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 forr￿rtY 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 inVes￿nt
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 SUff￿lent 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 wh￿h 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 App￿ntment 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 Marga￿1,$ 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 ex￿rIenCe 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$tO05
The truslges are responsible for preparing a trustees, annual report and ffnanaal ststemenls in acwrdance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting
Pm¢ti¢el. The law appli¢able to chanlies in Scotland requires the Iruslees lo prepare finan¢lal 51alemenls wh￿h
give a true and fair view of the stale of affalrs of the charity and of the incomlng resources and application of
resources, ol the charity for that period. In prepanng financial statements giving a true and fair view, the trustees
should follow best practice and..
lal select surtablo accounting pollcies and apply them consistenly.,
Ibl ob8eNe the methods and principles of the Charities SORP.,
{cl make judgments and 8slirnates that are reasonable and prudent.,
Id) stale whether appllcable accounting standards have been followed, subjecl to any dep8rture d16closed and
explained in the financial slal8menls',
lel prepare the financial statements on the going Concern basis unless11 is InapproprSat8 to presume that the
Trust will continue in operation.
The trustees are responsible for keeping accounfjng records wh+ch dlsclose wllh feasonable accuracy at any Ilme
ihe ftnanclal poslllon of the Trust to enable them lo ensure that the financial slalemenls comply with the Charities
and Trustee Inve51menl IS¢otlandl Act 200S, Iho Charity Ac¢ounts Iscollandl Regulations 20C61as amended)
and the provislon ofthg Trust deed. Thèy are also responsible for 3aleguarding the assets of the Trust and hence
for tsking re880nable sleps for the prevention and detection of fraud and other irregularitses,
011¢108urg of Informat5on to audltorn
So far as each trustee 1$ 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
PraCt￿e).
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
Ir￿gUIar1I1es, 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 be￿een 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[estr￿ted 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 serv￿e$
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
lnvestrr￿nts at mathel value comprised..
GOvernn￿nt 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