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2025-01-31-accounts

Charity registration number: 259850

Caldey Abbey Community

Annual Report and Consolidated Financial Statements for the Year Ended 31 January 2025

HSJ Audit Limited Severn House Hazell Drive Newport NP10 8FY

Caldey Abbey Community

Contents

Trustees' Report 1 to 16
Independent Auditors' Report 17 to 20
Consolidated Statement of Financial Activities 21 to 22
Consolidated Balance Sheet 23
Balance Sheet 24
Consolidated Statement of Cash Flows 25
Notes to the Financial Statements 26 to 44

Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Trustees’ Annual Report 2024/25

Constitution and Governance

Caldey Abbey is a registered charity governed by a Trust Deed dated 9 August 1971 and amended on 20 January 1997 and is registered with the Charity Commission (Charity Registration No. 259850).

In April 2024 a new Abbot and Chair of the Charity Trustees, Father Jan Rossey, was elected. He immediately embarked on improving the governance of the Charity to ensure openness, transparency, clarity of responsibility and accountability.

Allegations had been received and reported in the media for a number of years of historical child abuse on the Island. Rooted in the Scriptures and in the Rule of St Benedict, Caldey Abbey Trust is deeply committed to the safeguarding of children, young people and adults at risk. This commitment arises from our firm belief that each human life has dignity because it is created by God. Jesus himself taught important things about children and the vulnerable and his key teaching is this: what we do to the least of our brothers and sisters we do to him (Matt 25:45)

In the absence of any review or inquiry by the relevant statutory bodies with those powers, the Abbot and the Charity, with the approval of the monastic community, commissioned an Independent Review to establish the truth.

The Abbot and the Trustees were determined to take responsibility for past failings, to ensure the Charity learns lessons from the past and creates a safer environment for everyone.

The Independent Review by Jan Pickles OBE was published in December 2024. The Abbot gave a personal apology to all victim/survivors who courageously gave evidence to the Review and offered therapeutic support.

The Trustees sought the advice and assistance of the former Chief Executive Officer of Ampleforth Abbey Trust, Jenny Share on implementing the first recommendation of the Review, which focused on governance. She developed a revised governance model for the Caldey Abbey Trust Board and Caldey Island Estate Company Limited (the Company), which is owned by Caldey Abbey Trust. The Company is a separate legal entity set up to manage some of the assets owned by the Abbey and the commercial enterprises run on the Island, most of which sit outside the charitable objects of the Trust.

Her review of governance was agreed by the Board of Trustees on 5 March 2025. This included:

The Governance Review has been implemented and was shared in full with the Charity Commission for England and Wales.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Trustees and Officers

The Charitable Trust is managed by five Trustees, appointed by the Abbot, who is responsible for ensuring all Trustees are fully aware of their responsibilities, receive appropriate training and that all duties in relation to their role are carried out with due diligence and expediency. They meet on a regular basis as set out in the Trustee Boards Terms of reference.

The Trustees serving during the year and since the year were:

Trustees: Rt Rev J. L. Rossey Abbot Rt Rev G. A. van Santvoort (resigned 25 October 2024) Br M. Cestaro, Sub-prior Mr P. A. Kitchen (resigned 24 June 2025) Miss M. Battle Cannon M. McAndrew (appointed 24 June 2025) Mrs A.L. Tomp (appointed 6 August 2025)

Rt. Rev. J. L. Rossey was elected as Abbot for life on 26 April 2024.

Organisational Structure

Caldey Abbey has been a Cistercian Foundation since 1929. The Caldey Community maintains a special relationship to its founding house in Belgium. The Cistercian Order is a worldwide Roman Catholic Religious Order founded in 1098 and currently has approximately 2,800 members worldwide. Following the traditions of the Cistercian Order, the Community at Caldey live a contemplative lifestyle, residing within the enclosed environment of the Abbey and following the Rule of St Benedict.

The Abbey is governed by the Constitutions and Statutes of the monks and nuns of the Cistercian Order of the Strict Observance, and other legislative documents, approved by the Congregation for Institutes of Consecrated Life and Societies of Apostolic Life in Rome on 3 June 1990. The Abbey is governed by the Abbot, who is elected by the solemnly professed members of the community for a six-year term of office or for life. In accordance with the Cistercian Constitutions, an Abbots Council advises the Abbot on matters pertaining to the monastic community. The Constitutions set out rules relating to expenditure limits and disposal of assets relating to the monastery.

The Abbot’s governance is supported by the Father Immediate (Abbot of the founding house) who makes a visitation every two years, and also by the General Chapter, which meets every three years, and the Abbot General who resides in Rome. The General Chapter met in September 2025.

There are three governance entities within the structure, the Abbot`s Council, the Trust and the Company. The governance review, which has been implemented, has clarified the responsibility and accountability, the understanding of the legal and regulatory framework in which these governance entities exist and introduced some modernisation and professionalising.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Charitable Aims and Objectives

The charity serves to maintain and support the community of Cistercian Monks at Caldey Abbey and by their example and witness draw others who come into contact with the Abbey to a deeper understanding of the Roman Catholic Faith and Christian values in a monastic context.

The Roman Catholic vision is wide-reaching and encompasses spiritual enrichment from the continuing sustainable development of the whole range of activities on the Island. This includes the preservation of the historical, architectural heritage that exists at Caldey Island, supporting the charitable objectives of preservation for the nation at large of buildings of particular beauty or of historical, architectural, and constructional heritage.

The Charity supports:

There is a wealth of historic heritage in the buildings on the Island. With the three churches the Watch Tower Chapel and other locations within its 220 hectares, visitors may easily find some comparative solitude or space to think, and those that wish their visit to be of a more spiritual nature are free to do so undisturbed. These heritage buildings are accessible to the public.

A substantial part of the 11th Century Medieval Priory is preserved and has been in receipt of some necessary maintenance and restoration. The Medieval Priory Church of St. llltyd is regularly used for formal services by visiting retreat groups in the summer and by the monastic community at certain prominent Christian festival times of the year, such as Easter.

During the visitor season there are tours of the buildings and historical talks and tours on the Island's medieval and Celtic heritage to various interest groups. A pilgrimage tour of the Island was established in 2024 encompassing prayers for victims of historical abuse.

The landscape of the Island itself is beautiful and remarkably varied. For example, of all the Pembrokeshire Islands, it is the only one that has trees. There continues to be an ongoing programme of planting a variety of trees to support the future needs of the wildlife. This is reported in more detail in the operational update.

In active partnership with Pembrokeshire National Park, much of the Island now has safe and well-signed walking routes to enable visitors to sample that diversity, and there are currently several programmes in place to contribute to the Island's ability to provide a haven for wildlife.

The Island is open to the public as day visitors (on average 50,000 - 60,000 annually) from April to October (weather permitting), with boats bringing visitors Monday to Saturday. Prebooked visitors can stay at the Monastic Guesthouse, St Philomenas Retreat and St Teilo's.

The peaceful atmosphere of the Island provides an opportunity for visitors to relax and temporarily get away from the stresses and strains of everyday life. Caldey Island has a wealth of natural resources, biodiversity and thriving rare wildlife. We have a monastic community living out their vocation in the Cistercian charism which continues the monastic tradition on the Island going back more than 1000 years. Together this offers visitors each year the opportunity to experience living the Gospel in harmony with nature, even for a day.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

There is a thriving group of Islanders who include people who have lived on the Island most of their lives, bringing up their own children on the Island, people who work in various roles, others who have retired to the Island and recently some younger people who have come to work and live on the Island.

The Trustees confirm that they have complied with the legal requirement to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Use of Volunteers

The charity does not rely on volunteers but does have several valued and committed volunteers to help perform duties and assist the paid staff and the monastic community. The Island does have a small paid workforce in place: the majority are employed by the Company. In accordance with the governance review, it is intended to restructure the staffing so that all staff work for the majority of their time on matters within the remit of the Company and the Abbey “buys” the services it needs from the minority time of some staff. Pay and remuneration is initially decided on recruitment, with increases agreed by the Company Board.

Strategy

In 2024 the Trustees and Directors agreed a three-year strategy and business plan. The plan was based on a year- long evidence gathering exercise, including visitor surveys, scrutiny of the finances and the market, listening and co creating the plan with the monastic community and the Islanders and agreeing our core values and vision “that through respecting God’s creation we create an environment where all can live the Gospel in harmony with nature “

This included a new business model, to transition the commercial activities of the Company from a contractedout mode of operation to in-house operation, and a capital investment programme to address the legacy issue of poorly maintained houses and property owned by the Trust.

Delivery of the plan commenced by committing forty percent of the Abbey’s investment portfolio. We plan to build a return from the trading activity (e.g. chocolate, visitors’ shop, boats) that can serve to replenish the funds we have been compelled to take from the Abbey investment portfolio.

We requested and received funds from the founding house in Belgium to bring the tenanted properties up to a reasonable standard and comply with statutory regulations regarding health and safety in key buildings for the community and the visiting public.

We will build on the eco-friendliness of the Island using natural resources, e.g. the Island has and uses its own water source; we will develop a green energy strategy including greening of the properties on the Island and reinvigorate the population of red squirrels, reintroduced to the Island.

External funding (primarily grants) will be sought to allow us to complete the longer-term work on enhancing the historic and building heritage, and the eco-sustainability of the Island to levels which will enhance the overall financial returns generated on the Island.

The ultimate outcome of the plan is a sustainable Island economy.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Safeguarding Report

This part of the report outlines the safeguarding activities, governance and strategic improvements undertaken by the Trust during the reporting period. It integrates findings from the Independent Review, the Safeguarding Improvement Plan, and the CSSA Level 2 Self-Assessment.

Following consultation the Trustees agreed their Response to the Independent Review into historic child sexual abuse on Caldey Island. This available on the Caldey Website. The Trustees know that this is a continuous journey, and we will always seek to listen and learn and to improve.

Governance and Leadership

Safeguarding governance has been significantly strengthened. The Safeguarding Subcommittee was elevated to a full Committee of the Trust Board, chaired by the Safeguarding Trustee. The Safeguarding Lead, Mrs. Allison Parkinson, a qualified social worker with over 30 years’ experience, attends all Board and operational meetings. Structures have been revised for legal compliance and accountability, and public-facing commitments and charters have been published.

Survivor Engagement

Survivors are actively involved in governance, including representation on the Safeguarding Committee. Monthly meetings are held with survivor groups, and tailored support packages are provided. Public apologies have been issued, and spiritual healing initiatives such as pilgrimage tours have been introduced should any victims wish to undertake them. Survivors also contribute to recruitment and policy development.

Safeguarding Infrastructure

The safeguarding framework includes a quarterly-reviewed Safeguarding Risk Register and a Serious Incident Reporting Protocol. The digital case management system 'MyConcern' is used to manage safeguarding records, with historic files being migrated. A SharePoint system and training matrix are being developed to track staff training and compliance.

Policy and Procedure

Whistleblowing, complaints and safeguarding policies have been reviewed and published. A Truth Charter has been agreed by the Trustees. Codes of conduct and reporting procedures are established and regularly reviewed. Clear protocols exist for responding to allegations, including documentation, statutory reporting and internal escalation. Support is provided to both victims and respondents.

HR, Welfare and Training

All Trustees, staff, monks and volunteers have received safeguarding and safe contact training. A bespoke Level 1 safeguarding module was created for seasonal staff. Safer recruitment practices and DBS checks are implemented. Role-specific codes of conduct are enforced, and professional supervision is arranged for Safeguarding Leads.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Hospitality and Tourism

Visitor safeguarding measures include charters, ID checks and safeguarding posters. Clear supervision rules for children during visits are established. Safeguarding expectations are communicated via signage, website updates, WhatsApp groups and meetings.

Island Residents

Tenancy vetting procedures include DBS checks and interviews. The principle of Duty of Candour is being embedded among residents. Work is ongoing to standardise and document tenancies. All properties are undergoing a structural survey to provide Trustees with an update analysis and risk assessment.

Managing and Monitoring Risk

A safeguarding risk register is maintained and reviewed. Open cases are managed using best practices. Risk assessments for events and specific situations include safeguarding considerations. Serious incidents have been reported to the Charity Commission in line with regulations and guidance

Reflecting, Learning and Listening

Continuous improvement is informed by external audits and survivor feedback. The monastic community is actively engaging in learning from past abuse. The safeguarding journey is documented and monitored through the Safeguarding Improvement Plan and Development Plan.

External Partnerships

Caldey Island maintains strong links with Religious Life Safeguarding Service, Catholic Safeguarding Standards Agency, the Archdiocese of Cardiff and Menevia, Pembrokeshire County Council and other Abbeys. Participation in regional safeguarding boards and national audits supports shared learning and accountability.

Looking Ahead

Trustees commit to embedding safeguarding across all operations, centering survivor voices in decision-making, ensuring transparency and accountability, and refreshing the safeguarding strategy in 2026 as part of the Island’s strategic development plan. We welcome the independent Safeguarding Audit which will be undertaken by the Catholic Standards Safeguarding Agency in 2025.

Operational Achievements and Performance

Island development in the 2024/25 year has encompassed a wide variety of changes.

HR Update

With significant staff changes from the previous year to deliver the change in business model, a new management team has driven key developments across the Island. These changes include the appointment of a new Island Manager, Mr. Tim Hartley in June 2024, who brings a wealth of experience in Island management. Mr. Steve Pearce joined as Finance Manager in September 2024, and Mrs. Allison Parkinson was appointed as Safeguarding Lead in January 2025. The team meets regularly. St. Peter’s Offices have been refurbished to accommodate one-to-one and group meetings and now serves as a base for the Island Manager and Finance team.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

In May 2024, Mr. Lee Evans was appointed as a full-time property maintenance operative to address the backlog of maintenance issues on the Island. The Chocolate Factory resumed production on the Island and is now managed by Mr. Matt Shaw, appointed in May 2024. The Gift Shop is managed by Ms. Johanna Cattini, who joined in March 2024. St. Philomena’s Guest House has reopened and is managed by Oskar and Daria Styczynski, both appointed in May 2024.

Morgan LaRoche, a specialist HR consultancy, has been retained on an annual contract. They have supported production of new HR documentation, including a staff handbook, contract templates for permanent and seasonal staff and volunteers, and have provided ongoing HR advice and support.

Training and IT Improvements

Several training courses have been made available to employees throughout the year and a training matrix is being developed.

Internet connectivity on Caldey Island has historically been unreliable. Starlink is the most consistent solution and has been installed across the business, resulting in significant improvements. All staff and volunteers now have access to Microsoft 365, and investments have been made in new IT hardware and software.

St Philomenas Retreat

St. Philomena’s Retreat reopened in May 2024 after a much-needed major refurbishment. The retreat was fully refurbished and now offers 19 rooms for guests. It serves as a retreat house for organised groups and individuals seeking quiet reflection, particularly those wishing to attend monastic services and experience the Island’s spiritual life in accordance with the Cistercian Charism.

We welcome everyone. Accommodation is full board and vegetarian, with a suggested donation of £75 per person per night. The retreat is typically open from Easter to October. Visitor numbers in the first year were strong, and Oskar and Daria plan to introduce organised retreats in 2025 to further increase attendance and further the Charity’s aims and objectives.

St Teilo's is also accepting guests after a refurbishment that commenced in December 2024.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Boats

Each year, one of the two Island-owned boats undergoes a winter refit. Both boats are now over 40 years old. During Winter 2024/25, the Isle of Caldey II was refitted: all paintwork was stripped and repainted, woodwork repairs were completed, and a new fuel tank, steering gear and fire extinguisher system were installed. Both boats passed their pre-season MCA out-of-water and in-water surveys.

Isle of Caldey II at Saundersfoot Harbour after its refurbishment

New Crane

Having two operational cranes—one in Tenby and one on Caldey—is vital for cargo operations. The Island had been without a crane for 18 months. A replacement crane was purchased and shipped from Holland to a yard in Pembrokeshire. It required significant work, including a new main ram and a safe load indicator system. Once certified, a specialist landing craft was hired from Penzance to transport the 25-tonne crane to the Island because there was nothing locally that could carry it.

The new crane being transported from Saundersfoot

The new crane arriving at the Island

Estate Property Investment

Our strategy focuses on improving occupied properties. Upgrades include new electrical wiring, heaters, lighting, and smoke and CO₂ alarms. Gas has been phased out, and solid fuel burners have been assessed by a contractor for necessary actions.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

The Monastery and Monastic Guest House now have new fire alarm and emergency lighting systems—a 12month project due to the buildings' size and complexity. Other properties receiving significant investment include:

A property management company, Owen and Owen, has assisted with tenancy agreements, property compliance and estate management. Hurley and Davies, a specialist survey company, will survey all properties in 2025 to help us develop a 10-year cyclical maintenance plan.

Two new UV water filters have been installed to improve water quality. Pembrokeshire Council conducts annual water quality testing.

Tree Management

Due to a historic lack of tree safety management, HW Forestry was appointed to carry out an Island-wide tree safety survey. Following the survey, they conducted a tender process for the required practical work, which was completed before the main visitor season began in March 2025.

Waste Management

Waste had accumulated during the period without a crane. A major effort is underway to clear waste from buildings. Day-to-day waste is now removed fortnightly to the mainland, where it is collected by Pembrokeshire Council as part of their normal route.

Marketing

In September 2024, Mad River, a specialist marketing company, was appointed to modernise our marketing approach. They conducted a workshop with Trustees, department leads and key staff, resulting in the development of:

Conservation

Caldey lies within the Pembrokeshire Coast National Park. We have reconnected with the Park’s Conservation Officer and are actively participating in conservation efforts, leveraging available grants and expertise.

Key initiatives include:

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Welsh ponies grazing on the Island

We continue to work with the Royal Society for the Protection of Birds (RSPB) on the Welsh Islands Biosecurity Programme. A bespoke plan for Caldey and St. Margaret’s Islands has been completed. An exciting project to install Manx Shearwater and Storm Petrel nest boxes began this year at the west end of the Island. Many birds were recorded visiting the site, and we hope to see returning birds next year. The project has attracted national interest.

Our new gates being loaded onto the boat in Tenby

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Volunteers installing sound equipment at the nest site

The Chocolate Factory

The Chocolate Factory was refurbished and resumed in-house production in June 2024. Initially selling off old stock, the factory began selling its own milk and dark chocolate in August 2024. Over 8,500 chocolate bars and approximately 15,000 pieces of fudge were sold. In September 2024, we began selling our products to retail outlets in Tenby and Saundersfoot, followed by three Abbeys further afield. By the end of the year, we had expanded to six additional outlets, primarily in Pembrokeshire and surrounding areas.

Chocolate Factory display counter

Chocolate production continued throughout the winter to build up stock for the 2025 season. Production of Extra Dark and White Chocolate began early in the year, ready for wholesale and retail sales on the Island.

2024 was a strong starting point for the Chocolate Factory. Although it operated for only part of the year, it provided valuable insights and direction for 2025. We plan to build on last year’s successes to improve production and enhance the customer experience in 2025 and beyond.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

The Gift Shop

The Gift Shop returned to Island management in March 2024. All stock was newly purchased, and around 30 local crafters were invited to supply their products.

April was unsettled because of bad weather, so the season didn’t fully begin until May. This delay allowed the shop time to stock up and implement a new stock control and EPOS system, which is now fully operational. July and August were busy, with high visitor numbers. However, a mid-August storm resulted in the loss of several trading days and a drop in visitor numbers. September and October saw a few good days, with pleasant weather during the final week of the Autumn half-term—a welcome bonus.

Coasters in the Gift Shop

Perfume Production

In September, we decided to restart perfume production on the Island, which had ceased three years earlier. Production began, and the product launched in November 2024. Sales were strong over the Christmas period.

Perfume is a significant part of Caldey’s heritage, and we are proud to have revived it. Our plan is to expand the range and bring back iconic fragrances such as Island Gorse , Caldey for Men , and No.1 .

Caldey Perfume

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Online Shop

We added more products to our online shop for the Christmas season, including chocolate hampers, which sold well. We were very pleased with the Christmas trade, especially considering the online shop had only been launched in the summer.

Post Office

Plans were initiated to refurbish the Post Office, including complete redecoration, restoration of museum items, rearrangement of displays, and the creation of a new retail unit at the front of the building.

Financial Performance

The consolidated financials for the Charity show a net income of £318,685 for the year ended January 31, 2025 (compared to a net expenditure of £115,197 in 2024). The refurbishment of St. Philomena’s was made possible through generous support from the mother house, Abbaye Notre-Dame de Scourmont, this opened fully in May 2024.

The Company recorded a loss of £77,791 for the year (compared to a net loss of £59,810 in 2024). This was partly due to restructuring efforts required to implement changes in the operation of the Chocolate Factory and Gift Shop.

During the financial year, the Chocolate Factory was re-established on the Island. Extensive refurbishment was carried out to bring the premises up to standard. Equipment was transported, installed and tested before chocolate production began in June 2024.

The Gift Shop was refitted and fresh stock was purchased to meet anticipated visitor demand. The product range was revitalised, with further development planned.

Property Investment

All properties on the Island require updating. Significant investment was made to ensure several properties are habitable and compliant with current regulations. This work is ongoing and expected to take several years.

Work also began on St. Teilo’s to prepare it for guest accommodation throughout the season, with donations supporting the Trusty.

A major investment was made in the Abbey, including the installation of a new fire alarm system, which was still in progress at year-end.

Safeguarding

A substantial level of expenditure was incurred during the financial year—and continues into the next—related to safeguarding as the Independent Review was conducted throughout 2024.The Review process, along with a parallel review of policies and procedures, required significant time and effort from Trustees, volunteers, staff and consultants. Related costs will continue into the 2025/26 financial year, though at a reduced level. The Trust has retained expert legal advice to advice on any claims for compensation.

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Reserves Policy

The Trustees consider that the long-term nature of the Trust’s charitable objectives requires that it retain some of its surplus income as reserves. These reserves are necessary to secure the future ability of the Charity to support the religious community at Caldey, to maintain the historic buildings on the Island and to maintain and evolve the business activity on the Island, which supports the wider mission of the Charity. Note 25 of the financial statements provides further information. In addition, this note identifies the restricted and designated elements including amounts of funds that can only be realised by disposing of tangible fixed assets or investments.

Investment Policy and Objectives

The investment policy is to maximise the total investment return, within a controlled risk framework and to seek to achieve a total return which is in accordance with an agreed expected total return. The current investment managers, Ascot Lloyd, have been set the task of achieving this return within an agreed ethical policy. £300,000 of investments were liquidated during the financial year relating to ongoing development plans for activities on the Island.

Future Plans

The long-term nature of the Trust means that decisions should not be rushed to deal with the short-term challenges. The rule of St Benedict encourages decision-making based on consultation, counsel and reflection. The medium/long term plan will be considered as a process of discernment by the Trustees and community of Caldey Abbey. Under the chairmanship of Fr Abbot, the Trustees are considering how best to achieve the charitable objectives of the trust, given the historic assets, traditions, values and financial situation inherited from the stewardship of current and earlier generations of Trustees and monks.

Before the 2026 tourist season the Trustees, Monastic Community, Directors of the Company, the senior management team, staff and Islanders will together reflect upon and refresh the strategy.

Risk Management

The Trustees have examined the major strategic, business and operational risks that the charity faces. This involved identifying the types of risks, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating them. Corporate and Safeguarding Risk Registers are presented and scrutinised at each of the Board meetings. The Trust has continued to develop its policies and procedures to reduce risk and train all personnel as appropriate.

The Safeguarding Committee has developed children, young persons and vulnerable adult protection policies and procedures. Monthly/Quarterly meetings of experienced safeguarding personnel seek to reduce risks to the Charity, its employees, its beneficiaries and its visitors and guests.

Major Risks and Management of those Risks

The following outlines our key risks and the strategies we have implemented to manage them:

1. Financial Resilience

Our income is derived from visitors, retail, property and donations. To ensure financial sustainability:

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

2. Governance and Oversight

Balancing spiritual and commercial activities requires strong governance. To manage this:

3. Reputational Risk

Our reputation is built on heritage, hospitality, and integrity. To protect it:

4. Regulatory Compliance

Operating boats, food production, and retail requires strict compliance. To manage this:

5. Cybersecurity

Our online presence supports bookings, donations, and retail. To protect digital assets:

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Caldey Abbey Off Tenby Pembrokeshire SA70 7UJ

Disclosure of Information to Auditor

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

Reappointment of Auditor

HSJ Audit Limited were appointed in accordance with a Board resolution on 25 October 2024. They being eligible will continue to act as auditors in the next financial year.

The annual report was approved by the Trustees of the charity on 24 October 2025 and signed on its behalf by:

………………............................................................

Trustee

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Caldey Abbey Community

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

Opinion

We have audited the financial statements of Caldey Abbey Community (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, , Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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Caldey Abbey Community

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

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

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

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

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

Auditor responsibilities for the audit of the financial statements

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

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

18

Caldey Abbey Community

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

To identify risks of material misstatement due to fraud ("fraud risks"), including instances of non-compliance with laws and regulations, we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide and opportunity to commit fraud. We design procedures in line with our responsibilities, outlined below on the Financial Reporting Council's website, to detect material misstatement in respect of fraud and non-compliance with laws and regulations.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.

We communicated identified fraud risks throughout the engagement team and remained alert throughout the engagement process for any indications of fraud.

As required by the auditing standards, we identify and assess the risk of material misstatement of financial statements, whether due to fraud or error, in particular revenue recognition and management override of control. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of material misstatement and non-compliance with laws and regulations, including fraud, we designed procedures which included;

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

• Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations;

• Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual account combinations;

• Assessing whether revenue has been accounted for in the correct period and the existence of revenue at the cut off date based on the adopted accounting policy for revenue.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more than compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one result from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of an internal control.

19

Caldey Abbey Community

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

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Mr Andrew Hill FCCA ACA DChA BFP (Senior Statutory Auditor) For and on behalf of HSJ Audit Limited, Statutory Auditor

Severn House Hazell Drive Newport NP10 8FY

27 October 2025

20

Caldey Abbey Community

Consolidated Statement of Financial Activities for the Year Ended 31 January 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Other expenditure
10
Total expenditure
Gains/losses on investment assets
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
funds
£
554,483
131,402
555,536
47,123
1,288,544
(665,440)
(390,617)
(11,441)
(1,067,498)
101,651
322,697
322,697
1,025,895
1,348,592		 Restricted
funds
£
-
-
-
-
-
-
(1,442)
-
(1,442)
-
(1,442)
(1,442)
43,257
41,815		 Total
2025
£
554,483
131,402
555,536
47,123
1,288,544
(665,440)
(392,059)
(11,441)
(1,068,940)
101,651
321,255
321,255
1,069,152
1,390,407

21

Caldey Abbey Community

Consolidated Statement of Financial Activities for the Year Ended 31 January 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Other expenditure
10
Total expenditure
Gains/losses on investment assets
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
funds
£
213,403
92,935
369,109
20,457
11,667
707,571
(449,789)
(394,829)
2,254
(842,364)
19,596
(115,197)
(115,197)
1,141,092
1,025,895		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
43,257
43,257		 Total
2024
£
213,403
92,935
369,109
20,457
11,667
707,571
(449,789)
(394,829)
2,254
(842,364)
19,596
(115,197)
(115,197)
1,184,349
1,069,152

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 25.

22

Caldey Abbey Community

(Registration number: ) Consolidated Balance Sheet as at 31 January 2025

Note
Fixed assets
Tangible assets
16
Investments
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
21
Creditors: Amounts falling due within one year
22
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
23
Provisions
24
Net assets
Funds of the group:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
25		 2025
£
393,060
586,053
979,113
77,491
22,853
540,556
640,900
(114,796)
526,104
1,505,217
(92,110)
(22,700)
1,390,407
41,815
1,348,592
1,390,407		 2024
£
146,326
881,765
1,028,091
20,257
19,152
156,839
196,248
(51,818)
144,430
1,172,521
(92,110)
(11,259)
1,069,152
43,257
1,025,895
1,069,152

The financial statements on pages 5 to 28 were approved by the trustees, and authorised for issue on 24 October 2025 and signed on their behalf by:

......................................... Rt Rev J L Rossey Trustee

23

Caldey Abbey Community

(Registration number: ) Balance Sheet as at 31 January 2025

Note
Fixed assets
Tangible assets
16
Investments
Current assets
Debtors
20
Cash at bank and in hand
21
Creditors: Amounts falling due within one year
22
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
25		 2025
£
174,969
586,153
761,122
143,782
467,667
611,449
(63,042)
548,407
1,309,529
41,815
1,267,714
1,309,529		 2024
£
8,720
784,191
792,911
12,036
130,686
142,722
(25,149)
117,573
910,484
43,257
867,227
910,484

The financial statements on pages 5 to 28 were approved by the trustees, and authorised for issue on 24 October 2025 and signed on their behalf by:

......................................... Rt Rev J L Rossey Trustee

24

Caldey Abbey Community

Consolidated Statement of Cash Flows for the Year Ended 31 January 2025

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Depreciation
8, 10
Investment income
6
Revaluation of investments
Working capital adjustments
Increase in stocks
19
Increase in debtors
20
Increase in creditors
22
Increase/(decrease) in provisions
24
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of tangible fixed assets
16
Purchase of investments
Sale of investments
Net cash flows from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 February
Cash and cash equivalents at 31 January		 2025
£
321,255
58,050
(47,123)
(88,402)
243,780
(57,234)
(3,701)
62,978
11,441
257,264
47,123
(304,783)
(232,825)
616,938
126,453
383,717
156,839
540,556		 2024
£
(115,197)
11,387
(20,457)
(17,689)
(141,956)
(4,369)
(6,629)
21,842
(8,424)
(139,536)
20,457
(71,097)
-
-
(50,640)
(190,176)
347,015
156,839

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

25

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

1 Charity status

The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.

The address of its registered office is: Caldey Abbey Caldey Island Off Tenby Pembs SA70 7UH

These financial statements were authorised for issue by the trustees on 24 October 2025.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 January 2025.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a profit after tax for the financial year of £399,046 (2024 - loss of £55,387).

26

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

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

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

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

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

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

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

Going concern

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

Income and endowments

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

Donations and legacies

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

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

27

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

Grants receivable

Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

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

Raising funds

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

Charitable activities

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

Support costs

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

Governance costs

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

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £1,000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

28

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

Depreciation and amortisation

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

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

Research and development

Research and development expenditure is written off as incurred.

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Fixed asset investments

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

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

Stock

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

Trade debtors

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

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

Cash and cash equivalents

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

29

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

Trade creditors

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

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

Borrowings

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

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

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

Provisions

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

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group.

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

Financial instruments

Classification

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

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

30

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

Recognition and measurement

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

exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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

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

Investments

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

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

Derivative financial instruments

The group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The group does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

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

31

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

3 Income from donations and legacies

3 Income from donations and legacies
Donations and legacies;
Donations from individuals
Legacies
Gift aid reclaimed
Grants, including capital grants;
Grants from other charities		 Unrestricted
funds
General
£
3,674
-
2,030
548,779
554,483		 Total
2025
£
3,674
-
2,030
548,779
554,483		 Total
2024
£
2,737
125,128
1,445
84,093
213,403

4 Income from charitable activities

Unrestricted

Unrestricted
Ministry
Retreat
Monastic Community		 funds
General
£
6,271
64,335
60,796
131,402		 Total
2025
£
6,271
64,335
60,796
131,402		 Total
2024
£
5,689
30,180
57,066
92,935

5 Income from other trading activities

5 Income from other trading activities
Trading income;
Sales of goods and services		 Unrestricted
funds
General
£
555,536
555,536		 Total
2025
£
555,536
555,536		 Total
2024
£
369,109
369,109

6 Investment income

6 Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Income from rents		 Unrestricted
funds
General
£
9,868
37,255
47,123		 Total
2025
£
9,868
37,255
47,123		 Total
2024
£
1,907
18,550
20,457

32

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

7 Other income
Income from trading subsidiary
8 Expenditure on raising funds		 Total
2025
£
-		 Total
2024
£
11,667

a) Costs of trading activities

Note
Trading subsidiary costs
Depreciation, amortisation and other similar
costs
b) Investment management costs
Other investment management costs;
Note
Other portfolio management costs		 Unrestricted
funds
General
£
596,350
61,518
657,868
Unrestricted
funds
General
£
7,572
7,572		 Total
2025
£
596,350
61,518
657,868
Total
2025
£
7,572
7,572		 Total
2024
£
424,708
19,018
443,726

Total
2024
£
6,063
6,063

33

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

9 Expenditure on charitable activities

Note
Ministry
Mission
Retreat
Education
Monastic Community
Upkeep of Heritage
Premises
Staff Costs
Allocated support
costs
11
Governance costs
11		 Unrestricted
funds
General
£
3,688
3,413
139,776
4,249
39,609
75,133
53,757
-
70,992
390,617		 Restricted
funds
£
-
-
-
-
-
1,442
-
-
-
1,442		 Total
2025
£
3,688
3,413
139,776
4,249
39,609
76,575
53,757
-
70,992
392,059		 Total
2024
£
4,226
10,824
193,018
5,718
37,202
47,053
39,125
50,092
7,571
394,829

In addition to the expenditure analysed above, there are also governance costs of £70,992 (2024 - £7,571) which relate directly to charitable activities. See note 11 for further details.

10 Other expenditure

10 Other expenditure
Note
Taxation paid by trading subsidiary
Total for 2025
Total for 2024		 Unrestricted
funds
General
£
11,441
11,441
(2,254)		 Total
funds
£
11,441
11,441
(2,254)

34

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

11 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Legal fees		 Unrestricted
funds
General
£
2,666
67,053
69,719		 Total
2025
£
2,666
67,053
69,719		 Total
2024
£
5,225
2,346
7,571

12 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

Audit fees
Depreciation of fixed assets
Amortisation of goodwill		 2025
£
5,750
61,742
353		 2024
£
5,225
19,018
-

13 Trustees remuneration and expenses

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

The trustees had clothes & laundry, leath products and travel to the value of £1,970 paid within the year (2024: £5,879).

Miss M Battle

During the year the Trustee was provided with a property for use whilst visting the island. The estimated value of this property if rented openly would be £4,920. This property is not exclusively used by the Trustee and has from time to time also been used by guests and volunteers staying on the island.

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

35

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

14 Staff costs

The aggregate payroll costs were as follows:

Wages and salaries
Social security costs
Pension costs		 2025
£
333,447
315
23,260
357,022		 2024
£
186,533
299
2,650
189,482

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

Average for the year
No employee received emoluments of more than £60,000 during the year.
15 Auditors' remuneration
Audit of the financial statements		 2025
No
13
2025
£
5,750		 2024
No
13
2024
£
5,225

36

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

16 Tangible fixed assets

Group

Cost
At 1 February 2024
Additions
At 31 January 2025
Depreciation
At 1 February 2024
Charge for the year
At 31 January 2025
Net book value
At 31 January 2025
At 31 January 2024		 Land and
buildings
£
240,477
152,721
393,198
233,615
6,417
240,032
153,166
6,862		 Furniture and
equipment
£
529,859
152,062
681,921
390,394
51,633
442,027
239,894
139,465		 Total
£
770,336
304,783
1,075,119
624,009
58,050
682,059
393,060
146,327

17 Heritage assets

Charity

Heritage assets not recognised in the balance sheet

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

37

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

18 Fixed asset investments

Group

Other investments

2025
£
586,053		 2024
£
881,765

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:


capital are as follows:
Country of Proportion of voting rights Principal
Undertaking incorporation Holding and shares held activity
2025 2024
Subsidiary undertakings
Retail,
Caldey Island Estate
Company Limited		 England & Wales Ordinary 100% 100% tourism
letting		 and
company

Other investments

Cost or Valuation
At 1 February 2024
Revaluation
Additions
Disposals
At 31 January 2025
Net book value
At 31 January 2025
At 31 January 2024		 Listed
investments
£
781,184
85,347
232,825
(515,087)
584,269
584,269
781,184		 Unlisted
investments
£
100,581
3,054
-
(101,851)
1,784
1,784
100,581		 Total
£
881,765
88,401
232,825
(616,938)
586,053
586,053
881,765

Subsidiaries

The loss for the financial period of Caldey Island Estate Company Limited was £93,449 (2024 - £59,810) and the aggregate amount of capital and reserves at the end of the period was £65,319 (2024 - £158,768).

38

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

The tax charge reported in the accounts relates to surpluses made by the trading subsidiary which are not gift aided to the charity. The UK corporation tax is charged at the rate of 19% (2024: 19%). Deferred tax has been charged in connection with capital additions in the year totalling £11,441 (2024: (£2,254).

39

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

Charity

Other investments 2025
£
586,053		 2024
£
881,765

Shares in group undertakings and participating interests

Cost
At 1 February 2024
At 31 January 2025
Net book value
At 31 January 2025
At 31 January 2024
Other investments
Cost or Valuation
At 1 February 2024
Revaluation
Additions
Disposals
At 31 January 2025
Net book value
At 31 January 2025
At 31 January 2024		 Listed
investments
£
781,184
85,347
232,825
(515,087)
584,269
584,269
781,184		 Subsidiary
undertakings
£
100
100
100
100
Unlisted
investments
£
2,907
(1,123)
-
-
1,784
1,784
2,907		 Total
£
100
100
100
100
Total
£
784,091
84,224
232,825
(515,087)
586,053
586,053
784,091

Subsidiaries

The loss for the financial period of Caldey Island Estate Company Limited was £93,449 (2024 - £59,810) and the aggregate amount of capital and reserves at the end of the period was £65,319 (2024 - £158,768).

40

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

19 Stock

19 Stock
Group Charity
2025 2024 2025
£ £ £
Stocks 77,491 20,257 -
20 Debtors
Group Charity
2025 2024 2025 2024
£ £ £ £
Trade debtors 1,020 3,200 21,060 -
Due from group undertakings - - 120,389 12,036
Prepayments 6,205 9,561 - -
Accrued income 1,417 1,417 - -
VAT recoverable 14,211 4,974 2,333 -
22,853 19,152 143,782 12,036
21 Cash and cash equivalents
Group Charity
2025 2024 2025 2024
£ £ £ £
Cash on hand 20,577 19,927 12,067 14,039
Cash at bank 519,979 136,912 455,600 116,647
540,556 156,839 467,667 130,686
22 Creditors: amounts falling due within one year
Group Charity
2025 2024 2025 2024
£ £ £ £
Trade creditors 80,469 16,485 58,824 2,601
Other taxation and social security 6,617 4,288 - 2,510
Other creditors 20,962 486 4,218 610
Accruals 6,748 30,560 - 19,428
114,796 51,819 63,042 25,149
23 Creditors: amounts falling due after one year
Group Charity
2025 2024 2025
£ £ £
Other loans 92,110 92,110 -

41

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

24 Provisions

Group

Group
At 1 February 2024
Charged to the statement of recognised gains and losses
At 31 January 2025		 Other
provision 1
£
(11,259)
(11,441)
(22,700)		 Total
£
(11,259)
(11,441)
(22,700)

25 Funds

Group

Group
Unrestricted funds
General
General Funds
Restricted funds
Bishop John Gran Fund
Heritage Building Fund
St Illyd Fund		 Balance at 1
February
2024
£
1,025,895
26,076
8,989
8,192
43,257
1,069,152		 Incoming
resources
£
1,288,544
-
-
-
-
1,288,544		 Resources
expended
£
(1,067,498)
-
(1,442)
-
(1,442)
(1,068,940)		 Other
recognised
gains/(losses)
£
101,651
-
-
-
-
101,651		 Balance at
31 January
2025
£
1,348,592
26,076
7,547
8,192
41,815
Total funds 1,390,407

42

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

Unrestricted funds
General
General Funds
Restricted funds
Bishop John Gran Fund
Heritage Building Fund
St Illyd Fund
Total funds		 Balance at 1
February
2023
£
1,141,092
26,076
8,989
8,192
43,257
1,184,349		 Balance at 1
February
2023
£
695,904
-
-
-
-
695,904		 Resources
expended
£
(830,697)
-
-
-
-
(830,697)		 Other
recognised
gains/(losses)
£
19,596
-
-
-
-
19,596		 Balance at
31 January
2024
£
1,025,895
26,076
8,989
8,192
43,257
1,069,152

43

Caldey Abbey Community

Notes to the Financial Statements for the Year Ended 31 January 2025

Charity
Unrestricted funds
General
General Funds
Restricted funds
Bishop John Gran Fund
Heritage Building Fund
St Illyd Fund
Total funds
Unrestricted funds
General
General Funds
Restricted funds
Bishop John Gran Fund
Heritage Building Fund
St Illyd Fund		 Balance at 1
February
2024
£
867,226
26,076
8,989
8,192
43,257
910,483
Balance at 1
February
2023
£
922,614
26,076
8,989
8,192
43,257
965,871		 Incoming
resources
£
695,753
-
-
-
-
695,753
Incoming
resources
£
308,245
-
-
-
-
308,245		 Resources
expended
£
(396,916)
-
(1,442)
-
(1,442)
(398,358)
Resources
expended
£
(383,228)
-
-
-
-
(383,228)		 Other
recognised
gains/(losses)
£
101,651
-
-
-
-
101,651
Other
recognised
gains/(losses)
£
19,596
-
-
-
-
19,596		 Balance at
31 January
2025
£
1,267,714
26,076
7,547
8,192
41,815
1,309,529
Balance at
31 January
2024
£
867,227
26,076
8,989
8,192
43,257
Total funds 910,484

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

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

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

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

44