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 reSoUr￿S 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 setb￿k in early
August 2024 amid COn￿rn8 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 h￿3h
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 coM￿nY Limited has the p0￿r 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 be￿een 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 coM￿nY 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 follo￿d, 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 respon￿ble for keeping sufficient accounting records that disclose wth reasonable accuracy at
any time the financial position of the Charity and enable it to ensure tI￿t 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 b￿n 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 diS￿unted 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 be￿een 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 ap￿rent 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 pr￿lderS 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-