**Charity Registration No. SC006938 (Scotland)**
## **ESDAILE TRUST**
## **ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2025**
## **ESDAILE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Governors**
Ex Officio Governors Mr J Brodie KC
Nominated by the General Assembly of the Church of Scotland Rev Dr J Cowie Mrs P Weibye (Chair)
Nominated by the Presbytery of Edinburgh Rev A Forsyth
Nominated by the Glasgow Society of the Sons and Daughters of the Ministers of the Church of Scotland Mr N Orr (Appointed 1 April 2025)
Nominated by The Society for the Benefit of Sons and Daughters of the Church of Scotland Mrs J Wilson
Co-opted by the Governors Mrs M McLeod Mrs E Kemp (Resigned 1 April 2025) Mrs A Bain
**Clerk and Treasurers** Azets Azets Quay 2 Quay 2 139 Fountainbridge 139 Fountainbridge Edinburgh Edinburgh EH3 9QG EH3 9QG
## **Charity's Registered Address**
**Chartered Accountants and Independent Examiner Bankers** Steven Smiliie CA Cater Allen Bank Chiene & Tait LLP (trading as CT) 9 Nelson Street Chartered Accountants Bradford 61 Dublin Street, Edinburgh, EH3 6NL BD1 5AN
## **Investment advisers**
Rathbones 10 George Street, Edinburgh, EH2 2PF
**Charity number (Scotland)**
SC006938
## **ESDAILE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Governors report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6 - 7|
|Balance sheet|8|
|Notes to the financial statements|9 - 14|
## **ESDAILE TRUST**
## **GOVERNORS REPORT** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
The Governors have pleasure in submitting their annual report for the year ended 31 August 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
## **Objectives**
The objectives of the Trust are the provision of grants to assist in the education of daughters of Ministers of the Church of Scotland, of Deaconesses of the Church of Scotland who are Widows and of Missionaries appointed or nominated by Overseas Council of the Church of Scotland (now Faith Impact Forum) who require aid to complete a course of secondary education, to follow a course of study at any University, Central Institution, College of Education or other Institution of Higher Education approved by the governing body, to obtain special tuition for any beneficiary who shows promise in music, arts and sport or to travel or study abroad.
## **Review of activities**
The activities of the Trust are to make grants for educational purposes in accordance with its objectives.
## **Grant making policy**
In accordance with the objectives of the Trust grants are made for the education of daughters of Ministers and other personnel of the Church of Scotland. Normally the beneficiaries are between 12 and 25 years old.
The Trust is advertised widely among Ministers of the Church of Scotland and preference is given to those with a low family income. A standard application form is used and applications are reviewed against predetermined criteria.
## **Achievements and performance**
## **Achievements**
The Trust continues to give grants for the education of daughters of the Ministers and other personnel of the Church of Scotland, in line with the charitable objectives above.
Education grants were awarded to support 7 individuals, ranging from £400 to £3,350, and totalling £15,663 enabling enhanced focus on their studies by the individuals concerned (2024 - 9 grants ranging from £100 to £3,350, totalling £15,688). Grants payments have remained consistent with last year’s awards.
Education grants assist in training and education of individuals in preparation for gainful employment, and
contribution to the wider economy.
- 1 -
## **ESDAILE TRUST**
## **GOVERNORS REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **Financial review**
## **Financial Information**
During the year the Trust’s income amounted to £33,671 (2024 - £31,979) and after net grant expenditure of £15,663 (including movements for grant creditors) (2024 - £15,688) and other expenses are deducted and movements on portfolio market value there was an operating surplus on the unrestricted funds of £28,518 (2024 - surplus of £74,191).
The Governors reviewed the grant making criteria in the light of prevailing circumstances.
There has been a increase in the value of investments from £1,094,937 at 31 August 2024 to £1,122,507 as at 31 August 2025 as a result of the standard valuation changes. The cash balance held by Rathbones - Incorporating Investec Wealth & Investment ("Rathbones") decreased from £5,462 at 31 August 2024 to £3,576 at 31 August 2025. The investment income has increased to £33,671 from £31,979 in 2024.
At 31 August 2025 there were total funds of £1,133,411 (2024 - £1,104,893) which was made up of general unrestricted funds of £17,339 (2024 - £14,473), and designated endowment funds of £1,116,072 (2024 - £1,090,420) with movement being due to market movements and operational activity.
## **Reserves policy**
On a year to year basis the budget for grants is based on the forecast funds available. The amount of the grants is fixed so that all applicants who meet the criteria receive a grant.
Revenue surpluses brought forward from previous years are available if there is a shortfall.
Endowment funds are not normally used for revenue purposes although there is no restriction as such.
As a result of investing funds received from donations and other charities, and reinvesting the proceeds of investment sales, the Trust has accumulated funds over the years. In the opinion of the Trustees it is necessary to maintain such funds, together with any which arise in the future. As a result a Designated Endowment Fund was created in August 2014 to reflect the value of the Trust’s investments at that time, and cash held by Fund Managers for investment at that time. Such a fund should not, in the Trustees’ view, be regarded as being available for distribution. However should any deficit on the General Fund occur the Trustees have the ability to meet any future obligations from the Designated Endowment Fund if required.
The Trust attempts to maintain a cash balance in the general fund in excess of the average quarterly expenditure which in the current year before the discretionary payments of the educational grants is £6,031 (2024 - £5,652). Total funds at the year end are included in the financial review above.
## **Investment policy**
The Governors employ Rathbones as investment advisors to manage the portfolio on a discretionary basis. The objective is one of a balanced portfolio subject to a medium degree of risk. In order to maximise returns there are no specific investment restrictions or limitations applied to the portfolio other than the general ethical investment principals that Rathbones adopt for charities. The target for income is that it should increase by at least the rate of inflation. The value of the portfolio is benchmarked against the investment advisors bespoke charity benchmark and their representatives meet with the Board annually.
## **Plans for future periods**
The Trust is working towards merging with the Society for the Benefit of Sons & Daughters of the Clergy of the Church of Scotland due to falling number of grant applications and the similar purpose of the charities. Until the merger occurs the trust will continue to support the education of daughters of Ministers of the Church of Scotland in line with the charitable objectives.
The newly merged charity has now been registered by OSCR under the name The Kirk Ministry's Children SCIO. However, the transfer date has not yet been agreed.
- 2 -
**GOVERNORS REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **ESDAILE TRUST**
## **Related parties**
While there is no formal relationship the Trust continues to cooperate with the Glasgow Society of the Sons & Daughters of Ministers of the Church of Scotland and the Society for the Benefit of Sons & Daughters of the Clergy of the Church of Scotland in the awarding of educational grants.
## **Structure, governance and management**
## **Constitution**
The Esdaile Trust Scheme 1968 was approved on 10 February 1969 by Order in Council following the closure of Esdaile School and was endowed by the amalgamation of the various funds which supported the school.
## **Appointment, induction and training of Governors**
The governing body consists of one ex-officio Governor who is the Procurator of the Church of Scotland, five Governors nominated as follows, two by the General Assembly of the Church of Scotland, one by the Presbytery of Edinburgh, one by the Glasgow Society of Sons & Daughters of Ministers of the Church of Scotland, one by the Society for the Benefit of Sons & Daughters of the Clergy of the Church of Scotland and up to four Governors co-opted by the ex-officio and nominated Governors.
Where a vacancy occurs for a nominated Governor the appropriate body is contacted to put forward a replacement. The co-opted Governors are chosen for their complementary skills and whether it is thought that they will make a valuable contribution to the management of the Trust.
New Governors are provided with a copy of the Esdaile Trust Scheme, the Annual Report and Accounts and are briefed as to their duties by the Chairman and Secretary. From time to time the Governors are updated on their duties and responsibilities.
## **Key management personnel**
The Trust considers that its key management personnel comprise the Governors and no remuneration was payable to the key management personnel. The Trust employs no staff.
## **Decision making process**
The Governors meet formally twice a year and have appointed a Clerk & Treasurer to handle day to day administration.
## **Risk management policy**
The major risks to which Esdaile Trust is exposed as identified by the Governors has been reviewed and systems have been established to mitigate those risks.
- 3 -
## **ESDAILE TRUST**
## **GOVERNORS REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **Statement of Governors responsibilities**
The Governors are responsible for preparing the Governors Report 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 requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.
In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Governors are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the fiancial position of the Trust and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Governors report was approved by the Board of Governors.
## M McLeod.
Mrs M McLeod **Governor** Dated: 1 April 2026
- 4 -
## **ESDAILE TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE GOVERNORS OF ESDAILE TRUST**
I report on the financial statements of the Trust for the year ended 31 August 2025, which are set out on the statement of financial activities, balance sheet and related notes.
This report is made to the Governors, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion as set out below and for no other purposes. To the fullest extent permitted by law, I do not accept or assume responsibilty to anyone other than the Trust and the Governors, as a body, for by work or for this report.
## **Respective responsibilities of Governors and examiner**
The Trust’s Governors are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's Governors consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements 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 charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking 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 financial statements.
## **Independent examiner's statement**
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- (ii) to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
- have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
## Steve Smillie CA
Chiene & Tait LLP (trading as CT) Chartered Accountants and Independant Examiners 61 Dublin Street, Edinburgh, EH3 6NL
Dated: .........................2 April 2026
- 5 -
## **ESDAILE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **Current financial year**
|**Designated**
**Unrestricted endowment**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Investments
**3**
33,671
-
**Expenditure on:**
Raising funds
**4**
4,389
8,980
Charitable activities
**5**
26,416
-
**Total expenditure**
30,805
8,980
Net gains on investments
**10**
-
34,632
**Net movement in funds**
2,866
25,652
Fund balances at 1 September 2024
14,473
1,090,420
**Fund balances at 31 August 2025**
17,339
1,116,072|**2025**
**£**
33,671
13,369
26,416
39,785
34,632
28,518
1,104,893
1,133,411|**2024**
**£**
31,979|
|---|---|---|
|||13,145
29,955|
|||43,100|
|||85,312|
|||74,191
1,030,702|
|||1,104,893|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 6 -
## **ESDAILE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **Prior financial year**
|**Designated**
**Unrestricted endowment**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Investments
**3**
31,979
-
**Expenditure on:**
Raising funds
**4**
4,265
8,880
Charitable activities
**5**
29,955
-
**Total expenditure**
34,220
8,880
Net gains on investment
**10**
-
85,312
**Net movement in funds**
(2,241)
76,432
Fund balances at 1 September 2023
16,714
1,013,988
**Fund balances at 31 August 2024**
14,473
1,090,420|**Total**
**2024**
**£**
31,979|
|---|---|
||13,145
29,955|
||43,100|
||85,312|
||74,191
1,030,702|
||1,104,893|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 7 -
## **ESDAILE TRUST**
## **BALANCE SHEET**
## _**AS AT 31 AUGUST 2025**_
|**Notes**
**Fixed assets**
Investments
**11,12**
**Current assets**
Accrued investment income
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current assets
**Total assets less current liabilities**
Designated endowment funds
Unrestricted funds
**Total funds**
**15**|**2025**
**£**
**£**
1,122,507
2,109
32,119
34,228
(23,324)
10,904
1,133,411
1,116,072
17,339
1,133,411|**2024**
**£**
**£**
1,094,937
1,875
17,537
19,412
(9,456)
9,956
1,104,893
1,090,420
14,473
1,104,893|**2024**
**£**
**£**
1,094,937
1,875
17,537
19,412
(9,456)
9,956
1,104,893
1,090,420
14,473
1,104,893|
|---|---|---|---|
||||1,104,893|
||||1,090,420
14,473|
||||1,104,893|
The financial statements were approved by the Governors on 1 April 2026
M McLeod.
## **Mrs M McLeod Governor**
- 8 -
## **ESDAILE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **1 Accounting policies**
## **Charity information**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently, unless otherwise stated.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Trust's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, with the exception of investments which are carried at fair value.
## **1.2 Going concern**
The Trust cannot be considered a going concern due to the anticipated merger with the Society of the Benefit of Sons & Daughters of the Clergy of the Church of Scotland in a new SCIO within the next 12 months. The Governors have confirmed that the the Trust can be wound up in a solvent manner. The financial statements have therefore been prepared by the Governors and submitted for independent examination on a basis other than going concern such as a break-up basis.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Governors. In order to ensure that funds are available for specific projects, certain funds are set aside and designated by the Governors into separate funds.
The designated endowment fund was created to reflect the value of the Trust's investments in August 2014. The funds should not therefore, in the Governors' view be regarded as being available for distribution, although there is no restriction on this as such, particularly if a deficit were to occur on the unrestricted general fund.
Restricted funds are those which have been given to the Trust for use in accordance with the wishes of donors, commonly for use in relation to a specific service. There are no restricted funds at 31 August 2025 (2024 - £nil).
## **1.4 Income**
Income is recognised when the Trust becomes legally entitled to the income, receipt is probable and the amount can be reliably measured.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount.
Investment income interest is recognised using the effective interest rate applicable to the asset. Dividend income is recognised when the right to receipt is established and is measured at the fair value.
- 9 -
## **ESDAILE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised on an accruals basis and related where practicable to the Trust's activities. Where possible, expenditure is allocated directly to the function to which it relates. Where this is not possible, it is allocated by the time spent on that activity.
- Costs of raising funds comprise those costs which are associated with the generation of income form sources other than undertaking charitable activities, and includes investment management costs.
- Charitable expenditure comprises those costs incurred by the Trust in the delivery of its charitable activities and services.
- Support costs and governance costs (including independent examination fees and offices costs) are apportioned between activities or the basis of time spent on that activity.
## **1.6 Fixed asset investments**
Quoted investments are stated at their fair value at the reporting date. Gains and losses arising are recognised in the statement of financial activities in the period in which they arise. Realised gains and losses are calculated as the difference between disposal proceeds and their opening carrying value (or acquisition value if acquired during the year). Unrealised gains and losses are calculated as the difference between the fair value of the investments at the year end date and their brought forward carrying value, adjusted for acquisitions and disposals.
The principal risk to the Trust is loss of capital due to market risk on the investment portfolio. This is mitigated by appropriate systems and controls and the engagement of an appropriate firm of investment advisors. The Trust anticipates a long-term future and accepts the reality that financial markets are such that the capital value of investments will fluctuate during a long time-scale.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
Financial instruments are recognised in the statement of financial position when the Trust becomes a party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price. Subsequent to initial recognition, they are accounted for as set out below.
Financial instruments are classified as either 'basic' or 'other' in accordance with Chapter 11 of FRS 102.
At the end of each reporting period, debt instruments classified as basic are measured at amortised cost using the effective interest method.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the Trust has transferred substantially all the risks and reward of ownership. Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry.
## **1.9 Taxation**
The Trust is a charity and is recognised as such by HMRC for taxation purposes. As such there is no tax chargeable on income associated with its charitable activities.
- 10 -
## **ESDAILE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **2 Critical accounting estimates and judgements**
In the application of the Trust’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Governors are of the opinion that there are no significant estimates or judgements that would have a material impact on the financial statements.
## **3 Investments**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Dividends|33,384|31,907|
|Interest on fixed interest securities|287|72|
||33,671|31,979|
## **4 Raising funds**
|**Unrestricted Endowment**
**funds**
**funds**
**general**
**2025**
**2025**
**£**
**£**
Fundraising and publicity
Support costs
4,389
-
Investment management
-
8,980
4,389
8,980|**Total Unrestricted Endowment**
**funds**
**funds**
**general**
**2025**
**2024**
**2024**
**£**
**£**
**£**
4,389
4,265
-
8,980
-
8,880
13,369
4,265
8,880|**Total**
**2024**
**£**
4,265
8,880|
|---|---|---|
|||13,145|
- 11 -
## **ESDAILE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **5 Expenditure on charitable activities**
||**Educational**|**Educational**|
|---|---|---|
||**grants**|**grants**|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Grant funding of activities (see note 6)|15,663|15,688|
|**Share of support and governance costs (see note 7)**|||
|Support|5,068|5,130|
|Governance|5,685|9,137|
||26,416|29,955|
|**Analysis by fund**|||
|Unrestricted funds|26,416|29,955|
## **6 Grants payable**
|**Educational**
**grants**
**Educational**
**grants**
**2025**
**2024**
**£**
**£**
Grants to individuals (7 grants)
15,663
15,688
15,663
15,688|**Educational**
**grants**
**Educational**
**grants**
**2025**
**2024**
**£**
**£**
Grants to individuals (7 grants)
15,663
15,688
15,663
15,688|**Educational**
**grants**
**Educational**
**grants**
**2025**
**2024**
**£**
**£**
Grants to individuals (7 grants)
15,663
15,688
15,663
15,688|
|---|---|---|
||**2025**
**£**
15,663
15,663|**2024**
**£**
15,688|
|||15,688|
## **7 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Finance
9,405
-
Advertising and sundries
52
-
Legal fees
-
900
Independent examination
-
1,702
Office costs attributed to
governance
-
3,083
9,457
5,685
Analysed between
Fundraising
4,389
-
Charitable activities
5,068
5,685
9,457
5,685|**2025**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
**£**
9,405
9,139
-
52
256
-
900
-
4,801
1,702
-
1,548
3,083
-
2,788
15,142
9,395
9,137
4,389
4,265
-
10,753
5,130
9,137
15,142
9,395
9,137|**2024**
**£**
9,139
256
4,801
1,548
2,788|
|---|---|---|
|||18,532|
|||4,265
14,267|
|||18,532|
- 12 -
## **ESDAILE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **8 Governors**
None of the Governors (or any persons connected with them) received any remuneration, benefits, expenses from the Trust during the current or prior year.
## **9 Employees**
There were no employees during the year.
## **10 Net (losses)/gain on investments**
||**Endowment **|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2025**|**2024**|
||**£**|**£**|
|Revaluation of investments|35,939|88,005|
|Loss on sale of investments|(1,307)|(2,693)|
||34,632|85,312|
## **11 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Valuation**||
|At 1 September 2024|1,094,937|
|Additions|59,920|
|Valuation changes|35,939|
|Disposals|(68,289)|
|At 31 August 2025|1,122,507|
|**Carrying amount**||
|At 31 August 2025|1,122,507|
|At 31 August 2024|1,094,937|
|**12**|**Financial instruments**|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||Equity instruments measured at fair value|1,122,507|1,094,937|
- 13 -
## **ESDAILE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
|**13**
**Debtors**
**Amounts falling due within one year:**
Accrued investment income
**14**
**Creditors: amounts falling due within one year**
Other creditors
Accruals
**15**
**Analysis of net assets amongst funds**
**Unrestricted**
**funds**
**2025**
**£**
Fund balances at 31 August 2025 are represented by:
Investments
-
Current assets/(liabilities)
17,339
17,339
**Unrestricted**
**funds**
**2024**
**£**
Fund balances at 31 August 2024 are represented by:
Investments
-
Current assets
14,473
14,473|**2025**
**£**
2,109
**2025**
**£**
18,549
4,775
23,324
**Designated**
**endowment**
**funds**
**2025**
**£**
1,122,507
(6,435)
1,116,072
**Designated**
**endowment**
**funds**
**2024**
**£**
1,094,937
(4,517)
1,090,420|**2024**
**£**
1,875|
|---|---|---|
|||**2024**
**£**
2,522
6,934|
|||9,456|
|||**Total**
**2025**
**£**
1,122,507
10,904|
|||1,133,411|
|||**Total**
**2024**
**£**
1,094,937
9,956|
||||
|||1,104,893|
## **16 Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
- 14 -