Charity No. 292076 THE STUART RossrrER TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 BEGBIES Cbartcred Accountants 9 Bonhill Street London EC2A 4DJ
THE STUART ROSSITER TRUST FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 INDEX Page No. Legal and Administrative Inforniation Report of the Trustees Indep¢ndent Exatniners, Report Statement of Financial Activities Balance Sheet io Notes lo the Financial Statements
THE STUART ROSSITER TRUST LEGAL AND ADMINISTRATIVE INFORMATION AS AT 31 DECEMBER 2024 Trustees Mr David Alford Mr Rex Dixon Mr Andrew Gould Ms Susan McEwen Mr Douglas Muir Capt. Joineg PodEer Mr Simon Richards Principal oftfiee Corresponding Trustee Andy Gould 56, Jaines Street Selsey Chichester P020 OJG Website Management Oyster Marketing & Design Ltd 12a North Street Emswort POIO 7DQ Book Dlstribution Mr John Jackson 17 Cambridge Avenue Melton Mowbray Leicestershire LE13 OAA Independent Ex*miners Begbies Chartered Acoountan15 9 Bonhill Stt'eet London EC2A 4DJ BAnker8 Bank of Scotland P O Box 23688 The Mound Edinburgh EHI IWG
THE STUART RossrrER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Administrativc DetAi15 The Trustees present their report along with the financial statements of the charity for the yeor ended 31 December 2024. The financial stalements have been pi'epared in accordance with the accounting policies set out on page I l and comply with the Charity's Trust Deed, the Charities Act 2011 and the Statement of Recornmended Practice . Accounting and Reporting by Charities 2015. The Tnjst has no paid staff and is run on a voluntary basis by the Trnstees. The Trust's website can be found at wiww.rossitertrnst.com where it has parti¢ulars of the Trust's publi¢ations and newsletters, ALlthor's Guidelines and other useful links. Orders for publicalions can be placed via the website. There are no other formal links with any person or body, cliarilable or othenvise. other than those firn)s and llidividuals named on page l as part of the Legal and Adinini51Tative Information. From time to time individual arrangements are made for co-operation on research and related graiits or for preparation of works for publicatiDn,' these arise ad hoc according tD the needs and circuinstances relating to the researcher or author. Cha[elS for distribution of books or other piibli¢ations are sele¢led depending upon the perceived markets for those works. Structure, Gov¢rn&nce and ManRgem¢nt The Trust originated under a provision in the will of Stuart Rossiter who died on the 19th December 1982. The Trust is govemed by a Trust Deed dated 3rd June 1985 and by an Order of the Charity Commission dated 24th January 1995 and by a Deed of Modification dated the 2 1st August 1995. 2024 was the twenty-ninth full year of operation for the Trust. The Tn]st's main objectives are set out under Objectives in this report. The Trust's financial year is the calendar year. The power of appointing new tTUStee5 is vested in the existing Triistees. Et is policy to have periodic changes in Tru51ees for the benefit of the Trust's activities by balancing the need for continuity of experience widi the need for new skills. (2)
THE STUART ROSSITER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Risk Mgnagefften¢ Th¢ Trustees undertake periodic review of risk to which the Trust is exposed. The key risks ideiilified are.. • Illness or resignation of Trustees • financial damage to stock of books challenges to de¢isioiis of Trustees infringernent of others, copyrighi books prices too high or print runs too short or too long website attscked and defaced Objectives The policy objectives sel out in Administrative Details of th¢ 1995 report remain unchanged. That paragraph said.. The Triistees have found that there are many projects for rese8rch and publicatioii whieh can be funded usefully within the terms of the charitable objects of the Trnst. the path of progress is to move forward slowly but deliberately, and with an ey¢ to quality of text and publication while still trying to publish whai commercial interests could not afford lo publish economically and which private individuals could not afford to publish privately. The objects of the Trust are to: promote research into tlie history of the postal services and to support publication in this area to a high academic standard.. to sell publications at a price which tends to see the return of printing cost and research expenses so that th¢ Jnoney can be made available for new publications but which allows the public to purchase at a reasonable cost. to faeilitate research enquiries by paying bills for photocopying ond oih¢i' r¢asonable and relevant expenditure from 8reliives distant from the reseanher where the Trustees are as satisfied as ihey can be that a book will result which will fall within the Trustees, publication policy* to h8ve an Annual Lecture open to the public free of charge by someone who is an acknowledged expert in a field encoinpassed by the objects of the Trust and wh¢re possible publish an tiC[e or rnonograph based 011 the Aiinual Lecture. (3)
THE STUART RoSSER TRUST REPORT OF THE TRUSTEES FOR THE YWI ENDED 31 DECEMBER 2024 (CONTINUED) Objectives (eontiDued) to publish books year by year which cover the widest field of knowledge within the Trust's objects and not to restrict activity to any particular area. Persons wishing to benefit from the funds of Ihe Trust are invited to make a Written application setting out a synopsis of theii. proposed research and publication. An application form is on the website. The Trustees then ask further qiiestloi before deciding on the merits of an application and whether the appli¢ation is within the objects of the Trust and if approved ¢an be fill¢d into the Trust's cash flow foi. the iiilended year of research or publication. There are no restrictions on who apply or on th¢ subject within the objects. that is to say the Trust acts worldwide in respe¢t of both. The Trustees personally encourage 2pplications tIOUgh personal activity and publicise the ability to make applications in the published works of the Trust and on the Trusvs website. After repayment of the Trust's and author's publication and distribution costs. the proceeds of further sales are either sh'ed with the author or more usiially allocated to the income reserve. Expcrienee with 52 books published since the Trust started operations in 1995 shows that 21 books have gone into surplus and in most cases the auihois played an active role in selling their books. Research grants as such are not normally repayable. likewise small grants to have an archive or collection of research value preserved by copying are not repayable. The Trustees considei. most of their applications immediately by email to give speed of response and to avoid the cost of travel to ineeting5. Formal Trustee meetings are nortnally held ihree times a Ye.. Charitsble Purpose and Publie Benefi¢ The charitable purpose of the Trust is advan¢ement of the arts, culture and heritage, and edu¢ation in relation thereto. This is a¢hieved by promoting the study of post history of all periods* places and kinds and furthering public knowledge and appreciation of it through the publication of books and reference works on postal history subjects. Aecounts The Trustees are respon5ibl¢ for keeping proper a¢counling records appropi'iate lo the running of the Trust and preparing annual accounts. Accounts form part of this report and arc published OD the Tntst's websites. Assets of the Trust at 31 Deceinber 2024 were valued at £674,104 (2023.. £645,760). The balance on the General Income Fund is £61,896 (2023.. £61,011).
THE STUART ROSSITER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTII¥WED) Aceounts {continued) The Trustees have.. Established a policy that sales revenue from publications be treated as income in the year in which the revenue arise5 and will not be treated as capital and will be credited to the General Income Fund. Transfer from this fund to Capital are only effected when and if the Genei'al Income Fund is sufficient to meet all foreseeable costs over a two year perii)d. Tliis policy is consistent with making sure that money is made available to fijnd further projects as soon as that income h&s been received. Established a policy to have long term capital increase with consequential income increase but not at the expense of having enough annual income to fund ai least two books, c>ne research grant Bnd the annual lecture as well as being able to pay ordinary expenses. The Trustees are prepared to allocate income on a fonvard basis because by its very nature publishing work entails a long rather than short working period between approval of a project and publication. The author needs to have financial &ssurances that funds will be available for publication before embarking on the details of researching and writing. There is therefore a difference between policy on income reserve (for applications which may be made in the future) and money reserved for sp¢¢ifie prc>jects to meet forward contractual obligations to authors. tn both 2019 alld 2021 the Trust took infortnal advice from a Fund Manager who, after considering the TTht's attitude to risL recommended the capital investment spread followed since 2005 was still appropriate: 250/0 in fixed income 250/0 in property 50 % in equities The specific fuiids in which ihe Trust is currently invested ar¢.. Fixed income - M & G Charibond COIF Charities Investment Fund Propety- Charities Property Fund Equities - M&G Charifund The 2024 calendar year has seen the income from investments continue lo rise bul with little effect on the capital values.. at least in part a ¢onsequence of the rise in the general level of interest rates.
THE STUART ROSSITER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Ae¢ount8 (continued) As a result the Trustees redislribuled the capital investment in accordance with the recoinmended split. Since then the Trust has continued broadly willi this split as its attitude lo risk hos not changed. The Trustees forrnally review thi5 policy each year at 8 Trustees meeting. The Trust has a Chaiter¢d A¢eounlant on the Board of Tnistees and consider this provides adequate safeguards of good practiee and judgement. the event that the policy is Changed from that suggested by the tFA, the Truslees will take formal external advice. A¢hi¢vements Two books were published by the Trust in 2024 (2023.. Three). These were Hugh Robinson- A Prisoner of WA and 'Shropshire Postal History,. Looking ahead to 2025 and beyond the Trust expect & number of the publications in development to be published. Publications are avail&ble for sale through the website and at philatelic events, such as the York fair, Midpex and others. Three grants were made to individuals to cover costs of research into postal history subj¢¢ls' & further grant was made lo Europhil¢x 2025 to support the Philtelic Literature Reading Area. A an1 was also made to the National Postal Muscum to support their document scanning facility. The Trustees weip pleased to be able to hold the Annual lecture again in 2024 on Postal History: which is more interesting the postal aspect or the history aspect?,. Four electronic newslctters were published during the year. issues 67-70; all newsletters are available for download from the charities website. {6)
THE STUART RossfTER TRUST REPORT OF THE TRUSTELI S FOR THE YEAR ENDED 31 DECEMBER 2024 {COPfflNUEI D) Achievemellts (continued) The curnulative position &s in December 2024 from the1&8t quarter in 1995 is summarised by the Trustees as follows.. Books published.. Books published with fjnollcial &8sEst¢e from the Tnt Other books published from which the Tiust benefits Other publications publislied with financial siStance from the Trust Support for Conservation for future and present research Research grants taken up and paid Memorial lectures Electronic newsletters 52 32 29 25 70 Six copies of books published in the UK by the Trust deposited with the British Library and Libraries of the Universities of Oxford and Cambridge, the National Library of Scotland, the N&tional Library of Wales and the Library of Trinity College Dublin and in addition copies are given to the Philatelic Collections at the British Library> the Libraries of the Royal Philatelic Society London, and the Postal History Society. Tbus atLy member of the public may request their local library to obtain a copy foi. reading. SigtLed on beha]f of the InteeS on 7 April 2025 (7)
INDEPEP4DENf EXAMllYER'S REPORT TO THE TRUSTEKS OF THE STUART RossfTER TRUST I report to the chrity trustees on my exaamination of the accounts of Th¢ Stuart R05Siter Tru51 Fund for the year ended 31 December 2024. R¢spective and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Cliarities Act 2011 ("Ihe Act"). I reporl in respect of my examination of tlie Trusvs accounts as carried out under section 145 of the 2011 Act and in carrying out my exainination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the Act. Independent EXaler,8 stateDJent I have completed my examination. I confirm that no Inatters have come to my attention in coiinection with the examination giving me cause to believe in any material repse¢t.' accounting records were not kept in repsect of the Trust as required by section 130 of the act. or 2. the a¢¢oui)ts do not a¢¢ord with tliose records. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accouiits and Reports) Regulations 2008 other than any requiffinenl Ihal the accounts give a Irue and fair view, whicli is not a matter consid¢i'¢d as part of an independent examination, I have no concerns ]d have come across no other matter5 in coleCtIon with the examination to which &ttenlioD should be drawn in this report in order to enable a proper understanding of the accounts lo be r¢a¢hed. CPexkon Begbies Chartered Ac¢ountants ICAEW 9 Bonhill Street London EC2A 4DJ 15 April 2025 (8)
THE STUART ROSSITER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Notes C4Plt81 General 2024 2023 Account Income fund Total Funds Tot¥LI Fullds Income Incoining Resources from Charitable Activities Donations and Legacies Sale of Books Royalties 4.074 132 4,074 132 3,777 94 4.206 4,206 3,871 Incoming Resources from Generated Funds Investment Inwme 32,169 36,375 32,169 36,375 28,198 32,069 Total Incomii)g Resources Expendlture Raising Funds Charitable Activities GOvernl¢e Costs 1.703 12,916 1.307 15,926 1,703 12,916 1,307 15,926 1,615 26,349 ,155 29,119 Total Resources Expended Net Income 20.449 20,449 2.950 Tronsfers Between Funds Ne¢ Incoming Resources Before Other RecogDiAed Cains gnd Losses 20,000 (20.000) 20,000 449 20.449 2.950 Other Reeognised Gains and Losses Gains on Iiivestment Asset5 7,459 27,459 436 7,895 28,344 (3.455) (505) Nel Movement in Funds 885 ReconciliHtiort of Fund8 Unrestrieted Funds Total Funds Brought Forward at l January 2024 Total Fuuds Carried Fonvard at 31 December 2024 584,749 612,208 61,011 61,896 645.760 674,104 646.265 645,760 (9)
THE STUART RossrrER TRUST BALANCE SHEET JI DECEMBER 2024 2024 2023 Notes Fixed Assets Investments 617.170 589.275 Current Assets C&sh at Bank 56,934 674,104 56,485 645,760 Net Assets Represented by Capital Account 612,208 584,749 lu¢ome Reserve Account 61,896 674.104 61,011 645.760 The notes on pages I I to 13 form part of these accounts. Approved by the trustees on 7 April 2025 and signed on theiT behalf by: Trustee (io)
THE STUART ROSSITER TRUST NOTES TO THK ACCOUTrUS FOR THE YEAR ENDED 31 DECEMBER 2024 AccouD¢ing Policies The following accounting policies have been applied consistently in dealing with items which are considered wnaterial in relation to the Trust's Financial Stateinents. Basls of preparatio The fiiiancial statements liave beeii prepared in accordance with the Charities Statement of Recommended Practice (FRS102) and applicable United Kingdom Accounting Standards. Valuation of investments Jnvestmenls held as fixed assets are ststed at Market Value at the balan¢e sheet dale. Realised and unrealised gains and lo&%es are not sepÈrated in the Statement of Financial Activities. IneomiDg Resources Incoming Resources are recognised when receivable. Investment Income Investment income 15 received gross without deduction of lax. Resources and Grants Expended Resources expended are recognised in the peri(NJ in which they are incurred and include VAT which is not recoverable. Governance Costs Governance costs comprise &ll costs involving public aeeountsbility of the charity and its Compliance with regulation and good practice. The costs include those related to accounting services. Stock Stock of books and publicat10115 are Carried at nil value.
THE STUART ROSSITEI R TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 C05t of Generating Funds 2024 2023 Printing, Postage and Stationery less recovered costs Insurance Stornge of stock 122 1,581 1,703 122 1,493 1,615 Charitable A¢tlvltAes 2024 2023 Cost of book5 published Giants for researcli and publications other alS tnade Website Costs A1Ual Lectur¢ Costs Publicity 684 3.028 7.438 ,105 661 7,787 13,602 2,500 1,903 557 12,916 26,349 Governanee Costs 2024 2023 Independent Exnine15 Fees Trustees, meeting costs and expenses Bank charges 720 457 130 690 328 137 1,307 1.155
THE sfuART ROSSITER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR EfqDED 31 DECEMBER 2024 Fixed Asset Investments 2024 2023 Market Value At l January 2024 Additions Loss on disposal Surplusl(Deficit) on Revaluotion Ai 31 December 2024 589,275 20.000 572,730 20,000 7,895 {3,455) 617,170 589,275 Investments are held primarily to provide an inveslillent return for the charity. 2024 2023 At 31 De¢ember 2024 Investments comprised holdings in'.- The Charities Property Fund Charibond Ch8rities Fixed Income Common Investtnent Fund Charities Official Investineiil Fund Charifund Equities Investment Fund for Charities 151.748 68,064 105,076 292,282 617,170 131,115 70,549 102,755 284,856 589,275 Thc historic cost of investfftents held is £532,248 (2023: £512,248). Movement In Funds Fund Bolances BIFwd Fund Balanees CIFwd Incoming Resollrees Outgoing Resources Gross Transfer G8fins & Loyses Unrestrict¢d Funds Capital Account Income Fund 584.749 61,011 645,760 20,000 {20,000) 7,459 436 612,208 61,896 674,104 36,375 36,375 15,926 15,926 7,895 Analysis of Net Assets between Funds Net Investments Current Amel$ Total Ullrestrlcted Funds Capital Account Income Fund 597.417 19,753 617.170 14,791 42,143 56,934 612.208 61,896 674,104