PETER STORMONTH DARLING CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024
PETER STORMONTH DARLING CHARITABLE TRUST I N DEX Year ended 31 December 2024 Page General information Report of the trustees Statement of trustees, responsibilities Independent auditor's report Stalement of financial activities Balance sheet 10 Notes to the financial statements
PETER STORMONTH DARLING CHARITABLE TRUST GENERAL INFORMA TION Year ended 31 December 2024 Settlor Peter Stormonth Darling C C Taylor (Chair) DrEICobb OJCobb A J Stormonth Darling F D S Rosier Trustees Reglstored charlty number 1049946 Clo Miss S Maan 7 Lansdown Crescent Bath BA1 SEX 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 heritag8, education, health care and sports facilities. Dixon Wilson Audit SeNices LLP 22 Chancery Lane London WC2A 1 LS Addr8SS Trust Summary Auditor Sollcltors Huntèrs Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Investment advisers and bankers Ralhbone Investment Management 30 Gresham Street London EC2V 7QN
PETER STORMONTH DARLING CHARITABLE TRUST REPOR T OF THE TRUSTEES Year ended 31 December 2024 The Trustees present their report and accounts for the year ended 31 December 2024. 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 18 established is.. lo make donations to any charitable body, associatlon or organisalion at the discretion of the trustees with an emphasis on hentage, education, health care and sports facilities. The trustees, policies are: (al 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 Ihe trust objective. to give grants only to recognisable national charities and to local charities of which the trustees have first-hand knowledge that they are properly and efficiently run. to give grants out of capital funds as permitted by the trust deed when that is necessary in order to support d8seNing causes. (b) (c) Publlc benefit The Trustees, having regard to the Public benefil 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 lesl 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 invesl 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 50/0 of the trust's funds. Accordingly, the Trustees may transfer funds from the expendable endowment reserve to make donations. The Trustees transferred £174,708 (2023 - £162,835) from the expendable endowment reserve during the year. At 31 December 2024 the investment portfolio was valued al £6,563,525 and the cash balan was £38,982 12023- investment portfolio £6,438.083, cash balance £59,633). After charitable donations and the receipt of legacy funds. there was an investment gain of approximatèly 6.40/. {2023 _ 6.5 % gain), which the trustees consider a satisfactory perfonnance relative lo relevant market indices for the period.
PETER STORMONTH DARLING CHARITABLE TRUST REPOR T OF THE TRUSTEES Year ended 31 December 2024 During the year investment income tolalled £148,97812023 - £120,415) as set out on page 9. A total of 30 grants amounting to £294.760, approximately 40/0 of the trust fund, were committed in the year by the Trustees12023 - £217,500). Grants were funded from a combination of investment income and increases in value of investments. In the opinion of the Trustees, the charty's progress is satisfactory. Future plans The Trustees have no plans lo change their activities. They intend to continue to use investment returns to make donations lo 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 estale to the charily. The Trustees received a final sum, following the conclusion of the estate's affairs with HMRC, to the amount of £9,590 (2023 - £120,179). Risk The Trustees have identified the major risks to which the charity is exposed and have established systems and procedures to mitigale those risks. The Trustees have engaged Rathbone Investment Management to provide discretionary investment management seNices. 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 dlstributions each year, targeting dislrlbutions of around 50/0 of the trust fund, and aim, over the longer term, for inveslment returns to exceed the level of grants, so that larger grants can be made in futur8 periods. The Trustees do not enter into material long-term binding commitments and are satisfied that th8 level of reserves of £6,554,807 (2023- £6,451,926) are sufficient lo fund the charity's purposes. Grants are made only to organisations with national recognition or of which the Trustees have first hand knowl@dge, to ensure that funds are only applied in accordance with the charity's objects. Accounts The accounts sel out on pages 9 to 15 have been drawn up in accordance with the relevant provisions of the Charities Act 2011, and wilh 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 IFRS 102). For and on behalf of the Trusle8S C C TAYLOR AJ STORMONTH DARL 5 June 2025
PETER STORMONTH DARLING CHARITABLE TRUST ST A TEMENT OF TRUSTEES RE PO N S I B I L l T l ES Year ended 31 December 2024 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 lo 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 reasonabl& and prudent., stale 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 lo presume that the charity will continLte in business. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial posilion of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charily {A¢counts 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.
PETER STORMONTH DARLING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPOR T Year ended 31 December 2024 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PETER STORMONTH DARLING CHARITABLE TRUST Opinion We have audited the financial statements of the Peter Stormonlh Darling Charitable Trust (the 'charity') for the year ended 31 December 2024, 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 slatements.. give a true and fair view of the stale of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepied Accounting Practice., and have been prepared in accordance with th8 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 w& have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng 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 casl significant doubt on the charity's ability lo continue as a going concern for a period of al least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respecl to going concern are described in the relevant sections of this report. Othar Informatlon The other information comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon. 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 inconsislenl with the financial statements or our knowlodge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a malerial misstatemenl 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 malerial misstatement of this olher information, we are required to report that fact. We have nothing io report in this regard.
PETER STORMONTH DARLING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPOR T Year ended 31 December 2024 Matters on which we are required to report by excepllon We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the Iruslees report., or sufficient accounting records have not been kept., or the financial statements are nol in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responslbilitles of trustees As explained more fully in the trustees, responsibilities statement sel 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 falr 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 lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease op&rations. or have no realistic alternative bul to do so. Audltor's responslbllities for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charities Acl 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 delect a material misstatement when il exisls. 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 delect material misstalemenls 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 il operates, and considered the risk of acts by the charity that were onlrary lo applicable laws and regulations, including fraud. We designed audit procedures to respond lo the assessed level of risk, bul 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 misstalement due to fraud.
PETER STORMONTH DARLING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPOR T Year ended 31 December 2024 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.uklauditorsresponsibilities. 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 ac¢ept or assume r8sponsibilily to anyone oth8r Ihan th& charity and Ihe charity's trustees as a body, for our audit work, for this report, or for the opinions we hav8 formed. IW Krf,[. AqIÈ LLw9 Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1 LS Date.. Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 23 Jun8 2025
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PETER STORMONTH DARLING CHARITABLE TRUST BALANCE SHEET At 31 December 2024 Nole 2024 2023 Fixed assets Investments 6,563,525 6,438,083 Current asséts Cash at bank 38,982 59, 633 Creditors.. amounts falling due within one year Nel current (liabillties)lassets 137,7001 1,282 (45, 790) 13,843 Creditors . amounts falling due after one year Net assets {10,000) 6,554,807 6,457,926 Trust Funds Expendable Endowment Tolal charitable funds 6,554,807 6,554.807 6,451,926 6,451,926 The financial statements on pages 9 to 15 were approved by the trustees on were signed on their behalf by'.- 2025 and .kn) lo/ C C TAYLOR Trustee A J STORMONTH D Trustee LING
PETER STORMONTH DARLING CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Accountlng pollcies Basis of preparatlon and assessment of going concern The financial statements have been prepared under the histonc cost convenlion, with the excepiion 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 conslder 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 inveslment return and the performance of inveslment markets {see the risk managemenl section of the trustees, annual report for more information). Funds structure The charity has an endowment fund created by a gift. The income of Ihe Trust is unrestricted. The terms of the endowment allow Ihe capital of the fund to be spent if the Trustees so determine. Unrestricted income funds comprise those funds which the Truslees are free to use for any purpose in furtherance of the charity objectives. Income All income is recognised On the charity has entillemenl 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 b8 required and the amount of th8 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 Aclivilies. 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 al cost less impairment. Changes in the fair value of investm8nts are included in nel gains on investments in Ihe statement of financial activities. The charity's unquoted investments are measured al cost less impairment as reliable fair values are not available. Forelgn currency transactions Monetary assets and liabilities denominated in foreign currenGies are Iranslated into Sterling at the rates of exchange ruling at Ihe balance sheet date. Transactions in foreign currencies are recorded al the rate of exchange ruling at the date of the Iransaction. Exchange differences arising on transactions in the year are taken to the Statement of Financial Activities.
PETER STORMONTH DARLING CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Allocation of expendlture Note 2024 2023 Raising funds Investment management fees 36,013 36.013 33, 889 33,889 Charitable activities Charitable don81ions Support costs 294,760 31,838 2tT,500 68,401 326,598 285,901 Investment management fees are charg8d lo the expendable endowment fund. Ail other expenditure is charged lo thè unrestricted fund. Charitabl8 donatlons 2024 2023 Bath Festivals Bath Mozartfesl 8alh Rugby Foundation Bobsleigh Skeleton & Ice Sports Burma Star Memorial Fund Chailey Heritage Foundation Charleston Trust Chelsea Academy Foundation Chelsea Physic Garden Chellenham Festivals Comar An Tobar & Mull Theatre Commonwealth Ex-services League Critical Support Deafblind Framfield PTFA Friends of East Sussex Hospices George Beaumont Group {Nalional Gallery) Glyndebourne Opera House Holburne Museum Holsl Birthplace Trust Imperial College Institute of Cancer Research Johnny's Ambassadors Little Village Longborough Opera Longlands Care Farm Lord Taverners Melodia Mariposa Only Hope Prison Ministries Physics Partners Proslale Cancer Puppies Behind Bars 4, 000 7, 500 7,500 6,000 10,000 7,500 10,000 7.500 10,000 2,500 40,000 50,000 5,000 70,OQO 5, 000 5,000 2,000 2, 500 10,000 2,500 5,000 5.000 3,000 10,000 4,000 10,000 5,000 4, 000 2, 000 30,000 30,000 5,000 5,000 5,000 7,500 7,500 2,500 7, 500 T,500 5,000 6,000 10,000 5,000 4,000 Icontinuedl
PETER STORMONTH DARLING CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Charltable donatlons (continued) 2024 2023 Brought forward 231,500 158, 500 Royal Hospital for Neuro-Disability Royal Opera House Garden Foundation Rugby Portobello Trust Sebastian's Action Trust Serpentine Gallery Trust The Clemenl James Foundation Theatre Works Tommy's Treloar Trust Appeals Uckfield First Responders We Ride Together Winchester College Wykeham Campaign Total grants for charltable purposes 25.000 5,000 5,000 10,500 760 5,000 7,500 5,000 T, 500 7,500 5, 000 5.000 5,000 4, 000 25,000 294.760 21T,500 Grants are madè lo charities focusing on heritage, 8ducalion or health care and sports facilllies. All granls wer8 made to Instilulions. The numb8r of granls made during the year was as follows.. Heritage Education Health care or sporting faGili118S 14 30 29 Support cost8 2024 2023 Governance costs Audit fe89 Other fees lo auditorlindependenl examiner- accountancy services Trustee expenses 7,320 1,590 69 7,200 1,992 160 Other support costs Adminislralive fees Sundry 8,979 9,352 23,000 {1411 31,838 22,000 37,049 68,401
PETER STORMONTH DARLING CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Trustee and staff remuneration, related party and other transactlons The charity has no employees. One truslee {2023 one) received reimbursement for travel expenses £69 12023 £160). No truslees received emoluments or expenses for their services to Ihe charity. An administrative charge for secrelarial services of £23,000 was incurred in the year (2023 - £22,000). Peter Slomonth 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 2024 the trust received a final distribution, following the conclusion of the estate's affairs with HMRC, to the amount of £9,59012023 - £120,179). No conditions were attached to the donation. Investments The trustees, holdings of investments are as follows.. Cost 2023 Market valuo 2023 2024 2024 Llsted Investments Flxed Interesl UK Governmenl Bonds UK equities Private equities North American equities Asia Pacific eqLtities Global equities Infrastructure funds 450,105 365,605 1.120.648 272,138 891,364 209,599 2,273,211 273,494 474,048 189,067 365,305 1, 787,548 1,132,426 272, 138 313,799 1,029,157 1,156,056 209,599 230,698 2,454,457 2,385,750 205.479 795,669 1,809,992 311, 101 1,254, 126 214,305 2,352,926 5,856,164 5,941,966 6,263,561 6,738,119 Unlisted investments UK equities 319,964 319,964 29g,964 299,964 Total Investments 6,176,128 6,261,930 6,563,525 6,438,083 Llsted Markel value Unllsled Cost Market value I cost at 1 January 2024 Additions lo investments at cost Disposal proceeds Change in value of investments l impairment Market value I cost at 31 December 2024 6,138,119 1,167,632 {1,348,557) 306,367 299,964 6,263,561 299,964 14
PETER STORMONTH DARLING CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Creditors Amounts falling due within one year Accruals Donations payable 2024 2023 27,700 10,000 18,790 27,000 Amounts falllng due after one year Donalions payable 37,700 45, 790 10,000 47,700 45,790 Disposltion of funds Expendable Endowment Unrestrlcted Total Investments Cash al bank and in hand Other debtors Creditors 6,563,525 11,282 6,563,525 38,982 27,700 (27,700) (20,0001 147,700} 6,554,807 6,554,807 Nel assets Flnanclal Instruments 2024 2023 The charity's principal financial instruments comprise: Quoted securities measured al fair value through income and expenditure Unquoled securities measured at cost less impairment Cash al bank 6,263,561 299,964 38,982 6,138,119 299, 964 59,633 15