THE SCOTTISH INTERNATIONAL EDUCATION TRUST (Scottish Charity SC009207) REPORT AND FINANCIAL STATEMENTS YEAR TO 30TH SEPTEMBER 2025
Page 2 THE SCOTTISH INTERNATIONAL EDUCATION TRUST INDEX TO THE ACGOUNTS Chair's Slalemenl Page 3 General Infomiats'on and Report of the Trustees Pages 4-10 Independent Examine¢s Report Page 11 Balance Sheet Page 12 Statement of Financial Activities Page 13 Notes to the Financial Statements Pages 14-18
Page 3 THE SCOThISH INTERNATIONAL EDUCATION TRUST HAIR, TATEMENT FOR YEAR TO 30TH SEPTEMBER 2025 The Tru$l 18 underyoing a period of d)arvJÈ and thÈse accounts inevitably reflect some ofwhal we were, and some of whal we are becomin9. 11 can be useful al such a time to reflect on the mission and value of Ihe organisalion and whelherwe have the SourCes- financial olhephise-to deliver that. During Ihè coursè of Ihè 1881 fÈw months, we havÈ begun to reach out lo fomier recipiÈn18 of SIET'S awards, now referred to as Fellows, in order lo involve them more actively in shaping the next phase of the Trust's 9rovrth. 11 has been sthking that on every occasion to date. our fellows have been enthusiastic in their response to being more Invdved 8nd effusive in their descriptions of the Impa¢l of an award on thÈireducation and development. They are. without a doubt. our best resource and we are both proud and fortunate to have such an extraordinary group of people within Tru81's fellowship. During this lime, the trustees have also confronted a series of questions about the future direction of the Trust'5 activities and the strategy and changes qUired 10 8CCOtnplish our mission. WithoLrt extsplion. Trustees have opted to lake the course of 8Ction that priorili8es the Iransformalive 8mbiiions of the Trust's founders and 8eek8 to M8MIse the imp8cl that our a[$ can have both now and in the future. All members of Ihe board have commille(l an astonishing amount of lime. professional expertise 8nd passion lo the task in hand. and l am grateful for both their commitment and their ongoing stewardship of the Trust'5 values and re80urce8. In all of this work, we have been fortunate for thè vtyork and guidance of our director, who not only leads much of the Trust's work bul supports and steers so much more of it. The leadership. imagina1 and dedication of the Trusl's kadership, professional and voluntsry is another area whÈrÈ we are exlremetyfortunale lo have the resource8 that we have. We are also fortunate in our friends. At various points over the last twelve months. we have had cause lo engage with individuals 8nd organisations who h8¥e no p8rticu18r connection lo ts Tru81 beyond believing in its aims 8nd valuing ils continued success Once again, the generosity and enthusiasm of these allies has been striking. and another rerninder of the slrenglh of SIET as a concept. Finalty, we have been fortunate in our history. Both of the years cov&red by t$ accounts saw reliral of longstanding Iruslee8. as well Ihe death of one member ol the b08rd, &r Geoff P8lmer. We are explion811y grateful to all of those Iru5tees who have supported the TTUSt's mission for rnany years, and particulady lo Ginnie Atkinson. who seTved as chair for tnany years. bringing huge vision and tomtnittnent lo the role. It has been mentioned elsevhlere in thi5 document that the tru51ees have commilled Ihemsdves lo ¥ new roun(l of fundraising in order lo expand the Trust's capauty to deliver effectwety on 115 mission. That 15 quite true, bul il is not the wholÈ Story. As a Trust, our financial resources are critical lo our fulurÈ and our purposè, birt they are not the only resource Ih8t m8tlers and. In our fellows, our Iriends. our Iruslee8 and director. and the gaCY of those vh)0 have preceded us. we a exTrplionally well resourced to face the ne leg of SIET'sjouffley. -NicholasBibby. Chair
Page 4 THE SCOThISH INTERNATIONAL EDUCATION TRUST ENERAL INF RMATI NANDREP RT THE TRUSTEES FOR YEAR TO 30TH SEPTEMBER 2025 The Trustees present Iheir annual report and financial slatements for the charity for the year ended 30th September 2025. The financial statetnents have been prepared in accordance with the accounting policies set out in Note 1 to the financial stslements and comply with the Ch8ritS Trust Deed. the Charities and Trustee Inv88tment Iscollandl Acl 2005. the Charities Accounls Iscotbndl Regulations 2006 las amendedl anLI the Accounting and Reporting by CharilEs Slalement of Recotnmended Practi applicable to charities preparing their financial statements in accordance with the Financial Reportiny Stand8rd 102 8pplicaNe In the UK and Republic of Ireland IFRS 1021 (second edition issueLI October 2019 and effective 1 January 20191. Ob'èctives and Activilits The objectives of the Trust are to.. Grani Makin Poli Assist individu81 Sco18 or individuals of Scots formation with grants lo support them in meeting costs connected lo Iheir posl-graduale e(lucalH)n. chiefty abroa(l. Receive endowment8, donation8 8nd beques18 In furtPErance of the fir8t objective. The Trust aims to assist young Scots in realising their acadetnic potential abroad. The Trust hÈlps lalÈnled and worthy individuals who ed 1p to achiÈve their objective8 by awarding grants. The Director selècts those applications that best meet the criteria requirèmènts and Ihese are then conshJered by Ihe Truslee8 81 their meetings. Grant recipients are required lo Submit a report to the Trustees on Ihe outcome of Iheir worklsludies. whi the Trust does not provide multi-year aw8rd8, the Tru81ees will consider further supporf for recipEnts. which is subject to the receipt of a salisfaclory report from the previous year. The Truslees Llo not engage direclly in charitable activities or projects. The Trust's principal aclwity is granlmaking. The Trust's wblic benefit has been discharged by m8king grants in support of education. Grants are targeted al indimduals of Scots birth. upbringing or fortnalion who are undÈrtakiny cour8es of poslgradualè study al educ8ti0n81 in$iitulion8 abroad, or similar activitses for personal and professional tlevelopmenl. The Trust does not engage in tharitaNe activities direclly. During the year ended 30 Seplember 2025 the Tru8tees awarded 6 gran1812024 32 grantsl tolalling £18,000 12024 £81.3081. none of which were paid lo inslilulions 12024 Nwel The reduction in volume of grants is a direct response lo the Trust's litniled capital position, the ambition is to bring the volume of grants up lo, and beyond, h18tOriC81 levels if and vA)èn sufficient funds can be raised. The TnJsteÈs would like lo thank all parties vA)o donated funds to Ihe Trust during ts year as recorded at Note 3 in the accounts.
Page 5 THE SCOThISH INTERNATIONAL EDUCATION TRUST ENERAL INF RMATI NANDREP RT THE TRUSTEES FOR YEAR TO 30TH SEPTEMBER 2025 FY24125 was SIET'S first full year under Ihe leadership of its new Chair. Nid( Bibby. The Trust remains In good hèahh and Cominues. through ils granl-m8kiny, lo support a diverse group of lalented people lo realise academic opportunities l)eyond Scotland. The Trust's ability lo continue doing Ihi5 for the longer term, however. will require an injection of new capital to SU8tain and, we ho, increase the pace and 8cale of grant-making. The Trust has enjoyed a period of re-invuoration this year, as il has focusse(l on the need to build up ils capital for the benefit of the many talented individuals il seeks to support in future. The planned reliral of several trustees, while representing a loss of valuable experience. nevertheless (Yealed an opportunity lo energise the Trust by appointing cohort of new Iruslees with an impressive range of expertise and thovAedge direcly re¥sn1 lo major fundraising Èttorts. The nÈw trustees vA)o joined this ye8r- some of Ihem former SIET grantees- bring 8 wealth of expeiience in charily governan and fundraising in the UK and abroad, through t1[ work in UniversilEs, NGOS and other charitable organis8tion$. Alongside these changes, the Ch8ir has driven 8 strategic shift In empha818 for all Trustees, who are increasingty expected lo sustain significant contributions of wom( a5 we move into new phase of active fundraisirwJ. The Trustees. old and new. have willingly embraced Ihis approach as the likÈliesi way to ensure the Trust'8 long-lerm health. In this o)nlÈxl. trCe yearty operational meetings lo plan specific activities le.g. outreach, comms. fundraising even15 et¢ l are now part of the TTU5tees' calendar. alongse the Iwo tradition81 gr3nl- making medings. The Trust beg?n this yearto develop the conceptual underpinning an(1 actionable plan for 115 fLrture fundraising efforts through a structur8J workshop ar other collaboration with More PartnÈrship. In 8ddilion lo seeking new funds. the Trust has made significant progEss on trimming ils (already lowl cost base. and has taken deasions to move rtain function in-house or to new $upplier8 -for example. by opèning its own bank account and appointing a Sultsble Ihird party accountant. These tneasures, which are close lo full implemenlalion as of March 2026. will redu the cost of continuing to work bwlh Turcan Connell who wll retnain SIET's'home' 8nd will carry on providing essential support and oversiyhl atmss a r8nge of functions. The overall picture al 30 September 2025 15 of a revilalised Trust preparing to take 8 big step into a new and tnuch tnore active phase of its life, with a view lo raising enough new capitsl lo en8ure its long-ierm fuiure. The Tmstees are molivaled lo achEve this in large p3rt because SIET'S impact on the indivKluals it supports-the'SIET Fellows'_ palpaNy evident from Ihe stories they tell. The work the Fellows go on to do carries the Trust'5 Impact Into a farwiderwork1. Investment Polic ar Performance In accordan with the Trust Deed. the Trustee5 have power lo invest in Such slod(s, 8harÈ8, Investments 8nd propèrty in thÈ United Kingdom or abroad as tY in t1r sole Ralhbor*$ Invesknent Management are Èngaged as Inveslmeni manager8. The Twslees. investment policy is 9e8reLI lowards a balanced return between capital and income. In Ihe year lo 30th September 2025 capital values have decreased by 2.51%12024". 4.42%11o a capit81 valuè of £609,35412024 £625.0461 generating a natural level of income of £15,07412024 £18,866)
Page 6 THE SCOThISH INTERNATIONAL EDUCATION TRUST ENERAL INF RMATI NANDREP RT THE TRUSTEES FOR YEAR TO 30TH SEPTEMBER 2025 Fin vi Financial Re ort The investments of th8 Trust have a fair value of £809,354 12024 £625,046) followng r1 investment disposals of £54,866 during the ye8r, there are nel current assets of £3.282 12024 £10,914) giving lolal funds at the year end of £612.63612024 £635,9601. all of whith are unreslricled. The Trust received InMe of £15,911 12024 £21.4921 during the financial year of which £544 12024. £2,180) was received by way of donation. and £18,000 (2024 £81,308) was applied in gr8nls. Reserves Poli It 1$ the policy of the Trustees lo distribute the incomè of the Trust in the forni of grants. 11 is antifapaled that any surplus income al the dose of the account would be so distributed in a followng year. The unrestricted funds are r8presÈnled. principally. by a portfolio of invèslmenls. ThÈ8e 8re m3n8ged on a Lliscrelionary basis by the inveslmenl managers. The Trustees have power to draw upon the fund in furtherance of the Trust's objectives whilst retaining suffiaenl funds to meet any commitments they may undertake. As the Trust does not provide (lirect charitable serviTrs. the Trustees believe Ihal normal expenditure can bÈ mel èither from income generated or from cApilal growth In their portfolio. SUpemented from lime to time by donations from third parties. the assets of ts Trust are held In a readily realisable fom. fund$ to meet Èxtraordinary expenditure can be raised ouirly. A8 8 result, the Truslee8 do not consider il nece88ary to maintain specific reserves. Risk M8n8 Èmenl The Trustees have assessed the major [kS lo which the Trust Is exposed. in particular those relating lo the oper8tion$ 8nd finance$ of the Tmst, and are satiSfd that Systems are in platr lo miligale their exposure to tt)e major risks. thè Trust relies on its investment return$ in order to make ils donations. the principal risk which the Trust faces, In the opinion of the Trustee8, 18 the performance of the Trusfs investments The Trustees have mitigated this by retaining investment managers to advise them and by haviru a diversrfied portfolio. A further layer rnitigation igan during the year to September 2025 With the Trustees, dec1810n lo emb8rf¢ on 8 major fundraising campaign,. antl this will lake concrete shape in 2026. The TruslÈe8 a180 con81dÈr ihe Trust'8 rÈpu181ion in the event of a governancÈ failure or external rewlalional risk. To help Jeal %4ilh Ihal key risk. the Truslees regularty discuss governance and Trustee SucsSion. have appointed a Nominations Committee which meets on a wular ba818 to provide additional govemance oversight, arKJ have dewsed a complaints policy lo help lo m8n8ge extern81 risks. A prdUre for dealing with press and other enquiries ha5 also been devised. Raising n8 is now a primary focus for all Ihe Trustees. as the Trust enter8 an ambiliws phase of fundraising lo secure delwery of its forthe long term.
Page 7 THE SCOThISH INTERNATIONAL EDUCATION TRUST ENERAL INF RMATI NANDREP RT THE TRUSTEES FOR YEAR TO 30TH SEPTEMBER 2025 The fglloNng a(Idilional prosseS have been established lo manage general risks. l(%)nlinuedl ' A procedure manu81 prepared by the Director. Regular opèrational tneeting$ Whe Tmstees tonsider the plans, polic$, finan<Ès and 8tralegic direction of the Tru81. Regularfinancial reconciliations prepared by Turcan Connell, Solicitors. ' Annual finanaal stslemenls are intlependenlly exarnined by extern£l accounlanls. A fomial Ri8k Register has dÈvised arKI Is updated annually. In addition, the highest oring risks on the Risk Register are reviewed and discussed al every Trustee meeting. Goin Concern The Trustees have no material uncertainties as lo the Trust's abilty to continue as a going contern. Plans for Future The Trustees propose to continue their programme of grant-making, with ernphasis gwen to those applicants who demonstrate polenlial, lalenl and exllenCe and where funding would m8ke a differÈncÈ lo the applicant. The Tru8tees will keep ihe lÈvel of gran18 under review. The Trustees cwlinue to explore way5 to develop the Trusvs profile and pre5en, Including through alumni outreach and wider outeomes and outreach aCtilIeS. Plans are laking shape as of March 2026 for Several fundraising activitie5. including a donor dinner, a live music Èvent featuring SIET Fellows, torpor8te approac$, aNJ a wder push lo identify and approach other p8rtie8 who may be inleresled In supportiTrJ the Tru81's important work. structure Gtsvernance & Mana emetbt Conslilulion dBted 4th December 1970 Deed ofAmendmenl dated 19th March 1986 Supplementary Deed of Tru81 dated 25th May 2011 Supplementary Deed of Trust dated 16th August 2012 ointment of New Trustees The Trustees In office have the power10 8ppoint new Trustees. The indudion pr0Trs5 for any newly appointed Truslee cornprises a path induding a brEf history of the Tru$l, copy of the founding document. a copy of do¢umÈnlation on guidan on the duties and responsibilities of charity Iruslees. a copy of the most retrnl Annual Report & financial 5ts1ernents and any other rdevant (locumenlation. When 8ppoinling new Trustees con81deration is given lo ensuring that there 18 the breadth of expertise quIred. Related Parties There were no related party transactions In the year. The Trust has 1 etnployee12024 11. Mana emenl All Truslees are 8ctive in the rnanagement of the Trust. The Director is considered to be key tnanagetnent personnel.
Page 8 THE SCOThISH INTERNATIONAL EDUCATION TRUST ENERAL INF RMATI NANDREP RT THE TRUSTEES FOR YEAR TO 30TH SEPTEMBER 2025 Decision Makin The Trustèes meet twice a year to agree the broad strategy 8nd areas of adivty for the Trust. including consvjering grant applications. investment and risk management policEs, and terformance. During this financial year, the Trustees established a pattem of also holding hvo operational rneetings each ar to discuss the strategy for the Trust and potenti81 fulure plans. Addits-on81 meetings are held In person or onlirE in response to specific needs. The day-lo-day 8drninistration of grBnls and processing and handling of applications prior lo consideration by the Trustees is dealt wilh by the Director with support from Turcan Connell, who continue lo provh1e profe8810nal support across a range of key are?s. Finance reports are made availab for e8ch meeting by Turcan Connell. though a decision was taken during the year lo tnove financial reporknng support lo Stripe Accountants, and this change will happen in 2028. The Trustee5 have degated certain re5ponsibililies to the Director. n8mety the power to make discretionary grants up to the value of £2,000 per grant 8nd in sèlecting those applications to be considered al the meelings. As part of the deti$ion-m8king processes of thè Trust in FY24125, Turcan Connell provided wide range of admin181ralive suppori induding.. management of gr8nl p8yments', cfrordinalion with the Director, Chair, independenl examiner and inveslmenl rnanagers overthe course of the year". prÈp8r8tion of regular c8$h reconciliations,- input into the risk review process.. ompilirwj papers and reports for tneetings of Ihe Trustee5". hosting and minuling of TrusteÈ mÈeiings-, monilonng compliance with the conslilulion and with charity18W', receipt an(1 processing of occasional donations-. maini8ining papers to support the auditlexamination pro(*ss and preserving the Trusfs archived p8per8', managing payroll forthe Director and his salary., lodging annual retums with OSCR and other liaison with OSCR. HMRC and the Pensions Regulator., payment of expenses lo Ttuslees and eeMaI suppliers., other general adminislralion as and when requested or required. induding the assutnption of new Trusiees and 8880cialed legal deeds. In or(ler lo slrearnline our operations and broaden our profession31 support, a decision w35 taken this year to move sotne of these functions to a third-party accountant or lo handle them in-house. These change8 will take effed in FY25126. Turcan Connell will continue to provide essential professional insight and sUPPOrt across key areas, ensuring the Trust maintains ils high standards of govetnance and over5vJht. The Trust has appointed two TrusteÈÈ Wllh financial managemeni experience 10 8erve as Co-tre¥surers. In the context of moving Into a phase of active fundraising, which will require more operational payments and generate a higher voluffle of receipts, the Trust ha5 committed to dèveloping a budget framework. èxpenditure approv81s process, and Other adminislralive apparatus 8nd ntrOl8 suitable for its new acliwty.
Page 9 THE SCOThISH INTERNATIONAL EDUCATION TRUST ENERAL INF RMATI N AND REP RT THE TRUSTEES FOR YEAR TO 30TH SEPTEMBER 2025 mini A Scotiish Chari SC009207 Address Turcan Connell Princes Exchange 1 Earf Grey Slreet Edinburgh EH3 gEE Nicholas Bibby FACSS (Chairl (Assumed 22nd November 20241 Theresa Vallin (wi Chair frotn 16th September 20251 James Rice ICtrirea$urer from 16th SÈpiÈmber 20251 Anthony Schofiekj ICo-Irea8urer from 161h Seplember 20251 Prof Stephen Hillier OBE IRe5igned 11th September 20251 Prof Donna Heddle IResigned 11th Septetnber 20251 Diana Murray CBE (Resigned 11th September 20251 Deir(Ire Fulton IResvJned 23rd February 20251 Virginia Atkinson IRe8igned 23° February 20251 Prof Sir Geoff Palmer OBE (Deceased 11th June 20251 Prof Jane Stanley Dr Michael Ewart Paul Bonner Hughes Dr Stephanie McKendry Kelly Finnan IA8sumed 11" SeptembÈr 20251 Davh1 Mungall (Assumed 11" September 20251 Alislair Somervilk (Assumed 11 September 20251 Jenny Thomtgn IAssurned 11 September 20251 Patron Sir Jad(ie Stewart SIET is currenly reviewing the role of patrons in the organisalion. Our rem8ining, founding patron, Sir JackE Stewart. holds a lifetime appoinlmenl. The fivtryear terms of our other P8trons have now ended as detailed below. Sir Chris Hoy had prewously been appointed as a Patron in May 2017, meaning that his term lapsed in May 2022. Kirsty Wark was invile(I lo become a Patron in January 2020. Her term ered in January 2025. Kylie Murr8y 8nd Mark Blyth were both invited lo become Patrons in August 2020. Their terms ended in August 2025. Before deciding on further appoinltnents of patron5. TtUStees 11 COnser whether and how Ihe role might bÈ repurposed for the next phase of ts Trust's work. Director Ken Thomson CB FAGSS Web-sit WNW.scolinleLI.org.uk Advisers Solicitors Turcan Connell PrinTrs Exthange 1 Ead Grey Street Edinburyh EH3 9EE Inde endent ExaminÈr Kevin Cattanach CA Whitelaw We115 Charted Accounianls 9 Ain8lie Place Edinburgh. EH3 6AT Aecountants Stripe Accountants Ltd 5 SoLrth Chadotte Street Edinburgh EH2 4AN Advisers InveslmentAdvisers Ralhbones Investment Man8gemenl 10 George Sl Edinburyh EH2 2PF Bankers Bank of Scol3nd 11 Earf Grey Street Edinburgh EH3 9BN
Page10 THE SCOThISH INTERNATIONAL EDUCATION TRUST ENERAL INF RMATI NANDREP RT THE TRUSTEES FOR YEAR TO 30TH SEPTEMBER 2025 in Res ect of the Financial Statements. The TrLJslees are responsible for preparing the Report and the financial statements In accordance with applicable law and regulations. The Charities and Tmsiee Investment IScoll8ndl Act 2005 and The ChariliÈs Accounts Iseotlandl Regulations 2006 Iss amended) require the Trustees to prepare a financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the Trust and of ils re5u115 for that period. In preparing those financial 5tstements, the TFu5tees are required to follow best pracliTr and. selecl suitable accounting policies and then apply them consislenlly., observe the methods and prinapS in the Charities SORP, make judgernents and estimates that are reasonable and prudent.. $latÈ whether applicabl& accounting 8tsndards 8nd 8talements of recommended prathi h8ve been followed. subject lo any departures (Jisclosed and explsined in the finanlaal ststements., and prepare the financial slalemenls on the going concern basis, unle88 11 is inappropriate to assume that the Trust will continue on thal basis. The above noted legi51alion also requires the Trustees lo be responsible for keepiw proper accounting records which disclose with reasonab accuracy at any titne the financial position of the Trust to enable Ihetn to ensure that the fin8nci81 stalèmÈnts comply With the gISlatIOn. They are also responsib for safeguarding the 8s$el8 of the Trust and hence for taking reasOnae steps for the prevention and detection of fraud and other irregularities. Financial st8tements aration The Trustees confirm Ih3t the finan41 5tsternents for the year end 3h SepleTnber 2025 have been prepared so a$ to coTnply wlh current siaiutory requirements, Ihe Charity SORP and the TTusfs own goveming documÈni. Approwed on behalf oflhe Twslees Niik 5117 0613012026 Signed . Date Nick Bibby Name Trustee
THE SCOTTISH INTERNATIONAL EDUCATION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report on ts financial statements of the Charity for thè ye8rended 30th September 2025 which are sel out on pages 1210 18. R8spectlve r8sponslbllltles of Trust805 and Examlnor The Charity's Trustees are responsible for the preparation of the financial stslerllents in accordan Mlh the tetrlls of the ChariliÈs & TruslèÈ Investment (Scotlandl Act 2005 and the ChariliÈs Accounts (Scollandl Regulations 2006 las amended) The Charity's Tru51ees consider that the audrt requirement of Regulation 10111 lal lo Icl of the Accounts Regulations doÈs not apply. It is my responsibility to examinè the financial slalÈmÈnls as required under se¢llon 44111 Icl of ItE Act and lo slate vthelher particular matters have come to my attention. Bas15 of Independent Examlner'$ Rgport My examination was carried out in accordan wilh Regulation 11 of the Charities Accounts (Scollandl Regulations 2006 las amended). An examlnalion indudes a r@eW of accourning rÈcords kept by IhÈ charity and a comparison of the financial slalemenls presenled with those rewds. 11 a150 indudes consideration of any unusual items or disdosures In the financial slalemenls. and seekiryJ explanations from you as trustees concerning any such m8tters. The proTrdures undertaken do not provide 411 the evidenTr that would be required in an audit. and consequentty I do not express an audii opinion on the view given by the financial $18temenls. Indepond8llt ExamIne8 St818m&nt In the course of my examination, no matter h8s come lo my attention 11 which gives me re8son8ble cause lo belEve Ihal in any material respect the requirements.. lo keep 8ccounling rec(Kds in accordance with Section 44 11118) of The Charities and Tru8lee Investment (Scollandl Act 2005 and Regulation 4 of the 2006 Accounts Regulations las amended)." and lo prep8re financial ststemenls which accord with the accounting records and compty wlh Regulation 8 of the Charities Accounts (Scollandl Regulation5 2006 la5 atnendedl have not been met, or 21 to which. in tny OniOn. attention shouw be drawn in order to enable a proper understanding of Ihe finanual stslements lo be reached. kgviii 0613012026 Exatniner Date Name". Ke Catianach CA VVhitelawWe115 Chartered Accountants Address.. 9 Ainslie Pla Edinburgh, EH3 6AT
Page 12 THE SCOTTISH INTERNATIONAL EDUCATION TRUST BALANCE SHEET AS AT 30TH SEPTEMBER 2025 Notes 2025 2024 Fix Investments 609.354 609,354 625,046 625,046 Current assets Cash on deposit Debtors 19,851 63,543 398 Total current assets 19,851 63,941 Creditors. amounts falling due wlhin iwelve months 116.5691 153.0271 Nel current assets 3,282 10,914 Net assets 612,636 635,960 Unrestricted funds 612,636 635,960 Total Charity Funds 612,636 635,960 The notes on pages 14 10 18 forrn part of these financial slatemenls. Approved by the Trustees and authorised to be signed on their behalf on Ni(k Signèd 0613012026 Date Nick Bibby Narlle Trustee
P8ge 13 SCOTTISH INTERNATIONAL EDUCATION TRUST ststement of Financial Activities Year ended 30th Se tember 2025 2025 Total 2024 Total Note Income and endowments from: Donations Investments 544 15,367 2,180 19,312 Total Incom8 15,911 21,492 ènditurè Raisin funds Investment management charges Fundraising strategy 5cl 5cl 13,7951 119,589) 14,0131 Charitable activities Grants awarded Support and govÉrn3ncè costs Sal 5bl 118,0001 143,0291 181,3081 144,3241 Total expenditure 84,413 129,6451 168,5021 1108,1531 Net gains on investments 45,178 73,843 Nèt lèxpèndltur•ll Incom8 and nat mov•m•nt In funds 123,3241 134,5101 Reconciliation of fund¥ Total funds brought forward 635,960 670,470 Total funds earri•d forward 612,636 635.960 The notes on pages 14 to 18 form part of these financial statements. All 8Ctivilies of the tharily are classed 8s continuing and 811 funds are unrestricted in both the current and previous years.
Pa9e 14 THE TTISH INTERNATIONAL EDUCATI Notes To The Flnanclal Statements Year ondod 30th Sg tember 2026 NTR al Financial statements re The financial staiemtnis have been prèp8r8d under the historical cost convention wlh items re¢o9nised 81 Cogt or Ir8nsaction value unless Olhewse siaied in the relev8ni noiel$l 10 these accounts. The financial statements have been prepared in accordance 1th the Accounting and Reporting by Charitieg." siateTneni of Recommended Practice applicable lo charthes preparing their financial statements in accordance with the Financxal Reporting Standard applicable in Ihe United Kirbgdom and Republic of Ireland IFRS 1021 (second edition issued Octthr 2019 and effective 1 January 20191 and the Financxal Reporbng Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 the Charities and Trustee Investment Iscodandl Act 2005. and the Charities Accounts Iscollandl Regulations 2006135 amended). The Trust constitutes a public benefit entity as defined by FRS102. The financial $18lemenls have been prepared on a going concern b8sis. The Trustees h8ve assessed the Tru51'5 ability lo continue as 8 g concem and h8ve reason8ble expec18tion th81 Ihe Trusi has 8dequale resour$ lo continue in oper8bonal existence for the foreSeeae future, thus they continue lo adopt the going COnM basis of accounting in prap8ring the fin8n¢lal slalemenls. bl Investments Investments are a form of basic financial ingirument and s initially recoynised ai their Irang8Ction valuè and subsequenly measured at their fair value at Ihe balance Sheet date. The Statement of FinanrAal Acliwties irbrjudes the net gains or losses arisiny on revaluation and disposals throughout the year. Fair value revaluation of Ihe portFolio al Ihe account date is done at either mid market price or bid pri depending on the nature of the investment. All gains or losses are tsken lo the Slalemenl of Finanal Actsvilies 8$ Ihey arise. Re8lise¢ gain5 and losses are calculated as the difference between the sales proceeds aNI their opening carrying value or Iheir purchase value if acquired subsequent lo the first day of the fin8nc181 year. Unrealised gains and losses are calculated as the difterence belween the fair valLE 81 the ye8r end and their csrrying v8lue. Realised and unrealised gains and losses are combirEd in the Stalemeni of Finanu81 Activities. dl Incom& InvÉsim8nt income is indudèd in the finanual statements in th& year in ¥¥hi¢h th& Tmsl becomts entitd 10 it, it can b& reliably detèrminèd and thère is probability of receipt. Donations are included in the financxal statements together with as50txated gift aid, vthere applicab, when the Trustees have been advised of the donation Mlh notification of both amount and intended setllemenl dale. ndire Expenditure is included in the financial statement on an 3ccrua15 basis and recogni5ed in full as soon as a constructive obligation exists, the sums p3yabk can be reliably measured and there is probability of payment. Investment m8nagemenl charges are induded on an aCCN8 basis recognised in full as soon Ss 8 constructive Ort and Overnance costs Support costs are Ihe costs 8ssouaied wllh th& dlrect management of the charlly. Govemance costs are the costs of Complian with the slalulory and regulatory requirements of the Charity. F6eg tharged by Tur¢an Conn811 for legal. adminigirstive and 8C¢OLJniiny strvices are induded in the finanraal statements as folbws". Support (Legal and Administrative Co$isl- 75% Govetnance (Accountancy Costsl- 25% IndeperKlent examination fees are recorded in support and governance costs in the Statement of Financxal Actiwlies All other support and governan $1$ sre recorded In Slalemenl of Finanual Activities 85 appropriate. A5 the charity does not provide seNIS directly bul by way of grants to Olher organisation5. 5UPWrt and governance costs are not allocated against individual grants or donation5.
Page15 THE TTI H INTERNATI NAL ED CATI Notos To The Fln8n¢l81 Stat8monts Y•ar ondod 30th S8 mbor 2025 NTR hl Grants Grants psYab are payments to third partS in furtheraneÈ of Ihe charitable objects of the Trust. In the Case of an unconditional grant offer this is accrued the recipient has been notified of the grant award. The nolificAtion gives the recipient a reasonable expectation that they will ceIve the orE-year or mulli-year grant. Grants awards that are subjecl to the recipient fulfilling perf0mlan conditions are only accrued when the recipient has b&n notified of the grant and any remaining unfuthlled condition allaching lo that grant is outside of the control of the Trust. Grants aulhorised lo be paid in respect of the accounting ye8r or future years are provided for In the finantyal $lalements. Provlsions for grants are made when ihe Snlantlon io make a grani h8s been ¢ommunlcaied to Ihe reaplent. il Funds Unre51ricted funds are availab for use al the TTuslees' discretion. jl Commitments The Trust has entered into commitmen15 during the year. The condition5 of some grants are Such that where the period of 8ward Is gre4ter th3n one year. future periods remain conditional on $3tisfactory reporting. The grant is only recognised onTr th15 condilion has been met. The Trust is not reglslérad for VAT purposes and 811 VAT Incurred is tharefore Irrecoverable. Wher8 appliad. VAT 58 indudtd as part of tha expenst.
Page16 THE TTISH INTERNATIONAL EDUCATI Note$ To The Flnan¢lal Statements Year ondod 30th Sg tember 2026 NTR 2025 2024 Fair Valuè of Invèskntnts ai 30.09.24 825.046 653.927 Purthases 69.727 604.773 739,324 Less Sales 1130.5971 Net Realised Gains Net Unrealised Gains 6.004 39.174 61.722 45,178 Fair Value of Inveslments 8130.09.25 609.354 625.046 Hekj Thus". UK Fixed Interest Overseas Fixed Interest UK E4uilies European Equities North American Equities Jap3nese Equities Far East & Auslra13513n Equities 76.735 49.941 109.471 40.146 173.849 29.714 26.674 24.685 14.598 13.293 31.001 19.247 29 Emerging Economies Property Allemalive Asseis OlherAJiernalive Assets 609.354 100.00 All investrnenig are hdd lIhirt the UK. All inveslments are listed on a reciyjnised stock exchange and are hdd within Ihe UK. The main risk lo the Trust from financ1 insltumenls lies in the volalilily of the markets. The TTusI's investments are mainly traded in maTkels with good Iiquidily and high Ir3ding volumes. The TTUSI has no material Investment holdings In markets subject lo exchange controls or trading restriction5. The Trust manages these In¥eslmenl risks by retaining experi advisors and oper81ing an inveslmenl pdicy Ihst provides for 8 high degree of diversification of holdings wlhin investment asset ¢lssses Ih8t are quoted on recognised stock exchanges. 3 Donatlotbs 025 024 A Shaw J Bibby 30 2,150 129 404 Much Loved 544 2,180
Page17 THE TTISH INTERNATIONAL EDUCATI Note$ To The Flnanclal Statements Year ondod 30th Sg tember 2026 NTR Dlwdends Bank Inièresi 15.074 293 18.866 15.367 19.312 SEX endlture 18.000 81.308 18.000 81.308 Grants to Indiwduals Gr8ni8 10 Grant Anal Total Medicine Music Arts & teratUre Scientific, Engineering 8 Technology International Affairs 3.(M)o 25.433 26.160 7.675 11.650 3.1KlO 6.000 3.000 3.000 Educalion Drams. Dantr & b81kl Film-m8king, Cinem8iography et¢ Consarv8tlon & Restoration 1.890 6.000 2.500 18.000 81.308 2025 2024 ort and OVernan cos15 ort Cos Director (see note 61 Turcan Connell, leg81 and administrative fee5 Qlher support costs 9.205 19.838 4.618 21.510 3.693 33.657 36.314 Govtmance costs Whi1618w Wtlls, indepèndent examination feè Acttouniancy fetg 960 840 7,170 9.372 43.029 44.324 CI C05t of Raisin Funds 2025 2024 Investment Managernenl fees 3.795 4.013 FurKlr¥ising Strategy 19,589
Page18 THE H INTERNATI NAL ED CATI Notes To The Flnan¢lal Ststements Year ondod 30th Sg mbor 2025 NTR 6 Staff Costs 2025 2024 Salar5 and wages Employers Nl. 9.205 9.205 The Trust has one emrAoyee12024 One), the Directw who is also considered key man8gemenl personnel No employees received emoluments In excess of £60,000 pa. "Employers Nl is ¢over6d by tha Employmani Allowance. 7 Currant Liabilitios 2025 2024 Acuuals Grants payable 7.S69 9.000 9,253 43,774 16.560 53.027 eEx No txpenses have been psld to Trusteas durlNJ tha year12024 £Nill. 1 Trusie&s act graiultously. 9 Related Partips Note There were no related partytransactions in the current or prioryear.