## **The Scotshill Trust**
**Annual Report and Financial Statements for the year ended 5 April 2024**
**Charity Commission Reference Number 1113071**
**Castlegarth Scott Lane Wetherby LS22 6LH**
**The Scotshill Trust**
**Year ended 5 April 2024**
## **Contents**
|Trustees’ Report|2 to 5|
|---|---|
|Independent Examiner’s Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Statement of Cash Flows|9|
|Notes to the Financial Statements|10 to 13|
1
**The Scotshill Trust**
**Trustees’ Report for the year ended 5 April 2024**
## **Legal and administrative information**
|Charity number:|1113071|
|---|---|
|Trustees:|Jeremy John Burton (principal trustee)|
||Deborah Maureen Hazan|
||Mark Timothy Burton|
|Independent Examiner:|Karen Rae, Armstrong Watson LLP|
|Accountants:|Armstrong Watson LLP|
||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 2024. 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.
2
**The Scotshill Trust**
## **Trustees’ Report (continued) for the year ended 5 April 2024**
## **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 2024**
## **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 charity’s listed investment portfolio investments for the year under review amounted to £36,506 (2023: £34,244), an increase of 6.6% as compared with the previous year. During the year the charity received a gift aid donation amounting to £250,000 from a private donor.
Charitable donations amounting to £340,700 (2023: £940,000) were made in the year in accordance with the objectives of the charity. Trust management expenditure amounted to £11,327 (2023: £11,245).
Overall net expenditure amounted to £64,939 (2023: £66,178).
Losses realised on the sale of investments amounted to £2,201 (2023: £30,127) and unrealised gains attributable to the change in the market value of investments amounted to £120,113 (2023: £161,735 loss).
The overall net increase in funds for the year is £52,973 resulting in total funds of £1,628,166 to carry forward at 5 April 2024.
During the year under review, the charity purchased investments at a cost of £166,796 and received proceeds of £196,587 from the sale of investments.
The market value of the charity's investments at 5 April 2024 amounted to £1,561,938 (2023: £1,473,816). After taking into account the net realisations during the year this represents a gain of 8.1%.
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 charge no expenses whilst acting in their capacity as trustee or otherwise.
## **Investments policy**
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. The principal trustee is responsible for the day to day management of the trust.
## **Reserves policy**
Reserves at 5 April 2024 amount to £1,628,166 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.
4
**The Scotshill Trust**
## **Trustees’ Report (continued) for the year ended 5 April 2020**
## **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).
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.
## **Trustees’ Approval**
The Trustees' Report was approved by the trustees and signed on their behalf by
Jeremy Burton (Feb 4, 2025 19:24 GMT)
Jeremy Burton Trustee
Date: 04/02/2025
5
**The Scotshill Trust**
## **Independent Examiner’s Report to the Trustees for the year ended 5 April 2024 Charity Commission Reference Number 1113071**
I report to the trustees on my examination of the accounts of The Scotshill Trust for the year ended 5 April 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Charities Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants which is one of the listed bodies.
I have completed my examination. I confirm no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- the accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- the accounts do not accord with those records; or
- the accounts do 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 no concerns and 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.
Karen Rae (Feb 4, 2025 20:07 GMT) Karen Rae FCCA Independent Examiner Date: 04/02/2025
Armstrong Watson LLP Third Floor 10 South Parade Leeds LS1 5QS
6
## **The Scotshill Trust**
## **Statement of Financial Activities for the year ended 5 April 2024**
|**Note**
**Income and expenditure**
**Income**
Income from investments
3
Deposit interest
Donations received
Total income
**Expenditure**
Direct charitable expenditure
Charitable donations
8
Administrative expenditure
Accountancy
Independent examination
Investment management
Total expenditure
**Net (expenditure)/income**
**Other recognised gains and losses**
Gains on charitable investment assets
Realised gains on disposals
Unrealised gains on revaluation
Total other recognised gains
Net movement in funds
**Reconciliation of funds**
Funds brought forward
**Fund carried forward**
10|**Capital**
**Income**
**2024**
**2024**
**£**
**£**
-
36,506
-
582
-
250,000
-
287,088
-
340,700
748
748
747
748
8,336
-
9,831
342,196
(9,831)
(55,108)
(2,201)
-
120,113
-
117,912
-
108,081
(55,108)
1,583,324
(8,131)
1,691,405
(63,239)
**Unrestricted funds**|**Total**
**2024**
**£**
36,506
582
250,000
287,088
340,700
1,496
1,495
8,336
352,027
(64,939)
(2,201)
120,113
117,912
52,973
1,575,193
1,628,166|**Total**
**2023**
**£**
34,244
823
850,000
885,067
940,000
1,386
1,384
8,475
951,245
(66,178)
(30,127)
(161,735)
(191,862)
(258,040)
1,833,233
1,575,193|
|---|---|---|---|
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 12 for the note of historical cost income and expenditure.
The notes on pages 10 to 13 form part of these financial statements.
7
**The Scotshill Trust**
## **Balance Sheet as at 5 April 2024**
|**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**
10|**Capital**
**Income**
**fund**
**fund**
**2024**
**2024**
**£**
**£**
1,561,937
-
-
-
29,616
2,057
103,502
(63,796)
133,118
(61,739)
3,650
1,500
129,468
(63,239)
1,691,405
(63,239)
1,691,405
(63,239)
**Unrestricted funds**|**Total**
**2024**
**£**
1,561,937
-
31,673
39,706
71,379
5,150
66,229
1,628,166
1,628,166|**Total**
**2023**
**£**
1,473,816
50,000
10,070
46,107
106,177
4,800
101,377
1,575,193
1,575,193|
|---|---|---|---|
The notes on pages 10 to 13 form part of these financial statements.
The financial statements were approved by the trustees and signed on their behalf by:
Jeremy Burton (Feb 4, 2025 19:24 GMT)
Jeremy Burton Date: 04/02/2025 Trustee
8
## **The Scotshill Trust**
|**Statement of Cash Flows**
**for the year ended**
**5 April 2024**
**Note**
**Cash flows from operating activities**
9
**Cash flows from investing activities**
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
**Net cash provided by investing activities**
Change in cash and cash equivalents in the year
Cash and cash equivalents at the start of the year
**Cash and cash equivalents at the end of the year**
**Represented by:**
Cash held by investment adviser
Cash at bank|**2024**
**£**
(51,677)
37,088
196,587
(166,796)
66,879
15,202
56,177
71,379
31,673
39,706
71,379|**2023**
**£**
(151,373)
35,067
212,002
(202,763)
44,306
(107,067)
163,244
56,177
10,070
46,107
56,177|
|---|---|---|
9
The Scotshill Trust
Notes to the financial statements
for the year ended 5 April 2024
Accounting policies
Charity information
The Scotshill Trust is a charity which is registered with Ihe Charity Commission for England and
Wales under the registered number 1113071. The principal address is Castlegarth, Scott Lane,
Wetherby. LS22 6LH.
Basls 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 al fair value. The financial statements are
prepared in sterling, which is the functional currency of the charity. Monetary amounts in these
financial slatemenls are rounded to the nearest £.
Golng 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.
Income
Donations are accounted for when the charity becomes unconditionally entitled to the income.
Investment income is slated 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.
Direct charitable expendlture
Direct charitable expendilure is included in the financial statements as and when paid by the
charity.
Other expenditure
Other expenditure is included in the financial statements on an accruals basis.
Taxatlon
The charity is exempt from income and capital gains tax to the exlent that income and gains are
applied for charitable purposes. The charity is able to recover income tax deducted al 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.
Investments
Investments are stated in the balance sheet at their open market value.
Bolh 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 inveslments 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 acouisitions.
Funds
All funds are unrestricted in nature.
Trustees, remuneration
None of the trustees receive any remuneration or claim any expenses in connection with the
performance of their duties.
10
The Scotshill Trust
Notes to the financial statements (continued)
for the year ended 5 April 2024
Income from investments
Investment income arose from the following sources..
2024
2023
United Kingdom
Equities
Unit trusts
Unit trust interest
Fixed interest
Other income
1,082
11,368
6,046
1,776
5,026
1,805
9,980
5,344
668
4,666
Overseas
Equities
Fixed interest
7,049
9,600
2,181
34,244
36,506
Investments
2024
2023
Market value brought forward
Additions at cost
Revaluation to carrying value
Disposal at carrying value
Market value carried forward
1,473,816
166,796
120,113
198,787
1,561,938
1,674,917
202,763
(161,735)
242,129
1,473,816
Historical cost
1,208,384
1,248,665
All investments are lisled on a recognised stock exchange and are held within the following
categories..
2024
2023
Uniled Kingdom Based Organisalions
Companies
Collectives
Fixed interest securities
255,129
776,927
61,043
276,173
811,808
1,093,099
1,087,981
Overseas
Companies and collectives
468,839
1,561,938
385,835
1,473,816
Investments are held in nominee accounts on behalf of the trustees but in all other respects are
considered to be directly held investments.
Debtors
2024
2023
HMRC- gift aid recoverable
50,000
**The Scotshill Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2024**
|**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**
**2024**
**2023**
**No.**
**Grants**
**No.**
**Grants**
Conservation
-
1
Overseas
4
5
Social and welfare
7
3
11
9||**2024**
**£**
2,150
3,000
5,150
**2024**
**£**
(64,939)
(10,490)
(75,429)
8,289
120,113
52,973
**2024**
**£**
-
50,000
290,700
340,700||**2023**
**£**
2,030
2,770
4,800
**2023**
**£**
(66,178)
(142,410)|
|---|---|---|---|---|
|||||(208,588)
112,283
(161,735)
(258,040)
**2023**
**£**
5,000
335,000
600,000
940,000|
12
The Scotshill Trust
Notes to the financial statements (continued)
for the year ended 5 April 2024
Reconciliation of total recognised gains and losses to net cash flow from operating
activities
2024
2023
Total recognised gainsl(losses) for the year
52,973
(258,040)
Adjustments for..
Dividends and interest from investments
Realised (gains}Ilosses on investments
Unrealised (gains)Ilosses on investments
(Increase)Idecrease in debtors
(37,088)
2,201
(120,113)
50,000
(35,067)
30,127
161,735
(50,000)
Increasel(decrease) in creditors
350
(128)
Net cash flow from operating actlvltles
51,677
151,373
10.
Funds
The capital fund comprises investment assets held for the generation of income. The income fund
comprises assels to fund charitable donations.
The trustees are free io use both the income and capital funds in accordance with the objectives
of the charily.
11.
Related Partles
There were no transactions with related parties during the year.
13