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 Trust￿5 continued to pursue the obj¢rtiVe5 of the Foundation vigorously and Consider the Foundation well pl￿d
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
r￿e1ved.
. 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 m￿e 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
I￿ri1[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 ex￿Cled 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 T￿ste¢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$Adonal striieture
Tho Foundation, as explained above, is govcrned by 118 Royal Charter of 1979. In order to assist the Trustces in th¢
day-to-day operation of the l.-oiindalion, it channels certain of its giving throuWI Joint Awards. The Trust￿¢8 meet ttviee
yearly. An external Administrator has been appoinlcd to help manag¢ th¢ charity and hc liaiscs rcgularly with the
ChaIm￿lI and Tr¢asurcr to ¢nsure the smooth running of the Foundation.
Rl8k revlew
Thc TNslees have ¢xamin¢d the majoi. strategic, busincss, and opei'ational risks involvcd in thc Foundation's activities
and are satisfied that systems have bccn ¢slablished to miligai¢ thosc risks. The risk iegislei. is reviewed and aineiided
periodically in Ihc light of changing circumstances.
The assets of the Foundatioii are held in invcstments and to manage the risks inherent in this, the T￿SteeS have adopted
a policy of diversificalion, overseen by prOf￿$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 t￿￿tee5 on 26 March 2025 and signcd on its behalf by:
The Rev Canon Dr J Strawbridge- Tn￿tee
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 A￿OuntIng 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
appli￿tIOn 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 I￿￿teeS 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 appe￿5 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 Inhe￿￿t 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 reg￿latIon. 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-￿Mpli￿ncc. 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 ts￿Stee8 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
ACcOUNT￿C 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 T￿OgnIsed 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 Insti￿tionS 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
T￿Slee8, 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 AU￿1Stinc,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 act1￿tIeS
Grallls payable
256,904
337.641
Support costs
Governanee ¢o$ts
TNslces' expcnses
Auditors, rcmuiieration
Fe¢$ to Dean & Chapter of CMnle￿IUry
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