CHARITY REGISTRATION NUMBER.. 1174460 The Sinclair Charity Financial Statements 31 December 2024 The Sinclair Charity Financial Statements Year ended 31 December 2024 Page Trustees, annual report Independent auditor's report to the members Statement of financial activities Statement of financial position 10 Statement of cash flows 11 Notes to the financial statements 12 The Sinclair Charity Trustees, Annual Report Year ended 31 December 2024 The trustees present their report and the financial statements of the charity for the year ended 31 December 2024. Reference and admlnlstratlve detalls Reglstered Charity name The Sinclair Charity Charity registration number 1174460 Prlnclpal offlce Mountview House 151 High Street London N14 6EW Tho trustaos Mrs C Sinclair Mr AK Stubbs Mr D M Sinclair Auditor John Crook & Partners Statutory Auditor 255 Greèn Lanes Palmers Green London N134XE Bankers Barclays Bank PLC 1 Churchill Place London E14 5HP Flnanclal adviser$ Charles Stanley & Co. Llmited Vadatech House Hounsdown Business Park Bulls Copse Road Southampton S040 9LR The Sinclair Charity Trustees, Annual Report {¢ontlnu¢d) Year ended 31 December 2024 Structur81 governance and managemènt The Sinclair Charity is constituted undera Trust Deed dated 22 December2016 created by the Trustees. The Trustees who have Se￿ed during the pariod were.. Duncan Sinclair Andrew Stubbs Corrina Sinclair There must be at least two trustees. Trustees, otherthan Duncan Sinclair, are appointed for a maximum of three years by a resolution of the trust888. In s8lecting individuals for appointment as trustees, th8 trustees have regard to the skills, knowledge and experience needed for the effective admlnlstration of the Charity. No formal training is provided to n8w trustees, however they are required to study their responsibilities and are provided with guidance issued by The Charity Commission. The Charity Is governed and managed by the Trustees, who lake all decisions. None of the Trusté8$ are remunerated, Objecllvas and acllvltles The objects of the Charity are to apply the income and all or such part or parts of the capilal at such times and in such manner to or for the benefit of such exclusively charitable objects and purposes {reg8rded as charitable under Ihe laws of England and Wales) in any part of the world as the Trustees think fit. The Charity's aim Is to further good causes by the payment of donatlons lo othèr charities whose charitable objects align with its own. The charity registered with the Charity Commission in August 2017, having been formed with g6neral charilablé purposes, The Iruslees havè discretion lo consider a wide range of potential b8n8ficiaries. To dale, the trustees have sought to select charities that seek to look after military and ex-military personnel, in accordance with the wishes ofone oflhe donors. The Trustees have also idenlified charities that invest in r8S8arch for the cure of cèrtain conditions, particularly where thal research may alleviate the symptoms of those already suffering from th8 condition. The Charity's activities lo dale hava includèd the payment of donations to charities that the Trustees h8ve identifiad as furthering ils charitable purposes as described above. In carrying out the activities the Truslee5 have had regard to the Charity Commission's guidance on public benefit. Achievements and performance The Trustees hav6 applied the Charity's funds In accordance with Ihe objectives of the Trust. Donations totalling £650,000 {2022'. £570,000) have been made in the year, which have been funded from investment income. The Sinclair Charity Trustees, An n ual Report {contlnuodJ Year ended 31 Decomber 2024 Flnancial review During the period dividends of £731,974 (2022.. £753,797) were received from the company's equity investments. The charity's investment portfolio recorded fair value losses of £1,454,44512022= £1,976,530) during the year. The trustees are satisfied with investment perfomiance and wilh the dividénd yield obtained from the 8quily investments held. Th8 inv8stm8nt policy adopted by the trustees is to invest for the best financial return within an acceptable level of risk. The investment objective is to balance income and capital returns. The investment assets are to be managed to at least maintain the r@al capital value of the portfolio, whilst generating a sustainable level of investment income lo support the current charitable activities. At the p8riod end, the Charity had reserves of £13,208,410 (2022.. £14,619,026) all of which were unrestricled. The Charity holds reserves in order to generate income to fund its charitable aclivilies. Th6 trustees aim to maintain reSe￿8S al a level whereby currént18vels of expenditure incurred in the key activities of the Charity can be solely funded from investment income. This will be achieved by rnainlaining current levels of Suitable inve8tmenl8 and only applying investmènt income to charitable activities, The principal risks and uncertainties facing the Charity are the m8inten8nce of reseNes and the generation of investment income to finance the 8ctivtlies of the Charity. These risks are milig8ted by holding good quality, income generating investments, as described in the investment policy above. At the period end the Trustees are satisfied with the level of reserves and th8 quality of investments, which th8y intend to hold for the long term. Plans for fulure perlods Ther8 are currenily no signlficanl plans for the future, Th8 Trusteés aim to COMlinu6 as they are, subject to any other assets being donated to the Charity. Trustoes, responsibiliti85 stat•m6nt The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicab18 law and United Kingdom Accounting Standards (United Kingdom Generelly Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the charity Iruslees to prepare financial statements for each year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. The Sinclair Charity Trustees, Annual Report (continued) Year ended 31 December 2024 Ill preparing these financial stalemenls, the trustees are required lo= select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the applicable Charities SORP,. make judgments and accounting estimates that are reasonable and prudent, slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose wilh reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, annual report was approved on 10 October 2025 and signed on behalf of the board of trustees by.. Jrt.6.L. Mr D M Sinclair Trustee The Sinclair Charity Independent Auditor's Report to the Membars of The Sinclair Charity Year ended 31 December 2024 Opinlon We hav8 audited the financial statements of The Sinclair Charity Ithe 'charity') for the year ended 31 D8cember 2024 which comprise the statement of financial activities, statement of financial position, 8latemenl of cash flows and the related notes, including a summary of significant accounting policies. The financial rèporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared In 8ccord8nce with Uni18d Kingdom Gen8rally Accepted Accounting Praclice., have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion Wa conducled our audit In accordance with International Slandards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibiliti&s under those standards are further described in th8 auditor's r8sponsibilities for the audil of the financial statements seclion of our report. We are independent of the charily in accordance with the ethical requirements that are relevant to our audit of th8 financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibili118s in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu81ons relating to golng concern In auditing the financial stat8m6nts, we have concluded that the tru$le8$' usé of thè going concern b8gls of accounting in the preparation of the flnancl81 st8lement8 is appropriate. Based on the work we have perfomied, we have not identified any material unc8rt8inties relating to events or ccndilions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. The Sinclair Charity Indepgndont Auditor's Report to the Members of The Sinclair Charity fcontlnued) Year ended 31 December 2024 Other informatlon The other information comprises the infomiation included in the annual report. other than the financial statements and our audilor's report Ih&reon. The trustees are responsible for the other information. Our opinion on the financial statements does not covér th8 Other information and, except to the ext6nt othewise explicitly st8t8d in our report, we do not express 8ny fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether thé other information is rnaterially inconsistent with the financial statements or our knowledge obtained in the audit or otheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the olher information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on whlch we are requlred to roport by exceptlon In the light of the knowledge and understanding of the charity ancf ils environment obtained in the course of the audit, we have not identified material mi88latements in the trustees, report, We have nothing to report in respect of th8 following matters in relatlon to whiGh the Charities Act 2011 requires us to report to you if, in our opinion.. the Information given in the trustees, report is inconsistent in any material respect wilh the financial slatements., or adequate accounting records have not been kept., or the financial statements are not in agreement with the accounting records and r8lurns', or we hav8 not received all the informatlon and explanations we requlre for our audit. R•sponslbllltles of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is n8c8ssary to enable thè preparation of financial statements that are free from materlal missta18ment, whether due lo fraud or error. In preparing the financial statements, Ihe trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operalions, or have no realistic alternative bul to do so. The Sinclair Charity Independent Auditor's Report to the Members of The Sinclair Charity {contlnued) Year ended 31 December 2024 Auditorfs r8sponsibilities for the audit of the financial statements Our objectiV6s are to obtain reasonable assurance about whelher the financial statements as a whole ar8 free from maleri81 misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conduct8d in 8ccordance with ISAS (UK) will always detect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stat8ments. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irr8gularilies. including fraud, The extent to which our procedures are capabla of detecting irregularities, including fraud is detsiled bèlow,, Extent to whlch the audit was considered capable of detectlng irregularities, includlng fraud The objectives of our audit, in respect to fraud, are.. to identify and assess the rlsks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misslatemenl due to fraud, through d89ignin9 and implementing appropriate responses; and lo respond appropriately to fraud or suspected fraud idenlified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance ofthe entity and its management. Our approach w8S as follows.. We identified areas of laws and regulations that could reasonably be expected to have a material eff8Ct on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as requir&d by auditing standards), and discussed with the director8 and other management the polici&s and procedures regarding compliance with laws and regulations., We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 20061 and the relevant tax compliance regulations in the UK. We considered the naturè of the Industry, the control environment and business performance, including the key drivers for management's remuneration., We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit., We considered the procedures and controls that the company has established to address risks identified, orthat othemise pr8vent, deterand detect fraud., and how senior management monitors thcse programmes and controls. Based on this understanding we designad our audit procedures to identify non-compliance with such laws and r6gulations. Where the risk was considered lo be higher, we performed audit pro￿dureS to address each identified fraud risk. These prccedures included.. consideration of compliance wilh th& Charities Act 2011,. testing manual journals., reviewing th8 financial statement disclosur8s and testing to supporting documentation.. performing analytical procedures- and enquiring of management, and were designed to provide reasonable assurance that the financial statements were fre8 from fraud or error. The Sinclair Charity Independent Auditor's Report to the Members of The Sinclair Charity (Conilnued) Year ended 31 December 2024 Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with laws and regulations (irregulariliesl is from the events and transactions reflected in the financial statements, the less likely the inherenlly limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial stalemenls is located on the Financial Reporting Council's website at www.frc,org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our r6POrt This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might stale to the charity's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for I ns we have formed. lan Hunt FCA (Senior Statutory A dilor) For and on behalf of John Crook & Partners Statutory Auditor 255 Green Lanes Palmers Green London N134XE The Sinclair Charity Statement of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 Nota Income and endowment$ Investment income 654,228 654,228 731,974 Total income 654,228 854,228 731,974 Expenditur8 Expenditure on raising funds.. Investment management costs Expenditure on charitable activities Total expondlture 32,302 856,176 32,302 656,178 31,669 656,476 688,478 688,478 688,145 Net lexpendlture)Ilncom• 134,250) (34,2501 43,829 Other recognised galns and los308 Revaluation of investments (961,910) (961,910) (1,454,445) (998,160) {998,160) (1,410,616) Net movemont in funds Reconciliation of funds Total funds brought forward Total funds Garrled forward 13,208,410 13,208,410 14,619,026 12,212,250 12,212,250 13.208,410 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derivé from conlinuing activities. The not8s on pages 12 to 17 form part of these Ilnan¢lal statements. The Sinclair Charity statement of Financial Position 31 December 2024 2024 2023 Note Flxed assots Investments 12 12,006,141 12,880,581 Current assets Cash al bank and in hand 218,109 333,829 Creditors: amounts falling due withln one year Net current assets 13 112,000) 206,109 {6,000} 327,829 Total assets less current Ilabilities 12,212,250 13,208,410 12,212,250 13,208,410 Net assets Funds of the charlty Unrestrieled funds 12,212,250 13,208,410 Total charlty funds 14 12,212,250 13,208,410 These financial statements were approved by the board of trustees and authorised for issue on 10 October 2025, and are signed on behalf of the board by.. Mr D M Sinclair Trustee The notes on pages 12 to 17 form part of Ihe$e flnanclal statements. 10 The Sinclair Charity Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating activitles Net {expenditure)lincome 134,250) 43,829 Adjustments for Dividends and interest from investments Other interest receivable and similar income Accrued expens8sllincome} C88h generated from operations (646,825) (731,974) (7,403) 6,000 {14,100) (682,478) 1702,245) Interest received 7,403 N8t cash used in cperating activities (675,075) (702,245) Cash flows from Investlng actlvltles Dividends and interest from investments Purchases of other invastments Proceeds from sale of other investments 646,826 731,974 13,297,S581 {1,576,6571 3,210,188 1,515,567 559,355 670,884 Net cash from invésting actSvrties Net decreasè In cash and cash equlvalents Cash and cash equivalents at beglnnlng of year Cash and cash equlvalents at end of year (115,720) 333,829 (31,361) 365,190 218,109 333,829 The notes on pages 12 to 17 form part of thè8e financial statemènt8. 11 The Sinclair Charity Notes to the Financial Statements Year ended 31 December 2024 General informatlon The charity is a public benefit entity and a registered charity in England and Wales and 18 unincorporat8d. The address of the principal office is Mountview House, 151 High Slreel. London, N14 6EW. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicab18 in the UK and the Republic of Ireland,, the Statement of Recommended Practic8 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (Charities SORP {FRS 102)) and th8 Charllies Acl 2011. Accounting pollcles 8asis of preparation The financial statements have been prepared on the historic81 cost basis, as modified by the revaluation of investments measured at fair value through income or expendilure. Going concern Having reviewed the charily's resgN8s and cash balances, the Trustees have not identified any material uncertainties about the charity's ability to continue as a going concern. Judgement8 and key sources of 08tlmatlon uncertainty The preparation of the financial ststements requires management to make judgements, estimates and assumptions that affect the amounts raported. These estimates and judgements are continually reviewed and are bas8d on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, The only significanl judgements and estimates made ralate to those applied in valuing the Charity's investmenl in unlisted company shares, which are stated al £2,598,378. Th8 valuation has been arrived at by taking the fair value ofthe company's assets, with the 8xceptlon of property assets of £1.1 m which are held for trading. These property assets are included in the valuation at histori book value. Fund accounting Unrestricted funds are available for use at the discretion of th8 Iruslees to further any of the Charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment, Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms ofan appeal, and fall into one offmo sub-classes= restricted income funds or endowment funds. 12 The Sinclair Charity Notes to the Financial Statements (contlnugd) Year ended 31 Decernber 2024 Accountlng policies (contlnuedj Incomlng r8sources All income is included in the slatem8nl of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amounl can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the grft, receipt is probable and ils amount can b8 measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due, Resources expended Expenditure is recognised on an accruals basis as a liability is incurrad, Expenditur8 includes any VAT which cannot bo fully recovered, and is classrfiéd under headings of the statement offinancial activities to which it relates.. expenditure on charitable activities includes all costs incurred by a charity in undertaking activit188 that further its charitabl8 aims for the benefit of its beneficiaries, including those support costs and cost8 relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditur& categorles reflectlng the use of the resource. Direct costs atlribulable to a single activity are allocated directly to that aclivily. Shared cosls are apportioned be￿een the activities they contribute to on a reasonable, justifiable and consistent basis. Inv•stm•nls Unlisted equity investmonts are initially recorded at cost, and subgaquanlly measured at falr value. If fair value cannot b8 rellably measured, assets are measured al cost less impairrnenl. Listed investments ere measured at fair value wilh changes in fair value being recognised In income or expendilura. Financial Instruments A financial asset or a financial liability is récognlsed only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially iecognised al th6 amount receivable or payable including any related transaction costs, unless the arrangement constilules a financing transaction, where it is recognised at the present value of the future payments discounted al a market rate of inlerest for a similar debt instrument. Current assets 2nd current liabilities are subsequently measured at Ihe cash or olher consideration expected to be paid or received and not discounted. 13 The Sinclair Charity Notes to the Financial Statemonts fconllnued) Year ended 31 December 2024 Investment Income Unrestricted Total Funds Unrestricted Talal Funds Funds 2024 Funds 2023 Dividends from investments Bank interest receivable 646,825 7,403 646,825 7,403 731,974 731.974 654,228 654,228 731,974 731,974 Inveslment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Portfolio management 32,302 32,302 31,669 31,669 Expandlture on charltable actlvltles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Support costs e50,000 6,178 656,176 650,000 6,176 650.000 6,476 656,476 650,000 6,476 e56,476 656,176 Expenditurè on charllable actlvltles by actlvlly type Grant funding of activities Support Total funds costs 2024 Total fund 2023 Donations Gov8rnance costs 650,000 650,000 6,176 650,000 6,476 6,176 650,000 8,176 656,176 656,476 Analysls of support costs Professional fees Total 2024 Total 2023 Governance costs 6,176 6,176 6,476 Analysis of grants 2024 2023 Grants to Institulions Donations 650,000 650,000 650,000 650,000 Total grants 14 The Sinclair Charity Notes to the Financial Statements (contlnued) Year ended 31 December 2024 10. N8t {expendilure}lincome Nel