REGISTERED CHARITY NUMBER: 1121475 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202S FOR THE FINNIS SCOTh FOUNDATION THE FINNIS SCOTh FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Report of the Trustèes 1 to 5 Report of Ihe Independenl A￿l￿Or$ 6 to 8 ststement of Flnanclal ActlvKles Balancè She•t 10 Notes to th• Financial Statements 11 to 20 Detalled Statement of Flnan¢hl Activlties 21 THE FINNIS SCOTT FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENOEO 31 DECEMBER 2025 The Trustees have pleasure in Fyesenlry ihoir r•FY*t ol the F(KJndatTh Chartf) kn the pwvyj ended 31Decem￿r 2025. OBJECTIVES AND AcnvinES Objecti￿$ and aSrns The Charity has general Ch¥itab￿ aimg lor th8 b8nefft of such charitable institutions aThJ otryects as tr Twslees should trom lime lo tlme se6 fft. The Trustees have decided th81 il wouhy be appro￿late to have due regard lo L& Scotvs nl8r•sts in I￿tru11￿re aThJ fine art, and Ihal these criteria shoukl fcmi the basis of the TnL¥lees' poficy %*hen considering the making of grants donalKfflS. The Twslees fdlowed the framework they hwj agreed in 2019 vthen makirwJ their decisM)ns. namdy."- . The training of gardene . The restoralK)n of wdens . ScwtifTrc pl￿1 woieets - Permanent art FY(¥ecls. I￿1￿11r￿ the ¢onseTralx￿ framiThJ of p¥ctures and assisting galleries in the purchase ofwuks of art ue*d befcts 2C(() and the development of gaI￿les. - The prc*ductM)n ol exhibilKJn catslog( . Tr $UPF￿￿ of the thsadVantau￿ Wthithin WKvllwe. In the case of Ictal applKarts in T8SP8Ct crf prdens (* these w6ro h)oked al moro favourably. The Charitys websrte ntyw ¢onlains an updated a￿lCatiCffi fC￿rn for grants. this makes dear the parametws within whith the Trustees VKwkJ h.ke io offer suprxjt as as makiw It clear that grants sFK)uld not be for the payment of salaries lexcepl th"m￿hr￿ted oprNenticeships ￿ trainee5hips}. and ¥thill usuolly be within the rdr¥Je of £SCQ.00 10 £10,￿￿.(￿l, all￿￿9h Jarger grants wrfl be consklered in exceplion•l circumstanc8s. Granls will usualy orty bo made lo registw&J th¥ilies and no¢ to iThJivithJals. unbgss sponsored or piomole(I by a registered charity, allFThwJ) in excepticfftal ar￿rr￿tanC8s these rew¥emenls may b8 relaxed. The TTuslees have continued to seek publKaty for the Chwity ils oti6cts Ihr¢wh i Trustees, own contacts in the worlds of finè art hXMxJl1u￿, aThY also by requeslro an aC*Th￿VIe09&MenI from grantees ol the support of the Charity in the granlees. own wtdicity material, and arrarKJing for the Foundation's logo to be affixed lo any gardenirvJ tcds purchased ¢xrt ol grants made. The Truslees also ertise t￿1r oty'ecls and ams through their websrt" e. As well as outn.ghl grants. the Truslees a￿ prepared to mak8 pledges, subject lo the luifilmenl of sotisfaclory c￿KIltionS, LL5uaNy relating lo th8 rai&ng of other furnling lo enable a particular project to proceed. Public ￿Tr•fft The Trustees are t(x￿￿LL% ol Ihe ¥nt*Jtsrte of FffOVKling wtAic tth?fit, is a￿ayS ¢onsidered when mth.ro grants, * SLKcesSl￿fy athi¢ved. Page 1 THE FINNIS SCOTT FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 ACHIEVEMENTS AND PERFORAIANCE Charitable activities A totsl of 83 grants amounting lo £337,857 were apwoved by the Trustees duriNJ the year. oul of a totsl of 129 applications consi¢Jered at meetiNJs', ol wh￿h Iwo 01 £5.(￿0 and £1.755 were relumed to the charity during the year. Of the Sp￿le81K)nS dec1m￿. ttie most cornff￿n reason was Ihat the proposed project was not sufficienuy ch)se to Ihe obiecls the Trustees had agreed to supprKt. or insuffiaent funds were available for Ihe amount requested. The grants agreed to be made the yew I￿1￿led. For Fine Art amongst others: Exeter Phoenix Kettles Yard Towner EaslboLwne National Maritime Museum For H￿liculture amongst othws: The Countryside Ed¢Jcalion Trust Exlem Northern Ireland Sl Werburgh's City Farm Inverclyde Shed Olher A¢￿vItIeS durlng the year With regard to the quarterly meeliTrJs, when grants are approved. the following other malters should be mentioned'.- Publi When making grants, all beneficiaries are asked, as a wmjitirffi of their gr8nl. lo give appropri81e publicAly lo the Foundation. This thidudes nolices or signs on build¥)gs. the conSin￿K)n of which have been supported. Websiie Th& Trustees rnainlain a website giving details ol the FouTrJation and the chariL*Jle areas they wish lo support. The website was substantially urxlated in 2021 and is Th)w eaS￿r lo access aNI ame￿1. 11 is reviewed and updated on a regular basis lo erK(Kwag8 8wurie5 frcNn grantees. FINANCIAL REVIEW Flnanclal posltlon During 2024. the Trustees reviewed their panel of investment managers. While satisfied with the performance of all. grètelul for their long servKe to the Foundation. ihe Trustees deaded to reduce the number to ￿0. thus maintaining dlveNficati￿ at an imrmoved 18v81 of cost. gfficièncy benchmarking. The portfolios increased in value over the twelve ￿K￿lh5 aThY al the end of ye¥ are now worth £12m which ts nsidered lo be salisfactory in Ihe market cthJitKK)s prevailing. The statement of financial activities sFv)ws investment Nicome of £358,863 apinst £364.643 for the we￿Ou$ yew. The Trustees continue lo pursue an investrnenl rtieclive ol seeking to secure a combination of on inuease in income, logether with capital oppwialion to preserve the real value of the portfcATro. While the invgstmenl advisers hav8 complete diSueti￿ in the Se￿ti￿ of individual inveslmenis and the liming of sales and purchases, they are fequired to lollow agreed investment objective and risk pyofile in their choices. Reports are received for consideration p¥ior to each quartedy Tntstees, meeting and the investment advisers attend. in person, one meeling each year and ￿SWer any ¢weslMMs or COn￿rn5 that Ihe Truslees may have. Pa98 2 THE FINNIS SCOTT FOUNDATION REPORT OF THE TRUSTEES FOR TrIE YEAR ENDED 31 DECEMBER 2025 FINANCIAL REVIEW Rès8rv•s policy The Trustees, reseryes poficy is to limit the amcKJnt of grants approve(l at any Trustees, meeting. Al income is transferred monthly by the investment advisers to the Trustees, bank account. In deciding how much is available for granls, the amount of grants akeJJy awarded bul not yet paid and due (or payment in the next tsvelve months is deducted fr(m the total accumuL4ted i￿Ome. From this net swm, a fvrther £50,000 is deducled as a contingency. The bdance is avalable for grants wlith have been applied for. rf approvetl by the Trustees. This bal￿ may be exceeded if the Truslees ￿￿KIer circumst￿ceS lo justify it. The result uces a substantial balance and cushion againsl unforeseen cwwnstances. Totsl funds held al the yew erK1 are £12.376.$45 all of wh￿h are umeslricted lunds. 01 this total, £466,927 is d8signated lor the The Finnis Scott Award, and the remaining fvnds are all general unreslricled funds. Rhk Assessment The Trustees have prepared and agreed a f(ffi)81 rK%k assessment analysis. which has bèèn considered and is reviewed during the y8ar in order lo be update(l as aNJ wA)en felt apwopriate. The Trustees are satisfied thal all majrx risks have been identified arvj assessed and that satisfactory controls are in place to miligale those risks. The assets of the Charity are alrrKlSt entyely in the iivestri)enl portfolw)5, which. as rrEntioned above, the Trustees review on a regukr basis. Grants are (M)ty paid wt of income, adoplirKJ the Trustees. reser¥e5 policy and. in the event of a signif￿an1 reduct￿ in I￿(￿ne. the amount given in grants would be reduced in line reseThes pcAw. In addition. lo rethce the risk of awards r￿ll beiThJ used for thè purpose for wh￿h they were made. the Trustees 8sk for a report at the completion of any project ￿ annually in the case of lengthy project5. Where Constructi￿ is invdved, part of the award is paKI unb"I buildng work h85 (*mmenced. STRUCTURE, GOVERNANCE AND AIANAGEMEPIT Governlng documènt The Charity was ￿eated as an W￿cOr￿ated charitatA& trust urnjer Ihe Vhll of Lady Scott (Valèriè Finnis) who died on 17 Oclober 20￿.ThiS is Ihe govemiNJ (kyxKnent of the Chwity. Reg'stralion at the Charity Cornmr3sK)n was Completed ￿ 2 Wovembei 2(KJ7. arNJ gants from the Charity commenced in 2008. Recrultm•nt and appointfflent of new trusl••s TnJslees are appoinled independendy wth reuuitmenl a￿1 se*KN) based on an assessrnenl of the sklls and experierKe needed. R8(xritm8nt is either to rwace Trustees who retire. or lo add to Ihe kn¢)wledge base of the 8oard. New Twstees are known lo extsliNJ Twstees and. in each ¢a5e. are known to have the knowledge ￿￿10r eXperie￿e the Trustees require. Organisational structur• The Trustees met lour times d(rring the year. aNJ meelwvJs were hekl either in person or in hybrid form.. wth some Truslees attending al ￿ off￿$ of HCR Law and others attending via Zoom. These meetings allowed the Trustees to consider requests fLY granls, to revw any lik&ty risks associalod matters. and lo review rinancial and investment perforni￿￿. Th& day-to-day admini5tr8tKJn is ddegaled to the Fowdation's solicitors. and the management of investments has been delegated to investment a(fvtsers. Thr88 Trustees a￿ required to I￿rn a q￿)r￿m. Audllor A resolutKJn to appoint Shaw Gibb5 (Audit) Lwnited as auditLYs the ensuing year was prowsed al a meehng of Ihe Trustees accepted. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1121475 Page 3 THE FINNIS SCOTT FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 DECEM8ER 2025 Prfncipal address clo Mrs Angela Moon. HCR Law Lar&ister House Nunn Mills Road Northampton Northamptonshire NN15GE TfUSteOS The Hon U Wide - Chairman Lady Robinson W 8 Elliott J P Miller Or P Morison Lord C Scott W Colac1￿h1 Auditofs Shaw Gibbs (Audit) Limited Chartered Certified Accountsnts Slalulory Audrtor Eagle House 28 Billing Road Northampton North3mp￿$h￿e NN15AJ Sollcitors HCR Law Lancaster House Nunn Mills Road Northampton NN1 SGE Invostmant Manayrs Vermeer Investment Managemenl Limited 16 Babma¢s Street Lon(lon SW1Y 6AH Sarasin & Partners LLP 50 Gew Streel Lcknjon WIU7DY Bankers Handelsbanken 10 Waterside Way Northampton NN4 7XD STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees ¥e responsible for preparing the Re￿1 of the Trustees and th8 financaal statements in accordance with applicable law and United lQngdw Accowtng Slandar(Is (Urited K￿l9dOM Generally Accepted Accounling Practice). Page 4 THE FINNIS SCOTT FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIABER 2025 STATEMENT OF TRUSTEES. RESPONSIBILMES . ¢ont5nued Charlty law requires the truslees to prepare finanual statements for each financtal year. Under that law, Ihe trust￿ have elected lo prepare the financial $￿ternents in xcordance with UnFle(S Kingtkjm Generally A￿epted Accounling Practice {United Kingdom AccLNJnling Standards 3ryJ applicable lawl. Under charity law the tr￿le&S must nol approve the financial stalements Ljnless they are satisfied that they give a true and fair view ol the slate of affairs of the thw.ty ol the in¢￿ing resources and applicaiion of resources, i￿lUdITbg tre incorT* atK$ 8xpendilure, of the chwly f(x Ihal perth. In preparing those financial statements, the Iruslees are required lo select suitable aCCo￿tir￿j pdicies and Ihen appty them consislenty: observe the [nelh￿S and principle5 in the Charities SORP." make judgements and estimaies ihat are reasonab￿ 8fKJ prudeni" prepare the financial 51alemenls on the goirKJ (c￿￿r￿ basis unless it 15 inappropriate lo presume that the charity will continue in business. Th8 trustees are responsible keepng smoper a¢cA￿n￿n9 records whth disclose with reasonatAe accuracy al any lime the financial ph)sil¥Jn of the charity and lo enaile them lo ensure Ihal the finar)cial 51atewnenls c¢xnply with the Charitses Act 2011 and The Charity (Accounts 8nd Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity aNI hence for taking reasonable steps for the prevenlion and det8¢1ion ol fraud and other irr8gu1ari1￿. Audltor A resolution to appoint Shaw Gibbs (Audit) Limited a5 a￿JitorS for Ihe ensuing year will be proposed at a ffleeling of the Trustees. lltr. Vii. 292 Atproved by cxder of Ihe board ol Iwslees ¢y) ......................... . and Si￿ed on ils behalf by: ler- Truste8 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FINNIS SCOTT FOUNDATION Oplnlon We have audited finwcial slaterr£nts of The Finnis Scott Foumialion Ilhe 'charlI￿) for the year ended 310ecemb8r 2025 vthlch eompriqè the slate￿nI of Finar￿￿91 ActM¢ies. the Balance Sheel and notes to the finandal statements. induding a summary of siynifunt ￿CountIng pol￿￿5. The fin8ndal reporting framework that has been apFAled In th￿r prepara1ion is ap￿ICable 18w and Unrted Kmgdom Accounting Sl8ndards (Uniied Kingdom Generalty Accepled Accounth￿ Pradic81. In our o￿nIOn the financial statsments: give a true and fair view of Ihe state of the charity's affairs as al 31 December 2025 and of its ￿CoMIng resources 8nd 8pplutw)n ol resoLxces. for Ihe year then ended.. have been prepared n accordance with v￿e0 KIWM Generally A¢￿pted Aceounling Practice,. aThJ have been prepared in accordance Mtyth Ihe requrements of the Charliès A¢t 2011. Basls for oplnlon We condu¢led our audit in accordance wilh ln1em8tx)n￿ Standards on Authling IUK) {ISAs (UK}l and applicable law. Our re5￿￿51￿411tles under those slandards are further described in the Auditors. res￿SIbIlit￿￿ for the audit of the financial statemenls section of our reprt We 8re indèpendent of the charity in accordance vAth ihe ethical r8quirements that are relevant to our a￿111 of the financial stalements in the UK. I￿￿dIng the FRC'S Ethical SiaThJartl, ar￿ ha￿ fulftled our olher ethTrcal responsibilities In accordance %*ilh these requirements. We beleve thgt Ihe au￿rt evKlttn¢e we have ot48ir*d is sufficlenl and appropriale to provide a basis for our ¢)pinion. Concluslons relatfng to golng ¢oncern In audlling tha financial stalemenls. we have elY￿u￿ed thal fv knjstees. usé of the golng co￿8M basls of accoUn￿ng In the weparation of the st8teThnts is apprOp￿te. Based on the work we have p￿f0m￿￿. ￿ have nol identified malèrial uncertainlies relating to events or ctsndiliorts that, individually or cdlectivety. may cast significant doubl on the charills ability to contnue as a golng conc6m for a Ferh)d of at least Iwelve rTh)nlhs ffom vthen Ihe financial Statements ar8 8￿hOriSed for issuo. (hjr rèsponsibilities and the reS￿s￿lI1￿$ of the Iwslees th respect to corwn ar8 described in the rthv8nt sections of this reporL Other InfOrnia￿On The Iruslèes are r&spfMsible fry the ottw infom￿. The ottw inf0m￿t￿)n comprises th8 rfomiatlon include(l in the Annual R8rM)rL other than finan¢i* sla¢en￿ts and ow ReF*Xt of tr*• Ind8p8ThJenl ALKlilors thereon. Our tyin￿n on the fin8N#31 statements ¢kns mt cover lThe ottror Infomiation and. except to the e¥tent otherwse expmdlty stated in our report. we do Th)t express fcvm of OSSUTance conclusion Ih8reon. In conneclK)n witti our audit of Ihe fnancial ststemènts. 4JJr reS￿nsibIlity is to read the other informaUon and, in doing so, considèr whether the other wrform8tion Is materialty inconsistent wth the fIna￿la1 statements or our knowledge obtained ￿ the 8vdit or otheThvl* appears to be m8lerlalty mlsstated. If we idenlrfy such maleriol i￿onsi$tencieS or ¥iparenl material misstatements. we are requirod lo determine whether thls gives rise to a material rni5sts1emenl In the financial stalemtrrtts thèmsèlvès. If. based on the work we have performed. we Concludè that thw8 Ks a material misstalemenl of Ihis other infom￿110n, we are r¢qulred to ￿port that fact We hav8 noihro to reFQrt in Ihi5 r￿ard. M•tt¢rs an whleh w• ar• required to report by ¢x¢eptlon We have nolhing lo rep￿1 in rèspect of the fdlvwiThJ matters wlwe the Charilies lAcc￿jnts ar￿ Reports) RegulalK)ns 2008 requires lo report lo you if. in ow ¢¥nion'. Ihe infomalion thlen In the Re￿i ol the Tnjstoes is inconsistent ￿ any rnalor*l respecl wth th8 financial siatements.. or sufficiènt a¢eounting rfjcords have not been kepL or the financlal siatements are not ￿ agree￿nt with the acccyJntif@ rtttr(Js and reiwns.. or we have not rKeived all the infcffmation and 8xplanalions we require fcy audll. Page 6 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FINNIS sco￿ FOUNDATION Responslblllt1￿ of trustee¥ As explained more fulty in th8 Statement of Tntslees. Responsibilit￿. Ihe Irustees are responsible for the paralion ol the finan￿al statements which gNe a tnE arKI fa¥ VMV. and fcff such intemal control as Ihè trustees dèl8milne is necessary lo enable the wewatknn of finanoal slatements that are fr88 from matèrial mi8staiement. whether due to fraud error. In preparing the fnancial statements. the trustees are re$ponsil)le for assessing the charity's abifity to ntlnue as a ￿)1￿9 concern. disdosing. as Op￿￿Oble. matters relale(I lo ￿1r￿j concem and using the going con¢em basis of accounting unless the trustees eith8r intend to liquidate the charity or to cèase operatic￿S, have no realisfi¢ alt8rnab.ve but to do so. r re$ponslbllltles for th• audlt of the financlal 3tatem?nts We have been appointed as auditors under Sèction 144 01 thè Ch8riiÈs A£t 20118nd tspcrt n accordance wlth the Act relevant regulalb)ns made ¢y hav¥u effe¢l Ihertymder. OLW obieclives are lo ob¢aln reasonable 8ssurance atojt whether the fiTrarri￿ statements as a whol& are free from material misstatement. wh•th8r duè to fraud or error. lo sssue a Report of the Independent Auditors Ihal ndudes our opinion. Reasonable Assurance Ls a hlgh level of assurance, bul 15 not a guarantee that an audit conducted in accordance ISAS {UK) will alway5 ijetecl 8 material misslalernenl w￿nIt e￿st$. Misslalements can aiise from fraud or error and are consKl8red material if. indwidually or In the a99regate, they could reasonatAy be exp8¢led to Nifluence the ets)nornic decisions cl users taken on Ihe basis of these financial stalements. Tho extent to which our proc&JLres are capable of d8t8cling irragularili8s, inclthlir*J fr*&d Is d8ta118d below: We obtained an understand¥ig of the legal and regulatory frameworks V*Tthin which the charity operates. f¢xusing on Ihose laws and WLdations that have a drect effect on the delerminalion of material arnounts and disclosures in the finan￿al statements. The laws *)d r8gulations w8 ex)nsMlèrèd in this eontèxt were thè Chanlies Act 2011, United Kiwyom Generaly Accepted Acccwjnting Practic8 and relevant Taxallon legislation. We identified the greates¢ risk of matwial IM￿ on thè finandal statements from Irregularities, induthng fraud. lo be the override of controls by management and Ihe Understate￿nI of revenue. Oui audit procefjures lo respond lo these rBks inchjded enquwies of rnonagement atw)ul their own id8nlification and assessment of Ihe risks of irregulartties. sample testKwJ on lh8 ￿)Sti￿a ol I￿lm￿lS, rèviewlng moetirtg minules. regulatory correspondence with the Charty ConwnissK)n a￿1 professional fees. delai1ed substanlNe testing on th8 Completeness ol income. and reviewing accounliThJ eslimates for biases. Owin9 to the inherent limitations of an aud j Ih8r• is an un8VOKlatAe risk Ihat w8 m8y not hav8 d8lecled some material misstalements in the financi￿ statements. even though we have properfy plannerting Standard appli¢able in tho UK and Repu￿1¢ of IreQ8nd' WKJ the Charities Act 2011. The finanual 51alements have been prepwed under the hiskn.cal cost ¢x>nvenlion. with the excepth)n of investments which are Induded al rnarkel value. as modified by Ihe revaluation of certain awts. finaroal stslements have been prepa￿d as a g(Mng 8$ no material uncertainties exist that the Charity is a going cx)ncem. The charity has taken advantage of the f￿k)Wing disckjsure exemplion in preparing these financial slalemer)ts, as pemiitted by FRS 102 The FInar￿￿31 R8prMliry Standard appl￿ble in Ihe UK and Reput￿￿ of Irelarnl.: the reqU1￿mentS of Secth)n 7 Statement of Cash Fh)ws. Critical accounting judgements and key sources of esllmatlon uDcertalnty The preparalw)n of financial statements requires the use of certain crilical a￿)untIng ests"males.11 also rfjqures managwmenl to exercise its judgement in the wocess of apwlying the company accounting policies. The a￿a5 Involv¥￿ a higher degree of judgernerrt or complexity, or area5 where assumptions and estimates are significant to the fman¢ial str1e￿nts are disck)sed within the individual acmunts'ng policies below. Income All In￿Me is recognised in the Statement of Financial Activ* once the charity has entitlement to Ihe funds, il is K￿babIe that the in￿rne wll be received aTrJ the arrKwnt be measured reliably. Expgndlture L￿bIlitieS are recc*3nised as exwdilure as soon as there is è legal or constructNe obligati cLKnmitting the charity to that expendilure. it is wobatA& that a transfer of 8conomic b&n8fik will be required in settlement and the amunt of Ihe ￿lgatIOn can be n￿as￿￿d reliably. Expenditure is accounled on an accrvals basis arKI has been classif*d under headings that aggregate all cost related to the category. Where ts)sts canmt be threctly attribjled lo partthar heathngs they have been allocated lo activities on a ba&s consistent V+ilh the use ol resources. Granis offered subject lo CO￿lI110n$ which have been met al the yeèr end dale are noted as a commilmenl t￿¢ not accrued as expendilwe. Taxation The chwily is exenwl tax M its charilable aclivilies. Fund accounting Unrestricted lunds can be Ltsed in acc(￿dan￿ with the Charitab￿ ot4"ectives al the discretion of the trvslees. ReStr￿ted funds can onty be used for parficular restr￿ed purposes wilhin the objects ol the charity. ResIr￿110nS arise w￿n speufied by the d(mr or when fu￿1$ are raised for particular restricted PWkh)ses. Further explanat￿ ol the nature and wrpose ol lu￿1 is Incl￿led in the notes to the fin￿ClaI slalements. PwJe 11 c￿tinUed... THE FINNIS SCOTT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POUCIES - continued Inv8stm•nts Ll$led Investments Listed ￿veStmentS 8re I￿￿￿Jed al va￿e al thè baL4nce sheet date. Any gain or loss arising from change in fair value is ￿COgntsed in the Statement of Fin￿la1 ktivities (SOFA). Other Investmènts Other fixed assets representing paintings forniiThJ part of Ihe estate ol th& sèttlor which the Trvstees have decided lo retain for use in w0n￿tr￿j chartsble obieclives. These assets have been capitalised at probate Va￿alKIn. The T[L￿tee5 reV￿W the fair value al the balar￿ sheet dale, and any gain or loss arising from change in fair value is recognised in Ihe Statement of Fin￿al Activities ISOFAI. Flnancial Instrurnents Cash and cash equivalents in the balance thet cOM￿'Se (ash at banks and in haThJ and short term d8posiis wth an original maturity dale of Ihree less. Debtors and creditors wth no stated inlerest rate aThJ r￿1Vable cf payable within one year are recorded al transaction price. Any losses aTiSry frcrfn impaKmenl are recognised in the statement of comprehensive income under administralive expenses. Financial liatmlities 8quily 1nstnJt)￿ts a￿ dassif*d accorth"NJ lo the substance of the c￿ltraCtUal angemenls entered into. An equity ¥)slrument is any ￿nIr￿1 that evidences a residual interest in the 8s5els ol the enlrty after deducliThJ all of its finèr￿1 l￿bIlit￿. Where the contraclual obligations ol finarKial *)struments are equivalent to a similar debt instrument, those financial instruments a￿ cLassed as financkAI liabiliti8s. Finanual li8￿.1111e8 are presented as such in lh8 bala￿ she8t. Fin8nce (x)sts gains or losses relaliNJ to financial liabilitiès are I￿lU(led in the profrt and loss accx)LWrt. Finan￿ (x)sts are calcubated so as to prothce a constant rate of Telum on tt)e outstsn(Jing liability. INVESTMENT INCOME 2025 2024 Dividends and interest Irom qwted inveslment 358.395 364,643 OTHER INCOME 2025 2024 Royallj'es Page 12 continued... THE FINNIS SCOTT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2025 RAISING FUNDS Investment management c¢)sts 2025 2024 Portfolio management Website cosls Commission paid 43,745 2.398 624 57,949 2.092 46.767 60,041 CHARITABLE ACTMTIES COSTS Grant lundiThJ of tNities Isee note Support costs (see noie 71 61 Totals Charitable activities 325,502 29.352 354.854 GRANTS PAYABLE 2025 2024 Charitable activitie5 325.502 272.513 Page 13 continued... THE FINNIS SCOTT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - conllnu FOR THE YEAR ENDED 31 DECEMBER 2025 GRANTS PAYABLE - conllnued Cancèlled Paid In year {1,C(JOI Due 3111212025 0110112025 Award•d rgtumed Abbey Physi¢ Communty Garden Age UK Manthester Alex M￿lIon Charitable Trust (The) Alive Activitie5 Amgueddla Cymru- Museum Wales Anawim - Bimiiroham's Centre for Women Iresondedl Ashmolean Museum of Art & ArchaeokKJy Assist Trust Bonkside Open Spaces Twsl 88yond th8 Wall Bridge Project (The) Bridgend Famhouse Brunswick Organic Nursery C3mpden Society Coring lor Life Communigrow Comwall Neighbouthoo(Is for Change Countyside Education Twsl Cowran Care Ltd Dig It Community A10t￿￿t Discover Decrypt Dulwich Pirture Gallery Ellon ComrThJnily Allolrnenls ELOSCN Emmaus Village Carfton Exeter Phoenix Extern Northem Ireland Famiing & WAdlife Advis Group Swlhwesl Lld Fortescue Garden Trust Freedom from Tortwe Friends of the Siorey Gardens (The) Friends of west￿bIrt Arb￿1￿￿ Greal Oixter Charilable Trusl Hackney School of Fund Headspace Heath Hands Hepworth Wakefidd (The) Ho￿lesS Oxfordshire Hope Housing. Tra￿l￿g an(J Support Ltd Horalio's Garden Huguenot Heritage Cèntrè Imp8rial War MUs￿m Inverclyde Shed (The) {2.01)01 5.640 1.0(KJ (5,6401 (1,0001 1S.0(M)I 1.755 (1,7551 {1.7551 10.000 3.300 {10.000) 13.300) (s.6￿) 2,400 3.￿0 1.000 2.C(10 12.400) 13.000) 11.OLIJ) 12.OtMI) 11.OtM)) 12.500) (11,0￿) 1.000 2.YJO 11.000 1,745 3,800 11,745) 3.800 I1.0￿) 12.0Tr)) I5,OC￿) I2,5￿) {2.Oc￿) {2.OW} {5.0(￿1) 2.5CIJ} 14.0001 2,WO 5.Cl)O 2,500 2,￿0 2.￿0 5.(KiO 2.￿0 4.000 3.000 10.000 1.790 3.0001 110.LKJOI 11.7901 13,¢K)01 15.(K)01 110.C()01 12.LK)01 {1.CK)O) {2.500) {4.1))O} {2.(M)O} 5.000 10.000 2.000 1.000 2,500 4.000 1.875 8.925 {1.875} {8.925} {2.CWI {3.0001 (1.0(M)I Pag8 14 continued... THE FINNIS SCOTT FOUMDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2025 GRANTS PAYABLE - ¢ontlnued Japanese Garden at Cowden Castle (The) Jubilee Gardens119761 Project Kent Auli51ic Trust Kettle's Yard Kisharon Langdon Lakelan(ts Hospice IC(¥by and Oistricl Cancer C8re} Livingston Community Shed Madhyamaka Kadampa Meditati￿ Centre Ltd Magic of Life Trust IThe) Ma￿neaU Gardens Malhers Foundation (The} Natsonal Maritime Museum Nene Park Trust Nomiandy Community Therapy Garden N￿haMptOn Roman CattKA 010￿San Trust oasis Community Church. Centre & Gardens Open Country Options for Life 0$￿n Projects Oxford BolaThcal Garden a￿1 Arboretum Pallant House Gallery Palons of Dumfemiline SCIO Penealenick Friends Penllefgare Trust Phyllis Tuckwg11 H05pice Ca Professional Gardeners. Trust Queen AlexaThJra Charity Birmingham Queen Elizabeth Stholarship Twst (QESTI Roy81 Pavilion Museum Trust IRPMTI 8.000 3.000 2.200 5.000 1.962 18.0001 13,IXIOI 12,2001 {5.(1001 {1.9621 {3,Cthl {2,CKIOI {3.(Wl {3,5001 {1,6331 (3.￿0 (10.000) {5.980) 1.633 3.0(KJ 10.0 5,980 {3.(￿) (s.cw} (2.000} 17001 (1.thJOI (22251 1.IXIO 2.225 32,821 132.8211 15.0001 (2.5001 (4.0001 (3.2721 15.0001 115.0001 3.272 15.000 12.8341 10.000 {10.IXIOI 10.0 {10.IYJOI 13.Ot)01 11.000) 11.500) Sens¢xy Tntsl Sir Henry Jones Museum Sl Werburghs City Farm Stepping Siones (working naff for Spectal Needs Enterprises (Norfolkl Lldl Tate Towner Eastbour Vicloria and Mbert MuseL Wesl Kent Mind Where Next Association Wiklheart Trust IThel Winlerbourne H(MJse & Garden Wwhvich Garrison Church Trusl 1.500 1.CiJO 3.wo 11.lJthJ) 13.IXK)) I2,0￿) 15.OLK)) {4.0￿) s.￿0 2.(M)O {2.0￿) {4.5C￿) 2.5(￿)) 2.￿0 3.800 Page 15 continued... THE FINNIS SCOTT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2025 GRANTS PAYABLE - contSnued t￿ring the year, the 83￿($1de op￿ Spaces trust retLKr*d £5,600 lo the charity as they were ￿able to undertake the training as descr*)ed ￿ the applution for funding. during Ihe year, the Anawim Birmingham's Centre lor Women's grant was ca￿dIed and the funds already awarded. £1,755, were relurned to the ch*ty. SUPPORT COSTS Govemance costs Managemwil Finance Olher Totals Charitable acliwlies 22.098 356 586 6.312 29,352 AUDITORS. REMUNERATION 2025 2024 Fees payatrAe to the charity's the of the tharitys financial ststemenls AudilcKs' reML¥￿TatIon fLY non a￿111 work 4,812 1.500 4,090 1.400 TRUSTEES. REMUNERATION AND BENEFITS No Trustees received any fomi of remun8ration or t￿n@fits during lh8 year ernl8d 310ecemb8r 2025, nor the year ended 31 Decen**r 2024. Tfustees. expenses 2025 2024 Trustees, expenses 1,425 During the year 5 Trustees we reimtwrsed expenses payrnenls tolalling £586 12024: 5 Tru51e8S were reirrt)urs8d £1,425). Expenses relate lo the reimbutsernenl ol eosis incjjrred in attending Trustèe meetings and wi￿ting or9anisations wh) have 4)p￿ed for grants in the year. 10. STAFF COSTS There are no employees in the tharity12024: Nil). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES V￿estriCted funds INCOME AND ENDOWMENTS FROM Imieslmenl inc(¥ne EXPENDITURE ON Rai$w￿ funds 60.041 Charitable activities Charitsble aclivities 304,956 364,997 Pa98 16 C(￿linue￿... THE FINNIS SCOTT FOUNDAnoN NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2025 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcThimES - continued Unrestricted furKIs N8t gans investments 222,018 NET INCOME 221,664 RECONCIUATION OF FUMDS Total furKls bioughl fo￿rd 11.223.524 TOTAL FUNDS CARRIED FORWARD 11445188 12. FIXEO ASSET INVESTMENTS Lisled Kwestments Paintings Totals MPRKET VALUE At 1 January 2025 Adyitions tj'sposals Reva￿alKIn5 10.97S.752 1.163.957 (1,C(15.5491 971.615 4.000 10.979.752 1.163.957 (6,5001 11.012,0491 2,500 974,115 At 31 DeCen￿r 2025 12.105.775 12.105,775 NET BOOK VALUE At 31 December 2025 12 105775 12.105.775 At 31 D￿ember 2024 10,975.752 4,OCw) 10.979.752 There were no investment assets QLtsKlo the UK. The mathel value and a sunMn¥y of lees of eath wxtfdio hokjer at 31 December 2025 and 31 Oecember 2024 is as follows Portfolio Holder Walker Crips Sarasin Vermeer Iml 2025 MV 2024 Fees 2025 Feès 2024 £22.352 £2,271 £33,326 £5.783,692 £6.322.083 £5.674.1 £5.301.752 E7.243 £36,502 Total £12.104775 £10.975.752 £43.745 £57.949 Page 17 continued... ThE FINNIS SCOTT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025 13. DEBTORS: AMOUNTS FALUNG DUE VIITHIN ONE YEAR 2025 2024 Prepayments accTued ir￿c￿n0 3.776 14. CREDITORS: AMOUNTS FALLING OUE WITHIN ONE YEAR 2025 2024 Trade uedrtors Accruals 8￿j deferred income Grants payable 4,643 7.698 3.800 13.945 3.500 16.141 1 S MOVEMENT IN FUNDS Nel movement in funds At 31112125 At 111r25 Unrestrlcted funds Geneial fund The Fimis Scott Award 11.045,915 399.273 863.703 67,654 11.909,618 466.927 11,445.188 931.357 12.376,545 TOTAL FUNDS 11.445.188 931.357 12,376,545 Net movwnenl in fuTrJs. i￿luded in the above are as fcAkMs: I￿(¥￿n9 Resowces resowc8s experNled G8ins and kjsses Movement in funds Unrestrlcted fund$ General lund The Finnis Scott A￿rd 345.321 13.542 (401,621) 920.(K)3 54.112 863,703 67,654 358.863 401.621 974.115 931,357 TOTAL FUNDS 358.863 401.6211 974.115 931,357 Page 18 cmtinued... THE FINNIS SCOTT FOUNDATK)N NOTES TO THE FINANCIAL STATEMENTS - ¢ontinuod FOR THE YEAR ENDED 31 DECEMBER 2025 15. MOVEMENT IN FUNDS - ￿ntInUed Comparatives lor fflovement in fund$ Nel movement in fuTrJs Al 31112124 A1111f24 Unrnstrictèd funds General lund The Finnis Scott Award 10,833,535 389.989 212,380 9.284 11,045,915 399.273 11.223.524 221.664 11.445,188 TOTAL FUNDS 11,223.524 221.664 11.445.188 Comparative nel rTh)vement in luThJs. i￿ud￿ ￿ th8 arè as follows: I￿ornIng Resources Gains aTrJ kjsses Movemenl in funds lJnrn$tricted funds General fund Th8 Finnis Scott Award 352.860 11,783 (364.997) 224.517 2,4991 212.380 9,284 364.643 364.997 222.018 221,664 TOTAL FUNDS 364.643 364.997) 222,018 221.664 Purpose of deslgnated funds The Flnnls Scott Award The nel proceeds received frcrfn the sale ol by Richard Oadd were add8d to lh8 part of ihe investrnent p￿follO managed by Quilter Cheviol on 31st December 2014. ThFS aldition represented 6.6% of the total valu8 of th8 rKJrtfolio at Ihal time, whith has now been transferred lo the investment ma ers Vemieer. The Trustees have agreed to 4)propriale the income eamed each year on 6.6% of the piial value of that part ol the portfolbo and accuM￿ate it in a separate designaled fund to proviije the prize lund fLv the Finnis S￿tt Award retefred to in the Truslees report. This furKJ is no longer applicab16 Irom th8 end of 2025 following a resolutKM by the Trustees in January 2026 to reinlegrale with uThJesignaled funds. Sh￿Id the need arise lor a separate fuTrJ. the Trustee5 have agreed to draw down funds from Vermeer. in line with their (￿terIa. Page 19 continue(l... THE FINNIS sco￿ FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2025 16. RELATED PARry DISCLOSURES There were no felaled party transaction fLY the year ended 31 Decernber 2025. nor the year eTrJed 31 December 2024. Page 20