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
t￿st 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 lappoin￿d ?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 conlei￿p1a1ive 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. ap￿inICd 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 C￿led 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 ill*irumehi.¥
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 lis￿d 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 heri￿ge 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 on￿￿OIng 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 Charl￿ble 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 pr￿edur￿ 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 de￿lIS 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 Novern￿r 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 $th￿ments in accordance with the Unl￿d 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 $th￿ments 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 sU￿1¢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 I￿￿tee5 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 Miss￿leMen1. %'hrfher due io fraud or error.
In preparing the financial statements. Ihe t￿51¢¢5 are responsible for assessing the charity's ability ¢0 continue as a
roin￿l 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. Mlsstatci￿ents 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 b￿5.. 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 eX￿nditUre
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 flo￿5 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 lo￿ardS 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 S￿tements are sei oui below. These
policies have been consisienily applied to all the years presented. unless thherwise 5￿ted.
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 e￿ectIVe 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 8￿dWIll.
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 preSen￿d 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 Ma￿et 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 CredI￿d 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-Cur￿nt 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 bO￿owingS 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 r￿o￿nIsed ￿ 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 incomin￿O￿t801ng 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 truS￿e5-
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 non￿apItalISed
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 W￿r
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 Heri￿ge 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 rela￿d 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