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2021-10-31-accounts

Draft Financial Statements at 15 September 2022 at 08:56:42

Charity Registration No. 1094399

THE SCORPION CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

CONTENTS

Page
Legal and administrative information 1
Trustee's report 2 - 4
Independent auditor's report 6 - 8
Statement of financial activities 9
Statement of financial position 10
Statement of cash flows 11
Notes to the accounts 12 - 18
Schedule of investments and income 19 - 32

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee Rathbone Trust Company Limited
Charity number 1094399
Registered office / address for appeals 8 Finsbury Circus
London
EC2M 7AZ
Independent examiner Mr David Matkins
Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
Legal advisors Currey & Co
33 Queen Anne Street
London
W1G 9HY
Bankers and investment managers Rathbone Investment Management Limited
8 Finsbury Circus
London
EC2M 7AZ

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021

The Trustee presents their report and accounts for the year ended 31 October 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.

Objectives and activities

The Scorpion Charitable Trust was created by Deed dated 23rd August 2002. The Trustee shall hold the capital and income of the Trust Fund upon trust to apply income and, as far as may be necessary, the capital for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the Trustee may, in their absolute discretion think fit.

Under the terms of Clause 6 of the Settlement Deed, the Trustee is permitted to accumulate income for a period of 21 years from 23rd August 2002, thus until 22nd August 2023.

We confirm that there have been no changes in the Charity's objectives during the year.

Public Benefit

The Trustee has complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission.

The Trustee supports a number of charitable organisations, as shown within note 18 to the financial statements. The Trustee believes all the donations made are for the benefit of the public.

Grant-Making Policies

The Trustee's current policy is to review all written appeals received on a quarterly basis and to consider each appeal on its individual merits. Only successful applicants are notified of the Trustee's decision. Donations are made without any commitment to future funding.

During the year under review, the Trustee resolved to make seven donations totalling £103,000 (£168,791 in 2020), as detailed in note 18 of these accounts.

Achievements and performance

Trustee meetings take place on an ad hoc basis. However, investment performance and income levels are kept under regular and informal review with the investment managers. In between meetings, applications are considered on a quarterly basis and donations are ratified when the Financial Statements are reviewed and approved.

Financial review

Total incoming resources were £1,576,241 (£53,878 in 2020), with £119,256 (£179,639 in 2020) being committed to charitable activities of which £16,256 (£10,848 in 2020) relates to support and governance costs. There was an unrealised gain of £407,579 (loss of £75,901 in 2020) on investments and in addition a realised gain of £118,597 (loss of £79,531 in 2020) resulting in net inflow of funds of £1,983,161 (outflow of £281,193 in 2020).

Reserves

The Trustee has a balanced investment policy and therefore only distributes income on an annual basis and retains capital for the maintenance and growth of the Fund.

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

Investment policy

The investment objective for the Trust is for a balance between capital growth and income over the long-term, in line with a Risk Strategy Level 5, as defined by Rathbones Terms of Business.

Investment performance

The investment objective for the Trust is for a balance between capital growth and income over the long-term, in line with a Risk Strategy Level 5, as defined by Rathbones Terms of Business.

As at 31 October 2021, the portfolio was valued at £4,524,718. The projected gross annual income is £96,488 a yield of 2.1%.

Over the period the Charity received considerable donations made-over by in-specie transfers. which. These new holdings have been managed such that some have been sold and others absorbed into the portfolio but stock specific risk has been managed as has size of holding in keeping with usual practise.

Net of these inflows, the charity increased 20.1% in total return terms over the 12 months under review. This compares to PIMFA Balanced 21.0%.

After the initial market shock of the global COVID pandemic in March 2020 which saw major equity markets down between 20% and 30%, markets quite quickly recognised that the impact of the pandemic would be defined more by economic disruption rather than economic destruction. Accordingly markets quite quickly started to recover. This was further aided by the roll-out of the vaccination programme towards the end of 2020 and markets started to price in the normalisation of economic activity to pre covid levels. Although the pandemic lasted very much longer than had originally been anticipated, surprisingly markets largely took this in their stride in part supported by the unprecedented monetary stimulus from central banks.

This was particularly apparent in more growth orientated sectors such that a very small number of fast-growing large US tech companies led the S&P 500 composite ever higher. This recover continued beyond the end of the period under review although concerns relation to post inflationary pressures and high valuations were beginning to circulate.

At the end of the period the only holdings in excess of 5% of the portfolio were all well diversified collective funds: Brown Advisory US Equity Growth Fund JP Morgan US Equity Income Fund

As at 31 October 2021 the Accumulated Income stood at £171,208. This figure is in addition to the portfolio total value shown in paragraph 1.

Risks

The Trustee has not identified any major risks and will continue to monitor the adequacy of the systems in place.

Structure, governance and management

The Trustee who served during the year was:

Rathbone Trust Company Limited

Rathbone Trust Company Limited has the power of appointing new Trustees.

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

The Charity's other advisors are noted on page 1.

The individuals who were directors of Rathbone Trust Company Limited were:

Mr Stephen Bilbao Miss Linda Joyce Cousins Mr James Stephen Hurrell Mr Bruce Robert Newbigging Mr Alexander Richmond Mr Timothy Francis Smith Mr Robert Paul Stockton Mrs Karen Jane Toth

Statement of Trustee's responsibilities

The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee 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 year.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee's report was approved by the Trustee.

.....................................................

Rathbone Trust Company Limited

Trustee Dated: .........................

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

STATEMENT OF TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2021

The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee 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 year.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE SCORPION CHARITABLE TRUST

Opinion

We have audited the financial statements of The Scorpion Charitable Trust (the ‘Charity’) for the year ended 31 October 2021 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical 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.

Conclusions 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 statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustee are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF THE SCORPION CHARITABLE TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustee's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of Trustee

As explained more fully in the statement of Trustee's responsibilities, the Trustee 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 Trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements 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 audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF THE SCORPION CHARITABLE TRUST

This report is made solely to the . Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Bourner Bullock Chartered Accountants

.........................

Chartered Accountants Statutory Auditor

114 St Martin's Lane Covent Garden London WC2N 4BE

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2021

Notes
Income
Donations and legacies
3
Investments
4
Other income
5
Total income
Expenditure
Charitable activities
6
Net income / (expenditure) before investment gains
Net gains/(losses) on investments
11
Net movement in funds
Fund balances at 1 November 2020
Fund balances at 31 October 2021		 2021
£
1,497,268
78,973
-
1,576,241
119,256
1,456,985
526,176
1,983,161
2,693,144
4,676,305		 2020
£
-
52,923
955
53,878
179,639
(125,761)
(155,432)
(281,193)
2,974,337
2,693,144

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2021

Notes
Fixed assets
Investments
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
14
Net assets
Income funds
Unrestricted funds		 2021
£
£
4,522,320
173,527
(19,542)
153,985
4,676,305
-
4,676,305
4,676,305
4,676,305		 2020
£
£
2,509,427
215,355
(16,638)
198,717
2,708,144
(15,000)
2,693,144
2,693,144
2,693,144

The accounts were approved by the Trustee on .........................

................................................. Rathbone Trust Company Limited

Trustee

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2021

2021
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
15
1,365,916
Investing activities
Purchase of investments
(3,126,072)
Proceeds on disposal of investments
1,615,566
Interest and dividends received
78,973
Net cash used in investing activities
(1,431,533)
Net decrease in cash and cash equivalents
(65,617)
Cash and cash equivalents at beginning of year
339,047
Cash and cash equivalents at end of year
17
273,430		 2020
£
£
(106,707)
(767,910)
619,566
53,878
(94,466)
(201,173)
540,220
339,047

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1 Accounting policies

Charity information

The Scorpion Charitable Trust is an unicorporated charity.

1.1 Accounting convention

These accounts have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

1.2 Going concern

The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives the Trustee confidence the charity remains a going concern for the foreseeable future.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustee in furtherance of their charitable objectives.

1.4 Incoming resources

Investment income is accounted for on an accruals basis in the period to which it relates.

Donations received by the Charity include the related gift aid credit where applicable. Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt.

Cash donations are recognised on receipt. Other donations such as shares are accounted for at market value once the Charity has been notified of the donation.

1.5 Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The Trustee does not invest in any complex financial instruments.

1.6 Debtors

Debtors are recognised at their expected settlement amount.

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

1 Accounting policies

(Continued)

1.7 Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

1.9 Resources expended

Management and administration costs comprise those costs incurred in running the Charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.

Governance costs consist of those costs associated with the overall running of the charity and meeting statutory and regulatory requirements.

Grants are included in the financial statements when approved by the Trustee and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.

1.10 Investments

Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustee are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

2021 2020
£ £
Donations and gifts 1,497,268 -

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

4
Investments
Income from listed investments
Foreign income
Unit trust interest
REIT income
5
Other income
Released from endowment funds
6
Charitable activities
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
7
Grants payable
Poverty
Medical
Research
Heritage & Archeology
Grants paid (see note 18)
All of the above grants were payable to institutions.		 2021
£
59,791
16,408
1,751
1,023
78,973		 2020
£
35,290
14,257
2,566
810
52,923
2021
£
-
2021
£
103,000
13,272
2,984
119,256
2021
£
-
500
102,500
103,000		 2020
£
955
2020
£
168,791
9,210
1,638
179,639
2020
£
1,000
1,000
61,000
105,791
168,791

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

8 Support costs

Rathbone Investment Management
Independent examiners fee
Bank charges
Audit fees		 Support
costs
Governance
costs
£
£
13,272
-
-
-
-
80
-
2,904
13,272
2,984		 2021
£
13,272
-
80
2,904
16,256		 2020 Basis of
allocation
£
9,210 Support
1,638 Governance
- Governance
- Governance
10,848

9 Trustee

Rathbone Investment Management received management fees of £13,272 (£9,210 in 2020) during the year.

Rathbone Investment Management and Rathbone Trust Company are both wholly owned subsidiaries of Rathbone Group Plc. The investment management is undertaken by Rathbone Investment Management at their standard terms as offered to other charities. Rathbone Trust Company are not obliged to appoint or retain Rathbone Investment Management as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services.

10 Employees

There were no employees during the year, or the previous year.

11 Net gains/(losses) on investments

Unrealised gain/(loss)
Gain/(loss) on sale of investments		 2021
2020
£
£
407,579
(75,901)
118,597
(79,531)
526,176
(155,432)

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 31 October 2020
2,385,734
Additions
3,126,072
Realised gain
118,597
Unrealised gain
407,579
Cash invested
-
Disposals
(1,615,566)
At 31 October 2021
4,422,416		 Cash in
portfolio
Total
£
£
123,693
2,509,427
-
3,126,072
-
118,597
-
407,579
(23,789)
(23,789)
-
(1,615,566)
99,904
4,522,320		 Cash in
portfolio
Total
£
£
123,693
2,509,427
-
3,126,072
-
118,597
-
407,579
(23,789)
(23,789)
-
(1,615,566)
99,904
4,522,320
4,522,320
Investments representing more than 5% of the portfolio's total market value (excluding cash):
Investment
Units Market Value % of Total Market
£
Value
Brown Advisory
24,732.3969
347,147
7.85%
JP Morgan Asset Mgrs US Equity Income K
230,521.981
329,646
7.45%
2021
2020
£
£
Listed investments
4,422,416
2,385,734
Cash in investment portfolio
99,904
123,693
4,522,320
2,509,427
Historic cost of investments
3,711,474
1,748,837
13
Creditors: amounts falling due within one year
2021
2020
£
£
Independent examiners fee
1,638
1,638
Audit fee
2,904
-
Other creditors
15,000
15,000
19,542
16,638		 Investments representing more than 5% of the portfolio's total market value (excluding cash):
Investment
Units Market Value % of Total Market
£
Value
Brown Advisory
24,732.3969
347,147
7.85%
JP Morgan Asset Mgrs US Equity Income K
230,521.981
329,646
7.45%
2021
2020
£
£
Listed investments
4,422,416
2,385,734
Cash in investment portfolio
99,904
123,693
4,522,320
2,509,427
Historic cost of investments
3,711,474
1,748,837
13
Creditors: amounts falling due within one year
2021
2020
£
£
Independent examiners fee
1,638
1,638
Audit fee
2,904
-
Other creditors
15,000
15,000
19,542
16,638		 Investments representing more than 5% of the portfolio's total market value (excluding cash):
Investment
Units Market Value % of Total Market
£
Value
Brown Advisory
24,732.3969
347,147
7.85%
JP Morgan Asset Mgrs US Equity Income K
230,521.981
329,646
7.45%
2021
2020
£
£
Listed investments
4,422,416
2,385,734
Cash in investment portfolio
99,904
123,693
4,522,320
2,509,427
Historic cost of investments
3,711,474
1,748,837
13
Creditors: amounts falling due within one year
2021
2020
£
£
Independent examiners fee
1,638
1,638
Audit fee
2,904
-
Other creditors
15,000
15,000
19,542
16,638
2021
£
4,422,416
99,904
4,522,320
3,711,474
2021
£
1,638
2,904
15,000
19,542
2,509,427
1,748,837
2020
£
1,638
-
15,000
16,638

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

14
Creditors: amounts falling due after more than one year
Other creditors
15
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in the statement of financial activities
(Gain)/loss on disposal of investments
Unrealised (gain)/ loss
Movements in working capital:
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Cash generated from/(absorbed by) operations
16
Analysis of changes in net funds
The Charity had no debt during the year.
17
Cash and cash equivalents
Cash at bank and in hand
Cash invested		 2021
£
-
2021
£
1,983,161
(78,973)
(118,597)
(407,579)
-
(12,096)
1,365,916		 2021
£
-
2021
£
1,983,161
(78,973)
(118,597)
(407,579)
-
(12,096)
1,365,916		 2020
£
15,000
2020
£
(281,193)
(53,878)
79,531
75,901
42,854
30,078
(106,707)
2020
£
215,354
123,693
339,047
2021
£
173,526
99,904
273,430

Draft Financial Statements at 15 September 2022 at 08:56:42 THE SCORPION CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

18
Donations made during the year
Bembridge Harbour Trust
Catholic Trust
Earl Mountbatten Hospice
Friends of Holy Trinity
Fulham Palace Trust
Imperial College
Isle of Wight Foodbank
Maritime Archaeology Trust
The Mary Rose Trust Appeal
UCL Coronavirus		 2021
£
70,000
5,000
500
5,000
2,500
-
-
15,000
5,000
-
103,000		 2020
£
5,000
-
1,000
-
-
60,000
1,000
791
100,000
1,000
168,791

Gross Income £ 336 954 1,319 407 690 1,099 518 419 310 620 2,190 4,331
Market Value 31 October 2021 £ 43,050 34,445 72,752 62,698 58,050
Holding 31 October 2021 £ 1,500 14 800 31,000 3,000
Unrealised Profit/(loss) £ 1,800 1,571 10,624 26,712 13,344
Realised Profit/(loss) £ 3,583
Disposals Quantity
Proceeds		 £ 41,000
52,000
Cost £ 13,608
Additions Quantity 10,000
Market Value 1 November 2020 £ 41,250 32,874 62,128 48,417 22,378 44,706
Holding 1 November 2020 Admiral Group Ordinary GBP0.001 1,500 Amazon Common Inc Common USD0.01 14 AstraZeneca Ordinary US $0.25 Stock 800 Aviva Investors UK Svcs Ltd US Equity Income 2 USD Inc Nav 41,000 Barclays Ordinary 25p 21,000 BHP Group Plc Ordinary USD0.50 3,000
Gross Income £ 392 377 371 395 1,240
Market Value 31 October 2021 £ 93,489 35,020 58,570 347,159
Holding 31 October 2021 £ 33,000 10,000 2,300 24,732
Unrealised Profit/(loss) £ 25,443 15,360 (8,704) 54,094
Realised Profit/(loss) £ (1,796) 239
Disposals Quantity
Proceeds		 £ 1,200
30,009		 600
24,000		 2,400
95,043
Cost £ 67,274 118,804 95,043 198,022
Additions Quantity 2,300 3,000 8,308 16,424
Market Value 1 November 2020 £ 68,046 31,805 19,660
Holding 1 November 2020 Blackrock Fund Managers Ltd European Dynamic Fd Inc 33,000 Boston Scientific Common USD0.01 1,200 BP Ordinary US$0.25 10,000 British American Tobacco Ordinary 25p Brown Advisory Funds US Equity Growth 'B' Dist units Brown Advisory Funds US Equity Growth Si USD Dis
Gross Income £ 328 220 486 503 1,133 326 1,166 561 544 541 537 549
Market Value 31 October 2021 £ 74,366 80,730 38,754 37,312 86,362 97,139
Holding 31 October 2021 £ 600 1,600 8,600 7,600 2,100 9,881
Unrealised Profit/(loss) £ 7,586 5,307 7,963 1,916 8,306 314
Realised Profit/(loss) £
Disposals Quantity
Proceeds		 £
Cost £ 66,780 28,405 47,018
Additions Quantity 600 710 890
Market Value 1 November 2020 £ 30,791 35,396 78,056 96,825
Holding 1 November 2020 Chase Manhattan Cp Common USD1 Citigroup Inc Common USD0.01 CK Asset Holdings Ltd Ord HK$ 1.00 shares 8,600 CK Hutchison Holdings Limited HKD 1 shares 7,600 Coca-Cola Co Common USD0.25 2,100 Coupland Cardiff Funds Japan Alpha T Jpy Acc 9,881

Gross Income £ 839 1,338 717 736 725 739 207 204 619 953 702 702
Market Value 31 October 2021 £ 108,960 34,620 27,946 96,312 110,500
Holding 31 October 2021 £ 3,000 30,000 3,500 10,000 52,000
Unrealised Profit/(loss) £ 33,990 1,080 (4,646) (6,913) 14,144
Realised Profit/(loss) £
Disposals Quantity
Proceeds		 £
Cost £ 32,592
Holding
Market Value
Additions		 1 November
1 November
Quantity		 2020
2020		 £ Diageo Ordinary 28.935185p 3,000
74,970		 Diversified Energy Company Plc Ordinary GBP0.01 Changed from Diversified Gas & Oil Plc Ordinary GBP0.01 on 07/05/2021 30,000
33,540		 Ericsson Ser'b' No Par Value 3,500 ETFS Hedged Metal Sec Ltd Daily Hgd Physical Gold (GBP) 10,000
103,225		 Fil Investment Services(Uk)limited Global Dividend W Inc Nav 52,000
96,356

Gross Income £ 290 278 232
Market Value 31 October 2021 £ 199,791 85,861 38,512
Holding 31 October 2021 £ 1,400 6,300 5,800
Unrealised Profit/(loss) £ 29,132 (1,711) 11,832
Realised Profit/(loss) £ 18,491 1,982 4,230 576 1,792 711 15,473
Disposals Quantity
Proceeds		 £ 2,500
142,691		 900
104,891		 2,200
272,409		 300
37,146		 11,004
154,245		 23,000
38,773		 58,000
95,223
Cost £ 228,687 349,630 39,550 200,185 290 38,062
Holding
Market Value
Additions		 1 November
1 November
Quantity		 2020
2020		 £ Fil Investment Services(Uk)limited American W Acc Nav 2,500
124,200		 Findlay Park US Smaller Cos Fd US Smaller Cos 2,000 2,800 First Sentier Invrs (Uk) Fds Ltd Fssa Greater China Growth B GBP Acc 3,000 14,304 First Sentier Invrs (Uk) Fds Ltd Fssa All China E GBP Acc 23,000 Gemcap Investment Funds Ireland Plc Ahfm Defined Returns B GBP Acc 58,000
79,750		 Genuit Group Plc Ordinary GBP0.001 Changed from Polypipe Group Plc Ordinary GBP0.001 on 07/04/2021 5,800
26,680

Gross Income £ 914 609 915 915 122 118 119 116 323 1,677 2,198 1,050
Market Value 31 October 2021 £ 76,703 72,726 33,494 94,213 150,277
Holding 31 October 2021 £ 21,000 51,000 210 4,300 3,070
Unrealised Profit/(loss) £ 8,684 6,522 6,704 10,121 (36,433)
Realised Profit/(loss) £ 837 (1,793)
Disposals Quantity
Proceeds		 £ 2,555
50,804		 430
24,317
Cost £ 68,019 66,204 32,482 101,577 60,720 152,100
Additions Quantity 21,000 51,000 1,900 4,955 1,000 2,500
Market Value 1 November 2020 £ 26,790
Holding 1 November 2020 Glencore Plc Ordinary USD0.01 Greencoat UK Wind PLC Ordinary 1p shares Honeywell International Common USD1 210 Intermediate Capital Group Plc Ordinary GBP0.2625 Intertek Testing Ordinary GBP0.01
Gross Income £ 535 118 406 413 400 1,637 590 1,239
Market Value 31 October 2021 £ 97,128 329,646 83,190
Holding 31 October 2021 £ 24,000 230,522 59,000
Unrealised Profit/(loss) £ 6,672 40,361 (5,946)
Realised Profit/(loss) £ (38)
Disposals Quantity
Proceeds		 £ 116
2,230		 58,000
219,520
Cost £ (12) 2,280 220,034 (514) 219,520 89,136
Additions Quantity 116 58,000 167,042 59,000
Market Value 1 November 2020 £ 90,456 69,765
Holding 1 November 2020 Jackson Financial Inc USD0.01 Cls A Common Stock WI JP Morgan Asset Mgrs (UK) US Equity Inc C Inc Jpmorgan Asset Management UK Ltd Japan C Net Inc Nav 24,000 Jpmorgan Funds Ltd US Equity Inc K GBP Net Inc Unhdg 63,480 JPMorgan Gbl Emerg Mkts Inc Tst Ordinary GBP0.01

Gross Income £ 68 85 69 67 88 72 188 460 248 248 266 12 260 50
Market Value 31 October 2021 £ 87,296 90,935 30,926
Holding 31 October 2021 £ 880 29,000 11,831
Unrealised Profit/(loss) £ (797) 9,912 5,395
Realised Profit/(loss) £ 1,558 2,638
Disposals Quantity
Proceeds		 £ 8,983
26,656		 16,010
29,281		 1,800
53,342
Cost £ 88,093 53,473 (131)
Additions Quantity 880 1,800
Holding
Market Value		 1 November
1 November		 2020
2020		 £ Legg Mason Investments (Europe) Ltd Wa Sht Dur Blue Chp S Pls E Gbp(M)dis Hd Link Fund Solutions Trojan S Inc Nav 37,983
106,121		 Link Fund Solutions Trojan Income S Inc 16,010
26,643		 Londonmetric Property Plc Ordinary GBP0.10 11,831
25,531		 M&G Investment Management American I Dist

Gross Income £ 2,201 330 243 174 170 378 368 242 252 67 84
Market Value 31 October 2021 £ 63,703 114,483 79,634 53,471
Holding 31 October 2021 £ 49,101 94,000 84,447 2,064
Unrealised Profit/(loss) £ (6,924) 10,361 6,438 617 15,765
Realised Profit/(loss) £ 13,043
Disposals Quantity
Proceeds		 £ 18,000
39,440		 75,839
79,017
Cost £ 53,342 108,945 (320) (580) 79,017 67 84
Additions Quantity 49,101 94,000 84,447
Market Value 1 November 2020 £ 26,397 85,941 37,555
Holding 1 November 2020 M&G plc 5p Ordinary Shares 18,000 M&G Securities Limited Global Macro Bond J GBP Dis Unhedged 75,839 M&g Securities Limited North American Dividend Pp GBP Dis M&g Securities Ltd Global Dividend Pp GBP Dis M&g Securities Ltd Global Macro Bond Pp GBP Dis Marlborough Fund Managers Special Situations P Accums 2,064
Gross Income £ 61 58 57 58 159 1,088 2,200 2,145
Market Value 31 October 2021 £ 41,129 75,241 66,178 54,420 58,437
Holding 31 October 2021 £ 170 780 390 2,000 8,900
Unrealised Profit/(loss) £ 14,509 9,423 10,037 (10,152) (5,518)
Realised Profit/(loss) £ 5,014 (675)
Disposals Quantity
Proceeds		 £ 710
31,454		 608
50,629
Cost £ 87,543 64,572 63,955
Additions Quantity 1,048 2,000 8,900
Market Value 1 November 2020 £ 26,620 26,440 29,579 56,141
Holding 1 November 2020 Microsoft Corp Common USD0.000025 170 Morgan Stanley D.W Common USD0.01 710 Nestle SA CHF1 (Regd) 340 Paypal Holdings Inc Common USD0.0001 390 Persimmon Ordinary 10p Phoenix Group Holdings Plc Ordinary GBP0.10

Gross Income £ 360 2,280 182 95 96 271 277
Market Value 31 October 2021 £ 83,916 69,733 38,585
Holding 31 October 2021 £ 1,200 4,666 1,100
Unrealised Profit/(loss) £ 7,288 25,742 (4,971)
Realised Profit/(loss) £ 15,450 (4,304)
Disposals Quantity
Proceeds		 £ 410
42,048		 660
60,017
Cost £ 41,646 34,982 43,556 64,321
Additions Quantity 660 540 1,100 660
Market Value 1 November 2020 £ 43,991 26,598
Holding 1 November 2020 Polar Capital Fund Global Technology Fund I (GBP) Prudential Ordinary 5p 4,666 PTC inc USD0.01 Common Stock 410 Pulte Group Inc Common Stk USD0.01 Qualcomm Inc Common USD0.0001

Gross Income £ 176 164 132 213 671 482 543 462 443 454 643 872
Market Value 31 October 2021 £ 17,508 39,105 76,322 62,345 46,464
Holding 31 October 2021 £ 15,000 660 270 3,700 6,400
Unrealised Profit/(loss) £ 124 (5,262) 9,250 24,483 20,864
Realised Profit/(loss) £ 7,463
Disposals Quantity
Proceeds		 £ 140
65,525
Cost £ 44,367 37,226 19,412
Additions Quantity 660 150 1,714
Market Value 1 November 2020 £ 17,384 29,846 18,450 25,600 58,062
Holding 1 November 2020 Rathbone Unit Trust Management Strategic Bond Fund Instl Inc 15,000 Reckitt Benckiser Group Ordinary 10p Roche Holdings Ag Genusscheine No Par Value 120 Royal Dutch Shell 'B' Shares EUR0.07 1,986 S4 Capital Plc Ordinary GBP0.25 6,400 Schoder International Select Fund Asian Total Return C Inc 140

Gross Income £ 845 482 305 432 198 211 451 451 526 678 1,026
Market Value 31 October 2021 £ 75,400 36,395 26,855 24,399
Holding 31 October 2021 £ 100,000 2,900 9,100 1,800
Unrealised Profit/(loss) £ (5,741) (2,364) 4,772 468
Realised Profit/(loss) £ 10,723 23,400
Disposals Quantity
Proceeds		 £ 34,000
80,715		 120,000
161,064
Cost £ 81,141 22,083
Additions Quantity 100,000 9,100
Market Value 1 November 2020 £ 38,759 23,931 69,992 137,664
Holding 1 November 2020 Schroder Unit Trusts Asian Income L Inc Smith & Nephew Ordinary US$0.20 2,900 Smith & Williamson Investment Funds Artifical Intelligence Z GBP Smiths Group Ordinary 37.5p 1,800 T Bailey Fund Services Ltd Tb Evenlode Income C Dis 34,000 T Bailey Fund Services Ltd Evenlode Global Income F GBP Dis 120,000

Gross Income £ 712 714 965 960 1,034 996 35 35 35 78,980
Market Value 31 October 2021 £ 101,712 28,058 19,989 4,422,414
Holding 31 October 2021 £ 2,600 25,970 480
Unrealised Profit/(loss) £ (11,119) 1,309 (1,560) 407,578
Realised Profit/(loss) £ 118,597
Disposals Quantity
Proceeds		 £ 2,062,489
Cost £ 29,155 21,549 3,572,994
Additions Quantity 700 480
Market Value 1 November 2020 £ 83,676 26,749 2,385,734
Holding 1 November 2020 1,900 25,970
Unilever Ordinary 3 1/9p Vodafone Group Ordinary US$0.2095238 Yum China Holdings Inc Common USD0.01 TOTAL: