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: - a) to preserve for public benefit the property known as Traquair House, Innerleithen, together with its related buildings, gardens and policies; - b) to preserve for long term public benefit the chattels ordinarily kept at Traquair House which may be owned by or loaned to the Trustees; - c) to encourage access to, study and appreciation ofTraquair and such chattels by the general public; - d) to encourage activities for the advancement of education or in the interest of social welfare at Traquair; - e) to promote for the public benefit ecumenical activities based at Traquair. - f) to have sustainability at the centre of all activities with the ambition to become net zero by 2030. 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: - (i) Audit of furniture and textiles to assess repairs required - (ii) Updated audit of oil paintings and planned programme of cleaning and conservation (iii) Finalise inventory - (iv) Achieve Museum Affiliation with Museums and Galleries Scotland which will unlock potential funding streams Increase appreciation of the collection through improved interpretation, on site and online: - (i) Review and upgrade interpretation where required - (ii) Look at app replacement or possible use of QR Codes - (iii) Review and update offer for children - children's guide etc - (iv) Review museum collection and displays to upgrade if necessary - (v) Investigate potential partnerships and special exhibitions - (vi) Ensure all foreign language interpretation is updated - (vii) Continue to widen access through use of social media, YouTube videos and biogs 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 - (ii) Continued programme of temporary exhibitions highlighting different aspects of the archives from Jacobite connections to household bills and accounts - (iii) Investigate funding potential for digitising part of the collection - (iv) Investigate further publications where there is proven interest and a market Promote the Traquair Historical Society to engage new audiences on a national and international basis: - (i) Initiate the setup of the Traquair Historical Society. The society will run a series of events year round to further bring the history of Traquair to life and nationally and internationally explore historical ideas and events and their ongoing significance in the realms of politics, economics, culture and international affairs. The events will be recorded with the view to developing a podcast series. 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: - (i) School Age learners. Updating our schools' education package and continuing to foster relationships with local schools - (ii) Young People Work with young people to engage them in Traq uair and its natural environment looking at John Muir Awards 2 Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1 ## **Traquair House Charitable Trust** ## **Trustees' report** ( **continued)** - (iii) Explore opportunities to fund a part time education officer - (iv) Learning for third age - investigate opportunities to run short courses on aspects oflocal history including palaeography and Scottish furniture/paintings - (v) Increase the online education offer for all age groups - (vi) Using Traquair House's history as well as the grounds to promote greater understanding of the wider world in which it is situated including through digital tools and communications ## **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: - (i) Events programme - annual events programme to be maintained with the objective of increasing the profile ofTraquair House and its environs. New events to be explored where they have a direct connection to the history, heritage or natural environment - (ii) Beyond Borders International Festival - we will continue to promote the festival to bring new and international audiences for a weekend of dialogue, debate, exchange of ideas as well as walks, music and exhibitions - (iii) Exhibitions - develop and improve the exhibition programme. Continue using and researching archives for exhibition material. Contemporary art exhibitions in High Gallery/pavilions and grounds to reach new audiences - (iv) Develop annual programme of Friends activities including historical masterclasses, talks, concerts and recitals - (v) Disabled Access improvements including pathways through woodlands. Hearing loops and large print guides ## Online: - (i) Continue to develop our website which currently attracts around 90,000 unique visits per year and not only provides information on the attraction but also history related to the house and online exhibitions from the archives - (ii) Continue to use social media and video to inform and educate the wider public about Traquair House. Facebook reach circa 10k friends, Instagram 3.Sk, Twitter 2.Sk, You Tube 25k views of videos, which is clearly strong engagement and potential to grow our audience - (iii) Investigate new digital ventures for example pod casts new social media channels. Use and engage younger members of the family to help develop ## **4. SUSTAINABILITY** - Continuing our path to net zero and being an exemplar of sustainable practice and environmental awareness (i) Creating a sustainability strategy for the future In the wider context of the estate and land we are committed to developing a separate 10 year sustainability strategy for the land, estate and woodlands. This would include a full audit of our natural capital and detailed projects we wish to undertake. - Following our sale of carbon units on Damhead Phase 1, we are investing in further reforestation projects, biodiversity actions and heritage conservation. - We recognise we have an environmental, social and economic responsibility to our local communities as well as to protecting and enhancing the heritage of Traquair. - (ii) A commitment to reducing our carbon footprint on our path to net zero - Traquair is committed to reducing its carbon foot print from visitors and staff, reducing energy usage and being innovative. Currently holding a Silver Green Business Tourism Award, the aspiration is to attain gold recognition. 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: - a) Forest Garden and environmental education project - We currently have 15 allotments and in the adjacent area we are planning a forest garden. _A_ community group is coming together and is putting forward a plan to attract funding. We would like to appoint a project manager to oversee this project and identify educational opportunities in the garden and wider grounds. - b) Growing and use of produce - We are currently using a polytunnel to a limited extent but planning to manage more effectively as well as to make better use of abundant fruit and berries that grow in the grounds. - c) Restoration of Heather Hut Our heather hut (A Listed) is in need of repair and we are currently obtaining quotes for its restoration. It could potentially be used for training in heritage skills and it is an important building to keep intact. - (iii) Continuing to foster positive engagement with our local community - Traquair is committed to a social agenda through liaison with the local community, local councils and working with local businesses. Projects such as the Traquair footpath have created excellent relations with Innerleithen and these should be strengthened and developed. - Strong engagement with local tourism businesses through the Tweed Valley Tourism BID. We have a commitment to sourcing locally as far as possible good and services. - Traquair is also engaged with other historic house attractions locally and nationally with CMS a leading member on the executive of both groups. Local engagement is particularly important for future projects such as housing or if a bike park is to go ahead in the future. - (iv) _A_ sustainable business model Critical to the future of Traquair is financial sustainability which underpins all the charitable aims and objectives. In times of future austerity it is more important than ever that the Trust remains on a sound financial footing. 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: - (i) Its annual Beyond Borders International Festival of Literature and Thought which brings together people from across the world. - (ii) Its visual arts exhibitions promoting Scottish and international culture. - (iii) Its 1325 Women in Conflict Peacebuilding Fellowship Programme and conflict resolution initiatives which use the House and its history as a centre for dialogue and reconciliation. - (iv) The launch of a new Scottish Global Dialogue and Safe Space Initiative linking Traquair House to other historical houses and sites in Scotland to provide new safe spaces and residencies where: - a) Individuals and groups can peacefully come together in a trusted atmosphere to discuss and promote solutions to pressing issues of national and global concern, including around the UN Sustainable Goals, climate change and the environment, constitutional change, poverty alleviation as well as conflict and international security; and - b) Artists and cultural leaders affected by conflict or change can safely work as well as help to foster greater understanding between peoples and cultures affected by change through the deployment of the arts and cultural exchange. - (v) Growing audience for the Beyond Borders podcast successfully launched in 2023. 4 Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1 ## **Traquair House Charitable Trust** ## **Trustees' report** ( **continued)** - (vi) In time, the building of a new dialogue and visitor centre at Traquair to promote the House as well as its related dialogue, history and educational programmes. ## **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
**Traquair House Charitable Trust**
**Group statement of financial activities**
**For the year ended 31 October 2024**
**2024**
**Unrestricted**
**Funds**
**Notes**|

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**Group statement of financial activities**
**For the year ended 31 October 2024**
**2024**
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**Notes**||m
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Gross transfers between funds
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210,645
459,929
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365,297
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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 property**20**
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**
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**Restricted Income Funds**
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357,474
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**Traquair House Charitable Trust**
**Trust statement of financial activities**
**For the year ended 31 October 2024**
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**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
.i:,
)


**Traquair House Charitable Trust**
**Trust statement of financial activities**
**For the year ended 31 October 2024**
0
0
(")
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(1)
0
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0
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0
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�
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|CJl
.i:,
)


**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
�
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|CJl
.i:,
)


**Traquair House Charitable Trust**
**Trust statement of financial activities**
**For the year ended 31 October 2024**
0
0
(")
C
c
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::::,
<
(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|CJl
.i:,
)


**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
�
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|CJl
.i:,
)


**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
�
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|CJl
.i:,
)


**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
�
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|CJl
.i:,
)


**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
�
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** - **1 Accounting policies** ## **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: - Estimating the useful economic life of tangible fixed assets; and - Estimating the market value of investment properties. 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** - **4 Income from charitable activities** 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** - **5 Income earned from other trading activities** |**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** - **19 Further information on the Charitable Trust's heritage assets** ## **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**
F**ores**t**ry 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's**N.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|||| |||||||||||||()
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0
-0
(1)|||| |**For the year ended 31 October 2024**||||||||||||6|||| |||||||||||||�|||| |||||||||||||0|||| |||**Market value**||**Purchases**|**Equalisation**|**Sales**|**Gain/(loss)**||**Market value**|**Dividends**||�
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0|||| |||||||||||||.i:,.|||| |Man GLG Income Fund|17,094||19,555|-||-|2,855||22,410|1,168||rn
0rn
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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**
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**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)
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100,399
23,433
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12,094
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**Traquair House Charitable Trust**
**Schedule of investments**(**continued)**
**For the year ended 31 October 2024**|�
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12,094
108,495
1,230
758
6,129
1,306
11,607
295
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**Purchases**
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£
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100,399
23,433
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227
5,371
Schroder Unit Trusts LTD
19,150
10,006
295
115,776
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**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 |||||||||||0|| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||0|| |||||||||||()|| |||||||||||C:|| |**Traquair House Charitable Trust**||||||||||c
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�CD|| |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 |
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**Traquair House Charitable Trust**
**Schedule of investments (continued)**
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**Traquair House Charitable Trust**
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**Traquair House Charitable Trust**
**Schedule of investments (continued)**
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54,790
7,580
(11)
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5,745
42,875
2,194
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584
13,397
800
14,197
133
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137
8,193
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1,163
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76,380
7,580
(11)
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7,708
57,072
2,327
---
---
--
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---||| 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| 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 I J J r n _()_ (;) --.J 0 .[I] .[J] .,[J] . 72 tktiNgTh E￿￿0[£ ID.. 81DA21t)&s41Lk45￿Afj￿E0EDBEC3IDBl Docusign Envelope ID: 81DA21D5-5A1D-4556-A604-EDEDBEC37DB1