Charity registration number: 259850 

## Caldey Abbey Community 

Annual Report and Financial Statements 

for the Year Ended 31 January 2022 



## **Caldey Abbey Community** 

## **Contents** 

|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 7|
|Statement of Trustees' Responsibilities|8|
|Independent Auditors' Report|9 to 12|
|Consolidated Statement of Financial Activities|13|
|Consolidated Balance Sheet|14|
|Balance Sheet|15|
|Consolidated Statement of Cash Flows|16 to 17|
|Notes to the Financial Statements|18 to 37|





## **Caldey Abbey Community** 

## **Reference and Administrative Details** 

**Trustees** Rt Rev G. A. Van Santvoort - Abbot Mr M. Cestaro - Sub Prior Mr A. N. M. Keet Rev J. L. R. Rossey **Charity Registration Number** 259850 **Principal Office** Caldey Abbey Caldey Island Off Tenby Pembs SA70 7UH **Auditor** LHP Auditors Ltd Parc Pensarn Carmarthen SA31 2NF 

Page 1 



## **Caldey Abbey Community** 

## **Trustees' Report** 

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 January 2022. 

## **Trustees and Officers** 

The trustees and officers serving during the year and since the year end were as follows: 

Trustees: Rt Rev G. A. Van Santvoort - Abbot Mr M. Cestaro - Sub Prior Mr A. N. M. Keet Rev J. L. R. Rossey 

The Very Rev D Mahony served as trustee during the financial year and up until his passing on 15.3.22. 

## **Structure, governance and management** 

## _**Organisational structure**_ 

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 9th 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. Due to worldwide restrictions regarding travel in relation to the pandemic of 2020, the General Chapter schedule has been disrupted and will next meet in September 2022. 

## _**Recruitment and appointment of trustees**_ 

The Charitable Trust is managed by five trustees, appointed by the Abbot. They are listed below within the section entitled Reference and Administrative details. 

## _**Induction and training of trustees**_ 

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. 

Page 2 



## **Caldey Abbey Community** 

## **Trustees' Report** 

## _**Major risks and management of those risks**_ 

## _Continuity_ 

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. 

## _**Objectives, strategies and activities**_ 

Fortunately, the new trading season of April to October was once again able to take place post-pandemic, with some continuing visitor restrictions as deemed necessary. Appropriate safety measures were put into place for the visitors, with sanitiser stations on the boats, in the churches and shops, plus reminder notices and masks, etc. 

The Abbey Church had to remain closed for day visitors for the protection of the ageing monastic community, and the video hall similarly remained out of use (as its small interior does not lend itself to the necessary ventilation and social distancing). Therefore, there was once again an unavoidable impact on the charitable objectives for that year. However, they were considered to be mostly met at a satisfactory level as best as could be, given the circumstances. 

The aim of the charity is that they will proceed to improve facilities regarding retreat accommodation. 

All of this contributes to the main charitable objective of promotion of the Roman Catholic faith within the UK by such means as the Abbot and Trust may deem appropriate. 

Page 3 



## **Caldey Abbey Community** 

## **Trustees' Report** 

## _**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. During the pandemic the island was closed to visitors and subsequently the Retreat House of St. Philomena’s was considered in need of some major refurbishment. Works were undertaken to lag water pipes to prevent condensation and the decision was made to improve and update the entire building. As a result the Retreat House has remained closed and remains so at this current time whilst further improvements are considered and developed. 

The peaceful atmosphere of the Island provides an opportunity for visitors to relax and temporarily get away from the stresses and strains which modern society brings. To assist in that, the island community and staff refrain from engaging in noisy mechanical work for the greater part of the visiting day, insofar as that is possible. With the three churches on the island, the Watch Tower Chapel and numerous other external locations within its 350 hectares, visitors may easily find some comparative solitude or space to think, and those that wish their visit to be of a more spiritual nature are free to do so undisturbed. These heritage buildings are accessible to the public, within any appropriate constraints dictated by health and safety. The entire island is one with a varied and interesting historical heritage which the Trust is responsible for, with the majority of buildings being listed. 

The presence on the island of a substantial part of the Medieval Priory adds to its spiritual provenance. A visit to these buildings is recommended for all who come to the Island. It is a Grade One listed building, and over recent years has been in receipt of some necessary maintenance and restoration for its preservation and the safety of visitors. The Priory Church of St. Illtyd is regularly used for formal services by visiting retreat groups in the summer and also by the monastic community at certain prominent Christian festival times of the year, such as Easter. Furthermore, during the visitor season there have been conducted tours which encompass those buildings and one of the Monastic Community also provides historical talks and tours on the island’s medieval and Celtic heritage to various historical interest groups by arrangement. Support and advice has also been obtained from Pembrokeshire National Parks regarding the potential development of educational aids for visitors. To that end, discussions continue towards the creation of an informational App for that site. All of this supports the additional charitable objectives of preservation for the nation at large whatever of the historical, architectural and constructional heritage which exists, whether of particular beauty or special interest, as well as preservation of the island’s natural heritage. 

The entire island is one with a varied and interesting historical heritage which the Trust is responsible for, with the majority of buildings being listed. As such, therefore, there is no specific list of heritage assets, as everything is encompassed by that title. 

The landscape of the island itself is remarkably varied. For example, of all the Pembrokeshire islands, it is the only one that has trees. There continues to be an ongoing programme of planting a variety of trees to support the future needs of the wildlife. As a result, there are woodlands, headlands, cliff tops, grazed fields and spectacular beaches, which therefore provide habitat and attraction to a diverse range of flora and fauna. In a co-operative active partnership with Pembrokeshire National Park much of the island is now encompassed by safe and well-signed walking routes to enable visitors to sample that diversity, and there are currently a number of programmes in place to contribute to the island’s ability to provide a haven for wildlife, such as the creation of a landscaped pond near the eastern headland, and a recent re-establishment of a pond believed to have been formally used in medieval times by the monastic community to keep a fish supply for their table (though now it is purely a preserve for the ducks and swans). 

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 

Page 4 



## **Caldey Abbey Community** 

## **Trustees' Report** 

## _**Use of volunteers**_ 

The charity does not rely on volunteers to perform duties but has a small paid workforce in place. Pay and remuneration is initially decided on recruitment, with potential increases subject to increasing workloads in respect of key management personnel. These are judged on an annual basis as befits the situation. 

## **Achievements and performance** 

The Charity was once again able to achieve its stated key objectives of providing wider public access to the Island and its heritage and to offer (albeit limited) retreat opportunities plus spiritual and religious guidance. In fact, post-pandemic visitor numbers were much higher than usual, due to the knock-on affect of there being less worldwide travel opportunities, and therefore more people benefitted from a visit to the island whilst on a local UK break than had done so in previous years. The online prayer request facility via the website was once quite parochial in those accessing it, but it is now seen to be attracting a large number of requests from Christians of diverse nationalities worldwide. This should be considered added value to the long-standing charitable objective of promotion of the Roman Catholic faith as online involvement has enhanced the monastic community's availability dramatically in that respect. 

The previous year’s closure had naturally not adversely affected the wildlife, in fact quite the reverse. The red squirrels, partridges and hedgehogs have continued to proliferate in number, which is a success as far as development of the island’s wildlife conservation programme is concerned. Furthermore, continued tree planting has taken place, to not only provide the wildlife with natural food and places to live in the near future but, in light of the international need to fight global warming and the national encouragement to plant more trees, also serves a very practical and beneficial purpose in other ways too. Further informative signage in relation to wildlife has also been added to (e.g. solitary bees, birds) to enhance the visitor experience and knowledge of what the island has to offer. 

All of this adds to the island’s valuable role which it plays in many people’s lives and must be considered an important part of its achievement and performance. 

The measures used to assess success can only ever be an estimate based on anecdotal feedback via visitors and social media due to the nature of the personal benefits of the island. Generally anything negative tends to be brought to our attention quite promptly and resolved, and there is a great deal of social media support for what we do and achieve. 

The charity does not provide grant facilities to other bodies whatsoever. 

Plans for future direction in respect of development of facilities are always made by reference to previous experiences, as over many years the island monastic community has ventured into various areas of income generation, some successful and some unsuccessful. It is generally felt that current business practices are the most beneficial for the charity. 

Page 5 



## **Caldey Abbey Community** 

## **Trustees' Report** 

## **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 monastic and lay 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 £121,148 (Charity only £43,939) and freely available reserves at 31st January 2022 were £1,114,062 (Charity only:£929,900; Consolidated charity 2021 - £973,842). 

The principal funding source in the year is the activities of the Caldey Island Estate Company, which collects income from visitors via boat fares, and sales in island shops. This income from island visitors supports the charitable aim of preserving the assets on the island through restoration works and other support costs. 

## _**Policy on reserves**_ 

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 monastic and lay 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. 

## _**Principal funding sources**_ 

Principal funding is by voluntary donations, 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 performance of the funds in the year resulted in modest gains in line with typical economic returns in the period. 

There is no direct promotional activity which is solely for the purposes of fund-raising by the Trustees or any third party. 

The trading subsidiary has performed as to be expected within the general bounce-back post-pandemic lockdown and it’s knock-on effect with tourism, generating profits before tax of £156,855. and reserves of £184,161. 

There have been no further historical allegations made during this financial year, though earlier allegations which have never been directly pursued continue to be referenced through online media on occasion. 

Page 6 



## **Caldey Abbey Community** 

## **Trustees' Report** 

## **Financial instruments** 

## _**Objectives and policies**_ 

The group's activities expose it to a number of financial risks including credit risk and liquidity risk. The use of financial derivatives is governed by the group’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The group does not use derivative financial instruments for speculative purposes. 

The group's major risks have been reviewed and systems or procedures have been established to manage those risks. 

## _**Credit risk**_ 

The group’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. 

The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. 

## _**Liquidity risk**_ 

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance. 

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements. 

## **Disclosure of information to auditor** 

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. 

## **Reappointment of auditor** 

LHP Auditors Ltd are deemed to be reappointed in accordance with an elective resolution made under section 386 of the Companies Act 1985 which continued in force under the Companies Act 2006. 

The annual report was approved by the trustees of the charity on 21 October 2022 and signed on its behalf by: 

Rt Rev G. A. Van Santvoort - Abbot Trustee 

Page 7 



## **Caldey Abbey Community** 

## **Statement of Trustees' Responsibilities** 

The trustees are responsible for preparing the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. 

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by the trustees of the charity on 21 October 2022 and signed on its behalf by: 

Rt Rev G. A. Van Santvoort - Abbot Trustee 

Page 8 



## **Caldey Abbey Community** 

## **Independent Auditor's Report to the Members of Caldey Abbey Community** 

## **Opinion** 

We have audited the financial statements of Caldey Abbey Community (the 'charitable parent') and its subsidiaries (the 'group') for the year ended 31 January 2022, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet , Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice). 

- In our opinion the financial statements: 

- give a true and fair view of the state of the group's and parent charity's affairs as at 31 January 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

Page 9 



## **Caldey Abbey Community** 

## **Independent Auditor's Report to the Members of Caldey Abbey Community** 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the group and the parent and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report. 

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charity financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 8), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Page 10 



## **Caldey Abbey Community** 

## **Independent Auditor's Report to the Members of Caldey Abbey Community** 

We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. 

We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. 

The laws and regulations we considered in this context were the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity and the group’s ability to operate or to avoid a material penalty. 

The laws and regulations we considered in this context for the UK operations were, General Data Protection Regulation (GDPR), and employment legislation. 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, estimates surrounding legal provisions and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

Page 11 



## **Caldey Abbey Community** 

## **Independent Auditor's Report to the Members of Caldey Abbey Community** 

## **Use of our report** 

This report is made solely to the charitable parent company's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Mr Matthew Williams LHP Auditors Ltd 

Parc Pensarn Carmarthen SA31 2NF 

Date: 29.11.2022 

Page 12 



## **Caldey Abbey Community** 

## **Consolidated Statement of Financial Activities for the Year Ended 31 January 2022 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** 

|**Note**<br>**Income and Endowments from:**<br>Donations and legacies<br>Charitable activities<br>2<br>Other trading activities<br>3<br>Investment income<br>4<br>Other income<br>5<br>Total income<br>**Expenditure on:**<br>Raising funds<br>6<br>Charitable activities<br>7<br>Taxation paid by trading subsidiary<br>Total expenditure<br>Gains/losses on investment assets<br>Net income/(expenditure)<br>**Other recognised gains and losses**<br>Other gains/losses<br>Net movement in funds<br>**Reconciliation of funds**<br>Total funds brought forward<br>Total funds carried forward<br>23|**Unrestricted**<br>**funds**<br>**£**<br>20,371<br>76,986<br>523,300<br>6<br>-<br>620,663<br>(319,483)<br>(220,951)<br>8,231<br>(532,203)<br>32,688<br>121,148<br>-<br>121,148<br>992,914<br>1,114,062|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>43,257<br>43,257|**Total**<br>**2022**<br>**£**<br>20,371<br>76,986<br>523,300<br>6<br>-<br>620,663<br>(319,483)<br>(220,951)<br>8,231<br>(532,203)<br>32,688<br>121,148<br>-<br>121,148<br>1,036,171<br>1,157,319|**Total**<br>**2021**<br>**£**<br>28,428<br>75,913<br>184,149<br>67<br>17,787|
|---|---|---|---|---|
|||||306,344|
|||||(274,562)<br>(178,603)<br>(22,860)|
|||||(476,025)<br>18,801|
|||||(150,880)<br>230|
|||||(150,650)<br>1,186,825|
|||||1,036,175|



All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 23. 

The notes on pages 18 to 37 form an integral part of these financial statements. Page 13 



## **Caldey Abbey Community** 

## **Consolidated Balance Sheet as at 31 January 2022** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>14<br>Investments<br>**Current assets**<br>Stocks<br>17<br>Debtors<br>18<br>Cash at bank and in hand<br>19<br>**Creditors: Amounts falling due within one year**<br>20<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Creditors: Amounts falling due after more than one year**<br>21<br>**Provisions**<br>**Net assets**<br>**Funds of the group:**<br>**Restricted income funds**<br>Restricted funds<br>23<br>**Unrestricted income funds**<br>Unrestricted funds<br>**Total funds**<br>23|**2022**<br>**£**<br>91,453<br>836,453<br>927,906<br>32,740<br>8,460<br>327,544<br>368,744<br>(34,671)<br>334,073<br>1,261,979<br>(92,110)<br>(12,550)<br>1,157,319<br>43,257<br>1,114,062<br>1,157,319|**2021**<br>**£**<br>111,263<br>912,502|
|---|---|---|
|||1,023,765|
|||43,793<br>21,406<br>156,743|
|||221,942<br>(31,925)|
|||190,017|
|||1,213,782<br>(143,358)<br>(34,250)|
|||1,036,174|
|||43,257<br>992,917|
|||1,036,174|



The financial statements on pages 13 to 37 were approved by the trustees, and authorised for issue on 21 October 2022 and signed on their behalf by: 

Rt Rev G. A. Van Santvoort - Abbot Mr A. N. M. Keet Rev J. L. R. Rossey Trustee Trustee Trustee 

The notes on pages 18 to 37 form an integral part of these financial statements. Page 14 



## **Caldey Abbey Community** 

## **Balance Sheet as at 31 January 2022** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>14<br>Investments<br>**Current assets**<br>Debtors<br>18<br>Cash at bank and in hand<br>19<br>**Creditors: Amounts falling due within one year**<br>20<br>**Net current assets**<br>**Net assets**<br>**Funds of the charity:**<br>**Restricted income funds**<br>Restricted funds<br>23<br>**Unrestricted income funds**<br>Unrestricted funds<br>**Total funds**<br>23|**2022**<br>**£**<br>19,172<br>836,553<br>855,725<br>-<br>126,200<br>126,200<br>(8,768)<br>117,432<br>973,157<br>43,257<br>929,900<br>973,157|**2021**<br>**£**<br>27,498<br>912,602|
|---|---|---|
|||940,100|
|||6,779<br>84,069|
|||90,848<br>(13,849)|
|||76,999|
|||1,017,099|
|||43,257<br>973,842|
|||1,017,099|



These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. 

The financial statements on pages 13 to 37 were approved by the trustees, and authorised for issue on 21 October 2022 and signed on their behalf by: 

Rt Rev G. A. Van Santvoort - Abbot Trustee 

Mr A. N. M. Keet Trustee 

Rev J. L. R. Rossey Trustee 

The notes on pages 18 to 37 form an integral part of these financial statements. Page 15 



## **Caldey Abbey Community** 

## **Consolidated Statement of Cash Flows for the Year Ended 31 January 2022** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash income/(expenditure)<br>**Adjustments to cash flows from non-cash items**<br>Depreciation<br>6<br>Investment income<br>4<br>Financial instrument net (gains) losses through statement of financial<br>activities<br>Revaluation of investments<br>Hire purchase adjustment<br>**Working capital adjustments**<br>Decrease in stocks<br>17<br>Decrease in debtors<br>18<br>Decrease in creditors<br>20<br>(Decrease)/increase in provisions<br>Decrease in deferred income<br>21<br>Net cash flows from operating activities<br>**Cash flows from investing activities**<br>Interest receivable and similar income<br>4<br>Purchase of tangible fixed assets<br>14<br>Sale of tangible fixed assets<br>Sale of investments<br>Income from dividends<br>4<br>Net cash flows from investing activities<br>**Cash flows from financing activities**<br>Value of new loans obtained during the period<br>Repayment of loans and borrowings<br>20<br>Repayment of capital element of finance leases and HP contracts<br>22<br>Net cash flows from financing activities<br>Net increase/(decrease) in cash and cash equivalents<br>Cash and cash equivalents at 1 February<br>Cash and cash equivalents at 31 January|**2022**<br>**£**<br>121,148<br>24,275<br>(6)<br>(57,923)<br>29,252<br>(353)<br>116,393<br>11,053<br>12,946<br>(9,921)<br>(8,231)<br>-<br>122,240<br>3<br>(4,465)<br>-<br>104,720<br>-<br>100,258<br>-<br>(50,000)<br>(1,697)<br>(51,697)<br>170,801<br>156,743<br>327,544|**2021**<br>**£**<br>(150,650)<br>26,161<br>(67)<br>(18,801)<br>-<br>-|
|---|---|---|
|||(143,357)<br>23,502<br>4,663<br>(15,478)<br>22,860<br>(1,213)|
|||(109,023)|
|||46<br>-<br>330<br>-<br>19|
|||395|
|||50,000<br>-<br>(1,344)|
|||48,656|
|||(59,972)<br>216,715|
|||156,743|



The notes on pages 18 to 37 form an integral part of these financial statements. 

Page 16 



## **Caldey Abbey Community** 

## **Consolidated Statement of Cash Flows for the Year Ended 31 January 2022** 

All of the cash flows are derived from continuing operations during the above two periods. 

The notes on pages 18 to 37 form an integral part of these financial statements. Page 17 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **1 Accounting policies** 

## **Statement of compliance** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

## **Basis of preparation** 

Caldey Abbey Community meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

## **Basis of consolidation** 

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 January 2022. 

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a loss after tax for the financial year of £43,939 (2021 - loss of £37,431). 

Page 18 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. 

The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. 

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. 

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full. 

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. 

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group. 

## **Income and endowments** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. 

Page 19 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## _**Donations and legacies**_ 

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. 

## _**Investment income**_ 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 

## **Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. 

## _**Raising funds**_ 

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. 

## _**Charitable activities**_ 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

## _**Other expenditure**_ 

Redundancy costs are recognised in the profit & loss account in the period in which they occur. 

## **Support costs** 

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. 

Page 20 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **Governance costs** 

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses. 

## **Government grants** 

Government grants received on capital expenditure are initially recognised within deferred income on the Balance Sheet and are subsequently recognised in the profit or loss on a systematic basis over the useful life of the related capital expenditure. 

Grants for revenue expenditure are presented as part of the profit or loss in the periods in which the expenditure is recognised. 

## **Tangible fixed assets** 

Individual fixed assets costing £100.00 or more are initially recorded at cost. 

## **Heritage assets** 

The charity also owns freehold land and buildings, including Caldey Island, dwelling houses and other assets, where the original costs are unknown. It is impractical to obtain valuation of these previously non-capitalised assets due to their nature. These include certain Heritage assets of historical importance held for the advance of preservation, religious and educational objectives of the charity. 

## **Depreciation and amortisation** 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

|**Asset class**|**Depreciation method and rate**|
|---|---|
|Freehold Reversion|0%|
|Freehold Buildings|4% or 10% straight line|
|Equipment and vehicles|10%, 25% or 33% reducing balance|



## **Fixed asset investments** 

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. 

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. 

## **Stock** 

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). 

Page 21 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **Trade debtors** 

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **Trade creditors** 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 

## **Borrowings** 

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. 

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. 

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. 

## **Provisions** 

Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees's discretion in accordance with the Charity's objectives. 

Page 22 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 

## **Pensions and other post retirement obligations** 

Contributions to defined contribution plans are expensed in the period to which they relate. 

## **Financial instruments** 

## _**Classification**_ 

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. 

## _**Recognition and measurement**_ 

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. 

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 

## _**Investments**_ 

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. 

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 

Page 23 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## _**Fair value measurement**_ 

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. 

Page 24 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **2 Income from charitable activities** 

|Ministry<br>Mission<br>Retreat<br>Education<br>Monastic Community<br>Upkeep of Heritage Premises<br>**3**<br>**Income from other trading activities**|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>4,058<br>-<br>8,589<br>1,431<br>60,732<br>2,176<br>76,986|**Total**<br>**2022**<br>**£**<br>4,058<br>-<br>8,589<br>1,431<br>60,732<br>2,176<br>76,986|**Total**<br>**2021**<br>**£**<br>1,135<br>1,831<br>5,168<br>-<br>67,779<br>-|
|---|---|---|---|
||||75,913|
|||||



|Trading income;<br>Other trading income<br>**4**<br>**Investment income**<br>Income from dividends;<br>Dividends receivable from other listed investments<br>Interest receivable and similar income;<br>Interest receivable on bank deposits|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>523,300<br>523,300<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>-<br>6<br>6|**Total**<br>**2022**<br>**£**<br>523,300<br>523,300<br>**Total**<br>**2022**<br>**£**<br>-<br>6<br>6|**Total**<br>**2021**<br>**£**<br>184,149|
|---|---|---|---|
||||184,149|
||||**Total**<br>**2021**<br>**£**<br>19<br>48|
||||67|



Page 25 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **5 Other income** 

|Gains on sale of tangible fixed assets for group's own use|**Total**<br>**2022**<br>**£**<br>-|**Total**<br>**2021**<br>**£**<br>17,787|
|---|---|---|



## **6 Expenditure on raising funds** 

## **a) Costs of generating donations and legacies** 

|Donations<br>**Total for 2022**<br>**b) Costs of trading activities**<br>**Note**<br>Costs of goods sold<br>Legal fees<br>Depreciation, amortisation and other similar costs<br>Other direct costs of activities for generating funds|**Note**<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>49,804<br>5,035<br>15,949<br>114,678<br>185,466|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>201<br>201<br>**Total**<br>**2022**<br>**£**<br>49,804<br>5,035<br>15,949<br>114,678<br>185,466|**Total**<br>**funds**<br>**£**<br>201|
|---|---|---|---|
||||201|
||||**Total**<br>**2021**<br>**£**<br>45,648<br>5,751<br>17,750<br>98,053|
||||167,202|



Page 26 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **c) Investment management costs** 

|Other investment management costs;<br>Other portfolio management costs<br>**7**<br>**Expenditure on charitable activities**<br>**Note**<br>Ministry<br>Mission<br>Retreat<br>Education<br>Monastic Community<br>Upkeep of Heritage Premises<br>Depreciation, amortisation and other similar<br>costs<br>Staff costs<br>Allocated support costs<br>8<br>Governance costs<br>8|**Note**<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>2,252<br>3,265<br>11,562<br>7,540<br>41,686<br>22,046<br>-<br>52,019<br>33,059<br>47,522<br>220,951|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>4,020<br>4,020<br>**Total**<br>**2022**<br>**£**<br>2,252<br>3,265<br>11,562<br>7,540<br>41,686<br>22,046<br>-<br>52,019<br>33,059<br>47,522<br>220,951|**Total**<br>**2022**<br>**£**<br>4,020|
|---|---|---|---|
||||4,020|
||||**Total**<br>**2021**<br>**£**<br>1,298<br>7,549<br>10,660<br>3,489<br>28,533<br>59,588<br>8,410<br>6,516<br>47,985<br>4,575|
||||178,603|



In addition to the expenditure analysed above, there are also governance costs of £47,522 (2021 - £4,575) which relate directly to charitable activities. See note 8 for further details. 

Page 27 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **8 Analysis of governance and support costs** 

## **Governance costs** 

|Audit fees<br>Audit of the financial statements<br>Other governance costs<br>Allocated support costs<br>**Total for 2022**<br>**Total for 2021**<br>**9**<br>**Net incoming/outgoing resources**<br>Net outgoing resources for the year include:<br>Audit fees<br>Depreciation of fixed assets|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>5,905<br>36,967<br>4,650<br>47,522<br>4,575<br>**2022**<br>**£**<br>5,905<br>15,949|**Total**<br>**funds**<br>**£**<br>5,905<br>36,967<br>4,650|
|---|---|---|
|||47,522|
|||4,575|
|||**2021**<br>**£**<br>4,575<br>26,160|



## **10 Trustees remuneration and expenses** 

During the year the group made the following transactions with trustees: 

## **Rt Rev G. A. Van Santvoort - Abbot** 

£1,033 (2021: £Nil) of expenses were reimbursed to Rt Rev G. A. Van Santvoort - Abbot during the year. 

The Abbot had clothes & laundry, health products and travel to the value of £1,033 paid within the year (2021: £0). No trustees, nor any persons connected with them, have received any remuneration from the group during the year. No trustees have received any reimbursed expenses from the charity during the year. 

Page 28 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **11 Staff costs** 

The aggregate payroll costs were as follows: 

|**Staff costs during the year were:**<br>Wages and salaries<br>Social security costs<br>Pension costs|**2022**<br>**£**<br>195,991<br>599<br>2,315<br>198,905|**2021**<br>**£**<br>130,483<br>-<br>3,677|
|---|---|---|
|||134,160|



The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows: 

|Average for the year|**2022**<br>**No**<br>12|**2021**<br>**No**<br>12|
|---|---|---|



During the year, the group made redundancy and/or termination payments which totalled £7,000 (2021 - £Nil). 

One employee was paid redundancy in the year as perfume manufacture was discontinued due to decreased profitability and rising costs. 

No employee received emoluments of more than £60,000 during the year. 

The total employee benefits of the key management personnel of the group were £77,848 (2021 - £69,905). 

|**12 Auditors' remuneration**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Audit of the financial statements|5,905|4,575|



Page 29 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **13 Taxation** 

The trading subsidiary, Caldey Island Estate Company Ltd, has a tax charge in the year of £13,469 (2021: £nil) and deferred tax of £21,700 (2021: -£22,860). 

## **14 Tangible fixed assets** 

**Group** 

|**Cost**<br>At 1 February 2021<br>Additions<br>At 31 January 2022<br>**Depreciation**<br>At 1 February 2021<br>Charge for the year<br>At 31 January 2022<br>**Net book value**<br>At 31 January 2022<br>At 31 January 2021|**Land and**<br>**buildings**<br>**£**<br>240,477<br>-<br>240,477<br>214,000<br>6,598<br>220,598<br>19,879<br>26,477|**Equipment**<br>**£**<br>434,905<br>4,465|**Total**<br>**£**<br>675,382<br>4,465|
|---|---|---|---|
|||439,370|679,847|
|||350,119<br>17,677|564,119<br>24,275|
|||367,796|588,394|
|||71,574|91,453|
|||84,786|111,263|



## **Assets held under finance leases and hire purchase contracts** 

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts: 

|**2022**<br>**£**<br>2,711|**2021**<br>**£**<br>3,614|
|---|---|



Page 30 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **Charity** 

|**Cost**<br>At 1 February 2021<br>Additions<br>At 31 January 2022<br>**Depreciation**<br>At 1 February 2021<br>Charge for the year<br>At 31 January 2022<br>**Net book value**<br>At 31 January 2022<br>At 31 January 2021|**Land and**<br>**buildings**<br>**£**<br>240,477<br>-<br>240,477<br>214,000<br>6,598<br>220,598<br>19,879<br>26,477|**Furniture and**<br>**equipment**<br>**£**<br>434,905<br>4,465<br>439,370<br>350,119<br>17,677<br>367,796<br>71,574<br>84,786|**Total**<br>**£**<br>675,382<br>4,465|
|---|---|---|---|
||||679,847|
||||564,119<br>24,275|
||||588,394|
||||91,453|
||||111,263|



## **15 Heritage assets** 

## **Charity** 

## **Heritage assets not recognised in the balance sheet** 

The charity also owns freehold land and buildings (including Caldey Island), dwelling houses and other assets, where the original costs are unknown. It is impractical to obtain a valuation of these previously non-capitalised assets due to their nature. These include certain Heritage assets of historical importance held for the advance of the preservation, religious and educational objectives of the charity. 

Page 31 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **16 Fixed asset investments** 

## **Group** 

|**2022**|**2021**|
|---|---|
|**£**|**£**|
|836,453|912,502|



|||||**2022**<br>**£**<br>**2021**<br>**£**<br><br>|**2022**<br>**£**<br>**2021**<br>**£**<br><br>|**2022**<br>**£**<br>**2021**<br>**£**<br><br>|**2022**<br>**£**<br>**2021**<br>**£**<br><br>|
|---|---|---|---|---|---|---|---|
|Other investments<br>**Other investments**<br>**Cost or Valuation**<br>At 1 February 2021<br>Revaluation<br>Disposals<br>At 31 January 2022<br>**Net book value**<br>At 31 January 2022<br>At 31 January 2021|**Listed**<br>**investments**<br>**£**<br>909,595<br>28,671<br>(104,720)<br>833,546<br>833,546<br>909,595|||836,453||912,502||
||||**Unlisted**<br>**investments**<br>**£**<br>2,907<br>-<br>-|||**Total**<br>**£**<br>912,502<br>28,671<br>(104,720)<br>836,453<br>836,453<br>912,502||
||||2,907|||||
||||2,907|||||
||||2,907|||||



## **Subsidiaries** 

The profit for the financial period of Caldey Island Estate Company was £165,086 (2021 - £113,220) and the aggregate amount of capital and reserves at the end of the period was £184,261 (2021 - £19,175). The Charity owns 100% of the share capital of its trading subsidiary, Caldey Island Estate Company Ltd. 

|**Charity**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Other investments|836,453|912,502|



Page 32 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **Other investments** 

|**Cost or Valuation**<br>At 1 February 2021<br>Revaluation<br>Disposals<br>At 31 January 2022<br>**Net book value**<br>At 31 January 2022<br>At 31 January 2021<br>**17 Stock**<br>Stocks<br>**18 Debtors**<br>Trade debtors<br>Prepayments<br>Accrued income<br>Other debtors<br>**19 Cash and cash equivalents**<br>Cash on hand<br>Cash at bank|**Group**<br>**2022**<br>**£**<br>1,316<br>5,019<br>2,125<br>-<br>8,460<br>**Group**<br>**2022**<br>**£**<br>18,944<br>308,600<br>327,544||**Listed**<br>**investments**<br>**£**<br>909,595<br>28,671<br>(104,720)<br>833,546<br>833,546<br>909,595<br>**Group**<br>**2022**<br>**£**<br>32,740<br>**2021**<br>**£**<br>-<br>14,741<br>1,417<br>5,248<br>21,406<br>**2021**<br>**£**<br>7,488<br>149,255<br>156,743|**Listed**<br>**investments**<br>**£**<br>909,595<br>28,671<br>(104,720)<br>833,546<br>833,546<br>909,595<br>**Group**<br>**2022**<br>**£**<br>32,740<br>**2021**<br>**£**<br>-<br>14,741<br>1,417<br>5,248<br>21,406<br>**2021**<br>**£**<br>7,488<br>149,255<br>156,743|**Unlisted**<br>**investments**<br>**£**<br>2,907<br>-<br>-||**Total**<br>**£**<br>912,502<br>28,671<br>(104,720)<br>836,453<br>836,453<br>912,502<br>**Charity**<br>**2022**<br>**£**<br>-|
|---|---|---|---|---|---|---|---|
||||||2,907|||
||||||2,907|||
||||||2,907|||
|||||||||
|||||||||
|||||||||
|||||||||



Page 33 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **20 Creditors: amounts falling due within one year** 

|Trade creditors<br>Hire purchase and finance leases<br>Due to group undertakings<br>Trading subsidiary corporation tax<br>payable<br>Other taxation and social security<br>Other creditors<br>Accruals|**Group**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>4,009<br>11,096<br>543<br>1,344<br>-<br>-<br>13,469<br>-<br>(1,270)<br>2,598<br>546<br>1,811<br>17,374<br>15,076<br>34,671<br>31,925|**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>1,585<br>2,210<br>-<br>-<br>-<br>464<br>-<br>-<br>(23)<br>2,310<br>(919)<br>(690)<br>8,125<br>9,555<br>8,768<br>13,849|**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>1,585<br>2,210<br>-<br>-<br>-<br>464<br>-<br>-<br>(23)<br>2,310<br>(919)<br>(690)<br>8,125<br>9,555<br>8,768<br>13,849|
|---|---|---|---|
||||13,849|



## **21 Creditors: amounts falling due after one year** 

|Bank loans<br>Hire purchase and finance leases<br>Other creditors|**Group**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>-<br>50,000<br>-<br>1,249<br>92,110<br>92,109<br>92,110<br>143,358|**Charity**<br>**2022**<br>**£**<br>-<br>-<br>-|
|---|---|---|
|||-|



## **22 Obligations under leases and hire purchase contracts** 

The total value of future minimum lease payments was as follows: 

|Within one year<br>In two to five years|**Group**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>(896)<br>(1,344)<br>-<br>(1,249)<br>(896)<br>(2,593)|**Charity**<br>**2022**<br>**£**<br>-<br>-|
|---|---|---|
|||-|



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## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **23 Funds** 

|**Group**<br>**Unrestricted funds**<br>**_General_**<br>General fund<br>**Restricted funds**<br>Heritage Building Fund<br>Bishop Gran Legacy<br>St Illtyd's Fabric Fund<br>**Total restricted funds**<br>**Total funds**<br>**Unrestricted funds**<br>**_General_**<br>General fund<br>**Restricted funds**<br>Heritage Building Fund<br>Bishop Gran Legacy<br>St Illtyd's Fabric Fund<br>**Total restricted funds**<br>**Total funds**|**Balance at 1**<br>**February**<br>**2021**<br>**£**<br>992,918<br>8,989<br>26,076<br>8,192<br>43,257<br>1,036,175<br>**Balance at 1**<br>**February**<br>**2020**<br>**£**<br>1,143,570<br>8,989<br>26,076<br>8,192<br>43,257<br>1,186,827|**Incoming**<br>**resources**<br>**£**<br>692,562<br>-<br>-<br>-<br>-<br>692,562<br>**Incoming**<br>**resources**<br>**£**<br>306,342<br>-<br>-<br>-<br>-<br>306,342|**Resources**<br>**expended**<br>**£**<br>(604,106)<br>-<br>-<br>-<br>-<br>(604,106)<br>**Resources**<br>**expended**<br>**£**<br>(476,025)<br>-<br>-<br>-<br>-<br>(476,025)|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>32,688<br>-<br>-<br>-<br>-<br>32,688<br>**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>19,030<br>-<br>-<br>-<br>-<br>19,030|**Balance at**<br>**31 January**<br>**2022**<br>**£**<br>1,114,062<br>8,989<br>26,076<br>8,192|
|---|---|---|---|---|---|
||||||43,257|
||||||1,157,319|
||||||**Balance at**<br>**31 January**<br>**2021**<br>**£**<br>992,917<br>8,989<br>26,076<br>8,192|
||||||43,257|
||||||1,036,174|



Page 35 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

|**Charity**<br>**Unrestricted funds**<br>**_General_**<br>General fund<br>**Restricted funds**<br>Heritage Building Fund<br>Bishop Gran Legacy<br>St Illtyd's Fabric Fund<br>**Total restricted funds**<br>**Total funds**<br>**Unrestricted funds**<br>**_General_**<br>General fund<br>**Restricted funds**<br>Heritage Building Fund<br>Bishop Gran Legacy<br>St Illtyd's Fabric Fund<br>**Total restricted funds**<br>**Total funds**|**Balance at 1**<br>**February**<br>**2021**<br>**£**<br>973,842<br>8,989<br>26,076<br>8,192<br>43,257<br>1,017,099<br>**Balance at 1**<br>**February**<br>**2020**<br>**£**<br>1,011,274<br>8,989<br>26,076<br>8,192<br>43,257<br>1,054,531|**Incoming**<br>**resources**<br>**£**<br>113,915<br>-<br>-<br>-<br>-<br>113,915<br>**Incoming**<br>**resources**<br>**£**<br>132,126<br>-<br>-<br>-<br>-<br>132,126|**Resources**<br>**expended**<br>**£**<br>(190,545)<br>-<br>-<br>-<br>-<br>(190,545)<br>**Resources**<br>**expended**<br>**£**<br>(188,360)<br>-<br>-<br>-<br>-<br>(188,360)|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>32,688<br>-<br>-<br>-<br>-<br>32,688<br>**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>18,802<br>-<br>-<br>-<br>-<br>18,802|**Balance at**<br>**31 January**<br>**2022**<br>**£**<br>929,900<br>8,989<br>26,076<br>8,192|
|---|---|---|---|---|---|
||||||43,257|
||||||973,157|
||||||**Balance at**<br>**31 January**<br>**2021**<br>**£**<br>973,842<br>8,989<br>26,076<br>8,192|
||||||43,257|
||||||1,017,099|



The specific purposes for which the funds are to be applied are as follows: 

Heritage Building Fund: Funds donated for the purpose of preservation of the Heritage buildings. 

Bishop Gran Legacy: The endowment fund was provided by the late Bishop Jonh Gran and is held to provide income for the upkeep of three of the Island's churches. 

St Illtyd's Fabric Fund: Funds donated by the general public for the upkeep of the fabric of St Illtyd's Church. 

Page 36 



## **Caldey Abbey Community** 

## **Notes to the Financial Statements for the Year Ended 31 January 2022** 

## **24 Related party transactions** 

## **Charity** 

During the year the charity made the following related party transactions: 

## **Caldey Island Estate Company Limited** 

(Caldey Abbey own 100% shares in Caldey Island Estate Company Limited, registered company number 01003248) The charity received rents and gift aid donations from the Caldey Island Estate Company Limtied, its wholly owned subsidiary, and makes a small amount of sales and purchases and pays an estate management charge to the company. All such transactions are on a commercial basis. At the balance sheet date the amount due to/from from Caldey Island Estate Company Limited was £Nil (2021 - £464). 

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