(Charity Number: 1079651) THE SHERLING CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SHERLING CHARrrABLE TRUST INDEX Pago Legal and admlnlstratlve Informallon Trustaos, report Audltorfs report Statemenl of flnanclal 8thllles Balance sheet Cash flow slatsm8nt Notes to cash flow statement 10 Notes to the financial 8lalem•nt8 11-15
THE SHERLING CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trusteès C R Sh8rllng S A Shèrllng A M Sherling W D Sherllng (Chaimian) Goveming documenl Trust Deed daled 15 December 1999 Registered Charity number 1079651 Prfndpal address Llncoln Hous8 Woodslde Hlll Chalfont St Peler Bucklnghamshl SL9 9TF Audltors Nunn Hasward LLP 24 Packhorse Road Gerrards Cross 8ucklngham8hlre SL9 7QE Bankers HSBC Prlvate Bank 8 Cork Slreet London W1S3LJ Investment managers Rathbono Investment Management 8 Flnsbury Clicus London EC2M 7AZ
THE SHERLING CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Th8 trustees present thelr report along wllh the financlal ststemnts of tho charfty for thè y8ar endad 31 March 2024. The financlal statements have been prepared In aceordance %*llh Ihè sccounllng pollcles 8el out In note 2 to the a)Unts and comply 1th tho charlty8 trust deed, Charilies Act 2011 and the Charlttos SORP IFRS102) - Stat8mont of Racommended Practlca: Accounth)g and Reportlng by Charltles (2019). CONSTITUTION AND OBJECTS The trust Is constituted under o twst do dated 15 December 1999 and Is a r8glsl8r•d ch8rlty. number 1079651. Tha trust may pay or appty Its Incomo and ¢apltal to any legally chadtable In$lltution, body or fund or lor $uch18gally charllable purpoye as the tru$tee8 shall. from tlm8 to Ilm8. In thalr absolute dl8cr8tlon. detomilne. The tfU$tees havo d6dd6d to support vark)us health, arts and communlty charllles, bul 11 nSIder other arnas of partlcular Intérèst io them. ORGANISATION The trustaes vtho $8Plod durfng the year and 8lnce then are sot out on page 1, The trustso8 moot as neodèd no1é88 than four tlmes a year. The Irusl deed wovSde8 that thore Should a mlnlmum of thrn• tru#l•es and no more than Sovon. Howovor, 88 ther• are no pIAn8 to Intraduce addlllon81 Irustses. tha charlty ha8 no forn1 pollcles regardlng Inductlon and tralnlng for naw tN$tee8. GRANT fdAKING POLICY Appllcatlon$ for grantB from other charftable entllla8, Initltutlon8 or bod108 aro a88es8ed and approvod by lh• tfU8tees agalnst Iholr area8 01 Intorest. PUBUC BENep The chadty iru8ts8s have compll@d vAth the duty In Secllon 17(5) ol tho Charlllos Act 2011 to have due ward lo guld8nce publl8hed by the Charlty Commlsslon on publlc bènafll. FINANCIAL REVIEW Thé charlty does not cary out 81gnlflcant lundralslng actlvltlgs and h fundad by donatl¢)n8 from tru$lee8 and Inveslmenl rètUmB. Durlng the year, thé charfty rncefved donatlons of £525.1)00 (2023,, £800,000) and nat Inve8tment Income of £293.68712023: £284.710), maklng total Income of £818,687 (2023; £884,710). The ¢harfty mado granis tolalllng £330.850 (2023: £261.500). The Rathbone'8 Portfallo gen•ratod tho oXP8Ct8d Income. Th8 portlollo shob%•d an unrea1188d galn of £259.385 lor Ihe year. Tho Inveslment In slwcluT8d •qulty products HSBC Prlvate Bank ha8 produced Iho ey4)e¢i8d IrlmO. Thè nol8$ that matured durlng the year wore all redeemed at par. Thè not6$ a¢qulred durlng the year 8how an unreallsed galn 01 £73.810 on mark.to market bag1&. approxlmately 2.4% of Ihelr par value. There18 no need for a reserves pollcy as the tNgt has no LX)ntractual ¢ommltmont# and re8èri88 carrled foNMrd are Invo8tsd to provlde fvturé Income. At th8 balance sheet date the charlty had unrostrlcted reserrfes of £6,462.697. Thwe arn no r•8lrlcted funds. The trusto09 hav8 Inve8tad the monle$ 1h a vlew to the tru81 movlng to self sufficlency over the medlum temi. RISK MANAGEMENT The maln rlsk affectlng the tharlty Is the loss ol value of th• Invè#tment8. Tho truste•8 review the Investment management stratègy regularty to mlnlmlse thls rlgk.
THE SHERLING CHARITABLE TRUST REPORT OF THE TRUSTEES (contlnued) AUDITORS Nunn Hayward LLP are re-appolnled as audllors to the chadty. STATEMENT OF TRUSTEES RESPONSIBILMES Thé trustées are r8sponslbl8 for pr8parlng lh8 Truslee8 Report and Flnanclal Stalements In a¢¢ordgnce vllh appllcable laws and Unlted Klngdom Accounllng Standard5 {Unlted Klngdom Gonerally Accopted Accountlng Practlcol. The law appllcable to charftles In England and Wales requlres the trustees to prepare flnandal staiements lor each flnanclal yoar. whlch glve a true and falr vléw of tho stat& of affAlrs of th8 charltys finandal actlvltles durlng the y8aT and of Its financlal poslllon at the year erKI. In pfeparlng these financlal statomants. the Irusteos are r8qulr8d to: ObseDlO the melhod8 and prtn¢lple$ In the Charllles SORP: Sélecl Sultable aCtntIng polklès And than apply them conslsiently: Make judgements and accountlng e$tlmates that are reasonable and prudent,. State whether appllcable UK Accountlng Standards have been lollo*d sublect to Any materlal departur88 dlsclr>sèd and explaln8d In th8 fin8n¢lal 8tatem8nls,' Prepare the flnanclal glalaments on Ihe galng concam ba1 unles811 Is InApproprfate to pregume that the charfty 411 conllnue Its acllvllles. Tha tru81809 are responslbl• for k88plng adoquaté accountlng r8cords Ihal are sufflclent to show and eyplaln the charlvs Iran99Ctlons, dlsdose wilh roasonable aL%uracy at any tlme lh8 flnanclal poslllon of the charty and enablè them to ensure that the financlal 8talemenl8 comply rflh Ihe Charlilos Acl 2011. the ChaTllles (AOUnt8 and Reports) Regulailons 2008 and the provlslons ol th• charlty8 constllutlon. Théy arn 8180 r8sponslblo for safeguardlng Iho assets of the chartty and hence for toklng reasonabl• lteps lor the pr•ventlon and delectlon of fraud and other Irr•gularltl••. STATEMENT OF DISCLOSURE TO AUOITORS So far as each person vtho was a Irustee at the date of approvlng Ihl8 report18 aware, there 1$ no relevant audlt Infom)atlon of whlch the audltors of tho charlty18 unawaro. Addlllonally. th8 tru8t8e# IndIAllY havé takén all thé n8cossary steps that thoy ought to have taken ag Iruslees In order lo make Ihems•lves aware of all relevant audlt Inf0MtIon and to •stabllah that tho audll(n of th8 eharlty Is aware of that Informatlon. GOING CONCERN Th8 Ifuslees bellev8 the charlty ha8 Sufflclenl a88ets to enable11 to ¢onllnue 88 8 golng c<¥ncewn ft)r a perlod of at leasl iwelve months from lh6 date ol approval of Ih880 flnandal 8tatemenls. Thus they ¢onUnue lo adopi the golng conrn basls of a¢untIng In weparlng Ihese finandal slatements. Approved by th8 board of truBl8es on 28 Junè 2024 and 8lgned on Its behalf by.. C R Sh•rllng ChaSmian
THE SHERLING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEIIIBERS OF THE SHERLING CHARrrABLE TRUST OPINION We have audlted the financlal $talements of The Sh8rllng Charltable Trust for the year ended 31 March 2024 whlch mPrISe the statement of financlal actfvitS6s, balance sheet. cash flow statement and related notes. The financial reportlng fram6woTk that has bèen applled In th8lr preparation is applicable law arKI United Kingdom AcCnI}ng Standards, Including Financial R8POrting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally ArKepled Accounllng Practke). In our oplnlon the Ilnanclal stat8ments: glve a tru8 and falr vlew of the state of thts eharllvs affairs as at 31 March 2024 and of the ch8rlV$ Incomlng resources and application of resources, including its income and expendlture, for the year then ended; have be properly prepared In accordance wlth United Klngdom Generally Accepted Accounting Practlc8' and have been prepared In accordance wlth Charllle8 Act 2011. BASIS FOR OPINION We conducted our audlt In acc¢Jrdance with Inlernational Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responsibllllles under thoso standards are further desulbed In the auditor's responslbllltles for the audlt of tho financlal statements section of our report. We are Independent of the charlty In accordance wlth the ethlcal requlremenis that are relovant to our audlt of the flnandal statem8nt8 In the UK, Includlng the FRC'S EthleAI Standard. and we have lulfilled our other ethlcal responslbllltles In accordance with th&%e requlrements. W8 balleve that the audlt evldence we have obtalned18 Sufflclent ar¥J approprlate to provlde basis for our oplnlon. CONCLUSION RELATING TO GOING CONCERN We have nothing to report In réspecl of the followlng matters In relation to whlch the ISA8 (UK) requlre us to report to you where: the tru8tea8' use ol the golng concem bas18 of accountlng In tha preparatlon ol the financlal statements Is not approprlate: or the trustees have not dl8clo8ed In the flnanclal statements any Identified materlal uncertalntles that may ¢asl signlficanl doubt about Ihe Gharlty$ ablllty to contlnue to adopt the golng concern basls of axountlng for a perlod of at lea6t twelve monthg fr¢Jm the date when the financlal 8tatem8nts aro authorS98d for 188Ue. OTHER INFORMATION The other Informatlon comprlse$ tha Informallon Included In the annual report, other than the ffinonclal statements and our audltor's report thereon. The trustees are respon51ble for the other Informallon. Our oplnlon on the financlal slatemenls does nol cover th8 Other Informatlon and, exc8Pt to the extent otheTwlse explicilly staled In our report. we do not expre88 any form of assurance conduslon thereon. In connecllon wllh our audlt of th8 finand818tstements. our responslblllty Is to read the other Inforrnatlon and, In dtjing so, conslder whether the other Informallon Is mateTlally inconslstent wllh the tlnanclal statement$ or our knowledge obtsined In the audlt or otherwise appears to be materlally ml$$tatsd. If we Identlfy such malerial inconslstencles or apparent m8terlal mlsstatements, we are requlred to determlne whether there is a matorlal mlsststement In the financial statements or a malerial mlsstatemenl of the other Informatlon. If, based on the work we have performed, w8 concludo that Ihere Is a materlal ml88tatement of th18 Other Information. we are requlred to report Ihat fact. W8 have nothlng to report In thls regard. MATfERS ON WHICH WE ARE REQUIREO TO REPORT BY EXCEPTION We have nothing to r8POrt In respect of the followlng matters In relation to whlch the Charltles (Accounts and Reports) Regulatlons 2008 require to report to you. If in our oplnlon: the Informatlon glven in the finandal siatemenis Is In¢onslstent In any materlal respect with the tNstee8' rep(#t: or $ufficl8nl accountlng records have not been kept: or th8 financial statement8 are not in agreement wilh Ihe accoUnng records. or we have not recelved all the information and explanations we require for our audiL
THE SHERLING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SHERUNG CHARrrABLE TRUST (conllnuod) RESPONSIBIUTIES OF THE TRUSTEES As explained more fully In the statement of truste88' r8sponslbiliti8s. th8 trustees are responsibl8 for the preparallon of the flnanclal stat8ments and for being satisfied that they give a true and fair vlew. and for such Internal control as the trustees determlne 18 rceSSary to enable the preparation ol financlal ststement3 that are fre8 from material misstatement, whether due to fraud or erior. In preparing the flnandal siatements, the trustees are responsible for assessing the charitls ablllty to conlinue as a golng concern, dlscloslng, as applicable, matters related to golng concern and uslng the golng concern basis of accounts'n9 unless the trusteès elther Intend to Ilquldate the charty or to cease operatlons, or have no realistic alternatfve but to do so. AUDITOR'S RE8PON8181LITIES FOR THE AUDIT OF THE FINANCIAL STATEMENT8 We have been appointed as audltor under se¢tlon 144 of Ihe Charllles Acl 2011 and report in accordance wlth the Act and relevant regulatlons made or havlng effect thereunder. Our oblectlve$ are to obtaln fea8onabl8 assurance about wh8ther th8 financial statements 86 a whole are free from maierlal mlsstatement. whether du8 to fraud or error, and to Issue an 8udito¢s report that include5 our oplnlon. Reasonable assurance Is a hlgh level of 8S8urance, but18 not a guaiantee thal an audit Conducted In accordance wllh ISAS (UK) will always detecl a material mlsstatemenl when It exlst8. Ml88tatement8 can arise from fraud or error and are consldered materlal ff, Indlvidually or In the aggregate, Ihey could reasonably be expected to influence the ecorMI¢ decl$lon8 of users taken on the ba813 of these financlal statement8. Irregularities. Includlng fraud, are Instance8 of non-compliance Mth laws and regulatlons. We deslgn procedure8 In lina with our responslbllltles. ouulned above, to detect materlal ml8St8tements In respecl of Irregularili88, Includlng fraud. The extent to whlch our procedures are capable of detectlng Irregularltles, includlng fraud Is detalled below: THE EXTENT THE AUDIT WA8 CON81DERED CAPABLE OF DETECTINO IRREGULARrriE8, INCLUDING FRAUD The objecllves of our audlt in r08peci of fraud are io; Identlfy and 818es8 Ihe rl8ks ol matarlAI misstatement of the financlal statements due to fraud: to obtaln suffldent 8pproprlai8 audlt evld8nce regarding the asse86ed risks ol material mlsstalem8nl due to fraud, ihrough deslgnlng and Implernentlng approprlate re8ponses: 8nd to respond opproprlately to fraud or suspected fraud Identlfled duilng the audlt. However, the prlmary sponslbility for the preventlon and detectlon of fraud re8t wlth the trustees. OUR APPROACH WAS AS FOLLOWS: We obtalned an urKlerstsnding of Ihe legal arHJ regulatory framework that are applicable to the charlty and determlned that the most slgnlfl¢ant are the tr1 deed dated 15 December 1999 and those that relat8 to the reportlng framevmrk; A¢counilng and Reportlng by Charitles: Stalement of Recommended Practlc8 appllcable to charlti88 preparlng their accounls In aCcordae wlth thè Flnanclal Reporting Standard appllcable in the UK and Republic of Ireland (FRS1021 (effectlve 1 January 2019) - (Charitles SORP {FRS 1021). Charllles Act 2011. Unlted Klngdom Gen8rally Accepted Practlce as It applles from 1 January 2019 and EU General Data Protectlon Regulatlrms (GDPRI as adopted by the UK. We understood how the charfty was complying wilh Ihe trust deed and those framvlmrks by making enqulries of the Itee5. Based on our understanding of the charty. we designed our audit procedures to Identlfy nonwcomplianr wllh the tnjst deed and laws and regulation5 Includlng maklng enqulres of the Irustees; testing journal enlries. wlth a focus on manual, large or unusual transactlons. We assessed the susceptlbllity of the charlvs flnanclal statements to malerlal mlsstatement. In¢ludlng how fraud mlght occur, by maklng enqulries of the Irustee5. We considered the conirols establlshed to addre$8 the rlsks Identlfied, to prevent, deter or delect fraud. and how Irustees monlt¢X thos8 controls.
THE SHERLING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE 8HERLING CHARITABLE TRUST (conllnugd) Because of the Inherent IlmlLqtlons of an audit. th8r8 is a risk that we will not detect all Irregularltles. including those18adlng to a material misstat8ment in the financial statements or non-compliance with regulatlon. Thls risk increases Ihe more that compliance with a law or regulatlon Is removed from the events and transactions reflecled in the financial statements. as we wlll be less Ilkely to become awar8 of instances of non-compllance. The risk Is also greater regardlng Iriegularftl8s accufflrvJ du8 to fraud rather than error, as fraud Involves Intentlonal concealment, forgery, collusion, om1&81on or mlsrepresentstlon. A fvrther descriptlon of our resnsIbIlItIeS for the audlt of the flnancial statements Is located on the Fknanclal Rew)rting Councll'8 web81te at MvW.frc.g.ukIaUdltorSre8p0nSlbl1lIle8. Thls descrlplion forms part of our audltof s rep¢)TL USE OF OUR REPORT Thls report is made solely to the charllys trustees, a8 a body, In aCCdance Part 4 of the Charltle8 (Accounts and Reports) Regulations 2008. Our audll work has been undertaken so ihat we mighl state to the Chaty8 trustees Ihose matter8 we we requlred to state lo them In an auditorfs report and for no other purpoge. To the fullest extent permitted by law. we do rt accept or assume responslblllty to anyone olhar than the chaflty and the charlty'8 trustees a8 a body, for our audlt work, for th18 report, or for the oplntons we have fomied. LL7 Nunn H•yward LLP Chartered AOuntants and Statutory Auditors 24 Packhorse Road Gerrards Cr088 28 June 2024 Nunn LLP Is ellglble for appolntment a8 audltor of tha ch¥lty by virtue of11$ ellglblllty f¢r appolntment as audltor of a company under sectk>n 1212 of th8 Companies Act 2006.
THE SHERLING CHARITABLE TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Nolo9 INCOME AND DONATIONS Donatlons Inveslment Income 525,000 293,687 600,000 284,710 TOTAL INCOME 818,687 884,710 EXPENDITURE Costs of raislng funds., Charftable actlvlties 334,630 265,280 TOTAL EXPENDITURE 334.630 265,280 NET INCOMEI(EXPENDITURE) 484,057 e19,430 Net {1098•8ygalng on Investments 259,385 (256,733) NEf MOVEMENT IN FUND8 743,442 362,697 Fund balanc•• brought forward 5,719,255 5,356,558 Fund balanc•8 carrled forward 6.462,697 5,719.255 The statèment of financlal actlvttlas Includ•s all galns and lossas recognlsad In the ar. All Income and expendllure Is derlved from Gonllnulng acllvities. The notes on pages 11- 15 fomi part of these financial statemants.
THE SHERLING CHARITABLE TRUST BALANCE SHEEf AS AT 31 MARCH 2024 2024 2023 Note• FIXED ASSETS Investments 6,232,283 5.465,648 CURRENT ASSETS Debtors due wSthln on• year Cash at bank 3.860 230,334 234,194 12.795 244,592 257,387 CREDITORS . Amountg falllng du• wlthln ono y•ar Credttors and accrualg 10 3.780 3.780 NET CURRENT ASSETS 230,414 253,607 NET A8SET8 6,482,697 5,719,255 Unre8trlcted funds: 6,462,697 5,719,255 TOTAL CHARITY FUNDS 6,462,697 5,719.255 Approved by tha board of trustee8 on 28 June 2024and sIgrd on It8 behalf by. C R Sh•rflng Trustee Registered charlty number: 1079651 The notas on pages 11- 15 fomi part of these financial slat8m8nts.
THE SHERLING CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Not¢s CASHFLOWS FROM OPERATING ACTIVITIES Net cash used In operallng actlvltles 190,370 334,900 CASH FLOWS FROM INVESTING ACTNrriES Dividends and Interest recelved nel of charges Investments at cost Sales proceeds 302.622 (2,907.250) 2,400,000 275.232 (751,875) 250,000 Net cash oufflow from inve8tin9 activltles 204,628 226,643 INCREASEI(DECREASE) IN CASH AND CASH EQUIVALENTS (14.258) 108,257 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 244,592 136,335 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 230.334 244,592
THE SHERLING CHARrrA8LE TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 RECONCILIATION OF NET INCOMEI{EXPENDITUREI TO NET CASH FLOWS FROM OPERATING ACTIVITIES Net movement In Incomel(expendlture) for the yBar (as per the stalement of financial adlvStle8) 743,442 362,697 AdJustm•nts for.. Investment Incomè Lossesl(galns) on Investments (293,687) (259,385) (284,710) 256,733 Mov•m•nts In worklng Capftal (Increase) In debtors Increase In credltor8 180 Net cash provldad by operatlng actlvitle8 190,370 334,900 ANALYS18 OF CASH AND CASH EQUIVALENT8 2024 2023 Current account Deposlt account Total cash at bank 342 229.992 692 243,900 230,334 244,592 10
THE SHERLING CHARITABLE TRUST NOTES TO THE FINANCIAL sTATEmErs FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION The Sherllng Charltable Trust Is a reglstered charity (number 1079651) constituted under deed of trust. domlciled in the UK and is a public beneflt enllty. Tha prlnclpal offlcè Is Llncoln House. Woodside Hill. Chalfont st Peter. Buckinghamshire, SL9 9TF. The aCcjnts are wesented In £ Starling and rounded to Ihe n8are5l £1. STATEMENT OF ACCOUNTING POLICIES The accounting policies adopted, Judgements and key sources of 8sllmatlon uncertalnty In the preparation of the financial statements are as follows.. Bas18 of proparatlon The finandal statements have been prepared In accordance wlth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charltles preparlng ihelr accounts In accordance wlth the Flnanclal Reportlng Standard appllcabl8 In lh8 UK and Republic of Ireland (FRS102) (effectlve 1 January 2019) - (Charltles SORP (FRS 102)), ChaTiti8s Act 2011 and United Kingdom Generally Accepted Practice as11 applles from 1 January 2019. Tha Sherfing Charitable TTU81 meets the definlllon ol a publlc bon•fit antlty under FRS 102. A$$ets and Ilabllltles are Inltlally recognlsed al hlstorlcal cost or tran8actlon value unless otherwlse statsd In the relevanl accountlng pollcy Ile(s). These Ilnan¢lal Statements are prepared In accordance wlth appllcable chawity law. Incom• All Incoming resources are recognised once the charlty has entlttement to the resources, It 18 certaln that the resource will be racaivad and the monetary valu• can be moa$ured wlth sufflclent rellablllty. Donallons and any related glft ald are recognlsed when recelvable. 2,3 Expondltur• Llabllltles ar• r•cognlsed as re$ourc•s axponded 88 soon a8 thefe 18 a legal or ¢on8tructlve obllgatlon commlttlng Ihe charlty to Ihe expendllure. All expendllure Is accounted for on an accruals basls. Portlolio management costs represents the charges rnade by the Investment manager8. Charftable activilles are granls made to third parties in the furtherance of the ¢harllable oblectlves of the trust, Govemance co$t$ comprlsé expendlturn Incurred for constitutional and siatutory requlrements and are Included withln 8xpendllure on charitabl8 actlvltles. Flxod and curr•nl a88Ot In8(m•nt• Marketable Invesiment assets are Included In the finandal statement8 at thelr values, either at closlng market prIcS (Ilsted Investments) or from valuations provided by the Investment manager. Funds The charitys funds are for the Charitys gen•Tal purpogé wlthout restrlctlon. 11
THE SHERLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKf8 FOR THE YEAR ENDED 31 MARCH 2024 (contlnu•d) Taxatlon The tmst Is a reglsterad charity and, therefore, is not liable for income tax or corporallon lax on Income derived fri)m its charitable activities. as It falls wllhln the varfous exenwtlons available to reglstered charltles If applled for charltable purposes. Flnanclal In8trum•nts The charty t)nly has Ilnanclal assets and Ilabllltles of a klnd that qualifies as basic flnanclal Instruments, Baslc flnancial Instruments are Inltlally re¢ogn1$6d at transactlon value and subsequently measured at amortlsed costs uslng the effectiv8 interest m6tlK)d. Flnanclal assets held at amortised cost comprl8e cash at bank and other debtOTS. Flnandal Ilablllttes held at amort18ed cost compri8e other credltors. Inveslmonts, Indudlng equlty Ilnked notes held as part of an Investment portfollo. are held al falr value at the balance sheet dato. wlth galns and losses b8lng r8cognised wlthln Income and éxpendltur8. Cuh •nd ca•h •qulval•nts Cash and ¢ash equlvalent8 comprlsa cash in hand, current and deposlt account8 held at ihe bank. Cash and eash équlvalent8 hekl by Inv&8tment managers are Included wlthln Investrnents. 2.9 Judg•m•nts and •8tlmatlon Prèparatl¢Jn of the flnanclal statements requlres management to make Judgemgnts. estimates and a$sumptlons about the carrylng value of assets and IlabSlbtle$ that are not ieadlly apparent from other sources, The estlmat88 and underlylng a8sunwtion8 are based on hlstorlcal axperlon¢e and other factor8 that are con81dered to b8 mlovant. Actual reiultg may dlffar from these esb'mata8. The estlmateg and underfylng assumptlon8 are revlewed on an on-golng basis. Rev5slon# to accounllng estlmates aro recognlsed in the perlod In whl¢h tho •stlmat& Is r6vl88d If th& fevision affect8 only Ihat perlod or In the perl¢)d of Ihe revlslon arml future rIodS If the revlslon affects tho cufrent and future perfod8. There were no key sources of estlmatlon uncertalnty In the yaar. 2.10 Qolng concorn The trustees belleve Ihe chaflty has suffldent assets to 8nable 11 to continu8 as 8 golng concem for a perlod of at least twelve monlhs from the date of approval of the8e financlal elaternents. 12
THE SHERLING CHARITABLE TRUST NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (contlnuod) INCOME 2024 2023 Donallons Donations Gift ald 420,000 105.000 480,000 120,000 525,000 600,OC 2024 2023 InsIMOnt Income Dlvldends and Inlere$t on Investménis (net of chargas) Bank interest received 275,759 17,928 277.695 7.015 293.887 284,710 CHARITABLE ACTivrrie8 Grants pald to Insututlons Chlltem Nwro C•ntr• Chesham Grammar School Chlltem Open Air Mu88um Lla's Wlngs DENS Hammersmith & Fulham Food Bank Heart of Bucks FrlendA ol Llbety Woodland School LorKlon Hearts Autlsm Unllmtted Big Give Trust Re Pakistan DEC Appeal Chalfont Pawk Sports Assoc Hosplce of St Francls st Johns Ambulanc8 Thaffle8 Valley Alr Ambulance Dor88t & Somerset Air Ambulance Mar18 Curle Foundatlon Zoologlcal Society of London Health Bu$ Canlne Partner8 Spear Dealbllnd Independent Age Amersham and Chalfont Hockey dub Crackerjacks Children Trust 2024 2023 95,000 50,000 40.000 25.000 20,000 20.000 10,000 16,000 14,000 85.000 20,000 20.000 20.000 20,000 14,000 10,000 10,000 10,000 10,000 10.000 10,000 10,000 10,000 10,000 10,000 10.000 4.000 9.000 7,500 2,000 2,000 2,000 2.000 2,000 2,000 850 Total grants Support and govemance costs Total charStable actlvlties 330.850 261,500 3.780 3,780 334.630 265.280 All of the above are grants to registered charities glven In furtherance of the charlty's oblects. SUPPORT AND GOVERNANCE COSTS 2024 2023 Audltorfs r8muneration 3,780 3,780 3.780 3.780 13
THE SHERLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (contlnuad) ANALYSIS OF TOTAL STAFFING COSTS There were no •mploye88. Tha tMst888 manage all of th8 affairs of Ihe Chaty. No r8muneratlon or expenses were pald lo or provlded for In respect of the Irustees lor Ihe year ended 31 March 2024 nor for the year ended 31 March 2023. INVESTMENTS - LISTED Equlty Llnkod Not•• Rathbonè Portlollo Total As at 1 April 2023 2,973,758 2,491,890 5,465,648 Addltlons at cost 2,907,250 2.907.250 Revaluatlons 185,775 73,810 259,385 Dlsposals at rna8t value (2,400,000) (2,400.0001 al 31 March 2024 3,169,633 3,072,760 6,232,283 F•lr v•lu• At 31 March 2024 6,232,283 At 31 March 2023 5,485,648 Mat•rl•l Inv•8tm•nt• - ov•r 6% 2024 2023 Ov•r••a• SPDR Series Trust S&P 500 ETF 5.70 355,103 S.14 281.104 UK Equlty Llnked Stwctured Nole8 49.30 3,072,750 45.59 2,491,890 All Investments held by charity have boen acqulred In accordance with the powers avallable to th8 trustees, Malerlal Investments are consldered to bo any indlvldual InVtment which reprasents 5% or more of the total portlollo valuatlon. DE8TOR3 2024 2023 Investment Income receivable 3.860 12,795 3.860 12,795 14
THE SHERLING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 {conllnued) CASH AT BANK 2024 2023 Bank deposlt account Bank current account 229,992 342 243.900 692 Cash at bank 230.334 244,592 10 CREDITORS - AMOUNT8 FALLING DUE wrrHIN ONE YEAR 2024 2023 Other creditors 3.780 3,780 3,780 3.780 11 FINANCIAL INSTRUMENTS 2024 2023 FlnancSal assets measured at amorti8ed $t 234,195 257,387 Flnandal assets at falr value through the Income and &xpendltuM account. 6,232.283 5,465,648 6,466,478 5,723.035 Flnanclal Ilabllltleg measured at amortl$ed ¢o$t 3,780 3,780 12 FINANCIAL COMMITMENTS At the balance sheet date, the charlty had uncondltlonal commltmenls to make charitable grants as follows: 2024 2023 Wlthln one year 1-2yeaTs 2-5years 13.000 3,000 16.000 At the balance sheet dalo, the charlty had condltlonal commltments to make charltable grants lotalling Nil (2023: £16,000) 13 EVENTS AFTER THE REPORTING DATE There have been no significant events since the balance sheet date. 14 RELATED PARTY Donations received from trusl8es in Ihè ar amounted lo £420,000 (2023: £480.WOI 15