THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
Charity Number; 1168445
BEGBIES
Chartered Accountants
9 Bonhill Street
Londoii EC2A 4DJ

THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
INDEX TO THE ACCOUNTS
Reference and Administrative Details
Report of the Trustees
Audit Report
Statement of Financial Activities
Balance Sheet
C&8h Flow Statement
10
Notes to the Accounts

THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
CHARITY REGISTRATION NUMBER 1168445
REFERENCE AND ADMINISTRATIVE INFORMATION
CHAIR
Mr J Clark MA,PGCE
BOARD OF MANAGEIVIENT (fRUSTEES)
Mrs M Boyle MA, M ED, PGCE (froin 17 October 2024)
Mi. J C1￿.k MA, PGCE, Miss M M Connell MA (Oxon),
Mr E T A Coward MA (Cantab) Msci, Mrs J E Davies MA, ARCM,
Mr M J Walsh B.Coinm, FCA (Honorary Treasurer),
Mrs S Wliitfield MA (Cantab), Mrs A Wood Bsc,
Dr H Zaidi Pl￿, CEng, MIET, Cmath, Csci, MIMA,
PGCE, MSC, Bsc (Hons) (from 17 October 2024)
INVESTMENT AND FINANCE COMMITTEE
Mr J Clark MA, PGCE
Mr E T A Coward MA (Cantab) Msci
Mr M J Walsh B.Comin, FCA
Mrs S Whitfield MA (Cantab)
Mr T Woerner BA(Hons), MBA, FCA (fiDm 28 March 2024)
GRANTS COMMITTEE
Mrs M Boyle MA, M ED, PGCE (from 17 October 2024)
Mr J C1￿.k MA, PGCE, Miss M M CoDnell MA (Oxon),
Mrs J E Davies MA, ARCM, Mrs A Wood Bsc
Dr H Zaidi PhD, CEng, MIET, Cmath, Csci, MIMA,
PGCE, Msc, Bsc (Hons) (froin 17 October 2024)
CONSULTANTS
Auditors . Begbies
Investment Advisers . Sarasin & Partners
CHIEF EXECUTIVE
Judith Smith MBE
(in charge of day to day management of the Charity)
PRINCIPAL ADDRESS
5 Kingsway Road, Cheam SM3 8SL

THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report and financial statements of the charity for th¢ year ended 31 March 2024.
Structure, Governanee and Management
The charity was registered on 26 July 2016 as a Cliaritable Incorporated Organisation (CIO) and began to
function on l April 2017. It inerged with and has succeeded the unincorporated Schoolmistresses and
Governesses Benevolent Institution (charity number 205366). All of the assets of the unin¢orpoi'ated entity
wei'e transferred to the CIO on l April 2017.
The Charity is governed by tlie rules of its constitution dated 24 Noveinber 2016.
There to be at least six but no more than ten tnistees, appointed by the Board of Management if
considered suitable and willing to contribute. The recommendation of grants is delegated to the Grants
Committee and financial inatters are considered by tlie Investment and Finance Coinmittee. The Board
seeks to recruit additional trustees as and when necessary and to ensure that it complies with its plan for
succession of officers and trustees.
Risk Management
The trustees have ¢onsidered the inajor risks to which the charity is exposed, have reviewed those risks and
established systems and procedures to manage thein where considered iiecessary.
Duriiig the year the trustees reviewed the level of risk to which the investment portfolio is exposed. The
trustees receive regular performance reports from the investment managers and meet with them periodically.
Objectives, Public Benefjt Aims and Policies of the Charity
The objects of the charity are the relief of need of those who are employed or have been employed in the
education of pupils under the age of19 in the United Kingdom by the provision of grants, advice and other
assistance and the undertaking and supporting of research into Inatters relevant to such beneficiaries.
In pursuit of the charitable objectives of the charity, the trustees confirm they have given due regard to the
Cliarity Commission guidance on achieving Public Benefit.
The charity achieves its objectives via its PrOgr￿n￿e of making individual grants, where these grants are
expected to make a noticeable difference to the welfare and quality of life of the beneficiaries.
Review of Development, Activities and Achievements During the Year
Our charitable activities increased from £464,469 in 2022123 to £630,594 in 2023124. This increase is in
line with the targets set by the Board of Trustees to ensure a steady growth in the support available to people
eligible to apply to the Charity.
(2)

THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
(CONfINUED)
Review of Development, Activities and Achievements During the Year (Continued)
We were able to put some generous legacies to good use during the year and increased our payments to
individuals by 35 % on the previous year. This meant that we provided financial support to more tliaii 600
people to help them to meet the impact of circumstances they coiildn't have anticipated oi. expected.
This year our financial support helped to alleviate those circumstances as follows:
ill health and disability 37 %
Domestic Abuse and relationship breakdown - 26 %
Bereavement - 12%
Loss of incoine - 12 %
Loss of home- 10%
Care and welfare - 3 %
And we made payments towards:
Essential household bills 40 %
Housing costs - 250/0
Essential furniture, flooring and white goods - 220/0
Household repairs and adaptations - 5 %
Costs of wellbeiiig and terminal illness - 40/
Fiinerals and bereavement costs - 30/0
Travel and transpoit- 10/0
We were pleased to also distribute funds on behalf of both the Civil Service Insurance Society and New
Philanthropy Capital and we're building on those successes to work alongside other trusts and fouiidations
who want to coiitribute their suppoit to the education sector.
Our partnership witli Li￿tning Reach has been very successful and more than 500/0 of the payments we
made went to individuals who applied via Lightning during the Ye￿..
The trustees expressed their thanks to the small staff team who continued to work effectively and efficiently
with all die people who apply to us.
Financial Review
The Inajority of the charity's income is derived from its investment portfolio, suppleinented by donations and
legacies. This enables the charity to fund its administrative costs with the balance available to provide as
grants. During the year the charity made grants totalling £630,594 (2023.. £464,469).
The investment portfolio is managed by Sarasin & Partners. The value of investments increased by
£1,109,257 (deci'ease 2023; £907,508) during the year and stood at £15,151,477 at the end of the year.

THE TEACHING STAFF TRUST
(CHAIUTABLE INCORPORATII D ORGANISATION)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
(CONTDYUED)
The Endoivment Funds of the Trust
By definition of the Chai'ity Commissfion, endowment funds are propety of the charity which the trustees
are legally required to invest or to keep and use for the charity's aims. There are two Categories of
endowment funds, namely. expendable and permanent ¢ndowm¢iit. The trustees have the power to spend
both the income and underlying capital of expendable endowment. In the case of permanent endowment, in
nonnal circumstances the Trustees may not spend the capital. Income arising fi'om the invested assets
representing pennaneiit endowment must be spent on the charitable objects of tlie Trust.
Trustees, Responsibilities in Relation to tbe Financial Statements
Law applicable to Charities in England and Wales requires the trustees to prepare financial ststements for
each financial year which give a tru¢ and fair view of the charity's fmancial activities during the year and of
its fiiiancial position at the end of the year. In preparing those fmancial statements, the trustees are required
to..
Select suitable accounting policies and then apply thein consistfntly;
Make judgements and estimates that are reasonable and prudent.
State whether applicable accounting standards and statements of recommended practice have been
followed subject to any departures disclosed and explained in the financial statemeiits. and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charity will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any
time the financial position of the charity and enable them to ensure that the financial statements comply
witl) the Charities Act 201 l. 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.
Statement of Disclosure to Auditors
So far as the trustees are aware, there is no relevant audit infoiination of which the charity's auditors are
unaware. Additionally, the trustees have taken all steps they ought to have taken as trustees in ord¢r to
make themselves aware of any relevant audit information and to establish that the cliarity's auditors are
aware of that information.
Approved by the trustees and signed on their behalf by:
John Clark
Chair
Date: 17 October 2024
(4)

INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF
THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
FOR THE YEAR ENDED 31 MARCH 2024
Opinion
We have audited the financial statements of The Teaching Staff Trust CIO (the "charity ) for the year ended
31 March 2024 which comprise the Statement of Financial Activities, tlie Balance Sheet, Statement of Cash
Flows and related notes. The financial reporting framework that has beeii applied in their preparation is
applicable law and United Kingdom Accounting Standards incliiding FRS 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland, (United Kingdoill Generally Accepted Accountiiig
Practice).
In our opinion tlie financial statements:
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming
resources and application of resources, for the year theii elided.
have been pi'operly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We coiiducted our audit in accordance with International Standards on Aiiditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the auditor's
responsibilities for the audit or tlie financial stateinents section of our report. We are iiidependent of the
harity in accordance with ethical requirements that are relevant to our audit of the financial statements in tlie
United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our
other ethical responsibilities 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.
Conelusion relating to going concern
In auditing the financial stateinents, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfornied, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the charity's
ability to continue as a going concein 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 regard to going concern are described
in the relevant sectioiis of this report.
(5)

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
FOR THE YEAR ENDED 31 MARCH 2024
(CONTINUED)
Other information
The trLlStees are responsible for the other information. The other information comprises the report of the
trustees. Our opinion on the fiiiancial statements does not cover the other informatioii and, except to the
extent otherwise explicitly stated in our report, we do not express any form 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 the other information is materially iiiconsistent with the financial
statements or our knowledge obtained iii the audit or otherwise appears to be materially inisstated. If we
identify such material inconsistencies or apparent material misstatements, we are reqiiired to determine
whetlier there is a material inisstatement in the financial statemeiits or a material misstatement of the other
inforniation. If, based on the work we have performed, we concluded that there is a material misstatement of
this other information, we are i'equired to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exeeption
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts
and Reports) Regulations 2008 require us to report to you if, in oui, opinion..
the information given in the trustees, report is inconsistent iii any material respect with the financia
statements. or
sufficient accounting records have not been kept. or
the financial statements are not in agreement with the accounting records and retums. or
we have not received all the information and explanations we require for our audit.
Responsibility of the Trustees
As explained more fully in the trustees, responsibilities statement set out on page 4, the trustees are
responsible for tlie preparation of the financial statements and for beiiig satisfied that they give a true and fair
view, and for such internal control as the trustees deterinine is necessary to enable the preparation of the
financial statements that are free from material misstatement, whethei, due to fraud or error.
In preparing the financial statements, the trustees are responsible foi. assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related to the going concern and using the
going concern basis of accounting unless the trustees either intend to liquidat¢ the cliarity oi. to cease
operations, oi. have no realistic altei'native but to do so.
Auditor's responsibilities for the audit of the fmAncial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material 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, but is not a guarantee that an audit Conducted in
accordance with ISAS (UK) will always detect a matei'ial misstatement when it exists. Misstatements can
arise from fraud or error and are considered inaterial if, indlvidually or in the aggregate, they could
reasonably be expected to influence the economic decisions of us¢i's taken on the basis of these finaiicial
statements.
(6)

INDEPEf4DENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
FOR THE YEAR ENDED 31 MARCH 2024
(CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
proCed￿'eS in line with our respoiisibility, Outliiied above, to detect material inisstatements in respect of
irregularities, including fraiid. The extent to which our procedures are capable of detecting iiTegularities,
including fraud is dependent upon the effectiveness of management controls and the nature, timing and
extent of the audit procedures carried out, which included:
Enquiries of tliose cliarged with governance to identify any instances of non-compliance with laws
Id regulations.
Reviewing minutes of meetings of those charged with govemance.
Auditing th¢ risk of management override of controls and evaluating the rationale of significant
transactions outside the norinal course of activities.
Reviewing disclosures in the financial statements and testing to supporting documentation to assess
compliance with applicable laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on tlie
Financial Reporting Council's website at: www.fr¢.org.uk/auditorsresponsibilities. This descriptioii forms
part of oui. auditor's report.
Use of our report
This report is inade solely to the charity's trustees, as a body, in accordan¢¢ with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has beeii undeitaken so that we miglit state to the
charity's trustees those matters we are required to state to them in at] aiiditor's report and for no othei,
puiyose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other
than the charity and the charity's trustees as a body, foi. our audit work, for this report, or for the opinions we
have formed.
Begbies
Chartered Accountants
Statutory Auditors
9 Bonhill Street
London EC2A 4DJ
Date: 17 October 2024
Begbies is eligible to act as an auditor in tenns of section 1212 of the Companies Act 2006
(7)

THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted
Operating
Funds
Capital
Endowment
Funds
2024
Total
2023
Total
Notes
Income From:
Donations, Grants and Legacies
Investmeiit Income
82,353
414,706
497,059
82,353
414,706
497,059
65,414
402,380
467,794
Total Ineome
Expenditure On:
Charitable Activities:
Grants Payable
Support Costs
Costs of Raising Funds..
Investment Management Rebates
Consultancy Fee
Governance Costs
630,594
66,819
630,594
66,819
464,469
65,951
(33,510)
1,000
14,990
(33,510)
1,000
14,990
(34,523)
2,000
15,075
Total Expenditure
679,893
679,893
512,972
Net Expenditure before Gains on
Investments
(182,834)
(182,834)
(45,178)
Net Gainl(Deficit)on
Investment Assets
1,074,417
41,757
1,116,174
(889,746)
Net Movement in Funds
891,583
41,757
933,340
(934,924)
Reconeillation of Funds
Total Funds Brought Forward
Total Funds Carried Forward
13,703,750
14,595,333
532,328
574,085
14,236,078
15,169,418
15,171,002
14,236,078

THE TEACHING STAFF TRUST
(CHAIUTABLE INCORPORATED ORGANISATION)
BALANCE SHEET AS AT 31 MARCH 2024
Unrestricted
Operating
Fllnds
Capital
Endowment
Funds
2024
Total
2023
Totrdl
Notes
Fixed Assets
Tangible Fixed Assets
Investments
Total Fixed Assets
1,251
14,141,692
14,142,943
14,577,393
14,577,393
574,084
574,084
15,151,477
15,151,477
Current Assets
Debtors
Cash at Bank and in Hand
Total Current Assets
4,387
71,035
75,422
4,387
71,035
75,422
2,790
123,320
126,110
Creditors:
Ainounts Falling Due
Within One Year
Net Current Assets
(57,481)
17,941
(57,481)
17,941
(32,975)
93,135
Net Assets
14,595,334
574,084
15,169,418
14,236,078
Funds
10
UtLrestricted
Endowment
14,595,333
14,595,333
574,085
15,169,418
13.703,750
532,328
14,236,078
574,085
574,085
14,595,333
These financial statements were approved by the Board of Management on 17 October 2024
Chair .
John Clark
HonorAry Treasurer .
Martin Walsb
dLidLI Cc ¥bl &,,(f
Chief Executive .
Judith Smith
(9)

THE TEACHING STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
CASH FLOW STATEIVIENT
FOR THE YEAR ENDED 31 I￿RCH 2024
Total
Funds
2024
Total
Funds
2023
Note
Cash (used in)
Operating Activities
12
(573,380)
(418.920)
Cash Floivs from Investlllg Activities:
Dividends and Interest Received
Purchase of Plant & Equipment
Sale of Tangible Fixed Assets
Sale of Investinents
Purcliase of Investments
414,706
402,380
153,300
(46,911)
126,445
(71,085)
Net Cash provided by
Investing Activities
521,095
457,740
Net Change in Cash in the year
Cash brought forward at l April
(52,285)
123,320
38,820
84,500
Cash carried forward at 31 Ivlarch
71,035
123,320
(10)

THE TEACHING STAFF TRUST
(CHAIUTABLE INCORPORATED ORGAl+lISATION)
NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024
Accounting Policies
In preparing the accounts the following accounting policies have been complied with..
( a ) The accoui)ts have been prepared under the historical cost convention as modified to include
investments at valuation. The accounts have been prepared in accordance with the second
edition of the Charities Statement of Recommended Practice issued in October 2019, the
FIn￿]cIal Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS
102) and tlie Charities Act 2011.
The trustees consider there are no material uncertainties about the ch￿'Itable incorporated
organisation's ability to continue as a going concern.
( b ) The Charitable Incorporated org￿lIsatiOn meets the definition of a public benefit entity uiider
FRS 102.
( c ) Iiivestment income is recorded when receivable.
( d ) Incoin¢ froin government and other grants, whether of a capital oi. revenue iiature, is
recognised when receivabl¢ and any performance conditions attached to the grant have been
met.
( e ) Expenditure on grants is recorded once the trust has made an unconditional commitsnent to
pay the grant and this is communicated to the beneficiary oi. the grant has been paid,
whichever is the earlier.
( f ) Other expenditure is included in the accounts on an accruals basis. Irrecoverable VAT is
charged to the SOFA as incurred.
( g ) The cost of managing investments is charged against investment capital, reflecting the total
retuin approach to investment management. Any costs associated with the sale or purchase of
investments are accounted for as part of the sale or purchase price of the investments.
( h ) Quoted investments have been valued at market value at the balance sheet date.
( i ) Unrealised and realised investment gains and losses are shown net in the statement of
financial activities.
( j ) Office Equipment is depreciated over a period of three years. Only items costing more than
£500 are capitalised.
( k ) Rentals applicable to operating le&8es where substantially all of the benefits and i'isks of
ownership remain with the lessor are charged against income &% inciirred.

THE TEACHll+lG STAFF TRUST
(CIL4RITABLE INCORPORATED ORGANISATION)
NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024
(CONTINUED)
Donations, Grants and Legacies
2024
2023
Donations and Grants
Legacies
21,850
60,503
82,353
4,446
60,968
65,414
Investment Income
2024
2023
Dividends - UK Equities
Dividends - Overseas Eqiiities
Interest - UK Fixed Interest Securities
Other
35,665
267,485
51,009
60,547
75,245
187,911
59,150
80,074
414,706
402,380
Grants Payable
2024
2023
Bereavement
Ill health
Loss of Income
Relatioiiship Breakdown
Domestic Abuse
Loss of Home
Change of living Circumstances
Debt Relief
TV Licence
Other
Quarterly Payments
Seasonal Grants
65,544
215,775
61,552
59,502
81,562
50,277
13,483
42,315
116,827
50,686
45,651
59,367
22,372
32,955
270
1,272
19,891
70,673
2,190
1,113
19,806
60,000
1,980
630,594
464,469
(12)

THE TEAcH￿G STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024
(CONTINUED)
Support Costs
2024
2023
Salaries and Related Costs (see below)
Grant Administration Fees
Rent and Rates
Printing, Stationery and Telephone
Coinputer Expenses
Repairs and Renewals
Sundry Expenses
Pliblicity
Depreciation
49,831
4,738
108
2,881
5.792
45,589
4,266
503
2,019
8,980
34
2,376
407
1,777
65,951
2,204
14
1,251
66,819
Staff Remuneration
2024
2023
Wages and Salaries
Social Security Costs
Pension Costs
42,931
38,674
6,900
49,831
6,915
45,589
The average number of staff employed in management and administration of the charity in the year was
two (2023: two).
One retired member of SGBI staff has been granted a supplementary pension during her lifetime. This
commitment w&s assuined by the Teaching Staff Triist upon transfer of the assets and liabilities of SGBI
on l April 2017. The amount paid iii the period ended 31 M￿ch 2024 was £5,472 (2023.. £5,365).
Governanee Costs
2024
2023
Audit Fee
Other Professional Fees
Trustees, Insurance
4,890
8,590
1,510
14,990
4,560
9,029
1,486
15,075
The trustees did not receive any remunei'ation during the year.
No trustees were reimbursed expenses during the year.

THE TEACHING STAFF TRUST
(CIIARITABLE INCORPORATED ORGANISATION)
NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024
(corqTINUED)
Tangible Fixed Assets
Office
Equipment
Cost
At l April 2023
Additions
At 31 March 2024
7,066
7,066
Depreciation
At l April 2023
Charge for the Year
At 31 March 2024
5,815
1,251
7,066
Net Book Value
At 31 March 2024
At 31 March 2023
1,251
Investments
2024
2023
Market Value at l April 2023
Purcliases During the Year at Cost
DisposalslProceeds During the Year
Realised Gains on Disposals
Changes in Ui)realised Gains Investments
Increase in Cash Deposits
Market Value at 31 March 2024
14,141,692
55,115
(153,300)
6,917
1,109,257
(8,204
15,151,477
15,086,798
64,000
(126,445)
17,762
(907,508)
7,085
14,141,692
Historic Cost at 31 March 2024
11,188,423
11,287,894
Represented by:
Multi Asset Funds
Cash Deposits
15,142,793
8,684
15,151,477
14,124,804
16,888
14,141,692
Analysed &8:
Unrestricted Operating Funds
Endowmeiit Funds
14,577,393
574,084
13,609,364
532,328
(14)

THE TEACHING STAFF TRUST
(CHARITABLE ]TrICORPORATED ORGANISATION)
NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024
(CONTINUED)
Investments (Continued)
2024
2023
Comprising:
UK Equities
Overseas Equities
UK Fixed Interest Securities
Property
Alternative Investments
Liquid Assets
1,276,742
9,774,136
1,868,810
537,323
1,035,486
658,980
15,151,477
2,640,659
6,608,395
2,077,028
618,990
1,730,036
466,584
14,141,692
Creditors: Amounts Falling Due Within One Year
2024
2023
Grants Payable
Accrued Expenses
51,478
6,003
57,481
27,548
5,427
32,975
10. Funds
Capital Endowment Funds
These comprise nuinerous legacies received by Schoolmistresses and Governesses Benevolent
Institution ('SGBI') since 1848 which instructed that the capital endowed should not be used as if it
were income. The transfer agreement between SGBI and the Teaching Staff Trust prescribed that
pennanently endowed Property of the SGBI shall vest in the Teaching Staff Trust on the same trusts.
The income arising from the investsnent of the endowment funds is included within unrestricted
investsnent income in the Statement of Financial Activities.
Unrestricted Funds
The unrestricted operating fund comprises funds which the trustees are free to use in accordance with
the objects of the charity.

THE TEACH]TrIG STAFF TRUST
(CHARITABLE INCORPORATED ORGANISATION)
NOTES TO THE ACCOUNTS AS AT 31 MARCH 2024
(CONTINUED)
I l. Operating Lease Commitments
At 31 March 2024, the charity had no cominitinents for payments under non-wicellable operating
leases.
12. Reconciliation of Net Income
to Net Cash Flow from Operating Activities
Total
Funds
2024
Total
Funds
2023
Net (deficit) for the reporting period
(as per tlie statement of financial activities)
(182,834)
(45,178)
Adjustments for:
Depreciation
Dividends and Interest
(Increase)IDecrease ID Debtors
Incre&se in Creditors
Net Cash used in operating activities
1,251
(414,706)
(1,597)
24,506
(573,380)
1,777
(402,380)
(1,352)
28,213
(418,920)