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
Refe￿n¢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$lan¢e'.
To provide flnanclal assistance. tools, instruments or books to such persons lo enable them to sludy Ilalian
architecture or history..
To award to such persons grants or maintenance allowances to enable them lo travel ￿ether in the United
Klngdom or abroad in furtherance of their edu￿tiOn.
- To otherwse further the education of such person$.
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 bOyS￿nIY 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 pe￿nanent 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 p￿ventIOn 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
A￿oUntIng 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 a￿Unts 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 be￿een 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 r￿te$ 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 p￿pared 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$¢losed in note 12.
Ineome and endowments
Income from Government and other grants, whelher'capital. grants or 'revenue' grants, is recognised when
the charity has entitlement to the funds, any performance conditions attached to the grants have been met.
il is probable that Ihe income will be received and the amount can be measurod r8liably and is not deferred.
Investrnent income is recognised on a receivable basis. Income received from endowments is treated as
un￿stri￿Od.
Expendlture
Liabilities are recognised as soon as there is a legal or conslructive obligation committing the ¢harity lo Ihe
expenditure. All expenditure 1$ 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 rep￿sent 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 un￿StriCted 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 D￿ernber 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 In￿Me
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
CU￿ent 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