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2024-12-31-accounts

THE STATIONERS’ FOUNDATION CIO

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Charity Number: 1198494 CIO Number: CE029144

THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS
CONTENTS Page
Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 11
Financial Statements
Statement of financial activities 13
Balance sheet 14
Cash flow statement 15
Principal accounting policies 16
Notes to the financial statements 19

THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their report and audited financial statements for the year ended 31 December 2024.

Governing Instrument Constitution of the Stationers’ Foundation and Charitable
Incorporated Organisation (CIO)
Trustees Court Assistant D N Brealey
Liveryman E D Kahn – resigned 6 January 2025
Liveryman S P Hamlet
Liveryman A M Strachan
Court Assistant D P Bateman
Liveryman P M Swan
Liveryman K L Whitbourn – appointed 1 July 2024
Principal Office Stationers’ Hall
Ave Maria Lane
London
EC4M 7DD
Charity registration number 1198494
Auditor Haysmac LLP
10 Queen Street Place
London
EC4R 1AG
Bankers The Royal Bank of Scotland
280 Bishopsgate
London
EC2M 4RB
Investment Managers Rathbones
8 Finsbury Circus
London
EC2M 7AZ

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their statutory report together with the financial statements of The Stationers’ Foundation CIO for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out on pages 16 to 18 of these financial statements and comply with the charity’s governing instrument, applicable laws and the requirements of the Statement of Recommended Practice on “Accounting and Reporting by Charities” (SORP 2015, second edition updated October 2019).

Origin and current responsibilities

On 1 April 2022, The Stationers’ Foundation was registered as a charitable incorporated organisation (CIO) by transferring from an unincorporated trust constituted under the Charity Commission Scheme dated 3 July 2007 as amended by Scheme dated 25 October 2018. On 1 July 2022 at 00.01am, all the assets £5,920,759 and liabilities £122,856 were transferred from the unincorporated charity to the new CIO.

Objectives and activities

The Stationers’ Foundation invests in the future of our Communications and content industries through the education of the next generation.

We support children and young people, financially and through our mentoring schemes, as they move up the educational staircase and into the world of employment. We make particular efforts to help the education of disadvantaged young people in financial need, from primary school to postgraduate level to apprenticeships.

The Foundation is governed by Charity Commission Constitution to provide education and welfare support for those connected to the Communication and Content Industries, with the following objectives:

Trustees

The Scheme provides that there should be seven Trustees who must be appointed by the Court of Assistants of The Worshipful Company of Stationers’ and Newspaper Makers. Trustees are appointed for a term of three years but may serve more than one term, provided that their re-appointment is approved by the Court of Assistants.

The Trustees meet at least quarterly to review their strategy and actions in support of their objectives, to consider investment and grant making proposals, and to ensure their policies on reserves and risk management are kept up to date.

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees during the year under review and to the date of approval of the accounts were:

Trustee

Appointed/resigned

Court Assistant D N Brealey Liveryman E D Kahn Resigned 6 January 2025 Liveryman S P Hamlet Liveryman A M Strachan Court Assistant D P Bateman Liveryman P M Swan Liveryman K L Whitbourn Appointed 1 July 2024

The induction process for a newly appointed Trustee comprises a meeting with the Chairman at which the aims and objectives of the Foundation and the interests and areas in which the new Trustee can best contribute are discussed. A pack comprising a history of the Foundation, a copy of the latest financial statements and copies of the last year’s minutes together with Charity Commission guidance material is provided to all new Trustees.

Key management personnel

The Trustees are supported by the Charities Accountant, who is the only employee and works part-time. Details of remuneration are shown in note 7.

Trustee committee responsibilities

The Trustees are supported by a committee structure providing specialist assistance:

Grant-making policy

The Foundation invites applications for financial assistance with their education from individuals who are resident in the United Kingdom. Applications are also invited from individuals associated with the trades of The Worshipful Company of Stationers’ and Newspaper Makers who are in need, hardship or distress. Full details of the application process are given on the Foundation’s page of The Stationers’ Company’s website.

The Foundation requests and receives regular updates on those projects and individuals who benefit from its grants.

Public benefit

The Trustees have considered the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in determining its grant-making policy. The Trustees consider that all of the aims and objectives detailed in this report are there in order to benefit the public and that they have complied with the duty in section 17 of the Charities Act 2011 to have due regards to the public benefit guidance published by the Charity Commission.

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENT AND PERFORMANCE: A STAIRCASE OF OPPORTUNITY

In 2024 the Foundation spent a grand total of £390,066 on good causes (2023: £427,648). Over the last five years the Foundation has increased it’s charitable expenditure by 40%. Of this, the majority went to support the two Stationers’ Academies, Supplementary Schools and SHINE, and to fund over 20 vocational Bursaries and Awards for students on high quality courses ranging from journalism to publishing and visual communication, from copyright to big data science and from archives to library and information management. In total grants were made to 31 Recipients (2023: 29).

Alongside this financial assistance, many volunteer hours by Stationer mentors were donated to further help build students’ careers in our industries and to become the next generation of Stationers.

Sadly 2024 was also the last year of the Major Award, the highest value student grant, as the restricted funding has now expired.

STATIONERS’ ACADEMY AND SCHOOLS - Total expenditure on all schools in 2024 was £88k (2023: £94k)

Leigh Stationers’ Academy (formally Stationers’ Crown Woods Academy) - Total grant expenditure in 2024 was £44,108 (2023 £39,240)

The Academy is run by our education partner the Leigh Academies Trust. The Foundation supports the academy in improving awareness of and readiness for careers in industry beyond school, college or university. In May 2017 the school’s Digital Media Centre, funded by the Foundation, was formally opened. Further funding requests in line with the Foundation’s objectives are made through the governors of the academy, one of whom is a co-opted Trustee.

In 2024, Stationers’ Crown Woods Academy was renamed Leigh Stationers' Academy, reinforcing its connection with The Stationers’ Company and Leigh Academies Trust. As part of this transition, the academy’s five colleges were renamed to reflect the legacy of The Stationers’ Company and the literary world it represents. For example, Caxton College is named after William Caxton, who introduced the printing press to England, revolutionising the spread of knowledge. The other colleges—Equiano, Hansard, Angelou, and Woolf—honour figures who have shaped literature, communication, and publishing, reinforcing the academy’s academic ethos and industry links.

Foundation Support - In 2024, The Stationers’ Foundation provided over £40,000 in funding to support academic resources, digital learning, and enrichment opportunities. This included exercise books, specialist software for Music, and industry-standard hardware for T-Level students in Digital Production, Finance, and Media.

Additionally, it funded two Sparrow Awards for academic excellence and progress, alongside mentoring and wider academic support to help students reach their full potential.

Educational Impact - Recent impact data and student engagement evidence highlight the success of these initiatives:

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Extra-curricular engagement: Participation in Music and Digital Media clubs has significantly increased, with students showcasing their work in exhibitions, performances, and national competitions, reflecting strong engagement beyond the classroom.

Leigh Stationers’ Primary Academy

On September 1st, 2024, the Stationers’ Company began a formal partnership with this outstanding primary academy in Welling. Formerly known as Eastcote Primary Academy, it is also a LAT school. When the Stationers’ Company became official sponsors of the school its name changed to Leigh Stationers’ Primary Academy.

Foundation Support

The Stationers’ Foundation has funded the school to start an after-school tuition club. This has enabled the academy to provide additional support through targeted interventions to specific children who have gaps in their learning. These children also have been identified as Special Educational Needs or Pupil Premium, thus giving additional support to some of our most vulnerable children. Additionally, the Foundation funded the acquisition of two software programmes that aid in the teaching of English and Maths, which as well as being used in the intervention groups, can also be utilised by class teachers and therefore are benefitting all the pupils at Leigh Stationers’ Primary Academy.

Stationers’ Supplementary Schools – During the year, the Trustees made grants of £44k (2023 - £86k, 2022 - £53.2k) for the academic year 2024/25 to projects providing supplementary education for schoolchildren. £30k of this was given to support three Stationers’ Supplementary Schools in King’s Cross and Somers Town. The schools are administered on our behalf by Civitas, which will match the Foundation’s funding to deliver the same level of teaching provision as the previous year, by providing Saturday and weekday evening schooling for primary age children from less advantaged backgrounds to help them on their journey to reach their full academic potential, focusing on English and Maths.

The Trustees also decided to trial support for an additional supplementary education programme by providing a grant of £14k (also match funded) to Team Up for the 2024/25 academic year initially. Team Up uses qualified teachers to train sixth formers and undergraduates to tutor disadvantaged 9-16-year-olds in English and maths within their own schools.

In addition, a grant of £4.4k was made to Leigh Stationers’ Primary Academy for supplementary tuition.

Educational impact

The Stationers’ funding of the schools run by Civitas allows a higher teacher-to-pupil ratio and the ability to create more bespoke group lessons. The lower pupil numbers and additional teacher at each school enables them to develop reading, writing and arithmetic lessons (each led by one teacher) and a support group for those who would benefit from close oneto-one teaching. The support pupils are taught by one teacher for the whole duration of the school. This allows for a close focus on the core concepts they are clearly struggling with - and the reason why they are at Civitas Schools, and a Stationers’ school in particular - such as basic reading skills, the four arithmetic functions and valuable time spent on helping them to develop their handwriting and spelling.

Team Up’s programme is closely aligned with the national curriculum and on average achieves progress of +0.8 grades compared with +0.3 grades with mainstream teaching alone, which equates to 10 months' progress in 12 weeks. During the 2024/25 academic year Stationers’ funding will support existing programmes in schools in Hammersmith and Newham as it is a trial period, but if successful could lead to new programmes being established in addition to those that are currently in operation. The Team Up programme has an added benefit for the tutors (sixth formers and undergraduates, the latter often the first in their families to attend university) by developing their confidence and knowledge as well as that of the pupils they are tutoring.

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BURSARIES AND AWARDS – Total expenditure in 2024 was £163k (2023: £174k)

Postgraduate Bursaries – During the year 15 postgraduate students received grants of up to £9,000 each (2023: 16 students) with a total expenditure of £141,525 (2023: £147,385) including expenses. In 2024 the Foundation also gave a £9,000 bursary to the NCTJ to support their diversity bursary programme.

The Foundation’s Bursaries support students - often the first generation in their family to go to university - on high quality Masters’ programmes that help them enter the Content and Communications industries. The Trustees operate a Postgraduate Bursary Scheme in conjunction with leading education and training partners and co-sponsors, detailed below, focusing on MA and MSc courses leading to careers in the Communications and Content industries. These range from journalism to publishing, from copyright to big data science, and from archives to library and information management. The Visual Communication MA (the University of Reading) and the Data Journalism MSc (Cardiff University) were two new and exciting additions in 2023. Whilst studying, each Bursary winner is mentored by a senior member of the Company – providing tangible support from those in our industries to those about to enter them.

Data Publishers Association (DPA)

The DPA-funded programme is run alongside the Foundation’s existing Bursary scheme and Trustees seek opportunities to deploy funds in support of entrants to the sector.

One bursary (2023: one) was awarded for a MSc Intellectual Property Law course at Queen Mary University of London with a total expenditure of £9,000 (2023: £9,000) in association with British Literary & Artistic Copyright Association (BLACA). Two other postgraduate bursaries (2023: two) were awarded for a MSc Big Data Science course at Queen Mary University of London, and a MSc Computational and Data Journalism course at the University of Cardiff with a total expenditure of £27,000 (2023: £27,000).

Sparrow Bursaries – The Sparrow Bursary provides for exceptional candidates, who for one reason or another, are not the winner of one of the other established Bursaries but who in the opinion of the judges still deserves a full award. The Trustees are using the Sparrow legacy to fund two Sparrow Bursaries totaling £18,000 (2023: £18,000) at LCC-UAL and the University of Reading.

Academic Awards – During the year the Foundation gave out the following awards through the Awards Advisory Committee. A major award of £9,000 (2023: £9,500), financial assistance awards totalling £13,000 (2023: £14,500). The Francis Matthews Scholarship was not awarded to an individual in 2024 (2023: £3,000) but a donation of £1,000 was made to Shine.

Shine School Media Awards – In 2024 total external sponsorship of £35.7k (2023 - £33k) was received and direct expenditure was £41.1k (2023 £39.6k). The Foundation supported Shine with a contribution of £6,000 plus £1,000 from the Francis Matthews Scholarship fund.

The Shine School Media Awards competition continues to be one of the highlights of the Stationers’ calendar bringing young people into the Hall, rewarding for their ingenuity and innovation – and inspiring them with the possibilities of a career in the media.

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

The Shine Awards day took place on 1 July 2024. Now in its fourteenth year, interest in the competition had grown following another very successful email campaign in September with Sprint Education.

Schools were encouraged to enter with a mix of print (remaining satisfyingly popular), as well as digital entries as pdf files, podcasts and school radio programmes. The response was very positive and 73 schools registered for the competition with 54 entries submitted (314 overall by category), 6 of which were new to the competition and 30 new that registered. Our increasingly esteemed panel of judges unanimously declared the standard to be extremely high.

The competition continues its ambition to encourage and help students between the ages of 11 and 19 to develop their communication, design, IT, leadership, and teamwork skills.

In 2024, 74 schools were either winners or highly commended.

The 33 winning schools were invited to a celebration lunch at the Stationers’ Hall in July. The Trustees were delighted with the continuing and growing success of Shine and its continued ambitions for the future.

WELFARE GRANTS – Total expenditure on welfare grants during 2024 was £16.4k (2023: £8.7k)

Bound by Veterans – a grant of £5.9k (2023 - £5.7k) was made to this charity to help fund online bookbinding sessions across the UK for ex-Servicemen and women discharged early from the Service because of their wounds, injuries or sickness. Their health and well-being is helped by the therapeutic qualities of bookbinding and a progressive training and qualification regime restores confidence and self-esteem, helping them rebuild their lives during recovery and rehabilitation and leads to internationally recognised qualifications that enhance their employment prospects. The Trustees are proud to support this initiative and are also grateful to City & Guilds for providing matched funding.

Fundraising and Impact

Sparrow Awards – In March 2022 the Foundation received a £500,000 legacy from Lady Cynthia Sparrow, the widow of Sir John Sparrow. Sir John was educated at the Stationers’ Company’s grammar school in Hornsey and was a Liveryman of the Stationers’ Company. The Trustees are using the funds to meet its agreed strategic aims, with two annual Sparrow Bursaries and funding for an Education Officer.

Education Coordinator - The steady increase in scale and scope of the Stationers’ Foundation educational initiatives over the last ten years has led to the decision to recruit an education coordinator. This role is employed by the Stationer’s Company but funded by the Foundation through a grant made possible by the Sparrow Legacy. The role includes the day to day running of the Foundations’ education activities. These are the Postgraduate Bursaries Scheme, Scholarships and Awards, the Education Committee, the Leigh Stationers’ Academy Support Committee and Apprentice Futures Working Group. Further activities include integrating the Saturday Supplementary Schools in the Lord Mayor’s Show Lunch event, oversight of the education pages of the Stationers’ website and organizing an annual Bursary Award reception for the Postgraduate Bursary Award Recipients and their families and mentors.

The Unwin Charitable Trust – In December 2023 the Foundation received a grant of £150,000 from the Unwin Charitable Trust (UTC) to establish a restricted fund for the purposes of postgraduate publishing education training and support of those in or intending to enter into the book publishing industry.

The Ion Trewin Award – In 2024 the Foundation received £1k, the second of five annual donations in memory of Ion Trewin, and set up the Ion Trewin award to a deserving postgraduate publishing student.

In addition the Foundation received donations totalling £103,094 from individuals and organisations (2023: £107,448)

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Friends of the Stationers’ Foundation

The Friends of the Stationers’ Foundation in the USA enables our friends and supporters in the USA to support the work of the Foundation by donating in a tax efficient way. The Trustees continue to be very grateful to Jonathan Ishee, Past Master Tony Mash and the Clerk, Giles Fagan, for their continued work with the Friends of the Stationers’ Foundation.

Future plans and partnerships to increase our impact

The Trustees remain committed to increasing the scope and impact of the Foundation’s work in line with its education, training and welfare objectives by supporting Leigh Stationers’ Academies and Supplementary Schools, Apprenticeship schemes, Postgraduate Bursaries, and by making its Financial Assistance Awards, Major Awards, and Francis Mathew Scholarships.

The Foundation also seeks to continue and further develop its partnerships with organisations with complementary objectives such as The British Literary and Artistic Copyright Association and City & Guilds to increase the scope and impact of our combined impact.

FINANCIAL REVIEW

The net deficit for the year before investment gains was £100,039 (2023 £16,493 surplus). Realised and unrealised gains on investments for the year were £393,751 (2023 £133,813). The overall net movement in funds for the year was an increase of £293,712 (2023: £150,306), this was due to improvements in investment performance.

Investment policy and performance

The management of the charity’s investment funds is delegated to professional investment advisers, Rathbones. The mandate given to Rathbones by the Trustees is to invest for long term growth.

The Trustees’ investment policy is to protect the real capital value of the permanent endowment fund over time, whilst generating an income to cover grants and administration. During the current year the investment income was £157,269 (2023 £159,118).

2024 saw a continued improvement in investment markets. The Foundation’s investment portfolio returned 9.3% (2023 5.1%) (net of all costs). This was behind the Charity Total Return Strategy benchmark of 10.1% but ahead of the longterm target of CPI +3% per annum, which was 5.7%. Longer term performance remains strong.

The Trustees set the investment policy and the investment advisers make any investment selection within that policy.

Reserves policy

As of 31 December 2024, the charity’s funds were held in 4 types of funds:

Permanent Endowment – Funds that have been donated with the intention that they are held in perpetuity for the charity to use to generate income. The most significant source of these funds was the proceeds of approximately £2m from the sale of the Stationers’ Company’s former school and grounds.

Restricted – Funds that have been raised for and whose issue is restricted to a specific purpose or contributions restricted to a specific purpose.

Unrestricted – Funds which can be spent at the Trustees’ discretion within the powers granted under the Charity Scheme Commission dated 3 July 2007 and amended on 25 October 2018 and now expended according to the Constitution of the CIO dated 1 April 2022.

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Designated – Funds that have been set aside by the Trustees from Unrestricted funds for a specific purpose. These are funds received from the unrestricted Sparrow Legacy and an anonymous donation and are being used to support Educational programmes and an Archive bursary.

The Charity’s policy is to maintain or enhance in real terms the value of the Permanent Endowment. In 2021, the Trustees agreed to adopt a total return approach when determining potential distributions of the Permanently Endowed Funds. The Trustees approved the transfer of £45,000 (2022 - £45,000), in addition to the investment income of £159,118, from the Unapplied Total Return to Restricted Funds. This total return approach helps to smooth out the market fluctuations.

The Trustees carry out an annual review of the reserves policy and the level of unrestricted reserves against that policy. Considering the current and anticipated commitments, the Trustees feel that unrestricted reserves of approximately £126,000 (equal to the 2024 year’s unrestricted income plus annual support costs) is an appropriate level of reserves to be carried forward to the next review. The current freely available unrestricted reserves are above this target at £369,504 (2023 – £840,447). The decrease on 2023 is due to the designation of the Sparrow fund and the Archive bursary fund in 2024, see note 12. The Trustees are always aware that donations cannot be guaranteed although they recognised that the current unrestricted reserves are high due to the reasons noted.

Risk management

The Trustees have examined the major strategic, business, and operational risks which the Foundation faces. The most significant risk is associated with the charity’s investment portfolio. Whilst the charity has taken a conservative approach on its investments to mitigate risk as far as possible an element of risk remains, not least due to the global economic uncertainties.

The Trustees are content that other systems are in place to mitigate general business and operational risk. The Trustees do not believe that there are any other areas of significant risk.

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THE STATIONERS’ FOUNDATION CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The 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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Financial statements and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. 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.

Approved by the Trustees on 06 June 2025 and signed on their behalf by:

Nicholas Brealey

D N Brealey Chair of the Trustees

10

INDEPENDENT AUDITORS’ REPORT CIO TO THE TRUSTEES OF THE STATIONERS’ FOUNDATION

Opinion

We have audited the financial statements of The Stationers’ Foundation for the period ended 31 December 2022 which comprise the consolidated Statement of Financial Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, 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 performed, 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 concern 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 respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information 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 inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

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 our opinion:

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INDEPENDENT AUDITORS’ REPORT CIO TO THE TRUSTEES OF THE STATIONERS’ FOUNDATION

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out page 10 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 such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether 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, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have 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 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 material 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 these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.

Based on our understanding of the charity and industry, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory framework for charities, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act, income tax, and payroll tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2006. Our audit work has been undertaken so that we might state to the charity’s trustees 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.

10 Queen Street Place London EC4R 1AG Haysmac LLP Statutory Auditor

Haysmac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Date: 8 June 2025

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THE STATIONERS’ FOUNDATION CIO STATEMENT OF FINANCIAL ACTIVITIES (Incorporating income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2024

Permanent
Unrestricted Restricted Endowment
Fund Funds Fund 2024 2023
INCOME FROM: Notes £ £ £ £ £
Donations and legacies 1 82,134 56,642 - 138,776 292,699
Investments 2 1,394 - 162,240 163,634 162,841
Total return applied 11 - 207,240 (207,240) - -
----------------- --------------------- ---------------- ----------------- -----------------
Total income 83,528 263,882 (45,000) 302,410 455,540
------------------- --------------------- ---------------- ------------------ ------------------
EXPENDITURE ON:
Raising funds
Investment management costs - - 12,383 12,383 11,399
Charitable activities
Grants 3 73,884 273,361 - 347,245 386,638
Projects 4 - 42,821 - 42,821 41,010
---------------- -------------------- ------------------ -------------------- --------------------
Total expenditure 73,884 316,182 12,383 402,449 439,047
---------------- --------------------- ---------------- ---------------------- --------------------
NET
INCOME/(EXPENDITURE)
BEFORE INVESTMENT 9,644 (52,300) (57,383) (100,039) 16,493
GAINS
Gains on investments - - 393,751 393,751 133,813
---------------- --------------------- ---------------- ---------------------- ------------------
NET INCOME/(EXPENDITURE) 9,644 (52,300) 336,368 293,712 150,306
FOR THE YEAR
Transfer from Unrestricted funds (39,388) 39,388 - - -
Fund Balances b/f at 1 840,447 404,028 4,634,363 5,878,838 5,728,532
January 2024
FUND BALANCES C/F --------------------- ----------------- ----------------- --------------------- --------------------
AT 31 DECEMBER 2024 810,753 391,066 4,970,731 6,172,550 5,878,838
========== ========== ========= ========== =========

The notes set out on pages 16 to 28 form an integral part of these financial statements.

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THE STATIONERS’ FOUNDATION CIO BALANCE SHEET AS AT 31 DECEMBER 2024

CIO Number: 1198494

2024
Notes
£
FIXED ASSETS
Investments
7
CURRENT ASSETS
Debtors
8
43,949
Cash at bank
75,898
~~--------------~~
119,847
CURRENT LIABILITIES
CREDITORS - amounts falling due
within one year
9
147,025
~~--------------~~
NET CURRENT ASSETS
TOTAL NET ASSETS
FUND BALANCES
Permanent endowment fund
10, 11
Restricted funds
13
Unrestricted fund
12		 2023
£
£
6,199,728
48,497
172,988
~~--------------~~
221,485
159,008
~~--------------~~
(27,178)
~~--------------------~~
6,172,550
~~==========~~
4,970,731
391,066
810,753
~~--------------------~~
6,172,550
~~==========~~		 £
5,816,361
62,477
~~--------------------~~
5,878,838
~~==========~~
4,634,363
404,028
840,447
~~--------------------~~
5,878,838
~~==========~~

The notes set out on pages 16 to 28 form an integral part of these financial statements.

The financial statements were approved and authorised for issue by the Trustees on 06 June 2025 and signed on their behalf by:

Nicholas Brealey

D N Brealey Chair of the Trustees

14

THE STATIONERS’ FOUNDATION CIO CASH FLOW STATEMENT AS AT 31 DECEMBER 2024

CIO Number: 1198494

2024 2023
Total funds Total funds
£ £
Cash flows from operating activities (see note below)
Net cash used in operating activities (271,108) (155,492)
Cash flows from investing activities
Investment income receivable 163,634 162,841
Purchase of investments - (26,001)
Proceeds from sale of investments 6,519 56,941
Decrease in investment cash 3,865 18,763
-------------------- --------------------
Net cash provided by investing activities 174,018 212,544
Change in cash and cash equivalents in year (97,090) 57,052
Cash and cash equivalents at the 1 January 2024 172,988 115,936
------------------- -------------------
Cash and cash equivalents at the end of the year 75,898 172,988
========== ==========
Note: reconciliation of net income to cash flows from operating
activities
2024 2023
Total funds Total funds
£ £
Net income per the Statement of Financial Activities 293,712 150,306
Deduct: investment gains (393,751) (133,813)
Deduct: investment income (163,634) (162,841)
Add: decrease in debtors / deduct: increase in debtors 4,548 2,183
Add: increase in creditors / deduct: decrease in creditors (11,983) 11,327
-------------------- --------------------
Cash flows from operating activities (271,108) (155,492)
========== ==========

No reconciliation of net debt has been provided as the charity has no borrowings.

The notes set out on pages 16 to 28 form an integral part of these financial statements.

15

THE STATIONERS’ FOUNDATION CIO PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy or notes to the financial statements. Investments are restated at market value at the balance sheet date and the differences arising dealt with through the Statement of Financial Activities.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102, second edition updated October 2020), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements may require the trustees to make significant judgements and estimates. However, there were no material matters relating to the current or prior years where such judgements or estimates were required.

Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received.

Donations are recognised when the charity has confirmation of both the amount and settlement date.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accrual’s basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

16

THE STATIONERS’ FOUNDATION CIO PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2024

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed if this applies.

Support costs and governance costs are allocated to expenditure headings based on an estimate of time spent. These allocations have been reviewed and agreed by the Trustees.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such financial statements and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

Permanent endowment funds comprise monies of which the original gift element must be held indefinitely as capital. The Trustees adopted a Total Return policy from 1 January 2021 in respect of the maintenance of the endowment which allows for amounts up to the unapplied total return above cumulative inflation to be expended.

Restricted funds represent monies raised for or their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions.

17

THE STATIONERS’ FOUNDATION CIO PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s objects.

18

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. DONATIONS AND LEGACIES

2024
Unrestricted Restricted 2024
Funds Funds
£ £ £
Donations and gifts 77,929 20,960 98,889
Donations (Shine) - 35,682 35,682
Fundraising 1,705 1,705
Legacies 2,500 - 2,500
------------------- ------------------ ------------------
Totals 82,134 56,642 138,776
========== ========= =========
2023
Unrestricted Restricted 2023
Funds Funds
£ £ £
Donations and gifts 80,312 178,137 258,449
Donations (Shine) - 33,000 33,000
Legacies 1,250 1,250
------------------- ------------------ ------------------
Totals 81,562 211,137 292,699
========== ========= =========
2. INVESTMENT INCOME
2024
Unrestricted Restricted
Funds Fund 2024
£ £ £
Income from listed investments - 157,269 157,269
Interest receivable 1,394 4,971 6,365
----------------- ----------------- ----------------
Totals 1,394 162,240 163,634
========= ========= ========
2023
Unrestricted Restricted
Funds Fund 2023
£ £ £
Income from listed investments - 159,118 159,118
Interest receivable 1,509 2,214 3,723
----------------- ----------------- ----------------
Totals 1,509 161,332 162,841
========= ========= ========

19

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3 GRANTS

2024 Unrestricted Restricted 2024
Funds Funds
£ £ £
General awards 25,820 - 25,820
Welfare grants - 16,400 16,400
Evening Standard apprenticeships 12,500 - 12,500
Leigh Stationers’ Academy 2,175 41,933 44,108
Supplementary/Saturday Schools - 44,000 44,000
Educational awards - 22,000 22,000
Postgraduate bursaries 27,000 114,525 141,525
-------------------- --------------------- ---------------------
67,495 238,858 306,353
Support costs (note 5) 6,389 34,503 40,892
-------------------- --------------------- ---------------------
Totals 73,884 273,361 347,245
========== ========== ==========
2023 Unrestricted Restricted 2023
Funds Funds
£ £ £
General awards 42,876 23,207 66,083
Leigh Stationers’ Academy - 8,099 8,099
Educational awards - 98,941 98,941
Postgraduate bursaries - 138,344 138,344
PHD copyright awards - 9,041 9,041
-------------------- --------------------- ---------------------
42,876 277,632 320,508
Support costs (note 5) 10,122 56,008 66,130
-------------------- --------------------- ---------------------
Totals 52,998 333,640 386,638
========== ========== ==========
4 PROJECTS
2024 Unrestricted Restricted 2024
Funds Funds
£ £ £
Shine – Grants - 41,117 41,117
Shine – Support costs (note 5) - 1,704 1,704
-------------------- --------------------- ---------------------
Totals - 42,821 42,821
========== ========== ==========
2023 Unrestricted Restricted 2023
Funds Funds
£ £ £
Shine – Grants - 39,660 39,660
Shine – Support costs (note 5) - 1,350 1,350
-------------------- --------------------- ---------------------
Totals - 41,010 41,010
========== ========== ==========

20

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5 SUPPORT COSTS

2024 2023
£ £
Staff costs (note 6) 20,491 23,363
Bank charges 515 274
Other 7,111 32,343
Governance
Audit fees 14,480 11,500
--------------------- ---------------------
Total 42,596 67,480
========== ==========
Allocated to:
Grants 3 40,892 66,130
Projects 4 1,704 1,350
--------------------- ---------------------
Total 42,596 67,480
========== ==========
6. WAGES AND SALARIES 2024 2023
£ £
Wages and salaries 17,324 20,379
Social security costs 1,455 1,521
Pension costs 1,712 1,463
--------------------- ---------------------
20,491 23,363
========== ==========

There was one part-time employee during the year. The total remuneration paid to key management personnel for the year was £20,491 (2023: £23,363).

No Trustees received remuneration or expenses from the charity (2023: None). The total donations received by the charity from the trustees was £1,210 (2023: £1,420).

7. INVESTMENT

INVESTMENT
2024 2023
£ £
Market value at 1 January 2024 5,772,322 5,669,449
Acquisitions - 26,001
Disposals (6,519) (56,941)
Net gains/(losses) 393,751 133,813
--------------------- --------------------
Market value as at 31 December, 2024 6,159,554 5,772,322
Deposit held by investment manager 40,174 44,039
--------------------- ---------------------
Total investments at 31 December 2024 6,199,728 5,816,361
========== ==========
Historical cost at 31 December 2024 4,832,173 4,837,478
--------------------- ---------------------
Rathbone Core Investment Fund for Charities 6,159,554 5,772,322
========== ==========

21

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. DEBTORS

8. DEBTORS
2024 2023
£ £
Charity Fund 1961 2,380 -
Gift Aid recoverable 16,419 18,723
Worshipful Company of Stationers and Newspaper Makers - 192
Stationers’ Hall Charity 11,410 4,990
Trade & Other Debtors 1,200 11,887
Prepayments 12,540 12,705
------------------ ------------------
43,949 48,497
======== ========
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Charity Fund 1961 - 7,473
The Stationers’ Company 4,505 -
Trade creditors 25,686 -
Grant creditors 63,105 30,066
Deferred income 6,000 15,809
Accruals 47,730 105,660
---------------- ----------------
147,026 159,008
======== ========

10. PERMANENT ENDOWMENT FUNDS

2024 1 Investment 31
January Incoming Resources Gains and December
2024 Resources Expended Losses 2024
£ £ £ £ £
Educational Fund 4,101,121 - (11,021) 310,390 4,400,490
Welfare Fund 533,242 - (1,362) 38,361 570,241
-------------------- --------------------- --------------------- --------------------- -------------------
4,634,363 - (12,383) 348,751 4,970,731
========== ========= ========== ========== ==========
2023 1 Investment 31
July Incoming Resources Gains and Dec.
2023 Resources Expended Losses 2023
£ £ £ £ £
Educational Fund 4,032,222 - (10,145) 79,044 4,101,121
Welfare Fund 524,727 - (1,254) 9,769 533,242
-------------------- --------------------- --------------------- --------------------- -------------------
4,556,949 - (11,399) 88,813 4,634,363
========== ========= ========== ========== ==========

22

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. PERMANENT ENDOWMENT FUNDS (continued)

Education Fund

The Education Fund represents funds received to provide income to meet the educational objective of the charity.

Welfare fund

The Welfare Fund represents funds received to provide income to meet the welfare objectives of the charity raised as a result of a joint appeal with the Charity Fund 1961 (Stationers’ and Newspaper Makers’ Company) as part of the 600[th] anniversary of The Worshipful Company of Stationers’ and Newspaper Makers.

11. TOTAL RETURN

The Trustees adopted a total return basis for maintaining the endowment with effect from 1 July 2022. As at 31 December 2024 the gift element of the total return was determined at a value of £5,209,034 (2023: £5,080,494) on the following basis:

Under the total return approach, a value of up to the value of the total return may be applied to fund the net expenditure of the charity subject to the original restrictions on the endowments being for the benefit of Education and Welfare. The movements are set out in the following tables:

EDUCATION FUND
Trust for Total 2024 Total 2023 Total
Investment return endowment Endowment
£ £ £ £
At 1 January 2024:
Gift component 4,507,150 - 4,507,150 4,200,367
Unapplied total return - (406,028) (406,028) (168,145)
----------------- ---------------- ----------------- -----------------
Total endowment brought forward 4,507,150 (406,028) 4,101,122 4,032,222
Movement in the year:
Investment return – net income 144,394 144,394 143,585
Investment return: net gains 114,034 236,405 350,439 119,094
Less; Investment management costs (11,021) (11,021) (10,145)
----------------- ---------------- --------------- ---------------
Total for the year 114,034 369,778 483,812 252,534
----------------- ---------------- ---------------- ----------------
Unapplied total return allocated to income - (184,444) (184,444) (183,635)
Net movements in the year 114,034 185,334 299,368 68,899
At 31 December 2024:
Gift component 4,621,184 - 4,621,184 4,507,150
Unapplied total return - (220,694) (220,694) (406,029)
----------------- ---------------- ---------------- ----------------
Total endowment 4,621,184 (220,694) 4,440,490 4,101,121
========= ========= ========= =========

23

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. TOTAL RETURN (continued)

WELFARE & ANNIVERSARY APPEAL FUND

WELFARE & ANNIVERSARY
APPEAL FUND
Unapplied
Trust for Total 2024 Total 2023 Total
Investment return endowment Endowment
£ £ £ £
At 1 January 2024:
Gift component 573,344 - 573,344 534,319
Unapplied total return - (40,101) (40,101) (9,592)
----------------- ---------------- ----------------- -----------------
Total endowment brought forward 573,344 (40,101) 533,243 524,727
Movement in the year:
Investment return – net income - 17,846 17,846 17,746
Investment return: net gains 14,506 28,807 43,313 14,719
Less; Investment management costs - (1,362) (1,362) (1,254)
----------------- ---------------- --------------- ---------------
Total for the year 14,506 45,291 59,797 31,212
----------------- ---------------- ---------------- ----------------
Unapplied total return allocated to income - (22,796) (22,796) (22,696)
Net movements in the year 14,506 22,494 37,000 8,516
At 31 December 2024:
Gift component 587,850 - 587,850 573,344
Unapplied total return - (17,607) (17,607) (40,101)
---------------- ---------------- ---------------- ----------------
Total endowment 587,580 (17,607) 570,243 533,243
======== ======== ======== ========

12. UNRESTRICTED AND DESIGNATED FUNDS

1 Jan Incoming Resources Transfers 31 Dec
2024 Resources Expended 2024
£ £ £ £ £
General Unrestricted Funds 840,447 83,528 (29,589) (524,882) 369,504
Designated fund – Sparrow Legacy - - (35,295) 440,544 405,249
Designated fund – Archive Bursary - - (9,000) 45,000 36,000
----------------- ---------------- --------------- --------------- ---------------
Total 840,447 83,528 (73,884) 39,338 810,753
========= ======== ======== ======== ========

During 2024 the Trustees designated two funds from the general unrestricted reserves. These are the Sparrow Legacy and the Archive Bursary.

The Sparrow Legacy was received from the estate of Lady Cynthia Sparrow the widow of Sir John Sparrow as an unrestricted donation. The Trustees have decided to use the legacy to fund the Sparrow awards, the Sparrow bursary and to fund a grant for an Education Co-ordinator. Therefore a separate designated fund has been created for these purposes.

The Archive Bursary was an anonymous unrestricted donation which the Trustees have decided to use to fund an Archive Bursary. A separate designated fund has been created to set aside funds for this bursary.

24

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. RESTRICTED FUNDS

ESTRICTED FUNDS
1 Jan Incoming Resources Transfers Transfers 31 Dec
2024 Resources Expended 2024
£ £ £ £ £ £
Education fund - 154,347 (161,064) - 40,050 33,333
Shine School Media Awards - 35,682 (42,821) 7,139 - -
PhD Copyright 956 - - - - 956
Data Publishing Fund 143,471 - (27,426) - - 116,045
Leigh Stationers’ Academy - 6,322 (38,063) 31,740 - -
Francis Mathew 28,009 - - - - 28,009
Prize and Scholarship 8,968 - (9,426) 459 - -
Welfare 72,486 22,669 (18,956) - 4,950 81,149
Library 138 (138) - - - -
The Unwin Publishing fund 150,000 - (18,426) - - 131,574
----------------- ---------------- --------------- --------------- --------------- ---------------
Total 404,028 218,882 (316,182) 39,338 45,000 391,066
========= ======== ======== ======== ======== ========
2023 1 Jan Incoming Resources Transfers Transfers 31 Dec
2023 Resources Expended 2023
£ £ £ £ £ £
Education fund - 151,362 (253,253) 61,841 40,050 -
Evening Standard apprentices (12,500) - (2,024) 14,524 - -
School Media Awards 6,000 33,000 (41,009) 2,009 - -
PhD Copyright 1,166 9,000 (9,215) - - 956
Data Publishing Fund 175,221 - (31,750) - - 143,471
Leigh Stationers’Academy - 6,463 (10,799) 4,336 - -
Francis Mathew 32,359 - (4,350) - - 28,009
Prize and Scholarship 20,492 - (11,524) - - 8,968
Welfare 55,761 22,509 (10,731) - 4,950 72,486
Library - 138 - - - 138
The Unwin Publishing fund - 150,000 - - - 150,000
----------------- ---------------- --------------- --------------- --------------- ---------------
Total 278,499 382,469 (374,650) 82,710 45,000 404,028
========= ======== ======== ======== ======== ========

Education Fund – fund restricted to the promotion of education of UK residents.

Evening Standard Apprentices – funds for the provision of apprenticeships.

School Media Awards Fund – fund restricted to support the Shine Media Awards.

PhD Copyright Fund – fund restricted to support a 3-year PhD research project to look at the whole area of digital copyright and its future implications for the Media and content industry in conjunction with University College London.

Data Publishing Fund - funds arising, in 2016, from the wind-up of Data Publishers Association (DPA) for the specific purpose to provide education, vocational training or research in support of the sector represented by the DPA. A total of £194,929 was received from the DPA of which £25,000 was donated to the Stationers’ Crown Woods Academy Fund (now known as Leigh Stationers’ Academy) and the balance to the Data Publishing Fund.

25

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. RESTRICTED FUNDS (continued)

Leigh Stationers’ Academy (formerly Stationers’ Crown Woods Academy) Fund – fund restricted to establish and sponsor, in partnership with the Stationers’ Company, a new academy which has as one of its objectives a focus on the content and communications industry. The fund was in deficit at the end of this year, which was met by a transfer from unrestricted funds.

Francis Mathew Travel Scholarship Fund – fund restricted to award scholarships to persons of British nationality to advance their education in any of the industries associated with the Stationers’ Company.

Prize and Scholarship Fund – fund restricted to award prizes and scholarships to beneficiaries connected with the Stationers’ Company and to award prizes through appropriate educational establishments connected with the Company.

Welfare Fund – fund restricted for the relief of those who are, or who have been, engaged in the printing industry and allied trades who are in need, hardship or distress.

The Unwin Publishing Fund – fund received from the Unwin Charitable Trust which is restricted to providing educational and vocational training in support of the sector represented by the Unwin Charitable Trust, specifically book publishing in the UK.

14. ANALYSIS OF NET ASSETS BY FUND

The net assets of the charity at the balance sheet date are analysed as follows:

2024 Unrestricte Endowed Restricted 2024
d
Total
£ £ £ £
Investments 762,197 4,973,831 463,700 6,199,728
Current assets 28,609 - 15,340 43,949
Cash 75,898 - - 75,898
Current liabilities (55,951) (3,100) (87,974) (147,025)
----------------------- ----------------------- ----------------------- ------------------------
810,753 4,970,731 391,066 6,172,550
=========== =========== =========== ===========
2023 Unrestricte Endowed Restricted 2023
d
Total
£ £ £ £
Investments 665,457 4,637,295 513,610 5,816,362
Current assets 31,487 - 17,009 48,496
Cash 172,988 - - 172,988
Current liabilities (29,485) (2,932) (126,594) (159,008)
----------------------- ----------------------- ----------------------- ------------------------
840,447 4,634,363 404,028 5,878,838
=========== =========== =========== ===========

26

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. RELATED PARTIES AND CONNECTED CHARITIES

Charity Fund 1961 (The Stationers’ and Newspaper Makers’ Company) (Charity number 233251) is a connected charity as its Trustees are the Court of Assistants of The Worshipful Company of Stationers and Newspaper Makers who appoint the Trustees of The Stationers’ Foundation. In the current year the charity did not received a donation from Charity Fund 1961 (Stationers’ and Newspaper Makers’ Company) (2023: £nil). The charity made a charge of £751 (2023: £609) for administrative services.

The Stationers’ Hall Charity (Charity number 1169753) is a connected charity as its Trustees include appointees of The Worshipful Company of Stationers and Newspaper Makers. During the year the Stationers’ Foundation made charges to Stationers’ Hall Charity of £6,831 (2023: £5,029) for administrative services.

The Worshipful Company of Stationers and Newspaper Makers appoints the Trustees of the Stationers’ Foundation and is therefore a related party. During the year the charity made grants of £25,120 to the Worshipful Company for an Education officer and Archivist. (2023: £28,456).

Bound by Veterans (BBV) (formerly known as The Wiltshire Barn Project) is a connected charity as one of its Trustees is also a Trustees of the Stationers’ Foundation. During the year the Stationers’ Foundation made a grant payment to BBV of £5,900 (2023: £5,707). There were no amounts owed to or from BBV at the year end.

Amounts due to or from related parties are shown in notes 8 and 9.

The charity has purchased insurance to protect the charity from any loss arising from the neglect or defaults of its Trustees, employees and agents and to indemnify the Trustees or other officers against the consequences of any neglect or default on their part.

27

THE STATIONERS’ FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Permanent
Unrestricted Restricted Endowment
Fund Funds Fund 2023 2022
INCOME FROM: Notes £ £ £ £ £
Donations and legacies 1 81,562 211,137 - 292,699 71,506
Investments 2 1,509 - 161,332 162,841 73,676
Total return applied 11 - 206,332 (206,332) - -
----------------- --------------------- ---------------- ----------------- -----------------
Total income 83,071 417,469 (45,000) 455,540 145,182
------------------- --------------------- ---------------- ------------------ ------------------
EXPENDITURE ON:
Raising funds
Investment management costs - - 11,399 11,399 5,781
Donations administration - - - - 5,214
Charitable activities
Grants 3 52,998 333,640 - 386,638 170,319
Projects 4 - 41,010 - 41,010 7,387
---------------- -------------------- ------------------ -------------------- --------------------
Total expenditure 52,998 374,650 11,399 439,047 188,701
---------------- --------------------- ---------------- ---------------------- --------------------
NET
INCOME/(EXPENDITURE)
BEFORE INVESTMENT 30,073 42,819 (56,399) 16,493 (43,519)
GAINS
Gains on investments - - 133,813 133,813 (25,852)
---------------- --------------------- ---------------- ---------------------- ------------------
NET INCOME/(EXPENDITURE) 30,073 42,819 77,414 150,306 (69,371)
FOR THE YEAR
Transfer from Unrestricted funds (82,710) 82,710 - - -
Fund Balances b/f at 1 893,084 278,499 4,556,949 5,728,532 5,797,903
January 2023
FUND BALANCES C/F --------------------- ----------------- ----------------- --------------------- --------------------
AT 31 DECEMBER 2023 840,447 404,028 4,634,363 5,878,838 5,728,532
========== ========== ========= ========== =========

28