REGISTKRED CHARITY NUMBER: 307961 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR TEIE YEAR ENDED 30 SEPTEMBER 2024 FOR ST AUGUSI'INE'S FOUNDATION Mccabe Ford Williams Chartercd ALcountanls and Statutory Auditors CharltoTh House Doiir Strcct DOVER Kent CT16 IBL
ST AUGUSTINE'S FOitNDATION CONTENTS OF THE FINANCIAL STA'fEllItNTS FOR THE YEAR ENDLD 30 sEYfEMBER 2024 Page Referenc¢ Ind Adminlstrative Details Report of Élle Trustees Report of the Independent Audltors Statement of Flnanclal Activldes io Balance Sh¢¢t Notcs to tho blnanclal Statements 12 10 17 Detallcd StAtement of Fin&ncial A¢tivltl¢s 18
ST AUGUSTIIYE'S FOiJNDATION REFERENCE AND ADMINISTRATIVE DETAJLS FOR THE YEAR ENDED 30 SEFfEMBER 2024 TRUSTEES The R¢vd Canon Dr W Iamb (Chair to March 2024) (resigned 31.12.24) Canon Dr C Ross Th¢ Revd Canon Dr T Naish The Rt Revd Dr A Jeremiah Mr D Whit# (Treasurer) The Rev Canon Dr J Strawbridge (Chair from Sep¢en]ber 2024) The Rev Canon Dr P Rajknmar Vcn William Jonathan Adam (appoinlcd l.1.25) PRINCIPAL ADDRESS 13 Gilbertson Road HF.RTFORD Hertfordshire SG13 7B REGISTERED CHARITY IYUMBER 307961 AUDITORS Mccabe Ford Williams Chaitered Accountant8 and Slalutory Auditors Charlion l-lousc Doui. Street DOVER Kent CT16 IBL LLCTORS Thc ATchbishop of Canterbury The Archbishop of York Th¢ Bishop of London BANKERS Child & Co, l Fleet Street, London, EC4Y IDD Royal Bank of Scotland, l Hardman Boulevard, Manchester, M3 3AQ INVESTMF,NT ADVISORS Sarasin & Partners LLP, Juxon Hoiise. 100 St PRUI'S Cliurchyard, London, EC4M 8BU Page I
ST AUGUSTINE'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEvfEMBER 2024 The knstecg pr¢s¢nt their port with the financial slatcments of the charity for thc year ended 30 September 2024. The ttustees have adopled the provisions of Accowiting and Reporting by Charities.. Statement of Recornmended PraLtico applicable lo charities preparing their accounts in accordan¢¢ with thc FinaDcia] Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effeL'tivc l January 2019). ORITI cfivES AND ACTIVITIES Objectives and alms The objecls of the Foundation, as set out in the Royal Charter5, are the advanccment of th¢ Christian Rcligion by cnabling the training in ministry and mission of men and women serving in the Ministries of the Churches of the Anglican Communion or of persons desirous of so 8erving' and tho cslablishmenl of 8¢holarships and granling of funds consistent with these objects. This is done by giving grants lo Anglican theological colleges tliroughout the world, Anglican provinces, and dioceses and io it)dividuals who will bc concern¢d wilh Iheological educalion during Ilieii ministry. They encourage applicants lo provide evidence that they have matching fiu)ding from other sources. Following the rcview which Trustees und¢rtook in 2019, grant giving under th¢ following ¢at¢gorics comm¢n¢ed in October 2020 with grants falling into the newly defined cal¢gorics as b¢low'. Scholarships- two annual Scholarships for doctoral students ii. Fellowships Fellowships towards the costs of higher degrees and sp¢¢ifi¢ individual initiatives in Iheologi¢al ediicalion iii. Innovation Flind - Grant foi. innovative initiatives by theological ediication institutions, provinces, and dioceses to expand and deepen thcological education iv. Discretionary Grants- Gr#nt5 towards other initiatives that fit the objectives of the Foundation Publlc benellt The piirpose of thc foundation is to improve th¢ological ¢ducation within the Anglicaii Commiinion. Tl)is 18 done primarily by giving graiils to thcological colleges and seminai'ies. and by helping individuals who are iindertaking fonnal educalivn or learning about the diversily of experience wiihin ihe Anglican Coininunion by sludying in shori courses. In addition, the Foundation hus a theological library of ils antiquai'ian books which is housed at Canlei4Jury Cathedral and is &vailablc for publiL access by appoinlmenl. The Truslees are working with other An8titulion8 to make Ihe bookq more ¢S8ible and have lent or gitled scclions of the Library to oth¢r librai'i¢s, The Truslccs have iioted thc advlcc of the Charity Conunission about publi¢ benefit both when reviewing 8rant ¢rilcri& and planning futui'¢ activities. The Foundation's grants arc availablc lo all who arc Aiiglicans and involvcd with th¢ologi¢al cducalion, aliliough Ihc Trust¢es hav¢ to tak¢ into a¢count tho Foundation's liniitcd rcsour¢¢s and tho nc¢ds of thc world-widc Anglican Communion. Pag¢ 2
ST AUGUSTINE'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENT AND PERFORMANCE Review of the year The Trust5 continued to pursue the obj¢rtiVe5 of the Foundation vigorously and Consider the Foundation well pld io meet ils objcctivcs. This year we continued to seek to broaden the reach of our grant giving through the four recently defined categories. The Truslees also decided to increase the money in each pot and began discussions tg ¢r¢ate a Strategic Fund enabling th¢ tnistocs to be proactive in ihelr grant giving as well as rcaGtiv¢ to the applicalions they re1ved. . S¢holarships - Trustees were able to offer two Scholarships followlng its March 2024 rneeting and. through a member of its Scholarship Commiltee, is working with a fwlher applicant to help to give his application greater focus. We anticipat¢ that he will reapply in 2025. ii. Fellowshlps Fcllowships towards the costs of higher degrees and specific individual initiatives in theological ediicalion were increased lo a maximum award of £3.000 per application. Applications for Fellowships have grown steadily over the past three yeai3 from 5 in 2021 to 23 in 2024. Thc &pplicalxon fomi has been revised to ensure that grcat¢r conside ration is given by the applicanl to the impact of any grants in their future ministry. iii. Innovatlon Fund - Grants are for innovativc initiatives by theological eduGntion institutions, provinces, and diocescs to expand and deepen theological educ&tion. Thcse awards were increased lo £15,000 over on¢ ycar and £25,000 over two. Thc application fom for these gi'ants has also been reviscd sccking mor¢ fo¢ussed applications. iv. Discretionary Grants We have awarded several grants towards oilier inilialives that fit the objectiv¢s of the Foiindalion but do not fit neatly into the first threc CAtegorics abovc. Ovcr thc year discussions lcd tu th¢ ¢slablisl)ing of a Strategic Fund that would include previously discrclionary grants. It is ¢xpected Ihal this ncw fund will allow the ttijstees to proactively seek out initialivcs to cxpand and deepen thc theological education resources across the Communion. 'fh¢ first gra nts from this fimd wer¢ rnad¢ during the year. Trustees conliuuLd to work in Ihcsc ar¢as aiming to ¢xpand the r¢aGh of th¢ Foundation both geographically and to under-represented individuals. The first is to encoiirage more women applicants, particulai'ly for our Scholarships. The secijnd, to seek to ¢ng¢ndor iiil¢r¢st. Iciiding to llpplicatioiis from thosc parts uf the AnglicRn Commiinion where, in the past, wc have rcccived fcw applications. Thc third is lo consider how wc might hclp to sUPPOrt initiatives for which an Innovation Fund grant would not mec¢ thc longer-tenn reqiiiremcnls to 'expand and deepen, their thcological education. This is thc arca that will play a ccntral parl in thc awards me from thc Stralcgic Fund. As we review the work of the boundation during Ihe past year willi three Innovalion Fund grants awarded and 18 individual grants through our Scholarships and Fellowships, we can see progress in euch of these areas. Three Fellowships were awarded lo women. There were 8ranl& V4warded to individuals in 9 diff¢r¢nt provinces aci'oss the Coinmunion. During the year we ¢ontinu¢d our conversations Wlth potential partners 10 explore where the Foundation, through its granls (probably from its new Strategic Fund) rnight offei. loi)g¢r-l¢nn 5UPPOrt for the dcvclopm¢nl of their theological education capacity. We expect lo see planned initiatives come to fruition in thc coming years. Siimmary of grants awarded IJJ the year: Scholarships -Two grants were offcrcd of up to £50,000 over the period of the applicant's doctoral studies for candidtttes frorn Ugclnda and India, the latter sttidying al a Gem)an Ui)ivcrsity. rielloivshii)s - 16 grants offering a iolal of £44,030 for a variety of initiatives and study programmes to applicants frum Burundi, DR Congo, India, Kenya, Rwanda, South sud and Uganda. lThnov8tion Fund - There were 4 grants awarded in the financi&l year ffin September 2024. They totalled £63,100 to ihe following institutions and dioceses: l. Angll¢an Commullion Office Commlsslon for Theologiethl Edueatlon In the Angllcan Communion funding of £15,000 towards a further r¢gional workshop following on from the Calls from thc 2022 Lambc th Conference. 2. USPG - funding of £25,000 ovcr two ycai's (2024 and 2025) to subsidise the costs of organising annual conferences of the Fellowship of kniglican Scholars of Theology in 2024 and 2025. 3. Diocese of Western Tanganyika, Tallzani fijnding towards a 2-y&ir ditKCsan wurse foT diffcrcnt groups of participants across the diocese. 4. Rorya Diocese - funding of £14.700 over two years. Page 3
ST AUGUSTINE'S fiOUNDATION REPORT OF THE TRUSTEES FOR THK YEAR ENDED 30 SEvfEMBER 2024 Discrctlonary I strategie grants - 2 grants totalling £83,672 were awarded. One of £5,(KIO to the Circle of Concerned African Women Theologians and onc of £78,672 over three ycars to Goma Diocese and CMS for 8 studcnts to undertake the CMA Masters degree course. Trustecs also created an Innovation Fund Panel to meet prior to the September trustccs meeting to consider all the Innovation Fund applications prior to the Tiuslees Meotiiig. This will allow for further information to be soughi before a formal decision is made on the grant appliGa¢ions themselves. The Trnslees 7nc¢t regularly to review applications for granls and to audit 8upport given in previous years. As in previous years, grants are given prin¢ipally lo support institutions and individuals Irom the Global South. As outlined above, our application forms are kept under constant rcvicw in our desire lo ensur¢ w¢ receive the most Iri1[ale inforniation from applicants. Also. the fontjs ask tlicm to identify the likely impact of the grant on Iheir ministry and on ils contribution to the wider ministry of the Chiwch in Ihelr diocese and province. Each ant is fornialised wilh a Letter of Confimialton that lays out the conditions under which th¢ grant is given and the exCled reporting Proce8S. The charity continues to devclop its website, www.stauguslinesfoundation.org as a tool to explain the work of the Foundation and offcr potential applicants infoimation atid access to the different grant application procedures. Fif4ANCIAL REVIEW rilnAncial posltloii The Statemcnt of FAnan¢ial A¢livitics shows that incoming r¢sour¢es tolalled £318,612 (2023 £232,182) and outgoing resources wcre £279,378 (2023 - £360,128). Gains on investments in the year were £1,393,642 (2023- £286,890), A8 a result, total ndS now sland al £11,688,046 (2023 £10,255,169) with the bulk of those fvnds being invested in the Climatc Active Endowmcnls Fund, which is managed by Sarasin & Partn¢rs LLP. Investjneiit pollcy aiid objectives The Trustees arc committed lo ¢thical investmeiil and rcquirc that appolnled investment managcrs comply with Ihc Chiirch of England's Ethical Invcstmcnt Policy. In addition, the l Nblccs scck to invcst sustainably. Sarasin & Partners LLP has been &ppoinled AS thc Charity's inve.8lmenl advi8cr8. The thnds are invesled in Ihe Climatc Aclivc Fund for ndowinenls managed by Sarasin & Partners LLP. The inveslmenl goals of Ilie Climate Active Fund are to inv&8t in alignment with the Paris Climate A¢¢oid, lo keep global temperature in¢r¢ascs below 2.C whilst prodiicing a consist¢iil slreani of iiicoine. Th¢ nd aims to achieve long lerin ¢apital gro with a total retuim target of inflation (CPI)+4.00/o per ai)nurn over the longer lerm (7 to 10 years). The fiind seeks lo outperforn] thc ARC Steady Growth Charity Indcx. The fund manag¢rs aim lo dclivci. altra¢tive returns by inv¢sÉing in companies that they expcct to crcate valuc from stralcgi¢s consist'ent with a cap in global wanning of Icss than 2.C. They also look for companicb ivhich will be i'esilienl to climate change. Their clirnale active philosophy is to driv¢ Ghange by engaging with boards of directoi's to eiicourage tliem to take slei)$ towards strategic and opei'ational alignmcnt wit h thc Pal'is goals. Twslees mect i'egiilarly with their inve8lmcnl advisers. The Trustees, hold cash sufficient to cover thc grants already coinmitt¢d foi. payment and grants likely lo be committed in the iiext 12 monlhs. Roserves policy Et is Ihc policy of the Trustccs to maintain unrestricted reserves siifficient lo ensure a 8Liilable incoinc stream to financc the ongoiiig work of tl)e charily. Income reserves al 30 Scplcmbcr 2024 wcre £575,997 {2023 - £550,769). There are grant commitments of £116,925 (2023 £146,191) due after more than one year to be met from these ffs¢rves. The investment policy is describcd above. STRUCTURE, GOVERP4ANCE AND MAIYAGEMEIYT Governing dociiment The Foundation was establislied by a Royal Charter dalcd 10 April 1979. incory)oraling two earlier Royal Charters or 1947 and 1848. it op¢rat¢s through Trustee5 elected by the Archbishops of Cai)terbury and Yorf( and the Bishop of London, linder Statutes made by thc Archbishop of Cantcrbury daicd 25 April 1979. Page 4
ST AUGUSTINE'S FOI]NDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and #ppokntmcnt of new trllStee$ Th¢ Trustees appointed by the Electors hold otTice for a period of five years and may be appointed for one fillther term of five years. Th¢ Statutes provide for between five and s¢ven Trustees including a Chainnan and Deputy Chaim]a (who together with at least two oth¢rs shall be Ordained Minist'ers of the Church of England) and a Tr¢asiirer, tesponsible for the incolnc and expenditure of the Foundation, the management of its property and the general administration of its affairs. The Tste¢S are chos¢n for their knowledge of theological training within the Anglican Communion and other ancillary skills. They are given a brlefing about thc work of the Foundation when they are appointed but are not given any othcr specific ts'aining, as the Foundation expects them already to have the skills needed to act as a Twstee. Organl$Adonal striieture Tho Foundation, as explained above, is govcrned by 118 Royal Charter of 1979. In order to assist the Trustces in th¢ day-to-day operation of the l.-oiindalion, it channels certain of its giving throuWI Joint Awards. The Trust¢8 meet ttviee yearly. An external Administrator has been appoinlcd to help manag¢ th¢ charity and hc liaiscs rcgularly with the ChaImlI and Tr¢asurcr to ¢nsure the smooth running of the Foundation. Rl8k revlew Thc TNslees have ¢xamin¢d the majoi. strategic, busincss, and opei'ational risks involvcd in thc Foundation's activities and are satisfied that systems have bccn ¢slablished to miligai¢ thosc risks. The risk iegislei. is reviewed and aineiided periodically in Ihc light of changing circumstances. The assets of the Foundatioii are held in invcstments and to manage the risks inherent in this, the TSteeS have adopted a policy of diversificalion, overseen by prOf$lonal asset managers. In doing this, the Truslees hope to miniinise the effect of any majoi. disruption lo the Foundation's income cau.sed by market uncertainly nnd fluclualions. The COVID-19 Vi1118 was onc such iiiiceit&irAty and Truste¢s w¢ic in close contact witli our nd rnanagei's as they sought lo minimise thc effects on our iiiveslments. The Truslccs havc taken regular advice fi'om their inveslment managers regarding their investments. s'rATEMFNT OF TRUSTEES, RESPOIYSIBII.ITIF.S The Iruslccs are r&8ponsible foi. pr¢paring thc Report of the Trustees and the financial statements in accordance wilh applicable law and United Kingdom A¢counting Standards (Unit¢d Kingdom GeneiRlly Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Chaiity (Accoiints and Reports) Regulations 2008 and Ihe provisions of the tru81 dccd rcquii'cs thc trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the chai'ity and of the in¢oming r&sources and application of resources, including the income und Lxpcnditurc, of thc charity for that pei'iod. Iti preparing those financial slatemenls, the trnstc¢s Ar¢ r¢quir¢d lo selcct.8uitable accoiinling policics and Ihcn apply thcni consistently. observe the methods and principlcs in Ilic Charity SORP. make judgements aiid estimates Ihal are reasonable and prudent,. prepare the financial slateinents on the going concem basis unless it is inappropriate to presume that the ¢harity will continue in busin¢ss. The twstees are responsible for keeping proper accounting records which disclosc with rcasonable accuracy at any timc the financial posilioii of tlie charity and to ei)able them lo eiisiii'e that Ilie financial statements comply with the Charities Act 2011, the Charity (Accoiints and Reports) Regulations 2008 and the provisions of thc trust dccd. Thcy arc also responsiblc for safeguarding the as.gets of the charity aiid hence for taking reasonable sleps for the prevenlion and detection of fraud and other irregularities. Page 5
ST AUGUSTINE'S FOIINDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Approved by order of th¢ board of ttee5 on 26 March 2025 and signcd on its behalf by: The Rev Canon Dr J Strawbridge- Tntee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO TRUSTEES or ST AUGUSTINE'S FOUNDATION Opinlon We have audited the finan¢ial statements of St Augustine's Foundation (thc 'charity') for the year ended 30 September 2024 which comprise the Statement of Financial Activili¢s, the Balance Sheet and notes to tbe financial statements, including d sumrnary of significant accounling policies. The financial rcporting trdmcwork that has been applicd in their prep&ration is applicable law and United KingdoLn AOuntIng Standards (United Kingdom CJencrally Accepted Accounting Practice}. In our opinion the fmancial statemcnls: give a true and fair vi¢w of the slate of the charitys affairs as at 30 Septemb¢r 2024 and of its incoming resources and applitIOn of resources, for tlie y¢ar then ended. have been properly prcparcd in accordance with United Kingdom Generally A¢cepted Accout)ting Practice. and havc been prepared in accordance with the r¢quiremenls of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inteinational StAndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for th¢ audit or the rinancial statements se¢tion of our repoit. We are independent of the ¢harity in accordance with the ethical requirements thal are rolcvant lo our audit of the financial slat¢m¢nls in the UK, including thc bRC's EihiLal Standard, and we have fulfilled our other ethtcal responsibilities in accordance wiÉh tliese requireinents. We believe that the audit evidence we have obiMin¢d is 8uffJcient and appropriate to provide a basis for our opinion. CoDelu$ioiis relatlng ¢0 golng coneern In Vluditing the financial statements, we have concluded that th¢ trustees, use of the going concern basis of accounliiig in the prcpai'ation of the financial statements is appropriate. Based on the work we hav¢ p¢rfonned, we have not idcnlificd any material unccrtaintics rclating to cvcnls or conditions IhaL individiially or collcclively, may casl significant doubt oil the charily's ability to ¢onlinu¢ as a going ¢on¢¢rn for a period of at least twelve months from when the financial slalcmcnts arc &uthorised tor issue. Our respolisibilities and the responsibilities of the IteeS with respect to going concern are described in the relevant sections of this i'eport. Other Informatlon 'I'he Iruslees are responsible for the other infomiation. The othcr information Compri the infornialion included in the Annual Repoit, othcr Ih¢in the financial slatem¢nt8 and our RLpurt of thc Indcpendenl Auditors thcrcon. Olir opinion on thc financial slalements does not cover Ihc oth¢r inforn)alion and, except to th¢ cxt¢nt oth¢rwise explicitly slated in our report, we do noi express any fomi of assurancc conclusion Ihcreon. In connection with our audit of th¢ financial Slalemcnls, our rcsponsibility iy lo rcad thc olhcr infom]aliun and, in doing so, coiisider whether the other inforniation is matei'ially in¢onsist¢nl with the finan¢ial slat¢menls or our knowl¢dg¢ obt'ained in the Rudi¢ or olhenvise appe5 to be malLrially misslatcd. If wc idcntify such matcrial inconsistencies or apparent material misstatements, we are required to determine whether this gives rAse to a material misstatement in the finan¢ik]I statements Ihernselves. If, based on the work we have perfomied, w¢ ¢oi)cludc that thcr¢ is R mat¢rial misstatcinent of this oil)ei' infom)ation, we are required lo report Iliat fact. We have nothing lo i'epoi'l in this regard. Matters un which we are reqiiired to report by exception We have nothing to rcpoit in respect of the following matters where the ChaTlties (Accounts and Reports) Regulations 2008 I'equires us to repoit lo you if, in our opinion: the infom]alioii given iii the Report of the Trustees is in¢onsist¢nt in any rnalerial Tespcct with the financial slalemenls- or sufficlent accounting records have not been kept. or the financial slaleinenls are nol in agrLcmcnl with the accounting records and relurns. or we have not received all the iDfonnalion and explanations we require for our audit. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST AUGUSTINE'S FOUNDATION Responslbllltfi¢s of trustees As explaincd more llY iti the Statement of Trustees, Responsibilities. the tnjsteeg are responsible for the preparation of the financial statements which give a true and faiT view, and for such int¢rnal control Rs the Iru81ees delennine is necessary to enable thc prcparation of fuwicial statements that arc flee from material misstatement, whether due to fraud or error. In preparfftng th¢ financial statements, the trustees are responsibl¢ for assessing the 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 tNstees either int¢nd to liquidilte the charity or to cease operations, or have no aliStiC altetn¢itiv¢ but to do so. Our responsibillties for the audit of ¢hc financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with th¢ Act alld relevan¢ rcgulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the fii)ancial statements as a whole are free from mat¢rial misslatement, whether due lo fraud or error, and tu issuc a Report of Ilie Independeni Audilors that includes our opinion. Rea8onable assurance is a high level of assurance, bul is not a guaraiilee that an audit condiicled in a¢cordan¢e with ISAS (UK) will always detect a material misslatemenl when it ¢xistg. Misslalemenls can arise from fraud or ermr and are considered mal¢rial if, individually or in the aggi'egatc, they could reasonably be expected to influcn¢¢ the cconoinio decisions of users tak¢n on th¢ basis of thes¢ financial slalements. The extent lo which our procedurcs arc capablc of dete¢¢ing irregularities, including fraud is d¢tailcd bclow., Our approach to identifying and assessing the risks of material misstatement in respect of irregularitics, including fraud and nDn-¢ompliance with laws and rcgiilutions, was as follows: Ilie engagement partner ensured that the engagement team collectively had the appiopriale competence, ¢apabilitics and skills lo idcntify or rccognisc non-compliance with applic¢iblc laws and rcgiilatioiis; we idcnlified the laws and rcgiilalions appli¢abl¢ lo tl)¢ Cliai'ity Ihrougli discussions with trustecs, and from our commei'cial knowledge and experience of tlic charity scclor,. we dcvcloped maintaincd our undorslanding ofthes¢ laws and regulations througli mandatory prof¢ssional edu¢alion, fociissing on specific laws and regulations which we considered mdy have a dii'ecl matcrial effect on Ihc financial slal¢incnls or operdlions of the Charity¥ includingy the C'harities Act 2011, SORP (bRS102), the Common Reporting Standard. and idcnlified laws and i'cgu11c lions were coinmunicated within the audit team regularly and Ilie team remained alert lo instances of non-compliance throughout the audit. W¢ assessed Ilic SUSC¢Plibility of Ihe Charills financial slalem¢nts lo m&t¢rial misslal¢ment, in¢luding obtaining an understanding of how fr&ud might occur, by.. muking enquiries uf management as to where they nsidered there was sus¢eplibilily to fraud, their knowledge of actual, suspected and alleged fi'&ud,' and cunsidering the internal controls in place to mitigate i'isks of fraud and non-compliance with laws and regulations. We reviewed thc Charity's procedures not only for ensuring it remAins withiii the law, but also how il seek8 to pi'evenl bccoming a victim of internal and external irregularities incliiding fraud. I'o address th¢ risk of fraud through management bias and override of con(rols, wc.. perfoiThcd analytical procedur¢s to id¢nlify any unusual or unexpected relationships- and investigated the rationale behind significant or unusual transactions. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST AUGUSTINE'S FOUNDATION Because of the Inhet limitations of an audiL there is a risk that we will not dete¢l all irregulaTilies. including those Icading to a material missLttement in the financial statements or non-compliance with reglatIon. This risk increases the more compliance with a law or regulation is removed from tbe events i)t)d transactions reflected in the financial sl&lements, as we will be Icss likcly to become aware of instaD¢es of non-Mplincc. The risk is also great¢r regarding irregularities occurring due to fraud rather than error. as fraud involves intentional ¢on¢ealment. forgery, collusion, omission or misrepr¢s¢ntation. A rther description of our responsibllities for th¢ audit of the financial slalemenls is locat¢d on th¢ Finan¢ial Reporting Counoil's wcb¥ite at www.fr¢.org.uklauditorS$ponslbiI7tles. This d&scription forn]s part of our Report of the Independent Auditors. Usc of our report This roport is mad¢ solely to the charity's Irustees, as a body, in accordance wilh Part 4 of the Charities (Accounls and Reports) Regulations 2008. Oiir audit work has been undertaken so that we might state to the charity's INslees those mallers we are required to state to them in an auditors, rcport ¢ind for no other purpose. To the lIeSt ¢xt¢nt pemiitled by law, we do not accept or as8iime responsibility to anyone other than the charity and the charity's tsStee8 as a body, for our audit work, for this report, or for th¢ opintons we have fonned. McCab¢ Ford Williams Chartered Accounlanls and Statutory Auditors Charlion House Doui. Str¢e¢ DOVER Kent CT16 IBL Dale.. Page 9
ST AUGUSTINE'S FOUNDATION STATELIqENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Total fimds Unrestricted funds Notes INCOME AT4D EIYDOWMENTS FROM Inve$tmcut income 318,613 232,182 EXPENDITURE ON Charitable actlvltles Theological education 279,378 360,128 Nel gAins on invcstmcnls 1,393,642 286,890 NII T INCOML 1,432,877 158.944 RECONCILIATION OF FUNDS Total fuiids bi'ought foiwai'd 10,255,169 10,096,225 TOTAL FUNDS CAIIIUFD FORWARD 11,688,046 10,255,169 The notes form parl of these financial sthtement's Page 10
ST AUGUSTJNEIS fiOUNDATION BALANCE SHEET 30 SEPTEMBER 2024 2024 Unrestsicted funds 2023 Total lunds Notes FIXED ASSETS Investm¢nls 11,245,674 9,850.591 CURREI NT ASSETS C&8h at bank 767,111 790,957 CREDITORS Amounts falling due within one year (207,814) (240,188) IYET CURRFNT ASSETS 559,297 550,769 I'OI'AL ASSETS LESS CURRENT LIABILITIES 11,804,971 10,401.360 CREDITORS Amounts falling due after more than one year (116,925) (146,191) NET ASSETS 11,688,046 10,255,169 FUNDS Unrestricted ndS io 11,688,046 10,255,169 TOTAL FUNDS 11,688,046 10,255,169 Thc finan¢ial slalemenls were approved by ihe Board of Trustees and authorised for issue on 26 March 2025 and wcro signed on ils bchalf by.. Thc Rev Canon Dr J Strawbridge - Tnistee The notes form part of these financial statsments Pagell
ST AUGUSTINEIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 30 SEPTEMBER 2024 ACcOUNTC POLICIES B#sls ofpreparing the fanancial statements The fivthncial statement8 of the charity, which is a public benefit enlity under IIRS 102, have been prepared in aCCOTdance with the ChaTilies SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommend¢d Practice applicable to chdrilies preparing their aG¢ounts in a¢¢ordanc¢ with tho Financial Reporting Standard applicabl¢ in the UK and Republi¢ of Ireland (fRS 102) (effective l January 2019),. Financial Reporting Standard 102 The Financial Reporting Standard applicable tn the UK and Republic of Ireland, alld the Charities Act 2011. The financial slalem¢nls have been propared under the hislorical cost ¢onvcnlion, with the ex¢eption of investments whi¢h aro included at market value, as m(Klified by the revaluation of certain ass¢ts. The Tiuslees have assessed whether th¢ us¢ of the going concern assumption is appropriate in pwparing these financial statements. The Foundation has sufficient cash lo meet its grant commitm¢nts #nd oth¢r liabililics as they fall due. It is acccpled that the CUTr¢nl cconomic crisis has had a n¢galive impact on investment returns and Trnstces will continue to monitor this closely &8 th¢y approve future grants. The Trustees have therefo Loncludcd that there arc no material uncertainties that cast doubt on the Foundation's ability lo continue as a going concern. Ineomc All income is reco8nised in thc Statement of Financial A¢livitie8 oncc th¢ charity has cnlitlement lo the funds, il is probable that the income will be received and the amouiil can be measured reliably. I xpendlture Liabilities are TOgnIsed as eXpendAlu as sovn as there is a Icgal or conslNctive obligation commilling the charity to that. expendittLI'e, it is pi'obable that a Iransfei. of economic benefits will be requii'ed in settlement and the amount of th¢ obligation can be measured i'¢liably. Expenditure is accuuntcd for on an acciii&ls bA8i8 and has been classified undei. headings that aggregatc all cost related to th¢ ¢at¢gory. Where costs cannot be directly attributcd to particiilar headings they have bc¢n allocated lo aolivilies on a basis consistent with the use of resources. Grants off¢red siibje¢t lo condition8 which have not be¢n mct at the year end date are i)olcd as a ¢ommilm¢nt but not a¢crued as expenditure, TaxAtlon The charity is exempt from tax on ils Charilable a¢livitics. riund accoiiiiting Unrcslricled funds can be used in a¢¢ordan¢e with the chaiilable objeLlives at the disciElion of the trustees. Transfers made to designated funds whLn appi'opi'iate and availabl¢ in OTd¢r to achieve the objLLtivcy of th¢ Foundatioi). Resli'icled funds can only be used for particiilar rcstriclcd purposes within the obje¢ts of the chai'ity. Restrictions arise when spccified by the donor or whcii funds are raised for particular I'esliicled putposes. Further explaiiation of Ihe nalure and purpose of ea¢h fund is included in the noles to the financial stalemenls, 40reign curr¢M¢i¢s Assets and liabilities iii foreign currei)cics arc translated into sterliiig al the rales of exchangc ruling al the balaiice sheet date. Transactions in foreigrA curreiicies al'e trai)slaled into sterling al the rate of exchange ruling at the dale of transaction. Exchange diffcrL'nLcs arts takcn into account in the valiie allribuled to Ihc cost uf the individual gt7nt to which they relate. Listed investments All listed investments of the Foundation are staled at market value on the balance sheet date. Pag¢ 12 continued...
ST AUGUSTINE'S Fo[DATIoN NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES- continued Library The Library is not acquiring new IK)oks. No vaIue 15 placed on books loaned to other InstitionS in the balance sheet. Heritage Assets The Foundation owns other assets including freehold land, paintings, fillniture, and items of silver that are on loan to other charities and organisulions and it places no value on thosc ass¢ts in the balance sheet. The TNstees Consider that obtaining valuations for these assets and the books held in the Library, would involve disproportionate cost compared with thc benefit derived by users of the financial statements. Expenditure which in the view of the Trustees is required to preserve the books or assets is recognised in the Statement of Financial A¢tivitiC8 when it 18 incurred. Th¢ Trnstees do not intend to 2¢quirc any further heritage ass¢ts. Further infom]ation relating to heritage assets is included in the notes to the financial statements. INVFSTMENT INCOME 2024 2023 Dividends rec¢ivabl¢ and fees rebate Deposit account interest 291,906 26.707 224,584 7,598 318,613 232,182 CHAJUTABLE ACTIVITIES COSTS Grant fiinding of activities (sco note Siipport costs 4) Totals Theological cducalion 256,904 22,474 279,378 GRANTS PAYABLE 2024 2023 Theological ediiGation 256,904 337,641 The total grants paid to institutions diiring the year w&8 as follows.. 2024 2023 Innovation l.'und Scholarships Fcllowships Discrelioiiaiy / Strategic Grants 60,307 66,137 46,732 83,728 175,788 50,340 30,082 81,431 256.904 337.641 Page 13 continued...
ST AUGUSTINE'S FoifNDATION NOTES TO THE FINANCIAL STATEMENTS - ¢onllnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 GRANTS PAYABLE- continued 2024 2023 Angola Brazil Burundi Costa Rica DR Congo India Israel Kenya Madagascar Malaysia Rwanda Soiith Afri¢a Sri Lanka S Sudan Spain Tanzania Uganda 2.574 443 36,200 340 20,000 7,306 3,015 30,804 54,591 30 20,669 80,599 14,615 2,515 3,147 1,841 2,035 3,273 41,114 2,500 23,880 3,520 100,000 14,715 32,547 92,272 256,904 337,641 CJranls are awarded iii line with the objeelive.q of Il)¢ Charity and arc used to support xniliatives for indivtduals in their stu(liey and for projects #imed al the furiherance of thc Christian religion. Many candidates, priniarily those rrom the Global South, who appi'oa¢h th¢ Charity for support are directed towards teacl)ing insliluliong whel'¢ they can be acconimodaled for example Ilie Ugandan Christian Univei'sily or St Pauls in Kenya. Thus, monies dirccted towards Ih¢s¢ institiilions will in pructicc be used to support individimls from a wide range of countries, not just from Ugaiida oi. from Kcilya, Grants paid to instittitioiis or to organi8alions in th¢ UK, for example the Dcan and Chapt¢r of Canterbury Bishop's Training course, or to the Anglican Centre in Rome, aiE used lo 8UPPOrt candidates who would oil)¢rwis¢ bo unable to attend courses and are ugain directed in th¢ majority lo thosc fi'om the Global South. TRUSTEES, REiVIUNERA'I'ION AND BENEFITS There were iio tnistees, remuneialion or othei. benefits for the year ellded 30 September 2024 nor for the year ended 30 Seplemb¢r 2023. Trustees, expenses 2024 2023 TSlee8, expenses 150 353 Page 14 ¢ontiniied..
ST AUGUSTINE'S fouNDATION NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 30 SEPTEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES UnrestriLted fimds INCOME AND EIYDOWMENfs FROM Investment income 232,182 EXPENDITURE ON CharitAble ActlvAtles Theological education 360,128 Nel gains on investments 286,890 NLT IIYCOME 158,944 RFCONCILIATION OF FUNDS Total funds brought fonvard 10,096,225 TOTAL FUNDS CARIULD TrORWARD 10,255,l69 FIXED ASSET INVESTMENTS Listed investments MARKL'I, VALUE Al l Oclober 2023 Additions Revaluations 9,850,591 1,441 1,393,642 At 30 September 2024 11,245,674 NET BOOK VALUE At 30 September 2024 11,245,674 At 30 September 2023 9,850,591 The investments are held in a global fund managed by 8 UIC based investment manager. Page 15 conlit]ued..
ST AUGUSTINE'S fiOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 CREDrroRS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 2024 2023 Charitable activities Other creditors aud aGcTuals 197,903 9.911 231,235 8.953 207,814 240,188 CREDITORS: AMOUNTS FALLING DUE AwfER MORF THAN ONE YEAR 2024 2023 Charitable activities 116,925 146,191 io. MOVEMENT IN FUNDS Net movement in ndS At 1.10.23 30.9.24 Unrestricted funds G¢iieral fund Lambelh Fund 2030 10,204,457 50,712 1,424,160 8,717 11,628,617 59,429 10,255,169 1,432,877 11,688,046 TOTAL FUNDS 10,255,169 1,432,877 11,688,046 Net movcincnl in fun(Is, included in the above arc as fullows.. In¢oming resources Resources expended GAins And losses Movement in fuiids Unrestricted funds G¢n¢ral fund Lambeih Fund 2030 317,172 1,441 (279,378) 1,386,366 7,276 ,424,160 8,717 318,613 {279.378) 1,393,642 1,432,877 'fOTAL FUNDS 318,613 (279,378) 1,393,642 1,432,877 Comparatives foi. mov¢ment in funds Net movement in thnds Transfcrs between fimds At 1.10.22 At 30.9.23 Unrestrleted funds Cieneral fund Lambeth Fund 2030 10,066,215 30,010 158,242 702 (20,000) 20,000 10,204,457 50,712 10.096,225 158.944 10.255,169 TOTAL FUNDS 10.096.225 158,944 10,255,169 Page 16 continued...
ST AUGUSTINE'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEFTEMBER 2024 io. MOVEMENT IN FUNDS- continued Comparative net movement in funds. included in th¢ above aT¢ as follows: Incoming resources Resourc¢5 expended Gains and losscs Movement in fiinds Unrestricted funds General fund Lamb¢ih fiund 2030 230,920 1.262 (360,128) 287,450 (560) 158,242 702 232,182 (360,128) 286,890 158,944 TOTAL IIUNDS 232,182 (360,128) 286,890 158,944 Th¢ Lambeth Fund 2030 represents a designated fund in rcspcct of the Lomb¢th Conf¢r¢nc¢ to be hcld in 2030. ii, OTHEII FTNANCIAL COMMITMENTS Grants are recognised in the financial slatcmcnls when approved by the Ttuslees. There wcrc no financial commitments at Ihc ycar cnd not provided for in the financial slalemenls. 12. RELATED PARTY DISCI.OSURES The Chaptei. of Canterbury Cathedral providcd thc Foundation with ¢ar¢ of the antiquarian library at the cost of £1,200 (2023 - £2,400). Rovd Canoii Dr 'f Naish is a membcr of Thc Chapter of Canlcrbury and also a Trustce ofthe Foundalioii. 13. HFRITAGE ASSETS NOT RECOGNISLD IN THE BALANCE SHLET The boundation holds part of Ihc frc¢hold of Si Augustine's Abbey which was founded shortly aftcr AD597 by St Augusiine aiid which, together with Canterbury Caihedral and St Martin's Church, is part of the Canterbiiry World 14erilage Site. The Foundation's land is managed iindcr two Deeds of Guardianship by F.nglish Herilagc. Th¢ Foundation alqo has some archacological material from the Abbcy buildings wl)i¢h is d¢posit¢d al Dovei Ca811¢ undei. the guardianship uf English Hei'itage. Within the Libraiy are a numbcr of aiiliquarian books which are deposited with Cantcrbuiy Calhedial. Parts of 11)e Library have been gift¢d ovoi. tho last five years to St Auguslin¢'s 'l'hcological Coll¢g¢ in West Malling and Christ Church Univei'sity in Canterbury. Other assets owned by the Fouiidation incliide the allars, fiirniture, and silvei. of the Uppei. aiid Lower Chapels of St AU1Stinc,S Chapcl which is in the grounds of what was previously Si AugusliThe's Missionary College. The alt-, funiilure and silver are loaned lo tlie King's Scliool, Canterbury the slte having been sold lo the School in 1992. The Foundation keeps a register of the heritage assets that it owns. I",onnal loan agreemcnts are in place with the Chapler of Canterbury, for assets loaned to Cant'crbury Caihedral, and with King's School. There have been no acqiiisitions of heritage asscts in the last fEve years. Page 17
ST AUGUSTINE'S fouNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 INCOME AND ENDOIVMLNrs Investment income Dividends rec¢ivabl¢ and fees rebate Deposit Count interest 291,91)6 26.707 224,584 7.598 318,613 232,182 Total Incomlngv resources 318,613 232,182 EXPENDITURE Ch#rltable act1tIeS Grallls payable 256,904 337.641 Support costs Governanee ¢o$ts TNslces' expcnses Auditors, rcmuiieration Fe¢$ to Dean & Chapter of CMnleIUry Adminislralion Costs Other cxpcnses 150 6,096 1,200 12,725 2,303 353 6,186 2,400 11,319 2,229 22,474 22,487 Total rcsource5 expended 279,378 360,128 Net incomel(cxp¢nditurc) 39,235 (127,946) This page do¢8 not fonn part of the statutory financial stal¢ments Page 18