Reglstered Charliy No, 1186994 Reghtered Company No..12132113 Thèstonyhurst Foundotlon Tru5tees' Annual Report & Flnan¢l?I Statements For the ye4r ended 31 August 2024 The Stonyhurst Foundatlon Tru5teès' Annual report & Flnanclal Statements For the ear onded 31 Au ust 20Z4 Contents Page Reference and admln15tradve detalls Trustee5' report 4-10 Independent audltorfs Report 11-14 Statement of financlal acilvlde5 15 Balance Sheet 16 Cash flow statement 17 Notes to the financlal statements 18-30 The Stonyhurst Foundation Referencè and admlnlstratlve dètalls For the year ended 31 AuBu5t 2024 Name: The Stonyhurst Foundation Reglstered Charlty number.. 1186994 Registered Company number.. 12132113 Address: Stonyhurst College, Clitheroe, Lanca5hire, BB79PZ Trustees and Dlrectors durln8 the y••r I Septsmb•r 2023- 31 August 2024 and at thé date of s*nln8 the report unle$5 Otherwlse Stated: Mr John Browne Fr ChrSstopher Cann Mr5 Catherlne Carne8le Mr Wlnton de Stlohn-Pryce Mr Frederlck Holt Ms De51ree Jeb5en Mr MSchael Joseph Mrs ChrIS￿ne Keunen Fr Kelth Mcmillan SJ Mr lan Murphy Mr Eugene Nealon Mr Andrew Noyons Mr Richard Saunders IVlce.ChaSrmanl Ireslgned 02.10.241 Iresl8ned 01.09.241 Ichalrrnanl lappolnted 01.09.241 Foundatlon dlrector. Foundatlon manager: Mr John Cartwrl8ht-Terry Mrs Cathle Butcher Bank: HSBC I Centenary Square Blrmin8ham BI IHQ Audltor: Saffery LLP 10 Wellln8ton Plate Leeds L514AP Soll¢ltor'. Womble Bond Dlcklnson I Whltehall Rlverside Leeds LSI 4BN Investment Manaier: CCLA One Angel Lane London EC4R 3AB The Stonyhurst Foundatlon Trustee5' report Forthe year ended 31 August 2024 Report of the Trustees lor the year ended 31 August 2024 The Trustees of The Stonyhur5t Foundation (the 'Foundation'l present their annual report and the audlted financlal statements forthe period ended 31 August 2024. The accounts are prepared for the period from I September 2023 to 31 Au8USt 2024 (the 'Flnanclal Perlrid'l. The Information wlth respecttoTrustèe5, officers and advisors forms partof the Annual Report and Is current as of the date of thls report. The financial statement5 comply wlth the Foundadon's Artlcles of Assoclation, wlth current statutory requirements, appllcable ACCOUn￿nE Standards In the Unlted Klngdorn Includlng FRS 102, and the Charlttes Statement of Recommended Practice (the Charlties SORP FRS 1021. Oblertlves and arttvltle5 for the publ1¢ beneflt Char5tabl• Oblectlv•$ The oblect5 of the charlty are the advancement of edUCa￿On for the publlc beneflt any or all of the f(Jllowln8 Ways.. the provlsion of flnanclal support for scholarshlps, bursarles or other flnancial asslstance to puplls and prospec￿Ve pup115 of Stonyhur5t Icompr151n8 Stonyhursl College and Stonyhurst St Mar¢5 Hall); the prov15ion of any other financlal support for Stonyhurst or the current or proSpeC￿ve puplls of Stonyhurst. The m55slon of the Foundadon Is to remove financlal barrlers to a Jesull educatlon at Stonyhurst through granttng fee asslstance to puplls to develop thelr full human potential to Ilve Ilves of falth and lusttce a5 cltlzens of the world. Broadenln8 access to Stonyhurst Is core to the Foundafjon'5 mlsslon. Grnnt maklni pollcy Stonyhur5t Is Invlted to present detalls of Indlvldual puplls who attend or have applied to attend Stonyhurst to the FOUnda￿On for conslderatton for an award. Stonyhur5t Is responsible for all aspects of pupll re¢rultment and for all financlal checks and due dS1I8ence. The Trustees consider each proposal and determSne whether or not to award a grant. PublSc Beneflt Oblethv•5 In sethng the Founda￿On'5 oblec￿Ve5, the Trustees have glven careful Eonslderadon to the Charlty Commi55ion'5 general 8uidanre publlc beneflt and in particular to its supplementary public beneflt 8uldance on advanclng educatton. Accordlngly, the Trustees confirm thatthey have complied wlth thelr duty under sectton 4 of the charltles Act 2011 to have due regard to the publlc beneflt guSdance published by the Charlty Commlsslon for England and Wales. The Stonyhur5t Foundatlon Trustees. report For the year ended 31 Au8ust2024 5trategSes for achlevlthg the oble¢tlve$ The Trustees, strategy for achievlng these oblectives Is to increase the publlc's awarene55 of The Stonyhurst Foundation - including awareness amongst alumnl, current and past parents, and the wider Stonyhur5t communlty- to encourage donations so as to create fund5 whlch may be used to support both current and future puplls of Stonyhurst. The Foundatlon engages In a range of actIvI￿e5, prln¢lpally'. Fvndralsln8 and culdvatfjon of potenttal ft*ture donors. Organising brieling events, meetings and receptions with current and potential future donors In the UK and overseas. The produc￿On of newsletters and updates to Inform donors and the wlder communlty of the mlsslon of the Foundation. Actlvltl•s It wa5 a busv vearforthe Foundatlon wlth a number of Indivldual meetings with donors and potential donors as well as a varlety of 50clal en8a8ement5 wlth the wlder Stonyhurst communltv. The events kicked off wlth The Thomas Weld Soclety Dlnner1Stonyhur5t'5 Le8acy Socletyl at Stonyhurst Colle8e In October 2023. The Foundatron Dlrector ond Manager were then pleased to be able to attend a numbor of soclal events or8anlsed wlth Stonyhurst and the Stonyhurst Assoclatlon, Includlng Alumn reunlons, receptions, spothng events and dlnners, the Farm Street Carol Servlce, the Stonyhurst Carol Service, and Great Academles leavers ceremony. The FOunda￿on Dlrector also attended the Holy Week Retreat, held at Stonyhur5t In Aprll, and lolned the Stonyhurst Pllgrimage Trust Pi18rlma8e to Lourdes In August 2024. The 1593 Club (regular glvSng clubl conttnues to re￿1Ve new support, and recepttons were held In London, Blrmlngham and York to thank current donors for thelr support to date and to Introduce the 1593 Club and the work of the Foundatlon to new potenttal supporters. FundralsSng highlights thls year were.. the Comple￿on of the Manchester Marathon in AprS12024 by three vallant runners who a5 well as raising funds also helped to raise the profile of the Foundation., the Inaugural Cla5slc Car Tour held at Stonyhur5t In May 2024 whlch brought together a number of key 5UPPOrters for three days of èvents at Stonyhurst,. and a dlnner In Mexlco Clty, hosted by the Stonyhurst Headmaster and the Foundation Dlrector which introduced the work of the Foundation to a number of Mexican alumnl and thelr famllles. Structure, Governance, and Mana8ement The Stonyhurst Foundation was Incorporated In July 2019 (Company Number 121321131. The Foundation Is a company limited by 8uarantee and doe5 not have share capital. The Foundation received Charity Commission Registration on 17 December 2019 Ire815tration number 11869941. The constitution and principal objects of the Foundation and the re8ulations concernin8 Its mènagement are contalned In its ArNcles of AssocSation Ilncorporated on 31 july 2019 and as amended by speclal resolution on 20 March 2020 and 9 February 20211. The Stonwburst Foundatlon Trustees, report For the year ended 31 Au8ust 2024 The powerto appoint and remove Trustees Is vested In the Board ofTrustees. The Trustees who seNed the FOUnda￿On durlng the perlod to 31 August 2024 are.. Ex-officlo Trustee5'. Fr Kelth Mcmlllan SJ Nominee of the Provlnclal of the 8rlfjsh Provlnce of thesoclety of Je5US Nominee of Chair of Governors of StonyhurstColle8e Headmaster, Stonyhurst Headmaster, Stonyhurst St Marfs Hall Stonyhurst Head of Partnershlps Mrs Chr15tine Keunen Mr John Browne Fr Chrlstopher Cann Mr lan Murphy Elected Trustees: Mrs CatherSne Carnegle Elected Trustee Mr Wlnton de sl John-Pryce Elected Trustee Mr Frederlck Holt Elected Trustee (Vlce Chalrl Mrs Deslree Jebsen Elected Trustee Mr Mlchael Joseph Elected Trustee Mr Eugene Nealon Elected Trustee Ichalrl Mr Rlchard Saunders Elected Trustee Trustees are selected for thelr sk1115 and experlence across an approprlate spectrum. The sklll set of the Trustees Is frequently revlewed and compared to the requlrement5 of the FOUnda￿on to achleve Its obloctlves. Where there are 8aps the Tru5tee5 seek to make appropriate appolntments of Individua15 wlth the required skllls and experiences to hll any gaps. The Trustees are satisfied wlth the current Skill Set L)f the board. All Trustees have recelved a formal Inductton on thelr legal obllgatlons under charlty and companv law, on the content of the Artlcles of Assoclatlon and re¢elpl of all Foundadon pollcles. It Is the Inten￿On that all new Trustees wlll attend an Induction meetin8 Wlth one of the existin8 Trustee5, observih8 how the Foundation's objectives are achleved. Should any addlttonal speclallsed tralnlng be requlred for the exlsdng, or any newly appolnted Trustee5, then tralnlng arrangements wlll be made osappropriate. The Founda￿On holds three Board Meetin8s a year at which the Trustee5 set oblecttve5 for the Foundation, revlew and approve pollcles and procedures. and detemilne the Foundayon's strategy. The Board delegates the daily management of the Founda￿Orn to the Foundation Dlrector and the Foundation Mana8er, who operate from an office within the Stonyhur5t estate. Related partles, Trustees, remuneratlon, and staff Costs The Foundation has not entered Into related party transaclions In the period. The Trustee5 all Bive freely of theSr tlme and expeth5e wlthout any form of remuneratfon or other benefit In cash orklnd. The Foundation does not have employees but15 seconded staff by Stonyhurst for whlch the Foundatlon Is rechar8ed at cost. The Stonyhurst Foundation Trustees, report For the year ended 31 Au8u5t 2024 Rlsk Mgna8ement The eoard of Trustees acknowle(ige thelr responslblllty for managlng rlsk and ensurlng that a culture of rlsk management and compliance is embedded within the Foundation, to ensure that the Foundation Is able to resptsnd effectively to operational, strate8lc and financlal rlsks, whether they are internally or externally drSven, The key rlsk areas are consldered to fall into five main areas.. Governanee.. Operational,. Flnanclal,. External Factor5,' Compllan¢e. ThèTrustees arè satisfied that the Foundatien has established robust financial contro15 and business plannln8 systems whlch should allow rlsk to be rn1￿8ated to an acceptable level. A risk register has been produced and Is revSewed annually by theTrustees. Flnanclal RaV￿W Donadons and gift5 are the maln Source of The Stonyhur5t Foundatlon'51ncome. The Foundation Trustees wlsh to record thelr grateful thank5 to all the donors who have contributed to the Foundadon In the flnanclal year. During the flnanclol perS¢xl El,786,39912023 £1,778,127) of donatlons were recelved by the Foundatlon. Durlng the financlal perlod £1,375,19912023 £838,2771 was granted from the Foundadon to Stonyhurst. Fundrulslng costs Stonyhursl has provlded 8 fully equlpped office on the Stonyhurst campus for The Stonyhurst Foundatlon, use free C¢f charge, Future Plon5 Fo11owln8 the end of the flnanclal perlod the Trustees a8reed to support Stonyhurst wlth a grant of £1,669,284 for the academlc year 2024- 2025, funded from 8eneralreserve5. Investment poll¢v The 5tonyhurst Foundatton's ethlcal Investment pollcy references the teachlng of the Cathollc Chuich, In accordance with ¢harlty law. Thi5 has been adopted on the basi5 that It 15 in Ilne wlth The Stonyhurst Foundation's oblects and15 In The Stonyhur5t Foundation's best Interests to adopt. Investment performance The Stonyhurst Foundation 15 invested in CCLA'S multi-a55et fund, the COIF Charitie5 Ethical Investment Fund, The aim of the portfollo Is to achleve long term returns of CPl+5% p.a. gross of fees lor 4% net of fee51, whlch allows tho Foundation to balance the heeds of today's beneficiaries wlth tomorrow's. For the 12 months to the end of August 2024, the Fund returned 12.41% net of fees, thi5 wa5 a posltive return relafjve to CPI +4% of 6.28% but behlnd the Fund's market comparator of 16.29%. The Stonyhurst Foundatlon Trustee￿ report For the year ended 31 Au8USt 2024 From an asset allOca￿On perspecdve, equllles provlded the strongest return over thls perloil, with posSdve returns from a range of sectors, but lagged the global equity benchmark. The portfOl￿o'S underweightto fixed Income was a posltlve, however a broadly flat return from Infrastructure offset thi5. Other alternative asset cla55es provlded a hlgher return such as property and private equity. Within the equlty allocation, there were stron8 absolute returns from a range of sectors Including Informatlon Technolo8VI Communlcations Servlce5 and Industrla15. Equlty perforrnance was behind the market comparator malnlydue to the underwelght poslttons In Mlcrosoft. Nvldla, Alphabet, Amazon and our absence from Meta, Tesla and Apple lon governance andlor valuation ground51. Relauve performance was olso impacted by the Fund'5 absence In the banks and enerbry sectors whlch performed well, particularly In the flrst half of 2024. The Foundadon also holds short term cash In CCLA'S COIF CharStle5 Oeposlt Fund, whlch over the year ha5 returned 5.24%, reflectin8 the current Official Rate Ibase ratel and the high cash rate5 available In the monev markets. Re5erveJ Pollcy The pollry of the Tru5tees15 to malhtaln the real value of The Stonyhurst FOUnda￿On'S endowment but otherwise to distribute The Stonyhur5t Foundation's reallsed Income and 8alns wlthln a reasonable peTS0d. Th5$ pollcy should allow The Stonyhurst Foundatlon to operate on an enduring ba515 wlthout beln8 dependent upon donafjon5 from any pardcular source. The Trustees, poll¢y Is to malntain readlly avallable reserv85 of £250,000 to E500,000 such that The Stonyhurst Foundation may operate lor one year wlthout any materlal Interrup￿on to Its usual 8rant-makln8 a¢tTvlYes In the event of o reducdon In Income. At 31 Au8USt 2024 the Foundadon had unrestrlcted reserves of £7,000,354 of whleh £4,801,788 Is deslgnated towards commltted bursarle5 leavlnB a balance of free reserves of £2,198,56612023 £6,397,152 unrestricted reserves of whlch £3,264,214 was desl8natedl. The designated funds have been set aside by the Trustees to fund bursary commltments. These bursary commltment5 are allocated to specific puplls and wlll be used over the perlod of theSr school career to cover the costs assoclated wlth attendance at Stonyhurst. Free reserves Include dona￿0￿$ recelved whlch are bein8 accumulated to reach a level at which a pupil Ilfetlme bursary can be funded. Revlew ot Achlevem•nts and Performanco The Stonyhurst Foundatlon has ha(i ariother producttveyear. Fundmising The FOUnda￿on ha5 received substanual support durlng the yearfrom alumnl, current parents, past parents and other members of the Stonyhurst community. A number of face-to-face, individual briefing5 have been held wtth donors and potential donor5, throughout the year, and recepUons were held In London, York and Birmin8ham. The Foundafjon Dlrectgr and the Stonyhurst Headmaster hosted a dinner to Introduce the work of the Foundation to a group of Mexican OS (Old Stonyhurstl In Mexlco Clty In June 2024. The 1593 Club has contlnued to grow, wlth pleaslng support from youngeros. The Stonyhur5t Foundatlon Trustèes. report For the year ended 31 Au8U5t 2024 Three runners In the Manchester Marathon ralsed much needed fund5 but also very welcome publlcity for the Foundation and followlng the end of the financlal year a number of pupi15 and staff were 55gned up to run the Manchester Hall Marathon in October 2024 to buSld on thlssuccess. Donors were kept up to date wlth news from the FOUnda￿On by recelpt of newsletters, by social media posts and by receipt of the Annual Donors, Report. Major donors also received an Impact Report showlng the Impact of thelr dOna￿On$ on Stonyhurst and the puplls supported by bursary fundlng. The Stonyhurst Foundatfon strlctly adheres to the Fundralslng Regulatorfs Code of Fundra151nB Pracdce. The Foundayon's fundrai51ng efforts involves encouragln8 donayons and gifts and running event5. The fundraisin8 team commlt to obseNe the hlghest standards in terms of fundraislngpractice. The Stonyhurst Foundation has a procedure for dealing with complaints and Is commltted to dealin8 wlth any ¢omplalnt5 constructively, Impathally and effectively. The Foundation wlll make every effort to ensure that any complalnt5 recelve a complete, accurate and dmely response and no complalnt 15 ever d15re83rded, No complalnts were recelved In the financlal perlod. Measurln8 Achlevement The Trustee5 regularly revlew the progre55 of the FOUnda￿On Sn Ilne wlth Its budget and plans. The FOUnda￿on has had another successful year and is pleased to report that followlng the end of the Flnanclal Perlod the Trustees a8reed to 5UPPOrt stonyhurst wlth a 8rant of £1,669,284 for the academSc year 2024 - 2025. Thls grant Is prlmarily to provide funds to be used for bursary fundln8, bul also Includes an element of wlder pastoral and educatlon support, speclfically to enhance the boardlngenvlronment. Golng Conc•rn Havlng revlewed the fundln8 facSlltfes avaSlable to the Foundatton together wlth the expected on8oln8 demand for places and the Foundation's future projected cash flows, the Trusteès have a reasonable expectation that the Foundatton has adequate resources to conttnue Its activities for the foreseeable future and conslder that there are no materlal uncertaindes over the Foundation's Ilnanclal vlabillty. Trustee￿ responslbllltles In relatlon to the flnandal rtatements The charlty Trustees Iwho are also the dlrectors of The Stonyhur5t FoLJnd3don for the purposes of company lawl are responslble for preparSng the Trustees, report and the linancial statements In accordance wlth appllcable law and United Kin8dom Accovntin8 5tandard5 (United Klngdom Generally Accepted Accountln8 Practlcel. Company law requlres the charlty Trustees to prepare flnanclal statements for each flnancial year whlch glve true and fair vlew of the state of affalrs of the Charltable company and of the Incoming resource5 and application of resource5, including the income and expenditure of the charity for that perlod. In preparlng these flnanclal Statements, the Trustee5 are requlred to.. select sultable accoUn￿n& pollcles and then apply themconsistently; observe the methods and prSnclples In the Charltles SORpIFR51021.' make ludgements and estirriatès that are reasonable and prudent- The Stonyhurst Foundatlon Trustees, report For the year ended 31 Au8USt 2024 state whethèr appllcable accoundng sland3rds have been followed, subject to any material departure5 disclosed and explalned In the financial 5tatements,' and prepare the financial statements on the going concern basls unles5 It 15 Inapproprlate to presume that the charlty wlll continue In buslness. The Trustees are responslble for keepln8 proper accoUn￿n8 records that dlsclose wlth reasonable accuracv at any tlme the financlal poslt6on of the charltable company and enable them to ensure that the financlal statements comply with the Companle5 Act 2006. They are also responsible for safeguardln6 the assets of the charltable company and hence for taklng reasonable stepsfor the preven￿On and detectlon of fraud and other Irregularlties. The Trustees are responslble for the malntenance and Integrlty of the corporate and flnanclal Informatlon Included on the ¢harltable company'5 web51te. Leglslatfon in the Unlted Klngdom 8overnlng the prepara￿on and dls5emlnation of financlal statements may dlffer from legislation in otherjurlsdlction5. In so far as the Trustees ore aware.. there Is no relevant audlt Informafjon of whlch the charltable Company's audltorls unaware,. and the Trustees have taken all steps that they ou8ht to have taken to make themselves aware of any relevant audlt Informatlon and to establlsh that the audltor Is aware of that Informa￿On. Thos report was approved by the Board of Trustees on 23 Aprll 2025 and sl8ned on Its behalf by.. Mr Eugene Rlchard Nealon Chalrman of the Truste Mr Frederlck Terence Holt Vke 3,152,755 798,1 33,387 11,638,286) 1,340,944 1263,95SI Purchase of Investments Proceeds from the sale of Investments Cash umd In Investtn8artfvltlts Incr•aM In c•sh In they•ar Cash and cash equlvalents at the be8lnnlng of theyear Total ¢ash abKI ¢•sh equlvalents at the end of the perlod 1,009,482 852,236 1,861,718 491,185 361,051 15 852,236 The notes on p88es 18 to 30 form part of these flnanclal statements. 17 The Stonyhurst Foundatlon Notes to the flnanclal statements For the year ended 31 August 2024 l Accountlni pollcles Basis ol preparation The financlal statements have been prepared under the historical cost convention in accordance with Accountlng and Repor￿n& by Charities.. Statement of Recommended Practice applicable to charlties preparing their accounts accordance wlth the Flnancial Reporting Standard appllcable In the UK and Republlc of Ireland IFRS1021, the Charities SORP IFR51021, and the Companles Act 2006. The FOUnda￿on consdtutes a publlc beneflt entity as defined by FRSIO2. Goln8 Concern The accounts have been prepared on a going concern basls, as the Trustees have reasonable expeCta￿On that the charlty has adequate re50ur¢es to continue In operation for the foreseeable luture. HavSn8 revlewed ihe fundSng facIll￿eS available to the Fotjndation 108ether wlth the expeded on. 801ng demand for places and the Foundatlon's future projected cash flows, the Trustees have a reasonable expectatlon that the Foundadon has adequate resources to contlnue Its a¢￿vItIeS for the foreseeable future and conslder that there were no materlal UncertaIn￿e$ over the FOunda￿on'5 financial vSabillty. Accordln8ly, they also continue to adopt the golng concern basls in preparing the flnanclal statemènts as outllned Sn the Statement of Trustees, Respon51blll￿eS on page 9 and 10. Fund ac¢oundn8 UnrestrScted general funds- these are fund5 whlth can be used In accordance wlth the charltable object5 at the discretion of the Trustees. Unrestrirted funds Include desl8nated funds where the Trustees, at thelr dlscretton, have created fund5 Set aslde for speclflc bursaries. Restrlcted fund5- these are funds that can only be used for parttcular purposes wlthln the oblectg of the charlty. Restrlthons arlse when speclfled by the donor or when funds are ralsed for parttcular restrlcted ac￿v[￿e5. There are no restrlcted fund5 In 2024 or 2023. Expendable endowment funds- these are funds for whlch the donor has Intended the capital to be held Indeflnltely but the Trustee5 have the power to convert the capltal Into Income. There 15 no requlTement for the Foundatlon to Spend or apply the capStal unle55 the Tru5tee5 declde to spend It. The Income generated from these funds is transferred to the unrestrlcted and re5trirted funds In accordance wlth the terms of the glft and may be spent on provlding bur5arie5 toStonyhurst. 18 The Stonyhurst Foundatton Notes to the financlal statements Fty the year ended 31 Au8USt 2024 l Accountln8 polltles lcontinuedl In￿mIng resources Income Is reco8nlsed when the charSty has entitlement to the funds, any performance condlttons attached to the Itemlsl of Income have been met, It15 probable that the Income wlll be recelved, and the amount can be measured reliably. Grants and donations are recognised when the charity has entitlement to the funds, any performance conditions attached to the Item of income have been met, It Is probable that the incorne wlll be recelved, and the amount can be measured rellably and Is not deferred. The Foundation has donatfons acceptance pollcy and only recoghlse5 donations once the condltlons of the acceptance pollcy have been met as this 15 when it is determined that the conditions for recognltion of Income under the Charittès SORP have bèen met. Investment Income recelvable Is Included when recelvable and the amount can be measured reliably by the charlty,. this is normally upon notification ofthe dlvidend or Interest payable by the Investment mana8er. D0That￿ $ervl¢es •nd faclllll The charSty recelves donated office space and assoclated costs such as statlonery. use of a laptop and heat and Ilght costs free of charge frorn Stonyhurst. These services have not been reco8nlsed In Income as the value of thls gift cannot be measured rellably. Other donated servlces from Stonyhurst such H5 Stafl c05t5 whlch were donated by Stonyhurst until 2021, whlch can be measured rellably, have been recorded as a gift In klnd and a corresponding cost recorded wlthln resriurces expended. There are no donated servSces In 2024 and 2023. Resources expended Expendlture Ss reco8nlsed once there Is a legal constructive obllgation to make a payment to a thlrd party, It Is probable that settlement will be requlred, and the amount of the obli8ation can be measured rellablv, Expendlture on charltable actlvlttes Includes the Costs Incurred to further the purpose5 of the charltv and thelr assoclated Support costs. Irrecoverable VAT Irrecoverable VAT is charged asainst the expenditure heading for which it wa5 incurred. Allocatlon of support and governance costs Support Costs whSch include admlnlstratlon costs are not dlrectly attrlbutable to the speclfic charltable acuvlties of the charlty. Support wsts a￿ allocated based on the athvlty to whlch the Invoices relate or based on the percentage of time spent on each activity in the year In the case of staff costs. 19 The Stonyhurst Foundatlon Notes to the flnanclal statements For the year ended 31 August 2024 Ac¢ountln8 poll¢les l¢ontlnuedl Flxed asset Investments Investments are a form of baslc fihanclal Instrument and are Inltially recognlsed at thelr transaction value and subsequently measured at their fair value a5 at the balance sheet date u51ng the closlng quoted market prlce. The statement of financlal activlties Includes the net 8alns and losses arising on revaluation and dlsposals throughout the year. At 31 Au8Ltst 2024 and 31 Au8USt 2023, the charlty only had Ilsted Investment5, the market prlce for which Is readily avallable. The Trust does not acqulre put options, derivatives or other complex frnahclallnstruments. The main form of financial r15k faced by the charlty 15 that of volatlllty In equlty markets and Investment markets due to wider economic condition5, the athtude of Investors to Investment rlsk, and chan8e5 In sendment concernln8 equltles and wlthln pardcular sectors or subsectors. Realls¢d 8alns and10$5•5 All 8aln5 and losses are taken to the Statementof Financlal AthvlYe5 as they arfse, Reallsed galns and 105ses on Investments are calculated as the dlfference between sale5 proceeds and thelr openln8 carrylng value or thelr purchase value If acoulred subsequent to the flrst day of the Nnanclal year. Unreallsed galns and losse5 are calculated as the dlfference between the falr value at the year end and thelr caryln8 value. Realised and unrealSsed Investment galns and losses are comblned In the Statement of Flnantlal Athvltles. Taxatton The company Is a reglstered charSty and therefore Is not Ilable for Income tax or corporatlon tax on Income dertved from Its charitable actIvI￿e$, as It falls wlthln the varlous eXeMp￿0￿S available to reglstered charl￿e5. Flnan¢lal Instruments Other than flxed a55et Investments dlscu55ed above. the charlty only has financlal assets and flnanclal Ilabillties of a klnd that quallfy as baslc linancSal Instruments. Baslc financlal Instruments are Inltlally reco8ni5ed at transaction value and Subsequently measured at their settlementvalue. Cash at bank Cash at bank and hand Sntludes Cash and short term hlghly Ilquld Investment5 wlth a maturlty of three months or less from the date of acquSsitton of or openlng of the dep051t or simllaraccount. Estlmates and judgements The Trustee5 consider that there are no significant estimates orjudgement5 that have been applled In the preparatton of these finan¢lo15tatements. 20 The Stonyhurst Foundation Notes to the flnanclal statèmènts For the year ended 31 August 2024 Legal ststus ol the Charlty The charity is a company Ilmlted by guarantee and has no share capital, registered and Incorporated In England and Wales. In the event of the charlty belng wound up, the liability in respect ol the guarantee is 1Smlted to £12. The reglstered office of the charity Is Stonyhurst College, Clltheroe, Lanca5hlre, 887 9PZ. Income from charltable actlvltles UnrestrScted Endow•d Fund5 Funds 2024 Total Donatlons 1,417,695 1,417,695 3SO,000 1,767,695 1,767,695 350,000 Income from ¢harftable thdlvltles- prloryear Unrestrlcted Endowed Funds Funds 2023 Total Donated sales 945 945 DOna￿on5 1,342,506 1,343,451 434,676 434.676 1,777,182 1,778,127 Investment In¢om• Unrestrlcted Endowed Funds Funds 2024 Totsl 2023 Total Interest 24,423 16,479 40.902 24,423 16,479 11,666 21,721 33,387 Dlvidends 40,90Z 21 The Stonyhurst Foundation Notes to the Ilnanclal statements For the year ended 31 August 2024 Analysls of expendlture on ralslng funds and charltable athvltles Dlrert CO5t5 Support Governance costs costs 2024 Total Cost of ralsln8 lunds Webslte, market6n8 and other related cost5 Total cost of ralslng funds Cost of charftable acttvltles 57.702 57,702 57,70Z 57,702 Bur5arles to 5tonyhurst Other costs 1,375,199 1,375,199 18,257 124,613 18,257 1,499,812 106,356 106.356 Total Cost of ¢harltabl• actlvlu 1,375.199 Total Resources expended 1,432,901 106,356 18.257 1.557,514 Analysls of expendlture on ralsln8 lunds and ¢harltable a¢llvltles- prforyear Dlrert Costs Support Gov•rnance Costs $t$ 2023 Totsl Cost of ralsln8 funds WebsSte, Marke￿n8 and other related costs Total ¢ost ol ralsln8 fund5 Cost of charltable actlvltles 22,003 22,003 22,003 22.003 Bursarle5 to Stonyhur5t Other costs 838,277 838,277 161,468 999,745 146.990 146,990 14,478 14,478 Total cost of (harltable actlvltles 838.277 Total Resources expended 860,280 146,990 14.478 1,021.748 Support costs are allocated based on the a￿VIty to whlch the Involces relate or based on the percentage of time Spent on each activity in the year in the case of staff costs. Expenditure Includès bursaries Branted to Stonyhurst of £1,375,99912023: £838,277), and a grant toward5 salary costs of £137,91512023.' £137,915). Included in bur5arles to Stonyhurst15 £74,03812023.' £82,702) relating to endowmentfunds. 22 The 5tonyhurst FOUnda￿on Note5 to the ftnanclal statements For the year ended 31 Au8USt 2024 Analy51s of support costs and governan¢e cost5 Support ¢ost$ Governance C05tS 2024 Totsl Audlt and accountsncy Insurance 15,660 15,660 2,087 3,922 93,793 510 2,087 SubScrIp￿On$ Staff costs Trtsstee Mee￿n8 expen5e5 (note 131 Sundrv Bank charges Travel costs 3,922 93,793 510 1,860 45 1,860 45 6,736 6,736 124.613 106,356 18,257 Staff cogts relate to the rechar8e of salary costs In respect of 2 seconded employees by Stonyhurst 12023.. 2 seconded employeesl. Analysls ol support costs and Bovern•nce ¢osts- prloryear Support costs Governance costs 2023 Total Audlt and aecountanry Insurance Subscrlpdons Staff costs 11,880 11,880 1,987 2.346 135,837 611 1,987 2,346 135,837 Trustees expenses Sundrv &ank charges Travel costs 611 4,111 130 4,111 130 4,566 4,566 161.468 146,990 14,478 23 The Stonyhurst Foundatton Notes to the financial statements For the year ended 31 August 2024 Analysls of staff cost5, trustee remuneratlon and expènses, and the tost ot key management personnel The FOUnda￿On doeg not have any employees. Employees of Stonyhurst are Seconded to the Foun(4ation as needed. The relevant costs of those employees have been retO8nlsed In income and expendlture based on the actual costs of the relevant èmployèe to Stonyhurst includin8 employer national Insurancè and pension. Durlng the year, 2 employees were seconded to the FOUnda￿On 12023.. 2 employees). These employees are also consldered to be a member of the key management personnel of the charlty. The total cost recognised as an expense in respect of these employees was £149,650 in the year12023'. £135,837). The number of seconded employees whose emoluments, excludlng pension contrlbutlon5, exceeded £60,000 were as follows:. 2024 2023 £80,C¥)I to E90,000 The Trustees all 8lve freelythelr tlme and experd5e without any form of remuneratlon or other beneflt In cash or klnd. N•t Incom• for th•ye4r 2024 Tolal 2023 Total Thls Is stated after charglng., Auditors, remuneration Audlt fees- current and prlor year Accountancy servlces 8,850 3,150 9,600 3,600 13,200 12.000 24 The Stonyhurst Foundatton Notes to the finan¢lal statements For the year ended 31 August 2024 FIM•d ass•t Inv•stments 2024 Total 2023 Total Usted Inv•stments Openlng balance Addltions 8,288,678 2,395,462 13,152,755) 968,998 8,500,383 1.753,813 10,254,196 8,012,989 1,638,286 11,340,944) 121,6531 8,288,678 838,715 9,127,393 DSsposals Net galnslllosse51 on Investments Market Value at 31 Au8usl 2024 Cash held for relnvestment Totsl Hlstorl¢al Cost of Investments at 31 August 2024 6,309,794 7,509,357 Investments at falrvalue 2024 Total 2013 Total Equlties B,500,383 8,288,678 Cash 1,753,813 838,715 Totsl 10,254,196 9,127,393 All Investments are carrled at thelrfalr value. Investments In equldes are traded In quoted publlc markets. Holdings in common investment funds, unit trusts and open-ended Investment companies are valued at the bld prlce. The basis of falr value for quoted Investments Is equlvalent to the market value, uslng the bld price. Asset sale5 and purchases are recognlsed at the date of trade at cost (that Is theor tranSac￿On value). The significance of financial instruments to the on80in8 financial sustainability of the Trust is considered In the ftnanclal revlew and Investment pollcy and performance 5ecttons of the Tru5tees' Annual Report. 25 The Stonyhurst FoUnda￿en Notes to the financial Statements For the year ended ai August 2024 10 Credltors 2024 Total 2023 Total Accruals 12,686 li,S8Q 11,580 12,686 11 Analy$15 of ¢harltabl• funds Analysls of movements In unrestrlrted funds Funds at I Incomlng Resources September resources expended 2023 Transfers Galn on Fund5 at Investments 31 August 2024 General fund Deslgnated fund 3,132,938 1,458,597 11,483,476) 11,537,574) 3,264,214 1,537,574 6.397.152 1,458,597 11,483,476) 628,081 2,198,566 4,801.788 628,081 7,000,354 The General fund Includes free reserves after allowlng for deslgnated funds. Thè DeslBnated funds have been set aslde by the Trustees to fund bursary commltments. These bursary commitments are allocated to puplls and wlll be used over the perlod of thelr 5thool tareer to cover the costsa5soclated with attendance at stonyhurst. The general and deslgnated funds are Invested cumulattvely and only spllt for statutory accounts purposes, whereby the transfer from the general fund to desS8nated fund5 in the vear repre5ent5 the net of Income recelved for bursarles for these pup115, bursarles pald over In the year and new bursary commltments entered into. Analysls of mov•ment$ In Endowed lunds Funds at I September 2023 Inc¢mln8 resources Resour¢•$ Tr4n$fer$ •xpended Galns on Funds at 31 Investments Au8USt 2024 Expendable Endowments Conrad fund Ryder Systems 425 Bursary Fund The joseph Famlly Boardln8 Bursary The lebsen Fund 1,326,170 209,258 201.827 296,109 127,8381 18,1XX) 17,6001 I4,C￿l 162,129 25,166 23,245 42,970 1,460,461 226,424 217,472 435,079 ioo,o)o 698,818 250,000 126,6(x)I 2,732,182 350.000 174,038) 9,129,334 1,808,597 11.557.514) 87,407 I,(X)9,625 340.917 3.349,061 968,998 10,349.415 Total fund$ 26 The Stonyhurst Foundatlon Notes to the financial statements For the year ended 31 August 2024 The Conrad fund include5 a donation received to fund up to 75% of fees for a boarding pupil at Stonyhurst. Thè Ryder Systems fund has been provided to fund day bursaries tostonyhurst. The 425 Bursary fund InclLbdes donatton5 recelved to endow fund5 to part-fund a named place at Stonyhur5t. The Joseph Famlly Is a boardlng bursary Intended to grant up to a maxlmum of 75% of the annual boardln8 fees of pupll5. The Jeb5en Fund15 Intended to 6rant up to £40,000 of awards annually wlth l award of up to £20,000 and 2 awards of up to £lQ,¢M. Analysls ol movement In funds. prlor year Analysls of movements In unrestrlrtedfunds Funds at i In¢omln8 Resources ptember re50ur¢es expended 2022 Tr4nsler5 Loss on Funds at Inve$tments 31 Au8USt 2023 General fund De518nated fund 2,067,052 1,376,838 3,937,682 6,004,734 1,376,838 1939,0461 673,468 1673,4681 145,3741 3,132,938 3,264.214 145,3741 fj,397,152 1939,0461 Analysls of movements In Endowed funds Funds at I IncomlnB Resources Trnnsfers September resources empended 2022 GaSns on Funds at 31 Invèstments August 2023 Expendable Endowments Conrad fund Ryder System5 425 Bursary Fund The Joseph Famlly Boardin8 Bursary The leb5en Fund 1,259,693 216,766 208,984 194,455 84,676 126,5021 18,0001 17,6tK)I 14,0001 8,303 492 443 5,654 1,326,170 209,258 201,827 296,109 ioo,c 476,589 2.356.487 250,C¥XI 434,676 136,6001 18Z,7021 8,829 23,721 698,818 2,732,182 Total fvnds ,361.221 1.811,514 11,021,748) 121,653} 9.129,334 27 The Stonyhurst FOunda￿on Notes to the flnanclal statements For the year ended 31 August 2024 12 Analysi5 of net assets bel￿•￿ funds 2024 Unrestrlcted funds Endowed lund5 Totsl 2024 Flxed asset Investments 6,905,135 107,905 112,6861 7,th)0,354 3,349,061 10,254,196 107,905 112,6861 10.349.41S Cash at bank Current Ilabllltle5 3,349,061 2023 Unrestrlrted funds Endow•d funds Total 20Z3 Flxed a$5et Investments 6,395,211 13,521 111,5801 6,397,152 2,732,182 9,127,393 13,521 111,S801 9,129,334 Cash at bank Current Ilabill￿e$ Z,73Z,182 13 Related party tr4nsottfon$ Durlng the year, the Foundadon dld not transact wlth any of Its Trustee512023,.£nlll. The Founda￿0￿ has not entered Into any related party transacdon5 In the year12023'. £nlll. The Founda￿0￿ has a close workln8 relattonshlp wlth Stonyhurst. Donations from Stonyhur5t and bursarles pald to Stonyhurst In the year have been separately dlsclosed In notes 3 and 5. A total of £51012023.. £6111 was paid during the year forthe purposes of Trustee attendance at Board Mee￿ngS in Lancashire. 28 The Stonyhurst Foundatlon Notes to the flnancSal statements the year ended 31 Au8ust2024 14 Re¢onclllatlon of net movement In funds to net ¢ash flow Irom operatlngartlvltle5 2024 2023 Net movement In funds Deduct Interest and dlvidend Income shown In InVes￿n8 activ[￿e5 Adlustment for galnsl1055es on Investments Increase/lDecreasel Credltors 1,220,081 140,9021 768,113 133,3871 1968,9981 21,653 1,106 11,2391 Net cash 8en•rated by oper•tln8 artSvltles 211,287 755,140 15 AnalyJl$ of cash and cash equlvalfrnts and net debt 2024 2023 Cash held for relnvestment Cash at bank 1,753,813 107,905 838,715 13,521 Totsl cash 1,861,718 852,236 16 Commltments When offerlng financlal support for pup115, the Trustees are mlndful of the fact that thls commltrnent extends for the whole perSod of the pupil's career at Stonyhurst. Therefore, the Foundatlon's Investment Policy is des18ned to ensure that It retains 5uffi¢ient reserves to fund pupils who are in receipt of sUPPOrt, throughout the expected perlod of ?ttendance at Stonyhurst. 29 The Stonyhurst Foundatlon Notes to the financial statements Forthe year ended 31 Au8ust2024 17 Prlor year st*ÈmÈnt of flnanclal actlvltles Unrestr5rted funds Endowed funds Total funds 2023 Income from: Charltable athvltles 1,343,451 434,676 1,778,127 Merchand15e sales Investment Income and dlvldends Total Income 33,387 33,387 1,376,838 434,676 1,811,514 Expendlture on: Ra151ng funds Charltable acuvltles 22,003 917,043 22,003 999,745 1,021,748 82,702 8Z,70Z Total Expendlture 939,046 Net reallsed and unreallsed Ilos5e5l/galns on Investments 145,3741 23,721 121,6531 Net In