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 I￿SIgned 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 aCCorda￿e 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 aCCordar￿e wilh ihg FinarKial Reporting sta￿lard 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 I￿111ned 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 r￿nning, 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$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust The HR Commlllee meets twice annually and revSews the remuneration, terms a￿1 conditions of all staff including th8 key management roles of Director and Finance Manager. All salaries are ￿rthmarked on an agreed scl*dul8 arKI at recruitment. A Nominations Commiltee can be convened when required and has responsibility for recruilmenl and recommendation ol new trustees and Direclor. The nominations commtttee dtd not meet during the year. The Trust is a selt-P8rpetuating t()dy resFK)nsible for its own appointments and retirements. The Chair of th8 Twsl is spon5ible lor the induction training of new Trustees. An induclion programme is prepared for new Trustees and i￿ludeS a Copy ol Ihe Trust Deed, grant making strategic decisions and assessment processes, inlemal financial controls, responsibilities of Truslees, Investfflenl Policy. Organisational Chart. Risk Assessment. the lasl 3 Truslees. Meeting Minutes, Trusiees. Annual Rer()rt & Accounls, History & Pu￿ose paper al￿ ihe Temis ol Reference lor the sub-committees. Further inf0m￿tion is held on th8 Trust's website: www.Irancl84cott.org.uk Twstees. Anrwal Report I Page 4 Dat8(11￿ Odob8r IW- R8gl$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 wh￿h 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 vrt￿ther 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 aCC￿nting 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 Re￿rts> 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 I￿luded 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$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Objectives & Activities Constltution & Hlslory Peter Scoll CBE was Chaiman of the Provincial Insuran￿ Company Lld when the Francis C Scott Charitable Trusl (Ftancis Scott Trust} was created by Deed of Trust on 1.10.63 wtth wide IN)we￿ to distribute futxds lor charflatje wrposes Peier Scott aThJ his sister. Or Joan Trevelyan. erKlowed the Trust with slgnificant hoklings ol the family lyjsiness {Provlncial Insurance Crynpany Ltd) shares belween 1963 and 1971. The Trusl was named after their latrEr, Fra￿19 C s￿tt. In recoanilion of his philanthropic WOTK and established with the aim of continuirKJ to support the type of causes and proiects Ihat he had sp)nsored h1n￿ell. in particular, Ihe development ol young people. It is for this reason that the Tfu* has had an eTrJufing commilment to SU￿Ing communities and young pecple In the rnrtlFwesl of EnglaNI lo promole equty of q)p)rtunity arKI access to Fosilive, d6velopmental eXperierr￿ in particular in Cumbria, where ltr , headquarters of Ihe ProvlrKial busin&%s vras based. As a grant*Mng trust, we belleve In the Importance of: Personal Development Nurturing I￿lIvidUal lalent and organisations as they evolve and teing a critical Ide￿1 PF>)rting direct delivery ol quality chartty arKJ c(Mnmunity work Trusting ￿r beneficiaries and keeping tha admin ￿rden lighi . Long tem investment . (Jjr inde￿nd￿e. which allows scop8 for inncWalr￿ arKI risk4aking . SharirKJ besi practice arKI celelxa11r￿ success Lislening and leaming Durfftg Ihe reportlng year, Twst8es to cor6￿￿tr￿e gulthng FYlTr*les aNf reftned trpm to: Thlnklng and actlng for the kng temi Valulng Collaborallon kntegrfty 4>. Supportlng Inr￿vatIOn Tnjstees. knal Report I Page 6 Dat8(11￿ Odob8r IW- R8gl$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$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust The Trust endeavours to lislen and respond lo the experiences and perspectives ol grant holders and applicants, adapting the Trusl's gfant making approach arKY lo develop other otlers lo meet the needs of young people and the voluntary sector locally. Activity during Ihe year builds on l)olh the feedback ￿￿1Ved and further developmenl of Ihe Trust s 2023 60 th year anniversary programmes, descri￿d in further delail in the following pages. In January the Trust's grant application process was Iransilioned to an online portal through the new website. The procoss remains a simple one slop process and potential applicants are still encouraged lo liaise with the Trust's staff prior lo submitting a lunding ￿qUest. All enquiries and applications lo the Trust ale deall with in an efficienl and professional manner. All eligible applications over £5.000 are considered by Trustees Ihree times a year. Smaller requesls are Considered by Ihe small grants committee on a rolling basis. The Trusl commits lo offering conslruclive, supFortive leedback lo unsuccessful applicants in Ihe context ol further enabling the development of all organisa11￿$ 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 cur￿nt 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 governar￿e costs for the year amounied to £21 Sk1£215k in 2023). Investment Management Following a review ol investmèni policy in 2023, to give ff￿r8 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 e￿0￿MMent 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 Ka￿n 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. T￿SteeS +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 laU￿hed 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 AllIa￿e 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 Collat￿ratiVe dialogLte. supporting and inlorming our own practices aNJ enabling us lo advocate and work on behall of youlh providers more strategically. *i' T￿sleeS 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 w￿rn 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 yL￿th work dèlivery programme. and Brighter Futures a transition into adulthood prcrfJramtre lor young people leaving care. Excluding ALP, the Trust received main grant fu￿Ing 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 r￿￿estS 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 cuf￿nI 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 I￿al 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 pa￿CipanIS. ual Report | Page 13 Dat8(11￿ Odob8r IW- R8gl$lw8(J Chaiity No. YJ2131 Trustees, Annual Report Ilor year ondgd 31si Decemb9r 20241 | Fi'ancis Scott Ti'ust Public Benefit The Trustees confimi Ihal they have relerr8d to Charity Commission guidance on public benefii when reviewing the Trusl's aims and objectives, in planning future activities and setting the granl.making policy and are satisfied that the Trust meets the requirements ol the key princi￿eS as defined. Risk Management An Annual Risk Report is tabled every year lor consideration by TTUSt8es that includes 30 items with correspoThJing commenis as to how besi lo addres& ameliorate ard'or monilor Ihe idèniified risks. The most significani risk idenlified by Trustees is a major downlurn in the value ol the Trust's investments which, il it were lo continue over the longer lemi, would impact on ils ability to piovide grants lo its priority areas ol charilable wotk as outlined on page 5. This risk is addressed by holding a diversified portfolio of investmenls with separate fund managefs and ty having policies in place lo adjust distribution levels over time. Trustees are also aware ol the requirements of the Common Reporting Slandard and confim that all recipients of grant lunding during the year were oiganisalions registered in th& UK lor tax purposes. Building Co •¥ -TnBtees Annual Report Dat8(11￿ Odob8r IW- R8gl$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 inVestn￿l 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 PoI￿Y1810 malntain the real value of Ihe catyal whil* wovirfing su*ainable 'relums lo distrityJte as grant& h dec￿sIng 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 de￿OYed as social investments. The full Investment policy of the Trusl is revlewed annually by Trustees WIK) lake account of the advice and , 1recomme￿tsons 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 a￿j CazerKNe 4.1 % since hwtion date of June 2024. This compares ￿ the ARC Charity Steady Groth Index 8.W. Reser￿8 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 rec￿ved. 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 fu￿1. 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 reSoUr￿s. Golng Concern The fund value of £40,203,449 al the year-erKI DeCem1￿r 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 mil￿ate risks, the Trustees have co￿lUded that they can continue to adopt the going concem basis in preparing the annual report and acccwnts. This ￿port was approved by TrU￿ee$ on July 18th. 2025. Dr Stephen trr(Chair of Truslees) ur T￿SteeS +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 CharIt￿S 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 responsibilrt￿s in accordance with these iequirements. We believe that the audit evidence we have cblained is Suff￿lent 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 perfOrn￿d, 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 reSpon￿billtieS 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 inf0m￿tIOn 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 d￿ng so. consider whether the olher Informal￿)n is materially inconsistent with the financial slalements, or our kn￿edge obtained in the audit or olher¥Mse appears to be materially misstated. If we identify such material inconsistencies or appa￿nI material misslalemenls. we are ￿qUI￿d 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 Info￿allOn. we a￿ rg]uired lo report that facl. We have nothing to rewt in this ward. T￿SteeS +lmual RepNt I Pag• 17 THE FRANCIS C sco￿ CHARITABLE TRUST Dated 1 $1 October 1963 - Registered Charity No. 232131 Independent Auditof s report to Ihe Trustees of The Francis C Scott Charitable Trust Matters on which we are required to report by exception In the light of the knO￿edge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing lo ￿port in respect of the follo¥Mng matters in relation to whith the Charities (Accounts and Reports) Regulations 2008 require us lo repcrt to you if. in our opinion-. the inf0m￿tiOn given in the financial statements is inconsistent in any material ￿SpeCt with the trustees, report: or sufficient aeeouniing re¢X>rds have not been kept,. or the financial statemen15 are not in agreement with the accC￿￿ting records.. or we have not received all th8 information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees. responsibiltknes statement sel out on page 4. the trustees are responsibk for the preparation of finanual statements which give a true and fair view. and for such intemal control as the trustees detemiine is necessary lo enable the preparatson of financial slatements that are free from material misslatemenl. thether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the charity's ability lo continue as a going concem. discbsing. as applicable, matters related lo goirKJ concem and using the going ¢oncem basis of acwunting unless the trustees either intend to liquidate the charity or to cease operats'ons, or have no realistic allemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor urKler section 144 of the Charit￿$ 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 opin￿n. 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 i￿egUla￿lIeS, 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 Manage￿nt 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", T￿SteeS +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 nonvc0mp1ia￿e with laws and tegulations. the matters discussed among the audit team regarding and where fraud moht 0￿ur 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 r￿kS 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 ana1￿ical 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 th￿9h 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 regulat￿nS throughout the audit. There are inherent limilatKffjs in our audit wocedures described above. The more that laws and regulations are from financ￿1 transactions. Ihe kss likely it is that we would become aware of non-comp1￿nCe. 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. T￿SteeS +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 auditctsno by Charrttes.. Slatemenl of Re¢omff*ntJed 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 Ir￿1￿ 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 investn*nl 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 re0￿nised 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 prOvis￿n 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 aV￿d makirg the fubjre paymentlsl. sett*ment Is wobatle Ihe effect of discounlry is Mat￿la1. The diswunl rale used Is the a¥erape rale ol deposit interesl in Ihe year in I￿1¢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 com￿lance with regUlat￿n and oc¥) actice. These Indude cvsts relaled to audrt and legal fees together wrth an apport¥)nment of ￿thead a￿j support ¢))Bls. ej Tangib￿ fixed assets Indiwdual [￿ell assets are ca￿￿[￿ed where the wr¢hase cbsl exe*eds £10,CQO. TarwJit4e ft%ed asset$ ¥e valued al ¢o$l or valuats"￿, net of depyeoation an¢J any provig1)n impaimient. (kpreLyalKNI 15 w0v￿e￿ ￿ l*vJ. FreelK)Id propetbe¥ have nol been (kwe¢iale(l as the Trustees coNder Ihal the anThinl inwlved 1$ immaterial. Revaluafvon olproK*rties 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 propert*s were last malued on 14 January 1997 and the ydluab.on has Th)t subsequendy been updated. T￿SteeS +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 investff*nls 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$U￿d at the anK)unt paid, Ihe carwng am(wnt adjusted in sub8equent years to ￿lIe¢l repO￿￿ents and any awued Interest and adjusted il necessary for any impaim*nt. i) Foreign rurrvncies FOre￿n currency bal￿te$ have been translated èl the rate of ex￿￿fige rullng ai the balan￿ sheet date. j) FinanGial inStru￿nIS 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 AC￿vIt￿s. 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(kn￿nI is UnreStr￿ed. 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 Fina￿131 Acti¥11￿ on a straight line basis over th lease temi. T￿SteeS +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 deP￿t 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$ll Ir￿{￿ne from REACH grant referrals Imisc inojmel 7￿) 876.947 55B.156 3 Trartafers from •xpendable •I￿V￿MeTht to Incom• A Iran$lw d coplol of £823,258 w86 mado in tho ye8r12023. £I.079.1￿1. Th• lotol art￿￿rt 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. T￿SteeS +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} Grantma￿nI v¥lu• of grants to In$irtutson8 Cornn￿l•] y•gr. kndudiThJ cancdl*J waThis ¢￿￿Pn￿6'. 2024 2023 G¢n•ral ￿r¢s¢￿¢t•d Gr8rt 1.601,590 23.730 1.121.261 145.ty)O Gmrts ￿nE￿￿￿Ul¥strnW￿JlO¢￿rfOWed 1.577,860 1.076.261 Supp>t wsls IrvX¥$ 6 8r#J 7 157.703 149.754 Govern￿re 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 F￿1 detai￿ olthe reTrwr*s 8r• 22. 2024 2023 R•¢ondll*tlon 019rants pay•bl•: Comrnilrnonls al boginniro of pol￿1 Commibnthnts madts In Ih& p6nod. uN•str*t•d fvnd Ccrfnmilments m*S• In th• pontyj. rethcted lund Grants cancolled Gr#nt un¢Jw5peThJ vs c4mmiknent GArts t4)mmrti•d for th• p*iod 1.173,e63 1.529.574 1,601, 1.121.261 18.2f I45.C￿OI 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 CL*nmitm8nts*l 31 D•(*nbor Commkn*nis 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 T￿SteeS +lmual RepNt I Pag• 27 THE FRANCIS C SCOTh CHARITABLE TRUST Dalad 1st 0￿0￿r 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• w*r• •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 App￿1￿￿9￿1 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••inK*rrt ¢0 St•tttim• 186.881 29.178 157.703 2024 2023 Gov•m*n¢• ¢osts Slaff co$ls oirre r•ntsl aTrJ o) 22.865 2.254 717 21.438 2.313 Slaif ts8iThng Subsuiplions Profe66*n4 f• HR lee¥ L•oal fMs Audil fee Cost$ 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• br*akdcAYn tsf Mupwrt lthy Ih•#• w•M alIL￿￿ botw68n Gtrrf&manc• and c￿ritatI• ktiVrfl￿ own in tho t*lè 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 Us*9& 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 reM￿Or￿l Audiws reM￿￿rat￿Y￿. n¢)n audrt1￿l opgrab.ng lea￿ t￿18 13.0 12.eoj 16.268 15.693 T￿SteeS +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 ￿S*S 170,742 10,656 16,547 156,957 10,240 14,909 197,945 182.106 The average Mc￿thlY 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 proportK*n to ihe related staffiThJ costs inuJrTed and are ¥thdly char9ed lo unrestricted lunds. The Tn￿1 (x)nsKleTS 115 key m￿agement perscfflnel c￿n￿se the Trustee5, the Director Fin¥￿ Manager. The total erry)loymenl benefits ￿CIL￿1ThJ emF4oyer Pens￿ ¢C￿1r￿J11￿S ol the key management Per￿n￿ were £122.974 {2023." £116,910). The Ic41owing number cl err¢loyees rec*ved 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$s. A p￿PortsOn ¢f Ihar costs. based en the lime spent. is recharge¢J to thc6e char￿e$. The amounl recharged during the year was £45,51312023.' £39.1831. Maddeine Scott is also a Twslee of The Sir James and Lady Scott Tr￿81. 2024 2023 Salaries Less ￿l￿ar9ed 197,945 45.513 182.106 39,183 Net cost to the FranrAs C Scott ChanL**le 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 C￿nIn.￿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 (￿)ntn￿tlons paid by Tmst to thosè funds An AutO-Enrolmènt conw1￿1 ftheme Yds set up witr effect trom 1 hprfl 2016. T￿SteeS +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. Tr*re were no related pavty Irar￿Cti￿$ in tr* year. 11 Conwrative• for Statement of Financial A¢tivities and Balance Sheet figure• stat•m•nt of Flnanclal Actlvfitl•s Expendabl& •nilcy•m￿nI 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 makir*J GrAnts eornmrtièd Grant comrThlmenls ￿nr￿lled Gront rÈLqied Suppo￿90Vem9nCe 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 T￿SteeS +lmual RepNt I Pag• 30 THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st Octcoer 1*3 - 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 CredlJrt's Assoca"aknn Skerton Community Assooabc S￿g Bank ￿ea A5￿￿1¥bon SLwJnth8ve Styjlh Wèst Lakès Dtstn"d Sts)uts s￿Jth Whrtehaven Yo¢Jth Partnefsh SF41al stompng Gr￿n￿ CIC St John's Hospice Stncklandgate House Susan's Farm Timè trj Share Bereaveff￿l 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 v￿eNte Supr West End lrnpact Wnitehaven Communty Trust whit*h¥￿n Hart)our Y¢Mth Pyqocl wIgt￿ Youlh StsIK wind￿11 TnJst W¢)mèn's Communty Matto(s y￿n9 Peo￿8 Fir51 YrAJth Presence y￿1habIllIy 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 T￿SteeS +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 Decen*ef 20241 Fw funher Intony￿1￿ LY io wvesi this thumeni in an ￿¢9￿1)18 f￿fflat plgase 0￿1￿1.. Frnncls C Scott ChNltsbl• Trust, Strt*We Plyjse, 92 stri¢￿a￿te bjal, thmMa, LA9 4PU Td.. 01539 742608 www.fran¢ls-8cott.org.uk