**Registered Charity No. 232131**
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
**(Dated 1[st] October 1963)**
## **TRUSTEES' ANNUAL REPORT**
## **and**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31[st] DECEMBER 2020**
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1[st] October 1963 – Registered Charity No. 232131
## **Reference and administrative information**
## **Trustees**
John McGovern (Chair) Christine Knipe Carol Ostermeyer (retired March 12[th] 2021) Joanna Plumptre Alexander Scott Madeleine Scott Malcolm Tillyer Melanie Wotherspoon Peter Redhead
## **Director**
Helen Carter
## **Address**
Stricklandgate House 92 Stricklandgate Kendal Cumbria LA9 4PU
## **Auditors**
Haines Watts Manchester Limited 3[rd] Floor, Northern Assurance Buildings Albert Square 9-21 Princess Street Manchester M2 4DN
## **Bankers**
Barclays Bank plc 9 Highgate Kendal Cumbria LA9 4DF
The Charities Official Investment Fund (COIF) 80 Cheapside London EC2V 6DZ
## **Investment Advisers**
Rothschild Wealth Management (UK) Ltd New Court, St. Swithin’s Lane London EC4N 8AL
Smith & Williamson (until February 12[th] 2020) 25 Moorgate London EC2R 6AY
Sarasin & Partners LLP (from February 12[th] 2020) Juxon House, 100 St Paul's Churchyard, London EC4M 8BU
## **Solicitors**
Currey & Co. 33 Queen Anne Street, London W1G 9HY
> [2]
Dated 1[st] October 1963 – Registered Charity No. 232131
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
**Trustees’ Annual Report** (for the year ended 31[st] December 2020)
The Trustees present their annual report and audited financial statements for the year ended 31[st] December 2020. Reference and administrative information set out on page 2 forms part of this report.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland published on 16 July 2014.
## **STRUCTURE, GOVERNANCE & MANAGEMENT**
The Board of Trustees met five times during the year. Five sub-committees of Trustees (outlined below) also met at different times during the year to assist in the efficient administration of the work of the Trust. The Director attends by invitation.
- **Investment Committee** : Peter Redhead (Chair), Melanie Wotherspoon, Malcolm Tillyer
- **Personnel Committee** : John McGovern (Chair until February 2021), Carol Ostermeyer, two Trustees from the Frieda Scott Charitable Trust and one Trustee from the Sir James & Lady Scott Trust. From February 2021 the Committee is Chaired by Alison Alger, a Trustee of the Frieda Scott Trust.
- **Small Grants Committee** : John McGovern and one other Trustee on a rolling basis in consultation with the Director.
- **Nominations Committee** : John McGovern and Alexander Scott.
- **Finance & Risk Committee** : Alexander Scott (Chair) Christine Knipe, two Trustees from the Frieda Scott Trust who meet jointly to review internal controls, risk management and other elements of oversight relevant to both Trusts. The Sir James Scott Trust does not have a representative at the Committee, but considers relevant recommendations.
Two Trustees (Joanna Plumptre and Malcolm Tillyer) also sat on the Aspiring Leaders Programme (ALP) Steering Group which oversees the delivery of this flagship programme for the Trust.
Three part-time staff reported to the Director of the Trust who in turn reported to the Board of Trustees. The Chair of Trustees line managed the Director on behalf of the Trustees and the Director managed all other staff. One staff member spent part of their time working for another grant-giving charity, The Sir James and Lady Scott Trust (1909), a second member of staff worked on behalf of The Frieda Scott Charitable Trust (1962) and the remaining member of staff worked on behalf of the three Trusts, with charges being made accordingly. Two staff members left the Trusts during the year and the Trust re-structured the roles required to carry out the work of the Trust as a result of the 2019 strategic review, creating the new post of Grants and development Officer. This and one other role were successfully recruited for in early 2021. The number of staff working for FCSCT, calculated on a full-time equivalent basis, was 1.46 during the year.
The Personnel Committee meets twice annually and reviews the remuneration, terms and conditions of all staff including the key management roles of Director and Finance Manager. The Committee consider various benchmarks including RPI, CPI, the Average Earnings Index and local market rates. During the year the Director’s salary was reviewed following completion of developmental targets agreed at appointment and revised using national benchmarks.
The Trust is a self-perpetuating body responsible for its own appointments/retirements. The Chair of the Trust is responsible for the induction and training of new Trustees. An induction programme is prepared for new Trustees and includes: Copy of the Trust Deed, Grant Distribution Policy, Investment Policy, Strategic Funding briefing, Organisational Chart, Risk Assessment Report, the last 3 Trustees’ Meeting Minutes, Trustees’ Annual Report & Accounts, History & Purpose paper, Guidelines leaflet and the Terms of Reference for the sub-committees. Further background information, is held on the Trust’s website: www.fcsct.org.uk
> [3]
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
## Dated 1[st] October 1963 – Registered Charity No. 232131
## **Trustees’ Annual Report** (continued)
Trustees held two additional meetings during the year. Once to review the strategic decisions made in 2019 in light of the pandemic, which concluded that these remained valid and relevant. And once to consider the longer-term response to the impact of Covid on the Trust’s priority beneficiary group. Trustees engaged with key stakeholders locally to understand current and forecast impacts and recognise that young people within the priority groups may be disproportionately affected over the long term as a result of economic and educational disruption as well as the additional burdens and challenges resulting from prolonged periods under lock down conditions. Trustees confirmed their commitment therefore to work actively in the coming years with grant holders and critical partners to support the availability and accessibility of quality services to young people most at risk of these adverse effects of the pandemic.
A review of Governance, led by the Chair, was undertaken during the year. Trustees agreed to adopt the Charity Code of Governance as a useful reference point and development framework. Other decisions made will be implemented from 2021, including the creation of a Trustee Handbook.
Carol Ostermeyer offered her resignation in December. This was subsequently ratified at the next Trustees meeting on March 12[th] 2021. Carol was thanked for her contribution during her 7 years on the Board and will be missed.
## **Trustees’ responsibilities**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees 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 2015 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **OBJECTIVES & ACTIVITIES**
## **Constitution & History**
Peter Scott CBE was Chairman of the Provincial Insurance Company Ltd when the Francis C Scott Charitable Trust (FCSCT) was created by Deed of Trust on 1.10.63 with wide powers to distribute funds for charitable purposes. Peter Scott and his sister, Dr Joan Trevelyan, endowed the Trust with significant holdings of the family business (Provincial Insurance Company Ltd) shares between 1963 and 1971.
The Trust was named after their father, Francis C Scott, in recognition of his philanthropic work, and established with the aim of continuing to support the type of causes and projects that he had sponsored
> [4]
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1[st] October 1963 – Registered Charity No. 232131
## **Trustees’ Annual Report** (continued)
## **______________________________________________________________________________________**
himself; in particular, the development of young people. It is for this reason that the Trust has had an enduring commitment to supporting communities and young people in the north-west of England to promote equity of opportunity and access to positive, developmental experiences, in particular in Cumbria, where the headquarters of the Provincial business was based.
- As a grant-giving trust, we believe in the importance of:
- personal development
- nurturing individual talent and organisations as they evolve and being a critical friend
- supporting direct delivery of quality charity and community work
- trusting our beneficiaries and keeping the admin burden light
- listening and learning
- sharing best practice and celebrating success
- our independence, which allows scope for innovation and risk-taking
- long term investment
## **Current & future Grant-making Policy**
Our core purpose is to support charitable organisations that enable young people up to the age of 24 in Cumbria & North Lancashire experiencing challenging circumstances to thrive.
Following the strategic review completed in 2019, the Trust has refocussed it’s grant making to reflect the learning and understanding gained through the review,
Following the strategic review concluded in November 2019 work to implement key decisions (outlined below) began during the year and will continue into 2021:
- to re frame the priority categories to adopt a more positive, asset balanced framework based on the development of assets rather than the elimination of deficits.
- to be more deliberate in the funding of early intervention and preventative programmes as opposed to crisis support or emergency relief.
- to reconsider the use of deprivation statistics to consider those experiencing difficulties/barriers to thriving, rather than solely those living in areas of deprivation
- adapt the use of the 8-year funding model to enable more strategic working with social enterprise organisations (such as CICs) and give consideration to longer term relationships with grant holding charitable organisations.
- develop a more collaborative approach to how we work both with other funders and other key stakeholders within and outside the voluntary sector.
- Be pro-active in supporting the sector through engagement with infrastructure bodies and local and regional authorities.
- Expand the Step Change programme to maximise bespoke developmental support for local charities with potential but experiencing challenges or wishing to make significant developments.
> [5]
Dated 1[st] October 1963 – Registered Charity No. 232131
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
## **Trustees’ Annual Report (** continued)
## **Activities**
The Trust endeavours to deal with all enquiries and applications to the Trust in an efficient and professional manner. Potential applicants are encouraged to liaise with the Trust’s staff prior to submitting a funding request and all eligible applications are considered by Trustees. Communication, both with applicants and grant holders, is mostly undertaken electronically with the majority of application forms submitted having been downloaded from the Trust’s website.
The Director and a Trustee visit every applicant for funding that is considered at the main Trustee meetings. During the year this practice continued, but utilised online tools and video conferencing to facilitate this, in lieu of making physical visits. Trustees were unable to make field visits during the year, but the use of online facilities to meet grant applicants enabled all Trustees to engage directly with applicants. This has proved an effective and valuable tool and it is likely that a blend of physical and virtual visits will be adopted beyond the lock down period. Additionally, the Director regularly attends various forums, funding fairs and conferences to keep abreast of relevant issues, trends and current needs both nationally and in our beneficial area. Similarly, these were all conducted online during the year. The following ‘Review of the Year’ summarises the degree to which the Trust met its own charitable aims as stated above.
The Trust commits to offering constructive, supportive feedback to unsuccessful applicants in the context of further enabling the development of all organisations who apply for a grant to achieve positive change. One applicant unsuccessful to the main grant panel was offered access to bespoke consultancy to help them address challenges in their Governance or operations. They have since accepted and are making good progress towards a new business plan and preparing to convert from a Community Interest Company (CIC) to a Charitably Incorporated Organisation (CIO).
## **ACHIEVEMENTS & PERFORMANCE**
## **Review of the year**
The Trust’s investment portfolio is managed on a total return basis, with the management split approximately in half between two investment managers with different investment approaches to aid diversification. Investment income received during the year was £1,165,960 with £630.6k of that figure coming from capital drawdown (2019: £995k & £326.5k respectively).
It is Trustees’ strategic intent to ensure that current levels of expenditure are sustainable in the long term. The amount of grants paid in the year was £1.006m (2019: £1.023m). There were no restricted grants made during the year (2019: £7.7k)
The table below illustrates the size and number of grants committed in the year, the majority of which are for multi-year grants. The Trust also owns property that is occupied by the Brathay Trust on a long-term lease at a peppercorn rent (as shown in note 2). It is the view of Trustees that this represents an ‘in-kind’ contribution to the Brathay Trust at a current annual value of £110k.
|**GRANTS COMMITTED**|**FY2020**|FY2019|**_Average grant_**
**_size FY2020_**|_Average grant_
_size FY2019_|
|---|---|---|---|---|
|Maingrants(Trustees)|**£1.090m (32)**|£848k (29)|**_£34k_**|_£29.2k_|
|Smallgrants(Chair)|**£11,450 (3)**|£62.7k (18)|**_£3.8k_**|_£3.5k_|
|AspiringLeaders Programme(ALP4)|**-**|£379k (1)|**_-_**|_-_|
|**TOTAL**|**£1.101m (35)**|£1.289m (48)|**_£31.5k_**|_£26.9k_|
The most significant single project supported by the Trust is the ongoing Aspiring Leaders Programme (ALP) with ALP3 concluding in the year, with 15 participants successfully graduating and a further two on track to complete their studies in 2021. Recruitment for the fourth cohort of ALP participants began in February, but was paused at the outset of the pandemic, later resuming during the Autumn with 18 applicants securing a
> [6]
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
## Dated 1[st] October 1963 – Registered Charity No. 232131
## **Trustees’ Annual Report** (continued)
## **______________________________________________________________________________________**
place and beginning their ALP journey in January 2021. This innovative project was a key outcome from the Trustees’ 2010 Strategic Review and is seeking to enhance the leadership capability of our local not-for-profit sector. Following a commissioning process, Brathay Trust was awarded the contract to deliver the programme in partnership with the University of Cumbria (who have created a BSc (Hons) in Social Enterprise Leadership specifically for ALP) and Common Purpose.
Whilst all grants remain focussed on supporting organisations whose work enables young people to flourish, after accounting for ALP, grants directly supporting youth work still remained the largest area of giving by both number of grants (14) and by volume £425k. See page 29 for details.
During the year the Trust received funding requests of over £1.4m in 2020 (£1.3m in 2019) with 75% of applicants to the main grants programme being successful (84% in 2019) albeit not always to the level requested. 60% of applicants to the small grants programme were successful. The most notable change to the pattern of requests compared to previous years is a significant drop in applications to the small grants committee.
The Covid-19 health pandemic placed extraordinary burdens on individuals, families and communities. Charities and community groups have played an enormous role in providing support throughout the crisis. In March Trustees agreed the release of emergency funds for distribution via trusted local partners, the Cumbria Community Foundation (CCF) and Lancaster Council for Voluntary Services (CVS). Both organisations have the requisite infrastructure, local intelligence and resources to distribute funds at scale and pace to those in the local area responding to the crisis. Our thanks to those organisations for facilitating the effective and efficient distribution of these vital funds under such difficult circumstances. The Director was also released for up to a day a week to join the CCF Covid-19 panel. The panel met weekly between April and June and fortnightly for the reminder of the year, considering emergency grant applications.
Total management, administration and governance costs for the year amounted to £158k (£136k in 2019).
## **Public Benefit**
The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities and setting the grant-making policy and are satisfied that FCSCT meets the requirements of the key principles as defined.
## **Risk Management**
An Annual Risk Report is tabled every year for consideration by Trustees that includes 23 items with corresponding comments as to how best to address, ameliorate and/or monitor the identified risks. The most significant risk identified by Trustees is a major downturn in the value of the Trust’s investments which, if it were to continue over the longer term, would impact on its ability to provide grants to its priority areas of charitable work as outlined on page 5. This risk is addressed by holding a diversified portfolio of investments with separate fund managers and by having policies in place to adjust distribution levels over time.
Trustees are also aware of the requirements of the Common Reporting Standard and can confirm that all recipients of grant funding during the year were organisations registered in the UK for tax purposes.
## **FINANCIAL REVIEW**
## **Investment Policy**
As allowed by the Trust Deed, Trustees treat the capital of the Trust as expendable endowment and have considerable discretion over the investment of the monies of the Trust Fund. Trustees engage two separate investment managers, each with roughly half of the Trust’s investment portfolio managed on a total return basis.
> [7]
**THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1[st] October 1963 – Registered Charity No. 232131
## **Trustees’ Annual Report** (continued)
The aim of the Trust’s Investment Policy is to maintain the real value of the capital whilst providing sustainable returns to distribute as grants. In deciding the amount to be spent on grant-making and operations in the year, Trustees used as a guide an amount that is 3.5% of the total value (on a trailing 13 quarter average) of the investment portfolio. The full investment policy of the Trust is reviewed annually by Trustees who take account of the advice and recommendations of the Investment Committee.
## **Environmental, Social & Governance**
In 2019 Trustees undertook a review of the Management of their Investments in order to integrate a higher standard of Environmental, Social and Governance (ESG) factors, bringing the investment management in line with their other social responsibilities as a grant-making Trust. For the purposes of managing the portfolio towards ESG integration, Trustees have adopted the UNPRI definition as “the explicit and systematic inclusion of ESG issues in investment analysis and investment decisions”.
Following the ESG review, half of the Trust’s investments were transferred to a new manager, Sarasin Partners LLP. The transfer was subsequently completed on 12.02.20.
Trustees consider this the start position for a journey towards greater alignment of investments with the Trusts values and objectives.
## **Performance against Investment Policy**
The portfolio as a whole produced a total return of 11% in 2020, with Sarasin producing a 10.5% return and Rothschild a 12.5%. This compares to the ARC Charity Steady Growth Index of 3.54%.
## **Reserves Policy**
As allowed by the Trust Deed, Trustees treat the capital of the Trust as expendable endowment. The capital is held primarily as an investment fund to generate income for the charity’s grant-making programme. As at 31.12.20 there was a negative balance on unrestricted funds (free reserves) of £1.023m (2019: £971.2k). This arises because of the inclusion in the financial statements of grant commitments of £1.1m (2019: £1.289m) over the next 3 years that are not due to be paid until after future investment returns are received. Forward commitments are made within a calculation which protects Trustees capacity to commit grants in future years within the distribution strategy. The Trustees are satisfied that this is a sensible approach in relation to annual investment income and that their investment strategy is sufficiently robust to obviate the need for a designated reserve fund.
## **PLANS FOR FUTURE PERIODS**
Trustees are very much aware that these remain challenging times for many charities in the Trust’s beneficial area, with continued uncertainty in particular for young people leaving school or college and transitioning to independent adult lives. As a long-term funder, FCSCT will continue providing multi-year funding to charitable projects within its defined areas of benefit and is exploring new ways of working to expand the ways in which productive and positive support can be offered. The Trust is working pro-actively with grant holders and others to encourage a planned approach to emergence from lock down, ensuring capacity to meet an increase in need is in place.
## Going concern
The Trustees have considered the effect of the Covid-19 crisis on the Trust’s financial position. Though a significant impact on the investment values was experienced during the first half of 2020, the fund value has made a healthy return to £38,424,162 at the year end. Based upon this large fund value, along with diverse portfolios and fund managers, the trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
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Th16 report Yrds by Tnth on 9th 2021.
John MCGO
of Trustees)
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
## Dated 1[st] October 1963 – Registered Charity No. 232131
## **Independent Auditors’ report to the Trustees of The Francis C Scott Charitable Trust**
## **Opinion**
We have audited the financial statements of The Francis C Scott Charitable Trust (the ‘charity’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2020, and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
> [10]
Dated 1[st] October 1963 – Registered Charity No. 232131
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
## **Independent Auditors’ report to the Trustees of The Francis C Scott Charitable Trust**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on pages 3 and 4, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- identifying and assessing the design and effectiveness of controls that management has in place to prevent and detect fraud;
- identifying and testing journal entries, in particular any journals we considered to be unusual;
- reviewing internal control reports of fund managers to assess reliance;
- performing sample testing on valuations of investments and dividends received to external sources e.g. stock market;
- assessing external correspondence from grant recipients and minutes for grants committed;
- reviewing of minutes and cross-referencing to figures were applicable;
- assessing the extent of compliance with applicable laws and regulations
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/ Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.
> [11]
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
## Dated 1[st] October 1963 – Registered Charity No. 232131
## **Independent Auditors’ report to the Trustees of The Francis C Scott Charitable Trust**
## **Use of audit report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Haines Watts Manchester Limited, Statutory Auditor
_Date: 15 July 2021_
_3[rd] Floor, Northern Assurance Buildings, Albert Square, 9-21 Princess Street, Manchester, M2 4DN_
_Haines Watts Manchester Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._
> [12]
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Statement of financial activities For the year ended 31 December 2020**
|Notes
**Income**
Investment income
2
Donation
19
Transfer to income
3
**Total income**
**Expenditure**
_Costs of raising funds_
Investment management costs
4
_Expenditure on charitable activities_
Grant making
Grants committed
5/22
Grant commitments cancelled
5/22
Grant related support/governance costs
5/6/7
**Total expenditure**
**Net expenditure**
8
**Transfers between funds**
**Net gains on investments**
13
**Net movement in funds**
_Reconciliation of funds_
Total funds brought forward
**Total funds carried forward**|Expendable
endowment
£
-
-|Restricted
£
-
45,000
-|General
unrestricted
£|Total
year ended
31 December
2020
£
530,845
46,600
-|Total
year ended
31 December
2019
£
668,673
-
-|
|---|---|---|---|---|---|
||||530,845
1,600|||
||630,630
-||630,630|||
||-630,630|45,000|1,163,075|577,445|668,673|
|||-|-|-185,080|-127,646|
||-185,080|||||
||-
-
-|-
-
-|-1,101,250|-1,101,250
45,000
-158,257|-1,289,039
16,464
-135,983|
||||45,000|||
||||-158,257|||
||-|-|-1,214,507|-1,214,507|-1,408,558|
||-185,080|-|-1,214,507|-1,399,587|-1,536,204|
||-815,710|45,000|-51,432|-822,142|-867,531|
||-|-
-|-
-|-|-
4,169,632|
||4,085,500|||4,085,500||
||3,269,790
35,279,372|45,000
-|-51,432
-971,241|3,263,358
34,308,131|3,302,101
31,006,030|
||38,549,162|45,000|-1,022,673|37,571,489|34,308,131|
The notes on pages 16 to 30 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 activities.
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## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Statement of Cash Flows For the year ended 31 December 2020**
|Notes
**Net cash used in operating activities**
20
_Cash flows from investing activities:_
Dividends and interest
Net proceeds from sale/purchase of investments
**Net cash used by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents brought forward
Change in cash and cash equivalents due to
exchange rate movements
**Cash and cash equivalents carried forward**
21|Total Funds
2020
£
-1,331,052
557,121
661,324
1,218,445
-112,607
1,401,614
378,123
1,667,130|Total Funds
2019
£
-1,302,264|
|---|---|---|
|||664,349
929,655|
|||1,594,004|
|||291,740
1,175,491
-65,617|
|||1,401,614|
15
**THE FRANCIS C SCOTT CHARITABLE TRUST** Dated 1[st] October 1963 – Registered Charity No. 232131
## **Notes to financial statements**
## **For the year ended 31 December 2020**
## **1 Accounting policies**
## _a).Basis of accounting_
The Francis C Scott Charitable Trust is a Trust created by Deed of Trust on 1 October 1963 with wide powers to distribute funds for charitable purposes. The nature of its activities is disclosed in the trustees’ report. The registered office is Stricklandgate House, 92 Stricklandgate, Kendal, Cumbria, LA9 4PU.
The financial statements are prepared under the historical cost convention, with the exception of investments, which are included on a market value basis and properties which are included at prior professional valuation. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## _b) Preparation of financial statements on a going concern basis_
The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern. The Trustees have considered the effect of the Covid-19 crisis on the Trust’s financial position as noted in the Trustees’ Annual Report.
## _c) Investment income_
Investment income is accounted for in the period in which the Trust is entitled to receipt.
## _d) Resources expended_
Expenditure is included on an accruals basis and includes attributable VAT which cannot be recovered.
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Grants payable are charged in the year when the offer is conveyed to the recipient except cases where material offers are conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Material grants offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure.
The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled conditions under the control of the Trust that would permit the Trust to avoid making the future payment(s), settlement is probable and the effect of discounting is material.
The discount rate used is the average rate of deposit interest in the year in which the grant award is made.
This discount rate is regarded by the Trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Trust.
Costs of charitable activities include grants committed and an apportionment of overhead and support costs as shown in note 6. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the uses of resources, e.g. allocating property costs by staff use, staff costs by the time spent and other costs by their usage.
Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These include costs related to audit and legal fees together with an apportionment of overhead and support costs.
Termination payments are charged to the Statement of Financial Activities at the date the employment ceases.
## _e) Tangible fixed assets_
Individual fixed assets are capitalised where the purchase cost exceeds £10,000.
Tangible fixed assets are valued at cost or valuation, net of depreciation and any provision for impairment.
No depreciation is provided on land. Freehold properties have not been depreciated as the Trustees consider that the amount involved is immaterial.
16
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1[st] October 1963 – Registered Charity No. 232131
## **Notes to financial statements**
## **For the year ended 31 December 2020**
## **1 Accounting policies (cont.)**
## _f) Revaluation of properties_
Advantage has been taken of the transitional provisions of FRS 102 to retain the book value of properties which were revalued prior to implementation of that standard. The properties were last revalued on 14 January 1997 and the valuation has not subsequently been updated.
## _g) Fixed asset investments_
Investments are included at their fair value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
## _h) Foreign currencies_
Foreign currency balances have been translated at the rate of exchange ruling at the balance sheet date.
## _i) Financial instruments_
Forward foreign currency contracts are measured at fair value on the date the contract is entered into and are subsequently remeasured at the fair value at the balance sheet date. Changes in the fair value are recognised in the Statement of Financial Activities.
## _j) Fund accounting_
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
The endowment of the charity is expendable endowment. The Trust deed allows this fund to be spent as income or retained as capital at the Trustees’ discretion. Income arising on the expendable endowment is unrestricted. Any capital gains or losses arising on the disposal of fund assets form part of the fund.
## _k) Pensions_
The Trust operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the Statement of Financial Activities in the year they are payable.
## _l) Operating lease rentals_
Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
17
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
|**2 Investment income**
**General unrestricted**
Stocks and shares
Bank interest
Charities deposit fund interest
Interest on balances with fund managers
Rental income (Brathay Trust)
**Expendable endowment**
Interest on balances with fund managers
**Restricted fund**|31 December
2020
£
530,070
213
437
123
530,844
1
530,845
-
-
530,845|31 December
2019
£
665,503
392
1,006
1,771|
|---|---|---|
|||668,672
1|
|||668,673|
|||-
-|
|||668,673|
## **3 Transfers from expendable endowment to income**
A transfer of capital of £630,630 was made in the year (2019: £326,502). The total amount of unrestricted income available for spending in the year was £1,163,075 (2019: £995,175).
|**4 Investment management costs**
Fund managers' fees comprise:
Rothschild
Rothschild rebate of fees
Smith & Williamson
Sarasin
Blackrock rebate of fees|31 December
31 December
2020
2019
£
£
121,655
124,577
-
-59,148
35
92,226
63,390
-
-
-30,009
185,080
127,646|
|---|---|
The Total Expense Ratio for 2020 was 0.68% (2019: 1.18%) for Rothschild and 0.55% (2019: £nil) for Sarasin.
18
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
## Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
|**5**
**Grantmaking**
The value of grants to institutions committed in the year,
cancelled grants comprises:
**General unrestricted funds**
Abuse survivors: 1 (2019: 1) grants
Homeless: 2 (2019: 0) grants
Mental health: 7 (2019: 8) grants
Care leavers: 0 (2019: 0) grant
Job support: 2 (2019: 2) grants
Youthwork: 14 (2019: 22) grants
Poverty: 0 (2019: 2) grants
Criminal Justice System: 0 (2019: 1) grants
Other: 9 (2019: 10) grants
Grants cancelled
Support costs (notes 6 and 7)
Governance costs (notes 6 and 7)
**Restricted fund**
Mental health: 0 (2019: 1) grant
Youthwork: 0 (2019: 1) grant
Full details of the recipients are shown in note 22.
**Reconciliation of grants payable:**
Commitments at beginning of period
Commitments made in the period - general
unrestricted fund
Commitments made in the period - restricted fund
Grants cancelled or recovered
Grants committed for the period
Grants paid during the period
Grant repaid during the period
Commitments at 31 December
**Commitments at 31 December**
**are payable as follows:**
Within one year (note 16)
After more than one year (note 17)|31 December
2020
including
£
35,000
118,000
257,300
-
27,400
425,000
-
-
238,550
1,101,250
-45,000
1,056,250
129,748
28,509
158,257
1,214,507
-
-
1,214,507
£
£
1,336,396
1,101,250
-45,000
1,056,250
-1,034,393
28,500
-1,005,893
1,386,753
703,477
683,276
1,386,753
31 December 2020|31 December
2020
£
35,000
118,000
257,300
-
27,400
425,000
-
-
238,550
1,101,250
-45,000
1,056,250|31 December
2020
£
35,000
118,000
257,300
-
27,400
425,000
-
-
238,550
1,101,250
-45,000
1,056,250|31 December
2019
£
29,000
-
172,110
-
38,500
425,707
25,395
45,000
545,614
1,281,326
-16,464
1,264,862
101,591
34,392
135,983
1,400,845
3,750
3,963
1,408,558
£
£
1,086,396
1,281,326
7,713
-16,464
1,272,575
-1,022,575
-
-1,022,575
1,336,396
803,976
532,420
1,336,396
31 December 2019|31 December
2019
£
29,000
-
172,110
-
38,500
425,707
25,395
45,000
545,614
1,281,326
-16,464
1,264,862
101,591
34,392
135,983
1,400,845
3,750
3,963
1,408,558
£
£
1,086,396
1,281,326
7,713
-16,464
1,272,575
-1,022,575
-
-1,022,575
1,336,396
803,976
532,420
1,336,396
31 December 2019|
|---|---|---|---|---|---|
|||129,748
28,509||101,591
34,392||
||||||1,336,396|
||||||803,976
532,420|
||||||1,336,396|
19
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
## **6 Allocation of support and governance costs**
The breakdown of support costs and how these were allocated between Governance and Charitable Activities is shown in the table below:
|**Cost Type**
Staff costs
Office rental and costs
Aspiring Leaders Programme
Recruitment of ALP4
Travelling and conferences
Staff training
Subscriptions|**Total**
**Allocated**
**£**
119,402
15,144
10,477
1,094
3,381
1,956
151,454|**Governance**
**Charitable**
**Basis of**
**Activities**
**Apportionment**
**£**
**£**
18,978
100,424
Staff time
1,426
13,718
Staff time
-
10,477
Usage
109
985
Staff time
507
2,874
Staff time
686
1,270
Usage
21,706
129,748|
|---|---|---|
|**Governance costs**
Staff costs
Office rental and costs
Travelling and conferences
Staff training
Subscriptions
Professional fees:
- Strategy review
- Investment review
- HR Management
Audit fee
Costs of trustees' meetings
Trustees' travel expenses
Sundry|31 December
31 December
2020
2019
£
£
18,978
13,483
1,426
1,710
109
409
507
325
686
720
-
6,112
-
6,000
2,563
729
4,200
4,220
40
242
-
407
-
35
28,509
34,392|
|---|---|
## **7 Comparatives for allocation of support and governance costs**
The breakdown of support costs and how these were allocated between Governance and Charitable Activities is shown in the table below:
|**Cost Type**
Staff costs
Office rental and costs
Travelling and conferences
Staff training
Subscriptions|**Total**
**Allocated**
**£**
89,888
20,085
4,085
2,171
2,009
118,238|**Governance**
**Charitable**
**Basis of**
**Activities**
**Apportionment**
**£**
**£**
13,483
76,405
Staff time
1,710
18,375
Staff time
409
3,676
Staff time
325
1,846
Staff time
720
1,289
Usage
16,647
101,591|
|---|---|---|
## **8 Net expenditure and net movement in funds before gains and losses on investments**
|Net expenditure and net movement in funds before gains on investments is stated
after charging:
Auditors' remuneration
Auditors' remuneration - non audit fees
Operating lease rentals|31 December
2020
£
4,200
1,409
12,734|31 December
2019
£
4,097
-
13,423|
|---|---|---|
20
**THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
**Notes to financial statements** (continued)
## **9 Analysis of staff costs and remuneration of key management personnel**
|Salaries
Social security costs
Pension costs|31 December
31 December
2020
2019
£
£
144,250
105,620
10,397
6,849
10,947
10,351
165,594
122,820|
|---|---|
The average monthly number of employees during the year was 3 (2019: 4). Calculated on a full time equivalent basis the average number was 2.37 (2019: 2.76). Pension costs are allocated to actvities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.
The Trust considers its key management personnel comprise the Trustees, the Director and Finance Manager. The total employment benefits including employer pension contributions of the key management personnel were £102,345 (2019: £93,445).
No employee received remuneration amounting to more than £60,000 p.a. in either period. Staff costs include termination payments of £29,305 (2019: £nil).
Employees worked for 1 or 2 other Trusts, The Frieda Scott Charitable Trust and The Sir James and Lady Scott Trust, operating from the same address. A proportion of their costs, based on the time spent, is recharged to those charities. The amount recharged during the year was £46,192 (2019: £32,932). Madeleine Scott is also a Trustee of The Sir James and Lady Scott Trust.
|Salaries
Legal/Other
Staff costs (as above)
Less: recharged
Net cost to the Francis C Scott Charitable Trust
Included in charitable activities
Included in governance costs|31 December
2020
£
125,831
39,763
165,594
-46,192
119,402
100,424
18,978
119,402|31 December
2019
£
122,820
-|
|---|---|---|
|||122,820
-32,932|
|||89,888|
|||76,405
13,483|
|||89,888|
The Trust makes contributions to the defined contribution pension schemes of its employees. The assets of these schemes are held separately from those of the Trust in independently administered funds. The pension costs charge represents contributions paid by the Trust to those funds. An Auto-Enrolment compliant scheme was set up with effect from 1 April 2016.
## **10 Trustees' remuneration**
1 Trustee (2019: 2) received expenses totalling £40 in the year (2019: £407) for the cost of travel to Trustees' meetings and on other Trust business. Trustees neither received nor waived any emoluments during the year (2019: £nil). An annual donation of £5,000 was made to the Liverpool Charity and Voluntary Services to be spent on charitable causes at the Chair's discretion.
21
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
**Notes to financial statements** (continued)
## **11 Comparatives for Statement of Financial Activities and Balance Sheet figures**
## **Statement of Financial Activities**
|**Income**
Investment income
Donation
Transfer to income
**Total income**
**Expenditure**
_Costs of raising funds_
Investment management costs
_Expenditure on charitable activities_
Grant making
Grants committed
Grant commitments cancelled
Grant related support/governance costs
**Total expenditure**
**Net expenditure and net movement in funds**
**before gains and losses on investments**
**Transfers between funds**
Net losses on investments
**Net movement in funds**
_Reconciliation of funds_
Total funds brought forward
**Total funds carried forward**|Expendable
endowment
£
-
-
-326,502
-326,502
-127,646
-
-
-
-
-127,646
-454,148
-30,009
4,169,632
3,685,475
31,593,897
35,279,372|Restricted
£
-
-
-|General
unrestricted
£
668,673
-
326,502
995,175
-
-1,281,326
16,464
-135,983|Total
year ended
31 December
2019
£
668,673
-
-|
|---|---|---|---|---|
|||-||668,673|
|||-||-127,646|
|||-7,713
-
-||-1,289,039
16,464
-135,983|
|||-7,713|-1,400,845
-1,400,845
-405,670
30,009
-
-375,661
-595,580
-971,241|-1,408,558|
|||-7,713||-1,536,204|
|||-7,713||-867,531|
|||-
-||-
4,169,632|
|||-7,713
7,713||3,202,101
31,006,030|
|||-||34,308,131|
22
Dated 1st October 1963 - Registered Charity No. 232131
**Notes to financial statements** (continued)
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
**11 Comparatives for Statement of Financial Activities and Balance Sheet figures (continued)**
## **Balance Sheet**
|**Fixed assets**
Tangible assets
Investments
**Current assets**
Debtors
Cash
**Creditors: Amounts falling due within**
one year
**Net current (liabilities)/assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after**
more than one year
**Total net assets/(liabilities)**
**Total charity funds**
**12 Tangible fixed assets**
Balance at beginning and end of period|Expendable
endowment
£
125,000
35,154,372
35,279,372
-
-
-
-
35,279,372
-
35,279,372
35,279,372|Restricted
Fund
£
-
-|Total
General
31 December
unrestricted
2019
£
£
-
125,000
-
35,154,372
-
35,279,372
45,866
45,866
338,070
338,070
383,936
383,936
-822,757
-822,757
-438,821
-438,821
-438,821
34,840,551
-532,420
-532,420
-971,241
34,308,131
-971,241
34,308,131
31 December
31 December
2020
2019
Land & Buildings
£
£
125,000
125,000|Total
31 December
2019
£
125,000
35,154,372|
|---|---|---|---|---|
|||-||35,279,372|
|||-
-||45,866
338,070|
|||-
-||383,936
-822,757|
|||-||-438,821|
|||-
-||34,840,551
-532,420|
|||-||34,308,131|
|||-||34,308,131|
||||||
The properties were valued by Clark Scott-Harden, Chartered Surveyors, Penrith on the basis of open market value with existing use on 14 January 1997. The Trustees consider that this valuation is reasonable as the properties are let under a long lease which only generates a nominal rent. They do not consider it necessary, or in the interests of the Trust, to have the properties revalued at this time.
The properties comprise Brathay Hall and 3 estate cottages all of which are let to the Brathay Trust (Registered Charity No: 1021586) for a nominal rent under a lease which expires in 2049. Brathay Trust currently insure the buildings for £17,728,515 (2019: £17,728,515). The historical cost of the properties at 31 December 2020 was £360,689 (31 December 2019: £360,689) and the current annual rental value foregone has been estimated at £110,000 (2019: £110,000).
23
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
|**13 Investments**
**Market value at beginning of period**
Acquisitions at cost
Disposal proceeds
Net gains/(losses) on revaluation
**Market value at end of period**
Uninvested cash and settlements pending - endowment account|31 December
2020
£
34,090,828
25,524,919
-26,186,243
3,706,737
37,136,241
1,287,921
38,424,162|31 December
2019
£
30,785,235
7,691,890
-8,621,545
4,235,248|
|---|---|---|
|||34,090,828
1,063,544|
|||35,154,372|
Uninvested cash includes a net currency gain of £378,763 (2019: loss of £65,616). Net gains on the revaluation and disposal of all investments for the year amounted to £4,085,500 (2019: £4,169,632 ).
## **Investments at market value comprise**
|**Investments at market value comprise**|||
|---|---|---|
|Equities
Fixed income
Hedge funds
Alternative
Other
Property
Historical cost at end of period|31 December
2020
£
29,185,438
4,909,267
1,355,833
1,012,506
673,197
-
37,136,241
33,273,929|31 December
2019
£
25,560,383
5,222,409
1,233,320
1,440,920
633,796
-|
|||34,090,828|
|||30,143,515|
All investments are either listed on UK or overseas stock exchanges, or valued by reference to such investments.
The Trustees consider individual security holdings in excess of 5% and fund holdings in excess of 10% to be materi There were no holdings meeting these criteria at the year-end.
Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at mid-price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. The difference between the mid-price and bid-price is not material to the accounts. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
24
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
|**14 Debtors**
**General unrestricted funds**
Prepayments and accrued income
Other debtors
**Expendable endowment funds**
Other debtors
**15 Cash**
**General unrestricted funds**
COIF
Fund managers
Barclays
Cash
**Restricted fund**
COIF
**16 Creditors: Amounts falling due within one year**
**General unrestricted funds**
Grants payable (note 5)
Accruals
Other creditors
**Expendable endowment funds**
Accruals
**Grant commitments due within one year**
General unrestricted funds
Restricted fund|31 December
2020
£
16,933
25,233
42,166
-
42,166
31 December
2020
£
201,612
63,043
69,544
9
334,209
45,000
379,209
31 December
2020
£
703,477
12,296
-
715,773
-
715,773
31 December
2020
£
703,477
-
703,477|31 December
2019
£
32,920
12,946|
|---|---|---|
|||45,866
-|
|||45,866|
|||31 December
2019
£
284,175
43,586
10,304
5|
|||338,070
-|
|||338,070|
|||31 December
2019
£
803,976
15,638
3,143|
|||822,757
-|
|||822,757|
|||31 December
2019
£
803,976
-|
|||803,976|
25
**THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
## **17 Creditors: Amounts falling due after more than one year**
|**17 Creditors: Amounts falling due after more than one year**|||
|---|---|---|
|**General unrestricted funds**
Grants payable (note 5)
**18 Operating lease commitments**|31 December
2020
£
683,276|31 December
2019
£
532,420|
||||
At 31 December 2020 the Trust had the following future minimum lease payments under non-cancellable operating leases as follows:
## **Land & Buildings** - for the rental of offices in Stricklandgate House, Kendal.
Annual rental will be £11,763 and the lease can be terminated at any time with 6 months notice. **Other** - for the rental of a photocopier, the term of which is from 1 January 2020 to 31 December 2023.
|Land & Buildings
31 December 31 December
2020
2019
£
£
Expiry date:
Within one year
*
5,882
5,869
Two to five years
-
-
Over five years
-
-
5,882
5,869
* 6 months' costs
**19 Restricted fund**
Asset transfer from Indigo CIC to be used for the benefit of young
people in Millom and surroundings.
Goodacre Benevolent Fund - donation made on closure of fund for
distribution in Kendal.|Other
31 December
31 December
2020
2019
£
£
971
971
971
1,941
-
-
1,942
2,912
31 December
31 December
2020
2019
£
£
-
7,713
45,000
-
45,000
7,713|Other
31 December
31 December
2020
2019
£
£
971
971
971
1,941
-
-
1,942
2,912
31 December
31 December
2020
2019
£
£
-
7,713
45,000
-
45,000
7,713|
|---|---|---|
|||2,912|
|||31 December
2019
£
7,713
-|
|||7,713|
26
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
|**20 Reconciliation of net movement in funds to net cash flow**
**from operating activities**
Net movement in funds
Deduct dividend and income shown in investing activities
(Deduct) gains on investments
(Increase) / Decrease in debtors
Increase in creditors
**Net cash used in operating activities**
**21 Analysis of changes in net debt**
1 January
2020
Cash
flows
£
£
**Cash and cash equivalents**
Cash
338,070
41,138
Investment cash
1,063,544
-153,746
1,401,614
112,608
-
**Borrowings**
-
-
Total
1,401,614
-112,608|31 December
2020
£
3,263,358
-530,845
-4,085,500
-22,283
44,218
-1,331,052
Other non-
cash changes
£
-
378,123
378,123
-
378,123|31 December
2019
£
3,302,101
-668,673
-4,169,632
275
233,665|
|---|---|---|
|||-1,302,264|
|||31 December
2020
£
379,209
1,287,921|
|||1,667,130
-
1,667,130|
27
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
## **22 Grants**
|**Category: Abuse Survivors**
West Cumbria Domestic Violence Support
Time to Change (West Cumbria) Project CIC
**Total for Abuse Survivors**
_Total number of grants excluding refunds & cancellations_
**Category: Homelessness**
Carlisle Key
Whitehave Community Trust
**Total for Homelessness**
_Total number of grants excluding refunds & cancellations_
**Category: Mental Health**
Achieve Change and Engagement
Always Another Way Cumbria Ltd
Cancer Care
Cumbria Alcohol & Drug Advisory Service
Families Matter
Healthy Hopes Cumbria Ltd CIC
Moore Arts : Millom
More Music in Morecambe
Owl Blue Children's Charity
Promoting Autonomy and change Ltd - PAC
Rollercoaster Parent Care Support Group
SAFA Cumbria
Spiral - Preventing the Effects of Bullying
The Happy Mums Foundation CIC
West End Impact
Wise Guys Training CIC
Wise Up Workshops CIC
**Total for Mental Health**
_Total number of grants excluding refunds & cancellations_|**Commitments**
**made in the year**
**ended 31.12.20**
**Commitments**
**made in the year**
**ended 31.12.19**
**£**
**£**
35,000
-
-
29,000|
|---|---|
||**35,000**
**29,000**|
||**1**
**1**|
||60,000
-
58,000
-|
||**118,000**
**-**|
||**2**
**-**|
||47,700
-
-
37,600
-
46,000
50,000
-
60,000
-
-
4,000
-
7,500
-
30,000
32,400
-
32,500
-
-
1,000
20,000
-
-
4,000
14,700
-
-
-
-
3,760
-
42,000|
||**257,300**
**175,860**|
||**7**
**9**|
28
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
## **Notes to financial statements** (continued)
|**22 Grants (continued)**
**Category: Job Support**
React Foundation
The Growing Club CIC
The Farmer Network Limited
Together We CIC
**Total for Job Support**
_Total number of grants excluding refunds & cancellations_
**Category: Youth Work**
Barrow and District Society for the Blind
Carlisle Youth Zone
Creative Communities CIC
Cumbria Alcohol & Drug Advisory Service
Cumbria Community Foundation
Cumbria Deaf Association (2 grants committed)
Dalton Community Association
Dogs for Development CIC
Egremont Youth Partnership
EmuesUK CIC
Friends of Morecambe Bay
Furness Future Leaders Academy - Cumbria CVS
Give a Day to The City
Greenbank Community Association
James Rennie PTFA
Kendal Windows on Art
Lancashire Association of Boys & Girls Clubs
Ludus Dance Centre
Peter Scott Award 2020
Phoenix Youth Project
PiNC
PiNC - cancelled
Project John
Shackles Off Youth Project
Skerton Community Association
South Whitehaven Youth Partnership
South Workington Youth Partnership
Stanleys Community Centre
The Ashton Group Theatre
The Rock
Time to Share Bereavement Youth Sevices CIC
Walney Community Trust
Whitehaven Harbour Youth Projct
Whitehaven Sea Cadet Corps
Wigton Youth Station
Women's Community Matters
Young Cumbria
Young Cumbria
**Total for Youth Work**
_Total number of grants excluding refunds & cancellations_|**Commitments**
**made in the year**
**ended 31.12.20**
**Commitments**
**made in the year**
**ended 31.12.19**
**£**
**£**
17,700
-
9,700
-
-
28,500
-
10,000|
|---|---|
||**27,400**
**38,500**|
||**2**
**2**|
||-
22,600
-
41,500
-
28,000
-
8,000
-
3,500
-
16,900
-
5,500
-
2,300
45,000
-
30,000
-
3,500
-
-
-15,000
-
2,500
-
2,000
30,000
-
-
3,400
-
3,820
-
30,000
2,500
-
45,000
-
30,000
3,000
-
-1,464
-
2,250
45,000
-
-
40,000
50,000
-
45,000
-
44,000
-
29,500
-
45,000
4,000
-
-
43,000
30,000
-
10,000
-
-
7,900
70,000
-
30,000
-
30,000
-|
||**395,000**
**413,206**|
||**14**
**23**|
29
## **THE FRANCIS C SCOTT CHARITABLE TRUST**
Dated 1st October 1963 - Registered Charity No. 232131
**Notes to financial statements** (continued)
## **22 Grants (continued)**
|
**Category: Poverty**
Lancaster Community Club CIC
Morecambe Bay Foodbank
Barrow Foodbank
**Total for Poverty**
_Total number of grants excluding refunds & cancellations_
**Category: Criminal Justice**
Triple A Project
**Total for Criminal Justice**
_Total number of grants excluding refunds & cancellations_
**Category: Other**
ALP4 Aspiring Leaders Programme 2020-23
Autus Cumbria Limited
Barrow Association Football Club
Barrow Celtic Football Club
Brathay Trust
Carer Support South Lakes
Creative Studios Cumbria
Cumbria Community Foundation
Cumbria CVS
Howgill Family Centre
Lancaster District CVS
Love Barrow Families
Liverpool Charity and Voluntary Services
Marsh Community Centre
Mencap - Carlisle
Owl Blue Children's Charity
Peter Scott Award
Triple A Project
Voluntary Arts
**Total for Other**
_Total number of grants excluding refunds & cancellations_
**TOTALS FOR ALL GRANT CATEGORIES**
**_Total number of grants excluding refunds & cancellations_**|**Commitments**
**made in the year**
**ended 31.12.20**
**Commitments**
**made in the year**
**ended 31.12.19**
**£**
**£**
-
23,900
-
1,495
15,000
-|
|---|---|
||**15,000**
**-**
**25,395**|
||**-**
**2**|
||-
45,000|
||**-**
**45,000**|
||**-**
**1**|
||-
378,864
-
6,800
4,000
-
-
2,750
30,000
-
40,000
-
10,000
-
50,000
-
65,000
-
-
46,000
20,000
-
-
81,000
15,600
-
-
13,700
8,000
-
3,500
-
2,500
-
2,500
3,950
-|
||**238,550**
**545,614**|
||**9**
**10**|
||**1,056,250**
**1,272,575**|
||**35**
**48**|
30