Sister act – nuns secure permanent home with charitable bond
April 2011
The call for innovative new funding solutions has been heard a pair of Benedictine nuns.
Although hardly typical social entrepreneurs, these shrewd sisters have launched a charitable bond which aims to generate £2m to purchase a permanent home for the monastery to grow and expand its charitable outreach work.
For seven years the monastery has been based in rented accommodation in Oxfordshire, but with a solid base from which to grow and a fast growing internet following, Dame Catherine and Dame Lucy now hope to expand their charitable activities. The new monastery will allow them to provide much needed retreat and guest facilities for visitors, especially women who lead stressful and time poor lives, with whom they have a particular affinity.
The non transferable bond is being issued by Holy Trinity Monastery and funds raised will be applied to the purchase of a property for use by the monastery. The nuns plan to continue fundraising over the next ten years to enable them to repay the bond. The investment term is five or ten years. The amount of interest payable will depend on the sum invested in the bond. Interest will be compounded and paid at the expiration of the fixed term as set out in Figure 1
Figure 1: interest payable on the charitable bond
|
Amount of investment
|
Annual rate of interest
over 5 years
|
Annual rate of interest
over 10 years
|
Compounded rate
of interest
|
|
£1,000 - £9,999
|
1.22
|
1.26
|
1.19
|
|
£10,000 - £49,999
|
1.43
|
1.48
|
1.39
|
|
£50,000 and above
|
1.64
|
1.71
|
1.59
|
The minimum investment is £1,000 making it an accessible way for anyone who can identify with the aims of the monastery, religious or otherwise, to provide much needed financial support without providing the money as a lifelong donation.
There is, according to D. Catherine Wybourne – the Prioress of Holy Trinity Monastery – an acceptance that one cannot assume donating is always a realistic option. “By investing in the bond, people will be allowing the monastery to use the money they would typically put aside for savings and investments, to further our good work.”
This isn’t the first example of the nuns’ enterprising and modern day way of thinking. They have a significant online presence which is an important part of their spiritual outreach. Their web-site has won awards for their innovative use of online media. They have understood the absolute importance of the digital age and have Tweeted and blogged their way to a community of committed supporters. Online retreats and an iPhone app are just some of the ideas in development. Indeed one of their supporters credits the nuns with having transformed the way in which contemplative communities engage with others through their pioneering work in blogs, podcasts, video and webcasting.
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