Reglstored Charity No. 231324
THE SIR JAMES AND LADY scorr TRUST
(Datod 31*1 Dec•m￿r 1909)
TRUSTEES. ANNUAL REPORT
and
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31° MARCH 2024

THE SIR JAMES AND LADY SCOTh TRUST
Daled 31* De￿rnber 1909- Regr8tered Charity No. 231324
Raferenc• and administrative informotion
Tr￿tee#
Sir Christopher Sthtl. Bt. {Ch8irman)
Madeleine M Scoti
William L G Swan
Dlfector
Helen Cart¢r
Flnanca Manogor
Ke￿ Brown
Addle
Stri¢klandg*è House
92 Stricklandgats
Kénd81 LA9 4PU
Indopond•nt Examln•r
Am$trong Walson LLP, Ch*iered Accountants,
B￿dge 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 Ql￿en 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 ap￿1¢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 eX￿ffiCI0 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 nUm￿r of staff working
for the Sir James and Lady Scott Trust, calculated on a fulktime equivalent ba￿s, ￿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 appli￿4tion 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 a￿UntIng 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 resp￿5￿bIe for k￿pIng 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 T￿￿t'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 pr￿nt 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 eligi￿8 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- RegiSl￿d Charity No. 231324
Tru•tges' Annual R•port (COn￿nUe￿}
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 An￿￿al Risk Rewrt is tsbled évery year for Considerati￿ by Trustees that InCI￿leS 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 a￿dilable 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 eff￿18￿1 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 0￿Mt￿ 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$ibilltio5 and basis of report
As the charity's Irust6es you are ￿SPonsIble for the preparab'on of the accounts in aC￿rdanCe with the
requirements of tfKg Charitses Act 2011 as amended by the Charities Act 2022 {'the Acl'l.
I report in of my 8xamination of tha charity's a(%ounts carried out under seGtlon 145 of the Act
and in carrying out my examination I have followed all the applicable Ditsctlons given by the Charity
Commissbn undér s6Ction 14515Xb) of th8 Act
Independent examinerfs Gtatoment
I have completed my examination. I confim that no material matters have ￿rne to my attention in
conneclion with the examinalioll giving me cause to believe th8t in any material respect:
1., accountlng records were not kept In respect ofthe chartty as Nuired by section 130 oftha Actr,
or
2. the accounts do not accord wtth those records,. or
3. the accounts do not comply wlh thè applicable réquir6ments conc8ming the fomi and content
of accounts set out in the Charities {Accounts and Reports) Regulations 21)08 other than any
requiremenl that the acwunts give a 1rue and fair wew, whith is not a matter considered as
part of an independent examinalion.
I have no concems and have come across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable proper understanding of the accounts
to be reached.
Thi$ 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 M￿h 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 broU￿t 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￿ ras￿r¢e6 eX￿ded d8riV8 Irun
¢¢ntknulng ac1fv￿8S.

THE SIR JAMES AND LADY SCOTT TRUST
Balance sh•et
A8 al 31 M8rch 2024
Pam)anant
Endowment
fvnd
IT￿On
Totat
2024
Tdal
2023
Fi¥•d asse
InveStTr￿ts
- End0￿￿n8ntf•Jno
. Income Itwe￿ed 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•'. ArnO￿ts 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 89g*ts les5 Guff•nt lithiliti
3.047,685
640,570
3.688,255
3,530.753
Totsl net as*ets
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 th*rbehaK by
Slr chtstoplw Scott, Bl.
CharofthÈTrust¢es
On Dece￿￿er2024
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 L*Jy 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$1or*10ffi¢o 19 Sldcklandgat
House, 92 Stri¢Wandgato, Ker￿91, Cumbria, LA94PU.
The )Inaro81 ¥t*m8nts havts iwon prephr•J wthrthg N610r￿ ¢ost¢on¥th, tho 8xception of
In¥eslments, are Induded on a market value bH5ts. Thg finanual *atsmerts have be￿ pmp*ed
In accordan¢e vmlh Stst8menl of RwnmeThJed Prath.. A¢￿￿ti[¥) 8ThJ RepO￿￿j ty Charili88
prey#riiiy l￿￿1r￿A￿unb in ac¢ordanc¢ thè Flnand81 RapO￿ng Stsnderd appllcablg in the UK s￿1
Rèpublleof Irthid IFRS 102}.
The ch8rlty con8Uiule8 8 publlc beD￿t gntity as FRS 102.
finandal statements have ￿Sen prepared trj giv¢ 8 Iruè and lait vkny a)d have departed IT￿n th8
Charibè6 (Accounts and Roportsl Regula￿0￿$ 21X$8 onty to 9xtsnt r￿u[red to provlts a'true and falr
viaw.. This départu￿ has invofved followng th• Statement of Recomm8nd8d Praetice.. A¢counting and
Roporbng by Ch8rMle$ prepariTh3 tharacc04￿ts In accordarK8 w4th the Flnan¢lal Re￿￿rting Stand8
awkable in th8 UK and Republic of Ir9￿nd 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 co￿eM.
J Inv8¥tm9nlinc¢mo
InveBtTr*nt iTr>Jmp is a¢wunt￿l for in thg pfj￿d In vthi¢h the TnJ9t Is •nt6tlad b) iecdpL
dj Expendltur
E¥ixn(Ilture 18 Inttuded an acGrug18 bas15 gnd includes attr1butsL4e VAT*ttkh ￿n01 t¢ rewvere•J.
Costs tsfTatstryJ fiJnd8 comprts9 Ihose eosts dIr0￿ attrlbuI8b￿ to managlng lfte inV￿lment
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$rIt8blgad￿I?S Indud¢ grants wmittsd and 8n Apporbonmer)t ofowhoa¢J and support
cr*E8 88 shown In nDts 5.
Govoman￿ costs LX)mprise all ¢L)Sts invdwng the pu)Il¢ ￿￿un￿lIty oftho Trust and compllan
Ith ￿9￿18￿On and good praclice. Th989 i￿r￿d8 ￿sts relaled to audttand kgal tees togetherwhh a
ap￿>rtIOnMent ol o¥erhe8d and ￿pport o)sts.
support ts)sts include eentr4 funetions and hEvts been aiocatsd to on a ba￿$
ns1st9nt￿lh th¢ u8¢ of r8wurw. es allo￿￿1￿￿ 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 revalUa￿n and
1$pos￿$ throughwt the year.
The TnJ81 not direcuy acquire wt oplp)ns, derlvalrve8 Cf olhv complex ￿n￿r￿￿8[ Ir￿l￿Ments.
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 end0y￿entfrjnd 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 charg*1 agalnst the fvnd.
2 Invoslment Incomo
2024
2023
Stoc*s 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 v￿thin unll Iriists in ￿lch the Trust's fvnd5 arè invested. Thèse fees for 2024 v￿e
£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 t￿rr￿Itt￿l 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 re0￿8nts 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 sL￿C0st$
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 be￿en 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 tim￿￿saga
7.412
60
1,234
13

THE SIR JAMES AND LADY SCOTh TRUST
Nt)tes to finan¢ial stst•m•nts (¢on*lnuadl
7 N•t expenditurn Jnd not mov•m•nt In funds belore
g•in$ and los￿8 on l•M8tments
Netexpendlture and net movem￿1 in lurn]s belore1088e8
on Inv•sknonts after charging:.
2ff24
2023
Independpnl wmir*Vs rwnun8r8tlon
1,500
8 Staff costs
The charlty dces not directy ern￿oY any staff. In*e¥d it Used thg Part-dme serylces of 3 empbye8s
of ar￿ther tharlty, the Frnr￿ls C Scott Charftable Tnjst operalng from th& same ￿dreSS.
Mlss M M Scott18 8130 8 trustee ofFrBnci$ C Scott Ch&ltsbfe Tw8L The st8ff (¥sts re*wged ara..
2024
20T3
S8laries
Sod&l $s¢urfty trknsts
Pgnsloh cwt5
4672
583
S52
6,8C
g Trust•es' rEffluner*ion 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 m*JÉ to Currey & Go.
Willlam L G s￿￿. Tnjstee, is a partner in th8t firm.
Slr Christcoher Scott. Bl. Is a p8td. noTr4xecudve dlrectiy of Ap￿￿rig9 Llmitgd. A $ub5idiary ofApplwgg.
Yeaiand Fund Se￿l¢e5 recetves a feg the Admlnistrator of Ihe CaTveti8n Gen$r8bon Fund.
Holdings at 31 Marth 2024arKI 2￿23 ara s•t outln Note 11.
Fees thar•* by the G*)ernUon Fund in the year •Mo￿ted lo £1822612023.. £18,226).

THE SIR JAMES AND LADY SCOTh TRUST
Notss to financial ststom¢nls {¢ontlnued)
10 Comp*allvegfor 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 actme￿8
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
2,940,5￿3
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
Acqulsll￿ns 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
InV￿t￿*￿ts at mafket valu• comprfs•
2024
2023
Frxed uiteresl
Multi-asset
Allamat￿O 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 $etUem￿ts pending
572.784
41248
526.917
4.248
577,032
531.165
Investrnonts at mafkel value comwtsg
2024
2023
MUll￿asSet
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•*n￿lS are either ￿Sted on UK or ovwgeas stock excharwjos. ¢¢¥￿￿0d by rnlwonc4 to suth
2￿24
2023
Mat8rfal Invesfrnents are..
Carvetian General￿n 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. Investn*nts In *q￿t￿9 8nd Ilxed Inthst ￿￿IdeS are
811 tradpA1 on quot&Y publc markds, primarfly the Lond￿ Slodi Exchange. Holdlngs In corTmon
inVestm￿L funds, unlttrusts and c4)8n-end8d investment canpan￿5 are al bKI prw£. The bask8 CA
laTr value for quoted invèstments Is equivalent to th8 markèt V8lue, ￿￿n9 the bkl price. Asset Sa￿9
and purthaseg are reecgnlsed at tre date oftrada at CO51 lthal Is Ihelr Iransadon value).
The significar*a 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 rn￿8
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 sta*ements (continuad)
15 Analy81¥ of fund rn¢)vonwnts
Balane• at Incoming
R•gource• Galn on Bolanc• at
318t March res¢xW¢￿ eXpeThd￿ InN*s¢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•rrn￿t 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 Gr*nt8 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 & Gi￿8 C￿b
Bo￿n 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