2022-12-31-accounts

AUGUSTINIANS OF THE ASSUMPTION (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

Charity No: 1143432 Registered Company No: 07690148

Azets Audit Services Greytown House 221-227 High Street Orpington Kent BR6 0NZ

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

CONTENTS

	Page
Legal and Administration Details	1
Report of the Trustees	2
Independent Auditors Report	6
Statement of Financial Activities	10
Balance Sheet	11
Statement of Cash Flows	12
Notes to the Financial Statements	13

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees	Fr R O’Brien
	Br D Remiot
	Fr J Kasereka
	Br M Yacoub
	Fr E Samson
	Fr V Jermakovics
	Br Q Tran
Company Secretary	Br D Remiot
Charity Reference Number	1143432
Company Reference Number	07690148
Registered Office	Assumption Priory
	Victoria Park Square
	London
	E2 9PB
Independent Auditor	Azets Audit Services
	Greytown House
	221-227 High Street
	Orpington
	Kent
	BR6 0NZ
Investment Advisors	Pentagram Wealth Management
	1 Place du Grand Mezel
	CP 3561
	CH- 1211 Geneve 3
	Switzerland
	Investec Wealth and Investment Ltd
	2 Gresham Street
	London
	EC2V 7QN
Solicitor	Stone King Sewell
	13 Queen Square
	Bath
	BA1 2HJ

1

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REPORT OF THE TRUSTEES

The Trustees, who are also directors for the purposes of company law, present their report and the financial statements of the company for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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) published on 16 July 2014 and updated by Bulletin 1 and 2.

Objectives, aims and Activities

The objects and aims of the Charity are the advancement of the public benefit anywhere in the world of the religious and other charitable work of the Congregation of Roman Catholic Priests and Brothers known as the Augustinians of the Assumption as the Trustees with the approval of the Superior General of the Congregation shall from time to time think fit.

The charity has been trying, since registration, to build up an investment portfolio to aid in the performance of its objectives. While continuing to do so, the charity is now able to fund each years various projects of the Augustinians of the Assumption in the UK and throughout the world.

Statement of Public Benefit

The objectives and activities and achievement and performance sections of this report clearly set out the activities which the charity undertakes for the public benefit. The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in detailing the activities undertaken by the charity.

Strategic report

Achievements and Performance and Plans for Future Periods

The year 2022 continued to be affected by the COVID 19 pandemic even though the impact eased towards the end of the year. Russia declared war on Ukraine causing economic problems with regards to utilities and food prices the full effects of which will not be realised until the second half of 2023. Meetings continued to be zoom or Microsoft Teams but more face-to-face meetings began to happen.

The Bethnal Green community consists of Fr Justin Kasereka Mwendakulala (Superior, Parish Priest). Fr Joseph Tran Quoc Cuong (Bursar), Fr Antigon Bahati. The community was reinforced with the arrival of Br Joseph Nguyen Van Ngoc here to learn English. The community continues to accommodate young people seeking a room in a religious context.

The Hitchin community now consists of Thomas O’Brien (Superior, Parish Priest) Andrew O’Dell (retired priest) and Father Adams Tatsidjodoung now the bursar, ordained priest in November 2022. Fr Euloge Katsuva Kasine left the community in May to return to the Congo and is now working in Tanzania. The parish continues to seek to follow a Live Simply Policy with a special aim to reduce energy costs. Feed-Up Warm-Up continues grow in the service it provides and was able to open a second centre in Stevenage. The new project My Pantry continues to grow as more families are finding it a struggle to feed their members. The project promotes the dignity of those who benefit from its service while service-users are also able to help run the project. The work of Justice & Peace continues to focus on the issues and challenges created by climate change and has formed a network between the southern diocese to support each other and share good practice. The climate emergency face continues to grow and with inflation and rising energy costs more governments and businesses are working hard to reduce costs. We continue to be a hub for recycling products which raise money for charity. In the ecumenical work among Churches, Richard O’Brien was re-elected Chair of the CTH Committee for 2022-23. It is hoped that more services will take place in common through 2023. Unfortunately the interfaith work of planting a field with trees in Little Hadham East Hertfordshire, ground to a halt, Covid being partly to blame. Once again we supported the North Herts Holocaust Memorial Day run by the council in Letchworth.

Meetings between the communities in Bethnal Green and Hitchin were partly interrupted because of Covid but we were able to meet several times this year although we were still unable to have a common retreat. It is hoped that we will be able to continue to meet monthly in the New Year, 2023, and reflect together on our mission and service in view of the Provincial and General Chapters that will take place throughout 2023, in line with the projects of the Province and the Congregation. These Chapters outline the main aims of mission for the coming 6 years.

2

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REPORT OF THE TRUSTEES

Richard O’Brien is also a trustee for the Emmanuel House Charity in Nottingham founded by the Assumptionists in 1974. Emmanuel House continued to offer support in difficult circumstance through the year sign-posting the homeless into Hotels subsidised by the Government. Numbers able to use the centre were very restricted through the year and only began to pick up towards the end of the year. However, it helped many find accommodation in Hotels. There will be greater difficulties in 2023 when the subsidised Hotel places will cease. Financially, the centre ended the year with a small deficit but is still in a very positive place. Its turnover is moving towards Million Pounds. It is seeking to open new projects in the coming year fallowing a call from the Government to provide warm places for those who cannot afford to heat their homes and for the homeless.

Regarding our Charlton Properties, dialogue with the Roman Catholic Archdiocese of Southwark to regularize the situation of the former school and the parish buildings (Church, Presbytery and Parish Hall) were resumed towards the end of 2021 with some progress being made during 2022. Through our lawyer, we sent in December 2022 our final offer to the diocese:

1. The Charitable Company will freely transfer the ownership of the Church building and plot, including the parking area and garage behind the church, to the Archdiocese, as a donation.

2. The Charitable Company will recover control and management of the Presbytery and Church Hall as soon as possible.

The diocese has received that offer positively. Solicitors from both sides are finalising the details of the deed of donation. We hope that this will take effect in 2023. This would allow us to carry out quickly the most urgent of the repair/maintenance works that the presbytery needs after decades of lack of maintenance by the diocese (while the initial contract called for the diocese to do maintenance on the building.)

During the year 2022, we continued to manage the old school site according to the Master Agreement signed in March 2020 with Dex Property Management Limited. The number of guardians continues to be 8 throughout 2022. The costs incurred by the Charitable Company to pay the utilities bills are significantly larger than the contribution paid by Dex Property Management. While noting that the people living there have no incentives to save on energy because they are not paying the bills, the trustees momentarily accept this situation as they see it as an expense towards social assistance and should be temporary.

Regarding St Elizabeth Catholic Primary School in Bethnal Green, our solicitor Stone King obtained the approval of the Department for Education, as the changes of the titles has some educational related restrictions. The old titles mentioned Rev. Aidan Furlong, William O’Dell and Richard O’Brien as proprietors. The three priests signed a deed of donation in order to transfer the property to the Augustinians of the Assumption Charitable Company. Land Registry is still processing the request.

In 2022, the name of the bank account was updated to “Augustinians of the Assumption Charitable Company”. The authorised signatories will be updated in the new year.

We are deeply grateful for the invaluable support of our accountants and auditors, Azets Audit Services. We also thank our Investment Managers, Investec and Woodman, for the careful and fruitful service they give to the investments of the charity. They were represented at our AGM this year making themselves available to answer questions and keeping us well informed. We are also truly grateful to Stone King LLP for their sterling work.

At our AGM in March 2023, we will outline and establish our plans for 2023 and beyond.

Financial Review

Income totalling £4,731,863 (2021: £357,990) included £465,894 (2021: £304,907) by way of investment income received in the period. Expenditure totalling £342,856 (2021: £512,577) was incurred during the period. After investment and foreign exchange movements this resulted in a surplus for the period of £3,302,779 (2021: £313,995). Details of income and expenditure are set out in the financial statements.

3

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REPORT OF THE TRUSTEES

Reserves Policy

It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity to provide sufficient funds to meet future obligations. The charity has unrestricted funds as at 31 December 2022 of £24,152,852 (2021: £20,850,073). Included within unrestricted funds are £24,123,087 (2022: £20,815,337) of designated funds, this mainly represents investments which are being held by the charity to generate income. General funds currently are zero but the Trustees plan to transfer investment income *in the coming months to cover future costs and liabilities.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Investment Policy

The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash. A detailed and formal investment policy was written and approved by the Board of Trustees at the meeting held on 12 November 2015. This investment policy was reviewed in 2020 and an updated version was approved at the Board of Trustees meeting held on 16th March 2020.

In order to meet these objectives the Trustees have appointed Pentagram Wealth Management and Investec Wealth and Investment Limited to advise on suitable investments on a discretionary basis or advisory basis (subfund “Dedicated A” and sub-fund “Dedicated D”). They have selected a balanced investment objective with medium risk. The Trustees require all the custodian banks and management companies they use to provide them with monthly or quarterly reports.

The Trustees will regularly consider whether there is a need to revise this policy and keep under review the arrangements under which Pentagram Wealth Management and Investec Wealth and Investment Limited act as their managers.

The Trustees will seek to reduce the risks inherent in financial investments through a wide diversification among the different asset classes. Within any asset class, the Trustees will seek to diversify investments so that any line does not represent more than 5% of the portfolio. The trustees consider that investing in mutual funds is another way to diversify the risks but recognise that it has the disadvantage of adding extra costs. Diversification also means that investments will be in various sectors as well as geographical areas. The trustees will seek to ensure that all investments will broadly comply with Catholic moral principles eliminating areas of economic activity and companies whose work appears to violate the Catholic moral principles e.g. cigarettes and weapons.

Structure, Governance and Management Constitution

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 1 July 2011. The company was incorporated on 1 July 2011 and registered as a charity on 1 August 2011.

Trustees

The Trustees, who are also directors for the purposes of the Companies Act 2006, who served during the period were:

Fr R O’Brien Br D Remiot Fr J Kasereka Br M Yacoub Fr E Samson Fr V Jermakovics Br Q Tran

No Trustees had any contact or arrangement of a material nature with the charitable company during the period under review.

The number of Trustees shall not be less than five and the majority must be members of the Congregation.

4

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REPORT OF THE TRUSTEES

One of the Trustees must retire at each AGM; those longest in office retiring first and the choice between any of equal service being made by drawing lots. A retiring Trustee shall be eligible for re-election of consecutive periods. The Trustees must hold at least two meetings each year.

The training and induction provided for new Trustees will depend on their existing experience. However, as all Trustees have to be a member of the Congregation, they all have a perquisite knowledge of the objectives and responsibilities of the charitable company. The Trustees have agreed to seek further training in the coming year about its roles and responsibilities, and to review its policies in order to better comply with the Charities Act 2011.

Statement of Trustees’ Responsibilities

The trustees (who are also directors of the Assumption for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic 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, which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company 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 in the Charities SORP 2015 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards 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 charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company’s auditor is unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Auditors

A resolution to reappoint Azets Audit Services as the charitable company's auditors will be proposed at the Annual General Meeting.

By Order of the Board

Br D Remiot Br M Yacoub Trustee Trustee

Date: 30 May 2023

5

AUGUSTINIANS OF THE ASSUMPTION

(Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT TO THE MEMBERS

Opinion

We have audited the financial statements of Augustinians of the Assumption for the year ended 31 December 2022 which comprise the Statement of Financial Activates, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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 state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report.

6

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT TO THE MEMBERS

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the trustees’ report (incorporating the strategic report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

• adequate and sufficient accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

7

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT TO THE MEMBERS

Auditor’s responsibilities for the audit of the financial statements

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

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

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

• Reviewing minutes of meetings of those charged with governance;

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

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

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with 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. 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.

8

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT TO THE MEMBERS

Use of our report

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

Catherine Cooper (Senior Statutory Auditor) for and on behalf of Azets Audit Services Limited Statutory Auditor Greytown House 221-227 High Street Orpington Kent BR6 0NZ

Date: 5 June 2023

9

AUGUSTINIANS OF THE ASSUMPTION

(Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 DECEMBER 2022

		2022	2021
	Note
		Unrestricted	Unrestricted
		£	£
Income from:
Investment income – dividends	3	465,894	304,907
Donations	2	4,255,493	42,024
Other income		10,476	11,059
		______	______
Total income		4,731,863	357,990
		______	______
Expenditure on:
Investment management costs		109,350	141,528
Charitable activities	5,6	233,506	371,049
		______	______
Total expenditure		342,856	512,577
		______	______
Net income and net movement in funds before gains and losses on investments		4,389,007	(154,587)
Net gains/(losses) on investments	9	206,966	713,397
		______	______
Net income / (expenditure)		4,595,973	558,810
Other recognised gains and losses
Gains/(losses) on foreign exchange		(1,293,194)	(244,815)
		______	______
Net movement in funds for the year		3,302,779	313,995
		______	______
Total funds at 1 January 2022		20,850,073	20,536,078
		______	______
Total funds at 31 December 2022		24,152,852 ______	20,850,073 ______

All movements are unrestricted funds.

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

10

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

BALANCE SHEET

AS AT 31 DECEMBER 2022

REGISTERED COMPANY NUMBER: 07690148

2022 2021 Notes £ £ £ Fixed assets Tangible assets 8 3,297,467 3,330,800 Investments 9 20,885,149 17,484,537 __ 24,182,616 __ Current assets Debtors - accrued investment income 25,125 8,117 Cash at bank and in hand 26,575 55,722 __ __ 51,700 63,839 Creditors:Amounts falling due within one year Accruals (17,738) (13,002) Other creditors (63,726) (16,101) __ __ (81,464) (29,103) __ __ Net current assets/ (liabilities) (29,764) __ Net assets 24,152,852 __ FUNDS General Funds 11 29,764 Designated funds 10 24,123,087 ____ 24,152,852 ___	2022 2021 Notes £ £ £ Fixed assets Tangible assets 8 3,297,467 3,330,800 Investments 9 20,885,149 17,484,537 __ 24,182,616 __ Current assets Debtors - accrued investment income 25,125 8,117 Cash at bank and in hand 26,575 55,722 __ __ 51,700 63,839 Creditors:Amounts falling due within one year Accruals (17,738) (13,002) Other creditors (63,726) (16,101) __ __ (81,464) (29,103) __ __ Net current assets/ (liabilities) (29,764) __ Net assets 24,152,852 __ FUNDS General Funds 11 29,764 Designated funds 10 24,123,087 ____ 24,152,852 ___	£ 20,815,337 34,736 ____ 20,850,073
		__ 34,736 20,815,337 __ 20,850,073 ___

Approved by the Board of Trustees on 30 May 2023 and signed on their behalf by:

Br D Remiot Trustee

Br M Yacoub Trustee

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AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2022

Note Cash flow from operating activities 14 Net cash flow from operating activities Cash flow from investing activities Payments to acquire investments Receipts from sales of investments Net cash flow from investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January 2022 Cash and cash equivalents at 31 December 2022 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 31 December 2022	2022 £ (29,147) __ (29,147) __ (8,150,794) 8,150,794 __ - __ (29,147) 55,722 __ 26,575 ____ 26,575 __ 26,575	2021 £ (35,798) __ (35,798) __ (10,748,975) 10,737,474 __ (11,531) __ (47,329) 103,051 __ 55,722 ____ 55,722 __ 55,722

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AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

1.1 Basis of Accounting and Preparation

Augustinians of the Assumption is governed under it Memorandum and articles of association dated 01/07/2011. The address of the principal office is given in the information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 2.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

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

1.2 Income

Voluntary income is received by way of donations and is included in full in the Statement of Financial Activities in the year which it is receivable.

Other income is recognised in full in the Statement of Financial Activities in the year in which it is receivable.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established. During the year Investec dividend income was no longer received by the charity and instead was directly reinvested into other investments.

1.3 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Investment management fees include the fees associated with managing the investments.

• • Raising funds include expenditure associated with the Assumptionists charitable work and the support cash thereon.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

1.4 Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.

All support costs are allocated to charitable expenditure.

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AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES (continued)

1.5 Funds Unrestricted funds are those funds which can be used at the discretion of the Trustees in accordance with the charitable objectives.

Designated Funds are funds set aside by the Trustees out of unrestricted funds for specific purposes or objects.

1.6 Foreign currency Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

1.7	Tangible Fixed Assets and Depreciation
	Fixed assets for charity use are capitalised at cost, where acquired, or market value as determined by the
	Trustees where donated. They are stated in the financial statements at cost or original value less
	depreciation.
	Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the
	useful economic life of that asset as follows:
	Freehold property - 1% per annum reducing balance basis
	Equipment - 25% per annum reducing balance basis
	Motor Vehicles - over 3 years
	A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that
	the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed
	assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised
	in the Statement of Financial Activities.
1.8	Fixed Asset Investments
	Investments are recognised initially at their transaction value which is normally the transaction price less
	transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains /
	(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be
	measured reliably.

1.9 Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 1.10 Taxation The company is a registered charity and is therefore entitled to the exemptions from corporation tax afforded by section 505 of the Income and Corporation Taxes Act 1988. Accordingly, there is no corporation tax charge in these financial statements. 1.11 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 and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

14

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES (continued)

1.12 Judgements and key sources of estimation uncertainty

Accounting estimates and judgements 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.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of the property plant and equipment, and note 1.7 for the useful economic lives for each class of assets.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2. DONATIONS

Province of Africa of the Augustinians of the Assumption Priests of the Assumption Inc General House of the Augustinians of the Assumption 3. INVESTMENT INCOME Dividends reinvested Interest reinvested	2022 £ 11,414 4,199,741 44,338 ___ 4,255,493 _______ 2022 £ 446,143 19,751 _____ 465,894 _______	2021 £ - - 42,024 ___ 42,024 _______ 2021 £ 304,877 30 _____ 304,907 _______

4. EMPLOYEES

There were no employees of the Charity.

None of the Trustees received any remuneration or reimbursed expenses during the period under review.

15

AUGUSTINIANS OF THE ASSUMPTION

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

5. CHARITABLE ACTIVITIES

Africa Argentina Priory and accommodation Charlton Property Assistance with Assumption International Formation	Direct Costs £ Support Costs £ 24,603 - - - 19,658 60,821 29,734 15,176 83,514 - ___ _____ 157,509 75,997	Total 2022 24,603 - 80,479 44,910 83,514 _____ 233,506	Total 2021 29,821 98,962 48,800 30,205 163,261 _____ 371,049

6. SUPPORT COSTS

Insurance Depreciation Bank charges Management expenses Travel and Motor expenses Other support costs Governance costs 7. GOVERNANCE COSTS Audit fees Bookkeeping Legal and professional	2022 £ 6,698 33,333 - 8,754 6,098 405 20,709 ___ 75,997 _______ 2022 £ 16,009 1,730 2,970 _____ 20,709	2021 £ - 37,975 10 7,749 11,009 958 6,276 ___ 63,977 _______ 2021 £ 12,600 1,573 (7,897) _____ 6,276

16

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

8.	TANGIBLE FIXED ASSETS	Freehold		Motor
		Properties	Equipment	Vehicles	Total
		£	£	£	£
	Cost or Valuation
	At 1 January 2022	4,164,303	17,054	12,891	4,194,248
		___	___	__	__
	At 31 December 2022	4,164,303	17,054	12,891	4,194,248
		___	___	__	__
	Depreciation
	At 1 January 2022	833,606	16,951	12,891	863,448
	Charge for the year	33,307	26	-	33,333
		___	___	__	__
	At 31 December 2022	866,913	16,977	12,891	896,781
		___	___	__	__
	Net Book Value
	At 31 December 2022	3,297,390	77	-	3,297,467
		___	___	__	__
	At 31 December 2021	3,330,697	104	-	3,330,800
		___	___	__	__
9.	INVESTMENTS			2022	2021
				£	£
	At 1 January 2022			17,484,537	17,088,355
	Portfolio additions			8,490,330	11,053,852
	Investment additions			4,255,493	42,024
	Withdrawals			(108,117)	(430,773)
	Disposals			(8,150,794)	(10,737,444)
	Realised/Unrealised gains			206,966	713,397
	Gains/(losses) on foreign exchange			(1,293,266)	(244,874)
			__		__
	At 31 December 2022		20,885,149 __		17,484,537 __
	Historical cost		20,771,529 __		13,552,545 __
	Portfolio split
	Investec Wealth
	Sterling			5,143,205	5,918,586
	Dedicated “B” – Province of Europe			2,475,613	-
	Pentagram Wealth:
	B.Art			4,067,655	-
	Dedicated “A” – Solidarity Fund			5,511,005	4,998,172
	Dedicated “B” – Province of Europe			185,329	3,127,217
	Dedicated “C” – General House			1,647,242	1,546,474
	Dedicated “D” – Province of Africa			1,855,100	1,894,088
	Dedicated “D” – Old Age Solidarity			-	-
			__		__
			20,885,149 __		17,484,537 __

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AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

9. INVESTMENTS (continued) Split of Funds Bonds Equities Alternative Investments Other Cash	2022 £ 3,139,559 7,268,715 2,015,218 7,584,420 877,237 _______ 20,885,149	2021 £ 3,223,604 9,173,696 1,273,335 2,513,918 1,289.985 _______ 17,484,537

All investments are carried at their fair value. Investments in equities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

10. DESIGNATED FUNDS

The following designated funds have been set aside out of unrestricted funds by the Trustees for specific purposes:-

Fixed Assets Investments	Balance at 01/01/2022 New Designations 3,330,800 - 17,484,537 3,370,849 ___ _____ 20,815,337 3,370,849	Designations Released (33,333) (29,765) ______ (63,098)	Balance at 31/12/2022 3,297,467 20,825,621 _______ 24,123,087

Fixed assets fund – this fund holds the freehold property and equipment used by the charity.

Investments – these funds are invested to maximise total return and generate income.

Comparative Designated funds Fixed Assets Investments	Balance at 01/01/2021 New Designations 3,368,775 - 17,088,355 396,182 ___ _____ 20,457,130 396,182	Designations Released (37,975) - ______ (37,975)	Balance at 31/12/2021 3,330,800 17,484,537 _______ 20,815,337

18

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

11. GENERAL FUND General Fund £ Balance at 1 January 2022 34,736 Movement for the year (4,972) ___ Balance at 31 December 2022 29,764 __ Comparative General Fund General Fund £ Balance at 1 January 2021 78,948 Movement for the year (44,212) ____ Balance at 31 December 2021 34,736	Designated Fund £ 20,815,337 3,307,750 ___ 24,123,087 __ Designated Fund £ 20,457,130 358,207 ____ 20,815,337	Total £ 20,850,073 3,302,779 ___ 24,152,852 __ Total £ 20,536,078 313,995 ____ 20,850,073

12. ULTIMATE CONTROLLING PARTY

The charitable company is under the control of the Trustees as listed on Page 1.

13. SHARE CAPITAL The company is limited by guarantee and has no share capital. The liability of its members is limited to £10 per member.

14. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for year Investment income – portfolio dividends Investment income – bank interest Depreciation and impairment of tangible fixed assets Unrealised (gains)/losses on investments Foreign exchange Non cash expenditure (investment fees and donations) Non cash income (donation to investment portfolio) (Decrease)/Increase in creditors Net cash flow from operating activities	2022 £ 3,302,779 (446,143) (19,751) 33,333 (206,966) 1,293,266 217,467 (4,255,493) 52,361 __ (29,147)	2021 £ 313,995 (304,877) (30) 37,975 (705,312) 244,815 430,773 (42,024) (11,113) __ (35,798)

15. RELATED PARTY TRANSACTIONS

During the year there were no related party transactions (2021: none).

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