Chariry registration number.. ?59850 Caldey Abbey Community Annual Report and Financial Ststemen for ihe Year Ended 31 January 20?4
Caldey Abbe)" Communil), Conlenls Reference and Administraiiye Derails Trustees, Report 2to6 Siatement of Trustees, Responsibilities Independent Allditor5' Report 8 Lo 11 Consolidated Stalem¢nt of Financial Aaivit1¢5 12 Parent Staiemeni of Financial Aciiviiies Consolidated Balance Sheet 14 Balance Sheet Consolidated Statement of Cash Flows 16 Notes lo the Financial Siatement5 17to34
Caldey Abbe)" Communil), Reference and Administrative Delails Trustees Rt Rev J. L. Rossey. AbiKYt Br M. Cesiaro. Sub Prior Mr P A Kitchen Miss M BaLtle Charity Registration Number ?59850 Principal Office Cald¢y Abbey Caldey Island Off Tenby Pembs SA70 7UH Auditor HSJ Audii Limiied Stsiuiory Audiiors Sevem House Hazell Drive New'kKTrrt NPIO 8FY Page I
Caldey Abbe)" Communil), Trustees, Report The trustees PTe5ent the annual report together with the financial %taiements and auditors. report of the charitable tst for the year ended 31 January 20?4. Trustees and Officers Th¢ trustees and officers serving during the year and 5inc¢ th¢ yur end w¢r¢ as follows- Trustees.. Ri Rev J. L. Rossey. Abboi Ri Rev G A Van Santvoort (resigned 25 Ociober 20241 Br M. Cestaro. Sub Prior Mr A. N. M. Keel (resigned ?? August 20?3) Mr P A Kiichen lappoind ?2 Augusi 20231 Miss M Battle (appoinied 22 August ?023) Rt Rev J. L. Rossey aS elected &% the Abboi on the 26 April 2024. Siructure* goi¢rn8nc¢ and managernent ()pxunl.iiiiliJiiul.slrMc'iure LaldLy AbbL'y is a L isiercian foundation. in existence ai this locaiion since 1929. The Caldey Community maintains a special relationship to its foundin& house in Belsjium. The Cisiercian Order is a worldwide Ronian Caiholic Relib)ious Order founded in 1098. and currently has approximaiel). 2.800 members in numerous locaiioi)s aroui)d Ilie world. Following the traditions of ihe Cistercian Order. Ihe conimunii). ai Caldey live a conleip1a1ive life51>,le. residing within the enclosed environment of the Abbey and folloiving ihe Rule of Si Benedici The Abbey is ovemed by the Consiituiions and Statutes of ihe monks and nuns of ihe CisierLian Order of the Strict 0bbervance.and other le¥islative documents. approved by the Congre¥aiion for Insiituies of Conbecrated Life ai)d Societies of Ap)stolic Life in Rome on 3 June 1990. The assets comprising ¢h¢ Abbey are held oil a charitable trust lili¢ Tws¢ Deed is daled 9¢h Augusi 1971) and rcgistcred with thc Charity Commission (Charity Rcgistralioii No ?598501. In tCrn15 of thc Rulc of St Bciicdict. tlie Con.%tilutions and Canon Law. thc Abhey is governed by thc Abbot who is elcctcd bj the solcmnly profcs%ed nicrnbcrs of thc cornmunity for a six-ycar tcrn) of oifice or for life. Thc Abb()t's govcrnai)cc 15 ovcr%ecn by tli¢ F'athcr Itnniediate {Abhot of the founding house) M'ho mak"LS a visitatioii cvery .0 years. and also by thc Ciencral Chaptcr, which meets cvcry threc years, and the Abbot General who resides in Rome. The Cjcncral Chapter last m¢t in ?022 alld will next nicet in Scptcmber 2025. Rec'rullmeiil (1 uppuliilmeni of irnsiees The Charitable Trust is mana¥ed b) five irusitts. apinICd by ihe Abt4)i. They are listed below within the section entitled Reference and Administraiive deiails. Ivducliou audiraining of¢ruslees The Abboi is responsible for ensurirhg all trnsiees are full) aware of iheir responsibilities. receive appropriate training as r¢quiTed and that all duties in relation w their role are Cled out with due diligen¢e and expediency. They meet on a regular basis. Page 2
Caldey Abbe)" Communil), Trustees, Report Mfjjor rlyks vfihvse rlsk¥ Conlinuity The ITU5tees have identified tnajor risks in ihe nttd for tonlinuily in ihe nuniber of comtnunit), nienibers wl)ilst ensuring its income generation is sufficient for its day-iO-d3y needs and confirn] that they have reviewed and established procedures to manage ihose risks. Financial illirumehi.¥ The group's aciiviiies {Abbey Community and Company) expose it io a number of financial risks including credit risk and liquidiiy risk. The group does not use derivaiive fjnancial insThments for speculative PUTPOSes. Credit risk and liquidiiy risk is nianaged through high quality counierparnies. IKI'¢.Itm¢'nl policv Investments are made in %horVmedium iemh low-risk incomethgenerdiing fund% whose %tsted purpose is eoi)sisient 'iih the Charity's ethics. The invesiments are managed under ihe advice of independeni exiernal advisors Ascot Llo>'d. Durinb> ihe y'ear under review various sieps have been pui in hand io sircnbiihen the biovemance of the Charity and lis subsidiary. This w'ork has continued subsequeni 10 the year end and is onuioin&> in rclaiion io policies and procedures cross the aciiviiies ofboih ihe Abbey and the Company. One element of this has been the decision by the Abbot of Caldey Abbey io commission an independeni review inio historical claims of child abuse. Such allega¢ions are taken veri seriously and, in order 10 uphold our coniinilmenl to safeLFiiardingy we have commissioned a leading independeni Safeg>uarding Consuliani. Jan Pickles OBE. to conducl a Ihoroubih review. The conclusions of the revie. th.ill be made public after coniplthion. Completion is expected in December 2024. ObJeLilve&,.Ilrulegles und ucilvliles With th¢ constraints arising from ihe Covid pandemi¢ easing restrt¢tion5 Ihpt had applied to the Island were gradually relaxed. Alihough visitor numbers w¢re affecied by these resiriclions tl)aiikfully, they did ex¢eed expectation. The $triCt10n$ applied to the Abbey Church in the previous year were relaxed and by the end of the visitor season had returned to Something approaching noThal. The main charitable objective continues to be the proniotion of the Roman Catholic faith within the UK by such mean5 as the Abbot and 'l'rust may deem appropriate. charity is proceeding with plans to iinprove thc facilitics regarding retreat accomm(Klation with new accommi)dation expected to be open in 2024. Page 3
Caldey Abbe)" Communil), Trustees, Report Publlc benefil The general public as day visitors (on average approxirnately 50.000- 60.(M)O annually) are able to come during the sumtner months. with wtne visitors able to slay ai the Monaslit Gue51house. The Retieai House of Si. Philon)ena's 'a5 considered in need of sotne major refurbishment. The work io improve and updiile ihe entire building wliich commenced in ?02i Mas concluded in May ?024. The peaceful aimosphere of the Island provides an opportunity for visitors to rela.¥ and temporaril) get awa>. from ihe stresses and strains H,hich modem socieiy brings. With the ihree hurches on ihe island. Ihe Watch Tother Chapel and numerous oiher exiemal locaiions wiihin its ?20 hectares, visitors may easily find some comparative soliiude or space to ihink. and ihose that wish iheir visii io be of a n)ore spiriiual naiure are free to do so undisiurbed. These herithge buildings are accessible io ihe public. wiihin any appropriaie Lonsiraints dictated by health and safety. The entire Island is one wilh a varied and interesiing historical heriiage which the Trusi is responsible for. with ihe majoriry 0[lIding$ being lisied. The presence on ihe Island of a subsianiial pan of ihe Medieval Priory adds w its spiritual provenance. A visii io these buildings is reconimended for all w'ho come to ihe Island. It is a Grade One lisd building. and (kver recent years has been in receipt of some necessary maintenance and restoration for its preservaiion and the safety of visitors. The Prior> Church of Si. Illiyd is regularly used for fomial services by visiiing reireai gr(trups in ihe sun)nier and also bj, the monasiic coinmuniry ai cenain prominent Chrisiian fesiival iimcs of ihe year. such as Easier. Duriiig the visitor season thcrc have. ai lime& i)CCn IOUTS which enconipass those buildings and onc of the Moiiastic Coniniunity has also providcd hisiorical talks and iours on ihe island's medicval and Ccliic hcriia&>e to variftus historical iniercsi g)roups by arranb>emeni. support and advicc have also been obiaincd from Pcinbrokeshirc Naiioi)al Parks reu)ardinbF the poicniial dcvclopnieni of cducaiional aids for visiiors. To ihai end. discussions coniinue towards providinLi a g?rcaler rangie of means for VISI(OTS io learn more aboui Ihe island heritagye. All of this suppons tlie ddiii()nal chariiable objcciives of preservaiion for ihe naiion ai largje of buildiiigys of particular beauiy OT of historical. architectural, and consNciional herige which exisi. The landscape of the Island iiself is remarkably varied. For example. of all the Pembrokeshire Islands, it is the oiily one that has trees. There continues 10 be an onOIng programme of planiing a varieiy of irees to suppori the luture needs of ihe wildlife. As a Tesult, Ihere are woodlands. headlands. cliff tops. grdzed fields and spectacular beaches, which iherefore Provide habita¢ and aiiraciion 10 a diverse range of flora and fauna. In a co-operative active partnership with Pembroke5hire Naiional Park. much of the island is now enconipas5ed by safe aiid well-sig7ned walk'ing) routes to enable visi¢oTS io sample thai diversiiy. and Ihere are currently a numbeT of programines in place to contribuie to the i51and's abiliry to provide a haven for wildlife. The trustees eortfimi that they have complied with the legal requirement to have due regard to the public benefit guidance published by tht Charity Commission for England and Wale5. Ilse ttlvolunieers The charity does nol rely on volunieers io perforni duiies bui has a small paid w'orkforce in place. Pay and remuneration is initially decided on recruiimeni. *"ith wieniial increases subjeci io increasing Ork10ads in respeci of key managemeni personnel. These are judged on an annual basis as befits the siiuaiion. Page 4
Caldey Abbe)" Communil), Trustees, Report Aehievements and performance Financial r¢vi¢w The Chariry has for ihe year under review. concluded ihe year 1(h a consolidated nei expendiiure of £115.197. This reflects a year in which ihere has been a considerable invesimeni in developing and refurbishing ihe reireai cenire. St Philomena's. This is a project undenaken with generous ndIng support from the mother house Abbave Notre-Dame de Scoumioni. The reireai house opened in May ?024 and has been accepiing reirearanis since ihen. In addiiion. Ihe Abbey received a legacy which has fomied a designaied fund for Community Welfare. The Irading compan}. (Caldey Island Estaie Company Limiiedl has generated a loss for the year of £59,810. This arose from a combinaiion of factors including changes io ihe operaiion of key activities on ihe island raiher ihan subconiraciing them. a contrdciual dispuie resoluiion and ihe need io replace old crdnes which are key io d)e operation ai)d funciioning of aciiviiies on the island. The Company reserves ar the end of the year stand at £158,668. During ihe course of ihe year a wide-fdnging review of all aciiviiies on the island has led to the developineni of a conimcrcial Island Plan. This involves amongst other things changes io governance. safeguarding. propcrty dcvelopinenr and invcstnieni io bring activities io ihe island under owi) Inanagemeni rather ihan sub-contracted. Ir is expected that this .111 yield an iniprovemenl in visilor experience. visitor numbers and in the fullnes5 of lime to improv¢d results in the shon to niediuni lern?. Pépli£J re.i¢rv 'l-he accounts make clear how the fijnds are shared wilh all the aspects of the charity's objeeiives and are for the public benefit of those who come io share this important site Hiih us. The level of General Fui)ds serves to secure proper living conditions for the monastic and lay community together wilh current and future preservation works. Prlnelpdllundlnx.¥ouree% Prin¥ipal funding> to the Abbey is by volunwy donaiion& reiurn on invesiments and from Charlble aclivilies including) retreats. pensions ofcommuniiy members dc. They are expended on achieving il)e s¢aied objeclives. The trading) subsidiary in addiiion to its trnding aciiviiy aims io supplemeni the Abbej. funds by gifl aid donaiion. Its primary source of income is from visilors in the lorni of boai revenue and irdding aciiyiiy on ihe island. The peTlomiance of the funds in ihe J'ear resulied in modesi gains in line with typical econornic relums in the period. Subsequent io ihe year end £300,0(K) of inveslments were liquidaied relaied to ongoing development plans for activities on Ihe island. There is no direct promotional aclivity which is solely for the purposes of nd-raising by the Truslees or any third partv. Financial iN5trumeNts Objeclives audpolicies 'l-he group's activities {Abbey Communtt). and Companv) expose it to a number of financial risks including ¢redit risk and liquidity risk. -I'he group does not use derivaiive financial instruments for speculative purposes. The group's maj(Trr risks have been reviewed and systems or predur have been established to manage th95e risks. Page 5
Caldey Abbe)" Communil), Trustees, Report Credlt rlJk The group's principal financial assets are bank balances and cash. trade and other receivables. and investhients. The group's credit risk is primarily aitribuiable to its itade receivables. The atnount5 presenied in ihe balanLe Sheet are net of allowances for doubtful receivables. An allowance for impairnienl is tnade where ihere is an idenlified loss event which, based on previous experience. is evidence of a reduction in the recoverability of the eash flows. The credii risk on liquid funds and derivative financial insiruments is limited because the counierparties are bai)ks with high credii-raiings assigned by internaiional credil-fdiing agencies. The group has no significant eoneenirdtion of credii risk. 1th exposure spread over a large number of tounietparties and customers. Liqiiidity ri.fk In order io maintain liquidity to ensure thal sufficienr fvnds are available for ongoing operaiions and future dcvelopments, the gyroup uses a mixiurc of long-ierni and shon-iern) debi finance. Further delIS regarding liquidity risk can be found in th¢ S¢ai¢m¢ni of accounting wlicies in ihe financial stai¢mcnis. Diselosure of informaiion to auditor Each Irusiee has iak¢n sieps ¢ha¢ they oughi io have iakeji as a trnsiee in order to Inake themselves aware of aiiy relevant audii information and ¢0 establish ihai ihe chariiy's audiior is aware of that inforniation. Tlie truslees confirm that ihere is no relevan¢ inforn)alion thal they know of and of which they know the audi¢or 15 unaware. Reappointment of auditor LI IP Audii()rs Lid rL'si&Tn¥d as audiiors to the Chariiy since the year end. HSJ Audit Limited have been appoinled in ac¢ordanc¢ w'ith a Board resolulion on 25 October 2024. They being eligjible will coniinue lo ac¢ as audiiors in ihe nexi financial year. The annual report was approved by the Irusiees of the chariry on 27 Novernr 2024 and signed on its behalf by.. RtRevJ.L.R Trusiee sey. Abbo( Page 6
Caldey Abbe)" Communil), Siatement of Trustees, Responsibilities The trustees ale responsible foi the maintenante and iniegrit), of the cotpordte and financial infoTmation included on the chdriiable company'5 web51te. Legi51alion govetnin¥ the picpardlion and dis5eniination of findncial stdten)ents may differ from legi51alion in other jurisdictions. The trusiees are responsible for preparing ihe financial $thments in accordance with the Unld Kingdom Accouniing Siandards (United Kingdom Generally Accepied Accounting Praciice) and applicable law and regulaiions. The law applicable io charities requires the irusiees to prepare financial $thments for each financial year which give a true and fair vieM' of ihe siaie of affairs of thc charity and of thc incoming resourccs and application of resources of the chariry for ihai period. In preparing these financial sthremenrs, the trusiees are required to.. select suiiablc accouniing wTrlicies and then apply them consisienily: obscrve the meihods and principles in the Charities SORP: make judgyement5 and estimates thal are reasonable and prudeni. stale whether applicable accouii¢ingy 51andards have been followed. subject to any material departures disclosed ai)d elplained in ihe financial sialements: and pr¢par¢ th¢ financial 51alements on ihe going concern basis unles5 it is inappropriale to presume that the charity will continue in busin¢s5. The tniste¢s are responsible for keeping proper accounting records ihai disclose wilh reasonable a¢curacy at any lime the financial posi¢ion of the Charity and enabl¢ ihem io ensure that the fiiiancial staleinei)Is Coiiiply with the Charities A¢t ?01 l. th¢ appli¢abl¢ Charities (Accounts and Reports} R¢gulation5. and ih¢ provisioiis of ilie constitution. The trustees are also responsibl¢ for safeguarding ih¢ assets of the ¢harity and hence for tskiiig reasonable s¢eps for ¢he prevention and dele¢tion of fraud and other irregularities. Approved by the trusiees of ihe charity on 27 November 2024 and signed on its behalf by.. RIRevJ.L.R Trustee Page 7
Caldey Abbe)" Communil), Independent Auditor's Report to the Members of Calde), Abbe), Community Opinion We have audited th¢ finan¢ial stst¢m¢nts of Cald¢y Abky Community (th¢ 'charitabl¢ par¢ni') and it5 subsidiari¢s {the 'bFroup'l for the y¢ar ended 3 1 January ?0?4. M'hich compris¢ the Consolidated Staieinent of Finai)¢ial Activities, Consolidated Balan¢¢ Sheet Balan¢¢ Sheet and Noies 10 the Fina]i¢ial Staiein¢nts. including g suminary of sigjnificant a¢counting policies. The fitwicial r¢portiJig fram¢w'ork that has b¢en appli¢d iii rheir pr¢paration is United kin&dom A¢couniing Standards. Comprising Chariii¢s SORP - FRS 102 'Th¢ Fina]i¢ig1 Reporting Staiidard pplicable in the UK and Republic of Ireland, and applicable 1aM. (Uniied Kingdom Gejierally Accepted Accounting Practice). In our opinion the financial statements: give a truc and fair vicw of rhe siaie of ihe group's and parejii charity's affairs as ar 31 Jai)uary 2024 and of its incoming resources and applicarion of rcsourccs. including its incomc and cxpcndirurc. foT ihe year ihen ended., havc bccn properly prepared in ac¢ordanc¢ Mith Unii¢d Kingdom Generally Ac¢¢pt¢d Accounting Practice: and have been prepared in accordance wilh ihe requiremenis of the Charities Aci ?0 I l. Basis for opinion We Londtscied OLir audit in accordance with Iniemaiional Standards on Auditing (UK) (ISAS IUK}l and applicable law. Our responsibilities under those standards are further described in ihe auditor responsibililies for (he audil of the financial siatements section of our re)rt. We are independeni of the group in accordai)ce wilh tlie eihical requirements (hat are relevant 10 our audit of the financial stsienients in the UK. including Ihe l--RC's EihiLal Siai)dard. and we have fulfilled our oiher ethical resw>nsibiliiies in accordance 1th these requireinei)Is. We believe thai the audit evidence we have obtained is sU1¢icni and appropriate io provide a basis for our opinion. Conclusions rtlating to Roing eoncern In auditinb th¢ finaiicial stal¢m¢nls. w'e have ¢on¢luded ihol the trustees use of the going ¢on¢ern basis of a¢¢ounting in the preparation of the financial statements is appropri#t¢. Based on the work we have perfom)ed. we have not ideniified any material uncertainties relatins> to events or conditions that. individually or colleciivel>'. may casi significant doubt on the group's ability to contii)ue as a g)oins concern for a period of ai least ts4elve months from m.hen the original financial 5taien)ents M'ere autl)ori5ed for i55ue. Our responsibilities and the resp)nsibilities of the Itee5 with respect to going concern are described in the relevant 5ection5 of this report. Other information The trustees are responsible for the other infornialion. The other inforniation comprises the infomiation included in the annual report. other than the financial sthiemenis and our audiior s repon ihereon. Our opinion on the finaiicial siatements does not cover ihe other infom)aiion and. eicepi io the exieni othenvise explicirlj staled in our repor( we do not express any fomi of assurance conclusion ther¢on. In connection with our audit of the flnancial statetnents. our responsibility is to read the other infoTmation and. in doing 50. con52der whether the other infortnation 15 tnateriall). inconsistent with the fiiiancial stateinents or our knowledge obtained in the audit or otherw.ise appear5 to be materiall), mi55tated. If we identify such n)aterial inconsistencies or apparent material mi55tatemcnt5. "t are required to detemiine M'hether there 15 a material mi55tatement in the financial 51ateTnent5 01 a material mi55tatetnent of the other infotmation. If, based on the work Wt have perfomied, we conclude that there i5 a material mi55tatement of this Other infomation, we are required to report that fact. Page 8
Caldey Abbe)" Communil), Independent Auditor's Report to the Members of Calde), Abbe), Community We have nothing to report in this regard. Matters on which we are required to report bv elception In the light of uur know'ledge and understanding uf the group and the parent and its environrnent obtained in the course of the audit, we have not identified rnaterial tni%statetnents in the and the Trnsltts, Report. We have noihing io repon in respeci of (he following mauers where the Chariiies Act 201 I requires us to report to you if. in our opinion= adequate accountirhg records have noi been kepi by the pareni charity. or returns adequate for our audii have not been r¢c¢ived from bran¢h¢s nol vi51t¢d by us: or the parent Chariiy financial staiemenis are not in agrttment with the accouniing records and rdums: or ccrtain di_sclosures of iwsices remuncrdiion spccificd by law are noi made: or e have noi re¢eiv¢d all ihe inforniaiion and explanaiions we require for our audit. Re5pon5Lbilities of iru5tee5 As explained more fully in the Staiemeni of Trusiees. Responsibiliiies {sei oui on page 71. the sleeS are responsible for the preparaiion of Ihe financial sthien)enis and for being saiisfied thai ihey give a true and fair view,. and lor such iniemal control as the irusiees deiemiinc is necessari io enable the preparaiion of financial siaten)ent5 that are frce from material MissleMen1. %'hrfher due io fraud or error. In preparing the financial statements. Ihe t51¢¢5 are responsible for assessing the charity's ability ¢0 continue as a roinl concern, disclosing. a5 applicable. mailers relaied io gyoing concern and usiiig the goinkj conceri) basis of CLounlill&T unles5 the Irvsi¢¢s either intend 10 liquidaie ihe ¢hÈrily or io ¢¢ase op¢raiion5. or hav¢ no realisli¢ alternative bul ¢0 do so. Auditor responsibilities for the audil ofihe financial statcmtnts Our obj¢¢iives ar¢ to obiairi r¢asoriable assuTan¢e aboui iiheih¢r ihe financial stalements as a whole are free from niaterial niis5tat¢m¢ni. whether due lo fraud or error. and to issue an audiior s report that jii¢ludes our opiiiion. Reasonable a5suranc¢ is a high level of a5surJnc¢. iMLI 15 not a guaraiiiee that an audit conducted in accordaiice 1th ISA5 IIJKI will alwaJ'5 dctcct a material misslatcmcTrt whcn it cxists. Mlsstatcients can arisc froim fraud or crror and arc considercd niateTial if. individually or in ihc aggregate. thcy could reasonably be expected to influci)ce the economic decisions of uscrs takcn on the basi5 of thc5e fIn)cIal 5talcmcnts. The extent to which our procedure5 are Capable ofdetectin8 irregularities. including fraud is detailed below.. Page 9
Caldey Abbe)" Communil), Independent Auditor's Report to the Members of Calde), Abbe), Community To identify risks of material misstatement due to fraud I'frdud risk5"). including instances of non-cornpliaiice with laws (Ind re¥ulations, we as5es5ed events or conditiotlS that could indicate an incentive or pressure to con)mit friiud or provide and opportunity to commit frdud. We design procedures in line lih our reswnsibilities, outlined below the Financial Reportin¥ Couthcil's website. to detect n]aterial mi%statetnent in respect of fraud and non-cornpliance with law'5 and regulatlOn5. We obtain and update our undersianding of the eniiry. its aciiviiies. its control environmenL and likely future developments. including in relation io ihe legal and regulaiory framework applicable and how the entily is complying with that framework. We communicated identified frdud risks ihroughoui the engagemeni ieam and remained alert throughoui the engagement process for any indications of fraud. As required by the auditing srandards, we ideniify and assess the risk of maierial miss(arenient of finaiicial siatements. wheiher due (o fraud or error. in particular revenue recogniiion and managemeni override of conirol. We desibin and perform audii procedures ressx)nsive 10 those risks. and obiain audii evidence (hai is sufficieni and appropriaie to provide a basis for our opinion. This includcs consideraiion of the risk of acts by ihe enrity ihai were contrary. to applicable laws and rcgFulaiions. including frdud. In response to Ihc risk of maierial misstaiemeni and nonvcompliance with laws and regulations. includin&v fraud. we desibined procedures which included- Enquiry of managJemen¢ and ih05¢ chargyed with governance around aclual and po¢eiilial litigation and clairns as ¢11 as actual, suspected and all¢&ved fTaud.. Reviewins> minutes of meetings of those charged with governance: Assessing the extent of compliance wilh the laws and regulaiions considered to have a direct material effect on the financial sialements or the operaiions of the entity through enquiry and inspeciion: Reviewing financial s¢ai¢m¢nt di5c105ures and iesting supporting do¢umentation to as%ss compliance with applicable law5 and regulation5: Ideniifyins joumal entries and other adjustments to test based on risk criteria and comparing the idei)tified entries to supporting documentation. These included those posted to unusual account con)binations,' Assessing whether reienue has been accounied lor in ihe correci period and the exisience of revenue at (he cut oft. dale based on ihe adopied accouniing polily for revenue. Because of the inhererht limitations of an audit. there is a risk that w¢ will not det¢¢t all irregularities, including those leading to a mai¢rial mi5Statement in th¢ financial statements or noii-compliaii¢e '1th regulations. 'I'his ri%k in¢reases th¢ mor¢ than ¢omplian¢e w'ith a law. or regulation is removed from the ¢vent5 and transa¢tion5 Tefl¢cted in the finaticial stat¢m¢nts. as w¢ will b¢ less likely io become awar¢ of instaiic¢s of ngn-¢omplian¢e. I'he risk of not detecting a material mi5Statement resulting from fraud 15 higher than for one result froni error. as fraud may involve collusiotl. forgery, intentional omLS5101]5. misrepresentations. or the override of an internal control. Page 10
Caldey Abbe)" Communil), Independent Auditor's Report to the Members of Calde), Abbe), Community Use of our report This report is niade 501ely to th¢ ¢lwitsbl¢ par¢nt company's tNsic¢s, as a b(Kly, in a¢¢ordan¢¢ with Chapt¢r 3 of Part 16 of th¢ Companies A¢t ?006. Our audii work ha5 been undertak'¢n so ihat H'e might stai¢ to the group's trnst¢¢s thos¢ matt¢rs w¢ we requir¢d to stai¢ to them in on audiior's r¢port and for no od)¢r purpos¢. To the lI¢st extent p¢rmitt¢d by law. w'e do noi acc¢pt or assum¢ responsibility 10 8nyon¢ oth¢r than th¢ ¢horitabl¢ par¢iit company and its trustees as a b5.. for our audit work. for this retth, or for the opinion5 we have fonn¢d. Mr Aiidrew Hill FCCA ACA DChA BFP (Senior Siaiutory Audiior) Fvl. dlid till brlhalf vf HSJ Aiidii Limited. Siatuiory Audiwrs Sevem House Ha7.ell Drive Newport NP108FY Date.. 2811112024 Pagell
Caldey Abbe)" Communil), Consolidated Statement of Finaneial Activities for the Year Ended 31 January 2024 (Including Consolidated Income and Expenditure Aeeount and Siatement of Total Reeognised Gains and Losses) Unrestricted funds Restricted ruNds Total 2024 Total 2023 Note Ineome and Endowments from: Donations and Icgacics Charitable activities Other trading aciiviiies Investment inLome Oth¢r incom¢ 213.403 92,935 369.109 ?0.457 11,667 213.403 92,935 369.109 20,4.57 11.667 151,173 68,500 444,907 7,812 To¢al incom¢ 707.571 707.571 672.39? Expendlture on: Raisin& funds Charitable activities Other expcndiiure Total expendiiure Gainsllosses on investmeni asseL8 (449.789) 1394.829) 1449.789) 1394.829) 1386.7421 1187.2(141 16.6¥9 {842.3641 19,596 1842.3641 1580.6351 {64.7?8 18 Net lexpendiiurellincome Net movement in funds ?7.029 (115.197) 27.029 Reeonciliation of funds .1 otal funds brought forward 1.141.092 43.257 1.184.349 1.157.320 .1 otal funds carried fgrward 24 1,0?5.895 43,257 1,069,15? 1,184,349 All of the group's activities derive from conlinuing operations during the at¥)ve periods. The funds breakdown for 2023 is shown in nole 24. The notes on pages 17 to 34 foTh an integrnl pan of these financial statements. Page 12
Caldey Abbe)" Communil), Statement of Financial Activities for the Year Ended 31 Januarv 2024 (Including Income and Expenditure Aceount and Statement of Total Reeognised Gains and Losses) Unrestricted fund5 Restricted funds Total 2024 Total 2023 Note Ineome and Endowments from: Donations and Icgacics Charitable activities Investmeni income 213.403 92.935 ?0.457 213.403 92,935 20.457 176.173 68,500 26,36? Total income 3?6.795 3?6,795 271.035 Eypenditure on: Raisin& lund5 Charitabl¢ activities (11.303) {394.6311 {11.303} 1394.6311 {13,7991 1198.8711 To¢al eXnditUre Gainsllosses investment assets {405.9341 23.752 1405.9341 23,752 1?12.6701 {65.6$21 Net expenditure {55.387} {55,387} (7.2871 Net movement in funds (55.387) 155.387) (7.2871 Reconciliation of fund5 Total funds brought forward Total funds carried forward 922.614 43,257 96S,871 973.158 24 867.227 43.257 910.484 965.871 All of the charity's activities derive from continuin8 operntions durin8 the above two periods. The fund5 breakdown for 2023 L5 shown in note 24. The notes on pages 17 to 34 foTh an integrnl pan of these financial statements. Page 13
Caldey Abbe)" Communil), Consolidated Balanee Sheel as at 31 January 2024 2024 2023 Note Fixed assets Tangible assets Invesimenis 16 146,327 881,765 86.617 864.076 1.028.092 950.693 Current 05sets Siocks Dcbtors Cash ai bank and in hand 19 20 20.257 19.150 156,8)9 15,888 12,521 347.015 21 196.246 375.424 Creditors: Amounts falling due wiihin oTre year 22 {51,818} {36.1461 Net current assets 144,498 339.?78 Total assets less eurrent liabilliles .172,520 1.289,971 Creditors: Amounts falling due after more than one year 23 {92,109} {92.1091 Provl8ions 11.259 Net assets 1.(169.15? 1.184.349 Funds of the group: Re5tri¢ted income funds Rc51riclcd flind5 43,257 43,257 Unrestricted inenme funds Ilnrestrictcd fund5 1.025.895 1.141.092 Total funds 24 1.069.1.5? 1.184,349 The linancial statements on pages 12 to 34 were approved by ihe tyusiees, and authorised for issue on 27 November 20?4 and. igtned on their behalf by- Rt Rev J. L. R055e Tnislee . Abbot The notes on pages 17 to 34 foTh an integrnl pan of these financial statements. Page 14
Caldey Abbe)" Communil), Balanee Sheel as at 31 January 2024 2024 2023 Note Fixed assets Tangible assets Invesimenis 16 8.720 784,191 1.886 766.502 792.911 778.388 Current 05sets Debtors Cash ai bank and in hand 20 21 12.Oi6 130.68 3? 203 9(11 142.72? ?03.2i3 Creditors: Amounts falling due within oThe year 22 {?5,149} {15.7$01 Net current assets 17.573 187.483 Net assets 910.484 965.871 Funds of the charity.. Reitriettd income funds RL%iriciLd funds 43,257 43,257 Unrestrlcted Income funds Ilnres(ri¢tcd fund5 867.227 922.614 Tot#1 funds 24 910.484 965.871 The financial statenients on pages 12 to 34 were approved by the trusie¢s. and authorised for issue on 27 Nov¢niber 2024 and sigiied on their behalf by- Rt Rey J. L. Rossey. Tiust¢e bbot The notes on pages 17 to 34 foTh an integrnl pan of these financial statements. Page 15
Caldey Abbe)" Communil), Consolidaled Statement of Cash Flows for the Year Ended 31 Januar), 2024 2024 2023 Note Cash tlows from operating activities N¢t cash (¢xp¢nditurel..'income (115.197) 27,029 Adjustments to cash nows from non-cash items Dcpreciaiion Investmeni income Investment management costs Revaluatitsrt ol- investments 11.387 120,457) 6,064 1?3.7531 24.228 (7.812) 11,788 64,728 1141.9561 119,961 WorkinR eapi181 adjusiments {Incredsel.:'deLrease in stocks Incr¢ase in d¢b¢ors Increase in £dItorS Decrease in provisions Nct cash flo5 from operdting acliviiies 19 20 22 14.3691 (6.6291 21.84? 18.4241 16.852 (799) (6.3J61 1139.536 135.732 C#sh flows from investing activilies In(crLSt rccLivablc and Similar inLome Purchase of tangible fixed assets Purchase of illv¢stm¢n¢S 20,457 {71.097) 7,812 {19.3921 104.138 16 Net ¢#sh flows from investing a¢tivities {50.640) Cash flow5 from financing 4c¢ivilies Repayment of capital element of finance lease5 and HP conlracts 543 Net Idecreaselllncre¢ in cash and cash equivalents 1190.1761 19.471 Cash and cash equivalents at l February 347.015 327.544 Cash and cash equivalents at 31 January 156.839 347.015 All of the cash flows are derived from coniinuing operations during the above two periods. The notes on pages 17 to 34 foTh an integrnl pan of these financial statements. Page 16
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 I Charitv status Th¢ charity is limii¢d by guardnt¢¢. incorpordted in and ¢onsequenil)' do¢s not have shar¢ capital. Each of th¢ tnislees is liable to contribiite an amount not exceeding £1 loardS Ihe assets of the charit), in the event of liquidation. The principal place of business is: Caldey Abbe Caldey Island otl Tenby Pembs SA70 7UH These financial 5tat¢m¢nts M'ere authoriscd for issue by the twsiees on .......................... . 2 Aeeounting polieies Summary ofsiRnifieani aceountini polleies and ktv aecountin% estirn8tes The prin¥ipal accounting policies applied in Ilie prepardlioli of ¢hcse finwicial Stements are sei oui below. These policies have been consisienily applied to all the years presented. unless thherwise 5ted. tatement of eomplianee 'The financial siatements haye been Prepared in accordance with Accouniing and Reporting by Chariiie5'. Siatement ol. Recommended Practice (applicable to chariiies preparing (heir accounts in accordance with ihe Fiiiancial Reportinuv Standard appliiable in the UK and Republic of Ireland (FRS 102)) (issued in Ociober 20191- (Charilies SORP IFRS 10211, the Financial Reponing Siandard applicable in the UK and Republic of Ireland IFRS 1021 and th¢ Companies Act 2006. B#515 of preparxtion Caldey Abbey Community meeis ihe definition of a public benefii eniiiy under FRS 102. Assets and liabilities are initially recognised ai hisiorical cosl or irdnsaciion value unless otherwise sthied in the relevant accouiiting policy notes. Ba515 of eon501idation The consolidaied financial statements consolidale the financial siatements of the charity and it5 subsidiary undertakings drawn up 10 31 January 2024. Page 17
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 A subsidiary 15 an entity controlled by the charitv. Control is achieved here the charity ha% the power to govern the fin[lI{11 and operating policie5 of an entity 50 to obtain benefits frotn its activities. The results of 5ubsidiarie5 acquired or disposed of during ihe year are included in the statement of finaiicial activities from the effective date of acquisition or up to the eectIVe date of di5P05al. as appropriate. Where necessary. adjusiments are made the financial staiements of subsidiaries io bring their accounting policies inio line wilh ihose used by ihe group. The purchase method of accounting is used io atcouni for business combirtations ihai resuli in ihe acquisition of subsidiaries by the group. The cosi of a business combination is measured as the fair value of the assets given. equiij instruments issued and liabiliiies incurred or assumed ai ihe date of exchange. plus costs directly allribuiable to ihe business combina(ion. Identifiable assets acquired and liabilities and coniingeni liabiliiies assumed in a business combination are measured iniiiall>' ai their fair values at the acquisition dale. Any excess of ihe cosi of the business combinaiion over ihe acquirer's inierest in the nei fair value of ihe ideniifiable assets. liabiliiies and coniingent liabilities recognised is recorded as 8dWIll. Inrcr-compan}' irdnsaciions. balances and unrealised gains on iransaciions beiween the charity and lis subsidiaries, which are rclatcd parties. are eliminated in full. In(ra-s)roup losses are also eliminaied bui may indicaie an impairnient thai requires recognition in the consolidated Iinancial siatcments. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the gFroup. Non-conirolling7 inierests in ihe nei asseis olconsolidaied subsidiaries are idei)tified separaiely I'rom the Liroup s equiiy Iherein. Non-conirolling? inieresis consisi ol Ihe amouni of (hose inleresis a¢ ihe dale ol- Ihe oriuiinal business combination and Ihe non-conirolling shareholder's share of chanu?es in equil> since (he date of ihe conibination. Total comprehensive income is aiiribuied 10 nonryconirolling inleresis even if this results in the non-conirolling interests having a deficii balance. Going concern The tr115tCC5 consider that ihcre are no material uncertainties about the group's ability to Continue as a going concern nor any 5is7nificant areas of uncertainty thai affect ihe ¢arr)'in¥ value of assets held by the bjroup. Income and endomrnents All income 15 recogTni5ed 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 reliabl>'. J)onations 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 io condiiions Ihai require a level of perfomian¢e by Ihe charity before the charity is entitled to the funds. the income is deferred and noi rttognised uniil eiiher ihose conditions are fully met, or the fulfilmeni of those conditions is wholly wiihin ihe conirol of Ihe charirj. and li is probable chai ihese conditions will be fulfilled in the reporting peri¢)d. Page 18
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 Dividends are recognised once the dividend has l*en declared and notificaiion has been received of the dividend due. Expendilure All expenditure is recognised once there is a legal or consiruciive obligaiion to that expenditure, li is probable settlement is required and the amouni can be measured reliably. All costs are allocated to the applicable expenditure heading ihai aggregaie similar eosts to thai taiegorv. Where costs cannot be direcily atiribuied to particular headings they have been allocated on a basis consisieni M iih ihe use of resources. with central ststT costs allocaied on the basis ol. lime speni. and depreciation charges allocated on the portion of the assei's use. Other supwrt costs are alloLated based on ihe spread of siaff costs. Rai.finKfund.s These are costs incU¢d in attrdciing volunlary incorne. the managemeni of invesunents and those incurred in trdding activities thai rdise funds. Churliuble UL'ilvliles Charitable expenditure ¢omprises those costs incurred by the tharity in the delivery of its aeiivilies alld services for ils benefieiaries. It illcludes both ¢osis that ¢¥n be a110¢oied directly to such ¥¢iiviti¢s and those costs of #n ii)dire¢¢ nature n¢tessary to supp(>rt them. Oilier dipendllure RLdunddncy costs are recognised in ihe profit & loss accouni in the period in which they occur. iupport tosts Support cosis include Central functions and have been allocated 10 activity Cost cates>ories on a basis consistent with the use of resources. for example. allocaiing propeny costs by flLH)r areas. or per capiia. cosls by the tinie spent and other costs by their usage. CJDvern&nce cost. These inilude ihe costs atiribuiable lo the charity's compliance with consiiiuiional and staiuiory requireinents, including audiL Strategic managemeni and irusiees meeiings and reimbursed expenses. Government grants Government grants received on capital expendilure are iniiially recognised within deferred incorne on rhe Balance Sheei and are subsequently recognised in the profil or loss on a systemaiic basis over the usefvl life of the related capital expendiiure. Granis for revenue expendiiure are preSend as pan of the profil or loss in the periods in which the expenditure is recognised. Tangible fixed #55ets Individual fixed assets Costing £100.00 or more are iniiially recorded at cost. Page 19
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 Heritage assets The charity also fr¢¢hold land and buildings. including Cald¢y Islynd. dwelling hous¢s and oth¢r ass¢ts, wh¢r¢ the original costs are unknown. It is imprd¢iical 10 obthin valuation of thes¢ preN'iously noJ)-capitalised ass¢ts due to their natur¢. Th¢s¢ include ¢¢rtain H¢ritag¢ ass¢ts of hisiori¢al imw)rtanc¢ h¢ld for th¢ odvoncc of pr¢s¢rvation, religioiis and edu¢ationo1 obj¢ciiv¢5 of th¢ charity. Depreeiation and amortlS4tion Dcprcciaiion is provided on iankTible fixed assets 50 a5 w wrire off the cost or valuation, less any estimated residual value. over their expected useful economic life as follows.. Assei class Frcehold Reversion Tr'reehold Buildings Equipment and vehicles Dtpre¢l4tion method and rate 40/ or IOO/• styaight line ?5Q/ or 33 /0 reducing balance Fixed asset iDV¢Strn¢nts F'ixed asset investmenis. oiher ihan programme related invesimenis. are included ai Maet value at ihe balance sheet date. Realised blains and losses on invesimenis are calculated as ihe difference between sales proceeds and their market value at Ihe start of the year. or iheir subsequeni cosi. and are charged or CredId io ihe Siaiement of F inancial Activities in the period of disw)sal. Unrealised b>ains and losses represent Ihe movemeni in markei values duringi the year and are crediied or chargied to the Statement of FinanLial Activiiies based on the market value ai Ihe >'ear end. Stock is valued at the lower of cost and estimaied selling price less costs 10 coniplete and sell. after due regvard for ob501ete and slow moving 510cks. Cost is deiemiined using the firsi-in. flrst-oui {fiFOI. Tr8d¢ debtors Trade debtor5 are amount5 due from customers for merchandise sold or services perforn)ed in the ordinary course or business. Trade debtors are recognised initially ai the transaction price. They are subsequently measured at amortised cost using the effective iniere5t method. le55 provision for impaimieni. A provision for the impairnien( of irade debtors is established when there is obje¢iive evidence Lha( the charity will not be able to collect all amounts due according to the original temis of the receivables. Cash and cash equivslents Cash and c&sh equivalents comprise cash on hand and call de[1¢$. and oiher short-ierni highl}, liquid investments that are readily convenible io a knomn amoun( of cash and are subjeci to an insignificani risk ofehange in value. Page 20
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 Trade ereditors Trade creditors are obligations to pay for good5 or s¢rvic¢s that hav¢ b¢¢n a¢quir¢d in th¢ ordinary ¢ours¢ of business from suppliers. Accounts paj'able ar¢ classified a5 currejii liabilities if the charity do¢s i)ot hav¢ an unconditional right. at th¢ ¢nd of th¢ reporting period. io d¢f¢r s¢ttl¢Jn¢iii of th¢ ¢r¢diior for at l¢asr Nelwe nioiiths fter th¢ reporting date. If th¢r¢ is an unconditional right io defer s¢ttl¢m¢nt for ai l¢asi tw'¢lve Inoiiths aft¢r tli¢ reporting date, Ihey arc prescnied a5 n0n-Curnt liabilities. Trade creditors are reco¥ni5¢d initially at th¢ trdnsaction pric¢ ynd 5ub5¢quently measured at amortised ¢ost U5Lng th¢ ¢ff¢ctiv¢ int¢r¢5t m¢thod. Borrowings Int¢r¢sl-b¢aring bOowingS ar¢ inili8lly record ai fair value. of transaction costs. Int¢r¢st-b¢ariiig i)orrowii)gF5 r¢ siibs¢iiu¢ntly ¢arri¢d al amorti5¢d cos¢. w'ith th¢ differen¢¢ b¢lw¢¢n th¢ pro¢¢eds. n¢t of trai)sactioi) costs, and the mouni du¢ on red¢mp¢ion being ronIsed a charg¢ io ihe Sthi¢m¢nl of Financial Aciivitics over the period of Ih¢ relevant borrowing. Interest expense is re¢ognised on ihe b&sis of ihe effe¢iive inierest Meth and is in¢luded in ini¢resi payable and similar ¢harges. Borrowin&s are classified as current liabilities unless the charity has an uncondilional righi io defer settlemeni of the liability for ai least twelve months after ihe rerorting dale. Provisions Provisions are reeobynised when the charity has an obligation at ihe rew)rtiiig date as a result of a past evei)l. it is probable thai the charily will be required to s¢til¢ that obligaiion and o rtliabl¢ e5liniate ¢ath be Jknad¢ of the ainount f the oblig7ation. Fund structure Unrestricted income filnds are general funds that are available for use at the trustees's discretion in accordance witl) the Charity's objectives. Restricted income funds are Ihose donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions other post relirernent obligations Coniributions 10 defined con¢ribuiion plans are expensed in the period io which they relaie. FinaNciAI instruments ClasslfiL'uiioM Financial assets and financial liabilities are recow)ised when ihe group becomes a party io the contractual provisions of the instrument. Financial liabilities and equi(y instyuments are classified according io ihe substhnce of Ihe conTrciual arrangements entered into. An equi insiwment is any contraci thai evidences a residual interesi in Ihe assets of ihe group after deducting all of its liabiliiies. Page21
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 ReLognlilvn upid tsieasuremeni All financial SetS and liabilities are initially tneasured at transaeiion price (ineludtng transaction costs). except for those financial assets classified as at fair value ihrough profil or loss. Mhich are iniliall), rneasured at fair value {which 15 nortnallj. the transaetion price exeluding trallsaclion costs). unless the arrangement COl)Stilu(es a fiiianeing transaction. If an arranoement consiituies a financing Irdnsaction. the financial assei or flnancial liabiliiy is measured ai the preseni value of Ihe fuiure payments dhscounied ai a markei raie of interesi for a similar debi instrun)ent. Financial assets and liabilities are only offsei in the sthiemeni of financial pK)sition M,hen. and only when tl)ere exists a legally enforceable righi to sei orrthe recognised amounLS and the group intends eiiher to seitle on a net basis. or ts) realise ihe asset and settle the liability simultaneously. Financial asseis are derecogniged when and only when a) the coniraciual rights io the cash floMs from the financial assei expire or are seiiled. bl Ihe group iransfers io anoiher pany substantiall) all of the risks and rewards of oHnership of the financial assei. or cl the group. despiie having retained some, bui noi all. significan( risks and rewards ot ownership. has transferred control of ihe asset io anoiher pany. Financial liabiliiies are derecognised only when the obligaiion specified in the conrracr is discharged. cancelled or expires. Inve51menl.f Inves(meniS in non-¢onvertible prtferen¢e shores and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is lIablY Jneasurdblel are measured ai fair value through profil or10$5. Wl)¢re fair valu¢ cannot be measured reliably. inves¢nienls are nieasured at cosl less impairm¢n(. Investnients in subsidiaries and a$50ciaie5 are m¢a5ured 01 cosi less impoimi¢nt. For invesiineii¢S in subsidiaries acqiiired for consideration including ¢h¢ issue of shares qualif)ing for merger r¢lief. cos¢ is measured by refer¢nc¢ to the nominal value of ihe shares issued plus fair value of other ¢onsid¢ration. Any premium is ignored. Falr vdlue niea.¥urefttenl The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted pri¢e5 are unavailable. the price of a receni transaction for an ideniical assei provides evidence of fair value as lonbi as ihere hab not been a Sib*nifiLant Change in economic circumstances or a significant lapse of time since ihe transaciioi) took plaLe. If Ihe markei is not aciive and recent tran5a¢iions of an ideniical asset on their owi are not a estimate of fdir value. the fair value is esiimated by using a valuation technique. 3 Incorne frorn ch8ritabl¢ acliviti¢s Unrestricted funds General Total 2024 Total 2023 Ministry Retreat Monastic Community 5,689 30.180 57.066 5,689 30.180 57.066 8,353 16,832 43,315 92.935 92,935 68,500 Page 22
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 4 Income from other trading aetivities Unrestricted funds General Total 2024 Total 2023 Trading incomc- Trading subsidiary income 369.109 369,109 444.907 369.109 i69,109 444,907 5 Investment income Unrestricted Total 2024 Total 2023 General Interest receivable and similar income: lllter¢si receivable on bank deposits Oth¢T income from fixed asset investments Income from rents 1.907 1.907 4?4 7,388 18.550 18,550 ?0.457 ?0.457 7.111? O Other incorne Unrestrieted funds Gcnrral Total 2024 Income from trading 5ub5idiary 11.667 1,667 7 Expenditure on raising funds ) Costs of trading activities Unrestricted lunds General Total 2024 Total 2023 Trading subsidiary costs 197.101 197.101 194.386 197.101 197.101 194.386 Page 23
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 bl Investment managem¢DI costs Ut)restricted funds Gener41 Total 2024 Tolal 2U23 Other investment management costs.. O¢h¢r ponfolio tnana¥¢m¢nt costs 6.063 6.063 15.037 6.063 6.063 15,037 8 Expenditure on eh8ri18ble aetivlties Unrestric¢¢d funds Gen¢r41 Total 2024 Total 2023 Note Ministry Mission RL'treat F.dii¢ation Monastic Community Upkeep ol-Herilage Premise5 Stall. costs Allocated support costs Govemance cost5 4.?26 10.824 193,018 5,718 37.202 47.053 39.125 49.894 7.769 4,?26 10,824 193,018 5.718 37.202 47.053 39.125 49,894 7.769 5,308 8,829 14,490 5.599 43.801 33.314 4?,225 26,360 7.?78 10 394.829 394,829 187,204 In addition to the expenditure analysed above. there are also governance costs of £7,769 (2023 - £7,278) which relate directly to charitable aclivilies. See nole 10 for further deiails. Page 24
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 9 Other expenditure Unr¢stri¢t funds General Total funds Note Taxation charged in trdding subsidiary 12 ?541 (2 ?54) Total for 2024 (? ?.541 (? ?.541 Total for 202J 6,689 6,689 10 Analysls of goverrtathee eolts CovernAn¢e ¢osts Unrestricted funds General Total 2024 Total 2023 Aiidit fees ALidit of ihe financial siaiements Legal fees 5,225 5.225 5.236 ?.04? 7.571 7.571 7.278 Net incominOt801ng resources Net loutgoingyincoming resources for the year include- 2024 2023 Audit fees Depreciation of fixed assets 20.699 24.228 12 Trustee5 remuNerdtioN and expense5 During ihe year the group made the following trdnsaciions with truSe5- Rt Rev C: A Van Santvoort £Nil l?023.. £7871 of expenses w'ere reimburscd to Rt Rev G A Van Santyoort during the year. The trustee had clothes & laundry. health products and trdvel to the value of £5.879.98 paid within the year {2023.. £11,499). Page25
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 13 Staff costs Th¢ aggr¢gat¢ payroll ¢osts w¢r¢ as follows- 2024 2023 Staff cost5 during the year were: Wages and salaries 8ocial security costs Pension cosis 186.533 299 !.650 200,188 1,648 6.590 189,482 208.426 The monthly average number of persons (including senior management I leadership ieaml employed by the group during the year cxpresscd as 11 lime equivalents was as follows- 2024 No 2D2J No Average for the year No employee received emoluments of more than £60.0(K) during the year. The total employee benefits of the key management personnel of ihe group were £Nil12023- £97.434}. 14 Auditors, remuneralion 2024 2023 Audit of the financial stalenienls 5,225 5,236 15 Taxation The Irading subsidiar),. Caldey Island Esthie Company Lid. has a thx charge in the year of £NIL (2023.. £6,170) and deferred tax of -£2,254 (20?3..-£963). Page 26
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 16 Tangible fixed assets Croup Land and buildings Equipment Total Cost At l February 2023 Additions 240.477 458.762 71.097 699,239 71.097 At 31 January 2024 ?40.477 5?9.859 770.336 Depreciation At l Fcbruary ?023 Chargye for the year 227.130 6.485 385.49? 4.90? 612.622 11,387 At 31 January 2024 233.615 390.394 624,009 Net book value At 31 January 2024 6.862 139.465 146.327 At 31 January 2023 13.347 73.270 86.617 Asiets held under finance leases #nd hire pureh*$e eontra¢t$ The net carryin¥ amount of iangible assets includes ihe following amounts in respeci of assets held under finai)ce leases and hire purchase coniracis.. 2024 2023 Equipment 1,375 ?,033 Page27
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 Charity land and buildings Furniture and equipment Total Cost Ai l February 2023 Additions 152.500 53,949 3.979 206,449 3.979 At 31 Jantsary 20?4 152.-500 57.9?8 ?10.428 Depreciation At l February 2023 Charge for the year 143.430 6.057 51.133 1.088 194.563 7,145 At 31 January 2024 149.487 52.221 201,708 Net book value At 31 January 2024 3.013 5.707 8,720 At 31 January 2023 9.070 2.816 11,886 17 Herlta8e assets Charity Heritage a$s¢ts not ricognisfd in th¢ balancc shee¢ 'l-hc charity a150 omn5 frcchold land and building5 (including Caldey Island). dwelling houses and otl)er assets, where the original costs are unknown. It Is imprdctical to obiain a valualion of these previously nonapItalISed asscts dLlC lo their naturc. These include certain Heritage a55Cts of historical imp(*tsnce htld for the advance of the prescrvation. religious and edLicational objcc(ive5 of the charity. Page28
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 18 Fixed asset investments Croup 2024 2023 Other investmenis 881,765 864.076 Other investments Li51¢d inTr¢s¢m¢nts Vnlisled investments Total Cost or Valuation At l February 20?3 Revaluation Manab>ement fees 861.169 ?3.752 16.0631 2.907 864,076 23,752 {6.0631 At 31 January 2024 878.858 ?.907 881.765 Net book v#lye At 31 January 2024 878.858 2.907 881,765 At 31 January 2023 861.169 ?.907 864,076 Subsidiaries 'I'hc tax charge reported in ihe acci)unts relates to surpluses made by the tryddin8 subsidiary which are not gift aided ta the charity. -I'hc IJK corporation tax 15 charged at the rate of IV/•120?3.. 1 W,,.). No account 15 taken of dcfcrred tax as the amounts involved are not materiol. Charity 2024 21123 Oiher investments 881.765 864.076 Page 29
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 Other investments Listed ini'estments Unlisted in%'estments Total Cost or V#luation At l February 2023 Revaluaiion Mana¥en)ent f¢¢5 763.495 ?3.752 16.063) 2.¢X)7 766,402 ?3,75? {6.0631 At 31 January 2024 781.184 ?.907 784.091 Net IM)ok value At 31 January ?024 781.184 2.907 784,091 At 31 January 2023 763.495 2.907 766,402 19 Stock Group Charilv 2024 2024 2023 Stocks 20.257 15.888 20 Dtbtors Group Charitv 2024 2023 2024 2023 Trade debtors Due from group undertakings Prepayments Accrued income VAT recoverable 3,21NJ 32 12.036 9.560 1.417 4.973 7,871 1.417 2,722 19.150 12,521 12.036 32 Page 30
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 21 Cash and cash equivalents Group Charity 2024 2023 2024 2023 Cash on hand Cash ai bank 19.927 136.91? 16.524 330.491 14,039 116.647 9,562 193.639 156.839 347.015 130,686 203.201 22 Creditors: amounts falling due within one Wr Group Charity 2024 2023 2024 2023 Trade CTediior5 Trading? subsidiary COTpofdtion tax payable Other xatIOn and social security Other creditors Accruals 16.212 13.875 2.601 7.700 6.170 3.489 325 1?.287 4.288 759 30.559 2,510 610 19.428 2,510 304 5.?36 51,818 36.146 25.149 15.750 23 Creditors: amounts falling dut after one vear Group Charity 2024 2024 2023 Oiher crediiors 92.109 Page31
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 24 Funds Croup Balance at I February 2023 Other recognised gainslllosses) Balance at 31 January 2U24 Ineoming resources Resources expended Unrestrieted funds Generthl General Funds ,140.168 695.904 1811,136) 959 1,025,895 Restritted funds Bishop John Gran FLirhd Hcriia&T¢ Building Fund St Illiyd Fiind 26.076 8.989 26,076 8.989 8,19? 43,757 Total funds .183.425 695.904 1811,136 959 1.009,152 Balancc at l B#lancc at Februan. Ftbruarv 2022 2022 Oiher rccognised gainslllosses) Balanee #t 31 ,lanuary 2023 Resources expendcd Unrestrleted funds Generthl Gener1£ l Funds 1,114,063 672,392 (580,928) (64,435) 1,141,092 Re5tri£ted fund5 Bishop John Gran Fund Hcritagc Building Fund St Illtyd Fund 26.076 8.989 26.076 8.989 8,192 43,257 43.257 Total funds 1,157,320 672.392 1580.928) (64.435) 1,184,349 Page 32
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 Charity Balance at I Februarv 2023 Other recognised gainslllosses) Balance at 31 .lanuary 2U24 Incoming resources Resources eypended Unrestrieted funds Generol General Funds 922.614 326.795 1382,217) 35 867,227 Restrieted funds Bishop John Gran Fund Il¢rita&T¢ Building Fund St Illiyd Fiind 26,076 8.989 26,076 8.989 8,19? 43,257 Total funds 965.871 326.795 1382,217) 35 910,484 Balanc¢ at I F¢bruan' 2022 Oiher recogni5ed gainslllos$e5) B¥l#nce #l 31 January 2023 Incorning r¢50urc Re*ourc¢5 expcnded Unrestricted funds Generol General Funds 929.901 271,035 (212,963) (65,3591 922.614 Re5tri¢ted funds Bishop John Gran Fund Heritage Building Fund St Illtyd Fund 26.076 8.989 8.19? 26,076 8.989 8,192 43,257 43.257 Tot81 funds 973.158 271.035 1212.963) 165.3591 965.871 The specific purposes for which the fund5 are to be applied are as follows.. Heritage Building Fund.. Funds donated for the purpose of preservaiion of the Herige buildings. Bishop John Grdn Legacy.. The endowmeni fund M'as provided by ihe laie Bishop John Gran and is held to provide income for the upkeep of ihree of Ihe Island's churches. Si Illtyd's Fabric Fund- Funds donated by the general public for the upkeep of the fabric of St Illtyd's Church. Page 33
Caldey Abbe)" Communil), Notes to the Financial Siatements for the Year Ended 31 January 2024 25 Related party transactions Croup Charity During ihe year (he charity made the following relad party iransaciions.. Caldey Island Estate Comp*t)i Limiied {Caldcy Abbcy own 100% shares in Caldey Island Esiare Company Limired. regisiered conipany nuniber 01003248.1 'I'hc charity received rents and gift aid donations from the Caldey Island Esthte Company Limtied, its wh(Trlly owned 5ubsidiarv, and niakcs a small amouni of sales and purchases and pavs an esthie Inaiiagcinei)I cliargc to tlie conipany. All such transactions are on a comn)ercial basis. Ai the balance sheei dale the amouni due from Caldey Island Eslatc Company Limiied £12.0361?023- £Nil). Page 34