FS Fi'ancis Scott Ti'ust -7 Trustees, Annual Report & Financial Statements For the year ended - 31 st December 2024
l)at8d Isi Oclobw l- Fleglslw8d Chaiity No. 232131 Trustees, Annual Report Ilor year ended 31st December 20241 | Fi'ancis Scott Ti'ust Reference & Administrative Information Trvstees Stephen Cud (Chairl Sarah Dunning OBE Annalee Holliday lan Johnson Christine Knipe Joanna Plumpire (resigned on March 141h 20251 Alexander Scoll Madeleine Scott Lizzy Steinhart Professor Kaz Sluart ISIgned on July 18th 2025) Melanie Wotherswon Olr•clor - Helen Carter Finance Manager- Keri Brown Address Slricklandgale House. 92 Stricklan(hJate, Kendal, Cumbria, LA9 4PU Audilors Dodd & Co Audit Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate Carlisle CAI 2RW Bankers Handelsbanken Bridge Mills Second Floor East Slramongale Kendal Cumbria LA9 48D The Chartties Official Investment Fund ICOIF) One Angel Lane London EC4R 3A8 Investment Advlsers Rothschild & Co. Wealth Management (UK) Ltd to 26.05.24 Sarasin & Partners LLP New Court, St. Swiihins Lane, Juxon House, 100 si Paul's Churchyard. London EC4N 8AL London EC4M 88U Cazenove Capital from 20.03.24 1 London Wall Place London EC2Y SAU Sollcftors CLJrrey & Co. 33 Queen Anne Slreet, London W1G 9HY Russell-cooke LLP 2 Pulney Hill. London SW15 6AB Wrigleys Solicitors LLP 3rd Fl¢)or, 3 Wellingion Place, Leeds LS1 4AP
l)at8d Isi Oclobw l- Fleglslw8d Chaiity No. 232131 Trustees, Annual Report Ilor year ended 31st December 20241 | Fi'ancis Scott Ti'ust The Trustees present their annual report and audited financial statements for the year eTrJed 31 st December 2024. Reference arKI adminislralive information set out on page 2 lorms part of this report. The ffinancial slalements have been prepared in aCCordae with Ihe a¢¢ounling policies sel oul in nole I to the accounts cornply with the charily's trust deed. Ihe Charilies Act 2011 as arnended by the Charities Act 2022 and Accounting and Reporting by Charities: Statement ol Recommended Practice applicable to charities preparing their accounts in aCCordare wilh ihg FinarKial Reporting stalard applicable in the UK and the Republic ol IrglarKI. Structure, Governance & Management Three part-time staff atKI one full-lime reported to the Director of the Trust who in turn reported to the Board ol Trustees. The Chair ol Twstees line managed the Director on behalf of the Trustees and the Director managed all other staff. One member of staff works solely lor the Francis C Scott Trust, whilst two spent part ol Iheir time working lor Iwo another grant4Jiving eharilies: The Sir James and Lady Scott Trust {19091, arKI the Frieda Scott Trusl119741 a lourth member of slaff worked on tehall of The Frieda Scott Charilable Trusl119741 only. wilh charges being made accordingly. The number of staff working for the Francis C Scott Charitable Trust. calculated on a lull-lime equivalent basis, was 2.7 during the year. The Board ol Trustees rrel fcMJr limes during the year. Five sub-committees of Trustees I111ned below) also met at different limes during the year lo assist in the efficient adminislralion ol the work ol the Trusl. The Director andlor Finance Manager atterKI by invitalion. l Alexarthr Scott (Chairl, Melanie Wotherspoon, lan Johnson. Sarah rnning, Joanna Plumpire Madeleine Scott, who also represented the Sir James & Lady Scott Trust. Two Trustees from the Frieda Scott Charitable Trusl. The Committee was Chaired by Alison Algèr, a Trustee of the Frieda Scott Tnjsl. Investment Commlttee HR Committee Small Grants Committee The Chair and one other Trustee on a rolling basis in consultation with the Director and Grants Officer. Flnance & Rlsk Commmee Christine Knipe and one Trustee from the Frieda Scott Trust meel jointly to review intemal controls, risk management and other elements ol oversight relevant to both Trusts. Audil oveTSlte is conducted separately by Ihe Trustees of the relevant Trust only. Programme8 Commltte? l Lizzy Sleinhart Ichairl Annalee Holliday and Joanna Plumptre. - STr*Twstees' al Rwt I Page 3
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust The HR Commlllee meets twice annually and revSews the remuneration, terms a1 conditions of all staff including th8 key management roles of Director and Finance Manager. All salaries are rthmarked on an agreed scl*dul8 arKI at recruitment. A Nominations Commiltee can be convened when required and has responsibility for recruilmenl and recommendation ol new trustees and Direclor. The nominations commtttee dtd not meet during the year. The Trust is a selt-P8rpetuating t()dy resFK)nsible for its own appointments and retirements. The Chair of th8 Twsl is spon5ible lor the induction training of new Trustees. An induclion programme is prepared for new Trustees and iludeS a Copy ol Ihe Trust Deed, grant making strategic decisions and assessment processes, inlemal financial controls, responsibilities of Truslees, Investfflenl Policy. Organisational Chart. Risk Assessment. the lasl 3 Truslees. Meeting Minutes, Trusiees. Annual Rer()rt & Accounls, History & Puose paper al ihe Temis ol Reference lor the sub-committees. Further inf0mtion is held on th8 Trust's website: www.Irancl84cott.org.uk Twstees. Anrwal Report I Page 4
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Trustees, Responsibilities The Truslees are respork8ible lor preparing the Trustees, Annual Report and the financial statements in accordarte wilh applicable law and United Kingdom Accounting Stat)Jafds (United Kingdom Generally ,.Accepted Accounting Practice). The law applicable lo charllles in England & Wales requlres Ihe Trustees to prepare financial slalements lor each financial year whh gjve a true and fair view of the state of affairs of the charity and of ihe irwming resources and application of resource5 of charity for thal period. In weparing these financial stalements, .the Trustees are required to: • select sultable accounllng pollcles and then appty them conslstenity; . observe the methods and prlnclples In the Charltles SORP 2019 (FRS102); . make ludgements and estlmales Ihat are ieagonable and pnthnl: • stste vrtther applicable accounting standards have been tollowad, subject to any material departures dlsclosed and explalned In Ihe finan¢lal slalemenls; ' prepare the financial stBlemonts on the golng concem basis unless tt Is Inapproprlale to prfjsume thal the charlty wlll conllnue In operatlo 'The Trustees a respor6ible for keeping proper aCCnting records that disck)se with reasonabte accuracy at any time the financial positiLM ol the charity and enable them io ensure that the finartial statements comply with Ihe Charities Act 2011 as amended by Ihe Charilies Acl 2022, Ihe Charity (Accounts and Rerts> Regulations 2008 the provisions ol t trust deed. They are also resFonsibl8 lof saleguardlng Ihe assets ol the charity and herKe for taking reasonable steps for the prevention and deleclion of fraud arKI other iNegularities. The Twslees are responsible for the maintenance and Iniegrlty ol the charity and financial Infomiatlon Iluded Ion the charity's bsIte. Legislation in the United Kingdom o)veming the preparalion and dissemination of lflnancial stalefrents may differ from legislation in other jurlsdiclions. /1 qi, I TnJstees' AnNal Report I Page 5
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Objectives & Activities Constltution & Hlslory Peter Scoll CBE was Chaiman of the Provincial Insuran Company Lld when the Francis C Scott Charitable Trusl (Ftancis Scott Trust} was created by Deed of Trust on 1.10.63 wtth wide IN)we to distribute futxds lor charflatje wrposes Peier Scott aThJ his sister. Or Joan Trevelyan. erKlowed the Trust with slgnificant hoklings ol the family lyjsiness {Provlncial Insurance Crynpany Ltd) shares belween 1963 and 1971. The Trusl was named after their latrEr, Fra19 C stt. In recoanilion of his philanthropic WOTK and established with the aim of continuirKJ to support the type of causes and proiects Ihat he had sp)nsored h1nell. in particular, Ihe development ol young people. It is for this reason that the Tfu has had an eTrJufing commilment to SUIng communities and young pecple In the rnrtlFwesl of EnglaNI lo promole equty of q)p)rtunity arKI access to Fosilive, d6velopmental eXperierr in particular in Cumbria, where ltr , headquarters of Ihe ProvlrKial busin&%s vras based. As a grantMng trust, we belleve In the Importance of: Personal Development Nurturing IlIvidUal lalent and organisations as they evolve and teing a critical Ide1 PF>)rting direct delivery ol quality chartty arKJ c(Mnmunity work Trusting r beneficiaries and keeping tha admin rden lighi . Long tem investment . (Jjr indende. which allows scop8 for inncWalr arKI risk4aking . SharirKJ besi practice arKI celelxa11r success Lislening and leaming Durfftg Ihe reportlng year, Twst8es to cor6tre gulthng FYlTr*les aNf reftned trpm to: Thlnklng and actlng for the kng temi Valulng Collaborallon kntegrfty 4>. Supportlng InrvatIOn Tnjstees. knal Report I Page 6
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Grant-making Policy and Practice The trust belleves that with Ihe right support in place and equal access to positSve opportunities, all young people can flourish. But not all have the support and resources they need to do so. The core purpose of our grant making programmes is lo enable young people up lo the age 0124 in Cumbria & Lancaster District experiencing barriers, lo access positive. development aclivily and services lo help them thrive. We do this by working wth trusted, local organisations to ensure quality provision which meets their needs can be accessed. In 2019 Truslees agreed fwr overarching thématic priority areas for granl awdrds to be based on: Raising aspirations and supportlng personal development knclusive Practlce Improvlng Mèntal Health and Wellbeing Supportlng Sector Elfectiveness The thematic grant making priorilies will be replaced after the culminalion of a planned strategic review lo lake place during 2025. Tw*ees' Anrnal Rwjcfft t
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust The Trust endeavours to lislen and respond lo the experiences and perspectives ol grant holders and applicants, adapting the Trusl's gfant making approach arKY lo develop other otlers lo meet the needs of young people and the voluntary sector locally. Activity during Ihe year builds on l)olh the feedback 1Ved and further developmenl of Ihe Trust s 2023 60 th year anniversary programmes, descrid in further delail in the following pages. In January the Trust's grant application process was Iransilioned to an online portal through the new website. The procoss remains a simple one slop process and potential applicants are still encouraged lo liaise with the Trust's staff prior lo submitting a lunding qUest. All enquiries and applications lo the Trust ale deall with in an efficienl and professional manner. All eligible applications over £5.000 are considered by Trustees Ihree times a year. Smaller requesls are Considered by Ihe small grants committee on a rolling basis. The Trusl commits lo offering conslruclive, supFortive leedback lo unsuccessful applicants in Ihe context ol further enabling the development of all organisa11$ who apply for a granl. All elwJible applications over £5,000 are visiled by a member of th6 team and, wherever wssible. a Trustee. Recommendations are made lo the lull Truslee board lor consideration, arNJ approval or rejection. Trustees also have sight of ineligible applicalion& The Director and Grants Officer regulafly attend forums, lunding fairs. Conferences and networks to keep up to date th relevant issues, trends and curnt needs b)th nationally and across the Trust's grant making area. In October, the Trust was assessed, without its krKJwledge at the lime. lor the Foundation Practice Rating, a national report, which 'aims to improve tcundalions. praclices around diversity, transparer£y and accountability, and were informed in Mar¢h 2025 the Trust had been awarded a rating ol 'B'_ The Trust is proud ol this raling. and gralelul lor the considered and detailed leedback provided by the Foundation Practice Rating team, which will be used lo guide and improve future Ynrk in these areas. Twstees. Anrwal Report I Page a
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Achievements & Performance The lollowing 'Review ol the Year, summarises the degree to which the Trust mel its OV4n charitable aims as slated alK)ve. Revlew of the year Income and Expenditurg The Trust's investment portfolio is managed on a total return basis, with the management split in half between two investment managers with diffefenl investment approaches lo aid diversiffcalion. Investment income received during the year was £1,700.205 with £832,258 01 that figure coming from capilai drawdown12023.' £1.637,352 & £1,079.196 respeclivelyl. It is Trustees slral&Ji¢ inlenl to ensure that Current levels ol expendilLtre are sustainable In Ihe long term. The amnl ol grants paid in the year was £1.209,314m {2023.' £1 ,4500ml. No grants were made Iron restricted lunds during Ihe year12023- £18.2k). Totsl managernenl, adminislration and governare costs for the year amounied to £21 Sk1£215k in 2023). Investment Management Following a review ol investmèni policy in 2023, to give ffr8 focus lo sustainability in investment management. approximately 500/0 ol the trust's invested assets were transferred to Cazenove for investment in the &Jstainability Mulli Asset Fund ISMAFI. The Iransfer was completed on 25th May 2024. Truslees consKler this a slep towards better practice in the responsible manaoemenl of their assets and will continue lo consider and develop Iheir approach with purpose, to help people and planet, in line wilh the UN'S Sustainable Development Goals. Twstee5' AnmaS
l)at8d Isi Oclobw l- Fleglslw8d Chaiity No. 232131 Trustees, Annual Report Ilor year ended 31st December 20241 | Fi'ancis Scott Ti'ust Social Investment For the Trust, social inveslmenl enables ulilising part of the capilal e0MMent lo support local organisations when grant lunding is not the most appropriate Soufce ol finance or who fall wtside the priority funding area, bul wl)om we uld look lo support if required. In April 2021 Trustees committed lo developing a social investment Portlolio and the Trust's first repayable loan was made within the year lo the Calvert Trust. a specialist outdoor education centre based in North Cumbria. A further tsvo social inveslmenls were approved during 2023, one ol which was amended and received further approval in August 2024 before funds were released in early 2025. No new social investments We approved during the year. At the year 1, £SOOk was actively invested in two local organisatiorts- The Calvert Lakes and Springfield Support Sermces. Truslees have given c2relul conslderation to Charity Commission Guidarre on Social Inveslmenl, CC14 and look legal advice lo ensure the Trusi Deed allr)w8d for this activity. Truslees are mindful Ihat social inveslmenl is nol appropriate lor all charity lor profil organisations and lakes a develoFmental arKI supportive approach to rking with potential applicants. The process requires enhanced due diligence and assessment, and can be time consuming, as can the ongoing management and oversight ol inveslmenls. The trust arranges management meetings per year with each social investment recipient aTrJ lakes an active leaming approach lo all aswis ol the prc43ramme. Loan investments can never be risk free, bul robust assessment processes are undertaken, for which Ihe trusl outsources for particular expertise in the field. The Trust is an access point for t Reach FuThJ, which can be utilised lo support investmenl readiness. Monltorlng, Evaluatlon & Learnlng Jring the year work was undertaken to improve the Trust's approach to monitoring. evaluation and learning. Professor Kan Stuart was commissioned lo lead a review of ¢urrenl and best wactice. and Ihe developmenl of a new framework Trustees gave considered thought to the commission, due to Prolessor Stuart's role as a trustee and were satisfied all due considerations had been made, following Charity Commission guidan CCI1 and Ihe Tru Deed. Extensive changes We made to improve ihe Trust's monitoring and evaluation processes and were implemenied during the year, following a pilot period where feedback on changes was sought from longstanding grant holders. The new evaluation process was in effect from January 2025. TSteeS +lmual RepNt I Pag• 10
l)at8d Isi Oclobw l- Fleglslw8d Chaiity No. 232131 Trustees, Annual Report Ilor year ended 31st December 20241 | Fi'ancis Scott Ti'ust 60th Anniversary Looking back thinking ahead Followng the 60th anniversary year in 2023, during which lime the Trust looked back and celebrated shared achievements to dale, so 2024 began a period ol thinking ahead. This 1rk locussed on a strategy preparation event. al which trustees engaged with fundamental questions underpinning the role, ethos and guiding prirKiples ol the work of the Trust, when ¢SIdering the needs opportunities lor young people a¢r05S the next decade arKI agreed Ihe further work required lo complete the strategic review by the end of 2025. Break the Mould Grants Programme The youth led grants programme: Break the Mould, commissioned and laUhed during thè Trust's annNersary year, 2023, was concluded in 2024, wilh the distribution ol Ihe final grants in February. A total 0110 youth led projects ceived funding. and the core Break the Mould group sted a celebration event at 8ralhay Hall in June. The delivery partner& Lancaster District CVS and Cumbria Youth AllIae supported the event. Think Forward CIC were commissioned to evaluate the programme. and their reFX)rt was disseminated in July. The report highlighted Ihe Fyogramme's achievemenls and outcomes lor Ihe core group.11 idenlifjed a number ol developmental and learning outcomes for delivery partners and the Trust. Learning fr(Hn the evaluation will be used to inform and influence the Trust's strategic review. Core Youth Work Grants Programme The core youlh wort< programme, also inilialed in 2023, invites long standing youth woth providers and existing parlners inlo the programme al the end ol their current granl. Eligibility criteria apply. and the pr¢>3ramme Ihis year welcomed a further three new participants. as planned. The programme is designed to replace the usual administrative burden ol applying lor grants with a mulually beneficial process, based on developmental periodic reviews in place of application forms. The Trust hopes this will create a more open and CollatratiVe dialogLte. supporting and inlorming our own practices aNJ enabling us lo advocate and work on behall of youlh providers more strategically. *i' TsleeS Annual ReFrfxt | Page 11
l)at8d Isi Oclobw l- Fleglslw8d Chaiity No. 232131 Trustees, Annual Report Ilor year ended 31st December 20241 | Fi'ancis Scott Ti'ust Regular Grant Making The lable below illLJslrales the size and number ol grants committed in the year. the majority of which are lor rnulti-year grants. Average grant size FY2024 Average graiil size FY2023 GRANTS COMMirrED FY2024 FY2023 Main Grants. inc. ALP (Trustees) Core Youth Work Small Grants Slep Change £1,388.3m (351 £772k126) E39.6k £29.7k £165.9k131 £37.3k {111 £10k131 £291.1k161 £59.4k (161 £16.9k {4} £55.3k £3.4k £3.3k £48.5k £3.7k £4.2k TOTAL £1,601.5m {52) £1,139.Sm {52) The Trust also owns property Ihat is partially occupied by the Bralhay Trust on a lontriemi lease al a peppercorn rent las shown in notes 2 and 12 to the accounlsl. It is the view ol Trustees that this represents an 'in-kind' contribution to the Bralhay Trust at a current annual value of £137.750. Programmes The Trust is a contritxjling partner of a small number ol programmes which bring together luThJers and delivery organisalions to meel specific oty'ectives. The largest of these by grant value is the Aspiring Leaders Programme {ALPI, which the Trust has funded Continuously since 201 l. During the year Trustees agreed to the Conversion ol the fillh iteration of the programme from a standard undergraduate degree in Social Enterprise Leadership into an rentIce Degree in Chartered Management. This Iransition marks a material reduclion in the level of funding reqLJired ol the Trust and change lo Ihe recruitment profile ol participants. By the year end, 10 participants. all ol wrn are employed in Ihe voluntary sector locally, had begun the first part ol the programme, delivered by the Bralhay Trust, with the core apprenticeship delivery due lo begin in January 2025. Two further partnership prfy3rammes lo which Ihe Trust Committed funts during the year were Better Tomorrows. a youth work training and new yLth work dèlivery programme. and Brighter Futures a transition into adulthood prcrfJramtre lor young people leaving care. Excluding ALP, the Trust received main grant fuIng requests ol almost £2.3m in 20241£1.9m in 20231 with 84¥0 01 applicants lo the main grants prcgramme being successful, albeit nol always lo the full level of funds requested 170°/0 in 20231. 61 ¥0 ol applicants lo the small grants committee Y4ere successlul12023.'65°/0). The increase in level and number of main grant funding restS was sustained throughout the year aThJ is consislenl with reports from other trusts and foundations. reflecting both the level of demand the voluntary sector is experiencing and reports of lewer grani funding opportunilies. Try*eel-Annud Report I Pa9e 12
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Step Change The Trust has ¢Jperated an organisalional development {sometimes knovm as a fuTrJer plusl programme since 2015, lo provide specialisl, focussed support lo organisalions to address a specific need or aspiralion. The prcpJramme has grown steadily since 2019 bul declined during 2024. wilh only two applicalions received. and awarded, A small lop up was also offered to a previous Step Change recipient. Whilst il is not yet knovm why ihe programme had so lew applications this year, Ihe Trust believes a reported general capacity issue lor senior leaders and managers across the sector during the cufnI demanding delivery climate is a possible factor. and will give lurther consideration to the Trusl's luThJer plus offer during 2025. Personal Development lof Personal Exc8118nce Fulurg Faxe, a Ial CIC speciallslng In developmenl training tor not lor profit arKJ purFoselul business, delivered a 12.monlh peer support prc•3ramme for individuaL8 working or volunteering at granl holaer organisah'ons. Each session focussed a dtllerent aspect ol wolessional and organisational developmenl, as detemined by paCipanIS. ual Report | Page 13
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Public Benefit The Trustees confimi Ihal they have relerr8d to Charity Commission guidance on public benefii when reviewing the Trusl's aims and objectives, in planning future activities and setting the granl.making policy and are satisfied that the Trust meets the requirements ol the key princieS as defined. Risk Management An Annual Risk Report is tabled every year lor consideration by TTUSt8es that includes 30 items with correspoThJing commenis as to how besi lo addres& ameliorate ard'or monilor Ihe idèniified risks. The most significani risk idenlified by Trustees is a major downlurn in the value ol the Trust's investments which, il it were lo continue over the longer lemi, would impact on ils ability to piovide grants lo its priority areas ol charilable wotk as outlined on page 5. This risk is addressed by holding a diversified portfolio of investmenls with separate fund managefs and ty having policies in place lo adjust distribution levels over time. Trustees are also aware ol the requirements of the Common Reporting Slandard and confim that all recipients of grant lunding during the year were oiganisalions registered in th& UK lor tax purposes. Building Co •¥ -TnBtees Annual Report
Dat8(11 Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Financial Review knveslment Pollcy , As allowed by Ihe Trust Deed, Trusle8s ireat the capital of Ihe Trust as expendable endowmenl arml have considernble discretion over Ihe inVestnl ol the rrK)nies of the Tmst Fund. Trustees erKJage two separate inveslmenl managefs. each with roughly hall ol Ihe Trusl's invesltrent r•yilollo rnanaged on a lo] return basis As oulllned on page 6 Ihe Iransition lo new managemenl durfng 2023 01 half of Ihe portfolio was completed In May 2024. This aligrEd all asset fflanagement with the Trusts renvbved commilment to sustainable investment The aim ol th8 Trusl'8 Investlwl PoIY1810 malntain the real value of Ihe catyal whil wovirfing suainable 'relums lo distrityJte as grant& h decsIng the amount to be speth on grant-makiw and operations in the year, Trustees used as a guide an amount that is 4Y• of the total value (on a trailiro 13 quarter average) of the inveslmeni Portfolio. Truslees agreed In April 2021 Ihal up ty 5% 01 the assels urKler management may be deOYed as social investments. The full Investment policy of the Trusl is revlewed annually by Trustees WIK) lake account of the advice and , 1recommetsons of the Invesmieni Committee. Porformance agalnst trweslment Pollcy The portlolio produced a total relum of 9°/. In 2024, wilh Sarasin Producing a 13.wty relum aj CazerKNe 4.1 % since hwtion date of June 2024. This compares the ARC Charity Steady Groth Index 8.W. Reser8 Pollcy As at 31.12.24 there was a negatlve balance on unreslricted tunds Iresetvesl of £944,372 (2023: .£851,735k>.- 'This arises because of the irtlusion in the financial stalements of grant commitm8nts of £1,542m {2023'. £1.174ml over Ihe nexl 2 years that are not due lo be paid until after ftrture investment retums are recved. Forward commttmenls are made wllhln a calculation which prolecls Truslees capacity to commil granls In luture years within the distribution slialegy. The Trustee5 are satisfied thal this is a Sensib approach in relation lo annuat investment income and that their investment strategy is sufficiently robust lo obvlate the need lor a designated feserve fu1. 14 Tnistees Annual Report | Pap 15
l)at8d Isi Oclobw l- Fleglslw8d Chaiity No. 232131 Trustees, Annual Report Ilor year ended 31st December 20241 | Fi'ancis Scott Ti'ust Plans for Future Periods Trustees are very much awa that these remain challenging times for many organisatior6 aThd individuals in the TTusI's beneficial area, wilh continued challenges aTrd lonTrlerm effects. As a lonoierm luTrJer, the Francis Scoll Trust will continue providing mutti-year lurKling to charitable projects within its defined areas of benefit and continues to explore new ways ol working lo expand productive and positive m8lhods of collaborating with community partners delNering quality prcgrammes to children and young people locally. t>Jring 2025 the Trust will Complete a strategi¢ review, begun during the reporting year. This will include refle¢ling on the leaming from the lislening and Break the Mould projects, considering th8 Trusl's restated guiding principles, and a review ol all ils activity, considering how to effect the most positive change using all available assets and reSoUrs. Golng Concern The fund value of £40,203,449 al the year-erKI DeCem1r 2024 is up on the year-end December 2023. Trustees are fflindlul that the income from the fund may flucluale in future years and that the growlh in the value ol investments in recenl years may not conlinue. The level of distribution made available remains al Trustee's discrelion, as does Ihe use ol capilal lo meet agreed distribution levels. Based on these assessments and given the measures undertaken lo milate risks, the Trustees have colUded that they can continue to adopt the going concem basis in preparing the annual report and acccwnts. This port was approved by TrUee$ on July 18th. 2025. Dr Stephen trr(Chair of Truslees) ur TSteeS +lmual RepNt I Pag• 16
THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1 Octcthr 1963- Registered Charity No. 232131 Independent Audltor's report to the Truslees of The Francls C Scott Charltable Trust Opinion We have audited the financial statements of The Francis C Scott Charitable Trust {the 'thanty') for the year ended 31 December 2024 which comprise the Slalement of Financial Aclivilies. the Balance Sheet and notes to the financial stslements. including a summary of signfficant accounting pdicTres. The financial ieporting framework thal has been athied in their prepaiatKJn is applicable law and United Kingdom Accounting Standards. induding Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generalty Attepted Accounting Practi¢el. In our opinicm the finanoal statements: give a true and fair V of the slate of the charty's affairs as at 31 December 2024. and of ils incoming resources and applicali¢)n of res<)urces, for the year then ended: have been properly prepared in accordance with United Kirodom G8n8ralty Accepted Accounting Practice: and have been prepared in attordance the requirements of the Charities Act 2011 as amended by the CharItS Act 2022. Basls for oplnSon We conducted our audit in a¢XOrdan with Inlemational Slandards on Audrknng (UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further descnbed in the Auditorfs reswnsibiltknes forthe auditof the ffinanaal statements section of our report. We are independent of the charity in accordance wth the ethical requirements that are relevant lo our audit of the finanaal statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethul responsibilrts in accordance with these iequirements. We believe that the audit evidence we have cblained is Sufflent and appropnale to prowde a basis for our opinion. Con¢lu$ions relating to going concern In auditing the financial stslemenls, we have conduded Ihal the truslee's use of the going concem basis of accounting in U)e preparation of the financial statemènts is appropyiale. Based on the work we have perfOrnd, we have not identified any material uncertainties relatirvJ to events c conditsons that. individualty or collectNely, may casl signfficant doubt on the chanty's ability to continue as a going concem for a peri¢Jd of al least 12 months from when the financial statements are authori5ed for k%SUe. Our reSponbilltieS and the reswnsibilities of the trustees with respect to going concern are described in the relevant seth'ons of this report. Other infom)ation The trustees are responsible for the other information. The other inf0mtIOn comprises the infomialion induded in the trustees, annual report, other than the financial st8lements and our audilorfs rewt Ihereon. Our opinion on the financial slalemenls d¢)es not Cover the other information and. ex¢epl to the extent otheThMse explicitly staled in our rewt. we do not exwess any fomi of assurance condusion thereon. In connection with our audrt of the financial *ements. our reswnsibility is to read the other infomalion and. in dng so. consider whether the olher Informal)n is materially inconsistent with the financial slalements, or our knedge obtained in the audit or olher¥Mse appears to be materially misstated. If we identify such material inconsistencies or appanI material misslalemenls. we are qUId lo determine whether there is a matenal misstatement in the financial statements or a malenal misstatement of the other infomiation. If, based on the work we have performed. we conclude that there is a material misstatement of this other InfoallOn. we a rg]uired lo report that facl. We have nothing to rewt in this ward. TSteeS +lmual RepNt I Pag• 17
THE FRANCIS C sco CHARITABLE TRUST Dated 1 $1 October 1963 - Registered Charity No. 232131 Independent Auditof s report to Ihe Trustees of The Francis C Scott Charitable Trust Matters on which we are required to report by exception In the light of the knOedge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing lo port in respect of the follo¥Mng matters in relation to whith the Charities (Accounts and Reports) Regulations 2008 require us lo repcrt to you if. in our opinion-. the inf0mtiOn given in the financial statements is inconsistent in any material SpeCt with the trustees, report: or sufficient aeeouniing re¢X>rds have not been kept,. or the financial statemen15 are not in agreement with the accCting records.. or we have not received all th8 information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees. responsibiltknes statement sel out on page 4. the trustees are responsibk for the preparation of finanual statements which give a true and fair view. and for such intemal control as the trustees detemiine is necessary lo enable the preparatson of financial slatements that are free from material misslatemenl. thether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the charity's ability lo continue as a going concem. discbsing. as applicable, matters related lo goirKJ concem and using the going ¢oncem basis of acwunting unless the trustees either intend to liquidate the charity or to cease operats'ons, or have no realistic allemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor urKler section 144 of the Charit$ Act 2011 as amended by Ihe Charities Act 2022 and reF(Kt in accordance wth regulations made undei secaK)n 154 of that Act. Our objectives are to obtain reasonable assuranc8 about whether the financial statements as a whole are free material misstatement. whether due lo fraud or error, and lo issue an auditorfs port that indudes our opinn. Reasonable assurance is a high level of assurance but is not a guarantee that an athlrt conducted in accordance wth ISAS {UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are nsIdered material if. indivKlually or in the aggregate, they Uld reasonably be expected to inlluence the economic deasions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, Ou[ned above, to detect material misstatements in respect of iegUlalIeS, including fraud. The extent lo which our procedures are capable of detecting irre9ularits'e5. including fraud is detailed telow. In identfying and assessing risks of m*erial misslalemenl in resped of irregularities, induding fraud and non- complK4nce wrth laws and reguLalions. we considered the f¢Jlt)wing'. results of our enquiries of Managent about their (Thvn identification and assessment of the risks of iffegularth-es.. any matters we identified havirKJ obtsined and reviewed the ¢harity'S do¢umenlalKJn of their pc4icies and ()u(e$ rdaknng lo. identsfying. evaluakn'ng and complying wth laws and wulations and ¥thether they are aware of any 41stan$ of noTrcomp1ian. detecting and responding lo risks of fraud arvj whether they have any knowledge of any actual, suspecled crf alleged fraud", TSteeS +lmual RepNt I Pag• 18
THE FRANCIS C sco CHARITABLE TRUST Dated 1 $1 October 1963 - Registered Charity No. 232131 Independent Auditof s report to Ihe Trustees of The Francis C Scott Charitable Trust the intemal controls established lo mrtyale nsks of fraud cf nonvc0mp1iae with laws and tegulations. the matters discussed among the audit team regarding and where fraud moht 0ur in the finanrial statements and any wlential indi¢2tors of fraud. As a result of these procedures. we considered the 0pFQrtun'eS and incentsves that may exist within the Qfganisalion for fraud and idenliffied the greatest p)tenlial for fraud lo be in relation to management override whth, in common with all audits under ISAS (UK), we are required to perfNm specific procedures to reswnd to this nsk. We also obtained an understanding of the legal and regulatory framework that the charity operates in. focusing on provisions of those laws and regulatson5 that had a direct effec* ¢)n the determination of rnaterial amounts and dixlosures in the financial $tatements_ The key laws and regulations we Considered in this context included the Charities Act 2011 as amended by the Chafitses Act 2022 and Charib'es (Accounts and Reports) Regulattons 2008. As a result of perfom)ing the al>)ve, in re$F•Se to the rkS identrfied, we did not identfy any key audit matters related to the potential risk of fraud or non-compliance wtth laws and regulats"ons. In addition to the above. our prc¢edures to respond to risks identified the following: reviewing the financial Statement dixlosure5 and testing 10 Supporting documentation to assess compliance wth provisions of levant laws and regulations described as havi a direct effect on the financial stslements- enquiring of management conceming actual and potential Irti'gation claims: performing ana1ical procedures lo idenlrfy any unusual unexFeCted relationships that may indicate risks of material misststement due to fraud. reading minutes of meetings of those Charged wilh goveman¢e; and in addressing tha risk of fraud th9h management override of controls. tosts'rKJ the appropriateness of joumal entr and other adjustments; assessing ether the judgements made in making a¢¢ounting estimates are indicaltve of a potential bias." and evaluab'ng the rationale of any svJnificant Iransactions that are unusual or OU"de the normal coutse of the charity's W)rk. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team Mem(5 and remained alert ta any indications of fraud or non-compliance with law5 arKI regulatnS throughout the audit. There are inherent limilatKffjs in our audit wocedures described above. The more that laws and regulations are from financ1 transactions. Ihe kss likely it is that we would become aware of non-comp1nCe. Auditing standards also limit the audit pr¢xedures required to identify nonthcompliance Ntrith laws and regulations lo enquiry of the tnjslees and other management and the inspection of regulatory and gaI correspondence, rf any. Material misstslements that arise due lo fraud can be harderto detect than those that arise from error as they may involve deliberate concealmenl or collusion. A fijrther descripkn'on of our responsibilitses for the audit of the financial statements is located on the Financk41 Reporting Councd'5 website at.. www.trc.org.uklaudrtor5resFon5ibilitie5. This description for part of our auditorfs report. TSteeS +lmual RepNt I Pag• 19
THE FRANCIS C sco CHARrrABLE TRUST Daled 1" October 1%3- RwJi5tered Chaiity No. 232131 Independent Audilofs report to the Trustee5 of The Francis C Scott Charitable TNst Use of audit report This )rt is made SL4ely to the tharity's trus1. as a toJy. in wxx)nlant th Part 4 of the Charrtses (Accounts and Reports) Regulatsons 2008. Our alxlitwork has been uTrJertaken so that ve mKJht stale lo Ihe charity's tnJstees those marters we are required to 5t3te tolhom an auditc<s rewt and fornooth8rpuqJ05e. To the ftJlle5t extent pennitre<l by W, we do not accept or as9me responsibility lo anyrA other Ihan. the charity and the charitys trustees as a body. fty tyjr 8udrt wcyk, for this rep)rt. or lor the opinions we h8VO Dodd & Co Audit Dale 2 310 8 FIFTEENRh1I1, Montgomery Way, Rosehill E#8te. Carlisle. Cumbn'a. CA f 2RW mrted, Stsfvtory Auditor Dodd & Co Audit bmrted is ellble to 8cI as an audtsin tern ofseclion 1212 offtt Conwan$ Act 2006.
THE FRANCIS C SCOTT CHARITABLE TRUST Oated 1st Odober 1963 . Registered Chanty No. 232131 Slatement of finan¢ial activities For the year ended 31 December 2024 ExFendab Gener Noteg en¢h)knTrent unreSlned Tcthl 2024 Total 2023 In¢tyn• Inve51menl Inco Transhr to irK¢ffie 878.947 823.258 878.947 558,158 823.258 Total Incorn• 823.258 1.700.205 876.947 558.156 Exp•ndltur• Costs ofr8i&ng funds Inve5trrnnt managemènt eosts 162.145 162.145 237,392 EXpetrt ¢Jll chantable &¢bwtpes Grant making Grants commilted Grant ojmmrtments canled Grnnt related supp0rVgovernf% costs SorAal In¥e5trnent reialed supp0rtlgovem¢e costs 5122 5122 (1,eil1,5Tr {1,601,5) 11,139,461) 23.730 23.730 1211.982 1211.9B21 1212.7381 1 792 842 Total expendliur• 162.145 1,546,649 Nèt èxpèndlturè gilnsllossès on Imitrsknièhts 1078 040 988 493 N•t galln0V+S on Imi•stm•nts 13 3 828 183 3 028 183 3 857 463 Net movement In funds 2.842,780 (¥2,6371 2.5Y).143 2,868,970 olfvnds Total 1h1 loThvard 38.151,431 851,735 37,299,696 34,630,726 Total funds canled lo[d 40.794211 39.849.839 37.299 898 The rnles on p•ges 24 to 37fonn part of these financial slatements. Irusl has no rEcognised gains and b)$888 Oiher than tlp)se stated above. Al me and expenthiure denve from cnIng x*'vrties. TSteeS +lmual RepNt I Pag• 21
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Registered Charity Nb. 232131 Balance sheet At 31 December 2024 Expendab General enduwmenl unrestn'cted Tolal 2024 Total 2023 Notes Flxed assets Tar¥Jible assets Investments Prc£ramrr related inveslments 12 13 14 125.C#y) 40,203,449 soo.oc 40,828.449 125,000 40,203,449 517,451 4D,845,900 125,000 37.S53,181 S28,104 38,204,285 17,451 17,451 Current a59ets Debtors Cash 15 16 60,423 539.942 600,365 60,423 539 942 600.365 21,165 295 673 316,838 Creditors: ATh)unt$ lalling (hje %%ithin one year 17 34,238 956,128 990,366 863,127 Ntl ¢urrtnl Iliabilitiesyasstts 355 763 3900)1 546 289 Totsl assets less current liabilities Crtditors: An)uThts falling due alief re than one year 40,794.211 (338.312) 40,455,899 37.657,996 18 606 060 806 C60 358 300 Totsl net asset511liabilities) 40 794.211 39.849,839 944,372 37.299.696 Total charity lunds 40 794.211 944,372 39,849,839 37 299,696 Approved by the Trustee8 on July 18th 2025 and gned on behall by: Stephen Curf (Chair of Trusleesj Christine KniFf, Trustge The notes i)n p&¥s 24 to 37 fomi part of these finarKial statements. TSteeS +lmual RepNt I Pag• 22
THE FRANCIS c scorr CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Statement of Cash Flows For the year ended 31 December 2024 Total Funds 2024 Total Funds 2023 Notes Net cash used in operallng actlvltle8 20 1.590.078 1.895.671 Cash Ilows Irom investing activ&s.. Dividends and interest Nel prOedS from salelpurchase of investments Net cash used by investing activities 847.779 158.511 1,006.290 530.655 341,210 871.865 Change In cash and cash equivalents in the year (583.788) (1,023,8C61 Cash and cash equivalents brought Icrnard 836.028 1.470.374 Change in cash and cash equivalents due to exd)ange rate rrthaments 302.966 389.460 Cash and rAsh equlvalents carried forward 21 555.206 836.028 TSteeS +lmual RepNt I Pag• 23
THE FRANCIS c scorr CHARITABLE TRUST Daled 1# Octo1 1963- Registered Charity No. 232131 Notes to financial statements For the year ended 31 Decernbgr 2024 Accountlng pollcb•s a).Ba&s oKa¢th4nlir)g The Franus C Su)tt Chantable TnJ$t is a Tnjst ueated by Deed of Trust on 1 October 1963 wrth F4)wers to distrxrte fiJnds fcf charrtable purpLJses. The nalufe d rts activrties 15 disdosed in the trustees. reFrfxI. The registered Offi is SlricklanthJate House. 92 Sth"d(laTrJgale. Kendal. Cumbria, LA9 4PU. The financial Statements are prepared urKler the hislorKal cost convention. v•ilh the exception of investrnents. whith are lThJuded on a market Value basis and properties which are Induded at prior professional valuatn. The financial $tatenEnts have been wepared In acoxdance wth the Statement of Recommended Practsce.. AccoJntirKJ and Reporh"ng by Chanlies prepariro their accounts in aCCcrfdan wth the Financaal Rep(xling Standard applicae in the UK and Republ of Ireland IFRS 102} issued on 16 July 2014 and the Financia Reporn'ng Standard applicable In the UK and Reputs1 of IrelaThJ IFRS 1021 and the chare$ AL# 2011 as amended by the Charrties Aci 2022. The charity eijnstslutes a pu14K tenefft entity as defined by FRS 102. The flnanclal statements have been prep¥ed to glve a'true and falf and have departed from the ChalS (Accounts aThJ Rerts) Regulalions 2008 only lo Ihe exlenl required lo provide a 'lrue and lair view,. This departure has Involved lolbwing Ihe Stslemenl ol Recommended PrathL%." Arcountsng and Rewb"ng by Ch¥ribe¥ preparing thwr accounts In accordance wth the Financial ReportirvJ Standard ap1¢able in the UK and Re1C of Irdand IFRS 1021 issued on 16 Juty 2014 rather than the Ac£ounbno and Rer•>tsno by Charrttes.. Slatemenl of Re¢omffntJed Practs" effecl.ve from 14)nl 2005 which has snce been withdrawn. bj Preparntw olfinanuglstgtements on 8 wng concem l)as The truslees cLJns4der Ihal Ihere are materkal uncertainties abwt the tru$l'$ ats'lity to g)ntinue as a going em. e) Investment incor Investment incoffle is a¢L>JJnted for in the wiod in l¢ti the Trust is entthed lo receipt. dj Expenditure Expenditure is Ir1 on an accfuals basis and indudes atln'butable VAT whth cannot be reo)vered. Costs of raising fvnds eompnse those costs directly attributable to managing the investnnl pjrtfoh'o and rai%ng investment Grants payable are tharged in the ytrar when offer is conveyed to the recwjient except SeS ere material offers are Cond"0na1. such grants being re0nised as expenthture when the condits.ons attachiThJ are fulfilled. Matenal grants offered subpct to condibons which have been met at the year end are notad as a commrtment but Th)t accrued as expenditure. The prOvisn fcff a mu..year grant i8 recognised al rts present value on Initial recognition where settlement is due over more than one year from the date ol the award, there are no unfulfilled 1"¢fi$ under tre (x)nlrol of the Trust that would pemit the Trust to aVd makirg the fubjre paymentlsl. settment Is wobatle Ihe effect of discounlry is Matla1. The diswunl rale used Is the a¥erape rale ol deposit interesl in Ihe year in I1¢h the granl award is made This discount r is regarded by the Trustees as provithng the mosl current avaiLable esU'mate ol the oppc(iunty cc6t ol money reneth'ng the tsme value of n)neY to the Trust. Costs of Charrtab athvibes Indude grants committed and an appoTb"onment ol overhead and SUFPOrt o)sls as showm In note 6. StJFg0rt Costs inc4ude central fvn¢t$ and have allo¢ated lo a¢b"vity ¢ost ¢aiegone$ on a basis ¢1Stent wilh Ihe uses of resources. e.g. allocating property costs by staff use, slaff costs by Ihe b.me spent and other costs by their usage. Goveman¢e ¢ompnse all Costs invofving the wbli¢ ac¢ounlabilrty of Trust arKI its comlance with regUlatn and oc¥) actice. These Indude cvsts relaled to audrt and legal fees together wrth an apport¥)nment of thead aj support ¢))Bls. ej Tangib fixed assets Indiwdual [ell assets are ca[ed where the wr¢hase cbsl exeeds £10,CQO. TarwJit4e ft%ed asset$ ¥e valued al ¢o$l or valuats", net of depyeoation an¢J any provig1)n impaimient. (kpreLyalKNI 15 w0ve lvJ. FreelK)Id propetbe¥ have nol been (kwe¢iale(l as the Trustees coNder Ihal the anThinl inwlved 1$ immaterial. Revaluafvon olproKrties Advantage has been laken of the transibonal provisijns of FRS 102 to relain the tsjok value of propth whith were rewdlwl or to implementslicn ol that stsndard. The properts were last malued on 14 January 1997 and the ydluab.on has Th)t subsequendy been updated. TSteeS +lmual RepNt I Pag• 24
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 181 Crtober 1963- Registered Chartty No. 232131 Notes lo financial statemenls For Ihe year ended 31 December 2023 1 Accourrtlng Wlcl•s (Gont.) g) Fixed assgt investffnls InveslrrEnts are IrKluded at their fair value al the balance sheet dale. The Statement of Fwianoal Actimties indudes the nel gains and kffjses an&ng on revalualiorfj and disposals thrOug)Ul Ihe year. h) Programme relatedinvestrnents Pr¢yJramme related investments are Inth'ally 3$Ud at the anK)unt paid, Ihe carwng am(wnt adjusted in sub8equent years to lIe¢l repOents and any awued Interest and adjusted il necessary for any impaimnt. i) Foreign rurrvncies FOren currency balte$ have been translated èl the rate of exfige rullng ai the balan sheet date. j) FinanGial inStrunIS Forward foreign currency contrads are measured al fair value on the date the a is entered into and are subsequenlty re- measured at Ihe lair alue al balance sheet date. Changes In the "[ value are rewjntsed In the Ststemenl ol FnarKial ACvIts. k) Fund a¢x¢>unting General funds are unreslricled funds which are available lor use al the discrets'on of the TrLK8tees in furlhwance of the general objectives of Ihe Trust and Y4h¢h have not been designated IN ¢ther purposes. The endovmient of the chanty Is expendable endowmenl. The Trust deed allow3 this fund to tse sFent as Irthme or Tetwned as C8FMtal al the Ttuslees. disuelK)n. Irwme arisng Ihe expen(JalXe en(knnI is UnreStred. kny captsl gains (Y losses arising the disposa of nd a&sets fomi part ol the fund. l) Pen&ons The Trus1 OFerale5 a defined saL4ry sauthce con1n"bul xheme the benefil of its emthees. Contn"bub"ons payatle are Charged lo the Statement of Financ4al A(ar¥ilies in the year are payable. m) OperaiirKJ leès& rentsts Renlals payab under operating SeS are charged in Ihe Statement of Fina131 Acti¥11 on a straight line basis over th lease temi. TSteeS +lmual RepNt I Pag• 25
THE FRANCIS C SCOTh CHARITABLE TRUST Oated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2024 (continued) 2024 2023 2 Inwstm•nt In¢omo General unrestrlcted Slctks and shares Bank intere51 Chanties dePt fund interest Interesl from pro9ramff related investrnents 835,472 3,318 3.314 526.209 4.052 4.704 23.190 558.155 876.196 R¢ntsl in¢ryne18rathay Tw$ll Ir{ne from REACH grant referrals Imisc inojmel 7) 876.947 55B.156 3 Trartafers from •xpendable •IVMeTht to Incom• A Iran$lw d coplol of £823,258 w86 mado in tho ye8r12023. £I.079.11. Th• lotol artrt ol nf•strid•d irtom• availabl•1 tp•ndty th• y•Arw £1.700.20512023: £1.837.3S21. 2024 2023 4 Investment management ¢o•ts Fund managers, lees iy)mprw'. Rolhschik Saras Cazenove 34,242 119.013 8.8 129,557 107.835 162.145 237.392 The TOL71 Expense Ratio for 2024 was 0.3Pk12023.' 0.74%) for Rolhschild 0.64% 12023.. 0.60%) lor Sarasin and 0.51% Cazenove since inceplion date June 2024. TSteeS +lmual RepNt I Pag• 26
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 10 O¢trknr 19fj3 - R•gisieréd ChaNty No. 232131 Notes to the financial sLitements for the year ended 31 December 2024((£fikn"nued} GrantmanI v¥lu• of grants to In$irtutson8 Cornnl•] y•gr. kndudiThJ cancdlJ waThis ¢Pn6'. 2024 2023 G¢n•ral r¢s¢¢t•d Gr8rt 1.601,590 23.730 1.121.261 145.ty)O Gmrts nEUl¥strnWJlO¢rfOWed 1.577,860 1.076.261 Supp>t wsls IrvX¥$ 6 8r#J 7 157.703 149.754 Governre cr¥ 6 8nd 71 57,279 214,982 62.984 212.738 1.792,842 1.288.999 Restrlct•d Gmrt rryY¥nthb•nt• 18.X 1.307.199 1.792,842 F1 detai olthe reTrwrs 8r• 22. 2024 2023 R•¢ondlltlon 019rants pay•bl•: Comrnilrnonls al boginniro of pol1 Commibnthnts madts In Ih& p6nod. uN•strt•d fvnd Ccrfnmilments mS• In th• pontyj. rethcted lund Grants cancolled Gr#nt un¢Jw5peThJ vs c4mmiknent GArts t4)mmrti•d for th• piod 1.173,e63 1.529.574 1,601, 1.121.261 18.2f I45.COI 123.7))) 1.577,8eo 1.094.461 Grnrts PA durirg the (j Grarts r•pa 11.209.314) 11,450.172 1.J)9,314 1.542.409 1.450.172 1.173863 CLnmitm8ntsl 31 D•(nbor Commknnis at 31 D•(*mb•r • p•y•ts as 10114yWS: Withm yèar (notè 171 After mor? I on• year1n 181 936,349 606,060 1.542,409 815.583 358.300 1.173.863 TSteeS +lmual RepNt I Pag• 27
THE FRANCIS C SCOTh CHARITABLE TRUST Dalad 1st 00r 1963 - Rogistor Charity No 232131 Notes to the financial statements for the year ended 31 December 2024lwntinuedl 6 Allocatlon of support and gov•M•• ¢ts Th• br•akdtAvn tsl Èuppon ¢¢¢ts It•s• wr• •llc<•t•d b•iwwi Goy•man¢• and Chortsty• ktivth•s is shtyin In th¢ 1+ b¢bw Co¥t Ty Totsl JG•t Charrt4bl 8a515 of App191 Gr5ntrna.n Slaff co$15 01r rontsl ONI Travdling confai•nc•$ Statt ts8JNng Subsuiptsons 152.432 22.541 7,173 1.323 412 163.881 22. 2.254 717 129.567 20287 6,456 1.125 Staff ts'mo Staff tmo St8ff Usa 144 26.178 1S7.703 Prcframm• r•lat•d fftv••inKrrt ¢0 St•tttim• 186.881 29.178 157.703 2024 2023 Gov•mn¢• ¢osts Slaff co$ls oirre r•ntsl aTrJ o) 22.865 2.254 717 21.438 2.313 Slaif ts8iThng Subsuiplions Profe66n4 f• HR lee¥ L•oal fMs Audil fee Cost$ ol mootin Tntsle85' trgvd expenses Extracrfdkiary ts)$1$ 4trat•9y and Evauat SuThJry 81 1.19) 144 271 3,661 13.0(p) 1.312 2.026 13.440 1.416 7.674 1,835 54.279 13.769 1,939 62.984 3.OryJ 57,279 65.042 7 Comparatfves lor411¢xallon of 5UPPOrt and governance costs Th• brakdcAYn tsf Mupwrt lthy Ih•#• w•M alIL botw68n Gtrrf&manc• and critatI• ktiVrfl own in tho tlè bèbw.. Co¥t Ty Totsl hxat•d Gpvwnano Charthbl Ac1[101 84$15 01 Appwtionfflenl Siaff costs r•ntal ¢)xls Trwelling 8TrJ ¢orrf¢i¢n¢•$ Sl8ff Ir8iThng Subs¢riplion 142.923 23.128 5.397 542 3.286 21.438 2.313 121.485 20,815 4,857 461 Staff ts'mg Staff tr'm8 Stgfl t'ft Staff tr'me Us9& 81 1.193 Pri4rarn relat•d n¥051rrort 2.OS8 177334 2.ose 27.560 Stawti Net expendMur• and nel movement In before oalns and I*•% on Investmènts 2024 2023 Nel expendrture and not movThnt In fvTras beforv gain5 cffl mv95tments slated after tharying". AuthlofB reMOrl Audiws reMratY. n¢)n audrt1l opgrab.ng lea t18 13.0 12.eoj 16.268 15.693 TSteeS +lmual RepNt I Pag• 28
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1 st (ktober 1963 Registered Charity No. 232131 Notes to the Ilnanclal statemenls for the year ended 31 December 2024 (continued) Analys1$ ol stall ¢ts and remuneratlon of key m•n•utment perwnnel 2024 2023 Salaries Sooal security o)sts Pension SS 170,742 10,656 16,547 156,957 10,240 14,909 197,945 182.106 The average McthlY number ol employees during the year was 412023.. 4}. Calcul8ied on a frjll limè equivalent basis the average number was 412023.. 31. Pengon (3)$ts are allwaled lo a¢t1¥"e$ wi proportKn to ihe related staffiThJ costs inuJrTed and are ¥thdly char9ed lo unrestricted lunds. The Tn1 (x)nsKleTS 115 key magement perscfflnel cnse the Trustee5, the Director Fin¥ Manager. The total erry)loymenl benefits CIL1ThJ emF4oyer Pens ¢C1rJ11S ol the key management Pern were £122.974 {2023." £116,910). The Ic41owing number cl err¢loyees recved erry)loyee benefits (excluding empbyer pengm Costs) durirYJ the year ts¥een.. 2024 Number 2023 Numter £60.CQO - £69.999 £70.C(4J - £79.999 EmF4oyees worked lor 1 or 2 other Trusls. The Fneda Scott Chantable Trust and The Sir James and L Scotl Trust. owraling fr¢m the same re$s. A pPortsOn ¢f Ihar costs. based en the lime spent. is recharge¢J to thc6e chare$. The amounl recharged during the year was £45,51312023.' £39.1831. Maddeine Scott is also a Twslee of The Sir James and Lady Scott Tr81. 2024 2023 Salaries Less lar9ed 197,945 45.513 182.106 39,183 Net cost to the FranrAs C Scott ChanLle Trust 152,432 142.923 Induded in charrtable a¢ts"wb"e$ Induded in govemance cosls 129.567 22,865 121.485 21.438 152,432 142,923 The Tru51 makes CnIn.ll0nS to the deffined conlritrmJl pens Schemes of its employees. The assets ol these s(emes are held separalety frcffi those of the Trust In independently adrrinisler&J lunds. The nsion Costs thargè represènts ()ntntlons paid by Tmst to thosè funds An AutO-Enrolmènt conw11 ftheme Yds set up witr effect trom 1 hprfl 2016. TSteeS +lmual RepNt I Pag• 29
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Regisiered Charty No. 232131 Notes to the financial statements for t year •nded 31 December 2024 {continued) 10 TruIte. remunèrntlon and rèlated par¥e# 2 Twslees12023". 31 fe(tived eypenses totdliro e852 In the year12023'. £9891 Ihe cost of travel to Twstees, mEetinys and on other Trust business. Trustees neither receNe(I nor waNed any enMYumenls duriry the year12023.' £nill. An annual donats.on of£5.200 was made lo Ihe LAierpxrtJl Charity and Vduntary SeTrK•s lo té spent on elwitatlè causos at Ihè Chairs discrèb"on. Trre were no related pavty IrarCti$ in tr year. 11 Conwrative• for Statement of Financial A¢tivities and Balance Sheet figure• stat•m•nt of Flnanclal Actlvfitl•s Expendabl& •nilcy•mnI G8rwal unreslrithd Total 2023 Incom• Investrnent income TransY•r lo In¢)> 558.156 1,079,196 558,156 1,079,196 Tolal In¢4Jm 1.079,196 1,637,352 558,1 Expenditur• Cosls olrai&n9 funds Inveslrnenl managemtrnl ¢osls Expenditure on charitable acliwt$ Grant makirJ GrAnts eornmrtièd Grant comrThlmenls nrlled Gront rÈLqied Suppo90Vem9nCe o)sts SLval Investuwt rekqted SuppKYUgL)veMan costs 237,392 237.392 118.2W} 11,121.2611 45,000 1212.7381 2.058 11.139.461) 45,000 1212.7381 2.058 18,2DJ 1,291,057 1,309.257 Totsl •xp•ndltuv• 237,392 18,2 1,291,057 1,546.649 N•t •xpenditur• and net movThn¢ in fund• belore gains and losses on investments 1.316.588 18.2CQ 348.295 988.493 3.657.463 3,657,463 Net m4w•m•nt in lund$ 2.340.875 118,2OJ} 346,295 2,868,970 Roconciliatwi t*funds Total bjnds tnLKJht lorward 35 810.558 18 1 198.030 Totsl fun¢h carried forward 38.151.431 851,735 37,299,698 TSteeS +lmual RepNt I Pag• 30
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st Octcoer 13 - RgJistered Charity No. 232131 Notes to the financial stalemenls for the year ended 31 December 2024 (continued) 11 Comparatlves for Statoment of Financlal Actlvltles and Balanc• Sh•gt figur•i Icontlnu•dl 8alance Sheet Expendalle eThknmient Rèstn'cted Fund Gener unrestricted Total 2023 Flx•d ass•ts Tangible assels Inveslments Programrne Telaled investrnents 125,000 37.553.181 500,OOD 38.178.181 125,000 37.553.181 526,104 38.204.285 26.104 26.104 Debto Cash 21.165 295.673 316.838 21,165 295.673 316,838 Creditors: Al)unts falling due within one yeaf N•t eurr•nt Illabllrtlésvassets 26.750 26.750 836.377 519.539 863.127 546.289 Totsl ass•ts less curr•nt liabilltl•s Credl<or•: Amounts lalling duo aft•r MO than one year Totsl net assetsllliabllltles) 38.151,431 1493.4351 37.657.996 358.300 358.30J 38.151,431 1.735 37.299.696 Total charity funds 38,151,431 1.735 37,299,696 12 Tangible fixed assets LaTrJ 8 Buildinu 2024 2023 Balance at beg'nning end of penod 125.000 125.OCK) The py)ert3 were valued Ck7rk Scott-Hwden. Chartered Surve15. Penrrth on Ihe basis ol open market value ryth extsting use 14 January 1997. The Truslees ecSIder thal Ihis valuation is reasonable as thfr properties are lel under a bng lease whKh only generate5 a ncrfninal rent They (kn rnt con5Kler it neSSary, or In the Intefests of the Trust. to have the woperties revaILd at this bme. The prwertS LY)mw8e Brathay Hall and 3 estsle ¢ott¥Jes all ofwhiL are let to the 8rallwy Twst IRegotered Charily No.. 1021586) lor a mminal rent under a lease which eXre8 in 2049. 8rathay Trusl uJrrenUy Insu the buildings for £27,270.24312023" £27.390.2251. The hist¢xKal cost ol the WopertS at 31 Drnber 2023 wa5 £360.689131 December 2023.. £360.6891 and Ihe current annual renlal value luegone has been e51imaled at £137.750 (2023: £131.79)). TSteeS +lmual RepNt I Pag• 31
THE FRANCIS C SCOTT CHARITA8LE TRUST Dated 1st Octobei 1963 - Registered Charity No. 232131 Notes to the financlal statsments for the year ended 31 December 2024 (continued) 13 Inv•$lmgnts 2024 2023 Market value at beginning of period AcquBrtions at o)st DBpK)sal woceeds Net gainslllossesl on revaluatpan Market value at end of period Uninvesled cash and setuements . eTrJowmenl account 37.012,826 29.278.382 29,428,240) 3.32S.217 40.186.185 15.264 34,286,033 14,488,926 115.030,136) 3.268,Ci13 37,012,826 $40 355 40,203.449 37,553,181 Uninvesled osh includes a nel tyjrrency gain of £302.96612023-. gain of £389.4801. Net gain on the revaluation and dis$81 ol all investments for Ihe year amounted to £3,628.18312023'. gain of £3.657,4631. Invgstmgnts at rnark•t valug compris9 2024 2023 32.326.326 3.370.452 209.304 3.121.371 1 160 732 27,784,962 4,943,SJ2 2.485.730 1,51 S,263 Fixed income Hedge ftAnds Ajlernative Othei 40.186.185 37,012,826 Historical cost at end of riod 36.447.499 31,501,767 AJI investments are either listed on UK or overseas stock exchange5. or valued by reference lo such investments. Material investrnents are.. 2024 2023 SUTL CazetKJve Charily SuslaiThable Mulb-Asset Fund 19.454,092 The Trustees consider indlvidual serJJrity h)Idings in excess of 5% lund holdingB in excess of 10% to be material. Inveslrrnl in equitie5 and fixed interest securrlie5 are all traded in quoted public markets, primarity the London Stock Exchange. Hc4dir¥Js ir¢ common InVestnI funds, unil Iwsts and opennded investment cnmpanies are at mid-price. The bass of laif value for qLh)ted investments is eqL*ivanI to the market value. usng the price. The dIffenCe been the mid-price and txd-price is not material lo the accounts. Asset sales arvJ wrchases rewgnised al the dale of trade al (x)51 Ilhal is their transaction value). TSteeS +lmual RepNt I Pag• 32
THE FRANCIS c scorr CHARITABLE TRUST Dated 1st October 1963 - Regi8tered Chanty No. 232131 Notes to the financial statemenls for the year ended 31 December 2024 (continued) 14 Programmè related Investments 2024 2023 Investments at cost Cost less impairment at 1 January Additions al cost Oisposals and repayments Cost less impairment al 31 December 526.104 6.520 115.1731 517.451 304.597 222.191 16841 526.104 Investnwnts c¢)mpTlse the followlng: Debt 517.451 526.104 Total 517,451 526.104 15 Debtors 2024 2023 General unrestrlcted funds Prepayments and accrued income other debt$ 40,661 19.762 12.775 8.390 60.423 21.165 16 Cash 2024 2023 General unrestrlcted fund$ COIF Fund managers Cash at banks Pety cash 150.683 313,444 75,808 47.718 199.190 48.758 539.942 295.673 TSteeS +lmual RepNt I Pag• 33
THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the flnanclal staiements for the year ended 31 December 2024 (continued) 17 Crnditors: Amounts falling duè within onè year 2024 2023 General unrestricted funds Grants paYae (note 5} Trade creditors Accruals Taxalion and social security Other creditors 936.349 815,563 1,451 12,61X) 3,867 2,896 13,000 3,532 2,763 956.128 836,377 Expendable end¢y•mienl fund8 Accruals 34.238 26.750 990.366 863,127 2024 2023 Gra comrnitment5 due within one year General unrestricted funds 936.349 815,563 936.349 815,563 18 Creditors: Amounts falling due after more than one year 2024 2023 Genernl unrestricted funds Grants payable {note 51 606.060 358,3 19 Operating lease commitinents At 31 December 2024 the Trust had the following future minimum lease p8yffts under non-cancellable operating leases as follows.. Land & Buildings - the rental of offices in StricklarKlgate House, Kendal. Annual rental will be £15,864 and the lease can be lenninated al any time with 6 months nolice. Oiher- for the rental of a photccopier. the tern of which is from 1 January 2023 to 31 December 2027. Land & Buiklirys 2024 2023 Other 2024 2023 Expiry dale= Within one year Two to fNe yearJ 7.932 725 1.450 725 2,175 7.932 2.175 2.9(Kl ' 6 mcfflths. costs TSteeS +lmual RepNt I Pag• 34
THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1 sl Oeiober 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2024 (continued) 20 Reconclllatlon of net Movement In funds to not cash Ilow frofft operating activities 2024 2023 Net mvemeni in fvnds De¢Ju¢t dividend and income shown in investing activrtEs Deduct gains on investments Decrease in debtors Decrease in crediiors 2,5SO.143 1876.9471 (3.628.183) 110.0gJI 374,999 2.668,970 (558,156) 13,657,463) 12,6041 1346,418) Net cash used in operating activities 1.590.078 1,895.671 21 Analysis of chang8s in n•t d•bt 1 January 2024 Other nor Cash flows cash changes 31 December 2024 Cash and cash equivalents Cash InvestThnl cash 295,673 540.355 244.269 (525.091) 539.942 15.264 836.028 1280.822) 555.206 Total 836,028 280.822 555,206 TSteeS +lmual RepNt I Pag• 35
THE FRANCIS C SCOTh CHARITABLE TRUSI Dated 1 st October 1963 - Registered Charity No. 232131 Notss to the financlal statements for the year ended 31 December 2024lcontsnued) 22 Grant8 mmle in the ye4r mDde in the ye •fftd•d Jl.12.24 •1 31.12.23 181 Duoaon Scoul Gro 1st staveley BrNnIeS A New Hope . Cumth'a CIC Achieve Change and ETrJagement Always Another Way Cumbria Ltd Always Another Way CumbFba Ltd- Step Charge Ants" Racist Cumbria Aspalna Dreamscheme Auts"sm Supwt Allerda Cepeland Autu5 Cumbria BaOW cornm Trust Ifom*wly 88m AFC Communrty Trusti e Me Project Befin Trust Blackwell Sailg Brathay Trust Bralhay Tntsyl Asrjrfng Leaders prc¥Jrtt CADAS Calvert Trust Cancercare CanDD FM Carei Support Cadisle and Eden Carei Support South Lakes Eden Mind carti5 Key Carf1$ Ywth ZMe Chaw's [h'suelary Award Chapter One CHOFHS Youlh GrJP Copeland Youtr Netwo Cumbria Communty FoundabJn- Better TonbJrTO Cumbria Communty FoNIal)n- Brthter FLrtures Cumbria Family Suppcyl Cumbna Fe(JeratK)n ol Young Fr$ Club Distiwon Club kn Yojng Peopk Eden Ventures Egremcml Youth Parlnwship Esca 2 Make Families Matter FOOTLE UKCIC Friends ol Artsp Friends of 8ram Fulure Fixers Fumess mulb£tUral Communrty Forun Giluux Village Hall Go1 Things CcAleth"ve CIC Great Clifton Communty Youlh Group Greenbank Community Assooab"on Growiro Well Hensiwham ARLFC Heron Com Mill (Beelham) Ltd Home Start Morecambe and Lancasler H¢)wgill Famity Centre IGoc¥J ErUgh S¢arti Hoiizon Sludh)$ Inspiring 8arTOW- C¥Jmbn'a CVS .bY LOnSde Fire Appeal 4.ClJO 600 18,000 10,000 io.ooo 4,000 30.000 44.400 24.000 38,500 17.000 61,700 15.000 266.060 31.100 20,OIXI 46,400 33.000 36.200 48,OlXI 10,000 60.000 19,000 15.600 2.1)00 10,000 16.500 75.000 39,700 90.000 22,600 46,300 23,700 52.500 40,000 30,000 3.000 20,400 4,900 60.000 11,CQOI {2,804) 2.500 4.000 3,700 2.000 40,0001 10,000 21,61XI 115,0001 10.000 TSteeS +lmual RepNt I Pag• 36
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Registered ChBrity No. 232131 Noles to tho finan¢ial statoments lor th• year endèd 31 D•cember 2024 {continu8d) 22 Grants (continued in yw ffladln y 31.1124 lo J1.1123 Krtgate Arts Lancaster 8oys & Girls Club Lancaster Music Fesbvl LanCashI Youth Chalknge Matsh Communty Cent More Music In Moreeambe Moreeambe Bay Pathèrship Morecambe Bay Poverty Twst Commiss Musietsnks North Al[da D•VekVnt Tru¥t Northem Fells Cornnwnity Grc4Jp Out In 88y CW Blue Blue- Slep Ch8ng Peter Scolt Awanl- Anb" Raast Cumbria YcAth ProJ"ect Promob'ng Autorwyny and Charge Ltd- PAC Prcyjd and Drverse Cumbrk8 RC£K SAFA Cunma Shackles Off Shap Parish Council Silloth on SO&Y S5>Jrt's Assoca"aknn Skerton Community Assooabc Sg Bank ea A51¥bon SLwJnth8ve Styjlh Wèst Lakès Dtstn"d Sts)uts sJth Whrtehaven Yo¢Jth Partnefsh SF41al stompng Grn CIC St John's Hospice Stncklandgate House Susan's Farm Timè trj Share Bereaveffl Servi$ CIC Theatre Factory The Harringtrm Yotth Cl The Laal Cdwive The L¢Jokoul ICICI The Whrtehgven Foyer Tcoether We CIC Together We CIC Step Charo8 VrtsK¥) Suppcrft Baffow aThJ District Wèst Cumbn"a Domests"e veNte Supr West End lrnpact Wnitehaven Communty Trust whith¥n Hart)our Y¢Mth Pyqocl wIgt Youlh StsIK wind11 TnJst W¢)mèn's Communty Matto(s yn9 Peo8 Fir51 YrAJth Presence y1habIllIy Youth Semces YMCA Lake$Je 4,850 45,000 14,0001 20,700 62,100 14,Ot#Ji 34.41x1 50.400 47.8DJ 49.SCiI 17.C 59.4CQ 3.911 28.COJ 1981 42,200 30.0 21.4C 20,C£ 41.800 14881 24.4C(J 45,Cl)O 45,G4XI 21.Cw)O 76,000 11.3601 TOTAL 1,$77,860 1,094,461 Totsi numb•rofqr•nt* •x¢ludlftgf•thnds a un¢•N•ihns 52 52 TSteeS +lmual RepNt I Pag• 37
FS Fi'ancis Scott Ti'ust Trustees, Annual Report & Financial Statements Dal&Y 1st Octobw 1983- Regislered Charity No. 232131 Ilor ihe year &ThJed 31st Decenef 20241 Fw funher Intony1 LY io wvesi this thumeni in an ¢91)18 ffflat plgase 011.. Frnncls C Scott ChNltsbl• Trust, StrtWe Plyjse, 92 stri¢ate bjal, thmMa, LA9 4PU Td.. 01539 742608 www.fran¢ls-8cott.org.uk