The Sternians Trust Fund Registered Charity: 1052004 Annual Report and Accounts Year ended 31 December 2023
The Stemians TnJst Fund Annual Report and Accounts for the year ended 31 December 2023 Contents Pages Contents Legal and Administrative Report of the Trustees Independent Examinerfs Report Annual Accounts Statement of Financial Actrvities Balance Sheet Notes to the Accounts 10-13 Page2of13
The Sternians Trust Fund Annual Reportand Accounts forthe yearended 31 December2023 Legal and Administrative Registered charity number 1052CI Registered address Lord Wandsworth College Long Sutton Hook Hampshire RG25 1 TB Trustees Paul Richings (Chairman) James Brewin (Hon. Secretary) 8en Forman (Hon. Treasurer) Alvin Boateng (appointed November 2023) Richard Janaway Shelley Lawson Richard Saunder5 Carty Skillett (appointed November 2023) Independent Examiner Chris Bellairs Bankers Lloyds Bank 174 Fleet Road Fleet Hampshire GU514DD Pdge3of13
The Stemians Trust FLEnd Annual Report and Accounts for the year ended 31 December 2023 Report of the Trustees Headllnes Assistance was given to eight pupils, with grants totalLing É22,5CKI Further donation of £19,000 to the Lord Wandsworth Foundation Indiwdual donations received, including tax recovery. were almost £5,000 Investment income wa5 £41.500 against É36,6CM) in 2022 Total assets increased from £1.004.OCM) to £1,040.000 Two newTrustees appointed TheTrust Fund The primary objective of the Fund is to help to ensure that children who are being educated at Lord Wandsworth College are not forced to leave following an adverse change in financial circumstances. That is particularty when they are in. or about to enter, the examination years of the fifth and sixth Forms. Grants for fees are made out of the income eamed from the Fund's Investmen while the capital is built up through donations and legacies. The Trust Fund was established as The Old Stemians Charity Fund. by a Trust Deed dated T, March 1961. In January 1966. the Fund was estsblished as a separate charity. having previously been part of the Lord Wandsworth charity. The name was changed to 'The StemiansTrust Fund, in 1995. The Fund started with the transfer of £223 from the'scholarship Fund.. which itself had been set up from the balance remaining on the War Memorial Fund.. created after the 1939-45 War. The Fund's assets grew slowly. to a little less than £1.000 by 1969 and to over £5.CNJO in 1977. The very kn'mited investment income in the earty days was applied in making small grants for language courses. field trips, sportswear and music le550ns and instruments. Since 1999, by which time the value of the Fund had grown to over £150,000. grants have been almost entirely towards School fees, and over that period are approaching £350,000. The Trustees The current Trustees are allfomer pupils at the College. During theyearwe launched a process to find an additional Trustee. We were pleased to attract applications from over 30 high-quality candidates. between them offering a wide range of attribute5 to the Trust Fund. We therefore invited applicants to join the Trustee body, and were delighted to welcome both Carly Skillett and Alvin Boateng. Carly and Alvin left the College in 2008 and 2019 respectively. Of the existing Trustees Richard Janaway, who is a Governor of the College. became a Trustee in 1998- Paul Richings (Chairman) in 2007; Richard Saunders in 2C()9. and Ben Forman (HOnOraryTasU[er) in 2015, after 12 years as Independent Examiner. James Brewin and Shelley Lawson were both appointed as Trustees in 2021. James having served as Honorary Secretary of the Trust Page4of13
The Sternians Trust Fund Annual Reportand Accounts fortheyearended 31 December 2023 Fund since 2017. and SheLley being both a Stemian and current parent Chris Bellairs was appointed Independent Examiner at the beginning of 2016,- he was also a pupil at the CoLlege. Grants 2023 saw assistsnce prowded to eight pupils. compared to nine in 2022. Total grants awarded of £22,500 were slightly lower than in the prior year. Six of the eight pupil5 remained at the College at the year end. and the Twstees have committed an additional É22.500 to support them in 2024. The TNstees work with the College to identify the widest possible range of eligible beneficiaries. Grants are funded out of investment income. with donations and legacies used to build up the capital of the Fund, which helps to preserve the Trust Fund's capacity to provide support as school fees rise over time. Provided that the Headmaster and Bursar give their support and have agreed that assistance is merited, the amount of a grant is determined after examination of the financial information that applicants provide. Grants are for proportion of the fees. In almost all case& a grant is accepted when offered and the pupil continues at the College: where that does not happen, the level of grant is rarely. by itself, the decisive factor. A number of the pupils SUPPOrted during the year and as at the date of this report are Foundationers. where the Trust Fund has stepped in to fill the gap left by other charities whose previous support did not extend beyond the 5 Fom. As previously mentioned, the Trustees, policy is to invest donations to produce a rising income, ensurtng that the TnJst Fund's grant-making capacity keeps pace with increasing school fees. The Trustees are mindful ofthe need to ensure that investment income is applied as fijlly as possible towards grants. With ongoing economic uncertainty the Trustees expect there will be a continuing pipeline of applications. However, during 2023 there were insufficient applications received that met the Trustees. grant-making criteria to account for the entirety of the available investment income. As such. the Trustees have agreed to make a grant of £19.000. equivalent to the surplus investment income. to the Lord Wandsworth Foundation. thereby ensuring thatthe full amount ofthe year's income is purposefully deployed. Legacies & Donations Legacies have been a major factor behind the rapid grovrth of the Trust Fund's resources over recent years. contributing over £275,( since 2006. No legacies were received during the year (2022: £25.000). In addition to legacy income. the grovrth of the Trust Fund has been founded on the cumulative impact of regular donations from a small number of Stemians over many years. whose gifts now total c.É150.000. including tax recovery. Those donations were almost £5,000 in 2023. Page5of13
The Sternians Trust Fund Annual Report and Accounts for the year ended 31 December 2023 General Flnance Following the prior yearfs fall of £97.OCM) in the value of the Fund's assets. 2023 saw partial recovery of those unrealised losses. with the investments benefitting from a £32.OCM) increase in value. The total assets of the Trust Fund increased during the year from £1,004,000 to £1,040,000. The investment of donations and legacy income over time has resulted in an ongoing increase in available income. which rose to É41,500 in 202312022: É36.600). The Trust Fund's capital is invested in fijnds designed specifically for charities. The investments are mainly (85/ by value) in wider range assets. primarily equities but atso some real estate, producing an income yield of 4.3Y. Cumulatively. gains in market value, all in the equity investments, have amounted to almost £300,000. an increase of over 50Yo above the original cosL The Trustees are in principle prepared for grants to exceed investment income by up to £10,Crf)O on a rolling three-year basis if there are enough applications with sufficient merit Outlook Although inflationary pressures have abated somewhaL there remain a number of sources of economic uncertainty, not least the ongoing conflicts in Ukraine and the Middle EasL but also the UK Genetal Election which is likely to be held before the end of 2024. Where these factors have an adverse impact on parentsl resources the Trust Fund is well-placed to step in and assist- its resources now allow it to make meaningful contributions to the students that it supports. I would like to thank the donors whose contributions have made this possible. I would like to conclude by recognising the pivotal contribution to the Trust Fund of Hugh Podger, who sadly passed away in January 2024. Hugh chaired the Trust Fund in its various guises from its inception. and steered its development for the fitst half century of its existence. The Trust Fund has, over this period. enabled numerous students to continue their education at Lord Wandsworth College and to fully benefit from all that the College provides. The Fund's evolution and its ongoing positive influence on the lives of the students it supports is largely due to Hugh's leadership, vision. and unwavering dedication to the College. It was a privilege to have served as a Trultee underhis leadership. Paul Richings Chairman of the Trustees 23 February 2024 Page6of13
The Stemian5Trust Fund Annual Report and Accounts for the year ended 31 December 2023 Independent Exarniner's Report to the Trustees of the Sternlans Trust Fund I report to the Trustees on my examination of the accounts of the Trust Fund for the yearended 31 December 2023 which are set out on pages 8 to 13. Responsibilities and basls of report As the Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act?. I report in sPeCt of my examination of the accounts Caled out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given bythe Charity Commission under section 145(5)(b) ofthe ACL Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. Accounting records were not kept in respect of the Trust Fund as required by section 130 of the ACL or 2. The accounts do not accord with those records-, or 3. The accounts do not complywith the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairview which is nota matterconsidered as part ofan independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Chris Bellairs FCA 23 February 2024 Old Cottage, Shoreham, Hent Page7of13
The StemiansTTUSt Fund Annual Report and Accounts for the year ended 31 Dember 2023 Statement of Financial Activitles Notes 2023 2022 Income from donations and legacies Income from investments Total income 4.678 41.522 46,200 29.938 36,594 66.532 Expenditure on charitable acttvities Other expenditure Total expendlture 41.500 156 41,656 24,000 195 24.195 Net Income 4,544 41337 Unrealised gain/(loss) on investment assets 31.629 (96,870) Net movement in funds 36.173 (54,533) Fund balance bought forward at 1 January 1,004,254 1.058.787 Fund balance carried forward 31 December 1,040,427 1.004,254 All amounts derive from continuing activities. Notes 1 to 9 form part of theseAnnual Accounts. Page8of13
The Stemians Trust Fund Annual Report and Accounts fof the yearended 31 December 2023 Balance Sheet Notes 2023 2022 Flxed assets Investments 1,012.114 935.485 Current assets Current account Deposit account Income tax recoverable Total current assets 47.227 67.101 79 47,313 1.661 68.769 Current liabllities Accrued grants Total current liabilities (19.000) (19.000) Net current assets 28.313 68.769 Total net assets 1.040.427 1.004.254 Represented by. Unrestricted general purpose fund Total funds at 31 December 1,040.427 1.040.427 1.004,254 1,004,254 Notes 1 to 9 form part of these Annual Accounts. Approved by the Trustees on 23 February 2024 and signed on their behalf by: P. D. Richingslchairman) B. R. FOan (Hon.Treasurer) Page9of13
The SterniansTrust Fund Annual Report and Accounts for the year ended 31 December 2023 Notes to the Accounts 1. Accounting policies (i) The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019. the Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.) and the Charities Act 2011. (li) The financial statements have been prepared under the historical cost convention except that investments are carried at the closing mid-rnarket value at the Balance Sheet date. Any gain orloss is recognised in the Ststement of FinancialActivities. (iii) Donation5 are included in the Statement of Financial Activities when received. together with any associated tax Cdit Investment income is recognised when received. liv) Resources expended are accounted for on an accruats basis. In particular. grants provided to assist in the payment of school fees are recognised in the Statement of Financial Activities when they become due at the start of each tem. I Statement of Trustees. responsibilities The Trustees are responsible for preparing the Report of the Trustees and the accounts for each financial year which give a true and fair view of the Trust Fund's financial activities during the year and of its financial position atthe end of theyear. The Trustees confirm that suitable accounting policies have been used and applied conslstently and reasonable and prudent judgements and estimates have been made in the preparation of the financial statements for the year ended 31 December 2023. The Trustees atso confirm that applicable accounting standards and statements of recommended practice have been followed and that the financial statements have been prepared on a going concem basis. The Tnjstees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust Fund and enable them to ensure that the financial ststements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust Fund and hence for taking reasonable steps for the prevention and detection of fraud and other Iegular1tie5. The major risks to which the Trust Fund is exposed are kept under rewew and are taken into account when decisions are made concerning grants. The Trustees have set limits on the extent to which grants may exceed investment income overa rolling three year period. The Trustees are mindful of the need forthe Trust Fund to conform to the requirement for Charities to demonstrate public benefit and are satisfied that the Trust Fund conforms thereto. Page10of13
The StemiansTnJst Fund Annual Report and Accounts for the yearended 31 December 2023 3. Statement of Investment pollcy The Trustees. investment policy is to invest fully all funds not required in addition to investment income to meet commitments for grants in the near term (normally up to three year5 ahead), while retaining funds on depositwhen market conditions make a delay in investing advisable. Investment5 are in unit trusts for charities and are divided betsveen equities and propety ('wider range investments.) and fixed interest stocks ('narrower range investments,) in proportions agreed by the Trustees and reviewed at their meetings. The Trust Deed does not place restrictions on the use of funds and all fijnds are designated as unrestricted. MO than one unit trust manager is used. Currently the managers used are BlackRock (BLK Charities UK Bond Fund and BLK Charities Equity Fund), M&G (Charibond and Charifund) and CCLA (COIF Charib'es Investment Fund). Cash awaiting investment or expected to be required for grants in the near tem is held in the cutrentaccounL 4. Income from donations and legacles 2023 2022 Indimdual donations (including tsx recoverable) Legacies 4.678 4,938 25,000 29.938 4.678 5. Income from investments 2023 2022 Received from narrower range investments Received from wider range investments 5,777 35,745 41.522 4.120 32.474 36,594 Page11of13
The Sternians Trust Fund Annual Report and Accounts for the year ended 31 December 2023 6. Expenditure on charltable activitles 2023 2022 Expenditure on charitable activities 41.500 24.000 Expenditure on charitable activities comprises grants made for school fees and other associated costs. either directly or by amounts donated to the Lord Wandsworth CoLlege Foundation. The Trust Fund supported eight pupils during 2023 (2022: nine) in respect of whom £22,500 (2022- £24,000) was charged to the Statement of Financial Activities during the year. The Trust Fund had committed support to six pupils (2022: six) at the end of 2023. for whom further grants totalling É22.500 (2022: £12,000) are committed to be paid during 2024. In addition. a further grant of É19.000 (2022: Éniu for termly fees and other associated costs was committed to the Lord Wandsworth College Foundation during the year. This amountwas accrued at 31 December 2023 and subsequently paid in 2024. 7. Other expenditure 2023 2022 Trustees. expenses 156 156 195 195 Trustees. expenses represent travel and other costs of two Trustees (2022: two). The Trustees make a donation to the Trust Fund equaL to the expenses claimed, such that no payments were made to them in respect of this amounL Neither the Trustees and the Independent Examiner. norany person connected with them. have recesved any remuneration. The Trust Fund has no employees and so incurs no staff costs. Page12of13
The Sternians Tnjst Fund Annual Report and Accounts for the year ended 31 December 2023 8. Investments 31 Deeembef 2023 31 December2022 Holdlng Market value 51 645 102.993 154.638 Holdlng Cost Market valLte 50.947 99.742 150.689 BLK Charities UK Bond M&G Charibond Naryower Range 34.895 92.089 62529 117.947 180.476 34.B95 92.089 62529 117.947 180.476 BLK Charilies UK Equrty M&G Charifund COIF Investment fund Wider Range 18.674 24.764 18.452 72.162 252.807 234 897 559.866 1SS.947 355355 366.174 857,476 18.674 21.815 18.452 72.162 207.807 234 897 514.866 128,852 320.582 335J62 784,796 Total Investrnents 740342 1012.114 695342 935.485 Movement in marketvalue 2023 2022 Marketvalue at 1 January Additions Unrealised gain/(loss) on revaluation Market value at 31 December 935.485 45.000 31.629 1.012.114 1.032.355 196.870) 935.485 Historic c05t at 31 December 740,342 695.342 9. Summary ofnet assets 2023 2022 Investments Net current assets Net assets 1,012,114 28.313 1,040,427 935.485 68.769 1.(JJ4,254 Page13of13