THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS TRUSTEES, REPORT AND AUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 Registered Charity NLtmber SC007852
THE EDUCATIONAL INSTITUTE OF SCOTiAND BENEVOLENT FUND5 Re85stered Charlty Number SC007852 REPORT OF THE TRUSTEES The Trustees L>f the Educational Institute of Scotland 8enevolent Fund5 presènt the repoit and accounts of the Charity for the year ending 31 August 2025. THE BENEVOLENT FUNDS The purpose5 of the Benevolent Funds and its rule5 of operation including eliBibilify for assistance from the Fund are specified in the Rules ol the charity adopted on 26 August 2020. The relevant sections of the Rule5 are reproduced below.. The Benevolent Fund shall be used to provide relief In case5 01 nete55ity to rnembers, former member5 and w&dows, widowers or other dependants of members or lorrnei members of the Educational Institute of Scot13nd. Applications from qualifying individuals, from local correspondents or from local committees ol the Institute with iespon5ibility for the administration of the assistance provided by the 8enevolent Fund shall be made to the Trustees and the awarding of any grant and the amount, method av¥d duration thereof shall be entiiely at the discretion of the Tru5tee5 a5 shall be the malntenance of proper financial records. The sources of income of the Benevolent Fund Shall be". lil any allocation, accordafi¢e with Rule XX.1 of the constitution ol the Institute, from the national subscriptlon,. lill donations from the General Fund ol the Institutè.. liiil donations from Loc81 Assoctation5 of the In5titute,' and liiil other donations. Member5 Shall not, ordinarily, be eli8ible lor assistance unless they have beett in ordinary membership of the Institute lor at leèst a year immediately preceding the date of application. However, limited exceptlOn5 are P055ible with respect to probationary teacher5 absent from work Llue to illness and having no entitlement lo sick pav. Former m2mbers who resigned from the Institute and either continued in ellgible employment or subsequentlv resumed eligible employmeni in Scotland without rejoining the Institute and their widow5, widowers or other dependants ale not eligible for agslstance Irorn the Fund. The total expendituie any financi31 year should not exceed the ag8regate of Ehe amount shown in the ènnual Statement of accounts as the income ol the funds for the preceding year. and 2.5% of total funds as recorded in the annual statement ol accounts balance sheet at the comtnencement ol the current year.
THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS ITRUSTEES, REPORT- CONTINUED) LEGAL STATUS The Funds are registered a5 a charity in Scotland under the name 'The Educ3tional Institute of Sccitland Benevolent Fund5" and 15 constituted tsnder a Declaration of Trust dated 26 August 2020. Prlor tts that date, thÈ charity was constituted under the rule5 of the Educatiottal Institute of Scotland. The Re8lStered Charity Number is SCOQ7852. TRUSTEES Members elected t() the Institute's Employment Relations Committee are invited to acl as Trustees of the Benevolent Funds. Members of the Employment Relations Committee in the year ended 31 August 2024 were as follows.. Andrene Bamford (Resigned 5 June 202SI Michael DolaY* Colin Fin13V Jennilei Gaffney IResigned 5 June 20251 David Gibson IAppointed 5 lune 20251 Heather Hughes Jacqueline Mackenzie Paula McEwan Alison Murphv Susan Slater Iconvenorl Additionally the Institute's constitution specilies that its Office Bearers shall be eligible to attend and vote at meetings of the Employment Relations Ctsmmittee. In the year ended 31 August 2025 the Office Bearefs Serving as Irustees were as follows.. Allan Crosbie Paula McEwan (To S June 20251 Mèrk Smith (From 5 june 20251 Adam Sutclifle The Trustees feceived no remuneration in the year to 31 Au8ust 2025 nor were they reimbursed expenses Irorn the Benevolent Funds. The Trustees are con51dered to have sufficient experience to act as Trustees," however, training WDuld be provided where considered approprsate.
THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUND5 (TRUSTEES. REPORT- CONTINUED) STATEMENT OF TRU5TEES' RESPONS181LITIES The Trustees 3re responsible for preparing the Trustees, Annu31 Report and the financial statements in accordance with èpplic3ble law and regulations. Charity law requires the Trv5tees to prepare financial statements for each financial year in accofdance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdtsrn Accounting Standard5 and applicable lawl. Under charity law the Trustees must rnot approve the f*nancial statements unless they are Satisfied that they give a true and lair view of the state ol allairs ol the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity lor that period. In preparing those financial statements, the Trustees are required to.. lal select Sultable accounting policies and then apply them consistentlv,. Ibl make judgements and estimates that are re350nable and prudent,. Icl state whether applicable UK accounting standards havè been followed, subject tD any material departures disclosed and explained in the accounts,. Idl prepare the financial statements oft the going concern basis unless it is inappropriate to assume that the charity will continue in Operation. The Trustee5 are responsible for keeping adequate Bccounting records that are sufficient to show aTrd explain the charity's transactions and di5c105e with reasonable accuracy at any time the financial position ol the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotlandl Act 2005. They are also responsible for safeguardin8 the assets ol the charity and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularitie5. ADMINISTRATION AND ADVISERS Administration of the Funds. affairs is undertaken by The Educational Institute of Scotland at its headquarters at 46 Moray Place. Edinburgh. The Fund's advisers are as follows.. Secretary.. John McLeod Chief Financial Officer The Educational Institute tsf Scotland 46 Mcray Place Edinbur8h Treasurer.. Andrea Bradley General Secretary The Educational Institute of Scotland 46 Moray Place EdiFtburgh Auditors.. Consilium Audit Limited 169 West George Street Glasgow
THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS (TRUSTEES. REPORT- CONTINUED) Bankers.. Unity Trust Bank plc Nine Brindleyplace Birmingham Ballour & Manson 58 Frederick Street Edinburgh INVESTMENT MANAGERS AND INVESTMENT POLICY IGT Wealth Management UK LLP Capital S¥u3re, 58 Morr¢son Street, Edinburgh, EH3 88P. The investments are held in accordance with the Trustee5' powers. The inwestmenl policy is aimed at achieving balanced return from income and capital growth over the long term. LGT have made a public commitment to nvesting in line with United Mations Sustainable Development Goa15 and, at portfolio level, exclude investments In certain market se¢tors which are eithey excluded from EIS investment portfolios by virtue of Institute policy, or which are inconsistent with the activities of the charity. On that basi5. the Trystees are happy to confirm consistency with the ¢riteria for Ethical Investment determined by the Council of the Institute on 8 March 2013. INVEsfMENT POWERS The Trustees have powers to retain, purchase and sell stocks, bonds, securities. or other investments of any and every description and invest in heritable and other securities whether or not quoted on any recognised stock exchange. REVIEW OF THE FUNDS, ACTIVITIES DURING THE PERIOD The focus of the Trustees activities in the year to 31 August 2025 wa5. a5 15 norrnal. centred on considering the applications made for èssistance frotn the Funds and a55e55ing the financial circumstances of the applicbnts so that. as far as possible. support could be targeted to their best possible advantage. The Trustees met on 7 occasions in the year to consider applications for grants and loans. Additionally in urgent cases which arise between meeting5 the Convèner and Vice-conventsr, in conjunction with the Accountant are authorised to make grants and seek homolo83tion at the next meeting. The Trustees awarded 202 grants totalling £546,35012024. £740.9001. No loans were 3warded Dr advanced in the course of the year12024 £NILI. The maximum level of annual 8rant W3s maintained at £3,000 throughout the financial year. Opportunity is taken when the Convener reports on Employment Relations Committee business to the Institute's Council and Annu81 General Meeting to seek support from Local Associations. During the year the Funds received donations of £80,40012024- £81,0001 from local association5.
THE EDUCATIONAL INSTITUTE OF SCOTLAND BEN£VOLENT FUNDS RUSTEES, REPORT- CONTINUED) TRusfEES RESERVE5 POLICY AND FUTURE PLANS The Trustee5 aim to protect the Capital Reserves of the Benevolent Funds by limiting the award ol grants to the total of incoming resources ol the previous finèncial year, together with è Sum equivalent to 2.5% of total funds a5 recorded in the balance sheet at the end of that year. However, in the year ended 31 August 2024. faced. for the second consecutive year with a historically highlevel of demand lor benevolent support, it was agreed and minuted by the Trustees that further sums of up to £150,000 be made available to fuftd grant5 to eltgible parties. The Educational Institute of Scotlancl agreed to rnaintain the*r policy of do¥nating 1.5Qh of membeT5' subscriptions to the 8enevolent Funds. The Irlstitute also donates to the Benevolent Funds, monies received from employers in respect ol the services of their in-house soliiitors. At 31 August 2025. the charity had total funds 01 £3,433.46212024. £3,580,749). GOING CONCERN Based on the considerations set out above, the Trustees consider that there are no ground5 to believe that the harity will be unable to continve as a Going Concern. RISK MANAGEMENT The Trustees have examined the major bu51ness and operational risks which the Trust faces and h3ve established Systems to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. EXPENSESOF MANAGEMENT Certain direct expense5 01 management ol the Funds including stall costs and the administratior? ol meeting5 are met by the Educational Institute of Scotland. PROVISION OF INFORMAnoN TO AUDITOR So far as the Trustee5 are aware, at the time the report is approved.. ther¢ is no relevant audit information of which the charity's auditor is unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves awère of any relevant audit information and tts establish that the auditor 15 aware of that iMfDrmation. John McLeod Se¢retarv Date.. 10 December 2025
REPORTOF THE INDEPENDE AUDITOR TO THETRUSTEESOF THE EDUCATIONAL INSTITUTE OF SCOTLAND 8ENEVOLENT FUNDS Oplnion on the ftnancial statements We have audited the financial statements of The Educational Institute of Scotland Benevolent Funds I'the Charity'l for the year ended 31 August 2025 which compris the statement of financial activitie5. the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial repoiting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stondord applicLTble in the UK and Republic of Irelond (United Kingdom Generully AcceptedAccounting Procticel. In our opinion the financial statement5'. @ive a true and fair view of the state of the cha¥ity's affairs as ai 31 Au8USt 2025 and ot its incoming resources 3FEd appllcation of resources for the year then ended. have been prL)perly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,- and have ljeen prepared in accordance with the reouiremettt5 of the Charities and Trustee Investment (Scotlandl Act 2005 and re£ulaiion 8 of the Charlties Accounts IScotl8ndl Regulations 2006, as amended. Basis foi opinion We conducted our audit in aicordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit of the finaniial statements sectitrn of our report. We are independent of the Charity in Jccordance with the ethical requirements that are relevant to our audit of the financial 5tat&ments in the UK, including the FRC'5 Ethical Standard, and we have luifilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropri3te to provide a basis lor our opiTrion. Independence We remain independent ol the charity in accordance with the ethical requiremetsts that are relevant to our audit of the finoncièl statement5 in the UK. including the FRC'S Ethical Standard, and we h2ve fulfilled our othef ethical re5ponsibtrlities in accordance with these requirements. Conclusion5 relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the goin8 concern basis of accountlng in the preparation ol the financial Statements is èppropriète. Based on the work we have performed, we have not identified any material uncertaintie5 relatin8 to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue a5 a gDing concern for a period of at least twelve months from when the financial statements are 3Lthorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to £oinE concern are described in the relevant 5eclions ol this report.
REPORTOFTHE INDEPENDE AUDITOR TO THE TRUSTEES OF THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS ICONTINUEDI Other information The Trustees hre responsible lor the other inform3tion. The other information comprise5 the information included in the Annual Report, other than the financial statement5 3nd our auditor's report thereon. Our opinion on the linan¢ial statements does not cover the other information ènd, except to the extent otherwise explicitly In connection with our audit, our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially incon5iStent with the financial statements or our knowledge obtained n the audit OT Otherwise appe3rs to be materially misstated. If we identify such material inconsistencieg or apparent material mi55tatements, we 3re requiied to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have perftsrrned, we conclude that there is a material misstatement of ihis other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlth we a required to report by exceptlon We have nothing to report in respect of the following matters In relation to which the Chaflties A¢counts Iscotlandl Regulations 2006 require us to report to you if, in our opinion.. th& information given in the Trustees, Report is inconsistent in any mèteri31 respecE with the financial statements., or proper accounting records have not been kept., or the financial statements are not in agreement with the a¢¢ounting record5 and returns.. or we have not received 311 the information and explanations we require for our audit. Respon5ibllltlÈs of trustees A5 explained more fully in the Staterneni of Trustees, Responsibilittes per the accounts. the Trustees are responsible for the preparation ol the lin3ncial statements and for bEing satisfied that they give a true and lair view, and lor such tnternal contToI as the Trustee5 determine is necessary to enable the preparation of fsnancia slatements that are free from material misstatement, whether due to frBud or error. In prepariftg the financial statements. the Trustees are responsible for assessing the Charity's ability to continue as a going concern. disclosing, as applicable. matters related to going concern and using the 8Otn8 concern bèsi5 of accounting unless the Trustees either intend to liquidate the Charity or lo cease operatiDns, or have no realistic Itefn3tive but to do s¢). Auditor's responsibilities for thè audit of the flnancial statements We have been appointed as auditor under section 44 llllcl of the Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our approach ttr identifying and assessing the risks of mèteriBI misstaiement in respect of trregularitie5. inclduing Irèud 8nd non-cotT*pli3nce with laws and regulations, was as folltsws.. We ensured that the engagemenr team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, We identified the laws and regulations applicable to the charity through discussions with directors and management and from our knowledge of the regulatory environment relevant to the charity. We assessed the extent of compliance with laws and regulations through mèking enquiries of management and inspecting legal correspondence.
REPORT OFTHE INDEpENDEAUDIToR TO THE TRUSTEES OF THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS ICONTINUEDI We assessed the susceptibility of the charity's financial Statements to matelial misstatement, including obtaining an understanding tsf how fraud mlght occur, by making enquiries ot management ès to where they considered there was susceptibility to fraud and their knowledge ol actual. suspected and alleged fraud. To address thè risk of fraud through management bias and override ol controls, we tested journal entries to identify unusual transactions, we assessed whether jL5dgement5 and a55umptions made in determining the accounting estimates wefe indicativE of potential bi6s and we investigatEd the rationale behind signilicant or unusual transactions. There are inheient limitation5 in oui audit procedures described above. The rnore removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditir>g Standards also limit the audit procedures required to identify non-cornpliance with lèws and regulations to enquiry of the directors and othei management and the inspection of regulatory and legal correspondence. Material misstatements that arise due to fraud ¢an be harder to detect than those that arise from &rror as they may involve delEber3te concealment or collusion. A further description of our responsibilitles is available on the Financial Reporting Council's website at.. https.'//www.frc.or8.uklauditorsresponsibilitie5. This description lornis part ol our auditor's repo¥t.
REPORT OF THE INDEPENDENfAUDITOR TO TrIE TRUSTEES OF THE EDUCATIONAL INSTITUTE OF SCOTLAND 8ENEVOLENT FUND5 ICONnNUEDI Use of Our Report Thi5 report is made solely to the Charity's trustees, as a body. in accordance wtth the Charities and Trustee Inve5trnent Iscotlandl Act 2005. Our audit work has been undertaken so that we might state to ihe Charity's trustees those matters we are required to state to them in an auditars, report and for nts other purpose. To the fullest extent permitted by law. we dD not accept or assume responsibility to anyone other than the Charity and the Charity's trustee5 as 3 body, for our audit work, for this report, or for the opinions we have formed. Consilium Audit Limited Statutory Auditor Glasgow, UK Dated= 10 December 2025 Consilium Audit Limited is eligible foi appointment as auditor ol the charity by virtue of its eligibility for appointment as aud&tor of 3 company under section 1212 01 the Companies Act 2006.
THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Note 2025 2024 Unrestrlcted Unrestrlctèd Funds Funds Incoming Resources Donatlons Received From the Educational Institute of Scotland From EIS Local Associations Other Donations Total Donations 140,900 80,400 125,550 81.000 273,400 259,550 Investment Income & Interest Received Total Incoming Resources 371775 353 469 Expenditure on Cost of Charitable Activitles- Grants 546,350 740,900 Expenditure on Support Costs Auditor's Remuneration Other Professional Fees Investment and Bank Charges Total Resources Expended 2,200 35 2,200 35 570 751 767 339 Net Income/ (Expendlturel for the Year 1198,9761 1413.8701 Other Recognlsed Galns & Losses Realised and Unrealised Gains/ (Losses) on Investment Assets 517 058 Total Other Recognised Gains & Losses 517 058 Net Movement In Funds 147 287 103 188 Fund Balances brought forward I September 2024 3,580,749 3,477,561 Fund Balance5 carrSed forward 31 August 2025 3 433 462 3 580 749 The notes on pages 12 to 14 form part of these Accounts io
THE EDUCATIONAL INSTITUTE OF SCOTLAND 8ENEVOiENT FUNDS BALANCE SHEEfAS AT 31 AUGUST 2025 Note 2025 2025 2024 Investments 79 881 3 441240 Current Assets Sundry Debtors Investment 8ank Account gank Current Accounts 248,259 129,128 104 445 352.895 233,573 Les$: Current Uabllities Creditors.. Amoun15 fallling due within l year 299 314 Net Current Asset5 53 81 139 509 Total Assets 343346 3 580 749 Represented by: Funds Unrestrlcted As at I September 2024 et Movement in Funds for Year As at 31 August 2025 3.580,749 147 287 3,477,561 103 188 3.433,462 3,580,749 Total Fur5 3433462 35 These financial statements have beer* audited under the requirements of Section 44llllc) of the Charitie5 and Trustee Investment Isiotlandl Att 2005. Approved on behalf of the Trnstees Trustee .' Susan Slater Dated.. 10 December 2025 The notes on pa8es 12 to 14 form part of these Accounts. li
THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS Notes to the Accounts for the year ended 31 ALWlSt 2025 l. Accounting Pvli¢ies lal Basis of Preparation of Accounts.. The actounts are prepared under the historical cost convention as modified by the revaluation of investments at market value. They have been prepared in accordance with èpplicable accounting standards for a small entity, The Charities Accounts (Scotlandl Regulations 2006 and the Charitie5 SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standérd applicable in the UK and Republic of IrelanLI IFRS 1021 (effective I january 20191,. The accounts are presented in £ sterling. The financial statement5 have been prepared on a going concern basis and, having considered the Charittys current finat7cial position and its expected future income and expenditure, the Trustees consider that there are no material uncertainties about the Charity's ability to continue a5 a going concern. Ib) Investments: Investments in listed shares and bonds are stated at market value. The Statement of Financlal Activities includes net gains and10sses arising from disposals and revaluations during the year. (¢1 Taxation: The Fund is not liable to taxation on any surplus of income over expenditure and can in certain cases recover tax suffered on its investment income and amounts received under Gift Aid. Idl Unrestrlcted Funds.. Unrestricted Funds represent the retained surplus of unrestricted income, comprising voluntary income received and investment income, over grants awarded to benefici3rie5 and the running costs of the charity, adjLJSted for net realised gain5 and losse5 on the sale of investments and for unrealised gains and losses on investments held at the balance sheet date. {el Intome Recognition.. Income from donations, grants or legacies is recognised when there is evidence of entitlement to the Èift, receipt is probable and its amount can be measured reliably. (Q Investment In¢ome: Income from interest and div*dends is recognised when receipt is probable and the amount receivable can be measured reliably. {gl Grants,. Grants awarded by the Fund are retOEnised when approved for payment by the Trustee5. Ih) Financlal Instruments.. The charity only hold5 financial assets and financial liabilities of a kind that qualtfy as ba51c finantial instruments. Other than investments described at Ibl above, basic financial instruments are initially meèsurod at their transaction value and subsequently measured at their settlement value. Significant Judgements and Estimates- In preparing the financial 5tatement5, the Trustees make estimates or assumption5 which affect the reported results, financial position and the disclosure of Contingencies. Use of available information and the application of judgement are inherent in the formation of such estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the Trustees, there are no signiftcant areas in which judgement5 and estimates are applied, which would require to be disclosed for a proper understanding of these accounts. 12
THE EDUCATIONAL INSTITlllE OF SCOTLAND BENEVOLENT FUNDS Notes to the Accounts for the year énded 31 August 2025 Icontdl 2, Investment Income and Interest Recelved 2025 Unrestricted 2025 Total 2024 Unrestricted 2024 Total Inteiesr Investment Income 93,860 93,860 93,860 93,860 93.918 93,918 93,918 93,918 3. Investments 2025 2024 Listed Investments 3,379,881 3.379,881 3,441,240 3,441.240 Usted Investmenti Abe¥deen Standard Capital Investment Portfollo Opening Market Value Addtrtions in the year Disposal proceeds in the year Realised and Unrealised ILos5esl/ Gains in the year Closing Market Value 3,441,240 927,757 11,040,805) 51,689 3.379,881 3,332,952 448,674 1857,4441 517,058 3,441,240 4 Credltors: Amounts falltng due withln l year 2025 2024 Amounts due to related party Accruals for grants payable Other accruals 295.314 4,000 37,114 50,950 6,000 94,064 299.314 13
THE EDUCATIONAL INSTITUTE OF SCOTLAND BENEVOLENT FUNDS Notes to the Accounts for the year ended 31 Aukust 2025 Icontdl 5 Related Party DÉ5c105ure The Educational Institute of Scotlènd I'EIS l and the Educational Institute of Scotland Benevolent Fund I"The Ber)evolènt Fund") are relèted paitie5, by virtue of all Trustees being members of the Institute and the Board including the President, Vice-President and Ex- President. As such thÈre is a requirement to disclose material transactions between them. During the year local asSQC*atlOns of the EIS donated £80,400 to the Benevolent Fund12024 £81,00013nd the central body of the EIS donated £140.90012024 £125,550). At 31 Aueu5t 2025 the 8enevolent Fund owed £295,314 to the EIS12C>24 £37,114). As highlighted in the TIu5tees' Report thè indirect expense5 of management of the Benevolent Fund including staff costs and thè administration ol meetings are met by the Els. No remuneration or expenses were paid to the Trustees of the charity during the year12024, 14