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 be￿een 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 be￿een 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 cUr￿nt 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