2025-08-31-accounts

Charity number: 529626

THE AMPLEFORTH SOCIETY UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

ArmstrongWatson Accountants, Business & Financial Advisers

THE AMPLEFORTH SOCIETY

CONTENTS

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Page| |Reference|and|administrative|details|of the|charity,|its|Trustees|and|advisers|1| |Trustees’|report|2|-|6| |Independent|examiner's|report|7| |Statement|of|financial|activities|8| |Balance|sheet|9| |Notes|to|the|financial|statements|10|-|20|

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THE AMPLEFORTH SOCIETY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees present their annual report together with the financial statements of The Ampleforth Society for the period 01 September 2024 to 31 August 2025 ~~.~~

The Trustees met both face ~~-t~~ o ~~-~~ face and by making use of virtual means to communicate amongst themselves during the year and maintained contact with both the St Laurence Education Trust and the Ampleforth Abbey Trust ~~.~~

The AGM held at Ampleforth on 12 December 2024 and attended by Members as well as former and new Trustees approved the accounts for the fiscal year ended 31 August 2024 and confirmed the accountants for another year.

The Trustees held various face ~~-t~~ o ~~-~~ face meetings with representatives of the St Laurence Education Trust and the Ampleforth Abbey Trust during the fiscal year ended 31 August 2025, and regular meetings and contact with the Development and Alumni Office during the year.

No Trustee received any remuneration in respect of their services; however, Trustees claimed certain expenses both for travel and administrative purposes ~~.~~

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THE AMPLEFORTH SOCIETY

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Achievements and performance

a ~~.~~ Financial review

In the last quarter of 2024 global equity markets moved higher, driven by US equities following the re ~~-~~ election of Donald Trump as President of the United States. There was volatility in December as rhetoric from the US Federal Reserve became more hawkish on interest rate policy for 2025, following three reductions totalling 1% during 2024, the latest in December 2024. In the UK, equities struggled to maintain pace through October 2024 as the country braced for the first budget of the newly elected Labour party, which the Chancellor Rachel Reeves presented on 30 October ~~.~~ Major changes included an increase in employers’ national insurance rate to 15%, an increase in the rate of capital gains tax and the previously promised VAT on private school fees. In total the changes expected to generate additional tax revenues of £40bn a year ~~.~~

UK equities continued to underperform following the budget as business confidence slipped and concerns around UK growth emerged ~~.~~ Europe remained sluggish during the period driven by manufacturing weakness and reduced external demand ~~.~~ Oil prices experienced fluctuation and gold fell from recent all-time highs achieved in October 2024, as geopolitical tensions in the middle east waned following Israel’s withdrawal from Lebanon. Despite this, both economic and company fundamentals remained strong and a ‘soft landing’ for the US economy looked the most likely path.

The first quarter of 2025 was a mixed period for global equity markets, with European and UK equities outperforming set against a sell-off by the largest US technology companies during February, which weighed on the performance of the global index ~~.~~ A softening in US economic data and worries around the impact on domestic growth and inflation of President Trump’s tariff policies prompted a selloff in US equities, focused on the largest US technology companies following the launch of DeepSeek, a Chinese generative Al model, which required significant less computing power to develop than western alternatives ~~.~~ The sell off widened during March as President Trump’s “Liberation Day” loomed, when he announced sweeping tariffs of 10% on imports, and larger tariffs against specific countries as well as the EU ~~.~~

However, despite the global sell-off caused by the issues around “Liberation Day’ global equities rebounded strongly during the second quarter and into the summer months, amid easing trade tensions, with trade agreements reached with the UK and other major economies including the EU ~~.~~

Following the increase in the risk profile of the Society during the previous financial period ended 31 August 2024, the Trustees have continued to work with the Society's Investment Managers, Evelyn Partners Investment Managers LLP to focus on capital growth at the same time maintaining our income position, and the full benefit of this change has been seen in the financial year ended 31 August 2025.

Our capital has improved in value by approximately 5.6% from the start of the fiscal year: for comparative purposes, £815k 8/24 to £861k 8/25 so that our capital stands at £861k at the year end. Investment income for the year has held up well, seeing an increase year on year to £22k ~~.~~

The Investment Committee consists of the Treasurer and two independent consultants (both Old Amplefordians) who have an investment background, and it has held meetings with our Investment Managers, Evelyn Partners Investment Managers LLP, during the year. It is the intention of the Trustees to continue to focus upon capital growth and prudently improving returns, which will include consideration of the ongoing management of The Society's portfolio ~~.~~

The Development Office has prepared the budget for 2025 / 2026 and circulated it for discussion with the Trustees alongside Development and Alumni plans ~~.~~

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THE AMPLEFORTH SOCIETY

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Achievements and performance (continued)

b. Achievement and performance

The Society met its current objectives by supporting its members, the college, and the abbey through the provision of grants during the year. It remains an aim of the Trustees to work with the college and the abbey to improve the relationship and to maintain areas of beneficial interest to all parties. It continues to provide grants to sports and dinner clubs within the Society, which the Trustees see as part of the on ~~-~~ going initiative to provide wider support to Society members ~~.~~ Other expenditure was on governance cost. The Trustees remain grateful for the support they continue to receive from the Development Office and the Alumni Relations Manager. The Trustees are committed to, and will continue to work closely with, all stakeholders ~~.~~ Discussions will continue to help improve the way that the Trustees, the St Laurence Education Trust, and the Abbey Trust work more effectively together.

The Trustees are confident that they can continue to operate and meet their objectives successfully.

Structure, governance and management

a. Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity ~~.~~

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co ~~-~~ opted under the terms of the Trust deed ~~.~~

The Trustees continue to invest in Trustee Indemnity Insurance ~~.~~

c. Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error ~~.~~

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3 December 2025

3 December 2025

THE AMPLEFORTH SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

																			Unrestricted Total	Unrestricted Total	Unrestricted Total	Unrestricted Total	Total
																			funds funds				funds
																				2025 2025			2024
																		Note		£ £			£
Income						from:
Donations and legacies																		3	18,850		18,850		79,765
Investments																		4	21,669		21,669		19,636
Other				income														5		164	164		219
Total income																			40,683		40,683		99,620
Expenditure										on:
Raising funds																		6	6,908		6,908		6,533
Charitable activities																		8	8,300		8,300		92,729
Total expenditure																			15,208		15,208		99,262
Net income									before net gains on investments										25,475		25,475		358
Net gains								on investments											41,854		41,854		60,644
Net movement												in funds							67,329		67,329		61,002
Reconciliation												offunds:
Total			funds brought forward																826,241		826,241		765,239
Net movement in														funds					67,329		67,329		61,002
Totalfunds									carried						forward				893,570		893,570		826,241

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

The notes on pages 10 to 20 form part of these financial statements.

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3 December 2025

THE AMPLEFORTH SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 ~~.~~ General information

The Ampleforth Society is a charity with the charity registered number 529626 ~~.~~ The principal address of the charity is Ampleforth College, York, North Yorkshire, YO62 4EY.

1. Accounting policies

2. 2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) ~~-~~ 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 ~~.~~

The financial statements have been prepared to give a ‘true and fair' view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn ~~.~~

The Ampleforth Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy ~~.~~

As such the Trustees are confident that all obligations will be met for at least 12 months from the date of the financial statements.

• 2.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable ~~.~~ Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate ~~.~~ Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used ~~.~~ The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charity's accounting policies ~~.~~ On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable ~~.~~

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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THE AMPLEFORTH SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2 ~~.~~ Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably ~~.~~ Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity ~~.~~ Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non ~~-c~~ haritable trading ~~.~~

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled ~~.~~ Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure ~~.~~

All expenditure is inclusive of irrecoverable VAT ~~.~~

• 2 ~~.~~ 4 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment ~~.~~

• 2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered ~~.~~ Prepayments are valued at the amount prepaid net of any trade discounts due ~~.~~

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and shor ~~t-~~ term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account ~~.~~

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THE AMPLEFORTH SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2 ~~.~~ Accounting policies (continued)

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably ~~.~~

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide ~~.~~

Provisions are measured at the best estimate of the amounts required to settle the obligation ~~.~~ Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre ~~-~~ tax discount rate that reflects the risks specific to the liability ~~.~~ The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2 ~~.~~ 8 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments ~~.~~ Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method ~~.~~

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes ~~.~~

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund ~~.~~

3. Income from donations and legacies

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Unrestricted Total
funds funds
2025 2025
£ £
Donations 18,850 18,850
Unrestricted Total
funds funds
2024 2024
£ £
Donations 79,765 79,765
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THE AMPLEFORTH SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9 ~~.~~ Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 ~~-~~ £NIL) ~~.~~

During the year ended 31 August 2025, expenses totalling £267 were reimbursed or paid directly to Trustees (2024 ~~-~~ £567) ~~.~~

During the year, Trustees Indemnity Insurance has been purchased at a cost of £859 (2024: £842)

10. Fixed asset investments

									Fixed asset
									investments
									£
Cost		or	valuation
At1September 2024									806,135
Additions									411,429
Disposals									(402,410)
Revaluations									(3,502)
Amounts				written off					45,356
At 31		August					2025		857,008
Net book value
At 31		August					2025		857,008
At31		August					2024		806,135

The Trustees are of the opinion that there has been no material change in the value of fixed asset investments post the balance sheet date.

The listed investments are in a UK portfolio split: UK 44 ~~.~~ 3% (2024: 49 ~~.~~ 4%) USA 25 ~~.~~ 1% (2024: 21 ~~.~~ 0%), Europe 7 ~~.~~ 4% (2024: 3 ~~.~~ 9%), Far East 8 ~~.~~ 3% (2024: 11 ~~.~~ 3%), fixed interest securities 14 ~~.~~ 9% (2024: 14 ~~.~~ 5%) ~~.~~

11. Debtors

			2025	2025	2024
			£		£
Due within one year
Trade debtors			17,610		-
			17,610		~~-~~

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THE AMPLEFORTH SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

13 ~~.~~ Statement of funds (continued)

Statement of funds ~~-~~ prior year

							Balance at	Balance at	Balance at									Balance at	Balance at
							1 September									Gains/		31	August
								2023		Income			Expenditure			(Losses)			2024
								£			£			£		£			£
Unrestricted funds
Designated funds
Designated Funds ~~- ~~				all funds				59,719			67,556		(78,000)			-			49,275
General funds
General		Funds					705,520				32,064		(21,262)			60,644		776,966
TotalUnrestrictedfunds							765,239				99,620		(99,262)			60,644		826,241

Unrestricted funds ~~-~~ The general fund comprises the accumulated surplus on the revenue account. It is available for use at the discretion of the trustees in furtherance of the general charitable objectives of the society ~~.~~

Bursary funds ~~-~~ The bursary funds are part of the general funds and shows the income and expenditure during the year for bursaries ~~.~~

14. Summary of funds

Summary of funds ~~-~~ current year

		Balance at 1	Balance at 1	Balance at 1								Balance at	Balance at
			September 2024			Income Expenditure				Gains/ (Losses)		31	August 2025
				£		£		£		£			£
Designated funds				49,275		18,610		(1,000)		~~-~~			66,885
General funds				776,966		22,073		(14,208)		41,854		826,685
				826,241		40,683		(15,208)		41,854		893,570

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THE AMPLEFORTH SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14 ~~.~~ Summary of funds (continued)

Summary of funds ~~-~~ prior year

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|||||||| |---|---|---|---|---|---|---| |Balance|at|Balance|at| |1|September|Gains/|31|August| |2023|Income|Expenditure|(Losses)|2024| |£|£|£|£|£| |Designated|funds|59,719|67,556|(78,000)|-|49,275| |General|funds|705,520|32,064|(21,262)|60,644|776,966| |765,239|99,620|(99,262)|60,644|826,241|

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15. Analysis of net assets between funds

Analysis of net assets between funds ~~-~~ current year

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2025|2025| |£|£| |Fixed|asset|investments|857,008|857,008| |Current|assets|38,020|38,020| |Creditors|due|within|one|year|(1,458)|(1,458)| |Total|893,570|893,570| |Analysis|of|net|assets|between|funds|-|prior year| |Unrestricted|Total| |funds|funds| |2024|2024| |£|£| |Fixed|asset|investments|806,135|806,135| |Current|assets|46,992|46,992| |Creditors|due|within|one|year|(26,886)|(26,886)| |Total|826,241|826,241|

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