Charity Registratlon No. 11K12267 SCOTT (EREDINE) CHARITABLE TRUST TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
SCOTh (EREDINE) CHARITABLE TRUST CONTENTS Page Trustees, report Trustees, responsitH'lrli6s in relab.on to the a(xounts 1ndeFd8nt Auditors. rewt Statement of financia actsvitEs Balance Sheet Notes to the 8Ints 10- 14
scorr (EREDINE) CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report and accounts for the year ended 31 December 2023. The accounts comply with the Charibes Act 2011. the charity's Trust Deed and Accounb"ng arKJ Reporting by Chariti'es". Slalemenl of Recommended Practice applicable to chartties preparing their aixounls in accordanc with the Financial Reporb'ThJ Standard applicabbe in the UK and Reputsb of Ireland IFRS1021 {effective I January 20191. Our purpo8e8 and activities The trust e$ts for such charitable otiects as directed by seluor or as the ttustees shall from time to time detemiine. The Charity's prinupal activity continues to be to generate investment income in order to provide grants to drious charities in accordan with the trustees. wshes. In shaping the objectives for the year and planning rts acb"Mbes. the trustees have considered the Charity Commission's guidance on public benefit. induding the guKlanee 'Public 6enefit' Running A Charity {PB21'. Achlevement8 and Perfornianco (Includlng Flnancial Revigw) Income for the year was £573.38812022. £437.351). In 2023, the Tnjsl made grants totslling £572,86612022. £530.7351 The overall Sufplus for the year was £504.362 12022.. defial 01 £4,051.6311 after a¢xounting for unrealised gains on investments of £509.595 12022.. unrealised losses of £3,953,386). Unrealised gains are not cash items and solely reflect the movement of the Investrnents with regard to the Val of the investments at the year end. Total fvnds carried ford lots1 £11.942.7%12022: £11.438.4341 which are 811 unre5tnC1 fvnds. Under paragraph 5.2 of the trust deed the INStee5 have power to retain Shares in John Swire and Sons Limited and are not under any duly lo diversify to the extent that the trust fund comprises those shares. The shares are in the names of trustees K J Bruce-smilh and A J Scott who hokl them as custodian trustees. However, the trustee5 have also noted the statutory duty of care required by the Trus Act 2000, in relation lo their holding suitsble investrignts and the nd for divèr5tficats.on of in%Estments so far as is appropriate to the circumstsnces of the twst. The trustees, overall invesknent objective is to athieve a thl of investment income growth which at lea51 matches the rale of inflth"on, while protecting the Val of the charity's capital In real temis. Iere investrnents have been donated to the charity, the trustees also consider whether a disposal of such inv8stsments could di5coufdge similar donations in the future. The trustees recognise that particular in*$tmenl risks arise from 18ck of dNersification wh8re substantial holdings in unquoted companie5 are donated to the charity and retained. The trustees seek to mitigate the nsks through the regular monitofiryj of such lnStrnenls on receipt of published financial 1rrfomiat. The charity does not operate an "ethical inve5trnenl polirf,. Reference and administratlve detall8 Charity number. PrInpaI Offi.. 1002267 cJg Sindair Gibson. 3 LInlIn'S Inn Fiekls, London, WCZ4 3AA Our advl•ern Auditors TC Group The Courtyard. Shor8ham Road. Upper 8eedino, West Sussex. BN44 3TN Bankers Solicitors C Hoare & Co Sindair Gibson 37 Fleet Stree( London, EC4Y 4DQ 3 Lincdn's Inn London. WC2A 3AA
SCOTh (EREDINE) CHARITABLE TRUST TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 structure. Govomance and Management Tiustee8 The trustees serving during the year and Sin the year ervJ V*pre as follows." AJScott KJ B-smIth N H Cwills J L Gibson Governing Oocument The trust was established by a charrtable trust deed on 19 July 199). It is registered as a charity with the Charity Cornmission Appointment of trustee8 Trustees are appointed by existir¥J trustees when it ts thought nSSary to do $0. Training is provided by existina trustees. Risk management The major risks to which the trust moy be expwd, as identified by the trustees, have been reMewed lo confirm that systems, where appropriate, 8xisI lo manage those risks. The trustees recognise that the majority of the trusf s investrnents are shares in a private company that were settled upon the trustees wth the p¢)Wgr )ntsined in the Deed to retsin and not to diversify those shares. Grant maklng policy Scott IEredin81 Charitable Trust kjok lo support charities operdting in the followng areas.. Physical or mental handicaps through acudents of birth. injury. wounds, illness old age etc. b. Adventurous challenge for the young Wildlrfe corrancY ROr¥8$ pollcy The charity look to hold rese$ in Ofder to provide a suffiaent capital base to generate income to cover administrative expenditure and grants paYae as dUrnented in the trust degj. The charity held reserves ot £11,942,796 at the balance sheet date12022- £11,438,434) which is considered in line with the set poliGy. Future plan¥ Scott {Eredinel Chantable Trust will continue to seek opportunities to assist beneficiaries with grants to support the charW$ aims and eCtiVes. Statement a$ to disclosure to our auditors In 30 far as the trustees are aware al the time of appfowng our trustees. annual report". - there is no relevant infofmab"on. being infomiation n8eded by the audrtor in connection with preparing their report, of which the auditor is unaware." and the trustees, having made ewuiries of fellow trustees aTrJ the auditor that tY OLKJht to have individually tsken. have each taken steps that they are oblwJed to tske as a trustee in order to make themselves aware of any relevant audit informab'on and to establish that the alhlitor is aware of that informab"on. By order of the board of trustees K J Bn•cg4mith (Tru8tse) Dated..
scorr (EREDINE) CHARITABLE TRUST TRUSTEES, RESPONSIBILITIES IN RELATION TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 The charity trustees are re5wnsible for prepariTh3 the TNstees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Prath'1. Chanty law requires the trustees to prepa accounts for each finanoal year which give a true and fair wew of the chariVs finala1 actiwtses dunng the year and of its finanryal position at end of the year. In preparing accounts giwng a true and fair vw, trustees should follow best practi and.. - select suitable ac£ounting poliues arKI then apply them rx)nsistenliy: - observe the methods and prin¢iples in the Charites SORP.. make judgements and estimates that a reasonable arKI prudent. - stste whether 8ppli¢able accounting standards aThJ stslements of recommended pra1 have teen followed. subject lo any material departures disclosed and explained in the accxsunts.. and prepare the accounts on the going concem basis unless rt L% inappropriate to presume that the charity will continue in operation. The lrn$tees are responsible for keepiro ac¢ounb"ng records which disdose with reasonable accuracy the financial posib.on of the charity and which enable them to ensure that the accounts comply with the applicable law They are also sponsible for safeguarding the assets of the charity aTrd hen for t8ng reasonable steps for the prevenlion and detection of fraud and other irwul2ritie$.
SCOTh (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES, OF scorr (EREDINE) CHARITABLE TRUST Opinion We have audited the financial ststements of Scott IEredine} CharTtable Trust (the 'charitsble trust'l for the year ended 31 DeMr 2023. The financi81 reporting frarnework that has en applied in their pparation Is applicable law and United lfj"ngdom Accounts"ng Standards. including Financial Repoth"ng Stsndard 102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Ac¢ounting practi). In our opinion the financial statements.. give a true and fair Mew of the state of the charity's affairs as al 31 Dernber 2023 and of its incoming restwrces and application of resour. including its incc4ne and expenditure, for the year th8n ended: have been propedy prepared in aordan wilh Unibj General Accepted Acwnting Practice: aTrJ have been prepared in accordan wth the requirements ofthe Charibes Act 2011. Basis for opinion We conducted (Mjr audit in accordan wilh International Stsrmlards on Audib"ng {UKI IISAS {UKII and applicable law. Our sponsIbl11¢S under those standards are furth desuibed in the Audito¢s responsibilib.es for the audit of the financial ststemenls sects.on of our report. We are independent of the charitable company in accordance wrth the ethical requiremènts that afe relevant to our audit of the finanoal statements in the UK includij the FRC'S Ethical Stsndard. and we have fvlfilled cHJr other ethical responsibilities in accordan with these requirements. We beIve that the audit ewdence we have ¢)btsingJ is sufficient and appropriate to provide a basis for OLtr ownion. Concluslons relating to going concem In auditing the linancral statements, we have conduded that the directorfs use of the goirKJ concern basis of accounting in the preparation of the financial statements is appropnate. Based on the work we haNE perfom)ed. VIE have not identified any material uncertaintjes relating lo events or conditions that. indimdually or collectwely. may cast significant doubt on the panS ability to continue as a going conrn for a period of at least tsvelve months from when the finana81 statements ar8 authorised for issue. Our responsibrlities and the responsibilrtie5 of the difector with re5Fe¢t to going (nrn are described in the relevant Sections of this report
SCOTh (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT (CONTINUED) TO THE TRUSTEES, OF scorr (EREDINE) CHARITABLE TRUST other inforniation The trustee5 are responsible for the other inforrnats"on. The other infomation comprises infomiation included in the trustees, annual report, other than the finanaal statements and our auditor's report Ihereon. Our opinion on the financial slalements does not cover other information and, expt to the extent otherwise expliouy stated in our repor( we do not express any fotm of assurance condusion thereon. In connection with our audi( of the finanoal statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other infomalion is materially ineonsistenl with th8 financial statements or our knowledge obtsined in the audit or otherwise appears to be materially mi8ststed. If we identify such matenal incollsislencEs or apparent m8leri81 misststements. we are required to detemine whether Ihere is material misststement in the finanaal statements or a material misstatement of the other inforynalion. If, based on the work we have rtornied. we conclude that there is a material misstatement of this other infomation. we are required to report that faeL We have nothiro lo report in this regard. Mattern on which we are required to report by exception We have nothing to report in respect of the following matters in relabon to which the Charits"es (Aecounts and Reports) Regulab'ons 2008 requi$ us to report to you rf. in our opinion.. adequate accounting records haNE not been kept by us". or the financial ststements a not in agreement wrth the accounting records and retums., or we have not reiVed all the infornation and explanations we wuire for our audiL Responslbililies of Iruste As explained more fulty in tre trustees. respons1t4'1rt statement set out on page 3. the trustees are responsible for the preparation of the finanaal stslernenis and for LEing Satisf that they give a true and fair view. and for such irtemal control as the twslees detemine is necessary to enable the preparab.on of financial statemen15 that are fr frDm material misstatanent. whether due to fraud or error. In preparing the finanaal statements, the trustees are responsib for assessing the charitable company's ability to continue as a going Conrn. disdosing, as applicable, matters related to going conrn and using the going coneem basis of acLcxJntir¥J unless the trustees erther intend to liquidate the charrtable tfust or to ase operations. or have no realistic alternth.ve but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonab assurance about whether the financial statements as a whole are free from material misstatement, V4hether due to fraud or error, and lo issue an audilorfs report that in¢ludes our opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee that an 8LM1il conducted in a¢¢ordanee with ISAS {UKI wll always detect a matenal misstaternent when it exists. Misstatements can arise from fraud or error and are nsidered material if. indiwdually or in the aggregate, they could reasonably be expected to influence the economic decismjns of users taken on the basi5 of these financial ststements. 1ftUl8rrtIe$, irKluding fraJ. are instances of rM)n-complIan with laws and fegulations. The extent to which our procedures are capable of detectiThJ irregularities, induding fraud. is detailed below.
scorr (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT (CONTINUED) TO THE TRUSTEES OF SCOTh {EREDINE) CHARITABLE TRUST Extent to which the audit was considered capable of detecting Irregularities. including fraud The objectives of our audit. in fespect lo fraud. are.. to identify and asse5S the risks of material misstatement of the financial slalements due lo fraud- to obtsin sufficient appropriate audit eVKIen regarding the assessed risks of material misstatement due to fraud. through deggning and implementing appropriate responses.. and to respond appropriately to fraud or suspected fraud idenb.fied during the audit. However. the primary responsibility for the prevention arKJ detecb'on of fraLKI rests with both those tharged with governan of the ents.ty and its management. Our approach was as follows.. We idents'fied areas of laws and regulab'ons Ihat could reasonably be extethd to have a material effect on the financial ststements from our generdl commeraal and sector experien, and through discussion wrth the directors and other management (as required by audiling standards), and discussed with the direclors arKI otrEr management the policies and procedures rggarding compli8iice with laws and regulalions.- We identified the following areas as those most likely to have suth an effect. General Data Protection Regulation IGDPR)", fra1 arKI bribery and corruption. Auditing standards limit the required audit procedures lo idenb'fy non-mplI8nee wth these Iws and regulations to enquiry of the trustees and other management and inspeth.on of regulatory and legal correspondence, If any. The identified actual or suspected non-complian was not sufficienuy signffjcant to our audit to result in our response being identified as a key audit matter. We considered the legal a1 regulatory frameworks direcuy applicable to the finana81 statements porting framework {FRS 102 and Ihe Charibes A¢¢ 20111 and the relevant tax complian regulab.ons in the UK". We considered the nature of the industy, control environment and business perforrnance, including the key drivers for management's remunerat"on'. We communicated idents.fied laws and tegulations throughout our team remained alert lo any indicab.ons of non-complian throughoLrt the audit., We considered procedures and ¢x)ntrols that the charity has eslablished to acldress risks identified. or that otherwise prevenL deter and detect fraud", and how senior management monitors those prr4rammes and controls. Based on this understandiro we designed our audit pr(dureS to identify non-compliance with such laws and regulations. Where risk was considered to be higher, we performed aLJil procedures to address each identified fraud risk. These procedures included". teslirKJ manual journals,. reviewing the financial statement disdosures and testing to 5UPPOrting documentation." performing analyb.cal procedures., and enquiring of management, and were designed to provYe reasonable assuran that the financial Statements were free from fraud or error. ing to the inherent limitations of an audiL there is an unav(Mdable risk that we may not have detected some material misststemenls in the financial staternents. even though we have property planned and performed our audit in accordance with auditing stsndards. For examp, the fvrther removed non-complian with law5 and regulations lirregularitiesl is from the events and transaction5 reflected in the financial slalements. the less likely the inherenuy limited procedures reqUId by auditirrfJ standards would identify rt. The risk is also greater regarding irregularib.es occJJrring due lo fraud rather than error, as fraud involves intenbonal concealment, forgery, collusion, omission or misrepresentst*on. We are not responsible for prgventing non40mp1iare and cannot be expected to delect non-eompliants with all laws and regulations. A further descfiption of our r2sponsibilib"e5 is awailable on the Financial Reporbng Council's website at. h)S.'/I1wW.frc.0rg uklOur-WothlAudiuAudit-an(kassuranStandards-and-gUldanlStsndards-and-guldance -forauditorslAuditors-responsibilities-for-auditlDescripb"on-of-audilors-responsitH'libes4or-audiLaspx. This description fomis part ol our auditorfs reporL
scorr (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT (CONTINUED) TO THE TRUSTEES. OF SCOTT (EREDINE) CHARITABLE TRUST Use of our report This report is made solely to the charitys members. as a bc•Yy, in accordance with the Charities Act 2011. Our audit work has been urKlertaken so that we might state to the chantys members those matters we are required lo stale to him in an auditorfs report and for no other purpose. To the fullest extent pemitted by18w, we do not a¢¢epl or assume responsibility to anyone other than charity and the chanty's members, as 8 body, lor our a11 work. for this report. or for the opinions V•E have formed. Mr Mark Cummin5 FCCA (Senior Ststutory Audit(>r) For and on b•half ot T¢ Group Statutory Auditor Offlce: Steynlng. West Su8•ex Dated. .........................
scorr (EREDINE) CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 310ECEMBER 2023 2023 2022 Not08 Income from: Investment income Other incon 572,581 607 437.351 Total Income 573.388 437,351 Expendlture on: Charitabk aCtitieS 578,621 535,596 Total expenditure 578,621 535,596 Net movement in lunds before galns l {Ios8e8) on Investments 15,233} 198,2451 Net gainslllosses) on investments 509.595 13.953,3861 Net mov8m8nt in funds 504,362 14,051,631) R¢¢on¢illatton of fund8 Total fur)ds bfought fOard 11.438.434 15,490.065 Total funds carrfed forward 11.942.796 11,438,434 All incorne. expenditure and investrnent movements are unrestricted for both years.
sco (EREDINE) CHARITABLE TRUST BALANCE SHEET AS A T31 DECEMBER 2023 2023 2022 Notes Flxed assets Investments 11.786,790 11,276,195 Current •Mgts Oeblors Cash at bank and in hand 13,118 259,999 13,118 154,254 273,117 167.372 Creditors: amounts falling due within one year 10 (5.1331 Net current assets 157.006 162.239 Net •88ets 11,942,796 11,438.434 The fund5 of thg charity Unrestricted income furKI$ 11,942,796 11,438.434 11.942.796 11,438,434 The accounts approved by the Trustees on ......................... K J Bruce-smilh Trugtee
SCOTT (EREDINE) CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Legal StstU8 The Trust Is an nirr1[a1ed charity registered in England and Wale5 Number 1(K)2267. Its prinapal office L8 shown in the trustee report Accounting pollcles Basi5 of preparatlon The accounts have been prepared in accordan with Accounting arKI Rewrting by Charities." Statement of Recommended Practice appluble to charits.es preparing their accounts in ardance with the fi'nancial Reporting Stsndard applicable in the UK arKI Republic of Ireland {FRS 102) (effective 1 January 20191- (Charities SORP IFRS10211, the Financial Repoth"NJ Standard applicable in the UK and Republic of Iieland IFRS 102) The Scott IEredine} CharItsb Tnjst meets the definitson of a put1¢ benefii entity under FRS102. Assets and liabilities are initi.ally recc•Jnised al historical cost or transactson value unless otherwise ststèd in the relevant accounting polw nolelsl. There are no material UnrtaInlieS about Scott (Eredinel Charitable Trust's ability to continue as a g¢ing concem. The financial statements are prepared in sterling. ththich is the functional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearest pour¥J. 2.2 Income Inve5trnent income is accounted for when receivate. 2.3 Expenditurè Expenditurè is accounted for on an aeKJuals basis with ts ifrecoverable element of VAT included with the item of eXnSe to which it relates. Charitable expenditure comprises those costs incurred by the thartty in the delivery ol tts actimb.es and $eNces for its beneficiaries Grants payable are Charged in the year when the commitment is made by the trustees to make the donation. Governan costs include those costs assouated Nwlh meeting the constitutional and statutory requirements of the charity and illdude audit fees and costs linked lo the strategic management of the charity. Thes6 are included wthin support Costs. All costs are allocated ts¥een expenditure categories of the SOFA on a basis design&J to reflect the use of the SoU. Costs relabng lo a particular actimty are allocated directjy. others are apFortioned based on estimated usage as a proportion of directty attn"butable exndIture. 2A Fund accounting Funds held by the Trust are Unrestricled general fvnds. These are funds which can be used in accordance with the charitable objects at the discretion of the tnJste8S. 2.5 Invo$lments Investments are included at fair value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Finanaal Actsvitses. 2.6 Dgbtor5 Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments a valued al the amount prepaid net of any tr8de drscounts due. io
scorr (EREDINE) CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.7 Cash at bank and in hand Cash al bank and in hand includes cash and short term hHJhly liquid investments. The Tru51ees seek to use short term deposits where possible to maximise the ietum on monEs held at the bank and to manage cash flow. 2.8 Credltorn and provisions CdItorS aThY provisions are re¢¢•Jnised where the charity has a present o1Jation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settie the obligation can measured or esb"mated reliably. 2.9 Critlcal accountlng estimate5 and judgements In the application of the ¢harity's accounting Fioli¢Es, the trustees are required lo make judgements, estimates and assumpb.ons aul the carrying amount of assets and liabilibe5 that are not readily apparent from other Sour5. The esbmates and assl8ted assumption5 are based on historical experience and oth8r factors that are consthred to be rethnt Actual results may differ tr( these eslimales. The estimates and undedying 8ssumpbons are reviewed on an ongoing basi5. Revisions to accounb.ng e5ts"mates are recognised in the period in which the estimate is revised The trustees do not consider that there are any Cnts'cal estimates or areas of judgoment that need to be brouqht to the attentson ofthe reade ofthe finanoal ststements. Taxation charitable CrpanY is Tegistered as a tharity arnj all of its income falls within the exemptsons under Part 11 of the Income Tax Act 2W7. Investment Income 2023 2022 Diwdends from unlisled investrnents Bank interest 569,626 2,956 437,077 274 672.581 437,351 li
scorr (EREDINE) CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Total expendlture Admln Other Grant Total 2023 Totsl 2022 costs funding Charitable actmtles Grants payable Support costs 572.866 572,866 5.755 530,735 4,861 5.395 5.395 572,866 578.621 535,596 Grants were paid to 87 institutions durirvJ the year {2022'. WJ institutions). Anatysl8 of support ¢osts {including Governance costs) 2023 2022 Adrninistrabve expertses Governance Costs.. Audit and accountancy 360 5.395 4,501 5.755 4,861 G0veMan costs is made up of aj11 fees for both yeats. Trustees None of the trustees lor any persons ¢onnected them) were reimbursed expenses or received any remuneration during the year. Employees There were no employees duriTrJ the year12022.' none). 12
scorr (EREDINE) CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flxed asset investments Fair value at 1 January 2023 Unrealised gains 11,276,195 509.595 Fair value al 31 Decembèr 2023 11,785,790 Historical costr At 31 December 2023 3,938.275 At 31 December 2022 3,938,275 The investments a made up of 536.416 ordinary and 327.945 8% preferen shares held in John Swire & Ss Limited. These are held in the narnes of K J BrU-smIth and A J Scott as custodian trustees. The total ordinary sha5 are valued at £11.457.845 (2022.. £10,948.250) and the total 8% pfenCe shares are valued at £327,94512022.. £327.945). The gain on invesknents of £509,595 (2022: loss of £3.953.3861 as sh¢Mn in the Statement of Financial Act1wS PriSeS unrealised losses on investments held at the ygar end. D•btor*.' amounts falllng due wlthln one year 2023 2022 Accnjed income 13,118 13,118 13,118 13,118 10 Cr•ditor8: amounts falling due wlthln one year 2023 2022 Accruals 5.133 5.133 13
11 Relatgd partles No one party has overall control of the Trust. There were no related party transactson5 during the year. 14