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 RoSS￿ER 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 tI￿OUgh 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 TTh￿t'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 Tn￿t
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 In￿teeS 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 EXa￿l￿er,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 col￿eCtIon 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
GOvern￿l¢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 ￿a￿lS tnade
Website Costs
A1￿Ual 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 Ex￿nine15 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