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2025-12-31-accounts

AUGUSTINIANS OF THE ASSUMPTION (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025

Charity No: 1143432 Registered Company No: 07690148

Azets Audit Services River House 1 Maidstone Road Sidcup Kent DA14 5RH

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

CONTENTS

Page
Legal and Administration Details 1
Report of the Trustees 2
Independent Auditors Report 8
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees (Key Management Personnel) Fr R O’Brien
Br D Remiot
Fr J Kasereka
Fr E Samson
Fr V Jermakovics
Fr Joseph Trân Quoc Cuong
Fr. Alex Castro
Fr Pierre Cao Ba Vinh
Company Secretary Fr. Alex Castro
Charity Reference Number 1143432
Company Reference Number 07690148
Registered Office Assumption Priory
Victoria Park Square
London
E2 9PB
Independent Auditor Azets Audit Services
River House
1 Maidstone Road
Sidcup
Kent
DA14 5RH
Investment Advisors PER4M Wealth Management
Rue de la Croix d’Or
19A
CH- 1204 Geneve
Switzerland
Rathbones
(incorporating		 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 2025.

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

After 2024 which had already been a good year for investment, the year 2025 also produced a nice return; the S&P500 increased by 16,4%, not taking dividends into account. Of course, the portfolios of the Charitable Company are not invested at 100% in equity; but they produced a return quite satisfactory.

Facing the refusal of Natwest to open a bank account for our charitable company, we turned ourselves to CAF Bank. We were able to open with that bank a new bank account and designate a number of trustees as signatories.

Saint Elisabeth School (Bethnal Green):

Early 2025, we were contacted by persons in charge of Saint Elisabeth school in Bethnal Green and of the catholic schools in the diocese. In the frame of a change of administrative procedures to grant the State subsidies, they needed some legal assurance of their capacity to use the 3 lots of land where the school is built and which belong to us.

We wanted to keep helping the WESTMINSTER ROMAN CATHOLIC DIOCESE in its education endeavour and successfully designed and signed a new lease which gave the school free use of our plots for 125 years at the explicit condition that the Property is being used only for the purposes of a Roman Catholic School or Roman Catholic Academy under the Governance Control of the Tenant and (so far as its Catholic status) authorisation as such by the Roman Catholic Archbishop of Westminster.

Charlton property:

After the diocese of Southwark abruptly broke-off in 2024 the negotiations aiming at signing an agreement which had been in discussion for years and in which we were willing to give to the diocese the church plus some parking place, for free, we found ourselves forced to terminate the license agreement which had been signed between our Charity and the diocese of Southwark, and send formal Notes To Quit for the parish hall, the presbytery and the church. Typically, the diocese came back to us in several steps to negotiate a change of the NTQ deadlines. We agreed to the requests. The deadlines were: 30/09/2025 for presbytery; 31/12/2025 for the parish hall; 30/06/2026 for the church.

The diocese attempted to rally support for the parish by presenting the parishioners with a partial account of the facts. The parishioners created a Heritage Trust “to save the building and the parish.” Ever since, we have been in regular contact with them. We made sure that they understand that we on our side have been trying for close to 10 years to find a solution that would allow the parish to continue to operate and thrive.

2

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REPORT OF THE TRUSTEES

We also sent to the diocese of Southwark a detailed transfer-of-ownership contract proposal for the church, renewing our offer to give for free the church building to the diocese.

The NTQ of the presbytery and Parish Hall were enforced and our charity now has full control of both properties.

A family in need of housing was interested in living in the presbytery for free against the service of preventing trespassers into the building. We formalized such an agreement.

We had a contract with a company to have live-in guardians in the old school building. A major surprise was that we received an excessively high water utility bill: apparently there had been an undetected water leak. Due to HMO regulations, that company let us know that they could no longer abide with that contract. They proposed to replace the live-in guardians by a CCTV system, assuring us that it would prevent trespassers. Unfortunately, just a couple of days after the switch, well organized trespassers occupied the old school building. We have been working with our lawyers to obtain a court judgment to evict them.

Finally, we contracted a consultant company to help us find the best solution for the future of our Charlton property to sustain the goals and fiduciary obligations of our charity.

Emmanuel House at Nottingham:

It seems that the property where “Emmanuel House” is operating in Nottingham was rented to the City Hall by the Assumptionists. Apparently, although the Assumptionists long ago handed over the responsibility of “Emmanuel House” to another charity, the rent contract is still in our name. We have not been paying the rent though. It must have been paid by the charity now in charge of that pastoral work. Occasionally, our charitable company has helped financially “Emmanuel House”; but not lately.

We understand that the charity in charge of “Emmanuel House” now has the possibility to buy the property they are using and that, to do that, they need our agreement.

We of course agree with the request and advised our lawyer to formalize that agreement. Due to delays on the part of Emmanuel House, no documents had yet been signed by the end of 2025.

To get the visa of the Assumptionist brothers named in the Bethnal Green or Hitchin communities, we had been relying on the sponsorship license of the Oblates of the Assumption. That was cumbersome and slow and it was decided to try and receive a Sponsorship license in the name of our Charitable Company. Working with our lawyers, that was done by the end of 2025.

Because of the high legal costs linked with all these dossiers, in was decided in 2025 not to distribute the usual 100.000€ to help with formation in the Global South. However, we did make a grant of 30.000 USD to help the work for public benefits of our brothers in North-Kivu.

During the Board of Trustees (BOT) meeting of the 3rd of July, the trustees unanimously accepted a new gift from the General House, which was included in dedicated Fund C.

During the Board of Trustees (BOT) meeting of the 20th of November, the trustees unanimously accepted a new gift from our sister entity “Priests of the Assumption Inc.”, which was included in dedicated Fund C.

The number of religious brothers in Bethnal Green has been reduced to three. Brother Joseph Ngoc left the community due to visa reasons and returned to his community in Vinh, Vietnam, where he has taken on a new mission in pastoral care for the sick. Brother Patrick also departed for the same reason at the end of August 2025, moving to Nairobi, Kenya, to continue his studies.

The community later welcomed a new member, Brother Joseph Tuan, who has joined for a two-year period known as his “Pastoral Years.” His initial focus is to learn English, after which he will become involved in the various activities of both the community and the parish of Our Lady of the Assumption.

The community continues to host young people who are seeking accommodation, offering them the opportunity to live within the context of a religious community.

Fr Adams Tatsidjodoung remains the Parish Priest of Hitchin. Although Fr Thomas O’Brien has retired, he continues to support the parish as an assistant priest, celebrating Mass, administering the sacraments and visiting the sick. Fr Thomas O’Brien also remains the Superior of the Hitchin community. Andrew O’Dell, who is likewise retired, is now able to move around on an electric scooter, which he uses to good effect. Fr Adams Tatsidjodoung continues in his role as bursar of the community.

3

AUGUSTINIANS OF THE ASSUMPTION

(Company Limited by Guarantee)

REPORT OF THE TRUSTEES

Due to ongoing difficulties in obtaining visas, the appointment of new religious to the community has not yet taken place, and the community will not be complete until after June this year. The ecumenical group, Churches Together in Hitchin, has begun to decline, and there have been a number of clergy changes in neighbouring parishes. The ‘Walk of Witness’ did not take place on Good Friday this year because of strong winds and the threat of rain. However, a Good Friday service was held at St Mary’s Anglican Church, attended by ministers from across the local churches.

Hitchin parish continues to follow its Live Simply policy. Efforts to recycle goods remain ongoing, raising funds for a range of charities, while further steps are being explored to reduce energy costs. Feed Up Warm Up continues to expand both in the services it offers and in its support for people who are homeless or in need. The volunteer network has grown, and a strong sense of community continues to develop among those who attend. The second centre in Stevenage is now flourishing, meeting in rooms at Stevenage Football Club. Meanwhile, ‘My Pantry’ in Hitchin continues to grow as more families struggle to meet the cost of feeding their households.

The work of Justice and Peace continues to focus on the challenges posed by climate change, supported by a strong network across the southern dioceses. In response to the climate emergency, alongside rising inflation and increasing energy costs, governments and businesses alike are working to reduce expenditure. Locally, we continue to serve as a hub for recycling, helping both to protect the environment and to raise funds for charitable causes. Because of increasing hostile activities in the Middle East especially, much work is given to seek ways of promoting peace and dialogue and prevent wars

Richard O’Brien continues as a trustee of the Emmanuel House Charity in Nottingham , founded by the Assumptionists in 1974. Throughout the year, Emmanuel House has continued to provide vital support to those facing difficult circumstances, helping to guide people experiencing homelessness towards accommodation. The number of people using the centre has increased steadily. The charity has also taken on responsibility for running the night shelter in Nottingham, which remains an essential service. The night shelter has now moved n-house and is running well. The centre is in the process of purchasing the whole property from the local Nottingham Council which wishes to sell it. The money to secure the deposit is underway and, with the support of the Charity, it hopes to make the down payment in the coming May 2026.

We are grateful for the support of our accountants and auditors, Azets Audit Services. We also thank our Investment Managers, Rathbones, GreenAsh and PER4M, for the careful and fruitful service they give to the investments of the charity. The Rathbones representatives are present at each of our yearly AGM making themselves available to answer questions and keeping us well informed. We are also grateful to Stone King LLP for their sterling work as our solicitors.

At our AGM in April 2026, we will outline and establish our plans for 2026 and beyond. The most important topic of the year 2026 will be to identify, with the help of a consultant company, what can be to solution which optimizes our charity’s goals and interests for the future of our Charlton property.

Financial Review

Income totalling £2,264,172 (2024: £3,267,994) included £287,477 (2024: £384,737) of investment income received in the period, and donations totalling £1,966,927 (2024: £3,873,595). Included in donations in the previous year was land at Saint Elizabeth in Charlton that was transferred to charitable company valued at £1,712,911. Expenditure totalling £385,310 (2024: £363,177) was incurred during the period. After investment and foreign exchange movements this resulted in a surplus for the period of £5,576,879 (2024: £3,613,053). Details of income and expenditure are set out in the financial statements.

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, this is mainly support costs less depreciation. Therefore unrestricted funds expected in coming year are £50,000 and this amount is reviewed annually. The charity has unrestricted funds as at 31 December 2025 of £34,104,621 (2024: £28,527,742). Included within unrestricted funds are £34,057,449 (2024: £28,460,281) of designated funds, this mainly represents investments which are being held by the charity to generate income. General funds currently are £47,172 (2024: £67,461) and the Trustees will transfer investment income into general funds as necessary to cover future costs and liabilities.

4

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REPORT OF THE TRUSTEES

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.

The operation of the charity is straightforward and very simple. The top risks that faces the charity would be:

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.

Going Concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the board of trustees continues to adopt the going concern basis in preparing the accounts. Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies. The balance sheet shows net current liabilities of £36,189 (2024: £15,900) however £83,361 of this is a grant to be paid that will be released directly from an investment portfolio dedicated to that fund.

5

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REPORT OF THE TRUSTEES

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 Fr E Samson Fr V Jermakovics Br Q Tran Fr A Castro Fr P Cao Ba Vinh

No Trustee had any contract 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.

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:

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.

6

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

REPORT OF THE TRUSTEES

In so far as the trustees are aware:

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 Trustee

Fr P Cao Ba Vinh Trustee

Date: …………………………May 21st 2026

7

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 2025 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:

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.

8

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:

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:

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.

9

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:

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.

10

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.

Siobhan Holmes FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Limited Statutory Auditor River House 1 Maidstone Road Sidcup Kent DA14 5RH

17 June 2026 Date: ………………………….

11

AUGUSTINIANS OF THE ASSUMPTION

(Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 DECEMBER 2025

2025 2024
Note
Unrestricted Unrestricted
£ £
Income from:
Investment income – dividends 3 287,477 384,737
Donations 2 1,966,927 2,873,595
Other income 9,768 9,662
______ ______
Total income 2,264,172 3,267,994
______ ______
Expenditure on:
Investment management costs 87,224 106,952
Charitable activities 5 298,086 256,225
______ ______
Total expenditure 385,310 363,177
______ ______
Net income and net movement in funds
before gains and losses on investments		 1,878,862 2,904,816
Net gains/(losses) on investments 3,614,032 893,393
______ ______
Net income / (expenditure) 5,492,894 3,613,053
Other recognised gains and losses
Gains/(losses) on foreign exchange 83,985 (185,157)
______ ______
Net movement in funds for the year 5,576,879 3,613,053
______ ______
Total funds at 1 January 2025 28,527,742 24,914,689
______ ______
Total funds at 31 December 2025 34,104,621
______		 28,527,742
______

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.

12

AUGUSTINIANS OF THE ASSUMPTION

(Company Limited by Guarantee)

BALANCE SHEET

AS AT 31 DECEMBER 2025

REGISTERED COMPANY NUMBER: 07690148

2025
2024
Notes
£
£
£
Fixed assets
Tangible assets
8
4,913,207
4,945,848
Investments
9
29,227,603
23,597,794
__
34,140,810
__
Current assets
Debtors - accrued investment income
43,236
70,704
Cash at bank and in hand
57,617
63,258
__
__
100,853
133,962
Creditors:Amounts falling
10
due within one year
(137,042)
(149,862)
__
__
Net current assets/ (liabilities)
(36,189)
__

Net assets
34,104,621
__

FUNDS
General Funds
12
47,172
Designated funds
11
34,057,449
____

34,104,621
 2025
2024
Notes
£
£
£
Fixed assets
Tangible assets
8
4,913,207
4,945,848
Investments
9
29,227,603
23,597,794
__
34,140,810
__
Current assets
Debtors - accrued investment income
43,236
70,704
Cash at bank and in hand
57,617
63,258
__
__
100,853
133,962
Creditors:Amounts falling
10
due within one year
(137,042)
(149,862)
__
__
Net current assets/ (liabilities)
(36,189)
__

Net assets
34,104,621
__

FUNDS
General Funds
12
47,172
Designated funds
11
34,057,449
____

34,104,621
 £
28,543,642
(15,900)
__
28,527,742
__
67,461
28,460,281
____
28,527,742

Approved by the Board of Trustees on …………………. and signed on their behalf by: April 24, 2026

Br D Remiot Trustee Fr P Cao Ba Vinh Trustee

13

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2025

Note
Cash flow from operating activities
15
Net cash flow from operating activities
Cash flow from investing activities
Cash transfer from investments
Fixed Asset additions
Net cash flow from investing activities
Net increase / (decrease) in cash and cash
equivalents
Cash and cash equivalents at 1 January 2025
Cash and cash equivalents at 31 December 2025
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 December 2025		 2025
£
(245,641)
__
(245,641)
__
240,000
-
__
240,000
__
(5,641)
63,258
__
57,617
____
57,617
__
57,617
 2024
£
(110,813)
__
(110,813)
__
150,000
(1,495)
__
148,505
__
37,692
25,566
__
63,258
____
63,258
__
63,258

14

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

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 (cash, buildings, land etc) 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:

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 as set out in Note 6.

15

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

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.

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
Land - not depreciated
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 Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

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.

16

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

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 8 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

Priests of the Assumption Inc
General House of the Augustinians of the Assumption
Land transferred
Ordinary General Council of the Congregation
3.
INVESTMENT INCOME
Dividends reinvested
Interest reinvested		 2025
£
1,914,822
-
-
52,105
___
1,966,927
_______
2025
£
167,030
120,447
_____
287,477
 2024
£
1,052,574
108,110
1,712,911
-
___
2,873,595
_______
2024
£
285,176
99,561
_____
384,737

4. EMPLOYEES

There were no employees of the Charity.

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

17

AUGUSTINIANS OF THE ASSUMPTION

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

5.
CHARITABLE ACTIVITIES
Formation of Africa &
Madagascar
Priory & accommodation
Assistance with Assumption
International Formation
Bethnal Green Community
Formation Trust
6.
SUPPORT COSTS
Insurance
Depreciation
Bank charges
Management expenses
Rates and water
Travel and Motor expenses
Other support costs
Governance costs (note 7)
7.
GOVERNANCE COSTS
Audit fees
Bookkeeping
Legal and professional		 Direct Costs
£
Support Costs
£
22,855
-
10,179
250,052
-
-
-
15,000
___
__
33,034
265,052
_
____		 Total
2025
22,855
260,231
-
15,000
__
298,086
__
2025
£
32,830
32,641
39
-
126,922
-
15,248
57,372
___
265,052
_______
2025
£
26,034
-
31,338
_____
57,372
 Total
2024
47,386
113,209
95,630
-
__
256,225
__
2024
£
8,730
33,032
11
8,882
-
555
-
28,721
___
79,931
_______
2024
£
21,720
1,920
5,081
_____
28,721

18

AUGUSTINIANS OF THE ASSUMPTION

(Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

8.
TANGIBLE FIXED ASSETS
Freehold
Properties
Equipment
Motor
Vehicles
£
£
£
Cost or Valuation
At 1 January 2025
5,877,214
18,549
12,891
__
__
__
At 31 December 2025
5,877,214
18,549
12,891
__
__
__
Depreciation
At 1 January 2025
932,531
17,384
12,891
Charge for the year
32,350
291
-
__
__
__
At 31 December 2025
964,881
17,675
12,891
__
__
__
Net Book Value
At 31 December 2025
4,912,333
874
-
__
__
__
At 31 December 2024
4,944,683
1,165
-
__
__
__
9.
INVESTMENTS
2025
£
At 1 January 2025
23,597,794
Portfolio additions
2,826,031
Investment additions
2,161,051
Withdrawals
(262,855)
Disposals
(2,039,830)
Realised/Unrealised gains
2,859,194
Gains/(losses) on foreign exchange
86,218
__
At 31 December 2025
29,227,603
__
Historical cost
24,909,086
__
Portfolio split
Rathbones Investmnet:
Dedicated “B” – Province of Europe - Sterling
6,003,020
Dedicated “B” – Province of Europe – US Dollar
3,565,782
Woodman Investment::
Dedicated “A” – Solidarity Fund B.Art
5,282,828
Dedicated “A” – Solidarity Fund
6,675,808
Dedicated “C” – General House
4,458,814
Dedicated “D” – Province of Africa
2,113,127
Dedicated “E” – Old Age Solidarity
541,331
Dedicated “F” – Philippines Fund
586,893
__
29,227,603		 Total
£
5,908,654
__
5,908,654
__
962,806
32,641
__
995,447
__
4,913,207
__
4,945,848
__
2024
£
21,653,099
1,874,722
1,160,976
(197,386)
(1,601,853)
893,393
(185,157)
__
23,597,794
__
22,201,834
__
5,384,222
3,121,526
4,692,227
5,526,851
2,175,922
1,824,814
350,345
521,887
__
23,597,794

19

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

9.
INVESTMENTS (continued)
Split of Funds
Bonds
Equities
Alternative Investments
Other
Cash		 2025
£
4,828,100
11,072,813
8,869,173
91,222
4,366,295
_______
29,227,603
 2024
£
4,437,625
6,957,301
7,808,074
260,100
4,134,694
_______
23,597,794

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. CREDITORS: Amounts falling due within one year 2025 2024
£ £
Other creditors 115,044 126,222
Accruals 22,000 23,640
____ ____
£137,044
____		 £149,862
____

11. 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
01/01/2025
New
Designations
4,945,848
-
23,514,433
5,629,809
___
____
28,460,281
5,629,809		 Designations
Released
(32,641)
-
______
(32,641)		 Balance at
31/12/2025
4,913,207
29,144,242
_______
34,057,449

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
01/01/2024
New
Designations
3,264,474
1,714,406
21,647,331
1,950,463
___
____
24,911,805
3,664,869		 Designations
Released
(33,032)
(83,361)
______
(116,393)		 Balance at
31/12/2024
4,945,848
23,514,433
_______
28,460,281

20

AUGUSTINIANS OF THE ASSUMPTION (Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

12.
GENERAL FUND
General Fund
£
Balance at 1 January 2025
67,461
Movement for the year
(20,289)
___
Balance at 31 December 2025
47,172
__
Comparative General Fund
General Fund
£
Balance at 1 January 2024
2,884
Movement for the year
64,577
____
Balance at 31 December 2024
67,461
 Designated
Fund
£
28,460,281
5,597,168
___
34,057,449
__
Designated
Fund
£
24,911,805
3,548,476
____
28,460,281
 Total
£
28,527,742
5,576,879
___
34,104,621
__
Total
£
24,914,689
3,613,053
____
28,527,742

13. ULTIMATE CONTROLLING PARTY

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

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

15. 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)
Non cash income (land donation)
(Decrease)/Increase in creditors
Net cash flow from operating activities
16.
RELATED PARTY TRANSACTIONS		 2025
£
5,576,879
(167,030)
(120,448)
32,641
(3,591,177)
(83,985)
87,224
(1,966,927)
-
(12,818)
__
(245,641)
__		 2024
£
3,613,053
(285,176)
(99,561)
33,032
(893,101)
185,157
154,338
(1,160,684)
(1,712,911)
55,040
__
(110,813)
__

During the year there were no related party transactions (2024: none).

21