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 KI￿Lind. 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
staple￿lusI.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
Inv￿lMont 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
D￿MbOr 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 educat￿n 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 educa￿On 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 r￿ent 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$8 lo postgr8duato stltdy which M￿h1 otheMi8• h8v• been denied them. We run 8n annual funding
round. Inv((ing applications from students of any nationalty propo8lng lo Study for a postgraduate
qu•lrfi'¢ation or furtheT degree {for example, Medlclne. Dent(gtry, Veterinary Medicine. Archlt8Cture or
Englneerfng ere commonty taken 88 a second undergraduate degree) at a UK Inslllulion, Grant8 are made
for one year. Reapplicatlon$ 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•¢t1￿5 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 Stu￿1r￿d In the UK in th8 academic yeai 2025128.
To further strengthen the Trust's fin8ncial posltlon by clearty definlng fomialiBing OUT unrestrlcted
To PUbl￿h 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 •P￿￿ants
In earty Januiry wb opened our annugl grant round for graduate Students 8&e￿ng 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
a3￿8$ment by oui trustees and consideration at our annual grants meeting.
Slwlghl pwnt of the appllcants wtre female. 29% male. 1% felt nelther descrlpuon Was adequate and
2% prtforr•d not to dis¢lo$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%)
FIftY￿ne 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• Mai￿lty(75%I having Brits'sh or dual British nationality.
Grants a￿Vrd￿..
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 I￿1￿j 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
Ev￿UatIon 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 deCre￿e in responBe rale from 48% in 2024.
Students compl¢tI￿ the suNey came 30 hlgher •ducatttsn•l In8lllulion8.
stud8nts'financ￿I 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 S￿nd degrfj8, 8nabling th8m to
dedi￿te 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 S￿dIeS {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
ba￿n￿,, 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 ex￿1qualifK*iOn
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 f￿￿1year0ff 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 o￿tor)
wilhout the grnnts from SlrRlch8nS Sl*y."
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
place￿￿nIs. Veryimport8nt lo bo al)le to lake lime lo studyand take on fewerhours of p￿d 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 d￿rsIfiCatIOn 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 e￿h 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 T￿￿1
{2024.'7831. We u$e il lo calebrale the Tru81'8 and our beneficiaries, achievements. explain our organisatlonal
plans, build support among potential donors, and a￿rt those inlere8ted in our grants about changes In our
eligibility rubs and application pro¢esse$.
Financialrnw•w.'
Tho wrk of the Trust is funded primarlly from returns on its inveBlm•nls. As of 31 DoC•M￿r 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
Sw￿Ch 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$ed uncertalnty.
The TnJ8t alm8 lo malntaln gen8ral re¥erves equlvdenl to O months of opernlonal expendrtura. and suffklonl
lo allow for a full take up of grant clalm8 in at least 2 su￿SS￿e yeats wrthoul unduly fettering future grant
levth. Th18 wlll bg revi8wgd annu81ty to ensure adequacy and corttiNed rel6vance.
Each year, prlorto thg grants 8wards m88ling. an assessmanl of the amount of money availablg for grant
making 18 m* by the Finance Committee and approved by the Tnffjtee Board.
Thg trustees ensure that Suffic￿￿1 amounts of money ore mainla￿ad throughout the y&gr rn easy acc8s8
aGGounts to cover manapment and administration cost$.
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$lne¥s risk¥
could Impact our Trust and its work. The flnan¢lal, govern8n¢e, operational, envlronmenlgl and compl(ance
rfsks wore id8ntffied. and the trustee8 were satlsfied that th• ngceosary processes and control8 were in place
lo mitvJale these.
Th8 Tn￿tee8 agrèed to clrculat8 th8 summary of declar&J intere816 on an onnual ba8Ss for trustses to chgck
and update.
T￿￿te85 also ogreod lo undortake outcomes Inte￿18W$ a selection of rgc8nt r￿lpI8nts 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.
T￿ra 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-t￿thy rgsp¢)n$ibility managlThJ the Tru8Vs affalrs18 d81&3al&d lo our sole Staff member. Amy Csxrtur&
Plons forFutsw• Pwlods."
Trusto8$ b8￿n 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•¥¥' rO￿onI1b￿lIlI•1 kn r•l4tk)n to th•fin￿ellI 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
GanardllyA￿8pt0d AccourfThJ Pra¢lk•l.
The 8pplk8bkn to C￿111181 h En￿n￿ 8nd Wale6 requlr8S tho d*ty1Wste￿ to preparè
flnanclal statom￿ts 88ch year￿fi1¢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 prlncl*6 b7 Ihe appllcBbb Charllès SORP:
make judg8ment8 and •stlmateA that are fOAson8b18 and prudent.,
Sta￿ ¥thother$ppl*ab]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 aTrY￿me the fln8rtkn1 p031tton of the d￿tty and to 8nabte Ihem to •n81Tr that the
flngndd 8tatemenls com￿YW1th lh• ChatheB Act 2011. Iflo 8Olcthe Charfues (Account#
and R8POrtsl Regulat￿s, 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
tra￿￿8￿1 other Irregular*k8.
Th8 trust8gs ar# rasp0￿￿9 for Ihe MaInt8nAn￿ and Integrltyofthe dMrNy•nd finandal Snfomiatkjn
tnduded on tho ch8dVs ￿b¥It8. Lffjislation In thè Unked K￿￿10M govetnfy th• pr•paration and
*Jl•fjomlngtbn of financlal st4tam8nts maydlffer fmm leglthdon in othorluri8dtcUons.
proval
Thls report was approve￿ Trust￿8 and sk3n•J on thglr behalf by..
1￿Mana11 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$8(on.
An examlnallon Includes a revRw ol th• a¢¢ountlng records kept by the charity and a comparison of the
account¥ pl¢5￿1¢d th those TecoTd8. It al80 Includes eon$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.
1nd9￿nd0nt •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 L*lleve that In. any material respect..
the attounlng le￿r￿S 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 a￿OUnts 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 le9￿199
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 Inv￿tman
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
cun￿1￿$$•(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
P9mian￿1 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
•) B￿15 of Pmporauvn DI a¢counts and •5#•ssmont ofgolnll ¢oncem
Th? ¥c￿Unts lffnand¥l statemenl•l have been prepared un(lerth8 hhturf￿1 coBt cOn￿￿n 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 Repo￿r0 by ChwrlVe8 prep8ring thelr aocous)ts In
aceorfanco with the Flnandal RepO￿r￿j Stsndard applicabb in Iha UK aTrJ Republlc 011￿18nd
IFRS 102118su8d on 18 J￿Y 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 ben0ft￿￿ty as defined ty FRS 102.
Th? tr￿lee3 conslder that thare are no materSal uncerta1n￿o$ 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• retwn*l lo genorate unwtrKtsd IncoTThJfwth¢ chorlty's ow)Ing actlvlU8&
Restrf¢b"on6 arfso whon $pedr￿d by the d¢ncf cfjwhen funth ara raised for P￿￿￿lar reslrkted purwae8.
Fyrtherd8tai1s are diKl08￿ in note 13.
cl I￿0 reco9nltlon
AJI Incom• l& recognlaed once the ¢h8rlty hai ent(U8menl to IhB IrKtyno. there L8 suffk*J)t ¢erfalnty OT r•wpt and so
It Is wobabl¢ thalthg I1￿Mo￿lI1 rgcdved, lh• amount of Inc4)me rece￿10 Can be m8a8urod rellably.
Int•M•t on bjndi hold fffi d8po8lt 15 Indud¥d upon notffiU￿0n of the Int8rtt•t pdd orpay*lo by
the ￿rth. DlthbuU(ffi8 from unlitrUit8 are recognls•J upoft nolfficotion ty ourlnwtynant r•1￿801.
dl Expendltur• rwnltk*n
LI•￿Ittle$ are reco9nl8ed as ep¥8ndftur¢ ￿ $OOD aB Ihèr* 1$ a hgai or ¢￿strUCt￿6 obligatitin ¢ommitllng the ¢hadty
to thatevndl￿rn. It io probat* that s0tuemen1w￿ ba rtqulrnd and tho amount olthg G*llgattoTh be m8asurod
rollably
l oyp0ndl￿ra 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 Uncond￿0￿&1 grant offar th1s1s ac6ft￿d once the re¢lpl8nt has beBn nolfied of the gmnt4war¢. The
TrJUfi*lon th? Mclphnl q reawrwL48 •xp¢ctstlon th&ltfv wlll racaiw thE one year grsThL
•) Irw•cov•r•blg VAT
lrncoverablgVAT li WnBt iho èVndl￿M 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￿￿$.
Qo¥em8nc8 and support costs relatlng to ¢trArft•bk advltl88 hawj boon ar4)vUoned based on thv Numb8r of Lnnt
ords mada In romgnllon Ihatth• admlnlstrnO¥e cosls ofaw8wdlno dlff•r•nt typgj offv ar¢ broadty
equlv81ant. Th¢ alK)rA￿On 018UPPOrtand govemance costa anatysed In nole 5.
g) ¢￿￿tabl0 actfvltlo
The exp•ndllw8 gn chBritsble actqth Includ8B grnnts made, govama￿* 4r¥1 •# aFpvUonm8nlolsuppDrt ¢cats as
Ihown notè 6.
h) T•nWlJts fixed ￿••￿ and ¢Wedatlon
a8ÉetS C05tirvJ mor¢ ￿an £10D qr• wiilall8ed and valued il hl8¢orwl ccet. D8preGiution Is Charged from tho ￿ar
0f8cquk8￿on on lurnlturo and 8q￿pMent on a 8lra(qht4kn& ba*1$ 0¥￿ thekestimated useful I￿e 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* $hael date using the dosln9 quoted mathot PDCé. Th&Bialem8nt olffingTr*1 thtIBB Ind(hI￿ tha nat
gatn5 aTrJ10sso$ 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 Io*M•
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•
calc￿￿ted ￿ the diffvrence hNveen the fa{rval￿ it tho yoarond and their ratrying vlue. Re￿Lie￿ and unreafuqed
IrNOBtrnDnl 9qin$ and1088e5 ar• In thB StAlemenl of FlnanclaIAetiv￿￿.
kl P•nslon5
Empbye8B of IhD are anutled to an employ*s cOn￿￿j1￿)n to thetr ponilon plan I￿rranty
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•lme*t 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 bretykdr￿n of support costs al￿ hcw th8B•wro gll¢vied b8ts¥8on govwnwn¢e and othersupport tyJJts18
¥h¢Nn in the tab￿ below.
C￿t typo
Total alocated
Gu￿rnanC￿
Other SUPPDrt B#l•olworfcnrnwrt
St4ff coslB
Émployevs LKqblllty Insura￿8
¢)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•rItsb￿9Gtiyi￿￿ 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 1hro￿h grnnt awarthd to ar
irwJtitutiDrrd In furthw8nco 01 its ch•rltabl• 8Ctl¥4I￿8.
Gronlfvndtha
Support and
gowJmeThx Total
To1*2024
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
01￿1￿81[y vwarded
Gr•nts nottaken upthSthlrawn
183.050
9.8
164,098
Tow lor the yur
153.860
N￿E*rOf 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' r￿￿nemI10￿
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 D￿mber 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 FIN￿4ClAL 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 Jthn￿ry 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 D￿rnber 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 bro￿ht 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.. a*JlVon8 io knv851ment• It coil
N•t galnl Ilossl on revaluation
CCLI COIF d8poBit account fund
M4rketv4lu• w ol31 Do(*m￿l2025
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$￿t6¥￿8 purBh8se5 reccgnllad at the date oftrad? at
coil (that kn th￿r trans&￿0Th valu•l.
Hkitork ¢osl of Invuim•nt• c•thed forward
2 282 815
2,282.815
11 AnJWl• of cmnt *•••t•
24
Prepa￿￿en1$
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• B91a￿l￿
Galn• and
In¢om•
Unrn$tr*tsd
lund•
Pemianont
8nd￿mon1
37D,731
218,282
194,044
42.377
3,813 585
4,060,811
346.42e
388,803
4,180 012
4,59S,358
216.282
194,044
The pemiamniendowmntfunds In Ihe chaW rnpre¥¢n¢In￿trIwts hdd In ￿u$ any gakns Cf
kJBW on th•s0 Invvstrnenl•.
Tho uftr8Btrkted fvrMIB con51st of tha It￿6 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