The Company of Merchants of the Staple of England Charitable Trust
Financial Statements
Year ended 30[th] June 2025
Registered Charity No. 1101121
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The Company of Merchants of the Staple of England Charitable Trust
Index – Reports and Financial Statements Year ended 30[th] June 2025 Contents Pages Chairman’s Report 3 Report of the Trustees 4-6 Statement of Assets and Liabilities at the end of the Period 7 Report of the Independent Examiner 7 Notes to the Financial Statements 8-9 Receipts and Payments for the year ended 30[th] June 2025 10
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The Company of Merchants of the Staple of England Charitable Trust
Emeritus Chairman’s Report for the Year ended 30[th] June 2025
I am very pleased to write on behalf of the trustees, the annual report as the chairman emeritus of the charity.
The trustees met twice during the year in September and April. The charity continues to support through grants and donations activities with the increased use and application of wool, particularly British wool front and centre. This manifests itself in many ways including supporting the best design using wool at the Bradford Textile Society’s annual design competition (which includes a short internship for the winner), the best fleece at the Great Yorkshire Show, and working with the National Sheep Association, offering travel grants to two young sheep farmers.
Our biggest and probably most important grant is to winners of the Wool Innovation Prize. This national prize, held annually in conjunction with the Campaign for Wool and the Worshipful Company of Woolmen, identified the leading businesses in the UK using wool in innovative ways. The six or so shortlisted candidate companies are invited to an interview, and the winners are then promoted on social media and in the trade press. The winners, who will receive in excess of £30,000, are then provided with some light touch mentoring for the next twelve months. This year we were delighted to award prizes to a company making orthotically designed childrens’ footwear using wool uppers, a creator of mid-market apparel wear using non-woven fabrics and a company using the thermal properties of wool to send goods where the control of temperature is critical.
The trustees have also been exploring new opportunities for grants, two in particular. Firstly, a Staple Scholarship, akin to a Nuffield Scholarship, which trustees have agreed to pilot. This 12 month programme of learning and travel has been awarded to a sheep farmer from Northern Ireland. Our second opportunity we are looking at is a sheep drive over the river Ouse in York. It is done very well in London and we think there maybe an opportunity to do something similar in York.
Finally, we are delighted to promote our links and connection to our Yorkshire home by commencing a relationship with the Armed Forces and those units that have a particular connection to the County. Our first step in that direction has been with the Royal Yorkshire Regiment and an inaugural event was held in York with the officers and men of the four battalions of the Regiment.
We have also particularly enjoyed inviting our winners to one of our feasts where we often ask them to sing for their supper.
The financial results are presented elsewhere, so all I need to say is that the trustees are content with the financial position of the Charity going forward.
Finally, I would like to place on record my thanks to our treasurer and the trustees for their support over the last twelve months.
Robert Hall Chairman Emeritus 20[th] July 2025
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The Company of Merchants of the Staple of England Charitable Trust
Report of the Trustees for the year ended 30[th] June 2025
Objects and Activities
Summary of the purposes of the charity as set out in its governing document
- Advance the education of young people in further and higher education.
- Advance the furtherance of the sheep and the wool textile industries in the UK.
- Support other charities, organisations and individuals as identified by the trustees.
Summary of the main activities in relation to those purposes for the public benefit, in
particular, the activities, projects or services identified in the accounts
- Organising events to promote wool including all aspects of production and publicizing it.
- Attending and exhibiting at the Great Yorkshire Show and giving prizes for the best fleeces.
- Award ceremonies and the winners meeting the members.
Statement confirming whether the trustees have regard to the guidance issued by the Charity Commission on public benefit
It is confirmed the trustees have had regard to the guidance issued by the Charity Commission on public benefit. The trust activities have all been carried out by the trustees without any charge for the activities described In the previous section of the report and with no personal benefits to trustees.
Achievements and Performance
The trust has continued its many functions in its support of wool. This entails working with the farmers including assisting them with bursaries to improve efficiency and prize money for their best fleece. We have members who have manufacturing facilities for processing wool, and we encourage them with potential business from new products that we have sponsored. We provide grants to support scholarship in the area of production, design, manufacturing and processing of wool.
To summarise we cover every aspect of wool including seeking new ideas all with the intention of maintaining present employment, and creating further work place positions.
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## Financial Review
Review of the charity’s financial position at the end of the period
At the end of the period the trust had net current assets of £14,411
The Trustees prepare annual forecasts of the cash requirements of the charity and update these forecasts periodically during the year with the intention of ensuring the charity’s free reserves are maintained at a prudent level. Expenditure on the charity‘s direct activities and on management and administration is only sanctioned if the trustees are satisfied there will be a sufficient level of income to match or exceed expenditure.
Amount of reserves held: £134, 478
No funds were in deficit at the year end
Structure, Governance and Management
The Company of the Merchants of the Staple of England Charitable Trust is governed by a Trust Deed dated 17[th] February 2003 and is constituted as a charitable organisation with voting charity trustees.
Trustees
Names of the Charity Trustees who manage the Charity:
Trustee name Office (if any) Dates acted if not the whole year
Richard L Coad Treasurer 23[rd] September 2024
Dorothy Fairburn
Stephen C R Fell
Robert C S Hall TD Emeritus Chairman
John W Senior MBE TD
C Peter D Sutcliffe
Robert A H Sword
F Michael Willis Chairman
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Appointment of Trustees
- (1) Each Trustee is initially appointed for a term of four years at an Ordinary Meeting,
subject to the agreement of the appointing body, see (4).
- (2) The vacancies so arising may be filled by the decision of the Trustees at an Ordinary
Meeting. Any vacancies not filled at an Ordinary Meeting may be filled by the appointing body.
- (3) The current Trustees will retire as under, and may be re-appointed:
- 2025 Mike Willis and Robert Hall will retire and seek re-election
- 2026 Robert Sword and Stephen Fell will retire and seek re-election
- 2027 Dorothy Fairburn and Peter Sutcliffe will retire and seek re-election
- 2028 John Senior and Richard Coad will retire and seek re-election
- (4) The only ex-officio trustee shall be the Mayor for the time being of The Company of
- Merchants of the Staple of England (“the appointing body”)
Name of trustees holding title to property belonging to the charity: None.
Funds held as custodian trustees on behalf of others: Nil.
Names and addresses of advisers
Type of adviser Name Address
Reporting A J Minford BSc FCA 31 Hawthorn Grove
Accountant York YO31 7YA
Declarations
The Trustees declare that they have approved the Trustees’ Report above.
Signed on behalf of the charity’s trustees
F M Willis Chairman
R C S Hall Emeritus Chairman
20[th] August 2025
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The Company of Merchants of the Staple of England Charitable Trust
Statement of Assets and Liabilities at the end of the Period to 30[th] June 2025
||Notes 2025 2024|
|---|---|
||£ £|
|Fixed Assets||
|Investments|4 120067 109316|
||---------- ----------|
|Current Assets||
|Bank|15601 7365|
|Debtors|2 - 2875|
|Prepayments|905 -|
||---------- ---------|
||16506 10240|
|Current Liabilities||
|Creditors|3 2095 894|
||--------- ---------|
|Net Current Assets|14411 9346|
||----------- -----------|
|Total Assets|£ 134478 £118662|
||----------- ------------|
|Unrestricted Funds||
|Extraordinary Receipt|6 6500 -|
|General Fund|5 123769 110832|
|Profit on Investments|4 4209 7830|
||------------ -----------|
||134478 £118662|
||------------ -----------|
Reporting Accountant’s Certificate
I have examined the books of account for the Charity and I confirm that the accounts as prepared properly reflect the surplus and balances contained therein.
A J Minford BSc FCA 28[th] August 2025
Chartered Accountant
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The Company of Merchants of the Staple of England Charitable Trust
Notes to the Financial Statements for the year ended 30[th] June 2025
1. Accounting Policies
Accounting Convention
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, ‘Accounting and Reporting by Charities’ (SORP2005).
Funds
Restricted Funds may only be expended on those restricted purposes intended by the donor.
Unrestricted funds are general funds which are spent on the Charity’s general purposes.
Incoming resources
Donations and general sales are recognised when received. Tax refunds are recognised when the incoming resources to which they relate are received. Grants are accounted for when the Charity is entitled to use of the resources, their ultimate receipt is considered reasonably certain and the amounts are reasonably quantifiable.
Resources expended
All expenditure is generally recognised when it is incurred and is accounted for gross.
2. Debtors 2025 2024 £ £ Prepayments Events 2025 905 Tax refund - 2875 -------- ---------
3. Creditors – Amount falling due within one year £ £ Mayor’s Charity - 750 Inter Account 2095 144 ------- ------2095 894 -------- --------
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## 4. Investments
1.7.2024 Balance 109316 93603 Purchase 5000 6900 Increase in value 5751 8813 ---------- ----------30.6.2025 Balance 120067 109316 ------------ -----------
The Funds have been managed for some years by M & G Charities and were mainly invested in Income Securities quoted on the London Stock Exchange. It has been decided by the Trustees that in future there should be a bias to Capital Growth based on all Stock Markets. 2plan wealth management Ltd have been appointed with a remit to invest on a ratio of 60% Capital and 40% Income Securities.
## 5. Movements in the General Fund
|1.7.2024 Balance
|110832|111815|
|---|---|---|
|Surplus in the year
|5107|3492|
|Gain on Investments in 2024|7830|(4475)|
||------------|-----------|
|30.6.2025 Balance
|123769|110832|
||------------|-----------|
## 6. Extraordinary Receipt
Return of Contribution in 2020 for an Award not given
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The Company of Merchants of the Staple of England Charitable Trust
|Income and Expenditure for the year ended 30thJune 2025|Income and Expenditure for the year ended 30thJune 2025||
|---|---|---|
||2025 2024||
||£ £ £||
|Receipts|||
|Members Charitable Contributions 18178
||10489|
|Membership Entrance Fine|750
|2500|
|Investment Dividends|6635
|5823|
|Gift Aid|4120
|2875|
||----------
|---------|
|Total Income|29682
|21687|
|Expenses|||
|Bursaries, Prizes and Grants|||
|Innovation – 2 Manufacturers|8700 9000||
|Design Competition|1250 1500||
|Best Fleece - Great Yorkshire Show 500 500|||
|Royal Yorkshire Regiment|1112 -||
|Other|1500 -||
||--------- ---------||
||13062 11000||
||--------- ---------||
|Administration|||
|Mayor’s Charity|1000 1000||
|Hall Hire|6712 2578||
|Publicity|- 1086||
|Honorariums|2366 1431||
|Website|115 659||
|Upper Clerk Expenses|321 118||
|Presentation|91 106||
|Sundries|458 217||
|Professional Fees|450 -||
||---------- ---------||
||11513 7195||
||24575|18195|
||-----------|----------|
|Surplus|£5107|£3492|
||----------|----------|
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