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2021-01-31-accounts

Charity Number 259850

Caldey Abbey Community

Report

(refer to separate Accounts document for detail)

31[st] January 2021

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Caldey Abbey Community Trustees Annual Report at 31st January 2021

The trustees present their statutory report together with the accounts of Caldey Abbey charitable Trust at Caldey Island for the year 1[st] February 2020 to 31[st] January 2021.

The accounts have been prepared in accordance with the accounting policies set out within the attached accounts and comply with the charity’s trust deed, applicable laws and the requirements of Statement of Recommended Practice on “Accounting and Reporting by Charities” effective January 2015 and with regard to the Charity Commission’s guidance on public benefit.

Structure, Governance and Management.

Caldey Abbey is a Cistercian foundation, in existence at this location since 1929. The Caldey Community maintains a special relationship to its founding house in Belgium. The Cistercian Order is a worldwide Roman Catholic Religious Order founded in 1098, and currently has approximately 4,000 members in numerous locations around the world. Following the traditions of the Cistercian Order the community at Caldey live a contemplative lifestyle, residing within the enclosed environment of the Abbey and following the Rule of St Benedict. The Abbey is governed by the Constitutions and Statutes of the monks and nuns of the Cistercian Order of the Strict Observance, and other legislative documents, approved by the Congregation for Institutes of Consecrated Life and Societies of Apostolic Life, in Rome on 3 June 1990.

The assets comprising the Abbey are held on a charitable trust (the Trust Deed is dated 9[th] August 1971) and registered with the Charity Commission (Charity Registration No 259850). In terms of the Rule of St Benedict, the Constitutions and Canon Law, the Abbey is governed by the Abbot who is elected by the solemnly professed members of the community for a six year term of office. The Abbot’s governance is overseen by the Father Immediate, who makes a visitation every two years, and also by the General Chapter, which meets every three years, and the Abbot General who resides in Rome.

The Charitable Trust is managed by five trustees, appointed by the Abbot.

They are listed below within the section entitled Reference and Administrative details.

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The Abbot is responsible for ensuring all trustees are fully aware of their responsibilities, receive appropriate training as required and that all duties in relation to their role are carried out with due diligence and expediency. They meet on a regular basis.

The trustees are responsible for preparing the Trustees Annual Report and Accounts 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 for each financial year accounts which give a true and fair view of the state of the affairs of the charity, of its incoming resources and the application of those resources for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records which disclose with

reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Report and Accounts) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps to prevent and detect fraud & other irregularities.

Insofar as the trustees are aware, there is no relevant audit information of which the auditors are unaware; and that they have taken all measures that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

During the year LHP were reappointed as our auditors.

The Trustees have identified major risks in the need for continuity in the number of community members whilst ensuring its income generation is sufficient for its day to day needs and confirm that they have reviewed and established procedures to manage those risks.

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Objectives and activities

The Trust owns the Island of Caldey down to low-water mark, except for the small footprint occupied by the Lighthouse, which is the responsibility of Trinity House. The ethos of the Trust is that the island be maintained as a haven of peace, a centre of historic heritage, a monastic retreat and repository of monastic tradition, open to all who wish to visit, regardless of race, religion, or ability to pray. The only condition imposed on all who visit or reside (however temporarily) is that they respect the Island and its community and recognise that everyone has a part to play in ensuring its continuation and stewardship for future generations and for the public benefit.

The general public as day visitors (on average approximately 50,000 - 60,000 annually) are able to come in numbers during the summer months, with some visitors able to stay at the Monastic Guesthouse and St. Philomenas Retreat House (naturally, this has always been subject to appropriate weather conditions allowing boat sailings).

However, the months when the island is actually open for visitors is April to the end of October, and during 2020 the world suffered the effects of the pandemic which started prior to any island opening dates. Therefore, as a tourist destination, the island naturally was involved in lockdown and travel restrictions and the trading year (when income from tourism becomes possible) simply could not and did not happen.

In order to preserve the safety and isolation of residents and monastic community, and in keeping with the rules, regulations and guidelines issued by the Welsh and UK Governments respectively, the island remained in strict lockdown, with no visitors whatsoever and a severe restriction on travel by residents.

This proved successful inasmuch as there were no established cases of the virus amongst the monastic community nor residents whilst on the island during the entire period.

Naturally, the website encouraged prayers from across the globe as usual, and the monastic community continued in their cycle of prayer and worship for the benefit of others, albeit in an even more remote fashion than they are used to. However, the charitable objectives for that year were extremely restricted and largely not realistically achievable. This is recognised as having been totally beyond the control of the charity.

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Achievements and performance.

The Charity, being constrained by the pandemic, was therefore unable to achieve its stated key objectives of providing the wider public access to the Island and its heritage and to offer retreat opportunities plus spiritual and religious guidance.

Financial Review.

The accounts make clear how the funds are shared with all the aspects of the charity’s objectives and are for the public benefit of those who come to share this important site with us. The level of Income Reserve is such as to secure proper living conditions for the motivating community together with current and future preservation works. Income funds in excess of this are distributed in alms after due consideration of the variable nature of gifts and legacies.

The Charity SOFA shows Net Expenditure of £115,810 and freely available reserves at 31[st] January 2021 were £961,721 (2020 - £1,011,275).

Principal funding is by voluntary donations …. (for clarity, there is no direct promotional activity which is solely for the purposes of fundraising by the Trustees or any third party) …., return on investments and from charitable activities including retreats, pensions of community members etc. They are expended on achieving the stated objectives. Investments are made in short/medium term low risk income generating funds whose stated purpose is consistent with the Charity’s ethics. The trading subsidiary has performed as to be expected within the general pandemic lockdown and it’s knock-on effect with tourism, generating a deficit of £64,829 and reserves of £67,466.

There have been no further historical allegations made at this time which may result in legal claims.

Reference and administrative details

Registered number 259850

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Principal Office

Caldey Abbey Caldey Island Off Tenby Pembs SA70 7UH

Trustees

Rt Rev G. A. Van Santvoort - Abbot Very Rev D. Mahony Brother M. Cestaro - Sub Prior Brother A.N.M. Keet Rev J L.R Rossey

Bankers

HSBC, Tenby

Solicitors

Redkite Solicitors Lorne Chambers Warren Street, Tenby, Pembs, SA70 7JP

Accountants

LHP Chartered Accountants Llys Deri, Parc Pensarn Carmarthen, SA31 2 NF

Auditors

LHP Chartered Accountants Llys Deri, Parc Pensarn Carmarthen, SA31 2 NF

Exemptions from disclosure

There are no exemptions currently applicable

Funds held as custodian trustee on behalf of others

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There are no funds held as custodian trustees on behalf of others.

This report was approved by the board of trustees on …………..

…………………………… Rt Rev G. A. Van Santvoort, Trustee

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Chai'ity registralion number.. 259850 Caldey Abbey Community Annual Report and financial Staiemenis foi. the Year Ended 31 January 2021

Caldey Abbey Community Contenti Reference and Adinini5ts1tive Details Trustees. Report 2to4 Statement of Trustces, Respon5ibiliLies Independent Auditoi%' Report 6t09 Consolidated Sialement of Financial Activities 10 Con501id4i¢d Ralance Sheet Balance Sheet 12 Noies to the Financial Siateinertts 13 to30

Caldey Abbey Community Reference and Administrative Details Pi'iijeipal Office Caldey Abbey Caldey Island Off Tenby l)einbs SA70 71JH Cliarity Registi'ation Number 259850 lijdepciidcnt Examiner LHP Aiiditors Ltd Parc Pensarii Cai-illartlien SA312NF Page I

CAldey Abbey Community Trustees, Report The Irustces, whu are directoi's for the PLifp05es of compaiiy law, present the annual report together Wlth the riiiancial stateinents and audiior5' IEPOIt of the chai'itable coinpany for the year ended 31 Januaiy 2021. Objectives and activitie5 The Ti'usl owns Ilie l%land nf C.Aldey dowii to low-walei. I￿ark, except for the small footprint occupied by the Lighihouse, which is the responsibility of I'rinity Hoiise. The ethos of the Ti'ust is that Ihe island bc Inainiained a.% a haven of peace, a cenii'e of historic hcrilag¢, a Inonasiic retreat and Irpository of Inonastic ii'adition, op¢n to all wlio wish to Visit, IEgardless of race. IEligion, or ability lo play. The only cond5tion imposed 011 all who visit or ie%ide {however teinporarily) is that they JEspect rhe Island and lis coinTnunily and recognise that everyon¢ has a part to play in ensuring its continuation and stewardship for future generntion.% and for the publi¢ benefit. The geneial publTC as day visitoi's {on average approxiinarely 50,000 - 00.OQO annually) air able to coinc in nuinbei's diii'ing the suinmer months, with soinE visil01s ¥ble to stay al Ihe Monastic Giiestlir>u5e and 81. Pliiloinenas Retreat Ilouse (nAturally, this has always been subject lo appropriate weather conditions allowing boai 5ailingsl. Hoivever, the months when Ihe is18nd is Actually (Jpcn for visitors is April to the end of Octob¢i", and diiring 2020 the world suffered the effects of the pandemic wliich %tarled PTIOI. Its any i51and opening date5. Tlieiefore, as a tOUl-i51 desliTration, the island natur211y wa5 involved in lockdown aiid tt'avel restrictions and the trading year (when incoime froiii tourism becoine5 possible) siimply could not and did not happen. In order to pl￿5¢￿ve the sofety and isolation ofiE5iden15 and Ihonasiic coinmunity, and in keeping with tlie iules, IEgulation% aJ)d giiideline5 issued by the We15h ai)d UK Governinents respettlvely, the island remained itl Strict lockdown, with no visiioys whalsoevei. and a severe iesti'ictton on travel by residents. This proved success￿1 inasmuch a% there Ivere no cstablislied cases of the virus ainoiigsi the Inonasiic coininunity noi. residents whilst on the island dui'ing the entire period. Natiii?Ily, Ihe ￿b￿lie encouraged Prayers from across the globe as usiial, and the inona5tic ¢oinnTriinitv continued in Iheij. cycle of prayer and woi'sliip foi. the b¢nefii of others. albeit in even Irorc ieinote fashion Ihan they are used to. Howevei., the chai"ilable obje¢live5 for that year wej'e extlEmely restricted aiid lai'gely not realisii¢ally achievable. This 15 recognised as having beeii Ioially beyond tlie conti-ol of Ilie charity. Achi¢veineiJls and pei'(orniance The Chai'ity, being consii'ained by the paiideinic. was tlicicfore iinable lo a¢liieve irs stated key objectives of pIDviding tlie wider public ac¢es5 to the Island and its heritage and to otTeT retieal opportunities pliis spiritual and Irligious guidance. Page 2

Caldey Abbey Community Trustees, Report The accounis Inake cleai. how the funds are shaith with all thc a%pccls of the ehai'ity'5 objective5 and are foi. tlie public beiiefit of ihose who COTne to shaiE thi5 Ilnpoltant 51te with us. The level of Incoine Resei've is siich as io 5ccure pi'opei. living condition5 foT the Inotivatiiig coininunity iogeiher witli Lui'renl dnd fijliire preservatioi) works. Iiicoin¢ funds in excess of this are disti'ibu(Ed in &lins aftei due consideralion of the variable natLire of gifts and legacies. l-lie CliaTity SOFA Shows Nel Expenditure of £1 J 5,810 and fiEely available rc8crvcs at 3 Isi January 2021 wei'e £961,72112020- £1,011275). Pi'incipal funding 15 by voluntary donation5 IfoT clai'iry, thcrc is no direct proinotional activity which is solely foi. Iht purp05cs of fLind-raising by Ihe Trust¢es oi. any Ihiil paiiy) ie¢iii'n oil investincnt5 and fi'oin cliai'itable activitie5 including rctitais. pensions of Cominunity Ineimbers eic. They are expended on achievin8 rhe stated objeciives. liivestinents are Inad¢ in shoitlinediuin terin low risk income generating fijiids whose siaied piii-pose is ¢onsisient wilh tlie ChaTity's ¢thi¢s. The trading subsidiai'y lias pei'foi'ined as to be expected witliin the get)eral pandeinic lockdowi) and it'5 knock-on trrtLI wilh toui'lSSll, 8enei"a¢ing a deficit ot £64,829 aiid reserves of £67.466. There have been no furthei. historical allegations imade at thi% time which may i'esult in legal claim5. Sti'uc¢ure* goverllance aiid management C(Ildey Abbey 15 a Cistercian foiindatioii. in existence at thi5 locaiioti siiice 1929. Tlie C.aldcy Coininunity Inaiiitaiiis a special Irlationship to its foundsno house in Belgiiiiii. Tlie C.isterciaii Ol'der is a M'oi'ldwide Roman Catlioli¢ Religious Ordei. founded in 1098. aiid cui'renily has approxiinaiely 4,000 Inembeis in iiumerous lucaiions aroiind Ilie world. Following the traditions of the C.istei'ciaii Ordei. the community ai Caldey live colllenii)lalTve lifesryle, i'csiding withii) the ei)¢losed eiiviix)iiment of the Abbey and followiiig the Rule of St Bcnedict. The Abbey is goveined by Ihc Constitiitions and Siatiites of the Inonks and nuns of the Ci51ei'Lian Ordei- of Ilie Su'ict Obseivance, and oiher legislative dociiinenis, appr()ved by die Congre8ation foi. ljistilutes of Consecrated l.if¢ and Societies of Aposioli¢ Life, in Roine 911 3 Julie 1990. The assels LVlnPI'ising tlie Abbey are held oj? a charitable trust (the .1 rust Deed is dated 9th Aiigust 19711 and I'eLJjsitied witl) Ilie Cliarity Coinini5sion ICha¥ily Ilegistratioii No 259850). In tei'ins of the Rulc of St Benedici, the Constitutlulls aiid Canon Law, the Abbey is gove111ed by the Ahlx>t who is elected by the soleinnly professed ii)einbei's of the coininElllity tor a 8ix year terin of office. 'I'he Abbot'% governance is overseen by Ihe Father Iminediaie, wl)n Inake.8 a visitation every two years. and also by the Gettei?I Cliapier, which Ineets every three yeai'%, and the Abbot General who IESides in Roine. The Cliai'itable Trust is illan80ed by five irustees, appointed by tlie Abbot. They are listed below within the section ¥nliiled Refei'enLe atid Adinini5ti3tive deiail5. The Abbot Is responsible for en8lli.ing all tiiistecs arc fully awair of rheii. re5ponsibiliiie5, i'eceive appi'opriate Ii'aiiiiiio a5 required and tliai all duiies in ielatioii to their role al'e Carried out with due diligenc¢ expedieiicy. They niccl on a i'egular basis. Dui'ing the yeai. LHP were i'eappointed as oiir auditOT5. -rile I'iwstccs liavc idetltified majoi. risks iii the iieed foi. cvntinuily 111 the iiiiinbeT ofcoiiiinuiiity Ineiiibeis whilst e11511Ting ils iii¢oiiie generatloll 15 sufficieni foi. irs day lu day t]eed5 aiid Lollfiriii that tl)ey liave reviewed and establi51)ed pi'ocedui'es lo Indnagc Iliosc I'isks. Page 3

CAldey Abbey Community Trustees, Repoi* Fittan¢i81 i115truments Objeerlves flllflpollcle5 The gi'oup's a¢iivitie5 exppse it to a nymbei. of financial risks including ¢r¢dit risk, cash flow risk dnd liquidity I'isk. The use of financial deTivaiives is goveri)¢d by the group'5 policies appi'oved by Ihe boai'd of tl'llslee5, whicli pi'ovide written pi'inciplcs on the use of financial dei'ivatives to In8nage these risl(s. The &'oup does 1)ot use derivative financial instruinents for speculative purposes. CNsliJ7oJp rl.fk Tiie gI￿liP'S activitie5 expose it priinarily to the financial risks of changes in forcign currency txGhaiige i?te5 and interest Taleb. The groiip uses foreign exchange forward conts8cts and interest i?te swap contracts to hedge these exposuies. Interest beai'ing ass¢t5 an(fj liabilitie5 are held at fixed rate to ensure certainty of cash flows. Cretlll risk The group's pi-in¢ipal financial asseis are bank balances and cash. trade and oiher reeeivables, and investinenis. 1.he ￿011p'S Credit risk 15 prijnarily attribiitable to it5 ts7de receivables. The ainount.% presented in ihe balance Sheet are nel of allowancÈs for doubtful IEccivables. An allowance for ijnpairincnt ss iiiadc whcrc thei'e 1% an ide11tified loss event which, based on previous experience. is evidence of a reduction in the re¢ov¢rability of the cash flows. Thc credit T15k on Iiquld funds and dei'ivative financial iiisiruiiienis 15 liiniled because the counterpartie5 are bank5 with high ciEdit-TÈtlnE5 aSSIEiicd by internatioii&l ci'edit-ratiii.g agencies. The group has no significant concentration of credit i'isk, with exp05uI'e 5pJEad ovei. # lurgE number of counteiyarties and custointi's. U¢Jiil(Ilfj.' rlsk In oydei. to maintain liquldity to en%iire that %iifficient fLind5 are available for ongoing opei'ations and fiiture developments, the gi'oiip uses a Inixtiire of long-ferm and short-tei'iii debt finance. Fui'iher details regaiding liquidity risk can be fouiid in the Siatement of accounting policies in the fjiiaticial stateinent5. Dtselosyre of fftnlormgliop to ouditoi. Each triislee has taken steps tlial they oiighi lo have iaken as a triistee in order io Inake theinselves aware of any relcv8nt audit inforination and to establish that the chai'ity's auditor is alvaie of that inforination. The ti'ustC¢5 confirin that there is no relevant infonnation that they know of and of Ivhich Ihey know the audiior is unaware. The annual TepoTt was approved by the trustees of the cliai'ity on 31 Octobei. 2021 and signed on it5 behalf by.. Rt Rev G. A. Van San(vo Trustee rl- Abbot Page 4

Caldey Abbey Community StAlement of Trustees, Responsibilities ie iruslees are r¢spuiisible for piepariiig the liiiancial stateittent5 in accordance witli the United Kingdom Accouiiling Siandards IUnite(I ICin8doiii Generally Accepted Accounting Pmttice) and applicable law and iegulations. The law applieible to cli&riti¢s requires ihe ti'usiees to piepare fitiaiicial slaleinents for cacli finan¢ial year tvhich jive d It'u¢ aiid fail. view of the slate of affairs of Ilie chai'ity and of the incomiiig resourcc8 and applicaiion of iysouices of tlie cliarity foi, that pei-iod. In preparing these financial stfiteinenis, the trustees are I'equiiEd to.. select suitable accountjng poli¢ies and then apply them consisienily., observe th¢ methods and principles in the Chai'ities SORP,. It)ake jiidgem¢nts aiid tstimates that ait I'easonable and pi'udent,. • State whethei. applicable a¢counting 51aiidards have be¢n followed. subject to any Inaterial departures disclosed and expl#iiieil in tlie finaticial slatemenls; and pi'epaie the linancial staleinents on the gosng Concei￿ basis uiiless it 15 inappropriRte to presuine that th¢ charity will continiie in business. The tl'l15tCC5 are respons le for keeping propel. accounting records that disc105e willi Jrasonable accuracy at any n of the chai'ity and enable Ihein to ensuie that the finaiicial stateiiieTitq coinply with the ch￿￿rItIcS Act 2011, the applicable Charities IA¢count5 and Repor15) Regulat10115, ai)d Ihe PlDV15ions of ihe Constitution. 'fhe rriisic$ aiy alsv r¢spoiisible f01 5afegudi.ding the a55Cts of the ¢harity and lience foi. raking JEasoiiable steps for tlic ieventiun and detecliun offiaud and oihei. IlTegulai'ilies. Appi'oved by the tl'U5tees of the charity on 31 October 2021 and signed on it5 bel)aifby'. Ri Rev G. A. Van SantV90rt- Abbot Ti'ustee Page 5

Caldey Abbey Community Independent Auditor's Report to the Member8 of Caldey Abbey Community Opinion We have audited the financial 3t8leinenl8 of Caldey Abbey Coinmunity {the 'charilable parellt'l and its subsidiariES (the 'gi'oup') for the year ended 31 January 2021, which coinpi'ise the Consolidated Siatein¢nt of rinan¢i81 Activities, Cotls01idaied Balance Sheet Ba18nce Sheet and Notc5 to the Financial Stateiments, incliiding a siiminary of signiticaiit a¢couiiting policies. TlTre financial reporiing framework tl)at has bccn applied in Iheir pi'epfiiyiioii is United Kingdotn Ac¢ouJitiiig Standards, comprisiiig Cliarities SORP FRS 102 'Thc Financial RepoitTng Standai'd applicable in the UK aiid kepubliL of li'Eland' at]d applicable law {United Kingdom Generally Accepted Accounting Pi?ctice). In our opinion the financial siatemeDts'. give a ti'ue 8nd fair view of tlie state of the group's and parent cliai'ity's aff&iis as at 31 January 2021 aiid of lis incoming I'esourcc% and application of re%oui'ce5, including its incoime and expendituie. for the year Ihen ended,. have been piDperly prepaird in accordance with United Kingdorn Generally Aeeepted Accoiinting Practice,. and have been prepai'cd in a¢coiYlance witli the requii'cinent5 of tlie Cliarities A¢t 2011. Basi5 for o)piiJio We condiicltd oui. audit in a¢coixlance with International Standards on Aiiditing (UK) (ISAS (UK)) and applicable law. Our i'esponsibililies under those siandai'ds aiE fvrther described ii) rhe Auditoi's responsibilities loi. the audit of the financial 51alementS 5cclion of oiir report. We are independent of thc giY)iip in accordaiice with the ethical requircnients thai are rclevynt to our audit of the financial 5tatenients in the IIIC, incliidiiig the rRC'"s Ethical Siandard, and ive have fvifilltd oui. othei. ethical responsibilities in &ccoixlance ivith Ihcse requiiemenl$. We believe Iliat the audit evidence we have obiained is sufficiept and appropi'iate (o provid¢ a basis for oui. opinion. Ctsiiclustons relxtlng to going torteern Iii auditing the financial staieii)eiils, we have ¢tsncluded tliat tlie trustees iise of the going concei'n basis of accounting in Ihc pieparation of the financial staternents is appropriate. Based on the ivoi'k we have perfoillned, we have not identtfied any Tnateri21 iiiiceilainties ielaling t(> eirenis or condition5 that, individually or ¢olleciively, may cast 5ignifi¢ant doubt the gYoiip'5 abiliry to continue as a going concern foi. a pei'iod of at least Iwelve Inonihs froiT) )Yhen ihe oi'join&l financial 5tatein¢nts were author2sed fai. issue. Oui. responsibilities and rhe I'c5pon%ibilities of tl)e trustees with Tespe¢t to goin¥ concern arE described in ihe relevant seciions ofihis iepoi'l. Other infnrmalion The trustees al'e Irsi?onsible for thc other infonnation. The other informaiion compi'ises the information incliided in the anniial rcTX>lt, other thali tlie fiiiancial biaieineiits and our aiidilor'5 1'¢port Ihei'eon. Our opinion tjn tlie tinancial siaieiKeDts docs noi covei. the other infoi-lnalion and, except lu the exteiit otherwise explTrcitly stated in oui. i'epoil, we do Iiot expres5 giiy fo¥in of assul'ance concliision Iheieon. Page 6

Caldey Abbey Community Independent Auditor's R¢port to the Members of Caldey Abbey Communlty Iii connection with our audii of the finaiicial slateiiients, our ie5ponsibility IS to read tlie other infoi'ination and, in doing so. coRsidei' wheilier the othe￿. inlorination is materially inconsisicnt witli ihe fijiancial stat¢iMenis or oiir knowledge obtained in the audit or oilierwisc clppeaTS to be imaterially Ini55tated. If we identify such Inatei'ial inconsisieiicies or appaient Inatei'ial misstatements, we are required io detei'inllie %vh¥ihei' tliere is a Inatei-ial Inissiateinent in the financial statements or a Inaterial inisstaleinent of tlie otliei. iiifoi'ination. It, based on the work we liave performed. we ¢onclude tl)al tlierc is a Inaterial InisstHteinent of this othci. inforination. we &re required to I'eport thai fact. We liave nothing to IEport in this itgard. MAtters on whieh ive 8re required to iyport by exceptio ID the light of oiir knowledge and undttr51£tnding of the group and the paruit and it5 environrnent obtaincd iii the ¢oui'%e of tlie audit, we have not identified iiiaterial Inisstateiiieiiis in the and the'l'iwstces, Report. We have nothing to repoil in iEspect of the follrjwing inatters wheTe the CliaTiiies Act 201 I requii'es us tv report to you if. in oiir opinion.. adequate accouniing records have not been kept by tlie pai'eiit eharity. oi. irturns Jdequate foi. our audit have i)ol bcen Yeceived froin br>Jnche5 Ilot visited by us,. oi. the parent charity financial stateinent8 are not in agTeeinent with tlie ac¢oiinling records and reiui'ns. or certain disc105ures of tru5te¢s reinuneration specifjed by law are not inade., or we liave not Irceived all the inforinaiion an(1 explanatiOTk% we iequiTC for oui. audit. IlesP0115ihilities of ti'u.sttes As explained mol'e fully iii the Stateireni of TTUStees' Respon5ibiliiies (set out on pagc 5), th¢ tt'll5tees are re5ponstbl¢ for Ihe pieparoiioli of the finai)¢ial stateinenls and for being sati8fied iliat they give a ti'ue and fgir vieiv, 8nd fol. such inteiiial eontrol as tli¢ ti'ustee5 deterinine 18 necessary lo eiiable the pieparaiion of finaiicial 5tateiyieiit5 that are fi'ec trtsin inalci'ial Inissialeinenl, wh¢tlier due to fraud or ei'ior. In prepai'ing the fjjiancial statejnents, the trustees are iesponsible for assessiiig tlie cl)ai'ity's ability to ¢oiitinue as a going Loncern, disclosiiigi ￿ applicable, Ixartei's i'elatcd io going coii¢ein aiid using the going concem basis of accouniillg unless the irustees eitlier intend to liquidalc thc chai'ity oi. to cease optiaiions. or have iio rcalisii¢ altei'native biit to do so. Auditoi".s respottsibilitie5 for the audit of the financial 5tatement5 Our obje¢tive5 are 10 obtain I'ea.soiiable assui'aiice about wheilier the financial siateinents as a whule ait free fi-0111 Imaterial inis%tateinent, whether dLie to h?ud oi. eiTor. and 10 issue an audilol s report ihat iiicliid¢s oui. opinioii. Reasonable as5uran¢e is a high level of assvi'ance, but is not d giiai'aiitee that an audit eoiidLlCted in accordance witli ISA5 IIJKI will always detcct a Inatei'ial Ini5slaieii)eiit MrheIi it eklsts. Misslatetnenls can arE5e fi'oin fi'auo oi. eiroT aiid are considered tnaterial if, iiidiyidually oi. in the a8¥egate, tliey could IEasondbly be expected to iiiflu¢iice The econoinic deci5ivnb uf usei's takeii oil the basi5 of these finaiTrcial siateinents. li-iegijlarities. iii¢ludiiig fixiid, are instances of llOTi-comi)liance with laws &i)d I'egiilations. We des2gTn pruccdiires iiicliiding fi?iid. The extent to whicli oiir pi'ocedkires illi LaP2ble of deleciing ii'ir8ulaTlties, includsng f1.aiid is deiailed bclow-. Page 7

Caldey Abbey Community Independent Auditor's Report to the Members of Caldcy Abbey Community We identified and assessed the risk5 of matEI'ial iMis5tatemenl uf the financial stateinents from ii.re8111orities, wli¢Uier due to fraud QT error. and discusscd tlicse hetween our audit teaill Incinbers. We then desiwied aiid pei-fonned audit p1￿ced￿lES IfSPODSlV¢ to those risks, iiicluding obtaining audit evidence sufficicnt and appropriate to provide a ba515 for our opinion. We obtained an understanding of the legal and gulatory framework5 Wlthin which the chai'stable coinpany aiid gix>up operaies, fo¢using on those laws and regulations that have a dii'eci effect on ¢he deteilnination of Jnalei'ial ainount5' and disclosures in the financial statements. The laws aijd regulatiot]s we considered in this context were the Charities SORP IFRS102). We as5es5ed tlie requii'ed coinpliance with these laws &nd regulations a5 pai1 of OUT Audii procediires on the Irlatcd financial statenient iteins. In addilioii, we considei'ed provision5 of otheT laws and regulatiDn8 that do not have a dii'ect effect on the Financial stateinents biit ¢oinpliance with which might be fund8inental to the charity and the giDup's ability to opeiyte oi. ro avoid a material penaliy. The laws and IEgulations we ¢ttnsid¢red in ihis ¢ontext foi. the UK opei'ations were, General Data PTOteetion Regulation (GDPRI, and employment IcgislatTOn. Aiiditing standard5 limit the requir¢d audit proceduir% 10 identify non-cojnpliance with the5¢ law5 and ITgulatioi)s to enquiiy of ihe Trustees and other Inanagement and inspection of i'egulatory and l¥gal correspondence, if any. W¢ idenlified the greatest risk of illatti'ial impact on the financial stateinen15 fi'011) pi'ovision8 aiid the override of conti'ols by Inaiiageiiient. Oiir aildil pi'ocediires tts respond to thesc ri8ks included enquii'ie5 of Inanageineni 8boul their o￿n idenlificalion and a%sessineni of tl)t risks of irregulayittes, sa1nple testing on tlie poEting nf journals, reviewing accoiintin¥ estiinates for biases, IEviewing i'egulaiory cori'e%pondence with the Chai'ity Commission and readiiig Ininutes of ineetings of ihose charged with govcTnan¢e. O%¥iii.o to Ilit illherElTrt liniitdtions of an audit, Ihei'e is an unavoidable risk that we Inay not liave detected soine material iiiisstateinents in the financial statements, even ihoiigh wc have pix>perly planned and pei'forined oui. audit in ac¢oi'dan¢e wilh aiiditiiig standai'ds. For exainple, the fuitlier reinovcd non¢ompliaiice with laws and Irgulation5 {ITi¢gularitiesl is froin the events and iransa¢lions irflected in the financial statemeiits, the less likely Iht inher¢i)tly litnited pi'ocediii'es IEqLiiied by aiidiiinu) siandards would identify it. In addition, as witli any aiidil, their remained a highcr risk of non-deteciiot] of iri'egulai'ilies, as these niay involve co11115ion. forgcry, intentional oini%sions, misicprcsentations, or the oveij'ide of intei'nal controls. We are not responsible foi. pieventing non-compliance and cannot be expected to delect non-coini)liance with all laws aild ITgulaiions A fiiithej. dcscription of viir re5poI)sibilities is available on the Finan¢i81 Repoi'ling Louncil's webslte at. www.fvc.oi.8.iiklaiiditoi.siesponsibilitieb. This desLI'lPt1011 foi'ins part of oui. aiiditor's rcporl. Page 8

Caldey Abbey Community Independent Auditor's Report to the Members of Caldey Abbey Community 115¢ of our Jyport Thib IEp()It is iiiade sol¢ly to the charitable pa￿11( coinpany's ti'ustecs, as a body, in accordanc¢ with section 144 of the Charities Act 2011 and itgulaiions inade undei. section 154 of that Act. Ovr audit work lias been uiidei'iakeii so thai we Inight state to the giuup's ii'usiees tliose Inatters we are reqiiii'ed to state tu tliein irt an aiiditor's iepoi't and foi. nts othei. purpose. To the fiille51 cxlenl perinill¢d by law, we do not accept OT assuine responsibility lo anyone otlier thali the charitable parent and ils trustee5 as a body, for our aiidit work, f¢)r this i'epoTt, or foi. the niong we liave foi'nied. LHP Auditors Ltd PaTC Pensarn Lai'inai'ihen SA312NF 31 Octobei. 2021 Page 9

Caldey Abbey Community Consolidated Statement of FinanLial Activities for the YeAr Fnded.31 January 2021 (Including Consolidated Income and Ei xpenditure Account ajid Statement of Total Recogni5ed Gains and Lnsses) Unrestricted fuiids Restricted fund5 Total 2021 Totgl 2020 Note Income arkd Endowtnent5 from: Donalivns and legacies 28,428 75,913 184,149 67 17.787 28,428 75,913 184,149 67 17,787 61,220 126,940 567,087 210 49 Othei. trading activitie5 Inve5tinent incoine Other incoine Total incoine 306,344 306,344 755,506 Expenditure on: Raisijig funds (297,4221 (178,6031 1297,422) {178,603 1569,240) 1236,753) Total expenditu1¢ Gainsllosses on invesimeni assets (476,0251 (476,0251 {805.993) 18,801 18.801 43,707 Net expcndittirc Other recognised %8in$ and losses Other gains1105ses {150,880) (150,880) (6,780) 230 230 Net Inoveinent in fvnds 1150.6501 1150.650} 16,780) ReconciliatiQLJ of fiinds 'roial fund5 brou8ht foiivard 1,143,568 43,257 1,186,825 ,193.607 Total fiind5 caiTi¢d foiTrvard 23 992,918 1,036,175 1,186.827 All of the group'8 activities del'ive from continuiRg opei'atj0115 durinkj tlie above ttvo pei'iods. The funds breakdowi for 2020 is shown in note 23. The notes on pages 13 to 30 form an integral pari of these financial siateiiieiits. Page 10

Caldey Abbey Community (Registrxtiun number: ) Consolidated Balonce Sheet as at 3] January 2021 2021 2020 Note Fixe(J assets Tangible asset5 Investineiits 137,754 893,702 912,502 1,023.765 1,031,456 Current Assets Stocks DcbtoiE Lash at bank and in hand 17 18 19 43,793 21,406 156,743 67,295 26,069 216.715 221,942 310,079 CreditQl'5: Atnounts falling due witliin orhe year 20 {31,924) {48,616 Net eui-rent assets 190,018 261,463 Total asstt5 1¢55 current liabilities 1,213,783 1.292.919 Ci'edttui3'. AnJoiLllts falliiiLJ due after ttiore thali oli¢ year {143,358) 134,250 (94,702) (11,390) Pi'ovision5 Net 9sset5 1.036,175 1,186,827 Funds of tlie gi'oup: Re5ti'ictEd in£tsme I￿ndS Re%iri¢ted funds 23 43.257 43,257 UJire5ti'ict¢d income funds 992,918 1,143,570 Toi81 fullds 23 ,036,175 1,186.827 The financial siaienieiit5 011 pages l 0 10 30 weie appI￿Ve￿ by the ti'ustees, and auihorised for issue on 31 Octobei. 2021 and sigiied on Ilieii. behalf by.. Ri Rev G. A. Vdn Ti'isiee Iilvuui'l- Abbot Ve'y Rev D. Mali Trustee M&. M. Ce51ai"o- Siib Pi'ior MrA.N.M.K Rev J. L. R. Rossey Ti'iistee 'rhe notes on pages 13 to 30 foi'iii an iiilegi'al pait of tliesc financial statcincnts. Page I I

Caldey Abbey Community (Registi'ation number: ) Balance Sheet as at 31 January 2021 2021 2020 Iyote Fixed assets 1 angiblc as8cts Investsnents 14 27,498 912,602 36239 893,802 940,100 930,041 Currctht #55ets Debioi Cash at bank and in hand 6,779 84.069 11,432 142,890 19 90,848 154,322 CJ'editoi'$: Ainouijts fAlling due ii'ithin oiie yegr Net eurrent A55ets 20 (13,849) 2Y,¥31 76,999 124,491 Net asset5 1,017.099 1.054,532 Fuiids of th¢ eharity: Re5tri£ted iiJ¢ome futbd5 Restricted funds 23 43.257 43,257 Unresti'icted tjicotne futlds 973.842 1,011,275 Total funds 23 017.099 1,054,532 The notes on pages 13 10 30 foiin ali integr81 part of these fin8ncial statcinents. Page 12

Caldey Abbey Community Notes to the FinanciAI Statements for the Yeai. Ended 31 Jaiiuary 2021 l Aecoiinting policies Stateinenl of compliance The financial statetneiiis 11Ève been piepared in accoi'dance with Accouiilin¥ and Reportiiig by Cliarities.. Stateinent of RecDt))Inended Practice applieable tl) Ll)arilies preparing Iheii. accoiints iii accordance with the F"iiiancial Reporting Siaiidai'd applicabl¢ in the UK and Republic of Ireland {FRS 102) (effective l January 2015) - (Cliaritie5 SORP (FRS 102)), the Finaiicial Reporting Slandail applicable iii the UK and Repiiblic of Ireland (FRS 102). They also comply with the Loinpanies Act 2006 and Charitses Act 2011. B8$1.5 of pi'epHratioii ('.aldey Abbey Coininunity Ineeis thc definitioii of a public benefii entity utider FRS 102. Assets and liabilities are initially recognised at histoi'ical cost oi. th7nsaciion value unless otherwise stated in the relevant accounting policy Iiot¢5. Basis of eoJ1501idation Tlie cotisolidated financial 5tat¢inaits consolidate the financial statements of the charity and lis subsidiary undei'lakings drawn up lo 31 January 202 I. No slaicineni of fillancial activities is presentcd foi. the chai'iry as peiinitted by section 408 of the Coiiipanies Act 2006. Tlie chai'ity Inade a loss after tax foj. the financial year of £19.31412020 - loss of £12,423). A subsidiary is 8n enrity conti'olled by tlie ch81'ily. Conlrol is acliieved where Ilie chai'ity lias the power to govern ilie financial diid operating policies of an eiility 50 a5 to obtaiii benefits fi'oin its activities. Tlie ie5uIt5 of 5ub5idiaries ÈCqUilEd or disposed of during the year are Tneliidcd in tlic stateinent of financial activities fi'oin the effective date of acquisition ni. up to the effectivc datc of di5P05al. as appropriate. Whei'e iiecessai),. adjii%iinent5 air InBde 10 the finaneial statei)ients of subsidiaries to bl'ing their accoiinting policies into line ivith tlir)se u%cd by the group. Tlie puir1185e Inethod of 4Lccounting is iised to ae¢oiini foi. b115ine5s combinations that result in the aLqU151tioii of subsididrie5 by the group. 'l-h¢ c05t of a busiiiess ¢umbination 15 IneasuiEd as tlie fail. value of the a55els given, quity insiruin¥ntS IS5u¢d aiid liabilities incuried or assuined at tlie dale of exchftiige, plus Costs dI￿¢11Y assiiined in a busiiies5 coiI?biiialion are ineasuiEd iniiially at tlieii. fair valLies at rlie acquisitioi) date, Any excess of tlie ¢ost of the bu5iiiess coinbinatioi) over the a¢quirer'5 iJ)(eiest in thc n¢t fair value of ihe identifiable assets, liabilities lind ¢ontiiigent Itabililies recognised is rc¢(Jrdcd as goodwill. iiter-cujnpaiiy Iransa¢tions. bal￿1CeS and Iinrealised gains on knill5aCtIOll5 betweeii the cliarity and its siibsidiai'ies. which al'e related parties, al'e eliininated in full. Inira-groLlP 105ses are also eliiniiiated but may iiidicate an iinpairineiit that Tequire5 recognition in the ¢oiisolidatcd financial stateinent%. Accountiiig poli¢ies of subsidiaries have bcen changed wheir necessai'y io e11siii¢ consi51eiicy witli Il)e policies adupled l)y Iht ¥ruiip. Noii-COntrolliJig iiilei'ests iii tlie iiei assets of coiisolidated subsidiaries are ideniified epai'alely froiii Ilie Bi-oup'5 equity Ihei'ein. Noii-controlliiig iiitci'ests consi81 of tlic ainoiiiit of 1110sc inteir5ts at Ihc dale of tlie origiiiRI busiiics4 ct)Inbination aiid ihe noii-conti'olliiig shai'eholder's share of change5 in equity 5iiice Ihe date of the cojnbinaiion. Total coinpi'¢heiisive iiicoine is attribiited to non-conii'olling ini¢rests even if this iesulis in the non-conli'olling iiiteresls having a deficit balance. Page 13

Caldey Abbey Community Notes to the Financial Statements for the Year Ended 31 January 2021 Exetnption from pi'eparlng a eash flow 5tAtement Tlie charity opted to early adopi Bulletin I published on 2 Febi'iiary 2016 and have theTefoi'e not included a ¢ash flow Statement in these financial stareinenis. Cjoing coneern Tlie tl'U5tees consider that there ale no Inatei'ial uncertainties about the gi-oup's (Ibility to continue as a going ¢ort¢ei￿ noT any sigiiificant areas of uncertainty that affect (he carryijig value of assets held by the group. Itteoine and endoiYment5 All inLoine is re¢ognisvd once the charity has entitlement to the income, it l5 prnbable that the income will be It¢eived and the aTt]ouiit of the incoine receivable can be measured reliably. Do11￿11¢111S lliifllegllcles Doiiation5 dl'¢ recogni5ed wlien the charity has been notified in writing of bath the amount and settleincnl date. In the event tliat a doiialion is subject to conditions thai requiir a lev¢1 of perfoi'iii8nee by the chai'ity beforc the chai'ity IS eRlitl¢d lo the fuiids, tlie inLoine is deferred atid not recognised until either those conditions are fi]Ily met, oi. the fijlfilinent of'tliose conditions 15 whully within the control of the chariry and it is pi'obable that these conditions will be fiiifilled in the repoiting period. Interest on funds held on deposit is included when receivable and thc ainoiint can be Inca%ured I'eliably by the cliarity.. this is normally upon iiotification of Ihe inleirsi paid or payable by the bank.Dividends are recogni.%ed once Ihe divideiid has been declai'ed aiid iiotification hi15 been ieceived of ihe dividend due. Expeijditure All expEiidiliiie is i'ecggiiised on¢¢ theTe is a legal nr coDslriJctiv¢ obligatlOl1 10 tliat expenditiire, ii is prvbiible 5eiileJnent IEquiird and the amoiinl can be Ineasured reliably. All costs &re allocated to tlie applicable expeiidituir hedding> that aggiegate siillilai. cosrs to that Cgtegoiy. Where costs cannot be directly attributed lo parli¢ular htadiiigs Ihey liave been allocated on a basis consisrent with the use of resoui'ces, with central Staff cost5 allocated on Ilie basis of tiiiie spent, and depiEciation chai'ges allocated on rhe portion of the assei'5 Use. Othei. support ¢0sis are allocated based oti the spread of staff costs. Rfilsiiigliliids 'I'hese are cost5 iiicufiEd in al(i?¢ting voluntary incoine, the nianageiment of invt5tinents and those in¢ui'red in IrAding a¢tivitie5 that raise fijiids. Cliurlinble fteiivilies Chariiable expendiiure coinprise5 tliose cosis incui'itd by Ihe chai'iry in the deliveiy of ils activitie5 iltTrd services foi. its bei)efi¢iarie5. It includes boih cogts that C8n be allocated directly to such activities and those costs of an Siippoi't Cost SIippoTt costs include Central fvnctlOn5 and have beeii allo¢aled to activity cost categories on a basis Consistent with the use of resoiirces, for cxainple, allDcatiiig pi-opeity costs by flooi. aiEas, or pej. Lapiia, starr ¢051s by tlie tiin¢ spent and other costs by their usage. Pa¥e 14

Cxldey Abbey Community Notes to the Fiijancial Statvmcnt¥ fvi. the Year Ended 31 January 2021 Govet'iiiiite cost$ Tl)cse include the costs attributable to the chbrity's compliance with constitutional #nd staiiiloi'y requiiEineiils, including audit, sliategic i)ianagemenl and tNslees's Ineetiiigs and reiinbur5ed expenses. Tangrble fixed assets Individual f￿Xed assets costing £IOO.00 or Inore air initially re¢orded at eost, less any siibsequeni accuinulated depi'¢Li#(ion and siibsequent a¢eumulaied impairment losses. Heritage as5et5 .1 lic charity al80 owns freehold land and buildings, including Caldey Island. dwelling house5 and other asseis, whcie tlic oi'iginal costs al'e unknown. It is iinpra¢ii¢al to obtain valuation of these previously non-capitali5ed assets due to their natuye. 'fhese include certain l.lei'itage assets of hi.%toi'i¢al iinpoi1iince held for the advaiice of preservation. religious and educational objectives of the charity. Depi'eeiation amortksation DepiEciatioii is provided on tangible fixed assets so as to write off the cost or valuation, les5 any estiinated residual value, over theiT expected useful econoinic lift as follows.. As5Ct cla55 Freehnld Reve￿iDn Freehold Buildings 4% or IOVD Straight lit)e Eoiiipineiii itnd vehicles l 0￿/0. 25 /0 01. 330kn IEducing balance The cost of land incliided iii the balance Sherl bul not d¥pT¢Liated is £1,080. Deprecialioii ITietliod xiid rAte Resoareh and development ResEarch and developinent expenditui'e is written off as incurred. Busines5 combillRtioi15 Businc%s coiiibinalions air accoiinted for under the PllL'¢hase meihod. Where necessaiy, adju5tinents ar¢ inade to Ihe financial staieinenls of 511bsidiai.ies to bl'ing tlie accoiinting polici¢5 Used inlo line ivitli t1105e used by ilie group. All ilili•-gi'oup Iransaciions, balances, iiicoine and expejises al'e eliininaied consolidation. In a¢coi'daiice with Seciioii 35 of fRS 102, Seciioii 19 of FRS 102 has not bccn applied in these financial staieinenis in respeLt of business winbinatioiis effected prioi. to the date of ttansitioii. Fixeil asset inv¢$lments Fixed as5el invc51men15, Otlier than piDgi'aLnine i'elatcd inv¢5trnenis. aye iiicliidcd at inarkei value at ihe balance shcct date. Reali5ed gai115 And losses on investimeiits are ¢al¢iillÉ ted as the differeiice bettv¢en sales pl.0￿ed$ and Ilieii. iiiarket valiie at the stai't of Ihe year. oi. tlieii. siibsequent C05t. aiid are chaiEed or crediied to the Staiement of FinaiiLial A¢iivities iii the pei'iod of disposal. Unreali5ed gaiiis and losses repieseiit the Inov¢ineiii iii iiiai'ket values dui'ing the year ajid are ClEdited or Llirll'ged to Ilie Siateiii¢nt of Finaiicial Activities based oli tlie Inad(el valLie JI Ilie yeai. eiid. Stock is valiied al tlie lowei. of cost and cstiinatcd Selling pi'ice le5b costs ro coinplete and sell, aftei. due J'egaixl toi- obsolete and slow tnoviiig stock5. Cost is deiei'inincd iising tlie fiisi-in, fi131-ouI (FIFO). Page 15

Caldey Abbey Community Notes to the Financial Statements for the Year Ended 31 January 2021 Trade ￿ebtOrS Trade debtoi's aiE amounts due frotn custoiners for IneiEhandise 501d OT 5ei'vice5 performed iii the ordinary Course of business. Ti'adc debloi'.i are I'ecogiiised inilially at Ilie ti'aiisaction price. They are sub5equciitly measured at ainoriised c05t Using the effective iiiterest Inelhod, les5 pix)vision foi. iinpairineilt. A provi.£ion for the impaiTment of trade debtor5 15 established when there is objective evidence that the charity will not be able to collect all ainounts due 8¢cording to the original temis of the I'eceivat)IL%. Cg$h and cash equivalent5 Cash and Cash equivalents coinpi'ise cash on hand and ¢all deposit5, and other short-term liighly liquid investments that are i'eadily convertible io a known wnount of eash 8nd al'e subject to an in5igtiifi¢ant I'15k of change in valiie. Trttde eredlttyrs Tia(fe ci'edi(01'S alE obligations io pay ffir goods or services that have been acquired in the ordinary course of business froin suppliers. Accounts payable arc classified as current liabilities if tlie cliarity does not liave an unconditional right, at the end of the reporting period, to dcftr settlement of the creditor for ai least ttvelve Inoiiilis aftei. Ilie repurting dat¢. If ihere is an iiiicondiiional right to defer settlement for ai least twelve Inoiitlis fter the ieporting date, they Hit presented as non-curi'eni liabilities. Ti?de ¢itditOls are iEcognistd initially at the tran58¢tion pi'ice and subsequently ineasurcd ai amortised cost Iisin8 tlie effective interest method. Borrowinirs Int¢resi-bearing bon'owillgs are initially rccni'ded at ffjir value. ttet of tTan5actiot) cosls. Int¥r¢st-beai'ing boi-lvwiiigs are siibsequenily caiTied ai ainoili5cd cost, Ivith tlie d&ffei'en¢e beiwecii the pi'oceedb, net of ti.a115aclioJi cusls, and the aimount due on Itdernption being Tccognised as a charge to the StateineTIt of financial Activities ovei. Ihe pEriod of the relevant borrowing. Interest expense is I'ecognised on tlie basis of the effective inteiEst Ineihod and is incliided in iniercit payabl¢ and siinilar chai'ges. 8oiroMpings are c185sified as cui'rent liabilities un5¢sS the chai'ity has an unconditiunal right to defer settleinent of the liability foi. at least twelve i)Jtsnihs after Ihe iepoi'ting date. Provlsion5 Provisi0115 ale recognistd when the chai'ity ha5 811 obligation at the I'eporting datc a5 a resiilt of a past eveiit, it is probable that rlie ¢harity will be I'equired i(} settle that obligation and a IEliable esiiinaie Can be 13)adc of tlie ainount of the obligation. Pa&ie 16

Caldey Abbey Community Notes to the Finaneial Statements for the YeAr Ended 31 January 2021 Foi'ei¥n exehangc Traiisactions in foi'eign cunYn¢ies ale recorded ot the rate of exchange at tlie datc of the transaction. Monetary assc15 alld liabilities denoininated in foreign ciiirencics at thc balance sheet date are reported at ihe ￿leS of excl)aiige PTevailin8 at tliat date. The results of ovcrs¢as operaiions air ti?nslated at the avei'agse rales of exchange during tlie pei'iod and iheii. balanct slieets dt Il)e iattS Tuling a( th¢ bal4nce sh¢et date. Exchange differeiices aiising on translatioii of the opeiiiiig liet asscts and results of overseas operations ale iepoited in oth¢i' coiMpiEhen%ivc income and accumulated in equity latti'ibuted to nLlli.¢onlrolliiig interests a5 appropriatel. Othei. exchiti)ge diffeiEnce5 are recogni5ed iii the Sl8tem¢nt of Fiiiancial Activitses in the period in which they &i'i5e exLcpi for.. l) exchange differences on ti?ll5actions entered into to hed8e certain foreign currency risks (See above). 2) exchangc differeiices ai'ising on gain5 or losses on non-lnonelary iteins which al'e reeo8ni5ed in other coIDpI'chciisive in¢oine' and 3} in the case of the consolidiiled fiiiancial Statements, exchange differences on Inonetary items receivable froin oi. payable lo a foieigii opei'ation for wliicli settleineiil is neilhei. planned noi. likely to occiii. (therefore forining pari i)f Ihe iiet iiivesiinent ii) the foieign opei'ation). whicli arc TecoJts ised in otl)¢i' ¢oinprelien5ive incoine aiid reptsi.ied linder equity. Fujid structure Uiiiestricted income funds ar¢ general ftinds thai are available for use at ihe ti'ustees's discretion in accoi'dance with the Cliarity'5 Objectives. Resn'icied income fuiids are those donated for use in a paiticul8r arca or foi. specsfic purposes. the use of which 15 Te511'icted to that &rea or purpose. 'ciisions aiid other post r¢tli*n)ellt obligations Contributions to dctiiicd conti'ibiition plans air expeiised in the P¢TIDd io which ¢li¢y relate. Clu&.slfle¢illOII Fiiiaii¢ial asseis and financial liabilities air recognised when the gTOUP becomes a party io Ihe contiactual provisions of thc instriiincnl. Finai)cial liabilities and cquity instruiMent5 air classified accoi'din(r to tli¢ subyiance of tlie conlractiial ai'i?iigeineiiis entered into, An equity insirlinient is any Lontiact that evidences a i'esidiial interest in The asseis of Ihe group after deducting all of ils liabilities. Page 17

Caldey Abbey Community Notes to the Financial Staten)ents for the Year Ended 31 January 2021 Reeogiillloii ftiidiiieftsiireiiieiil All finaiicial assels and liabilities air initially Iheasured at ti'ansaction pi'ice (incliidins tiaijsaction cosis), except for those financial assets ¢la55ified as al fair value thioiigh pi'ofit oi. Ios5, which aiy initially Ineasured at fair value (which is noitnally tlie trans2ttion pi-ice EXLluding transaction coslsl, unless the ari?ngcTnenl constituies a financing transaction. If an ari'aiigeinent ¢0115titules a fiiianeing ti3iib4Liion, the fii)ancial 855el oi. finaiicial liability is tnea%ured at the piesent value of the future payinent5 discounled at a Inai'ket rate of interest for a siinilar debt instrument. Financial assets and liabilities are only offset in the statcment of financial position when. and only wli¢i) there exists a legally enforceable right to set off the recoonised atnounts and the gi'oiip intends either to settle on il net basis, or to realise the asset alld settle the lidbility siinultaneously. FTnancial assets 8r¢ deircugilSSEd wheii and oiily when a) the contractual l'ights lo the cash flows fj'oin tlie financial as%ei expiit or arc ￿ttled, bl the gi'oup ti'aiisfers to another party substantially all of the I'isks and rewai'ds of Ol￿erShIp of the financial assei, or c) the groiip, despite having Iriained some, but not Ell, sigiiifitant i'iskb and ITwards of ownei'ship, lias transferred coiTrti'ol of the asset to another parry. Piiian¢ial liabilities are deircognised only when the obligation specified in the coiitract is dsscharged, Cancelled oi. expiTe5. Invesiiii¢iiis Inveslnients in non-converiible preference shares and noii-piittable ordinary or PlEfeirnce shairs (where shares are publiclv tiaded oi. their fail. value is relsnbly incasurahlt) al'e Imeasui'ed at fair value thiDugli profit or Ioss. Wliere tail. value caniiot be Ineasured reliably. investineiiis clTC lnca5111.ed at cost l¢ss iinpait'ineiit. Investinenls in siibsidiaries aiid associat¥s are Ineasured at cost less iinpaii'ineiii. For investtiient5 in siib%idiai-ie5 acquired for con%ideration including ihe issue of shaiES qualifying for merger Telief, cost is Ineasiired by refci'ence to the noinin)I Vali￿ of the sha¥es i$$12¢d plus fail. value of other ¢onsidei'ation. Any prcmiiiIn is Fttii. vttliie iiieftsiireiiieiil The bes1 evidencc of fair valiie is a quoted price for identlcal asset in an activc Inai'ket. When quoted i)rices aiE iiiiavailèble, the price of a recent Iraiisa¢tion for an identi¢al asset pi'ovides evidence of fair valiic J% loiig as their has not been a significaiit change in econoinic ciiriimstanccs UT a significant lapse of liine the tiaiisaction took pla¢e. If the tnarkct is not active and Ircent Iratisaciions of an identical a%set on theii. own are not a g(x>d estiinate of fail. value, Ilie fair valiie is e5ti]naled by using a valuation technique. 2 Income fi'om ¢h#ritable activities Unrestrlcted fuijds Geiiej'gl Total 2021 Total 2020 Mini5tiy Missioii Iltlreal 930 6,167 53,928 942 64,973 5,168 5.168 Monastic Coininunity 67,779 67.779 75,913 75.913 126,940 Page 18

Caldey Abbey Community Notes to the fiinanciAI Statements for the Year Ended 31 JAnuary 2021 3 In¢oine froni other trading activlties Uni'e5trict¢d fujids Gen¢i'al Total 2021 Total 2020 -I'i'uding in¢oJne; Otli¢i ti'adiiig income 184.149 184,149 567.087 184,149 184,149 567,087 4 Iiivestmeiit income Ullresti'icted funds General Totgl 2021 Total 2020 Incon)e froin dividcnds. Dividends iEceivable from other lisied investments Dividei)ds I'ectivable froin other iiiilisted invesljnenls Iiileir5t rcceivable and sitnilar incoine. iiteresl Icccivable on bank deposits 19 44 29 48 48 137 67 67 210 Page 19

Caldey Abbey Community Notes to the FinanciAI Statements for the Year Ei nded 31 January 2021 5 Other income Unrestricted rund5 Getkeral Total 2021 TTrt81 2020 Gains on sale of tangible fixed a%ets for group's own use 17,787 17,787 49 6 Expenditure on rai5Éng fund5 al Cost5 of trading activities Unresti'icted fund5 GcnerBI Total 2021 Tot81 2U20 Note Costs of good5 stsld Legal fee5 Depitciation, ainortisatiun and tsther similai. costs 45,648 5,751 45,648 5.751 320,215 7,467 17.750 Othei" diiEcl costs of activities for generating funds 17,750 13.302 120,913 120,913 151,647 190.062 190,062 492,631 Page 20

Caldey Abbey Community Notes to the Financial St4tement5 fur the Year Lnded 31 Januaiy 2021 7 Expenditure on charitable activities Uiirestrieted funds General Total 2021 Total 2020 Note Minisli'y Mis%ion 1,298 10,199 13.499 3,489 29,560 59.588 1,298 10,199 13.499 3,489 29,560 59.588 2,940 9,522 51,551 7,835 .21.955 72,656 Reireat Eilucalion Monastic Coii)munity Upkeep of Hei'iiage Pirinises D¢pi'ELiaiion, ainoi'lisation and other 8,410 47,985 4,575 8,410 47.985 4,575 9,319 57,216 3,759 236,753 Allo¢aied siippoi'l costs Governance cosrs 178,603 178 603 Activity iindertaken directly Activity support costs Total expendlture 'rotal for 2020 166,412 70,296 236.708 In addition to the cxpeiiditui'e analysed above, Iliei'e ale also govei&iance costs of £4,575 (2020 - £3,759) which 8 Aiialysis of govei'naiice and support eosL$ Govei'iiAJiee eosts Unie511-icted funds Cb¢Treral Total fund5 Aiidit fees Audit ol'the financial statcincnts 4.575 4,575 Totgl for 2021 4.575 4,575 Total for 2U20 3,759 3,759 Page21

Caldey Abbey Community Notes to the Financial Statements for the Year Ended 31 January 2021 9 Net incomingloutgoing resources Net oiilgoing IEsoui'ce5 foi. th¢ year include.. 2021 2020 Audit fee5 Depirciaiion of fixed asset5 4,575 20.160 3,758 22.622 Ilj Triistecs remiineration and expenses No trustees, noi. any peT50ll5 connected with thcin, have Irceived any ITinuneration froin the group diii'ing the year. No tswstees have i"eceived any i'eimbursed expenses oi. any other benefits fiDin the charity during the year. I I Staff eosls The 8ggreg8te payroll c05t5 were as follows.. 2021 2020 st￿[f c05t5 Ilui'ing the ytAI' Ivero: Wages and salaries 127,644 97,079 No eii)ployee Teceived ctnoliiinenls of Inore than £60,000 dyring the year. 12 Ayditors, rLimuner8tion 2021 2020 Audit of the finanLial slaleineiits 4,575 3,758 Page 22

Caldey Abbey Community Not¢s to the Financial Statements for the Year Ei nded 31 January 2021 13 TRxation The group is a ￿gIste1Ed charity and is thei'efore exeiiipt froin (axalion. 14 Tmiigible fixed a55cIs Group Land and bthildlngs EqulpM¢EJt Total Cost At I l.-ebi'uaiy 2020 Disposa15 245.967 5.490 436,564 1,6591 682,531 {7,1491 At 31 Jaiiuaiy 2021 24Q,477 434,905 675,382 J)¢precialioii Ai l F¢bi'uaiy 2020 Charxe foi. the yeai. liininaled on di$po%als 212.845 6,645 5,4901 331,932 19.516 {1,)291 544,777 26,161 16.819) Ai 31 Januaiy 2021 214,000 350,119 564.119 Net botsk v91ue Ai 31 January 2021 26,477 84,786 Al 31 January 2020 33.122 104.632 li7,754 Assets held uijder finance lea5e5 liire purcliase coiitraits Tlie net cairying ainouni of iaiigible assets includes the followiiig ainounts in respect of assets held uiidei. finance leases and hi￿ purchase conti'acts.. 2021 2020 3.614 4,818 Page 23

Caldey Abbey Community Notes tts the Financial Statements for the Year Ended 31 January 2021 Cliarlty LAnd aiid building5 Furniture And equipment Tolal Cost At l Februaiy 2020 Di5P05a15 245,967 {5,490 436,564 11,6591 682,531 7.149) At 31 January 2021 240,477 434 905 675.382 Depreciat?on Ai l Febi"uoi'y 2020 Chai'ge foi. the yeai. Eliininated on dispolals At 31 Januaiy 2021 212,845 6,645 5,4901 331.932 19,516 {1,3291 544.777 26,161 (6.819) 214,000 350,119 564.119 Net book value At 31 January 2021 26.477 84.786 At 31 JaniiaTy 2020 33,122 104,632 137.754 15 Herilagc a55ets Charity Hertlxge assets not recogrtised in the balance 51icet The ¢harity also owiis freeliold land and biiildings (including Caldey Island). dwelling hguse5 and other assets. whei'e Ihe oi'iginal costs are iiiiknown. li is iii)pi'a¢ii¢al to tsbiaiD a valuation of th¢5¥ pK¥viously noii-capitalised a55ets due lu Iheir naliTI-e. These incliide ceTlain Hei'ilagc a55els of historical importance held foi. the advance of the piesei'vation, relibTiOilS and educational objectives of the chai'ity- Page 24

CAldey Abbey Community Notes to the FinanciAI StAtements for the YeAr Ended 31 January 2021 16 Fixed asset investments Ci'oup 2021 2020 Ollici. invc5tmenis 912502 8Y3 702 Other ItJveslmeiL15 Llsted investments Unlisted itLvesÉtrtrnls Total Cost or Valuation At l Febi'u8ry 2020 RevaluaiioiJ 890,795 2,907 893,702 18,800 At 31 Janiiary 2021 909,595 2,907 912,502 Net book vBlve At 31 Janiiary 2021 909.595 2.907 912,502 At 31 Janiiary ?020 890,795 2,907 893.702 Charity 2021 2020 OiheL' inve5tsnenis 912,502 893,702 Other iiivestmeiit5 Listed iiive5tnients Uiilisled LJLve5tments Total Cost oi- VAluatlOD Ai l Ftbiuaiy 2020 Revaliiation 890,795 18,800 2,907 893,702 18,800 At 31 January 2021 909,595 2,907 912.502 Nel booli value Ai 31 Jaiiuary 2021 909,595 2,907 912.502 Al 31 January 2020 890,795 2,907 893,702 Page 25

Caldey Abbey Community Notes to Ihe Financial Statements for the Year Ended 31 January 2021 17 Stocl Gi'oup Charity 2021 2021 2020 8to¢ks 43,793 67.295 18 Debtors Group Chftrity 2021 2020 2021 2020 Prepayinenls Accriied incojne Other debtors 14,741 1,417 5,248 6,779 4.155 13.754 7,277 21,¢106 26,069 6,779 1,432 19 Cash Rnd Cash equivalents CTroup Ch￿rItY 2021 2020 2021 2020 Cash on haiid Casli al bai)k 7,488 149.255 12,798 203,917 5,231 78,838 9,623 133 ?67 156,743 216,715 84,069 142,890 20 Credltors.. #inounts f8lliiJg due Ivithin otie year Group Charity 2021 2020 2021 2020 .1 iade Grcditoi's Hiie piircha5c and finaiice lease5 Due to gi'oup underrakiiigs Oihei. iaxation aiid social security Otlier ciEditois Accivals Defei'red iiivvii)¢ 11,096 1,344 27,849 1,344 2,210 14.649 464 2.310 1690) 9,555 9,448 578 2,59¥ 3,949 2,396 11.865 15,076 900 31,924 48,616 13,849 29,831 Page 26

Caldey Abbey Community Notes to the Financial Statements foi. the Year Ended 31 JaJJuary 2021 21 Lreditoi's: amount.s falling due aftei. one year Group 2021 2020 2021 Bank loans Hire purchase aiid finance lease5 oilier ciEditors 50,000 1,249 92,109 2.593 92,109 143,358 94,702 22 ObliEititsos uiidei. leases gnd hire purcliase contr8ct5 The total valiie of ￿tUre miniinuin lease payments was as follows.. Group Cliority 2021 2021 2020 Wirliiii one year Iii two to five y¢ars (1,3441 {1,2491 11.344) 12,593) 3,937 Page 27

Caldey Abbey Community Note5 to the Fin*neiAI Statements for the Year Ended 31 January 2021 23 Funds Group BRlaEice at I bebruRI'y 2020 Otlier 'ecognised ¥4inslllos5es1 Balsnce At 31 Jnijuary 2021 Re50urce$ ¢xi)eiided resources Unrestricted fvnd5 Geiiernl General fiiiid 1.143,570 306,342 {476.0251 19,031 992,918 Re5trÉcted funds Hei'itage Building Fund Bisl)op Gi'an Legacy St Slltyd's l.-ftbric Fund 8.989 26,076 8,192 8,9B9 26,076 8,192 Total i¢stricled funds 43.257 43.257 TotAI fuiids ,186.¥27 306,342 (476,025 1,036.175 Balance at I February 20J9 Olh¢i' recogni5ed giirJ51(1055es) Balaiice ut 31 J&iiu81'.v 2020 Incoming resourees Rc.sDui'ce5 txpellded Uni'estriet¢d funds Geiieréil Geneial fLind 1,150,350 755,457 (805,9441 43,707 1,143,570 Restj'itted fuDd5 Hei'itage Building Fund Bishop Gi'Hii Legacy St Illtyd's Fabi'ic Flind 8,989 26,076 8,192 8,989 26,076 8.192 Total re5ti'icted funds 43,257 43.257 Total futkds 1.193,607 755,457 1805.944) 43,707 1,186.827 Page 28

Caldey Abbey Community Notes to the Finaneial StAtements for the Year Ended 31 January 2021 Charity Balaiiee at I Febi'uary 2020 Other reeoEni8ed gain￿{10￿￿esI Balgncc at 3 l Jaiiuai'y 2021 Intoming i'e50urccs Resources expendcd Ujirestricted fuiid$ Gelter￿1 Gene171 fund 1,011,275 32.126 (188,360) 18,801 973,842 Re5trieted fujids I lei'ilagc Building Fund Bishop Gizfi Legacy St Illiyd's Fabi'ic Fui)d Total restricted funds 8.989 26.076 8,192 8,989 26.076 8,192 43,257 43.257 Total fuThd5 1,054.532 132,126 1188,360 18.801 1,017,099 Balance 8t I Febru¥ry 2019 Othei. recogni5¢d galnsl{lo%sesl il¥lAt)ce at 31 ,l#nuary 2020 Resourees expended 'e50urces Uni'e5tricted funds Gejieiul (ienei'al fund 998.852 205,421 (236,705) 43,707 1,011,275 Restrieted fund$ Heritage B(iilding Fund Bisliop Grail Legacy Si Illtyd'5 fabri¢ Fiind 8,989 ?6,076 8,192 8,989 26,076 8,192 Total i'estrteted fuiids 43,257 43,257 Tot81 funds ,042,I09 205,421 (2J6.705 43,707 1,054,532 The specTfi¢ i)Iii'P05es for w11i¢h rh¢ fujds are to be applied are as follow5.' Hei'itage Building Fund.. Funds doiiaied foi. the pui'pose of pi'esei'vation of the >lei'itage buildings. Bisliop (irai) Legacy. l-h¢ endowincjit fuiid was i)rovided by tl)e late Bishop Jot]h Gran and is lield 10 pl￿VIde incoinc foi. Ihe iipkeep of three of the Island's cliiiiches. St Illtyd'5 Fabi'sL Fui)d.. Funds doiiated by the genei'81 piiblic foi. the upkeep of the fabTiC of St Illtyd's ChuiEh. Page 29

Caldey Abbey Community Notes to the Financial Statements for thc Year Ended 31 January 2021 24 Relsted party trflll5RCtlons Cliarity Dui'ing the yeai. the charity Inade the following Irlated party Iransaclions.. Caldey Island Est&le Company Limited (Caldey Abbcy own l 00 /0 shares in Caldey Islaiid Bstate Coinpany Liinitedl The chai'ity I'eceivcd renis and gift aid donalioi)s froin Ilie Caldey Island Estate Company Limtied, its wholly owned subsidiaiy, and Inakcs a 817)all amount of sales and pui'chases and pays an estate Inanageinent charge to the company. All sucli ti'ansaction5 8re on a coininercial basis. At Ilie balance sheet date the amount due fJDln Caldey Island Estate Coinpany Liinited wa5 £464 (2020- £9,448). Page 30

LHP Auditors Lid Llys Deri Par¢ Pensarn Carmarthe SA312NF 4, November 2021 Dear Sirs Duriiig your audit of the financial statements of the charity for the year ended 31 January 2021, the following representations were made to you by. manag¢ment and trustccs. We have fulfilled our responsibilities as trustees under (he Charities Act 2011 for preparing financial statemenis, in accordance with tlie applicable financial reportin8 framework, that give a true and fair view and for making accurate representations to you as our auditors. We coiifimi that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the charity have beeii properly refle¢ted and recorded in the accountii)g re¢ords. All other records and related inforniation, iiicluding minutes of all managcment, trustees and tnembers, meetiiigs, have becn made available to you. We have given you unrestricted access to persons withiii the charity in order to obtaiii audÈt evidence and have proiiided any additional infomiaiion that you have requested for th¢ purposes of your audit. We confirni that significant assumptions used by us in making accounling estimates, including those measured at fair value, are reasonable. W¢ ¢onfim that all known actual or possible litigation and claims whose effects should be considered when preparing tlie fijiancial slaiemeiits have beeii disclosed to the auditor and accounted for and dis¢losed in accordance with the applicable fiiiancial reporting framework. We confirm ihat there had be¢n no events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements. other than those already disclosed or included in the financial statenients. We confim that we are aware that a related party of the charity is a person or organisation which either (directly or indireuily) controls. has joint control of, or significantly inl)u¢nces the charity or vice versa and as a result will include: trustccsldir¢¢lors, other ke}, 11)anageiiicnt, close family. and oth¢r busincss int¢rests of the previous. We confirni Il)at ihe related party. relationships and transactions set out below are a coinplete list of such relationships and transactions and that we are not aware of any furth¢r related parties or transactions. P&ty Relationship Nature of transaction Rt Rev G.A Santvoort, Trustees Expenses paid on their behalf of £xxx Very Rev D. Mahony, Rev G. X. Peate, Mr M. Ceslaro Pension paid £xxx

Yours faiihfully. Signed on behalf of the board of trustees Trustee