## **STONYHURST**
**Trustees’ Annual Report and Accounts YEAR ENDED 31 AUGUST 2024**
**COMPANY REGISTERED NUMBER 06632303 REGISTERED CHARITY NUMBER 1127929**
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## **TABLE OF CONTENTS**
|BACKGROUND|3|
|---|---|
|CHARITABLE OBJECTIVES|3|
|OUR CONSTITUTION|3|
|KEY INFORMATION INCLUDING TRUSTEES, MANAGEMENT PERSONNEL & SERVICE PROVIDERS|4|
|STRUCTURE, GOVERNANCE AND MANAGEMENT|5|
|SUBSIDIARY COMPANIES AND RELATED PARTIES|6|
|SECTION 172 DUTY|7|
|PRINCIPLE RISKS AND UNCERTAINTIES|9|
|OBJECTIVES AND ACTIVITIES|10|
|REVIEW OF ACTIVITIES AND ACHIEVEMENTS|10|
|PUBLIC BENEFIT|11|
|FINANCIAL REVIEW|13|
|ENERGY AND CARBON REPORT|15|
|STATEMENT OF TRUSTEES’ RESPONSIBILITIES|17|
|INDEPENDENT AUDITOR’S REPORT|18|
|CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES|21|
|BALANCE SHEETS|22|
|CONSOLIDATED CASH FLOW STATEMENT|23|
|STONYHURST NOTES TO THE ACCOUNTS|24|
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**Trustees’ Annual and Strategic Report for the year ending 31 August 2024**
## **BACKGROUND**
The Governors of Stonyhurst (Charity 1127929/Company 06632303) as Trustees and Directors present their annual report and audited accounts for the year ended 31 August 2024 and confirm they comply with the requirements of the Companies Act 2006, Charities Act 2011, the Memorandum and the Articles and the Charities SORP (FRS 102).
## **CHARITABLE OBJECTIVES**
The charitable objects of the Stonyhurst are to
- a. advance the Roman Catholic religion, and
- b. 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 Trustees have careful regard to the Charity Commission’s guidance on public benefit in confirming the charitable purpose and the operation of Stonyhurst.
Through St Mary’s Hall (“SMH”) and the College (together the “School”), Stonyhurst aims to provide a first class education for boys and girls from the ages of 3 to 18 years old. As a boarding and day school Stonyhurst seeks to provide a structured educational environment that develops our pupils’ capabilities, competences and skills to live lives of faith and justice as citizens of the world. Stonyhurst promotes the academic, moral and physical development of all our pupils through our academic curriculum, pastoral care, sporting and other activities.
## **Our mission**
Stonyhurst is a Jesuit, Catholic School with a tradition of excellence that seeks to develop the full human potential of its pupils to live lives of faith and justice as citizens of the world.
## **Our vision**
Stonyhurst is the leading Catholic school in the Jesuit tradition with a restless ambition to inspire our pupils to become young men and women for others, growing in competence, conscience, compassion and commitment, who are drawn to live purposefully in the world for the greater glory of God and the common good.
**Our way of proceeding**
Our aim is to form ‘men and women for others’ by living out the virtues in the Jesuit Profile.
## **OUR CONSTITUTION**
Stonyhurst was incorporated as a company limited by guarantee on 27 June 2008 and is registered as a charity.
Stonyhurst operates under the Memorandum and Articles incorporated on 27 June 2009 and amended by special resolution(s) dated 7 December 2018 and 9 August 2023 as registered at Companies House and the Charity Commission and which include the regulations for appointment of Trustees.
Stonyhurst has operated as an independent charity since 1 September 2009.
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## **KEY INFORMATION INCLUDING TRUSTEES, MANAGEMENT PERSONNEL & SERVICE PROVIDERS**
|**_CHARITY TRUSTEES & DIRECTORS_**|As at 31 August 2024|
|---|---|
|||
|Mr A Chitnis(Chair)Resigned – 31stAugust 2024||
|Mrs C Keunen(DeputyChair) (Became Chair 1stSeptember 2024)||
|Dr A Brady||
|Fr R Dawson SJ||
|Mrs J Dodd||
|Mr C Foulds – Resigned 31stAugust 2024||
|Mr S Glassbrook||
|Dr M Guzkowska- Resigned 31stMarch 2024||
|Mr G Lagerberg||
|Dr N Mellows- Resigned 30thNovember 2023||
|Dr S Belderbos – Appointed 1stSeptember 2024||
|Mr S Morris – Appointed 1stSeptember 2024||
|Fr D Croos – Appointed 11thJune 2024||
|Mr M Hurst – Appointed 2ndFebruary2024||
|Mrs H McCormick – Appointed 29thSeptember 2023||
|Mr A Noyons – Appointed 11thSeptember 2023||
|Miss S Young- Appointed 1st September 2023||
|||
|**_KEY MANAGEMENT PERSONNEL_**||
|||
|**Headmasters**|Mr J R Browne|
||Fr C Cann(SMH)|
|||
|**Clerk to the Trustees**|Mrs J Wild
Appointed 6thFebruary2025|
|**Finance & Operations Director**|Mr E Baker
Appointed 30thSeptember 2024
Mr S Whitford
Retired 31st May2024|
|**_SOLICITORS_**||
|**Employment**|Weightmans LLP
100 Old Mall Street
Liverpool
L3 3QJ|
|**Education**|Veale Wasbrough Vizards LLP
Orchard Court
Bristol
BS1 5WS|
|**Estate & Property**|Blackhurst Swainson Goodier LLP
10 Chapel Street
Preston
PR1 8AY|
|**_BANKER_**|NatWest
Spinningfelds Square
182 Deansgate
Manchester
M3 3LY|
|**_AUDITORS_**|RSM UK Audit LLP
Ninth Floor, Landmark, St Peter's Square, 1
Oxford Street,Manchester,M1 4PB|
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## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Under the Articles of Association, the Governing Body consists of up to 13 appointed Trustees and 3 Foundation Members. All Trustees and Foundation Members constitute the Governing Body and are Directors of Stonyhurst.
The Foundation Members are appointed by the Society of Jesus, known as the Jesuits. The Foundation Members from 1 September 2023 - 31 August 2024 were Fr R Dawson SJ, Miss S Young and Mr A Chitnis, by virtue of his role as Chair of Governors.
The Governors determine the strategy and policies of Stonyhurst. The Governing Body has, under written terms of reference, delegated powers to the following Committees:
|**Finance and General**
**Purposes**|**Education**|**Safeguarding and Wellbeing**|**Nominations and Governance**|
|---|---|---|---|
|Mrs J Dodd* (Chair) from April
2024
Mr G Lagerberg (Chair) to April
2024 – Retired from Committee
April 2024
Mr A Chitnis
Mrs J Dodd*
Mr S Glassbrook
Mr A Noyons
Mr M Hurst from February 2024|Mr G Lagerberg (Chair) from
April 2024
Dr M Guzkowska (Chair) -
Retired March 2024
Mrs A Brady
Mr A Chitnis
Mr C Foulds
Dr N Mellows (Retired
November 2023)|Mrs H McCormick* (Chair)
from January 2024
Dr N Mellows (Chair) - Retired
November 2023
Mr A Chitnis
Fr R Dawson SJ from June
2024
Mr C Foulds
Dr M Guzkowska - Retired
March 2024
Mrs H McCormick*|Mrs C Keunen (Chair)
Mr A Chitnis
Fr R Dawson SJ
Miss S Young
Fr D Croos SJ from June 2024|
|||||
|**External Afairs**|**Libraries, Archives and**
**Collections**|**International**|**Remuneration**|
|Mr S Glassbrook (Chair)
Mr A Chitnis
Mrs C Keunen|Mrs C Keunen (Chair)
Mr A Chitnis|Mr A Noyons * (Chair) from
April 2024
Dr M Guzkowska (Chair) -
Retired March 2024
Mr A Chitnis
Mrs J Dodd from July 2024
Mr G Lagerberg
Mr A Noyons* from March
2024|Mr A Chitnis (Chair)
Dr M Guzkowska - Retired
March 2024
Mrs C Keunen
Mr G Lagerberg|
The Committees, with the exception of the Remuneration Committee which meets once a year, meet at least once per term. An Investment Sub Committee meets at least twice in the Academic Year and reports to the Finance and General Purposes Committee. The Committees report to the Full Governing Board which meets twice per term. The Committees are supported by the Headmaster(s) and Finance & Operations Director as appropriate. Reports are produced by relevant departments and professional advice is sought when required.
Trustees are recruited through various channels and complete an interview process before appointment.
The Governors aim to ensure that the Board of Trustees/Directors has a diverse range of skills, experience and backgrounds. A skills matrix is maintained and we aim to have Trustees with a range of legal, financial, educational, senior management and diverse backgrounds. Trustees may have more than one of these skills. There is a mix of male and female Trustees.
Trustees are provided with an induction training programme by the Clerk to Governors and training is available for all Governors throughout the year. All Governors receive Safeguarding Training each year.
The day-to-day management of Stonyhurst is delegated to the two Headmasters and the Finance & Operations Director, all of whom are appointed by the Full Governing Body.
Both the College and SMH are subject to external inspection of education and pastoral care by various statutory bodies.
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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.
The remuneration of key management personnel is set by the Board through the Remuneration Committee. The Remuneration Committee’s objective is to encourage enhanced performance and to reward individuals fairly for their specific contributions to overall success. The appropriateness and relevance of this objective 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 in the sector.
## **Reserves and Financial Health**
The Governors regularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the effective stewardship of Stonyhurst.
## **Investment Policy and performance**
Investment activities are managed in line with the requirements of the Trustee Act 2000. The Governors have appointed three multi asset Fund Managers and performance is reviewed by the Investment Sub Committee which meets twice a year (with the option to meet more if required). The Investment Sub Committee reports to the Finance and General Purposes Committee.
The Governors have approved an Investment Policy. Risk is limited through monitoring and maintaining a well diversified portfolio.
## **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. These include the promotion of recycling of waste and actions to maximise efficiency in energy consumption.
## **Community**
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 organisation’s operations, the annual payroll taxes generate in excess of £3.4m and total taxes equal £3.5m.
## **SUBSIDIARY COMPANIES AND RELATED PARTIES**
Stonyhurst has a wholly-owned non-charitable subsidiary, Stonyhurst College Developments Ltd (Company No. 01482392) (“SCDL”), 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 (Charity No. 265478), whose primary purpose is to provide educational grants. The results of this subsidiary are included in the consolidated financial statements.
Stonyhurst International Limited 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 Stonyhurst Foundation.
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## **SECTION 172 DUTY**
Under section 172 of the Companies Act 2006 the Directors (at Stonyhurst the Governors) have a duty to promote the success of the company for the benefit of the members as a whole.
Stonyhurst has a strategic plan. The strategy is supported through documented operational business goals and objectives that are communicated with employees and other relevant stakeholders.
Our decisions are made to have a long-term beneficial impact on Stonyhurst, for the benefit of pupils and in furtherance of our charitable objectives. Our decisions take into account the impact of Stonyhurst’s operations on the community and environment, and our wider social responsibilities.
The Governors consider that in the decisions taken during the year, they have acted in a way they consider, in good faith, would be most likely to promote the success of Stonyhurst for the benefit of its members as a whole, having regard to (amongst other matters):
- the likely consequences of any decision in the long term
- the interests of employees
- fostering business relationships with suppliers, customers and others
- acting fairly as between members of the company
- maintaining a reputation for high standards of business conduct
- the impact of operations on the community and the environment
Stonyhurst is a company and charity and the Governors are Directors and Trustees.
The Governors approve Policy and delegate powers for the day to day running of the School to the Headmasters and Finance & Operations Director (as appropriate). The Full Governing Board retains decision making powers in relation to areas including budget setting, additional spend and strategic direction. This ensures that decisions relating to the integrity and long-term sustainability of Stonyhurst is a matter for the Full Governing Board.
Stonyhurst Governors are proud to be custodians of Stonyhurst and understand the rich history of Stonyhurst. The Governors are conscious to act responsibly in their decision making and in monitoring to ensure high standards of business operations and good governance.
Stonyhurst recognises that employees are fundamental to the delivery of the strategic plan and ensuring the best quality pupil experience in all areas which in turn will secure financial sustainability.
We aim to be a responsible employer in relation to the approach to pay and benefits. To this end, staff surveys and staff liaison meetings continue to inform our approach and are a part of our consultation and engagement with staff and representatives. Staff are offered access to a number of wellbeing support services. We actively seek to ensure that the working environment meets due high standards of safety and security.
Stonyhurst also aims to act responsibly and fairly in how we engage and co-operate with all of our other primary stakeholders, including our parent body, pupils, community, government regulators, all of whom are integral to the success of the company.
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.
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.
During the year, Stonyhurst has further promoted engagement with stakeholders through specific initiatives including:
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- Regular communication and engagement with parents, and prospective parents, to enhance the understanding of the provision to each student and to fully coordinate support to students from parents and school.
- Engagement with other educational organisations and partners at local and national levels to share best practice and provide peer support.
- Active dialogue with the local council on matters that impact children and families in the community or relate to operation of the school.
- Engaging with local businesses to promote career and educational opportunities for pupils for their mutual benefit.
- Seeking all possible opportunities to engage with local suppliers in the school area.
- Seeking regular communication with all suppliers and ensuring good commercial practices of prompt payment and clear communication to optimise arrangements for supply of goods and services to the school.
- Promoting and encouraging pupil opportunities to engage in local voluntary schemes and other projects to support the wider community.
We also note and acknowledge the significant role of Stonyhurst Foundation and Stonyhurst Association in our ongoing success and continue to work closely with them.
The Governors are committed to social responsibility, community engagement and environmental sustainability.
Stonyhurst is committed to promoting equal opportunities in employment. All employees and any job applicants receive equal treatment regardless of age, disability, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, gender or sexual orientation. Stonyhurst adopts the policy as to:
(a) full and fair consideration of applications for employment made by disabled persons, having regard to their particular aptitudes and abilities;
(b) continuing the employment of, and arranging training for employees who have become disabled persons while employed; and
(c) otherwise for the training, career development and promotion of disabled persons.
The School’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.
## **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. The Trustees consider that the key strategic risks faced by Stonyhurst are:
- Pupil recruitment
- Reputation risk (through an adverse incident)
- Academic performance risk
- Management of cash flow and ensuring a sustainable financial position
- Financial impact of changes of Government and/or Government policy due to business rate amendments, imposition of VAT on fees and other potential changes
These risks are mitigated and managed as follows:
- Admissions travel and advertising plan. Retention action plan and monitoring. Regular monitoring and forecasting. Governor oversight through External Affairs Committee and at Trustee meetings
- Monthly monitoring of financial resources and forecasting performance. Key performance indicators include pupil numbers, staffing costs and cash flow
- Published policies and procedures for safeguarding, health and safety, pastoral care and best professional practice. Regular staff training is available throughout the year
- All Trustees are encouraged to regularly visit Stonyhurst to observe lessons and the delivery of school activities, visit boarding facilities and meet pupils and staff to better understand and monitor school operations
- Risk registers and red flag reporting are standing items for Trustee meetings
Through the risk management processes, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary.
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## **OBJECTIVES AND ACTIVITIES**
Our objectives are set to reflect our educational aims and the ethos of the School. It is important to us that we maintain and enhance the academic success of the School. This objective is, however, set in the context of the broader goals we set for the School and its pupils. In setting our objectives and planning our activities the Governors have given careful consideration to the Charity Commission’s public benefit guidance.
The objectives cover four key themes:
## **Faith that does justice**
- To deepen the daily encounter our community has with Christ
- To ensure a safe, kind and fun community with joyful hearts
## **Perspectives and horizons**
- To deepen the intercultural understanding of the diversity of our community
- To empower young people to be agents of positive change
## **Academic excellence**
- To redesign the curriculum to be more stretching at all levels and Ignatian in its approach
- To integrate the curriculum with our unique historic Collections and Archives
- To recruit and retain the best teaching staff
## **Sustainability and accessibility**
- To maintain and increase our level of surplus and develop new income streams in order to invest in the education of young people and be sustainable into the future
## **REVIEW OF ACTIVITIES AND ACHIEVEMENTS**
A key focus for Governors and the Executive has been to ensure that Stonyhurst is in the best possible position to weather the impact of VAT on school fees, the increase in National Insurance and the loss of charitable exemption from business rates. The combination of these three elements has put intense financial pressure on families and on bursary funds.
A key strategic decision during 2023/24 was to reconfigure the two schools with the transition point to the College moving to 11+. This was a return to the pre-1946 structure. A key driver was the educational and pedagogical benefits of centralising all specialist teaching at the College. The decision also ensured the optimal use of staffing and resources for the benefit of pupils.
## **Stonyhurst College**
Building on a 2023 ISI judgement of ‘excellent in all areas’ the focus for the year was ‘accompaniment’. Initiatives included: a return to full in-person events; a new weekly newsletter; PHSE seminars for parents and enhanced contact with tutors. Staff accompaniment focused on a new employee led online appraisal system.
Rolling investment in facilities has continued including: the refurbishment of boarding facilities for Lower Line boys and Higher Line girls; three classrooms; the new Syntax Playroom and the Higher Line Centre. St Mary’s Hall has a new dance studio and art room.
Key appointments for the year include a new Director of Finance and Operations and a new Principal of Stonyhurst International School Penang, Malaysia.
Visitors to the College included Dr Karen Darke MBE and His Eminence of Bhutan, Father Timothy Ratcliffe OP, former Master of the Dominicans, HH the Papal Nuncio and Sir Tim Smit (founder of the Eden Project).
An externally funded Education Officer was appointed for the historic Collections to further integrate the Collections into the curriculum and increase access to the Historic Libraries for study purposes. The 400th anniversary of Shakespeare’s First Folio was celebrated.
The performing arts continue to thrive and highlights included Sweeney Todd by Stephen Sondheim and the Coronation Mass by Mozart. Sport continues to focus on both participation and performance. The 1st XV rugby team won the Lancashire Cup.
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## **St Mary’s Hall**
Strategic work at Stonyhurst St Mary’s Hall entailed preparing years 6, 7 and 8 for the transition to the College in September 2024 and planning the shift to a 3-11 curriculum and experience.
A full refurbishment of the Pre-Prep building in Hodder House created larger and brighter teaching and learning spaces for our younger pupils. Almost all children attained expected or above expected standard in English and Maths at the end of KS1, KS2 and at 13+ national standardised testing. There was a 100% success rate for the EAL (English as an Additional Language) pupils who took the B1 and B2 level examination. St Mary’s Hall pupils achieved highly in drama, music and sport at regional and national level.
## **PUBLIC BENEFIT**
The public benefit provided by Stonyhurst is demonstrated through its commitment to supporting education, community engagement, and charitable activities. Key aspects include:
## **Education mission**
Stonyhurst provides education to pupils aged 3-18 in academic, cultural, religious, sporting and social disciplines, with the aim of benefitting the public at large.
## **Bursaries and financial assistance**
Stonyhurst offers means-tested bursaries and scholarships to ensure access to education regardless of financial means. In 2023-24, 417 pupils received bursaries, scholarships or allowances totalling £4,622,726. The Stonyhurst Foundation contributed £1,222,132, supporting 44 pupils with bursaries of mainly 90-100%.
Stonyhurst works in partnership with key charitable organisations including the Royal National Children’s Springboard Foundation, IntoUniversity (Liverpool) and Eastside Young Leaders Academy (London).
## **Support for local schools**
Stonyhurst collaborates with local state schools by providing resources and facilities. Examples include:
- Stonyhurst runs a branch of the National Schools Singing Programme which provides a music curriculum based around class singing in 9 local schools
- Hosting community cricket and netball events including providing transport for local primary schools to attend
- Arrupe Poets (Year 12) attend a local special education school each week to participate in wheelchair dancing with the children
- Hosting events such as the Model United Nations Student conference
- Stonyhurst regularly offers its sporting facilities to maintained schools and sporting associations for county and regional school sporting events, including netball, football and cricket, and for sports tournaments in which local and regional maintained schools are involved, across the full competitive age range (aged 9-18)
## **Community engagement and access**
Stonyhurst actively supports the local community through providing support with resources and access to facilities, such as:
- Providing furniture and equipment to the local primary school following a fire in one of their classrooms
- Hosting the local Parish’s First Holy Communion Reception
- Arrupe Poets (Year 12) Coffee Stop socialising with the elderly
- Providing access to sports facilities including all weather sports pitch, swimming pool and tennis dome for local community use at reduced rates. In 2023-2024, the Learn to Swim programme was accessed by over 200 children on a weekly basis
- Stonyhurst hosted a visiting group of children from the Ukraine
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## **Charitable Activities**
Pupils and staff support local, national and international charitable initiatives through fundraising, volunteering, and service learning. Examples include:
- Raising funds to support Jesuit schools in Lebanon
- Cafod Fast Lunches
- Aid to the Church in Need through Red Wednesday
- Raising funds for the Tag Rugby Trust Outreach Programme
- Donating sports kit and uniform to schools in Zimbabwe
## **Environmental initiatives**
Pupils and staff participate in activities focusing on sustainability, including the promotion of recycling of waste and actions to maximise efficiency in energy consumption.
## **Jesuit immersion programmes**
Stonyhurst hosted visits for Jesuit schools from Hong Kong and Uruguay for staff and students to immerse themselves in the cultural, academic, faith and sports life of Stonyhurst, thus strengthening relationships in the Jesuit tradition across the world.
## **Alumni network**
Alumni contribute through mentoring, career talks and financial support for bursaries and school projects.
## **The Stonyhurst Foundation**
Stonyhurst provides resources and assistance to the Foundation which provides funds for bursaries. Staff and pupils support the Foundation through fundraising activities.
## **Museum, Collections and Archives**
In addition to providing an educational resource for pupils of the College and St Mary’s Hall, Stonyhurst provides access to the Stonyhurst Museum, Collections and Archives to state primary and secondary schools for educational and cultural purposes, and to members of the public and professional academics, using a network of local volunteers. During the year 2023-2024:
- 156 lessons were taught within Stonyhurst using the Collections
- 8 schools visited the Museum and Collections for educational and cultural purposes
- 36 open days and half term tours were organised with a total of 2,334 visitors
- Curator delivered academic papers at the British Museum, Durham University, the Edinburgh Festival, the Royal Photographic Society, Southwark Cathedral and the Venerable English College in Rome
- Historic objects were loaned to Hampton Court Palace and San Francisco Museum. Stonyhurst received objects on permanent loan from Wonersh Seminary and St Francis Xavier Church, Liverpool
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## **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. We are also entitled to an 80% reduction on our business rates of the property we occupy for our charitable purposes (this has changed with effect from 1[st] April 2025).
The financial benefits we receive from these tax exemptions are all applied for educational purposes and help us maintain our bursary funds. We are currently unable to reclaim VAT input tax on the School’s costs, as these fees are exempt for VAT purposes, but this has changed with effect from 1[st] January 2025.
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.
Through the ongoing development and management of long term financial plans and monthly management accounts, the Governors consider that substantial progress has been made in protecting the finances of Stonyhurst.
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 School’s finances.
The Governors 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 our asset class and yield.
The School’s 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.
## **Fifteen years of the Trust**
This financial year marks 15 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 been circa £34m.
£25m of the £34m invested in the Stonyhurst campus buildings was capitalised within the balance sheet of Stonyhurst, which included investment in educational, boarding, pastoral, ICT infrastructure and fixtures and fittings. The remaining £10m was charged through the revenue account in the year it was incurred. All of these developments enabled the School to accommodate and educate over 500 pupils at the College and up to 280 pupils at St Mary’s Hall.
## **Trading**
Net School Fee income increased from £19.4m (2023) to £19.7m (2024) due to an increased number of boarders at the school, and an increased bursary grant from the Stonyhurst Foundation £0.7m (2023) to £1.2m (2024).
Other ancillary income increased from £0.9m (2023) to £1.07m (2024) due to an increase in attendance on the Stonyhurst Language Summer School.
The Trading company income remained at £0.2m (2023) to £0.2m (2024).
Donations and Fundraising increased from £1.2m (2023) to £1.6m (2024) due to a larger grant from the Stonyhurst Foundation, the Foundation grant to Stonyhurst in the year to Stonyhurst increased from £1m (2023) to £1.5m (2024).
Investment income remained at £1m (2023) to £1m (2024).
The above trading has resulted in income increasing from £22.7m (2023) to £23.8m (2024).
The total expenditure has increased from £23.8m (2023) to £25.4m (2024) due to education, welfare and premises cost increases in delivering the education provision, along with an increase in interest costs on servicing the current loans, with interest rates and inflationary pressures effecting the expenditure.
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The Charity Group net movement in funds for the year ended 2024 was a surplus of £2.1m compared to a deficit of £0.5m (2023). This consisted of a trading deficit of £1.7m offset against an unrealised gain on investments of £3.8m.
## **Cash Flow**
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 unrealised gain on investments in the year is £3.8m (2024) compared to an unrealised gain of £0.6m (2023). The charity investments are vital in providing the required bursary and building maintenance support required for Stonyhurst to be sustainable in the future.
Investments at year end are £38.5m (£36.8m 2023) an increase of £1.7m due mainly to increases in portfolio performance.
## **Capital Expenditure**
The School invested over £1.6m in capital expenditure in the year, with constant improvements to our boarding provision in lower line, a fully refurbished West Wing social space, improvements to Hodder House and investment in the schools IT provision to enhance teaching and learning. Under capital projects in progress, the school had spent over £0.5m in preparation for the inclusion of Years 7 and 8 into the College from SMH.
## **Debt**
The Governors manage debt servicing costs against asset yields within the year. At year end we held a balance on the NatWest bank loans of £8.5 m with 50% of this loan fixed and 50% variable against the BOE base rate. We also had a balance of £1m Jesuit Loan as a result of Covid, which is on a variable rate against the BOE base rate. At year end we also had a £1m overdraft facility in place with NatWest. It was the intention of the Governors to complete the repayment of the Jesuit Loan and this took place on 30 December 2024.
Creditors due within year at year end were £5.5m (£5.9m 2023) a decrease of £0.4m. Creditors due after more than year were £11.6m (£11.7m end 2023) a decrease of £0.1m. Cash at the bank at year end was £1.8m (£0.7m 2023).
In light of higher interest rates and the higher cost of servicing the debt, Governors are reviewing the asset base and associated yields.
14
## **Streamlined Energy & Carbon Report for Stonyhurst for the Period 1st September 2023 – 31st August 2024**
## **Company Information**
Stonyhurst is a company (registration number 06632303) with no parents but with trading and dormant subsidiaries registered in the UK. The company is registered at Stonyhurst College, Hurst Green, Clitheroe, Lancashire, BB7 9PZ.
## **Reporting Period**
The reporting period that this submission covers is 1st September 2023 to 31st August 2024.
## **Reporting Methodology**
We have followed the HM Government Environmental Reporting Guidelines: including streamlined energy and reporting guidance March 2019.
We have used data collected specifically for the purpose of SECR reporting.
We have used the 2024 UK Conversion Factors for Company Reporting in accordance with the guidance provided.
## **Organisational Boundary**
We have used the financial control approach, but as our organisation is a single entity, there are no other businesses to consider **.**
## **Operational Scopes**
We have measured our Scope 1 and Scope 2 emissions. We have assessed there were no scope 3 emissions requiring inclusion.
We have also reported on the renewable energy generated and consumed on site.
||**Current Reporting Year**|**Previous Reporting Year**|
|---|---|---|
||||
||**(1 September 2023 – 31 August 2024)**|**(1 September 2022 – 31 August 2023)**|
|**Mandatory Information**|||
||||
|Total annual energy consumption used to calculate
emissions in kWh|**10,110,422 kWh**|**8,684,651 kWh**|
|Total annual gas consumption for combustion purposes
in kWh|**1,543,062 kWh**|**1,578,799 kWh**|
|Total other fuel consumption for combustion purposes in
kWh|**6,657,413 kWh**|**4,377,319 kWh**|
|Total annual purchased electricity consumption in kWh|**1,569,891 kWh**|**2,429,561 kWh**|
|Total annual transport fuel use in kWh|**340,056 kWh**|**298,972 kWh**|
|Total emissions from combustion of gases in tCO2e
(Scope 1)|**2,149.69 tCO2e**|**1,553.93 tCO2e**|
|Emissions from combustion of fuel for transport
purposes in tCO2e(Scope 1)|**86.74 tCO2e**|**76.77 tCO2e**|
|Emissions from purchased electricity in tCO2e(Scope 2)|**325.02 tCO2e**|**502.94 tCO2e**|
|Total gross tCO2ebased on above [mandatory]|**2,561.45 tCO2e**|**2,133.64 tCO2e**|
|Intensity Ratio: chosen ratio is tCO2eper m2foor area|**0.1244 tCO2e**|**0.1037 tCO2e**|
|**Voluntary**|||
|Total annual renewable heat generated from owned on-
site wood fuel biomass boiler installation in MWh|**2,974.85 MWh**|**3,209.59 MWh**|
15
## **Intensity Ratio**
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 0.1244 tCO2e (124.4 kgCO2e) per square metre floor area, an increase of 0.0132 tCO2e or 19.9% on 2023. The period 1st September 2023 to 31st August 2024 was the third full year of resumption of normal operations/activities at the school post pandemic.
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, regression analysis has shown that 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.
## **Energy Efficiency Actions**
During this reporting period both end of life replacement of light sources with LED alternatives have continued, together with targeted upgrading of lighting as part of planned refurbishment of accommodation. During this period the oil fired boiler burners in the St Mary’s Hall lower school were replaced with more reliable and efficient versions resulting in greater reliability and reduced energy consumption. Extensive sub metering of energy sources comprising electricity, gas, gas oil and water were implemented across the Stonyhurst estate and commissioned to operation in November 2023. This has and will continue to enable energy saving projects implemented within specific buildings to be more effectively measured. For example, during April 2025 new indoor tennis court lighting is being installed and will substantially reduce energy consumption within the tennis dome. In addition, during 2024 Stonyhurst’s appointed external energy management consultants completed an ESOS Phase 3 assessment and identified energy saving measures to be implemented over the coming years. When replacing end of life equipment energy efficient replacements are now selected as standard. During this reporting period the Stonyhurst school combined heat and power (CHP) plant was fully operational, resulting in a reduction to imported electricity, but an increase in gas oil consumption by the CHP. The operation of the CHP generates both heat and power for onsite usage.
16
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024**
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether the applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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.
## C Keunen
Mrs C Keunen Chair of Trustees Date: 11 June 2025
17
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF STONYHURST LIMITED**
## **Opinion**
We have audited the financial statements of Stonyhurst (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2024 which comprise Consolidated Statement of Financial Activities (including Consolidated Income and Expenditure Account), the Consolidated and Charity Balance Sheets, the Consolidated and Charity Cash Flow Statements 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:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006
## **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’ Annual Report and Accounts other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Annual Report and Accounts. 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
18
- the information given in the Trustees’ Annual and Strategic Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors’ Report and the Strategic Report included within the Trustees’ Annual and Strategic Report have been prepared in accordance with applicable legal requirements.
## **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.
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:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees’ responsibilities set out on page 17, 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.
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.
## **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 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 non-compliance 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.
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.
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.
19
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:
- obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the group and parent charitable company operate in and how the group and parent charitable company are complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud .
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, tax legislation. We performed audit procedures to detect noncompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Annual and Strategic Report which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities.
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 2022, and the UK Data Protection Regulations (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 inspected correspondence with regulatory authorities
The audit engagement team identified the risk of management override of controls and the completeness of revenue transactions 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 journal entries with the use of data analytics tools and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgements and estimates. The audit team also performed testing over the completeness of income.
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.
## Karen Musgrave
Karen Musgrave (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Ninth Floor Landmark St Peter’s Square 1 Oxford Street Manchester M1 4PB Date: 12/06/25
20
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
Consolidated Statement of Financial Activities (Including Consolidated Income and Expenditure Account) For the year ended 31 August 2024 (Registered Company No. 06632303)
|**Notes**
**Income and Endowments From:**
**Charitable Activities**
School fees
1
Other ancillary income
2
**Other trading activities**
Trading turnover
8
**Voluntary Sources**
Donations and fundraising
3
**Investment Income**
4
**Other income**
Profit/(loss) on disposal of fixed assets
**TOTAL**
**Expenditure On:**
**Raising funds**
Trading expenses
Fundraising costs
Financing costs
**Charitable Activities**
Education and grant making
**Total**
6
**Net Gains on investments**
Gains on investment assets
7
**Net Income/Expenditure**
**Net Movement in Funds**
Fund Balances brought Forward at 1 Sept 23
Fund Balances carried Forward 31st Aug 24|**Unrestricted**
**Restricted**
**Total 2024**
**Total 2023**
£
£
£
£
(restated)
19,684,443 (1,222,132)
18,462,311 18,667,289
1,071,214
1,071,214
908,064
206,307
206,307
188,657
1,632,233
1,632,233
1,206,066
996,920
996,920
998,706
172,587
172,587
2,263|
|---|---|
||22,131,471
410,101
22,541,572 21,971,045|
||199,995
199,995
187,598
824,799
824,799
501,614
901,303
901,303
912,580|
||1,926,097
-
1,926,097
1,601,792
21,870,771
410,101
22,280,872 21,416,903|
||
23,897,790
410,101
24,206,969 23,018,695|
||
3,802,046
922
3,802,968
574,990|
||2,136,649
922
2,137,571
(472,659)
2,136,649
922
2,137,571
(472,659)
60,546,601
60,105
60,606,705 61,079,365|
||62,683,250
61,027
62,744,276 60,606,705|
21
## **BALANCE SHEETS**
As at 31 August 2024 Registered Company No: 06632303
|**Notes**
**Fixed Assets**
Investments
7
Tangible fixed assets
9
**Current Assets**
Debtors
10
Cash at bank
11.1A
**Creditors falling due within one year**
Creditors
11
**Net Current Liabilities**
**Total assets less liabilities**
**Creditors falling due after one year**
Creditors
12
**Total Net Assets**
Restricted funds
14
Unrestricted funds
14
**Total Funds**|**Group**
**2024**
**2023**
**£**
**£**
38,462,986
36,826,266
37,514,673
38,686,511
75,977,659
75,512,777
2,071,050
2,008,076
1,816,219
704,625
3,887,269
2,712,701
(5,549,401)
(5,913,104)
(1,662,132)
(3,200,403)
74,315,527
72,312,375
(11,571,251)
(11,705,670)
62,744,276
60,606,705
61,027
60,105
62,683,249
60,546,601
62,744,276
60,606,705|**Charity**
**2024**
**2023**
**£**
**£**
38,457,163
36,820,443
37,514,673
38,686,511|
|---|---|---|
|||75,971,836
75,506,954|
|||2,298,413
2,235,438
1,816,219
704,625|
|||4,114,632
2,940,064|
|||(5,549,401)
(5,913,104)|
|||(1,434,769)
(2,973,040)|
|||74,537,067
72,533,914|
|||(11,571,251)
(11,705,670)|
|||62,965,816
60,828,244|
|||54,281
54,281
62,911,535
60,773,963|
|||62,965,816
60,828,244|
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 £2,137,569.
The financial statements were approved and authorised for issue by the Board of Trustees on the 11 June 2025 and signed on its behalf by:
## C Keunen
Mrs C Keunen Chair of Trustees
22
## **CONSOLIDATED CASH FLOW STATEMENT**
For the year ended 31 August 2024
|**Notes**
**Cash absorbed by operations**
16
Interest paid
Net cash used in operating activities
**Investing activities**
Purchase of tangible fixed assets
Cash drawn down in listed investments
Additions to Investment Property
Proceeds on disposal of tangible fixed assets
Investment income received
Net cash from investing activities
**Financing activities**
Repayment of borrowings
New borrowings
**Net cash generated (used)/from in financial activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of the year
**Cash and cash equivalents at the end of the year**
**Relating to;**
Bank balances and short term deposits
Bank overdrafts
**Total Funds**|**2024**
**2023**
**£**
**£**
(880,600)
(325,045)
(718,246)
(604,647)|
|---|---|
||(1,598,846)
(929,692)
(1,633,441)
(2,041,860)
2,565,845
2,455,227
(199,230)
1,947,587
2,263
996,920
998,706|
||3,876,911
1,215,106|
||(1,165,983)
(206,690)|
||(1,165,983)
(206,690)|
||1,112,082
78,724|
||704,137
625,413|
||1,816,219
704,137|
||1,816,219
704,625
-
(488)|
||1,816,219
704,137|
23
## **STONYHURST NOTES TO THE ACCOUNTS**
For the year ended 31 August 2024
## **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, 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.
## **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 (“SCDL”), Stonyhurst International Limited (dormant) and its separate subsidiary unincorporated charity, Stonyhurst Charitable Fund (“SCF”), all of which are registered in England, United Kingdom (together the “Group”).
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 2024. The following accounting policies have been applied consistently in dealing with items that are considered material to the School’s 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:
Section 7 ‘Statement of Cash Flows’ – Presentation of a Statement of Cash Flows and related notes and disclosures.
Section 11 ‘Basic Financial Instruments’ & Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches; and details of hedges and hedging fair value changes recognised in profit or loss and in other comprehensive income.
24
## **STONYHURST NOTES TO THE ACCOUNTS**
For the year ended 31 August 2024
## **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.
The charity’s debt provision has been reviewed with the focus on improved trading covering the servicing of this debt. As with all other Independent Schools, political change, taxation and VAT are under constant review.
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.
## **INCOME**
(i) Fee income represents fees earned in respect of tuition given during the year. Fees received in respect of tuition to be given after the year end are included in creditors as fees received in advance.
(ii) All other income is the amount receivable in the accounting year.
(iii) Extras, for example school trips, which relate in nature to a banking relationship as opposed to the specific provision of goods by the school, are not included as income.
Prior Period Re-statement – a re-statement has been processed to correctly reflect the restricted nature of certain bursary funds and related expenditure in the prior year. There is no impact on the net income, balance sheet totals or cashflow.
|ashfow.||||
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**£**|**£**|**£**|
|As previously stated:||||
|Income - School fees|19,423,459|-|19,423,459|
|Restatement of bursary funds|(1,512,340)|756,170|(756,170)|
|**As restated**|**17,911,119**|**756,170**|**18,667,289**|
|Charitable expenditure – education and grant making|(20,967,007)|(1,206,066)|(22,173,073)|
|Restatement of bursary funds|-|756,170|756,170|
|**As restated**|**(20,967,007)**|**(449,896)**|**(21,416,903)**|
## **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.
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.
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.
## **EXPENDITURE**
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.
25
## **STONYHURST NOTES TO THE ACCOUNTS**
For the year ended 31 August 2024
## **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.
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 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.
## **FIXED ASSETS**
(i) The School land, buildings and residential property were revalued in 2007 by Gerald Eve & Mortimers for the purposes of the transfer of assets British Jesuit Province to a new charitable company. These valuations were updated in 2010 and incorporated into the accounts as at 1 September 2009 as appropriate transfer values and deemed cost. Residential properties are reviewed for impairment purposes by our Estate managers, Carter Jonas. These reviews are carried out at regular intervals.
(ii) Motor vehicles, Fixtures & Fittings and IT equipment are incorporated in the accounts at cost less a provision for depreciation.
## **IMPAIRMENT OF FIXED ASSETS**
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.
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.
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.
## **INVESTMENT PROPERTIES**
Investment properties are those that are held for either capital appreciation or an investment return and are mainly agricultural dwellings. Investment properties are valued as individual units at their fair 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.
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.
## **ASSETS UNDER CONSTRUCTION**
Assets under construction are accounted for at cost, based on the value of architects’ certificates and other direct costs, incurred to 31 August. They are not depreciated until they are brought into use.
26
## **STONYHURST NOTES TO THE ACCOUNTS**
For the year ended 31 August 2024
## **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 and the recoverable amount is not materially different to the carrying value. 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.
## **INVESTMENTS**
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.
## **PENSION SCHEMES**
Retirement benefits for some of 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.
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.
## Restricted funds
Donations or legacies received which are earmarked by the donor for specific purposes within the overall aims of the School.
27
## **STONYHURST NOTES TO THE ACCOUNTS**
For the year ended 31 August 2024
## **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.
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 auto- enrolment requirements.
## **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.
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.
## **FEE DEPOSITS**
Refundable fee deposits are currently classified between long- term 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 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.
## **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.
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 the following to be significant areas of judgement:
Judgement is applied in respect of the classification of certain properties. Classification of properties as either property, plant and equipment or investment properties is based on the current and intended use of the associated property. For further information, see the accounting policy for investment properties.
28
## **STONYHURST NOTES TO THE ACCOUNTS**
For the year ended 31 August 2024
## **CRITICAL ACCOUNTING ESTIMATES & AREAS OF JUDGEMENT (CONTINUED)**
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.
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 £37,514,672 (2023: £38,686,511).
29
## **STONYHURST NOTES TO THE ACCOUNTS**
|||**2024**|**2023**|
|---|---|---|---|
||||**£**|
|**1**|**FEE INCOME**|**£**|**(restated)**|
||**FEES RECEIVABLE**|||
||Total gross fees|23,085,037|22,930,493|
||Less: School allowances,bursaries and scholarships|(3,400,594)|(3,507,034)|
||Unrestricted|19,684,443|19,423,459|
||Restricted : bursaries, scholarships and awards paid for by restricted funds|(1,222,132)|(756,170)|
|||18,462,311|18,667,289|
The total bursaries of £4,622,726 (2023: £4,263,203) provided assistance to 417 (2023: 433) individuals. Fee income is generated by the School only and is credited to unrestricted funds in both 2024 and 2023.
|||**2024**|**2023**|
|---|---|---|---|
|**2**|**OTHER ANCILLARY INCOME**|**£**|**£**|
||Registration|44,583|50,847|
||Grant commissions and rebates|1,644|9,977|
||Educational activities|1,024,987|847,240|
||Unrestricted|1,071,214|908,064|
|Other|ancillary income is generated by the School only and is credited to unrestricted funds in both 2024||and 2023.|
|||**2024**|**2023**|
|**3**|**DONATIONS & FUNDRAISING**|**£**|**£**|
||Restricted|||
||Donations and Annual Fund|106,236|231,952|
||Stonyhurst Foundation|1,525,997|974,114|
|||1,632,233|1,206,066|
Donations and Fundraising is credited to restricted funds in both 2024 and 2023.
|||**2024**|**2023**|
|---|---|---|---|
|**4**|**INVESTMENT INCOME**|**£**|**£**|
||Rent received|351,948|364,771|
||Investment income|644,972|633,935|
|||996,920|998,706|
Investment income is credited to unrestricted funds in both 2024 and 2023.
30
## **STONYHURST NOTES TO THE ACCOUNTS**
|**5**|**EXPENDITURE**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||EXPENDITURE ON CHARITABLE ACTIVITIES INCLUDES:|||
||Depreciation|991,056|964,371|
||OTHER EXPENDITURE INCLUDES:|||
||Amounts payable to RSM UK Audit LLP and its associates|||
||Audit services|||
||Statutory audit of parent and consolidated accounts|33,500|30,500|
||Statutory audit of subsidiary accounts|8,000|7,300|
||Teachers’ Pension Scheme audit|1,700|1,700|
||Other services:|||
||Non-audit services|-|14,239|
||Trustees’ expenses – relating to travel and accommodation|11,208|12,207|
||Expenses were reclaimed by 7 members (2023: 7) of the Governing Body.|||
||**FINANCE COSTS**|**2024**|**2023**|
|||**£**|**£**|
||Interest on bank loans and overdrafts|718,246|620,368|
||Total|718,246|620,368|
||**TOTAL STAFF COSTS COMPRISED:**|**2024**|**2023**|
|||**£**|**£**|
||Wages and salaries|12,074,302|11,573,159|
||Social security costs|1,093,324|1,079,442|
||Pension costs (note 17)|1,466,819|1,398,018|
||Total|14,634,445|14,050,619|
Included in note 6 under fundraising costs, restructuring staff costs occurred in the year amounting to £278k.
31
## **STONYHURST NOTES TO THE ACCOUNTS**
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:
||**2024**|**2023**|
|---|---|---|
||**No.**|**No.**|
|Teaching/pastoral staff|212|212|
|Support staff|210|210|
|Total|422|422|
||**2024**|**2023**|
||**No.**|**No.**|
|£60,001 - £70,000|10|5|
|£70,001 - £80,000|3|2|
|£80,001 - £90,000|4|2|
|£90,001 - £100,000|-
|1|
|£100,001 - £110,000|-|-|
|£150,001 - £160,000|1|1|
Included in the above higher paid employees were 18 (2023: 11) accruing pension benefits.
Contributions in respect of these 18 individuals totalled £338,035 (2023: £177,244).
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 comprise the Headmasters and the Finance & Operations Director.
The total employment benefits including employer pension contributions and taxable benefits of the key management personnel were £491,422 (2023: £480,593).
32
## **STONYHURST NOTES TO THE ACCOUNTS**
||**ANALYSIS OF TOTAL RESOURCES**|||||
|---|---|---|---|---|---|
|**6**|**EXPENDED**|||||
|||**Staff Costs**|**Other**|**Depreciation**|**Total**|
|||**£**|**£**|**£**|**£**|
||Expenditure on raising funds|||||
||Trading Dev Co|124,282|75,716|-|199,998|
||Interest and bank charges|-|718,246|-|718,246|
||Investment managers fees|-|183,057|-|183,057|
||Fundraisingcosts|347,448|477,351|-|824,799|
|||471,730|1,454,370|-|1,926,100|
||Expenditure on charitable activities|||||
||Teaching costs|9,415,442|1,455,242|350,408|11,221,092|
||Welfare|1,596,205|1,254,657|-|2,850,862|
||Premises|1,544,212|2,445,803|640,648|4,630,663|
||Support costs of schooling|1,606,855|1,971,401|-|3,578,255|
|||14,162,714|7,127,103|991,056|22,280,873|
|||||||
||Total resources expended|14,634,445|8,581,473|991,056|24,206,973|
|||||||
||Governance costs (included within|||||
||support costs of schooling)|-|11,208|-|11,208|
All expenditure is charged to the unrestricted fund, with the exception of £410,101 (2023: restated £217,944) of expenditure 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.
33
## **STONYHURST NOTES TO THE ACCOUNTS**
|**7**|**INVESTMENTS**
**Investments**
**Cash**
**Properties**
**Total**
**Group**
**£**
**£**
**£**
**£**
Market value
At September 2023
30,502,514
1,687,656
4,636,096
36,826,266
Net additions/disposals
306,362
54,009
39,225
399,596
Cash drawn
(1,500,000)
(1,065,845)
-
(2,565,845)
Investment gains / (losses)
3,802,969
-
-
3,802,969|
|---|---|
||At 31 August 2024
33,111,845
675,820
4,675,321
38,462,986|
||**Charity**
**Investments**
**Cash**
**Properties**
**Total**
Market value
At September 2023
30,496,691
1,687,656
4,636,096
36,820,443
Net additions/disposals
306,362
54,009
39,225
399,596
Cash drawn
(1,500,000)
(1,065,845)
-
(2,565,845)
Investment gains / (losses)
3,802,969
-
-
3,802,969|
||At 31 August 2024
33,106,022
675,820
4,675,321
38,457,163|
34
## **STONYHURST NOTES TO THE ACCOUNTS**
|**8**|**Subsidiaries - Stonyhurst College Developments Limited**|||
|---|---|---|---|
||**Profit and loss for year ended 31 August 2024**|**2024**|**2023**|
||Turnover|206,307|188,657|
||Cost of sales|(186,356)|(173,956)|
||Gross Profit|19,951|14,701|
||Admin expenses|-|-|
||Operating profit|19,951|14,701|
||Loan interest payable to Stonyhurst|(13,642)|(13,642)|
||Netprofit|6,309|1,059|
||**Balance sheet as at 31 August 2024**|||
||Cash at bank|7,368|1,059|
||Net current assets|7,368|1,059|
||Total assets less current liabilities|7,368|1,059|
||Stonyhurst loan|(227,363)|(227,363)|
||Net liabilities|(219,995)|(226,304)|
||Share capital|3|3|
||Retained loss|(219,998)|(226,307)|
||Shareholders funds|(219,995)|(226,304)|
The charity has a 100% control in this trading subsidiary which is registered in England, Company No. 01482392, Registered Office: Stonyhurst College, Stonyhurst, Clitheroe, Lancashire, BB7 9PZ. 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 sheets are shown above. Audited accounts will be filed with the Registrar of Companies.
The company has accumulated retained losses and therefore requires financial support of Stonyhurst in order to continue to trade. The results of the company are consolidated with the results of Stonyhurst.
35
## **STONYHURST NOTES TO THE ACCOUNTS**
## **8 Subsidiaries continued - Stonyhurst Charitable Fund**
**Statement of Financial Activities ( Incorporating Income and Expenditure Account) as at 31 August 202**
|**Stonyhurst Charitable Fund**|**2024**|**2023**|
|---|---|---|
|Net gains/(loss) on investment assets|922|-|
|Net movement in funds|922||
|Reconciliation of funds|||
|Total funds brought forward|5,824|5,824|
|Total funds carried forward|6,746|5,824|
|**Balance sheet as at 31 August**|**2024**|**2023**|
|Investments|||
|Quoted investments|6,746|5,824|
|Funds|||
|Unrestricted funds|6,746|5,824|
Registered Office: Stonyhurst College, Stonyhurst, Clitheroe, Lancashire, BB7 9PZ Charity No. 265478
Stonyhurst International Limited remains dormant as at the year end 31st August 2024. Company No. 11027522
Registered office address: C/O Stonyhurst International Limited, Stonyhurst College, Stonyhurst, Clitheroe, Lancashire, United Kingdom, BB7 9PZ
36
## **STONYHURST NOTES TO THE ACCOUNTS**
## **TANGIBLE FIXED 9 ASSETS**
Group and Charity
|**9**
**TANGIBLE FIXED**
**ASSETS**
Group and Charity||||||||
|---|---|---|---|---|---|---|---|
||**School**
**land &**
**buildings**|**IT &**
**catering**
**equip**|**Residential**
**properties**||**Motor**
**vehicles**|**Capital in**
**progress**|**Total**|
|Cost (or frozen*||||||||
|valuation) brought||||||||
|forward|21,214,402|2,611,800|20,324,925||330,091|-|44,481,218|
|Additions|162,136|360,019|98,455||2,318|971,288|1,594,216|
|Disposals|||(1,775,000|)|||(1,775,000)|
|As at 31 August||||||||
|2024|21,376,538|2,971,819|18,648,380||332,409|971,288|44,300,434|
|Depreciation||||||||
|brought forward|4,174,668|1,404,830||-|
215,208|-|5,794,706|
|Charge for the year|511,832|454,039||-|
25,184|-|
991,055|
|As at 31 August||||||||
|2024|4,686,500|1,858,869||-|
240,392|-|6,785,761|
|Net Book Value||||||||
|As at 31 August||||||||
|2024|16,690,038|1,112,950|18,648,380||92,017|971,288|37,514,673|
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.
37
## **STONYHURST NOTES TO THE ACCOUNTS**
|**10**|**DEBTORS**|**Group**||**Charity**||
|---|---|---|---|---|---|
|||**2024**|**2023**|**2024**|**2023**|
||Trade debtors|438,768|530,458|438,768|530,458|
||Prepayments and accrued income|376,728|296,465|376,728|296,465|
||Other debtors|114,046|127,406|114,046|127,406|
||Unsecured loan|1,141,508|1,053,747|1,141,508|1,053,747|
||Amount due fromgroupundertakings|-|-|227,363|227,363|
||Total|2,071,050|2,008,076|2,298,413|2,235,438|
Unsecured loan above relates to a £1m loan to the Christian Heritage Centre (an independent organisation, which occupies Theodore House within the grounds of Stonyhurst).
|**11**|**CREDITORS**|**Group**||**Charity**||
|---|---|---|---|---|---|
||(Amounts due within 1 year)|**2024**|**2023**|**2024**|**2023**|
||Bank overdraft|-|488|-|488|
||Loan repayments|1,165,983|1,175,522|1,165,983|1,175,522|
||Creditors and accrued expenses|346,996|465,284|346,996|465,284|
||Fees received in advance (includes|||||
||parents deposits)|3,380,352|3,664,805|3,380,352|3,664,805|
||Other taxes and social security|531,339|489,684|531,339|489,684|
||Other creditors|124,731|117,321|124,731|117,321|
|||5,549,401|5,913,104|5,549,401|5,913,104|
|**12**|**CREDITORS**|**Group**||**Charity**||
||(Amounts due after more than 1 year)|**2024**|**2023**|**2024**|**2023**|
||Loans|8,301,608|9,458,052|9,467,591|9,458,052|
||Parental Deposits|3,269,643|2,247,618|3,269,643|2,247,618|
|||11,571,251|11,705,670|12,737,234|11,705,670|
The bank loan is secured by charges dated 18th December 2009, 8th March 2012 and 26th June 2020 over marketable securities held as part of the group’s investment portfolio.
The Jesuit Province Loan is secured by charge dated 6th October 2020 over some of the charity’s residential properties.
38
## **STONYHURST NOTES TO THE ACCOUNTS**
|**MATURITY OF DEBT (NOTE 12 CONTINUED)**|**2024**|**2023**|
|---|---|---|
|Bank and Jesuit loans amounts payable within:|||
|1 year|1,165,983|1,175,522|
|1 to 2 years|331,966|1,184,980|
|2 to 5 years|497,949|400,400|
|More than 5 years|7,471,694|7,872,672|
|Total|9,467,591|10,633,574|
Bank loans comprise a loan of £9,000,000 (with a balance which as at 31st August 2024 stands at £8,467,591) repayable in monthly instalments which are split 50% at a fixed rate and 50% at a variable rate over LIBOR.
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 2024. These funds are held within short term investment cash equivalent funds.
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.
|**DEPOSITS**|**2024**|**2023**|
|---|---|---|
|Within 2 to 5 years|259,182|573,129|
|Within 1 to 2 years|259,182|573,129|
|Total|518,364|1,146,258|
|Within 1 year (included within fees in advance with note 11)|259,182|573,129|
|Total|777,546|1,719,386|
||**Group**||
|**Fees in Advance**|**2024**|**2023**|
|Within 1 year (included within fees in advance within note 11) Total|3,121,170|3,091,676|
|Total|3,121,170|3,091,676|
39
## **STONYHURST NOTES TO THE ACCOUNTS**
|**13**|**FINANCIAL INSTRUMENTS**|||**Group**||
|---|---|---|---|---|---|
|||||**2024**|**2023**|
||**Financial assets**|||||
||Debt instruments measured at|amortised cost||1,694,323|1,711,611|
||Total|||1,694,323|1,711,611|
||**Financial liabilities**|||||
||Measured at amortised cost|||9,939,318|11,216,667|
||Total|||9,939,318|11,216,667|
||**Allocation of the Group Net**|||||
|**14**|**Assets - 31 August 2024**|**Fixed Assets**|**NC Liabilities**|**LT Liabilities**|**Total**|
||Unrestricted Funds|75,916,631|(1,662,132)|(11,571,251)|62,683,248|
||Restricted Funds - SCHT|54,281|-|-|54,281|
||Restricted Funds|6,746|-|-|6,746|
||Total|75,977,658|(1,662,132)|(11,571,251)|62,744,275|
||**Allocation of the Group Net**|||||
||**Assets - 31 August 2023**|**Fixed Assets**|**NC Liabilities**|**LT Liabilities**|**Total**|
||Unrestricted Funds|75,452,673|(3,200,403)|(11,705,670)|60,546,601|
||Restricted Funds - SCHT|54,281|-|
-|54,281|
||Restricted Funds|5,824|-|
-|5,824|
||Total|75,512,777|(3,200,403)|(11,705,670)|60,606,705|
||**Allocation of the Charity Net**|||||
||**Assets – 31 August 2024**|**Fixed Assets**|**NC Liabilities**|**LT Liabilities**|**Total**|
||Unrestricted Funds|75,916,631|(1,433,847)|(11,571,251)|62,911,533|
||Restricted Funds - SCHT|54,281|-|-|54,281|
||Total|75,970,912|(1,433,847)|(11,571,251)|62,965,814|
||**Allocation of the Charity Net**|||||
||**Assets – 31 August 2023**|**Fixed Assets**|**NC Liabilities**|**LT Liabilities**|**Total**|
||Unrestricted Funds|75,452,673|(2,973,040)|(11,705,670)|60,773,963|
||Restricted Funds - SCHT|54,281|-|
-|54,281|
||Total|75,506,954|(2,973,040)|(11,705,670)|60,828,244|
40
## **STONYHURST NOTES TO THE ACCOUNTS**
|||**Balance**|**1 Sept**|**Incoming**|**Resources**|**Balance 31 Aug**|
|---|---|---|---|---|---|---|
|**15**|**Group Funds**|**2023**||**resources**|**expended**|**2024**|
||RESTRICTED FUNDS||**£**|**£**|**£**|**£**|
||**GROUP AND CHARITY**||||||
||Donations and fundraising||-|1,632,233|(1,632,233)|-|
||Stonyhurst Children’s||||||
||Holiday Trust||54,281|-|-|54,281|
||Stonyhurst Charitable Fund||5,824|922|-|6,746|
||Total||60,105|1,633,155|(1,632,233)|61,027|
41
## **STONYHURST NOTES TO THE ACCOUNTS**
|**16**|**CASH FLOW STATEMENT**|**2024**|**2023**|
|---|---|---|---|
||**Net (expenditure)/income**|2,136,648|(472,659)|
||Adjustments for:|||
||Loss (Gains) on investment assets|(3,802,047)|(574,990)|
||Dividend unrealised|(543,429)|-|
||Management Fee on Investments|183,057|-|
||Interest payable|718,246|620,368|
||Investment income|(996,920)|(998,706)|
||Depreciation charge|991,056|964,371|
||Profit on disposal of tangible asset|(172,587)|2,263|
||Sub-Total|(1,485,976)|(459,353)|
||**Movement in working capital**|||
||Increase/ (Decrease) in debtors|(62,974)|391,084|
||Increase in creditors|668,350|(256,776)|
||**Net Cash(outflow) / inflow from operating activities**|(880,600)|(325,045)|
42
## **STONYHURST NOTES TO THE ACCOUNTS**
## 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 £1,567,690 (2023: £1,009,818) and at the year-end £0 (2023 - £0) was accrued in respect of contributions to this scheme.
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 School has accounted for its contributions to the scheme as if it were a defined contribution scheme.
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.
The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:
• Total scheme liabilities for service (the capital sum needed at 31 March 2020 to meet the stream of future cash flows in respect of benefits earned) of £262 billion
• Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at the valuation date) of £222 billion
• Notional past service deficit of £39.8 billion (2016 £22 billion)
• Discount rate is 1.7% in excess of CPI (2016 2.4% in excess of CPI) (this change has had the greatest financial significance)
As a result of the valuation, new employer contribution rates have been set at 28.68% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).
## **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 2024 totalled £816,073 (2023: £696,926).
43
## **STONYHURST NOTES TO THE ACCOUNTS**
## 18. **RELATED PARTIES**
Stonyhurst Charitable Fund (charity number 265478) has unreserved funds at year end of £6,746 (2023: £5,824) as shown in note 14 – Stonyhurst is the sole corporate trustee for Stonyhurst Charitable Fund.
The Christian Heritage Centre (CHC) repaid £0 (2023: £0) to Stonyhurst in the year. Interest of £59,207 (2023: £53,746) was charged on the loan. The loan balance between the CHC and Stonyhurst stood at £1,141,508 (note 10 Debtors) at year end (2023: £1,053,746).
Stonyhurst received £1,525,997 (2023: £974,113) from the Stonyhurst Foundation grants – Stonyhurst representatives on the Foundation are John Browne (College Headmaster), Fr Chris Cann (St Mary’s Hall Headmaster) and Christine Keunen (Stonyhurst Trustee).
Stonyhurst College Developments Limited (company number 1482392) decreased its loan by £0 (2023: £0). The balance outstanding as at 31st August 2024 was £227,363 (2023: £227,363). There is interest due on the loan of £13,642 (2023: £13,642) – 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:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Amounts due:|||
|Within one year|418,153|358,943|
|Between one and fve years|366,954|392,662|
|Total|785,107|751,605|
44