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The Stuart Rossiter Trust Fund
Registered Charity Number 292076
ACCOUNTS 31 DECEMBER 2004
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2004

1 The Trustees are responsible for keeping proper books of account and records appropriate to the running of the Trust and preparing the annual accounts.

2 The accounts for the year ended 31 December 2004 have been prepared on a receipts and payments basis and do not include outstanding creditors, debtors, including tax credit transitional relief repayable and dividends not remitted by the managing stockbrokers, or stocks of publications held for re-sale.

3 All income shown against the relative investments represents the actual income received by the Trust, either gross or net of tax. Repayments of tax and Tax Credit Transitional Relief have been included on a cash received basis.

4 The investments of the Fund are stated on an open market value basis, as valued by the managing stockbrokers, Gerrards.

5 The Trustees have created an Income Reserve to provide for projects committed or anticipated over at least the next two years.

The accounts were approved by the Trustees on 7 May 2005

D R Beech
D F Tett

AUDITOR’S REPORT TO THE TRUSTEES OF THE STUART ROSSITER TRUST FUND

I have audited the attached accounts of the Fund, in conjunction with the notes set out above, for the year ended 31 December 2004, for which the Trustees are solely responsible.

I report that, in my opinion, the accounts and notes are in accordance with the books and records of the Fund and give, on the basis stated in the notes, a true and fair view of the receipts and payments of the Fund in the year and the position of the Fund at 31 December 2004.

M B Nichols
Chartered Accountant
43 Manor Park, Bristol BS6 7HL 19 May 2005

THE STUART ROSSITER TRUST FUND
INCOME RECEIPTS AND PAYMENTS ACCOUNT
YEAR ENDED 31 DECEMBER 2004 2004
2003
         
Dividends from investments   9,504.57   9,302.46
Interest, Bank of Scotland and Gerrards   725.19   518.80
Tax credit transitional relief   228.62   395.43
   
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TOTAL INVESTMENT INCOME   10,458.38 10,216.69
Less Administration costs        
Secretarial costs, stationery, printing, postages  
and courier costs for despatch of books 1,554.33   1,825.00  
Insurance 173.25   173.25  
Storage costs 1,015.20   964.80  
Audit fee 500.00   500.00  
Trustees' expenses and disbursements 377.35   659.89  
Tax repayment claim fees 176.25   276.13  
 
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3,796.38
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4,399.07
   
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    6,662.00 5,817.62
Add Trust Receipts        
Sale of books published by the Trust 9,922.41   12,529.91  
Royalties 87.46   120.84
Donation 150.00   100.00  
Auction proceeds 20.65   -  
 
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10,180.52
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12,750.75
   
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    16,842.52 18,568.37
Less Trust costs and grants        
ALCS subscription 10.00   10.00  
Printing and publication of books 14,752.30   11,886.00  
Grants made for research and books to be published 1,298.74   962.72  
Website design and rental 793.14   3,748.27  
Annual Lecture costs 383.43   -  
 
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17,237.61
-------------
16,606.99
   
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OPERATING SURPLUS (DEFICIT)   (395.09)   1,961.38
Net realised and unrealised gains on listed investments   20,254.07   37,038.27
   
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NET SURPLUS OF THE YEAR   19,858.98   38,999.65
Less amounts received treated as capital 258.11   220.84  
net realised and unrealised gains    
on listed investments 20,254.07   37,038.27  
 
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20,512.18
-------------
37259.11
   
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NET INCOME SURPLUS (DEFICIT) OF THE YEAR   (653.20) 1,740.54
ACCUMULATED INCOME SURPLUS BROUGHT FORWARD   11,551.46   9,810.92
   
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ACCUMULATED INCOME SURPLUS CARRIED FORWARD   £ 10,898.26 £ 11,551.46
   
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THE STUART ROSSITER TRUST FUND
BALANCE SHEET
         
31 DECEMBER 2004   2004   2003
         
ASSETS        
Capital investments at market value   285,001.00   266,587.00
Income reserve        
Investments at market value 8,830.00   8,299.00
   
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    293,831.00   274,886.00
Cash held by Gerrards on capital account   867.07   1,543.58
Bank of Scotland   19,618.52   20,013.61
         
   
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    £ 314,316.59   £ 296,443.19
   
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REPRESENTED BY        
         
CAPITAL ACCOUNT        
at 1 January 2004 276,750.80   242,235.15  
Realised capital gains (losses) 3,284.23   (24,043.74)  
Unrealised capital gains (losses) in the year 16,438.84   60,262.01  
Amounts received treated as capital 258.11   220.84  
 
--------------
 
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296,731.98   278,674.26
Less costs of investment management 1,985.58   1,923.46  
 
--------------
 
--------------
 
    294,746.40   276,750.80
INCOME RESERVE ACCOUNT  
at 1 January 2004 8,140.93   7,320.93  
ACCUMULATED INCOME SURPLUS        
at 1 January 2004 11,551.46   9,810.92  
 
--------------
  -------------  
  19,692.39   17,131.85  
Unrealised capital gains (losses) in the year 531.00   820.00  
Net income surplus of the year (653.20)   1,740.54
 
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19,570.19
-------------
19,692.39
         
   
----------------
 
----------------
    £ 314,316.59   £ 296,443.19
   
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;       © Copyright Stuart Rossiter Trust 2008