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 prepa￿d 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 p￿paratIOn 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 acadeM￿allY 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 wh￿h meant that their grants were can￿lled.
this redU￿d 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 pe￿ntage as were medical students. Nineteen pe￿nt 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 e￿rnent of their wider financial plan. Alongside receiving a
gran(73Q/o of students took on paid work to help finance their StUd￿s. Students apply to several charities such
as us for assistance: 38 students did this year and roughly 63Yo We￿ Su￿ssful 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 COn￿mS and, therefore, stress (860A. compared with 750A in 2023).
A grant all0v￿1 many to reduce the number of hours they worked part-time or to reduce the amount of money
they needed to borrow from elsewhere. R￿1VIng 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 pla￿ments. 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 COnfe￿n￿S or had research published, and 33 students
said they had undertaken some teaching b￿rk. 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 t￿1r 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 p0￿ble 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 ￿Mprehens￿e 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 C￿ar 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 benChma￿S 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 D￿rnber 2024 and emailed to 763 friends and supporters of the Trust
{2023: 621). We use it to celebrate the Trusfs and our bener￿laries. 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 De￿rnber 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 ne￿Sary 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 Con￿Med 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 reti￿d. We would like to thank Colin Nee for his ex￿lIent 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 SoUr￿S of funding.
must have evidence of academic ability. considering their background when assessing past perfomance,
and
must have the support of an inforn￿d 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 FraMeY￿rk for
Qualification of Higher Education Institutions in Scotland, or FQHEIS). Grounding our eligibility rules on this
externally recognised quality frarnev￿rk 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 Char￿les 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 In￿le8$ are requlred to:
selecl suitable accounting policies and then apply them c￿￿Isten￿,
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)v￿d. 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 tt￿t 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. LegiSlat￿n 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 De￿rnber 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 prO￿dureS
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 fO￿ard
4,184,317
4,060,811
11

THE SIR RICHARD STAPLEY ED
NAL TRUST
BALANCE SHEEr
AS AT 31 DECEMBER 2024
Total
l￿dS
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 accO￿ts
..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 histori￿1 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 re￿￿ng peric#J. 2019,the most significant areas of
￿n￿rtaInty thal affe¢t the carrwng value of assets held by the Trust a￿ the level of investmenl
return and the perfomiance of InVest￿￿nt 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 charIta￿e 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 ents￿￿ent 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 r￿lIficatiOn by our investment advisor.
d) Expendlture recognltlon
Liabilities are recognised as expenditure as soon as the￿ is a legal or ￿)nStruCtIve o￿lgatiOn committing the charity
to that expenditure, it is wobable that settlement wll be required and the amount of the o￿lgatIOn can be measured
reliably
Al expenditure is accounted for on an acC￿￿S basis.
Granls paYa￿e 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
I￿eCOverable 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￿ bel*een 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 n￿etIngS.
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 r￿ed assets and depreclatlon
All assets ￿$ting rn0￿ than £1IXI are capts11s￿l and valueAJ at his1￿1C81 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 recogni*J 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 (cUrren￿Y equNalent to 6%
of gross salary).
Related party transacllons and trustees. expenses and remunerallon
The trustees 811 gNe freely of th￿r 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 ED￿ATIONAL 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 atlrl1￿table 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 apportion￿nt
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 Un￿StrICted 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 charita￿e 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 U￿￿thdravffi
164,698
16.100
158,650
17,950
Totsl for the year
148,598
140. 700
Number of abrdrds taken up
155
152
Anal￿1$ 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 £1￿0 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 un￿Stricted funds in Ixjth 2024 arKI 2023.
I cash al bank balance5 related to Un￿StrICted 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 ￿rn￿neTrt 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 un￿stn¢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 fOr￿drd 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