Stonyhurst Pilgrimage Trust Registered Charity Number 254388
Financial Statements Year Ended 30 September 2025
AXA IM - RESTRICTED
Stonyhurst Pilgrimage Trust
Year ended 30 September 2025
Report of the Trustees
The Trustees present their report and the financial statements for the year ended 30 September 2025 for the Stonyhurst Pilgrimage Trust.
TRUSTEES AND OFFICERS
Richard Brumby Esq.
Mrs. Jane Chitnis Michael Cleary Esq. Michael Hargreaves Esq. Dominic Hartley Esq. Peter Kilburn Esq. Anthony Jarratt Esq. (Honorary Treasurer) Father Nicholas King S.J. Dr Nuala Mellows (Honorary Chairman) Miss. Ann O’Flynn
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 2025
The Trust’s reserves, of which £494,385 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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SIGN
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Nuala Mellows (Honorary Chairman & Trustee) Richard Brumby (Trustee)
Date: 30[th] June 2026
Stonyhurst Pilgrimage Trust, Stonyhurst College, Clitheroe, Lancashire BB7 9PZ
Stonyhurst Pilgrimage Trust
Year ended 30 September 2025
Statement of Financial Activities for the year ended 30 September 2025
| 30 September 2025 | |
|---|---|
Incoming resources Donations and Bequests Note 3 Gift Aid Donations and Standing Orders Note 4 Fundraising Events Investment Income Other Resources expended Direct charitable expenditure Pilgrimage expenses Pilgrimage rebates and subsidies Note 5 Management and administration of the charity Fundraising costs Administrative expenses Note 6 Net incoming / (outgoing) resources Gains / (losses) on investment assets Net movement in funds Funds brought forward Note 8 / 9 Funds carried forward Note 8 / 9 |
Unrestricted Restricted Total Total 2025 2025 2025 2024 £ £ £ £ 3,000 Nil 3,000 4,301 4,963 Nil 4,963 5,710 Nil Nil Nil Nil 16,763 Nil 16,763 15,064 966 Nil 966 1,531 |
| 25,692 Nil 25,692 26,606 1,906 Nil 1,906 2,197 19,232 Nil 19,232 8,184 Nil Nil Nil Nil 3,374 Nil 3,374 984 |
|
| 24,512 Nil 24,512 11,365 1,180 Nil 1,180 15,241 57,516 Nil 57,516 28,841 |
|
| 58,696 Nil 58,696 44,082 405,691 30,000 435,691 391,609 |
|
| 464,387 30,000 494,387 435,691 |
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 2025
| Balance Sheet as at 30 September 2025 Investments Note 2 Current assets Cash in hand Bank deposits - CAF bank Debtors Creditor - Amounts falling due within one year: Accruals and deferred income Net current assets Net assets Note 7 Funds of the charity: Unrestricted funds (accumulated income fund) Note 9 Restricted funds (Magill memorial fund) Note 8 |
2025 £ 453,268 1,939 35,282 37,221 6,228 (2,330) 41,119 494,387 464,387 30,000 494,387 |
2024 £ 375,792 1,547 55,635 |
|---|---|---|
| 57,182 4,411 (1,694) |
||
| 59,899 | ||
| 435,691 | ||
| 405,691 30,000 |
||
| 435,691 |
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) Date: 30th June 2026
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SIGN
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Stonyhurst Pilgrimage Trust
Year ended 30 September 2025
Notes forming part of the financial statements for the year ending 30 September 2025
1. 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 gains or losses are shown in the Statement of Financial 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.
1. 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 2025
2. INVESTMENTS
| Valuation City of London Investment Trust Murray Income Trust PLC Temple Bar Investment Trust PL Murray International Trust PLC Schroder Income Growth Fund PL Schroder Oriental Income Fund Scottish American Investment Co Hicl Infrastructure PLC Law Debenture Corp |
Value at 30 Sep 25 Value at 30 Sep 24* % increase / (decrease) 48,926 42,460 15.2% 30,362 29,274 3.7% 78,005 58,308 33.8% 69,926 59,175 18.2% 24,375 21,975 10.9% 53,658 46,391 15.7% 65,969 66,382 -0.6% 14,391 15,444 -6.8% 67,658 56,344 20.1% 453,268 395,752 14.5% |
|---|---|
* includes cost of new shares purchased during the year
All investments are listed on the London stock exchange.
3. DONATIONS AND BEQUESTS
Donations include £3,000 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 2025 income tax recoverable totalled £993 (2024: £1,068).
5. PILGRIMAGE REBATES AND SUBSIDIES
Pilgrimage Rebates and Subsidies include £1,200 (2024: £2,005) payable as subsidies to assisted pilgrims.
6. ADMINISTRATIVE EXPENSES
Administrative expenses include £3,600 (2024: £624) payable in consideration of general office support and secretarial functions.
7. ANALYSIS OF NET ASSETS
| Investments Net Current Assets Total net assets |
Unrestricted Restricted Total Total 2025 2025 2025 2024 £ £ £ £ 423,268 30,000 453,268 375,792 41,119 Nil 41,119 59,899 464,387 30,000 494,387 435,691 |
|---|---|
Stonyhurst Pilgrimage Trust
Year ended 30 September 2025
8. ANALYSIS OF RESTRICTED FUNDS
Magill Memorial Fund
| Balance at 1 October 2024 & 30 September 2025 | £ |
|---|---|
| £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.
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.
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
| Accumulated Income Fund | |
|---|---|
| Balance b/f at 1 October 2024 Income Expenditure Gains / (losses) on investments Balance c/f at 30 September 2025 |
£ 405,691 25,692 (24,512) 57,516 |
| 464,387 |
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 2025
Independent Examiner's Report To The Trustees of the Stonyhurst Pilgrimage Trust
I report on the Accounts of the Trust for the year ended 30 September 2025, which are set out on pages 4 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) of the Charities Act), and to state whether 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:
-
to keep accounting records in accordance with Section 130 of the Charities Act;
-
to prepare Accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act have not been met; or
(2) to which, in my opinion, attention should be drawn to enable a proper understanding of the Accounts to be reached.
Nicholas Morgan Esq.
Date:30[th] June 2026
Stonyhurst Pilgrimage Trust Notes to accompany the 2025 SPT financial statements
1. Overview of the financial year
| Overview of the financial year Income Expenditure Gain / (losses) on investments Net incoming resources |
2025 £ 25,692 (24,512) 57,516 58,696 |
2024 £ 26,606 (11,365) 28,841 44,082 |
Variance £ (914) (13,147) 28,675 |
|---|---|---|---|
| 14,614 |
The Trust had net incoming resources for 2025 of £58,695, comprised of a net income of £25,692 and an unrealised gain on the investment portfolio of £57,516. The net assets of the Trust are a healthy £494k. The increase in the expenditure can be explained by the increase in the rebates for the year.
| Income / Expenditure by category Lourdes Raffle Donations Events Investments Other Net incoming resources |
2025 £ (21,138) Nil 7,963 Nil 74,279 (2,408) 58,696 |
2024 £ (10,181) Nil 10,011 Nil 43,905 347 44,082 |
Variance £ (10,957) Nil (2,048) Nil 30,374 (2,755) 14,614 |
|---|---|---|---|
Lourdes
Stonyhurst Pilgrimage Trust Notes to accompany the 2025 SPT financial statements
The net expenditure for Lourdes increased to £21,138 compared with £10,181. This was due to 28 rebates being made, compared with 16 the prior year. There were 12 pupils who received rebates in 2025.
Raffle
In common with the last few years, there was no raffle in 2025.
Donations
Donations included £4,962 of gift aid and £3,000 of one-off donations.
Events
There were no events in 2025.
Investments
The investment portfolio made £74,279. This was composed of investment income of £16,763 and an unrealised gain of £57,516.
Other
This category consists mainly of administrative expenses and bank interest.
Stonyhurst Pilgrimage Trust
Notes to accompany the 2025 SPT financial statements
2. Income
Income
| Income | |||
|---|---|---|---|
| Donations & standing orders Investment income All other income Total income |
2025 £ 7,963 16,763 966 25,692 |
2024 £ 10,011 15,064 1,531 26,606 |
Variance £ (2,048) 1,699 (565) |
| (914) |
Donations and standing orders were £2,048 less than last year. There are 12 regular donors (13 prior year), which this year provided income of £4,963 (including gift aid).
Investment income - the investment portfolio generated an income yield of 3.7% for the year compared with 4.0% the prior year. Further details are provided on page 5.
All other income decreased by £565.
Reoccurring income totalled £24,726 (£16,763 investment income, £4,963 regular gift aid and £3,000 donations)
Stonyhurst Pilgrimage Trust Notes to accompany the 2025 SPT financial statements
3. Expenditure
| Expenditure Pilgrimage expenses Rebates Fundraising expenses Other expenses Total expenditure |
2025 £ 1,906 19,232 Nil 3,374 24,512 |
2024 £ 2,197 8,184 Nil 984 11,365 |
Variance £ (291) 11,048 Nil 2,390 |
|---|---|---|---|
| 13,147 |
Pilgrimage expenses decreased by £291.
Fundraising expenses were nil for the year.
Other expenses increased by £2,390. The main cost this year was the annual payment for Beverley’s support which is now £3,600.
Stonyhurst Pilgrimage Trust Notes to accompany the 2025 SPT financial statements
4. Balance Sheet
Balance sheet
| Balance sheet | |||
|---|---|---|---|
| Investments Cash Debtors Creditors Total |
2025 £ 453,268 37,221 6,228 (2,330) 494,387 |
2024 £ 375,792 57,182 4,411 (1,694) 435,691 |
Change £ 77,476 (19,961) 1,817 (636) |
| 58,696 |
Cash & Investments
The cash balance of the Trust was £37,221, an decrease of £19,961 from last year due to purchases of additional investments during the year. The value of our investments increased by 14.5%, which compares to an increase in the FTSE All Share Index of 11.3%. The performance of each investment can be identified in the table below. The investments generated income of £16,763 in 2025 compared with £15,064 in 2024, providing a yield of 3.7%.
| Valuation City of London Investment Trust Murray Income Trust PLC Temple Bar Investment Trust PL Murray International Trust PLC Schroder Income Growth Fund PL Schroder Oriental Income Fund Scottish American Investment Co Hicl Infrastructure PLC Law Debenture Corp |
Value at 30 Sep 25 Value at 30 Sep 24* % increase / (decrease) 48,926 42,460 15.2% 30,362 29,274 3.7% 78,005 58,308 33.8% 69,926 59,175 18.2% 24,375 21,975 10.9% 53,658 46,391 15.7% 65,969 66,382 -0.6% 14,391 15,444 -6.8% 67,658 56,344 20.1% 453,268 395,752 14.5% |
|---|---|
* includes cost of new shares purchased during the year
The value of the investments since September 2011 is shown below:
Stonyhurst Pilgrimage Trust Notes to accompany the 2025 SPT financial statements
Stonyhurst Pilgrimage Trust Notes to accompany the 2025 SPT financial statements
| Debtors | £ 2,567.61 1,067.50 992.50 200.00 600.00 800.00 6,228 £ 1,070.00 624.00 636.00 2,330 |
|---|---|
| Dividend accrual HMRC re gift aid due 2024 HMRC re gift aid due 2025 Stonyhurst Association Rebates 2022 Stonyhurst Association Rebates 2023 Stonyhurst Association Rebates 2024 Creditors |
|
| Stonyhurst Association for secretarial support 2023 Stonyhurst Association for secretarial support 2024 Rebate to be paid for Ann O'Flynn |