**Charity Number** 259850 

## **Caldey Abbey Community** 

# **Report** 

_**(refer to separate Accounts document for detail)**_ 

**31[st] January 2021** 

1 



## **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. 

2 



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: 

- select suitable accounting policies and apply them consistently; 

- observe the methods, principles and disclosures as required under the Companies Act 2006, as amended by SI 2015/980 and applicable regulations, FRS 102 The Financial Reporting Standard in the UK and Republic of Ireland and the new Charities SORP (FRS 102) Accounting and Reporting by Charities, as amended by Update Bulletin 1 (February 2016); - make judgements and estimates that are reasonable and prudent; 

- and to prepare the accounts on the going concern basis. 

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. 

3 



## **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. 

4 



## **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 

5 



## **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** 

6 



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 

7 



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