IIIEDA sco T RU ST *•￿ 58864 Trustees, Annual Report & Financial Statements For the year ended - 31 st March 2025 Registered Charity No. 221593 'FIII EDA %CO Datgj 15th Seplember 1962- Registe￿ Charity No. 221593 Trnstees, Annual Report Ilor the year ended 31st March 20251 Reference & Administrative Information Trustees Alison Alger lan K Baldwin Christopher Billinge- From November 20th 2024 Attosa Cropper- From March 5th 2025 Diana Devenish - From March 5th 2025 C Stuart Fairclough Simon Kirty -To November 20th 2024 Gareth McKeever Samuel A M Rayner Samantha Scott (Chair) Laura J Southem - To November 20th 2024 Frances Slokes Officers Celia Forsyth - Trust Secretary to May 2024 Elizabeth Islam - Trusl Manager from May 2024 Director- Helen Carter FIna￿e Manager - Keri Brown Address Stricklandgate House, 92 Stricklandgate, KeThdal, Cumbria, LA9 4PU Auditors Dodd & Co Audit Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate Cadisle CA12RW Bankers Handelsbanken Bridge Mills SecorKI Floor East Slramongate Kendal Cumbria LA9 4BD The Charities Official Investment Fund ICOIFI 80 Cheaps¢de London EC2V 6DZ Investment Advisers Cazenove Capital (part of the Schroder Group) 1 London Wall Place London EC2Y SAU Solicitors Currey & Co. 33 Queen Anne Street, London WIG 9HY Tnjsteeg knrrtjal Report I Page 2 'FFII EDA SCO Dated 15th Seplember 1962- Registe￿ Charity No. 221593 Trnstees. Annual Report (for the year ended 31st March 20251 The Trustees present their annual report and audited financial statements for the year ended 31 st March 2025. Reference and administrative information set out on page 2 forms part of this reF)Ort. The financial statements have been prepared in accordance with the accounting policies set out in nole 1 to the accounts and comply with the charity's Trust Deed, Ihe Charilies Acl 2011 and 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 the Republic of I￿land. Structure, Governance & Management The Board of Trustees met three times during the year. The Investment Committee of Trustees - comprising Stuart Fairclough {Chair), Sam Rayner, Simon Kirby and Gareth McKeever- met twice during the year to mnilor investment performance arKI discuss strategy. The meetings were attended virtually by representatives of the Trust's Investment Managers. Following Simon Kirkbys retirement, Christopher Billinge was appointed to this cofflmittee. The Small Grants Committee mel three times during the year to consider funding requests of £4,500 or less. The committee comprised four members= Laura Soulhem {Chair}, Alison Alger, Fran Stokes and lan Baldwin. Following the retirement of Laura Soulhem, Diana Devenish was appointed to the committee and lan Baldwin was appointed as Chair. Samantha Scott and Alison Alger represented the interests of the Frieda Scott Charitable Trust on a joint Human Resources (HRI Committee comprising Trustees from two other Trusts with whom the Trust shares personnel and office resources. This commillee met twice during the year. Alison Alger chaired this committee, with Sarah Dunning depulising when required during the year. Trusteeg Annijal Report I Page 3 'FIII EDA 4CO dted 151h Seplember 1962- Registe￿ Charity No. 221593 Trnstees, Annual Report Ilor the year ended 31st March 20251 The joint Finance & Risk Committee is comprised of Tnjstees from the Frieda and Francis Scott Trusts in recognilion of shared processes across the TnJsts. The Frieda Scott Tnjst is represented on this Committee by Sam Rayner, Chair, and Christopher Billinge. The committee meels jointly in the year to review inlemal financial controls, risk management and olher elements of oversight relevant to bolh Trusts. The Frieda Scott representative also meets the Trust's Auditors twice during the year to plan for the Audil and to review findings and recommendations. During the year, Stuart Fairclough and Hugo Pring were the Frteda Scott Trust's nominated representatives on ihe Brewery Arts Centre Endowment Trusl IBACETI which was founded in 1997 wilh a significant grant ol Frieda Scott Trust endowed funds. As allowed by the Trusl Deed115.9.621, the Trust is a self-perpetuating bo(ty with Trustees alone being responsible for the appointment and retirement of Trustees. Tnjstees Simon Kirby and Laura Southem ￿tired from the board after 5 years and 9 years respectively. All at the Trust expressed their thanks lo Simon and Laura for their support and contribution to the work of the Trust. Following their relirement a process ol open recruitment was undertaken, and three new Irustees were appointed during the year, Christopher Billinge, Attosa Cropper and Diana Devenish. The Chair of Trustees is responsible for the induclion and, with the assistance of the Director and Trust Manager, the training of new Trustees. An induction package is prepared for any new Trustee and includes the following.. Copy ol the Trust Deed, Grant DistritMJtion framework. Investment Policy, Organisational Chart, Risk Register, most recent Annual Review of Grants Paid, Minutes from the last three Trustee meetings, most recent Accounts, Application Forrn and Guidelines. New Trustees a￿ also referred lo the Trusts website Iwww.friedas¢ott.org.ukl and relevant guidan¢e for Trustees published by the Charily Commission. The Trust does not employ any staff direclly: however. it does use the seNices of three part-time and one full lime employees ol another Trust (the Francis C Scott Charitable Trusl). The Director's role in relalion to the Trust is lo line manage the Trusl Secretary, lattedy Tnjst Manager, and provide strategic advi￿ and guidance to Trustees as required. In June 2024 the Trust Secretary, Celia Forsyth, retired. All al the Trust expressed their sincere thanks lo Celia for her commitment and contribution to the work of the Trust during her tenure as Trust Secretary. Following Cella's retirement, a Trust Manager was appointed. This was a newly developed role with expanded duties, including the provision of data and information to the Trustees lo enable straiegic development. The tolal number of staff working for the Frieda Scott Charilable Trust, calculated on a full-time equivalent basis, was 0.84 during ihe year. Twsteeg Anrwal Report I Page 4 'FIII EDA SCO Dated 15th September 1962- Registered Charity No. 221593 Trnstees, Annual Report Ilor the year ended 31st March 20251 Trustees, Responsibilities The Trustees are responsible lor preparing the Trustees. Annual Rewrt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charilies in England & Wales requires the Trustees to prepare financial slatements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application ol resources of the charity for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then appty them consislentty; observe the methods and principles in the Charities SORP 2019 (FRS102); make judgements and estimates that are ￿aSonable and prudenl; slate whether applicable accounting standards have been lollowed. subject lo any material departures disclosed and explained in the financial slatements; prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The Truslees are responsible lor keeping proper accounting records Ihat disclose with reasonable accuracy al any time the financial position of Ihe charity and enable them to ensure that the financial stalemenls comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps for the prevention and detection of traud and other irregularities. The Trustees are feswnsible for Ihe maintenarKe ar)d integrity of the charity and financial inlormalion included on the charity s website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statefflents may differ from legislation in other jurisdictions. Trusteeg Annual Report I Pdge 5 'FIII EDA SCO Dated 15th September 1962- Registered Charity No. 221593 Trnstees, Annual Report Ifor the year ended 31st March 20251 Objectives & Activities Constitution & History The Trust was established by Deed of Trust daled 15.9.62 with the widest powers to distribule for charitable purposes. The Trust was registered as the Second Matson Ground Trust and was endowed with assets and property by Francis C Scott and his wife Frieda Scott. Between 1963 and 1976, further cash and investments were settled upon the Trust by the Francis C Scott Charitable Trust. by Francis C Scott himself and by his daughter Dr Joan Trevelyan. Soon after Frieda Scott passed away in 1973, the Trust gained Charity Commission approval to change its name to the Frieda Scott Charitable Trust in reccKJnilion of her many years of support for charilies addressing the most pressing needs and arts in Weslmorfand. Successive generations of Trustees have honoured this legacy wilh a locus on lunding a wide number ol local community inilialives and charilies which address the greatest needs of these communities. Rellecling its legacy, the Trusts geographical focus has always been the fomier county of Westmorland, with the area covered by South Lakeland District being added to the beneficial area following the changes to the county boundaries implemented in 1974. In April 2023. the area underwent a process of local government reorganisation, which joined together the previous districts ol Eden and Souih Lakeland with Barrow in Furness. Trustees considered several Options lo ￿tsIn the Trust's footprint whilst ensuring clarity ol the beneficial area Irom which eligible organisations could apply, and agreed in July 2022 that the TrLSSt would expand the beneficial area lo include the new area ol WeslmoAand (previously Ihe Districts of Eden arKI South Lakelandl bul exclude Barrow in Fumess. The Trust's office is based in Kendal which served as Ihe headquarters for the Scott family business (Provincial Insurance Company plc} lor 76 years, the source of the erKlowed funds. Trustees, Annual Reportj Poge 'FFII EDA SCO dted 15th September 1962- Registered Charity No. 221593 Trnstees, Annual Report Ilor the year ended 31st March 20251 Grant-making Policy . . The Trust is a long-standing supporter of local community groups and Trustees continue to welcome applications from organisations working on the ground to meel the most urgent needs in their area. Particular consideration is given to projects supporting the most disadvantsged and vulnerable in our society. Trustees periodically ￿VIeW the priority areas and in 2020 reaffimed these as.. Older people (particularly the vulnerable and isolated} People with disabilities, mental health an(Vor leaming needs Children and young people (particularly the most disadvantaged) Family support work Viclims/suNivors ol domesticlsexual abuse Subslance misuse Prevention and rehabilitalion of offenders Carers Village halls arKJ community cenlres Improving access lo seNices for rural communities Voluntary sector infrastruclure and SUPF)Ort Arts and sports projects where the primary objective is community benefit or the support of vulnerable groups Young people's uniformed groups. Trustees will not usually support applications involving.. retrospective funding, statulory bodies (including health and education), places ol worship, the promotion ol religion, individuals, expedilions, animal charities, wildlifel heritagel environmental causes. museums, art galleries or national charities unless they have active local branches. Detai15 of the granl commitments made during FY2024125 are listed in note 18 Ip28-29). Grant requests of up to £4,500 are considered separately, with a sub-committee of Trustees providing scrutiny and decision making, which is subsequenlly ratified by Ihe Board. To provide a nK)re equitable distribution ol funds available. given the high number of villages in the beneficial area, refurbishments to village halls and communal play areas are restricled to an upper request limil 01 £4,500. All other priorities are in line with Ihe main granls programme. Trusteeg AnThJal Report I Page 7 'FFII EDA SCO Dated 15th September 1962- Registe￿ Charity No. 221593 Trnstees. Annual Report Ilor the year ended 31st March 20251 Activities The Trustees are aware that any activity aimed at achieving the above policy must be prop)rtionate to the annual dislributable income of the Trust. More specifically: The Trust Manager initially reviews all eligible aFvlications for lunding (submitted to the Trust via an Online Application Forml and relevant financial information before corresponding with applicants to answer any questions and then submitting them to Trustees for their consideTrtion. Where it is deemed necessary and appropriate, the Trusl Manager will arrange for one or more Trustees to visit applicants, projects to better LJnderslarKJ Ihe nature of their worklservices. The Trust Manager encourages appropriate organisations to apply lo the Trust by: Attending funding fairs and funding advice workshops held al locations in the Trusts beneficial area Liaising with local advice bodies such as Cumbria CVS Encouraging enquiries and directing applicanls lo the Trust's website. Funder Plus Programme Since 2022, the trust has offered a focussed programme of support for eligible organisations from the beneficiary area- known as Step Change. Step Change is an organisational development prcNJramme which provides a consultant to the organisalion lo guide and support them through a period ol development or to address a particular challènge. Trustees created an upper granl limit of £4,000 and agreed applications lo the programme would be considered by the full board at Tnjstee meetings. No Step Change grants have been awarded this year. Trusle P4wal Report I Pdge 'FFII EDA SCO Dated 151h Seplember 1962- Registe￿ Charity No. 221593 Trnstees. Annual Report (for the year ended 31st March 20251 Achievements & Performance Review ol the year The Trust's investment portfolio is managed on a total retum basis. The Trust received total investment income of £330,0121202312024 £231,862) during the year. Trustees recognise the operating environment facing local organisalions Sin￿ the pandemic remains challenging. This includes a more demanding fundraising environment, wtth increased compeiitiveness for grant funding. In addition, local organisations are reF)Orting sustained increases in demand for their seNices, wilh the continuing impacl of cost-of-living pressures affecting both cost of delivery aThJ levels of need amongst beneficiaries. Furthermore, following the trusts expansion into the north of Eden in 2022. there remains a sustained increase in Ihe number ol requests received lor consideration each year {with a 10°/0 Ir￿eaSe in the total number ol applications recorded this yearl. The total value of ￿quests also conlinued lo grow, wilh an overall average requesl around 1501. larger than in previous years. In response lo sustained demand, Trustees agreed in principle to an allocation of granls above the budgeted granl allocation lor the year which would be mel through excess income held by Cazenove. Whilst these factors have impacted overall success rates, which evidence a decline from previous years to 71°/. (across all programmes) trustees consider these to remain comparatively high. and at an acceptable level. 55 <2023124: 57) applications were awarded funding, with a total value of £493.517 {23124 £478,214). 7 grants awarded in the year include commitments to be paid in future year& Grants To Charitable Organisations FY2024125 P12023124 FY2022123 FY2021122 FY2020121 Number of Applications Consldered Total value ot funds requested Number of grants awarded Value of ordinary grants awarded % of applications awarded grants Average grant slze , all prograrnmes but exciu(ti inary grontsl .£45,000 of this figure was dislribuled on behalf of the Go(xJa¢re Benevolent FuThJ. Total funds awarded from Frieda Scott Trust funds were £216,448. 78 70 37 £902,105 £700.800 £350.903 £408,448 £293,137 55 £493,517 57 £478.214 36 £261,448 35 £381.880" £264,702 71% 81% 95V. £8.973 £7.262 £10.910 £9.127 ',r• Co¥MIi NITY FR DGE Trustees, AnnLJal Report I Pdge 'FIII EDA SCO Dated 15th September 1962- Registered Charity No. 221593 Trnstees, Annual Report Ilor the year ended 31st March 20251 Use ol a new grant management system was further embedded during the year, and which is continuing to streamline the grant making prO￿S$. In particular this includes allowing the trust to improve the evaluation of Ihe grants made to support effeclive decision making and improve our long-ierm support to communities across Weslmorland. In furtherance of this worK the Trust moved to a process of online application submission. This transilion was completed smolhly. with applicants reporting the prO￿sS easy to navigate and use. In addition, this programme of work was supported by creation of a refreshed website and complemented by a new logo and branding for the Trusl. 2024-2025 marked the 50th anniversary of Ihe Trust as a local granl maker. To rec(yJnise Ihis mileslone year. trustees hosted a series of community lunches across the region, attached to truslee meetings, to which grant holders and key sector stakeholders from across Westmorland were invited. These events provided an informal opportunity to discuss Ihe work ot local organisations and the needs of communities they serve. This series of events commenced with a special one off event to launch the 50th year, to which all currenl, recent and long-standing main grant holders were invited. Whilst providing an opportunity to rellect on the past five decades, these events also provided an opportunity for the Trust to deepen understanding of the current context in which organisations are operating, insight which will be used as preparatory work to infomi the development of a refreshed strategy during 2025. An additional activity undertaken to commemorate the 50th Anniversary of the Trust VRS the creation of a booklet which explored the history of Mrs Frieda Scott, and the creation and evolution of the Frieda Scott Trusl. Compiled by Trust Secretary Celia Forsyth, this booklet is now available on the Trust's website, with a copy also residing in the UK Philanthropy Archive housed al the University of Kenl. Prinled copies are also available on request. Frieda Scott aTrJJoan Treb*an in arOUT￿ 19ty. TrusP4 knwal Report | Poge 10 'FIII EDA SCO ated 15th September 1962- Registered Charity No. 221593 Trnstees, Annual Report Ilor the year ended 31st March 20251 Public Benefit The Trustees have given consideralion to and confirm Ihat Ihe Trust's F)olicy, activities and beneficial outcomes described in this Report ensure thal the Trust meets both the spirit and the letter of the Public Benefit requirement as specified in Charity Comrnission guidance. Risk Management A Risk ASS￿3smenl Report is tabled every year for consideration by Trustees that includes 31 items with corresponding commenls as to how besl to address, ameliorate andlor monitor the identified risks. The most significant risk identified by Trustees is a major downtum in the value of the Trust's investments which, if it were lo continue over the longer lerm. would impact on its ability to provide grants to its priority areas of charitable work as outlined on page 7. EN 5th1TH rustee¥ ￿￿n￿al Rerxjrt | Py• 11 'FIII EL)A %CO Dated 15th Seplemt*r 1962- Registered Charity No. 221593 Trustees, Annual Report Ilor the year ended 31st March 20251 Financial Review The Frieda Scott Trust Deed alloy￿ Trustees absolute discretion over the investment of the Twsl's capital and income arKJ gives Trustees the power to distribute t%Jth income and Capital as they think fit. Investment Objectlve Frieda Scott Tfuslees aim to achieve both capital and income growth and at least to preseNe the real value ol the Trust's assets over the long term to bal￿e the needs of current and future beneficiarie& Trustees reviewed the investment objective during the year and agreed to amerKI the metric used for delermining real value from RPI to CPI. This change reflects received best practice and came inlo effect from April 1 st 2024. Investment Strategy Frieda Scott Trustees have adopted a total retum policy to achieve the investment objective and have retained Cazenove Capital as the Trust's Investment Manager& A review of investmeni perfomiance and approaches to sustainability was also undertaken during the year, with Trustees considering more closely the environmental and social impacts ol the invested porttolio. As a result. Trustees agreed to transition the portfolio lo the Cazenove Suslainabiliiy Mulli Asset Fund ISMAF) wilh effect from 4)ri11sl 2024. In addition lo financial reporting, Trustees will also receive higher standards of reporting on the environmental and social implications of invested funds. Distribution Strategy In order lo sustain current levels of giving over the long temi, Frieda Scott Trustees have decided to spend from income and capital growth on a total return basis representing an agreed yo of the total value of the portfolio (calculated on a trailing 12 quarter average} on grant-making and operations in any one year. As a resull ol the transition to the SMAF and to reflect the sustained level ot charitable requesls Truslees agreed an increase in this % with effect from April 2024. Therefore, during the year 3.9°/0 {net of Investment Management fees) of portfolio value was drawn down for distribution locally as grants and to cover the administrative costs ol the trusts, increasing from 3.25W.. Investment Performance Total return on the portfolio for the year was 0.7°/ 12023124 ￿). This compares to an agreed benchmarK Ihe AFIC Sterling Steady Growth Charity Index 3Q/• (2023124 9.7%) Truslees reviewed this perlormance, as well as comparative returns over 3 and 5 years. Reserves As allowed by ihe TrLJSt Deed, Trustees treat the capilal of the Trusl as expendable endowTnent, vthich is managed on a total return basis to generale funds for Ihe charity's grant-making prcNJramma. As al 31 sl March 2025 there was a negative balar￿ on unrestricted funds (free reserves) of £144,451 12023124: £87,699}. This balance arises because of the inclusion in the financial stalemenls of future grant commitments of £228,79512023124'. £208.732} over the next 2 years thal are not due lo be paid until alter future investment returns are received. Fo￿ard commitments are made within a calcLtlation that protects Trustees capacity to commit grants in lulure years within the distribution strategy. The Trustees are satisfied that this is a sensible approach in relation lo annual investrnent income and that Iheir investment strategy is sufficiently rO￿￿$t to obviate the need for a designated reSe￿e fund. Trustees, ual Report | Page 12 'FFII EDA SCO dted 15th September 1962- Registe￿ Charity No. 221593 Trnstees, Annual Report Ilor the year ended 31st March 20251 Plans for Future Periods Trustees annually review the way in which Ihe Trust is administered to ensure tt is bolh efficient and cost effective in distributing its income, making use of sub committees to support this work. Trustees intend to continue this process in the year ahead, and in addition will be embatl(ing upon a process of full strategic review in October 2025. Any changes to grant making policy arising from thts review will be communicaled publicly and implemented following the completion of the process. Trustees continue to invite and welcome applications for funding from those charities that, in their opinion. are able lo demonstrate an ability to meet the needs of local communities, the vulnerable and the disadvantaged within the area of Weslrnorland (previously South Lakeland and Eden District Councils). The Trustees plans in relation to the Trust's investrnents arKI reseNes are outlined above. Going Concern The fund value of £10,795,070 ai March 31 st 2025 was down on the previous year {£11,034,9911 this reflected wider turbulence in the financial markets during the period. Trustees are mindful that the income from the fund may fluctuate in future financial years. The level of dislribution made available remains at Trustees, discretion, as does the use of capital to meet agreed distribution levels. Based on these assessments and given the measures that could be undertaken to mitigate any adverse conditions. Ihe Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. This report was approved by Trustees a￿1 signed on their behalf on 11 th November 2025. By Samantha Scott (Chair ol Trustees) Trustees. Annual ReFQrt | Page 13 THE FRIEDA sco￿ CHAR￿ABLE TRUST Datsd 15th Septomb8r 1962- Registsrad Chanty ￿. 221593 Independenl Auditors, report to the Trustees of The Frieda Scott Charitable Trust Opinion We have audited the finanual stslen*nts of The Fneda S(xtrtt Charrtable Trust (the 'chanty'l for the year ende(131 March 2025 which comprise the Statement of Fin3rKial Activrties. Ihe Bala￿e Sheet and notes to the financial stalements. induding a summary of significant a￿oUntIng pM)licies. The finarKial repcffbng ftamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financkil ReFX)rtiThJ Standard 102 The Finan￿al Reporting Standard appliGable in the UKand RepublAC oflreland {Unrted lQ"ngdom Ge￿alty A¢cWed A¢￿￿ntIng Pr￿b"￿}. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2025. and of its incoming reS￿rCeS and applicalK)n of resources, ft)r the year then ended". have been Property prepared in ac£ordance wrth Unrtgj Kin9Jom Generally A￿epted AC￿untirVJ Practi￿. and have been PTepared in accordarrE the requirements of the ChaIrt￿5 Act 2011 Basls for oplnlon We conducted our aLsdrt in acts)rdan￿ wth Internatsonal Standards on AudrtiThJ IUKI IISAS IUKII and ￿pliCable law. Our responsibilities under those standards are further described in the Audf(orfs responsibilitEs for the audit of the financial ststements seclK)n of our report. We are independent of the charty in accordance vnlh the ethical requirements that are relevant to our audit of the Iinancial statements in the UK, including the FRC'S Eth￿al Stsndard, and we have ￿￿lled our other elhKal responsibilit￿5 accordance with these requirements. We believelhat the audr( e￿denCewe have obtained is sufficient and appropriate to provide a basis lor our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded Ihat the trustees. use of the ￿lThJ concern basis of acccmjnling in the preparation of the financAal statements is appropriate. Based ￿ the work we have perf(ffmed. we have rK)t id￿trf￿d any maten.al uncertaintses relats.ng to events or Conditions that, individually or collecbvely. may cast significant doubt on the Chari￿s abilty to continue as a g￿ng concem for a period of at least 12 months from when the financial statements are authonsed Issue. Our responsibilities and the resFOn￿bl1its5 of the trustees with respect to going ccncem are described in the Tdevant section5 of this report. other infom)ation The Trustees are responsible for the other informat￿n. The other informatK•n o)mwBes the infomialion induded in the TTuslees' annual iepx>rt, other than the financial statements and ojr audrt(*s rewt there(￿. Our op¥nion on the financial statements does not cover the other infomialKJn a￿1. except lo the extent otherwise expl￿￿ty slated in our rerM)rt. we do not express any fomi of assurance condusion thereon. In connection with our audrt of the financial statements, t￿r reSp￿SIll.1ty is to ￿8￿ the other infoTmalK)n and, in doing $0, Consider whether t1￿ other infom)ab"on is materially in¢onsistenl wth the financial ststements or OLEr knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsister￿leS or apparent material misstatements. we are required lo determirE whether there is a matenal misstatement In the financral statements or a material rnEslalement of the other information. If, based on the w￿k we have wyormed, we CO￿Ude that there is a maten.al misstatement ol this other information, we are required to report thal fact. We have nothing lo report in this regard. TnL8tees Annual Fleport l F¥ge 14 THE FRIEDA sco￿ CHAR￿ABLE TRUST Datsd 15kn Septamb8r 1962 - Chanty No. 221593 Independent Auditors. report to the Trustees of The Frieda Scott Charitable Trust Matters on which we are required to report by exception In light of the kno%￿8￿ge and urKlerslanding of the charrty arKI ts environment obtained in the course of the audit, we have not Jenbfied material misstatements in the trustees, rewt. We have nothing to report in respect of the fdlrywing matters in reL4tion lo vthich the Charities IAccLJunts aTrJ Re￿rts} Regulations 2008 require us lo report to you rf. in our cyinion.. the information given in the finanThal slalemerts is i￿x)n￿ls1enI in any material respect ￿th Ihe Trustees, report" or sufficient accounting records have not been kept,. ( the financial slalements are Th)t in agreem￿1 wth Ihe a¢oxJnts"ng rec￿￿$. lx we have not receNed all the information and explanabors we require for ￿Jr aLkl Responsibilities of Trustees As ex ￿aIr￿d m￿e fulty in the Tru5tees' responsibilrties statement sel out on page 5, the Trustees are responsible for the preparation of financial statements whKh give a true aThJ fair VEW. aTrJ for such intemal CC￿trOl as the Trustees determine is necessary to enable the preparation offinancial slatements that are free from materia misslatement. whether due to fraud or error. In preparing the ffinancial ststements. the Trustees are res[on&b￿ f0rasS&￿1rlJ the thanty's abilityto C￿tsnue as a wing concern, disclosing, as appluble, matters related to going concem and using the going concern basis of aco)unling Un￿SS the TruSt￿S eithei Intend lo liquidate the charty or to ￿ase operat￿, or have Th) real￿￿ attemats.ve but to do so. Auditor'5 responsibilities for the audit of the financial 5L*ements We have been appointed as auditor urKler section 144 of the Charities Ad 2011 and report in accordance with Tegulations made under sectw)n 154 of that Act. Our objectives are to obiain reasonable assurance about whettr￿r Ihe finarrial stalements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a gL1aranl￿ that an a￿lIt o)nducled in accordance wth ISAS IUKI will a￿VayS delecl a material misslalement when il exists. Misslalemenls Can arise from fraud or etroi and ale consiJere¢J material rf, indivitlually or in the aggregate. they u)uld reasonably be expected to influence ￿ econom￿ de(xsK)ns of users taken on the basis of these financial Statefflents. In identifying and assessing risks of material misststemenl in respect of iffegulariti"es. inclthling traud and noncompliance with laws and regulations, we considered the following". results of ￿r enquiries of management aboul tt*ir own Klentth¢2b"on and assessment of the risks of irregularrties.. any matters we identffied having obtsined and wewed the thaws of their polioes and prrKedures relating lo.. hdenlifying, evaluating and Com￿Y1r￿j vAth kws ar*J regulatiorts aThJ whelher they are aware of any instances of non- cOm￿la[￿e., detecting and reS￿dIng to risks of fraud and whether they have any kn￿￿eth3e of any actual. suspected or alleged the intemal controls eslablished to mibgate ri%k$ of fra￿1 (x nono(mplIa￿ vrith lavo and regulatK)ns. Trustees, Annual ReFQrt | hge 15 THE FRIEDA SCOTh CHARrrABLE TRUST Dated 15th Septembei 1962 - Regk*Fed Charity 221S93 Independent Auditors. report to the Trustees of The Frieda Scott Charitsble Trusl the Tr￿tterS discussed all￿ng the audit team regarding hjw and tse fraud M￿ht OCCLbr in the ftrtancial statements and any potentia indicators of fraud. As a ￿sU11 of these procedures, we conspjered the opPN￿nIb"eS and thcentives that may extst wlthin the organisalion for fraud and #Jentsfied the greatest p)lentsl for fraud to be in relatic￿ to managemenl override which. in Cornmc￿ witti all au(lils undei ISAS IUKI. we are required to perfc¥m spec•fic pr￿dureS lo resp(￿d lo this nsk. We also obtained an understandirwJ of the kgal and regulal￿ fFamew¢yk Ihat Ihe chaity operates in. focusing on Pfovisions of those law5 and regulations that had a diiect effect on the de1ennina1￿n of material amounts and disclosures in the financi slalements The key laws and regulations we wnsKlered in t￿"S (￿rtext inc4uded the Charrties A¢A 2011 8T￿ chanh.es (Accoun15 and Rewrtsl RegUlat￿nS 2008. As a result of perforniing Ihe above, in response lo the risk5 identified. we did not identfy any key audst matters related to the potentsal risk of fraud or non-fL)mpliance wth law5 and regulab"ons. In addrtion to the above, our prLrkdures lo respond to n5ks KJentifie¢Y the fonowing." rev￿￿ng the financial statement dthures and test￿ to SUPFthI"ng documEntat¥)n lo a55es5 (yJmplian¢e with pTovisions of relevant laws and regulations described as havfftg 3 direct eff￿t on the fvanc4al statements" enquiring of Manage￿Ent ec￿￿Cernir@ actual and prAential ￿tigation da1￿￿. performing analytical wocedures to lden￿"fy any umsual or unexpected reL?￿nsh￿S that may indicate fi5ks of matenal misslalement due io Iraud.. reading minutes of Meet￿g5 of those o*arged wjih pvemance" arKI in addressiThJ the nsk of fraud thrwgh management override of controls. tesbng the apwopriatenes5 of joumal entries and other adjuslmenl$.' assessing whether the jtKlgements made in making aCC￿n￿n9 ests"mates are indi¢ab"ve of a potential bias,. and evaluating the rabonale of any signlficant transaCti(￿S that are unusual or cutskle ttte nonnal course of the chanty's work. We also cximmunicated relevant Mdenlified laws and regulations and potential fraud Ttsks to all engagemenl team members and remained alert to any indications of fraud or non-Coff￿11ance wth laws and regulations throughout It￿ audrt. There are inherent limitatyorra in our a*Jdit pr￿edureS descikned above. The more rem￿ed that laws and regulations are from nanaal transactions, the less likely rt is that we wwld becc¥ne aware of non-comp1￿nCe. Auditing standards also limff the audit procedures required to Klenlrfy non-compliance wrth law5 and rEgulatsons to enquiry of the tFuslees and olher management and the Inspects"on ofregulatory arKi legal correspondence. ifany. Malenal misslalements that ar￿e due to fraud can be harder to detect than those that arise from eiTOt as they may invdve deliLwale (y)noalrneni (Y cdIUs￿n. A fvrther description of wr respOnsi￿lI1￿S B avaiLableon the Financral Rewting Council's websrte al.. www frc or uklaudilorsres nsitTrililies. Th￿ descrfplK)n f(￿rn5 part of c4Jr a￿Jrt0r'S report. Twsteel Annual ReFort | Page 16 THE FRIEDA scorr CHAR￿ABLE TRUST Dated 15th September 1962 Registered Charity ￿. 221593 Independent Auditors. report to the Trustees of The Frieda Scott Charilable Trust Use of audit report This report is rnade solely lo the Cha￿$ Tnjslees, as a tyyty, in a¢ctydan¢e vnlh Part 4 of the ChaTitres (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we myht stste to the charty's Trustees those matters we are required to stale to them in an audrtorfs report and for no other purpose. To the fullest exient permitted by law. we do not accept or assume responsibilrty to anyone other than the charrty and Ihe tharity's Trustees as a body, for our audit Work. for this Teport. or for the opinions we have formed. Dodd & Co Audit Limrted, Ststulory Audrtor Date 1711112025 FIFTEEN Rosehill. Montgomery Way, Rosehill Estate. Carlisle, Cumbna. CA12RW Trustees, Annual ReFQrt | hge 17 THE FRIEDA SCOTh CHARITABLE TRUST Statement of financial activities For the year ended 31 March 2025 Total Total 2024 I￿orne Invest￿nt IlKc￿ Tiansfer 330.012 330.012 231.862 Total incorr 330.012 330,012 231,862 Expendtture Costs of raising fvnds Investrnent management costs 13.542 13.542 44.601 Expenditure *)rt ¢h*ikble èdNth"es Grant making Grants wmmitted Grant related supwvgovemance crtsts 18 1489.966) 72.195 1469,9661 72.195 1452,5181 56.897 Total expenditure 13,542 562,161 575,703 554,018 Nèt èxwndltur• bèfor• Ilossesvgalns on Investments 113,542} 1232,149) 1245.6911 1322,1541 Net Ilossesygains on investments 12 218.431 218.431 751.340 Net movement in funds 1231,973} 1232,149) 1464,1221 429,186 Recon¢iliatson of funds Total lunds brought I0￿￿rd 11,019,474 88,173 11,107,647 10,678,461 Total funds rArrie(I foTrYard 17 10.787,501 143,978 10,643,525 11,107.647 The notes on pages 20 to 29 frxm part ofthtse financaal stateme￿. The Irust has rKJ reco￿lsed gains and10sses other than those stated above. AJI incoming resources res￿rceS exFend*J deriv8 from conb"nuing activibe5. Trustees, Annual ReFQrt | hge 18 THE FRIEDA SCOTT CHARITABLE TRUST Balance sheet A$ at 31 March 202$ Totsl 2024 2025 Flx•d ass•ts 12 10.790.881 4.189 10.795,070 11,034,991 Curr•nt assots Debtors Cash 13 14 102 103.391 103,493 102 103.391 103,493 15.882 299.079 314,961 Creditors: Amounts falling due within one year 15 175.433 178,813 214,305 Ngt curv•nt IllabilltlosVass8ts 1.940 5,320 100,656 Cr•ditors: AJnounts falling due after more than one year 16 6.225 6,22S 28,000 Total n•1 ass•tslUiabiliti¢s 10.787.501 143.976 10,643,S2S 11.107.647 Total ¢h•rSty funds 17 10.787.501 143.9761 10.643.525 11,107,647 Approved by the Twste•$ on .1.11.1.112Q25........... and s19r￿d on behaf by". S Scott Tntslee The noteB on pages 20 to 29 form part ofth•s• stat•ments. Trustees, Annual ReFQrt | hge 19 THE FRIEDA SCOTT CHARITABLE TRUST Notes to financial statements For the year ended 31 March 2025 1 A¢¢gunting poli¢ies 8) Ba$is ofacwntiry The Frieda Scott Charitable Trust is a Trust uEated by a Deed of Trust d8t&l 15 SepteTrt)ei 1￿2. The nature of its &tNib"es is dtscknsed in the Trust￿. report. The regtstered office ig striC￿andgate House. 92 SIn"￿andga1e, Kendal. Cumbna. LA9 4PU. The financial statements have been prepared under Ihe historical cost convenb"on, with the exception of investments, which are induded on a market value bays. The financial state￿ents have been prepared in aC￿rdar￿ vthh Statement of Recommended PractKe.' A(tounbThJ and Rep)rtiThJ by Charities pr8paring their a(xx)unts in accordan(% wth the Finan￿al Retxxts"ng Standard applicaNe in the UK an Republic of Ireland {FRS102} and the CharitRs M 2011 as amended by Ihe chaiits.es Act 2022. The charty consb"lutes a public benefft enth.ty as defin8d by FRS 102. The fin8nci81 slaternents have been prepared to give a Irue and fairf Mew and have departed frorn the Charrties (Acwunts and ReFxxts} RegulalKJns 2(￿J6 cffily to Ihe extenl required to provhye a and fair vie￿. This departure has involved followng the Statement of Recommended Pract￿. A(thunb"ng and Reporting by Chanbes preparing their 8c(xxJnts in 8C(XKdar￿ the Finanryal ReportirvJ Stsndaid applieable in the UK and Republic of Ireland IFRS1021 rather Ihan the Aco)unb"ng and Reporting by Charibès.. Staten*nt of Recommènded Praclice effectNè frcmn 1 Awl 2￿5 which has sinee been wthdrawn. b) Prep8r8tjDn of financ181 st8temeths on 8 ￿ng concern ba The Trustees consider that 1here are materBI uncertainb'es abcrtrt the trusts abilty to conlinue as going con(xm. Trustees are mindful that the irMX)me from the fund wrbay fluctuate in the next finan￿al year. The level of distnbthion made remain5 at Trustee's dis(xeb"on. as dI￿S the use of caprtal to meet agreed distribulK)n levels. Based on these assessments and given the measures thal could be undertaken to mib.gate the adverse condtbons. the Trustees havè cl￿dUd￿ that thèy ean eonb.nuè to adopt thè g￿n9 ¢x)ncam basis in preparing the annual report and accounts. ) Investsnenl inwme Investrnent income is ac>>)unt&l for in the FEriod in which the Trust is en1rd￿ to rtteipt. d) EXPe￿itUre Expendrture is induded on an accruals basis, and indudes attritwjtable VAT whth canTh)t be recovered. Costs of raising funds u*mwse those o)sts directty atlitjutable kn managing the investn￿t pcKrfdio and raising investment income. Grants payable are Char￿ in the year %then the offer is conveyed to the recipienl except ￿ cases where rn8terial offers are (x)ndib"onal. such grants being re(x)gnised 85 expendtture when the condib.ons attaching are fvifilled. Material grants offe￿d subJe¢t to (￿dItionS whith have not t￿n mèt at thè year etvj are noted as a eommitsnent L4Jt not acuued as expeThJrture. The provision for a mutb-year grant is recoJnBed at its present value where setdement is due over [￿e than one year trom the date of the award. there are Th) unfvlfilled condTb"cffjs under the contr(A of the Trust that would permit the Trust to 8v(Md maknr¥J the future payTrent(sl. setuement ￿ prob8trAe and the effect ol¢JiSu￿nts"nu is rnaterral. The discount rate used is the average rate of deposit interest in the year in which the ￿ant award is made. TnL8tees Annual Fleport l F¥ge 20 THE FRIEDA SCOTh CHARITABLE TRUST NotOS to financial statomonts (continued) 1 Accounting policies d) Exp•ndiluro (cont) This discount rate is regarded by Ihe Trustees as providing the rn05l current availab￿ estirnate of Ihe opportunity cost of rmney relleding the b.me value ol money to the Tru5L Costs of charitable activities indude grants ￿mMttl￿1 and an app)rt￿lment of govemance aThJ suppNt costs as shown In noies 5 and 6. Support costs include central fvjnctions and have been amctated lo activrty o)st categories on a basis consistent wrth the use of reSoUr￿s. e.y. albcating property Costs by staff use. staff costs by Ihe tsmè spent and other costs by V*ir usage_ Govemance costs comwse all costs invdmng the public accountabilty of the Trust and rts compliance wf(h regulation and good Practh￿. These indude cx)sts rdated to audrt and legal fees togetherwth an apportK>nment of overheal and supp and net movement In funds before gaIn￿loS$ts} on Investments Net incomellexFa*Jrturel and net rTTherr*nt in fijwth bel￿8 gainFJ(k￿s85> on inve5trnents is 5tatgJ after tharging". 2025 2024 Auditors. remuneralion Audrtors, remunerabon ajditional fee 221rJ 10.700 10.200 1.140 11.340 10,700 9 Staff ￿$ts The charty dL*S Th)t diredty emFty any staff. Instead it Ltses the part.time semos Of 3 employees of aTh)ther cl*rty operab.ng from the same *klress. The costs by oU￿r ¢haity are.. 3J25 JJ24 Salaries Social se¢unty (Thts Pension c4Jsts 33,418 2,918 3.333 28,706 2,267 2,733 39,869 33,706 Trustees, Annual ReFQrt | Page 23 THE FRIEDA sco￿ CHARITABLE TRUST Notes to financial sL*ements (continued) 10 TNstees' remunera¢it)n and related party transactions 1 Trustee12024'. 11 re¢￿Ved expenses in the year of£25612024'. £1821. Trustees ￿lIherfec￿¥ed rnr watved any emoluments during the year {2024'. £nill_ In the prior year the Tnjst committ&J to grant eommrtments totslling £20.1￿) to St Marfs Hospice, an organisation in whith Alison Mger 1$ Head of FUndrais￿g. 11 Comparatives for Ststernent of Financial Acti¥ities and Balance Sheet figures statement of Financial A¢tivilies Expendab General endowment unrestn'cted Total 2024 Income Investment incomè Translér 231.862 232.657 231.862 232.657 Total income 232,657 464,519 231,862 Expenditure Costs ofratslng fvnds Investment management costs {44.6011 144,601 Expenthlure on chanlable admfres Grant maknng Grants ctjmmrtted Grant related supportlgovemance {452,5181 156,8971 1452.5181 156,8971 Total expenditure 44.601 509.415 554.016 Net expenditure before gains on investments 1277,2581 144,8961 {322,1541 Net gains on invesbnents 750.866 474 751,340 Net movement in lund5 473.608 144,4221 429,186 ReCono1Nat￿ oflunds Total funds brought forward 10.545.866 132.595 10.678,461 Total funds carried fonvard 11,019,474 88,173 11,107,647 Trustees, Annual ReFQrt | Page 24 THE FRIEDA SCOTh CHARITABLE TRUST Notes to financial statements (continued 11 Comparatives for Statement of Financial Activibes and Balance Sheet figurtt (continued Balance Sheet ExFendable Ge￿31 end(￿￿￿nt unrestrit*d Total 2024 Fixed assets Investments 11.030.802 4.189 11,034,991 Current assets Debtors Cash 15,882 299.079 314,961 15,882 299.079 314,961 Creditors: Amounts falling due within one year 11,328 202,977 214.305 Net current {liabilitie6yassets 11.328 111.984 100,656 Creditors: Amounts falling due after MO￿ than one year 28.0 28.(MXI Total net assets 11.019.474 88,173 11.107,647 Total eharfity funds 11.019.474 88.173 11.107.647 12 Investments 2025 2024 Market valu• at boginnlng of y•a• Acquisitions at (x>st Disposal proceeds Net Ih)ssyprofit on revahjat 11.032.787 10.950.683 110.969,9691 218,431 10.391.604 2,329.797 12,439,954) 751.340 Market value at end of yeai Uninvested cash and sethements pendi 10.795.070 11.032,787 10.795.070 11.034.991 2025 2024 ExFendable EndowTnent Income Invested Fund 10.7SYI,881 4.189 11,030,802 4.189 10,795,070 11.034,991 As agreed by Trustees, the inveSt￿nt Fmxffolios were cothned as at 31 March 2020 and the separate valuations are now am)unled for on a per¢enlage basis- Er￿￿￿¥rrent 100%". Income Invested Fund 0%. 2025 2024 UK equities 1ntemab.onal equiiies Multi asset fijnds Bonds Property othèr altèmatN8s Cash lrtstru￿nts 376,931 7.442.859 9,700 1,132,253 408,170 1.048.438 376,719 1.006,315 6.934.197 1.043,512 315.866 675,513 1.021.272 38,316 10.795.070 11 034991 Historical (ost at end of year 10.911.307 9.000,389 Trustees, Annual ReFQrt | Page 25 THE FRIEDA scorr CHARITABLE TRUST Notes to financial statements {continuedl 12 Investment5 Iconllnuedl Material investments ar&.. 2025 2024 Findlay Park American Fund Tropn Investments Fund Vanguard S+P Growth Fund M+G Japan Fund SUTL Ca2Èntsv8 Charrty SustainaNè MU￿A$s￿l Fund 1,388.355 111.906 834.088 573,496 10.760.585 The Twslees ¢￿S￿ler individual inveslrnenl hokJiTrJs in excess of 5% of Ihe p(ylfdio Val￿ to be rnateri￿. Thè Tru$Vs iivÈstmÈnls includè a srn41 IK)kling ¢)f Èquthts £9.71￿) 12024." £9.7(X)l in ￿p￿￿erKlq Lirnit whith ￿ valued by referer￿ to a value advised by the companv. l other Invèstments are carri8d at their fair Y￿U*. Investsnent in and fix*1 int8r•st securtbets ar8 all traded in quoted publr rna￿ets. primaNlythe London Stock Excharyw. Hoklinq5 in cornmon investment funds. unrt twsts and open-end&d Investsn8nt ￿)mpan*S are at Pr￿8. Th8 basis of fair value for quoted Inv*stm8nt8 is equivalent to the rnarket value. us￿￿ the bid pri￿. Asset sales and Durtha5es are recoarused at the date of trade at cc6t (that is thwrtransackn walu81. The of finan(aal instruments lo finanryal $u5twnabilrty of the Tw5t 15 (xJll¥KlerEd in Ihe finan￿81 review and Investment policy and perfcffi)ance sects)ns of the hnnual Report. 13 DebtOf5 2025 2024 General unreslrt¢t¢d Acc¥u8d income 102 15,882 102 15.882 14 Cash 2025 2024 General unre5trtcted Handdsbankon COIF 70.073 27.9)1 5.817 141.123 28,730 129.226 Fu￿1 rnana 103.391 299.079 15 Creditors: Arnounts falling due wilhin one year 2025 2024 Expendable endowrnent AGwals 11.328 General unrestricted Grants payable (note 51 Acc¥uals Other creditcrfs 152.570 10.700 12.163 175.433 180.732 10.200 12.045 202.971 178.813 214.305 16 Cre