Scottish Charity No SC040414 THfGALASHANTRUST THE GALASHAN TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees, report Independent Auditor's report 9-12 Statement of financial activities 13 Balance sheet 14 Statement of Cash Flows 15 Notes to the financial statements 16-22
TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Reference and administrative details of the Charity, its Trustees and advisers Charity Nama The Galashan Trust Charity Registration number SC040414 Regl$tratlon date 14" April 2009 Trustees Andrew Francis Robert Galashan Camilla Sinclair Eugenie Galashan Brodies & Co. ITrustees} Ltd. The dlrectors of Brodies & Co. {Truslees) Ltd. are available on Companies House. Reglstered Offlce & SoSlcltors Brodies LLP, Solicitors Capital Square 58 Morrison Street Edinburgh EH3 8BP Audltor Whitelaw Wells 9 Ainslie Place Edinburgh EH3 6AT Bankers Coulls & Co 440 Strand London WC2R OQS Investment Managers Cazenove Capital 24-25 Charlotte Square Edinburgh EH2 4ET
TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees. report The Trustees have pleasure in presenting their report and financial slalements for the year ended 31st March 2025. The financial slalemenls have been prepared in accordance with the 8ccounting policies set out in note 1 to the accounts and comply with the Charities and Trustee Investment (Scollandl Act 2005. the Charities Accounts (Scotlandl Regulations 2006 las amended), the Constitution of The Galashan Trust las adopted upon the registration of the Charity), and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland IFRS 102). Achievements and performance Slnce the previous report. the Iruslees are pleased to report the following progress.. The trust investment income for the year arnounted lo £207.22512024.' £208,417}. Donations were made to charities whose alms and objectives are in keeping with the broad purposes of the trust and whose needs were attractive lo the trustees at the time of the donations. During the year, the trust paid out cash grants of £205,000 {2024'. £202,100) and details Can be seen in note 5a to the financial slalemenls. In addition to direct grants, a significant amount of pracllcal help and payments of expenses Itolalling £15,00012024.' £13,441 }} have benefited a small number of organisalions, details can be seen In note 5b to the financial statements. Following the success of the Trust's support of the Heritage Engineering Apprenticeshlps scheme, focus has been moved on to the support of a small regional charity, Bipolar Edinburgh in supporting those with this severe mental Illness. As all these donations were made from the trust to or for the benefit of established independent charities and other organisalions whose aims and objectives are included within those of the trust, they met the objectives of the trust in supporting such charitable objectives. These also meet the objective of donating, taking one year with another, at least the whole of the income from the funds available. While the small donations will in all cases simply go towards the general benefit and maintenance of the charities in question, helping them to achieve their general charitable objectives, more major donations are of significance lo such smaller charities and other organisations for charitable purposes,. and may be used lo support both on-going revenue activities and capital projects. Going concern After making appropriate enquiries, the Trustees have a reasonable expectatlon that the charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, we continue to adopt the going concern basis in preparing the financial statements.
TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Reserves policy It is the policy of the Trustees to distribute the income of the Trust in the form of grants or donations. It is anlicipaled that any surplus income at the close of the account will be so dlstributed in the following year or years subject lo the restriction on accumulation of income. As the Trust does not provide direct charitable services, the Trustees believe that normal expenditure can be met from income generated. The funds of the Trust are wholly unrestricted at present represented by investments and cash. The Trustees have t)ower to draw upon the funds in furtherance of the Trust's objectives whilst retaining sufficient funds to meet any commitments they may undertake. As the assets of the Trust are held in a readily realisable form, the Truslees do not consider it necessary lo maintain specific reserves. Investment policy and objectives The Trustees have chosen Cazenove as investment managers and all funds are invested in their Charity Multi-Assel Fund wrapper. Given the objective of a balanced return from both capital and income, the benchmark for 855essing perfomance (set by the Irusleesl is the MSCI Personal Investment Management and Finanaal Advice Association IPIMFA} (formerly APCIMSI Balanced Total Return index. The total return on the invested portfolio li.e. apart from cash held on income and in reseNe) in the year to 31 March 2025 amounted to a positive 2.6°h (last year plus 10.7 % } (after fees) against the PIMFA Balanced Total Return of 6.4 % Ilasl year plus 10.7 /u, total return Nel). Structure, governance and management Establishment of trust The trust was established by deed of trust by Andrew Francis Robert Galashan dated 22 January 2008. The trusl is administered in accordance wSth the temis of the trust deed. Trust purposes The purpose of the charitable trust is to generate incorne from investments to support such purposes as are charitable for Scots law and for income lax purposes. The Iruslees may distribute income and capital for these purposes. The trustees have wide powers of management and administration. Trustee meetings and appointment Two of the three trustees (including Brodies & Co. (Trusleesl Ltd.) were appointed on the eslablishmenl of the trust. New trustees are appointed by the existing trustees, and are briefed on the trust's aims, objectives, grant making policy and purposes. They undergo an induction process whlch covers information on the activities of the charity, their legal obligations under charity law, the roles, responsibilities and code of conduct for boardrrrustees. Each Trustee receives a copy of the Trust's constitution and lalesl Accounts. At the annual trustees, meeting andlor by email and lelephone discussions, the trustees agree the broad strategy and areas of activity for the trust, including consideration of grant making, investment, reserves and risk management policies and performance.
TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Grant making policy Grants are awarded in accordance with the objectives set out in the trust purposes which are very wide in scope.. "the prevention or lief of povew, °Ihe advancement of education.. "the advancement of religion., 'the advancement of health., "the saving of Ilves" the advancement of citizenship or community development" the advancement of the arts, heritage, culture or science" the advancement of public participation in sport" the provision of recreational faeilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended., 'the advancement of human rights, conflict resolution or reconciliation. "the promotion of religious or racial harmony" "the promotion of equ81ily and diversity., he advancement of environmental protection or improvement" °the relief of those in need by reason of age, ill-heallh, disability, financial hardship or other disadvantage" 'the advancement of animal welfare". Similarfy, the intended beneficiaries cover a wide range: 'Children or young people" Older People", 'People with disabilities or health problems., 'People with a particular ethnic or racial origin Other defined groups No specific group, or for the benefit of the community" Other charities or voluntary bodies" Types of activity undertaken: °It makes granls, donations, loans. gifts or pensions lo individuals" It makes grants, donations or gifts lo organisations" Grants will be awarded in accordance with the objectives sel out in the trust purposes above. The trustees, policy is lo consider applications for grants and lo make ad hoc donations. Risk management The trustees have assessed the risks lo which the trust Is exposed, in particular those related to the operations and finances of the trust and are satisfied that syst8ms are in place lo mitigate exposure to major risks. The Iruslees consider variability of investment returns as one of the major risks. and therefore the trust used the services of Adam & Company Investment Management Ltd as investment advisers until May 2022 when the investment management was moved over to Cazenove. The policy is lo look for a balance of income and capital growth wllh a rnedium risk profile and medium priority for income generation. A further signif cant risk is from cyber-crime. The trust stores insignificant quantities of personal data but has online access to banking, investment management and accounting systems and stores trust records online. Trustees and those with online acSS are required lo use unique long-digit passwords with Iwo-factor authentication enforced to log on lo banking, accounting and investment manager systems. Trust records are stored within a secure Microsoft environment with similar logon requirements. Passwords are changed periodically. As long as il is financially possible, the Trustees will maintain their Grant Making Policy but may support other areas of charitable activity in the future.
TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees, responsibilities statement The Trustees are responsible for preparing the Trustees, Report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in Scotland requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incomin9 resources and application of resources of the charity for that period. In preparing Ihese financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prep8re the financial slalements on the going concern basis unless it is inappropriate to presume that the trust will continue. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotland) Regulations 2006 {as amended) and the provisions of the charity's constitution. 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. Disclosure of information to auditors Each of the persons who are trustees at the lime when this Trustees, Report is approved has conff rmed that.. so far as that the Trustee is aware, the is no relevant information of which the charlty's auditor is unaware, and the Trustee has taken all the steps that ought to have been taken as a Trustee to make themselves aware of any relevant audit information and to establlsh that the charity's auditors are aware of that information.
TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Auditors The Trustees review the independent audit arrangements on an ongoing basis and Whitelaw Wells have indicated their willingness to continue to provide independent audit services lo The Galashan Trust. This report was approved by the Trustees and signed on their behalf by.. Name: Andrew Fran¢ls Robert Galashan Chair of Trustees Dale: 19th May 2026
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GALASHAN TRUST FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial statements of The Galashan Trust for the year ended 31 March 2025, which comprise the Statement of Financial Activities lin¢orporaling the Income and Expenditure Accounll. the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 {effe¢live 1 January 20191 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 2019}. In our opinion the financial slalemenls: give a true and fair view of the state of the charity's affairs as al 31 March 2025 and of its income and expenditure for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wllh the requirements of the Ch8rities and Trustee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Accounts (Scollandl Regulations 2006 las amended). Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing {UKI (ISAS UK) and applicable law. Our responsibilities under thosé standards are further described in the Auditors, responsibilities for the audit of the financial slalements section of our report. We are independent of the charity in accordance wlth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our ethical responsibilities in accordance with these requirernents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of Ihe following matters in relation to which the ISAS {UKI require us to report to you where- the Trustees use of the going concern basis of accounting Sn Ihe preparation of the financlal slalemenls is not appropriate., or the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl about the charity's ability to continue to adopt the going concern basis of accounting for a period of al least twelve months from the date when the financial statements are aulhorised for issue. 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.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GALASHAN TRUST FOR THE YEAR ENDED 31 MARCH 2025 In Connection with our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the nancial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether there is a material misslatemenl in the financial statements or a material misslalemenl of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following mallers in relation lo which the Charities and Trusleos Investment (Scollandl Act 2005 and the Charities Accounts {Scotland) Regulations 2006 las amended) requires us lo report lo you if, In our opinion.. the information given in the financial slalements is inconsislenl In any material respect with the Trustees, annual report- proper accounting records have not been kept., or the financial slalemenls are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit Responsibilities of Trustees As explained more fully in the Trustees, responsibilities slalemenl sel out on page 6, the Trustees are responsible for the preparation of the financial slalements which give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Trustees either intend lo liquidate the ¢harily or lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 4411 }Ic} of the Charities and Trustee Investment (Scollandl Act 2005 and report in accordance wlth regulations made under that Act. Our oblectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when it exists. Misslalements can arise from fraud or error 8nd are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularitles, 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 b810w: 10
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GALASHAN TRUST FOR THE YEAR ENDED 31 MARCH 2025 Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error. From enquiries of those charged with govemance, It was det8miined th8t the risk of material misstatement from fraud was low with little scope for fraud lo occur. Our audit testing is designed to delect material misstatements from fraud where there is not high level collusion. Our audit testing was designed lo detect material mSsstalements 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 regLJlalion5 were reviewed and discussed with management,. senior management meeting minutes were reviewed., internal controls were reviewed,. and journals were reviewed. From this audit tesb'ng it was delermlned that the risk of material misstatement in this regard was low. We carried income testing and grants payable testing which was designed to identify any irregularities as a result of simple mistakes or human error. From this audit testing it was determined that the risk of material misslalemenl in this regard was low. We carried out testing on investment assets which was designed to ensure the charity had the right lo these assets and that they were fairly slated in the financial statements. From this audit testing il was determined that the risk of material misstatement in this regard was low. A further description of our responsibililies for the audit of the financial statements is located on the Financial Reporting Council's webslle at: WVb'lV.frc.or -uklauditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's Trustees, as a body, in accordance with section 44111 Ic) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scollandl Regulation$ 2006 las amended). Our audit work has been undertaken so that we might state lo the charity's Trustees those matters we are required lo slate lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and ils Trustees as a body, for our audit work, for this report, or for the opinions we have formed. LL kdL Whilelaw Wells Statutory Auditor 9 Ainslie Place Edinburgh Midlothian EH3 6AT 19th May 2026 Whitelaw Wells is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006.
THE GALASHAN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Unrestricted funds funds 2025 2024 Note Income trom: Investment income Total income 207 225 207,225 208,417 208 417 Expenditure on: Raising funds Charitable activities Total expenditure 9,180 239,078 248.258 8.463 240,284 248,747 Net {lossesllgalns on Invgstmonts Unrealised Total net Ilossesllgalns 65,950 65,950 286,654 Net lexp¢ndllurellln¢ome and net movernent in funds 106,983 246 324 Reconclllatlon of funds.. Total funds brought forward 5 022,322 4 775.998 Total funds carried forward 4.915,339 5,022.322 All activities relate trj continuing operations and 811 relate to Uns1cted funds. The notes on pages 15 10 21 form part of these financial statements. 12
THE GALASHAN TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flx¢d assets Investments 10 4,901,750 4,967,700 Current a$sgts Cash and cash equivalents 43,981 102,587 Total curr8nt assots 43.981 102,587 Creditors: arnounls falling due within one year 11 30,392 147,9651 Nat current assets 13,589 44,622 Net assets 4,91 5,339 5,022.322 Charity funds Unrestricted funds 12 4,915,339 5 022 322 The financial statements were approved by tho Trustees and signed on their behalf, by.. Narne: Andrew Francls Robgrt Galashan Trustee Date.. 19th May 2028 The notes on pag8s 15 to 21 form part of these financial staternenls. 13
THE GALASHAN TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Net cash used In opèrating activltles (See below) 1265,8311 1250,3361 Cash flows from Investing activlties.. Dividends received Interest received Purchase of investments Proceeds from sale of inv&slmenls Net cash provlded by Investing activitles 206,588 637 206,179 2,238 1143,7071 207.225 64.710 (Decrease) In cash and cash equivalents in the year 158.6061 1185.6261 Cash and cash equlvalenls brought forward 102,587 288,213 Cash and cash equivalents carried forward 43,981 102,587 Represgntsd by- Cazenove Capital Account Cazenove Incorno Account Coutts Current Account Coutts Busines5 Reserve Account 1,955 34 10,928 85 41,992 43,981 91,574 102,587 Reconclllatlon of net movements In fund5 to ngt rash flow from operating actlvltles Nel movement in funds Dividends received Interest received Lossesllgainsl on investments (Decreasel in creditors 1106,9831 1206,5881 1637} 65,950 17.573 265,831 246.324 1206,1791 12.2381 1287.2131 1,030 250 336 14
THE GALASHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES 1.1 Bas1$ of pr¢paratlon of flnanclal stst¢ments The financial stslemenls have been preparod und&r th8 historical cost convention with items recognised al cost or transaction value unless otherwise slated in the relevant nolels} lo the accounts. The financial statements have been prepared in a¢¢ordan¢e with the Stslement of Recommended Practice.. Accounting and Reporting by Charitles applicable to charities preparing their financial stslemenls under accounting standards applicable in the Unit1 Kingdorn and Republic of Ireland IFRS 102118ffeclive 1st January 20191 subject lo the reporting exemptions available lo Small Entities under Section 1A of that standard, the Charities and Trustee Investment (Scolland) Act 2005. and the Charities Accounts Iscotlandl Regulations 2006 las amended}. The Galash8n TTUSI meets thè definition of a public benefit enlily under FRS 1L12. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The principal accounting policies are set out below: 1.2 Organlsation ststus The charity is a Scottish Charity and the registered office and the Trustees aro named on page 5. In the event of the Charity being wound up, the Trustees are not liable to ntrIbUte lo the assots. 1.3 Golng Concorn Based on all factors considered, the Trustees believe that il is appropriate to prepare the finanual stslements on a going ¢oncem basis. The financial slatemenls hav& bèen prepared on a going concem basis as there are no material uncertainties about the ganiSatIon'S abilities lo wnlinue its operations. 1 A Fund accountlng General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. All funds are unreslricled funds. 1.5 Income All income is recognised once the Charity has enlillement lo the income, it Is probable Ihatth8 Income will be received and the amount of income receivable can be measured reliably. Where the donated good is a fixed asset il is measured at falr value. unless Il is irnpractical lo measure reliably, in which case the cost of the item lo the donor should be used. The galn is recognis8d as income from donations and a corresponding afnount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordan with the Charity's accounting policies. Donal8d servlces or facilities are recognised when the Charity has control over the ilern. any conditions associated with the donated item have been met, the receipt of economic benefit from thg use of tho Charity of the item is probable and that economic btrnefil can be measured reliably. Income tsx recoverable in relation to donations received under Gift Aid OT deeds of covenant is recognised at the time of the donation. Other income is recognised in the period in which it is re1vable and to the extent the goods have been provided or on completion of the service. 15
THE GALASHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.6 Expenditure Expenditure is recognised once there is a legal or conslru¢live obligation to transfer economSc benefit to a third party, il is probable that a transfer of economic ben6fils will be required in settlement and the amount of the obllgalion can be measured reliably. Expenditure is classified by activity. Fundr8ising costs are those incurred in seeknng voluntary contributions and do not include the costs of disseminating inforrnation in support of the ¢harilabl8 activities. Govemance costs arg those incurrsd in connection with adminislralion of the Charity and wmpliance wlh constitutional and slalulory requirements. Costs of generating funds are costs incurred in attracting voluntary income. and those Incurred in trading activities that raise ftjnds. Charitabl& aclivilies and Governance costs are costs incurred on the Charity's operations. including support costs and costs relating to the governan¢$ of the Charity apportioned lo charitable aclivilies. l exp8nditure is inclusive of irrecoverable VAT. 1.7 Investmgnts Investments are a form of basic financial instrument and are initially recognised al IheSr Ir8nsartTon value and subsequently measured at their fair value at the balance sheet date, which is deemed to be the same as market value. The statement of financial aGtivilies includes the n81 gains or losses arising on revaluation and disposals throughout the ygar. Realised gains and1055es All gains or1055es are taken ID the slalemenl of financial activities as they arise. Realised gains and losses ar& calculated as the differen between the sale proedS and their openlng cairying value or their purchase value if acquired subsequent lo the financial year. Unre81ised gain5 and losses are calculated as the difference between the fair value al the year end and their carrying value. Realised and unrealised gains and losses are combined in the statement of financial activities. 1.8 Debtors Trade 2nd other debtors are recognised al the settlement arnounl after any trade discount offered. Prepayrnenls are valued at the amount prepaid net of any trade discounts due. 1.9 Cash and cash equlvalent$ Cash and cash equivalents and In hand Includes cash and short lerrn highly liquid investments with short rnaturity of three months or less from the dal& of acquisition or opening of the deposit or Similar account. 1.10 Llabllltles and provisions Liabilities are recognised when there is an obligation al the reporting date as a result of a past event. It is probable that a transfer of econornic benefit will be required in settlement. and the amount of the settlernenl can be &slimaled reliably. Liabilities are recognised al the amount that the Charity anlicipales it will pay lo settle the debt or the amount il has reiVed as advan¢6d payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to setde the obligation. Wher& the effect of the time value of rnoney is material. the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the li8bility. The unwinding of the discount is recognised within interest payable and similar charges. 16
THE GALASHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.11 Flnanclal Instruments The Charity only has financial assets and finanGial liabilities of a kind that qualify as basic financial instnjments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their setuement value wth the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.12 Judgernents and estimates In the application of the charity's accounting policies, the trustees are required lo make judgements. eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and aSsoated assumptions are basecj on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimales and underfying assumptions are reviewed on an ongoing basis. Rewsions to accounting eslirnales 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 wher8 Ihg rèvision affects both current and future periods. Investment income Unrestricted funds 2025 Unrestricted funds 2024 Dividend income Bank interest 206.588 637 207,225 206.179 2,238 2D8,417 Analy$ls of costs of ralslng funds Unrestrlcted funds 2025 Unre$triGt¢d funds 2024 Investment management costs 9.180 9.180 8,463 8,463 17
THE GALASHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of costs on charltable actlvltles Unrestricted funds 2025 Unrostrlcted funds 2024 Donations- grants (Nots 581 Donations- direct payrnenl of expenses for beneficiaries (Note 5bl Web media & printing Events & exhibitions Design & rnarkeling consultancy 205.000 202,100 2,610 681 1 S.000 15.000 13.441 Administration expenses (Note 61 Trustees, expenses (Note 71 Governance wsts". Remuneration of current auditor for audit services Remunerab'on of prior auditor for audit services Remuneration of prior auditor for other services- accounts prgparation 8.698 8,486 837 7,800 13.080 2,580 2.340 239,078 240,284 Donatlon$ - grants Unrestrlcted funds 2025 Unrestrlctgd funds 2024 Bipolar Edinburgh Bipolar Scotland British Academy of Film and Television Arts Federation Skills Trust Inspiring Scotland NW Live Arts REVS Community CIC Saltire Skye Theatre Seenaryo The National Theatre of Scotland Wellspring Scotland 90,000 10,000 20,000 50,000 72,000 10,000 20,000 50,000 3,000 20,000 4,000 10,000 5,000 20.000 20.000 1.000 2,100 202.100 205 000 18
THE GALASHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 5b. Donatlons- dlrect payments of expenses for benefiGlarles UnrestrlGt9d funds 2025 Unrestrlcted fund5 2024 Bipolar Edinburgh Federation Skills Trust 15.000 12,941 500 13,441 15,000 Admlni5tratlon expenses Unre$trl¢tsd funds 2025 Unrnstrlctsd funds 2024 Legal fees Computer costs Zoom & subscriptions 8,100 233 365 8.698 7.800 329 357 8,486 Trustoes, remuneratlon The trustees are considered to be the key management of the trust and no twslee received any remuneration during the year as a result of their role as Imslee.12024.. £Nill. No Iruslees received expenses during the year {2024: one trustee. £8371. This is comprised of £Nil12024.. £3641 of travel expenses, £Nil12024'. £1721 of accomrnodation expenses and £Nil12024'. £3011 of trustee conferences and MMberShIps. Staff costs No staff were employed by the charity in the period. The only member of key managernenl personnel is considered lo be the Chair of Trustees, whose rernuneralion and expenses have been disclosed in Note Taxatlon As a registered Scottish Charity, the company Is exempt from laxalion on surpluses eamed from its charitsble activib'es. 19
THE GALASHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Snvestments 2025 2024 Quoted inv8Stmènls 4,901,750 4,901.750 4 967 700 4 967 700 Op9ning market v81ue Add acquisitions at Cost Less disposals al opening market value or cost N81 Ilossllgain on revaluation Closing market value 4.967,700 4,536.780 143.707 65,950 4 901,750 287,213 4,967,700 Historical cost 4.901,191 4.901.191 The whole investrTrenl portfolio is held within a rnulli-assel fund. 11. Creditors: Amounts falllng due within one year 2025 2024 Trade creditors Trustee loan (Note 7} Accruals 10,000 20.392 30,392 47,965 20
THE GALASHAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Statement of funds Unrestrlcted funds Net Ilossesl on As at 31 March Income Expenditure investments 2025 As at 31 March 2024 General funds- unreslricled funds 5.022,322 207,225 1248.2581 {65,9501 4,915,339 13. Relatad party transaction Aside from the amounts disclosed in Note 7, the followng related paty transactions are identified.. 2025 2024 Incomg 1 Receivable I Incom9 1 lexpenditurg) {payablel (£1 lexpendlturg11£) 1£) Recelvable I Ipayablel (£1 Brodifjs LLP Bipolar Edinburgh Federation Skills Trust Wellspring Scotland 18,1001 1105,0001 150,000} (7.8001 17,8001 (62.9411 150,500} 12,1001 115,6001 Blpolar Edinburgh, Fèderation Skills and Wellspring Scotland are deemed related parues because Andrew Francis Galashan serves as a Iruslee in them. Brodies LLP is (Seemed a related party because several key management personnel within Brodies & Co. (Trustees) Ltd are also members of Brodies LLP. In the year, Andrew Francis Galashan has given the Charity a working capital loan of£10,000. The amount owed al the year end is £10,000. This loan is interest free and repayable on demand. 14, Controlling party In the opinlons of the Trustees, there is no ultimate controlling party. 21