2022-03-31-accounts - The John Scott Charitable Trust

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Charity number: 1127796

THE JOHN SCOTT CHARITABLE TRUST

UNAUDITED

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

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CONTENTS
	Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees’ report	2-4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notestothefinancialstatements	8-17

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THE JOHN SCOTT CHARITABLE TRUST

a_i ertyreyrerve pre: REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

	REFERENCE AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE DETAILS OF THE CHARITY,OF THE CHARITY,THE CHARITY,CHARITY, ITS TRUSTEES AND ADVISERSTRUSTEES AND ADVISERSAND ADVISERSADVISERS FOR THE YEARTHE YEARYEAR ENDED 31 MARCH 2022	REFERENCE AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE DETAILS OF THE CHARITY,OF THE CHARITY,THE CHARITY,CHARITY, ITS TRUSTEES AND ADVISERSTRUSTEES AND ADVISERSAND ADVISERSADVISERS FOR THE YEARTHE YEARYEAR ENDED 31 MARCH 2022
	OT ee
	Trustees	AndrewWemyss, Chairman
		Andrew Scott
		Daniel Scott
:		John Clavering
		Thomas Monteith
	Charity registered
	number	1127796
	Principal office	Torrie House
		Newmills
		Dunfermline
		KY12 8HH
	Accountants	Ryecroft Gienton
		Chartered Accountants
		32 Portland Terrace
		Newcastle upon Tyne
		NE2 1QP
	Bankers	C Hoare &Co
		37 Fleet Street
		London
		EC4P 4DQ
	Solicitors	Monteith Solicitors
		Park Farm
		Naim
		V125RZ

age7

THE JOHN SCOTT CHARITABLE TRUST

erla a TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2021 to 31 March 2022,

Objectives and activities

® Policies and objectives

The objects of the Trust are:

a) The advancement of the education of, and the relief of poverty among, young people (being principally but not exclusively those under 25) and in particular, but without restriction, the support of youth clubs and similar bodies promoting the recreation and the personal, social and economic development of disadvantaged young people in London and in and around Greenock and Wemyss by the provision of grants, goods and services; and
b) The relief of suffering and alleviation of hardship caused by injury, illness or poverty among present or former members of Her Majesty's Armed Forces and their families.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)’.

e Grant-making policies

Grants are made by the Charitable Trust on application in writing. Success of the application is subject to the Trustees' decision to support and is dependent on its merit within the objects of the Trust.

Achievements and performance

e Review of activities

During the year the Trust has made grants to twenty seven organisations totalling £183,000 (2021 : £103,000 - eighteen organisations), each providing substantial benefit to diverse members of the public. These are detailed at note 6 to the financial statements.

Investment management fees were incurred in the year in the sum of £68,389 (2021: £57,284). Support costs of £9,805 (2021: £11,586) were incurred in the year.

The charitable trust reports a deficit of £122,602 (2021: surplus of £1,182,253) on activities before gains on the value of its investments of £457,282 (2021: gains on investments of £1,643 ,482),.

e Investment policy and performance

The Trustees have instructed the investment managers to invest in a balanced portfolio for maximum income and conservative growth. In accordance with this policy the Trust's investments provided income of £132,342. Due to the improved stock market conditions from the initial effects of the coronavirus pandemic, stock market conditions have significantly improved resulting in realised gains on the sale of investments of £19,931 and unrealised gains as at 31 March 2022 of £437,351.

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THE JOHN SCOTT CHARITABLE TRUST

Financial review

e Going concern

Having made appropriate enquiries, the Trustees are satisfied that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

The Trustees have considered going concern in light of the events surrounding the coronavirus pandemic. The operational aspects of the Trust do not change and the pandemic will have little or no adverse impact on the Charity’s current financial position other than the Possibility of the provision of financial support to those who may have suffered from the pandemic. In adopting a total return policy on its funds the Trustees will have some flexibility in making grants to suit the financial conditions prevailing at the time grant applications are being considered.

@ Reserves policy

The Trustees intend to provide grant assistance to the level of the Trust's income in each year. For this reason, they do not intend to build a reserve beyond the funds under management, which provides sufficient funds for current needs.

Structure, governance and management

e Constitution The John Scott Charitable Trust is an English registered charity, number 1127798, and is constituted under a Declaration of Trust on 22 December 2008.

e Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Declaration of Trust dated 22 December 2008. Mr Andrew Wemyss (who is also a Trustee) has the right to appoint and remove Trustees. Thereafter, Trustees will be appointed by resolution of the Trustees.

e Organisational structure and decision-making policies

The Trustees must hold at least one meeting each year and such other meetings as may be expedient. A meeting is quorate if there be two Trustees present, one of which is Mr Andrew Wemyss. Meetings may take place by suitable electronic means. . Resolutions are determined by simple majority, with the chairman of the meeting having the second or casting vote; each Trustee has one vote on each resolution.

The Trust contact is Mrs Pamela Hyder at the Principal Office address. She manages the day-to-day business of the Trust.

e Policies adopted for the induction and training of Trustees

Mr Andrew Wemyss appoints Trustees following consultation with them as to their suitability and following agreement that they are aware of their duties as Trustees and specifically the objects of the Trust.

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THE JOHN SCOTT CHARITABLE TRUST

Structure, governance and management (continued)

e Financial risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate the charity's exposure to all significant risks. The principal risk of loss of value of the invested funds is mitigated by providing the investment managers full discretionary management of the funds.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable io charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

® select suitable accounting policies and then apply them consistently;
° observe the methods and principles of the Charities SORP (FRS 102);
e make judgments and accounting estimates that are reasonable and prudent;
® state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
® 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 adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and 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 Declaration of Trust. 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.

Approved by order of the members of the board of Trustees on 9 November 2022 and signed on their behalf by:

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Andrew Wemyss { |
(Chair of Trustees) \ |
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THE JOHN SCOTT CHARITABLE TRUST

rey nye ey ssp denn INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 a Independent examiner's report to the Trustees of The John Scott Charitable Trust (‘the Charity’)

| report to the charity Trustees an my examination of the accounts of the Charity for the year ended 31 March 2022.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the tequiremenis of the Charities Act 2011 (‘the 2011 Act’).

| report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which Is referred to in the extant regulations but has been withdrawn.

| understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. | have completed my examination. | confirm that no matters have come ta my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act: or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a maiter considered as part of an independent examination.

| have na concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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. My work has been undertaken so that | might state to the Charity’s Trustees those matters | am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by jaw, ! do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my work or for this report.

Signed: J) Graham

Dated: 4 Noemi 102

D Graham FCA

Ryecroft Glenton 32 Portland Terrace Newcasile NE2 1QP

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THE JOHN SCOTT CHARITABLE TRUST

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

		Unrestricted	Total	Total
		funds	funds	funds
		2022	2022	2021
	Note	£	E	£
Income from:
Donations and legacies	3	6,250	6,250	1,250,000
Investments	4	132,342	132,342	104,123
Total income		138,592	138,592	1,354,123
Expenditure on:
Raising funds	5	68,389	68,389	57,284
Charitable activities	i	192,805	192,805	114,586
Total expenditure		261,194	261,194	171,870
Net (expenditure)/income before netgains on
investments		(122,602)	(122,602)	1,182,253
Netgains on investments		457,282	457,282	1,643,482
Net movement in funds		334,680	334,680	2,825,735
Reconciliation of funds:
Total funds brought forward		11,320,437	11,320,437	8,494,702
Net movement in funds		334,680	334,680	2,825,735
Totalfundscarriedforward		11,655,117	11,655,117	11,320,437

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 8 to 17 form part of these financial statements.

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THE JOHN SCOTT CHARITABLE TRUST

BALANCE SHEET AS AT 31 MARCH 2022

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	Note		2022 E		2027 £
Fixed assets
Investments	11		41,449,151		10,985,307
			11,449,151		10,985,307
Current assets
Debtors	12	2,862		254,252
Cash atbankand in hand		207,904		87,118
		210,766		341,370
Creditors: amounts falling due within one
year	13	(4,800)		(6,240)
Netcurrentassets			205,966		335,130
Total assets less current liabilities			11,655,117		11,320,437
Total netassets			11,655,117		11,320,437
Charity funds
Unrestrictedfunds	14		11,655,117		11,320,437
Tota!funds			11,655,117		71,320,437

The financial statements were approved and authorised for issue by the Trustees on 09 November 2022 and signed on their behalf ty: : ; i.

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Andrew Wemyss ["\ ‘ \
Trustee
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4 The notes on pages 8 to 17 fo in part of these financial statements. A |

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THE JOHN SCOTT CHARITABLE TRUST

eeeee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

General information

The Charitable Trust is registered with the Charity Commission for England and Wales, number 1127796. It's principal administration address is Torrie House, Newmills, Dumfermline, KY12 8HH.

The Charitable Trust is a grant-making charity.

2: Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The John Scott Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

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THE JOHN SCOTT CHARITABLE TRUST

0 a a i ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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2. Accounting policies (continued)

2.4 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on Investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

2.5 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequenily measured at amortised cost using the effective interest method.

2.6 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Income from donations and legacies

				Unrestricted funds 2022	Total funds 2022
				£	£
Donations	(including	gift	aid)	6,250	6,250
				Unrestricted	Total
				funds	funds
				2021	2021
				£	£
Donations	(including	gift	aid)	1,250,000	1,250,000

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THE JOHN SCOTT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. Investment income

		Unrestricted	Total
		funds	funds
		2022	2022
		£	£
	Income from listed investments	132,342	132,342
		Unrestricted	Total
		funds	funds
		2021	2021
		ga	£
	Income from listed investments	104,123	104,123
5.	Investmentmanagementcosts

			Unrestricted	Total
			funds	funds
			2022	2022
			£	£
Investment	management	fees	68,389	68,389
			Unrestricted	Total
			funds	funds
			2021	2021
			£	£E
Investment	management	fees	57,284	57,284

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THE JOHN SCOTT CHARITABLE TRUST

reer een rpeny NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Analysis of grants

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|||||| |---|---|---|---|---| |Grants|to|Total| |Institutions|funds| |2022|2022| |£|£| |Grants,|Direct|costs|183,000|183,000| |Grants|to|Total| |institutions|funds| |2021|2021| |£|£| |Grants,|Direct costs|703,000|103,000|

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THE JOHN SCOTT CHARITABLE TRUST

etOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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6. Analysis of grants (continued)

The Charity has made grants of £5,000 and above to the following institutions during the year:

	2022	2021
	£	E
Name of institution
Ocean Youth Trust	28,000	28,000
Scotland Bravest Manufacturing Company	30,000	10,000
SSAFA, Scottish Resource Centre	20,000	10,000
Link Living Limited	15,000	10,000
Clapton Common Boys Club	-	8,000
The Erskine Hospital	10,000	5,000
The Room Sixty ProjectAyr	-	5,000
Fife EmploymentAccess Trust	-	5,000
ABTThe Soldiers Charity	-	5,000
FifeYoung Carers	10,000	-
Scots Guard Charity	10,000	-
Royal Marines Charity	5,000	-
Bede House Association	5,000	-
Blesma, The Limbless Veterans Charity	5,000	-
Kinross-shire Youth Enterprise	5,000	-
London Youth	5,000	-
Helm Training	5,000	-
	153,000	86,000
Othergrants below£5,000 to 14 institutions (2021 - 9 institutions)	30,000	17,000
	183,000	103,000

1. Analysis of expenditure on charitable activities

Summary by fund type

						Unrestricted	Total
						funds	funds
						2022	2022
						£	£
Direct	costs	-	Grant	making	activities	192,805	192,805

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THE JOHN SCOTT CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

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|||||| |---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2021|2021| |E|£| |Direct costs|- Grant making|activities|114,586|114,586|

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Analysis of expenditure by activities

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|||||| |---|---|---|---|---| |Grant| |funding|of|Support|Total| |activities|costs|funds| |2022|2022|2022| |£|£|£| |Grant|making|183,000|9,805|192,805| |Grant| |funding|of|Support|Total| |activities|costs|funds| |2021|2021|2021| |£|£|£| |Grant|making|103,000|11,586|114,586| |Analysis|of support|costs|

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||||||| |---|---|---|---|---|---| |Grant|Tota}| |making|funds| |2022|2022| |£|£| |Accountancy fee|1,800|1,800| |Legal|and|professional|fees|960|360| |Independent|examination|fees|4,800|4,800| |Sundry expenses|2,245|2,245| |.| |Total|2022|9,805|9,805|

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THE JOHN SCOTT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Grant|Total| |making|funds| |2021|2021| |£|£| |Auditors|fee|6,240|6,240| |Accountancy|fee|1,200|1,200| |Legal|and|professional|fees|3,156|3,156| |Sundry expenses|990|990| |Total|2021|11,586|11,586| |Independent|examiner's|remuneration| |2022|2021| |£|£| |Fees|payable|to|the|Charity's|independent|examiner|for the|preparation|and| |independent|examination|of the|Charity's|annual|accounts|4,800|-| |Fees|payable|to|the|Charity's|independent|examiner|in|respect|of:| |The|preparation|and|auditing|of the|Charity|annual|accounts|-|5,440| |All|other|services|not included|above|-|800|

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Independent examiner's remuneration

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THE JOHN SCOTT CHARITABLE TRUST

A TE re yyy NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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10. Trustees" remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - ENIL).

During the year, no Trustee have had expenses reimbursed (2021 - ENIL).

11. Fixed asset Investments

			Cash held
		Listed	for re-
		investments	investment	Total
		£	£	£
	Cost or valuation
	At1April2024	10,165,504	819,803	10,985,307
	Additions	3,636,419	112,392	3,748,811
	Disposals	(3,571,039)	(171,210)	(3,742,249)
	Revaluations	457,282	-	457,282
	At 31 March 2022	10,688,166	760,985	11,449,151
	Net book value
		;
	At31 March 2022	10,688,166	760,985	11,449,151
	At 31 March 2024	10,165,504	819,803	10,985,307
12.	Debtors
			2022	2021
			£	£
	Duewithin one year
	Otherdebtors		2,862	254,252
			2,862	254,252
13.	Creditors: Amounts falling due within oneyear
			2022	2021
			£	£
	Accruals		4,800	6,240

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THE JOHN SCOTT CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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14. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1			Gains/	31 March
	April 2021	Income	Expenditure	(Losses)	2022
	£	£	£	£	£
Unrestricted funds
GeneralFunds	11,320,437	138,592	(261,194)	457,282	11,655,117

Statement of funds - prior year

					Balance at
	Balance at 1 April 2020	Income	Expenditure	Gains/ (Losses)	31 March 2021
	£	£	£	£	£
Unrestricted funds
GeneralFunds	8,494,702	1,354,123	(171,870)	1,643,482	11,320,437

Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted	Total
	funds	funds
	2022	2022
	£	£
Fixed asset investments	11,449,151	11,449,151
Current assets	210,766	210,766
Creditors duewithin one year	(4,800)	(4,800)
Total	11,655,117	11,655,117

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THE JOHN SCOTT CHARITABLE TRUST

rr, NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

SSN 15. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year .

Analysis of net assetsassets between funds- prior yearyear
	Unrestricted funds	Total funds
	2021	2021
	£	£
Fixed asset investments	10,985,307	10,985,307
Currentassets	341,370	341,370
Creditorsduewithinoneyear	(6,240)	(6,240)
Total	11,320,437	11,320,437

16. Related party transactions

During the year Andrew Wemyss, a Trustee, made a donation of £5,000 (2021: £1,000,000) to the Charitable Trust.

£960 (2021: £456) was also paid to Monteith Solicitors for professional fees. Thomas Monteith, a Trustee, is a partner of Monteith Solicitors.

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