The Royal Philatelic Society London Registered Charity No. 286840 


Notice of Annual General Meeting 4.30 p.m on 18 June 2026 

## Report and Statement of Accounts for the Year to 31 December 2025 

Registered Office 15 Abchurch Lane, London EC4N 7BW 

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## **The Royal Philatelic Society London (A Company Limited by Guarantee - Company Number 92352 and Registered Charity No. 286840)** 

## **Notice of Annual General Meeting** 

Notice is hereby given that the Annual General Meeting of the Society will be held at the Society’s premises, 15 Abchurch Lane, London EC4N 7BW, on Thursday 18 June 2026 at 4.30pm for the transaction of the following business: 

1. Apologies for absence. 

2. The Honorary Secretary will present a report. 

3. The Honorary Treasurer will present a report. 

4. To receive the Report of the Auditor on the Accounts of the Society. 

5. To receive, and if thought fit, to adopt the accounts of the Society for the Year to 31 December 2025. 

6. Reports from the Committees will be presented. 

7. Elections: 

   - i. The under-mentioned Officers, being eligible, have offered themselves for re-election and there being no additional nominations will, under Article 40, be deemed to be re-elected: **Vice President: Simon Martin-Redman** 

**Vice President: John Stimson** 

**Hon. Secretary: Steven Harrison** 

**Hon. Treasurer: Alan Druce** 

## **Chair of the Governance Committee: David Winnie.** 

ii The following nomination for the Chair of the Collections Committee has been received: 

||Proposed by|Seconded by|
|---|---|---|
|**Gwynne Harries**<br>James Podger<br>iii. Te following nominations for Council have been||Simon Richards<br>received:|
||Proposed by|Seconded by|
|**Mark Bailey**|John Stimson|Susan Taylor|
|**Ian Balcombe**|Peter Cockburn|Susan Taylor|
|**John Davies**|Simon Richards|Steven Harrison|
|**Ian Greig**|Gwynne Harries|John Lush|
|**James Grimwood-Taylor**<br>**Michael Hofman**<br>**Lars Jørgensen**|Simon Richards<br>Steven Harrison<br>Simon Richards|Simon Martin-Redman<br>Simon Richards<br>Steven Harrison|
|**Antony Newson**|Peter Cockburn|Susan Taylor|
|**Suzanne Rae**|Simon Richards|Simon Martin-Redman|
|**Susan Taylor**<br>|Simon Richards<br>|Steven Harrison<br>|



There being no other nominations, under Article 40, the above mentioned are deemed to be elected. 

8. To appoint an Auditor in accordance with the Companies Act 2006. 

9. Any other business of which notice has been given. 

Steven Harrison, Honorary Secretary 26 March 2026 15 Abchurch Lane London EC4N 7BW 

Notes: 

1. Reports by the Chairs of committees will be available on the Society website from 30 May 2026 and will be published in the September 2026 edition of _The London Philatelist_ . 

2. After the Annual General meeting, time will be available for a Questions and Answers session. 

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## **Message from the President** 

It has been my privilege to serve as your President in 2025. I am pleased to report that we were able to deliver the philatelic programme planned by my predecessor, Mike Roberts, who so sadly succumbed to cancer at the end of 2024. I believe we have managed to put on an attractive philatelic programme too in the current season and held a successful President’s dinner at Stationer’s Hall, a venue originally selected by Mike.  Through the generosity of his family we were able to support a number of younger philatelists to attend, enthusing a new generation was a subject very close to his heart. 

The report from Council gives more details of the many achievements of the Society during the year. Good progress has been made on the 


digitisation of the Perkins Bacon records and on the records of the Expert committee. Our Library has continued to grow through both donations but also through acquisitions, where a number of important gaps in the library were filled from the sale of the superb Thomas Barringer library in Wiesbaden. All these projects were only made possible by the generosity of members who felt a particular affinity to that cause. I’m sure I speak for all members in thanking them for their generosity. 

We continue to work hard to recruit and enthuse our members. Regional meetings have enjoyed support from the centre and seem to be showing increased attendance. I have attended as many as I can, including one held in Mumbai and one in Schaumburg. Internationally, the Royal is represented at most major exhibitions and the ‘Four Societies’ dinner at EuroPhilEx was a notable success. Royal members continue to do very well at these exhibitions and it is a splendid opportunity to meet many of you. The research put together by FEPA that collectors seek, the opportunity to be inspired, to acquire and to socialise when attending these events has a very strong resonance. A very positive message for physical meetings. 

We have continued with President’s newsletters, which seems to go down well with many members. From conversations with many of you, particularly at overseas shows, this additional communication is much appreciated. 

Last year I reported that your Society’s finances had benefitted from the settlement of the loss of light negotiations undertaken by Mike Roberts. These monies have been added to the Capital and Research Fund and will help to ensure our finances remain sustainable in the longer term. That fund took the opportunity to acquire a storage facility at Witham, Essex; so ensuring that the rental costs of storing philatelic material is retained within philately. 

Looking at our finances is very necessary. We moved into our new home in 2019, almost seven years ago and there is a growing expenditure on maintenance which adds to cost pressures on the General Fund budget. Cost pressures are also there with staffing costs and support systems. For the Royal to be a sustainable home for philately for the indefinite future we need to add to our capital funds so that the income generated can relieve the upward pressure on membership subscriptions. 

I would like to think that long before the bicentenary of the first adhesive postage stamp the Society has secured that capital base. If you think you could help, I would be delighted to hear from you and your Council will be working on more formal plans for the Society’s long-term sustainability in the coming year. 

The philatelic programme for the 2026/27 season is well advanced, including the programme of Zoom displays, and I hope you all find something of interest. The programme has been constructed so as not to clash with FIP International Exhibitions. We also have the exciting opportunity to be lead Society at the postal history masters in Ulm this October. 

Simon Richards RDP FRPSL, President 


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Council presents its report and the audited financial statements for the year ended 31 December 2025. 

## **2025 Review** 

## **New Presidency** 

Simon Richards, RDP, FRPSL continued as President throughout 2025. He had taken over earlier in January when the previous President, Mike Roberts, died suddenly at the end of 2024. Simon’s leadership featured prominently in the Society’s programme planning for 2025–2026. 

## **Passing of Notable Philatelists** 

Unfortunately, the Society marked the deaths of several members during the course of the year. Two influential philatelists in particular who died having been Society members for many years were Alan Huggins MBE FRPSL — an Honorary Fellow and long-standing contributor to philately — in June 2025, and Jane Moubray RDP, Hon. FRPSL — the first and only female President of the Society — in December 2025. 

## **Major Exhibitions and Events** 

**Specialist society 75th anniversary displa** y: The year opened with a significant exhibition at the Society in January featuring 19 displays by members of the Channel Islands Specialists’ Society, showcasing a wide range of philatelic material from postal history to postcards, and drawing positive commentary from attendees. 

**Spring National Competition:** The Society hosted the UK Spring National Stamp Competition (organised by the Association of British Philatelic Societies) from 27 February to 1 March 2025, bringing top competitive collections to its London premises. 

**EuroPhilEx Birmingham 2025** (7–11 May): The Society maintained a presence at this large international philatelic exhibition with stands and involvement in seminar programming alongside other philatelic organisations. 

**Joint York Meeting:** In July 2025 the Society participated in a successful joint meeting in York, with around 33 attendees displaying rare and engaging material —- demonstrating the Society’s outreach beyond London. 

**London Autumn National Exhibition:** The Society hosted the London Autumn National Competitive Exhibition on 25–26 September 2025, one of the key national competitive stamp events in the UK calendar. 

## **Awards and Recognition** 

The Society’s annual medals - recognising outstanding scholarship, displays, and services to philately — were presented in 2025: 

**Crawford Medal:** Awarded to _Tête-Bêche: Rarities from the Oval Issue of Finland_ by Tomas Bjäringer & Mårten Sundberg for a standout contribution to philatelic literature. 

**Tapling Medal:** Awarded to Peter Fernbank FRPSL for his article _De La Rue’s Early Techniques in Recess Printing_ . 

**Tilleard Medal:** Presented to Joseph Hackmey RDP, FRPSL for his afternoon display on _Barbados and Grenada_ . 

**Lee Medal** (two awards): For best 5.00pm and best Zoom presentation, Daniel Ryterband for his 5.00pm display _The USA Civil War_ and John Stimson’s Zoom presentation on _The Chalon Portrait_ . 

**London Medals:** Awarded to Peter Lister, Eddie Spicer, and Brian Stonestreet for exceptional service to the Society. These awards reflect the Society’s ongoing commitment to research, publication, and high-quality displays among its Fellows and members. 

## **Meetings, Displays and Internal Programme** 

**Regular Member Meetings:** Throughout 2025 the Society continued its programme of physical and online meetings, often featuring specialist displays covering diverse philatelic themes — such as the West Africa Study Circle display, which delighted attendees with wide-ranging material. 

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**Educational and Competitive Engagements:** The Society remained active in hosting competitions and display opportunities — including the Postal Stationery Society’s meetings at the Society’s premises and online educational sessions. 

## **Publications and** _**The London Philatelist**_ 

which includes: Throughout 2025, the Society continued to publish its journal _**The London Philatelist,**_ reports and abstracts from meetings and displays, reviews of philatelic literature, including the Crawford Festival shortlist and medal coverage and contributions from Society members and specialists across global themes. Notably, in late 2025 the Society appointed Nina Jääskeläinen as the new Editor of _The London Philatelist,_ marking a transition in editorial leadership. 

## **Expertisation and RPSL Ltd** 

The use of the Society’s expertisation service by both members and non-members was significant in 2025. The use of improved technology has significantly enhanced capabilities to facilitate the detection of forgeries. Progress continues with the digitisation of the expertisation working papers. This work has only been possible thanks to the generous support of donors. 

## **Society Staff** 

Society staff are at the heart of all the Society’s services. Council is most grateful to them for their hard work combined with adaptability and flexibility. The Society welcomed, during the course of the year our new General Manager, Paul Moorcroft. In the collections department we have had support from US interns as part of their study programme. 

## **Volunteers** 

Volunteers are a vital function within the Society. Their dedication and conscientious work, often behind the scenes, is to be applauded by members on the Society’s behalf. Some new volunteers have been recruited during the year to assist the seasoned veterans without whose efforts the Society could not function either in the UK or worldwide. Council offers them our sincere thanks. 

## **Broader Contribution to Philately** 

**A Hosting Hub for Philately:** The Society’s London headquarters — 15 Abchurch Lane — continued to function as a central venue not only for Society meetings but for third-party lectures and events, attracting an increasing number of societies and collectors. 

**Library and Collections** : Work to digitise and expand access to philatelic collections and records - including project plans for scanning significant holdings - remained part of the Society’s strategic activity underpinning research. 

## **Summary - 2025 in Context** 

Overall, 2025 for the Royal Philatelic Society London was marked by: 

s anchored in London and connected with national and **High-profile exhibitions and competitive event** international philatelic calendars. 

**Celebrated philatelic scholarship and display** s recognised through the Society’s medals. 

Active engagement with members, both in person and online. **Notable losses and commemorations** within the philatelic community, acknowledging the contributions of leading figures. 

Together these reflect RPSL’s ongoing role as the leading society for philatelic study, exhibition, and fellowship in 2025 and beyond. 

## **Constitution and Governance** 

The Royal Philatelic Society London was founded in 1869 and is a registered charitable company limited by guarantee formed otherwise than for profit and is exempt from the requirements to use the word “Limited”. The liability of members is limited to 50p each. 

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Members of Council are deemed to be directors under the Companies Act 2006 and trustees for the purpose of charity law. The President is elected for a two-year term, and all other trustees are elected annually at the AGM. Council also has the power to co-opt trustees who must then be elected at the next AGM to continue in the role. When co-opting trustees, Council has regard to the requirement for any specialist skills needed in addition to those of a philatelist for which Fellowship of the Society is considered necessary. Council delegates limited authority to committees to take decisions; these are then reported to and confirmed by Council. All other Committee recommendations are submitted to Council for consideration and approval.  The Governance Committee has specific oversight of all governance issues and ensures that the Society is compliant in all required areas, reporting to Council on a regular basis. New Members of Council are encouraged to familiarise themselves with the charity and the context within which it operates by a package of information including The _Memorandum and Articles of Association_ which sets out the constitutional framework, and the latest published accounts which provide the operational framework and financial position. Council believes the accounts comply with the current statutory requirements in the UK and with the requirements of the Society’s _Memorandum and Articles of Association_ . 

A full list of those trustees who served during the year may be found on page 15. 

## **Charitable Purpose and Public Benefit** 

The charitable purpose of the Society is the advancement of the arts, culture and heritage, and education in relation to these purposes. The Society has a broad and active membership that supports its aims and activities. 

This purpose is achieved by promoting the study of philately of all periods, places and kinds, and furthering public knowledge and appreciation of it. The Society assists as far as possible with the preservation of philatelic works, collections and associated records. 

The Society undertakes a wide range of activities, all of which contribute to its charitable purpose. The notable achievements in 2024 are described below along with illustrations of the benefits they have brought to the public as well as to the membership. 

Council reports on four key areas on how the Society meets its purposes: Collections, Public Displays and Events, Supporting Philatelic Research, Enhancing Membership. 

## _**Collections**_ 

The Royal Philatelic Society London has three main collections: 

## **1. The Spear Museum of Philatelic History (including the archive collection)** 

The Museum of Philatelic History (the Museum) is an Arts Council England (ACE) accredited museum _“Museums enable_ of artefacts of international importance. The ACE definition of a museum is that _people to explore collections for inspiration, learning and enjoyment. They are institutions that collect, safeguard and make accessible artefacts and specimens, which they hold in trust for society”_ . The Museum actively collects along the following themes: The RPSL and its members; Philatelic Exhibitions; Philatelic Collecting; Philatelic and Security Printing; Philatelic Studies; Philatelic Trade; Philatelic Organisations and Postal Services. The Perkins Bacon archive is a unique commercial record of a global nineteenth and early twentieth century business and the Society will promote wider access through digitisation and wider understanding of this important material. The Society’s archives are held as part of the museum collection. 

The Museum is open to the public, free of charge, by prior arrangement. Inspiration, learning and enjoyment is achieved through a programme of exciting displays, outreach, research, loans and web-based interactions. 

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In November 2023 the Spear Museum was awarded Full Accreditation for a further five years. Administered by Arts Council England on behalf of the UK Accreditation Partnership, Accreditation is the benchmark for well-run Museums and Galleries. It recognises that the Spear Museum is properly managed and governed to the nationally agreed industry standard and shows the museum takes proper care of its collections, sharing them with visitors and keeping them safe for future generations. 

The Society is a member of the following organisations and actively engages and collaborates with them to promote philately, research, culture and learning to the local community and beyond: 

- Association of Independent Museums 

- Central London Historic Collections Group 

- City of London Culture Network 

- Historic Libraries’ Forum 

- Independent Libraries Association 

- London Learned and Professional Societies Librarians’ Group. 

In 2025, the museum received the archives from a number of philatelic societies including those from the Croydon Philatelic Society, Windsor and Slough Philatelic Society, Ashford Philatelic Society, and Oban and West Highlands Philatelic Society.  Over 100 objects were accessioned into the museum during the year including the Strandell medals (donated by Chris King), the Chalon Portrait (purchased using funds donated by Patrick Maselis) and the Harry von Hofman medals. 

Following the grant of £300,000 from the Spear Charitable Trust in 2024 the digitisation of the Perkins, Bacon Archive has been completed. The conservation of the items is ongoing and the digitised archives will be made publicly available during 2026. 

## **2. The John Sacher Library** 

The John Sacher Library is one of the most significant philatelic libraries in the world. It contains over **31,000** books and pamphlets and over **4,000** journal titles. The library receives donations of the latest issues of over **200** current periodicals. It also has an extensive collection of exhibition material, stamp catalogues and over **38,000** auction catalogues. Much of this material is held only at the Society. The depth and breadth of the library collections are such that they possess significant historic value to society in general. The library is free to access and open to the public for research and study purposes, with some items in the open access book collection available for loan by members of the Society. 

The Society cooperates with other philatelic libraries in making their library catalogues available through the Global Philatelic Library, again at no charge to the user. The Global Philatelic Library was an RPSL initiative: This means that anyone in the world may examine what we, and our partner organisations, have in our collections. Over one million searchable entries are now available from 26 libraries. 

As well as the continuing donations of new publications, The John Sacher Library has received significant donations in 2025 from Graham Mark, the Estate of Mervyn Todd, James Podger, the Estate of Anthony Hawthorn, the Estate of Murray Gellatly, the Estate of Simon Greenwood and the literature from EuroPhilEx 2025. Following a generous donation of £20,000 specifically for this purpose from a Fellow of the Society, we were able to purchase some of the rarities available in the Tomas Bjäringer literature sale. We are grateful for the continuing confidence placed in the Society by these organisations and individual donors. 

## **3. Philatelic Collections** 

The Philatelic Collections are of national importance and include major collections of historical and research value, including forgeries. The Collections are enhanced by purchase, legacies and donations. They may be consulted, under supervision, by the public, free of charge, by prior arrangement. The Philatelic Collections form the basis of displays at the Society and elsewhere. They also constitute the primary research material used by the Expert Committee during its work. The significant reference collections maintained by the Society greatly assist the wider philatelic community needs, both for research and to be able to detect forgeries. 

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The Museum and Library share facilities and resources including staff, work space and storage. The Philatelic Collections currently operate independently with a separate store and curatorial volunteers. Our professional staff all answer research enquires (both general and subject-specialist) and queries on other matters such as conservation. 

Collections care work is ongoing, and we continue to develop and improve our online catalogue and web pages so that material can be searched for and accessed online both by members and the public. The Society’s Philatelic Collections have been actively curated during 2024. Damian Devoy FRPSL became curator of Philatelic Collections on 1st January 2022. 

## **Personnel** 

The team comprised Dr Alan Huggins RDP FRPSL, curator emeritus until his passing on 27th May 2025, Damian Devoy FRPSL curator, Ivan Metchev FRPSL and Antony Newson FRPSL, who joined in March 2025. 

## **New Acquisitions** 

Two major donations were received in 2025, namely the Jonathan Cartwright Collection and The Herbert Art Gallery & Museum Philatelic Collections. Jonathan Cartwright FRPSL was a longstanding Library volunteer until his passing on 4th January 2025. His collection of Switzerland, which was officially accessioned on 14th August, comprised 14 albums and 3 folders of both mint and used stamps. The Herbert Art Gallery & Museum (Coventry), in the process of rationalizing their collections, donated their philatelic holdings of stamps, envelopes and first day covers comprising beautifully written-up collections of New Zealand (2 volumes, 1855–1966), Czechoslovakia (8 volumes, 1918–1966), Russia (9 volumes, 1866–1964), Hungary (4 volumes, 1871–1964) and Poland (14 volumes, 1918–1938, 1940– 1949, 1950–1965). While the later issues from these latter 4 countries are already included in the UPU Collection, the earlier issues are not, so these collections offered the chance to considerably extend our Foreign Country holdings. 

## **Digital Donation** 

David Huggins has generously offered to let us scan his late father’s two large gold medal exhibits of Mauritius Postal Stationery and we now have these ready in the Philatelic Collections vault. Once complete, the scans will be transferred to the archives in line with previous digital donations. 

## **Conservation** 

Work has continued throughout the year on processing the miscellaneous collections and less important (modern) parts of some of the main collections which remained in the state in which they were received and transferred from Devonshire Place. While none are of major significance, they still require assessment, and where appropriate conservation, page numbering and inventory entry. 

## **Contracted-out Conservation** 

The sheet of proofs presented to the RPSL by Perkins Bacon in 1893 and which hung in a frame on the wall in Devonshire Place has now been conserved and re-housed in a purpose-made box. The Perkins Bacon Bank Note Proof Book purchased years ago by the Society along with other Perkins Bacon Material has finally been located and sent off for conservation. 

## **UPU Collection** 

Ivan Metchev FRPSL is fully engaged with the scanning of the UPU material and Antony Newson FRPSL has been assisting with re-numbering each sheet to include the agreed three-letter ISO country code before being scanned. This year, the contents of all 166 remaining boxes out of a total of 272 have been renumbered and a further 93 boxes have been scanned. With the pages already re-numbered, Ivan has been able to speed up the scanning considerably and it is anticipated that the remaining 73 UPU boxes will be completed within the next 4 months. 

## **Displays** 

For the 2025 AGM, Philatelic Collections mounted a 42-frame display and hand-out of material from the Scottish Philatelic Society Forgeries Collection (SPSFC). Donated in October 2022, this collection comprised 3102 pages of worldwide forgeries and accompanying notes. For display purposes, the focus 

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was on the forgeries rather than the notes but even then, it was too large to display in its entirety, so some areas had to be restricted. For GB and the Commonwealth, the areas most collected by members, all the material was shown, taking up the first 28 frames. For the remaining 14 frames, the emphasis was on classic forgeries with 9 frames displaying all available forgeries of South American Countries and the next 4 frames, forgeries of the German States, German Colonies and Italian States. For the final frame, 16 sheets of notes were selected from the almost 300 available for Japan to give some insight into the amount of detail available 

## **Research Visits and Requests** 

A number of visits have been accommodated and requests for information on a wide range of topics have been received and dealt with. 

## **Publications** 

Following a series of enquiries from Keith Klugman FRPSL regarding the Mann collection of Natal and as a result of the consequent research, two co-authored papers were prepared for publication in the _LP_ (Vol 134 Nos 1524, 1525 April, May 2025). 

## **Other Activities** 

Philatelic Collections have provided talks and displays of pertinent selected items to a total of five separate tour groups this year. 

## _**Public Displays and Events**_ 

## **4. Holds frequent and regular meetings and open days at which papers and displays are given to illustrate and extend research; these are open to members of the public, at no charge** 

As a Learned Society, the Society organises events at its premises and other host institutions around the UK and abroad. These include displays of philatelic collections, talks, seminars and workshops; all of these are freely open for the public to attend. The Society also provides open days and tours, where the content is specifically geared to the non-Specialist and advertised to the general public. The Museum offers guided tours, and this is advertised on the website; these are open to all. 

## **Educational:** 

In 2025 a number of tours of the building and collections were conducted including our participation in the annual Heritage Open Days. We hosted an event with Speak Street, an organisation that arranges visits to cultural institutions for refugees learning English. 

In collaboration with Stamp Active, we held a youth event for local schools.  We received positive feedback from those who attended and we hope to build on this for a similar event in 2026. 

Barry Feltham presented ‘A Christmas Story’, the latest in our programme of free outreach evening events aimed at the local community. 

We hosted three student interns from the US who wanted to gain museum and library experience.  This scheme continues to be rewarding for the Society and participants. 

Our temporary exhibitions in 2025 included _The RPSL at War: archives revealing the impact of World War II on the Society and the wider philatelic community._ 

## **5. Arranges and supports national and international displays and exhibitions of philatelic material open to the public in the United Kingdom and abroad** 

It is recognised that many people cannot visit London for events at Abchurch Lane. For this reason, the Society also arranges regional meetings for members and guests. The Society also supports, through the voluntary work of its members, national and international displays and exhibitions, which are open to the public. 

The Society intends to continue to be represented at major philatelic events in the coming years. This included Birmingham 2025 and will include Boston 2026. 

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## _**Supporting Philatelic Research and Dissemination**_ 

## **6. Publishes research in its journa** _**l The London Philatelist**_ 

The Society publishes its own journal, _The London Philatelist_ ( _LP_ ), which is sent to all members worldwide and is available for the public to subscribe to. The _LP_ is the preeminent philatelic journal in the world, covering all matters on the subject of philately. Without the Society’s involvement, much of the content would not be published for the public to read. An archival edition is available in digital format and is updated annually and made available to the public for purchase. 

The _LP_ continued to be the journal of choice for philatelic research in 2025, providing readers access to world-class research presented in an academic, yet accessible, format. The journal is published ten times a year with occasional supplements. 

## **7. Publishes books and pamphlets on philatelic subjects** 

The Society publishes a number of books every year on a variety of topics and for a wide readership. These are available to the public to purchase and make significant contribution to the field of philately. In modern times, the cost of publishing is beyond most individuals and small organisations. The Society’s publishing programme offers a means of disseminating information and knowledge via expertly written literature. Books published in 2025 included: 

- _Austrian Maritime Rivals_ by Christopher Smith 

- _Rhodesia and Nyasaland Mails: Postage Due and Other Charges_ by Brian Trotter, Patrick Flanagan and Keith Harrop 

- _Great Britain Postal Stationery with Security/ Advertising Collars_ by Alan K Huggins. 

The Society in total has published some 265 philatelic works, researched and written by authors from across the world, and treasured by philatelic archives at the Smithsonian, the British Library, the GBPS Library, the American Philatelic Library and of course, the RPSL Sacher Library. 

## **8. Cooperates with other organisations and institutions in providing opportunities for training and work experience in museums and libraries..** 

In 2025 we continued to welcome interns from the Unites States to gain experience as part of their degree programmes. 

## **9. Awards the Crawford Medal for the most valuable and original contribution to the study and knowledge of philately published in book form by any publisher worldwide.** 

_été Béche:_ The Crawford Medal was awarded in 2025 to Tomos Bjäringer and Mårten Sundberg for T _rarities from the Oval-Issue of Finland_ . 

This was the fourth awarding of the medal at the culmination of the Crawford Festival. The Crawford Festival aims to raise the profile of the medal as a literature competition whilst celebrating and promoting philatelic literature and research. The theme in 2025 was Archives used in Philatelic Research. Holding the event at Abchurch Lane promotes the Society as a hub for information and philatelic learning, encouraging collaboration between research institutions. 

## **10. Supports philatelic research by making grants through The Julian Chapman Scholarship and The Philatelic Fund** 

The Society funds philatelic scholarship and research into Commonwealth philately through The Julian Chapman Scholarship. The Philatelic Fund makes grants for exhibitions, lectures and seminars. The funds are available for anyone to apply for. 

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The Philatelic Fund promotes or assists in the promotion of local, regional and international philatelic exhibitions; organises or assists in the organisation of lectures and seminars; provides or assists in the provision of financial assistance to individuals for the purpose of enabling them to participate at seminars or events of a similar nature; and awards prizes or scholarships. Applications to the Fund are open to the public (organisations and individuals) and provides an important source of funding benefiting the collation and dissemination of research and help to individual researchers. 

## **11.  Offers opinions as to their authenticity or otherwise on philatelic items that have been submitted to the Society by collectors, dealers and members of the public** 

An expertisation service is offered through the Society’s wholly owned subsidiary, RPSL Ltd and its Expert Committee. The service is chargeable and is offered to the public. 

The use of improved technology has significantly enhanced capabilities to facilitate the detection of forgeries. The Expert Committee continues with the digitisation of their expertisation working papers. This work has only been possible thanks to the generous support of donors. 

The Expert Committee continued to take part in open days showing visitors round the Expert’s Room, their unrivalled photographic reference collection, and demonstrating the capabilities of the technology available to them. 

## _**Enhancing Membership**_ 

## **12. Attracting, retaining and enthusing the Society’s supporters** 

The Society’s active membership is spread across the globe and is one of its greatest assets. Each Fellow or member helps to strengthen the Society’s standing and influence, The Fellow’s and members contribute not only financially, through subscriptions and donations in supporting the Society’s charitable work, but also through volunteering their time and expertise to help the Society. 

The Society has 2,150 members in 84 countries, in 41 of which a local representative has been appointed. Representatives are also appointed in the regions of the United Kingdom. Representatives organise meetings on a regular basis and these are usually attended by at least one member of Council. These meetings enhance philately across the globe and help disseminate knowledge and expertise widely. 

In 2025 we continued the innovation of presenting members attending a meeting day for the first time with a Society publication. Thanks must be given to the volunteers who welcomed visitors to meetings. Numbers attending meetings remained steady throughout the year. 

The Society continues to be active at international shows around the World and held events during Philakorea in 2025. 

Regional meetings are in important means of involving members who are unable to visit London easily and the number of physical regional meetings both in the United Kingdom and overseas continued at a very encouraging level.  To support Regional Representatives in organising meetings, in 2025 the Membership and Representatives Committee (MARC), aided by sponsorship from David Feldman International Auctioneers, allocated a specific amount of funds to give financial support to regional meetings both in the United Kingdom and overseas. 

Electronic communication with members continues to expand. Over 95% now subscribe to the President’s newsletter and many members have enjoyed the Zoom meetings. A positive aspect of this is that members based anywhere in the world gain access to meetings and typically around 15 countries will be represented at each meeting. 

In March the Society competed at RoyalPex (in New Zealand) as part of the fourth ‘Royal Challenge’, a team competition between the ‘Royal’ philatelic societies of the world.  The Society was victorious! The Society also took a significant role at Stampex, which took place in October. 

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The Society awards medals to its members for presentations, articles written in _The London Philatelist_ , and for service to the Society.   Medals awarded in 2025 were: 

- **The Tapling Medal** for the best article or supplement published in _The London Philatelist:_ Peter Fernbank, _De La Rue’s Early Techniques in Recess Printing_ 

- **The Tilleard Medal** for the best 1.00pm display given to the Society: Joseph Hackmey, _Barbados and Grenada_ 

- **The Lee Medal** for the best 5.00pm presentation: Daniel Ryterband, _The USA Civil War_ 

- **The Lee Medal** for the best on-line Zoom presentation: John Stimson, _The Chalon Portrait_ 

- **The London Medal** for exceptional service to the Society: Peter Lister for work within the Expert Committee Eddie Spicer for work as a volunteer Brian Stonestreet for work as a volunteer 

## **Financial Review** 

The role of a treasurer is not just to report to the members on the Society’s annual accounts but to look to the future to establish a foundation upon which the Society may be financially successful and soundly based in future years. To continue to report annual unrestricted losses, namely expenditure exceeding membership income, fails to establish the cash and investments requirements necessary for future use. 

There is the saying _‘asset rich cash poor’_ and whilst our Society holds many valuable assets, its buildings and collections, those assets need continual care, conservation and maintenance, which in turn requires cash. 

Within these accounts Note 13, by summarising the Society’s Bank and Cash balances at the year-end date, not only indicates the Capital and Research Fund expended £453,827 in the acquisition of Crittall Road, Witham, but also the Society’s funds have reduced by £89,312 to £277,499. This latter figure should be of concern to members, as being unrestricted monies, the funds of £245,406 should be sufficient to cover six months of continuing expendable resources of the Society, but quite simply the amount is insufficient. This problem arises through two factors. Firstly, that in the last quarter of 2025 when substantial sums were incurred on buildings maintenance and library acquisitions, and secondly the Society’s debt reduction during 2025. 

In comparison to 2024 building maintenance has increased by £37,983 and with computer and web site expenditure increasing by £14,201. These costs accounted for 75% of the additional expenses incurred during the financial year. The final loss for the year of £133,779 in comparison to the budgeted loss of £124,999, could have been more substantial without the acquisition of Crittall Road, an acquisition necessitated by the need to restrain both the Philatelic Funds rental costs whilst retaining such rental payments for philatelic purposes. Crittall Road is an asset which serves the Society’s long-term requirements, with the income generated supporting the Society. 

Turning to the Society’s debt reduction, the Balance Sheet as at 31 December 2025 indicates creditors of £264,288, compared to £471,115 at 31 December 2024 — a reduction of £206,827. Of this reduction Loans from Philatelic Societies accounted for £80,000, Other Amounts received in advance £25,700, Taxes £40,016 and Accruals £31,031 (accounting for £176,747 of the reduced creditors figure). The effect of relieving the Society of these debts regrettably, but necessarily, reduces the Society’s Bank balance. When taken together the financial loss of £133,779 and debt reduction of £206,827 (totalling £310,526), far outweighs the Society bank balance reduction of £89,312. 

However, the continuance of the Society’s structural deficit of expenditure continually exceeding income has to be reversed, particularly as by 2030 subscription income will be reduced by £36,000 each year, as the income from life membership subscriptions raised in 2019 comes to an end. 

Donations and Legacies are a vital part of the Society’s income stream and with the current bank level currently being insufficient to cover six months of continuing expendable resources of the Society the creation of an endowment fund to support the Society becomes a necessity. It is now the time to make our Society _‘Asset Rich and Cash Rich’,_ ensuring the Society’s buildings and collections, we use in our research today, are available for future generations of philatelists and the public. 

12 



## **Statement of Disclosure of Information to Auditors** 

The Members of Council who held office at the date of approval of this Annual Report as set out above each confirm that: 

- so far as they are aware, there is no relevant audit information of which the Society’s auditors are unaware 

- they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Society’s auditors are aware of that information. 

## **Related Parties** 

The Society has a subsidiary company, 100% owned, RPSL Limited, details of which are given in Note 21 to the accounts. The company provides philatelic expertising services. 

## **Fixed Assets** 

The major asset of the Society is its freehold building at 15 Abchurch Lane. The cost of the building and the significant programme of improvements is carried at cost less amortisation to residual value. A nominal value of £1 is applied to the Library, Museum and Collections. Many of these have been acquired by way of gift or as a result of specific donations. In all cases the accounting policy consistently adopted by the Council has been to treat any expenditure on these tangible assets as expenditure in the year concerned and there is no intention to change that policy. All these assets are held to provide the appropriate source material for research by members and others. Consequently, there has been no revaluation of these Fixed Assets during 2025. 

## **Reserves** 

It is necessary to maintain sufficient reserves to fulfil the charitable objectives to the public and to conserve, maintain and update the Society’s assets. (See also Note 1(c)). 

## I **nvestment Policy** 

All investments are held in accordance with the Trustees’ powers of investment as specified in the Memorandum of Association. The performance of investments is monitored by the Business and Management Committee, which takes professional advice and approves sales and purchases of investments, to ensure the minimum risk of long-term fluctuation and that there are sufficient liquid reserves to fulfil its objectives. 

## **Risk Review** 

Risk management is recognised by the Society as a vital aspect of its internal management work. The Governance Committee, as one of its key functions, on behalf of Council monitors all identified risks on a day-to-day basis. It reports to Council on the status and mitigation measures used for these risks on a regular basis. Key areas monitored on an ongoing basis include: 

- Investments 

- Museum and charitable status 

- Reputation 

- Dependence on income from RPSL Ltd. 

- Lack of business plans 

- Collections 

13 



## **Responsibilities of the Council** 

Company law requires Council to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Society as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, Council follows best practice and: 

- Selects suitable accounting policies and then apply them consistently 

- Observes the methods and principles in the Charities SORP 

- Make judgements and estimates that are reasonable and prudent 

- States whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepares the financial statements on the going concern basis unless it is inappropriate to assume that the society will continue on that basis 

Council is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and to enable them to ensure that the financial statements comply with the Companies Act 2006. Council is also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Auditors** 

Begbies Chartered Accountants were re-appointed as the Society’s auditors during the year and have expressed their willingness to continue in that capacity. 

This report has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities. 


By Order of Council Steven Harrison FRPSL Honorary Secretary 26 March 2026 

14 



## **Officers for the Year 2025-2026** 


_Simon Richards RDP President_ Council member since 2018 


_Simon Martin-Redman Vice President_ Council member since 2022 


John Stimson _Vice President_ Council member since 2021 


_Steven Harrison Honorary Secretary_ Council member since 2019 


_Alan Druce Honorary Treasurer_ Council member since 2021 


_James Podger Collections Committee Chair_ Council member since 2023 


_David Winnie Governance Committee Chair_ Council member since 2025 

## **Council for the Year 2025-2026** 

Mark Bailey Council member since 2015 John Davies RDP Council member since 2025 Ian Greig Council member since 2025 James Grimwood-Taylor Council member since 2025 Gwynne Harries Council member since 2022 Michael Hoffman Council member since 2022 Daphne McMillan Council member since 2022 Suzanne Rae Council member since 2023 Susan Taylor Council member since 2025 Jack Huadong Zhang Council member since 2020 

_Ex-officio_ members of Council: Anthony Bard - Editor of _The London Philatelist_ Prakob Chirakiti RDP Alex Haimann Klaus Weis Paul Moorcroft Peter Cockburn, Immediate Past President 

15 



## **Independent Auditor’s Report to the Members of The Royal Philatelic Society London for the Year Ended 31 December 2025** 

## **Opinion** 

We have audited the financial statements of The Royal Philatelic Society London for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and 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: 

- Give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025 and of its net movement in funds, including the income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for the 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 charitable company 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. 

## **Conclusion 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 charitable company’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 regard 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 report of the trustees. 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

16 



## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the accounts are prepared is consistent with the accounts; and 

- the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the report of the trustees (which incorporates the directors’ report) 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate and proper accounting records have not been kept; 

- the accounts are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company 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 responsibility, 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 dependent upon the effectiveness of management controls and the nature, timing and extent of the audit procedures carried out, which included: 

- Enquiries of those charged with governance to identify any instances of non-compliance 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 normal course of activities. 

17 



- Reviewing disclosures in the financial statements and testing to supporting documentation to assess compliance with applicable laws and regulations. 

- Evaluating the selection and application of accounting policies. 

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 charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Andrew Brooker FCA (Senior Statutory Auditor) for and on behalf of: 

Begbies 

Chartered Accountants Statutory Auditors Date:26 March 2026 

9 Bonhill Street London EC2A 4DJ 

18 



## **The Royal Philatelic Society London** 

## **Statement of Financial Activities for the Year Ended 31 December 2025 (Including an Income and Expenditure Account)** 

|**Notes**<br>**Income from:-**<br>Membership Subscriptions<br>Donations and Legacies<br>2<br>Trading Activities<br>3<br>Right of Lights Compensation<br>Investments<br>4<br>Dividend from Subsidiary<br>Company<br>21<br>**Total**<br>**Expenditure on:-**<br>Raising Funds<br>6a<br>Charitable Activities<br>6b<br>**Total**<br>**Net Income/(Expenditure) before**<br>**Investment Gains**<br>Net Gains /(Losses) on Investments<br>**Net Income / Movement in Funds**<br>Transfer between Funds<br>**Net Movement in Funds**<br>**Total Funds brought forward**<br>**Total Funds carried forward**|**Unrestricted**<br>**General**<br>**Funds**<br>**£**<br>383,679<br>105,845<br>287,870<br>-<br>19,469<br>5,828|**Unrestricted**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>21,038<br>112<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>50,798<br>-<br>-<br>93,566<br>-|**Total**<br>**Funds**<br>**2025**<br>**£**<br>383,679<br>177,681<br>287,982<br>-<br>113,035<br>5,828|**Total**<br>**Funds**<br>**2024**<br>**£**<br>361,665<br>442,726<br>257,052<br>295,886<br>109,186<br>5,828|
|---|---|---|---|---|---|
||802,691|21,150|144,364|968,205|1,472,343|
||152,688<br>783,781|-<br>58,357|14,353<br>222,238|167,041<br>1,064,376|162,376<br>808,816|
||936,469|58,357|236,591|1,231,417|971,192|
||(133,778)<br>8,999|(37,207)<br>-|(92,227)<br>150,479|(263,212)<br>159,478|501,151<br>89,985|
||(124,779)<br>230,874|(37,207)<br>-|58,252<br>(230,874)|(103,734)<br>-|591,136<br>-|
||106,095<br>13,399,754|(37,207)<br>796,495|(172,622)<br>2,812,785|(103,734)<br>17,009,034|591,136<br>16,417,898|
||£13,505,849|£ 759,288|£ 2,640,163|£16,905,300|£17,009,034|



19 



## **The Royal Philatelic Society London Balance Sheet as at 31 December 2025** 

|**Notes**<br>**Fixed Assets**<br>Tangible Assets<br>8<br>Investments<br>11<br>**Total Fixed Assets**<br>**Current Assets**<br>Debtors<br>12<br>Cash at Bank and in Hand<br>13<br>**Current Liabilities**<br>Creditors - Amounts Falling<br>Due Within One Year<br>14<br>**Net Current Assets**<br>**Creditors - Amounts Falling Due**<br>**After One Year**<br>15<br>**Net Assets**<br>**The Funds of the Charity**<br>**Unrestricted Funds**<br>General<br>Designated<br>16<br>**Restricted Funds**<br>17<br>**Total Charity Funds**|**2025**<br>**£**<br>**£**<br>14,256,843<br>1,753,667<br>16,010.510<br>127,570<br>1,172,161<br>1,299,731<br>(264,286)<br>1,035,445<br>(140,655)<br>£16,905,300<br>13,505,849<br>759,288<br>14,265,137<br>2,640,163<br>£ 16,905,300|**2025**<br>**£**<br>**£**<br>14,256,843<br>1,753,667<br>16,010.510<br>127,570<br>1,172,161<br>1,299,731<br>(264,286)<br>1,035,445<br>(140,655)<br>£16,905,300<br>13,505,849<br>759,288<br>14,265,137<br>2,640,163<br>£ 16,905,300|**2024**<br>**£**<br>**£**<br>13,923,554<br>1,604,483<br>15,528,037<br>82,820<br>2,045,632<br>2,128,731<br>(471,115)<br>1,657,337<br>(176,340)<br>£17,009,034<br>13,399,754<br>796,495<br>14,196,249<br>2,812,785<br>£ 17,009,034|**2024**<br>**£**<br>**£**<br>13,923,554<br>1,604,483<br>15,528,037<br>82,820<br>2,045,632<br>2,128,731<br>(471,115)<br>1,657,337<br>(176,340)<br>£17,009,034<br>13,399,754<br>796,495<br>14,196,249<br>2,812,785<br>£ 17,009,034|
|---|---|---|---|---|
|||16,010.510<br>1,035,445<br>(140,655)||15,528,037<br>1,657,337<br>(176,340)|
||1,299,731<br>(264,286)||2,128,731<br>(471,115)||
||||||
|||£16,905,300||£17,009,034|
|||13,505,849<br>759,288||13,399,754<br>796,495|
|||14,265,137<br>2,640,163||14,196,249<br>2,812,785|
|||£ 16,905,300||£ 17,009,034|



The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 

The accounts were approved by the Council on 26 March 2026 and signed on its behalf by: 

Simon Richards President Alan Druce Honorary Treasurer Steven Harrison Honorary Secretary Company Number 92352 


20 



## **The Royal Philatelic Society London Cash Flow Statement For The Year Ended 31 December 2025** 

|**Note**<br>**Cash provided by/(used in)**<br>**Operating Activities**<br>22<br>**Cash Flows from Investing Activities:**<br>Dividends and Interest Received<br>Repayment of Amounts Falling Due<br>After One Year<br>Purchase of Fixed Assets<br>Proceeds from the Sale of Investments<br>Purchase of Investments<br>**Net Cash provided by/(used in)**<br>**Investing Activities**<br>**Transfer between Funds**<br>**Net Change in cash in the year**<br>Cash brought forward at 1 January 2025<br>**Cash carried forward at 31 December 2025**|**Unrestricted**<br>**Funds**<br>£<br>(285,905)|**Restricted**<br>**Funds**<br>£<br>(159,492)|**Total**<br>**Funds**<br>2025<br>£<br>(445,397)|**Total**<br>**Funds**<br>2024<br>£<br>578,822|
|---|---|---|---|---|
||19,469<br>(35,685)<br>(471,891)<br>-<br>-|93,566<br>-<br>(43,827)<br>181,459<br>(171,165)|113,035<br>(35,685)<br>(515,718)<br>181,459<br>(171,165)|109,186<br>(114,385)<br>(51,868)<br>192,717<br>(188,243)|
||(488,107)|60,033|(428,074)|(52,593)|
||230,874<br>(543,138)<br>1,115,390|(230,874)<br>(330,333)<br>930,242|-<br>(873,471)<br>2,045,632|526,229<br>1,519,403|
||572,252|599,909|1,172,161|2,045,632|



    

21 



**The Royal Philatelic Society London Notes to the Accounts as at 31 December 2025** 

## **1) Accounting Policies** 

## **a) Accounting Convention** 

The Financial Statements have been prepared under the historical cost convention as modified to include investments at valuation. The Financial Statements have been prepared in accordance with the second edition of the Charities: Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. 

Under the Companies Act 2006 the Society can claim exemption from consolidating the subsidiary’s accounts with the accounts of the Society as a “small group”; under the Charities Act 2011 the subsidiary is not considered material to the group’s results. Thus no consolidated accounts have been prepared, the dividend received from the subsidiary is shown separately and information regarding the net assets, profit and turnover of the subsidiary is contained in Note 21 to the accounts. 

The Trustees consider that there are no material uncertainties about the Society’s ability to continue as a going concern. 

## **b) Funds and Reserves** 

The net assets of the Society are split into three groups; restricted, unrestricted and designated. The restricted funds relate to those assets which are held by the Society following the receipt of a donation for a specific purpose.  The balance of these funds represent assets and unspent monies donated for specific purposes yet to be completed.  Unrestricted and designated funds can be spent as the Society wishes but Council can set aside some assets by setting up designated funds. 

Using the above definitions, the Julian Chapman Memorial Scholarship Fund, the Philatelic Fund, the Perkins Bacon Conservation Fund, and the Theodor Kerzner Fund are considered to be restricted.  The Capital and Research Fund and the Library Fund and Philatelic Collections Fund are considered to be designated, and all other activities are unrestricted.  A summary of the transactions in these funds is given in Notes 16 and 17 to the accounts. 

## **c) Reserves Policy** 

The Society has an established Reserves Policy whereby the unrestricted funds not committed or invested should be at least six months of continuing expendable resources. 

Should the reserves fall below this level the Society’s Management Committee will meet to discuss the immediate short-term risks and if necessary propose the liquidation of some or all of its investments after taking due account of the projected return. 

## **d) Valuation and Depreciation  of Tangible Fixed Assets** 

- i) Tangible fixed assets are recorded at cost. Depreciation is charged on all tangible fixed assets, excluding land, from the date they were brought into use; at a rate calculated so as to amortise the cost of an asset over its estimated useful life - 50 years in the case of the buildings and between 5 and 20 years for other tangible fixed assets. 

- ii) The tangible fixed assets of the Society includes the library and the museum and collections which have been acquired or donated for the purpose of and are fully utilised in carrying out the charitable objects of the Society.  These assets are shown in the balance sheet at a nominal value. 

- iii) Listed investments are shown at mid-market value at the balance sheet date. 

- iv) No value is attributed to stock of books and medals which are written off on purchase. 

## **e) Leased Assets** 

Rental payment on operating leases where substantially all the ownership benefits and risks remain with the lessor are charged to the Statement of Financial Activities as incurred. 

22 



## **1) Accounting Policies (Continued)** 

## **f) Tax Recoverable** 

Tax recoverable from receipts under the Gift Aid Scheme is recorded as income to the extent that such amounts have been claimed from HM Revenue and Customs. 

## **g) Income** 

Incoming resources are recognised when receivable. Income from life memberships is recognised equally over ten years. 

Income from government and other grants, whether of a capital or revenue nature, is recognised when receivable and any performance conditions attached to the grant have been met. 

## **h) Expenditure** 

Resources expended are recognised in the period in which they are incurred and include attributable VAT which cannot be recovered. 

## **i) Allocation of Costs** 

Costs are allocated to the general fund unless specific to other funds. 

## **j) Foreign Currencies** 

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.  Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction.  Exchange differences are taken into account in arriving at the net movement in funds for the year. 

|**2)**<br>**Donations and Legacies**<br>Other Grants and Gifts<br>Tomorrow’s Royal<br>Donations *<br>Expertisation Donation<br>Gift Aid|**2025**<br>**£**<br>78,392<br>980<br>38,299<br>25,000<br>35,010|**2024**<br>**£**<br>346,052<br>2,370<br>39,412<br>25,000<br>27,592|
|---|---|---|
||177,681|442,726|



- Members are encouraged to make additional voluntary payments in addition to their regular subscriptions to assist with the costs of running the Society. 

|**3)**<br>**Trading Activities**<br>**General Fund**<br>President’s Dinner<br>_Clash of Empires_Exhibition<br>Room Hire<br>Rental Income<br>Deposit Box Rentals<br>Sales of Publications (Note 5a)<br>Advertising Revenue_The London Philatelist_(Note 5b)<br>Sales of_The London Philatelist_(Note 5b)<br>Sale of Merchandise<br>**Designated Fund**<br>Sale of Surplus Books|**2025**<br>**£**<br>15,190<br>525<br>73,043<br>35,137<br>3,864<br>13,949<br>144,322<br>390<br>1,450|**2024**<br>**£**<br>-<br>1,805<br>73,802<br>-<br>2,822<br>32,699<br>140,647<br>343<br>957|
|---|---|---|
||287,870<br>112|253,075<br>3,977|
||287,982|257,052|
|||23|





## **4) Investment Income** 

|**Investment Income**|||||
|---|---|---|---|---|
|Dividends<br>Bank Deposit Interest|**2025**<br>**Unrestricted**<br>**and Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>£<br>£<br>-<br>74,909<br>19,469<br>18,657<br>19,469<br>93,566||**2024**<br>**Unrestricted**<br>**and Designated**<br>**Funds**<br>**Restricted**<br>**Funds**<br>£<br>£<br>-<br>70,925<br>28,717<br>9,544<br>28,717<br>80,469||
|||93,566|28,717|80,469|



## **5) Publications** 

## **a) Books and Reference Material** 

One of the Society’s main objects is the publication of books on stamps, postal history and related social historical subjects for sale to members and to the general public, which are prepared to a very high standard. The aim is to show a small profit or at least cover the costs within two or three years of publication. 

|Sales<br>Total Publication Costs<br>**Surplus on Publications**<br>**_The London Philatelist_**<br>Sales<br>Advertising<br>Less: Expenditure<br>Staff Costs<br>**Surplus on****_The London Philatelist_**|**2025**<br>**£**<br>13,949<br>(10,455)|**2024**<br>**£**<br>32,699<br>(14,175)|
|---|---|---|
||3,494|18,524|
||**2025**<br>**£**<br>390<br>144,322|**2024**<br>**£**<br>343<br>140,647|
||144,712<br>(112,928)<br>(12,000)|140,990<br>(120,600)<br>(12,000)|
||19,784|8,390|



## **b)** _**The London Philatelist**_ 

    

24 



|**6)**<br>**Expenditure**<br>**Note**<br>a) **Raising Funds**<br>President’s Dinner<br>Merchandise and Room Hire<br>Staff Costs<br>7<br>Publishing Costs - Books<br>5a<br>Publishing Costs<br>-_The London Philatelist_<br>5b<br>Portfolio Charges<br>b) **Charitable Activities**<br>Library, Museum & Collections<br>- Direct Costs<br>- Staff Costs<br>7<br>- Grants<br>Servicing Enquiries from the<br>Public and Members<br>- Staff Costs<br>7<br>**Support Costs**<br>Premises Costs:<br>Rent, Rates and Water<br>Digitising and Conservation<br>Light and Heat<br>Insurance<br>Housekeeping<br>Maintenance<br>**Other Expenses:**<br>Staff Costs<br>7<br>Postage, Printing and Telephone<br>Exhibitions and Entertaining<br>Equipment Maintenance<br>Amortisation<br>8<br>Computer and Website Costs<br>Medals<br>Bank and Credit Card Charges<br>Miscellaneous<br>Legal and Professional Fees<br>Auditor’s Remuneration<br>Total Charitable Activities<br>**Total Expenditure**|**Unrestricted**<br>**£**<br>14,835<br>2,470<br>12,000<br>10,455<br>112,928<br>-|**Designated**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-|**Restricted**<br>**£**<br>-<br>-<br>5,004<br>-<br>-<br>9,349|**2025**<br>**Total**<br>**£**<br>14,835<br>2,470<br>17,004<br>10,455<br>112,928<br>9,349|**2024**<br>**Total**<br>**£**<br>-<br>1,567<br>17,004<br>14,175<br>120,600<br>9,030<br>162,376<br>51,091<br>111,142<br>22,150<br>66,553<br>250,936<br>41,767<br>880<br>40,040<br>34,779<br>21,066<br>34,749<br>173,281<br>66,553<br>8,939<br>32,328<br>5,144<br>177,434<br>54,977<br>10,998<br>14,212<br>3,818<br>1,196<br>9,000<br>557,880<br>808,816<br>971,192|
|---|---|---|---|---|---|
||152,688|-|14,353|167,041||
||17,090<br>124,580<br>-<br>78,314|56,210<br>-<br>-<br>-|-<br>-<br>30,225<br>-|73,300<br>124,580<br>30,225<br>78,314||
||219,984|56,210|30,225|306,419||
||10,942<br>-<br>40,656<br>38,973<br>23,714<br>72,732|-<br>-<br>-<br>-<br>-<br>-|85,039<br>78,249<br>-<br>-<br>-<br>-|95,981<br>78,249<br>40,656<br>38,973<br>23,714<br>72,732||
||187,017<br>75,895<br>17,538<br>25,347<br>5,334<br>153,981<br>67,201<br>3,940<br>14,637<br>2,907<br>-<br>10,000|-<br>-<br>-<br>-<br>-<br>2,147<br>-<br>-<br>-<br>-<br>-<br>-|163,288<br>-<br>-<br>-<br>-<br>26,301<br>-<br>-<br>-<br>2,424<br>-<br>-|350,305<br>75,895<br>17,538<br>25,347<br>5,334<br>182,429<br>67,201<br>3,940<br>14,637<br>5,331<br>-<br>10,000||
||563,797|2,147|192,013|757,957||
||783,781|58,357|222,238|1,064,376||
||936,469|58,357|236,591|1,231,417||



25 



## **7) Staff Costs** 

No remuneration is paid to the members of the Council. An analysis of paid employees is set out below. All other operations are performed voluntarily by members of the Society. 

|<br>perations are performed voluntarily by members of the Society.|||
|---|---|---|
|a) The charge comprises:<br>Wages and Salaries (including Temporary Staff)<br>Social Security Costs<br>Pension Costs|**2025**<br>**£**<br>262,396<br>19,782<br>8,611|**2024**<br>**£**<br>231,400<br>16,490<br>8,358|
||290,789|256,248|



The number of staff employed by The Royal Philatelic Society London, and whose costs are shown above, was 7 (2024 : 7) comprising of 4 full time and 3 part time staff. In addition a further 2 part time employees (2024 : 2) were engaged by the Society whose costs are discharged by RPSL Limited. 

No employees’ emoluments exceeded £60,000 in the year. 

|<br>were engaged by the Society whose costs are discharged by RPSL Limited.<br>No employees’ emoluments exceeded £60,000 in the year.|||
|---|---|---|
|b) Paid Employees:<br>Library, Museum and Collections<br>Servicing Enquiries from the Public and Members<br>Management and Administration<br>Events and Room Hire<br>_The London Philatelist_|**2025**<br>**£**<br>124,580<br>76,015<br>76,015<br>2,179<br>12,000|**2024**<br>**£**<br>111,142<br>66,553<br>66,553<br>-<br>12,000|
||290,789|256,248|



    

26 



## **8) Fixed Assets** 

|**Museum &**<br>**Collections**<br>**£**<br>42,435<br>-<br>-|**Furniture &**<br>**Equipment**<br>**£**<br>891,820<br>61,892<br>(3,510)|**Freehold**<br>**Property**<br>**£**<br>14,009,655<br>453,826<br>-|**Total**<br>**£**<br>14,943,910<br>515,718<br>(3,510)|
|---|---|---|---|
|42,435|950,202|14,463,481|15,456,118|
|42,434<br>-<br>-|267,168<br>50,088<br>(3,510)|710,754<br>132,341<br>-|1,020,356<br>182,428<br>(3,510)|
|42,434|313,746|843,095|1,199,275|
|1|636,456|13,620,386|14,256,843|
|1|624,652|13,298, 901|13,923,554|
|-<br>-<br>1<br>-|362,168<br>-<br>-<br>274,287|-<br>451,680<br>-<br>13,168,706|362,169<br>451,680<br>1<br>13,442,993|
|||13,620,386||



A nominal amount of £1 each is placed on the Society’s collections.  The library and museum collections consist of items acquired, donated or bequeathed over the Society’s lifetime, forming an historic and reference material for the Society, its members and others. Whilst the market value of these assets is substantial, the trustees do not believe it is practicable to quantify the collections value. 

## **9) Capital Commitments** 

No Capital Commitments, as approved by Council, remained incomplete at the year-end date (2024 - £Nil). 

|**10)**|**Net Income for the year**|**2025**|**2024**|
|---|---|---|---|
||This is stated after charging|**£**|**£**|
||Operating Lease Rentals|3,612|3,612|
||Audit Fees|10,000|9,000|



27 



## **11) Investments** 

|**a)**<br>**Listed Investments**<br>Market Value at 1 January  2025<br>Additions<br>Disposals<br>Realised Gains<br>Revaluation<br>Market Value at 31 December 2025|**2025**<br>**£**<br>1,535,647<br>171,165<br>(181,459)<br>15,755<br>134,724<br>1,675,832|**2024**<br>**£**<br>1,445,168<br>188,243<br>(192,717)<br>38,905<br>56,048<br>1,535,647|
|---|---|---|



Investments are held for the benefit of the Philatelic Fund to produce a balance of growth and income. 

|Investments at Market Value comprised:<br>UK Listed fixed interest securities<br>UK Listed equity shares<br>UK Listed investment trusts and unit trusts<br>Overseas listed investments and unit trusts<br>Historical Cost<br>**b)**<br>**Investment in Subsidiary at Valuation**<br>RPSL Limited (See Note 21)<br>**Total Investments**<br>**12)**<br>**Debtors**<br>Trade Debtors<br>Amount Due from Subsidiary Company<br>Prepayments<br>Other Debtors<br>**13)**<br>**Cash at Bank and In Hand**<br>Bank Accounts and Cash held on behalf of:<br>The Theodor Kerzner Fund<br>The Perkins Bacon Conservation Fund<br>The Philatelic Fund<br>The Julian Chapman Memorial Fund<br>The Capital and Research Fund<br>The Society|**2025**<br>**£**<br>59,050<br>1,308,147<br>66,126<br>242,509|**2024**<br>**£**<br>109,178<br>1,110,256<br>125,381<br>190,832<br>1,535,647<br>1,414,040|
|---|---|---|
||1,675,832||
||1,419,479||
||**2025**<br>**£**<br>77,835|**2024**<br>**£**<br>68,836|
||1,753,667|1,604,483|
||**2025**<br>**£**<br>25,483<br>21,669<br>54,570<br>25,848|**2024**<br>**£**<br>9,920<br>16,532<br>55,719<br>649|
||127,570|82,820|
||**2025**<br>**£**<br>14,294<br>233,303<br>30,385<br>321,927<br>294,753<br>277,499|**2024**<br>**£**<br>16,294<br>301,152<br>266,138<br>346,658<br>748,580<br>366,811|
||1,172,161|2,045,633|



28 



|**14)**<br>**Creditors: Amounts Falling Due Within One Year**<br>Trade Creditors<br>Loans from Philatelic Societies<br>Subscriptions and Advertising received in advance<br>Other Amounts Received in Advance<br>Global Philatelic Library<br>Taxes and Social Security<br>Accruals<br>**15)**<br>**Creditors:  Amounts Falling Due After One Year**<br>Life membership and other deferred income<br>Due within two to five years<br>Due after five years|**2025**<br>**£**<br>30,010<br>-<br>140,920<br>41,085<br>7,768<br>14,084<br>30,419|**2024**<br>**£**<br>38,456<br>80,000<br>162,556<br>66,785<br>7,768<br>54,100<br>61,450<br>471,115<br>**2024**<br>**£**<br>176,340<br>161,940<br>14,400<br>176,340|
|---|---|---|
||264,286||
||**2025**<br>**£**<br>140,655||
||127,455<br>13,200||
||140,655||



## **16(a)    Unrestricted and Designated Funds** 

|**- current year**<br>**Income from:-**<br>Membership Subscriptions<br>Grants, Donations and Legacies<br>Trading Activities<br>Investments<br>Dividend from Subsidiary Company<br>**Total**<br>**Expenditure on:-**<br>Raising Funds<br>Charitable Expenditure<br>**Total**<br>**Net Income before Investment Gains**<br>**Net Gain on Investments**<br>**Transfer between Funds**<br>**Net Income**<br>**Total Funds brought forward**<br>**Total Funds carried forward**|**General**<br>**Fund**<br>**£**<br>383,679<br>105,845<br>287,870<br>19,469<br>5,828<br>802,691<br>152,688<br>783,781<br>936,469<br>(133,778)<br>8,999<br>230,874<br>106,095<br>13,399,754<br>13,505,849|**DesignatedFunds**<br>**The Capital and**<br>**Research Fund**<br>**£**<br>**Philatelic**<br>**Collections**<br>**£**<br>-<br>-<br>-<br>21,038<br>-<br>112<br>-<br>-<br>-<br>-<br>-<br>21,150<br>-<br>-<br>2,147<br>56,210<br>2,147<br>56,210<br>(2,147)<br>(35,060)<br>-<br>-<br>-<br>-<br>(2,147)<br>(35,060)<br>748,580<br>47,915<br>746,433<br>12,855|**Total**<br>**£**<br>383,679<br>126,883<br>287,982<br>19,469<br>5,828|
|---|---|---|---|
||||823,841|
||||152,688<br>842,138|
||||994,826|
||||(170,985)<br>8,999<br>230,874|
||||68,888<br>14,196,249|
||||14,265,137|



29 



The Designated Funds are held for the purposes of: 

## a) The Capital and Research Fund 

Is held for capital and charitable purposes in pursuing the study, research and dissemination of knowledge of philately, for example to: 

i) Support the provision of Library and research facilities for the dissemination of  philatelic records held within the The Spear Museum of Philatelic History and The John Sacher Library. 

ii) To assist in the continuing maintenance and upkeep of the records and facilities (including buildings and equipment) available for research in i) above to ensure that future generations may study these historical records. 

## b) The Philatelic Collections Fund is held for: 

- i) The acquisition of historical artefacts and books. 

ii) The conservation, preservation and collections care. 

iii) Maintaining professional standards in collections management and engagement with public audiences. 

## **16(b)    Unrestricted and Designated Funds** 

|**- previous year**<br>**Income from:-**<br>Membership Subscriptions<br>Grants, Donations and Legacies<br>Tomorrow’s Royal Appeal<br>Trading Activities<br>Investments<br>Dividend from Subsidiary Company<br>**Total**<br>**Expenditure on:-**<br>Raising Funds<br>Charitable Expenditure<br>**Total**<br>**Net Income before Investment Gains**<br>**Net Gain on Investments**<br>**Net Income**<br>**Total Funds brought forward**<br>**Total Funds carried forward**|**General**<br>**Fund**<br>**£**<br>361,665<br>95,992<br>2,370<br>253,075<br>28,717<br>5,828<br>747,647<br>148,342<br>708,320<br>856,662<br>(109,015)<br>(4,968)<br>(113,983)<br>13,513,737<br>13,399,754|**Designated Funds**<br>**The Capital and**<br>**Research Fund**<br>**£**<br>**Philatelic**<br>**Collections**<br>**£**<br>-<br>-<br>295,886<br>14,364<br>-<br>-<br>-<br>3,977<br>-<br>-<br>-<br>-<br>295,886<br>18,341<br>-<br>-<br>-<br>25,208<br>-<br>25,208<br>295,886<br>(6,867)<br>-<br>-<br>295,886<br>(6,867)<br>452,694<br>54,782<br>748,580<br>47,915|**Total**<br>**£**<br>361,665<br>406,242<br>2,370<br>257,052<br>28,717<br>5,828<br>1,061,874<br>148,342<br>733,528<br>881,870<br>180,004<br>(4,968)<br>175,036<br>14,021,213<br>14,196,249|
|---|---|---|---|



    

30 



## **17(a) Restricted Funds** 

|- current year<br>**Income from:-**<br>Donations and Legacies<br>Investments<br>**Total**<br>**Expenditure on:-**<br>Storage<br>Digitising and Conservation<br>Grants<br>Amortisation<br>Staff Costs<br>Portfolio Charges<br>Sundry Costs<br>**Total Costs**<br>**Net Income/(Expenditure)**<br>**before Investment Gains**<br>Net Gains on Investments<br>Transfer between Funds<br>**Net Movement in Funds**<br>**Total Funds brought forward**<br>**Total Funds carried forward**|**Philatelic**<br>**Fund**<br>**£**<br>**Julian Chapman**<br>**Memorial Scholarship**<br>**Fund**<br>**£**<br>**Perkins  Bacon**<br>**Conservation**<br>**Fund**<br>**£**<br>50,798<br>-<br>-<br>74,909<br>7,362<br>11,295<br>125,707<br>7,362<br>11,295<br>85,039<br>-<br>-<br>-<br>-<br>78,249<br>28,225<br>-<br>-<br>26,301<br>-<br>-<br>5,004<br>-<br>-<br>9,349<br>-<br>-<br>2,424<br>-<br>-<br>56,342<br>-<br>78,249<br>(30,635)<br>7,362<br>(66,954)<br>150,479<br>-<br>-<br>(198,781)<br>(32,093)<br>-<br>(78,937)<br>(24,731)<br>(66,954)<br>2,149,576<br>346,658<br>300,257<br>2,070,639<br>321,927<br>233,303|**Theodor**<br>**Kerzner**<br>**Fund**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>2,000<br>-<br>-<br>-<br>-<br>2,000<br>(2,000)<br>-<br>-<br>(2,000)<br>16,294<br>14,294|**Total**<br>**£**<br>50,798<br>93,566<br>144,364<br>85,039<br>78,249<br>30,225<br>26,301<br>5,004<br>9,349<br>2,424<br>236,591<br>(92,227)<br>150,479<br>(230,874)<br>(172,622)<br>2,812,785<br>2,640,163|
|---|---|---|---|



The restricted funds are held for the purposes of: 

## a) The Philatelic Fund 

To promote the study, research and dissemination of knowledge of philately, for example to: 

   - i) Promote or assist in the promotion of local regional and international philatelic exhibitions. 

   - ii) Organise or assist in the organisation of lectures and seminars. 

   - iii) Provide or assist in the provision of financial assistance to individuals for the purpose of enabling them to participate at seminars or events of a similar nature. 

   - iv) Award prizes or scholarships. 

- b) The Julian Chapman Memorial Scholarship Fund 

To promote philatelic scholarship and research by making grants through the fund. 

- c) The Perkins Bacon Conservation Fund 

Digitisation and conservation of the Perkins Bacon Archive for future research purposes with all costs in connection with this project being settled from this fund. 

## d) The Theodor Kerzner Fund 

To support the publishing of books of philatelic research or history. 

31 



## **17(b) Restricted Funds** 

|- previous year<br>**Income from:-**<br>Donations and Legacies<br>Investments<br>**Total**<br>**Expenditure on:-**<br>Storage<br>Digitisation and Conservation<br>Grants<br>Amortisation<br>Staff Costs<br>Portfolio Charges<br>Sundry Costs<br>**Total Costs**<br>**Net Income/(Expenditure)**<br>**before Investment Gains**<br>Net Gains/(losses) on Investments<br>**Net Movement in Funds**<br>**Total Funds brought forward**<br>**Total Funds carried forward**|**Philatelic**<br>**Fund**<br>**£**<br>**Julian Chapman**<br>**Memorial Scholarship**<br>**Fund**<br>**£**<br>**Perkins  Bacon**<br>**Conservation**<br>**Fund**<br>**£**<br>30,000<br>-<br>300,000<br>70,925<br>8,407<br>1,137<br>100,925<br>8,407<br>301,137<br>36,244<br>-<br>-<br>-<br>-<br>880<br>19,150<br>-<br>-<br>14,289<br>-<br>-<br>5,004<br>-<br>-<br>9,030<br>-<br>-<br>1,725<br>-<br>-<br>85,442<br>-<br>880<br>15,483<br>8,407<br>300,257<br>94,953<br>-<br>-<br>110,436<br>8,407<br>300,257<br>2,039,140<br>338,251<br>-<br>2,149,576<br>346,658<br>300,257|**Theodor**<br>**Kerzner**<br>**Fund**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>3,000<br>-<br>-<br>-<br>-<br>3,000<br>(3,000)<br>-<br>(3,000)<br>19,294<br>16,294|**Total**<br>**£**<br>330,000<br>80,469|
|---|---|---|---|
||||410,469|
||||36,244<br>880<br>22,150<br>14,289<br>5,004<br>9,030<br>1,725|
||||89,322|
||||321,147<br>94,953|
||||416,100<br>2,396,685|
||||2,812,785|



    

32 



## **18) Analysis of Net Assets Between Funds** 

|**Analysis of Net Assets Between Funds**|||||
|---|---|---|---|---|
|**Current Year**<br>Tangible Fixed Assets<br>Investments<br>Net Current Assets<br>Creditors due in more than 1 year<br>**Total**<br>**Previous Year**<br>Tangible Fixed Assets<br>Investments<br>Net Current Assets<br>Creditors due in more than I year<br>**Total**|**Unrestricted**<br>**General**<br>**Funds**<br>**£**<br>13,479,729<br>77,835<br>88,940<br>(140,655)|**Unrestricted**<br>**Designated**<br>**Funds**<br>**£**<br>451,680<br>-<br>307,608<br>-|**Restricted**<br>**Funds**<br>**£**<br>325,434<br>1,675,832<br>638,897<br>-|**Total**<br>**£**<br>14,256,843<br>1,753,667<br>1,035,445<br>(140,655)|
||13,505,849|759,288|2,640,163|16,905,300|
||13,578,911<br>68,836<br>(71,653)<br>(176,340)|-<br>-<br>796,495<br>-|344,643<br>1,535,647<br>932,495<br>-|13,923,554<br>1,604,483<br>1,657,337<br>(176,340)|
||13,399,754|796,495|2,812,785|17,009,034|



## **19) Minimum lease payments under non-cancellable operating leases fall due as follows:** 

|Within one year<br>Within two to five years|**Office Equipment**<br>**2025**<br>**£**<br>**2024**<br>**£**<br>3,612<br>3,612<br>6,321<br>9,933|
|---|---|



## **20) Related Party Transactions** 

The members of Council are all members of the Society, and as such pay subscriptions and other donations etc. to the Society. They receive no remuneration. Any expenses reimbursed  to the members of Council cover travel, subsistence, and any other related costs incurred in the performance of promoting philatelic knowledge and understanding allied to the Society’s charitable  status and aims. 

The directors consider that RPSL Ltd, as a wholly owned subsidiary of the Society, is a related party, which occupies space at Abchurch Lane. A proportion of the subsidiary’s costs are borne by the Society, and as detailed in note 21, annual dividends are paid from the subsidiary to the Society. 

Individual directors may also be trustees or directors of other philatelic organisations who occasionally use the Society’s premises at Abchurch Lane, at the rate published on the Society’s website. Council may approve grants to be made by the Society to UK philatelic organisations of which directors may be members or officers. The objectives of these organisations are congruent with those of the Society and an Annual Declaration of Interests is obtained annually from each director. 

    

33 



## **21) Subsidiary Company - RPSL Limited** 

RPSL Limited is a company incorporated in England and Wales with an issued share capital of 50,000 Ordinary Shares of £1, all of which are owned by the Society, the company’s  registered office being 15 Abchurch Lane, London, EC4N 7BW. There were no transactions between the Society and RPSL Limited in 2025, apart from the operation of a current account. A dividend payment of £5,828 relating to 2025 was made. A summarised balance sheet and profit and loss account of the subsidiary appear below: 

|**2025**<br>**£**<br>**£**<br>**Tangible Fixed Assets**<br>42,736<br>Current Assets<br>68,625<br>Current Liabilities<br>(6,840)<br>Intercompany balance<br>(21,669)<br>40,116<br>Deferred Tax<br>(5,017)<br>**Net Assets**<br>77,835<br>Called Up Share Capital<br>50,000<br>Profit and Loss Account<br>27,835<br>**Capital and Reserves at 31 December 2025**<br>77,835<br>**2025**<br>**Turnover**<br>101,698<br>Cost of Sales<br>(12,913)<br>**Gross Profit**<br>88,785<br>Administrative Expenses -<br>Salaries<br>55,835<br>Digitisation project<br>2,824<br>Other<br>5,264<br>Amortisation<br>6,556<br>(70,479)<br>18,306<br>Dividend<br>(5,828)<br>**Profit/(loss) on Ordinary Activities Before Taxation**<br>12,478<br>Taxation<br>(3,479)<br>**Profit/(loss) for the Year**<br>8,999|**2025**<br>**£**<br>**£**<br>**Tangible Fixed Assets**<br>42,736<br>Current Assets<br>68,625<br>Current Liabilities<br>(6,840)<br>Intercompany balance<br>(21,669)<br>40,116<br>Deferred Tax<br>(5,017)<br>**Net Assets**<br>77,835<br>Called Up Share Capital<br>50,000<br>Profit and Loss Account<br>27,835<br>**Capital and Reserves at 31 December 2025**<br>77,835<br>**2025**<br>**Turnover**<br>101,698<br>Cost of Sales<br>(12,913)<br>**Gross Profit**<br>88,785<br>Administrative Expenses -<br>Salaries<br>55,835<br>Digitisation project<br>2,824<br>Other<br>5,264<br>Amortisation<br>6,556<br>(70,479)<br>18,306<br>Dividend<br>(5,828)<br>**Profit/(loss) on Ordinary Activities Before Taxation**<br>12,478<br>Taxation<br>(3,479)<br>**Profit/(loss) for the Year**<br>8,999|**2024**<br>**£**<br>**£**<br>43,991<br>46,848<br>(3,933)<br>(16,532)<br>26,383<br>(1,538)<br>68,836<br>50,000<br>18,836<br>68,836<br>**2024**<br>**£**<br>**£**<br>85,236<br>(9,373)<br>75,863<br>52,748<br>10,664<br>5,513<br>5,877<br>(74,802)<br>1,061<br>(5,828)<br>(4,767)<br>(201)<br>(4,968)|
|---|---|---|
||88,785<br>(70,479)||
||||
||18,306<br>(5,828)||
||12,478<br>(3,479)||
||8,999||



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## **22) Reconciliation of Net Income/(Expenditure) to Net Cash Flow from Operating Activities** 

|**Net Income/(Expenditure) for the**<br>**reporting period (as per the statement of**<br>**financial activities)**<br>**Adjustments for:**<br>Amortisation<br>Dividends and Interest<br>Decrease/(Increase) in Debtors<br>(Decrease)/Increase in Creditors<br>**Net Cash provided by/(used in)**<br>**Operating Activities**|**Unrestricted**<br>**and Designated**<br>**Funds**<br>**£**<br>(170,985)<br>156,128<br>(19,469)<br>(44,750)<br>(206,829)|**Restricted**<br>**Funds**<br>**£**<br>(92,227)<br>26,301<br>(93,566)<br>-<br>-|**Total**<br>**Funds**<br>**2025**<br>**£**<br>(263,212)<br>182,429<br>(113,035)<br>(44,750)<br>(206,829)|**Total**<br>**Funds**<br>**2024**<br>**£**<br>501,151<br>177,434<br>(109,186)<br>16,853<br>(7,430)<br>578,822|
|---|---|---|---|---|
||(285,905)|(159,492)|(445,397)||



## **23) Taxation** 

As a registered charity the Society is exempt from corporation tax since all income and gains are applied for its charitable purposes. 

    

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+ + + +
36