Michael Robertson Scholarship Fund Registration number: 1014388 Annual Report and Financlal Statements 31 December 2024 dOdd&co
Mlchael Robertson Scholarshlp Fund Contsnts Referen¢e and Administrative Details Trustees, pOrt Trustees. responsibilbties Independent examinerfs report Statement of financial activities Balance shegt Notes to thè financial statements
Mlehael Robertson Scholarshlp Fund Refen¢e and Administrative Details Charity narno Michael Robertson Scholarship Fund Charity rogistration number 1014388 Prlncipal office Rosebank 15A Scotby Village CARLISLE CA4 8BS Ro918lered offic8 Rosebank 15A Scotby Village CARLISLE CA4 8BS Trustses J V Light S Ellis N J Martin J A C Whitue Msward (Appoinled 6 March 20241 Banker5 Bardays Bank PIC 9 Highgale KENDAL LA9 4DA Accountant Dodd & Co Llmlted FIFTEEN Rosehill Mc*ntgomery Way Rosehill Estate CARLISLE CA12RW Invostmonl Advisor JM Finn 4 Copthall Avenue LONDON EC2R 7AH CCLA Mansfield Traquair Centre 15 Mansfield Place EDINBURGH EH3 68B Page 1
Michael Robertson Scholarship Fund Trustees. R•port for the Year Endod 31 D¢¢•mbgT 2024 Approved by Ihe Trustees on 14 May 2025 and signed on their behalf by: The financi81 $18tements have been prepared in aeeordance wth the accounting policies set out in notes lo the accounts and comply with the charity's govemlng do¢ument, the Charltles Act 2011 as amended by the Charltles Act 2022 and Accounting and Reporting by Charitie$- Statement of Recommended Practi applicable to charities preparing their aceounls in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland. Stru¢turn, Govemance and Management Governin Documen The Charlty's gov$rning doGum8nl is ils s8ttlement deed, which is dated 14 September 1992. as amended by deed of variation dat8d 16 April 2003. The charity is an unincorporated trust. fTru ta n-makin The Trust6¢s. who maet fomially on a minimum of tsvo occasions during the year. adminlster the affairs of the Charity. Applications are considered at these meetings. Newty appointed Truslees aro givon induction training when first appointed and all Trustees are offered ongolng tralnlng. as appropriate. BiLk Polic The Trustees have assessed the major risks lo which tho Charity is exposed, in particular, those relatlng to the operatlons and finances of the trust and are satisfied that systems are in place to mitlgate our exposure to the major risks. Objecllves and Acllvltles The Trustees are empowered to pay or apply the net income of th8 trust fund and any part of the capltal al their absolute discretion in furtherance of Ihe objects of the Charity. The main objecls of the Charity are.. To fvrther the education (including social and physical training) of the children attendlng Sedbergh SGhool, Cumbria and with a view to furthering this object., - To award scholarships, exhibitions. bursaries or maintenance allowances to persons under 25 years of age who are att8nding or have for not less than three years attended Winder Hous8 al Sedbergh School and who need financial as$i$lan¢e'. To provide flnanclal assistance. tools, instruments or books to such persons lo enable them to sludy Ilalian architecture or history.. To award to such persons grants or maintenance allowances to enable them lo travel ether in the United Klngdom or abroad in furtherance of their edutiOn. - To otherwse further the education of such person$. For many years, the restriction to Winder House pupils has not been applied. Firstly, Sedbergh School cannot demand that pupils attend a specific house. Secondly, Winder House is currenuy a bOySnIY house. The Charity mat these objectives during the year by awarding scholarship grants to students attending Sedbergh School. The Trustees have been careful lo encourage applications for scholarshlp grants from those new puplls from the maintained sector, in order lo ensure that it ¢ontinues to meet the requiremenl that its charitable activities pass the public benefit tests. Page 2
Mlchael Robertson Scholarship Fund Trustees. Roport for Iho Year Ended 31 DeGember 2024 Achlevements and Perfomiance During the yaar, the Trustees awarded scholarships totalling £168,66312023 - £173,496) to pupils of Sedbergh School, enabling them to further thelr edu¢atlon. The Iruste8s' intention is to provide further awards of approximately £97,000 for the remainder of the 2024125 academic year and £149,934 in relation lo the 2025126 academic y8ar. The Trustee$. investrnent objective has been to retum enough capital to generate the income required lo meet the anticipated costs of th• main objects of the Charity. The overall value of the Charfty's endowment funds has In¢reased by 1.62 /0 from December 2023 to December 2024, with an overall In¢reas• of 5.24 /0 expori&nrAd over the last th years. Flnanclal Rèvl•w The Trustees are $ati$fied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations. We approve the record of transactions set out herein. We have Contlnued to make awards along the lines laid down in our guidelines to appllcants. The Trustees have wde investment powers, namely.. To invest in such securities or other investments or property whether involving liability or not and whether producing in¢ome or not as th& Trustees shall in their absolute discretion think fft. The Trustees may also hold any assets in nominee names providlng that any land shall be assured to the Trustees upon trust for Sale. The Trustees relain sufficient capital to generate the inwme required to me&t the anllcipated costs of the main objects of thè Charity. Al the year end, the Charity had free reserves of £59.734 (2023- £59,175>. Investment Policy and P•rformancg On 12 April 2024 the Injsvs investment portfolio wa$ Iransforr•d from J M Finn over lo new extemal fund managers, CCLA. There were no re$lrf¢tions on the ¢harlty's power to invest and the funds are invested In a portlolio of investment lunds. 11 is the obleclive of Ihe trustees to invest the Trust fvnds to produc8 a distributable amount that, over time, grows. at a minlmum, in line with inflation {as measured by CPI}. To achieve this, they need to ensure that the al value of the end¢)wment fund is maintained over the longer temi. On 12 December 2022 the tnJ$tees made a resolution under section 104{A) of the Charities Act 2011 as amended by the Charities Act 2022 to adopt a lotal retum on investment approach lo the penanent endowment fund. The board identified the value of gifts of permanent endowThent received since the fund was established to be £3,643.557. This set the base line value of the gift component of the endowment. The difference between the total of endowment funds as at 12 December 2022 and Ihe value of the glft component represented the opening balance of the unapplied iotal retum. The power of total return pem)its the trustees to invest pem)anentty invested funds to maximise total retum and to apply an approprlate portion of the unapplied total retum to Income each year. Until this power is exercised. Ihe unapplied total retum remains invested as part of the permanent endowment. The trustees, having taken advice from the Investment Manager, will delemlne, from Ilme lo tlme, the amount of the total return that ¢an be dlstrlbuted wllhout compromlsing Ihe investment objective. rtin Truslee Page 3
Michael Robertson Scholarshlp Fund Trustees. Responsibilbties in relatlon to the Flnancial Statements The trustees are responsible for preparing the TnJ5tees' Report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable lo charTlies in England and Wales requires the 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 th8 charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accountlng policies and then apply them consistently- obseNe the methods and Principles in the Charili&s SORP.. make judgements and ostimates that are reason8bl8 an(J prudent- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls- and prepare the financial slalemenls on th8 going wncem basis unless il is inappropriate to presume that the charity will continue in business. The truslees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the flnancial position of the charity and enable them to ensure that the financial statements comply with Ihe Charities Act 2011 as amended by the Charlll&s AGt 2022, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are responsible for safeguarding the assetg of the charity and hence for taking reasonable steps for the pventIOn and detection fraud and other irregularities. Page 4
Independent Examinerf$ Report to the Trustees of Michael Robertson Scholarship Fund I report on the accounts of the Charity for the year ended 31 December 2024, which are set out on pages 6 10 14. Your attenllon Ss to drawn to the fact that the Charity has pr8p8red the financial statements in accordanc8 Wlth AoUntIng and Reporting by Charities preparing their accounts in accordance with the Financial Reporting 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 which 1$ referred lo in the extant regulations bui has since been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. R¢¥peGlive responsibilllies of tru5tg9s and examiner The Charivs trustees are responsible for the prepardtion of the accounts. The trustees consider that an audit is not required for this year under section 14412) of the Charities Act 2011 as amended by the Charities Act 2022 (the Act) and that an independent examinalion is neèded. It Is my spOnsIbl11ty to- exarnine the aUnts und9r section 145 of the Act,. follow the procedur85 laid dowr¢ in the General Directions given by the Charity Commission under section 145 (5) (b} of the Act: and slalo whgther particular matters have come lo my attention. Ba818 of Indop•nd•nt 8xamln•r'$ roport My examination was oarried out in accordance with the General Directions given by the Charity Commission. An examinatlon Includes a VIeW of the acccwnting records kept by the charity and a comparison of the accounts presented with thosg records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking gxplanalions from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'lrue and fair vieW and the report is limited lo those matters sel out in the statement below. Indopéndont oxamln•rf$ Ststsmonl In connection with my examination, no matter has come to my attention: (11 which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 130 of the Charities Act 2011 as amended by the Charities Act 2022" and to prepare accounts which accord wth the accounting records. compty with the accounting requirements of the Act have not been met: or {2) to which, in my opinion. attention should b8 drawn in order to enable a proper understanding of the accounts to be reached. FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Joanne Thomlinson FCA Dodd & Co Limilgd Chartered Accountants 14 May 2025 Page 5
Michagl Robertson Scholarshlp Fund Statement of Financial Adlvltles for the Year Ended 31 December 2024 Total Funds 2024 Total Funds 2023 Unrestrictèd Endowment Funds Funds Note Income Investments 24 147,256 147,280 201.237 Total income 24 147,256 147,280 201,237 Expendituro Raising funds Charitable activities Total expenditure 5,854 5,854 179,525 5,854 185.379 22,477 182,169 204.646 179.525 179,525 Gross transfers beeen funds 180,060 (180,060) Gainsl{losses) on investment assets 84,336 84.336 165.939 Net incomel(expenditure} 559 45,678 46,237 162.530 Reconciliation of funds Total funds brought fomard Total funds carried forward 59,175 59,734 5,951,461 6,010,636 5,848,106 5,997,139 6.056,873 6,010,636 The notes on pages 8 10 14 fom an integral part of these financial statements. Page 6
Mlchael Robertson Seholarshlp Fund Balance Sheet as at 31 December 2024 2024 2023 Note Flxed assets Investrnents 5.997,139 5.901.400 Current assets Debtors Cash al bank and In h8nd 56,337 6.674 83,011 112,512 112,512 Creditors". ATnounts falling due wilhin one year 13.277) (3,276) Net ¢urrent a$$¢t$ 59,734 109,236 Net assets 6,056,873 6,010.636 The funds of the chaTity: Endowménl fund$ 5,997,139 5,951,461 Unrestrlcled funds Unrestrlcted Income funds 59,734 59,175 Total charlty funds The financial ststemenls have been prepared in accordance wilh the Financial Reporting Standard applicabl• in the UK and Republic of Ireland (FRS 102). 6,056,873 6,010,636 Approved by the Board on 14 May 2025 and signed on its behalf by.. N J Martin TTUStee The rte$ on pages 8 to 14 form an integral part of these financial statements. Page 7
Michael Robertson Scholarshlp Fund Notes to the Financial Statemonts tor the Year Ended 31 December 2024 Accountlng pollcles stalèm•n¢ of ¢omplian¢e The accounts (financial statements) have been prepared under the historical cost convention with Items rgcognised al cost or transaction value unless othermse stated in Ihe relevant nole{s) lo these a¢¢ounts. The financial statements have been ppared in accordance with the second edibon of the Charities Slalement of Recommended Pra¢ti¢e issued in October 2019, the Financial Reporting Standard applicable in the United Klngdom and Republic of Ireland (FRS 102> and the Charities Act 2011 as amended by the Charllles A¢t 2022. The accounts (financial slatemenls) have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'true and fair view.. This departure has involved following Accounting and Reporting by Charibes preparing their a¢counts in accordance the Financial Reporting Standard appllcable In Ihe UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities-statement of Recommended Practic& &ffaclive from 1 ri1 2005 which has since been withdrawn. Basls of preparation The charity meels the definition of a public benefit ents'ly under FRS 102. Assets and liabililies are inilially recognised at historical cost or transaction value unless othemse stated in the relevant accounting policy notes. Golng ¢on¢grn These finan¢ial statements have been prepared on a going concem basis. Fund a¢¢ountlng poll¢y Unrestricled income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Further details of each fvnd are di$¢losed in note 12. Ineome and endowments Income from Government and other grants, whelher'capital. grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met. il is probable that Ihe income will be received and the amount can be measurod r8liably and is not deferred. Investrnent income is recognised on a receivable basis. Income received from endowments is treated as unstriOd. Expendlture Liabilities are recognised as soon as there is a legal or conslructive obligation committing the ¢harity lo Ihe expenditure. All expenditure 1$ accounted for on an accwals basis and has been classified under headings that aggregate all costs related to the category. Costs of raising funds are investment managem&nt fees. Charitsble expenditure comprises those ¢o$ls incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes both eosts that can be allocated direcuy to such aclivities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated lo activity cost categories on a basis consistent with the use of resources. Page 8
Ml¢hael Robertson Scholarshlp Fund Notes to Ihe Financial Statements for the Year Ended 31 December 2024 . continued Cash and Cash Equlvalenls Cash and ¢a$h equivalents comprise cash on hand and call deposits, and other short-tem) highly liquid Investments that are readily convertible to a known amount of cash and are subject to an insignthcant risk of ¢hange in value. Investments Fixed asset investments are included at market value at the balance sheet date. Realised gain5 and losses on investments are calculated as the difference betsveen sales proceeds and their market value at the start of the year, or their subsequent cost. and are charged or credited to the statement of the financial activities in the period of disposal. Unrealised gains and losses repsent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value al the year end. Invgstment Income Unrestrlcted End¢)wment Total Fund8 Total Funds Funds Funds 2024 2023 Dividend income Gross bond interest Gross bank interest 144.706 2,550 144.706 2,550 24 189,360 11,389 488 24 24 147,256 147,280 201,237 Of the investment Income In 2023. £488 related to unStriCted funds and £200,749 related lo endowment funds. Page 9
Mlchael Robertson Scholarship Fund Notes to the Financial Statomonts for the Year Ended 31 December 2024 . Gontinued Expendlture Inv•$tm•nt$ Furtherance of educatlon Total 2024 Total 2023 Dir0¢1 costs Scholarships Administralion of investments 168,663 168.663 5.854 174,517 173,496 22,477 195,973 5.854 5.854 168.663 Support costs Insurance Trustees. expenses Accountancy fees Indep8ndenl examiners fee Legal and professional fees 622 711 3,029 500 6,000 10,862 622 711 3,029 500 6.000 10.862 557 376 3,160 500 4,080 8,673 5,854 179.525 185,379 204,646 Of the expenditu in 2023, £22.477 related lo pem)anent endowment funds and £182,169 related to unrestricted funds. Govemance Costs 2024 2023 Legal and professional fees Accountancy fees Independent examiner's fee 6.000 3,029 500 9.529 4,080 3.160 500 7,740 Trusts8s' rnmungration and expenses Duiing the y9ar expenses were paid lo four of the trustees for out of pocket expenses incurr8d in Iheir service as a trustee lone trustee received an expenses reimbursement in 20231. A total of £711 12023 £3761 was paid lo or on behalf of the trustees. No trustee or any person connected to a Trustee received remuneration in respect of their services a$ trustee during the year. Page10
Mlehael Robertson Scholarshlp Fund Notes to the Financial Statements for the Year Ended 31 Decembor 2024 . continu8d Taxatlon The registered charity is exempt frorn taxation on income and gains. Investments held as lixed ass•ts Llsted inv•$tmènts Market valug As al 1 January 2024 Revaluatlon Additions Disposals As at 31 Dernber 2024 5.901.400 84.337 4,677.997 (4.666.595) 5,997,139 Net book value As at 31 December 2024 As al 31 December 2023 5,997.139 5.901,400 Inveslment assels can be further analysed as follows: UK Overseas Listed investments 2,209,346 2,209,346 3,787.793 3,787,793 Dobtors 2024 2023 Prepayments and accrued InMe 56,337 Creditors: Amounts falling duo wlthln on8 year 2024 2023 Accruals and deferred income 3,277 3,276 Page11
Mlehael Robertson S¢holarshlp Fund Notes to the Financial Statements for the Year Ended 31 December 2024 . contlnuad 10 Othgr financial cammltments Al the start of Ihe year the Charity had pledged £82,S72 to stholar5. At the year end the Charity had pledged the following awards lo be made to scholars after the year end.. 2024125 academic year- £97.001 2025126 academic year- £149,934 11 Related partles Controlllng entlty The chaiity is controlled by the truste•s. 12 Analys1$ of funds Other recognisgd galns I losses At1 January 2024 A131 De¢&mb•r 2024 Incoming Resources resour¢•$ expended Transfers General Funds Unrestricted in¢om6 fund 59,175 24 (179.5251 180.060 59,734 Pern)anent Endowment Permanent erKlowment 5,951,461 147,256 {5,8541 (180,0601 84,336 5,997,139 6.010.636 147,280 1185,3791 84,336 6,056,873 General Funds - the general funds receive investment income and are used lo pay out scholarships. Pemanenl Endowment- the permanent endowments are used to generat8 the funds needed lo perform the charivs objectives and are revalued annualty. Page 12
Mlchael Robertson Scholarship Fund Notes to the Financlal Stalements for the Year Ended 31 December 2024 . confvnued Prlor period At1 January 2023 other recognlsed galns I lo$s•$ Incoming resour¢o8 Resources expended A131 December 2023 TransferJ Gonoral Funds Unrestricted income fund 90,856 488 (182,169} 150.000 59.175 Rostri¢tod Funds Permanent endowmenl 5,757,250 200,749 201,237 (22.477) (204,646) (150,0001 165.939 5,951,461 6,010,636 5,848,106 165.939 13 Transfers Investment income received for the year of £147,256 was transferred from pemianent endowTnent to Income along with £32.804 of the recognised gains arising in Ihls perrod. 14 Total roturn on Inveslmenls Trust for Inv•stmgnt Unapplled total retum Total endowment At 1 January 2024 Movements in reporting period: Investment income Investmenl return.. realised and unrealised gainsnosses Le$s.' Investment management Costs Total Unapplied total relurn allocated to income in the reporting period Net movaments in the reportlng period As at 31 December 2024 3.643.557 2,307.904 5,951,461 147,256 147,256 84,336 {5,8541 225,738 {180,0601 45,678 5,997,139 84,336 (5,8541 225,738 1180,060} 45,678 2,353,582 3,643,557 Page 13
Mlchael Robertson Scholarship Fund Notes lo th8 Financial Statements for the Year Ended 31 December 2024 . Gonlinued 15 Net assats by fvnd Unrestricted Funds Endowment Funds Total Funds 2024 Tolal Funds 2023 Investments CUent assets Creditors- Amounts fallin9 due within one year Net assets 5,997.139 5.997.139 63,011 5,901.400 112.512 63,011 (3.277) 59,734 (3,277) 6,056,873 13.276} 6,010,636 5,997,139 Prlor poriod Unrestricted Funds Endowment Funds Total Funds 2023 Total Funds 2022 Investments Current assets Creditors: Amounts falling due within one year Net assets 5.901,400 50.061 5.901.400 112,512 13,2761 6,010,636 5.698.505 152.877 (3,276) 5,848,106 62,451 13,276) 59,175 5,951.461 Page 14