ChArlty No. 2921J76 THE STUART ROSSITER TRUST REPORT ALYD F]NANCIAL STATEMENTS YEAJi ENDED 31 DECEMBER 1025 BEGBIES Clwtred A)ltants 9 Bonhill Street LondoD EC2A 4DJ
THE sfuART ROssR TRU YEAR ENDED 31 DECENtBER2025 P4ge No. 1£881 and Administrativ¢ Information R¢p)rt of the Ttustees tndep¢ndent BxBminers' Report Staternent of Fin&ncial Adiviti¢8 Balall Sheet 10 Not¢$ to the Finan¢ia] Stat¢ments
THE STUART RossrrER TRusr LEGAL AND ADMINISTRATIVE llVORMATION AS AT 31 DECEMBER 2025 Trn81e Mr David Alford Mr R¢x Dixon Mr Andr Gould Ms Susan McEwen Mr Douglas Muir CapL James Podger Mr Simon Richards Prln¢ipal Offlce Corresponding Trustee Andy Gould 56, JAmes Street Selsey Chichester P020 OIG Website M8n*gement Oyster Marketing & Design Ltd 12aNorth Str¢et Ejnsworth POIO ?DQ Book D5stribution Mr John Jackson 17 Cambrid8¢ Avenue MeEtOD Mowbray Leicestershire LE13 OAA Illdependellt Ex8mllle Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ B4nkerJ Bank of Scotland PO Box23688 The Mound Edinbur¥) EHI IWG
STUART ROSSnER TRUST REPORT OF THT TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 202S Admlll18tratlve D¢tAlb Th¢TDJ5tees present their report along with the financial statements of the tharity for theyegr ended 31 December 2025. Th¢ finalIJ stat¢ments iyave be8n prepared in &rdance with th¢ accounting policies Set out on page I l and ¢ompty with the Clwity¥ Thist D¢ed, the Charitie5 Act 2011 and the Stst¢tnent of R¢comwdoa Practice: AeLountiDg 8nd R¢porting by Clwities 2015. The Thist has no pald stsff and is run on & voluntary basis by the Thist¢es. The Trnses w¢bsit¢ can be found At wwwJossltertrusl,com Whe it has particul8rs of the Trusvs publications and newJlett¢rs. Authols Guid¢liaes and other use] links. Orders for publications can be pl&c¢d via the websits. There are no other fornwi litths with any persoft or body, ch8ritable or otherwi8¢, otherthan those firms and ¥ndividu8ls named on pw l a5 part of the L4g&l And Administrative Inforni8tion. From time to time individual arrnngem¢nts are made for COwop¢ration on re5eor¢h rolated &t$ or for pr¢p8ration of Works for publicalion. these arise ad hoc accordiDgto the ne¢ds and Gircumstsnce8 relating to the res¢arch¢r or author. ChAtth¢ls for dlstribution of books or other publications are sele¢ted dep¢ndin8 upon th¢ peyoeived maTkets for those works. Strue¢ure, Govern*nce #nd Management The Trust originated under a provision in th¢ will of Sts8rt Rossit¢T who died on the 19th December 1982. The Tst is governed by a Trnst Deed daÉed 3rd June 1985 by an Order of the Charlty Commission dat¥d 24th January 1995 And by a Deed of Modification dated the 21st August 199S. 2025 was the thirtieth fvll year of operation for the Trust. The Trusvs main ObjtiveS 8re set out under Objectiv#s in this report. The TTUSt'$ finaDci&I year is tho calendar yegr. Th¢ Wer of appointing new trnstees 15 vestryj in the existing Thtsts, It is policy to have peridlc changes in Trustees for th¢ benefjt of the Twsvs aotivities by balallciDg the need for ¢ontinuity of experience with th¢ need for new skills. 12)
TEE STUART RossrrER TRUST RIPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Risk Management The Tnte¢S undertake pericrtjic review of risk lo which the Trust is ex. The key risks identified e.. • illness or resignation of Trustees • financial damagg to 8to¢k of books • challenges to decisions of Trjstees infrAnBement of oth¢rs' copyright books Pric too high or print runs too short or too long website &ttscked and defac¢d ObJeetlve8 The policy objectives set out iti Administrative Details of the 1995 reprt remaitt unchanged. That parngraph said: The Trustees have found ththt thore are mAny proje¢ts for T¢5earch and publication which can be funded usebjlly within the tern of the charitable objects of the Tnjst. the path of progress is to move forward slowty but deliberately, and with an eye to qualty of text and publication while still tying to publisb what commer¢i81 interests could not atyord to publish enoMIcAllY and whicli privAts individuals could not Afford to publish prlvutely. The objects of tb¢ TNst are to: promote research into th¢ history of the posthl s¢rvio¢s 8Dd to 8UPWt publItiOn in this area to a high 8cademi¢ stdndÈrd' to sell publications at a price whicb t¢nd8 to see the retuffn of printing cost aftd research expenses SQ tliat the money cott be rnade available for new publirations but whi¢h allows the public to purchase at a reasonabl¢ cost. to facilitst¢ re5e4ruh enquirie5 by paying bills for photoo)pying and other re&sonablt and relevant ¢xpendithre from archives distant from the researcheT where th¢ Trustees are as satlsfied as they can be dt a Erf)ok will ruult vthich will fall within th¢ Tnjstees. publication policy. to have an ArtrtU i*cturc open to the public free of ¢h¥rge by someon¢ who is an acknowledged expert in a field encompassed by the objtS of the Trnst and possible publish an arti¢le or monograph based (m the Annual Lecture. (3)
STUART ROS81TER TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2025 (CONTThUED) ObJetthTes (eontlllued) to publish book8 year by year whiah LY)vw the widest fJ¢ld of knowledge wlthin the Thjsvs ObJts and not lo rgstrÈot activity to any particular are4. Persons wishingto b¢nefit fmm th¢ tsnds of th¢ Thst hre invited to make &written application scttiDg out a synopyis of th¢ir propos¢d research a))d pUblition. An app]i¢10n forni is on the website. Th¢ Trustees then ask further questions befor¢ deciding on the merits of an appIltion and wh¢ther the application is within the objects of the Tn and if approved can be fitted into the T8 cash flow forthe intendedye8r of research or publication. Th¢re are no restrictions on who ¢aR apply or on the gubjeot within th¢ objects. that is to say the Thist acts worldwide in respect of both. The Trust¢¢s personally encourage applicatious through p¢r50nul activty and publicise the ability to make &pplication8 in th¢ published works of the Tn¢ Rnd on the TrusV8 websits. After repayment of the Trnsvs and authols publication and distribution costs, the proceeds of fijrther sales ar¢ either shared with the author or more usually allocated to th¢ income reserve. Experience with $2 books published $in¢e the Trust St&rted operations in 1995 shows that 21 twks have gone into surplus and inmogt C¢8 the authors played an activ¢ role in 6ellin8 their books. Researcb grAnts as such are not normally rep8yable" likewis¢ small grants to h&ve an orchive or ooliection of research Val preseRv¢d by copyin8 are not repayable. The Tn¥stC¢5 ¢onsid8r most of their applications immediAt¢ly by email to give speed of resrA)nse and to avoid th¢ ryjst of travel to rne¢tings. Formal Tnte# D]eetill Are normally held three times a y¢8r, CharitsblePurpDJe Pubjxc B¢nefit The ch8Titsble purpose of the Tru8t 15 odvan¢eD)ent of the Atts, culturn and heritige, gnd ¢dUtIOn in r¢lation thereto. This is a¢hi¢ved by promotingthe study of postsl history of all periods* Ple3 and kinds and rtheritigpublic knowledge and appreciation of it through tho publication of books and reference works on postal history subjects. Aec4•unts The Trustees are r¢snSIble for keepinB proper &¢counting records appropriate to the running of the Trn8t and pr¢paring annual a¢counts. Accounts forni part of this report and published the Tru8Vs websites. Assets of the Trust at 31 Dec¢JnbBr 2025 wet? valued at £740,557 (2024: £674.104). Th¢ bal8n¢¢ on the General Income Fund is £79.492 (2024.. £61.896). (4)
THE STUART ROSSTTER TRUST REPORT OF THE TRUSTEES FOR ThE YEARENDED 31 DECENIBER 2025 (coNrLNUED) A¢¢fjuits {¢oDtIDued) The Trust¢es have.. Established a policy th2t sales revenue public8tion8 ix treatsl as income in tbe year ID which the revenue arises and will not be treated as pital And will E¢ edited to the General bKome Fund. Transfer from this fynd to Capitsl are only ¢ffected when and rfth¢ General tncome Fund is syffi¢ient to meet all foreseeable costs over a two year period. This policy is consist¢Trt with making sure that money is made available to fund further projects as soon as that income has been r¢c¢ived. B5t&bli511 a policy to have long temi capttal inor¢L4e with consequential income in¢r¢ase but not at the expense of having enough annual incomo w fund at least two Ik4 one r¢search 8rant and Ibo annual l¢¢ture as well as being &bl¢ to pay ordinary expenses. The Trustees aTe preprd to allocate income on & fo]w8rd basis because by its very nature publishing work entails a long raih¢r than short working period betweell appmval of a project and publication. The author needs to have fmancial essuraDce5 that fimds will b8 available for publicatiOD befor¢ ¢mbw&in8 on the details of researching and writing, Ther¢ is therefore a difference bettveen policy on income reserve (for 8pplication$ which may be made in the future) and money reserv¢d for specific projects to meet foard contrnotual obligations to authors. ID both 2019 and 2021 the TTUSttook informal advi from a FuThd MaDaBer who, after considerin8 the TsS attitsde to risK iecommEnded the ¢APital investment sprts followwj sitiG¢ 2005 was still appropriate: 25Yo in fix¢d income 25% ID propety 50Yo in equiti¢8 The SP¢Gific funds in which th¢ Trust 18 Currently itivestsd are.. Fixed income- CO]F ChArities Deposit Fulld - COIF ChaTities InVtrnent Fund PropBrty. Charities Propety Fund Equities- M&G Charifund The 2025 cAl43nd year saw a substantial rise in the value of equity investhients. Th¢ M & G Charibond Fund in which the Tttt h&d been invested for many years closed in June 2025. Income levels on investments were SiDJilar to 2024. (5)
THE STUART ROSSITER TRUST REPORT OF TE TRUSTEES FOR THE YEARENDED 31 DECEMBER 2025 (CONTThUED> Aee•unts (eontlnued) As a resukthe TTUStees rediththuted the capital invcstment in a¢oordAnoo with tho recommend¢d split. Since then the Trust has continu¢d broadty with this split as its attitude to risk has not cbonged. The Tru8t¢es fornially revA¢w this Folicy each year at f4 ThJst¢es meetin8. Tho Trust has a Chartered Ac¢ountttDt on the Board of Trust¢B% and consid¢r this provides adequate safvguards of 8ood practice and judgement. In th¢ event th&t tbe poli¢y is chang1 from that 8UBgestsd by the iFK th¢ Trust¢¢s will tsk¢ forn1 exterDai advice, AehleYemÈnts Two books weTe published by the Trust ill 2025 (2024: Two). These w¢re'St H¢len&' the Phiiat¢ly of the AnglBo¢r Waryears, attd renShip in World I by the Armee Fr8ncaise d'Ori8nV. Looking ahead to 2026 And l*yond the Trust expect & numb¢r of the publications in development to be published. Publi&qtionJ ar¢ available for sak through the website and It philat¢lic event& as th6 York fair, Midpex Two weTe madeto irtdividuols to Cover costs of rese8rch into history subjects. a further grant was mad¢ to BUphIlex 2025 to support the Philatelic Lit¢iatur¢ Readin8 Are&. The Trust were 8180 repr¢sented at a literature fostiV81 in WTesbad¢n in Novemb¢r 2025. In 2025 the Trustees held a fvll day Seminar on Iwhat is Postsl History which wos well attended. In 2026 the Trustees plan to revtrt to the Annual lecture folmat. Fow electronic n¢wslett¢rB were published during the year, isgJe8 71-74. all new51ettets are available f download from th¢ ch8riti¢s website. The Thtstees commissioned & new logo for use publicity Jnatsrial and the welxsite. whieh has helped raise the wofil& of the Thjst in the PhilAtelic World 8nd it is hoped will &trrnct more authors. (6)
THE STUART ROSSJTER TRUST REPORT OF THE TKUSTF.ES FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED) Athievements (Continued) The cumulative position as in De¢emb¢r 2025 from the last quarter in 1995 is summarised by the Trustees as follows: Boaks published.. Books published with financial assistance from the Trnst Other books published from which the Tntst benefits Other publications published with fiT)aneial assistance from the Trust Support for conservation for future and present research ReseaTch grants takeft up and paid Memorial lecture5 Electronic newsletters 54 33 29 26 75 Six copies of books published in tbe UK by th¢'lrusl are deposited with the British Library and Libraries of the UniY¢rsilies of Oxford and Cambridge. the National Library of Scotland, the National l.ibrary of Wales and the Library of Trinity College Dublin and in addilion ¢opi¢s are given to the Philatelic Collections at the British Library, the Libraries of the Royal Philateli¢ Society London. and the Postal History Society. Thus any m¢mber of the public may request their local library to obtain a copy for reading. Signed on behalf of the trustees OD 16 March 2026 Tn)ee
INDEPENDENT EXAER*s REPORT TO THE TRUSTEES OF TIIE STUART ROSSITER TRUST I report to the cl)arity trustee5 on Y examination of the accounts of The Stuart Ro8Siter Trt Fund for tlie year ended 31 Decemb¢r 2025. ReBpectlvt and basts of report As th¢ charity ttwstees of th¢ Trust you are Iesp)Dsible for the preparation of the accounts in accordance with the requir8ments of the Charities Act 2011 ("the A¢l"). T report in r¢spect of my examination of the Trust's accounts as carried out under se¢lion 145 of the 2011 Act and in carrying out my enIatIon I hav¢ followed all the applicable Directions given by th¢ Charity Commission undeT Section 145(5) (b) of the Act. IDdePeaellt ExamineT'5 8tAtetn¢llt I have cornpleted my ¢xamination. I confirm that no rnatters have come to my attcntion in cotmection with the examination giving me use to beli¢ in Any material respect., . accounting records were not kept in respect of the Trust as required by section 130 of th8 act. or 2. the a¢counts do not accord with those record5" or 3. the accounts do not comply with lkn¢ applicable requireinents concerning th¢ forni and ci)Dtenl of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that th¢ aocounts give a'true fair view which is not a matter wn5idered as part of an ind¢pendent eniTIatIon. I have no con¢erns and have come across no other m8tters iu ronu¢¢tion with the eXalation to whicli attention should be drawn in this report ID order to enable a propcr understBndtng of the Accounts to be reached. C Pexton Begbi¢s Chart¢r¢d Accountants ICAEW 9 Bonhill Street London EC2A 4DJ 18 Mar¢b 2026
sruART ROSSITER TRUST STATELTrIENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DEcEIBER 2023 Notes CapltAI Genernl 21)25 2024 Ac¢ount Income fud Tot1 Fond8 Tot•1 Fllnds Income Incoming R¢sources from Charitable Activities Donations &nd Legaoi Sale of Books Royalties 3.382 132 3,382 132 4,074 132 3,514 3,514 4,206 Ineoming Resources from Goiierated Funds lryv¢skneDt Income 31,632 35,146 31,632 35,146 32,169 36.375 Totsl tnooming Resour¢es ExpeRditllre RAisin8 Funds ch1t&ble Activities Governano¢ Cos15 1,709 13363 1.532 16,604 1.709 13,363 1,532 16.604 ,703 12,916 .307 15.926 Totsl Resources ExFnded N¢¢ l•¢otne 18.542 18,542 20,449 Transfers BetweeD Funds Net Illcomlttg Resource8 Before Other R¢cognlsed Gallls Lo8 18,542 18.542 20,449 Other Re¢ogxtsed Gkn8 Gains on InVt¢t Assets Net MoYtme#t Ill FuDdB 48,857 48,857 (946) 17.596 47,911 66,453 7,895 28,344 R¢conclll*tioD of UDre8¢rl¢t¢d Fund Totsl Funds Brought Forward at l January 2025 Total Funds Carried Forward at 31 Decemb¢r 2025 612,208 661.065 61.896 79.4 674.104 740,557 645,760 674.104 (9)
THE STUART RossrfER TRUST BALANCE SHEET 31 DECEMBER 2025 2025 2024 Notes Fix¢d Asaets Tnvestment$ 696,708 617,170 Current AsB¢ts Cash at Bank 43,849 740,557 56,934 674,104 Net Asyets Represented by Capital Account 661,065 612,208 Income Resetve Account 79.492 740.557 61,896 674,104 Th¢ notes on page5 1 I to 13 forni part of th¢sc ounts. Approved by the trustees on 16 March 2026 and signed on th¢ir behalf by: . Trnstee (io)
STUART RossrrER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR EIYDED 31 DECEMBER 2025 Accounting Polides The following accKJunting pli¢i&4 have b¢¢n applied consistsntly in dealing with items which are nsidered material in relation to the Trust'5 Financial Statements. Ba818 ofprepArailoD The financial statements have been prepared ID accordance with the Charities Statement of Reethnm¢tsded Practice (FRS102) and applicable unit Kingdom Accounting Standards. ValuAtlon of ixvesthients Investments held as fixed as5et5 are stat¢d at M&Tket Value at the balan she¢t dato. Realised 8nd uwIAsed gAins and loss¢s are separated in the Stalement of Financial Activities. lllcowlmg RaourLYg Jn¢oming Resourc¢5 art recogni5ed when T¢¢eivabl¢. IDv¢8lment Income ]nvc8ttnent income is received gross without deduction of Re80uree8 and Grants Expeoded Resources ¢xp¢nded are re¢o8nised in the period in which th¢y are incurred 8nd include VAT which is not recoverable. GovernADte Cogts Governance costs comprise all costs involving pubtic a¢countAbility of the charity and it8 compliance with Tegulation and good practic¢. The costs Include those related to accounting services. Stock Stock of books and publication5 are carried at nil value.
THE sfuART RossrrER TRUST NOTES TO ACCOiJNTS FOR YL4RENDED 31 DECEKBER 2025 CoAt of GeDeratlDg Funds 2025 2024 Printing, Postage aod Stalionery less rtcovered Costs 132 1,577 1,709 122 lJ81 1,703 Storage of stk ChrftAble A¢tivitl¢J 2025 2024 Cost of books publisbed Grant8 ftr research and publications Other grants m8d¢ Website Costs 2,616 1,462 2.500 1.138 3,548 2,099 13.363 684 3.028 7,438 1,105 661 Publicity 12,916 GovernAnc¢ Costs 2025 2024 Jndeppndent Examin¢rfs Fees Trustees, meetiog Costs and oxpenses Bank charges 744 638 150 720 457 130 l.532 1.307 (12)
THE STUART RossrrER TRUST NOTES TO THE ACCOUI¥TS FOR THE YEAR EIWED 31 DECEMBER 2025 Fixed A8sel InvtMents 2025 2024 Mgrktt VAIu¢ At l January 2025 Additions Disposa Re21ised Gain Surplusl(Defioit) on RevMluJtion At 31 DeCeber 2025 617,170 loo.000 (68J73) 309 47.602 696,708 589.275 20.000 7,895 617,170 Inve5th1eDts are held pritnarily to provide an inv¢sttnent retum for the charity. 2025 2024 At 31 DecembBr 2025 Investments Compris holdings in:. Tho Charities Property Fund Charibond Charlties Fixed Income Common ]nvestment Fund COIF Charities Dep)sii Fund ChaTlties Official Inv¢stment Fund Charifund Equities Investment Fund for Charities 153.733 151,748 68,064 loo,000 100,046 342.929 696.708 105,076 292.282 617.170 The histOTlC eQSt of inv¢$tments h¢ld is £564,154 (2024; £532248). Movement its Fund Bal*D¢¢• IDeoming Oulgolng WFwd Resollreea Resourrt8 Fund GAinS Bal#Dce8 & sseS CThwd Transfer UllreBtricted Funds Capltal A¢¢ount Income Fund 611208 61.896 674,104 48,857 (946) 47.911 661.065 79,492 740,557 35,146 35,146 16,604 16,604 AnAlysiJ rf>f A&qets b¢tween Funds Net Illve8tments Currellt Assets Totsl Unre8trlcted Futtd Capital Account ]ncome Fund 647.901 48,807 696,708 13,164 30,685 43,849 661.065 79,492 740,557