Michael Robertson Scholarship Fund Rogblratlon number: 1014388 Annual Report and Financial Statem•nts 31 December 2025 dOdd&co
Mlcha•l Robertson Scholarnhip Fund Contents Referenc• and AdminislratNe Detsils Twstee5' reF Trustee6' responsibllrfles Independent examinerfs rgport Statement of finanaal activities Balonce str*el Note8 to the financial slalemenls
Mlchaol Robertson Scholarship Fund R•ference and Adrnlnlstratlve Dotalls Charity rwn• Mrchael Robertson SthlaTship Fund Charlty r•gSstration numbor 1014388 prtnclpal offi¢• Rosebank 15A Scotby Village CARLISLE CM 8BS Regist•w•d offic• Rosebank 15A Scotby Willag& CARLISLE CM 8BS Trust•es J V Light S Ellis (Resigned 1 May 20251 N J Mawbn J A C Whittle Msward C Baker (Appointed 29 January 21r261 Bankern Barclay$ Bank PIC 9 Highgalg KENDAL LA9 4DA Accountant Dodd & Co Limrted FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Invg8tm•nt Advlsor CCLA Mansfield Tr8quair Centr• 15 Mansfield Place EDINBURGH EH36BB Page 1
Mlchael Robertson ScholaTrhlp Fund Trustoes. Report for th• Year Ended 31 De¢emb•r 2025 Approved by Trv¥l8e6 on 7 May 2026 and slgned on their behalf by.. The )In8neJal $lalements have been prepared in a¢cordance with th• a¢counting polirye8 set out in notes to tho accounts and ¢omply th Ihe charity's governing document, Ihe Charities Acl 2011 a3 amended by Ihe Charth"•s Act 2022 and AeeWnl9 and Reporting by Charities- Statement ol Recommended Practice applicable to charities prèparing their acLovnts in acc(dan¢e with the Financial Reporting Standard$ applicable in the UK an Republic of Irgland. Structurn. Govemarno and Managem•nt Governin QoGutT& The Charivs 9ÈrnIng document is its seluemènl deed, which is dated 14 S&pt•mbr 1992, as amended by deed of varlalion dated 16 April 20Q3. The charrty 1$ an unincorporated trust. oin The TNslees. who meet fomally on a minimum of ctcasth¥ during the year, administer the aff¥lrs ol the Ch8rTrty. Applications are consldered al these meetings. Newty appointed Trustees are gIn induGbon training when first appointed and all Truste¢¥ are offered ongoing trainin9, 0$ appropriate. The Twst8ès have assessed the malor rfsks to whl¢h the Charity is exposèd. in parbcular. those relating to th• operations finances of the trust and arè sisfigd Ih¥t systems are In place lo mitsgate our exposure to the major risks. Objectives and Aeti¥ili Th? Trustees are ampo[8d lo p•y or apply the net income ofthe 1rn8t fvnd and ony part of the capital at Ihelr absolute discretion in fvrth¢ran¢o of the objects ofthe Charty. The main objeds of th Charity are.. To furthèr the educatIc linduding $oual and physical training) of the cSldren attending Sedbergh School. Cumbria and with a view to fiJrtherin9 this objè¢t', - To award 8cholarships. exhibitions, bur$8rie3 or Maintenan all¢)wances lo persons under 25 years of a99 who ar& attending or have for not less than three yearn attended Winder H¢JJSg al Sedbergh School and nÈèd financial assistance- - To provide fin8nc¥&l 8$si8tsnce. tools. instruments or books to such pefsons to enable thèm lo stijdy Italian tyrehitecture or history., To award lo such persons grants or maintenanc¥ alowances to enable them to travel whether in the United Kingdom or abroad in furtherance oftheir education; - To oth81$e further the educat ofsuth pgtsori$. Foi many years. the restridlc) to Winder House pvpils has not been applied. Firsly. Sedbergh Sehool ¢anr1 emand Ihal pupils attend a spacific house. Seo)ndly, Wind•i Hous? is CuenIty a boys•onty house. The Charity met these objectNes during the yew by owarding schdarship grants to studènt¥ ¥ttending Sedbergh School. The Trustees have been careful to encourage applie8titsns for scholarship grants Iiom those new pupils from the maintained sedoi, in older to ensure that it continues to meel the reqU1ment that ils charitable adivilies pass the public benafft tèsts. Paye 2
Ml¢hael Robertson Scholarship Fund Trustees. Report for the Year Ended 31 Decembor 2025 Achi•v•ments and P¢rfomiance Durin9 the year. the Trustees aw8rded scholarships totalling £1C6,33712024- £168.8631 lo pupils of Sedbergh School, enabling them to further their education. The Iru$lee$' intention is lo providè futher awards of £100,000 for the remainder of the 2025r26 8¢ad&mScyear. The Trustees. investrnerrt objadive has been to rètum enough ¢apitsl to generate the income Tequired to meet thè antiupated costs of the main objects of th¢ Charity. The oveiall value of the Charity'$ •ndowment fijnd has de¢raased by 3.860h from Dfjcember 2024 lo Dec*nber 2025, wth an ra11 d&c¥e8$e of 2.3°k exp$riènced over the last two years. Fin•nclal Revlew Thè Twslees are sali8fied ¥thth the financial position of the Charity and conffirm that they have adequate assets avwlable to fulfil thelr obligations. We approve the record of Ir8nsadions set out hereln. We have conliny8d to make awards 09 the lines laid down in our guidelines to applicants. The Trustees have wde investment powers, namoly: To invest in such securities or other inve61mèn18 or property whèther InvolviThJ liability or not and whether producing income or not as thè Trustees 8hall in their absolute discrethon think fft. The Tru8tses may also llold any a¥sets in nominee name$ providing that any land shall be as8ured to the Trustees upon irustfor sale. The Trustees rotsin $ufficient capilal to generate the incoffl¥ required to meet tho anlicApated c031$ of the main objects ofthe Ch¥rrty. At the ygar end, the Charity had free reserves of £105,28212024- £69.7341. Inveglment Polky and Perfomiance On 12 April 2024 the trust's investm$nl portfolio was tran¥ferr•d from J M Finn over lo new Èxtemal fund managers, CCLA. Trfy were no rèstriclions on the th8riIYs power to In$t and Ihe funds are invested in a portfolio of inv•$lrnent funds. It 15 thè obj'ective of the trustees to invest the Trust fund3 to produce a distiibulable amount that, ov•r time. grows. 8t a mirimum. in line with infialion (as m&asured by CPI). To achieve this, thèy need to ensure that the real value of the endowmènt fund is maintained over Ihe longer lem. On 12 DgGember 2022 ths trvstses mad• a reSOtIOn under Sèction 104IAI of the Charllies Act 2011 88 amended by Ihe Charities Act 2022 to adopt a total ietum on imiestm8nt approach to the perman&nt endowmènt fund. The b)ard id8nlified tha value of gifts of rmanent endowmonl received since th? fund was established to bg £3,643,557. This set tho base line value of the gift component of lh8 èndowment. The difference belwe•rt the total of endovmienl funds as at 12 Decernber 2Q22 and the volu• of the gift compon¢nl represented the opening balance of the unapplied total rern. The power total reIn pemiits the trustees to invest permanently invested funds lo maMIse lolal return and to appty an appropriate pOrtn of the un8pplitid total return to income eaeh year. Until this power Is exercjsed, lh• unapFlied lot81 ralum remains invested as part of the parmanent endowment. The Iruslw, having taken adwiGè from the Invèstmènt Managtr, 11 detemine, from lim¢ to time, the amount of the retum that can be dkstributed vAthout ¢onpromisingthe investment objective. JVL Twstee 016 P•9• 3
Michael Rob•rtson Scholarship Fund Tntee$. Re8ponslbllttles In rel•tlon to the Flnancial Slat•m•nts The tru8tè*$ are responsibl& for pffjparirvJ the Truste. Report and the finanLial $tatsments in accordan¢e whh applicablo law and United Kingdom Accwntng Standards. Thè law applicable to ch81ill$$ in England and Walès requires the trust•¥& to prepare financlal $lat¥ments for •ath financial year which give a true and fair view of the slate of affairs of the charity and of the ineomlng resources and applicth.on of rèsources of thè ¢harity for that period. In preparing these finanual slatèmenls, the Iruslees are requireil to.. select suitabla 8ceA)unling polides and then apply them consistenlly. observe Ihe methods and principles in the Charities SORP., make judgements and e$timates that ar• rèasonable and Pfudent- stste whÈthÈr applicabl& a¢UntIng slandards hav¢ followed. subject to ¥ny material departLres disdosed and explained in the finan¢A81 ststements.. and prepare the financAal statemènts on the g)ing eonc•rn basis unless it is inappyopriaie lo presume tho1 tho ¢harity will continue in busln¢8s. Tho Iruslees ara responsit4e for keeping prOr accounting records that disclose with reasDn8ble accuracy at any lime the financial po$ition ol the charity and enable them to ensur& 1hat thè financial statements comply with the Charities Act 2011 as amended by th¥ Ch8ri1ies Act 2022, the Charity (Actounts and Reports) Regulatlons and the provisions of th• trust deed. They are responsible for safeguarding the assets of Ihe ¢h¥rity and hence fortsking reasonable stepsfor the prevenlitin and detection fraud and othèr irregularities. Page 4
Independent Examlnefs Report to th? Tru8toos of Michael Robgrtson Scholarship Fund I rèport on the ac¢ounts of the charity for the year ended 31 D0mber 2025. which are s*t out on page$ 6 10 14. Your atttsnln is lo drawn to the fact thal the Charty has PTepaTed th¢ financial statemgnls in accordance th ArLounting and Reporting by Charities preparing their acit)unts in awrdance with thé Financial Repotting Standard applicable in the UK and Republic of Ireland IFRS 102} in preference to the A¢counting and Reporting by Chanties.. Stalement of Recommended Practice issued on 1 April 2005 which is referrèd to in thè extant Tegulallons bLrt has sin bgon withdrawn. Wo undersland that thi¥ has been done in order for the accounts to piovide a tru8 and lair wew in accordance with th8 G8neralty AccoPted Accounting Practi¢¢ effectwe for reporting periods beginnlng on or after 1 January 2019. Re•pectlv¢ rv8pms1bll1Os of trte¢S and •xamlwr Th¥ Charitys Iruslee8 are responsible for the prgparabon of Ihg a¢¢ounts. The trustees ¢onsider that an audit is not rUlTed for this year under section 144121 of the Charities A¢t 2011 as amended by th8 Charitiès Act 2022 Oh8 Acl) and that an Independent examin8tion ig needed. It 1$ my responBibilrty to: mine the 8¢tXJLmts under section 145 ofthe A follow th$ procedures laid down in the Genetsl Diréclions given by the Charity Commi58ion under section 145151 {bl of the Act,. and slate whÈther particular rnattors have come to my 8it$ntion. Ba818 01 independentèxamln•rfs report My examination was carrs8d out in 8trrd3nce with the GtraI Direction6 gwen by tha Charity Commission. An examination indudes a review of the ac¢ounling records kgpl by the charity 8nd a comparison of the acrunts prasènted with those iecoTds. It also includes consideration of any unusual items or di$dosures in the accounts, 8nd seeking explanations from you as trustees wnceming any such matiers. The procedures undertaken do not provide all thè evidence that would be required in an audit and consequenlty rto opinion is given as to whether the accourrts pwsenl o ue and tsir view, and the rep)rt 18 limited lo Ihosg matters set out in Ihè statement bdow. Indopendent ovmln•ts statoment In connection wth my examination. no matter has comtr to my attention- 111 which gives mè reasonable cause lo believe that in any material respect tho r¢quSremenl8'. to keep 8¢counting records in aeeordance with ssction 130 of the Charilie$ Acl 2011 •$ arnended by the Charrties Act 2022., and to prepare accounts vknich accord wrfh the accounting records, comply Wbth th¢ aOU11n9 r8quirements of the Act have nol been met., or 121 lo which, in my opinion. attention 8hould be drawn in order lo enable a PTop$r und8rstandir¥J of th• aount$tO be Ched. FIFTEEN Rtssthill Montgomery Way Rosèhill Estate CARLISLE CAI 2RW nnè Thomlinson FCA odd & Co Limited Chart8r8d Accountants 7 May 2026 Page 5
Michael Rob•rtson Scholarship Fund ststement of Financlal A¢tivities for tho Y•ar Endod 311)ember 2025 Totsl Fund8 2025 Total Funds 2024 Unrestricted Endowment Funds Fund$ Not• Incomo Investments 41,550 41,572 147,280 Total income 22 41,550 41.572 147,280 Expenditure Raising fund5 Charitable activities Total expenditure 5,854 179,525 185,379 111,024 111,024 111,024 111,024 Gross transfers btheen funds 156.550 1156.550) Gainslllossesl on investment assets 1116,695) 1116,6951 84.336 Nel incomellexpenditure) 45,548 {231,695) 1186,1471 46,237 Reconclllatlon of funds Total funds brought ft)rward Total bJnds carried forward 59,734 105,282 5,997,139 6.056,873 6,010,636 5,765.444 5.870,726 6.056,873 The notes on pages 8 k$ 14 form an inte9ral part of finandal statents. Pago 6
Michael R4Jb•rtson Scholarship Fund Balance Shoot as at 31 DKember 2025 2025 2024 Fixed •èts Investments 5.765,444 5,997.139 Currnnt a$sets D$btors Cash al bank aThJ in hand 100.000 8,559 108,559 56,337 6,674 83,011 Credltorn: Amounts f#lllng due within one ye•r (3,277) 13.27n Nèt current a8#èts 105.282 59.734 Net assets 5.870.726 6.056.873 Thè fund of the charity: Endowment fund8 5,765,444 5.997.139 UnTtrICted fund Unreslricled income fvnds 105,282 59.734 Total charity funds The financial stslernènts have been pr*par•d in accordance wlh the FinancAal Reportbng Standard applicable In the UK and Republt of Ireland {FRS 1021. 5.870.726 6.056,873 Appro by the Board on 7 May 2028 signed on Its behalfby: JVLigh Trustee The notes on page$ 8 to 14 form an Integral part ollhese finanaal statements. Page 7
Michael Robertson Scholar5hlp Fund Notes to the Flnan¢ial Stalements for the Y•ar Ended 31 D8comber 2025 Accountlng polklè Stat¢m•nt of cornpllance The accounts {financial statements) have prepared undèr the historical co$1 wnvenlion with items recognised at wst or transaction value otherwise stat£d in the relevant r)telsl to these accounts. The finanu81 stslements have been prep8red in accordance th the second ¥di11gn of the Charilies statement of Rgcommended Prath"ee issuèd in October 2019, the Finanaal Reportin9 St8ndard applicable in the United Kingdom #nd Republic of Ir•land IFRS 1021 and th¥ Charities Act 2011 as wonded by the Charities Act 2022. The accounts Ifinanti81 stslementsl have beèn prèpared lo give a 'true and fairf view and h8v& departed from the Charities IA¢wJnls and Reports) Regulations 2008 onty to the extent required to prowdè 8 'true and tsir wevl. This dep8rture ha$ involved foll(>9 Accounting and Raporling by Charities preparing their a¢counls in accordan¢è with the Financial Rèporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Rèptyrling by Charities'.Stst¢m•nl of Recommendad Practi¢e effecb"v¢ from 1 April 2005 which has Sin been withdraw). Bo$1$ of pr•paratlon charity meets the defbltksn of a public benefft under FRS 102. As$ets and labilities are inlb"8lly recogniud al historical cost or Iran$action value unlès8 Othermse Stated In the relev1 accounting poli¢y notes. Golng ¢on¢em These financial statements ha been prepared on a gdng concem bas1$. Fund aeeounting pollcy Unrestricted incom8 funds arg general funds thal are available for u8e at the tru8tees' disuetbn in furtherance of the objectives of tho ¢harily. Further details ofeach fund are thsdosed in notè 12. In¢oTne arKI endowm•nts Ineome from Govemmènt and olher grants, whether'capital, grants or'revenue. grants. is re¢ognised when th¢ charity has entitlement lo the fvnds, any performance cOndon5 attathÈd to the grants have b&en met, it is prtsb8e that Ihe inrne will be receNed and the amount can be mea$ured rellaY and is not defèrred. Inve61ment In¢omg 18 reccgnised on a r¢¢eN¥ble basis. Income recèived fr(¥n endowmènts 1$ Irealed as UnreStr1ed. Expenditur• Liabilities a r8cogni$ed as soon as there is a legal or constructive obligation commitbng the charity lo the expenditure. Al expenditurè is aco)unted for on an accruals basis and has been dassified undw headings that aggiegate all costs r¢laled to the category. Costs of raisin9 fund8 We investment marbagemenl fees. Charitable expenditure comprisès thtssÈ $t9 inCUrd by the tharrty in the delNory of its actNitses and services for its b¢nelciaries. It includ•$ both costs that can be allo¢8led directly to suth adivibes and thos )sts of an indirèet nature nec•ssaryto support them. Support costs Support costs indude central fun¢1¥ and have been allo¢ated lo actwty cost Categories on a basis con8iStentwth the u8¢ of $OUrCes. Pag8 8
Ml¢hao1 Robertson S¢holarshlp Fund Not to th• Flnancial Statements for th• Year Ended 31 Decomber 2025 cthttnued Cash and Cash Equlvalents Cash and (ssh equNalenls comprise ¢Bsh on hand and call deposits, and other short-tenn highty liquid investmènts that are readity convotbble to a known amounl of cash and arè subj8Ct to an insignificant risk of change in value. Investments Fixed asset invastments are includèd 81 market valuts al the balance sheet dal¢. Realised galn$ and losses on invèstm•nts afe cal¢ul8ted as the difference betsveen sales proce¥ds and their market value at the 81art of the year, or theii Subsaqugnl cost. and tharged or credit8d to the statement of the financ4al activities in the period of disposal. Unre8118ed gains and h)sse8 repr9$ent the mov?menl in mafkot value¥ during the year and are ¢redited or ¢hargsd to th8 Statement of finanual adivities based on the marf(el valu8 at Ihè year end. Inv•8lmenl Income Unrestrlcted Endowm•nl Total Fund$ Total Fund• Funds Funds 2025 2024 Dividend incomè Gross bond interest Gross bank interest 41,550 41.550 144,706 2,550 24 22 22 41.550 41,572 147,280 Of the inve$lment income in 2024. £24 relaled to unsIn¢t8 funds and £147,2S6 related lo ertdowment funds. Page 9
Mlchaol Robertson Scholarshlp Fund Noto$ to the Flnancial Stat•m•nts for the Year Ended 31 D•¢•mber 2025 . contt'nued Exp•ndvtur Furtheranc• of education Total 202S Totsl 2024 DlrKt ¢osts Scholarships Administrat of invesfments 1thS.337 106.337 168.663 5,854 174,517 106,337 106.337 Support ¢ots Insurance Trustees. expenses ALwuntancy f8èS IndpÈndÈnt ex8mineffs fee Legol and pwfessional fees 6S7 334 3,196 500 657 334 3.196 622 711 3,029 500 6.000 10,862 4,687 4.667 111,024 111,024 185,379 Of th¢ expendilure in 2024. £5,854 related to pemianenl endowment fvnds and £179,525 related lo unreslrjcted funds. GOVern•n ¢osts 2025 2024 Legol and professional fees Accountancy fee$ Indepèndènt examinerfs fee 6,000 3.029 500 9,529 3,198 3,896 Tru#tè¢g' remuneration and gxperffjes During Ihe year expense$ paid lo h¥0 of the truste8s for out of pocket expenses in¢urred in their seNl¢e as a trustee Ilour trustèès rèceNed an expens8s reimbursement in 20241. A lolal of £334 12024- £7111 was paid to or on behalf of thè trustees. No tru$te• or any person conneded to a Tfustee received r•mun•ration in respecl of th•ii service6 as tru$t•tr during the year. Pago 10
Michael Robertson Schol•r&hlp Fund Note8 to the Financial Statements for the Y•ar End 31 December 2025 .. conlinued Taxation The rggistered charity is exèmpt from taxation on in¢ome and gain8. Invwtments held as fix a•8ets Li¥tsd investments Marketv•l As al 1 January 2025 Revaluation Additions Disposals As al 31 Dember 2025 S.997,139 (116,695) S,899,971 16,014,971) 5,765.444 Net book valu• A8 at 31 December 2025 AS 8t 31 December2024 5.765,444 5,997,139 Inveslmgnl assets can fvrth8r anatysed as follows: UK Ov•rn•as Listed investrnenls 2,140.133 2.140,133 3,625,311 3,625.311 Debtorn 2023 2024 Prepaymènts and accrued in¢oTne 100.OOD 56,337 Crndltors.. Amount• falllng du• within year 2025 2024 Accruals and deferred income 3.277 3,277 P89e11
Mlcha•l Rob•rtson Scholarshlp Fund Note$ to Ihe Financlal Statemen18 for the Year Ended 31 December 2025 . confynued 10 Oth•r financial commitments At the start of the year the Charity had pledged £246,935 to scholars. At the year ènd the Charity had pledged the folowing awards Its be made lo scholars aft¢r the year end.. 2025r26 academic year- £100,000 11 Related partles Controlllng entSty The charity is Cntrollod by th& trustee8. 12 Anal1¥ of fvnds At1 January 202S r•eognls•d gain¥ I los$e$ At31 D•c•mbèr 2025 In¢omlng ResoUe$ r•soure•s expended Tr4n$f•rs G•neral Funds Unro8tricted income fund 59,734 22 (111.0241 156,550 105,282 Pèrnianent Endowrngnt Permanent endowment 5,997,139 41.550 1156,550) 1116,695} 5,765,444 6,056.873 41,572 1111,0241 1116.6951 5.870,726 Genoral FurKJ8- the general funds receNe inv¢$lmenl income and are used to pay out stholarships. Permanent Endowment- the permanent endowment$ arg used lo generate the fvnds ne•d*d to perfM the charitys obpctives and are revalu8d arnually. Pfj 12
Ml¢hael Robertson Scholarship Fund Notes to the Flnanclal Slatem¢nt8 for the Year Ended 31 Decembor 2025 Prlor period January 2024 lrteomlng sour¢o9 Resourc •xpendod At31 Dèc•mb•r 2024 Transfer¥ r¢¢ognls•d galns I General Funds Unreslricled Inme fund 59.734 59.17S 24 (179,525) 180.céo R•stricted Funds Peimanent endowment 5,997,139 6,056,873 5,951.461 6.010.836 147,256 147.280 {5.854) 1185,3791 1180,0601 84,336 84,336 13 Trnnsfern Investsnent wi¢omo recglved for the ye•r of £41.550. along wth c8pital of £115,000 w¥$ transferred from p&rmanenl endovAnÉnt to unr8slricted inwm•. 14 Total r•turn on invtstm•nts Tvustfor Inve8tm•nt Un•pplled total r•tum Totsl ondowmollt At 1 January 2024 Movements in rewling period.. Iestment inGom• Investment retum.. realsed and unre81is@d gainsAoss¢s Lg$$'. investment manag•ment costs Total Unap total r•lum alloc81ed to InMe in the reporting wriod Net movements In the reporting period As at 31 December 2024 3,643.557 2.353,582 5.997,139 41.550 {116.695) 41.550 1116,6951 175.145) (156,550) 1231,895) 2,121.887 175,145> (156,550) (231,695) 5.765,444 3,643,557 Page13
Michael Robartson Scholar8hlp Fund Notes lo the Flnan¢ial Statements for the Year Ended 31 Decemb•r 2025 CLvknnued 15 Not 8880ts by fund Unr•strictsd Fund8 Endowm•nt Fund• Totsl Funds 2025 TotAI Fund8 2024 Inveslmenls Current 8$$gtS Creditors.. Amounts falling Oje wrthin one year Net ass•ts S,765,444 5,765,444 108,559 5.997,139 63,011 106,559 {3.27n 105.282 (3,277) 5.870,726 13,277) 6,056,873 5.765,444 Prior p•riod Unr•strfct•d Fund$ Endowm•nt Funds Totsl Fund¥ 2024 Tot&1 Funds 2023 Invèstments Current a$sels Creditors.. Amounts falling due thIn one year Net •s¥et8 5.997.139 5,997,139 63,011 (3,27n 6,056,873 5,901,400 112,512 (3,276) 8.010.636 63.011 {3.2771 59.734 5,997.139 Page 14