John Menzies Trust for Scotus College and Catholic Education fiw the Yew E28 F¢bnwY 2023
John Mettzle$ Trust for Scoths College Cstholle Edue4tlon Contents RcliYon¢¢ and Admini*mii%E DetsLiIs Truskeg Repori 2104 'meni ofTrus(ee¢ RL'sponsibiliiies IlJl¢nd<o¢ f%uiiiiii¢rt% R¥port fyto I tJilonc¢ Shi¢1 12 Noi¢s 10 111¢ Pinun¥iul Swwm¢nL¥ t)glled S.¢010¢.1."In1Th1 Aciii,Iii¢s 221023
John Menzlts TThsi for S¢otu$ Couqe Cthollc Eduutl•n Reftreiiet And Admlni%trAti¥e Detslls riislKy> S Rukn isknp B T MLth AlLhbiP l. 14, C'ush&. Ri)Ik)p 11 r. Ciilkn Flithp 'r71114 P A Nlord AwrhbislM>p fJnLYiiUS M Ci L(irtii Ilisknp J kt4nlln Hith)p J A'liial Fli&lxip IV NOL {d'd ill.11.20?2) ChrJ. RlvIlN jUber C0274 Prln¢lpl omtt Bvrrii & R¢id l.LP IS (iolthn 54UW¢ AFSIO I ,} ,ludlior Va P Grirnki & Cw.. 172 Kell1nhah Str < 1.1 8PR C'harks 5hwk'i & Co Limi Anthtii" are Èdintwh Lili JtK) Solkl¢ovs Burmi & R¢id LLP 15 Goldcn Swe Alrd¥n A8111 IW B#nke l.ImJs T.SB pl¢ A'rdccn Hus1%& LomthKYtt' L¢nI. 415 Ilnii>n f¢rrH AiK"rdcL'n AIIIO INJ
John Menzies Trnst Cor Stots$ College and Catholic Eduution Trusttts. Report Th¢ ¢l¥s$ th¢ w8dhLY with thc fin1 W¥Yn¥nts ofthc ¢harii)' for lh¢ v¢aT ¢tyJi'd 28 I"cbruary 2023. bje¢ii¥ts xtsd ttivltits Objtds IThL Truit'% prin¢ipal r.1d¢ funds for likn of Cats11¢ reliBion and lor ihL educa1 iil-Latholi¢ Thc main incom¢ dii'i¢kDd$ 8ThJ ljank derii.ed Irom ihL dwiTr'5 invcsErrKnts and baThk l)) ac¢ordanttb i. T I. If$e5 havL' mak"¢ 3n)' in1.¢thnts ih¢) 5¢¢ fiL A5 %u¢h. has inVeS.d in low rncdium risk iniesErnent& i.c. goiwnmerti s¢curiu¢s and UK sto¢ks.'I'h¢ rund is rnfjnagL by chleS knnk'y & Co Limtwyl with a Virw maxim1& in¢omi I1h a ILirl of capitsl ppr44i41ion. I"IK ¢ar¢lully thc MO cthKaJ suiknbilily oI'thL Stocks in whiLh they in%'&L bewefii Th¢ John Mcn7.i¢s Tn 1¢ by th"aMIllB 5Wrtill8 Catholic cth]CiDn in ScNlan includittg making grans edurional and rrli8iou5 IleS therebv adVlg cdllcaK)n llnd rEl48ion lor the Lcfil of a wider5cclion public rather EhHn priv4t¢ indii'MJuaJs. Thc thLSt¢¢s confirni ¢k)' ha complicd with tk rtyuwemcnts of Llwits TnL4 Irt¥eAmeni IScoti8ttd} A¢1 200) las am¢nd¢dl. irt¢118 ha¥ing the publi¢ knri1 8uidHn¢¢ publithd bv the or rhe Scoiii5h ThariEy Rcgulator. tlthievtmeuts Amd ptrfom#thtt uring th¢ ycar ¢nd¢il 28 F¢bnwrv 2023. Ihc Trusd ¢<Ill1 to fuifLI tts win¢ikMt objtdivc uf8dvancin8 th¢ Cthli¢ 1110 and ¢du¢ali by woviding to •NThpri Ctknlic clwitsblc bodit& Totsl incom¢ for th¢ w7$ £163131 12022.. £14I.659K incre45ed divi&nd it{¢ from invtththi PDrtfolio. Thc Twua mainthin a diversif PDrtfoliD managed on a dirlOary b&si Duriog thc y¢4f. gran totylling f358.246 Hrr¢ tn furthe(£ of Trua's char¢tsbk 'll)L irrflwlcd grants of£59.020 Blairs Aluscum. EIA126 w th¢ Ca¢knli¢ AT¢hiv¢sathd £298.200 w CNF.T. Truses cofflir InvL¥MertrornW w¢fuU%' tn li8hioftyJ8oing madE¢i vol•iili4y. Pag¢ 2
John Mtnzl¢s Trust for S¢ots5 College and CAtholle Education Trustees, Report {toniiDued) FIMx#elxl revlt Toial incomc for & J'¢aT £163.131 12022.. £141.6591. To¥1 ¥¥rKndiiurc 4rnouThred th E427.326 12022: E325.562K ¢ompris¢ng ini¥¢m4'ni Mana8v of £51.008 12022.. £57.170K ¢harithbl¢ •CELV11K pl. E365.12112022.. C2i8.6171 8Dv¢rnwK¢ of £10.4¢n {2022.. £10.(K)5). lThis r¢sulwJ in ¥ neithfii yirtson inv¢suwits uf£263.495 (2022.. £184.2031. l)urin8 th¢ )"¢ar. lows on uf £176.4¥112022.' 8ain> 01. £304.9371 r¢CoBniX. r¢¥uliin8 in an ov¥Trll n¢1 m0m¢nI in fwTJs t)f£1439.9H31 {2022= 8•in ofÉ120.7341. lotsl fund fonv•xd 4121 treiwwj 2023 £7.365.904 (2022.. £7.1(15.817k Ai IkK year end, fLxed I.1 inicsuMAi$ val £7.051.471 1•022.. £7.137,¢117} and cash at bunk ittMiunL.d to £371.715 12022.. £717.2521. Th¢ Tnjth lskr th¢ Tr NU¢% m•intsin suifi¢ieni liquidiiy 10 med its orvdoiry wmm¢im¢nts and futur¢ 8rnni.m&kin8 obj&%ii¥'es. P1•ffj5 for fuiurt peAo ThL TnJM¢¢s lond In11nut their )litY of • divwsifi¢d thvutsn¢thi wif01 ih Ordcr to 8encrAtr ifice ¢4Ji41 yowth w supprt th¢ clwrimbk pwpxs ofthc frpJyL Thk. Tnjsi will ts)#linw 10 provid¢ fin4nci•l c1 Wie& in¢ludit suppjrt fLV h¢rii4¢ pr¢xrv•ii¢brL and on8oity d¢v¢F1 ind Mairtienet ofBI#iTS Museum. Th¢ TnJ5Kc$ Mill ¢onlin th r¢view wrnm11nv in Ip4hL of inv¢swKni Frforn¢¢ markei ¢0ndilioS fv cnsuTC thai th¢ Tr MIl$ finAncially Secu fulfilli its IDni-trrni thoTiwbk obj¢rliv¢ rudur4 801'tM•n¢¢ •nd Juhn Mcnzics TnLA for Colk&¢ and c1•¢ Ed1• is * thich ws eMxblish¢d by A Tftl tk¢d in 1855. T¢ is 4 rwis¢d ¢hwity {VL027490 RKr¥ilmrnl N¢w Ivuskes arc rned by fv ¢¥i18 Iru5tr¢5 and Ihert Trs ttUlr qualificalion NTr wusl¢¢. I loMc%cr. the .1 rwi for many v¢ts lolkJid cias of Sum1n1 as a LnLse anvoThc is Ehc w>siiion oron¢ ofilK Catholic Rlsl>p50fslnd. 'I'nLSlccs Nr¢ of thiis ¥10}Illi¢S in rel1 lovcrna ind fiwncial 0%rr5i8I of the tharity.
John Menzies Trnst for Stotus College And Cxtholic Eduetion Trustees. Report {contlnu¢d) OrytTviso1i¢1I$1ThCth The Aoard of Truses onr¢ a )'iYr w JMirty . xui'iics of TIUSL. Thc truskn'% ha¥¢ the dis¢rciioD 10 decide hoii" thc income of Tn &. alled MCLX IIK. Obje1¥c% orth¢ Trusi ¥nd are ¢mSxJi.Yl'd 10 ¥n)' wrtith) lif Il i11M¢ fur . mainiLYiallcL' of thc Trvsi fun¢J. 'nK' day dtty Main1cC ol"rh¢ rctorOI.lhC T¢uM 1$ und¢n•k¢n by & R¢id thc fnjsfs solicitor Objécihys The cl4riiy'& a¢¢ii'itlL% ¥XPDx It a nurnlK'r Drrirwiriql Tith5 inclu(liTh8 cr¢dii ri5k'. cash ¢Wiv iisk- and liquidiiy rijk. 'I'hc of fin•nci•l th'rivwiY¢s 1$ so¥thed by rhariiy's p)li¢ic$ 8pproved by ihL' Ix)ard of LfusiL 4Li¢h proi'id& pr¢n¢¢ple> ott ¢k or rinan¢iil to mh¥c risks IIL¢ tharii>' noi us¢ dtrii'aiive linCIal insEnun¢nts liw y¢uliie pur Cushflow rl 'rht Lharil) ¥ aclivllKs the financill Nsks ofrhaD8&$ in for¢i8n ¢uTh¢ncy ¢YLhwL and intrr¢ Thc ¢huity uses f#1 exclthnle fvr%wd and 1¢¢%[ r• wn¢rxts w I Ihesr e%pJsU' In$1 liabilities kld * fLYed ensure ¢eMithiy of ush no Crédll rts The charii! s princip411]n#thtil irc tAfiK. baknn¢¢s ¢4$1L r r¢ttiv4bl¢ 4nd inY¢Am¥nts. Thc charity s ¢di1 risk 1$ primwity •tirilyJthbk w its irnd¢ r¢¢¢iv&bk& Tr M¥Junts presented in the balttnce shed wc n¢1 of alkwancL¥ for doub1 rk'¢eivabks. Ath for iMlIM¢nI 1$ mad¢ ikrc 1$ In idethi¢fLed 10s8 ev¢ which. Jxcvioys ¢xlenC¢. is ¢vi&n(¢ of• rcduaion in r¢wvmbiliiy ofthc ¢45h nows. The uedii ri•th OTr liquid funds derivaiiv¢ fm¥KbAI is limited becAuge the c(Amterparts b4nk$ with hiih rrrdi¢-rwin8s b). inrwKxwl ¢r¢dit-rnin8 Thc ¢hariiy no %iyifiwi Con111 of 11 risk. with cYkKgJr¢ sw¢•J ovw • l•r8c numb¢r of couDrp8rti¢s and Uyldlty rly In or&Y w m&inthirt liquidiiy ensure su[rty fund$ T¢ •i'•ilabl¢ for owini 0r1S and ftsiwe dev¢bpm¢ffl% th¢ ¢hwiy' uxs a mixiw¢ ork8•rnI Ind SI¢ fin•n¢¢. Further d¢iaiis Ttwdin8 liquidiiy risk be in the Swtmem of lI£l¢S in the flnancial Reppointment Audil)r The audilors Clients IA A¢¢ouN4ncv l.Knid we Ttpp)ind undcr 4411 Mcl of lh¢ ChAriiiLY llnd'fr IIivLAmcnE lkn14rMII Acl 2025. Whnual by th tnts ofthethiity 17 2026 518Lx¥J on its halfb).: ish(wllL TrusrLY Pa8c 4
Jobn Mtthzles Trnst for Seotus College and Ctholl¢ Education S¢¢ement of Trnsteos, Responsibilitirs 'I'kn. Iru#ets aY¢ r¢spoTrsibli for p¥itwin8 lh¢ r¢wbrt thc finaneial stawn¢ttL4 io a¢¢ordan¢c 1th Lhc Un41L'd KinsdLKn A¢¢ouniith8 {Uni.d Kin8kn G¢nL'rally AccL'pied Ac¢ouniio8 Prn¢iiccl gnd ApplicgblE law. Athd sU110Ns. ThL' laiv appli¢abl. w ch&11% fK'4uI% th¢ PrcPt find11 finan¢ial )¢w iithich Ibve a truc and fair witi%' of ol. a¢Taits of th¢ ¢hvii) •NI orC incoming ruourcts and applltarion or rrx>w¢¥s ofih¢ chwTiiy fur wK)d. In WLfAWirtK ikn finuKial $1W'MLn th¢ •re TL'quircd kn: I11,'L the Ineiw &lMi 1cIple> in ihL' C'liariiib% SORP.. mJkL' judgemenis ¥n¢J LAimaK¥ th w¢ 514K' IthL"thir llppliLYhk' staThlant% bc¢n >ubiLXX ani. maiirial tyrtur¥$ i%liif¢d and ¢xplin4d in Ilie linan¢ithl stsK"nKnts: #n ih4' lin¥ii¥tal •l¥m¥nts m ihc ¢oin¥ knis il is inap¥MSKiaIk Ihai I. Tht LfusiLS are resp)nsibk for kccpire cr¢xthiin8 rt¢ord¥ lhdI wilh ru9)n•b •¢pJw ai any Illl14 ih4 fIn411 W%ilK>n ufth¢ ¢harit) 4nd ¢n•bk. Ih¢m ts) ensw¢ ihai thc f¢1$1 lmL.niS cDmply with lh¢ Chariiils A¢¢ 2011. Chariii¢s and R¢wrLsl R¢8ulaLions 2(th. and Ehe KKovisions of I ¢im%iiluiion. 'The In]SLces Rlso rewnsibk for s&fcBuArdirt8 of tht ¢h%rity hence for thkinK veasonabk steps for th 110n •TrJ pf fr4 0Ehtr iryulvili. 'ThL IlllStee% ale rtwnsiblL' fur Ehc maintb•rtr¢ and ititwiry of the #nd llnoneial informiiion ith¢lud¢d on the tharlb ¢cffipany'5 b$1. L¢8isLuion 8ov¢rnin8 th¢ and di55¢miNtll or rinncial stsments ma). dilT¢r IMM $111)N irt otkr JUrdi£lN
John M¢nzit5 T¢ for Scotss Collegt and Catholic Eduution Independent Exmlntr'5 R¢port to the trnsteo of John Menzies Trust for Seotus College and Catholic Edutation WL have audited th¢ finan¢ial ofjohn MCWI. Tnw for knus Collcgc Catholic l.'durdiFon for thc >rar cndEd 28 Februar4 2023. %4ith LD[nprI rhe Stsicmeni ofFiDan¢ial A¢iii'iliok Ilalancc Shcei and the rL'lJicd not The rtnart¢ial wrp>rtiog frarncrk- thai has •pplid ith dK'ir pr¥pa0Th 15 appIlble law and rinn¢ial R¢pJnin8 8¢andard applicabk in Ehc IJK and Republic of ITL'land IFRS 1021 l¢ff¢¢ii&4 l January 20151- ICharili¢s SURP IfR$ 10211. QualifKyl opinion on I. finwKial In our w)inioTh. ex¥Ypi for thL ofik markn5 in thL' Hsis' for (lif (lyirtitm pf4TaplL the linan¢ial ststrmcnts.. gli"¥ a fft]¢ and lair ii¢ii lif i. i¢ate tsft charii!"s atyairs as * ?8 Fi1Jan. ?O?J ofiLb rcAlis for lh¢ ILor then eThJed: hiL prLIMrLxI accwdDn¥% iiiih linii¢d Kingthm (NTrrall)" Ac£eNed ACCOU1•¥ I)racL1. Act 2(X)S regUl>Th 8 of th¢ charli ALxxbWIts IS¢oilarxll Re8ukniions ?OLI6 i L5Amcn¢knli Basis for qlllficd opiwiDN fiNanciil stattxeTrts SiiDifKni del) in pttPNiion of 'Ther£ M7s a substhntial d¢lay th¢ r)nan¢wl Y¢ar¢nd and the preparfwm ofthe fThn¢ial stsienxnts. This sUld in availI1[Y of¢rmwnFwaolls d(#)JrrML10n and cxtknaD(m& priKlucin8tstimatitin IK¢rtai#iv and ev5dt(ial limitaliothk I.iTllited infonnlwn tnidt mailablc11.tIt1IIOn of scope) A¢¢¢s$ 10 ac¢ouniinE and wrorting do¢wnCn1irfft was ir(nple. Certain paymLMI documc#raiion and undcrlyir rt¢DTdsWr una%7iLknIt. Tts)<WabII1lY to ¢IC1th on comp1cle$s. )0 d5rtt( Itcess ¢ol"rusi¢es Wc h2d rH) direct comTrunicalion with chargcd 7th govern wcte unable u)obthin presentatrLS dircctty rt%Jm tr All CorrewdL(c CondUd thrw8h Trw'5 legal Hdvi limiiiTrg Ouf ability mak¥ inquir& as5¢ss govwn•n¢¢o¥ws and ¢ODfimi ¢oTwltterrtssofdis4losur¢5 lincludin8 related p1¢$1. Th¢ abol'¢ maE*f5 resuhcd in & liniwioll ofry aAlIfd •tdii (yinion forUK yeEr endtd 28 Febtw 2023.
John Menzles Tst for Scoths Coll¢£¢ athd Catholie Educatio Independent Exgmlner's Report to the truste Of John Menzies Trust for ScotUS College Ind CAtholic Education (tontiTrued) C..v•t1&iODA r¢lalinR 10 tiiA¢¢rii As part ofihi oudii ofihc fin¢¢al suw'ments for thc icar cntrd •8 2023. wL' tonsidcred ihc I'rusie 'ssmtnl ul. the In1.5 abiliLTr to cunliDuc a a 80in8 cs)ryll. Wt Mrrt 041n an> r¢pr¢%Triaiions Irorn th¢'frwKr$ rrwdinB win8 conr¢rn. A¢wrdin8ty. Mr [Qd I111 includitti: . R¥vici% ol'ih¢ Tn-S finan¢41 wiiion . ryuminaiiun iJl'invc%¢m¢ni huld¢n85 >4rtnd 11Il0n5 - Subthniiv¢ Min8 of •iLth1 infornMEiiin. T&15 and Maj ihcomc ex[d1jYc Flwd on thc ¢vid¢¢K¢ obthincd. hJi¢ ideniifd any Ma• uncertainiies thai s¢8ntfic4ni d1 on th¢ Tr.$ 4bilii>' Mi (lirtlin. a loi8 concern for ai El%tlve rtxjnths wthcn Iht fiMnciJl swKm¢nts authrrisL'd for '1 financial 5thLcmert% bten preparEd on a goin8 con¢¢rn basi i¢h wt tonsi&'r ppmpriat¢. As prt ofuur ¥udii of. fin¢111 hvE th¢ informativn irKludd in th¢ ¥nnu•l porL sp¢¢ifi¢ully 1hL'rn ft¢rt. Thc TrSIceS arr 5mE51b for odK'r informaiion. Qhjr opiniun on finanEial sknrerncnES d(5 noi cov¢r ¢lK ¢1 infonNi1 and txwi 10 th¢ txrti ¢xpli¢iily 5wd in uur rew)rL V4r do exprtss 4ny forni LTrfxtyrancc thcr¢oTh. In gJThneciion with our of fiDNKiil our ¥)$)111ty li . th infmiiiDn. and in dohi8 9), ¢onsidtr thhv the infovmdion is mwriAlly with th fiNn¢i¥l vr our kmowledRc 1n¢d in audii or otheTh72 ar4¥[S to IK rnw¢ri•lty mi55thd in financial 8ts¢emehtA m¢riMI missWMei0ftht otkn informwion. Ir. iw¢don have rf0d. LI)n¢lud th•1 IkrL 1$ a mii¢riAI misstsm¢ni ofthi$oikn iDforntIO. art to wrA)rt r We hAve rM)thiD4 r¢FKn in this wthl. Op5Nlou on othrr m#i¢¢N In our opithttin. b1 IIK thkvtsken ih & ¢(ws¢ I11". lh¢ infDrmaLion ¥is¢n in lh¢ 'rS[l Rewrt for the fin'iBI for tr1¢h Ihe finarKial 'M¢rtIS W¢ pr¢pRr¢d i% 41$nI ivlih finuniiTrl 4arcrn¢n.. In Iht TnlttS. R¢yi has b¢ W¢F4rtd ih accorth knith 4Wi¢abl¢ k8al w¢quir¢m¢nL hltitM on whkh w¢ are re4Ylred to report by ¢wf¢p¢lDn In lh¢ li8hi ufoui knowlL'd8L llnd unr4tsffidin8 Of ¢h8rity and i15¢nvirunmrnivitsid in thc co. of the xudiL hive r1 i01•f meriil mlsyaknknem in th TnLy¢ Pa8¢ 7
John Men25¢5 TThst for Seotw College and Caiholl¢ Educatio
Independent Ex#mlneV5 Report to the ITU51ees ofJohD Me11¢3 Trust for Scotus
Collegt and Catholic Eduutlon (continued)
We hvc Mihin8 rwi in w¢1 ol. the folknMinR n4u¢rs the CharitiES Inw¢sthi¢ni
(Scotlandl Aer 2(M)5 3Thd lh¢ Chariii¢s I%coE1) ReBvlaIoS 21KI6 las ameIed) re411ir¢4 us 10
rLVW4 1(Tr YLMI if, in our upihlon:
UiCOUtitiiig r¥xonl% hi'L' or r¥XUrnS for our ll111 h&"¢ Thoi r¥¥xii'¢d
rroni hran¥h¢s noi i'isiK'd b>. us.. pr
LIK. finaiiciol sw¢m411ts or¥. 111 agrillilI¢ IllEh ilK' lni1¥ and rtliwii& or
CLnaiN di11T¥.>Ol-lnLI(leS r¢nIU.llKjfi slIf 1441"4 tMJi ma&.: UT
li hJY¥ noir¢¥xiY¢d all iTrfL)rmaiii)n and e¥planaLMMts LwJf4wJiL
Ruperih'e ruponslbllllkn •ffnJSie¢S aad Audl¢orA
This r¢pDrt is ma(k sDILly the thuril) 5 InLSiCC& •$ a IKWJ). in •cwrdIn 1th 4411 I c of th Lh¥riiir¥
and Trusiet InvesLmcrtL {Stoilarbd} Aa 2(M)5 r¢port in xwrdthc¢ with th¢ Acl and rclev•thi rc8uliions
or htyvin8 cIT¢a Ih¢r¢und¢r. Our wurk has l¢n lln&.rn w th1 wt miBhi Lhe tru%k'Lry (hDse
mNii¢r4 qUiT¢1 SWf¢ 10 Ir¢$ Én an audi. wKJrt and othtr pul. To the ful$1 eyteni
perniiiiL'd by l. do A¢igpt of wthie 4bill w nnyrfflc othcr Th th¢ dwii>' Jnd IrusKY$ as a
. fprour •udii for thi$ or for & op1$ • fwm¢d
AS ¢Ip14in mor¢ fully in thr of Re5FKinsibslilK% Is¢1 p4KL 6). the INAc¢5
rc5ponsibl¥ fry prtion ofik finwKiil for bein8 that thcy 8ive g and flir
vKw'. WL. have been apwind AS iudi¢ors in A¢cothce with g¢aM)rt 44(11 r of the Chariiies and 'l"N#tt
Inv¥5tsn¢ni IS¢dlandl Aci 2CWJS r•Yl r¢pon in with Aci. &Jr ¥Tr$ibilIiY is w wdil th¢
linancigj in with applib wd Sthrthrds M Audiiin8 IUK w¥J
lttlndl. Those sthndards r¢quiYe us
John Menzies Trus¢ for Sco¢tsS Colltge #nd Ctholic Ed¥cxtio Indeptndent Examinevs Report io the trnstees of John MCz1t$ Tru$¢ for Seolus Colltgt and Catholic Edu¢itlon (¢tsthtlttued) We 041¢d • uThjVsinE of ihc l¢g•l •nd rLTulJtoTh' frm¢Thk' Ihgi ar¢ •w>lic•bk. w Ihe cnLiiV d¢iimiiiKd lh lh¢ mo$1 5i¥nificAnL Ln TL.laLir EO amounLS diselogjrcs in ih¢ finala1 Sraiemcnts tsf Re¢omnk'n.d Pra¢iic¢ aFWi¢ablc 10 Chariii¢s Ikir ordance with FRS 102 Finan¢i21 R¢n1Th£ SL4ndard applicRbk' in thc UK ind Rryhlic of Ir¢land. WL th¢ rkS mis¥¥¢Thl du¢ b). ¢(thsidrrin8 ¢k ofihc aciiviii¢$ and i%thLihcT Certain Arw ¢Jr ryUCL%CS uc IbkLI) io bc susceNiblL lo irrcBular¢iic We ilyTr considered Tvusi's iiwn risk. mrw¥¥M¥1 tKw¢durcs awj lnOIS 51rns and TL. cunsistLrth" appliod B0 on Ik r¢1 of w risk" assewm'ni M. drSd ow Ij•1 i¢kniif} non compli4ncL M'ith sh la) #Thd rL'8ulaiK)rL% idL'nLilied alx>i'L. 7Th(. woccdurts inclu&yl . ih¢ fin4n¥iiil 5¢al¢nts di54l¥wr¥s w under114 ¥UrqK)rtin4docum1Nyrt . mukinb nprmprwtr ¢nquiril L)f manag¢m¢DI . rL'vitw ul'minuLL¥ i)[ fry5¢ mcfflings th¢ yc•r . ob¢ainin8 in un&TAandin8 ufih¢ Lminthil ¥iLTnmen1 in rpIln¢t with rtquLqiions. Wc ¢onsi&r¥d IIK risk of fraud throu o%erridc of vJntrol 1¢. rinan¢i41 r¢¢iAs for unusual transiDn$ or withtyji • sui5f4cw ¢xplaTration. No ims ¢ id¢n¢ifi¢d. Lst of r¢porl Thii fL'W>rt is sokly w th¢ I'S m¢mb¢ts u i ixxS'. in %¢mIan wth th& lIon 44 111 1¢) uf ihL ChAriii¢s and TrusK¢ Inv¢#m¢ni IS¢¢xlaThll Ael 21X)5 aThl r110 10 rf the Chtrii¢S Re8¥15 2006 Ills mcndcdl. (hw ix¢n trk¢n w ihai mi8hi s¢ w Ihe members maii¢rs t Ire rtquir¢d ItTr them in th audi¢or's Tewjrt afvj for M other pufp)*. To the fullt$i extrfii pcrmillcd by law. do Mi acccpl Te4K¥nsibiliiy oth¢r Ilwi thr T and iruxe¢5 •5 a IxN]yi for our audii work or for upinians wi h•v¢ rond.
John Menzies Trust for Scoius College and C#thnlir F.ducation Indcpcndcni Eiarniner's R¢pnrt Iv ihc trustces of.lohn Ilen¥.ies Trust for Scotus C1)Ilce And Catholic F.du¢#tion Irvntinucd) C'hJrt4tyJ ( ¥rillia AiL41un1n1* and A11)[5 171 KL1binhUgh Sir¥LI 11
John Menzies Trust for Seotus College and Catholic Educalion
Stattment of Financial Activitie5 for the Year Ended 28 February 2023
I'nrc51rlcttd
2023
163.831
163.831
InvenE mJnaBLlllini co%ts
151.(X)I
l.lfii.8211
110.497
151.fj081
Goi'iillat)cc c()sis
ToLIl e%ridi1UrL.
Gain11)$&,J on invL'SlinLni ass1.ts
14?7.3261
1176.488
1427..3?61
176.4x8
Ner cxpcndiiiirL'
1439.9831
439.983
Nci tllO%"LSIiLni ia lutths
14?9.98?1
14?9.98J
i
John Mellzies Trust for Scoths C•lleKe and Cxthollc Educ8tiDn IR£gistrntion number: SC027490> Ba14nce Sheel as at 28 Fcbruary 2023 2023 2022 7.137.1)17 I'urrenl a%stiJ 2.4nl -171.75 -174.18 blink lind ith liand 717.2J2 718.935 C'rtdliiits.. .ImouThli f&lllNi 'lthln )'t4r 15Y.7bOI 150.¥HS ¢1 tvrr¢nt assL•L% .114.42fi 667.¥7 7.365.Y04 7.8Q5.%117 nd% iifih¢ rharlty: I'nrvAlrlcted Incoffl¢ 7.365.Y04 7.tIOS.8117 T(bi#l 7.365.904 7.805.8R7 The finonLioI 5wements on pag¢s I I 21 wer¢ approvcd by ihe thIse¥ athd auihor15¢d for issue Ott 17 Marth 2026 and SI¢ on theSr behaifby,, Bishi 'rrustL*' L (isllxirt The no¢¢s on pa8¢s 13 10 21 fomi an intQ8ral of these finan¢ithl emen VJg4' 12
John Mettzles Trnst for Seoths Collryt #nd Catholic Education Notes to the Fln•n¢hl Stsiem¢llts for th¢ Year Ended 28 February 2023 l A¢typuo1ir4% p)li¢it5 'th¢ linatKial S¢alb'm¢nts h•"c oLiyartd in acro. 7th •liCl¢ Lnii¢d Kingdom 8£WWJfinR sr¥ndard& including Fillancial .[m>ning SrarHlard 102 Tk. Financial R&rtIng Standthj aM)li¢4blc in Ihc UK amd Republi¢ UriTEia and the Charities S&nlO[ReCOMMerUkn1 Prxtice IFKS 1021 issllcd in Juty 2014. Thr acrounis hawt alxp be prEparLyI in arcordance with ihc Charities and Trtte Inv¢m¢ffi (SC) A 2(K)5 and ihe Charilics AccouThts (Scoilandl Regul70rL5 2L¥J6 1&5 arrbewledl. Basis of prepaTXtio John MLTh7iCS for s Loll¥%¢ ¥rnt C¥UKli¢ l.thai)n mcths thc def11 of a bliC benefii enLIIy r FRS 102. Th¢ acwunts (rmatial sn$)1>1 ha%L pr¢p8T¢d unthr hiswri¢al coni'¢niion ith im5 r¢¢o8nssed i.aiw urtkss oth¢tTrwis¢ ststrd in th¢ Kkwani Th)lsl w th¢ aG¢ouTht& Th¢ InLc5 ¢onsid¢r th¢r¢ un¢cnainiic5 alw k dwity'5 ability 10 wnilliu¢ 1$ 4 going Income aAd vidertds rLwthised onr¢ & dividend has t¢¢n ¢k¢l•rd NTrtifii[MJ 1¥5 rrcetved orthe dividertd Expellditwrc All ¢¥FKd•1UrQ is r¢¢o8rtised ortCL' th¢Tf 15 # kgal or obliwwjn io thai ¢4Kdilurv. il is problbk. s¢iil¢ment is trquired al amouni can m¢asurd rcliably. All at¢ aliocad to the applicabk experlIre heRdin8 thai 288r¢ga Simil •)sts th thai &¢gOry. Wkn ¢ow ¢anll dir¢cEJy llttribut¢d particular h¢dings ¢hty ha%.¢ Ien aliocatrd a tASiS CQfiSLSLcni with ihc ust of r¢Vr with ttntsal st81l' eosts allo¢&k on of iimL sn4 and &pTeciaion charw aliocad on 5x¥rn oftht &%sa's . OthET pPOrt costs are lOCad on thc sprcl ofst•lT•) The at¢ ¢os incuntd in allrdciLhB intonK [thany1 of invcsune#ts irml t1 irttuntd in iTadin8 aeiii'iiies ihaE Ai fuThl5. Cho17147bl¢acliviii¢s Chsrtthlc cXnditUre Ly>WIX invjryed by th¢ chariiv ID th¢ d¢liwy ofits aa1vili sery¢¢es for its 'fiVaTie& IE include5 trrtmh C05LS thal caTh Ix alioc¢d dir¢aly a1VIllLS and those COSLS ofaTh indir¢rl naLurL thLTr. GMRlprmYxiMS Prov¢$$ for grnms ue mwk. when . intrniion kn mak.e a 8rani Ixs Lwi cOmniC*¥d io thL rttipieni IA]i there is un¢erf¥iniy aknrteitknthc lirnifi8 Brzntor th wTh)wthof8rnnt payablc. P•ee 13
John Menzies Trust for Scoths College xttd C•tholl¢ Edu¢tio Notes ¢0 the Flnan¢i41 Statements for the Year Ended 28 Febrnry 2023 {¢ontinued) Govcrwance cosls IknLfL' include th¢ 4. tynp147nce iThh co[LlIU1>Traj r¢quiTCtn¢tr& in¢ludin8 awJiL SIT'8ie managcmeni aNd thist rrings1El lmbuj¢¥w. 7¥141ity I'h¥ ¢hwiL>' is cx¢mw fyom its thari&blE aditrilic TanRibk f•Ted wets Fixcd &%sets hai"e hisroriol1I. irtlU * the v71¥•K>n 8i%¢n #i lime of thttr incorr110th into th¢ rinan4ial SEat¢m¢nts in 1999. SuiwqwLt wjdiiio inrlwkd Deprcciation aud arnortiixtiom n¢prnxiution is w0vid¥ on tsn8ibk. LD Ti orr the ur aTr¥ calmad residwl valuc. ovcr th¢r¢X¥d u5¢ful t¢thwmi¢ life as folh)x Fld IlIdIng$ 2%perannum rXndillWe on fixed asgcts is withIed the ts MaT1 to the finx111 StsLemen¢ FiIed invuim¢DII Fixed &sci Inve$¢thKn than wjgrammc rrLd are ilded at mathi Va] ai th¢ balan¢¢ 5heL d81¢. Rvdli5ed Bains 8nd los¥e5 on r¢ ¢aklaj s the diifercrLee LÉ¥en salcs pted$ othd th¢ir nwk¢i valK ai . s¢art orth¢ y¢ar. th¢ir eosL •hd are charBed or LTedid the StsmenL ofFinath¢ial A¢iLVI(i¢s ord)Stil Ullrr4Jis¢d 84uJs and Jo&srs r¢tXES¢TrI tr mov¢wN mth ¥¢$ the yw and aye Edithd or har¥¥d w Eh¢ Sw¢m¢ni of Finan¢ial Aoii'iii¢% b•s¢d on thr rnark.ci valw thc ycaren And cash equiviltnts Cash and cash cquivaknts ¢OMw cash on bafvj aThJ Lll odKr slm-tcrni hhlY liquid in¥L¢r¢rtL that art rtadity 0)ntrty a of cash 3nd wr 4n ilSlf1¢•nT risL" of chHnge in valu¢. BorrnwiAgJ Inr¢N1.karir¥ E4xmwings In1]ty t¢¢oTthd fair of tsan5aaiun cosL& IntCTCSE.Earin8 bLYrDivings art yJbscqwnily Ca7td at amortised differ¢rK¢ thc wo¢¢¢d& w or Iraiisaciion and thL anw)unt dut ott rtthmptim T¢WnCd a chae the Staffl¢ni of Financial ALEI%IIlL over n1'[he tekvani borroM'in8. InK'r¢si is IogniS¢ on vl. th ¢lT¢ctiv¢ intrr¢A and is iLKlu&xi in i¢st payabl¢ and similar¢hargt ElorroNin85 4r¢ ¢l•ssifi¢d as urr¢ni liabiliii¢5 unlcss th¢ r4wity h&% an unoindiiional righi 10 dtfLY settkmcni or IIK. Ir4bilÈty for l¢as t¢[¥¢ nKbn¢lL5 aner . r]ng Pa8e 14
John Menzies Trust for Scotus College And C8thollc Education
Nole5 to ihe Flnanclwl Statements for the Year Ended 28 Febru4ry 2023 (continued)
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John Menzies Trnst for Stoths ColleE¢ avd Catholic Education Note5 to the FinanciAI Ststements for the Yt¥r Ended 28 Febrnary 2023 (continued) Thc chaTii)' Uses deri%•Eiif fLnancial insmLments w redu¢¢ L'xpv5ufL' ID IoTfi8ll LxchHn8L rith and iniLYL'SE rale mDI'ements. The chants. ths noi hold or isw d¢r11 fithancial instruCts for 5culai1¥¥ puryx>%cs. [krIallr$ are Initiall rtcogDis¢d ai fair a ¢k'rii'aii¥L Cimlrn¢l 1% ¢t'r¢d inw and ar¢ subscquenily reMered ikir fair Yaluc al each Tering daK'. Th. 117# gairt or lo5 1% rLwniK'd in stalTri ol- financial aciiviEiCS immcdi41¢1)' unks5 lh¢ d¢n¥ali¢ is dcsi8naltd and clliXtiNL' a5 a hcdgin8 insirnmcni. in which ci.eni the limin8 of (he rcco8nilmj in siaicmcTrL OF finan¥il iii'illLS d¢ThL4 on th¢ nature of the re[lOn5hTr. F&iT eb'idtncc or rair Val is z qwicd price for id¢ffli¢al t an a¢iii"I maTkn. WhL'll A.d PriCES are una%7ilabk. (he price of a recenl iran&aLiiUn fthr an i(kniicl a¢1 pmiidL¥ ebidcncc or rair I71uc Ls lon8 as rL' ha> noi b¢¢n a signifjrani ¢han¥¥ ¥xxTr]4Trmir ritrumswKc5 or a si8nifKani La of Lim¢ sincL' I transaciion took pLqcc. Tr m3rkLI Is nDI a¢ui'¢ ¥tkl re¢¢ni IraitsacliDthS of IdL1t assci on their OIITi are tw¢ a Csiimate of fair ¥ak. the fair iscximad b). Kdkniy. 2 liiesimeni Ineomt thd5 GeAer¥l Tot1 fun1 Ikrosii a¢wuni iDtrr¢ Dli'idemds re¢Liird EndYment TrslOrRc DioceseofAbcrdcen 488 163.J3? Tot Cor 20LI 163.831 163.831 To¢al C•r 2022 141.659 141.659 ID)'¢sim¢wJi m•ag¢m¢41 ¢051s I'llrri¢Ie T•tsl fund Gentr•l Invesuneni mwag¢Mi¢ni f¢&4 51.LK18 51.008 Total for 2023 51.(K)I 51.008 I"otxl fwr 2012 57.170 57.170 P4¢ 16
John Menzles Trust for Scoths College And Cfhollt Edlltn Note5 to tht FinTreial Ststemtttts for the Year Ended 28 Februxry 2023 (eontiftued) lolil <051$ 4 Eipettdliire •h ehxrilahk rfiiiti¢s l Jr¢Mri¢d rind5 r•eDerxl fun& DirLYi COSE% ofch2ritsbl¢ a¢iii'i¢i¥S GThnt paiahk.. Blairs ¥IuiL'um Grant paiahk.: The 5cotiish LJEIM)lic..Irchiii Grani )h-. CTh'ET CrtiierndnLL CITr 7.)75 j9.0? 7.575 ig.U?V i.o?6 298._WO IU.497 ?98.2(Kl 10.497 Tolal for 2023 J76.318 ?76.31¥ To1 for 2022 26¥.69? 268.692 ab)%r grani payments rcrKcscni th2 TrIL's a8fEed awar& Lo those partiLwlar in11105 wovi& fut ror the fuTthcrarKe of Catholic religion and for the edy¢aion (bf Cthli¢& "[le ar5K)unts arc Hgrccd ai a meeiinR ofTTUSE¢eSOn an annual basi& 4 Anl>w rlf goi'eTrDtt nd sllPP•rt t•sts Ci•vern#cc tosts l llreslritted Total C•eiieNI I]rolissnaI A¢¢outhn f$ The audil ofrhe Chl'S0Ul accoun 1.617 4.440 4.440 4.440 4.44D Tot¥1 for 202J 10.497 10.497 To¢1 for 2022 10.(KJi 10.LK)i 6 Tru%i¢¢% tyd rxprn5 No tree wr any lnS conn¢acd r¢¢¢iv¢d any rmunenLiiDll fTDm thc chariiy during hav¢ rCl¥¢d an!. rrimburxd ¢xrÉnxs(ff m othcr berIts from ¢hJrity 4YALrinR yw. Py17
Johu Menzles Tn1 for ScotU5 College and Catholic Education Notes to tbe Fln#n¢ll St¢¢wewts for the Ye4r Ended 28 Febrnary 2023 (eontlnued) 7 Taiulion The chiLy is a TcBiSd chariiy aThJ sthertfotc fnim I blxEd a#sct ihi"¢s¢m¢nts 2023 2D22 7.051.478 7.li7.917 PIE¢ 18
John Menzies Trust for Scotus Colle2e nd C4thollt Edlleatiott Notes to the F1h•¢1#1 Stat¢ents for the Y¢8r Ended 28 Febrnary 21ll3 {conlinued) OthtT investments Tot1 Ai l NlaTih 2ti?2 R¢%.alUW)n AddkEIUttS Di0515 6.li7.571 112i.4NMb) 585.)81 (ill? 287) l.O(Kl.348 {11.6071 i2J.375 [335.?97} 7.1.17.919 %.656 11.17.5141 Ai 28 Febnjarn ?U?3 6.094.659 Y56.819 7.U51.478 book i'al¥¢ Ai 28 F¢brwTh" 20?3 6.094.6i9 9)6.819 7.Oi1.478 Ai 28 FebruaTh. ?027 6.137.571 I.IXKI.341 7.137.Illy 9 Debiovs 2022 A¢4Yy¢d inc(xr Oth¢i d¢biors 1401 1.703 L401 1.703 10 c.ash and CqTAiilents 20ZJ 2012 C&th ai bank J71.78i 717.252 J I Crediiors: m•llits falli due withill OD¢ y¢ar 2023 2•22 AccnLAIs 59.760 50.985 12 Page 19
John Memilts Trnsi for S¢otus College Ad C•iholic Educ4¢io Notes to tbe Finantknl Staiements for ihe Year Ended 28 February 2023 (tontihued) Inil¥dLxl in th¢ R¢50urrc5¢¥Fn is Wn¢¢ 10rth the prc%i0}' 4m(KUlElll8 to 7.805J8712022.. £7,685.153 kes•yr¢ IlthlTrte 28 FehrnAn' 2023 I'Thr¢tI¢d fundj 163.¥Jl 7.201073 1726.2611 (>.639.643 Ik'.4igThaK.d 72261 726.261 I'otl 163.831 7.2112.073 7.365.Y(H r¢50ur¢ Trn•Afer¥ F¢brn4TY 2022 'Nre%irl¢¢ed (1¢1•1 141.fi59 7.664.22B 172&261 7.079.626 726.261 Toll 141.659 7.664.228 7.8LIS.8¥7 P4¢ 20
Jobn MeDzie5 Trust for Stots$ College C4iholic Educatio Notes to ¢he Flnncial Sthtrmtnts for the Yur EDded 28 February 2023 (continued) rksi8nthted fund% reprekmi amouTrL% .1 asid¥ b) th¢ T> for purp) Thc d¢si8naltd [d balarhcc 01. £726J61 12022.. E72&2611 continws mairttairtd in 'lYusc decisions madc irb prior years. rL'txeseniinp T¥in¢ pn)¢rtds from rhe knLIL% LollLV sak.. ThLY¢ IlflL' no mvements on the designaled duri[¥ ik. YLW and th baLqnc< temains £726261 {2022: £726.261l Ruli5ed tAin¥ iud Iw5¢5 OD im'¢51JD¢•i wets Rtralkd Bains and l(W5 4Lrise on th¢ disEx>sal ass¢ts during thc >ear gnd TL'prcni the dirrLYence th¢ saLl¥ prLK¢¢ds and th¢ carrvin¥ l.ah ol'the ass¢tsdisJwdor. Ihring !Thr. th Tn r¢all g4in$of£4(W (2022.. £54.497)oth the diswl ofinvestsncni assd& I'nr¢•ltsed 2AiaS •nd losxs I1¢¢ •w Unr¢Hli%d gal and 10s5cs r¢prc%ni mov¢menES in the mrtCL ]E of InTrt5th h¢id the y¢aT 8¢¥J 4r¢ re¢ogn¢s¢d in th¢ Stsm¢ni ofFinarKial Adivsii¢ Durin8 thc yeHr. Tnty recognised unrcaliscd of£22i.446 12022: nalised 8ain5 £25Q440) arising rTom th¢ r¢v81uaiion ofiisd inw¢sm¢nts and other ink¢suneffl holding% (Mhtr rewrtised 1•55ts Oth¢r reco1$¢{1 gtDs lo5 rew¢1 witsl Ytt¢¢pts and wailOn ¥¢ents tkn do tMJi form prl or i. TruA's r¢Vin incomL'. Th¢r¢ We Tr) rc¢ognixd ymjsor h)ss¢s duri th¢ y¢•rl2022: £nill 13 Rtlated prty Irwxiions During thc vear chwKv m•J¢ the folk)ire I¢d wty CNF.T Th¢ Tn5 ofih¢ John M¢n&ies Trw¢ s¢$ C'olkge Ind Cthi¢ Edu¢ion 4r¢ 41yb EnLses ofcNET Idlw kn0%%7) thi Bishop%' CortfcTtnCi ur11al1. DuTill¥ lh¢ ycar. Ik frffl tr4tkfertEd £i9,020 Lo Blairs mltE £1.026 w the cal11¢ Archives and £298.200 to cwI-.r. In or l'ea rn5 diwitAX¢LIl lu CNET ¢n orth¥ s¢¢oTrd 9&1m¥m1 orth¢ S¥ and associad distribuEiOTL% ofsurplus salc pro£tt No 0ed ai thL 1'earer. All IrdTW¢lions rtldLid ¥Ttc UnthfiakL Lwh an anii's Ic[th basis in lurtk.mc¢ orth¢"1"nl.5 ¢h*rithble obicth¢v¢ PJ8e21
John Menzies Trnst for S¢oiu$ College C#tholle Edut#tlon Detailed St4temeni ofFlngnelal Actlvltles for the Year Ended 28 Februqry 21123 l ot¥1 21123 1011 2022 163.X31 141.639 Ib3.831 141.659 .¥ptndlture oTr'. 151.onxi 376.118 C'hnriTAhlL aL'Iii'1iiL' (llnylj''d .11vI 268.692 1427..326 1325.86? NL'I L.%111111fL' 26.1.41J5 1114.2UA 126.7.4Y5 I{Tr1 IlJnJ.4 t>rt¥u¥hi lor4%rd 7.#lJ5.#87 7.685.15.1 7.542.392 7.51IU.¥5V This 8¢ docs noi fomi rArt ol'ihc S1811110ry financial sialernertts.
John Mtnzles Trust for Seotus College nd Catholle Education
Detll¢d Staternent of Finaneial Activities for the Year Ended 28 February 2023
(continued)
I'(tal
1.011
2022
21123
ljive.fimiiiliicwi
In£177e Ir(im listed ini'