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← The Turtleton Charitable Trust

2025-06-30-accounts

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THE TURTLETON CHARITABLE TRUST Scottish Charity Number SC038018

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z 2 REPORT AND ACCOUNTS

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FOR THE YEAR TO 30TH JUNE 2025

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T.1839.001-LNK-Charityace

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4 THE TURTLETONCHARITABLETRUST
GENERAL INFORMATION AND REPORT OFTHE TRUSTEES
4 FORTHEYEARTO30THJUNE2025
.
y		 TheTrustees presenttheirannual reportandfinancial statements forthecharityfortheyearended30thJune
2025. The financial statements have been prepared in accordance with the accounting policies set out in
.
4q		 Note 1 tothefinancial statements and complywiththeCharity'sTrustDeed,theCharitiesandTrustee
Investment (Scotland) Act2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the
a Accountingand ReportingbyCharities:StatementofRecommended Practice applicabletocharitiespreparing
their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and
4
=		 RepublicofIrel
S ction 1A		 Ireland(FRS102)(effective 1January2019)subjecttothereportingexemptions available under
ofth t standard.
a Objectives andActivities
.
4		 Objectives ofTrust TheTrustees are directed in terms ofthe Trust Deed to payorapplythe income
orcapital ofthe TrustFund forthe benefitorfurtheranceofsuch purposes,
.
=.		 objects or institutions, charitable in law, as theTrustees in theirabsolute
discretion shalldetermine.TheTrustees areauthorised toaccumulate income
5 for a period oftwentyone years from 21stJanuary2007.
Although the objectives set out in the Trust Deed are wide reaching, the Trustees
a
,		 favoursupporting projects intheareas ofthe advancement ofthe arts, culture and
heritage and to support the disadvantaged and the advancement ofeducation.
4 TheTrusteesdonotengagedirectly in charitable activitiesorprojects. The
Z principal activityisgrantmaking.
_
a]		 Bysupporting projects in thefavoured areas it is the aim oftheTrustees to
benefitthe principal objectives ofthe charities.
Itshould benoted thatthe
:
3		 Trusteesarenotboundtocontinuesupportingthese areasandmayinthe future
favour other areas of benefit.
4 GrantMaking Policy TheTrustees have opted fora policy ofmaking donations tothoseorganisations
ey feel require most support
and
whose purposes
fall
within
the spectrum of
they
feel
i
t
rt
and
wh
fall
within
th
i
f th		 the
4 Trust Deed.
‘a
a		 n order to minimise administration costs, it is
the policy of
the
Trustees not
to
In
ord
inimise
administrati
itisth
licy
oftheT!
t t
acknowledge applications and to only contact successful applicants.
"
4		 eport on
the
Activities
Report on the Activit		 e Trustees have received applications fromanumber of organisations
The Trustees h
d
licat
f
ber of
t
oftheTrust throughouttheyearandawarded20grants (2024:21).
Ky
aad		 TheTrustees will supportsuchorganisationsastheyconsiderappropriateand
thatmaybedrawn to theirattention. The Trust has
awebpagewhereguidance
eg
a		 can befound to assist with applying.
Thewebpage iswww.turcanconnell.com/turtleton.
J Achievements and Performance
=
4		 Investment Policy
and Performance		 In accordancewith the Trust Deed, theTrustees have powerto invest in such
stocks, shares, investmentsand property inthe United Kingdomorabroad as
_
.
4		 they
in their sole discretion think fit. The Trustees haveengaged Evelyn Partners
y
9
y'
as investment managers on an execution only basis. The Trustees investment
4 policy isgeared towards capital growth, with amedium degreeof risk.
7:
a		 Intheyearto30thJune2025, thevalueof the investments has increased by
11.72%, mainly attributable to an upturn in some prices in the stock market,
along with the gift ofa stock from the Settlor.
4 Gross income decreased by0.58% largely attributable to changes in the
investment portfolio.
&
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THE TURTLETON CHARITABLE TRUST
-a | GENERAL INFORMATION AND REPORT OF THE TRUSTEES
i FOR THE YEAR TO 30TH JUNE 2025
; Financial Review
a Financial Report The Trust Fund is worth £7,730,935 (2024 £6,883,347), all of which is
unrestricted, with the Trust investments being valued at £7,566,786 (2024
o £6,773,095). During the financial year the Trust received investment income
of £309,747 (2024 £311,557) and donations of £176,380 (2024 nil). £283,250
a _ (2024 £239,850) was applied in making donations, of which £66,250 (2024
- £45,000) was committed in aprevious year. The Trust entered into two new
a | future commitments during the year, resulting in future commitments outstanding
-a_| atbalance the yearof £88,250 end of £52,000 (2024at year end). 3 future commitments, with an outstanding total
=| Reserves Policy It is the policy of the Trustees to distribute the income of the Trust in the form of
=|. accountgrants or donations.will be so distributedIt is anticipatedin the followingthat any surplusyear or income years subject at the closeto the of the
restriction on accumulation of income.
7 As the Trust does not provide direct charitable services, the Trustees believe that
a] normal expenditure can be met from income generated. The funds of the Trust
| are wholly unrestricted at present represented by investments and cash. The
ay Trustees have power to draw upon the funds in furtherance of the Trust's
 objectives whilst retaining sufficient funds to meet any commitments they may
xa undertake.
—
a Asconsider the assetsit necessary of the Trustto maintain are heldspecificin a readyreserves. realisable form, the Trustees do not
a Risk Management The Trustees have assessed the major risks to which the charity is exposed and
“ay have approved a Statement of Risk Controls.
7 Asprincipalthe Trustrisk facedrelies onby theits investment Trust lies inreturnsthe performancein order to makeof its investments.its donations, the
a | The Trustees have mitigated this by retaining investment managers to advise
them on the Trust's portfolio. -
a Going Concern The Trustees have no material uncertainties as to the Trust's ability to continue
“a as a going concern.
=| Future Plans As long as it is financially possible, the Trustees will maintain their grant making
° policy but may support other areas of charitable activity in the future.
= The Trustees, whilst acknowledging that the funds in their care are unrestricted
“ and that they may if necessary utilise capital funds to meet the Trust's objectives,
al have indicated, that for the time being, only the net income will be used to fund
7 grants. Unless otherwise stated, future gifts into the Trust will be treated in a
a similar way.
;ss Structure, Governance and Management
- Founding Document Deed of Trust by Richard Ronald James Burns dated 21st January 2007 and
x registered in the Books of Council and Session 4th April 2007.
a Appointment of New Reserved to the Settlor provided he retains sufficient capacity to do so, whom
- Trustees failing, the Trustees in office.
_ Decision making All Trustees are actively involved in the decision making process. Requests for
s funding are reviewed by the Trustees as a body.
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s B a[|] GENERAL THEINFORMATION TURTLETON AND CHARITABLE REPORT OF TRUST THE TRUSTEES FOR THE YEAR TO 30TH JUNE 2025 % a | StatementResponsibilities of Trustees’in financialThe Trusteesstatements are responsiblein accordance for preparing the with applicable Trustees’law and Annual with the ReportFinancial and the aa Respect of the Accounts Reporting Standards applicable in the United Kingdom and Republic of Ireland. a | financialThe law applicablestatements tofor Charities each financialin Scotlandyear whichrequiresgive the a Trusteestrue and tofair prepare view of the o state ofresources affairsof the of Trust the Trust for that andperiod. of the incoming resources and application of a | In preparing those financial statements, the Trustees are required to follow best practice and: a - select suitable accounting policies and then apply them consistently; B| - observe the methods and observe the methods and the methods and methods and and principles in the Charities SORP; the Charities SORP; Charities SORP; SORP; S| - make judgements and estimates estimates that are reasonable are reasonable reasonable and prudent; 3 - state whether applicable accounting standards and statements of recommended state whether applicable accounting standards and statements of recommended whether applicable accounting standards and statements of recommended applicable accounting standards and statements of recommended accounting standards and statements of recommended and statements of recommended statements of recommended of recommended recommended practice have been followed, subject to any departures departures disclosed and explained _ ininin the the fifinancialialfinancialialial statements;statstat t an d - prepare the financial statements on the going concern basis, unless it is | inappropriate to assume assume that the Trust will the Trust will Trust will will continue on on that basis. a The above noted legislation also requires the Trustees to be responsible for keeping proper accounting records which disclose with reasonable accuracy at aw any time the financial position of the Trust to enable them to ensure that the financial statements comply with the legislation. They are also responsible for . | safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. a The Trustees are responsible for keeping keeping proper accounting records that disclose s | with reasonable accuracy at any time the financial at any time the financial any time the financial time the financial the financial financial position of the Trust and the Trust and Trust and and enable them to ensure that the the financial statements comply with with the Charities . | and Trustee Investment (Scotland) Act 2005, Act 2005, the Charities Accounts Accounts (Scotland) Regulations 2006 2006 (as amended) and the provisions of the Trust's constitution. . | They are also are also also responsible for safeguarding for safeguarding safeguarding the assets assets of the Trust and the Trust and Trust and and hence for for taking reasonable steps for the the prevention and detection of fraud fraud and other a | irregularities. tal The Trustees are responsible for the maintenance and integrity of the charity. Legislation in the United Kingdom governing the preparation and dissemination | of the financial statements may differ from legislation in other jurisdictions. Z| Financial statements preparation The Trustees confirm that the financial statements for the year ended 30th June | 2025 have been prepared so as to comply with current statutory requirements, the Charity SORP and the Trust's own governing document. A Approved by the Trustees and signed on their behalf on a | ech 4 Hade.. OLE Date | CLOT. (AO a” | amelie ammaitdidinas maid as A cee LiC Il, ACHE... print Name

The Trustees are responsible for keeping keeping proper accounting records that disclose with reasonable accuracy at any time the financial at any time the financial any time the financial time the financial the financial financial position of the Trust and the Trust and Trust and and enable them to ensure that the the financial statements comply with with the Charities and Trustee Investment (Scotland) Act 2005, Act 2005, the Charities Accounts Accounts (Scotland) Regulations 2006 2006 (as amended) and the provisions of the Trust's constitution. They are also are also also responsible for safeguarding for safeguarding safeguarding the assets assets of the Trust and the Trust and Trust and and hence for for taking reasonable steps for the the prevention and detection of fraud fraud and other irregularities.

Be ERIS Se TT ee

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Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material | misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material _ thismisstatementothere inf o f the otherrmation, we information.are required If,to based onreport tha t hefact. work we have performed, we conclude that there is a misstatement of

We have nothing to report in this regard.

Matters on which we are required to report by exception

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| | THE TURTLETON CHARITABLE TRUST = = INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 a Responsibilities of the Trustees As explained more fully in the statement of Trustees’ responsibilities set out on page 5, the Trustees are responsible for the | preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud ij or error. . | concern,In preparing thedisclosing, financialas applicable,statements,matters the Trusterelat e ds areto going responsibleconcernforand assessingusing the thegoing Trust’sconcernabilitybasis to continueof accountin as a g oiu n lessg the Trustees intend to liquidate the Trust or cease operations, or have no realistic alternative but to do so. a WeAuditors’have beenresponsibilitiesappointed asforauditor the auditunder ofsection the financial44(1)(c) statementsof the Charities and Trustee Investment (Scotland) Act 2005 and __ reportOur objectivesin accordance are to obtainwith regulations reasonablemade assuranceunder that aboutAct. whether the financial statements as a whole are free from material x | misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a 4 material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or = in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these a financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with | our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: = Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error. z__| From enquiries of those charged with governance, it was determined that the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there “3 is not high level collusion. “a Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is = not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations - were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were a reviewed; and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this “a~ regard was low. We carried out income testing and grants payable testing which was designed to identify any irregularities as a result of simple “a mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was low. _ A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting ss Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. =| Use of our report ; | TC h aritiesis reportandis madeTrustee solelyInvestment to the Trust's(Scotland) members, andAct 2005, trustees,regulation as a10 body,of the Charitiesin accordan Ac c ountse with se(S c otland)tion 44(1)(c) ofRegulations the 2006 (as amended). Our audit work has been undertaken so that we might state to the Trust's members those matters we are “s required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust's members as a body, for our audit work, for | this report, or for the opinions we have formed. “a° StatutoryWhitelaw Auditors Wells Whee WsU. ‘ | 9 Ainslie Place Edinburgh wg EH3 6AT | hee eeeetee teeters teettteeseeesteseeteeeeenees 24 March| 2026 - Whitelaw Wells is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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THE TURTLETON CHARITABLE TRUST BALANCE SHEET AS AT 30TH JUNE 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Notes|2025|2024| |£|£| |Fixed Assets| |—| |Investments|7|7,566,786|6,773,095| |Total|Fixed Assets|7,566,786|6,773,095| |Current Assets| |Cash on deposit|224,620|206,732| |Debtors|-|-| |Total|Current Assets|224,620|206,732| |Liabilities| |CreditorsFuture commitments due within 12 due mon wi|th|ins|one year|(37(8|,|000471|)|(66(8|,2|53|0)| |2|(45,471)|(74,480)| |Net Current Assets|179,149|732,252| |Total Assets|less Current|Liabilities|7,745,935|6,905,347| |Less:| |Long Term|Liabilities| |Future|Commitments|due|after|more|than|one|year|2|(15,000)|(22,000)| |Net Assets|7,730,035|6,883,347| |Represented|by:| |Unrestricted|Funds|7,730,935|6,883,347| |Total Charity Funds|7,730,935|6,883,347|

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Approved by the Trustees and signed on their behalf on

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THE TURTLETON CHARITABLE TRUST STATEMENTFOR THE YEAR OF FINANCIALTO 30TH JUNE ACTIVITIES2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Total| |Note|2025|2024| |£|£| |Income and endowments|from:| |Donations|3|176,380|-| |Investments|3|309,747|311,557| |Total|a486,127|311,557| |rs| |Expenditure|on:| |Raising funds| |Investment management charges|4|(10,675)|(9,763)| |ChGr|a|ritablents|and Actividona|ti|esons|5|(247,000)|(248,100)| |Support and governance|costs|6|(17,665)|(17,400)| |Total|(275,340)|(275,263)| |210,787|36,294| |Net|gains/(losses)|on|investments|7|7.|636,801|632,278| |Net|income/(expenditure)|and|movements|in|funds|847,588|668,572| |Reconciliation|of funds| |Total|funds|brought forward|6,883,347|6,214,775| |Total|funds|carried forward|7,730,935|6,883,347|

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All funds are unrestricted in both the current and previous years.

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= =| THE TURTLETON CHARITABLE TRUST = Notes to the financial statements for the year ended 30th June 2025 =| 1 Accounting Policies "| a) TheFinancialfinancialstatementsstatements preparationare prepared under the historical cost convention with items recognised at cost or =|transactionbeen prepared value unlessin accordance otherwisewith statedthe Statementin the relevant note(s)of Recommended to thesePractice: accounts.Accounting The financialand Reportingstatementsby charitieshave | Kingdompreparing theirand Republic financial statementsof Ireland (FRSin accordance102) (effective with the1 January Financial2019) Reportingsubject Standardto the reportingapplicableexemptionsin the Unitedavailable =|7 toKingdom Small Entitiesand Republic under Sectionof Ireland 1A(FRS102), of that Standard,the Charitiesthe Financialand TrusteeReportingInvestment Standard(Scotland)applicableActin2005, the Unitedand the _ = Charities Accounts (Scotland) Regulations 2006 (as amended). The Trust constitutes a public benefit entity as defined by FRS102. | The financial statements have been prepared on a going concern basis. The Trustees have assessed the Trust's . ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to | continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis | of accounting in preparing the financial statements. = b) InvestmentsInvestments are a form of basic financial instrument and are initially recognised at their transaction value and | subsequentlymarket value. measuredThe Statementat theirof fairFinancial value atActivities the balance sheetincludes the date,net whichgains isor consideredlosses arising to beon therevaluation same as theand | disposals throughout the year. ; c) Realised gains and losses = All gains or losses are taken to the statement of financial activities as they arise. Realised gains and losses are _ = acquiredcalculatedsubsequentas the differenceto the betweenfirst day of sales the financial proceedsyear. and theirUnrealised openinggains carryingand valuelosses orare theircalculated purchaseas valuethe if . | differencelosses are betweencombined thein fairthe valueStatement at theof yearFinancial end andActivities. their carrying value. Realised and unrealised gains and i d) Income t| Investment income is included in the financial statements in the year in which the Trust becomes entitled to it, it can be reliably determined and there is probability of receipt. | Donations are included in the financial statements together with associated gift aid, where applicable, when the ‘a Trustees have been advised of the donation with notification of both amount and intended settlement date. = e) ExpenditureExpenditure is included in the financial statement on an accruals basis and recognised in full as soon as a = constructive obligation exists, the sums payable can be reliably measured and there is probability of payment. _ f) Cost of raising funds a Investment management charges are included on an accruals basis and recognised in full as soon as a constructive _ obligation exists. _ g) SupportSupport and Governance costs are the costs Costsassociated with the direct management of the charity. a | Governance costs are the costs of compliance with the statutory and regulatory requirements of the charity. _ Fees charged by Turcan Connell for legal and accounting services are included in the financial statements as follows: a Support (Legal and Administrative Costs) - 25% | | Governance (Accountancy Costs) - 75% These are recorded in support and governance in the Statement of Financial Activities “a Audit fees are recorded in support and goverance costs in the Statement of Financial Activities. a All other support and governance costs are recorded in the Statement of Financial Activities as appropriate. # Page 10

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si | Notes to the financialTHE TURTLETONstatements CHARITABLEfor the year ended TRUST30th June 2025 | 1 Accounting Policies L g) AsSupportthe charity and Gov do e rnances not provide Costsservices directly but by way of grants to other organisations, support and governance _ costs are not allocated against individual grants or donations. | h) GrantsGrants andauthorised donationsto be paid in respect of the accounting year or future years are provided for in the financial a statements in the year in which they are authorised. As required by FRS102, the Trustees are required to consider the effects of the time value of money on their multi| year commitments. Having done so, the Trustees are of the opinion that, in relation to the current commitments any adjustment is not material relative to the income of the Trust and therefore no discounting has been applied. | A provision for a multi-year award is recognised at its present value where settlement is due over more than one | year from the date of the award, there are no unfulfilled conditions and the effect of the discounting is material. In the current economic climate the Trustees consider a discount rate of 2% to be appropriate.

SS iyvar
.
 The Charity is not registered forVAT purposes and all VAT incurred is therefore
is included as part oftheexpense.		 irrecoverable. Where applied, VAT
L. j) Foreignexchange
‘ Someinvestment assets aretraded inforeigncurrencies. Thesearetranslated
exchange ruling atthe balance sheet date, with any gain or loss reflected within		 intosterlingattheratesof
unrealised gains/(losses)on
= investments. Incomereceived inforeigncurrencies isheld inanappropriate currencyaccountbut isrecognised
in thefinancial statements on the date it is receivable and translated into sterling atthe rate ofexchange ruling
atthedateoftransaction. Gainsor lossesonthesubsequentconversion areincludedasotherinvestmentincome
or othersupport costs as necessary.
.		 income
2 Creditorsand accruals 2025 2024
Amountsdueinlessthantwelvemonths
Turcan Connell fees		 £
3,966		 £
i_ EvelynPartners fees
WhitelawWells auditfees		 2,705
1,800
.
 TheYard
National Youth Orchestra of Scotland		 12,000
10,000
=
ss		 Dundee Heritage Trust
Didasko EducationCompanyLimited		 -
-		 9,250
10,000
i St Mary'sMusicSchoolTrust
Sound Waves SCIO		 -
-		 20,000
5,000
= Edinburgh International Festival
The Scottish Schools Pipes & Drums Trust		 10,000
5,000		 -
-
_
 45,471
_—ae—		 74,480
eee
i Long term liabilities 2025 2024
Amountsdue aftermorethantwelvemonths
The Yard		 £
-		 £
NationalYouthOrchestra ofScotland
Edinburgh International Festival		 -
10,000
TheScottishSchools Pipes&DrumsTrust 5,000
7
‘ Total creditors 60,471
—————E_—Eee		 96,480
ee
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Notes to the financialTHE TURTLETONstatements CHARITABLEfor the year ended TRUST30th June 2025

3 Investmentandotherincome 2025 2024 2024
Donations £
176,380		 £ -
Dividends& interest
Deposit interest		 308 632
4,115		 310,537
1,020
486,127 311,557
4Cost CostofRaisingFunds 2025
£		 2024
£
Investment Management charges 10,675
9,763
ey
5 Charitableactivities 2025
£		 £ 2024
£
Grantsand Donations
Advancement ofthe Arts, Heritage
Edinburgh International Festival (1stof 3)
Sound Waves SCIO (8rd of 3)		 10,000
5,000		 10,000
5,000
The NationalYouthOrchestraofScotland (2nd of3)
Dundee Heritage Trust (2nd of 2)		 10,000
9,250		 10,000
9,250
The Scottish Schools Pipes & Drums Trust (1st of 3)
NationalYouthChoirofScotland		 5,000
5,000		 -
5,000
Love Music Productions
Edinburgh International Book Festival		 10,000
19,000		 10,000
10,000
YDance
Borders Book Festival		 7,000
20,000		 7,000
15,000
MelroseMusicFestival
Wigtown Festival Company		 5,000
10,000		 5,000
-
LiveMusicNowScotland
Scottish Young Musicians		 5,000
5,000		 -
-
DanceBase
Edinburgh Printmakers		 5,000
10		 -
Swandro-Orkney Coastal ArchaeologyTrust
TheRoyal BotanicGarden Edinburgh		 5,000
50,000		 -
-
WestHighlandMuseum
The Paxton Trust		 5,000
15,000		 -
-
CoveParkLimited
Royal Lyceum Theatre Company		 -
-		 5,000
7,000
Leighton Library Trust
TheTrimontium Trust		 -
-		 10,000
10,000
DundeeContemporaryArts
Had o Arts
NationalGalleries ofScotland
Scottish Ballet
LammermuirFestival
Wanlockhead Museum Trust		 -
-
-
-
-
--		 10,000
18,000
10,000
15,0004,600
4,600
Forward 206,250
206,250		 182,850

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |;| |||Notes|to|the|financialTHE TURTLETONstatements CHARITABLEfor|the|year ended TRUST30th|June|2025| |i|5|Charitable activities|2025|2024| || |||Grants and|Donations|£|£| |Forward|206,250|182,850| |||ScotlandSupport forYard theAdventure disadvantagedCentre|(known|as|The|Yard)|(2nd|of|3)|42,000|12,000| |||CalibreBethany AudioChristian LibraryTrust|105|,000|105|,000| || |‘4|The Ridge SCIO|20,000|47,000|--| |Advancement|of|Education| |i”|Didasko|Education Company Limited|(3rd|of 3)|10,000|10,000| |Z|St|Mary's|Music|School|Trust|(3rd|of|3)|20,000|20,000| |30,000| |__|283,250|239,850| ||| |ig|Less:|Committed|Payments|(66,250)|(45,000)| |_ii|||New commitments|217,000|194,850| |_isis|TheNational YardYouth(2|yearsOrchestra£12,000)of Scotland|(2|years|£10,000)|--|20,00024,000| |Dundee|Heritage|Trust|(1|year £9,250)|-|9,250| |||Edinburgh|International|Festival|(2|years|of £10,000)|20,000|-| |The|Scottish|Schools|Pipes|&|Drums|Trust|(2|years|of £5,000)|10,000|-| |||247,000|248,100| ||| |a|Future|Commitments|2025£|2024£| |||TotalEdinburgh commitmentsInternational broughtFestival forward|-|-|10,000| |||StDidaskoMary'sEdM|u|cationsic|Scho C|o|!mpanyTrust Limited|21|0,000|24|0,000| |||TheSound Yard Waves SCIO|245|,000|10,000-| |:|DundeeNational|HeritageYouth|OrchestraTrust|of|Scotland|20,0009,250|--| |88,250|80,000| |||New commitments|(net)| |Edinburgh|International|Festival|30,000|-| |=|The|Scottish|Schools|Pipes|&|Drums|Trust|15,000|-| |||TheNational Yard Youth|Orchestra|of Scotland|:-|36,00030,000| |||Dundee Heritage Trust|Forward|133,250-|164,50018,500| |Less:|paid|in|year| |=|National|Youth|Orchestra|of Scotland|(10,000)|(10,000)| |a|DidaskoEdinburgh EducationInternational CompanyFestival Limited|(10,000)(10,000)|(10,000)(10,000)| |St|Mary's|Music|School|Trust|(20,000)|(20,000)| |&|Sound Waves SCIO|(5,000)|(5,000)| |The Yard|(12,000)|(12,000)| |i|Dundee|Heritage|Trust|(9,250)|(9,250)| |||TotalThe Scottishcommitments Schools Pipescarried|&forward Drums Trust|52,000(5,000)|88,250-|

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—_ 9 Trustees' Expenses B No fees or expenses have been paid to the Trustees in the year (2024 Nil). The Trust has no employees. Es 10 Post Balance Sheet Event - After the account year end, a gift was was made to the Trust of two two investments which had a combined value

Notes to the financialTHE TURTLETONstatements CHARITABLEfor the year ended TRUST30th June 2025

5 Charitableactivities
GrantsandDonations 2025 2024
Heldthus-
Edinburgh International Festival (2 years £10,000)		 £
20,000		 £
-
TheScottish SchoolsPipes&DrumsTrust(2years £5,000)
TheYard (1 year£12,000)		 10,000
42,000		 -
24,000
NationalYouthOrchestraofScotland (1 year£10,000)
Didasko EducationCompany Limited		 10,000
-		 20,000
40,000
StMary'sMusicSchoolTrust
Sound Waves SCIO		 -
-		 20,000
5,000
DundeeHeritageTrust -
52,000		 9,250
88,250
6 Supportand governance costs 2025 2024
Support Costs
Turcan Connell - Administration Fees		 3,966 3,900
Governance
Turcan Connell - Accounting Fees
WhitelawWells -AuditFee		 11,899
1,800		 11,700
1,800
13,699
17,665		 17,400
7 Investments 2025
£		 2024
E
Fair Value of Investments at 30/06/24
Donated		 6,773,095
176,380		 6,078,837
-
Purchases
Sales		 327,180
(346,670)		 1,002,215
(940,235)
Realised Gains 6,929,985
31,880		 6,140,817
178,274
Unrealised Gains
FairValue of Investments at30/06/25		 604,921
7,566,786		 454,004
6,773,095
HistoricCostofInvestmentsat30/06/25 5,593,354 5,510,808

NB: All investments are listed on a recognised stock exchange.

| 8 Related Party Transactions The Trustee James Alexander Burns is a partner of Evelyn Partners, which provides investment services to the Trust for which fees will be charged. During the year, the Trust donated £15,000 (2024 nil) to The Paxton Trust, of which Richard Ronald James Burns is also a Trustee.

In May 2025, the Settlor gifted an investment to the Trust which came with a value of £176,380.

After the account year end, a gift was was made to the Trust of two two investments which had a combined value of approximately £383,000. This gift will be reflected in the 2026 account.

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LONDON 17a Curzon Curzon Street London W1J 5HS 020 7491 8811 7491 8811 8811

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