## **PETER STORMONTH DARLING CHARITABLE TRUST**
## **REPORT AND ACCOUNTS**
**YEAR ENDED 31 DECEMBER 2020**
## **PETER STORMONTH DARLING CHARITABLE TRUST**
I N D E X
## **Year ended 31 December 2020**
||**Page**|
|---|---|
|General information|2|
|Report of the trustees|3|
|Statement of trustees’ responsibilities|5|
|Independent examiner’s report|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Notes to the financial statements|9|
1
## **PETER STORMONTH DARLING CHARITABLE TRUST**
G E N E R A L I N F O R M A T I O N
## **Year ended 31 December 2020**
|**Settlor**|Peter Stormonth Darling|
|---|---|
|**Trustees**|J F M Rodwell|
||Dr E I Cobb|
||O J Cobb|
||C C Taylor|
||A J Stormonth Darling|
|**Registered charity number**|1049946|
|**Address**|c/o Miss S Maan|
||Soditic Limited|
||22 Long Acre|
||London|
||WC2E 9LY|
|**Trust summary**|The charity was formed on 5 December 1995 with an initial|
||contribution from the settlor.|
||The income and capital of the trust is held by the trustees|
||for such charitable purposes as they think fit, with an|
||emphasis on heritage, education, health care and sports|
||facilities.|
|**Independent Examiner**|G P Smye-Rumsby|
||Dixon Wilson|
||22 Chancery Lane|
||London|
||WC2A 1LS|
|**Solicitors**|Hunters Law LLP|
||9 New Square|
||Lincoln’s Inn|
||London|
||WC2A 3QN|
|**Investment advisers and bankers**|Rathbone Investment Management|
||8 Finsbury Circus|
||London|
||EC2M 7AZ|
2
## **PETER STORMONTH DARLING CHARITABLE TRUST**
R E P O R T O F T H E T R U S T E E S
## **Year ended 31 December 2020**
The Trustees present their report and accounts for the year ended 31 December 2020.
## **Constitution**
The Charity is constituted under a Charitable Trust Deed dated 5 December 1995 and registered under the number 1049946.
## **Trust objects and policies**
The main object for which the trust is established is:
- to make donations to any charitable body, association or organisation at the discretion of the trustees with an emphasis on heritage, education, health care and sports facilities.
The trustees' policies are:
- (a) to invest with a view of achieving long-term growth of capital and income so that the trustees will be in a position to make larger charitable donations in future years to further the trust objective.
- (b) to give grants only to recognisable national charities and to local charities of which the trustees have firsthand knowledge that they are properly and efficiently run.
- (c) to give grants out of capital funds as permitted by the trust deed when that is necessary in order to support deserving causes.
## **Public benefit**
The Trustees, having regard to the Public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that that purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same act.
## **Trustees**
The Trustees of the charity are set out on page 2. New trustees can be discussed by the current board, but their appointment is in the gift of the Founder. New trustees are briefed on their responsibilities and duties, including applicable legal requirements, by the existing trustees.
## **Organisational structure**
The charity is managed by a maximum of 6 Trustees. The Trustees meet twice a year to review investment performance, funding requests and decide on grants to be made by the charity.
## **Review of the year**
The Trustees' policy is to invest funds in marketable securities with a view to achieving long-term growth of capital and income so that larger charitable donations can be made in future years.
Donations are made in view of the Trustees’ expectations of longer term returns rather than the investment return in any one period. The Trustees aim to make annual donations of around 5% of the trust’s funds. Accordingly, the Trustees may transfer funds from the expendable endowment reserve to make donations. The Trustees transferred £180,237 (2019 - £209,515) from the expendable endowment reserve during the year. At 31 December 2020 the investment portfolio was valued at £6,577,545 and cash balances of £13,085 were held (2019 – investment portfolio £4,508,921, cash balance £671,958) with an investment return of around 12.2% (2019 - 14.1%), which compares favourably to relevant market indices for the period.
During the year investment income totalled £56,583 (2019 - £72,448) as set out on page 7. A total of 43 grants amounting to £215,050, approximately 5% of the trust fund, were committed in the year by the Trustees (2019 - £249,659), of which £6,900 is payable in 2021 and 2022. Grants were funded from a combination of investment income and increases in value of investments.
In the opinion of the Trustees, the charity's progress is satisfactory.
3
R E P O R T O F T H E T R U S T E E S
## **PETER STORMONTH DARLING CHARITABLE TRUST**
## **Year ended 31 December 2020**
## **Future plans**
The Trustees have no plans to change their activities. They intend to continue to use investment returns to make donations to selected charitable organisations with an emphasis on heritage, education, health care and sports facilities.
Peter Stormonth Darling, the settlor and a trustee, died on 16 September 2019, leaving a share of his estate to the charity. In the year ended 31 December 2020 the trust received £1,000,000 as a part of the estate. The Trustees expect to receive a further sum after completion of a significant property sale, the amount is presently unconfirmed.
## **Risk**
The Trustees have identified the major risks to which the charity is exposed and have established systems and procedures to mitigate those risks.
The Trustees have engaged Rathbone Investment Management to provide discretionary investment management services. Rathbone are instructed to invest with a focus on capital growth. The level of the reserves enables the Trustees to tolerate shorter term volatility in equities in order to achieve longer term returns.
The Trustees make only prudent distributions each year, targeting distributions of around 5% of the trust fund, and aim, over the longer term, for investment returns to exceed the level of grants, so that larger grants can be made in future periods.
The Trustees do not enter into material long-term binding commitments and are satisfied that the level of reserves of £6,556,690 (2019 - £5,140,880) are sufficient to fund the charity’s purposes.
Grants are made only to organisations with national recognition or of which the Trustees have first hand knowledge, to ensure that funds are only applied in accordance with the charity’s objects.
## **Accounts**
The accounts set out on pages 7 to 13 have been drawn up in accordance with the relevant provisions of the Charities Act 2011, and with the Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
For and on behalf of the Trustees
## C C TAYLOR
A J STORMONTH DARLING
2021 6 May
4
## **PETER STORMONTH DARLING CHARITABLE TRUST**
S T A T E M E N T O F T R U S T E E S ’ R E P O N S I B I L I T I E S
## **Year ended 31 December 2020**
## **Trustees’ responsibilities in relation to the financial statements**
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. 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 period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy 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.
5
## **PETER STORMONTH DARLING CHARITABLE TRUST**
I N D E P E N D E N T E X A M I N E R ’ S R E P O R T
## **Year ended 31 December 2020**
## **Independent examiner’s report to the Trustees of the Peter Stormonth Darling Charitable Trust**
I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am an employee has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner’s statement**
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
GREGORY SMYE-RUMSBY ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS
Date: 10 May 2021
6
## **PETER STORMONTH DARLING CHARITABLE TRUST**
## S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
## **Year ended 31 December 2020**
|**Expendable**
**Unrestricted**
**Endowment**
**Note**
**Funds**
**Funds**
**Income and endowments from:**
**£**
**£**
Donations & legacies
-
1,000,000
Listed investments
56,277
-
Bank deposits
576
-
Total income
56,853
1,000,000
**Expenditure on:**
Raising funds
2
-
5,304
Charitable activities
2
237,090
-
Total expenditure
237,090
5,304
Net gains on investments
-
601,350
**Net (expenditure) / income**
(180,237)
1,596,046
Transfers between funds
180,237
(180,237)
**Net movement in funds for the year**
-
1,415,809
Fund balances brought forward at 1 January
-
5,140,880
**Fund balances carried forward at 31 December**
-
6,556,689
|**Expendable**
**2020**
**Unrestricted**
**Endowment**
**Total**
**Funds**
**Funds**
**£**
**£**
**£**
1,000,000
-
-
56,277
68,006
-
576
4,442
-
1,056,853
72,448
-
5,304
-
12,767
237,090
281,963
-
242,394
281,963
12,767
601,350
-
555,154
1,415,809
(209,515)
542,387
-
209,515
(209,515)
1,415,809
-
332,872
5,140,880
-
4,808,008
6,556,689
-
5,140,880
|**2019**
**Total**
**£**
-
68,006
4,442
|
|---|---|---|
|||72,448
|
|||12,767
281,963
|
|||294,730
|
|||555,154
332,872
-
|
|||332,872
4,808,008
|
|||5,140,880
|
7
## **PETER STORMONTH DARLING CHARITABLE TRUST**
## B A L A N C E S H E E T
## **At 31 December 2020**
|**Note**
**Fixed assets**
Investments at market value
6
**Current assets**
Cash at bank
**Creditors: amounts falling due within one year**
7
**Net current assets**
**Net assets**
**Trust Funds**
Expendable Endowment
8
**Total charitable funds**|**2020**
**£**
6,577,545
13,084
(33,940)
(20,856)
6,556,689
6,556,689
6,556,689
|**2019**
**£**
4,508,921
671,959
(40,000)
631,959
5,140,880
5,140,880
5,140,880
|
|---|---|---|
The financial statements on pages 7 to 13 were approved by the trustees on 2021 and were signed 6 May on their behalf by:-
C C TAYLOR Trustee
A J STORMONTH DARLING Trustee
8
## **PETER STORMONTH DARLING CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2020**
## **1. Accounting policies**
## **Basis of preparation and assessment of going concern**
The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. There are no significant areas of adjustment and key assumptions that affect items in the accounts. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the risk management section of the trustees’ annual report for more information).
## **Funds structure**
The charity has an endowment fund created by a gift. The income of the Trust is unrestricted. The terms of the endowment allow the capital of the fund to be spent if the Trustees so determine.
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charity objects.
## **Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and amount of income receivable can be measured reliably.
Gifts received from the settlor are recognised once receipt is probable and the fair value receivable can be measured reliably. All other income is included on an accruals basis together with any income tax recoverable.
## **Expenditure**
Donations are recognised once the charity has a constructive obligation to pay them, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Accountancy, investment management charges and administrative fees are recognised on an accruals basis.
Fees paid to the investment managers are included within Cost of Raising Funds. All other expenditure is directly related to the furtherance of the charity’s objects and the governance of the charity and are included within Charitable Activities.
## **Investments**
Listed investments are measured at fair value, which is determined as their quoted market price. The fair value of the charity’s unlisted investments cannot be reliably determined and are measured at cost less impairment. Changes in the fair value of investments are included in net gains on investments in the statement of financial activities.
## **Foreign currency transactions**
Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Exchange differences arising on transactions in the year are taken to the Statement of Financial Activities.
9
## **PETER STORMONTH DARLING CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2020**
|**2.**
**Allocation of expenditure**
**Note**
Raising funds
Investment management fees
Charitable activities
Charitable donations
3
Support costs
4|**2020**
**£**
5,304
5,304
215,050
22,040
237,090|**2019**
**£**
12,767
12,767
249,659
32,304
281,963|
|---|---|---|
Investment management fees are charged to the expendable endowment fund. All other expenditure is charged to the unrestricted fund.
|**3.**
**Charitable donations**
5x5x5 Creativity
Bath Festivals
Bath Mind
Bath Mozartfest
Bath Rugby Foundation
Breast Cancer Haven
Bryanston School
Burma Star Association
Canine Partners
Cedars Sinai Medical
Chailey Heritage Foundation
Chelsea Physic Garden
Chelsea & Westminster Hospital
Cheltenham Festivals
Cleanup UK
Cleveland Pools Trust
Cure Parkinsons Trust
Dysautonomia International
Felix Project
Fisher House Foundation
Friends of East Sussex Hospices
Gary Sinise Foundation
Glyndebourne Opera House
Higher Ground
Hilary Storm School Uganda
Holburne Museum Trust
Hope of the Valley
Ian’s Friends Foundation
Iford Arts
Imperial College Research
Jo’s Cervical Cancer Trust
Landmark Trust
Laura Hyde Foundation
Longlands Care Farm
Martin and Barry’s Trust
MCC Foundation
Medical Detection Dogs
Carried forward|**2020**
**£**
-
5,000
2,000
1,000
1,000
-
1,500
10,000
-
-
10,000
25,000
-
5,000
2,000
2,000
5,000
2,206
2,000
2,206
5,000
2,000
5,000
-
6,200
3,000
2,346
2,000
2,000
-
2,000
-
2,500
-
-
-
2,000
109,958|**2019**
**£**
3,000
6,000
1,000
1,000
-
1,000
2,000
-
5,000
1,244
-
25,000
-
6,000
5,000
2,000
10,000
-
-
-
25,000
-
-
4,977
-
1,000
-
-
-
50,000
2,000
1,000
-
3,000
10,000
10,000
-
|
|---|---|---|
|||165,221|
10
## **PETER STORMONTH DARLING CHARITABLE TRUST**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2020**
|**3.**
**Charitable donations (continued)**
**2020**
**£**
Brought forward
109,958
MS Yoga Program
-
MSK Lab
5,000
National Gallery
2,900
National Trust for Scotland
10,000
New College Oxford
-
Normandy Memorial Trust
6,000
Once Upon A Room
-
Parker Lee Project
4,000
PCC of St Nicholas’ Church
-
Royal Commonwealth Ex-Services League
5,000
Royal Hospital for Neuro-Disability
10,000
Royal Opera House
2,500
Royal United Hospital
4,000
Sandpiper Trust
3,000
Sebastian Action Trust
10,000
Severn Valley Railway Apprenticeship Scheme
5,250
Spitalfields Crypt Trust
7,000
St Luke’s Church
5,000
Stop MS Appeal
10,000
The Childhood Trust
12,500
Treloar Trust
-
Tunnels to Towers Foundation
2,942
World Monuments Fund
-
**Total grants for charitable purposes**
215,050
Grants are made to charities focusing on heritage, education or health care and sports facilities. All grants wer
Institutions. The number of grants made during the year was as follows:
Heritage
15
Education
7
Health care or sporting facilities
21
43
|**3.**
**Charitable donations (continued)**
**2020**
**£**
Brought forward
109,958
MS Yoga Program
-
MSK Lab
5,000
National Gallery
2,900
National Trust for Scotland
10,000
New College Oxford
-
Normandy Memorial Trust
6,000
Once Upon A Room
-
Parker Lee Project
4,000
PCC of St Nicholas’ Church
-
Royal Commonwealth Ex-Services League
5,000
Royal Hospital for Neuro-Disability
10,000
Royal Opera House
2,500
Royal United Hospital
4,000
Sandpiper Trust
3,000
Sebastian Action Trust
10,000
Severn Valley Railway Apprenticeship Scheme
5,250
Spitalfields Crypt Trust
7,000
St Luke’s Church
5,000
Stop MS Appeal
10,000
The Childhood Trust
12,500
Treloar Trust
-
Tunnels to Towers Foundation
2,942
World Monuments Fund
-
**Total grants for charitable purposes**
215,050
Grants are made to charities focusing on heritage, education or health care and sports facilities. All grants wer
Institutions. The number of grants made during the year was as follows:
Heritage
15
Education
7
Health care or sporting facilities
21
43
|**3.**
**Charitable donations (continued)**
**2020**
**£**
Brought forward
109,958
MS Yoga Program
-
MSK Lab
5,000
National Gallery
2,900
National Trust for Scotland
10,000
New College Oxford
-
Normandy Memorial Trust
6,000
Once Upon A Room
-
Parker Lee Project
4,000
PCC of St Nicholas’ Church
-
Royal Commonwealth Ex-Services League
5,000
Royal Hospital for Neuro-Disability
10,000
Royal Opera House
2,500
Royal United Hospital
4,000
Sandpiper Trust
3,000
Sebastian Action Trust
10,000
Severn Valley Railway Apprenticeship Scheme
5,250
Spitalfields Crypt Trust
7,000
St Luke’s Church
5,000
Stop MS Appeal
10,000
The Childhood Trust
12,500
Treloar Trust
-
Tunnels to Towers Foundation
2,942
World Monuments Fund
-
**Total grants for charitable purposes**
215,050
Grants are made to charities focusing on heritage, education or health care and sports facilities. All grants wer
Institutions. The number of grants made during the year was as follows:
Heritage
15
Education
7
Health care or sporting facilities
21
43
|**2019**
**£**
165,221
6,948
10,000
2,900
-
5,000
-
1,659
-
5,000
-
20,000
2,000
-
-
-
-
4,000
-
10,000
-
5,000
-
1,931
249,659
e made to
12
8
15
35
|**2019**
**£**
165,221
6,948
10,000
2,900
-
5,000
-
1,659
-
5,000
-
20,000
2,000
-
-
-
-
4,000
-
10,000
-
5,000
-
1,931
249,659
e made to
12
8
15
35
|
|---|---|---|---|---|
|||||35
|
||||||
|**4.**
**Support costs**
Governance costs
Audit fees
Independent examiner’s fees
Other fees to auditor/independent examiner – accountancy services
Trustees’ expenses
Other support costs
Administrative fees||-
1,440
600
-
2,040
20,000
22,040
||8,660
-
600
3,044
12,304
20,000
32,304
|
||||||
||||||
11
## **PETER STORMONTH DARLING CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2020**
## **5. Trustee and staff remuneration, related party and other transactions**
The charity has no employees.
The trustees received no emoluments for their services to the charity. Trustee expenses amounting to £nil (2019 - £3,044) were reimbursed during the year, being costs of attending trustee meetings.
An administrative charge for secretarial services of £20,000 was incurred in the year (2019 - £20,000).
Peter Stormonth Darling, the settlor and a trustee, died on 16 September 2019, leaving a share of his estate to the charity. In the year ended 31 December 2020 the trust received £1,000,000 as a part of the estate. No conditions were attached to the donation.
During the year the trustees made a grant of £6,200 in a charity in which the relative of a trustee is a trustee.
## **6. Investments**
The trustees’ holdings of investments are as follows:
|**Listed investments**
Fixed interest
UK equities
Private equities
North American equities
Asia Pacific equities
Emerging Market equities
European equities
Global funds
Commodity funds
**Unlisted investments**
UK equities
**Total investments**
Market value / cost at 1 January 2020
Additions to investments at cost
Disposal proceeds
Change in value of investments
Equalisation
Market value / cost at 31 December 2020|
**2020**
**£**
126,424
1,122,557
320,538
1,095,403
713,651
297,360
-
1,596,472
104,390
5,376,797
249,973
5,626,770
||**Cost**
**Market value**
**2019**
**2020**
**2019**
**£**
**£**
**£**
612,068
127,900
660,946
1,040,586
1,393,828
2,099,599
-
364,663
-
206,677
1,196,267
188,715
-
812,298
-
-
366,800
-
201,874
-
209,667
765,781
1,942,357
997,233
104,390
123,459
102,788
2,931,376
6,327,572
4,258,948
249,973
249,973
249,973
3,181,349
6,577,545
4,508,921
**Listed**
**Unlisted**
**Market value**
**Cost**
**£**
**£**
4,258,948
249,793
4,464,331
-
(2,983,814)
-
589,296
-
(1,189)
-
6,327,572
249,793
|**Market value**|**Market value**|
|---|---|---|---|---|---|
||||||**2019**
**£**
660,946
2,099,599
-
188,715
-
-
209,667
997,233
102,788
|
||||||
4,258,948
|
||||||
249,973
|
||||||
4,508,921
|
||||||**Unlisted**
**Cost**
**£**
249,793
-
-
-
-
|
||||||249,793
|
12
## **PETER STORMONTH DARLING CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2020**
|**7.**
**Creditors: amounts falling due within one year**
Accruals
Donations payable|**2020**
**£**
2,040
31,900
33,940
|**2019**
**£**
15,000
25,000
|
|---|---|---|
|||40,000
|
|**8.**
**Disposition of funds**
**Expendable**
**Unrestricted**
**Endowment**
**£**
**£**
Investments
**-**
6,577,545
Net current assets
**-**
(20,856)
Net assets
**-**
6,556,689
|**8.**
**Disposition of funds**
**Expendable**
**Unrestricted**
**Endowment**
**£**
**£**
Investments
**-**
6,577,545
Net current assets
**-**
(20,856)
Net assets
**-**
6,556,689
|**Total**
**£**
6,577,545
(20,856)
|
|---|---|---|
|||6,556,689
|
||||
|**9.**
**Financial instruments**
The charity’s principal financial instruments comprise:
Quoted securities measured at fair value through income and expenditure
Unquoted securities measured at cost less impairment
Cash at bank|**2020**
**£**
6,327,572
249,793
13,084
|**2019**
**£**
4,258,948
249,793
671,959
|
## **10. Non-adjusting post balance sheet events**
Peter Stormonth Darling, the settlor, died on 16 September 2019, leaving a share of his estate to the charity. In the year ended 31 December 2020 the trust received £1,000,000 as a part of the estate. The Trustees expect to receive a further sum after the completion of a significant property sale, the amount is presently unconfirmed.
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