1919 THE SIR RICHARD STAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 Charity no: 313812
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST CONTENTS Reference and administrative infomiatK)n ReFrf)rt of the Trustees &9 Repjrt of the Independent Examiner 10 statement of financial activities 11 Balance sheet 12 Notes forming part of the financial statements 1&18
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS Charity no.. 313812 Trustees: Dr Manali Chitre (Co-chair) Mr William Glover Dr James Jones Dr John Kirkland, OBE Dr Debra Ann Marsden (tschair) Dr Claire Mera-Nelson Dr Sarah Otner Mr Hugh Smith Mr Paul Trimmer Mr Peter Taaffe (Treasurer) Staff: Amy Couture (Administrator) Operatlonal address PO Box 1432. Warrington, WA4 9YH Email and website: Email: admin@stapleytrustorg Website: )W¥VW.stspleytrust.org Independent Examiners Novitt Harris & Co Ltd. Wellington House, 273-275 High Streec London Colney. Herts, AL2 1 HA Bankers CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Ken( ME19 4JQ Investment Managers M&G Charities (Charifund), PO Box 9038. Chelmsford. CM99 2XF CCLA Fund Managers Ltd, One Angel Lane. London, EC4R 3AB
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2024 The trustees present their annual report and financial statements of the charity for the year ended 31 December 2024. The report and financial statements have been prepad in accordance with the Statement of Recommended Practice: Accounting and ReForting by CharitieslFRS102, second edition published in October 2019. The trustees have had due regard to the Charity Commission's guidance on public benefft in the exercise of their powers and duties. Objects.. The Sir Richard Stapley Education Trust {SRSET) was founded in 1919 by the businessman and philanthropist Sir Richard Staptey with the purpose of promots'ng the advancement of education. The charity's Objects are set out in its Trust Deed as folk)ws: a) To afford and assist in afftirding opportunities of education (including education at Universities and Colleges) to students of both sexes whether by gifts or loans or otherwise howsoever., b) To promote and aKI education in all or any of its branches outside Universities and Colleges. c) To promote and aid experiments in education and educational matters., d) To promote and aid research in education and educational matters" e) To prepare and obtain and to promote and aid the pparatIOn and obtaining of infomation conceming education and educational matters and with a view to the improvement of education to disseminate any such infomation and Influen public opinion., arKI Q To do all such things as may appear to the Council of the Trust in its absolute discretion to be incidental or conducive to the objects or purposes aforesaid or any of them. Much of our focus in recent years has been on affording opportunities for postgraduate education in the UK. Our current grant making strategy is to enable academically able students in financial need to gain access to postgraduate study which might other¥vise have been denied them. We run an annual funding round, inviting applications from students of any nationality proposing to study for a postgraduate qualification or further degree (for example. Medicine, Dentisty, Veterinary Medicine, Architecture or Engineering are commonly taken as a second undergraduate degree) at a UK institution. Grants are made for one year. Reapplications in subsequent years are admissible. Currently, the Trust does not support full- time PhD students beyond the third year of their studies, or part-time PhD students beyond the sixth year of their studies. Objectives and activfties.. We set three objectives for the year. To mount a demand-led, annual grant funding round, attracting a diverse range of acadeMallY able student applicants studying in the UK in the academic year 2024r25. To strengthen our governance by recruiting a new Treasurer, undertaking a comprehensive review of our investment strategy and resep4es policy to ensure our financial future is secure. To publish an annual NethEletter to update current and fomer grant recipients, donors and supporters on the work and achievements of the Trust
THE SIR RICHARD STAPLEY EDUCATI NAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance.. Mountlng an annual grant funding mund, altractlng a dlverse range of mature student applicants In early January opened our annual grant round for graduate students seeking financial support with the educational costs of study for further and higher degrees in the UK in the academic year 2024-25. We received 497 applications before we closed the grant round (2023.. 501 applications), of whth 306 were eligible for assessment by our trustees arKI consideration at our annual grants m8eb'ng. Sixty-fNe percent of the applicants V•Ere female. 30% were male. 3% felt neither description VOBS adequate and 2% preferred not to disclose their sex. (2023: 68% female., 30% male, and 1 % felt neittrEr description VRS adequate, 1% preferred not to say}. The spread by age was: 23 years old, or under. 24- 29.. 30-35: 36-45: 46 and over. Preferrred not to disclose age: 20% (2023: 23%) 45% (2023: 47%) 19% (2023: 15%) 10% (2023: 9%) 4% (2023: 5%) 2% (2023. 1 %) Fiftyeight percent déscribed their ethnicty as 'White' (2023: 60%). th11e 38% were Black, Asian, or of mixed, multiple or another ethnic group (2022.36%). Four percent preferred not to discbse their ethnicty. Twenty-fwe percent considered themselves disabled (2023: 23%). The nature of the disabilities included physical disability, mental ill health and leaming disability, and several students had more than one fomi of disability. While all of those who applied had to be studying in the UK to be eligible. applicants represented 52 different nationalities with the majority (720A) having British nationality. Grants awawled.. The avmrd of a grant depends on the assessment of thr trustees scoring independently of each other, followed by a whole Trustee Board discussion, focusing on the applicant's academic record, statements and academic reference. The criteria for awarding grants are academic achievement, the relevan of the proposed course of study to the applicant's career and personal development goals. and degree of financial shortfall anticipated in the academic year. In 2024, the trustees decided to award 176 grants (2023: 173), totalling £164,968 {2023'. £158.650). Some students experienced changes in circumstances during the year whh meant that their grants were canlled. this redUd the total spent on grants durirvJ 2024 to £148,598. A wid¢ variety of diff¢rent subject aroas vrds support. with m@dicine attracting the greatest number of grants. as in previous years.
THE IR RICHARD STAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Evaluation sup4ey data: Each year, the Trust conducts a suNey to help us evaluate our effectiveness as a grant maker. This year, in our eighth annual survey, we had a 480A response rate from recipients of our grants for the 2023124 study period. Students completing the survey came from 53 higher educational institutions. Twenty-nine percent of those sponding were studying for a PhD, the same pentage as were medical students. Nineteen pent of respondents were studying ft)r a MA or Msc. students. financial shortfall- Financial shortfall figures were broad similar to previous sup4eys. Forty*ight percent of respondents had shortfall of £750 - £2,000, whilst 31 OA had a shortFall of between £2001- £5,000. Eighteen percent had shortfall above £5.000 (80/0 aljove £10,000) and two respondents had a shortfall of less than £750. We anb'cipate that students will use a grant as one ernent of their wider financial plan. Alongside receiving a gran(73Q/o of students took on paid work to help finance their StUds. Students apply to several charities such as us for assistance: 38 students did this year and roughly 63Yo We Sussful in obtaining a grant from elsewhere. Some students were loaned money by famity or friends {19 spondentS), and eight students applied for commercial loans. In efforts to redu their shortfall. 560A of resp)ndents said they had taken steps to reduce their living expenses, and two respondents said they had transferred to part-time study. Achievements of grant makng - As in previous years, respondents were asked how a grant had helped them. Mirroring previous surrfeys, the most commonly cited benefits were allowing them to focus more on their studies (90%, compared with 780 last year) and a reduction in financial COnmS and, therefore, stress (860A. compared with 750A in 2023). A grant all0v1 many to reduce the number of hours they worked part-time or to reduce the amount of money they needed to borrow from elsewhere. R1VIng support from the Trust also enabled some to take part in extra-curricular activities or to study fuS1-time. It was pleasing to see that 47 students explained that a grant had given them a motivational boost in their studies, demonstratirKJ that support from the Trust is not limited to the financial. Many respondents detailed how a grant had helped their specific circumstances including.. allowing them to travel to plaments. lessening the effects of infiation: improving their mental health., maintaining a work-life balance. and pursuing new avenues of research. The suNey allows us to leam about students. achrevernents. Fifty-four percent cited examlqualification success (67 % in 2023). Many students presented their work at COnfenS or had research published, and 33 students said they had undertaken some teaching brk. Several respondents had co-authored books, won awards related to their studies or become president of a universty society related to their course. One respondent said they had become a student ambassador and explained that they hoped to inspire others like them to overcome barri@rs when pursuing t1r studies. The sup4ey asked about plans after the grant year and 60% of respondents were intending to continue their course (55 % in 2023), whilst 41 Yo were intending to embark on graduate employment in either the public. private or academic sectors (250A in 2023).
THE SIR RICHARD STAPLEY EDU ATI NAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Impacts of being avrfarded a grant- All were able to cite a variety of ways in which it had eased their financial burden, enabling some to avoid having to take on paid work that would distract from their studies. °The ri&ng costs of living played a prominent mle in my decision to study and work on a freelan basis. The grant awarded from The Sir Richard Stapley Educational Tnjst for the academic year 2023/24, helped me to feel less stressed about ourexpenses as a family and also to concentratg more (vp advancing on my studies.- Receipt of an award, apart from having a financial effect. also had a posrtive effect on mental health: °One aspect I donl believe is mentioned enough is the effeGt that these grants can have on the applicant's mental health. Geth'ng this grant allowed me to have some breathing room to foGUS a bit more on my studies and that would not have been p0ble without it. Financial constraints during postgraduate pmgrammes transfonn into mental health issues for a lot of students like me, who do not come from a wealthy background or who cannot rely on their families for tunding for whatever reason." To strengthen our governance by recrultlng a new Treasurer, undertaking a comprnhonsive review of our investment strategy and reserves policy to ensure our financial future Is secure We advertised widely and were pleased to rUit a new Treasurer in the early part of 2024. VR appointed Mr Peter Taaffe in May. A Mprehense pack of induction materials and onboarding meetings with trustee officers and staff were provided to the new Treasurer. Our new Treasurer has led the Finance Committee through a process of establishing a Car investment and reseries policy. In autumn of 2024, the trustees engaged an independent investment advisor to revTr8w the perf0rrnan of both investments and advise the trustees on the performances against the given benchmarks over appropriate time periods, and against altemative investment benChmaS to allow comparison against other investment managers. The Finance Committee viill continue to review and analyse the infonnation from this review in early 2025, with a view to making any recommended changes to our investment portfolio to ensure we are protecting the capital investment whilst enabling the Trust to support the increasing needs of the many students that apply for funds. 3. Publishing an annual Newsletter. The Nevrfsletter was published in Drnber 2024 and emailed to 763 friends and supporters of the Trust {2023: 621). We use it to celebrate the Trusfs and our benerlaries. achievements, explain our organisational plans, build support among potential donors. arKI alert those interested in our grants about changes in our eligibility rules and application processes.
THE SIR RICHARD STAPLEY EDU ATIONAL TRUST REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER2024 Flnancial review.. The work of the Trust is funded primarily from returns on tts investrnents. As of 31 Dernber 2024, the market value of the Trust's investment was £4.091,461 (2023.. £3.989,767), this being mainly derived from Sir Richard Stapley's original legacy. The Trust's investment policy is to safeguard its endowed funds, preserve its capltal, to maximise its income, and to keep its running costs low. It is the Trust's policy not to invest in companies involved in tobacco, armaments, or gambling. The Trusvs invested capital is currenty held in the fomi of M&G 'CharifrJnd' investment units, CCLA investment units, and a CCLA deposit account The performance of the investrnent funds is vieWed each year. and the trustees consKler whether to diversify or switch into another fund at least once every three years. The trust also benefits from individual donations and legacies. mainty from alumni. In 2024, the income from these was £11 ,995 compared to £4,481 in 2023. Each year, prior to the grants awards meeting. an assessment of the amount of money available 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 to cover management and administration costs. In 2024. the Trusfs running costs totalled £43,412 or 23% of total expenditure (2023: £44.480 or 240h). Risk Management.. In autumn of 2024, the trustees conducted its annual. comprehensNe assessment of the business risks which coukl impact our Trust and its vnrk. The financial, govemance, operational, environmentsl and compliance risks were idents'fied, and the trustees were satisfied that the neSary processes and controls were in place to mitigate these. Structure, Governance and Management.. The Trust is an unincorporated charitable trust It was constituted by Trust Deed dated 13 January 1919, which document was updated in November 2021, July 2022 and September 2022 and lodged with the Charty Commission. There is a minimum of 3. and a maximum of 10 trustees. New trustees are appointed by the trustees. having regard to obtaining a sab'sfactory range of relevant skills and experience within the trustee ly)dy. A Chair or Co-chairs, Vice-chair, and Treasurer a each elected from the trustee body. There are currently ten trustees led by Co-chairs, Dr Manali Chitre and Dr Debra Ann Marsden. Trustees nomally meet as a Board three times a year. Two meetings are ConMed wrth general business, policy and vIeW, the other is a grant awarding meeting. A Finan Committee consisting of fNe of our trustees meets three times during the year to consKJer in detail our financial wellbeing. Day-to-day responsibility for managing the Trusfs affairs is delegated to our sole staff memt)er. During 2024, our long stsnd Clerk retid. We would like to thank Colin Nee for his exlIent Servi and commitment to the Trust, he has transformed the organisation in his time in post and the new Administrator, Amy Couture has tsken positive steps in continuing this good rk.
THE IR RICHARD STAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2024 Plans for Future Periods.. Trustees began implementing a 5-year strategsc plan in January 2022. Trustees considered a progress report on the strategy in November 2024 and were satisfied with progress to date. strategic choices we have made Our geographical remit will remain the UK While maintaining our focus on UK universities, we will continue to support postgraduate students of all nalionalities studying at those institutions. We will continue to focus exclusNely on grant-making to individuals. as opposed to grant making to organisations or commissioning research. Those indNiduals will be postgraduate students, and to maintain the focus on those shoving high academic ability VR will continue to require grant applicants to have achieved a First-class or Upper Second-class honours degree. or a Masterfs or doctoral degree. One important change is that we will be more explicit about the qualities we are looking for in the those seeking our support Assuming they meet our basic eligibilty criteria, the attributes listed below will be used to gauge whether an applicant fits the desired profile. They viill not be required to meet each one separately;. rather the whole 'package' wll be asse&%ed overall. The student should be undertaking a course to LEtter achieve their ambition regarding career path or personal development. has the potential to make a contribution to wider society", may have had to overcome - or be facing - particular challenges such as disability or family, social or economic barriers., should demonstrate real passion and commitment to the chosen area of study. must be in real financial need but with a strategy for addressing this and must have made an effort to access other SoUrS of funding. must have evidence of academic ability. considering their background when assessing past perfomance, and must have the support of an infornd and competent referee. In the second significant change. ¥ve removed the requirement for students to be 24 years or over. While this may have been appropriate in the pasc there vras no convincing reason for keeping IL Further, the median age of full-time first year postgraduate students is 22 - 23 years okl. The third key change relates to the types of courses that we are prepared to support students to take. We decided to link our eligibilty rules to levels 8 and 7 of the Quality Assurance Agency's Framework for Higher Education Qualifications, or FHEQ (the Scotb5h equivalent is levels 12 and 11 of the FraMeYrk for Qualification of Higher Education Institutions in Scotland, or FQHEIS). Grounding our eligibility rules on this externally recognised quality frarnevrk provides greater clarity and legitimacy. However. we needed to adapt it somewha( for example by continuing to exclude those undertaking first degrees in medicine, dentistry and veterinary medicine since we have agreed to continue funding only postgraduates. This change means that we are allowing those taking postgraduate diplomas and rtIfIcateS to apply to the Trust for the first ts'me. Our Trust has helped countless students over the last hundred years. We hope that the changes V are making will ensure it remains for many years to come an expression of Sir Richard Staplews lifelong concem to advance educational and philanthropic causes.
EDUCATIONAL ST REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trusloes. responsibilitlas In rélatlon to th• financial stalemonts The charfty trustees are responsible for preparing a trustees. annual report and financial statements in accordance Ifvlth appllcable law and United Kingdom Accounting Slandarts (Unlted Kingdorn Generally Accèptèd Acttounting Practica)). The law applicable lo Charles In England and Wales requires tho charfty tfusteos to prepare financial stalement5 for each year whith give a true and far Kfjew of the sL3te of affairs of the charity and of tho incoming re$T$ and application of resources, of the charity for Ihat P8ri0d. In preparing the finanGial statements, the Inle8$ are requlred to: selecl suitable accounting policies and then apply them cIsten, ObSw tha Methods and principlgs n the applicablè Charitiès SORP: make judgements and estirnates th81 are reasonable and pNdenl: state whether appllcable accounting standards hav6 been folk)vd. subject to any material departures disclosed and extyalned In the flnanGlal slatements: preparo tho financial ststements on the going conc8m basis wjless it is inar¢)ropriate to presume that the charlly will continue in business. The Irustees r8sw)nslble for kaeplry proper accounts.ng records ttt disclose wilh reasona)le ge¢ura¢y at any tlme tha fln8ncial position of the chanty and to enable them to ensure that t flnanclal stst&mentS Comply wth the chariti.es AGI 2011. ts applicable Chatiknes {Accounts and Reports) Regulations, and thè prowsion5 of the Trust deed. They are also responsible for safeguarding the assets of Ihe charity arKI tak reasonable steps for Ihe preventirn and detecli(m of fraud and other irregulwitios. The trustees are responsible forthe rnalntenance and integrity of the charfty and financial inforniatlon included on the charivs websrte. LegiSlatn in Ihe United Kingdom govemiNJ the preparation and dlssamination of finanGial statements may drffer from1&3islation in oiher jurisdictiC$. Approval Thi6 report Was approved bythe Trustees and signed on their behaw by . (Dr Manali Chilre, Co-chair) Date.. .S (Dr Dèbra Ann Marsd8n, c[ChaIr)
THE SIR RICHARD STAPLEY EDU ATIONAL TRU INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIR RICHARD STAPLEY EDUCATIONAL TRUST I report on the accounts of the Twst for the year ended 31 Dernber 2024 which are set out on pages 11 to 18. Respectlve responsibilities of trustegs and examiner The charity's trustees are responsible for the preparab'on of the accounts. The Trustees consider that an audit is not required for this year under section 144 of the Charities P£t 2011 rthe Charities kf,) and that an independent examination bs needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act., follow the procedures laid down in the General Directions grven by the Charity Commission (under section 145(5)(b) of the Charities Act),. and state whether particular matters have come to my attentFOn. Basis of Independent examineT5 report My examination was carried out in accordan with the general Directions gNen by the Charity Commission. An examinats'on includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from the Ttustees concerning any such matters. The prOdureS undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below. Independent oxamlneryJ statement In connection with my examination, no material matters have come to my attention vlhich gives me cause to believe that in, any material respecL the accounting records were not kept in accordance with Section 130 of the Chartties Act. or the accounts did not accord with the accounting records; or the accounts did not compty with the applicable requirements concerning the fom and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other .than any requirement that the aco)unts give a "true and fair view which is not a matter considered as part of an indeiiendent examination. I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. D Morrls Novitt Harris & Co Ltd Wellington House 273-275 High Street London Colney Hertfordshire AL2 1HA 10
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTnirriES FOR THE YEAR ENDED 31 DECEMBER 2024 Total Funds Total Funds Note Total 2024 Total 2023 Income and endowments Unresti7Cted income Income from donations and legacies Investment income Net gainsl(losses) on investrnents 11.995 205,070 6,216 4.481 195,037 10 Total incoming resources 223,281 199,518 Expenditure Expenditure on cha17table activities 192,010 185,180 Total expenditure 192.010 185, 180 Net incomel(expenditure) and net movement in funds befor• galns and losses on Investments 31.271 14,338 Permanent endowment Net gainsl(losses) on investsnents 10 92.234 53,426 Net movement In funds 123,505 67, 764 Reconciliation of funds Total funds brought fornvard 4,060,811 3,993.047 Total funds carrled fOard 4,184,317 4,060,811 11
THE SIR RICHARD STAPLEY ED NAL TRUST BALANCE SHEEr AS AT 31 DECEMBER 2024 Total ldS 2024 Total fund8 2023 Fixed assets Tangible assets Investrnents 219 4.091.461 369 3.989.766 10 Total Ftxed Assets 4.091,680 3990.135 Current assets Debtors Cash at bank and In hand 11 1.291 73,841 94.203 Total Currnnt Assots 95,151 75.132 abilitles Croditors:amounts f811ing dug withln one year 12 2.514 4,457 Net CuTrent Assets 92.637 70,676 Net assets 4.184,317 4.060,811 The funds of the charlty Unrestricted income funds Pemianent andowment 370.731 3,813.585 339,460 1721,351 Total charltyfvnds 13 4.184.317 4.060,811 Tho notes 8t pages 13-18 forni part of ttrese accOts ..7.Isl Approvèd by th8 trusl*s on ........ .. . and signèd by ( truslee ) 12
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢loS a) Basls of preparation of accounts and assessment of going concem The accounts (financial statements) have been prepared under the histori1 cost convention ¥th items recognised at cost or transaction value unle$$ otherwise slal&J in Ihe relevant notels) to these accounts. The finanaal statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their 8¢¢ounts in accordance vthh the Financial ReFQrting Standard applicable in the UK and Republic of Irdand IFRS 1021 issued on 16 July X)14 and the Finanaal Ret*Jrting Standard applicat4e in the United Kingth)m and Rewblic of Irdand {FRS 102) and the CharitTres Act 2011. The trust constitut& a wblic benefit entity as defin&J by FRS 102. The trustees consider that there are no material uncertainties about the Trusys ability to continue as going concem. With respect to the next reng peric#J. 2019,the most significant areas of nrtaInty thal affe¢t the carrwng value of assets held by the Trust a the level of investmenl return and the perfomiance of InVestnt markets (see the investment wlicy and performance and risk management sections of the trustees. annual report for more infonnation). b) Fund accounting Unrestricted income fvnds comprise those funds which the trustees are free to use tr any purwse in fvrtherance of the charItae obF$ Permanent endolmnent fvnds rekyesent assets that the charity is required to retsin and nol expend. in accordance with Ihe trust deed. These funds are retained to generate unrestricted Inco for the charity's ongoing activitie5. Restrictions arise when specified by the donor or bthen fiJnds are raised for particular restricted purFrf)ses. Further details are disclosed in note 13. c) Income rxognltlon All income is recognised once the chanty has entsent to the income. there 1$ sufficient certainty or receipt and $0 it is probable that the income will be 1Ved, and the amount of income receivabie can measured reliably. Interest on funds held on deposit is induded UF(trn notification of the interest pa or payable by the Bank. Distributions from unit trusts are recognised upon rlIficatiOn by our investment advisor. d) Expendlture recognltlon Liabilities are recognised as expenditure as soon as the is a legal or )nStruCtIve olgatiOn committing the charity to that expenditure, it is wobable that settlement wll be required and the amount of the olgatIOn can be measured reliably Al expenditure is accounted for on an acCS basis. Granls paYae are payments made to third parties in the furtheran ofthe charitable objects ofthe Trust. In the case of an unconditional grant offer this is accru&J once the 1plent has been notified of the grant award. The notification gives the recipient a reasonable e>wtation that they will receive the one year grant. el Irrocoverablo VAT IeCOverable VAT 15 charged against the ewiditure heading for thIch it was incurred. 13
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Allocation of Support and governance costs Support costs have been dlffwentiat beleen wvemance and other supwrt costs. Govemance costs comprise all I$t$ involving the public accountability of the charty and its ujmpliance with regulation and good practice. These costs indude costs related to the preparation of the independent examiners report and an apwrtionmenl of overhead and support costs rdating to trustee netIngS. Govemance and suppjrt costs relating to charitable acttwbes have been app)ttioned based on the number of srant awards made in recognilion that the adffinistrative costs of avRrding the different tyFes of grant are broadly equivalent. The allocation of support and govemance costs is analysed in note 5. g) Charltable actlvitiès The expenditure on charitable activities includes grants made, governan and an apportionment of support costs as shown in note 6. h) Tangible red assets and depreclatlon All assets $ting rn0 than £1IXI are capts11sl and valueAJ at his11C81 cost. Depreaation is Charged from the year of acquisitson on fum[lU arKI equipment on a straght4in8 basis over their estimated useful life of four year5. l) Fixed assot investments Investments are initially recogniJ at thgr transaction value and subsequently measured at their market value as at the balance sheet date using the dosing quoted market price. The slatern of financial activities indudes the net gans and losses arising on revaluation and disposals throughout the year. The Trust does not acquire or use put cytions, derivatives or other complex financial instruments j) Roalised gains aNI losses All gains and losses are tsken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference tetween sales FKoceeds and their opening carrying value or their purchase value if acquired subsewenl to the first day of the finanoal year. Unrealised gains and losses are calculated as the difference belb*en the fair value at the year end and their carryng value. Realised and unrealised investment gains and losses are rnbined in the Statement of Financial Activities. k) Pensions Employees ofihe tharity are entitled to an empioyef s contribution to their pension plan (cUrrenY equNalent to 6% of gross salary). Related party transacllons and trustees. expenses and remunerallon The trustees 811 gNe freely of thr time arKI expertise thfjthout any fom of remuneration or other benefit in cash or kind. Travel expenses paid to the 8 trustees in the year totsll&J £3.941 {2023". £1,383}. Donatlons Total 2024 Total 2023 Appeal income & gifts Gift Aid Redaimgj 11,108 3,510 971 11,995 4,481 14
THE SIR RICHARD STAPLEY EDATIONAL TRUST NOTES TO THE FINANCIAL STATEhENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Income 2024 2023 M&G CharifurKi - Unit Trust CCLA Charifund- Unit Trust Interest on cash dewsits 162.181 38,244 4,645 205,070 154,016 37.718 3,303 195,037 In 2024 and 2023 the investment income was atlrl1table to unrestricled fvnds. Allocatlon of govornance and other support $ts The breakdown of support costs and howthese vRre allocated bel*Een Verna¢e and other 5UPPOrt StS is sh¢)wn in the table below. Cost type Totsl allocated Govemance Other supwrt Ba$ of apportionnt staff costs Employerfs Lialxlity Insurance Office and comwter expenses Freelancer expenses Sundry administrative costs 25,140 1.301 6.816 8,799 455 2.385 161 771 12,572 16,341 staff time 846 Staff time 4,430 Staff time 299 Staff time 1,432 Staff time 23,347 35,919 locatic on stsff time is based on stsff assessment of time spent on actiMbes. Govemance costs 2024 2023 Travel and meetings costs Accountancy fees Le9 and profesgonal fees SupFort costs 3,941 2,232 1,320 12,572 20,065 1.383 2,232 1,560 14,012 19, 187 The totsl support cost attributsble to charitable aGtiwtie$ is then apportioned prowrata to the number of grants In 2024 and 2023 the expenditu on governance costs bvas wholly from UnStrICted funds. Allocatlon of governance and other support costs 2024 2023 Grants to individuals 43,412 43.412 44,480 44,480 Analysls of Charitable expendlture The charity urKlertakes its charitat4e activthes through grant maknng arKI awarded grants to individuals and institutions in furiherance of its charitae aclivtties. Grant funded Support and govemance costs Total Total 2023 Grants to indNiduals 148,598 148,598 43.412 43,412 192.010 192.010 185, 180 185,180 15
THE SIR RICHARD STAPLEf EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of grants Grants to indivithals Postgraduate grants 148,598 148,598 2024 2023 Grants to Indlvlduals Originally awarded Grants not taken Uthdravffi 164,698 16.100 158,650 17,950 Totsl for the year 148,598 140. 700 Number of abrdrds taken up 155 152 Anal1$ of staff Costs 2024 2023 Salaries Pension contributions 24.190 950 25,140 30,682 2,455 33, 136 No employee received emoluments of more than £1,000. Indopondent examiners. remuneratlon The Independent Examiners Fee of £2,232 includes £432 as a charge for payroll services and £10 as a charge for accounts preparation during the year. (2023: £2,232, induding £432 for payroll and £1000 for accounts preparation) Tangible fixed assets 2024 2023 Office equlpment Cost At 1 January 2024 Disposals for the year Additions for the year At 31 December 2024 1.109 1. 109 329 1,438 1, 109 reciation At 1 January 2024 Diswsals for the year Charge for the year At 31 Decemt*r 2024 740 370 479 1,219 370 740 At 31 December 2024 219 369 At l January 2024 369 139 16
THE SIR RICHARD STAPLEY EDIKATIONAL TRUST NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 DECEIABER 2024 10 Fixed Asset Inveslm8nts Dlre¢t investments In Ilsted securitles M&G Charlfund Movement in Ilxed asset investments Market value brought forward at 1 January 2024 Less: withdrawals from investments at cost Add.. additions to investments at Ix>st Net gainl Ilossl on revaluation Market value as at 31 December X124 No.of units 2024 2023 180.201 2,585,872 2.644.895 3,176 62, 199 2,585,872 67,413 2,653,285 180.201 No.of units 2024 2023 CCLA COIF Inveslment Fund Movernent In fixed asset Investments Market value brought forward at 1 January 2024 Add: additions to investmLN)ts at cost Net gainl (lossl on revaluation CCLA COIF depM)sit account fund Market value as at 31 E*cember 2024 69.rJ2 1,373,917 1,258,292 31.037 33.222 1,438,176 115,625 29,978 1,403.895 69.¥32 All investments are carried at their market value. Asset sath and purchases are reo)gnised at the date oftrade at Cost (that is their transaction value). Historic cost of investrnents carried forward 2,282,815 2.282,815 11 Analysis of current assets 2024 2023 Prepaymenls Cash at bank 1,291 Current accwnts 94.203 95,151 73,841 75.132 I prepayThents related to unStricted funds in Ixjth 2024 arKI 2023. I cash al bank balance5 related to UnStrICted funds in both 2024 and 2023. 12 Analysls of current Ilabilities 2024 2023 Accruals PAYE & Fension 2.232 282 2.232 2,225 I creditors in 2024 and 2023 relate to unrestrictgj funds. 17
THE SIR RICHARD STAPLEY EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEAENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Analysis of charllable funds Analysls of fund movefflents Balance blflwl" Galns and losses on inveslments Fund clfwd Income Expondlture Unreslrictgj funds Permanent endowment Total 217.065 192.010 6,216 370,731 3.721.351 4.0,811 92.234 98.450 3.813,585 4.184,317 217,065 192,010 The rnneTrt endowment funds in the charity represent investrnents held in perpetuty plus any unrealised gains or losses on these investments. The unrestricted funds consist ofthe interest eamed on the endowment fvnds plus the value of investments units which have been paid for out of surplus unstn¢1ed income. These funds a available to be spent for any of the purposes ofthe Charity. 'An adjustment has been made to transfer £238.438 of reserves from the brought fOrdrd pemlanent end¢)wment to brought forward unrestricted funds. This transfer reyesents the value of investment units which ere paid for out of surplus unrestricted incorne. Historically the value of these assets have been incorrectly shown within the perm8nent endowment. 18