DUMFRIESSHIRE EDUCATIONAL TRUST SCHEME 1961 Charity Number SC003411 Annual Report and Financial Statements Year ended 31 December 2024
DUMFRIESSHIRE EDUCATIONAI TRUST SCHEME 1961 Charf No. SC003411 legal and Admlnlstrative Informatlon Trustees John Gair Richard Brodle Elizabeth Walters Jim Demp5ter Lynne Dav15 Chrissie Hlll Ivor Hyslop Paula Stevenson Carolyne Wilson Gail maCggor Clerk, Treasurer & Legal Servl¢es Dumfries and Galloway Council Charlty Number Iseotland) SC003411 Reglstwed offlce & Prlncipal place of Buslness Dumfries & Galloway Council English Street Dumfries DG12DO Audltor FarrSes, Kirk & Mcvean Chartered Accoijntants Dumfries Enterprise Park Heathhall Dumfries DGI 3SI Bankers Royal Bank of Scotland 151 High Street Dumfries DGI 2F14 Investment Managers Brewin Dolphin 6th Flgor Atria One 144 Morri50n Street Edinburgh EH3 8BR
DUMFRIESSHIRE EDUCATIONAL TRUST SCHEME 1961 Ch No. SC003411 Contents Page Trustee5 Annual Report Trustees, Responsiblllties Statement Independent Auditor's Report Statement of Flnancial Activltles Statement of Financlal Position (Balance Sheet) Statement of Cash Flow5 Notes to the Financlal Statements io
MFRIESSHIRE EDUCATIONAL TRUST SCHEME 1961 Charl No. SC00341 Trustees Annual Report for the year ended 31 December 2024 rhe Trustées present their annual report and flnanclal statement5 of the charlty for the year ended 31st December 2024. The finarncial Statements have been prepared In accordance with the accountlng pollcle5 set out in note I to thé accounts and comptywith the charity's trust deed, the Charitles and Trustee Investment15cotlandl Act 2(WJ5, the Charitie5 Accounts Ikotlandl Regulations 2006 las amended) and AoUntIng and Reporting by Charlties.. StafymÈnL of Recommerndèd practi applicable to charities preparlng ihelr accounts In accordance wlth the Financlal Reportln8 Standard appllcable In ihe UK and Republic of Ireland publlshed in October 2019. Objectives and activitles The purposes of the Trust are ihe advancErnent of educatlc¥n. the advanment of the arts, herita8e, culture or science and the advancement ol public partltipation in sport. Grant maklng pollcy The Trust has established its grant maklThg policy to achleve Its objects for the publlc bcneflt. The Trust Invites applications for grants frorn Dumfriesshire schools and students in accordance wlth th specifled grant educAtlonal purposes set out in the Trust deed. The Trust rneets bl-annually, with the flrst meetin8 of the year e5tablishin8 the amount avallable to disburse and the suggested levels for each sectlon ol educational grant. Trustees have the distretion to increasè or decrease grants as may be requlred. A revlew of our achievemenls and performance The prlnclpal benefts of the T¥usVs work are a55is¢lng DumMe5shlre schoots educatlonal trlps and students studles. Travel and educational travel grants asslsted schools io take pupils on a number of diversè outlngs. Th2 next blggest area of Support was for promoiin8 educatlon In the vlsual arts. whlch was achieved through 5UPPDrtin8 the work of Gracefield Arts Centre. Financlal revlew The Trust's work Is entirely rellant on Income and invpstment returns from its share portfolio. The rnarket value of the Trust's Investmt portfollo increased on the prevlous year by £119,959 wlth dlvldÈnd income of £36,390 generated In the year. There was a surplus for the year of £430,88012023 surplus £64.7181 whlch is predomirhantly In relation to the gain on investments and the reValuatID of the art portfoliu. Thè level of grants awarded in the financial yèar is higher In comparison to pvIouS year dlle to Increased appllcation5. Total funds on 31st De£embei 2024 are £4,852,336 made up of £993.991 unrestrlcted funds, E17,025 restrlcted funds and E3.841,317 endowmeni fund5. Investment pollcy and perfomance Our investment adw50rs, Brewin Dolphin. are Instructed to putsue an Inve5trnent objertive of Income & Growth Return. The Intentlon Is to achieve a well-d1veIr1ed portfollo by asset c135s wblh weightin8 towards more secure Investment$ suth as 811ts. The Trust Is a long-term Investor and takes the vlew that desplte short term volatility stock market leve15 5ti11 remaln on an upward trend. The trustees, on professional advlce, continue to hold a mixed portfolio Df equitie5. bonds, cash and other Investment5 designed to provide a level olstalje income and the posslblllty of Inve5tmentgaill5. Rlsk rnanagement The Trustees have a5$ed the molor rlsks to which the Trust is èxposed, in partlcvlar those relating to the1SDances and assets of rhe Trust an(J are sattsfled that systerns are In place io mlti8aLe our exposure to major risks. The è55e5sment has Identrfied that flnancial sustainabillty Is the major Tisk. A key element in the man8gement of financial rlsk Is an annual revlew and forecast of incorne to be received frorn the Trust'5 investment PQTtfollo. This ensures 8ranl making and running expenses of the Trust match a5 dosely as possible to forecast Income levèls,
DUMFRIESSHIRE EDUCAlloNAL TRUST SCHEME 1961 No. SC003411 Trustees Annual Report for the year ended 31 December 2024- continued Reseryes pollcy No reserves are maintalned by the Trust. The policy ol the Trust 15 10 spend to the level of Its annual Income only and allow the In¥estrnent portfollo to provide capital growth. Plans for the future The oblectlves and appllcatlon of fundlng is set out by theTrust Deed and wlll contlfiue to be adhered to. With the Investment objectives of the trust to be long term 8rowth In lTrMe the aim is lo maintain 8iants at levels that take account of Inflation. Structurej lovemance and managernent lal Constltutlon The Trust is a reco8lli5ed unincorporated charlty in Scotland, Charlty No. SC003411, and operated under the rule5 of the Trust Deed that was approved on 27 November 1961. The management of the Trust is the sole responsibility of the Tiustees who make their dec1510hS at quarierly meetln85 and are elecled aTrd co-opted under the tèrrns of the trust deed. Ibl Recrultment and Appolntment ofTrustees The board ol trustees consists of the followlng.. SIX persons appointed by the Educatlon Committee Two person5 appointed by Nithsdale Area Commltlee Irepresentatfvè ol Durnfrle5 and Sanquharl Two persons appointed by ArFnandale & Eskdale Area Commltree One person from SWRI One person from Dumfries Local Assoclatlon of Els One person frorn the Hutton Cornmlttee Two co.opted Trustee5 Wlth relevant experience The first three 8roups of appointrnents are elected member5 of Dumfrlès & Galloway Cguncll and serve a term thal coincldes with the Ilfe of the elected coundl of Dumfrles & Galltsway. There are currently three vacancies however It Is intended that these wlll be fllled when possible. {cl Trusteè Induction and Tralnlng The induttlon prLKe55 for new trustees conslsts of irainlng meetln8s ran by Dumfries & Galloway Council on powers and re5ponslblllties of elected rnembers servlng on the varlou5 Irusls of the Counal. In addltlon, an information pad( comprlslng of a brief history of the trust, a copy of the gtsvernlng trust deed and a copy of the Office of the Scottbsh Charity ReEulatorfs"Guldance for Charity Trustees- actln8 wlth care aJ)d diligen. is Blven to all new tru5tee5. Reference and admln15tratlve Inforrnallon Trustees Ivor Hyslop John Galr Rlchard 8rodle Lynne Davls Paula Stevenson Carotyne Wilson Jim Dempster Gail Macgregof Ellzabeth Walters Davld Gilbort
DUMFRIES HIRE ED TIONAL TRUST SCHEME 1961 Chari N SC003411 Audltor Each of the Trustees who held offi¢e at the date of approval of the Financlal Staternents, as Set out above. connim $0 lar as we are aware that: there15 no relevant audit information of which the TrusV5 auditors are unaware and we have taken all the Steps th3t we ought to have taken as Trnstees in order to rnake ovrselves aware of any relevant audit information and to establish that the Trust's auditors are awaie of that information. The Tru5teÈs' Annual Report was approved by the Board olTrvsiees Jim Dempster Trustee Dated 16
DUMFRIESSHIRE EDUCATIONAL TRUST SCHEME 1961 Charf No. SC 3411 Trustees, Responslbllltles Statement The Truslees are rwponslble for preparlng the Trvstees, Annual Report and the financr31 ststemenis kn accordance wlth applicable law and United Kin8dorn Accounting Slaodards (United Klngdom Generally Accepted Accountln8 Practltel. ThE law appllcable to charltle5 in Scotland requires the Trustees to prepare financlal statements lor each finanL¥al year which glve a tTue and lalr vlew of the State of affairs of the charlty and of the Incomln8 resources and applicatlon of resources of the charlty for that period. In preparing these flnanclal statements, the trustees are required to.. select suitable accounting policles and ihen apply them consistèntlv; observe the rnethod5 and prlnelples in the Charities SORP 2019 IFAS 1021. • make judgements and estlrnates Éhat are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departure5 disclosed and explalned In the n3ndal statements,. prepare the financlal statements on the golng CDhcern b351s unless It Is inapproprlate to piesume that the charity will continue In operatlon. The Trustees are responsible for keeping pioper accounting records thai dlsclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the flnancial statements comply wlth the Charitie5 and Trustee Invesiment (Scotlandl Act 2005, the Charltles Accounts Iscotlandl Regulailons 21)06 las OTn2ndedl and thè provislons of the chailty's C0115titution. They are also respon51ble for saleguarding ihe a55ets of the charity and hence for taklng reasonable 5tep5 frjr the pr2vention and detectlon of fraud and other Irregularities.
DUMF IESSHIRE EDUCATIONAL TRU T SCHEME 1961 Chari No. SC003411 orl oféht Ind6 Dumfrlegyhlrè ethdetht Aud. eAtto st r&toth£ of Oplnlon Wc have audited the fin•ncial thtetnwts of lmfrI&S5hIr¢ FAfjucational TIust Schht 1961 lthe 'chtrity'l for thE yethr tndEd 3151 Dccertiber 2024 which cornprise th¢ Sthtcment of FiDan¢ial Activiiies. the B8l&rtce SheeL Ihc Qsh Flow StateJTr¢nt and tLo5 10 the fitt8D¢iai st&t¢ments, incSudin& 8 5wnrn8ry of SiEnific8rtt itwuniiTrE policie5. Th¢ finaTr¢I r¢porling fram¢work that has bccn applicd in their prcparalioll is wlicable law a[ Unit¢d Kingdorn Accounting Standards (United Genetally AttcptEd A¢couniing Practite). lft otsropinlon the fJnJn¢ial stalemcnts.. 8ivc a tru¢ and fair Yiew of the stste ofthv chariws thtrs ¥ at 31 De¢¢mlxr2024 ettd of its lrtconuo&resotsrc¢s and &ppli¢8tio of resource8, for th¢ yew then cnded: h#Y¢ been Propcrly prepared irt 8ccordanc¢ with Uftlt¢d KiTrgdom GelltrallyAccepttdAccouThuD£ PractiG¥' Ind havcbeenpTCtd ID acwrdanc¢with th¢requiremeTrlsoftheCh&ritics 8ndTru&trt Invastmcnt ISrollandlAct2005 aDd Regujalion of th¢ Charsti¢s Accounts IS¢otL8ndl ]i¢gulatsons 2(M)6. lia for •plrtlon We wnducled Dur audit in accodaDCC With Intem2donal StsThd•rds on AudiliDg (UK} IISAS (UKII Jnd applirabl¢ iAW. Our TtsP0n5ibilitC& undcr those standards Ire fitrth¢r de50rib¢d in th¢ Auditors, re¥x)nsibili(ic5 for the &udit of thc financial slat¢mcnrs s¢¢iion of our rep)rl. W¢ Jre irepende[lt of Ihc charity in attordallc¢ with ¢thiC r¢quir¢mcnls that relev•nt our •udit or the fjnsncial Slatunents in Ihc UK irtcludfftg the FRC'S Ethl¢al StandaNI. 4nd we have fulfilled our other ethical rc5ponsibilitie5 in Jccordancc wlth these r¢quiretn¢nl$. We bdl¢v¢ ihat the audit evidenc¢ we bave obtaitsed is suATici¢nt #nd appropriate io provide a ba&isforouropittion. Collcluslons relatlnE to Etslng ty¢ern In &uditin8 Ihc ncIal 5tJl¢ment4 w#hav¢concluded th&tthc trusieeguse Of the goln8 concern baslsofaccouTriing in theptteparliion of rhe fu]3ncial 51ale1rn15 IS apptoprjate. oji die work we hFAve pcrfornied, w¢ hav¢ noi i¢JentifJed any material unecrtaintles r¢lating to cvenls or conditions tha¢ individually OT U)Ilecilvely. mlly csst 5ignifJcMt doubt on th¢ ¢h8rity5 ability to wnlhnys as • going concetn ft>r a period of 81 Irast ttvclvc monihs from when th¢ finattcial slatemettts are 1brised for i55U Our rcsponsibiltiies and the re5JMbll51bilitse5 of thc ITUStecs wlth respeet to 8oIThE Jr¢ dcscribed In the relevani seclions of J¢p)rt. O¢h¢r information The IrusteesaT¢ tesponsibl¢ for thB oihcr information. Theothtt informalion cotnprisE5the inforrnaiion included in the Annual R¢ other than lh¥ finoncial sli¢ennts and ow Reportof Ibe Independcnt Auditors Ihereon. Our opiiiion OD tbc financial slaiemenls does ttc0¥¢I Ihe otiw infomialion exc¢p¢to th¢ ¢xt¢ntotherwisc oxpLi¢itly ststed ino re)rt. wc do Dot cxpress any fonn of suran¢C conclusion thcrem. In coDrlI0Th with audit of IhE fifftrtnci sMteThents, our rcspon5ibility is to re8d the oih¢T infDrnJ%tion and. iii doing so, consider whcthcr Ibc other infomiaiiorj ts Inaluially inconsistlt with th¢ fiLftncial stalemenls or our knowledge obtwned ift th¢ audit or oiheTWi¥f 8ppe4r5 lo b¢ matciially missiatcd. If we identity such miterial inconsistench¢s or appatCDI inateri•l mis5tatem¢Thts, w¢ art requir¢d to del¢rrnine whether this sive5 rise to a tna¢¢riRI missiatement the finan¢i21 siatBrn¢Thts Ih¢ms¢lves. If, based on the woik we hav¢ perfomjed, we conclude that there is a nat¢via] D)tssthtemeThtof thls oth¢r Inftsm)atioJL we rtqoired ID rcport Ih&t faol. Wc hovc nothing lo r¢pot( Ihls reEard. MatttrJ which wt nre reqnlred to reprt by exc¢ptioTr WB hav¢ nothin8 lo report in rpect of the following mBttcrswhtr8the CharlilesAtrouttts (Scotland) Regulolions 2006 r¢qthir¢svslo report lo you rf. in our opinion.. rhe info8t10 givcn in thc Report Df thcTruslcu is inwnsisteDt irt sny mHt¢rial respKI with ihe flnertcl Slaiemets,. or pcr Jecounting rCrdS have not bccn kepi. or thc fJnHnGi81 staiemeois ate not in agreemeul wlth the accounltti8 tt¢ords and Frlurn4 or wc havenot ItivCd •ll th¢ infornjalion and explaDations wcreqwre forow audiL ReSpO81b01lt1e& oftru$ttss A5 eXpltted mure fuIly in th¢ Slat¢m¢nl of TNsltes' Resp)nstbilitir4 the tsvst¢¢s are TPonble for th¢ prep2fation of rhe financi81 slalcmcnll wkn¢h give 8 ILue 3nd fair view, and forsuch In*tThal wntrol as the trustee5 dctettnkne is n¢¢¢s$ory to enBble thepr¢p8Tltion of riD14151ate[eftts that are free mitcri&l mis$tgtem¢nL whether due to fralld or error. In preparlng the finantitil s¢at¢ments, the tru5te¢s src respoDsible thr assessing the charity's &bllity to fDnliYbU¢ as & 8oin8 concerD, disclvsiii& applicoblc, Imattels rclaled to going concrin using the 8OinE concern bbsis of accounting uDles8 Ihe tru$t¢rs either to liquid&ie the Chlty0r to ceage operJtlOlL5. or knve AO realistic <ernfjJve but 10 (b 50.
Ib¢ Ihde nt A dilors the Truste¢s or rie55hire KductlonRI Tr t Sth¢sNe Our r¢$poniibilities for the Nudit of th¢ nhall¢i814titemEnts We bRv¢ beell opp(biDted BS tsudiivrs nder tIOn 44(Illcl ofthc ChBrlti¢s and InVcstmeot{Scotla1) Act 2005 aDd UL aEcordanc¢ wilh the Acl and relevlIeslatIQS made or h&viK8 effect IhuCdei. ourabilIK% hre toob(aiJt re&sonth¢ avrACe aboutwhththe finan¢iil 5kntem¢ts a whole Bre ftec frommiierial misst&lunen¢ wh¢th¢r due to fraud or eftor, 9j to issuc a Rtport of thc Independent Audttors thAt iacjudes our OPTfjion Reasonable ossuraiice isa higb l¢v¢l of 855urwKe. bu¢ is not aguaranlee thai aD dIttOnduCttd in a¢cuidance wilh ISAS IUKI will lllways detect a maLerlo1 mi5Statemtht when il ¢xists. Misstfttrmtnis can art from fraud OT error Ènd arc C¥)ll5idered material if. individu411y or in Ihg aggreIe. th¢y L¥)uld rusonably b¢ eX¢[ed to 4nflu6n¢e the wommic d¢ci5101LS Df u5Cts takert OD thc b&%18 of th¢s¢ finaDciJ 3tatcm¢nts. The ¢xt¢nt lo whi¢tL ourproccduT¢5 arc c)bIG0f det¢¢ling irrtri¢S, includins frnud is detailed b¢low'. . wc have a55e5scd Ihc susccptibijity of lh¢ cJ]arity$ financi815t•t¢menls to rn8t¢rial mi&5t&tern¢rt being Jow rl$k The ¢ruslee5 afE kept Involved in tk day Iv day Inagement of thr Thjsl ond have a on ntrOl$ to llddre&8 PDtential frlud error. th¢ nthjt of the chatity's activiiies not SI1]ficant1Y regulated. We have di8eus5¢d the leohl an(1 regulatory fr8rnework th¢ charity npcNcs under with the tru51ee5. This h&5 Bn4bled us kn gain In un¢kr51andiD8 ofthosc applic&ble to Ihc and th¢ pro¢edwes they oper8tttD ¢n5urc cornpliaThce. have obt8incd an und¢r5tandirt8 of the ch8tity's policies procedu on frjud ri.4k thUgh two way communleation wilh thr managementgnd have no knowlcdEe of tual. suspected OT 8lleg&l fraud, - the Senior Staiurory AltOr i$5Nti5fied that the tn8agem¢nt audit steff were cornpetcnt to and upableof reco1$18 non-compliancE with law$ and regul8tlon. No details of any rnnrfomplianc¢ wcrc communicat¢d ts) us and no such pol111a1 inst££5 were wle41 ¢turing the audit process. We hv¢ rea¢hcO Ihue CODrlusions follvwing enquiries made of tbose Charged with governanct and stnior staff following audit tcsting pro¢¢dures and r¢vi¢w ofllngn¢iaI stst¢mtnts. Bw4w¢ of the Inhwertr limitations of arn •udiL there ts a risk thai w¢ will ttot dst¢ct all irrcgulwities, including Ih)se I¢[n8 lo a material misslatement IJJ thc financial slatemcnts OT non-complian with r¢gulalion. Thi$ risk incrcL5es the ¥)re th8t compli8n¢¢ with a law or rcgulalion 15 rcmoved frDm the ev¢nts and transactions reflected in fjllgncièl sl4teTnents, as we will bc less likcly lo becom¢ aw8r¢ of instarKc5 of non.compbarLC¢. Tbe iisk is al gre2ter r¢8&rding irr¢gularities occurring dut to fraud rather IhBn ettoT. as fi¥ud iTrvolve$ int¢ntion81 conrulmcnl. forg¢ry. collusion, omission OT misrepjesentition. A fvrthcr dcscijptTr of otsi JTStx)nsibilili¢s for th¢ auditof ths fJtt8nciBI statements is located on the Fin8n¢ial liewrting Councjl's webslie atwww.fr&org.uklauditorsr¢sponstblllli¢5. Thi%de5cription fonns pBrtofour RetM>rt Of thr Independent Audito. Other mitlers wl¢h we ire required to yddres$ Th¢ prror yc&r was not audltcd gs Ihe charity was Gligible for Bxemption under the Chorilies and Trnsre¢ Investrienl {Scotiandl Act 2005 and the Charitics Accounts {sc4>t1)dI Re8ul&tions 2(M)6. Uit ofour rwrt Thi5 rryort mwJ¢ solely to the charity's Lru51ee4 &q aiK)dyi itt occordance with Rc8ulaiion 10 ef (he Charitie5 A¢¢ouDt8 IS¢olland} Regulaii01I5 2006. Our audit work ba5 been undej'lakeji so Ih&t we rnight Stsie Io Ihe charily's truEl¢¢s Ihuse m&tt#si¥e are rcquire41 to Slatc to Ihem io ovdiloré report and forn(k other purpDSC. To the fullest exieol permitt¢d by alw, WB do noi ¢¢pl or assume rpOnsIbl11ty 10 8Dyon¢ olh¢r than the charity and the rtharity's truslKs as & ix)dy. for oUr81]t work. forthis reporL orfor ¢he opinions we hgye fomied. Fotil¢s Krrt( & M¢Vca Dumfries EerP115e H#thhall Dumfries DG13
DUMFRIESSHIRE EDUCATIONAL TRUST S EME 1961 Charit No. SCOO 411 Statement of Financlal Actlvltles In¢luding Income and Expendlture Account Year ended 31 DeCernb 2024 Noto UnrÈstrktÈd Restrlcted Endowmenl Funds Fund5 Funds 2024 Total 2023 Total Incom4 and Endowments from: Inve5trnents Charltable Actlvltles 24,46S 415 11,510 36,390 38,890 Total Inwme 24,465 415 11,510 36,39) 38.890 Eypendlture on., Investment Managemeni C0515 Charitable attlvities 5,942 21,362 ioi 55 2,795 2,789 8,838 24.2C 8.110 17,567 Total Expendlture 27,304 156 S.584 33,044 25,677 Net Incomellexpenditurel before other recognlsed galns and losses 12,8391 259 5,926 3,346 13,213 Revallsatlon of Att Collèctlon Galn Net Galnl (Lossesl on Irhvestrnents 307.575 307,575 119,959 67.867 1,582 50,510 51,505 Net Income/lexpendSturel TransfEr5 between funds 67,867 8,842 1,582 11211 358,085 18,7211 427.534 64,718 Net movement In funds 73.870 1.720 355,290 430,880 64,718 Reconclllatlon of lurbd5: Total funds brou8ht forward 920.124 15.305 3,486,027 4,421,456 4,356,738 Total funds carrltd forward li 993,994 17,02S 3,841,317 4.852.336 4,421,456 All Income and expendlture derlve from contlnulng Statements. The statpment of frnanclal ?ctivitie5 indude5 all gains and losses recoBnis2(I durin8 the year. The notes on pa8es 10 to 15 form an Inteyal part of these financlal statement5
DUMFRIESSHIRE EDUCATIONAL TRUST SCHEME I 61 harlt C003411 Statement of Flnanclal Posltlon {Balance Shegtl Yéar ended 31 December 2024 Note Unrestrlcted Restrlcted Endowment Funds Funds Funds 2024 Total 2023 Total Flxed Assets Herlta8e Assets Investment5 3,371,124 451.169 3,371.124 3,063,S50 1,426,396 1.315,013 958,966 16,261 Totol Fixed Asset5 958.966 16,261 3,822.293 4,797,520 4.378,563 Current A55et5 DebtDr5: all recelvable within one year Cash at Bank 38,419 9,704 651 113 18,074 950 57,144 10.7G7 20.749 54,940 Total Current Assets 48.123 764 19,024 67,8 75,689 Uabllftie5 Creditor5 fallln8 due within one year io 13,C05 13.095 32,796 Total LlabllliiÉs 13.095 13,095 32,796 Net Curr•nt A55ets/lLlabllttlesl 35,028 764 19,024 54,816 42,892 Net Assets 993,994 17,025 3,841,317 4,852,336 4,421,456 The fund5 of lh• trust., EndDwrnent funds.. Permanent endowment Expendable endowment Restiicted Intome fvnds Unrestricted Income fvnd5 3,371,124 470.193 3,371,124 3,063,550 470,193 422,477 17.025 15,305 993,994 17.025 993.994 Total trust lunds li 993,994 17,025 3,841,317 4,852,336 4,421,456 The finandal 5tatement5 were Issued on 14 April 2026 by the Trustees and signed on thelr behalf bv= JIM Demp5ter Trustee The note5 on pa8es 10 to 15 form an inte8ral part of these financial statement5
DUMFRIESSHIRE EOUCATIONAL TRUST SCHEME 1961 Charlt No. SC003411 Statement of Cash Flows Year ended 31 December 2024 Note Total Funds 2024 Prlor Year 2023 Net cash used In operatlnB actlvltles 12 189,1391 35,729 Cosh flows from Investlng activltles: Interest and divldends Proceed5 from the sale of inve5tment5 Purchase of investments Movernent In cash held for invèstmenl Net cash provlded by (used In operatlng actlvltlesl 36,390 209.356 1190.0101 110,7701 44,966 38,890 581,326 1575,9851 2.772 47,CQ3 Netldecreaselllncrea5e In c¥h afid cash equFv•lents 144,1731 11,273 Cash and cash equlvalents broughl forward 54,940 43,666 Cash and cash equivant9 carried forward 10,767 54,940 Cash and cash equlvBlents con5i9ts of: Funds held by DGC 10,767 54,940
DUMFRIESSHIRE EDUCATIONAL TRUST SCHEME I%1 Chari No. SC003411 Notes lo the Flnanclal Statements Year endod 31 December 2024 l. A¢counting Pollcles Baslsof preparatlon and assessment of 8olni conc*rn The accounts have been prepared under the hlstorical cost conventlon with iterns rLYO8nlsed at cost or transactlon value unlws otherwise stated in the ielevant notes to these accounts. The flnancial 5taternents have been prepaied in accordance wlth the Staternent of Recommended Practice= Accounting and Reportin8 by Charities preparing their accounts In accordance with the Flnènclal Reporting Standard applicable In the UK and RepublSc of Ireland IFRS 1021 Issued in October 2019 and the Flnanclal Reportlng Standard appllcable In the Unlted Klngdom and the Republlc of Ireland IFRS 1021, the Charlties and TIu5tee Ivernent (Scotlandl Act 2005 and the Charltie5 Accounts Iscotlarhdl Regulations 2006 las amended). The Trust ¢pnstltutes a publlc benellt entity as definéd by FRSIO2. The nnandal ststement5 are presented in 5terlln& whlch is the lunctronal currEncy of the charlty. The Tru5te$s consider that there are nc material uncertalnlles about the Trust's abillty to contlnue as a goln8 concern. Wlth respect to the next reportlng perlod 2024. the most siÉnlficant areas of uncertalnty that affect the carrylng value of 255ets held by the Trust are the level of investment return and the performance of investment markets. Ibl Funds Structure The Trust has a single permanent endowment fvftd cOns11ng of theTrusYs art collectlon. The Trust at their dlscretlon may allocate general funds to acquire works of art. There are also expendable endowment fvnds that allow theTru5tees to distrlbute the annual income onlv. Re5trlcted lunds are funds which are used In accordance wlth specific restrictlons Imposed by thè donor or Trust Deed. Unrestricted income furK15 compris@ those funds whlch thè Trvstee5 are free to Use foi any purpose In fvrtherance of the charftable objects. Unrestrl¢ied funds include deslgnated funds where the Trustees, at thelr discieLlon, have created a lund for a 5pedfic purpose. Further detalls of each fund are dlsclosed In Note 11. (¢1 Income reEognltlon All Income Is recoEni5ed once the charity has entitlement to the income, it is probable that the Income wlll be recelved, and the amount of income recelv3ble can be measured rellablv. For donatlons to bè recognlsed the charlty wlll have to be nDtlfied of the settlement amount and date. If there ale coniJltlov5 attached to the donatlon5 and this requlres a level of performancè before entitlement can be obtainèd, then the Income Is deferred until those conditions have been met or the fuifilment of those conditions is wlthin the control of the charlty and It is probable that they will be fulfilled. Investment income is earned thrDu@h holding assets for investment purposes. 11 includes divldeThds and interest and Ls included when the amount can be measured rellably, Divldend Income is recognised when the charl5 Ilght to receive pay)nent is establlshed. Idl Expendlture reco8nltlon Expendlture is includeil on an acuuals ba5Is and is reco8nised when there is 3 lègal or constructlve obli83tion to pay for expendliure, it is probable that settlement will be required, and the amount of the obllgation can be measured rellably. All costs have beeTb dlrectly attrlbuted to one of the func¢lonal categorles of resouros eypended in the SOF lel Irrerov2rable VAT The Trust bs not reglsteied for VAT and accordingly expenditure is shown 8r055 of Irrecoverable VAT. io
DUMFRIESSHIRE EDUCATIO AL TRUST SCHEME 1961 Ch rlt No. SC003411 Notes to th8 Flnanclal Statsments- contlnued Year ended 31 December 2024 In Expendlture on raf51n8 funds The cost5 of generatlng fvnds conslst of Investment management costs. Igl Expendlture on eharttable actlvltlès Cost5 of charltable attivlties include grants made, governance and 5UPPOrt cos. Ihl Tèn8lble flKed assets Not Included In the atcounts are plot5 0( land held at Rockcllffe and Kippford. These assets are unable to be Induded in the accounts as they were bequeathed to the Trusi at an Iftdetermlnable date aNd. as a complete list of the tIEles hdd15 not available, no value can be attrlbuted to them. TheTrustee5, however, have carried out work to determine the area5 01 land still In Trust ownership and ar? of the tspinitsn that this land has no signlflcant value to theTrust. 11} Herltage assets The Trusvs art collection conslsts mainly of 231 Items of tsvo-dlmenslonal pSece5 datin8 from 1840 to date. The collection Is reported In the Balance Sheet at market value. Items In the collection are revaluéd by an external valuer evèry three years with any surplu5 Or deficlt orb revaluatlon bein8 reported In the Statement OF Flnanclal Activities. The collettion is displayed at the GrKefield Arls Centre in selected exhlbitlons three oi four tlmes a year and in touring exhibltlons at reglonal and natlonal venues. Any Item of the collection can be séen at any time by appolnirnent. Expendlture which, in the Trustee5' view, Is requlred to presetve or clearly prevent further deterioratlDn of indlvldual pieces of artwork is reco8nised In the statement of Ilnantial actlvltles when it is incurred. No depreciation is £har8ed on the art collectlon because It Is malntsined In state of repalr such that the estlmated residual value at the date ol the balance sheet15 nol less than rls fair value. Having regard to thts, It is corb5ideTed that the depreclation requlred by FRS102 wguld nLJt be material. 111 F5xed a55et Investments Investments are initially reco8nlsed at their transactlon value and subsequently rneasvred at their rnarkei value 3$ at the balaThce sheet date uslng ihe closing quoted market price. The statèment of financtal actlvltles includes the net 8alns and Ic1$5es arlslng on revaluallon and disposals throughout the year. The Trust does not acqulre, or use put optlons, derwatives. Of Other complex financlal Instruments Ikl Reallsed 8alns ènd 1055es All g8ln5 and losses are taken to the Statement of financial actlvltles a5 they arise. Rea115ed galn5 and1055e5 on inve5trnents are 3lculated as the difference between sales proceeds and their opening carrylng value or Eheir purchase value if acqulred subsequent to the first d3y Df the flnanual year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their cairying value. Reallsed and unreallsed Investment 8alns and10s5es are comblned In the Statement of Financlal Aclivltle5. 2. Income frorn Investments 2024 2023 Income from Invèstments 36,390 38,890 Income from Investments includes dwidends gn UK equitles, interest on UK flxed Interest serurltles and Interest on cash deposits. Of the income from investment5 £24,465 was unrestrtcted12023- £26,146), £415 restrirted12023- £4431 and £11,510 endowTnent12023- E12,3011. li
DUMFRIE5SHIRE EDUCATIONAL TRUST SCHEME 1961 Charl No. SC003411 N¢)tss to the Financlal Statements - continued Year ended 31 Oecember 2024 3. Income from Charftable Activltles 2024 2023 Othersources of Income 2024 2023 4. Invement Management Costs Investment admlnistratlon fee5 8,838 8,838 8,110 8,110 ot the expenditure ON Investment mana8ement Costs. £5,452 wa5 unrestricted12023- £5.4521, E93 iestricted12023- £931 and £2,565 endowment12023- £2,565). 5. Exp•ndlture on Charltable Acllvltle5 2024 2023 Sectlon Purpose Grants to Jnd5vlduals".- 29 Edinbur8h- Durnfrlesshire Society Bursarlés 32133 Post Graduate Awards/Supplemetary Unlverslty Bursarles 39 Educational Excursions 40 Educetional Travel 950 2,850 50 4,850 8,850 Grants to Inslltutlo..- 20.1 Ibl Payment from the Hutton fvnd io the Hutton commlttee Gracefield Arts Centre Dynamic Youth Awards 3,850 2,845 3,SS8 I,ooo 2,845 4,462 Council fee5 for serv1$ of the ¢lerk Council fee5 for services of the treasurer Insurance Premlum Art ConservatlonlRestoratlon Projett Bank char82S Audltor'5 remuneiatlon 1,560 3,480 4,112 1,560 3,480 3,098 1601 3.420 12,511 24,205 60 961 9,159 17,567 Total Expenditure on Charltable Activltles Of the expendituie on charitable actlvitie5, E27,304 was unreslrkted12023- E14,LIWI, £156 restrirted12D23- E691 and £5,584 endOwmt12O23- £3,489). 6. Transfers between fvnd5 Income was transferred to the General Fund from the Hutlon Fund, IDcofflE Capffitsllsed Fund and the Hestrlcted Fund, In ac£ordan(e with the provlsions of the constitution. 12
DUMFRIESSHIRE EDUCATIONAL TRUST SCHEME 19 No. SC003411 Note5 to the Flnancial 5tatements- contlnued Year ended 310ecember 2024 7. Herlta8e Assets 2024 2023 Art Colle£tlDn Valuation at l January 2024 Increase on revaluatlon Valuaiion at 31 December 2024 3,063,550 307,574 3.371,124 3,(3,550 3.063,550 The TrusV5 external valuer (Guy Peploe of Aitken Dott Ltdl Carrled out a remote valuation of the art collectlon end ofseptember 2024. The valuations were based on commercial markets. Indudlng rent transactlon Inlormatlon Irotn auctlon5 where 5irnilar types of artwoik are re8ularly belng purchased. Flvè year fjnanclal summary of herltaBe asset transacllon&'. 31.12.24 31.12.23 31.12.22 31.12.21 31.12.20 Increase in valuatlon Carryin8 value 307,S75 3.371,125 199,590 3,06a,550 3.063,550 3,IX3,550 2,863,960 8. FTxed Asset Investments 2024 Listed Investment5 Market value at l January 2024 Additlons In year èt Cost Less disposals at carrying value NetBalns/l1055esl on revaluatlon Market value at 31 December 2024 Held on Brewin Dolphln Dealing Account 2023 1.302,9(X) 190,010 1209,3561 119,959 1,403,514 22,883 1,256.739 575,985 1581.3261 51,502 1,302,900 12,113 1,426,396 1,315.013 Cost as at 31 Dotèmber 2024 1,210,165 l.J82,591 All Investments are carried at their market valuè. Investment in equ5ties and fixed Interest 5ecurltles are all tradcd In quoted publlc markets, prlmarlly the London Stock Exchange. Holdings in cornmon Investment fund5, uDIt trusts and open-ended Investment companie5 are at thè bid price. Assèt sale5 and purchase$ are recognised at the date of trade at tost (that is their tran5actlon valuel. 9. Debtors: Amounts falllng due wlthin one year 2024 2023 Insurance Prepayment Accrued Income 3,088 54,056 3083 17,666 20,749 57,144 13
DUMFRIESSHIRE EDUCATIONAL TRUST SCHEME 1961 Chari No. SC003411 Note5 to the Finandal Statements- ¢ontlnued Year ended 31 Decernber2024 10. Credltors: Amounts falllng due wlthln one year 2024 2023 Accruals 13,095 32,796 13,095 32.796 11. Analysis of charitable funds Anafys15 of Fund movèrnents Balance BIFwd Income Expendlture Transfers Galns & R*valuatton Balance c/Fwd lal Permanent endowment Ibl Expendable endowment Icl Resrrlcted fund Idl Ljnrestrlcted fvt)d 3,063,550 422.477 15.305 920,124 4,42L456 307,574 3,371.124 470,193 17.025 993.994 4,852.336 11,510 415 24.465 36,3 15,5841 11561 127,3041 133,(W41 18,7211 11211 8,842 50,510 1,582 67,867 119,959 307,S75 Analysls of charilable Fumls- prevlous ye?r Analy51s of Fund movements Balan 8IFwd Income EKpendEture Translèr$ Galng & Losses Revaluation Balance c/Fwd lel Permanent endowment {fj EKpelldable endowment (gl Restrlrted fund Ihl Unrestricted fund 3,063,550 405.342 14,688 873,158 4,356,738 3,063,550 422,477 15,305 920,124 4,421,456 12,301 443 2S.146 38,8 16,OS4) 11621 119,461 125,6771 18,8121 13721 9,184 19,700 708 31,097 51,505 lal The Pèrmanent endowment fund r@pre5ents the value ol the Trust's art collection thai is htstorit and Inallenable. The collectlon Is valued on a triennial basis and the fund's value will reflett the increase or reductlon In the valuation of the collection. Ibl The expendable endowmeni funds conslsi of.. Income Capltali5ed Fund has Erown from intome placed In the fund at the end of years where the full amount ol Income ha5 not been used lor Trust puiposes. It Is an endowment fund the capital of which ha5 to be malntalned. The Income Is added to the income of the general fulld to be applled accordlng to the purposes of the Trust. It Is covered by 5ectlon 20.2 of the Trust Deed. Hutton fund is an endowment fund orlglnally transferred to the Trust by the Trustees of the Hutton fund. As an endowmeni fund the capltsl 15 maintalned. The Income is split accordinB ta the Trust Deed between the Hutton Commltlee and the general fund. It Is covered by section 20.llbl of the Trust Deed. The Hutlon Committee forms part Df the Trust but has a duty to further the Trusts purposes within the Parish of Caerlaverock and to provide for the non- educatlonal purp09e5 set out in the Deed of MortIfltiOn by Dr. Johrb Hutton dated 14 February 1708. Icl The restricted funds consist of.. Reserve Fund is made up of agreed contributlons from elther the Hutton Fund Dr the general fund. The purpose of this lund is to meet costs associated with the Trusts herltablè property which are beyond the normal èxpected levels. This is tovered by sectlons 20.1 Icl and 28 of the Trust Deeds. Idl The maln fulld of the Trust Is the general fund. the Income of whlth Is avallable to the Trustees to apply to the general purpose5 gf the Trust. It is coveied by section 20.llal of the Trtsst Deed. 14
DUMFRIESSHIRE EDUC TIONAL TRUST SCHE E 1961 Charl No SC003411 Notes to tho Flnanclal Statements- contlnued Year endod 31 December 2024 12. Reconoliatlon of net movement In funds to net cash flow from operatlng actlvltles 2024 20Z3 Net movement in fvnds IGainsl/L05se5 on Inve5tmènt5 De¥Juct Investment incorne Deduct Increase in Art Collection Valuatlon Increa5e/ldecreasel In creditors Ilnuea5el/decrease in debtors 430.881 1119.9601 136.3901 1307,5751 119,6991 136.39SI 189,1391 64,718 151,5021 138,8901 3,810 113,8651 13S,7291 14. Controlllng Interest TheTrust js under the control (rfthe Trustees. 15. Audltorfs Remuneratlon The audltorf5 remuneratlon amovnts io an audit fee of £3,42012023. E9611. Auditor's remuneratlon di5dosed note 5 15 after adlustlng for the under provlsion ol accruals. 16. Related party transactlons and trustee< expenses arbd remunerntlon Key management personnel are the same a5 thè Trustees. The Trustees all give freely of their tlme and expertlse with £nil remuneration or other beneflt in cash or klnd paid durln8 the year12023- £nill. Expenses paid to the Trustees in the yearwas £rhil12023- Énlll. Durnfrles and Galloway Councll perfmS the clerk, treasurer an(1 leg81 servlces for the Trust and feceives an annual fee for these services of E5.040. Dumfries and Galloway Councll have been maklng payments on behalf of the Trust and receiving relmbutsement sporadicalfy. However, after the Dumfries5hiie Educational Trust's bank account Wa5 closed In September 2023, Dufflftles and Gallowav Councll have beèn handllnB all recelpt5 and payments on behalf of the Trust. An amount of E24,656.20 was transferred to the new Trust account when it opened on 04IIy2024 afterwhlch the council no longer handles the recelpts and payments of the Trust. 15