arity regi51r*ion number 1166361 IEnBland and Wale51 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO LEGAL AND ADMINisfRATIVE INFORMATION Tyustees 5r J V Langlord Sr M Robin SrLMTeer Sr C E BTown Srj Dines MrT Haigh MT R Verfey Ms J Bourne Charity number 1166361 Prlnclpal addr•ss Delegation OFfice 35 Maude Terrace London E17 70G Audhor Jarnes Todd and Co Limited Drayton House Drayton Lane Chichester West Syssex P020 2EW Bankers LW$ Busir*ss Bankin8 4th Floor 125 London Wall London EC2Y 5A5 Epworth InVeSt￿nt Mèna4ement Lirnited 9 BoTrhill Street Lontlon EC24 4PE 50lirltors Holrnes and Hills LLP Bocking End Braintree CM79 Investment ¥dvi¥orn JM Finn & Co 25 Copthall Avenue London EC2R 7AH Greenbank Irwestments 30 Gresham Street London EC2V 7QN Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO CONTENTS Page TrustÈes' report 1-13 Statement of Trustees, responsibilitles 14 Independent auditcr's report 15-18 Statement of financial aettvittes 19 Balance sheet 20 Staternent of cash flows 21 Notes to the linancial 5tatemerrts 22-36 Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST2025 The Trustees present theirannual report and financial statements for the year ended 31 August 2025. The flnancial statements have been prepared in accordance with the atcounong policies set out in note I to the flnantial statements and comply with the Charity's govÈrnin8 document. the Charities Ad 2011 and "Accounting and Repothng by Charl￿eS." Statement of Recommended Prathce applicable to charities preparing their accounts In accordance with the Financial Reporring Stsndard applicable In the UK ènd Republic ol Ireland IFRS 1021. leffecrive l January 20191. Objectives and artivitie5 The Congre8atron of Our Lady, Canonesses of St Augustine IC￿} is an intemational Roman Catholic reli8iou5 order, founded in Lorraine Inow part of France) In 1597. Accordin8 to our founders. our airn is to'do 8ood to all and harm to none, Isaint Peter Fourier) and 'to do all the 8ood possible, (Blessed Alix Le Clercl. At the be8innin8. this was primwily to be done by openin8 schools and providin8 free education for 8irls 'both rich and poor alike., Nowadays, we dedicate ourselves to the work of education and hurnan development in all it5 a5pect5. We have a prefe￿nce for helpin8 those in ¥reatest educational need, and we place parfcular empha515 on addre55ing the causes of poverty and inju5¢ice. We currently nurnber a little over 300 Si5ter5 worldwide and about 250 Associates (members of the Congregation who support its work and ethos but ¢b not make vows) in Afrl¢a, Asia, South and Central America and Europe. Sisters first came to Britsin fforn France in the early twentieth century. At the end of the accounttng year, we were 14 Sisters in Britain (the Dele￿lION of fj￿4t Britainl, between 62 and 104 livlng In dlfferent parts of En8land and Scotland. There We￿ also 18Associotes living in Efi8l¥nd. Ireland. Scotland and Africa. Accordin8 to the Delegation's charitable irbcorporation document I'the CIO Con5titution'l, dated Arril 5th, 2016, the 8eneral oblecttve of the Charity is'the advancement of the Romarb CatholK religion throu8h the reli8ious any other charitable work ol the ConereBation as the Tru5tee5 Wlth the approval of the Delegate shall from tirne-to-time think lit., The Con$tytutyons proper to the Cons￿11#0￿ (the Constltufjofts'l. writtefi IN 1640 and revised in 1984, rnake this cleèr.. 'wh¥tever our work, our desire as religious antl edU¢¥tO￿ is to PTomoie the development and growth of the whole person and to make our contributyon to the re¢ognitlon of each perwn's dignity 151., The Constltufjons alx) insist that human development cannot happen wiihout Ihe promoOon of human rights and other aspetts of social justlce, and this too is reflected in our objecttves. The advanced age of most of the Sisters means that our contribudons a￿ mainly voluntary, and often of modest scope, but they are many and vafious. ac¢ofdin8 to each one's abill￿e$. In the spirit of our Con$￿tU￿onS 'we all take part in this mlssion, whatever our age. our state of healih or our abill￿es161.' The range of both Indlviduèl and communal contribU￿on$ to the charity's aims and objecttves, and the Impact these have had on a varlety of people. are set out In the later part of ihls repo¢ AchSe¥ements and Perfomiance., N8. For the purposes of thi5 report. the terms'chariiy, and'Dele8atlon' are interchangeable. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 strategleslor a£hlevlng alms and oblectl¥es Our primèry aim is to ensurÈ thèt the Charity TÈmains viable through g(KKJ governance and gotsd flnèntial mènagemÈnt in line with the Social Teaching of the Roman Catholb£ Church so that all the Sisters are able to liveout their religious lives In the servlce of educatton to the very end. A. Our maln strategles have been-. Promottng rhe personèl well-being of each Sister. M8ini8ining and improving health care and material support fof each Sister. Ensuring that Our hnances remain sufficient for both present and future needs. Attemptsng to balance ethical investing with achieving saDsf3ciory returns. Maintaining fi.nancial solidarrty with the Congre8atron and contributrn8to educational proJect5elsewhere. Working towèrd5 long-term stable governance. B. Speclflc oblethe5 have beon.. l. To promote wellbein8 throu8h 8ood safeguarding pracbce5. 2. To provide the best Possible healthcare and accomrnodation for all the Sisters. 3. To rnaintsin and improve linancial 8ood practice. This include5'. onYnuin8 to monitor recipient5 018rant5 rnade from proceeds of the sale of More House in 2021. extending the 5¢0pe tsf the Finan¢e Cornmittee. revising the Delegatyon's long-term financial fore¢ast. l. To work towards Improving our Invesiment income. 2. To malntaln an annual quota io ihe fje￿ra1 Council and io reswnd to appeals of various klNIs. 3. To revlew curreni governance and adminisiraik)n and to start planning for futu￿ needs. The steps taken to achieve these strategies and objettfves We￿ as follows.. A. Achlevln8 our maln Strategles 8y careful monltorlng of the Sisters. INing condirions and finances and by maintaining and updafjng our safeguarding practtce5, the Trustees have ensured thar the Sisters are able. as lar as age and health permit, to fulh-l their religious and educational commitment In a wide variety of ways. 24-hour care for the elderly and infirrn Sisters at St Leonards on Sea in East Sussex continues to be provided, under the management of a full-tirne, non-resident co￿ ManaEer. The needs of the Sisters living elsewhere a￿ monitored by the Care Manager through personal contsct Iphone calls ènd The refurbishment of a house in London is well underway. When ￿ady. thi5 house will be well adèp*d to the need5 of the Si5ter5 living there. This is achieved through quarterty reviews at Board rnee￿n8s, approval bythe Trustees of the annual budget and revision of a long-term financial forecasr. 4. Investment Mana ement. We have pursued our aim to ach￿Ve a retrjrn on our invesrrnents th* is balanced between capital growth and income, all with low to medium risk profile. We have excluded invesiments thai run counter ro our eihical convithons and increasingly we favour impart investments in the service of people and planei. Concerned by poor performance over against selected benchmarks, we have begun to reconsider our exclusions and to make some potenrially positive changes. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 We have conttnued to support our Sisters worldwide as well as contributtng to several other organisations whl£h share our edU￿tiOnal vision. Bearing in mind that the smooth running of the Delegatr"on requires the expertise of several key lay offi.￿r$ and that these will need to be replaced when they retire. we are about to undertake a major reapprai￿1 of our administwtive needs and 8overnance structure5. B. Meeting Speclllc Oble(Yves The Trustees are aware of the irnportsnce of safeguarding for the wellbeing of both Sister5 and staff. Safe¥uardin8 15 therefore a standing item èt Board meeting5, con515ting tsf briefin￿ and uwlate5 from the Chair, the Safeguarding Trustee, the Safeguarding Lead lapptsinted in Ni)vember 20241 Ir￿ other memljers of the Safe8uardin8 Group. The Charity is a member of both the Catholic Safe8uardinK stsndaros Agency ICSYI and the Religious Life Safeguarding Service IRLSSI. The CSSA has mandatory audityng wers. The ChariVs audit, eX￿Cted in November 2024, was postponed by the CSSA and is styll to tèke plate. The RLSS, whKh exisis to give advice and help on safeguarding matters, has been found helpful on numerous occasions. The Safe8uardin8 Lead attended ihe annual RLSSAGM and Confefence in Mèrch 2025. a. CSSA. For the first three years of Its exlstence12022-202SI an annual per copito fee of £85 was levied on all members. In May 2025 a new contract was proposed and was 3ppro¥ed In pnnciple by the 8oard. If it comes Into effect, as Is very likely, the annual fee should be somewhat reduced. b. RLSS. Up untrl now a per copiro fee of EIIS has been paid on or around 1st April each year. As from Aprll 2025 a new fee structure hès come Into effett. This will no longer be per copito. bui a fixed sum depending on the total number of Slsters and lay employees li.e. all who come under the charity's saleguarding responsibility). For the Dele8ation, whlch qualifi-es as a medium sized Reli8ious Life Group IRLGI, this is likely to be Set at £3,(KM), double the current per CGPIto Sum, Althou8h concerned b¥ the increase, the Trustees acknowled8e that the new system is nece55ary for the RLSS to rernain viable. The Charity'5 safeguardin8 polity has been revised. It has ljeen approved both by the eoard ar￿ by the RLS5. The updating of a Se￿rate 'Code of Conduct.. Bultyin8 and Harassment. was nearini Completion at the end of the linancial year. Both policies are wised annually. The RLSS organises dedicated trainin8 sessions for Trustees. Safe8uafdin8 Leads and others (oncerned. After each training, the pèthcipant is issued with a £erttficate of attendance.. these cerrificates are taken into account when a charity is audited by the CSSA. A record is kept by the Safeguarding Lead who also alerts ind￿IdUalS when trainings need to be renewed. At the end of the year, all trèinings were up to date. The Safeguarding Lead is also responsible for dealing with DBS checks. By ihe end of the year. DBSchecks were up to date for 811 relevant Delegation members and all members ol the Charivs stsff. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 al Healthcare Twenty-four-hour care has been maintained at St Leonards by means of a rots system of regular contratted nurses, carers and cooks supplemented. when necessary. by agency staff. All are under the management of a full-time. non-resident Care Manager. The health and èccommodation needs ol the Sisters livin8 elsewhere are monitored by the Care Manager. Through personal contact, including visit5, she assesses their state of hearth. the suitability of their accommodatickn, their end of life wishes and so on. Where necessary, she assists with makin8 or updating wills and setbn8 up Powers of Attorney. A monthly online Care Forum to which the Care Manager belongs has proved a valuable external re5wrce. It 15 an initi3tive ol the Healthcare Team at the Conference of Reli8ious ICORI c￿e￿nE various relevant topics, with iThp￿ from experts and opportunitie5 for sharin6 inforrnation and concerns. Other meetin65 or8anised by COR have been attended by two of the Trustee5 Wlth a particular interest in care for the elderly. bl Accornrnodation The Trustee5' main focu5 thi5 year has been on the up8oding of the house owned by the Charity in Walthamstow, East London. Thi5 property serves a5 a srnall local community of Sisters and 15 a150 the offi'cial address of the Charity which has it5 office there. It 15 currently bein8 enlor8ed and refurbished to provide.. Better lacilittes and more Space for the existin8cornmunity, with provlslon for extra members, 5hort-term visltor5 and local 8roup rneetin¥s. Greater energy efficiency improved l•yout Jnd fi￿n6$ to meet the present •nd future needs of•cttve but elderly members. Separate living and working $￿te for the Deleg¥te within the m¥in hLXJSe. A free-standing buikling in the groufids for ihe Charity Office and. at least lor the tlme bein& the Oele8afjon Archives. In 2024 Potter, Church and Holmes. Architects We￿ appointed to carry out the project. After manydelays, planning permlssion was obtained on November 15 2024. After several revisions of the plans to bring them into line with the budget and following all due diligence, the firm of Clements Construthon Ltd was appointed to Carry out the work, which fi.nally be8an on September 15" 2025, and which is scheduled for comp￿#0￿ by March 2026. 81 As usual, the Trustees receNed and discussed reKK)rts from the Delegatft)n 8ursai at their quarterly meetfngs. bl Taking into account the recommendattons of the Finance Committee. they approved the annual budget in August 2025. cl In order to make better of the Finance Committee. special meetings were held to discuss the Charity's income and expenditure ahead of meetings with the investment managets and these mee￿n85 were opened to fuller parttcipatton by Trustees and interested Sisters. dl A revision of the Ch8fitTrls long-term financial forecast was undertaken. according to the model used by the Sisters worldwide. This covers demographic assumpttons and their likelyhnancial consequences lor a F*riod of twenty years. Further details can be found in the sethon'Financial Review. on page$9-10 below. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 We have contrnued to interact with Greenbank Investments and l.m. Finn. our investment manaeers, in priorinsing companies trying to brine about ￿mproveMentS in society and the en¥*ronment, e.g. by developine new kinds of Ereen energy At the sayne time, we have been concerned at the consisiently poor performance of the portfobos against several agreed benchmarks. We are aware that the better performance of these benchmarks depends in part on the fact th3t thev invest in prolitsble companies excluded so far by us on ethKal Brounds lit is in fact difficult to lind benchm3rk5 which are completely appropriate for our Charity prolilel. To reduce the disparity. we have begun a reappraisal of our criteria for excluding certain areas and companies. Some change5 have already been rnade, without our ethical stsnd bein8 compromised. and other5 are expected to follow next year. al As in previous years, we allocated £50,Im to the General Council of the ConBre8atton. This annual payment is to hÈlp t Generèl Councll carry Out its mandate of £oordinatin8 lile and work of the Congre8atton worldwi&. An account of how the General Councll spends the money it receives from the various parts of the Congregatton is provlled during an annual Extended General Coun¢ll rnee￿n8 at which the Oele8ate Ithe Chaii of Trysteesl is present. bl The Delegatton receives appeals from various natsonal and International projects. These must fulhl certain crlteria, such as belng prlmarily edutstional in purpose. and of modest scope. An Appeals Committee of Sisters looks at applications recelved durlng the year and makes proposals at the annual Delegation Meenng which this year took F4ace In the fi.rst week In September, after the end of the financial year. As the allocated sum of £20.(%)O was budgeted for In the 2025 hnancial year, the allocation5 are noted here as follows.. 11 £3,￿0 to Advance Myanmar. an umbrella or8anisabon whKh includes the Karenni Student Development Programme IKDSPI for young ethnic people forced Irom their homes by the Myanmar regime and In need of help with ternary educatron. Since, however, a satisfactory report of how the donation of £4,750 in 2024 had been 5peTrt has not as yet ￿en received, the money has been withheld pending a Satisfactory upjate ill £4,500 to Congo Prisoner5.' 5upporttng Some ol our Sisters in the Democratrc Republic of Congo in the provision ol food and le8al service5 to prlsoners who would otherwise 5tru88le to suryive. Here too. wment Is bein¥withheld pendin8 an up-to-date report on last year's donatron of £5.￿￿1. lill £7,750 to 8e8a kwa ee8a (Swahill for"Shoulder to Shoulder-l. a Ugandan charity founded 'for communifjes In need, by an old pupil of the school in U8anda once run by the Sisters. iv) £2,000 to the Shri Bha6awati Lower Secondary School in a vemote and Foor area ol Nepal, which continues to make 8ood pro8ress. VI £2,750 to the St Plerre and Alix Lile Skills Trainin8 Colle8e, Naddan8ira. Uganda for the equippin8 01 a new multt-purpose hall to qualify a5 a local examination centre. The colle8e was four￿e￿ by other ex-pvpi15 of the school once run by the Sister5. In all ca5e5, over5ea5 donations are tracked by means of receipts, letter5 written report5 which are kept on file. vll Perlodic discussions are ongoing with the following recipients of granrs from the sale of More House who have adjusted thelr plans and re-profiled the eypendiiure associaied wilh ihe 8rarits awarded to them.. a. St Mary's University Horizon Sufflmer khools.. £26,(m to be held overfor the 5Urntner Khool in 2025. b. The Centre for Alternative Tethnolo8ie5 ICATI.. E230.(MK) foT rèdevelopment of their Straw Bale Theatre Èdutational 5Pète remains to be disbursed. c. The Margaret Beaufort Institute of Theology IMBITI.. after major rÈorganization ftilli)wing tovid and a MOVÈ into new prÈmises, the sum of £375,250 remains to be disbursed. In the meantime. this designated sum has been put into 8n Epworth easy access interest bearing account where the Delegation (an benefft from the interest. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 The various Workine Groups set up last year have continued to spread the Trustees, workload. An HRGroup whose remit would Include the annual salary review is still to be constituted. b. The Finance Cornmittee. constituted in 2022. exists primarily to help with the preparation of the annual budget and the monitoring of the investrnent5. As well as the rneeting to discuss the budget. there have been several meetings to discu55 in depth the charity's linancial situation prior to meetinES Wlth the iThvestment manager5. These rneetings were open to any of the other tru5tee5 who wished to participate and se¥eral did. An ad hoc 8roup was also formed to research the question of investment exclu5ion5. . In order to monitor the refurbishment project at Walthavn5tow. an ad hoc group ha5 been constituted con515ting of two Trustees, the Executive Dirertor and one other Sister. d. The Board has been kept up to full strength by several reappointments= In January 2025. Sr Chrisfjna Brown was ￿appoInted by ihe c￿1r Jennifer Dines) as a Trustee for a further three vears. In June 2025, Sr Jennifer Oines was reapFx)inted as Oelegate by the Superior General Isr Cécile Marlonl for 8 further three years. As Oelegate. she remains Sole Member of the CIO and ex officio Chair of Trustees. In June 2025, Mr. Tlmothy Halgh. Trusiee. was reappointed by the Chair as Vice-chèlr for a further year. At the be8lnnln8 of the year. all the Trustees had the opportunity to set up personal accotsnts wlth the Charlty Commlsslon to galn 8ccess to the Charity's reserved material on the website. One of the Trustee5 was also given Authorised Access status In additton to the Chalr so that the Commissioners will have a means of contacnng the Charity In the e4ent of the Chalr's absence. The Executive Director. the Bursar and a member of the Charity's audit firm were given Third Party Access to essen￿31 Informa￿On. A¢hlevements perform•n¢e Sl¥nlff¢aTht athvltle5 and achlevements a8aln5t oblectl¥e5 We ended the fi.nancial year with 14 Sisters. Six of them live together ai St Leonards on Sea, East Sussex.. one Is In a care home In Scotland and the rest live either Indwidually or in pairs in London and East Anglia. For those infi-rm, their main Invaluable - contributron Is prayer. Those who are S￿11 actwe to a greater or lesser extent (including some well into their eighties, or even nlnetiesl have en8aged in a w￿e variety ol acnvitses, as can be seen In the folbwing survey ol the public beneht provided h"r5t by the comrnunity at St Leonards and then by the S15ters INin8 elsewhere. The publlc beneNt 15 8rouped under several headin85. St Loonard$ on Soa, Ea￿ 5usstx Two are volunteer5 at the lo￿1 hospice, St Michael's, and visit people in their homes ¥$ part of the h05pice'5 'NeighiK)urs' service. One of them works one afternoon a week in the Sara Lee Trust charity Shop. She make5 'twiddle-muffs' which give comfort 4nd interest to people with dementia. A valuèble serviEe of another kind 15 to listen to pe(ple who bring their problems to the Sisters and to offer sYm￿thy, support and. if appropriate. advite. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 Visitors, Includin8 friends. fomier colleagues. retired stsff and other Sisters are welcomed for chats. meals or for longer stays. hlnv Carrying out the role of reader in the parish church, and tsking comfflunion to the sickand housebound. Parbcipating in two local Julian Prayer GTOUP5. BelonEinE to a local Interfaith Foruffl and maintsining social contscts with local Anglican and Independent church group5. Knitting Sets of nativity ligure5 for an evef-growing clientèle in churche5 and farnilies. All pray constantly for the varied needs of the Church and the world both individually and ¢omrnun4ly and also for the growing number of people who make thÈif needs known to them. A new group meets monthly in one of the Community's two chapels to prayfor world peace Indlviduèlly, the Sisters support a wide range of na￿O￿al and inteft)atfonal charitles by means of small donafjons from thelr personal allowances. There Is also a budget for donations in the name ol the communlty as a whole. One Slster malntalns telephone Ilnks with former pupils now running an educational project in Uganda. They pray dally for peace and ju5￿ce In parts of the world where there Is conflict and oppresslon. One Sister- a former geography teacher- belongs to the local Geology Society and enjoys tskin8 part In events and vi51t5. Another Sister with a lifelong involvement in the Guide Movement. is Chair of a local Trefoil Guild and helps plan meetin85 and acttvittes. As lar a5 P055ible, the Sisters shop ethicalty and locallyi they rerycle rnaterials and do whatever else they can to protect the environrnent, Pope Frènci5' encyclical letter. LJudato Si,, on care for our comrnon home. has been their 8uide in makin8 de¢isions affecYn8 everyday life. This year they have made special efforts to save elertricity and water ènd to prevent Wastage of ony kind. Their l¥rse garden is entlrely tsrgamic, with a￿8$ of re-wilding. Another siÉnificani contribufjon io public benefit comes from ihe availability of the freestandin8 Filsham Hall to various local groups who rent it for their meetings. One of the Sisters oversees the prathcal arrangements. The building is appre¢i3ted especially by elderly and disabled people fr>r its ease of access and tts facilitSes. SSster5 lfvlng In London and East Anglla The Impact made by the Slsters Ilvlng In other lOts￿on$ results from a wlde range of acdviWes, ol whlch the followlng are just a few examples.. Support for someone with addiction and mentsl health issues Spending one day each week helpin8 look after an elderly lady wilh dementia. This include5 regular outsn8s for meals nd visits to places of Interest. The relatives have remarked on the degree of improvement thi5 has brou8ht about. Helping Vietn3rnese refugee5 Wlth their papers. Ouasionalty helpingas an interpreter. Helping one day a week in a centre for migrants. Offering spiritual and pwhological accompaniment to people who ask foT It. Corresponding with, or telephoning, some lonety. di5ableil or depressive people in the UK and abroad. Being available to give transport in a rutal area to people who need help gettingto dortors, app(xnttnent5 and 50 on. Sharing wool with a Ukrainian refugee, a keen kntiter with litnited financial Tesourre5. and knitting warm clothe5 for friends who find heating bi115 challenging. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 Welcoming individuals or groups who come to the house," helpine with overnight visrf(ors and wrth cooking. Keeping up with former pupils. students and clients, ofFering support when needed. Keeping an open door and welcoming Feople who drop in to tslk. sornetimes needing a discreet ear in difficult circumstance5. h Inv H05ting several local church-related groups whirh meet regularty in the &'5ter5' hov5e. Helping to run a weekly online Gospel sharing group lin Vietnamese). Keeping in touch with children with special faith needs and with adults whom this Sister h¥d prepared for baptism. Parhcipation in Iixal pari5he5 as readers. Eucharistic fflinistets etc. Numerous etumÈnit31 and interfaith relatlonships and athvitles. including helping io organise a local Good Friday Walk. Prèying for the needs of those afferted by war. climate change. eic. Meefjng and talklng to strangers who are searchin& Coachlng some chlldren with special needs. as a volunteer. Supporring ChUrCh-￿sed orgènlsattons such as CAFOD Ihumanitartan aldl. Ald to the Church In Need Ipersecuted Chrlstiansl and Church Acnon on Poverty lan ecumenical Chacityl. One Sister writes.. The organisarions I support all have 8 Strong educational content as they contribute in their different ways to promoring the full development of the human person.. Signing online petitton5.' 38 Degrees, Change.org. Calod. Friends of the Earth. Avaaz and many more. Writing to MP5 on matters ol concern. Makin8 small financial contributrons to £h05en charitre5. parttclpa￿n8 In, or 5uppoFtingi the Justy"ce. Peace and Integrity of Cfeayon Llnks Groupi an ecumenlcal network ol reli8ious and lay representatr¥e5 01 religiou5 orders wor*in8 lor justice in En8land and Wales. Keepin8 up to date by readin8 newspapers* journals etc. and possin8on information. Actin8 ès UK coordinator for a U8andan charitv. Helping tts organi5e support for tsther projects in u￿￿￿8. Serves on the Council of the Margaret Beaufort Institute of Theology in Cambndge. One Sister, a Jungian aTha￿$t, offers Iow-COSt analysis and psy¢hotherapy to people who could not afford io pay high fees. She is a member of the Guild of An3￿cal Psythologists IGAPI and a full clinical member of the UK Council for Psychotherapy IUKCPI, as well ès ol the Internatlonal Associatlon for Analytlcal Psychology IIAAPI. She also teaches modules on GAP's'lntrodu£tory Course to the Foundafjons of Analythcal Psychology. (which she helped to set upl and the Postgraduate clinical training course. She is also a Reviewer for students and a convenor of a Review Committee. Another Sister Is a rettred member of GAP who conttnues on a voluntsry basls ro accompany people who ask for combinatton of psychological and spiritual help. Another Is a member of rhe Socieiy for Old Testament Studvès. ISOTSI and the Internattonal organlsa￿on for Septuagint and Cognate Studies IIOSCSI. She 8Nes occasional help ro siudents and other specialists in the field who contact her with queries. She contributed a session to one of ihe Margarei Beaufort Institute of Theology's online COU￿e5,,HearIn8 8iblical Voices.. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 All do what they to reduce plastic use, recycle waste. buy Fair Trade products and so on. and to open the eyes of those they come in contact with to these challenge5. One Sister write5. As climate change and the lack of urgent response to it constitute the biEgestthreat to the future of humanity on our planet, I support organisation5 that are respondinE to this situation. These include CAFOD which empha5ises the effect5 of clirnate change on the poorest people in the Developing World and Friends of the Earth. I Sign the requests of the latter, especially those helpinE our Government to keep faithful to its promise to reduce carbon emi55ion5 and develop new technology to cofflbat climate change. This organi5ation is continually challenzing thi5 Governrnent's failure to fulfil their prornise5.' Another Sister take5 every opportunity to raise awareness aiK)ul the need for responsible use of resources in everyday life and for making ethicol choices ITh invesiing rnoney with a concern for both environmentsl protection and huTnan well-being. Several who have gardens make conxlous decisions io leave areas lor wlldlife Idenying that thls ￿ount$ to 'lazy gardenlng'll. From the preceding selections, it can be seen that the Sisters. wherever they are. engage as fully as age ènd health permlt In religious and educational work In accord with the charity's aims and obiects¥es. They are Inspirèj by the Congreg8tion's motto "do good to 811, do harm to none" to make whatever contribution they can in the fields of faith, educatton and lusrice, to the benefi.t of a wide variety of people and, In however small a way, to the vlelkbeing of the Earth itself. Flnan¢l•l revlew A 5urnmary ol the year's re5uIt5 can be found from pages 1921 of the financial statement5. For the a¢c¢untyn8 year 2024-2025, total income was £506,309 as ayinst £504.005 for the previous yeJr. Thls represents increase of £2,304. Income frorn peThsions and albwances lor Sisters was roughly equivalent to their living expenses. A notable excepyon was the Cornmunity living at St Leonards whe￿. with dirnini5hin8 nurnber5 and a sizable property estate to manage, a quota of £42,ory) fffjm the Delegaoon was needed in 2025. There were no substantlal gifts m8de to the Delegafjon this year. Income from ¢ivNlenOs and Inte￿$1 was the primary reason br the increase in total income. During the year. the charity incurred expendtture for maintaining the Sisters and enabling them to carry out their work amounllng to £1,026,714 as agèinst É1.056,148 in the prevx)us year. a decrease of £29.434. The year ended with a dehcit of £290,628, as against £552.330 in the previous￿ar. Ner Asset The net assets for thls year end stsnd at £11.022.292 as against £11.493.444 in ihe pre¥lous year, a decrease of £471,152. The assets consist mainly of investments. At 31 August 2025, Ihese invesiments amounied to £8,573,043, divided between two Growth Portfolios, a Retirement Portlolio and a Dowries Portfolio. Each of the two investment managers (Greenbank Investments and J M Finnl mana6es a Growth Portfolio. while J M Finn manages the Retirement and Dowries portFolios. This compare5 Wlth £9,094,9LX) in the pr￿lOUS year. Reserves pollcv The ch3ritY'5 net assets Stand at Ell,022,292. Of these, £2.482.897 represents a Gipitsl fund consisting of properties lived in by the Si5ter5. The valuation of land and building5 repre5ent5 the rnarket value on 1st Septernb2r 2014 and 5ub5equently on 31 July 2024, following the introduchon of Financial ReFx)rhng Standard 102. This valuation, updated from that of 1999 and from sub5e4uent puriha5e prites. has ton5ideftbly intrea5ed our net 3S5ets. Howevei. as all proFErtie5 are fully used for the charity's life and worl the polity on reserves remains as set out klow. The balance sheet shows reserves of £11.022.292 as against £IL493.444 in the previous year. The sum is divided between.. Designated Reserves Icapitsl. dowries, retirement etc.) of £3.978,753.' and Unrestritted/Free Reserves of £7,043,539 The charity does not undertake fundraising or seek donations from outside of the charity. and for this reason it is netrssary for the charity to maintain such high reserves.. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 The unrestricted reserves, are. in large part. invested in the growih porrfoliosto meet operational costs.. quotas paid to Sisters and the Generalate and to supplement or'top up. the Retirement reserves. The funds are augmented by Investment income. The de51Enated reserves. are in large part represented by the retirement and dowrie5 Portfolios. the retirement reserves exist primarily to rneet the current and future healthcare costs of all ol the Sisters. right through tothe end of their live5, a period of about forty year5. The reserves are augmented by investment income and from the pension and benelit income frorn Sister5 living in nursing hornes. A5 the duty of the Trustees 15 to ensure that each Sister 15 provKled for. right up until the tirne of her death, it 15 e55ential that the reserves be maintained at the level required for up to the rext forty year5, 50rnething that obviously nece55itates substantial reserves. It 15 svpplefflented a5 required from the unrestricted reserve5, which rnu5t therefore be 5uflicient to rneet thi5 need. The dowries reserves exist to retognisÈ the liability treated by the monty bfought to the £harity by the sisters when thÈy lolned the Congrega￿on. and to any inheritances received after joining. This means that. if a Sister leaves the Congregètton, the monles concerned can be accessed readily and returned to her. or upon her death the funds can be released into the charity or pèssed on to beneficiaries in accordènce with the terms of her will. Ouring a Sister's lifefjme, the charity Is entttled to the income but not the capltal of thls fund. The restrKtsd reserves. from time to fjme, requlre transfers from the unrestrlcted reserves. The two princlpal sources of Income for the charSty are the Fenslons and allowances recelved by Indlvldual Slsters and the Interest and dSvidends from Investments. Throughout the Con8re8atton, a long-term fi"Thancial loreca5ting model ILTFI is used to conslder demographlcs and thelr linancial implications, lor up to 25 years ahead. Based on a number ol assumpth"ons, it is revised every two or three years. Usin8 this model, the Trustees are able to remain mindful ol their responsibility to ensure that reserves are managed eflectively and with a view to long-term su5tsinabslity. Inve$tmtnt Perform•nc* The Charity investment portFolltss been constructed tts.. l. Ertsure the medium and long-term viability of the charity IGrowth Portfoliosl.. l. Meet the immediate living experises and healt￿are neeils of ihe Sistets (Retirement Portfolio)., 3. Match the potential liability of ihe Dowries and Inheritances Portfolio held by the charity on behalf of its members. As of 31$1 August 1025 Ihe value of funds under management was E7.613.573. Each of the two investment managers manages a Growth Ponlolio. whik the Rthrement and Oowries Portfolios are managed by J.M. Finn. Performance, measured by iotsl return. has rebounded dunn8 the par. but the Charity's conllnued emcluslon of fossll fuel Investments and low exposure to technology stocks has conttnued io restrain growth. Income across ttr* two fund managers has held up, ranging between 1% and 4%. Performance is monTtored by regular meerings of the Trustees with the Investment managers. The asset allocation for each of the three portfolio types at the end ol the year. Is set out below.. Dowries Growth ReDrement Fixed Interest & Cash ioox 15.9% 52% Equities AlternaDves' 73.9% 386% 10.2% 162% Alternatives. types. investments prov"￿1n8 exposure to alternative enerey supplies. infrastructure. en¥ironmental and property 10- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 £30,000 remains loaned to Oikocredit. and we are now direct investors. In 2025 we did not receive any dividends12024.. £1481 In respect of this loan. Major rlsks The main risks identified forthe yearending 31 August 2025 and the measures tsken to fflitigate tIErn are a5 folli)w5'. The rapidly decreasing number of sisters capable of tsking on B(wer￿ar￿e and administrntion ro￿5 kx)ses a serious risk. Some mitigating steps ha¥È already been tsken.. the Charity has en8aged the servites of MO￿ lay personnel to assist it where its own Èxperknse and energies are limited.. a part-time Bursar 120181. a part-time Executive Director 120191 and a full-timÈ Care Manager 120201. These key persons are. however. due to refjre in a few years. time necessitafjng plèns for appropriate replacement. To meet this challenge. the trnstees art about to undertakt a review of the Charity's future administrative needs. A further rlsk lies in the difficulty of maintaining a welkbalanced board of Trustees when there are no new Sisters able to take on this role. The long-term future of the Charity and of its assets Is ensured by Irs CIO Constitufjon, which allows for governance by the Congregation's General C￿J￿ClI If and when needed. This will onty be feasible, h￿ver, If structures adapted to the Charity's reduced size have been put in place. Research into this issue is to be undertaken as ur8ent. The Trustees are mindful ol the need to review regularly how the Charity operates and to ensure ttret it5 reserwes are efFectively managed for future survival. Although there is no immediate ris*. serious planning is underway for medium and lon8-term viability. L055 of income from pen5ion5 and allowances as Sisters d* is becomin8 more marked and will contrnue to have a ne8atrve irnpact. Healthcare costs for the rernainin8 Sisters will increase exponenti311y, especially for staff salarie5 at St Leonard5 and potential nursing home lees. Major expenses are required to C￿er the accornmodation needs of the Sisters elsewhere, which will only partially be offset by the Sale of redundant properhe5. An increase in ￿COrne frorn our Investment5 15 urgently needed and our inve5trnent 5trate8V 15 now under review. However. the road map provided by the 2￿year Lon8- Terrn Forecast which 15 nearins eornpledon will help to eTh5l1￿ th•t the Charity does not ruTh ovt of rnnev. Stringent immigration laws rnake it drflicult to obtain visas $0 th8t peop￿ from abroad, including religious Sisters, ¢an parbcipate in lonÉ term activities of the charity. In 2013. FKJwevef. a Sponsorship Licence from the Unitetl KinÉdom Visa and Immigration Agency IUKVII was awarded for four years. enablin8 visas to be applied for annually (although with no Éuarantee thèt applications would be suc£esslull. The li£ence was successfully ￿neWed in 2Q17 and 2021. From now on. the litense will be renewed automatically. The Licence is lor Tier 2 {Ministe￿ of ReliKitinl and Tier 5 (Temporary Worker l Religious Worker). A recently identtfied risk is that the same petson fi-lls the roles of both Authorising Ofh-cer and Key Contact,. this is noted as needing to be addressed. Meanwhlle. the services of a specialist IMM￿0￿ solicltor are available for help and advlce when needed. Although the CharSty has not been responsible lor running schools for many years, rhe possibilr(y of hlstorlc abuse claims being made against Sisters cannot be ruled oui and this remains a risk, al￿1t a remore one. Efforts are being made to identify documentation from past insurance companies who would be responsible in the event of any compensation claims," thls Is however no easy matter. Current risks are minimised by ihe annual updating of policies and procedures which highlight the risk of bullying and harassment where vulnerable elderly Sisters are concerned_ The Trustees ￿gulartY attend training session5 and workshops orEanised by the Charrty Cornrnlss￿n. the Catholic Safeguarding Standard5 Authority ICSSAI and the Religious Life Safeguarding Service IRLSSI. All Sisters and employees inVo￿e￿ in activibes connected with children or vulnerable aOult5 have DBS checks in place. The Delegation'5 Safeguarding Lead en5UTes that all training5 and check5 are up to date. Potential Security risk5 in the sharing and Storing of inforfflation are reduced by the provision of dedicated email addre55e5 nd reliable anti-viru5 software. ThÈ Charity engagÈ5 the service5 of a 5pe(ialist intÈrnÈt advisory company, JP2 IT. The computers of Trustees and main officeTS have been addTtionally protetted by thÈ installation of Bit10t￿r at start-up. WhÈrÈ necessary, laptops were replaced ahead of the switch from Windi)ws 10 to Windows 11. There were no daa breaches this year. 11 Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 Planslorluture perlods l. Use of Pto erdes We will confjnue to monitor the use of the two houses. Our aim over the next two to three years Isto accommodate all the Sisters and sraff in Alix Lodge. Once this is achieved. Filsham Lodge can be put on the market. From now on, therefore, only essenD81 repairs will be done to this house. Following the cevaluanon of the tv40 propernes last year, further advice was obtained In Febfuary 2025 from the h.rm of Gerald Eve as to the development potential of the properties, both separately and together. The results were encouraging, as was clarthcation by the Hastings Borough Council as to the probable 8rantrn6 of planning permission. Details of the Land Registry titles for the properties are to be checked with 3 solicitor. Althou8h there is no Intention of immediately sellin8 either property, the Trustees COns￿er It prudent to have carried out these investi8atrons in Bood bme. We have pursued our plan5 to upgrade ar￿ ￿furbISh this property and they are nearin8 cornpletion. Plannin8 perrni55ion wa5 finally accorded on November 15 2024. The work 15 currently being carried out by the firrn of Clements Construction Ltd and is due to be finished by January 20, 2026. An 17d-hoc Property Group has been appointed by the Board to help monitor progress. The costs are being met by drnwing down fufids frtsm our investments. It is expetted thèt they will eventually be pariially offset by the sale of a property elsewhe￿. Research Inio new accommodatyon for the other slsiers living In London Is planned for the next couple of years. Looking towards the future when the number of sisters will inevitsbly hJve diminished, it is irnportsnt from now on to ensure that 8overnance structures are adapted and appropriate. Irb this I￿ht. the Trustees intend to review future needs in order to gain a more realistt¢ i¥Jea of what changes will need to be made in the next few years. The Trustees will tontinue to monitor the demographic and financial assumpijons for nexi 20 years as￿ed in this year's revision of the long-term financial forecast and will adjust them whenever necessary. The 2021 LTF was revised in the summef of 2023.. the assumptlons were rtrexamined. and the f0￿Cas￿n8 adjusted. A new revision is underwèy in 2025 and is nearing complefjon. In the light of the figures produced by the revised asSump￿0nS about demographics, income and expenditure (bearing in mind that the Charity has incurred a deficitfor several years past). steps are being proposed to manage ènd reduce costs over the next twenty years, especially by re￿rganIsIng care provislon, rattonallsing administratton and rev*wing the use of propertfjes. Stru¢ture, 8overn#nce ¥nl management The Charity is a charitable Incorporated orzanisation. The Trustees who served during the year and up to the date ol signature of ihe financial statements were.. Srj V Langford Sr M Robin SrLMTeer Sr C E 8rown Sr l Dines Mr T Haigh Mr R Verley Ms J Bourne 12- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 l. In terms of Canon Law. the Congregation is go¥erTred at interThational level by an elected Superior General and Council in accordance with the Congregatron's own Constitutions. These were written in 1640, updated in 1984, approved both mes by the vari￿0. The Congreeatton is or8ani5ed in a number of brood geographic re8ion5 known as Vicariates (with their own governance structure) or. when numbers have dirninished, as Delegations Idepending more directly on the General Council) The UK ha5 been a Delegation since 2016 (having been Set up as a Vicariate in 19501. The t*legation is governed by a Delegate. appointed byi and answerable lo. the Superior GeneTal. All the Si5ter5 in the Delegation are welcome to discuss important 155ue5 and their opinions are tsk£n into account. As%Kiate5 are welcorned at meeting5 a5 non-voting members. 2. In terms of civil law, the DeleEation Ipreviousty the Vicariatel wa5 first governed as a registered charity by a Trust Deed dated October 1962, together with a kheme dateil June 1997. it Wa5 registered under the Charities A(t 2011 a5 No. 229051. In March 2016 an applicayon was made to the Charity Comfflission to becorne a Charitable Incorporated Organisation ICIOI. The èpplicallon was granted on 5th April 2016. and from that date the CIO Constttutfon betame the charity's governing documènt. replècing the 1962 Trust Deed. A new charity number, 1166361. was assigned. The chan8&ovÈr became effethve on 1st September 2016. Overall responsibility lies with the Oelegate lappointed by the Supèrior Generall who. as the sole member. appolnts the Trustees. The Trusiees are helped by a Bursar and an Exe£uttve Director, both 4)polnted in 2018, and a Care Mènager. appointed in 2020. 3. The Trustees who $erved during the year, mftsisted ol the Delegate, fr*ur other members of the Delegayon and three lèy Trustees, one of whom is the General Coun¢il's Finance Dire¢tor. The Executive Director is ￿sponsille for the day-to-day running of the charity and is the line-manager lor mot other employees. Through(wt the accounting year, the Trustees worked closely with the Exe¢uOve Director. the Bursar, the Care Manager and vari(ws professional advisors. Formal meetings were supplemented by email and telephone contsrt. From March 2020 onwards. all meetings have been via Zoom or Microsoft Teams. New Trustees are èppointed in accordance with the Consfjtutlon and are selerted from persons with relevant charlty experience and skills. On appointment. new Trustees are made aware of their responsibili￿e5 and are provlded with background informafjon on the charity and rtsobJectt¥es. Further trainin8 may be provided. The Trustee5' report Wa5 approved by the Board ol Trustee5. Sr l Dines Trustee Dote.. 1310412026 13- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO sfATEMENT OF TRusfEES' RESPONSIBIUTIES FOR THE YEAR ENDED 31 AUGUST2025 The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with appIl￿ble law and United Kin8dom Accounting Standards (United Kingdom Generalty Accepted Accountr"Thg Practice). The law applicable to charities in England and Wales requires the Trustees to prepare finaThcial 5tstements for each financial year which give a true and fair view ol the stste of thairs of the Charrty and of the incoming rescurce5 and application of resources of the Charity forthat year. In preparing these financial 5tstements, the Trustees are required to.. - select 5uitsble accounting polKies ond then appty them con5iStently.' - observe the methods and principles in ihe Charities SORP.. - make judgements and es￿mateS that are reasonable arnl prudeni.. state whether èppllcable aCcoUn￿n& standards ha¥* been followed. wbjert tg any materlal departures dlsclosed and explalned In the financial statements.. ak)d prepare the financial ststements on the golng coKern basfjs unless It Is Inappropriate to presume that the charlty wlll continue in operation. The Trustees are responslble for keepiTh8 sufh'cient accounting records that disclose with reasonable accuracy at any time the linancial position of the Charity and enable them to ensure that the financial ststements comply with the Charities Act 2011, the Charity (Accounts and Reports) Re8ulation5 21J)8 and the provisions of the trust deed. They are 150 responsible lor safe8uardin8 the a55et5 of the Charity and hence for tskin8 reasonable Steps for the prevention and detectton of fraud and other irre8ularlties, The lèw appllcable to Charl￿eS in En8land and Wales reguires the Trustees to Prepa￿ financlal sratements for each flnanclèl year which give a true ènd fair View of the state of affairs of the Charity and of the incoming resoJrces and applICa￿On of resources of the Charity for that year. In preparing these financlal statements, the Trustees are required to.. - select suitable accoUn￿n8 pollcles aTrd then appty them consistently.. observe the method5 and principles in the Charities SORP., make jud8ements and esDmates that are reasonable and prudent." state whether applicable accounDng standard5 have been followed. subject to any materlal departure5 disclosed and explained in the financial staternents.. aTrd prep3re the financial 5tstements ON the going concern basi5 unle55 it 15 inappropriate to p￿SUrne that the charity will continue in operation. The Trustees are responsible for keeping sufficient accountin8 Tetords that disth)sè with rÈasonable atturaty at any time th linaniial position of the Charity and enable them to ensure that the h'nancial Statements cornply with the Charities Att 2011, the Charity (Atcounts and Reports) Regulations 21K>8 and the provisions of the tTUSt deed. They are also responsiblÈ for safeguarding the assets of the Charity and hence for taking reasonable steps frjr thÈ prÈvÈntion and detethon of fraud and other Irregularl￿es. 14- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONGREGATION OF OUR LADY CANONESSES OF sr AUGUSfiNE CIO Oplnlon We have 3udited the h'nancial staternents ol Congregation of Our Lady Canone55es of St Augustine CIO (the 'Charity'l for the year ended 31 August 2025 which comprise the 5tsternent of financtal activitie5, the balance sheet, the Statement of cash flow5 and notes to the financial statements, intluding significant aciourbting policie5. The finaniial reporhng frarnework that has been applied in theiT preparation is applicable law and United Kin8dom Accounting Stsndards, induding Financial Rèporting 5t3ndard 102 The Firtortciol Reportrng StDndDrd tspplitoblt in the UK and Republit ol Irelund IUnitÈd Kingdom Generèlly Accepted Accountlng Prad*el. In our oplnlon, the financSal statements.. give a true and fair view of the State of the charity's affair5 a5 at 31 August 2025 and of it5 incornin8 re50urce5 and applicatton of re50urce5, for the yeorthen ended: have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice., and hove been prepared In accordance with the charl￿e$ Act 2011. Bas15 for oplnlon We tonducted our audit in ac¢ordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further deKribed ifi the Audttors responsibilities fvr the oudit Of the fi'ntsficlol sttstements sethon of our rewrt. We ère independent of ihe Chafity in a¢£ordance with the ethical requirements that are relevant to our avdit of the hnan£ial statements in the VK. includin8 the FRC'S Ethical Standard, and we have fulfilled our other e¢hl¢al responsibilioes in accordance with these requ1￿MentS. We believe that the audit evidence we have obtained is suffi¢lent and approprlaie to provide a basls for our opinfjon. Conclu51ons relatln8 to 8olng concern In audittng the hnancial stètements, we have concluded that the Trustees, Use of the 80in8 tohcern blsls of a¢¢tsuntin8 in the preparatron of ihe flnan¢ial st¥tements is appropriate. Bèsed on the work we performed, we have not identyfied any material uncertainfjes relafjng io events or conditlons ih8t, individually or collethvely. may cast significant doubt on the Charity's ability to conttnue as 8 going concern for a period of at least twelve months from when the financial statements a￿ a￿t￿)riSed for issue. Our responslbilittes and the responsibllittes of the Trustees with respett to 8oin8 concern are described In the relevant secttons of this report. Other Informatlon The other information comprises the infOrm￿On includerf in the annual ￿port other than the finawial statements and our auditor's report thereon. The Trustees are responsible fof the othef informafjon contained within annual report. Our opinion on the financial statements does not cover the other Informa￿on and WÈ do not express any form of assurance concluslon thereon. Our responsibility Is to read the other informatton and. in doing so. consider whether the other informalon is materialty inconsistent with the fi.nancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identtfy such maierial inconsistencies or apparent material mlsstatements, we are required to determSne whether this gNes rise to a material missiatement in the financlal sraements themselves. If, based on the work we have performed. we conclude ihai there Is a maierial misststement of thls other Snformation, we are requlred to report thar fact. We have nothing to report ip this regard. 15- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CONGREGATION OF OUR LADY CANONESSES OF sr AUGUSfiNE CIO Matters on whkh we are requlred to report by exceptlon WÈ have nothing to report in rÈspÈrt of the following matters in felaoon to whi£h the Charittes (Accounts and Reportsl Regulattons 2￿8 requires us to report to you if. in our opinion.. the inforTn3tion given in the financial staternents 15 incon5iStent in Jny rnatefial re5pert with theTru5tee5' report., or sufficient accountrn8 records have not been kept- or the financlal statements are not in agreement with the 3ccountfng recofds- or we have not received all the information and explanation5 we require for ouraudit. Responslbllldes of Trtsstees As explained more fully in the ststement of Trustees. responsibilikn"es. the Trustees are reswnsible for the preparation of the financial statements and for bein8 satrslied that they give a true and fair view, and for such Intemal control as the Trustees determine is necessary to enable the preparation ol h"nancial ststernents that are free frorn material mi55tstement, whether due to fraud or error. In preparin8 the financial staternents. the Trustees are responsible lor as5essin8 the Charity's ability to continue as a 8oin8 concern, disc105in¥i 05 applicable. rnatters related to 8oin8 concern and usin8 the 8oin8 concern basis of accountinE unless the Trustees either intend to cease operation5, or have no realistic alternative but to do 50. Audttorfs responslbllldes lor the audlt of the flntnclal statements We have been appointed as auditor under sectron 144 of the Charitre5 Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectyve5 are to obtain re•50fioble a5suron¢e about whether the ftn•nri•l ststernents •5 • whole ore free from m3teri31 misstaternent, whether due to fraud or error. and to issue an auditorfs report that in£ludes our opinion. Retysonable assurance is a high level of a55urance but is not a #uarantee that an audit corKlurted in ¥¢cord¥n¢e with ISAS IUKI will always detect a material misstatement when it exists. Misstatements cafi arise from fravd or error and are considered rnaterial if, individually or in the aB8re8/te, they could reasonèbty be expected to influence the economic decis¢ons of users taken on the ￿$4$ of these financial staiemenis. The extent to whlch our procedures are capable of detethn8 irre8ulartttes. including fraud. is detalled below. Based on our understanding of the charity and its athvrries. and through discussion with the trustees and other management las required by auditrng stsndardsl, we iden￿fied thai the principal risks of norFcompliance wilh laws and regulatrons related to the charl￿e5 Act 2011. Dats Protection Act, GDPR. and other relevant le8isl3th"on. We considered the extent to which non-compliance might have a material effect on the hnancial statement5. We a150 considered those law5 and re8ulations that have a direct impact on the preparation of the financial statements, being FRS 102 and Charitie5 SORP IFRS 1021 leffective January 20191. We comrnunicated identihed laws and re8ulabon5 throu8hout our team and rernained alert to any indications of non-compliance throuzhout the audit. We evaluated rn4nagement'5 in£entive5 and opportunities for fraudulent rnanipulation of the financial Statements (including the risk of override of contro151, and determined that the principal ri5k5 wefe related to P05ting inappropriate journal entrie5 to increase income or reduce expenditUTe. Telated party tran5action5, rnanagement bias in accounting e5timate5 and judgementsl 3￿85 of the lin3n¢ial 5tatement> 16- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CONGREGATION OF OUR LADY CANONESSES OF sr AUGUSfiNE CIO Audlt procedures ￿rfOrmed by the engagement team induded-. DSscussions wlth mènagement and assessment of known or suspetted insta￿e$ of nonn of the effettfveness of the Charity's internal control. Evaluate the èpproprièteness of accOun￿n8 policies used and the reasonableness of accounfjng esdmètes and related disclosures made bythe Trustees. Conclude on the appropriateness of the Trustees, use of the going £oncem ￿S15 of accounting and, bèsed on the audit evidence obtained, whether a material uncertainty exrsts related to events or condifjons that may cast signiflcant doubt on the Charity's abiltty to confjnue as a 8oin8 concern. If we Conclude thèt a materlal uncertainty exists, we are required to draw attenrion in our Audiior's Report to the related disclosures in the flnancièl statements or, If such disclosures are l￿dequate. to modify our opinion. Our conclusions a￿ based on the èudt evidence obtained up ro the date of our Auditor's Report. However. future events or coTrditions may cause the company to cease to continue as a going concern. Evaluate the overall presentatron, structure ar￿ content of the financial ststements, including tke disclosures, and whether the b"nancial 5tstements represent the underlyin8 transactions and events in a manner that xhieves fair presentatron. We cornmunicate with th05e charged with gOVernar￿ regardin& afflong other matters. the planned scope and timing of the audit and 5ignilicant audit linding5. including any Significant deficiencies in intefnal control th* we identify during our audit. A further description of our rÈsKx)n5ibilitie5 is available on the Fifiancial Rewjrhng Countil's website at.. httPS..11 www.frc.org.uVauditor5rÈ5ponsibilthes. This desciiyiion forms part of oui auditor's TÈporL 17- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CONGREGATION OF OUR LADY CANONESSES OF sr AUGUSfiNE CIO other matteys Your attention 15 drawn to the fact that the chaTity has PTepared financial Statements in accorda￿e with "Accounting and Reporting by Charitie5'. Ststement of Recomrnended Practice applicable to charitie5 preparing their accounts in accordance with the Finaricial Reporhng Standard applicable in the UK and Republii of Ireland IFRS 1021" las amendedl in preference to the Accounting and Reporknng by Charities.. Statement of Re¢omfflerKled PrathtÈ issued ofi l Apfil 2￿5 whith is refèrred to in the Èxtant rÈgula￿Ons but has now withdrawn. This has been done In order for the financial staiemenis to provide a true and fair view in accorthnce wlth current Generally Accepted AcCoun￿n& Practtce. Use ofour report Thi5 report is made solely to the charity's trustees. as a body. in accOrdar￿e with Part 4 of the Charities (Accounts and Reportsl Regulatton$ 2008. Our audit work has been undertaken $0 that we mi8hi state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to ènyone other than the charity and the charl￿$ irustees as a boty. for our audlt work, for this report. or for the opinlons we have foimed. Qllver Read FCCA ACA (Senlor Stat￿Ory Audltorl for and on behall oljamts Todd and Co Lirnltod 1310412026 Charte￿d A¢¢oynianis StatutoryAudltor Drayion House Orayton Lane Chichester West Su55ex P020 2EW James Todd ènd Co Limited is eligible for appointment as auditor of the Charity by virtue of its eli8ibility for appointment as auditor of a company under sectton 1212 of the Companies Ad 2W6. 18- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO sfATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2025 Unrestricted Unrestricted lyrtds fvnds ieral designated 2025 2025 Total Unrestficted Unrestrirted funds funds general desi8Thated 2024 2024 Total 2025 2024 Notes Income and endowment5 frorn.. DO￿a￿on$ and legaciÈs Charitable activities 192.504 9,768 228.874 2.130 192.504 9.768 301.907 2,130 201.086 9,713 215.482 201,086 9,713 293,206 Investments 73.033 77.724 Other incorne Tffj•l In¢ome 433.276 73.033 506.309 426,281 77,724 504,005 Expendlture on.. Rai51n8 lund5 Charltable actrvittes 34,244 660,811 ,214 323,445 42,458 984.256 38,259 688,476 9,367 320,046 47,626 I,(N)8,522 Totsl expendlture 695.055 331,659 1.026.714 726,735 329.413 1,056,148 Net gains/llossesl on Investments 13 1107.2101 173,3141 1180.5241 437,054 107.092 544,146 Net expendlture 1261.7791 1258,6261 1520.4051 13CH),4541 1251,6891 1552,1431 Other rerol Thlsed #alns and 1055e$'. Revaluafjon of tangible fixed assets Other losses 229.777 229.777 15 11871 11871 Net movement In funds io I32.￿2) 1258,6261 1290.6281 13LK).6411 1251,6891 1552,3301 Reconclllatlon of lunds.. Fund balances at I September 2024 7.182.751 4.310.693 11.493.444 7.046.338 4,455.290 11,501,628 Fund balances * 31 Au8USt 2025 7.043.539 3.978.753 IL022.292 7.182,751 4.310.693 11,493.444 The 5tatetnent of financial activtbes irbrludes all gain5 and losses rtrogni5ed in the year. All Ir￿0[￿e and expenditure derive from continuing athvitiÈS. 19- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO BALANCE SHE ASAT31 AUGUST2025 2025 2024 Notes Fixed assets Tangible assets Heritage assets Investments 16 17 2.495.388 2,256,448 4￿,000 9,094.900 8.573.043 11.468.431 11,751,348 Current assets Debtors Cash èt bank and In hand 19 20.344 603.437 14.325 792.011 623.781 1399.6601 806,336 1393,9801 Credltoys: ¥moyrtts falllng due wtthln one yt•r Net current assets 224.121 412,356 Total assets less current Ilabllliles 11.692.552 12,163,704 Creditots: arnourts fallin4 due after Move than one year 21 1670,2601 1670,2601 N•t ass•ts 11,022,292 11,493,444 The funds of the Charlty Unrestritted funds- general Unrestricted lund5- desi8nated 24 23 7.043,539 3,978.753 7,182,7SI 4,310,693 11,022.292 11,493,444 1310412026 The financial 5tstements were apprO￿d by the Tru5tee5 On......................... Srj Dines Tvu51ee -20- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO sfATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2025 2025 2024 Notes Cash flows from operatlng actIvI￿e$ Cash 3bsorbed by operattons 1781.8481 1880.7381 Investln8 actbvltles Purchase of tsrigible fixed assets Purchase of Investments Proceeds from disposal of investments Investment incorne received 148.6271 1926,6981 1.266.692 301,￿7 11.512,1341 1.780,012 293,206 Nei ush cener•ted from Invesdn8 •¢fivllles 593.274 551,084 Net cash generated from flnon¢ln8 a¢ll¥ttles Net decrease In cash and cash equlvalents 1188.S741 1319,6541 Cash and cash equfvalents at beginrsing of year 792.011 1,111,665 Cash and cash equlvalents at end ol year 603,437 792,011 21 Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Accountlng pollcles Charity inforniation Congregation of Our Laity, Canor*sses of St Augusknne CIO is a Charitable lfft¢orporated Or8anisation governed by a tonstitution datÈd 5 April 2016. It is rÈgistered with the Charrknes Commission under charity numbÈr 1166361. Th registered office is the Delegatlon Offi£e. 35 Maude TerrdCÈ. London. E17 7￿. The CIO was set up to take over the athvities of the previously unincorporated trust from I September 2016. That charity was previously registered with the (￿rItY Commission under charity number 229051 under the name of The Congregatton of Our Lady Canonesses ol Si AugustiThe. and was governed by a trust deed dated October 1962 and a scheme dated June 1997. 1.1 Basis of preparatlon The financial statements have beeTr prepared in accordance with the Charty's coTrstitution, the Charlties Act 2011, FRS 102 'The Financial Reportrng Standard applicable in the UK and Republic of Ireland" I-FRS 102.1 and the Charities SORP "Accounting and Reporring by Charitre5.' Ststement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Rep)rbn8 Stsndard applicable In the UK and Republic of Ireland IFRS 1021 leffecttve l January 20191. The Charity is a Public Ber￿fit Entity as defined by FRS 102. The Anan¢lal statements hove departed from the Charitres IA¢¢oufits and Reportsl Re8ulatlon$ 2008 only to the extent required to provide a true and fair ¥￿￿. This departure has involved lollowing the Statement of Re(Dmmended Prac￿te for Charl￿eS applying FRS 102 rather than the version of the Statement of Recommended PraC￿Ce whid) is referred to in the Regulèttons but which has slnce been withdrawn. The Inanclal staternents are prepared in 5terlin& which 15 the functional currency ol the Charity. Monetsry amounts In these financial staternent5 are rounded to the nearest f. The financlal statements have been prepared under the hisiorical cost convention. modified to include the revaluètton of freehold properttes. The prlncipal accounriTr8 pollcles adopted are set out below. 1.2 Goln8 Mn¢em At the time ol approvin8 the financial statements. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the loreseeable future. Thu5 the Trustees continue to adopt the Eoin6 concern basi5 of accounttng in preparin8 the financial 5tstements. 1.3 Charltablelunds Unrestricted fund5 are available for use at the discretion of the Trustees in furtherance of theircharitsble objectives. Re5trirted fund5 are 5ubjert to specthc condthons by dofiots orgTarrtor5 0$ to how they rnay be used. The purp05e5 and uses of the restricted funds are set out in notes to the finantial statsments. Endowment funds are subjett to spetilic condittons by donors thatthe Capital must be maintained bythe Charity. 1.4 Income Incotne 15 recoBni5ed when the Chartty 15 legalty entitled to tt after any perfoTmance ￿nd￿9￿5 have been met, the atnounts can be rneasured reliabty. atbd it is probable that income will be receNed. Cash donèttons are ￿COgnised on receipt. Other dOna￿on$ are recognised once the Charity has been nottfied of the don8rion, unless performance conditions reguire deferral of the amount. Income tax recoverable In relatton to don8rions received under Grfi Aid or deeds of covenant is rewgnised at the time of the donation. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 AccountiThK policies Icontinuedl Le8acies are reco8nised on receipt or othetwise if the Charity has been ni)tified of an irnpending dstribution. the amount is known, and reteipt is ex￿tted. If thÈ amount is not kn¢)wn. thÈ legaty is treated as a contingent assÈt. (lonated servlces and fa£ll￿eS are Incltsded at the value to the charltywhere thls can be 9uan￿f*d. Investment Income is dividends and Interest generated by the charity's share portfolios, as well as bank interest, and Is recogniseed in the SOFA when receivable. 1.5 Expenditure All expendlture 55 Incurred in pursuSt of the charity's objects as lald down in the Cons￿tu￿0n a)d Is recognlsed In the accounts when payable. It includes irrecoverable VAT. The costs of raisSng funds includes the fees paid to investment managers In respett of the management of the charSty's investment portfolio5. Charitable expenditure comprises that related to running the Religious Communitie5 and Includes 5tsff c05t5 attributsble to the activity. It Includes both direct C05t5 and 5UPPOrt costs relating to such xtivities. Support C05t5, includin8 8overnance cost5. are those functions that O5515t the deliverance of the choritable aCtiVi￿e5. Governance cost5 comprise expenditure for advice orb constitutional and Statutory rnatters and costs of cornpllonce. Support C05t5 wholly relate to the charitable acbvity of running the Reli8iou5 Comrnunitie5 and 50 have been allocated wholly to that acttvity. 1.6 T¥n8lble flxed ¥ssets Tangible lixed assets are Inittalty me•sured •t cost ènd subsequentty me&su￿d at cost or v•luafjon, net of depreclètlon and any impairment losses. Depreciation is reco8ni5ed 50 as to write off the cost or valuath.on of assets less their ￿sIdual ¥alue5 over their useful lives on the followin8 bases: Freehold land and buildings Fixtures, fithn85 and equiprnent Motor vehlcles 2% sttsight li 20% strai8ht line 2S% sttsight Ilne The 8ain or loss ari5in8 ori the disposal of an a55et 15 deterrnined a5 the difference between the sale proceeds and the carrying value of the asset, and is recognised irb the 5tstement of financial activities. Freehold land. represen￿n& approximatety one third of the deemed cost. and assets in the course of construction, are not depreciated. Taneible lixed assets are capitalised il they can be used for more than I yearand cost more than £5,000. 1.7 Herttage assets Heritage assets are included in the accounts under the revaluation method, based on the most recent valu4tion obtained. The valuation is based on the best estirnate by competent professionals, althou8h consideration should be eiven forthe uniqueness and inherent difficulty in valuing5uch item5. -23- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 AccountiThK policies Icontinuedl 1.8 Flxed asset Inve#mÈnts Fixed asset inve5tment5 are inibalty measured at tran5aciion price excluding transaction costs, and are subsequently measured at fair value at each ￿por￿n% date. Changes in fairvalue are recogni5ed in net incorne or expenditure for the year. Transaction c05ts are expensed as incurred. 1.9 Impaiment of fixed assets At each reporring end date, the Charity reviews the Car￿n8 am04Jnts of Its tangible assets to determlne whether there Is any indi￿tiOn that those assets have suffered an impairment loss. If any such Indication exists, the recoverable amount of the asset Is estimated in order to determine the extent ol the impairment loss lif anvl. Recoverable amount is the higher of fair value less costs to sell and value in tsse. In assessing value In use, the estimated future cash flows are discounted to their present value using a prtrtax discount rate that refletts current market a55es5ments of the time value of money and the risks specific to the asset for which theestrmate5 of future cash flows have not been adjusted. 11 the recoverable arnount of an a55et is estimated to be less than tts carryin8 arnount, the carryin8 amount ol the a55et 15 reduced to it5 recoverable amount. An irnpairrnent 1055 is re£o8nised irnmediately in income/lexpenditurel for the year, unless the relevant a55et 15 carried at a re¥alued amount, in which case the impairment loss is treated 4s a revalua￿On decrease. Retognised impairment losses are reversed if, ofily if. the reasons for the impairment 1055 ha¥e ceased to apply. Where an Impairment loss subsequently reverses. the ￿rryIng amount of the ¥sse¢ is increased to the revised estimate of its recoverable amount, but $0 Ihat the In¢￿ased carrying amouni does not exteed the carrying amount that would have been determined had no impairment loss been recognisetl for the asset in prior years. A reversal of an impairment loss is recognised immediately. unless the relevant asset is ¢arried in ai a revalued amount, in which Cèse the reversal of the impalrment loss is t￿ated as a revalu￿On increase. 1.10 Cash and cash equhfalents Cash and cash equivalents Include cash in hand, deposits held at call with banks, other short-term liquid Investments wlth orlglnal matUr￿e5 of three months or less, and bank overdrafts. Bank overdrafts are shown wlthin borrowln85 In 1.11 Flnan¢i•l in#wmtnis The Charity ha5 elected to apply the provision5 of Section 11 '8asic Financial Instrurnents, and Section 12 '0ther Financial Instrurnent5 Issue5, of FRS 102 to all of it5 finarbcial instruments. Financial in5trument5 are Te¢ognised the Charity's balance Sheet when the Charity become5 party to the contractual provision5 Of the in5trvrnent. Financial assets ènd liabill￿eS are offset. with the net amounts presented in thÈ financial statements. when there is legally enforteable right to set off the retognised amounts and there is an intenfjon to settle on a net basis or to reèlise the èsset and settle the liability simuhaneously. Bosi¢fiAonciulossets Basic linancial a55ets, which intlude debtot5 and tash bank balancÈ5. are inthally mÈasured at transaction prite including transaction costs and are 5ubsequentty carried at atnorhsed c05t using the effechve interest method unlÈss the arrangement tonshtutes a thnanting trdnsatknon. where the transathon is rnÈasurÈd at the presÈrt value of the future receipts discounted èt a market rate of interest. Finantial assets classilied as receiv3ble %%ithin one year are not amorknsed. -24- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 AccountiThK policies Icontinuedl Boskllnonclollsubllllles Basic financial Iièbilities, including creditors and bank loans are inimally recognlsed at transartfon price unless the arrangement constitutes a financing transacDon. where the debt instrument is measured ar the presert Value of the future payments discounted èt a market rate of interest. f inanoal ljabilities classified as payable within one year are not amomsed. Debt instruments are subseouentty carried at amortised cost. using the effective Interest rate method. Trade creditor5 a￿ obli8ations to pay for 8oc¥5 or 5ervKes that have been acquired in the ordinary course of operations Irorn suppliers. Amount5 payable are classified as current liabilitie5 if payment 15 due within one year or le55. If not, they are presented a5 non-current liabilities. Trade creditor5 are reco8ni5ed initialty at transaction price and subsequently mea5ure(J at arnorti5ed c05t Using the effertlve interest methotl. Derecoqnillon oJAlnoncit711iubilitles Financial Iiabilines are dereco8nised when the CharitV5 contrartual obligations expire or are discharged or cancelled. I.IZ Employee beneflls The c05t ol èny unused holid•yeNtltlement is recognised irt the period in which the empl¢)yee's seNlces are recelved, Terminafjon benefits are recognised immediately as an expense when the Charity is demonstrably tommltted to terminate the employment of an emplO￿e or to provide terminatlon beneftt$. 1.13 Redrement beneffts Payments to defined Contribu￿On retlrement benefit schemes are charged as an expense as they falldue. 1.14 Leza¢les and d¢Jwrl•$ Legacies and dowrie5 are capital amount5 held on behalf ol individual Sisters during their Iiletime5 and are distributed in accordance with their wi5he5 on death. The h-8ure included In calculated as its historical c05t when the Sister5 jolned, and 15 not re-measured to lair value at the year-end date. The Trustees believe this 15 to be the most 3ppropriate policy due tc uncertain tirning of their death5 and their wishes. As a con5equeThce. the Trustee5 do not COn￿der that the lar8e e¥pen5es needed in order to calculate the fi8ure is jusbhetl. Thi5 is In accordance with the policyon estiniates in Note 2. cr1￿Cal aCcoun￿n8 esdmates andlud8ements In the appllcatton of the Chariry's accounring policies, Ihe Trusrees are required to make judgements, es￿mateS and assumpfjons abour the carryin8 amount of asseis and liabilirie5 that are not readity apparent from other sources. The e5￿MateS and associated assumptions are based on historical experience and other factors ihat are considered to be relevant. Actual results may drffer from these e5￿MateS. The estimates and underlying assumptions a￿ reviewed on an ongoing basis. Revisions to accountrne estimate5 are recogni5ed in the period in which the estimate 15 revised vjhere the revision affect5 only that periuj, or in the period of the revision and future periods where the revision affects both current and futu￿ period5. -25- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Income from donatSons and legacles un￿strICted funds Unrestricted funds 2025 2024 Donations and gifts Salaries Pensions 3.753 8.827 179,924 2,177 10,040 188,869 192,504 201.086 In¢ome from ¢h?rh4ble a¢ll¥llles Unrtstrl¢ted lund5 2025 Unrestrl¢ted fund5 2024 R•nial I￿¢m+ Other income 9.768 9,713 In￿me from Investments Unre#ri¢¢ed Unre#rirted funds funds general desl8naied 2025 2025 To¢•1 Unremrirted Unrestrlrted funds funds general desl8nated 2024 2024 Toi•l 2025 2024 Income from listed investments 133,573 95,301 43.458 29.575 177.031 124.876 166,731 48.751 65,986 11,738 232,717 60,489 Interest receivable 228.874 73.033 301.907 215,482 77,724 293,206 -26- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 other Income Unrestricted funds Unrestricted funds 2025 2024 Royalttes Other income iio 2.020 2.130 Expendlture on ralslng ful￿5 Unrt51ridtd Unre5trirt funds funds 8•ner•l de$l￿ted 2025 2025 Total Unre5trictsd Unre51rlcted funds nds 8tner•l deslirb•ted 2024 Total 2025 2024 2024 Investment Man4ement 34.244 8.214 42.458 38.259 9,367 47,626 -27- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Expendlture on charftable actS¥ltles Community runninz expen5e5 2025 Communitv running expen5e5 2024 Dlrect costs Stsff costs Depreciatron and impairment Community and personal Donation5 Premises costs 315.707 40.803 326,937 28,500 186.612 286,863 37,524 414,987 31,212 126,105 898.559 896,691 Share ol support and Rovèrnanct C05t$15t* nott 91 Support Governance 63.638 22.059 89,564 22,267 984.256 I,COB,522 Analysls by lund Unrestricted funds Eefteral Unrestrlcted funds- designated 660.811 323.445 688,476 320,046 984.256 I,tM)8,522 -28- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Support costs allocated to actlvMes 2025 2024 Support staff costs Professional fees Oflice expenses Rent Health and safety- fire risk assessment SafÈ8uarding Governance costs 32.303 2,195 17.115 6,000 904 5.121 22,059 32,287 34,379 13,753 6,000 375 2,770 22,267 85,697 111,831 Analysed between: Community runnin8 expense5 85,697 111,831 2025 2024 Governarbce costs cornprlse.. Audit le*s Accountancy Delegatyon expenses 10,200 S.640 6,219 10,080 5,400 6,787 22,059 22,267 10 N*1 movemmt IN lurtds 2015 2024 The net movement in funds is stated aftercharginyjlcredifjng).. Fees payable for the èudit of the charity's financial ￿ateMentS Depreciation of owned tsn8ible fixed a55et5 10.200 42,802 10,080 37,524 11 Trustees None of the Trustees lor any pÈrsons tonnected with them) reieived any remuneration or benefit5 fK>m the Charity during the year in respert ol their servitÈs. No trustees reteiA reimbursement for travelling expenses in thÈ year 12024= ENill. The totsl aggreg8te dOna￿On$ received by the charity during the year from ihe 4 religious trustees. comprising of small gifts, donated pensions and salary income. was £8.82712024." £34.5911. -29- Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Iz Employees The average monthty number ol employee5 durinz the year was.. 2025 Number 2024 Number AdmInistra￿On Care staff and other li li Total 15 15 Employment ¢oMs 2025 2024 Wages and salaries Soclal securlty Other pension 311.454 2S,OOS 11.551 290,235 18,111 10,804 348,010 319,150 As part of its operatyons, the charity has an obliga#on tocare lor the Sisters in their old 8ge. Should the￿ be any periods where addl￿onal care staff a￿ required. the charity engages agency staff via ￿p￿table agencies. The agency staff used have the relevant skills and abilifjes requi￿ $0 as to maintain the charity's high standèrds. These individuèls are employed by the agencies, who retsin all the responsibili￿e$ and requirements associated with employment. These Include, but are not Ilmited to. remuneration packages. disciplinary procedures, holiday entttlements and employment law considera￿ons. The total costs for agency and contratt care staff duringthe year was £134,78312024.. £145,021). Total amounts pald to Key Management Person￿1 durln8the year were É156.76012024.. £127,670>. DurSn8 the year no redundancy payments12024.. £Nill were paid to fornier employees. There were no employees whose annual remune￿￿0￿ was more than É60.LK¥J. 13 Galns and1055e5 on Investments Unresiri¢¢ed Unresirirted funds funds 8eneral designated 2025 2025 Totsl Unresirirted Unrestrirted funds funds general designated 2024 2024 Total 2025 2024 Gain5lllossesl ari5in8 on- Revaluation of inve5trnen15 Sale of Investments 1109.4181 2.208 162.0221 111.2921 1171.t1401 19.0841 388,188 48,866 110,857 13.7651 499,045 45,101 1107.2101 173.3141 1180.5241 437.054 107,092 544,146 Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 14 TaXa￿On The charitv 15 eyempt from taxation on its activities because all its income is applied lor charitsble purposes. 15 othergalns and losses Unrestrlcted funds 2025 Unrestrlcted funds 2024 Gains/llossesl upon- Forei8n exchan6e 187 16 Tan¥lble Hxed assets Freehold A55etsuTrder F￿lures,￿￿rrf5 moWr￿h1c￿S indequ*Tht At I September 2024 Additions Disposèls Revalua￿On 2,606.939 5.630 4.140 12.3631 8,118 9,490 18,1181 2,620,687 51,966 110,4811 229,777 38.336 229,777 At 31 August 2025 2,836.716 38.336 7,407 9,490 2,891,949 Depreclatlon and lrnpalrment At I September 2024 Depreci#tion charged in the year Ellmlnated in respect ol disposals 352.104 40.051 4.017 1,367 12.3621 8.118 1,384 18,1181 364,239 42,802 110,4801 At 31 Au8U5t 2025 392,155 3,022 1,384 396,561 Carryin8 amount At 31 Au8ust 2025 2.444.561 38.336 4.385 8.106 2,495,388 At 31 AuEUSt 2024 2,254.835 1,613 2,256,448 The carrying value of land included in land and buildings £omprises= 2025 20Z4 Freehold 1,370,575 1,370.575 31 Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 16 Tanzible fixed assets Icontinuedl The freehold properknes were valued to fair value at the transition date of I September 2014 35 Part of the transition to FRS102 and this valuètion has bÈen intorporatÈd into thè actounts as thÈ deemed tost. Approximately onÈ third of this deemed cost represents the land which is not dèpre£iatÈd. The valuatton of the SndNidual houses was carried out by Mr Aya2 Siddiqui on 27 March 2017, based on the Land Reglstry average house prices Index which put the properries ai a fair value, based on vacant possesslon, of £2,923,118. The vèluatton of Alix Lodge ènd Filsham lodge and Hall was carried out by Gerald Eve on 30 July 2024, based on rhe Land Registry average house prices Index which put the properries at a fair value, based on vacant possession, of £1,350, More House was sold in 2021 for £24.8￿.000. The propertie5 were previousty valued in 1999 at the value estrrnated by the trustees, plu5 the cost of subsequent additions, bein8 £6.216,559. As a resutt of the revaluation to fair value. desi8nated fund reselves at I September 2014 Increased by £26.760,560. Flxtures and fithn85 are included at the Tru5tees' e5tifflate in 1999 of their replocernent value5 lor insurance purp05e5, plu5 the cost ol any subsequent additions. 17 Herlt•8e assels Alabaster arvlng At I September 2024 arKI at 31 August 2025 400,000 An Alabaster carving, of great historlcal signrflcance. was held in the Chapel In More House, and has now been moved to the Norwich Castle Museurn. ChrSsties AuthoTheers valued the carvin8 at £4(K),O(M) in July 2023. The value of the carvin8, both hnanclal and historical, has been established. and by lendin8 ihis iiem to a museum, that it5 slgnlflcance may be understood and appreciated by rhe public. As such, the Trustees consider that it Is now appropriate to recognise this as a herita8e a55et. The Trustee5 believe the Valua￿0￿ of £4CKI.CI)O was appropriate at the year4nd. Flxed asset Inve#ments Unllsted Investments Total Investments C05t orvalua￿on At I September 2024 & 31 August 2025 8.689.9(MJ 405.000 9,094.900 Carrylng amount At 31 August 2025 8.689.9rA) 405,000 9,094,900 At 31 Au8USt 2024 8.689,9 405.000 9,094,900 Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 18 Fixed asset investments Icontinuedl 20Z5 2024 Listed investments included above.. Listed investments historical cost 8,568,745 8,929,145 Included above are £559.78212024.. £353,0541 held bythe in¥e5tment managers for re-investment. 19 0tbtor5 2025 2024 Amourfs f•lllnq dut wlthln ontye•r Prepayments and accrued Income 20.344 14,325 20 Qedltots-. •mounts f•llln8 due wtthln one yt•r 2025 2024 Accruals and deferred Income 399.660 393.980 21 Credltoys: amounts falllng due after more than one year 2025 2024 Other credltors 670.260 670,260 Other creditors represent legacies and dowries which are capiial amounts held on behalf of the indivldual Sisters durSng thelr lifetimes and are distributed in accordance with iheirwishe5 on deaih. 22 RÈtlrement benefft schemes 2025 2024 Defined contrlbudon schemes Charge to profit or loss In respect of defined contrlbutfjon schemes 11,551 10,804 The Charity operates a delined contribution pension scheme for all qualrfying employees. The assets of the scheme are held separately from those of the CharTty in an inde￿ndentlY administÈred fund. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 23 Unrestrlcted funds- deslgnated These are unrestricted fuThds which are material to the Charity'5 activitie> At I September 2024 Incomin8 ResourcesGain5 and losses empended At 31 August 2025 Transfers Capltal fund Retirernent fund Dowries and inheritsnces fund ISO,t 2.578,810 911,623 670,260 150,000 2,481,897 676,596 670.260 196,9131 23,599 73.033 1331,6591 4.310,693 73.033 1331.6591 173,3141 3,978,753 Prevlous year: At I September Z023 Incomlng ResourcesGalns and losses empended At 31 August 20Z4 Transfers Capital fund Rettrement fund Dowries and inheritances fund 150,thJ) 2,578,810 1.056,220 670,260 150,000 2,578,810 911,623 670,260 77.724 1329.4131 107.092 4.455,29) 77.724 1329.4131 107,092 4,310,693 The Cèpitèl fund represents the accumulated value ol the propertses held at the year*nd. Trnnsfers during the year represent additions, disposals antl depre¢iafjon charges. The Rettrement fund represents monies set aside for the &sters' rettrement and to cover their medical ènd nursing needs. The fund is represented by investments and cash. and the investment managers, costs are charged agèlnst the fund. Transfers during the year represent movements from the unrestrirted fvnd to increase the Reftpment Fund balance after Investments were sold to release liquid reser¥es for the continuing care of the Sisters. The Dowrles and inherltances fund represents monles sei aside to preser¥e rhe capltal belon8ln8 to Indlvldual Slsters until their death. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 24 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donation5 and grant5 which are not subject to Specific conditions by donors and grantors asto how they may be used. These include designated funds which have been Set aside out of unre5trirted funds by the trustees for specific purpose At I September 2024 Incoming ResourcesGain5 and losse5 resources expended At ai Au8ust 2025 General funds Revaluatyon reserve 7.182,751 433.276 1695,0551 1107,2101 229,777 6,813,762 229,777 Prevlous ¥e•r: At i Sep¢ember 2023 In¢omlhi Res¢yr¢esG•lns •nd losses empemded Al 31 August 2024 General funds 7.046,338 426,281 1726.7351 436.867 7,182,751 25 An•lysls of •sstts bemen l¥nds Unvtstrlcted funds 8eneral 2025 Unrestrfrted funds desl8nated 2015 Total 2025 Fund balances at 31 August 2025 are wiresented by.. Tangible assets Herita8e èssets Investments IS.797 2.479,591 400,000 L495,969 273,453 1670,2601 2,495,388 400,000 8,573,043 224,121 1670,2601 7.077,074 149.3321 Long term liabilities 7,043,539 3,978,753 11,022,292 Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930 CONGREGATION OF OUR LADY CANONESSES OF ST AUGUSTINE CIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 25 Anatysis of net assets between funds Icontinuedl un￿￿rItted fvnds 8eneral Z014 un￿$t￿tted funds designated 20Z4 Total 2024 Fund tsalances at 31 Augu512024 are represented by.. Tangible assets Herltège èssets Investrnent5 1,613 2.254,835 400,000 2,326,118 2,256,448 4￿,000 9,094,900 412,356 1670,2601 6,768.782 412.356 Long term liabilittes 1670,2601 7.182.751 4.310.693 11,493,444 26 Flnanclal comrnltrnent5* iuaiantee5 and condwent Ilabllltle5 The Charlty Is wmmitted to the Ca￿ ol the Sisters in their old a8e. •nd to provide for thelr futtjre medlcal and nursing needs. The global Con8re8afjon use the long-term fofecast model ILTFI to esfjmate and plan the cost of this provision, and the lètest ligures calculated for the UK showed an estimate of E7 millw)n based upon the preset cost of rvnning the Charity at today's prices. However, upon revlew of these fi.gures. the Charity believes that by updating some assumpfjons used In the model it can reduce the current esttmate of the provlsion. As such. thisth8ure has not been recorded w￿h1n thefinanclal statements. The Trustees have set aslde funds In a desi8nated Rebremeni fund to caier for thls eventuallty and these funds are represented by investments and cash. 27 Atlated p•rty tr•nsO¢llMs There were no dlsclosable related partytransathons durin8the year12024- none). 28 Analysis of ¢h•nBe$ in net fund$ The Charity had no mateTial debt duringthe yeaf. Doc ID.. r*b8b4f189efc78c76e042308aOcdb6894tl)8930