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 finar￿la1 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
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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 p￿pared 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.
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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 ACC￿ntIng 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
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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 T￿VelYan, 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 W￿rk. 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 experie￿eS, particularly in Cumbria. where the headquarters of the Provincial business
was based.
As a grant-giving tnjst, we believe in the iMporta￿e of:
Thinking and acling
lor Ihe long ierm
Valuing
irKlependence
Collaboration
Integrty
¢>"
Supporting
innovation
• Being
*• J relational
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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 I￿lUsion 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.
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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.
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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 lOn￿terM 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.
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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 lOn￿terM 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 V￿re 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 eX￿rtISe 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 v￿rk.
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 tr￿1r 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.
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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 n￿nitOr 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.
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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. Fo￿ard 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 Financ￿1 Reporting sfandard applKable in the
UK and Republic of I￿land (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 appliCat￿n of resources. for the year then ended..
have been properly prepared in accordance with United Kingdom Generally A￿pIed 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 COn￿M
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.
TrL￿teeS. 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[t￿S (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 irregUlar￿e5. including fraud and non-
compliance with laws and regulations. we considered the followng=
results of our enquiries of management al￿￿1 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"
TrL￿teeS. 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 in￿ntiveS 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 deScri￿d 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 COn￿alment 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.ukJaUditorsresF￿SibIll1ies. This description fomis part of our
auditor's report.
TrL￿teeS. 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 e1￿ible to act as an audrtor in terms of seCt￿n 1212 of Ihe Companies Act 2006.
TrL￿teeS. 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
E￿ndab￿ 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
InveStrn￿t management ¢tJsts
162 145
Expenditure on ch8rit8ble 8chvitses
Grant making
Grants ttjmmitted
Grant cornmitments CanCel￿d
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* galnsl1o￿5 on Inmtmtnts
497.C87
143,744
353,343
1,078,040
Net g￿n>70S$e5 on Investments
13
1.W.860
1980 860
3.628 183
Net movement In lund5
1.483,7T3
143,744
1,627,517
2,550,143
Re0N￿lIla1X￿ of
Total funts brought for%￿rd
40.794.211
944.372
39.849.839
37.299.696
Total funds carrleil forward
42.2n,984
8(XJ,628
41,4TI,356
39,849 839
The notes on pages 18 to 31 fom) part of these finan¢sal statements. The trust has no re¢ognised gains and losses
other than thc6e stated atx)ve. Ml incoming resourw and resour￿$ expended del￿e from conb"nuing a¢tivitie$.
TrL￿teeS. AfftnL￿ Rqx)rt I Page 21

THE FRANCIS C SCOTh CHARITABLE TRUST
Dated 18t October 1￿3 - Rffji8tewl Charity No. 232131
Balance sheet
At 31 December 2025
Total
2025
Total
2024
Fund
Flx•d ass•ts
Tangl￿e 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: Arn￿nts due v*ilhin
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
TrL￿teeS. 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 Stric￿andgate, 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 aC￿rdance 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 RepU￿1C 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) Preparat￿Tr 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 Can￿m.
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 Ind￿leS 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 paYa￿e 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 eX￿r￿dit￿re 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 pay￿￿nt{SI. set￿e￿nI 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 ap￿ts￿fflent 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 pro￿10￿ f￿ impairment.
No depreciation is provided on land. Freeh(￿d [￿pertieS have not ￿en dwiated as the Trustees t￿nSider that the amthjnt
invofved is immaterial.
fj ReValuat￿n 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.
TrL￿teeS. AfftnL￿ Rqx)rt I Page 24

THE FRANCIS C SCOTh CHAR￿ABLE 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 State￿￿nt of FinancAal Actrw"ties indudes the net
gains ar￿ losses arising revaluations and dispwls thrDugtrK￿rt the year.
h) Programme related investments
Programme related Invest￿EntS are inriially measured at the arrKJunt paid, wrth the caryng arr￿￿￿t 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 fij￿1 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 Finan￿al 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
Can￿lled 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 AJI￿atIon of 5UPPOrt and governance costs
The t*eakdO5￿ of SUPfK*I ¢osts these we bemeen r>)V¥n￿(l ￿ CharilaNe AdNth'es is
shobtrn ￿ the taL4e ￿0w.
Cost T￿e
Total
BasL% of
Arwrtionment
Grantmakin
Staff ¢ost$
offi￿ rental aT¥J costs
Travelling and Conf8r8r￿&s
Staff trainng
SubsCnpt￿ns
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 breakdO￿n of supsxirt msts hcw these we bemwn (>)vwnwc* * Charitable AclDiibes is
sho1￿ n the tatle
C05t Typ8
Basis of
A￿rtionrnent
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 Investh￿ts
2025
2024
Net ex￿ndit￿re and net movement in bef(ffe ga￿ inbwtsl￿rts is stated
aftef chargng".
Auditorfs remuneration
Auditorfs remuneration - year mletacuual
Operating lease rentals
13.800
1.880
16,345
13.OCM)
16.266
TrL￿teeS. 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 S￿tt 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.
TrL￿teeS. 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 r￿r 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¢re￿n.
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
Ex￿ndItUre
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
Reconc￿￿1￿1 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
TrL￿teeS. 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 I￿ntinued)
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 asset￿111ab1lI1le5I
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 prO￿rtieS 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 De￿mber 2025 was
£360,689131 December 2024: £360.6891 current annual rental value f(Ne￿ne has been estimated al
£142,75012024.. £137,750).
TrL￿teeS. 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 - erKI0￿ent ac￿Unt
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 ind￿je$ 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}.
In￿stMentS 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 eit1￿r listed on UK overseas st(Kk ex(*anges. or valu￿1 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 tr￿e at cost (that is their transaction value).
TrL￿teeS. 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 De￿rnber
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
TrL￿teeS. 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 actiVrt￿S
(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
A￿ayS Another Way Cumbria Ltd
A￿ayS Another Way Cunkna Ltd - Step Change
Anti Racist Cumbria
Ap￿ebY 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 FOundat￿n
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
Ph￿niX Youth Project
Promoting Autonomy and Charoe Ltd - PAC
Proud and Diverse Cumbria
Rosehill Arts Trust
Sight Advice South Lake5
Slag Bank Play Area AsS￿ab.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 Harrin￿On 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 fo￿ndS & Canc￿latIOnS
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 Decernt￿r 20251
For further Info￿atiOn or to fequesl this document in an acCes1￿e format please contact..
Francls C Scott Charltable TrusL SlricklanthJate Hojse, 92 Str￿kja￿fjgate
K￿¥JaI, cum￿"a, LA9 4PU
Tel: 01539 742608
www.francis-scott.org.uk