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 ROss￿R 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¢ fina￿lIJ 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 T￿st 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 Obj￿tiveS 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 Tn￿te¢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 e￿noMIcAllY 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 publI￿tiOn 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 d￿t 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 obj￿tS 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 ObJ￿ts 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 pUbli￿tion. An app]i￿¢10n forni is on the website. Th¢ Trustees
then ask further questions befor¢ deciding on the merits of an appIl￿tion and wh¢ther the application is
within the objects of the Tn￿ and if approved can be fitted into the T￿￿8 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 Tn￿te# 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 ¢dU￿tIOn in r¢lation
thereto. This is a¢hi¢ved by promotingthe study of postsl history of all periods* Pl￿e3 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¢s￿nSIble 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 I￿k4 one r¢search 8rant and Ibo
annual l¢¢ture as well as being &bl¢ to pay ordinary expenses.
The Trustees aTe prep￿rd 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 fo￿ard contrnotual obligations to authors.
ID both 2019 and 2021 the TTUSttook informal advi￿ from a FuThd MaDaBer who, after considerin8 the
T￿s￿S 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 InV￿trnent 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 Ttt￿t 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 T￿E 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 chang￿1 from that 8UBgestsd by the iFK th¢ Trust¢¢s will tsk¢ forn￿1 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
Angl￿Bo¢r Waryears, attd ren￿Ship 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 BU￿phIlex 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 EXA￿￿￿ER*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 Tr￿t 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 e￿￿nI￿atIon I hav¢ followed all the applicable Directions given by th¢ Charity
Commission undeT Section 145(5) (b) of the Act.
IDdePe￿aellt 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 e￿niTIatIon.
I have no con¢erns and have come across no other m8tters iu ronu¢¢tion with the eXa￿l￿ation 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 DEcEI￿BER 2023
Notes
CapltAI
Genernl
21)25
2024
Ac¢ount Income fud Tot*1 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
ch￿1t&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 Lo￿8
18,542
18.542
20,449
Other Re¢ogxtsed G*kn8
Gains on InV￿t￿¢￿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 st￿k
Ch*rftAble A¢tivitl¢J
2025
2024
Cost of books publisbed
Grant8 ft*r 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 Inv￿tMents
2025
2024
Mgrktt VAIu¢
At l January 2025
Additions
Disposa
Re21ised Gain
Surplusl(Defioit) on RevMluJtion
At 31 DeCe￿ber 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