Stonyhurst Pilgrimage Trust Registered Charity Number 254388 Financial Statements Year Ended 30 September 2024
Year ended 30 September 2024
Stonyhurst Pilgrimage Trust
Report of the Trustees
The Trustees present their report and the financial statements for the year ended 30 September 2024 for the Stonyhurst Pilgrimage Trust.
TRUSTEES AND OFFICERS
Stefano Bragagnini Esq.
Richard Brumby Esq.
Mrs. Jane Chitnis
Michael Cleary Esq.
Michael Hargreaves Esq.
Anthony Jarratt Esq. (Honorary Treasurer)
Father Nicholas King S.J.
Mrs. Henrietta Lenahan
Dr Nuala Mellows (Honorary Chairman)
Christopher Page Esq.
Trustees are appointed by existing trustees.
The Trustees received no remuneration for their services during the financial year and had no expenses reimbursed.
The Honorary Secretary to the Trust is Mrs Beverley Sillitoe. The Honorary Chaplain is Father Nicolas King S.J.
GOVERNING INSTRUMENT AND CHARITABLE STATUS
The activities of the Trust are governed by a Declaration of Trust dated 1 November 1967, as amended by a Deed of Variation dated 29 August 1989.
The Trust is a registered charity under the Charities Act 2011. Registration number 254388.
BANKERS
The Trust’s bankers are CAF Bank of 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ.
OBJECTS AND ACTIVITIES
The primary object of the Trust, as set out in its governing document, is the advancement of the Roman Catholic religion among persons who reside or have resided at Stonyhurst as students, members of the Society of Jesus or for any other reason and who have derived religious benefit therefrom by the provision of further religious experience in enabling such persons, whether as helpers or as being in need of help, to take part in Roman Catholic pilgrimages to a recognised shrine within the United Kingdom or abroad.
The main activity which fulfils this object is the co-ordination, organisation, and administration of the annual Stonyhurst Lourdes Pilgrimage. The trustees have had regard to the guidance issued by the Charity Commission on public benefit.
RESERVES POLICY
The funds of the Trust are split into restricted and unrestricted. An analysis of this split is shown in notes 8 & 9. Unrestricted funds comprise of the Accumulated Income Fund which is available to support all activities in accordance with the Trust deed. Restricted funds comprise of the Magill Memorial Fund. This fund is available to support the co-ordination, organisation, and administration of the Stonyhurst Lourdes Pilgrimage in accordance with the Trust deed. If the balance on the Accumulated Income Fund was to fall to zero, the Magill Memorial Fund would be available to make up any shortfall.
Stonyhurst Pilgrimage Trust
Year ended 30 September 2024
The Trust’s reserves, of which £405,690 are unrestricted and £30,000 are restricted, are considered by the trustees to be adequate to fulfil its obligations.
INVESTMENT POWERS
The investment portfolio is managed by the Trustees and is considered and monitored on a regular basis.
RISK MANAGEMENT
The Trustees have examined the principal areas of the Trust’s operations and considered the major risks faced in each of these areas.
In the opinion of the Trustees, the Trust has established resources and review systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in the Trust’s day to day operations.
Approved on behalf of the Trustees:
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Nuala Mellows (Honorary Chairman & Trustee)
Richard Brumby (Trustee)
[DATE] 20: /. 25
Stonyhurst Pilgrimage Trust, Stonyhurst College, Clitheroe, Lancashire BB7 9PZ
Stonyhurst Pilgrimage Trust
Year ended 30 September 2024
| Statement of Financial Activities for the year ended | Statement of Financial Activities for the year ended | |||||
|---|---|---|---|---|---|---|
| 30 September 2024 | ||||||
| Unrestricted | Restricted | Total | Total | |||
| 2024 | 2024 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Incoming resources | ||||||
| Donations and Bequests | Note 3 | 4,301 | Nil | 4,301 | 10,440 | |
| Gift Aid Donations and Standing Orders | Note4 | 5,716 | Nit | 5,710 | 5,275 | |
| Fundraising Events | Nil | Nil | Nil | Nil | ||
| Investment Income | 15,064 | Nil | 15,064 | 14,324 | ||
| Other | 1,531 | Nil | 1,534 | 2,015 | ||
| 26,606 | Nil | 26,606 | 32,054 | |||
| Resources expended | ||||||
| Direct charitable expenditure | , | |||||
| Pilgrimage expenses | 2,197 | Nil | 2,197 | 4,597 | ||
| Pilgrimage rebates and subsidies | Nofe 5 | 8,184 | Nil | 8,184 | 7,027 | |
| Management and administration ofthe charity | ||||||
| Fundraising costs | Nil | Nil | Nil | Nil | ||
| Administrative expenses | Note 6 | 984 | Nil | 984 | 1,101 | |
| 11,365 | Nil | 11,365 | 12,725 | |||
| Netincoming / (outgoing) resources | 15,241 | Nil | 15,241 | 19,329 | ||
| Gains / (losses) on investment assets | 28,841 | Nil | 28,841 | 20,985 | ||
| Netmovement infunds | 44,082 | Nil | 44,082 | 40,314 | ||
| Funds brought forward | Note 8/9 | 361,609 | 30,000 | 391,609 | 351,296 | |
| Funds carried forward | Note 8/9 | 405,691 | 30,000 | 435,691 | 391,610 | |
| Analysis of net assets | ||||||
| Unrestricted | Restricted | Total | Total | |||
| 2024 | 2024 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Investments | 345,792 | 30,000 | 375,792 | 346,951 | ||
| Net CurrentAssets | 59,899 | Nil | 59,899 | 44,659 | ||
| Totalnetassets | 405,691 | 30,000 | 435,691 | 391,610 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
Stonyhurst Pilgrimage Trust
Year ended 30 September 2024
| Balance Sheet as at | Balance Sheet as at | |||
|---|---|---|---|---|
| 30 September 2024 | 2024 | 2023 | ||
| £ | £ | |||
| Investments | Note 2 | 375,792 | 346,951 | |
| Current assets | ||||
| Cash in hand | 1,547 | 1,547 | ||
| Bank deposits - CAF bank | 55,635 | 41,360 | ||
| 57,182 | 42,907 | |||
| Debtors | 4,411 | 2,822 | ||
| Creditor -Amounts falling due within one year: | ||||
| Accruals and deferred income | (1,694) | (1,070) | ||
| Net current | assets | 59,899 | 44,659 | |
| Net assets | Note 7 | 435,691 | 391,610 | |
| Funds ofthe | charity: | |||
| Unrestricted | funds (accumulated income fund) | Note 9 | 405,690 | 361,609 |
| Restricted funds (Magill mernoriai fund) | Note & | 30,000 | 30,000 | |
| 435,690 | 391,609 |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved and authorised for issue on behalf of the Trustees:
Nuala Mellows (Honorary Chairman & Trustee)
Richard Brumby (Trustee) 7 [DATE] 20.7. 2S
Stonyhurst Pilgrimage Trust
Year ended 30 September 2024
Notes forming part of the financial statements for the year ending 30 September 2024
- ACCOUNTING POLICIES
Basis OF ACCOUNTING
The financial statements are prepared on the basis of historic cost (except that investments are shown at market value) in accordance with the Charities Act 2011, the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2005) and applicable accounting standards.
There have been no changes to accounting policies since last year and no changes have been made to accounts for previous years.
INVESTMENTS
Investments quoted on a recognised stock exchange are valued at market value at the year end. Realised and unrealised gaiis or tosses are show?i in tive Statement of Firrancial Activities.
INVESTMENT INCOME
This is included in the accounts when receivable.
INVESTMENT GAINS AND LOSSES
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
RECOGNITION OF INCOMING RESOURCES
These are included in the Statement of Financial Activities when the charity becomes entitled to the resources, the trustees are virtually certain they will receive the resources, and the monetary value can be measured with sufficient reliability.
EXPENDITURE
Expenditure is charged to the Statement of Financial Activities on an accruals basis. Expenditure is summarised under functional headings on a direct costs basis.
INCOMING RESOURCES WITH RELATED EXPENDITURE
Where incoming resources have related expenditure (as with fundraising income) the incoming resources and related expenditure are reported gross in the Statement of Financial Activities.
TAX RECLAIMS ON DONATIONS AND GIFTS
Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
t ACCOUNTING POLICIES (CONTINUED)
FunD ACCOUNTING
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Stonyhurst Pilgrimage Trust
Year ended 30 September 2024
- INVESTMENTS
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|||||||||
|---|---|---|---|---|---|---|---|
|Value|at 30 Sep|Value|at 30|Sep|%|increase/|
|Valuation|24|23"|(decrease)|
|City|of|London|Investment|Trust|42,460|38,311|10.8%|
|Murray|Income|Trust|PLC|29,274|28,322|3.4%|
|Temple|Bar|Investment|Trust|PL|53,300|47,200|12.9%|
|Murray|International|Trust|PLC|54,186|50,172|8.0%|
|Schroder|Income|Growth|Fund|PL|21,975|20,475|7.3%|
|Schroder|Oriental|Income|Fund|46,391|41,912|10.7%|
|Scottish|American|Investment|Co|61,423|59,332|3.5%|
|Hicl|Infrastructure|PLC|15,444|14,508|6.5%|
|Law|Debenture|Carp|51,340|46,720|9.9%|
|375,792|346,951|8.3%|
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- includes cost of new shares purchased during the year
All investments are listed on the London stock exchange.
- DONATIONS AND BEQUESTS
Donations include £4,301 from various donors.
4. GIFT AID DONATIONS AND STANDING ORDERS
Gift Aid Donations and Standing Orders comprise all donations made under the Gift Aid Scheme. These are stated gross of income tax recoverable from HM Revenue & Customs. In 2024 income tax recoverable totalled £1,068 (2023: £1,048).
$: PILGRIMAGE REBATES AND SUBSIDIES
Pilgrimage Rebates and Subsidies include £2,005 (2023: £0) payable as subsidies to assisted pilgrims.
6. ADMINISTRATIVE EXPENSES
Administrative expenses include £624 (2023: £1,070) payable to the Stonyhurst Association in consideration of general office support and secretarial functions.
7. ANALYSIS OF NET ASSETS
Analysis of net assets
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|||||||
|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|2024|2024|2024|2023|
|£|£|£|£|
|Investments|345,792|30,000|375,792|346,951|
|Net|Current Assets|59,899|Nil|59,899|44,659|
|Total|net assets|405,691|30,000|435,691|391,610|
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Stonyhurst Pilgrimage Trust
Year ended 30 September 2024
- ANALYSIS OF RESTRICTED FUNDS
Magill Memorial Fund
=
Balance at 1 October 2023 & 30 September 2024
£30,000
THE MAGILL MEMORIAL FunD
The Magill Memorial Fund is available to support the co-ordination, organisation and administration of the Stonyhurst Lourdes Pilgrimage in accordance with the Trust deed.
In the event that the balance on the Accumulated Income Fund was to fall to zero, the Magill Memorial Fund would be available to make up any shortfall.
The £30,000 Magill Memorial Fund is held in memory of the late Father Paul Magill SJ.
9. ANALYSIS OF UNRESTRICTED FUNDS
Accumulated Income Fund
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||||||||
|---|---|---|---|---|---|---|
|£|
|Balance|b/f|at|1|October|2023|361,609|
|Income|26,606|
|Expenditure|(11,365)|
|Gains|/|(losses)|on|investments|28,841|
|Balance|c/f|at|30|September|2024|405,691|
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10. THE ACCUMULATED INCOME FUND
The Accumulated Income Fund is available to support all activities in accordance with the Trust deed.
The net movement in funds each year is taken to the Accumulated Income Fund.
Stonyhurst Pilgrimage Trust
Year ended 30 September 2024
Independent Examiner's Report To The Trustees of the Stonyhurst Pilgrimage Trust
| report on the Accounts of the Trust for the year ended 30 September 2024, which are set out on pages4 to 8.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) af the Charities Act), and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts and seeking explanations from you the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
{in connection with my examination, no matter has come to my attention: -
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
e to keep accounting records in accordance with Section 130 of the Charities Act;
-
e to prepare Accounts which accerd with the accounting records and to comply with the accounting requirements of the Charities Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
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D Finn Esq BA (Dunelm)
Gable Cottage, Congerstone, Nuneaton, Warks CV13 6LX
[PATE] IH. 2.49