2023-03-31-accounts

Charity number: 1127796

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THE JOHN SCOTT CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

THE JOHN SCOTT CHARITABLE TRUST

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CONTENTS

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |NN| |Page| |Reference|and|administrative|details|of the|Charity,|its|Trustees and|advisers|1| |Trustees’|report|2-5| |Independent|auditors’|report on the financial statements|6-9| |Statement|of financial|activities|10| |Balance sheet|11| |Statement|of cash flows|12| |Notes to the financial statements|13-23|

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THE JOHN SCOTT CHARITABLE TRUST

| ee reneee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

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Trustees	AndrewWemyss, Chairman
	Andrew Scott
	Daniel Scott
	John Clavering
	Thomas Monteith
Charity registered
number	1127796
Principal office	Torrie House
	Newmills
	Dunfermline
	KY12 8HH
independent auditors	Armstrong Watson Audit Limited
	StatutoryAuditor
	One Strawberry Lane
	Newcastle upon Tyne
	NE1 4BX
Bankers	C Hoare&Co 37 Fleet Street
	London
	EC4P 4DQ
Solicitors	Monteith Solicitors Park Farm
	Nairn
	V125RZ

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THE JOHN SCOTT CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2022 to 31 March 2023.

Objectives and activities

e 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 two organisations totalling £197,000 (2022 : £183,000 - twenty seven 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 £96,114 (2022: £68,389). Support costs of £13,799 (2022: £9,805) were incurred in the year.

The charitable trust reports a surplus of £2,438,023 (2022: deficit of £122,602) on activities before losses on the value of its investments of £798,058 (2022: gains on investments of £457,282).

e Investment policy and performance

The Trustees have instructed the investment managers to invest in a portfolio for maximum growth. In accordance with this policy the Trust's investments provided income of £203,033. Due to the continuing volatility in stock market conditions a loss on investments of £798,058 has occurred in the year, being £447,377 on the sale of investments and £350,681 of unrealised losses.

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THE JOHN SCOTT CHARITABLE TRUST

eee TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 a. —

Financial review

e Going concem

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 concer 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 financia! position other than the possibility of the provision of financial support to those who may have suffered from the pandemic. !n 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.

e 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.

e Financial risk management objectives and policies

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 within the constraints of the Trust's investment policy described above.

Structure, governance and management

e Constitution

The John Scott Charitable Trust is an English registered charity, number 1127796, 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.

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THE JOHN SCOTT CHARITABLE TRUST

a__—m TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 NS Structure, governance and management (continued)

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.

¢ 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.

Plans for future periods

The Trustees will continue to consider grants to applications within the objects of the Trust.

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 to 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:

• e 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; e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial staternents;

• ° prepare the financial statements on the going concer 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.

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THE JOHN SCOTT CHARITABLE TRUST

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

• ° so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• e that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Armstrong Watson Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 7 December 2023 and signed on their behalf by:

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Andrew Wemyss
(Chair of Trustees) \,
14)
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THE JOHN SCOTT CHARITABLE TRUST

ee INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE JOHN SCOTT CHARITABLE TRUST NN

Opinion

We have audited the financial statements of The John Scott Charitable Trust (the 'charity’) for the year ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• ° give a true and fair view of the state of the charity's affairs as at 314 March 2023 and of its incoming resources and application of resources for the year then ended;

• ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

• Practice; and

• ° have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable jaw. 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 United Kingdom, including the Financial Reporting Council'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 concem 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.

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THE JOHN SCOTT CHARITABLE TRUST

ee INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE JOHN SCOTT CHARITABLE TRUST

(CONTINUED)

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Other information

The other information comprises the information included in the Trustees’ report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Trustees’ report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materia! 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:

• the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or

• e sufficient accounting records have not been kept; or ° the financial statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we require for our audit.

Other matters

The prior period financial statements were not audited.

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such interna! 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 concem 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.

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THE JOHN SCOTT CHARITABLE TRUST

i LN INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE JOHN SCOTT CHARITABLE TRUST (CONTINUED) NN

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the regulations made under section 154 of that Act.

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 an Auditors’ report 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.

irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Charity, discussions with the trustees and those charged with governance, we considered that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Charities SORP (FRS 102), the Charities Act 2011, the Charities (Account and Reports) Regulations 2008 and UK tax legislation.

As part of the engagement team discussion about the susceptibility of the Charity’s financial statements to material misstatement due to fraud, we did not identify any areas with an increased risk.

Our audit procedures were designed to respond fo identified risks, including non-compliance with laws and regulations and fraud, which may have a material effect on the financial statements. Our audit procedures included but were not limited to:

• . enquiry of the trustees and review of any relevant correspondence with legal advisers regarding any ~ instances of non-compliance with laws and regulations and any actual, suspected or alleged fraud;

• ° communicating identified laws and regulations and the risks of fraud with our engagement team and remaining alert to any indications of non-compliance or fraud;

• . gaining an understanding of the internal controls established to mitigate risks related to fraud; . examining supporting documents for all material balances, transactions and disclosures; ° review of the minutes of the board of trustees; . review of accounting estimates for management override and bias; ° analytical procedures to identify any unusual transactions; . identifying and testing journal entries.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors’ report. 0

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THE JOHN SCOTT CHARITABLE TRUST

errr INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE JOHN SCOTT CHARITABLE TRUST (CONTINUED)

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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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Armstrong Watson Audit Limited

Statutory Auditor One Strawberry Lane Newcastle upon Tyne NE1 4BX 12 December 2023

Armstrong Watson Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE JOHN SCOTT CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Tota!|Total| |funds|funds|funds| |2023|2023|2022| |Note|£|£|£| |Income|from:| |Donations|and|legacies|3|2,541,903|2,541,903|6,250| |Investments|4|203,033|203,033|132,342| |Total|income|2,744,936|2,744,936|138,592| |Expenditure|on:| |Raising funds|5|96,114|96,114|68,389| |Charitable|activities|7|210,799|210,799|192,805| |Total expenditure|306,913|306,913|261,194| |Net income/(expenditure)|before|net|(losses)/gains| |on|investments|2,438,023|2,438,023|(122,602)| |Net (losses)/gains on investments|(798,058)|(798,058)|457,282| |Net movement|in funds|1,639,965|1,639,965|334,680| |Reconciliation|of funds:| |Total funds brought forward|11,655,117|11,655,117|11,320,437| |Net movement|in funds|1,639,965|1,639,965|334,680| |Total funds|carried forward|13,295,082|13,295,082|11,655,117|

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

The notes on pages 13 to 23 form part of these financial statements.

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THE JOHN SCOTT CHARITABLE TRUST

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BALANCE SHEET AS AT 31 MARCH 2023

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||||||| |---|---|---|---|---|---| |.|Note|2023£|2022£| |Fixed|assets| |Investments|11|43,206,093|11,449,157| |13,206,093|11,449,151| |Current|assets| |Debtors|12|§,023|2,862| |Cash|at bank and|in|hand|115,122|207,904| |120,145|210,766| |Creditors:|amounts|falling|due|within|one| |year|13|(31,156)|(4,800)| |Net current assets|88,989|205,|966| |Total assets|less|current|liabilities|13,295,082|11,655,117| |Total|net assets|13,295,082|11,655,117| |Charity funds| |Unrestricted|funds|14|13,295,082|11,655,117| |Total funds|13,295,082|11,655,117|

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The financial statements were approved and authorised for issue by the Trustees on 07 December 2023 and signed on their behalf by: {

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af
Andrew Wemyss
Trustee se é
The notes on pages 13 to 23 form part of these financial statements.
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THE JOHN SCOTT CHARITABLE TRUST

eee STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

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|||||||||| |---|---|---|---|---|---|---|---|---| |I| |2023|2022| |Note|£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|16|2,462,216|127,348| |Proceeds from sale|of investments|8,419,375|3,742,249| |Purchase|of investments|(10,974,373)|(3,748,811)| |Net cash|used|in|investing|activities|(2,554,998)|(6,562)| |Cash|flows|from|financing|activities| |Net|cash|provided|by financing|activities|-|-| |Change|in cash|and cash equivalents|in the year|(92,782)|120,786| |Cash|and|cash|equivalents|at the|beginning|of the year|207,904|87,118| |Cash and cash|equivalents|at the end|of the year|17|115,122|207,904|

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The notes on pages 13 to 23 form part of these financial statements

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THE JOHN SCOTT CHARITABLE TRUST

ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 I 1. Genera! 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, Dunfermline, KY12 8HH.

The Charitable Trust is a grant-making charity.

2. Accounting policies 2.1 Basis of preparation of financlal 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 financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts are rounded to the nearest £.

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

• 2.2 Going concern

At the time of the approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Therefor the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

• 2.3 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 donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.4 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 manage its investment portfolio. TTT Page 13

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THE JOHN SCOTT CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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2. Accountlng policies (continued)

2.4 Expenditure (continued)

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.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value using quoted market price 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.

2.7 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.

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

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

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THE JOHN SCOTT CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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3. Income from donations and legacies

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||||||| |---|---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2023|2023| |£|£| |Donations|(including|gift|aid)|2,541,903|2,541,903| |Unrestricted|Total| |funds|funds| |2022|2022| |£|£| |Donations|(including|gift aid)|6,250|6,250|

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1. Investment income

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||||||| |---|---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2023|2023| |£|£| |Income from|listed|investments|202,391|202,391| |Investment income|-|local|cash|642|642| |Total|2023|203,033|203,033| |Unrestricted|Total| |funds|funds| |2022|2022| |£|£| |Income from|listed|investments|132,342|132,342|

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THE JOHN SCOTT CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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5. Investment management costs

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|||| |---|---|---| |Unrestricted|Total| |funds|funds| |2023|2023| |£|£| |Investment management fees|96,114|96,114| |Unrestricted|Total| |funds|funds| |2022|2022| |£|£| |Investment management fees|68,389|68,389|

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1. Analysis of grants

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||||| |---|---|---|---| |Grants|to|Total| |Institutions|funds| |2023|2023| |£|£| |Grants,|Direct costs|197,000|197,000| |Grants|to|Total| |Institutions|funds| |2022|2022| |£|£| |Grants,|Direct costs|183,000|183,000|

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THE JOHN SCOTT CHARITABLE TRUST

eS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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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:

	2023	2022
	£	£
Name of institution
Ocean Youth Trust	30,000	28,000
Scotland Bravest Manufacturing Company	20,000	30,000
SSAFA, Scottish Resource Centre	20,000	20,000
Link Living Limited	5,000	15,000
Kircaldy andWemyss Scouts	20,000	-
The Erskine Hospital	10,000	10,000
Seamab School	20,000	-
FifeYoung Carers	10,000	10,000
Scots Guard Charity	10,000	10,000
RAFAssociation	5,000	-
The Royal Marines Charity	5,000	-
Combat Stress	5,000	-
Royal Marines Charity	5,000	5,000
Bede HouseAssociation	5,000	5,000
Blesma,The LimblessVeterans Charity	5,000	5,000
Kinross-shireYouth Enterprise	-	5,000
LondonYouth	5,000	§,000
Helm Training	-	5,000
Gurkhas Welfare Trust	5,000	-
	185,000	153,000
Othergrants below£5,000 to5 institutions (2022 -14 institutions)	12,000	30,000
	197,000	183,000

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THE JOHN SCOTT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure on charitable activities

Summary by fund type

						Unrestricted
						funds	Total
						2023	2023
						£	£
Direct	costs	-	Grant	making	activities	210,799	210,799
						Unrestricted
						funds	Total
						2022	2022
						£	£
Direct	costs	-	Grant	making	activities	192,805	192,805

1. Analysis of expenditure by activities

		Grant
		funding of	Support	Total
		activities	costs	funds
		2023	2023	2023
		£	£	£
Grant	making	197,000	13,799	210,799
		Grant
		funding of	Support	Total
		activities	costs	funds
		2022	2022	2022
		£	£	£
Grant	making	183,000	9,805	192,805

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THE JOHN SCOTT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

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|||||||||| |---|---|---|---|---|---|---|---|---| |Grant|Total| |making|funds| |2023|2023| |£|£| |Auditor's|remuneration|4,680|4,680| |Accountancy fee|7,800|7,800| |Legal|and|professional|fees|816|816| |Sundry expenses|503|503| |Total|2023|13,799|13,799| |Grant|Total| |making|funds| |2022|2022| |£|£| |Accountancy|fee|7,800|1,800| |Legal|and|professional|fees|960|960| |Independent|examiner's|fee|4,800|4,800| |Sundry|expenses|2,245|2,245| |Total|2022|9,805|9,805| |9.|Auditors'|remuneration| |2023|2022| |£|£| |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|auditor|in|respect|of:| |The|auditing|of the|Charity annual|accounts|4,680|-|

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THE JOHN SCOTT CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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10. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year, no Trustee have had expenses reimbursed (2022 - £NIL).

Key management personnel are considered to be the Trustees.

41. Fixed asset investments

			Cash held
		Listed	for re-
		investments	investment	Total
		£	£	£
	Cost orvaluation
	At 1 April 2022	10,688,166	760,985	11,449,151
	Additions	10,683,783	290,590	10,974,373
	Disposals	(8,312,674)	(106,701)	(8,419,375)
	Revaluations	(798,058)	-	(798,058)
	At34 March 2023	12,261,218	944,875	13,206,093
	Net bookvalue
	At31 March 2023	12,261,218	944,875	13,206,093
	At31 March 2022	10,688,166	760,985	11,449,157
12.	Debtors
			2023	2022
			£	£
	Duewithin one year
	Otherdebtors		5,023	2,862
			5,023	2,862

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THE JOHN SCOTT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Accruals	31,156	4,800

14. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1			Gains/	31 March
	April 2022	Income	Expenditure	(Losses)	2023
	£	£	£	£	£
Unrestricted funds
General Funds	11,655,117	2,744,936	(306,913)	(798,058)	13,295,082
Statement offunds- prioryear
					Balance at
	Balance at 1 April2021	Income	Expenditure	Gains/ (Losses)	31 March 2022
	£	£	£	£	£
Unrestricted funds
GeneralFunds	11,320,437	138,592	(261,194)	457,282	11,655,117

Statement of funds - prior year

1. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted funds	Total funds
	2023	2023
	£	£
Fixed asset investments	13,206,093	13,206,093
Current assets	120,145	120,145
Creditors due within one year	(31,156)	(31,156)
Total	13,295,082	13,295,082

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THE JOHN SCOTT CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Analysis of net assets between funds (continued)

Analysis of net assets between funds- prior year

	Unrestricted	Total
	funds	funds
	2022	2022
	£	£
Fixed asset investments	11,449,151	11,449,157
Current assets	210,766	210,766
Creditors due within one year	(4,800)	(4,800)
Total	11,655,177	11,655,117

16. Reconciliation of net movement in funds to net cash flow from operating activities

		2023	2022
		£	£
	Net income forthe year (as per Statement of Financial Activities)	1,639,965	334,680
	Adjustments for:
	Losses/(gains) on investments	798,058	(457,282)
	(Increase)/decrease in debtors	(2,161)	257,390
	Increase/(decrease) in creditors	26,354	(1,440)
	Netcash provided by operating activities	2,462,216	127,348
17.	Analysis of cash and cash equivalents
		2023	2022
		£	£
	Cash at bank	115,122	207,904
	Totalcashandcashequivalents	115,122	207,904

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THE JOHN SCOTT CHARITABLE TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Analysis of changes in net debt

					At 1 April		At 31 March
					2022	Cash flows	2023
					¢	£	£
Cash	at	bank and	in	hand	207,904	(92,782)	415,122
					207,904	(92,782)	415,122

19. Related party transactions

During the year Andrew Wemyss, a Trustee, made a donation of £2,541,903 (shares transferred) (2022: £5,000) to the Charitable Trust.

£816 (2022: £960) was also paid to Monteith Solicitors for professional fees. Thomas Monteith, a Trustee, is a partner of Monteith Solicitors.

Page 23

The John Scott Charitable Trust

Final Management Report

!

For the year ended 31 March 2023

This document is strictly private and confidential

ArmstrongWatson Accountants, Business & Financial Advisers www.armstrongqwatson.co.uk

. FINAL MANAGEMENT REPORT

31 March 2023

1. INTRODUCTION

a. Purpose This report has been prepared for the trustees of The John Scott Charitable Trust to bring attention to various matters arising from the audit of The John Scott Charitable Trust For the year enced 31 March 2023.

b. Responsibilities Details of the responsibilities of the trustees of The John Scott Charitable Trust are set Out In our engagement terms dated 24 November 2023.

Armstrong Watson Audit Limited, as auditor to The John Scott Charitable Trust, is responsible for forming an opinion on the financial statements. Details of our responsibilities are set out in our engagement terms. The audit of the Financial statements does not relieve management or those charged with governance of their responsibilities.

c. Limitations

Our audit procedures, which have been designed to enable us to express an opinion on the financial statements, have included the examination of the transactions and the controls thereon of The John Scott Charitable Trust. The International Standards on Auditing (UK) do not require us to design audit procedures for the purpose of identifying supplementary matters to communicate with those charged with governance.

Our audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for expressing an opinion on the effectiveness of internal control or to identify any significant deficiencies in their design or operation.

We have included in this report only those matters that have come to our attention as a result of our normal audit procedures and, consequently, our comments should not be regarded as a comprehensive record of all deficiencies that may exist or improvements that could be made.

This report is to be regarded as confidential to the trustees of The John Scott Charitable Trust and is intended for use by them oniy. No responsibility is accepted to any other person in respect of the whole or part of its contents. Before this report, or any part of[it,] is disclosed to a third party our written consent must be obtained.

d. Independence

Based on the information provided by you and our own internal procedures to safequard our independence as auditors, we confirm that there are no relationships between us and any of our related or subsidiary companies and you and your related entities creating an actual or perceived threat to our independence within the regulatory or professional requirements governing US as Your auditors.

The John Scott Charitable Trust

ArmstrongWatsorr Accountants, Business& Financial Advisers

FINAL MANAGEMENT REPORT

31 March 2023

Ng

2. AUDIT RISK AREAS

a. Significant Audit Risks

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b. Additional Risks Identified

We have not identified any additional risks during the audit process and therefore we have not had to amend our planned audit procedures.

a The John Scott Charitable Trust ArmstrongWatsort Accountants, Business& Financial Advisers

FINAL MANAGEMENT REPORT

31 March 2023

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3. SUMMARY OF ADJUSTMENTS

a. Adjusted Audit Differences There are no adjusted audit differences.

b. Unadjusted Audit Difference There are no unadjusted audit differences.

4. AUDIT FINDINGS

a. Matters Identified To Bring To Your Attention

There are no matters identified which we would like to bring to you attention.

b. Key Audit Judgements

There are no key audit judgernents which we would like to bring to you attention.

!

Cc. Qualitative Aspects of Financial Statements

There are no qualitative aspects which we would like to bring to you attention.

eee The John Scott Charitable Trust ArmstrongWatsort? Accountants, Business& Finandal Advisers

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7

FINAL MANAGEMENT REPORT

31 March 2023

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5. INTERNAL CONTROLS

Significant Deficiencies and Improvements In Internal Controls

We have not identified any significant deficiencies in the internal controls and have no significant recommendations on improvements in internal systems identified during the course of the audit.

6. AUDIT CONCLUSIONS

a. Significant Difficulties Encountered During The Audit No significant difficulties were encountered during the audit. We would like to thank you for your assistance throughout the engagement.

b. Written Representations A letter of representation will be signed on behalf of the trustees prior to the audited accounts being issued. Please note that we will not be seeking any specific representations.

c. Audit Opinion We anticipate that we will issue an unmodified audit report on the financial statements of The John Scott Charitable Trust, subject to the trustees approving the accounts as presented to us. .

d. Acknowledge of Final Management Report

We acknowledge receipt of the final management report on behalf of those charged with governance

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ICAEW Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered Y office is James Watson House Montgomery Way, Carlisle, CA12UU where a list of members is kept Armstrong Watson LLP Soe ors is regulated by the Institute of Chartered Accountants in England and Wales for a range ofinvestment business activities. Uniess otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their Capacity as such. ale Armstrong Watson Audit Limited is registered to carry on audit work in the UK by the institute of Chartered Accountants in England and Wales. Registered as Watson House Montgomery Way, Carlisle, CAT2UU. cs a limited company in England and Wales, number 8800970. The registered office is James Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542722. Registered asa licnited company in England and Wales, number 7208672. The registered office is Jarnes Anew at Watsonstyle of HouseArmstrong Montgomery Watson Financial Way, Carlisle,Planning CA12UU. ArmstrongLimited. Watson Finandal Planning &Wealth Management is a trading CnsDss Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The ntarndet hn aera frm registered office is James Watson House Montgomery Way, Carlisle, CA12UU.

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