2025-03-31-accounts

STIRLINGSHIRE EDUCATIONAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STIRLINGSHIRE EDUCATIONAL TRUST

CONTENTS

	P���
Go�ernors' report	1 - 3
Independent auditor's report	4 - 6
Statement of financial acti�ities	7 - 8
Balance sheet	9
Notes to the financial statements	10 - 18

STIRLINGSHIRE EDUCATIONAL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

SC007528

1 Lochrin Square 92-98 Fountainbridge Edinburgh EH3 9QA

Bank of Scotland The Mound Edinburgh EH1 1YZ

12 Smithfield Street London EC1A 9BD

STIRLINGSHIRE EDUCATIONAL TRUST

G��������' A����� R����� FOR �HE �EAR ENDED 31 MARCH 2025

The Go�ernors present their annual report and financial statements for the �ear ended 31 March 2025.

The financial statements ha�e been prepared in accordance �ith the accounting policies set out in note 1 to the financial statements and compl� �ith the charit�'s Trust Scheme, the Charities and Trustee In�estment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and �Accounting and Reporting b� Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance �ith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)� (effecti�e 1 Januar� 2019).

O��������� ��� ����������

The Trust e�ists for the disbursement of funds for educational purposes, aiding indi�iduals and organisations in Stirlingshire.

Grants are disbursed to indi�iduals and organisations in accordance �ith the pro�isions of the Order in Council under �hich the Trust is constituted.

A����������� ��� �����������

During the �ear to 31 March 2025, grants of �78,611 �ere made b� the Go�ernors to 133 indi�iduals and 33 schools and organisations of an educational nature.

F�������� ������

Per the Statement of Financial Acti�ities, the Trust reported a loss in the �ear of �3,163 before accounting for gains on in�estments, (2024: a surplus of �4,036 before losses on in�estments), and a surplus of �103,328 after accounting for gains on in�estments (2024: surplus of �199,310 after gains on in�estments). At 31 March 2025, the Trust had total funds of �4,423,977 of �hich �56,599 �as held in General Funds and �4,367,378 in Restricted Funds.

R������� P�����

It is the polic� of the charit� to preser�e the Trust's Capital �hilst using the Income Fund to disburse grants and meet the Trust's running costs. The Go�ernors ha�e pursued a �er� prudent approach to determine the amount of grants for disbursing �hich is re�ie�ed in line �ith anticipated in�estment and rental income.

R��� ����������

The Go�ernors continuall� re�ie�, assess and endea�our to mitigate the major risks, financial and non-financial, to �hich the Trust is e�posed. The main risk is considered to be the loss of income and capital �alue should the Trust's in�estments perform poorl�. The share in�estment portfolio is professionall� managed.

S��������, ���������� ��� ����������

The Stirlingshire Educational Trust ("the Trust") dates from 1637 �ith the first go�erning legislation being a scheme under the Educational Endo�ments (Scotland) Act 1882, for the administration of The Stirling Endo�ments (as amended b� the Stirling Corporation (Water�orks etc) Order 1922). The Trust has held charitable status since 6 April 1925 and is a recognised Scottish Charit� No. SC007528.

The Go�ernors �ho ser�ed during the �ear and up to the date of signature of the financial statements �ere:

(Resigned 4 Jul� 2024)

• 1 -

STIRLINGSHIRE EDUCATIONAL TRUST

G��e�����' A���a� Re����

FOR �HE �EAR ENDED 31 MARCH 2025

A�������e�� �f G��e�����

Governors are appointed under the terms of The Stirlingshire Educational Trust Scheme,1957, as amended b� the Educational Endowments (Central Region) Transfer Scheme Order 1996.

The Trustees are designated Governors in terms of The Stirlingshire Educational Trust Scheme,1957.

G��e�����' ��d�c���� a�d ��a����g

New Governors are given an induction pack that comprises a cop� of the Order in Council, information on Governors' obligations and responsibilities and minutes of recent meetings, and are invited to an informal meeting at which the� are given the background and histor� of the Trust.

O�ga���a����a� ����c���e

The Governors are responsible for the overall direction and administration of the charit� which is delegated to the Trust Clerk and Treasurer, supported b� two part time administrators. The Governors are reviewing the appointment of a Trust Clerk and Treasurer, but the position remains currentl� vacant. The Governors meet quarterl�.

Ke� �a�age�e�� �e�����e�

The Governors consider themselves along with the Trust Clerk and Treasurer, as the charit�'s ke� management personnel. In the absence of a Clerk and Treasurer, the part-time Trust Secretar� and Trust Accountant necessaril� are also ke� management personnel. The Governors are responsible for directing and controlling the charit� whilst the Trust Clerk and Treasurer oversees the charit�'s dail� activities. The Governors serve voluntaril�. No remuneration or expenses were paid to the Governors during the �ear. The salaries of all staff are based upon Local Authorit� grades.

• 2 -

STIRLINGSHIRE EDUCATIONAL TRUST Governors. Annual Report FOR THE YEAR ENDED 31 MARCH 2025 ststement of Governors. responsibilities The Govemors are responsible for preparing the Governors. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi￿}. The law appllcable to charitles in Scotland requires the Governors to prepare flnancial statements for each financial year which give a true and fair v￿W of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements. the Govemors are required to: - select suitable accounting policies and then appty them consistenliy: - observe the methods and princlples In the Charltles SORP FRS102: - make judgements and estimates that are reasonable and prudent: stste whether applicable accounting standards have been followed, subj'ect to any material departures disclosed and explained in the finanaal statements- and prepare the financial statements on the going COn￿M basis unless tt is inappropriate to presunE that the charity will continue in operation. The Govemors are responslble for keeplng sufflclent accountlng records that dlsclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investrnent (Scotland) Act 2005, the CharitTres Accounts {Scotlandl Regulations 2006 las amended) and the provisions of the charrty's Trust Scheme. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The Governors. report was approved by the Board of Govemors. Governor Dated: 3 September 2025

STIRLINGSHIRE EDUCATIONAL TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE GOVERNORS OF STIRLINGSHIRE EDUCATIONAL TRUST

O������

We have audited the financial statements of Stirlingshire Educational Trust ("the charit�") for the �ear ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summar� of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 T�e F��a�c�a� Re������� S�a�da�d a����cab�e �� ��e UK a�d Re��b��c �f I�e�a�d (United Kingdom Generall� Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charit��s affairs as at 31 March 2025 and of its incoming resources and application of resources, for the �ear then ended;

• have been properl� prepared in accordance with United Kingdom Generall� Accepted Accounting Practice; and

• have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Ba��� f�� �������

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the A�d����'� �e������b�����e� f�� ��e a�d�� �f ��e f��a�c�a� ��a�e�e��� section of our report. We are independent of the charit� in accordance with 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 other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

C��c������� �e�a���g �� g���g c��ce��

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified an� material uncertainties relating to events or conditions that, individuall� or collectivel�, ma� cast significant doubt on the charit��s abilit� to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

O��e� ��f���a����

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express an� form of assurance conclusion thereon. Our responsibilit� is to read the other information and, in doing so, consider whether the other information is materiall� inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materiall� misstated. If we identif�such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Ma��e�� �� ���c� �e a�e �e����ed �� �e���� b� e�ce�����

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to �ou if, in our opinion:

• the information given in the financial statements is inconsistent in an� material respect with the Governors' report; or

• proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

• 4 -

STIRLINGSHIRE EDUCATIONAL TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF STIRLINGSHIRE EDUCATIONAL TRUST

Re������b�����e� �f G��e�����

As explained more full� in the statement of Governors' responsibilities, the Governors are responsible for the preparation of the financial statements and for being satisfied that the� give a true and fair view, and for such internal control as the Governors determine is necessar� to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the charit��s abilit� to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to cease operations, or have no realistic alternative but to do so.

A�d����'� �e������b�����e� f�� ��e a�d�� �f ��e f��a�c�a� ��a�e�e���

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives 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 but is not a guarantee that an audit conducted in accordance with ISAs (UK) will alwa�s detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuall� or in the aggregate, the� could reasonabl� be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, 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 below.

E��e�� �� ���c� ��e a�d�� �a� c����de�ed ca�ab�e �f de�ec���g ���eg��a����e�, ��c��d��g f��ad

Our approach to identif�ing and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectivel� had the appropriate competence, capabilities and skills to identif� or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charit� through discussions with Governors and other management, and from our wider knowledge and experience of the charit� sector;

• we focused on specific laws and regulations which we considered ma� have a direct material effect on the financial statements or the operations of the charit�, the Charities SORP (FRS 102) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularl� and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibilit� of the charitable compan��s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, b�:

• making enquiries of management as to where the� considered there was susceptibilit� to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

A�d�� �e�����e �� ����� �de���f�ed

To address the risk of fraud through management bias and override of controls, we:

• performed anal�tical procedures to identif� an� unusual or unexpected relationships;

• tested journal entries to identif� unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in the Notes were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

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STIRLINGSHIRE EDUCATIONAL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF STIRLINGSHIRE EDUCATIONAL TRUST In response to the risk of irregulartties and non-complian￿ wilh laws and regulations. we designed Pro￿dureS which included. but were not limited to= agreeing financial ststement disclosures to underfying supporting documentstion; reading the minLrtes of meetings of those charged with govemance: enquiring of management as to actual and potential litigation and claims.. and requesting Co￿espOndence with HMRC. OSCR and the chariws legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely It is that we would become aware of non-compllance. Auditing standards also limrt the audit procedures required to identfy nonacompliance with laws and regulations to enquiry of the Governors and other management and the inspection of regulatory and legal correspondence, rf any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may Involve dellberate concealment or colluslon. A further description of our responslbilities is available on the Flnanclal Reporting Councll's webstte at.. httt)s'.11 www.frc.org.uklaudltorsresponslbilftles. Thls deScrIp￿On lom￿ part of our audrtofs report. Use of our report Thls report Is made solely to the chartty's Govemors. as a body. In accordance wlth regulatlon 10 of the Charltles Accounts IScotland} Regulations 2006. Our audit work has been undertaken so that we might state to the charrty's Governors those matters we are required to state to them in an audito¢s report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibilty to anyone other than the charity and the charity's Governors as a body. for our audrt work. for this report, or for the opinions we have formed. 2519f2025 Alexander Sloan LLP Accountants and Business Advisers statutory Auditor 1 Lochrin Square 92-98 FountainbrTrdge Edinburgh EH3 9QA Alexander Sloan LLP. Accountants and Business Advisers Is eligibbe for appointment as auditor of the charlty by virtue of its eligibilty for appointment as auditor of a company under section 1212 of the Companies Act 2006.

STIRLINGSHIRE EDUCATIONAL TRUST

Current financial year
		Unrestricted	Restricted	Total	Total
		funds	funds
		2025	2025	2025	2024
	Notes	£	£	£	£
Income from:
Donations	3	20	-	20	20
Investments	4	165,159	-	165,159	157,035
Total income		165,179	-	165,179	157,055
~~Expenditure on:~~
Raising funds	5	16,133	-	16,133	16,271
Cost of charitable activities	6	152,209	-	152,209	136,748
Total expenditure		168,342	-	168,342	153,019
Net gains on investments	10	-	106,491	106,491	195,274
Net (income)/expenditure before transfers		(3,163)	106,491	103,328	199,310
Gross transfers between funds		4,489	(4,489)	-	-
Net income		1,326	102,002	103,328	199,310
Fund balances at 1 April 2024		55,273	4,265,376	4,320,649	4,121,339
Fund balances at 31 March 2025		56,599	4,367,378	4,423,977	4,320,649

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 18 form an integral part of these financial statements.

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STIRLINGSHIRE EDUCATIONAL TRUST

		funds	funds
		2024	2024	2024
	Notes	£	£	£
Income from:
Donations	3	20	-	20
Investments	4	157,035	-	157,035
Total income		157,055	-	157,055
~~Expenditure on:~~
Raising funds	5	16,271	-	16,271
Cost of charitable activities	6	136,748	-	136,748
Total expenditure		153,019	-	153,019
Net gains/(losses) on investments	10	-	195,274	195,274
Gross transfers between funds		2,981	(2,981)	-
Fund balances at 1 April 2023		48,256	4,073,083	4,121,339
Fund balances at 31 March 2024		55,273	4,265,376	4,320,649

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 18 form an integral part of these financial statements.

• 8 -

STIRLINGSHIRE EDUCATIONAL TRUST BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investrnent propety Investments 13 14 15 1.073 1.886.538 2.480.840 1.073 1.594.538 2,670.838 4.368.451 4,266.449 Current assets Cash at bank and in hand 76.441 75,424 Creditors: amounts falling due within one year 16 {20.915) (21,224) Net current assets 55.526 54.200 Total assets less current liabilities 4.423.9TT 4,320,649 The funds of the charty Restricted income funds Unrestricted funds 17 4.367.378 56.599 4,265,376 55,273 4,423.977 4,320,649 The financial ststements were approved by the Govemors on 3 September 2025 Govemor

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 A��������� ��������

C������ �����������

Stirlingshire Educational Trust is a a registered Scottish Charit� (No. SC007528). The charit�'s principal address is

1.1 A��������� ����������

The financial statements have been prepared in accordance with the charit�'s Trust Scheme, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and �Accounting and Reporting b� 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 (FRS 102)� (effective 1 Januar� 2019). The charit� is a Public Benefit Entit� as defined b� FRS 102.

The financial statements are prepared in sterling, which is the functional currenc� of the charit�. Monetar� amounts in these financial statements are rounded to the nearest �.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 G���� �������

At the time of approving the financial statements, the Governors have a reasonable e�pectation that the charit� has adequate resources to continue in operational e�istence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements. The Governors believe that there are no material uncertainties around the Trust's abilit� to continue as a going concern.

1.3 C��������� �����

Funds are classified as either unrestricted funds or restricted funds, defined as follows:

Unrestricted funds are e�pendable at the discretion of the Governors in furtherance of the objects of the charit�. If parts of the unrestricted funds are earmarked at the discretion of the Governors for a particular purpose, the� are designated as a separate fund. This designation has an administrative purpose onl� and does not legall� restrict the Governors� discretion to appl� the fund.

Restricted funds are funds subject to specific requirements as to their use which ma� be declared b� the donor or with their authorit� or created through legal processes, but still within the wider objects of the charit�.

1.4 I�����

All income is recognised once the charit� has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliabl�.

Donations are recognised when the charit� has evidence of entitlement to the gift, receipt is probable and its amount can be measured reliabl�. Entitlement usuall� arises immediatel� upon receipt, however, in the event that a donation is subject to conditions that require a level of performance before the charit� is entitled to the funds, the income is deferred and not recognised until either those conditions are full� met, or the fulfilment of those conditions is wholl� within the control of the charit� and it is probable that those conditions will be fulfilled in the reporting period.

• 10 -

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

• 1 A��������� ��������

(C��������)

I��������� ������

Interest on funds held on deposit is included when receivable and the amount can be measured reliabl� b� the charit�; this is normall� upon notification of the interest paid or pa�able b� the bank.

Dividends are recognised when the shareholder's right to receive pa�ment is established, measured at the fair value receivable. Generall� this is upon notification b� the investment advisor once the dividend has been declared.

1.5 E����������

Liabilities are recognised as e�penditure as soon as there is a legal or constructive obligation committing the charit� to that e�penditure, it is probable that settlement will be required and the amount of the obligation can be measured or estimated reliabl�.

Liabilities are measured on recognition at historical cost and then subsequentl� measured at the best estimate of the amount required to settle the obligation at the reporting date. The e�ception is that certain financial instruments must be adjusted to their present value; these include financial liabilities where settlement is deferred for more than 12 months after the reporting date.

All e�penditure is accounted for on an accruals basis. All e�penses are allocated or apportioned to the applicable e�penditure headings.

E���������� �� ���������� ����������

E�penditure on charitable activities includes all costs incurred b� the charit� in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charit� apportioned to charitable activities. The costs of charitable activities presented in the Statement of Financial Activities includes the pa�ment of grant awards.

G���� �����������

Grants pa�able are made to third parties in the furtherance of the charitable objects. The award of a grant is recognised as a liabilit� onl� when the criteria for a constructive obligation are met, pa�ment is probable, it can be measured reliabl� and there are no conditions attaching to its pa�ment that limit recognition.

R������ F����

Represents the fees charged for managing the charit�'s investment portfolio.

G��������� �����

Governance costs (which are included as a component of support costs in accordance with SORP) comprise all costs involving the public accountabilit� of the charit� and its compliance with regulation and good practice. These costs include those related to constitutional and statutor� requirements, e�ternal scrutin� (audit or independent e�amination), strategic management, and other legal and professional fees.

I������������ VAT

Irrecoverable VAT is charged against the e�penditure heading for which it was incurred.

• 11 -

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 A��������� ��������

(C��������)

1.6 T������� ����� ������

Tangible fi�ed assets are stated at cost less accumulated depreciation. The cost of minor additions or those costing below �500 are not capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritable Propert� The charit�'s office propert� at 68 Port Street, Stirling is not depreciated as the Governors consider its residual value to be significantl� in e�cess of cost.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carr�ing value of the asset, and is recognised in the statement of financial activities.

1.7 I��������� ����������

Investment propert�, which is propert� held to earn rentals and/or for capital appreciation, is initiall� recognised at cost, which includes the purchase cost and an� directl� attributable e�penditure. Subsequentl� it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

1.8 F���� ����� �����������

Investments are a form of basic financial instrument and are initiall� recognised at their transaction value.

Investments in equit� shares have been included in the balance sheet at market value, using the closing quoted share price. Investments in investments trusts, unit trusts, open ended investment companies (OEICs) have been included in the balance sheet based on the charit�'s share of the net asset value (NAV) of the fund.

All gains and losses are taken to the Statement of Financial Activities as the� arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carr�ing value or their purchase value if acquired subsequent to the first da� of the financial period. Unrealised gains and losses are calculated as the difference between the value at the �ear-end and their value at the prior �ear end. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.

1.9 C��� ��� ���� �����������

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Trade creditors are obligations to pa� for goods or services that have been acquired in the ordinar� course of operations from suppliers. Amounts pa�able are classified as current liabilities if pa�ment is due within one �ear or less. If not, the� are presented as non-current liabilities. Trade creditors are recognised initiall� at transaction price and subsequentl� measured at amortised cost using the effective interest method.

• 12 -

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 A��������� ��������

(C��������)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charit��s contractual obligations e�pire or are discharged or cancelled.

2 C������� ���������� ��������� ��� ����������

In the application of the charit��s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carr�ing amount of assets and liabilities that are not readil� apparent from other sources. The estimates and associated assumptions are based on historical e�perience and other factors that are considered to be relevant. Actual results ma� differ from these estimates.

The estimates and underl�ing assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects onl� that period, or in the period of the revision and future periods where the revision affects both current and future periods.

C������� ����������

I��������� P���������

Investment properties are held at fair value, which is considered to be the open market value. This is determined b� requesting a chartered surve�or to value the properties. In subsequent �ears, the Governors estimate changes in open market value b� reference to the local housing market.

I����������

Some of the Trust's investments, managed b� an investment management firm, are held as units in investment trusts and OEICs. The value of these investments at the �ear-end is based on the bid price of the units, as calculated b� each Fund's managers and based on the net asset value (NAV) of that fund. This is deemed to be a reasonable estimate of the fair value of the investment.

3 D��������

	2025	2024
	�	�
Donations	20	20

4 I����������

Rental income Income from listed investments Interest receivable	2025 � 94,689 68,336 2,134 165,159	2024 � 77,107 77,794 2,134
		157,035

• 13 -

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

5	Raising funds
		2025	2024
		£	£
	Investment management costs	16,133	16,271
		16,133	16,271
6	Cost of charitable activities
		2025	2024
		£	£
	Staff costs	16,908	16,935
	Premises costs	45,033	27,283
	Running costs	957	1,242
	Legal and professional	1,034	30
	Interest and finance charges	30	30
	Governance costs	9,636	9,762
	Grant funding of activities (see note 7)	78,611	81,466
		152,209	136,748
7	Grants payable
		2025	2024
		£	£
	Section 22 Prizes	90	90
	Section 26 Post Graduate Scholarships	13,700	15,904
	Section 28 Special Grants	15,550	14,912
	Section 29Assist in Obtaining Practical Experience	12,000	17,120
	Section 31 Travel Scholarships	700	1,350
	Section 32 Travel Grants	2,775	1,600
	Section 33 Educational Excursions	21,690	14,860
	Section 36 Sports facilities	506	300
	Section 37 Support of Clubs	5,100	2,700
	Section 39 Grants	-	500
	Section 40 Promoting Musical Education	4,000	7,980
	Section 41 Promoting Education in Drama	2,500	4,150
		78,611	81,466

• 14 -

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7	Grants payable		(Continued)
8	Governors
	None of the Governors (or any persons connected with them) received any remuneration or benefits from the
	charity during the year.
9	Auditor's remuneration
	The analysis of auditor's remuneration is as follows:
		2025	2024
		£	£
	Statutory audit	9,636	9,762
10	Gains and losses on investments
		Restricted	Restricted
		funds	funds
		2025	2024
	Gains/(losses) arising on:	£	£
	Revaluation of investments	18,511	187,103
	Sale of investments	17,518	8,171
	Revaluation of investment properties	70,462	-
		106,491	195,274
11	Employees
	Number ofemployees
		2025	2024
		Number	Number
	Total	2	2
	Employment costs	2025	2024
		£	£
	Salaries	16,908	16,935

• 15 -

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

12

13

14

1,073 1,073 1,073 1,073 2025 £ 1,594,538 221,538 70,462 1,886,538 1,321,722

• 16 -

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

15

16

2,669,827	1,011	2,670,838
637,562	-	637,562
(3,817)	-	(3,817)
18,511	-	18,511
(842,255)	-	(842,255)
2,479,828	1,011	2,480,839
2,459,670	1,011	2,460,681
	2025	2024
	£	£
	93	121
	5,225	6,265
	15,597	14,838
	20,915	21,224

• 17 -

STIRLINGSHIRE EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

17

3,674,617	195,274	(2,981)	3,866,910	(100,377)	36,029	3,802,562
398,466	-	-	398,466	95,888	70,462	564,816
4,073,083	195,274	(2,981)	4,265,376	(4,489)	106,491	4,367,378

18

Funds	Funds		Funds	Funds
2025	2025	2025	2024	2024	2024
£	£	£	£	£	£
1,073	-	1,073	1,073	-	1,073
-	1,886,538	1,886,538	-	1,594,538	1,594,538
1,421	2,479,419	2,480,840	-	2,670,838	2,670,838
55,526	-	55,526	54,200	-	54,200
58,020	4,365,957	4,423,977	55,273	4,265,376	4,320,649

19

• 18 -

STIRLINGSHIRE EDUCATIONAL TRUST

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

STIRLINGSHIRE EDUCATIONAL TRUST

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED)

	2025		2024
£	£	£	£
20		20
	20		20
94,689		77,107
68,336		77,794
2,134		2,134
	165,159		157,035
	165,179		157,055
	(168,342)		(153,019)
	(3,163)		4,036

STIRLINGSHIRE EDUCATIONAL TRUST

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED)

	2025		2024
£	£	£	£
16,133		16,271
	16,133		16,271
78,611		81,466
	78,611		81,466
16,908		16,935
	16,908		16,935
3,539		2,559
2,921		2,387
27,092		12,752
11,481		9,585
	45,033		27,283
186		436
771		806
	957		1,242
1,034		30
	1,034		30
30		30
	30		30
9,636		9,762
	9,636		9,762
	152,209		136,748
	168,342		153,019