Charlty Registratlon No. 1002267 scorr (EREDINE) CHARITABLE TRUST TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 SCOTT (EREDINE) CHARITABLE TRUST CONTENTS Page Trust88s' report Trustees. responsibilities in relation to the accounts Indep8ndant Audltor8' report statement of financial 8Ctivibes Balanc8 she8t Cash flow statement 10 Notes to the 8Kounts scorr (EREDINE) CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report and accounts for the year ended 31 December 2024. The accounts comply with the Charities Act 2011, the chanly's Trust Deed and Accounting and Reporting by Charities.. Statement of Recommended Pra¢ti¢e applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) leffective 1 January 20191. Our purposes and actlvltles The tru$t exists for such charitable objects as directed by the settlor or as the trustees sh811 from time lo lime determine. The Charity's principal activity continues to be to generate investment income in ordei lo provide grants to various charitses in acc4rdance with the trustees, wishes. In shaping the objectives for the year and planning its activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'Public Benefit.. Running A Chaiily IPB2)'. Achlevements and Perfomiance Ilneludlng Flnan¢lal Revlewl Income for the year was £618,122 (2023.. £573,388). In 2024, the Tru$l made grants lolalling £588,41012023: £572.866). The overall surplus for the year was £2,840,37612023-. £504,362) after accounting for unrealised gains on investments of £2.816,184 12023.. £509,595). Unrealised gains are not cash items and solely refftecl the movement of the investrments with regard to the value of the investments at the year end. Total funds carried forward to181 £14,783,172 {2023.' £11,942,796) which are all unrestrict8d funds. Under paragraph 5.2 of the trust deed the Iruslees have power to retain shares in John s￿re and Sons Limited and are not under any duly to diversify lo the extent that the trust fund comprisos those shares. The shares are in the names of trustees K J Bruce-smith and A J Scott who hold them as cu81odi8n trusl88s. However. the Iruslees have also noted the slalulory duly of care required by the Trustee Act 2000, in relation to their holding suitable investments and the need for diver6ificalion of investments so far as is appropriate to the circumstances of the trust. The Ifustees, overall investment objective is to achieve a level of investment income growth which at least matches the rale of inflation, while protecting the value of the chanty's Capital in real terms. Where Investments have been donated to the charity, the IN$lees also consider whether a di$posal of such investments could discourage similar donatsons in the future. The trustees recognis& that particular investment risks arise from lack of diverslil¢ation where substantial holdings in unquoted companies are donated to tha chanly and retained. The trustees seek lo miligale the risks through the regular monilorrng of such investments on récelpt of published financi81 informats'on. The Chanty does not operate an "ethical investment policf. Reference and admlnlstratlve detalls Charity number.. 1002267 Principal office.. clo Sinclair Gibson, 3 Lincoln's Inn Fields, London, WC24 3AA Our advlsers Auditors Bankers Solicitor5 TC Group C Hoare & Co SinCl￿r Gibson The Courtyard, Shoreham Road. Upper Beeding. West Sussex, BN44 3TN 37 Fleet Street, London, EC4Y 40Q 3 Lincoln's Inn Fields, London, WC2A 3AA SCOTT {EREDINE) CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. Governance and Management Trustees The trustees serving during the year and since the year end were as follows.. AJScott K J Bru¢e-Smilh NHCWills J L Gibson Governlng Document The trust was e$tabli$hed by a ¢haritable trust deed on 19 July 1990. It is registered as a charity with the Charity Commission. Appolntsment of trustees Trustees are appointed by existing trustees when it is thought necessary to do so. Training is provided by existina trustees. Rlsk management The major risks lo which the trust may be exposed, as idenbfied by the trustees, have been reviewed to confirm thal sysl8ms, where 8ppropriale, exist lo manage those risk$. The trustees re¢ogni$e that the majority of Ihe trust's investments are shares in a privale company that were sellled upon the trustees with the power contained in the Deed to retain and not lo diversify those shares. Grant maklng pollcy Scott (Eredinel Charitable Trust look to Support charities operating in the following areas.. Physical or mental handicaps through accidents of birth, injury, wounds, illness old age elc. b. Adventurous challenge for the young Wildlife conservancy Reserves pollcy The charity look to hold reserves in order lo provide a sufficient capital base lo generate Income to cover administrative expenditure and grants payable as documented in the trust deed. The charity held reserves of £14,783,172 91 the balance sheet dale12023'. £11,942,796) which is considered in line with the set policy. Future plans S¢oll {Eredinel Charitsble Trust will continue to seek opportunities to a8si6t beneficiaries with grants to support the ¢hanly's aims and objectives. Statement as to dlsclosure to our audltors In so far as the trustees ar8 aware al the time of approving our trustees, annual report., there 15 no relevant information, being information needed by the auditor in connection with preparing their report, of whith the auditor 15 unaware., and the Iru$lees, having made enquiries of fellow trustees and the auditor that they ought lo have individually taken, have each taken steps that they are obliged to take as a trustee in order lo make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. By order of the board of Irusle86 K J Bruce-smllh (Trusteel Dated.. scorr (EREDINE) CHARITABLE TRUST TRUSTEES. RESPONSIBILITIES IN RELATION TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 The ¢harily Iru$lees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally A¢cepled Accounting Practice). Charity law requires the trustees lo prepare accounts for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the trustees should follow best practice and= select suitable accounting policies and then apply them consislendy., observe the method5 and principles in the ChaTiles SORP- make judgements and estimates that are reasonable and prudent., state whether applicable aecounling standards and statements of recommended pra¢li¢e hava been followed, subject to any materi81 departures disclosed and explained in the accoun15-, and prepare the accounts on the going concern basis unless il is inappropriate to presume that the Charity will contsnue in operation. The tru$le8s 8r8 responsible for keeping accounting records which disclos8 with reasonable accuracy the financial position of the charity and which enable them to ensure that th8 accounts comply with th8 applicabl6 law. They are also responsible lor safeguarding the assets of the charity and henco for taking reasonable steps for the prevention and detection of fraud and other irregularities. SCOTT (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES, OF SCOTT (EREDINE) CHARITABLE TRUST Oplnlon We have audited the financial statements of Scoll (Eredine) Charitable Trust (the '¢haritable twst,) for the year ended 31 December 2024. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting St8nd8rd applicable in the UK and Republic of Ire18nd (United Kingdom Generally Accepted Accounting PracticE). In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as al 31 December 2024 and of its incoming resources and appli¢ats'on of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Acc8Pted Accounting Practice., and have been prepared in accordance with the requirements of the Charities A¢1 2011. Basls for oplnlon We ¢ondu¢ted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilols responsibilities for the 8udit of the financial statements section of our report. We are independent of the ¢haritsble company in accordance with the elhi¢al requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work wo have performed, we have not identifi'ed any material uncertainties relaling lo events or conditions that, individually or colle¢lively, may cast significant doubt on the charity's ability to continue as going concern for a period of al least twelve months from when the financial slalemenls are 8Uthorised for issue. Our responsibilities and the responsibilities of the trustee's with respect lo going concern are described in the relevant sections of this report. scorr (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT (CONTINUED) TO THE TRUSTEES, OF SCOTT (EREDINE) CHARITABLE TRUST other information The INstees are responsible for the other information. The other information comprises Ihe informats'on included in the tru5tees' annual report, olhei than the fin8ncial statements and our auditor's report thereon. Our opinion on the financial slalerronls does not Cover the other infomation and. excepl lo the extent otherwise explicitly stated in our report, W8 do not express any form of assurance conclusion Ihereon. In connection with our audit of th8 financial slalements, our responsibility 1$ to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are fequired to determine whether there is a material misstatement in the financial slalemenls or a material misstatement of the other information. If, based on the work we have performed, we ¢on¢lude that there is a material misstatement of this other information. we are required lo report that fact. We have nothing lo report in this regard. Matlers on which we are required to report by exceptlon We have nothing to report in r8specl of the following mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by us- or the fi'nancial slalemenls are not in agreement wlth tha accounting rècords 8nd r8turns'. or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees, responsibili118S Statement $81 out on page 3, the trust88s are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Irusl&es determine is necessary to enable the preparation of financial Statements that are free frorn material misstalemenl, whether due to fraud or error. In preparing the financial stat8m•nls, the trustees are Tesponsible for assessing the Gh8ri18bl¢ ¢ompany's ability to continue as a going concern, disclosing, as applicable, matters related to going ¢on¢ern and using the going concern basis of accounting unless the Ifuslees either intend to liquidate the charitable trust or to cease OP8ralions, or have no realistic alternative but to do so. Auditor'8 re8ponglbllltles for the audlt of the flnanclal stalements Our objectives are lo obtain reasonable assurance about whether the financial stslements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audil conducted in accordance with ISAS (UK) will always dete¢t a malenal misslatement when it exists. Misstatements can arise from fraud OT error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-¢omplian¢e with law5 and regulations. The extenl to which our piocedures are Capable of delecling irregulanlies. including fraud, 15 delailed below. sco￿ (EREDINE) CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT (CONTINUED) TO THE TRUSTEES OF SCOTT (EREDINE) CHARITABLE TRUST Extent to whlch th• audit was consid8rod capable of detecting Irregularltl•s, In¢ludlni fraud The objectives of our audit, in respect lo fraud, are- to identify and asse$$ the risks of material misstatement of the finan¢ial statements due to fraud,. lo oblain $uffi¢ient appropriate audit evidence regarding the assessed risks of material misslalemenl due lo fraud, through designing and implementing appropriate responses-, and to respond appropriately lo fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with govemance of the entity and its management. Our approach was as follows= We identified areas of laws and regulations that could reasonably be expected lo have a material effect on the financial slalemenls from our general commercial and Sector experience. and through discussion with the directors and other management (as required by auditing slandardsl. and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations., We identified the following areas as those most likely to have such an effect: General Data Protection Regulation IGDPRI,. fraud and bribery and corruption. Auditing standards limit the required audit procedures to identify non-¢ompliance with these laws and regulations to enquiry of the Iru$lees and other management and inspection of regulatory and legal ¢orresponden¢e, if any. The identified aclual or suspected non-compliance was not sufficiently significant lo our audit lo result in our response being identified a5 a key audit maller. We considered the legal and regulatory frameworks directly applicable lo the financial statements reporting framework IFRS 102 and the Charities Act 20111 and the relevant lax compliance regulations in the UK., We considered the nature of the industry, the control environment and busing8s performance, including the key drivers for management's remuneration., We ¢ommuni¢ated identified laws and regulations throughout our team and remained alert to any indications of non-complianGe throughout the audit., We considered the procedures and controls that the charity has established lo address risks identifi'ed, or that otherwise prevent, deter and detect fraud,. and how senior management monitors those procedures and controls. Based on thi6 understanding we designed our audit procedures lo identify non-compliance with such laws and rogulations. Where the risk was GonsideTed lo be higher, we performed audit procedures lo addres5 each Idents'fied fraud risk. These procedures included-. testing manual journals,. reviewing the financial statement disclosures and testing to supporting documentstion,. performing analytical procedures., and enquiring of management, and were designed lo provide reasonable assurance that the financial sl8lemenls were free from fraud or error. Owing to the inherent limitstions of On audit, there is an unavoidable risk that we may not have deteded some material misslalements in the financial slalements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the financial slalemenls, the less Ilkely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as ffaud involves intentional concealment, forgery, collusion, omission or misrepiesenlation. We are not responsible for preventing non-compliance and cannot be expected to delecl non