| Page | |||
|---|---|---|---|
| Trustees' report | |||
| Trustees' responsibilities |
in ralston tothe accounts | ||
| Independent Auditors' |
report | 4-7 | |
| Statement offinancial | activities | ||
| Balance sheet | |||
| Notes to the accounts | 10—13 |
SCOTT (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT (CONTINUED) TO THE TRUSTEES OF scorr (EREDINE) CHARrfABLE TRUST Ext•nt to whlch Ihts audit a8 conglthr•d Pablo ol detectlng Irregulawltlws. Indudlng frnud Thg obJqdivg5 oloui audl£. In respéct tofraud. ar8: to hd8nknfy and e$S the rth of material rni851atement of tho ffinawal Staternts due to fraud: lo 810 8uffvent aForoprot8 audit dence regardiThJ the assessed ri8]• of terial Mtatemen1 due to frnud. thmgh desvanlng End ImeMenting appropiiaie respDnses: and to rgspond appyoprfate to fwd or suspected fraud id¢nlffjed durfns th8 audit. Hovrnvor. Ihg primary resportslbli ty forth8 preventDn and of fraud rests wlth both thD8e charged wah govgm¥rte ol the 8ntity and its managemenL OurappThch was as folkm: Wt Idgnfified areas cl la and regulati thal could Tea50nably b8 èXPXted to hav8 2 rnateTi?I effect on the ffinantyal StatentS from our g8neTal MmmeKial and 98clw experienc4 and thn)ugh dixussK)n the dlr8Ctor8 afid othar managgrnnl las requlrtd by au(libng st0rards1. and tscussod with lh9 directOT8 8nd othar Man&men1 ihB and procgdures regarding compliance wilh 18ws ènd regulal We 1d8lltifi lh• follcmlng areas as tho% mt Ikdy lo havè an etrecl.. Gefieral Data Protection Regulation (GOPRI. fraud arwj bribery and corruption. Audlting 61andard5 litnit Ihe roquir8d avdit FYQC8dure8 to idènlify norFo)rnpb8ncg w7th ttte3e18w6 and Tegulation5 to etwiry cl Ihe lfttstses and other management and inspection ofJBgulatOry 8nd1481 cirnponde. If any. The Kjenknfknd ?Gtyal suspeGl¢d non-compliance not $ufficienlty slgnlficanl to our audrf( to rÉsutt in our ra8ponse ng Identifi as a key audit rnatter. We ndered th8 legal and r8guthry fram¥Drk5 dlrBGUy apKAK8bl8 to thè ffinand818tateme¥ts reporting framowork (FRS 102 and ts ChariUès A¢i 20111 arld lax com10n£0 regulations the UK. We consldered lh8 nalure of the DvS. Ihe eonliol Onn8 8rKI bJsin85s includln9 the W drfvers forffjawerMnt romuneTatI. W8 cornmLni¢at8d tid8nlifd laws aThJ regulatsoA% Ihroughuul wr team and remaln8d 818rt to any Indlcations of non-coThpIp¢e Ihroughcut th8 audiL' We ¢ork8idered tha prDC8dures and ¢ontrds that the thty has establishgd to adlJ$S risks Identffied. or that OthernSe pre¥an( deter and detscl fraud.. 8nd how senior monagemenl monitor8 thots programrne& and u)nt[D. B8S8d on thi4 und•rstandirvJ 7AP d88lgned our audit procedurns to nlenb.fy non-compfiaru with laws and regvlalion5. Wher8 th8 Itsk was consthred to be hlgher, perform audit prOdre5 to addr88s each Jentified fKaud risk. Th8S• Procedures incl¥d8d.. testin9 rnanu81 itium#L%: r&viro the fintsndal ststernent dI10$ureS snd tesn9 10 8uppurting dDculliBntalion: pgrforrnifto arotytical procedure5', wuithg of TftanagernwL and wer8 d•Sne lo NOde w8crfable assurancg th81 ts finG1 stai8rnBnts were Ireo fraud cr 8rnr. Owing to the inh8r8nl limitations of an audit, thero 15 on th)avoldaW¢ risk thatwe aY Ml have d•te¢ted some matertal mis8tatamgnts In thg finan(a8151atemEnts, even ttrJgh wè have prcwrly pTanned performed our 8udst in acc(vdance bwth auditing standards. For 8xamp18, the further remov&l nonnlIanC8 wlh laws arrtf regulatitins Ilrr8gutarstsasI Is from Iho events 8nd traWrA(0 rthied in Ihe financlal 8taiem8nts, Ihe 168S likdy Ihe thefenty Ilmiied procedutss requir8d by 8uditing slaThJards would Sdenlify it. The risk ij alw greater regardlng Irregukqrilies occurring due to fraud rather than error. as fraud involves inientitinal eoncealmenl fcr9ery. co11C, omis$lon er rtisrepresentaiK)n. We are not Fesponwble for preventiThJ nonaCom1an¢Q and Cannot be èxp8Cted to dotect non-cAymplnceWth all law8 and regulations. Afurthardttcnplon ofour rèsponslblw (s avad¥btg lh• FirAnLlal R8parfyng Counc411 httpsJlvMW.frc.org.uklOur-WoTklAudlVAudit-and-assurancelSlandards-8nd-guidan¢elStsndards-8r¥J-guidance
| FOR THE YEA | R ENDED 31DECEMBER 2022 | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Notes | 8 | 6 | ||
| Income from: | ||||
| Investment income |
437,351 | 584,645 | ||
| Total income | 437,351 | 584,645 | ||
| Expenditure on: |
||||
| Charitable activities |
535,596 | 530,411 | ||
| Total expenditure | 5 | 535,596 | 530,411 | |
| Net movement in investments |
funds before gains 1(losses) on | (98,245) | 54,234 | |
| Net gains/(losses) | on investments | 8 | (3,953,356) | 6,432,459 |
| Net movement in |
funds | (4,051,631) | 8,486,693 | |
| Reconciliation of |
funds | |||
| Total funds brought | forward | 15~490~065 | 7003372 | |
| Total funds carried forward | 11,438,434 | 15,490,065 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | |||||||
| Fixed assets | |||||||
| Investments | 11,276,195 | 15,229,581 | |||||
| Current assets | |||||||
| Cash at bank and in | hand | 154,254 | 354,617 | ||||
| Debtors | 9 | 13,118 | |||||
| 167,372 | 354,617 | ||||||
| Creditors: | amounts | falling due | |||||
| within one | year | 10 | (5,133) | (94,133) | |||
| Net current | assets | 162,239 | 260,484 | ||||
| Net assets | 11,438,434 | 15,490,085 | |||||
| The funds | ofthe charity | ||||||
| Unrestricted | income | funds | 11,438,434 | 15,490,065 | |||
| 11,438,434 | 15,490,085 |
| FO | R THE YEAR ENDED 31 | DECENBER 2022 | ||||
|---|---|---|---|---|---|---|
| 5 | Total expenditure | |||||
| Admin | Other | Grant | Total | Total | ||
| costs 6 |
fundingf | 2022 6 |
2021 6 |
|||
| Charitable activities | ||||||
| Grants payable | 530,735 | 530,735 | 525,500 | |||
| Suppori costs | 360 | 4,501 | 4,861 | 4,911 | ||
| 360 | 4,501 | 530,735 | 535,596 | 530,411 |
| Analysis of | support costs (including | Governance costs) | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| 6 | f | |||
| Administrative | expenses | 360 | 465 | |
| Governance | costs: | |||
| Audit and accountancy | 4,501 | 4,446 | ||
| 4,861 | 4,911 |
| Fair value | at 1 January 2022 | 15,229,581 |
|---|---|---|
| Unrealised | losses | (3,953,386) |
| Fair value | at 31 December 2022 | 11,276,195 |
| Historical | cost | |
| At 31December 2022 | 3,938,275 | |
| At 31December 2021 | 3,938,275 |
| 9 | Debtors: amounts | falling due within | one year | 2022 | 2021 |
|---|---|---|---|---|---|
| 6 | f | ||||
| Accrued income | 'l3,118 | ||||
| 13,118 | |||||
| 10 | Creditors: amounts | falling due within | one year | 2022 | 2021 |
| 6 | 2 | ||||
| Accru ala | 5,133 | fH,t33 | |||
| 5,133 | 94,133 | ||||
| 11 | Related parties | ||||
| No one party has overall control ofthe Trust. | |||||
| There were no related parly transactions | during the year. |