Trustees' Annual Report 2024-25
THE STIRLING TRUST
TRUSTEES' ANNUAL REPORT
For the financial year 6 April 2024 to 5 April 2025
Registered charity number 1189164
Care, purpose and connection through horses
| Financial period | 6 April 2024 to 5 April 2025 |
|---|---|
| Legal form | Charitable Incorporated Organisation (CIO) |
| Registration date | 22 April 2020 |
| Document status | Approved and signed by the trustees on 14 July 2026 |
Basis of preparation
Prepared from the charity's earlier trustees' report, the 2024 annual return, the Charity Commission register information supplied, the detailed income and expenditure schedule, and the April 2025 bank statement. The trustees approved and signed this report on 14 July 2026.
The Stirling Trust
Charity No. 1189164
Page 1
Trustees' Annual Report 2024-25
1. Reference and administrative details
| Charity name | The Stirling Trust |
|---|---|
| Registered charity number | 1189164 |
| Legal structure | Charitable Incorporated Organisation (CIO), foundation model |
| Registration date | 22 April 2020 |
| Principal address | Unit 19-6, Exhibition House, Addison Bridge Place, London, W14 8XP |
| Telephone | 01753 303403 |
| info@thestirlingtrust.org.uk | |
| Website | www.thestirlingtrust.org.uk |
Trustees
| Trustee | Role and appointment |
|---|---|
| Lorraine Olsen | Chair - appointed 15 February 2020 |
| Mrs Emily Anna Mary Butler (formerly Olsen) |
Trustee - appointed 15 February 2020 |
| Charles Henrik Hilding Olsen | Trustee - appointed 15 February 2020 |
| Rebecca Ann Olsen | Trustee - appointed 15 February 2020 |
2. Structure, governance and management
Governing document. The Stirling Trust is a foundation-model Charitable Incorporated Organisation governed by its constitution. Its voting members are its charity trustees.
Trustee appointment and induction. Trustees are appointed in accordance with the constitution. The board considers the skills and experience needed by the charity, and new trustees are provided with Charity Commission guidance and relevant policies as part of their induction.
Management. The trustees are responsible for the strategic direction, governance and administration of the charity. Operational responsibilities are shared between trustees and volunteers according to experience, availability and the welfare needs of the horses.
Policies. At the date of approval, the charity's Charity Commission register information records policies covering complaints handling, risk management, safeguarding, safeguarding vulnerable beneficiaries, serious incident reporting, trustee conflicts of interest and trustee expenses.
Related parties. The trustees are members of the same family. Monies received from trustees and connected persons have been confirmed as donations and are recorded as charity income. No trustee remuneration is identified in the financial schedule.
The Stirling Trust
Charity No. 1189164
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Trustees' Annual Report 2024-25
3. Objectives and activities
The charity provides a safe environment in which veterans and civilians can help care for older cavalry horses and other equines. The relationship between people and horses is intended to support animal welfare while helping participants build confidence, routine, calm, purpose and social connection.
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daily care, welfare monitoring, rehabilitation and appropriate exercise of resident horses and ponies;
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responsible loan, companion or other suitable placements where these support an animal’s welfare;
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structured volunteer opportunities involving equine care and related tasks;
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safe, supported contact between horses and people who may benefit from confidence-building, routine or therapeutic interaction; and
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fundraising and partnership activity needed to sustain the charity and its services.
Public benefit
The trustees have had regard to the Charity Commission guidance on public benefit when planning and reviewing the charity’s work. Public benefit is pursued through the welfare of the animals, opportunities for volunteers and beneficiaries, and the wider social value of safe and purposeful interaction with horses. Activities are managed with due regard to safeguarding, health and safety, operational capacity and the welfare needs of each animal.
4. Achievements and performance
THE YEAR IN FOCUS
The charity’s central achievement was maintaining continuity of care for the resident horses and ponies despite continuing financial pressure. The records show sustained expenditure on livery, hay, feed, supplements, insurance, dental care and welfare testing throughout the year.
Care and welfare of the horses
The trustees continued to prioritise the health, safety and day-to-day care of the resident herd. Regular livery and forage costs accounted for the largest part of expenditure. Feed, supplements, insurance, dental treatment and parasite testing were also funded during the year. This spending reflects the charity’s continuing responsibility to meet essential welfare needs irrespective of short-term fluctuations in donations.
Volunteer and beneficiary activity
The charity continued to depend on the contribution of trustees and volunteers to support the horses and maintain its activities. The charity’s longer-term purpose remains the development of safe opportunities for people to benefit from purposeful contact with horses, within the limits of available funding, suitable supervision and the needs of the animals.
Fundraising and supporter involvement
Income was generated primarily through donations from trustees and supporters. Smaller amounts were received through PayPal, Easyfundraising and bank cashback. The financial schedule does not identify government contracts or government grants. No professional fundraising expenditure is recorded.
Balanced assessment
The principal challenge remained sustainable unrestricted funding. Care costs are recurring and cannot simply be paused when income is lower. The charity therefore remained reliant on a small group of supporters, particularly trustees and connected donors. The trustees recognise the need to broaden income, strengthen reserves and keep administrative reporting up to date.
5. Financial review
INCOME EXPENDITURE DEFICIT
The Stirling Trust
Charity No. 1189164
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Trustees' Annual Report 2024-25
£14,634.96
£17,134.51 £2,499.55
The detailed income and expenditure schedule records total receipts of £14,634.96 and total payments of £17,134.51 for the year, producing a deficit of £2,499.55. Funds brought forward at 6 April 2024 were £2,553.32, resulting in cash and bank funds carried forward of £53.77 at 5 April 2025. For the Charity Commission annual return, income rounds to £14,635 and spending to £17,135.
Principal sources and use of funds
Receipts were dominated by donations and trustee or supporter transfers. Expenditure was dominated by livery, followed by hay and other welfare and administration costs. The charity did not make grants or hold investments during the period.
Reserves and going concern
The charity held no restricted funds and did not operate a formal designated reserves fund during the year. The trustees recognise that a reserve is desirable because the horses require continuous care. The board intends to review its reserves position and establish a realistic target as income allows. The charity remains dependent on continuing donations and trustee support. The trustees consider that the charity can continue its activities, while acknowledging that funding remains the principal financial uncertainty.
The Stirling Trust
Charity No. 1189164
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Trustees' Annual Report 2024-25
6. Principal risks and controls
| Risk area | Why it matters | Control and response |
|---|---|---|
| Sustainable funding | Insufficient unrestricted income could | Regular review of expenditure, continued |
| affect the charity’s ability to meet | fundraising, trustee oversight and development of a | |
| continuing care costs. | reserves target. | |
| Animal welfare and | Illness, injury or rising care costs could | Regular welfare monitoring, access to professional |
| unexpected costs | create immediate welfare and financial | care, insurance and prioritisation of essential |
| pressure. | expenditure. | |
| Health and safety | Working around horses, yards and | Risk assessment, supervision, suitable induction, |
| equipment creates inherent risks for | incident reporting and insurance. | |
| trustees, volunteers and visitors. | ||
| Safeguarding | Some people engaging with the charity | Safeguarding policies, clear reporting routes and |
| may be children or adults at risk. | appropriate role and DBS decisions. | |
| Volunteer and trustee | Dependence on a small number of people | Shared responsibilities, volunteer involvement, |
| capacity | could disrupt care or administration. | documented procedures and succession planning. |
| Governance and reporting | Late returns and incomplete records | Annual reporting calendar, trustee review, retained |
| create regulatory and reputational risk. | financial records and timely approval of reports and | |
| accounts. |
7. Plans for the next reporting period
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maintain the welfare and continuity of care of the existing resident horses and ponies;
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broaden and stabilise unrestricted fundraising, including online and community support;
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review the reserves position and adopt a practical reserves target;
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strengthen volunteer recruitment, induction and record keeping;
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develop safe beneficiary and supported-contact activity only where capacity, safeguarding and animal welfare permit; and
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use a reporting calendar so that accounts, the trustees’ report and annual return are prepared and approved on time.
8. Contribution of volunteers
The trustees record their appreciation for the volunteers and supporters who contributed time, care and financial assistance during the year. Their contribution helped the charity maintain essential care and continue working towards its wider public-benefit objectives.
9. Funds held as custodian trustee
The charity did not hold funds or other assets as custodian trustee on behalf of another charity during the year.
The Stirling Trust
Charity No. 1189164
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Trustees' Annual Report 2024-25
10. Approval
The trustees declare that they have approved this trustees’ annual report.
Signed on behalf of the trustees Name Charles Henrik Hilding Olsen Position Trustee Date 14 July 2026
The Stirling Trust
Charity No. 1189164
Page 6
Receipts and Payments Accounts 2024-25
THE STIRLING TRUST
RECEIPTS AND PAYMENTS ACCOUNTS
For the year ended 5 April 2025
Registered charity number 1189164
Care, purpose and connection through horses
| Financial period | 6 April 2024 to 5 April 2025 |
|---|---|
| Legal form | Charitable Incorporated Organisation (CIO) |
| Registration date | 22 April 2020 |
| Document status | Approved and signed by the trustees on 14 July 2026 |
Basis of preparation
Prepared from the detailed income and expenditure schedule for the year ended 5 April 2025 and the April 2025 bank statement. The trustees approved and signed these accounts on 14 July 2026.
The Stirling Trust
Charity No. 1189164
Page 1
Receipts and Payments Accounts 2024-25
1. Statement of receipts and payments
| Receipts | Amount |
|---|---|
| Donation transfers | £14,242.00 |
| PayPal receipts | £248.97 |
| Easyfundraising | £142.33 |
| Bank credits / cashback | £1.66 |
| Total receipts | £14,634.96 |
| Payments | Amount |
|---|---|
| Livery | £13,150.00 |
| Hay | £1,722.00 |
| Other welfare & administration | £1,536.53 |
| Feed & supplements | £389.48 |
| Insurance | £336.50 |
| Total payments | £17,134.51 |
| Net deficit for the year | £2,499.55 |
| Cash reconciliation | Amount | |
|---|---|---|
| Funds brought forward at 6 April 2024 | £2,553.32 | |
| Add: total receipts | £14,634.96 | |
| Less: total payments | (£17,134.51) | |
| Funds carried forward at 5 April 2025 | £53.77 | |
| INCOME | EXPENDITURE | DEFICIT |
| £14,634.96 | £17,134.51 | £2,499.55 |
The Stirling Trust
Charity No. 1189164
Page 2
Receipts and Payments Accounts 2024-25
2. Notes to the accounts
| Basis of accounting | The summary has been prepared on a receipts and payments basis from the detailed income and expenditure schedule supplied for the period 6 April 2024 to 5 April 2025. |
|---|---|
| Funds | The trustees have confirmed that there were no restricted funds. All receipts are therefore presented as unrestricted. |
| Trustee and supporter donations |
The trustees have confirmed that monies received from trustees and supporters were donations and not repayable loans. Cashback and similar bank credits are shown separately as other income. |
| Trustee remuneration | No trustee remuneration is identified in the schedule. |
| Grants and investments | No grants paid, investment income or investment holdings are identified in the schedule. |
| Rounding | The Annual Return requires whole pounds. Total income rounds to £14,635 and total spending to £17,135. |
Opening funds of £2,553.32 plus receipts of £14,634.96, less payments of Cash reconciliation £17,134.51, reconcile to closing funds of £53.77.
3. Statement of assets and liabilities
| YEAR-END BANK BALANCE | ||
|---|---|---|
| The bank statement shows a balance of £53.77 after the 3 April 2025 cashback credit. There were no | ||
| further transactions before the financial | year ended on 5 April 2025. | |
| Cash and bank balances at 5 April 2025 | £53.77 | |
| Restricted funds | None | |
| Material liabilities | None identified in the records supplied | |
| Other material assets | Resident horses and operational equipment; no reliable monetary value supplied |
The Stirling Trust
Charity No. 1189164
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Receipts and Payments Accounts 2024-25
4. Trustee approval
Approved by the trustees and signed on their behalf:
| pproved by the trustees and signed | on their behalf: |
|---|---|
| Name | Charles Henrik Hilding Olsen |
| Position | Trustee |
| Date | 14 July 2026 |
| Signature |
The Stirling Trust
Charity No. 1189164
Page 4