ChAriti' No. 292076 'rHE STiiAR"r RO.SSITER TRUST RF.PORT.4ND FINLNCIAI. ST.4TEMETrrrs YEAR Et*DED 31 DECF.MBER 2021 BEGBIES Chortered.4ccountan 9 Bonhill Sireei 1x)I￿On EC?_A 4DJ THL STUART ROSSITER TRUST riyANCiAL S.rATE￿IENTs YEAR F.NDED 31 DECENIBER 2021 Page h'o. L¢gal and Adniinistrative tnforn]ation Kepon of Ihe TTUSteeq Independcni ExpLminets' Report Statement of Financial ActivÈtLes Balaiicc Sheet 10 Noteb to rhe Financ￿1 Sraiemenls I'HF. .5"1'UART ROSSITEII TRUS'I. LEGAL AIL'D ADIJI.NISTIL47"tI'E IN'FORMATiof+4 AS AT 31 DECEfvIBER 2021 Trustees Mr l)aliid Alfuid Mr Kex Dixon Mr Andi"cii. Gould Ms Susaii MeF.u'&i Mr DoJglas fvfltir Mr SitT￿n Richards Priiiclpal Offi¢e Corrcsponding Trustee And). Gould i6, James Street Selsey C.liichesier PO?0 OJG Website Lwlanauemeot Oy￿er Nlarketing & Desion l.td l ?d North Strcet F.Insi¥orth POIO 7DQ Book DistYibuliOII fvlt" JLilll] Jaik501? 17 Cambridge Avenue Mellon Mowbrdy Leiceslershirc l_E13 OAA Independent Examftllers Begbi&% Chirtert(l ALcowiianis 9 BonTrull Stre¢l London EC2A 4DJ Bankers Bank of Scoiland P O Bo.% 23688 The Mouiid Edii)bureh EHI IWG "IHE.STLIART RO.S.%ITF.R FRiFST HI'.PORT OF THE TRLSTIES FOR-I'HE YEAR EI%.DF.D 31 DECF.MBER 2021 Adininistratil e D¢tail$ l-lic-l-nisiees presLJlI tlieir TLPOn alongj iiiih Ihl Iinaiicial 51aienienis of the chartll. for tlie }'ear ende(f -} l Deceiiil)er IV? l. Tlie fii)aiiciaS s￿lesne1}IS liave been p￿Pared in accordance il'iih the Accountin¥ i)nlicies seT 0111 ()11 paLJe I l and coinpl!, ii'ith the Cliariii'- > Tn151 Deed. Ilie Chariiies .4ci .01 l and tlie Siateiiient of IlecoinmLnded Practile .' Accoiiiitin2 and Reponiiii) bi. C lTrarilies 01_. Tlie"I rust ha% no paid s13112nd is riin on a ¥oliiiiiaTr basis Ihe Truilce>. I'IIL TI iisi'i Ii'ebsitc caEJ bL foLind ai ￿.111￿..rO551I￿TE[uSr_CoTn i*herc it h85 particiilais ot'die TTUSI'S publicatlons Iiid Iiei¥slclters. Aiitlior'5 Giiidelii)es and otlier useful link¥. Orders for publicatSOlls cali be plaLed via Ilie -ebEite. l-lierc al'e no oiher t-onnal links w.ith ali} petsoii or b(MJTr. chariiaole or othcni'is¢. other ihap Ihuse firlns aiid iiiolivi(Iucils nained on page l as part or rhe Legal and Adminisirariv¢ Infoiinaiion. Froin tiine to iiinc iiidi%'idiial aFTiiniie1neiitS ¢lTe in' ofexpL Thei)ce i¥iih tlie neE'd lor i)eii' skills. THÈ STI.'XR Y ROSSII"ER'IRI",%T LiFPUKI OF THE TRLSTF.F.S FOR THE YE.AR ENDED 31 DEcE.￿lBER 2021 (CONTI.} LED Risk IqsnageEn2nt Thr a'rusLees undtrtake periodic rekiew of risk 10 ￿'hICh the TTUSI i5 ex￿sed. The key risks identified are- illness or resignation of Trusiees finan¢ial dainage to st[￿k of boo ¢halletiges ttr decisions of Ttusiees InF￿ngeMent of oiljers, copyright books prices too high or prini ruE]s loo short or ilm) long 14rebsiie arvdcked iU)d deldce ObjL'Ctii'es l-he prjlicy objectives ser out in Administrative l)eiails of the 1995 report rernilill unchanged. That paragraph said.. ThL Twiieeg haire found that there are manv projects for reseaTch and publication which can be funded Lknefullv ii'iihin the tems of the chatitablc objeeii of the"I'rusi- th¢ path of protrw is to mf>ve fonvard sloivly bui deliberarelv, and ii'iih an ¢ye 10 quality of lexi 8nd publicgiion while still Irving tts pijblish what coininercial inleiests could alford 10 publish eronomicallv and which priTr?ie iLidti iduals ci)ul(I noi afford to publksh pri￿are￿},. The objects of Ihe Trust are to.. prDinttte rttearch into the history of the po￿al seTh ices 2Dd 10 support publi¢atkon in Ihis areg to a hiJiF acadettuL >rartdard., 10 sell pllblication* at pnce which It￿dS 10 see rhe reiurn of priiitill(y Cost and IL%earch expen8e5 50 Ilidl rh¢ iiTronei can be made aiiailablc lor nLii' publications bul ii,hich alltsws lh¢ publiL to yuychclse at a r&%onable LOSI. 10 faoilitaie research eiiquiries by ptyln1J bÉlls for pliorocopyino aiid orher reasonable and relei'ani exptndirure fn)tR arLhik'es distaTIL Irom the r￿Car¢￿er iyherc the Tnrstees are as Satisfied as rhey ca be tliai a book will trsult ivhi¢h iyill fall 1¥21hin ihe TtU51ees' piiblicaiion pulicy- 10 hai.'E an Aimiial Lecture open 10 Ilie public free of chaTr_e bi, someone iyho 15 acknoii led?ed expert in a field encompassed by Ihe objecis ofthe Ttusi aiid iwliere possible publish thi articlt or 1n0no￿aph based on rhe AnBual l.e¢ture: THF. STI.4RT ROSSII'ER TRL'ST KEPORT OF"IHL'A"RL'STEES FOR I"HE YEAR EINDED 31 DECE.NIBER 2V?I (CONTIYUED) Objeetii'es l¢ontinuedl 10 publish boo1￿ year by year ￿..hIch coi.er the widesl field olknowledge within the T]usi'5 objecis and 01 to resttici activity to any panlcular arEa. Persons i¥is]17ll¥ 10 bellefii from the ftunds of the'l'rusi are i5]¥iied ￿ Inak£ a ivriiien applicalion seti1n￿ oui a S)nOPSls of their proposed researLh ar.d publicatlOLI. application form is oli tlit u.ebsile. The TNsiL¢s then 85k furthEr qU￿tInI75 befoFe decidinible for keepine propet accouniing records appiDyriaie to the n]nniiio of rhe TIusr and pr¢pariiig annii81 acLounls. Accounis fomi paii of rhis repott and are published on ihe Trusi's ￿￿ebsit￿. .4sseis of the I'l￿st ar 3 l December 20?1 ￿'cre 1"31ued at £667.7i61?020.. £604,610). The balance oil Ihe General lllLome Fund is £47 469 (?070.- £60.87)). THE STI'IlR"I kOSSJ"ILR I'kL.s'r RTr:PORT OF THE TRiiSTEF.S FOR THE YE.4R ENDF.D 31 DECEMBEK 2021 (COITINLIED) Ateoutrts {tontinued) The Truste￿ have-. Esiablished a policy thai sales revcllue froi* publicaiions be ThEaled a5 iDcome in the year in which the I"￿'¢￿￿e arises aad will not be tre2ted a5 caDiral and will be cred51ed 10 the General Income Futtd. 'Iransfer rtotn ihis fund to Capiial are only etfeLicd iyhcn and if the General kncome Fund is sutTi¢icni ro meet all foreseeable cosis oi'er a tt¥0 year peri(xl. -fhis PDli¢v is consisieni with Tnaking sure ihai nioiiey is made available 10 fund fijrther projects a5 iKxin as that income has bc£n recei￿ed. • E.51ablished a poli¢y ro have long l¢rni LapiLal increase w'ith consequeniial tncome iii¢rea5e bui ai the expetlse of hawng e￿Ough anryual income 10 fumd ai least Iwo books. one research wni and the a[￿Ual lectuw as ii.'ell as being able 10 pay ordi￿ary expenx¥. The I'rnstees are prepared 10 allocate incorne 3 for¥i'ard basis beL-ause bv ils very nature publishing kn'ork Lniails a long rather rhan thort u'i)rking period b￿1V¢en approv81 of a projcct and p'Jblicaiion. The author needs to hai'L flnancial assurance5 that fund> Ii'ill be available for publicalinTJ befts￿ embarkino on the details of Tr'&'ar¥hing and wriiing. There is tliercfore a diffcreaLe bem'een policy on income rescTre (for application5 Is,hicb be made ill Elle luiurel wid tt]onry [eseri."￿ for 5peLifi¢ pro]ects to meet forward contta¢tual obli￿[1￿nS to auihors. In 2019 tlie Trubt took itifonmal ad￿1cC from a Fund Mxnagcr M,ho. atTrer £onsidetitl£ Ehe Trnsl's &ttiNde to r]sk, recominended tht capiral investment be spread lollowed SinL¢ 2LK>5 Slill appropnaie: ?50/0 in f￿ed Encome 2jQ/• ji) pfopcEtv 5010 in eqttities 'Ihe syecjfit ￿ttdS itt which th¢ Trust l& LIIITently illi.'ested gre- FExed incorlle- M &. G Chartbortd - COFr CharitEes loNesimeni Fut Ptx>penv- Chtitiiies Pn)peny Fund Eqiiilieg -.Kt&G Cbarifund During Ilie year the Trus￿$ took funher illfonnal ad¥"ice atld havr 3li¢red the split betwecll Mattatse￿ ii.iThin the amounrs allocaied lo fixed into]ne. THE STUART R0551TER TRUST REPORT OF THF. TRIISTEES FOR THE YEAR ENDED 31 DECEMBER2021 (CONTINiIED) Accounts (cotttinued) As a result the Trustefs redistribuied ihe capiL11 inveitmenl in accordance ￿1Th th¢ r¢commendcd split. Since then the Trust has continued broadly with this splil as its atlitt￿¢ to risk has not changed. The Trustees forrllally review this ￿lleY each Vedr at a Trnstees mecling. Thc Trust has a Chartered Ac¢ountan¢ the Board of Tru5tCeS and consider this provides adequat¢ sdfeguards of g(M)d practiLe and judgpemenl. In Ihe evenl that the tx)licy is changed fTom thai Su￿[￿¢s[Cd by the IFA. the T￿￿1¢¢5 will take tornial ¢xternal ad&ice_ Achievements Thc British Consulate Post Office at Bangkok and a 5e¢oTHI edilion of the EMK>k on s￿ffield Postmarks M'rr¢ published bv ihe Trust in 2021 (2090.. Otkcl Two other ixxTrks were published with financial support of th¢ Trust. Looking ahead to 2022 and beyond the TnLSt expeci a numbeF of ihe publicarions in development to be published. Publications are available for sale (hmugh the website and at philaielie evenis, such a5 the York lair, Midpex and others. Two substantial granis were made to authors publi5hTng books on the postal history of French We51 Africa. (thie small grant was rnade to an individual to L4)VLY costs of research into p)sthl history subjxts; and a second gram was approved bw not yei drawn. Dlie to the covid-19 pandemic it was not p)ssible to hold a le¢￿re this year. The Trvstces ho￿ to be able to hold a le￿￿re in 2022. Foiir eltclronic newsletters were published dutingF the year. issues 54-57- all newsletters are available lor download from the charirsPs websile. (o) Tllk STL AR-I- ROSS1'IER'I'RL.S'I- REPC)R"I" THE TRI.STEES FOR THE ￿￿_￿R EIL DED 31 DECENIBER 2021 {CONTINL:ED) Achiei'ements (continued) The cuinulative posÉiion a) in Decanber 2O?I trom the lasi quaner 1995 is summ￿Sed by tlie Trustees as follows.. Books published.. Book> published ii'iih financial assistance froni the Trusl OIF&er books publi5hcd fr()m R'hich the TLThsi benefiis Oiher piibliL£iiions published ii'ith f￿ancial assisianLe fron] the TDJst Support tor conservaiion lor future and preseDI rcscarch Research branis i&ken up and paid -41)pltLaiinii% for reiearcb gtants appro*'ed In 2021 Meiiiorial Iccnji'es Electronic neii"slerrers 46 29 ?4 22 Si% ctspies of books published in the UK bv Itle Trusi Are deposited with the British l.ibrary and Libraries of the Urtik'ersilies of Olford and Cainbridge. Ihe Naiional Libratv ol- ScoilanQ Il?e iNaiional l.Ibrary 0[￿,-aleS &iid the l.ibrary of 'Frinirb College Dublin and iii addiiion copi¢s are ois'en 10 Ihe Pliil(Il¥lic Qollecrioi)5 at the Bntish Libr3ry": tlie Libi'aries of rlie Royal Philaielii Society I.0￿don, and tbe Postal Histor) S()Liet}'. I'bu5 ans, Inembei of th¢ public ina), requesi their loc31 library ID ubiain a cop&. for readino Si￿ed uii bebalt'ot the nvsiets on 14 Sune 202" Trustee LNDF.PLP4DEN'I EX,ITrIINF.R'S RFPORT I"0 I'IIE TRUSTEES OF. TIIF STL.4R I ROSSII"ER I'RUST l i'¢pi)n on the account5 Ot The Stuart Rosiiier"In151 Fund tor tlie vear eAded 31 Dectnibcr ?01 l ￿,hICh aLe set out on paues 9 10 13. Respectiie Kesponsibil%ties of -frllstee5 alld F.N8miner The chariiy's tiust¢es are respi)nsiblc for the ptepardiion (Trf tlie accouttls. 1tse ¢lwity's Iru5tees c(Iiisid¢r tliai audil is nLTrI required undtr section 144 1)f ihe Chatiiie) ALI tiol l (the Charitie5 Act} and that an in(lependeni cxamination i5 needed. Lt l5 my responsibilitv lo". e_xainine Ihe acLounts utkder Se¢iion 145 ot thc Charities Aei.. lo follow ihe PTo¢¢dures laid down Iii ille (Fenerdl Direeiions uii'ai by ihe Charit! Coiilliii8510il luiidei secrion 145($1(bl ol-the Charili¢S Act).. and tn siaie ￿lI]et1]er parERcular Inalt¢￿ haN'e come io our alteiition. Ilasis of Independent ExamiDer'5 RepoTt My gxainiiialion W¢?s carried out in acc(7rdan¢L ivith Ilie Geiieral Dirtttions (yTi.-en b J. the Charity, L,oIiunis￿1C)n. An e.KaminatÈon includes a rei'i•i of tlie #c¢ounitnts records kepi bj the Charity 211d a conipaFison of Fhe acLOUllts presented ii"Èth Ihosc r¢LoriLs. It also includes Lonbideraiion of any unusual items nr disclosures iii Il)e acco&llltg. and seeking of e.¥planaiions froni th¢ trusrc¢5 conctmino tmy such niaiiers. The procedurLs undcrtakeii do rLtsI proi ide all the evidence Ihal wuuld bc r4Liiied in an audit, 211d c.oiiseqiiLlltIy opinion Is uikcn as to H"lieilier rhe acLounLS prcsent a 'ii'u¢ attd fair, i."ie￿. and tlie Irpui"I li Iiniited to Ihose Inatters 5¢1 Ollt iii thc staiiA)icni heloiTr_ Independent EyAminer'5 Statement LoMnV￿tloll ivith m5. exami[￿tion. no ￿￿tte1. has ioiiie to inv altention- { l ) Ivhieh uives ine r¢asoTrétble cause io beliei't ihar. xnv matetRal respect, Ehe rwuireiiienis io keep d¢couniiDo r¢cords- IEE aLuor(k]iKe ii'ith scciion 110 of Ihe Cltsiities Aci.. aiid to prcpar¢ aCCOLmts w,Iiich accord iTriih die acco￿1[￿11￿ records and io Lompl). ii'iih the acLv(Intiiio requiretllLnis of the Lhariiies Aei t]ai.-e not been iiiet= or { ? } to H,hich. in my opitLÈOlI. attention shi)uld be dtaivn in order to eiiable a propcr Unde￿[andin0 of the aLLounis 10 be l'eached. J F.IIRL)II Begb)es L1181'1ered .4eLOIUll