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

LOCV
0)￿ OJ

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