EAST LOTHIAN EDUCATIONAL TRUST Annual Report and Unaudited Accounts Forthe year ended 31 March 2025 Registered Charity- SC010587
EAST LOTHIAN EDUCATIONAL TRUST CONTENTS Page Reference and Administrative Infonnation Governors. Report Independent Examiner's Report tothe Governors. of the Trust Statement of Financial Activities Balance Sheet Notes to the Accounts 9-18
EAST LOTHIAN EDUCATIONAL TRUST REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 Charity Name East Lothian EducationalTrust Charity Number SC010587 Principal Office clo East Lothian Council John Muir House Haddington EH413HA Current Governors Representins East Lothian Council East Lothian Council East Lothian Council East Lothian Council East Lothian Council East Lothian Council East Lothian Council Presbytery RC Archdiocese National Farmers. Union Community Councils Federation of Independent Retailers East Lothian Branch of EducationaL Institute of Scotland Independent examiner Azets Audit Services Chartered Accountants Quay 2 139 Fountainbridge Edinburgh EH3 9QG Bankers Bank of Scotland 23 Westgate North Berwick EH39 4AG Investment athiisors RBC Brewin Dolphin 144 Morrison Street Edinburgh EH3 8BR
EAST LOTHIAN EDUCATIONAL TRUST GOVERNORS. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Governors are pleased to presenttheir report and accounts forthe year ended 31 March 2025. The financial statements have been prepared in accordance with Financial Reporting Standard 102 as issued bythe Financial Reportingcouncil {September2015) and complywith the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts {Scotlandl Regulations 2006 (as amended) and 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 IFRS 102). Structure, Governance and Management Constitution The Trust is a statutory body formed in 1931 to amalgamate a number of Education Charities in the County of East Lothian. It operated undera Statutory Orderof Parliament, the East Lothian Educational Trust Scheme 1957, which wasfurtheramended bya re-organisation scheme through the Charities and Trustees Investment {Scotland) Act 2005, approved by the Scottish Charity Regulator IOSCR) on 13 January 2014. Recruitment and appointment of Governors The Trust Scheme provides that its governing Board shall consist of 15 Governors nominated by the following bodies: East Lothian Council Religious Organisations represented in East Lothian Senatus Academicus of Edinburgh University East Lothian Branch of National Farmers, Union East Lothian Branch of UNISON Commercial Organisations represented in East Lothian Association of East Lothian Community Councils East Lothian Branch of Educational Institute of Scotland 7 Governors 2 Governors 1 Governor 1 Governor 1 Governor 1 Governor 1 Governor 1 Governor Replacement and additionalGovemors are recruited bythe Board as itconsiders necessaryto enhance and replenish its expertise in line. and the Board is taking steps to fill vacancies. At present the Governors are actively recruiting for representatives from the Senatus Academicus of Edinburgh University. East Lothian Branch of UNISON and the East Lothian Branch of Educational Institute of Scotland. The governors who served duringthe period from 1 April 2024to date of this reportwere: The governors who served for a part of this period were". (East Lothian Branch Educational Institute of Scotland)- appointed 28 November 2024, resigned 2 June 2025, re-appointed 24 October 2025
EAST LOTHIAN EDUCATIONAL TRUST GOVERNORS. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Structure, Governance and Management (continued} Induction and Training of new Governors New Governors will receive induction from the Chair and Clerk and will be given appropriate training in govemance. Organis8tion81 Structure The Governors meet at least each quarter to oversee the operation of the Trust, determine its strategic direction and policies, and approve applications forgrants. The administration role of the Clerk is carried out by a freelance administrator, appointed by the Governors, under the tems of the Trust Deed. Objectives and Activities Charitable purposes The purpose of the East Lothian Educational Trust is the advancement of education within the local authority area of East Lothian by provision of grantsto eligble individuals and organisations. Trust income is limited and grants are of fairly modest amounts. They may be made to persons or organisations belonging to the old County of East Lothian as it existed on 15 May 1975 who are eligible to receive grants. Residents in the part of East Lothian Council area formerly in the old County of Midlothian are ineligible. The purposes to which income may be applied are set out under the following sections of the Trust Scheme as grants forthose experiencingfinancial or hardship for: Section 3.1.3 Research Work Section 3.1.4 Postgraduate Study Section 3.1.5 Undergraduate Study Section 3.1.6 Apprenticeships Section 3.1.7 Travel Section 3.1.8 Grants to Schools and similar organisations for educational activities Section 3.2.1 Sporting Facilities Section 3.2.2 Recreational Facilities Section 3.2.3 SportingTaLent Section 3.3.1 Works of Art Section 3.3.2 VisualArts Talent Section 3.3.3 Art Exhibitions Section 3.4.1 Choirs & Orchestras Section 3.4.2 Musical Talent Section 3.4.3 Musical Performances Section 3.4.5 Dramatic Groups Section 3.4.6 Library of Plays Section 3.4.7 Dramatic ArtTalent Section 3.4.8 Dramatic Performance Activities andpublic benefrt The Governors have paid due regard to guidance issued by OSCR in deciding what activities the Trust should undertake, ensuring it operates for public beneftt.
EAST LOTHIAN EDUCATIONAL TRUST GOVERNORS. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Achievements and Performance The Trust is dependent for its activities on the income generated by its investments. The market value of investments increased by 0.6 % over the year12024: rose by 9%). The investment portfolio is actively managed to provide a steady income stream forgrant makin& whilst protectingthe value ofthe invested capital against inflation. With major worldwide elections, and the markets reacting to changes in geo- politics, there has been much variability in marketvalues. Although equity markets showed growth over the year to 31 March 2025, this was mainly driven by a few specific technology stocks, whereas other stocks decLined or exhibited modest growth. Consequently, the Trust's investment portfolio experienced only modest growth in marketvalue. As a result of market reactions to uncertain economics, dividend incomewas slightly down on the prior year. However, due to the use of reseNes, this had no impact on the Governors ability to award the grants thatthey approved. Income was enhanced during the year by a receipt of £30,000 from the sale of a small strip of land to East Lothian Council for access rights. Prior to the sale, the land was deemed to have no value. The proceeds will be used to furtherthe Trusvs abilityto award grants in line with the Trust Deed. The Governors were pleased to be able to award grants in the year to the value of £57,919 {2024: £74,968). This is in line with the annual budget reflecting the dividend income received in the year with some use of reserves. Grants awarded in the 2023-24 financial year were higher than usual as a result of previous under-awardingdue to the covid pandemic. The Trust received 149 applications in the year and made awards to 131. Those applications that were rejected were all due to not meetingtheTrust's eligibility criteria fully enough. The majorityof awardswereto supportfamilies in meetingthe costs of school camps organised by the county's primary and high schools, a total of £30,428 was awarded to 103 pupils. Grants worth £8.835 supported 16 individuals pursuing undergraduate and postgraduate education. apprenticeships and arts and sportingtalent. The Trust also provided fundingto 12 locaigroups" a totalof £18,656forvarious local initiatives. These included activities targeted at supporting young people struggling at school, running breakfast clubs, providing Sports equipment, study trips and sessions for young adults with learning disabilities. In addition to awarding grants, the Governors have commenced work on establishing a website and online application process which they plan to launch in 2025-26. Financial Review Financial results In the year to 31 March 2025 the Trust had dividend and other investment income of £86,255 {2024: £60,522) and distributed grants of £57,919 {2024: £74.9681. The costs to administer the Trust and investment portfolio, together with legal fees were £27,367 (2024: £29,556). Net gains on the investment portfolio were £26.17412024: £175.620). Totalfunds under management at 31 March 2025 were £2.250.86812024: £2.223.609) which are represented bythe endowment and unrestricted funds.
EAST LOTHIAN EDUCATIONAL TRusr GOVERNORS. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Financial review (continued) Investmentpoticy andperfonnance All investments are held with RBC Brewin Dolphin, Stockbrokers to produce maximum income whilst maintaining the value of investmenL Govemors'remuneration and expenses The Govemors received neither remuneration fortheir services, nor expenses (2024: Nil). Reserves Policy The Trust manages its endowment fund in line with the Trust Deed and to further the Trusys charitable purposes. General reserves representthe incorne received from the endowment and are held to provide grants and administer the Trust in line with the Trust Deed. As at 31 March 2025, the general reserves were £94.626. The Governors continue to monitor the reserves of the Trust. Majorrisks facing the charity The principal risk facing the Trust is that investments fail to generate SLrfficient income to cover expenditure. The portfolio is managed by an independent investrnent management service, and the Governors are provided with regular information on income and expenditure to avoid grant expenditure exceeding forecasted income. Plans for future perlod3 The Governors will continue to monitor the Trusvs investments to ensure the best balance betNeen capital gromrth and income in order to ensure that the purposes of the Trust can be met. They plan for a website and online application process to be up and running in the 2025-26 financial year. Approved by the Governors and slgned on thelr behalf Chairperson 20 November 2025
EAST LOTHIAN EDUCATIONAL TRUST 31 MARCH 2025 Independent Examiner's Report to the Governors of East Lothian Educational Trust I report on the accounts of East Lothian Educational Trust for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes. Respective responsibilities of Governors and Examiner The Trust's Governors are responsible forthe preparation of the accounts in accordance with the terms of the Charities and Trustee Investment {Scotlandl Act 2005 and the Charities Accounts {Scotlandl Regulations 2006. The Trust's Governors consider that the audit requirement of Regulation 1011 }{al to (c) of the 2006 Accounts Regulations does not apply. It is my responsibilityto examine the accounts as required under section 44{1 Ilcl of the Act and to state whether particular matters have come to my attention. Basis of Independent Examinerfs report My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination incLudes a reviewof the accounting records kept bythe charity and a comparison of the accounts presented with those records. It also includes a consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the ewdence 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 the course of my examination, no matter has come to my attention: 11) which gives me reasonable cause to believe that in any material respectthe requirements: to keep accounting records in accordance with Section 4411){al of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations. and to prepare accounts which accord with the accounting records and complywith Regulation 8 of the 2006 Regulations have not been met. or 12) to which, in my opinion. attention should be drawn in orderto enable a proper understanding ofthe accountsto be reached. Azets Audit Services Quay 2 Chartered Accountants 139 Fountainbridge Edinburgh EH39QG DATE: 11 December 2025
EAST LOTHIAN EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Endowment Funds Funds 2025 2025 Total 2025 Total 2024 Notes Income from: Investments Charitable activities 86,255 116 86,255 116 60,522 1,384 Total income 86,371 86,371 61,906 Expenditure on: Raisingfunds Charitable activities 14,032 71,254 14,032 71,254 13,160 91,364 Total expenditure 85.286 85,286 104,524 Net gainsl{losses) on investments 14 26,174 26,174 175,620 Net movement in funds 1,085 26.174 27,259 133,002 Transfers 14,620 (14,6201 Reconciliation of funds: Fund balances at 1 April 78.921 2.144.688 2,223,609 2.090.607 Fund balances at 31 March 94.626 2.156.242 2,250,868 2.223.609 The results for the year derive from continuing activities. There are no other gains/(losses) to report. The notes on pages 9t0 18 form part of these financiaLstatements
EAST LOTHIAN EDUCATIONAL TRusr BALANCE SHEEr AS AT 31 MARCH 2025 2025 2024 Notes Flxed assets Investments 15 2.133A86 2,121,703 Current assets Cash at bankand in hand Debtors 121769 39 134.753 Creditors: Amounts falling due within one year 17 (SA26) (32,847) Net current assets 117,382 101,906 Net assets 2250,868 2,223,609 Capital fundg Endowment funds-general Incomefunds Unrestricted Funds 18 2.156.242 2,144,688 18 94.626 78,921 Totsl Charity Funds 2350,868 2,223,609 Approved by the Governors and authorised for issue Chairperson 20 November 2025 The notes on pages 9 to 18 forni part of these financial statements
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 1 ACCOUNTING POLICIES 1.1 General Information East Lothian EducationalTrust ItheTrust) isan unincorporated charityregisteredwiththe Office of the Scottish Charity Regulator {OSCR} with registration number SC010587. 1.2 Basis of Preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 (as amended). East Lothian EducationalTrust meets the definition of a public benefit entity under FRS 102. These financial statements are presented in Pounds Sterling (GBP) as that is the currency in which the charity's transactions are denominated. Monetary amounts in these financial statements are rounded tothe nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments and certainfinancialinstruments atfairvalue. The principal accounting policies adopted are set out below. The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires Govemors to exercise theirjudgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates.Actualoutcomes in the fvture couLd differfrom such estimates. The areas invoLving a higher degree of judgement or complexity. or areas where assumptions and estimates are significant to the financial statements are discLosed in note 2. The charity has taken advantage of the provisions in the SORP not to prepare a Statement of Cash FLOWS. 1.3 Going Concem Atthe time of approvingthefinancial statements. the Governors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus, the Governors continue to adopt the going concern basis of accounting in preparingthe financial statements.
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 1 ACCOUNTING POLICIES (continued) 1.4 Recognition and Allocation of Income All income is included in the Statementof FinancialActivities when the charity is entitled to the income, receipt is probable, and the amount can be measured reliably. The following specific policies are applied to the particularcategories of income: Investment income comprises dividends receivable during the year on UK listed investments held within the Trust's investment portfolio. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust. this is normaLly upon notification of the interest paid or payable bythe bank. Any grants that are refunded to the Trust are recognised in income. 1.5 Recognition and Allocation of Expenditure Expenditure is recognised when the charity has entered into a legal or constructive obligation. has been accounted for on an accruals basis and has been classified under relevant headings. The charity is not registered for VAT, and accordingly expenditure is shown gross of irrecoverable VAT. Resources are expended as: Cost of raisingfunds comprises the costs of investment management. Charitable expenditure is incurred in the delivery of its grant funding activities and includes the grants paid togetherwith support costs. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. 1.6 Fixed asset investments Fixed asset investments are initially measured as transaction price excludingtransaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/expenditureforthe year. Transaction costs are expensed as incurred. 1.7 Taxation East Lothian Educational Trust is accepted by HMRC as a charity under section 521 to 563, Income Tax Act 2007, and accordingly no provision is required for taxation surpluses. 1.8 Funds The generalfundsare unrestricted and administered on a discretionarybasis underthe direction of the Governors, and in line with the objects of the charity. The endowment fund provides the basis of the Trust's activities. The income from this trust is transferred to the general fund to provide grants to individuals and organisations in line with its charitable purposes. and meetingthe administration costs associated with this. io
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 1 ACCOUNTING POLICIES (continued) 1.9 Financial Assets and Financial Liabilities Financial instruments are recognised in the Balance Sheetwhen the charity becomes a patyto the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial instruments are initially measured at transaction price. Subsequent to initial recognition they are accounted for as set out below. The charity onlyenters into basicfinancial instruments. Atthe end of each reporting period basic financial instruments are measured at amortised cost using the effective interest rate method. Financial assets are derecognised when the contractual rights tothe cash flows from the asset expire, or when the charity has transferred substantially alLthe risks and rewards of ownership. Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry. 1.10 Cash and Cash Equivalents Cash and cash equivalents are represented bycash in hand, deposits with financial institutions and other short-term liquid investmentswith original maturities of three months or less. 2 CRITICAL JUDGEMENTS AND ESTIMATES The preparation of financial statements in compliance with the Charities SORP {FRS 102} requires the use of certain critical accounting estimates. It also requires the Governors to exercise judgement in applying the charity's accounting policies. The Governors do not considerthere to be any material accountingjudgement required in preparingthese accounts. The Governors are satisfied that accounting policies are appropriate and applied consistently. li
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 3 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITES Unrestricted Endowment Funds Funds 2024 2024 Total 2024 Income from: Investments Charitable activities Total income 60.522 1.384 60,522 1,384 61,906 61.906 Expenditure on: Raisingfunds Charitable activities 13,160 91,364 13.160 91.364 Total expenditure 104,524 104,524 Net gain on investments 175.620 175,620 Net movement in funds before transfers (42,618) 175,620 133,002 4 INVESTMENT INCOME 2025 2024 Income from listed investments Disposition from land 56,255 30,000 60.522 86,255 60.522 All income from investments in 2025 and 2024 was unrestricted. 5 CHARITABLE ACTIVITIES 2025 2024 Grants from previous years refunded 116 1,384 The income represents grants awarded in prioryears, that have been repaid where their purpose was no longer met. 12
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 6 RAISING FUNDS 2025 2024 Investment management fees 14.032 13,160 All investment management costs in 2025 and 2024 were unrestricted. 7 CHARITABLE ACTIVITIES 2025 2024 Grant funding of activities {see note 8) Share of support costs (see note 9> 57,919 13,335 74,968 16,396 71,254 91.364 All charitable activities expenditure in 2025 and 2024was unrestricted. 8 GRANTS PAYABLE 2025 2024 Grants to institutions.. Section 3.1.8- Grants to Schools & simiLar Section 3.2.1- Sporting facilities Section 3.2.2- Recreational Facilities Section 3.3.3-Art Exhibitions & similar 13,856 2,000 2,600 200 42.473 2.000 1.192 3.100 18,656 48.765 Grants to individuals.. Section 3.1.4- Postgraduate Study Section 3.1.5- Undergraduate Study Section 3.1.6-Apprenticeships Section 3.1.7- SchoolTrips & Travel Section 3.2.3- SportingTalent Section 3.4.2- MusicalTalent Section 3.4.7- Dramatic Arts Talent 4,250 500 3.335 30.428 4.500 3.200 300 16,845 400 408 550 750 39.263 26,203 Total grants payable 57.919 74.968 13
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 8 GRANTS PAYABLE (continued) 2025 2024 Grants were paid to the followinginstitutions." Pennypit Trust The Ridge SCIO Preston Lodge High School Active Schools Meadowmill Pennypit Special Needs Youth Club Ross High SchoolActive Schools Ross High School S3 Activities Recharge Tranent Knox Academy S2 Activities Dunbar Minis Girls squad West Barns Parent Council Haddington & District Probus Club Richmond's Hope Ross High School Battle of Prestonpans Heritage Trust West Barns Primary School Pencaitland Playgroup Scottish Seabird Centre 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2,000 1,280 600 576 200 25,593 6.000 2,072 400 5,000 4,000 2,010 2,000 1,000 690 Total grants to institutions 18,656 48.765 9 SUPPORTCOSTS 2025 2024 Administration fees Legal fees Accountancy 9,000 2,005 2,330 13,631 965 1,800 13,335 16,396 All support costs in 2025 and 2024 related solely to the charitable activities of the Trust. Fees of £2,150 were incurred in relation to the 2025 independent examination. 10 EMPLOYEES There were no employees duringthe year (2024: None) 14
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 11 VOLUNTEERS The nature of the Trust's activities does not require the input of general volunteers beyond the valuable time given by the Governors. 12 GOVERNORS REMUNERATION No remuneration or other benefits or expenses have been paid to the Governors or any person or persons known to be connected with any of them (2024: nil). 13 RELATED PARTY TRANSACTIONS There were no related partytransactions in the yearto 31 March 2025 {2024: None). 14 NET GAINSI(LOSSES} ON INVESTMENTS 2025 2024 Revaluation of investments Realised gainlllossl on sale of investments 14.344 11.830 175,423 197 26.174 175,620 Ail gains/losses on investments in 2025 and 2024 are attributable tothe endowmentfund. 15 FIXED ASSET INVESTMENTS 2025 2024 Listed Listed Investments Investments Cost or valuation As at 1 April Additions Valuation changes Disposals 2,121,703 329,915 14,344 (332.476) 1.943.713 1.024.575 175.423 (1,022,008) Carrying amount as at 31 March 2,133.486 2,121,703 15
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 16 FINANCIALASSETS AND LIABILITIES 2025 2024 Carrying amount of financial assets Measured at fairvalue 2,133.486 2,121,703 17 CREDITORS: AMOUNTSFALLING DUEWITHIN ONEYEAR 2025 2024 Income held on behalf of other parties Grants approved to be paid Accruals and other creditors 10,000 6,616 16,231 1,076 4,350 5,426 32.847 The Trust received £10.000 in 2022 on behalf of five local schools regarding servitude over land use. This was paid overto the schools concerned in June 2024. 18 MOVEMENTOF FUNDS At 1 April 2024 Gainllloss) on Expenditure investment At 31 March 2025 Income Transfers Endowment fvnds ELET Endowment [a] 2,144,688 26,174 (14,620) 2,156,242 Total Endowment Funds 2,144.688 26,174 (14,620) 2,156,242 Unrestricted Funds General Fund [b] 78.921 86,371 185,286) 14,620 96,626 Total Unrestricted Funds 78.921 86,371 185,286) 14,620 94,626 Total Funds 2.223.609 86,371 (85,286) 26,174 2,250,868 16
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Movements in fiinds- comparative figures At 1 April 2023 Gain/(loss) on Expenditure investment At 31 March 2024 Income Transfers Endowment funds ELETEndowment [a] 2.037. 132 175.620 (62.064) 2, 144,688 Total Endowment Funds 2.037. 132 7 75,620 (62,064) 2, 144,688 Unrestricted Funds General Fund [b] 59.475 61.906 (104,524) 62,064 78,921 Total Unrestricted Funds 59.475 61.906 (104,524) 62,064 78,921 Total Funds 2.090.607 61,906 (104,524) 175,620 2,223,609 Notes: [a] The Endowment Fund represents the endowment which forms the basis of the Trust and is invested to provide income to meet the charitable purposes of the Trust. [b] The general fund represents the free resetves of the charity which are avaiLable to distribute as grants in line with the Trust Deed and for any expenditure necessary for the operation on the Trust in line with the Deed. Transfers: A transfer of £14,620 has been made from the endowment funds to the unrestricted funds. This represents the surplus of the fund over the market value of the investments and bank account held with the investment managers which under the Trust Deed can be used to cover the costs of providing grants and administering the Trust. The surpLus has arisen as the investment management fees have been charged to unrestricted funds, whereas they have actually been met from the endowment fund returns. The transfer represents those charged in the current and past years. 17
EAST LOTHIAN EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 18 ANALYSIS OF NET ASSETS REPRESENTING FUNDS Unrestricted Endowment Funds Funds 2025 2025 Total Funds 2025 Investments Net current assets 2.133.486 2,133,486 22.756 117,382 94.626 94,626 2,156,242 2.250,868 Analysis of netassets representing funds- comparative figures Unrestricted Endowment Funds Funds 2024 2024 Total Funds 2024 Investments Net current assets 2. 727.703 2,121,703 22,985 101,906 78.921 78.921 2. 744.688 2,223,609 18