IR•gl•t•r•d Ch•rlty Numb•r: 11274841 ANNUAL REPORT OF ThE TftU8TEÉ8 AMD F￿ANCIAL 8TATEME14T8 FCf¢ THE YEAR EIIDED 31 DEcEM8eR 2024 P• Annul RW oltho T￿*t••* Indep•nd•ntAudW• R•pryt 7-10 11 B•l•r*• sftht 12 St*wr•nt ¢lC••h Fl 13 14-19 THE 8TERL*IG CHARITY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Thetrustees I￿jM￿ their annuat report aid th• IThJ•Wnd￿ audit•J fThncial stat￿ts ol The Sknlin9 Charrty I'the Chantyl forth• year ended 31 Oxemb•r 2024. Th• fInancK￿ Jtstenwnty how boen wwrod in wth th• •¢CoUnti￿1 pd6ciu lèt tyjl in th• not•$ lo tho finoncKIl llatwnenls ccthply Wilh Chanty's g￿rnINg thumwt. th• Charthes A¢t 2011, and vkner• relmnt, th• Ch•rith Acl 2022. ACC￿n11n9 •nd Reptsrttng by Char￿84.. Stslement of R•commended prActice appk8ble to charrtw prwriTrJ their accounts In accordan￿ with the Fiftanci Reportin9 St￿dard aFpIKable in the UK and Republc d Ir•knd In Odobw 2019. REFEREfr4CE AMD AD111141STrATNE DETAIL$ The Chanty, wvJt•r•J ¢hwity n￿b•r 1127454, 18 ￿led arKf adrThnl•l•r•d in tho Unitod K￿0d￿ The regi$ter•d •thaws ￿ 95 Th• ProrTW)nJde. Chertenham, G10￿*t6￿h1r•, GLSO 1HH. Tvv•t••¥: The nam•$ ¢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 Ind*￿011•￿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 d*d 8 Docember 2D08 and regi$lered with th• Charty C￿nmisSIC￿ on 9 January 21M. It li •n unincorporale•J chariiable trust goven*d by th• propor Iw clErsland and Wo*& The entire resourtes of the Chaiity b•en wrestricbj through0￿ Ihe yoar and the trust hav• C￿plete discr•l*)n lor thew in fiJrlh8rance of thè obJ￿ts 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 In￿1• 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• tr*rtty ￿ und•rtok•n a8 when •￿roprIate. Al trustees w• •w• of th•ir l•gal oblbaAty'ons under ChWit￿l Act 2011. and wh•r8 r￿rt( th• chartt￿ Ad 2022. Ory•nl••tlon •nd m•Th•g•m•nt Th• Charfty i¥ •d￿￿n1￿•￿d on A daity bas* by Tiyth Vthm ropoth dir• to th• PAY poN¢y for ••#lor •tsll JI InMt￿ Ih*16m•fr* •rYl no IN•t•e r•rywnerthn kn the Y￿r. R•l•t•d P•rll•• Affllkntlon Tru•t••i' R••p¢xMlblI￿l•l SIAtsm•ht Th• tru8t•tt arn rn8p)nsfibl• for prnp•rfw tr* Tnottss. ArMK41 R•m *nd FIMncl•l Stthenls In accordance Mth ￿pI￿able Lffiv and United KJngdMI Pttountino SI￿d¥￿I IUniW Klngdom G•rt•rnlly A￿lpted 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 wh￿h 9lV¢ • tr￿ and l•irv*w tsf the slate of affa￿1 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 lh￿0 financol ￿tell￿ts. th? truJtse¥ ar• requtred lo.. d $urt*>l¢ and Ihen •p*y thom cOn￿llenty.. cbser¥e th• m•thtsY• #nd prindpf¢$ of Ihe Chwikg SORP 2019 IFRS1tr2),' judgements and eStM￿tel that are feaKfftab￿ and prud•nt, state wheth•r applI￿￿￿e United Kirfjdryn OV￿￿*ing ¥tsndard3 hav8 bwn lolowed. $ubiKt ¢0 any rnal•r1￿ d•partur•s disdos•d and •xpla*wd in the fInan￿￿1 $tBtements". and prepare thg fin•n¢￿1 Bl*qments cfi the win9 cO￿8M 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• c￿Anty and enabl8 thom to •nsure that thefirtonu&l st8ten*nis compty with the Ch•rit* Act 2011. and Whe￿ rdevanL th• charit￿ Act 2022. th• Charity IAccounts arrtl Reports) Regulati¢)ns 2￿8 and th• p￿S￿n$ ol th• Trust Doèd. TYW ar• algo resp￿sIbl& lor 8#f￿u8rding 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 I￿ntinu•d) Trust•••' R￿P¢￿Ibl1[1l•1 St•t•rn•rt IcoThtlnu•d) Thetru$t•M are reSpon￿ble10r¢￿e maintenanceond inlegrityoithe Chanty and finarrial inlorniauon indudsd on the Chanty$ **bsrte. Lo9rf18tion in th$ Kirigdthn go¥•mtiig th• pr•par#tion end dissemimlion of financid IIthn￿ts drfvr frcffi legr4LatvJn in cthwjuiiwlKtw•. Th• trLMt••$ ar• conc•m•d wilh Ma￿111ning ju￿•nt lev•h ol rese1￿ to •n•bl• th• Charity lo Try oul chantsble *'th. Th• t•lw that th• rwf*MS 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 $u￿tant￿ lundlrrfJ Ih•trust•tt WAI continu• to hav• r•g•rd to M￿ntaIn•Trg a reaaonable knl of inve8trnn¢s •nd Ihu3 re¥￿8b19 r•tum Irom lh• invejtrr￿nts tts ￿lI￿Uard the ￿18¢114•1 ofth• Chgffty kn Ihe twm. Rl•k Mana9•m•nt Thts trwle¢• lh8 moior risks the Charty lacw on a r•gul•r bai& and bèlloV• thal miint*iniThJ sulfichinl rn￿r¥￿, comtsned with r•gul•r rnvithv ot th• ov•r k•y financial sysl•m$, will Pr￿1• 5uffickint in t￿ •b*nl 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 m*wJ#• tm swjntrant ab8••imeht h b•en uftd•rtak•n whkh coryn￿8.. 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 des19r￿1 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 h*NwJM •ny n•e•s￿ry $8f•gUATds that wil r￿d lo b• pui in pknce. No mtyr wi•k• Id?n￿ •t lh• dat• of the88 tinarKMI 5tstwr￿ts. In add￿on. the tru1t￿l hm tth•n du• Comideralkni of Good GvMnarK• . A Ci¥d8 for tho Volunt8ry and C¢mmuntty S•ctDr. eMIMhig thal the ¥even pwwvplpj of th• CtyY• •re •dh•r•d ID. These ortr". puw. L•ad•rshlp: Integrty.. Dea.￿on￿rAkin9. risk and Contr￿., Equallty, divarnrty and In¢￿￿)n'. aTrJ and xtttiibilty. TM tru*e¢s r•¢ogn5$• 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 f0kn￿d 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• tru*teo8 hav• ref8rred to the Cod• ol Fundr￿￿￿ Pf•ctice fthe Code'l wh￿h 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 •8tablIS￿kId to lld th• r•l8fcl pwty, r￿101 Iho•• m n•ed by reB80n oly¢yJlh, ag•. itheallh, dis￿lf￿. financial hard6hip. or dtoth4nt49•, th• WIV•n¢￿nt ¢f ad￿0110n, th• adv4n¢gmgnt of th• advanc•m•rt ol th• •rt*, lh• than￿m￿nI ol rglvjion. th• advanc•m•nl of h￿￿h or u¥iThJ rf hvts •￿1 lh• •th4*ne•m8nt al an￿rOnmart￿ 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 ChaTht*s Act 2011 to h•¥e due rtyard to rt. Th•y ¢￿sider Iha Inlormatson t*hKh lolows in Ihv4 annual repryt. about the Charty's &mi, activiti•6 ond •thievem¢rtts in th• 8w$ ol int•rgSt t￿t 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• tr￿tee$ bel*ve. hoving lakèn into oc¢¢)unt Ch•rity Commisw 4ukl*nca. 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 m*Je 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 r￿tsUre+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•m￿t 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¥Mb￿t obledh* 18 to thè Chwlvi 8M•ts in rwl t•mii {P￿Jnd$ Slerling) a l￿d$st of grovrth tlrn9h ¢o)*•l g1th￿h •NI inct¥rffJ. Th• •nnudi••d r•lum ¢Jbj•c1￿ is CPl+2%. woulj for the Charity's ¢aprt•l to b• malntsln•d [In r••1 lemm) •rKI 4h)w lor Krfn• dkqtritr¥kn lo lupwt ts thw*•bl• obiKts. Th• iThv••trrnnt r•tum otrfj•ciN• r•quirw • rmdium rwk profil• ¥knoreby the Charly's pc4l1olio may •xp•rl•nc• r•gular fluduats"on•. Could ui • l)ss. A medvJnFterm17 to 10 yoarsl tim• llorizon li r•quirod. The IN8tees ￿¥0 dewed the inplem•nl•fjon of th• Inw•bm•nt strateyy to Rothschikj Wealth Management IUKI Limrted I'Rolhichild'l who rnan￿• th• inv￿tI￿ntI of th• Charity. Durin9 pr•vious year. undef •dvic• frw RoihKhibJ th¢ tru$t•w chang•d th￿r portr￿10 rtsk strète9y tC*"C8uliou$" from 'iqw' pr*d￿￿tad 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 k￿pIng woper accountuig r•¢ord8 whKh disck)gewlh f•a￿nots￿ accuw at any tllne Ihe finan¢ial p)8ition ot the Ch8rty and to •nabk* th•m to ¢nsure that ffir￿n¢￿ $l•t9n￿ts cLryty wrth thr4 Ch•rrtie8 fv£t 2011, and wh•rè the Chwiti88 Acl 2022. SORP 2019. Th• tru*t•o5 arn rn•pon•thh br s•ftyu•rding the of th• Char* •nd for l•king Y••wi•bJ• gt•p• prth*nlion VKI dot•ctkn ol fr4￿1. Th? System of intsmal cortrDIB is duvwed to yoN4d• r••wn4bkn, but absO￿t•, *Murnnc• against mat•rb•l rntystal•rr￿t or kiss. GRANT MAKING POUCY Th• ¢h•rty has been establiiWtQ PfoVid•9ro￿• forpurpoles Ihal irn•xeluihty ch•rit•bl• uts)der the Lw of England and Wales. The Ch•rrty h*$ 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• a￿TI. there is no r•knv•rt InfOrmat￿n 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 it￿rnat￿ to ¢¢t•bll•h th•t th• judlor Yo wrnre ol ihal inlormats'on. 10. AUDITORS It I￿11 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•r*y 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 $TERL•4G CHARrrY OplnSon Illo have audited lh• financial slalements ol The Storting Chaty fthe Chvtyl for th• year •nd•d 31 December 2024 which ccfflprl￿lhe Slatèm•nt clFinan¢ialAdth, the Babnce Sheel, the Statement ol Cosh and Tr)tes to thè financ￿1 stalem•nls, Includ1ry a sun￿ary of signfficant •rwwitinq poI￿les. The f*)8ncial reporting frarn•*ryk that has b8•n In th?ir preparab.on is applicAble law and Unth4 K￿gdoM AcctyJnlmg Slwdaids, w￿￿￿ing Fwianuet ReWirvJ Star￿ard 102 "Th¢ Financial Reportirwj Standard ApplKable in lh• UK and RepublK ol Ir•l4nd" (United Kwwdcm G•1w•1￿ Aee•ptad A¢￿Unt￿9 Pract￿1. In our opinion th• fiMnu•l thteffl•￿.. gTrie A tru• •nd fair vwAt 01 thè •t*t• ol th• ChariVI affatr? M at 31 DKwnbor 2024 And of rt8 incomir4J wourreg and •pplulv)n ofrwwrces indudlng and lorth• y•ar lfft baen pr•p￿1 In •¢￿￿•r￿• *￿th th• rnqutr*n•rth of th• Ch•Mh$ 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 Star*d•rds on A￿lIting 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￿ staleff*nt4 s•cti¢n of ¢￿T r•port. ara Ind•pgnd•nt ol the Chaiity in accorfants ￿th the •thieal 1•]uirÉn￿nt9th1f •r• re$￿t to our•udrt of thèffinanclal italwn•nt8 in th• UK, I￿￿1r4￿ th• Fin*r￿lI1 R•portJng Coun¢il'¥ Ethicd StaTrYard, and w• fulfil*J our thr 0th*81 Wo￿￿)111t1?$ th ￿9rd•n¢? with the6e req￿M1•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¥l*M• rdallng t• wlng Gonc•rn In •udMng the fmanclal 8tstemenl•. wa hav• Cor￿u￿$d tho1 the trusl8•8' olttw goity ￿118 of occounling in th¢ preparation olthg financkgl statemwts is apprc¥>n*te. Based on IM wcrfk wo have perfom*d. we hm TrJt any m•lorI￿ unc•rtakntl•8 mlalfftgto •w*nt8 ¢Ondit*￿S that. ind￿*￿u4￿ 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 d￿ribed 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• Kewi￿1bj* lor t￿ V￿r infonnkn. Th• information the intsmwtion incljded in theAnnual Report oltheTrusttss Fin￿Ck￿ Statements. thrthan the finanual 8L*em?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 t￿r 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• finarK￿l 8telements or our kn￿￿edge 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 m08tater￿ThI in thg fin8nripl •tal￿ntS 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 wh*h th CharbtM {Account• and R8pe*iil Regu￿110￿ 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•h*d all th• knftJnn￿ •xpknn0tK￿1 We r•quirn for ￿r •udiL R••pDn¥lblllll•• of tr￿ta•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 ￿￿18￿ry lo en•bh th• pr•par0t￿n ol financK•l $lat8m8nt• thal •rn fr•¢ frryn Mat•n￿ mi*atatenvJnl, whdh•r du8 Its tr•￿1 or of￿. In preparing the fInanTh￿ stalerr*nts, lh• tru$l¢es are respon$t$￿ for •$￿$S1r￿1 the Charity$ ability lo conlinuè as • going conc•m oing con￿rn, disGb¥in9, a5 appl*ablt, mattèrs to going concern and using the a8i8 of xc(￿nIIng Un￿$& the tn1st￿8 ￿h•r mtWKI to kqi•d•te the Ch•rty ty to oper81￿￿8, or havg no realist￿ ahematN• but to do so. Authof• f••pon•lblll¢kns for th• •udtt of th• flmnclal •lAt•m* We havg been aFPoInt￿ as auditor under sectsm 14S ofthe Charitie5 Acl 2011 and rwort ￿ accoYdanc• wrth the Act and relevanl regu￿10n$ m¢do or hmfjng •ffed ther8under. Ourobj•ctives are tts obtain reasonab￿ assurance about wh•ther financial ststamants as a whole am freelrom Mate￿81 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 mat•rl•l rnlist*ement. induding htrw frau¢ rn￿h1 oc¢vr. Is MWY4Klernd to b• tr4f. ThIB cordy*w)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 f*w 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(k￿l* whKh compth.m￿l 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&r1t￿l ltrts•t ar• materi•l to tr*8 fin•nry•l •lat•m•nt•, Som• of th• •pKinc proc•duw p•rfornwd to d*•¢* iwregur￿1. kK*Kling 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#' m￿r￿a minut¢• fty unreccKd•d tr￿￿¢￿"￿￿; un•xp•ct•d or n¢* to ￿ in accordwK• tlthh our und•rslandwJ of th• C￿rity •¢tiYtt￿0 durlng Ihe yw, obtsin￿8 end r•v*• partltss la$ d•fined by in*ntsal • ltsl of •ntlU•• p•rnon¥ consh8ered to b• r•lal•d •pry¥n9 Stsndard 1021 •nd rev1th￿Tr9 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•n*g•ment ob•nld•. Becau￿ of the inhernfit lknit*x>n8 of ￿ 8u(thr and lh• audft w0¢4dure3 d•$crb8d 8b¢v•. Ih•r• il riak th41 ￿ will not detect ￿ ryLtlèrAkn. In¢￿dIng those lo a mat•rfal in thfr financial statements or r￿n<0mplI￿DC¢wIth Mgulth>n. This risk incr••ws thè more that eomph•ne• th a kn or mgulallon 16 woved Irtyn th• •vents and lrnns•¢kn• reffeded in the finon¢¢wl 8tat¢ments, •• w•will b•1•80 likety lo bocom• aware of instan¢•i of noThwnplL4ne*. Th¢ risk * al80 gr•aterrngArding wr•9ulani*i ￿Currty due to fraud rath•T than •tror, as fr•ud inbty)fv•s Intont￿n￿l cl)n￿lment, fug•ry. oIIusKJn. OMI￿On. rnwepresenlation or lh• ov•thdfr rA iTht•m￿ coTrtrd8. Vvo •m not proventiry nonwllan¢a •nd c4nntX b8 èxpè¢t•d to d•f•ct r*onv•iorK• t*Ath on$*ilo for rwdula￿nS. Ilwand A furth¥ deIcrpth￿ ol cwr th• •￿Jit of th• financNI 3tstembThts 18 Imted on tho FInart￿l 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• Ch￿1 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 •nyaifm•nt ar¢ fwniwj in •xp•nditur•. Ca•h and •qulv•l•nts ¢￿h Ki 1•pre￿Ied by eosh in hand gnd depNls wth fin•n¢id instftutlonB rnpayabts wAthotrt penalty on n￿1c• of not more than 24 houwj. C•sh ewiv•lonls arts hi9hty li4uid investmwts th*t maturé in Ir￿ fi￿thI the dal• of ar￿ thal ar• r•adHy ¢onvertth to kntswn amounts ot cuh inswJnrfK4nl fydk d ¢twio• in valu•. In th• St•t•m8rt of C¥h F1¢y￿, c••h cash •qytr4•l•nts w• •hu4vn rb•t of bank overdr•ft• th Arn r•p•yabfe ¢)n dem•nd and fomi ￿ intw pwt antW$ ¢•th m•n•J•rn•nL T•xatlon The Charly i• not 8ubpct to •ry laxes on ts Chartt￿l0 Irr•¢overnbh VAT * not separalety •n8tys•d ¢h¥ged to the Slatement olFlnAn¢l•l AcMI•• wh•n the eyndlur• to whKtt it rdat•s * Mi¢urr•d w•J athxatad. Con¢•rn financial stat•m?nlJ have been prepared on i ¢OnC￿ ai the tru8t8¢s beli•v• that no matgnal unc•rtwntK18 •xis1. Thg le¥plJ ol fvnds and th•18th c4 and exp•nditurn. logother ￿th th81gvd of r•wwi af• consid•r•d $uffi¢ienl lor the Charity to m••t its requir•monts • of at ie49112 frryn Ihe w9n￿9 ofthe •Wwnwt¥. Judg•m•nt• and k•y •oure•s ol ￿lIM•¢•d unc•rt•thty The preparakn of financial stsl•m8nts in ￿0rd￿Ce with ger￿ aceeptsd g¢eounting wineipla¥ mquire3 rnanagomenl to make estKnates and assurroth)n¥ In wtsin cwcumstsnces that effect reported amounts ol assets and IHblitie5 and dthure d contirvaent asMls liabilitwii at the d*t• of the finar￿￿1 stat•rrents the reported amwnts of ravenues and expenses during th• reporting pentsj. Actu￿ resums may Irerfn these ests'mates. The tiuJt8•9 do not ¢onsldar thtrre arè any ¢8tirnales and assumpt*)n$ I￿1 have a wgnificant risk ol cau$hw • rratwi•l •djuslnwnt to the carying of aBsets and li•blrtm year ervl 16 THE STERUNG CHARrrY NOTES TO n£ HNANC14L STATEMENTS FOR THE YEAR EIIDED 31 DEceM8ER 2024 2024 2023 INVESTMENT IMCOME 159.811 179,021 159,811 179.021 COST OF GENEPATING FUMD8 2024 202> 170.338 157,71XI 170,338 157.7CQ CHARITABLE ACTivm&8 The folltrmw 9r•nts W•fe thvaTd•d d￿knO th• y••r 2024 2023 Medical Engltw*4 R•￿￿0 Unit (UK Rtyl•t•r•d Ch•iity No. 2698041 Th• Mov•m•nt for Non-mobilj Chltirnn elthvzz4(hlL} {UK R•gist•rgd Charity No.802872} D•rnand D•$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 G0￿MIn¢• ¢￿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 F*IAMCIAL 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¢Strn￿t8 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 dit￿an1 at c￿1 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 FUl￿r￿ve are the •olKttors of Ihg Charity. Tr Charty incurred 1991 Irom ￿991n Osbom• Fullert￿0 ttxalling £8,31412023. £8,30a) in r•l•titin to adv￿* and sa￿1¢¢1 reknlin9 to 2024. Invo￿3 rni••d by W￿91n 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 Mntro*w pwty i• tho Bowd oftrust•M. 11. FINANCIAL IN8TRUMENT8 Th? cwrylng •rrK*unts dth• ChwW• fmanc1￿ •r• •• foM¢M'. 2024 2023 ••sur•d ￿ lJir value through SOFA.. -Fixed as3et quoted in¥•8tn*nts (Note 81 und•f man•gem•nl IN￿0 61 16.596,18S 489,703 18.046,3Ce 124,935 IA•uu¥•d &t amortised eo*'. Accrued incom¥ (Not* 71 10.325 FI￿n¢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