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← Angus Educational Trust

2025-05-15-accounts

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Charity number: $C015826

ANGUS EDUCATIONAL TRUST

UNAUDITED GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

ANGUS EDUCATIONAL TRUST

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CONTENTS

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||||||||| |---|---|---|---|---|---|---|---| |Page| |Reference|and|administrative|details of the Charity,|its Governors|and|advisers|1| |Governors’|report|2-4| |Independent examiner's|report|5| |Statement of financial|activities|6| |Balance|sheet|7| |Notes to the financial statements|8-15|

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ANGUS EDUCATIONAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 15 MAY 2025

Governors

Charity registered number

$C015826

Principal office

Schools and Learning, Angus Council Angus House Orchardbank Business Park Forfar DD8 1AE

Page 1

ANGUS EDUCATIONAL TRUST

GOVERNORS’ REPORT FOR THE YEAR ENDED 15 MAY 2025

The Governors present their annual report together with the financial statements of the Angus Educational Trust for the 16 May 2024 to 15 May 2025.

Objectives and activities

a. Policies and objectives

The objective of the Trust is to enhance educational opportunities to the citizens of Angus by providing financial support to individuals, groups and clubs.

The main objectives for the coming year are to ensure effective management of available funds to create sufficient funding for possible applicants. It is also proposed to advertise the ability of Trust funding for specific target groups and individuals.

The grantmaking policies utilised by the Trust fall into two categories:

  1. The Governors will consider application forms from individuals depending upon University course attended and income available within household. (Awards to individuals are based on agreed parameters on the level of household income available).

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The Govemors will consider applications from groups/clubs providing opportunities to Angus
citizens within a set feveloffunding. ore TE
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b. Activities undertaken to achieve objectives

The Trust's main services to the community of Angus are the distribution of grants/donations to individuals and groups/clubs for the advancement of education opportunities.

In order to enable a wider spread of applications, the Board of Governors has been extended to include representatives from Dundee and Angus College, Abertay University and Dundee University.

Achievements and performance

a. Review of activities

The Trust's aims for the past year were to encourage suitable applications for grants/donations from as many citizens of Angus as possible for the pursuit of improved educational opportunities.

This year, 25 grants were made, compared to 27 in the previous year.

Financial review

a. Going concern

After making appropriate enquiries, the Governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trust holds assets in the region of £1,577,000. This is made up of a Share Portfolio, Bonds and Cash accounts. The investments usually generate income in excess of £40,000 per annum which is normally sufficient to meet charitable donation and running costs.

Costs have decreased this year to £24,031, and investment income has increased, resulting in an unrestricted revenue gain of £21,101 This compares to a surplus of £14,707 in the previous year.

The investment portfolio made a revaluation loss of £8,213 compared to a gain in 2024 of £101,119. This is a result of the current market conditions.

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ANGUS EDUCATIONAL TRUST

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 15 MAY 2025

Structure, governance and management

a. Constitution

Angus Educational Trust is a registered charity, number SC015826.

The Trust was farmed in 1937 amalgamating a number of smaller Trusts and funds/bequests which had been in place for a number of years, to provide educational assistance to pupils and citizens of Angus. To manage the Trust a governing body is constituted comprising a Sheriff from Angus (ex officio) and representative Governors drawn from Councillors in Angus serving on the children and learning Committee, in addition a representative from the local Teaching Unions and a representative from St Andrews University make up the quorum.

The Governing document of the Trust is Education Endowments (Scotland) Act) - Angus Education Trust Scheme 1935 - known as the 'Trust Scheme’.

b. Methods of appointment or election of Governors

The appointment of new Governors follows the guidance outlined in the Trust Scheme. Governors are drawn from Angus Councillors who are members of the Council's Family, Education and Justice Committee. The Teaching Unions within Angus nominate a union member from their body. The University of St Andrews, the University of Dundee, Abertay University and Dundee and Angus College all nominate a senior staff member. Angus Council Children and Families nominate a member from their team.

c. Organisational structure and decision-making policies

The Trust Scheme sets parameters for the Governors to effectively manage the range of endowments and bequests made to the Trust for the purposes of supplying funding to the citizens of Angus to improve access to educational opportunities.

Decisions regarding the work of the Trust are made by the Governors and they are provided support by the Clerk to the Trust and the administrator. All decisions regarding the granting of funding and the management of investments are undertaken by the Governors.

d. Policies adopted for the induction and training of Governors

The training of Governors includes the induction utilising the Trust Scheme handbook setting out the objectives and functions of the scheme. The Clerk to the Trust provides specific induction to the Chair of the Governors.

e. Financial risk management

The risks affecting the Trust are related to two areas:

To reduce the risk the Governors employ an investment manager to supply professional advice and coordinate the management of Shares and Bonds held in the Trust portfolio and to advise on acquisitions and disposals. Annual accounts are also prepared. In terms of financial management the Trust does not plan to grant awards in any one financial year in excess of the level of income to be generated.

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ANGUS EDUCATIONAL TRUST

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 15 MAY 2025

Plans for future periods

In order to maintain the capital value of the assets, it will be important for forthcoming years to carefully consider the number and levels of awards, in the context of available resources.

The future plans and targets of the Trust are to sustain the number of applications received from individuals and groups/clubs, while at the same time ensuring annual expenditure does not exceed income.

in addition and to sustain the longer term viability of the Trust an increase in the availability of funding through the effective management of the Trust Portfolio is required {i.e. increase in value of portfolio).

Statement of Governors’ responsibilities

The Governors are responsible for preparing the Governors’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Governors to prepare financial statements for each "financial which give’a true and fair view of the state of affairs of the Chanty and of ifs Incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Governors on 11 September 2025 and signed on their behalf by:

a

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ANGUS EDUCATIONAL TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 15 MAY 2025

INDEPENDENT EXAMINER'S REPORT TO THE GOVERNORS OF ANGUS EDUCATIONAL TRUST

| report on the accounts of the charity for the year ended 15 May 2025 which are set out on pages 6 to 15.

RESPECTIVE RESPONSIBILITIES OF GOVERNORS AND EXAMINER

The charity's governors are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (‘the Act’) and the Charities Accounts (Scotland) Regulation 2006 (‘the Accounts Regulations’). The governors 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 financial statements as required under section 44(1)(c} of the Act and to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination was carried out in accordance with regulation 11 of the Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as governors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | 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:

  1. which gives me reasonable cause to believe that in any material respect the requirements: ° to keep accounting records in accordance with section 44(1)(a) of the Act and regulation 4 of the Accounts Regulations; and

  2. ° to prepare financial statements which accord with the accounting records, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) and in other respects comply with regulation 8 of the Accounts Regulations

have not been met; or

  1. ta which, in my opinion, attention should be drawn in order to enable proper understanding of the financial statements to be reached.

This report is made solely to the charity's Governors, as a body, in accordance with regulation 11 of the Charities Accounts (Scotland) Regulations 2006. My work has been undertaken so that | might state to the charity's Governors those matters | am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, 1 do not accept or assume responsibility to anyone other than the charitv and the charitv's Governors as a body, for my work or for this report. Signed: ee Dated: 12 September2025 BA CACTA

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EQ ACCOUNTANTS LIMITED
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Chartered Accountants

Westby 64 West High Street Forfar Angus DD8 1BJ

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ANGUS EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 15 MAY 2025

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|||||||| |---|---|---|---|---|---|---| |Restricted|Unrestricted|Total|Total| |funds|funds|funds|funds| |2025|2025|2025|2024| |Note|£|£|£|£| |Income from:| |Donations and|legacies|3|-|288|288|-| |Investments|4|-|44,844|44,844|42,600| |Total|income|-|45,132|45,132|42,600| |Expenditure|on:| |Raising|funds|5|-|4,191|4,191|3,947| |Charitable|activities|6|-|19,840|19,840|23,946| |Total|expenditure|-|24,031|24,031|27,893| |(losses)/gains on|investments|-|21,101|21,101|14,707| |Net|(losses)/gains on|investments|(8,213)|-|(8,213)|101,119| |Net movement|in funds|(8,213}|21,101|12,888|115,826| |Reconciliation|of funds:| |Total|funds|brought forward|1,326,514|238,322|1,564,836|1,449,010| |Net movement|in|funds|(8,213)|21,101|12,888|115,826| |Total funds|carried|forward|1,318,301|259,423|1,577,724|1,564,836|

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The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages8 to 15 form part of these financial statements.

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ANGUS EDUCATIONAL TRUST

BALANCE SHEET

AS AT 15 MAY 2025

2025 2024
Note £ £
Fixed assets
Investments 10 1,389,240 1,401,824
1,389,240 1,401,824
Current assets
Debtors 11 1,857 1,643
Cash at bank and in hand 188,563 163,245
190,420 164,888
Current liabilities
Creditors: amounts falling due within one
year 12 (1,936) (1,876)
Net current assets 188,484 163,012
Total net assets 1,577,724 1,564,836
Charity funds
Restricted funds 13 1,318,301 1,326,514
Unrestricted funds 13 259,423 238,322
Totalfunds 1,577,724 1,564,836

The financial statements were approved and authorised for issue by the Governors on 11 September 2025 and signed on their behalf by:

The notes on pages 8 to 15 form part of these financial statements.

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ANGUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

  1. GENERAL INFORMATION Angus Educational Trust is an unincorporated charity registered in Scotland - Charity Number §C015826. The registered office is Schools and Learning, Angus Council, Angus House, Orchardbank Business Park, Forfar, DD8 1AE.

ia ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

Angus Educational Trust meets the definition of a public benefit entity under FRS 102. Assets and are initially recognisedat historical costor transaction vaiue unless otherwise stated in the relevant accounting policy.

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——tabilities
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2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

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ANGUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

2. ACCOUNTING POLICIES (CONTINUED)

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.8 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction vatue and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

  1. INCOME FROM DONATIONS AND LEGACIES

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Donations
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Unrestricted
funds		 Total
funds		 Total
funds
2025 2025 2024
£ £ £
288 288 -
—SS=— OSS

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ANGUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

3. INCOME FROM DONATIONS AND LEGACIES (CONTINUED)

  1. INVESTMENT INCOME
Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Incomefrom focal listed investments 44,844 44,844 42,600
Total2024 42,600 42,600
Unrestricted
funds		 Total
funds		 Total
funds
2025 2025 2024
£ £ £
investment managementfees 4,191 4,191 3,947
Total2024 3,947 3,947
  1. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds Total Total
2025 2025 2024
£ £ £
Governance costs 1,080 1,080 1,020
Direct costs 18,760 18,760 22,926
19,840 19,840 23,946
Total2024 23,946 23,946

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ANGUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

7. ANALYS!S OF EXPENDITURE BY ACTIVITIES

Activities
undertaken
directly
2025		 Support
costs
2025		 Total
funds
2025		 Total
funds
2024
£ £ £ £
Governance costs - 1,080 1,080 1,020
Direct costs 16,700 2,060 18,760 22,926
16,700 3,140 19,840 23,946
Total2024 20,900 3,046 23,946

ANALYSIS OF DIRECT COSTS

Total Total
funds funds
2025 2024
£ £
University bursaries 7,500 4,800
Supportofclubs 6,500 6,500
Morgan Trustemergency and maintenancegrants 1,800 4,800
Travel grants 900 4,800
16,700 20,900

ANALYSIS OF SUPPORT COSTS

Total Total
Governance Activities funds funds
2025 2025 2025 2024
£ £ £ £
Insurance - 360 360 326
Administrativeexpenses - 1,700 1,700 1,700
Governance costs 1,080 - 1,080 1,020
1,080 2,060 3,140 3,046
Total2024 1,020 2,026 3,046

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ANGUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

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||||||||| |---|---|---|---|---|---|---|---| |8.|INDEPENDENT|EXAMINER'S REMUNERATION| |2025|2024| |£|£| |Fees|payable|to|the|Charity's independent examiner|for|the|independent| |examination|of the|Charity's|annual|accounts|1,080|1,020|

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9. GOVERNORS’ REMUNERATION AND EXPENSES

During the year, no Governors received any remuneration or other benefits (2024 - ENIL). During the year ended 15 May 2025, no Governor expenses have been incurred (2024 - £NiL).

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||||||| |---|---|---|---|---|---| |Listed| |investments| |£| |Cost|or valuation| |At|16|May 2024|1,401,824| |Disposals|(4,371)| |Revaluations|(8,213)| |AT|15|MAY|2025|4,389,240| |11.|DEBTORS| |2025|2024| |£|£| |Due|within|one|year| |Other debtors|1,857|1,643| |1,857|1,643| |12.|CREDITORS:|AMOUNTS|FALLING|DUE WITHIN|ONE YEAR| |2025|2024| |£|£| |Trade|creditors|1,936|1,876|

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ANGUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

13. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

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|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|Gains/|Balance|at| |16|May|2024|Income|Expenditure|(Losses)|15|May|2025| |£|£|£|£|£| |Unrestricted|funds| |General|Funds|238,322|45,132|(24,031)|-|259,423| |Restricted|funds| |Restricted|capital|reserve|1,326,514|-|-|(8,213)|1,318,301| |Total|of funds|1,564,836|45,132|(24,031)|(8,213)|1,577,724|

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ANGUS EDUCATIONAL TRUST

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

13. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

Balance at Gains’ _——Balance at
16May2023 Income Expenditure (Losses) 15May2024
£ £ £ £ £
Unrestricted funds
General Funds 223,615 42,600 (27,893) - 238,322
Restricted funds
Restricted capital reserve 1,225,395 - - 101,119 1,326,514
Class Restricted Fund 14 - - -
Total Restrictedfunds 1,225,395 - . 101,119 1,326,514
Total offunds 1,449,010 42,600 (27,893) 101,719 1,564,836
14. SUMMARY OF FUNDS
SUMMARY OF FUNDS -CURRENTYEAR
Balance at Gains/ Balance at
16May2024 Income Expenditure (Losses) 15May 2025
£ £ £ £ £
General funds 238,322 45,132 (24,031) - 259,423
Restricted funds 1,326,514 - - (8,213) 1,318,301
1,564,836 45,132 (24,031) (8,213) 1,577,724
SUMMARY OF FUNDS - PRIORYEAR
Balance at Gains __Balance at
16May2023 Income Expenditure (Losses) 15May2024
£ £ £ £ £
General funds 223,615 42,600 (27,893) - 238,322
Restricted funds 1,225,395 - - 101,119 1,326,514
1,449,010 42,600 (27,893) 101,179 1,564,836

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ANGUS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MAY 2025

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Restricted Unrestricted Total
funds funds funds
2025 2025 2025
£ £ £
Fixed asset investments 1,318,301 70,939 1,389,240
Current assets - 190,420 190,420
Creditors due within one year - (1,936) (1,936)
Total 1,318,301 259,423 1,577,724
——— eee —————

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Restricted Unrestricted Total
funds funds funds
2024 2024 2024
£ £ £
Fixed assetinvestments 1,326,514 75,310 1,401,824
Current assets - 164,888 164,888
Creditors due within oneyear - (1,876) (1,876)
Total 1,326,514 238,322 1,564,836

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