Charity registration number 528787
STUDLEY COLLEGE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
STUDLEY COLLEGE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A Forsyth (Chair) | |
|---|---|---|
| C Moody OBE | ||
| P Mills | ||
| S Beer | ||
| R Adams | ||
| M Wells | ||
| W Simpson MBE | ||
| C Flavell | ||
| A McGregor | ||
| M Herbert | ||
| M Chilton-Jones | (Appointed 11 July 2024) | |
| Charity number | 528787 | |
| Principal address | Kernow House | |
| Hill Road | ||
| Lower Boddington | ||
| Daventry | ||
| Northamptonshire | ||
| NN11 6YB | ||
| Independent examiner | Hermione Hymers ACA | |
| Whitley Stimpson Limited | ||
| Penrose House | ||
| 67 Hightown Road | ||
| Banbury | ||
| Oxfordshire | ||
| OX16 9BE | ||
| Bankers | CAF Bank | |
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Maling | ||
| Kent | ||
| ME19 4JQ |
STUDLEY COLLEGE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
STUDLEY COLLEGE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025
The trustees present their annual report and financial statements for the year ended 30 June 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The objectives of the charity as per its governing document are to encourage, assist and develop education instruction and research in agriculture and horticulture forestry and allied subjects and in the various subjects and sciences connected with the same including their practical application in the cultivation of the soil and in the rearing and maintenance of stock.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Activities
The charity undertakes to give grants to individuals undertaking education instruction and research in agriculture and horticulture. This fulfils the objects of the charity and trustees deem its a public benefit.
Risk management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trustees consider the charity’s major risk to be a significant collapse in world stock markets.
Grant making policy
In order to reduce administration costs the Trust has increasingly made grants through partnership arrangements with selected land-based colleges and other institutions. Direct applications will still be considered subject to eligibility and availability of funds. The Trust's website has been updated to inform applicants as to procedural requirements for applications (see www.studleytrust.co.uk).
Achievements and performance
Significant activities and achievements against objectives
During the year the Trust received 43 enquiries directly from students, 6 applications were received and 4 direct awards were made. A further 95 awards were made by the Bursary Partnership colleges as well as under the Professional Gardeners Guild training scheme and Elizabeth Hess scholarships at Tresco.
Financial review
The charity received a large donation in 1970 from Studley College. The capital of this fund now amounts to over £3.2 million. This fund generates income which is used in accordance with the objects of the charity. The fund generated income of £122,952 in the year which funded grant awards, bursaries and related costs that totaled £106,366.
There are no restrictions on the charity’s power to invest. The investment strategy is set by the Trustees and takes account of recent demand for funds and the quality of the funding applications. The Trustees consider the income requirements, the risk profile and the investment managers’ view of the market prospects in the medium to long term. This strategy is set within an overall policy which states that the Trust funds are to be invested in a variety of assets both to spread risk and to enhance the long term prospects of overall return. Our strategy is reviewed with our investment managers regularly. In the year the charity estimated that it required income of £155,050 and we implemented a medium risk strategy. Income was above the target by £13,144.
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STUDLEY COLLEGE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level that equates to not less than twelve months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year.
The Trustees acknowledge the generosity of the donors to the Permanent Endowment Fund – the J G Grey Travel Scholarship, the Millard Bequest and the Lady Warwick Fund. In addition the assets of the Horticultural Training Trust were transferred to this Trust during 2006/07 and £7,000 of these funds is also included within the Permanent Endowment Fund.
Plans for future periods
The charity proposes to continue making grants directly to students and also to continue to provide funding to the Bursary Partnership colleges and other partner organisations for them to allocate to appropriate students.
Structure, governance and management
The Trust is an unincorporated trust established by a Declaration of Trust dated 17 September 1970 and is a registered charity, number 528787. The Trust has the objective of making grants and awards to assist in the education of students of agriculture, horticulture and associated land-based activities. The Trust is governed by rules set out in the Declaration of Trust.
The Trustees who have served during the year and up to the date of signing the accounts are set out below. Trustees are appointed by the Board of Trustees. Two meetings of all Trustees and two meetings of the Trust’s Finance Committee were held during 2024/2025.
A Forsyth (Chair)
C Moody OBE P Mills S Beer R Adams M Wells W Simpson MBE C Flavell A McGregor M Herbert R Colwill (Resigned 17 October 2024) M Chilton-Jones (Appointed 11 July 2024)
Recruitment and appointment of trustees
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STUDLEY COLLEGE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
At the Trustees’ meetings the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and processing and handling of applications prior to consideration by the Trustees is delegated to the Secretary.
The Board of Trustees keeps the skill requirements for the Trustee Body under review and in the event that a Trustee permanently retires or additional Trustees are required, existing Trustees nominate suitable persons. The ultimate decision on selection is a matter for the Board of Trustees.
The induction process for any newly-appointed Trustee is in accordance with best practice. The welcome pack includes a brief history of the Trust, copy Board and sub-committee minutes, a copy of the last three years’ of annual reports and accounts, a copy of the governing trust deed and a copy of the Charity Commission’s guidance “The Essential Trustee: What You Need To Know”.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trustees consider the charity’s major risk to be a significant collapse in world stock markets.
The trustees' report was approved by the Board of Trustees.
.............................. A Forsyth (Chair)
Trustee
Date: .............................................
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STUDLEY COLLEGE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STUDLEY COLLEGE TRUST
I report to the trustees on my examination of the financial statements of Studley College Trust (the charity) for the year ended 30 June 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and 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 financial statements to be reached.
Hermione Hymers ACA
Whitley Stimpson Limited Penrose House 67 Hightown Road Banbury Oxfordshire OX16 9BE
Dated: .........................
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STUDLEY COLLEGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2025
| Unrestricted Endowment funds funds 2025 2025 Notes £ £ Income from: Donations 2 35,000 - Investments 3 122,980 - Total income 157,980 - Expenditure on: Charitable activities 4 123,916 - Other expenditure 9 21,508 - Total expenditure 145,424 - Net gains/(losses) on investments 10 - 16,785 Net income and movement in funds 12,556 16,785 Reconciliation of funds: Fund balances at 1 July 2024 386,205 2,867,805 Fund balances at 30 June 2025 398,761 2,884,590 |
Total Unrestricted Endowment funds funds 2025 2024 2024 £ £ £ 35,000 33,000 - 122,980 131,154 - 157,980 164,154 - 123,916 123,362 - 21,508 14,309 - 145,424 137,671 - 16,785 - 73,420 29,341 26,483 73,420 3,254,010 359,722 2,794,385 3,283,351 386,205 2,867,805 |
Total 2024 £ 33,000 131,154 |
|---|---|---|
| 164,154 | ||
| 123,362 14,309 |
||
| 137,671 | ||
| 73,420 | ||
| 99,903 3,154,107 |
||
| 3,254,010 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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STUDLEY COLLEGE TRUST
BALANCE SHEET AS AT 30 JUNE 2025
| Notes Fixed assets Investments 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities The funds of the charity Endowment funds 14 Unrestricted funds 15 |
2025 £ £ 3,222,481 65,058 (4,188) 60,870 3,283,351 2,884,590 398,761 3,283,351 |
2024 £ £ 3,196,597 61,013 (3,600) 57,413 3,254,010 2,867,805 386,205 3,254,010 |
2024 £ £ 3,196,597 61,013 (3,600) 57,413 3,254,010 2,867,805 386,205 3,254,010 |
|---|---|---|---|
| 3,254,010 | |||
| 2,867,805 386,205 |
|||
| 3,254,010 |
The financial statements were approved by the trustees on .........................
| .............................. | .............................. |
|---|---|
| A Forsyth (Chair) | W Simpson MBE |
| Trustee | Trustee |
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
Charity information
Studley College Trust is a charitable trust registered in England and Wales. The registered address is Kernow House, Hill Road, Lower Boddington, Daventry, NN11 6YB.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2 Income from donations
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Elizabeth Creak Charitable Trust | 35,000 | 33,000 |
| Income from investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Income from unlisted investments | 122,952 | 131,109 |
| Interest receivable | 28 | 45 |
| 122,980 | 131,154 |
3 Income from investments
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
4 Expenditure on charitable activities
| Educational | Educational | ||
|---|---|---|---|
| support | support | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 5) | 106,366 | 105,684 | |
| Share of support and governance costs (see note 6) | |||
| Support | 9,289 | 9,080 | |
| Governance | 8,261 | 8,598 | |
| 123,916 | 123,362 | ||
| Analysis by fund | |||
| Unrestricted funds | 123,916 | 123,362 | |
| 5 | Grants payable | ||
| Educational | Educational | ||
| support | support | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grants to individuals | 106,366 | 105,684 |
Educational support
Grants and bursaries paid to assist in the education of students of agriculture, horticulture and associated land-based activities
6 Support costs allocated to activities
| Educational | Educational | |
|---|---|---|
| support | support | |
| 2025 | 2024 | |
| £ | £ | |
| Administration costs | 9,018 | 8,422 |
| Travelling and subsistence | 270 | 658 |
| Governance | 8,261 | 8,599 |
| 17,549 | 17,679 |
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
| 6 Support costs allocated to activities Governance costs comprise: Secretarial costs Printing, stationery, other materials Telephone, website, and promotion Accountancy and audit Other expenses 7 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
(Continued) 2025 2024 £ £ 3,500 3,500 94 164 588 588 3,600 3,600 479 747 8,261 8,599 2025 2024 £ £ 3,600 3,600 |
(Continued) 2025 2024 £ £ 3,500 3,500 94 164 588 588 3,600 3,600 479 747 8,261 8,599 2025 2024 £ £ 3,600 3,600 |
|---|---|---|
| 8,599 | ||
| 2024 £ 3,600 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. However, 1 of the trustees was reimbursed a total of £76 for travel expenses paid on behalf of the charity (2024 - 4 of the trustees were reimbursed £622).
9 Other expenditure
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Financing costs | 21,508 | 14,309 | |
| 10 | Gains and losses on investments | ||
| Endowment | Endowment | ||
| funds | funds | ||
| 2025 | 2024 | ||
| Gains/(losses) arising on: | £ | £ | |
| Revaluation of investments | (160,707) | 89,201 | |
| Sale of investments | 177,492 | (15,781) | |
| 16,785 | 73,420 |
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Fixed asset investments
| Cost or valuation At 1 July 2024 Additions Valuation changes Disposals At 30 June 2025 Carrying amount At 30 June 2025 At 30 June 2024 Investments at fair value comprise: UK listed equities Overseas listed equities UK & overseas listed fixed interest securities 13 Creditors: amounts falling due within one year Accruals and deferred income |
Listed investments £ 3,196,597 800,059 (160,707) (613,468) 3,222,481 3,222,481 3,196,597 2025 2024 £ £ 1,127,598 1,404,325 1,499,293 1,138,689 595,590 653,583 3,222,481 3,196,597 2025 2024 £ £ 4,188 3,600 |
|---|---|
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
14 Endowment funds
Endowment funds consist of two separate fund balances.
The first fund balance represent assets which must be held permanently by the charity, with these amounts being recognised as a permanent endowment. Income arising on the permanent endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
The second fund balance represents assets donated to the charity at its registration, with these amounts being recognised as an expendable endowment. As part of this donation, the trustees have been provided with the power to use the available funds (including both capital and income) at their discretion towards furthering the objects of the charity. Income arising on the expendable endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| At 1 Permanent endowments Expendable endowments Expendable endowment Previous year: At 1 Permanent endowments Expendable endowments Expendable endowment |
July 2024 Gains and losses At 30 June 2025 £ £ £ 15,470 - 15,470 2,852,335 16,785 2,869,120 2,867,805 16,785 2,884,590 July 2023 Gains and losses At 30 June 2024 £ £ £ 15,470 - 15,470 2,778,915 73,420 2,852,335 2,794,385 73,420 2,867,805 |
|---|---|
15 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 | July 2024 | Incoming | Resources | At 30 June | |
|---|---|---|---|---|---|---|
| resources | expended | 2025 | ||||
| £ | £ | £ | £ | |||
| General funds | 386,205 | 157,980 | (145,424) | 398,761 |
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STUDLEY COLLEGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
| 15 Unrestricted funds Previous year: At 1 General funds 16 Analysis of net assets between funds At 30 June 2025: Investments Current assets/(liabilities) At 30 June 2024: Investments Current assets/(liabilities) |
(Continued) July 2023 Incoming resources Resources expended At 30 June 2024 £ £ £ £ 359,722 164,154 (137,671) 386,205 Unrestricted Endowment Total funds funds 2025 2025 2025 £ £ £ 344,891 2,877,590 3,222,481 53,870 7,000 60,870 398,761 2,884,590 3,283,351 Unrestricted Endowment Total funds funds 2024 2024 2024 £ £ £ 335,792 2,860,805 3,196,597 50,413 7,000 57,413 386,205 2,867,805 3,254,010 |
|---|---|
17 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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