**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||