THE TEACHING STAFF TRUST (CHARITABLE llYCORPORATED ORGANISATION) STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Charity Number: 1168445 BEGBIES Chartered Accountants 9 Bonhill Street London EC2A 4DJ
THE TEACHING STAFF TRUST (CHARITABLE tNCORPOIL4TED ORGAIYISATION) YDEX TO THE Accouwrs Refei'ence and Administrative Details Report of the Trustees Audit Report Statement of Financial Activities 10 Balance Sheet Cash Flow Statement 12 Notes to the Accounts 13- 18
THE TEACILtNG STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) CHAIUTY REGISTRATION NUMBER 1168445 REFERENCE AND ADMINISTRATIVE INFORMATION CHA Mr J Clark MA,PGCE BOARD OF TrL4NAGEMEI Nf (TRUSTEES) Mrs M Boyle MA, M ED. PGCE (Resigned 27 May 2025) Mr K Chaubal, Msc (from 17 July 2025) Mr J Clark MA, PGCE, Miss M M Connell MA (Oxon) Mr E T A Coward MA (Cantab) Msci, Mrs J E Davies MA, ARCM Mrs M Tucker, BA (Hons), PGCE, KPQH, MIOL (from 17 Jiily 2025) Mr M J Walsh B,Comm, FCA (Hoiiorary Treasurer) Mrs S Wliitfield MA (Cantab), Mrs A Wood Bsc (Retired 31 March 2025) INVESTMENT AND FINANCE COIVIMITTEE Mr J Clark MA, PGCE Mr E T A Coward MA (Cantab) Msci Mr M J Walsh B.Comm, FCA Mrs S Whitfield MA (Cantab) Mr T Woerner BA(Hons), MBA GRAIYTS COMMITTEE Mrs M Boyle MA, M ED, PGCE (Resigned 27 May 2025) Mr K Chaubal, Msc (from 17 July 2025) Mr J Clark MA, PGCE, Miss M M Connell MA (Oxon) Mrs J E Davies MA, ARCM, Mrs M Tuck¢i', BA (Hons), PGCE, NPQH, MIOL (from 17 July 2025) Mrs A Wood Bsc, (Retired 31 March 2025) CONSULTANTS Auditors . B¢gbies Investment Advisers . Sarasin & Partners CHIEF EXECUTIVE Judith Smith MBE (Retired 31 January 2025) Lindsey Berthoud (from 20 January 2025) (in charge of day to day management of tlie Charity) PRllYCIPAL ADDRESS Taylor, Viney & Marlow 46-54 High Sti'eet Ingatestone CM4 9DW
THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGAIYISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report and financial statements of the charity for the year ended 31 March 2025. Structure, Governance and Management The charity was registered on 26 July 2016 as a Charitable Incorporated Organisation (CIO) and began to function on l April 2017. It merged with and has succeeded the iinincorporated Schoolmistresses and Governesses Benevolent Institution (charity number 205366). All of the assets of tlie unincorporated entity were transferred to the CIO on l April 2017. The Charity is governed by the rules of its constitution dated 24 November 2016. There are to be at least six but no more than ten trustees, appointed by the Board of Management if considered suitable and willing to contribute. Th¢ IEcommendation of grants is delegated to the Grants Committee and financial matters are considered by tlie Investment and Finance Committee. Th¢ Board seeks to recruit additional trustees as and wlien necessary and to ensure that it complies with its plan for succession of offIcers and trustees. Risk Management The trustees have considered the major risks to which the charity is exposed, have reviewed those risks and established systems and procedures to manage them where considered necessary. During tlie year the trustees reviewed tlie level of i'isk to which the investment portfolio is exposed. Tlie trustees receive regular performance reports from the investment managers and meet with tliem periodically. Objectives, Public Benefit Aims and Policies of the Charity The objects of tlie charity are the relief of need of tliose who are employed or have been employed in the education of pupils under tlie age of19 in the United Kingdom by the provision of grants, advice and other assistance and the undertaking and supporting of research into matters 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 acliieves its objectives via its prograinme 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 2024-2025 saw the pla[ed retiirment of long-serving Chief Executive. Judith Smith MBE at the end of January 2025 and transition to a new leader, Lindsey Berthoud. The trustees express their heartfelt thanks to Judith Smith for beiiig an exceptional Chief Executive from 2017-2025 and wish her well for her retirement. (2)
THE TEACHING STAFF TRUST (CHARITABLE llYCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Review of Development, Activities and Achievements During the Year (Continued) Diii'ing this change, TST inaintained focus on its tliree strategic objectives, to:_ Be impactful Deliver funding to beneficiaries, swiftly, efficiently and effectively Ensure excellent financial manageinent of the endowment fund and partner funding We were fortunate to be one of four charities to benefit from the closure of the Cliurch Schoolmasters, and Schoolmistresses, Benevolent Institution (CSSBI) with an unrestricted donation of £500,000, The charity also received substantial legacies (£282,954). Trustees wished for these funds to be used to help people from our professional commiinity, enabling the improved level of grant impact seen in the previoiis financial year to be increased. The Board is pleased to have been able to distribute £545,498 in 2024125, supporting more tlian 400 individuals involved in the education of under 19s to alleviate tlie impact of circumstances they couldn't have anticipated or expected. The following charts show liow our financial support was distributed to help in different ways, compared to the previous financial year. Grant distribution by circumstance 40% 3Th 35% 33% 13086 26% 27% 25% 21 20% 15% 12% 12% 9% io% io% 3% 3% 111 health & disablllty Domestic abuse and relatbonshlp breakdown Bereavemenl Loss ot Income Loss or change ol home Other 2024-25 w 2023-24
THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (COIYTINUED) Grant payments by need 45% i 40% 34Wo 34% 35% 30% 2596 25% 22% 21% 20% 15% io% | 5% 3%3% Household Household items Houslng Household Funerals and Wellbeing and Travel and repairs and bereavement terminal transport adaptations illness 2024-25 2023-24 Average grant value increased to £1,200 (£880.. 2023-24) which reflects the trustees, desire to give grants that make a real difference to a b¢neficiary and their family. Your grantpaidfor me to get my rooffixed. The bedroom was damp and letting waler in and Iivas recoveringfrom breast cancer and radiotherapy. I can '1 ihankyou enough. AL May 2024 I was able to pay thefirsl months ofTriy daughier's nursery bill io be able to return lo work after being on maternity leave. li was a stressfvl tinie as I didn't know how I would do it and there was no other support oul there. It was a massive relief JG August 2024 With your assistance, I was able lo get myself out ofa horrible situation. You andyour team really supported me and acted veryfasl, andfor ihal, I am incredibly gratefvl. RHJanuary 2025 Our partnersl)ip with Lightning Reach continues to enable TST to support people wlio might not otlierwise hear about or find TST. 67 % of beneficiaries applied via Lightning dui'ing the year - of those: 50/0 went on to apply to other schemes through Lighting 130/0 took a free benefits clieok 660/0 clicked on a link to other resources outside of Liglitning. (4)
THE TEAClllNG STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) We are pleased to be part of Lightning's growing ecosystem of fiiiancial and holistic support that makes it easier for individuals in need or crisis to get Iielp from a variety of sources. TST will now develop its future strategy to ensiire that tlie charity is able to support the next generation of educators and support staff wlien the unexpected happens to tliem. It will do tliis by further exploring the impact of our grants, seeking feedback from beneficiaries as well as other grant-giving bodies to inform grant making policy as well as looking at funding options. They also thank the staff who continue to work effectively, efficiently and compassionately with all the people who apply to lis. Financial Review The majority of the charity's income is usually derived from its investsnent portfolio, supplemented by donations and legacies. Tliis enables the charity to fund its administrative costs with the balance available to provide as grants. This year, the charity received an exceptional donation of £500,000 and a SIlfiCant legacy of £277,000. During the year the charity Inade grants totalling £545,498 (2024: £630,594). The investment portfolio is managed by Sarasin & Partners. The net gain on investments was £183,511 (net gain 2024: £1,116,174). The value of investments stood at £15.845,243 at the end of the year. The Endowment Funds of the Trust By defmition of the Cliarity Commission, endowment fiinds are property of the charity which tlie trustees are legally required to invest or to keep and use for the cliarity's aims. There are two categories of endowment fiinds, nainely, expeiidable and permaneiit endowment. The trustees have tlie power to spend both the incoin¢ and underlying capital of expendable endowment. In the case of perinanent endowment, in normal circumstances the Trustees may not spend the capital. Income arising from the invested assets representing permanent endowment must be spent on tlie charitable objects of the Trust.
THE TEACHING STAFF TRUST (CHARrrABLE cORPoRATED ORGAMSATION) REPORT OF THE TRUSTEES FOR THE YELR ETADED 31 MARCH 2025 (CONTllYuED) Trustees Responsibilities in Relation to the Financial Statements Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees al'e required to: Select suitable accounting polici¢s and then apply them consistently. Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards and statements of recomm¢nded practice have been followed subject to any departui'es disclosed and explained in the financial ststements. and Prepare the financial statements on the going concern basis unless it is inappropriate to presuine 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 thetn to ensure that the financial statements comply with the Charities Act 201 l. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable st¢ps for the prevention and detection of fraud and other irregularities. Statement of DAs¢losure to Auditors So f&r as the trustees are aware, there is no relevant audit Information of which the charitys auditors are unaware. Additionally, the trustees have taken all steps they ought to have taken as trust¢¢s in order to make themselves aware of any relevant audit illforniation and to establish that the charity's auditors are aware of that information. Approved by the trustees and Sied on their behalf by: John Clark Chaii. Date: 16 October 2025
YDEPENDEIYT AUDITOR'S REPORT TO THE TRUSTEES OF THE TEAcifiNG STAFF TRUST (CHARABLE INCORPORATED ORGANISATION) FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial statements of Tlie Teaching Staff Trust CIO (the "Charity") for the year ended 31 March 2025 whicli coinprise the Statement of Finaiicial Activities, tl)e Balance Slieet, Statement of Casli Flows and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accoiiiiting Standards including FRS 102 'The Financial Reporting Standai'd applicable in the UK and Republic of Irelaiid, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stateinents: give a true and fair view of the state of the cliarity's affairs as at 31 March 2025 aiid of its incoming resources aiid application of resources. for tlie year then ended. have been properly 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 conducted our audit in accordl¢C witli International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are furtlier described in the auditor's responsibilities for the audit or the financial statemeiits section of our report. We are independent of the charity in accordance witli etliical requirements tliat are relevant to our audit of the financial statements in the United Kingdom, including tlie Financial Reporting Council's Etliical Standard, and we have fulfilled our other etliical responsibilities in accordance with these requireinents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion relating to going concern In auditing the financial statemeiits, we have concluded tliat 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 perforined, we have not identified any material uncertainties relating to events or conditions that, iiidividually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a pei'iod of at least twelve montlis from wlien 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 sections of this report.
EPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TEACHtNG STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) FOR THE YEAR EAYDED 31 MARCH 2025 (CONTINUED) Other information The trustees are responsible for the other information. The otlier informatioii comprises the report of the trustees. Our opinion on the financial statements does not cover the otlier information and, except to the extent otlierwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connectioii with our audit of tlie financial stateineiits, our responsibility is to read the other inforniation and, in doing so. consider wliether the other inforination is materially inconsistent with the financial statements or our knowledge obtained in the audit or otli¢rwise appears to be inaterially misstated. If we identify such material inconsistencies or apparent material misstatements, w¢ are required to determine whether there is a material misstatement in the financial statements or a inaterial misstatement of tli¢ other information. If, based on the work we have performed, we concluded tliat there is a material misstatement of tliis other information, we are required to report tliat fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have notliing to report in respect of tlie following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requir¢ us to report to you if, in our opinion: the information given in the trustees, report is inconsistent in any material respect with the financial statements. or sufficient accounting records have not b¢¢n kept. or the financial statements are not in agreement with tlie accounting records and returns. or we liave not received all the information and explanations we require for our audit. Responsibility of the Trustees As explained more fully in the trustees, responsibiliti¢s statement set out on page 6, 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 sucl) internal control as the trustees determine is necessary to enable tlie preparation of the financial statements that are free froin material misstatement. whetlier due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, Inatters related to the going concern and using the going concern basis of accounting unless tlie triistees elther intend to liquidate the charity or to cease operations, or Iiave no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about wliether tlie financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an aiiditor'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 inatei'ial misstatement 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 tliese financial statements.
)EPEM)ENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TEACHING STAFF TRUST (CHAIUTABLE INCORPORATED ORGANISATION) FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Auditor's responsibilities for the audit of the financial statements (continued) Irregularities, including fraud, are instances of non-coinpliance with laws and regulations. We design procedures in liiie with our responsibility, outlined above, to detect material inisstatements in respect of irregiilarities. including fraud. Tlie extent to wliich our procedures are capable of detecting irr¢gularities, including fraud is dependent upon the effectiveness of management controls and the iiature, timing and extent of the audit procedures carried out, which included: Enquiries of tliose cliarged with governance to identify any instances of non-complRance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Auditing the 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 regiilations. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use ofour report This report is made solely to the cliarity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so tliat we inight state to the charity's trust¢es those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for 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: 4 November 2025 Begbies is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 {9)
THE TEACHllYG STAFF TRUST (CHARITABLE tNCORPORATED ORCANISATION) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Operating Funds Capital Endowment Funds 2025 Total 2024 Total Notes Income From: Donations, Grants and Legacies Investment Income 782,954 404,684 1,187,638 782,954 404,684 1,187,638 82,353 414,706 497,059 Total Income Expenditure On: Cliaritable Activities: Grants Payable Support Costs Costs of Raising Funds: Investment Management Rebates Consultancy Fee Governaiice Costs 545,498 135,110 545,498 135,110 630,594 66,819 (35,071) 4,500 18,553 (35,071) 4,500 18,553 (33,510) 1,000 14,990 Total Expenditure 668,590 668,590 679,893 Net Expenditure before Gains on Investments 519,048 519,048 (182,834) Net Gain on Investment Assets 183,077 434 183,511 1,116,174 Net Movement in Funds 702,125 434 702,559 933.340 Reconciliation of Funds Total Funds Brought Forward Total Funds Carried Forward 14,595,333 15,297,458 574,085 574,519 15,169,418 15,871,977 14,236,078 15,169,418
THI TEACHING STAFF TRUST (CHARITABLE JNCORPORATED ORGANISATION) BALANCE SHEEIT AS AT 31 MARCH 2025 Unrestricted Operating Funds Capital Endowment Funds 2025 Total 2024 Total Notes Fixed Assets Tangftble Fixed Assets Investsnents 2,359 15,270,724 15,273,083 2,359 15,845,243 15,847,602 574,519 574,519 15,151,477 15,151,477 Total Fixed A8set8 Current Assets Debtors Casli at Bank and ill Hand Total Currellt Assets 5,312 64,543 69,855 5,312 64,543 69,855 4,387 71,035 75,422 Credltor8: Ainouiits Falling Due Within One Year (45,480) 24,375 (45,480) 24,375 (57,481) 17,941 Net Current A85ets Net A88et8 15,297,458 574,519 15,871,977 15,169,418 Fund8 10 Unrestricted Endowment 15,297,458 15,297,458 574,519 15,871,977 14,595,333 574,085 15,169,418 574,519 574,519 15,297,458 These fmancial statements were approved by the Board of Management on 16 2025 Chair . John Clark Honorary Treasurer . Martin Walsh Chlef Executive .
THE TEACHING STAFF TRUST (CIIARITABLE JNCORPORATED ORGANISATION) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 Total Funds 2025 Total Funds 2024 Note Cash provided by l (used in) Operating Activities 12 101,505 (573,380) Cash Flows from Investing Activities: Dividends and Interest Received Purcliase of Plant & Equipment Sale of Investinents Purchase of Investments 404,684 (2,426) 836,421 (1,346,676) 414,706 153,300 (46,911) Net Cash provided by l(used ID) Investing Activities (107,997) 521,095 Net Change in Cash in the year Cash brought forward at l April (6,492) 71,035 (52,285) 123,320 Cash Carried forward at 31 March 64,543 71,035 (12)
THE TEACHJF4G STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MAIICH 2025 Accounting Policies In preparing tl)e accounts the following accounting policies have been coinplied with., ( a ) The accounts liave been prepared under the historical cost convention as inodified to include investments at valiiation. Tlie accounts Iiave been prepared iii accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial 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 unceitainties about the charitable incorporated organisation's ability to continue as a going concern. ( b ) The Charitable Incorporated Organisation meets tlie definition of a public benefit entity under FRS 102. ( c ) Investment income is recorded when receivable. ( d ) liicome from governinent and other grants, whether of a capital or revenue nature, is recognised when receivable and any performance coiiditions attaclied to the grant liave been Inet. ( e ) Expenditure on grants is recorded once the trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. ( f ) Otlier expenditure is included in the accounts on an accruals basis. Irrecoverable V AT is cliarged to the SOFA as incurred. ( g ) The cost of managing investments is charged against investinent capital, reflecting the total return 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. ( l) ) Qiioted investments have been valued at market value at the balance slieet 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 leases where substantially all of the benefits and risks of ownership reinain with the lessoi. are charged against income as incuri'ed.
li THE TEACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 (CONTINUED) Donations, Grants and Legacies 2025 2024 Church Schoolmasters and Schoolmistresses, Benevolent Institution Donations and Grants Legacies 500,000 954 282,000 782,954 21,850 60,503 82,353 Investment Income 2025 2024 Dividends- UK Equities Dividends - Overseas Equities Interest - UK Fixed Interest Securities Othei. 30,123 244,999 38,959 90,603 35,665 267,485 51,009 60,547 404,684 414,706 Grants Payable 2025 2024 Bereavement 111 Iiealtli Loss of Income Relationship Breakdown Domestic Abiise Loss of Home Change of living Circumstances TV Licence Quarterly Payments Seasonal Grants Other 42,809 165,842 34,021 37,800 68,060 91,590 29,685 1,017 59,700 2,190 12,784 545,498 65,544 215,775 61,552 59,502 81,562 50,277 13.483 1.113 60,000 1,980 19,806 630,594 (14)
THE TKACHING STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 (CONTllYUED) Support Costs 2025 2024 Salaries and Related Costs (sce below) Grant Admiiiistration Fees Rent and Rates Printing, Stationery and Telephone Compiiter Expenses Training and Conference Costs Sundry Expenses Publicity Depreciation 116,709 5,400 969 1,512 6,554 1,008 2,891 49.831 4,73 8 108 2,881 5,792 2,204 14 1,251 66,819 67 135,110 Staff Remuneration 2025 2024 Wages and Salaries Ex Gratia Payment Social Security Costs Pension Costs Recruitment Costs 75,052 15,000 2,736 5,692 18,229 116,709 42,931 6,900 49,831 The average number of staff employed in managein¢nt and administration of the charity in the year was two (2024: two). No employees, emolumeiits exceeded £60,000 in tlie year. One retired member of SGBI staff has been granted a supplementary pension during her lifetime. This commitment was assumed by the Teaching Staff Trust upon transfei. of the assets and liabilities of SGBI on l April 2017. The amount paid in the period ended 31 March 2025 was £3.320 (2024: £5,472). Governance Costs 2025 2024 Audit Fee Otlier Professional Fees Trustees, Insurance 4,800 11,734 2,019 18,553 4,890 8,590 1,510 14,990 The trustees did not receive any remuneration during the year. No trustees were reimbursed expenses during the year.
THE TEACHtNG STAFF TRUST (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 (CONTINUED) Tangible Fixed Assets Office Equipment Cost At l April 2024 Additions Disposals At 31 Marcli 2025 7,066 2,426 (6,516) 2,976 Depreciation At l April 2024 Charge for the Year On disposals At 31 March 2025 7,066 67 6,516 617 Net Book Value At 31 March 2025 2,359 At 31 March 2024 Investments 2025 2024 Market Value at l April 2024 Purcliases During the Year at Cost DisposalslProceeds During the Year Realised Gaiiis on Disposals Changes in Unrealised Gains Investinents Increasel(De¢reas¢) in Cash Deposits Market Value at 31 Marcli 2025 15,151,477 1,318,000 (836,421) 172,018 11,493 28,676 15,845,243 14,141,692 55,115 (153,300) 6,917 1,109,257 (8,204) 15,151,477 Historic Cost at 31 Marcli 2025 11,870,695 11,188,423 Represeiited by: Multi Asset Funds Cash Deposits 15,807,882 37,361 15,845,243 15,142,793 8,684 15,151,477 Analysed as: Unrestricted Operating Funds Endowment Funds 15,270.724 574.519 14,577,393 574,084
THE TEACHJThG STAFF TRUST (CHARITABLE JNCOIIPOIL4TED ORGANISATION) NOTES TO THE ACCOI)NTS AS AT 31 MARCH 2025 (CONTJNUED) Investments (Continued) 2025 2024 Comprising: UK Equities Overseas Equities UK Fixed Interest Securities Property Alternative Investments Liquid Assets 1,090,277 8,882,633 1,417,940 549,849 1,436,431 2,468,113 15,845,243 1,276,742 9,774,136 1,868.810 537,323 1,035,486 658,980 15,151,477 Creditors: Amounts Falling Due Within One Year 2025 2024 Grants Payable Accrued Expenses 37,692 7,788 45,480 51,478 6,003 57,481 10. Funds Capital Endowment Funds These comprise numerous legacies received by Schoolmistresses and Goveriiess¢s Benevolent Institution ('SGBI') since 1848 wliicli instructed that the capital eiidowed should not be used as if it were income. The transfer agreement between SGBI and the Teacliing Staff Triist pr¢scribed tliat perinanently endowed property of the SGBI shall vest in the Teacliing Staff Trust oil the same trusts. The income arising from the investment of the endowment funds is included within unrestricted investinent income in the Statement of Financial Activities. Unrestricted Funds The unrestricted operating fund comprises funds which tlie tnistees are free to use in accordance with the objects of the charity.
THE TEACHJNG STAFF TRUST (CHAIUTABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS AS AT 31 MARCH 2025 (CONTINUED) I l. Operating Lease Commitments At 31 Marcli 2025, the charity had no cominitments for payments linder non-cancellable operating leases. 12. Reconciliation of Net Income to Net Cash Flow from Operating Activities Total Funds 2025 Total Funds 2024 Net surplus l (deficit) for the reporting period (as per tlie stat¢ment of financial activities) 519,048 (182,834) Adjustments for: D¢piEciation Dividends and Interest (Increase) in Debtors (Decrease)Ibicrease in Creditors Net Cash pi'ovided by l (used in) operating activities 67 (404,684) (925) (12,001) 101,505 1,251 (414,706) (1,597) 24,506 (573,380) (18)