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2024-10-31-accounts

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Company Registration No. SC027042 (Scotland)

Traquair House Charitable Trust

Annual report and group financial statements for the year ended 31 October 2024

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Contents

Page
Trustees'report 1-10
Independent auditor's report 11-13
Group statement of financial activities 14-15
Trust statement of financial activities 16-17
Group balance sheet 18
Trustbalance sheet 19
Group statement of cash flows 20
Trust statement of cash flows 21
Notes to the financial statements 22 - 57

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Trustees' report

The Trustees have pleasure in presenting their report and the financial statements for the year ended 31 October 2024. 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 charity's constitution, applicable law and the requirements of the Statement of Recommended Practice - Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finance Reporting Standard applicable in the UK and Republic of Ireland published on 1 January 2019.

Objectives and activities for the public benefit

The principal objectives and aims of the Trust as set out in the Trust Deed are:

The strategies employed during the year to achieve the Trust's objectives were to:

Provide the public with access to Traquair House, a building of historic interest.

Own and manage a portfolio of investments to generate income to provide sufficient funds to carry out the Trust's aims.

Own a portfolio of properties at Traquair and let these to generate sufficient funds to carry out the Trust's aims.

Support activities undertaken by other entities which will encourage the access to Traquair by the general public.

The major areas of charitable activity undertaken in the year relate to:

The maintenance ofTraquair House, associated buildings and gardens.

Traquair House requires ongoing maintenance and repairs will be carried out as and when required.

The opening of Traquair House and gardens to the public.

The Trust's subsidiary companies operate the house opening activity at Traquair House along with the operation of a shop, malt loft and The 1745 Garden Cafe, all located at Traquair. They also provide events at Traquair. Each of these additional activities are carried out with the aim of encouraging members of the public to visit Traquair.

1

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Trustees' report (continued)

The Trust's subsidiary company Beyond Borders Productions Limited runs the Beyond Borders International Festival at Traquair each year. This Festival includes talks or seminars specifically relating to Traquair, be it the House, grounds, the Stuart connection or items in the Traquair Collection. Other talks and seminars are undertaken by prominent keynote speakers providing valuable exposure for the Trust and encouraging visitors to the House and grounds.

Future ambitions

There are five main priorities the Trust will have at the forefront of any future development:

1. HISTORY AND CONSERVATION

Preservation of the fabric and contents ofTraquair House:

Increase appreciation of the collection through improved interpretation, on site and online:

Continue research and appreciation of the Traquair archives as a means of education, entertainment and learning:

(i) Continued employment of part time archivist to respond to historical enquiries and continued cataloguing of the collection

Promote the Traquair Historical Society to engage new audiences on a national and international basis:

Use Beyond Borders International Festival and its other dialogue and Fellowship Programme to increase public understanding of the history of Traquair House and its role in contemporary society.

2. EDUCATION

To promote learning about the history ofTraquair House, its collections, the designed landscape and grounds in new and innovative ways:

2

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Trustees' report ( continued)

3. ACCESSIBILITY

A cultural hub that attracts new audiences and increased appreciation of Traquair both in person and online. We should recognise and expand the number of visitors around the world who now access Traquair online and through social media.

In person:

Online:

4. SUSTAINABILITY

3

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Trustees' report (continued)

Within this context Traquair has a Green Policy and action plan which is updated annually. We have several projects within the grounds that we are currently looking to progress:

Local engagement is particularly important for future projects such as housing or if a bike park is to go ahead in the future.

House opening, shops, cafe and visitor activities are balanced with spend from weddings, corporate events and accommodation which has become an increasingly important income generator.

Following successful planning approval a glamping project with 3 bespoke units is progressing which will provide an additional income stream for the Trust.

5. TRAQUAIR AND THE WIDER WORLD

Continuing to develop Traquair House as a national and international centre of dialogue and reconciliation that promotes greater well-being and mutual understanding between different groups, communities, peoples and nations, including those involved in conflict, by deploying its unique history, spirit and grounds as a place of sanctuary and relief, including through Beyond Borders and its following national and international programmes:

4

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Trustees' report ( continued)

Trustees and Governance

Traquair House Charitable Trust is governed by a board of trustees currently made up of a balance of family members and advisors. We plan to continue this model as well as drawing on outside expertise where needed and recruiting new trustees to ensure we have a good governance structure for the future. We plan to investigate the potential of setting up an advisory board.

Key performance indicators

We continue to monitor visitor numbers and income generated from the various trading activities associated with the house opening.

In 2024 visitor numbers were down by 8% and there was a decrease in group business that reflects a general trend in smaller group sizes. Total visitor numbers inclusive of wedding, events etc are approx. 27,000. However, the house continues to see a marked increase in its income from other activities such as weddings and accommodation. Wedding business was up by 50% in 2024 and accommodation by 6%.

Achievements and performance

Investment performance

In 2001 Seven Investment Management LLP were appointed as the Trust's investment managers. At that time £350,000 was made available for investing in listed securities. Over the year ended 31 October 2024, the investments have increased in value by £15,924 net of withdrawals. The Trustees believe that the portfolio performance against the benchmark remains satisfactory in light of current market conditions and recognise that the market value is now more than the historical cost of the investments by £26,401. Currently £10,000 per annum is being withdrawn from the portfolio to cover some of the Trust's expenses with a total of £240,000 having been withdrawn over the lifetime of the investment.

Estate performance

The Trust's estate property showed a deficit of £4,840 (2023 - £6,366 surplus) for the year after taking account of direct expenses and repairs to Traquair House.

The cost of repairs to Traquair House, including irrecoverable VAT, totalled £24,183 (2023 - £11,188).

The Trustees are satisfied with the performance during the year.

House opening and events performance

During the year the Trust's wholly owned subsidiary company, Traquair House Ltd, the House Opening activities made a profit £61,975 although overall House Ltd made a loss of £22,315.

The Gift Shop and Malt Loft turnover both improved their performance; Shop income by 6% and Malt Loft by 3%.

The Cafe experienced a challenging year in terms of staffing and consequently this impacted our reputation negatively at the start of the year and loss of local business although this recovered later in the year the loss made was £35,804.

5

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Trustees' report (continued)

Traquair Events Ltd continued to operate successfully with a profit of £3,014. Events at Traquair are generally managed in house but also include events managed by external operators who pay a facility fee.

Financial review

Reserves

Funds held by the Trust are split between unrestricted and restricted income funds. The unrestricted funds can be used in accordance with the charitable objectives of the Trust at the discretion of the Trustees. The Beyond Borders restricted income fund represents donations received specifically for use towards holding the Beyond Borders International Festival at Traquair. The Damhead restricted income fund represents income received for the Damhead Woodland planting scheme. The HES Recovery Grant restricted income fund represents income for the repairs to Traquair House as funded by the Historic Environment Repair Grant received from Historic Environment Scotland.

Reserves are reviewed on a regular basis and are held at such a level to ensure the ongoing financial stability and operation of the charity. The actual free reserves held at 31 October 2024 were £895,117 (2023 - £888,418).

As at 31 October 2024 the Beyond Borders Festival reserve was £12,022 (2023 - £46,688), the Damhead Woodland reserve was £Nil (2023 - £Nil) and the HES Recovery reserve was £706 (2023 - £706).

The Trust fund represents the capital elements of the Trust. The Income account represents the day to day running of the Trust.

Principal funding sources

The principal funding sources for the Trust are from donations, rental income from Estate properties, investment income from stock market investments and entrance fees to Traquair no use ami garue11 � auu associated activities.

Expenditure in the year has supported the objective of preserving Traquair House for public benefit by continuing the process of necessary repairs and maintenance to the House, policies and the gardens. Expenditure has also been incurred by way of advertising and marketing to encourage members of the public to visit.

rnvestment policy and objectives

The investment policy of the Trustees is to invest for long term growth, realising long term capital generation and preservation. The Trustees' investments comprise a portfolio of listed shares managed on a discretionary basis on their behalf and investment properties. The objective is to maintain capital and provide a sustainable base for long term support of the charity. The Trustees have engaged Seven Investment Management LLP as investment managers.

The Trust's portfolio has increased in value by 10% over cost, with a closing value of £283,319. The portfolio is managed at a split of 50% high volatility to 50% low volatility with a balanced mandate and it is invested accordingly.

6

Erwekpe ID.. 81DA21DWI1D455&AWEDEDBEG37DB1 Tr&qllAir House ChaTltable TTUSt Truslees, report (ioDIKllued) The Board of T￿￿tteS has conducted its annijal risk TeNiew for the next twelve month peri(KL and the top foijr risks to the Cliaritsble Ttusl continue to be as follows.. Cost ofiivillg crisis residting in Teduced visitor spelld Jllu'ease in ener8y Costs Not Sustailling current levels of business in ullcertain econoD]ic and po]itical Failing to have a go(>d balanced governance Stn￿ture that works for family and tsijstees The Tn￿tee$ have a55essed the major tisks to which the clwity is exwsed and are satlsfied that sysiems are in place to xniti8aie Ol￿ exposure io tlie xnajor risks. Strufture. goveTllaure alld Govemin ." document The Traquair House CILaritable Trust is a charitable ttust governed by its Trust Deed dated 12 September 1997. It is registeiEd as a charity with tbe Office of the Scottisb Charity Regulator. The Scottish charity Teference number is SC027042. AppoEnthient ofTrnste alld are"Family Trustees" and shall hold office as TTUStee5 ',IIIILly Trustees niay apwillt furtlier Family Trustees. T￿￿tees. other thaa the Family Trustees shall hold office for a ten]] llot exceeding 5 ye￿5 with power to be re- elected by a siD]ple majority of the other Trustees (incli￿lng die fa￿llY Trustees) for a fi7rt1ier period of 5 years. renewable on any of occa5il>llS. TnLSt* induction and The T￿￿teeS work witbin the guidelines of the Trust Deed but there is no forjnal training OT induction PTocess in place. an satlonal structure The board of Trl￿teeS adminiSt￿'S the Trust. It meets at least allnually to discuss the rllnnin8 of the Tiyst and strate8ic ll￿tter9. The day to day n]ana8ei]ieJit of the Trust is overseen by Catherille Maxwell Stuart. one of the Trustees. who is employed by the Trust for this purpose. lie￿￿￿eratiOll is detailed in note 13. The Trnstees collsidei Aiicl Ilie FiIi<UILe Administrator as coinprising the key lllana8ement persotukel UL the LI￿111 Is exnployed to oversee the day to day lllana8ement of the TnLSt. The total exiiijliii'ee beIietil4 lif Ilie ke!, n￿agement perSO￿le1 of the Trust were £59.690 (2023- £56,629).

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Trustees' report ( continued)

Subsidiary companies

The Trust has three wholly owned subsidiary trading companies: Traquair House Limited, Traquair Events Limited and Beyond Borders Productions Limited. The Trust and its subsidiaries are closely managed and consolidated financial statements have been prepared.

Traquair House Limited operates the house opening activities at Traquair House including the operation of an associated shop, malt loft and restaurant. Traquair Events Limited provides events at Traquair House. Beyond Borders Productions Limited undertakes the Beyond Borders International Festival at Traquair.

Any profits generated by the Trust's wholly owned subsidiaries are to be donated to the Trust and utilised by the Trustees in fulfilling their objectives.

Reference and administrative details

Trustees

Principal office

Traquair House Charitable Trust Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE

Charity Number: SC027042

Statutory auditor

MHA Chartered Accountants 6 St Colme Street Edinburgh EH36AD

Bankers

The Royal Bank of Scotland pie St Andrews Square Edinburgh EH22AD

Solicitors

Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE

8

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Trustees' report (continued)

Investment managers

Seven Investment Management LLP Princes Exchange 1 Earl Grey Street Edinburgh EH3 98N

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable Jaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the trustees 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 period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and apply them consistently;

observe the methods and principles in the Charities Statement of Recommended Practice;

make judgements and estimates that are reasonable and prudent;

state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to assume the Trust will continue in operation.

9

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Trustees' report ( continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial 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.

The trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the Trustees on

10

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Independent auditor's report

To the trustees ofTraquair House Charitable Trust

Opinion

We have audited the financial statements of Traquair House Charitable Trust for the year ended 31 October 2024 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group's and parent charity's affairs as at 31 October 2024, and of the group's and parent charity's incoming resources and application of resources, including its income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees' Report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

11

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Independent auditor's report (continued) To the trustees ofTraquair House Charitable Trust

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

proper accounting records have not been kept; or

the financial statements are not in agreement with the accounting records; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the trust or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management, those charged with governance around actual and potential litigation and claims;

Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; Reviewing minutes of meetings of those charged with governance;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 

12

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Independent auditor's report (continued)

To the trustees ofTraquair House Charitable Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error; as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor's report.

Use of report

This report is made solely to the trust's Trustees, as a body, in accordance with Section 44 (1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the trust's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the trust's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

�� !1D66E99404...

MHA 28 July 2025

Chartered Accountants and Statutory Auditor

Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

6 St Colme Street Edinburgh EH3 6AD

MHA is the trading name of MHA Audit services LLP, a limited liability partnership in England and Wales (registered number OC455542). 

13


Traquair House Charitable Trust
Group statement of financial activities
For the year ended 31 October 2024
2024
Unrestricted
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Notes

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Group statement of financial activities
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(54,353)
102,264
Income and endowments from:
- Donations and legacies
3
-Charitable activities
4
- Other trading activities
5
- Investments
6
Total
Expenditure on:
- Raising funds
8
- Charitable activities
9
Total
Transfers
Gross transfers between funds
Net income and net movement in funds before other recognised gains and
losses carried forward to page 15		 £
5,284
210,645
459,929
269,614
--
945,472
689,212
365,297
1,054,509
89,350
(19,687)		 £
98,725
-		 £
10,625
76,010		 £
-		 £
15,909
385,380
459,929
269,614		 £
40,965
465,559
451,257
211,957
98,725
(98,725)		 86,635
130,676
130,676
9,375
(34,666)		 1,130,832
689,212
495,973
1,185,185
(54,353)		 1,169,738
648,460
419,014
1,067,474
102,264

14

0 0 () C cc· e ::::, m ::::, cB 0 -0 CD

Traquair House Charitable Trust

Group statement of financial activities (continued)

For the year ended 31 October 2024

2024
Unrestricted
Funds
Notes
£
Net income and net movement in funds before other recognised gains and
losses brought forward from page 14
(19,687)
Other recognised gains and losses
Gain on revaluation of investment property20
384,568
Gain on listed investments
21
27,259
Net movement in funds
392,140
Reconciliation of funds
Total funds brought forward
-Trust fund
6,804,423
- Income account
888,418
Total funds carried forward
26
8,084,981		 2024
2024
2024
2024
2023
Restricted Income Funds
Total Funds Total Funds
Damhead
Beyond
HES
Forestry
Borders
Recovery
Festival
Grant
£
£
£
£
£
(34,666)
(54,353)
102,264
384,568
1,122,651
27,259
2,940
(34,666)
357,474
1,227,855
6,804,423
5,706,207
46,688
706
935,812
806,173
12,022
706
8,097,709
7,740,235

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All incoming resources and resources expended derive from continuing activities. The notes on pages 22 to 57 form part of these financial statements. 

15
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Traquair House Charitable Trust
Trust statement of financial activities
For the year ended 31 October 2024
0
0
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2024
2024
2024
2024
2023
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Unrestricted
Restricted Income Funds
Total Funds Total Funds
&,
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HES
0
Notes
Forestry
Borders
Recovery
.J:.
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Income and endowments from:
Festival
Grant
Ol
£
£
£
£
£
£
0
m
0m
- Donations and legacies
3
74,812
10,625
85,437
48,239
0
Om
0
(,.)
-..J
0
�
OJ
O
- Charitable activities
4
98,725
-
98,725
151,626
- Other trading activities
5
42,606
42,606
53,984
- Investments
6
269,615
-
-
-
269,615
211,958
--
Total
387,033
98,725
10,625
496,383
465,807
Expenditure on:
-Raising funds
8
379,184
379,184
359,409
- Charitable activities
9
97,597
54,759
152,356
32,727
Total
476,781
54,759
531,540
392,136
Transfers
Gross transfers between funds
89,350
(98,725)
9,375
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17
(398)
(34,759)
(35,157)
73,671		 CJl
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Traquair House Charitable Trust
Trust statement of financial activities
For the year ended 31 October 2024
0
0
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2024
2024
2024
2024
2024
2023
0
Unrestricted
Restricted Income Funds
Total Funds Total Funds
&,
�
Funds
Damhead
Beyond
HES
0
Notes
Forestry
Borders
Recovery
.J:.
CJl
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Income and endowments from:
Festival
Grant
Ol
£
£
£
£
£
£
0
m
0m
- Donations and legacies
3
74,812
10,625
85,437
48,239
0
Om
0
(,.)
-..J
0
�
OJ
O
- Charitable activities
4
98,725
-
98,725
151,626
- Other trading activities
5
42,606
42,606
53,984
- Investments
6
269,615
-
-
-
269,615
211,958
--
Total
387,033
98,725
10,625
496,383
465,807
Expenditure on:
-Raising funds
8
379,184
379,184
359,409
- Charitable activities
9
97,597
54,759
152,356
32,727
Total
476,781
54,759
531,540
392,136
Transfers
Gross transfers between funds
89,350
(98,725)
9,375
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17
(398)
(34,759)
(35,157)
73,671		 CJl
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Traquair House Charitable Trust
Trust statement of financial activities
For the year ended 31 October 2024
0
0
(")
C
c
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0
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0
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2024
2024
2024
2024
2024
2023
0
Unrestricted
Restricted Income Funds
Total Funds Total Funds
&,
�
Funds
Damhead
Beyond
HES
0
Notes
Forestry
Borders
Recovery
.J:.
CJl
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Income and endowments from:
Festival
Grant
Ol
£
£
£
£
£
£
0
m
0m
- Donations and legacies
3
74,812
10,625
85,437
48,239
0
Om
0
(,.)
-..J
0
�
OJ
O
- Charitable activities
4
98,725
-
98,725
151,626
- Other trading activities
5
42,606
42,606
53,984
- Investments
6
269,615
-
-
-
269,615
211,958
--
Total
387,033
98,725
10,625
496,383
465,807
Expenditure on:
-Raising funds
8
379,184
379,184
359,409
- Charitable activities
9
97,597
54,759
152,356
32,727
Total
476,781
54,759
531,540
392,136
Transfers
Gross transfers between funds
89,350
(98,725)
9,375
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17
(398)
(34,759)
(35,157)
73,671		 CJl
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Traquair House Charitable Trust
Trust statement of financial activities
For the year ended 31 October 2024
0
0
(")
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c
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0
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0
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2024
2024
2024
2024
2024
2023
0
Unrestricted
Restricted Income Funds
Total Funds Total Funds
&,
�
Funds
Damhead
Beyond
HES
0
Notes
Forestry
Borders
Recovery
.J:.
CJl
CJl
Income and endowments from:
Festival
Grant
Ol
£
£
£
£
£
£
0
m
0m
- Donations and legacies
3
74,812
10,625
85,437
48,239
0
Om
0
(,.)
-..J
0
�
OJ
O
- Charitable activities
4
98,725
-
98,725
151,626
- Other trading activities
5
42,606
42,606
53,984
- Investments
6
269,615
-
-
-
269,615
211,958
--
Total
387,033
98,725
10,625
496,383
465,807
Expenditure on:
-Raising funds
8
379,184
379,184
359,409
- Charitable activities
9
97,597
54,759
152,356
32,727
Total
476,781
54,759
531,540
392,136
Transfers
Gross transfers between funds
89,350
(98,725)
9,375
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17
(398)
(34,759)
(35,157)
73,671		 CJl
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Traquair House Charitable Trust
Trust statement of financial activities
For the year ended 31 October 2024
0
0
(")
C
c
(o
) ·
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::::,
<
(1)
0
""O
(1)
0
�
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2024
2024
2024
2024
2024
2023
0
Unrestricted
Restricted Income Funds
Total Funds Total Funds
&,
�
Funds
Damhead
Beyond
HES
0
Notes
Forestry
Borders
Recovery
.J:.
CJl
CJl
Income and endowments from:
Festival
Grant
Ol
£
£
£
£
£
£
0
m
0m
- Donations and legacies
3
74,812
10,625
85,437
48,239
0
Om
0
(,.)
-..J
0
�
OJ
O
- Charitable activities
4
98,725
-
98,725
151,626
- Other trading activities
5
42,606
42,606
53,984
- Investments
6
269,615
-
-
-
269,615
211,958
--
Total
387,033
98,725
10,625
496,383
465,807
Expenditure on:
-Raising funds
8
379,184
379,184
359,409
- Charitable activities
9
97,597
54,759
152,356
32,727
Total
476,781
54,759
531,540
392,136
Transfers
Gross transfers between funds
89,350
(98,725)
9,375
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17
(398)
(34,759)
(35,157)
73,671		 CJl
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Traquair House Charitable Trust
Trust statement of financial activities
For the year ended 31 October 2024
0
0
(")
C
c
(o
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::::,
<
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0
""O
(1)
0
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2024
2024
2024
2024
2024
2023
0
Unrestricted
Restricted Income Funds
Total Funds Total Funds
&,
�
Funds
Damhead
Beyond
HES
0
Notes
Forestry
Borders
Recovery
.J:.
CJl
CJl
Income and endowments from:
Festival
Grant
Ol
£
£
£
£
£
£
0
m
0m
- Donations and legacies
3
74,812
10,625
85,437
48,239
0
Om
0
(,.)
-..J
0
�
OJ
O
- Charitable activities
4
98,725
-
98,725
151,626
- Other trading activities
5
42,606
42,606
53,984
- Investments
6
269,615
-
-
-
269,615
211,958
--
Total
387,033
98,725
10,625
496,383
465,807
Expenditure on:
-Raising funds
8
379,184
379,184
359,409
- Charitable activities
9
97,597
54,759
152,356
32,727
Total
476,781
54,759
531,540
392,136
Transfers
Gross transfers between funds
89,350
(98,725)
9,375
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17
(398)
(34,759)
(35,157)
73,671		 CJl
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)


Traquair House Charitable Trust
Trust statement of financial activities
For the year ended 31 October 2024
0
0
(")
C
c
(o
) ·
::::,
::::,
<
(1)
0
""O
(1)
0
�
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2024
2024
2024
2024
2024
2023
0
Unrestricted
Restricted Income Funds
Total Funds Total Funds
&,
�
Funds
Damhead
Beyond
HES
0
Notes
Forestry
Borders
Recovery
.J:.
CJl
CJl
Income and endowments from:
Festival
Grant
Ol
£
£
£
£
£
£
0
m
0m
- Donations and legacies
3
74,812
10,625
85,437
48,239
0
Om
0
(,.)
-..J
0
�
OJ
O
- Charitable activities
4
98,725
-
98,725
151,626
- Other trading activities
5
42,606
42,606
53,984
- Investments
6
269,615
-
-
-
269,615
211,958
--
Total
387,033
98,725
10,625
496,383
465,807
Expenditure on:
-Raising funds
8
379,184
379,184
359,409
- Charitable activities
9
97,597
54,759
152,356
32,727
Total
476,781
54,759
531,540
392,136
Transfers
Gross transfers between funds
89,350
(98,725)
9,375
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17
(398)
(34,759)
(35,157)
73,671		 CJl
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)


Traquair House Charitable Trust
Trust statement of financial activities
For the year ended 31 October 2024
0
0
(")
C
c
(o
) ·
::::,
::::,
<
(1)
0
""O
(1)
0
�
0
)>
�
N
2024
2024
2024
2024
2024
2023
0
Unrestricted
Restricted Income Funds
Total Funds Total Funds
&,
�
Funds
Damhead
Beyond
HES
0
Notes
Forestry
Borders
Recovery
.J:.
CJl
CJl
Income and endowments from:
Festival
Grant
Ol
£
£
£
£
£
£
0
m
0m
- Donations and legacies
3
74,812
10,625
85,437
48,239
0
Om
0
(,.)
-..J
0
�
OJ
O
- Charitable activities
4
98,725
-
98,725
151,626
- Other trading activities
5
42,606
42,606
53,984
- Investments
6
269,615
-
-
-
269,615
211,958
--
Total
387,033
98,725
10,625
496,383
465,807
Expenditure on:
-Raising funds
8
379,184
379,184
359,409
- Charitable activities
9
97,597
54,759
152,356
32,727
Total
476,781
54,759
531,540
392,136
Transfers
Gross transfers between funds
89,350
(98,725)
9,375
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17
(398)
(34,759)
(35,157)
73,671


- Charitable activities
4
- Other trading activities
5
- Investments
6
Total
Expenditure on:
-Raising funds
8
- Charitable activities
9
Total
Transfers
Gross transfers between funds
Net income and net movement in funds before other recognised gains and
losses carried forward to page 17		 ,
42,606
269,615
387,033
379,184
97,597
476,781
89,350
(398)		 98,725
-
-
98,725
(98,725)		 , -
-		 ,
98,725
42,606
269,615
496,383
379,184
152,356
531,540
(35,157)		 ,
151,626
53,984
211,958
--
465,807
10,625
54,759
54,759
9,375
(34,759)
359,409
32,727
392,136
73,671 
16

0 0 () C c::,(c)· m ::, < CD 0 -0 CD q � ex, 0 �[i(;] 0 (.J1 CJ1 � 0 .l,.. (.J1 (.J1 0) �0 .j>. rn 0 m 0 O J m () w --J 0 � OJ

Traquair House Charitable Trust

Trust statement of financial activities (continued) For the year ended 31 October 2024

Notes
Net income and net movement in funds before other recognised gains and
losses brought forward from page 16
2024
Unrestricted
Funds
£
(398)		 Notes
Net income and net movement in funds before other recognised gains and
losses brought forward from page 16
2024
Unrestricted
Funds
£
(398)		 2024
2024
2024
2024
2023
Restricted Income Funds
Total Funds Total Funds
Damhead
Beyond
HES
Forestry
Borders
Recovery
Festival
Grant
£
£
£
£
£
(34,759)
(35,157)
73,671		 2024
2024
2024
2024
2023
Restricted Income Funds
Total Funds Total Funds
Damhead
Beyond
HES
Forestry
Borders
Recovery
Festival
Grant
£
£
£
£
£
(34,759)
(35,157)
73,671
Other recognised gains and losses
Gain on revaluation of investment property 20
Gain/(loss) on listed investments
21
Other gains and losses
21
Net movement in funds
Reconciliation of funds
Total funds brought forward
-Trust fund
- Income account
Total funds carried forward		 384,567
27,259
(75,525)
335,903
6,651,290
1,027,442
8,014,635		 (34,759)
34,759		 384,567
1,122,651
27,259
2,940
(75,525)
48,756
301,144
1,248,018
6,651,290
5,504,318
706
1,062,907
961,861
706
8,015,341
7,714,197

All incoming resources and resources expended derive from continuing activities. The notes on pages 22 to 57 form part of these financial statements. 

17

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Group balance sheet As at 31 October 2024

Notes
Fixed assets
Tangible assets
15
Biological assets
16
Heritage assets
17
Investmentproperties
20
Investments
21
Current assets
Stocks
23
Debtors
24
Cash at bank and in hand
Creditors: amounts falling due within
one year
25
Net current assets
Total assets less current liabilities
The funds of the charity
Trust fund
Unrestricted
lnrnmo::arrnnnt
Restricted
- Beyond Borders Festival
26
- HES Recovery Grant
26
Unrestricted
26
Total Income account
Total funds (page 15)		 £
31,471
471,646
1,387,686		 2024
£
86,000
1,200,868
1,303,539
5,173,219
283,319		 £
24,206
285,612
216,092		 2023
£
60,055
1,151,911
1,305,153
4,788,651
267,395
8,046,945
50,764		 7,573,165
167,070
1,890,803
(1,840,039)		 525,910
(358,840)
12,022
706
895,117		 46,688
706
888,418
8,097,709 7,740,235
7,189,864
907,845		 6,804,423
935,812
8,097,709 7,740,235

Approved by the Trustees on ......................and are signed on their behalf by: 

18

Docusig� Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Trust balance sheet As at 31 October 2024

Notes
Fixed assets
Tangibleassets
15
Biological assets
16
Heritageassets
17
Investment properties
20
Investments
21
Current assets
Debtors
24
Cash at bank and in hand
Creditors: amounts falling due within
one year
25
Net current (liabilities)/assets
Total assets less current liabilities
The funds of the charity
Trust fund
Unrestricted
Income account
Restricted
- Beyond Borders Festival
- HES Recovery Grant
Unrestricted
Total Income account
Total funds		 £
454,206
1,291,285		 2024
£
68,316
1,200,868
1,303,539
5,173,219
283,323		 £
248,175
112,235		 2023
£
49,542
1,151,911
1,305,153
4,788,651
342,924
8,029,265
(13,924)		 7,638,181
76,016
1,745,491
(1,759,415)		 360,410
(284,394)
706
1,053,429		 34,759
706
1,027,442
8,015,341 7,714,197
6,961,206
1,054,135		 6,651,290
1,062,907
8,015,341 7,714,197

Approved by the Trustees on ...................... and are signed on their behalf by: 

19

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Group statement of cash flows

For the year ended 31 October 2024

Note
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
31
Investing activities
Purchase of tangible fixed assets
Purchase of biological assets
Purchase of heritage assets
Purchase of investments
Proceeds on disposal of investments
Interest received
Dividends received
Other investment income received
Net cash generated from investing activities
Financing activities
Repayment of borrowings
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 £
(10,799)
(48,957)
(25,389)
(50,757)
62,093
18,516
5,620
237,514		 2024
£
1,001,272
187,841
(17,519)		 £
(11,521)
(79,244)
(3,528)
(24,163)
45,052
1,470
4,537
197,824		 2023
£
(72,794)
130,427
(1,101)
(17,519) (1,101)
1,171,594
216.092		 56,532
:!.59,560
1,387,686 216,092

20

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Traquair House Charitable Trust

Trust statement of cash flows

For the year ended 31 October 2024

Note
Cash flows from operating activities
Cashgeneratedfrom/(absorbed by)
operations
32
Investingactivities
Purchase of tangible fixed assets
Purchase of biological assets
Purchase of heritage assets
Purchase of investments
Proceeds on disposal of fixed asset investments
Interest received
Dividends received
Other investment income received
Net cash generated from investing activities
Financing activities
Repayment of borrowings
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cashand cashequivalents at beginning of year
Cash and cash equivalents at end of year		 £
(48,957)
(25,389)
(50,757)
62,091
18,516
5,620
237,515		 2024
£
967,678
198,639
12,733		 £
(5,790)
(79,244)
(3,528)
(24,163)
45,052
1,470
4,537
197,826		 2023
£
(143,723)
136,160
70,313
12,733 70,313
1,179,050
112,235		 62,750
49,485
1,291,285 112,235 
21

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements For the year ended 31 October 2024

Trust information

Traquair House Charitable Trust ("the charity") is a Charitable Trust registered in Scotland. The registered office is Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE.

The group consists ofTraquair House Charitable Trust and all of its subsidiaries.

1.1 Accounting convention

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Trust constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest£.

The financial statements have been prepared under the historical cost convention, modified to include freehold land and buildings, investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the ti � c cf :1pp � :J'.':!'!g the fi!'!?.!'.ci?.l stc1_tl:'ml:'nt<;, thP Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt that going concern basis of accounting in preparing the financial statements.

1.3 Basis of consolidation

The group financial statements incorporate those of Traquair House Charitable Trust and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4 Donations and endowments

Donations are included in the year in which they are received which is when the charity becomes entitled to the resource.

1.5 Grants

Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grants within the trading subsidiaries towards capital expenditure are credited to deferred revenue and are released to the consolidated statement of financial activities over the expected useful life of the assets.

22

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

1 Accounting policies (continued)

1.6 Carbon credits

Carbon credits received are deferred and will be released to the SOFA once the Pending Issuance Units are converted to Woodland Carbon Units, based on the number of units verified.

1.7 Investment income and rental income

Income from investments is included in the SOFA in the year in which it is receivable. Rental and sporting income received in advance is deferred until the criteria for income recognition are met.

1.8 Income from house opening and events at Traquair House

Income represents amounts receivable for goods and services net of VAT and trade discounts.

1.9 Expenditure

All expenditure is included on an accruals basis. All costs have been directly attributed to one of the functional categories of resources expended in the SOFA as follows: -

Raising funds: These are costs directly attributable to the running of the Traquair Estate including property letting, sporting and the operation of the shop, malt loft, and restaurant.

Charitable These are costs relating to expenditure on preserving and maintaining Traquair House and activities: the associated trades of opening the house and gardens to the public and running of events at Traquair.

Governance These are costs associated with meeting the constitutional and statutory requirements of

and support the charity and include costs related to statutory audit and legal fees and costs linked to the

costs: strategic management of the charity. The allocation of these costs is detailed in note 10.

Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

1.10 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website design

20% per annum straight line

1.11 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

23

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Notes to the financial statements (continued) For the year ended 31 October 2024

Traquair House Charitable Trust

1 Accounting policies (continued)

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Heritable property 5% per annum, straight line Other tangible assets 5 - 25% per annum, straight line Motor vehicles 25% per annum, straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.12 Biological assets

The trust has planted a commercial woodland which is included as a biological asset within fixed assets.

Biological assets are stated at cost less accumulated impairment losses. The assets are not depreciated. Biological assets are transferred to stock at cost when the timber is identified as ready to be felled.

1.13 Heritage assets

Heritage assets which are purchased are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Heritage assets which are donated are initially recognised at valuation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

ttentage assets 5% per annum, straight iine

1.14 Investmentproperties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.15 Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent charity financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The social investment is the trust's investment in Beyond Borders Productions Limited. This has been impaired as the company's balance sheet shows net liabilities.

24

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Notes to the financial statements (continued) For the year ended 31 October 2024

Traquair House Charitable Trust

1 Accounting policies (continued)

1.16 Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.17 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.18 Cash at bank and in hand

Cash and cash equivalents are basic financial assets and 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.

25

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Notes to the financial statements (continued) For the year ended 31 October 2024

Traquair House Charitable Trust

1 Accounting policies (continued)

1.19 Financial instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

26

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Notes to the financial statements (continued) For the year ended 31 October 2024

Traquair House Charitable Trust

1 Accounting policies (continued)

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.20 Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.21 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.22 Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

27

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

1 Accounting policies (continued)

1.23 Governmentgrants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2 Critical accounting judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the Trustees 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 items in the accounts where these judgements and estimates have been made include:

28

0 0 () C c::,(c)· m <::, 0 CD -0 CD

Traquair House Charitable Trust

Notes to the financial statements (continued)

For the year ended 31 October 2024

the year ended 31 October 2024
q
�
e x ,
0
)>

�
N
0
Income from donations and legacies
(.J1
(.J1
Unrestricted
Funds
Restricted
Funds
Total Funds
Total Funds
CJ1
�
0
Beyond
.l,..
(.J1
Borders
0)
)>
Group
Gift aid donations
Other donations
2024
£
3,839
1,445
Festival
2024
£
10,625
-
2024
£
14,464
1,445
2023
£
34,271
6,694
0)
0.j>.
rn
0m
0
OJ
m
()w
--J
0
�
OJ
--
5,284
---
10,625
---
15,909
-
40,965
Trust
2024
2024
2024
2023
£
£
£
£
Gift aid donations
3,839
10,625
14,464
34,271
Other donations
70,973
---
70,973
---
13,968
74,812
10,625
85,437
48,239

3 Income from donations and legacies

Of the £15,909 received in 2024 (2023 - £40,965) £5,284 was unrestricted funds (2023 - £12,215) and £10,625 was restricted funds (2023 - £28,750).

29

uair House Charitable Trust
to the financial statements (continued)
he year ended 31 October 2024
Income from charitable activities
Unrestricted
Funds
Group
2024
£
Houseopening
139,781
Events heldatTraquair House
70,864
Forestry grant scheme receipt
210,645
Trust
2024
£
Forestry grant scheme receipt		 0
0
()
C:
c
(o
) ·
:,
:, <
ct>
0
"O
ct>
0
.0..0,.
0
Restricted
Restricted
Total Funds
Total Funds
Funds
Funds
Beyond
Damhead
Borders
Forestry
Festival
)>
.N..,.
0
(J1
&,
�
0
.l,.
(J1
(J1
CJ)
)>
CJ)
0 -IS-
2024
2024
2024
2023
rh
£
£
0
£
£
0
Ir
Jn
J
()
139,781
(;)
--.J
0
76,010
-
146,874
-
98,725
98,725
76,010
98,725
385,380
175,876
151,626
--
465,559
.I.J.,J.
2024
£
2024
£
2024
£
2023
£
98,725
98,725
151,626
98,725
98,725
151,626
rn
138,057
rn		 0
0
()
C:
c
(o
) ·
:,
:, <
ct>
0
"O
ct>
0
.0..0,.
0
Restricted
Restricted
Total Funds
Total Funds
Funds
Funds
Beyond
Damhead
Borders
Forestry
Festival
)>
.N..,.
0
(J1
&,
�
0
.l,.
(J1
(J1
CJ)
)>
CJ)
0 -IS-
2024
2024
2024
2023
rh
£
£
0
£
£
0
Ir
Jn
J
()
139,781
(;)
--.J
0
76,010
-
146,874
-
98,725
98,725
76,010
98,725
385,380
175,876
151,626
--
465,559
.I.J.,J.
2024
£
2024
£
2024
£
2023
£
98,725
98,725
151,626
98,725
98,725
151,626
rn
138,057
rn
76,010
2024
£

Traquair House Charitable Trust

Notes to the financial statements (continued)

For the year ended 31 October 2024

Of the £385,380 received in 2024 (2023 - £465,559) £210,645 was unrestricted funds (2023 - £212,687) and £174,735 was restricted funds (2023 - £252,872).

There were no grants received in the unrestricted funds in 2024 (20 � 13 - £nil)

The restricted fund for the Beyond Borders Festival is admissions income and grants including £25,000 from Postcode Culture, £23,421 from Charities Aid Foundation, £15,000 from E Fairbairn, £5,000 from Tweed Forum and £750 from Highland carbon. (2023 - £31,654 from Scottish Government for the John Kerry Event, £25,000 from Postcode Culture, £5,000 from Scottish Borders Council and £3,549 from Creative Scotland.).

30

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

Income earned from other trading activities
Group
Sporting income
Shop
Malt Loft
The 17 45 Garden Cafe
Energy income
House functions
Trust
Sporting income
Energy income		 Unrestricted
Funds
Unrestricted
Funds
2024
2023
£
£
25,757
30,011
39,574
37,490
67,352
65,176
132,643
147,856
13,266
12,140
181,337
158,584
459,929
2024
£
25,757
16,849
42,606		 451,257
2023
£
30,011
23,973
53,984

All income from other trading activities is unrestricted funds. 

31

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

6 Investment income

Investment income
Group
Bankinterest
Otherinterest
Listed investments dividends
Income from investment property
Trust
Bankinterest
Otherinterest
Listed investments dividends
Income from investment property		 Unrestricted
Funds
Unrestricted
Funds
2024
2023
£
£
18,516
1,470
7,964
8,126
5,620
4,537
237,514
197,824
269,614
2024
£
18,516
7,964
5,620
237,515
269,615		 211,957
2023
£
1,470
8,126
4,537
197,825
211,958

All investment income is unrestricted funds.

32

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

7 Income from subsidiaries trading activities

The charity wholly owns three subsidiaries. Their trading results for the year, as extracted from their financial statements, are summarised below.

Beyond
Borders
Productions
Limited
2024
£
Turnover
130,769
Cost of sales
(125,135)
Gross profit
5,634
Administrative expenses
(5,542)
Net profit/(loss)
92
Prior year
2023
£
Turnover
104,554
Cost of sales
(98,196)
Gross profit
6,358
Administrativeexpenses
(3,053)
Net profit
3,305		 Traquair
Events
Limited
Traquair
House
Limited
2024
£
2024
£
70,864
560,687
(37,329)
(104,442)
33,535
456,245
(30,521)
(478,560)
3,014
(22,315)
2023
£
2023
£
74,630
547,163
(39,525)
(104,450)		 Traquair
Events
Limited
Traquair
House
Limited
2024
£
2024
£
70,864
560,687
(37,329)
(104,442)
33,535
456,245
(30,521)
(478,560)
3,014
(22,315)
2023
£
2023
£
74,630
547,163
(39,525)
(104,450)		 Total
2024
£
762,320
(266,906)
33,535
(30,521)		 495,414
(514,623)
(19,209)
2023
£
726,347
(242,171)
35,105
442,713
484,176
(15,596)
(393,957)
(412,606)
19,509
48,756
71,570

Details of the subsidiaries balance sheets are given in note 22.

Included within the turnover of Beyond Borders Productions Limited is grant income of £54,759 (2023 - £3,308) received from Traquair House Charitable Trust. 

33

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

8
Raising funds
Unrestricted
Funds
Group
£
Directcosts
Investment propertyexpenses
183,775
Sporting expenses
16,414
Estate management expenses
20,413
Shop
42,256
MaltLoft
56,075
The 1745 Garden Cafe
168,447
Energy expenses
16,522
Investmentmanagement
3,422
Housefunctions
43,250
550,574
Trust
2024
£
Direct costs
Investment property expenses
183,775
Sporting expenses
16,414
Estate management expenses
20,413
rl
.:HlUiJ
Malt Loft
The 17 45 Garden Cafe
Energy expenses
16,522
Investment management
3,422
House functions
240,546		 8
Raising funds
Unrestricted
Funds
Group
£
Directcosts
Investment propertyexpenses
183,775
Sporting expenses
16,414
Estate management expenses
20,413
Shop
42,256
MaltLoft
56,075
The 1745 Garden Cafe
168,447
Energy expenses
16,522
Investmentmanagement
3,422
Housefunctions
43,250
550,574
Trust
2024
£
Direct costs
Investment property expenses
183,775
Sporting expenses
16,414
Estate management expenses
20,413
rl
.:HlUiJ
Malt Loft
The 17 45 Garden Cafe
Energy expenses
16,522
Investment management
3,422
House functions
240,546		 Unrestricted
Total funds
Total funds
Funds
Governance
2024
2023
and support
£
£
£
46,276
230,051
204,544
4,133
20,547
15,391
5,140
25,553
28,752
10,640
52,896
54,658
14,120
70,195
72,118
42,416
210,863
194,293
4,161
20,683
29,022
862
4,284
4,350
10,890
54,140
45,332		 Unrestricted
Total funds
Total funds
Funds
Governance
2024
2023
and support
£
£
£
46,276
230,051
204,544
4,133
20,547
15,391
5,140
25,553
28,752
10,640
52,896
54,658
14,120
70,195
72,118
42,416
210,863
194,293
4,161
20,683
29,022
862
4,284
4,350
10,890
54,140
45,332
138,638
689,212
648,460
2024
2024
2023
£
£
£
46,276
230,051
204,544
4,133
20,547
15,391
5,140
25,553
28,752
10,640
10,640
11,539
14,120
14,120
15,225
42,416
42,416
41,016
4,161
20,683
29,022
862
4,284
4,350
10,890
10,890
9,570
2024
£
183,775
16,414
20,413
16,522
3,422
240,546
138,638
379,184
359,409

All governance and support costs are allocable to unrestricted funds. Governance and support costs are summarised in note 10.

34

0 0 () C c::,(c)· ::, < CD 0 -0 CD q � e x , 0 )> 0 � N (.J1 CJ1 � 0 .l,.. ( J1 ( J1 0) )> 0) 0 .j>. rn 0 m 0 O J m () w --J 0 � OJ

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

9 Charitable activities

Charitable activities Charitable activities Charitable activities Charitable activities Charitable activities
Unrestricted
Funds
Restricted
Funds
Governance
Total Funds
and support
Total Funds
Group
Direct costs
House opening
Events at Traquair House
Traquair House
Trust
House opening
Events at Traquair House
Traquair House
Grants paid to Beyond Borders Productions Ltd
Release of provision against loans to trading subsidiary companies		 £
212,305
55,408
48,691
316,404
2024
£
48,691
13
48,704
Beyond
Borders
Festival
£
130,676
130,676
2024
£
-
54,759
2024
2023
£
£
£
32,807
245,112
221,869
8,562
194,646
165,533
7,524
--
56,215
--
31,612
48,893
495,973
419,014
2024
2024
2023
£
32,807
£
32,807
£
31,620
8,562
8,562
9,162
7,524
56,215
31,612
-
54,759
3,308
13
(42,975)
--
48,893
152,356
32,727
54,759

Governance and support costs are summarised in note 10.

35



Traquair House Charitable Trust
Notes to the financial statements (continued)
For the year ended 31 October 2024		 rn
Basisof
2023
apportionment
£
92,614
Cost allocation
27,953
Cost allocation
20,183
Governance
17,089
Governance
5,790
Governance
4,880
Cost allocation
13,671
-
Governance
182,180
45,288
136,892
182,180
0
0
()
C
c
(/o
) ·
:,
:, <
(1)
0
-0
(1)
6
�
0
�
0
01
:
&::
,
0
�
01
01
0)
)>
0)
0
.i:,.
0rn
0
r
On
J
0
ul
--.I
0
�
O J
rn
10
Governance and support costs
Group and Trust
Wages
Trustee wages
Legal and professional fees
Accountancy fees
Audit fees
Advertising
Insurance
Apportionedto:
Charitable activities
Raising funds		 General
Governance
support
function
£
£
89,043
28,792
19,209
17,920
13,436
3,803
15,328
--
121,638
65,893
27,053
21,840
94,585
44,053
121,638
65,893		 2024
£
89,043
28,792
19,209
17,920
13,436
3,803
15,328		 General
Governance
support
function
£
£
92,614
27,953
20,183
17,089
5,790
4,880
13,671
125,447
56,733
29,384
15,904
96,063
40,829
125,447
56,733
187,531
48,893
138,638
187,531

The total support cost attributable to raising funds and charitable activities is then apportioned pro rata to the expenditure cost as shown in note 8 and 9 respectively.

The Trustees have decided to meet all governance costs from unrestricted funds and so no allocation or charge is made to restricted funds for any governance related costs.

36

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

11 Auditor's remuneration

Fees payable to the charity's auditor and associates:

For audit services Audit of the financial statements of the group

2024 2023
£ £
13,436 5,790

12 Employees

The average monthly number of persons (including trustees) employed by the group and Trust during the year was:

Group Trust
2024 2023 2024 2023
Number Number Number Number
39 33 7 7

Their aggregate remuneration comprised:

Group
2024
£
Wages and salaries
391,518
Social security costs
16,810
Pension costs
5,558
413,886		 2023
Trust
2024
2023
£
£
£
369,581
149,664
146,424
12,136
8,360
8,240
4,794
3,483
3,342
386,511
161,507
158,006

No employee received total emoluments of more than £60,000.

The key management personnel of the parent charity, the Trust, comprise , a Trustee, and the Financial Administrator. The total employee benefits of the key management personnel of the Trust were £59,680 (2023 - £56,629).

37

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

13 Trustee's remuneration

Trustee's remuneration
2024 2023
£ £
Salary 26,334 25,557
Employer's National Insurance 1,855 1,807
Pension contributions 603 589
---
28,792 27,953
---

is employed to oversee the day to day management of the Trust.

No reimbursement was made in relation to Trustees expenses during the year (2023 - £Nil).

14 Intangible fixed assets

Group Website design
£
Cost
At 1 November 2023 and 31 October 2024 4,975
Amortisation and impairment
At 1 November 2023 and 31 October 2024 4,975

r�rr,,i-- .,..,....,......,_ ...

--• .a J •••fi> ML&&&'-IU.&.&L

At 31 October 2024

At 31 October 2023

The Trust had no intangible fixed assets at 31 October 2024 or 31 October 2023.

38

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Notes to the financial statements (continued)

For the year ended 31 October 2024

15 Tangible fixed assets

Group
Cost
At 1 November 2023
Additions
At 31 October 2024
Depreciation and impairment
At 1 November 2023
Depreciation charged in the year
At 31 October 2024
Carrying amount
At 31 October 2024
At 31 October 2023
Trust
Cost
At 1 November 2023
Additions
At 31 October 2024
Depreciation and impairment
At 1 November 2023
Depreciation charged in the year
At 31 October 2024
Carrying amount
At 31 October 2024
At 31 October 2023		 Heritable
property
£
126,415		 Heritable
property
£
126,415		 Other
tangible
assets
£
203,474
36,188		 Total
£
329,889
36,188
126,415 239,662 366,077
124,657
206		 145,177
10,037		 269,834
10,243
124,863 155,214 280,077
1,552 84,448 86,000
1,758 58,297
60,055
Other tangible assets
£
119,608
25,389
144,997
70,066
6,615
76,681
68,316
49,542
144,997
70,066
6,615
76,681
68,316
49,542

39

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements ( continued) For the year ended 31 October 2024

16
Biologicalassets
Group
Cost
At 1 November 2023
Additions
At 31 October 2024
Depreciation and impairment
At 1 November 2023 and 31 October 2024
Carrying amount
At 31 October 2024
At 31 October 2023
Trust
Cost
At 1 November 2023
Additions
At 31 October 2024
Depreciation and impairment
At 1 November 2023 and 31 October 2024
Carrying amount
At 31 October 2024
At 31 October 2023		 Forestry
£
1,151,911
48,957
1,200,868
1,200,868
1,151,911
Forestry
£
1,151,911
48,957
1,200,868
1,200,868
1,151,911

40

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

17 Heritage assets

Group Heritageassets
£
Cost
At 1 November 2023and31 October 2024 1,318,065
Depreciation and impairment
At 1 November 2023 12,912
Depreciation charged in the year 1,614
At 31 October 2024 14,526
Carrying amount
At31 October 2024 1,303,539
At 31 October 2023 1,305,153
Trust Heritage
assets
£
Cost
At 1 November 2023 and 31
October 2024 1,318,065
Depreciation and impairment
At 1 November 2023 12,912
Depreciation charged in the year 1,614
At 31 October 2024 14,526
Carrying amount
At 31 October 2024 1,303,539
At 31 October 2023 1,305,153 
41

tthJ%gn Envelo￿ ID". 81DA210S5A10455￿B1￿_EDEDBEC3TOBl T￿quaIr House ChxritAble Trust Notes to the stAtements (continlled) For tbe year ended 31 October 2024 17 Herltxge A$st¢$ (contlnued) Heiitage a5set5 Traqualr House Chatte15 Ttstal Cost or vAluatlo At l NO￿￿￿]ber 2023 and 31 October 2024 332,286 985.779 1.318.065 Traquair House and policies is iiicluded at valuation on gift to the Tn￿t in 1999. That valuation was d￿takell by Messrs Cluttolls. Chartered Surveyois, now part of Galbraith Chartered Surveyors. Donated cbattels hai'e been ineliided based on a valuation carried out by Sot]kebys in 1993. Purchased chattels bave been included at cost. All of the chattels are associated historically with Traquair House. 18 Ffive yexr flllaDelal of hèrlta8è asset trallsxttlo 2023-24 2022-23 2021-22 2020-21 2019-20 Purcbases.. Cbattels 3,528 4.375 The 2022-23 additioii is a diary belongillg t tii)g of Traquair House. The 2021-22 chattels additioll TheTe have been no dispo&415 of heritage assets in this five year peTi￿. 42

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Notes to the financial statements (continued) For the year ended 31 October 2024

Traquair House Charitable Trust

Traquair House and chattels

Traquair is the oldest continually lived in house in Scotland. Originally a hunting lodge for Scottish royalty it is said to date back to 1107 when a charter was issued from the castle by Alexander I. Traquair was owned by the Crown until it passed to the Earl of Buchan, who gifted the castle to his son James Stuart in 1491. The Stuarts have continued to live in the house ever since. The family remained loyal to the Stuart monarchy and were both Catholics and strong Jacobites. There is a strong connection with Mary Queen of Scots and the 4th Laird was the Captain of her bodyguard.

The majority of the rooms were re-decorated in the eighteenth century and a unique library was made at this time to house a collection of over 3,000 volumes and several incunables.

There is a fine and varied collection of Scottish furniture and paintings, an almost complete eighteenth century library with a collection of over 3,000 books, a rare Ruckers Harpsichord from 1651 and a number of eighteenth century Jacobite glasses.

The bed in the Kings room is reputed to have been the bed that Mary Queen of Scots slept in and the house also contains the cradle of her son James, her rosary and crucifix and an armorial commemorating her visit to the house.

The family returned to the Catholic faith in the mid 1560's and there exists a Priests Room with secret escape route as well as a chapel that was later created in 1829 when the Catholic Emancipation Act was passed. There is an important collection of early vestments, silver and woodcuts from the sixteenth century as well as a nineteenth century marble altar.

There are nineteen rooms that are open to the public.

A number of the chattels currently on display at Traquair remain in the ownership of . These are on loan to the Charitable Trust for no consideration on a permanent basis. The Trustees hope to purchase further items from in the future to ensure all items within the house are preserved.

Preservation costs

Expenditure which, in the Trustees' view, is required to preserve or prevent further deterioration of individual items, including preservation work to Traquair House, is recognised in the Income Account as incurred.

Records

A detailed photographic database is held as a record of the collection of heritage assets.

Access

Traquair House and grounds are open to the public between April and November each year. The House opening activity is run by one of the Charitable Trust's trading subsidiary companies: Traquair House Limited. 

43

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

20 Investment property

Investment property
Group
2024
Fair value
£
At 1 November 2023
4,788,651
Net gains through fair value adjustments
384,568
At 31 October 2024
5,173,219		 Trust
2024
£
4,788,651
384,568
5,173,219

Investment property comprises property at Damhead Farm, Orchard Mains Farm, Newhall Farm and Newhall Farmhouse. The fair value of the investment property has been based on the valuation carried out by Galbraith Chartered Surveyors on 28 January 2025 for the year ended 31 October 2024. Galbraith Chartered Surveyors are a member of the Royal Institution of Chartered Surveyors (RICS) standards and have experience valuing property of the same class and geographic location. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties at the balance sheet date.

21 Fixed asset investments

Note
Listed investments
Social investments
Equity investment in group undertakings
22
Listed investments included above:
Listed investments carrying amount		 Group
2024
£
2023
£
Trust
2024
£
2023
£
283,319
267,395
283,319
4
267,395
75,529
283,319
267,395
283,323
342,924
283,319
267,395
283,319
267,395

Fixed asset investments valuation

The investments are stated at the market value. The historical cost of the investments is £256,918 (2023 - £262,123).

44

Docusig� Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

21 Fixed asset investments (continued)

Movements in fixed asset investments
Group
Investments
other than
loans
Social
investments
£
£
Cost or valuation
At 1 November 2023
267,395
10,287
Additions
50,757
Valuation changes
27,259
Equalisation
(11)
Disposals
(62,081)
At 31 October 2024
283,319
10,287
Impairment
At 1 November 2023 and 31 October 2024
10,287
Carrying amount
At31 October 2024
283,319
At 31 October 2023
267,395
Movements in fixed asset investments
Trust
Investments
other than
loans
Investments
in
subsidiaries
£
£
Cost or valuation
At 1 November 2023
267,395
246,002
Additions
50,757
Valuation changes
27,259
Equalisation
(11)
Disposals
(62,081)
At 31 October 2024
283,319
246,002
Impairment
At 1 November 2023
170,473
Impairment losses
75,525
At 31 October 2024
245,998
Carrying amount
At 31 October 2024
283,319
4
At 31 October 2023
267,395
75,529		 Total
£
277,682
50,757
27,259
(11)
(62,081)
293,606
10,287
283,319
267,395
Total
£
513,397
50,757
27,259
(11)
(62,081)
529,321
170,473
75,525
245,998
283,323
342,924

45

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

22 Subsidiaries

Trust

Details of the trust's subsidiaries at 31 October 2024 are as follows:

Name of undertaking Registered Nature of business Class of %Held
office shares held Direct Indirect
Beyond Borders Scotland Facilitating cultural exchange Limited by 100.00
Productions Limited guarantee
Traquair Events Limited Scotland Provision of events at TraquairOrdinary 100.00
House
Traquair House Limited Scotland Opening a historic house Ordinary 100.00

The aggregate capital and reserves and the loss for the year of the subsidiaries noted above was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Beyond Borders Productions Limited 92 (18,345)
Traquair Events Limited 3,014 24,410
Traquair House Limited (22,315) 53,212

The investment in Beyond Borders Production Limited have been written down to £Nil (2023 - £Nil). The investment in Traquair House Limited has been written down to £2 in the current year (2023 - £75,527) resulting in an impairment loss of £75,525 (2023 - £Nil) being recognised to represent the recoverable value of the investmP.nt eive!! the r::0!'.ti!"!!.!ed !8sses. The i.,_·vcStwcr-,t ii·, T1c14 udir Events i.imited contmues to be held at £2 (2023 - £2).

23 Stocks

Stocks
Group Trust
2024 2023 2024 2023
£ £ £ £
Raw materials and consumables 31,471 24,206

46

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

24 Debtors

Amounts falling due within one year:
Tradedebtors
Otherdebtors
Prepayments and accrued income		 Group
2024
£
2023
£
Trust
2024
£
2023
£
92,141
30,394
87,372
39,064
82,204
66,277
78,319
50,946
242,471
118,446
233,685
87,670
416,816
215,117
399,376
177,680

Amounts falling due after more than one year:

Otherdebtors
Total debtors
Creditors: amounts falling due within one year
Notes
Other borrowings
Tradecreditors
Other taxation and social security
Othercreditors
Accruals and deferred income		 54,830 70,495 54,830 70,495
471,646
Group
2024
£
11,866
165,571
46,692
59,571
1,556,339		 285,612
2023
£
11,706
162,560
40,823
43,675
100,076		 454,206
Trust
2024
£
11,866
150,221
7,508
86,386
1,503,434		 248,175
2023
£
11,706
147,319
7,480
68,469
49,420
1,840,039 358,840 1,759,415 284,394

25 Creditors: amounts falling due within one year

The deferred income included within accruals and deferred income totalled £1,471,210 (2023 - £18,100). Deferred income is receipts received in advance from let property, sporting rents and grant income, together with an Energy Saving Trust grant towards the installation of an electric car charger. The income is

recognised once the rental has been provided, and the grant is released in line with the depreciation policy of the asset. Deferred income also includes carbon credit sales made in the year, the income is to be released in line with the deliverables of the contract.

Opening
balance
£
Let property, sporting and grant
18,100
Carbon credits
18,100		 Released
from
previous
year
Deferred in
current year
Closing
balance
£
£
£
(18,100)
83,824
83,824
1,387,386
1,387,386
(18,100)
1,471,210
1,471,210

47

0 0 () C: c:,(o)· rn <: 0 ct> "O ct> 0 0.[0] ..[0] ,. )> .[N] ..,. 0(J1 &, .[)] .[>] .,. 0 .l,. (J1 (J1 CJ) )> CJ) 0 -ISrh 0 rn 0 IJ J rn () (;) --.J 0 .[I] .[J] .,[J] .

Traquair House Charitable Trust

Notes to the financial statements (continued)

For the year ended 31 October 2024

26 Analysis of charitable funds

Analysis of charitable funds Analysis of charitable funds Analysis of charitable funds Analysis of charitable funds
Restricted income funds
Unrestricted funds
Total funds
Group
Damhead HES Recovery
Beyond
Capital
Income
Forestry
£
Balance at 1 November 2023
Net incoming/(outgoing) resources
98,725
Revaluation of investment property
Revaluation of listed investments
Transfer between funds
(98,725)
Balance at 31 October 2024
Analysis of net assets between funds
Tangible fixed assets
Investmentproperties
-
Investments
Inter-fund loans
Net current assets
·-		 £
706
706		 Borders
Festival
£
£
46,688
6,804,423
(44,041)
(26,386)
384,568
27,259
9,375
12,022
7,189,864		 £
£
888,418
7,740,235
(82,651)
(54,353)
384,568
27,259
89,350
895,117
8,097,709
--
68,316
2,590,407
-
5,173,219
-
283,319
765,483
61,318
50,764
895,117
8,097,709
706
706		 2,522,091
5,173,219
283,319
22,576
(788,765)
(10,554)
12,022
7,189,864

The balance on the Damhead Woodland reserve was transfered to ur restricted reserves further to the planting of the woodland, which is an unrestricted asset.

48

0 0 () C c::, C c /1 · m ::, < CD 0 -0 CD q � ex, 0 �[i(;] 0 (.J1 CJ1 � 0 .l,.. (.J1 (.J1 0) �0 .j>. rn 0 m 0 O J m () w --J 0 � OJ

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

26 Analysis of charitable funds (continued)

Group - Prior year Restricted income funds
Damhead HES Recovery
Beyond		 Restricted income funds
Damhead HES Recovery
Beyond		 Restricted income funds
Damhead HES Recovery
Beyond		 Unrestricted funds
Capital
Income		 Total funds Total funds
Balance at 1 November 2022
Net incoming/(outgoing) resources
Revaluation of investment property
Revaluation of listed investments
Transfer between funds
Balance at 31 October 2023
Analysis of net assets between funds
Tangible fixed assets
Investmentproperties
Investments
Inter-fund loans
Net current assets		 Forestry
£
151,626
(151,626)		 £
706
706
706
706		 Borders
Festival
£
17,942
28,746
--
46,688
58
37,401
9,229
46,688		 £
£
5,706,207
787,525
(27,375)
(50,733)
1,122,651
2,940
151,626		 £
6,512,380
102,264
1,122,651
2,940
6,804,423
888,418
2,467,519
49,542
4,788,651
267,395
(719,142)
681,035
157,841
6,804,423
888,418		 7,740,235
2,517,119
4,788,651
267,395
167,070
7,740,235

The balance on the Damhead Woodland reserve was transferred to unrestricted reserves further to the planning of the woodland, which is an unrestricted asset.

49

Traquair House Charitable Trust
Notes to the financial statements (continued)
For the year ended 31 October 2024		 Traquair House Charitable Trust
Notes to the financial statements (continued)
For the year ended 31 October 2024


Total funds
0
0
()
C:
c
(o
) ·
:,
:, <
ct>
0
"O
ct>
0
.0.0.,.
0
)>
.N..,.
0
(J1
�
0
.l,.
(J1
(J1
CJ)
�
0 .j:,.
rh
0rn
0
Ir
Jn
J
()
(;)
--.J
0
.I.J.,J.
rn
£
7,714,197
(35,157)
384,567
27,259
(75,525)
8,015,341
2,525,380
5,173,219
283,319
(118,122)
151,545
8,015,341
26
Analysis of charitable funds (continued)
Trust
Balance at 1 November 2023
Net incoming/(outgoing) resources
Revaluation of investment property
Revaluation oflisted investments
Other gains and losses
Transfer between funds
Balance at 31 October 2024
Analysis of net assets between funds
Tangible fixed assets
Investmentproperties
Investments
Inter-fund loans
Net current assets		 Restricted income funds
Damhead HES Recovery
Beyond		 Unrestricted funds
Capital
Income
Balance at 1 November 2023
Net incoming/(outgoing) resources
Revaluation of investment property
Revaluation oflisted investments
Other gains and losses
Transfer between funds
Balance at 31 October 2024
Analysis of net assets between funds
Tangible fixed assets
Investmentproperties
Investments
Inter-fund loans
Net current assets		 Forestry
Borders
Festival
£
£
£
706
34,759
98,725
(44,134)
(98,725)
9,375
706
-
-
706
706		 £
£
6,651,290
1,027,442
(26,385)
(63,363)
384,567
27,259
(75,525)
89,350
6,961,206
1,053,429
2,457,064
68,316
5,173,219
283,319
(952,396)
833,568
151,545
--
6,961,206
1,053,429		 £
7,714,197
(35,157)
384,567
27,259
(75,525)
8,015,341
2,525,380
5,173,219
283,319
(118,122)
151,545
8,015,341

The balance on the Damhead Woodland reserve was transfered to unrestricted reserves further to the planting of the woodland, which is an unrestricted asset.

50

0 0 () C c::,(c)· m ::, < CD 0 -0 CD

q � ex, 0 �[i(;] 0 (.J1 CJ1 � 0 .l,.. (.J1 (.J1 0) �0 .j>. rn 0 m 0 O J m () w --J 0 � OJ

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

26 Analysis of charitable funds (continued)

Trust - Prior year
Balance at 1 November 2022
Net incoming/( outgoing) resources
Revaluation of investment property
Revaluation of listed investments
Other gains and losses
Transfer between funds
Balance at 31 October 2023
Analysis of net assets between funds
Tangible fixed assets
Investmentproperties
Investments
Inter-fund loans
Net current assets		 Restricted income funds
Damhead
Forestry HES Recovery
Beyond
Borders
Festival
£
£
£
706
9,317
151,626
25,442
(151,626)
706
34,759
-
706
34,759
706
34,759		 Unrestricted funds
Total funds
Capital
Income
£
£
£
5,504,318
951,838
6,466,179
(27,375)
(76,022)
73,671
1,122,651
1,122,651
2,940
2,940
48,756
48,756
151,626
6,651,290
1,027,442
7,714,197
2,457,064
49,542
2,506,606
4,788,651
4,788,651
267,395
267,395
(861,820)
826,355
151,545
151,545
--
6,651,290
1,027,442
7,714,197
6,651,290

The balance on the Damhead Woodland reserve was transferred to unrestricted reserves further to the planning of the woodland, which is an unrestricted asset. 

51

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements ( continued) For the year ended 31 October 2024

27 Group comparative statement of financial activites

Income and endowments from:
- Donations and legacies
- Charitable activities
- Other trading activities
- Investments
Total
Expenditure on:
- Raising funds
- Charitable activities
Total
Transfers
Gross transfers between funds
Net income and net movement in
funds before other recognised
gains anu iosses
Other recognised gains and losses
Gain onrevaluationof investment
property
Gain on listed investments
Net movement in funds
Reconciliation of funds
Total funds brought forward
- Trust fund
- Income account
Total funds carried forward		 2023
2023
2023
2023
2023
Unrestricted
Restricted Income Funds
Total Funds
Funds
Damhead
Beyond
HES
Forestry
Borders
Recovery
Festival
Grant
£
£
£
£
£
12,215
28,750
40,965
212,687
151,626
101,246
465,559
451,257
451,257
211,957
211,957
888,116
151,626
129,996
1,169,738
648,460
648,460
317,764
101,250
419,014
966,224
101,250
1,067,474
151,626
(151,626)
73,510
�
'"'Ion,,.,.-,-
A_r
_r_u
-1f.,"'lC.A_
.L.VL..1L..U"T
1,122,651
1,122,651
2,940
2,940
1,199,109
28,746
1,227,855
5,706,207
5,706,207
787,525
17,942
706
806,173
7,692,841
46,688
706
7,740,235

52

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Traquair House Charitable Trust

Notes to the financial statements (continued)

For the year ended 31 October 2024

28 Trust comparative statement of financial activites

Income and endowments from:
- Donations and legacies
- Charitable activities
- Other trading activities
- Investments
Total
Expenditure on:
- Raising funds
- Charitable activities
Total
Transfers
Gross transfers between funds
Net income and net movement in
funds before other recognised
gains and losses
Other recognised gains and
losses
Gain on revaluation of investment
property
Gain on listed investments
Other gains and losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
-Trust fund
- Income account
Total funds carried forward		 2023
2023
2023
2023
2023
Unrestricted
Restricted Income Funds
Total Funds
Funds
Damhead
Forestry
Beyond
Borders
Festival
HES
Recovery
Grant
£
£
£
£
£
19,489
28,750
48,239
151,626
151,626
53,984
53,984
211,958
211,958
285,431
151,626
28,750
465,807
359,409
359,409
29,419
3,308
32,727
388,828
3,308
392,136
151,626
(151,626)
48,229
25,442
73,671
1,122,651
1,122,651
2,940
2,940
48,756
48,756
1,222,576
25,442
1,248,018
5,504,318
5,504,318
951,838
9,317
706
961,861
7,678,732
34,759
706
7,714,197

53

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

29 Related party transactions

Transactions entered into with related parties by the Group during the year can be summarised as follows:

Traquair House Limited, a subsidiary ofTraquair House Charitable Trust
Donations received on behalf ofTraquair House Charitable Trust
Rent paid to Traquair House Charitable Trust
Wages refunded by Traquair House Charitable Trust
Loan to Traquair House Brewery Limited transferred from Traquair House
Limited to the Trust
Energy charges from Traquair House Charitable Trust
Traquair Events Limited, a subsidiary ofTraquair House Charitable Trust
Donations received on behalf ofTraquair House Charitable Trust
, a Trustee
Salary paid by Traquair House Charitable Trust
Loan (to) Traquair House Charitable Trust
Loan (to) Traquair House Limited
, Estate account
Rent paid by Traquair House Charitable Trust
, a Trustee
Loan repaid by Traquair House Charitable Trust
Beyond Borders Scotland Limited, a company of which
is a
director
Income received on behalf of Beyond Borders Productions Limited
Expenses paid on behalf of Beyond Borders Production Limited
Management charge due to Beyond Borders Scotland Limited
Grant income received on behalf of Beyond Borders Production Limited
Saffery LLP:
, a Trustee was a partner in this firm (until April
2023)
Accountancy fees (excluding VAT)		 .a.,v...,...,
2024
£
3,336
1
(151,846)
(9,860)
3,582
13
26,334
(160)
(6,182)
4
1 t::i:'.'2
117,856
(89,537)
17,814		 2023
£
11,691
1
(84,306)
(17,793)
11,832
25,557
(4,333)
4
.1..,..C,: A....A...
1,740
72,150
(76,578)
(15,000)
(37,595)

54

Doc,usign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Notes to the financial statements (continued) For the year ended 31 October 2024

Traquair House Charitable Trust

29 Related party transactions (continued)

Related party transactions (continued)
Traquair House Brewery Limited, a company of which
and
are directors
Sale of goods to Traquair House Limited (28,545) (26,962)
Wages refunded by Traquair House Charitable Trust (26,082) (24,327)
Loan repayments to Traquair House Charitable Trust 5,184 41,130
Rent payable to Traquair House Charitable Trust 2,160 2,160

The balances due from/(to) related parties at the year end were as follows:

Traquair House Brewery Limited 161,912 138,022
(6,812) (4,803)
- Estate account 3,197 500
(11,236) (11,236)
3,251 (3,251)
Beyond Borders Scotland Limited 13,455 (19,907)

Balances due (to)/from the subsidiary companies to the Trust at the year end were as follows:

Traquair House Limited (86,385) (57,807)
Traquair Events Limited 23,092 23,079

The balance of the loan with Traquair Events Limited has been provided for as unrecoverable within the Trust accounts.

Traquair House Limited owed Traquair Events Limited £45,749 (2023 - £42,865) at the year end.

During the year Beyond Borders Productions Limited received grants totalling £54,759 (2023 - £3,308) from Traquair House Charitable Trust. Beyond Borders Productions Limited made purchases from Traquair House Limited totalling £nil (2023 - £nil). Beyond Borders Productions Limited owed Traquair House Limited £nil (2023 - £nil) at the year end and owed Traquair Events Limited £5,000 (2023 - £5,000) at the year end.

has given a letter of guarantee for £75,000 against the Trust's bank overdraft facility, and a letter of guarantee for £150,000 against the bank overdraft facility of Traquair House Limited.

30 Events after the reporting date

The ongoing case with the Scottish Ministers was settled in April 2025 for £170,000 inclusive of interest and net of judicial expenses.

55

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

31 Reconciliation of net movement in funds to net cash flow from operating activities - group

31
Reconciliation of net movement in funds to net cash flow from
operating activities - group
Net movement in funds
Adjustments for:
Investment income
Depreciation and impairment ofassets
Gain on revaluation of investment property
Gain on investments
Movements in working capital:
(Increase)/ decrease in stocks
(Increase)/decrease in debtors
Increase in creditors
Cash generated from/(absorbed by) operating activities
32
Reconciliation of net movement in funds to net cash flow from
operating activities - trust
llr..T.-..+-,..,..,.,..,.,,..,,...,..+- ;....,� ..........-1,..
1,..L11J.VV.,J.J.J.\ ......l.lL,U,.lJ.U.lJ.\AJ
Adjustments for:
Investment income
Depreciation and impairment of assets
Gain on revaluation of investment property
Gain on investments
Investment reduction of share capital
Decrease in provisions
Movements in working capital:
(lncrease)/decrease in debtors
(Decrease)/increase in creditors
Cash (absorbed by)/generated from operating activities		 2024
2023
£
£
357,474
1,227,855
(261,650)
(203,831)
11,857
11,204
(384,568)
(1,122,651)
(27,259)
(2,940)
(7,265)
4,587
(181,406)
3,177
1,494,089
9,805
1,001,272
(72,794)
2024
2023
£
£
.'._H,.),.1..,.1..'1,.C..:.
1--7,-1...Q
..,,,(.)...1...Q
....
(261,651)
(203,833)
8,229
6,998
(384,568)
(1,122,651)
(27,259)
(2,940)
245,998
(170,473)
(48,756)
(200,847)
37,799
1,457,104
(58,358)
967,678
(143,723)

56

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Traquair House Charitable Trust

Notes to the financial statements (continued) For the year ended 31 October 2024

33 Analysis of changes in net funds - group

33
Analysis of changes in net funds-group
1 November
2023
£
Cash at bank and in hand
216,092
Borrowings excluding overdrafts
(11,706)
204,386
34
Analysis of changes in net funds-Trust
1 November
2023
£
Cash at bank and in hand
112,235
Borrowings excluding overdrafts
(11,706)
100,529		 Cash flows
31 October
2024
£
£
1,171,594
1,387,686
(160)
(11,866)
1,171,434
1,375,820
Cash flows
31 October
2024
£
£
1,179,050
1,291,285
(160)
(11,866)
1,178,890
1,279,419

57

Docusign Envelope ID: 81DA2105-5A1D-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Management information for the year ended 31 October 2024

Doc�sign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Traquair House Charitable Trust

Contents

Page
Trust fund 58
Income account 59 - 60
Estate account 61
Let property account 62
Sporting account 63
Net energy income account 64
Schedule of investments 65 - 73

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Trust fund

For the year ended 31 October 2024

Gains on investments
Net gain/(loss) on revaluation of listed
investments
Gain on revaluation of investment property
Reduction of investment in subsidiaries
Administrativefees
Accountancy fees
Audit fees
Legal and professional fees
Investment management fees
Net movement in the year
Consolidated Trust Fund
Balance at 1 November 2023
Net movement during the year
Limited
Balance at 31 October 2024
to Group balance sheet (page 18)
Trust Fund
Balance at 1 November 2023
Net movement during the year
Balance at 31 October 2024
to Trust balance sheet (page 19)		 £
27,259
384,568
(75,525)		 2024
£
336,302
(26,386)		 £
2,940
1,122,651
48,756		 2023
£
1,174,347
(27,375)
8,960
6,718
8,997
1,711		 8,545
2,895
14,219
1,716
309,916
6,804,423
309,916
75,525
7,189,864
6,651,290
309,916
6,961,206		 1,146,972
5,706,207
1,146,972
(48,756)
6,804,423
5,504,318
1,146,972
6,651,290

58

Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1

Traquair House Charitable Trust

Income account For the year ended 31 October 2024

£
Surplus/(deficit) on:
Estate account (page 61)
Other income
Bankinterest
18,516
Otherinterest
7,964
Dividends
5,620
Gift aid donations
3,839
Other donations
70,973
Donations - Beyond Borders Festival
10,625
Forestry Grant Scheme - Damhead Woodland
98,725
Expenditure
Trustee salary
26,334
Trustee'sN.I.contributions
1,855
Wages
87,105
Pension contributions
2,541
Insurance
15,328
Legal and professional fees
10,212
Accountancy fees
8,960
Audit fees
6,718
Advertising
3,803
Investment management fees
1,711
Bank charges
205
Sundry expenses
650
Payments made - Beyond Borders Festival
54,759
Net movement in the year		 2024
£
(4,840)
216,262
(220,181)		 £
1,470
8,126
4,537
5,521
13,968
28,750
151,626		 2023
£
6,366
213,998
(162,294)
25,557
1,807
90,628
2,575
13,671
5,964
8,544
2,895
4,880
1,716
199
550
3,308
(8,759) 58,070

59

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Income account (continued) For the year ended 31 October 2024

Consolidated Income Account
Balanceat1 November 2023
Net movement during the year (page 59)
(Loss)/profit for the year from tradingsubsidiarycompanies
Consolidated balance at 31 October 2024
to Group balance sheet (page 18)
Trust Income Account
Balance at 1 November 2023
Net movement during the year (page 59)
Provision against loans to trading subsidiary companies:
Traquair House Limited (reinstatement)
Traquair Events Limited provision
13
Balance at 31 October 2024
to Trust balance sheet (page 19)		 2024
£
935,812
(8,759)
(19,208)
907,845
1,062,906
(8,759)
(13)
1,054,134		 (42,975) 2023
£
806,173
58,070
71,569
935,812
961,861
58,070
42,975
1,062,906

60

Doc.usign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Traquair House Charitable Trust

Estate account For the year ended 31 October 2024

2024 2023
£ £ £ £
(Deficit)/surplus on:
Let property account (page 62) 5,049 9,354
Sporting account (page 63) 9,343 17,869
Net energy income account (page 64) 326 1,076
14,718 28,299
Deduct:
Overhead expenses
Rent payable under leases 4 4
Management fee and expenses 18,530 21,092
Depreciation 1,194 922
Amortisation of grant (170) (85)
---
(19,558) (21,933)
Surplus/(deficit) for the year
to Income account (page 59) (4,840) 6,366 
61

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Let property account For the year ended 31 October 2024

Income
£
Farm rents
House rents
Miscellaneousrents
Traquair House rent
Wayleaves
Grazings
Mast lease sites income
Deduct:
Expenditure
Wages
72,463
Repairs to farms
3,788
Repairs to houses
33,996
General estate and miscellaneous repairs
11,181
Bad debts
27,813
Insurance
8,963
Legal and professional fees
14,914
Irrecoverable VAT
10,043
Depreciation
614
Traquair House Expenditure
Repairs
21,520
Rates
7,308
Insurance
14,491
Depreciation
2,709
Irrecoverable VAT
2,663
Surplus for the year
to Estate account (page 61)		 2024
£
109,645
98,444
19,364
1
1,544
6,010
2,507		 £
65,391
4,443
41,442
24,246
5,498
6,277
13,318
750		 2023
£
74,278
98,877
19,083
1
(4,887)
7,980
2,493
237,515
(183,775)
53,740
(48,691)		 197,825
(161,365)
9,596
1,015
13,289
1,614
1,592
36,460
(27,106)
5,049 9,354

62

Doc_usign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37D81

Traquair House Charitable Trust

Sporting account For the year ended 31 October 2024

2024 2023
£ £ £ £
Income
Fishing rents 25,757 29,794
Shooting rents 217
25,757 30,011
Deduct:
Expenditure
Wages 6,528 3,326
Rates 6,278 4,301
Letting commission 3,534 4,219
Repairs 74 296
(16,414) (12,142)
Surplus for the year
to Estate account (page 61) 9,343 17,869

63

Docusign Envelope ID: 81DA2105-5A10-4556-A604-EDEDBEC37OB1

Traquair House Charitable Trust

Net energy income account For the year ended 31 October 2024

2024 2023
£ £ £ £
Income
Renewable heat incentive 13,266 12,140
Deduct:
Expenditure
Biomass fuel and expenses 12,810 19,184
Depreciation 3,712 3,712
(16,522) (22,896)
(3,256) (10,756)
Add:
Energy charge to Traquair House Limited 3,582 11,832
Surplus for the year
to Estate account (page 61) 326 1,076

64

0 0 - c �� (/)o· � <[m] (1) 0 -0 (1)

Traquair House Charitable Trust

Schedule of investments For the year ended 31 October 2024

Market value Market value Purchases
Equalisation		 Purchases
Equalisation		 Sales
Gain/(loss)
Market value
Dividends
Summary of Investments
UKEquities
(page 66)
International
(page 67)
Fixedinterest
(page 70)
Alternatives
(page 72)
Multi Asset Funds
(page 73)		 2023
£
19,555
115,776
76,380
46,977
8,707
267,395		 £
£
4,160
23,728
7,580
(11)
15,289
50,757
(11)		 on
investments
2024
£
£
£
£
2,712
26,427
1,289
(27,431)
14,158
126,231
1,525
(34,585)
7,708
57,072
2,327
(65)
1,755
63,956
408
926
9,633
71
(62,081)
27,259
283,319
5,620
(62,081)

q 0 , 0 � )> 0 � I \ . ) C11 c'.r, � 0 .f>. C11 C11 0) )> 0) 0 .j:,. m 0 m 0 O J m () w --.J 0 � O J

65

0
0
()
C
c
(/o
) ·
:,
Traquair House Charitable Trust :, <
rn
Schedule of investments(continued) (1)
0
-0
(1)
For the year ended 31 October 2024 6
�
0
Market value Purchases Equalisation Sales Gain/(loss) Market value Dividends �
0
01
on
investments		 :
&::
,
0
Holding 2023 2024 �
01
UKEquities £ £ £ £ £ £ £ 01
0)
)>
0)
0
.i:,.
Man GLG Income Fund 17,094 19,555 - - 2,855 22,410 1,168 rn
0rn
0
r
On
J
0
Vanguard Investments Funds ICVC 4,160 - (143) 4,017 121 c,.:,
--.I
Purchase 45 0
�O J
--
45
--- --- -- --- --- -- -
19,555 4,160 - 2,712 26,427 1,289
--- -- --- -- --- --- --

66

0 0 � 4 g c::,(/c)· m ::,< CD 0 -C

Traquair House Charitable Trust

Schedule of investments (continued) For the year ended 31 October 2024

Market value Purchases Equalisation Sales Gain/(loss) Market value Dividends
on
investments
Holding 2023 2024
£ £ £ £ £ £ £
International
AB International Healthcare Fund 154 22,989 (609) 2,438 24,818
Sale (4)
150
iShares IV PLC ISH MSCI USA ESG 2,213 15,010 1,143 (6,958) 4,649 13,844
Purchase 137
Sale (818)
--
1,532
M&G Investment Funds (1) M&G Japan
Sterling 6,130 247 6,377 so
Purchase 3,954
-
3,954
Neuberger Berman Investment 1,171 17,028 1,896 18,924
Corporate action 198
---
1,369
Lightman European Fund I Inc 16,996 21,411 1,146 22,557 858
---
Carried forward 76,438 7,273 (7,567) 10,376 86,520 908

q � e x , 0 )> � N 0(.J1 CJ1 � 0 .l,.. (.J1 (.J1 0) )> 0) 0 .j>. rn 0 m 0 O J m () w --J 0 �[O J]

67

Traquair House Charitable Trust
Schedule of investments (continued)
For the year ended 31 October 2024
Brought forward
Pictet Japanese Equity SEL A3 GBP Ace
Purchase
Premier Portfolio Managers
Premier Miton Investment Funds 3
Purchase
RWC Funds RWC Global EMG
T.Rowe price funds OEJC
Sale
Carried forward		 rn
Market value
Purchases
Equalisation
Sales
Gain/(loss)
on
Market value
Dividends
investments
Holding
2023
2024
£
£
£
£
£
£
£
76,438
7,273
(7,567)
10,376
86,520
908
39
6,080
-
89
6,169
39
1,698
4,250
-
1,058
5,308
10,080
418
10,498
40
2,350
-
2,350
160
14,113
-
(14,241)
128
282
(160)
0
0
()
C:
c
(f_c
) _·
::,
::, <
CD
0
"Cl
CD
0
�
e x ,
0
)>
�
N
0
<n
01
�
0
.):..
<.n
<.n
cr,
)>
cr,
0
m
. i : .
0rn
0
Crn
D
(")
(;.)
-.J
0
�CD
612
(612)
5,598
(5,623)
25
100,399
23,433
(27,431)
12,094
108,495
1,230

68





Traquair House Charitable Trust
Schedule of investments(continued)
For the year ended 31 October 2024		 �
0
0
(")
'C
c
(/o
) ·
�m
<
(1)
0
'O
(1)
q
�
0 ,
0
�K';
0
C11
c'.r,
�
0
.f>.
C.11
C.11
0)
�
�m
0m
0
Om
J
() w
--.J
0
�
O J
.
Sales
Gain/(loss)
on
investments
Market value
2024
Dividends
£
£
£
£
(27,431)
12,094
108,495
1,230
758
6,129
1,306
11,607
295
(27,431)
14,158
126,231
1,525
Holding
Market value
2023
Purchases
Equalisation
£
£
£
Brought forward
100,399
23,433
Schroder Asian Opportunities
227
5,371
Schroder Unit Trusts LTD
19,150
10,006
295
115,776
23,728		 Sales
Gain/(loss)
on
investments
Market value
2024
Dividends
£
£
£
£
(27,431)
12,094
108,495
1,230
758
6,129
1,306
11,607
295
(27,431)
14,158
126,231
1,525

69

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Barings Umbrella FD PLC EMERG 158 17,640 (4,160) 2,334 15,814 m
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Bluebay Financial Capital Bond Fund K 276 24,869 (21,069) 2,702 6,502 1,744
Sale (212)
--
64
HSBC Index Tracker Investment Funds - 3,540 (145) 3,395
Purchase 251
-
251
JP Morgan Fund ICVC JPM Emerging
Markets 4,040 (11) - 80 4,109 87
Purchase 5,874
-
5,874
Vanguard Investment Series 108 12,281 774 13,055 363
--- --- -- -- --- --
Carried forward 54,790 7,580 (11) (25,229) 5,745 42,875 2,194
--- --- ---

70


�



Traquair House Charitable Trust
Schedule of investments (continued)
For the year ended 31 October 2024


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Purchases
Equalisation
Sales
Gain/(loss)
Market value
Dividends
0
0
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Traquair House Charitable Trust
Schedule of investments (continued)
For the year ended 31 October 2024


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Purchases
Equalisation
Sales
Gain/(loss)
Market value
Dividends
0
0
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Traquair House Charitable Trust
Schedule of investments (continued)
For the year ended 31 October 2024


Market value
Purchases
Equalisation
Sales
Gain/(loss)
Market value
Dividends
0
0
(")
C
c
(/o
) ·
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.		 C.11
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£
£
£
£
£
£
£
C.11
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Brought forward
54,790
7,580
(11)
(25,229)
5,745
42,875
2,194
0 .j:,.
m
Xtrackers 11 GBL INFL
584
13,397
800
14,197
133
0
Om
J
()
Xtrackers (IE) PLC S&PS00 EQL
137
8,193
(9,356)
1,163
w
--.J
0
Sale
(137)
--
�
OJ
--
---
---
76,380
7,580
(11)
(34,585)
7,708
57,072
2,327
---
---
--
---
--
---

71

Traquair House Charitable Trust

Schedule of investments ( continued) For the year ended 31 October 2024

Market value
Purchases
Equalisation
Holding
2023		 Sales
Gain/(loss)
Market value
Dividends
on
investments
2024
£
£
£
Alternatives
AQR Managed Futures
114
14,377
-
Blackrock FD MGRS LTD GBL
3,404
6,798
Blackrock Strategic Funds
127
14,581
Blackrock Funds Managers Ltd iShares
-
15,289
Purchase
14,676
---
14,676
FRM Credit Alpha Pref
70
62
Goldman Sachs Multi Asset Factor Opp 1
108
11,159
46,977
15,289		 £
£
£
£
(393)
13,984
1,483
8,281
249
1,021
15,602
159
430
15,719
(65)
65
62
(851)
10,308
(65)
1,755
63,956
408

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72

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