1919 THE SIR RICHARD STAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Charity no.. 313812
ENT Reference ond admlni8tratlve Informallon R8POrt of the Tru8taes Report of the Indepondenl Examln8r io stat•m•nt of financlal acllvf(les 11 Balance sh¢&t 12 Notes fomlng part ofthe financlal Statements 13-18
ONAL TRUST REFERENCE AND ADMIMISTRATIVE DEfAILS Charty no.. 313812 Tiu$t•O$: Dr Monall Chllre {CowCh•lrl Mr William Glover Prof Deirdre Heddon (dected 17.1125) Dr Jgmes Jones Dr John KILind. OBE Dr Debra Ann Mar8den Ico£halrl Dr Claire Mera-Nelson (rnBlgned 08.10.26) Dr Nlcola8 Or81 (elected 17.11.251 Dr Sarah Otngr (resigned 13.08.251 Mr Hugh Smith Mr Paul TrimmeT Mr Peter Taaffe (Tr&3surer) staff: Amy CoulurB (Admlnistratorl Op•ratlonal addre PO Box 1432. Warrington, WA4 9YH Emal and w•b*l¢o: Emall.. admin staplelusI.oT9 Website.. wwN.otapl8ytru81.org Indgp$ndent Examlnorn Novitt Plarris & Co Ltd, Wgllington Hous8. 273-275 High Street, Lcmdon Colney, Hejts, AL2 1HA 8•nkers CAF Bgnk, 25 Kings Hill Avenuts, Klng$ Hil, West Malling, Kenc ME18 4JQ InvlMont MAnag•r• M&G Ch8ritlps (Charifundl, PO Box 9038, ChthgfoTd, CM99 2XF CCLA Fund Managers Ltd. One Angol Lane. London, EC4R 3A8
RIC STAPLEY EDUCATIONAL T REPORT OF TrIE TRUSTEES FOR THE YEAR ENDED 310ECEM8ER 2020 Th? Irust•8s present Ihgir annual report and financlal $tatemonts of thè ¢harity forth8 year ended 31 DMbOr 2025. Tha report and financial stataments h8v& bfjen preparnd in accordance wth tha statemanl of Recommended Pracice.. Accounting And Reporling by CharitieslFRS102. second editlon published in October 2019. The Irustaes have had due regard to the Charty Comml83ion'8 guldance on publtc benèfft In the ex8rcl88 of their p¢Mrs and dutte8. Tho Sir Rich8rd Stapley Educatlon Trust ISRSET) was founded in 1919 by the businessman and phi18nlhroplst Sir Rlchard Stapley th thè purpose of promotlng tha advancement of educatlon. The chaws Obled8 are set out In Trust Deed as folthY8: al To afford and aselst li affording opportuni1188 of edu¢atlon {Includkng educatn al Univer8iile8 av¥J Colleges) lo students of both sexes whether by gifts or loans or othgrwi58 howsoover bl To promote and aid gducati¢)n in all or any of Its branches outs¢d• Univgrsknes and Cdlege¥,' cl To promote and aid •xp•riment8 In educaOn and educatbnal matter8', dl To promote and ald reBearch In educatlon and educat*fflal matter8', el To wepare and ¢Jbt8ln and to promote and ald the preparallon and c4)tslnlng of Infom7atlDn concerning educatlon and educollonal matters and with a vl8Wto the Improvement of education to dl888mlnate any such Informallon and influence pubU¢ ¢)plnlon', and fj To do all Such thlngs 08 may 8ppearto the Councll of th9 Trust In Ns absolute dlBcretlon to be Incidental or conduclve to the oblects or purp089s aforesaKI or any of them. Much of ourfocus in rent years has been on 8ffording opportuniti88 for postgraduate education in the UIQ Our Current grant making strategy 08 to enable acadèmic01ty oble students financial need lo galn acce$8 lo postgr8duato stltdy which Mh1 otheMi8• h8v• been denied them. We run 8n annual funding round. Inv((ing applications from students of any nationalty propo8lng lo Study for a postgraduate qu•lrfi'¢ation or furtheT degree {for example, Medlclne. Dent(gtry, Veterinary Medicine. Archlt8Cture or Englneerfng ere commonty taken 88 a second undergraduate degree) at a UK Inslllulion, Grant8 are made for one year. Reapplicatlon$ In 8ubsequenl years are admlssible. Currenuy, the Trust does not support lul limè PhD students beyond the thlrd year of Ihelr studlgs, or part-tlmo PhD sludenl$ beyond the sixth year of IheirJtudies. ObJ•¢t15 ondxdvltl•s." Wo Sot three obiethes forthe r.. To mount a demand4ed. annual grgnt funding round. attracting a dfverse rangg ol acadomicalty ablD Sludenl applSBanls Stu1rd In the UK in th8 academic yeai 2025128. To further strengthen the Trust's fin8ncial posltlon by clearty definlng fomialiBing OUT unrestrlcted To PUblh on annual Newsletter to update current and fomier grant wpigntB. donors and BUPPOrter8 on the work and achievements of the Tru8L
THE SIR RICFLARD STAPLEY EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Mounllng an •nnualgr•nt fundng round, allractlng • dvvs• rang• of moturo ¥ludMt •Pants In earty Januiry wb opened our annugl grant round for graduate Students 8&eng fln8n¢lal Support Ihg educational costs of study for further and higher degr••$ in th• UK In the acaden¢ year 2025-26. We re¢e(v•d 429 applications before we cbsed the grant round12024.' 497 applicauonsl. of vthith 320 ere eligible for a38$ment by oui trustees and consideration at our annual grants meeting. Slwlghl pwnt of the appllcants wtre female. 29% male. 1% felt nelther descrlpuon Was adequate and 2% prtforr•d not to dis¢lo$e thelr 8ex.12024.' 65% f&malg', 30% malg, and 3% lelt neither de8¢rlpllon wa$ adequate, 2% preferred not to say). The 8pr&4d by age waB: 23 yoors ohj, or under.. 24- 29.. 30- 35.. 36- 45.. 46 and over.. Preferrred not to dl%lo89 a9•: 1Vh 12024.. 20%) 48% 12024.. 45%) 18% 12024.. 19%) 12024.. 10%) 4% 12024.. 4%) 1% 12024.. 1%) FIftYne percent ¢JeBcrfbed thelr elhnlclty 4s'Whlle'12024'. 58%), 45% were BI A81an. or ol MIX, mullbple or anothor olhnlc group12024'.38%1. Four percent preferred not to thsclos8 their elhnlcity. TMiJty-nln8 perc•nl considered themsehes disabled12024.' 25%). We have noted that the number of applicaYon$ from dlsAblad students hAs b8•n gradually rising, over the last few yearB. The nature of the dlsabilibes Included physlcal d15abS11ty, mental111 health and108mlng dlgablllty, and several 8tudenl$ had more one lomi of di$abillly. Whlle 011 ofthose who applied had lo be ¥tudw'rwJ in the UK lo b? appll¢ants r•prni•nl•d many dlhrent nalionalll•$ vllh lh• Mailty(75%I having Brits'sh or dual British nationality. Grants aVrd.. The award of a grant depend8 on the aBse88ment ofthree trus¥ ¥¢ortng Independendy of each other. followed by a %tho1o Trusta• Board dlscu3$lon, focuslng on the applicanfs academic record. stat•m¢nti and xademic reference. The ¢rileiia for awarding grants afe a¢adwnic athievemenl. the rdevanc8 of the proposed COU of study to the applicant's career and personal develcpment goal•. and degreo of finandal shorffa anwcipaled in the acad¢mlc your. The Tru$lees agreed to Increase the value of Irbdlvlthal awBrd8 by 20% In response lo I1j costs, whlch meant that although th& overall level of fundlng distrfbuled remalned broadly the same, il Yrds allo¢8ted to a $m011er nurnber of 8lud•nts. In 2025, th¥ Iru¥teg$ declded lo award 131 grants (2024.. 176). lotalling £163,650 (2024.. £185,100). Sorne students expeTienced thangès In ¢lreumstances during the year which meant that Ihtslr grants re ¢ancelled" thlj reduced the tolal spent on grant8 thjrlng 2025 to £153.85012Q24'. £148,553). A *lde varfety of dlfvrenl $ublect are88 was supp)rted, th medldne attracung the greatejt nwnber of grant8 (45%). In wevtous years.
uc REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 EvUatIon SUFvey data: Each year. tha Trust conducts a 8ufvey to help us evaluate our effeclNeness as a grant maker. This y8ar. in our ninth annual survey. we had a 38% response rate from recipients of our grants for tho 2024r25 study period. ThB wa8 a Sharp deCree in responBe rale from 48% in 2024. Students compl¢tI the suNey came 30 hlgher •ducatttsn•l In8lllulion8. stud8nts'financI 81J¢)rtfdl- The levels of flnancial shortfall faced by re8pondents wore larg? consistent wlth previous years. although more Uludents facpd a BhDrtfall of groator than £2,000 compared wlth last ye8r. The mo81 shorifall common rarvJe8 were.. £2,00145,000'. 23 reypondents {38%1 t75H2.000'. 21 reBpondenlB {34%) Le88 than £750.. 7 respondents112%} £5,001-£10,000: 8 r•$pond•nts110%1 More than £IO,000.' 4 respond8nl8 (7Yol We Usual expeGt 81udenl8 to use the TTusVs award as pari of a WKterfinancial plan lo creats 8'patchwork' cl funding. Foty-nine re8ponden18180%) planned lo undortakè paid work during the grant year (73% la31 yoar, 75% In 2023, 77% In 2022, 46% In 2021 and 48% in 20201. Thlty-three154%1 took 8t•P8 to reduce INillg expen898,15 re8pDndenls12S%) racglved halp from famlly or fri8nd8 and 417%) raported taking out loan5. 11 was h8artening to Sea that 25 respondgnls (41%} were oble to u[e an additv)nal gront ffom at kasl ong olher Gharity or organisation. Achlgvgmonts crfgr8ntmthng- CrUcid, all re8pgndonl$ Indicated that the Stoploy Trust h&lped them to Ccmpleto their year of study. Somo Students said that it alknviated scfne of the financia5 slressgs of studying g Snd degrfj8, 8nabling th8m to dedite more mgnlal anergy lo Ihoir sludi85. Another student called the grant a'lrfeline'_ sentiment which was 8cho8d by other raspond8nls. It was lovety to seo our survey r83pondentS report a de range of deMIC and profe581onal achlevements. Frfty respondenls182%) cked exam or qualrficatlon succe8s. 31151%) reported presenting or publishlng reseaKh. and 2£143%} undartook teaching related Ir) their cour88. Several respondents 8190 m•nlioned awards, leadership rol in socioli•s, or other profwsion81 Te¢ognition. As in previous yeors, respondents were asked how a grant had hdped them. Mlrroring previous suNey8. the most commonly oited benefits were allowSng them lo focus more on their SdIeS {g0%, compared with 78% last year) and a reduct(on in financial concerns and. Ihereftsre. stress {86%. compared with 75% in 20231. A grant allowed many to reduce the number of hours th6yworked part-thne or to reduce tho amount of money thay need8d lo borrow from elsevknèra. Rec8iving support from tho Trust also on8ble(18ome lo take part in extra<urrlcular activities or to study fulktlme.11 was pleasing to See that 47 students explolned that a grant had given them a motivatlonal boost in their 8ludles, domonslrallng tho1 supwt from the Trust 1$ not limilgj to the finan¢lal. Many respondents detslod a grnnt hgd helped their spaafic CiTcumslance5 including.. albvAno them to tfavol to placemenl$;18ssening th8 affects of inftalion-. wnproving their mental health., maintalnlng a V+Drk4lfe ban,, and pursuin9 new avanues of research.
ED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2026 The surv8y allows US to18arn about 8tudgnts' achkgvemanls. Frfty-four percent cited ex1qualifKiOn suGcess187% in 2023). Many students presented their work al conferences or had research published, and 33 students said th had undertaken some teaching woth. Several respondents had C(Ulhored books, won awards related to their studie8 or become pre8Klent of a univwsty so¢lety ielaled to Ihelr ctsurso. On• respondent said they had become a student ambassador and eXp.nId that they hoped to inspwe others like them to overcome barriers when pursuing their st(Klie$. The 8uNey gsk8d 8briut plans after the grant 8T, 38 respondents {5WAI planned to continue Ihelr sludle8 and 22136%) expected to move into gr&Juale-knl employmenl In the public. prfvate or academk 8ectOT8. Impacts ofb8iffw awartled a grant- l re able to cite a varioty of ways In whlch It had eas•d thoirfinancial burdon, enablin9 some lo avoi having to lake on paid work that Iwuld distwt frcm their stud. h& grant Was 8 lifeling forhelplfw me lo compl&te the degree. thg f1year0ff medklng G8mg wlth more examlnaths 8ndplaoement hours which meant I had to cul baGk on wortrlng part Ume In oftlgrto Imty focus and engage with mysludle8. I wouldnybe whgrg l am today (worklng as a Re3hlent otor) wilhout the grnnts from SlrRlch8nS Sly." Recel)l of an award, 8P8rt from havlng a flnan¢l81 effed. also had a pothve effect on mgntal health.. 'Receiving the grant had 8 huge posibv8 unpacl on my mental health and abilRy to attend th& fthl time placenIs. Veryimport8nt lo bo al)le to lake lime lo studyand take on fewerhours of pd wortr in evenlngs and we&k&nds.' To furth•rstrnngthen Ihe frust's fin•ncialpo8itlon bydearfy dellnlng •nd fomMltslng ow The Trust wes forn8d th • Permanent Endowmgnt, b98towod by Sir Rlchard Stapl8y In 1919. tFTis was the foundallon of the currgnt Inv08bn8nl8 0[lnallY made back In 1991. 100% into M&G Charifund units, before a £1m drsIfiCatIOn Snto CCL4 COIF CharlU86 Investmgnt Fund units. Unbpenl Income h attrfbulable to the unrestriclfjd reserv05 of the Trust. and 8B noted in last yearf¥ accounts, • roviaw Dfthe unr88lTlctod reserves was undertaken and identified. In January 2025 th• Flnance G¢)mmitt8e rgcommended that the 16,616 M&G Charifund unlls that idate to unTeslrthd funds, be movod to a separat8 investment fund to Clear define our Unrestrict fvnd8 from our permanent end¢ywmenl. The Board of Trustees agread to Ihls recommendation in May 2025, and these units wer• movad to 8 M&G Multi Aseet Fund. gnd when the Tru8t18 con81dered to have suffkient surplus kncomè eh year. 80mè or all k9 Invested, now Into M&G Muttl A88et Fund. This clBrificallon will en8blg tho Board of Trustee81o con8Kler the be8t use of these unre8lrided funds as we develcy our noxt slr8legy throughout 2026.
REPORT OF THE TRU3TEES FOR THE YEAR ENDED 31 DECEMBER 2025 P(thllshlng an annual N•wslottor. The Newsl&ttef was published in Decernber 2025 and emailed lo B81 friends and 8UPPOrters ol the T1 {2024.'7831. We u$e il lo calebrale the Tru81'8 and our beneficiaries, achievements. explain our organisatlonal plans, build support among potential donors, and art those inlere8ted in our grants about changes In our eligibility rubs and application pro¢esse$. Financialrnw•w.' Tho wrk of the Trust is funded primarlly from returns on its inveBlm•nls. As of 31 DoC•Mr 2025. t market value of the TruBt's invejtrnent was £4,559,53912024.. £4,091,461), thi$ bwng mainly derwfjd fr¢)m Sir Richard Slapl8I3 original legacy. The Trusfs investment policy Is 10 Safeguard it8 endowed fund8, pregem its capital, lo maximise its income, and to keep ils runnlng costs low. It is tha Trust8 policy not lo invest in componies involved in tobacco, armament8. or gambling. The Trust's Invested c¥ital 1$ currenlty held In the form of M&G 'Charrfund' Investment unlts. M&G MuAIAsset Fund units. CCLA investlnenl units. and a CCLA dep0811 account. T perfomiance of the inve81menl funds Is reviewed each year, and the INstee8 con8kJerwhelherlo d1vors or SwCh Into gnotherfund at le881 onc8 every thre8 year8. ThÈs wr the Board of Tru8tses cc4nmi88loned aft Independent flMn¢lal reviejw, led by a ftnancl81 athiser and guided by our Treasurer. lo support our planning for the fvture, ensure the long term mainlengnce of our capf(al, and maximi8è Invesknent Income during a period ol market volotilty and IncTe4$ed uncertalnty. The TnJ8t alm8 lo malntaln gen8ral re¥erves equlvdenl to O months of opernlonal expendrtura. and suffklonl lo allow for a full take up of grant clalm8 in at least 2 suSSe yeats wrthoul unduly fettering future grant levth. Th18 wlll bg revi8wgd annu81ty to ensure adequacy and corttiNed rel6vance. Each year, prlorto thg grants 8wards m88ling. an assessmanl of the amount of money availablg for grant making 18 m* by the Finance Committee and approved by the Tnffjtee Board. Thg trustees ensure that Suffic1 amounts of money ore mainlaad throughout the y&gr rn easy acc8s8 aGGounts to cover manapment and administration cost$. In 2025, the TnMt'8 running costs totalled £40,194 OT 21% oftotal expendliure (2024: £43.412 or 23%). The trust also benefSts from Indfvidu81 donations and legactes, mainly from 8lumnl. In 2025. Income from the8e was £4,253 ¢ompared to £11,995 in 2024. Rl¥k Managwn•nl.' In autumn of 2025, tho trustges conducted ils annu81. comprehen8fve a88888menl of the bu$lne¥s risk¥ could Impact our Trust and its work. The flnan¢lal, govern8n¢e, operational, envlronmenlgl and compl(ance rfsks wore id8ntffied. and the trustee8 were satlsfied that th• ngceosary processes and control8 were in place lo mitvJale these. Th8 Tntee8 agrèed to clrculat8 th8 summary of declar&J intere816 on an onnual ba8Ss for trustses to chgck and update. Tte85 also ogreod lo undortake outcomes Inte18W$ a selection of rgc8nt rlpI8nts 8v8ry 3 years, Stathg next In 2026.
REPORT OF TrIE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2026 Th• Twst Is an unincorfX)rated charitable trust. It wa5 constiluted by Trust Deed dated 13 January 1919, which document was updated in November 2021. Juty 2022 and Sgplemb6r 2022 ond lodged wmh the Charty Commission. Tra is a minimum of 3, and a maximum of 10 tru8teo8. New Iruslees are appObn1 by the Irustsos, having regard lo obtaining 8 saltsfactory r8ng8 of r8levant skills and expedence wthin the trustee body. CaChairs or chak and Vic&Chair. and Treasurer are each elected from th• trusteè body. Ther8 are currenlwten Iru8tees led by CtrChalr8. Dr Martall Chftre and Debra Ann Martyden. Truste88 nomialty mget a8 a Board three Ilmes a ye8r. Two meetiry are ¢oncemed wlth general business, )IIcy and revtew, the other 1$ a grant awardlng meetlng. A Flnance Commlttee consk8Ung of Ilve of our tru6t098 moets Ihrag times durlng tho year to conslder In detall our financkal wellbelng. Day-tthy rgsp¢)n$ibility managlThJ the Tru8Vs affalrs18 d81&3al&d lo our sole Staff member. Amy Csxrtur& Plons forFutsw• Pwlods." Trusto8$ b8n implgmenung a strategic plan in January 2022. Trustsos considered a progres8 report on tho slralggy In N¢)vembar 2024 and wore $atl8fled wlth Progr to dato. The Tru8t•e8 11 revlew and develop a naw 8tratsglc plan Sn 20. wlh the Inlenllon of beqlnnlng It8 Implemgniatlon In January 2027. ciwerlng a flve year perlod through lo the en¢J of 2031.
REPORT OF THE TRU8TEE8 FOR THE YEAR ENDED 31 DECEMBER 2025 TYu•t•¥¥' rOonI1blIlI•1 kn r•l4tk)n to th•finellI stat•monts The charfty trustees ore re$ponslble for wepathy a trustse8' annual roPOrtaThJ lknancLql 8tatsments In 8¢cord$n¢e th applWlo law and Unlted lingdom Accountlno Stsndards IUnSted KirvJdom GanardllyA8pt0d AccourfThJ Pra¢lk•l. The 8pplk8bkn to C111181 h Enn 8nd Wale6 requlr8S tho dty1Wste to preparè flnanclal statomts 88ch yearfi1¢h g5¥8 8 Iwe and lair ¥Aawofth• stato of aff8sr8 of thts chartty aTrJ oflhe Incomlng rgsounxB and applkatlon of resouw, of tho ch8rttyforthat pwlod. In preparfng thè flnandal 8tatement8. tho truitè88 8rg requlrod to.. 8Blecl sultablD accounllng polkkns aThl ihon appty them con818lenUy, ob8wve Ihe methods And prlncl6 b7 Ihe appllcBbb Charllès SORP: make judg8ment8 and •stlmateA that are fOAson8b18 and prudent., Sta ¥thother$pplab]6 acwuntlng st8n(18rds hav& been followed. 8uWectto any mstsrbl d8parturo5 dlsclD89d and explain In thè flnandal slatements., wepare the financlal 8tatèm8nts on the gdng concern basis unles611 18 Inopproprkt¢ lo prégum¥ that the thority wlll In bu8ine88. The Irustees arè r•spJnsible for keeplrrfj properacrounung records that dl81kng rna8onat4• OCfLif8Cy&t aTrYme the fln8rtkn1 p031tton of the dtty and to 8nabte Ihem to •n81Tr that the flngndd 8tatemenls comYW1th lh• ChatheB Act 2011. Iflo 8Olcthe Charfues (Account# and R8POrtsl Regulats, and Ihe provl8itJn8 01 the TDJ8t dfj. Thoy are 80 respbNtslblv for 8afeguardlng (he assets ol the charity And takhig re8Bonable sleps for the pyevonlon and del8don of tra81 other Irregulark8. Th8 trust8gs ar# rasp09 for Ihe MaInt8nAn and Integrltyofthe dMrNy•nd finandal Snfomiatkjn tnduded on tho ch8dVs b¥It8. Lffjislation In thè Unked K10M govetnfy th• pr•paration and *Jl•fjomlngtbn of financlal st4tam8nts maydlffer fmm leglthdon in othorluri8dtcUons. proval Thls report was approve Trust8 and sk3n•J on thglr behalf by.. 1Mana11 Chltro. Ctrchalrl Dalo.. 11. os. £o2L (Dr Debra Ann Mar8don, Ct>Chalrl
RICHARD PLE EDUCAT us INDEPENDENT EXAMINER'S REPORT TO THE TRU8TEE8 OF THE SIR RICHARD STAPLEY EDUCATIONAL TRUST I report on th• accounts of the TN8tfor the yur ended 31 Decernber 2025 aro strt out on pag88 11 to 18. ReBpgCtI rn8pon•lbllltl• of trust••s and txamln•r The charlty's tfuslees are rt8pon$ible for tha preparation of the accounts. Th• Trustee8 consider that an #udlt is not required for thls year LmdeT ledon 144 of the Charities Act 2011 Clhe Charftk88 A¢t) and that an kndependenl examlnallon Is needed. It Its my respomlblllty to: examlne the accounts und•r $tIon 145 ofthe Charities Act. followth¥ procedures laid down In the Ganeral Dlrectlons given by the Charity Commlsslon {under Beclion 145{Sllb} of the Charill&% Act)., and stale vthether particular matters have ¢ome to my attenllon. Baslo of Ind•pond•nt ex•mlMrs r•port My examination was carried out In accordance the general Diredons gWI by the Charity Commi$8(on. An examlnallon Includes a revRw ol th• a¢¢ountlng records kept by the charity and a comparison of the account¥ pl¢51¢d th those TecoTd8. It al80 Includes eon$lderation of any unusual items or dlsclosur8s In the accounts, and the 8eeklng of explanallonB from the Tru$le&s eoneemSng any such matter¥. The procedure$ undertaken do not provldo all the evldence that would be required in an audit d, consequentty, no opinion IB given 88 10 %%l)ether the aGcoun18 presonl a tru& and fair view and the report l¥ Imlted lo those matters set out In the statement below. 1nd9nd0nt •xwnln•rs stat•rn•nt In connection 1th my MInat)n. no rnaterlal matt¢r¥ havtr come to my attentlon vthich gives mo ¢au8t to Llleve that In. any material respect.. the attounlng lerS were not kept In accordance 1th Section 130 of the Charflles Ad.. or tho accounts dld not ¥¢cord •th the accounting records., oi Ihfj aceounts did not compty th th¢ applicable requirements conceming th& fomi and content of ¥¢¢ounts Set out In the Ch8rllle$ (A¢¢ounts aThJ Reports) Regulations 2008 t)thor than any Tequlr•menl that the aOUnts give a'lruB ¥nd lalrf, vlgwvthich is not a matter on$ld¢red as part of an IrKlep•ndwt exarninati¢)n. I have come across no oth•r matters in connection vllh thè •xamlnation to Nthlch attenuon should b8 dravm In this report in orderlo enable a PToper understsnding of the accounts to bo reached. orrl• Movltt Harrfs & Co Ltd W•lllngton Hou8• 273-276 Hlgh 8tr•ot London Colney Hertford6hlr• AL2 1HA Date". 10
HE SIR D STAPLEY EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2025 Total Fund8 Tot•1 Funds Note Tolal 2025 Tot81 2024 IncoThè and •ndowm8nts Income from donations and le9199 Inve8lment income Nd galnslllosse81 on Investmgnts 4.253 212.029 42,377 11.995 205,070 6.216 10 Total Incomlng rosour 258 659 223,281 Expondlturo E¥oendlturn on charltèble actfvl&vs 194.044 192.010 Totsl expondlturn 192,010 N•t incom&llwi•ndlture} and n•t movompnt In funds bofore galns and1088es on Invtman 64.815 31,271 ow Net gainslllo88es) on Inve8tmgnls 10 346.426 92.234 Mot mov•m•nt In fund• 411,041 123,505 R8oonclllalAon of funds Total funds bioughl forwwd 4,184,317 4.060.8tI Totsl fund• carrl•d forward 4.595.358 4, 184,317 11
EY TR BALANCE SHEET AT 31 DECEMBER 2025 Total funds 2025 Total 2024 Flxod 8( Tonglt4& 8886ts Invegtmonts 219 4,091.461 10 4.559.539 Total Flxed AM4ts 4.559.539 4.091,680 cun1$$•(l Debtars Ca8h al bank Arrfl In hand 11 37,654 94.203 Totsl CuTrnt A•ts 38.602 95,151 Credltors:arnounls fallng d thln ywr 12 2,784 -ZSf4 35,818 91637 4,184.317 Unrgsldct8d Income funds P9mian1 enduMn•nt 435,346 4,160.012 370.Y31 3,813.585 Total tharltylund¥ 13 4.595.358 4. 184,317 Tho nots8 gt pag88 1&18 ft>rrn part of these 8¢counts Approvad bylhe tnJBtee8 on .. . . .. and signad by I tnJ8tsè1 12
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2026 Accountkng pollGI•s •) B15 of Pmporauvn DI a¢counts and •5#•ssmont ofgolnll ¢oncem Th? ¥cUnts lffnand¥l statemenl•l have been prepared un(lerth8 hhturf1 coBt cOnn wtth m8 T8cognlwJ at CQ8t or transactlon value unle5$ Othwlsa stated in thè rethnl notel81 to these •ccoun15. The fln8n¢ial sl8i•ments h8va b8en prepprnd In accordance with the Statemenl of R8¢ommended Pra¢8.. Accounvng and Repor0 by ChwrlVe8 prep8ring thelr aocous)ts In aceorfanco with the Flnandal RepOrj Stsndard applicabb in Iha UK aTrJ Republlc 01118nd IFRS 102118su8d on 18 JY 2014 and the Fin8nual Rwting Standard appllrabl? In the Unli8d nqdom and Repubk ol Ireland IFRS 11r41 aTra the Charltlg8 Ad 2011. Th• trust wMlttu105 • publlc ben0ftty as defined ty FRS 102. Th? trlee3 conslder that thare are no materSal uncerta1no$ 8ty)ul the Tru5Ys abwty lo ojntlnu golw concwTh. WNh reip8ct io thu next reporung WTiod, a)19,th8 rn08t ¥nhI¢8nl8r8as of un¢ertolnty Ihst th¢t Ihe carrylng valuo of assats hekl by Trust are the Iwl of In¥e8lmenl tum and the pwlomorta of in¥eslment mork8ts15ee th• Inw8lm8nt pollty and pgrforrnaTK• rrt rf$k manag8menl Be(5 of thv tru$¢e88' gnnu•l roportferrnom Inf0rm•tfonl. bl Fund accourthg UnrBstrIGted Income funds rAryJrls8 Ihowfunds whlch ihotru8tee$ ara Ireo to ui• for any pwpollo In luthwanca of the tharlt•No objects P•rmqrnnt ondowment fvrl8 r8pr8Bent aBry¢ts th8lth8 charty 1$ requlred to retsin and noleynd, in ocmrdan wtth tr• trust deed. Th08èlund5 8r• retwnl lo genorate unwtrKtsd IncoTThJfwth¢ chorlty's ow)Ing actlvlU8& Restrf¢b"on6 arfso whon $pedrd by the d¢ncf cfjwhen funth ara raised for Plar reslrkted purwae8. Fyrtherd8tai1s are diKl08 in note 13. cl I0 reco9nltlon AJI Incom• l& recognlaed once the ¢h8rlty hai ent(U8menl to IhB IrKtyno. there L8 suffkJ)t ¢erfalnty OT r•wpt and so It Is wobabl¢ thalthg I1MolI1 rgcdved, lh• amount of Inc4)me rece10 Can be m8a8urod rellably. Int•M•t on bjndi hold fffi d8po8lt 15 Indud¥d upon notffiU0n of the Int8rtt•t pdd orpaylo by the rth. DlthbuU(ffi8 from unlitrUit8 are recognls•J upoft nolfficotion ty ourlnwtynant r•1801. dl Expendltur• rwnltkn LI•Ittle$ are reco9nl8ed as ep¥8ndftur¢ $OOD aB Ihèr 1$ a hgai or ¢strUCt6 obligatitin ¢ommitllng the ¢hadty to thatevndlrn. It io probat that s0tuemen1w ba rtqulrnd and tho amount olthg GllgattoTh be m8asurod rollably l oyp0ndlra Is •BMunt£dfoT M gn a¢cwth baBii. Grani8 payab are paymBTrts m&1¢ to thlrd parvei In tha frJrther¥n olthe charillbk obi8do of TruAt. In th a88 of an Uncond0&1 grant offar th1s1s ac6ftd once the re¢lpl8nt has beBn nolfied of the gmnt4war¢. The TrJUfilon th? Mclphnl q reawrwL48 •xp¢ctstlon th<fv wlll racaiw thE one year grsThL •) Irw•cov•r•blg VAT lrncoverablgVAT li WnBt iho èVndlM h4idSrvJ forwhKh ilwa• kncurred. 13
HES RAIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIBER 2025 Allocatlon ol•upportand gMrn•n Costs Support cc4ts have bE•n ¢Jlffw8nts"ated en awman and other Bupport c4sts. GO¥eM ¢06ts c•mprlse all cogts Involvlng the publlG aGfX)untablllty ofthe charfty and Its compliance regulgtton ond goDd pra¢Uc•. Th¢¥e sts Include COBtB fBlat•d lothg pr8paratSon of the Independentexwnlnors report &nd an apporbonmenl of o¥¢thead al sUPPOrt ccéts tIng to trusts• mo$. Qo¥em8nc8 and support costs relatlng to ¢trArft•bk advltl88 hawj boon ar4)vUoned based on thv Numb8r of Lnnt ords mada In romgnllon Ihatth• admlnlstrnO¥e cosls ofaw8wdlno dlff•r•nt typgj offv ar¢ broadty equlv81ant. Th¢ alK)rAOn 018UPPOrtand govemance costa anatysed In nole 5. g) ¢tabl0 actfvltlo The exp•ndllw8 gn chBritsble actqth Includ8B grnnts made, govama 4r¥1 •# aFpvUonm8nlolsuppDrt ¢cats as Ihown notè 6. h) T•nWlJts fixed •• and ¢Wedatlon a8ÉetS C05tirvJ mor¢ an £10D qr• wiilall8ed and valued il hl8¢orwl ccet. D8preGiution Is Charged from tho ar 0f8cquk8on on lurnlturo and 8qpMent on a 8lra(qht4kn& ba1$ 0¥ thekestimated useful Ie of four yearyJ. Flxad a8Dgt Inv••lm¢r Irw•¥lments 8r• Inilally r¢wth••J at IholrlwaMa¢tl¢n v•lug and aubsequ8nly rnuiured at th•lr maTk•t¥8lu¢ as at Ih8 bal•nr $hael date using the dosln9 quoted mathot PDCé. Th&Bialem8nt olffingTr1 thtIBB Ind(hI tha nat gatn5 aTrJ10sso$ 4rt$lrvJ on rBvaluaUon and dl8pos•L4 Ihroughoul the year. The Trust doo$ nolacqulreor pul opll)M. dori¥85 or otlwcomplexfinan¢lol IMtrum8nts R•lhed galrm Ind IoM• Al gilni ond lo8888 are laken to the &lat8rrftnt of ffnandol as they arL88. R8at148d galm ond Ic4888 on In¥eslTMnts are calcuLql8d a¥ the dNfernnce betsrten proceeds th•Sr opgnlng c8rryirvJ v8luo or Ihdr pyrchasa ¥alug If acqulred ¥ubB9qu¢nt lo th8 first day of the finandal year. Unreilised g¥lns and losseB ar• calcted the diffvrence hNveen the fa{rval it tho yoarond and their ratrying vlue. ReLie and unreafuqed IrNOBtrnDnl 9qin$ and1088e5 ar• In thB StAlemenl of FlnanclaIAetiv. kl P•nslon5 Empbye8B of IhD are anutled to an employs cOnj1)n to thetr ponilon plan Irranty olgfOS8 6al8ry). R•latsd partytranwUonBand trwt•n •Xpen •nd ramunerollon Tho trLWtoes all gl5* freaty tholr Ilm8 and eJprU&ewthout uny fom of rnmuneratlon orothoT b8n8fit In cash or kind. Trnvel gxp8n885 pald to the etru8te8B In the ygortotallgj £2,09912Q24.. £3.9411. Donatlon• T¢l•l 2025 2024 Ppt Income & gfft GlttAld Redalm8d 4.133 121 11,108 11.995 14
NOTES TOThE FINANCIAL STATEhlENT$ FOR THE YEAR ENDED 310ECEMBER 2025 In¥o•lmet Inccrfn• 2025 2024 M&G Charflund- UnltTrwt CCLACharrfund- Unlt Trust Intsreston GN¥h tl•po•lt8 187,781 39,278 162.181 38.244 oro In 2025 Hnd 2024 th• In¥e8lrMnt in¢ome ¥ttdbulabl8 to urY•slrthd lunds. Al1¢YA{J of Ind oth•r•upport CD¥ts The bretykdrn of support costs al hcw th8B•wro gll¢vied b8ts¥8on govwnwn¢e and othersupport tyJJts18 ¥h¢Nn in the tab below. Ct typo Total alocated GurnanC Other SUPPDrt B#l•olworfcnrnwrt St4ff coslB Émployevs LKqblllty Insura8 ¢)fflca computsr•yn883 Fra8Lqnc8r eypons Sundry adminhtmthe lts 20,754 1.439 11.730 150 13,490 Slaff tfmg 935 51aff time 7,624 Sloft Ume 98 Staff b.me 1.035 staff Im8 23.182 504 4.105 53 36,684 12,483 AJk)callon w staff Ume h ba&•J on Btaff a55essm8nlofJme 8pBnt Dn actknle8. 21r25 2024 Trawl and me8lnq8 costs ounlancy fqe5 Lty818nd prof85BtenwJfe Support co818 2,099 2,430 3.941 Z232 1.320 12,572 17,012 Th8 total SUFP(¥l wst atlrknthbkn lo th•rItsb9Gtiyi 18 then oppthlongd pro-rata to tho nurnb8r of grant¥ In 2025 and 2W24 Iho expendltyra on govem•n¢e $1• wa5 wholly from vnre•lrlctsd fundi. Allocallon of gDv•rn•rtM and othor¥ufft¢osls 2025 2024 Gronl6 to IndMdu•ls 40.194 40.194 43.412 Analy91¥ rf ¢horK•bl••xpvndRurn The charlty urthrtakes charltablfr a¢UvlU81 1hroh grnnt awarthd to ar irwJtitutiDrrd In furthw8nco 01 its ch•rltabl• 8Ctl¥4I8. Gronlfvndtha Support and gowJmeThx Total To12024 GrBnts to iTrJNldua 153850 153,850 40,194 40.194 192,010 19 oio 15
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JI DECEMBER 20215 Anatysh of grnnts Postgf•du8tsgrant8 153,es0 53.850 2025 2Q4 Grant8 to Indfvlduth 01181[y vwarded Gr•nts nottaken upthSthlrawn 183.050 9.8 164,098 Tow lor the yur 153.860 NErOf awirds taken up 131 155 Ar•ly•L• rrt It¢0•ts 2025 2024 19,932 24, 190 950 P•nslon contrfbuuons 20,754 No •moluments ofmore Ihan £eo,oco. Ind•p•rHknnt•xamln•rn' rnemI10 IndepndwlExamlneVB F80 u1£2.232 Indudes £432 aB a th4rg0 for payroll $8rylc85 and E10TrJ ch8rgg for accounts prepaTalondurfrpJ th• yeor. IZ024.. £2.232, Indudlng £432 forpayrou and £11)Dlor •ccount6 propar4tlw} Ttmolbl• Ilx•d aB••ts 2025 2024 Offlc• •4ulw•nt Coit At l Januory 2025 DIBPOBqlJ forth& yg•r Athjilions forlhe yaor At 31 Dmber 2025 1,IGg At 1 JanuHry 2026 DrdpossI8 for Ilte Charge for the year Al 31 Dec•mbei 2025 1,219 740 219 1.438 479 At 31 D8c4mbor W25 21P At l j¥ary 2025 219 16
NOTES TO THE FIN4ClAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10 Flx•dA•wt lryMlmerts Dlrnot IrN•Jlment In IlJtod So¢tIl• M&G Charllund Mov•m•nt In flxod as•ot InvHtm•T m4rketv8l brought forward qt 1 Jthnry 2025 L•s8'. tr8n$fvr to M&G mul Asset Fthd Add.. athbUon$ to inve$tments at ¢Mt N6tgalnl IIDi•I rev8lu81kn Market value 8$ at 31 Drnber 2W26 No.of 2D25 180,201 16.6Ce 2.653.285 259,721 2.584872 432 439 2,828,003 2,&53.285 Dlr8¢t Inv••lm8nt• In IIBted•gcurS11 M&G Multt A•t Fund 0¥om•nt In Itx8da88et Inva8tm•nt• MarketyAlw broht lorwwd at 1 January 2025 Legs.. wilhdr8wd8 from Investsnents 51 Goit Ajd.. Ir•n$f8r from M&GChqrifu¢)d N•t galnl Ilos$l on r8V8luaUon Mathet volua 88 at 31 Do¢•mber 2025 No.ol unlts 2tY25 2024 273.966 259,721 23.616 283.337 273,868 No.of unlts 2025 CCLA COIF Inve8tmeth Fund M¢p4ementln flx•d awt Inv••tm•nts Mafket ¥u8 brnught forwwd al 1 January2025 Jd.. aJlVon8 io knv851ment• It coil N•t galnl Ilossl on revaluation CCLI COIF d8poBit account fund M4rketv4lu• w ol31 Do(ml2025 69.232 1.404.964 1,3T3.pir 67.252 112.497 1,450.199 31,037 33,222 1,403,895 69,232 Al kwlrnents arB cRth¢d at tholrmwket v8lm. A$t6¥8 purBh8se5 reccgnllad at the date oftrad? at coil (that kn thr trans&0Th valu•l. Hkitork ¢osl of Invuim•nt• c•thed forward 2 282 815 2,282.815 11 AnJWl• of cmnt *•••t• 24 Prepaen1$ CABh atbank Curr8nt8ecounl8 37.654 38.6W2 94,203 7S,132 prewymerts rnlated to unr¢•trlcted bG4h 2025 ond 2024. Al c•sh albank bilanc•5 rd•tsd lo unr•strfthd lund$ In both 2025 ond 2024. 12 AMly•ls (+cuwrorrt Il•bllttl4• 2024 A¢cru•Ls PAYE & pen$lon CrBdR ¢ard 2,232 525 27 1232 All crndltors 2025 and 2024 ml•te lo unT89tr1Gt•Olund8. 17
LARD STAPL NOTES TOThE FINA14CIAL STATEIAENTS FOR THE YEAR ENOED 31 DECEMBER 2026 13 An•lysl& of chwltablo funth Afi&1• of fund rnov•mgrt• B91al Galn• and In¢om• Unrn$trtsd lund• Pemianont 8ndmon1 37D,731 218,282 194,044 42.377 3,813 585 4,060,811 346.42e 388,803 4,180 012 4,59S,358 216.282 194,044 The pemiamniendowmntfunds In Ihe chaW rnpre¥¢n¢IntrIwts hdd In u$ any gakns Cf kJBW on th•s0 Invvstrnenl•. Tho uftr8Btrkted fvrMIB con51st of tha It6 earned on Ihe endtymnt funds plu the valua ofln¥85lm8nts whl¢h hav8 been paid forout ol •UFFlu$ unro$trf¢ied IncKffl& Th•10 funds are 4vaMabla to b8 8P8ntfor4ny of th• piirpoi85 of the charlty. 18