John Menzies Trust for Scotus College and Catholic Education R¢p)rt FillwKi•J ror th¢ Yr4T Enthd 28 F¢knwy 2021 John Menzie5 Trnst for Seotus College Attd C4tholl¢ Edty¢#tlo Contents Rcler¢nce snd Administraiive Dethils Trustees, Rewjrt 2IDS Sta*m¢Nof I'Ns*es' Re4YAsibili 7wll Ststemerti ol'Finknci&l A¢tivi 12 13 N￿$ ￿ lh¢ Fina￿¥01 Sw¢m¢n 14w21 tkthilcd ofFin•Kiol Activiith 22th23 John Menzies Trust for Seotus College and Cxtholbe Edueatio Referenct and Admln15tr*tlve Detalls Hishop B r Idi¢¢ Ar¥hhislw L ￿.. jthi)p11 r. Cill￿rt ljishi)r* l-'m¢riiu% P A IIiTrA Aryhbislw Lm¢filUS M (i Lonli riishDpJ 111￿h1)￿J A Ti>dl A￿hb1￿lP P TT*lia 14i5knpJ C-unniDBh4m Hishop W (died 11.111.20211 C.'tsMrlty Rtyls¢r¥llon %ymh¢r L0274 Prln¢bp*l Qffl¢t lIun￿ll & R¢id l.LP 15 SquBr¢ .4krde¢n ABIO IM, ..l#dl¢or l*.ICcount*￿' Limitrd Chwkrcd C¢rtifKd Acwirflthts •wJ &•iytort" Audiwrs b'o P Ciriffll41 & Compam. 17) keli'inhwh %tre (ilasgth G3 IPR C"harks Sthnkn. & Co Limik•d 51 A￿1￿¢￿￿ $4uare EHI 3W S•llelion Flurneii & Rcid LLP AIIIO IM'F A•nkerJ l.kn.ds ISL4 pk Akr41¢*￿ ComnKrLx C¢Dts¢ 415 Ilthivn l&'r AK'rd¢¢fi .4RIO INJ p￿¢1 John Menzies Tn￿t for College *nd Catholic Education Trnstees. Report 'tIK' prEsL￿1 ¥nnuJl lo¥cL￿r wilh th fina￿￿1 and 4ydiwrs' thi. ¢harily lor ihL'yL'arended 28 Febrllan. 2021. (Ibjtttivts *Md attivltlts Objec15 I"h¥' I"w*'s ryin¢ipo] ob￿¢1]¥¢ is w prvii¢k. fwds for thc ofcatholic rcli8ion and for EhL Lthcaiion iifL'aiholir& IThL main ￿U[(c5 of incomc Are dii'Mknd4 fmm thc di¥rii>'s in%rslth￿l* and bank dLW)sits. 4r¢ us¢d grnni ￿￿P￿￿)rt forcgou¥ L*Faives. In aL.[￿rdan￿L ivith Tr1￿ IXt(l thL havL' make an) ins"L*iinLnL* i￿.> IIL A> %u¢h. 'rruA has in¥¢sted lutyjs irt low athj mcdium risk inie5EmeM& i.e. 8Oitrnmeni securiiics and Uk SLo¢ks.'t lurLd is mana8ed by LTharies Slank) & Lo l.imi&yJ ¥.1¢￿ ￿ maxtmsing inwnK i¥ith a ofcapital app￿￿1#¢1￿n."l￿ ¢rus*cs ¢4r4lully ¢onsi&r thL' m(¥al and cthKat suitabiliry ol'thc stocks in whiLh thL'y inve5L 'lTh¢ John M¢wLi¢s Try# wbli¢ by and Cathlic ¢du￿tiOn in Scoil includin8 rnskiThg grants to ethic￿10Th￿ attd t¢lig4ws LI￿￿b). edw*iDn and religion Inr thc b¢n¢fJi ora t¥i(kr se¢l￿)n ofttt public rathLY than priv* A￿1VidUal$. The Lrustces confirm that they have complicd th¢ t¢quin¢nts of th¢ charl￿ Tn￿ Inv¢su￿n¢ Iscoikndl ACL IIX)5 la5 S￿￿[Micdl. including having regawd w thc PLbJi¢ t¢r*fii guidttnc¢ Publish￿ b). the oifKe or S¢oll¢sh Chariiy Re8ula¢or. tbi¢v¢the•ts *nd p¢rfom¥•rt r)uriTr8 rhe l'ear ended 28 frebruarv 2021. ￿ frty cwiinwl its obi¢¢iiY¢ of*Ji'4LncinB the Catholi¢ r¢ligion and of Cafvli¢s thrwh cucfvl S￿￿￿rdshiP of its inveAmeni sM>rtfvlio and the protr¢sKJn ofgran¢ support io apwopria* C￿h￿l1r charithble kndie I VLal In￿rnL for Arnovn￿'d EO £11&196 12020.. E1510851. Th¢ redu￿¢0￿ in in¢om¢ iompred ivlih i priorycar Tcnccts ￿￿rI￿VI¢￿1￿j distyibuilons ¥nd r¢dured inromr durin8 the wi4ML. rkspi* th¢ lo￿¥ In¢On￿ Icvcl. Ihe Tn￿.$ invcstrncni wifolio ￿[forn￿d wonBly in capitsl LL'nns durinB the ycar. R￿ll￿d gains of £273.810 •nd w￿¢al¢s¢￿ gains of £167285 in Sts*mcni of ¢M8n¢ial A¢ii%iiics retle¢iing imw%rd ¢IM)dilMpnsthrl￿ ￿r￿d. I￿ring lh¢ l'ear. lh¢ TTU* r¢ctIvi￿ a funkr uplill pa&m¢ni of £52.5tKI 12020.. £nill in res￿ of RlaiTS I"tsiaiL' dc¥'ck)pmcMi in ac¢ordatK¢ i%ith tht ￿M>S ofthc owi8inal salc a8reemem. ThL' Trustces remain satisf￿d the "frusl conlin￿ ty fu]rtl its thritsblc obFrtiv¢s and thai Its r¢sOU￿¢S havc applicd apptopriaEL"l> and prudenEI). John Menzies Trnst for Seotss Coll¢8¢ and Catholic Eduegtion Trnstees. Report (¢0￿￿￿￿ed} Tv*wI inujmi l(yr IhL )'L%r £11&196 I21J20.. E152.0151. To￿1 C1￿￿di1￿¢ ￿0Vn￿.￿ iu £l11.219 11020.. £120,797). compri5inB in1¢5m'ni nwLa8Lyn¢N cogs uf (28.851 12020: 13Q129X ch•ritsble 4cli%iiit$ or £71.43312020.. £78.110) 4nd govcrnince of£io.935 12020.. E12J581. 'I'his ￿S￿li￿d in a suryjlus 8*iII$M Lnitymcnu of£4.977 12020.. £31.281). l)urinB Ihc y¢•r. 84iTr% ￿ in1rMmcn￿ of £441.105 (2020.. (bf £41.9851 to4¢th¢i with othcr ylns of £52.5UO12020.. Enill ￿¥￿1￿4{ in ¥ Tr¢1 incre￿ in fuThJs of £49&58212020.. 1£10.69DK Ai 28 F¢bruary 2021 bAIl £7.615.15312020.. C7.IB6.5711. Al the yur rn4 fix¢J inv¢AmLThS V4vr t￿1￿1 at £5.447,77612020.. £4.919.3931. Ikf¥rred ¢onsid¢raiion rLcciv4bk' 4mounwd w £1,710.l61 12020.. £1.710.161) thc han w thc Reli CTh*rlL'S GorthJn'$ Tnjsi Muull￿ 10 £22.53612020.. Q2.5361. Cash thwlk.d £54a.30312020.. £573.f4)31.'lknt 'r￿Slee￿ ¢onsider th￿ Lhe Tru4 ¢Onlin￿ w m)￿111￿ *4U*tÈ liqu￿llY its 0￿01￿ and d￿l￿b pbi¢aives. lTri*ni for future ￿nI￿Al Al￿0￿41¢Y obJecihwforf¥lwr¢pviods Th¢ Tr￿1¢￿￿ in*nd ￿ continue their ￿l1¢Y Of mAinthinin8 4 divvsifKd invcxm¢rt pffifoliti irt order 8¢n¢r#i¢ incom¢ 4nd f•PiE*I to the dwitsbk of the frusL Thc Tru￿ will coffliin￿ 10 provsth fiDan¢i•l usi5WI¢¢ W 4pwopri* C•tholie e￿￿¢2b1e l￿diCk 1rKI￿ln8 ppon for hcriu8¢ and wrhbl'il Frftsvvaiiort xrd for thv¢knFwni ofBi¥irs Mus¢ym. IThL TThyr¥$ *nii¢iw¢ furthcr uplill rtceipis 111 rtSW¢l ibf ￿ A￿lT$ FJw¢ d¢¥rlDprncnL llddiiional ph¥¢s PfO8T¢55. PaymcThts w¥kr ih¢ Trl•milEW Aven￿ de%tlorAneni wlrmeni are e¥￿*d w l￿n11n￿ i IILe will ¢oniinue w moniwr uneskncm perfomi*Ke ¢losel> 8m1cumm1￿¢nts in li8hi of incofflc l¢iYls and ¢apii•l IT0￿h. thLSurini ththl Iht Trust rtmiiths fthan£ially ￿¥r¢ fulfillin8 115 ¢h*ri¢•bl¢ ob￿¢11¥￿$. John McnT.ILS TruM for Scol￿￿ CollL8¢ arKI Cal￿11¢ P.d￿tIm is * TnJ￿ ￿kn1¢h *x5 ¢sthli%lKd b% • D¢¢d irt 1855. 11 is R rcc0Bn1￿d S(￿11Sh chzviL> 18C02749)1. John Menzies Trust for Scotus College and Catholl¢ Edu¢xtlo Trusttts. Report {contlnued) Reeruiimen141lldftpp•inlmeKiollruKiee '¢i%' tr￿l¢eS Hrc as%uined by Ihe Irusitt'> artd IhL'fL' Is POrti¢ular qualifi¢oiion iu bi u irusiec. Iloll￿'￿r, Ilic TTU%i for Thany l'ears fallo%iEd tliL Lusioin ol'a55uniing ￿ a Iru%iiE an)'onL ith is el¢%'ai&d LO Ihi PJ4iliL)n ufon¢ (Jfthc C81hiiliL Aishtsp5 ofscoilmnd. I rus(CL'.% aTL' of thcir duiiL% ond TL'%tK>nsibilitlL% in rclttiion ro gOlLYnante and finRncial o%er5iBhi of rhc lThe Fltsard uf Tru&lL.e￿ MLC1￿ On￿ a l'ear LO a(1sninisler LhL actiiities uf the I nL%l. ThL irus￿5 ha%e thc LI1￿rC[lOll Ilb d¢¢id¥ thi ¢nLom¢ ofihl frusi idli kst ￿. #pplicd tu MLLI thc objLtiives ol'ihL'frnM are emwi￿r¢(l to 4iiumulai¢ an). p)rtion of lh¢ in¢omc for tht mdiniLndncc of Lhe I rusi lund. '1￿£ da) tu day mainK'NnLX Iil-IhL' f¥tords Iil-IhL Trusi is undertakLn bv Elurneii& Rel￿ ihc TnLsI'5 5(>IiciiTr ObJedlves&wdpolltles Th¢ chaTiiy S aciiviiiis ¥xpo8¢ it to a numtrKT orrinancial risks including L'redii risk, cash tlow ri%k and liquidity risL. Th¢ of linancial d¢rivaiii'¢s Is ¥UV principal finan¢ial absets ¥rL bank baldncLS and ￿h, tradL llnd Diher r¥iX1vabk￿ and iDI'L'4lrrK'Trts. Th¢ ¢hariiy's crcdii risk is primarily attrilwjtable ￿ its (rndc rrc¢ivahk%. Th¢ amounts presented ith Ehe balanc¢ %he¢i uri nit of olh)ivancEs fi)r doub1r￿1 T¥ccivabl¥s. AD alh>wancc for impaimiLtIl is where therL" is an idenlilicd Iu55 CVLnl ￿'hic11. b4%d on previous ¢K￿rienc¥. is evidencc ol'a rcductiun in ihe r￿0V¢r&bIll1). ol'thc ash Iloi￿. Thc credii ri* on liq￿id funds and dvrivalivc linan¢ial in#Tumcn¢s 14 limikd bccausc Ihc ciH]nteTparties are bAnkb iYiLh high tTcdii-raLing5 a¥sign¢d hy in*tnJtion21 ¢redii-A(in8 88CllCILS. Th¥ chariiy has no si8nificgni ¢on¢¢nirti¢on ol. ¢rcdil risk. With expowrc spr¢￿¢ ov¢r 4 larg¢ numlxr ol. counL'rpArties and CUSLomer& In ordL'r ID mainiain liquidil) 10 LnsurL' lh* $uifiLiini funds arc ai'ailablL' fur iin80illB UPLra(ions and fuiurc d¢v¢lopm¥nts. thL ihaTiV USCS a mixiwi. ofioD8-iLYrn and Short-￿nn debL fitLance. l.-urthLr dLtails rcgarding li4ui¢Jiiy rith taD be fo￿nd in the $￿tL.￿e￿i of a¢couniillg poli¢i¥b in thc financial sta￿M￿nIs. P4g¢ 4 John Menzles Trust for Scotus College and Cathollc Edu¢*tlon Trustees, Report (conÉinued) l)L*elu5UTQ vf infornJ¥tioTr lo iydiior IAch thJsi¢¥ i&k'in %K'ps iliai IhL>' uughi ID hait ￿kLft as a iruskc in ordcr to rnnke kn%ulvcs ai%w¢ of any rLlcvani ¥udii tnfurrt￿l1O￿ cstablish Ihut Ilic Lhuriiy's Huditor 1% aivarc ul. thui infomiJiioK. Th¢ Irus*es ¢onfiim ihere i& na rL'levgni infvTm41ion tha( ¢hcy knoiv ofand of ivhich ihev k'noii. the atsdilDT is ullaiwdrc. Rethppoinlnient ofxuditor I'h¥ aud¢ii)rs Clicnts I%L AIcDUtiiatlLY LimitL'd llrE dccTncd lo k TLllPtx)inEed undcr SCL￿1￿￿ 44IIXL'I of the Charities and TTh5tcc In%cthni18coilandl A¢1 202). ITrc 8nMiaJ fLwthri M?s approved by the IruslLYsof ihe cliariiy un 17 MarLh 2026 giyllcd on its khllll'b)'= 8isliop H Tru>iee John Methzles Trust for ScDtU5 College and Catholl¢ Ed￿tatIOn Stlltemtnt of Trustees, Responsibilities 'lThe IYLL%tLLS rL4Xill.4ibl¥ fi)r pr¥parinL) Ihc iru￿LL'￿ rc5X)n ond ihe financial siaLI'IIIL'nis in aiLord4ncc %i'iih ih¢ IlniiL¢J Kingdoin A¥¢i>uniing StsndaTJs IUnitLTrd kingdoTn (jLncrall> Acceptcd Accou•iing PraciiiLI and appli¢dblL' and rL&iulaiivn%. . 1*11. 4pplicabl¥ ¢hHri¢i¥% r¥quirL'S th¥ InWLL* iu pfL'parL' lindncial stdtL'meni> liir L'ach linan¢ial )'4ur i%thi¢h gil-l. a Irul and lair ￿lL%￿. ol. thL ol-allairs ol. Lhc charii). of iliL inconiin8 fL'%ourccs Jnd appli¢aii•n of %ource&4)f Ilk, Iharii> lor (hai PLriiiJ. In prL'parin8 ibL*. fin&n¢ial bwi¢rn¥nL%. Ihc irubtCLry afL fLyllired LU.. leil I￿lIabIL aiiiiuniing rMiliiie% aiid iliLn appl! ihLIII iunSlSlLnil}'. ali %vh¥ih4r aw)licahl4 J¥W)uniingi %1and4w￿￿ liaie hi4n lolloi¥LxI. .4ubj411 am. iiia¢4'ri¥l &'Nrtiir¢b I'ht InJsLeC& arc rL'%tx)iisible lor keeping prorKT accouniin8 reiord% that di%close ivith rL'&£onabk 2ccurncv li any iirne thL linllncilll POblLion ufihL' chariiy llnd en8bli Ih¥•m ¢0 ¢nsurL% ihai Ihl finan¢io15taicm¢nis L￿mplY iviib Ihe ChaTItILS Aci 2011. Ihe CharitLeS IA¢¢ounts R¢porL81 R¢gul¥iions 2008. and Ihe pmvisions of Ilie cons1iluiiOn. Thi If1L5￿¢S 8rL alio rcspjrtsible lor safcguardin8 ihe assL'is of ihe chllrit>' and hLnce for tskin reasonable for IhL pic%'cntlo￿ arni dLleclion orrr&ud 8nd othcr irreguiariiie& "rh¢ Irus¢c¥'5 ar¢ res￿)nSIbIL for thL mainltnance and inlL8ritv of thL cofpDT8le and linancial infoThnaiiu includLd on ttK chaTithEc cumpany's WL'bsiic. l.Lgisl&iion ¥overning thc prcpAraiiot) and disscminaiioTr or I1￿￿￿¢1a1 51aiCtThents mav dill&Y from l¢gslaiion in uih¢r JUr￿dICI10n$. Page 6 John Menzles Trust for Scot115 College Mnd Cathollr Educ4tlon Independent Audltor's Report to the Members of John Menzles Trllst for S¢otus College Catholic Education WL hllv¢ #udiw'd Illl financial siuiemLni% i>l'John M¢n/.iL'%-l Tki%l lur SLuius LullcllL llnd Caiholic l.'du£llLi(>n lur (li¢ )'c4r ¢Rdcd 211.IbnJaTh' 2n21. %i'hiLh Lthmpri8L' Iht s￿l¢M¢nI ofi-indnLial Aclii'itics. BalJnLL Shcci and th¢ r¢loi¢d tro￿￿$. 'I'hL' findncial rL'Jxirling tram¥￿￿rK IhHi hll¥ hLL'n llppliL￿ ITh Ih¢iT PfLp4rn1iun 15 JppliLYble law und F¢nanLial RL'tx)nin¢ 4widard Hpplicabl¢ in Ihe IJK and Rcpubllc ol. IrL'land 11.-RS 10?} ILnLLIIVL l Janullry Quylifi¥d opinion i>n Ihi flntsniiul ￿lL'ni lth (iur iiplniiin. LNL'LPI Iiir lh¥ ol'ihl Inaiicrs dgsLrik.d in IhL' R#sis for Qualilii'd npinii)n rAfaLBrllph. IhL' rin#n¢ixl s¢ai¢mcnts.' %Liir Ih¢n LI￿L￿.. huiL' beL'm pfiiiKTlI' pripur¥d iii oLYiirthinc¥ iiiih Iliiii¥d KinBth)ni (i¥mL'rnll)- IllLKJ)l￿'￿ ALLiiUliiili¥ l>rthLIiiL': A¥1 2nOS aThJ rL'¥uIMiion % 1s1.ihL' ChJriilL￿ ALLX)uni4 i.%ixirltsrhli R¥¥iikjiiu￿S 20116 14>wD¢nd4'di Bull for qualllled oplnlon flTh*ntl*l st#t¢Mtnts IAnin¢¥D¢ del*). In prep¥rth¢lon of fin#n¢lthl ¥t*lementi 'ThL'r¢ %i'Bs a subsianiiil dLlthy ￿.111,£¢￿ Ih. li￿￿¢141 J'ear Lnd and ihc p￿pur￿lIun ufihe fin4nci41 ￿41￿M￿n￿, This resul*d in r¢duc¢d Avail&hiliiy of wnlcmpor4n¢oui duLym¢n¢aiiTrn 4nd ¢¥planaiiTrD$. producin8 ¢51imaiiun un¢¢rtNinty and ¢vidcnii41 limithiivn Llrnlttd InformAllon m*d¢ AYAllabl¢ ILimil*lton vf$¢op¢l Acc¢%8 10 iccouniinB tetoryls ana supportin8 do¢umeni*iion WAS in¢omple￿. Certlin grani paym¢ni ¢Jo¢uminlaiion and underlying ￿'¢￿rdS wer¢ unu%'iiilllblL', fL'swiciin¥ our 4biliiy iu Lwniludc on wmpl¥¢cnL5¥. dlre¢i #¢¢¢u io Trusi¢e% W¢ hAd no dirccl ¢ornmunicHlinn iviih t￿￿. ch&ryed %%'iih ¥iTrVL'rniincL Urtd ivere Unllhl￿ iu Ub￿1N iYriiiL'n repN'*Triulion% diTL'CEly from iru$lccs. All CtyTfL'spondcncc vrds conduL'led thr(bu&h Ihc'l'rus1'5 Ic841 advi5crs. limilinR our abiliiy li> mak¥ in4uiri¥& a5x&% uv¥r5i8hi. and ¥iinfimi ¥umplLw'ncss vl'Ji5¢1￿sUr￿% linLlud¥n¥ ￿l#l¢d purtiC51. 'Th¢ 4kni'¢ resul￿d In a limii¥(itrn ofscorrt. leading qu*lifi¢d audii opini(m lor thL' ￿&T ¢nd¢d 28 Febru￿ 2021. John Menzie5 Trust for Scotus College snd CAthollc Educatlnn Independent Auditor's Rcport to the Members of John Menzies Trust for Scotus College and Cathollc Educgtlon (¢ontlnu¢d) ('4n¢lysions r¢laiing toncerTr port ol'ihi uudii tyl'ih¥ liiiunciul MMILnicnis lor Ihi ylur indL'd 28 1.cbn¢Jry 2021. lon%1￿,￿.￿ (IIL TNs1i%'5' %L'ssmLni lil. IhL' Tw%l's abiliiv 10 LoniinuL giTrin8 ¢1)n¢L'rn. WL. WLrc unabk. IV& ublain an). rL'prescnitsiions Iriiffl ih¢ I'ru$iL%¥ r&wJrding Boing ¥vncLrn. AL￿1)rding1}. pLYfornLd uudii pr¢x¢du￿s lniludi￿S'. Ri￿1¥￿V ol'ih¥'lru51'5 fin￿￿¢181 p()%iiinn '.x&minuiion i)rinv¥￿iMinl holdin84 ond post >iarLnd Irun%o¢iion% %ub$tsnii¥'L IL'Stin8 iJl'a%'ailllble inliirmai¢Dtt. aLln]ils and major ineomc and e%pend¢iure ilL'mx. I1￿%.1] t￿. cvid¢nLL' iJlxaitKd. WL hllvc i¢k.niifl￿ any motsri¥l unLirtyiniies Ih41 could Lu%1 Iigniliconi di)ubi un IIIL Tru5¢'¥ ubilil) ID ¢tsniinuL' &% ll 8lllllU CONCL'rn lar llt l¢a¥i LIYL'lvc nH)nih% fTOffl IvhLn Ihe fin0￿LIa1 sIHicmtnts ￿&r¥ lluthori5¥d for i*$￿. Th¢ fiiiAii¢ial $14icm¥n14 ha%.¢ P￿par¢￿ un a ¥oinu ion¢tm h#%1%, %vhs¢h Lyinsi¢JLr ￿prnpria￿. Other Inform4¢ion As pEri ¢11. iiur oudii of IhL finanLtul I￿1¢M¢￿15 w¢ hai'L NviLiied Ihc ¢)Ihcr infurmaiion includld in ¢hL' thnnual rcpurL spcc¢licllll)' Ihc'ffUStees' Report. The 'frusLLfS llfL' fL'SPDnsiblL for ItLC uthL'T Lnlormolivn. Our opiniiin on Iho linancial s￿￿M¢hIS ni)I covkr Ihc ￿ll¢r informaiiiin Dnd. exccpi iu thc ex￿￿1 01herwi￿ c¥pliii¢ly sla￿d in Liurrcwrt. w¢ do Triii Lxpr¥%% Bny lorni of4ssurdn￿ conclusion thorem. IM connetiiott our uudil of ihl tlTrllnciol sul￿ment￿, Lwr rL'sp)nsibiliiy is ￿ regd thL' othL'r inforniaiiun. gnd ifi (binK su. &unsidL'r wh¥ihcr lh¢ ￿￿'r ¢nfi)rm41ion is m*iLrioll)' inLwn.%iSl¥ni wlih thc finllnillll siu*mL'nis (Jr OUT knowl¢d8i' obthincd in th¢ au¢Jii iir ¢Jiherwi.%¢ App¢aT8 malL'ri¥lly missiaiL'd in Lhe finanL'ial sLlli¢mints or ¥ mail'riul misst1￿m¢nt of the i)Ihcr informalion. If, b9$1￿ on IhL' wvrk ￿ h4v¢ P￿rrO￿¢￿, wc con¢ludLd thai 're is a mAILrial mi%hiUiL'ttbeni of Ihis other irtformwion, rcqul￿d ￿ rrport ihL f4cL WL hRvL n¢rthin¥ ¢0 r4wri in this ￿841d. Oplnlon on other mllti#rJ In Duropbnii>n, bAs¢d IhL und¥4rt*k¢n th¢ coursL' thl'ihe alldil.. Ihe iiilumiuiion ¥i%Lli in rhL I'riiJi4¢5' R¥wri lor lh4 lintsnL¢ul >¥llr lor i¥hi¢h IhL fiwiKi#l swiemL'xi$ thrL' Iht TrusiLL'¢ Rep(ffi1i45 p￿p￿Ld ID H¥LiirdDn¥¢ iviili &pplicoble1¢8dl rk'4UiTL'iiienL%. Ilatttr¥ on whFeh wt xro roqulrtd In rtphri by ¢x¢¢ption In thc li¥hi 4Jfour krHiivl¥d8¢ ond undL'rsthnd¢n8 of thL' ¢harily and IL4 cnvirurtmeni I)b￿lt*d irt IhL t{￿r￿. ul'¢hL udiL hav&. )wi i&,niill¢d m￿er1*1 missiaiements in th¢'I-￿sir¢S. RLyort. Pa8¢ # John Menzie5 Trust for Sto￿s College C4iholic EdueatloTr Independeni Auditor's Report to the Members ofJohn Menzles Trust for ScotllS Collegt and C•tholif Education {continued) W¢ h4v¢ noihing fL'rMbri in of ihc lollowing m&iiErs ii'hLr¥ Chariii¥'s *nti 'frus1￿. Inii'simcni Iscoilondl Aci 20rJ5 und IhL' Chariiic5 AcLi)un15 lscoilandl Eicgulg1ion% 2(K)6 las amcnd¥'dl r¢quirLs us iQ Rttpecili't rtsponilblllile% *nd *udlto 'rhi5 rcpon is sulcly w Ihc chJriiy s 1rn%16cs. as u hiMJ>. in is'i¢h x'liiun 4411 l ¢ Dl'thL C'huriilc$ and TNsicc It)vtsimint 1SL'oilttndl ALI 2005 ond ￿port in &LLiJrd4nc¢ %viih ihc and ￿l¢vIn1 rL8ul41iun mtt(k' ur hoviThJt Ih¢riund¢r. ()ur M'iTrrk hus bccn UndertllkL'￿ w Ihul 14i' mighi .%l*lL' 10 IIK IruML%'5 Iho m4¢K'r% wt arc ￿quI￿d 10 10 InJ$wc% in 4n audiliirs, rep(rfl und ltir ni) thihcr purwjse. 'In IhL. full¢￿ ¢¥i¢ni rmsiicd by law. Ivc dts i¢CLPi i)r assumL rrsponsibiliiy w Jn)'ont uihLr ththn IhL' Lhttrity ind its Irus￿*￿'S as a t¥Jdy. forour iudii ii'urk. for Ihis rL'SYJrt. or for Ihc opiniDns hai'c formcd. As Lxpluined mi*rL' lully in Ihe 4iulL'meni ul Irusie4's' Rc%wnhibiliii¢% I￿1 oui i)n p¥¥¢ 61. Ihc Iru$iec8 *rL' r¢spon%ible for Ihi pr¢p&rtttion lif Ih¥' finoncill %i&i¢nKTris and for bgir¥ ¥#iixfi¢d Ihlli ttk'y give i IruL' And fair l'lew. We knvL' bccn •ppoiniLd 8udiiors in gccordani¢ wilh 5¢ciion 4411 I I vl. thc Charities and 7'r￿*L. lThvcsim¥ni ISLiiil4ndl A¥1 2005 und r¢pvn in ¥cviJutbCC iviih IhL Aci. Our N'brN*nsibilily is lo 4udii Ih liftancittl Sta￿ML.nlS in 8Lcordgn¥L wilh applicablc law •nd IniL'rnBLionyl SEand0rds on Auditin8 (UK and Ir¢landl. Thox ¥thndard$ r4qUiT¢ ux lo romply wilh Ihe Audiiin¥ Prnciiccs Ao&rd'$ IAPA'%l l.'Ihic41 st￿nd￿rd8 ror AUdI￿r5. Scope of tht oudli of iht nn*n¢l*l Jf•iemtNI¥ Att audil ittvolvch obiainitt8 evidLniL' abtsui (he amounls and diKI()%uTcs in Ihc finonL'ioI.41IiiLmLnts surricioni 8IV¢ T¢4*Trnable utsur4llcL' thAi littDtL¢i814ld￿Menls gre fTCL. Iwm ffl4i¢rial mitstsicmenL whLiher ¢ouscd by rrllud i>r crror. This includL'b aw¥5¥m¢nl ol.: ￿he1￿￿'¢ the ac¢ouniing t￿11￿1¢5 *r¥' appropri41¢ w thc charity's ¢lftumsi*nc¢s ond hmve trK'L'n Lon5151¥nily #ppli¢d Jnti aJ¢quui¢ly disclused.. IhL' rL'll￿nab1cn¥%S ol. si¥nili¢#ni accwntini L'stim&ies mAdL' l)y thL' Ir￿S￿e$. Ihe 0￿'r￿lI prLKnilliion uf LhL finanliul ¥ialL'mtnts. In odditiun. Nad 411 lh¢ financiul und non-IirtynLial infom)aiion ￿ idi'niify Tha￿'r1￿1 inLiin5iSteneiLS with Ihc oudiied ringnlial statcmLnis And idcniily any infomi&iion ihai is opw¢n¢l)' muirriHlly irt¢orr¢tt on. or m8*riully inconsisieni with. thc knowled8e thcquiv¢d by us in ihc courx DI. PLrfuTmin8 ihc audli. 11-K. b¢¢orn¢ uf&ny Bppllrent malLrilll mi￿ateMents or in¢ullsist¢nLicy. con¥id¢r th¢ implicaiiothg for our iLPOrt. A descripiion ol- Ih¢ scopi ol. an audii ill. lin4nLi#I ststcmL'nts is pfti%ided in lh¢ AVB'S il OUT Ob￿£111.¢￿ 10 obiaiD ￿ason￿bIL. as¥urance th[￿ul ivhtiliLr Ihe finJn¢ial $tsicm¢nLS ￿ a whol¢ ￿ fr¢c Irom maicrill missisicmL¥ni. ￿'h￿1h￿r du¢ 10 frnud ¢rn?r. and ITr I&%UL' audill)r's repon Ihai in¢lud¢s our opinion. Re&sonablL ￿¥Ura￿Le is 4 high levLI ol. L4surnn¢¢ bui 1$ ¢LO¢ a ¥uarnniec thon In ttlldii Condu¢￿d in *c¢ordancc with ISAI IIIKI will ￿1￿.￿1,5 d¢ic¢i ll mtticridl mis%iui¢m¢ni whLn il ¥xi%l%. Mi551#l¢menL% ttri.%L' rrom fraud Hnd and Irc ¢on%idcTcd M&￿'r111. ic indi%'idually Ih¢ ag8r¢gaiL. Ihcy L￿Uld Tea50nablv be ¥pl¥￿'d to Ihi L￿.￿noThi( dctisions Dfuser% Igk¢n on lh¢ basis ol'ihcse financial Stslcm¢nts. Ittc8ulkriEies. irttludin8 IT4ud ore insilntes ol-non- i(*nplian¢¢ iviih gnd re8uilliions. W'c &.si8n procedures in lin¥ %¥iih our TLsponsibiliii¢& vuilittcd Bbove. LU dL'IL'LI maiL'rithl mi&siiii¥m¢ni% in reSpL￿ of irrcguluriiie including fnLud. Th¢ ￿l¢nI ￿ ivhi¥h Dur PTpL¢dur¢s 4rL cllpahli, uf deiLLiing IrrL￿￿1lrl1lC5. including Iraud. is d￿lI1¢d b¢*Jw. Page John Menzies Trust for Scotus College C•tholi¢ Edu¢gtion Independent Auditor's Repart lo tb¢ Member5 ofJohn MeDzies Trust for ScotU5 College and Catholie Education (continued) We olxained an urNkrsU￿j7￿g of the leKal Jnd rLzuLiioTr framc￿l)r[. thal are arvlicablc io ihc eniii) dL.¢erm1￿d ihai LhL rn0￿ significant in rcLaii4XL LO arrK>unt5 and disck>5urcs in ￿. financial #alemcnrs art i¢m¢nts 4)[ R¥wmmcnJ¢d Pr2¢1i¢¢ appli¥Ybk C'h￿￿¥5 ￿'Ir ID with FRS 102 FinanLial RLwrtinD %%andard I￿)liCa￿- ith thc UK and RLyublic ufir¢L4wl. W¢ a5￿cd ihL risks of ma¢trial missiat¢Mc￿ th￿. to fraLd by thc nzEurc of Lh¢'fTUSI'S A￿1¥1[1￿% i¥thdhL'r ￿r[airt arty4s QT pr(Kc5*s arL" likel)" LO susccNiblc to irrt8ulariL￿￿ We aly> considered thc 'rrusr's risk rnaaa8LYllL'nt rKoLYdurcs and controb￿"Sl¢M$#nd ¢onsis¢¢nil!" appli¥ B&*d on ihe rcwlts of our risk d¢%igttd our audii I¥￿ed￿re$ 10 idcniify. #on compltance TrAiih h iaii% and r¥eUl￿t￿lL￿ iil¢ntili¥d ab)i'i. ThthK' s*0(eduns iTrclu(k.d - of ihL findniial stalLMill￿ di*k>SU￿5 ts) wxkrlviTrg 5yNwjngdL￿￿r￿￿￿tl0n - rnaking apwopria* trtquirics of marthgctncnl - rcliicw. ul'fflinu*sofTnL%*e me¢tings thruuglM)ui th¢ - i?hiainiThg an UndCr￿andlng ofthL ￿ntrOl 4TrvwoThmcni it) nK)niu>ring tompli*Lt ivith and ￿￿7all0￿5. We akn consi&'red thc risk or rr¥wl thruugh oierri* of ￿n￿OI% and in T¢srKJns¢. ￿l"l¢Wed liThancial records for u￿￿¥1 wansath•)ns or kn. wthoyr a smisfaffjory exp1afft￿10n. No such iitm5 VKYC ithniifi¥yL L*t of our reptsrt This is madc solcl) ￿ i￿. "InLg'S m¢rnivs as a IMKiy. acc(thc¢ with th¥ x¢tion 44 111 Icl uf ihe Chariiies aThl TrusE£e In￿EMen1 IS¢oUandl Ad 21XIS xnd regul￿￿)n 10 of the Charilies Accounts 1ScotlaTrdl ￿e@￿￿l0￿5 2006 145 8mLThJedl. Ow lus b¢¢0 wn¢krthk￿ so rn￿h1 to M￿ttr5 thosc maiK'rs K ar¢ rLyuired lo Sta￿ EO them in an aUdI￿r s rewi aTrJ for N) oth¢r pvrw%. Til eyteni pernjiircd by law. do Tr)1 a¢c¢o ¥ew- nsibility th ¥nY(K￿ than and its I>￿y. for our Rudii iiwk or forthc opinions lye have forn&. Pwlo John Trltnzies Trust for %tot115 College Catholir F.du¢ation IndcpendeDt Audilor's Report ¢0 thc Member5 Df,lohn llcni.ics Trust for Scoius C¢)Ile2e Jnd CJiholic F.ducdlii)n Ic(InllllULdl ('hJriiKd I'jriiliLd ILLouniani.% Iiaiiiior%-.ludiwr% 17 NfdfLh ?0?6 John Menzies Trnsi for S¢otss College *nd Catholie Edueatlo Ststernent of Fingn¢i*l Aetivities for the Ye•r Ended 28 February 21121 I'MrNlririd fuAds 2021 IDrom¢ from: 116.1 I Ih.l¥ 11(b.196 116.19(b k%pEndiluTr ots: 12#.11511 Chur¢iahl¢ adiiili¢> I IlJ.935 441.IU5 441.IU5 44&08? 446.118? Olher rttoiAiswl i*ip* 1rf4es 52.500 N¢1 mi?%eiM¢thi in lunds 4yII.58? 498.5h2 Rttoutlll*tloA of thnds 7.Il&J71 7.1¥6.J71 Tothl fUnds￿rri￿￿1 liv￿￿d 7.(p8J.153 7.6¥5.153 T•tsl 2020 Ad5 Ihcome ind F.ndowmeNls fro*: 152.1115 152.(185 1$2.0115 152.0¥5 Fipendliun OH: Raisin8 lun ChllriiAbk xxi%'iiies 130.129Tr {30.12¥) (io%'trn&n¢&' thsts 'roithl ¢Xl￿dilUre 1120.7Y7) 41.1)¥51 112Q.7971 41.¥151 N¥•1 ¥Ir￿n￿lI￿r¢ (10:￿71 NL•I mo%.￿￿￿¢ni in luwls I IOJ>97) Kttoneiliglion Of fund% Toithl funds briiu¥hi li)n%4wJ 7.197.261 7.197.26 'roifyl funJ% urri¥xl 14ThW 13 7.186.571 7.1¥6.571 The Pg8¢s 14 th 21 form inle8rdl pt of finwKiqJ staknnents. Pa8c 12 John Meftzies Trnst for Seotus Collegt #nd Cathollt Edue*tion (Registrailon number: SC027490) B4lance Shttt as at 28 Ftbruary 2021 2021 2112 Filed gmets 5.447.776 4.91y.39• C'liv￿111 a$$tls .Acin￿d iliLIIIII¢ l.ow) R¢LYlI"dblL'. ￿￿￿. Chark* Tn l.i77 22.5ih ??.5.16 10 J>li ai ba*k and in liand 541.50) ) 577 i7i.fyoi ? 3117.580 14).?00 140.4011 et eEtrY¢n¢ a$SL￿ts 2.267.179 7.615.1Si 7.116.571 Funds ofitht ¢h*ril>- C'llrestrie¢wJ ineotybt fithds lJnrL'Mric*d 7.68i.1>3 7.116.571 Total f¥D¢J$ 7.615.15J 7.186.571 'The flnattcial AatemertL% on wg¢$ 12 w 21 Mrr¢ by th¢ trus*¢& and auUK¥ts¢d fur ￿ on 17 March 2026 and sig￿1 on th¢ir trfhaifby.. isl¥)p H 'rrnsree cli11￿rt The rM*cs 14 w21 w¢tr8rat ￿ orkn rMwKial swemettLt Pa8e 13 John Metszies T￿51 for Scoths College and C*tholl¢ Edu¢a¢lon Notes to the Flttameial Slalewents for the Year Ended 28 Febry¥ry 2021 Si¥iem¢ni tyftump1l￿tt rh¥ l¢nan¢ial hdvc prcpud in aco>rdthn4%' Mith applirablr UnilLYi accouniin Aandard& includin8 Financial RLVrtin8 SEand4ft1 102 The ￿-P￿rtIng Siand3rd applicablc in thc LK ¥t)d Republit ofi¥tlan& and ihe Clwities Sw¢m¢m of R¢comftK*thd Pwxiire Ik115 1021 i$5ued in Jul). 2014. Thl aiyowits hav¢ PTepatrd in accordanLY ￿1th ￿. Qliariii¢s and'fru*tt InvesthKni {knlatwJl Aci 2005 a¢yJ the CTr*i(￿S AccounLsIS¢￿landj ReBuI￿￿n$ 21Th {0$ wn¢n￿￿I. Ila5i5 ofpTEparaliD John me￿￿S.fn￿l for Colk7¥ Catholil I'AiuL71iDn meets thc (￿r￿lI1(￿ ol. a wblic ￿￿ri[ cntkLJ undLY FRS 102. The accwts {rinatt¢ial hai'e Ixxin pr¥yar¥d un&Y th¢ hi4wri¢al wni'iniion IEh iienL% r￿0@￿iS¢d ai or tra¢wiion utLkss 0￿rWi% Sta￿d in th¢ r¢kvani Wld$l Ni th¢s¢ wn The mLS*es con*&T that no m*crial a￿1 (Iwiiy's ability to cixttinue &* a 8OllhB l•¢om¢ #nd endowments Dividcthts r¢¢o8nised M¢e th di¥KIEnd ha% Ixen (kclared ond tknxlr￿1IW has rtteived ofth¢dii'idend Exptthdltu All ¢x￿nditur¥ Is r¢abBni%¢d on¢¥ ￿￿L. is a Coltstr￿ obl1￿10Th w th3t ¢X￿[￿li1vr¢. li 1$ prob•bk s¢iilcrrKni is ￿YlU1TCd and amowit ¢*n k mtLMLTtd rrliably. All COSLS are allocaicd ￿ the spplicabk LX[￿ndIlurQ. h￿adll￿ awc8ak similar cos5 EQ ¢8tr80ry. Wher¢ ¢(*sts dir¢ctly al￿b￿ted partiLvlar h¢ading5 thcy hav¥ al￿¢*d on a basis tonsisienl with Ihe use of re￿UrceS with CLntral sthll. ¢u$ts ￿1$xl￿.d on th¢ ba*$ of lime sfvnl and &'wciaiiDn charges all(K￿d on Ehe wrtion of ￿1.% w. Othu supp)n ¢osts aye alhxaknl b￿d the 4xeLdofstaffc "lTh¢s¢ ar¢ in¥wrcd in %￿luntary inLVEK manaKernem of inv¢sm¢nts and iry￿rr￿ in tyading a¢iii'i¢i¢s funds. chai1￿bI¢ t.¥w￿liurt tottyixs th0sE COSL* ]NLi￿￿d ty. the Charl￿ ￿ thc d¢liv¢ry ofits a￿L¥lli&S atmj strvil ror lis Tr*neficwic& li bAh rosts thaT Lan diredv th s￿h 4¢iNiii¢5 ofaTh indir¢il naLur¢ tKT¢S53Th LU SUPP)rt kn. ProvisKtos lor grdnts m*L. ¢k" in￿￿110n rnaL"e a 8mi has kn'n comrnunic*k'd iD the rcLiPiL'ni Ixji is un¢¢rtainiy limin8 oftk. 8rartor th attMKmiOt"8ram rAyllble. Pa8e 14 John Menzies T￿st for Scotus College and C4tholic EducaliD Nole5 ¢0 ihe Fin4nciwl St41ements for th¢ Yur Ended 28 F¢bruAry 2021 (eontinued) c￿.¢￿An¢t costs IIK*" intludt thc aitributhk chariN"'S o)mpliathc£ iiith ¢ortstiiution*l al￿ iequircmLYII& I￿ludin8 audiL SEr8tw¥ M•nagLm¥￿i wjd T¢imtrwsed expetws. T*x*iio Th¥. ¢hariTh' is ex¢m¢A frDm On ILS chariL4blc aclii"SLi¢ T•n8ibl¢ fis¢d Fixld asscls hait hixiTrTLcdlli inclu&d ai tht YaluaiKpn lime of in¢otFKY*ioM Irt￿ Ihc rinanLial 5WL'mcnts in 1999. Sukn¢quent addiLionsHr¥ includ¢d ￿ WSL Ikprt¢i#iion 4moriisxlio tX'prLCiaiiOTh is tKo%id¥yi ¢angiN¢ fTh¢d assets so as ￿ lyri￿. oif th¢ or I?1￿41101￿ ￿lma￿d Tc%idual value. th¢w¢xrrt¢￿'d wfvl life as folhjiis.. FrcdK)Id buildings 2% ann￿rn Ex￿ndi￿re ort fixed is capiEalised ivherc & C05L 15 Ma￿la1 w the firLqncial Fixod asset invutmtots Fixi￿ assLI invtAmtniK oih¢i than poRrknime rtI￿d art m*t*ei the b*lancL' shLYt dale. Realised gains ztLd k>&4LS Oft inv¢sm¢tLts 4r¢ C￿Cul&￿ ¥s tr diiferLYJce sales proceeds and Ik'ir rnllTket Yllluc ai swi of¢k year. or thcir sub¥￿1 COSL aTrJ w¢ cha￿d or cr¢di*d ￿ th¢ Sth*m¢ni orriTrancial Aciiviii¢s in Ihe ￿rI(￿] ofdi4Xlsal. Unr¢4]i%¢d gains and ioss¢s wr¢seni th¢ mov¢m¢n¢ in markci during thL' y¢*r 4nd ar¢ credI￿d or ¢harged kn ¢he of Financial AthjVLL￿s trAsed on the fflark.￿ value ai thE yearend. Cllrr¢Ni 4ss¢l i•vesiments Current asset InVesfftr￿ arL" inchMIEd ￿ thE hibYrofc05Land tcaltszblE valuelmarkd valuL C*sh Aod cqui¥ilcnts Cash aTrJ cash equivaknts on harKI aThl call &tmit% atKI other thrt-term highty liquid invc51ments thai 8r¢ r¢adil!' ¢onverriblt ￿ a arnounr of Lysh and are wbica insignificant risk of ¢hang¢ in i'aluc. HorroTriD In￿'rL￿I-bcaTlng i%)rrwnEs ar¢ iniirdlty rt¢OT&d 4¢ fair vahJ¢. rrti of tr￿￿•0￿ CO￿ In*rea-b¢arinB bwrviVin¥S #r¢ sUb%.4￿nI1)" taNied ar atnvrtlxyj (OSL i*ith ik. dinLY¢￿￿ Ik"Il%un thi prutcc￿ nil uf Iransact￿ com and th¥ dw or¢ r¢&ynwiM 4$ # ¢hgr8¢ ￿ i￿. ofFi￿¥t￿l A¢rii"iiics over th [&ri￿{0[ r¢levaDi lyThwing. In￿'re￿ is rec￿niC￿ on t*Sis orth¢ ¢lT¢aivt aftd is iDcbJ&d 1¢) payabl¢ and similar ¢h•r8 Flurryb￿7nBS *t classified ￿ LiJrr¥ni liabiliiics unicss the dwih. an uncotLdiliun&l righi io defer seulemcni or Ihc liability for * Icty iilrl%e month% •ft¢r datr. Pw15 John Menzies TNst for Stoths Collett 4nd C*tbollt Edtsution Notes to the FiTrancig1 StatemeAts for the Year Ended 28 Febro9ry 2021 (¢ontlnued) 5tThctvrc lJnrL*ficLed aTL' g¢ncral funds that ar¥ 4I7ikthk for w ai di%r¢iwD ￿ furth¢￿ of Ih bji'¢ii¥'¢s orth¢ ¢haTtTh". tksigNatcd fu￿d$ atL' futth for5￿£1r1C purw-s ￿ thc d￿￿et￿)n ofthc irusECC R¢%iric*d funds ¢aD onl). b¢ u5¢d fur E*rti¢ular r¢stri¢trd puw kn"iihits ihc obj¢¢tsofd* chrii!.. Restrithitrns ari&L' i%thcn s￿rificd b). Ihc donor or1vk￿ fun& arc r￿￿ed for particular rcstricted pIrr￿ Clas¥ificuiio binancial assc15 afid fr￿n(la1 littbiliibcs arc wcoKnised wh¥'n tr d4ri1)' b¢romts a r￿). w th¢ wn￿￿'1y#l Pn)Ii%i0Th5 of the irLSLrurncnL Financtal liabiliiies and cqwii inMTh￿nts ¥r¢ cts5sifKd accordin8 of lh¢ ¢ontya¢iual ?￿ngeMen15 ¢ftl¥Y¢d inkn. An ¢quiTh' is any ¢onu8¢1 th* ci"idcr*tS a T¢sid￿l in*rtsi in the as*LS charst) aflerdtdudl￿ all ofiLS liabil¥iit& All financial asscts and liahiliiics are iniliall). mtr&svrcd at trar1￿￿Tr w¢¢ liTh¢luding transactFon wstsl. cy￿p1 ror th)sg fJrWK1￿ a￿15 ¢bs51r￿4 os IE fair v•lu¢ thtough profil or h)s& which Irc iniiially mca5ur¢d * fair 'alw l%1thi¢h is noffn•l]y th¢ warwciioTh ryi¢¢ ey¢lUd￿￿ transa¢iion ¢ostsK aFrtJbgemethi ¢OTISlilU￿S a rinanan8 transaction. If ￿ 8rrnth8er￿l a fMancinB IrathL1iDlI, the financial asset or fir￿￿81 liabili￿. 1$ m￿ured al ihe valtt of thc fuiurt pAymtnts disroyn*d aE 4 mark¢i r* of inte￿￿ for a sijnijar debt instrumenL FIn￿Cial assets and liabiliii¢s only oifxi sn th¢ $we￿nI Orrinanci￿ p)siiioth ot)Iv whcn thcrc exists a legally enfor¢e8bk righi to sd th¢ rec(Odn￿d amounts *d the th￿lY intrthls eithcr th seuk on a nffl or to relllise the as￿ and settle ￿ lillbiliry. 5unu11￿]w￿Sty. Financial are &re¢o8nis¢d and othlj Mkn al Coniralfft￿ rights 10 ihe ca%h fiM%s fwom I linaniial expire or arc ￿trICKL bl thc chariE) transfers Èo a[￿th¢f pon}. subsEaniiall!' atl of the risk5 and wds of 0￿￿rship of the finHnci41 &<%eL W c) tr dllrity. I￿vIng r¢¥1￿ ￿rn¢. tM)E ￿1. signifi¢ant risksand r¢iwtK' of0￿￿rshi￿ h&s tr•nsfcrr¢d wnwol ol'th as￿ ￿ 8Troth¢r party. Fin￿rig1 liabilities are kn¢ognised wty the ob1lBa￿ts S￿lf￿ th the is disch*rge& tatwcll¢d orcxpitc Inve￿ThL'nts in ra)]￿a￿vertIbIC prefcrence shanis and non-wttsblc ordinary OT PTEfeT¥tKL' slwes I￿1￿¥￿. kn. publi¥l) wa(kd OT Ih¥ir lair %41uL' Is r¥li#bl!" m¥a5ur4bl¥) 4r¥ ai liir %4lu¥ ihTougli prolii OT b55. WhcTe fair valtr nkxwrtd T¢liably. #)VeSLments are mcawrtyj *t(x)x kss ¢mpairn*M. Py16 John M¢Trzies Trust for Seotus Collegt *lld C#tholl¢ Edut•tion Notes to the FITrAn¢lal St•¢¢Jnents for the Year Ended 28 February 2D21 (eoM¢lnued) "lkn¢ chnriiy uses ￿.111.811%.e fLndnii31 4xpNw¢ 10 forci8n ex¢han8e r￿k and in1L*L￿ moi'&yn¢nis. Ihariii" &>cs not hiiki V*r derii*iir fiNJb¢ial fot S￿L*l*Ll￿L. purrA)SC5. rlerifvyli￿% aT¢ iniiiall¥' riLJryniStd al fllir valw * ihc da￿ a dcrii'iiiic coniraLi is cniu¢d inm) and ar¥ subscquenily renK'asurcd Iu Lk'ir fair I'41￿ ￿ c4ch rrrMin8 rnsuliinB ¥thin or 104$ is rewgni%L￿ i akm unk'%s rkrii'aiii'¢ is ￿%1&na￿d and elliillll. as a hL'd8ini insI￿rn¢nL in i%hi4h o'¢tyi thL' limith8 of the rcco8niiiDn in SL*mtnL (>f finanital aaii"iEIL5 dCpen￿ OTh ihL D￿11￿ Df ihc h¢d8e ￿.1￿￿)nshIP. F4lr vol#¢ nrew*remtNI "rh¢ ￿.$1 ¥i¢denLx ijr ralr vthluL' 1% J quiiknl pricc for 4th 1¢k￿lIC￿l assLY in Jn acliiL' qutskQ priets are u*AI?ilabJc. Lk. priLe of a r¥%¥ni tranwEion for idcnLi¢RI pro%iJ¥ry ¢%i(k'nLL' uf lair i'alue as kin8 15 h4$ noi been 1 5i8nifiioni chan8¢ in ttoN)mie or * si8nif*Ani l*ps¢ ul. lime sin4¥ IhL' Ir•nsac¢ion mk platt. Ir markci i* nthi *¥J rectni trnnsa￿￿J￿￿ oran idcMi¢•l a5s¢I un theii oiin are rtot • l￿d¢SIlma1¢ orr4ir Y¥hY. thc fair valur is ¢Mim•*d by ¥ V41￿[1(￿1 EcdLni4 Total fuo GtArr*l IkFQ5iI YLXJUThI Dii'idLnd$ r¥¢¥i%'¥d Iher iniome from Lllrreni investhkm l.'ttdoiYni¥ni'fwi ufRC lkn. ￿l'A￿Y& 546 115.077 554 19 546 15.077 354 19 Toill for 21121 116.196 Totsl for 20211 152.085 152.V¥S J Exp¢Rdllyr¢ r*iiinA I nrt%lrirtt Totsl r¥nsJs GenerAI lrtvexEillLnE mqiillE¥inL'n¢ feL¥ ?1.851 otil for 2011 )8.8£1 18.851 Total for 21121 -10.1 ?9 -ID. I ?9 Pw17 John Menzies Trust for Scoths College and Catholic Education NotH to the Finan¢ial Sial¢ments for ihe Year Ewded 28 Febru4ry 2021 (¢ontlnued) cosls 4 Fxpepdiiurn on ¢b*rii*hl¢ •tli%l l #Mirbritd rund lotal OirL*I Lo>￿ ijf Lharithk. ￿liVi11￿￿$ CDrJni rrfLI"ahl¥'. Th¢ S(titiish Cal￿)1￿ .4rL'hii¥ 7.593 6).840 10.935 7.593 63.840 10.935 T•lal for 1011 X2..768 Tot*1 ftsr 2020 90.66¥ Y(>.661 ThL #trJ%'e 8r8ni pllynk'nts Tr￿.5 w¢¢d •wwdg in*iithions th wovi&. r￿oS lor lh¥ Iwilicr¥nL'¢ DI. Caiholi¢ r4118￿ll for duc*tion Dr Cthlir* ll¥x Thun15 41¢ 'Ii¢L¥ vfTru¥i¥%¥ on *D annu•l buis. ( •ruirkt¢d fun PnTrfL*%ionHI f¢4¥ A¢¢uuthun¢> Ik*s I I￿ 4udii o1.1￿. charii%'sonnuAI 4.215 3.360 3.36( 4.•15 3.360 3J6 TOIMI for 2021 10.935 IV.935 I'thial for 202 6 '1'TDltoes rnmxAeratkn ¥nd ¢¥p¢w Ntr ￿)r COn￿'L￿d Wilh hav¢ r¢¢ei%td am. rebMnErniiDfi fr￿ tk thHrii} durin8 Ih No havk iec¢i%'¢d an)" r¢m￿J￿Y1 1x.￿riL¥ from th ¢harth> durin8 Ihe ythr. Pag¢ 18 John m¢￿Zie5 TTU5t for Scotus College and Catholle Edlleatlon Notes to the Fingnei81 St&tem¢nls for the Year Ended 28 February 2021 (contlnued) 7 T4iAi5on I"￿. ¥harii!' is a r¢gi&iL'f¢d th￿11). dnd i) IhLrcforL' LXL'mPt frDm ￿Nall￿n. 2020 OIliLr iii%-¢brm4nts 5.447.776 4.919.3*) iher ltti'estmieNts C'oxt l alu#iion Ai l MarLlI ?O?O Rei'aluaiion 3.Y05.3U5 179.i66 71XI.7R7 {4?9.689 -U14.088 4.91¥.31)3 167.?XS 790.787 429.689 Athlitions DispDsHIs Ai 28 F¢hnJaTh. ?021 4.445.969 1.001.807 i.447.776 et bookiTlue Ai 28 Febr￿Tr. 2021 4.445.969 I.IKbl.807 5.447.776 Ai 29 f¢bn￿rI. 20ZO 3.YIF5.305 1.014.088 4.919.)9J Y Deblors 2421 2020 ALiru¢d in¢oin OEhcr debtor5 1.377 22.S36 1.280 22.536 •3.116 Thc .1 has advancL'd a s48.?O3 )73.￿1 12 crcdi107S= *moDnts f*tl•Rz dD¢ wiihill •De 2021 2120 Accruals 45.2 45.2(K) 40.401 4O.4(JI 11 Fund5 Inclu(kid IN Re&iur¢es Ex￿n￿d is trAla￿ ￿OUgh1 fonvwd Irom th pru'ious ¥waniouniing £7.186.571 i)0)0 £7.197.2681 l Nr¢stri¢i¢d Ci¥ncrdl 110.1% 7.516.457 1726.7611 52.51x1 9SX.8y? D¢signai¥ 7?6.261 To¢#1 fvnd5 116.IY6 7i16.457 525(M) 7.685.153 *lxnce at 29 F¢brn#ry 2020 pethde41 'rr*wf¢rs ( ttrts¢rlrted f#*d5 CILrKrnl 152.W5 7.0.14.486 17)6.?61Tr 6.4fi1I.31 Ik-%ignthiLd 7)&261 776.261 Tothl f•nd$ 4.486 7.186.571 P4e 20 John MeDiles Trmt for Stotus COll￿t *Trd Cathollc Edueatlo Notes to tht Financial Sf#iethellts for the Year Ended 28 Febru*ry 2021 (¢ontlnued) l)¢si%n*id funds IX'5iRnat¢d lynd$ Hmount5 Lstdc by I"ru5kn¥ ltyr s￿lf1¢ pwps¢s. Th¢ {k%I￿￿cd fund blillnce of E726.261 {202L).. E726.2611 Wntin￿'S LD k. mdinL&illL'd in accordan￿. with Tr￿￿¢ inslruffliurn ￿￿￿K￿lIn4 rctairKd procccds linm ¢h¢ S¢ows ColkT¥ sak.."[Th¢￿ no nMNL'mcrLts tpn dcsiBnated fwids thL' y&4r. Cr*lns And 105KJ o# i#wtsimeois Gain5and Ioss¢son wmpri* ￿1th Vir6 •nd kb￿ arisingon dispjsals dur¢n8 IhL• !'L'4r ¥nd u¢w¥Yliy¥'d 80iTrs and ILtsXS 8risin8 on of p)rtfolio * th¢ TL.￿rling drtlL. The Mow¢M¢n￿ ￿.11￿*￿1 murkei performin¢¢ ow¢rth¥ )¥*r ¥rMJ ￿￿Ck1￿￿k¢Ts. d1s¢r¢tion￿ mlln¥¥LmL'ni dL%ision$. O¢b¢r rewillstd Ind IosKs ￿¢￿8n15￿￿ yins loss¢s of 152.5W 12020.. Enil) Blairs FJw¢ uplin r¢¢¥iw HflJlO8 fro the Ion84trm dcvclopmcni arraD8cm¢nLS in ph(c. The Tn￿lL￿$ no* uplill Trce4fj15 *f¢ th.r*nd¢ni on th¢ iimina dthrlopmebm m•y th¢refore vtiry y¢yrth yew. 14 RtlAt¢a p¥rlJ' Ir*isltll••S Durin8 the yL•r ihe £hvity m*Je folk>wini UknSttiKb The trustees of Lhe Johrt Mcroits Trusl for Colk8¢ •wJ C•th+lic 4r¢ alw of CNf.T lalso th¢ Bishops. Conf¢r¢n¥x ofs¢oil*Thl). thrirtg lh¢ Y￿ grlnts *Yr¢ made c￿011¢ ¢hrithbl¢ includi￿ Scollish Loholic Herits8¢ Lollc¢iitsns TrusL To￿1 ¥rkn¥ed and ￿ld thwin8 tht y¢w * thr Scottish Cthlir 11rrity￿ Coll¢dMmS WWUn¢¢d £63.14012020.. £56.637k comprisiThi knvwds ¢o¥L% l¢yl ¢YJxDs¢s muscum At y¢ar End ￿ ￿1•￿¥¢5 CNET or￿Other a￿￿bOd￿{lOIo.' nil). No I"nisi*k rtcci%*l or b¢n¢fi¥ from Trwi durin8 th¢ (2020.. nil). Tn￿￿￿$ reimbur*d only for1¢8iiim•* CXFKns¢s incurrd in thc wfoTm•nrc ofth¢irduiK& P*g¢21 John Men2iu Tr￿St for Scotus College and C*tholie Edue#tlo Detailed State￿ent ofFln*ncial Activiiies for ¢he Year Ended 28 February 2021 lo¢al 2021 701*1 2020 Ini'e*linLnl incomL lJnJl)SLd ￿.￿￿11-} Ii&i 152.nlj Tolal inctMK' Rai4in¥ lunds lan01)￿d ￿.101%.} Lhoriiabl¥ 4¢1iiiii¢% (anal}.*d kloll-} 130.IZ9 I90.￿11 42.3b8 'loul 120.797 4.Y77 4.Y77 Towl fuThls iYou8hi foniwd 7.1¥6.571 7.197.208 7.IYI.548 7.228.556 'thi$ p¥e &xsrK)i orth¢ fit)u*ial Page 22 John Menzies Trnst for Scotu$ College and Catholle Edlleatlon Detailed Statement ofFin*nciil Activities for the Year Ended 28 February 2(121 (continued) I'olAI 2011 115.(b77 146.910 I".nduMmeni'l-riLSL UI-RC I)io¥L.￿. ofAkY(kx l.owi ini¥r¢bl in¢i>n 24 1.089 l j?.O8 j i)4 116.IY6 Adiiiinislrnithn ol'iTri'ksini4rt% ubsLYiPLions Grani Pil)'abl¢.' lTht %¢thiish C¥iholic ATchii15 Gront pa%able.' Blairs Ci)Ik¥L CharKI Tru S¥'ows Lijxary. <¥￿￿$¢$ LLgal f¢¢5 Vrol¢ssion&l fLXS Attoun￿￿r). fcL'S 'rhe Judil ofihL chari￿..5 ar￿Ul1 aiCOUllL% 163.84V 156.tsi7} I10.0￿1) {72961 124171 142151 (AJMJI -(3.2101 IYO.6681 This pas¥ ¢kns ￿ frm pthofthe financi￿1 sa￿r￿L8. Pagi 23