THE EDUCATIONAL INSTITUTE OF SCOTLAND 8ENEVOLENT FUNDS TRUSTEES. REPORT AND AUD17ED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Re6i£ter¢d Cl)£r¢ty NunTrber SC007852 THE EDUCATIONAL INSTITUTE QF SCOTiAND BENEVOLENT FUND5 Registèred Charity Number SCI)07852 REPORT OF TIIE TRUSTEES The Tr￿ste¢S of the E(tL4Cational Instilute ol Scotland Benewolent Funds present the ieport and accounts of ihe charity lar the year ending 31 August 2024. THE BENEVOLENT FUNDS The ptsrposes ol the BerievolEnt Funds and ils r(Jles of operaiion including Èligib+lity for 3591Stance froni the Fu￿d are specified In the Rules ol the charity adopted on 26 August 2020. The relevant Setiions ol the Ri&les èTe reproduced below.. The Benevolenl Fund shall bÈ used to p¥owide relief in cases of ftecesslty to mernbef5, foimef members ènd widows, widowers or other dependants of metnberg former member5 01 the Educational Institute of Scoiland Applications Irtsm qublifying InLlividuals, Irafti local cot're5pondents or lyom local comn)iiiees of rhe Institutp wilh iesponsibilil¥ for the admiDisir3tion ol the 3SSi5t&nÉe provided by the B&nÈvolent Fund shall be made io the Tr￿slee> anLI tlie awarding of any grant and the 3mount, method and duraiioft thereof sha51 be entirely ai ihe dixretion ol the Trustees 3s shall be the maintenance ol proper financi)I records. The Sources of income ol the Benevolent Fund shall be lil any allocation, in accordance with Rule XX.1 of the constitution Df the Insiirute, trom the national subscripiion,- lill donaiions from the General Fund ol Ihe lrnstilule. Iiiil donatioas from Loc31 Ass(xiaiion5 01 the InstitutÈ, and Membefs sholl not, ordinarily, be eligible for assistance unless they have bÈèn ordinary membpr5hip of the Institute fc>r at least a yeai immedièiely precpdine the dale of appli4aliop Howev&i, Iirnited exceplitsns are P055Ible with respect to piDbJlion&ry teacherg ab5eni Irom work due to illness and having no entitleme￿1 to sick pay. f ormef fflember5 who re5f8ned fron? the Institute Bnd eiih*r cofitiftuèd In eligible en)ployment or 5ubsequentlv resume(f el$8ible employment In Siotland without rcioining the ItTr5tituie and their widow5, widowers or other dependant5 are noi eligible lor a55lSt3t)ce from ihe Fund. The total exper)diiure In èny financial year should noi exceed the ag8re8ate ol the amount 51)ovJn in the annual staiomoi)t ot èCCL>unts a5 the inconitr of the funds for the preceding year. 3nd 2.5*& of total fvftds as recorded tn the ènnuèl s13ten)eni of accounts balance sheet ai Ihe cornrDencemeRr ol ihe currerrt year. THE EDUCATIONAL INSTITUTE OF 5COTiAND BENEVOLENT FUNDS 17RU5TEES' R£PORT- CONTINUED IEGAL STATUS The Funds arl re%isiereo' a5 0 charity iii Scoildnrl unLler rhe r))me 'The Edtscaiional Instilute ol Scotland Benevolent Fuiids 317d Is c.01?Slitul8(l uoder è Declaiation OF Trust dated 2> 14ugust 7020. Ptior le ih&t d3tÈ. the cb,èrity rp.nsiitLlted undr-r the Itsles ol thÈ Educational Institute oi Srfoilaiicl. Th¢ Reg*iterÉd Chariiy Ntsmber is SCCK)A852, TRUSTEES Mv.,i)bei 5 lo Ihtr Institute's EmploymÈnl Relation& COM￿11%tEe are invited 10 èci 35 1 rugietrs ofr thi. Beiicvolèr,t Fu#ds. Metnberi of the Ekip'.oiin¥i':l RelBtioiis Coinmiitee In the ytèr endeo 31 August 2024 wert as lollows". Appointed 6 June 2024 ,TrppointèA G 2Ql4 éd 14 j￿n& 2013, Resi£4ed 6June 20241 IAppcTrinted 8 June 2023, Re&i¥ried C JLine 20241 Addiiionally Ihe ifisiilJio'5 c)nstitU¥lOn speiilies ihatr its 04fi'e Ef Brtr5 shall be eligibl& to attènd ènd bote at .eeiip,Xs ¢51 thè Eff.pltsymenl R&lations Comtsiitlev. lil iiie yeai ended 31 Aug￿%1 2024 tb.e QTli%e 6earer5 Serving 35 Trusloos wei£. 89 lo110￿". ro 6 20241 lj rom 6 June 20241 The TIu5tee5 fLiélI'L.d i)D remuneraiion *n thtr &0 31 Au8USI "024 noi wère thev reimbtJr5td expefjse5 from Il)t e¥iivvtsleFIl Fuiids. The Jfe consiccffed rts have sJflicieiil trkp&iiencp 10 act as I'ru5tees,' h¢wtv¢Y. tioining wtruld be piovided coiistdtrrett appropriate. THE EOUCATSONAL INSTWUTE OF SCOTLAND BEMEVOIENT FUNOS ITRUSTEES. REPORT. CONTINUED) STATEMENT OF TIIUSTEE5' RESPONSIBILITIES The TrusiÉes sre r&por¥JibEe fc-T DteF6fin8 ihe Trusiees, Arinubl Répof1311d ihe fironcial 5tatothent5 In CCQt-dance ￿'[th appliiablc. law ano reRulJtiotlS. Choiily reouffes the Tr¥stec5 to prepart lin2ncial s131ements loi eack liiia¢)cial year iii a£LfJ'ddliié wilh Uniled Killgdo￿ Genefolly Acrvp'ked ALcountinx Pract,aiprnent.% on Ih.e gExn£ ioniein bai15 UDIps5 11 Is '.naJprop."i3te ro assume th31 lh¥ chJiily will In operatio*. The frustee5 ère rfspon51blf for keepiF¥g adequate atCOiJ nting record¥ th&1 are su,fficient tg 5htsw and explaiii the charity 5 112nsaciion$ 3rd élsclose wii4 rtrasonlblfr a¢cur4cy B* èn¥ liine the ￿nal(la1 p0s￿lI0ft of charil'i an enablè Ih@Fn io tsnsufe thdt the fin3nL13, slalfrmer,ts ctsmpl'i wlth the Cl.arilie5 and Tytssroe lTrve51meni IkoiliTrdl Aci ?005 They are also rvspoTrJible 101 5&f￿gua￿dIng asset< ol rhe Charity hènce tor takin8 reasonable steps lar the prov*&Jtion and detertion DF Irau'd 2nd other iiregulaiititr.s. ADMINISTRATION AND ADVISERS AdtnlDlsif3tiOTr of attair5 19 ur¢dertskers by Tht EdLlta'.ional I￿St￿t￿te Qt kgtland at its headquarter5 at 4G Moray Pl4¢e, Edinbui6h. The Fund'5 advisers are a5 lollow5.' Seiielaiy. The Fdiii&ipDYal of Scoiland 46 Moral Place Edirkbur8h rieasuf£r. The Educalion81 In5titut¢ ol Scotl3he 46 Miird¥ PldL Edinburgh AuditOf5 BDO LLP (naft￿Ted Accotsniant9 èn 65 Ha¥mo¥ket Terface Edin?ur6b THE EDUCATIONAL INSYITVTE OF SCOTIAND 8ENEVOLENT FUNDS {TRUSTEES' REPORT- CONTINU£DI Bankers.. Unity TrLSSt Bank ppc Nine 8rindleyp13ce Birmingham Solicltors 8allour & Mèn50n 58 Frederick Street Edinburgh INVESTMENT MANAGERS AND INVESTMENT POIICY LGT Wealth Manag#tnent UK LLP C3pit31 Square, 58 MoTfi5011 Stieet, Edinburgh, EH3 88P. The investme.nts are held In actordancg with ihe Tru5tee5' powers. The iThve5tment policy is aimed at achieving a bèl3ntÈd reluin from Income and capitBI Erowih over the long term. LGT have mède a public commitment to investing in line with Uniled NètlOn5 Sustèinable Oevelopmenl Goals and, ai poiifolio level, exclude iiivestn)ents tn certhin market sectors which are eiihpr pxcluded from E15 invesrment porilolios by virtue trl Institute policy, Dr which ale Inconsistpnt with the activities of the charity. On that bBsis, the Tiustees are happy to confirm con515tency with the criteriè lor Ethiial Investment determined by the Counc*l of the Institute on 8 Mèrch 2013. INVESTMENT POWERS The TfUSt&e5 have power5 to relain, purchase sell Stocks, bonds. securities. tsr othe¥ Investments of any ènd every de5cripiion 3nd iftvest trn heriiable 6nd otlie1 5ecuriti85 wheth￿r or llol 9uoled on any recognised stock exihangtr REVIEW OF THE FUND5. ACTIVITIES DURING THE PERIOD The locus of the Trusiees aciivities In the year 10 31 Augus1 2024 was. as is normal. £eniied on considering the application5 Mddo lor asslstènce from Ehe Fund5 and assessing the financial circumstances ol the applic&nt5 50 th2t R£ lar as Possible. 4UPPtyTI ¢Qv5d be talE¢tcd to their best PO55rble advdiiLagv. Ylie Trusteos mei on 7 oica5ions In the year to tOn51der èpplications for 8rai)ts and loans. Addition&ll¥ In uigent £oses which Bri5e between mcetin8S tl)e Convener 3nd Vice-conventsr, In ¢onjvnciion wilh the Attountani are uthori5ed to make grants and seek homolo8aiion at the next meeting The Trustees awaided 265 gran15 lotalling £740,90012023, £596,450). No loan5 were 3wèrded or kdvanced in the course of the year12023 £NILI. The maximum level of Anr¥ual Brant W3s maintained al £3.000 throuEhoul Ihv financial year. OppOrt￿nItY 15 13ken when the ConveTrer repoit5 Qn Einplowrneni Rèlations Committee business io the In51itJte's Council dnd AnTiual Gener31 Mceting to séek suppoit from Local AssociaLion5. During the year ihe Fund5 received donaiions 01 £81,0001202J- £bl.?001 from local associ3tlOn5. THE EDUCATIONAL INSTITVTE OF SCOTiAND BENEVOLENT FUND5 ITrUSTFES' REPOPT- CONfiNUEOI 7RUSYEE5 RESERVES POLItV AND FUTURE PIANS Thc Trusteos aim to protect Ihp Capit31 Rese¥veg Ot the benevolgn,. Fvttd% by limiiip.g t￿le award fs,. Br3nt¥ to ihe tot310l In.¢or%ijii8 resour.es £Jf lh* p,. evioitsb Ftiiaitlèi yeai. togE:her ￿1th a sum eoLiiv3lenl to 2 (3f total funds ès re'oi dèd In the bB13nce >lteel at Ihp end DI th31 year. HowevLr, in Fhc ycor onded 3-. Augu512024. I￿[ed. lor the second cortstrcutive y&ar with a hi5toricdlly h¢Ehlevcl ol demanG loi beftevolenl gvpporl, if agreed minuted by the TfU5tees that furihef Sums of up tts £34D.000 be mode available lo fund giaTrts 10 eliÉlbie pariles. The Educatiorsal 1031itutE ol Sioiland &gYeed io Fyiaintain thtir policy u( donaliiig 1.5% 01 rnembers, subscitptitsis to Ihe 8entvoleDt Funds. file Iiislilute èl%0 lo thè Bonevolènt FJnds, tnoniE5 [￿ed￿ed from employers In resPt£I ol *he services of th@Ir sa-ho￿$e solit510fS. At 31 AuEosi 2024, the chari1¥ bidd lJlitl fuThd￿ ul £3..580.7a912023, £3 477,5611. GOING CONCERN Eabed on the LtsnsidÈr3tioos set out above, the TruslQÈi ItsP.5ider that the¥e are nts Broundi io believe tyhl the charity Will be unable to cDntinue 85 a Goin6 Coficern. TÉISX TrAANAGEMENT The TrLlStÈes have ekamined the m&:01 busines> and opeyaiional risks Lvhith tho Trust ¥Dce5 anc* have e5rèblishÈ syslem5 to en8blÉ f&£ular reports its be produ¢eE so that tbe nec¢>sary sLeps can ie raken tts les5eii lhe.se risks. EXPENSÈS OF MANAGEMENT Certain Oirect expenscs olf rnanagerr-ent ol the Funds ,'n¢ludin8 sta4f COSIS ènd thE administra.ion ol ni*eiing5 aEe niei ihe Educètional In%t*tute of Scotlènd PROVISION OF INFORMATION TO AUDITOR So lèr ès the Trustees are B¥v8re.. at thp lime repori i¥ approvtrd.. Ihtre is n? relevant Inlormaiior, ol i'ifriick-. Ihe charity S aULlIlof Is ur.aware, anos Ih@ I fu>te&& have taken ali SteF-S that Ihos. 0(Jsht to have taker) to make tnem5elve& aivarE o16.".y ielevdiil avdil InfurmJtion aTr¢' to C5taol)ih Ihat the auditoE is aware ol that in.g¥nidliuii. sec¥ei￿ly DèL¢. S February 2025 REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF YHE EDUCATIONAL INSTITUTE OF SCOTLAND 8ENEVOIENT FUNDS Opinlon on the financial statemertts Ir) our opinion the fin3nci81 statements 81ve a Irue and faiT view of the slate of the charitV'5 allairs as at 31 August 2024 and ol its InconiinE resource5 3nd application ol resources lor the year ihen ended.. have been propeTly prepèred in accordance with United Kingdom Generally Aicepted Accounting PrJl Reporting SrondJrd opplicttblE the UK LTnLI Republic of Irelund Iunited Kingdom Generolly Accepted Accounrin9 Procricel. Basis lor cpinion We conducted our audil in accordance with Intern3tiCsnal St3ndards on Auditing IUKI115As IUKII and applitable law. Our respohsibilities under those 5tancJards are lurther descrihed the Auditor's responsibilities for the audii ol the financial statements section ol our report. WÈ believe that the audit evidence we have obiained is sufficient and approprI31e to provide a b05is for our opinion. Ifidependenie We rem31n Irldependent of the charily in ac%tppi ai•. responsible foT the prtP3rètion of the finèncial ytBtements ènd for besne satisfied that they give 3 t¢ue and fair view, and for such Intefnal control as the Trustees dei&rniine is necessary to enable the prepèrètion of fin3niial statements that Bre free from materi31 misstkiement. wheihef due to fraud oi error. In pfeparing the fifjèncial slaiement5, the Trtssiees èrÈ re5ptrn*ible assessing the Chariiy'g ability to continue as è 8Olll8 concern. distlosin8. as applicable. mèlters related to going conÉ&in and using the going concern b3519 ol a£counting unless the Trvstee5 eiihef intLiid to liquidate the Charit¥ or to cease operations, or have no rea115111 alternaiive but to do 50 Auditor's responsibi14tie5 foF the audli of the financi?1 statements We have beei) appointed Os auditor under sectlDn 44111!Il Df the Charitie5 and Trustee Investment (Scotlandl A£t 2005 at)d report in acco¥datr)ce with thè Ails and relevanl regulations made or having ellect there￿nder. Oui obieclive5 are to oblaiii reasonable. 8ssur3ntè èboul whethei the financial statements as è whole are free from niaterial misstatemeni, wheiher due io fraud or erfor, and to IS5uÈ an auditOf'5 report that include% our opinion. Reasonable a55vrance Is a hi8h level of assurance. but 15 not 6 guhran¥ee tFI&i aft itudit conduited ift accoidaniL with ISAS IUKI will always dèEeci a m3terial ftiissiatement when il exist£ Mi55t3teMenis can érist Irom fraud 01 error and are Ion5idered maieri31 Il, Individually or in the aggre831*. they could rÈasopably be expected to InfluencÈ the economic derisions ol users taken on the basis ol tlie5e lioancial statements. REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLÈNT f UNDS ICONTINUEDI Exiefftl to thicli thè w85 capsble uf dele¢lsrig irre9LJlai'iliÉs, inclucfing IraLid lrregul3fities, incltsdin8 Ifaud, are In3t3nce5 01 non-compliance wiih16ws anEI regulations. We desiBn procedures in line with our re5ponsibiliiies. outlined above, to detect materi31 missla¢emenis iii respect ol Irfegulaflties, ¢ncluding Iraud. The pxlent to which our procedures are caphble of detecting irregularities, includiiig fraud is detailed below Non-rompliortce wilh lows ond re9ulotions Bè5e.d on. •Our underst3ndin8 of thp Chèrity 3nd the secior in which it op&raiES', •Discu5510n Wlth nianègement anLI those chargÈd wilh governance," Obtaining an L4ndersianding of the Charity's policies and protedures reBardin8 compliance with laws and iegulations.. We c¢nsidered the significant laws and reg￿l￿tIonS to be the Choritie5 Statement ol Recommended Practice ISORPI. The Charity 15 8Iso 5ubieti io laws and Te8ulatiDns where the con5equenie ol non-compliènie could have a rnateri31 eltect on tlie amount or disclosure5 In the IinanLial stateniEnts. foi eJ3mple through ihe Iniposition ot Our procedures In respect ol the 8bDve included. •RI'¥iew DI minutes of nieÈtinB of Ih05e charged with governance for ai)y insiènces of nDn-cornpliance with laws and re8ulaiions. •Review of COfre5pondencÈ with regulatory 3uthoriries for any instances ol non-con)pliance with laws and •Review ol h"D8D£ial 5taten)ent disclosures and agreeing to supporthng document8tt0n." Fraud We assÈsg&d the susieptibility ol thè financial 5tBlemenls to material mi$5tatement, including Iravd. Ouf risk aSge55ment proiedures include.d- •Enquiry witli management and those ch3r8ed with 8oveYDan£e iegardine any or suspettÈd Instances 01 fraud, •ObtaininE an undefstbnding ol the Chariiy's pc)licie$ and proceduies relattng 10.. oDetectrDe and responding io the risks of fraud,. and InteEN31 controls estèbl.,5hed lo mitr8ate risks related to IrauLI. tyReview of minutes ol meeting ol those charged with Eoverfjance lor hny known or sugppcip.d Instance5 01 Irbud., •Discu5sion amorigst Ihe en8ageiiient tean) è5 to haw 3nd where fraud might oicui In the hnancial siateinenis,. bPe¥lormin8 analytical procedures to Idtrntily any unusual or unexpected relahonships thai may iftdicèie ri5k5 of material mi551atement due to Ir3tsd.- Based on tsur r15k asstrssrnenl. we considefed thÉ areag most SU5ceplible 10 traud io be manageinent overi'ide ol controls. Our procedures In fespeci ol tl)e abovg included.. •Teststi8 3 saniple of journ)l entrie5 Ihrou8houl ihe year. which nJe1 a dehnEd risk IriteriB. by aEreeing 10 supporlinE docurnentatiot). WÈ 3150 cori?muniiated relevant Idenlifipd laws ènd regulaiiofts and potefttièl fraud risks to all engagement iedni memb@rs 311d remotned alert to ai)y indicaiions ol f¥aud or non-compli3nce wilh laws bnd iegLtlations ihrou8hout the audit. REPORT OF THE INOEPENDENT AUDITOR TO THE TRUSTEES OF THE EDUCATIDNAL INST¥tUTE OF SCOTLAND BENEVOLENT fUNDS ICONTINVEDI Our. audit procedures werE d&siEned tts ie5pond to r*gk% DI m3ttiiial Fnissta1emènL ITh tlifr fina'i£ial stalenieiil%. recognisiDg that thE fiqk ol ntsi detecting a matewidl mis5tat-. iiitrni du* its frdud Is h.-+bher ihari the fiik of not detectin8 oiie Fe5ult117g Iroin vircH. Iiaijd tray involve deliberate conce3lrDetit bi. e43mple, lorgory. Irisrtrpresentation£ 01 Ii.fOL*8P. collu>lOll. 7 aré Inhei-ent limithtions ID. tric audi" p¥oceduie5 performed and the lunnei rÈ17Tr0￿￿d mon C&￿1¢118￿(0 wifh laws an¢ revulalionE is frjin r*e e¥eiits afto ItdriiatllOll> iellv£Led In the Iinèncial slalp￿￿￿t5. Ihe les$ likoly we are to becLS))e awè1￿ vl Il A luriher desfF.'piioiI DI tsui respon5 bilities lo. Ih.r vudil ol the liiiJnci31 statements is locèied oli th* Fin3ntial Repori1l)E Coli¥1£￿1'S Y¥ebsile èt ¥vWW.Irc.or[..uLlaydiiDrsiesFonsibilities. This dtsccipiion lorms pèrt ol D￿[ auditor. rÉport. Use ol Our Report Tlii& 1s 5012ty' ro the Chèrily's Iru51ÈÈs. a5 è bo(ty. In at¢or￿•￿te with Ihe Ch6rilif5 and fTU5tee lftbe5rnient Iscoilèndi Ac! £009. 0.Jr audii work ha% beery vnderlalen 5a Ihai we mighl 51aie to Ihtt Chaiily'5 trustees tb.oge matle.r5 ap e fequired io !lJÉe to ￿r¢ an audiTors' repart and ftrr fto other purpose. To the lullesi exien.. permit¢ed la￿.. we Qo not 3ccépi or è>stsme regponsibllity lo anyone oiher Lhao ihe Ch.ariiy and the Chartsiy'£ IF￿&1￿eg 35 3 bodv. for our &uoit IVQfk, lor this repoil, or loy the opinits115 we hak'e forrnpd BDJ LLP Str appo+ntr)et?t as 2udit¢r 91 Ikie ch3." Ity by vlFtL'e of Its eli%ibllity lor appoinrment a5 audiroi ol k coinoany undeT SECEiQlTr 1214 of ihe Companitr¥ AKI BDO LI P is o ,'Éni..ted Iiabili;y Pdrtnefs%ip resistered in En6laiid and rflales Ifegist¢ri-I nurnber OC305127 THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Note 2024 2023 Unre5trlcted Unrestricted Funds Fund5 Incoming Resources Donations Receivèd From the Educational InstitLtte of Scotland From EIS Local A550ciations Other Donations Total Donaiions 125,550 81,000 132,800 61,700 259.550 244,550 Investment Income & Interest Received Total Incomlng Resources 353 469 338 493 Expenditure on C05t of Charitable Activitles- Grants 740,900 596.450 Expenditure on Support Costs Auditor'5 Remuneratiori Other Professional Fees Investment and Bank Charges 7otal Resources Expended 2.200 35 2,000 35 767 339 623 427 N*t Income/ IEMp¢ndtturel for th¢ Year 1413,iI/UI 1284,9341 other Recognised Gain5 & L0s5¢5 Realised and Unrealised Gainsl IL055esl on Investment A$5ets 517 058 175 248 Total Other Recognised Gains & Losses 517 058 175 248 Net Movement in Funds 103 188 460 182 Fund Balances brought forward I Septernber 2023 3,477,561 3,937,743 Fund Balances tarried forward 31 Asjgust 2024 3 580 749 3 477 561 The Iioles 00 pa8e5 12 to 14 foini part ol these Accounis io THE EDUCATIQNALINSTITUTE OF SCOTLAND BENEVOLENT FUNDS BALANCE SHEET AS AT 31 AUGUST 2024 Note 2024 2024 2023 In¥eslments 44 L￿240 3 332 952 (￿r￿nt Assets Suridry DebiL)rs liivEgli¥ivEif Bank Account 8ank Current Arcounts 121 128 104 445 121.018 233.573 215,723 Less: Current Liabilitie5 Creditors". Aiiiount5 fallling due witl11￿ l year Ntt Current Assets 139 509 144 ti09 Total Assets Repyesented by.. Funds Unrestricted As at I SepteiTTrbei' 2023 Nèt Vlovemenl in Funds for Year As at 31 Au£ttst 2024 3,417,5bl 103 188 3,937,743 460 182 3.580,749 3,477,561 lotal Fund5 3 580 749 3 477 561 Thesv. finaiitial 5taternents nave been aLEdiled under Ilie re4uirenierit£ of Seciioii 441 Illcl of the Ch£> The notes on pages I I to 13 forrn part of tnese Accuunls. li THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS Note5 to the Ac¢ounts for thè year ended 31 August 2024 l. Accounting Policies lal Ba515 of Piepar3tlon of Accounts.. The 8ccounts are prepared ur>der the historical Lost convention as odified tiy the revaluètion of investments at rnèrket value. They havÈ been prepared in accord3llce with applicable accountir)g standards lor a sm811 entity, The Charities Accovnts Isrotlandl ReELilations 2006 and the Charities SORP IFRS 1021 'AccountiF*g and Reportin8 by Charities.. Statement of Recommended Practiie Bppliiable to charities preparing their 3ccounts In èttordanie wtth the Financi31 Reportin8 Staftdèrd applicable in the UK and Republic DI Ireland IFRS 1021 leffective I JanuèFy 20191,. The accounts 3r£ presented in £ sterllog. The financial staternents hève be&n prepared on a going concern b3sis and, h3vin8 consideréd the Charity's £uri'ent financial position arid its expected future income and expendjiure, the Tru51ees consider that there are no material uncert3inties about the Cliarity's ability to continve as B going concern. Ibl Investments.. Investments in listed Shares and bonds are stated at market value. The Stateftient of Financial Activiiies Includes net gains and IDsses arising from disposa15 and revaluations during the year. Icl Taxatlon.. The Fund 15 not liable ro taxation on any surplus of iniome Over expenditure 2nd can in certaifj cases recovei tax suffered on irs Invesrment income and arnounts received under Gift Aid. Idl Unrèstrl¢ted Funds: Unrestricted Fdnds represent the retained surplus of unrestriited income, comprising voluntary income received 3nd investment income. over grants awarded io beneficiaries and the runTring cost5 01 the charity, adjusted for nei realised gaifis and losse5 (>n the sale of investments ènd lor unrea115ed 83ins and losses on inve51mofiiS held ai the balance Sheet date. lel Intome Recognition.. Intome from donations. graDt5 or le8acies is reco8nised when iheie Is evidence of entitlement 10 the gilt, receipt is probablo and irs amount can be meè5ured reliablv. If) IE)vestment Income.. Income ffom Interest and dividend5 is recognised when receipi Is probable and the ainount receivable can be tneasured reli3blv. {81 Grant5: Grants awarded by the Fund are recogni5ed when approved for payment by the TILJStees. Ihl Financlal Instruments., Ihe charity only holds fifjancial assets and financial liabilities of a kind that qualily as basic financial instrUme￿t$. Other than Investments described ai Ibl above, basic finèiiiial tnstruments are initially measured ai their transaction value and sut)seouently measured at their seftlement value. Stgnllltant Judgement5 and Estimotes.. In prepafing rhe financial statemeiirs. the Trustee5 niake estim&res Of è5sumption5 which affect the reported results, finar)cial position and the d15closure ol contingencies. Use of available information and the èpplic?tion ol judgement are inherent in Ihe formation of such estimate5, together with past expÈrience and e%pectat&ons ol future eveRtS thai are believed to be rÈè50nable under the circuinstan¢es. In the opinion of the TTustEe5, there are no sigTrilic3iit areas In which judgements and e5t&maies are applied, which would require to be dis£105ed loi a proper understanding ol thpse atcounts. 12 THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS Notes to the Account5 for the year eftded 31 August 2024 Icontdl 2. Investment Income and Interest Recelved 2024 Unrestricted 2024 Total 2023 2023 Total Unrestricted Interest Investment Income 93.918 93,918 93,918 93,918 93,943 93,943 53.943 93,943 J. InvestmerEts 2024 2023 Listed Investment5 3,441,240 3,441,240 3.332,952 3.33? 952 Listed Investments Abeideèn Standard Capital Investment Portfolio Opening fvlarket Value AOdltion¥ iii the year DIspos31 proceeds the veèr ReJlised &Trd Unrealised Ilossesll Gèins in the year C105itJg Market Value 3.332.952 448,674 1857,4441 517.058 3.441,240 3,645,619 787.074 1924,4931 1175,2481 3,332,95? JI CredKtors'. Arnounts lallin£ due wtthin I year 2024 2023 Arnounts ro related party A£cruals foi grants payable oiher 3ccruèl& 37,114 SO,950 6,000 94,0641 37.114 30.200 3,800 71.114 13 THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS Ntsies to the Acco￿￿15 lor the yeai ended 31 Augusi 2024 Icontdl 5 Related Party Dis¢5osure The Educaiional Institute of Scotland I'f IS") and the Education31 Institute ol Scotland BEn&voleni Fund l The 8enevolent Fund l atè related parties. by virtue ol the EIS holdin2 oflice a5 a Trustee and the remaining Trustees, membership ol the Institute. As 5tsch rhere Is a requiremei)t 10 d15c105e material fransactitsns belw@en them. Duiing the year local associaiions of the É15 donaied £8L,OOCI tu the Benevolent Fund 12023 £61,700) and the central body tsl the EIS doiiaiEd £125,55012023 £132.8001. AI 3I Au8USI 2024 thè 8enevolenr Fund owed £37,114 to the EIS 12023 £37.1141 As highlighled in the Trustees, Report the indirect e%pen5e5 of mhnagement ol the Benevolent Fund Including stall cost5 3nd the admit)Istraiion ol tneeting5 are met by the Els. No Femuneration or expenses were paid to ihe Trvstees of the chaiity durine the year 17023, 14