Charity Registration No. 1094399 THE SCORPION CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
THE SCORPION CHARITABLE TRUST CONTENTS Page Legal and administrab-ve information Trustee's report Independent examiner's report Statement of financial tiVitIeS Statement of financial wsition Statement of cash flo Notes to the accounts 10- 16 Schedule of investments and income 17-32
THE SCORPION CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustee Rathbones Trust Company Limited Christopher Charles Andreae (Appointed 29 July 20251 Charity number 1094399 Registered office l address for appeals 30 Gresham Street London EC2V 7QN Independent Examiner Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR Legal advisors Currey & Co 33 Queen Anne Street London W1G 9HY Bankers and investment managers Rathbones Investment Management Limited 30 Gresham Street London EC2V TQN
THE SCORPION CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustee presents their report and accounts for the year ended 31 October 2024. The accounts have been prepared in accordance wth 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 Recomrnended Practice applicable to charities preparing their accounts in CordanCe wlh 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 a Declaration of Trust 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 suth charitable bodies or institutions al such 'mes and in such manner as the Trustee may: in their absolute discretion think fit. Under the terms of Clause 6 of the Declaration of Trust, the Trustee is permitted to accumulate income for a period of 21 years frorn 23rd August 2002, thus until 22nd August 2023. The Trustees have noted however that all income is available lo pay away and that the income will not be formally accumulated. We confirm that there have been no changes in the Charity's objectives during the year. Public Benefrt 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 wrthin note 21 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 deasion, Donations are made without any commitment to tUre funding. Achievements and perfomiance During the year under review, the Trustee resolved to make four donations totalling £21,500 (£301,500 in 2023), as detailed in note 21 of these accounts. The Trustee were able to increase the charity level of donations in 2023 because it sold the piopety gifted to it in the previous year, but donations fell again in 2024. Financial review Total incoming reSoUrS were £118,738 (£127,661 in 2023), with £33,266 (£301,016 in 2023) being committed to charitable activities of which £11 ,766 (over provision of £484 in 2023) relates to support and governance costs. Costs of fvndraising arTr)unted to £16,8341£14,878 in 2023), There Wds an unrealised gain of £513,339 (loss of £88,248 in 20231 on investments, a realised (loss) of £9,951 (loss of £68,812 in 2023) on investments and a realised (loss) on the disposal of a property of £19,302 in 2023 resulting in a net inflow of funds of £572,026 (ouffiow of £364,595 in 2023). Reserves The Trustee has a balanced investment poliGy and therefore only distributes income on an annual basis and retains capital for the rnaintenance and growth of the Fund, As at 31 October 2024 the balance held on unrestricted reseNes was £5,014,598.
THE SCORPION CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Investment policy and perfomiance At 31 October 2024, the portfolio was valued at £4,771,959. The projected gross annual income is £105,557 a yield of 2.27 % . Total Return increased by 14.5 % in net of fees compared to ARC Steady Growth which rose by 14.6 %. Developed market equities have extended 2023 gains into 2024, although they suffered a brief setbk in early August 2024 amid COnrn8 about weakening in US economic activity. In 2024, gains have broadened out from the technology companies that dominated performance in 2023, reathing across more sectors and into smaller and mid-sized companEs. The cooling of the US economy and stalling of the recovery in the euro area suggest a reasonably cautious investment stance is still justified - which makes govemment bonds attractive for diversified portfolios. However, markets are already anticipating significant interest rate cuts, which makes government bonds, sensitive to any decreases in interest rates. Therefore, we may need to review the holding of government bonds, At the end of 31 October 2024, there are no direct holdings which represent more than 50/D ofthe p(rtfolio and no other fijnd has a value in excess of10 %. The Accumulated Income held on 31 October 2024 totals £368,889. Risks The trustees are responsible for the managernent ofthe risks faced the charity. Risks are identified, a&8essed and controls establish8J throughout the year. A formal review of the charity's risk management process is undertaken on an annual basis and the key risks identified are as follows= Investments These risks are mitigated by engaging an independent investment manager who is regulated and in h3h standing in the market place, Cash These risks are mitigated by having income mandated direct to the t$t'S bank accounts and payments are only made to registered charities. Through the risks management processes established, the trustees are satisfied that the rnajor risks identified have been adequately managed where nece&8ary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The major risks to which the charity is exposed as identified by the trustees have been reviewed and systems have been established to manage those risks,
THE SCORPION CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Plans for futu re periods The Trustee does not envisage any fvrther significant changes to theiraims and objectives in later years. structure, governance and management The Trustee who served during the year was.. Rathbones Trust Company Limited Christopher Charles Andreae (Appointed 29 July 2025) Rathbones Trust coMnY Limited has the p0r of appointing new Trustees. The Charity's other advisors are noted on page 1. The individuals who were directors of Rathbones Trust Company Limited were.. Mr Trevor Harris Mr Alexander Richmond Mrs Kerry Roberts Mrs Anna Frost Suhajova The power of appointing new Trustees ofthe Charity is vested in the serving Trustee. The Declaration of Trust does not make any reference with regard to methods that should be adopted in recrurtment or appointment of new Trustees nor does it make any reference to any constituts-onal provisions. Decision making Trustee meetings take place on an ad hoc basis. However, investment performance and income levels are kepl under regular and inforrnal review with the investment managers. In beeen meetings, applications are considered on a quarterly basis and donations are ratified when the Financial Statements are reviewed and approved, Induction and training There are no formal policies or procedures adopted for the induction or training of the trustee: however, Rathbones Trust coMnY Limited keep abreast of changes in legislation.
THE SCORPION CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 ststement of Trustee's responsibilities The Trustee is responsble for preparing the Trustee's Report and the financial statements in acC(danCe wth 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 applicats'on of resources of the Charity for that year. In preparing these financial statements, the Trustee is required to. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., state ether applicable accounts-ng standards have been follod, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presurre that the charity will continue in operation, The Trustee is responble for keeping sufficient accounting records that disclose wth reasonable accuracy at any time the financial position of the Charity and enable it to ensure tIt 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. Anna Frost Suhajova on behalf of Rathbones Trust Cornpany Limited Trustee Dated.. 12 August 2025
THE SCORPION CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE SCORPION CHARITABLE TRUST I report to the Trustee cn my examination of the financial statements of The Scorpion Charitable Trust (the Charity) for the year ended 31 October 2024 whiGh comprise the Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows and related notes, This report is made solely to the Charity's Trustees, as a body, in alxordance with section 145 ofthe Charities Act 2011. My work has been undertaken so that I might state to the Charity's Trustee those matters l am required to state to them in this report and for no other purpose. To the fvllest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Chanty's Trustees as a body, for my work, for this report, or for the opinions I have formed. Responsibilities and basis of report As the Trustee of the Charity you are responsible for the preparation of the financial statements in accordance with the requirement5 of the CharitiesAct 2011 (the 2011 Act). I report in respect of rny examination of the Charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by tt)e Charity Commission under section 145(5)(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the financial statements present a 'true and fair, view and my report is limited to those specific matters set out in the independent exarniner's statement. Independent examinerfs ststement I have completed my examination. I confirm that no matters have come to my attention in connecti(x) with the examination giving me cause to believe that in any material respect. accounting records were not kept in respect ofthe Charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with tho* records., or the financial statements do not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Stephen Hale FCA FCCA Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN91NR Dated.. 13 August 2025
THE SCORPION CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income Investments Other income 108,771 9,967 116,871 10,790 Total income 118,738 127,661 Expenditure Raising funds 16,834 14,878 Charitable activities 33,266 301,016 Total resources expended 50,100 315,894 Net income l (expenditure) before investment gains l (losses 68,638 (188,233) Net gaines l (losses) on investments 12 503,388 (176,362) Net movement in funds 572,026 (364,595) Fund balances at 1 November 2023 4,442,572 4,807,167 Fund balances at 31 (ktober 2024 5,014,598 4,442,572 The statement of financial activities includes all gains and losses reccgnised in the year. All income and expenditure derive frorn continuing activities.
THE SCORPION CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT31 OCTOBER 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Fixed assets Investments 13 4,771,959 4,178,943 Current assets Debtors Cash at bank and in hand 14 3,701 374,593 621 265,408 378,294 266,029 Creditors: amounts falling due within one year 15 (135,6551 (2,400) Net current assets 242,639 263,629 Total assets less current liabilrties 5,014,598 4,442,572 Income funds Unrestricted fijnds 5,014,598 4,442,572 5,014,598 4,442,572 The accounts were approved by the Trustee on 12 August 2025 Anna Frost Suhajova on behalf of Rathbones Trust Cornpany Limited Trustee
THE SCORPION CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated froml{absorbed by) operations 19 80,075 (322,218) Investing activities Sale of current asset Purchase of investments Proceeds on disposal of investments Interest and dividends received 541,269 (1,757,530) 1,393,805 127,040 (1,296,679) 1,166,192 118,738 Net cash (used in)Igenerated frorn investing activities (11,749) 304,584 Net increasel(decrease) in cash and cash equivalents 68,326 (17,634) Cash and cash equivalents at beginning ofyear 286,678 304,312 Cash and cash equivalents at end of year 20 355,004 286,678
THE SCORPION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies Charity infomiation The Scorpion Charitable Trust is an unicorporated charity. These accounts have been prepared in accordance with 'Accounting and Reporting by Charities.. Statanent of Recommended Practi 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. 1.1 Going concern The Trustee considers that there are no material uncertainties about the Charity's ability to continue as a going concem. The review of our financial wsition, reseNes leveb and future plans gives the Trustee confidence the charity remains a going concern for the foreseeable future. 1.2 Charitable funds Unrestricted fijnds are available for use at the discretion of the Trustee in furtherance of their charitable objects-ves. 1.3 Incoming resources Investment income is &counted 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. Donab-ons 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 made in specie are accounted fcK at market value once the Charity has bn notified of the donation. 1.4 Financial instruments Basic financial assets, which include trade and other receivables and cash and bank balances, are inits-ally measured at transacti( price including transaction costs and are SLJbsequently carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value ofthe future receipts diSunted at a market rate of interest. Other financial assets, including investments in equity instruments 1¢h are not subsidiaries, a&sociates 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 incornel(expenditure), except that investments in equity instruments that are not publicly traded and Ose fair values cannot be measured reliably are nEasured at cost less irnpairment, The Trustee does not invest in any complex financial instruments, 1.5 Debtors Debtors are recognised at their expected settlement amount, 1.6 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 fr(Mn the date of acquisition or opening of the deposit or similar account. 1.7 Creditors Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of ftjnds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after aiowing for any discounts due. 10-
THE SCORPION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (Continued) 1.8 Resources expended Management and administration costs comprise those costs incurred in running the Charity They have been apportioned on the basis of time spent beeen charitsble activities, cost of raising fvnds 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 condtions that have not been met at the year end are noted as a commitment but nol accrued as expenditure. 1.9 Investments Fixed assets investments represent listed investments which are slated 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, 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 aprent from other sources. The esb-mates and associated assumpts-ons are based on historical experience and other factNs 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 esb-mate is revised where the revision affects fflly that period, or in the period of the revision and fijture periods where the revision affects both current and fijture periods, Investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investments Foreign income Fixed interest gross Unit trust interest REIT income Accrued income Foreign tax deducted 59,437 32,008 7,342 9,615 1,921 1,812 (3,364) 66,804 46,260 8,201 1,785 18061 (5,3731 108,771 116,871 11
THE SCORPION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Other income Unrestricted Unrestricted funds fijnds 2024 2023 Bank interest 9,967 10,790 Raising funds 2024 2023 Investment management fees 16,834 14,878 16,834 14,878 Charitable activities 2024 2023 Grant funding of activities (see note 7) Share of govemance costs (see note 81 21,500 11,766 301,500 (4841 33,266 301,016 Grants payable Charitable Charitable Expendrture Expenditure 2024 2023 Grants to institutions.. 5,000 16,000 500 2,500 49,000 250,000 Heritage & Archeology General 21,500 301,500 12-
THE SCORPION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Support costs Support Govemance costs costs 2024 2023 Basis of allocation Bank charges Independent examination fees prior year over provision Accountancy Independent examination fees 20 Governance Governance (2,904) 9,600 2,166 9.600 2,166 Governance 2,400 Governance 11,766 11,766 (484) Trustee Rathbones Investmenl Management received management fees of £16,834 (£14,878 in 2023) during the year. Rathbones Investment Management and Rathbones Trust Company are both wholly owned subsidiaries of Rathbones Group Plc, The investment management is undertaken by Rathbones Investmenl Management at their standard terms as offered to other Gharities. Rathbones Trusl Company are not obliged to appoint or retain Rathbones Investment Management as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative prlderS of investment management. The matter is monitored arKI 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 Taxation The charity is exempt from taxation on its actimties because all its income is applied for charitable purposes. 12 Net gains I Ilosses) on investments 2024 2023 Unrealised gains I (loss) on investments (Loss) on sale of invesbnents (Loss) on sale of current asset investment 513,339 (9,951) (88,248) (68,8121 (19,302) 503,388 (176,362) 13-
THE SCORPION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 13 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation At 31 October 2023 Additions Unrealised gain Realised (loss) Cash held in investment portfolio Disposals 4,157,673 1,368,601 513,339 (9,951) 21,270 4,178,943 1,368,601 513,339 (9,9511 (40,8591 (1,238,114) (40,859) (1,238,114) At 31 October 2024 4,791,548 (19,589) 4,771,959 2024 2023 Listed investments Cash in investment portfolio 4,791,548 (19,589) 4,157,673 21,270 4,771,959 4,178,943 14 Debtors: amounts falling due within one year: 2024 2023 Amounts falling due within one year.. Prepayments and accrued income 3,701 621 15 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income other creditors 13,216 122,439 2,400 135,655 2,400 14-
THE SCORPION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 16 Unrestricted funds The unrestricted fijnds ofthe charity comprise the unexpended balances of donations and grants lch are not subject to specific conditions by donors and grantors as to how they may be used. These include designated fvnds which have been set aside out of unrestricted fvnds by the trustees for speciffic purposes. At1 November 2023 Incoming Resources resources expended Gains and At 31 October losses 2024 General ftjnds 4,442,572 118,738 {50,100) 503,388 5,014,598 Previous year: At1 November 2022 Incoming resources Resources expended Gains and At 31 October losses 2023 General ftjnds 4,807,167 127,661 (315,8941 (176,362) 4,442,572 17 Related party transactions There were no other related party transactions in the year to 31 October 2024, other than disclosed in note 9. In the year to 31 October 2023 the Charity rnade a donation to The Zena Trust of £250,0(J). The Trustee, Rathbone5 Trust Company Limited is also a Trustee ofThe Zena Trust. 18 Analysis of changes in net funds The Charity had no debt during the year. 19 Cash generated from operations 2024 2023 Surplusl(deficit) for the year 572,026 (364,595) Adjustments for.. Investment income recognised in the statement of financial activities (Gain)Iloss on disposal of investment property Loss on disposal of investments Unrealised (gain) I loss on investments (118,738) (127,661) 19,302 68,812 88,248 9,951 (513,339) Movements in worktng capital,, (Increase) in debtors Increasel(decrease) in creditors (3,080) 133,255 (6,324) Cash generated fronrfabsorbed byl operations 80,075 (322,218> 15-
THE SCORPION CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 20 Cash and cash equivalents 2024 2023 Cash at bank and in hand Cash held in investment portfolio 374,593 265,407 (19,589) 21,270 355,004 286,677 21 Donations made during the year 2024 2023 Bembridge Harbour Trust Brompton Association Maritime Archaeology Trust Scherzo Ensemble StAndrew's Club St Mary's Abby Quarr Trust The Mary Rose TrustA)peal The Zena Trust 20,000 4,000 15,000 5,000 500 1,000 2,500 25,000 250,000 21,500 301,500 16-