FS Fi'ancis Scott Ti'ust '.JL.¥ e4 232131, Trustees, Annual Report & Financial Statements For the year ended - 31 st December 2025
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Reference & Administrative Information Trustees Dr Stephen Curl (Chair) Sarah Dunning OBE Annalee Holliday lan Johnson Christine Knipe Laura Moss- appointed July 18th 2025 Rick Ogden MBE - appointed July 18th 2025 Joanna Plumptre- retired March 14th 2025 AlexarKler Scott Madeleine Scott Lizzy Steinhart Barbara Stephens OBE- appointed July 18th 2025 Professor Kaz Stuart- retired July 18th 2025 Melanie WothersFM)on Speclal Advlsers Allan Myatt- appointed July 18th 2025 Cate Quentin - appointed July 18th 2025 Director- Helen Carter Finance Manager - Keri Brown Address Slricklandgale House, 92 Stricklandgate, Kendal, Cumbria LA9 4PU Auditors Dodd & Co Audit Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate Carlisle CA12RW Bankers Handelsbanken Bridge Mills Second Floor East Stramongate Kendal Cumbria LA9 4BD The Charities Official Investrnent Fund {COIFI One Angel Lane London EC4R 3AB Investment Advisers Sarasin & Partners LLP Juxon House 100 Sl Paul's Churchyard London EC4M 8BU Cazenove Capital 1 LorKlon Wall Place London EC2Y SAU Solicitors Currey & Co. 33 Queen Anne Street, London, W1 G 9HY Russell-cooke LLP 2 Putney Hill. London. SW15 6AB Wrigleys Solicitors LLP 3rd Floor, 3 Wellington Place. Leeds. LS1 4AP
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust The Trustees present their annual report and audited financial statements lor the year ended 31 st December 2025. RelerenGe and adminislrative inlormation sel out on page 2 forms part ol this report. The finarla1 slatements have been prepared in accordance wilh Ihe accounting policies set out in note 1 to the accounts and comply with the charity's trust deed. the Charities Act 2011 as amended by the Charities Act 2022 and Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and the Republic of Ireland. Structure, Governance & Management Three part-time staff and one full-time reFX)rted lo Ihe Direclor of Ihe Trusl WFK) in tum ported lo the Board of Truslees. The Chair of Trustees line managed the Director on behalf of the Trustees and the Director managed all other staff. One member ol staff works solely for the Francis C Scott Trust. whilsl two spent part of their lime working lor two other grani-giving charities, The Sir James and Lady Scott Trust (19091. arKI the Frieda Scott Trust119741 a fourth rnember ol staff worked on behalf of The Frieda Scott Charitable Trust only. with charges being made accordingly. The number of staff working for the Francis C Scoll Charitable Trust, ¢al¢ulated on a full-lime equivalent basis, was 2.9 during the year. The Board of Trustees met four limes during the year. Six sub-committees of Trustees (outlined below) also met at different times during the year to assist in the efficient administration of the Work of the Trust. The Director andlor Finan Manager attend by invitalion. Investment Committee Alex Scott {Chair}, Melanie Wotherspoon, lan Johnson. Cale Quentin joined from July. Li22y Sleinhart joined Irom November. HR Committee Sarah Dunning, Joanna Plumplre {to March) and Madeleine Scott, who also represented the Sir James & Lady Scoll Trust. Two Truslees from Ihe Frieda Scott Charitable Trust. The Committee was Chaired by Alison Alger, a Trustee of the Frieda Scott Trust. Rick Ogden joined trom Novefflber. Small Grants Committee The Chair and one other Trustee on a rolling basis in consultation with the Director and Grants Officer. Finance & Risk Committee Christine Knipe and two Trustees from the Frieda Scott Trust meet joinlly to review intemal controls, risk management and other elements of oversighl relevanl to both Trusts. Audil oversight is conducled separalely by the Truslees of the relevanl Trust only. Barbara Stephens joined Irom November. Programmes Committee Lizzy Sleinhart (Chairl Annalee Holliday and Joanna Plumpire. Allan Myatt joined from July. Laura Moss joined from November. Following the slrategic review and further work to consider the role and requirements of the Committee, it was reformed as the Learning & Insights Committee in March 2026. l Alex Scott {Chair). Slephen Cud, Lizzy Steinhart and Sarah Dunning. Nomlnatlons Commlttee Trustees. knrnjal Rewrt | Pgge a.
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust oi J• The HR Committee meels Iwice annually and reviews Ihe remuneration, terms condilions of all slaff including the key management roles ol Director and Finance Manager. All sataries are benchmarked on an agreed schedule and at recruitment. The Nominations Committee forms on an adhoc basis, as required, and was convened during the year to oversee the process of Trustee recruitment, making recommendations for appointments to the Board of Truslees. An open recruitment process was undertaken tollowing an assessment of existing skills and experience any gaps following the resignation of tsvo Trustees. Experience of the voluntary sector and being based within the beneficial giving area were highlighled as priorilies. Tnjstees were delighted to receive quality applications from a wide range of individuals. Shortlisling and two rounds of interviews were conducted. wilh Ihe Nominations Committee recomrnending the appoinlment of three new Truslees. During the recruitment process, two applicants were also approached to consider taking a Special Adviser role. in recognition of their expertise in areas of value to the TnJst. Tnjstees passed tems of reference for the new role of 'Special Adviser to the Trust, in July and appointed the two Special Advisers and three Twstees at the same time. The Trust is a self-perpeluating body responsible for its ovm appoinlments and retirements. The Chair of the Trust is responsible for the induction and Iraining of new Truslees. An induclion pr(yJramme is ppared lor new Trustees and includes a Copy of the Trust Deed, grant making strategic decisions and assessment processes, intemal financial controls, responsibilities of Trustees, Inveslrnent Policy, Organisational Chart, Risk Assessment. the lasl 3 Trustees, Meeting Minutes, Trustees. Annual Report & Acc(yJnts, History & Purpose paper and the Temis of Reference for the sub-committee& Further infomiation is held on the Trust's website.. vi%vw.frdncis-scott.org.uk and via a new Trustee portal, initiated during the year and completed in early 2026. Trusiees. Anrwal Report l F¥ge 4
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Trustees, Responsibilities The Trustees are responsible for preparing the Truslees. Annual Report and the financial statements in accordance wilh applicable law and United Kingjom ACCntIng Slandards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each ffinancial year which give a true and fair view of the state of affairs of the charity and ol the incoming resources and application ol resources of the charity for ihat period. In preparing these financial stalemenls, the Trustees are required to= select suitable accounling policies and then apply them cmsistently; observe the methods and principles in the Charities SORP 2019 (FRS102); • make judgements and estimales thal are reasonable and prudent; slate whelher applicable accounling slandards have been followed, subiect to any material departures belng dlsclosed and explalned In Ihe financlal stalemenls; prepare the ffinancial slalements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time Ihe financial position of the charity and enable them to ensure that the financial slatements comply with the Charities Act 2011 as amended by the Charities Act 2022. the Charity (Accounts and Reports} Regulations 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie& The Trustees are responsible lor the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom goveming ihe preparation and dissemination of financial statements may differ from legislation in other jurisdictions. . L¢D YOtTH -WCE Comp Trustees. Anrwal FI* i F¥ge 5
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Objectives & Activities Conslilution & Hislory Peler Scott CBE was Chairman of the Provincial Insurance Company Lld when the Francis C Scott Charitab18 Trust (Francis Scott Trusl) was created by Deed of Trust on 1.10.63 with wide powers to distribute funds for charitable purposes. Peter Scott and his sister, Dr Joan TVelYan, endowed the Trusl wilh significant holdings of the family business {Prowncial Insurance Company Ltd) shares behyeen 1963 and 1971. The Trust was named after their father, Francis C Scott, in reccgnition of his philanthropic Wrk. and established with Ihe aim of conlinuing io SUF)POrt the of causes arKI projects thal he had sponsored himsell. in particular, the development of young people. 11 is for this reason that the Trust has had an enduring commitment to supporling communities and young people to promote equity of opporlunity arid access to positive, developmental experieeS, particularly in Cumbria. where the headquarters of the Provincial business was based. As a grant-giving tnjst, we believe in the iMportae of: Thinking and acling lor Ihe long ierm Valuing irKlependence Collaboration Integrty ¢>" Supporting innovation • Being *• J relational Trustees. Anrwal Report l F¥ge
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust ij Grant-making Polic and Practice The trust believes that with the right support in place and equal access to positive opportunities, all young people can flourish, but recognises that not all have the support and resources they need to do so. During the year, Trustees compleled a planned slralegic review, al which the vision, Mission and strategic objectives of the Trust were refreshed. and programmes of activity agreed, to work towards achieving these. Trustees adopted a new Iheory of change which will be used as a guide for further planning, deasion making and learning. The Trust funds positive, developmental vnrk with children and young people living in Cumbria and the Lancaster District up to the age of 25, and priorilises work in areas of socioeconomic deprivation, rural isolation and for groups experiencing other, additional barriers which prevent or hamper their IlUsion in or access to quality provision. Work which deliberately SUPF)Orts the developmenl of social and enTh)tional leaming is also a particular priority under the renewed strategy. twustees. Arwwal IF¥ge7-
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust These priorities and any exclusions for funding are published on the Trust's website. The Grants Officer and Director regularly attend funding lairs, forums and networks locally and regionally to understand the Ghanging needs and assets of the sector, to share the Trust's priorities, answer questions about applying for funding and lo provide further guidance on the process. Potential applicanls are encouraged lo be in louch with Ihe team before making an application, although this is nol a requirement. The Trust received over £2.3m in main grant funding requests, consistent with 2024, but had almost a 40°/0 increase in the number of applications. As a result, Ihe proportion of successful main grant applicants fell to 70 % 12024: 84 % ), albeit awards did nol always meel full levels requested. The Small Granls programme, for awards up to £5,000. success rate also declined slightly to 61°/. Ilrom 65 % in 20241. To maximise support for priority projects, the Trust supplemenled cornmitted furKls with relums from social inveslmenls. Recognising the operational strain on both applicants and staff, the Trust has refined its grant-making priorities and introduced an expression of interest stage, effective January 2026. All enquiries and applicalions to the Trusl are dealt with in an efficient and professional manner, wtth signposling and support offered lo all enquiries, regardless ol their eligibility. Eligible applications lover £5,000) are considered by Trustees three limes a year. Smaller requests are considered by the small grants committee on a rolling basis. The Trust commits to offering constructive feedback to unsuccesslul applicants in the conlexl of supporting all organisations w? apply for a grant. In response to feedback from the Foundation Practice Rating report the previous year, the Trust established a profile wilh Grant Adviser UK, a review sile for grant making in the UK, and encouraged grant holders and applicants, bolh successful and unsuccessful, to share feedback anonymously, to help understand where the Trust's practice is good, and where it could develop. Trustees. Annual IF¥ge8
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Achievements & Performance The following 'Review of Ihe Year. summarises Ihe degree lo which the Trust met its own charttable aims as stated above. Review ol the year Impact . The trust considers impact lo be a sustained change which contributes positively to a future in which children can meet their own polential. make good decisions for themselves and Ilourish. As a funder which supports a wide range ol projects, tolalling approximately 80-90 live grants at any one time, the Twst is an indirect contributor to impacl in Ihe lives ol children and young people. and considers the wider attribution ol suslained, positive change lo be a collective endeavour, attributable lo a wider range of stakeholders. Future work of the Trust will seek lo establish an irnpact framework which rec()gnises this reality and articulales the vaiue of worktng cohesively lo contribute to positive oulcomes for children and young people. During the year, grant holders reported that work furKled in part by the Trust, had reached almost 17,500 children and young people across Cumbria and the Lancaster Districl. The majority of these focussed on delivering work which was either an early intervention or a fflix of early Interventi( and therapeutic recovery. Programmes were delivered across a range of targeted and universal provision, with [st children and young people engaged through programmes in the 12-18 years age range. 2025 was the ffirsl-year additional demographic data was requested from grant holder& lo help the trLSSt understand the extent to which resources were reaching priority groups. The dala received was mt consistent across all evaluations, evidencing the need for further refinement in the evaluation process. Detailed claims cannot therefore be made. however, the data does show that programmes were accessed by children and young people experiencing a range of addttional challenges and difficult personal circumstances, in line with the Tnjsts objective to improve equity of access to opwrtunities. Over 69°/o of evaluations reported that social and emotional leaming was the most frequent primary outcome ol work delivered with children and young people, with improved mental andlor physical health being the most frequent long-term outcome reported (479/.). Direct impact is challenging lo determine for an organisalion which does not deliver progratnmes or services. Significant energy and resource are given to establishing supporhve and enabling relationships with grant holders, stakeholders and partners - sharing inlormalion, signposting and acting as a critical frieThJ. The Trust believes this approach has a material positive impact on and for those wtth whom we work This is a largely unmeasurable metric but nonetheless remains a hall mark of the Trust's strategic operating approach, and one lo which it holds itself lo high standards. Active encouragement to share leedbacK including anonymusly through public third parties help ensure there are exlernal routes through which the Trust is held accountable. Income and Expenditure - Investment income received during ihe year was £1,540,030 with £358,483 of thal figure coming from capital drawdown 12024.. £1,700,205 & £823,258 respectively). It is Trustees. strategic intent to ensure that current levels of expendilure a sustainable in the long temi. The amount of granls paid in the year was £1,278,15212024- £1,209.314). Total management, administration aThJ govemance costs for the year amounted to £265k (£215k in 20241. Inveslmenl Management - The Trust's investment portfolio is managed on a total retum basis, with the management split roughly in hall belween two investment managers with differenl investment approaches to aid diversification. The Trust invests with a strategic approach to adhere to Environmental, Social and Govemmental (ESG) practice in line with Ihe UNS Sustainable Development Goals. Further requirements on inveslment analysis, decisions and reporting are included in the Trust's Investment Policy. The Investmenl Commtttee meets a minimum of twi per year and met additionally with investment managers during the year.
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Regular Grant Making Th8 table below illuslrates the 29 and number of grants committed in the year. Ihe majority of which are for multi-year grants. Average grant size FY2025 Average grant size FY2024 GRANTS COMMIThED FY2025 FY2024 Main Grants, inc. ALP Core Youth Work Small Grants Step Change £866.8k133} £244.8k (4) £44.5k (131 £16k (4) £1,388.3k135) £165.9k (3) £37.3k (111 £1 Ok (3) £26.3k £61.2k £3.4k £4k £39.6k £55.3k £3.4k £3.3k £1,1711k (54) £1,601 { (52) A lower overall commilmenl made in the year is due to the Aspiring Leaders Programme commitmenl in 2024 and higher forward comfflitments made in 2024. reducing available budget in 2025 and 2026. Brathay Trust The Trusl also owns property that is partially occupied by Ihe Bralhay Trust on a long-lerm lease at a peppercorn rent {as shown in notes 2 and 12 to the Accounts). It is the view ot Trustees that this represents an 'in-kind' contribution to the Brathay Trust at a current annual value of £143k. During the year an additional granl was made to the Brathay Trust to directy support their lOnterM developmenl plan, The Bralhay Blueprint. This grant is part of a wider approach to wotl( cohesively with Brathay in Ihe management and improvement of Ihe Brathay Eslate. Trustees. Anrxjal ReFX>rt l F¥ge 10
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Programmes The Trusl is a contributing partner of a small number of prc>Jrammes which bring iogether funders and delivery organisations to meet specific objectives. The largesl of these by grant value is the Aspiring Leaders Prcrfjramme (ALP}. which the Trust has funded continuously since 2011. The programme is currently it its fifth ileralion, with 10 students, all of whom are in full time roles in the voluntary sector locally. The lOnterM efficacy of the programme in meeling its sector wide aspiralions will be reviewed and considered in 2026. In recognition of its conlribution to capacity building lor the sector, this programme was moved to the newly agreed sector development programme. Two further partnership programmes to which the Trust commits funding and personnel resource Vre Better Tomorrows, a youth work Iraining and new youth work delivery prc¥Jramme, arKI Brighler Futures. a transilion into adultFK)od programme for young people leaving care. Since 2023, the Trusl has been rolling out a Core Youlh Work Programme. By invitation, long standing recipients of funds from the trust are brought into the programme lo further redu adrninistralive burdens and enable a more constructive and developmental approach tr) supporhng the provision of quality youlh work. By the end 012025 all 13 recipients invited had joined the programme. The efficacy and implications of the programme will be reviewed by the Learning & Insights Committee during 2026. Step Change The Tnjsl has operated an organisational development (sometimes known as funder plus) programme since 2015, to provide specialist, focussed support to organisalions to address a specific need or aspiration. Four Slep Change grants were awarded during the year. As part of the strategic review, consideration was given to the relatively small number of applications received for support and Ihe FX)tential barriers associaled with accessing ihe programme. Trustees decided to retain the Step Change programme, which is generally a successful programme when well deployed and managed, and to extend the wider sector development programffle and associated budget to lurther address limiting lactors. Trusffjgs. Anrwal Rew>rt I Page 11
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Social Investment For the Trusl, social inveslment enables utilising part of the Capital endowment to supkN)rt eligible organisalions when grant funding is nol the most appropriate source of finar or who fall outside the priority funding area, but whom we would look to SUPF)Ort if required. A social investment programme was established in April 2021. following careful consideration ol Charity Commission Guidance on Social Investmenl, CC14, and with supwrting legal advice to ensure the Trust Deed allowed lor Ihis activity. Since then, five social investments have been approved, with a total commitment of £976,800. Of the five investments approved, two continued to run during the year. Two were not drawn down and wero subsequenlly closed during the year as funds were no longer required. The fifth was partially paid out in February ' * 2025 to a new organisation, which subsequently failed to secure sufficient funding and was closed later in the year. - The total investment loss was £23k Trustees consider the loss acceptable in the wider pursuit of enabling innovative approaches lo addressing social Challenges. Trustees are mirbdful that social investment is rKII appropriate for all charity and not for profit organisations and takes a developmental and supportive approach to working wilh polential applicants. The process to approve social investments can be lime consuming, as can the ongoing management and oversight of investments. The trust arranges two management meelings per year with each social investment recipient and takes an active learning approach to all aspects of the programme. Loan investments can never be risk free, but robust assessment processes are undertaken. for which the trust oulsources for relevant eXrtISe in the field. The Trust is an attess point for the Reach Fund. which can be ulilised lo support investment readiness. Three social investment enquiries were in receipt of Reach funding via the Trust during the year. with a new application being received in January 2026. A further four erquiries for social investment had been received and were being supported at different stages of investmenl readiness. Tntstees Amjal R4y)rt I P•ue 12
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Strategic Review The stralegic review culminated al an extra Trustee meeting in Sepiember aThJ was infomied and underpinned by work during 2024 to clarify and recommit to the Trust's underpinning guiding principles, shared above, on page 4. Decisions were further influenced through attentive engagement with a wide range ol stakeholders with whom both the staff and Trustee teams lalk and listen to as part of our regular vrk. Guided by their tre$hed principles, Trustees agreed t1 vision, mission and shtegic objective ol the Tmst.. Vision Mission strategic Objective To utilise all Trusl assets effectively to achieve the mission That all children and young people across Cumbria and Ihe Lancaster District can fulfil their potential To be a catalyst for positive change in tr1r INes A further seven slrateglc pillars were agreed, to link all aspects of the Trusts activty with the overarching strategic direction - Fund vital work with children aThJ young people during key developmental slages. Align decision making with evidence of 'what works. Network locally. regionally and nalionally to lislen. to leam. to share knowledge and to continually improve practice. Collaborate wilh trusted and like-minded organisations to amplify impact. Invest sustainably in line with a high standard of social aThJ ethical stewardship, to maximise benefit for current and future beneficiaries. Support innovative solutions to complex and embedded chailenges. Support the voluntary sector through a coherent and joined up developffienl offer. The implementation of strategic decisions will take place over the coming years, and whilsl some changes were implemented with immediale effect, others will take time to establish and develop. Changes implemented at the end ol the reporting year were the closure of the small grants programme, and amendments to the grant application process to reduce resource requirements for applicants. As a long term, irKJependent and focussed plac&based funder, Trustees also recognised their role in contributing more strategically to the support and development needs of the sector, which is typically poorly resourced, Ixjl is key lo the overall health and efficacy of delivery organisalions to meet mutually aspirational objectives. Trustees approved further work lo create a development offer lo respond and contribule to meeting ihese needs, aligning lo and expanding on existing provision. Trustees kniual Rwrt I P•ye 13
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Public Benefit The Trustees confirm they have referred to Charity Commission guidance on public benefit when reviewing the Trust 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 principles as defined. Risk Management An Annual Risk Report is tabled every year for consideration by Trustees that includes 31 items with corresponding comments as to how best to address, ameliorate an(Vor nnitOr the Trdentiffied risks. The mosl significanl risk identified by Trustees is a major downturn in the value of the Trust's investments which, il il were to continue over the longer lerm, would impact on its ability to provide granls lo ils priority areas of charitable work This risk is addressed by holding a diversified portfolio of investments with separate fund managers and by having policies in pla to adjust distribution levels over time. An increasing risk to all individuals and organisations is cybercrime and took place during the year to improve cyber security measures to reduce both the likeliho(xJ arKI severity of any KxMible disruption. Trustees are also aware of the requirements of the Common Reporting SlarKlard and confirm that all lpIents ol grant funding during the year were organisations registered in the UK for tax txjrposes. Truslees. Annual Report l F¥ge 14
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust Financial Review Investment Pollcy As allowed by the TrLtst Deed, Trustees treat the capital of the TnJst as expendable endowment and have considerable discretion over the investment of the monies of the Trust Fund. Trustees engage two separate investment managers, each wilh roughly half of the Trust's investment wrtfolbo managed on a total return basis. A transition to new management of hall of the portfolio was completed in May 2024. This aligned all financial assel management with the Trusts neWed commitment to sustainable investment Pta¢ti¢e. The aim of Ihe Trusts Investment Policy is to maintain the real value ol the capital whilsi providing suslainable returns to distribute as granls. In deciding the amc4Jnt to be spent on grant-making and operations in the year, Trustees used as a guide an amount thal is 40/0 of the total value (on a trailing 13 quarter average) of the investment Portfolio. Trustees agreed in April 2021 that UP lo 5°/0 of the assets under management may be deployed as social investments. The full investment policy of the Trust is reviewed annually by Trustees who take account of Ihe advice and recommendations of the Investment Committee. Performance against Investment Policy The portfolio produced a total return of 7.7Yo in 2025, with Sarasin producing a 4.1°/o retum and Cazenove 11.3°/. This compares to the ARC Charity Steady Growth Index 8.6% Reserves Policy As allowed by Ihe Trust Deed, Twslees Ireat Ihe capilal of the Trusl as expendable endowmenl. The capilal is held primarily as an inveslment fund to generate income for the charity's grant-making programme. As at 31.12.25 there was a negative balance on unrestricted funds (reserves) of £801 k {2024: _£944kl. This arises because of the inclusion in the financial statements of grant commitments of £1,395k 12024= £1,542kl over the next 2 years that are not due to be paid until after future investment relurns are received. Foard commitments are made within a calculation which protects Trustees capacity to commit granls in future years within the distribution strategy. The Trustees are satisfied that this is a sensible approach in relation to annual investment income and that their investment strategy is sufficiently robust to obviate the need for a designated reserve furKI. Going concern The fund value of £41,689,113 al the year-end December 2025 is up on the year-end December 2024. Trust- ees are mindlul that the income Irom the fund may fluctuale in future years and that Ihe growth in Ihe value of investments in recent years may not continue. The level of dislribution made available remains at Trustees, discretion, as does the use of Gapital to meet agreed dislribulion levels. Based on these assessments and given the measures undertaken lo mitigate risks, Ihe TnJstees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. Trustee4 Anrxjal Rew>rt l F¥ge 15
Dated 1st October 1963- Registered Charty No. 232131 Trustees. Annual Report Ilor the year ended 31 st December 20251 Fi"ancis Scott Ti'ust iii Plans for Future Periods Truslees are very much aware that these remain challenging times for many organisations and individuals in the Trust s beneficial area, with continued long term effects. As a long-term funder, the Francis Scott Trust will continue providing multi-year funding to charitable projects within its defined areas of benefit and which meels ils priority objectives and continues to explore new ways of working to expand productive and positive melhods of collaborating wtth community partners delivering quality programmes to children and young people locally. The trusl's refreshed strategic approach will be implemented from 2026 and continue to evolve over the years of the stralegy period. 2026 - 2030. This report was approved by Trustees on July 1 Oth, 2026. Dr Stephen Curl (Chair of Trustees) Trustee¥ Anwal Rep(xf I 16
THE FRANCIS C SCOTh CHARITABLE TRUST Date(1131 October 1963- Registered Chartty No. 232131 Independent Auditor's report to the Trustees of The Francis C Scott Charitable Trust Opinion We have audited the financial statements of The Francis C Scott Charitable Tnjsl (the 'charity'l for the year ended 310ecember 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial ststemenls, including a summary of significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financ1 Reporting sfandard applKable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 t)ecember 2025. and of its incoming resources and appliCatn of resources. for the year then ended.. have been properly prepared in accordance with United Kingdom Generally ApIed Accounting Practice., have been prepared in accordance wrth Ihe requirements of the Chanties Acl 2011 Basis lor opinion We conducted our audit in accordance with Intemalional Standards on Audrting {UK) IISAS IUKII and applicable law. Our responsifiilrties under those standards are further described in the Auditor's responsibilities for the audrt of the financial statements section of our rerK)rt. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK, including the FRC'S Ethical Slandaro, and we have fulfilled our other ethical responsii)ilities in accordance with these requirements. We believe Ihat the audrt evidence we have obtaineo is sufficient and appropriate lo provM1e a basis for (xjr opinM)n. Conclusions rolating to going COnM In auditing the financial stalemenls. we have conduded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identffied any material uncertainties relating to events or conditions that. indNidually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at ast 12 monlhs from when the financial statements are aulhxised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this reporL Othgr infomiation The trustees are resFM)n5ible for the other information. The other information comprise5 the informalM)n included in the trustees, annual report, other than the financk41 statements and our auditof5 report thereon. Our opinion on the financial statements does not cover Ihe other information and, except lo the extent otherwise explicitly Staled in our report. we do not express any form of assurance conclusion thereon. In connection with our audrt of the financial statements. our tesponsibilty is to tead the other infom)ation and, in doing so, consider whether the other infomation i% materially inconsislenl with the financial statements, or our knowledge obtained in the audit or otherwise appears to be fflaterially misstsled_ If we identify such material inconsistencies or apparent material misstatements, we are required to detem)ine whether there is material misstatement in the ffinancial statements or a mateiial misstslement of the other information. If, based on the work we have performed, we condude that there is a material misstatement of thrs othei infom12tion, we are required to report that fact. We have nothing to reFX)rt in this regard. TrLteeS. AfftnL Rqx)rt I Page 17
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963- Registered Charity No. 232131 Independent Auditor's report to the Trustees of The Francis C Scott Charitable Trust Matt•rs on which w• ar• r•quirgd to report by •xuption In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identtfied material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Char[tS (Accounts and Reports) Regulations 2008 requite us to report lo you rf. in our opinion.. the information given in the financhgl slatements is inconststent in any material respect with the trustees, report., or sufficient a(xounting records have not been kept.. or the financial ststements are not in agreement with the accounting records". or we have not recewed all the infonnation and explanations we requite for our audit. Rosponsibiliti•s of trustOOS As explained more fully in the trustees. responsibilities statement sel on page 4. the trustees are responsible for the preparation of financial statements which gNe a true and fair view. and for such intemal control as the trustees deterTnine Is necessary to enable the pteparalion of Iinancial statements that are free from material misstatement, whether due to fraud or e[r. In preparing the financial statements, the trustees are respmsible for assessing the charity's ability to Continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unles5 the tTUStee5 erther intend lo liquidate the thaiity or lo cease operations. or have no reali%ti¢ altemative but to do so_ Auditorfs respoDsibiliti•s for the audit of the financial 5tat¢ments We have been appointed as auditoi under 5eth.on 144 of the Charities Act 2011 an(J report in accordance with regulations maile under section 154 of that Act. Our objectNes are to obtain reasonable assurance about whether the financial ststemenls as a whole are free from material misstatement. whether due to fraud or error. and to issue an audttor's report that includes our opinion. Reasonable assurance is a hwJh level of assurance but is not a guarantee that an audit conducted in accor¢Jance with ISAS {UKI will ahvays detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are cthsidered material rf, individually Of in the aggregate, they could reasonably be expected lo infiuence the economic decisw)ns of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-Cy)mpliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect materi81 misstatements in respect of irregularities. including fraud. The extent to which our Pfocedufes are capable of detecting ifregularilies. induding fraud is detailed below. In identifying and assessing risks of material misstatement in respect of irregUlare5. including fraud and non- compliance with laws and regulations. we considered the followng= results of our enquiries of management al1 Iheir own identification and assessment of the risks of irregularities,. any matters we identified having obtained and reviewed the charriy's documentatN)n of their policies and pr(Kedures relating to.. identrfying, evaluating aThJ cornplwng wrth laws and regulations and whether they a aware of any instances of non-compliane£: detecting and responding lo risks of fraud and whether they have any knowledge of any actual. suspected or alkged fraud" TrLteeS. AfftnL Rqx)rt I Page 18
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963- Registered Charity No. 232131 Independent Auditor's report to the Trustees of The Francis C Scott Charitable Trust the internal controls established to mitWe risks of fraud or non-compliance with laws and regulatsons. the matters discussed among the audit team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures. we considered the opporbjnilies and inntiveS that may exist within the organisalion for fraud and idenlthed the greatest Fotential for fraud to be in relation to management override which. in common with all audits under ISAS {UK). we are required to pertom specthc procedures lo respond to this risk. We also obtsined an understanding ofthe kgal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effecl on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in thts context included the Charities Act 2011 and Charities (Accounts and ReFortsl Regulations 2008. As a resutt of perfom7ing the above, in response to the risks *Jentffied. we did not identfy any key audit matters related lo the potential risk of fraud or non-compliance with laws and regulations. In addition to the above, our procedures to respond to risks wjentified the following: reviewing the finan(aal statefflent disck)sure5 and testing to supporting documentstion to assess compliance with provisN)ns of relevant laws and regulations described as having a direct effect on the financial statements. enquiring of management conceming actual and potential litigation claims: perfomiing anatytical procedures to identfy any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.. reading minutes of meetings of those charged with govemance" and in addressing the risk of fraud through management override of controls. testing the appropriateness of joumal entries and other adjustsnents". assessing whether the judgements made in making accounting eslimales are indicative of a potential bhas.. and evaluating the rationale of any swJnificant transactions that are unusual or outside the normal course of the charity's work. We also communicated relevant identtfied laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in our audr( procedures deScrid above. The rmre removed that laws and regulations are from financial Iransaclions. the less likely il is Ihatwe would become aware of non-compliance. Auditing standards also limit the audrt procedures required lo identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence. if any. Material misstatements that arise due to fraud can be harder lo delecl than those that arise from error as they may involve deliberate COnalment or collusion. A further description of our responsibilities for the audil of the financial statements is located on the Financial Reporting Council's website at.. wAv.frc.org.ukJaUditorsresFSibIll1ies. This description fomis part of our auditor's report. TrLteeS. AfftnL Rqx)rt I Page 19
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1* October 1963 - Registered Chartty No. 232131 Independent Auditor's report to the Trustees of The Francis C Scott Charitable Trust Vs• of audit report This report is made solely lo the charity's trustees. a5 a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's Itustees those matters we are required to state to them in an audrtor's report and for no other purpose. To the fullest exient permrtted by law, we do not accept or assume responsibilty to anyone other than the charity and the charity's trustees as a body. for our audrt Wotk, foi this repott, 01 for the opinions we have fom)ed. Dodd & Co Audtt Limrted, Statutory Auditor Date 1410812026 FIFTEEN Rosehill, Montgomery Way, Rosehill Estste, Cartisle, Cumbn8, CA12R W Dodd & Co Audit Limited is e1ible to act as an audrtor in terms of seCtn 1212 of Ihe Companies Act 2006. TrLteeS. AfftnL Rqx)rt I Page 20
THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st OctoLEI 1%3 - Reg15teied Charity No. 232131 Statement of financial activities For the year ended 31 December 2025 Endab Restricted Notes enthrnent General unrestricted Tot81 2025 Total 2024 Income Investment Incorne Transferto income 1,181,547 35B.483 1,181,547 876,947 Total income 1 181 547 876 947 Expendfture Costs of raising fvnds InveStrnt management ¢tJsts 162 145 Expenditure on ch8rit8ble 8chvitses Grant making Grants ttjmmitted Grant cornmitments CanCeld Grant related suppfyVgoveman¢e costs Social Investment Idated supportlwvemance costs 5r23 5r23 11,172,100 41,(9 1237,7461 27.509 11,172,1001 11,801,590) 41,Lb9 23,730 1237,7461 1211,9821 27.509 3,000 1.396.286 1,396 286 1.792.842 Total expendfture 138,eib4 1 954,987 Nèt •xpondltur• lOr* galnsl1o5 on Inmtmtnts 497.C87 143,744 353,343 1,078,040 Net gn>70S$e5 on Investments 13 1.W.860 1980 860 3.628 183 Net movement In lund5 1.483,7T3 143,744 1,627,517 2,550,143 Re0NlIla1X of Total funts brought for%rd 40.794.211 944.372 39.849.839 37.299.696 Total funds carrleil forward 42.2n,984 8(XJ,628 41,4TI,356 39,849 839 The notes on pages 18 to 31 fom) part of these finan¢sal statements. The trust has no re¢ognised gains and losses other than thc6e stated atx)ve. Ml incoming resourw and resour$ expended dele from conb"nuing a¢tivitie$. TrLteeS. AfftnL Rqx)rt I Page 21
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 18t October 13 - Rffji8tewl Charity No. 232131 Balance sheet At 31 December 2025 Total 2025 Total 2024 Fund Flx•d ass•ts Tangle a88ets Investments Prc¥Jramm& rnlated in¥e8trrtents 12 13 14 125.tKMI 41,9,113 125,000 41.689,113 507,753 42.321,866 125.CK)O 40.203.449 517.451 42 314.113 Current ts D$btor8 Cash 15 16 22.293 586.467 808,760 60,4fJ 808.760 Credltors: Arnnts due vilhin one star 17 36.129 Net currentlH•bll#knY•ss¢ts 36.129 391,725 390,001 42.2n.984 (347,8431 41.930.141 40.455.899 CY•dhorn: Amounts duè al mor• than one >*ar 18 806.080 Totsl n•t asHtWthlliU•s) 41477 358 39 849 839 Totsl ch•rlty thnds 39 849 839 Approved byth8 TN8t•88 on 10th Juty 2026 tholrbohawty. Sltvg rolTN8 christs.ne Knipe {Tw8teel Th• not•s on pages 18 to 31 fDml partof th08e firwKaal stat•m TrLteeS. AffinL Rqx)rt I Page 22
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Registered Chanty No. 232131 Statement of Cash Flows For the year ended 31 December 2025 Total Funds 2025 Total Funds 2024 Notes Nel cash used in operating activities 20 {1.672.123) 1,590,078) Cash flows from investing aCtiv"e$.. Dividends and interest Net proceeds from salelpurchase of investments Nel cash used by investing activities 1,223,450 600,789 1,824.239 847,779 158,511 1.006,290 Change in cash and cash equivalents in the year 152.116 (583.788> Cash and cash equivalents brought forward 555.206 836.028 Change in cash and cash equivalents due to exchange rate movements 120,488) 302,966 Cash and cash equivalents carried forward 21 686.834 555.206 Trustees. Rew>rt I P•ge 23
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963- Registered Charity No. 232131 Notes to financial statements For the year ended 31 Decernber 2025 Accounting policies aJ.8a&s of accounting The Francis C So)tt Charitable Trust is a Trust created by Deed of Trust on 1 October 1963 Nwth wde powers to distribute funds for charitable purposes. The nature of its athities is disclosed in the trustees, report. The registered office is Stricklandgate House. 92 Stricandgate, Kervjal. Cumbn"a. LA9 4PU. The financial statements are prepared under the historical cosl convention, the exception of investments. which are included on a market value basis and properties %thich are incjuded at prN)r professional valuation. The financial ststements have been prepared in aCcOrdar with the Statement of RecommeThled Practice.. AccA)untiThJ and Retx)rting by Charities preparing their accounts in aCrdance with the Finanaal ReFOrting Standard applicab in the UK and Republic of Ireland IFRS 1021 and the Financial RepNbng Standard applicatle in the UK and RepU1C of Ireland IFRS 1021 and the Charities Act 2011 as amended by the CharTties Act 2022. The charity constitutes a public benefft entity as defined by FRS 102. The financial stalernenls have been wepared to give a 'twe arKI fairf view ar have departed Irom the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to prowde a Irue and fair vievl. This departure has involved fdlowing the Statement of Rewmmended practi." Accountsng and ReFKMb'ng by ChaTities preparing their ac(x>unts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Irdand {FRS 1021 rather than the Accounting and Reporting by Charities". Slalement of Recommended Pradice effective fr¢xn l April 2005 whith has Since been withdravm. b) PreparatTr offinancial staternents on a going GonGem basis The INstees consider that there are no material wcwtsinties alxxjt the trusfs alylty to o)ntinue as a going Canm. c) Investment inGome Investment income is a(tounted for in the peritxl in whith Ihe Trust is enliued to receipL d) Resources expended Expenditure is included on accruals basis and IndleS attributable VAT which cannot rewered. Costs of raising fvnds comprise those c(6ts diredy attritxrtable to managing the irNesknenl wrtfr)lio and raising investment income. Grants paYae are charged in the year kn the offer ts conveyed to the reapbent except cases sthere material offers are conditional, such grants being recognised as eXrditre when the tx)ndth'ons attaching are fulfilled_ Material grant5 offered subject to conditi(S which have nol been met at the year end are noted as a commilment but not accnjed as expenditure. The provision for a mutti-year grant is reccyJnised at its present value on initial reccwition where setuement is due over more than one year from the date of the award, there are rKJ unfulfilled condits.ons under the control of the Trust that would permit the Trust to avosd making the fulure paynt{SI. setenI is probable and the effect of discounting is material. The discount rale used is the average rate of deposit interest irb the year in which the grant award is made. This discount rate is regarded by the Trustees as providing the most current available estimate of the OPFK)rtunity of money reflecting the b'me value of money to the Trust. Costs of charitable actNrties include grants committed and an apportionment of overhead aThJ support costs as shown in note 6. Support costs include central functions and have been alkxal] to activtty c05t categorie5 on a basis consislenl with the uses of resources. e.g. allocating property costs by staff use. staff costs by the time spent and olher costs by their usage. Govemance cA)sts comprise all costs invofving the wblic accountability of the Tnjst its Complian regulation and good practice. These include o)sls related to audit and legal fees tc*Jether wth an aptsfflent of overhead and support costs. e) Tangible fixed assets Individual fixed assets are capitslis&J where the purchase cost exceeds £10,00). Tangible fixed assets are valued al (x)51 or valuation. net of depreryation arKI any pro10 f impairment. No depreciation is provided on land. Freeh(d [pertieS have not en dwiated as the Trustees tnSider that the amthjnt invofved is immaterial. fj ReValuatn ofproperts.es Advantage has been taken of the transthonal provisi0r of FRS 102 to retain the bc¥)k value of properties vthich were revalued piior to implementslion of that Standard. The propetts-es were last revalued on 14 January 1997 and the valuation has not subsequently been updated. TrLteeS. AfftnL Rqx)rt I Page 24
THE FRANCIS C SCOTh CHARABLE TRUST Dated 1 October 1963- Registered Charity No. 232131 Notes to financial statements For the year ended 31 December 2025 1 Accourrting policies Icont.) g) Fixed asset invesfrnents Investments are included at th"r fair value at the balan sheet date. The Statent of FinancAal Actrw"ties indudes the net gains ar losses arising revaluations and dispwls thrDugtrKrt the year. h) Programme related investments Programme related InvestEntS are inriially measured at the arrKJunt paid, wrth the caryng arrt adjusted in Subsequent years lo reflect repayments a)d any awued Inte$t and adjusted if necessary for any impaim)enl. i) Foreign curnenues Foreign currency balances have been translat at the Trte of extharye ruling at the balance sheet date. jj Finanoial instmments Forward foreign currency contracts are measured at fair value on the date the contract is entered intr) and are subsequently re- measured at the fair value at the balance sheel date. CharwJes in the fair val[* are re(x)gnised in the Statement of Financial Aclivities. k) Fund accounb.ng General funds are unrestiicted funds leh are available for use at the discxelion of the Tnjstees in fvrtheran¢e of the general objectives of the Trust and which have not been designated for other purrx)ses. The endowment of the chanty is expeThJable endowment. The Trust deed allows this fund to be spent as income or retained as capitsl al the Trustees, discretion. Income arisiThJ on the expendab endowment is unrestricaed. Any capital gains cf losses arising on the disposal of fij1 assets form part of the fijnd. l) Pensions The Trust operates a defined salary wrifice tributIOn scheme for the benefft of its employees. Contributions payable are Charged to the Stslemenl of Finan(#al A¢livilies in the year they a payab. m) Operating lease rentals Rentals payable under operating leases are charged in the Statement of Finanal Ndivities on a straight line basis over the lease temi. Twustees. RepxMI I P•ge 25
THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1 st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2025 (continued) 2025 2024 2 Investment in¢ome General unrestricted stocks and shares Bank Inte$t Charities deposit fund interest Interest on balances with fund managers Interest from programme related investments 1.136,595 1,695 7.950 835.472 3,318 3.314 31,556 1,177,796 34,092 876,196 Rental income (Brathay Trust) Income from REACH grant referrals (misc income) 3.750 750 1.181.547 876,947 Expendable endowment Interest on balances with fund managers Restricted fund 1,181,547 876,947 3 Transfers from expendable endowmenl to income A transfer of caprtal of £3.483 was made in the year12024-. £823.5281. The total amount of urwestricled income available foi spendiry in year was £1.540,OXJI2024." £1.700.2051. 2025 2024 4 Investment management costs Fund managers. fees comprise" Rothschild Sarasin Cazenove 34.242 119,013 8.890 125,142 13.462 138,604 162,145 The Total Expense Ratio for 2025 was 0.60% {2024'. 0.64%} for Sarasin and 0.760h12024: 0.51%) for Cazenovi Trustees. Rew>rt I P•ge 26
THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2025 (continued) Grantmaking The value of grants to institutions committed in the y Canlled grants comprises: 2025 2024 General unrestricted funds Grant commitments 1.172.100 1.601.590 Grants cancelledluTrJerspendlrecovered {41,069) 23.730 1,131.031 1,577,860 Support costs {notes 6 and 7) 188,561 157,703 Governance costs (notes 6 and 7) 76.694 265.255 57,279 214,982 1.396.286 1.792,842 Restricted fund Grant wmmitrnents 1,396.286 1.792,842 Full details of the recipients are shown in note 22. 2025 2024 Reconciliation of grants payable: Commitments at beginning of pericx Commitments made in the penod - general unrestricted fund 1,172,100 Commitments made in the peri Grants cancelled Grant undersperKJ v5 commrtme Grants committed for the period 1.542,409 1,173,863 1,601,590 (41,069) {23,730) 1.131.031 1,577.860 Grants paid during the per Grants repaid {1.278.152) 11,209.314) (1.278,152) 1,395.288 (1,209,314) 1.542.409 Commitments al 31 December Commitments at 31 December are payable as follows: Within one year Inote 17) After more than one year (note 18) 942.503 452.785 936,349 606,060 1,542.409 1,395.288 Trustees. Rew>rt I P•ge 27
THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1st October 1963 - Register Charity No. 232131 Notes to the financial statements for the year ended 31 December 2025 (continued) 6 AJIatIon of 5UPPOrt and governance costs The teakdO5 of SUPfKI ¢osts these we bemeen r>)V¥n(l CharilaNe AdNth'es is shobtrn the taL4e 0w. Cost Te Total BasL% of Arwrtionment Grantmakin Staff ¢ost$ offi rental aT¥J costs Travelling and Conf8r8r&s Staff trainng SubsCnptns 161,444 18,413 24217 1.841 521 212 733 27.524 137,227 16,572 Staff time staff time Staff time Staff time Usage 1,415 2.095 188.576 1,203 1.362 161.052 Prwanwne rdated investrnent Costs 27,S)9 27,5CO staff time 2025 2024 Governance costs Staff cost$ Office rental costs Tiavelling and conference5 Staff train Subs¢nptsons Professional fees". HR fees Legal fees Audit fee Costs of trustees, rneeting5 Trustees, travel exFenses Extraordinary ccsts-stratgjy and Eyaulatic Sundry 24,217 1.841 521 212 733 22.885 2.254 717 144 339 18,280 15,680 2.053 865 7.899 4,054 76,694 271 3.661 13,000 1.312 7.674 1.835 54,279 Prwanwne r¢ated investrnent Costs 27,509 3,000 104,203 57.279 7 Cornparallves for allocatlon of supportand governance eosts The breakdOn of supsxirt msts hcw these we bemwn (>)vwnwc * Charitable AclDiibes is sho1 n the tatle C05t Typ8 Basis of Artionrnent Staff costs offi rentsl costs Travelling and Staff tiaining Subscriptions 152.432 22,541 7.173 7,323 412 129.567 20,287 Staff time staff tirne Staff time Staff time Usage 22SI 717 1,125 Prwamm8 rdated investment costs Syaff time 8 Net expendltwe and net mthiement In lun(ts before galns and 1055es on Investhts 2025 2024 Net exnditre and net movement in bef(ffe ga inbwtslrts is stated aftef chargng". Auditorfs remuneration Auditorfs remuneration - year mletacuual Operating lease rentals 13.800 1.880 16,345 13.OCM) 16.266 TrLteeS. AfftnL Rqx)rt I Page 28
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1 st October 1963 Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2025 (continued) 9 Anatysis of staff costs and remuneration of key management personnel 2025 2024 Salaries Social security costs Pension costs 181,169 7,685 17,745 170,742 10.656 16.547 206,599 197,945 The average monthly number of empbyees during the year was 4 (2024= 4}. Calculated on a full time equivalent basis the average number was 312024= 41. Pension costs are allocated to activities in proportion lo the related staffing costs in(rred and are wholly Charged to uniestri¢led funds. The Trust considers ils key management personnel MprISe the Tnjstees. the Director and Finance Manager. The total employment benefits including employer pension (*)ntribulions of the key management personnel were £125.02212024= £122,974). The following number of employees received employee beneffts {exduding employer pension costs) during the year between: 2025 Number 2024 Number £60,OCN) - £69,999 £70,OCNJ -£79.999 Employees worked for 1 or 2 other Trusts, The Frieda Scott Charitable Trust and The Sir James and Lady Scott Trust, operating from the same address. A prowrtion of their Sts, based on the time Spent. is recharged lo those charities. The amount recharged during the year was£45.155 {2024.. £45.5131. Madeleine Scott is also a Trustee of The Sir James and Lady Stt Trust. 2025 2024 Salaries LegalHRlOther Stsff costs Less.. recharged 206,599 197,945 206,599 145.155 197,945 145,513) Net C05t lo the Francis C Scott Charitable Trust 161,444 152.432 Included in charitable activities Included in govemance costs 137,227 24,217 129,567 22,865 161,444 152.432 The Trust makes )ntributionS to the defined contribution pensi)n schemes of r(s employees. The assels of these schemes are held separately from tkne of the Trust in independently administered ftjnds. The pension Costs charge represents trIbUtionS paid by the Trust to those funds. An AutO-Enrolment compliant scheme was set up with effect from 1 April 2016. TrLteeS. AfftnL Rqx)rt I Page 29
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2025 {continued) 10 Trustees. remunefation and related parties 2 Trustees12024'. 21 received expertses totalliThJ £343 in the year12024: £8521 for the cost of travel to Trustees. meetings and on other Trust business. Trustees neither recerved rr waived any emoluments during the yeaT12024.' £nill. An annual donalh)n of £5.200 was made lo the Liverpool Charrty and Voluntary Setvices lo spent on Charitab causes at the Chairfs dis¢ren. During the year, the tsust has Incur legal costs of £17,040 from Wrigleys Soliutors, an entty in whth Laura Moss is a partner. There were no other related party transactK)ns in the JEar. 11 Comparatives for Statement of Financial Activities and Balance Sheet figures Statement of Financial Activities Expendab endowment Restri(*ed General unrestricted Total 2024 Income Invesbnent in(x)me Transfer lo income 876,947 823,258 876,947 823,258 Total income 823.258 1,700,205 876,947 ExndItUre Costs of raising furKIs Investment management costs Expenditure on ¢h8ntable activthes Grant making Grants ¢ommrtte(I Grant commitsments cancelled Grant related sUPPOrtlwvemance cDsts Social Investmenl related suppcfVg0veman costs (162.145) 162,1451 (1,601,590) 23,730 {211,9821 13,0001 11,601,590) 23,730 1211,9821 13,0001 1.792.842 1,792,842 Total expenditure (162.145) (1,792,842) 11,954,987) Net expenditUTe and net rnovement in lunds before gains and losses on investments 985.403 92,637 1,078,040 Nel gain on investments 3.628,183 3.628,183 Net movement in funds 2.642.780 192,6371 2,550,143 Reconc11 of funds Total funds brought fotward 38.151.431 1851,7351 37.299,696 Total funds carried forward 40.794.211 944.372 39.849,839 TrLteeS. AfftnL Rqx)rt I Page 30
THE FRANCIS C SCOTT CHARITABLE TRUST Dated 1 st October 1963 - Registered Charty No. 232131 Noles to the financial statements for the year ended 31 December 2025 {continued) 11 Comparatives for Statement of Financial Activities and Balance Sheet figures Intinued) Balance Sheet Expendab er)dowment Restricted Fund General unrestricted Total 2024 Fixed assets Tangible assets Investments Programme related investment5 125.000 40,203,449 500,000 40,828.449 125,000 40,203,449 517,451 40,845,900 17,451 17,451 Current assets Debtors Cash 60,423 539,942 600,365 60,423 539,942 600,365 Creditors: knounts falling due within one year 956.128 355,763 990,366 390,001 Nèt currènt IliabilitiesyassÈts 34.238 Total assets less current liabilities Crèditors: Arnounts falling due after mole Ihan one year Total net asset111ab1lI1le5I 40.794,211 (338.3121 40,455.899 606,060 606,060 40,794.211 944,372 39,849,839 Total Charity funds 40,794.211 944,372 39.849,839 12 Tangible fixed assets Land & Buildings 2025 2024 Balance al beginning and end of PWiLhJ 125,000 125,000 The properties WEre valued by Ckrk Scott-Harden, Chartered Surveyors. Penrith on the basis of open market value with existing use on 14 January 1997. The Trustee5 COf)SHJer that this valualior) is reasonable as the properties are let under a k)ng lease which only generates a nominal rent. They do not consider it ne$sary. or in the interests of the Trust, lo have the prOrtieS revalued at thi% time. The properties comprise Brathay Hall and 3 estate cottages all of which are let to the Brathay Trust (Registered Charity No= 10215861 for a nominal rent under a lease which eypires in 2049. BTathay Trust currenuy insure the buildings for £28.115,76012024." £27.270.243). The historical ¢xJst of properties at 31 Dember 2025 was £360,689131 December 2024: £360.6891 current annual rental value f(Nene has been estimated al £142,75012024.. £137,750). TrLteeS. AfftnL Rqx)rt I Page 31
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1 st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2025 (continued) 13 Investmenls 2025 2024 Market value at beginning of period Acquisitions al cost DisFX)sal proceeds Nel gainslllossesl on revaluab.on Market value at end of period Uninvested cash and settlements pending - erKI0ent acUnt 40,188.185 7,669.821 18,270,610) 2,001,348 41,588,744 100,369 37,012,826 29,278,382 {29,428,2401 3,325,217 40,188,185 15,264 41,689.113 40.203,449 Uninvested cash indje$ a net currency loss of £20.488 {2024". of £302.). Nel gain on the revaluation and disposal of all investments for the year amounted lo £1.991.062 {2023: gain of £3.628.183}. InstMentS al marf(et value comprise 2025 2024 Equities Fixed income Hedge funds Alternative Other 33.110,450 3.115,737 98,383 3.913,956 1.350,218 32.326,326 3.370,452 209,304 3.121,371 1.160.732 41.588,744 40,188,185 Histori(xl cost al end of p 36.380.516 36.447,499 All investments are eit1r listed on UK overseas st(Kk ex(*anges. or valu1 by reference to such investments. 2025 2,024 Material investments are.. SUTL Cazenove Charity Sustainable Mulit-Asset Fund 20.397.989 19.454.092 The TTUStees Consider individual secunty hddings in ex% of 5% and fund hcrfdings in excess of 10% to be material. There were no holdings meeling these criteria al the year-end. Investment in equities and fixed interest securilies are all traded in qwfyted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit tnjsts and opeTrended investment companies are at mid-price. The basis of fair value for quoted investments is equivalent to the market value. using the bid price. The drfference ts¥een the mId-pri and bid-pnce is not material to the accounls. Asset sales and purchases are recwnised at the date of tre at cost (that is their transaction value). TrLteeS. AfftnL Rqx)rt I Page 32
THE FRANCIS C sco CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2025 (continued) 14 Programme relaled investments 2025 2024 Investments at cost Cost less impairnient at 1 January Additions at cost Disposals and repayments Cost less impairment at 31 Dernber 517,451 44,886 154,584) 507,753 526,104 6,520 {15,1731 517.451 Investments comprise the following: Debt 507,753 517,451 Total 507,753 517,451 15 Debtors 2025 2024 General unrestricted funds Prepayments and accrued income Other debtors 8,896 13,397 40,661 19,762 22.293 60,423 16 Cash 2025 2024 General unrestriGted funds COIF Fund managers Cash at banks Pety cash 208,067 278.230 100.137 33 150.683 313,444 75.808 586,467 539,942 Restricted fund COIF 586,467 539,942 Trustees. Rew>rt I P•ge 33
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1 st October 1963 - Registered Charity No_ 232131 Notes to the financial statements for the year ended 31 December 2025 (continued) 17 Creditors: Amounts falling due within one year 2025 2024 General unrestricted funds Grants payable Inote 51 Trade creditors Accruals Taxation and social security other creditors 942.503 926 13,800 3.980 3,147 936,349 13,OCIJ 3,532 2,763 956.128 Expendable endowment funds Ac(Tuals 36.129 34,238 1,000,485 990,366 2025 2024 Grant commltments due wlthln one year General unrestricted fund5 942.503 936,349 942.503 936,349 18 Creditors: Amounts falling due after more than one year 2025 2024 General unrestricted funds Grants payable (note 5) 452.785 606,060 19 Operating lease Commitments At 31 December 2025 the Trust had the following future minimum lease payments under non-cancellable operating leases as follow5-. Land & Bulldlngs - for the ntaI of offices in Stricklandgate House, Kendal Annual rental will be £15,682 and the lease can be tem)inated at any time with 6 months notice. Other- for the rental of a pholocopier. the tem of which is from 1 January 2023 10 31 December 2027. Land & Buildings 2025 2024 Other 2025 2024 Exwry date.. Within one year Two to five years 7.841 7.868 725 725 725 1,450 7.841 7,868 1,450 2,175 . 6 months, costs TrLteeS. AfftnL Rqx)rt I Page 34
THE FRANCIS C SCOTh CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial statements for the year ended 31 December 2025(continued) 20 Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net movement in funds Deduct dividend and income shown in investing actiVrtS (Deduct) l Add Igainsl I losses on investments (Decrease) I Increase in debtors Decrease in creditors 1,627,517 (1.181.548) (1,980,860) 5,924 143,156 2,550,143 (876,9471 (3,628,183) (10,0901 374,999 Net cash used in operating activities 1,672.123 1,590,078 21 Analysis of changes in net debt 1 January 2025 Other non- cash changes 31 December 2025 Cash flows Cash and sh equivalenls Cash Investment cash 539.942 15.264 46.525 85.103 586.467 100.367 555.206 131.628 686.834 Total 555.206 131.628 686.834 Twustees. RepxMI I P•ge 35
THE FRANCIS C sco CHARITABLE TRUST Dated 1st October 1963 - Registered Charity No. 232131 Notes to the financial s&ements for the year ended 31 December 2025 (continued) 23 Grants Ccrfnmrfments made in the >*ar made in the year eThJEd 31.1225 enthd 31.12.24 18,000 10,000 A New Hope , Cumbria CIC Achieve Change aThJ Engagement Achieve Change arKI Engagement Istep Changel AayS Another Way Cumbria Ltd AayS Another Way Cunkna Ltd - Step Change Anti Racist Cumbria ApebY Deanery Synod Aspatri8 Dreamscheme Autism Support Ajlerdale aThJ CoFdand Autus Cumbria BendryJg Trust Blackwell Sailing Bralhay Trust Brathay Trust AspiriTrJ Leaders Prcgramrne CADAS CanDo FM Carlisle Eden Mind Carlisle Key Carlisle Mencap Cailisle Youth Zone Chapter One CHOFHS Youth Group Crtyzens Advice North Lancashire Copeland Youth Netwo Cowran Care Ltd Cumbria Community FourKlation - Better TorTX)trov Cumbria Communrty Foundation - Brighter Futures Cumbna Family SupFK)rt Cumbria Federation of Young Farn[$ Club Cumbna Rungwe Communty Link Orop Zone Youth Projects Eden Ventures Escape 2 Make Euphoric Circus Euphoric Circus (Step ChaThJel Every Life Matters Families Matter FOOTLE UKCIC Fumess Multi£ultural CommLmity Forum Gbbal Link Good Things ColectNe CIC Great Clifton Community Ycmjth Group Grtiwng Club Growng Well Hensingham ARLFC Heron Com Mill18eethaml Ltd Home To Work Ltd Inspiring Barr¢)w- Cumbna CVS Kendal Lads & Girfs Club Kent Estuary Youth IKEY) ProFCt Kirkby Lonsdale Fire AFpeal Keswck Youth Centre Services Lancaster Boys & Girls Club Lancaster District CVS Lancaster Dislrid Young Pecyle's FOundatn 10.000 4.000 30.000 10,000 4,000 30.000 4.500 44.400 24,000 38,500 20.000 15,000 40,000 19,096 266.060 31,100 33,000 25.000 60,000 19.000 11.500 2,000 10,000 35.900 17.000 8,500 16,500 75,000 39,700 90,000 22,600 63.600 23,700 27.000 10.000 3,577 30.000 30,000 3.000 60,000 2.804 1,500 1,000 4,000 3,700 2,000 25.000 15,000 4.000 63.600 10,000 30.000 2,000 42,000 2.700 Iconlinued ovedeafj 517,781 960,956 Trustees. Rew>rt I P•ge 36
THE FRANCIS c scorr CHARITABLE TRUST Dated 1 st October 1963 - Registered Charity No. 232131 Notes to the financial staternents for the year ended 31 December 2025 (continued) 23 Grants (continued) in the year ende 31.12.25 In thè ytarervjwj 31.12.24 Lancaster Music Festival Lan¢ashire Youth Challenge Moore Arts Millom More Musie in Moreeambe Morecambe Bay Partnership Morecambe Bay Povety Trust CommissK)n Morecambe FC Community Foundab"on North Alerdale Developmenl Trust Northem Fells Communtty GrcNJp Outside in Cumbria Blue OVA Blue- Slep Change Peter Scott Award - Anti Raast Cumbria PhniX Youth Project Promoting Autonomy and Charoe Ltd - PAC Proud and Diverse Cumbria Rosehill Arts Trust Sight Advice South Lake5 Slag Bank Play Area AsSab.0n Stanleys Community Centre Spiral Stricklandgate House Susan's Fafm Time to Share Bereavement SeThices CIC Theatre Factory The Birchall Tnjst The Happy Mums Foundation CIC The HarrinOn Youth Club The Olive Branch The Outdoor Partnership The Outside Club CIO The Windmill Trust Triple A PToject Together We CIC Together We CIC Step Chnage Tullie House Museum Ulverston RaThJers Walney Community Trust Watchtree Nature Reserve Well Suited CIC West End Impact WHITEHAVEN UNIT 362 OF ThE SEA CADET CORPS Whitehaven Community Trusl Whilehaven Hartx)ur Youth Project WvJlon Youth stats.on Wise Up Workshops CIC {Slep Change) Wise Up Worf(shops CIC Young People FiT5t Youth Presence Youthability Youth Serw¢*s YMCA Lakeside 45.OLXI 8,000 45.000 20,7CW) 35,200 62,1 5,000 59,4 35,400 5,000 31,300 54,000 98 36,6 42,2 30,0 45.000 20.000 1,800 39,900 10,000 35,000 23,500 41.8 27,500 2,500 63,600 5,000 4,000 3,000 3,750 45,0 45.0 45,000 4.000 36,000 21.0 24,800 76.0(X) TOTAL 1,131.031 1,577,860 Total number of grants txduding fondS & CanclatIOnS 47 52 Trustees. Rew>rt I P•ge 37
FS Fi'ancis Scott Ti'ust Trustees, Annual Report & Financial Statements Da la (ktthr 1963- Flegistered Charrty No. 2131 Ilor the year eNled 31st Decerntr 20251 For further InfoatiOn or to fequesl this document in an acCes1e format please contact.. Francls C Scott Charltable TrusL SlricklanthJate Hojse, 92 Strkjafjgate K¥JaI, cum"a, LA9 4PU Tel: 01539 742608 www.francis-scott.org.uk