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← Digby Stuart College

2024-06-30-accounts

Digby Stuart College

Annual Report and Accounts

Year to 30 June 2024

Charity Registration Number 1050470

Contents

Reports

Reports
Reference and administrative details
of the charity, its trustees and advisers 1
Report of the trustees 2
Independent auditor’s report 13
Accounts
Statement of financial activities 17
Balance sheet 18
Principal accounting policies 19
Notes to the accounts 22

Reference and administrative details of the charity, its trustees and advisers

Trustees Sister Christine Edwards RSCJ
Sister Catherine Lloyd RSCJ (Chair)
Sister Sheila McNamara RSCJ
Sister Bernadette Porter RSCJ
Sister Lorraine Pratt RSCJ
Sister Stephanie Romaine RSCJ
Sister Marianne Tavares RSCJ
Sister Margaret Wilson RSCJ
Administrative Address 3 Bute Gardens
Hammersmith
London
W6 7DR
Telephone 020 8741 4688
Charity Registration Number 1050470
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank plc
53-55 Uxbridge Road
London
W5 5SA
Solicitors Pothecary Witham Weld
84 Eccleston Square
Pimlico
London
SW1V 1PX
Investment managers CCLA Investment Management Limited
Senator House
85 Queen Victoria Street
London
EC4V 4ET

Digby Stuart College 1

Report of the trustees Year to 30 June 2024

The trustees present their report together with the accounts of Digby Stuart College (the ‘Charity’) for the year ended 30 June 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 19 to 21 of the attached accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 United Kingdom and Republic of Ireland (FRS 102).

Mission and activities

Mission

The Society of the Sacred Heart established Digby Stuart College as Wandsworth College in 1874. A teacher training facility, the Society ran the college until 1975 when it became part of the Roehampton Institute for Higher Education and, in 2004, Roehampton University.

The charity owns the freehold title to certain land and buildings that form part of Digby Stuart College (the “College”), a constituent part of the University of Roehampton. As from 31 July 2008 the charity granted a 125-year leasehold interest to the University in return for a peppercorn rent.

The charitable objective of Digby Stuart College (DSC) is to provide such buildings and to assist in the development of the Roman Catholic College (Digby Stuart College) for the education of men and women.

When setting the objectives and planning the work of the charity for the year, the trustees have considered the Charity Commission’s general guidance on public benefit.

The charity acts as ‘guardian of the ethos’ of Digby Stuart College primarily through the Digby Stuart Liaison Group and, from time to time, provides general and scholarship funds to the College.

“Your life is a sacred journey. It is about change, growth, discovery, movement and transformation... It is continuously expanding your vision of what is possible, stretching your soul, teaching you to see clearly and deeply, helping you to listen to your intuition.” Caroline Joy Adams

Members of the Society of the Sacred Heart, (the ‘Society’) hold key positions within the structures of governance of the University of Roehampton. As a college providing body, the Society of the Sacred Heart, nominates two members of the university’s governing council. Sr Christine Edwards sat on Council throughout the report period and was joined by Tamsin Eastwood in June 2024.

The Digby Stuart Liaison Group meets each term. Sr Bernie Porter chairs this group on behalf of the Provincial. The group receives reports from the University relevant to its responsibility for maintaining the ethos of the College in the context of the wider University. It also acts as a liaison group between the Society, the College and the University.

Digby Stuart College 2

Report of the trustees Year to 30 June 2024

Mission and activities (continued)

Mission (continued)

During the report period, we were delighted to welcome Professor Marilyn Holness OBE as Head of College. The charity and the Society work closely with Marilyn and her team including College Chaplain, Virginia (Ginny) Gordon Arthur.

Activities

The charity supports initiatives led by the Head of College, the Chaplaincy Team and other key personnel in the College, to develop the 'spiritual' quality and ethos of academic life in the College, including a sense of belonging to a college community, and the work of the Catholic chaplaincy at the College. This includes support for key events, the College Chaplaincy and the onsite intentional Christian Community.

The philosophy of education at Digby Stuart College is underpinned by the values expressed through the five goals of Sacred Heart Education.

The charity retains stewardship and use of key buildings within the College including Barat House, a former convent, the Sacred Heart and St Thomas Chapels. Barat House is home to the intentional Christian Community, supported by the charity. It also houses the Society’s archive, a resource for historians, academic researchers and religious.

2024 is a landmark year for the college as we mark the 150th anniversary of the establishment of the college by the Society of the Sacred Heart and the 20th anniversary of the foundation of Roehampton University.

Events

During the report period, the charity supported and contributed towards the funding of a series of regular events including a range of additional activities designed to commemorate the College’s anniversary.

In total, 1860 people attended 15 events.

As autumn term began, the college hosted a welcome week attended by 150 residential students.

In October 2024, 80 guests including staff, students and members of the Society attended the Mater Admirabilis formal dinner. The evening began with a feast Mass followed by dinner and social.

Digby Stuart College 3

Report of the trustees Year to 30 June 2024

Mission and activities (continued)

Events (continued)

40 staff and students attended Remembrance Day ceremonies at the Digby Stuart War Memorial including interfaith prayers, the laying of wreaths and a renewed collective commitment to peace.

A combined 250 guests comprising staff, students, Society members and guests attended the switching on of the college Christmas lights and the university carol service. The latter event, hosted by the chaplaincy team. In advance of the carol service, children from the local Sacred Heart Schools sang carols at the college tree.

In January 60 new postgraduate students were welcomed to the college community.

February saw the first of the celebrations to mark the 150th anniversary of the college when 300 students attended the college birthday party. The anniversary celebrations continued in April when the charity funded a celebratory fete attended by 450 staff, students and members of the Society. Digby Stuart College has a long heritage in teacher education. In May, as part of the birthday celebrations, 159 alumni attended a reunion day at the college. At this first reunion for five years, alumni, staff and students were joined by special guests including Rt Reverend Philip Moger, Auxiliary Bishop of Southwark and Vice- Chancellor Jean- Noel Ezingeard.

Chaplaincy Update: 2023/2024 Academic Year

Barat House Intentional Christian Community

The Charity supports the community through the provision of accommodation in Barat House, a former convent. During the period 3 students lived in community and were supported by the Chaplaincy Team. This community is run jointly with the Methodist Chaplaincy at Southlands College. This arrangement is of benefit to the students who live there and to the college. However, it is notable that with term patterns changing it is harder to have a sense of ‘one community’ traveling together for an academic year. Along with our colleagues at Southlands, we have undertaken a review of the community. We plan to pause accommodation provision when the current students leave in 2025, whilst we develop further plans for the community.

Schools Network

Digby Stuart College is an active member of the Society’s Schools and College Network. In July 2023, the college hosted several retreat days for Sacred Heart Network and other partner schools including St Richard Reynolds and St John Bosco College.

The Head of College is an active member of the Schools Network and attended the Headteachers’ conference organised by the Schools Network Team and funded by the Society.

Digby Stuart College 4

Report of the trustees Year to 30 June 2024

Mission and activities (continued)

Chaplaincy Update: 2023/2024 Academic Year (continued)

HCPT (the Handicapped Children Pilgrimage Trust trip to Lourdes)

Each year, funding from the charity enables student helpers to support travel to Lourdes for disabled children and their families. This year’s trip led by the Chaplaincy Team took place between March 31st and April 6th. 11 student helpers took part in the training programme and the trip, with those who participated describing the personal impact for them.

“Although carrying wheelchairs upstairs does not sound that exciting, it really was an amazing opportunity where I met many inspiring individuals who face daily challenges with extraordinary courage. Their resilience and joy taught me valuable lessons about kindness and patience’ Student Helper

Ecumenical Christian Chaplaincy

Monthly collective worship between the three Christian college chaplains happens on Sundays and travels between the college chapels. Service focuses included: Beginning of the academic year welcome, the Week of Prayer for Christian unity, Lent and Easter. We gathered on several occasions: including for a Pancake breakfast in the Base and our annual Ash Wednesday ecumenical service in the Sacred Heart Chapel, which again was very well attended. Part of our Lenten practice was walking the chapel Stations of the Cross in Holy Week.

Visit with the Archbishop of Southwark

At the beginning of Spring Term, the Chaplaincy Team and a small group of students joined a diocesan student group for a tour of St George’s Cathedral and a Q&A session with the Most Reverend John Wilson, Archbishop of Southwark. Following a mass, the gathering concluded with a pizza party.

Pastoral Conversations and Listening Service:

The pastoral work continues with more students from the college requesting times to talk and reflect together, as well as with staff from different corners of the university. Pastoral topics can be far ranging from bereavement, loneliness, concern for the future and seeking God in times of hardship.

Archive and Historic Buildings

The historic buildings on the site comprise several distinct and adjoined buildings. Amongst these are:

Digby Stuart College 5

Report of the trustees Year to 30 June 2024

Mission and activities (continued)

Archive and Historic Buildings (continued)

Barat House is home to the Society’s archive. The archive chronicles the nineteenth and twentieth century development of the Society’s provision of primary, secondary, and tertiary education in England and Wales, the evolution of its mission since Vatican II and the lives and work of the women who comprised its members.

Holdings include extensive paper records, art and religious artifacts and ephemera. An Archivist, employed by the Society is onsite three days each week and responds to queries from academics and others.

During the report period, the archive has been decanted and re-organised to facilitate access and onsite visits. The archivist has responded to thirty individual requests for information or research.

Our Future Plans

Digby Stuart College is a registered charity (Charity Registration No 1050470) and is governed by a Scheme of the Charity Commissioners dated 2 October 2007.

Key management personnel

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

The trustees receive no remuneration or reimbursement of expenses in connection with their duties as trustees.

Digby Stuart College 6

Report of the trustees Year to 30 June 2024

Investment Policy

The charity has a portfolio of listed investments with a market value of £1,169,041 (2023 – £1,069,018). The investments are managed by CCLA Investment Management Limited, which operates within specific guidelines, which are set and regularly reviewed by the trustees.

There are no restrictions on the charity’s power to invest.

The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. The overall investment policy is to maximise total return through a diversified portfolio, aiming to provide the level of income advised by the trustees and, at the same time, with a view to ensuring that the real capital value of the fund does not fall over any five year period.

The trustees, or representatives of the trustees, meet with the investment managers regularly to review the performance of the portfolio and the investment strategy.

Fundraising Policy

The charity does not carry out any direct fundraising with the public. It does not use the services of any third party organisation to help in its fundraising activities and no complaints were received about its fundraising activities during the financial period. However, if a complaint was to be received, it would be handled by a trustee.

Financial Review

Results for the period

A summary of the results can be found on page 25 of the attached accounts.

Income for the year to 30 June 2024 amounted to £33,051 compared to £32,523 for the year to 30 June 2023. Expenditure totalled £27,170 (2023 – £3,300). Net investment gains of £100,023 (2023 – investment gains of £24,175) resulted in net income and a net increase in funds for the year of £105,904 (2022 – net income and a net increase in funds £53,398).

Investment performance

The capital return for the period was 9.4% (2023 – 2.3%). The income yield was 3.1% (2022 – 3.1%).

The trustees are satisfied that their investment objectives will be met in the long term.

Reserves policy

The trustees are of the opinion that there should be sufficient resources to provide flexibility to cover temporary shortfalls in income, especially in light of the volatility of world investment markets currently, and to provide future funds for scholarships to Catholic students at Digby Stuart College.

Digby Stuart College 7

Report of the trustees Year to 30 June 2024

Financial Review (continued)

Financial position

The balance sheet shows reserves of £1,621,170 (2023 – £1,155,266). Of this, £625,000 (2023 – £625,000) has been set aside to provide scholarships for students studying at Digby Stuart College. Free reserves available to support the work of the charity are those shown on the balance sheet as general funds and equate to £636,170 (2023 – £530,266) and are deemed sufficient but not excessive by the trustees.

Governance, Structure and Management

Constitution

Digby Stuart College is a registered charity (Charity Registration No 1050470) and is governed by a Scheme of the Charity Commissioners dated 2 October 2007.

Key management personnel

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

The trustees receive no remuneration or reimbursement of expenses in connection with their duties as trustees.

Trustees

New trustees are appointed by those trustees already in office at the time of the appointment and the process of appointment is organised by the chair of trustees, the Provincial Superior of the Society of the Sacred Heart, a Roman Catholic religious congregation (the “Society”). At any one time, there must be a minimum of six and not more than twelve trustees.

Members of the Provincial Council of the Society of the Sacred Heart, who are nominated by the Provincial and the nominations ratified by Rome, comprise four of the trustees. The remaining trustees have all held posts of responsibility within the province and are well equipped through experience, skill and qualification to exercise the duties of trusteeship.

Brief biographic details of the trustees who were in office at the date on which this report was approved are as follows:

Sister Christine Edwards

Chris is a retired teacher, youth worker and School Chaplain. After a prolonged association with the University of Roehampton, Chris now serves as one of the Society’s representatives on the Council of the University of Roehampton.

Digby Stuart College 8

Report of the trustees Year to 30 June 2024

Governance, Structure and Management (continued)

Trustees (continued)

Sister Catherine Lloyd

Cath is a former teacher , Head of Department and School Chaplain. A trained spiritual advisor, facilitator and organisational consultant, she has worked within formation, for the Conference of Religious of England and Wales and in international leadership for the Society’s General Council. She has been Provincial since 2019.

Sister Sheila McNamara

Following a career as a teacher, Sheila worked as Diocesan Primary Schools Adviser first in the dioceses of Westminster and Hexham and Newcastle for seven years. Sheila’s present ministry is in spirituality, working part time in an ecumenical Spirituality Centre in Durham. She has served on several Provincial Committees and is a member of the Provincial Team.

Sister Bernadette Porter

Following a school teaching career, Bernie joined the Education Department at Roehampton Institute and subsequently worked as College Principal of Digby Stuart, Pro-Rector and latterly, Vice Chancellor of the University. Bernie served as Treasurer General of the International Society. She has held several Trustee roles in educational settings.

~~—~~ Sister Lorraine Pratt Lorraine spent

Lorraine spent most of her life working in education as Head of Department, Diocesan Youth Officer, school chaplain; and then as Chair of Governors at the Sacred Heart School in Hammersmith, living with student communities in Oxford and London. She works with adults teaching dance meditation as a medium for both enjoyment and spiritual growth.

Digby Stuart College 9

Report of the trustees Year to 30 June 2024

Governance, Structure and Management (continued)

Trustees (continued)

Sister Stephanie Romaine ~~SSS~~ Sister Stephanie Romaine Following a teaching career, Steph worked in mediation, as a psychotherapist, counselling supervisor and currently works as a spiritual director. Within the Society, Steph has worked in leadership, formation and in running the Society’s retreat centre.

Sister Steph Romaine works as a

Spiritual Director and accompanies retreats for students and parishioners in Newcastle and Durham. Another focus of Sister Steph’s work is at the Ministeracres Retreat Centre where she co-leads days for the bereaved as part of the Diocesan Bereavement Team.

Sister Marianne Tavares

A trained nurse and complementary therapist, Marianne has worked in hospitals, in the community and in palliative care settings in the UK and Canada. A member of the Provincial Team, Marianne has pastoral responsibilities in Duchesne House.

~~SSS~~ Sister Margaret Wilson

Margaret’s career has been in education as a teacher and head of the RE Department. A trained spiritual advisor, Margaret has worked in varied settings. Margaret has worked in formation and in Provincial administration in the Society. She is currently Provincial for the area of Malta.

Digby Stuart College 10

Report of the trustees Year to 30 June 2024

Governance, Structure and Management (continued)

Statement of trustees’ responsibilities

The trustees are responsible for preparing the report of the trustees and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the situation of the charity and of the income and expenditure of the charity for that period.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s governing document. 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.

The trustees are responsible for the maintenance and integrity of financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Organisation

The trustees have the final responsibility for the policies, activities, and assets of the charity. They meet annually to review developments regarding the charity and to make significant decisions which are implemented by senior staff of the Society in consultation with the trustees.

Risk management

In line with the requirement for charity trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the charity currently faces and have reviewed the measures in place, or needing to be put in place, to deal with them. The trustees have identified five main areas where risks may occur:

Digby Stuart College 11

Report of the trustees Year to 30 June 2024

Governance, Structure and Management (continued)

Risk management (continued)

Governance and management looks at the risk the charity suffers from a lack of direction, the skills and training of the trustees and the good use of its funds.

Operational looks at the risk inherent in the charity’s activities of providing grants.

Financial risks include those arising because of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc.

Reputational looks at possible damage to the charity’s reputation, through association with unsuitable organisations or with inappropriate activity.

Laws, regulations, external and environmental looks at the effects of government policies, the consequences of non-compliance with laws and regulations and the effect of external matters on the charity’s principal asset, its investment portfolio.

Having assessed the major risks to which the charity is exposed, those relating to its investments and its finances, the trustees believe that by ensuring controls exist over key financial systems, and by delegating the investment management function to investment managers, subject to regular monitoring, including periodic reviews of performance against benchmark, they have established effective systems to mitigate those risks.

The key risk for the charity, as identified by the trustees, is the fact that the charity’s principal asset comprises listed investments, the value of which is dependent on movements in stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs, both now and in the future.

Connected organisations:

Details of connected charities are given in note 13 to the accounts.

Approved by the trustees and signed on their behalf by:

Sr Catherine Lloyd RSCJ Chair of Trustees Approved by the trustees on: 28 February 2025

Digby Stuart College 12

Independent auditor’s report Year to 30 June 2024

Independent auditor’s report on the financial statements to the trustees of Digby Stuart College

Opinion

We have audited the accounts of Digby Stuart College (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

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 auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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.

Digby Stuart College 13

Independent auditor’s report Year to 30 June 2024

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11 the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Digby Stuart College 14

Independent auditor’s report Year to 30 June 2024

Auditor’s responsibilities for the audit of the accounts (continued)

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

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:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Digby Stuart College 15

Independent auditor’s report Year to 30 June 2024

Auditor’s responsibilities for the audit of the accounts (continued)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's 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.

Buzzacott LLP 6 March 2025 Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Digby Stuart College 16

Statement of financial activities Year to 30 June 2024

Notes
2024
£		 2023
£
Income from:
Investments and interest receivable
1
Total income
Expenditure on:
Charitable activities
2
Total expenditure
Net income before gains on investments
Net gains on investments
8
Net income and net movement in funds
4
Reconciliation of funds:
Balances brought forward at 1 August 2023

Balances carried forward at 30 June 2024
33,051		 32,523
33,051 32,523



27,170		 3,300
27,170 3,300

5,881


100,023		 29,223
24,175


105,904


1,155,266		 53,398
1,101,868
1,261,170 1,155,266

All recognised gains and losses are included in the above statement of financial activities.

All income and expenditure for the above two financial periods was unrestricted.

All of the charity’s activities derived from continuing operations during the above two financial periods.

Digby Stuart College 17

Balance sheet 30 June 2024

30 June 30 June
2024 2023
Notes £ £
Fixed assets
Tangible fixed assets 7 1 1
Investments 8 1,169,041 1,069,018
1,169,042 1,069,019
Current assets
Debtors 9 8,272 8,008
Cash at bank and in hand 106,200 85,553
114,472 93,561
Liabilities
Creditors: amounts falling due within one year 10 (22,344) (7,314)
Net current assets 92,128 86,247
Total net assets 1,261,170 1,155,266
The funds of the charity:
Unrestricted funds
. General funds 636,170 530,266
. Designated funds 11 625,000 625,000
1,261,170 1,155,266

Approved by and signed on behalf of the trustees by:

……………………………………..

Trustee

Approved by the trustees on: 28 February 2025

Digby Stuart College 18

Principal accounting policies 30 June 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year ended 30 June 2024 with comparative information given in respect to the year ended 30 June 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts does not require the trustees to make any significant judgements or estimates.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. With regards to the next accounting period, the year ending 30 June 2026, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (please see the risk management sections of the trustees’ report for more information).

Income

Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured reliably and it is probable that the income will be received.

Income for the charity comprises investment income, interest receivable and other income.

Investment income comprising dividends is recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Digby Stuart College 19

Principal accounting policies 30 June 2024

Income (continued)

All other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value of the consideration receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities as described in the report of the trustees.

Charitable grants and donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

Governance costs include costs which are directly attributable to legal procedures necessary for compliance with statutory requirements. These are included within charitable activities.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support costs

Support costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

All expenditure on support and governance is attributed directly to the charitable activities of providing land and buildings and to assist in the development of the Roman Catholic College (Digby Stuart College) and hence there has been no apportionment between headings.

Cash flow statement

The financial statements do not include a cash flow statement, because the charity, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

Digby Stuart College 20

Principal accounting policies 30 June 2024

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity at the discretion of the trustees.

The designated funds are monies set aside out of general funds and designated for specific purposes, although the trustees may ultimately use such funds for other purposes.

Digby Stuart College 21

Notes to the accounts 30 June 2024

1 Investments and interest receivable

2 2024
£		 2023
£
Income from listed investments
Investment funds		 33,051 32,523
Charitable activities 2024
£		 2023
£
Digby Stuart College grant
HCPT Lourdes trip
Governance costs (note 3)		 15,000
8,000
4,170		 —
—
3,300
27,170 3,300
3
4		 Governance costs 2024
£		 2023
£
Professional fees
Bank charges		 4,110
60		 3,240
60
4,170 3,300
Net income and net movement in funds
This is stated after charging:
2024
£		 2023
£
Auditor’s remuneration
. Statutory audit services
.. Current year
.. Under accrual forprioryear		 3,600
510		 3,240
—

5 Staff costs and remuneration of key management personnel

The charity employed no staff during the period (2023 – none) and hence incurred no staff costs (2023 – none).

The trustees consider that they comprise the key management personnel of the charity.

No trustee received any remuneration in respect of their services during the period (2023 – £nil). Expenses incurred by the trustees in the performance of their duties were not reimbursed during the period (2023 – £nil).

Digby Stuart College 22

Notes to the accounts 30 June 2024

6 Taxation

Digby Stuart College is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

7 Tangible fixed assets

Tangible fixed assets
Freehold
land
£
Cost
At 1 July2023 and 30 June 2024		 1

The land that is in the ownership of the charity is registered under two title numbers.

With effect from midnight on 31 July 2008, the charity granted a 125 year leasehold interest in the land and buildings comprising Digby Stuart College, in return for a peppercorn rent. The lease agreement effectively transferred the economic and/or financial benefit of the charity’s freehold land and buildings to the University for the period of the lease.

With effect from 7 August 2014, the trustees agreed that the above mentioned freehold land and buildings at Digby Stuart College, Roehampton Lane, London SW15 5PH registered under title numbers TGL 127591 and TGL 129493 may be used as security for loan facilities of up to £90.1 million to be utilised and repaid by Roehampton University (the “University”). The loan was advanced to the University by Lloyds Bank plc to enable a significant capital programme as part of its ongoing strategic development. The work included the construction of new library buildings and facilities for students.

8 Investments

Investments
2024
£		 2023
£
Listed investments at market value
Market value at 1 July 2023
Net unrealised investment gains (losses)
Market value at 30 June 2024
Historical cost of listed investments at 30 June 2023		 1,069,018
100,023		 1,044,843
24,175
1,169,041 1,069,018
909,221 909,221

Investments at 30 June 2024 comprised the following:

2024 2024 2023 2023
Holding Market
value of
holding
£		 Percentage
of portfolio
%		 Market
value of
holding
£		 Percentage
of portfolio
%
COIF Charities Ethical Investment Fund 1,169,041 100 1,069,018 100

All listed investments within the above Fund were dealt in on a recognised stock exchange.

Digby Stuart College 23

Notes to the accounts 30 June 2024

9 Debtors

Debtors
2024
£		 2023
£
Investment income receivable 8,272 8,008

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Accruals
Amount due to Society of the Sacred Heart CIO		 3,600
18,744		 3,570
3,744
22,344 7,314

11 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1 July
2023
£		 New
designation
£		 Utilised/
released
£		 At 30 June
2024
£
Velda Lee scholarshipfund 625,000 — — 625,000
At 1 July
2022
£		 New
designation
£		 Utilised/
released
£		 At 30 June
2023
£
Velda Lee scholarship fund 625,000 — — 625,000

Velda Lee scholarship fund

These funds have been set aside to provide funds for the provision of scholarships to Catholic students studying at Digby Stuart College.

12 Analysis of net assets between funds

General
funds
£		 Designated
funds
£


Total
30 June
2024
£



General
funds
£


Designated
funds
£


Total
30 June
2023
£
Fund balances are represented
by:
Tangible fixed assets
Investments
Net current assets		 1
544,041
92,128		 —
625,000
—		 1

1,169,041
92,128
1

444,018

86,247
—

625,000

—		 1

1,069,018
86,247
636,170 625,000
1,261,170
530,266
625,000
1,155,266

Digby Stuart College 24

Notes to the accounts 30 June 2024

12 Analysis of net assets between funds (continued)

The total unrealised gains as at 30 June 2024 constitute movements on revaluation and are as follows:

2024
£		 2023
£
Total unrealised gains included above:
On investments
Reconciliation of movements in unrealised gains
Unrealised gains at 1 July 2023
Add (less): net gains (losses) arising on revaluation in the period
Total unrealisedgains at 30 June 2024		 259,820 159,797
159,797
100,023		 135,622
24,175
259,820 159,797

13 Connected charities and related party transactions

The Digby Stuart College is connected to Society of the Sacred Heart CIO (Charity Registration No. 1179288) by virtue of the fact that the charities have the same trustees, use the same principal address and share their administration facilities.

At 30 June 2024, the Charity owed the Society of the Sacred Heart CIO £18,744 (2023 – £3,744) in respect of governance costs and Digby Stuart College Grant paid by the Society on the Charity’s behalf.

There are no other related party transactions requiring disclosure (2023 – none).

Digby Stuart College 25