FS Fi'ancis Scott Ti'ust Registered Charity No. 232131 Trustees, Annual Report & Financial Statements For the year ended - 31 st December 2022 Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust Reference & Administrative Information Trustees Peter Redhead (Chair} Sarah Dunning OBE Christine Knipe Joanna Plumptre Alexander Scott Madeleine Scott Professor Kaz Sluart Melanie Wotherspoon Steve Curl {appointed November 111hl Annalee Holliday lappoinled November 11 Ihl lan Johnson lappointed November 11 th) Lizzy Steinhart lappoinled November 11 th) Director Helen Carter Finance Manager Craig Pennington Address Slricklandgate House 92 Stricklandgale Kendal Cumbria LA9 4PU Auditors Dodd & Co Audit Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate Carlisle CA12RW Bankers Handelsbanken Bridge Mills Firsl Floor East Stramongate Kendal Cumbria LA9 4BD The Charities Official Investment Fund (COIF} One Angel Lane London EC4R 3AB Barclays Bank plc 9 Highgate Kendal Cumbria LA9 4DF Inv8Stment Advisers Rothschild & Co. Wealth Management IUKI Ltd New Court, Sl. Swithin s Lane, London EC4N 8AL Sarasin & Partners LLP Juxon House, 100 St Paul's Churchyard, London EC4M 8BU Solicitors Currey & Co. 33 Queen Anne Slreet, London Wl G 9HY Russell-cooke LLP 2 Putney Hill, London SW15 6AB Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust The Trustees present their annual report and audited financial stalemenls for the year ended 31 st December 2022. Reference and administrative information set out on page 1 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 trusl deed, the Charities Act 2011 as amended by the Charities Act 2022 and Accounting and Reporting by Charities: Stalemenl ol Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland. Structure, Governance & Management The Board of Trustees met three times during ihe year. Five sub-committees of Trustees (outlined below) also met al different times during Ihe year to assist in the elficienl adminislration of the work of the Trust. The Director andlor Finance Manager attend by invilation. Investment Committee Alex Scott (Chair), Melanie Wotherspoon, Peter Redhead, who lelt the committee during ihe year and was replaced by lan Johnson. Personnel Committee Madeleine Scott, Sarah Dunning (from October) and Peter Redhead until November, when he was replaced by Joanna Plumptre. Two Trustees from the Frieda Scott Charitable Trusl. The Committee was Chaired by Alison Alger, a Trustee of the Frieda Scott Trust. Small Grants Committee l The Chair and one other Trustee on a rolling basis in consultalion with the Director. Nominations Committee l Alexander Scott (Chair}. Melanie Wotherspoon, Joanna Plumpire and Peter Redhead. Alexander Scott (Chair}, Christine Knipe. Alex Scott left this Committee in November, and Steve Curl joined. Two Trustees from the Frieda Scott Trust meel jointly lo review internal controls, risk management and other elements of oversighl relevant to both Trusts. Audit oversite is conducled separately by the Truslees of the relevant Trust only. The Sir James and Lady Scott Trust does not have a representative at Ihe Committee, but considers relevant recommendations. Finance & Risk Committee Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust Two Truslees (Joanna Plumptre and Kaz Stuart) also sal on the Aspiring Leaders Programme (ALP} Steering Group which oversees the delivery ol this flagship programme lor the Trust. During the year Truslees approved the creation of a new Programmes sub committee to provide closer scrutiny and oversile of the efficacy of the grants programmes. Membership of the Committee when it is formed during 2023 will be.. Llzzy Stelnhart, Annalee Holllday and Joanna Plumpire. Three part-time staff and one full-time reported lo Ihe Director of Ihe Trust who in turn reported lo Ihe Board of Trustees. The Chair of Truslees line managed the Director on behalf of the Trustees and the Director managed all other staff. One member of staff works solely for the Francis C Scott Trust, whilst two spent part of their time working lor two another grant-giving charities, The Sir James and Lady Scott Trust (19091, and the Frieda Scott Trust119741 a fourth member ol staff worked on behalf ol The Frieda Scott Charitable Trust11974} only, wilh charges being made accordingly. 01 these roles, two were new appointees during the year. The number of stalt working lor the Francis C Scott Charitable Trust, calculated on a full-time equivalent basis, was 2.9 during the year. The Personnel Committee meets ￿lce annually and reviews the remuneration, temis and conditions of all staff including ihe key management roles of Director and Finance Manager. All salaries were benchmarked during 2021 and subsequently at recruitment during the year. Trustees agreed to undertake a complete benchmart(ing process every three years. The first will lake place in 2024. The Trust is a self-perpeluating body responsible for its own appointments and retiremenls. The Chair of the Trust is rèsponsible lor Ihe induction and Iraining ol new Trustèes. An induction programme is prepared lor new Trustees and includes,. a Copy ol the Trust Deed, grant making strategic decisions and assessment processes, internal ffinancial Controls, responsibililies of Trustees, Investment Policy, Organisational Chari, Risk Assessment, the last 3 Trustees, Meeting Minutes, Trustees, Annual Report & Accounts, History & Purpose paper and the Terms ol Reference lor the sub-commiltees. Further background information, is held on Ihe Trust's website= www.francis-scott.org.uk The Nominalions Committee met Ihree limes during the year lo oversee an open recruitment process. Trustees approved the utilisation of both local and national platforms and networks to attract as wide and varied an inleresl as possible. The Nominations Committee shortlisted and interviewed a number of excellent candidates, before making recommendalions lo the Board. Trustees appointed four new Truslees who were formally welcomed lo Ihe Trust in November. Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust 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 slatements 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 resourc8s of the charity for that Period. In pr8paring these financial statements, the Trustees are required to- select suitable accounting policies and then apply them consislentty; observe the methods and principles in the Charities SORP 2019 {FRS102)' make judgemenls and estimates Ihat are reasonable and prudent; state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial slatements; prepare the financial statemenls on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation. The Truslees are responsible for keeping Proper accounting records thal disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure thal the financial stalemenls comply with the Charities Act 2011 as amended by the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonable steps lor 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. Trustees, Annual Report | Page 4 Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust Objectives & Activities Constitutlon & Hlstory Peter Scott CBE was Chairman of the Provincial Insurance Company Ltd when Ihe Francis C Scott Charitable Trust (Francis Scott Trust) 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 Lldl shares be￿een 1963 and 1971. The Trust was named after thair father. Francis C Scott, in recognition of his philanlhropic work, and established with the aim ol continuing to support the type ol causes and projects that he had sponsored himself- in particular, the development of young people. It is for this reason that Ihe Trust has had an enduring commitment to supporting communities and young people in the north-west of England to promole equity of opportunity and access to positive, developmental experiences, in particular in Cumbria. where Ihe headquart8rs of the Provincial business was based. As a grant￿1VIng irust, we believe in the importance of: Personal D8velopment Nurturing individual talent and organisalions 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 Long term investment Our independence, which allows scope lor innovation and risk-laking Sharing best practice and celebrating success Listening and learning Trustees, Annual Report | Pdge S Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust IGrant-making Policy and Practice The core purpose of our grant making progratnme is to support organisalions that enable young people up lo the age of 24 in Cumbria & North Lancashire experiencing challenging circumstances to thrive. The most recent strategic review was completed during 2019. Implementation began in 2020 and has continued at pace during 2021 and 2022, despite the effects of the pandemic on the Trusts operations and that of its grant holders. Key strategic decisions were= To adopi a MO￿ positive, assel balanced approach based on the developmenl of an individual's assets rather than the ellmlnatlon ol deficlts.. To be more deliberate in the tunding ot earty Intervention and preventative programmes as opposed to crisis support or emergency relief. To reconsider the use of deprlvallon slatlsllcs to conslder Ihose experlenclng dlfficultleslbarrlers to thriving as a result of a numb8r of limiting lactors rath8r than solely living in ar8as of d8privation. Adapt the use of the 8-year funding model to enable more strategic working with social enterprise organisalions (such as CICS) and glve conslderatlon to longer lerm relatlonshlps wlth grant holdlng charitable organisations. Develop a more collaborative approach lo how we work both with other funders and other key stakeholders wilhin 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 charilies with potenlial but experiencing challenges or wishing to make signiticant developments. 'As a direct result of this decision, the deficit based grant categories previously used were disbanded, replaced instead with four broader thematic priority areas.. Raising aspirations and supporting personal development Inclusive Practice Improving Mental Health and Wellbeing Supporting Sector Eff8CtiV8n8SS Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust Trustees have continued to listen to experiences and perspectives of grant holders and applicants to adapt the Trust's grant making approach and lo develop other activity, particularly in light of the effects of Covid on organisations and on young people, who are amongst the mosl adversely affected group. Activity during the year reflects the implementation of what we have heard and learned from our community partners and is described in further detail in the following pages. The Trust endeavours to deal with all enquiries and applications to the Trust in an efficient and professional manner. Polenlial applicants are encouraged to liaise with the Trusl's staff prior to submitting a funding request and all eligible applications are considered by Trustees. The Trust commits to offering constructive, supportive feedback to unsuccessful applicants in the context of further enabling Ihe development of all organisations who apply for a grant. Every funding application considered al the main Truslee meetings is visited by the staff leam and where possible, by a Truslee. Additionally, the Director and Granls Officer regularly attend various lorums, funding fairs and conferences to keep up to date with relevant issues, trends and current needs both nationally and in the beneficial area. The following 'Review of Ihe Year, summarises the degree lo which Ihe Trust met ils own charitable aims as slated above. Trustees, knual Report | Page Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust Achievements & Performance Revlew of the year Income and Expenditure The Trust's investment portfolio is managed on a total return basis, wilh the management split in half between two investment managers wilh different investment approaches to aid diversification. Income received during the year was £1,276,383 with £822.637 of that figure coming from capital drawdown12021.' £1.199,360 & £744,607 respeclively}. It is Trustees. slrategic intent to ensure thal ¢urrenl levels of expenditure are suslainable in the long ierm. The amounl of grants paid in the year was £1,220m12021'. £975.8kl. This includes restricted grants of £26.8k made during the year12021 .' £nill. Total management, administration and govemance cosls lor the year amounled to £184k {£158k in 20211. Grant making The table below illustrales the size and number of granls committed in the year, Ihe majority ol 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 notes 2 and 121. 11 is the view of Trustees thal this represents an 'in-kind' conlribution to the Brathay Trust al a current annual value of £125k. Average grant size FY2022 Average grant size FY2021 GRANTS COMMIThED FY2022 FY2021 Main grants (Trustees) Small grants Slep Change £1,172m1261 £32,3841131 £46,990 {121 £1,108m128} £16,48017} £15,86014) £45.2k £2.5k £3.9k £39.6k £2.3k £3.9k TOTAL £1,251.174 {51) £1.139,940 (39) I I Trustees, Annual Report | Page 8 Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust Aspiring Leaders Programme (ALP) The most significant single project supported by the Trust is the ongoing Aspiring Leaders Programme (ALP) with ALP4 having started in January 2021. ALP4 completed their second year of study during the year, with 12 participants due to complete the programme at the end of 2023. This innovalive projecl was a key outcome Irom the Truslees, 2010 Strategic Review and is seeking io enhance the leadership capability of our local nol-lor-profii sector. Following a commissioning process, Braihay Trust was awarded the contract to deliver Ihe programmè in partnership with Ihe University of Cumbria {who have created a Bsc (Honsl in Social Enterprise Leadership specifically for ALP) and Common Purpose. The longitudinal report on the impacts of the programme commissioned by the Trust in 2021 was received by Trustees and it's findings considered. Trustees committed to supporting a fifth cohort, due lo begin September 2024, by providing 60 10 of the lunding required. The ALP sleering group are responsible lor identifying and raising the remaining 40°/o. The Trust is an active part of the steering group and committed to supporting the fundraising activity to secure a fifth cohort of the programme. Excluding ALP. the Trust received main grant funding requests of over £1 .3m in 20221£1.3m in 20211 with 77°/. of applicants to the main grants programme being successful, wilh one successful application later being cancelled in 2023.188°/0 in 20211. 740/0 of applicants to the small grants committee were successful, with one application being withdrawn before a decision was made.12021 '. 560/.1 Although the mosl obvious and immediale effecls of Ihe Covid-19 health pandemic abated, ils longer term effects continued lo be felt by individuals, families and communilies. The role of charities and community groups in providing support beyond the crisis phase. is vital, as the effects on young people in particular are conlinuing lo emerge and are not yet fully underslood. The UK also entered a cost of living crisis during the year and the charity sector is one of several lo experience staffing shortages and challenges al a time ol increasing need for services. Al Jx4*-* Trustees, Annual Report | Page 9 Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust Step Change The Trust has operated a small 'funder plus, programme since 2015, to provide specialist. focussed support lo organisations to address a specific need. The Trust's 2019 strategic decision to expand this programme gained further traction during the year with a Ihree fold increase in the number of organisations receiving bespoke support. No applicants requesting Step Change support were rejected during the year. In response to the concerns raised by community groups relating to the impact ol the Covid pandemic on staff and volunteer teams, Trustees expanded the programme lo enable organisations to directly support their teams, in particular lo address needs around wellbeing and resilience. 2022 is the second year this olfer was explicitly made, and of the 12 Slep Change processes awarded during the year, 4 were used for this purpose. In late 2021 grant holders were approached to identily other areas in which Step Change could be deployed. lo offer training and development in areas which are not easily accessible elsewhere. The themes most frequently requested by grant holders wer8 - lime and energy management and coaching skills tor managars. Future Fixers, a Kendal based CIC were Commissioned to deliver two locussed programmes, each over two half days lo address the areas identified. 9 and 11 attendees respectively attended the pilot programmes, run during March and provided positive feedback. A second programme was run in the autumn wilh 8 and 5 atiendees respeclively. The nexl iteralion ol the programme is a monthly peer support session locussing on different aspecls of personal development for prolessional excellence. Peer support sessions will run throughout 2023, beginning in January. The programme is capped at 16 participanls and was oversubscribed. Social Investment In April 2021 Trustees committed lo developing a small social investment portfolio and the Trust's first repayable loan was made within Ihe year. For the Trusl, social investment enables utilising part of th8 capital endowment to support local organisations when grant lunding is not the most appropriate source of finance or who fall outside the priority funding area, but whom we would look to support if required. - Trustees gave careful consideration lo Charity Commission Guidance on Social Investment. CC14 and look i. legal advice to ensure the Trust Deed allowed lor Ihis activity. Trustees are mindful that social investment is not appropriate for all Charity and not for profit organisations and lakes a developmental and supportive approach lo working with potential applicants. Step Change can be used as a lool to improve investment readiness where required, and Ihe Trust became an access point for the Reach Fund during the year. .4* Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust J'krj Public Benefit The Trustees conffirm that they have referred to Charily Commission guidance on public benefil when reviewing the Trust's aims and objectives, in planning future activities and setting the grant-making policy and are satisfied thal the Trust meets the requirements ol the key principles as defined. Risk Management An Annual Risk Report is tabled every year for consideralion by Truslees Ihat includes 29 items with corresponding comments as to how best to address, ameliorate andlor monitor the identified risks. The most significant risk idenlified by Trustees is a major downlurn in the value of the Trust's investments which, if it were lo continue over the longer term, would impact on ils ability lo provide grants to ils priority areas of charitable work as outlined on page 5. This risk is addressed by holding a diversified porttolio of investments with separate fund managers and by having policies in place to adjust dislribulion levels over time. Trustees are also aware of the requirements of the Common Reporting Standard and confirm that all recipients ol grant funding during the year were organisations registered in the UK lor lax purposes. --Jrustees' Annual Report I Page 11 . Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust Financial Review knvestment Pollcy As allowed by the Trust Deed, Truslees treat the capital of Ihe Trust as expendable endowment and have considerable discretion over the investment ol the monies of the Trust Fund. Trustees engage two separate investmenl managers. each with roughly half of the Trust's investment portfolio managed on a total relurn basis. 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 3.5.10 of the total value lon a trailing 13 quarter average) ol the investmeni portfolio. Trustees agreed in April 2021 Ihat up to 50/0 ol the assels under managemenl may be deployed as social investments. During the year Trustees considered the current and ongoing needs facing young peopl8 in th8 beneficiary area and the posilive relative performance ol the Trust's assets over the long term. As a resull, Trustees agreed to increase distribution lo 4°/0 of Ihe tolal value lon a trailing 13 quarter average) from 2023. The full inveslment policy of the Trusl is reviewed annually by Trustees who take account of the advice and recommendations of Ihe Investment Committee. Envlronmental, Social & Governance In 2019 Trustees undertook a review of the Management of their Investments lo integrate a higher standard of Environmental, Social and Governance IESGI factors, bringing the investment management in line with their other social responsibilities as a granl-making Trust. For Ihe purposes of managing the portfolio lowards ESG integration, Trustees have adopted the UNPRI definition as "the explicit and syslemalic inclusion of ESG issues in investment analysis and investmenl decisions". Trustees consider this the start position for a journey towards greater alignment of investments with the Trusts values and objeclives over time. Performance against Investment Policy The portfolio produced a total return of negative 140/9 in 2022, with Sarasin producing a 14.60/0 negative return and Rothschild negative 13.39/.. This compares to the ARC Chariiy Steady Growth Index down 9.6Q/.. Reserves Policy As allowed by the Trust Deed. Truslees treat Ihe capital of Ihe Trust as expendable endowmenl. The capital is held primarily as an investment fund to generate income for the charity s granl-making programme. As at 31.12.22 Ihere was a negative balance on unrestricted funds (reserves) of £1.198m12021 .. £1.119ml. This arises because ol the inclusion in the financial statements ol grant commitments of £1.530m {2021 .' £1.550ml over the next 3 years thal are not due to be paid until after fulure investment returns are received. Fomard commitments are made within a calculation which protects Trustees capacity lo commit grants in luture years within the distribution strategy. The Trustee5 are satisfied that this is a sensible approach in relation lo annual investment income and that their investment strategy is sufficiently robusl to obviale the need for a designaled reserve fund. Trustees, Annual Report I Page 12 Dated 1st October 1963- Registered Charity No. 232131 Trustees, Annual Report Ilor the year ended 31st December 20221 Fi'ancis Scott Ti'ust &r" Plans for Future Periods Trustees are very much aware that these remain challenging times lor many organisations and individuals in the Trust's beneficial area, with continued challenges and long-lerm effects, in particular for young people whose formative, developmental years have been materially impacted. As a long-lerm lunder, the Francis Scott Trust will continue providing multi-year lunding to charitable projects within ils defined areas ol benefit and continues to explore new ways ol working to expand productive and positive methods of collaboraling wilh community partners delivering quality programmes to children and young people locally. 2023 is the Trust s 60th anniversary year. During the year, a youth led grants programme will be launched and completed. Twenty young people, recruited from across the Trust s beneficial area will be trained and supported to set their own overall objective, priorities, and eligibility before opening the grants programme lo young people's groups. The programtne is intended to result in a legacy Ihat informs Ihe Trusts future strategic giving and incorporates young people's views beyond Ihis mileslone year. Going concern The fund value of £35,412,586 al the year-end December 2022 is down versus year-end December 2021 but more than the real value of the endowment. Trustees are mindful that the income from the fund may fluctuate in future years and that the growth in Ihe value of investmenls in reGenl years may not continue. The level ol dislribution made available remains at Trustee's discretion, as does the use ol capital lo meet agreed distribution levels. Based on Ihese assessments and given the measures undertaken lo miligate risks, the TrU￿ee$ have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. This report was approved by Trustees on July 14th, 2023. Peter Redhead (Chair of Trustees} THE FRANCIS c scorr CHARITABLE TRUST Dated 1" October 1963- Registered Charity No. 232131 Independent Auditor's 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 'charrty') for the year ended 31 December 2022 which comprise the Slatement of Financial Aclivilies, the Balance Sheel and notes to the financial statemenls. 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 I￿land (United Kingdom Generally Accepted Accounting Practicei- In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2022. and of its incoming resources and applicatson of resources, for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿., and have been prepared in accordance with the requirements of the Charities Act 2011 as amended by the Charities Act 2022. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing (UK) {ISAs IUKI) and applicable law_ Our responsibilities under those standards are further described in the Auditorfs 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'5 Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba515 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accountsng 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 significant doubt on the charity's ability to continue as going concem for a period of at least 12 months from when the finanoal statements are authorised for issue. our responsibilities 8nd the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other informath'on. The other infomiation Gomprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. 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 expre55 any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, irb doing 50, consider whether the other information is materially incon51Stent with the financial statements. or our knowledge obtained in Ihe audit or olherwise appears to be malerially misslated. If we idenlify such material incon51Stencies or apparent material mis51atement5, we are required to determine whether there 15 material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are ￿qUired to report that fact. We have nothing to report in this regard. 14 THE FRANCIS c scorr CHARITABLE TRUST Dated 1 St October 1963 - RegiSte￿d Charity No. 232131 Independent Audltor's report to the Trustees of The Francls C Scott Charltable Trust Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have nol identified material misstalements in the trustees, report. We have nothing lo report in respecl of the following matters in relation to which the Charities (Accounts and Rewrts) 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 page 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 trustee5 determine 15 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 concem. 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 lo cease operations, or have no realistic alternabve but to do so. Auditor's responsibilities for the audit of the financial slatements We have been appointed a5 auditor under Section 144 of the Charities Act 2011 as amended by the Charities Act 2022 and report in acc￿rdan￿ with regulations made under section 154 of that Act. Our objectives are lo obtain reasonable assurance about whether the finanaal 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 assuran￿ is a high level of assurance but is not a guarantee that an audil conducted in accordance with ISAS (UK} will always detect a materi21 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 18ws and regulations. We design procedures in line with our responsibilities, outlined above, to detect malerial misstatements in respect of irregularities, including fraud. The exlenl to which our procedufes a￿ capable of detecting irregularities, including fraud is detailed below. In identifying and ass8ssing risks of material misstatement in r8SP8Ct of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. results of our enquiries of management about their own identification and assessment of the risks of irregularities.. any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to= identifying, evaluating and complying with laws and regulations and whether they are aware of any instances of non**Fixed assets**
Tangible assets
12
Investments
13
Programme related investments
14
**Current assets**
Debtors
15
Cash
16
**Creditors:**Amounts falling due within
one year
17
**Net current (liabilities)/assets**
**Total assets less current liabilities**
**Creditors:**Amounts falling due after
more than one year
18
**Total net assets/(liabilities)**
**Total charity funds**|Expendable
endowment
£
125,000
35,412,586
300,000|Expendable
endowment
£
125,000
35,412,586
300,000||Restricted
Fund
£|General
unrestricted
£
4,597|As restated
Total
2022
Total
2021
£
£
125,000
125,000
35,412,586
41,172,670
304,597
300,000|As restated
Total
2022
Total
2021
£
£
125,000
125,000
35,412,586
41,172,670
304,597
300,000| |---|---|---|---|---|---|---|---| ||35,837,586||||4,597|35,842,183
41,597,670|| |||||18,200|12,567
325,621|12,567
343,821|18,770
464,716| ||
|||18,200|338,188
356,388
483,486
(1,110,615)
(1,137,645)
(990,366)
(772,427
(781,257
(506,880)
(767,830)
35,060,926
41,090,790
(430,200)
(430,200) (598,688)
(1,198,030 )
34,630,726
40,492,102||483,486
(990,366)
(506,880)| |||||18,200|||| |||||18,200
-
18,200|||| ||35,810,556|||18,200|(1,198,030)
34,630,726
40,492,102||| Approved by the Trustees on 14.07.23 and signed on their behalf by: Peter Redhead (Chair of Trustees) Christine Knipe (Trustee) The notes on pages 21 to 34 form part of these financial statements. ``` 19 ``` THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st October 1963 Registered Charity No. 232131 Statement of Cash Flows For the year ended 31 December 2022 Total Funds 2022 Total Funds 2021 Notes Net cash used In operatlng actlvltles 21 1,644,718 1,375,618 Cash flows from investing actiVit￿s.- Dividends and interest Net proceeds from salelpurchase of investments Net cash used by investing activities 449,759 3,476,507 3.926,266 455,693 1180,247) 275,446 Change in cash and cash equivalents in the year 2,281,548 11,100,172) Cash and cash equivalents brought fO￿ard 889,047 1,667,130 Change in cash and cash equivalents due to exchange rate movements 1,700,221 322,089 Cash and cash equivalents carried forward 22 1,470,374 889,047 20 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1s1 October 1963- Registered Charity No. 232131 Notes to financial statements For the year ended 31 December 2022 Accounting policies a).Basis of accounting The Francis C Scott Charitable Trust is a Trust created by Deed of Twsl on 1 October 1963 with wide powers to distribute funds for charitable puiposes. The nature of ils activities is disclosed in the Iruslees. report. The registered office 18 Slricklandgale House, 92 Stricklandgale, Kendal, Cumbria, LA9 4PU. The finanaal 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 Slalemenl 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 IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011 as amended by the Charities Act 2022. The charity constitutes a public benefit entity as defined by FRS 102. The finanaal ststements have been prepared to give a 'trLJe and fair, wew 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 followng the Slalement of Recommended Practice." Accounting and Reporting by Charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1Q21 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) Preparats"on of financial statements on a going GonGem basis The trustee5 con51der that there ale no material uncertainties about the trust's ability to eontinue as a going con¢*m. c) Investment incom8 Investment income is accounted for in the period in which the Trust is enliued lo receipt. d) Resources expended Expenditure is Induded on an accruals basis and includes attributable VAT which cannot be recovered. Costs of generating funds comprise those cost5 directly attributable lo managing the Investrnenl portfolio and raising investment income. Grants payable are charged in the year when the offer is conveyed to the recipient except cases where ffl3terial offers are conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Material grants offered ubject to conditions which have rK)t been met at the year end are noted as a comrnitment but not ac¢yued a5 expenditure. The provision for a mulb'.year grant is recognised at its present value on initial recognition where settlement is due over more than one year from the date of the award. there are no unfulfilled conditions under the ojnlrol of the Trust that would permit the Trust lo avoid making the future paymenllsl. settlement is probable and the effect of discounting is material. The diswunl rate used is the average rate of deFK>Sit interest in the year in which the grant award is made. This discount rale is regarded by the Trustees as providing the most current available estimate of the opportunity cost of money reflecting the lime value of money lo Ihe Ttusl. Costs of charitsble activities include giants 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 ¢onsislenl with the uses of resources. e.g. allocatinp property costs by staff use. staff costs by the lime 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. e) Tangible fixed assets IndivNJual fixed as8els are capilalised where the purchase cost exiEeds £10,000. Tangible fixed assets ale valued al cost or valuation, nel of depreciation and any provision for impairment. No depreciation is provided on land. Freehold properties have not been depreaated as the Trustees consider that the amount involved is immaterial. Q Revaluation of properties Advantage has been taken of the transitional provisions of FRS 102 to relain the book value of properties which were revalued prK)r to implemenlalion of that standard. The properties were last revalued on 14 January 1997 and the valuation has not subsequently been updated. 21 THE FRANCIS C SCOTT CHARITABLE TRUST Dated 151 October 1963- Registered Charity No. 232131 Notes to financial statements For the year ended 31 December 2022 1 Accounting policies IconLI g) Fixed asset inveslmenls Investments are induded al their fair value at the balance sheet dale. The Statement of Financial Activities includes the net gains and losses arising on revaluats'ons and disposals throughout the year. hj Programme related investments Programme related investments are initially measured al the arNounl paid, with the carrwng amount adju81ed in Subsequent years to refiect repayments and any accrued interest and adjusted if ne￿SSary for any impairment. i) FOre￿n curnencies Foreign currency balances have been translated at the rale of exchange ruling al the balance sheet date. J") Financial instruments Forward foreign currency contracts are measured at fair value on the dale the contract is entered into and are subsequently re- measured al the fair value at the balan￿ sheet date. Changes in the fair value are recognised in the Ststemenl of Fir)ancial Activities. kj Fund aGGounting General funds are unrestricted fund5 which are available for use at the discretion of the Trustees in ftjrtheranee 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 lo be spent a5 income or retained as capital at the Trustees, discretion. Income ari￿ng on the expendable endowment is unrestricted. Any (xpital gains or losses arising on the disposal ol fund assets lorm part of the fund. ) Pensions The Trust operates a defined contribution scheme for the benefit of its employees. Contribub'ons payable are charged to the Statement of Finan￿al Activities in the year they are payable. m) Operating lease rentals Rentals payable under operating leases are charged in the Statement of Financial Adivf(ies on a straight line basis over the lease term. n) Priorpenod adjuslmenl An adjustment has been processed in the prior period finanThal slalemen15 in otder lo correct the cut-off of inve5trnenl management costs. The impact on the financk41 statements for the year ended 31 December 2021 is as follows: Expendable endowment funds brought forward Investment management c(Ists Accruals Expendable endowment funds ￿rrIed foNard 127,5811 {4.2561 31,837 {31,8371 THE FRANCIS c scorr CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to th• financial stat•m•nts for tho year ended 31 December 2022 (continued) 2022 2021 2 Investment income General unrestricted stocks and shares Bank interest Charities deposit fund interest Interest on balances with fund managers Interest from programme related investments 439,048 1,038 1,369 454,153 30 25 182 362 454,752 12,290 453,745 Rental ineL)me (Brathay Trust) 4S3,746 454,753 Expendable endowment Interest on balances with fund managers Restri￿ed fund 453,746 454.753 3 Transfers from expendable endowment to income A transfer of capital of £822,637 was made in the year12021.' £744,607). The total amount of unrestricted income available for spending In the ye8r was £1,276,38312021." £1,199,360). As reslaled 2021 2022 4 Investment managernent Costs Fund managers, fees comprise.. Rothschild Evelyn Sarasin Schroder refund&J fee5 132,659 143.946 113,961 121,135 16,4471 246,620 258,634 The Total Expense Ratso for 2022 was 0.720h12021'. 0.76%> for Rothschild and 0.600/012021.. 0.60%> for Sarasin. 23 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1 sl Oclober 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 {continuedl Grantmaklng Th8 value of grants to instituts"Ms committed in Ihe y88r, including eancdled grants eomprises.. 2022 2021 General unrestrieted funds Grant comrnilments 1,224,374 53,367 1,139,940 1,039 Grants caneelledluThJerspendlrecOve￿d 1,171,007 1,138,901 Support ec6ts1Th)tes e aThJ 71 132,361 125,660 Governance costs (notes 6 and 71 51,364 183,725 32.859 158.319 1,354,732 1,297,220 R￿trIcted fund Grant comrnitments 26,8CK) Grants cancelled 1 297 220 Full details of Ihe recipients are shown in note 23. 2022 2021 Reconciliation of grants payable.. Cornrnitments at beginning of period Commitments made In the period- gener81 unrestricted fund Cornmitments made in the Feriod- restricted fund Grants cancelled Grant unde15pend v5 commitment Grants corntmitted foi Ihe period 1,549,865 1,386,753 1,224,374 26,800 150.1501 3.217 1,139,940 1.039 1,197,807 1,138,901 Grant5 paKI during the ￿[lod Grants repaid 11.229.598) 1975.7891 1,218,098 1.529.574 975,789 1.549.865 Commitments at 31 December Commitments at 310ecember are payable as follows: Within rffie year (note 171 After more than ijne year (note 181 1,099,374 430,2CK) 951,177 598,688 1.529.574 1.549.865 24 THE FRANCIS c scorr CHARtTABLE TRUST Dated 1st October 1963 - Registered Charrty No. 232131 Notes lo the financial statements for the year ended 31 December 2022 {continuedl 6 Allocation of sUpF￿rt and governance costs The breakdomn of support costs and how these were allocated between Govemanee and Charitable Activities is shown in the table below.. Cost Type Totsl AllcrAled Govemance Charitable Acliwties Basis of Apporb'onrnenl Grantmakin Staff costs Office rental and costs Travelling and conferences st8ff training Subscription8 133,205 16,872 2,330 540 2,147 19,981 1,687 233 81 751 113,224 15,185 2,097 459 1,396 132 361 Staff time Staff time Staff time staff tim8 U88g8 Programmé rélatéd invèstmént costs 950 156.044 333 23.066 617 132,978 staff timè 2022 2021 Governance costs st8ff costs Office rent818nd costs Travelling and trjnlerences staff training Subscriptions Professional lees". - ALP rese8rch report - Legal expenses - Brand and web51te Audit fee Costs of trustees. meets'ngs Trustees, travel expenses ALP 10-yeai Anniversary Event Sundry 19,981 1,687 233 81 751 19,174 1,539 65 520 4,180 1.874 7.612 4.8LKI 320 4,180 2,286 3,626 237 261 4,645 4,gC 51.364 487 32.659 Programme related investment costs 333 465 51,697 33,124 7 Comparatives for allocation of support and govemance Costs The bre8kdown of support co$t$ and how these were allocated betKEen Goveman¢e and Chantsble Acb'vities 18 shown In the table below.. Cost Type Total Allccated Govemance Charitable Actiwtie$ Basis of Apportsonrnenl Staff c¢)sts Office rental and costs Travelling and conferen￿$ staff training Subscriptions 127,824 15,39) 652 1.8 1.486 19,174 1,539 65 108,650 13,851 587 1,606 966 Staff lime Staff time Staff time staff tim8 Us8g8 520 Prograrnme related investment costs 4,645 151887 465 4,180 129840 Staff lime 8 Net expendlture and net movement In funds before galns and losses on Investments 2022 2021 Net expenditure and nel movement in funds before gains on investments is stated after charging.. Auditoi's 18mun8ration Auditor's remuneration- non audit fees Operating lea8e relllals 4.8(X) 504 3.626 25 THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 (continued) 9 Analysis of staff costs and remuneration of key management personnel 2022 2021 Salaries Social security costs Pension costs 145,127 9,535 13,733 130,730 9,066 12,071 168,395 151,867 The average monthly number of employees during the year was 412021.. 4). Calculated on a ftjll time equivalent basis the average number was 2.9212021.. 2.871- Pension costs are allocated to activities in proportion lo the related stsffing costs incurred and are wholty charged lo unrestricted funds. The Tnjst considers its key management personnel comprise the Trustees, the D1￿ctor and Finance Manager. The total employment benefits induding employer pension contributions of the key management personnel were £116,92712021.. £106,553). The following number of employees re￿iVed employee beneff(s (excluding employer pension costs} during the year between.. 2022 Number 2021 Number £60,000 - £69,999 Employees worked for 1 or 2 other Trusts. The Frieda Scott Charitable Trust and The Sir Jame5 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 £35,19012021.' £29,533). Madeleine Scott is also a Trustee of The Sir James and Lady Scoll Trust. 2022 2021 Salaries LegallHRIOther staff costs Less: recharged 168,395 151,867 5.510 157,377 29,553 168,395 35,190 Net cost to the Francis C Scott Charitable Trust 133 205 127,824 Included in charitsble activities Included in governan￿ costs 113,224 19,981 108,650 19,174 133,205 127,824 The Trust makes contributions to the defined contribution pension schemes of its employees. The assets of these schemes are held 8epar8lely from those of the Tru81 in independently adrninistered 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. 26 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 (continued) 10 Trustees. remuneration and related parties 2 Trustees12021.' 11 receThied expenses totalling £294 in the year12021.' £2601 for the (x)st of travel to Trustees. meetings and on other Trust business. Trustees neither received nor waived any emoluments during the year12021= £nill. An annual donation of £5,000 was made lo the Liverpool Charity and Voluntary Services lo be spent on charitsble causes at the Chairfs discretion. There were no related party transacb'ons in the year. 11 Comparatives for Statement of Financial Activities and Balance Sheet figures Statement of Financial Activities Expendable endowment Restricted General unrestricted Total 2021 Income Investment income Donation Trar)sfer to income 454,753 454,753 744,607 744,607 Total income 744,607 1,199,360 454,753 Expenditure Costs of raAsirJg funds Investment management costs Expenditure on Gharilable acb"vities Grant making Grants committed Grant commitrnents cancelled Grant related supporvgovemance costs Social Investment related 5UPPOrtlgoveTnance costs 265.081 6,447 258,634 11,139,940) 1,039 1158.3191 4,645 {1,139,940} 1,039 1158,319} 4,645 1,301,865 1,301,865 Total expenditure 265,081 1,295.418 1,560,499 Net expenditure and net movement in funds before gains and losses on investments 1,009,688 96,058 1,105,746 Nel gains on investments 4.053,940 4.053,940 Transfers between funds Net rnovernent in funds 3,044,252 196,0581 2,948,194 ReconGIlial￿n of funds Total funds brought fO￿ard 38,521,581 45,000 1,022,673 37,543,908 Total funds carried forward 41,565,833 45,000 1,118,731 40,492,102 27 THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Not•s to th• finan¢ial stat?m•nts for the year •nd?d 31 D0￿mber 2022 (continued) 11 Comparatives for Statement of Financial Activities and Balance Sheet figures (continued) Balanc• Shoot Expendable endowment Restricted Fund General unrestricted Total 2021 Fixed Assets Tangible assets Investments Programrne related Investments 125.000 41.172.670 300,000 41,597.670 125,000 41.172.670 300,000 41,597,670 Current assets Debtors Cash 18,770 419.716 438,486 18,770 464,716 483,486 45,000 45,000 Credltors: Amounts falllng due wlthln one year 31.837 31,837 958,529 520.043 990,366 506.880 Net current {liAbilitiesllassets 45,000 Total assets le55 current liabilities Cr8ditors= Arnounts falling due after more than one year Totkil net assetsllliabilitiesl 41,565.833 45,000 1520,0431 41,090,790 598.688 598.688 41.565.833 45.000 1.118.731 40.492.102 Total charityfunds 41,565,833 45,000 1,118,731 40,492,102 12 Tangible fixed assets Land & Buildings 2022 2021 Balance at beginning and end of period 125,000 125,000 The properties were valued by Clark Scott-Harden. Chartered Surveyors. Penrilh on the basis of open market value with e￿stIng 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 norninal rent. They do not consider it ne￿Ssary, or in the interests of the Trust, to have the pioperties revalued at this lime. The properties comprise Brathay Hall and 3 estsle cottages all of which are let to the Brathay Trust (Registered Charity No.. 10215861 for a nominal rent under a lease which expires In 2049. Brathay Trust Currently insure the buildings for £25,994,33812021." £23,609,480). The historical cost of the properties al 31 December 2022 was £360,689131 December 2021". £360,6891 and the current annual rental value foregone has been estimated at £125.00012021'. £117.5001 28 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 (continued} 13 Investments 2022 2021 Market value at beginning of period Acquisitions al cost Disposal proceeds Net gainslllossesl on ￿valUation Market value at end of period Uninvested cash and settlements pending - endowment account 40,748,339 10,185,597 113,662,104} 2,985,799 34,286,033 1,126 553 37,136,241 12,260,800 112,380,553) 3,731,851 40,748,339 424.331 35,412,586 41,172,670 Uninvested cash includes a net currency loss of £1,700,221 {2021'. gain of £322,089). Nel losses on the revaluation and disposal of all investments for the year anw)unled lo £4,686,02012021'. gain of £4,053.9401. Investments at market value comprise 2022 2021 Equities Fixed income Hedge funds Alternative other 24.836,357 4,953,752 2.480,624 1,693,830 321,470 31,657.008 4,944.239 2,102,333 2,097,966 53,207 34.286,033 40,748,339 Historical c051 al end of period 32.655,599 33,977,748 Ail investments are either listed on UK or overseas slot* exchanges, or valued by referen￿ to such investments. The Trustees consider individual security holdings in excess of 5% and fund holdings in excess of 10% to be material. There were no holdings meeting thes8 criteria at the year-8nd. Investment in equities and Iixed interest securities are all traded in quoted public markets, prifflarily the London Stock Exthange. Holdings in common investment funds, unil trusts and open-ended investment Companies are al mid-price. The basis of fair value for quoted investments is equivalent to the market value, using the bid pric8. The difference belween the mid-price and bid-price is not material lo the accounts. Asset sales and purchases are reGogni5ed at the date of trade at G05t (that is Iheii transaGb"on value). 29 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 (continued) 14 ProgrAmmè rèlated investmènts 2022 2021 Inv•stm•nts at cost Cost less impairment at 1 January Additions at cost Losses and impaimient Disposals and repayments Cost less Impalm￿nt at 31 December 300,000 4,597 300,000 304,597 300,000 Invostments comprise th? following: Debt 304,597 300.000 Total 304.597 300.000 15 Debtors 2022 2021 General unrestricted funds Prepayments and accrued income Other debtors 5,497 7,070 6,010 12,760 12.567 18.770 Expendable endowment funds other debtors 12,567 18,770 16 Cash 2022 2021 General unrostricted funds COIF Fund managers Cash al banks Petty cash 54,815 87,638 183,152 16 51,646 80,954 286.918 198 325.621 419.716 Restrictad fund COIF 18,200 45,000 343,821 464,716 30 THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 (continued) As restated 2021 17 Creditors: Amounts falling due within one year 2022 General unrestricted funds Grants payable (note 51 Accruals Taxation and sooal security 1,099,374 7,881 3,360 951,177 7,352 1,110,615 958,529 Expendable endowrnent funds Accruals 27,030 31,837 Restricted fund Grants payable (note 51 1,137,645 990,366 2022 2021 Grant commitments due within one year General unrestricted funds Restricted fund 1,099,374 951,177 1,099.374 951,177 18 Creditors: Arnounts falling due after more than one year 2022 2021 General unrestricted funds Grants payable (note 51 430,200 598,688 19 Operats"ng lease cornmrtments At 31 December 2022 th8 Trust had the following future minimum lease payments under nOn-can￿lIable operating leases as follows." Land & Buildings - for the rental of offices in Slrtcklandgate House. Kendal. Annual rental will be £14.336 and the lease can be temiinaled al any lime 6 months notice. Other- for the rental of a photocopier, the temi of which is from 1 January 2023 to 31 December 2027. Land & Building5 2022 2021 Other 2022 2021 Expiry date: Within one year Two to five years Over five years 7,168 6.649 725 2,900 809 7,168 6,649 3,625 809 ' 6 months, costs 20 Restricted fund 2022 2021 Goodacre Benevolent Fund - donation made on closure of fund for distn'bulion in Kendal. 18,200 45,000 18,200 45,000 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 (continued) As restated 2021 21 Reconciliation of net movement in funds to net cash flow from operating activities 2022 Net movement in funds Deduct dividend and income shown in investing activities Add I (Deduct) losses I (gains) on inveslfnents Decrease in debtors (Decrease) I Increase in creditors 15,861,376) {453,7461 4,686,020 5,593 21,209 2,948,194 1454,7531 14,053,940) 22,457 162,424 Net cash used in operating activities 1,644,718 1,375,618 22 Analysis of changes in net debt 1 January 2022 Other non- cash changes 31 December 2022 Cash flows Cash and cash equivalents Cash Investment cash 464,716 424,331 1120.8951 2,402.443 343,821 1.126,553 11,700,221) 889,047 2,281.548 11.700,2211 1.470.374 Borrowings Total 889,047 2,281,548 1,700,221 1.470,374 32 THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1 st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 (continued) 23 Grants Commitments made in the year •nd•d 31.12.22 Commitments made in the year ondod 31.12.21 Achieve Change and Engagement Alston Recreation Ground ANvays Another Way Cumbria Ltd Anti Racist Cumbria Aspalria Dreamscheme Aulus Cumbria Limited Barrow AFC Community Trust Better Tomorrows Birchall Trust Blue Owl Bralhay Trust Carer Support South Lakes Carlisle Youth Zone Christ Church Night Shelter Circus Starr CIC Copeland Youth Ne￿Ork Creative Lives Cumbria Alcohol & Drug Advisory Service Cumbria Development Education Centre Cumbria Family Support Cumbria Federation of Young Farmers Clubs Cumbria Rungwe Community Link Cumbria Youth Alliance Distington Club for Young People Drop Zone Youth Projects Eden Ventures Eggcup Euphoric Circus Friends of Bram Furness Broadcast Medi81 CANDOFM Furness Mullicullural Community Forum Future Fixers Gilcrux Village Hall Good Things Collective CIC Great Clifton Community Youth Group Greenbank Community Association Home Start Morecambe and Lancaster Howgill Family Centre {Good Enough Start} Inspiring Barrow- Cumbria CVS Kent Estuary Youlh {KEYI Project Kepplewray Trust Lancaster CVS & CYA Lancaster District CVS Lancaster Music Festival Lancashire Youth Challenge 23,600 3,000 22,000 30.000 30,000 42,000 51,800 10,000 150.000 80,000 (1,039) 1405} (25,0001 4,000 24,400 (6.5001 1.000 10,000 45.000 (3,9501 3,860 10,700 90,000 47,600 2.100 3,200 4,000 36.800 60,000 1,000 3.990 20.000 22,000 3,684 3,950 10,000 47,100 5.300 1.000 4.000 1,000 500 60.000 60.000 45,000 40,000 1,000 30.400 25,000 89,000 35,800 2.500 45,000 (continued overl 33 THE FRANCIS c scorr CHARITABLE TRUST Dated 1st October 1963 Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2022 (continued) 23 Grants (continued) Commltments made In the year ended 31.12.22 Commltments made In the year ended 31.12.21 Moore Arts '. Millom More Music in Morecambe North Allerdale Development Trust Out in the Bay Panathlon People First Independent Advocacy Peter Scott Award - Howgill Family Centre Peter Scott Award - Youthability PINC Promoting Autonomy and Change Ltd - PAC Queen Katherine School Association ROCK SAFA Cumbna Safety Net Sight Advice South Lakes Signal Film & Media Signal Film & Media stanleys Community Centre strawberry Fields Training stricklandgate House The Happy Mums Foundation CIC The Laal Collective The Olive Branch Time lo Share Bereavement Youth Services CIC Together We CIC Triple A Walney Community Trust Wave Forward (South Lakes) Well Suited CIC West Cumbria Rivers Trust Whitehaven Harbour Youth Project Whitehaven Sea Cadet Corp5 Wigton Youth Station Windmill Trust Wise Up Workshops CIC Wise Up Workshops CIC YMCA Lakeside Young Enterprise Youthability Youth Services 31,200 45,000 60,000 4,000 {2,000) 4,000 2,000 2,500 2,500 29,700 9,600 3,000 4,000 {1,350) 72,600 40,700 120,000 3,600 51,000 4,000 22.000 11.000 45,000 4,000 {2,700) 2.000 1,500 40.200 60,000 58,300 49,117 4,000 4,000 37,100 3,421 110,000) 38,900 20,000 43,200 4,000 4,000 6,530 13,000 30.000 56.700 TOTAL 1.197.807 1.138.901 Total number of grants ex¢ludlng refunds & cancellatlons 51 39 FS Fi'ancis Scott Ti'ust Trustees, Annual Report & Financial Statements Dated 1 st October 1963- Registered Charity No. 232131 Ilor the year ended 31st Decernber 20221 For lurthor information or lo r9qU85t thi5 dooutnanl in an aw9sib18 format plga59 contad.. Francis C Scott Charitable Trust, Slricklandgale House, 92 Stricklandgale Kendal, Cumbria, LA9 4PU T81.. 01539 742608 www.francis-s¢ott.org.uk