REGISTERED CHARITY NUMBER: 1121475
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE FINNIS SCOTT FOUNDATION
THE FINNIS SCOTT FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Report of the Independent Auditors | 6 to 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 19 |
| Detailed Statement of Financial Activities | 20 to 21 |
THE FINNIS SCOTT FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees have pleasure in presenting their report of the Foundation ("the Charity") for the period ended 31 December 2023.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity has general charitable aims for the benefit of such charitable institutions and objects as the Trustees should from time to time see fit.
The Trustees have decided that it would be appropriate to have due regard to Lady Scott's interests in horticulture and fine art, and that these criteria should form the basis of the Trustees' policy when considering the making of grants and donations. The Trustees followed the framework they had agreed in 2019 when making their decisions, namely:-
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The training of gardeners
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The restoration of gardens
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Scientific plant projects
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Permanent art projects, including the conservation and framing of pictures and assisting galleries in the purchase of works of art created before 2000 and the development of galleries.
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The production of exhibition catalogues
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The support of the disadvantaged within horticulture.
In the case of local applicants who apply in respect of gardens or hospices, these were looked at more favourably.
The Charity's website now contains an updated application form for grants, and this makes clear the parameters within which the Trustees would like to offer support, as well as making it clear that grants should not be for the payment of salaries (except time-limited apprenticeships or traineeships), and will usually be within the range of £500.00 to £10,000.00, although larger grants will be considered in exceptional circumstances. Grants will usually only be made to registered charities and not to individuals, unless sponsored or promoted by a registered charity, although in exceptional circumstances these requirements may be relaxed. The Trustees have continued to seek publicity for the Charity and its objects through the Trustees' own contacts in the worlds of fine art and horticulture, and also by requesting an acknowledgement from grantees of the support of the Charity in the grantees' own publicity material. The Trustees also advertise their objects and aims through their website.
As well as outright grants, the Trustees are prepared to make pledges, subject to the fulfilment of satisfactory conditions, usually relating to the raising of other funding to enable a particular project to proceed.
Public benefit
The Trustees are conscious of the importance of providing public benefit, which is always considered when making grants, and successfully achieved.
Page 1
THE FINNIS SCOTT FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
A total of 67 grants amounting to £305,362 were approved by the Trustees during the year, out of a total of 134 applications considered at meetings. Of the applications declined, the most common reason was that the proposed project was not sufficiently close to the objects the Trustees had agreed to support, or insufficient funds were available for the amount requested.
The grants agreed to be made during the year included:
For Fine Art amongst others: New Brewery Arts Huguenot Heritage Centre Foundling Museum Compton Verney
For Horticulture: amongst others: Charles Causley Trust Friends of Queens Park Glasgow Campden Society Mudlarks Community
Other Activities during the year
With regard to the quarterly meetings, when grants are approved, the following other matters should be mentioned:-
Publicity
When making grants, all beneficiaries are asked, as a condition of their grant, to give appropriate publicity to the Foundation. This includes notices or signs on buildings, the construction of which have been supported.
Website
The Trustees maintain a website giving details of the Foundation and the charitable areas they wish to support. The website was substantially updated in 2021 and is now easier to access and amend. It is reviewed and updated on a regular basis to encourage enquiries from potential grantees.
FINANCIAL REVIEW
Financial position
The investment portfolio of the charity continues to be managed by three separate firms of investment advisers as a way of spreading risk, as well as providing a useful way of assessing comparative performance. The portfolios increased in value over the twelve months and at the end of year are now worth £10.9m which is considered to be satisfactory in the market conditions prevailing. The statement of financial activities shows investment income of £384,027 against £363,637 for the previous year.
The Trustees continue to pursue an investment objective of seeking to secure a combination of an increase in income, together with capital appreciation to preserve the real value of the portfolio. While the investment advisers have complete discretion in the selection of individual investments and the timing of sales and purchases, they are required to follow the agreed investment objective and risk profile in their choices. Reports are received for consideration prior to each quarterly Trustees' meeting and the investment advisers attend, in person, one meeting each year and answer any questions or concerns that the Trustees may have.
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THE FINNIS SCOTT FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
Reserves policy
The Trustees' reserves policy is to limit the amount of grants approved at any Trustees' meeting. All income is transferred monthly by the investment advisers to the Trustees' bank account. In deciding how much is available for grants, the amount of grants already awarded but not yet paid and due for payment in the next twelve months is deducted from the total accumulated income. From this net sum, a further £50,000 is deducted as a contingency. The balance is available for grants which have been applied for, if approved by the Trustees. This balance may be exceeded if the Trustees consider circumstances to justify it. The result produces a substantial balance and cushion against unforeseen circumstances.
Total funds held at the year-end are £11,223,524 all of which are unrestricted funds. Within these unrestricted funds is £389,989 that is held as designated funds, to be used as the prize funds for The Finnis Scott Award, as the Trustees choose.
Risk Assessment
The Trustees have prepared and agreed a formal risk assessment analysis, which has been considered and is reviewed during the year in order to be updated as and when felt appropriate. The Trustees are satisfied that all major risks have been identified and assessed and that satisfactory controls are in place to mitigate those risks. The assets of the Charity are almost entirely in the investment portfolios, which, as mentioned above, the Trustees review on a regular basis. Grants are only paid out of income, adopting the Trustees' reserves policy and, in the event of a significant reduction in income, the amount given in grants would be reduced in line with the reserves policy.
In addition, to reduce the risk of awards not being used for the purpose for which they were made, the Trustees ask for a report at the completion of any project and annually in the case of lengthy projects. Where construction is involved, no part of the award is paid until building work has commenced.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Charity was created as a charitable trust under the Will of Lady Scott (Valerie Finnis) who died on 17 October 2006. Registration at the Charity Commission was completed on 2 November 2007, and grants from the Charity commenced in 2008.
Recruitment and appointment of new trustees
Trustees are appointed independently with recruitment and selection based on an assessment of the skills and experience needed. Recruitment is either to replace Trustees who retire, or to add to the knowledge base of the Board. New Trustees are known to existing Trustees and, in each case, are known to have the knowledge and/or experience the Trustees require.
Organisational structure
The Trustees met four times during the year, and all meetings were held in hybrid form; with some Trustees attending at the offices of HCR Hewitsons and others attending via Zoom. These meetings allowed the Trustees to consider requests for grants, to review any likely risks and associated matters, and to review financial and investment performance.
The day-to-day administration is delegated to the Foundation's solicitors, and the management of investments has been delegated to investment advisers. Three Trustees are required to form a quorum.
Auditor
A resolution to appoint Shaw Gibbs (Audit) Limited as auditors for the ensuing year was proposed at a meeting of the Trustees and accepted.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1121475
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THE FINNIS SCOTT FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Principal address
c/o Mrs Angela Moon, HCR Hewitsons Lancaster House Nunn Mills Road Northampton Northamptonshire NN1 5GE
Trustees
The Hon U Wide - Chairman I G Barnett (resigned 19/7/23) D E Laing (deceased 3/3/24) Lady Robinson Dr W B Elliott J P Miller Dr P Morison Lord C Scott
Auditors
Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
Solicitors HCR Hewitsons Lancaster House Nunn Mills Road Northampton NN1 5GE
Investment Managers
Vermeer Investment Walker Crips Stockbrokers Limited Sarasin & Partners LLP Management Limited 130 Jermyn Street Finsbury Tower, 103-105 Bunhill Row Juxon House, 100 St Pauls Churchyard London London London SW1Y 4UR EC1Y 8LZ EC4M 8BU Bankers Handelsbanken 10 Waterside Way Northampton NN4 7XD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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THE FINNIS SCOTT FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are 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.
Auditor
A resolution to appoint Shaw Gibbs (Audit) Limited as auditors for the ensuing year will be proposed at a meeting of the Trustees.
Approved by order of the board of trustees on 3[rd] July 2024 and signed on its behalf by:
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FINNIS SCOTT FOUNDATION
Opinion
We have audited the financial statements of The Finnis Scott Foundation (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FINNIS SCOTT FOUNDATION
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence with the Charity Commission and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FINNIS SCOTT FOUNDATION
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
Date: 3[rd] July 2024
Page 8
THE FINNIS SCOTT FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 2022 Unrestricted Total funds funds £ £ 384,027 363,637 56,744 61,245 333,583 319,976 390,327 381,221 287,672 (1,069,761) 281,372 (1,087,345) 10,942,152 12,029,497 11,223,524 10,942,152 |
|---|---|
The notes form part of these financial statements
Page 9
THE FINNIS SCOTT FOUNDATION
BALANCE SHEET 31 DECEMBER 2023
| Notes FIXED ASSETS Investments 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds TOTAL FUNDS |
2023 2022 Unrestricted Total funds funds £ £ 10,891,136 10,666,878 5,555 6,474 423,709 379,704 429,264 386,178 (96,876) (110,904) 332,388 275,274 11,223,524 10,942,152 11,223,524 10,942,152 11,223,524 10,942,152 11,223,524 10,942,152 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 3[rd] July 2024 and were signed on its behalf by:
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THE FINNIS SCOTT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared as a going concern as no material uncertainties exist that the Charity is not a going concern.
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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THE FINNIS SCOTT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES - continued
Investments
Listed Investments
Listed investments are included at fair value at the balance sheet date. Any gain or loss arising from change in fair value is recognised in the Statement of Financial Activities (SOFA).
Other Investments
Other fixed assets representing paintings forming part of the estate of the settlor which the Trustees have decided to retain for use in promoting charitable objectives. These assets have been capitalised at probate valuation. The Trustees review the fair value at the balance sheet date, and any gain or loss arising from change in fair value is recognised in the Statement of Financial Activities (SOFA).
Financial Instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
2. INVESTMENT INCOME
| Dividends and interest from quoted investment 3. RAISING FUNDS Investment management costs Portfolio management Website costs |
2023 £ 384,027 2023 £ 54,652 2,092 56,744 |
2022 £ 363,637 2022 £ 59,228 2,017 61,245 |
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THE FINNIS SCOTT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
4. CHARITABLE ACTIVITIES COSTS
| Charitable activities 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Prizes awarded 6. GRANTS PAYABLE Charitable activities |
Grant funding of activities (see note 6) £ 305,362 |
Support costs (see note 7) £ 28,221 2023 £ - 2023 £ 305,362 |
Totals £ 333,583 2022 £ 10,000 2022 £ 282,321 |
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THE FINNIS SCOTT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. GRANTS PAYABLE - continued
| GRANTS PAYABLE - continued | ||||
|---|---|---|---|---|
| b/f | Paid in | Due | ||
| 01/01/2023 | Awarded | year | 31/12/2023 | |
| Alive Activities Ltd | 2,000 | - | (2,000) | - |
| Alexandra Park Greenhouse Group | 2,000 | - | (2,000) | - |
| Auckland Project | - | 5,750 | (5,750) | - |
| Avon Wildlife Trust | 1,000 | - | (1,000) | - |
| Avoncroft Museum of Historic Buildings | - | 1,353 | - | 1,353 |
| Battersea Arts Centre | - | 2,000 | (2,000) | - |
| Beamish Museum | 5,000 | - | (5,000) | - |
| Beth Chatto Education Trust | 1,860 | - | (1,860) | - |
| Bridewell Gardens | - | 1,500 | - | 1,500 |
| Brogdale Collections | - | 2,000 | - | 2,000 |
| Broughty Ferry YMCA | - | 2,657 | (2,657) | - |
| Brunswick Organic Nursery | - | 1,000 | (1,000) | - |
| Calthorpe Community Garden | - | 1,000 | (1,000) | - |
| Campden Society | - | 1,000 | - | 1,000 |
| Caring for Life | - | 2,000 | (2,000) | - |
| Castle Bromwich Hall and Gardens Trust | - | 4,000 | (4,000) | - |
| Catching Lives | - | 1,000 | (1,000) | - |
| Charles Causley Trust | - | 1,500 | - | 1,500 |
| Cleeve Meadow Special School | - | 1,000 | - | 1,000 |
| Compton Verney | - | 1,500 | - | 1,500 |
| Cressing Temple (Friends of) | 1,500 | - | (1,500) | - |
| Culbokie Community Trust Ltd | - | 960 | - | 960 |
| Delapre Abbey Trust | - | 10,000 | - | 10,000 |
| Doddington and Rollo Roof Garden | - | 1,000 | - | 1,000 |
| Dorset Natural History and Archaeological | ||||
| Society | - | 4,000 | (4,000) | - |
| ECHO - Extra Choices in Herefordshire | - | 2,000 | (2,000) | - |
| Edinburgh & Lothian Health Trust | 4,000 | - | - | 4,000 |
| Ely Cathedral | - | 1,000 | - | 1,000 |
| Emmanuel Group of Churches | - | 5,000 | (5,000) | - |
| Emmanuel House Support Centre | - | 1,000 | (1,000) | - |
| Family Refugee Support project | - | 5,000 | (5,000) | - |
| Farmability | - | 2,500 | (2,500) | - |
| FEAT Trading CIC | 3,500 | - | - | 3,500 |
| Firs Botanical Grounds (Uni of Manchester) | - | 5,100 | (5,100) | - |
| Fortescue Garden Trust | - | 10,000 | (10,000) | - |
| Foundling Museum | - | 50,000 | (50,000) | - |
| Friends of Ashton School | - | 265 | (265) | - |
| Friends of Oak Grove College | - | 2,000 | - | 2,000 |
| Friends of Queens Park Glasgow | - | 600 | (600) | - |
| Gainsborough's House | 10,000 | - | (10,000) | - |
| Gasworks Dock Partnership | - | 1,000 | (1,000) | - |
| Glencoe Folk Museum | 2,400 | - | - | 2,400 |
| Hands of Hope | - | 2,500 | (2,500) | - |
| Huguenot Heritage Centre | - | 1,000 | (1,000) | - |
| Imperial War Museums | 2,000 | - | (2,000) | - |
| John Fielding School - special school | - | 2,000 | (2,000) | - |
| Kingshill House | 750 | - | (750) | - |
| Kirkstall Valley Development Trust | - | 5,600 | (5,600) | - |
| Knighton & District community Centre | - | 1,000 | (1,000) | - |
| Lamport Hall Preservation Trust | - | 10,000 | (10,000) | - |
| London Transport museum | - | 10,000 | (10,000) | - |
| Lyth Arts Centre | - | 1,000 | (1,000) | - |
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THE FINNIS SCOTT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. GRANTS PAYABLE - continued
| Madhyamika Kadampta Buddhist Centre Mafwa Theatre CIC Meanwood Urban Farm Milton Keynes Christian Foundation Mudlarks Community National Galley (The) New Brewery Arts North Glasgow Community Food Initiative Northampton Hope Centre Oxford Botanical Garden and Arboretum Paddington Arts Paintings in Hospitals Pallant House Gallery Professional Gardeners' Trust QEST Radipole Park and Gardens (Friends of) Reveley Lodge Trust Rivington Heritage Trust Royal Albert Memorial Trust Royal Caledonian Horticultural Society Rule of Threes Seed Box ( The) Shildon Alive Skills Exchange Small Woods Association South London Botanical Institute Springhead Trust St Andrews Botanic Garden Trust St Crispins School ( Friends of) St Wulfram's Church Grantham Stepney City Farm Tortworth Forest Centre Tuppenny Barn Education Turn End Trust Ufton Court Educational Trust Wallworth Garden We Are Grow West House + Heath Robinson Museum Trust Weston Hospice care WHISH Winterbourne House and Garden Woolwich Garrison Church Trust |
2,000 3,000 - - - - - - 5,000 - - - 5,000 15,000 10,000 1,000 - - 4,000 4,000 1,000 - - - - - 1,170 - - - - - 2,000 - 7,000 - - 4,000 2,500 - - - 102,680 |
- - 5,000 2,500 1,000 6,000 1,000 2,500 - 60,000 3,000 2,000 - - - - 8,000 4,000 - - - 3,000 1,000 2,500 5,000 2,000 - 5,000 900 2,100 1,000 5,000 - 3,997 - 2,300 3,500 - - 2,780 1,500 5,000 305,362 |
(2,000) (3,000) (5,000) (2,500) (1,000) (6,000) (1,000) (2,500) - (30,000) (3,000) (2,000) - (15,000) (10,000) (1,000) - - (4,000) (4,000) (1,000) (3,000) (1,000) (2,500) (5,000) (2,000) (1,170) (5,000) (900) (2,100) (1,000) (5,000) (2,000) (3,997) (7,000) (2,300) (3,500) (4,000) (2,500) (2,780) (1,500) (2,500) (318,829) |
- - - - - - - - 5,000 30,000 - - 5,000 - - - 8,000 4,000 - - - - - - - - - - - - - - - - - - - - - - - 2,500 89,213 |
|---|---|---|---|---|
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THE FINNIS SCOTT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
7. SUPPORT COSTS
| Governance Management Finance Other costs £ £ £ £ Charitable activities 21,967 346 454 5,454 AUDITORS' REMUNERATION 2023 £ Fees payable to the charity's auditors for the audit of the charity's financial statements 4,054 Auditors' remuneration for non audit work 1,400 |
Totals £ 28,221 2022 £ 3,447 1,400 |
|---|---|
8. AUDITORS' REMUNERATION
9. TRUSTEES' REMUNERATION AND BENEFITS
No Trustees received any form of remuneration or benefits during the year ended 31 December 2023, nor the year ended 31 December 2022.
Trustees' expenses
| Trustees' expenses | 2023 £ 454 |
2022 £ 411 |
|---|---|---|
During the year 2 Trustees were reimbursed expenses payments totalling £454 (2022: 2 Trustees were reimbursed £411). Expenses relate to the reimbursement of costs incurred in attending Trustee meetings and visiting organisations who have applied for grants in the year.
10. STAFF COSTS
There are no employees in the charity (2022: Nil).
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) |
Unrestricted funds £ 363,637 61,245 319,976 381,221 (1,069,761) (1,087,345) |
|---|---|
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THE FINNIS SCOTT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 12,029,497 10,942,152 |
|---|---|
12. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2023 Additions Disposals Revaluations At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Listed investments Paintings £ £ 10,646,878 20,000 2,103,718 - (2,167,132) - 298,172 (10,500) 10,881,636 9,500 10,881,636 9,500 10,646,878 20,000 |
Totals £ 10,666,878 2,103,718 (2,167,132) 287,672 10,891,136 10,891,136 10,666,878 |
|---|---|---|
There were no investment assets outside the UK.
The historical cost of the Listed Investments as at 31 December 2023 is £8,665,011 (2022: £8,595,930).
The market value and a summary of fees of each portfolio holder at 31 December 2023 and 31 December 2022 is as follows
| Portfolio Holder | MV 2023 | MV 2022 | Fees 2023 | Fees 2022 |
|---|---|---|---|---|
| Walker Crips | £3,064,769 | £3,036,540 | £17,997 | £20,373 |
| Sarasin | £2,968,266 | £2,974,693 | £4,802 | £5,929 |
| Vermeer | £4,848,601 | £4,635,645 | £31,852 | £32,925 |
| Total |
£10,881,636 | £10,646,878 | £54,652 | £59,228 |
The Trustees have reviewed the valuation of the paintings as at 31 December 2023, taking into account auction estimates that have been provided for the paintings. Having taken professional advice, the Trustees consider the value of the paintings correct as at 31 December 2023 per the Financial Statements.
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THE FINNIS SCOTT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income Grants payable 15. MOVEMENT IN FUNDS At 1/1/23 £ Unrestricted funds General fund 10,574,163 The Finnis Scott Award 367,989 10,942,152 TOTAL FUNDS 10,942,152 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 372,223 (390,327) The Finnis Scott Award 11,804 - 384,027 (390,327) TOTAL FUNDS 384,027 (390,327) Comparatives for movement in funds At 1/1/22 £ Unrestricted funds General fund 11,629,847 The Finnis Scott Award 399,650 12,029,497 TOTAL FUNDS 12,029,497 |
|
|---|---|
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THE FINNIS SCOTT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund The Finnis Scott Award TOTAL FUNDS |
Incoming resources £ 352,382 11,255 363,637 363,637 |
Resources expended £ (369,938) (11,283) (381,221) (381,221) |
Gains and losses £ (1,038,128) (31,633) (1,069,761) (1,069,761) |
Movement in funds £ (1,055,684) (31,661) (1,087,345) (1,087,345) |
|---|---|---|---|---|
Purpose of designated funds
The Finnis Scott Award
The net proceeds received from the sale of "Puck" by Richard Dadd were added to the part of the investment portfolio managed by Quilter Cheviot on 31st December 2014. This addition represented 6.6% of the total value of the portfolio at that time, which has now been transferred to the investment managers Vermeer. The Trustees have agreed to appropriate the income earned each year on 6.6% of the capital value of that part of the portfolio and accumulate it in a separate designated fund to provide the prize fund for the Finnis Scott Award referred to in the Trustees report.
16. RELATED PARTY DISCLOSURES
There were no related party transaction for the year ended 31 December 2023, nor the year ended 31 December 2022.
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