THE SCS TRUST REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2022 Charlty number. 1184007 THE SCS TRUST IN DEX Ye•r ended 31 December 2022 General inf0m￿tIon Report ol the Trustees Imdeptndent txarniner's report Ststwnent ol flnancial activities B*laTrce sheet Statement of cash tlows Notss to the financ1￿ statements 10 THE SCS TRUST GENERAL INFORMATION Year ended 310etember 2022 Establlshed by de•d 17Au8USt2017 Charlty number 1184CQ7 Truit¢es S C Swire C l D Todhunter The Hon. R W R T Stonor Poww to appoint new Trustee5 W75 vested ITr the settlpr during his liferirne and thereafter in the TrLVAtpes under their Statutory powers. Stttlor sc&￿re Trnst fund ÉIO. further setdements. accumulation of incom4 wital accretion or otherwise and property repre5enwn8 the Obl¢cts Such exclusively charitable purp¢)ses for the benefit of the publlc as the Trustees shall in their discretyon think fiL Accumulati( During the period 21 years from the date of the Trust Deed, the Trurtees have power to a£cumulate the whole or any part of the income of the Trust Fund. Investments The Trustees have powers of investment as rf absolutety entided to the Trust Fund benefickilty. including a power to invest surplu5 in¢ome. Banker5 Couu5 & Co 440 Strand London WC2R OQS Indep•nd•nt Ex￿11￿•r D￿0￿ Wilson 22 Chancery Lane London WC2A I LS Address Swlrt House 59 8uckiThzharn Gate London SWIE6AJ THE SCS TRUST REPOR T O F THE TRUSTEES Y•*r •nd¢d 31 D¢c¢mb¢r 2022 The Trustees presert their report and financlal statements of the tharity for the year ended 31 December 2022. The financial statements have been prepared In accordance the accounting policies set out ¢Tr note l of the financial statements and with the Accountlng and K¢p¢Jrting by Charwe& Statement of Recommended Practyce applicable to Char￿e$ preparing thelr aCCtsLtnts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. This report should be read in conjunttion with the lnfvrmation on page Structyrn. governance and managemont The SCS Trust is an unincorporated charlty. conrtrncted under a Trust deed dat*d 17 August 2017 and 15 a rewstered charity, number 1184007. The power ta #ppoint new Trustee5 1$ vested ir* the Settlor during his lrfetime. Resptsnsibllity for the Imduttion of all new Trustees. which involve5 awareness of the history and approach of the ¢harity and aft ufidtrstandlng of a Trustee's duties, Ilts with the Chair. A New Trustees rece¢¥e detsiled information about the Chari￿￿ zovernlntr, grant maknng* and financial position, including copies of Charity Commission guidance for trusiee& the tharity's governin8 document. and the annual report and accounts. The Trustees are dreetly responslble for the managemeni of the charity. The Trustees agree the charity's stfdtegy. revitw and approve donations aThd grants. and oversee the charity's governance, Includlng rhe Investmeni ￿serveS. and rlsk manwment policie5. which are reyiewed annualty. The Trust deed provides the Trustees wlth broad p¢>wers io Ereate polices to 5UPPOrt the managemenk governance. and administration of the charlty. At the Trnstets. rneetin& the Tru5¢ee5 ayee the strategy of the Trus¢ including COAsideration of donation makin& In￿rments. reserves and risk marta8ement policies. The day to day administration of th charity is rarried Qui by john Swire & Sons Limitsd. Grant maklns pollcy The Trustees meet to Consider what 8rantsldonations they wll rnake and to review any feedback they have received. The charity doES no¢ run open fundlng programmes or encourage appli¢atltsns. Most p¢x¢ntial grani holders are initialty identrfied by the Tru5t*es. Due thllgence Is then undErtaken by a small team on behalf of the Trustees before grants are agreed. Oryanlsatk*ns seeking funsthry are usually required to submit a request explai*ing how funds would bE used and wh*t would be a¢hieved. AJI requests for funding ar• minaged onlin Oblertlvei. actlvltlw and achlevem•nts for the publlc beneftt The objective ol the Trust 15 to provide donations and 8rant5 to charmes in the United Kingdom and elsewhere. In the year ended 31 December 2022. the Trust made dtshations and grants totalling £32.511012021- £375,0110). The Tru5Tres intend to continue to provide support to their chosen charitable causes. The Trustees. having ryd to the public benefit 8uidance published by the Charity Commlsslon In accardante wlth section 17 of the Charities Act 201 l. consider that the purpose and of the charity 5ati5fy the reqvirements of the public benefrt test set out in the section 4 of the same ACL Invè5trnent poll(y rhe Trustee5' principal resource5 arise from donations to the TrusL Thè Trustees maintain i cash balance in order to prwde a fund to meet grants and donations which they wish Lo make in exces5 Of donav¢7ns received in any parricular year. THE SCS TRUST REPOR T OF THE TRUSTEES Year ended 31 December 2022 In thls r¥drd the Trusteps have noted the statutory duty of (are required by the Trustee Act 21YXI. in relation to their holdin8 Suitable invesrrnents and the need for diversification ol investments so far as is appropria￿ ¢0 the circumstance5 of the Tru5L The Trustees. overall investment objective ￿ to achiève a level ol Investment Income gr¢)wth which at least matche5 the rate ol Inflation. while protetdng the value of the charlty's c¥Jltal ral ternis. Fithanci￿ review The iTrve5tments held in the portfolio with Newton have perforrned adyersely during the year. with the market value of the inve5trnents decreasing by 8.6%. At the year end the balance on the unrestAtted lund was £242.028 P021 - £147.21S)- Donadons retelved in the year of £250,00012021- £406.2501 were to the expendable endowmeTrt hJn& in order to build a sulficient capitsl from whith ¥ncom* will be generated ta rnake donauons fgr rnany year5 to come. DiYid*nd5 of £136.688 were received In the year t2021- É121190). Under the governing documenk the Trustees have the power to coTrvert the expendable endowment funds to uTrrescricted lund$ and the Trustees traThslerred £nil12021- £ndl to cover the deficit arising in the prior year. Reservts poSity The Trust was rreared in August 2017 and pro￿deS th¢ Trustee5 wide powers tsl discretion EO distnsute rh* donations and other income of the Trust fund lor charitable purposes as the Trustee$ determine. It has been the Settlor's and Trustees, intention that the Tru$t fund should be able to 8row durin8 the accumulation period w the help of accumulation of incorne. Once income 15 accumulated. it becomes an addition to the Trust'5 captsl. The Trustees dtstussed the Treed for re$er¥es, And ¢on¢luded that nc* re$¢r¥es need to be rat￿ned whllst the power to accumulate Income r•malns available. Key m4n4gement personnel remuneratlon The Trustees consider the Board ol Trustees as comprising the key management personnel of the charity in charye of directing and controlling the charity aTrd operating the charity on a day-to-day basis. All Trustees wve their time freely and no Trustee remuneration or expense reimbursements were paid In the year. Risk management The major r45ks to which the Trust may be exposed. as identrfied by the Trustees have been reviewed to confirm that Systems, where appropriate, exist to mitypte those risks. The principal risks faced by the charity lie in the Fxrformance of the investrnents and risks frorn ineffertFYe zrant making. The Yariability ol investment returTr5 15 the charity's major fiTrancrdl risk. It mitygates this risk by rerainin¥ expert investment advisors and having a diversrfied investment portfolio. The risk from ineffective grant-making is mitigated by carrying out re5ear£h on charitable institutions to estabjish whether potential donations will be used effetttvely and in furtherance of this charity's own objectives. THE SCS TRUST REPOR T OF THE TRUSTEES Year ended 310eeember 2022 Trjstew. re$ponglblll￿ej in relation to the filwicid Statements The Trustees are responslble for preparlng the Truste¢s' report and the financi￿ statements in acwrdanEe with applK*ble law and Urlited Klngdum Accourtlng Standard5. The applicable to chari¢fju in England and Wales requires the Trustees to prepare financlil ststements for èach financi￿ year which &ve a true and [￿r view of the state of affairs ol the charity and of the incorning resource5 and appliGltion of resources of the charity for that period. In preparing thest financial sta¢ernen¢& the Tru5tee5 are required to.. select suitsble accoundng polities and then appty them Eonsistentlr. obs¢rye th¢ m¢thoth and principles of the Charities SORP,. make jud￿ents and accounting estimates that are reasonable and pruden¢ state whether applicable accounting standards have l)een followed Subject to any dEpartyJre5 dixloxd and explained in the finantil $tatement¥ and prepare the tinanclal statements on rht gtsing conttrn basi5 unle55 It 15 inappropriate to PreS￿e that the hiriw will Conunue in busine5& The Trustee5 are responsible for keeping xcounting Tecorth which disclose with reasonable accuracy the firRnci posiuon of the charity and enable them to ensure that the fina￿la1 staternents compiv with the Charities Act 2011. the Charlty (Ac¢ounts and Reptsrrsl RegU￿￿On￿ 2008 and the provisions of the Trust deed They are a150 resptsn5iblE for 5alegu3rdin& tbe assets of the charsty and herKe for taking reasonable steps for the prevention and detection of fraud and other irregularltlÈs. 5 C SWIRE For the Truststs AI CL+ole f 2023 THE SCS TRUST I N DEPEN DENT EXAM INER'S RE PO R T Year ended 31 D*cemb•r Z022 Indepondent thmIne￿$ report to the trugtew of The SCS TruiL I report to the trustees on my txamin3ti0fi ol the accounts of the Trurt for the year ended 31 December 2022. R•sponslbllltlos and bash of report As the charity trustees of the Trust yau are re¥¥onsibJe for the preparation of the accounts in accordance the requirements ol the Charfrtè¢s Att 2011 {'th¢ knt). You are satisfied that an iudit 15 not required for this year under charity law and that an Independent examlnatlon 15 needed. I report in respect of my examlnadon of the Trust's accounts carried out under Section 145 of the 2011 kt and ifi carrying out my examlnatlon I have ft*11ow¢d all the applicable Directions wven by the Charity Cornmi55i9n under 50Ction 145(5)Ibl of the Act. An independent examlnatyo* d¢xs not ID¥ohT¢ Dthering all the evidence thar would be required in an audit and consequentty does not cover all the matters than an audirtsr considers in giTrring th¢lr opinion on the a(c￿n￿. The plannlng and conduct of In audir goes beyond the lirnited assurance that an independent examination can provide. Consequentty. l express t)0 opinion as to whether the accounts present a true and fair. view and my report IS limited to those specific matters 5rt out in the independent examiner's sta¢eireTIL Ind•pendènt examlnerts statemgnt l am qualified to Ltndertake th¢ *xaminatlon by belng a quaIrf￿d member of the In5tiwte of Chartertd Accountants in EngPand and Wales. I have compleied my Examination. I confirm that no material matters have come to my attention ir¢ connecuon vmh the examination me taus¢ t¢ bÈlleve that Im any materk71 respecL accounting records were no¢ kept in respect of the Trust as required by settion 130 of the Ack or 2. the 3¢Eounrs do not accord with those record& or 3. the accounts do not comply with the applicable requirements eonceming the farm and contrnt of a¢¢tsunts set out in the Charitie5 (Accounts and Report$> Regulations 2008 other than any requirement that the accounts &ve a 'true and fair wew, which is not a matter considered a5 Part of an indek*ndEnt examination. 4. the accounts have not been prepared in actordanct with the rnethod5 and principles of tht Ststtment of Retommended Pracuce for atcounting and reporcing by chariries applicable to charives preparinz their accounts In a¢¢ordan¢e wlth th* Flnan¢lal R¢portAng Sundard appliowe in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no matters In connertion wtrh the examin4tion ¢0 whi¢h attention should be drawn tn this report ln order to enable a propèr understsnding of the acrounts to be reached. GORDON PINKS ACA Dixon Wilson 22 Chancery Lane London WC2A ILS 23 O¢tober 2023 THE SCS TRUST ST A TEM ENT OF FI NANCIAL ACTIVITI ES ye￿ ended 31 D•¢emhr 2022 Unrestrlrted Endowment Fund Fund 2022 Total 2021 Total Nots Income and endowments from: Inwtment In¢om¢ Donations and lepcies Bank interest reeeived 136.688 136.688 250.000 29 122.190 781.250 250.f))O 29 Total Incomlng r•sourc•s 136,717 250.IM)O 386.717 903.448 Expenditurn on: Charitable a£tNmes 41,904 36,883 78,787 385.871 Total exp•ndltur• 41,904 36,883 78,787 385.871 Net Ilosse5118ains on investment assets {435041) 1435.8411 846.654 N•t Incornel(d•ficlt) 94013 P2in41 (127.911) l J64,231 N•t mov•m*nt In funds 94,813 (22in41 (127.911) lJ64231 Reconciliation of funds: Fund balarKe brought forward at I january 2022 Fund baLince (arrwl forward at 31 tkcember 2022 147.21S 6.314.007 6.461.222 5.096.991 242,028 6,091,283 6,333.311 6.461222 All arnounts are in respect ol conrinuinxactiviries. THE SCS TRUST ALANCE SHEET At 31 December 2022 2022 2021 Note Flxed 495ets Inve5tsnents 6.327.523 6.444.809 Cvrrnnt assets Debwr5 Cash at bank and in hand 6,250 20,894 28.643 27,144 28,643 Llabllltlès Credttors: Amourts falling due wlthln one year 121.3561 (12230) Net curr•nt assèts 16.413 Total ￿Sets less currnnt Ilabllltl•s 6.333.311 6.461.222 Net agsets 6.333.311 6.461.222 The funds of the charity. Expendable endowment fund Unrestrlcted fund 6.091.283 6J14.007 242.028 147.215 6.333.311 6.461.222 The financial statements on pages 7 to 13 were approved by tht bDard of trustees vn were signed on behalf by'.- 2023 aftd S C SWIRE Trustee THE SCS TRUST STA TEMENT OF CASH FLOWS Year tnded JI December 2•22 2022 Total 2021 Total Net Ush pro￿ded by opera¢in8 activitye5 210,9n 4CtI.436 C05h17ow5 from in¥esring 0ttTh7tie5.' Interest r8ceN8d Purchase of inv¢stment5 29 P18.750) 17.749) (406.2501 (5.8061 Ne¢ c3sh (used inllprovided by investing actryities Change in cash and osh eqUi¥￿ents 17.749) (5.806) Cash and cash equivalents brought lorward sh and osh e9uivalents orried forward 28,643 34.449 20094 28.643 THE SCS TRUST NOTES TO THE FINANCIAL ST ATEMENTS Year ￿ded 31 December 2022 Accourtlng pollt1•5 {a) Bas15 of preparatlon and assessment of 8oln8 concern The financlal $Tatemen(s have been prepared under thè hlstorft toK conventioh, wtth the excep￿On thac In¥ests))ents are Intludtd at market nlue. The financial staternents haye been prepared in accordance whh the Strrtmtnt of etommended Practlce.. Accountlni and Reportinx by char￿e5 preparring their accounts in accordance with the FlnancL41 Reporung Stan&rd applicable in the UK and Republic of Ireland (FRS 1021 eff￿t￿e I l¥nuary 2019 and the Charitses Act The Trust constiuttes i public benefrt entsy as defined by FRS 102. The financlil xarements arv presented kn Sterling thich is the fun£i4onal curren￿ of the tru5¢ and roufidpd th¢ nearest £. The Trustees consider that there ar¢ r¢0 mator4al unegrt4intl85 about thg Trusys abllity to continue 45 8 going conrern. There are no signrficaTrt areas of adiusiment and key a$S￿￿P[lOn$ thar affec¢ Items In the account& With respect to the ne￿ reporrin£ period, the most $i￿1r1￿nt artas of uncertainty that affect the ¢arryinE nlue of as¥ets held by the Tnjst are the level of Invesunent retyjm and the perfomunce of I￿e$[men[ mlrkets {see the ￿sk management secuon of the Trustees, annual rtport for morÈ Itbforniationl. (b) Funds Structure The charty has an endowment (und erearèd by a 0fL The Income of thls TnJK Is unreSthc￿d. Th* terms of the endowment allow the capitsl tsf the fund to be spent if the Trustees so deterrnine. Unrestricted funds tomprist thase funds which th¢ Trust¢¢s ¥* fre w us¢ for any purpost In furtherdnee of the tharitable obFCt& Unrestiicted lunds iriclude designated funds where the Trustees. at their discretion. have created a fund for a spKrfic purpos RestrKted funds comprlse those that ère held ors speclftc trutt decLired by the dOI￿r and lor use onty kn furtherance of that specifK purpos (c) Income recognftlon All lTrtome ts recolnistd ¢)nce the tha￿￿ *￿￿lement to the Incom< probable thai thè Intome wlll be rtte6ved and amount ol incorne receNable can be measured reliably. Donations art reco¢nlstd when tht Trull has b¢en n¢rilkd in Wr￿ng of b¢)th th¢ •*ouTri and sett￿M￿t dat Grft Aid ￿el￿ble 15 included in incorne when there is a valid declaratyon Irorn the doThor. Grft Aid amount recovered on a donaoon 13 conshlered to be part of thatgrft and is treated as an add￿0Th to the same fvnd a5 the miual donatyon unless tho donor or the tern)s of the *ppe*l hye speclhed otherwlse. Interest on l￿d$ hèld on deposfrt Is Included when recefv*ble and the amount cat) be measured reliably by the charty.. th[$ 1$ r￿r￿lI￿ upon notrficxtlon of the interest paid or payable by the bank D￿ldendS are recoKni5ed cnte the dlvid*)d has been &clared and the notrficauon has been re(¢￿ed ol the d￿ldend dye. {d) Expendlture reco8nltlon abilities are recolnlsed as expendityjre as soon as there Is a lezal or constructive obl￿¥￿0￿ cc*nmittyng the charity to that eyendlturt, Ic Is probable that sÈtgEement wiu be requlred and the arnount of the obllpflon tan be measured reliabty. Grants payable are paymon¢s madfr to third partles ln the lurtheranc• of the charftabk objects of the TN5L Th1$ 45 accfued once the recipient has been notified of the grant award. Support and governance costs The Charny does not incur sUPPQrt costs. Governance c05(5 compt75e all costs iTrvofving the public accountability of the Charity and Ir5 cornpliance with regu￿￿0￿ and good practice. Governance costs rdat¢ ¢0 charitable actfviiie% 10 THE SCS TRUST NOTES TO THE FINANCIAL ST A TEMENTS Y•ar •ndad 31 Dècemb¢r 21122 (fj Flxed asset Investments InveS￿ents are a lorni of baslc financial instrument and are initi•lty reco￿5$¢d at thelr trnnsacdon Yalue and $ubsequenr measured èt their fair Yalue as at the baknce sheet date using the clo￿ThI quoted market price. The statorntnt of finaneial att￿rtIeS indudes the net zain$ and k)sses ari$lng on revalua￿ts￿ and di5PD5a15 throulhout the year. Tht TNsr doÈ$ not a£quir¢ put derivatwes or other compkx financial Instrumet) The main form of financ￿1 r￿k hced by the ¢h*rfw Is that of Yolatilty In egulty markets xnd Inve5UMttt markets to wider economK conditions the attifude of *)Yesrors ro Invesrment risl and chan8es in sentirnent ctsntemkng tquk withln partKU￿r sectors or sub settor& (81 Reallsed ¥alns and losses All gilns and losses are Int￿ded net th the Sratement Df Financnl ACti￿ties 35 they arise. Realised gains and 105se5 on invesuntnrs are calculated as rhe dwltttnct between sales proceed5 and their opening carrying ￿lue or their purchase acqulred sub5e4uent to the firrt &y ol the financial year. Unrdl¥ed r4ln5 and lo55e¥ are colcu&ted as th* drfference betwteh the fair value at the year end and their carrying Yalue. Realised and unrealised investment gains and losses are comblned thÈ S)tÈm¢nt tsf Fkn•clal Arnvitye% Investment Income 2022 2021 Dr¥idend inc(¥ne received Bank interest receNed 136 122.190 29 136,717 122.198 Invt5rmtnt income is attributable to the unrestricted fund Don4tlons and Legacles 2022 2021 Donations 250.C#)O 781250 250.fXJO 781250 No donatyons were re5trtcted in the current year P021 £375.IXXII and donation income of £250,CthI attributable to the ers&*wmeTrt fund (2021- £406.2501. THE SCS TRUST NOTE5 TO THE FINANCIAL ST A TEMENTS Year ended 31 De¢¢mber Z022 Analysls d expendlture on charit*ble #rtiviths The charity ifid r￿£ undertake any act*￿tY directly but met its Charitable purposes by making donations and grants. 2022 2011 Gronts made to insrititrions Allegra's Ambition The Goed Lrfe Turville School Trust UK Trurt for Nature Consemtion in Nepal Wanborough St Andrew's Church Glyndebourne Productions Ltd 10,000 7.500 2.$00 10,ooJ 2.$00 375.QOO 32.$00 375.000 Gfftrnunce costs ullocGted to thorituble ¢7Ctiwtse Consultancy costs Audit lees Independent examlner's fees Bank charges Irwestment management l¢¢s Total expenthture on charitable attivities 5.240 3.156 9.845 966 36.883 78,787 385.871 Of the e¥penditure on charitable accivitie& £41.904 (2021 £10.8711 was attributable to the unrestricted fund, £36N3 12021- £nill was attributable to the end0￿ent fvnd, and £nil12021 £375,000) wa5 attributable to the restricted fund. Flxed a55et Investmerts 2011 2021 Quoted Investments Market Ydlue at stsrt of year Additions Accumulation dividends reinvested Net uTrrealised Ilossesllgains on Snvestment assets In¥Èsrm*nt m•nag¢rnent fees dedu¢t¢d Market Ydluè at end of year 6.4H.809 211750 136,688 1435.841) 136.883) 6.327.523 5.069.715 406.250 122.190 846.654 6.444.809 The historical cost of investments at 31 December 2022 was £5,858,929 (2021- £5503,4911. The iTrvestment is in Newton Growth and Income Fund for Charitie* Net unreali5ed gain3 on investment assets were attributable to the endowment flbnd. Credltors: amounts falllng due wlthln one year 2022 2021 Grants payab AE