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The Stuart Rossiter Trust Fund |
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Registered Charity Number 292076 |
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TRUSTEES REPORT FOR 2004 |
| 1. |
This was the ninth full year of operation for the Charity. The Charity's main objects are set out in paragraph 7 of this Report. The Charity's financial year is the calendar year. The Charity originated under a provision in the will of Stuart Rossiter who died on the 19th December 1982.
The Charity is governed by a Trust Deed dated 3rd June 1985 and by an Order of the Charity Commission dated the 24th January 1995 and by a Deed of Modification dated the 21st August 1995.
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| 2. |
Four books were published by the Charity in 2004 namely: David Cornelius's book “Introduction to Postal History of Denmark 1625-1950 “, Yamil H Kouri's book “Spanish New Orleans”, John Slingsby's book “The Postal History of the Army of the Black Sea 1919-1923” and the fifth Stuart Rossiter Trust Postal History Journal containing three monographs by invited authors on different subjects.
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| 3. |
Looking ahead to 2005 and beyond, provided that the texts are completed, the programme for publishing approved by the Trustees at the moment is “The Royal Marines, Home & Abroad – a Postal History 1666-1994” and “Dutch East Indies Postal Rates 1864-1949”. In addition a book with title “Ecuador - The Philately of the Seebeck Era - January 1892 to mid June 1897” published with the help of loans from this and three other charities is expected.
The Charity's website www.rossitertrust.com became operational in 2001 and underwent substantial revision in 2003 and will be revised again in 2005.
The 2004 Stuart Rossiter Memorial Lecture was given by Ian McQueen entitled
“The Philatelic Writer - Some personal experiences and opinions”.
The cumulative position as in December 2004 from the last quarter of 1995 is summarised by the Trustees as follows: |
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| 1. |
Books published |
24 |
| 2. |
Research grants taken up and paid |
8 |
| 3. |
Memorial Lectures |
8 |
| 4. |
Applications for publications approved |
8 |
| 5. |
Applications for research grants approved |
1 |
| 6. |
Books published with financial assistance from the Charity |
8 |
| 7. |
Books to be published with financial assistance from the Charity |
2 |
| 8. |
Book published by an Annual Lecturer privately from which the Charity has benefited |
1 |
| 9. |
Support for a pamphlet for a display of county postal history in a Welsh Museum
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1 |
| 10. |
Support for conservation for future and present research and publication purposes of papers in the Archives of St Helena
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1 |
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Audited accounts are available and applications for copies should be sent to the Corresponding Trustee.
Assets of the Charity at the 31st December 2004 were valued at £314,316.
Investment income was £10,458. Revenue from sales of books was £9,922 and the total income [disregarding capital gains and losses] was £20,639.
Expenditure was £21,034.
Included in this was expenditure for grants and publication costs of £16,051, administration and postage expenses of £3,296, and for one year's audit fees £500.
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| 5 |
The Trustees have:
Established an income reserve which is designed to be available to cover the cost of important works which might be too expensive to fund out of annual income on a year by year basis. The income reserve on the 31st December 2004 was £8,830 and the accummulated income surplus £10,740. Forward publishing and grant plans or commitments assume that all this money will be spent in the next four years.
Established a policy that sales revenue from publications shall be treated as income in the year in which the revenue arises and will not be treated as capital and will not (unless circumstances warrant) be credited to income reserve. This policy is consistent with making sure that money is made available to fund further projects as soon as that income has been received.
Other policies remain as set out in the Annual Report for 1999 copies of which are available on application.
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| 6 |
The Trustees as will be seen from paragraph 5 are prepared to allocate income on a forward basis because by its very nature publishing work entails a long rather than a short working period between approval of a project and publication. The author needs to have financial assurances that funds will be available for publication before embarking on the details of researching and writing.
There is therefore a difference between policy on income reserve (for applications which may be made in the future) and money reserved for specific projects to meet forward contractural obligations to authors.
The Trustees rely on investment advice from its investment advisers who are Gerrards of Queens Square, Bristol BS1 4QP. The investment policy is related to long term growth and reasonable current income. The Trustees have the wide investment powers of an individual.
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| 7 |
The policy set out in paragraph 6 of the 1995 report remains unchanged. That paragraph said:
"The Trustees have found that there are many projects for research and publication which can be funded usefully within the terms of the charitable objects of the Charity; the path of progress is to move forward slowly but deliberately, and with an eye to quality of text and publication while still trying to publish what commercial interests could not afford to publish economically and which private individuals could not afford to publish privately"?.
It is worth repeating here that the objects of this Charity are to promote research into the history of the postal services and to support publication in this area.
Persons wishing to benefit from the funds of this Charity are invited to make a written application setting out a synopsis of their proposed research and publication. The Trustees then ask further questions before deciding on the merits of an application and whether the application is within the objects of the Charity and if approved can be fitted into the Charity's cash flow for the intended year of research or publication.
There are no restrictions on who can apply or on the subject within the objects: that is to say the Charity acts worldwide in respect of both.
The Trustees personally encourage applications through personal activity and publicise the ability to make applications in the published works of the Charity and on the Charity's website. The Trustees have decided to continue publishing books directly for the time being rather than move to a grant based system as had previously been envisaged.
After repayment of the Trust's publication costs, the usual position is one of sharing the further proceeds of sale with the author. Research grants as such are not normally repayable; likewise small grants to have an archive or collection of research value preserved by copying are not repayable.
The Trustees consider most of their applications immediately through the post to give speed of response and to avoid the cost of travel to meetings. Formal Trustee meetings are normally held three times a year.
In 2003 it was agreed that the Head of Philatelic Collections at the British Library would be a Trustee of the Stuart Rossiter Trust in order to provide for the continuity of the Trusteeship. The British Library is of course itself an educational charity like this Charity, and its work is connected with research and publishing as well as being a national resource with an extensive specialist library connected with the history and practice of postal communication.
There are no other formal links with any person or body charitable or otherwise save in relation to arrangements with those that sell the Charity's books to the public at large. Any individual arrangements for co-operation on research or books are made ad hoc according to the needs and circumstances relating to the researcher or author.
While there are few risks attaching to the work and operation of this Charity, the Trustees carried out a risk assessment procedure in 2003 and will continue to regularly review risks.
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| 8 |
The Trustees in 2004 were David Beech [Head of Philatelic Collections at the British Library] who was chairman of the Trustees, Robin Pizer (Corresponding Trustee), Susan Hopson, David Tett and Eric Goffe.
The power of appointing new trustees is vested in the existing Trustees.
The address of the Corresponding Trustee is 6 Drews Court, Churchdown, Gloucestershire GL3 2LD and all communications or enquiries concerning the Charity or its work may be sent to that address.
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The bankers to the Charity are The Bank of Scotland, 21 Prince Street, Bristol BS99 7JG. The solicitors to the Charity are Osborne Clarke, 50 Queen Charlotte Street, Bristol BS1 4HE and the auditor is Mr Maurice Nichols, Chartered Accountant, of 43 Manor Park, Redland, Bristol BS6 7HL. |
