
2,045
44
18631
17.102
366
363,425
7,855
10,024
7.075.256
WaTren-V¢mon Annui¢i¢s
56
1241
1905)
472
Total endowment funds
2,145
1205,0301
Restricted funds..
ContemplativeNuns
Oih¢r
Total restri¢ted funds
,951,451
40.12Q
1.991.571
1.951,451
39,256
1,990,707
{8641
18641
Unrestricted income funds:
Déslzil￿edJU￿lls.'
Community support
Buildings & plant
Maint¢nanc¢ & irnprovetnent
PTO8ramme related investments
Working capital
Totil unrestricted funds
12.443,864
14,212,010
162,577
20.037,053
4,442,956
51,298,460
(813,301)
(368,0641
{936,335)
1544,4781
12,1241
.660.141
11,086,085
13,968,992
886,383
20.171,674
5.886.479
51,999,613
127,170
134,621
4.953.899
5,215,690
12,535.0451
14.652.745)
(975.331)
138,208
Nokn tharitgble trAding fut)ds:
Subsidiaries & joint venture
Associate
loo,000
17,600.443
17.700,443
9,612.879
{11,097,314}
1,484,435
548.122
100,000
18,148.565
18,248,565
Totsl triding funds
9,612,879
(11.097.314)
2,032.557
Total group funds
78.269,520
14.830,714
115,751.8281
1,965,735
79,314,141
Page 35 of 40

The Bu¢kfast Abbey Trust
Year ¢nded 31¥ O¢tob¢r 2025
Notes to the accounts
23 Funds of tbe Group {£ontinued)
An8lysis of charitable funds movements- previous year
IDcoming
Ye50urce&l
new
dtsignfition
At
JI October
2023
Tr*nsfeT51
Investment
Gain5
At
31 October
2024
Expenditurel
tilised
ElldoiYmetLt fuDd$'.
Buildings in PEF ar¢a
Si Scliolastica's Abbey
T¢ignmDuih
Miss Stone's Trust
Warren-vemon Annuities
7.146,614
(229,693)
6,916.921
331,291
7,164
9,138
7,494,207
2.249
49
62
11.037}
1221
129}
11,088)
12,638
273
349
345,141
7.463
9,520
7,279,046
Total endowment fun￿%
2,360
1216,433)
Restricted funds=
Contemplative Nuns
Other
1,951.451
120
1.951.45 1
40,120
1,991,i71
43,618
43.618
{3,6181
{3.6181
Total restricted funds
l.951.57l
Unre5trictrd intomt fund$:
Comtnunity 5UPPQrt
Buildings & plant
Maintengnce & improvement
Piogrammc related investmenis
Working capital
Tot#1 unrestri¢ted funds
17,494,022
14,633,361
956,429
21.321.864
9.475,090
63.880.766
{555,0911
{485,6141
1751,6931
(4,495,067)
64.263
(42,1591
{1.284,811)
{7.508,?a5)
113,265.999)
12,443,864
14,212.010
162,577
20.U37,053
4.442.956
51,298,460
5,104,474
5.104,474
12,6?8,3831
(4,420,781)
Non ¢haritabletrading funds:
Subsidiaries & josnt vennjre
Associate
TotAI trading funds
(10.950,8591
16.433.822
5,482,963
5.583,325
1,166,621
6.749.946
18.269.492)
13.737.026
100.0
17,600,443
17.700.443
18.269.492)
13.737,026
TotAI group fund$
78,809,507
11.900,398
112,694.9791
254.594
78,269,520
Page J6 of 40

Th¢ Buckfast Abbey Trust
(Heldili ¢OFliietlidii ifiili ihe relisious roJAJJiNn1tyofBeK￿1Gtl￿¢ esiaWiskedai& iilary sAbbey, BIKkfasi. Devon)
Year ended 31￿ October 2025
Note5 to the accounts
23 Fullds of the Group (continued)
EndowmeD¢ Funds
The endowment fill)ds tnclude:_
fi￿d9 used to er¢ctbuildings in rhe original Pemonent Endowrnent Fund area and are tantamount to being capital
of the charity. Trdnsf¢rs are made during the year lo r¢fle¢t additions and d¢pre¢iation'
St Scholastica's AbbeyTeignmouth Fund was setup on 3rd January 2006. It was a requirement of the tsansfertin8
trustees that £IOO.000 of the total portfolio be used to set up this permanent endowment ￿nd, the ineome thereof
to be applied to the general purposes of Bu¢kfast Abbey Trust"
Miss Stone's Trust Fund, an expendable endowment, which provides a small amount of incotne t(Tr be used
towards the general upkeep and development of St Mary's Cemetery, Buckfast.
Warren-vemon Annuities Fund, an expendable endowment. which pay annuitie5 under a Will Trust.
R¢stri¢ted Income Funds
The T¢stri¢ted fvnds include:_
Contemplative Nuns FLmd whieh was set up on 3td January 2006. It was a request of the trdn5ferring trustees that
these ￿ndS be used for the maintenante and support of the last Temaining nun and St Mary's Convent with the
balance to be held by Buckfasi Abbey Trust for their generdl purposes with priority to be given io app5ying the
funds for charitable work of convents of nuns.
Other restricted funds in¢lude any un¢xpend¢d balances of donations and grants held on trusts to be applied for
specific PUTpose5.
DesigDated Reserv
Re5erv¢5 Policy
The Trustees ¢onsider that the long-temi na￿re of the objectives of the Charity requires that it retain some of its
surplus income to hold as reserves. These reseives are necessary in older to secure the future ability of the Charity
to support the religious community at Buckfast. and to maintain and improve the buildings and plant that make up
the Bu¢kfast Abbey Precinct. Since the re￿rn of the monastic community to Buckfast in 1882 and the re-foundation
of the Abbey. the costs involved in acquiring and renovating the buildings which make up the Monastic Precinct
has meant that the Charity has had little in the way of realisable reserves.
Charitable Objectives
i) Community Support
It is the trddition of Benedictine Monks to 5UPPOrt their religious comrnunity by the works that they perform.
However, the increasing age profile of the community at Buckfast will make thi5 more difficult and alternative
sources of income will be required in the future. To this end a sum has been set aside as a fjxed asset investrnent
represented by UK equities, gilts and deposits. The pury)os¢ of this designated fund is to generate an int]ation-
linked income, to provide some of the support revenue for the monastic commw)ity in future years. A transfer
15 made each year to the fvnd to cover 5UPPOrt costs incurred. The remaining movement on the fvnd, either a
dessgnation or utilisation. being the net change in the underlying value of the investments.
P8g¢ )7 of 40

The Bu¢kfast Abbey TnL$I
Qleldiii conneciioii iyith11￿ JYligigM5comfftllttityoJBenediciine Mottks e*ablishedoi&TrJary'sAbèEy. BtKklos1. Dei'gn)
Y¢ar ended 31* Ociobet 2025
Notes to the a¢¢ounts
23 FuDds of the Group (Continu￿)
Charitable Obje¢tiv¢s (continued)
ii) Buildings and plant used for charitable purposes
A large proportion of the income of the TNst has been used to acquire land. buildings and plant in order to
establish the Monastic Community at Buckfast. It is the continuing aitn of the Trustees to re•establish the
Medieval Precinct, restore the buildings in the Monastic Enclosure and diversify its income base. As a Tesult,
the income funds which have been used to acquite land, buildings and equipment have been transferred to a
designated fund called "Buildings and Plant Reserve" since the income fund5 which are invested in them can
only be realised by di5P05ing of fixed assets used by the charity. A designation is made to the fund to cover
building and plant additions during the year. Utili5ation of the fi]nd represents disposals of buildings and plant
and depreciation of the assets.
iii) Repairs and maintenance
The estimated replacement ¢osts of the EALildings 2nd equipment, which are under the Trt￿tte$, stewardship,
now amount to £300 million. Because of the age and eondition of sorne of the buildings and plant it is
anticipated that annual maintenance and replacement Costs will run at approxirnately 10/0 of the tolal
r¢placement ¢0sts. The annual maintenance budget Can be met from CU￿¢nt income. To this end. a designated
"Maintenance and Improvement Reserye" has been Created with the aim for it to allow the itnprov¢ment
programme to be initiated when time and resources permit. The fund is util￿ed to meet the repairs and
maintenance costs incurred during the year.
iv) Programme related inyestsnents
Since the monies advanced and Properties are not available for other charitsble Works a reserve representing
th¢ value of the unrestricted programme related investments has be￿1 established.
Contingencies, opportunlties and risks
1> Working capital
Due to the nature of the TNst's activities it is necessary to retain a reserve to fmance working capital in order
to avoid overdraft or loan charges. Designationslutilisations represent the movement of the working capital
required foi the ongoing work of the chaiity.
ii) op￿r>InItieS
The Trustees wish to continue the work, which has been ongoing for rnore than 100 years, of re-establishin8
the Medieval Enclosure and Precinct of Buckfast Abbey and diversifying the base of its charitable activities.
The Charity has been fortunate to acquire rnuch of the original land and building5, but the Trustees are conscious
that future additions will be requiTed to complete the proces5. To this end the Trustees wish to have sufficient
funds available to pur¢hase and rest(Trre any such properties when the opportunities arise and therefore will not
be Spending all the income reserves.
Page 38 of 40

Thc Bucklast Abbey Trust
fHeldiJT roniJFGiioFI Iviili ihe relis10115 Gomttiiwity offBenediciine Monks esMbliJhedot&Mury sAbbe),, Bti¢kJost. Del￿#}
Ye3r ended 31. Q¢tob¢r 2025
Notes to the a¢¢ounts
24 Analysls t)f Group Net Assets between Funds
Current year
Tangibl¢
Fixed
Assets
Other
Net
Asset5
Total
Net
Asstts
Investments
CornThunity sUPW>rt
Buildings & plant
Maint¢nallc¢ & improvement
Programmt related ittvestrnents
Working capital
Endowmeni
11,086.085
1,086.085
13.968,992
886,383
20,171.674
5,886,479
7,075,256
1,990.707
18.148.565
100.000
79.314,141
13,968,992
886,383
20,171,674
4,000
381,304
1.8QO,000
18.148,565
1.578.Ql I
53.169.639
5,881479
6.693,952
Re5trict¢d income
Associate
190,707
Non-charitable trading & joini Ven￿re
At 31 Oaober 2025
52,634
20,715,578
11,530,645)
5.428,924
Previous year
T#ngible
Fixed
Assets
Other
Net
Assets
Total
Net
Assets
Investments
Cornmunity 5UPPOrt
Buildingg & plant
Maintenance & iTnprov¢ment
Prograrnme ￿lated inve5tment5
Working ￿pital
Endowment
Restricted income
10.443,864
2.000.000
12,443.864
14.212,010
162,577
20,037.053
4,442.956
7,279,046
I,991.57l
17.600,443
loo,000
78,269.520
14,212.010
162,577
20,037.053
3.998
362,125
1,800,000
17,600,443
1.532,244
51,779,727
4.438,958
6,916,921
191,571
Associate
Non-charitable trading & joini venlljre
Ai 3 1 October 2024
74.173
21,203,104
11.506,4171
5,286,689
Page 39 of 4

The Buckfast Abbey Tiust
(Heldui cop7iieciioii i*iik ihe religioiiscommiilltry ofBentdi¢iipte Ho￿es1￿bI13he￿#*￿.1JUry'￿Ab&ey. BIKkJoJi. Devwij
Year ¢nd¢d 3 IY October 2025
Notes to the a¢¢oun¢s
25 ReconcKliation of Net Inc￿￿¢ to Net C4sh Provided byl(Ustd In) Operating Activities
2025
2024
Nei movement in Eroup fvnds for the year
Depreciation
Net Gains on list¢d inv¢5tments
Listed portfolio costs
Provisions made against t￿n 8TQUP loans
Provisions made against joint venture loan
{ProfJt) on sale of tsngible fixed Assets
Associat¢ shar¢ of Iprofjil
Dividendg. interest and rents frotn investrnent5
ProvisiorL8 made against intercst on non group loans
Decreaselllncreasel in debtors
Decrea5elllncr¢ase in stocks
ID¢¢reasellIntrea5¢ in cr￿ltorS
.044,621
634.351
{1,967,5051
246.714
1539.9871
673,517
{1,300,9881
50,027
996.367
(53,9721
11,166,622)
1586,7731
149.973
1442.2431
{489,2901
(73,3581
12.783,349)
1.770
158,8071
(1,507,162)
(536,183}
166,766
3,958.077
{108,8621
1,873,780
26 Analysis of Cash and Cash Equivalents
2025
2024
Cash on short term depD$It
Cash at baTLk and in halld
886,383
2.564.744
3,451,127
162,577
2.442.832
2,605.409
27 Analysis of Chang¢5 in Net Debt
Ai Siart of
Year
Cash Flows
Ai End of
Cash
2,605,409
{3.312,5001
(707,0911
845,718
3.312.500
4,158,218
3.451,127
Loans falling due withsn one year
3,451,127
Pa8e 40 of 40