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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 iden￿fied 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 cha￿ty 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 pro￿￿UreS 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 If￿latIOnS 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 Repo￿ng Council's website at..
hltpS.'Ilwww.frc.org.ukl￿r-W(%kjA￿dlVAudIt-and-as$Uran¢e1Sland8rdtrSnd-gUIda￿ce1SI0ndardS-and-gUldance

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|FOR THE )fE|A|R ENDED 31DECEMBER2021||||
|---|---|---|---|---|---|
|||||2021|2020|
||||Notes|6|5|
|Income from:||||||
|Investment<br>income||||584,645|461,269|
|Total income||||584,645|461,269|
|Expenditure<br>on:||||||
|Charitable<br>activities||||530,411|376,221|
|Total expenditure|||5|530,411|376,221|
|Net movement<br>in <br>investments|funds before gains /(losses) on|||54,234|85,048|
|Net gains/(losses)|on investments||8|8,432,459|(3,819,282)|
|Net movement<br>in|funds|||8,486,693|(3,734,234)|
|Reconciliation<br>of|funds|||||
|Total funds brought||forward||7,003,372|10,737,606|
|Total funds carried||forward||15,490,065|7,003,372|





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|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<br>income|funds|||15,490,065||7,003,372|
|||||15,490,065||7,003,372|



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|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<br>activities||||||
||Grants<br>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|



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|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|





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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 iden￿fied 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 cha￿ty 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 pro￿￿UreS 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 If￿latIOnS 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 Repo￿ng Council's website at..
hltpS.'Ilwww.frc.org.ukl￿r-W(%kjA￿dlVAudIt-and-as$Uran¢e1Sland8rdtrSnd-gUIda￿ce1SI0ndardS-and-gUldance

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|FOR THE )fE|A|R ENDED 31DECEMBER2021||||
|---|---|---|---|---|---|
|||||2021|2020|
||||Notes|6|5|
|Income from:||||||
|Investment<br>income||||584,645|461,269|
|Total income||||584,645|461,269|
|Expenditure<br>on:||||||
|Charitable<br>activities||||530,411|376,221|
|Total expenditure|||5|530,411|376,221|
|Net movement<br>in <br>investments|funds before gains /(losses) on|||54,234|85,048|
|Net gains/(losses)|on investments||8|8,432,459|(3,819,282)|
|Net movement<br>in|funds|||8,486,693|(3,734,234)|
|Reconciliation<br>of|funds|||||
|Total funds brought||forward||7,003,372|10,737,606|
|Total funds carried||forward||15,490,065|7,003,372|





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|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<br>income|funds|||15,490,065||7,003,372|
|||||15,490,065||7,003,372|



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|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<br>activities||||||
||Grants<br>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|



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## 



## 

## 

|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||





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|omplete<br>list of s<br>elated parties or|uch relationships<br> transactions.|and transactions<br>and that we are||not aware of any furthe|
|---|---|---|---|---|
|Party|Relationship|Nature oftransaction|||
|A JScott|Trustee|Custodian<br>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<br>to disclose|||
|K J Bruce-Smith|Trustee|Custodian<br>trustee ofJohn Swire|shares.||
|||Trustee ofThe Newton<br>Charitable||Trust.|
|||Trustee<br>of<br>Princes<br>Louise's|Kensington<br>Regimental||
|||Association<br>Charitable<br>Trust.|||
|||No transactions to disclose.|||
|N H C Wills|Trustee|Donation<br>in year ofE4,000.Not disclosed as not material|||
|||to either party.|||
|J LGibson|Trustee|Trustee of Drue Heinz Charitable||Trust.|
|||No transactions<br>to disclose.|||





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