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2024-06-30-accounts

Charity registration number 1149129 (England and Wales)

Company registration number 08095123

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JUNE 2024

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees F A Forrester
R Christopher
M D Hurley
A J P E de Piro d'Amico Inguanez
R Lamb
M Riley
M A Laking
Rev T Lees
Charity number (England and Wales) 1149129
Company number 08095123
Registered office Stonyhurst College
Stonyhurst
Clitheroe
Lancashire
BB7 9PZ
Independent examiner PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
Bankers National Westminster Bank PLC
York Street
Clitheroe
Lancashire
BB7 2DN

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 29 JUNE 2024

The trustees present their annual report and financial statements for the year ended 29 June 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objects of the charity are to:

The trustees have focused on making progress to "advance education including the promotion of the understanding of religion, religious diversity and the sacred and spiritual" by creating greater access to the collections of historic and religious artefacts of Stonyhurst College and have raised funds to do this further by creating accommodation and education space for visitors and eventually "the provision of a Christian heritage centre in or around Stonyhurst in Lancashire".

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011, to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and planning the activities of the charity, including the guidance "Public Benefit: running a charity (PB2)".

Achievements and performance

June 2023 saw the charity continuing to re-establish a year-round calendar of events, following the full restart of post-Covid activity the year before.

Over the course of the summer months, the charity ran its now-regular summer courses, including its iconography course and summer theological courses. Attendance was increased at all of these with respect to the previous year, with feedback continuing to be excellent for all the courses.

The one-year contract for the CHC’s assistant came to an end in September, and a new member of staff was recruited to take on this role. Unusually, a post-doctoral theology student applied for – and was given – the job, and his contributions to CHC content, both online and at in-person events, was greatly welcomed.

The autumn continued with programmed retreats for clergy and laity alike, as well as a relaunch of the charity’s Christian Leadership Formation programme for 2024. A significant effort was expended in promoting this programme widely to secure both a cohort and funding for a restart of the programme, both of which were achieved over the course of the first half of 2024.

The autumn also saw more time expended on networking and engaging with other Catholic entities, with CHC delivering content to support dioceses, parishes and other organisations. In particular, a regular collaboration was established with the Jesuit parish in Farm Street, London.

At the start of 2024, the charity was in a position for the first time of having a programme of events planned and finalised for the year ahead, and ready to advertise in a single brochure. This proved to be an effective way of disseminating and advertising the CHC’s events, and 2024 saw most CHC events achieve near- or actual capacity.

One of the events that was new for 2024 was a retreat aimed specifically at young adults, whether single, dating or engaged, around the theme of the vocation to marriage. This proved hugely popular and was very well-received, and responded to a new niche within the CHC’s potential audience. The weekend, which will become a regular part of the CHC’s annual programme, was also intended as part of a broader programme development intended to support a pathway for young adults into marriage and parenthood.

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

The rest of the charity’s retreats in the first half of 2024 were similarly well-attended, and together with the recruitment of a second cohort of students for the Christian Leadership Formation programme, June 2024 marked a solid position for the charity in terms of its development and outreach.

Financial review

The charity has total reserves of £3,313,924 (2023 - 3,449,512) and free reserves after excluding restricted funds and long term loans of £3,297,211 (2023 - £3,445,776). The charity had restricted funds of £16,713 (2023 - £3,736) comprising donations made for legal and professional fees, and sponsorship of course expenses. The charity intends to hold excess funds for significant periods of time. As the charity continues to grow, it will develop a reserves policy appropriate to its responsibilities and operations.

The charity's total income for the year was £104,915 (2023 - £174,871), comprising donations of £4,894 (2023 - £99,861), rental income of £36,000 (2023 - £36,000) and charitable events at Theodore House of £63,938 (2023 - £39,010). The funds will be used to forward the aims and objectives as detailed in this report.

Total expenditure for the year was £240,503 (2023 - £213,600). The charity made a deficit for the year of £135,588 (2023 - £38,729).

Plans for future periods

The charity will shortly be launching a major fund-raising campaign targeting £3.8m, in order to secure a long-term continuation and expansion of its activities. The charity has already received a pledge of £1.15m towards this campaign ahead of its launch.

Structure, governance and management

The Christian Heritage Centre at Stonyhurst is a charitable company limited by guarantee incorporated on 6 June 2012 and registered as a charity on 27 September 2012. The Christian Heritage Centre at Stonyhurst was established under a memorandum of association which established the objects and powers of the organisation and is governed under its articles of association dated 6 June 2012.

Trustees are appointed by the board of Trustees. There is a requirement for a proposer and seconder, and a majority vote of the trustees (at a valid trustees meeting) for that trustee to be elected. Trustees are not given specific training, but rather are appointed for the skills they bring to the board.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

F A Forrester A M Chitnis (Resigned 31 August 2024) Lord Deben (S J Gummer) (Resigned 30 June 2023) J R Browne (Resigned 16 September 2024) R Christopher M D Hurley A J P E de Piro d'Amico Inguanez R Lamb M Riley M A Laking Rev T Lees

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

Statement of trustees' responsibilities

The trustees, who are also the directors of The Christian Heritage Centre at Stonyhurst for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees' report was approved by the Board of Trustees.

A J P E de Piro d'Amico Inguanez Trustee

28 March 2025

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

I report to the trustees on my examination of the financial statements of The Christian Heritage Centre at Stonyhurst (the charity) for the year ended 29 June 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Dean Rodgers ACA For and on behalf of PM+M Solutions for Business LLP

New Century House Greenbank Technology Park Challenge Way Blackburn Lancashire BB1 5QB 28 March 2025

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 29 JUNE 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
2,170
2,724
Charitable activities
4
50,871
13,067
Other trading activities
5
36,000
-
Investments
6
83
-
Total income
89,124
15,791
Expenditure on:
Charitable events
7
47,081
90
Charitable activities
8
190,608
2,724
Total expenditure
237,689
2,814
Net income/(expenditure) and
movement in funds
(148,565)
12,977
Reconciliation of funds:
Fund balances at 30 June 2023
3,445,776
3,736
Fund balances at 29 June
2024
3,297,211
16,713		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
4,894
99,474
387
63,938
37,760
1,250
36,000
36,000
-
83
-
-
104,915
173,234
1,637
47,171
43,673
-
193,332
143,798
26,129
240,503
187,471
26,129
(135,588)
(14,237)
(24,492)
3,449,512
3,460,013
28,228
3,313,924
3,445,776
3,736		 Total
2023
£
99,861
39,010
36,000
-
174,871
43,673
169,927
213,600
(38,729)
3,488,241
3,449,512

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

BALANCE SHEET

AS AT 29 JUNE 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 12 4,217,231 4,234,280
Investments 13 1 1
4,217,232 4,234,281
Current assets
Debtors 15 216,709 186,727
Cash at bank and in hand 13,490 79,322
230,199 266,049
Creditors: amounts falling due within 16
one year (1,133,507) (1,050,818)
Net current liabilities (903,308) (784,769)
Total assets less current liabilities 3,313,924 3,449,512
The funds of the charity
Restricted income funds 20 16,713 3,736
Unrestricted funds 18 3,297,211 3,445,776
3,313,924 3,449,512

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 June 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 28 March 2025

A J P E de Piro d'Amico Inguanez

Trustee

Company registration number 08095123 (England and Wales)

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JUNE 2024

1 Accounting policies

Charity information

The Christian Heritage Centre at Stonyhurst is a private company limited by guarantee incorporated in England and Wales. The registered office is Stonyhurst College, Stonyhurst, Clitheroe, Lancashire, BB7 9PZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Rent has been charged to the charity's subsidiary of £3,000 per month, and is included in the financial statements.

Income from the use of Theodore House for charitable events has been included in the financial statements.

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements not depreciated
Catering equipment 20% straight line
Furniture and equipment 10% straight line
Computer equipment 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

1 Accounting policies

(Continued)

1.10 Financial instruments

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

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
2,170
2,724
Income from charitable activities
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Charitable events
50,871
13,067		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
4,894
99,474
387
Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
63,938
37,760
1,250		 Total
2023
£
99,861
Total
2023
£
39,010

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Non-charitable trading activities 36,000 36,000

6 Income from investments

Unrestricted Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 83 -
Expenditure on charitable events
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Charitable events 47,081 90 47,171 43,673 - 43,673

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

8 Expenditure on charitable activities

Staff costs
Culture and heritage preservation
Share of support and governance costs (see note )
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds		 2024
£
67,234
13,105
80,339
110,083
2,910
193,332
190,608
2,724
193,332		 2023
£
61,459
17,158
78,617
88,305
3,005
169,927
143,798
26,129
169,927

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
2
2024
£
60,220
5,687
1,327
67,234		 2023
Number
2
2023
£
54,712
5,477
1,270
61,459

Employment costs comprise those for key management personnel only.

There were no employees whose annual remuneration was more than £60,000.

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Leasehold
improvements
£
Cost
At 30 June 2023
4,695,461
At 29 June 2024
4,695,461
Depreciation and impairment
At 30 June 2023
557,896
Depreciation charged in the year
-
At 29 June 2024
557,896
Carrying amount
At 29 June 2024
4,137,565
At 29 June 2023
4,137,565
13
Fixed asset investments
Cost or valuation
At 30 June 2023 & 29 June 2024
Carrying amount
At 29 June 2024
At 29 June 2023
Other investments comprise:
Investments in subsidiaries		 Catering
equipment
Furniture and
equipment
£
£
6,940
167,109
6,940
167,109
1,995
71,168
4,945
16,711
6,940
87,879
-
79,230
260
95,941
Notes
14		 Computer
equipment
Total
£
£
5,752
4,875,262
5,752
4,875,262
5,238
636,297
78
21,734
5,316
658,031
436
4,217,231
514
4,234,280
Other
investments
£
1
1
1
2024
2023
£
£
1
1

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

14 Subsidiaries

Details of the charity's subsidiaries at 29 June 2024 are as follows:

Name of undertaking Registered Nature of business Class of % Held % Held
office shares held Direct Indirect
The Christian Heritage England and Event management Ordinary 100.00
Centre at Stonyhurst Wales
Trading Limited

The Christian Heritage Centre at Stonyhurst Trading Limited is not consolidated into the financial statements of the Christian Heritage Centre at Stonyhurst as the company has taken advantage of the exemption provided by Section 479A of the Companies Act 2006 not to include the Christian Heritage Centre at Stonyhurst Trading Limited as it is immaterial to the parent charity.

15 Debtors

Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income		 2024
£
941
173,454
41,778
536
216,709		 2023
£
5,850
129,873
50,425
579
186,727

16 Creditors: amounts falling due within one year

Borrowings
Trade creditors
Accruals and deferred income		 2024
£
1,126,342
4,255
2,910
1,133,507		 2023
£
1,039,747
5,604
5,467
1,050,818

Borrowings comprise a loan agreement that the charity entered into on the 25 April 2018 with Stonyhurst, a charitable company registered with charity number 1127929 incorporated and registered in England and Wales with company number 06632303, whose registered office is at Stonyhurst College, Clitheroe, Lancashire, BB7 9PZ. The loan is for £1,000,000 and interest is charged is at a rate of 1.75% per annum above Bank of England base rate. The loan is unsecured, per the signed agreement on the 25 April 2018. The repayment date was initially the fifth anniversary of the date of the agreement, being the 25 April 2023, however the repayment date has been deferred to 25 April 2025 in accordance with the terms of the loan agreement. If interest is not paid in the specified period, the interest is capitalised and added to the principal of the loan.

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

17 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 1,327 1,270

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 30 June Incoming Resources At 29 June
2023 resources expended 2024
£ £ £ £
General funds 3,445,776 89,124 (237,689) 3,297,211
Previous year: At 30 June Incoming Resources At 29 June
2022 resources expended 2023
£ £ £ £
General funds 3,460,013 173,234 (187,471) 3,445,776

19 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 29 June 2024:
Tangible assets
4,217,231
-
Investments
1
-
Current assets/(liabilities)
(920,021)
16,713
3,297,211
16,713		 Total
2024
£
4,217,231
1
(903,308)
3,313,924

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

19 Analysis of net assets between funds

Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 29 June 2023:
Tangible assets 4,234,280 - 4,234,280
Investments 1 - 1
Current assets/(liabilities) (788,505) 3,736 (784,769)
3,445,776 3,736 3,449,512

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 30 June Incoming Resources At 29 June At 29 June
2023 resources expended 2024
£ £ £ £
Restricted funds 3,736 15,791 (2,814) 16,713
Previous year: At 30 June Incoming Resources At 29 June
2022 resources expended 2023
£ £ £ £
Restricted funds 28,228 1,637 (26,129) 3,736

Restricted funds comprise donations received for the library, legal and professional costs, and sponsorship of course expenses.

Transfers to unrestricted funds are made once restrictions are fulfilled and to classify income against expenditure where appropriate.

21 Operating lease commitments

The charity has leased the land and buildings of The Corn Mill, Hurst Green, Stonyhurst for 25 years from 2 May 2017. The annual rent payable is at a peppercorn rent of £1. The charity has the right to renew the lease at the end of the current term.

THE CHRISTIAN HERITAGE CENTRE AT STONYHURST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 JUNE 2024

22 Related party transactions

Included in debtors is an intercompany balance between The Christian Heritage Centre at Stonyhurst Limited and its subsidiary, The Christian Heritage Centre at Stonyhurst Trading Limited. At year end, the balance of this was £173,454 (2023- £129,873) owed by The Christian Heritage Centre at Stonyhurst Trading Limited to The Christian Heritage Centre at Stonyhurst Limited. The balance is in respect of expenditure incurred on behalf of The Christian Heritage Centre at Stonyhurst Trading Limited by The Christian Heritage Centre at Stonyhurst Limited, as well as £20,000 in start up funds to The Christian Heritage Centre at Stonyhurst Trading Limited to begin trading activities. Included in the loan account is the rental due to The Christian Heritage Centre Limited by the Trading company of £3,000 per month and the income received by the Christian Heritage Centre Trading Limited on behalf of The Christian Heritage Centre Ltd for charitable events held at Theodore House.