| Contents | Page | ||
|---|---|---|---|
| Reference and administrative | details | ||
| Trustees' report | |||
| Independent auditor's |
Report | ||
| Statement offinancial |
activities | ||
| Balance sheet | 16 | ||
| Cash flow statement | 17 | ||
| Notes to the financial | statements |
| Mr John Browne | Mr John Browne | Mr John Browne | Appointed | 31July 2019 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Mrs Catherine | Carnegie | Appointed | 11June 2020 | ||||||
| Mr Winton | de | StJohn-Pryce | Appointed | 3 March 2020 | |||||
| Mr Frederick Holt | Appointed | 11June 2020 | |||||||
| IVlr Michael | Joseph | (Chairman) | Appointed | 31July 2019 | |||||
| Mrs Desiree | Jebsen | Appointed | 30April 2021 | ||||||
| Mrs Christine | Keunen | Appointed | 31July 2019 | ||||||
| Fr Keith McMillan | SJ | Appointed | 31July 2019 | ||||||
| Mr lan Murphy | Appointed | 20 March 2020 | |||||||
| Mr Eugene | Nealon | Appointed | 31July 2019 | ||||||
| Mr Richard | Saunders | Appointed | 31July 2019 | ||||||
| Mr Stephen | Withnell | {Vice-Chairman) | Appointed | 31July 2019 | |||||
| Foundationmananer. | . | Mrs Cathie | Bl&tcher | ||||||
| Bank: | HSBC | ||||||||
| 1Centenary | Square | ||||||||
| Birmingham | |||||||||
| B11HQ | |||||||||
| Auditor | Saffery Champness | LLP | |||||||
| Mitre House | |||||||||
| North Park Road | |||||||||
| Harrogate | |||||||||
| HG1 5RX | |||||||||
| Solicitor: | Farrer &Co | LLP | |||||||
| 66 Lincoln's | Inn Fields | ||||||||
| London | |||||||||
| WC2A 3LH | |||||||||
| Investment | Manager: | CCLA | |||||||
| Senator House | |||||||||
| 25 Queen Victoria Street | |||||||||
| London | |||||||||
| EC4V 4ET |
| Fr Keith McMillan | SJ | Nominee ofthe Provincial | ofthe British Province ofthe Society | ofthe British Province ofthe Society | ofthe British Province ofthe Society |
|---|---|---|---|---|---|
| ofJesus | |||||
| Mrs Christine Keunen |
Nominee ofChair ofGovernors of | Stonyhurst | College | ||
| Mr John Browne | Headmaster, Stonyhurst |
||||
| Mr lan Murphy | Headmaster, Stonyhurst |
St Mary's | Hall | ||
| Mr Stephen Withnell |
Stonyhurst Deputy Head, |
External | Affairs —Vice Chairman | ||
| Elected Trustees: | |||||
| Mr Michael Joseph | Elected Trustee - Chairman | ||||
| Mr Eugene Nealon | Elected Trustee | ||||
| Mr Richard Saunders | Elected Trustee | ||||
| Mr Winton de StJohn-Pryce | Elected Trustee | ||||
| Mrs Catherine Carnegie |
Elected Trustee | ||||
| Mr Frederic Holt | Elected Trustee | ||||
| Mrs Desiree Jebsen | Elected Trustee |
| Mr | Michael Joseph | Mr Stephen Withnell | Mr Stephen Withnell |
|---|---|---|---|
| an ofthe Trustees | Vice-Chairman | ofthe Trustees | |
| 10 |
| Unrestricted | Endowed | Total funds | Total funds | |||
|---|---|---|---|---|---|---|
| Note | funds | funds | 2021 | 2020 | ||
| Income from: | ||||||
| Charitable activities |
2,316,712 | 340,000 | 2,656,712 | 3,931,737 | ||
| Merchandise sales |
6,458 | 6,458 | ||||
| Investment income |
and | 11,550 | 11,550 | 423 | ||
| dividends | ||||||
| Tota I Income | 2,334,720 | 340,000 | 2,674,720 | 3,932,160 | ||
| Expenditure on: |
||||||
| Raising funds | 40,950 | 40,950 | 86,664 | |||
| Charitable activities |
487,762 | 42,487 | 530,249 | 338,716 | ||
| Tota I Expenditure | 528,712 | 42,487 | 571,199 | 425,380 | ||
| Net realised and | 577,048 | 311,956 | 889,004 | 384,345 | ||
| unrealised gains on |
||||||
| investments | ||||||
| Net income | 83056 | 609,469 | 2,992,525 | ~,o91,125 | ||
| Transfers between | funds | |||||
| Net movement in funds |
2,383,056 | 609,469 | 2,992,525 | 3,891,125 | ||
| Reconciliation offunds: |
||||||
| Total funds brought | 2,350,154 | 1,540,971 | 3,891,125 | |||
| forward | ||||||
| Total funds carried | 4,733,210 | 2,150,440 | 6,883,650 | 3,891,125 | ||
| forward |
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| Fixed assets | |||||
| Investments | 6,756,272 | 3,755,045 | |||
| Total fixed assets | 6,756,272 | 3,755,045 | |||
| Current assets | |||||
| Cash at bank | 138,418 | 147,060 | |||
| Tota Icurrent | assets | 138,418 | 147,060 | ||
| Liabilities | |||||
| Creditors: amounts | falling due within 1year | 10 | 11,040 | 10,980 | |
| Net current | assets | 127,378 | 136,080 | ||
| Total assets | less current liabilities | 6,883,650 | 3,891,125 | ||
| Unrestricted | funds | 4,733,210 | 2,350,154 | ||
| Endowed funds |
2,150,440 | 1,540,971 | |||
| Tota Ifunds | 6,883,650 | 3,891,125 |
| Note | 2021 | 2020 | ||
|---|---|---|---|---|
| Cash provided by operating activities |
15 | 2,092,031 | 1,146,695 | |
| Cash flows from investing activities |
||||
| Investment interest and dividends |
11,550 | 423 | ||
| Purchase ofinvestments | (2,343,533) | (1,090,438) | ||
| Proceeds from the sale of investments | 809,863 | 265,538 | ||
| Cash used in investing activities |
(1,522,120) | (824,477) | ||
| Increase in cash in the period | 569,911 | 322,218 | ||
| Cash and cash equivalents at the beginning |
ofthe period | 322,218 | ||
| Total cash and cash equivalents at the end |
ofthe period | 16 | 892,129 | 322,218 |
| ncome from c | haritable | a | ctivities | ||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Endowed | 2021 | |||||
| Funds | Funds | Total | |||||
| f | f | ||||||
| Investments transferred |
from Stonyhurst | ||||||
| Other incoming | resources transferred | from Stonyhurst | |||||
| funds transferred | for bursaries | ||||||
| gift of | services | 46,301 | 46,301 | ||||
| gift of | cash | ||||||
| Donations | 2,270,411 | 340,000 | 2,610,411 | ||||
| 2,316,712 | 340,000 | 2,656,712 | |||||
| ncome from charitable | activities —prior year | ||||||
| Unrestricted | Endowed | 2020 | |||||
| Funds | Funds | Total | |||||
| 2,009,182 | 361,460 | 2,370,642 | |||||
| Other incoming | resources | transferred | from Stonyhurst | ||||
| funds transferred | for bursaries | 212,221 | 212,221 | ||||
| gift ofservices | 181,114 | 181,114 | |||||
| gift ofcash | 72,585 | 72,585 | |||||
| Donations | 95,175 | 1,000,000 | 1,095,175 | ||||
| 2,570,277 | 1,361,460 | 3,931,737 |
| Unrestricted | Endowed | 2021 | 2020 | |
|---|---|---|---|---|
| Funds | Funds | Total | Total | |
| f | f | |||
| Interest | 65 | 65 | 59 | |
| Dividends | 11,485 | 11,485 | 364 | |
| 11,550 | 11,550 | 423 |
| Direct | Support | Governance | 2021 | ||
|---|---|---|---|---|---|
| costs | costs | costs | Total | ||
| Cost of raising funds | |||||
| Consultancy | 30,000 | 30,000 | |||
| Website, marketing | and other | 10,950 | 10,950 | ||
| related costs | |||||
| Total cost of raisine funds | 40i950 | 4Ai95A | |||
| Cost ofchiariiabie activities |
|||||
| Bursaries to Stonyhurst | 458,388 | 458,388 | |||
| Other costs | 52,307 | 19,554 | 71,861 | ||
| Total cost ofcharitable | activities | 458,388 | 52,307 | 19,554 | 530,249 |
| Total Resources expended | 499,338 | 52,307 | 19,554 | 571,199 |
| Direct | Support | Governance | 2020 | ||
|---|---|---|---|---|---|
| costs | costs | costs | Total | ||
| Cost ofraising funds | |||||
| Consultancy | 67,068 | 67,068 | |||
| Website, marketing | and other | 19,596 | 19,596 | ||
| related costs | |||||
| Total cost of raising funds | 86,664 | 86,664 | |||
| Cost ofcharitable activities |
|||||
| Bursaries to Stonyhurst | 203,138 | 203,138 | |||
| Other costs | 64,210 | 71,368 | 135,578 | ||
| Total cost ofcharitable | activities | 203,138 | 64,210 | 71,368 | 338,716 |
| Total Resources expended | 289,802 | 64,210 | 71,368 | 425,380 |
| Support | Governance | 2021 | ||
|---|---|---|---|---|
| costs | costs | Total | ||
| F. | f | |||
| Audit and accountancy | 13,344 | 13,344 | ||
| Consultancy | ||||
| Insurance | 2,018 | 2,018 | ||
| Professional | fees | 6,115 | 6,115 | |
| 5ubscriptions | 1,707 | 1,707 | ||
| Staff costs | 46,301 | 46,301 | ||
| Staff expenses | 50 | 50 | ||
| Sundry | 2,045 | 2,045 | ||
| Bank charges | 95 | 95 | ||
| Travel costs | 186 | 186 | ||
| 52,307 | 19,554 | 71,861 | ||
| Analysis ofsupport costs and governance | costs —prior year | |||
| Support | Governance | 2020 | ||
| costs | costs | Total | ||
| Audit and accountancy | 10,980 | 10,980 | ||
| Consultancy | 6,048 | 6,048 | ||
| Insurance | 2,018 | 2,018 | ||
| Professional | fees | 54,340 | 54,340 | |
| Staff costs | 48,370 | 48,370 | ||
| Staff expenses | 1,445 | 1,445 | ||
| Sundry | 7,632 | 7,632 | ||
| Travel costs | 4,745 | 4,745 | ||
| 64,210 | 71,368 | 135,578 |
| 2021 | 2020 | ||
|---|---|---|---|
| Total | Total | ||
| This is stated after charging: | |||
| Auditors | remuneration | ||
| Audit | fees (relating to 2021) | 8,400 | 7,200 |
| Audit | fees (relating to 2020) | 1,800 | |
| Accountancy services |
2,640 | 2,640 | |
| Taxation compliance | 1,140 | ||
| Other | 504 | ||
| 13,344 | 10,980 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Total | Total | |||
| Listed investments | ||||
| Opening | balance | 3,579,887 | ||
| Donated | investments | 2,370,642 | ||
| Additions | 2,343,533 | 1,090,438 | ||
| Disposals | (809,863) | (265,538) | ||
| Net gain | on investments | 889,004 | 384,345 | |
| Market Value at 31August | 2021 | 6,002,561 | 3,579,887 | |
| Cash held for reinvestment | 753,711 | 175,158 | ||
| Total | 6,756,272 | 3,755,045 | ||
| Historical cost of investments | at31August 2021 | 4,842,235 | 3,204,675 | |
| lnvestmenis at fair vaiue |
2021 | 2020 | ||
| Total | Totall | |||
| Equities | 6,002,561 | 3,579,887 | ||
| Cash | 753,711 | 17% 1%8 I |
||
| Total | 6,756,272 | 3,755,045 |
| 2021 | 2020 | |
|---|---|---|
| Total | Total | |
| Accruals | 11,040 | 10,980 |
| 11,040 | 10,980 |
| Analysis of | movem | ents in unrestr |
icted funds |
||||
|---|---|---|---|---|---|---|---|
| Funds at 1 | Incoming | Resources | Transfers | Gains on | Funds at | ||
| September | resources | expended | investments | 31August | |||
| 2020 | 2021 | ||||||
| f | f | f | f | f | f | ||
| General fund | 83,150 | 2,334,720 | (528,712) | (1,651,946) | 577,048 | 1,100,880 | |
| Designated | fund | 2,267,004 | 1,651,946 | 3,632,330 | |||
| 2,350,154 | 2,334,720 | (528,712) | 577,048 | 4,733,210 |
| Funds at 1 | Incoming | Resources | Transfers | Gains on | Funds at | |
|---|---|---|---|---|---|---|
| September | resources | expended | investments | 31August | ||
| 2020 | 2021 | |||||
| Expendable | ||||||
| Endowments | ||||||
| Conrad fund | 1,141,710 | (26,887) | 204,388 | 1,319,211 | ||
| Ryder Systems | 203,032 | (8,000) | 35,280 | 230,312 | ||
| 425 Bursary Fund | 196,229 | (7,6oo) | 33,089 | 221,718 | ||
| Joseph Family | 90,000 | 16,014 | 106,014 | |||
| The Jebsen Fund | 250,000 | 23,185 | 273,185 | |||
| 1,540,971 | 340,000 | (42,487) | 311,956 | 2,150,440 | ||
| Total funds | 3,891,125 | 2,674,720 | (571,199) | 889,004 | 6,883,650 |
| Funds at 1 | Funds at 1 | Incoming | Resources | Transfers | Gains on | Funds at | |
|---|---|---|---|---|---|---|---|
| July 2019 | resources | expended | investment | 31August | |||
| 2020 | |||||||
| General fund | 2,570,700 | (425,380) | (2,267,004) | 204,834 | 83,150 | ||
| Designated | fund | 2,267,004 | 2,267,004 | ||||
| 2,570,700 | (425,380) | 204,834 | 2,350,154 | ||||
| Analysis ofmovements | in Endowed | funds | |||||
| Funds at 1 | incoming | Resources | Transfers | Gains on | Funds at | ||
| July 2019 | resources | expended | investments | 31August | |||
| 2020 | |||||||
| Expendable | |||||||
| Endowments | |||||||
| Conrad fund | 1,000,000 | 141,710 | 1,141,710 | ||||
| Ryder Systems | 183,813 | 19,219 | 203,032 | ||||
| 425 Bursary | Fund | 177,647 | 18,582 | 196,229 | |||
| 1,361,460 | 179,511 | 1,540,971 | |||||
| Total funds | 3,932,160 | (425,380) | 384,345 | 3,891,125 |
| 2021 | Unrestricted | Endowed funds | Total | |
|---|---|---|---|---|
| funds | 2021 | |||
| E | E | f | ||
| Fixed asset investments | 4,605,832 | 2,150,440 | 6,756,272 | |
| Cash at | bank | 138,418 | 138,418 | |
| Current | liabilities | (11,040) | (11,040) | |
| 4,733,210 | 2,150,440 | 6,883,650 | ||
| 2020 | Unrestricted | Endowed funds | Total | |
| funds | 2020 | |||
| f | f | |||
| Fixed asset investments | 2,214,074 | 1,540,971 | 3,755,045 | |
| Cash at | bank | 147,060 | 147,060 | |
| Current | liabilities | (10,980) | (10,980) | |
| 2,350,154 | 1,540,971 | 3,891,125 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Net movement in funds |
2,992,525 | 3,891,125 | ||
| Deduct donations of |
investments | (2,370,642) | ||
| included in income |
||||
| Deduct interest and | dividend | income | (11,550) | (423) |
| shown in investing activities |
||||
| Deduct gains on investments | (889,004) | (384,345) | ||
| Increase in creditors |
60 | 10,980 | ||
| Net cash generated | by operating | 2,092,031 | 1,146,695 | |
| activities |
| 2021 | 2020 | ||
|---|---|---|---|
| Cash | held for reinvestment | 753,711 | 175,158 |
| Cash | at bank | 138,418 | 147,060 |
| Total | cash | 892,129 | 322,218 |
| Unrestricted | Endowed | Total funds | ||
|---|---|---|---|---|
| funds | funds | 2020 | ||
| Income from: | ||||
| Donations and legacies |
2,570,277 | 1,361,460 | 3,931,737 | |
| Investment income |
and | 423 | 423 | |
| dividends | ||||
| Total Income | 2,570,700 | 1,361,460 | 3,932,160 | |
| Expenditure on: |
||||
| Raising funds | 86,664 | 86,664 | ||
| Charitable activities |
338,716 | 338,716 | ||
| Tota I Expenditure | 425,380 | 425,380 | ||
| Net gains on investment | 204,834 | 179,511 | 384,345 | |
| assets | ||||
| Net Income | 2,350,154 | 1,540,971 | 3,891,125 | |
| Transfers between | funds | |||
| Net movement in funds |
2,350,154 | 1,540,971 | 3,891,125 | |
| Reconciliation offunds: |
||||
| Tata I funds brought |
||||
| forward | ||||
| Total funds carried | 2,350,154 | 1,540,971 | 3,891,125 | |
| forward |