IR•gl•t•r•d Ch•rlty Numb•r: 11274841 ANNUAL REPORT OF ThE TftU8TEÉ8 AMD FANCIAL 8TATEME14T8 FCf¢ THE YEAR EIIDED 31 DEcEM8eR 2024
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THE 8TERLIG CHARITY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Thetrustees IjM their annuat report aid th• IThJ•Wnd audit•J fThncial statts ol The Sknlin9 Charrty I'the Chantyl forth• year ended 31 Oxemb•r 2024. Th• fInancK Jtstenwnty how boen wwrod in wth th• •¢CoUnti1 pd6ciu lèt tyjl in th• not•$ lo tho finoncKIl llatwnenls ccthply Wilh Chanty's grnINg thumwt. th• Charthes A¢t 2011, and vkner• relmnt, th• Ch•rith Acl 2022. ACCn11n9 •nd Reptsrttng by Char84.. Stslement of R•commended prActice appk8ble to charrtw prwriTrJ their accounts In accordan with the Fiftanci Reportin9 Stdard aFpIKable in the UK and Republc d Ir•knd In Odobw 2019. REFEREfr4CE AMD AD111141STrATNE DETAIL$ The Chanty, wvJt•r•J ¢hwity nb•r 1127454, 18 led arKf adrThnl•l•r•d in tho Unitod K0d The regi$ter•d •thaws 95 Th• ProrTW)nJde. Chertenham, G10t6h1r•, GLSO 1HH. Tvv•t••¥: The nam•$ ¢rfth• tru01• ¥tho $ed dvrirrfJ tho p•r •rNI vhK> CQrtinu• to s•M at th• d•t• ol this r•port'8 approval unlts$ oth•Ms• •tat•d •'. Ehon Shan• Paul O¥vKI Hunlton Ind011•1 Audltor: Ravlinaon & Hunt•rAudlt LLP Eèhth Fb)I, 6 Strml Squw•. Nv+4 F•tl•r Lane, London ECAA 14Q Sollcltov•.' Wiggin Osbornè Fulknth)v• 95 The Pr0rrW, Chaknnhw. Gk)Ueut0rnhi. QL50 1HH In¥•9tm•rrt M•nag•rn'. Rolhschihl & Cg Weatth Mana9•m•nt UK Ltd. New Court. St Swithin'8 L•n•. London, EC4N &4L sTrumRE. GOVERNANCE AND IIA14AGEMEI Gov•rning dowm•nl Th• Charity WaG •St•Ished by • Declaralion ol Trusl dd 8 Docember 2D08 and regi$lered with th• Charty CnmisSIC on 9 January 21M. It li •n unincorporale•J chariiable trust govend by th• propor Iw clErsland and Wo& The entire resourtes of the Chaiity b•en wrestricbj through0 Ihe yoar and the trust hav• Cplete discr•l)n lor thew in fiJrlh8rance of thè obJts of the Chwty. Ary mow or property not inrnedlatety requir forthe Ch•Ws pwposes can b• h•ld or knwèst•J aG thetrust d•trn.
THE STEIIUNG CHARITY AMNUAL REPORT OF THE TRUSTEES (eontlny•dl FOR ThE YEAR ENDED 31 DECEMBER 2024 1 3TrUCTURE, GOVERNANCE AND IAAMAGEMENT l¢ontlnu• Appolrhtm•nt and Mrnov•l oe In1• Appoinlmnl of offKe hohJeT8 ar tN•tw pa by th• Drflwatron ofTnwt ofth• Chwlty. Tru•t•• induGUon• and tr•lnlng Sh¢ukl nv In¥l•H b• •ppoinled • lormal lnduth.on will eondud•d by th• truths. Oth•r Iru8to• trrtty und•rtok•n a8 when •roprIate. Al trustees w• •w• of th•ir l•gal oblbaAty'ons under ChWitl Act 2011. and wh•r8 rrt( th• chartt Ad 2022. Ory•nl••tlon •nd m•Th•g•m•nt Th• Charfty i¥ •dn1•d on A daity bas by Tiyth Vthm ropoth dir• to th• PAY poN¢y for ••#lor •tsll JI InMt Ih16m•fr •rYl no IN•t•e r•rywnerthn kn the Yr. R•l•t•d P•rll•• Affllkntlon Tru•t••i' R••p¢xMlblIl•l SIAtsm•ht Th• tru8t•tt arn rn8p)nsfibl• for prnp•rfw tr Tnottss. ArMK41 R•m nd FIMncl•l Stthenls In accordance Mth pIable Lffiv and United KJngdMI Pttountino SId¥I IUniW Klngdom G•rt•rnlly Alpted Accounting PTadicel. The law apptvble to ¢h•rItI in England r•qulr•• lh• Iwst•e• to w•p•r• fin•ndal 8t8lements for each Ilnancial yèar whh 9lV¢ • tr and l•irvw tsf the slate of affa1 of th? Charrty •nd of the iTrcLYntng resourc•s and 4Wic4tpon of r•¥ourw s)f th• ¢itY for that y•ar. In pr•pwg lh0 financol tellts. th? truJtse¥ ar• requtred lo.. d $urt>l¢ and Ihen •py thom cOnllenty.. cbser¥e th• m•thtsY• #nd prindpf¢$ of Ihe Chwikg SORP 2019 IFRS1tr2),' judgements and eStMtel that are feaKfftab and prud•nt, state wheth•r applIe United Kirfjdryn OVing ¥tsndard3 hav8 bwn lolowed. $ubiKt ¢0 any rnal•r1 d•partur•s disdos•d and •xplawd in the fInan1 $tBtements". and prepare thg fin•n¢1 Blqments cfi the win9 cO8M basis Un$3 r£ is irwr¢ylato to presume that Charity 11 continu• in ¢pration. The tru8tee8 9T• rew$ibk lof kewng prcpw acctyntiry recwds ¢hat (thsdo¥e wilh wwnab uracy al any tinelhe financial oflh• cAnty and enabl8 thom to •nsure that thefirtonu&l st8tennis compty with the Ch•rit Act 2011. and Whe rdevanL th• charit Act 2022. th• Charity IAccounts arrtl Reports) Regulati¢)ns 28 and th• pSn$ ol th• Trust Doèd. TYW ar• algo respsIbl& lor 8#fu8rding the assds of tl Charty *MI heKe for takwig reasonab St the prevenlion dthtN)n offr1 and othw irr¢gulariW.
THE STERUNG CHARir ANNUAL REPORT OF THE TRIISTEES (eMllnu•dl FOR THE YEAR ENDED 31 DECEMBER 2024 2. STRUCTURE, GOVERNANCE AND MANAGEIIENT Intinu•d) Trust•••' RP¢Ibl1[1l•1 St•t•rn•rt IcoThtlnu•d) Thetru$t•M are reSponble10r¢e maintenanceond inlegrityoithe Chanty and finarrial inlorniauon indudsd on the Chanty$ bsrte. Lo9rf18tion in th$ Kirigdthn go¥•mtiig th• pr•par#tion end dissemimlion of financid IIthnts drfvr frcffi legr4LatvJn in cthwjuiiwlKtw•. Th• trLMt••$ ar• conc•m•d wilh Ma111ning ju•nt lev•h ol rese1 to •n•bl• th• Charity lo Try oul chantsble 'th. Th• t•lw that th• rwfMS are SLfftient for Ch8rlty'• current purposes and Ihtte are reviewed on a le9&r ba•r4. Tha•e funds will b• utilii•d for th• obie¢ti of th• Charty. In •ar•tyrwJ io Any $utant lundlrrfJ Ih•trust•tt WAI continu• to hav• r•g•rd to MntaIn•Trg a reaaonable knl of inve8trnn¢s •nd Ihu3 re¥8b19 r•tum Irom lh• invejtrrnts tts lIUard the 18¢114•1 ofth• Chgffty kn Ihe twm. Rl•k Mana9•m•nt Thts trwle¢• lh8 moior risks the Charty lacw on a r•gul•r bai& and bèlloV• thal miintiniThJ sulfichinl rnr¥, comtsned with r•gul•r rnvithv ot th• ov•r k•y financial sysl•m$, will Pr1• 5uffickint in t •bnl of •fv•w corrt1itK>D Th• hm 10 ex•min•d oth•r 41p•rth"0r bullr% f•c•d by Ihe Charty nd confirm th•t th•y h& •thblish•d •y4tm to mwJ#• tm swjntrant ab8••imeht h b•en uftd•rtak•n whkh coryn8.. An •ftnu olth• li th• Chaffjt rn•y fK•", The eslab&shmfrnt of syst a¢ proc+Jur•$ to mkng•t• risk8', and Th• Nnpl•m•nt8th)n ol pfoc•dur•s des19r1 to minin45e anypolential irnpKlw the Charfty lhould thom rith• m•t•ri•l•. This continuing will id¢nbty rijk Brnas to which th• Ch¥ty i• vuln•rabl• ind hNwJM •ny n•e•sry $8f•gUATds that wil rd lo b• pui in pknce. No mtyr wi•k• Id?n •t lh• dat• of the88 tinarKMI 5tstwrts. In addon. the tru1tl hm tth•n du• Comideralkni of Good GvMnarK• . A Ci¥d8 for tho Volunt8ry and C¢mmuntty S•ctDr. eMIMhig thal the ¥even pwwvplpj of th• CtyY• •re •dh•r•d ID. These ortr". puw. L•ad•rshlp: Integrty.. Dea.onrAkin9. risk and Contr., Equallty, divarnrty and In¢)n'. aTrJ and xtttiibilty. TM tru*e¢s r•¢ogn5$• that gr•)d governance plays an essent44 part ip wurinq the bjture ol the Charity al confinn that the saNI main prinGpkn ol the Code are f0knd by them in leadin9, directry and m•nawrfd the Chanty.
ThE STERUNG CHARITY ANNUAL REPORT OF THE TRusfEES l¢wOnwd) FOR THE YEAR ENDED 31 DECEIIBER 2024 2. STRUCTURE. ¢30VERNANCE AND MANAGEIAENT {¢ontlnu•d) Fundrnl8in• Th• truteo8 hav• ref8rred to the Cod• ol Fundr Pf•ctice fthe Code'l whh w•1 devdopod by Ihe fvndraijiry cornmunty through the ofth? Instrtute of FundroisiThJ and Public Fundrnliing A•x¢i8ts"on, fjr tho on Charthes and Fundrai8ing Mued ty the Charity Commi18ion I CC20"1. Tlw ccfifirm that tho new Cod? Arxl CC20 ho no iny¢t M th• Chafity as not •no•g• in •ny pubk fundrwsThi •ctMbei. OBJECTIVE8 AND ACTM71ES FOR ThE PUBLK BEIIEFir obpcts of lh• Chwty or• wxh d)ertt purpo•M th• tnJst••s may In thelr •b8olutè diKr•tlon d•twm¢n•. Ch#ity 11 •8tablISkId to lld th• r•l8fcl pwty, r101 Iho•• m n•ed by reB80n oly¢yJlh, ag•. itheallh, dislf. financial hard6hip. or dtoth4nt49•, th• WIV•n¢nt ¢f ad0110n, th• adv4n¢gmgnt of th• advanc•m•rt ol th• •rt, lh• thanmnI ol rglvjion. th• advanc•m•nl of hh or u¥iThJ rf hvts •1 lh• •th4ne•m8nt al anrOnmart yot•¢tbn or improvewt Ihroughout th• work1. stst•m•nl ol Publk B••Mat Th• tru8t••8 ar• thv• ol lh• Charmy Comml••ion guld4n on Public 4nd confimi Ih•y hm Compl th? duty in 4 01 thè ChaThts Act 2011 to h•¥e due rtyard to rt. Th•y ¢sider Iha Inlormatson thKh lolows in Ihv4 annual repryt. about the Charty's &mi, activiti•6 ond •thievem¢rtts in th• 8w$ ol int•rgSt tt th• Chority supports ¢l•monstrat•• the b•n•fft lo its b•r•fi¢l•nw •nd thr¢)ugh tolM pubthc Ilwt from Ihow athih'• ACHEVEMENT AND PERFORWICE During th• y•¥ lh• Chwty KcwnulaOr4 •uTriont rn•erv•s to ¢n•bl• tt to a¢hl8v• Ils chwrt8ble 4)bjeds •nd dehver Publ benefft in thè future. Th• trtee$ belve. hoving lakèn into oc¢¢)unt Ch•rity Commisw 4uklnca. Ihat they meei the publK benafrt critgna gomg forward. Ch•rit•bl• •thltl•• During they••r, the tN8trts m8d• donatthstolallng £101.5{3023.£71,(XXTr) t0v•riwscha•1. A fvll list of gtan¢g mJe durirg the year is rell•ct•d in not• 4 on ptye 16. Go¥eman costs of £29.1 (2023 - £28.1701 w•re incurnd during the yUf, and aT• includpd whthin Chwitable xUvhi•5.
THE STERLING CHARITY ANNUAL REPORT OF THE TRUSTEES Iwrtinu•d) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REtrIEW In¢omlng R•wil & R••ourcM Exp•nd•d In¢cffling rtsUre+S £159.611 12023 - £IT9.0211 coryising of irNMlm•nl irwrne. Th• Invutm•nl income is 9rrM of in¥Mtment rnanagwTWrt ¢ts. In¥••trn•nt m•nag•mt costs w• Jr•t•ty •c¢ount•d kn un(l•r r•¢wru• •¥)•ndad And more wufic•ty uThlerco¥ts a¢genernling frjnds. Th• Sterling Chorttys ln¥Mbt obledh 18 to thè Chwlvi 8M•ts in rwl t•mii {PJnd$ Slerling) a ld$st of grovrth tlrn9h ¢o)•l g1thh •NI inct¥rffJ. Th• •nnudi••d r•lum ¢Jbj•c1 is CPl+2%. woulj for the Charity's ¢aprt•l to b• malntsln•d [In r••1 lemm) •rKI 4h)w lor Krfn• dkqtritr¥kn lo lupwt ts thw•bl• obiKts. Th• iThv••trrnnt r•tum otrfj•ciN• r•quirw • rmdium rwk profil• ¥knoreby the Charly's pc4l1olio may •xp•rl•nc• r•gular fluduats"on•. Could ui • l)ss. A medvJnFterm17 to 10 yoarsl tim• llorizon li r•quirod. The IN8tees ¥0 dewed the inplem•nl•fjon of th• Inw•bm•nt strateyy to Rothschikj Wealth Management IUKI Limrted I'Rolhichild'l who rnan• th• invtIntI of th• Charity. Durin9 pr•vious year. undef •dvic• frw RoihKhibJ th¢ tru$t•w chang•d thr portr10 rtsk strète9y tC"C8uliou$" from 'iqw' prdtad on the f•8urgent qkbal ec4)nomy and docroAiing ¥0'1itY across Ihe boord. Th• truste88 me•t re9uLgrly wrth Rothi¢hlbJ •nd. rfdrcumthThc•ts r•quir&, am•nd Ihw •pproAch to rmk from tin• to tm•.
ANNUAL REPORT OF THE TRUSTEES {contlnu•d) FOR THE YEAR EIIDED 31 DECEMBER 2024 114TERMAL CONTROL8 The trustw are re5pMsPJl• lor malftt8iftity adequate 8ystem of intsrn81 rontrols and kpIng woper accountuig r•¢ord8 whKh disck)gewlh f•anots accuw at any tllne Ihe finan¢ial p)8ition ot the Ch8rty and to •nabk th•m to ¢nsure that ffirn¢ $l•t9nts cLryty wrth thr4 Ch•rrtie8 fv£t 2011, and wh•rè the Chwiti88 Acl 2022. SORP 2019. Th• trut•o5 arn rn•pon•thh br s•ftyu•rding the of th• Char •nd for l•king Y••wi•bJ• gt•p• prthnlion VKI dot•ctkn ol fr41. Th? System of intsmal cortrDIB is duvwed to yoN4d• r••wn4bkn, but absOt•, Murnnc• against mat•rb•l rntystal•rrt or kiss. GRANT MAKING POUCY Th• ¢h•rty has been establiiWtQ PfoVid•9ro• forpurpoles Ihal irn•xeluihty ch•rit•bl• uts)der the Lw of England and Wales. The Ch•rrty h$ in pl8Co lourbd grant rnakiw arrnngom•nts 80 that tt can prop•ty 8•lxt ¥Jpropr6th w•nt PLANS FOR THE FUTURE Th• IN$t•pi do not currently propw to d•w#i• from th• current obj•ctw•$ •nd #clMiti•s of the Ch•niy M d•t•il•d 3 •bo¥o. Roths¢hld 8 Co Vl•th Management IUKI Lirnrted, •n •xlemal invutrn•nl firm, c4nllnu•s to monw th• •Met• d tho Chwky on a dbcr•t6on•ry b#sis going lorward. D18CLO8URE OF INFORMATION TO AUDITOR In K far •8 th• tru•t•w •r• aTI. there is no r•knv•rt InfOrmatn ol tho Ch•rty'g •wlitcf ig un•ware,' And th truJt•es ha tak•n all itw th Ih•y io have lak to maké Ih¢rnsefvth of any r•knBnt aLKlit itrnat to ¢¢t•bll•h th•t th• judlor Yo wrnre ol ihal inlormats'on. 10. AUDITORS It I11 bfr prowed •t the next tru•t•es' m••img that & frhJnt•r Audit LLP 11 b• r •pwin¢ed as auditor tr th• Ch•ry fr y•w. Apprmd by the Iru•tws on te*r ?¥- on th•ir t•hall by." Paul D•wd Hun8ton
1140EPEIIDEMT AUDrroR'S REPORT TO ThE TRUSTEES OF THE $TERL•4G CHARrrY OplnSon Illo have audited lh• financial slalements ol The Storting Chaty fthe Chvtyl for th• year •nd•d 31 December 2024 which ccfflprllhe Slatèm•nt clFinan¢ialAdth, the Babnce Sheel, the Statement ol Cosh and Tr)tes to thè financ1 stalem•nls, Includ1ry a sunary of signfficant •rwwitinq poIles. The f)8ncial reporting frarn•ryk that has b8•n In th?ir preparab.on is applicAble law and Unth4 KgdoM AcctyJnlmg Slwdaids, wing Fwianuet ReWirvJ Starard 102 "Th¢ Financial Reportirwj Standard ApplKable in lh• UK and RepublK ol Ir•l4nd" (United Kwwdcm G•1w•1 Aee•ptad A¢Unt9 Pract1. In our opinion th• fiMnu•l thteffl•.. gTrie A tru• •nd fair vwAt 01 thè •tt• ol th• ChariVI affatr? M at 31 DKwnbor 2024 And of rt8 incomir4J wourreg and •pplulv)n ofrwwrces indudlng and lorth• y•ar lfft baen pr•p1 In •¢•r• th th• rnqutrn•rth of th• Ch•Mh$ AL 2011, and wh•r• r•t•wL th• Ch•ritM Act 2022. 8ul# for oplnlon W• conducted our audrf in xcordArth wmh Inl•malh)nal Stard•rds on AlIting IUKI IISA• IUKII and app1Kab Iw. Our rMFonsknilth uTrd•r th0 stsndardi are lurth•r d•scriW in Ihe Auditorf• r•gponwbilrti•i for the 4udit ol th• financi staleffnt4 s•cti¢n of ¢T r•port. ara Ind•pgnd•nt ol the Chaiity in accorfants th the •thieal 1•]uirÉnnt9th1f •r• re$t to our•udrt of thèffinanclal italwn•nt8 in th• UK, I1r4 th• FinrlI1 R•portJng Coun¢il'¥ Ethicd StaTrYard, and w• fulfilJ our thr 0th81 Wo)111t1?$ th 9rd•n¢? with the6e reqM1•ni•. W• b•lim thal lh• •udit e¥wjen we hw• oMw"n•d i¥ fflKl•nt and •pprorNts to provld• a bth'B for C4)nElu¥lM• rdallng t• wlng Gonc•rn In •udMng the fmanclal 8tstemenl•. wa hav• Coru$d tho1 the trusl8•8' olttw goity 118 of occounling in th¢ preparation olthg financkgl statemwts is apprc¥>nte. Based on IM wcrfk wo have perfomd. we hm TrJt any m•lorI unc•rtakntl•8 mlalfftgto •wnt8 ¢OnditS that. indu4 or cotkntvoly, MAY cast swjnthanl dout4 on thts Charitls ?bllty lo continu as a going cont¢m fora p•n"od olat knasl trom th• finw¢1 •tat•mants ar•Jthryi¥d lor i¥sue. Our resporrJibilrtio• and the rew$1¥ dth• trustees *ilh r•ipect to concem are dribed in th8 f•lovant JectThw ol thi• raporL
IMDEPEMDEMT AUDITOR'S REPORT TO THE TRIJSTEES OF ThE STERLWG CHARifY (¢ontlnu•dl Qth•r InformalFon Tho tru•t••s ar• Kewi1bj lor t Vr infonnkn. Th• information the intsmwtion incljded in theAnnual Report oltheTrusttss FinCk Statements. thrthan the finanual 8Lem?nts our audrtor'3 report th•r•on. Our opinion on the finanual statamtnt5 doeB not cover the othér infornmtion and do not •xw•M ary fom) of auur&TKg ther•or In ¢onneth'on with tr the firwicbal slaterTwls. our resp¢Aiibthty • to re•J the otmr inforniatitsn and, In doww so. consh4•r whgthw th• oth•r inbrm•tK¥n ig materially wrth th• finarKl 8telements or our knedge obtsined in the course of thè audrt or otherwis• appears to be maleri?lty misst•twJ. Ifwè Idenlfy rn•tenalirton5iil¢n¢ies orapp•r•nt mJl•rid mMtathent8. w• #re raquirod to detarmine wheth•r thii gN•J rise lo • matwwl m08taterThI in thg fin8nripl •talntS IhemJ•lb•8. 11 bas•d on the wofk w• have p8rftyrwJ. we corKkvJe that th•¥e Is • materid miistatgrnent of IhiB Other Info•110fi, arn reqsJir•d to th•t txL l•l• haw nothing to r•rt In thls rty•rd. MAtt•M on twhlch w• arn lo r•wt by x¢•pllon nothing lo rnport in r••pe¢t of t IDPAyMry m•tters in relthn to whh th CharbtM {Account• and R8peiil Regu110 2008 rwuir•• us lo r•port to yrju rf, in our opNIkn'. th• InltyTn•tM gr¥•n in th• Annuaf R•pNI ol th• Tn4l•M h inconshi•ni In •ny Mat•rf r•w¢t th tm Fin•rKld Slthm•rts,' 8uffi¢l•Tht ¢ounling r•cords hav• not b••n k•pt: Ix firt¢1 •ffl•ntS 8de not In JcpJuntkng rnoyd•'. or w• h•ve rvA rnc•hd all th• knftJnn •xpknn0tK1 We r•quirn for r •udiL R••pDn¥lblllll•• of trta•4 A¥ xpl•ined morn fulty in th• Trul1, Swm•nt. the trwlw• •re responsbkn Icr th• preparatk)n ol financi st•tarnents and for being satrdfiod Ihat gNe • true aTrJ lar #nd for Juch internal controls as the trusteos detemino 18ry lo en•bh th• pr•par0tn ol financK•l $lat8m8nt• thal •rn fr•¢ frryn Mat•n miatatenvJnl, whdh•r du8 Its tr•1 or of. In preparing the fInanTh stalerrnts, lh• tru$l¢es are respon$t$ for •$$S1r1 the Charity$ ability lo conlinuè as • going conc•m oing conrn, disGb¥in9, a5 applablt, mattèrs to going concern and using the a8i8 of xc(nIIng Un$& the tn1st8 h•r mtWKI to kqi•d•te the Ch•rty ty to oper818, or havg no realist ahematN• but to do so. Authof• f••pon•lblll¢kns for th• •udtt of th• flmnclal •lAt•m We havg been aFPoInt as auditor under sectsm 14S ofthe Charitie5 Acl 2011 and rwort accoYdanc• wrth the Act and relevanl regu10n$ m¢do or hmfjng •ffed ther8under. Ourobj•ctives are tts obtain reasonab assurance about wh•ther financial ststamants as a whole am freelrom Mate81 rnisstalen)ent, wheth•r dueto frwd erfor. Io ISSL an uditor's raportthal include8 our opinion. Rea50nats osswaTrce is a hvJh level of assurance. but is not a 9uarantee that an audtt conducled in aceor<lan¢e ISAS IUKI wfil ah¥ays detect a rrsatenal misst8tÉment when it exists. ML%slatements arise from fraud or érrorand con84Jeted material rf. indidu&1fy in thè aggr89ate, they could reasonably be exgxt•d lo inffluence the ecOrKrfn decwns rf u?W5 taken on the basis Of these financiat slaiements.
IMDEPE14DEIIT AUDITOR'S REPORT TO ThE TRU8TEE8 OF THE STERUNG CHARITh l¢Mllnu•dJ Audltor'• r••pon•lbilttl•B for th• •udlt of th• Ilnanclal •l•t•rn•nl• Iconllnu•dl Irregularth8. in¢ludOng fraMI. arn In8tr4Ku cl non4(¥npliwKe t•Ath wwl regulat. W• dn rocedures In ne wnlh our rr•guhrits•$, inclLkdiThg Im sfibth. jIlin&S abo¥•. to detec rnateri misstatement6 in In<Ing fraud ts daiJ•d bd(M7. •xtent to whKh aur pr(dureS are wabl• of d•tectirvJ irregularflm. Our uo•umeftt of1 8UWtibli ityoflho On1 finanual Statorr$ tr> mat•rl•l rnlistement. induding htrw frau¢ rnh1 oc¢vr. Is MWY4Klernd to b• tr4f. ThIB cordyw)n VAI r•Khed tr th• reaBon$ oudined due to the r•lth'¥ty sryk• bu$in•M rTKxleland bxv¢me oltrarrfacl>Jn$ wltNn the Chafityther• •r• cornparatr4ety fw uneypxtsd lThjCly•t In th (•pthtsl r¢Jutts and bal4nc•ts any •uch n•xp•d•d V•nukl b• •nqulr•J by ,. and Ihern ore a numb•r 1ndm(kl whKh compth.ml IDdMdual who li IW lo b• abr• to obwrlde to •monf Iher•th th•rn iingl• Wè de6lgned our •udR proc•dur to rosp to hJ•nt(J Ait rlsk8. inch•JirvJ nonrforyth•ru with law• •nd rtyulalioni Iirr•gu&r1tl ltrts•t ar• materi•l to tr8 fin•nry•l •lat•m•nt•, Som• of th• •pKinc proc•duw p•rfornwd to d•¢ iwregur1. kKKling frmNI, •r• d•t•4wJ b•kMr. th• rnvi•w olcontrd xc¢tI and journ •ntr l•r9•, unusual or Un• • lh• r•vvw of InJ8te#' mra minut¢• fty unreccKd•d tr¢"; un•xp•ct•d or n¢ to in accordwK• tlthh our und•rslandwJ of th• Crity •¢tiYtt0 durlng Ihe yw, obtsin8 end r•v• partltss la$ d•fined by inntsal • ltsl of •ntlU•• p•rnon¥ consh8ered to b• r•lal•d •pry¥n9 Stsndard 1021 •nd rev1thTr9 ledy•r• olth• Ch•rfty fr>r pr•vKJuity unr•pryt•d T•t•d poty tr¥n•aclm. and r•vi•w ol tr•nMclw Joum•l• for any ind•kn ol fraud or m•ng•ment ob•nld•. Becau of the inhernfit lknitx>n8 of 8u(thr and lh• audft w0¢4dure3 d•$crb8d 8b¢v•. Ih•r• il riak th41 will not detect ryLtlèrAkn. In¢dIng those lo a mat•rfal in thfr financial statements or rn<0mplIDC¢wIth Mgulth>n. This risk incr••ws thè more that eomph•ne• th a kn or mgulallon 16 woved Irtyn th• •vents and lrnns•¢kn• reffeded in the finon¢¢wl 8tat¢ments, •• w•will b•1•80 likety lo bocom• aware of instan¢•i of noThwnplL4ne. Th¢ risk * al80 gr•aterrngArding wr•9ulanii Currty due to fraud rath•T than •tror, as fr•ud inbty)fv•s Intontnl cl)nlment, fug•ry. oIIusKJn. OMIOn. rnwepresenlation or lh• ov•thdfr rA iTht•m coTrtrd8. Vvo •m not proventiry nonwllan¢a •nd c4nntX b8 èxpè¢t•d to d•f•ct ronv•iorK• tAth on$ilo for rwdulanS. Ilwand A furth¥ deIcrpth ol cwr th• •Jit of th• financNI 3tstembThts 18 Imted on tho FInartl Reporttylg CourKif¥ wobsile at.. port of our oudrtor's report. Thi• dexriptiDn lorm$
10 INDEPEIIDENT AUDITOR'S REPORT TO The TRUmE8 OF ol our nport report kl nwde to th• Ch1 tru•t•M. u • tody, in accordwe• wth p•rt 4 of th• Ctrwit (A¢cow• ond RwrtBI R•9ur•tp 21))B. Our wjit h•$ be uTrJertiken that wfr ml9ht >t•l• to the Ch•1 tsuste•i thMo m•tt•rn we are req¢Jired to sl•t• to th¢m in an wdrtorfi r•wrt and for rK Other Pu>e. To lh• fulmt •xtsnt ptsmi by INW. do •cwt or r•w•ibilty to •ny<Th oth•r Ihart lh• char it• lius10 u • b¢dy, for tth r•port, or frjr th• opinions w• hw• RThlln•on & Itunl•r Auth LLP st•tU1 Audit Chart•r•d A¢£tyJtthTht• Ewth Fk1 8 Str••t SqLW• N•w F•tt•r L•m London EC4A 14Q O•t• l s Pnl & Hurknr Audrt LLP th lbi• fty •POrlm•nl w an •¢Ait(x ol th• ch by wrtu• or •lg)llNy ftx appolrtm•nt •• I1cl afth• ••ckn 1212 ofth• cnpaTrI Act 2006.
THE STERUNG CHARITY STATEMEi4f OF FINANCIAL ACTMTES FOR THE YEAR EMDED 31 DECEMBER 2024 Vnwtrl¢t•d Fund 2024 Unr••trfet•d Funds 2023 INCOIIE AND EXPENDrnJRE In¢¢mlni r••ourG 159,611 179.021 Total Incornlng I••our0 159.611 179,021 Exp•ndlturn on Colt of g¢n•r•ling fw)ds ChWIkn (170.3381 (130.S22} 1157,7001 1105.1701 Total I••oU•• •xp•nd•d {3(M).880) (262.8701 Oth•f r•coqnl••d VI10••) R•aSed galn on inveltments Unr•aliMd (b)Ml 198in ¢)n inbY•trn•nls Foreign •xchwe 9 1,787,432 11.049.834) 315,028 14è,60S 1,047.208 219.090 Tot•1 oth•r r•cognl••d g•ln• 1,OS2,626 1,415,W3 N•t mov•m•nt In IwMI• 911.377 1.332.054 R•¢on¢l¥adon of fund• T(tsl funds f0Th¥al •t 1 JbUWY 2ff24 18,150,918 14,818,884 Tolal fund• lorw•rd •131 O•c•mb•r 20 17,062.295 18,150,918 Th• statonnI of Fin•n¢i•l induth 81 garw aThJ l)ue• r•wnM¢d dn9 the y•¥. l inccming reeource5 #nd Tesources eXpded dewrtyfrom conuIa a1
12 eAL4Nce SHEET AT J1 DECEMBER 2ty 2024 2023 Flx•d A•••ts Inv¢•th•Dt8 Cajh und•r Man•9 16,596,185 16.(M8,308 17,085.888 18,171,241 Curr•Tht AM•t• 10,325 Cr•dltorn. Amoun1• flNng du• In OTr• y•ar Il•t curr•nt I1MIl•• 17.082.295 16,1,818 17.Of2.295 18,150,918 R•prn••nt•d by. UNRESTRICTED FUNDS Clpltsl Fund £17.C62.295 £16,150.918 Th• fiftwKiil w•r• yo¥d wd •utprt)thd for r4ue ty lh• tru••• 11cx Zc4f •nd iKJn•d th•* behoK ty..
13 THE STERLtrIG CHARITY STATEIIENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBÉR 2024 2023 Net movernent In fund$ Less in¢otrn from InStnlI Decreas• I lincrta8el h det4ors (DrKrea5el l incre•8• Greditorn Unmaliud 1 Ig•inl w invejtnwnts Redii•d 1 on Inv?MlS 911.377 (159.6111 10.325 (7,OSS) 1,049,834 {1.787,432} 1,332.054 1179,021} {10,32SI 9,708 {1,047.2081 1149.6051 17.438 144,3971 Cuh Inllw trom Inv••tln9 *¢llvlll•• Paymènis to wuwe inv•stmty R8¢0ipts from of inva¥trr•rt• Incom• Imm bNM¢mènt8 15.139.303) 5.327,022 159,611 14,887,828) 4.452,875 N•t c••h InknT I loutllowl fram In¥Mtlny •¢dvKI 347,330 1258.1321 Not Sn¢r••#• l {d•cr•As•} cosh ar cath •4w4•b•rt8 Cash and caih #gufvalents at 1 Jlnuary 364.788 124,93S 1300.5291 42S,464 C•4h and •qul¥al•nts •t 31 D•c•mlxr 489.703 124,935 Calh •1 b• •nd li h4nd Cash undef m•ntyem•nt 489,703 124.93S Cuh and Clth •qUIv•nts wl 31 DK•mb•r 4e9,703 425,464 The noles 1410 19 forn w ofthes8 finan(ia
14 THE STERUNG CHARtr( 14OTE8 TO THE FINAIICIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUPfflNG POUCIES Th• St•rlirvJ Chwty (th• ChwVI. register•d 1127454. ri b•Md adminmtered ti? th• Unrted Kingdom. The reqr&t•rnd addJps$ 13 95 The Promorde. Cheltenham. GkJuc88l•r. GL50 1HH. The nature of tho Chuity's opeiabons 4nd princyal xlMIs Ive set out n the Annual Report cl the Tru8teo Th• Charity ¢on¥irtutos a publ b•n•fit erty a$ defw& by FRS 102. Th• finanual statemenli ha boen prepaftd in wih Accounting and Roporting by Charths.. St&t•ment of R8¢omm•nded Practk• to Ch•ritt pr•pariry thwr Kcounts in aOr(tare with th• Financ•[ R•portirva sIdd applbkn in Ihe UK aThJ Reputsl ol IreLd issued in October 2019 CSORP'I, th• Fingn¢spl Reportir¥J Stand#rd in th• Unrt8d King(kyn Rew4blicoflrelgnd IFRS 1021. th• Ch8rrtlo Ad 2011. and Wh rdovant. the Charrtitss Acl 2022, 4nd UK Genera The finardol tht•tr•nts we pre8entod In #•Nng f•thKh is the lunth"¢)n•l ¢LKr•ncy (rfth• Ch•rty. Th•si nrfKont xcountry pdKi88 appkd in Ihe prwralth of thMe fw¢1 stat•m•nts are out beL. Thtt¢ pcl¢ieJ have be conMtnty appli•¢J to dl yw8 pr•••nt•d Unle othe1 Flx•d a•••t In¥Mtm•nts F•d 113¢1 investments w Ind1•d at rrwknt at lh• baknnc• •h••t d•1•. R••K8gd 9gkn8 and lo$ on inv•8trnents are r•coJnMd on dY6pN•I olinve8lments and Any g•in or l)ss on r•v•luthen 1$ tsk•n lo lh• Stattsyn•nt of Fln•nLi•l Activitie8. The det¢nninJt)n ol any Ind ues is c•kulat•d by r•lw•nce lo the math8t luch u60ts •t thè b8ginnlng ol lh• accolting pwJ C•8h for inwstnxntfjs knclud•d wthin knv•thent in r£cxdanc• SORP IFRS1021. Inwnlng r•ourc•• Investment incom i• •wrwd Ihrowjh h&Jirffj ••Mt• fow Inknnt purpo8M 8u¢h 8hor•& It indud•8 dhlInd$ •nd inter•st. not prxtic•b to kdfrntsfy Inv•otml management costs In¢urr•d within a schem6 reawnatAe Kcuracy tho invesbY)eAI Incixn•18 reported net of t costs. Int•ml IrK0 and dNthd in¢or¥ rwnv4wJ as th• Charrtl$ right to ¢0 p•ym•nt il éstswh•d and the nnt of the inccrfn• r•c•N•bh un be measured reli•bJy. R•our¢es •xp•nd•d All •xpenditure is acCothd for accrual$ basis •nd hu b••n cL•81ifi•d under he•dings that aggregate all costs r•laled b the cal•g0ry. EXdrturn rwnwed wh•Te thw• 18 • l•gal r )nstructN• 019# crffimitling th• Charity to the •xpefKiriure. Charabl• xnPIlle and th)n•tbM m•Je dwing th• p•iitsY and •r¢ •xp•ndr• through St•tunwl Fin•Ac4 when • fimi IB conveyed lo the clonI. Go3nCe mclud• th• co•ts alItl with me•ts"ng Ihtr cOnstitutnal and obligalAS ofth• Charty, as rjpposed to thè Mwnc0nS intr¢¥t yn•r•ting lunds. St•tu$ lund Afl fund5 8re held on an uThr•stwict•J The tru61ees hav• crynpble diKTetiw for thwr use in pursuance ol the ChiW¥ obJ•ctpMs and whth b¢en d0•Y for oth•r purpos.
16
THE STERLWG CHARITY
NOTES TO THE FDIA14CIAL STATEMENTS
FOR THE YEAR E14DED 31 DECEMBER 2024
ACCOUNTING pou¢ie8 IMnllnu•dl
Thè Chaty onty has finar¢l ¥sti aTrJ finanud ol a kind thal qualfy •$ baiK finwKial
inilrum8nts. B85iG financial instr4X71•rts w• r•wJnised •t tr•wdiws valu•.
For•lgn eurY•n¢y
Foreign currnw lrnn•4cli?n8 arn Inrtlaly r•c4)9no00 by •Fp
Ipot exch&n9• lh• fvrKtiord Ind th•
Ifansaction.
to th• fornyn curr•ncy •mnl th
n ¢wr•w 41 the dat• of th•
Mon•l•ry liabllth"88 d•ncrfnKwl•d in • lu•4n ¢uff•nty at tr ihW ar•
Ir•n•Lqtth u8ry th• rth. Al &rfr•r•n we lkn to th• S1thnI ol FInar A¢bvhi••.
D•blorn nd er•
16 THE STERUNG CHARrrY NOTES TO n£ HNANC14L STATEMENTS FOR THE YEAR EIIDED 31 DEceM8ER 2024 2024 2023 INVESTMENT IMCOME 159.811 179,021 159,811 179.021 COST OF GENEPATING FUMD8 2024 202> 170.338 157,71XI 170,338 157.7CQ CHARITABLE ACTivm&8 The folltrmw 9r•nts W•fe thvaTd•d dknO th• y••r 2024 2023 Medical Engltw4 R•0 Unit (UK Rtyl•t•r•d Ch•iity No. 2698041 Th• Mov•m•nt for Non-mobilj Chltirnn elthvzz4(hlL} {UK R•gist•rgd Charity No.802872} D•rnand D•$Kdn and Manuf•c¢ur• ftK (UK RggY6tgred Charity No.10081281 Ruskln NWII Trust L4nrt•d (UK R¢gOt•r•d Ch•nty No,11371671 InFc¢ug ChArlty IIc4m•rty V1•8t of Erwjhnd s¢1 & Collgg• for young pocpkg ith lrttkn or no IUK RegYJtered Charity No.105893n Chi* 8r8in lryury TNSt (UK R•gi8l•r•d Ch•rty No.11133281 Dame V•ra Lynn ChikJTgn'$ Clwity (UK Regu%ternd Ch•rity No.10896571 14,500 11,000 14,5 11,CQD 14,600 11,CQO 14,500 11.C#)D 14.500 11,WO 14,500 11,0(ID 14,51 11,000 101,500 77.000 G0MIn¢• ¢ts Independent auditors f••8 L•gal l••s 19.800 19.900 8,270 130.S22 1(,170 There •re no empkny••8 Othef than th• trust•es wt#) ar• koy m•nIg•fT
17 THE sfERUNG CHARiri IIOTE8 TO THE FIAMCIAL 6TATEMEiirs FOR THE YEAR EMDED 31 DECEMBER 1024 FOREIGN EXCHANGE 2024 2023 Fornyn exchanp g•kn 315.028 219.090 31S.028 219.090 VESThIENT8 (AT MARKET VALLE) 2023 QLKrted inv¢stm•rtts within th8 Vntsd 6,248.868 10,347,317 5.965.368 10,080,940 18,596,185 489,703 16,048,3C6 124.93S Co•h h•kl M p•rt Lrf T•t•l InTM•tm•nts •nd Gmh und•rmin¥ 17,085,888 16,171.241 2024 2D23 Nel r•ak•d pain on UK inv•stmanl• N•t realM•d 9wn on o¥er3ea• inv•$tnK•nts 32.B66 1.754,568 5,639 143,968 T¢Jt•l n•t r•lts•d lftv••tsN 1.787,432 149,605 N•1 unrul$•d 9aln on UK irtv¢Strnt8 Nel unreals•d (hJMI I gain on 47v•rsw 76,149 11,125,983) 352,81e 694,390 Tolal n•t unr•M•d IloM) I •n 11.049,8341 1.047208 Quot Inw•tm•nts thlthln th• Unll•d Klngdom Mwk•t nlu• 1 J¥Y Add*bna ot ¢0 ¥posJls Net reali58d in¥E8tment galn Net unr•alis•J inv•5tmenl gain 5.965,368 1.910,521 11.736.034) 32,868 76.149 5,244,531 2.625.452 (2,263,074) 5,839 352,818 Mthrket Valu• at 31 D•cemts•r 6.248,868 5.9S5,366 Hi¥¢od¢ Cost at 31 O•¢•mbw 5.654,377 5,394,765
18 IIOT&8 TO TrE FIIIAIIW 8TATEIIENT8 FOR ThE YEAR ENDED J1 DECEll8eR 2024 IVE8TMÉirfs (AT IAARKEf VALUE) {C•rflnu•dl 2024 2023 M•rtt•t ¥du• 1 Jvlwry ditan1 at c1 10.080.940 3.228,782 13,5gh).9881 1.754.Se8 11,125.9831 9,169,809 2,262,376 Q.189.8011 143,986 094,390 Nrt unr••ll••d Ihi•l I g•ln Mwk•t •t 31 D•b•r 10.347,317 10,080,940 Hl•t•rf¢ Co•t a¢ J1 D•¢•ml 7,227,892 6,798,787 R l•V•th Man•g•n SICAV4IF 2S.8ry• 22.65% 2024 2023 10,325 10,325 CReDITORS. wnounl• l•Mlng du• t*MNn on• yw 24 2023 23,593 30,648 23,593 30,648
19 THE STERLW4G ¢HARtrY NOTES TO THE nllAIICIAL STATEMENTS FOR THE YEAR ENDED J1 DECEMBER 2024 TRANSACTIONS wifH TRUSTEES AND COIINECTED PERSONS romburs•d to during th• y•w. Paul HtJn8lon. vtho 8eMd durtNJ t year as a twstee. is a pirtmr In th• I1 ol solicrtoTs WNgin ogbome FUlrve are the •olKttors of Ihg Charity. Tr Charty incurred 1991 Irom 991n Osbom• Fullert0 ttxalling £8,31412023. £8,30a) in r•l•titin to adv and sa1¢¢1 reknlin9 to 2024. Invo3 rni••d by W91n thbome Fulknrlty• were appro¥ed durmg th• ¢tsurn• oflho year by th• Board of truste•8 l•xEknJiry IAr Hunitonl In accordane• with dause 2511) {b) of the Charity'8 Decl of Tn•L 10. ULTIIAATE CONTROLLING PARTY The ulbmth Mntrow pwty i• tho Bowd oftrust•M. 11. FINANCIAL IN8TRUMENT8 Th? cwrylng •rrKunts dth• ChwW• fmanc1 •r• •• foM¢M'. 2024 2023 ••sur•d lJir value through SOFA.. -Fixed as3et quoted in¥•8tnnts (Note 81 und•f man•gem•nl IN0 61 16.596,18S 489,703 18.046,3Ce 124,935 IA•uu¥•d &t amortised eo'. Accrued incom¥ (Not 71 10.325 FIn¢la1 IlabllU•8 Mea•ur•¢l al arti•• ¢thL' (Note 81 P3,$931 130.8481 The income. •xp•n$g$. net gains and nel kjsses th"butab to th• Chwty'$ finanCh instrument5 •urnmarised Measur•d at f8ir vthje tIwou9h SOFA.. N&tgan ¢harygs farrv4h*) 1,052,626 1,415.903