THE ESTELLE TRUST istered Charit N. 1101299 FINANCIAL STATEMENTS for the year ended - 31 March 2024 FISHER PHILLIPS LLP Chartered Accountanls Summit House 170 Finchley Road London NW3 6BP
The Estelle Trust Legal And Administrative Infonnatlon For The Year Ended 31 March 2024 The trustees N A E Farrow G R Omstein D Wise R Lynch K M Farrow S Davies l Abed WHam Prlncipal place of buslness Office 3 Book House 261A Cily Road, London EC1V1JX Accountants Fisher Phillips LLP Summit House 170 Finchley Road London NW3 6BP Bankers EFG Private Bank Limlled 12 Hay Hill London W1J 6DW Sollcltors Wilsons Sleynings House Fisherton Street Salisbury, Wltshire SP2 7RJ
The Estelle Trust For The Year Ended 31 March 2024 Contents Pages Trustees, Report Independent Examinerfs Report Slalemenl of financial activities Balan sheet Slalemenl of cash flows Notes to the accounts 9-15
The Estelle Trust Charity Number: 1101299 Trustees Report For The Year Ended 31 March 2024 The trustees present their report logelher with the financial statements of the trust for the year ended 31 March 2024. The Iruslees have adopted the provisions of Ihe Statement of Recommended Practice {SORP) 'Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Charity. The financial statements have been prepad in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's goveming documenl, the Charities Act 2011 and Accounting and Reporting by Charilies.. Slalement of Recommended Practice applicable to charities preparing their accounts in accL)rdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Legal and admlnlstrative Infomiatlon The trustees N A E Farrow (Chief Executive Officer) G R Ornslein D Wise R Lynch K M Farrow S Davies l Abed WHam Princlpal place of buslness Office 3 Book House 261A City Road London EC1V 1JX Accounlants Fisher Phillips LLP Summit House 170 Finchley Road London NW3 6BP Bankers EFG Private Bank Limited 12 Hay Hill London W1J 6DW Sollcltors Wilsons Sleynings House Fisherton Street Salisbury, Wiltshire SP2 7RJ Trustee8 The trustees named above have served as detailed. Appointment of trustees is governed by the trust deed. The Board of Trustees is 8ulhorised to appoint new trustees to fill vacancies arising through resignation or death of an existing Iruslee. The trusls limited scale of operations means that there is no fomal organisalional structure. Training is and will continue to be provided as and when trustees are inducted. Investment Powers The trust deed authorises the trustees to make and hold investments using the general funds of the Irusl. Page I
The Estelle Trust Charity Number: 1101299 Trustees Report (continued) For The Year Ended 31 March 2024 Constitution, objects and poll¢les The trust was constituted as a charitable trust on 26th November 2003 by way of a charitable trust deed. The objects of the trust are to promote any lawful charitable purpose at the discretion of the trustees. The Irusteeg must use the income and may use the capital of the trust in promoting the objects. Oblects and activltles As recorded in last year's Trustees Report, the 15 years of directly managed Estelle Trust (ETI projects in Zambia came lo end with the transfer of the Chishawasha Children's Home and School to the local owrsership of the Zambia Fransalian Society and the retirement of ET'S Zambian management team al the end of 2023. However, ET continues to support Ihe development of Chishawasha by funding the educalion of 25 orphans and vulnerable children al Chisawasha's school. During the period of this report, ET has also funded the completion of the building of the school hall and the creation of an art laboratory. The school hall is named the Bana Tandizo Hall. Bana Tandizo was the name of the foundation and local company through which ET funded and employed the operations and management team in Zambia and means 'Help the Child, in the local language. During 202312024, ET has received good reports about the continuing expansion of the school and the education of the children Ihat it sponsors. As indicated in the 2022123 report, 'ET will in future focus ils charitable contributions to educational and arts projects and institutions in the United Kingdom. 11 will also widen is contributions to international medical, welfare and disaster appeals. ET is working in partnership with several public arts and education institutions to assist in the development and implementation of their publishing, exhibition, and research programmes. This is contribution that helps to offset the loss of income caused by the Covid pandemic and the substanlial reduction in the national and local government funding of museums, galleries and institutions of research and education. The largest financial contribution to research and education during the bmo-year period of 202212024 was made to Queens, College at Cambridge to meet the costs of cataloguing the collections of illustrated manuscripts and early books held in its Old Library, the oldest library in Cambridge University. The grant also covers Ihe cost of publication of a descriptive catalogue of the Old Library's holdings. Another significanl donation was made to the Benton End House and Garden Trust which is restoring the house and garden where the artists Cedric Morris and Arthur Lett-Haines ran the East Anglian School of Painting and Drawing. The Trust will revive Berston End's contribution lo both art education and plantsmanship. During the period of this report, ET has made donations lo medical and welfare institutions including the Chelsea and Westminster Hospital, Hospice UK and Maggie's, Southampton. Rl$k Management The trustees are satisfied that the trust does not face any significant risks apart from the risks usually associated with investment. To mitigate this risk the trustees regularly review inveslmenl portfolio perfomance and ensure that the investrnenl portfolio is well diversified. Future developments The Iruslees will select suitable charities to which donations will be made. Reserves pollcy It is the policy of the Irustees to build up and maintain unrestricted SeNe5 to a level which will allow the trust to meet its objects and cover all expenditure, including management and administration costs, out of the income generated by investments, whilst al the same time maintaining the value of the investments at the level when the trust was created, allowing for retail price index increases. Page 2
The Estelle Trust Charity Number: 1101299 Trustees Report (continued) For The Year Ended 31 March 2024 Financial review The trustees are satisfied with the financial performance of the trust in this year. The trust made donations of £49,598 (2023.. £180,447) in the year and the nel surplus for the year before other recognised gains and losses of £15,64912023.' £169,718 net deficill is in line with the expectations of the trustees. The nel increase in funds for the year was £48.15712023'. £238,680 nel decrease) after gains on investments of £32,508 {2023= £68,962 losses on investmenls). At the year end, the trust had net assets of £1,935,808 (2023.. £1,887,651). The trustees have referred to the guidance contained in the Charity Commission's general guidan on public benefit when reviewing the aims and objectives and in planning future activities. The truslaes believe the objects and activities detailed above have furthered the trust's purposes for Ihe public benefit. ststement of trustees. responslbllities The trltslees are responsible for preparing Ihe Trustees, Annual Report and financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires Ihe trustees to prepare financial statements for each financial period which give a true 2nd fair view of the trust's financial activities during the period and of its financial position al the end of the period. In preparing those financial statements, the trustees are required to.. lal select suitable accounting policie5 and apply them consistently., Ib) observe the methods and principles of the Charities SORP (FRS 102)- Ibl make judgments and eslimales that are reasonable and prudent. Ic) state whether applicable accounting Standards and stalements of recommended practice have been followed, subject lo any departures disclosed and explained in the financial statements., (d) prepare Ihe financial statements on a going concern basis unless il is inappropriate to presume that the trust will continue in operation. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the trusl and enable them to ensure that the financial statements comply wilh the Charities Act 2011, the Charity (Accounts and Reports) regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Irust and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Page 3
The Estelle Trust Charity Number: 1101299 Trustees Report {continued) For The Year Ended 31 March 2024 Approval This report was approved by the trustees on 22 January 2025 and signed on their behalf. N A E Farrow Trustee G R Ornslein Trustee D Wise Trustee R Lynch Trustee K M Farrow Trustee S Davies Trustee l Abed Trustee W Ham Truslee Page 4
The Estelle Trust Independent Examinerfs Report To The Trustees Of The Estelle Trust Forthe year ended 31 March 2024 The trustees present Ihelr reporl togelheT wllh the financlal statements ol the trust for the yè8r ended 31 March 2024. The financial slatemenls have been prepared in accordan wilh the ac¢ounllng policies sel out on pag6 6 8nd comply with the trust deed and applicable law. Rèspèctlve responslbllltles of trustees and axamlner The Iruslees of Ihe trust are Tesponslble for the preparalion of the accounls. The trustees consider Ihal an audll Is not required Ihis year under secllon 144121 of the Ch8Tllles Act 2011 Ilhe 2011 Act) and that an Independent examination is needed. Having sallslled myself Ihal the Irusl Is not subject to 8udil and Is eligible for Independent examination, il is my responslbilily to: examine the accounls under section 145 of Ihe 2011 Act,. follow the prOdureS 18ld down in the General Dlrections given by the Charfly Commission under secllon 145lSllbl of the 2011 Act., and state whether particular malter5 have come to my attenllon. Basls of Indepondènt examlnevs roport My exarninallon was carried out In accordance with the General Directions given by the Charity Comrnission. An examination Snclude$ 8 re&W ol the accounllng records kept by the trust and a comparfson ol the accounts ptesanled wilh those records. 11 also indudes ¢onsideralion of any unusual items or dlsclosures in the accounts, and seeking expl8nallons from you as Iruslees ¢onceming any such mallers. The procedures undertaken do not provide all the evldence that would be requlred In an audit, and consequ¢nlly, no opinion is given as lo whether Ihe accounts present a 'lrue and falr vlew" and the report 1$ Ilmited lo Ihose marters sel out In the slalemenl below. Independent Examlnerfs Statement In connection with my examlnallon. no maller has come lo my attentlon.. which gives me reasonable cause lo believe that in any material iespeel Ihe requi¥emenls-. lo keep accounting records In accordance with secllon 130 of Ihe 2011 Act., and lo prepare accounts which accord wllh the accounting records and compty with Ihe accounllng rèquSremenls of the 2011 Act and with the methods and prlnclples ol the Slalemenl of Recommended Pracllce.. Accounting and Reportlng by Charilles have nol been mel., or 21 to which, in my oplnion, attention should be drawn in order to onable a proper underslandlng of the accounts to be reached. C HaNey FCCA, CTA Fisher Phillips LLP Charted Accounlanls Summlt House 170 Finchley Road London NW3 6BP Dale.. 22 January 2025 Page 5
The Estelle Trust statement of financlal actlvStles (incorporating an income and expenditure account) For the year ended 31 March 2024 2024 Total 2023 Total Unrestrlcted Restrlcted Note Income from.. Donations and legacies Investment income 578 81,405 578 81,405 64,514 Total income 81,983 81,983 64,514 Expgndilure on.. Raising funds Charitable aclivilies.. Charitable donations Admin costs Salary costs Other 16,122 16,122 13,324 49,598 614 49,598 614 180.447 2,323 38,138 Total expendlture 66,334 66,334 234,232 Net Income l (expenditure) before net galns I (losses) on Investments 15.649 1S,649 (169,7181 Net gains l (losses) on investments 32,508 32,508 68,962 Net income l (expendlturel for the year 48,157 48,157 (238,6801 Tr8nsfers beeen funds Net income I lexpendlturel before other recognlsed gains and losses 48,157 48,157 1238.6801 Other gains I Ilossesl Net movement In funds 48,157 48,157 1238.680} Reconclllatlon of funds.. Total funds brought fOard 1.887,651 1887 651 2.126,331 Total funds carrled forward 11 1,935,808 1935 808 1.887,651 All of the above results are derived from continuing activities. There were no olher recognised gains or losses other than those stated above. The attached notes form part of these financial statements. Page 6
The Estelle Trust Balance sheet As at 31 March 2024 2024 2024 2023 2023 Note Fixed assets: Investments 1,782,495 1.782.495 1,685,497 1.685,497 Current assets: DebtOTS Cash at bank and in hand 12,548 140,765 153,313 2,034 200,120 202,154 14 Liabllitles: Credilors.. amounts falling due wilhln one year 10 Net current assets l {liabllitlesl 153313 202.154 Total net assets I Illabllities) 1,935,808 1,887,651 Funds Restricted funds Unreslricled funds.. Revaluation reserve General funds Total unreslricled funds 12 1935,808 1,887,651 1,935,808 1.887,651 Total funds 1,935 808 1,887.651 Approved by the trustees on 22 January 2025 and signed on thelr behalf by.. G Ornstein Treasurer N Farrow Chairperson Charlty number: 1101299 The allach8d noles fomi part of the financlal statements. Page 7
The Estelle Trust Statement of cash flows For the year ended 31 March 2024 Note 2024 2024 2023 2023 Net cash provlded by l (used Inl operatlng actlvlties 13 176.2701 1246,312} Cash flows from Investlng activltles: Inleresurenvdividends from investments Proceeds from sale of fixed assets Purchase of fixed assets Proceeds from s81e of inveslmenls Purchase of investments 81,405 64,514 1,160,720 {1.225,210} 1,439,342 (1,154,675) Cash provided by I (used In) investlng activitles 16,915 349,181 Change In cash and cash equSvalent$ In the year 159.3551 102,869 Cash and cash equivalents al Ihe beginning of the year 200,120 97.251 Cash and cash equivalents at the end of the year 14 140.765 200,120 Page 8
The Estelle Trust Notes to the financial statements For the year ended 31 March 2024 1 Accountlng pollcles al Basls of preparatlon The flnanclal slalemenls have been prepared in accordance with Accounting and Reporting by Charities- Slalemenl of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Issued iri October 2019, the Financial Reporting Standard applicable in the United Klngdom and Republic of Ireland IFRS 1021, the Charities Act 2011. and UK Generally Accepted Aceounling Practice. The financial statements have been prepared lo give a 'lrue and fairf view and have departed from the Charities {Accounls and Reports) Regulallons 2008 only lo the exlenl required lo provide a 'lrue and falr vlew.. This departure has involved following the Accounting and Reporting by Charilies.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republlc of Ireland issued in October 2019 ralher than the Accounting and Reporting by Charilles: Slalemenl of Recommended Practice effective from 1 April 2005 which has Sin been withdrawn. The trust meets the definition of a public benefit entity under FRS 102. Assets and liabilllies are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy or note. b) General informatlon The ch8rily is a charitable Irusl, incorporated in England and Wales ( charity number.. 11012991- The Irusl's registered offi address is.. Office 3, Book House. 261A City Road. London, EC1V 1JX. c) Golng concern The Iruslees consider that there are no material uncertainties about the Irusl's ability lo continue as a going coneem. The Iruslees do not consider that there are any sources of eslimalion uncertainty at the reporting date that have a significant risk of causing a material adjuslmenl lo the ¢arrylng amounts of assets and liabilities within the next reporting period. dl Income Income is recognised when the trust has enlitlemenl lo the fund5, any performance conditions allached lo the income have been mel. it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether 'capilal' grants or 'revenue' grants, is recognised when the trust has enlillement lo the funds, any performan conditions allached lo the grants have been mel. it Is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified seNic8 is defeired vnlil Ihe criteria for income Iecognilion are mel. For legacies, entillemenl is taken as the earlier of the dale on which either.. (he trust is aware that probate has been granted, the estate has been linalised and nolificalion has been made by the execulor(s) to the trust that a distribution will be made, or when a distribution is reIVed from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the trust has been notified of the executor's intention lo make a dlslribulion. Where legacies have been notified to the trust, or the trust is aware of the granting of probate, and the criteria for income recognition have not been mel, then the legacy is a treated as a conlingenl asset and disclosed if material. e) Donatlons of glfts, servlces and facllltles Donated professional $8Nico8 and donated facilities are recognised as income when the trust has control over the ilem or received the servi, any conditlons associated wllh the donatlon have been mel, the receipt of economic benefit from the use by the trust of Ihe item is probable and that economic benefit can be measured reliably. In accordance with the Charllies SORP (FRS 1021, volunteer lime is not recognised so refer to the trustees, annual report for moTe information about their conlribution. On receipt, donated gifts, professional services and donated facilities are recognised on Ihe basis of the value of the gift lo the trust which is the amount the charity would have been willing to pay lo obtain setvices or facilitles of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. fj Interest recelvable Interest on funds held on deposit is Included when receivable and the amounl can be measured reliably by the trust.. this is normally upon nolificalion of the interest paid or payable by the bank. gl Fund accounting Unreslricled funds are available lo spend on activities that further any of the purposes of Irusl. Designated funds are unrestricted funds of the Irust whlch the Iruslees have decided at their dlscrelion lo set aside lo use for a specific purpose. Reslricled funds are donations which the donor has specified are lo be solely used for particular areas of the trust's WOTk or for specific prolecls being undertaken by the trust. Page 9
The Estelle Trust Notes to the financial statements For the year ended 31 March 2024 1 Accountlng pollcles Icont.) h) Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obllgalion lo make a payment lo a third paty, il is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Costs of ralsing fLFnds comprise of trading costs and the costs incurred by the charitable trust in inducing third parties lo make voluntsry contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services, exhibitions and other educational activities undertaken lo further the purposes of the charity and their associated support costs. other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost agalnsl the activity for which the expendllure was incurred. l) Allocatlon of support costs Support costs are those functions that assist the WOTk of the trust bul do not dlreclly undertake charitable aclivilies. Support costs include back office costs. finance, personnel, payroll and governance costs which support the trusts programmes and aclivilies. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The costs associated with the investments have been allocated to the cost of Taising funds and the personnel costs have been allocated lo expenditure on charitable activities as these are considered most appropriate by the Iruslees. jl Operating leasos Rental charges are charged on a straight line basis over Ihe lemi of the lease. kl Llsted investments Investments are a fom of basic financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as 81 the balance sheet dale using the closing quoted market price. Any change in fair value will be recognlsed in the slalemenl of financial aclivilies. 11 Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. m) Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. n) Credltors and provlslons Creditors and provisions are recognised where the trust has 8 present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to sellle the obligation can be measured or eslimaled reliably. Creditors and provisions are nomially recognised al their settlement amount after allowing for any trade discounts due. o) Flnanclal Instruments The trust only has finar*cial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Baslc financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl value with Ihe exception of bank loans which are subsequently measured al amortised cost using the effective interest method. Page 10
The Estelle Trust Notes to the financial statements For the year ended 31 March 2024 2 Detailod comparatlves for the statement of flnanclal activitios 2023 Unreslricled 2023 Reslricled 2023 Total Income from: Donations and legacies Investment income 64.514 64,514 Total Income 64,514 Expenditure on: Raising funds Charitable aclivilies.. Charitable donations Admin costs Salary cosls 13,324 13.324 180,447 2.323 38,138 180,447 2,323 38,138 Total expendlture 234,232 234 232 Net Income l expondlture before galns I (losses) on investments 1169,718) (169,7181 Nel gain5 1 {lossesl on inveslmenls {68,962) (68,9621 Not Income l expenditure {238,6801 {238,680} Transfers beeen funds Net income l (expendlture} bgfore other rocognlsed galns and losses 238,6801 238.6801 Other gains I Ilossesl Net movement in funds 1238,680) {238,680) Total funds brought foard 2.126,331 2,126,331 Total funds carried forward 1,887 651 1,887.6S1 3 Income from donatlons and lggacies 2024 Total 2023 Total Unreslricled Reslricled Gifts & donations Legacies 578 578 578 578 4 Income from investments 2024 Total 2023 Total Unrestricted Resllicled Interest Dividends from listed investments Dividends from unlisted investments 30.577 50,828 30,577 50.828 29,145 29,103 6,266 81,405 64,514 Page11
The Estelle Trust Notes to the financlal ststements For the year endèd 31 March 2024 S Ahaly81s of oxpèThdllure Charitable actnrilies Cost of raltslnu fvnd8 charits8 donation5 Admln ¢0818 SBIBry C051S Supporf GoverThance co$18 costs 2024 Total 2023 Total Inve8lmenl manaoemenl fees Univeisityforcrealive Arts RosswAyrdg- Riding for the Dlsabled Assoclaiion Cheiienham Cdleoe Charilablts Twsl Queen5 College C8m)rfdge The Brfdge Foundalion MedocSns Sans Frontiere5 The Hepworth Wakefidd AlvarA811o FoundalK)n k48ggle Ke$¢ Jencks Helen ond Douolas House B8na Tondizo Found3ll¢n Egga¢$ School 16,122 18,122 11n36 4,000 1,000 50.000 5.000 S.O(M) 3,500 3.(K)Q 5,680 5,000 90.979 5,000 5,OaO 5,000 6,000 2,000 2,500 2.500 5,000 8.000 2,000 2.500 2,SOO 5,000 3.66? 5,000 2,000 10.000 535 Chelsea &WesknlnsterCharity Paule Vezelay SamailiaDs Cri51$ The Garden Mtsseum Nauonal Galleries S¢oiiaDd Walter Le&$ Foundabon Hospice UK Helen Clapcoll 3,663 5.O)O 2,000 io,ooo 935 PalPBnl Hous8 Gallery 3 Pe8k$ DEC. UkraSne Appeal DEC- Tutkish I Syri8n Earthquake Rudolph Ihlee Subsidy Historic Buildlngs & Monumenl Convnlsslon Bank charge5 and inleresi Exchange g4lnl110591 Trovel and $ub$i$ience Consull8ncyfe8S Jusl Ong fees Squarespa Web$lle c05t5 Salary wsl$ 110.ocp 10.OOD 104 217 4n 217 9.152 233 253 35.850 16,122 49.6gB 614 66.J)4 234.232 Support Costs Goveman¢e cosls Total oxwndsiure 2024 16.122 49,B98 614 66,334 234.232 T¢Jlal expendllure 2023 13,324 180.447 2,323 38.128 234.232 otlhe tolal èxpendsiure. £66.334 was unieslrfcled12023.' £234,232) and £Nilwas roslri¢ted (2023.. £NIII. Page 12
The Estelle Trust Notes to the financlal statements For the year ended 31 March 2024 Analysls of staff costs, trusteg r•muneratlon and expensos, and the cost of kay management pérsonnel Staff costs were as follows.. 2024 2023 Salaries and wages Sodal security cosls 35,850 35,850 The follong number of employees received employee benefits (excluding employer pension) during the year belween: 2024 No. 2023 No. £60.000- £69,999 £70,000- £79,999 £80,000- £89,999 £90,000- £99,999 The lolal employee beneflls including pension contrlbullons of the key managemenl personnel were £NII {2023.' £Nill. The Iruslees of the Irusl were not pald nor recelved any other benefits from employment with the Itust in the year12023'. £Nill nellher were they reimbuTsed expenses duTing the year {2023'. ENil}. Only one Iruslee. Wll Ham reIved payment for professional or olher services supplied to the Irust of £NII12023.' £9,152}. Stsff numbèrs The average number of employees {head UnI based on number of staff employed) during the year was as follows= 2024 No. 2023 No. Raising funds Trading Charitable aclivities Support Govemance Taxatlon The charitable trust is exempl from corporation lax as all ils income Is charitable and Is applied for charllable purposes. Investments 2024 2023 Investmonts at fair valu8: Listed inveslmenls Unlisted investments 1.782,495 1.685.497 1782.496 1,685,497 Movem&nt$ on Unllsted Investmonts Market value al the start of the year Additions 81 cost Disposa18 81 markel value Gainsl (Losses) on investment Market value at Ihe end of the year 900,000 1915,731) 15,731 The Iruslees sold Ihe unllsled Inveslfflenl on 05 September 2022. Movements on Llsted Investments Market value al Ihe start of Ihe year Additions al cost Disposals al carrying value Gains I (Losses) on Inveslmenl Markel value al the end of the yeaT 1.685,497 1.225,210 {1,160,7201 32,508 1782 495 1,139.127 1,154.675 1523,6101 (84,694} 1,685,497 Page 13
The Estelle Trust Notes to the financial statements For the year ended 31 March 2024 Debtors 2024 2023 Accrued interest Other deblors- Scolar Fine Art Lbmlted Prepayment 1,721 10,827 272 1,762 2,034 10 Creditors.. amounts falllng du8 wlthln on& year 2024 2023 Taxatlon and social securfty Olhei creditors- Scolar Flne Art Limited 1 l Analysls of net assets btslwegn fundg General nreslricted Deslgnaled Total funds Reslfl¢led Investments Nel current assels 1,782,495 153.313 1,782,495 153,313 Ngt assets at the ond of Ihe ytsar 1,935,808 1,935 808 12 Movements In fund5 Incomlng Oulgolng restsurces & resources & gains losses Transfer belwee funds Al Ihe start of Ihe year Net inveslmenl gains I (losses) At th& ènd of th8 yèar R8strlcted funds: Total rostrlcted funds Unrestrlcted fund$: Designated funds.. Total deslgnated funds Gangral funds 1,887,651 81,983 (66,3341 32,508 1.935,808 Total unrestrlct8d funds 4 887 651 66.334 32,508 1935 808 Penslon fund 1887.651 Total funds Includlng penslon fund 81 983 32.508 1935.808 Page 14
The Estelle Trust Notes to the financial statements For the year ended 31 March 2024 13 Reconclllallon of net income I lexpenditurel to net cash flow from operatlng actlvltlee 2024 2023 Net Income I lexpendlturg) for the reportlng period las per the statement of flnanclal a¢tivltlesl Depre¢ialion Interest and dwidends from inveslmenls (Gains) I losses on investments Loss l (profill on the sale of fixed assets Ilncrease} I decrease in stock Ilncrease) I decrease in debtors Increase I (decrease) in creditors 48,157 1238,680) 181,405) 132,5081 164.514) 68.962 {10,5141 4,972 117,0531 Net cash provlded by I (used in) operatlng actlvltles 246,312 14 Analysls of cash and cash equlvalents Al 01 April 2023 Olhel At 31 March changes 2024 Cash flows Cash al bank and in hand 200,120 (59,3551 140,765 Total cash and cash equlvalents 200 120 59,355 140 765 15 Legal status of the charity The charity was consliluled as 8 charitable trust on 26th November 2003 by way of a charitable trust deed. 18 Related party transactlons Al the year end the trust is owed £10,827 (2023.. £1,762) by ScolaT Fine Art Llmlled, a company under the conlrol of N Farrow, in resped of payments made by the company on behalf of the trust. During Ihe year. the trust received 8 donation of £578 from Bana Tandizo Foudalion {2023'. made a donation lo the Foundalion of £90,979), a charitable incorporated organisalion in which N Farrow and D Wse are also Iruslees. Al the year end, the trust is also owed £Nil12023.. £Nill by 8ana Tandizo Foundation. Page 15