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 (HOnOraryT￿asU[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
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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.
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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
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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 Ca￿led 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
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The StemiansTTUSt Fund
Annual Report and Accounts for the year ended 31 De￿mber 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.
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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. FO￿an (Hon.Treasurer)
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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 C￿dit 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 I￿egular1tie5.
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.
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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
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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.
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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
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