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2022-12-31-accounts

Charity Registration No. 292122

Stonyhurst Association

Annual Report and Financial Statements

For the Year Ended 31 December 2022

STONYHURST ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Registered charity name Stonyhurst Association Charity number 292122 Secretary B Sillitoe Trustees A N Macfarlane L Crouch F T Holt G J Lagerberg - Treasurer Non-trustee members J Browne - Headmaster Father Tim Curtis SJ - Jesuit Superior J Macfarlane - President P Chitnis - President Elect B Roche - Chairman D Hurst - Secretary D Ridout - College Representative S Andrews L Bletcher J Burns Fr B Callaghan R Hargreaves D Hartley T Livesey R Mellows L Pryor J Ribet R Wotton E Wotton Principal address Stonyhurst College Clitheroe Lancashire BB7 9PZ Auditor Azets Audit Services Chartered Accountants Floor 1, Capital House 8 Pittman Court, Pittman Way Fulwood Preston Lancashire United Kingdom PR2 9ZG

STONYHURST ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers Santander Brindle Road Bootle Merseyside United Kingdom L30 4GB Solicitors Charles Russell Speechlys Compass House Lypiatt Road Cheltenham Gloucestershire United Kingdom GL50 2QJ Investment advisors Cazenove Capital 1 London Wall Place London EC2Y 5AU

STONYHURST ASSOCIATION

CONTENTS

Page
President's statement 1 - 2
Trustees' report 3 - 7
Statement of trustee responsibilities 8
Investment managers report 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Notes to the accounts 15 - 30

STONYHURST ASSOCIATION

PRESIDENT'S STATEMENT

TO THE TRUSTEES OF STONYHURST ASSOCIATION

In May 2022, history was made. I was presented as the first female President of the Stonyhurst Association in its illustrious history.

My first duty was to speak to the parents of Rhetoric at Great Academies, at the Association Champagne Reception, and it was here that I started my historic year. It seemed appropriate to use the occasion to provide some background to how I came to study at Stonyhurst at a time when there were so few girls at the College and with so little connection to the school other than geographical closeness.

In making this speech I had to decide what I wanted to achieve in the year allotted to me so that I could set out my stall, so to speak, and give a flavour of what I wanted to do during this time frame. After studying the Aims and Objectives of the Association, I made the decision to concentrate on a few aspects of them; to promote the principle that ‘there is no ego in service’, and to attempt to engage with more female OS than had been possible to this point. I also wanted to look outward, beyond the shores of the UK, to the many overseas families who chose a Stonyhurst education.

Once I had accepted the invitation to become your President I immediately set about consulting with OS girls. I was shocked that there were relatively few contact details for girls once they had left the College and learned how difficult it was for Beverley and her team to keep track of them if they chose not to share email addresses with the Office.

I subsequently sent out a consultation document, to those who were contactable, and learned from their feedback that much more effort was needed to change Association events to be more attractive to women and to be more family orientated. The College is also now made up of a large percentage of day pupils who need to be encouraged to feel a sense of belonging to the Stonyhurst Family and to understand the benefits of a strong Association.

It was also my considered opinion that representatives of the Association should engage with students in Poetry, rather than waiting until Rhetoric as had been the tradition to this point, to both help them use their summer holiday wisely and to introduce them to the Association and its benefits in deciding their next educational/career steps. To that end, I met with Poetry students to begin the engagement process and - not least - to encourage them to leave their contact details with the Association Office.

The Association held its first Tolkien Trail walk from Hobbit Hill in mid-August. This was designed to encourage local Stonyhurst families to join one of the two options – the full 8 mile walk, or the ‘little legs’ shorter walk incorporating a ‘bear hunt’. The weather was kind, over 50 people participated including OS girls and their children, and the event culminated in afternoon tea at Hobbit Hill to the great satisfaction of all. Thanks should go to my sister, Lucy, who led the ‘little legs’ walk, and to my brother, John, who provided the venue.

I was delighted to attend part of the Catholic Association pilgrimage in Lourdes in late August. It was not quite the same as Pilgrimages of yore so soon after the ravages of Covid, but it was a faith affirming experience nonetheless. 2023 will see the pilgrimage restored in full and I cannot recommend it enough as an uplifting, and joyful, opportunity to demonstrate selfless service to others.

September saw the return of pupils to the College and the beginning of our ‘second Saturday walks’ during term time. My husband Niall, John Cartwright-Terry or I have acted as walk leader to encourage local parents to come together and walk along our beautiful country lanes and landscape. A variety of walks have been guided in this way ending at the refectory for coffee. We have received excellent feedback from local parents who have enjoyed the chance to meet other parents, particularly when they have been denied this sort of contact during the pandemic. A consultation with parents is planned to determine if there is interest in the walks continuing after the end of this academic year.

So many families overseas now send their children to Stonyhurst and need to feel included in our Association. It was my wish to hold an overseas Convivium with no other agenda than to offer an opportunity for parents and OS to get together and share our gratitude for their support for the College. Lawrence and Arabella Isola, in Gibraltar, were very helpful in getting this social event off the ground in October. Over 50 attended the Mass, celebrated by Fr Paul Bear, in the Cathedral of St Mary the Crowned followed by drinks, and excellent canapes, at the Royal Yacht Club. This was a fun occasion with three generations of at least one OS family in attendance. I am most grateful to the Isola family for their support.

STONYHURST ASSOCIATION

PRESIDENT'S STATEMENT (CONTINUED)

TO THE TRUSTEES OF STONYHURST ASSOCIATION

It has been a great pleasure to me to see that OS continue to host ‘Thirst Fridays’ in their area. A North Eastern gathering in Tynemouth, another in Richmond, Surrey, and a Manchester based event reflect the continuing interest in OS getting together and maintaining their historic ties. Beverley is always happy to hear from any OS who wish to host an event in their area.

The Association Carol Concert brought the Christmas message alive for all those who attended. This annual tradition reminds me of the importance of coming together to celebrate the major religious festivals and to share our good fortune with those in need. This year Fr Tim Curtis SJ was kind enough to allow the collection made at the service to go to my chosen charity, Maundy Relief, based in Accrington.

With good food, great wine, excellent speakers, a dance band and the attendance of lots of young OS, the highlight of my year was the Annual Dinner, held in February, at Stonyhurst. I wanted to encourage the inclusion of women and was delighted when Iuno Connolly, OS 2005, agreed to sing for us during the drinks reception. Iuno was at the College with my daughter Jessica, so I have been able to follow her singing career from its infancy. Her performance brought more than a touch of classiness to the event.

Following on this pattern of female inclusivity, the Director of Maundy Relief, Lucy Hardwick, daughter of Brigid and Peter Hardwick and OS 1982, honoured me by agreeing to speak at this event. Lucy was an inspirational speaker who provided stories of its founder, Sr. Dorothy McGregor, and was able to bring alive the challenges that exist in the deprived community in and around Accrington with grace and humour and great personal humility. Her service, that of Sr. Dorothy and her colleagues, is the epitome of the College motto of being men and women for others. Such examples are, in my opinion, really important for the next generation of Stonyhurst students. If we live without making a difference, what difference does it make that we have lived?

Fr Brendan Callaghan SJ celebrated Mass in St Peter’s the following day, Iuno sang a most beautiful version of the Ave Maria during Communion and we wound up the festivities with coffee in Theodore House. Once again, the collection was sent to Maundy Relief for which Lucy and her team have written their appreciation of the generosity shown by those who attended. I hope it will continue to be supported by the College in the future.

As I come to the end of my year there is just one more event planned. Beverley and Layla in the Association Office work hard at making these events happen and our London Convivium to be held on Wednesday 24th May, at the Chelsea Gardener at 6pm, is no exception. Without them these things just wouldn’t happen. Chosen to coincide with OS who may be attending the Chelsea Flower Show – or to give them another incentive to come into London – we hope to start with prayers and then drinks and canapes in the Orangery. I hope that it appeals to both men and women and draws a good crowd!

I am so pleased that I will be able to hand over to my dear friend Paul Chitnis, OS 79, at Great Academies 2023. Thank you all for allowing me the privilege of being your first female President. I am pleased to have been of service.

Julie Macfarlane OS 1976 - 1978 President of the Stonyhurst Association 2022-2023

STONYHURST ASSOCIATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

The Committee

The rules of the Association provide for a Committee to manage the day to day affairs of the charity. The Superior and the Headmaster of Stonyhurst College are ex-officio members of the Committee.

The members who served during the period were as follows:

Trustee members of the Committee

A N Macfarlane L Crouch F T Holt G J Lagerberg - Treasurer

Non-Trustee members of the Committee

J Browne - Headmaster Father T Curtis SJ - Jesuit Superior J Macfarlane - President (Appointed as President 27/05/2022) B Roche - Chairman P Chitnis - President Elect (Appointed 27/05/2022) D Hurst - Secretary D Ridout - College Representative S Andrews L Bletcher J Burns Fr B Callaghan R Hargreaves D Hartley (Resigned as President 27/05/2022) T Livesey R Mellows L Pryor J Ribet S Withnell (Resigned 31/08/2022) R Wotton E Wotton

Principal office

The address of the principal office is Stonyhurst College, Clitheroe, Lancashire, BB7 9PZ.

STONYHURST ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Objectives and activities for the public benefit

The Association is a Lancashire based charity, which seeks to unite and associate the past and present pupils of Stonyhurst College in the pursuit of the Association's objectives.

The objectives of the charity are:

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year.

STONYHURST ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Association advances these objectives by means of the regular social functions organised for its Members, through a website, through the provision of grants and through the distribution of a regular newsletter.

The Association has advanced its objectives in the year by communicating regularly with Association members, promoting relevant charitable causes and facilitating meetings that maintain contact with and support the members of the Association, other friends of Stonyhurst and Jesuit schools worldwide, through a website and a contact database, twice yearly newsletters, an annual dinner, the provision of grants. Facilitating (self-funded) reunions and other social events including functions have not been possible in the year due to government restrictions.

Members and friends of the Association have been encouraged to develop their faith and support of the Church through free provision of the Association Prayer Book to College leavers, encouraging attendance at Stonyhurst College's Easter Retreats and the use of the Sodality Chapel at Stonyhurst College. The Association worked closely with the College to provide, support for the College in the achievement of its objectives, through the Association office (supporting the Development and Admissions office), by the provision to Stonyhurst College of £30,000 for scholarships and bursaries, £1,500 for academic prizes and £3,237 towards the Modern Languages Department and the provision of volunteers to provide careers advice and work experience to pupils throughout the year. The Association has supported the development of Stonyhurst Link, an internet based alumni networking platform.

The Association has sought to provide comfort and support for the disadvantaged, particularly those suffering from bereavement, poverty, sickness, mental or physical disability, through support for the annual Stonyhurst Lourdes pilgrimage. The Association Office assisted in the organisation of a virtual Lourdes pilgrimage and a virtual Holy Week Retreat.. The Association also provided support for current and former pupils to devote time towards the work of other charities including Jesuit Mission Volunteers, the Jesuit Refugee Services and Jesuit Missions.

The Association provided grants to individuals of £2,000. Expenditure was met from restricted funds.

The Association provided a grant of £1,000 to Stonyhurst Pilgrimage Trust to subsidise the cost of organising pilgrimages to Lourdes.

Achievements and performance

The charity has continued to provide support, financial and social and religious, newsletters and a website to associate the past and present pupils of Stonyhurst College.

Financial review

The Association funds its charitable activities in different ways. Reunions are budgeted on a break even basis, where possible. Grants are funded through investment income, the sale of merchandise and subscriptions. Where considered necessary, the trustees sell investments to fund the deficit.

Details of the financial position of the Charity are set out in the following accounts.

The Statement of Financial Activities shows the charity had expenditure of £173,107 compared to income of £170,065, resulting in a deficit of £3,042 (2021: £13,100) before unrealised losses on investments. Income from subscriptions, investment income and sales of merchandise have all increased in comparison to the previous year. The market value of investments decreased by £145,375, compared to an increase of £121,874 in the previous year.

In the Balance Sheet are investments of £1,282,771, cash held as part of the portfolio of £61,228 and cash at bank and in hand of £115,458. Cash reserves and investments will be used to fund charitable expenditure in excess of income in future periods, where the trustees see fit.

An analysis of grants paid in the year can be found on Note 8.

STONYHURST ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Legacies

From time to time, the Association receives legacies from the estate of one of its members. In particular the Association is grateful for a legacy of £5,000 received in 1995 from the estate of the late Brendan Murray, OS 1935 - 39 and a legacy of US $200,000 (£126,183) received in 2002 from the estate of the late Peter Glenville, OS 1929 - 32.

Stonyhurst War Memorial Trust, a charity which was merged with the Association in 2018, occasionally receives legacies from the estate of one of its members. In particular, the Trust is grateful for a legacy of £87,764 received in 1991/92 from the estate of the late P J Fawdry, OS 1917-1923. During 1988, the Trust received a further legacy of £150,000 from the estate of the late G StL Berkley, OS 1921-1926. The legacy was stipulated to be used as one third, for the benefit of the students of the Foreign Language Department at Stonyhurst College, and two thirds to provide financial assistance to former pupils of Stonyhurst College who are struggling financially as undergraduates. The trustees opted to invest the legacies and the associated investments and income is shown in the accounts as 'restricted funds'.

Stonyhurst Association Charitable Trust, a charity which was merged with the Association in 2018, occasionally receives legacies. In particular, the Trust is grateful for a legacy of £263,241 received in 1991/92 from the estate of the late P J Fawdry, OS 1917-1923. The legacy was a gift of endowment, with no power to convert the capital into income, and is therefore shown as a permanent endowment fund. The income from the endowment fund was previously shown as unrestricted, but post merger is classified as restricted as it can only be used to promote the education (including social and physical training) of pupils and former pupils of Stonyhurst College, who are under the age of 25 years.

The trustees are grateful for the legacy received during the year from the estate of Frederick Duncan Taylor (OS 1949-58).

Reserves

The Trustees monitor the level of reserves, together with the levels of projected income and cash flow, of the charity in order to ensure that it can meet the requirements of its charitable activities. The investments are held principally to generate income to help fund the charity's activities. The trustees anticipate that the returns from investments with a market value in excess of £1.3m will result in similar levels of income in future years.

The Trustees monitor the levels of reserves and investments will be liquidated if required to fund the operational

cash deficit produced by the charity.

Budgets are prepared annually for ordinary expenditure. The trustees approve all exceptional expenditure in excess of income generated that may entail a drawdown of the charity's capital and reserves. No exceptional expenditure as at the date of this report has been approved for 2023.

Investment policy

The Association, advised by its Investment Committee and advisors, has considered the most appropriate policy for investing funds and has agreed that investments, principally in specialist unit trusts designed for the charity sector together with investments in a property unit trust and cash, meet their requirements to generate both income and capital growth. The Association considers the overall return on investments to be satisfactory.

Risk management

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

COVID-19

The global pandemic and the resulting actions taken by government to control the spread of the virus, in particular lock-down, have had a significant impact on the majority of UK charities and their ability to operate.

The charity was unable to hold functions during this period, but they have recommenced in the current year.

STONYHURST ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

Governing instrument

The charity is governed by its Rules, the current edition of which was adopted on 20 May 1989. The Association was first established on 19 May 1879 and became a registered charity on 10 July 1985.

Trustees/Committee Members

Nominations for new Committee members are obtained from existing Committee members, any OS (Old Stonyhurst) or other interested parties.

Four trustees are appointed by the Association Committee. Given the limited scale of activities of the Association, there is no policy in place for the formal induction or training of trustees. However, trustees are provided with the Charity Commission booklet on trustee responsibilities.

The President is elected by the full members of the Association present at the AGM and will hold office until the next AGM.

Members

There are two forms of membership of the Association - Full members and Associate members. Full membership is open to all former pupils of the Stonyhurst College, the parents or guardians of pupils educated there, and those who have been educated at Beaumont College. Associate membership is open to all those who are not eligible for full membership and wish to support the objectives of the Association.

Administration

The affairs of the Association are managed by the Committee in accordance with the Association rules.

Day to day administration of the Charity is in the hands of the Secretary, Mrs Beverley Sillitoe.

Key management personnel remuneration

The trustees consider the board of trustees, non-trustee members of the committee and the secretary as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees and non-trustee members of the committee give of their time freely and no trustee remuneration was paid in the year.

Trustees are required to disclose all relevant interests and register them with the secretaries and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises. The pay of the charity’s secretaries is reviewed annually and normally increased in accordance with average earnings.

Auditor

A resolution will be proposed at the Annual General Meeting that Azets Audit Services be re-appointed as auditor to the charity for the ensuing year.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Signed on behalf of the trustees

B Roche Chairman

Dated: 4 October 2023

STONYHURST ASSOCIATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STONYHURST ASSOCIATION Investment Manager’s Report

The Charity is fully invested in the Cazenove Responsible Charity Multi-Asset Fund (RMAF). RMAF is a long term investment fund with a diversified strategy investing in equities, bonds, property and alternative assets. The Fund aims to provide income and capital growth in excess of the CPI + 4% per annum (net of fees) over rolling ten-year periods.

The Fund benefits from Schroders’ market leading responsible investment team, and adopts an integrated approach, examining environmental, social and governance factors as part of the investment process; and using our influence to promote best practise by the companies in which we invest. This sits alongside an ethical screen to ensure the fund does not invest in areas of common ethical concern.

At the request of the trustees, cash levels are relatively high so as to cover potential future expenditure. The look through asset allocation has 61.2% in equities, 10.3% in fixed income, 5.6% in property, 2.4% in commodities, 5.2% in Other Alternatives and 15.2% in cash (including cash within RMAF and the portfolios).

In absolute terms, the consolidated portfolio returned -6.5% in 2022 with UK CPI +4% returning +14.9%.

2022 was a difficult year for almost all asset classes as inflation remained higher for longer amid Russia’s invasion of Ukraine and central banks moved to increase interest rates quicker and higher than the market had expected. Subsequently, both equities and fixed income fell significantly over the course of the year, leaving few hiding places other than commodities. Our overweight in USD exposure, combined with being shorter duration in fixed income and the broadly positive impact of our alternatives, meant that despite negative returns over the year, the portfolios significantly outperformed the peer group with the ARC Steady Growth private client index returning -10.2% for 2022.

Going into 2023 there is an uncertain outlook with slowing economic growth and the rising risk of recession. However, there are signs that US inflation has peaked, albeit monetary policy will continue to tighten in the near term until the Fed are satisfied that inflation has begun to come under control. Within the UK, inflation remains high and is likely to do so for longer than in the US.

Global equities meaningfully de-rated in 2022 and now look better valued as do government bond valuations given the sizeable yield moves we have seen in the last 12 months. Valuations of both equities and bonds remain vulnerable to further interest rate rises and until we begin to see confirmation that rates have peaked and sentiment has improved, we will likely remain underweight equities. The re-opening of China should offer support to global growth, although geopolitical risks remain, namely further escalation in the Russia Ukraine conflict and a European energy crisis.

-9-

STONYHURST ASSOCIATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STONYHURST ASSOCIATION

Opinion

We have audited the financial statements of Stonyhurst Association (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

STONYHURST ASSOCIATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STONYHURST ASSOCIATION

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

STONYHURST ASSOCIATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STONYHURST ASSOCIATION

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Flintoff BA(Hons) FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditor PRESTON

13 October 2023

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

STONYHURST ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted Endowment
funds
funds
funds
2022
2022
2022
Notes
£
£
£
Income from:
Donations and legacies
2
61,644
-
-
Charitable activities
3
36,971
-
-
Other trading activities
4
10,245
-
-
Investments
5
42,227
18,978
-
Total income
151,087
18,978
-
Expenditure on:
Raising funds
6
10,030
1,467
-
Charitable activities
7
147,826
13,784
-
Total resources expended
157,856
15,251
-
Net (losses)/gains on investments
13
(94,423)
(26,125)
(24,827)
Net movement in funds
(101,192)
(22,398)
(24,827)
Fund balances at 1 January 2022
918,452
292,987
260,119
Fund balances at 31 December
2022
817,260
270,589
235,292		 Total
2022
£
61,644
36,971
10,245
61,205
170,065
11,497
161,610
173,107
(145,375)
(148,417)
1,471,558
1,323,141		 Total
2021
£
61,948
-
6,175
51,475
119,598
10,093
122,605
132,698
121,874
108,774
1,362,783
1,471,557

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

STONYHURST ASSOCIATION

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Intangible assets
15
Investments
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within
one year
21
Net current liabilities
Total assets less current liabilities
Capital funds
Endowment funds - general
22
Income funds
Restricted funds
23
Unrestricted funds:
Designated funds
24
General unrestricted funds		 2022
£
£
1,444
1,343,999
1,345,443
11,715
65,657
115,458
192,830
(215,132)
(22,302)
1,323,141
235,292
270,589
40,567
776,693
817,260
1,323,141		 2021
£
£
1,806
1,493,436
1,495,242
13,487
55,661
133,513
202,661
(226,346)
(23,685)
1,471,557
260,119
292,986
42,706
875,746
918,452
1,471,557

The financial statements were approved by the Trustees on 4 October 2023

B Roche Chairman

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charity investments and have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continued to adopt the going concern basis in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment fund is subject to specific conditions by the donor and is included in restricted income. Any capital gains or losses arising on the investments are charged against the fund.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Pupil subscriptions for their full time in school are charged in full in the first year. The subscriptions are collected over three terms. The subscriptions are credited to incoming resources when due and not deferred, as no refunds are made if a pupil leaves the school early.

Grant income is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Charitable activities

Incoming resources from charitable activities comprises ticket sales of reunions arranged for past members of the Stonyhurst Association. Income received in advance for future reunions is deferred until the event has occurred, at which time the income will be recognised in the statement of financial activities.

Other trading activities

Sales of goods such as ties and prayer brooks are credited when the sale is made and the goods are provided.

Investments

Investment income and interest receivable is credited when receivable.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis, inclusive of VAT which cannot be recovered.

Raising funds

The costs of generating funds consist of investment management fees and purchase of stock for resale. Investment management fees are allocated according to whether they originate from restricted, unrestricted or endowment investments.

Charitable activities

The expenditure on charitable activities includes grants made, governance costs and support costs.

Grants payable are debited to expenditure and allocated according to whether they originate from restricted or unrestricted funds. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or amount of grant payable.

Support and governance costs are those functions that assist the work of the charity but do not directly carry out charitable activities. These costs have been allocated between the charitable activities on the statement of financial activities, 80% to function expenditure and 20% to grants payable based upon an estimate of staff time spent on each activity.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

10%

Website costs

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Only items over £100 are capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Fixed asset investments

Cazenove Capital are investment managers for the Association.

Investments are in the form of mainly common investment funds and unit trusts with a small amount of cash held in the portfolio and are managed by the trustees on the advice of Cazenove Capital.

Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Unlisted investments are initially measured at transactions price excluding transaction costs, and are subsequently measured at cost less impairment where the fair value cannot be measured reliably.

1.9 Stocks

Stocks held for sale as part of a non-charitable trade are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Where stock is held for a charitable activity and is provided for free or subsidised cost, then net realisable value is based on the service potential provided by the item of stock. Where the goods continue to meet the need for which they were purchased they are not written down to nil realisable value, except where the goods are damaged or obsolete.

1.10 Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, apart from investments, are initially recognised at transaction value and subsequently measured at their settlement value.

Basic financial assets

Trade and other receivables are recognised at the settlement amount. Cash at bank and in hand includes cash and immediate deposits. Investments are recognised in line with the accounting policy, depending on whether the investment is listed or unlisted.

Basic financial liabilities

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will result in payment to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Donations and gifts 9,644 17,948
Membership fees 52,000 44,000
61,644 61,948
Donations and gifts
General donations 240 15,160
Stonyhurst Pilgrimage Trust 1,070 1,070
Government grants - 1,718
Legacy 8,334 -
9,644 17,948

3 Charitable activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Functions 36,971 -
4 Other trading activities
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Sales of ties and prayer books 10,245 6,175

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

5 Investments

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Income from listed
investments
35,233
18,978
Income from unlisted
investments
6,322
-
Interest receivable
672
-
42,227
18,978
Raising funds
Unrestricted
Restricted
funds
funds
2022
2022
£
£
Purchase of ties,
cufflinks, books etc
7,292
-
Investment management
fees
2,738
1,467
10,030
1,467		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
54,211
29,288
15,636
6,322
6,464
-
672
87
-
61,205
35,839
15,636
Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
7,292
4,581
-
4,205
3,586
1,926
11,497
8,167
1,926		 Total
2021
£
44,924
6,464
87
51,475
Total
2021
£
4,581
5,512
10,093

6 Raising funds

7 Charitable activities

Functions
Governance and support costs (see note 9)
Grants payable (see note 8)
Governance and support costs (see note 9)		 2022
£
56,005
66,522
122,527
22,453
16,630
161,610		 2021
£
1,184
62,840
64,024
42,871
15,710
122,605

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Grants payable

2022
£
Grants to institutions:
Robert Persons Fellowship
269
World Jesuit Alumni
1,372
Stonyhurst College - Scholarships
30,000
Stonyhurst College - Prizes
1,500
Stonyhurst College - Modern Languages
3,237
Stonyhurst College - War Requiem Mass
75
Stonyhurst College - Vatican Cricket Event
(17,000)
Stonyhurst Pilgrimage Trust
1,000
20,453
Grants to individuals (2 grants)
2,000
22,453		 2021
£
6,666
-
30,000
1,500
2,660
75
-
1,000
41,901
970
42,871

Expenditure on grants paid was £22,453 (2021: £42,871) of which £8,669 was unrestricted (2021: £33,505), £Nil was designated (2021: £Nil) and £13,784 was restricted (2021: £9,366).

Stonyhurst College - Scholarships - The charity pays an amount each year to Stonyhurst College to be applied towards scholarships, tenable for a period of 5 years.

Stonyhurst College - Modern Languages - The charity pays an amount each year to the Modern Languages Department of Stonyhurst College, this grants is made in accordance with the Berkley Bequest.

Stonyhurst College - Prizes - Recipients of prizes, which are presented at Great Academies, are selected on the basis of academic achievement by the Headmaster of Stonyhurst College.

Stonyhurst College - Vatican Cricket Event - Provision was made in 2018 for the payment of a grant to Stonyhurst for the refurbishment of a building. The grant has not been required and the funds have been retained within the Association's reserves.

Stonyhurst Pilgrimage Trust - Grants have been provided to subsidise those who make pilgrimages organised by the Stonyhurst Pilgrimage Trust.

Grants to individuals - Grants have been awarded to:

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9
Allocation of support and governance costs
Support costs:
Staff costs
Depreciation
Travelling
Office & newsletter costs
Sundry
Bank charges
Website
Marketing costs
Governanace costs:
Audit fees (note 10)
Accountancy
Allocated as follows:
Charitable activities
Functions
80%
Grants payable
20%
10
Auditor's remuneration
The analysis of auditor's remuneration is as follows:
Audit of the annual accounts
All other non-audit services		 2022
£
34,003
362
1,313
25,716
548
361
4,361
4,800
5,880
5,808
83,152
66,522
16,630
83,152
2022
£
5,880
5,808
11,688		 2021
£
33,182
362
-
23,950
505
354
6,479
2,800
5,640
5,280
78,552
62,840
15,710
78,550
2021
£
5,640
5,280
10,920

11 Trustees/Committee members

None of the trustees (or any persons connected with them) or Committee members received any remuneration or benefits from the charity during the year.

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12 Employees

Number of employees

The average monthly number of employees during the year was:

Administrative staff
Employment costs
Wages and salaries
Social security costs		 2022
Number
2
2022
£
28,903
5,100
34,003		 2021
Number
2
2021
£
28,854
4,328
33,182

There were no employees whose annual remuneration was £60,000 or more.

13 Net (losses)/gains on investments

Unrestricted
Restricted Endowment
Total
funds
funds
funds
2022
£
£
£
£
Net (losses)/gains on investments
(94,423)
(26,125)
(24,827)
(145,375)
Gain/(loss) on sale of investments
-
-
-
-
(94,423)
(26,125)
(24,827)
(145,375)
For the year ended 31
December 2021
83,077
18,011
20,786		 Total
2021
£
117,112
4,762
121,874
121,874

14 Taxation

The charity is exempt from tax on its charitable activities.

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15 Intangible fixed assets
Website costs
£
Cost
At 1 January 2022 and 31 December 2022 3,616
Amortisation and impairment
At 1 January 2022 1,810
Amortisation charged for the year 362
At 31 December 2022 2,172
Carrying amount
At 31 December 2022 1,444
At 31 December 2021 1,806
All intangible assets in 2022 and 2021 relate to unrestricted funds.

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 31 December 2022
1,414,907
13,239
Valuation changes
(145,375)
-
Increase in cash held as part of the portfolio
-
-
At 31 December 2022
1,269,532
13,239
Carrying amount
At 31 December 2022
1,269,532
13,239
At 31 December 2021
1,414,907
13,239		 Cash in
portfolio
65,290
-
(4,062)
61,228
61,228
65,290		 Total
£
1,493,436
(145,375)
(4,062)
1,343,999
1,343,999
1,493,436

Fixed asset investments

The historical cost of fixed asset listed investments held at the year end was £1,311,235 (2021: £1,311,235).

Listed investments are carried at their fair value, investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds and unit trusts are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

Fixed asset investments were split as follows: unrestricted £856,975 (2021: £950,690), designated £28,611 (2021: £31,945), restricted £230,207 (2021: £257,075), endowment £228,206 (2021: £253,726).

Fixed asset investments not carried at market value

Unlisted investments are initially recognised at cost and subsequently at cost less impairment where the fair value cannot be measured reliably.

17 Financial instruments 2022 2021
£ £
Carrying amount of financial assets
Investments measured at fair value through income and expenditure 1,269,532 1,414,907

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

18 Stocks

Stocks
2022 2021
£ £
Finished goods and goods for resale 11,715 13,487

All finished goods and goods for resale in 2022 and 2021 relate to unrestricted funds.

19
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors		 2022
£
347
65,310
65,657		 2021
£
26
55,635
55,661

All debtors in 2022 and 2021 relate to unrestricted funds.

20 Cash at bank and in hand

Cash at bank and in hand of £115,458 (2021: £133,513) are split as follows: unrestricted funds £41,974 (2021: £68,419), restricted funds £45,803 (2021: £41,142), endowment funds £15,725 (2021: £13,191) and designated funds £11,956 (2021: £10,761).

21 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2022
£
760
214,372
215,132		 2021
£
751
225,595
226,346

Other creditors in the current year are split between the following funds: unrestricted funds £484 (2021: £475), restricted funds £184 (2021: £184) and endowment funds £92 (2021: £92)

Accruals in the current year are split as follows: unrestricted funds £202,588 (2021: £213,842), restricted funds £3,237 (2021: £5,047), endowment funds £8,547 (2021: £6,706)

Endowment funds Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds is restricted and is included as restricted income. Any capital gains or losses arising on the assets form part of the fund. Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Transfers
Revaluations
Balance at
Incoming
Resources
Transfers
Revaluations
Balance at		 1 January 2021
resources
expended
gains and
1 January 2022
resources
expended
gains and
31 December		 losses
losses
2022		 £
£
£
£
£
£
£
£
£
£
£		 Permanent endowments Fawdry Bequest Fund
239,333
-
-
-
20,786
260,119
-
-
-
(24,827)
235,292		 239,333
-
-
-
20,786
260,119
-
-
-
(24,827)
235,292		 Permanently endowed funds relate to the receipt of a legacy from the estate of P J Fawdry.
22

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Revaluations,
Balance at
Incoming
Resources
Revaluations,
Balance at		 1 January 2021
resources
expended
gains and
1 January 2022
resources
expended
gains and
31 December		 losses
losses
2022		 £
£
£
£
£
£
£
£
£		 Berkley Bequest Capital Fund
219,706
2,659
(3,635)
18,011
236,742
3,236
(3,983)
(26,125)
209,870		 The Berkley Award Fund
50,925
5,320
-
-
56,245
6,474
(2,000)
-
60,719		 Fawdry Bequest Fund
-
7,657
(7,657)
-
-
9,268
(9,268)
-
-		 270,631
15,636
(11,292)
18,011
292,987
18,978
(15,251)
(26,125)
270,589		 Restricted funds are those which have been given for particular purposes and projects. Berkley Bequest Capital Fund Restricted funds relate to the receipt of a legacy from the estate of G StL Berkley. The legacy stipulated that the funds were to be used one third for the benefit of students of the Foreign Language Department at Stonyhurst College; the remaining two thirds for the benefit of former pupils of Stonyhurst College experiencing difficulties in financing their undergraduate university education. The Berkley Award Fund This fund represents the two thirds of Berkley Bequest income which must be used for the benefit of former pupils of Stonyhurst College experiencing difficulties in financing their undergraduate university education and associated expenditure. Fawdry Bequest Fund Permanently endowed funds relate to the receipt of a legacy from the estate of P J Fawdry in Stonyhurst Association Charitable Trust. The income can used for the purposes disclosed within legacies in the trustees report.
23

Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Revaluations,
Balance at
Incoming
Resources
Revaluations,
Balance at		 1 January 2021
resources
expended
gains and
1 January 2022
resources
expended
gains and
31 December		 losses
losses
2022		 £
£
£
£
£
£
£
£
£		 Presidents fund
38,712
1,127
(89)
2,956
42,706
1,197
(91)
(3,245)
40,567		 38,712
1,127
(89)
2,956
42,706
1,197
(91)
(3,245)
40,567		 The President's fund is used to support past and present pupils of Stonyhurst College in financial distress, within the objectives of the Association. These funds have been set aside by the trustees, but remain part of unrestricted reserves and may be used for general purposes if the trustees decide to do so.
24

Total 2021 £ 1,806 1,493,436 (23,685) 1,471,557
Endowment 2021 £ - 253,726 6,393 260,119
Restricted 2021 £ - 257,075 35,911 292,986
Unrestricted 2021 £ 1,806 982,635 (65,989) 918,452
Total 2022 £ 1,444 1,343,999 (22,302) 1,323,141
Endowment 2022 £ - 228,206 7,086 235,292
Restricted 2022 £ - 230,207 40,382 270,589
Unrestricted 2022 £ 1,444 885,586 (69,770) 817,260
Analysis of net assets between funds Fund balances at 31 December 2022 are represented by: Intangible fixed assets Investments Current assets/(liabilities)
25

STONYHURST ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

26 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 17,834 17,121

Stonyhurst Association has benefited from a fully resourced office, located within Stonyhurst College, which has enabled the strategy of the Association to be implemented.

For ease of administration, the Association's employees are paid their salaries through the payroll of Stonyhurst College. The Association reimburses Stonyhurst College for these costs annually, together with telephone and postage costs paid for initially by the College.

During the year the charity received £Nil (2021: £15,000) in aggregate donations without conditions from trustees.