CHARITY COMMISSION
Michael Robertson
Scholarship Fund
Reglstrdtlon numbor. 1014388
Annual Report and Financlal
Statements
31 December 2023
dOdd&co

Michael Robertson Scholarship Fund
Contents
Reference and Administrative Detsils
Trustees, report
Trustees, responsibilities
Independent examinefs report
Statement of financial activities
Balan￿ sheet
Notes to the financial ststements

Michael Robertson Scholarship Fund
Reference and Administrative Details
Charity name
Michael Robertson Scholarship Fund
Charity regi8tratson number
1014388
Principal office
Rosebank
15A Scotby Village
CARLISLE
CA4 8BS
Registsred office
Rosebank
15A Scotby Village
CARLISLE
CA4 8BS
Trustees
J V Light
S Ellis
N J Martin
J A C Whittle
Msward
(Appointed 6 March 2024)
Bankerd
Barclays Bank PIC
9 Highgate
KENDAL
LA9 4DA
Accountant
Dodd & Co Limited
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA12RW
Investment Advisor
JM Finn
4 Copthall Avenue
LONDON
EC2R 7AH
CCLA
Mansfield Traquair Centre
15 Mansfield Place
EDINBURGH
EH3 6BB
Page 1

Mlchael Robertson S¢holapJhlp Fund
Trustees. Report for the Year Ended 31 December 2023
The financial statements have been prepared in accordance with the 8ccounting policies set out in notes to the
accounts and comply with the charity's governing document, the Charities Act 2011 as amènded by the Charities
Act 2022, and Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and
Republic of Ireland.
Structure. Governance and Management
Governin Document
The Charity's goveming doGurnent is its settlement deed, which is dated 14 September 1992. as amended by a
deed of variation dated 16 April 2003. The charity is an unincorporated tnjst.
inlment of Trustees and O
qaoi4ai￿l Decision-makin Polic
The Trustees, who meet fomially on a minimum of occasions during the year, administer the affairs of the
Charity. Applications are considered at these meetings. Newly appointed Trustees are given induction training
when first appointed and all Twstees are offered ongoing training. as appropriale.
Risk Polic
The Trustees have assessed the major risks to which the Charity is exposed. in particular. those relating to the
operations and finances of the tnjst and are satisfied that systems are in place to mitigate our exposure to Ihe
major risks.
Objectlves and Activities
The Trustees are empowered to pay or apply the nel income of the trust fund and any part of the capital at their
absolute discretion in furtherance of the objects of the Charity.
The main objects of the Charity are..
To further thè education {including social and physical training) of the thildren attending Sedbergh School,
Cumbria and with a view to furthering this object;
- To award scholarships, exhibitions. bursaries or maintenance allowances to persons under 25 years of age who
are attending or have for not less than three years attended Winder House at Sedbergh School and vtho need
finan¢i81 assistance.,
To provide financial assistsnce. tools, instruments or books to such persons to enable them to study Italian
architecture or history"
To award to such persons grants or maintenance allowances to enable them to travel whether in the United
Kingdom or abroad in fvrtherance of their education;
- To otherwise further the education of such persons.
The Chariiy met these objectives during the year by awdrding scholarship grants to students attending Sedbergh
School. The Trustees have been carefvl to encourage applications for scholarship grants from Ihose new pupils
from the mainlained sector. in order to ensure that it continue5 to meet the requirement that it5 charbtable
activities pass the public benefft tests.
For many years the restriction to Winder House pupils has not been applied. Firstly, Sedbergh Schol cannot
demand that pupils attend a specific house. Secondly, Winder House is ￿rrentty a boys•only house.
Achievements and Perfonnance
During the year, the Trustees awarded scholarships totalling £173,496 {2022 - £380,976} to pupils of Sedbergh
School, enabling them to fijrther their education. The trustees. intention is to provide futlher awards in 2024 and
2025 amounting to £82,572.
Page 2

Michael Robertson Scholarshlp Fund
Trustses. Roport for the Year Ended 31 December 2023
The Trustees, investrnent objective has been to retum ènough capital to generate the income required to meet
the anticipated costs of the main objects of the Charity. The overall value of thè Charity's endo￿nent funds has
décrèased by 13.58% over the 2 year peri¢xI January 2022 to December 2023. However furKI values have
increased by 3.56¥0 over ￿ last 12 months.
Flnanclal Review
The Trustses are salisfied V￿th the financial posltion of the Charity and confimi that théy have adequate assets
available to fijffil their obligations. We approve the record of transactions set out herein. We have wntinued to
make awards along th8 lines ￿ld down in our guideline$ to applicants. The amounts awarded are shoNvn in these
statéménts.
All cash is held on current and interest bearing accounts. The Trustees have wide investmont powers, namely..
To invest in such securities or other investrnents or propoty whether involvtng liabillty or not arKI whether
producing income or not as the Trustees shall in their absoluts di$uetion think f4t. The Trustees may also hold
any assets in nominee names providing that any land shall b8 assured to the Trustees upon trust for sa￿.
The Trusteès retain sufficiént capital to generate the income réquired to meet the anticipated costs of the main
oblects of the Charity.
At the year end, the Charity had free reserves of £59,175 (2022 - £90,856). This is an appropriate level of
reseNes, as it enables the Trustees to be confidènt of the Charivs ability to meèt th8 forthcoming scholarship
obligation of the next year without realising any investments.
In￿sImOnt Poll¢y and Perfomianeè
The trusvs investrnent assets are managed by extemal fijnd managers, J M Finn. There were no restrictions on
the d)aritys power to invest and the frjnds are invested in a portfolio of investsnent fijnds.
It is the objéclive of the trustees to invest the Trust fvnds to produce a distributsble amount that. over time,
grows, at a minimum, in line with infiallon (as measured by CPI). To achieve this, they need to ensure that the
real value of thé endowment fvnd is maintained over the longer tém.
On 12 Decembèr 2022 the trustees made a resolution under section 104(A) of the Charities Art 2011 to adopt a
total retum on investment approach to the pemianent endowTnent fund. The board idenlified the value of gifts of
pem)anent end¢)vmient re￿ived since the fvnd was established to be £3,643,SS7. This set tho base line value of
the gift compo￿nt of tho endowmenl. The differen￿ be￿een the total of endowment funds as at 12 December
2022 and the value of the gift componént represèntsd the opening balance of thé unapplled total retum. The
power of total return pennits thé trustees to invest pemanently investsd fvnds to maximlse totsl retum and to
appty an appropriate Portion of the unapplied totsl retum to income eath year. UntS1 this power is exercised, the
unapplled totsl retum remain$ invested as part of the pemanent endowment. During th8 accounting poriod
ended 31 December 2023 £150.000 was transferred into unrestricted fijnds.
Thè twstees, having t8ken adviee from the Investment Manager, will detsmiine, from time to time, the amount of
the total retum that can be distributed without compromising tha investment objective.
Approved by the Tnjsteés and signed on their behalf by:
N J Martin
Trustee
Date..
Pag8 3

Michael Robertson Scholarshlp Fund
Trustses. Responsibilitles In relatlon to the Financial Statements
The tmstees are responsible for preparing the Trustees, Report and the financial statsments in accordance with
applicable law and United Kingdom Accounting Standards.
The law applicable to chariiies in England and Wales requires Ihe trustees to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources of the charity for that peri(Ml. In preparing financial statements, the
trustees are required to:
select suitsble a¢￿UntIng policie$ and then apply them consistently:
observe the methods and princyples in the Charitiés SORP",
make judgements and estimates that are reasonab￿ arKI prudent:
state vthether applicable accounting standards have been follo￿d. subject to any matsrial departures
dis(aosed and explained in the financial statements.. and
prepare the financial statements on the goin9 concem basis unkss it is inappropriate to presume that the
charity will continue in business.
The tnjstees are responsible for keeping proper accounting records that disdose wth Teasonable accuracy at
any time the financial position of the tharity and enable them to ensure that the financial ststsments comply with
the Charities Act 2011 as amended by the Charitie$ Act 2022, the Charity (A¢¢ounts and Reports) Regulations
and the provisions of the trust deed. They gre responsible for safeguayding the assets of the charity and henc
for tsking reasonable stsps for the prevention and detection fraud and other irregularities.
Page 4

Independent ExamlneVs Report to the Trust￿ of
Mlchael Robertson Scholarship Fund
I report on thé accounts of the charity for th8 year ended 31 Decémbèr 2023, whith are set out on pages 6 to 14.
Your attention is to dra￿￿ to the fact that the Charity has preparèd thè financial ststements in accordance with
Accounting and Reporting by Charities preparing their accounts in accordance wtih the Financial Reporling
Standard applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting and Reporting
by Charities: Statement of Recommended Practice issued on 1 April 2005 véhich is ￿ferred to in the extant
regulations l)ut has sints been withdrawn.
We underntsnd that this has been done in order for the accounts to provide a tn￿ and fair view in accordan
with the Gene￿IlY Accepted Accounting Practi￿ effective for reporting periods beginning on or after 1 January
2019.
Respectlve responslbllltl8s of trustees and examiner
The Chatitys trustses are responsible for the prepar8tion of the accounts. The trustee8 consider that an audit is
not required for this year under section 144(2) of the Charitr8s Act 2011 {the 2011 Act) and that an independent
examination is needed.
It is my responsibilty to=
examine the accounts under section 145 of the 2011 Act.,
follow thè procedures laid dovm in the General Directions given by the Charity Commission under section
145 (5) (b) ofthe 2011 A¢t', and
stste whether particulor matters have come to my attention.
Basis of indepgndent oxamln•f8 report
My examination was carrièd out in accordance with the General Directions glven by the Charity Commi$$ion. An
examinatlon indudes a review of the accounting rècords kept by the charity and a comparison of the accounts
presented with those record$. It also Includes consideration of any unusual items or disclosures in thè accounts.
and seeking ewlanalions from you as trustee$ ¢onceming any such mattels. The procedures undertaken do not
provide all the evidence that would be required in an audit and consequently no opinion is given as to whethèr
the accounts present a 'true and fair vievl and the report is limited to those matters set out in the statement
below.
Indopond•nt oxamingrfs •tstement
In Connection with my axamination. no matter has come to my attention:
(1) which gÈves me reasonable cause to believe that in any material resp8d the requirements:
to keep accounting records in accordanco with section 130 of the Chaiities Act 2011,. and
to prepare accounts which a¢¢or(I the accounting records. compty with the accA)unling
requirements ofthe 2011 Act
have not been met.. or
{2) to véhich. in my opinion. attention should be drawn in ord6r to enable a proper understsnding of the
accounts to be reached.
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA12RW
nne Thomlinson FCA
odd & Co Limited
Chartered AC
ntsnts
Page 5

Michael Robertson Scholarship Fund
ststement of Financial Activities for the Year Ended 31 December 2023
Unrestrlcted Endowment Total Funds Total Funds
Funds
Funds
2023
2022
Note
Income
Invesknents
200,749
201.237
232.434
200
Other income
Total income
200,749
201,237
232.634
Expendlture
Raising funds
Charitable activities
22,477
22.477
182,169
204,646
22.854
389,393
412.247
182.169
182.169
Total expenditure
22.477
Gross transfers betsveen funds
150.000
(150.000}
Gainsl(losses) on investment assets
165,939
165.939 (1,138,212)
Net incomel(expenditurel
(31,681)
194.211
162.530 {1,317,825}
Re¢onclllation of funds
Total funds brought forward
Total funds carried foThYard
90.856
59.175
5.757,250
5.951.461
5.848,106
6,010,636
7,165,931
5,848,106
The notes on pages 8 to 14 form an integral part of Ihese financial stst&ments.
Page 6

Michael Robertson Scholarshlp Fund
Balan¢e Sheet as at 31 December 2023
2023
2022
Not¢
Fixed a88ets
Investments
5.901.400
5,698.505
Current assets
Cash at bank and in hand
112.512
152,877
Creditors: Amounts falling duo withln
one year
{3.278)
(3,276)
Not currnnt assèts
109.236
149.601
Not a•sets
6.010,636
5,848,106
The funds of th• charlty:
Endowment funds
5,951,461
5,757,250
Unrestiicted fund8
unrestn.cted income fijnds
59.175
90,856
Total ¢harlty funds
The finanGial statements have beén prepared in accordanca with thè Financial Reporting Standard applicable in
the UK and Republic of Ireland (FRS 102).
6.010.636
5.848, 106
Approved by the Board on ..
Z.&.. and Signed on Its behalf by.
NJMarti
Trustee
The notes on pages 8 to 14 form an integral part ofthese finanaal statements.
Page 7

Michael Robertson Scholarshlp Fund
Notes to the Finan¢ial Statements for the Yaar Ended 31 Decomber 2023
Accounting policies
Statement of complian¢•
The accounts {finan¢ial statements} have been prepared under Ihe historical cost convention wth items
rerxignised at cost or transaction value unle$$ otherwise stated in the relevant nots{s) to these accounts.
The financial statements have been prepared in accordance with the second edition of the Charities
Statement of Recommended Practi￿ issued in October 2019, tha Financial Reporting Standard applicable
in the United Kingdom and Republic of Ireland (FRS 102) and the Chariiies Act 2011 as amended by the
Charities Act 2022.
The accounts (financial statements) ha￿ been prepared to give a 'true and fairf view and have departed
from the Charities {A¢￿unts 8nd Reports) Regulations 2008 only to the extent required to provide a 'true
and fair view. This departure has involved following Ac¢ounting and Reporting by Charities preparing their
accounts in accordan￿ the Financial Reporting Standard applicable in the UK and Republic of Ireland
{FRS 102} rather than the Accounting and Reporting by Charities.'Statement of Recommended Practice
tffociive from 1 April 2005 which has since b8en withdrawn.
Basls of preparation
The charity meets the definition of 8 public b8nefit entity under FRS 102. Assets arKI liabilities are initi'ally
recognise(l at histori￿1 wst or transaction value unless othemse stated in the relevant accounting wlicy
notes.
Golng concem
These financial statèments have been prepared on a going concem basis.
Fund accountlng polley
Unrestricted income funds are general funds that arè available for use at the trustees, discretion in
furtherance of the objeclives of the charity.
Further details of each fund are disdosed in r￿te 12.
Incomo and endowmonts
Income from Govemment and other grants. vA)ether 'capital' grants or'rev8nue' grants. is recognised when
the chaiity has entrtlement to the funds, any perf0mlan￿ conditions attached to the grants have been me(
it is probable that the income will be received and the amount can be measured reliabty and is not defeffgJ.
Investment income is recognrsed on a re(*ivable basis. Income received from endowTnents is tsated as
unrestricted.
Expenditur•
Liabilities are re¢ogni$ed as soon as there is a legal or constructive obligation committing the charity to the
expenditure. All expenditure is accounted for on an accruals basis and has been classffied under headings
that aggregate all costs related to the calegory.
Costs of raising fvnd5 are investment mana9ementfees.
Charitabte expenditure comprises those costs incurred by the charlty in the delivery of its activities and
5eNces for its beneficiaries. tt includes both costs that can be allocated directy to such activities and those
CQ5ts of an indirect natu￿ necessary to support them.
Support costs
Support costs include e£ntral fvnctions and havo been allocated to 8¢tivity cost catsgories on a basis
consistent with the use of resources.
Page 8

Mlchael Robertson Scholarshlp Fund
Notes to the Flnancial Ststsmonts for the Ywdr Ended 31 Decemb•r 2023
.. continued
Ca8h and Cash Equlvalonts
Cash and cash equivalents comprise cash on hand and call deposits, and other short4emi highly liquid
investments that are readily convertible to a known amount of cash and are subject to an instgnificant risk of
change in value.
Inv•$lmonts
Fixèd asset investments are included at market value atthe balance sheét date.
Realised gains and lossès on invesbnents are calculated as the differen￿ befvRen sales proceeds and
their market value at the stsrt of the year, or their subsequent cost, and ar8 charged or credited to the
statement of the financial activities in the period of disposal.
Unrealised gains and losses represent th8 moTr•ement in market values during the year and are credited or
charged to th& statement of financial activities based on the market value at tho yèar end.
Investment in¢ome
Unre$trl¢ted Endowmont Total Fund8 Total Fund8
Fund•
Funds
2023
2022
Diwdend income
Gross bond interest
Gross bank interest
189.360
11.389
189,360
11,389
488
219,181
13.165
200,749
201,237
232,434
Of the investsnent income in 2022 £73 related to unrestricted funds and £232.361 related to restrided
funds.
Othor Incomè
Unro9tri¢tèd Endowment Total Fund8 Totsl Funds
Funds
Funds
2023
2022
Other Income
Other income
200
All ofthe other income arising in 2022 r81ated to unrestricted funds.
Page 9

Michael Robertson Scholarshlp Fund
Notss to the Flnancial Ststements for the Year Ended 31 DeCeM￿r 2023
.. continued
Expendlture
Inve*tments
Furtherance
of edueatlon
Total
2023
Total
2022
Diro¢t costs
Scholarships
Administration of invesknents
173,496
173,496
22,477
195,973
380.976
22.854
403,830
22,477
22,477
173,496
Support costs
Insurance
Trustees, expenses
Accountancy fees
Independent examinerfs fee
Lggal and professional fe8$
557
376
3,160
557
376
3.160
5QO
4,080
8.673
546
251
2,620
4,080
8.673
4.500
8,417
22,477
182.169
2(14.646
412,247
£389,393 of the e>¥Jenditure in 2022 related to permanent end0v￿ent funds and £22.854 related to
unrestricted funds.
Governance costs
2023
2022
Legal and professional fees
Accountancy fees
Independent examinerfs fee
3.160
2.620
7,740
7.620
Truste•$' r•munoratlon and oxponses
During the year expenses were paid to one of the trustees for out of pocket expenses incurred in their
service as a bustee (one trustee received expenses re1mbu￿eMent in 2022>. A total of £376 (2022 - £251 >
as paid to or on behalf of the trustees.
No trustee or any person connected to a Trustee received remuneration in respect of their seNces as
trustee during the year.
Page 10

Michael Robertson Scholarshlp Fund
Notes to the Financial Statements for the Year Ended 31 Decombor 2023
.. continued
Taxatlon
The regislered Charity is exempt from taxation on inoome and gains.
Invoslments held as fixed assets
Llfyted
Inv¢stm?nts
Markot valuo
As at 1 January 2023
Revaluation
Additions
Disposals
As at 31 December 2023
5.698.505
185,939
733.425
(696.469)
5.901,400
Not book value
As at 31 December 2023
As at 31 D8cemb•r 2022
5,901,400
5.698.505
Inveslmenl assets can be further analys8d as follows".
UK
Over80as
Listed invèstrnents
3,550,228
3,550,228
2,351.172
2,351,172
Credltor8: Amounts falllng due wlthln ono ￿ar
2023
2022
Accrual$ and deferred income
3,276
3,276
10 Other flnan¢lal ¢ommllments
At the start of the year the Charrty had pledged £256.068 to scholars.
During the year £173,496 was paid out for scholarships.
At the year end the Charity had pl8dgad the following awards to be made to scholars after the year end..
2024125 academic year- £46,671
2025126 academic year- £35,901
Page 11

Mlchael Robertson Scholarship Fund
Notes to the FSnancial Statements for the Year Ended 31 December 2023
continued
11 Related partles
Controlling enlity
The chaiity is controlled by the trustees.
12 Anatygis of fund8
Other
recognised
gains I
losses
At1
January
2023
At31
December
2023
Incomlng Resources
resource8 expended Transfers
Genéral Funds
Unrestricted income
fund
90.856
488
(182,169)
150,000
59,175
Pernian•nt
Endowment
Pemianent
endowment
5,757,250
200,749
(22,477) (150,fyJo)
165.939
5,951,461
5,848,106
201,237
(204,646)
165,939 6,010,636
General Funds- the general funds receive investment income and are used to pay out scholarships.
Pemianent Endowment- th8 pe￿a￿ent endowments are used to gen8rats the funds needed to perfonn the
¢hariWs obJe¢tives and are revalued annually.
P8ge 12

Mlchael Robertson Scholarship Fund
Notes to the Financlal Statements for the Year Ended 31 December 2023
.. confrnued
Prfor porlod
At1
January
2022
Othèr
recognised
gain91
I￿les
In¢oming
resourc
Resourcès
oxpendod
At31
December
2022
TransferyJ
Goneral
Funds
Unrestricted
income fund
321.446
273
{389,393)
158,530
90.856
Pomian•nt
Endowment
Pennanent
endowment
6,844.485
232,361
(22.854)
(412,247)
(158,530) 11,138,212)
{1,138,212}
5.757.250
5.848.106
7,165,931
232,634
13 Transfers
Investment incom• received for the year of £150.000 was transferred from pemianent endowment to
income.
14 Total le￿M on inveslrnents
Trust for
Investment
Unappligd total
Total endowmènt
At 1 January 2023
Movements in reporting perlod..
Invèstment income
Inv8Stment retum.. realised and unrealised
gainsllosses
Less." inveslment MaTrag￿ent costs
Total
Unapplied total retum allorAted to incorne
in the reporting period
Net movements in th8 reporting period
As at 31 December 2023
3,643,557
2,113.693
5,757,250
200,749
165,939
200,749
165.939
(22,477)
344.211
(150.000)
194.211
2.307.904
(22,477)
344,211
{150,000)
194,211
5.951,461
3,643.557
Page 13

Michael Robertson Scholarshlp Fund
Notss to the Financial Statements for the Year Ended 31 December 2023
. conlinued
15 Net assets by fund
Unrestrletsd
Funds
Endowment
Funds
Totsl Funds
2023
Total Fund8
2022
Investsments
Current assets
Creditors.. Amounts falling due
thin one year
Net assets
5,901,400
50.061
5,901.400
112,512
5.698.505
152,877
62.451
{3,276)
59,175
13,276}
6,010,636
(3,276)
5,848,106
5.951,461
Prior period
Unre8trf¢ted
Funds
Restrl¢tsd
Funds
Total Funds
2022
Total Fundg
2021
Investments
Current assets
Creditors.. Amounts falling due wthin
one year
Net assets
5,698,505
58.745
5,698,505
152,877
13,276)
5,848,106
6,828,620
340.587
{3,276)
7,165,931
94.132
(3,276)
90,856
5.757,250
Page 14