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 SI￿lfiCant
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 Si￿ed on their behalf by:
John Clark
Chaii.
Date: 16 October 2025

YDEPENDEIYT AUDITOR'S REPORT TO THE TRUSTEES OF
THE TEAcifiNG STAFF TRUST
(CHAR￿ABLE 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 accord￿l¢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)