REGISTERED CHARITY NUMBER: 245367
Report of the Trustees and
Financial Statements for the Year Ended 31 July 2025
for
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Merchant Mackinlay Simpson Ltd
Statutory Auditors
2 Craven Road
Ealing
London
W5 2UA
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Contents of the Financial Statements
for the Year Ended 31 July 2025
|
Page |
Report of the Trustees |
1 to 5 |
Report of the Independent Auditors |
6 to 9 |
Statement of Financial Activities |
10 |
Balance Sheet |
11 |
Notes to the Financial Statements |
12 to 21 |
Detailed Statement of Financial Activities |
22 to 23 |
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Report of the Trustees
for the Year Ended 31 July 2025
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31July2025. The
trusteeshaveadoptedthe provisionsof AccountingandReportingby Charities:Statementof Recommended Practice
applicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The objectiveof the TrustPropertyHeldby the Trusteesof St Augustine'sPriory(henceforthreferredto as the Trust)
is fulfilledby receivingincome from the variousinvestmentsit holds,and by applyingsuch income for the purposes of
St Augustine'sPriorySchoolLtd (henceforthreferred to as the School)and the supportof Nuns formerlyat the School,
as provided for in the Trust Deeds.
During the year to 31 July 2025 the Trustees continued to fulfil the objects of the charity.
TheSchooloccupiesandhastheuseofTrustproperty,bothlandandbuildings,rent-free.Itisbelievedthat this
arrangementhasbeeninplacesincetheSchoolwasestablishedonitspresentsiteintheautumnof1915. The
Trustees,inconsultationwiththeirlegaladvisersandaccountants,confirmedthisarrangementinJanuary2006 by
wayofamemorandum,acopyofwhichhasbeengiventotheSchool.Furthercopieshavebeenplacedwith the
Trustees' accountants and legal advisers.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
TheSchool(incorporatedon11July2002asStAugustine'sPriorySchoolLtdbutknownbeforeandsinceas St
Augustine'sPriory)wasestablishedinFrancein1634andmovedtoEalingin1911.Itis,andalwayshasbeen, a
CatholicSchooland has been connectedwith the Trust since the two Declarationsof Trust were executed in 1941. The
principal items of expenditure approved by the Trustees include the following:
a) the reimbursement of the School for up to eight bursaries and scholarships at senior level; and
b)thereliefofagedorinfirmmembersofthereligiouscommunityformerlyatStAugustine'sPriory(from1 January
1999).
Item (b) reflects a reallocationof financialcommitmentsagreed between the Schoolon the one hand and the Trust on
the other in the wake of a meeting in November1998 between the Trustees and Counsel.As part of this reallocation,
andwitheffectfrom1 January1999,theSchoolassumedresponsibilityforinsuringthebuildingsandtheir contents,
and other insurable interests, and for paying the associated premiums.
In addition, the Trustees may, from time to time, apply Trust moneys to further major building projects.
Investment performance
TheTrusteesarereasonablysatisfiedwiththeinvestmentperformancewhichisinlinewithexpectations. The
investment income has decreased from £149,538 to £141,071.
Statement on Public Benefit
TheTrusteeshavecompliedwiththedutyinSection17oftheCharitiesAct2011tohavedueregardto guidance
published by The Charity Commission, including public benefit guidance.
Page 1
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Report of the Trustees
for the Year Ended 31 July 2025
FINANCIAL REVIEW
Principal funding sources
The principalfundingsourceof the Trustis receiptof investmentincomefrom dividendsfrom listedcompanies which
is managed by Charles Stanley & Co Ltd.
Investment policy and objectives
The investment strategy of Charles Stanley & Co Ltd continues to ensure that the key objectives of the charity are met.
Reserves policy
Theresultfortheyearended31July2025showsadeficittotheTrustamountingto£469,790(2024: Surplus
£354,659).The deficit was generated from the following resources:
|
2025 |
2024 |
|
£ |
£
1,530
149,538
151,068
(240,541)
(89,473)
444,132
354,559 |
Rental income |
3,640 |
|
Investment income |
141,071 |
|
|
|
|
|
144,711 |
|
Total resources expended |
(435,685) |
|
|
|
|
Net (outgoing) / incoming resources |
(290,974) |
|
Gains/(losses) on investment assets |
(178,816) |
|
|
|
|
|
(469,790) |
|
|
|
|
Trust policywith regardto reserves is largelya reflectionof its currentand futurefinancialcommitments.To that end,
apartfromtheperiodicaccumulationofreservestowardsspecificcapitalprojects,thetrusteesintendto maintain
sufficientcashreservesto coversuchcontingenciesas mightreasonablybe foreseen.Forexample,thismight include
theincurringofadditionalmedicalexpense,atshortnotice,inrespectofagedorinfirmmembersofthe religious
community formerly at St. Augustine's Priory.
The reserves as at 31 July 2025 are £6,977,560(2024: £7,447,350),of this the unrestrictedfunds are £1,876,056 (2024:
£1,915,655).
Going concern
TheTrusteeshavefullyreviewedthefinancialpositionoftheTrustandareconfidentinitsabilityto continue
operating as a going concern for the foreseeable future.
FUTURE PLANS
The Trust will continue its charitable donations for the benefit of the School and the support of the Nuns.
Page 2
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Report of the Trustees
for the Year Ended 31 July 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Investment Powers of the Trustees
TheTrustDeedsprovidefortheTrustpropertyand,asappropriate,Trustincomeorcapital(orboth)tobeused or
appliedforgeneraleducationalpurposes;forthedevelopmentandmaintenanceoftheTrustproperty,andfor such
other charitablepurposesrelated to the Roman CatholicChurchas the Trustees, at their discretion,think fit. There are
nospecificrestrictionsimposedbytheTrustDeedswithregardtothewayinwhichtheTrustmayoperate,and the
Trustees may make such investments as they think fit.
Constitution, Objects and Policies
TwodeclarationsofTrustwereexecutedon31December1941,oneinrespectofthefreeholdlandandbuildings at
HangerHill,Ealing(thesiteandbuildingsbeingknownthereafterasStAugustine'sPriory),theotherinrespect of
certaininvestments,detailsofwhichweresetoutinascheduleattachedtotheTrustDeed.Theyare henceforth
referred to as the Trust Deeds and, where appropriate, as the Property and Investments Trusts respectively.
TheCharityCommissionhas,however,treatedthePropertyandInvestmentTrustsasasinglecharitableentity with
the registered charity number 245367. The Trustees, as a body, constitute the charity.
The Schoolwas reconstitutedas a charitablecompanylimitedby guaranteeon 11 July 2002. This has not affected the
Trustdirectly,althoughithashelpedtoformaliseitsrelationshipwiththeSchool.TheSchoolhastakenon more
financialresponsibilityforits dayto dayrunningcosts,includingthe maintenanceandrefurbishmentof the buildings
and,witheffectfrom1August2003,themaintenanceandrenovationofthegroundsandgardens.Thisis in
accordancewithpoliciesagreedbytheTrusteesattheirmeetingof19December2002andapproved through
subsequentannualbudgets.ThishasallowedtheTrusteestoconcentrateonaccumulatingfundsformajor building
projects and refurbishment, as mentioned above.
Induction and training of new trustees
New Trusteesareinductedintotheworkingsof theTrustandkeptadvisedof relevantchangesinlegislation through
their professional advisors.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
245367
Principal address
Trust Office
38 Beaufort Road
Ealing
London
W5 3EA
Page 3
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Report of the Trustees
for the Year Ended 31 July 2025
Trustees
Mrs C Murphy MA (Oxon) (resigned 4.12.24)
Mrs M C Doyle
C V Marment
M P Moran
The Trusteesabovehave servedthroughoutthe year.The appointmentof Trusteesis governedby the TrustDeeds of
theCharitywhichauthoriseservingTrusteestoappointnewTrusteestofillvacanciesarisingthroughresignation or
death of a serving Trustee. The Trust Deeds state that there shall not be fewer than three or more than seven Trustees
at any time.
Auditors
Merchant Mackinlay Simpson Ltd
Statutory Auditors
2 Craven Road
Ealing
London
W5 2UA
Bankers
The Co-operative Bank
P.O. Box 250
Delf House
Southway
Skelmersdale
WN8 6WT
Solicitors
Prince Evans Solicitors LLP
Ealing Gateway
26 - 30 Uxbridge Road
Ealing
London
W5 2AU
Investment Advisers
Charles Stanley & Co Ltd
25 Ropemaker Street
London
EC2Y 9LY
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trusteesare responsiblefor preparingthe Reportof the Trusteesand the financialstatementsin accordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccounting Practice)
includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland".
Page 4
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
for the Year Ended 31 July 2025
Report of the Trustees
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Charitylawrequiresthetrusteesto preparefinancialstatementsforeachfinancialyear.Underthatlaw,the trustees
haveelectedtopreparethefinancialstatementsinaccordancewithUnitedKingdomGenerallyAccepted Accounting
Practice (United Kingdom Accounting Standards and applicable law).
Undercharitylawthetrusteesmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthattheygive a
trueandfairviewofthestateofaffairsofthecharityandoftheincomingresourcesandapplicationof resources,
includingtheincomeandexpenditure,ofthecharityforthatperiod.Inpreparingthosefinancialstatements, the
trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
time the financialpositionof the charityandto enablethem to ensurethatthe financialstatementscomplywith the
CharitiesAct2011andTheCharity(AccountsandReports)Regulations2008.Theyarealsoresponsible for
safeguardingthe assets of the charityand hence for takingreasonablesteps for the preventionand detectionof fraud
and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charity's auditor is unaware; and
-thetrusteeshavetakenallstepsthattheyoughttohavetakentomakethemselvesawareofanyrelevant audit
information and to establish that the auditor is aware of that information.
Approved by order of the board of trustees on 22 May 2026 and signed on its behalf by:
Mrs M C Doyle - Trustee
Page 5
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
Opinion
We have auditedthe financialstatementsof Trust PropertyHeld by Trusteesof St Augustine'sPriory(the 'charity') for
the year ended31 July 2025 whichcomprisethe Statementof FinancialActivities,the BalanceSheet andnotesto the
financialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframework that
hasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(United Kingdom
GenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102'TheFinancial Reporting
Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharityinaccordancewiththe ethical
requirementsthat are relevantto our auditof the financialstatementsin the UK, includingthe FRC's Ethical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethat the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditingthe financialstatements,we have concludedthat the trustees' use of the going concernbasis of accounting
in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilitiesand the responsibilitiesof the trusteeswith respect to goingconcernare describedin the relevant
sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed,we conclude
thatthereis a materialmisstatementof thisotherinformation,we are requiredto reportthatfact.We have nothing
to report in this regard.
Page 6
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
Matters on which we are required to report by exception
We have nothingto reportin respect of the followingmatters where the Charities(Accountsand Reports) Regulations
2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explainedmore fullyin the Statementof Trustees'Responsibilities,the trusteesare responsiblefor the preparation
ofthefinancialstatementswhichgivea trueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessaryto enablethe preparationof financialstatementsthat are free from materialmisstatement,whetherdue to
fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueas a
goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhaveno realistic
alternative but to do so.
Page 7
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewith the
Act and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignprocedures in
linewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities, including
fraud.
DiscussionswithandenquiriesofmanagementandtheTrusteeswereheldwitha viewtoidentifyingthoselaws and
regulationsthatcouldbeexpectedtohaveamaterialimpactonthefinancialstatements.Duringthe engagement
team briefing,the outcomesof these discussionsand enquirieswere shared with the team, as well as consideration as
to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
-thoselawsandregulationsconsideredtohaveadirecteffectonthefinancialstatementsincludeUK financial
reporting standards, charity regulations and Employment law and distributable profits legislation.
-itisconsideredthattherearenolawsandregulationsforwhichnon-compliancemaybefundamentalto the
operating aspects of the trust.
Auditproceduresundertakeninresponsetothepotentialrisksrelatingtoirregularities(whichincludefraud and
non-compliancewithlawsandregulations)comprisedof:inquiriesofmanagementandthosecharged with
governanceas to whetherthe trustcomplieswith such laws and regulations;enquirieswith the same concerning any
actualorpotentiallitigationorclaims;inspectionofrelevantlegalcorrespondence;reviewofboardminutes; testing
the appropriatenessof journalentries; and the performanceof analyticalreview to identifyunexpectedmovements in
account balances which may be indicative of fraud.
No instancesof materialnon-compliancewere identified.However,the likelihoodof detectingirregularities, including
fraud,is limitedbytheinherentdifficultyindetectingirregularities,theeffectivenessof theentity'scontrols,and the
nature,timingand extentof the auditproceduresperformed.Irregularitiesthatresultfrom fraudmightbe inherently
more difficultto detectthanirregularitiesthatresultfrom error.As explainedabove,there is an unavoidablerisk that
materialmisstatementsmaynotbe detected,even thoughtheaudithasbeenplannedandperformedin accordance
with ISAs (UK).
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.
Page 8
Report of the Independent Auditors to the Trustees of
Trust Property Held by Trustees of
St Augustine's Priory
Use of our report
This reportis made solelyto the charity'strustees,as a body,in accordancewith Part 4 of the Charities(Accounts and
Reports)Regulations2008. Our auditwork has been undertakenso that we might state to the charity'strustees those
matterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthe charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Merchant Mackinlay Simpson Ltd
Statutory Auditors
2 Craven Road
Ealing
London
W5 2UA
27 May 2026
Page 9
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Statement of Financial Activities for the Year Ended 31 July 2025
Notes
INCOME AND ENDOWMENTS
FROM
Investment income
2
Other income
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
4
General fund
Total
Net gains/(losses) on
investments
NET INCOME/(EXPENDITURE)
Transfers between funds
13
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD |
Unrestricted
fund
£
141,071
3,640
144,711
-
385,272
385,272
-
(240,561)
200,962
(39,599)
1,915,655
1,876,056 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
- |
Endowment
fund
£
-
-
-
23,683
26,730
50,413
(178,816)
(229,229)
(200,962)
(430,191)
5,531,695
5,101,504 |
2025
Total
funds
£
141,071
3,640
144,711
23,683
412,002
435,685
(178,816)
(469,790)
-
(469,790)
7,447,350
6,977,560 |
2024
Total
funds
£
149,538
1,530 |
|
|
|
|
|
151,068 |
|
|
|
|
|
23,664
216,877 |
|
|
|
|
|
240,541 |
|
|
|
|
|
444,132 |
|
|
|
|
|
354,659
- |
|
|
|
|
|
354,659
7,092,691 |
|
|
|
|
|
7,447,350 |
The notes form part of these financial statements
Page 10
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Balance Sheet
31 July 2025
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
1,936,515
Investments
11
-
1,936,515
CURRENT ASSETS
Cash at bank
9,383
CREDITORS
Amounts falling due within one
year
12
(69,842)
NET CURRENT ASSETS
(60,459)
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,876,056
NET ASSETS
1,876,056
FUNDS
13
Unrestricted funds
Endowment funds
TOTAL FUNDS |
Restricted
fund
£
-
-
-
-
-
-
-
- |
Endowment
fund
£
1,009,917
4,091,586
5,101,503
-
1
1
5,101,504
5,101,504 |
2025
Total
funds
£
2,946,432
4,091,586
7,038,018
9,383
(69,841)
(60,458)
6,977,560
6,977,560
1,876,056
5,101,504
6,977,560 |
2024
Total
funds
£
3,029,972
4,495,048
7,525,020
52,731
(130,401)
(77,670)
7,447,350
7,447,350
1,915,655
5,531,695
7,447,350 |
|
|
|
|
|
The financialstatementswere approvedby the Boardof Trusteesandauthorisedforissueon 22 May2026and were
signed on its behalf by:
M C Doyle - Trustee
The notes form part of these financial statements
Page 11
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements
for the Year Ended 31 July 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value, as modified by the revaluation of certain assets.
Thefinancialstatementshavebeenpreparedtogivea'trueandfair'viewandhavedepartedfrom the
Charities(Accountsand Reports)Regulations2008 only to the extent requiredto providea 'true and fair view'.
Thisdeparturehasinvolvedfollowing'AccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicableintheUKandRepublicofIreland(FRS102)(SecondEdition)'ratherthantheAccounting and
Reportingby Charities:Statementof RecommendedPracticeeffectivefrom1 April2005whichhassince been
withdrawn
Incoming resources
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all
cost related to the category. Where costs cannot be directly attributed to particular headings they have been
allocatedtoactivitiesonabasisconsistentwiththeuseofresources.Expenditureincludesirrecoverable VAT
where relevant.
Tangible fixed assets
Depreciationis providedat the followingannualrates in orderto write off each asset over its estimated useful
life.
Freehold property- 2% on cost
Improvements to property- 2% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Funds held by the Charity are either
(a) unrestricted general funds, or
(b) restricted funds, or
(b) expendable endowment funds.
continued...
Page 12
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2025
1. ACCOUNTING POLICIES - continued
Fund accounting
UnrestrictedgeneralfundscanbeusedinaccordancewiththeTrust'scharitableobjectsatthediscretion of
the Trustees.They representincome accumulatedfrom time to time since the Trust was establishedin 1941 as
distinctfrom an increasein fundsderivedfrom growthin the capitalassets with whichthe Trustwas originally
endowedandanysubsequentadditionstosuchassets.Theseparateidentificationofunrestricted general
fundsisforaccountingandstatutorypurposesanddoesnotrequirethatsuchfundsbeheldseparately from
other Trust moneys or investments.
Restrictedfundsare fundssubjectto specifictrustswhichmay be declaredby the donor(s).As such,the funds
can only be expended subject to the restrictions so imposed.
Expendableendowmentfunds are set aside to be held by the Trust, and may be utilisedat the discretionof the
Trustees in accordancewith the Trust's charitableobjects.However, in the normal course of events, such funds
would only be used for projects of an exceptional or capital nature.
Investments
Investments are stated at market value at the year end.
All gains and losses on investments are reflected in the Statement of Financial Activities as they arise.
Debtors
Basic financialassets, includingtrade and other debtors,are initiallyrecognisedat transactionprice, unless the
arrangementconstitutesa financingtransaction,where the transactionis measured at the present value of the
futurereceiptsdiscountedat a marketrateof interest.Suchassetsare subsequentlycarriedat amortised cost
using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalentsare representedby cash in hand,depositsheld at call with financialinstitutions, and
othershort-termhighlyliquidinvestmentsthatmatureinnomorethanthreemonthsfromthedate of
acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basicfinancialliabilities,includingtradeandothercreditors,loansfromthirdpartiesandloansfrom related
parties,are initiallyrecognisedat transactionprice, unless the arrangementconstitutesa financing transaction,
wherethedebtinstrumentismeasuredatthepresentvalueofthefuturepaymentsdiscountedata market
rateofinterest.Suchinstrumentsaresubsequentlycarriedatamortisedcostusingtheeffective interest
method, less any impairment.
continued...
Page 13
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2025
2. INVESTMENT INCOME
Dividends - UK equities
Dividends - Overseas equities
UK interest
3.
RAISING FUNDS
Investment management costs
Investment management
Overseas custody charges
4.
CHARITABLE ACTIVITIES COSTS
General fund
5.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Sundry expenses
Scholarships
Accommodation charges
Bank charges
Depreciation on freehold buildings
Depreciation on improvements to property
Donation to St Augustine's Priory School
Computer expenses |
|
|
|
2025 |
|
|
2024 |
|
|
|
|
£ |
|
|
£ |
|
|
|
|
117,855 |
|
|
118,689 |
|
|
|
|
22,803 |
|
|
30,554 |
|
|
|
|
413 |
|
|
295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141,071 |
|
|
149,538 |
|
|
|
|
|
|
|
|
|
Direct
Costs (see
note 5)
£
395,502 |
|
|
|
|
2024
£
23,101
563
23,664
Totals
£
412,002
2024
£
49,955
633
50,000
10,800
60
7,200
76,340
-
2,869
197,857 |
|
continued...
Page 14
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
6. AUDITORS' REMUNERATION
|
|
2025 |
|
2024 |
|
|
£ |
|
£ |
Accountancy |
|
5,000 |
|
5,000 |
Auditors' remuneration |
|
11,500 |
|
11,500 |
|
|
16,500 |
|
16,500 |
|
|
|
|
|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 July 2025 nor for the year ended
31 July 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
9.
Administration
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Investment income
149,538
Other income
1,530
Total
151,068
EXPENDITURE ON
Raising funds
-
Charitable activities
General fund
190,147
Total
190,147
Net gains on investments
- |
Restricted
fund
£
-
-
-
-
-
-
- |
2025
1
Endowment
fund
£
-
-
-
23,664
26,730
50,394
444,132 |
|
2024
1
Total
funds
£
149,538
1,530 |
|
|
|
|
151,068 |
|
|
|
|
23,664
216,877 |
|
|
|
|
240,541 |
|
|
|
|
444,132 |
continued...
Page 15
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
NET INCOME/(EXPENDITURE)
(39,079)
Transfers between funds
(70)
Net movement in funds
(39,149)
RECONCILIATION OF FUNDS
Total funds brought forward
1,954,804
TOTAL FUNDS CARRIED FORWARD
1,915,655
10.
TANGIBLE FIXED ASSETS
COST
At 1 August 2024 and 31 July 2025
DEPRECIATION
At 1 August 2024
Charge for year
At 31 July 2025
NET BOOK VALUE
At 31 July 2025
At 31 July 2024 |
- |
continued
Restricted
fund
£
-
-
-
-
-
Freehold
property
£
541,303
129,600
7,200
136,800
404,503
411,703 |
Endowment
fund
£
393,738
70
393,808
5,137,887
5,531,695
Improvements
to
property
£
3,816,991
1,198,722
76,340
1,275,062
2,541,929
2,618,269 |
|
Total
funds
£ |
|
|
|
|
|
354,659
- |
|
|
|
|
|
354,659
7,092,691 |
|
|
|
|
|
7,447,350 |
|
|
|
|
|
Totals
£
4,358,294
1,328,322
83,540
1,411,862
2,946,432
3,029,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All fixed assets are held for, or are incidental to, the charitable purposes of the Trust.
Thefreeholdlandandbuildingswerevaluedat£5,430,000on13February2002byGeraldEve, an
independent firm of chartered surveyors, on an open market existing use basis.
Inthecostoffreeholdlandandbuildingsisfreeholdlandof£181,303(2024:£181,303)whichis not
depreciated.
continued...
Page 16
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
11.
FIXED ASSET INVESTMENTS
2025
£
Shares
4,068,658
Cash held with Charles Stanley & Co Ltd.
22,928
4,091,586
Additional information as follows:
MARKET VALUE
At 1 August 2024
Additions
Disposals
Net gain/(loss) on revaluation on
investments
At 31 July 2025
NET BOOK VALUE
At 31 July 2025
At 31 July 2024
Historical cost of investments
2025
£
Historical cost at year end
3,356,982
The investments (at market value at the year end) are held in the UK and outside the UK as follows:
2025
£
United Kingdom
3,240,214
Europe (excluding UK)
483,843
United States of America
344,601
Other markets
-
4,068,658 |
2025
£
4,068,658
22,928
4,091,586 |
2025
£
4,068,658
22,928
4,091,586 |
|
2024
£
4,463,991
31,057
4,495,048
Listed
investments
£
4,463,991
358,513
(575,030)
(178,816)
4,068,658
4,068,658
4,463,991 |
2024
£
4,463,991
31,057
4,495,048
Listed
investments
£
4,463,991
358,513
(575,030)
(178,816)
4,068,658
4,068,658
4,463,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
2024 |
|
£ |
|
|
|
£ |
|
3,356,982 |
|
|
|
3,667,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
2024 |
|
£ |
|
|
|
£ |
|
3,240,214 |
|
|
|
3,548,513 |
|
483,843 |
|
|
|
400,349 |
|
344,601 |
|
|
|
429,487 |
|
- |
|
|
|
85,643 |
|
|
|
|
|
|
|
4,068,658 |
|
|
|
4,463,992 |
|
|
|
|
|
|
continued...
Page 17
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
11. FIXED ASSET INVESTMENTS - continued
Investments comprising more than 10% of the portfolio market value at year end:
No investment comprising more than 10%
Cost or valuation at 31 July 2025 is represented by:
Valuation in 2025
Cost
Investments (neither listed nor unlisted) were as follows:
Cash held with Charles Stanley & Co Ltd.
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
PAYE & NI
St Augustine's Priory School Ltd - Bursaries and Scholarships
Accrued expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
2025
£
22,928
2025
£
-
1,409
50,000
18,432
69,841 |
Listed
investments
£
711,677
3,356,981
4,068,658
2024
£
31,057
2024
£
600
1,296
110,000
18,505
130,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses comprise the following:-
(a) accountancy and audit fees for the year charged after the year end;
(b) investment management fees relating to the year but charged after the year end.
continued...
Page 18
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
13. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS
Net movement in funds, included in the above ar
Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS |
At 1.8.24
£
1,915,655
5,531,695
7,447,350
e as follows:
Incoming
resources
£
144,711
-
144,711
At 1.8.23
£
1,954,804
5,137,887
7,092,691 |
|
Net
movement
in funds
£
(240,561)
(229,229)
(469,790)
Resources
expended
£
(385,272)
(50,413)
(435,685)
Net
movement
in funds
£
(39,079)
393,738
354,659 |
|
Transfers
between
funds
£
200,962
(200,962)
-
Gains and
losses
£
-
(178,816)
(178,816)
Transfers
between
funds
£
(70)
70
- |
At
31.7.25
£
1,876,056
5,101,504
6,977,560
Movement
in funds
£
(240,561)
(229,229)
(469,790)
At
31.7.24
£
1,915,655
5,531,695
7,447,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 19
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
151,068
(190,147)
Endowment funds
Expendable endowment
-
(50,394)
TOTAL FUNDS
151,068
(240,541)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.8.23
in funds
£
£
Unrestricted funds
General fund
1,954,804
(279,640)
Endowment funds
Expendable endowment
5,137,887
164,509
TOTAL FUNDS
7,092,691
(115,131) |
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
151,068
(190,147)
Endowment funds
Expendable endowment
-
(50,394)
TOTAL FUNDS
151,068
(240,541)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.8.23
in funds
£
£
Unrestricted funds
General fund
1,954,804
(279,640)
Endowment funds
Expendable endowment
5,137,887
164,509
TOTAL FUNDS
7,092,691
(115,131) |
Gains and
losses
£
-
444,132
444,132
Transfers
between
funds
£
200,892
(200,892)
- |
Movement
in funds
£
(39,079)
393,738
354,659
At
31.7.25
£
1,876,056
5,101,504
6,977,560 |
|
|
|
|
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS |
Incoming
resources
£
295,779
-
295,779 |
Resources
expended
£
(575,419)
(100,807)
(676,226) |
Gains and
Movement
losses
in funds
£
£
-
(279,640)
265,316
164,509
265,316
(115,131) |
|
|
|
|
continued...
Page 20
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Notes to the Financial Statements - continued
for the Year Ended 31 July 2025
13. MOVEMENT IN FUNDS - continued
General fund
ThegeneralfundrepresentstheunrestrictedfundswhichtheTrusteesarefreetouseinaccordancewith the
Trust's charitable objects.
Expendable endowment fund
IntheTrustDeedtheamountinvestedisexpendable-thatis,thecapitalcanbeconvertedinto income,
subject to the purposes set out in the Trust Deed, the main purposes being:
(a) education;
(b) the development, maintenance and upkeep of the Trust property; and
(c) such other charitablepurposesrelated to the Roman CatholicChurchas the Trustees, at their discretion,
think fit.
Incomearisingontheendowmentfundisincludedasunrestrictedincome.Anycapitalgainsorlosses arising
form part of the fund.
14. RELATED PARTY DISCLOSURES
Transactions with St Augustine's Priory School Limited consisted of the following:-
|
2025 |
2024 |
|
£ |
£ |
School fees - scholarships awarded |
50,000 |
50,000 |
|
|
|
|
|
|
Donations to the School |
200,000 |
- |
|
|
|
AttheyearendthebalanceowedbytheTrusttoStAugustine'sPriorySchoolLimitedwas£50,000 (2024:
£110,000).
The School occupies the Trust's freehold property rent free, without a formal lease.
Page 21
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Detailed Statement of Financial Activities for the Year Ended 31 July 2025
INCOME AND ENDOWMENTS
Investment income
Dividends - UK equities
Dividends - Overseas equities
UK interest
Other income
Rents received
Total incoming resources
EXPENDITURE
Investment management costs
Investment management
Overseas custody charges
Charitable activities
Salaries
Social security
Sundry expenses
Scholarships
Accommodation charges
Bank charges
Depreciation on freehold buildings
Depreciation on improvements to property
Donation to St Augustine's Priory School
Computer expenses
Support costs
Governance costs
Auditors' remuneration
Carried forward |
2025
£
117,855
22,803
413
141,071
3,640
144,711
23,398
285
23,683
45,000
5,303
-
50,000
11,599
60
7,200
76,340
200,000
-
395,502
11,500
11,500 |
2024
£
118,689
30,554
295 |
|
|
149,538
1,530 |
|
|
151,068
23,101
563 |
|
|
23,664
45,000
4,955
633
50,000
10,800
60
7,200
76,340
-
2,869 |
|
|
197,857
11,500
11,500 |
This page does not form part of the statutory financial statements
Page 22
Trust Property Held by Trustees of
St Augustine's Priory
(Working name)
St Augustine's Priory Trust
Detailed Statement of Financial Activities
for the Year Ended 31 July 2025
Governance costs
Brought forward
Auditors' remuneration for non audit work
Legal and professional fees
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Net gain/(loss) on realisation of investments
Net expenditure |
2025
£
11,500
5,000
-
16,500
435,685
(290,974)
(94,427)
(385,401) |
2024
£
11,500
5,000
2,520
19,020
240,541
(89,473)
(2,467)
(91,940) |
|
|
|
This page does not form part of the statutory financial statements
Page 23