jamesmilne CHARTERED ACCOUNTANTS Charleston Estato Tru$t Fln¥nGlal Statoments for thè year ended 30th Aprfl 2024
Charleston Estste Trust Trusteos, Report on the Fln•nGlal Statements forthe year •nd•d 30th Aprll 2024 The Irustegs present their annual report and financial ststemenls ofthe charity for the year ended 30th April 2024. The financial 51alements have been prepared in accordance with the accounting policles set out in note 110 the aGGounls and compty wrth the Charit$ and Trustee Investment IScolland} Act 2005, the Charllles Accounts Iscollandl Regulations 2006 las amended) and Accountlng and Reporting by ChaTilies'. Statement of Recommended Practice applicable to charities preparing Iheiraccounl$ in accordance with the Financial Reporting standard applicable lo the UK and Republic of Ireland published on 16th July 2014. ObJo¢llvo8 and actlvltles The original purpose of the Irusl was lo generate income In the p8rmanenl rnanagemenl of the establishment ol Sl Margaret's Convent In Edinburgh (now the Ursulines of Jesus in Polmonl, in the Archdiocese of St Andrews and Edinburyhl and lo support and advance any other Inslilulion In Edinburgh or 11$ vi¢inty, the objects of whlch shall be the advancement of religion, the advan¢emenl of education and relieve the wants of the poor. As well as supporting the Ursulines, funds may be paid lo the Diocesan Pastoral cent at Gillis Cclmplex, Edinburgh foi the purpose of the advano8menl of education and for relieving the wants of the poor and for the advancement of religion. To achieve these objective5 the Iruslees havè sel an Investment pollcy to manage the Invèslmenl portfolio, income from whlch15 used to mak8 cllsiribulions. The level of investment income generated in the year together wllh the level of unreslricled reseNe$ held al the y8ar end delermine the dislrlbulion lo be made in the following ye8r. Achievem•nl•, performanc•, flnanclal revl•w and Investmgnt perfomiance The revenue surplus lor the year of £19.921 ar05e after charitable expenditure of £359,370 and meeting all thè running Gosls of the Trust, wllh the accumulated revenue reserves now slandlng al £169,177. Although this18 below the currènt lèvèl of one year's charitsble expenditure, il is fell that this gives some cushion to deal wrth any reductlon in income which could arise over the year. Over the period of these accounts, the Capital resources have increased by £47,171 10 £7,862,195 followlng valuation gains withln the investment portfolio. There continues to be careful financial management of the investment portfolio via the trustees and Ralhbones. The portfolio is Managed under a medlum risk portfollo wllh a balanced Investment obieclNe to maintsining as stable source of rovenue as possib16 whilst meeting Investment goals. The Trust made tho following payments in the year in furtherance of the charitable activities.. To the communf(y forrrtY known as St Margarets now Ursulings of Jesus To Glllls Complex 11.000 340.000 351,000 The perfomiance of the investment portfolio is monitored by the Iruslees via reports provSded by Ralhbones who provide advice based within ethical investment criteria agreed by the trustees. Based on the closing market value at 30th Apnl 2024 of £7,776,585 the Snveslment return is 4.90/0 whilst this figure increases to 5.5¥9 on the historical cost of the investments. This i¥ an increase compared with the prior year returns of 4.2010 and 4.80/0 respectively.
Charleston Estate Trust Trustees, Report on tho Flnanclal Statèments Iconlinuedl for the y•ar èndèd 30th Aprll 2024 Reservo$ pollcy As at 30th April 2024, the trustee's aim is lo maintain the revenue reserves of the Trust through careful inVesnt rnanagemenl so Ihal Ihe present level ol chantable expenditure can be malnlalned, even if the portfolio weie to drop in the future. The trustees aim lo relain approximalety £100,000 ol lunds within the unrestricted income nd lo allow for any reduction in investment income received durin9 the accounting period. Th6 level of resources wllhin this fvnd at 30th April 2024 was £169,177. The aim is lo maintain the capital reseNes of the Trust whilst generating SUfflent income from the inve51menls held. Rlsk managoment and investment pollcy Thls is another area addressed by the Iruslées at local and annual moety'ngs with the main risk lo the Trust's future being the ability lo generate sufficient revenue t¢ continue wrth its charitable activities and also the need for the Trust lo keep within the ever-changing laws and regulation$ for the ch8ri118s sector. Some years ago, with the approval of the full committee, the local commlttee agreed an ethical inve51menl policy whlch the Iruslees felt best suited the Trust's purposes, and the frequency Df meeting5, Informallon lo be provided by advisefs, elc. The ethical criteria ané pallern of meetings then agreed are stlll applied With the alm of increasin9 the efficlency of the Investment decision$ In light of rapidly changing market trends, the Iru$lees granted the power of di$¢r8lignary management Iwilhin certain defined parameters) lo Ralhbones, The Iruslees therefore feel th81 by 8ppoinlin9 8urnett & Reid as solicitors and law agents, Ralhbones ag investment advisers, wllh discretionary management powers, and by takin9 an active role vla meetlngs and updates provided lo them, the risks lo the Trust are being sufficiently addressed. Structuro, govornance and managèmènt The Trust is founded on the Deed of Appointment and Declaration ofTrusldaled gih November1835. In summary. the prlncipal trust purpose W tha salé lands of Charleston and others shall be paid by the trustees lo or lo his successor or successors In th8 permanent management of Ilie eslablishillenl al Sl Margarel's al such Ilmes and In such manner as they Shall consi(ler best for the interests of the Said establishment. The Trust Deed further provides that the ¢onveyance of the lands of Charleston is to create a permanent trust, thè lands are not lo b9 sold unle88 a change of circumstances makes a sab desirable or advantageous, and if sold the price is to 8pplied forthe trust purposes, bul with power lo the Iruslees lo denude in certain cii¢umstsnces in favour of ISI Margarel'sl. There Is also power in certain circumstances either by Sl Margareys being discontinued or its object being changed lo apply the rents and produce for the eslab115hmernl, support and advancement of any other institution in Edlnburgh or ils vlcinily the objects of whh shall be to promot8 r8liglous educatlon or lo afford relief to the Poor. In the Ilght of the grealty improved financial position of the trust in the 1990s and the perceived difficulty which Sl Maryaret's Convent on ils own then had in spending all the available revenue, the Iruslees considered the terms of the original Deed of Appntment and Declaration of Trust and the power it gave to the Iwslees lo apply the rents and produce of the trust funds for the establishment. support and advaneement of any other institution In Edinburgh or ils vicinity, the objects of which sh811 be lo promote religious education or lo afford r•lief lo the poor. In the light of thls power the Iruslee$ slgned a Minuts which is engrossed in the Sederunt Book, on 3181 August 1995 providing for continued payment lo Sl Marga1,$ Convent and its assoGiatsd booy (now the Ursulines of Jesus in Polmont, in the Archdiocese of Sl Andrews and Edinburghl, bul also providing that funds may be paid lo the Diocesan Paslofftl Centre al Gillis Complex Edinburgh for the purpose of the aQvan¢emenl of education, and for relieving the wants of the poor and for the advancement of religion. In the fir51 decade of tho 21st Century, the was an opportunity for the tru81ees to sell most of the Trust18nds fo development. Th8 trustees agreed to the sale realising that by investing the sale proceeds in the stock market, they would be able to generate significantly more Income than they had been able lo generate out of fami rents. They were of the view that the circumstances had changed slgnlficantly since the Iwsl wa5 sel up to justfy such sales.
Charleston Estats Trust Trust¢e¥' Report on the Flnanclal Statements Icontlnued) for tho yoar endod 30th Aprll 2024 Structure, govgrnance and mano9omgnt Icontinued) The adminislralion of the trust is handled by Burnett & Reid of 1 Albyn Place, Aberdeen in conluncllDn wllh the trustees. Under the terms ol the original deed. the vast majority of the land and propety of the Trust has now been 301d with the proceeds being used lo add lo the investment porifolio. ThLs porfollo worth £7,776.585 al the year end will provide the funds for future charitsble distributlons. Trustees, Inductlon and trnlnlng The truste85 are kept up lo dale on ongoing developments in the charitable sector by Burnett & Reid and are aware of their respon3ibililies as trustee5 re OSCR and the 2005 Charities and Tru518e Inve51menl (Scotlandl Act. Ongoing matters are discussed and declslons are made al both local an(J annual meetings whilst many of the Iruslees also gain ongoing exrIenCe through involvem8nl as trustees in olh8r Scottlsh charfbos. Appointments to the Trust are made as necessary lo provide the comrnirtee with the ffjlevanl skllls and knowledge lo aid the ongoing admini$lrallon of the Trust and some places are fllled by the ourrenl occupant of varioLts positions within the Catholic Church in Aberdeen and Scotland. The Snductlon of newly appolnted trustees 1$ handled by Burnell & Reid, Refornnce and admlnl•lrotlv• Infonnatlon Tru8t•o8: Prlnclpal Offl¢•: Suite A. 1 Albyn Place, Aberdeen Law aqents: Burnett & Reld LLP, Solicilors, Suite A. 1 Albyn Place, Aberdgen Bank•rs: Bank of Scollané, Professionals, A¢¢ounl Office, 3rd Floor, 39 Threadneedl8 Street. London Sto¢kbrokorn: Rathbones, 10 George Street, Edinburgh Audltor8: James Milne & Co, Chartered A¢countsnts, 5 8on-Accord Squa, Aberdeen Charltle8 reforenc•: SC010101 The trustees have deleaaled the day to day management of the trust on their behalf to the law agents, Burnel18 Reid LLP
Charleston Estate Trust Trustees, R¢port on the Flnanclal Staloments Icontlnuodl for the year endgd 30th Aprll 2024 Responglbllitios of thg tru$tO05 The truslges are responsible for preparing a trustees, annual report and ffnanaal ststemenls in acwrdance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Pm¢ti¢el. The law appli¢able to chanlies in Scotland requires the Iruslees lo prepare finan¢lal 51alemenls whh give a true and fair view of the stale of affalrs of the charity and of the incomlng resources and application of resources, ol the charity for that period. In prepanng financial statements giving a true and fair view, the trustees should follow best practice and.. lal select surtablo accounting pollcies and apply them consistenly., Ibl ob8eNe the methods and principles of the Charities SORP., {cl make judgments and 8slirnates that are reasonable and prudent., Id) stale whether appllcable accounting standards have been followed, subjecl to any dep8rture d16closed and explained in the financial slal8menls', lel prepare the financial statements on the going Concern basis unless11 is InapproprSat8 to presume that the Trust will continue in operation. The trustees are responsible for keeping accounfjng records wh+ch dlsclose wllh feasonable accuracy at any Ilme ihe ftnanclal poslllon of the Trust to enable them lo ensure that the financial slalemenls comply with the Charities and Trustee Inve51menl IS¢otlandl Act 200S, Iho Charity Ac¢ounts Iscollandl Regulations 20C61as amended) and the provislon ofthg Trust deed. Thèy are also responsible for 3aleguarding the assets of the Trust and hence for tsking re880nable sleps for the prevention and detection of fraud and other irregularitses, 011¢108urg of Informat5on to audltorn So far as each trustee 1$ concerned.. 111 there is no relevant audit information of which the Trusvs auditors are unaware, and lill the trustees have taken all steps which they ought lo have taken lo make themselves aware ot any relevant audil Inform81ion and lo establlsh that the auditors are aware ol that informaty'on.
Independ¢nt Audltor8 Report to the Truste03 of Charfoston Estate Trust Oplnlon We have audited the financial slatements of Charleston Estate Twsl Ith9 charity) for the year ended 30th Aprll 2024 which comprise the statement of financial aclivilies. the balan¢e sheet and notes lo the financial slaternenls including a summary of significant accounting policEs. The fi'nancial reporting framework that has been applied in their preparation is eppliGable law and United Kingdom Accounts'ng Standards. including FRS 102 'The Financial ReFX)rting Standard appllcable In the UK and Republic of Ireland, (United Klngdom Generally Accepted Accounting PraCte). In our opinion, the financlal ststemenls.. gwe a true and falr view of the state of the charity's affairs as at 30th Aprll 2024 and of its income and expenditure for the year then ended., havè been properly pr&pared In accordance with Unlted Klngdom Genèrally Accepted Ac¢ounting Pracllc9', and have been prepared in accordance with the qUIrementS of the Charltie¥ and Trustee Inv8Stment (Scollandl AGI 2005 and re9ul81ion 8 of the Charilles Ac¢ounls ISGotlandl Regulations 20C6. Bas18 lor oplnlon We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS UK) and applScablg law. Our responsibS1ities under those standards are further descrlbed In the Auditor's r8sponsibililie8 for the audS1 of the flnancial statements secllon of our report, We are independent of the Gharity in accordance with the ethiG81 requiremen18 that are relevant to our audit of the financial slalemenls irb the UK, including the FRC'S Ethical Standard and we have fvlfille(l our elhlcal respon51bililies In accordance with these requlremenls. We bellev& that Ihe 8udlt evldence we have obtained Is sufficient and appropriate lo provlde a basis for our opinion. Con¢lu•lon¥ r•latlng to golng ¢on¢ern In auditing the financial slalements, we have concluded that the trustees, u81ng the going concem ba8is of accounting In the preparallon of th8 financlal statements 18 approprlal8. Based on the work we have performed, we have not idenlifi8d any malerlal un¢ertainties relating to events or conditions that, individually or collectively, may cast signrficanl doubt on the ¢harity's ability to continue as going concern for a period ofat least twelve months from when the financial statements are aulhori8ed for Issuè. Our responslbllllles and the responsibllllies of thé Iruslees with respect lo going concem are described in the relevant sections of this report. Other Infomiatlon The other information cornprises the information included In the annual report, other than the financial statements and our auditorfs report Ihereon. The trustees are responsible for the other information contalned within the annual port. Our opinlon on the Ilnanclal statements does not cover the other infomation and, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information 1$ rnalerially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled If we identify such material inconsislen¢ie8 or apparent material misstslements, we are required lo determine whelher this gives rise 1¢ a material misstalemenl on the linancial statements themselves. If based on the work we have performed, we conclude that there Is a material misslalemenl of this other information, we are required lo report that fact. We have nothing lo roport in this regard.
Ind¢p¢ndent Auditorn Report to the Trustse8 of Charleslon Estatè Trust {contlnugdl Matters on whlch we ar¢ r¢qulr•d to report by exception We have nothing lo report in respect of the following mallers in relation to which the Charilies Accounts {Seollandl Regulations 20061as amended) requires us lo report to you rf. in our opinion.. the information given in the financial slalements Is inconsislenl Sn any material respect wllh the trustees, annual report., or proper accounting records have not been kept., or. the financial statements are not In agroemonl with the accounting records,. or we have not received all the information and explanations we require for our audit, Rosponslbllltles of trustee• As explained mre fully in th8 Iruslees, responslbllllles statement sei oul on page 4. the trustees aro responsible for the preparation of financial slalernents which give a true and fair view, and for such internal ¢ontrol as the Iruslees determine is necessary lo enable the preparation of financial stalernents that are free from material mis$lalement, whether due to fraud or error. In preparing the financlal sla18menls, the trvslees are responslble for assesslng the ch8rty's abillty to conllnue as a going concern, disclosing, as appllcable, matters relatad to going concern and using the golng concern basis of accounllng unlgss the Iruslees either intend lo Ilquidal8 the ch8nty or lo ¢oa8• op8ration6, or have no realisti¢ all6rnalive bul lo do 80. Audltor'o re•pon•lbllltlg• for the audlt of the flnanclal 8tatements We have been appointed as auditor under secllon 4411 Ilcl of the Charrties and Trustee Investment {Scolland) Act 2005 and report In accordance with the regulations made under that Act. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whcle are free from m8leri81 misstatement, whelh8r due to fraud or error, and lo issue an auditor's feport that includes our opinion. Reasonable assurance is a high level or assurance, bul is not a guarantee that an audit conducl8d in accordance with ISAS {UKI will always delecl a material mlsslalement whén 11 exists. Misslalements can arise from fraud or error and are con5Klered material if, indivldually or in the aggregat8, they could reasonably be expected lo Influence the economic decisions of users taken on Ihe basis of these financial Statements. Irregularities, including fraud, are instsnces of non<omplianGe with laws and regulations. We design procedures in line with our responsibilities, outlined above, to dele¢t material misslalements in respect of IrgUIar1I1es, including fraud. The exlenl lo whlch our procedures are capable of detecting Irregularities, Including fraud is detalled below.. We oblalned an understsnding of the legal and regulatory frameworks that are 8ppliGable to the Charity and determined that the most significant are those that relate lo the reporting framework Ichafllies and Trustees Investment (Scollandl Ad 2005 and regulation 8 of Ihe Charltles Accounts {Scolland) Leglslatlon5 20061. W8 assessed the suscoplibilily of the Charity's financial statements to material mis8talemenl, including how fraud might occur by discussing this wrth rnanagemenl and understsnding where they consldered susceptlbllity to fraud. We perforrned audit prooedures to address the fraud risk. These procedures includirlg testing manual joumals, reviewing books of prirne entry and were designed lo provide reasonable assurance that the ffnancial statements were free from traud or error. Based on thi$ understanding we designed our audit procedures lo identify noncompliance with such laws and regulations. Our procedures involved reading minutes lo identify any non<ompliance with law$ and regulations,. enquiries of tho¥e Gharges with govemance, and reviewing books of prime enty as outlined above.
Indopendènl Auditorn Report to tho Tru8tees of Charl8ston Estate Trust Icontlnuodl Because of the inh&rent limltations of an audit, there is a risk that we will not detect all irregularllles, Including those leading lo a material mlsslalemenl in the financial statements or non-compliance with regulation, This risk increases the more that complianee with a law or regulation is removed from the events and transactions reflected in the financial stslemenls. as we will be less likely lo become aware of Instances of non-compliance. The Ti3k is also greater regardlng Irregulari118s occurring duè lo fraud rather than error as fraud Involves Intenllonal concealment, for9ery, collusion, omission or misrepre6entalion. A rther descrlptSon of oui respon8iblllties is availabl8 on the FlnancSal Roport Council's website al hllp',Ilwww.frc.org.uklOur-WorklAudiVAudil-and-assuranGelSlandards-and-guidancelSlandards-and-guldance lor-auditorslAuditors-responsibilllies-for-audil-D8scripUon-of-audilors-reswnslbSllties-for-audil.aspx. Thls description forms part of our auditols report. U•• of our roport Thls report is made 801ely lo the truste68, 08 a body, in a¢Gordance with Regulation 10 olthe Charities Accounls (Scollandl Regulations 2006, Our audit work has been undertaken so that we mlght stale to the trustees those mallers we are requlred lo stale lo them In an auditors, report and for no other purpose. To the fullest exlenl permltt8d by law, we do not accept or assume responsibility to anyone olhor than the Trust and ils trustees a5 body for our audit work, for th1$ report, or for the oplnions we have fomied. Jame• Mlln• & Co Chartered Ac¢ountanls and Slalulory Auditor 5 Bon Accord Square Aberdeen A8116XZ
Charlgston Estate Trust Statement of Flnanolal ActlvMle8 for th¢ yoar ondod 30th April 2024 2024 Unrestrl¢tgd Endowment Funds Funds 2023 UnMtrl¢t&d EndowThent Funds Funds Note Total Total Incom• and •ndowmonts Investment income Rent trom land 380,492 380,492 335,749 335,749 Total Incomg 380,492 380.492 335,749 335,749 Expendltur• on: Ralslng lunds.. Investment management costs 3,661 40,359 44,020 3,810 39.514 43,324 Charitable activities 355,709 355,709 355,475 355,475 Tol•l oxpendlturo 359,370 40,359 399,729 359,285 39,514 398,799 Net In¢omel{exp•ndltur•l and ngt movgmont In funds beforv galnsl {1088è81 on Inve8tm•nts 21,122 140,3591 119,2371 123.5381 139,5141 163,0501 Nèt galn811106$esl on Investment 86,329 86,329 1471,2651 1471,26SI Net Incomo1{•xp•ndlturel 21,122 45,970 67,092 123,5361 1510,7791 1534,3151 Tran8f•r between fund8 11.201} 1,201 (3,6861 3,686 Ngt movemont In funds 19,921 47,171 67,092 127,2221 1507,093) 1534,3151 Reconclllatlon of funds Totsl fvnds brought foward 12 149,256 7,815,024 7,964,280 176,478 8,322,117 8,498,595 Total fundi c4ril•d foNard 169,177 7,862,195 8,031,372 149,256 7,815,024 7,964.280 The nolas on pages 10 10 15 form an integral part of these financial stalemenls.
Charleston Estate Trust Balan¢0 Shoet al 30th Aprll 2024 Note 2024 2023 Flxod •88•ts Tangible assets Investments 10,000 7,863,258 10,000 7,811,783 7,873,258 7,821,783 Current a$8•ts Doblors C8sh al bank 28.379 148,036 13,769 180,387 10 174,415 194,136 Crodltorn - amount• falllng du• wlthln on8 year 11 116.3011 151.639) Not curr•nt a810ts 158,114 142,497 Total 4¥88ts18s• current IlabllltleB 8.031,372 7,964.280 Fund• of the Gharlty Expendable endowmgnt frjnds Unrestricted funds 12 7,862.195 189.177 7,815,024 149,256 Total charlty fund8 8.031,372 7,964.280 Approved by the T'uslees on The notes on pages 1010 15 form an Integral part of these flnanclal statements.
Charleston Estate Trust NotOS to the Financial Stat8ment8 frjr th• y•ar •nd•d 30th Aprll 2024 A¢¢ountlng poli¢l•s Accounting ¢onvgntlon The financlal statements are prepar8d und8r the historical cost convention as modified by and the reslakmenl of investments al mark8t value. The financlal slalements have been prepared in accordance with the Statement of Re¢ommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland IFRS 1021 issued on 18th July 2014 (Charities SORP IFRS10211, the Financial Reporting Standard appll¢able In the Unlled Klngdom and Republlc of Ireland IFRS 1021. The Charitles and Tru51ee Investment Iscotlandl Act 2005 and the Charitles Accounts (Scollandl Regulations 2006 las amended). The trust constitutes a public benefit entity as defined by FRS 102. The Trustees conslder Ihat there are no materlal uncertalnlles about the Trust's abllity to contlnue as a going concern. With respect of the n8xl r8POrting period, the mst significanl areas of uncertainty that affect the carrying value of the as5el¥ held by the Trust are the level of investmgnl return and the performance of investment market$ (see the Trustees report for more informalionl. Use offunds The Iruslees are requlrad to apply the trust funds In accordance wlth the terms of the Deed ofAppointmenl and Declaration of Trust dated 91h November 1835 by John Menzies of Pthdfrls. These t•ms are fully dgscribed in the Iruslees, report. Th• ¢apltal compr181ng an expendable endowment fund and unreslricled funds comprise those funds which the trustee5 are free to use lor any purp08e in rtherance of the charity objects. Flxed assets - herftablfj property The heritable propety belonging to the trust L8 stsled in Iho balancé sheet at values as explained fulW in note 710 th8 accounts. Rent from land is recognised when receivable. D8pMclallon No depreclalion has been provided on heritsble property, whlch conslsts wholly of land. Flxed asset Inv•$tments Investments are a form ol bask financial instrument and are in(tially reGognised sl their transaction value and subsequently measured al their fair value as al the balance sheet éate using the closing quoted market price. Dividends from equity Investments are Included when receivable. Interest on govemment securities Is included on the accruals basis. Realised gains and losses arising on disposal of investments during the year and unrealised galns and Ios8e8 arising on th9 revaluation of the investments at the @nd of the year are included in the ststement of financial a¢tivitie$. Investment management costs are 8llocated beeen the fvnds as follows.. Revenue Capital 100 90% 10
Charleston Estate Trust Notss to tho Financial Statement• for the year endèd 30th Aprll 2024 Dobtors Debtors are recognised al the settlement amunl due, Prepayments are valued al the amount prepaid. Cash at bank Cash al bank includes balances wilhln accessible bank accounts with no malurty dale. Credltor4 Creditors are Cognised where the trust has a present obligab.on resulting from a past èvent that will probably result in the transfer of funds to a third party and the amount due lo setue Ihe obllgalion Gan measured or estimated reliably. Flnanclal In$trumonts The trust only has flnan¢i818sset3 and flnanclal Ilabilitles of a klnd th81 qualify as basic financial instruments. Basic flnancial instruments are Initially recognised al Iran$a¢lion value and Subsequent measured al their 88ttlemanl valu•. Taxatk)n As a charrty, the trusl is not Ilable to income lax and capital gains tsx, and recovers18K deducted al source from Inlerest rec8lv8d. Irrecoverable VAT18 charg8d agalnsl the expendllure heading for which il was Incurred. Govèrnanco costs Governance Costs in¢lude the cost of the external audit and legal costs associated with Gonslitullonal and slalutory requirements, Governance costs are recognised on an accruals basis. Legal fees are allocated as follows.. 50k unreslricled funds . 95% endcwment fvnds Relat•d party tran8actlon• and tru8tee8' exp•ns•• and remuneratlon Thè trustees all give freely ol their time and expertise without any form cf remuneration or other b8neffit in cash or klnd £nil12023 - £Nill Expen8es paid lo the Iruslees in the year totslled £nil12023- £Nill. Iruslees, through their role in the Archdiocese, are involved In the running of the Diocesan Pastoral Centre al the Gillis Complex. Edinburgh During the year the Gillis Complex feceived funding of £340,000 from the Charfeslon Estate Trust. All amunts pald the Gillis Complex are agreed by the trustees of the Charleston Estate Trust as a body. 11
Charleston Estats Trust Nots8 to the Flnanclal St•tem•nts Icontlnuedl for th• year endod 30th Aprll 2024 Investmont Incom• 2024 2023 Interest on Govemment stocks InlerestldNiidends other lislod investments Bank interest Interest on investment dealing account 7.990 366,916 1,735 3,851 7,946 324,205 607 2,991 380,492 335,749 All Inveslm8nt income In 2024 and 2023 was attributable lo un[estrted income. Inv•stment manag•rn•nt costs 2024 2023 Broker fees Legal costs re Inole 5> 38.810 7,410 38,102 5,222 44,02D 43,324 In 2024, £3,661 {2023'. £3.8101 of Investment management costs were attributable lo unreslrkted funds and £40,35912023'. £39,514) were attrlbutable to endowment funds Gov•manco ¢08ts 2024 2023 Law agents, fees Audllors. remuneratK)n- Audit services Other serve$ Other 7,800 5,497 2,555 1,705 59 2,520 1,680 12,119 9,897 Allocatk>n of govornan¢o ¢08ts 2024 Unre$trl¢tsd Endowment Funds Fund3 2023 Total Total Charf(able activities Investment management costs 4,709 4,709 4,475 7,410 5,222 12,119 9,697 7,410 4,709 7,410 12
Charleston Estate Trust Not08 to the Flnanclal Statemonts Icontinuédl for the year •nd•d 30th Aprll 2024 Charltabl• a¢llvltl•s 2024 2023 The community formerly known as Sl Margaret's now the Ursullnes of Jesus Glllis Comp18x for educallon, relieving the wants of the poor and advancement of religion Gcvemance costs Inol6 $1 11,000 11,000 340,000 340,000 4,709 4,475 355,709 355,475 In 2024 and 2023 all expenditure on charStable activllies was from unrestricted funds. Tanglblfr fIX 4800ts 2024 2023 Horltabh proporty al valuallon Al 1st May 2023 and 30th April 2024 10,000 10.000 Detail on above- Field lo wesl of A90 road lagricultur81 value in 20071 10,000 10,000 Inve8tmonts 2024 2023 Listed investments (note 8.11 Cash on deposit with brokers for Investment purposes 7.776,585 86,673 7,696,737 115,046 7,863,258 7,811.783 Llsted Inv08tment8 Market value al 1st May 2023 Additions al c08t 0i8po8818 Net gainslllossesl 7,696.737 548,425 1554,9081 86,329 8,132,462 779,624 (744,0841 1471,265) Mark8t value at 30th April 2024 7,776,585 7,696,737 Hislorkal cost al 30th April 2024 6,893.149 6,941,665 lnvestrrnts at mathel value comprised.. GOvernnnt stocks Equities 187,542 7,589,043 192.475 7,504,262 7,776,585 7,696,737 13
Charleston Estats Trust Not•s to the Financial Statements Icontlnuedl for thè yoar •nd•d 30th Aprfl 2024 Ll8ted Investments Icontlnuod) All Investments ar8 carried al their fair valu9, All investmen18 are lislod on a recognisgd Stock Exchange. The basis of fair value for the quoted investments is equivalent to market value bein9 the bid price. Investment sales and purchases are recognised al the dale of trade at cost Ithal Is their transaction value}. Dobtorn 2024 2023 Interest accrued on Gov8rnm8nl securities Undislribuled investment Income held on deposit by brokers 3.165 25,214 3,117 10,652 28,379 13.789 All debtors In 2024 and 2023 relate lo unreslrfcted fund8. 10. Cash at bank 2024 2023 Cash held by law agents Bank of Scouand 89 145,967 435 179.932 146,036 180,367 All balances for cash at bank In 2024 and 2023 rél8t8 to unrestrlcted funds 11. Crodltorn: amounts falllng due vAthln ono y•ar 2024 2023 Sum due to law agents Auditors, remuneratDn Investment m8nager costs accTued Charitable activities 5.601 4.320 6,380 1,284 4,200 6,155 40,000 16,301 51,639 CTedilor balances were are as follows.. unrestricted fvnds £5,238 12023.. £44,880). endowment funds £11,06312023'. £6,759) 14
Charleston EsLth Trust Notss to tho Financial Statements Icontinuedl for tho ygar ended 30th Aprll 2024 12. Analy81s of charftabl• fund8 At 01105123 Galnsl At Incom• Exp8ndltur• Tran8f•r8 ILo88osI 30104124 Unreslricled fund8 Expendable endowrnenl 149.256 7,815,024 380,492 1359,3701 11,201) 140,3591 1,201 169.177 86,329 7,862,195 Total 7,964,280 380.492 1399,7291 86,329 8.031,372 la) The unreslricled funds are availabl8 lo bè spent for any purpose of the ctrarity. Ibl The expendable endowment wa8 eglablighed by a disp0511ion in 1843 when the Estate of Charleston was conveyed lo the Irusl8es. The trustees have the power lo sell the capllal if circumstsnces make Ihls advantageous. ie) Alloc•tlon of n•t 408Ot8 amongst fund• Unrnstrlcted Fund8 Expendablo Endowmfrnt Total Tangible assets Investments Debtors Cash al bank Creditors 10,000 7,883,258 10,000 7,863,258 28,379 146,036 116,3011 28,379 146,0 15,2381 111,0631 Nèt assets al 30104124 169,177 7,862,195 8,031,372 15