PETER STORMONTH DARLING CHARITABLE TRUST
REPORT AND ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
PETER STORMONTH DARLING CHARITABLE TRUST
I N D E X
Year ended 31 December 2022
| Page | |
|---|---|
| General information | 2 |
| Report of the trustees | 3 |
| Statement of trustees’ responsibilities | 5 |
| Independent auditor’s report | 6 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 |
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 2022
| Settlor | Peter Stormonth Darling |
|---|---|
| Trustees | C C Taylor (Chair) |
| J F M Rodwell (retired 1 November 2022) | |
| Dr E I Cobb | |
| O J Cobb | |
| A J Stormonth Darling | |
| F D S Rosier | |
| Registered charity number | 1049946 |
| Address | c/o WeWork |
| 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. | |
| Auditor | Dixon Wilson Audit Services LLP |
| 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 2022
The Trustees present their report and accounts for the year ended 31 December 2022.
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 Chair. 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 £231,369 (2021 - £246,962) from the expendable endowment reserve during the year. At 31 December 2022 the investment portfolio was valued at £6,198,136 and cash balances of £40,694 were held (2021 – investment portfolio £6,598,632 cash balance £330,454) with an investment loss of approximately 6% (2021 – 9.6% gain), which the trustees have agreed was not completely satisfactory, but have recognised it as a hard year due to some historic constraints.
During the year investment income totalled £73,926 (2021 - £64,875) as set out on page 9. A total of 32 grants amounting to £279,745, approximately 4% of the trust fund, were committed in the year by the Trustees (2021 - £284,877 (4%)), of which £46,000 is payable in 2023. 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
PETER STORMONTH DARLING CHARITABLE TRUST REPOR T OF THE TRUSTEES Y•av ended 31 December 2022 Future plan5 The Trustees have no plans tg thange their 3ttivrcie5. They intend to conrinue to use investment returns to make donaoons to seletted charitable organi5ati¢Jns with an enphasis on heriragt, eduration. heth are and sportj facilities. Peter Stormonth Darlingy the settlor and a trustee, died on 16 September 2019. leaving a share of his estate to th Chariry. The Trustees received a further sum after completign of a significant property sale. to the amount of £750,000. The Trustees expect to receive a further Sum of approximately £ I LN).OLX) following the conclusion of the esrate'$ affairs with HMRC. The timing of the recwpt 15 pre5endy unknown. Rlsk The Trustee5 have identified the maitr risks to which the charity is exposed and have eStsl$hed systems and prottdures to miordtr those risks. The Tr¢Jscees have engaged Rathtrone Investment Management to provide discretionary inve5¢ment management $ervi¢es. Rathbone are instrurted to invesc wlth a focus on captsl growrh. The level of the resetves enables the TN5tee5 to colerdtr shorter term vdatility in equmes in order to achieve longer terrn return The Trustees make onty pruden£ distrlbutions each year. targering distributions of around 5% of the trust fund, and aim. over the lOrr tem). f¢x investment returns to exceed the level of gran so that larger grants tan be made in furure periods. The Trustees do not entsr into lonterm t4'nding conl¢Ments and are satysfied that the level of reserves of £6,183.07012021 . £6,885,96T) are suffic*ent to fund the charity's purp05e5. Grants are Made onty to owanisatyons with national recognition or of which the Trustse5 have first hand knowledge. to enwre that funds are onty applied In accordance with the charlty's Ob¢[$. Accounts The accounts Set out on pages 9 10 15 have been drawn up in accordance with the relevant prov15ion5 of the Charioes Att 201 I, and wlth the Starement of Recommended Pracuce applicable to charitie5 preparing accouncs in aceor&nce wth the Finanaal Reporring Standard appllcable In the UK and Republlc of Ireland IFRS 1021. For and on beaOf the Tru$tee$ C C TAYLOR A I STORMONTH DARLING 8 June 2023
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 2022
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 A U D I T O R ’ S R E P O R T
Year ended 31 December 2022
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF PETER STORMONTH DARLING CHARITABLE TRUST
Opinion
We have audited the financial statements of the Peter Stormonth Darling Charitable Trust (the ‘charity’) for the year ended 31 December 2022, which comprise the statement of financial activities, balance sheet and 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:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 trustee’s 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 financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 financial statements 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.
6
PETER STORMONTH DARLING CHARITABLE TRUST
I N D E P E N D E N T A U D I T O R ’ S R E P O R T
Year ended 31 December 2022
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:
-
the information given in the financial statements is inconsistent in any material respect with the trustees report; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 5, 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 liquidate the charity or 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 144 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the sector in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to UK charity law.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of investment managers.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
7
PETER STORMONTH DARLING CHARITABLE TRUST
I N D E P E N D E N T A U D I T O R ’ S R E P O R T
Year ended 31 December 2022
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Other matters
The corresponding information in respect of the year ended 31 December 2022 presented in these financial statements is unaudited.
……………………………………… Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS
09/10/2023 Date:…………………………..
Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
8
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 2022
| Expendable Unrestricted Endowment Note Funds Funds Income and endowments from: £ £ Donations & legacies - - Listed investments 73,926 - Bank deposits 2,399 - Distribution from Estate - 750,000 Total income 76,325 750,000 Expenditure on: Raising funds 2 - 37,971 Charitable activities 2 307,784 - Total expenditure 307,784 37,971 Net (losses)/gain on investments - (1,215,254) Foreign exchange gain - 26,361 Net (expenditure) / income (231,459) (476,864) Transfers between funds 231,459 (231,459) Net movement in funds for the year - (708,323) Fund balances brought forward at 1 January - 6,885,967 Fund balances carried forward at 31 December - 6,177,644 |
Expendable 2022 Unrestricted Endowment Total Funds Funds £ £ £ - - 20,750 73,926 64,875 - 2,399 - - 750,000 - - 826,325 64,875 20,750 37,971 - 40,344 307,784 311,837 - 345,755 311,837 40,344 (1,215,254) - 595,834 26,361 - - (708,323) (246,962) 576,240 - 246,962 (246,962) (708,323) - 329,278 6,885,967 - 6,556,689 6,177,644 - 6,885,967 |
2021 Total £ 20,750 64,875 - - 85,625 40,344 311,837 352,181 595,834 - 329,278 - 329,278 6,556,689 6,885,967 |
|---|---|---|
9
PETER STORMONTH DARLING CHARITABLE TRUST BALANCE SHEET At 31 DecembÈr 2022 2022 2021 Flxed assets Investments 6.198,136 6,598,632 CtsrrÈnt assets Cash at bank Other debtor 40.694 33.360 330.455 Creditor5'. amounts falling due %thtn one year Net current {Ilabllltles)lassets 169,546) 3,50B (33.1201 297.335 Creditors.. amounts falliryd due after C year Net assets 125.(ml 6,177.644 (10,ooo) 6.885.967 Trnst Funds Expendable Endowment Total th4rltablÈ funds 6,177.644 6,885.967 6,177,644 6.885.967 The financial statements on page5 9 to 15 were approved by the trustees on signed On their behalf ty.- 8 June 2023 and were (I,,m I lofj C C TAYLOR Tru5Tre AJ STORMONTH ARLING Trustee
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 2022
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 objectives.
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. Changes in the fair value of investments are included in net gains on investments in the statement of financial activities.
The charity’s unquoted investments are measured at cost less impairment as reliable fair values are not available.
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.
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 2022
| 2. Allocation of expenditure Note Raising funds Investment management fees Charitable activities Charitable donations 3 Support costs 4 |
2022 £ 37,971 37,971 279,745 28,039 307,784 |
2021 £ 40,344 40,344 |
|
|---|---|---|---|
Investment management fees are charged to the expendable endowment fund. All other expenditure is charged to the unrestricted fund.
| 3. Charitable donations |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Age Well Senior Services | 5,811 | - |
| Barry & Martin’s Trust | - | 5,000 |
| Bath Festivals | 5,000 | 5,000 |
| Bath Mind | - | - |
| Bath Mozartfest | 5,000 | 2,000 |
| Battle of Britain Memorial Trust | 10,000 | - |
| Beckford Tower Trust | 5,000 | - |
| Burma Star Association | - | 10,000 |
| Canine Partners | - | 2,500 |
| Chailey Heritage Foundation | - | 10,000 |
| Charleston Trust | - | 2,500 |
| Chelsea Academy Foundation | 10,000 | 10,000 |
| Chelsea and Westminster | 5,000 | - |
| Chelsea Physic Garden | - | 5,000 |
| Cheltenham Festivals | 5,000 | 5,000 |
| Cleveland Pools Trust | 10,000 | 5,000 |
| Countess of Brecknock Hospice | - | 2,500 |
| Deafblind UK | - | 2,500 |
| Ditchley Foundation | - | 2,500 |
| Felix Project | 2,500 | - |
| Framfield PTFA | 3,000 | - |
| Friends of East Sussex Hospices | 2,500 | - |
| Glyndebourne Opera House | 5,000 | - |
| Holburne Museum Trust | - | 3,000 |
| Hope of the Valley | - | 7,475 |
| Imperial College | 25,000 | 10,000 |
| International Spinal Research Trust | - | 10,000 |
| Jo’s Cervical Cancer Trust | 5,000 | - |
| Lin Berwick Trust | - | 5,000 |
| London Library | - | 10,000 |
| Longborough Opera | 5,000 | - |
| Longlands Care Farm | 7,500 | 4,000 |
| Lord Taverners | 2,500 | - |
| Lupus UK | 5,000 | - |
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 2022
| 3. Charitable donations (continued) 2022 £ Brought forward 123,811 National Gallery - Nightingale Fund - Once Upon A Room - Painted Turtle - Project Sebastian - Prostate Cancer 10,000 Royal Hospital Chelsea 5,000 Royal Hospital for Neuro-Disability 5,000 Sandpiper Trust - Sebastian’s Action Trust 5,000 Special Boat Service Association 5,000 Spitalfields Crypt Trust 7,500 St Bartholomew’s Heritage - Tate Foundation 5,000 The Black Watch Regimental Charity 75,000 The Clement James Foundation 7,500 The Sunshine Kids Foundation 8,434 Theatre Works 7,500 Ukraine Humanitarian Appeal 15,000 Winchester College - Woodland Trust - Total grants for charitable purposes 279,745 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 9 Education 11 Health care or sporting facilities 12 32 |
3. Charitable donations (continued) 2022 £ Brought forward 123,811 National Gallery - Nightingale Fund - Once Upon A Room - Painted Turtle - Project Sebastian - Prostate Cancer 10,000 Royal Hospital Chelsea 5,000 Royal Hospital for Neuro-Disability 5,000 Sandpiper Trust - Sebastian’s Action Trust 5,000 Special Boat Service Association 5,000 Spitalfields Crypt Trust 7,500 St Bartholomew’s Heritage - Tate Foundation 5,000 The Black Watch Regimental Charity 75,000 The Clement James Foundation 7,500 The Sunshine Kids Foundation 8,434 Theatre Works 7,500 Ukraine Humanitarian Appeal 15,000 Winchester College - Woodland Trust - Total grants for charitable purposes 279,745 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 9 Education 11 Health care or sporting facilities 12 32 |
3. Charitable donations (continued) 2022 £ Brought forward 123,811 National Gallery - Nightingale Fund - Once Upon A Room - Painted Turtle - Project Sebastian - Prostate Cancer 10,000 Royal Hospital Chelsea 5,000 Royal Hospital for Neuro-Disability 5,000 Sandpiper Trust - Sebastian’s Action Trust 5,000 Special Boat Service Association 5,000 Spitalfields Crypt Trust 7,500 St Bartholomew’s Heritage - Tate Foundation 5,000 The Black Watch Regimental Charity 75,000 The Clement James Foundation 7,500 The Sunshine Kids Foundation 8,434 Theatre Works 7,500 Ukraine Humanitarian Appeal 15,000 Winchester College - Woodland Trust - Total grants for charitable purposes 279,745 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 9 Education 11 Health care or sporting facilities 12 32 |
2021 £ 118,975 5,000 10,000 3,006 4,884 6,012 - - - 4,000 10,000 - 10,000 30,000 - - - - - - 81,000 2,000 284,877 e made to 11 6 15 32 |
2021 £ 118,975 5,000 10,000 3,006 4,884 6,012 - - - 4,000 10,000 - 10,000 30,000 - - - - - - 81,000 2,000 284,877 e made to 11 6 15 32 |
|---|---|---|---|---|
| 32 |
||||
| 4. Support costs Governance costs Audit fees Other fees to auditor/independent examiner – accountancy services Trustee expenses Valedictory recognition costs Other support costs Administrative fees |
2022 £ 4,914 1,512 448 165 7,039 21,000 28,039 |
2021 £ 4,680 2,280 - - 6,960 20,000 26,960 |
||
13
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 2022
5. Trustee and staff remuneration, related party and other transactions
The charity has no employees.
One trustee (2021 – none) received reimbursement for travel expenses amounting to £248 (2021 - £nil). No trustees received emoluments for their services to the charity. Subsistence costs of £200 were paid for all trustees.
J F M Rodwell received a gift amounting to £112 for his dedicated years of long service upon his retirement.
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 2022 the trust received a distribution of £750,000 after the sale of property from the estate. No conditions were attached to the donation. The Trustee expect to receive a further sum of approximately £100,000 after the conclusion of the estate’s affairs with HMRC.
6. Investments
The trustees’ holdings of investments are as follows:
| Listed investments Fixed interest UK Government Bonds UK equities Private equities North American equities Asia Pacific equities Emerging Market equities European equities Global funds Unlisted investments UK equities Total investments Market value / cost at 1 January 2022 Additions to investments at cost Disposal proceeds Change in value of investments Market value / cost at 31 December 2022 |
2022 £ - 158,567 1,992,026 376,195 995,938 - 116,820 209,599 2,248,776 6,097,921 269,973 6,367,894 |
Cost Market value 2021 2022 2021 £ £ £ 126,424 - 123,050 - 158,062 - 925,787 1,956,451 1,034,999 424,595 298,660 558,049 1,037,389 1,203,565 1,331,486 834,678 - 847,661 244,260 120,340 294,400 - 204,464 - 1,796,557 1,986,621 2,139,014 5,389,690 5,928,163 6,328,659 269,973 269,973 269,973 5,659,663 6,198,136 6,598,632 Listed Unlisted Market value Cost £ £ 6,328,659 269,973 3,276,975 - (2,453,217) - (1,215,254) - 5,928,163 269,973 |
Market value | Market value | |
|---|---|---|---|---|---|
| 2021 £ 123,050 - 1,034,999 558,049 1,331,486 847,661 294,400 - 2,139,014 |
|||||
| 6,328,659 |
|||||
| 269,973 |
|||||
| 6,598,632 |
|||||
| Unlisted Cost £ 269,973 - - - |
|||||
| 269,973 |
14
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 2022
7. Creditors
| 7. Creditors |
||
|---|---|---|
| Amounts falling due within one year Accruals Donations payable Amounts falling due after one year Donations payable |
2022 £ 21,546 48,000 69,546 25,000 94,546 |
2021 £ 16,120 17,000 33,120 10,000 43,120 Total £ 6,198,136 40,694 33,360 (94,546) 6,177,644 |
| 8. Disposition of funds Expendable Unrestricted Endowment £ £ Investments - 6,198,136 Cash at bank and in hand 21,546 19,148 Other debtors - 33,360 Creditors (21,546) (73,000) Net assets - 6,177,644 |
9. Financial instruments
| 9. Financial instruments |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| The charity’s principal financial instruments comprise: | ||
| Quoted securities measured at fair value through income and expenditure | 5,928,163 | 6,328,659 |
| Unquoted securities measured at cost less impairment | 269,973 | 269,973 |
| Cash at bank | 40,694 | 330,455 |
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