SCO CHARITABLE TRUST
Annual Report and Financial Statements For the year ended 31 March 2022
Registered Charity Number SC030530
SCO CHARITABLE TRUST
Annual Report and Financial Statements
For the year ended 31 March 2022
| Contents | Pages |
|---|---|
| Trustees' Report | 2-5 |
| Auditor’s Report to the Trustees | 6-9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13-16 |
1
SCO CHARITABLE TRUST
Trustees' Report
For the year ended 31 March 2022
The Trustees have pleasure in presenting their report for the year to 31 March 2022. This report is prepared in accordance with the deed of trust and the Financial Reporting Standard 102, as issued by the Financial Reporting Council, the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”.
Objectives and activities
The objectives of the Trust are the advancement of education by the cultivation and improvement of public taste in music, opera, ballet and other fine arts in Scotland and elsewhere, and in particular the work and activities of the Scottish Chamber Orchestra. The Trust can make gifts of revenue or capital.
In November 2020 the Trustees took the decision to commence the solvent winding up of the Trust as it was coming to the end of its accumulation period contained within the Trust Deed.
Achievements and performance
One legacy was received during the year with a value of £36,075 (2021: £nil). The Board of Trustees made no awards during the year (2021: £nil).
An application was made to the Office of the Scottish Charity Regulator (OSCR) for consent to wind the Trust up and consent was received on 29 April 2022.
Structure, governance and management
The Trust operates under a deed of trust dated 21 August 2000. The management of the Trust is the responsibility of the Board of Trustees who are elected and co-opted under the terms of the deed of trust. The Trust makes decisions within the framework of a number of policies as detailed in the financial review section.
Financial review
The net movement on funds during the year was £108,236 (2021: £259,785). Dividend and interest income from the portfolio of investments increased by £4,194 on prior year and with the legacy, total income increased to £66,645 (2021: £26,376). This movement was enhanced by net realised and unrealised gains on investments of £53,701. The portfolio’s relative performance over the 12 months to 31 March 2022 was 4.90% against a peer group benchmark of 5.13%. At year-end reserves were £1,633,694 (2021: £1,525,458) all of which are represented by unrestricted funds.
Investment policy
The Board has set an investment policy of balanced growth with medium risk. The day to day investment management has been delegated to a firm of investment managers.
Risk management
The Board has considered the principal risks and uncertainties facing the Trust as being the composition and performance of its investment portfolio. These are addressed through the services of a professional investment management firm who are monitored by the Trustees via review of regular investment reports which include several performance benchmarks.
Reserves policy
The Trust’s reserves represent donations and legacies plus surpluses and deficits arising from past operating results. The aim of the Trust is to increase its funds as much as possible so that it can make more funds available to fulfil its charitable objectives and in particular provide support to the Scottish Chamber Orchestra as required. The Board of Trustees have power to accumulate income for 21 years from the date of the deed of trust rather than distribute it.
Grant making policy
The Board of Trustees are to distribute any income which is not accumulated in furtherance of charitable purposes. The Board of Trustees may pay capital in furtherance of charitable purposes.
2
SCO CHARITABLE TRUST
Trustees' Report (continued)
For the year ended 31 March 2022
Taxation
The Trust is a charity and is registered with the Office of the Scottish Charity Registrar under reference SC030530. The Trust is also recognised as such by H M Revenue and Customs for taxation purposes. As a result there is no liability to taxation on any of its income.
Plans for Future Periods
As noted previously, the Trustees have received consent from OSCR to wind up the Trust. Following a governance review, the Trustees agreed to convert the Trust into a Scottish Charitable Incorporated Organisation with broadly similar charitable objectives. The new SCIO “The Scottish Chamber Orchestra Foundation SCIO” has been set up and obtained registered charity status from 2 March 2022 (Charity number: SC051621). The Trustees of the Trust intend to solvently wind up the SCO Charitable Trust in November 2022, and transfer the operations, assets and liabilities to the new SCIO.
3
SCO CHARITABLE TRUST Trustees. Report Icontinuedl For the year ended 31 March 2022 Reference and Administrative details SCO Charitable Trust Scottish Charity Number SC030530 Investment Advisors Adam & Company Invesbnent Management Limited 40 Princes Street Edinburgh EH2 2BY Head Office 4 Royal Tace Edinburgh EH7 SAB Auditor Azels Audit SeTvices Exchange Place 3 Semple Street Edinburgh EH3 8BL Bankers Adam & Company Investment Management Limtied 40 Princes Street Edinburgh EH2 2BY Solicitors Turcan Connell Princes Exchange 1 Earl Grey Street EdInIrgh EH3 9EE
SCO CHARITABLE TRUST
Trustees' Report (continued)
For the year ended 31 March 2022
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the income and expenditure of the Trust for that year. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for maintaining adequate accounting records that are sufficient to show and explain the Trust’s transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to the auditor
As far as the Trustees are aware at the time the report is approved:
-
there is no relevant information of which the Trust’s auditor is unaware, and
-
the Trustees have taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information, and to establish that the Trust’s auditor is aware of the information.
Auditor
A resolution to re-appoint Azets Audit Services as auditor will be put to the members at the annual general meeting.
Approved by the Trustees and signed on their behalf by
18 November 2022
==> picture [242 x 83] intentionally omitted <==
5
SCO CHARITABLE TRUST
Independent Auditor’s Report to the Trustees of SCO Charitable Trust For the year ended 31 March 2022
Opinion
We have audited the financial statements of SCO Charitable Trust (the ‘charity’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant 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 Financial Reporting Standard applicable in the UK and Republic of Ireland’ (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 March 2022 and of its income and expenditure for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (FRC’s) Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter – financial statements prepared on a basis other than going concern
We draw attention to Note 1 to the financial statements which explains that the Board of Trustees has decided to solvently wind up the Trust. The Trustees approved the winding up in November 2020 and intend to finalise the process in November 2022 at which point the Trust will cease to exist. They therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.
Our opinion is not modified in respect of this matter.
6
SCO CHARITABLE TRUST
Independent Auditor’s Report to the Trustees of SCO Charitable Trust For the year ended 31 March 2022
Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor’s Report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
-
the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or
-
proper accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of the Trustees
As explained more fully in the trustees’ responsibilities set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
7
SCO CHARITABLE TRUST
Independent Auditor’s Report to the Trustees of SCO Charitable Trust For the year ended 31 March 2022
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the FRC’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the charity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the charity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the charity through discussions with management, and from our knowledge and experience of the charity sector;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and data protection, and anti-bribery legislation;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
• reading the minutes of meetings of those charged with governance;
-
enquiring of management as to actual and potential litigation and claims; and
-
reviewing any correspondence with relevant regulators.
8
SCO CHARITABLE TRUST
Independent Auditor’s Report to the Trustees of SCO Charitable Trust For the year ended 31 March 2022
Auditor’s responsibilities for the audit of the financial statements (continued)
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity’s trustees, as a body, those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Azets Audit Services Statutory Auditor Chartered Accountants Exchange Place 3 Semple Street Edinburgh EH3 8BL
18 November 2022
Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
9
SCO CHARITABLE TRUST
Statement of Financial Activities
For the year ended 31 March 2022
| Notes | Unrestricted | Unrestricted | |
|---|---|---|---|
| Funds | Funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Income from | |||
| Donations and legacies | |||
| Legacy income | |||
| 36,075 | - | ||
| Investment income: dividends | 30,570 | 26,376 | |
| Total income | 66,645 | 26,376 | |
| Expenditure on | |||
| Charitable activities | |||
| Investment management costs | 9,610 | 8,563 | |
| Governance costs | 3 | 2,500 | 2,500 |
| Total expenditure | 12,110 | 11,063 | |
| Net gains on investments | 53,701 | 244,472 | |
| Net income and movement in funds |
108,236 | 259,785 | |
| Total funds brought forward | 1,525,458 | 1,265,673 | |
| Total funds carried forward | 1,633,694 | 1,525,458 |
The above table is also a comparative statement of financial activities because all funds are unrestricted. All the activities relate to continuing operations.
The notes on pages 13 to 16 form part of these accounts.
10
SCO CHARITABLE TRUST Balance Sheet As at 31 March 2022 Noles 2022 2022 2021 2021 Fixed assets Investments 1,589,212 1,509,045 Cuent assets Cash at bank and in hand 49.482 18.913 Creditors Amounts falling due wtthin one year 5.000 2.500 Net current assets 44,482 16.413 Net assets 1.633,694 1.525.458 Reserrfes Unrestricted fvnds 1.633,694 1.525.458 Total funds 1.633,694 1.525.458 The financial statements were approved and authorised for issue by the trustees on 18 Novemter 2022 and are spJned on their beha by: . Chaimian The notes on pages 13 to 16 fom part of these accounts. 11
SCO CHARITABLE TRUST
Statement of Cash Flows
For the year ended 31 March 2022
| Note CASH FLOWS FROM OPERATING ACTIVITIES: NET CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES: 1A |
2022 2021 £ £ 26,295 (62,938) |
|---|---|
| CASH FLOWS FROM INVESTING ACTIVITIES: Investment income Proceeds from sale of investments Purchase of investments |
30,570 26,376 84,185 96,512 (110,481) (84,647) |
| NET CASH PROVIDED BY INVESTING ACTIVITIES |
4,274 38,241 |
| CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD CASH AT THE BEGINNING OF THE REPORTING PERIOD |
30,569 (24,697) 18,913 43,610 |
| CASH AT THE END OF THE REPORTING PERIOD |
49,482 18,913 |
| Note 1A | 2022 2021 £ £ 108,236 259,785 (53,701) (244,472) (30,570) (26,376) - (48,573) (84,185) (96,512) 110,481 84,647 9,609 8,563 (36,075) - 2,500 - 26,295 (62,938) |
| Net movement in funds Adjustments for: Gains on investments Investment income Investment income to capital account Proceeds from sales of investments Purchase of investments Investment management costs Legacy income transferred to capital Increase in creditors |
|
| Net cash provided by / (used in) operating activities |
The notes on pages 13 to 16 form part of these accounts.
12
SCO CHARITABLE TRUST
Notes to the Financial Statements
For the year ended 31 March 2022
1. Accounting policies
Basis of accounting
These financial statements are presented in pounds sterling (GBP). They comprise the financial statements of SCO Charitable Trust.
The objective of SCO Charitable Trust is to advance education by the cultivation and improvement of public taste in music, opera, ballet and other fine arts in Scotland. SCO Charitable Trust is an unincorporated charity, recognised as a charity for tax purposes by HMRC and registered with the Office of the Scottish Charity Regulator (OSCR) under charity number SC030530. Details of the principal address can be found on page 4 of these financial statements. SCO Charitable Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires trustees to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 2.
The principal accounting policies applied in the preparation of these financial statements are noted below. These policies have been applied consistently to all the years presented in dealing with items which are considered material to the charity’s financial statements unless otherwise stated.
Going concern
The Trust has sufficient net assets to manage ongoing liabilities regarding investment management and compliance fees and meets regularly to discuss plans with regard to grant-making activity. In November 2020 the Trustees agreed to solvently wind up the Trust and to establish a new Scottish Charitable Incorporated Organisation (SCIO), which will be known as The Scottish Chamber Orchestra Foundation SCIO. The new SCIO has been set up and obtained charitable status on 2 March 2022. All assets and liabilities (both at book value) and operations will be transferred to the SCIO in November 2022, and the Trust will cease to exist at that date. This is a change of legal structure and the Trustees have prepared the financial statements on a basis other than that of the going concern basis.
Recognition and allocation of income
Income is recognised when the Trust has legal entitlement to the funds, the receipt is probable and the amount can be measured reliably. Where practicable, income is related to the operating activities of the Trust.
Where there are performance conditions attached to any grants and donations, income is recognised when the conditions have been met or when meeting the conditions are within the Trust’s control and there is sufficient evidence that they have been met or will be met. Where a grant condition allows for the recovery of any unexpended grant, a liability is recognised when repayment becomes probable.
Where there are terms placed on income that limit the Trust’s discretion over how that income can be used, that income is shown as restricted income in the accounts. Entitlement to legacy income exists when the Trust has sufficient evidence that a gift has been left, the executor is satisfied that the gift will not be required to satisfy claims on the estate and any conditions are within the control of the Trust or have been met. Where legacies have been notified to the Trust and the criteria for income recognition haven’t been met, the legacy is treated as a contingent asset and disclosed if material. Legacy income is measured at fair value, generally the cash amount receivable, and is discounted if deferred for more than 12 months. The unwinding of the discount is recognised as interest receivable.
Dividend income is credited to the statement of financial activities when the right to receipt is established and is measured at fair value, generally the transaction value.
13
SCO CHARITABLE TRUST
Notes to the Financial Statements - continued
For the year ended 31 March 2022
1. Accounting policies - continued
VAT
The Trust is not registered for VAT and accordingly expenditure includes VAT where appropriate.
Recognition and allocation of expenditure
Expenditure is recognised when the Trust has entered into a legal or constructive obligation and related where practicable to the operating activities of the Trust. Where possible, expenditure is attributed directly to the function to which it relates.
Charitable expenditure comprises those costs incurred by the Trust in the delivery of its charitable activities and services.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Trust and include costs linked to the strategic management of the Trust.
Funds
Unrestricted funds are income sources which are receivable for the objects of the Trust without further specified purposes and are available as general funds.
Investments
Quoted investments are stated at fair value at the reporting date. Gains and losses arising on revaluation are recognised in the Statement of Financial Activities in the period in which they arise.
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and balances with banks which are readily convertible and are measured at fair value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired. They are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price.
Financial assets and financial liabilities
Financial instruments are recognised in the statements of financial activities when the Trust becomes a party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price unless the arrangement constitutes a financing transaction which includes transaction costs for financial instruments not subsequently measured at fair value. Subsequent to initial recognition, they are accounted for as set out below. A financing transaction is measured at the present value of the future payments discounted at the market rate of interest for similar debt instrument.
Financial instruments are classified as either ‘basic’ or ‘other’ in accordance with Chapter 11 of FRS102.
At the end of each reporting period, basic financial instruments are measured at amortised cost using the effective interest rate method. All financial instruments not classified as basic are measured at fair value at the end of the reporting period with the resulting changes recognised in income or expenditure. Where the fair value cannot be reliably measured, they are recognised at cost less impairment.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the Trust has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry.
14
SCO CHARITABLE TRUST
Notes to the Financial Statements - continued
For the year ended 31 March 2022
2. Critical judgements and estimates
In preparing the financial statements trustees make estimates and assumptions which affect reported results, financial position and disclosure of contingencies. Use of available information and application of judgement are inherent in the formation of the estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
The estimates and assumptions with a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:
Legacy income is measured at fair value, but where part of a legacy left to the Trust includes property or shares to be sold, judgement is used to estimate the amount receivable.
3. Net income
| Net income | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| This is stated after charging: | ||
| Auditor's remuneration in respect of: | ||
| - audit services | 2,500 | 2,500 |
None of the trustees received any remuneration or reimbursement of expenses during the current or previous year. The Trust had no employees during the year (2021: nil).
4. Investments
| Investments | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Fair value brought forward | 1,436,899 | 1,169,002 |
| Add: Acquisitions at cost | 110,481 | 84,647 |
| Less: Disposals at cost | (76,515) | (78,710) |
| Net gains on revaluation | 46,032 | 261,960 |
| Fair value at 31 March | 1,516,897 | 1,436,899 |
| Cash held aspart ofportfolio | 72,315 | 72,146 |
| Fair value at 31 March | 1,589,212 | 1,509,045 |
| Historical cost as at 31 March | 1,054,228 | 1,017,009 |
15
SCO CHARITABLE TRUST
Notes to the Financial Statements - continued
For the year ended 31 March 2022
| 4. | Investments (continued) | |||
|---|---|---|---|---|
| Investment holdings held which are over 5% of portfolio by value are: |
Market Value £ |
|||
| Findlay Park American ICAV USD | 162,351 | |||
| Lazard Global Listed Infrastructure Equity Fund A Dist GBP |
84,960 | |||
| Analysis of how the portfolio is structured: | ||||
| UK | Non UK | Total | ||
| £ | £ | £ | ||
Investments listed on a recognised stock exchange or valued accordingly |
900,397 | 616,500 | 1,516,897 | |
Cash held aspart of theportfolio |
72,315 | - | 72,315 | |
| 972,712 | 616,500 | 1,589,212 |
5. Creditors:
| Amounts falling due within one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Accruals | 5,000 | 2,500 |
6. Related Parties
During the year there were no transactions with related parties.
7. Events after the Reporting Period
In April 2022, an application was made to OSCR to seek consent to wind up the current entity (registered charity number: SC030530) and transfer its assets and liabilities to a newly formed SCIO. OSCR granted its consent in April 2022 and the Trustees are currently finalising the process of transferring all assets and liabilities to The Scottish Chamber Orchestra Foundation SCIO (registered charity number: SC051621).
16