**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.
- 1 -
## **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_
- 2 -
## **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: .............................................
- 3 -
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 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: .........................
- 4 -
## **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.
- 5 -
## **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**|
- 6 -
## **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.
- 7 -
## **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**
- 8 -
## **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|
- 9 -
## **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|
- 10 -
## **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|
|---|---|
- 11 -
## **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|
- 12 -
## **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).
- 13 -