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2021-08-31-accounts

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EST. 1593
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CONTENTS

Trustees’ Annual & Strategic Report 4
• Background of Stonyhurst College 4
• Key Information inc Trustees, Management
Personnel & Service Providers 5
• Structure, Governance and Management 6
• Objectives & Activities 9
• Achievements & Performance 10
• Financial Review 18
• Future Policy 22
Auditor’s Report 25
Consolidated Statement of Financial Activities 28
Consolidated and Charity Balance Sheets 29
Consolidated Cash Flow Statement 30
Notes to the Accounts 31

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TRUSTEES’ ANNUAL & STRATEGIC REPORT

BACKGROUND

Stonyhurst College is a Catholic school in the Jesuit charism. The Board of Trustees of Stonyhurst College present its report and consolidated financial statements for the year ended 31 August 2021 in accordance with the Companies Act 2006 and the Charities Act 2011, together with the audited accounts for the period. The Board of Trustees confirm that the latter comply with the requirements of the Companies Act 2006, the Charities Act 2011 and the Charities SORP (FRS 102).

Stonyhurst College is an independent, co-educational Jesuit boarding and day school set in 1,000 acres of Britain’s most stunning countryside in the North West of England. Founded in 1593, the College has been welcoming and educating pupils from around the world for over 400 years. Set in a magnificent Grade I listed building, the College has a fascinating heritage, fine reputation and excellent facilities.

CONSTITUTION

Stonyhurst was incorporated as a company limited by guarantee on 27 June 2008 and is registered as a charity.

It commenced to operate as an independent charity on 1 September 2009. The charitable company’s governing document is the Memorandum and Articles of Association.

CHARITABLE OBJECTIVES

The charitable objectives of Stonyhurst are to:

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KEY INFORMATION INCLUDING TRUSTEES, MANAGEMENT PERSONNEL & SERVICE PROVIDERS

CHARITY TRUSTEES & DIRECTORS

(All Trustees are Directors of Stonyhurst)

Mr A Chitnis (Chair) Mrs C Keunen (Deputy Chair) Mr M Davis (Retired 31st August 2021) Dr A Brady (Appointed 1st September 2021) Fr R Dawson SJ Mrs J Dodd Mr D Finn Mr C Foulds Mr S Glassbrook Dr M Guzkowska Mr G Lagerberg Dr N B Mellows Fr M Power SJ Mrs S Raffray (retired 31st August 2021)

KEY MANAGEMENT PERSONNEL

Headmasters Mr J R Browne Mr I Murphy (St Mary’s Hall, SMH) Bursar & Clerk to the Trustees/ Company Secretary Mr S P Marsden SOLICITORS Employment Lawyers Weightmans LLP 100 Old Mall Street Liverpool L3 3QJ Education Lawyers Veale Wasbrough Vizards LLP Orchard Court Bristol BS1 5WS Estate & Blackhurst Swainson Goodier LLP Property Lawyers 10 Chapel Street Preston PR1 8AY BANKERS NatWest Spinningfields Square 182 Deansgate Manchester M3 3LY AUDITORS RSM UK Audit LLP Chartered Accountants 3 Hardman Street Manchester M3 3HF

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STRUCTURE, GOVERNANCE & MANAGEMENT

GOVERNING BODY (Up to 13 appointed Trustees & 3 Foundation Members) STANDING COMMITTEES

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NOMINATIONS & GOVERNANCE
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SAFEGUARDING & WELLBEING
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FINANCE & GENERAL PURPOSES
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EDUCATION
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REMUNERATION
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INTERNATIONAL
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EXTERNAL AFFAIRS
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LIBRARIES, ARCHIVES & COLLECTIONS
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FINANCE & GENERAL SAFEGUARDING &
PURPOSES COMMITTEE EDUCATION COMMITTEE WELLBEING COMMITTEE NOMINATIONS COMMITTEE
CHAIR: CHAIR: CHAIR: CHAIR:
Mr G Lagerberg Dr M Guzkowska Dr N Mellows Mrs C Keunen
Mr A Chitnis Dr A Brady Mr C Foulds Mr A Chitnis
Mrs J Dodd Mr C Foulds Dr M Guzkowska Fr R Dawson SJ
Mr S Glassbrook Dr N Mellows Fr M Power SJ
Fr M Power SJ
REMUNERATION EXTERNAL AFFAIRS LIBRARIES, ARCHIVES & INTERNATIONAL
COMMITTEE COMMITTEE COLLECTIONS COMMITTEE COMMITTEE
CHAIR: CHAIR: CHAIR: CHAIR:
Mr A Chitnis Mr S Glassbrook Mrs C Keunen Dr M Guzkowska
Dr M Guzkowska Mr D Finn Mr A Chitnis Mr D Finn
Mrs C Keunen Mrs C Keunen Mr D Finn
Mr G Lagerberg
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and due to a number of strategic and environmental changes at Stonyhurst

The Governing Body operates with the support of the Standing Committees and working groups of Trustees and Executive. Meetings of the Governing Body are held termly, with any additional meetings convened when required.

Where possible the Trustees consider that the skills and experience of the Board should comprise the following:

The Trustee selection process aims to ensure that the Board collectively has the skills and experience to fulfil its functions.

Trustees are recruited on the basis of nominations and selected when a post becomes available. The Governing Body look to ensure a mix of skills, and select new Trustees on the basis of background, competence, specialist skills and Christian commitment.

Trustees are provided with induction training by the Headmasters, Bursar and Clerk to the Trustees and staff and a wider programme of training events is organised by Stonyhurst College. The terms of office for Mr Chitnis, as both Governor and Chair of the Board, were extended beyond the nine year period until 31st October 2023 to ensure an appropriate transition for succession occurs

One Trustee may have one or more of these skills.

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The governance of Stonyhurst is accomplished through the requisite meetings of the Members and meetings of the Board of Trustees and its constituent committees.

The day-to-day management of Stonyhurst is delegated to the two Headmasters and the Bursar and Clerk to the Trustees. They are all appointed by the Board of Trustees. Both Stonyhurst College and St Mary’s Hall are subject to external inspection of education and pastoral care by various statutory bodies.

The remuneration of key management personnel is set by the Board through the Remuneration Committee, the policy objective being to encourage enhanced performance and to reward individuals fairly for their specific contributions to the overall success. The Remuneration Committee have access to the Association of Governing Bodies in Independent Schools who publish annual Independent Schools benchmarking results when making any recommendations on remuneration.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that Stonyhurst remains sensitive to the broader issues of pay and employment conditions elsewhere.

Delivery of Stonyhurst’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

SUBSIDIARY COMPANIES AND RELATED PARTIES

Stonyhurst has a wholly-owned non-charitable subsidiary, Stonyhurst College Developments Ltd, undertaking commercial activities which do not conflict with the educational and religious character of the school. Its annual profits, where possible, are donated to Stonyhurst under the Gift Aid scheme and the results of this subsidiary are included in the consolidated financial statements.

Stonyhurst is also the sole corporate trustee for the Stonyhurst Charitable Fund, whose primary purpose is to provide educational grants. The results of this subsidiary are included in the consolidated financial statements.

Stonyhurst is also the sole corporate trustee for the Stonyhurst International Limited, which remains registered as a dormant company.

Stonyhurst has trustee representatives on the board of the following independent charities: The Christian Heritage Centre at Stonyhurst and the newly formed Stonyhurst Foundation.

EMPLOYMENT POLICY AND ENGAGEMENT

Stonyhurst is committed to promoting equal opportunities in employment. All employees and any job applicants receive equal treatment regardless of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, gender or sexual orientation.

The College’s employment policy clearly sets out our approach to equal opportunities and the avoidance of discrimination at work. It applies to all aspects of employment, including recruitment, pay and conditions, training, appraisals, promotion, conduct at work, disciplinary and grievance procedures, and termination of employment.

Consultation with employees, or their representatives, is continuous and aims to reflect the views of employees when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of Stonyhurst through regular staff training days and information.

Engagement with suppliers, customers and others in a business relationship with Stonyhurst

Stonyhurst seeks to engage actively and positively with

all stakeholders in the local community and in the wider educational landscape. Collaborative relationships with suppliers, parents, educational partners and community leaders are key to achieving success in all the group’s operations.

During the year, the group has further promoted this engagement though specific initiatives including:

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PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees have identified the principal risks to which Stonyhurst is exposed, several of which arise out of the continuing uncertain economic environment.

These risks are mitigated and managed as follows:

Principal risks:

These risks are mitigated and managed as follows:

Through the College’s risk management processes, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary.

Further risks that the Trustees have identified are in relation to the on-going impact of the pandemic, including loss of pupil numbers, parental requests for fee refunds, reduction in fees paid in advance and a reduction in the recoverability of fees where parents’ financial situations may be significantly affected by the pandemic. Further details are noted in the Accounting Policies.

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OBJECTIVES AND ACTIVITIES

In the provision of its charitable objectives, Stonyhurst seeks to meet the public benefit requirements of the Charity Commission. In confirming its objectives, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. Stonyhurst provides financial assistance to over 300 students by means of Bursaries and Scholarships.

The principal activity of Stonyhurst is the provision of education for boys and girls aged between 3 and 18 years of age. As a boarding and day school Stonyhurst is resolutely faithful to the teachings of the Roman Catholic Church and to the educational principles of the Society of Jesus. We are proud of our Catholic heritage, pedagogy and tradition.

Stonyhurst is committed to promoting Jesuit values and is world-famous as a centre of excellence in the Jesuit tradition.

Stonyhurst continues to welcome young people and staff of all Christian traditions and faiths, encouraging them to participate in the rich and vibrant spiritual life of the school.

The student body has always been drawn from a global and diverse community which enriches the education and cocurricular activities of the pupils. The 2020-21 academic year ended with over 700 pupils across both schools, from more than 30 nationalities.

This international dimension is reflected in Stonyhurst’s links with other Jesuit schools, as well as the wider Stonyhurst

‘family’ throughout the world. Two thirds of our pupils are Roman Catholics, while one third of them join us from overseas. You will find Stonyhurst alumni serving others and in leadership roles around the world.

The Stonyhurst Mission is to:

Alongside the international atmosphere cultivated at Stonyhurst, we are equally invested in enabling young people from lowincome backgrounds access to a Stonyhurst education, breaking barriers to social mobility.

OUR MISSION

‘...is to make a Jesuit education accessible to all who seek it, making the best possible resources available to develop the whole person, whilst removing any financial barriers to entry. To make this a reality, we have to be prepared to offer financial support where needed.’

Stonyhurst is an integral part of the wider community and plays an important role in promoting and supporting Lancashire as a place to live, work and visit. We continue to play a part as a major employer in the Ribble Valley, as well as supporting a multitude of local and regional service providers. As a consequence of the organisations’ operations, the annual payroll taxes generate in excess of £3m.

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STRATEGIC REPORT

had to be creative and agile in a manner befitting the long history of this school, which had to move three times before arriving here because of turbulent times on the continent.

ACHIEVEMENTS & PERFORMANCE

This year was characterised by the Jesuit phrase ‘one foot in the air’, always ready for the next challenge. It has been a year that has shown the agility and creativity of all our staff to help each young person to become the best version of themselves despite the ever-changing context of a global pandemic.

Since early 2020, our journey was from the physical to the virtual with the rapid deployment of Stonyhurst Anywhere, our online digital platform, offering support and learning to our pupils and their families through these trying times, putting Quant Je Puis - ‘All That I Can’ - at the heart of all that we do. This transformation continued throughout 2021, as we emerged out of the pandemic restrictions.

We have also seen the resilience of our children and young people as they dealt with this completely unforeseeable disruption to their lives and their education.

The challenge of moving a 400-year-old school online was no small undertaking, and as the waters recede and life returns to normal, the lessons we have learned from this experience will stay with us and inform the work that we do in the future.

Reflecting on their achievements and those of our staff in supporting them brings to mind a theme from Let Us Dream by Pope Francis. In it he speaks about these times we have lived through as an ‘overflow moment’, like when a great river bursts its banks and floods the surrounding land.

Stonyhurst is now in a stronger strategic position for the years ahead.

The waters will recede, but the land will be forever changed, and so it will be with Stonyhurst. In this academic year, we

ACHIEVEMENTS & PERFORMANCE

The achievements and performance of Stonyhurst College and Stonyhurst St Mary’s Hall Preparatory School have been divided into our four strategic themes:

1 Academic Excellence

2 Faith that does Justice

3 Perspective & Horizons

4 Accessibility and Sustainability

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1 Academic Excellence

‘The world is charged with the grandeur of God’ Gerard Manley Hopkins SJ

Stonyhurst College

Following the summer term lockdown, it was a welcome return to school in September 2020. Despite the success of Stonyhurst Anywhere and a highly commendable set of GCSE, A Level and IB results in 2020, there was a sense of relief at being back in the building.

The hope of a return to normality was, however, short-lived, with prescriptive guidance as to mask wearing, spacing, and the sanitisation of rooms after each class. Many curriculum restrictions remained in place and brought about increasingly creative strategies to continue with assemblies and cocurricular activities.

the 246 A Level and the 755 GCSE examination entries last summer, Stonyhurst had 6 stage one appeals, none of which were progressed to stage two. Grades issued were as follows:

IBDP:

GCSE:

IBCP:

A Level:

Stonyhurst Anywhere continued to be the modus operandi in lessons in order to ensure continuity of education when pupils and teachers were required to isolate. Curriculum plans were adapted to maximise opportunities for assessment with our examination year groups, given our experience in 2020. At the start of November when the country went into a second lock-down, we were fully prepared for online teaching and already had a bank of data and evidence for our examination cohorts.

Summer 2021 examination results were awarded via a process of Teacher Assessed Grades (TAGs). Unlike in 2020 where results were based on teacher predictions, grades last year were based on the results that pupils achieved in a number of internal exam-style assessments taken towards the end of their course.

Schools interpreted the Ofqual guidelines in different ways. We chose to run a series of internal assessments for GCSE and A Level between Easter and May half-term. This process was onerous for pupils, with numerous assessments per subject, and for teachers who marked, moderated and graded multiple scripts. Outcomes for pupils were highly positive, as expected, given the scheme of assessment and because our pupils were taught throughout lock-down.

The IB had a different approach. Pupils were required to complete the usual Internal Assessments (IAs) which were marked and graded by IB examiners and considered alongside teachers’ predicted grades. IB results were similarly strong with very few teacher predictions being changed during moderation.

There were very few appeals following publication of results. The appeals process comprised two stages: stage one, an internal appeal, and stage two, an exam board appeal. Of

St Mary’s Hall

’The significance of St. Ignatius’ challenge to us to ‘go forth and set the world on fire’ was re-focussed in the first term through the lens of a continuing SMH educational experience in the pandemic. Just as Jesus walked with two disciples on the ‘Road to Emmaus’ the staff of SMH walked even more closely alongside each child at this time; nourishing their spiritual life and helping each to ‘find God in all things’ so that they may be in generous service to others, and begin to change the world. To this end, our pastoral systems that are typically rooted in close physical and emotional connections with the children and their families had to come increasingly to the forefront. This went beyond children and families and included staff and their own lives.

With all this in mind and the planning and preparation in place, we managed a very strong and consistent school experience throughout the first half of term, despite hitting a significant Covid bump in the first two weeks in November. The availability of teachers and other staff alongside being very watchful for their physical and emotional wellbeing was a key focus.

Overall, the educational experience that has maintained its breadth, quality and richness in the region of 90% normality. The school welcomed many new arrivals in September to our school family and then significant events such as the Interline Cross Country and the Music Concert were captured and subsequently shared as film and through openly available photography in the early weeks. Upon a weekly basis the curriculum was driven forward – with teaching and learning being the centre stage. Learning was deep and considerable content covered. The staff and pupils were agile in their ability to slip into the virtual offering or even a hybrid arrangement to help support individuals in isolation.

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Innovation shone through including WWII themed days in Upper Prep (including working with the CCF) and some Vikings prepared their raid on Lower Prep. Our weekly celebration of Mass (shared on Microsoft Teams), the full evening Activities Programme (up until the November lockdown period), the boarding experience, alongside Tennis, Music and LAMDA programmes and not to mention the fiercely competitive Line Competition, enabled as much of the individualised and child centred experience as possible. Within the parameters of the restrictions upon us there was a shared goal to protect and nurture the child’s overall education –including aspects of competition, wider performance, fun and friendship, and of course, spiritual growth.

We managed to maintain a Games and Physical Education programme with (relatively) few changes apart from the requirements stated by the governing body for each sport. The challenges, however, came from the limited opportunities for fixtures and matches against other schools. The staff improvised for this lack of meaningful competitive situations, by reverting to, and creating, Inter Line sports competitions including rugby, hockey and swimming. We also created a mixed (co-educational) interline sports event that ran over several Saturdays the term.

The Easter term began online due to the sudden January lockdown. Onsite testing for Figures and Rudiments day pupils and those boarders not already in residence ran across Sunday7th March, and as a result all pupils were clear to begin school form first thing on Monday morning.

Music and LAMDA lessons had taken place online but all these additional opportunities were back in situ and live –as of the 8thMarch. The SMH Activities programme was relaunched and was extensive, despite some restrictions upon bubble mixing and the opportunities indoors.

In lockdown we provided full nursery provision throughout, alongside 45 day pupils, approximately, in the keyworker operation onsite, and we were blessed with a very buoyant and happy boarding bubble of 41 full boarders (of 58 weekly/ full boarders on roll). This bubble absorbed our vulnerable children and those boarders who are extensively supported by the Foundation.

The quality and consistency of the teaching online is worthy of mention, as is the additional layers of support and the broader opportunities online. The mission related content and the platforms for spiritual guidance and full engagement in the Catholic life (of SMH) for the full school community across the globe are significant.

Stonyhurst Anywhere for the pupils and staff of SMH evolved during this second full lockdown and the offer was broader, stronger and more agile on this second delivery.

SMH spent the summer in very good heart and was increasingly dynamic as the summer term unfolded. We were able to revert to an almost full schedule of cricket, athletics and Tennis matches, and ran our summer LAMDA and Music (ABRSM) examinations. Rudiments were able to rehearse fully, for their production of ‘We Will Rock You’, throughout the term. The full breadth of academic assessment and examinations took place, just after half term and a programme of local school trips and educational visits, within the restrictions, followed during Enrichment Week. The boarders’ spent a very enjoyable weekend, down at the Hodder, for their annual camp, and the sun shone brightly. The breadth of opportunity and engagement was very considerable until we hit a major Covid strike in the Rudiments year group in the final week of term. This led to pupil and staff self-isolation, leading to cancellation of the production and unfortunately, truncated events for Parents’ Weekend. A very much reduced capacity prize-giving, was live streamed to parents, as was the sports day event. We were also not able to gather for our Parents’ Weekend Mass in St Peter’s Church, which was a pity as it is such an uplifting occasion for the whole school. However, the younger year groups were much less impacted in the final week(s) and enjoyed an almost close to previous norm for the summer term period.

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2 Faith that does Justice

St Irenaeus ‘The glory of God is a human being fully alive’

Stonyhurst College

A strong culture of keeping children and young people safe is central to the Stonyhurst mission and our vocation of accompaniment is vital to ensure that every child feels ‘known and loved’.

The academic year 2020 – 2021 saw continued disruption due to the ongoing pandemic. During the previous Easter term pupils had been repatriated to their home countries at very short notice, and it was only in September 2020 that pupils began to return to the campus in numbers, albeit living here with varying degrees of restriction imposed by the government. The success of Stonyhurst Anywhere, which had made learning available online, was replicated by the chaplaincy: Fr Tim continued to celebrate Mass for the college, and pupils were able to participate from their playrooms virtually.

Sadly, though, this meant that the school was not able to come together for the two great feast days of the school year, Campion Day and the feast of the St Omer’s Martyrs, and some of the great hymns and other choral works we are used to hearing on those occasions were sung only by a small, socially distanced choir. In December, we were privileged to have Fr Sam Burke OP (OS) come and say Mass for Campion Day from St Peter’s (while the school watched from playrooms). Continuing restrictions in 2021 meant that we had no visiting celebrant for St Omer’s Martyrs, but we were very pleased that our own Fr Tim celebrated Mass in St Peter’s while the school participated virtually. It wasn’t until the Passion Service at the end of the Easter term that many pupils were able to experience St Peter’s church for the first time.

We continued to reflect on our care of creation, with Faith in Action pupils creating a prayer video for families to use in their own homes. They also embarked on a project with St Vincent’s school for children with visual impairment, to create carbon capturing tech to reduce car emissions.

St Mary’s Hall

Throughout the pandemic, SMH strove to sustain and nourish the “community”. Christmas Term 2020 saw pupils continuing in “bubbles” with no whole school gatherings. Different playrooms led the weekly Mass in the theatre, with other pupils joining via Teams. Parents were able to

access Mass as they had done in the summer and this weekly gathering contributed to a sustained sense of community. Our infant-loss liturgy (for parents/staff) took place via Zoom as did our half-termly introduction to Ignatian Spirituality sessions for parents. We were able to have a parent-led Mass from the chapel with the whole school online.

First Communions postponed from the summer took place at the parish Masses in St Peter’s from September to December. The pupil chaplaincy team led a streamed Advent liturgy and our annual boarders’ carols and reflections by candlelight was transferred outdoors with lanterns. SMH pupils took part in the Jesuit Schools’ Advent liturgy and the end of term carol service was recorded as part of a virtual parents’ weekend. Pupils participated in the (Educate Magi’s) Global Christmas Prayer link with Jesuit schools overseas.

Sacramental preparation 2021 started on Teams but pupils were back in school to make their First Reconciliation and resume preparation session in-person. From January to early March the Boarding community were in school and led weekly streamed Masses from our chapel. The interline bakeoff became a “baking and afternoon tea” day at home for the Xavier Project. Cakes were also donated and distributed to those isolating and vulnerable in Hurst Green. Our head boy and girl took part in the recorded Easter Meditation with the College and St Joseph’s in Hurst Green.

Our weekly Xavier Project video chats with children in Kampala were suspended throughout the pandemic. As in the Summer Term 2020, pupils recorded audio Examens and SMH families, the Family Sacred Space reflections as part of our “voices from afar” initiative. These were shared via Teams for the school community but also sent to Kampala. Online resources were prepared/used for collective worship, daily Examens and assemblies. Our Jesuit Missions Climate Change Ambassadors gave playroom presentations.

In April, a chaplaincy enrichment day for Rudiments included preparation for COP 26, advocacy for the imprisoned Fr Stan Swamy SJ and a walk of prayer and reflection around the grounds. The Ignite Conference for Jesuit Junior Schools was a virtual event. Rudiment’s retreat was cancelled and we reprised the online offering from 2020. Prep and Elements had half-day retreats at Theodore House. A Mass for first communicants and their families only, took place on the penultimate weekend. A much-depleted school celebrated our Leavers’ Mass on the lawns in July.

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3 Perspectives & Horizons ‘Be who God wants you to be and you will set St Catherine of Sienna, Patron of Youth, Diocese of Salford the world on fire’

Our buildings and maintenance team were busy converting The Old Refectory which has been a store for the Collections into the new Higher Line Centre. This has provided Higher line with a space to socialise bringing the day and boarding community together.

Stonyhurst College

The diversity of the Stonyhurst Family is one of its great strengths, and during the year we hosted exchanges from Kolleg St Blasien in Germany, Marymount School in Hong Kong and Colegio Semninario, Uruguay.

Our visibility all over the world has remained strong throughout the pandemic. We have visited Mexico, Hong Kong, Germany, Spain, Austria and USA, hosting a range of virtual receptions and information evenings amongst OS, prospective families and educational agents.

It has been a remarkable 12 months which has seen our children respond to the pandemic with such positivity and enthusiasm. This generation has been part of a step change in society: accelerating in digital literacy; becoming more self-reliant in their studies; developing critical thinking and becoming more socially intelligent.

St Mary’s Hall

Pope Francis calls us to be brothers and sisters together, “Fratelli Tutti”. The pandemic has heightened this sense of being part of a global family, one that is interdependent.

Both schools have worked tirelessly to ensure that life has remained as varied and true to normal life as practicably possible. Many of the well-loved end of year events still took place last Summer. St Mary’s Hall put on their end of year parents weekend with Rudiments delighting parents with their version of ‘We Will Rock You’. The much anticipated ‘mini’ enrichment week at St Mary’s Hall still went ahead with Lower Elements spending time at Borick Hall climbing tree’s and zip wiring. At the College we celebrated Great Academies where pupils in Syntax and Rhetoric came together to celebrate their personal successes and reflect on the great friendships they have formed during their time at Stonyhurst. These well prepared Rhetoricians now embark on their own personal journeys putting into practice what they have learnt whilst at Stonyhurst to make a real difference in the world.

SMH boarders and Rudiments pupils demonstrated this in their engagement with the “Stan with Stan” social media campaign from the Jesuit Missions. This highlighted the plight of the human rights activist and Jesuit priest, imprisoned in India. Rudiments made Easter and birthday cards for his 84th birthday to be presented at the Indian High Commission. Getting ready for COP 26 was a thread running through the academic year with children building on the Care for Our Common Home in Lockdown initiative from the previous Summer and “Getting Creative for COP 26”, which they demonstrated through the medium of art.

The virtual Ignite Conference 2020/21 saw four Upper Elements pupils explore the theme of Fratelli Tutti. They connected virtually with the other UK Jesuit Junior Schools. Additionally, there were links with an initiative from a Jesuit High School in Oregon, USA and with those working for Jesuit Missions in Malawi and Guyana.

During the summer Enterprises hosted a number of successful camps ranging from Netball with Tracey Neville, Tennis with David Shaw and for the first time this year a Dance camp.

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SMH pupils prepared a presentation on the UK charity NEST Lancashire and explored how they support those who are, or have been, bullied.

SMH participates annually in the Global Christmas Prayer link. In December 2020, 8 SMH pupils shared Christmas traditions, prayers, songs and messages with pupils from Jesuit Schools in Malta, Spain, Ireland and the UK.

Local outreach included collections of food and clothing for the Nightsafe charity (for young homeless in Blackburn). Christmas parcels were delivered to vulnerable children and their families at a local Catholic primary school. SMH collaborated with the local community of Hurst Green, with volunteers delivering the cakes and biscuits donated by our families, to the isolating and vulnerable in the village. The Figures Christmas Fair 2020 took a different format of sponsored events and raffles raising funds for Acorns Special School in Preston, Maundy Relief Accrington, Cancer Research UK and Nightsafe charities.

Our diverse community of pupils and families in the UK and overseas were able to engage in and feel part of our community in many different ways during the pandemic. In some respects, the virtual offerings opened a window into life at SMH for families that are geographically distant.

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4 Accessibility & Sustainability ‘We come together to take charge of this home which has been entrusted to us’ Laudato Si, Pope Francis 2015

How the Board Complies with its Section 172 Duty

Our commitment to broaden the accessibility of a Stonyhurst education to as wide a constituency as possible was strengthened by the creation of The Stonyhurst Foundation as a new independent charity with the single aim to fund bursaries.

Section 172 of the Companies Act 2006 requires the directors to act in the way they consider, in good faith, would be most likely to promote the success of the charity to achieve its charitable purposes. The Act states that in doing so, the directors should have regard, amongst other matters, to:

The school has always provided generous bursary support from within our own funds as part of our aspiration to influence the influencers and educate those who will flourish here, regardless of their means. To build a sustainable fund and expand the reach of the programme, we are now providing funds for over 25 pupils in both the College and St Mary’s Hall through The Stonyhurst Foundation.

The likely consequence of any decision in the long-term

Stonyhurst makes all key decisions through reference to its long-term strategic plan and after projecting the timing and impact of such decisions. This strategy is primarily designed around the objective to improve educational outcome for students, but every decision and operational approach is regularly reviewed for its impact on all stakeholders and the need for any changes or modifications to decisions previously taken.

In parallel with this, we have been developing relationships with primary and junior schools to build awareness of this opportunity with our Prep School engagement strategy.

This year also saw investment in both the quality of teaching and learning as well as facilities, both academic and boarding, but the Trustees remain conscious of the need for careful management to balance return and investment. We believe that the high quality of our offer brings a strong experience for young people which in turn builds reputation and high levels of pupil recruitment.

The interests of the company’s employees

Our employees are vital to Stonyhurst, and we regularly review and update our communication channels as we emerge from COVID-19. The importance of regular ongoing engagement with all staff is a top priority. We measure employee engagement through regular feedback and joint communication sessions. We address any issues raised by our employees as quickly as possible and communicate back to them what we have done. All staff are offered access to a number of well-being support services, and Stonyhurst seeks to ensure that staff welfare is actively considered and addressed. Through our health and safety policies, as well as through local staff committees, we also actively seek to ensure that the working environment meets due high standards of safety and security.

Sustainability goes beyond the future of Stonyhurst and ‘care of our common home’ is a priority for our young people. Two pupil-led initiatives on this issue are our Environment Society and Changemakers, and both were active throughout the year with several impactful and thought-provoking initiatives.

As detailed in the Financial Review, Stonyhurst undertook an energy reduction strategy and while this was delayed due to the impact of COVID-19, we are committed to delivering significant carbon savings wherever possible through our continued end of life replacement of light sources with LED alternatives and replacement of equipment with modern energy efficient alternatives.

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The need to foster the charitable group’s business relationships with suppliers, customers, and others

Our relationships with partners and suppliers are key to our effectiveness. Stonyhurst actively seeks to engage in service reviews with all key suppliers. These reviews are focussed on a two-way relationship with Stonyhurst based on an aim of helping one another to achieve an optimum service as efficiently as possible and according to the best value for money. Where Stonyhurst has procured outsourced services, we seek to ensure that staff and management from that contractor are supported as an equal member of the school community.

These include the promotion of recycling of waste and actions to maximise efficiency in energy consumption.

The desirability of the company maintaining a reputation for high standards of business conduct

Our reputation and public trust in our school is fundamental to our future success. We use our organisational values and behaviours in our recruitment and training for our employees to ensure that we maintain high standards, and these are used in our appraisal processes. Our procurement and ethical policies and procedures ensure that our values are also part of our selection of partners and suppliers.

The impact of the charitable group’s operations on the community and the environment

We recognise our responsibility to care for the environment and aim to minimise our environmental impact in all our activities. As well as covering environmental issues in our school’s curriculum, Stonyhurst encourages all staff and students to participate in initiatives to reduce negative environmental impacts.

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TRUSTEES’ ANNUAL & STRATEGIC REPORT

FINANCIAL REVIEW

As an educational charity, we enjoy tax exemption on our educational activities, investment income and gains, provided these are applied to our charitable aims, and we are also entitled to an 80% reduction on our business rates of the property we occupy for our charitable purposes.

The financial benefits we receive from these tax exemptions are all applied for educational purposes and help us maintain our bursary funds, though we are unable to reclaim VAT input tax on the school’s costs, as these fees are exempt for VAT purposes.

In addition to the very substantial benefits our school brings to our pupils, the local community and society through the education we offer, our bursary programme and community benefits programme provides a social asset without cost to the Exchequer.

Balance Sheet and Assets

Through the ongoing development and management of the 3-year Financial Plan and monthly management accounts, the Trustees consider that substantial progress has been made in protecting the finances of Stonyhurst under COVID-19 operating restrictions and the potential impact for future years.

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The investments made in this financial year have been part of the process of cyclical change that is necessary to ensure the longevity of Stonyhurst for generations to come. This process has undoubtedly been accelerated by the impact of COVID-19, resulting in a leaner, more flexible and agile organisation that has been unafraid to lean into difficult decisions in the name of sustainability. The early pay-off for these decisions can already be seen with the increase in pupil numbers for the 2021/22 school year.

Whilst the award of bursaries and continual investment in the maintenance and improvement of the grounds and heritage buildings of the whole estate continue to make sizeable demands on the College’s finances.

The Trustees are minded of the long-term commitment to retain a strong, unrestricted balance sheet to provide for future bursaries, capital development and contingency reserves. This is being achieved by careful monitoring of the trading performance and also reviews of asset class and yield.

The schools’ charitable costs are tightly controlled through careful budgeting, linked to short, medium and long-term financial plans, in line with the planned expenditure levels at the start of the year. The Trustees have invested heavily in the infrastructure of the schools’ buildings and resources over the last five years with the aim of ‘Investing in Education’.

First twelve years of the Trust

This financial year marks 12 years since Stonyhurst became an independent charity and a company limited by guarantee in September 2009, and in that time, investments in the school campus, land and buildings have totalled more than £28m. This is in addition to the annual general maintenance budgets of circa £700k per annum.

£18m of the £28m invested in the Stonyhurst campus buildings was capitalised within the balance sheet of Stonyhurst, which included investment in educational & residential accommodation, ICT infrastructure and plant & machinery. The remaining £10m was charged through the revenue account in the year it was incurred. All of these developments enabled us to accommodate and educate over 500 pupils at the College and 300 pupils at St Mary’s Hall.

Trading

As a result of the COVID-19 lockdown, and part closure of the campus from January to March, the education and grant-making cost of the organisation was reduced to £18.7m (2020: £19.0m).

Grants and donations from restricted funds for the year end amounted to £668k (2020: £772k) due to the Stonyhurst Foundation grant with fundraising costs amounting to £310k

(2020: £319k). The Foundation, a separate ring-fenced charity purely to provide bursary support to future Stonyhurst pupils, provided a bursary donation of £480k (2020: £203k). As a result of these factors, our total income increased by £300k to £16.4m (£16.1m, 2020).

Impacts of COVID-19

For the Easter Term, over 100 overseas boarders were on their way back to school and formed a bubble at Stonyhurst, with all learning carried out by Stonyhurst Anywhere. In addition to this, our programme of summer language schools, events and lettings had to be cancelled.

Due to the part closure of the campus, the schools utilised the Government’s Coronavirus Job Retention Scheme for all affected roles, and considerable estate and service cost savings were achieved.

The Charity’s trading subsidiary, Stonyhurst Developments Ltd, which organises a proportion of the Enterprises’ activity, generated a loss of £50k (2020 loss of £49k) due to the impact of COVID-19 on the summer letting programme. Due to this impact on our trading performance, and the uncertainty on our future working capital levels, a contingency arrangement was put into manage the seasonal cash flow and debt arrangements.

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TRUSTEES’ ANNUAL & STRATEGIC REPORT

Cash Flow

Debt

Due to the fall in the income line, and the continuous investment we are making in the education provision, we received a Jesuit loan of £2m as a contingency measure.

Because of the continuing impact of COVID-19, in addition to the £3m Coronavirus Business Interruption Loan with NatWest. An additional new facility of a £2m secured loan was agreed with the Trustees for Roman Catholic Purposes (Jesuit Loan). During the year, our creditors due under one year increased from £4.5m to £10.3m due to borrowings on certain loans becoming due. As planned, we have agreed with NatWest to refinance our borrowings over a long term 15year agreement, and this was signed off in April 2022. Due to the increased pupil numbers on roll, fees in advance receipts increased our short term creditors from £2.3m to £4m. Long term creditors reduced from £7.2m to £5.6m due to loan due dates.

Cash flow is constantly being reviewed in line with the charity’s trading to ensure that the correct facilities are in place that protects the balance sheet and investment portfolio, as well as enabling the servicing of short and medium-term debt.

Investments

The 3-year strategy policy of Access, Income and Growth for the portfolio was in place until December 2021, with the Trustees monitoring the ongoing performance of the growth funds invested with the three fund managers, CCLA, Cazenove and Newton.

The overdraft has increased from £1,138k to £1,358k over the course of the year, and a facility of £3m is in place to fund the seasonal fluctuations. In light of improved trading, we have reached agreement with our current Bankers to refinance the loans and these have been secured long term alongside a reduction in the overdraft facility to £1m.

The unrealised gains on investments in the year are £6.2m (2020: £2k). The Charity investments held are vital in providing the required bursary and building maintenance support required for Stonyhurst to be sustainable in the future.

Listed investments have increased from £28.1m to £33.5m due to investment gains in the markets and the performance of the three investment managers.

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Streamlined energy and carbon reporting (SECR)

----- Start of picture text -----
Current Reporting Year Previous Reporting Year
(1 September 2020 - 31 August 2021) (1 September 2019 - 31 August 2020)
Mandatory information
Total annual energy consumption used to calculate
8,432,381 kWh 13,905,416 kWh
emissions in kWh
Total annual gas consumption for combustion purposes in
1,393,605 kWh 1,671,329 kWh
kWh
Total other fuel consumption for combustion purposes in kWh 4,996,479 kWh 9,469,597 kWh
Total annual purchased electricity consumption in kWh 1,724,750 kWh 2,370,524 kWh
Total annual transport fuel use in kWh 317,547 kWh 394,016 kWh
Total emissions from combustion of gases in tCO2e (Scope 1) 1,628.7 tCO2e 1,761.69 tCO2e
Emissions from combustion of fuel for transport purposes in tCO2e (Scope 1) 81.11 tCO2e 104.81 tCO2e
Emissions from purchased electricity in tCO2e (Scope 2) 366.22 tCO2e 671.02 tCO2e
Total gross tCO2e based on above (mandatory) 2,076.03 tCO2e 2,537.52 tCO2e
Intensity Ratio: chosen ratio is tCO2e per m2 floor area 0.101 tCO2e 0.123 tCO2e
----- End of picture text -----

Voluntary

Total annual renewable heat generated from owned on-site wood fuel biomass boiler installation in MWh

3,188.29 MWh 3,936.87 MWh

The intensity ratio chosen was tCO2e per square metre floor area across the site. During this reporting period, the floor area remained static at 20,584 m2. As a result, the intensity metric for the period equated to 0.101 tCO2e (101 kgCO2e) per square metre floor area, an improvement of 0.022 tCO2e or 18.3% on 2020, albeit this should be caveated that the operation of the school was impacted by Covid restrictions during the reporting period. This intensity metric was chosen as it was deemed to be the best metric which could be utilised over time in order to reflect changes in our energy consumption, but also reflect changes in floor area. This metric is broadly comparable with the recognised intensity metric of tCO2e per total square metre for organisations mainly involved in property/office accommodation. Furthermore, due to the nature of the buildings and accommodation comprising the Stonyhurst Estate, the level of occupancy (pupils) does not directly impact energy usage and would therefore not constitute a valid alternative intensity metric.

The previous reporting year data covered a part-year non-Covid affected period September to March, covering the high demand winter use. The effect of closing large parts of the campus during the pandemic resulted in a 39% reduction in total energy consumption compared to a normal operating year.

Actions

During this reporting period end of life replacement of light sources with LED alternatives have continued, similarly where pumps and other consumables have failed, these have been replaced with the latest energy efficient alternatives. However, planned upgrades of plant and equipment were severely hampered by Covid-19 restrictions in forced during this reporting period. Unfortunately, measurement of savings achieved was not implemented at time of these works, however, in future such measures will be subject to measurement of savings achieved in kWh.

Development of an energy reduction strategy and associated investment plan was initiated by the Bursar in late 2019, with Carbon Control engaged as specialist energy consultants. However, as a result of COVID-19 restrictions upon Stonyhurst, this resulted in these plans being deferred. This work recommenced in Spring 2022, with fully developed plans to be developed over the next 12 months, with quick win initiatives to be implemented over the same period.

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TRUSTEES’ ANNUAL & STRATEGIC REPORT

FUTURE POLICY

The future financial strategy for Stonyhurst is focused on investment in the resource structure and estate of both schools in the ongoing attainment of sustainability. The impact of COVID-19 has necessitated short-term cash management but with the Trustees’ determination to protect the long-term core asset base.

Pupil numbers have increased since the various lockdowns when education took place through Stonyhurst Anywhere and blended learning. Arrangements are in place to recover the loss of income from the core business and its commercial operations.

Recent world events have resulted in a scarcity of materials and supply lines have been affected, creating inflationary pressure and a CPI currently running at 7%. In line with our risk review and monitoring of the financial data which is updated and monitored by the Trustees through the committee structure.

All areas of business have been examined in accordance with the 3-Year Plan, and to deliver a balanced budget by 2022/23. A Financial Control Group continues to operate, chaired by the Bursar and Clerk to the Trustees, to exercise control of costs across the organisation and to manage the capital investment programme. In future years, there will be ongoing refurbishment projects to enhance and maintain the standards of all educational and residential accommodation, alongside fundraising campaigns to provide new facilities.

We have a projection plan to move to surplus so that our charitable assets are preserved and increased in the future to broaden our charitable reach.

The impact of the pandemic has been unprecedented and is still evolving, therefore bringing challenges and uncertainties, which the Trustees have considered in the ‘Principal Risks and Uncertainties’ section of their Report.

Prospects for Stonyhurst are very strong, building on past investments as the platform for sustainability and the move towards a balanced budget in the coming years and, in time, the generation of operating surpluses.

The strength of our balance sheet has enabled Stonyhurst to continue to deliver its strategy and the historical and ongoing investment will allow us to enter the academic year 2022/23 with increased pupil numbers, a substantial investment programme in place and, we believe, in a very strong position in a post-COVID-19 landscape. Capital expenditure will naturally need to continue and will include continuous investment in ICT, the Estate and essential infrastructure.

A revised Strategic Plan will be published to all of our Stakeholders in readiness for the forthcoming academic year in September 2022.

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THANKS & APPRECIATION

This report would not be complete without it recording a sincere appreciation to the whole Stonyhurst community for all that every member of that community has contributed to the success of the schools during the year under review.

We record our grateful thanks to the Headmasters of both schools and the Bursar and Clerk to the Trustees, and to their management and support teams.

To all the teaching staff we say thank you, especially for the way in which you deliver our ethos, our mission, our distinctiveness and our catholicity both in the classroom and in your everyday contact with our pupils. We are blessed in both schools with outstanding teachers who are able to teach and inspire our young people.

Every successful organisation can point to having first class support staff. This is certainly the case at Stonyhurst and we record our thanks and appreciation to every one of them in every department across the schools.

We pay a particular tribute to those of our staff who work in and for our chaplaincy and pastoral teams.

Finally, the Chairman records his personal thanks to his Trustee colleagues for all the time that they give to the governance of Stonyhurst and particularly for the personal support that individually and collectively they have given to him as Chairman.

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TRUSTEES’ ANNUAL & STRATEGIC REPORT

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2021

The Stonyhurst Trustees (who are also Directors of Stonyhurst for the purposes of company law and are the charity trustees) are responsible for preparing the Trustees’ Report, Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Stonyhurst Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The Stonyhurst Trustees are responsible for ensuring that proper accounting records are kept which disclose at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

The Trustees who held office at the date of approval of this report confirm, that so far as they are each aware:

There is no relevant audit information of which the charitable company’s auditor is unaware; and

The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

RSM UK Audit LLP Chartered Accountants have indicated a willingness to continue in office. A resolution to reappoint RSM UK Audit LLP as auditors will be put to the Board of Trustees at the next Board Meeting.

Anthony Chitnis Chairman of Trustees 25[th] May 2022

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AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF STONYHURST

Opinion

We have audited the financial statements of Stonyhurst (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2021 which comprise the Consolidated Statement of Financial Activities (including Consolidated Income and Expenditure Account), the Group and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 financial statements section of our report. We are independent of the group and parent charitable company 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 group’s or parent charitable company’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 other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. 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.

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 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 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Annual and Strategic Report.

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 25

AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF STONYHURST

appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of noncompliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 24, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 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 financial statements.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Annual and Strategic Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, and inspecting relevant correspondence.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient

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AUDITOR’S REPORT

The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these law and regulations and inspecting relevant correspondence.

The group audit engagement team identified the risk of management override of controls, and completeness of certain income streams, as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates, and undertaking specific completeness testing on those income streams deemed to be at higher risk of fraud.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at: http://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 charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

John Guest

JOHN GUEST (Senior Statutory Auditor)

For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 3 Hardman Street Manchester M3 3HF

07/06/22

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 27

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

STONYHURST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Consolidated Statement of Financial Activities (Including Consolidated Income and Expenditure Account) For the year ended 31 August 2021 (Registered Company No 0663233)

----- Start of picture text -----
Notes Unrestricted Restricted Total 2021 Total 2020
INCOME AND ENDOWMENTS FROM: £ £ £ £
Charitable activities
School fees 1 13,972,366 – 13,972,366 13,005,476
Other ancillary income 2 356,811 – 356,811 242,587
Other trading activities
Trading turnover 8 68,561 – 68,561 187,038
Voluntary sources
Donations & fundraising 3 – 667,503 667,503 721,709
Investment income 4 745,511 – 745,511 822,513
Other income
–
Profit/(loss) on disposal of fixed assets 150,191 150,191 24,000
–
Government CJRS Income 438,536 438,536 1,120,926
TOTAL 15,731,977 667,503 16,399,479 16,124,249
EXPENDITURE ON:
Raising funds
–
Trading expenses 118,119 118,119 236,433
–
Fundraising costs 310,800 310,800 318,875
–
Financing costs 390,066 390,066 457,813
–
818,985 818,985 1,013,121
Charitable activities
Education & grant making 18,033,067 667,503 18,700,570 18,960,301
TOTAL 6 18,852,053 667,503 19,519,555 19,973,422
NET GAINS ON INVESTMENTS
Gains on investment assets 7 6,172,992 – 6,172,992 2,169
Realised gains on investment property 7 5,858 – 5,858 –
Revaluation of investment property 7 1,357,822 – 1,357,822 –
– –
Impairment of residential property (273,372) (273,372)
–
NET INCOME/ (EXPENDITURE) 4,143,224 4,143,224 (3,847,004)
NET MOVEMENT IN FUNDS 4,143,224 – 4,143,224 (3,847,004)
Fund balances brought forward at
59,206,171 54,281 59,260,451 63,107,455
1 September 2020
Fund balances carried forward at
63,349,395 54,281 63,403,676 59,260,451
31 August 2021
----- End of picture text -----

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BALANCE SHEETS

STONYHURST BALANCE SHEETS

As at 31 August 2021 Registered Company No: 06632303

----- Start of picture text -----
Stonyhurst
Group
(charity)
2021 2020 2021 2020
Notes £ £ £ £
FIXED ASSETS
Investments 7 41,593,233 32,348,713 41,587,104 32,343,133
Tangible fixed assets 9 36,095,536 37,026,531 36,095,536 37,026,531
77,688,769 69,375,244 77,682,640 69,369,664
CURRENT ASSETS
Debtors 10 1,596,971 1,571,575 1,825,410 1,747,591
Cash at bank 26,598 19,676 17,672 19,676
1,623,569 1,591,251 1,843,082 1,767,267
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Creditors 11 (10,323,660) (4,486,686) (10,314,734) (4,491,838)
NET CURRENT LIABILITIES (8,700,091) (2,895,435) (8,471,652) (2,724,570)
TOTAL ASSETS LESS CURRENT
68,988,678 66,479,809 69,210,988 66,645,094
LIABILITIES
CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR
Creditors 12 (5,585,002) (7,219,356) (5,585,002) (7,219,356)
TOTAL NET ASSETS 63,403,676 59,260,453 63,625,986 59,425,738
Restricted funds 14 54,281 54,281 54,281 54,281
Unrestricted funds 14 63,349,395 59,206,172 63,571,705 59,371,457
TOTAL FUNDS 63,403,676 59,260,453 63,625,986 59,425,738
----- End of picture text -----

As permitted by Section 408 of the Companies Act 2006, the statement of financial activities of the parent charity is not presented as part of these financial statements. The parent charity’s net surplus for the financial period was £4,094,216 (2020: £8,530,506)

The financial statements were approved and authorised for issue by the Board of Trustees on the 25th May 2022 and signed on its behalf by:

Mr A Chitnis Chairman of Trustees 25[th] May 2022

Mr S P Marsden Bursar and Clerk to the Trustees 25[th] May 2022

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 29

CONSOLIDATED CASH FLOW STATEMENT

STONYHURST CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 August 2021

----- Start of picture text -----
2021 2020
Notes £ £
Cash absorbed by operations 16 (7,151,578) (7,351,339)
Interest paid (131,859) (132,272)
Net cash used in operating activities (7,283,437) (7,483,611)
Investing activities
Purchase of tangible fixed assets (580,443) (2,442,310)
Purchase of other investments – (6,161,598)
Cash drawdown in listed investments 1,968,184 12,141,130
– –
Proceeds on disposal of listed investments
–
Proceeds from disposal of investment property 385,858
Proceeds on disposal of tangible fixed assets 478,691 24,000
Investment income received 745,511 822,513
Net cash from investing activities 2,997,801 4,383,735
Financing activities
Repayment of borrowings (183,783) (183,783)
New borrowings 2,000,000 3,000,000
Net Cash generated from/(used) in financial activities 1,816,217 2,816,217
Net (decrease)/increase in cash and cash equivalents (2,469,419) (283,659)
Cash and cash equivalents at beginning of year 1,137,847 854,188
Cash and cash equivalents at end of year (1,331,572) (1,137,847)
Relating to: -
Bank balances and short-term deposits 26,598 19,676
Bank overdrafts (1,358,169) (1,157,523)
Total (1,331,572) (1,137,847)
----- End of picture text -----

EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

LEGAL STATUS

Stonyhurst is an incorporated (private company limited by guarantee) charity (charity no. 1127929, company no. 06632303), registered in England. Stonyhurst meets the definition of a public benefit entity under FRS 102. The School’s address is Stonyhurst, Clitheroe, Lancashire, BB7 9PZ.

The charitable objectives of Stonyhurst are to advance the Roman Catholic religion, and advance education by the conduct of one or more Roman Catholic schools in the charism of the Society of Jesus and by ancillary religious and educational activities for the benefit of the community at large.

The principal activity of Stonyhurst is the provision of education for boys and girls aged 3-18 as a boarding, weekly boarding and day school recruiting pupils locally, nationally and internationally.

GOING CONCERN

The Trustees have reviewed cash flow requirements for at least the ensuing 12 months and are satisfied that the Group and Charity have access to sufficient liquidity to continue to operate for a period of at least 12 months from approving these financial statements.

BASIS OF ACCOUNTING

The accounts have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (“SORP (FRS 102)”) and Financial Reporting Standard 102. The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and listed investments.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated. The financial statements are presented in sterling which is also the functional currency of the School.

BASIS OF CONSOLIDATION

The accounts have been consolidated to include the trading subsidiaries, Stonyhurst College Developments Limited (‘DevCo’), Stonyhurst International Limited (dormant) and its separate subsidiary unincorporated charity, Stonyhurst Charitable Fund (“SCF”), all of which are registered in England, United Kingdom.

No separate SOFA has been presented for the individual School alone, as permitted by Section 408 of the Companies Act 2006.

All financial statements are made up to 31 August 2021. The following accounting policies have been applied consistently in dealing with items that are considered material to the School’s financial statements.

In addition, the Trustees have reviewed the 3-year financial forecast for the Schools and the Estate.

The school had drawn the CBILS loan and has contingency cash support from the British Jesuits in the form of a secured loan.

A good long-term working relationship with our bankers and overdraft facilities are in place to cover any further COVID-19 restrictions in the year and beyond. The Charity has utilised the Government backed CJRS grant in the 20/21 year in line with restricted Enterprise opportunities and lockdown 3 (January to March 21).

The Charity term loan of £3,461,953 was due for repayment in March 2022, the Charity has negotiated a full review of all its borrowings and entered into a new long term 15 year fixed loan of £9m with our bankers that covers all current loans, borrowings and overdraft requirement.

The Charity also has access to a significant unrestricted investment portfolio which could be drawn down, if needed.

On the basis of their assessment of the Charity’s financial position, the Trustees have a reasonable expectation that the Group and Charity will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements

Reduced disclosures

In accordance with FRS 102, the individual School has taken advantage of the exemptions from the following disclosure requirement in the individual financial statements of Stonyhurst:

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 31

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

the taxable income and gains. The subsidiary is eligible to make gift aid payments to its holding company, the School. Details of Stonyhurst College Developments Limited policy on gift aid can be found within their financial statements.

INCOME

FIXED ASSETS

DONATIONS & LEGACIES

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

IMPAIRMENT OF FIXED ASSETS

Donations received for the general purposes of the School are credited to unrestricted funds to distinguish them from direct school income. Donations subject to specific wishes of the donors are carried to relevant restricted funds, or to endowed funds where the amount is required to be held as permanent capital.

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the School estimates the recoverable amount of the asset.

Legacies and bequests are accounted for only when there is sufficient evidence that the legacy will be received and the value of the incoming resource can be measured with sufficient certainty.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. All other impairment losses are recognised in net income/expenditure.

EXPENDITURE

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in net income/expenditure or, for revalued assets, as a revaluation gain. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life.

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure is summarised under functional headings either on a direct costs basis or for overhead costs, apportioned according to time spent. Costs of generating funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. Charitable activities include expenditure associated with the objects of the charity and include both the direct costs and support costs relating to this activity. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

INVESTMENT PROPERTIES

Investment properties are valued as individual units at their market values as at the balance sheet date. Rental income is recognised in the period to which it relates and is included within investment income within the Statement of Financial Activities. Purchases and sales of investment properties are recognised on exchange of contracts.

TAXATION

The School is a registered charity and therefore it is exempt from income and corporation tax on income and gains falling within chapter 3 Part 11 Corporation Tax Act 2010 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Investment property is reviewed annually and revalued as required, with the aggregate surplus or deficit is transferred to a revaluation reserve. Details of the current value and historical cost information are given in note 7

The subsidiary undertaking, Stonyhurst College Developments Limited, is liable to income and corporation tax on its income and gains. Gift Aid payments paid to the School (a charity) will reduce

ASSETS UNDER CONSTRUCTION

Assets under construction are accounted for at cost, based on the

EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

value of architects’ certificates and other direct costs, incurred to 31 August. They are not depreciated until they are brought into use.

DEPRECIATION

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalments over their expected useful economic lives.

Depreciation of motor vehicles has been provided at the rate of 25% pa on a reducing balance basis. Depreciation of IT and catering equipment has been provided over 4 years on a straight-line basis. No provision for depreciation of buildings is made, with the exception of new developments, as the school considers that the estimated useful lives of these properties are so long such that any depreciation charge would be immaterial. Newer developments, including Weld House and The Refectory, are depreciated over 25 - 50 years on a straight-line basis. Depreciation on the combined heat and power plant has been provided over a period of 25 years on a straight-line basis.

Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the schemes.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense. The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

FUND ACCOUNTING

Stonyhurst has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:

Unrestricted funds

Funds which are expendable at the discretion of the Trustees in furtherance of the objects of the school. In addition to expenditure on tuition, such funds may be held in order to finance capital investment and working capital.

INVESTMENTS

Restricted funds

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

LIABILITIES

Liabilities are reflected in the Statement of Financial Activities as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.

Donations or legacies received which are earmarked by the donor for specific purposes within the overall aims of the School.

FINANCIAL INSTRUMENTS

The School has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

PENSION SCHEMES

Retirement benefits for the School’s teaching staff are provided by the Teachers’ Pension Scheme (TPS). This is a defined benefit scheme which is externally funded and contracted out of the State Earnings Related Pension Scheme. This scheme is a multi-employer pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

Bank loans and other loans are initially recognised at their transaction value and subsequently measured at amortised cost using the effective interest rate method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. Investments are initially measured at transaction price and subsequently measured at fair value through net income or expenditure.

A group money purchase scheme (defined contribution scheme) is open to all Support Staff on the basis of matched contributions between employee and employer. Minimum contributions start at 4% of salary and are employer matched up to 6% of salary. The pension scheme was launched in January 2014 and meets all autoenrolment requirements.

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 33

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

education and therefore the deposit will be refunded to them when they leave school. Short-term deposits reflect those pupils that will be leaving a school within one year, and the longer-term element reflects those pupils that will be leaving a school after 12 months from the balance sheet date.

LEASES

An asset and corresponding liability are recognised for leasing agreements that transfer to the School substantially all of the risks and rewards incidental to ownership (“finance leases”). The amount capitalised is the fair value of the leased asset or, if lower, the present value of the minimum lease payments payable during the lease term, both determined at inception of the lease. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the statement of financial activities so as to produce a constant periodic rate of interest on the remaining balance of the liability.

CRITICAL ACCOUNTING ESTIMATES & AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

All other leases are operating leases and the annual rentals are charged to the statement of financial activities on a straight-line basis over the lease term.

Critical accounting estimates and assumptions

The School makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Trustees consider that there are no material critical areas of judgement.

CORONAVIRUS JOB RETENTION SCHEME (CJRS) INCOME

The CJRS grant is receivable as compensation for staff costs incurred and for the purpose of giving immediate financial support to the schools and academies with no future related costs. It is recognised as income in the period in which it becomes receivable within the consolidated statement of financial activities.

KEY SOURCES OF ESTIMATION UNCERTAINTY

Fee debtor provision

A provision for impairment of fee debtors is established when there is objective evidence that the amounts due will not be collected in line with the usual fee collections due to financial difficulty of the parents.

FEE DEPOSITS

Refundable fee deposits are currently classified between longterm and short-term in the financial statements. These deposits are refundable in the event that the pupils leave school on one term’s notice and as such the deposit would be refunded to the parents at that point. However, the financial statements are prepared on a going concern basis, and it is assumed that the majority of children will remain in school for their full years of

USEFUL LIFE OF FIXED ASSETS

In making decisions regarding the depreciation of tangible fixed assets, management must estimate the useful life of said assets to the business. The total value of those assets subject to this estimation is £33,753,131 (2020: £33,302,808).

1. SCHOOL FEES

----- Start of picture text -----
2021 2020
FEES RECEIVABLE £ £
Total Gross Fees 17,581,290 16,043,195
Less: College allowances, bursaries and scholarships (4,089,070) (3,240,856)
13,492,221 12,802,338
Plus: bursaries, scholarships and awards paid for by restricted funds 480,145 203,138
Total 13,972,366 13,005,476
----- End of picture text -----

The total of £4,089,070 (2020: £3,240,865) provided assistance to 337 (2020: 349) individuals. Fee income is generated by the School only and is credited to unrestricted funds in both 2021 and 2020.

EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

2. OTHER ANCILLARY INCOME

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2021 2020
£ £
Registration 64,355 41,372
Grant commissions and rebates - 15,008
Educational activities 292,456 186,207
Unrestricted 356,811 242,587
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Other ancillary income is generated by the School only and is credited to unrestricted funds in both 2021 and 2020.

3. DONATIONS & FUNDRAISING

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2021 2020
Restricted £ £
Donations and Annual Fund 187,357 506,557
Stonyhurst Foundation 480,145 203,138
Stonyhurst Children’s Holiday Trust - 12,013
Total 667,503 721,709
----- End of picture text -----

Donations and Fundraising is credited to restricted funds in both 2021 and 2020..

4. INVESTMENT INCOME

----- Start of picture text -----
2021 2020
£ £
Rent received 370,240 277,355
Investment income 375,271 545,159
Total 745,511 822,513
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Investment income is credited to unrestricted funds in both 2021 and 2020.

5. EXPENDITURE

2021 2020
EXPENDITURE ON CHARITABLE ACTIVITIES INCLUDES:
Depreciation
OTHER EXPENDITURE INCLUDES:
Amounts payable to RSM UK Audit LLP and its associates
Audit services
- Statutory audit of parent and consolidated accounts
- Statutory audit of subsidiary accounts
- Teachers’ Pension Scheme audit
OTHER SERVICES:		 £
909,565
21,000
6,100
850		 £
814,358
19,480
8,400
850
- Non-audit services 9,144 9,000
Trustees’ expenses – relating to travel and accommodation 2,969 9,419
Expenses were reclaimed by 4 members (2019:10) of the Governing Body.

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 35

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

5. EXPENDITURE (CONTINUED)

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FINANCE COSTS 2021 2020
£ £
Interest on bank loans and overdrafts 131,859 132,272
Total 131,859 132,272
TOTAL STAFF COSTS COMPRISED: 2021 2020
£ £
Wages and salaries 10,456,966 10,115,809
Social security costs 915,586 915,134
Pension costs (note 17) 1,312,649 1,598,818
Total 12,685,201 12,629,761
----- End of picture text -----

All staff costs are borne by the parent charity. The average number of people (not full-time equivalents) employed by the Group during the year was:

2021 2020
Teaching/pastoral staff
Support staff
Total		 No.
217
200
417		 No.
225
214
439
2021 2020
No. No.
£60,001 - £70,000 3 5
£70,001 - £80,000 1 -
£80,001 - £90,000 2 -
£90,001 - £100,000 - 2
£100,001 - £110,000 1 1
£160,001 - £170,000 1 1

Included in the above higher paid employees were 8 (2020: 8) accruing pension benefits.

Contributions in respect of these 8 individuals totalled £129,173 (2020: £115,209).

The employee bands with enrolments for the year includes benefits in kind but excludes employee’s pension contributions and employer National Insurance contributions.

Key management personnel

The Group and School considers its key management personnel to comprise of the Headmasters and the Bursar and Clerk to the Trustees.

The total employment benefits including employer pension contributions and taxable benefits of the key management personnel were £422,005 (2020: £421,314).

EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

6. ANALYSIS OF TOTAL RESOURCES EXPENDED

----- Start of picture text -----
Staff costs Other Depreciation Total
£ £ £ £
Expenditure on raising funds
Trading 55,078 63,041 - 118,119
Interest and bank charges - 190,301 - 190,301
Investment managers fees - 199,765 - 199,765
Fundraising costs 223,341 87,460 - 310,800
Total 278,419 540,567 - 818,985
Expenditure on charitable activities
Teaching costs 8,494,664 728,199 336,267 9,559,129
Welfare 1,148,713 624,827 - 1,773,540
Premises 1,443,169 2,149,149 573,298 4,165,616
Support costs of schooling 1,320,237 1,401,903 - 2,722,140
Grants, awards and prizes - 480,145 - 480,145
Sub-total 12,406,782 5,384,223 909,565 18,700,570
Total resources expended 12,685,201 5,924,790 909,565 19,519,555
Governance costs (included within support costs of
- 2,969 - 2,969
schooling)
----- End of picture text -----

All expenditure is charged to the unrestricted fund, with the exception of £667,503 (2020: £721,709) of grants, awards and prizes that are charged to the restricted fund.

Premises costs include the ongoing regular maintenance work required to preserve the Grade 1, 2 and 2* listed buildings of Stonyhurst

Support costs include professional fees, stationery, printing, office equipment, telephone and postage costs.

Interest and bank charges include interest payable on bank loans and Jesuit loans of £122,120 (2020: £112,230).

TAXATION

The Charity is a registered charity and therefore it is exempt from income and corporation tax on income and gains falling within Chapter 3 Part 11 Corporation Tax Act 2010 or S256 of the Taxation Of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

All expenditure where relevant is included ross of any irrecoverable VAT

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 37

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

7. INVESTMENTS

----- Start of picture text -----
GROUP Investments Cash Properties Total
£ £ £ £
Market Value
At September 2020 28,127,805 388,405 3,832,503 32,348,713
Net Additions/Disposals (852,264) 2,915,025 (380,000) 1,682,761
Cash drawn 30,945 - - 30,945
Investment gains / (losses) 6,172,992 - - 6,172,992
Revaluation of investment property - - 1,357,822 1,357,822
At 31 August 2021 33,479,478 3,303,430 4,810,325 41,593,233
CHARITY Investments Cash Properties Total
£ £ £ £
Market Value
At September 2020 28,122,225 388,405 3,832,503 32,343,133
Net Additions/Disposals (852,264) 2,915,025 (380,000) 1,682,761
Cash drawn 30,945 - - 30,945
Investment gains / (losses) 6,172,443 - - 6,172,443
Revaluation of investment property - - 1,357,822 1,357,822
At 31 August 2021 33,473,349 3,303,430 4,810,325 41,587,104
----- End of picture text -----

HISTORICAL DEPRECIATION 2021 2020
£ £
Deemed Cost 2,335,140 2,343,277
Aggregate depreciation 447,564 439,427

EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

8. STONYHURST DEVELOPMENTS LIMITED

STONYHURST DEVELOPMENTS LIMITED

----- Start of picture text -----
Profit and loss for year ended 31 August 2020 2021 2020
£ £
Turnover 68,561 187,038
Cost of Sales 107,447 230,275
Gross Profit (38,886) (43,237)
Admin expenses 110 225
Operating profit (38,996) (43,462)
Loan interest payable to Stonyhurst 10,561 5,933
Net Profit (49,557) (49,395)
Balance sheet as at 31 August 2021
Fixed assets - -
Debtors - -
Cash at Bank 8,926 5,152
Creditors - -
Net Current liabilities 8,926 5,152
Total assets less current liabilities 8,926 5,152
Stonyhurst loan (228,439) (176,017)
net liabilities (219,513) (170,864)
Share Capital 3 3
Retained loss (219,516) (170,867)
Shareholders funds (219,513) (170,864)
----- End of picture text -----

The Charity has a 100% control in its trading subsidiary which is registered in England. Stonyhurst College Developments Limited promotes commercial activities which use the School’s assets to produce income from lettings and outside membership of the swimming pool.

Any taxable profit is covenanted to Stonyhurst. Summaries of the trading results and balance sheet are shown above. Audited accounts will be filed with the Registrar of Companies.

The Company has accumulated retained losses and therefore requires the financial support of Stonyhurst in order to continue to trade. The results of the Company are consolidated with the results of Stonyhurst.

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 39

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

8. STONYHURST CHARITABLE FUND

----- Start of picture text -----
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME 2021 2020
AND EXPENDITURE ACCOUNT) AS AT 31 AUGUST 2019
£ £
INVESTMENT INCOME
Dividend Income - 211,232
Total Income - 211,232
EXPENDITURE - COST OF RAISING FUNDS
Investment managers fees - 32,005
CHARITABLE ACTIVITIES
Grants to Stonyhurst College - 12,270,151
TOTAL EXPENDITURE - 12,302,156
Net gains/-loss on investment assets 549 (556,209)
NET MOVEMENT IN FUNDS 549 (12,647,133)
RECONCILIATION OF FUNDS
Total Funds brought Forward 5,580 12,652,713
TOTAL FUNDS CARRIED FORWARD 6,129 5,580
Balance sheet as at 31 August 2021 2020
INVESTMENTS
Quoted investments 6,129 5,580
FUNDS
Unrestricted funds 6,129 5,580
----- End of picture text -----

During the year 2020 the Trustees agreed to transfer the investment holdings of the Stonyhurst Charitable Fund (SCF) to Stonyhurst, which is the sole corporate trustee of the SCF. The SCF remains an active charity

going forward with investment holdings of circa £5,000 to allow for any future historical legacies that may be left to the SCF to be accepted for their charitable purpose.

EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

9. TANGIBLE FIXED ASSETS

----- Start of picture text -----
CHARITY and GROUP School land IT & catering Residential Motor Assets under Total
& buildings equipment properties vehicles construction
£ £ £ £ £ £
Cost (or frozen valuation)
18,392,272 2,070,338 20,674,167 356,689 192,424 41,685,890
Brought Forward
Additions 24,937 555,506 – – – 580,443
– – – –
Disposals (328,500) (328,500)
Transfer – – – – – –
Revaluation – – (273,373) – – (273,373)
As at 31 August 2021 18,417,209 2,625,844 20,072,294 356,689 192,424 41,664,460
Depreciation Brought –
2,601,041 1,574,438 291,456 192,424 4,659,359
Forward
– –
Charge for the year 567,430 336,267 5,868 909,565
– – – – – –
Disposals
–
As at 31 August 2021 3,168,471 1,910,705 297,324 192,424 5,568,924
–
As at 31 August 2021 15,248,738 715,139 20,072,294 59,365 36,095,536
–
As at 31 August 2020 15,791,231 495,900 20,674,167 65,233 37,026,531
----- End of picture text -----*

The School land and buildings were revalued at “zero” by Gerald Eve, an independent firm of Chartered Surveyors, as at 16 November 2007, for the purposes of the transfer of assets from British Jesuit Province to a new charitable company. This reflects the unique nature of the School’s historic buildings, the level of repairing liability, and the ongoing maintenance obligations. A boarding house, Weld House, was completed during 2011/12 and a refectory was completed during 2014/15 and included in School land and buildings.

In December 2021, the school carried out a full review of the investment properties and residential properties. This revaluation resulted in an increase of £1,357,822 on the investment properties and an impairment charge of £273,373 on the residential properties.

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 41

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

10. DEBTORS

----- Start of picture text -----
Group Charity
2021 2020 2021 2020
£ £ £ £
Trade debtors 383,387 209,979 383,387 209,979
Prepayments and accrued income 44,399 138,565 44,399 138,565
Other debtors 140,834 202,142 140,834 202,142
Secured loan (CHC loan see note 18) 1,028,351 1,020,889 1,028,351 1,020,889
– –
Amount due from group undertakings 228,439 176,017
Total 1,596,971 1,571,575 1,825,410 1,747,591
----- End of picture text -----

Secured loan above relates to a £1m loan to the Christian Heritage Centre (an independent organisation, which occupies Theodore House within the grounds of Stonyhurst). The loan is secured on the Theodore House building.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
Group Charity
2021 2020 2021 2020
£ £ £ £
Bank overdraft 1,358,169 1,152,371 1,349,243 1,157,523
Bank loan 4,093,953 245,043 4,093,953 245,043
Creditors and accrued expenses 427,061 304,379 427,061 304,379
Fees received in advance (includes parental deposits) 3,999,363 2,346,066 3,999,363 2,346,066
Other taxes and social security 234,041 234,294 234,041 234,294
Other creditors 211,073 204,533 211,073 204,533
Total 10,323,660 4,486,686 10,314,734 4,491,838
----- End of picture text -----

The bank loan is secured by charges dated 18 December 2009 and 8 March 2012 over marketable securities held as part of the group’s investment portfolio.

EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

----- Start of picture text -----
Group Charity
2021 2020 2021 2020
£ £ £ £
Loans 4,848,000 6,880,693 4,848,000 6,880,693
Parental deposits 737,002 338,663 737,002 338,663
Total 5,585,002 7,219,356 5,585,002 7,219,356
MATURITY OF DEBT 2021 2020
£ £
Bank loans amounts payable within:
1 year 4,093,953 245,043
1 to 2 years 1,632,000 4,040,693
2 to 5 years 2,896,000 1,896,000
More than 5 years 320,000 944,000
Total 8,941,953 7,125,736
----- End of picture text -----

Bank loans comprise a loan of £800,000 (with a balance which as at 31st August 2021 stands at £480,000) repayable in quarterly instalments with a fixed interest rate over LIBOR, and a loan of £4,900,000 (with a balance which as at 31 August 2020 stands at £3,461,953) with annual payments of £213,044 which commenced in June 2014 with a final payment of £3,284,909 due in March 2022. The latter loan accrues interest at a fixed rate over LIBOR.

Coronavirus Business Interruption Loan Scheme loan of £3,000,000 (with a balance which as at 31st August 2021 stands at £3,000,000) was taken out in August 2020 which included a 12 month capital and interest free period and the loan was over the maximum six years.

The charity restructured all three of the Natwest loans referred to above and repaid them in full with a £9m long term loan over 15 years in April 2022. In addition the short term £3m overdraft facility was reduced from £3m to £1m.

The above loans are secured by charges over marketable securities held as part of the group’s investment portfolio.

The charity received a commercial loan from the Jesuit Province of £2m at a fixed rate over the base rate, due to be repaid by December 2025. These contingency funds are held within the investment cash fund awaiting for the financial effects of the Covid 19 pandemic to be fully financed and managed.

Overseas parents pay to the school a deposit equal to 10% of the school fees in advance. The money may be returned subject to specific conditions on the receipt of one term’s notice.

----- Start of picture text -----
Group
DEPOSITS 2021 2020
£ £
Within 2 to 5 years 368,501 169,332
Within 1 to 2 years 368,501 169,331
Total 737,002 338,663
Within 1 year
150,000
(Included within fees in advance within note 11) 379,668
Total 1,116,670 488,663
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TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 43

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (CONTINUED)

Parents may pay to the school a number of years’ fees in advance. The funds may be returned subject to specific conditions on the receipt of one term’s notice.

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Group
FEES IN ADVANCE
2021 2020
£ £
Within 1 year
3,619,695 2,196,066
(Included within fees in advance within note 11)
Total 3,619,695 2,196,066
13. FINANCIAL INSTRUMENTS
Group
2021 2020
£ £
Financial assets
Debt instruments measured at amortised cost 1,552,572 1,433,010
Total 1,552,572 1,433,010
Financial liabilities
Measured at amortised cost 10,938,256 8,612,508
Total 10,938,256 8,612,508
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14. ALLOCATION OF GROUP NET ASSETS – 31 AUGUST 2021/2020

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2021 Fixed assets NC liabilities LT liabilities Total
GROUP £ £ £ £
Unrestricted funds 77,628,359 (8,700,091) (5,585,002) 63,343,266
– –
Unrestricted funds - Stonyhurst Charitable Fund 6,129 6,129
Restricted funds 54,281 – – 54,281
Sub-total 77,688,769 (8,700,091) (5,585,002) 63,403,676
2020 Fixed assets NC liabilities LT liabilities Total
GROUP £ £ £ £
Unrestricted funds 69,315,383 (2,895,435) (7,219,356) 59,200,592
– –
Unrestricted funds - Stonyhurst Charitable Fund 5,580 5,580
Restricted funds 54,281 – – 54,281
Sub-total 69,375,244 (2,895,435) (7,219,356) 59,260,453
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EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

14. ALLOCATION OF CHARITY NET ASSETS – 31 AUGUST 2021/2020

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2021 Fixed assets NC liabilities LT liabilities Total
CHARITY £ £ £ £
Unrestricted funds 77,628,359 (8,471,652) (5,585,002) 63,571,705
Restricted funds 54,281 – – 54,281
Total 77,682,640 (8,471,652) (5,585,002) 63,625,986
2020 Fixed assets NC liabilities LT liabilities Total
GROUP
Unrestricted funds 69,315,383 (2,724,570) (7,219,356) 59,371,457
Restricted 54,281 – – 54,281
Total 69,369,664 (2,724,570) (7,219,356) 59,425,738
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15. GROUP FUNDS

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RESTRICTED FUNDS Balance Incoming Resources Balance
1 September 2020 resources expended 31 August 2021
GROUP AND CHARITY £ £ £ £
– –
Stonyhurst Children’s Holiday Trust 54,281 54,281
Total 54,281 – – 54,281
Revaluation Other unrestricted
UNRESTRICTED FUNDS Total
reserve funds
GROUP £ £ £
Balance brought forward as at 1 September 2020 3,484,813 55,721,358 59,206,171
–
Net expenditure before gains and losses on investment assets (3,393,448) (3,393,448)
Net gains on investment assets 1,357,822 6,178,850 7,536,672
Balance carried forward as at 31 August 2021 4,842,635 58,506,760 63,349,395
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TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 45

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021 16. CASH FLOW STATEMENT

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2021 2020
£ £
Net (expenditure)/income 4,143,224 (3,847,004)
Adjustments for:
Gains on investment assets (6,172,992) (2,169)
–
Realised gains on investment properties (5,858)
–
Revaluation on investment properties (1,357,822)
Revaluation on residential properties 273,372
Interest payable 131,859 132,272
Investment income (745,511) (822,513)
Depreciation charge 909,565 814,358
– –
Impairment of tangible fixed asset (net of reallocations)
Loss on disposal of tangible asset (150,191) (24,000)
Sub-total (2,974,354) (3,749,056)
Movement in working capital
Increase/ (Decrease) in debtors 25,396 247,281
Increase in creditors (4,202,620) (3,849,564)
Net cash (outflow)/inflow from operating activities (7,151,578) (7,351,339)
New
Start Cash Other At end
Net debt table of year Flows Acquisitions finance leases non-cash of year
£ £ £ £ £ £
Cash 19,676 6,922 – – – 26,598
– – – – – –
Cash equivalents
Overdraft facilities – – –
(1,157,523) (200,646) (1,358,169)
repayable on demand
Sub total (1,137,847) (193,724) – – – (1,331,571)
Loans due within one – –
(245,043) 183,783 (4,032,693) (4,093,953)
year
Loans due after more – –
(6,880,693) (2,000,000) 4,032,693 (4,848,000)
than one year
– – –
Finance lease obligations (322,874) 120,136 (202,738)
Total (8,586,457) (1,889,805) – – – (10,476,262)
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EST. 1593

STONYHURST NOTES TO THE ACCOUNTS

For the year ended 31 August 2021

17. PENSION SCHEMES

VALUATION OF THE TEACHERS’ PENSION SCHEME

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,517,069 (2020: £1,600,180) and at the year-end £0 (2020 - £0) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism revision is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

SUPPORT STAFF PENSION SCHEME

The Stonyhurst Pension Scheme is a defined contribution scheme available to support staff. Contributions are charged to the statement of financial activities as they become payable. Contributions to the scheme during 2021 totalled £558,117 (2020: £526,930)

18. RELATED PARTIES

Stonyhurst Charitable Fund (charity number 265478) has unreserved funds at year end of £6,129 (2020: £5,580) as shown in note 14 – Stonyhurst is the sole corporate trustee for Stonyhurst Charitable Fund.

The Christian Heritage Centre (CHC) repaid £12,317 (2020: £16,739) to Stonyhurst in the year. Interest of £21,686 (2020: £37,628) was charged on the loan. The loan balance between the CHC and Stonyhurst stood at £1,028,351 (note 10 Debtors) at year end (2020 : £1,020,889) – Stonyhurst representatives on the CHC are John Browne (College Headmaster) and Anthony Chitnis (Chair of Stonyhurst Trustees). The loan is fully secured against Theodore House which holds a capital value in excess of the loan value.

Stonyhurst received £480,145 (2020: £203,138) from the Stonyhurst Foundation Bursary grants – Stonyhurst representatives on the Foundation are John Browne (College Headmaster), Ian Murphy (St Mary’s Hall Headmaster) and Christine Keunen (Stonyhurst Trustee).

Stonyhurst College Developments Limited (company number 1482392) increased its loan by £52,422 (2020: £7,279 reduction). The balance outstanding as at 31st August 2021 was £228,439 (2020: £176,017). There is interest due on the loan of £10,561 (2020: £5,933) – Stonyhurst is the sole share owner.

19. CONTINGENT LIABILITIES

Except with the prior written consent of the British Jesuit Province, Stonyhurst is required to pay £16m to the British Jesuit Province in the event that either both schools close or merge or transfer to a third party.

20. CAPITAL COMMITMENTS

No capital commitments as at year end.

21. COMMITMENTS UNDER OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases in respect of IT equipment are as follows:

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2021 2020
£ £
Amounts due:
Within one year 121,711 128,295
Between one and five years 81,027 194,579
Total 202,738 322,874
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TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 47

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