## **The Scotshill Trust**
**Annual Report and Financial Statements for the year ended 5 April 2022**
**Charity Commission Reference Number 1113071**
**Castlegarth Scott Lane Wetherby LS22 6LH**
**The Scotshill Trust**
## **Year ended 5 April 2022**
## **Contents**
|Trustees’ Report|2 to 5|
|---|---|
|Independent Examiner’s Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 to 12|
1
**The Scotshill Trust**
**Trustees’ Report for the year ended 5 April 2022**
## **Legal and administrative information**
|Charity number:|1113071|
|---|---|
|Trustees:|Jeremy John Burton (principal trustee)|
||Deborah Maureen Hazan|
||Mark Timothy Burton|
|Independent Examiner:|Ross Preston|
|Accountants:|Armstrong Watson Audit Limited|
||Third Floor|
||10 South Parade|
||Leeds|
||LS1 5QS|
|Bankers:|Bank of Scotland plc|
||33 Old Broad Street|
||London|
||BX2 1LB|
|Investment managers:|Rathbone Investment Management|
||1 Curzon Street|
||London|
||W1J 5FB|
|Principal address:|Castlegarth|
||Scott Lane|
||Wetherby|
||LS22 6LH|
|Solicitors:|Wrigleys Solicitors LLP|
||19 Cookridge Street|
||Leeds|
||LS2 3AG|
The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011, the Charities (Accounting and Reports) Regulations 2008 and the Statement of Recommended Practice "Accounting and Reporting by Charities" (Charities SORP (FRS102)).
## **Structure, governance and management**
The trust is managed by the trustees and policy decisions are determined by consensus. The capital fund is invested in a portfolio of equity based quoted investments. Investments are managed by the investment manager on a discretionary basis with the objective of obtaining an acceptable level of income with a reasonable prospect of medium-term capital growth.
Appropriate policies are determined to achieve a balanced investment strategy taking account of the investment risks to which the portfolio is exposed.
2
**The Scotshill Trust**
## **Trustees’ Report (continued) for the year ended 5 April 2022**
## **Structure, governance and management (continued)**
Trustees are appointed based on recommendations from the family of the settlor and current trustees. The induction process for newly appointed trustees comprises a series of meetings with the trustees.
## **Risk Management**
The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The trustees hold regular meetings to consider the performance of the investment portfolio and the recommendations of the investment managers.
## **History and constitution**
The trust is an unincorporated trust constituted under a trust deed dated 17 February 2006. The trust was established by an initial settlement of £1,000 from Amanda Claire Burton.
The trust does not fund raise and seeks to continue the philanthropic intentions of the donor through the careful stewardship of the existing resources.
The trust is registered with the Charity Commission under number 1113071.
Amanda Claire Burton settled funds upon the trustees for such charitable institutions, objects or purposes, as the trustees shall in their absolute discretion think fit.
The trustees have chosen an accounting reference date of 5 April to coincide with the tax year and to facilitate the efficient repayment of income tax suffered.
## **Objectives and activities**
Donations are made at the discretion of the trustees and grants are normally made for the following objects:
- the advance of education of all members of the public in the arts, in particular the education of those that are disadvantaged by reason of poverty, disability, ill health, youth or age and those attending performing arts colleges;
- to educate the public in matters pertaining to animal welfare in general and the prevention of cruelty and suffering among animals;
- the advancement of education and relief of poverty for those who are disadvantaged by reason of youth, age, ill health, disability, financial hardship or other disadvantage;
- to promote for the benefit of the public the conservation, protection and improvement of the physical and natural environment;
- the advancement of health for the saving of lives;
- such other charitable purposes for the benefit of the community
Donations to individuals will not be considered. Appeals should be in writing only to the trust managers. At present appeals will not be considered from charities not previously supported. Unsuccessful appeals will not necessarily be acknowledged
Donations are paid out of income, but the trustees may, if they feel it necessary, pay donations out of capital.
3
**The Scotshill Trust**
## **Trustees’ Report (continued) for the year ended 5 April 2022**
## **Public benefit statement**
The trustees of The Scotshill Trust confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.
## **Financial activities and affairs**
Income from investments for the year under review amounted to £29,334 (2021: £30,173), a decrease of (2.8%) as compared with the previous year. During the year the charity received a gift aid donation of £350,000 from a private donor.
Charitable donations amounting to £335,000 (2021:352,000) were made in the year. Trust management expenditure amounted to £12,370 (2021: £11,234).
Overall net expenditure amounted to £17,915 (2021: £32,964).
Gains realised on the sale of investments amounted to £24,976 (2021: £32,759) and unrealised gains attributable to the change in the market value of investments amounted to £67,608 (2021: £329,113).
The overall net increase in funds for the year is £74,548 resulting in total funds of £1,833,233 to carry forward at 5 April 2022.
During the year under review, the charity purchased investments at a cost of £451,475 and received proceeds of £524,292 from the sale of investments.
The market value of the charity's investments at 5 April 2022 amounted to £1,674,917 (2021: £1,655,150). After taking into account the net realisations during the year this represents a gain of 4.2%. The increase is in line with general market performance.
The investments of the trust are administered by portfolio managers on a discretionary basis. Environmental and ethical considerations are given on an individual basis when changes to the investments are discussed with the managers.
The trustees receive no remuneration and charged no expenses whilst acting in their capacity as trustee or otherwise.
## **Reserves policy**
Reserves at 5 April 2022 are £1,833,233 and are held for the generation of income for the furtherance of the charity’s objectives.
The trustees aim to maintain the existing reserves and make charitable donations in line with available resources.
## **Plans for the future**
The trust will continue to support charitable organisations in accordance with the objectives of the trusts.
## **Trustees' responsibility for the financial statements**
The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
4
**The Scotshill Trust**
## **Trustees’ Report (continued) for the year ended 5 April 2022**
## **Trustees' responsibility for the financial statements (continued)**
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- value assets and liabilities in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (Charities SORP (FRS102));
- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records which are sufficient to:
- show and explain the charity's transactions;
- disclose with reasonable accuracy at any time the financial position of the charity;
- enable them to ensure that any financial statements comply with the requirements of the Charities (Accounting and Reports) regulations 2008.
The trustees are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Compliance and statutory requirements**
The Trustees’ Report has been prepared in accordance with the provisions of the Charities (Accounts and Reports) Regulations 2008 and the Statement of Recommended Practice "Accounting and Reporting by Charities" (Charities SORP (FRS102)).
## **Trustees’ Approval**
The Trustees' Report was approved by the trustees and signed on their behalf by
Jeremy Burton Trustee
Date: 21 October 2022
5
**The Scotshill Trust**
## **Independent Examiner’s Report to the Trustees for the year ended 5 April 2022 Charity Commission Reference Number 1113071**
I report to the trustees on my examination of the financial statements of the Scotshill Trust on pages 7 to 12.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act.
- to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act); and
- to state whether particular matters have come to my attention
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form 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 come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Ross Preston Chartered Accountant Date: 31 October 2022 Armstrong Watson Audit Limited Third Floor 10 South Parade Leeds LS1 5QS
6
**The Scotshill Trust**
## **Statement of Financial Activities for the year ended 5 April 2022**
|||**Unrestricted funds**|**Unrestricted funds**|||
|---|---|---|---|---|---|
|||**Capital**|**Income**|**Total**|**Total**|
|||**2022**|**2022**|**2022**|**2021**|
||**Note**|**£**|**£**|**£**|**£**|
|**Income and expenditure**||||||
|**Income**||||||
|Income from investments|3|-|29,334|29,334|30,173|
|Deposit interest||-|-|-|97|
|Donations received||-|300,000|300,000|300,000|
|Total income||-|329,334|329,334|330,270|
|**Expenditure**||||||
|Direct charitable expenditure||||||
|Charitable donations|8|-|335,000|335,000|352,000|
|Administrative expenditure||||||
|Accountancy||630|630|1,260|1,200|
|Independent examination||630|630|1,260|1,200|
|Investment management||9,850|-|9,850|8,834|
|Total expenditure||11,110|336,260|347,370|363,234|
|**Net (expenditure)/income**||(11,110)|(6,926)|(18,036)|(32,964)|
|**Other recognised gains and losses**||||||
|Gains on charitable investment assets||||||
|Realised gains on disposals||24,976|-|24,976|32,759|
|Unrealised gains on revaluation||67,608|-|67,608|329,113|
|Total other recognised gains||92,584|-|92,584|361,872|
|||||||
|Net movement in funds||81,474|(6,926)|74,548|328,908|
|**Reconciliation of funds**||||||
|Funds brought forward||1,703,572|55,113|1,758,685|1,429,777|
|**Fund carried forward**|9|1,785,046|48,187|1,833,233|1,758,685|
The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been presented.
See note 7 on page 11 for the note of historical cost income and expenditure.
The notes on pages 9 to 12 form part of these financial statements.
7
## **The Scotshill Trust**
## **Balance Sheet as at 5 April 2022**
## **Unrestricted funds**
|**Note**
**Charitable fixed assets**
Investments
4
**Current assets**
Debtors
5
Cash held by investment adviser
Cash at bank
**Creditors: Amounts falling**
**due within one year**
6
**Net current assets**
**Total assets less current liabilities**
**Funds**
9|**Capital**
**fund**
**2022**
**£**
1,674,917
-
86,722
27,075
113,797
3,668
110,129
1,785,046
1,785,046|**Income**
**fund**
**2022**
**£**
-
-
1,977
47,470
49,447
1,260
48,187
48,187
48,187|**Total**
**2022**
**£**
1,674,917
-
88,699
74,545
163,244
4,928
158,316
1,833,233
1,833,233|**Total**
**2021**
**£**
1,655,150
50,000
24,490
33,741|
|---|---|---|---|---|
|||||108,231
4,696|
|||||103,535|
|||||1,758,685|
|||||1,758,685|
The notes on pages 9 to 12 form part of these financial statements.
The financial statements were approved by the trustees and signed on their behalf by:
Jeremy Burton Trustee
Date: 21 October 2022
8
**The Scotshill Trust**
## **Notes to the financial statements for the year ended 5 April 2022**
## **1. Accounting policies**
## **Charity information**
The Scotshill Trust is a charity which is registered with the Charity Commission for England and Wales under the registered number 1113071. The principal address is Castlegarth, Scott Lane, Wetherby, LS22 6LH.
## **1.1**
## **Basis of accounting**
The financial statements are prepared in accordance with FRS102 and The Charities SORP (FRS102) and are in compliance with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011. The financial statements are prepared under the historical cost convention, modified to include investments at fair value. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
## **1.2**
## **Going concern**
There are no material uncertainties about the charity’s ability to continue as a going concern for a period of at least 12 months from the date of approval of the accounts. The charity has adequate reserves to meet its liabilities as they fall due.
## **1.3 Income**
Donations are accounted for when the charity becomes unconditionally entitled to the income. Investment income is stated gross of tax deducted and is accounted for as and when received by the charity. All other income is accounted for in the financial statements on an accruals basis.
## **1.4**
## **Direct charitable expenditure**
Direct charitable expenditure is included in the financial statements as and when paid by the charity.
## **1.5 Other expenditure**
Other expenditure is included in the financial statements on an accruals basis.
## **1.6**
## **Taxation**
The charity is exempt from income and capital gains tax to the extent that income and gains are applied for charitable purposes. The charity is able to recover income tax deducted at source from investment income. The charity is unable to recover value added tax on its expenditure and accordingly expenses are shown gross of value added tax.
## **1.7**
## **Investments**
Investments are stated in the balance sheet at their open market value.
Both realised and unrealised gains and losses on investments are included in other recognised gains and losses on the Statement of Financial Activities.
Realised gains and losses on investments are calculated as the difference between disposal proceeds and carrying value at the date of disposal.
Carrying value is the sum of market value brought forward at the beginning of the accounting period and the cost of subsequent acquisitions.
## **2. Trustees' remuneration**
None of the trustees receive any remuneration for their work as a trustee.
9
**The Scotshill Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
## **3. Income from investments**
Investment income arose from the following sources
|United Kingdom
Equities
Unit trusts
Unit trust interest
Other income
Overseas
Equities
Fixed interest|**2022**
**£**
1,690
7,624
4,341
5,631
5,216
4,832
29,334|**2021**
**£**
3,106
7,654
3,872
5,389
4,926
5,226|
|---|---|---|
|||30,173|
## **4. Investments**
|
Market value brought forward
Additions at cost
Revaluation to carrying value
Disposal at carrying value
Market value carried forward
Historical cost|**2022**
**£**
1,655,150
451,475
67,608
(499,316)
1,674,917
1,400,315|**2021**
**£**
1,310,194
245,393
329,113
(229,550)|
|---|---|---|
|||1,655,150|
||||
|||1,331,215|
|All investments are listed on a recognised stock exchange and
categories:
United Kingdom Based Organisations
Companies
Collectives
Overseas
Companies and collectives|are held within the following
**2022**
**2021**
**£**
**£**
337,236
489,595
928,177
918,145
1,162,166
1,407,740
409,504
247,410
1,674,917
1,655,150|are held within the following
**2022**
**2021**
**£**
**£**
337,236
489,595
928,177
918,145
1,162,166
1,407,740
409,504
247,410
1,674,917
1,655,150|
|---|---|---|
|||1,407,740
247,410|
|||1,655,150|
Investments are held in nominee accounts on behalf of the trustees but in all other respects are considered to be directly held investments.
|**5.**
**Debtors**
HMRC – gift aid recoverable|**2022**
**2021**
**£**
**£**
-
50,000|
|---|---|
10
## **The Scotshill Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
|**6.**
**Creditors**
Investment management fees
Accountancy and independent examination fees
**7.**
**Note on historical cost income and expenditure**
Net expenditure for the year
Realised losses on investments calculated using cost
Historical cost income and expenditure
Difference between the historical cost gains arising from the
realisation of investments and the actual gain calculated using
carrying values
Unrealised gains on revaluation of investments
Movement in funds on Statement of Financial Activities
**8.**
**Direct charitable institutional grants**
**2022**
**2021**
**No.**
**Grants**
**No.**
**Grants**
Conservation
-
1
Overseas
6
3
Social and welfare
4
3
10
7
Recipients of the donations analysed by sector are shown below.
**Social and welfare**
Oxfam
Save the Children (2 grants)
Shelter
**Overseas**
Care International
Disasters and Emergency Committee - Ukraine Appeal
Médecins Sans Frontiers (2 grants)
New Israel Fund
World Vision UK||**2022**
**£**
2,408
2,520
4,928
**2022**
**£**
(18,036)
141,917
123,881
(116,941)
67,608
74,548
**2022**
**£**
-
205,000
130,000
335,000
**£**
10,000
110,000
10,000
10,000
50,000
110,000
20,000
15,000|**2022**
**£**
2,408
2,520
4,928
**2022**
**£**
(18,036)
141,917
123,881
(116,941)
67,608
74,548
**2022**
**£**
-
205,000
130,000
335,000
**£**
10,000
110,000
10,000
10,000
50,000
110,000
20,000
15,000|**2022**
**£**
2,408
2,520
4,928
**2022**
**£**
(18,036)
141,917
123,881
(116,941)
67,608
74,548
**2022**
**£**
-
205,000
130,000
335,000
**£**
10,000
110,000
10,000
10,000
50,000
110,000
20,000
15,000||**2021**
**£**
2,296
2,400
4,696
**2021**
**£**
(32,964)
(15,300)|
|---|---|---|---|---|---|---|
||||||||
|||||||(48,264)
48,059
329,113|
|||||||328,908|
|||||||**2021**
**£**
5,000
137,000
210,000
352,000|
|||||||**£**
130,000
205,000|
|||||10,000
50,000
110,000
20,000
15,000|||
||||||||
|||||||335,000|
11
**The Scotshill Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
## **9. Funds**
The capital fund comprises investment assets held for the generation of income. The income fund comprises assets to fund charitable donations.
The trustees are free to use both the income and capital funds in accordance with the objects of the charity.
## **10. Related Parties**
There were no transactions with related parties during the year.
12