1919 THE 81R RICHARD 8TAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity no.. 313812
THE SIR RI HARD STAPLEY EDU ATI NAL TRUST CONTENTS Reference and admlnlstratlva Informatlon Report of the Trustees Report of the Independent Examiner 10 Ststement of flnanclal actlvltles 11 Balance Sheet 12 Notes fomilng part of the flnanclal statements 13-18
THE SIR RI HARD STAPLEY EDUCATIONAL TR REFERENCE AND ADMINISTRATIVE DETAILS Charily no: 313812 Trustees: Dr Manali Chitre (Co-chair) Mr Wllllam Glover Dr James Jonas Dr John Kirkland. OBE Dr Debra Ann Marsden (Co-chalr) Dr Clalre Mera-Nelson Dr Sarah Otner Mr Hugh Smith Mr Paul Trimmer Stsff: Colln N88 (Clerk to th8 Trustees) Operatlonal addross Sir Richard Stapley Educalional Trust, PO Box 76132, London E8 9HE Emall and webslte: Email: 8dmin@stapleruSt.0rg Website: ww.stapleylrust.org Independent Examlner8 Novltt Harris & Co Ltd, Wellington House, 273-275 Hlgh Street, London Colney. Herts. AL2 1 HA Bank6r8 CAF Bank, 25 Klngs Hlll Avenue, Klngs Hlll, West Malllng, Kent, ME19 4JQ Investment Managers M&G Investmenls, 10 Fenchurch Avenue, London, EC3M SAG CCLA Fund Managers Ltd. One Angel Lane, London, EC4R 3AB
THE SIR RI HARD STAPLEY ED ATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements of the charity for Ihe year ended 31 December 2023. The report and financial statements have been prepared in accordance with Ihe Statement of Recommended Practice: Accounting and Reporting by CharitieslFRS102, second edition published In October 2019. The trustees have had due regard to the Charlty Commission's guidance on public benefit in the exercise of their powers and duties. Oblects." The Slr Richard Stapley Education Trust (SRSET) was founded in 1919 by the buslnessman and philanthroplst Sir Rlchard Stapley with the purpose of promoting the advancement of education. The charlty's Objects are sel out in Its Trust Deed as follows: a) To afford and asslst In affordlng opportunltles of educatlon (Includlng 8ducatlon at Unlversltl&s and Colleg68) to students of both sexes whether by gifts or loans or otherwise hows06ver' b) To promote and ald educatlon In 811 or any of Its branches outslde Unlversltles and Collog9S; ¢) To promote and ald experlm8nt8 In educatlon and educatlonal matters; d) To promote and ald research in education and educ8tlonal malter8; e) To prepare and obtaln and to promote and aid the preparation and obtaining of information concernlng educallon and educational matters and wlth a view to the Improvement of education to dlsseminate any such infonnatlon and influence publlc opinlon., and f) To do all such things as may appear to the Council of the Trust Sn Sts absolute dlscretion to be Incldental or conduclve to the objects or purposes aforesald or any of th8m. Much of our focus in recent years has been on affordlng opportuniti8s for postgraduate educatlon In the UK. Our current grant making strategy is to enable academlcally able students In financial need to galn a¢Gess to postgraduate study whlch might otherwise have been denied them. We run an annual funding round, invlting appllcations from students of any nationallty proposing to study for a postgraduate qualification (or medicine, denlisty or veterinary mediclne as a second degree) at a UK instilutlon. Grants are made for one year. Reapplications In subsequent years are admlssSble. Currently, the Trust does not 8UPPQrt full-tlrne PhD students beyond the thlrd year of thelr studles, or part-tlme PhD students beyond the sixth year of their studies. Objectlves and actlvltles.. We set three objectives for the year.. To mount a demand-led, annual grant fundlng round, attracling a dlverse rang& of academically able student applicants studwng in the UK in the academic year 2023124. To strengthen our governance by recrultlng Ihree new tmslees, establishing a new Finance Committee and undertaking a comprehensive review of business risks which could impact the charity. To publish an annual Newsletter to update current and former grant rocipionts. donors and supporters on the work and achievements of the Trust.
THE SIR RICHARD TAPLEY EDUCATI NAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements andperforn7an¢g.' Mountlng an annual grant fundlng mund, attractlng a dlverse rango of maturn Student appllcants On the first working day of January, we opened our annual grant round for graduate students seeklng financial support with the educatlonal costs of sludy for fvrther and higher degrees in the UK in the academic year 2023- 24. Th58 was the first time that we had used the Benefactor grants management software system and onllne applicalion form doveloped by The Gallery Partnership Ltd. After an initial technlcal problem on the first day, tho new system worked effectively, and we atlracted 501 appllcalions before we closed Ihe grant round {2022: 337 appllcatlons). of which 282 were eligible for assessment by our Iruslees and conslderatlon at our annual grants meetlng. Slxty-elght percent of the appllc8nls were female, 29% were male, 1 tsA felt n8lth6r descrlptlon was 8dequ8te and 10/0 preferred not lo dlsclose Ihelr sex.12022'. 64Vo female; 35% male, and 10A felt nelther descrlptlon was adequate). The spread by agè was: 23 years old, or under: 24- 29., 30- 35.. 36- 45.. 46 and over: 23Vo {2022.. 170/01 47Vo (2022: 55QAI 15Vo (2022: 140A) 90/0 (2022: 9Vo) 5% (2022.. 5Yo} 1 % (2022.. 00/0) Preferrred not to dlsclose age: Slxty percent descrlbed thelr ethnicity as 'Whlte' (2022- 660/0), whlle 380/0 were Black. Asian, or of mixed, mulllple or other elhnlc group (2022.32 % ). Three percent preferred not to dlsclose thelr ethnlclty. Twenty-three percent consldered Ihemselves dlsabled, the same percentag6 8s In 2022. Th6 nature of the di8abilitles Included physical dlsability. mèntal ill health and learning d188bility, and several stud8nts had more than one form of disabillty. Wh519 all of Ihose who applied had to be studying in the UK lo be eliglble, appllcants represented 52 differ&nt natlonalltles wllh the majorlty (73%) havlng Brftlsh natlonallty. Grants awarded: The award of a grant depends on the assessment of three trustees scorlng Independently of each other. follow8d by a whole Tru8lee Board dlscussion, focuslng on the applicant's academic record. 81atem8nts and academic reference. The criteria for awarding grants are academic achievement, the relevance of the proposed course of study to the appllcant's career and personal development goals. and degree of flnanclal shortfall antlclpated in the academic year. In 2023, the trustees decided to award 173 grants, Ihe same number as in 2022, totalling £158,650 (2022: £162,750). Some students experienced changes in circumstances during the year which meanl that thelr grants were cancelled. this reduced the total spent on grants during 2023 to £140,700. A wide varlety of dlfferent subject areas was supported. with medicine attracting the greatest number of grants, as in previous years.
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Evaluation SUNey data.. Each year, th8 Twst conducts a survey to help u8 evaluate our effectlvengss as a grant makgr. Thls year. In our seventh annual survey, we had a 50% response rat8 from reciplents of our grants for the 2022123 study period. Students completlng the survey came from 41 higher educatSonal institutions. Thity-five percent of those responding were studying for a PhD, 260/0 were medical students and the s8me percentage were studying for a MA or Msc. Other cour8es included Artist Diploma, Master of Performance. Master of Mu81c. and Postgraduate Diplomas. Reversing a trend from last year's survey where the majority of responses came from later years of study, responses this year were most often from those in thelr fir8t and second years. Students, financ181 shortfall- The majority flnancial shortfall was between £750 - £5,000 (74•A). Thlrteen per¢ent had shortfalls of over £10,000. Our granis cannot cover a student's lotal shortfall, so respondents needed to resort lo a combination of acllons to cover thelr costs fully. These included applying for more granis (62¥0) and taklng on more pald work {750>. Roughly a third had received a108n from friends or family. and a small number had taken out a ommerclal loan. Nearly half of th8 students sald th9y had reduGed thelr Ilvlng expenses In an attempt to cover thelr shortfall. Achievements ofgrant maklng - A large malorlty of respondents (83°h) sald our grants had been essential for the completlon of the ye8r's study. Many students highllghled how recelvlng a grant had enabled Ihem to focus more on thelr studles, reduclng the need for extra part-time employment which could cause bumout. Others noted the psychologlcal benefit of recelving a grant, whlch had helped lo reli8v6 financial pressures which were worrying them. Ev8n students who had rec&lved our small8st grant (£550) reported that It had helped to r8duce th8lr lavers of stress and th6 need lo take on more paid work. AS in prevlou8 years, Ih18 confirms thai even our smaller grants make a difference. Benefits attrlbutable to our grants Included being able to focus more on their studles (78°/0) and a reducllon In stress levels (75V/g). The grants benefilled students by reduclng the need for extra lobs for roughly half of re8pondenls and by reducing the need to borrow for 35Vp. Reflecting the non-financ181 benefits of recelving a grant. 580/ts of students reported that the grant had glven them a motivational boost. Similar to prevlous years. a third of students noted that a grant had allowed them to participale more in exlrarfurricular acllvilles. Many re8pond8nt8 reported achlevements. Slxty-seven percent galned exam Iquallflcatlon sUGC8ss. A number said thelr results, including first class or distinctions, were due to the financial support enabling them to focus more on their work. Some students had joined r&search committees, completed substantial sections of their Ihesis, won awards al film festivals. achieved top marks In thelr cohort or been acpted onto a doctoral programme. Sharlng thelr knowledge wlth others, 450A of respondents had undertaken some teachlng and 520/0 had had their work published, exhibited or perfomied. The grant's importance in the context of the rising cost of living was noted in several responses. In response to concerns al)out the rising cost of Ilvlng, we added a questlon this year to explore respondents, views about the scale and size of our grant-giving. We asked students if they thought il would be MO helpful if the Trust.. supported more students but with smaller grants- supported fewer sludents but with higher value grants; or kept things as they currently a. Seventy-eight percent thought we should keep things as they are, 5UPPOrting the same number of sludonts with the same range of grants.
THE SIR RI HARD STAPLEY ED ATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 We know, from tha interviews we conducted in 2021. that students are keen to feed back th8ir views about their experience of applying to our Trust. and the impact a grant can have. Experience of applyng to our Trust- Our appllcatlon process was f8lt to be straighttorward, and the administratlon of the grant largely problem-frae. Being able to download the application fomi was a welcome innovation. Some interviewees made a particular point of praislng the good communication they had experienced. "Your communic8tion is amazing.l Out of all the tnists I have come into cont8Ct with. your communic8tion Is the besl," Impacts of being aw8rded a gr8nt- All were able to ctte a varl8ty of way8 in which it had eased their financlal burden. enabllng soma to avold havlng to take on pald work that would dlstract from thelr studles, "I thlnk your organlsaUon needs to contlnue wh8t it's doing. Its dolng a lot of good, its apPr8.ated a lot. and every student that you fundyou are helplng provld& a brighter future.. Receipt of an award, apart from havlng a financlal effect, also had a po8ltlve effect on morale: "As well as the financial support, It's the belief In me and my studies and thats really been fvndamental because it's the kind of thlng where you're always going thmugh - self-doubt. Its such a long-lam? pmJ&ct, riddled with insecurity, so having the support of an organisation like yours has, for me, been really tr8nsfom?atlve." Strengthonlng our govemance by reGrultlng new trustses, establlshlng a Flnance Gommlltee and und•rt8klng a comprehenslve revlow of busln•ss rfsks whlch could Imp8Ct th• charlty. We advertised wldely and recruited three new trustees who were appolnted In July (Mr David Ford, Dr Clalre Mera-Nelson and Mr Hugh Smith). A comprehenslve pack of induction materlals and onboarding meelings wlth trustee officers and staff were provided to the new trustees. We éstabllshed a new Finance Committee conslsting of flve of our Iruslees with cl&ar temis of reference. The committee met three times during the year to consider In detail the fi'nancial wellbeing of Ihe charity. In autumn of 2023, the trustees conducted a comprehensive examinatk)n of the business ri8kB which could Impact our Trust and ils work and reviewed our mitlgation measures. The financial, governance. operalional. environmental and compliance risks were identified, and the trustees were sat15fied that the necessary processes and controls w8r8 In place to mltlgate these. The trustees took several other steps to identify and mana9e risk during 2023, including scnrtinlsSng the charitys internal financial controls against the legal requirements and good practice recommendations in the Charlty Commisslon's CC8 checkllst, reviewing our Dlsaster Recovery Plan, amendlng our grant-maklng eligibilily rules. and close Ilaison with our investment fund managers. 3. Publishlng an annual Newsletter. The Newsletter was published In December 2023 and emailed to 621 friends and supporters of the Trust. We use It to celebrate the Trust's and our beneficlaries, achievements, explain our organlsatlonal plans, bulld support among potential donors. and alert Ihose interested in our granis about changes in our eligibility rules and application processes.
THE SIR RI HARD STAPLEY EDUCATI NAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew.. The Work of the Trust is funded primarily from retums on its investments. As of 31 December 2023, the market valu8 of the Trust's Investment was £3.989.767 (2022.. £3.915,447), thls belng malnly derlved from Slr Richard Staplels origSnal legacy. The Trust's investment pollcy is to safeguard its endowed funds, preserve its capllal, to maximise its income, and to keep its running costs low. It is the Trusvs policy not to invest in companies Involved in tobacco, armaments, or gambllng. The Trust's Invested capltsl is currently held In the form of M&G 'Charlfund' Investment unlts. CCLA investment unlts, and a CCLA d8poslt account. The performance of the Investment funds is reviewed each year, and the Irusteos consider whether lo diversify or swilch Into another fund at least once every three years. The trust also benefits from Individual donatlons and legacle8, mainly from alumni. In 2023, the Income from thes6 was £4,481 comp8r8d to £4,975 in 2022. Each y88r, prlor to the grants awards meetlng, an assessment of the amount of money avallable for grant making is made by the Finance Committee and approved by the Trustee Board. The trustees ensure that sufficient amounts of money are maintained throughout the year In easy access accounts lo cover management and administration costs. In 2023. Ihe Trust's running costs totalled £44,480 or 24 /0 of total expenditure (2022: £45.210 or 24Yo). Rlsk Management.. We have covered our actions to assess and mitigate business rlsks under Achievements and Perfomiance. Objectlve 2 (Slrengthenlng our Governance), on page 6 above. Structure, Governanc• and Managem•n¢.. The Trust is an unincorporated charit8ble trust. It was constltuted by Twst Déed dated 13 January 1919, whlch document was updated In Nov8mb@r 2021, July 2022 and September 2022 and lodged wlth the Charlty Commission. There is a minimum of 3. and a maximum of 10 trustees. New trustees are appointed by the trustees. havlng rpgard to obtalnlng a satlsfactory range of relevant skllls and expgrlence wlthln the trustgo body. A Chalr or Co-Ch8lrs, Vice-chair, and Treasurer may each elected from the trustee body. There are currently nine trustees led by Co-chalrs, Dr Manali Chitre and Dr Debra Ann Marsden. Trustees normally meet as a Board three tlmes a year. Two meetlngs are concerned with general business, pollcy and r8vlew. the other Is a grant awardlng mgellng. A Flnance Commlttee consl8tlng of flve of our trustees m88ts three times during the year to consider in datail our finandal w811b8ing. During 2023, Mr Christopher Richard Walker st(MxI down from our Board in May., three new trustees. Mr David Ford, Dr Clalre Mera-Nelson and Mr Hugh Smlth. were appolnted In JUEY, but Mr Ford stood down from the Board in December. We would like to thank Mr Walker for his advice and Mr Ford for critically reviewing our finances and advising on best practlce. Day-to-day responsibility for managing the Trust's affairs is delegated to our sole stsff member. our Clerk to the Trustees, Mr Colin Nee.
THE SIR RICHARD STAPLEY EDUCATIONAL TR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Plans ft¥r Futur8 Pérfods.. Trustees began implanting a 5-year strategic plan in January 2022. Trustee5 considered a progress report on Ihe strategy in November 2023 and were satisfied with progress to date. Strateglc cholces we h8ve made Our geographlcal remit will remain the UK. Whlle maintainlng our focus on UK universlties. we will continue to support postgraduale students of sll nationalities studying at those institutlons. We will contlnu8 to focus exclusively on grant-making to Sndividuals, as opposed to grant making to organisalions or commissloning re88arch. Those indivSduals will be postgraduate students, and lo maintain the focus on those showing high academic ability we will contlnue to require grant appllc8nts to have achieved a First-class or Upp8r Second-C18ss honours degre8, or a Master's or doctoral degree. On& Important changa Is that we wlll be more expllclt about the qualltles we are looklng for In the those seeklng our support. Assuming they moat our basic ellglbility crlt8rla, the attributes listed below wlll be used lo gauge wh8ther an applicant fils the desired profile. They wlll not be required to meet each one separ8tely; rather the whole 'package' wlll be assessed overall. The sludent: should be undertaklng a course to better achleve their ambttlon regardlng career path or personal development; has the potential to make a contribullon to wider society., may have had lo overcome - or be facing - partlcular challenges such as dlsability or famlly, soclal or economic balers. should demonstrate real passlon and commitmenl lo the chosen area of sludy, must be In real flnancial need but wlth a stratsgy for addresslng this and must have made an effort to access other sources of funding; must have evldence of academic ability, ¢onslderlng thelr background when essesslng past perfomiance, and must have the support of an informed and competent referee. In the second significant change. we removed Ihe requirement for students to be 24 years or over. While this may have been appropriate in the past, there was no convlncing reason for keeping it. Further, the median age of full-time first year postgraduate students is 22- 23 years old. The third key chango relates to the types of wur8e3 that we are prepared to support students to take. We decided lo link our eligibility rules to levels 8 and 7 of the Quallty Assurance AgenCS Framework for Higher Educatlon Quallfications, or FHEQ (the Scottlsh equivalent Is levels 12 and 11 of the Framework for Qualificatlon of Hlgher Educatlon Instltullons In Scotland, or FQHEIS). Groundlng our ellglblllty rule5 on th[8 externally recognised quality framework provides greater clarily and legitSmacy. However, we needed to 8dapt it somewhat, for example by continuing to exclude Ihose undertaking first degrees in mediclne, dentlstry and veterinary medicine since we have agreed to continue fundlng only postgraduates. This change means that we are allowing those taking p08tgraduate diplomas and certificates to apply to the Trust for the first timg. Our Trust has helped countless studonts over the last hundred years. We hop8 the strategic choices we have made will ensure it remains for many years to come an expression of Sir Richard Stapley's Ilfelong concem to advance educalional and philanthropic causes.
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees. re8ponslbllities In relation to the financlal statements The charity trustees are responsible for preparlng a trustees. annual report and financlal statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practice). The law applicable to charitles in England and Wales requires the charlty trustees to prepare financial statements for each year which give a true and falr view of the slate of affairs of the charity and of the incoming resources and applicatlon of resources, of the charlty for that perlod. In preparing the flnancial statements. the trustees are required to.. select sultable accounting policies and then apply them conslstently; observe the methods and prlnciples in the appllcable Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed. subjeGt to any material departures dlsclosed and explained In the financlal statements; prepare the financial statements on the golng concern basls unless It Is Inapproprlate to presume that the charfty wlll continu8 In business. The trustees are responslble for keeplng proper accountlng records that dlsclose with reasonable accur8cy at any tlme the flnancial posltlon of the charlty and to enable them to ensure that the financial statements comply wlth the Charitles Act 2011. the appllcable Charities (Accounts and Reports) Regulatlons, and the provisions of the Trust dead. They are also responsible for safeguardlng the assets of the char5ty and taklng reasonable steps for the preventlon and detection of fraud and other Irregularltles. The trustees are responslble for the malntenance and integrlty of the charlty and financlal Information included on the charity's webslte. Leglslation In the United KSngdom governlng the pr6paratlon and dissemination of financlal statements may differ from legislatlon in other lurisdictlons. Approval Thls report was approved by the Trustees and signed on thelr behalf by . Date: (Dr Manali Chitre, Cchair) Date: (Dr Debra Ann Marsden, Co-chair) ¢4) ..20..?
THE SIR RI HARD TAPLEY ED ATIONAL TRU INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIR RICHARD STAPLEY EDUCATIONAL TRUST I report on the accounts of the Trust for th8 year ended 31 08mber 2023 which are set out on pages 11 to 18. Respectlvg responsibllltles of trustoos and oxamlner The charivs trustees are r8sponsible for the preparation of the acGounts. The Trust8es Gon5ider that 8n audit is not required for this year under section 144 of the Charitles Act 2011 ('Yhe Charities Act") and that an independent examlnalion Is needed. It is my responsibility to: examlne the accounts under sectlon 145 of the Charltles Act. follow the procedures lald down In the General Dlrectlons glven by the Charlly Commlsslon (undor sectlon 145(5)(b) of the Charltles Act); and state whelher partlcular malters have come to my attentlon. 8asls of Independent examlner8 report My examination was carried out in accordance with the gen8ral Dlrections giv6n by th8 Charlty Commisslon. An examination includes a revlew of Ihe accountSng records k8pI by Ihe charity and a comparlson of the accounts pr8senled wSth those rerds. It also Includes consideratlon of any unusual Items or dlsclosure8 In the accounls, and tho $8eklng of explanallons from tha Truslees concernlng any such matters. The procodura8 und8rt8ken do not provid8 all the evidence that would b8 requlred in an audlt 8nd, consequently. no oplnlon Is glven as to whether tha accounts present a true and falr v18w and the report Is Ilmiled to Ihose matlers s8t out In the statement below. Indopgndent axamlnors slatom•nt In connection wlth my examinatlon. no material matters have come to my attention whlch gives me cause to believe that in, any material respect: thè 8ccounting records were not kept in 8ecordance with S8Ction 130 of the Charities Act; or thè accounts dld not accord wilh th8 accounting records; or the accounts dld not comply wllh the appllcable requlrements concarning the form and content of accounts set oul in the CharllSes (Accounts and Reports) Regulatlons 2008 other than any requiremenl that the accounts glve a "true and fal, vlew which is not a melter onsidered as part of an independent examination. I hava come acri)ss no other matters In conn8clion wlth the examlnallon to whlch attention should b8 drawn In this report in order to enable a proper understanding of the accounts lo be reached. D Morrls Novitt Harrls & Co Ltd Welllngton Hou88 273-275 Hlgh Street London Colney Hertfordshlre AL2 1HA Dat6: 10
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Total Funds Total Funds Note Total 2023 Total 2022 Income and endowments Unrestricted income Income from donations and legacies Investment Income 4,481 195,037 4,974 187,080 Total Incomlng re80urce8 199,518 192,054 Expendlture Expendlture on charftable adivities 185,180 190, 760 Total expendltur• 185,180 190, 760 Net Incomel{expendlture) and net movomont In funds beforo galns and1088e8 on Investménts 14,338 1,295 Restrlct&d income Net galnsl(losse$) on investment8 10 53,426 -321,429 Net movement In funds 67.764 420,134 Reconolliation of funds Total funds brought forward 3.993.047 4.313. 181 Total funds carrled forward 4.060,811 3,993,047
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 Total funds 2023 Total funds 2022 Not& Flxed assets Tangible assets Investments 369 3,989,767 739 3,915,447 10 Total FIx6d A88ets 3,990.136 3,916,186 Current assets Debtors Cash al bank and In hand 11 1,291 73,841 864 79,309 Total Current A8sets 75,132 80,173 Llabllltles Creditors:amount8 falling due within one year 12 4,457 -3,311 Not Currenl A8s•ts 70,675 76,862 Not a888ts 4,060,811 3,993,047 The funds of the charlty Unrestricted income funds Restrlcted Income funds 101,022 3,959,789 89,860 3.903,187 Total charlty funds 13 4.060,811 3,993,047 The notes at pages 13-18 form part of these accounts 20 H Approved bythe trustees on.................. . and slgned by ( trustee ) 12
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Acry>untlng pollclès a) Bas1$ of preparatlon of o¢counts and a4*•m•nI of golng ¢on¢orn The accounts (flnanclal slatemenl$} have been prepared under the hislorlc81 ¢o$t conventlon wllh Ilems recognisgd al c081 or IransaGllon value unle8s olheThvlse 8tst8d In (ho relevant notel8) to thes8 accounts. Thg financlal Statements have baen prfjpared In accordance with thg Statement of Recommended Pracll¢e= AccounliThJ and Reporting by Charlll88 pparIng Ihgir accounts in accordance with the Flnancial Reporting Slandard applicable in the UK and Republic of Ire18nd IFRS 1021 issued on 16 July 2014 and the Financial Reportlng Standard appllcable In th& Unlted Klngdom and Republlc of Ireland IFRS 102) and the Charliies Act 2011. Tha trust constllut88 a publlc beneflt enllty a$ deflned by FRS 102. The trustees con$lder that there 8r8 no materlal uncertalntles about the Trust'8 ablllty to contlnue as a going concern. Wilh respect lo the nsxt reporting period, 2019,Ihe most significant 8rga$ of uncertalnty that affect the carrylng value of a88018 held by the Trust are the level of Investment return and the P8rformanc8 of Inv6Étmenl mark81818ea tha Inveslm8nl pollcy and p8rform8nc8 and rlsk management s8cllons of Ihe Iruste8s' annual roport for mor6 Infcmallonl. b> Fund ac¢ountlng Unre$lfiCted income fund$ comprise those funds which the Iruslees are free to use for any purpose In furtherance of the charllable colects Reslrlcled funds Gan onty b6 used for partlcular reslrlcled purpos88 wllhln lh8 obfvc18 of the tIU81. R851rlcllons arlse when speclfied by the donor or when funds ole ralsed for p8rt1cular restrlcted wrp08e8. Further detslls 8Te dlsclosed In note 13. c) Incom• rKognltlon I Income 5$ r¢¢ognlsed once the charlly has enlltlgmenl lo Ihg Income. there 1$ ¥uffldenl certalnly or recelpl and $0 11 Is probabl& th81 tha Income wlll bg recelved, and the amount of Income re¢elvable can be measured rell8bly. Inl6r681 on funds held on daposll Is Included upon notlficallon of Ihe Intar681 pald or payable by the Bank. DlslrSbullong Irom unll trusts are recognlsed upon nollflcallon by our Investment advlsor. dl Exp•ndltur• rocognltlon Llabilili8s are rg¢0gnlsed as expenditure as $¢)on as ther81s a legal or construclivo obli9atlon committing the ¢hadty to that eyndllure.11 Is probable that settlement wlll be requlred and Iho amount of the obllgallon ¢an be mgasured rellably Al expendllure 1$ a¢counled for on an a¢¢ruals basls. Grants payable are payments made to thlrd partles In the furtherar¢ce of the charil8blo obl8Gts of the Trusl. In the case of an uncondillonal oranl ofler Ihls 1$ accrued once the reclplenl ha$ been nolllled of the 9ranl award, Th nollftcatlon gives the reclplant a reasonable expeclallon that they wlll roceive the one year grant. 01 Irrecoverabl& VAT Irre¢overabl¢ VAT is charged agalnst the expendllure heading for whlch11 was in¢urrod. 13
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Allocallon of support and governance costs Support costs have been dlfferenllaled been governance and other support costs. Governonce costs comprlse all costs Involving the public accountability of the charity and Its complianco wlth regulation Bnd 0d practlce. These Costs include costs rolaled lo the preparation of the independent examiners report and an apportionment of overhead and Support costs relatlng to trusleg meellng8. Govarnancg and 8UPPOrt costs relatlng lo charftable act[tIeS have been apportloned b88ed the number of grant ewards made in re¢ognilion that the adminSsir8tive costs of awarding the dilrenI types of granl are broadly equivalent. Tha allocalton of support and governanGe $18 18 analysed in nole 5. g) Charltable actlvltles The frxpendlture on charllable acllv11188 Include¥ grants made, govemanca and an apportlonmonl of support C08t8 a8 Shown In note 6. h) Tanglble fixed as8et• and depreclatlon All a8881$ ¢oslln9 more than £100 are ¢apllallsed and valued at hl¥lod¢al co81. Deprèclallon18 charged from the year of 8cqu18111on on fumliure and equlpment on 8 slralght-Iln6 b8s18 over Ihelr 881Imal8d u88ful Illa of four y88r8. l) Flx•d 088Ot Inv•8tmonts Inve$lm¢nt¥ are iniloally recognlsed at Ihoir tran88cllon value and 8ubs¢qu$ntly measured al Ihelr markel value as al the b818nce shget dale uslng the closlno qLted market fv. The $18loment of Ilnanclal 8cllvllles Includes the nel galn8 and108s68 arlslng on revaluallon and dlspo8alB Ihroughout lh8 year. The Trust doas not 8cqulr8 or use pul optlons, dèrlvallve8 or other compl8x flnanclal InÈtiuments J) R••ll8gd galn8 and 1088•8 AJI galn8 and losses are lakan lo the sla18ment of financlal acllvllle8 a8 they arl8e. R8all8ed galn8 and1088e8 on Inveslmenls are calculated as the dlfference belwaen 6810$ proceeds and Ihelr openlng carrylng value or tholr purchase value if acquired $ubsequ6nl lo the fir81 day of the financial yèar. UnrealSsed gain8 8nd1089es are C8lculaled as the dlff8ren¢6 beiw6on the falr v8lu8 at th8 year end and Ihelr carrylng value. Re8llsed and unre8llsed Investmenl galns and Ioss68 are comblned In the Stalemenl of Flnanclal A¢tlvlll88. kl Ponslon3 Employeos of tho charlly are entitled to an eM0YerS conlrlbutlon to thelr p8n81on p18n {currenlly equlvalenl to 8% of gros5 salary}. Rolated party tran#artlons and trustse8' exponu8 and romungrallon The Iruslg83 all glve fre8ly of Ihelr Ilme and expertlse wlthout any form of remuneratlon or other benoffit In cash or klnd. Travel 8xpen888 pald to the 8 trust886 In the year totalled £0 (2022., £01. Donatlon¥ Total 2023 Total 2022 Appeal Income & glfts Gift Aid Reclaltned 3,510 971 4,355 620 4.481 4,975 Appoal money from individuals is for Investing to generata future incom6 for grants. 14
THE SIR R CHARD STAPLEY EDUCATIONAL TRUST NQTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Inveslment In¢om• 2023 2022 M&G Charifund- Unit Tru81 CCLA Charifund - Unil Trust Inlerosl on cash deposi15 154,016 37,718 3,303 195037 149.237 37,572 271 187,080 In 2023 and 2022 th8 Investment Income wa$ attrlbutable lo unre8trlcted funds. Allocatlon of governance and other support Costs The breakdown of support costs and how these were allo¢al¢d behveen governan¢e and olher support cost818 shown In the toblo below. Cost type Totsl allocated Govemance Olhar SUFfJOrt 8a8is ofgpportlonment Staff ¢o$ts Employer's Llablllly Insurance Office and compuler expens88 Systern manag8m6nl ¢osls Freelan¢gr oxpgnses Sundry admln15tratlv8 costs 33,138 1,367 1,826 3.091 535 1,587 41,322 11.598 479 569 1,082 187 548 14,463 21.539 Staff Ilme 889 Staff Ilm 1.057 Slaff Ilm• 2.009 Staff Ilme 347 Staff Ilme 1,018 Slaff tlma 26,860 AIIoc811on on 81aff tlme18 based on 81aff a88e88mant of Ilme spgnt on aclmlles. Govornanco costs 2023 2022 Trav81 and meetlngs Gos18 Accountancy f998 Legal fees Support CO818 925 2,232 1.383 2,232 1,560 14,012 19, 18 14,463 17,620 The total 8UPPOrt cost allrlbutable to charltable acllv1110818 Ih8n apportloned pro-rata to the numb&r of grants In 2023 and 2022 the Qxpendituro on govern8r ¢0$18 was wholly from unreslrlcled funds. Allocatlon ot govoTnanco and othor support w¥t8 2023 2022 Granls to Indlvlduals 44,480 44,480 45.210 45,210 Analys1$ of charitable expendltura The Gharity undertake81ts charllable aGllviltes through grant maklng and awarded grants to Indfvldual8 and Gr8nt funded Support and 8¢1ivity governance costs Total Tot812022 Grants to individual8 140,700 140,7(y) 44,480 44.480 185,180 185,180 190. 760 190, 760 15
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of grant8 Grants lo Indlvlduals Poslgraduale grants 140.700 140.700 2023 2022 Grants to Indlvlduals Origlnally awarded Grants not taken uplwlthdrawn 158.650 17.950 162.750 17,200 Tol81 lor thts y68r 140,700 145,550 Number of award8 taken up 152 173 Analy815 of •taff costs 2023 2022 Salary: Clerk to the Tru8te8$ P8n8lon contrlbuUon8 30,682 2,455 33,136 25,907 2,063 2T,970 No employee recelved emoluments of moro than £60,000. Ind•pendont oxamln•rn' romunoratlon The Independent Examlner's Fee of £2,232 Include8 £432 as a charge for payroll $8rvlce8 and £1000 as ¢harge for accoun18 pr8paralSon durlng th6 year.12022 £2,232, Includlng £432 for payroll and £1000 for a¢counts pr8parallon) Tanglbl• flxad a88ot8 2023 2022 Off5 èqulpm•nt At 1 January 2023 DisFJosals lor the year Addltlons for the year At 310erAgmber 2023 1.109 1.549 1,549 1,109 09 roclal Al 1 January 2023 Dlsposals for the year Charge for the year At 310ecember 2023 370 1,549 1.549 370 370 370 740 Net book value At 31 D8cemb8r 2023 369 T39 At 1 January 2023 739 16
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10 FIx0d Assgt Inve$tmonts Dlrect Invwstments In Ilsted 8Kurltles M&G Charlfund Movgmont In flxed asset Inv•stmonts Market value brought forward at 1 January 2023 Less: wlthdr8wals from Inv88lments at CO8t Add: additions lo inveslmenls al cost Net gainl {loss) on revaluation Markel valuo a8 al 31 Decemb8r 2023 No.of unl18 2023 2022 179.984 2,644,895 2,796,386 218 3.176 62,199 2,585,872 4,368 155,859 2,644,895 180,201 No.ol unlls 2023 2022 CCLA COIF Instment Fund Movfrmont In flx•d asset Invo$tfflènt• Market valua brought loard al 1 January 2023 Add.. additions lo investments al ¢ost Net galnl {1088} on r8valuatlon CCLA COIF dep0311 account fund Market value as 8t 31 Decamb8r 2023 69.232 1,258.292 1,423,862 115.625 29,978 1,403,895 165,570 12.260 1,270.552 69.232 Al Inv98tments a c8rrled at Ihelr market value. A8sel 88168 and purch88e8 are recognised at the date of trade at C081 Ithal18 thelr Iran8acllon valua). Historic cost of Investments carried forward 2,282,815 2,279,639 11 Analys18 of curront assets 2023 2022 Pr8paymenl8 Cash al b8nk 1,291 864 Current a¢eKJunts 73,841 75,132 79,309 80.172 Al PPaymentS rg18led lo unreslricled fund$ in bolh 2023 and 2022. l cash at bank balan¢eB related to unrg¥trtcted furK18 In both 2023 and 2022. 12 Analys18 of current Ilablllti 2023 2022 AGGruals PAYE & pen8lon 2,232 2,225 4,45 2,232 I,OT9 AJI credllors In 2023 and 2022 relate lo unreslrlded fuTrJs. 17
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13 Analysls of Charllable lunds Analysls of fund movements Balance blfrwd Galns ond 108868 on Inve8tsMents Fund clfwd In¢ome Expendlture Unrestricted funds Reslriclad fund8 Total 89,860 199,518 185,180 3.176 101,022 3.903,187 3,993,047 56.602 53,426 3.959,789 4,060.811 199,518 185.180 Reslricled fund$ in the charity are doemed lo be the ¢apital Investment plus eny unrealised galn8 lo$$e$ on the endowment funds. Th8 unreslrlctad funds conslst of Ihe Interest earned on the 6ndowm&nt funds and ar8 avallabla lo bo 8p8nt for any of th& purposas of lh8 charlty. 18