APPENDIX 1 oscr Period start date Month Year Apnl 2024 Period end date Month Year March 2025 Da Da 31 From To Office of the Scottish Charity Regulator Reference and administration details Charity name Other names charity is known by Registered charity number Charity's principal address The Fife Educalional Trust Scheme 1958 Frfe Educational Trust SC004325 Finance and Procurement, Fife Council North Street Glenrothes Postcode KY7 5LT Names of Ihe charity trustees on date of approval of Trustees. Annual Report Name of person (or body) entilled to appoint Irustee (if an Trustee name Office (if any) Dates acted if not for whole year 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 APPENDIX 1 Reference and administration details Names of all other charity Irustees during the period, if any, (for example, those who resigned parl way through the financial period) Name Dates acted rf not for whole year structure, governance and management Type of governing document Fife Educational Trust Scheme 1958 is administered by Fife Council under Section 16 of the Local Govemment etc (Scotland) Acl 1994 Trustee recruitment and appointment Members of the West Fife Trust Committee and East Fife Trust Committee are trustees ex officio of the Fife Educational Trust. In terms of the 1958 scheme the Chairman of each Committee is nominated by the Sheriff Principal. The other members are rK)minated by Fife Council, the Presbytery of St Andrews, Kirkcaldy and Dunfermline and the Els. Objectives and activities Charitable purposes The advancement of Education, the arts, heritage, culture or science. The advancement of environmental protection or improvement. Summary of the main activities in relation to these objects Most of the annual income generated by the trusl is distributed to schools. The scheme allows schools to apply for awards under different categories but the majority of applications are lo cover school trips. APPENDIX 1 Achievements and performance Summary of the main achievements of Ihe charity during the financial period The objectives of the trust have as far as possible been fulfilled in line with the original purpose. Financial review Brief statement of the charity's policy on reserves The funds are invested and it is the case that only income arising trom these investments is disbursed each year, thus ensuring that resources are available to meet any continuing future requirements. Details of any deficit None Donated facilities and services (if any) None APPENDIX 1 other optional information Declaration The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity's trustees Signature{s) Full name(s) Position (e.g. Chair) TREASURER (Business Partner- Education Directorate. Fife Council and Treasurer to Trust} Dale 08.12.2025 ## **FIFE EDUCATIONAL TRUST 2024-25** **Comprehensive Income and Expenditure Statement** |**Notes to the accounts :**
**Usable**
**Reserve**
**Unusable**
**Reserve**
**£**
**£**
(2,085,854.74)
(1,501.00)
1,791.77
-
**2023/24**|**2023/24**
**Actual**
**£**
69,539.50
7,268.59
76,808.09
(89,910.32)
(12.00)
(89,922.32)
14,906.00
0.00
14,906.00
**1,791.77**
0.00
**1,791.77**
**2023/24**
**Actual**
**£**
1,501.00
1,745,214.00
1,746,715.00
322,814.85
16,034.12
338,848.97
0.00
0.00
338,848.97
**2,085,563.97**
(2,084,062.97)
(1,501.00)
**(2,085,563.97)**
1.
2.
1,760,120.00
0.00
0.00
(14,906.00)
**1,745,214.00**


**Total Reserves**

**£**

(2,087,355.74)
1,791.77
0.00

1,791.77

**(2,085,563.97)**|Expenditure:
Disbursements
Other Expenditure
Total Expenditure
Income:
Interest on Investments
Other Income
Total Income
Other Operating Income and Expenditure:
Loss / (Gain) on Revaluation of Investments
Loss / (Gain) on Disposal of Investments
Total Other Operating Income and Expenditure
**(Surplus)/Deficit for Year**
Other Comprehensive Income and Expenditure
Loss / (Gain) on Asset Revaluation
**Total Comprehensive Income and Expenditure**
Heritable and Moveable Property:
Heritable Property
Investments (Note 2)
Current Assets:
Advances to Loans Fund
Sundry Debtors
Current Liabilities:
Sundry Creditors
Net Current Assets
**Net Assets**
Financed By:
Usable Reserves
Unusable Reserves
**Total Reserves**
The accounts have been prepared using the accruals method.
Investments
Market Value as at 01/04/2024
Sale of Investments in the year
Purchase of Investments in the year
Gain/(Loss) on Revaluation
**Investments market value as per L&G 31/03/2025**
**Movement in Reserves Statement**
Balance at 1 April
(Surplus)/Deficit for Year
Other Comprehensive Income and Expenditure
Total Comprehensive Income and Expenditure
**Balance at 31 March carried forward**
**FIFE EDUCATIONAL TRUST**
**BALANCE SHEET as at 31 March 2025**|**2024/25**
**Actual**
**£**
60,161.20
11,658.31|**Movement**
**Reason for movement**
**£**
(9,378.30)
4,389.72
(4,988.58)
14,577.40
(40.00)
14,537.40
54,752.86
(139,245.00)
Sale of Henderson's investments
(84,492.14)
**(74,943.32)**
1,500.00
**(73,443.32)**
**Movement**
**Reason for movement**
**£**
(1,500.00)
69,586.14
68,086.14
19,599.53
(16,034.12)
No Qtr 4 Henderson's interest as investment sold in Feb 2025
3,565.41
0.00
0.00
3,565.41
**71,651.55**
(73,151.55)
1,500.00
(71,651.55)
**Unusable**
**Reserve**
**Total Reserves**
**£**
**£**
(1,501.00)
(2,085,563.97)
(73,151.55)
1,500.00
1,500.00
1,500.00
(71,651.55)
**(1.00)**
**(2,157,215.52)**
**2024/25**| |---|---|---|---|---| ||||71,819.51|| ||||(75,332.92)
(52.00)|| ||||(75,384.92)|| ||||69,658.86
(139,245.00)|| ||||(69,586.14)|| ||||**(73,151.55)**
1,500.00|| ||||**(71,651.55)**|| ||||**2024/25**
**Actual**
**£**
1.00
1,814,800.14|| ||||1,814,801.14
342,414.38
0.00|| ||||342,414.38
0.00|| ||||0.00|| ||||342,414.38|| |||||| ||||**2,157,215.52**|| ||||(2,157,214.52)
(1.00)|| ||||**(2,157,215.52)**|| ||||1,745,214.00
(1,745,214.00)
1,884,459.00
(69,658.86)|| ||||**1,814,800.14**
**Usable Reserve**
**£**
(2,084,062.97)
(73,151.55)|| |1,791.77
0.00|||(73,151.55)|| |**(2,084,062.97)**
**(1,501.00)**|||**(2,157,214.52)**|| ## **Fife Educational Trust Balance Sheet as at 31 March 2025** |**Heritable and Moveable Property**
Heritable Property
Investments
**Current Assets**
Advances to Loans Fund
Sundry Debtors
1
**Current Liabilities**
Sundry Creditors
Net Current Assets
Net Assets
**Financed by:**
Restricted Funds
**Accumulated Balances**|**2024/25**
**2023/24**
**£**
**£**
1.00
1,501.00
1,814,800.14 1,745,214.00
342,414.38
322,814.85
0.00
16,034.12| |---|---| ||342,414.38
338,848.97
0.00
0.00| ||0.00
0.00| ||342,414.38
338,848.97| ||| ||**2,157,215.52 2,085,563.97**| ||| ||**2,157,215.52 2,085,563.97**| ## **Fife Educational Trust Revenue Account 2024/25** |Note
**OUTGOING RESOURCES**
**Charitable Expenditure**
FET Advertising/Marketing/Fees
FET (East) Disbursements
FET (West) Disbursements
Maxton Bequest Disbursements
Fernie Trust Disbursements
**INCOMING RESOURCES**
**Incoming Resources from Generated Funds**
Investment Income
Other Income
**Net Losses/(Gains) on Investments**
Realised Losses/(Gains) on Disposals of Investment Assets
Unrealised Losses/(Gains) on Revaluations of Investment Assets
**Net Incoming Resources**
**Transfers between Funds**
**Other Recognised Losses / (Gains)**
Unrealised Losses/(Gains) on Revaluations of Heritable Property
**Net Movement in Funds**
Opening Fund Balances
**Closing Fund Balances**|General
Funds
£
Designated
Funds
£
Other
Restricted
Funds
£
Endowment
Funds
£
0.00
0.00
0.00
1,024.00
1,024.00
0.00
0.00
0.00
0.00
24,491.31
24,491.31
26,325.42
0.00
0.00
0.00
34,772.94
34,772.94
42,315.08
0.00
0.00
0.00
5,260.36
5,260.36
3,112.02
0.00
0.00
0.00
6,270.90
6,270.90
5,055.57
Unrestricted Funds
Restricted Funds
Total
2024/25
£
Total
2023/24
£| |---|---| ||0.00
0.00
0.00
71,819.51
71,819.51
76,808.09| ||0.00
0.00
0.00
(75,332.92)
(75,332.92)
(89,910.32)
0.00
0.00
0.00
(52.00)
(52.00)
(12.00)| ||0.00
0.00
0.00
(75,384.92)
(75,384.92)
(89,922.32)| ||0.00
0.00
0.00
(139,245.00)
(139,245.00)
0.00
0.00
0.00
0.00
69,658.86
69,658.86
14,906.00| ||0.00
0.00
0.00
(69,586.14)
(69,586.14)
14,906.00| ||0.00
0.00
0.00
(73,151.55)
(73,151.55)
1,791.77
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,500.00
1,500.00
0.00
0.00
0.00
0.00
(71,651.55)
(71,651.55)
1,791.77
0.00
0.00
0.00 (2,085,563.97)
(2,085,563.97) (2,087,355.74)| ||0.00
0.00
0.00 (2,157,215.52)
(2,157,215.52) (2,085,563.97)| ## **Fife Educational Trust Statement of Financial Activities 2024/25** |**Income and Endowments**
Investment Income
Other Income
Total
**Expenditure**
**Expenditure on Charitable Activities**
FET Advertising/Marketing/Fees
FET (East) Disbursements
FET (West) Disbursements
Maxton Bequest Disbursements
Fernie Trust Disbursements
Total
**Net Losses/(Gains) on Investments**
Realised Losses/(Gains) on Disposals of Investment Assets
Unrealised Losses/(Gains) on Revaulations of Investment Assets
Total
**Net Incoming Resources**
**Transfers between Funds**
**Other Recognised Losses / (Gains)**
Unrealised Losses/(Gains) on Revaulations of Heritable Property
**Net Movement in Funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|General
Funds
£
Designated
Funds
£
Other
Restricted
Funds
£
Endowment
Funds
£
0.00
0.00
0.00
(75,332.92)
(75,332.92)
(89,910.32)
0.00
0.00
0.00
(52.00)
(52.00)
(12.00)
Unrestricted Funds
Restricted Funds
Total
2024/25
£
Total
2023/24
£| |---|---| ||0.00
0.00
0.00
(75,384.92)
(75,384.92)
(89,922.32)| ||0.00
0.00
0.00
1,024.00
1,024.00
0.00
0.00
0.00
0.00
24,491.31
24,491.31
26,325.42
0.00
0.00
0.00
34,772.94
34,772.94
42,315.08
0.00
0.00
0.00
5,260.36
5,260.36
3,112.02
0.00
0.00
0.00
6,270.90
6,270.90
5,055.57| ||0.00
0.00
0.00
71,819.51
71,819.51
76,808.09| ||0.00
0.00
0.00
(139,245.00)
(139,245.00)
0.00
0.00
0.00
0.00
69,658.86
69,658.86
14,906.00| ||0.00
0.00
0.00
(69,586.14)
(69,586.14)
14,906.00| ||0.00
0.00
0.00
(73,151.55)
(73,151.55)
1,791.77
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,500.00
1,500.00
0.00
0.00
0.00
0.00
(71,651.55)
(71,651.55)
1,791.77
0.00
0.00
0.00 (2,085,563.97)
(2,085,563.97) (2,087,355.74)| ||0.00
0.00
0.00 (2,157,215.52)
(2,157,215.52) (2,085,563.97)| ## **NOTES TO THE FINANCIAL STATEMENTS** ## **1 Accounting Policies** ## **A General Principles** The financial statements for the period ended 31 March 2025 have been complied in accordance with the Charities Accounts (Scotland) Regulations 2006, Accounting and reporting by Charities Statement of recommended Practice Charities SORP (FRS 102). They are designed to give a true and fair view of the financial performance and position of the Trust and comparative figures for the previous financial year are provided. Trustees are of the opinion that the Trust are a going concern based on activities undertaken and commitments in the coming year and, as such, the financial statements are prepared on a going concern basis. The accounts have been prepared on an accruals basis, accruals are made for all material debtors and creditors within the accounts. ## **B Recognition of Income** These are included in the Statement of Financial Activities when the income is due and receivable in the period to which it relates. - ⋅ Investment Income: This is included in the accounts when due and receivable, investments are held in Legal & General Investment Management. The Investment strategy is to generate Income whilst preserving and growing capital. - ⋅ Investment Gains and Losses: This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments. ## **C Expenditure** These are recognised in the accounts when they are due and payable. - ⋅ Cost of Generating Funds: The cost of administering the Trust is borne by Fife Council. - ⋅ Governance Costs: where applicable, include; cost of the preparation and examination of statutory accounts, cost of any legal advice to trustees on governance or constitutional matters; and the cost of administering grants. - ⋅ Charitable Activities: Decisions regarding the way the charitable income is spent are taken by the relevant Committee. These are recognised in the accounts when the grant is paid. ## **D Assets** The fixed assets of the Trust are listed investments held with Legal & General Investment Management. Accounting Policies in respect of fixed asset valuation, depreciation and impairment are consistent with that of Fife Council. ## **2 Related Parties** During the period, the Trust Balances are invested by Fife Council, who manages the administration of the Funds on behalf of the Trustees. The Council acts as the banker for the Trust and all incomings and outgoings are made via the Council's financial systems. APPENDIX 3 OSCR 0tt6h Charity Regulat( Inde endent examiner's re ort on the accounts Report to the Charty name trusteeslmembers of Fife Educational Trust Registered charity SC004325 number On the accounts of the charity for the period Period start date Month Period end date Month Yeer 2024 to 31 2025 Set out on pages WortSl￿ets 202￿25. OSBR BS, OSCR S(￿A n excel ￿2￿25 ET Accimjnts - Snat￿1 irKJu(t p￿e Respective The charitys trustees are responsible for the preparalion of the accounts in accordance responsibilities of with the tenns of the Charities and Trustee Investment (sCo￿and) 2005 Act and the trustees and examiner Charities Accounts (Scotland) Regulats'ons 2006 (as amended). The charity trustees consider that the audit requiremenl of Regulalion 10(1) (d) of the Accounts Regulations does not apply. 11 is my responsibilty lo examine the accounts as required under section 44(1) (c) of the Act and to stale whether particular matters have come to my attention. Basis of independent My examination is carried out in accordan￿ with Regulation 11 of the 2006 Accounts examiner's statement Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disdosures in the accounts and seeks explanations from the trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently. I do not express an audtt opinion on the view given by the accounts. Independent examiner's In the course of my examination. no matter has come to my attention [other than that statement disdosed on the attached page'] whith gtves me reasonable cause to believe that in any material respect the requirements: to keep accounting records in ￿e0rdance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulab'ons. and to prepare accounts which accord wrth the accounting records and comply with Regulation 9 of the 2006 Accounts Regulab'ons have not been met. or 2. to which, in my opinion, attention should be drawn in order to enable a proper understandin of the accounts to be reached. Signed: Name: Relevant professional qualification(s) or body (if any).. Address: Corporate Accountancy. Clackmannanshire Council Kilncraigs Alloa FKIO IEB "Please delete Ihe words in the I￿￿kets rftlw (k) ￿)1 appty. Wthe (k) atvty. set (xjt ttK)se IT￿tt￿5 have c(xne to your attentK)n on the following page. APPENDIX 3 Disclosure section Only complete rf the examiner needs to highlight material problems. Give here brief details of any items that the examiner wishes to disclose