Reglstored Charity No. 231324 THE SIR JAMES AND LADY scorr TRUST (Datod 31*1 Dec•mr 1909) TRUSTEES. ANNUAL REPORT and UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31° MARCH 2024
THE SIR JAMES AND LADY SCOTh TRUST Daled 31 Dernber 1909- Regr8tered Charity No. 231324 Raferenc• and administrative informotion Trtee# Sir Christopher Sthtl. Bt. {Ch8irman) Madeleine M Scoti William L G Swan Dlfector Helen Cart¢r Flnanca Manogor Ke Brown Addle Stri¢klandgè House 92 Stricklandgats Kénd81 LA9 4PU Indopond•nt Examln•r Am$trong Walson LLP, Ch*iered Accountants, Bdge Mills. Slramong8le Kendal LA9 4BD 8ankars C. Ho8re & Co. 37 Fleet Street London EC4P 4DQ Invo¥tmwl Advls•rs Evelyn Partners 45 Gresham Str88t London EC2V 7BG C8zonovo Copltal. pwt of Schr(Klers 1 London Wall Plac8 London EG2Y SAU Sollcknrs Currey & Co. 33 Qlen Anne Streel London W1G 9HY
THE SIR JAMES AND LADY SCOTh TRUST Dated 31# Decembèr 1909- Reglgtered Charity No. 231324 Trusl•es' Annual Report (for thè yearended 311t March 2024) The Truslaes w8S8nt their annual report and unaudited financial statements for the year ended 31 Marth 2024. Reference.and administrative infomalion sat out on page 2 ft)ms part of this report. Tho financlal slatements have been prepared in accordance wilh the accounting policies set out in nots 1 to the accounts and eA)mply with the Charity's Declaration of Trusl. the Charitle8 Act 2011 as amended by the Charitses Act 2022 and Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable lo ¢haritle$ preparing their accounts In accordance with the Financial Reporting Standard ap1¢able in the UK and the Republic of Ireland. STRUCTURE. GOVERNANCE & MANAGEMENT Ovorvlew The Board of Trustees, comprising thr88 members. met three times durin9 the year. The Director was involved with all of these meetings by invitation and attended in an eXffiCI0 capac4ty. The Trust doos not employ any staff direclly. However. it did use th8 part-time serviG85 of three employees of anolher Twst (the Franck8 C Scott Charitable Trust). The total nUmr of staff working for the Sir James and Lady Scott Trust, calculated on a fulktime equivalent bas, aS 0.11 during the year. Madeleing ScotL who is aSso a TTUStee of the Francis C Scott Charltable Trust, represents the interests of Ihe Sir James and Lady Scott Trust on a joint HR Committee of Trustees. Trustees receive and consider recommendations from the Francis and Frieda Scott Trusts, finance and risk committee relating to shared govemance including rtsk register and Intemal financial controls. The Trust is a self-peFP8tuating body responsib[8 for its own appoinlmentslretirements, with the Chair of Trustses being responslble for the Induction and training of new Trustees, A digital folder of information is available for any new Trustee and includes the followSng-. Copy of the Trust Deed, Grant Distribution Policy, Investment Policy, Orggnisational Chart, "Sk Assessment Report Mlnutes from the last three Trustee meetings. mosl recent Accounts, Application Fcffm and Guidelines. Further Infonnation is made avallable on th8 Trusys webslte.. www.s16t.or Trustees, responsibilities The Trustees aro responsible for preparing the TTUStees' Annual Report and the financial stalements in accordance with applicabte Law and United Kingdom Accountlng Stsndards {United Kingdom Generally A¢pted Accounting Practice). The law applicab to charities in England & Waks requires the trustees to prepare flnanoal staternents for each financial year whlch give a tnje and falr vlew of the stste of affairs of the charity and of the incoming resources and appli4tion of resources of the ¢haiity for that period. In preparing these financial statements, the trustees are required lo: select suitable ac¢wntsng poli¢ieS and th8n apply them nSiStentIy. observe the methods and principles in the Charitie5 SORP 2019 IFRS102)- make judgements and estlmates that are reasonable and prudent., state whether applicable aUntIng standards have been followed, subjeGt to any material departures disclosed and explalned in the financial statements: prepare the financial slatements on the going concern basis unless it 1$ Inappropriats to presume that the charity will Continue in operation. The Truslees are resp5bIe for kpIng proper accounling records that disclose with reasonable accuraGy al any time the financial poslllon of the charity and enable them to ènsu that the financial statements comply with the Charities Act 2011 as amended by thé Charitles Act 2022. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed.
THE SIR JAMES AND LADY SCOTT TRUST Dated 31al December 1 9- Regtstered Charity No. 231324 Tntstées, Annual Report {continu8d) They ar8 also responsible for safeguarding the assets of the charity and hen for tsking 8$Onable sleps for lh6 prevention and detection of fraud and other iffegularities. The Trustees are responsible for the maintenance and integiity of the charity and financial wiformation included on th8 charity's webstte. Legislation in the United Klngdom goveming the pr6par8tion and dissemination ol finanrAal statements may differ from lsIatIOn in othèrJurlsdiGtions. OBJECTIVE8 & ACTMTIES Constitution The Trust was establlshed by DecEaratlon of Trust dated 31 1909 of whlch Slr James William S¢otL BarL, was the Settlor. Grant maklng pollcy The Tt'S cutrent aims are tsvTrfold in keeplng wilh tts objects: 1. To provide granls to chariltes benefiting disadvantaged people and communities thin the Borough of Bolton- an area wilh which the Settlor and hls family were ¢losely connected. 2. To promde financial asslslanc85 principally Ihrough the provision of a modest periodic payment, to fomier or prnt employees of the famlly of the Settlor who are in necessitous circumstanc8s. The percentage splil of fijnds distrFbuled by the Trust to these areas ovèr the past five years is.. 75% to Bolton chaT¥ties arKI 25% to individua Actlvhles Grants to chartlles a) The Trust wélcx)més applicatlons from all charftable organisalions within its defined area of grant- giving. Trustees reviewed Ihe criteria for grant applications during the year and believe these and the beneficial area of th8 Trust remain appropriale for a grant-giving Trust of this size. b) The Trust's webslte Is deslgned to allow all eligi8 organisations to appty for grants wilh paper v8rsions mainIng available for those unable to access the intemet. The Director is regularly in cont8cI with staff from th& Bolton Council for Volunlary Sorvices who work closely with many of thB organisalions who apply. Th8 Dir8Ctor also encourages approprlatè organlsatlons to applyto tho Trust by attending funding advice workshops held In Bolton from time to time. e) The Dire¢t(scrutlni$6s all applications forfurKllng, ¢kIng their content for accuracy arKI relevanc8 and corresponding with applicants lo answer any questions. before submltting them to Trustees fer their conslderation. d) The Trustees and Direcaor chadties In person from rim8 to tlme to better understand need. 8) During the year Trustees made a grant award to Bolton CVS. Boltons Fund. This is for further distributlan via the micro fund. This mechanism allows the Trust's fijnds to reach a larger number of smaller organlsatlons vtho otherwise would not be eligible for 5UPPOrt from the Trust arKI which make up a large amount of the voluntary seclor. The Dlrector has been a wmmunlly assessor for thls fund for the p8riod since the award was made.
THE SIR JAMES AND LADY scorr TRUST Dated 311t December 1909- RegiSld Charity No. 231324 Tru•tges' Annual R•port (COnnUe} Grants to indivbjuals Thg descendants of the Settknr are contacted by letter every few years to ensure that tlw are avrdre of the benefil Iha Trust Can provid8 to their employees (past and present) who are in necessitous Circumstsnces. All adult descendants of the Settlor are induded in this ¢cKrespondence. Monthly payThents to existing beneficiarses are reviewed annually and adjusted to reflect cost of living Increases. During this year. Trustees agreed a 10.1% (2023 7.80/9) uplift in payments to recognise the extra burden that rising food costs and utility bills place upon many pensioners. Since 2004, the Trust has also offered an 8ddilDnal allowance of up to £500 per person per year io enable Indiwdual grant recipients to purchase 8ssentlal household items or seNices that they may need and which ara not provvjed by the State. No additional payments were made during the year. ACHIEVEMENTS & PERFORMANCE Review of the Year The Trust r8celv8d total investment income In the year of £69.436 compared to the previous yearfs income of £70,221. Grants to Chariti8s There were 13 grants awarded to ¢harits'os in tho year totallin9 £41,400 (£29,961, 2023}. Mor8 than 860h of the charities who applied to Ihe Trust for funding in the year were successful in receiving a granl. The tsble below illustrates how thts Compares to the wevious four years. The range of beneficiaries in thi$ year We as vaiied as ever (please see nots 16 on page 19 for details). GraN$ to Charltable Organisations Number of applicatians considered Tola amourtst of fund8 quèsted FY2023124 FY2021122 FY2020f21 FY201VIO 14 12 14 18 £37.783 £33.961 £57.840 £53.551 £40,720 Nurnber of grants warded 13 12 10 (indudln9 8xiraordinary rdnt 9 {Indudlng extraordinary rant) 13 £41,400 £29.961 £53.000 £41,026 (including extraordinary grant) £23,850 Amounl of grants awarded Extraordinary grant Percentage of applications 8warded nts Av8rage granl siz8 lexduding extraordinary anlsl £30,000 87% 85% 64% 72% £3.184 £2,497 £2,5S6 £2.628 £1.834
THE SIR JAMES AND LADY scorr TRUST Dalwj 31M Dec8mber 1th)9- Reglslere(I Charfty No. 231324 Trnst•és' Annual Report Ic£•ntsnuedl Grant5 to Indimduals In addillon to Ihe grants to organisatlons, at the start of the year 2 former employee8 of the family of the Settlor who are in no¢essitous rircumstances received monthly payment& Two new recipients began recelvlng payments in April and August 2023. Totsl payments to indivlduals for the ye8r amounted to £13,801 rnpared to £10.590 In 2022123. Public Benefft The Trustees have examined the public benefft requlrements as specifled In Charfty Commission guidanct and believe that the poliGy. activities and outcomes described above Meet those requlrements. The Trustees were pleased to note the Uppar Tribunal's rul¥ng (published 2D.2.121 in relation lo benevolent funds and the public benefft requirement of the Charities Act 2011. as amended by the Charilies Act 2022. Risk Mana ment An Anal Risk Rewrt is tsbled évery year for Considerati by Trustees that InCIleS 31 item5 corresponding comments as to how bast to address, ameliorate andlor monitor the idènljfieo risks. The mosl significant risk idenlified by Trustees is a maior downtum In the value of Ihe Trust's investments which, rf it were to continue over the longer temi. would impact on its abillty to provide grants to fts priorty areas of Gharitable work as outlined on page 4. Th1$ risk is addrassed by holding a dIversifi portfollo of Investments wilh separate. authorlsed fuThJ managers arKI by havlng pollctes Sn PlaGe to adjust distribution levels over ttme. FINANCIAL REVIEW Investment Policy Thore are no restrictlons on the Trustees, poweTS to invest. The Trust's inveslment assets are manag8d by extemal professional advlsers. The funds are invésted in a diversified portrolio. Tha oble¢tlves aro prudent to m8xlmlse total return to provlde steady growth and at least lo preserve the rea5 value of the Trust's assets, and the income Iherelrom, ow the long term. P•rfwmanGe agaln8t lrtv•slment pdtcy Total return. after fees. on the Evelyn (renamed from Smith"& Williamson) marsaged Investments was positive 3.11 %12023.' negative 3.46%). The Trust's holdings of Carvetian Gen6ration Fund produced return of postbve retum of 2.39'/D (2023: negattve 6.02%) This compared wrth the following indices: MSCI PIMFA Balanced PR GBP positivo 3.5% UK stock markel 3.4% ARC Stsady Growlh Index negative 9.1% Trustees regard investment perfomiants over the low term to b8 58tisfactory in r8Fation to both the investrhent policy and benchmark indl¢es outlined above. Di8tributlon Pollcy It is the Trustees, staled intenl.to SP8nd all income available for dlslributlon in any one year once management, administration and governance cosls have been taken into account. Trustees have met their ststéd intention during the year. Cost of administration During the year T¢u61ees reviewed the annual admlnistrative costs of running the charity armj are satisfied these are appTopdale and proportionate.
THE SIR JAMES AND LADY SCOTT TRUST Dated 31& Docember 1g)9 - R¢gi$tsred Charty No. 231324 Trusto•s' Annual Rèport l¢onllnued} Reser Pollcy 11 is the Trustees, intention in any one year to allocate all income available for distribution and not lo build up reserves. Prior to 1998. ¢8rtaln 8xcess income had been retained and invested and these fvnds, induding the inGr8ase in th8 market value of the und6Ttying investments, remain adilable for futtre distribution as per Charity Commission guKlance. At 31#L March 2024the balance on general unregtrlcled fLtndy stood 81 £635.107 comparod to £589,850 the previous year. Of these, some £74,029 were free reserves (2022123 £69.176). PLANS FOR FufuRE PERIODS Trustees will continue to invita and welcome applications for funding from those charities that. in their opinion, are able to demonstrate an abillty lo meet the n8eds of communllies across the Borough of Bolton. with particular priority for Ihose working with Vulnerab and dis8dvantsged groups. The Trustees plans in reletion to the TnJ8Vs Investments and reserves are ouuined above. TrLtslees annually r8V4ew the way in which Trust Is 8dmlni8tered to ensure il is both eff181 and cost effective in dislribuling its inthme. Trustees Intend to continue this protsss in the ye8r ahead. Tru51ees will continue to welcome applicalions for financial assistan from fonner or present employees of the family of the Settlor who may be in nece55ilous circumstances. Goin concem Trustees are mindfijl that the inrxjme from the ftjnd fluctuates. Based on assessments and reviews wilh Investment managers, the Trustees have concluded that they can continue lo adopt the going Goncem basis in preparing the annual report and accounts. Thls report was approved by Trustees on December 3rf 2024. and slgned on their b8haW by.. Sir Christopher Scott, 81. Chair of Truste
THE SIR JAMES AND LADY SCOTh TRUST Dateil 31st 0Mt 1909- Registered Charity No. 231324 Ind•p•ndent Examinoe# R•wt to the Truste of th• Sir J4mes and L0dy.Scott Trust I report to the charty tnjstees on my examination of the a¢courrts of the charity for the yoar andèd 3151 March 2024 whlch are sel out on pages 9 to 19. Rospon$ibilltio5 and basis of report As the charity's Irust6es you are SPonsIble for the preparab'on of the accounts in aCrdanCe with the requirements of tfKg Charitses Act 2011 as amended by the Charities Act 2022 {'the Acl'l. I report in of my 8xamination of tha charity's a(%ounts carried out under seGtlon 145 of the Act and in carrying out my examination I have followed all the applicable Ditsctlons given by the Charity Commissbn undér s6Ction 14515Xb) of th8 Act Independent examinerfs Gtatoment I have completed my examination. I confim that no material matters have rne to my attention in conneclion with the examinalioll giving me cause to believe th8t in any material respect: 1., accountlng records were not kept In respect ofthe chartty as Nuired by section 130 oftha Actr, or 2. the accounts do not accord wtth those records,. or 3. the accounts do not comply wlh thè applicable réquir6ments conc8ming the fomi and content of accounts set out in the Charities {Accounts and Reports) Regulations 21)08 other than any requiremenl that the acwunts give a 1rue and fair wew, whith is not a matter considered as part of an independent examinalion. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable proper understanding of the accounts to be reached. Thi$ report is made solely to thè Charws TnJ8tees, as a body, in accordance th the Act. My wo has been undertaken so that I might state to the Charivs Trusleès those matters l am required lo slate to them in an Ind8p8ndent 8xaminels report and for no other purpose. To Ihe fullest extent pemiitted by law, I do not accgpt or assume Tesponsibility to anyone olher than the Charity and the Charity's Trustees as a body. for my work foi this ret)ort. Karen Rae FCCA Armstrong Watson LLP, Charterod Accountants Kendal Dale:
THE SIR JAMES AND LADY scorr TRUST (1909> Statem•nt of flnanclal actMlle8 Forth• •nd•d 31 Mh 2024 Tofai 2024 Tot 2023 fund fvnds Incom• Invastm8nt Inccthè 75.483 7&483 70Z21 Total Incom• 75,483 T5,483 70,Z21 Expendliyrn Costs ofraidng fvnd$ Investsn8nt management 14,805 14,5 15,075 Grant rnaking Grants cijmmltted Grani rd•led supporVgov8mance costs 4116 (55,2&1) 15.429 155,201) 15,429 (40,5511 13.580 Totsl expendltur• 14.805 70,6301 85.436 N•t Ils)ssesygalns on Investm 121,587 45.867 187,454 (200.3401 Net thcom9118wdliure} 11K,782 0.720 157.5U2 1199,325) R•conclllalion of fund¥ funds broUt knva T¢Xat fvnds eanled f¢JvJaTd 599.850 64D.570 3,530,753 3,730.078 3.630.753 1S The nrtes pages 11 to 19 fm p¥t ofthese flnen¢lttl st8ttmwits. The IrLLSt has no racC¥JnI5 galns and103s88 other than Ihose stat•d above. Al resour rasr¢e6 eXded d8riV8 Irun ¢¢ntknulng ac1fv8S.
THE SIR JAMES AND LADY SCOTT TRUST Balance sh•et A8 al 31 M8rch 2024 Pam)anant Endowment fvnd ITOn Totat 2024 Tdal 2023 Fi¥•d asse InveStTrts - End0n8ntf•Jno . Income Itweed fund 118 3.051.610 3.0S1,670 2,944,e18 577,037 531.185 577,032 3.051.610 577,032 3,628,eAI 3.476,783 Curronta•s•ts Cash Debtors 74,677 74.677 66.572 189 74,677 74.677 66,741 ¢rèditoY•'. ArnOts falliry dug Y4ithin ono year 14 3.925 It.139 15.064 N•t GLtrr•nt lll4blllthsv••tS ,925 63,538 59,613 54,970 Totsl 89gts les5 Guff•nt lithiliti 3.047,685 640,570 3.688,255 3,530.753 Totsl net asets 3.047,6&5 Fund$ 15 3,047.685 3,688,255 3,$30.753 Thè firth¢tal stthments were approv and aulhorised forlssue by tha Twstoe$ 8rvJ 8igno¢ an thrbehaK by Slr chtstoplw Scott, Bl. CharofthÈTrust¢es On Deceer2024 Th)son pagBs 11 to 19 form part ofthese statgmfjnis. io
THE SIR JAMES AND LADY sco TRUST Ntsts# to Ilnanclal statwn•nts Forth• yoar•nd•d 31 March 2024 1 A¢countlTrg polld 8188818 of 8ccounllng The SSr J8mg8 and LJy S¢oltTrust i¥ a Tru81 created ty 8 08rJaration ofTrust dated 31 r)ecemlxr 1909. The n8ture ol itSACtivitiè$ is sYlsdos•d In tha tru8te8s' reporL Th• ro91$1or10ffi¢o 19 Sldcklandgat House, 92 Stri¢Wandgato, Ker91, Cumbria, LA94PU. The )Inaro81 ¥tm8nts havts iwon prephr•J wthrthg N610r ¢ost¢on¥th, tho 8xception of In¥eslments, are Induded on a market value bH5ts. Thg finanual atsmerts have be pmped In accordan¢e vmlh Stst8menl of RwnmeThJed Prath.. A¢ti[¥) 8ThJ RepOj ty Charili88 prey#riiiy l1rAunb in ac¢ordanc¢ thè Flnand81 RapOng Stsnderd appllcablg in the UK s1 Rèpublleof Irthid IFRS 102}. The ch8rlty con8Uiule8 8 publlc beDt gntity as FRS 102. finandal statements have Sen prepared trj giv¢ 8 Iruè and lait vkny a)d have departed ITn th8 Charibè6 (Accounts and Roportsl Regula0$ 21X$8 onty to 9xtsnt ru[red to provlts a'true and falr viaw.. This départu has invofved followng th• Statement of Recomm8nd8d Praetice.. A¢counting and Roporbng by Ch8rMle$ prepariTh3 tharacc04ts In accordarK8 w4th the Flnan¢lal Rerting Stand8 awkable in th8 UK and Republic of Ir9nd IFRS t021 rathèr than th6 Accounting and Reporting by Chwluas.. Statement ofRecomryended pract1 offgrth from 18wil 20n5whth h88 nCe beèn wihdravm. b) Ft8pw&IK of fin&ngalslotenBnl$ on Gon¢•rn bas1$ The tru6tsgs coThsiderthatthere are matorial unc¢rtaintie¥ about the trurf8 dillty to cpntlnue 88 a rg coeM. J Inv8¥tm9nlinc¢mo InveBtTrnt iTr>Jmp is a¢wuntl for in thg pfjd In vthi¢h the TnJ9t Is •nt6tlad b) iecdpL dj Expendltur E¥ixn(Ilture 18 Inttuded an acGrug18 bas15 gnd includes attr1butsL4e VATttkh n01 t¢ rewvere•J. Costs tsfTatstryJ fiJnd8 comprts9 Ihose eosts dIr0 attrlbuI8b to managlng lfte inVlment polffolio and raisiry Invastrnenl Inwm•. GrAAts pgy8blè to charftabb organlsations are In the yearth8n ths thr i&conv8y8d to the recipient èxcepl case8 where matekial offer¥ are conditional, suth grants beirrtj recogni88d as eyoendhure when the condldons"att8ching arn fulNlgd. M¥tsrlal grants offered gJbl8Ct to conthljons vthich have not at the year eThY we notsd a$ a commrtrn8nt but notaccru¢d as expenditure. Gr8rts payth to ir¥jI¢I8 are in th$ year 0[mOnL Coats d th$rIt8blgadI?S Indud¢ grants wmittsd and 8n Apporbonmer)t ofowhoa¢J and support crE8 88 shown In nDts 5. Govoman costs LX)mprise all ¢L)Sts invdwng the pu)Il¢ unlIty oftho Trust and compllan Ith 918On and good praclice. Th989 ird8 sts relaled to audttand kgal tees togetherwhh a ap>rtIOnMent ol o¥erhe8d and pport o)sts. support ts)sts include eentr4 funetions and hEvts been aiocatsd to on a ba$ ns1st9ntlh th¢ u8¢ of r8wurw. es allo1 property costs by staff us8. staff ccots by Uw timè spent and other costs by their uwe. 11
THE SIR JAMES AND LADY scorr TRUST Notes to finan¢lal slatemonts For tho ygar ondod 31 March 2024 i Accoufitlng pollel•• {conL) e) F&d asset inveslments Imieslments are a form of basic financial instrument and are inrttalty recgonlse(l * thelr transactKin value ar subsequenfy Measur al fatr value as 81 the balance sheet dale uslng the closing quoted market prlce. The statement of finandal acUvlJes IrK4udes the net gains and lossEs arising on revalUan and 1$pos$ throughwt the year. The TnJ81 not direcuy acquire wt oplp)ns, derlvalrve8 Cf olhv complex nr8[ IrlMents. O Fund accourting General funds {inwe furKt8) are unreslrfcled funds 8re available for use at the dlscrelion of the Trustees in furtheranc6 of thè general objectives of Ihe Trust and whth hove not been designaled for other wrposes. The end0yentfrjnd represents Ihose assets which myst be hehd permanently by the Trust, prtn¢ipally investments. Income arising on the endowment fund can be used in accordance th tha obiects of the Tru$t and is included as unreslrictwj Income. Any capitsl gains Or losses grssing on the dlsposal of permanent fund assets fom pat of the fund. Investrnent management charges and le931 advke relallng to the fund are charg1 agalnst the fvnd. 2 Invoslment Incomo 2024 2023 Stocs an¢S shares Bank afKI other intergsl 75,047 70.lr 115 75,483 70,221 3 In¥tMe m•nagarn•nt ¢oyts 2024 2023 Fund managers, fe88 - Endowment fLFnd - Income investsj fund 14.805 15,075 14.805 15.075 Fees are also charged vthin unll Iriists in lch the Trust's fvnd5 arè invested. Thèse fees for 2024 ve £25.169 tor the Endosvmgnt Fund (2023.. £25,169) and £8,491 forlhe Income Invested fund 12023.. £8,491). Induding commissions, lolal fees for 2024 wèr• E48.46512023'. £48.4651 Wing'trj 8 T¢)tsl Expense Ratio of 1.4% {2023'. 1.4%). Fee information as reported under MiFIID11 is more aecutste Ihgn prewously produced 8nd acwunts for the man In&&¢ Sineé the previous year.. 12
THE SIR JAMES AND LADY SCOTh TRUST Notes to financlal stat•mont$ (Gontinuod) 4 Grantmaking The amount trrIttl in th8 sear compris88." 2024 2rJ23 4 rdnts to fom)er anployees of the famity of the settlor {2023.. 3) 12 granls lo charitable organisatbons (2023: 12) 13.801 10,S90 55,201 40,551 Support costs (note 516) 7.930 7,412 Govemanc4 costs (note 516) 6.168 0ots11s of the re08nts are sho in note 18. 5 Allocation of support Costs and governanc• costs The breakdo5 of support ¢0sts and htsw these allocatsd betrhwn Governan and Ch8ritabkg Adivities is in the tabl8 b810w. Colt Typ• T¢tal locat o¥•man Support Bas1$ ¢f portionrngnt Re(argod sLC0st$ Office re and costs Professiohal f88S Sundry ¢ost 1,021 119 5,785 1,124 136 Staff timo Staff ts"melusag8 S18ff timelus8ge Staff timelusage 1,243 136 9.130 1.2C 7.930 2024 2023 Indepandènt examinatSon Travel and meeting costs Legd fee5 Stsff Office rental and o)8ts Sundry costs 140 3,894 1.055 119 3,894 1,021 119 7.499 6,168 6 Comparatives for allocation of support ¢oBts and govefnanca costs The breokdt)Wt of ¥upp¢)rt costs ar how Ihe8e were allocated been GDvemanc and Charitatle Activities is shown in the tsbie belovr. Cost Typ•. Gowman Support pportlonment Recharged staff Gosts Office Tèntsl and costs Professional fees Sundry t8 7.036 1,188 25 397 8,646 1,055 119 5,981 Staff tirne 1.(9 Staff timelusage 25 St8ff timelusage 337 Stsff timsaga 7.412 60 1,234 13
THE SIR JAMES AND LADY SCOTh TRUST Nt)tes to finan¢ial stst•m•nts (¢onlnuadl 7 N•t expenditurn Jnd not mov•m•nt In funds belore g•in$ and los8 on l•M8tments Netexpendlture and net movem1 in lurn]s belore1088e8 on Inv•sknonts after charging:. 2ff24 2023 Independpnl wmirVs rwnun8r8tlon 1,500 8 Staff costs The charlty dces not directy ernoY any staff. Ine¥d it Used thg Part-dme serylces of 3 empbye8s of arther tharlty, the Frnrls C Scott Charftable Tnjst operalng from th& same dreSS. Mlss M M Scott18 8130 8 trustee ofFrBnci$ C Scott Ch<sbfe Tw8L The st8ff (¥sts rewged ara.. 2024 20T3 S8laries Sod&l $s¢urfty trknsts Pgnsloh cwt5 4672 583 S52 6,8C g Trust•es' rEfflunerion and r•lfjtsd p•rty transaclk+nS Tho trustees n•Jther ceIVed nor walved ffj emoluments or expenses dudng the year12023.. £nlll. For 58gal services during lh8 y8ar, payment 01 £3.89412023'. £3,894) was mJÉ to Currey & Go. Willlam L G s. Tnjstee, is a partner in th8t firm. Slr Christcoher Scott. Bl. Is a p8td. noTr4xecudve dlrectiy of Aprig9 Llmitgd. A $ub5idiary ofApplwgg. Yeaiand Fund Sel¢e5 recetves a feg the Admlnistrator of Ihe CaTveti8n Gen$r8bon Fund. Holdings at 31 Marth 2024arKI 223 ara s•t outln Note 11. Fees thar• by the G)ernUon Fund in the year •Moted lo £1822612023.. £18,226).
THE SIR JAMES AND LADY SCOTh TRUST Notss to financial ststom¢nls {¢ontlnued) 10 Compallvegfor Stat•mont of Finan¢lal Ac¢lvlties figur•s Permanent Endowment fund Income funds Total 2023 Incom• Investment income 70.221 70,221 T)tal th¢omo 70,221 70,221 Exp•ndltur• Costs ofrai8ing furnls Inveslfflenl management costs 15.075) 15,075) Expenditure on charitable actme8 Grant makir Grants committed Grant rdated supportlgovomofKe costs 1410,551) 13,580) (40.551) 113,580) 154,1311 {54,131 Total •xpenditurn 15.075 S4.131 69,2061 Nel proftslllos5es} on investsnen15 {159.775) {40.5651 1200.3401 Net irKomeI{expendrtu} <174.8x1) {24.4751 (199,325} RKondllat5on of funds Totsl fvnds brwghtfcThard Totsl fvnd$ ¢arTi¢d forward 3,115.753 2.940,9)3 614.325 589,850 3,730.078 3.530.753 15
THE SIR JAMES AND LADY SCOTh TRUST N¢)tss to flnandal Statemonts {corrtinuod) 10 Comparntiv•B for Balance Sheet P¢manonl Endowmont fvnd Income fvnds Total 2023 Fixod a58èt# Investments - Endowment futNI - Incom8 Invost¢d Fund 2,944,618 2.944,618 531,165 2.944.618 531,165 3,475,783 Cuffent a85&• Cash DBbtor8 66,572 86,572 66.741 66.741 Cr•dltots: Amounts falllro due w7thln one yw 3,715 8,0561 11.771 Nol ¢uffffit Illabllitlvyassets 3,715 58.885 54.970 Total auots legs curront liobllltS•5 2,940,53 3,530.753 Total net assds 2.940,W3 3 530.753 Funds 2,940,W)3 589.850 3,530,753
THE SIR JAMES AND LADY SCOTh TRUST Notss to financial statThnts (contlnu•d) 11 Invostm•nts a) Endowment fun 2024 2023 Mark•t valu• at b•ginnlng of y•ar Acqulsllns at cost Disposal proceg Net Ilossosygains on revalualkjn 2,935,021 570,037 {583,435) 121.587 3,105,217 1.087,291 (1,097,712) 159,775 M4rkel v•lue at end of year Uninvested cash arKI setuements pendirKJ 3,043,210 8.400 2,935,021 9.597 3.051.810 2,944,618 InVtts at mafket valu• comprfs• 2024 2023 Frxed uiteresl Multi-asset AllamatO investrnents Glob ewil UK equ.e8 Ov•rsaa$ equthies 441,108 678,154 187.965 1,034,516 271,724 429.743 288,523 717.702 153.664 973,520 338,342 463,270 3,04a.210 2.935,021 Historica $¢ at end of y 2,202,430 2,194,0 b) IFKome invested fund 2024 2023 Market valug at b•ginning of y•ar Ao]uisitins at Cost 0¢sposal prc£e(J¥ Net Ilossesygains on revaluallon 52e,917 567.482 45.667 {40.565) Mark•t v•lue at end of year Uninvested cash and other $etUemts pending 572.784 41248 526.917 4.248 577,032 531.165 Investrnonts at mafkel value comwtsg 2024 2023 MUllasSet 572,784 526,917 Histr*Ka cost al end of year 302,085 302,085 17
THE SIR JAMES AND LADY SCOTh TRUST Notss to flnanclal 8tat•mffits {¢ontlnued) 11 InN•Btm•nts (rfinLI I Inv•nlS are either Sted on UK or ovwgeas stock excharwjos. ¢¢¥0d by rnlwonc4 to suth 224 2023 Mat8rfal Invesfrnents are.. Carvetian Generaln Fund Stramongat¢ Shares 1.229,522 434,976 1,131,067 621,945 The Trustges ¢¢Jnwdgr indlvldual Investm¢nl holdkngs in •xcess of 5% of the portFdlo value to be malerfal. hjl inv•siments arètarri&J atth•rf#irv4ue. Investnnts In qt9 8nd Ilxed Inthst IdeS are 811 tradpA1 on quot&Y publc markds, primarfly the Lond Slodi Exchange. Holdlngs In corTmon inVestmL funds, unlttrusts and c4)8n-end8d investment canpan5 are al bKI prw£. The bask8 CA laTr value for quoted invèstments Is equivalent to th8 markèt V8lue, n9 the bkl price. Asset Sa9 and purthaseg are reecgnlsed at tre date oftrada at CO51 lthal Is Ihelr Iransadon value). The significara of financial Instrurnents to theongoing fln8nc181 sustsinÉtAIlty of the Trust Is eortsidered in the firtanual arKI Investrmant pc4ity and perfornance tIOnS of the Annu 12 Ca8b 2024 2023 Cash at bank Fund rn8 42,022 32,655 38,148 30.424 74.677 e6.572 13 Dgbt 2f24 2023 Income Funds 169 14 Credltorn: Anmints falliry duvwlihSn on• y••r 2024 2023 In+ Fur* Grarts payabl¥ A¢crug19 11.139 11.139 8,05fj P•mi•nent Endowment Funds Accxttals 3,925 3.715 11.771 18
THE SIR JAMES AND LADY SCOTT TRUST Notes to finartcial staements (continuad) 15 Analy81¥ of fund rn¢)vonwnts Balane• at Incoming R•gource• Galn on Bolanc• at 318t March res¢xW¢ eXpeThd InNs¢Thnts 31st March 2023 2024 P8rm•nt Endowm•nt Fund I940.3 14.8051 121.5è7 3.047.685 Incom• Funds Iraxne In¥estsO F(md 520.674 69,176 589,850 45,867 566,$41 74.029 840,570 75.483 75,483 70,630 (70.630} 45.867 75, rethcuom Im[ 8fKI the wrkK)30 (rf each lund is set out in acLwnbwd poIIGy noto Ilfl on p89¢ 12. Bal•nc• at In¢omlng R•Jour¢•s Galn ¢)n Bolanee at 31•t Mar¢h re¥ourceg •xpgnd•d In4wtnwnt8 31st March 2022 2023 P•rrnt Endrywm•nt Fund 3.115,753 115,075) {159,TT5 2,940,903 Incom• Funds In¢ome lrtvested FurKI Income 561,239 53.086 614,325 I40.5) 520.674 69.179 589,850 70.221 70.221 154,1311 {54,131) [).565) 70.221 (200,340 3.530,753 16 8thodul• of Grnt8 Committ•d 2024 2023 ¢h#rlt8bl• OrgAnisations 8ene(letli Fcwndath)n Blrten¥haw Botton AdultAulism Bothn CVS BoKon CVS 8oKon G¢Jlld d Help Bolton Lads & Gi8 Cb Bon Llons Club Cre816 Bolton D8af61ind UK 3,OC(s 3.000 3,000 2,S70 1,230 3.0 2,OCQ 1,387 Famlwth B•'8t Churth 3,OC 3,000 1.574 Lbtenlng Books Reach Famity Proi8Ct The Bridge Str*ét Youth Loarls UK 61XI 3.ry)o 41,41YJ 29.961 Indlviduals Poyments male to fomier empwès of mwrtbws ofthe farn1 the Settk)r 13,801 $5,201 10,590 40.551 19