R•yl•temd Chwlty No. 231324
THE 81R JAME8 AND LADY SCOTf TrU8T
ThU8TEE8' A￿uAL REpoKr
HNANCL4L STATEMEiif8
FOR ThE YEAR ENDED
31m IAARCH 2021

THE 81R JAMES AND LADY 8COTf TRUST
Dated 310t DKert•r 1909 - R•glstsrnd Chwlty N￿ 231324
Tru•ts
Slr Chrt8topher {CthAlmiw)
Madeldne M S￿tr
Wllam L Q &*•n
He￿n C•
92 Strl&J•ndgat•
Ind•wd•nt Ex•nln•r
gola ChorKon. Ctt•rtDr•d ￿¥%￿nI￿rt
Holnoa Watt8 M•n&)o•tsr Umltsd
3rd Fkxy, fvawr4n(¥ &JHdtry•. Pjbwt 8quwo
Manchothr M2 40N
nk•rn
Bard•y4 Bwk plc
9 HI9￿0•￿
Cumbrfa LA9 4DF
Th• Trlkl4 kn*•trMnt FurKI ICOIF)
8•nalor H￿j
85 ¢]u¢gn Mdkyl• 6tr••t
EC4V4Er
&ntlh & Wllllarngon Mwffl￿t
25 Moorgat•
Lond¢)n
£C2R &AY
SAnd8tr8 InhT•trn￿l OTr0 (lo 18.1220)
105 Vthgmtyo Str••¢
LMdon
W1U 1QY
Ca￿. pvi c18thnxl•¥ (frni 18.122D)
EC2Y SAU
rrey & Co.
33 ¢Jue8n 8trg¢t
don
W1Q 9HY

THE SIR JAPAE8 AND LADY 8COTf TRLMT
Dabj 31*1 Dowrtw - P•g￿￿￿j ClwFty No. 231324
Tnut•g8' Annual Rewt 31* Mwd12W21)
The Trth8 pr8WIt thelr ￿n￿81 rewt and un8udlt*J Ilnandal siatement8 for the year ended 31•1
Mgrch 2021. Referen(x 8nd adn1￿￿tr￿fj trrfomM1k￿ 8et out (m Pa99 2 knns part d th18 rwxxt
Tho finandal statements l*ve bew Fyepared kn aC0)rfan￿ tho aCU)Unth￿ ￿lIdeS s￿out In nota
1 to th8 81xx￿ts and t>)M￿ wlth the ChartV8 Dedaralk>n of TN81 tho CIwTUe8 Act 2011 and
ntkng Rewxung by Charlllo8: statem￿ of Re(xynmended F¥a(#kx apMcable to tharfUo8
rfng th8k xrJ)unts in aC<*r[lar￿ thsih the Fknand81 Rtyortlry SlarKlwd 8FpII(•ble In the UK and
Iha Republc of kvbnd wbI18P￿d on 18 2014 and updated In CKacthr 2019.
V4th 811 oflhe•e rneolky by InNltallon arni 8tt8Tthd kn an ex-offlLiO ￿E￿￿ty.
Tho Tru8t d008 n(* 8nWoy Ory 8laff dlrecty. HMVW, It dd use the pirt-lkne 8thlco8 of
•mpWe8 of anothff Tnwt (the FrarKI8 C Scott Ch8rflaL40 Truryi. FCSCT). Tha *>tal numbw of 8taff
for th• 81r James L8ty S¢%tt Tn*( cal(JJlat8d on a fu￿1￿r0 eqthlont batii8, 0.13
durlng the yoar. Madal8ine Sco¢ 8180 a ThIBt80 of tho FCSCT. i•ixth•nts Iho of the
8lr Jam￿ and Lady Scott TruBt on a PernJ)no1 Commlttoè of Twtho8.
The TnMI ts 8 8eif.pwpbJallng re8rmth tr 118 tywn Op￿￿t8￿811rWnonts. tho
Chalrm•n of Tru•te88 bekng re•puwlbl8 for ltrhi IrKkK41on •rrfl tr•lnlng olrw ThJstO08. A dlgllal fold
fomiaUon18 mllabl8 tr any Tnwts• In(*Jd•8 tho folth%lrvJ: Cwy of the TN8t Daed.
&8nt DlJtrlxrtl)n Poky. In%*8trnwl Pollcy. ¢>g8nl8allonal Charl FO•k A8888tr￿ R0P(rt MlnLrte•
Ilrm the18gt thrm Tru8tee mo8Iry8, m(*t rocentAca￿rrtl. Frym and GukJeHM8. Fwther
Gene*alty Accept•J ACt￿nI1￿9 Pracllce
Tho law appl1￿10￿ charlUe8ln Eryknnd & W*8 retykn8 thetru4t•e8tO flnandal statomen18
for each thand81 year *thlch grrfe a true latr th af Ihe crf aff81rn rf tho 1*8rfty ol the
nandal •lalements. fv biJ8tee8 arn requ￿1 tr):
lect 8ult8tle 8Lww*llng poKd•8 ilmn 8PPty crytht8nty,
observe lJ)e m6thods and In the (Jwrtiles SORP 2015 {FRS102),'
makoludgmnts and e8lm*8 that arn re88on8bkn I￿u08n1.
8tats T*thelh8r applicablo acixwnury 8tandard8 have bew fdkywed, 8uWect to
matetsl dep8rlur88 dI8￿￿ely and explalned trs tho financlNI statThnts:
prepare Ihe finan¢lal stakn￿nIS on the golrvJ ¢0￿M bgsb unlols It IB Inwowiatrj
to Prn8V￿ ltst the charlty ThlH o)nllnup In operatirm.
ac￿10¢Y at any ttme the ilnandd F<th charfty and ￿￿)le thwn to wsure that the finandal
8taternnts ￿rnpty ￿ the Ch*kn Ac* 2011. thè Charlty (ko)urt8 and ReP￿ts) R•Juhtlon8 2(J)8
8nd the provi81￿S of tru81 deod. They are 8180 f8sF￿51bl8 tr Satsguardlng the a88ets ol the
Irrrfulwlfjel.

THE 8IR JAME8 AND LADY scurr TRusr
t*t•J 3111 D￿ember 19(9 - Rogbtu•J cha￿ No. 231324
Tw8teeB are rewon81ble trthe malntwarr* Integrfty of the arKI finAndal Irrfom
Inthlod on tha chartty3 Le￿IlDn In th• Unlted lQrydcffl gDvemlng Nnd
dl88emtn8kn of)In8ndaJ 8latfflne￿ may dlffw fr￿n legls1afj￿ In cthorhM18dbctlon8.
Tho Trust wa8 e&abI4h*l ty DadArnkn of Tnmt d*d 31•1 1909 of 81r Jrn
¢knt pollcy
The Tn*f$ txyrent tstrfi)Id kn koopkng th Its objwth:
1. To provlde gr8ntstodwrltkn8 benefftlng é18advantAgéd poqjlè and c4yrrnunltle8*tr4n tho Borough
of 8dion- w oroa thich 8elthx and Ns farnlty Iknly cmded.
Z To pro￿ finandal a8818tenca. wlndp8lty1h￿ah th8 of a modest perfoclc p8sffn￿
fmr fx prn￿ omk￿0￿88 ofthe f•nlty ofthe S6th)r *lK) nocw1￿ dravn8lanca&
86% to 8(htri dwrllo8 34% to IrKIIthkn.
4) Thg Tn*t w•komM 8NAk•ll￿* Iyryn •1 t*wllabl• W8atbx• d•fiMd w•• of gr•nt.
gmng. T•￿1988 belleve that tho ft* grnnt 8ppM¢xlloM WKI the oftho Tn￿t ix)th
rnmah apwwlats ft* a grnrrt-gmty T￿￿1 81ze.
b> Th8 Th￿￿8 kn*b8tt0 li deslgnul to al(￿ ￿gant￿lI(￿l to aP￿Y fry grnnts vAtrt papar
vernlwi romalntng ev•M•ble for thc¢o unablo to •(xx8 thè Int*noL The Dkedor18 regLdorty In
C4Jntact vAlh 8taff the Bdton Cr#Jndl for vO￿n13ry Servlcffl vtho th dcwty *lth many ol I
¢xgantsallon¥who 8Fvty. The DlroctsY8lBo rnrages approwknts cYg•nlMllon• to•ppbytothoTrwt
by att8ndlw fundlng advko hdd In Boltcm frcm lknè to tlmg.
¢(wres￿1n9 8pplkarrt8 kn on•w ary qu•*lrx4 bef(Ye wthlttlrvd Ihwn to TNste81 fr
bMeffld8ry ar•8. Mary 4mallor wgonlsafj¢Th lo p8uJe thdr op8rnkn15 oxtended
pth of Ilrne, Yth118t othw8 adaplod to need8 In tholr cAynmwllo8. Emerg￿￿￿ fiyKIB
we m•Je avallable on a end naUcThl IMI. In Aprfl 2020, tryward8 the ofthe natlonal lod(
do￿Tr, Tru8lea8 £20.000 trj 8(th CVS Cthl EnwenLy Fund lo be di*rfbut8d to
ofthe b￿11 Ihg Tru8t to thotr (1*81 We8￿t) are h ne(*88*(￿8

THE SIR JAME8 AND IADY sco￿ TRUST
[kn1￿1 314t Decemb•r 1909 ~ R¢gl*rnd GlwltyNo. 231324
Tn•tM•' AnmMI R•port (¢cmYnu
droJTr*tsnc88. All aduft de8centsnts ofthe Seloor arn In thls c•Th8rM￿d8r￿ wlth the mo8t
racart malllng C￿*￿[va durlng Ihe repth year.
b) M(thy payTnents b extsUrvJ ban8fid8rf88 are revIe￿I aMu8ly and adjusted to r8fi8Lt ￿)st of
Sn(yease8. During th18 ￿r, Tru8iee4 agr8gd 0 2.6% upllft In to rg¢0grtse the extra buTd8n
that risky ftJ(*ts (axts 8nd uully blls pkn many
to onabte Iridllkknl redplents to purthaw IV￿0￿01d Itam8 or 88N1￿ that they
ACHIEVEMEPIrn & PERFORMANCE
Il•vl•w al th• Y•w
Iho Trust re￿￿ total InNwIm￿ Incorno In Iho of £58,372 (¥mpwod * the Nevbus y*8
In(yJmo rf£S82￿.
There were g grants awwdod to kn tha year t(*alWr¥J £41,028. ￿d￿led a 0)ntr￿n *>
Bolton CVS'8 Emwd8rry Cothd Resp)n80 Fwd d £20,000.
thJ•t undor tvK+ of tho thartlle8 appllod to Ihe for In the yew warn suc￿85￿1
kn f￿¢1%￿ng a grart 8lb&l r￿t to Iho 18vol req￿810d. Tr table beltY4¥ IbJ8trate8 h(yw th18
Iplease note 16 on [￿0 18 Ix d•t*
ar￿1¥ lo Ch•rllabl•
Frnig
FfaiiW19
Frn17M•
FYIWW17
Numberol •prAWM•
14
18
16
Totsl amount olfiJnd•
£51551
6.616
£97,316
g (1￿￿
13
10
12 Oncludk
•xtr8tydlnary
17
£41,028
Amwnt ofgrnrt• rwvd•d
£18.120
£10,6n
£2Q132
Extraordlnvy grnnt
rants
a4%
Avernllo grwrt fjlz• (eX￿￿￿j
exirn)rdrwy ￿nts)
£IA34
£1.812
£1.510
£1.184

THE SIR JAIIE8 AND 8Ci7rr TRusr
311t DKembor 19￿ - P41stw•d CltyltyNrk 231324
In addluon *) tho gr￿ts to (xganlths. 4 fomw 8nwWes ofthe fanlly of the Settltr T*tho are In
nece8thu8 drcurn8tsrK*S r8C8t¥•d paJThorts dLrkng the yegr that rnryed In v8luefrorn £177
to £304 wr month. Tolal pa5v1￿rtS to iTh*4rfdua18 ftx tho year an)￿nted lo £11,712 (x¥npar•J to
£10,342 In 201PJXI.
gUIdan￿ and b8llm that th• poUGy, x1ml1￿ and outrxrn d88(ylbed above moet th080
requirements. Tho Tru8tau plea88d to nde the UFyer TrfI￿n81,s (wbl8hod 20.2.12) in
r•l8llon to bonovcknt knd8 and the r•wlrwwrt dthe ChartUo8 Ad 2011.
Annual Rl* Rewt18 l•bl•d ovwy year for ￿nSId￿911￿ by TnJ8te•s that Indud08 28 Ibm8 wllh
(XTh8pondlng eonThnts a8 to be6t to addre88, amallorats anth monlky the Id•)Ufjed rl8k•.
Tho most slgnln(xnt rf8k Idenffied by Tru•l•g8 IJ a m4x In the value of Ihe Tru8f8
Inv88tments 11 It wern to ojnllnuo oNv tINry longer twm, ImpaLI on IB 8biUty to wovldo
wants to its prknrtty arw of chartlable a6 oulllneAI on ￿98 4. Th18 rlok18 addreBsgd by hddlng a
dfv8rnlfi•d portrdlo of InN•BtrneDts ￿ 8epornt•, W1h(￿ f￿d managerB arKI by h￿n9 polld08
VMNCIAL REVIEYI
Inv••tm•nt Polky
udgnty lo rnoxlnl80 t(*81 rotym In tyd•r to pThldo tsady grqhth armj 01 leajt lo prefj4rn tho roll
Tclal r•tsj￿ aftar I￿, ffi the Smlh & W1118m80n manapd IrN•skn•mts 19.6% (2020: 4.1%).
The Tru8Y8 holthng8 of CaMt18n Gwwalkffj Fund wothJc•d a rnkni cl 25.1% (2021k -6.4%) Ih
MSCI PIMFA Balanced Robun 19.7%
UK 8tod( marf<et 20.8%
Investm￿ pollcy ond b￿￿MOrk IrKlkw (xthiad atrth•.
Dl•trflxrtlon Polley
1118 the Tru8tee8' slat•J to aV￿a￿ d18tr￿lIon In any ono year cm
mgn8gem•rt admlnl8tralon ¢x*b be￿ laken knto a(xx￿rt In th18 year,
KI￿rn oxceeded kKomo ty £11312.
R•••rv•s Poll¢y
1118 the TTU8tse8' Interrtkn In one lo anocats 8M IncJTh avallatle tr dlstrfbukn and not to
t￿1￿j up re8wv88. Prior lo 1998. certakn exc￿8 InLxxne had b8en retakned and invethl and these
d8, Indudlng the kKYease In the martet value cl the km8trnents rThln a¥allabkn for

THE SIR JAME3 AND LAITf 8curr TRusr
DBIWJ 31•t 0￿•T￿r I￿￿ - Rag18ternd Clwlty 231324
At 31Bt Mwch 2021 the balance on g&wrnl lrn8tr￿ fiJTrJ8 81ood at£61XJ,417 r￿n￿red *>£498,219
Ihe prevlou• yew. Cxlhae, £28.190 tree re8w¥e8 (X119rJJ: £13,6141
PLAN8 FOR FimiRE PER1008
T(r4ord8 the end of Ihe rep(Jrflng perlod kn Maro) 2ff21. ts UK pcwlallon 8tsrllng to 899 s￿r
rethcbJn8 on Interaction duo to co￿.19 ￿Ing 088ed. Pmgre88 remaln8 elp￿￿lY
8UCC*88 of the vxdnakn roll tyJL H(y*Y¥w. th8r• rmlm vr￿101nty regarLfjry the
nergenc• of and pro88￿ on the NHS, esp￿ durfro rn￿&
Tru¥tees have con8kleratbn to the lrnpact on the G¢)vornance. ap￿8￿8, WKI IlnwK98 d Tho
•dopUng athke sat ujt by the Ch*ty ComI88k￿. Slr+¢• yw4nd Tiith ha￿, vthwo pcwlblo.
TN8taa8 arn n￿ndful Ihat the Inccffio from th• fiJThl may (*Athue trj lIud￿at0 In the noxtflnandal year.
Bwd them aue8Thnts the Tru81001 C*￿￿d•d that they cmknue to aw the odn
snrrt￿1lY rn%1ow thè way kn TnJo1 l• adnlnl*w•J to li h both effldont
co•t offocllve In (Iotrlbutkng Its InoTh. Intend lo c¢ythu8 In th• year *￿ad.
dWvantag&l people aThl commurlllo• ￿lI￿n tho Bwh of Bolkn.
Tru*oeB Ihlll rJ)nilnu• l) •pplkal¢Th fty ffln•Maal frryn ffi)mior (Y pr••Jnt
report wa• a￿￿ed by TN8t0¢8 on 1* DOC￿b•r 2021, $19n￿ ￿ tholr behair ty.
Slr Chrf8knphw
Cthath￿ rA TN8te88

TrIE SIR JAME8 AND LADY 8carr TRU8T {19OD)
3141 D￿mber 1W - Wl¥ternd No. 231324
I r8PQrt to the thwlty trutee8 (n my exarrdnth crf the a(£<￿ti ofth8 thgrlty for tbe yw •*leAJ
31° March 2021 ¥ttJich ar8 set txrt page8 9 tr11&
R••ptyMlbllltl•s and ba•18 of r•port
tho requlremerts of tho Charfll88 Act 2011 Acr).
I res￿ In re8peGt d my oxart*th dlho dwW8 aoJwnl8 (￿ad ￿1 undrA BOL*cm 145 oftho
Act arvj In carrylng ry exarnknalk￿ I have fdl(yATd awlcablo 9t￿1 by
Charfty Crmmls8h)n urK*r 88clknn 1445Xb) of the A
I have a)mpleted my examkwtlon. l o)nfrni that no matsrfal makn have (x)me to my ottonkn In
Inecth￿ vAth exwnlnatton gl¥lng me cau8e to bellev¢ that In ￿ malerfal re8P8Ct
1. 0(xountlng not W kn rn8poct dtho t* M requkad by #oclkn 130 d tho
At*. or
3. the accounts do ncrt c¥)mpty wlth th8 8pplk8blo rowlr8m8nts (xrKwnlng the frmrn and c(ffltont
of acwjnts 88t oul In Ihg ChgrlUe8 (Acc￿ts aThl Rop(Yi8) Rwdulalk)n8 21J)8 ot￿r than 8ry
requlrementth8t the 8(ownt8 ￿ a and l* Ilovl wtlth18 nLrt 8 m8ttwcon•ldered •s
whlth att•nllon •h(wld l)0 dr￿￿ In INB reyl In *) enat40 cllhè
awjunts to be reached.
ITrJ/K
Ang•l• Chortlon
1)8ts.. 1011W2021
Heln88 Watt
Floor. Norlhern A8wra￿l
￿￿rt Square
Manch88ter M2 4DN

THE SIR JAMES AND LADY Sco￿ TRUST (1￿)
For th• yoar abxl•d 31 Il•r¢h 2021
NoknB Ernl(yAffient Inty)m•
Tot•1
In¢on*
Tot•1 In¢om•
130
11
¢3Mnt maklng
Gf•rts commltsl
4116
(62.7381 (52.n8)
(48.192)
11.441
918
N•t {•Xp•nd￿v•￿kn¢￿* b•l•r• q•kn•
{14.104) (11442) (28.548)
{15,814)
N•t (kme8yg8kn•
459e19 114640
574
Il•t In ftmd
I45￿15 10119
547.713
(208,778)
b￿lIrtfU*ry
01
514450 498219 LL8TI 3219453
2959973 ￿)417 3
The nots• on p•g•• 11 to 18 forni pwt oftlw flnandel tru•t hN• yln•

THE SIR JAMES AND LADY SCOTh TRU3T11909)
*4 at 31 M•r¢h 2021
11•
11b
1983.
1903.184 1617,e61
18 570 918 478 367
12
45,758 46.768 28,007
40.758
46.758
31,825
711
18
711
)417 3W)8iXI J012trn
Ih•n
e00417 301267T
F￿dI
15
Q417 30128TT
10

THE SIR JAME8 WID LADY SCOTf TRUST (19
Not•• to lknancknl
prnp•thg bwr Th4th th Fkn•rthl knllrd kn th•
Ilwkof IreLfr#l IFR8 1021 Iwed on 18 Juty X114 up6•￿ kn 0¢*obw 2019 tho Fknqnd•l
Rwtk¥ 8t•rth UK•nd RebJWollrvl￿l (FR8 102) ￿ U* cl5wllo•￿ 3)11.
¥p￿IC•bkn In th• im •ThJ of lrnl•nd IFR8 1￿1) l¥u•d on le Juli2014 •r&l upd•tsd kn OL*ob•r
•llwJlhvtrom 1 20f15 Iw• ¥nc• *lhdr•An.
Inv•#nxrl Inttth• *ykn tr• TAllthth•TTr4t to rK•lii
11

THE SIR JAMES AND LADY SCOTT TRUST {1909}
Nol•• to flnanelal •tat•m
th• y•v •nd•d 31 March 2021
l poldm
lrNe8tm￿ ore • ftym of b8*fin•ndai w•J arn rwnl8*1 al trar4ackn ¥•￿
and wt*Oqu￿ty me••ur￿l at falr ¥￿￿6 •8 at the WrK* dats ￿1￿j the doslng qL4lt8d marknt
WI￿. Tho 8tatWTw* 0fllnanc￿ IrK*Jde• the net yEro 8NI kw•es •tslrvJ on rw81￿¢￿ 8NI
d￿￿¥)00￿ thr(whtyrttr* Jw.
fund• OrKryn• fvrhY•) ￿ ury8•1rf￿ furMIB fAllch Arn fc¢ u80 at tho d16ry0tkn ofts
Tru•teM In furlhwwK• afth• c￿•￿ Tfwt •xl not bw) d*i&ted lor
INIpoty In%*•ts￿. I￿￿m* •1thg (n th• fur•J cw bo uged In •co)rd•bK• th
d)J¢¢ts ¢*t1￿ Tr￿1 l￿d•& u LwYeotrlc￿a Incom& Ary• galrf6 or Ic*￿8 on th•
of pwn￿1 fimd a•oots forni p•rt (* I￿ fvrKI. IrNo•trrnrrt man•gWn￿l chor9• arvj iopl
(* rn1#11ry to arn dwg•d •g•inDt
Sknckn arrtl
aThJ othtr Inknr••l
58.1
14
. Endcr•mient fund
14,032
14.282
InW•kn f¢0
. In(Th￿ 1rNe8￿ fuNI
F•8& arg dwryqd tAllhln ￿￿trUsts In tho Tn￿• fund8 arn Inv••W. Th6Jo fw ft*2021 TAWO
£2Q075 forthe Fund (2020: £25.31n gTrJ £7.939 Invu8ted fml
(a12Tr. £6.677). ￿d￿ArVa cOmn￿le10n•, t(A81 fe•$ for 2021 £48.￿ {2￿￿0., £47,031) to A
Tol#l EM￿Se of 1.4% (2020: 1.8%1 Fw •• rw(thJ ur¥J•r MIFIID11 l• mrTr a(X￿￿oI0
12

THE 81R JAMES AND LADY sco￿ TRUST (1909)
4 Grnntm•tho
2020
4 grants to knner •mpWts (rflhe f•mkydth• wllh)r{2(12tr. 8)
11.712
18J42
29
46.192
D•t•lkn ofth• r•dFknts •rn In Tr)1• 18.
T•tsl
4310
4.614
8tsff Ime
1TI
8tsff Im&lu•ago
379 ￿ Sl•llYm*u•ag8
Trrnl m••lrwJ w•t•
Logd f
2,918
796
177
155
Co•tT>y•
Trt
avpport
Staff Imo
155
13

THE 81R JAMES AMD LADY SCOTh TRUST (1909)
SAlarf••
514
513
Fw b•g•l durtry SW. P•>ffWrtrf£8,eeo12ty20: £2.910)TA￿ n•J• lo &Co.
Wlllwn L G gmin kn • pwtsw kn lJ*t ff
k4dtryat 31 %tr21 2020 v• #t +Xrt b•bx.
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1,191 A24
521.915
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THE BR J￿E8 L￿Y3c￿rr TRUST (1909)
Tot•1
14
11
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(48,192)
(48.1921
710
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THE SIR JAMES NJID L￿ly 8COThTRU8T11909)
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163.187
172.293
312.436
266.041
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538.317
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315
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ThE SIR JAhlE8 AND LADY scurr TRUST (1909)
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1.191.823
$21,945
102,422
974,213
472,iV)O
148.8
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18
18
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ThE SR JAMES AIKJ L￿yaC17frThU¥r (1909)
14
(27.018)
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