Reglstered Charity No. 231324 THE SIR JAMES AND LADY SCOTT TRUST (Dated 315t December 1909) TRUSTEES, ANNUAL REPORT and UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2025
THE SIR JAMES AND LADY SCOTT TRUST Dated 3151 December 1909 - Registered Charily No. 231324 Reference and administrative infomiation Trustees Sir Christopher Scott, Bt. {Ch3irmanl Madeleine M Scott William L G Swan Director Helen Carter Finance Manager Keri Brown Address Slricklandgate House 92 Strtcklandgate Kendal LA9 4PU Indèpendent Examiner Armstrong Walson LLP, Chartered Accountants. Bridge Mills, Slramongale Kendal LA9 4BD Banker5 C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Investment Adviser5 Evelyn Partners 45 Gresham Street London EC2V 7BG Cazenove Caprtal. part of Schr(yJers 1 London Wall Place London EC2Y SAU Soli¢ltors Currey & Co. 33 Queen Anne Street London W1G9HY
THE SIR JAMES AND LADY SCOTh TRUST Dated 31st December 1909- Registered Chanty No. 231324 Trnstees. Annual Report (for the year ended 3111 March 2025> The Trustees present their annual report and unaudFted finanaal statements for the year ended 31 March 2025. Reference and administrative infomiation set out on page 2 forms part of this F>Ort. The financkql statements have been ppared in accordance with the accounting policies sel out in nole 1 to the accounts and compty wtth the Charity's Declaration of Trust, the Charities Act 2011 as amended by the Charities Act 2022 and Am)unting 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 Ireland. STRUCTURE. GOVERNANCE & MANAGEMENT Overview The Board of Trustees, comprising three members, met three times during the year. The Director was involved with all of these meelings by invitation and atlended in an ex-officio capacty. The Trust does not empby any staff direclly. However, it did use the part-time services of three employees of another Trust {the Franrys C Scott Charitable Trust). The total number of staff working for the Sir James and L&ly Scotl Trust, calculated on a full-time equivalent basis, was 0.11 during the year. Madeleine Scott, who is also a Trustee of the Francis C Scott Charttable Trust. represents the interests of the Sir James and Lady Scott Trusl on a ioinl HR Committee of Trustees. Trustees re1ve and consider recommendations from the Francis and Frseda Scott Trusts, finance and risk committee relating to shared governance including risk register and intemal financial controls. The Trust is a self-perpeluating body SPonSible for ils own appointmenlslrelirements, wslh Ihe Chair of Trustees being responsible for the induction and training of new Trustees. A digital folder of infornialion is available for any new Trustee and includes the following= Copy of the Tnjsl Deed, Grant Distribution Policy. Investment Policy. Organisational Chart, Risk Assessment Report. Minutes from the last three Trustee meetings, most recent AcLounts. Application Fomi and Guidelines. Further information is made available on the Trust's websrte.. www.s"Isl.or Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and Unlted Kingdom A¢Unting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales qUireS thetrustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently-, observe the methods and principles in the Charities SORP 2019 {FRS102)' make judgements and estimates that are reasonable and prudent- state whether applicable accounting slandards have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charty will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posf(ion of the charity and enable them lo ensure that the financial statements comply wrth the Charities Act 2011 as amended by the Charities Act 2022. the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed.
THE SIR JAMES AND LADY SCOTh TRUST Dated 3151 Oecember 1909 Registered Charily No. 231324 Trustees, Annual Report Icontinuedl They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the mainlenance and integrity of the charity and financial Information included on the charty's website. Legislation in the Untted Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. OBJECTIVES & ACTIVITIES Constitution The TTUSt was established by tkclaration of Trust dated 31 St December 1909 of which Sir James William Scott, Bart., was the Settlor. Grant making policy The Trust's current airns are two-fold in keeping with its obje(#s.' 1. To provide grants to charilies benefrting disadvantaged people and communities within the Borough of Bof(on- an area with which the Settlor and his famity were closety connected. 2. To provide financial assiStsn, princip81ty through the provision of a modest periodic payment, to fomier or present employees of the famity of the Setuor who are in necessitous circumstances. The percentage split of fvnds distributed by the Trust to these Iwo a8$ over the past five years is.. just over 73% to Bohon ¢hartties and just under 27% to individuals. Activities Grants to charities al The Tnjst welcomes applications from all charitable organisations within its defined area of grant- giving. Trustees regulady review the crrteria for grant applications and believe these and the beneficial area of the Trust remain appropriate for a grant-grving Trust of this size. b} The Trust's website is desvJned to allow all eligible organisalions to download an application form to apply for grants with paper versions remaining available for those unable to acc£ss the intemet. The Director is regularly in contact wilh staff from the BO0 Council for Voluntary Services who work dosely with many of the organisations who apply_ The Director also encourages appropriate organisalions to app to the Trust by attending communty forums held in Botlon from time to time. ¢) The Director assesses all applications for funding. checking their content for accuracy and relevance and corresponding with applicants to answer any questions, before submitting them to Trustees for their consideration. d) The Trustees and Director bisit charities in person from time to time to better understand need. e) During the year Trustee5 made a second grant award to Bolton CVS, Boltons Fund. This is for further distribution via the micro fund. This mechanism allows Ihe Trust's fvnds to reach a larger number of smaller organisations who otherwise would nol be e1ible for support frorn the Trust and which make up a large amount of Ihe voluntsry sector. The Director is a community assessor for this fund.
THE SIR JAMES AND LADY scorr TRUST Dated 31* December 1909- Registed Charity No. 231324 Trustees, Annual Report I)b"nue{j} Grants lo individuals The desndantS of the Settlor are contacted by letter every few years to ensure that they are aware of the benefrt the Trust can provide to their employees (past and presentl who are in necessitous circumstances. All adult descendants of the Settlor are included in this correspondence. Monlhty payments to existing beneflarIeS a vieWed annualty and adjusted to reflect cost of living increases. During this year, Trustees agreed a 3.9¥0 {2024 10.1 %} uplift in payments to recognise the extra burden that rising food costs and utilty bills place UkX)n many pensioner5. Since 2004, the Trust has also offered an additional allowance of up to £500 per person per year to enable individual grant elpIentS to purchase essential household items or services that they may need and which are not provided by the State. No addrtional payments were made during the year. ACHIEVEMENTS & PERFORMANCE Revlew of the Year The Trust received total investment income in the year of £74,000 compared to the previous yearfs income of £69,436. Grants lo Charities There were 20 grants awarded lo charities in the year totalling £45,665 (£41.400, 2024}. 90% of the charities who applied to the Trust for funding in the year were SucsSfvl in being awarded a grant. The table below illustrates how this compares to the previous four years. The range of beneficiaries in this year were as varied as ever {please see note 16 on page 19 for details}. An extraordinary grant request was receNed from and awarded to Emmaus BOon for the repla¢ement of their roofs al their Flether Street buildings. Due to careful project cost management and a successful fundraising campaign, the grant was not required, and so was cancelled during the year. Grants to Charitsbto Organisations Number of applications considered Totsl amount of funds requested FY2024125 FY2023124 FY2022123 FY2021122 FY2020121 21 15 14 12 14 £69.655 £37.783 £33.961 £57,840 £53,551 Number of grants awarded 20 13 12 10 (including extraordinary grant 9 (including extraordinary ranll £50.665 £41.400 £29.961 £53,000 £41,026 lincluding extraordinary rant) £20,000 Amount of grants awarded Extraordinary grant Percentage of applications awarded rants Average grant Site {excluding extraordinary grants) £30,000 87% 90% 85% 83% 640 £2.403 £3.184 £2,497 £2.555 £2,628
THE SIR JAMES AND LADY SCOTT TRUST Dated 3151 December 1909- Reglsteied Chaty No. 231324 Trustees, Annual Report Iconlinuedl Grants to Individuals In addition lo the grants lo organisations, at the start of the year 4 fomer employees of the family of the Settlor who are in necessilous circumstances received monlhty payments. Total payments lo Individuals foi Ihe year amounted lo £16.798 compared to £13.801 in 2023124. Public Benefft The Tfustees have examined the public benefft requirements as specIfd in Charity Commission guidance and believe that the policy. acliv-rties and outcomes described above meet Ihose requirements. The Trustees were pleased to nole the Upper Tribunal's ruling (published 20.2.12) in relation to benevolent fvnds and the public benefft requirement of the Charities Act 2011. as amended by the Charities Act 2022. Risk Mana ement An Annual Risk Report is tabled every year for consideration by Trustees thal includes 31 items with corresponding comments as to how best to address. ameliorate andlor monitor the identified risks. The most significant risk identffied by Trustees is a major downturn in Ihe value of the Trust's investments which, if it were to continue over the longer lem, would impact on its ability to provide grants to its priority areas of charttable work as outlined on page 4. This risk is addressed by holding a diversrfied portfolio of investments wrth separate. authorised fund managers and by having policses in place to adjust distribution levels over time. FINANCIAL REVIEW Investment Policy There are no restrictions on the Trustees. powers to invest The Trust's investment assets are managed by external professional advisers. The funds are invested in a diversified portfolio. The objectives are prudent to maximise total retum to provide steady growth and at ast to PreSee the real value of the Trust's assets, and the income therefrom, over the long temi. Perfonnance against Investment Poli¢y Total return, after fees, on the Evelyn managed inveslments was )se 1.41% {2023'. negative 3.46Yo). The Trust's holdings of Carvetian Generation Fund produced a retum of positNe retum of 2.78% {2023'. negative 6.020A} This compared wrth the following indices: MSCI PIMFA Balanced PR GBP positive 2.260 UK stock market 6.41% ARC Steady Growth Index 3% Trustees regard investment perfomiance over the longer temi to be satisfactory in relation to both the investment policy and benchmark indices outlined above. Distribution Policy It is Ihe Trustees, stated intent to spend all income available for distribution in any one year once management. administration and governance costs have been taken into account. Trustees have met their stated intention during the year. Cost of administration Trustees review the annual administralive costs of running the charity annually and are satisfied these are appropriate and proFW)rtionate.
THE SIR JAMES AND LADY sco TRUST Dated 3131 tlecemb8r - Regk8tered Chwrty No. Y31324 Trustees, Annual Report (continued Reseryes Policy It is the Trustees, intention in any one year lo allocate all income available for distribLrtion and not to build up reserves. Prior to 1998, eertain excess income had been retsined and invested and these funds. including the increase in the market value of the undertying investments. remain available for future distribution as per Charity Commission guidance. At 31% March 2025 the balance on general unrestricte(I funds stocxy at £6SO,211 compared to £640,570 the previous year. Of these, some £77.552 were free re5erves12023124 £74,029). PLANS FOR FUTURE PERIODS TTUStees will contsnue to invite and welcome applicats.ons for funding from ttiose charities that. in their opinion, are able lo demonslrale an ability to meet the needs of communities across the Borough of Bolton, with pa"Cular priority for those working with vulnerable and disadvantaged groups. The Trustees plans in relation to the Trust's investments and reserves are ouuined above. Tnjslees annually review the way in which the Trust is administered to ensure il is both efficnI and cost effective in dislribuling its income. Trustees intend lo continue this process in the year ahead. Trustees will continue to welcome applICatn5 for financial assistance trom fomer or present employees of the famity of the Settlor who may be in necessitous circumstances. Goin concern Trustees are mindful that the income from the fund flucluates. Basèd on assessments and reviews with investment managers, the Trustees have conduded that they can continue to 2dopl the going concern basis in preparing the annual report and accounts. This report was approved by Trustees on December 1 2025. and signed on their behalf by: Sir Christopher Scott. Bt. Chair of Trustees
THE SIR JAMES AND LADY SCOTT TRUST Dated 31S', December 1909 - Registered Charity No. 231324 Independent Examiner's Report to the Trustees of the Sir Jarnes and Lady Scott Trust I report lo the cttarty trustees on my examination of the accounts of the charity for the year ended 31° March 2025 which are sel out on pages 9 to 19. Responsibilities and basis of report As the charity s trustees you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 as amended by the Charities Act 2022 ('the Act'l. I report in respect of my examination of the chartys accounts carried out under seclton 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(bl of the Act. Independent examinerfs sLitement I have LOiTipleled IY examination. I confimi that no material matters have come to my attention in connection with the examination gNing me cause to believe that in any material respect. accounting records were not kept in respect of the charty as required by section 130 of the Act; or 2. the accounts do not accord with those records". or 3. the accounts do not comply wrth the applicable requirements conmIng the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mtters in connection with the examination to which attention should be drawn in this pOrt in order to enable proper understanding of the accounts to be reached. This report is made solety lo the Chartty's Trustees. as a body. in accordance wlth Ihe Act. My work has been undertaken so that I might state to the Charity's Trustees Ihose matters l am required to state to them in an Independent exarninerfs report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibilty to anyone other than the Chartty and the Charity's Trustees as a body, for my wotk for this report. Karen Rae FCCA Armstrong Watson LLP, Chartered Accountants Kendal Dale: i& lkneJtsJ zef
THE SIR JAMES AND LADY scorr TRUST ststernent of financial activitles For the year ended 31 March 2025 Pennanent Notes Endowment fu Income funds Totsl 2025 Total 2024 Incon Investment ino)me 82.867 82,867 75,483 Totsl in¢omè 82,667 82.667 75,483 Expèndlture Costs of raising funds Investment management costs 15,098 15,098} 14.8051 Expenditure on chantaljle actNitses Grant making Grants committed Grant related SUPFK)rtIgoveman ¢x)sts 4116 162.463) 16,670 162,463) 16,670 155,2011 15.429 79.133 79,133 70,630 Totsl expenditurn 15,098 79,133 94.2311 85,435 Net Ilossesllgain5 on inveslments 10.484 6,117 16,601 167.454 Net incomel{expenditure} 14.614) 9,651 5,037 157.502 Re¢on¢iliation af funds Total funds brought fOard Total funds carried fowward 3,047,685 3.043.071 640,570 650.221 3,688,255 3,693,292 3.530.753 3,688,255 15 The notes on pages 11 to 19 form part of these financial statements. The trust has no recognised gains and losses other than those stated above. All incoming resources and resources expended derive from continuing actiwties.
THE SIR JAMES AND LADY SCOTh TRUST Balancè shèèt As at 31 March 2025 Permanent Total 2025 Totsl 2024 fund fvnds Fixed a55ets Investrnents - Endow%nent fund - Incorne invested furNJ 11a 11b 3,046.871 3.046.871 583.1 $2 3.051.610 577,032 583.152 3.046.871 583.152 3.630,023 3.628,641 Current assets Cash Debtors 12 13 76.610 76,610 74,677 76.810 76.610 74,677 Credttors: Amounts la111r due vilNn on 14 3.81M)I 9.541 13,341 15,064 Net ¢urrerrt Iliabililiesyassets 3.8001 67.069 63,269 59.613 Total assets less ¢urr•rrt Ilablllll¢s 3.043,071 650,221 3,693.292 3,688,255 Total not as58ts 3,043.071 650.221 3.693.2¥2 3.688.255 Funds 15 3.043.071 6SO.221 3.693,292 3.688,255 The finaKoa statements rfjpro ed at)d author¢sed for iswe bylhe Truslees and SIgt on their behalf by Sir Christopher Scott. 81. Chair of TrLSStees On 101h D8¢en-thr 2025 The notes on pages 11 to 19 lom part of Ihese finanoal statements. 10
THE SIR JAMES AND LADY sCOTRUST Notss to financial statements For the year ended 31 March 2025 Accounting poliei•s a) Basis of acCo(sntg Thè Sir Jarnes and Lady SLx)tt Trust is a Trust ¢aj by a tkdarabon ofTrust dated 31 cleber 1909. The nature of its actyities is disc105ed in the trustees, reput The registered office is Stn"ckiandgate House. 92 Stricklatgate. Kend, cTra. LA9 4PU. The finarrial Statements have trn prepared under Ihe hi8torical (x)st convention. with the exeeption of investments, which are indJe on a martet vJue basi8. The finarrial statements have teen prepared in accordano witti StateMet of Rec0¥nMe PraCkn.. AcctyJnts"ng aThJ Rewrts"ng by Charrties preparing t1r acr£)unts in 8Ccnrdan wth the Finan(Jal ReF<)rting Standard applicable in the UK and Republic of IlaThJ IFRS 121. The charity Constitutes a publK tenefit tity a5 defiwl by FRS 102. The financ4al statnts have prepared to gNe a aThJ fair viert and have ¢Jepart&J from the Charities IAcwunts RerKJrtsl Regulations 2CX18 onty to the extent required to provKlè a Irue and fair evl. This ¢Jeparture has invow followi the Statement ol RecommeThYed Practi.. AttountiThJ and RepK)rting by Charities preparing ttir acccyJnts in accordan with the Finanoal Reportiryj StarKlard appluble in the UK aThJ Republic of IreL3Th1 IFRS 1021 ratsr than the Account5ng and Reporting by Charits'es. Statement of ReccrnmeThJ&Y Pra¢Xh? effective from 1 April 2(X)5 whith ha5 sirrE been withdrawn. The trustees Cry1der that Te are rKJ material uThxlainties atrArtthe tru5fs th.lty to c£ntinuè as a going concem. c) Investment irmr Investment Income is acwJnted for in the in which ts Trust is trued to d) Expenthlure Expendrture is irtiuded on an accwJs basB aTrJ attthrtth VAT whth canrk)t tre reowered. Costs of raising furKls comprise those $ts directy attrityjlable to rnanagw¥J Ihe investrnent portfdB) aThJ raksing investrnent irwne. Grants payable to Charitab organisatiors are charged tn year wh2n the offer is conveyed to the lent except cases where matenal offers are coTrYth'onal. swh grants 'ThJ recognised a$ experKJiture when the COrKI"L$ attad)iThJ a fuffilled. Matenal grants offered subject to conditior which have not met at the star e1 are noted as a comrnitment tyjt not acctued as expEnditure. Grants payable to ilivuals are chty in the of paYThl. Costs of Charitab activities Indje granis ML&j and an arwts)nment of overhe&l SUFPOrt costs as shown in note 5. Gtsvernan costs comm all c(6ts inv(dwThJ the acwunthlty ofthe Trust its 0)Mn with regulation and goc4J practce. These indudtr costs related to audrt arKI gaI fees together wth an 4)portk)nment of o¥erkead arnl suppct (x)sts. Support costs indkxle traI fvn£Crts ayj ha twi alkMd to actmty cost categories on a basis consistent wth the use of resour$. e.g all(K*rvJ propErty Costs by staff use. staff costs by the ts.me spent and other costs by thwr w.
THE SIR JAMES AND LADY SCOTT TRUST Notes to financial statements For the year ended 31 March 2025 Accounting policies IconLI e) Fixed asset investments Investments are a form of basK finanaal instrument and are initialfy recognised at their Iransaction value and subsequenlty measured at fair value as at the balance sheet date using the dosing quoted market price. The statement ol finanaal actmties indudes the net gains and1055es arising on revaluation and disposals throughout the year. The Trust not direct acquire wt options. derivatives or other complex finanual instruments. Q Fund acGounling General funds {incomè funds) are unrestricted funds tth are available for use at the di%retion of the Trustees in furtheran of the general objecttves of the Trust and which have not been designated for other purposes. The endowment fund represents those assets whith must te held permanentty by Ihe Trust, principally inveslmenls. In(x)me arissng on the endowment fund can be used in accordance with Ihe objects of the Trust and is induded as unrestricted income. Any capital gains or losses arising on the disposal of perrnanent fvnd assets form part of the lurKI. Inveslmeftt management charges and legal advice relating lo the fund are Chatged against thè fund. 2 Inve$tm¢nt InMe 2025 2024 Stod(s and shares Bank and other Inte$t 82.282 385 75.047 436 82.667 75.483 3 Investm•nt managèment costs 2025 2024 Fund managers. fees Endowment fund - Income invested fund 15.098 14.80S 15,098 14,805 Fees are also charged thin unrt Irusts in whmth thè Trusfs funds a invested. These fees for 2025 were £5.707 for the End¢)wment Fund12024.' £25,169> and £0 for ihe Incorne Invested fvnd 12024.. £8,491>. Including commissK)ns. total fees for 2025 wete £46.802 {2024." £48.4651 leading to a Total Expense Ratio of 1.5% {2024." 1.4°Al. Fee infom)ation as reported under MiFIID11 is more accurale than preWouS produced and accounts for the main inc¥ease nce the preywus year. 12
THE SIR JAMES AND LADY SCOTT TRUST Notès to financial statèments Icontinu•dl 4 Grantmaking The art Cofnrnitted i• the year ¢x)ft¥)rw$". 2025 2024 4 gran15 to forrner ernpbyees of the farnityofts seiuor12024". 41 19 grtnts to Chantab organtsats"ons12024.' 121 16,798 45.865 13.801 41.400 62.463 55.201 Support Costs Inofe 5161 7.7 7,930 Go¥ernar (Xlsts Inote 9.103 7.499 16.670 1 S.429 79.133 70.630 Detaib oflhe recwts are shown in note 16. 5 Allocation ofsUPPOrt Costs and govemarKe costs The brÈakd¢Jwn of support costs and how these were ated betsen Governan and Charitsb AGINe$ 15 5h¢yMn the tabk Cost Ty Total Bass of AppNtionmtrt Recharged staff (x)sts offi rental and costs Professional fees Sundry cost$ 7.166 1.075 6.091 945 55 476 7.7 Staff t staff timelusage Staff tiryElusage Staff tinwusage 55 536 8,821 1.254 2025 2024 Govemanc? costs Independent eXInatiOn Travel and m8ethg cosi¥ Legal fees Stsff costs Office rental and costs Sundry ¢osts 1,800 475 5.874 1.075 3.894 1.021 119 60 60 9.103 7.499 6 Comparatives forallocation ofsupport G¢J5ts and gfftrnanG ¢osts The breakdown of 5UPPOrt costs arKI htxvthese were a)eated betsen Governan and Charitab18 Acli¥ities is shcwn in the tth t. Cost Ty Basis of ApptyD"onment Recharged staff sts Offic ren121 and costs Professional fees Sundry costs 5.785 Staff tw 1.124 Staff tInu589e 136 Stsff tjnwusage 885 Staff tirnelusage 1.243 119 9.130 7.930 13
THE SIR JAMES AND LADY SCOTT TRUST Notes to financial statements Icontinuedl Net expenditure and net movement in fvnds befo gains and losses on investments Net expenditure and net movement in funds before losses on investments after charging.. 2025 2024 Independent examinerfs Muneraln 1.500 8 Staff costs The ¢hanty doès not directly employ any staff. Instead it used the part-time services of 3 employees of another Charity. the Francss C Scott Charitabk Trust operating from the same address. Miss M M Scott is also a trustee of Francis C Scott Charitable Trust. The staff cosls re-charged are". 2ff25 2024 Salaries Social security ¢y)sls Pension costs 5,532 5.672 594 1,094 7,166 9 Trustees. Yemuneratlon and related party transactions The Iru51ees neithei received nor waNed any emduments or expenses during the year (2024.. £nill. For legal services during the year. payment 01 £488412024.. £3.8941 was made to CUeY & Co. William L G Swan, Trustee. is a partner in that firm. Sir Christopher Scolt. Bt. is a paid. nor7execArtive diredoi of Applerigg Limiie(l. A subsidiary of Applèrigg. Yealand Fund Semces receives a fee as the Administrator of the Caryetian Generation Fund. Holdings at 31 Marc* 2025 and 2024 are set out in Nole 11. Fees ¢harged by the Generation Fund in the 2[ amounted to £13,60212024.' £18,226). 14
THE SIR JAMES AND LADY SCOTh TRUST Notes to financial statements {contiDued) 10 Comparativès for Statsment of Flnanclal Activities figures Pefmanent Endovmient fund Income funds Total 2024 In¢ome Investment income 75.483 75.483 Total in¢ome 75.483 75.483 Expenditure Costs of raising funds Investment management C51$ 14.805 14,805 Expend1ltJ on charitable admties Grant making Grants committed Grant related supportlgovemance o)sts {55.2011 {15.4291 155.2011 15,429 {70.6301 70.6301 Total expenditure 14,805 70,630 85,435 Net proftslllosses} on inveslments 121.587 45.867 167,454 Net incomellexpenditurel 1C6.782 50.720 157,502 Re¢on¢iliation of funds Total funds brought forward Total lutxls caffied fOard 2.940.903 3.047.685 589,850 640.570 3,530,753 3.688.255 15
THE SIR JAMES AND LADY SCOTT TRUST Notes to financial statements leontinued) 10 Comparntives for Balance Sheet Pemanenl Endowment fund ItKome funds Total 2024 Fixed assets Investments - Endowment fund - Income Invested Furx1 3,051,610 3.051,610 577,032 577,032 3,051,610 577.032 3.628,641 Current assets Cash Debtors 74,677 74,677 74.677 74,677 Creditors: Amounts falling due within one ye" 3,925 11,139 15,064 Net eurfynt Iliabililiesllassèts 13,925} 63,538 59.613 Total assets less current liabilities 3.047.685 640.570 3.688.255 Total net assets 3.047,685 640,570 3,688,255 Fund$ 3.047.685 640,570 3,688.255 16
THE SIR JAMES AND LADY SCOTh TRUST Notes to financial statements {continuedl 11 Investments a) Endowment lund 2025 2024 Mark¢t valuc at gInning of year Acquisitions at wst Disposal proceeds Nel Ilossesllgains on revalUatn 3.043,210 765,239 1774,05n 10,484 2,935,021 570,037 1583,4351 121,587 Market value at end of year Uninveste(I cash and settlements pending 3.044.876 1,995 3,043,210 8,4rx) 3.046,871 3,051,610 Investments at market value comprise 2025 2024 Fixed interest Multi-asset AMernatNe invesbnents Global equbties UK equsties Overseas equities 458,994 685,171 145.534 1,(#)5.3 194.487 554.787 441,108 678,154 187.965 1.034.516 271.724 429.743 3.044.876 3.043.210 Historical cost at end of year 2,202,430 2,202,430 b) InGome invested fund 2025 2024 Market value at beglnnSng of year Acquisrtions at cost Disposal proceeds Nel Itossèsllgains on revaluab.on 572.784 526,917 6,117 45.867 Market value at end of yèar Uninvested cash and other seWerTwts nd4Th3 578,901 4,251 572.784 4.248 583,152 577.032 Investmnts at market value conwrise 2025 2024 Mutti-asset 578.901 572,784 Historical cost at end of year 302.085 302.085 17
THE SIR JAMES AND LADY scorr TRUST Notes to financial statements {¢ontinuedl 11 Investments Icont.) All investments are either listed on UK or overseas stock exchanges. or valued by reference lo such investments. 2025 2024 Material Investments arè.. Carvetian Generaln Fund Stramngatè SA Sharès 1.236.538 526,755 1.229.522 434,976 The Tnsstees consider indrvidual m¥eStnt hotdings In excess of 5% of the portfol value to be matèrial. All investrnents are carried * their fairvalue. Inveslments in equitie5 and fixed interest securities are 11 traded on quoted public markets. prirnarity the London Stock Exthange. Holdings in common investment funds, unrt trusts and opennded investnnt companEs ale at bid price. The basis of fair value for quoted investments is eouivalent to the market value. using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction valuel. The smJnffican of financial instruments to the ongoing financial sustainabilty of the Trust is conside in the finanaal review and investhnt poly and perfommnce sections ofthe Annual Repo 12 Cash 2025 2024 Cash 8t bank Fund manager 40.554 36.056 42.022 76,610 74,667 13 Debtors 2025 2024 Income Funds Prepayments and awued inco 14 Creditors.. Amounts falling due within onè year 2025 2024 Income Funds Grants payable Accruals 9.541 9.541 11,139 11,139 Pemianent Endowment Funds Accruals 3.8¢XI 3.925 f 3.341 15.064 18
THE SIR JAMES ANO LADY SCOTT TRUST Notss to financlal 8tatemonts Iconttnu8rt1 15 An•lW$ AVAmm¥ Gain on BalarKeat 3t¥t ¥arrh 2024 PerrnanwrtEndowrnent Fund 3.047.685 15.C88 10.484 3.043.071 Income Fund5 Incorne Invested Fund $66.S4f 74.029 640,S70 6,117 S72.858 77.SÉ2 650,L1 82.667 82.667 9.133 [79.1331 ,117 94.731 3.688.255 82.667 1fj,fj01 3,fj93,2 Tre$ll#simt¢j 8ThytrmxK¥xeekn1utJ r&set aLvMty 110 w pag2 12. Gafjn OTr Balance at westmerts 31stMarch 2024 31st Marth 2023 Pennanent EndrMmentFId Z940.9J3 121.587 3.047.685 Income Funds Irorne Inved Fw Irwne re8erve$ 520.674 69.176 75.483 589. 7S.483 45.&7 566.$41 74.029 fj40.570 tTO,630} 140.WI 3.530.753 7S.4B3 91.022 3.fj98.Z55 18 schedu olGr•nts Cwmthd 2024 Bdto) AduttAutk4m CVS 8dton CVS ton Deaf SoKxty 8Lqton GUIPJ ol Hdp Bolton Lads & Gits CIL 8olton L¥Jns aub Chik1S Pkwial Pynas Create Bomon DeafBlITh1 UK Denan Hou 2.570 1.230 1.174 16.CO) 116.rpx)} Emm¥us Irded dutwll> FAB Faffrmxth Baptist ChUh Harmoryyr 3.oc 3.OCI) 1450 1943 Laroshire CnthlFtnd LLStening Br5 Makiffj Swe Gra Ll Reach FwDity Sl Pete[5 Chur¢hH&MWI PCC The Guild ¢1 H The Brty ChL¥o The Hub T MusicGr3nl Paym 75Q 41.4fyJ Indlvlduals 16.798 13.801 62.463 55.201 19