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 prepa￿d 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 prO￿dureS 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
Charte￿d 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 be￿een 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 fO￿ard
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 re￿IVed 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 be￿een 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 fo￿ard
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
charits￿8
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$ience
Consull8ncyfe8S
Jusl O￿ng fees
Squarespa
Web$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 follo￿ng 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 re￿Ived 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