**Registered number: 04718235 Charity number: 1105832** 

**St George's - Augustinian Care (A company limited by guarantee)** 

**Trustees' report and financial statements For the year ended 31 December 2021** 



**St George's - Augustinian Care** 

## **(A company limited by guarantee)** 

## **Contents** 

||Page|
|---|---|
|**Reference and administrative details of the company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Independent auditors' report on the financial statements**|6 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11|
|**Notes to the financial statements**|12 - 18|





## **St George's - Augustinian Care** 

## **(A company limited by guarantee)** 

## **Reference and administrative details of the company, its Trustees and advisers For the year ended 31 December 2021** 

|**Trustees**|Sister Anne Crinion (Sister Mary Stephen)|
|---|---|
||Sister Bridget Doran (Sister Mary Clement)|
||Sister Agnes Dunne (Sister Mary Thomas)|
||Sister Anne Lennon (Sister Mary Luke)|
|**Company registered**<br>**number**<br>04718235<br>**Charity registered**<br>**number**<br>1105832<br>**Registered office**<br>The Lodge Administration Centre, St. George's Park<br>Ditchling Road<br>Burgess Hill<br>West Sussex<br>RH15 0US<br>**Company secretary**<br>P Smith<br>**Independent auditors**<br>Kreston Reeves LLP<br>Chartered Accountants<br>9 Donnington Park<br>85 Birdham Road<br>Chichester<br>West Sussex<br>PO20 7AJ<br>**Bankers**<br>Barclays Bank Plc<br>1 Churchill Place<br>London<br>E14 5HP<br>**Solicitors**<br>Dentons UK and Middle East LLP<br>1 Fleet Place<br>London<br>EC4M 7WS||



Page 1 



## **St George's - Augustinian Care** 

## **(A company limited by guarantee)** 

## **Trustees' report For the year ended 31 December 2021** 

The Trustees present their annual report together with the audited financial statements of the charitable company for the year 1 January 2021 to 31 December 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 

## **Legal and administrative information** 

St George's - Augustinian Care is a company limited by guarantee, registered as a charity and governed by its memorandum and articles of association dated 13 March 2003. 

## Company No: 04718235 

Registered charity No: 1105832 

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. 

## **Objectives and activities** 

## **Policies and objectives** 

The objects of the charity fully comply with the Charity Commissions general guidance on public benefit. The objectives of the charity are to promote the relief of sickness and suffering by the provision of nursing and residential care, homes, training and facilities. 

## **Directors and Trustees** 

The Directors of the charity are also the charity Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. Trustees who served during the year, who were members of The Order of St Augustine of the Mercy of Jesus, were as follows (Order name in brackets): 

Sister Anne Crinion (Sister Mary Stephen) Sister Bridget Doran (Sister Mary Clement) Sister Agnes Dunne (Sister Mary Thomas) Sister Anne Lennon (Sister Mary Luke) 

## **Achievements and performance** 

## **Main achievements of the charity** 

The project to build assisted living apartments, a new care home and a day centre, now termed Project Alpha, for which planning approval had been granted in 2017, but had been on hold for over a year was re-instigated in 2019 with a comprehensive review of the assisted living design. This work carried on into 2020, however it became clear that a limited number of modifications to the plans would greatly benefit both the design and the cost. As a result a revised planning application was made and approved in 2020 and is valid for a further 3 years. As a result, architects fees relating to the initial plans, to the value of £17,282 have been expensed in the year. The project remains on hold as the parent charity is developing 27 assisted living apartments on a separate site and it is expected this project will inform the development of Project Alpha. 

Also on hold is the project to redevelop the concert hall into apartments within the retirement village, with the result that £33,081 of costs incurred on the project have been expensed in the year. 

Page 2 



## **St George's - Augustinian Care** 

## **(A company limited by guarantee)** 

## **Trustees' report (continued) For the year ended 31 December 2021** 

## **Financial review** 

## **Going concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

## **Reserves policy** 

St George's Augustinian Care intends to continue to develop properties and, in conjunction with the activities of its subsidiary, reserves are held at a level to facilitate this intention. As at 31 December 2021, the charity held reserves of £47,631. The Trustees regularly meet to review the position of the charity throughout the year. At the year end the charity was not undertaking any development works and therefore there is no requirement to hold reserves relative to the level of monthly expenditure. 

## **Structure, governance and management** 

## **Constitution** 

St George's - Augustinian Care is registered as a charitable company limited by guarantee and was set up by a Trust deed. 

## **Organisational structure and decision-making policies** 

Trustees are recruited from The Order of St Augustine of the Mercy of Jesus.  When new Trustees are appointed they are given one day's induction and attend seminars throughout their period of office. 

The Trustees meet regularly to discuss the running of the charity and are actively involved in the day to day activities of the parent charity. 

## **Financial risk management** 

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. 

The charity has employed sufficient staff to ensure that the activities are undertaken in the most appropriate manner. The Trustees have overall responsibility for the development and seek third party assistance when required. 

## **Public benefit** 

The Trustees of the charity are aware of their responsibilities as a charity. The objectives of the charity are to promote the relief of sickness and suffering by the provision of nursing and residential care. Whilst setting up plans and objectives for the future the charity will give careful consideration to the Charity Commission’s guidance on public benefit. 

Page 3 



## **St George's - Augustinian Care** 

## **(A company limited by guarantee)** 

## **Trustees' report (continued) For the year ended 31 December 2021** 

## **Plans for future periods** 

Project Alpha, assisted living apartments and a day centre 

As referred to under the current year achievements, the proposed Project Alpha remains on hold as the parent charity develop 27 assisted living apartments on a separate site and it is expected this project will inform the development of Project Alpha in future periods. 

## **Trustees' responsibilities** 

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Page 4 



**St George's - Augustinian Care** 

## **(A company limited by guarantee)** 

## **Trustees' report (continued) For the year ended 31 December 2021** 

## **Disclosure of information to auditors** 

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: 

• so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

................................................ **Sister Anne Crinion (Sister Mary Stephen)** 

Date: 20 June 2022 

Page 5 



st George's-Augustinian Care
{A company limited by guarantee)
Independent auditors. report to the Members of St George's- Augustinian Care
Opinion
We have audited the financial statements of Sl George's - Augustinian Care Ithe 'charilable company) for the
year ended 31 December 2021 which comprise the Statement of financial activities, the Balance sheet, and the
related notes, including a summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland, {United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the slate of the charitable Companls affairs as at 31 December 2021 and of its
incoming resources and application of resources. including ils income and expenditLJre for the year then
ended.,
have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Audtting IUKI IISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial stslemenls section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom,
including the Financial Reporting Council's Elhic81 Stsndard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo events or
conditions that, individually or collectively, may cast significant doubl on the charitable companqs ability to
continue as a going concern for a period of at least twelve months from when the financial statements are
aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Page 6

st George's-Augustinian Care
{A company limited by guarantee)
Independent auditors. report to the Members of St George's- Augustinian Care {continuedl
Other information
The other information comprises the information included in the Annual report other than the financial statements
and our Auditors, report thereon. The Trustees are responsible for the other information contained within the
Annual report. Our opinion on the financial statements does not cover the other information and, except to the
extent othenNise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our
responsibility is lo read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misslatemenls, we are required lo determine whether this gives rise lo a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material
misstalemenl of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing lo report in respect of the following matters where the Charities IAccoLJnts and Reports)
Regulations 2008 requires us to report to you if, in our opinion..
the information given in the Trustees. report is inconsistent in any material respect wlh the financial
stalemenls., or
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records and returns., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees {who are also the directors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees determine is necessary lo enable the preparation of financial statements that are free from material
misstalemenl, whether due lo fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable companys ability
lo continue as a going concem, disclosing, as applicable, mallers related lo going concern and using the going
concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do so.
Page 7

st George's-Augustinian Care
{A company limited by guarantee)
Independent auditors. report to the Members of St George's- Augustinian Care {continuedl
Auditors. responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise
from fraLJd or error and are considered material if, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial stalemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities. outlined above, lo delecl material misstatements in respect of irregularities,
including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is
detailed below..
Capability of the audit in detecting irregularities, including freud
Based on our understanding of the charity and the sector as a whole, and through discussion with the directors
and other management las required by aLJdiling standards), we identified that the principal risks of non-
compliance with laws and regulations related to health and safety, anli-bribery and employment law. We
considered the exlenl to which non-compliance might have a material effect on the financial statements. We also
considered those laws and regulations that have a direct impact on the preparation of the financial statements
such as the Companies Act 2006, Charities Act 2011, Charities SORP FRS102 and other relevant charity
legislation. We communicated identified laws and regulations throughout our team and remained alert to any
indications of non-compliance throughout the aLJdil. We evaluated management's incentives and opportunities
for fraudulent manipulation of the financial statements lincluding the risk of override of controls) and determined
that the principal risks were related lo posting inappropriate journal entries lo increase revenue or reduce
expenditure, management bias in accounting estimates and judgemental areas of the financial statements such
as the recoverability of the work in progress. Audit procedures performed by the engagement team included..
Discussions with management and assessment of known or suspected instances of non-compliance with laws
and regulations (including health and safety) and fraud., and
Assessment of identified fraud risk factors- and
Identifying and assessing the design effectiveness of controls that management has in place to prevent and
detect fraud., and
Challenging assumptions and judgements made by management in ils significant accounting estimates., and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party
transactions, that may indicate risks of material misstatement due lo fraud- and
Confirmation of related parties wth management, and review of transactions throughout the period to identrfy
any previously undisclosed transactions with related parties outside the normal course of business., and
Reading minutes of meetings of those charged with govemance and reviewing correspondence with relevant
lax and regulatory authorities., and
Review of significant and unusual transactions and evaluation of the underfwng financial rationale supporting
the transactions,. and
Identif>qng and testing journal entries, in particular any manual entries made al the year end for financial
statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
Page 8

st George's-Augustinian Care
{A company limited by guarantee)
Independent auditors. report to the Members of St George's- Augustinian Care {continuedl
As part of an audit in accordance wth ISAS IUKI, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also..
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery. intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that
are appropriate in Ihe Circumstan￿S, bul not for the purpose of expressing an opinion of the effectiveness
of the charitable wmpany's internal Control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Trustees.
Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions
that may cast significant doubl on the charitable company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required lo draw attention in our Auditors. report to the
related disclosures in the financial stslemenls or, if such disclosures are inadequate, lo modify our
opinion. Our conclusions are based on the audit evidence obtained up lo the date of our Auditors, report.
However, future events or conditions may cause the charitable company lo cease to continue as a going
concem.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlwng transactions and events in a
manner that achieves fair presentation.
We communicate with those charged wth governance regarding, among other matters, the planned scope and
liming of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
Use of our report
This report is made solely lo the charitable companvs members, as a body, in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state
lo the charitable company's members those matters we are required to state lo them in an Auditors, report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the charitable company and its members, as a body, for our audik work, for this report, or for the
opinions we have formed.
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Chichester
1 July 2022
Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9

**St George's - Augustinian Care** 

## **(A company limited by guarantee)** 

## **Statement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2021** 

|**Note**<br>**Income from:**<br>Other trading activities<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>**50,363**<br>**50,363**<br>**50,363**<br>**50,363**<br>**-**<br>**47,631**<br>**47,631**|**Total**<br>**funds**<br>**2021**<br>**£**<br>**50,363**<br>**50,363**<br>**50,363**<br>**50,363**<br>**-**<br>**47,631**<br>**47,631**|Total<br>funds<br>2020<br>£<br>-|
|---|---|---|---|
||||-|
||||-|
||||-|
||||-|
||||47,631|
||||47,631|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 12 to 18 form part of these financial statements. 

Page 10 



## **St George's - Augustinian Care** 

## **(A company limited by guarantee) Registered number: 04718235** 

## **Balance sheet As at 31 December 2021** 

|**Note**<br>**Fixed assets**<br>Investments<br>6<br>**Current assets**<br>Stocks<br>7<br>Debtors<br>8<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>9<br>**Net current assets**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>10<br>Unrestricted funds<br>10<br>**Total funds**|**445,132**<br>**699**<br>**256,141**<br>**701,972**<br>**(654,343)**|**2021**<br>**£**<br>**2**<br>**2**<br>**47,629**<br>**47,631**<br>**-**<br>**47,631**<br>**47,631**|431,587<br>699<br>320,660<br>752,946<br>(705,317)|2020<br>£<br>2|
|---|---|---|---|---|
|||||2<br>47,629|
||||||
|||||47,631|
|||||-<br>47,631|
||||||
|||||47,631|



The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

................................................ **Sister Agnes Dunne (Sister Mary Thomas)** 

................................................ **Sister Anne Crinion (Sister Mary Stephen)** 

## Date: 20 June 2022 

The notes on pages 12 to 18 form part of these financial statements. 

Page 11 



**St George's - Augustinian Care (A company limited by guarantee)** 

**Notes to the financial statements For the year ended 31 December 2021** 

## **1. General information** 

The company is a private company, limited by guarantee, incorporated in England and Wales within the United Kingdom. The Trustees of the company are the members of the company named on page 1.  In the event of the company  being wound  up,  the  liability in  respect of the guarantee  is  limited  to £1 per member of the company. 

The address of the registered  office is The Lodge Administration Centre, St George's Park, Ditchling Road, Burgess Hill, West Sussex, RH15 0US. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

St George's - Augustinian Care meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 Going concern** 

The financial  statements  have been prepared on a going concern basis as the trustees believe that no  material  uncertainties  exist.  The  trustees  have  considered  the  level  of  funds  held  for 12 months from authorising these financial statements 

## **2.3 Income** 

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

## **2.4 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 

Page 12 



**St George's - Augustinian Care (A company limited by guarantee)** 

**Notes to the financial statements For the year ended 31 December 2021** 

## **2. Accounting policies (continued)** 

## **2.4 Expenditure (continued)** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

## **2.5 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. 

Investments in subsidiaries are valued at cost less provision for impairment. 

## **2.6 Stocks and work in progress** 

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes all direct costs. 

## **2.7 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.8 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.9 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 

Page 13 



**St George's - Augustinian Care (A company limited by guarantee)** 

**Notes to the financial statements For the year ended 31 December 2021** 

## **2. Accounting policies (continued)** 

## **2.10 Financial instruments** 

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **2.11 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. 

## **3. Critical accounting estimates and areas of judgment** 

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

Critical accounting estimates and assumptions: 

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 

Critical areas of judgment: 

At the year end the charity has £445,132 of work in progress which is deemed recoverable on the basis that, following the extension of planning permission, the latest project will go ahead in the future. 

## **4. Auditor's remuneration** 

Auditor's remuneration and Auditor's non audit costs are included within work in progress until the completion of a project, in which case accumulative costs relating to the project are released to the Statement of Financial Activities. In the year to 31 December 2021 Auditor's remuneration of £7,250 (2020 - £7,250) has been included in work in progress. 

## **5. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL). 

During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL). 

Page 14 



**St George's - Augustinian Care** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements For the year ended 31 December 2021** 

## **6. Fixed asset investments** 

|**Cost or valuation**<br>At 1 January 2021<br>At 31 December 2021<br>**Net book value**<br>At 31 December 2021<br>At 31 December 2020|**Investments**<br>**in**<br>**subsidiary**<br>**companies**<br>**£**<br>**2**|
|---|---|
||**2**|
||**2**|
||2|



Page 15 



**St George's - Augustinian Care (A company limited by guarantee)** 

## **Notes to the financial statements For the year ended 31 December 2021** 

## **6. Fixed asset investments (continued)** 

## **Subsidiary undertakings** 

The following was a subsidiary undertaking of the company: 

||**Name**|**Company**|**Holding**|
|---|---|---|---|
|||**number**||
||St George's Park Limited|05225007|100%|
||The financial results of the subsidiary for the year were:|||
||**Name**|**Profit for**|**Net assets**|
|||**the year**|**£**|
|||**£**||
||St George's Park Limited|**181,748**|**509,767**|
|**7.**|**Stocks**|||
|||**2021**|2020|
|||**£**|£|
||Work in progress|**445,132**|431,587|



Work in progress comprises the development costs of £445,132 (2020: £431,587). 

Included in work in progress is £33,355 (2020 - £29,530) relating to finance costs. 

## **8. Debtors** 

|**Due within one year**<br>Other debtors|**2021**<br>**£**<br>**699**<br>**699**|2020<br>£<br>699|
|---|---|---|
||||
|||699|



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**St George's - Augustinian Care (A company limited by guarantee)** 

## **Notes to the financial statements For the year ended 31 December 2021** 

## **9. Creditors: Amounts falling due within one year** 

|Amounts owed to group undertakings<br>Other taxation and social security<br>Other creditors<br>Accruals and deferred income|**2021**<br>**£**<br>**646,972**<br>**14**<br>**355**<br>**7,002**<br>**654,343**|2020<br>£<br>697,335<br>625<br>355<br>7,002|
|---|---|---|
||||
|||705,317|



## **10. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted funds**<br>General Funds<br>**Statement of funds - prior year**<br>**Unrestricted funds**<br>General Funds|**Balance at 1**<br>**January**<br>**2021**<br>**£**<br>**47,631**<br>Balance at<br>1 January<br>2020<br>£<br>47,631|**Income**<br>**£**<br>**50,363**<br>Income<br>£|**Expenditure**<br>**£**<br>**(50,363)**<br>Expenditure<br>£|**Balance at**<br>**31**<br>**December**<br>**2021**<br>**£**<br>**47,631**|
|---|---|---|---|---|
|||||Balance at<br>31<br>December<br>2020<br>£<br>47,631|



Page 17 



**St George's - Augustinian Care (A company limited by guarantee)** 

**Notes to the financial statements For the year ended 31 December 2021** 

## **11. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>2<br>701,972<br>(654,343)<br>47,631|**Total**<br>**funds**<br>**2021**<br>**£**<br>**2**<br>**701,972**<br>**(654,343)**|
|---|---|---|
|||**47,631**|



## **Analysis of net assets between funds - prior year** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|Unrestricted<br>funds<br>2020<br>£<br>2<br>752,946<br>(705,317)<br>47,631|Total<br>funds<br>2020<br>£<br>2<br>752,946<br>(705,317)|
|---|---|---|
|||47,631|



## **12. Related party transactions** 

The company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the company at 31 December 2021. 

## **13. Controlling party** 

During the the year the charity was a wholly controlled subsidiary of The Order of St. Augustine of the Mercy of Jesus, registered charity number 229662, the principal activity of which is the provision of residential care for infirm and elderly people and the principal place of business of which is the same as the charity's registered office. The ultimate controlling party is the trustees of The Order of St. Augustine of the Mercy of Jesus, a body corporate which controls the parent charity. 

Copies of the group financial statements, which include the charity and its subsidiary, are available from the registered office and on this basis the charity has taken exemption from disclosing transactions with group companies under FRS102 section 1.12. 

As of the 1st January 2022 all of the parent charity's assets and liabilities were transferred to the newly formed Charitable Incorporated Organisation (CIO) 'The Order of St. Augustine of the Mercy of Jesus' to carry on and continue the work of the charity. From this date the newly formed CIO was the new controlling party of the charity. 

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