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 maCg￿gor
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
A￿oUntIng 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 advan￿ment 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 Investm￿t
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 p￿vIouS 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-d1ve￿Ir1ed 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 lTr￿Me 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 th￿e 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 l￿mfrI&S5hIr¢ FAfjucational TIust Sch*ht 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 tLo*5 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
havcbeenpTC￿td 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
TtsP0n5ibilit￿C& 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 ir￿epende[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 ￿n￿cIal 5tJl¢ment4 w#hav¢concluded th&tthc trusieeguse Of the goln8 concern baslsofaccouTriing in theptteparliion
of rhe fu]3ncial 51ale1r￿n15 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 ￿1b￿rised 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¢en￿nts and ow Reportof Ibe Independcnt Auditors Ihereon.
Our opiiiion OD tbc financial slaiemenls does t￿tc0¥¢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 coDr￿lI0Th 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 inconsist￿lt 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 rep￿rt by exc¢ptioTr
WB hav¢ nothin8 lo report in r￿pect of the following mBttcrswhtr8the CharlilesAtrouttts (Scotland) Regulolions 2006 r¢qthir¢svslo
report lo you rf. in our opinion..
rhe info￿8t10￿ givcn in thc Report Df thcTruslcu is inwnsisteDt irt sny mHt¢rial respKI with ihe flnertcl￿ Slaieme￿ts,. or
pcr Jecounting rC￿rdS have not bccn kepi. or
thc fJnHnGi81 staiemeois ate not in agreemeul wlth the accounltti8 tt¢ords and Frlurn4 or
wc havenot It￿ivCd •ll th¢ infornjalion and explaDations wcreqwre forow audiL
ReSpO￿81b01lt1e& oftru$ttss
A5 eXpl￿tted mure fuIly in th¢ Slat¢m¢nl of TNsltes' Resp)nstbilitir4 the tsvst¢¢s are T￿Pon￿ble 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$ory to enBble thepr¢p8Tltion
of riD￿￿14151ate[￿eftts that are free mitcri&l mis$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 Ch￿lty0r to ceage operJtlOlL5. or knve AO realistic &lternfjJve but 10 (b 50.

Ib¢ Ihde
nt A dilors
the Truste¢s or
rie55hire Kduc*tlonRI Tr
t Sth¢sNe
Our r¢$poniibilities for the Nudit of th¢ nhall¢i814titemEnts
We bRv¢ beell opp(biDted BS tsudiivrs ￿nder ￿tIOn 44(Illcl ofthc ChBrlti¢s and InVcstmeot{Scotla￿1) Act 2005
aDd UL aEcordanc¢ wilh the Acl and relev￿lIes￿latIQ￿S made or h&viK8 effect IhuC￿dei.
ourabi￿lIK% hre toob(aiJt re&sonth¢ a￿vrA￿Ce aboutwhththe finan¢iil 5kntem¢￿ts ￿ a whole Bre ftec frommiierial
misst&lunen¢ wh¢th¢r due to fraud or eftor, 9￿j to issuc a Rtport of thc Independent Audttors thAt iacjudes our OPTfjion
Reasonable ossuraiice isa higb l¢v¢l of 855urwKe. bu¢ is not aguaranlee thai aD ￿dIttOnduCttd in a¢cuidance wilh ISAS
IUKI will lllways detect a maLerlo1 mi5Statemtht when il ¢xists. Misstfttrmtnis can art￿ from fraud OT error Ènd arc
C¥)ll5idered material if. individu411y or in Ihg aggre￿Ie. th¢y L¥)uld rusonably b¢ eX￿¢[ed to 4nflu6n¢e the wommic
d¢ci5101LS Df u5Cts takert OD thc b&%18 of th¢s¢ finaDci*J 3tatcm¢nts.
The ¢xt¢nt lo whi¢tL ourproccduT¢5 arc c)￿bIG0f det¢¢ling irr￿tri￿￿¢S, includins frnud is detailed b¢low'.
. wc have a55e5scd Ihc susccptibijity of lh¢ cJ]arity$ financi815t•t¢menls to rn8t¢rial mi&5t&tern¢r*t being Jow rl$k The
¢ruslee5 afE kept Involved in tk day Iv day In￿agement of thr Thjsl ond have a on ￿ntrOl$ to llddre&8 PDtential
frlud error.
th¢ nthjt of the chatity's activiiies ￿ not SI￿1]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 th￿Ugh two way
communleation wilh thr managementgnd have no knowlcdEe of ￿tual. suspected OT 8lleg&l fraud,
- the Senior Staiurory A￿ltOr i$5Nti5fied that the tn8agem¢nt audit steff were cornpetcnt to and upableof reco￿1$1￿8
non-compliancE with law$ and regul8tlon. No details of any rnnrfomplianc¢ wcrc communicat¢d ts) us and no such
pol￿111a1 inst￿££5 were wle41 ¢turing the audit process.
We h*v¢ 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 dcscijpt￿Tr 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 w￿l¢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 r￿pOnsIbl11ty 10 8Dyon¢ olh¢r than the charity and the rtharity's truslKs as & ix)dy. for
oUr8￿1]t work. forthis reporL orfor ¢he opinions we hgye fomied.
Fotil¢s Krrt( & M¢Vca
Dumfries E￿erP115e
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 equiva￿nt9 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
I￿ve￿rnent (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 cOn￿s11ng 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 charl￿5 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 co￿s.
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. Inve￿ment 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/Suppleme￿tary 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
endOwm￿t12O23- £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 re￿nt 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 MortIfl￿tiOn 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 perf￿mS 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