REGISTERED CHARITY NUMBER: 307961
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REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 FOR ST AUGUSTINE'S FOUNDATION
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McCabe Ford Williams Chartered Accountants and Statutory Auditors Charlton House Dour Street DOVER Kent CT16 1BL
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ST AUGUSTINE'S FOUNDATION
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CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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|Reference and Administrative|Details|1|
|Report|of the Trustees|2|to|6|
|Report|of the Independent Auditors|7|to|9|
|Statement|of Financial|Activities|10|
|Balance Sheet|11|
|Notes to the Financial Statements|12|to|18|;|
|Detailed Statement ofFinancial Activities|19|
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ST AUGUSTINE'S FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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| TRUSTEES | TheRevdCanonDr W Lamb (resigned 31.12.24) |
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| CanonDrCRoss (resigned 26.3.25) | |
| TheRevd CanonDrTNaish | |
| , | TheRtRevdDrAJeremiah MrDWhite (Treasurer) TheRevCanonDr J Strawbridge (Chair) |
| TheRevCanonDr PRajkumar | |
| VenWilliamJonathanAdam(appointed 1.1.25) | |
| PRINCIPALADDRESS | 13 GilbertsonRoad |
| Hertfordshire SG137BE |
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| REGISTERED CHARITY | 307961 |
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| AUDITORS | McCabe FordWilliams |
| Chartered Accountants and StatutoryAuditors | |
| CharltonHouse | |
| Dour Street | |
| DOVER | |
| Kent | |
| CT16 1BL | |
| ELECTORS. | : |
ELECTORS.
The Archbishop of Canterbury The Archbishop of York The Bishop of London
BANKERS
Child & Co, 1 Fleet Street, London, EC4Y 1DD Royal Bank of Scotland, 1 Hardman Boulevard, Manchester, M3 3AQ
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- INVESTMENT ADVISORS Sarasin & Partners LLP, Juxon House, 100 St Paul's Churchyard, London, EC4M 8BU CCLA Investment Management Limited, PO Box 12892, Dunmow, Essex, CM6 9DL
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ST AUGUSTINE'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
The trustees present their report with the financial statements of the charity for the year ended 30 September 2025. The _ trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
TheObjectivesobjects andof aimsthe
the Foundation, as set out in the Royal Charters, are the advancement of the Christian Religion by enabling 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 serving; and the establishment of scholarships and granting of funds consistent with these objects. This is done by giving grants to Anglican theological colleges throughout the world, Anglican provinces, and dioceses and to individuals who will be concerned with theological education during their ministry. They encourage applicants to provide evidence that they have matching funding from other sources.
Following the review which Trustees undertook in 2019, grant giving under the following categories commenced in October 2020 with grants falling into the newly defined categories as below:
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i. Scholarships - two annual Scholarships for doctoral students
ii. Fellowships - Fellowships towards the costs of higher degrees and specific individual initiatives in theological education iii. Innovation Fund - Grant for innovative initiatives by theological education institutions, provinces, and dioceses to expand and deepen theological education iv. Discretionary Grants - Grants towards other initiatives that fit the objectives of the Foundation
Public benefit
The purpose of the Foundation is to improve theological education within the Anglican Communion. This is done primarily by giving grants to theological colleges and seminaries; and by helping individuals who are undertaking formal education or learning about the diversity of experience within the Anglican Communion by studying in short courses. In addition, the Foundation has a theological library of its antiquarian books which is housed at Canterbury Cathedral and is available for public access by appointment. The Trustees are working with other institutions to make the books more accessible and have lent or gifted sections of the Library to other libraries.
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The Trustees have noted the advice of the Charity Commission about public benefit both when reviewing grant criteria and planning future activities. The Foundation's grants are available to all who are Anglicans and involved with theological education, although the Trustees have to take into account the Foundation's limited resources and the needs of the world-wide Anglican Communion.
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ST AUGUSTINE'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACHIEVEMENTS AND PERFORMANCE Review of the year The Trustees continued to pursue the objectives of the Foundation vigorously and consider the Foundation well placed to meet its objectives. This year we continued to seek to broaden the reach of our grant giving through three of the defined categories and changed the focus of the fourth category from ‘discretionary’ to ‘strategic’ awards. This change enabled the trustees to be proactive in their grant giving as well as reactive to the applications they received.
i. Scholarships - trustees were able to offer two Scholarships following its March 2025 meeting and, through a member anticipateofii. Fellowshipsits Scholarship that he-Applications willCommittee, reapply infor 2026.isFellowshipsworking The Scholarshipswithhasagrownfurther werst e applicantadily the firstover awardedtothehelppast totothree studentsgiveyearshis fromapplicationfrom Jamaica and5 in 2021greater Argentina.to 19focus.in 2025.We The application form has been revised to ensure that greater consideration is given by the applicant to the impact of any grants in their future ministry. Trustees also decided that they would only consider a maximum of three applications from students at any one institution. Institutions with more than three applicants are now being asked to submit three names they wish to be considered by an internal selection process set up by the institution. iii. Innovation Fund - Grants are for innovative initiatives by theological education institutions, provinces, and dioceses to expand and deepen theological education. These awards were increased to £15,000 over one year and £25,000 over two. The application form for these grants has also been revised seeking more focussed applications. In September 2025 trustees awarded 9 g rants to dioceses and theological institutions in 9 different provinces.
iv. Discretionary Grants - We have awarded several grants towards other initiatives that fit the objectives of the Foundation but do not fit neatly into the first three categories above. Over the year discussions led to the establishing of a Strategic Fund that would include what were previously discretionary grants. It is expected that this new fund will allow the trustees to proactively seek out initiatives to expand and deepen the theological education resources across the Communion. The first gra nts from this fund were made during the year.
Trustees continued to work in these areas aiming to expand the reach of the Foundation both geographically and to under-represented individuals.
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to encourage more women applicants, particularly for our Scholarships. One of the two Scholarships awarded this year was to a woman.
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to seek to engender interest, leading to applications from those parts of the Anglican Communion where, in the past, we have received few applications. Three of the Innovation Grants were awarded to such areas - Sri Lanka, Egypt and South Africa.to consider how we might help to support initiatives for which an Innovation Fund grant would not meet the longer-term requirements to ‘expand and deepen' their theological education. This is the area that will play a central part in the awards made from the Strategic Fund.
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As we review the work of the Foundation during the past year with 9 Innovation Fund grants awarded and 21 individual grants through our Scholarships and Fellowships, we can see progress in each of these areas.
During the year we continued our conversations with potential partners to explore where the Foundation, through its grants (probably from its new Strategic Fund) might offer longer-term support for the development of their theological education capacity. We expect to see planned initiatives come to fruition in the coming years.
Summary ofgrants awarded in the year:
Scholarships -Two grants were offered of up to £50,000 over the period of the applicant's doctoral studies for candidates from Jamaica and Argentina. The former studying remotely with occasional face to face contact in the UK and the latter studying remotely at a Spanish University. Fellowships - 19 grants offering a total of £62,429 for a variety of initiatives and study programmes to applicants from Burundi, Angola, Ghana, India, Kenya, Papua New Guinea, South Sudan, UK and Uganda. Innovation Fund - There were 9 grants awarded in the financial year in September 2025. They totalled £161,838 to the following institutions and dioceses: 1, Anglican Diocese of Brasilia, Brazil - "Laboratory for Contextual and Innovative Theological Education: Eco-Theology, Indigenous Theologies, and Human Rights in the Diocese of Brasilia." The project proposes the creation of a Laboratory for Contextual and Innovative Theological Education withi n the Anglican Diocese of Brasilia.
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ST AUGUSTINE'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
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The Diocese of Kurunagala, Sri Lanka - A proposal for a sports-based discipleship movement titled "Empowering Lives through Sports." This initiative aims to identify hidden sports talents among youth, women, children, and men-especially in rural and underserved communities-and use sports as a tool for evangelism, discipleship, and social transformation.
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Crosslinks in collaboration with Diocese of Egypt - Funding for a School of Biblical Training for clergy in the Anglican Diocese ofEgypt.
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Diocese of Meru, Kenya - Funding to translate the Anglican Church's Prayer Book and liturgy from Kikuyu to ~ Kimeru. 80% ofthe Dioces e ofMeru are Kimeru speaking but diocese having to use a Kikuyu liturgy. 5. St Cyprian's Theological College Rondo, Tanzania - Recognizing the vital role of youth in the growth and sustainability of the Church, the College is initiating a strategic Capacity Building Project aimed at equipping 50 young evangelists with the skills, knowledge, and spiritual grounding necessary to effectively contribute to evangelism, church environmental stewardship, leadership development, and ministry in a rapidly evolving digital world. 6. Province of Ghana - Funding for a project that seeks to train 65 clergy and catechists over a two-year period in the use of local Ghanaian languages (Akan, Ewe, Ga-Dangme, and others) for liturgy, preaching, and theological education. The training will be undertaken by St. Nicholas Theological Seminary, Cape Coast in partnership with local language experts and cultural theologians. . 7. Square Ministries Africa - work in the Ugandan dioceses of Northern Uganda, North Karamoja, and Karamoja. Theology of Work is a non-formal training Square Ministries Africa offers to the pastors in East Africa to help them to be practical in evangelism as they work towards self-reliance. 8. St John's Leadership Academy, South Africa - The St Johns Leadership Academy (SJLA) is a learning and formation community, forming pioneering missi on-shaped Church and community leaders for our South African context. 9. Virginia Theological Seminary's Center for Anglican Communion Studies, USA - "Facing a COVID-like pandemic of isolation from international visitors, a major threat to theological education at VTS, we propose an online Anglican Communion extra-curricular theological educational solution for 2 years (2026-2028) for 10 Anglican Communion students and 10 VTS Partner students, to be mentored by VTS graduates around the Communion and staffed by the Center for Anglican Communion Studies at VTS". The Innovation Fund Panel met prior to the September trustees meeting and considered all the Innovation Fund applications prior to the Trustees Meeting. This allowed for longer discussion about each application and time for further information to be sought before a formal decision is made on the grant applications themselves. The Trustees meet regularly to review applications for grants and to audit support given in previous years. As in previous years, grants are given principally to support institutions and individuals from the Global South.
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As outlined above, our application forms are kept under constant review in our desire to ensure we receive the most accurate information from applicants. Also, the forms ask them to identify the likely impact of the grant on their ministry and on its contribution to the wider ministry of the Church in their diocese and province. Each grant is formalised with a Letter of Confirmation that lays out the conditions under which the grant is given and the expected reporting process.
The charity continues to develop its website, www.staugustinesfoundation.org as a tool to explain the work of the Foundation and offer potential applicants information and access to the different grant application procedures.
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities shows that incoming resources totalled £306,223 (2024 - £318,612) and outgoing resources were £444,538 (2024 - £279,378). Gains on investments in the year were £110,025 (2024 - £1,393,642).
As a result, total funds now stand at £11,659,756 (2024 - £11,688,046) with the bulk of those funds being invested in the Climate Active Endowments Fund, which is managed by Sarasin & Partners LLP and the CBF Church of England Investment Fund, which is managed by CCLA.
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ST AUGUSTINE'S FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
FINANCIAL REVIEW
Investment policy and objectives
The Trustees are committed to ethical investment and require that appointed investment managers comply with the Church of England's Ethical Investment Policy. In addition, the Trustees seek to invest sustainably.
The funds are invested in the Climate Active Fund for Endowments managed by Sarasin & Partners LLP and the CBF Church of England Investment Fund managed by CCLA. ’ globalThe investmenttemperature goalsincreases of the Climate Activebelow 2°C whilst Fundproducingare to investa consistentin alignmentstream of with income. the ParisThe Climate Accord,fund aims to achieveto keeplong term capital growth with a total return target of inflation (CPI)+4.0% over a rolling 5 year basis. The fund seeks to outperform the ARC Steady Growth Charity Index. The fund managers aim to deliver attractive returns by investing in companies that they expect to create value from strategies consistent with a cap in global warming of less than 2*C. They also look for companies which will be resilient to climate change. Their climate active philosophy is to drive change by engaging with boards of directors to encourage them to take steps towards strategic and operational alignment with the Paris goals. The CBF Church of England Investment Fund considers environmental, social and governance factors and aims to drive positive change. The fund aims to provide a total return over the long term (five years) ofUK CPI + 5% per annum. Trustees meet regularly with their investment advisers. meet regularly with their investment advisers. regularly with their investment advisers. with their investment advisers. their investment advisers. investment advisers. advisers. , The Trustees hold cash sufficient to cover the grants already committed for payment payment and grants likely to be committed in the next 12 months. next 12 months. months.
Trustees meet regularly with their investment advisers. meet regularly with their investment advisers. regularly with their investment advisers. with their investment advisers. their investment advisers. investment advisers. advisers. , The Trustees hold cash sufficient to cover the grants already committed for payment payment and grants likely to be committed in the next 12 months. next 12 months. months. Reserves policy It is the policy of the Trustees to maintain unrestricted reserves sufficient to ensure a suitable income stream to finance the ongoing work of the charity. Income reserves at 30 September 2025 were £467,433 (2024 - £559,297). There, are grant commitments of £192,978 (2024 - £116,925) due after more than one year to be met from these reserves. The investment policy is described above.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Foundation was established by a Royal Charter dated 10 April 1979, incorporating two earlier Royal Charters of 1947 and 1848; it operates through Trustees elected by the Archbishops of Canterbury and York and the Bishop of London, under Statutes made by the Archbishop of Canterbury dated 25 April 1979.
Recruitment and appointment of new trustees The Trustees appointed by the Electors hold office for a period of five years and may be appointed for one further term of five years. The Statutes provide for between five and seven Trustees including a Chairman and Deputy Chairman (who together with at least two others shall be Ordained Ministers of the Church of England) and a Treasurer, responsible for the income and expenditure of the Foundation, the management of its property and the general administration of its affairs. The Trustees are chosen for their knowledge of theological training within the Anglican Communion and other ancillary skills.specificThey training,are asgiven the Foundationa briefing about expectsthe themwork alreadyof the toFoundation have the skillswhen neededthey are to actappointed as a Trustee.but are not given any other
Organisational structure
The Foundation, as explained above, is governed by its Royal Charter of 1979. In order to assist the Trustees in the day-to-day operation of the Foundation, it channels certain of its giving through Joint Awards. The Trustees meet twice yearly. An external Administrator has been appointed to help manage the Charity and he liaises regularly with the Chairman and Treasurer to ensure the smooth running of the Foundation.
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ST AUGUSTINE'S FOUNDATION
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk review
The Trustees have examined the major strategic, business, and operational risks involved in the Foundation's activities and are satisfied that systems have been established to mitigate those risks. The risk register is reviewed and amended periodically in the light ofchanging circumstances. The assets of the Foundation are held in investments and to manage the risks inherent in this, the Trustees have adopted a policy of diversification, overseen by professional asset managers. In doing this, the Trustees hope to minimise the effect of any major disruption to the Foundation's income caused by market uncertainty and fluctuations. The COVID-19 virus was one such uncertainty and Trustees were in close contact with our fund managers as they sought to minimise the effects on our investments. The Trustees have taken regular advice from their investment managers regarding their investments.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and . fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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- observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Approved by order of the board of trustees on 26 March 2026 and signed on its behalf by:
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Mr D White - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST AUGUSTINE'S FOUNDATION
Opinion We have audited the financial statements of St Augustine's Foundation (the 'charity') for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 30 September 2025 and of its incoming resources and application of resources, for the year then ended;
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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- we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST AUGUSTINE'S FOUNDATION
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free ftom material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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- we identified the laws and regulations applicable to the Charity through discussions with trustees, and from our commercial knowledge and experience of the charity sector; :
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we developed and maintained our understanding of these laws and regulations through mandatory professional education, focussing on specific laws and regulations which we considered may have a direct material effect on the financial statements or operations of the Charity, including the Charities Act 2011, SORP (FRS102), the Common Reporting Standard; and
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- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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We reviewed the Charity's procedures not only for ensuring it remains within the law, but also how it seeks to prevent becoming a victim of internal and external irregularities including fraud.
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to _ identify any unusual or unexpected relationships; and investigated the rationale behind significant or unusual transactions.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ST AUGUSTINE'S FOUNDATION
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use ofour report
Reports)This reportRegulationsis made solely2008.toOurthe auditcharity's worktrustees, has beenas aundertakenbody, in accordanceso that wewith mightPartstate4 ofto the the Charitiescharity's (Accountstrustees thoseand matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
McCabe Ford Williams Chartered Accountants and Statutory Auditors Charlton House : Dour Street DOVER
CT16 IBL
Date: PD)... Maaede,..29 eo
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ST AUGUSTINE'S FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024 | |||
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| Notes | Unrestricted funds £ |
Total funds £ |
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| INCOME ANDENDOWMENTSFROM | ||||
| Investmentincome | 2 | 306,223 | 318,613 | |
| EXPENDITURE ON | ||||
| Charitable activities Theological education |
3 | 444,538 | 279,378 | |
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| Netgainson investments | 110,025 | 1,393,642 | ||
| NETINCOME/(EXPENDITURE) | (28,290) | 1,432,877 | ||
| RECONCILIATIONOFFUNDS | ||||
| Totalfunds brought forward | 11,688,046 | 10,255,169 | ||
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| TOTALFUNDSCARRIEDFORWARD | . | 11,659,756 | 11,688,046 |
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The notes form part ofthese financial statements
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ST AUGUSTINE'S FOUNDATION
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BALANCE SHEET
| 30SEPTEMBER2025 | 30SEPTEMBER2025 | 2025 | ||||
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| FIXEDASSETS | Notes | 2025 Unrestricted funds £ |
2024 Total funds £ |
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| Investments | 7 | 11,385,301 | 11,245,674 | |||
| ; | CURRENTASSETS | |||||
| Debtors | 8 | . | 18,141 | - | ||
| Cash atbank | 719,588 | 767,111 | ||||
| . | 737,729 | 767,111 | ||||
| CREDITORS Amounts falling duewithinoneyear |
9 | (270,296 ) | (207,814) | |||
| NETCURRENTASSETS | 467,433 | 559,297 | ||||
| TOTALASSETSLESSCURRENT | ||||||
| LIABILITIES CREDITORS Amounts falling due aftermore thanoneyear NETASSETS |
10 | 11,852,734 (192,978) 11,659,756 |
11,804,971 (116,925) 11,688,046 |
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| FUNDS Unrestricted funds |
11 | 11,659,756 | 11,688,046 | |||
| TOTALFUNDS | —— 11,659,756 |
i, 11,688,046 |
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The financial statements were approved by the Board of Trustees and authorised for issue on 26 March 2026 and were signed on its behalf by:
Mr D White - Trustee
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The notes form part of these financial statements
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ST AUGUSTINE'S FOUNDATION FORNOTES THE TO YEAR THE ENDED FINANCIAL30 SEPTEMBER STATEMENTS2025
1. ACCOUNTING POLICIES
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Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements.
The Foundation has sufficient cash to meet its grant commitments and other liabilities as they fall due. It is accepted that the current economic crisis has had a negative impact on investment returns and Trustees will continue to monitor this closely as they approve future grants. The Trustees have therefore concluded that there are no material uncertainties that cast doubt on the Foundation's ability to continue as a going concern.
Income
Allis probableincome thatis recognised the incomein willthe beStatement received andof Financial the amountActivities can be measuredonce the reliably.charity has entitlement to the funds, it
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is 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 allocated to activities on a basis consistent with the use of resources. : Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting UnrestrictedTransfers are madefunds tocan designatedbe used infindsaccordance when appropriatewith the charitableand availableobjectivesin orderattothe achievediscretionthe objectivesof the trustees.of the Foundation.
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Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in the value attributed to the cost of the individual grant to which they relate.
)
,
Listed investments
All listed investments of the Foundation are stated at market value on the balance sheet date.
,
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f | ; : ; [ | : i F | : | | | | ; |
ST AUGUSTINE'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. ACCOUNTING POLICIES - continued
Library The Library is not acquiring new books. No value is placed on books loaned to other institutions in the balance sheet.
Heritage Assets
The Foundation owns other assets including freehold land, paintings, furniture, and items of silver that are on loan to other charities and organisations and it places no value on those assets in the balance sheet. The Trustees consider that obtaining valuations for these assets and the books held in the Library, would involve disproportionate cost compared with the 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 Activities when it is incurred.
The Trustees do not intend to acquire any further heritage assets.
2.
_
Further information relating to heritage assets is included in the notes to the financial statements.
INVESTMENT INCOME
| 2. | INVESTMENT INCOME | _ | ||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Dividendsreceivable andfeesrebate Depositaccountinterest |
274,442 31,781 |
291,906 26,707 |
||
| 306,223 | 318,613 | |||
| 3. | CHARITABLEACTIVITIESCOSTS | Grant | ||
| funding of | ||||
| activities | ||||
| (see note 4) |
Support costs |
Totals | ||
| £ | £ | £ | ||
| Theological education | 420,893 | 23,645 | 444,538 | |
| 4. | GRANTSPAYABLE | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Theological education | 420,893 | 256,904 | ||
| The total grants paid to institutions during theyearwas as follows: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| InnovationFund | 141,777 | 60,307 | ||
| Scholarships | 110,212 | 66,137 | ||
| Fellowships | 62,724 | 46,732 | ||
| Strategic Grants | 96,180 | 83,728 | ||
| Support forthecoming togetherofthe AnglicanCommunion | 10,000 | - | ||
| 420,893 | 256,904 |
3. CHARITABLE ACTIVITIES COSTS
|
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|
|
- GRANTS PAYABLE - continued
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ST AUGUSTINE'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Angola Argentina Brazil Burundi CostaRica |
2,714 50,000 23,060 8,035 3,212 |
- - - 3,015 - |
|
| DRCongo Egypt Ghana India |
- 4,238 32,749 3 855 |
30,804 - - 54,591 |
|
| Israel Jamaica Kenya |
-10,119 50,000 25,470 |
30 - 20,669 |
|
| PapuaNewGuinea | 3,000 | - | |
| Rwanda | - | 3,147 | |
| South Africa SriLanka S Sudan |
: | 660 15,000 3,015 |
1,841 - 3,273 |
| Tanzania | 28,578 | 14,715 | |
| Uganda | 36,015 | 32,547 | |
| UK | 108,180 | 92,272 | |
| USA | 24,500 | - | |
| Zimbabwe | 8,731 | - | |
| 420,893 | 256,904 |
: [ | 4 I
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Grants are awarded in line with the objectives of the Charity and are used to support initiatives for individuals in their studies and for projects aimed at the furtherance of the Christian religion. Many candidates, primarily those from the Global South, who approach the Charity for support are directed towards teaching institutions where they can be accommodated - for example the Ugandan Christian University or St Pauls in Kenya. Thus, monies directed. towards these institutions will in practice be used to support individuals from a wide range of countries, not just from Uganda or from Kenya. Grants paid to institutions or to organisations in the UK, for example the Dean and Chapter of Canterbury Bishop's Training course, or to the Anglican Centre in Rome, are used to support candidates who would otherwise be unable to attend courses and are again directed in the majority to those from the Global South.
5. TRUSTEES' REMUNERATION AND BENEFITS
—
There were no trustees’ remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
Trustees' expenses
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2025 2024
£ £
Trustees’ expenses 43 150
=—=- _—
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- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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STAUGUSTINE'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|
|funds|
|INCOME AND ENDOWMENTS FROM|
|Investment income|318,613|
|EXPENDITURE ON|
|Charitable|activities|
|Theological|education|279,378|
|Net gains on|investments|1,393,642|
|NET INCOME|1,432,877|
|RECONCILIATION OF FUNDS|
|Total|funds|brought|forward|10,255,169|
|TOTAL FUNDS CARRIED FORWARD|—11,688,046|
|7.|FIXEDASSET INVESTMENTS|
|Listed|
|investments|
|MARKETAt|1 October VALUE 2024|11,245,674|
|Additions|5,631,387|
|Disposals|(5,601,785|)|
|Revaluations|110,025|
|At 30 September 2025|11,385,301|
|NETAt 30 September 2025 BOOK VALUE|11,385,301|
|At|30 September 2024|11,245,674|
|The investments are held in a global fund managed by a|UK based investment manager.|
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ST AUGUSTINE'S FOUNDATION
| i
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2025. 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Sundry|debtors|18,141|-|
|9.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|
|2025|2024|
|Charitable|activities|259,855|197,903|
|Other creditors|and|accruals|10,441|9,911|
|)|
|10.|CREDITORS:|AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR270,296|207,814|
|2025|2024|
|£|£|
|Charitable|activities|192,978|116,925|
|F§C#Oo-onn---—||_|
|11.|MOVEMENT IN FUNDS|
|Net|Transfers|
|At|movement|between|At|
|1.10.24|in funds|funds|30.9.25|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|11,628,617|(31,248|)|(10,000)|11,587,369|
|Support|for the coming|together|of the|
|Anglican Communion|59,429|2,958|10,000|72,387|
|a|
|11,688,046|(28,290|)|-|11,659,756|
|TOTAL FUNDS|11,688,046|(28,290|)|-|11,659,756|
|Net movement in funds, included in the above are as follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|304,836|(444,538 )|108,454|(31,248)|
|Support|for the|coming|together of the|
|Anglican Communion|1,387|-|1,571|2,958|
|306,223|(444,538|)|110,025|(28,290)|
|TOTAL FUNDS|306,223|(444,538|)|110,025|(28,290)|
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ST AUGUSTINE'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Net|
|At|movement|At|
|1.10.23|in funds|30.9.24|
|Unrestricted funds|
|General|fund|10,204,457|1,424,160|11,628,617|
|Support|for the coming|together of the|
|Anglican Communion|i|50,712|8,717|59,429|
|10,255,169|1,432,877|11,688,046|
|TOTAL FUNDS|10,255,169|1,432,877|11,688,046|
|Comparative net|movement in funds, included in the above are as follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|317,172|(279,378|)|1,386,366|1,424,160|
|Support|for the coming together of|the|
|Anglican Communion|1,441|-|7,276|8,717|
|318,613|(279,378|)|1,393,642|1,432,877|
|TOTAL FUNDS|318,613|(279,378|)|1,393,642|1,432,877|
----- End of picture text -----
- OTHER FINANCIAL COMMITMENTS
.
Grants are recognised in the financial statements when approved by the Trustees. There were no financial commitments at the year end not provided for in the financial statements. :
13. RELATED PARTY DISCLOSURES
The Chapter of Canterbury Cathedral provided the Foundation with care of the antiquarian library at the cost of £1,200 (2024 - £1,200).
Grants amounting to £96,180 (2024 - £NIL) were awarded to Canterbury Cathedral and at the year end £46,180 was outstanding.
Ven William Jonathan Adam is a trustee of Canterbury Cathedral.
(
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ST AUGUSTINE'S FOUNDATION
‘NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2025
14, HERITAGE ASSETS NOT RECOGNISED IN THE BALANCE SHEET
_ The Foundation holds part of the freehold of St Augustine's Abbey which was founded shortly after AD597 by St - Augustine and which, together with Canterbury Cathedral and St Martin's Church, is part of the Canterbury World Heritage Site. The Foundation's land is managed under two Deeds of Guardianship by English Heritage. The Foundation also has some archaeological material from the Abbey buildings which is deposited at Dover Castle under the guardianship of English Heritage.
Within the Library are a number of antiquarian books which are deposited with Canterbury Cathedral. Parts of the Library have been gifted over the last five years to St Augustine's Theological College in West Malling and Christ Church University in Canterbury.
Other assets owned by the Foundation include the altars, furniture, and silver of the Upper and Lower Chapels of St Augustine's Chapel which is in the grounds of what was previously St Augustine's Missionary College. The altar, furniture and silver are loaned to the King's School, Canterbury the site having been sold to the School in 1992.
The Foundation keeps a register of the heritage assets that it owns. Formal loan agreements are in place with the Chapter of Canterbury, for assets loaned to Canterbury Cathedral, and with King's School.
There have been no acquisitions of heritage assets in the last five years.
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ST AUGUSTINE'S FOUNDATION
| DETAILEDSTATEMENTOFFINANCIALACTIVITIES | ||
|---|---|---|
| FORTHEYEARENDED30SEPTEMBER2025 | ||
| 2025 | 2024 | |
| , | ||
| INCOMEANDENDOWMENTS | ||
| Investment income | ||
| Dividendsreceivable and feesrebate | 274,442 | 291,906 |
| Depositaccount interest | 31,781 | 26,707 |
| ; | 306,223 | 318,613 |
| Totalincoming resources | 306,223 | 318,613 |
| Charitable activities | ||
| Grants payable | 420,893 | 256,904 |
| Support costs | ||
| Governance costs | ||
| Trustees' expenses | 43 | 150 |
| Auditors’ remuneration | 6,276 | 6,096 |
| Fees toDean& ChapterofCanterbury | 1,200 | 1,200 |
| Administration costs | 14,687 | 12,725 |
| Otherexpenses | 1,439 | 2,303 |
| 23,645 | 22,474 | |
| . | — | —_—- |
| Total resources expended | 444,538 | 279,378 |
| Net(expenditure)/income | (138,315) 39,235 —— |
|
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This page does not form part of the statutory financial statements
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