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2024-12-31-accounts

Charity number: 1194230

The Order of St. Augustine of the Mercy of Jesus

Trustees' report and financial statements

for the year ended 31 December 2024

The Order of St. Augustine of the Mercy of Jesus

Contents

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 9
Independent auditors' report on the financial statements 10 - 13
Consolidated statement of financial activities 14
Consolidated balance sheet 15
Charity balance sheet 16
Consolidated statement of cash flows 17
Notes to the financial statements 18 - 39

The Order of St. Augustine of the Mercy of Jesus

Reference and administrative details of the charity, its Trustees and advisers for the year ended 31 December 2024

Trustees Sister Elizabeth Denneny, Trustee
Sister Agnes Dunne, Trustee
Sister Mary Josephine Dolan, Trustee
Sister Miriam Condron, Trustee
Alastair Collett, Trustee
Madeleine Smallwood, Trustee
Charity registered
number
1194230
Principal office
The Admin Centre
St George's Park
Ditchling Road
Burgess Hill
West Sussex
RH15 0US
Independent auditors
Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
Bankers
Barclays Bank plc
1 Churchill Place
London
E14 5HP
Solicitors
Broadfield Law UK LLP
One Bartholomew Close
London
EC1A 7BL
Solicitors
Dentons UK and Middle East LLP
One Fleet Place
London
EC4M 7WS

Page 1

The Order of St. Augustine of the Mercy of Jesus

Trustees’ report For the year ended 31 December 2024

One Sister supports the Cardinal, where she organises care and visits elderly priests in their own homes or Care Homes. Two Sisters from St George’s Retreat are part of the St Vincent de Paul team who assist with social activities and visit people in their own homes and the Care Homes.

The Sisters support a number of charities including the homelessness charity ‘Crisis for Christmas’ by sending clothing for both men, women and children in 2024 for the people of the Ukraine by collecting and sending much needed items for the many people who have lost their homes and belongings.

One Sister continue to live in Ireland, supporting family and friends and is part of the Local Church and Community.

Public Benefit

The Trustees of the Charity are aware of their responsibilities as charity trustees. Below is a table showing the fees for residents in care, which shows that 27.5% are on lower fees. Whilst setting up plans and objectives for the future, the Trustees will give careful consideration to the Charity Commission’s guidance on public benefit.

Residents in Care Homes as at 31[st] December 2024

St. Clare’s St. Rita’s Total Percentage
Private Full Fees 42 44 86 74.14%
Private Low Fee 7 7 14 12.07%
DSS Funded 8 5 13 11.21%
CHC/CCG
Funded		 2 1 3 2.59%
Total 59 57 116 100.0%

Achievements and Performance Overview

2024 has seen the Group consolidate the provision of care home and assisted living services on the St George’s Park site, review and where appropriate plan and initiate an upgrade of facilities in the Care Homes and across the site to ensure these remain attractive and well-run, are places where residents are safe and cared for with the appropriate staffing levels and the residents’ families feel confident their relatives’ well-being is at the heart of what we do. We aim to provide person centred care where each individual is valued, engaged and able to make choices.

The Care Homes have up-to-date modern facilities, bedrooms with en-suite facilities and nice views from the windows (many across St George’s Park), small lounges and seating areas at the end of corridors with nice views. We have also worked hard to make our Homes more dementia friendly, with themed areas in the Homes such as woodlands, lakes and sensory areas with lights and sound boxes. We hope these different themes and scenes engage and stimulate our residents. Our Homes’ occupancy is very important for the financial stability of the Group and in 2024 we operated with higher occupancy rates that we had budgeted for which greatly assisted in the delivery of a sound financial performance.

Ensuring we always have the appropriate level of staffing is crucial to the well-being of our residents, and during the year we reorganised the management arrangements of the Care Homes whilst continuing to staff care shifts at a higher level than the minimum number required to give us flexibility and the opportunity to provide more activities for residents. In addition, we have continued our focused recruitment campaign, including using the Government's inclusion of Care Staff in the Skilled Worker Visa list recruiting applicants who require Certificates of Sponsorship (although this may now be affected by the March 2025 announcement of changes to immigration rules), which has led to a continued reduction in the use for Agency

Page 4

The Order of St. Augustine of the Mercy of Jesus

Trustees’ report For the year ended 31 December 2024

staff. Of course, there will always be staff turnover and we work hard to keep our permanent staffing levels as high as possible.

Trinity Lodge has now been open since March 2023, providing 27 apartments with supporting facilities. By developing the Assisted Living accommodation to complete the path of support from the Retirement Village to our Care Homes the Charity looks to be able to offer the right accommodation and support for residents whatever their needs.

Care Quality Commission

The two Care Homes were last inspected by CQC in February 2023 and were rated then as ‘Requires Improvement’, however at St. Rita’s this was because one of the five categories was rated by CQC as ‘Requires Improvement’, while the other four were rated as ‘Good’. At St. St. Clare’s there were three points which CQC rated ‘Requires Improvement’. We fell short predominantly on paperwork and recordkeeping.

The regulator’s approach to assessment is now changing to 'The single assessment framework. The Single Assessment Framework is a new approach to evaluating healthcare services that aims to streamline and simplify the assessment process. It will be used across all types of registered health and social care providers at all levels, including assessment of integrated care systems. The framework represents a significant shift in how care quality is measured, placing more emphasis on external best practice, evidenced via the CQC quality statements. The CQC will continue to use five key questions to assess providers and will rate them on its current four-point scale. There are regular family and friends meetings where useful information is cascaded. We regularly audit Care Plans and Risk Assessments, which are both on our IT System, PCS, and on paper to ensure that all health needs are properly managed to ensure good care of the residents in our service. This will ensure that all health needs are reported to the appropriate authority for investigation and diagnosis as required.

We have placed a large white board in the reception area of both Homes where residents’ family members can make suggestions, the principle being - ‘YOU SAID’ ‘WE DID’ . For residents who are unable to verbally communicate due to living with Dementia, we use picture cards to enable them to make choices in particular with regards to meals. Activity Co-ordinators spend time with residents who are bed-bound and talk and read to them.

The domiciliary care service operated by St George’s Park Limited and serving residents of Trinity Lodge and the Retirement Village was last rated as ‘Good’ by CQC and a recent client survey indicated satisfaction with the service.

Gold Standard Framework

St Rita’s and St Clare’s hold Gold Standard Framework ‘Platinum’ status for sustaining the high quality of care provided to those in the final years of life.

Environment Social Governance (ESG)

The Group has prepared an ESG policy setting out its commitment to sustainable development, meeting the needs of the present without compromising the ability of future generations to meet their own needs, as a guiding principle within our work. Social conscientiousness and concern for the environment are integral and fundamental parts of this commitment. Our aim is to reduce the impact of our operations on the environment and on society, ensuring the highest ethical standards, and considering environmental sustainability and social responsibility in all that we do.

Net Zero by 2040

The organisation has carried out statutory reports under the Energy Saving and Opportunity Scheme (ESOS) since 2015.

To date the organisation has saved 30% and 15% respectively in 2019 & 2022. However, the organisation recognises that it still has work to do to achieve net zero by 2040. A separate Net Zero Plan by 2040 Plan has been produced and approved by Trustees in December 2023.

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The Order of St. Augustine of the Mercy of Jesus

Trustees’ report For the year ended 31 December 2024

The Group has several environmental projects in hand, including the following:

Completed in 2024:

As well as ongoing work:

Employee Involvement and Employment of the Disabled

The Charity and the Group have a number of detailed policies in relation to all aspects of personnel matters including:

All the policies are available on the Charity's intranet and are updated regularly.

In accordance with the Charity and the Group's Equal Opportunities Policy, the Charity and the Group have long established fair employment practices in the recruitment, selection, retention and training of disabled staff. Full details of these policies are available from the Charity and the Group's offices.

Pay Policy for Senior Staff

The pay of the senior staff is reviewed annually by the Trustees. When arriving at an increase, the Trustees take into consideration the following:

GDPR

We continue to review our GDPR compliance, the Head of Finance is the nominated GDPR Officer for the Group.

Financial Review

During 2024 the Charity has been able to build on and consolidate its return to financial surplus in 2023 due, in particular, to higher levels of occupancy in both Care Homes and Trinity Lodge (which was operational for the full twelve month period). The surplus income over expenditure continues to build a firm basis to continue to deliver long term stability for the Charity and the Group and high standards of accommodation and care to residents.

The Group’s consolidated statement of financial affairs shows net income before tax and other gains and losses for the year of £539,072 (2023 net income: £353,168). The principal sources of funding during the year were fees charged to residents, rents and sales of retirement apartments.

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The Order of St. Augustine of the Mercy of Jesus

Trustees’ report For the year ended 31 December 2024

All material fixed assets of the Charity are used for direct charitable purposes.

The consolidated balance sheet discloses that the Group had net current assets of £5,393,909 (2023: £4,154,908) at 31 December 2024 and net assets of £37,636,656 (2023: £37,247,626). The Trustees consider that the asset of the Charity and Group are sufficient to meet the current obligations of the Group. The Charity’s governing document does not restrict the powers of investment of the Trustees and therefore all assets held by the Charity have been acquired with the powers available to them.

At 31 December 2024 there were loans due to the Charity within the Group amounting to £871,912 (2023; £1,005,918).

The funding environment for the care sector continues to remain challenging, recent changes to national insurance have substantially increased employer costs and a key financial issue outside the control of the Charity remains the level of local authority fees which are significantly less than private fees and not sufficient to cover costs.

The Charity does not actively fundraise, however it benefitted from donations of £179,470 (2023: £617,846).

Going Concern

The Trustees have a reasonable expectation that the Charity and the Group have adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis of preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Reserves Policy

The Trustees approved a general reserves policy as follows:

The charity is currently holding reserves that exceed the maximum level set out in its reserves policy. This position has arisen due to several exceptional factors during the year, including:

While this level of reserves is above the policy threshold, the Trustees consider it appropriate in the current context. Given the charity’s strategic direction and the ongoing consideration of future developments, the Trustees have agreed to maintain higher reserves temporarily. The reserves position will be kept under regular review and reassessed as plans for future developments progress.

Total funds at 31 December 2024 were £37,636,656 (2023: £37,247,626) of which £752,303 (2023: £763,713) were restricted. Unrestricted funds at 31st December 2024 of £36,884,353 (2023 - £36,483,913) were invested in tangible fixed assets to be used by the Charity. The Charity therefore had free reserves at 31 December 2024 of £4,641,606 (2023 £3,391,195).

In the future a Sisters’ Reserve will be established to meet the income required to support the Community of Sisters. It was considered that an appropriate target for this reserve would be £2 million. The reserve is a secondary consideration to the principal of securing the future of the Charity to deliver its’ services. The Trustees will review the levels of the reserves each year, i.e.

Page 7

The Order of St. Augustine of the Mercy of Jesus

Trustees’ report For the year ended 31 December 2024

Risk Management and Internal Control

The Board of Trustees has examined the major strategic, business and operational risks which the Charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The principal risk facing the Charity is to ensure the wellbeing of residents in our care. The Trustees will continue to implement policies and procedures which protect their health and safety and maintain the operations integrity.

The other main risk to the Charity is that of financial risk in the continuing, challenging environment facing the care sector especially the challenge of meeting the increasing costs.

The Charity maintains high level of occupancy and the Trustees and staff continue to look to increase other sources of income to ensure the viability of the Charity.

The Board has overall responsibility to ensure the Charity has systems of internal control. Such a system of control can provide reasonable, not absolute assurance against errors or fraud. The controls in place include clearly documented accounting procedures, delegation of the authority of the Board of Trustees through the Chief Executive to the rest of the Charity.

The Charity operates an annual planning and budgeting system with an annual budget approved by the Board. Any changes to the Budget require specific approval from the Senior Management Team, during monthly reviews of income and expenditure, when revised budgets are compared with previous years.

Future Plans

The Trustees are focussed on providing integrated care through their Care Homes and assisted living accommodation on the St George’s Park site associated to the independent living apartments developed by the Group previously in the Retirement Village.

A plan for an extensive schedule of updating works across the St George's Park site, to the Care Homes and common parts of the Retirement Village has been made and is being implemented to ensure these remain attractive and fit for purpose for residents.

St. Raphael’s Care Home

The sale of St Raphael’s is currently progressing with a prospective purchaser identified in early 2025. The local authority appear to be positive about the purchaser’s proposed future use of the building, and are currently supportive of the development. There remain a number of steps to be completed, however it is hoped that a pre-application agreement will be forthcoming during the summer of 2025, which will be a significant step towards sale.

Trustees’ responsibilities statement

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the Group and of the incoming resources and application of resources of the Group for that period in preparing these financial statements the Trustees are required to:

Page 8

The Order of St. Augustine of the Mercy of Jesus

Trustees’ report

For the year ended 31 December 2024

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity and the Group’s transactions and disclose with reasonable accuracy at any time for financial position of the Group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Account and Reports) Regulations 2008 and the provision of the trust deed. They are also responsible for safeguarding the assets of the Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other regularities.

This report was approved and authorised by the Trustees and signed on their behalf by:

……………………………….. Sister Agnes Dunne (Trustee)

Date: 3 July 2025

Page 9

The Order of St. Augustine of the Mercy of Jesus

Independent auditors' report to the Members of The Order of St. Augustine of the Mercy of Jesus

Opinion

We have audited the financial statements of The Order of St. Augustine of the Mercy of Jesus (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 10

The Order of St. Augustine of the Mercy of Jesus

Independent auditors' report to the Members of The Order of St. Augustine of the Mercy of Jesus (continued)

Other information

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

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The Order of St. Augustine of the Mercy of Jesus

Independent auditors' report to the Members of The Order of St. Augustine of the Mercy of Jesus (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capabilities of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to Care Quality Commission (CQC) regulations, health and safety, employment law and charity law regarding the use of restricted income. We considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102), the Charities Act 2011 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of investment properties. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed fro the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

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The Order of St. Augustine of the Mercy of Jesus

Independent auditors' report to the Members of The Order of St. Augustine of the Mercy of Jesus (continued)

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants & Statutory Auditors Chichester

4 July 2025

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 13

The Order of St. Augustine of the Mercy of Jesus

Consolidated Statement of financial activities for the year ended 31 December 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9,10
Total expenditure
Net income/(expenditure) before
taxation
Taxation
14
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Losses on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
179,470
10,908,540
1,360,225
258,024
32,006
12,738,265
963,595
11,224,188
12,187,783
550,482
3,058
553,540
(153,100)
400,440
36,483,913
400,440
36,884,353		 Restricted
funds
2024
£
-
-
-
-
-
-
-
11,410
11,410
(11,410)
-
(11,410)
-
(11,410)
763,713
(11,410)
752,303		 Total
funds
2024
£
179,470
10,908,540
1,360,225
258,024
32,006
12,738,265
963,595
11,235,598
12,199,193
539,072
3,058
542,130
(153,100)
389,030
37,247,626
389,030
37,636,656		 Total
funds
2023
£
617,846
9,415,235
1,196,547
235,687
97,701
11,563,016
753,316
10,456,532
11,209,848
353,168
(22,218)
330,950
(17,980)
312,970
36,934,656
312,970
37,247,626

Page 14

The Order of St. Augustine of the Mercy of Jesus

Consolidated balance sheet as at 31 December 2024

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Bank and cash balances
Fixed assets held for sale
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 97,080
735,323
2,402,054
3,417,655
6,652,112
(1,258,203)		 2024
£
32,242,747
32,242,747
5,393,909
37,636,656
37,636,656
752,303
36,884,353
37,636,656		 76,821
1,244,578
692,745
3,417,655
5,431,799
(1,276,891)		 2023
£
33,092,718
33,092,718
4,154,908
37,247,626
37,247,626
763,713
36,483,913
37,247,626

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

................................................

Sister Agnes Dunne (Trustee)

................................................ Sister Miriam Condron (Trustee)

Date: 3 July 2025

The notes on pages 18 to 39 form part of these financial statements.

Page 15

The Order of St. Augustine of the Mercy of Jesus

Charity balance sheet as at 31 December 2024

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Fixed assets held for sale
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 87,360
1,568,491
3,417,655
1,961,482
7,034,988
(1,142,928)		 2024
£
30,911,981
30,911,981
5,892,060
36,804,041
36,804,041
752,303
36,051,738
36,804,041		 76,821
2,110,343
3,417,655
370,311
5,975,130
(1,026,847)		 2023
£
31,761,407
31,761,407
4,948,283
36,709,690
36,709,690
763,713
35,945,977
36,709,690

The charity's net movement in funds for the year was £94,351 (2023 - £534,696).

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

................................................

Sister Agnes Dunne (Trustee)

................................................ Sister Miriam Condron (Trustee)

Date: 3 July 2025

The notes on pages 18 to 39 form part of these financial statements.

Page 16

The Order of St. Augustine of the Mercy of Jesus

Consolidated statement of cash flows for the year ended 31 December 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of fixed assets
Purchase of tangible fixed assets
(Loss)/Gains on revaluations of fixed assets
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
1,411,963
258,024
637,590
(445,168)
(153,100)
297,346
1,709,309
692,745
2,402,054		 2023
£
76,080
235,687
421,785
(957,769)
(17,980)
(318,277)
(242,197)
934,942
692,745

The notes on pages 18 to 39 form part of these financial statements

Page 17

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

1. General information

The Order is engaged principally in the provision of accommodation for elderly and infirm residents at convents and houses at the under noted location:-

St.George's Retreat, Burgess Hill (the mother house).

The principal activities of its subsidiary companies are as set out in note 25, and were all carried out at its Burgess Hill site.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Order of St. Augustine of the Mercy of Jesus meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertakings. The results of the subsidiary are consolidated on a line by line basis.

2.2 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist.

The trustees have considered the level of funds which will remain and the expected level of income and expenditure for 12 months from authorising these financial statements and consider that the charity will have sufficient cash funds available to cover ongoing costs to fulfil the operational objectives.

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The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

2. Accounting policies (continued)

2.3 Income

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

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

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

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 19

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

2. Accounting policies (continued)

2.6 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The tax expense for the year comprises current tax on income arising in the subsidiary entities which is not covered by the above exemptions. This is recognised in the Consolidated Statement of Financial Activities. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the subsidiary companies operate and generate income. Accordingly the tax assessed for the year on this income is at the standard rate of corporation tax in the UK of 25% (2023: 24%).

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold property - straight line over 75 years
Long-term leasehold property - straight line over 75 years
Motor vehicles - 25% reducing balance
Fixtures and fittings - 25% straight line
Chapel - structural works - straight line over 100 years
Chapel - refurbishment works - straight line over 40 years

2.8 Investments

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

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value.

2.10 Debtors

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

Page 20

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

2. Accounting policies (continued)

2.11 Cash at bank and in hand

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

2.12 Liabilities and provisions

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

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

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

2.13 Financial instruments

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

2.14 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.15 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 21

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements

for the year ended 31 December 2024

3. Critical accounting estimates and areas of judgment

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

Critical accounting estimates and assumptions:

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

Critical areas of judgment:

The fair value of the investment properties which are sensitive to fluctuations in the property market.

4. Income from donations and legacies

Donations
Legacies		 Unrestricted
funds
2024
£
179,470
-
179,470		 Total
funds
2024
£
179,470
-
179,470		 Total
funds
2023
£
217,846
400,000
617,846

All donations and legacies in the current and prior year were unrestricted.

5. Income from charitable activities

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Residents' fees and extras 10,908,540 10,908,540 9,415,235

All charitable income in the current and prior year was unrestricted.

Page 22

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

6. Investment income

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Rental income and interest receivable 258,024 258,024 235,687

All investment income in the current and prior year was unrestricted.

7. Other incoming resources

Other income
Gains on disposals of fixed assets		 Unrestricted
funds
2024
£
12,183
19,823
32,006		 Total
funds
2024
£
12,183
19,823
32,006		 Total
funds
2023
£
74,116
23,585
97,701

All other incoming resources in the current and prior year was unrestricted.

Page 23

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

8. Expenditure on raising funds

Other trading expenses

Cost of sales
Distribution expenses
Administration expenses
Establishment expenses
Cost of sales staff costs
Distribution staff costs
Administration staff costs		 Unrestricted
funds
2024
£
20,883
21,855
228,788
51,789
368,774
51,287
220,219
963,595		 Total
funds
2024
£
20,883
21,855
228,788
51,789
368,774
51,287
220,219
963,595		 Total
funds
2023
£
9,732
30,021
123,384
12,672
320,461
49,798
207,248
753,316

All trading expenditure in the current and prior year was from unrestricted funds.

9. Analysis of expenditure on charitable activities

Summary by fund type

Residents' fees and extras
Residents' fees and extras		 Unrestricted
funds
2024
£
11,224,188
Unrestricted
funds
2023
£
10,429,663		 Restricted
funds
2024
£
11,410
Restricted
funds
2023
£
26,869		 Total
2024
£
11,235,598
Total
2023
£
10,456,532

Page 24

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

10. Analysis of expenditure by activities

Residents' fees and extras
Analysis of direct costs		 Activities
undertaken
directly
2024
£
11,235,598		 Total
funds
2024
£
11,235,598		 Total
funds
2023
£
10,456,532
Staff costs
Establishment and care expenses
Staff costs, agency and training
Bank charges
Depreciation on tangible fixed assets
Farm costs
Legal and professional
Repairs and maintenance
Governance costs		 Residents'
fees and
extras
2024
£
6,813,857
2,143,344
692,360
15,602
478,445
37,534
75,908
920,777
57,771
11,235,598		 Total
funds
2024
£
6,813,857
2,143,344
692,360
15,602
478,445
37,534
75,908
920,777
57,771
11,235,598		 Total
funds
2023
£
6,481,604
2,212,704
432,509
20,025
378,100
60,050
110,986
689,818
70,736
10,456,532

There is £11,410 of restricted costs included within the direct costs (2023: £28,869).

Page 25

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

11. Auditors' remuneration

2024 2023
£ £
Fees payable to the charity's auditor for the audit of the charity's annual
accounts 27,000 29,000
Fees payable to the charity's auditor and its associates in respect of:
The auditing of accounts of subsidiaries of the charity 20,000 20,300
The preparation of the charity's annaul accounts 8,000 7,500
The preparation of the annual accounts of subsidiaries of the charity 5,000 5,000
Other professional services including advisory services 5,840 21,540

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
6,641,515
657,891
154,731
7,454,137		 Group
2023
£
6,278,049
625,693
155,369
7,059,111		 Charity
2024
£
6,070,443
605,263
138,475
6,814,181		 Charity
2023
£
5,761,260
578,582
141,762
6,481,604

In the year a total of £6,000 was paid as a termination payment to a member of staff through a settlement agreement. There we no amounts outstanding at the balance sheet date.

The average number of persons employed by the charity during the year was as follows:

Services to residents
Management and administration		 Group
2024
No.
209
30
239		 Group
2023
No.
210
29
239		 Charity
2024
No.
191
28
219		 Charity
2023
No.
194
26
220

Page 26

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

12. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 7 6
In the band £70,001 - £80,000 - 2
In the band £80,001 - £90,000 3 1
In the band £100,001 - £110,000 1 1
In the band £130,001 - £140,000 - 1
In the band £140,000 - £150,000 1 -

The senior management team, as described on page 2, have employee benefits totalling £753,462 (2023: £584,015 in the parent charity. The employee benefits of the senior management team for the group totalled £569,445 (2023: £415,828).

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).

14. Taxation

Corporation tax
Current tax on net income/(expenditure) for the year
Taxation on net income/(expenditure)		 2024
£
(3,058)
(3,058)		 2023
£
22,218
22,218

Page 27

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements

for the year ended 31 December 2024

14. Taxation (continued)

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 24 % ). The differences are explained below:

Net income/(expenditure) before tax
Net income/(expenditure) multiplied by the standard rate of corporation tax
in the UK of 25 (2023 - 24%).
Effects of:
Exclude tax on CIO surplus as not subject to tax
Gift aid relief
Trust tax charge
Total tax charge for the year		 2024
£
539,072
134,768
(41,708)
(80,000)
(16,118)
(3,058)		 2023
£
353,168
84,760
(56,542)
(24,000)
18,000
22,218

Page 28

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

15. Tangible fixed assets

Group

Cost or valuation
At 1 January 2024
Additions
Disposals
Transfers between classes
Revaluations
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
10,876,908
-
(622,800)
(542,453)
(153,100)
9,558,555
725,743
50,388
-
776,131
8,782,424
10,151,165		 Long-term
leasehold
property
£
24,375,420
75,359
(25,804)
542,453
-
24,967,428
1,746,491
288,783
(2,458)
2,032,816
22,934,612
22,628,929		 Motor
vehicles
£
327,230
78,403
(68,869)
-
-
336,764
268,369
17,667
(51,409)
234,627
102,137
58,861		 Fixtures and
fittings
£
1,832,222
291,406
(4,000)
-
-
2,119,628
1,585,459
121,595
(4,000)
1,703,054
416,574
246,763		 Other fixed
assets
£
7,000
-
-
-
-
7,000
-
-
-
-
7,000
7,000		 Total
£
37,418,780
445,168
(721,473)
-
(153,100)
36,989,375
4,326,062
478,433
(57,867)
4,746,628
32,242,747
33,092,718

Page 29

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

15. Tangible fixed assets (continued)

Group (continued)

Charity

Cost or valuation
At 1 January 2024
Additions
Disposals
Transfers between classes
Revaluations
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024		 Freehold
property
£
10,876,908
-
(622,800)
(542,453)
(153,100)
9,558,555
725,743
50,388
-
776,131		 Long-term
leasehold
property
£
23,052,420
75,359
(25,804)
542,453
-
23,644,428
1,746,491
288,783
(2,458)
2,032,816		 Motor
vehicles
£
283,394
78,403
(68,869)
-
-
292,928
225,568
17,398
(51,409)
191,557		 Fixtures and
fittings
£
1,790,637
291,406
(4,000)
-
-
2,078,043
1,544,150
121,319
(4,000)
1,661,469		 Total
£
36,003,359
445,168
(721,473)
-
(153,100)
35,573,954
4,241,952
477,888
(57,867)
4,661,973

Page 30

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

15. Tangible fixed assets (continued)

Charity (continued)

Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
8,782,424
10,151,165		 Long-term
leasehold
property
£
21,611,612
21,305,929		 Motor
vehicles
£
101,371
57,826		 Fixtures and
fittings
£
416,574
246,487		 Total
£
30,911,981
31,761,407

Freehold properties include land with a net book value of £5,310,216 (2023: £5,310,216) which is not depreciated.

Freehold properties include investment properties of £2,939,400 (2023: £3,715,300).

Leasehold properties include investment properties amounting to £632,000 (2023: £632,000).

Leasehold properties include interest capitalised of £595,000 at the Bank of Ireland base rate plus 1.75%.

Investment properties under Freehold Properties were subject to independent, professional valuation at 31 December 2015. The valuation was undertaken by various local estate agents with good knowledge of the properties and their locations. The value was reviewed by Stuart Warren DipSurv (CEM) MRICS MBIFM before the amounts were approved to be included within the accounts. In 2024 the investment properties were reviewed and some of the properties were revalued.

Investment properties held within Long term leasehold property were subject to an independent, professional valuation at 31 December 2018. The valuation was undertaken by Cuthbert Lake, Chartered Surveyors. It is assumed that the value of these investment properties is in line with their market value and the values are deemed appropriate still as at 31 December 2024.

Page 31

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

16. Stocks

Farm valuation
17.
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
97,080
Group
2024
£
413,936
-
153,527
167,860
735,323		 Group
2023
£
76,821
Group
2023
£
490,553
-
135,033
618,992
1,244,578		 Charity
2024
£
87,360
Charity
2024
£
404,846
871,912
147,355
144,378
1,568,491		 Charity
2023
£
76,821
Charity
2023
£
454,351
1,005,918
132,443
517,631
2,110,343

Page 32

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

18. Creditors: Amounts falling due within one year

Trade creditors
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
311,727
14,729
222,179
531,261
178,307
1,258,203		 Group
2023
£
266,686
22,218
222,068
680,479
85,440
1,276,891		 Charity
2024
£
331,972
-
198,984
448,478
163,494
1,142,928		 Charity
2023
£
256,249
-
197,060
500,823
72,715
1,026,847

Page 33

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

19. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Sisters' fund
General funds
General Funds
Revaluation
reserve
Total
Unrestricted
funds
Restricted
funds
Bursary fund
Fleur Cowles
Charitable
Foundation
David Maskell
Total of funds		 Balance at 1
January
2024
£
-
35,719,293
764,620
36,483,913
36,483,913
500,000
237,812
25,901
763,713
37,247,626		 Income
£
1,857
12,736,408
-
12,736,408
12,738,265
-
-
-
-
12,738,265		 Expenditure
£
-
(12,184,725)
-
(12,184,725)
(12,184,725)
-
-
(11,410)
(11,410)
(12,196,135)		 Transfers
in/out
£
637,590
(637,590)
-
(637,590)
-
-
-
-
-
-		 Gains/
(Losses)
£
Balance at
31 December
2024
£
-
639,447
-
35,633,386
(153,100)
611,520
(153,100)
36,244,906
(153,100)
36,884,353
-
500,000
-
237,812
-
14,491
-
752,303
(153,100)
37,636,656		 Gains/
(Losses)
£
Balance at
31 December
2024
£
-
639,447
-
35,633,386
(153,100)
611,520
(153,100)
36,244,906
(153,100)
36,884,353
-
500,000
-
237,812
-
14,491
-
752,303
(153,100)
37,636,656
35,633,386
611,520
36,244,906
36,884,353
500,000
237,812
14,491
752,303
37,636,656

Page 34

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Revaluation reserve
Restricted funds
Bursary fund
Fleur Cowles Charitable
Foundation
David Maskell
Total of funds		 Balance at
1 January
2023
£
35,361,474
782,600
36,144,074
500,000
237,812
52,770
790,582
36,934,656		 Income
£
11,563,016
-
11,563,016
-
-
-
-
11,563,016		 Expenditure
£
(11,205,197)
-
(11,205,197)
-
-
(26,869)
(26,869)
(11,232,066)		 Gains/
(Losses)
£
Balance at
31 December
2023
£
-
35,719,293
(17,980)
764,620
(17,980)
36,483,913
-
500,000
-
237,812
-
25,901
-
763,713
(17,980)
37,247,626		 Gains/
(Losses)
£
Balance at
31 December
2023
£
-
35,719,293
(17,980)
764,620
(17,980)
36,483,913
-
500,000
-
237,812
-
25,901
-
763,713
(17,980)
37,247,626
36,483,913
500,000
237,812
25,901
763,713
37,247,626

A designated fund has been allocated by the Trustees to cover the operational expenses of the Sisters of The Order of St. Augustine of the Mercy of Jesus.

The Bursary Fund has been set up to comply with the section 106 agreement in respect of the new care village development. It will be made available to residents for the purpose of subsidising the care fees of, or providing financial assistance to, only those residents who prior to becoming a resident were not resident in the area of either West or East Sussex Social Services, or have been residents for no more than 5 years. The transfer from the unrestricted funds is based on a percentage of income received in St George's Park Limited in relation to ground rent, apartment sales and sales uplifts.

Fleur Fenton Cowles was an American writer, editor and artist best known as the creative force behind the shot-lived Flair magazine, published in the early 1950's. She moved to Europe in 1955 where she was a successful painter and illustrator. She also designed tapestries, accessories and china for Denby Ltd. She died on June 5 2009 at St Raphael's aged 95 leaving £493,000 towards the maintenance and upkeep of the home.

David Maskell - for the general purposes of the Retreat, this has been allocated towards the chapel refurbishment costs and has also been used to create the Memorial Garden and to refurbishing parts of the Convent and grounds.

Page 35

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior period
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
32,242,747
5,899,809
(1,258,203)
36,884,353
Unrestricted
funds
2023
£
33,092,718
4,668,086
(1,276,891)
36,483,913		 Restricted
funds
2024
£
-
752,303
-
752,303
Restricted
funds
2023
£
-
763,713
-
763,713		 Total
funds
2024
£
32,242,747
6,652,112
(1,258,203)
37,636,656
Total
funds
2023
£
33,092,718
5,431,799
(1,276,891)
37,247,626

Page 36

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss/(Gains) on revalutions on fixed assets
Dividends, interests and rents from investments
(Gain)/Loss on the sale of fixed assets
(Increase)/decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Taxation paid
Taxation charge
Net cash provided by operating activities
22.
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1 January
2024
£
Cash at bank and in hand
692,745
692,745		 Group
2024
£
542,130
478,433
153,100
(258,024)
26,016
(20,259)
509,255
(11,199)
(4,431)
(3,058)
1,411,963
Group
2024
£
2,402,054
2,402,054
Cash flows
£
1,709,309
1,709,309		 Group
2023
£
330,950
379,513
17,980
(235,687)
(23,585)
(6,906)
(170,913)
(236,044)
(1,446)
22,218
76,080
Group
2023
£
692,745
692,745
At 31
December
2024
£
2,402,054
2,402,054

Page 37

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements

for the year ended 31 December 2024

24. Related party transactions

St George's Park Limited and St George's - Augustinian Care

During the year recharges of employees' salaries for work carried out relating to the subsidiaries were made. A total of £308,460 (2023 - £249,821) was recharged to St George's Park Limited.

At the year end the balance due from St George's - Augustinian Care was £96,972 (2023 - £199,332) and the amount due from St George's Park Limited was £774,940 (2023 - £806,586).

Page 38

The Order of St. Augustine of the Mercy of Jesus

Notes to the financial statements for the year ended 31 December 2024

25. Principal subsidiaries

The following were subsidiary undertakings of the charity:

Names Company Charity Holding
number registration
number
St George's - Augustinian Care 04718235 1105835 100%
St George's Park Limited 05225007 100%
The Order of St. Augustine Of The Mercy Of Jesus 229662 100%
The financial results of the subsidiaries for the year were:
Names Income Expenditure Profit/(Loss)/ Net assets
£ £ Surplus/ £
(Deficit) for
the year
£
St George's - Augustinian Care 100,000 (3,993) 96,007 (60,847)
St George's Park Limited 1,318,187 (958,235) 359,952 888,344
The Order of St. Augustine Of The (77,050) 15,768 (61,282) 5,118
Mercy Of Jesus

Page 39