R8gi5tored Charlty No. 221593 THE FRIEDA SCOTT CHARITABLE TRUST IDat•d 1P SBptember 1962) TRUSTEES, ANNUAL REPORT and FINANCIAL STATEMENTS FOR THEYEAR ENDED 31It MARCH 2024 THE FRIEDA SCOTT CHARITABLE TRUST Dated Soptomber 1962- R89isler8d Chorty No. 221S93 R•ference and admlnl8tratlve informatlon Tiuste•s i50n Alger lan K Baldwn C Stuart Fairclough Simn Kirby Gareth McKeeve Samuel A M Rayner Samantha Scott (Chair) Laura J Southem Frances Stokes Officers Celia FOrS￿h - Trust Secretary Helèn Cart8r- Dir8Ctor Craig Per￿IgtOn - Finance Manager to July ￿ 2023 Keri Brown- Finance Manager trom August 9 2023 Address Slricklandgate House 92 Stricklandgate Kendal Cunkna LA9 4PU Auditors Dodd & Co Audit Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW 8ank¢rs Hand8lsbanken Bridge Mills Firsl Floor East Stramongale Kendal LA9 4BD The Charrties orricial Investrnent Fund ICOIFI 80 Cheapside London EC2V 6DZ Inveslmont Advisers Cazenove Caprtal Ipart of the Schroder Groupi 1 London Wall Place London EC2Y SAU Soll¢5tor8 Currey & Co. 33 Queen Anne Street London W1G gHY THE FRIEDA scorr CHARThABLE TRUST Dattrd 15th SepteM￿r 1962- Registered Charty No. 221593 Trusteès, Annual Report Ifor the year ended 31¥1 March 2024> The Trustees present their annual reFOrt and Budrted ￿anCIal stslemenls for the year end8d 31* March 2024. Reference and adminlslralve Informalk)n set out on page 2 forms part of this rerrfJt. The financial statements have been prepared ￿ 6rcordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Twst Deed, the Charities Act 2011 as amended by the Charities Act 2022 and A¢cgunting and Reporting by Charities." Ststemenl of Recornmended Practice applicable to chaTilies preparing their accounts in accordance with the FinancHI Reporting Standard applicable in the UK and the Republic of Ireland. STRUCTURE, GOVERNANCE & hlANAGEMENT Ov•rvlew The 8oard of Trustees met th￿ times during the year. The Investment Committee of Tmslees - comprising Stuart Fairclough (Chair), Sam Rayner, &'mon Kirby and Gareth McKe$¥er- mel five times during tho year lo rnonilor investment performance and discus5 Strategy. The Eelings were 8tten(Jed virtu41ty by representatives of the Trust's Investment Managers. The Small Grants Cornmlttee met three IlTh*s during the year to consider ftjnding requests of £4,500 or less. The committee comprlsed four membe15.' Laura Southern (Ghalrl, Allson Alger, Fran Stokes and lan ealdwin. During the yearTrustees reviewed Ihe upper lirnil for requests, particularty unsidering the sustsined higher levels of inflallon throughoLrt the period. Trustees agreed lo ra￿ thé upper limit of small grants to £4.500 in July's ffleeting wilh immediate effect. Sarnanlha Scott and Alison Ager represented th8 interests of the Frseda Scott Charitable Trust on 8 Personnel Committee CDmprising Trustees from￿0 othfrrTrustswith whom the Trust shares personnel and office resources. This committee met ti￿ce during Ihe year. Ali50n Algor chA￿ed this Committee. The joint Finance & Risk Committee is comprised of TTuylees from the Frièda and Francis Scott Trusts in recognition of the shared personnel and office resource which manage this on a day-lowday basis. The Frieda Scott Trust is ieprosenled on this Committee by Sam Rayner. The committee meets jointly in the y2ar to review inl&rn81 finan¢ial contro15, risk managernenl and other elements of oversight relevant lo both Trusts. The Frieda Scott representative also rneèts thé Trust's Auditors ￿lce during the year lo plan for the Audit and to review findings and remmmendations. Durir)g the year. Sbjart Fairclough and Hugo Priro were the Frieda Scott Trust's nominated ￿presentatIveS on the Brewery Arts Centre Endowment Trust {BACED which was founded in 1997 with a signifitrAnt grant of Frieda Scott Trust endowed funds. Hugo Pring retained this role on BACET after his retirement from the Frieda Scott Tru51 in 2023. AS allowed by the Trust Deed 115.9.621, Ihe Trust is a Self-perpelualing body with Tnjstèes alone being responsible for the aPFKJintment and retirement ol Tmstees. There were no appointments or retirements during the year. The Chair of Trustees is responsible for the induction and, wrth the assistsnce of the Director. the Irainino of new Trustees. An induction package is prepared for any new Trustee and includes the following: Copy of the Twst Deed, Granl Distribution Iramework, Investment Policy, Orgallisational Chart. Risk Re9i51er, most recent Annual Review ol Grants Paid, Minutes from the last three Trustee rneetings, most recent Accounts, Application Form and Guidelines. New Trustees are also refeired lo the Trust's website (M￿.frie￿a5cott.0rg.ukj and relevant guidance for Trustees published by the Ch?rity Comn¥sslon. THE FRIEDA SCOTh CHARITABLE TRUST Dated 1W Septsmber 19F2- Regkstered Ch8rtty No. 221593 Trustees, Annual Rèport (continued) The Trust doeg Th)t employ any st8ff dlr8ctty', knwever. il doEt5 Use the servlces of three part-l'me and onè knll time empfoyees of gnclher Trust Ithe FTanci5 C Scott Charitable Trust). The Dirnctorfs role in relation to the Tnjst is to line manage tho Trust Secretary and provide advicè and infcffrnatlon to Trustees in relation to the TrusY$ strategy. Charty Co￿¥￿1s$6￿n guldelines and developmènts in thegrant-maklng field aDdlhe voluntarylcommun The total numbèr of staff wgrking for Ihe Frieda Scott Charrtable Trust, calculated on a full-Ilm9 gquivalenl basts. was 0.84 durtng the year. Tyustses. responslblllties The Truslees are responsible for prepaTing the Trustgès, Annuel Report and thefinancial statements in ac¢ord8nce Ih applicable law and United KIn￿orn Accountlng St8ndards (United KinLvJom Generalty Accepted AcC￿Jntin9 Pr8¢ticel. Th8 law applicablè to charities in England & w￿e5 requtr8s the Trustees lo prepare fin8n¢lal gtalemen15 for ea¢h rinancial year which gives a true and fa* vlew of the silualion of the charity and of the incoming resources and appli¢￿tIon of rgsour¢es of the charity for that perKyJ. In preparing these financial slatsmènts. Ihe Trustees are required to.. select suitsbb ar￿u￿ting poI￿leS and Ihen apply Iham wnsistently. observe the melhods and NIr￿1p1eS in the Charlties SORP 2019 IFRS1021, makg judgements and e5bmales that are r¢asonable and pruéwt. 8tste whelher ap￿ICable aixoulltlng standards have been folkiwgL1, subject lo any material departures Ifisclosed and explained In the financiol st8temenls. prepare the fIna￿tal ststemenls on the golng concem bèsls unless rt L8 inapproprfate to prèsume Ihat Ihe charity will continug in operdtion. The Trustees are responslNe for keeping Proper accounling r8cords that disclose with reasonable accuracy 8t any lime the financlal posrtv)n of thè charity enab18 them to ensur8 th8t the finarKial 5tatgfTWts compty ￿th the Ch3rffje5 Act 2011 as amended by the Charrties Act 2022, the Charity IAc¢ounls and Reports) Regul8lions 2008 and the prowsions OfIhetr￿tdeed. They are also responlble for 5af8guarding thè asséts ol the charity and hencè taking ieasonable steps for the preven11r￿ and deleclion of Traud an(J other irregU￿1￿eS. The Trustees are r&sponsible for the Maintenar￿￿ and Integrfty of the charityand financial informaticfi Induded on the Gharity's website. Leglslation ￿ the Unrted Kingdom govemlng Ihe preparath)n and dlssem1na￿0n of fflnancial staterr*rts may differ from legislabon in olherlu>l$dlctions. OBJECTIVES & ACTivrriES Cgnstllutlon & Hlstory The Trust was eslablished by Dewl of Tnjst dated 15.9.62 ￿1th the widest powers to dlstribule lor charitable purFM)ses. Th8 Trust was registered as thè Second Matson Ground Trusl Bnd was en￿o￿ed wtth assets and propety by Fr8neAS C Scott and his wrfe Frieda Scott. Be￿een 1963 and 1976. further cash and invesbnenls were setlied upon Ihe Ttust by Ihe Fra￿S C Scoltcharttable Twst. by Francis C Scolt him$8tfand by hls daughter Dr Joan Trevelyan. Soon after Fri¥da Scolt passed away in 1973, the Trust gained Charity Commlsslon approval to ¢h8nge Ms nan to th¢ FrSeda Scott Charitable Trusl in recognit*)n ol hèr many years of support for ch8riliEs addressing Ihe most pressing needs arts in WV8stmorland. Successlve generations of Trustees have honoured thls legacy wilh focus on funding a wde nUrnL￿r of lo(81 wnmunity inilialives 2nd charities whlch address the grpatssl needs of these communitt"es. Reflecting its legacy, the Trust'$ gwgraphical focus ha5 a￿ayS the former county of westn￿rI8￿d. wth the area covered by SoLrth Lakeland Dlstdcl ￿Ing added lo Ihe ￿efiCIal area followin9 the thange8 to th8 COLtnty THE FRIEDA scorr CHARITABLE TRUST D818d 15h Septsffl)er 1962- Registergj Chwity ND. 221&93 Trustees, Annual Report (cont[nL￿d> b0￿darieS Inylemenled in 1974. In K4arch 2024, the area underwent 8 prttass of ILKal governrnent reotg8rh15ation, which joined logelher the F(evtyJus dlstrict5 of Edan and South Lakeland with Bafrow in Fumes8. TNstees ¢onsioered several Opt￿n5 to retain the Trust's foolprint whll$t ensuring clarity of the beneficial aiea from which eligible organi88tions could apply. an(5 $gieed in July 2022 Ihal the Trust would expsnd the benefi¢i81 area to include the new area OlWestn￿r18nd Ipreviously the Dlstricls ol Eden and South Lakelandl but exdude Barrow In Fumess. The Trust's offKe is based in Kendal which Served as the headquarters for th¢ Scott family bu$iness IProvin¢ial InwJran¢e Company plc) for 76 years. Ihe sourGe of the 6ndowed fund$. Grant maklng pollcy The Trust is a lortrstandiTrJ support8r of local community group5 and TrustÈes conllnue to welcome applicalOon8 from organlsations working on the ground to meel the most urg•nt needs in their area. PBrtlcular con8ideralion is given to projects 5uppK*1kng the most dIsa(IV￿teged and vulnerabl& In our society. Trust88s periojically revlew the priority areas an¢J In 2020 Teaffirmed Ihes? as: Older pe(ple (particularly the vulnerable and ISO￿tea) People wrth dlsabilrties. mental heallh endlor leaming needs Children and young people IpBrtKularly the wtK)8t disadvantaged) Fafnily Supp￿ work Viclims15urviv4X of <*)mesticlsexual abuse Substance misuse Prevtrnlion rehabilitatson of offenders Carers VSllage halls and corr￿￿unty centre5 Imwoving access to selv1￿$ f(r rural communNfies Voluntary sector infrastructure and support Arts Bnd spovls projects where the prwnary obleclive is rxJmrThJnlty benefll or the support of vulnerab groups Young peoplp's uThfom*d groups. Tnjsteès wlll not usualty support applications involvltvJ: retr05pecllve lunding. 8tslutcrfy bodies linclurfaThJ health and education). of worship, the prowrntion of religion, indlvlduals, expeditions. animal th8riti8s. wldlrfel he[bta￿l environmenlal causes, museums. art galleries or ngtional tharit*s unless they have activ& local bra￿he$. Details of thè granl commitrnents made during FY2023124 are listed In note 18 {p23-24). Gfalt requests of up to £4.500 are ¢)Jnsidered seporately, with a Su￿¢0mMIttee ot Truste¥s providing scrullny and declslon making, whlch is subsequently rdtified bythe Board. To provi(Je 8 more equitable dlslribution of funds avaibble, given tha h￿Jh numb8T of vlll8gg8 In the benefiaal area, refurt)18l¥xènts lo village halls and communal pl¥y areas are reslTidgd to w upper requgst limit of £4.51K). All 01her rffiorilies are in line with the grants programme. Advities The Trusteesar8 awa￿ that any actlwty aimed alachieving Ihe atK)ve policy must be proportlon8te lothe annu81 dlstrbbulable Income ollhe Trust. Mor8 specifically.. ) Tl* Trust Secretsry InlJolly re*iews 811 eligible appllcatlons for fundiro (made uslng the Tru51's AppI￿at￿n FoTml relevant nnancial Information before wrr8spJndlng Vvith 8pplicgnls to answer any q￿stIonS and then submilllng them to Tntstsas for Iheir consideration. b> M*re It is deemed necessary 2nd appropriate, the Trust Secretary wlll 8rrange for one or more Trustees to v15rt applicants, prO1￿ts lo better understand the nature of their worf(IseNi¢es. THE FRIEOA SCOTT CHARITABLE TRUST D8tÈd 1￿ Sept8mber 1￿2- Registgred Charfty No. 221593 Trustses, Annual Report lc0nb.n￿d) c} The Trusi Secrel8ry enwrages appropri8le organisatiofi¥ lo apply to the Trust by.. atteTrJing fundin9 fairs and fu￿ing advice wort(shops held at thalion$ In the Trusvs bgnefi¢ial area lidsffing wth local ad¥￿e bodies such a5 Cumbria CV5 en¢¢uraging enqulries and directing applican15 lo the Trust's website. Fundtrr plus programme Since 2022, the tnF9t has offered a focussed programme tsf sUPPOrt for elwible organisations from the betEficiary area. Step Change is an org8nTrsalional developrnent prooramrne which pr(>vldts$ a ¢onsult8nt lo the org8ni5ation to guide aThJ supportthem thr(￿gh a pedod of developmenl or to addre58 8 particularch811enge. Truslees cre81ed an upper grant Ilmlt of £4.Crf)O and agreed aF¢)IKaSons to the wogramme would be consIde￿d by the full board at Trust88 meetlros. Trustees a¥eed the spcond Slep Char¥Je programme in tho year, wlth (￿rtSide In belng tho reclplenl. ACHIEVEMENTS & PERFORMANCE Revlew ofthe Year The Trust's investment portfolio 1$ manB98d on a total retum basis. Th& Trust re¢eived total investment irbcom* 01£231.8621202212023 £186,308) during the yegr. DuriTrJ year, th0￿Jh the obvlous and Immediate implic81ions of the Covid health pandemic had ab4t8d, vulnerable o)mmunities continued lo be 8ff¥cted, and charitps continued to see increase in demand, in pattiwlor for mental heamh support. The cost of Ilvlng also incre85ed msterially through the year. placing further PfessLKe rnany F¥)useholds and exacerbating the démand on charities alre8dy under stretched resources. These reasons. In addmon lo the wn8rally more challenglng lundlng environment and the Trusts expanslon into Ihg north of Eden contribLrted to 8 830h Increase in the number ol rèquesls recelved compared lo the previous year. Requests were also, on av8rage, lot larger amounts than in previous ye8rs. S712022123: 361 Appllcalions were awarded funding, with a total value of £478,214123r24 £261.4481. 4 grants ¥w?rded in Iha year indude commitrnen15 lo be paid In fubjre years. Grants to Charitable OTganl$atkn$ Number of applkalk>ns ¢onsidered FY2021124 FY2022123 FY2021122 FY 2020121 1 FY 2019120 70 45 37 48 Total valuo of funds requested £700.8th9 £350.903 £408,448 É293,137 £451.502 Number ofgrÉnts awarded ,, f,,T,, f,,7,, ] Value of ordinary grants awarded £478,214 £261,448 £381.880' £264.702 £242,637 Percentage of ap￿ica￿.0ns awarded gRnts 81% 800 95% 85% Average gront Size (excluding extraordi￿ry grants £8.389 £7.262 £10.910 £9.127 £6.385 THE FRIEDA sco￿ CHARITABLE TRUST OBted 1&" Septsmb8r 1￿2 - RegISte￿d Charity No. 221593 Trusl••S' Anftu@l Rèport Iconlinuedl '£45.OC¥) of this figure was dlstributed on iphalf of the Goodacre Be￿volent Fund. Tota fvnds awar(led from Frieda Scott Trust funds were £216,448. A new grant management system was implemented during the year. vthii* is inlended to hel) streornline the grant making prwess. and in particular allow the trust to improve the ev81u81ion of the 9rants made to support effective dwsion makir¥J an& improve our long lem support to communities aw¥s We8lmorl8nd. Publ1¢ Beno The Trust888 hav4 glvon conshleration to and confirm that the Trusl's poh'cy, activities and benefickal outcomes described in Ihls Report en5u¥e Ihol the Trust meet5 both the spirit and the letter of th8 PUNIC Benefit requlrem2nt as speofied In Charity Commlssion guidance. Rl8k Managemen¢ A Risk Assessrnent Rep)rt Is tBbl8d 8very year for rL)nsld8rBtton by Trustees Ihat Indudes 30 itéms wth coiresponding ￿mMan15 as lo how best lo address. ame￿.or￿te andlor monitor the identifed risks. The most stgnrf￿snI risk Idenllfied by Trustees 15 8 major dowTrturn in the value ¢f the Trust's investments whkh. If il were to contSnue over the longsr tarm. would llnp8¢ton Its ability to prowde grants to hs prtOFIty areas ol ch8rftablg work as outllnsd on pages S & 6. FINANCIAL REVIEW The Frieda Scott Tn￿1 Deed allows Truslees absolule discretion over the inve51menl ofthe Trust's ¢8pllal an¢J inryJFlle and giv8s Trustees the power to distribjte both Income end capltal as they thknk fiL Invèstmant Objectiv• Frieda Scott Tru*g¥s 8im lo athievè both capf(al and income grovlh and at leasl to preserv8 th8 real value ofthe Trust's assets ovèr the long term lo balance the needs of current and lulure beneficiaries. Trustees reviewed the investment objective during the year and agreed lo amend the metrlc used for determining real value Irom RPI to CPI. This change reftect5 recefved best practt.ce and will come Into effect from April 1st 2024. Inve6tm$nt Strategy Frieda Scott Trustees have adopted ¥ lotal relurn policy to achleve the Investment objectlve have retsined Cazenove Capital as the Trust's Investment Advisorsl Fund Manager¥. A r8¥￿W ol investrnent perfomiance and appr08cJ)g$ to sustainability w89 also undertaken during the year. wilh Trustees ¢onsi¢Jerfng more closely Ihg enviTonmentsl and soa81 impacts of the Invested portfolio. As a resutt. Truslegs agreed to transition the portfolio to Ihe Cazenove &Jstainability Mulli Asset Fund (SMAFI with effect from April 19t 2024. In addition to financial repor￿￿9, Truste8s w￿] also recèlve higher standard5 of rekKgrting on the en￿rOnMents1 and sodal Impllcallons of invested funds. Distribution Strategy In order lo sustain current levels of gmng ovor the long tem, Fr￿(19 S¢ott Truste8s have dea(led to spend from income and cspltal gro￿ on a total return basis repfesenting an a9￿&d •k of the total walue of Ihe portrolio lea1￿lated on a trailing 12 quarter average) on granl-making and operalion$ in 8ny one year. During the year 3.25Y• of portfdio value was drawn down for dlstribution locally as grants and lo cover the administraUve ￿$ts of thelfusts. As a tesultof the transition lo thè SMAF and to refleclthe su$tslng(J b8v81 of charitable requosis, Truslees agreed lo increase thts to 3.9% from NDrll 2024. Inve¥th)ent Perforniance Total Tetum on Ihfy portrolio for the ygaT was 9%12022123'. -3.3%). This compares to an agreed benchmark. the ARC S19rtirbg Steady Gr0￿h Charity Index 9.7%12022123: 4.1.%}. Trustees reviewed this perfotm8nce. as well as comparative returns over 3 and 5 years. THE FRIEDA SCOTT CHARrfABLE TRUST Dated 15￿ Seplembw 1962- Reglsi•r&J Chaiity No. T21593 Tfustee's Annual Report (continued) R*sgrv•A As allowed bythe Trust Deed. T￿￿tee$ trealthe wital ofthe Twstas expendabte endowment, which 1$ managed on a total retum basis to generate fvnds for Ihe grant-making programme. Th8 unspent income reserve. deslgnated Conlin9onw Fund, PTDvSdes flexibility for the Fr￿3 Scott Board In awwdlng s*Jnificant grants ur10 5uppknI regular gpiing. This reserye was CDmmltted durlng Ihe year lo enablp trusteB5 to meet. a5faras pc651￿•. the PAlditional level of d8rn8nd duriTrJ the y8ar. The balance on this ￿nd, after accountw for commrf(mènts made during Ihe year, at 3181 Marth 2024 was £nll12022123.. £72,920). COIF is th Ch8ritie5 Officlal Inveslment Fund, managed by CCLA. s at 31s1 March 2024 there was a balanee on unreslrkted l￿d$ (free re¥eTvesl of £87.69912022123: £59.6751. 'Thi8 sm&11 batance arises bec8use of the indu8ion in th8 finanual statem8nts of fuiure grant comrnitments of £208.732120221T3: £120.4841 overthe nex12 year3 that are nol due to bè paid until after future inve$trnerlt retuins are retslved. F.orward commitments are made within a Isl¢datbn that ffclects Twstees capactyto commit grants ' in lutureyears wtkhin the dl8trtbLslion slralegy. The Trustees are 8alisfied that this Is a sensible 8ppro8ch in relafjon to annual inv8Stment irKome and that IhgiT inveslment *rategy is suifiaendy robust to obviate Ihe need fL)r a dèslgn81ed Teserve fuThY. PLANS FOR FLrruRE PERKIDS Trustees annuauy revlewlhe way in wh￿h the Trust is 8drnini8tetgd to e￿Vre ft Is bolh efficiènt and cost effedtve in diS￿bUt1n9 its income, making effective use uf sub commfttees to achleve this. Trustees InteThJ to continue Ihis prc¢ess In the y8ar ahead. TnJsie8s will invf(e and welccm8 aroilcat￿J￿8 foT fLn11r￿ fr¢m those charitw th81. in thelr opinton, 8re 8ble to demonstrate An ability to med the needs of tcral (xjmmunitses, the V￿ne[able and the dls8dv8ntsg¢d wllhln th8 of Weslmorland Ipreviousty Swth Lakeland and Eden DistriL# CounrAlsl. 2024-2D29 wll be tho 50° annwersary of the Tmst as 8 bcal grant mak8r. In order lo mark thè Milesto￿ year. trustses wll host a swies of communlty lunches, attached to lrnstee meetlngs. tD whith grant hoklers and key sector 6bkohoiders from awsswestmorlandwll be invited lo￿nth&Mar￿j informallydi3cu$stheiiorganisalions. and Ihg Communit￿ they seNe. The serles of communty events ￿11 te iniiiated with a sp¥aal one t)ff event to launch Ihe year. to which 811 uJTh8nl. rectnl and s18ndiro rr¢ln grant hddets wlll be invited.Whilst belng imF¥)rtanl. IbSteni[￿ gV?rits in Ihelr Own r￿hts, oad) event wlll seek to embed the IrLK8t In the issues, sucwses and challenges that are prevalent au05S the are8 ￿ serves. Thb li8tsnty 8x8rci5e wlll act as first phas8 of 8 perScMI of rellectlon and revi8w, from which a w str81ggy wll d8vgkJpeil from 2025. Durfng thè year the TTUSt will al80 redevolop and launch a newwob8lte, embeddlng 8n online app1leaUc￿ PTO￿88. TkE.Tntstees.plan8 in rèLation io the Trusys investments and reserve5 are oulkned above. Golng ￿ncern Thefund value of£11,034,991 al March 31.2024 hasreD)vered during2024. Tnjsleesare ffliwvjfvl that the income from the fund may fluctuate in fuiuro finanual yeats. The level of diBtribullon mad8 avalbble remains at Trustee5' di8ueUon. as dogs the u59 of (3pitsI to meet agre￿ distrlbulK)n leveL8. Based ￿ these assessment5 and glyen the moasuresthal could be undertaken to nlogale any adverse cor1dli￿ns..t￿* Trustèè8 C￿uded that they Can conllnue to adopt Ihe oolry concom ba&s in preparing the annual Teport and aCC£AJnts. This report W85 approved by TA￿1895 &tKI signed'on their behalf on 20th November 2024. By SBmantha Scott Chalr ofTruslees THE FRIEDA SCOTh CHARITABLE TRUST D*ed 15* September 1962- Registered Charlty No. 221593 Independent Audltors. report to the Trustees of The Frieda Scott Charltable Trust Oplnlon We h8v8 audrted the financial statements of The Frieda Scott Charitable TTUSt Ithe'charty'l for the year enéed 31 M8rGh 2024 which (x)mpri5g the Statemenl of Financlal Aetivldes, the Ba1￿ce Sheet and notes lo Ihe flnanclal slatements, including a summary of significant 8ccounting policies. Thtr financial reporting framework Ihat has been 8ppll8d in If￿1r preporation is appficable law and United Kingdom Accountiro Standard5, including Financial Reporting Standard 102 The FinanGial Reporting St8nd8rt1 applicable in the UK and Rèpubllc of Ireland (United KingdoTn G8n$rally AcLepted A¢cwnting Pra¢ti¢e). In our opinlon Ihe financial slalements: gNe a true and fair of thé state oflhe charws affalY8 &8 at 31 March 2024, and of its incoming regour¢e$ and applicallon of resources, for the year th8n ended., have been properly prepBred in 8¢cordane£ wilh United Kingdown Generally Accepted Accounting Practice: arml have been prepared In £ccordarK4 w￿h thg requlrements of the Ch8rftias Ad 2011 as omended by the Charilre8 Acl 2D22 Basls lor oplnlon We ￿￿dUCte{l our audSt In awordance with Intetnallonal Standards on Audltlng (UK) {ISAs (UK}l and applicable law. Ojr re5ponsibiliti8s under those standards are further descrl>ed in the Auditorfs responst¢iIit￿S for the audit of financial slalernenls Section ￿ our report. We are independent of the charity in aecordance wlth Ihe ethical requirements that are relevant to our audit DI the financial statements in the UK, including the FRC'8 Ethical Standard, andwe havèfulfilled our Dtherethical responsibilltE5 In accotdancewith Ihgsa requiTemenls. We beligvg that the audit ev*Yen￿ wg have obtained Is sufficieril and appropriate to prowde 8 b8s1s our opiDIofi. Con¢luslons relating to golng concern In audit￿9 Ihe financial slatemenis. we h8ve conduded that the tru8tges' use of the going cortcern basi5 of 8ccounts.ng in Ihe preparat+¢n of the financFal statery￿nIS is approprFate. Based on the work we have perf￿med, we have not iderffled any mal8dal uncertalntles rdating to events or conditions tha( indivKIu811y or CO1￿Ctive1y, may Ga5t Slgnificanl doubt on the charity's abilty lo continue as a g¢ing concem lor a peric#Y of al lèast 12 months from when the financial statements are authorlsed for issue. Our fasrA￿slI xlitses and the rgsrKInsl￿II￿es of th8 truste8s wrth rospect lo going concem are descTlbed In the relgvant sectKJns of report. Olher Inforrnatlon The Trustogs are responslble for the other inforwnati¢Jn. The other irrforrnation comprises the InfoThalon induded in th? Trustees, annual report, other than the finan¢lal slalement$ and our audilol$ report thereon. Our opinion on the finan(ial State￿EntS not cover the other informatiu) arwj. except to Ihe exlenl othgtwi$e expllcluy stat8d In our report, we do not express any foTm of assurance condusion thereon. In connectton wilh our audll of the flnoncial statements, our responslbility is lo read fhe other informatt.on and. in dolng so, consider whelher Ihtr other infomiation is malerialty ino)nsistent with Ihe financlal sl8tem8nts or our knowledge obl￿ned in thg audil or olherwse appears lo be materially misstsleQ. If w¢ idenufy su¢h mat¢rial inconsbtencies or apparent material misststemenls, we are requirod lo detsrmine wh8th8r there is a matenal mSsstatefflenl In the firAnaal statemenls or 8 material mlsslalement of the other information.11. based on the work we have perfoTmed. wg conclude that there IE a material mlsstatement of th15 Other Infonn3tion, wg are required lo ￿pOrt that fact. We have nothing to r8W in thls regard. THE FRIEDA SCOTT CHARITABLE TRUST Da￿ 1* Septemtei 1962 - R￿tstered Ch81ty No. 221593 Indépendent Audltors. report to the Twstees of The Frleda Scott Charltsble Trust atters on whlch we ar• rnqulred to rgport by exceptlon In light of the knovAgdge and under51aTrJing of Ihe ch8rtty 8nd its envlronmenl obtslnerJ In the wurse of the auoit. we have not identified material mi$slalements in the twU8tee8' rèport. We hav8 nDthing lo report in respect of the follDwing mgtter$ In rel81Son to whlch the Ch?rlt16s IA(counls and Reports) Regulations 2008 requlre us to report to you If, In our opinK)n'. the infNmatK)n gNen in the financid statemgnts is inconsistent in arry m8teri81 respect wth the Tru8lees' reportr. or sufficient a¢cx)unting records have r￿1 been kspt,. or the flnandal statements are not In agrgement Yilh the aCL#)unllng records,. or Wg havè not received all the inftjrmation and explanations we require for our audit. Responslbllltles of Trustee8 As expkintrd rnor¢ fully in the Tru5tees' re8pon8ibi]itr¥s statement sel out on page 4, ltr￿ Tru8iees are retsponsib k)r preparation of finanGi81 st8tem&nts which give a true and falr view, and for Such internal control as the Twstees dOtem￿n￿ Is nO￿$S3ry lo enabl8 th8 pr￿aratiOn of financial stat￿ents that are free from m8leTlal misstatement, whether due to fraud or error. In p￿pa￿n9 the financial slalement$, the Trustèes are ￿Spon￿ble for assessing the charity's abS1ity to ¢ontinue as a wing ¢on¢ern. disclosing, a5 applicable, matters related lo golng concern and using fhe going concem basls of accounting unles5 the TIu5t98s either intend to liquiéale the Ghaiity 01 lo cease operations, or have no realistic alleTnative butto do so. Audbtor's responslbllitigs for the audlt of th• flnanclal statern￿ts We have been app)Inted as audltor under sectlon 144 of the Charltles Act 2011 as amende(I by ts Ch8rilies Acl 2022 and report in ac￿r￿anCe with regulations made under section 154 of that Act. Our objacllves are to obtain reasonatle assurance about whether the finand81 slatements os a vthole are free from material misslal&m¢nL whether duetofraud or error, and lo is$ye an auditor's reportthat indudes our opinion. Reasonable assuran￿ is a hlgh levÈl of assurance, but is not a guaTantÈe that an audil conducted in accordan wilh ISA3 IUKI will always detect a materfal misstatement ￿en il exists. Misstatements can arise frorn fra￿1 or error and aro wnsidered material rf. individually or in the aggregate. they Could reaSo￿ty1Y be expected to nfftuence the econom￿ deca$ions of usèrs tak8n on the basis of these finanrAal stalemenls. In identifying arHJ a55e$sing TSsks of material misslatem8nt In respect ol IrrggularMle8. includiThJ fraud and noncompliance Mryth laws 8nd regulations, wg wnsidered the following- result5 of our 8rwuiri85 of management about th8ir own klentificalion and a5¥eSw￿nI of the rlsks of Irregularitles- any rnaters we IdeThtif￿d having obtained and rewewed th? charty's documentalien ol Iheir poIiGies and proc8dur8s r8latiro to: ident￿6￿J. evaluallng aTrJ comtAylng wth laws and ragula￿onS and whether they gre aware of any i￿￿ta￿e8 of non.complLwce; o delecthng 8nd respondlng to rfsks of fraud anos whether t￿Y have any kn￿edge of any actual, suspoctgd or all8ged fraud; thè ntem81 controL8 estsblSshed to mfligale Ask8 offr8ud or nonkncompliance with laws and reguktions. 10 THE FRIEDA SCOTh CHARITABLE TRUST Dated ?51h September 1962 - RÈgist9r¢d Charlty No. 2215¥J Indèpéndent Auditors. rèport to the Trustees of The Fri¢da Scott Charitablp T￿￿t the matters dlscuss8d among the audll team regarding how and wh￿e fiaud mwJht or￿r in the finen￿81 8ts1ernents 8nd any potents'al indlcalors ol froud. As a re5uM of these procedures, we consklorewing Statetnent of ReGornmended Pra¢tic¥'. Accounting and Reporting by Charilies preparin9 thelr aceounts in aeeordanr£ with the Financial Reporting Standard applubl8 In the UK and Republicof Ireland IFRS1021 rather Ihan Ihe AccountirvJ 2nd Report*ig by Charits8' Staten)efit of Recomrnended Pr8ctsce &ffe¢tlve from 1 Aprfl 2005 hvhld) has since been withdra￿. bj PtepaTrtDn Of1￿8￿CIals18lements on 8 going ¢￿¢¢M b8s1$ The Trustees ￿nn￿erthat there ar& no material uncertÈinifes aboutth6 trusV$ ability to conlinLE as going Concern. TriLslèes are mindfvl thar Ihtt u)tome from the fund may fluctuate in the next ffin8nci81 ye8r. The level ofdistribution made remains at Trustee's di8cretron. as do&$ Ihe uÉ& of c2pital ￿ mest 8or¢e dislributK)n levels. Based on these asses$ff*n1s and given the mea$ur&s that Could bo undertaken to miligaie the adverse condrtions, Trustses ha¥e conduded that they can continue to adopt th8 going conc*m ba$1$ in preparing Ihe onnual report and accounls. c) Inveslmenlincom8 Inveslment iTr¢eme i8 accounted for in pèriod in whKfv the Trust Ls entSded tg Tecelpt. dj Exp8nthture Expenditure is inthded on aft bass. and ine1￿￿e& attribu1ab￿ vAT￿*th c8nnot ￿ recovered. Costs of raising funds comprise those costs diredty attribvtsbk to the inve5tmeTrt portfofio and raisng inveslment In¢omo. Gr3rts piyable are rl)#rged in the yearwhen the offer is conveyed to the r8cts)lenl extept t8 where materrdl offers are condrtYJnal. such gr8nts beinu recognised as txpenditur• when the ¢ondiliDn$ 8ttathrs ar* fulf¥W. Matetial 9rnnis offerèd subjectlo conditions whith have not been mei th the yearend are noted as a corrmitmont but nol accrued as expenditure. The for a tWI￿year grant É* recognisèd at pre52nt vAkn2 wheIe setire￿ent is due oY8w Mtsr¢ Ihon cl￿ y£8rfr¥m th¢ d4t¢ of the thEre are no unfuKdkd condibons underthe control of the Trust that would perrnil the Tr¥sl lo avoid makity the fuluie payrnentlsl, 5ettltmenl 15 probab and I￿•118¢t oldlscouniing Is nwork•l. The dis¢ounl rat¢ used 15 Ihg average rats ol d8p06it Intor•st In lh6 yoar Sn wh*h tho grant ward made. 15 THE FRIEDA SCOTT CHARITA8LE TRUST Notes to finanel¥l statemehts 1¢on￿￿￿e￿I l A¢¢ouTrtlng poW¢le4 d) Exptnthup Icffjtj Thisdscounl rate is by Iheyruslees 8& ￿￿￿￿Ing Ihe MDSI trnia¥aIAtyee￿￿￿ ofth opportunffy cost ofrnrw rellecting the lime value ofrnrtyto lh¥ TYus1. Co8ts of¢h81*a￿e Int￿dB grants Con￿￿ell snd an 8PPQrtl￿lnerI pf go¥*naKe 4r#J ¥4)port costs aB shown kn not•& S ano 6. $w)￿rt¢0￿1& Ind￿Je (*ntr81fundicn¥ and h3ve beEn alkntatsd to 8¢1fvtyco81 ¢atryorie5 on a basis ¢onB151Errt ￿1th theu¥t olro$oLYces. e.g. allocaling PTopety coats by sl&ff use. slaff c051$ bytha ￿me Spth 8ryJ ￿t￿r ¢0819 by theirthaué_ GD*rn8ntt tosis ￿prise al ￿GIS attouM¥bllty olthe Trust and cThrFlièn ih rt9ulaip)n *)d gtsod wactice. These Indude costs relaledto 8ud* * l¢g£l le25 t•¥trith an 4ppty1iorw￿enI of o¥ethearf support tosis. •) Flxedasser Inveslpnents InvesimÈnts aw a form of b8w¢ finarrisl InstN￿￿tr and are. ewptlon of the Sm￿1 shawehohjing 1elpx￿1 lo In note 12, ￿￿1￿lty recDgnised 81 th•￿tr*I¢00￿ ¥aluÈ subseq￿11￿ rrtasured al fair value as ai tho balance $heel dEte the (yjoled nxrkel Prir￿. The 5talemert of fin8n¢bl a¢ll￿1)eS 1th￿deS netgains and1055es 81istivJ M rev￿U&ti￿) •fKI dl8posalsth1ou￿0v11I￿Ygar. Tr Trust doÈs Dot 8&)uke pul opiions, dev1val￿e$ or01￿[ tompfex nn8ncJ4 k*lrumqnts l Furt¢èGcounbno Gor*r4lfund$ are fLhvJs are 8¥allable for w otlhe disuelbn oflhe TFusiees in fvrtMttran￿ 011hegenpr￿ owedveg of the TNSI and thch have mt b2EndeBwJMled foi oth pwpose8. endM￿&￿ ¢flhe th4nly ￿ eXpPndtsb￿ endL)N￿lOnl. Tho Tru$lthd ￿rA*J￿ Ilus fund lo be Bpenl as income or relglned as £apiial aithe Trusl8&8'¢Ylstr¢wM_ iThcome on the eXpe￿•￿E endrAvff*nt & uniEstrithd. Any c8pitBlg8ins or losses 4￿5￿9 the thsposal olfvnd v$set5 form part aflhè fiJThJ. IDve$lrrent Ma￿ge￿¢￿t rhBT9PS ond IE9￿ rdallro lolhe f￿a We d)arged 89aln$i fmd. 2 In¥g¥lmpDI In¢om¢ X*24 20rJ Gon•ral uni•sffieie siocks and $h4re¥ 224.966 0.896 182.305 4,003 231 862 186.308 3 Trnnsl8Tr Iwom pxp•ndablo ondovm?ènt to Ineome A Ir&nsfer 01É232.657 was mAde in year12023.. t182.4871. Tr* toial am￿niOr u￿eStric1ed inccrfn? avaI8blè fr)r $pendlng In ytsr wa$ £464.51912023.. È368.7951. 4 IM8sbnènt managqrn•nl 2024 2Q23 E%p8ndabh •ndowh)èht In¥eslrnEnl maT￿gemP￿t f88 45?97 Gonoral un￿1￿¢1• In￿tr￿enErn￿￿rne￿l faè 45.411 Total fees Charyed fortr war IlnthJthNJ th undedylng furnl¥l were t141,32212023". £141.452). The Total Expertst Ralio for 2024 was 1.3% 12023.. 1.3%1. 16 THE FRIEDA SCOTT CHARITABLE TRUST Notes to financial statements (contlnued) 6 Grants ¢omm1tt9d The value of granls lo institub.ons committed in the ye•r. induding eancelod grants. comprises: 2024 2023 Grants Committed 478,214 261,448 Returnedlwithdrpwn: 1 grants {2023'. 21 125,696 5,500 De￿5 of the ￿lpI￿lS are shown in note 18. 452,518 255,948 SupFort costs {nots 61 38,675 33,749 Govemance costs (note 6) 18.222 10.137 56.897 43.886 509,415 299,634 2024 2023 ReconGiliation of gTrrTts payable: Commitmènts at beginning of year Commitments made In th• year Granls cancelled in thè yèar 120.484 237,844 478,214 5.696 261,448 5.500) Grants cornrnitled In lh¢ year Grants pwd during Ihg y￿¥ 4S2,518 3e4.270 255.948 373.308 N•t Commltrn•nts at 31 March 208.732 120,484 Commltrnents at 31 klarch are p*yabl• as lollows: Wrthin one year (note 151 After more than one yeai Inote 161 180.732 28,000 105,188 15.296 208 732 120,484 17 THE FRIEDA SCOTf CHARITABLE TRUST Not•¥ lo flnanclal stat$m•nts l¢ontlnLMdl The bre&kknrfn of5￿0pOrt￿￿I5 and h(M ihesefft alwaled bets¥een GovDmafic*and Charitable Ig th)wrn Wle belwi.. Cwt Type Totsl Support eosts BA•1* ol 28.850 5.717 5,056 Staffl1tr* 63¥ S¢&ff lime 760 Ug49e OM¢8 r•nlal and c051E Surxlry tOAI$ 45.126 ￿87$ 6.453 Gov•rnance costs 2023 5,056 635 11.340 137 182 112 4.530 734 Office ￿Nal and uditors. rèmunerai Tty6tees' meeting6 Tntsteè I￿￿1**per￿*6 157 58 198 Sundry costs 18222 10.137 7 Cpry&rttlves lor allr•E•thJn ol *wpport¢osts •nd gov*rnllnt• toxts The brt8kdo¥m 01su￿Ort tosls ho***oalc¢oi$d bgM4pn Go¥gm*nceanO Ch*rsbDI¢ PaNI1￿ 15 s11￿ in th8 belrKI' ¢ps¢Type TDlal Allo¢atsd $yF•Ort Costs Gov•m•nce AppDrtiOrW￿Trt staff CO￿1& 0ffi¢g anth cosls Surxlry exFenses 30.199 7.341 1.733 25.669 6.607 4.530 siaftume 734 S￿ff 28Q Us4q 33.Y49 5.524 Nllt In¢om8ll•xp•ndttww•l 4Dd n4t moyornent In lunds btft41 on InveBlm?ni* NeiirMrnollpx￿d1Vre) and npt1nu￿meffl￿fUDdS bebre9Binslllo8ÈesI on inv£Sts￿mS i4 Elated aftèr¢h8rgkn9'. 2024 2tr23 t£muneralion Aud*ty$' rEmunfrrallon-2022f23adllb*al 102( 1,140 11.340 42CIJ 9 Sl•fl coÈts Tbe Charity dooE Thil direetyempky arty st&fL In$*Ad tt we5 IhB pH￿b￿9 s•vwof4 emthEesof another ch¥tyq)8fEtiw from &tsm6 address. The C￿8 rethrged by the olherthadty We.. 2024 2r123 S*8ries S(KI￿ $s￿rty coBts P8n5ion Ltsts 28.70S 2267 2,733 28.031 1.606 2,562 18 THE FRIEDA SCOTh CHARITABLE TRUST Notes to fmanclal statemtrnts IGgDtinu•dl qo Tru•hos' ￿mU￿￿t￿n and w•lated p* transacllonG 1 Ttuslee12023'. 11 rAcèwd Irwl eynsos In lh6 year of £182 r2023.. £681. Tw61e¥s nelthBryp￿iVa0 rK waivadary e[r*￿MentS during the year12022'. £nlll. riry theyearthe T[￿l¢OMnI￿$d 10 Qlarl corb¥￿tt￿￿n1$ IOlallTrig £20,OJO to Sl Ho$phx. •i ¢rganr681lon kn WA)Ith￿l80nAw * Head of F￿￿rn￿n0. 11 Cornparativea for St¢tement of Flnan¢lpl Athllles and 8al•nt•Shèotfigur•s siattAn•nt ol FSMD¢lal 4ctwil** Tot 20rJ •ndownw4 Incom• IrvJqtsimgnl inwn Trarts*r 186.9)8 1BZ,487 186,308 181487 Total Irwm• 1102,487 268.795 186.30 Expenditure Costs ofi$is1￿ (L¥￿$ Investment m&Dagerr*nt costs 45.397 45.411 Granl Ma￿n9 Gra￿5 cornmrtted relEIBd swpotvgovemance cos15 (2￿948) 143.886, (255.54BI 43.886, Totslexpétyd￿￿ 1299.8341 Ne1¢1￿￿J1￿rO b•foFg •n I￿•$1M•￿t* 1227,8B41 68,947 1168,9371 inveBtrths 1SDI.884i 1502,7531 Net mo¥emenl fwnd$ 29,788) 88,078 {e61.6901 Re¢on¢¥igrth>offund5 Total fundE brau9M1o￿Wd 11,275,634 64.517 11,340,151 TotalfunaQ In awaKln9 syrlknnigr*ts¢rto suppknentRguL¥giwng. th ?¥eDdiluie a￿V￿lF￿￿e. a grat￿er01 £72,920 madpdytrylhe yewtrom the ContiweKy Re8aw IW23', £27,493 to ￿￿ET¥￿I. kn at31.3.24 ihe Cutingerw ReserwewJ5£nil 12023. £72.9201. A tran8ferY4ag rn8dèfallts￿ffjt￿ reV8h￿l￿ ol shaiqsin AFf4w¥g Ltd. ty*IG14rring£r¥l12023.' £869)from il)p ￿ltit￿rKY T¢8eTvefunditsthe ￿￿e1￿￿eBted furrtllDenwr•ttsilh• dL**vJ baLwE*dthe ￿C￿rne Inves￿ lutyj w¥¥ nii at e￿. THE FRIEDA scorr CHARITABLE TRUST Ni)tgs tof5nancl￿ stsiwn*nt8 Iconlinuedl 18 GM1114 CQrnrnrt￿eTrts Comrntments delnye deinfftr ettded ¢n¢kd 51 ￿rth2O24 31 Mjrch 2ts23 Jllthwale P￿￿n9 F￿￿ Ccrfnmmee 51on Community Workshop sl¢n Rèu£alion Ground Commdle Blon T￿￿n Hall Charity Ambfe$hle Ftiends of Guldlr APp￿bY Towrn Coun￿1 BattDW Raidors Communtty FtyJnd*bJTr Bendngg TlU81 Bouth Vllape Hèl Brath Trust Carvi SU￿rtc1￿[s￿8nd Ed Conlston Crake Valkny ConiStfJn In5titule Cr055crak* cornmunty tr￿b CrosthwallE and Lylh Recreadon F￿k*T￿￿t Drum and Bra55 Du¢don1Thstrorp R8scue Ever9rEts Communlty Twsl every Life Matt#s NoU￿n9 Farnilie5 Mauer F8AlureYDuth Club F￿ld BT