The Sternians Trust Fund Registered Charity: 1052004 Annual Report and Accounts Year ended 31 December 2024 The SterniansTrust Fund Annual Report and Accounts for theyear ended 31 December 2024 Contents Pages Contents Legal and Administrative Report of the Trustees Independent Examinerfs Report AnnuaLAccounts Statement of Financial Activities Balance Sheet Notes to the Accounts 10-13 Page2of13 The Sternians Trust Fund Annual Report and Accounts forthe year ended 31 December 2024 Legal and Admlnlstratlve Registered charity number 1052004 Registered address Lord Wandsworth College Long Sutton Hook Hampshire RG25 1TB Trustees PauL Richings (Chairman) Alvin Boateng James Brewin (Hon. Secretary) Ben Forman (Hon. Treasurer) Richard Janaway SheLley Lawson Richard Saunders Carly SkiLlett Independent Examiner Chris Bellairs Bankers LLoyds Bank 174 Fleet Road Fleet Hampshire GU514DD Page3of 13 The SterniansTrust Fund Annual Report and Accounts for the year ended 31 December 2024 Report of the Trustees Headllnes Assistance was given to seven pupils, with grants totalLing £26,500 Further donation of £17,000 to the Lord Wandsworth Foundation Individual donations received, including tax recovery, were aLmost £4,000 Investment income was É43,800 against £41,500 in 2023 Total assets increased from É1,040,000 to É1,061,000 The Trust 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 financialcircumstances.That is particuLarlywhen theyare in. orabout 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 investments, while the capital is built up through donations and Legacies. The Trust Fund was established as The Old Sternians Charity Fund, by a Trust Deed dated 7th March 1961. In January1966, the Fund was established as a separate charity, having previously been part of the Lord Wandsworth charity. The name was changed to 'The Sternians Trust Fund, in 1995. The Fund started with the transfer of É223 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 £5,000 in 1977. The very limited investment income in the early days was applied in making smaLI grants for language courses, field trips, sportswear and music Lessons and instruments. Since 1999, by which time the value of the Fund had grown to over £150.000. grants have been aLmost entireLy towards basic school fees, and over that period exceed £450,000. The Trustees The current trustees are aLI former pupils at the College. Carly SkiLLett and ALvin Boateng. who left the CoLlege in 2008 and 2019 respectively. were both appointed during the prior year. Of the other trustees, Richard Janaway. who is a Governor of the CoLlege, became a Trustee in 1998,. Paul Richings (Chairman) in 2007,. Richard Saunders in 2009, and Ben Forman (Honorary Treasurer) 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 Fund since 2017, and Shelley being both a Sternian and current parent. Chris Bellairs was appointed Independent Examiner at the beginning of 2016; he was aLso a pupiL at the College. Page4of13 The Sternians Trust Fund Annual Report and Accounts for the year ended 31 December 2024 Grants 2024 saw assistance provided to seven pupils, compared to eight in 2023. Total grants awarded tothese pupils of £26,500were slightly higherthan individual grants of £22.500 in the prior year. Of the seven beneficiaries during the year, six remained at the ColLege at the year end. One of those received a one-off grant during the year, and the trustees have committed an additionaL £16,000 to support the remaining five pupils in 2025. The Trustees 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 helpsto 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 size of a grant is determined afterexamination of the financialinformation that appLicants provide. Grants are for a proportion of the fees. In almost alL cases, 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 5th form. As previously mentioned, the trustees, policy is to invest donations to produce a rising income, ensuring that the Trust Fund's grant-making capacity keeps pace with increasing school fees. The trustees are mindfuL of the need to ensure that investment income is applied as fully as possibLe towards grants. Given the recentlyannounced changesto the VAT treatment of school fees the trustees expect there will be a continuing pipeline of applications. However, during 2024 as in 2023 there were insufficient applications received that met the trustees, grant-making criteria to account for alL of the avaiLable investment income. The trustees have therefore agreed to make a grant of £17,000, equivaLent to the surplus investment income, to the Lord Wandsworth Foundation, thereby ensuring that the fuLI amount of the yearfs income is purposefully depLoyed. This follows the first grant of this type, for E19,000, made during the prioryear. Legacles & Donations Legacies have been a majorfactor behind the rapid growth of the Trust Fund's resources over recent years, contributing over£275,000 since 2006. A £500 bequest was received during the year (2023". nil). In addition to Legacy income, the growth of the Trust Fund has been founded on the cumulative impact of regular donations from a small number of Sternians over many years. Those donations were almost £4,000 in 2024. Page5of13 The Sternians Trust Fund Annual Report and Accounts for the year ended 31 December 2024 General Flnance FolLowing the prior yearfs unreaLised gain of £31,600 in the value of the Fund's assets, 2024 saw a further gain, with the investments benefitting from a £15,600 increase in vaLue. The total assets of the Trust Fund increased during the year from £1,040.000 to £1,061,000. The investment of donations and legacy income over time has resuLted in an ongoing increase in avaiLabLe income, which rose sLightLy to £43,800 in 2024 (2023: £41,500). The Trust Fund's capital is invested in funds designed specificaLly for charities. The investments are mainly (85Y by value) in wider range assets, primarily equities but also some real estate, producing an incomeyield of 4.3%. CumuLativeLy, gains in marketvalue, alL in the equity investments. have amounted to over £300,000. The Trustees are in principle prepared for grants to exceed investment income by up to £10,000 on a rolling three-year basis if there are enough appLications with sufficient meriL Outlook ALthough there are currently a number of sources of economic uncertainty, the application of VAT to schooL fees may have a significant impact on parental circumstances in the near-term. The Trust Fund WILI have the capacity to assist where a need arises, always folLowing carefuL review of appLicants' circumstances and after consultation with the College. The trustees as ever are gratefuL to the donors whose support makes this possible. allowing the pupiLs supported bythe Trust Fund to continue to benefit from aLI that the CoLlege has to offer. Paul Richings Chairman of the Trustees 14 March 2025 Page6of13 The SterniansTrust Fund Annual Report and Accounts for the year ended 31 December 2024 Independent Examlner'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 forthe year ended 31 December 2024 which are set out on pages 8 to 13. Responslbllltles and basis of report As the Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,). I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have foLlowed aLI the appLicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 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 Act. or 2. The accounts do not accord with those records; or 3. The accounts do not comply with the applicable requirements concerning 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 not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination towhich attention should be drawn in this report in orderto enable a proper understanding of the accounts to be reached. airs FCA 14 March 2025 Old Cottage, Shoreham, Kent Page 7of 13 The SterniansTrust Fund AnnuaL Report and Accounts for the year ended 31 December 2024 Statement of Financlal Actlvltles Notes 2024 2023 Income from donations and Legacies Income from investments Total income 4,337 43,820 48,157 4,678 41,522 46,200 Expenditure on charitable activities Other expenditure Total expenditure 43,500 82 43,582 41,500 156 41,656 Net income 4,575 4,544 Unrealised gain/(Loss) on investment assets 15,622 31,629 Net movement In funds 20.197 36,173 Fund balance bought fO￿ard at 1 January 1,040,427 1,004,254 Fund balance carried forward 31 December 1,060,624 1,040,427 ALI amounts derive from continuing activities. Notes 1 to 9 form part of these AnnuaL Accounts. Page8of13 The Sternians Trust Fund Annual Report and Accounts for the year ended 31 December 2024 Balance Sheet Notes 2024 2023 Flxed assets Investments 1,027,736 1,012,114 Current assets Current account Deposit account Income tax recoverable Total current assets 49,088 47,227 793 49,888 79 47,313 Current Ilabllltles Accrued grants Total current Ilabllltles (17,000) 117.000) (19,000) 119.000) Net current assets 32,888 28,313 Total net assets 1,060,624 1,040,427 Represented by: Unrestricted generaL purpose fund Total funds at 31 December 1,060,624 1,060.624 1,040,427 1.040.427 Notes 1 to 9 form part of these Annual Accounts. Approved by the Trustees on 14 March 2025 and signed on their behalf by". P. D. Richings (Chaimian) B. R. Fomian (Hon. Treasurer) Page9of13 The Sternians Trust Fund Annual Report and Accounts forthe year ended 31 December 2024 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 ('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-market vaLue at the BaLance Sheet date. Any gain or loss is recognised in the Statement of FinanciaL Activities. (iii) Donations are incLuded in the Statement of Financial Activitieswhen received, together with any associated tax credit. Investment income is recognised when received. (iv) Resources expended are accounted for on an accruals 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 term. 2. Statement of Trustees. responsiblllties 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 yearand of its financial position at the end of the year. The Trustees confirm that suitable accounting policies have been used and applied consistentlyand reasonable and prudentjudgements and estimates have been made in the preparation of the financial statements fortheyear ended 31 December2024. The Trustees also confirm that applicable accounting standards and statements of recommended practice have been folLowed and that the financial statements have been prepared on a going concern basis. The Trustees 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 statements 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 irregularities. The major risks to which the Trust Fund is exposed are kept under review 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 for the Trust Fund to confom to the requirement for Charities to demonstrate public benefit and are satisfied that the Trust Fund conforms thereto. Page10of13 The SterniansTrust Fund Annual Report and Accounts for theyear ended 31 December 2024 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 nearterm (normally up tothree years ahead), while retaining funds on deposit when marhet conditions make a deLay in investing advisable. Investments are in unit trusts for charities and are divided between equities and property ('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 funds are designated as unrestricted. More than one unit trust manager is used. Currentlythe managers used are BLackRock (BLK Charities UK Bond Fund and BLK Charities Equity Fund), M&G (Charibond and Charifund) and CCLA (COIF Charities Investment Fund). Cash awaiting investment or expected to be required for grants in the near term is held in the current account. 4. Income from donatlons and legacies 2024 2023 IndividuaL donations (including tax recoverable) Legacies 3,837 500 4,337 4,678 4.678 5. Income from investments 2024 2023 Received from narrower range investments Received from wider range investments 6,606 37,214 45,820 5,777 35,745 41,522 Page11 of13 The SterniansTrust Fund Annual Report and Accounts for the year ended 31 December 2024 6. Expendlture on charltable activltles 2024 2023 Expenditure on charitable activtties 43,500 41,500 Expenditure on charitable activities comprises grants made for school fees and other associated costs, either directly or via amounts donated to the Lord Wandsworth College Foundation. The Trust Fund supported seven pupils during 2024 (2023.. eight) in respect of whom 26,500 (2023: £22,500) was charged to the Statement of Financial Activities during the year. The Trust Fund had committed supportto five pupils (2023: six) at the end of 2024, for whom further grants totaLling £16,000 (2023: £22,500) are committed to be paid during 2025. In addition, a further grant of £17,000 (2023: £19,000) fortermlyfees and other associated costs was committed to the Lord Wandsworth College Foundation during the year. This amount was accrued at 31 December 2024. 7. Other expendlture 2024 2023 Trustees, expenses 82 82 156 156 Trustees, expenses representtraveland othercosts of one Trustee (2023: two).TheTrustees make a donation to the Trust Fund equal to the expenses claimed, such that no payments were made to them in respect of this amount. Neitherthe Trustees and the Independent Examiner. nor any person connected with them, have received any remuneration. The Trust Fund has no employees and so incurs no staff costs. Page12of13 The SterniansTrust Fund Annual Report and Accounts for the year ended 31 December 2024 8. Investments 31 December 2024 31 December 2023 Holdlng Cost Market value 49.473 99,364 148,837 Holdlng Cost Market value 51,645 102,993 154.638 BLK Charities UK Bond M&G Charibond Naffower Range 34.895 92,089 62.529 117.947 180,476 34.895 92.089 62,529 117.947 180,476 BLK Charities UK Equity M&G Charifund COIF investment fund Wider Range 18,674 24.764 18.452 72.162 252.807 234.897 559.866 139,834 364.619 374.446 878.899 18.674 24.764 18.452 72,162 252,807 234,897 559.866 135.947 355.555 366.174 857.476 Tot31 Inve5tfnents 740.342 1.027,736 740,342 1.012.114 Movement in market value 2024 2023 Marketvalue at 1 January Additions Unrealised gain on revaluation Market value at 31 December 1,012,114 935,485 45,000 31,629 1,012,114 15,622 1,027,736 Historic cost at 31 December 740,342 740,342 9. Summary of net assets 2024 2023 Investments Net current assets Net assets 1,027,736 32,888 1.060,624 1,012,114 28,313 1.040.427 Page13of13