SCOTh (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT (CONTINUED) TO THE TRUSTEES OF SCOTh (EREDINE) CHARITABLE TRUST Extent to which the audit was considered capable of detectlng irregularities, including fraud The objectives of oui audit. in respect to fraud. are.. ID identify and assess the risks ol material misslalemenl of the financial statements due to fraud.. lo obtain sufficient awroprlale audit evidence regarding the as8e5sed ri8k8 of material misstalement due to fraud. through designing and implemenllng appropriate responses." and to respond appropriately lo fraud or suspecled fraud identified during the audit. However, the primary responsibility for th8 prevention and detection of fraud rests with both those chaig&J with governance of the entity and Its management. Our appr08ch was as follow6: We idenfied area8 of la and regulauons that could reasonably be expected lo have a materlal effect on the Ilnancial slalements from our general ¢ommeroial and sector experlence, and through discussion Mlh the directors and other management 188 required by auditing 8t8ndards1, and discussed with the directus and other management the policies and procedures regarding compllance with laws and regulations,. We Identified the fotlowing areas 8s Ih08e ThbJsl likely to have such an effect.. General Oata Proteotion Regulation IGDPRI,. fraud and brlbery and comjpkn'on. Auditing Standards Ilmil the required audit procedure8 to identify non-compllance with these laws and regulations lo enquiry of the IrusleeB and other management and in8pecllon of regulatory and legal correspondence. if any. The idenliffed a¢iual or suspecied non-compliance was 6uffirienlly 81gnlflcant lo our audit to result In our re8POn8e being identified as a key audit matter. We ¢onsideret1 the legal and regulatory Irameworts dlrecuy 8ppli¢able to the financlal slalemen18 reportlng framework IFRS 102 and the Charill88 Act 2011) and the relevant tax compllan¢e regulations in the UK- We cA)nsidered the nature of the industry, the control envlronmenl and business performance, including the key drivers for managemnl's remunerauon; We communicated identlfled law8 8nd regulations throughout our team and remalned alert to any indioalions of non-compliance throughout Ihe audit., We considered the procedure8 and oGrlrol$ that the chaty has eslablighgd to addr888 rSsk8 Identified, or that otherwi58 prevent, detsr and delect frnud- and how Senlor management monllors Ihose programmes and controls. Based on Ihls underst8ndlng we deslgned our audlt procedures lo identify non-compliance th 5uth laws and regvlallons. Where the risk was ¢on8idered to be hlgher. we performed audit proUreS lo address each Identified fraud risk. These pro¢edure8 included.. lesling manual iOUfnal8' reviewing the finanoial slalemenl di8cl¢)sure8 and lesling lo supporting documentation., performing analytical procedures,. and enquiring of management, and were designed lo provide Teasonable assurance that the financial statements were free from fraud or error. ing lo the inhorenl IflatIOnS of an audit, there18 an unavoidable risk that we mgy not have t1elecled some material misstalemenls in the financial slalemenls, even though we have properly planned and performed our audit in accordance with auditing standard8. For example. the further removed non-compliance with laws and regulations lirregulaiilies) is Ifom the events and Iran8aclion8 reflected In the financial slalemenls. the les5 likely the inherently limited procedures required by auditing Standards would léent4fy it. The risk is also greater regarding irregularitie8 occurring due to fraud rather th8n error. as fraud involves intentional concealment. forgery, Cfjllusion, onN8EAon or mi8representatKJn. We aTe not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of responsibilities Is avallable on Ihe Financial Repong Council's website at.. hltpS.'Ilwww.frc.org.uklr-W(%kjAdlVAudIt-and-as$Uran¢e1Sland8rdtrSnd-gUIdace1SI0ndardS-and-gUldance
| FOR THE )fE | A | R ENDED 31DECEMBER2021 | |||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Notes | 6 | 5 | |||
| Income from: | |||||
| Investment income |
584,645 | 461,269 | |||
| Total income | 584,645 | 461,269 | |||
| Expenditure on: |
|||||
| Charitable activities |
530,411 | 376,221 | |||
| Total expenditure | 5 | 530,411 | 376,221 | ||
| Net movement in investments |
funds before gains /(losses) on | 54,234 | 85,048 | ||
| Net gains/(losses) | on investments | 8 | 8,432,459 | (3,819,282) | |
| Net movement in |
funds | 8,486,693 | (3,734,234) | ||
| Reconciliation of |
funds | ||||
| Total funds brought | forward | 7,003,372 | 10,737,606 | ||
| Total funds carried | forward | 15,490,065 | 7,003,372 |
| AS AT31DEC | EN8ER 2021 | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Notes | ||||||
| Fixed assets | ||||||
| Investments | 15,229,581 | 6,797,122 | ||||
| Current assets | ||||||
| Cash at bank and in | hand | 354,617 | 211,137 | |||
| 354,617 | 211,137 | |||||
| Creditors: amounts | falling due | |||||
| within one year | 8 | (94,133) | (4,887) | |||
| Net current assets | 260,484 | 206,250 | ||||
| Net assets | 15,490,065 | 7,003,372 | ||||
| The funds ofthe charity | ||||||
| Unrestricted income |
funds | 15,490,065 | 7,003,372 | |||
| 15,490,065 | 7,003,372 |
| FO | R THE YEAR ENDED 31 | DECEMBER 2021 | ||||
|---|---|---|---|---|---|---|
| 5 | Total expenditure | |||||
| Admin | Other | Grant | Total | Total | ||
| costs | costs | funding | 2021 | 2020 | ||
| 6 | 6 | f | ||||
| Charitable activities |
||||||
| Grants payable |
525,500 | 525,500 | 371,500 | |||
| Support costs | 465 | 4,448 | 4,911 | 4,721 | ||
| 465 | 4,446 | 525,500 | 530,411 | 376,221 |
| Analysis of | support costs (including | Governance costs) | ||
|---|---|---|---|---|
| 2021 | 2020 | |||
| 6 | 6 | |||
| Administrative | expenses | 465 | 641 | |
| Governance | costs: | |||
| Audit and accountancy | 4,446 | 4,080 | ||
| 4,911 | 4,721 |
| Fair value | at 1 January 2021 | 6,797,122 |
|---|---|---|
| Unrealised | gains | 8,432,459 |
| Fair value | at 31 December 2021 | 15,229,581 |
| Historical | cost: | |
| At 31 December 2021 | 3,938,275 | |
| At 31 December 2020 | 3,938,275 |
| 9 | Creditors: | amounts | falling | due | within | one | year | 2021 | 2020 |
|---|---|---|---|---|---|---|---|---|---|
| 5 | 5 | ||||||||
| Accruals | 94,133 | 4,887 | |||||||
| 94,133 | 4,887 |
SCOTh (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT (CONTINUED) TO THE TRUSTEES OF SCOTh (EREDINE) CHARITABLE TRUST Extent to which the audit was considered capable of detectlng irregularities, including fraud The objectives of oui audit. in respect to fraud. are.. ID identify and assess the risks ol material misslalemenl of the financial statements due to fraud.. lo obtain sufficient awroprlale audit evidence regarding the as8e5sed ri8k8 of material misstalement due to fraud. through designing and implemenllng appropriate responses." and to respond appropriately lo fraud or suspecled fraud identified during the audit. However, the primary responsibility for th8 prevention and detection of fraud rests with both those chaig&J with governance of the entity and Its management. Our appr08ch was as follow6: We idenfied area8 of la and regulauons that could reasonably be expected lo have a materlal effect on the Ilnancial slalements from our general ¢ommeroial and sector experlence, and through discussion Mlh the directors and other management 188 required by auditing 8t8ndards1, and discussed with the directus and other management the policies and procedures regarding compllance with laws and regulations,. We Identified the fotlowing areas 8s Ih08e ThbJsl likely to have such an effect.. General Oata Proteotion Regulation IGDPRI,. fraud and brlbery and comjpkn'on. Auditing Standards Ilmil the required audit procedure8 to identify non-compllance with these laws and regulations lo enquiry of the IrusleeB and other management and in8pecllon of regulatory and legal correspondence. if any. The idenliffed a¢iual or suspecied non-compliance was 6uffirienlly 81gnlflcant lo our audit to result In our re8POn8e being identified as a key audit matter. We ¢onsideret1 the legal and regulatory Irameworts dlrecuy 8ppli¢able to the financlal slalemen18 reportlng framework IFRS 102 and the Charill88 Act 2011) and the relevant tax compllan¢e regulations in the UK- We cA)nsidered the nature of the industry, the control envlronmenl and business performance, including the key drivers for managemnl's remunerauon; We communicated identlfled law8 8nd regulations throughout our team and remalned alert to any indioalions of non-compliance throughout Ihe audit., We considered the procedure8 and oGrlrol$ that the chaty has eslablighgd to addr888 rSsk8 Identified, or that otherwi58 prevent, detsr and delect frnud- and how Senlor management monllors Ihose programmes and controls. Based on Ihls underst8ndlng we deslgned our audlt procedures lo identify non-compliance th 5uth laws and regvlallons. Where the risk was ¢on8idered to be hlgher. we performed audit proUreS lo address each Identified fraud risk. These pro¢edure8 included.. lesling manual iOUfnal8' reviewing the finanoial slalemenl di8cl¢)sure8 and lesling lo supporting documentation., performing analytical procedures,. and enquiring of management, and were designed lo provide Teasonable assurance that the financial statements were free from fraud or error. ing lo the inhorenl IflatIOnS of an audit, there18 an unavoidable risk that we mgy not have t1elecled some material misstalemenls in the financial slalemenls, even though we have properly planned and performed our audit in accordance with auditing standard8. For example. the further removed non-compliance with laws and regulations lirregulaiilies) is Ifom the events and Iran8aclion8 reflected In the financial slalemenls. the les5 likely the inherently limited procedures required by auditing Standards would léent4fy it. The risk is also greater regarding irregularitie8 occurring due to fraud rather th8n error. as fraud involves intentional concealment. forgery, Cfjllusion, onN8EAon or mi8representatKJn. We aTe not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of responsibilities Is avallable on Ihe Financial Repong Council's website at.. hltpS.'Ilwww.frc.org.uklr-W(%kjAdlVAudIt-and-as$Uran¢e1Sland8rdtrSnd-gUIdace1SI0ndardS-and-gUldance
| FOR THE )fE | A | R ENDED 31DECEMBER2021 | |||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Notes | 6 | 5 | |||
| Income from: | |||||
| Investment income |
584,645 | 461,269 | |||
| Total income | 584,645 | 461,269 | |||
| Expenditure on: |
|||||
| Charitable activities |
530,411 | 376,221 | |||
| Total expenditure | 5 | 530,411 | 376,221 | ||
| Net movement in investments |
funds before gains /(losses) on | 54,234 | 85,048 | ||
| Net gains/(losses) | on investments | 8 | 8,432,459 | (3,819,282) | |
| Net movement in |
funds | 8,486,693 | (3,734,234) | ||
| Reconciliation of |
funds | ||||
| Total funds brought | forward | 7,003,372 | 10,737,606 | ||
| Total funds carried | forward | 15,490,065 | 7,003,372 |
| AS AT31DEC | EN8ER 2021 | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Notes | ||||||
| Fixed assets | ||||||
| Investments | 15,229,581 | 6,797,122 | ||||
| Current assets | ||||||
| Cash at bank and in | hand | 354,617 | 211,137 | |||
| 354,617 | 211,137 | |||||
| Creditors: amounts | falling due | |||||
| within one year | 8 | (94,133) | (4,887) | |||
| Net current assets | 260,484 | 206,250 | ||||
| Net assets | 15,490,065 | 7,003,372 | ||||
| The funds ofthe charity | ||||||
| Unrestricted income |
funds | 15,490,065 | 7,003,372 | |||
| 15,490,065 | 7,003,372 |
| FO | R THE YEAR ENDED 31 | DECEMBER 2021 | ||||
|---|---|---|---|---|---|---|
| 5 | Total expenditure | |||||
| Admin | Other | Grant | Total | Total | ||
| costs | costs | funding | 2021 | 2020 | ||
| 6 | 6 | f | ||||
| Charitable activities |
||||||
| Grants payable |
525,500 | 525,500 | 371,500 | |||
| Support costs | 465 | 4,448 | 4,911 | 4,721 | ||
| 465 | 4,446 | 525,500 | 530,411 | 376,221 |
| Analysis of | support costs (including | Governance costs) | ||
|---|---|---|---|---|
| 2021 | 2020 | |||
| 6 | 6 | |||
| Administrative | expenses | 465 | 641 | |
| Governance | costs: | |||
| Audit and accountancy | 4,446 | 4,080 | ||
| 4,911 | 4,721 |
| Fair value | at 1 January 2021 | 6,797,122 |
|---|---|---|
| Unrealised | gains | 8,432,459 |
| Fair value | at 31 December 2021 | 15,229,581 |
| Historical | cost: | |
| At 31 December 2021 | 3,938,275 | |
| At 31 December 2020 | 3,938,275 |
| 9 | Creditors: | amounts | falling | due | within | one | year | 2021 | 2020 |
|---|---|---|---|---|---|---|---|---|---|
| 5 | 5 | ||||||||
| Accruals | 94,133 | 4,887 | |||||||
| 94,133 | 4,887 |
tc accounts . tax . legal . financial planning Audit Findings Report Scott (Eredine) Charitable Trust For the year ended 31 December 2021 Presented to Trustees and Management
| 1.Introduction | and Coverage |
|---|---|
| 2.independence | |
| 3.Audit Status | |
| 4.Audit Findings | |
| 5.Audit Misstatements | |
| 6.Letter of Representation |
| omplete list of s elated parties or |
uch relationships transactions. |
and transactions and that we are |
not aware of any furthe | |
|---|---|---|---|---|
| Party | Relationship | Nature oftransaction | ||
| A JScott | Trustee | Custodian trustee ofJohn Swire |
shares. Able to allocate | |
| SDA of gross income discretionally | to charities of choice | |||
| so long as not hostile to Armed | Forces or Field Sports. | |||
| No transactions to disclose |
||||
| K J Bruce-Smith | Trustee | Custodian trustee ofJohn Swire |
shares. | |
| Trustee ofThe Newton Charitable |
Trust. | |||
| Trustee of Princes Louise's |
Kensington Regimental |
|||
| Association Charitable Trust. |
||||
| No transactions to disclose. | ||||
| N H C Wills | Trustee | Donation in year ofE4,000.Not disclosed as not material |
||
| to either party. | ||||
| J LGibson | Trustee | Trustee of Drue Heinz Charitable | Trust. | |
| No transactions to disclose. |