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 ac￿SS 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 Un￿s1￿cted 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 Unit￿1 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 re￿1vable 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 pro￿edS 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 re￿iVed 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 aSso￿ated 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 M￿MberShIps.
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