2022-12-31-accounts - St Mildred's Abbey, Minster, Kent

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REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ST MILDRED'S ABBEY

CHARITY NUMBER 232635

ST MILDRED'S ABBEY

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

	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 2022

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 01843 821254

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 2022

The trustees present their report along with the financial statements of the Trustees of Minster Abbey for the year ended 31 December 2022. 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:

Residential retreats and conferences for individuals and groups.
Day groups which include retreat groups, study groups and conferences.
Welcoming the public to view the ancient buildings.
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

Care of the monastic community.
Hospitality and Pastoral Care.
Mission and Global Outreach.
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 2022

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 2022

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, not unlike most registered charities, are experiencing new challenges during these times of financial crisis. We feel confident however, that we continue to provide good public benefit, which is in line with our charitable deed.

The Divine Office, which is a particular Benedictine gift to the Church, is celebrated seven times each day. The community continue to welcome a wide number of people to the liturgy, including the daily Eucharist which is open to the public. The religious life is based on the Gospel and especially on singing the praises of God and serving Christ in the poor, the suffering and members of community. The Rule of St. Benedict gives great dignity to manual labour. From the earliest days the spirit of the monastic life was summed up in the word, PAX, or peace, which is at the heart of our life.

In 2022 we welcomed a Nigerian lady to our Guest house for a period of three months. We were able to provide a safe place for her while her application for asylum could be settled. Later she was to find accommodation with a Catholic Worker community which provides specialized support for those seeking asylum. We felt blessed to have her with us for those months.

This past year the trustees made a decision to change from a long tradition of offering accommodation with full meals, to providing self-catering facilities only. There are now three small kitchenettes where guests can prepare simple meals. This was a big decision for us, but it has proved to be very successful as it helps to ease the workload of the community, whilst still focusing on the mission of hospitality. An anonymous donation has allowed us to update our Guest House facilities, and a number of the bedrooms are now en suite. Many people benefit from the time spent on retreat at Minster Abbey, whether for just a few days, or even a day of reflection.

“Thank you for the few days I spent with you recently. I love Minster for so many things. The place itself is just full of the holiness of so many centuries of prayer and lives given to God. It’s extraordinary to see the really old buildings, to spend time in the beautifully tended gardens where well placed benches allow moments of quiet contemplation and to be able to join you for prayer. You all sing the praises of God so faithfully across the cycle of the year and as the different years go by. It feels as if everyone who comes to Minster Abbey is welcomed into that wheel of prayer, which also holds the concerns of each of us and the troubles of the whole world.”

The invasion of Ukraine by Russia in 2022 had created a huge refugee crisis across Europe. The UK government announced a program to allow Ukrainians fleeing the war to be welcomed to the UK through the “new homes for Ukraine scheme”. The Trustees agreed to offer our cottage, St. Anne’s, to a family in need. In July we welcomed a family of four, including a grandmother, a mother, a 17 year old boy and a 5 year old child. This has been a great blessing for everyone. The children are now settled in local schools and are becoming more fully integrated into the local community. A local charity, CSU, has been very helpful in creating a good network of support between the trustees, government agencies, the family and the local community.

AT PARKMINSTER we continue to offer facilities for a Work-training project called “Looking Ahead”, especially for young people with special needs. In addition to their horticultural project and wood working they also have Tea rooms, which are open to the public and receive a steady flow of visitors.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Activities and performance over the past year (continued)

Following the Covid restrictions we decided to re-open to the public for tours to the Abbey on Saturday mornings or by appointment. Our visitor numbers have increased as the tours become more widely known.

The group of students and teachers from St. Anselm’s Secondary School, Canterbury, have now returned to their regular visits to the Abbey. This provides students with a first-hand experience of tilling the earth especially through their work in the gardens and orchards. The students are sometimes surprised that a cabbage or tomatoes don’t come wrapped in plastic!

One of our oblates when reflecting on the issues of Pollution and Climate Change commented: “We see today a living example of the community at Minster Abbey working together with the locality in order to address such practical issues as pollution and climate change. The attitude is held that we must be good stewards of both creation and our manufactured world. Minster Abbey is forward looking in its way of using energy. I am delighted to see that the Abbey now have a bank of solar panels installed in the gardens”.

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 delicious organic, free-range meat for the community and some is given away to friends. Another of our oblates writes about her experience helping with the lambing:

“It was a huge privilege to be invited to share in the lambing during 2022. This experience gave me a first-hand experience of the Benedictine life. Somehow, the supervision of the ewes who were about to give birth fitted in with the seven offices being celebrated in the chapel, thanks to teamwork and consideration for each other’s energies. The new-born lambs were a delight and I love returning to Minster Abbey to see their progress. Each sheep and lamb is known and treasured by name!”

In 2022 the plans to transfer our electricity supply to solar energy finally became a reality. There were issues with the local council due to the Abbey’s Grade 1 Scheduled monument status, which meant long hours of negotiating for building permission. In October it was declared “live”. We hope that this step will be a living witness to Pope Francis’ words in Laudato Si which calls for communities working towards a more sustainable source of energy for our world. “Humanity still has the ability to work together in building our common home, despite the waste of the ‘disposable society’.” Laudato Si.

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 video produced last year is now active on our website and the feedback has been encouraging. We once again joined in the 2022 “Joyful Living” experience on Zoom which involved over 2000 young people in schools throughout the UK.

We continue to offer DIY livery for horses. This has increased over the past year and is proving to be very successful. It also provides a regular income for the community.

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 Sister on this journey towards solemn profession.

One of our younger Sisters attended a three-month Course in Rome and Assisi for Formators. This was an excellent experience for her with a good focus on personal development in the context of the monastic life. She found it enriching as well as challenging on a personal level.

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. Regular visits are delightful and mutually enriching.

With the new Canon Law guidelines for Contemplative communities, Minster Abbey is required to join a Congregation which can provide the structures required by the Church and best suit the needs of the community. In 2022, the community decided to request application to the Bavarian Federation.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Plans for the coming year 2023

As we face the challenges of the present financial crisis as well as the demands of an ageing community we continue to evaluate and discover new ways to meet the needs of our mission of hospitality. Caring for our sick or elderly Sisters is as important as supporting our younger Sisters still in formation.

We have one Sister who will be making solemn profession in the coming year, and a steady flow of younger women who show interest in the monastic life here at Minster Abbey. We hope to have monastic experience weekends in the coming months, where younger women may explore more closely the Benedictine monastic life. We continue to look for new and creative ways of welcoming those who may be seeking this way of life. We also have the advice and support from a psychologist with a good experience in religious life who offers us accompaniment as we discern with young women.

The Trustees are committed to continue to support and welcome our Ukrainian family. This seems an important aspect to our Benedictine life, with a special emphasis on welcoming the poor and the homeless. The friendship we have experienced has been mutually enriching.

We will continue to offer hospitality to the many day groups who want to use our facilities. These groups are deeply appreciative of the opportunity to meet at the Abbey, as well as joining the community in prayer. The various spaces we have on offer are excellent for these groups and are very popular. The Roof in the St. Benedict’s meeting room, the small kitchen, the shop and the toilet area will require work in the next year.

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 manual work, our work of hospitality and the needs of the community. Caring for the elderly and infirm members is important and we hope to be able to provide this care whenever possible. The Trustees are aware of the importance of regularly 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.

Plans to complete the Minster Abbey Exhibition which is situated in the Parkminster barn are underway. New photography has been added to the collection. We plan to display a more interactive presentation, using more up-to-date technology including interactive videos and public access by QR Code. This will allow a greater number of people to access the Exhibition by Internet. Plans to include many items on the Minster Abbey web site are moving ahead, and should be completed in 2023.

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.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

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.

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:

A lack of direction.
Poor skills and training of its members.
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.

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ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Risk management (continued)

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 2022

Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Donations Charitable activities Rental income Guesthouse Investments Other Pensions Total EXPENDITURE ON: Raising funds Costs of trading fundraising Charitable activities Other Total 3 Net gains/(losses) on investments: Gain/(loss) on revaluation and sale of inve Net income/(expenditure) Transfers between funds Other recognised gains/(losses) Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 11	Unrestricted Restricted Designated Total Total Funds Funds Funds Funds Funds 2022 2022 2022 2022 2021 £ £ £ £ £ 14,727 - - 14,727 111,880 23,250 - - 23,250 15,930 32,809 - - 32,809 555 20,085 - - 20,085 13,937 69,000 - - 69,000 86,515
	159,871 - - 159,871 228,817
	- - - - - 224,355 - - 224,355 169,434 - - - - -
	224,355 - - 224,355 169,434
	s (81,699) - - (81,699) 75,937
	(146,183) - - (146,183) 135,320 - - - - - - - - - -
	(146,183) - - (146,183) 135,320 1,856,899 - - 1,856,899 1,721,579
	1,710,716 - - 1,710,716 1,856,899

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 2022

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	31.12.22 £ £ 867,338 627,759 1,495,097 - 218,267 218,267 2,648 215,619 1,710,716 - - 1,710,716 1,710,716	31.12.21 £ £ 812,915 626,798 1,439,713 4,536 414,199 418,735 1,549 417,186 1,856,899 - - 1,856,899 1,856,899	31.12.21 £ £ 812,915 626,798 1,439,713 4,536 414,199 418,735 1,549 417,186 1,856,899 - - 1,856,899 1,856,899
			1,439,713 417,186
			1,856,899
			- - 1,856,899
			1,856,899

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 2022.

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 2022

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 (2021 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 (2021 Nil).

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ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022

5. AMOUNTS WRITTEN OFF INVESTMENTS

		31.12.22	31.12.21
		£	£
Gain/(Loss)	on investment	(81,699)	75,937

6. TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2022 nor for the year ended 31 December 2021.

7. TANGIBLE FIXED ASSETS

				Plant and
		Land	and	machinery
		buildings		etc	Totals
		£		£	£
	COST
	At 1 January 2022	540,649		545,407	1,086,056
	Additions		-	77,781	77,781
	At 31 December 2022	540,649		623,188	1,163,837
	DEPRECIATION
	At 1 January 2022	121,743		151,398	273,141
	Charge for year	10,813		12,545	23,358
	At 31 December 2022	132,556		163,943	296,499
	NET BOOK VALUE
	At 31 December 2022	408,093		459,245	867,338
	At 31 December 2021	418,906		394,009	812,915
8.	FIXED ASSET INVESTMENTS
					Other
					investments
					£
	COST OR VALUATION
	At 1 January 2022				626,798
	Additions				106,284
	Disposals				(23,633)
	Revaluations				(81,690)
	At 31 December 2022				627,759
	NET BOOK VALUE
	At 31 December 2022				627,759
	At 31 December 2021				626,798
	Cost or valuation at 31 December 2022 is represented by:
					Other
					investments
					£
	Valuation in 2022				627,759

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continued…

ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022

8. FIXED ASSET INVESTMENTS - continued

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

Cost Fixed asset investments were valued on an open market basis Henderson Global & Epworth Inv Managers. 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund Designated Funds 1,856,899 - Restricted Funds Parkminster - Restoration fund - TOTAL FUNDS 1,856,899 Net movement in funds, included in the above are as follows:	31.12.22 31.12.21 £ £ 709,449 550,861 on 31 December 2022 by 31.12.22 31.12.21 £ £ - 4,536 31.12.22 31.12.21 £ £ 2,648 1,549 Net movement in funds At 31.12.22 £ £ (146,183) - 1,710,716 - - - - - (146,183) 1,710,716	31.12.22 31.12.21 £ £ 709,449 550,861 on 31 December 2022 by 31.12.22 31.12.21 £ £ - 4,536 31.12.22 31.12.21 £ £ 2,648 1,549 Net movement in funds At 31.12.22 £ £ (146,183) - 1,710,716 - - - - - (146,183) 1,710,716
		1,710,716

	Incoming	Resources	Transfer		Movement	Movement
	resources	expended	in funds		in funds
	£	£	£		£
Unrestricted funds
General fund	159,871	(306,054)		-	(146,183)
Designated funds	-	-		-		-
Restricted Funds
Parkminster	-	-		-		-
Restoration fund	-	-		-		-
TOTAL FUNDS	159,871	(306,054)		-	(146,183)

Page 14

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 2022, 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: .............................................

Page 15

St Mildred's Abbey Detailed Income and Expenditure Account For The Year Ended 31 December 2022

TURNOVER Donations Guest house Pensions Administrative Expenses Wages and salaries Employers NI Travel expenses House expenses Rates Light and heat Cleaning Repairs to property Premises insurance Software & maintenance Housekeeping Repairs and renewals Library Chapel Donation Infirmary Post and stationery Course fees Communications Accountancy fees Legal fees Bank charges Depreciation of plant and machinery Depreciation of fixtures and fittings Depreciation of computer equipment Depreciation of freehold land and property Sundry expenses Garden Guest house expenses Safeguarding Ex-gratia payments	2022 £ £ 14,727 32,809 69,000 116,536 10,495 1,348 5,488 4,036 971 11,525 90 64,039 13,012 1,794 13,484 1,870 715 8,481 3,610 16,065 2,064 6,672 2,837 1,260 360 283 567 66 218 22,507 1,717 18,221 412 4,148 6,000 (224,355)	2022 £ £ 14,727 32,809 69,000 116,536 10,495 1,348 5,488 4,036 971 11,525 90 64,039 13,012 1,794 13,484 1,870 715 8,481 3,610 16,065 2,064 6,672 2,837 1,260 360 283 567 66 218 22,507 1,717 18,221 412 4,148 6,000 (224,355)	2021 £ £ 111,880 555 86,515 198,950 - 1,630 1,641 3,144 817 13,999 10,475 28,911 10,577 1,003 16,418 650 2,215 3,970 9,636 16,079 1,223 1,405 1,978 1,260 - 213 1,198 42 218 20,993 4,233 14,998 508 - - (169,434) ...CONTINUED
		116,536 (224,355)

This page does not form part of the statutory financial statements Page 16

St Mildred's Abbey Detailed Income and Expenditure Account (continued) For The Year Ended 31 December 2022

23,250	23,250 (81,699)	15,930	15,930 75,937
(81,699)		75,937
1,824 18,261		25 13,912
	(166,268) 20,085		121,383 13,937

	(146,183)		135,320

This page does not form part of the statutory financial statements Page 17

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ST MILDRED'S ABBEY

CHARITY NUMBER 232635

ST MILDRED'S ABBEY

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

	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 2022

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 01843 821254

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 2022

Objectives of the Charity

Mission

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:

Residential retreats and conferences for individuals and groups.
Day groups which include retreat groups, study groups and conferences.
Welcoming the public to view the ancient buildings.
Pastoral care for those who come to the monastery.

3. Prayer Liturgy and spiritual support

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

Care of the monastic community.
Hospitality and Pastoral Care.
Mission and Global Outreach.
Preservation of the Ancient Monastic Buildings.

1. Caring for members of the monastic community

Page 2

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Activities, specific objectives and relevant policies (continued)

2. Hospitality

A. Residential

B. Tours of the Abbey

C. Day Groups

D. Pastoral Care

3. Mission and Global Outreach

4. Preservation of the Ancient Monastic Buildings

Page 3

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Investment Policy

Activities and performance over the past year

Page 4

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Activities and performance over the past year (continued)

We continue to offer DIY livery for horses. This has increased over the past year and is proving to be very successful. It also provides a regular income for the community.

Page 5

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Plans for the coming year 2023

Reserves policy and financial position

Reserves policy

Page 6

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

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.

Governance, Structure and Management

Governance, Structure and management reporting

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

Trustees' responsibilities

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:

A lack of direction.
Poor skills and training of its members.
The unwise use of its resources.

Page 7

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Risk management (continued)

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.

_______Mother Prioress Nikola Proksch OSB Date:

Page 8

ST MILDRED'S ABBEY

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the Year Ended 31 December 2022

Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Donations Charitable activities Rental income Guesthouse Investments Other Pensions Total EXPENDITURE ON: Raising funds Costs of trading fundraising Charitable activities Other Total 3 Net gains/(losses) on investments: Gain/(loss) on revaluation and sale of inve Net income/(expenditure) Transfers between funds Other recognised gains/(losses) Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 11	Unrestricted Restricted Designated Total Total Funds Funds Funds Funds Funds 2022 2022 2022 2022 2021 £ £ £ £ £ 14,727 - - 14,727 111,880 23,250 - - 23,250 15,930 32,809 - - 32,809 555 20,085 - - 20,085 13,937 69,000 - - 69,000 86,515
	159,871 - - 159,871 228,817
	- - - - - 224,355 - - 224,355 169,434 - - - - -
	224,355 - - 224,355 169,434
	s (81,699) - - (81,699) 75,937
	(146,183) - - (146,183) 135,320 - - - - - - - - - -
	(146,183) - - (146,183) 135,320 1,856,899 - - 1,856,899 1,721,579
	1,710,716 - - 1,710,716 1,856,899

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

The notes form part of these financial statements

Page 9

ST MILDRED'S ABBEY

STATEMENT OF FINANCIAL POSITION 31 December 2022

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	31.12.22 £ £ 867,338 627,759 1,495,097 - 218,267 218,267 2,648 215,619 1,710,716 - - 1,710,716 1,710,716	31.12.21 £ £ 812,915 626,798 1,439,713 4,536 414,199 418,735 1,549 417,186 1,856,899 - - 1,856,899 1,856,899	31.12.21 £ £ 812,915 626,798 1,439,713 4,536 414,199 418,735 1,549 417,186 1,856,899 - - 1,856,899 1,856,899
			1,439,713 417,186
			1,856,899
			- - 1,856,899
			1,856,899

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 2022.

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

Page 10

ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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 (2021 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 (2021 Nil).

Page 11

ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022

5. AMOUNTS WRITTEN OFF INVESTMENTS

			31.12.22	31.12.21
			£	£
Gain/(Loss)	on	investment	(81,699)	75,937

6.	TAXATION
	Analysis of the tax charge
	No liability to UK corporation tax arose on ordinary activities for		the year ended
	31 December 2022 nor for the year	ended 31 December 2021.
7.	TANGIBLE FIXED ASSETS
				Plant and
		Land	and	machinery
		buildings		etc	Totals
		£		£	£
	COST
	At 1 January 2022	540,649		545,407	1,086,056
	Additions		-	77,781	77,781
	At 31 December 2022	540,649		623,188	1,163,837
	DEPRECIATION
	At 1 January 2022	121,743		151,398	273,141
	Charge for year	10,813		12,545	23,358
	At 31 December 2022	132,556		163,943	296,499
	NET BOOK VALUE
	At 31 December 2022	408,093		459,245	867,338
	At 31 December 2021	418,906		394,009	812,915
8.	FIXED ASSET INVESTMENTS
					Other
					investments
					£
	COST OR VALUATION
	At 1 January 2022				626,798
	Additions				106,284
	Disposals				(23,633)
	Revaluations				(81,690)
	At 31 December 2022				627,759
	NET BOOK VALUE
	At 31 December 2022				627,759
	At 31 December 2021				626,798
	Cost or valuation at 31 December 2022 is represented by:
					Other
					investments
					£
	Valuation in 2022				627,759
		Page 13
					continued…

ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022

8. FIXED ASSET INVESTMENTS - continued

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

	cost:
									31.12.22					31.12.21
										£				£
	Cost								709,449					550,861
	Fixed asset investments were	valued on	an	open	market		basis	on		31 December 2022 by
	Henderson Global & Epworth Inv Managers.
9.	DEBTORS: AMOUNTS FALLING	DUE WITHIN		ONE YEAR
									31.12.22					31.12.21
										£				£
	Prepayments and accrued income										-			4,536
10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE				YEAR
									31.12.22					31.12.21
										£				£
	Other creditors									2,648				1,549
11.	MOVEMENT IN FUNDS
											Net
									movement
						At 1.1.22				in	funds		At 31.12.22
							£				£			£
	Unrestricted funds
	General fund					1,856,899				(146,183)				1,710,716
	Designated Funds						-					-			-
	Restricted Funds
	Parkminster						-					-			-
	Restoration fund						-					-			-
	TOTAL FUNDS					1,856,899				(146,183)				1,710,716
	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			159,871		(306,054)							-	(146,183)
	Designated funds				-			-					-		-
	Restricted Funds
	Parkminster				-			-					-		-
	Restoration fund				-			-					-		-
	TOTAL FUNDS			159,871		(306,054)							-	(146,183)

Page 14

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 2022, which are set out on pages 9 to 14.

Respective responsibilities of trustees and examiner

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

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: .............................................

Page 15

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ST MILDRED'S ABBEY

CHARITY NUMBER 232635

ST MILDRED'S ABBEY

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

	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 2022

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 01843 821254

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 2022

Objectives of the Charity

Mission

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:

Residential retreats and conferences for individuals and groups.
Day groups which include retreat groups, study groups and conferences.
Welcoming the public to view the ancient buildings.
Pastoral care for those who come to the monastery.

3. Prayer Liturgy and spiritual support

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

Care of the monastic community.
Hospitality and Pastoral Care.
Mission and Global Outreach.
Preservation of the Ancient Monastic Buildings.

1. Caring for members of the monastic community

Page 2

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Activities, specific objectives and relevant policies (continued)

2. Hospitality

A. Residential

B. Tours of the Abbey

C. Day Groups

D. Pastoral Care

3. Mission and Global Outreach

4. Preservation of the Ancient Monastic Buildings

Page 3

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Investment Policy

Activities and performance over the past year

Page 4

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Activities and performance over the past year (continued)

We continue to offer DIY livery for horses. This has increased over the past year and is proving to be very successful. It also provides a regular income for the community.

Page 5

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Plans for the coming year 2023

Reserves policy and financial position

Reserves policy

Page 6

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

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.

Governance, Structure and Management

Governance, Structure and management reporting

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

Trustees' responsibilities

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:

A lack of direction.
Poor skills and training of its members.
The unwise use of its resources.

Page 7

ST MILDRED'S ABBEY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Risk management (continued)

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.

_______Mother Prioress Nikola Proksch OSB Date:

Page 8

ST MILDRED'S ABBEY

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the Year Ended 31 December 2022

Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Donations Charitable activities Rental income Guesthouse Investments Other Pensions Total EXPENDITURE ON: Raising funds Costs of trading fundraising Charitable activities Other Total 3 Net gains/(losses) on investments: Gain/(loss) on revaluation and sale of inve Net income/(expenditure) Transfers between funds Other recognised gains/(losses) Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 11	Unrestricted Restricted Designated Total Total Funds Funds Funds Funds Funds 2022 2022 2022 2022 2021 £ £ £ £ £ 14,727 - - 14,727 111,880 23,250 - - 23,250 15,930 32,809 - - 32,809 555 20,085 - - 20,085 13,937 69,000 - - 69,000 86,515
	159,871 - - 159,871 228,817
	- - - - - 224,355 - - 224,355 169,434 - - - - -
	224,355 - - 224,355 169,434
	s (81,699) - - (81,699) 75,937
	(146,183) - - (146,183) 135,320 - - - - - - - - - -
	(146,183) - - (146,183) 135,320 1,856,899 - - 1,856,899 1,721,579
	1,710,716 - - 1,710,716 1,856,899

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

The notes form part of these financial statements

Page 9

ST MILDRED'S ABBEY

STATEMENT OF FINANCIAL POSITION 31 December 2022

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	31.12.22 £ £ 867,338 627,759 1,495,097 - 218,267 218,267 2,648 215,619 1,710,716 - - 1,710,716 1,710,716	31.12.21 £ £ 812,915 626,798 1,439,713 4,536 414,199 418,735 1,549 417,186 1,856,899 - - 1,856,899 1,856,899	31.12.21 £ £ 812,915 626,798 1,439,713 4,536 414,199 418,735 1,549 417,186 1,856,899 - - 1,856,899 1,856,899
			1,439,713 417,186
			1,856,899
			- - 1,856,899
			1,856,899

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 2022.

The trustees acknowledge responsibilities for:

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

Page 10

ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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 (2021 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 (2021 Nil).

Page 11

ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022

5. AMOUNTS WRITTEN OFF INVESTMENTS

			31.12.22	31.12.21
			£	£
Gain/(Loss)	on	investment	(81,699)	75,937

6.	TAXATION
	Analysis of the tax charge
	No liability to UK corporation tax arose on ordinary activities for		the year ended
	31 December 2022 nor for the year	ended 31 December 2021.
7.	TANGIBLE FIXED ASSETS
				Plant and
		Land	and	machinery
		buildings		etc	Totals
		£		£	£
	COST
	At 1 January 2022	540,649		545,407	1,086,056
	Additions		-	77,781	77,781
	At 31 December 2022	540,649		623,188	1,163,837
	DEPRECIATION
	At 1 January 2022	121,743		151,398	273,141
	Charge for year	10,813		12,545	23,358
	At 31 December 2022	132,556		163,943	296,499
	NET BOOK VALUE
	At 31 December 2022	408,093		459,245	867,338
	At 31 December 2021	418,906		394,009	812,915
8.	FIXED ASSET INVESTMENTS
					Other
					investments
					£
	COST OR VALUATION
	At 1 January 2022				626,798
	Additions				106,284
	Disposals				(23,633)
	Revaluations				(81,690)
	At 31 December 2022				627,759
	NET BOOK VALUE
	At 31 December 2022				627,759
	At 31 December 2021				626,798
	Cost or valuation at 31 December 2022 is represented by:
					Other
					investments
					£
	Valuation in 2022				627,759
		Page 13
					continued…

ST MILDRED'S ABBEY

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022

8. FIXED ASSET INVESTMENTS - continued

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

	cost:
									31.12.22					31.12.21
										£				£
	Cost								709,449					550,861
	Fixed asset investments were	valued on	an	open	market		basis	on		31 December 2022 by
	Henderson Global & Epworth Inv Managers.
9.	DEBTORS: AMOUNTS FALLING	DUE WITHIN		ONE YEAR
									31.12.22					31.12.21
										£				£
	Prepayments and accrued income										-			4,536
10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE				YEAR
									31.12.22					31.12.21
										£				£
	Other creditors									2,648				1,549
11.	MOVEMENT IN FUNDS
											Net
									movement
						At 1.1.22				in	funds		At 31.12.22
							£				£			£
	Unrestricted funds
	General fund					1,856,899				(146,183)				1,710,716
	Designated Funds						-					-			-
	Restricted Funds
	Parkminster						-					-			-
	Restoration fund						-					-			-
	TOTAL FUNDS					1,856,899				(146,183)				1,710,716
	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			159,871		(306,054)							-	(146,183)
	Designated funds				-			-					-		-
	Restricted Funds
	Parkminster				-			-					-		-
	Restoration fund				-			-					-		-
	TOTAL FUNDS			159,871		(306,054)							-	(146,183)

Page 14

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 2022, which are set out on pages 9 to 14.

Respective responsibilities of trustees and examiner

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

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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