2020-12-31-accounts

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

ST MILDRED'S ABBEY

CHARITY NUMBER 232635

ST MILDRED'S ABBEY

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2020

	Page
Report of the Trustees	1
Statement of Financial Activity	9
Statement of Financial Position	10
Notes to the Financial Statements	11
Independent Accountants' Report	15
Income and Expenditure Account	16

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2020

Legal and Administrative Details

Registered Charity Number 232635

Trustees

The trustees in office during the period and at the date of this report:

• Mother Prioress Nikola Proksch OSB

• Sister Aelred Erwin OSB

• Sister Benedict Gaughan OSB

• Sister Johanna Caton OSB

Registered Office

St Mildred's Abbey Church Street Minster Ramsgate Kent CT12 4HF Telephone [phone]

Accountants

Hilary Adams Ltd Chartered Accountants 158 High Street Herne Bay CT6 5NP

Bankers

Lloyds Bank 3 Queen St. Ramsgate CT11 9DL

Solicitors

Boys and Maughan India House Hawley St. Margate CT9 1PZ

Page 1

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2020

The trustees present their report along with the financial statements of the Trustees of Minster Abbey for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out and comply with the charity's trust deed and applicable law.

Objectives of the Charity

Minster Abbey is a member of the English province, of the Subiaco Cassinese Congregation of the Order of St. Benedict. The present community was founded in 1937, from St. Walburga’s monastery in Eichstatt, Germany. The monastery is situated in the Village of Minster, near Ramsgate, Kent. The community is made up of 13 nuns, who have publicly committed their lives to Jesus Christ. In accordance with the Charity’s Trust Deed, the Abbey is established “for the advancement of the Roman Catholic Religion and such other charitable purposes, as the Trustees think fit.”

Mission

The mission of Minster Abbey is grounded in the Benedictine Roman Catholic Faith tradition that shapes our deepest values and way of life. We seek to foster an environment that honours and respects the gifts and inherent differences of each sister, as well as our guests, employees and friends. As members of a Benedictine community, we are called together by Christ, and we aim to support one another under the guidance of the Gospel and Rule of St. Benedict. We serve the Church and the world by nurturing a contemplative spirit through a life of prayer, hospitality and ecumenical dialogue. Guided by Church teaching, we celebrate the "transcendent dignity of each human person".

1. Care for the members of the monastic Community

2. Hospitality and Pastoral Care

In their work of hospitality the charity welcomes the public in four areas:

1. Residential retreats and conferences for individuals and groups.

2. Day groups which include retreat groups, study groups and conferences.

3. Welcoming the public to view the ancient buildings.

4. Pastoral care for those who come to the monastery.

3. Prayer Liturgy and spiritual support

According to the Trust document, our main objective is to build up the local Roman Catholic Church. The Benedictine Nuns of Minster Abbey, as the Minster Abbey Trust, aim to support the work of the Roman Catholic Church in the Diocese of Southwark. The charity welcomes others to share in the liturgical prayer of the community.

4. Preservation of the Ancient Monastic buildings

The charity is committed to the preservation and maintenance of the unique historic fabric of the abbey which provides a first-hand experience of centuries of our National heritage.

Activities, specific objectives and relevant policies

The activities of the charity can be divided into four principal areas

1. Care of the monastic community.

2. Hospitality and Pastoral Care.

3. Mission and Global Outreach.

4. Preservation of the Ancient Monastic Buildings.

1. Caring for members of the monastic community

In order that the charity may carry out its objectives, the charity has the responsibility to provide care for its members, none of whom have resources of their own and all of whom have devoted their lives to this community. All income received from the sale of artefacts, royalties, retreats and donations is donated to the charity and used to provide for the members, and to ensure that the work may continue, and develop.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2020

Activities, specific objectives and relevant policies (continued)

2. Hospitality

For over 70 years the Benedictine nuns of Minster Abbey have provided hospitality to all those who come to the monastery for a place of spiritual refreshment. In keeping with the Rule of St. Benedict which is the main spiritual directive for the community, hospitality is an important aspect of Benedictine life.

A. Residential

Although enclosed the sisters’ main outreach is in their work of hospitality primarily through their Guest House. The charity owns and operates a 17 bed Guest House, including a chalet for families. The facilities are used by many residential groups for conferences and retreats.

B. Tours of the Abbey

Minster Abbey has huge importance historically, and architecturally, and is of major significance in the local community. Minster Abbey was founded in 670 AD. Most of the present buildings date back to the 10th and 11th centuries, and are the home of the monastic community of Benedictine nuns. It was only after the reformation that the monastery became a private dwelling. In 1937, when the property was put up for sale, it was acquired by the nuns of St. Walburga's Abbey in Bavaria community was under threat by the Nazi regime. Thus Minster Abbey returned once again to its original purpose as a Benedictine Monastery. In their work of hospitality the sisters welcome visitors for several hours each week in order for the public to view the ancient monastic buildings. The sisters also give guided tours and explain the historic background to this ancient site. Visitors include groups of historians, archaeologists, students and school children locally, nationally and even internationally. The charity also operate an abbey shop which sells some hand-craft items made by the sisters. Public disabled toilet facilities are also available for the use of visitors.

C. Day Groups

In addition to the Guest House, the sisters also have another large meeting room with disabled access. St. Benedict's, is used by many groups who come for day retreats or study meetings, throughout the year. Groups as varied as craft and art groups, prison and hospital chaplains, environmental study groups, Fair-trade groups, groups promoting justice and peace, support groups for counsellors, mental health support groups, interdenominational and inter-faith groups, use the facility. It has an adjacent kitchen with coffee and tea making facilities. Parkminster is a non-residential, day facility available for group meetings and conferences for up to 70 people. The number of groups using Parkminster is steadily increasing.

D. Pastoral Care

The Charity through their ministry of hospitality provide spiritual accompaniment to many people who come to the Abbey seeking help. The philosophy of Benedictine hospitality is to ensure that all who come to the Abbey are welcomed as Christ. It gives special recognition to the poor. Thus, the sisters are often called upon to support those who may be experiencing difficulties, as well as being available for those who request guidance or direction in prayer. In addition the sisters also lead a number of retreats throughout the year, and give talks to groups who request some input.

3. Mission and Global Outreach

The charity provides financial support for monastic communities overseas. We also support the work of Cafod, Aid to the Church in Need and other agencies which alleviate suffering and promote peace and justice throughout the world. Grants and donations are decided on by the trustees in consultation with the other members of the community as appropriate.

Since the time of St. Benedict in the 5th century, liturgical prayer has always been the centre of Benedictine monastic life. The chapel is open to the public from 5:15 a.m. each day until 8:45 p.m. The sisters welcome guests, visitors and the local community to join the prayer services that take place in the chapel seven times throughout the day. Minster Abbey also offers daily Mass and is attended by those on retreat, and the local community, many who come especially for the celebration of the Sunday Eucharist.

4. Preservation of the Ancient Monastic Buildings

The charity is committed to the preservation and maintenance of the unique historic fabric of the abbey which provides a first-hand experience of centuries of our National heritage. It is a Grade 1 listed building. The Abbey provides the main incentive for tourism in Minster.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2020

Investment Policy

The charity’s investments are managed by the trustees in consultation with advisors. There are no restrictions on the charity’s power to invest. The charity takes into account income requirements, the risk profile and the advice received from consultants. The trustees’ investment goal is to maintain and enhance the real value of the fund over the medium and long term, whilst producing a modest income which will increase steadily over the long term.

The policy is to maximise total return through a diversified portfolio whilst providing a level of income which may be required by the trust. The Ethical policy precludes investment in any company which after reasonable enquiry has profit from an activity which is contrary to Christian ethics. At present a large portion of the investment portfolio is with Epworth Investments, which has an active and stable ethical policy. It informs the trustees about ethical issues which may be of concern to the charity. The performance of the portfolio and the charity’s investment strategy are reviewed at regular intervals by the trustees.

Activities and performance over the past year

Minster Abbey Trustees are confident that their charitable activities continue to provide benefit for the public.

We hope that the short summary of our work that follows, illustrates some of the important aspects of our outreach:

• Early in March 2020, the UK government announced a nationwide Lockdown due to Covid 19. The LOCKDOWN regulations set out by the Government were: People will only be allowed to leave their home for very limited purposes . Notices were posted to announce to the public that the Abbey was closed. Guests were notified that all retreats were cancelled and all access to Abbey was suspended.

• Minster Abbey Trustees are confident that during 2020 their charitable activities continue to provide benefit for the public, but due to the recent Covid restrictions, our outreach was somewhat restricted. We hope that the following summary illustrates how we have been challenged in our ministry and public benefit.

• Because of the lockdown, “the Stables” at Durlock was closed to guests. This meant that one of the sisters categorized as “extremely vulnerable” and requiring long periods of “isolation” was able to reside there and attend her essential hospital treatment for cancer.

• All our guest house retreats for individuals and groups had to be cancelled. As our main source of income is in our work of hospitality, the income was drastically reduced. A number of generous friends and guests sent donations which helped us to cover some of the day to day expenses. Our reserves helped to prevent us going into debt.

• As monastic hospitality is an important aspect of the Benedictine life, our ministry was greatly challenged by the lockdown . Many of those who come to us are in positions of leadership, spiritual ministry or front line workers. We consider this to be an important aspect of our hospitality. The support they receive when coming to a monastery is often a lifeline. We tried to find new and creative ways to reach out to those who were suffering, due to the pandemic challenges. We gradually took on a new ministry of telephone conversations with numerous people. These telephone contacts and Zoom meetings were vitally important in offering encouragement and support to people who would have been otherwise unable to cope with the demands of life. Many of our friends and guests had Covid themselves, or were caring for family members who were extremely vulnerable. Some were grieving the loss of a loved one and our bereavement ministry took on a new form.

• The Divine Office, which is a particular Benedictine gift to the Church , is celebrated seven times each day. Many of our Guests and visitors join the monastic community for these times of prayer. Each person is given the freedom to participate to whatever extent they wish, and there is a sister available to help them. For almost a year during the lockdown period we offered livestreaming of Midday prayer and Compline. Although this was a great commitment for the community, many people told us how important it was to set a structure to their day, and they felt a deep connection with the monastic community. Sr. Walburga shares from her experience of livestreaming the prayer.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2020

Activities and performance over the past year (continued)

“It was moving to hear from a friend of ours who was seriously ill with Covid 19. She shared with us that she listened to Compline from the Abbey each night, having difficulty with her breathing, not knowing whether she would wake the next morning. It brings into sharp relief the prayer at the end of Compline “May the Lord grant us a quiet night and a perfect end.””

• We consider our involvement with the local community to be essential to our outreach. Our oblates do not live in the community setting, but live with their families or alone. We tried to have regular contact with each oblate and many were able to join in monthly Zoom meetings, where they were able to share their own experience of Benedictine life in the time of pandemic. Our monthly “Christians together” Zoom meetings were also an opportunity to share our experience of ministering to others in a time of loss and isolation. These online meetings proved to a source of strength to the various Churches, as we discovered new ways to support each other in our ministries.

One of our Oblates shared with us:

“Minster Abbey is my spiritual home and not being able to come and join the Sisters in person for monthly meetings and for the liturgy was painful. Being able to join the sisters in the daily Office on-line, and the teaching sent to us by email by the Sisters made such a difference. Thank you so much sisters.”

Another oblate shared her experience of joining us for our monthly Zoomed meeting. “Thank you sisters for hosting our Zoom meetings. I found them a real lifeline during the darkest days of the COVID lockdown - and I look forward to many more, even when freedom to travel and make overnight stays is restored. No [person!] is an island, and as St Benedict reminds us, it needs a strong and determined faith to manage spiritual life without the support of a reliable and caring community.”

• During the pandemic Thanet had an extremely high number of people who required hospitalization. Our local hospice and hospitals notified us that they were in desperate need of scrubs for the nurses and medical staff. A local group had set up a scheme where anyone who was able to sew was invited to help. Our community “came to the rescue” and for several weeks the sisters sewed scrubs. It was a good experience to share our skills, and to feel part of the Thanet community supporting the NHS. This was certainly a new way of “public benefit”, that we hadn’t ever envisaged. This is only one small example of how we as charities respond to the challenges and adapt to needs as they arise.

• AT PARKMINSTER we work with a Work training project of “ Looking Ahead ”, especially for young people with “special needs”. The property is used by the group run by a small private organization. During the lockdown period the project was closed for many months and was able to open for a short period of time when the restrictions were not so stringent. The restrictions meant that food could only be served outdoors, which limited the number of people they were able to cater for. People with disabilities felt the isolation from their friends and the regular interaction with others, extremely difficult.

• In 2019 we received an award from Colyer Fergusson Charitable Trust to be used for the “Looking Ahead” project at Parkminster. As a result of this grant, we were able to develop our catering facilities. Just before lockdown, work on the tea rooms was completed and we opened the new area. This is a great asset and will help in the development of the tea rooms for the students involved in the catering program, as well as providing better service for the public, whom they welcome.

• The group of students and teachers from St. Anselm’s Secondary school, Canterbury regularly had to suspend their visits to the Abbey. We were sad about this, as this opportunity gives the young people an appreciation of the great historical and spiritual tradition of Minster Abbey. It is an opportunity for inter-generational conversations. Some zoom gatherings of students and sisters have been introduced and we hope to develop this method of meeting with a small group of students. We plan to open up for day visitors as soon as it is safe to do so.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2020

Activities and performance over the past year (continued)

• We continue to graze our own flock of sheep . A local farmer assists us with shearing and lambing on a volunteer basis. We are able to provide some organic free range meat for the Guest House and Abbey. There was a very good lambing season this year.

• The community continue to discern new ways to promote vocations to Minster Abbey so that new members will be attracted to our particular way of living the monastic life. The new video produced last year, is now active on our Website and the feedback has been encouraging. We received an invitation to join a group of interested religious throughout the UK - “UK Religious Life”. They work together to share expertise and opportunities for meeting with young women or men who may be discerning a vocation to the consecrated life. There has been a Vocations Café set up and it has been good to be part of these events. The Café is an online event where young people and religious meet in a relaxed way, to have a conversation together and share stories of our experience of the consecrated life. We have been using social media to an extent which assists us in reaching out to those who may be thinking of a vocation, as well as a Christian witness in a secular world. There is also a Vocations weekend “Joyful Living” planned which is likewise an online event. We plan to have a “Come and See” day as a Zoom event in 2021.

• We continue to offer DIY livery. This is a good way of providing an income as well as keeping the property well cared for.

• We have one sister in formation. This is an important time for discernment, prayer, study and continued formation in the Benedictine way of life. The whole community supports and accompanies our new sister on this journey towards solemn profession. Before the lockdown for Covid 19, sister attended an excellent study course in Ireland with other younger religious. We hope that these opportunities may continue after the restrictions of lockdown are lifted. Throughout the lockdown, various online courses have been offered for those in formation and this has been of great benefit.

• One sister continues to require nursing care in a local Nursing Home, funded by the local authority. Her life of prayer is a great support to the work of the community. Visitors were not allowed and so all communication was by letter and visits outdoors in the summer. We are delighted that there were no cases of Covid 19 in the nursing home throughout the whole period. All the residents received the vaccine early on.

• In December we received a large legacy of £100,000 from a generous benefactor. The remaining £15,000 of the legacy from the sale of a property will be paid in 2021.

Plans for the coming year 2021

• The biggest challenge for us which is also a great challenge to the whole of humanity is to live with the uncertainties that this pandemic has presented to our world and to discover how we can continue to serve those who come to us with their particular needs. We need to be ever more realistic, to open ourselves to the needs of the present moment and to respond to our local community, within our own limitations. Many of us will be working with reduced financial resources.

• The trustees are committed to the promotion of ecumenical dialogue, through various pilgrimages and hosting meetings between the Orthodox and Roman Catholic traditions. Local Christian dialogue is likewise important, and we hope that restrictions will be lifted and allow us to host monthly meetings for the leaders of the Churches For the time being this is done by Zoom meetings and it may be necessary to continue this for some time.

• After a period of research and dialogue with various consultants, the community have made a decision to transfer our electricity supply to solar energy. We will be using a small local alternative energy supplier to carry out the installation. The main advantage is that it is a renewable , clean source of electricity. Extra electricity we produce from the solar panels will be either be stored in a battery or fed back into the electricity grid. We have made this decision in the light of the climate change crisis and our concern for the future of the planet. It will be necessary to present an application to the local district council, as we are a Grade 1 Scheduled monument site.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2020

Plans for the coming year 2021 (continued)

• We will continue to offer hospitality to the Roman Catholic local Deanery leaders, and hope that lifting of restrictions will allow these gatherings to resume.

• As the community members grow older and with the number of younger women entering monastic life decreasing it is important that the Trustees keep a good balance between the various demands of the monastic life. The Trustees are aware of the importance of evaluating the needs of each person. This may result in a reduction of work in a particular area in order to maintain a balanced and spiritually enhancing monastic life.

• The trustees continue to evaluate and meet the needs for care of the elderly and sick members of the community. Caring for the elderly and infirm members is important and we hope to be able to provide this care whenever possible.

• It is important to build on the present online possibilities for contacting, discerning and accompanying women who present themselves as possible candidates. This has been far more successful than we could ever have envisaged.

• Sadly, due to the restrictions of Covid, we had to close our Guest House for several months. Many people have expressed the deep loss they feel by being unable to come to the monastery for a time of retreat. They long for an opportunity for prayer, silence and relief from what have been distressing and sometimes isolating situations. We are especially thinking of our NHS staff, front line workers, carers, those recovering from illness and those suffering the trauma of bereavement.

• In response the sisters have plans to temporarily reorder part of the Guest House to provide simple, self-catering accommodation. This will allow us to offer a few people, a space for rest, relaxation and spiritual refreshment within the safety of government Covid regulations.

• Our income has been greatly reduced this past year due to the Covid lockdown. The plan is to gradually increase income through a gradual reopening of the hospitality facilities. We hope to focus on private self-catering retreats, and then when it safe to do so, to gradually begin to welcome our groups, reopen the gift shop and receive groups for Tours.

Reserves policy and financial position

Reserves policy

From the information provided it is clear that the charity carries out a range of activities and is responsible for the care and support of the sisters whose average age is increasing and whose needs are changing. The trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work and its commitments, the level of free reserves should be approximately equal to 12 to 18 months expenditure.

Long Term plans

The trustees do not anticipate any significant change to the charity or its activities over the next two to five years. It is their intention to continue to meet the following objectives:

• To work “for the advancement of the Roman Catholic Religion”, as expressed through their life of prayer, welcoming the public to the various liturgical services and hospitality offered to the numerous people who come to the monastery.

• To provide Monastic experiences for young women who may be drawn to Minster Abbey.

• • To continue to assess how we can meet the spiritual needs of people who come to us especially through our accompaniment and retreat work.

• To continue to care for the sisters and enable them to carry out their charitable work.

• To assess the needs of the sisters as they grow older and, if necessary, adapt the Charity’s plans in respect of provision of care to elderly members.

• To be open to find new ways to offer pastoral care and support to the many people who come to Minster Abbey.

• To continue the programme of maintaining the ancient monastic buildings.

• To assess the long term use and maintenance of the outer buildings of the monastery.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2020

Governance, Structure and Management

St Mildred's Abbey, Minster is Benedictine, Roman Catholic monastery aggregated to the English Province, of the Subiaco Cassinese Congregation. The trustees of Minster Abbey are the Prioress, and others appointed by the Prioress. Trustees enjoy the same benefits as any other member of the religious community. The monastery is subject to the Constitutions of Minster Abbey, and to the precepts of the Code of Canon Law of the Roman Catholic Church.

Governance, Structure and management reporting

The Trustees are ultimately responsible for the policies, activities and assets of the charity. When necessary they seek legal advice, investment advice or property advice from consultants or professional advisors. The day to day management of the charity’s activities and the implementation of policies are delegated to the appropriate members of the community. Under the terms of the trust deed, the power of appointing and removing trustees is vested with the Prioress of the community.

Mother Nikola Proksch – Prioress Sister Benedict Gaughan Sr. Johanna Caton Sr. Aelred Erwin

Trustees' responsibilities

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year.

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the charity, and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity.

Risk Management

The trustees actively review the major risks that the charity faces on a regular basis. The community is aware of the risks in the following areas:

1. A lack of direction.

2. Poor skills and training of its members.

3. Lack of direction.

4. The unwise use of its resources.

Operational - looks at the risks inherent in the charities activities including the retreat work and the operation of its facilities- difficulties with staff, poor health and safety policies, lack of disaster recovery policy etc.

Financial risks - include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc.

Reputational – looks at possible damage to the charity’s reputation.

Laws, regulations, external and environment - looks at the effects of government policies, the consequences of non-compliance with laws, and regulations and poor risk assessment in the monastic buildings and guest facilities.

Having assessed the major ricks to which the charity is exposed, the trustees believe that by monitoring reserve levels, and by examining the business risks faced by the charity, they have established effective systems to mitigate those risks. Approved by the trustees and signed on their behalf by:

_______ Mother Prioress Nikola Proksch OSB Date:

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ST MILDRED'S ABBEY

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the Year Ended 31 December 2020

		Unrestricted	Restricted	Designated	Total	Total
		Funds	Funds	Funds	Funds	Funds
		2020	2020	2020	2020	2019
	Notes	£	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations		124,930	-	-	124,930	14,720
Grants		-	-	-	-	-
Charitable activities
Rental income		14,882	-	-	14,882	14,821
Guesthouse		7,545	-	-	7,545	51,266
Other trading activities
Shop		129	-	-	129	5,125
Investments		11,693	-	-	11,693	18,675
Other
Pensions		67,489	-	-	67,489	59,598
Livestock		-	-	-	-	-
Total		226,668	-	-	226,668	164,205
EXPENDITURE ON:
Raising funds
Costs of trading fundraising		-	-	-	-	-
Charitable activities		154,307	-	-	154,307	194,095
Other		-	-	-	-	-
Total	3	154,307	-	-	154,307	194,095
Net gains/(losses) on investments:
Gain/(loss) on revaluation and sale of inves		(26,676)	-	-	(26,676)	58,845
Net income/(expenditure)		45,685	-	-	45,685	28,955
Transfers between funds		-	-	-	-	-
Other recognised gains/(losses)		-	-	-	-	-
Net movement in funds		45,685	-	-	45,685	28,955
Reconciliation of funds:
Total funds brought forward		1,675,894	-	-	1,675,894	1,646,939
Total funds carried forward	11	1,721,579	-	-	1,721,579	1,675,894

Movements in funds are disclosed in Note 11 to the financial statements.

The notes form part of these financial statements

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ST MILDRED'S ABBEY

STATEMENT OF FINANCIAL POSITION

31 December 2020

Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES RESERVES Restricted funds Designated funds Unrestricted funds Income and expenditure 11	31.12.20 £ £ 834,497 556,760 1,391,257 - 331,886 331,886 1,564 330,322 1,721,579 - - 1,721,579 1,721,579	31.12.19 £ £ 840,009 572,573 1,412,582 2,415 263,545 265,960 2,648 263,312 1,675,894 - - 1,675,894 1,675,894

The charity is entitled to exemption from audit.

The trustees have not required the charity to obtain an audit of its financial statements for the year ended 31 December 2020.

The trustees acknowledge responsibilities for:

• (a) ensuring that the company keeps accounting records which comply with the Charities Act 2011 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of each financial year and of its surplus or deficit for each financial year.

These accounts have been prepared in accordance with the provision applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.

The financial statements were approved by the Board of Trustees on ............................................. and were signed by:

....................................................... Trustee

Mother Prioress Nikola Proksch OSB

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ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

• 33% on cost and 20% on cost and 2% on cost

Fund accounting

• Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectivities of the charity.

• Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.

• Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

• Donations, guesthouse income and pensions are included when received;

• Investment income is included when receivable.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT and is reported as part of the expenditure to which it relates:

• Costs of generating funds comprise the costs associated with both the costs of attracting the income and those of providing the facilities to generate the income.

• 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.

• Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

2.

TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS

No trustee received any remuneration during the year (2019 Nil).

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2019 Nil).

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ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020

1. TOTAL RESOURCES EXPENDED

Basis of allocation Costs directly allocated to activities Establishment costs Direct Housekeeping Direct Social security Direct Chapel Direct Infirmary Direct Donations Direct Library Direct Garden expenses Direct Accountancy Direct Finance charges Direct Course fees Direct Support costs allocated to activities Travelling Usage Communications Usage Post & stationery Usage Sundry expenses Usage Depreciation Usage Total resources expended	Minster Abbey repair and preservation Religious activities Shop Guesthouse Governance 2020 Total £ £ £ £ £ £ 26,093 27,493 8,910 - 62,496 - 15,075 - 793 - 15,868 - 1,775 - - - 1,775 - 4,190 - - - 4,190 - 11,667 - - - 11,667 - 13,259 - - - 13,259 - 717 - - - 717 9,071 - - - - 9,071 - - - - 1,200 1,200 - - - - 259 259 - 503 - - - 503 - 1,771 - - - 1,771 - 2,102 - - - 2,102 - 1,343 - - - 1,343 - 5,895 - - - 5,895 18,837 3,354 - - - 22,191 54,001 89,144 - 9,703 1,459 154,307	20019 Total £ 59,515 20,143 1,629 9,951 17,195 16,336 1,131 23,048 1,200 330 1,888 6,893 1,376 1,745 9,865 21,850
		194,095

1. NET INCOMING RESOURCES FOR THE YEAR These are stated after charging:

Depreciation - owned assets

31.12.20 £ 22,191	31.12.19 £ 21,850

continued...

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ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2020

5. AMOUNTS WRITTEN OFF INVESTMENTS

AMOUNTS WRITTEN OFF INVESTMENTS
	31.12.20	31.12.19
	£	£
Gain/(Loss) on investment	**(26,676) **	58,845

6. TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2020 nor for the year ended 31 December 2019.

7. TANGIBLE FIXED ASSETS

		Plant and
	Land and	machinery
	buildings	etc	Totals
	£	£	£
COST
At 1 January 2020	540,649	527,859	1,068,508
Additions	-	16,679	16,679
At 31 December 2020	540,649	544,538	**1,085,187 **
DEPRECIATION
At 1 January 2020	100,117	128,382	228,499
Charge for year	10,813	11,378	22,191
At 31 December 2020	110,930	139,760	250,690
NET BOOK VALUE
At 31 December 2020	429,719	404,778	834,497
At 31 December 2019	440,532	399,477	840,009
FIXED ASSET INVESTMENTS
			Other
			investments
			£
COST OR VALUATION
At 1 January 2020			572,573
Additions			67,700
Disposals			(56,837)
Revaluations			**(26,676) **
At 31 December 2020			556,760
NET BOOK VALUE
At 31 December 2020			556,760
At 31 December 2019			572,573
Cost or valuation at 31 December 2020 is represented by:
			Other
			investments
			£
Valuation in 2020			556,760

8. FIXED ASSET INVESTMENTS

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continued…

ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020

8. FIXED ASSET INVESTMENTS - continued

If the NPI & NU investments had not been revalued they would have been included at the following historical cost:

	historical cost:
						31.12.20					31.12.19
							£				£
	Cost					583,436					513,728
	Fixed asset investments were valued on	an open market		basis	on		31	December 2020 by
	Henderson Global & Epworth Inv Managers.
9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
						31.12.20					31.12.19
							£				£
	Other debtors							-			2,415
10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
						31.12.20					31.12.19
							£				£
	Other creditors						1,564				2,648
11.	MOVEMENT IN FUNDS
								Net
						movement
			At 1.1.20				in	funds		At 31.12.20
				£				£			£
	Unrestricted funds
	General fund		1,675,894				45,685				1,721,579
	Designated Funds			-					-		-
	Restricted Funds
	Parkminster			-					-		-
	Restoration fund			-					-		-
	TOTAL FUNDS		1,675,894				45,685				1,721,579
	Net movement in funds, included in the above are as follows:
		Incoming	Resources				Transfer				Movement
		resources	expended				in	funds			in funds
		£		£				£			£
	Unrestricted funds
	General fund	226,668	(180,983)							-	45,685
	Designated funds									-	-
	Restricted Funds
	Parkminster	-			-					-	-
	Restoration fund	-			-					-	-
	TOTAL FUNDS	226,668	(180,983)							-	45,685

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continued…

CHARTERED ACCOUNTANTS' INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF ST MILDRED’S ABBEY

We report on the accounts of the company for the year ended 31 December 2020, which are set out on pages 9 to 14.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:

• examine the accounts under section 145 of the 2011 Act;

• to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• to state whether particular matters have come to our attention.

Basis of independent examiner’s report

Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with our examination, no matter has come to our attention:

• (1) which gives us reasonable cause to believe that in any material respect the requirements: • to keep accounting records; and

• to prepare accounts which accord with the accounting records, comply with the accounting requirements of and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or

(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Hilary Adams Ltd Chartered Accountants 158 High Street Herne Bay Kent CT6 5NP

Date: .............................................

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