FS Fi'ancis Scott Ti'ust islered Cmarily N3.%3213 j Trustees, Annual Report & Financial Statements For the year ended - 31st December 2023 DÈted 1s1 Octobèr 1963- RegIste￿d Charity No. 232131 Trustees. Annual Report Ifor th8 year ended 3181 Decernber 2D231 Fi'ancis Scott Ti'ust The Trustees present their annual report and audited ffinancial slalements for the year ended 31 st December 2023. Reference and adminislralive informalion set out atM)ve forn￿ part of the report. The financlal statements have been prepared in aCcOrdar￿ with ihe accounting Fw)licies sel out in noie 1 to Ihe accounts and comply wilh the charivs Irusl deed. the Charities Acl 2011 as amended by the Charities Act 2022 and Accounting and Reporting by Charities: Statement of Recommended Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic ol Ireland. Structure, Governance & Management Three part-time Stafl and one full-tim8 r8POrt8d to th8 Director of th8 Trust who in lum reported to the Board of Trustees. The Chair of Trustees line managed the Direclor on behalf of the Trustees and the Director managgd all other stall. One member of staff works solely for the Francis C Scott Trust, whilst Iwo spent part of their time working for two another granl-giving charities, The Sir James and Lady Scott Trust119091. and the Frieda Scott Trust {19741 a fourth member of staff worked on behalf of Th8 Frieda Scott Charitable Trust {19741 only, wilh charges b8ing mad8 accordlngly. The number ol slaff working for the Francis C Scolt Charitable Trust. calculaled on a full-lime equivalent basis. was 3 during the year. The Board of Trustees mel four times during the year. Six sub-commillees of Trustees (outlined below) also mel at different times during the year to assisl in Ihe efficient admlnlslration of the work of the Trust. The Direclor andlor Flnance Manager attend by Invltallon. l Alex Scott (Chair), Melanle Wotherspoon. lan Johnson. Madeleine Scott, Sarah Dunning and Joanna Plumplre. Two Trustees from the Frieda Scott Charitable Trust. The Committee was Chaired by Alison Alger. a Tnjstee of the Frieda Scott Trust. hwestmenl Commlttee Personnel Committee Small GTants Commiltee The Chair and one other Trustee on a rolling basis in consultation with the Director and Grants officer. Nomlnatlons Commlttee Alexander Scott (Chair). Melanie Wothersp)on. Joanna Plumptre and the Chair of Trustees. Flnance & Rlsk Commlttee Chrfstine Knipe. One Tnjslee from the Frieda Scott TNst meet jointly to review intemal conlrols, risk management and other elements of oversight relevant to both Trusts. A￿111 oversile is conducted separalely by the Trustees of the relevant Trust only. Programmes Commitiee l Lizzy Sieinhart {Chairl Annalee Holliday and Joanna Plumptre. ruslees. Annual Report | Page 1 Dated 181 Oeiob8r 1963- Reglslered Charily No. 232131 Trnstees, Annual Report (for Ihe year e￿£d 31sl December 20231 Fi"ancis Scott Ti'ust The Personn81 Committee meets twice annually and reviews the remunerallon, lerms and conditions of all staff Including the key management roles of Director and Finance Manager. All salaries were benchmarked durlng 2021 and subsequently at recrultment during the year. The Nominalions Commiltee met during the year to oversee the appointment of a new Chair of Trustees. The Trust is a self-peTpetuating body responsible for its own appointments and retlrements. 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 a Copy of the Trust Deed. grant making strategic decisions and a8sessm8nt processes, inlemal financial controls, responsibililies of Trustees, Inveslmeni Policy, Organi5alional Ghart, Risk Asse5smenl, the last 3 Trusteos. Meeling Minutes. Trusleeg Annual Report & Accounts, History & Purpose paper and the Terms of Reference for the sub-committ6e& Further information is hekl on Ihe Trusys wobslte: www.franclswSeOtLorg.uk Tru8lee& Afflual R8POrt I Page 2 Dated 1st October 1963- Reglsiered Charity No. 232131 Trnstees, Annual Report (for the year eTrJed 31si Decetrsber 20231 | Fi"ancis Scott Ti'ust Trustees, Responsibilities The Trustees are responsible for preparing the Trustees Annual Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepied Accounting Praoticel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements lor each financial yèar which give a true and fair view ol thè stale ol affairs of the charity and ol the incoming resources ar￿ application ol resources of the charity for that period. In preparlng these financial stalemenls, the Trustees are required lo: select suilable accountlng pollcles and then apply them consistentlyi • observe the methods and princlples in Ihe Charities SORP 2019 (FRS102). t: make judgements and estlmates that are reasonable and prudent. state whether applicable accounllng standards have been tollowed, subject to any material departures dlsclosed and explalned In the financial statements: prepare the ffnanclal statements on the going concern basis unless It Is Inappropriate lo presume that the charity wlll contlnue In operation. The Trustees are responsible for keeping proper accounling records that disclose with reasonable accuracy at any lime ihe financial position ol the charity and enable them to ensure that the fjnancial slalemenls comply with T tho Charities Act 2011 as amended by the Charities Act 2022. the Charity (Accounts and Reports} Regulations 2008 and Ihe provisions ol the trust deed. They are also responsible for safeguarding the assets of the charily and hence lor laking reasonable steps lor the prevention and detection of fraud and other irregularities. The Trustees are responsible lor the maintenance and integrlty of the charity and ff nancial information Included on Ihe charity's webslle. Legislation in the United Kingdom goveming the preparation and disseminallon ol financial slalemenls may differ from legislation in other jurisdictions. fl iir Trustees, Annual Report | Page 3 OAted 1st October 1963- Reglslered Charily No. 232131 Trustees, Annual Report Ilor the ygar erKJed 31si December 20231 Fi'aiicis Scott Ti'ust Objectives & Activities Conslilution & History Peter Scott CBE was Chairman ol the Provincial Insurance Company Ltd when the Francis C Scott Chafilable Trust (Francis Scott Trusll was created by Deed ol 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 ol the family business (Provincial Insurance Company Ltd) shares between 1963 and 1971. The Trust was named after their father. Francis C Scott, in recognition ol bis philanthropic work, and eslablished with the aim of conlinuing lo support the type of causes and projects Ihal he had sponsored himself; in particular, the developmenl ol young people. 11 is lor this reason that the Trust has had an enduring commilment to supporting communities and young people in the rtorth￿esl ol England lo promole equily ol opportunity and access to positive. developmental experiences, in particular irF Cumbria, where the headquarters of the Provincial business was based. As a grant-giving trust, we belleve In the importance of: ao Personal Development Nurturing individual lalenl and organisalions as they evolve and being a critical Iriend Supporting direct delivery ol quality charity and communily work Trusting our beneficiaries and keeping ihe 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 rustees Annual Report I Page 4 D81ed 1st October 1963- Registered CharSly ND. 232131 Trustees, Annual Report Ilor the year e￿Ied 31s1 December 20231 Fi'ancis Scott Ti'ust Grant-making Policy and Practice The Core purpose of our grant maklng programme is to support organisations that enable young people up to the age of 24 in Cumbria & North Lancashire experiencing challenging circumslances to thrive. The most recent slralegic review was completed during 2019. Implementation began in 2020 and has continued since. To adopt a mole posltive, assel balanced approaeh based on the developmenl of an Indlvldual's assels rather than the ellminatlon ol deficit&. To be more deliberale In the lundlng ol early Interventlon and preventsllve programmes as opposed to crisls sUPPOrt or emergency rellèf. To reconsider the use ot deprlvatlon slatlstlcs to conslder those experlenclng dlfficultleslbarrlors to thriving as a result ol a number of Ilmiling lactOTS ralher than solely Ilvlng In areas ol deprivation. Adapt the use ol Ihe 8wear fundlng model to enable more straleglc working wRh soclal enterprise oryanisations (such as CICS) and glvo consideration to longer terni relationshlps wllh grant holding charitable oryanlsatlons. Develop a more collaborativè approach to how we WOTk both wllh olher lundors and olh8r key stakeholders wlthln and outslde the voluntary seclor. Be pro-acllve In supportlng tho sector through Èngagemenl wilh infrastruclure l)odles and local and regional aulhorltle& Expand the Step Change programm8 to maxlmlse bespoke developmental support for local charfties wilh polenllal but experlenclng challonges or wlshing to make slgnlllc8nl developm8nl& 'As a direct result of this decision, the deficit based grant calegorles prevlously used wère disbanded, replaced instead with lour broader ihemalic priority areas: Raising aspirations and supporting personal development Incluslve Pracllce Improving Mental Health and Wellbeing Supporting Sector Effectiveness Dated 1s1 Octhr 1963- Reg¢stered Charity No. 232131 Trustees, Annual Report (for Ihe year ended 31st December 20231 Fi'ancis Scott Ti'ust Twstees have Continued to list8n to experiences and perspectives of grant holders and applicants to adapt the Trust's grant making approach and to develop other offers. Activity during Ihe year reflects the implemenlalion of what we have heard and leamed from our cornmunity partners and Is described in lurther detail in the following page& The Trust endeavours to deal with all enquirles and application5 to Trust In an efficient and professional manner. Potential applicants are encouraged tr) liaise with lh8 Trusts staff prior to submitting a funding request and all eligible applications are consldered by Trustee& The Tnjst commils to ollering constructive. supportlve leedback to unsuccessful applicants In the context of further enabling the development of all organisations who appty for a grant. All eliglble appllcallons are visited by at least one member of staff and. wherever possible, they are joined by a Truslee. The only exceplion lo this is small grants where applications a￿ consldered by the small grants committe8. Recommendations for all awards are made to the full Trustees board for consideration. formal approval or change. Truslees also have full sight of ineligible applications. Th8 Dlrector and Grants Officer regularly attend various forum& lundlng fairs and conf8renc8s to keep up to date with relevanl Issues. trends and current needs both nalionally and in the beneficial area. The lollowlng 'Revlew of the Yearf summarises the degree to which the Trust mèt Its own charitable aims as stated above. -4 1 ALP YEAR ANNIVERSARY Francls C ScottCharltableTNst warrnly welcomesyou tO5OIP ¥5 in celebrating lQyear5 Ot Tbe Aspitiog &eade>S ?nkyouloryour tion to thesucce55 me 50 f?r. Trustees. Annu&l Report I Page 6..*..- Dated 1s1 October 1963- Reglslered Charity No. 232131 Trustees, Annual Report Ifor the year erKJed 31si Deeember 20231 | Fi'ancis Scott Ti'ust Achievements & Performance Revlew of the year Income and Expenditure The Trusts inveslm8nt portfolio is rnanaged on a total retum basls. wllh the managemont split in half b8fv￿9n Iwo Investment managers with different investment approaches to aid diversification. Irweslment incom8 received during the year was £1,637,494 with £1.083.530 of that figure comlng from capltal drawdown12022: £1,276,383 & £822,637 respectively). It is Trusteeg strategic intenl lo ensure that current levels of expenditure are sustainable in the long term. The amount ol grants paid in the year was £1.450m12022: £1.220ml. This includes restricted grants of £18.2k made during Ihe year {2022: £26.8k). Total management, adminislralion and g0vemar￿8 ￿sts lor the year amounted to £215k {£184k in 20221. Investm8nt Management During Ihg year, Trust88s reviewed their policy on suslainabilty in investment management. adopting a n8w policy of investment intent which states that.. The intentional use of our endoswnent is an important tool for Ihe achlevement of our purpose- alongside our grant making. convening, communication, advocacy and olher activities. Through our endowment we have an opportunity to promote change that serves our mission. We believe that our declsions on whal lo invest in, what nol lo invest in. how we exercise our stewardship responsibilities as a shareholder. and how we engage with the financial system in our capacity as an inveslor should contribute lo our aim of building resilience and a society thal is lair, equitable and environmentally sustainable. Our ethos as a charity is to engage in dialogue and learning that promotes posilive change. We seek lo reflect Ihis approach in our relationships wilh the companies in which we invest and wilh our fund managers The lull *atement of intent was adopted in July 2023 and instigated a review of the Trusts Investment managers againsl new. higher standards ol ESG practice. The review resulied in a change ol management of approximately 50 /0 of the Trust's investment assets, with Cazenove Capital being appoinle(I to manage hall tho Trusls tx)rtlolio via their Sustalnable Multi Assel Fund {SMAFI. with Sarasin retaining management ol the other half. TTUStees consider this a step towards better praclice in the responsible management ol their assets and will continue to C0115ider and develop their approach with purpose. to help people and planet. In Ilne with the UN s Sustainable D8velopm8nt Goals. TIusiep5' Annual Report I Page 7 Oated 1st October 1963- Reglslered Chafity No. 232131 Trustees, Annual Report Ilor the year erkled 3181 D8cemb8r20231 Fi'ancis Scott Ti'ust 60th Anniversary Looking back thinking ahead TH 2023 was the 60th anniversary of thè Francis Scott Trust. This milestone year was cRlebrated in a number of way& with particular highlights noted: Celebratlon evenl Trustees hosted a special anniversary evenl, attended by over 150 invited guests from local partner organisations with whom the Trust works and wlshed to recognise and thank for theii partnership and conlribulion to the lives of local young people. A speclal presentation was given by the Break Ihe Mould group, who officially launched their grants programmg at the event. Break the Mould grants programme A special grants programme named Break thg Mould was commissioned and launched during ihe year. Delivered in partnership by the Cumbria Youth Alliance and Lancaster District CVS. a group of 20 young people were recruited and supported to dwelop a granls programme, to distribute £60k on bèhalf of the Trust to further mark Ihe 60th anniversary. The Break the Mould group determined thelr own grant making criteria and priorili8s, managlng all aspects ol the programme. with support from th8 local infraslruclure organisation& Thelr priorliies were to fund projects or programmes aimed at 16-25 year olds to: Create more safe spaces tor them to thrive. Help them wllh Ihe Iransition into adulthood. . Provlde a greater level of menlal health support post-pandemic. By the end of the r8porting perlod, the group had a&8essed over 40 applications and awarded £50k through the maln grants process. The remalnlng £10k was distributed In smaller grants in February 2024. A total of 13 organlsatlons across Cumbria and Lancaster Distrlct received lunds to deliver against the Break the Mould PTiOTlties. The programme will be evaluated during 2024 with lèarning and Insights feeding inlo the Trust& future strategic giving plans and irKorporating young peoples views b8yond this annlversary year. Core youlh work grants programme A second new programme was launched during the year, to better align the Trusl's core bellefs in keeping the admin burden light. and trusting In the expertise of the seclor, with oui operational practices. The core youth work Programme invites long standing youth wort( providers and existing partn8rs into the programme at the end of their current grant. Eligibility criteria apply, and the programe will be rolled out OV8r three years. The programme is designed to feplace Ihe usual administrative burden with a mutually beneficial process. based on developmental periodic revi8ws in placa of application lorms. The Trust hopes this will crea18 a more open and collaborative dialogue. supporting and Inlormlng our own practices and enabling us to advocate and work on behall of youth providers more strategically. Llslenlng Prolecl A lislening project was conducted during the year with all applicants to the main grants roun(J over the past three years invited lo take part. 26 respondents contributed via focu5 groups and an online survey. The listening project was conducted under the 60 th anniversary iheme of looking bacK thlnklng ahead, and invited respondents to share their perspectives on how the Trust WOTks and to identify areas for potential development. The report will inlorm Trustees thinking during their strategic review due to take place in 2024. Truste8g Nnnual R8ptsrt I Pago 8 DAted 1st Oclobgr 1963- R89islered Charfty No. 232131 Trustees, Annual Report Ifor the year eTrYed 31st December 20231 | Fi'ancis Scott Ti'ust Regular Grant Making The tabl8 below illustrates the size and number of grants committed in the year, the majority of which are for mulli-year grants. Average grant size FY2023 Average grant size FY2022 GRANTS COMMITTED FY2023 FY2022 Main Grants {Truslees) Core Youth Work Srnall Grants Step Change £772.1 k {26} £291.1k {61 £59.4k (16) £16.9k141 £1.172m (261 £29.7k £48.5k £3.7k £4.2k £45.2k £32,384 (13) £46,990 (12) £2.5k £3.9k lToTAL￿mI￿ £1,139.5k (52) Wl £1.251.2m (51) £21.9k The TTUSt also oyms property that is occupled by the Brathay Trust on a long-temi lease at a peppercom rent (as shown in notes 2 and 12 to the Accounts). 11 is the view of Trustees that this represents an 'irFkind' contribulion to the Brathay Trust at a current annual value of £125k Aspiring Leaders Programme (ALP) The most significant single proiecl supported by the Trust is the oiigoing Aspiring Leaders Programme (ALP). The fourth cohort of 12 participants completed the three year BA (Honsl programme in December. The Trust's long term aspiration for the programme has been for it to gain independence and to be replicable elsewhere. DuTing the year, the ALP steering group, made up of representatives from the Trust. the delivery organisations, Bralhay Trust, The University of Cumbria and Common Purpose. cUr￿n1 stthts and Alumni, worked to understand whether the programme could be converted inlo an apprenliceship degree. Trustees consldered thls proposal in December and requested further worf( lo understand th8 needs and wlential barriers lor voluntary sector organisations to access the programme as an apprenticeship. 23 local organisations contribuled to a survey which was disseminated in early 2024 and in March 2024 Trustees agreed luThJing lo secure the delivery of the programme from autumn 2024. Excluding ALP. Ihe Trust received main grant funding requests of almost £1.9m In 2023 {£1.3m in 20221 with 70Yo ol applicanls to the main grants programme being successful 177% In 20221. 65°/o of applicants to the small granls committee We￿ successful (2022: 74%). 2023 was arnther cha118nging y&ar for the voluntary seclor. with the ongoing effects ol Covid still being experienced by IhosB most adversely allected by it. including children and young people, and these exacerbated by a cost of living crisis. Towards the end ol Ihe reporting period the rate of applications received and requested amounts were noliceably increasing. Truslees. Annu81 Reporf I Page 9 Dated 1 sl Octob9r 1963- Registeréd Chartty No. 232131 Trustees, Annual Report Ilor the year ended 31st Decwnber 20231 | Fi'ancis Scott Ti'ust Step Change The Trust has operated an organisational development programme slnce 2015. to provide specialist, fr￿U$sed support to organisations to address a specific need. The programme has grown steadlly since 2019 and expanded to include new strands of work: applicalioTbS were received and awarded suppo Fulure Flxers- pe￿Onal development lorprofessional exc8llerLe Future Fixers, a local CIC delivered a 124nonlh peer support prograrnme for individuals working or volunteeTtng at grant holder organisations. Positive leedback from this and other development progrnmmes delivered by Future Fixers for the Ttusl in the autumn of 2022 led to ihe commissioning ol a lurther round of all three rogrnmmes by TNslees In November 2023. The Piogfammes will be advertised to grant holders and delivered roughoul 2024. Wellbelny and Covid resilience The previously popular wellbeing and resilience strand of Step Changg, which was a response lo the needs of organisations following the Covid-19 pandemic. received, and awarded ong reques1. li Social Investment For the Trust, social investment enables ulilising part ol the capital endowmenl lo support local organisations when grant funding is not the most appropriate source ol ￿nance or who fall outside the prioiily lunding area, bul whom we would look lo support il required. In April 2021 Trustees committed lo developing a social investment portfolio and the Trust's first repayable loan was made within the year. TTuslees have given careful consideration lo Charity Commission Guidance on Social Investment. CC14 and look legal advice lo ellsure the Tiusl Deed allowed for this activity. Trustees are mindful that social investment is not appropriate for all charity and not for profil organisalions and takes a developmental and supportive approach lo working with po18nlial applicants. Step Change can be sjsed as a tool lo improve inveslment readiness where required, and the Trust is an accoss poinl lor the Reach Fund. Two new social investments weie approved, with one coming lo fruition during the year. Dated Isl October 1963- Registered Charity No. 232131 Trustees, Annual Report Ifoi the year ended 31st December 20231 | Fi'ancis Scott Ti'ust Operational Changes During the year the Trust modemised and relaunched Its webslte and changed grant management systems. From early 2024 application5 are submitted directly via the organisations website al www.fran¢l&scott.org.uk Public Benefit The Trustees confirm thal they have referred to Charity Commission guidance on public benefit when reviewing the Trusl's aims and objectives. in planning future aclivities and setting Ihe grant-making policy are salisfied Ihat the Trust meets the requiremenls of the key principles as defined. Risk Management An Annual Rlsk Report is tabled every year for consideratlon by Trustees that Includes 30 Items wlth correspondlng comments as lo how best to address. ameliorate andlor monilor the idenliffied risks. The mosl significanl risk identified by Trustee5 is a major downturn in the value of the Trust's investments which, if il were lo 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. Thls risk is addressed by holding a diversified portlolio of investments wilh separate fund managers and by having policies in place lo adjusl distribulion levels over time. Trustees are also aware ol the requirements of the Common Reporting Standard and confirm that all recipients of grant lunding during the year were organisalions registered in the UK for tax purposes. -Tru51ees Annual Fleport | Page 11 Daied 1st 0¢￿ber I￿3- Reglslered Charity No. 232131 Trustees, Annual Report Ifor Ihe year etKled 31st December 20231 | Fi'ancis Scott Ti'ust Financial Review Investment Policy As allowed by the Trust Oeed, Trustees Ireal the capital ol the Trust as expendable endowment and have considerable discretion over the investment of the monies ol the Trust Fund. Tnjslees engage two separate investment managers, each with roughly hall of the Trust's investment portfolio managed on a total return basis. As outlined on page 7 there was a change ol management during Ihe year lo align with the Tfusls renewed commitment to sustainable investment practice. The aim ol the Trust's Investment Policy Is to maintain the real value ol the capital whllsl providing sustainable returns lo distribute as grants. In deciding the amount lo be spent on granl-making and operations in the year. Trustees used as a guide an amount that is 49/0 ol the total value lon a trailing 13 quarter average} ol the imieslment polllolio. Trustees agreed in April 2021 that up lo 5Yo ol Ihe assets under managetnenl may be deployed as social investments. The lull investment policy of the Trust is reviewed annually by Trust88s who take account ol the advice and recommendations ol the Investment Committee. Performance against Investment Pollcy The portfolio produced a tolal relurn o111.4°/¢ in 2023, with Sarasin producing a 9.8P/o and Rothschild 13.050/.. This compares lo Ihe ARC Charity Steady Growth Index 7.5W.. Reserves Policy As allowed by the Trust Deed, Tiuslees treat the capital of the Trust as expendable endowment. The Capital is held primarily as an investment lund lo generate income for the charity's granl-making programme. As al 31.12.23 Ihere was a negative balance on unrestricted funds Ireservesl of £851,673512022: _£1.198ml. This arises because ol the inclusion in the financial slaletnenls of grant ¢ommitmenls of £1.174m12022'. £1.530ml over the next 2 years Ihal are not due lo be paid until after future inveslmenl returns are received. Fotward comfflilmenls ale made within a calculation which prolecls Trustees capacity lo commit grants in future years within the distribution strategy. The Truslees are satisfied that this is a sensible approach in relalion lo annual investment income and that their investment strategy is sufficiently robust to obviate the need lor a designated Kesetve lund. TfUStees' Annual Repori I Page 12 Dated 1st October 1963- Reglslered Chariiy No. 232131 Trustees, Annual Report (for Ihe year er¥Yed 31st December 20231 | Fi'ancis Scott Ti'ust Plans for Future Periods Trustees are very much aware that Iheso rèmain challenging times for many organisatiorLS and individuals In the Trust's beneficial area, with continued challenges and lon*term effec1& in particular lor yourKJ people whose fomiative, developmental ygars have been materially impacled. As a lontrterm lunder, the Francis Scott Trust will continue providing multi-year funding to charitable projects within tts defined areas of benefit and continues to explore new ways of working to expand productive and positive methods of collaborating with community partners delivering quality programmes lo children and young people locally. During 2024 the Trust will cortsolidate the many developments it has initiated during 2023, reflect on ihe leaming from thg listening and Break the Mould projects and re-commit to its underpinning values arwj aspirations, belore undergoing a strategic review of all ils activlty. considering how to effect th8 most positive change using all available assets and resources. Going concern The fund value of £37.553,181 at the year-end December 2023 is up on the year-end December 2022. Trustees are mindful that Ihe income from the lund may fluctuate in lulure years and that the grovAh in the value of investrnenls in recent years may not continue. The level of distribution mado available remains al Twslee's discretion, as does the use of capital io meet agreed dislribution levels. Based on these assessments and given Ihe measures undertaken to mitigale risks, Ihe Tnistees have concluded that they can continue to adopt the going Concem basis In preparing tl annual report and accounts. This report was approved by Trustees on August 16th 2024. Dr Stephen Curl (Chair of Twstees} Truslees knnual I P4y8 13 THE FRANCIS C sco￿ CHARITABLE TRUST Dated 1st October 1963_ Registered Chaity No. 232131 Indepondent Audttofs report to the Trustses of The Francis C Scott Charltable Trust Opinion We have audited the financial statements of Th8 Francis C Scott Charitable Trust (the 'charitn for the year ended 31 December 2023 which ￿mPriSe th8 Statement of Financtal Acbvib'es. the Balan(* Sheet and notes to the financial statements. including a summary of 5igThfirAnt accounti￿ policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Altounting Standards, induding Financial Reporting Stsndard 102 Th8 Financial Reporting Standard appliGable in the UKand Repubfvc of Ireland (Untsd Kingdom Generally Accepted Accounting PractKe). In our opinion Ihe ffinan(xal statements". give a true and fair vi6w ofthe sl*e ofthe charity's affalrs as a131 December 2023, and of Ils 6wJming resources and appli(slion of tesourlxs. ft)r the year then ended. have been properly prepared lli accordance with Uniled lfjngjom GenerAIty Accepted Accounting Pra¢ti¢e,' and have been prepared in accordance ￿1h the requirem8nts of th8 Charl￿5 Act 2011 as amended by the Charitigs Act 2022. Basts for opinion We CDnduGted our audtt in a¢xordance wilh IntemaIt￿aI Standards on Audlling (UK) (ISA5 (UK)) and appliBable law. Our responsibilities under tPM)se standards ate further described in the Audiiorfs responstjililiesforthe audit of the financial statements section of our report We are independentof the ¢harity in accordance with th8 ethical requ1￿ments that are relevant to our audtt of the finanaal Statements in the UK. induding the FRC'S Ethical Standard. and we have fu￿1[ed ourotherethical T8sponsibilities in accordan¢8 wilh these requirements. We believe that th8 al￿11 evider￿$ wè havè obtained is sufficient and appropriate to provw* a basis for 4yJr opinion. Concluslons relating tt> going ¢oncèm In auditing the financial statements. we have concluded that thg tru5tse's use of the goiry concem basis of accounting in th6 preparation of the financial statements 19 approwiate. Based on the work we have pwknied. we have not identified any matsrial uncertalntles relatlng lo events or conditions that, individually or o)Ilectively. may cast significant doubt on the charivs ability to continue as a going concam for a period ofat least 12 W￿nthS from when the ffftanclal statements aTe authorised for bsue. Our responsibilities and the re¥Jon5ibilities of the trustees with respecl to golng concem are desuibed in the relevant secli)ns ol Ihis repo Olher infonnation The trustees are ¥e5ponsible for the other Inforniation. The other irrformation comprises the infom7a￿o￿ induded in the trustees. annual reporL other than the fjnancial statements and our audilorfs rnport th8reon. Our opRIK)n on the financial slatem&nts do8s nol cover the other Info￿nall0n and. except to the extant otheNise explicilly stated in our report. we do not express any fom) of assurance condusion thereon. In ￿)ffleCtIOn wilh our audbt ofthe financial statements. our responsibility is lo read the other infonnation and. in doing so. consider whether the i)ther infom)alion is materially inconsistentwith the financial *tements. or our knowledge obtained in the audit or otherwise appears to be materially ffiisstsied. If we identrfy such material incon$istencie$ or apparent material misstatements. we are required to determine whetherthere is a mat￿la1 missiatementin the ffinancial statements or a material misstatemantof tho other infoThation. If. based on thB work we have performed, we conctude that there is a material misstatement of Ihis other Infor￿lI0n. we are fequifed to rnport thatfacL We hove nothing io repDrt in this rngard. Tnjsteeg Arnual Rèport I 14 THE FRANCIS C SCOTh CHARrrABLE TRUST Daied 141 October 1963- Registered Charity No. 232131 Independent Auditor's report to the Trustees of The Francls C Scott Charitable Trust Matters on which we aro required to report by exceptlon In the light of the knowledge and understanding of the chaiity and its environment obtained in the course of the audit. we have not identified material misststements in the trustees. repcffl. We have nothing to report in resped of the folknving matters in relgtion to which the Charities (Accounts and Reports) Regulations 2008 wequire us to report to you if, sn our opinion.. the inf0m￿tion glven Sn the financtal statemMts Is inconslstent in any malefial respect with the trustees. report: or sufficient accounting recoTds have nol been kept" or the financial staiements are not in agreement with the accounting records; or we have not received all the inf0M￿li0n and explanations we require for our audit. Responsibililles ol twsteas As explained more lully in the trustees. r8sponsibiliUes st*ement set oul on page 3. the truslees are responsible for the preparation of financial statements which give a tnje and fair vlew. and for Such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free fwrn material mi$statement, whether due lo fraud or error. In preparing the financial statements. the tfUSte8s are responsible for assessing the charity's ability tocontinue as a going concem. disclosing, as applicable, matters relatsd to going concem and using the going concem basis of accounting unless the trust6￿ eTther Httend to liquidate ihe charity or to cease operabons. or have no realistic altemative but to do so. Audltor's responslbllltles for the audtt of Ihe financial statements We havo been appointed as auditor under sedion 144 Dfthe Charih'e5 Act 2011 as amendad by tha Charities Act 2022 and raport in accordan￿ with regulat￿nS made undw section 154 ofthat Act. Our objecbve5 are to obtain reasonable assurance aboutwhetherthe financial statements a5 a vthole we free from material mÈsstatement, wh8lher due to fraud or em)r. and to issue an audilo¢s report that includes our opinion. Reasonabl8 assurance ts a high level of assurance but is not a guarantee that an audit ¢ondu¢ted in accordance with ISAS (UK) will always detect a material misstatemenl when it exists. Misstatements can ise from fr8ud or erfof8nd are considered material rf. indtvidu811yor in the aggw*e. they Could reasonably te expected to infiuence the eeonomic decisions of usern taken on the basis of these financial statements. Il￿guIantIes. induding fraud. are instanc85 of nonMowing: reviewlng the financial statement disclosures and testing to supporting documentation to as5es5 complian¢e with prowsions of ￿levant law5 and regulations d8scrlbed as having a direct effoct on the financTal statements. enqUI￿n9 of management con¢emlng actual and potential litigalion ¢laim$: performing analytical procedures to Identity any unusual or unexpected relationships that may indi(ate iisks of materi81 mtsstatement due to fraud., reading minutes of meplirws of those charged wilh goveman¢e' and in addT055ing the risk rjf fra￿1 thr(A￿h marAgement override of ts)ntrols. testing the appmpriatenoss of joumal entrie5 and olher adjustmenis. as58ssing whether the I￿1gements made in makiny accounting estimates are indio*ive of a potential btas,. and evaluating the rntlonale of any significant transaction5 that ara unusual or outside the nonnal course ofthe chaiity's work. We also communicated relevant identified laws and regulaiion5 and potenti81 fraud risks to all engagement team mernb8rs and r?mained alert to any indication5 of fraud or non-compliance with laws and regulations throughoutthe 8udit. There ate inherent limitations in our audit procedures describ8d above. The more ron￿Ved that laws regulations are frorn financial transactions. the less likely it is Ihatwe woukl becom& aware of nonryCAynplEance. Audtting standards also limit the audit procedures required to Identify non-compliance with laws and regulations to enquiry of the trustee5 and other managoment and the inspection of regulatory and legal ¢offespondence. rf any. Material misstatements that aris8 duoto fraud can bp harderto detect than those th* ollse from error as they may invotve de&"berate concealment or collusion. A further desuiptitin of our responsibiliknes for the audit of the )Inancial statements is located on the Flnancial Reporting Council's website at: vrnw.frc.org.uklauditorsre5ponsibilitiès. This description forms part of t)ur a￿li10￿S report. Truste8g Arynwl Report I 10 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1* October 1963- Resistered Charity No. 232131 Independent Auditor's report lo the Trusteos of Thè Francis C Scott Charitable Trust Use of audit report This report is rnade solely to the charity's trnstees. as a body. In accordanc8 wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the chaiity's trusioes those matters we are required tostate to them in an auditorfs report andfor no otherpurpose. To the fullost extent permitted by law, we do not accepl or assume responsibility to anyone other than the charity and the Chari￿$ trustèe5 as a body. for our audit work. for thi5 rem or for tha opinions we hove formed. P.Ju, (. AJ,i liJ Dodd & Co AudFt Limited. Stabjtory Auditor Date or], IIOL FIFTEEN Rosethll. Monlgomary Way, Rosehrfl Eslate, Carlisle. Ctsmbria, CAI 2RW Dodd & Co AuditLimited is eligible lo actas an au(rrtorin lemis olsection 1212 of the Con7panies Act 2006. All￿￿￿ Report I P•90 17 THE FRANCIS C SCOTf CHARrrABLE TRUST 1* Ociober1963 . Regl&ter&J ChtyNo. 232131 Stat•m•nt otfinanclal activllfes Forthp yearen(lÈd 31 DeteJ*kn2trL3 $58.156 1.079 196 55B.156 453.746 Trarrtertrl Tol•l In¢0 1.6Y7.352 Grant mI￿r¥j 1182D)1 11.1212611 11.IJ9A611 11251,1741 srdj P12.738} 1113.7251 1.382,462 Totsl exp•Nlltur• 182(WJ 16.588 18 Netgalns1kng*w oThlnv¢stMenlS N&tmo¥•montthbmd5 1340.875 1182rK•i 346,295 1608h70 (&861.V61 18 38 151431 rknerth3nthwJP slatedabD¥e. nswr¢e8 and ￿5￿rA￿8V￿an[Iod dwiwfTMit*tthulroath￿8S. Tlusteeg Re￿ I Pag? 18 THE FRANCIS C SCOTh CHARITABLE TRUST DAtad 1BtOt*knr 1963 . R•gknter8dCh* No. 232131 Balanc• she•1 EXp￿dAble T•n¥ibl•asMI6 Inve8knent$ 12 13 14 140Tr) ' 37.553.181 125.ts)0 37.553.181 125.iNJO 35.412.586 38 178 181 DBbt 15 16 21.165 295.673 311838 21.165 11807 316,838 17 838,371 11th1 (li•blllllEsVMets 519.539 546289 Tolal as*•ts I•s8 curyent Il•bllllks cred5t0￿ Amounts fdlinu duB thr 3B,151.431 (493.435) 37￿51￿ 35.QO0,V28 38 151431 37 ￿696 34 630 728 Trf•l ¢hwlty 38 151431 37 2W 34 830 728 Appro¥od by th& TnMl8w on IL loL4 #nd gvJned on th￿[ bBhall ty. Ojrf (ch￿￿T￿J￿e¢8) Tnjsleeg Annual ReF*NI I Page 19 THE FRANCIS C sco￿ CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Statement of Cash Flows For the year ended 31 December 2023 Total Funds 2023 Total Funds 2022 Notes Net Ga5h used in operatlng a¢tivitios 21 1.6H.718 Cash fiows from invesbng Di¥idends and intetest Net p￿ceets from salelpur(*ase of investm8nts Net ¢a5h used by Investlng a¢tiviii•s 530.655 341210 871865 449,759 3.476,507 3.926.266 chan￿ in cash and cash equlvalents in the year {1.023.806> 2.281.548 Cash and cash equivalents brwght foNard 1.470.374 889.047 Change in cash and cash equivalents du8 to exchange rate movem8nts 1700,221 Cash and Gash equlvalenls carr4•d forward 836.028 1.470.374 Tntsteeg knnual Rqxjrt I Pauè 20 THE FRANCIS C SCOTT CHARITABLE TRUST Dated 16t October 1963- R8glslered Charity No. 232131 Notes to financial statemenls For the y￿[ 8ndad 31 December 2023 Accounting policies a).8a8is of accounÉing The F￿dS C Scott Charilable Trnst is a T￿st created by Dè8d ofTNst on 1 October 1￿3 wilh wde p(pws to diStr￿￿d8 for challt*pJa purposès. The nature of ts activilies is disdos¢d in thg tsusteos, The r￿ls￿red office is Sbfrklandgate House. 92 Strtcklandgale. Kendal. Cumbria. LA9 4PU. The fInar￿jaI stat8m8nts arè prepa￿1 underthg hisfrrfical cost cOnv￿n, wilh the exceplon of investments, a lTrduded cm a markd vslue basi5 and properties ththich 8r& includg(l at professional vafuafion. Thè fin8nctal slaternents havè begn prepared in acC(￿danC8 with Ihe Statement of Re¢ommer*Jed P[acti￿. Accounllng ar￿ Reporfing by Charities PTeparillg their ac%ounts in accord8nc8 with the Financial Reporbng slanda￿ appl1vat￿0 in th? UK and Republic of ItolÈnd (FRS 102) issued on 16 JL¢ly 2014 and the Financial Reporting Stsndard apFdlcAblg In the UK and Republic of Iraland {FRS 102) and Ihe Ch￿Il*S Ad 2011 as amended by Ihe ChBriU8s Act 2022. The charity c￿nstitUteS a publ1¢ bengfft entity as defined by FRS IQ. The financid ststemenls have bBen prepared to giva 8'lru8 and f8irf and have departed from Ihe CharflÈs {Ac(xJunts and Roports) R8tsula￿￿S 2008 only to the extent rèqulred to twvlde a'lnte and fair vithrf. Thls departuro has Involved followng the Staternentol Re￿mmended Practice.. Aw)uRting and RwtiThJ by Chariti8s pryrfng Ih$* a￿OuntS in ￿A)rdanc* wlth Ihg FinanciBI Repottino Standa￿1 applicable in Ihe UK arxl Republlc of Ireland IFRS 1021 Issued on 16 July 2014 ￿the[ than the Acutrunllng and Rep￿tillg by Charities.. Statemwl of Rp(x)mmended Pradice effectivo from 1 April 2005 which has since been Ihdraw b) Prnpor8tion of finandalstalemerts on a w.ng concem ba￿8 Th8 conslder thatlhere are no material unrertainties abwl the knjsfs ability to aB a golng o)Thxm. c) Inveslrnlincomo Investrn8nt Income Is accounbj fDr In the period in ¥thich the Twsl Is entiflBd lo ￿lpL d) Resources expended EX￿dILUr8 is includad on an 8ltru8Ts basis antr ￿udeS allrilwlablg VATthhlch cannot ￿ rècovered. Costs of rdsing frjnds o)mprfs8 thosè ￿sts direcly altributable ID man￿ng Ihe inveslment portrdto and ra1sX￿ invaslrnt Incomo. Grarts payabte 8r8 th8ra8d In the yearwhen the offer is eonveyed to the reclplent exceptcases ￿eTe maleiial offers ry>ndition81. such grants belno reca)gnised as expendliure whgn Ihe conditions aliathir¥J are fulfillad. Matsréal grants offered subject to Ccqmliiions ￿lch have nol been mot at th8 year ￿K1 are ￿ted 85 a commitrnènt bul nol a¢¢Ned as expen(filure. provislon for a mulii-year grant is recoanised at its PTÈS8nt value on inibal recogr¢tbon whpyv s¢ttlewn8nt is du2 over more th8n one yeaT fv)m the date of the award, the￿ are no unlulThlled cimditrons under the (x)ntsul of the Trust Ihatwould pemiilthe Twst to avokl making the lubjre paymentlsl, setttemgni is probab￿ and eifectof discO￿ti￿ Is wn&lerial. Th8 dlscfjunt rate used is the average role of deposit intstest in lh8 year in which the grant awafd Is made. This di$￿Unt rate is regarded by Ihe Trnstees as ihe fflostcurTent available eslim&te of the OPPDrtunity rA)St of money reffiecling Ihe value of monèy to lh8 Tn￿t. Costs of charitable ectrilies include grants wmrniited and an apportiorfftlentof overhgad and SUPPDrt costs 8s shu4m in notg 6. SuppJrt costs cethl (un¢llons and have been dlocated to activAy cctrsl (8t£gDriBs on a basi% cwtsistentwlth Ihe uses ot resoutC8S. 8.g. Blk)tt81ing propety costs by staff use. staff w5ts by the limp spent and oih8rcosts by thelr usagè. Govemance costs c<)TnPTise all invofving thg publie8cc0untsb1￿ty of the Twsl its ￿MplIar￿ vAlh wula1ion and gc ilKaud8 costs related k) audii lèpal ftts togelherwith an apporby)menl ofovgwhead and Support cost& •) T8￿￿ts fixedassets Indfvidual )Ixed assets vthBre Ihe purchase cost ex(*8ds £10,fK)O. Tangble fixed assets are vakn&d at i#)stor valuation. net of depreciallon aThl any provision for imp8lnnenL No depreuation is provkknl on larKI. Ffeehohj pr 51.364 1.288.999 1J54,TJ2 Gront ccYnmilm8rts 18.200 F￿1 d818lJsLrft￿ roclpLgnts are in Th)te 23. 2023 Recon¢llr4liDn of granls payabb: Cornmitmerts at beginnlnu of pÈiiod Commitments Il* PWiDd. ￿1￿[81 unfeslth¢ted fuTrd C￿￿￿￿[￿ents madè i) thè ￿￿tr￿. resltthd •md Grnnls Can￿le G￿TrI underspend VS Comman Grnnis uJmmitt8dforlhe 1.S29.574 1.549.865 1.121.261 18.200 145.0001 26,80D 150.1501 17 1,tQ4.461 1.197,807 Gianls pald duithg pwfod Grants ¥Bpaid 11.450,1721 11,229,598) 1.450.172 1.173.863 Cornrnlimpnts at31 Deeembor #re payable As follow5: Wthln one year Irwte 17) After11￿ than one Inol8 18: 815.563 1.059,374 TrU￿e￿￿ Pthuai Report I Pogp 24 THE FRANCIS C SCOTTCHARITABLE TRUST Dated 1s1 Oclober 1££3 - Registered Char*yNo. 232131 Noles to the fjnanclal statements for the yearended 31 DecaJ*er 2023 Iconbnued) 6 Allocatlon 015UPPOrtand govomancecosts shrwn in Ihe iable bek¥w.- CostType B85ksof AloCa￿a Siaff ulsls offi￿￿￿tal aThJ w5ts 142.923 23.128 21.4 2.313 121.485 Staff line 2D.815 Slaff tkn¥ Slaff htni 542 81 1.150 25 Staff tirno 2.136 U8W30 2.058 22 21.438 2,313 19PB1 1N7 Offic8 rtntal and wsts st8ftbaininB Sub5cfipbor Professlonal fees.. . ALP rese2Tch repyl . L8g8l8Xpw￿ES - BTand andWe￿te HR fÈes Au￿¥t lee 81 1.150 81 751 4,180 1.874 7,612 883 13.440 1.416 4.800 Tru8tees' tiavel expenses ALP I￿YeArAn*1vètstiry E￿t ExtAL¥dinary cosls. eoth Ev6nt Sundry 11769 51.384 2.058 7 Cornwath*51oraUDCatlon 01514lPOrt and gov•m￿¢•co$ts shDwn tn Ihe tebte bdow. Co8tTy Total 88EBof vrtitss 133.205 16.672 19,984 113.￿4 Slaff lkn 15,185 Staff I￿ 2.097 Slaff time s￿￿*M￿ 01￿ Tentsl m51s Travelliny and corleTe staff b3lnlng 233 81 751 147 9Y) 158lJ44 333 23 IJB6 617 8 Net expendlure and ￿mOveMent In funds beloTe galn5and losseson Inve5trnents 2022 Net expendihjrg netmOV•￿tlTrfvBdS befr*Te gwn5 onirweth%nts isslated aftercthawlrvJ'. diirfsfwnunwat 12.6(11 15.653 1&276 Tntsteeg Arfflual Rewtl Paye 25 THE FRANCIS C sco￿ CHARITABLE TRUSI Dated 1siOctober 1963 - Rwstered CIMrity No. 232131 Notes to the flnanclal statements forthe year ended 31 December 2023{continued) • Analysis ofstaff co*ls and rém￿￿0￿ of k•y managemeDtPWBonn 20f3 Salarfes Styial seojritycosts 156.951 10.240 145.127 9,535 13.733 182.106 16B.395 The average mrnlhty numberoffjrnployeesduring ￿ ywwas 412022: 4). Calculaknj on a full tim equivalènl bosisthe average numberwas 3 (2022: 2.¥21. Penston (a)sts are allorated io ac14vilies in prokx)rtlon to the related slaffing u)sls intyjrred and are vthoHy charge(I to ￿r￿￿¢ted frjnds. Th¢ Trust consmlers its key ThaweTh¢nt pdsonnel compme theTTh￿, the tllreckn and ￿nance Manager. The tolal emplornbenefils incaLMling emth¢r p￿￿On contribu11￿ ofth# key mat)agement were £116P10 (2022: £116.9271 The fOll￿r￿j numbeTof•ye¢s w¢el¥ed er￿ benBfits [8Xd￿1ln0 ènwloyer pensi￿ costs) dur4 2023 Number 2022 Numb¢r Employees for l or2 otherTtusts. Tr Frieda Seolt Ch￿Ilable Tntstjnd The StrJames and Swtt TNSL opeTating from the same addyess. A Proport￿￿ oftheir¢i)sts, based on the time 4￿nt. is re(*aTged tgllvjse thartlie& The aTTK)unt iethatgÈd during the yearwas £39,183 (2022.. È35.1901. madelei￿ sc￿1 isakn aTnth ofThe SlrJames and Lady Sc0ttTn￿L 2023 Salaries 182.11 9.183 168.395 Net O)Stto the Francis C SGrt Chwiloble TnLSt 142 923 131205 Induded n chBrild>le aciint 121.485 21.438 111224 133.205 oflhese scheww hdd 5eparaidyfrom Ihose ofthe Tmst in independenlly adm￿151¢￿1 lunds. The per*sion co¥i¥ tharge represents r￿1b￿lI[￿ p8ld bytheT￿￿t to thoSe￿nd￿ An Auk>Enrdment rmpliant schett*vtds set effectfrorn 1 Apiil 2016. Twsteel Rewt I Pag• 28 THE FRANCIS C sco￿ CHARITABLE TRUSI Daled 1st OctobeT 1963 - ReLYStered CharFty No. 232131 Notes to the financial statements for the year ended 31 December 2023 (continued) 10 Tntst•Q5' remuneration and reknted partl•s 3 Twstee512022'. 2) received txpense8 totaming £989 in the year (2021 £294) for the (Axt of travel io Truslees. meelings and on otherTnt5t buslness. Trustees neither recewed norwaived any erTrJktrments dutlng the year (2022: £nil). ￿ amual donation of£5.OOD was m#dÈ to the Charity VokJrFlary Servicesto be spent on charrlablo ¢au8es at Ihe ch￿ts (fiscrellon. There no ￿lated pwty tranS￿alOn8 in the year. 11 Cornpar*lvèslor Statwnenl of Financial Acliviligs and Bxknnce 5hoet rwures statenwit of FinonciAI Aetl¥ltlES ExpendaLle R¢stiirted endowment General Incom# 453,746 453.746 Transferto in(x)m8 22,637 Total Income Expenditure Inveslmenl management costs 46.620 Grant maknng Grants cDmrThtted Grant o)mmiiments ￿le&￿ed Grani re18ted supprffvgovefflance cosls Soclal Investment Yelaled support1govem￿ce &)sls (26.8001 (1,224,374) 53.367 1183,725) 950 (1.251,174) 53.367 {183,725) 950 1.355.682 1.355,682 Total w•ndknr• 46,820 26,800 1.629,102 Net expenditure and n•t mov•n*nt In funds fore gains and losse5 on Ènvestments 1.069.257 6.800 79,299 1,175.356 14.686,0201 (4,686,020) N•t mov•mènt Ih funds 15.755.27Y) 126,8001 (19.299) (5.851?76) Total furllls b￿￿jght fo￿4￿1 41￿65.833 1,118 731 40492 102 Total Iwlds Carried forwatd 35.810.556 1,19B.030 Trusteeg knial 27 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financlal statements for the year ended 31 December 2023{continued) 11 Comparntive5 for Slatenwntof Financial ActivlllB5 •MI B#l•nce Sl*rtfwufe51e<•ntlnued) Balan￿ Sheet Total 2022 endcmment F￿ urhreslrfdod Tangible assets Inyestrnenis 125.IXIO 35.412.586 300.000 35 83Y 586 125.IXIO 35.412.586 304,597 35842183 4.597 Debtors Cash 12.567 325,621 33Q188 12.567 343.821 356,388 18,200 18,2 Credltots: Amourts falllThg du• wllhln oneyear Net ￿￿t ViabililiDsyassets 1.110.615 772,427 1.137.645 781.257 18.20r) Total assets les5 cuThent liabmtties CredIto￿. Amounts fallin9 due after 35,810.556 18.200 1767.8301 35N60P26 430.200 430,21X) 34,630.726 Total net a55etsl(Ilabllili•$) 35.810 556 Total chrity funds 1.19&030 12 T4ngiblB fix•d ass•ts Land & ￿lIdIng$ 2023 2022 Balanr* atbeWnnI￿ and enrl of p 14000 The propeTlies were valu¢il by Clalk Seott.HaTden. Chartwed SuNÈyors, Perth on the basis of open mathet valuewith exisling use on 14 January 1997. The Twste&8 ￿)ll81der that thE5 vafuation is reasonable as Ihe properties are let a Ipn918a5e which DnlygeneTales a nominol renL Ttrwdo not (¥)nskJer it nerA$3ary. or in Ihp Inte￿ of Ihè TwsL to have the PToperties revalued at Ihl8 ttrne. The properti88 cwJt14o Brnlhay Hall and 3 estate o)We5 all of whleh we let io Ihe Blathay Twst {Reui8tered Chaiity No: 1021586)for8 no￿l￿BI rent under a lease whi¢h expires in 2049. Bralhtty Twsteurrenuy insure the b￿ldIng5 for£27,39022512022: £25,994.338). The historical co¥t ofthE P￿ertIeS at 31 December 2023 wa £360.689131 Decemlw 2022: £360.689) al￿ Ihe oJ￿entanwal rental vatue fortgonE has been eslimated at £131.75012022'. £125.orM)k THE FRANCIS C SCOTh CHARITABLE TRLIST 0818d 1st OCto￿r 1963 - RÈa151ered Charity No. 232131 Notes to the financlal statements for the year ended 31 December 2023 (continued) 13 Investments 2023 2022 ma￿tvalUe at beginning ol p•rlod Awuisiiions al ojst Disposal proceeds Net gatnsl(losses) on reva￿￿tIon Market value at Ènd of ppriod Unirwested ca6h and settlements pendirwj. end0%￿nentsCCfjUnt 34286,033 14.488.926 <15.030.136) 40,748,339 10.185,597 (13.882.104) ,gBS.799 34,286.033 1.126 553 37.012.826 540.355 37553 181 35 412S86 Uninvested cash inc￿￿eS a net currency galn of£389.40012022:1055 of £1.700.221). Net gain on rovaluat and disposal of all inveslments for the year 8mounted to £3.657.463 (2022.1055 of£4.686.020). 2023 2022 Equili85 Fix8d irthm& Hedge fI￿S Allemaiive Olhgl 27.784.962 4.943.502 2.485.730 1,515,263 283,369 24,836.357 4.953.752 2,480.824 1,693.830 321.470 37.012,826 34,286,033 HI91￿￿1 oJ51 at End of pe￿ 31.501.767 All ￿VestMents ara eilher ￿Sted on UK orovomas $lod( exchange5. orvat(hyJ by referen￿ to such inv85tmanl& The Twstees considèr individu81 St￿￿ty t￿ldIng$ In excess of 5% and tund I￿￿dIngS in excess of 10% to bfr mat8ri&l. Thar& wèré rv) hddlrwJs rrteeting these ￿ller18 atthe year-end. Invgstwnent In eq￿￿e5 and fixed tnterest serJJrilies ar8 811 tr8d8d in quotèd markets. primarily thè London stock Exchango. HrAdings In c(Jmmon ww8stmer¢t ftjnds. unittNsts and open4ided Inv8strn8nl (x)mp3niès are 81 mid-price. The basÈ5 of faIrva￿e fr>r quotad In￿StMents is ewivalenl to the market value, uslng lh8 tAd prir*. The dIrteTen￿ belween the mid•Ttc8 and bfd-price is material to th& aemunts. Asset and pwcheses are recogni*J a the dale of trade al cost {Ihal is lh8ir transaclion value). TnJsle8s Anrwal ReFQrt I Page 29 THE FRANCIS C SCOTT CHARITABLE TRUSI Dated 1st October 1963 - Registered Charity No. 232131 Notss to thè financial statements for the year ended 31 December 2023 (conlinued) 14 Provramme related inv05tmgnts 2023 Investments at cost Cost less impairment at 1 January Additions at cost Disposals and iepayments Cosl less impawment at 31 December 304.597 222.191 (684) 526.104 300.OOD 4,597 304.597 Investments comprise the follDWÈlIg: 526.104 Total 304,597 15 Debtors 2023 2022 General unrestrlcted funds Prepayments and accrned inco Other debtors 12.775 8.390 5,497 7,070 21.165 12,567 16 Cash 2023 2022 General unrestricted lunth COIF Fund manage Cash at banks Petty cash 47.718 199.190 48,758 54.815 87,638 183.152 16 295.673 325.V21 Restrlcted fund COIF 18.200 295.673 343.821 Tw¥ls¥¥ knnual Rwl I Page 30 THE FRANCIS C sco￿ CHARITABLE TRUSI Dated 1st October 1963 - Reglstered c￿lIty No. 232131 Notes to the flnanclal statements for the year ended 31 December 2023 (continued) 17 Crtdltors: Amounts tdlllng due vAthln one ye 2023 General unrestrfcted funds Grants payable (note 5) Trade credilors Accruals Taxallon and soclal securky Other CT&Jitors 815,563 1.451 12.600 3.867 2.896 1.099.374 1.372 4.833 1.676 836.37T 1.110.615 Expendablè endovlment funds Amals 26.750 863.127 1.137,645 2023 2022 Grant commllments due wlthln oneyeaf General Unrestri￿￿￿￿ fur￿$ 815,563 1.099.374 815.563 1.099.374 18 Credltors: Amounts falllw due after more than one year 2023 2022 General unrestricted funds Grants payable {note 5) 430,21Kg 19 Operatlng lease commltments At 31 De¢xmber 2023 thE Twst had th8 fol]owirwJ firture mlnimum lea50 payments undar non-cancelleble op8tatlrKJ leases as foll Land & Bulldlngs- forthe renlal of offlces In Strtcklandgate House, Kendal. Annual rental wlll be £15.864 and the thse can be terminated at any time wilh 6 months notice. Other- for tha rental of a pholocopler, the tem ofvthich is from 1 January 2023 to 31 Decerrthr2(f27. Land & Buikliros 2023 2022 2023 2022 Expty date: Within one year Two lo five years 7,932 7.168 725 2.175 7.932 7.168 2,900 1625 ' 6 m(¥nths' costs 20 Restrlcted fund 2023 2022 GLtylauE Benevolent Fund- donatKm made on dosure offund for dlstrlbutlon In Kendal. 18.200 18.200 PJmal Re￿ I Page 31 THE FRANCIS C SCOTh CHARITABLE TRUST Daied 1st October 1963 - Reglstered Charity No. 232131 Noles to the financlal sLitements for the year ended 31 Doc6mber 2023 (continued) 21 Reconclllatlon of movemenl In funds to nel cash flow from operatlng activl 2023 2022 Net mov8ment In ￿ndS Deduct dlvklend and Snc4)rne shown in investing activitses (Deduct) IAdd {galns) I losses on inveslments (De(¥ease) I Increase in debtors Deuease in creditors 2.668,970 (558.156} (3.657.463) {2.604} 346.418 {5.861.376> {453.746} 4.686.020 5.593 21.209 Ngt cash used in operntlng actlvltles 1.895.671 1.644.718 22 Anatysts of changos In ngt d•bt 1 January 2023 other non. 31 Decerrth8r Cash flows Ga$h Changes Cash and •quival•nts Cash Investment cash 343.821 1,126.553 (48.1481 (586.198) 295.673 540.355 1,470.374 (634.346) 836.028 1.470.3Y4 634.346 Truste￿ Rop￿1 I pa￿ 32 THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financlal slatements for the year ended 31 December 2023 (continued) 23 Grants Commllfflents rnade In theyear ed 31.1122 madè theyear •nded 31.1123 1si Duddon Sl￿1 Gr(¥Jp 1st staveley Brownios Alston Recreation Ground Always Another Way Cumbria Ltd Anti Racist Cumbria Barrow Community Twst (fomwly Barrow AFC Community Trust) Bo Me Pfoject Bendiigg Trust Brathay Trust Calvert Tnjst can￿rCare Cafer Support Carlisle and Eden Carer Support South Lakes Carlisle Eden Mind Carlisle Youth Zon& Chairfs Discretionary Award Christ Church Night Shelter Circus Starr CIC Creative Lives Cumbria Family SuppDrt Cumbria Rungwe Community Link Disbngton Club for Young People Drop Zone Youth Pro5ects Eden Ventures Eggcup Egremont Youth Partnership Es¢ape 2 Make Euphortc Circus Friends of Artspace Friends of Bram Fumess Broadcasl Medial CANDOFM Future Fixers Gil¢Nx Village Hall Good Things Collective CIC Great Clifton Community Youih Group Gre8nbank Community Association Hom& Start Morecambe and Lancaster Howgill Family Centre (Good Enough Startl Horizon Studios Inspiring Barrow- Cumbria CVS Kent Estuary Youth (KEY) Proiecl Kirkgate Arts Lancaster Boys & Girts Club 4.000 600 30.000 (405) 17.OC() 61,7(Y) 4.0Tr) 20,OtIo 20.000 46,400 36.200 48.000 10.000 19,000 15.600 (25.000) 24.400 (6.5001 1,000 (3,950) 2,100 3.200 80.000 1,000 3,990 52.500 40.000 20.000 1.500 20.400 22,000 3.684 5,3DO 4.900 (1.000) 1.000 2.000 {40.000) 10.000 21.600 60.000 60.000 45,000 40.000 5.000 4.850 (Continued overleafj Tntho* Anrxjal I P4gE 33 THE FRANCIS C sco￿ CHARITABLE TRUST Dated 1st Odobei 1963 - Regl3tered Chaiity No. 232131 Nol¢s to thttfinanelal statements for tho yearendtd 31 D¢¢0mber 2023 (¢ottlnueJJ 23 Grants (continued) •ndedJl.1Z2J •Trded31.122Z LancasterCVS & CYA ianrAster tl8lricl CVS L#ncastérMusle Fas￿￿81 iancashire Yryjlh (hllenge 89,0 419)0 45.0(K> 29.400 More mu￿ in Moretambe M￿l¢LinK$ Out in thB Bay Panathlo Peopl8 FtrstW#nd•ntAdwc Peters(￿lIAWa[d. y0￿h￿.hty PINC 4.50(1 14,1)00) (2.lJOOI 4.tyj 29.7t 9.600 ROCK SAFACumbTi S&fvty NBt 47,8(￿• 72.6 49,5TrJ Shap P￿1￿￿ Cowul 40.7C 120.000 FIIM & Mèdra Slwal Film & Medla Sllkjlh on SoWSport* A$4orathn 36.41XJ iY.o l.YJO 59,400 51,Offfl St￿]￿ G￿￿nd CIC 3,911 SlJohn¥ Ho5￿Ce The Happy Mums Fujndatknn Ctc .700) The Lookwl{ClCI The Olp4¢ Branth The Whitthaven Foy TofvWeCIC Trfph A 21.41X) 4.000 2441M) WalneyComm￿tyT[U8t Wava Forwa￿ Isoulh Lak8%1 Wdl SiRW CIG 49.117 We81 Ctwnb¥k2 Rfver8 TNst 37.100 1421 (10.000) Imill Trust Imse Up Wtykslw ¢lC se Up Wortthops CIC Wom￿.8 Cc¥ThnunityMattern Youlh PreserKe 20.0(*) 43200 80.0 30.eix) si FS Fi'ancis Scott Ti'ust Trustees, Annual Report & Financial Statements Oaied 151 Ctlober t963- Regislered Charity No. 232131 Iror the year ended 31st Dèc8rnb8r 20231 For fkFrtlk¥ Inlomiation or to request this docuThenl in an accesible fortllal please CDnlacl.' Franci5 C Scolt Charitable Trusl, stricklandga18 House, 92 StficklarKlgale Kendal. Cutnbiitt. LA9 4PU Tel.. 01539 742608 www.francis-scott.org.uk