REGISTERED CHARITY NUMBER: SC008876
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2026
for
Renfrewshire Educational Trust
Brett Nicholls Associates Herbert House
24 Herbert Street Glasgow G20 6NB
Renfrewshire Educational Trust
Contents of the Financial Statements for the Year Ended 31 March 2026
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 14 |
Renfrewshire Educational Trust
Reference and Administrative Details for the Year Ended 31 March 2026
TRUSTEES L Hughes - Chairperson J Nellaney A Steel J Clocherty K Law A Anderson K Pragnell S MacFarlane G Armstrong PRINCIPAL ADDRESS Renfrewshire House Cotton Street Paisley PA1 1TR REGISTERED CHARITY NUMBER SC008876 INDEPENDENT EXAMINER David Nicholls FCCA Brett Nicholls Associates Herbert House 24 Herbert Street Glasgow G20 6NB
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Renfrewshire Educational Trust
Report of the Trustees for the Year Ended 31 March 2026
The trustees present their report with the financial statements of the charity for the year ended 31 March 2026. The trustees have adopted the provisions of Accounting and Reporting by 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 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable purposes of the Renfrewshire Educational Trust are to invest in the education and development of financially disadvantaged children and young people living within the Renfrewshire, Inverclyde and East Renfrewshire council areas ("the Trust Area") and that attend educational establishments or institutions.
The Trust's Investment Managers have been instructed as a primary objective to achieve a growing level of income sufficient to cover annual outgoings. The outgoings shall be as determined on an annual basis by the Trustees. A secondary objective is to maintain the real value of capital funds over the longer term.
Under the New Scheme (that is, from 25 February 2015), an annual plan requires to be prepared and agreed by the Trustees. An annual plan may include expenditure of any Trust property and can involve capital and interest. "Trust property" is defined under the New Scheme as such sums of money held by, or paid to, the Trustees and such other funds and assets as may from time to time be received by the Trustees, and any assets in which any funds so received may from time to time be invested.
The Trust's free annual income (after paying the necessary expenses of management and administration of the Trust) is applied for the award of grants to eligible persons under the terms of the Scheme.
Grant making
Trustees consider individual applications and make awards as appropriate. The provisions of the New Scheme (in particular sections 9, 10 and 11 of that Scheme) require grants to be awarded as follows:
Section 9: Grants to eligible persons to participate in school excursions, following referral to the Trust by the head teachers of the schools within the Trust Area organising the excursions.
Section 10: Grants to eligible persons talented in music, art or drama to obtain tuition from a recognised regional, national or international development programme or project or similar event designed to nurture and improve their talent, following referral to the Trust by the head teachers of the schools within the Trust Area.
Section 11: Grants for one academic year to eligible persons leaving secondary school for an educational qualification, following referral to the Trust by the head teachers of the schools within the Trust Area.
"Eligible person" is defined under the New Scheme as any person in primary or secondary school education who, in the opinion of the Trustees, meets both the "residence test" and the "financial test". The "residence test" means for an applicant that their habitual and normal residence (excluding a temporary absence for business or holiday) is within the Trust Area, and the "financial test" means for an applicant that they are entitled to, or are in receipt of, free school meals, or such other financial requirement as deemed appropriate by the Trustees.
ACHIEVEMENTS AND PERFORMANCE Charitable activities
During the year the Trust made the following grant awards:
Section 9: School excursions
Head teachers submitted applications for educational excursion grants totalling £150,780 (£90,526 in 2024/25) in respect of 177 (99 in 2024/25) eligible pupils. With £19,170 (£20,370 in 2024/25) available to disburse for this purpose, the Trust was able to award 13% (23% in 2024/25) of the cost of a school trip per pupil.
Section 10: Music, art or drama awards
There were 0 (1 in 2024/25 totalling £500) applicants nominated by head teachers in this category.
Section 11: Educational qualification
There were 9 applicants nominated by head teachers in this category. A total award of £7,000 was granted across the nominees. However, 2 of the grants were not claimed and the total awarded was £5,400 (£3,000 in 2024/25).
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Renfrewshire Educational Trust
Report of the Trustees for the Year Ended 31 March 2026
ACHIEVEMENTS AND PERFORMANCE Charitable activities
Monitoring achievement
| ACHIEVEMENTS AND PERFORMANCE Charitable activities Monitoring achievement |
ACHIEVEMENTS AND PERFORMANCE Charitable activities Monitoring achievement |
||||
|---|---|---|---|---|---|
| The following table highlights the planned grant | awards against the three categories of grant | made by the | Trust: | ||
| Grant category | Section | Original Plan | Revised Plan | Actual | Actual |
| 2025-26 | 2025-26 | 2025-26 | 2024-25 | ||
| £ | £ | £ | £ | ||
| School excursions | 9 | 19,445 | 19,170 | 19,060 | 20,393 |
| Music, art and drama | 10 | 500 | - | - | 500 |
| Educational qualifications | 11 | 3,000 | 5,400 | 5,400 | 3,000 |
| Total | 22,945 | 24,570 | 24,460 | 23,893 |
The original plan was amended and authorised by the Trustees at their meeting of 25 February 2026. The revised plan allowed for funds not used for section 10 to be transferred to section 11 and allow more grants to be awarded for school excursions.
FINANCIAL REVIEW Financial position Income and endowments
In 2025-26, income of £37,768 was received:
-
£30,393 (80%) of the income was generated from investments.
-
The Peter Brough Bequest Fund generated £7,375 (20%).
Charitable activities expenditure
The expenditure on charitable activities for the year totalled £37,085:
-Expenditure in respect of awards totalled £24,460 representing 66% of total spending on Trust purposes.
- Governance costs totalled £12,625 (34%).
The percentage allocation between expenditure on Trust purposes and governance/other costs was 66%: 34% in 2025-26 (66%: 34% in 2024-25).
Net expenditure/income before gains and losses on investments
The Trust recorded a surplus for the year of £683 (2024-25: £763) on its regular activities, prior to movements related to investment valuation. The small surplus is due to investment income being higher than the forecasted out-turn
Realised and unrealised gains on investments totalled £111,874 (2024-25: £88,758 loss), resulting in a net increase in funds for the year of £112,557 (2024-25: £87,995 decrease). Heightened market volatility continued throughout 2025-26, starting with the tariffs programme introduced by the USA in the early part of 2025-26. But global growth by the end of 2025 had shown to be resilient, a pivot towards monetary easing and continued enthusiasm for AI related stocks helped bolster sentiments, allowing global equities to extend gain into the final quarter. The portfolio value peaked on 28th February, the same day that conflict began in Iran. The potential for protracted disruption to energy supplies from or through the middle east has created significant volatility in markets and an uncertain outlook for inflation and interest rates.
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Renfrewshire Educational Trust
Report of the Trustees for the Year Ended 31 March 2026
FINANCIAL REVIEW Financial position Balance Sheet
The Balance Sheet of the Trust brings together all of its assets and liabilities. It is a statement of the resources of the Trust and the means by which they have been financed. It is also a report on the Trust's financial position at one particular point in time, a snapshot of its financial affairs at the close of the year expressed in accounting terms.
The main features of the Balance Sheet are:
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The market value of the investments of the Trust has increased by £111,839 compared with the previous year
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The current assets balance predominantly represents short-term deposits which are held with Renfrewshire Council, which processes receipts and payments on behalf of the Trust.
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The net current assets of the Trust have increased by £718
-
Over the period from 1 April 2025 to 31 March 2026 the net assets of the Trust have increased by £112,557.
Investment policy and objectives
The Trust's Investment Managers have been instructed as a primary objective to achieve a growing level of income sufficient to cover annual outgoings. The outgoings shall be as determined on an annual basis by the Trustees. A secondary objective is to maintain the real value of capital funds over the longer term.
The market value of the investments of the Trust as at 31 March 2026 was £1,015,964. The investments of the Trust are currently managed by LGT Wealth Management under a discretionary agreement, and normally contribute approximately twothirds to three-quarters of the Trust’s regular yearly income.
In addition to the income received by the Trust in relation to the investments managed by the Trust's Investment Managers, the Trust receives each year a donation from the Peter Brough Bequest Fund (Scottish Charity number SC003958), and this donation normally contributes approximately one-fifth to one-quarter of the Trust's regular yearly income.
Reserves policy
The Trust has been in existence for a considerable period of time and the Trustees consider that the reserves are sufficient. The annual investment income at present is sufficient to cover the annual outlays of the Trust. The Trustees meet on a regular basis to monitor income and expenditure levels during the financial year and budgets are set to ensure expenditure remains within available resources and to maintain a reasonable level of reserves.
FUTURE PLANS
The Trust's primary objective remains to be achieving a growing level of income sufficient to cover annual outgoings. The outgoings shall be as determined on an annual basis by the Trustees. The secondary objective is to maintain the real value of the capital over the longer term.
There will be continuing evaluation of the effectiveness of the New Scheme to ensure the ongoing future of the Trust.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its constitution and constitutes an educational endowment.
Recruitment and appointment of new trustees
The Trustees of Renfrewshire Educational Trust are appointed on behalf of the members of the body they represent.
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Renfrewshire Educational Trust
Report of the Trustees for the Year Ended 31 March 2026
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties
Certain Trustees hold this position because they are elected local councillors of Renfrewshire Council, Inverclyde Council or East Renfrewshire Council.
Renfrewshire Council provides management services to the Trust. The administration fee for the year ended 31 March 2026 was £6,928 (£6,726 for 2024-25). As at 31 March 2026, the net amount owed by Renfrewshire Council to the Trust was £44,428 (£36,478 at 31 March 2025).
The Trust received a grant of £7,375 (£7,294 in 2024-25) from the Peter Brough Bequest Fund (Scottish Charity number SC003958). Under the New Scheme, one Trustee is required to be appointed by the trustees of the Peter Brough Bequest Fund.
Risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate the exposure to the major risks.
The most significant risk for Trustees is where insufficient income is generated to continue awarding grants at current levels. An associated risk is the maintenance of sufficient invested funds from which to generate income. These risks are managed through the appointment of Investment Managers with expertise in charities investments, the appointment of Investment Advisors who provide independent advice to the Trustees with regards to investment strategy and performance, and by setting prudent grant award budgets.
It is acknowledged that these particular risks have been heightened because of the impact of geopolitical factors on the global economy and prolonged high inflation. However, within a given financial year, any diminution in income levels can be accommodated by reducing award levels to compensate, and the award levels are entirely within the Trustees' control. The Trust has no history of committing to any long-term funding arrangements, rather awards are made as one off grants based on resources available at a particular point in time. This should ensure that risks associated with reduced income levels are sufficiently mitigated.
28/08/2026
Approved by order of the board of trustees on ...... ~~....~~ B1C90000-D034-8EB4-ABBB-08DEF7B2060A......................... ~~....~~ ...... and signed on its behalf by:
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B1C90000-D034-8EB4-ABB5-08DEF7B2060A
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.. .............. .................................. ............. ...........
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L Hughes - Trustee
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Independent Examiner's Report to the Trustees of Renfrewshire Educational Trust
I report on the accounts for the year ended 31 March 2026 set out on pages seven to fourteen.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 disclosures in the accounts, and seeking explanations from you as trustees concerning 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 audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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B1C90000-D034-8EB4-ABD4-08DEF7B2060A
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David Nicholls FCCA Fellow of the Association of Chartered Certified Accountants Brett Nicholls Associates Herbert House 24 Herbert Street Glasgow G20 6NB 28/08/2026 B1C90000-D034-8EB4-ABD6-08DEF7B2060A Date: ....... ~~....~~ .......................... ~~...~~ .....
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Renfrewshire Educational Trust
Statement of Financial Activities for the Year Ended 31 March 2026
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Providing assistance for the benefit of education Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2026 Unrestricted fund £ 7,375 30,393 37,768 4,437 32,648 37,085 111,874 112,557 931,607 1,044,164 |
2025 Total funds £ 7,294 29,704 36,998 4,356 31,879 36,235 (88,758) (87,995) 1,019,602 931,607 |
||
|---|---|---|---|---|
CONTINUING OPERATIONS
This statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure during the current and prior year arose in the General fund which is unrestricted.
All income and expenditure derive from continuing activities in both years. Comparative figures for the previous year by fund type are shown in Note 10.
The notes on pages 9 -14 form part of these financial statements
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Renfrewshire Educational Trust
Balance Sheet 31 March 2026
| Notes FIXED ASSETS Investments 11 CURRENT ASSETS Debtors 12 CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS The financial statements were approved by the Board of Trustees and authorised for issue on ... were signed on its behalf by: ~~............~~................................. J Nellaney - Trustee B1C90000-D034-8EB4-ABC7-08DEF7B2060A |
2026 Total funds £ 1,015,964 44,428 (16,228) 28,200 1,044,164 1,044,164 1,044,164 1,044,164 |
|---|---|
| B1C90000-D034-8EB4-ABC7-08DEF7B2060 | |
| ~~............~~................................. J Nellaney - Trustee |
The notes on pages 9 -14 form part of these financial statements
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Renfrewshire Educational Trust
Notes to the Financial Statements for the Year Ended 31 March 2026
1. GENERAL INFORMATION
Renfrewshire Educational Trust ("the charity") is an educational trust governed by its constitution dated 12 August 1883. It was registered as a charity in Scotland (registered number SC008876) on 12 August 1883. Its registered address is Renfrewshire House, Cotton Street, Paisley, PA1 1TT.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements are prepared on an accruals basis, and on a going concern basis, in accordance with:
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the Charities and Trustee Investment (Scotland) Act 2005;
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Regulation 8 (Statement of account - Fully accrued accounts) of The Charities Accounts (Scotland) Regulations 2006; - the Financial Reporting Standard applicable in the UK and Republic of Ireland, published in March 2018 ("FRS 102"), to the extent that it applies to small entities and public benefit entities;
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'Accounting and Reporting by 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, published in October 2019 (FRS 102)' ("the Charities SORP");
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UK Generally Accepted Accounting Practice; and
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the historical cost convention, with the exception of investment assets which are reported at their market value on the reporting date.
The charity meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy.
The financial statements are presented in UK sterling, which is the charity's functional currency, and rounded to the nearest pound.
There have been no changes to the basis of preparation this financial year or to the previous financial year's financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
Renfrewshire Educational Trust is a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied for charitable purposes only.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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Renfrewshire Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2026
| 3. | DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|---|
| 2026 | 2025 | ||||
| £ | £ | ||||
| Peter Brough Bequest Fund | 7,375 | 7,294 | |||
| 4. | INVESTMENT INCOME | ||||
| 2026 | 2025 | ||||
| £ | £ | ||||
| Investment income | 30,393 | 29,704 | |||
| 5. | RAISING FUNDS | ||||
| Raising donations and legacies | |||||
| 2026 | 2025 | ||||
| £ | £ | ||||
| Investment management fees | 4,437 | 4,356 | |||
| 6. | CHARITABLE ACTIVITIES COSTS | ||||
| Direct | Grant | Support | |||
| Costs (see | funding of | costs (see | |||
| note 7) | activities | note 8) | Totals | ||
| £ | £ | £ | £ | ||
| Providing assistance for the benefit of | |||||
| education | 6,928 | 24,460 | 1,260 | 32,648 | |
| 7. | DIRECT COSTS OF CHARITABLE ACTIVITIES | ||||
| 2026 | 2025 | ||||
| £ | £ | ||||
| Admin fee | 6,928 | 6,726 | |||
| 8. | SUPPORT COSTS | ||||
| 2026 | 2025 | ||||
| £ | £ | ||||
| Accounts Preparation & Independent Examination | 1,260 | 1,260 |
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Renfrewshire Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2026
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2026 nor for the year ended 31 March 2025.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 7,294 |
| Investment income | 29,704 |
| Total | 36,998 |
| EXPENDITURE ON | |
| Raising funds | 4,356 |
| Charitable activities | |
| Providing assistance for the benefit of education | 31,879 |
| Total | 36,235 |
| Net gains/(losses) on investments | (88,758) |
| NET INCOME/(EXPENDITURE) | (87,995) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 1,019,602 |
| TOTAL FUNDS CARRIED FORWARD | 931,607 |
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Renfrewshire Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2026
| 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2025 Additions Disposals Revaluations (Decrease)/increase in cash at bank awaiting investment during year At 31 March 2026 NET BOOK VALUE At 31 March 2026 At 31 March 2025 There were no investment assets outside the UK. Cost or valuation at 31 March 2026 is represented by: Valuation in 2026 Historic investment cost Historic investment cost 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Renfrewshire Council |
2026 £ 825,906 |
Listed investments £ 904,125 327,205 (320,659) 111,874 (6,581) 1,015,964 1,015,964 904,125 Listed investments £ 1,015,964 2025 £ 801,667 2025 £ 36,478 |
|---|---|---|
| 2026 £ 44,428 |
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Renfrewshire Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2026
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals 14. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
2026 2025 £ £ 16,228 8,996 Net movement At At 1/4/25 in funds 31/3/26 £ £ £ 931,607 112,557 1,044,164 931,607 112,557 1,044,164 |
|---|---|
Net movement in funds, included in the above are as follows:
Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 37,768 (37,085) 111,874 112,557 37,768 (37,085) 111,874 112,557 |
|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/4/24 £ 1,019,602 1,019,602 |
Net movement in funds £ (87,995) (87,995) |
At 31/3/25 £ 931,607 931,607 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 36,998 | (36,235) | (88,758) | (87,995) |
| TOTAL FUNDS | 36,998 | (36,235) | (88,758) | (87,995) |
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Renfrewshire Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2026
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2026 other than those listed on page 5.
16. PURPOSE OF FUNDS
General - the unrestricted free reserves of the charity
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