Capital Charitable Trust REPORT AND ACCOUNTS For the year ended 5 April 2026 Caledonian Exchangè 19ACanning Street Edinburgh EH3 8HE Scottish Charity No SC004322
Capital Charitable Trust Report and Accounts For the year ended 5 April 2026 Contents Page No Trustees, Report Independent Examiner's Report Statement of Financial Activities Balan Sheet Notes to the Accounts
Capital Charitable Trust Trustees, Report For the year ended 5 April 2026 Introduction The Trustees present their report and the financial statements of the Charity for the year ended 5 April 2026. The financial slalements have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity's Trust Deed, Ihe Charities and Trustee Investmenl (Scollandl Act 2005, the Charities Accounts (Scotland) Regulations 2006 las amended) and Accounting and Reporting by Charities.. Slatement of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS102) effective 1 January 2019. Ob'ectlves Activities and Grant-makin Poli All benefactions are lo be retained as capital and the income is lo be distributed al the Trustees, discretion to charitable institutions or bodies or committees carrying on charitable work in Great Britain or to individuals who, in the opinion of the Trustees, are deserving of financial assistance on the grounds of poverty. The Trustees have uncontrolled disGreliDn lo invest the funds of the Trust. Achievements and Performance During the period of these accounts the Trustees made grants and charitable donations to 6 organisations amounting in total lo £15,000 12025 6 organisations £30,000). Further details are ontained in note 4 to the accounts. Financial Review During the period of these Accounts the Trustees made grants as noted above. The financial position of the Trust is as shown in the accompanying Accounts which show that this year income has exGeeded expendilure by £153 due to donations made in the year (2025-. expenditure exceeded income by £17,892). Investment income for the yearwas £20,83712025- £19,894}. Realised gains on sales of shares were £154 and there were unrealised gains of £114,245 (during the previous year there were realised gains of £297 and unrealised losses of £27,887). There was a surplus on the General Funds of £4,573 (2025 deficit of £9,381) reflecting the level of donations in the year and a surplus of £109,979 (2025 deficit of £36,101} on the Capital (designated) Fund reflecting Ihe investment gains and losses. The total value of Ihe trust funds held as at 5 April 2026 amounted to £830,703 (2025 - £716,151). The Trustees are satisfied that adequate funds were available at the Balance Sheet dale to continue to fulfil the charitable objectives of the Trust. Investment olic and erformance The Trust's investments are included in the designated Capital Fund. The investment objective of the Trustees is to achieve an above average income yield together with growth of income over the long term. To implement that objective, Charles Stanley manage
the investment portfolio on behalf of the Trustees. The value of Ihe portfolio increased from £684,414 to £781,663 as a result of market conditions during the period. Risk Mana ement The principal risk faced by the trust lies in the performance of inveslments. The Trustees consider variability of investment returns on the capital (designated} fund to constitute the charity's major financial risk. This is miligated by retaining expert investment managers and having a diversified investment portfolio. The trustees have directed the investment managers to manage the funds with a balance between income and capital growth and a mediumlhigh risk classification. The Trustees are aware of risks associated with grant-making and give careful consideration to all applications. Reserves Polic The Trustees have chosen to designate the capital funds held by the Trust, being the original capital of the Trust, adjusted annually for income, grants and fees related lo capital and for investment gains and losses, to preserve the income generating capacity of the Trusl., they have power lo apply the capital and Ihe general funds towards the charitable purposes to such an extent as they may from time to time think fit. Income is expended al the Trustees, discretion after reserving sufficient funds to cover one year's support costs. The Trust's reserves at 5 April 2026 were £830,703 (2025-. £716,155). The Trustees are satisfied that this level of reserves is adequate to allow the Trust to continue to meet its objectives on an annual basis. Future Plan5 Tl)e Ti'LlStecs will, ii) fiiliii'e, be iiiaking grant5 111 siipport of otl)er cliarities operating mainly ii) Ediiibiirgh I'atliei. Il)aii to iiidividLials aiid tlieir Inaii) fociis will be cl)ai'ilies piovidiiig Io 8UPPOrt for yoiing pcoplc aiid Il)e vuli)erable eldei'ly. Structure Governance and Mana ement The Trust was established by Deed of Constitution dated 24 November 1955 and is administered by Trustees who have appointed Lindsays LLP as agents. The Trustees have power to appoint up lo four trustees assuming new Trustees when necessary. The Trustees are familiar with the work of the Trust. If there are any areas where additional training is required, this will be discussed at a Trustees, meeting and a solution identified. The day to day management of the Trust was delegaled to Callum Kennedy unlil 31 July 2025 and Lynsey Kerr Ihereafter. Details of Transactions with Related Parties Lindsays Trustees & Executors Limited, as one of the Trustees, is a wholly-owned Iruslee company belonging to Lindsays LLP Solicitors to whom fees are paid for the secretarial and administrative support provided to the Trust. The payment of fees to Lindsays LLP is permitted with Lindsays LLP in regard to those services in compliance with the terms of S.67 of Ihe Charities and Trustees Inveslment {Scotland} Act 2005.
Reference and Administrative Information Scottish Charily Number.. SC004322 Trustees C S Kennedy WS (resigned 31 July 2025) M W Yellowees WS (resigned 31 July 2025) L Kerr WS lappoinled 31 July 20251 C MGCarroll WS (appointed 31 July 2025) N Noble WS (appointed 31 July 2025) Lindsays Trustees & Executors Limited (appointed 31 July 2025) Legal Advisers Lindsays LLP Caledonian Exchange 19A Canning Street Edinburgh EH3 8HE Independent Examiner Julian Cordery FCCA, FCA, CA Gibson McKerrell Burrows Limited 28 Rutland Square Edinburgh EH12BW Investment Managers Charles Stanley 2 Multrees Walk St Andrew Square Edinburgh EH13DQ Statement of Trustees, Res onsibilities The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotlandl Act 2005, Charities Accounts {Scollandl Regulations 2006 {as amended) and the provisions of the charity's constitution requires the Truslees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, including the income and expendilure, of the charity for that period. In preparing those financial statements, the Trustees are required lo Select suitable accounting policies and then apply them consistently.. Observe the methods and principles in the Charity SORP, Make judgements and estimates that are reasonable and prudent., Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., Prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charity and to enable them lo ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Acl 2005, the Charities Accounts (Scollandl Regulations 2006 las amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 2026 and signed on their behalf by.. Lynsey Kerr WS
Capital Charitable Trust Independent Examiner's Report to the Trustees For the year to 5 April 2026 I report on the Accounts of the Charity for Ihe year ended 5 April 2026 which are set out on pages 6t011. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scolland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charily's trustees consider that the audit requirement of Regulation 10(l)la) lo (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 4411){cl of the Act and to state whether particular matters have come to my attention Basis of independent examiner's statement My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as 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 malter has come lo my attention.. (1) which gives me reasonable cause to believe that, in any material respect, the requiremenls.. to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 oflhe 2006 Accounts Regulations, and to prepare accounts which accord with Ihe accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or {2) to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Julian Cordery FCCA, FCA, CA Gibson McKerrell Burrows Limited 28 Rutland Square Edinburgh EH1 2BW /3- 2026
Capital Charitable Trust Statement of Flnanclal Activittes Includlng Income and Expendlture A¢¢ount For the year ended S April 2026 Permanent Endowment Deslgnated Total fund5 2026 2026 General 2026 2026 Notes Income from.. Investment ir)coffle Donalions 20,837 20,837 19,894 2,000 Total Incom 20,837 20,837 21.894 Ex endlture on: Raising funds." investment managernenl lees Charitable Aclivilie5 1,300 3,120 1.300 19,384 5,511 34,275 16,264 Total expendSture 16,264 4,420 20.684 39,786 Net Incomellexpendilurel and not movement In funds befoye galns and losses on investments 4.573 14,4201 153 117,8921 Other reco nlsed aln51 losses Realised gainslllossesl on disposal of investments Unrealised gainslllossesl on investment8 154 114.245 154 114,245 297 127,887 114,399 114,399 127,5901 Net movement In funds 4.573 q09.979 114,552 145,4821 Total funds brought forward 30,670 685,481 716,151 781,633 Total funds carrled foN4ard 35,243 79S,460 830,703 716,151 No trust activities were acquired or discontinued during eilhei of the Iwo years. The Notes on P8ges 8 to 11 form part ol these Fir)ancial Slalernents.
Capital Charitable Trust Balance Sheet As at 5 April 2026 Permanent Endowm8nt Gènoral Designated Total funds 2026 2026 2026 Total funds 2025 Notes Fixed assets Investments 781,663 781,663 684,414 Current assets Deblois - accrued income Cash held in bank Charles Stanley deposit accounts 1,355 46,158 3,990 1.355 41,149 25,916 1,362 25.634 6,901 15,0091 21.926 51.503 16.917 68,420 33.897 Creditors: Amounts fallin due within one Grants Payable Accruals 115,000) {1,260) {15,0001 14.3801 (3,1201 {2,1601 116,260) (3,120) 119,3801 {2,160} Net current assets 35.243 13,797 49,040 31.737 Net assets 35,243 795,460 830.703 716,151 Total Charit Funds Uniestricted funds 35,243 795.460 830,703 716,151 Approved by the Trustees on behalf by Lynsey Kerr WS. g JLLPLL 2026 and signed on their The Notes on Pages 8 to 11 form part of these Financial Statements.
Capital Charitable Trust Notes to the Accounts For year ended 5 April 2026 Princi al AccountTn Policies {a} Basis of preparation and assessment of golng concern The accounts (financial slatemenlsl have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise slated in the relevant note lo these accounts and in accordance with the Statement of Recommended Practice- Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (Second edition October 20191, the Charities and Trustee Investment {Scollandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). The Trust conslilutes a public benefit entity as defined by FRS102. The Trustees consider there are no material uncertainties about the Trust's ability to continue as a going concern. {b) Financial reportlng standard 102- reduced disclosure exemptions The charity has taken advantage of the following disclosure exemptions in preparing these accounts, as permilled by the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021'. the requiiemenls of Section 7 Statement of Cash Flows Icl Funds Structure All of the Charity's funds are unrestricted., the Trustees have chosen lo designate the capital funds of the charity lo more clearly identify the income available for distribution. All of the Charity's funds are available lo be used in furtherance of the charitable objects. Idl Income Recognition All income is recognised once the charity has enlillement lo the income, it 15 probable that the income will be received and the amount of income receivable can be measured Teliably. Interest on funds held on deposit 15 included when receivable and the amount can be measured reliably by the charity., this is norma15y upon nolificalion of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. {e) Expendlture recognition Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation commilling the charity to that expenditure, il is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned lo the applicable expenditure headings. For more information on this allribulion refer lo note lil below. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional giant offer this is accrued once the recipient has been notified of the grant award and the notification gives the recipient a reasonable expectation that they will receive a grant. Grants awards that are subject lo the recipient fulfilling conditions are only accrued when the iecipienl has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated lo the recipient bul there is uncertainty as lo the liming of the grant or the amount of grant payable. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Igl Costs of generating funds The costs ol generating funds consist of investment management costs as shown in note 4. (h} Charitable activitles Costs ol charitable activities include grants made, support and governance costs as shown in note 5. Support and governance costs Support costs have been allocated beeen charitable activities and costs of generating funds. Governance costs comprise all costs involving the public accounlabilily of the charity and ils compliance with regulation and good practice. These costs include costs related lo independent examination and an apportionment of oveihead and support costs. Governance costs and support costs relating lo charitable a¢livilies have been apportioned beeen funds based on an estimate by the Trustees. The allocation of support and governance costs is analysed in note 6. o) Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequenlly measured al their fair value as al the balance sheet dale using the closing quoted market price. The slalemenl of financial activities includes the nel gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire PLJt options. derivatives or other complex financial inslrumenls. The main form of financial risk faced by the charity is that of volalilily in equity markets and investment markets due lo wider economic conditions, the altitude of investors lo inveslrllenl iisk. and changes in sentiment concerning equities and within particular sectors or sub sectors. Ikl Realised gains and losses All gains and losses are taken lo the Statement of Financial Activities as they arise. Realised gains and 105ses on investments are calculated as the difference between sales proceeds and their opening carrying value or their puichase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference beiween the fair value at the year end and their carrying value. Cash and Cash equlvalents Cash and cash equivalents are represented by cash in hand, deposits held al call with financial inslilutions, and other shorl-term highly liquid investments that mature in no more than three months from the dale of acquisition and that are readily convertible lo known amounts of cash with insignilicanl risk of change in value.
Trustees and Em ees The Trust has no employees and none ol the Trustees received any remuneration, nor were any expenses reimbursed lo any ol them, during the cUrnt or previous year. Lindsays Twsl8es & Executors Limited, as one ol the Tiuslees, 5$ a wholly-owned Iruslee fflpany belonging to Lindsays LLP Solicit015 to whom lees are paid lor the secietaiial and adminislralive support piovided to the Trusl. The payment of fees lo Lindsays LLP is permitted with Lindsays LLP in gard lo those setvices in compliance with the lerms ol S.67 of the Charities and Trustees Investment Iswllandl Act 2005. Investment Income Total General Designated funds 2026 2026 2026 2025 UK Inve51rnen15- Listed Int8r&st on funds hekl by Llndsays 2nd Inv8Stmenl Man8gets 20,312 525 20,312 525 19,393 501 20.837 20,837 19,694 Ex endlture on charltable actlvltles Grant maklrt The Chatily did not undertake any chartsble a¢tniily dlrectly bul met 118 charitable putposes Ihrough gfant-making. During the year grants and charitable donalions were rnade by the Trtsst88S to the following organi5alions'. Genèral Deslgnated Total 2026 2026 2026 2025 Edinburgh City Youth Café Edinburgh Young Carers Four Squ81e IS¢ollandl Ltd Governois of De3n Orphanagè Life Car& (Edinburghl Ltd Dalmeny Dèv&lopment Project 2,500 2.500 2,500 2,500 2,500 2,500 2.500 2,500 2,500 2,500 2.5rKI 2,50CI 5.000 5.OOD 5,000 5,000 5,000 5,000 15,OOD 15,000 30,000 ort Costs Secrelarial and admlnlstration costs Bank charges Acteunting fees 630 420 1,050 1,050 15 540 570 570 634 990 1,624 1.605 Govemance Costs IDdependenl Èxamination Le9al fee5 1,710 420 1.710 1,050 1,620 1,050 630 630 2,130 2,760 2.670 16.264 3.120 19,384 34.275 10
Investments 2026 2025 Investments at market value As al 6 April 2025 Additions in period Disposal in period Unrea1ised gainsl{losses) during year 684.414 722,571 188,871 116,9961 (199,141} 114,245 127,8871 As al 5 April 2026 781,663 684,414 Investments comprising more than 5°k of the total investments were as follows'.- Market Valu8 202612025 Number 9031 Fidelity US Equal Inc 999 Vanguard Fund- S&P 500 UCITS EFT USD DIS 951 HVAR I SHARES- gold 2026 2025 82,171 93.941 65.082 67.326 75.739 43.215 Related art transactions Lindsays Trustees & Executors Limited, as one of the Trustees, is a wholly-owned Iruslee company belonging lo Lindsays LLP Solicitors to whom fees are paid for the secretarial and administrative support provided to the Trust. The payment of fees lo Lindsays LLP is permitted with Lindsays LLP in regard to those services in compliance with the terms of S.67 of the Charities and Trustees Investment (Scollandl Act 2005. Anal sis of charitable funds 2026 Analysis of Fund Movements Balance blf Income Expendlture Gains and Losses Fund clf General 30,670 20,837 116,2641 35.243 Designated 685,481 14,420) 114,399 795.460 716,151 20,837 {20,684) 114,399 830.703 2025 Analysls of Fund Movements General Balance blf Income Expendlture Gains and Losses Fund clf 40,051 21,894 131,2751 30.670 D85ignaled 721,582 (8,511} {27,5901 685,481 761.633 21,894 139.7861 127,5901 716.151