Charity number: 1127796 THE JOHN SCOTh CHARITABLE TRUST UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE JOHN SCOTh CHARITABLE TRUST CONTENTS Page Referen¢e and admffinffistrativÈ details of the Charity. its Trustees and qdvisèffs Trustees. report Independent examlnerfs report statement of financial acttvitles BalanGe sheet Notes to the ftnancial 5tstements 8-17
THE JOHN scorr CHARITABLE TRUST REFERENCE AND ADMINIsTRATp DETAILS OF THE CHARI. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Andrew Wemyss. Chaiman Andrew Scott Daniel Scott John Clavering Thomas Monteith Charity regist¢rod number 1127796 Prfnclpal office Torrie House Nèwmills Dunfemiline KY12 8HH Accountants Ryecroft Glenton Chartered Accountants 32 porand Teace New(we upon T5ne NE2 1QP Bankars C Hoare & Co 37 Fleet Str&t London EC4P 4DQ Soll¢ltors Monteith Solicitors Park Far Naim IV12 5RZ Page 1
THE JOHN SCOTh CHARrrABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together wth the financial ststements of the Charity for the year year1 April 2023 to 31 Marc* 2024. Objectives and activlties • Pollcles and objectlves The objects ofthe Twst are: The advanment of the education of. and the relief of poverty among, young people (being prfnapal but not exdustvely those under 251 and in particular, but without restriction, the support of youth clubs and similar bodies promoting the recreatton and the peOnal. social and aconomic development of disadvantsg&d young people in London and In and around Greenock and Wemyss bythe provision of grants, goods and serwces" and bl The relief of suffgring and alleviation of hardship caus8d by injury, illness or povaty among present or fomier membttrs of His MajeSS Armed Forces and theirfarnilies. In setting objaetives and planning for actNities. the Trustees have gNen due consideration to general guidance published by the Charity Commission relatir)g to public benefit, induding the guidance 'Public benefft- running charity (PB2)'. • Grant-making policies Grants are made by the Charitsble Trust on appllc2Uon In wrttsng. Success of the application is subjecl to the Trustees. deasion to support and is dependeAt on its merit within the objects of the Trust. AGhigvements and perfomiance Review of actlvities Durlng the year the Trust has made grants to thity nlne organisations totalling £242,500 12023 . £197.000 - enty tsvo organisations). each providing substantial benefit to diverse members of tha public. These are detailed at note 6 to the financial statements. Inwme was generated in the year of £239,29612023: £203,033) from investments and management fees were Incurred in the year of £80.725 {2023.. £96,114). Support costs of £14,323 (2023: £13.799) were incurred in the year. The Trust reports an operating defictt of £98.252 {2023: surplus of £2,438,023) on activities before gains on the value of its investments of £1,243,57512023.' loss on investments of £798,058). Invgstment policy and performance The Trustees hav& instructed the investment managers to invest in 8 portfolio for maximum growth. Due to the recovering stock market CondOnS a gain on investments of £1,243.575 has OCCUTred in the year, being £123.374 on the sale of investments and £1,120.201 of unlIsed gain& Page 2
THE JOHN SCOTh CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Going concern Having made apprgpriate enquiries, the Trustees are satisfied that the Charity has adequats resources to continue in operational eKstence for the foreseeable future. For this reason. they continue to adopt the going c£Jn¢em basis in preparing the flnancial statemerrts. • Resarves pollcy The Trustees intend to provtde grant assistan to the level of the Trusvs income in each year. For this reason, they (to not intend to build a reserve beyond the fijnds under management, which provides sufficierrt funds for current needs. Structure. governance and management • Constitution The John Scott Charitable Trust is a chartty registered in Englané. numb8r 112T196, and is constitijted under a Dedaration of TnJsl on 22 December2008. Methods <rf appointment or election of Trustee5 The management of the charity is the responsibility of the Truste&s who are elected and co-opted under the terms of the Declaration of Trust dated 22 December2008. Mr Andrew Wemyss (who is also a Trustee) has the rfght to appoint and remove Trustees. Thereafter. Trustèes will be appointed by r8s01ution of the Trustees. • Oryanisational strueture and decisionrymaklng policios The Trustees must hold at least one meeting each year and such other meetlngs as be expedienL A meeting is quorate if thare be tsvo TnJstees present, one of which is Mr Andrew WemyBS. Meetings may take place in person or by suttable electronic means. Resolutions are detemiined by simple majority, with tha chaimian of the meetlng havTng the second or casting vote. each Trustee has one vote on each resolution. The Trust contact is Mrs Pam&la Hyder at the Prinrypal offi address. She manages the da*to-day busin&8s ofthe Trust. • Policles adopted for the induction and training of Trustaes fvlr Andrew Wemyss appoints Trustees following consultation with thtrrn as to their suttabli ity and followtng agreement that they are aware of their d1&9 as Trustees and specifically the objects of the Trust Plans for futura periods Thè TnJstee$ will continue to consider grants tu applioztions wthin th8 objects of tha Trust. Page 3
THE JOHN scorr CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Ttee$, responsibÉlities The Trustees are responsible for preparing the Trustees, report and the financial staternents in accordan wth applicable law and United lfjngdom Accounting Stsndards (uned lfjngdom GenerlY Accepted Accounting Practice). The law applicabl6 to charites in England & Wales requires the Trustees to prepare financTal statements for each financial year whitsh give a true and fair view of the stal8 of affairs Df thè Charity and of its incoming resources and applioztion of resources, induding its income and expenditure. for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP IFRS 102}', make judgments and aUnting estimates that are teasonable and prudent., stste whether applicable UK Accounting Standards IFRS 102} have been followed. subject to any material departures disclosed and explained in the financaal statements. prepare the financial statements on the golng COnM basis unless it is inappropriate to presume that the Charity wll continu8 in business. The TnJstees are responsible for keeping adequate accounting re¢ords that are sufficient to show and explain the Charitys transactions and disdose with reasonable acLuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply wtth the Chartties Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Declaration of Trust. They are also responsible for safeguardlng the assets of the Charity and hen for tsknng reasonable steps for the prevention and detection of frdud and other irregularities. Approvod by order of the members of the board of Trustees on 19 July 2024 and signed on their behalf by. Andrew Wemyss (Chair of Truste8sI Page 4
THE JOHN scorr CHARABLE TRUST INDEPENDENT EK4MINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Indepèndent examineV$ report to the TTUStees of Tho John Scott Charitable Trust rthe Charlty) I report to the charity Tnjstees on my examination of th8 aeo)unts of the Charity for the year enéed 31 Marth 2024. Responsiblllties and basis of report As the Trustees of the Charity you are responsible for thè preparation of the a(uunts in accordanc8 Wth the requirements of the Charities Act 2011 Cthe 2011 ACYI. I report in respect of my examlnation of the Chartys accounts carried out under section 145 of the 2011 Act and in (xrrying out my examination I have ftillowed the applicable Directions given by the Charity Commission under sedion 145{5)(bl of the 2011 Act. Independent examingr's statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Chartbes: Stslemenl of Recommended Practice appliLzble to charities preparing their accounts in accordance with the Financ(al Reporbng Standard applicable in the UK and Republic of Ireland {FRS 1021 in preference to the Accounting and ReportSng by Charfties: Statement of Recommended Practlce issued on 1 April 2005 whith is refeed to in the extant regulations but has been withdrawn. l understand that this has been done in order for the ac(unts to provide a true and fair view In accordan the Gener811yAcceptÈd Aceounting Pctice 8ffe(*v8 for reporbng periods beginning on or after 1 January 2015. I have completed my examination. I confim that no matters have come to my attention in nneCtion wth th8 examination gwing me cause lo believe that in any material respe¢L' acGounting records were not kept in resped of the Charity as required by section 130 of the 2011 Act,. or the accounts do not acu)rd with those records. or the accounts do not comply with the appli¢xble requirements conc8ming the fom) and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gtve a Irue and fairf view which is not a matter considered as p2rt of an independent examination. I have no concems and have come across no other matters in connection with the examination to wh5 attention should be drdwn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charivs Trustees, as a body, in a¢cordance with Part 4 of the Charities (Accounts and Reports) Regulation$ 2008. My work has been undertaken so that I might state to the Charitys Trustees those matters l am required to state lo them in an Independent examinerfs report and for no other purpos&. To the fullest extent permitted by law. I do not apt or assume responsibility to anyone other than the Chartty and Ihe ChariV5 Trustees as a body, for my work orfor this report. Signed= Dated.. D Graham FCA Ryecroft Glenton 32 Portland Tea Newcaslle NE21QP Page 5
THE JOHN SCOTh CHARITABLE TRUST STATEMENT OF FINANCIAL AGTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Totsl funds 2023 In¢ome from: Donation5 and legaci8S Investments 1541.903 203,033 239,296 239.296 Total Sncome 239,296 239,296 2,744.936 Expenditure on.. Raising funds Charitable actvibes 80,725 256,823 80.725 256,823 96.114 2tO.799 Total expendrture 337,548 337,548 306,913 Net (expendSturèyincome before net gainsl{losses) on investments Net gainslllossesl on investments 198252) 1,243.575 (98.252) 1,243,575 2,438,Q23 (798,058) Net movement In funds 1,145.323 1,145,323 1,639,965 Recon¢iliation of fijnds: Total fund5 brought forward Net movemerkt in funds 13.295,082 1,145,323 13,295.082 1.145.323 11,655, 117 1.639,965 Total funds carried forward 14,440,405 14A40,405 13,295.082 The Ststement of finanL¥al activfces indudes all galns and losses recognised in the year. The notes on pages 8 to 17 fom part ofthese financial statements. Page 6
THE JOHN SCOTh CHARrrABLE TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Fixed assets Investrnents 14299,691 13,206,093 14,299.691 13,206,093 Current asséts Debtors Cash at bank and in hand 12 17,112 153,833 5,023 115, 122 170,945 120.145 credito.. amounts falling due within one 13 (30,231) (31,156J Net current assets 140.714 88,989 Total assets less current liabllities 14.440,405 13.295,082 Total net assèts 14440,405 13,295,082 Ch8rity funds Unrestricted funds 14 14A40.405 13,295,082 Total funds 14,440,405 13.295.082 The finanual statements were approved and authorised for issue by,the Trustees on 19 July 2024 and signed on their behalf by. Andrèw Wemyss Truslee The notes on pages 8 to 17 fomi part of thèse finanrial slgterrtenl& Page 7
ThE JOHN SCOTh CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General inforrnation The Chartiable Twst is registered with the Charity CommissiDn for England and W81es, number 1127796. Irs principal administration address is Torrie House, Newmills. Dunfemilinè, KY12 8HH. The Charitable Trust ks a grant-maknng charity. Accounting policies 11 Basis of preparation of fsnanclal ststements The financial statements have been prepared in accordance with the Charities SORP (FRS 1 U21- Acwjntlng and Reporling by Charities: Stsl8ment of Recommended Practi applicable to chariknes preparing their accounts in accordance wtkh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reportsng Standard appli(*ble in the UK and Republic Df Ireland (FRS 102) and the Charities Act 2011. The finandal statements have been prepared to give a and fairf wew and have departed from the Charites (Accounts and Reports) Regulations 2008 only to the extent required to provide a Irue and fail view. This departure has involved folloMng the Ch3rities SORP IFRS 102) published on 16 July 2014 rather than the Accounting and Reporbng by Charities: Statement of Recommended Practi effectlve from 1 Aplll 2005 which has since been wthdrawn. The financial statements are prepared in sterfin9, whith is the fvn¢tional currency of the TrusL Monetary amounts are rounded to the nearest £. The John Scott Charitable Twst meets the definition of a public benefit entity under FRS 102. Assets and liabilibes are inibally recognised at historical cost or transaction value unless otheNise stated in the relevant aunting policy. 2.2 Going concern At the time of the approving the flnancAal statsments. the Trustees have 8 reasonable expectation that the Trust has adequate r&sources trj continue in operational eSten for the foreseeablè future. Therefore th8 Trustees continue to adopt the going concem basis of acts)unting in prepallng the nancial statements. 2.3 Income l income is rewgnised once the Charity has enternent to the income. tt is probable that the income wll be received 8nd the amount of income re1vable tan be measured reliabty. Income tsx recoverdble in relation to donations received under Grft Aid or deeds of covenant is recognised at the time ofthe donation. 2.4 Expendlture Expenditurè Ss recognised once there is a legal or constructive obligation to transfer economic benefft to a third party. it is probable that a transfer of economic benefrts wlll be required in settleTnant and the amunt of the obligation can be measured reliably. Expenditure on raising funds indudes all expendÈture incurred by the Charity to manage its invesbn8nt portfolio. Page 8
THE JOHN SCOTh CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Counting policlg$ {contlnued) 2A Expenditure (Continued) Expenditure on charitable activiti8s is incurred on directly undertaking the athtses which furth8r the Charfws objadives, as well as any associated support costs. Grants payable are charged in th8 year when the offer is made eXpt In those Gases where the offer is conditional. such grants being recognised as expenditure when the condthons attaching are fulfilled. Grants offered subject to conditions which have not been met at the year gnd are noled as a commitment, but not accnJ8d as expenditure. l expenditure Is IncJuslve of IrcoverSbIÈ VAT. 2.5 Interest receivable Interest on funds held on deposit is induded when receivable and the amount L7n be measured reliab by the Charity. this is normally upon notThfjc2ton ol the interest paid or payable by the Institution with whom th8 fiJnds ara d8POSited. 2.6 Investments Fixed asset investments are a form of finanoal instrument and are iniknally re¢ognised at their transaction cost and subsequenly measurèd al fair value using quoted market pri at the Balance gheet date , unless the value cannot be measured reliably in which case it is measured at cost18ss impaimient. Investsnent gains and losses, whether realised or Unreised, ar8 CDmbined and presented as 'Gains]{Losses) on investrnerrts, in the Statement of financtal activities. 2.7 Debtors Trade and other debtors are rewgnised at the setttement amount after any trade discount offered. Prepayments are valued at the amount prepald net of ary trade discounts due. 2.8 Cash at bank and in hand C8sh at bank 8nd in hand includes cash and short-temi highly liquid investments with a short matuiity of three months or less from the date of acquisition or opening of the deposit or similar accounL 2.9 Liabilities Li8bilities are recognised when there is an obligation at the Balance sheet date as a rosult of a past evenl, it is probable that a transfèr of e¢onomi¢ b¢nefit will be required in settlemenL and the arnount of the sotNement can be estimated reliably. LIabile5 are recognised at the aTnount that the Charity antic?pates it will pay to settle the debt or the amount it has reWed as adVand payments for the goods or SerS rt must provÈde. 2.10 Fund accounting General funds are unrestrithd fvnds whith are available for use at the dis¢r?tion of tho Trustees in futherance of the general objectives of the Charity and which have not been designated for other Purposes. Invesknent income, gains and losses are allocated to the approprÈate fund. Page g
THE JOHN SCOTT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from dOaan$ and legaci85 Unrestricted funds 2024 Total funds 2024 Donations (Including gift aid) Unrestricted funds 2023 Totel lunds 2023 DOnaon$ (intluding grft aid) 2.541,903 2.541,903 IrNestsnent income Unrestricted funds 2024 Total funds 2024 Income from listed investments Invesbnenl income from bank dewsits 237,308 1.988 237.308 1.988 Total 2024 239.296 239.296 Unrestrided fvnds 2023 Total fvnds 2023 Income from listed invesknents Investment income from bank deposits 202,391 642 202,391 642 203,033 203,033 Page 10
THE JOHN sco CHARITABLE TRUST NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 Investment management ¢08ts Unr8stricted funds 2024 Total funds 2024 Investment managernent fees 80,725 80.725 Unr&stnded fvnds 2023 Totsl fvnds 2023 Investment managem9nt fees 96,114 96,114 Analysls of grants Grants to Institutions 2024 Total funds 2024 Grants, DlreGt costs 242.500 242,500 Grants to Institthions 2023 Total fvnds 2023 Grants, Diroct cx)sts 197,000 197,000 Page11
THE JOHN sco CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PURCH 2024 Analysis of grants (continued) The Charity has madè grants of above £5.000 to the following institutions during the year. 2024 2023 Name of iTJStitutlon Ocean Youth Tnjst Seoland Bravest Manufacturing Company SSAFA, Scottish Resource Centre Greenock Medical Sociaty rLzldy and Wemyss Scouts Seamab School The Erskine Hospital Fife Young Care The Scots Guards Charfty The Royal Marines Charity 35,000 20,000 20,000 20,000 30,000 20,000 20.000 20.QOO 20,QOO 10,000 10,000 10,000 10.000 10.000 10.000 10,000 10,000 10.000 145,000 150,000 Other grants £5,000 and belowto 30 institubons12023- 13 instMons) 97,500 47,000 242.500 197.000 Page 12
THE JOHN SCOTh CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charftable activities Summary by fundtype Vnrostricted funds 2024 Total 2024 Direct CA)sts- Grant making activSt18S 256,823 256.823 Urtr8Stricted funds 2023 Total 2023 Direct Costs- Grant making activities 210,799 210,799 Analysis of expendÈture by activÈti8$ Grant funding of activities 2024 Support Costs 2024 Total funds 2024 Granl Man9 242.500 14,323 256.823 fvnding ol 8Gtivibes Support costs 2023 Totsl fvlpds 2023 2023 GRrrt making 197,000 13,799 210,799 Page 13
THE JOHN scorr CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditurè by activities (continued) Analysis of support costs Grant making 2024 Total funds 2024 Accountsncy fee Legal and professlonal fees Independent examination fees Sundry eypenses Trustees expenses reimbursad 3,780 7,122 1.SOO 603 1,318 3,780 7,122 1.500 603 1.318 Totsl 2024 14,323 14,323 Grdnt maknng 2023 Totsl fvnds 2023 Auditors fee Accountancy fee Legal and professional fees Sundry expènses 4.680 7,800 816 4,680 7,800 816 503 503 Total 2028 13.799 13,799 Independent examinerfs remuneration 2024 2023 Fees payable to the Charitys independent exarninerforthe preparation and independent examination of the Charitys annual a¢counts Fees payablè to the Charitys independent examiner in respect ot. All other Servi not in(4uded above 1.500 3.780 In 2023, £4,680 was paid to the auditor for audit services. Page 14
THE JOHN SCOTh CHAR]TABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Trustges. remuneration and expense5 DuiTng the year, no Tnjstees received any remuneration or other benefits (2023- £NIL). During fhe ypar, Trustees, expenses of £1.318 have been r8imbursed in respect of 2 Trustee512023 - £NIL). Key management personnel are considered to be the Trustees. 11. Flxed assèt investments Cash held Llsted for re- investments investment Total Cost orvaluatlon At 1 April 2023 Addtbons Disposals RevaluatiDns 12,261.218 944.875 13206.093 5,OZ8.337 5,440,593 10.468,930 {4700.6871 (5.918,2201 (10.618.907) 1,243.575 1243,575 At 31 March 2024 13,832,443 467.248 14299,691 Net book value At 31 MaJch 2024 13.832.443 467,248 14.299.691 At 37 March 2023 12,261,218 944,8T5 13.206.093 12. Debtors 2024 2023 Due wlthin one year Other debtors 17,112 5,023 17,112 5.023 Page 15
THE JOHN sco CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Creditors". Amounts falling due within one year 2024 2023 Acmals 30.231 31,158 1& Statement of funds statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gain51 (Losses) Income Expenditure Unrestricted funds General Funds q3.295.082 239.296 (337.548} 1.243,575 14A40.405 statement of funds - prfor year Balance 8t 31 March 2023 Balanc& 8t 1 Apnl 2022 Gaffn [LOe$) Incom& Expenditure Unrostricted funds General FLtnds 11,6S5,IIT 2,744,936 (306.913) r798.058J 13.295,082 15. Analysis of net assets between funds Analysis of net assets between funds . ¢uffent Poriod Unrestricted funds 2024 Total funds 2024 Fjxed asset investrnenls Curr8nt aet8 14.299,691 14299.691 170,945 170.945 {30,2311 {30.231) Credltors due within one year Total 14,440,405 14W,405 Page 16
THE JOHN sco CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Analy$is of net assets betsveen funds {¢ontinued} Analysls of net assèts between funds - prior period UnrestrRrted funds 2023 Total funds 2023 Frxed asset investments Current assets 13,206,093 13,206.093 120.145 120. 145 (31.756J (31, 156) Cr9ditors due within one year Totsl 13,295,082 13,295.082 16. Related party transactions Mr Andrew Wemyss, a Trustee, made a donation in 2023 of £2,541,903 wa share transfers to the CharElable Tnjst. No such donations were made in 2024. £7,122 12023.. £8161 was paid to Monteith Solicitors for professlonal services and cle$ fees. Thomas Monteith. a Trustee, is a pather of Montekh Solicitors. Pag8 17