## PETER STORMONTH DARLING CHARITABLE TRUST 

## REPORT AND ACCOUNTS 

YEAR ENDED 31 DECEMBER 2023 



## PETER STORMONTH DARLING CHARITABLE TRUST 

I N D E X 

## Year ended 31 December 2023 

||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 2023 

|Settlor|Peter Stormonth Darling|
|---|---|
|Trustees|C C Taylor (Chair)|
||Dr E I Cobb|
||O J Cobb|
||A J Stormonth Darling|
||F D S Rosier|
|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.|
|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 2023 

The Trustees present their report and accounts for the year ended 31 December 2023. 

## 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 £162,835 (2022 - £231,459) from the expendable endowment reserve during the year. 

At 31 December 2023 the investment portfolio was valued at £6,438,083 and the cash balance is £59,633 (2022 – investment portfolio £6,198,136 cash balance £40,694).  After charitable donations and the receipt of legacy funds, there was an investment gain of approximately 6.5% (2022 – 6% loss), which the trustees consider a satisfactory performance relative to relevant market indices for the period. 

3 



PETER STORMONTH DARLING CHARITABLE TRUST
REPOR T OF THE TRUSTEES
Year ended 31 December 2023
During the year inve5¢menr income totalled £120.415 (2022 - £73.926) a5 set out on page 9. A total of 29 grants
amounring to £217500, approximacely 3% of the rrust fund. were committed in the year by the Trustees (2022 -
£279,745). of which £nil is parable in 2024. Grants were funded fr(th a combination of investment income and
Increase5 in value of investments.
In the opinion of the Trustees, the charirls progress is satisfactory.
Future plans
The Trustees have no plans to thange their activitstt. They intend to continue to use InVestm￿t returns to make
donations to selected chatitable owisarions wth an emphasis on heritage. education, health Care and sports frdcilities.
Peter Scornionth Darlin& the $ettlor and a trustee, died on 16 September 2019. leaving a share of hls esfate to the
chariry. The Trustees received a sum. following Progre￿ tOW4rds the conclusion of the estate's afrairs with HMRC,
to the amount of £120.179. There remains a residual porrion of the legacy to be paid subjecc to HMRC final
certification. Thac payment is anticipated to be made within the next six months and to be in the region of
£50.000.
Rlsk
The Trustees have identified the major risks to whith the charity is exposed and have established systems and
Pro￿dureS to micipte those risks.
The Trustees have enga8ed Rathbone Investment Management to provide discretionary investment management
senilces. Rathbone are instructed to invest with a focus on captral growth. The level of the reserves enables the
Trustees to tolerate shorter temi volatility in equities in order to athieve longer term retums.
The Trustees make only prudent distributions each year. targeting distributions of around 5% of the trust fund. and
aim. over the longer tenn, for investment returns to exceed the level of grants, so that larger grants can be made in
furure peri¢xls.
The Trustees do not enter Into material long-term binding commitments and are satisfied that the level of resenies of
6.451,926 (2022 - £6.1 Tl,644) are sufficient to fijnd the tharir<s purposes.
Grants are made only to organlsatlons with narlonal recognition or of whith the Trustees have first hand knowledg
to ensure that fijnds are only applied in accordance with the dty's objetts.
Accounts
The accounts set out on pages 9 te I S have been drawn up in accordance with the relevant provisions of the Charities
Att 201 l. and wtth the Statement of Recommended Practice applicable to tharicies preparin8 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
AJ STORMohrrH DARUNG
13 June
2024

## 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 2023 

## 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 2023 

## 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 2023, 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 2023 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 2023 

## 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 2023 

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. 

## ……………………………………… ren Whi Avalit Sewvitey CUP 

……………………………………… Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS 

15 July 2024 Date:………………………….. 

Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 

8 



||2022|Total|£|-|73,926|2,399|750,000|826,325||37,971|307,784|345,755|(1,215,254)|26,361|(708,323)|-|(708,323)|6,885,967|6,177,644|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Expendable|Endowment|Funds|£|-|-|-|750,000|750,000||37,971|-|37,971|(1,215,254)|26,361|(476,864)|(231,459)|(708,323)|6,885,967|6,177,644|
||Unrestricted|Funds|£|-|73,926|2,399|-|76,325||-|307,784|307,784|-||(231,459)|231,459|-|-|-|
||2023|Total|£|-|120,415|2,651|120,179|243,245||33,889|285,901|319,790|357,985|(7,158)|274,282|-|274,282|6,177,644|6,451,926|
|Expendable|Unrestricted<br>Endowment|Note<br>Funds<br>Funds|Income and endowments from:<br>£<br>£|Donations & legacies<br>-<br>-|Listed investments<br>120,415<br>-|Bank deposits<br>2,651<br>-|Distribution from Estate<br>-<br>120,179|Total income<br>123,066<br>120,179|Expenditure on:|Raising funds<br>2<br>-<br>33,889|Charitable activities<br>2<br>285,901<br>-|Total expenditure<br>285,901<br>33,889|Net gain/(losses) on investments<br>-<br>357,985|Foreign exchange (loss)/gain<br>-<br>(7,158)|Net income / (expenditure)<br>(162,835)<br>437,117|Transfers between funds<br>162,835<br>(162,835)|Net movement in funds for the year<br>-<br>274,282|Fund balances brought forward at 1 January<br>-<br>6,177,644|Fund balances carried forward at 31 December<br>-<br>6,451,926|





PETER STORMONTH DARLING CHARITABLE TRusr
BALANCE SHEET
At 31 December 2023
Note
2023
2022
FIX￿ assets
Investments
6,438.083
d198,136
Current assets
Cash at bank
Other debtor
59.633
40,694
33,360
Creditors: amounts falling due within one year
Net current (liabtlitiesyassets
(45,790)
13,843
(69.546)
4.508
Creditors . amounts falling due after one year
Net assets
{25,000)
6.177.644
6,451.926
Trust Funds
Expendable Endoymient
Total ¢harltable funds
6.451.926
6,177,644
6,451.926
6,177.644
The financial sratements on pages 9 to 15 were approved by the trt￿ee$ on
$18ned on thelr behalf br-
13Jun8
2024 and were
C C TAYLOR
Trustee
AJ STORmO￿ThH DARUNG
Trustee
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 2023 

## 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.  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. 

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 2023 

|2.<br>Allocation of expenditure<br>Note<br>Raising funds<br>Investment management fees<br>Charitable activities<br>Charitable donations<br>3<br>Support costs<br>4|2023<br>£<br>33,889<br>33,889<br>217,500<br>68,401<br>285,901||2022<br>£<br>37,971|
|---|---|---|---|
|||37,971<br>279,745<br>28,039|37,971|
|||307,784||



Investment management fees are charged to the expendable endowment fund.  All other expenditure is charged to the unrestricted fund. 

|3.<br>Charitable donations|||
|---|---|---|
||2023|2022|
||£|£|
|Age Well Senior Services|-|5,811|
|Bath Festivals|4,000|5,000|
|Bath Mozartfest|7,500|5,000|
|Battle of Britain Memorial Trust|-|10,000|
|Beckford Tower Trust|-|5,000|
|Bobsleigh Skeleton & Ice Sports|10,000|-|
|Burma Star Memorial Fund|7,500|-|
|Chailey Heritage Foundation|10,000|-|
|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|
|Comar An Tobar & Mull Theatre|2,000|-|
|Commonwealth Ex-Services League|2,500|-|
|Critical Support|10,000|-|
|Felix Project|-|2,500|
|Framfield PTFA|5,000|3,000|
|Friends of East Sussex Hospices|-|2,500|
|George Beaumont Group (National Gallery)|10,000|-|
|Glyndebourne Opera House|5,000|5,000|
|Holburne Museum|4,000|-|
|Holst Birthplace Trust|2,000|-|
|Imperial College|30,000|25,000|
|Jo’s Cervical Cancer Trust|-|5,000|
|Johnny’s Ambassadors|5,000|-|
|Longborough Opera|7,500|5,000|
|Longlands Care Farm|7,500|7,500|
|Lord Taverners|-|2,500|
|Lupus UK|-|5,000|
|Melodia Mariposa|5,000|-|
|Prostate Cancer|-|10,000|
|Puppies Behind Bars|4,000|-|



(continued) 

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 2023 

|3.<br>Charitable donations (continued)<br>2023<br>£<br>Brought forward<br>158,500<br>Royal Hospital Chelsea<br>-<br>Royal Hospital for Neuro-Disability<br>5,000<br>Sebastian’s Action Trust<br>7,500<br>Special Boat Service Association<br>-<br>Spitalfields Crypt Trust<br>-<br>St Bartholomew’s Heritage<br>-<br>Tate Foundation<br>-<br>The Black Watch Regimental Charity<br>-<br>The Clement James Foundation<br>-<br>The Sunshine Kids Foundation<br>-<br>Theatre Works<br>7,500<br>Tommy’s<br>5,000<br>Treloar Trust Appeals<br>5,000<br>Ukraine Humanitarian Appeal<br>-<br>We Ride Together<br>4,000<br>Winchester College Wykeham Campaign<br>25,000<br>Total grants for charitable purposes<br>217,500<br>Grants are made to charities focusing on heritage, education or health care and sports facilities.  All grants wer<br>Institutions.  The number of grants made during the year was as follows:<br>Heritage<br>8<br>Education<br>12<br>Health care or sporting facilities<br>11<br>31|3.<br>Charitable donations (continued)<br>2023<br>£<br>Brought forward<br>158,500<br>Royal Hospital Chelsea<br>-<br>Royal Hospital for Neuro-Disability<br>5,000<br>Sebastian’s Action Trust<br>7,500<br>Special Boat Service Association<br>-<br>Spitalfields Crypt Trust<br>-<br>St Bartholomew’s Heritage<br>-<br>Tate Foundation<br>-<br>The Black Watch Regimental Charity<br>-<br>The Clement James Foundation<br>-<br>The Sunshine Kids Foundation<br>-<br>Theatre Works<br>7,500<br>Tommy’s<br>5,000<br>Treloar Trust Appeals<br>5,000<br>Ukraine Humanitarian Appeal<br>-<br>We Ride Together<br>4,000<br>Winchester College Wykeham Campaign<br>25,000<br>Total grants for charitable purposes<br>217,500<br>Grants are made to charities focusing on heritage, education or health care and sports facilities.  All grants wer<br>Institutions.  The number of grants made during the year was as follows:<br>Heritage<br>8<br>Education<br>12<br>Health care or sporting facilities<br>11<br>31|3.<br>Charitable donations (continued)<br>2023<br>£<br>Brought forward<br>158,500<br>Royal Hospital Chelsea<br>-<br>Royal Hospital for Neuro-Disability<br>5,000<br>Sebastian’s Action Trust<br>7,500<br>Special Boat Service Association<br>-<br>Spitalfields Crypt Trust<br>-<br>St Bartholomew’s Heritage<br>-<br>Tate Foundation<br>-<br>The Black Watch Regimental Charity<br>-<br>The Clement James Foundation<br>-<br>The Sunshine Kids Foundation<br>-<br>Theatre Works<br>7,500<br>Tommy’s<br>5,000<br>Treloar Trust Appeals<br>5,000<br>Ukraine Humanitarian Appeal<br>-<br>We Ride Together<br>4,000<br>Winchester College Wykeham Campaign<br>25,000<br>Total grants for charitable purposes<br>217,500<br>Grants are made to charities focusing on heritage, education or health care and sports facilities.  All grants wer<br>Institutions.  The number of grants made during the year was as follows:<br>Heritage<br>8<br>Education<br>12<br>Health care or sporting facilities<br>11<br>31|2022<br>£<br>133,811<br>5,000<br>5,000<br>5,000<br>5,000<br>7,500<br>-<br>5,000<br>75,000<br>7,500<br>8,434<br>7,500<br>-<br>-<br>15,000<br>-<br>-<br>279,745<br>e made to<br>9<br>11<br>12<br>32<br>2022<br>£<br>4,914<br>1,512<br>448<br>165<br>7,039<br>21,053<br>560<br>28,039|
|---|---|---|---|
|4.<br>Support costs<br>Governance costs<br>Audit fees<br>Other fees to auditor/independent examiner – accountancy services<br>Trustee expenses<br>Valedictory recognition costs<br>Other support costs<br>Administrative fees<br>Sundry||2023<br>£<br>7,200<br>1,992<br>160<br>-<br>9,352<br>22,000<br>37,049<br>68,401||
|||||
|||||



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 2023 

## 5. Trustee and staff remuneration, related party and other transactions 

The charity has no employees. 

One trustee (2022 – one) received reimbursement for travel expenses amounting to £160 (2022 - £248). No trustees received emoluments or expenses for their services to the charity. 

An administrative charge for secretarial services of £22,000 was incurred in the year (2022 - £21,053). 

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 2023 the trust received a sum, following the conclusion of the estate’s affairs with HMRC, to the amount of £120,179. No conditions were attached to the donation. 

## 6. Investments 

The trustees’ holdings of investments are as follows: 

|Listed investments<br>Fixed interest<br>UK Government Bonds<br>UK equities<br>Private equities<br>North American equities<br>Asia Pacific equities<br>Emerging Market equities<br>European equities<br>Global funds<br>Unlisted investments<br>UK equities<br>Total investments<br>Market value / cost at 1 January 2023<br>Additions to investments at cost<br>Disposal proceeds<br>Change in value of investments / impairment<br>Equalisation<br>Market value / cost at 31 December 2023|<br>2023<br>£<br>-<br>189,067<br>1,787,548<br>272,138<br>1,029,157<br>-<br>-<br>209,599<br>2,454,457<br>5,941,966<br>319,964<br>6,261,930||Cost<br>Market value<br>2022<br>2023<br>2022<br>£<br>£<br>£<br>-<br>-<br>158,567<br>195,669<br>158,062<br>1,992,026<br>1,809,992<br>1,956,451<br>376,195<br>311,101<br>298,660<br>995,938<br>1,254,126<br>1,203,565<br>-<br>-<br>-<br>116,820<br>-<br>120,340<br>209,599<br>214,305<br>204,464<br>2,248,776<br>2,352,926<br>1,986,621<br>6,097,921<br>6,138,119<br>5,928,163<br>269,973<br>433,471<br>269,973<br>6,367,894<br>6,591,590<br>6,198,136<br>Listed<br>Unlisted<br>Market value<br>Cost<br>£<br>£<br>5,928,163<br>269,973<br>1,020,461<br>49,991<br>(1,175,282)<br>-<br>377,985<br>(20,000)<br>(13,208)<br>-<br>6,138,119<br>299,964|
|---|---|---|---|



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## 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 2023 

|7.<br>Creditors<br>Amounts falling due within one year<br>Accruals<br>Donations payable<br>Amounts falling due after one year<br>Donations payable|2023<br>£<br>18,790<br>27,000<br>45,790<br>-<br>45,790|2022<br>£<br>21,546<br>48,000|
|---|---|---|
|||69,546<br>25,000|
|||94,546|



|8.<br>Disposition of funds<br>Expendable<br>Unrestricted<br>Endowment<br>£<br>£<br>Investments<br>-<br>6,438,083<br>Cash at bank and in hand<br>18,790<br>40,843<br>Other debtors<br>-<br>-<br>Creditors<br>(18,790)<br>(27,000)<br>Net assets<br>-<br>6,451,926|Total<br>£<br>6,438,083<br>59,633<br>-<br>(45,790)|
|---|---|
||6,451,926|



## 9. Financial instruments 

|9.<br>Financial instruments|||
|---|---|---|
||2023|2022|
||£|£|
|The charity’s principal financial instruments comprise:|||
|Quoted securities measured at fair value through income and expenditure|6,138,119|5,928,163|
|Unquoted securities measured at cost less impairment|299,964|269,973|
|Cash at bank|59,633|40,694|



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