THE ESTELLE TRUST
istered Chari
N. 1101299
FINANCIAL STATEMENTS
for the year ended -
31 March 2025
FISHER PHILLIPS LLP
Chartered Accountants
Summit House
170 Finchley Road
London
NW3 6BP

The Estelle Trust
Legal And Administrative Information
For The Year Ended 31 March 2025
The trustees
N A E Farrow
G R Ornslein
D Wise
R Lynch
K M Farrow
S Davies
l Abed
WHam
P Atkinson
Resigned on 12 February 2025
Appointed on 12 March 2025
Prlnclpal place of bu$lne$s
Claret Hall
Ovinglon Road
Ashen
Sudbury
C010 8LF
Ac¢ountantS
Fisher Phillips LLP
Summit House
170 Finchley Road
London
NW3 6BP
Bankers
EFG Private Bank Limited
12 Hay Hill
London
W1J6DW
Sollcltors
Wilsons
Sleynings House
Fisherton Street
Salisbury, Willshire
SP2 7RJ

The Estelle Trust
For The Year Ended 31 March 2025
Contents
Pages
Trustees, Report
14
Independent Examiner's Report
Slatemenl of financial activities
Balance sheet
Statement of cash flows
Notes to the accounts
9-15

The Estelle Trust
Charity Number: 1101299
Trustees Report
For The Year Ended 31 March 2025
The Iruslees present Iheir report together with the financial statements of the trust for the year ended 31 March
2025. The trustees have adopted the provisions of the Stalemenl of Recommended Praclice (SORP) 'Accounting
and Reporting by Charities" (FRS 102) in preparing the annu81 report and financial statements of the Charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to
the accounts and comply with the charity's governing document, the Charilies Acl 2011 and Accounting and
Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
Legal and administrative infonnation
The trustees
N A E Farrow (Chief Executive Officer)
G R Ornstein
D Wise
R Lynch
K M Farrow
S Davies
l Abed
W Ham - Resigned on 12 February 2025
P Atkinson- Appointed on 12 March 2025
Principal place of business
Claret Hall
Ovington Road
Ashen
Sudbury
C010 8LF
Accountants
Fisher Phillips LLP
Summit House
170 Finchley Road
London
NW3 6BP
Bankers
EFG Private Bank Limited
12 Hay Hill
London
W1J 6DW
SolicStors
Wilsons
Sleynings House
Fisherton Street
Salisbury, Willshire
SP2 7RJ
Trustees
The Iruslees named above have Se￿ed as detailed. Appoinlment of trustees is governed by the trust deed. The
Board of Trustees is authorised to appoint new trustees lo fill vacancies arising Ihrough resignation or death of an
existing trustee.
The trusts limited scale of operations means that there is no formal organisalional structure. Training is and will
continue lo be provided as and when trustees are inducted.
Page I

The Estelle Trust
Charity Number: 1101299
Trustees Report (continued)
For The Year Ended 31 March 2025
Investment Powers
The Irust deed aulhorises Ihe truslees to make and hold investments using the general funds of the trust.
Constitutlon, objects and policies
The trust was consliluled as a charitable trust on 26th November 2003 by way of a charitable trust deed. The
objects of the trust are to promole any lawful charitable purpose at the discretion of the trustees. The trustees
must use the income and may use the capital of the trust in promoting the objects.
Objects and activities
Following ihe end of the Estelle Trust's 15 years of direct funding and managing of community schools, projects
in Zambia via ils local charity, the Bana Tandizo Foundation, 2024 was the first year of the ownership and
management of the Chishawasha Children's Home and School by the Zambia Fransalian Sociely. During the
period of this report, two of the Eslelle Trust's legacy projects for Chishawasha were completed.. the Bana
Tandizo School Hall and the Art and Design Lab. The school is thriving with increased numbers of students. The
Estelle Trust is now in Ihe second year of a five-year commitment to financially support the education of 25
orphans and vulnerable children al the school.
As recorded in the 2023-2024 Trustees, Report, the Estelle Trust has broadened its programme of partnerships
with public arts and education institutions lo assist in Ihe development and implemenlalion of their publishing,
exhibition, and research programmes. This conlribulion helps to offset the specific loss of income during and
since the Covid pandemic and the general and substantial reduction in the national and local government funding
of museums, galleries and institutions of research and education. To implement its support of the exhibition and
publishing programmes of museums and galleries. the Estelle Trust has made a three-year 2025-2027
substantial funding commitment lo the Lund Humphries Foundation for the Visual Arts, a charitable incorporated
organisation (CIO) that was created al the start of 2025. National and regional museums and galleiies that have
benefitled from such support in 2024-2025 include the Hepworth Wakefield.
The Estelle Trusl also makes donations lo institutions of higher education in particular helping lo fund research
and publishing projects in the humanities. During 2024-25, work has continued on the research required to
produce an up-to-dale catalogue of the illuminated manuscripts and early modern books held al the Library of
Queens, College Cambridge. The catalogue and a history of the library - the oldest in the Universily will be
published in 2026.
Rlsk Management
The trustees are satisfied that the trust does nol face any significant risks apart from the risks usually associated
with investment. To mitigate this risk the trustees regularly review investment portfolio performance and ensure
that the investment portfolio is well diversified.
Future developments
The trustees will select suitable charities to which donations will be made.
Reserves policy
11 is the policy of the Iruslees lo build up and mainlain unreslricled reseNes to a level which will allow the trust to
meet ils objects and cover all expenditure, including managemenl and administration costs, out of the income
generaled by investments. whilst at the same lime maintaining the value of the investments at the level when the
trust was created, allowing for relail price index increases.
Page 2

The Estelle Trust
Charity Number: 1101299
Trustees Report (continued)
For The Year Ended 31 March 2025
Flnancial revlew
The trustees are satisfied with Ihe financial performance of the trust in Ihis year. The trust made donations of
£68,000 {2024: £49,586> in Ihe year and the nel surplus for the year before other recognised gains and losses of
£5,289 (2024.. £15,649) is in line with the expectations of the trustees. The net increase in funds for the year was
£41,717 (2024.. £48,157) afler gains on investments of £36,428 (2024.. £32,508).
Al the year end, the trust had net assets of £1,977,525 (2024.. £1,935.808}.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public
benefit when reviewing the aims and objectives and in planning future aclivities. The trustees believe the objects
and activities detailed above have furthered the trust's purposes for the public benefit.
Statement of trustees. responsibilities
The trustees are responsible for preparing the Trustees. Annual Report and financial slatements in accordance
wilh the applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
The law applicable lo charities in England and Wales requires the trustees to prepare financial statements for
each financial period which give a true and 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 lo..
(a} select suitable accounting policies and apply them consislenlly;
(b) observe the methods and principles of the Charities SORP (FRS 102).,
(b) make judgments and eslimales that are reasonable and prudent.,
(c) slate whelher applicable accounting standards and statements of recommended practice have been followed,
subject to any departures disclosed and explained in the financial statements.,
(dl prepare the financial statements on 8 going concern basis unless il is in8ppropriale to presume that the Irust
will continue in operation.
The Iruslees are responsible for keeping accounting records which disclose with reasonable accuracy al any lime
the financial position of the Irusl and enable Ihem to ensure that the financial statements comply with the
Charilies Act 2011, the Charity (Accounts and Reports} regulations and the provisions of Ihe Irusl deed. They are
also responsible for safeguarding the assels of Ihe trust and hence for laking reasonable steps for the prevention
and detection of fr8ud and other irregularilies.
Page 3

The Estelle Trust
Charity Number: 1101299
Trustees Report (continued)
For The Year Ended 31 March 2025
Approval
This report was approved by the trustees on 15 January 2026 and signed on their behalf.
N A E Farrow Trustee
G R Ornstein Trustee
D Wise Trustee
R Lynch Trustee
K M Farrow Trustee
S Davies Trustee
l Abed Trustee
P Atkinson Trustee
Page 4

The Estelle Trust
Independent Examiner's Report To The Trustees Of The Estelle Trust
For the year ended 31 March 2025
The trustees present their report together with the financi81 statements of the trust for the year ended 31 March 2025. The financial
slalements have been prepared in accordance with the accounting policies sel out on page 6 and comply with the trust deed and
applicable law.
Respective responslbllltles of trustees and examlner
The trustees of the trust are responsible for the preparation of the accounts. The trustees consider that an audit Is not requlred this year
under section 144121 of the Charities Act 2011 (the 2011 Acll and that an independent examinatlon is needed.
Having satisfied myself that the trust is not subject lo audit and is eligible for independent examination, il is my responsibility lo:
examine the accounts under section 145 of the 2011 Acl-,
follow the procedures laid down in the General Directions given by the Charity Commission under section 145{Sllbl of the
2011 Act., and
slate whether particular mallers have come lo my attention.
Basls of Independent examlnerfs report
My examination was ¢arried out in accordance with the General Dlreclions given by the Charity Commission. An examination includes a
review of the accounting records kept by the trust and a comparison of the accounts presented with those records. 11 also includes
consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trLtslees Con￿rning any such
mallers. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently, no opinion is
given as lo whether the accounts present a 'true and fair vievl, and the report is limited lo those matters sel out in the slalement below.
Independent Examlner's Statement
In connection with my examination, no maller has come lo my allenlion:
which gives me reasonable cause lo believe that in any material respect the requirements:
lo keep accounting records in accordan￿ with section 130 of Itie 2011 Act- and
to prepare accounts which accord with the accounting records and Comply with the accounting requirements of the 2011
Act and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by
Charities have not been mel., or
21
to which, In my oplnion, attention should be drawn in order lo enable a proper understanding of the accounts to be
reached.
C Harvey FCCA, CTA
Fisher Phillips LLP
Chartered Accountants
Summit House
170 Finchley Road
London NW3 6BP
Dale.. 15 January 2026
Page 5

The Estelle Trust
Statement of financial activities
(incorporating an income and expenditure account)
For the year ended 31 March 2025
2025
Total
2024
Total
Unrestrlcted Restricted
Note
Income from:
Donations and legacies
Investment income
50
92.488
50
92,488
578
81,405
Total Income
92,538
81,983
Expendlture on..
Raising funds
Charitable activities:
Charitable donations
Admin ¢osls
Salary ¢o$l$
Other
18.117
18,117
16.122
68.000
1.132
68,000
1,132
49.598
614
Total expendlture
87,249
87,249
66,334
Net income l (expenditure) before net galn$ I
(losses) on Investments
6,289
6,289
15,649
Nel gains I (losses) on investments
36,428
36,428
32,508
Net income l (expenditure) for the year
41,717
41,717
48,157
Transfers between funds
Net Income l (expendlture) before other
recognlsed galns and losses
41,717
41,717
48.157
Other gains l {lossesl
Net movement in funds
41,717
41,717
48.157
Re¢onclllatlon of funds:
Total funds brought forward
1.935.808
1,935,808
1.887.651
Total funds Carrled forward
11
1,977,625
1,977,525
1.935.808
Al of the above iesulls are derfved from conlinuing aclivilies.
There were no other recognlsed galns or losses other than those slated above.
The attached notes fom part of these financial slalements.
Page 6

The Estelle Trust
Balance sheet
As at 31 March 2025
2025
2025
2024
2024
Note
Flxed assets:
Inveslmenls
1,818,446
1.818,446
1,782,495
1,782,495
Current assets:
Debtor$
Cash al bank and in hand
11,616
147,463
159,079
12,548
140,765
153,313
14
Liabilities:
Creditors- amounts falling due within one year
10
Net current assets l {Ilabllltlesl
159,079
153.313
Total net assets l {Ilabllltlesl
1,977,525
1,935,808
Funds
Restricted funds
Unrestricted funds-
Revaluation reserve
General funds
Total unreslricled fund5
12
11
1,977,525
1.935,808
1,977,525
1,935,808
Total funds
1,977,525
1,935,808
Approved by the trustees on 15 January 2026
and signed on their behalf by..
G Ornsteln
Treasurer
N Farrow
Chalrperson
Charity number: 1101299
The allached notes form part of the financial statement5.
Page 7

The Estelle Trust
Statement of cash flows
For the year ended 31 March 2025
Note
2025
2025
2024
2024
Net ¢ash provlded by l (used Inl operatlng activities 13
186,267)
{76.270)
Cash flows from Investing activltle$:
Inlere$UrenVdividends from investments
Proceeds from sale of fixed assets
Purchase of fixed assets
Proceeds from sale of inveslmenls
Purchase of investments
92,488
81.405
1,064.454
{1,063.9771
1,160.720
11.225,2101
Cash provlded by I (used In} Inve$tlng actlvlties
92,965
16,915
Change in cash and ¢ash equlvalents in the year
6,698
159,355}
Cash and cash equivalenl$ at the beginning of the year
140,765
200,120
Cash and cash equlvalents at the end of the year
14
147,463
140.765
Page 8

The Estelle Trust
Notes to the financial statements
For the year ended 31 March 2025
1 Accountlng policies
a) 8a$i$ of preparation
The financial statements have been prepared in a¢¢ordance with Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard
applicable in the UK and Republi¢ of Ireland IFRS 102} issued in October 2019. Ihe Financial Reporting Standard applicable in
the United Kingdom and Republic of Ireland IFRS 102}, the Charities Act 2011. and UK Generally Accepted Accounting
Practi￿.
The trust meets the definition of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised al histori081
cost or transaction vallse unless olherwise slated in the relevant accounting policy or note.
bl General informatlon
The Charity is a charitable trust, incorporated in England and Wales I charity number.. 1101299}. The trust's registered offi
address is.. Claret Hall, Ovinglon Road, Ashen. Sudbury, C010 8LF.
cl Golng concern
The trustees consider that there are no material uncertainties about the Ir(Jst's ability to continue as a going concern. The
trLsslees do not consider that there are any sources of estimation un￿rtaintY at the reporting dale that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities wilhin the next reporting period.
d) Income
Income is recognised when the trust has enlillement to the funds. any performan￿ ¢onditions 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 Irust has
enlillement to the funds, any performance conditions attached lo the grants have been met, il is probable that the income will be
re￿iVed and the amount can be measured reliably and is not deferred. Income received in advance for the provision of
specified service is deferred until the criteria for income recognition are met.
For legacies, entitlement is taken as the earlier of the dale on which either.. the trust is aware that probate has been granted, the
eslale has been finalised and notification has been made by the execulorlsl to the trust that a distribution will be made, or when
a distribution is received 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 to make a distribution. Where legacies have
been notified lo the trust, or the trust is aware of the granting of probale, and the criteria for income recognition have not been
mel, then the legacy is a treated as a contingent asset and disclosed if material.
e) Donatlons of glfts, services and facllltles
Donated professional services and donated facilities are recognised as income when the trust has control over the item or
re￿iVed the seTvice, any conditions associated with the donation have been mel, Ihe re￿Ipl of economic benefit from the use
by the trust of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP
{FRS 1021, volunteer time is not recognised so refer to the trustees, annual report for more information about their Conlribulion.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of Ihe value of the gift lo the
trust which is the amount the charity would have been willing lo pay lo obtain services or facilities of equivalent economic
benefit on the open market., a corresponding amount is then recognised in expendilure in the period of receipt.
D Interest recelvable
Interest on funds held on deposit is in¢luded when re￿IV8b1e and the amount can be measured reliably by the trust., this is
normally upon nolifi¢alion of the interest paid or payable by the bank.
g) Fund accountlng
Unrestricted funds are available to spend on activities that further any of the purposes of Irusl. Designated funds are
unrestricted funds of the trust which the trustees have decided al their discretion 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 work or for
specific projects being undertaken by the trust.
Page 9

The Estelle Trust
Notes to the financial statements
For the year ended 31 March 2025
1 Accounting policles Icont.)
h) Expendlture and irrecoverable VAT
Expenditure is recognised once there is a le9al or conslfuclive obligation to make a payment to a third party, it is probable that
selllement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the
following activity headings..
Costs of raising funds comprise of trading costs and the costs incurred by the charitable trust in inducing third parties lo
make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Expenditure on charitable a¢livities includes the costs of delivering servI￿s. 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 againsl the activity for which the expenditure was incurred.
11 Allocation of support costs
Support costs are those functions that as51sI the work of the trust but do not direclly undertake charitable activities. Support
costs include back office costs, finance, personnel, payroll and governance costs which support the trusts programmes and
activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The costs
ass0¢ialed with the investments have been allocated to the cost of raising funds and the personnel costs have been allocated to
expendilure on charitable activities as these are considered most appropriate by the trustees.
l) Operating leases
Rental Charges are charged on a straight line basis over the term of the lease.
k) Llsted Investments
Investments are a form of basic financial instrument and are initially recognised al their Iransaclion value and subsequently
measured at their fair value as at the balance sheet dale using the closing quoted market price. Any change in fair value will be
recognised in the statement of financial activities.
11 Debtors
Trade and other debtors are recognised al the selllemenl amount due after any trade discount offered. Prepayments are valued
at the amount prepaid net of any trade discounts due.
ml Cash at bank and In hand
Cash at bank and cash in hand includes cash and short term highly liquid investments wilh a short maturity of three months or
less from the dale of acquisition or opening of the deposit or Similar account.
n) Creditors and provlglons
Creditors and provisions are recognised where the trust has a present obligation resulting from a past evenl that will probably
sult in the transfer of funds to a Ihird party and the amount due lo settle the obligation Can be measured or estimated reliably.
Creditors and provisions are normally recognised al their selllement amount after allowing for any trade discounts due.
o} Financial Instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial
instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception
of bank loans which are subsequently measured al amortised cost using Ihe effective inleresl method.
Page 10

The Estelle Trust
Notes to the financial statements
For the year ended 31 March 2025
2 Detailed Comparatives for the statement of flnancial a¢tivltleg
2024
Unreslricled
2024
Restricted
2024
Total
Income from..
Donations and legacies
Investment income
578
81.405
578
81,405
Total Income
81,983
81,983
Expendlture on:
Raising fL5nds
Charitable activities..
Charilable donations
Admin costs
Salary costs
16,122
16,122
49,598
614
49.698
614
Total expendlture
66,334
66,334
Net Income l expendlture before galns I
Ilossesl on Investments
15,649
15,649
Net gains I (losses) on investments
32.508
32,608
Net Income l expendlture
48.157
48,157
Transfers between funds
Net income l {expenditurel before other
recognlsed gains and losses
48,157
48,157
Other gains I Ilosses)
Net movement in funds
48,157
48,157
Total funds brought forward
1.887,651
1,887,651
Total funds carried forward
1,935,808
1,935,808
3 Income from donations and legacleg
2025
Total
2024
Total
Unreslricted
Restricted
Gifts & donations
Legacies
50
60
578
50
50
578
4 Income from inve$tments
2026
Total
2024
Total
Unrestricted
Restricted
Interest
Dividends from listed investments
Dividends from unlisted investments
30,360
62,128
30,360
62,128
30,577
50.828
92,488
92.488
81,405
Page11

The Estelle Trust
Notss to the financial ststements
For the year Qnded 31 March 202S
S Analys18 of expondltslla
Ch8rilaiAe 8clDihies
Ccsl of
ralsing funds
Charitable
donallons
Admin
cos15
Support Governance
costs
costs
Salary cosls
2026 Totsl 2024 Toiol
Inv8s1m8nt managemonl fees
siréetscapes
Welltrsley ColEege
Queens Collage Developmènt Fund
The Bridge Foundalion
MedeGins Sans Fronlieres
The Hepworth Wakefiekl
Chesham Muslcal The81re Company
Maggie Ke$w￿k Jencks
Zambi8 FiansÈlian Society
The Urology Foundallon
Shemer
Chelsea & Weslminsler Chaiity
P8ule Vezday
Samarilans
Crisls
The Gafden Museum
81ion81 Galleries S¢olland
WaNer Lees Foundgtion
Hosyce UK
Htrlen Clapcott
8ri11ianl Destiny
Pallant House Gallery
3 Pèaks
DEC- Ukralne Appeal
DEC- Turkish I Syrian Earthquake
Rudolph Ihl88 Subsidy
Hi51oriG Buildlngs & Monumenl Gommlssion
Bank chafg8s and intere51
Exchange gÈlnl Ilossl
Travel and subsislence
Consumancy feès
Legal & profèssbnal fee5
Just giving lees
Squaresp4ce
Website cos15
Sa18ry cosls
18.117
18,117
6,000
3,000
35.000
16,122
5.000
3.000
35.000
4,000
500
4.000
600
5,000
16,500
1,000
3.000
16.500
1,000
3,000
s.000
6.000
2.000
2,500
2,500
5,000
3,663
5,000
2,000
10.000
935
178
230
178
230
164
217
500
500
224
224
233
18,117
68,QOO
1,132
67,249
66.334
Support cosls
Governance cos1$
Totsl expendlture 2026
18.117
68,000
1,132
87,249
66,334
Tolol Èxp&ndilure 2024
16,122
49.598
614
66,334
Of Ihtr total expendrfure. £87.249 was uDr£$lricled12024.. £66.3341 and £Nil was re51ricted 12024.. EN￿1.
Page 12

The Estelle Trust
Notes to the financial statements
For the year ended 31 March 2025
Analysis of staff costs, trustee r9muneratlon and expenses. and the coyt of key management personngl
Staff costs were as follows..
2025
2024
Salaries and wages
Soclal security costs
The following number of employees received employee benefits lexcluding employer pension) during the year between..
2025
No.
2024
No.
£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000- £99,999
The lolal employee benefits including pension contributions of the key management personnel wore £Nil 12024.. £Nill.
The trustees of the trust were not paid nor received any other benefits from employment with the trust in the year12024.. £Nill neither
were they relmbursed expenses during the year {2024.. £NIII.
Taxatlon
The charitable trust is exempl from corporation lax as all ils income is charitable and is applied for charitable purposes.
Investments
2025
2024
Investments at falr value:
Listed investments
Unlisted investments
1,818,446
1,782,495
1.818.446
1.782,495
Movements on Listed Investments
Market value at the start of the year
Additions al cost
Disposals al carrying value
Gains I (Losses) on investment
Market value al the end of the year
1.782,495
1,685,497
1,063,977
1,225,210
(1,064,454) {1.160.720)
36,428
32,508
1,818.446
1,782,495
D&btors
2025
2024
Accrued interest
Other debtors - Scolar Fine Art Limlled
Prepayment
1,013
10,603
1,721
10,827
11,616
12,548
10 Credltors.. amounts falllng due wlthln one year
2025
2024
Taxation and social security
Other credilots - Scolar Fine Art Limited
Page 13

The Estelle Trust
Notes to the financial statements
For the year ended 31 March 2025
11 Analysls of net assets between funds
General
unrestricted Designated
Total
funds
Restricted
Investments
Nel current assets
1,818,446
159,079
1.818,446
159,079
Net assets at the end of the year
1,977,525
1,977,625
12 Movements In funds
Incoming
Outgoing
resources & resources &
gains
losses
Transfer
between
funds
Al the start
of the year
Nel investment
gains I Ilossesl
At the end
of the year
Restrlcted funds..
Total restricted funds
Unrestrlcted funds:
Designated funds-
Total designated funds
General funds
1,935,808
92,538
187,249)
36,428
1,977,525
Total unrestrlcled fundy
1,935,808
92.S38
87,249
36,428
1,977,525
Penslon fund
Totsl funds Includlng penslon fund
1.935.808
87,249
36.428
1,977,525
Page 14

The Estelle Trust
Notes to the financial statements
For the year ended 31 March 2025
13 Reconciliation of net Income Ilgxpenditurel to ngt Cash flow from operatlng activities
2025
2024
Net income I lexpenditurel for the rpportlng period
las per the ststement of financial actlvities)
Depreciation
Interest and dividends from investments
(Gains) I losses on investments
Loss I Iprofitl on the sale of fixed assets
(Increase) I decrease in stock
Ilncrease) I decrease in debtors
Increase I Idecreasel in creditors
41,717
48,157
(92,488)
136,428)
{81,4051
132,5081
932
110,5141
Net cash provided by l {used inl operating activities
86,267
76,270
14 Analysis ofcash and cash equivalents
At 01 April
2024
Other At 31 March
changes 2025
Cash flows
Cash at bank and in hand
140.765
6.698
147,463
Total cash and cash equivalgnts
140.765
6,698
147,463
15 Legal status of the charity
The charity was conslituled a5 a charitable trust on 26th November 2003 by way of a charitable trust deed.
16 Relatgd party transactions
Al the year end the trust is owed £10.603 {2024'. £10,827) by Scolar Fine Art Limited, a company under the control of N Farrow, in
respect of payments made by the trust on behalf of the company.
Page 15