2025-04-05-accounts - Esterson Trust

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THE ESTERSON TRUST

UNAUDITED FINANCIAL STATEMENTS

- for the year ended -

5 APRIL 2025

Scottish Charity No: SC002824

Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ

THE ESTERSON TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Contents	Page
General Information	1
Trustees Annual Report	2
Independent Examiner’s Report	4
Receipts and Payments Account	5
Statement of Balances	6
Notes to the Financial Statements	7

THE ESTERSON TRUST

GENERAL INFORMATION YEAR ENDED 5 APRIL 2025

Scottish Charity No: Tax Reference: Trustees: Address: Independent Examiner: Bankers: Investment Advisers:

SC002824 CR43587 Penthouse 1 Sandringham Court Newton Mearns Glasgow G77 5DT Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ Royal Bank of Scotland plc 10 Gordon Street Glasgow G1 3PL Evelyn Partners 45 Gresham Street London EC2V 7BG

THE ESTERSON TRUST

TRUSTEES ANNUAL REPORT YEAR ENDED 5 APRIL 2025

The Trustees present their report and the unaudited financial statements for the year ended 5 April 2025.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of General Information on page 1 of the financial statements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trust Deed

The Esterson Trust’s Deed of Trust was registered on 31 October 1985.

New Trustees are nominated and seconded by existing Trustees based on their knowledge of the nominee and the skills and experience they will bring to the Trust. Once appointed, new Trustees receive relevant induction and training as required.

The Trustees who served during the year were as follows:

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The Trustees did not receive any remuneration or expenses during the year (2024: £nil).

OBJECTIVES AND ACTIVITIES

Principal activities

Capital and income of the Trust may be applied for charitable purposes of an educational, medical or geriatric character and to charities supported by the late Miss Amy Esterson.

THE ESTERSON TRUST

TRUSTEES ANNUAL REPORT

YEAR ENDED 5 APRIL 2025 (continued)

ACHIEVEMENTS AND PERFORMANCE

Review of the activities of the Trust

During the year, the Trust made donations totalling £14,600 (2024: £22,250) in supporting various charities and projects. The Trustees are confident that a similar level of support will be achievable in future years.

FINANCIAL REVIEW

During the year, the Trust's income has exceeded expenditure by £231 (2024: £6,838) and there have been various changes to the investment portfolio. Investment performance in the year moved in line with market conditions.

Reserves Policy

The Trustees consider that the level of free reserves at 5 April 2025 is £4,539 (2024: £6,140). It is the policy of the Trustees to tailor the Trust’s reserves to provide income to meet its annual grant commitments. The Trustees regularly review the investment portfolio and bank deposits.

Grant-making policy

The Trustees will consider applications for grants from charitable organisations whose work qualifies within the Trust’s purposes as detailed above.

Future Plans

The Trustees plan to distribute a similar level of grants to a similar number and type of organisations in future years.

Signed on behalf of the Trustees

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THE ESTERSON TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ESTERSON TRUST

I report on the accounts of the Trust for the year ended 5 April 2025 which are set out on pages 5 to 8.

Respective responsibilities of Trustees and Examiner

The Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 as amended. The Trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of Independent Examiner’s statement

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent Examiner’s statement

In the course of my examination, no matter has come to my attention

which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations

have not been met, or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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Independent Examiner Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ

Date: 22 July 2025

THE ESTERSON TRUST

RECEIPTS AND PAYMENTS ACCOUNT FOR YEAR ENDED 5 APRIL 2025

Note Receipts Bank interest Income from quoted investments 3 Net Investment disposals Property income Total receipts Payments Donations 4 Net Investment purchases Investment management fees Independent examination fee Total payments ( Surplus for year	2025 2024 £ £ 264 120 8,507 12,830 - 1,534 16,864 19,127 __ 25,635 33,611 14,600 22,250 5,648 - 4,226 3,353 930 1,170 25,404) (26,773) 231 6,838

The notes on page 7 and 8 form an integral part of these financial statements.

THE ESTERSON TRUST

STATEMENT OF BALANCES AS AT 5 APRIL 2025

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2025 2024
Note £ £ £ £
Fixed Assets 5 235,265 235,265
Quoted Investments 3 678,136 708,222
Cash in Bank
At 6 April 2024 25,444 18,606
Surplus for year 231 6,838
At 5 April 2025 25,675 25,444
Total Funds 939,076 968,931
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All funds are unrestricted

Approved by the Trustees on 22 July 2025

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The notes on page 7 and 8 form an integral part of these financial statements.

THE ESTERSON TRUST

NOTES TO ACCOUNTS FOR YEAR ENDED 5 APRIL 2025

1. Basis of Accounting

These financial statements have been prepared on the Receipts & Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

2. Nature and purpose of funds

Unrestricted funds are those that may be used at the discretion of the Trustees in furtherance of the objects of the charity. The Trustees maintain a single unrestricted fund for the day-to-day running of the Trust.

Restricted funds may only be used for specific purposes. Restrictions apply when specified by the donor or when funds are used for specific purposes. Further information is provided in note 4.

3. Quoted Investments

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3. Quoted Investments Market
Cost Value Income
£ £ £
Total Quoted Investments 463,480 678,136 8,507
4. Donations 2025 2024
£ £
Beit Halochem 1,000 1,000
British Friends of Hebrew University 2,000 1,000
-
Community Security Trust 1,000
-
Cosgrove Care 1,000
Jewish Student Chaplaincy Scotland 1,000 -
Garnethill Hebrew Congregation 750 -
-
Gartnethill Synagogue Preservation Trust 2,500
MDA UK - 5,000
Miscellaneous 850 1,250
Scottish Ballet 500 -
Scottish Jewish Heritage Centre 7,500 7,500
The RCS Trust - 1,000
Western WIZO 1,000 1,000
14,600 22,250
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are Trustees of Garnethill Synagogue Preservation Trust.

THE ESTERSON TRUST

NOTES TO ACCOUNTS FOR YEAR ENDED 5 APRIL 2025

5. Investment Property Cost Depreciation Net Book Value	2025 £ 235,265 - 235,265	2024 £ 235,265 - 235,265

The Trustees are satisfied that the Net Book Value of the property share is an appropriate reflection of its current market value.

6. Trustee Remuneration

No remuneration or expenses have been paid to the Trustees during the year (2024: £nil).

7. Transactions with Trustees and Connected Persons

There were no transactions between the Trust and any Trustee or connected person in this or the previous year other than as noted in Note 4.