## **THE ESTERSON TRUST** ## **UNAUDITED FINANCIAL STATEMENTS** **- for the year ended -** **5 APRIL 2026** ## **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 2026** |**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 2026** |Scottish Charity No:|SC002824| |---|---| |Tax Reference:|CR43587| |Trustees:|J H Dover| ||S B Dover| ||P E Rodney| ||S D Siegel| |Address:|Penthouse 1| ||Sandringham Court| ||Newton Mearns| ||Glasgow| ||G77 5DT| |Independent Examiner:|M Tenby CA FCIE| ||Armstrong Watson LLP| ||Caledonia House| ||89 Seaward Street| ||Glasgow| ||G41 1HJ| |Bankers:|Royal Bank of Scotland plc| ||10 Gordon Street| ||Glasgow| ||G1 3PL| |Investment Advisers:|Evelyn Partners| ||45 Gresham Street| ||London| ||EC2V 7BG| - 1 - ## **THE ESTERSON TRUST** ## **TRUSTEES ANNUAL REPORT YEAR ENDED 5 APRIL 2026** The Trustees present their report and the unaudited financial statements for the year ended 5 April 2026. ## **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:** J H Dover S B Dover P E Rodney S D Siegel The Trustees did not receive any remuneration or expenses during the year (2025: £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. - 2 - ## **THE ESTERSON TRUST** ## **TRUSTEES ANNUAL REPORT** ## **YEAR ENDED 5 APRIL 2026** _**(continued)**_ ## **ACHIEVEMENTS AND PERFORMANCE** ## **Review of the activities of the Trust** During the year, the Trust made donations totalling £2,850 (2025: £14,600) in supporting various charities and projects. This reduction is due to the nature of the income being paid out by the Trust’s property investment but 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 £13,705 (2025: £231) and there have been various changes to the investment portfolio. Donations paid decreased in the year as noted above. 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 2026 is £5,402 (2025: £4,539). 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 S B Dover ## **Date: 29 July 2026** - 3 - ## **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 2026 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 1. 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 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. M Tenby M Tenby CA FCIE Independent Examiner Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ **Date: 29 July 2026** - 4 - ## **THE ESTERSON TRUST** **RECEIPTS AND PAYMENTS ACCOUNT FOR YEAR ENDED 5 APRIL 2026** |**Note**
**Receipts**
Bank interest
Income from quoted investments
**3**
Property income
**Total receipts**

**Payments**
Donations
**4**
Net Investment purchases
Investment management fees
Independent examination fee
**Total payments**

**Surplus for year**|**2026**
2025
**£**
£
**345**
264
**9,489**
8,507
**18,514**
16,864
**____ _**
__ ___
**28,348**
25,635
**2,850**
14,600
**6,397**
5,648
**4,466**
4,226
**930**
930
**(14,643)**
(25,404)
**13,705**
231| |---|---| The notes on page 7 and 8 form an integral part of these financial statements. - 5 - ## **THE ESTERSON TRUST** ## **STATEMENT OF BALANCES AS AT 5 APRIL 2026** **----- Start of picture text -----**
2026 2025
Note £ £ £ £
Fixed Assets 5 235,265 235,265
Quoted Investments 3 808,674 678,136
Cash in Bank
At 6 April 2025 25,675 25,444
Surplus for year 13,705 231
At 5 April 2026 39,380 25,675
Total Funds 1,083,319 939,076
**----- End of picture text -----**
## **All funds are unrestricted** Approved by the Trustees on 29 July 2026 ## S B Dover **S B Dover Trustee** The notes on page 7 and 8 form an integral part of these financial statements. - 6 - ## **THE ESTERSON TRUST** ## **NOTES TO ACCOUNTS FOR YEAR ENDED 5 APRIL 2026** ## **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. ## **3. Quoted Investments** |||| |---|---|---| |**3. Quoted Investments**
Total Quoted Investments
**4.**
**Donations**
Beit Halochem
British Friends of Hebrew University
Jewish Student Chaplaincy Scotland
Garnethill Hebrew Congregation
Miscellaneous
Scottish Ballet
Scottish Jewish Heritage Centre
Western WIZO
|**Cost**
**£**
**470,751**|**Market**
**Value**
**Income**
**£ £**
**808,674**
**9,489**
**2026**
2025
**£**
£
**1,000**
1,000
**-**
2,000
**-**
1,000
**700**
750
**650**
850
**500**
500
**-**
7,500
**-**
1,000
**2,850**
14,600| |||
| S D Siegel is a Trustee of Garnethill Hebrew Congregation and Scottish Jewish Heritage Centre. - 7 - ## **THE ESTERSON TRUST** ## **NOTES TO ACCOUNTS FOR YEAR ENDED 5 APRIL 2026** |**5.**
**Investment Property**
Cost
Depreciation
Net Book Value|**2026**
**£**
**235,265**
**-**
**235,265**|2025
£
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 (2025: £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. - 8 -