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← The Finnis Scott Foundation

2024-12-31-accounts

REGISTERED CHARITY NUMBER: 1121475

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE FINNIS SCOTT FOUNDATION

THE FINNIS SCOTT FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

THE FINNIS SCOTT FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees have pleasure in presenting their report of the Foundation ("the Charity") for the period ended 31 December 2024.

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:-

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, and arranging for the Foundation's logo to be affixed to any gardening tools purchased out of grants made. 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 2024

ACHIEVEMENT AND PERFORMANCE

Charitable activities

A total of 65 grants amounting to £275,839 were approved by the Trustees during the year, out of a total of 125 applications considered at meetings. One grant of £3,025 was also returned to the charity during the year. 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: The Holburne Museum The National Gallery Ikon Gallery The Lettering Arts Trust

For Horticulture: amongst others: Oxford Botanical Garden and Arboretum Kinlochleven Community Gardens Association Maggie's Cancer Centres

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

During 2024, the Trustees reviewed their panel of investment managers. While satisfied with the performance of all, and grateful for their long service to the Foundation, the Trustees decided to reduce the number to two, thus maintaining diversification at an improved level of cost, efficiency and benchmarking. The portfolios increased in value over the twelve months and at the end of year are now worth £11m which is considered to be satisfactory in the market conditions prevailing. The statement of financial activities shows investment income of £364,642 against £384,027 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.

Page 2

THE FINNIS SCOTT FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 £11,445,188 all of which are unrestricted funds. Within these unrestricted funds is £399,273 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 was created as an unincorporated charitable trust under the Will of Lady Scott (Valerie Finnis) who died on 17 October 2006.This is the governing document of the Charity. 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 meetings were held either in person or 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

Page 3

THE FINNIS SCOTT FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Principal address c/o Mrs Angela Moon, HCR Hewitsons Lancaster House Nunn Mills Road Northampton Northamptonshire NN1 5GE

Trustees

The Hon U Wide - Chairman D E Laing (deceased 3/3/24) Lady Robinson Dr W B Elliott J P Miller Dr P Morison Lord C Scott W Colacicchi (appointed 10/4/24)

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 Management Limited Sarasin & Partners LLP 130 Jermyn Street Juxon House London 100 St Pauls Churchyard SW1Y 4UR London 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).

Page 4

THE FINNIS SCOTT FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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

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.

Page 5

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 2024 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:

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:

Page 6

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 noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Page 7

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.

Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ

Date: 29 July 2025

Page 8

THE FINNIS SCOTT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
4
Charitable activities
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
2023
Unrestricted
Total
funds
funds
£
£
364,643
384,027
60,041
56,744
304,956
333,583
364,997
390,327
222,018
287,672
221,664
281,372
11,223,524
10,942,152
11,445,188
11,223,524

The notes form part of these financial statements

Page 9

THE FINNIS SCOTT FOUNDATION

BALANCE SHEET 31 DECEMBER 2024

2024 2023
Unrestricted Unrestricted
Total
funds funds
Notes £ £
FIXED ASSETS
Investments 11 10,979,752 10,891,136
CURRENT ASSETS
Debtors 12 3,776 5,555
Cash at bank 479,105 423,709
482,881 429,264
CREDITORS
Amounts falling due within one year 13 (17,445) (96,876)
NET CURRENT ASSETS 465,436 332,388
TOTAL ASSETS LESS CURRENT
LIABILITIES 11,445,188 11,223,524
NET ASSETS 11,445,188 11,223,524
FUNDS 14
Unrestricted funds 11,445,188 11,223,524
TOTAL FUNDS 11,445,188 11,223,524

The notes form part of these financial statements

Page 10

THE FINNIS SCOTT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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':

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.

Page 11

continued...

THE FINNIS SCOTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

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		 2024
£
364,643
2024
£
57,949
2,092
60,041		 2023
£
384,027
2023
£
54,652
2,092
56,744

Page 12

continued...

THE FINNIS SCOTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

4. CHARITABLE ACTIVITIES COSTS

Charitable activities
5.
GRANTS PAYABLE
Charitable activities		 Grant
funding of
activities
(see note
5)
£
272,513		 Support
costs (see
note 6)
£
32,443
2024
£
272,513		 Totals
£
304,956
2023
£
305,362

Page 13

continued...

THE FINNIS SCOTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

5. GRANTS PAYABLE - continued

b/f Paid in Due
01/01/2024 Awarded year Cancelled 31/12/2024
Alder Trust - 500 (500) - -
Aproxima SCIO - 2,000 (2,000) - -
Ashwood Charitable Trust - 9,000 (9,000) - -
Avoncroft Museum of Historic
Buildings 1,353 - (1,353) - -
Ayrshire Hospice - 1,741 (1,741) - -
Balance Support CIO - 1,500 (1,500) - -
Bankside Open Spaces Trust - 5,600 (5,600) - -
Beeston Community Resources
-		 1,000 (1,000) - -
Birmingham Botanical - 3,000 (3,000) - -
Bridewell Gardens 1,500 - (1,500) - -
Brogdale Collections 2,000 - (2,000) - -
Brynawel House Rehabilitation - 1,500 (1,500) - -
Cambo Heritage Trust - 6,000 (6,000) - -
Campden Society 1,000 - - - 1,000
Caritas Diocese of Salford - 1,700 (1,700) - -
Catalyst Support - 1,000 (1,000) - -
Central YMCA - 700 (700) - -
Chamberlain Highbury Trust - 5,000 (5,000) - -
Chapter of Peterborough
Cathedral - 6,000 (6,000) - -
Charles Causley Trust 1,500 - (1,500) - -
Chiswick House and Gardens 5,000 (5,000) - -
Cleeve Meadow Special School
1,000		 - (1,000) - -
CommuniGrow - 10,000 (10,000) - -
Compton Verney 1,500 - (1,500) - -
Cranhill Development Trust - 5,000 (5,000) - -
Culbokie Community Trust Ltd 960 - (960) - -
Delapre Abbey Trust 10,000 - (10,000) - -
Doddington and Rollo Roof
Garden 1,000 - (1,000) - -
Dove Cottage Day Hospice - 680 (680) - -
Ecological Continuity Trust - 1,500 (1,500) - -
Edinburgh & Lothian Health Trust
4,000		 - (4,000) - -
Ely Cathedral 1,000 - (1,000) - -
Family Care Trust - 2,710 (2,710) - -
FEAT Trading CIC 3,500 - (3,500) - -
Fortescue Garden Trust - 10,000 (10,000) - -
Friends of Leighton House - 5,000 (5,000) - -
Friends of Oak Grove College 2,000 - (2,000) - -
Future Trees Trust - 4,000 (4,000) - -
Garden Museum - 6,800 (6,800) - -
Garden Organic - 3,000 (3,000) - -
Gardens Trust - 3,000 (3,000) - -
Geffrye Museum Trust - 5,000 (5,000) --
Glencoe Folk Museum 2,400 - (2,400) - -
Good Food Matters - 2,000 (2,000) - -
Groundwork London - 900 (900) - -
Headway Surrey Head Injury - 1,315 (1,315) - -
Holburne Museum Trust - 5,000 (5,000) - -
Hope Garden SCIO - 5,000 (5,000) - -
Horniman Museum & Garden - 10,000 (10,000) - -

Page 14

continued...

THE FINNIS SCOTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

5. GRANTS PAYABLE - continued

Ikon Gallery
Isle of Gigha Heritage Trust
Jamie's Farm
Kinlochleven Community Trust
Lancashire Youth Challenge
Lettering Arts Trust
LindenGate
Living Tree
Maggie Keswick Jencks
Metropolitan Public Garden
Association
More Trees for Bath
National Galley (The)
Northampton Hope Centre
Northern Roots
Oakfield Easton
Oxford Botanical Garden and
Arboretum
Pallant House Gallery
Pitlochry Festival Theatre
Poole Museum Foundation
Professional Gardeners' Trust
Reveley Lodge Trust
R-Evolution
Rivington Heritage Trust
Royal Botanical Garden
Edinburgh
Royal British Society of Sculpture
Royal Star and Garter
Salisbury & S Wilts Museum
Seed Sedgemoor
Siy Community Development
Somerset House Trust
STAA
Stewarts Burnby Hall Garden
Stone Lane Gardens
Surrey Docks Farm
Westminster Abbey Trust
Woolwich Garrison Church Trust		 -
-
-
-
-
-
-
-
-
-
-
-
5,000
-
-
30,000
5,000
-
-
-
8,000
-
4,000
-
-
-
-
-
-
-
-
-
-
-
-
2,500
89,213		 1,000
5,000
2,500
700
1,000
7,800
2,000
2,050
5,000
5,000
2,160
25,350
-
7,500
1,895
-
-
3,436
4,850-
7,500
-
7,500
-
10,000
2,000
1,460
2,000
1,000
4,992
5,000
5,000
5,000
2,000
5,000
8,000
-
275,839		 (1,000)
(5,000)
(2,500)
(700)
(1,000)
(7,800)
(2,000)
(2,050)
(5,000)
(5,000)
(2,160)
(25,350)
(4,698)
(7,500)
(1,895)
(30,000)
(5,000)
(3,436)

(4,850)
(7,500)
(8,000)
(7,500)
(4,000)
(10,000)
(2,000)
(1,460)
(2,000)
(1,000)
(4,992)
(5,000)
(5,000)
(5,000)
(2,000)
(5,000)
(8,000)
-
(361,250)
-

-

-

-

-

-

-

-

-

-

-

-

(302)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-
-
(302)		 -
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,500
3,500

During the year, the Auckland Project returned £3,025 to the charity as they had received funds for their project from other sources.

Page 15

continued...

THE FINNIS SCOTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

6. SUPPORT COSTS

Governance
Management
Finance
Other
costs
£
£
£
£
Charitable activities
25,176
352
1,425
5,490
AUDITORS' REMUNERATION
2024
£
Fees payable to the charity's auditors for the audit of the charity's
financial statements
4,090
Auditors' remuneration for non audit work
1,400		 Totals
£
32,443
2023
£
4,054
1,400

7. AUDITORS' REMUNERATION

8. TRUSTEES' REMUNERATION AND BENEFITS

No Trustees received any form of remuneration or benefits during the year ended 31 December 2024, nor the year ended 31 December 2023.

Trustees' expenses

Trustees' expenses 2024
£
1,425		 2023
£
454

During the year 5 Trustees were reimbursed expenses payments totalling £1,425 (2023: 2 Trustees were reimbursed £454). Expenses relate to the reimbursement of costs incurred in attending Trustee meetings and visiting organisations who have applied for grants in the year.

9. STAFF COSTS

There are no employees in the charity (2023: Nil).

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
Charitable activities
Total
Net gains on investments
NET INCOME		 Unrestricted
funds
£
384,027
56,744
333,583
390,327
287,672
281,372

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continued...

THE FINNIS SCOTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
10,942,152
11,223,524

11. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Listed
investments
Paintings
£
£
10,881,636
9,500
7,503,556
-
(7,636,958)
-
227,518
(5,500)
10,975,752
4,000
10,975,752
4,000
10,881,636
9,500
Totals
£
10,891,136
7,503,556
(7,636,958)
222,018
10,979,752
10,979,752
10,891,136

During the year, the charity ceased investing with Walker Crips. Funds with this adviser were transferred to the charity's remaining investment portfolios.

The market value and a summary of fees of each portfolio holder at 31 December 2024 and 31 December 2023 is as follows

Portfolio Holder MV 2024 MV 2023 Fees 2024 Fees 2023
Walker Crips - £3,064,769 £22,352 £17,997
Sarasin £5,674,000 £2,968,266 £2,271 £4,802
Vermeer £5,301,752 £4,848,601 £33,326 £31,852
Total
 £10,975,752 £10,881,636 £57,949 £54,652

The Trustees have reviewed the valuation of the paintings as at 31 December 2024, 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 2024 per the Financial Statements.

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THE FINNIS SCOTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Prepayments and accrued income
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals and deferred income
Grants payable		 2024
£
3,776
2024
£
13,945
3,500
17,445		 2023
£
5,555
2023
£
7,663
89,213
96,876

14. MOVEMENT IN FUNDS

Unrestricted funds
General fund
The Finnis Scott Award
TOTAL FUNDS		 At 1/1/24
£
10,833,535
389,989
11,223,524
11,223,524		 Net
movement

in funds
£
212,380
9,284
221,664
221,664
At

31/12/24
£
11,045,915
399,273
11,445,188
11,445,188

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
The Finnis Scott Award
TOTAL FUNDS		 Incoming
resources
£
352,860
11,783
364,643
364,643		 Resources
expended
£
(364,997)
-
(364,997)
(364,997)		 Gains and
Movement
losses
in funds
£
£
224,517
212,380
(2,499)
9,284
222,018
221,664
222,018
221,664

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THE FINNIS SCOTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
The Finnis Scott Award
TOTAL FUNDS		 At 1/1/23
£
10,574,163
367,989
10,942,152
10,942,152		 Net
movement

in funds
£
259,372
22,000
281,372
281,372
At

31/12/23
£
10,833,535
389,989
11,223,524
11,223,524

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
The Finnis Scott Award
TOTAL FUNDS		 Incoming
resources
£
372,223
11,804
384,027
384,027		 Resources
expended
£
(390,327)
-
(390,327)
(390,327)		 Gains and
Movement
losses
in funds
£
£
277,476
259,372
10,196
22,000
287,672
281,372
287,672
281,372

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.

15. RELATED PARTY DISCLOSURES

There were no related party transaction for the year ended 31 December 2024, nor the year ended 31 December 2023.

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