THE MINING INSTITUTE OF SCOTLAND TRUST
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Churit Number SC024974

THE MINING INSTITUTE OF SCOTLAND TRUST
TREASURER
lan Purdie
25A Rugby Road
Kilmarnock
KAI 2DQ
SECRETARY
Martin Downin¥
l Almond Cr¢s¢ent
Comrie
Crieff
Perthshire
PH6 2PA
BANKERS
Virgin Money
27 George Street
Edinburgh
EH2 2PA
STOCKBROKERS
Rathbones
l O George Street
Edinburgh
EF12 2PT
ACCOUNTANTS
Jamieson Campbell Kerr Limited
Chartered Accountaiits
14- 15 Main Street
Longniddry
East Loihian
EH32 ONF

THE MINING INSTITUTE OF SCOTLAND TRUST
REPORT OF THE TRUSTEES
The trustees present their report and the accounts of Ihe trusi for ihe year to 31 December 2025 which
have ken prepared in compliance with current statutory requirements and with ihe ¢harity's
goveming instrument. The trust has been granted charitable status by HM Revenue & Customs.
Prin¢ip*l Activities
The principal activities of the trust are lo provide a general mining education and benevolence,
invluding scholarships. to fornier Inembers of The Mining Institute of Scotland or members or fomier
members of the Institution of Mining Engineers resident in Sco(land and to their dependants who are
in need.
In order to further the trust's charitable objectives, the trustees invest the capital and relained
surpluses. The income generated from the investm¢nls is applied in a¢cordan¢¢ with the trust's
governing instruinent.
Trustees
The trustees of the trust during the year were.. -
N Baker (resign¢d 27 February 2025)
S Bedford
M Downii)g
M Friel
Dr A Gardiner
R Laird
S Petrie
I Purdie
The following were ¢O•OPt¢d during lh¢ year.. -
M Loh (appoinl¢d 27 February 2025)
W Mccartliy
R PaLII (appointed 30 (kiober 2025)
Prof B Smart
Review of activities
During th¢ vear the Educational Fund generated a deficit of £38,050 {2024'. £29,224). The Benevolent
Fund generaied a deficit of £1,398 (2024: £277 surplus).
Charitable distributions were made from the Educational Fund amovnlin8 to £42,210 (2024: £36,812).
Distributions were made from the Benevolent Fund amounting to £3.522 (2024: £3.533)-
During the year £25,000 (2024.. £20,000) was drawn down from the FAiucational Fund investment
account aiid £12.500 (2024.. £ 10.000) was drawn down from th¢ B¢n¢volent Fund investment account
to meet the trusts expenditure requirements.
Also durin¥ the year the following trustees received remuneration..
2025
2024
M. Downing
l. Purdie
2,000
1.500
The r¢serves limve been carried forward for future distribution.

THE MINING INSTITUTE OF SCOTLAND TRUST
REPORT OF THE TRUSTEES
Contd.
Responsibility of the trustees
Charities legislation requires the tn]stees of the trust lo prepare accounts that give a true and fair view
of the stale of affairs of the trust and of the surplus or deficit for its financial year. In doing so the
trustees are required to=
Select suitable accounting poli¢i¢s and apply them consistently
Make judgements and estimales iliat are r¢asonabl¢ and prudent
Prepar¢ the accounts on th¢ going concern basis unless it is inappropriate to presume that the
Trust will ¢ontinue in business
Thc tru51ees of the trust are responsible for maintaining proper accounting record8 which disclose
with r¢asonAble accuracy at any time tlie fiiiancial position of the trust and enable them to ensure that
lh¢ a¢¢ounts comply with the requirements of the Charities and Trustee Investment (Scotland) Act
2005 and the Charities AcLoun¢s (Scotland) Regulations 2006. They are responsible also for the
safeguarding of the assets of the trust and hence for laking reasonable steps for the prevention and
detection of fruud and other irregularities.
llldependent Examiners
A resolution will be proposed at the general meeting to reappoint Jamieson Campb¢ll Kerr Limiled,
Chartered Accountants as independent examiners of the trust.
Approved by the trustees on
SIGNED ON BEHALF OF THE TRUSTEES
R. LAIRD
CHAIRMAN

THE MINING INSTITirrE OF SCOTLAND TRUST
INDEPENDENT EXAMIIYER'S REPORT TO THE TRUSTEES
YEAR ENDED 31 DECEMBER 2025
I r¢port on th¢ accounts of the charity for the year ended 31 De¢¢mber 2025 which are set out on
pages 5 to 10.
Re5peclive 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 Irustees consider that the audit requirement of Regulation
l O{1 ) (a) to {c) of the 2006 Accounts Regyulations does not apply. It is my responsibility to examine
the acLounts as required under s¢ction 44(1)(¢) of the Act and to state whether particular matters have
come to my attention.
Basis of independent examiner's statement
My examination is carried out in accordai)cc with R¢gul&tion I l of the 2006 Accounls Regulations.
An examinatioi) includes a r¢view of the accounting records kept by the charity and a comparison of
the accounts prcsented with those r¢cords. It also includes Lunsideraliun ofany unusual itetlls or
disclosures in the accounts and s¢eks explanations from the trustees concerning any such matters.
The procedures und¢rtak¢n do not provide all ihe evidence that would be required in an audit, and
consequently I do not express an audit opinion on th¢ view given by the account5.
Independent examiner's Statement
In th¢ ¢ours¢ of my examination, no matter has come to my attention:
which gives me reasonable cause to believe that in any material respcct the requirements:
to keep accounting records in accordance wilh Section 44{1)(a) of the 2005 Act and
Regulation 4 of the 2006 Accounts Regulations. and
lo prepare accounts which accord with the accounting records and 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.
Joanlle Jamieson CA {ICAS)
Ch2rter¢d Accountant, Institute of Chartered Accountants Scotland
Address: 14 - 15 Main Street, Longniddry. East Lothian, E1432 ONF
Date..
Zz li IEQ

THE MINING INSTITirrE OF SCOTLAND TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2025
Endowment
Funds
2025
Designated
Funds
Totsl
2025
Total
2024
Incoming resources
InvLstment income (Note 2)
18,006
18.006
22.146
Total incoming resourees
18,006
18,006
22,146
Resources expended
Direct charitable ¢xp¢ndilure (Note 3)
Managcment & administration
of ih¢ ¢harity {Note 4)
45,732
45,732
40,345
11,722
11.722
10,748
Total resourees expended
57,454
57,454
51,093
Net incoming resources
before transfers
Transfers to d¢si8nated funds
(39,448)
39,640
(39,448)
(28,947)
(39,640)
Nel incoming resources for the year (39,640)
192
(39.448)
(28,947)
Other rec4)gnised gains and losses
Gainsl{losses) on investinenls
Realised (Note 5)
Unrealised
8.365
57,345
8.365
57,345
1,926
24,997
Net movement in funds
26,070
192
26,262
(2,024)
Fund balances brought forward at
l January 2025
693,580
6,973
700.553
702.577
Fund balances Carried forward at
31 Decemb¢r 2025
719.650
7,165
726,815
700.553

THE MININC. INSTITUTE OF SCOTLAND TRUST
BALANCE SHEET
AS AT 31 DECEMBKR 2025
Note
2025
2024
FIXED ASSETS
Tangible fixed assels
Investments
185
719,650
277
693,580
719,835
693.857
CURRENT ASSETS
Debtors
Bank
2,582
8,265
11,096
11.210
10,847
CRF.DITORS
Ainouiits talling dLbe within one year
4,230
4.151
NET CURRENT ASSETS
6.980
6,696
NET ASSETS
726,815
700,553
FUNDS
Endi)wmenl fiinds
Restricted Iliiids
io
li
719.650
7.165
693,580
6.973
726,815
700,553
The accounts were approved by th¢ trustees on and signed on their behalf by
R LAIRD
CHAIRMAN
DATE:

THE MINING INSTITUTE OF SCOTLAND TRUST
NOTF.S TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2025
l. Accountin
Policie5
Basis of preparation assessment of going eoncern
The account8 hav¢ been prepared under the historical cost convention with items recognised at cosl or
trdnsaction value unless otherwise statcd iii the relevanl note to these accounts. The accounts have
been prepared in accordance with ihe Statement of Recommended Practicc.. Accounting and
Reporting by Charities preparing their a¢counts in accordance with the Financial Reporting Standard
applicable in the Uiiitcd Kingydom and Republic of Ireland (FRS 102), tlie Charities and Truslee
Investment (Scotland} Act 2005 and thc Charities Accounts (Scotland) Regulations 2006.
Reconcslixtion witb previous Generally Accepted Accounting Practiee
In preparing the accounts, th¢ Iruslees have considered whether in applying th¢ h¢¢ounting policies
requircd by FRS 102 and the Charities SORP FRS 102 a restatcmcnt of comparative items was
ne¢ded. No restatements were required.
Fixed Assets
Provision is made for thc depreciation oltangible fixed assets in order to write off the cost or
valuation of these assets over their expected useful lives.
The annual depreciation rates and methods are as follows=
Eqiiipment- 250/0 reducing balance
Computer equipmenl- 250/D Straight line
Basis of preparation of the accounts
The accounts include the Iransaclions of the educational fund and the benevolent fund.
lllyestment income
Income frotn investmenis is included in revenue on the date which it is received.
VAT
The Trust is not registered lor VAT and accordingly expenditure includes VAT where appropriate.
Funds
Endowment funds rcpresent the capital of th¢ educational and benevolent funds. They are represented
by fixed asset investments.
The Trustees undcrtook a rcview of the Trust Deed and it was agreed that the restricled funds were
mor¢ a¢¢uralely classitied as desigvnated tunds as they are used oiily iii accordanc¢ with th¢ obj¢¢i%v¢s
of the charity. The designated funds represent the a￿umulated unexpended surpluses of the funds.
Vrdluation of inveslments
Investments are in¢luded in the accounts al market value.

THF, MINING INSTITUTF, OF SCOTLAND TRUST
NOTE&1 TO THE ACCOUNTS (CONT'D)
YEAR F.NDED 31 DECEMBER 2025
2025
2024
2. Investment lJ)come
Income from listed invLslmentS
18.006
22,146
3. D)r￿t Charitable Ex
enditure
Edueation Fund Awards".
Cunningham 4ieholarship Fund
Educational grants
EduLatioiial meelii)gs
Benevolent Fund Awards
Bei)evolei)t ¥rantS
Benevolent meetings
42,210
36,272
540
3,000
522
3.000
533
45,732
40.345
4. Man
emen¢ #nd Adniinistration of the Chari
Advcrti.4ing, postag¢ 4nd staliunery
Purtfolio mAI)Agemenl fees
Acc()untaii¥y fee
Hoiiorariiim
Computer exp¢ns¢s
MLLlingi ¥xpenses
Depreciation
Gain on asset disposal
Sundry expenses
557
2.587
3,510
2.000
217
1.815
92
(30)
2,479
3,588
3,500
183
.374
92
506
11,722
10,748
5. Gain on Dis
osal of Fixed Asset Inveytments
Market value at l January 2025
Disposal proceeds
149,104
(157,469)
89,355
(91.281)
Gain in year
(8.365)
(1.926)

THE MINING INSTITUTE OF SCOTLAND TRUST
NOTE¢1 TO THE ACCOUNTS (CONT'D)
YEAR ENDED 31 DECEMBER 2025
Equipmellt
6.T#
ible Fixed Assets
Cost
Ai l January 2025
Additions
Dispobals
369
Ai 31 December 2025
369
DepreciAtlon
Ai l January 2025
ChMr&ye for year
On disposals
92
92
Al 31 December 2025
184
Nel Ilook V#lue
At 31 December 202
185
Ntt Book Value
At 311)ecember 2024
277
2025
2024
7. Fixed Asset Inve5tmentg
Li%ted invLslmeiils al market value
At l Janiiary 2025
Acquisitic)ns
Disposals
Unreulisld gain in market value
693,580
117,829
(149,104)
57,345
689,691
68,247
(89.355}
24,997
At 31 December 2025
719,650
693.580
Ori8inal cost at 31 De¥'¢mber 2025
568.319
616,039
The abov¢ iiicludes the following investments which are gr¢ater than 50/LS of th¢ portfolio valuation:
JP Morgan As5¢t Mgrs
45,935

THE MINING INSTITtrrE OF SCOTLAND TRUST
NOTES TO THF, ACCOUNTS {CONT'D}
YEAR ENDED 31 DECEMiIER 2025
2025
2024
8. Debtors
Other debtors
114
2,582
2025
2024
9. Creditors: amounts falling due within one year
Accruals
4,230
4,151
2025
2024
10. Endowment Funds
As at 31 Decetnber 2025
Educational fund
Benevol¢nt fund
479.266
240,384
462.021
231.559
719.650
693,580
The endowmeni funds were set up in 1993 to provide for education in mining science and
benevolence to fom]¢r members of the Mining Institute of Scotland or Inembers or fomer members
of the In5tilule of Mining Engineers resident in Scotland and to their dcpendants who ar¢ in need.
'rhe funds are represented by fixed asset investments. Any unutilised income is restrlcted for ihe
purpose of the funds in accordan¢c with the founding instrum¢nl of the trnst.
Educational
Fund
Benevolent
Fund
Total
I l. De51
nated Funds
At l Janu&ry 2025
Deficit for thc year
Transfers from endowtnent funds
(190.988)
(38,050)
26,531
197.961
{1,398)
13,109
6.973
(39.448)
39,640
At 31 December 2025
(202,507)
209,672
7.165
Endowment
Funds
Designated
Funds
Tot81
12. Anal
sis of Net Assets between Funds
Fixed assets
Investments
Current assets
Curr¢nt liabilities
185
185
719.650
11,210
(4,230)
719,650
11.210
{4.230)
Total net asscts
719,650
7,165
726,815

THE MINING INSTITtrrE OF SCOTLAND TRUST
SCHEDULES FOR THE USE OF THE TRUSTEES
NOT FoR￿lING PART OF THE INDEPENDENT EXAMINER'S ACCOUIYTS

THE MINING INSTITUTE OF SCOTLAND TRUST
EDUCATIONAL TRtiST
BALANCE SHEET
AS AT 31 DECEMBER 2025
2024
2025
2024
CAPITAL ACCOUNT
INVESTMENT AT MARKET VALUE
Balanc¢ at 31 D¢c¢mb¢r 2024
462.022 456.442 6,400 UK (Govt ofj IdxlLkd Snr GBP
8.300 UK (Govt ot) 0.375Q/o Bds GBP
20,500 UK (Govl ol) 0.37SO/0 Snr GFJP
78,316 45.465 23,200 UK (Gow on 1,75fj/• Snr GBP
(99,275) 156.647} 20.1100 Abrdn Oeic V AbTdn Gbl
38,204
16.762
?3 71 O Assura P17. Ord O. l O
60 Astrazencia Ord USD 0.25
479,267 462,022 9,682 Aviva Inv UK US Eq Inc Li 2
5,398 Axa FTamling?t()n Un UK Mid Cap
1180 Buillie Gifrd Osta5 BG American
300 Bril American Tobacco
?00 Compa&s Group Ord GBP 0.1105
1,300 CT11.ux} I Sicav Ct Lux
240 Diageo Ord 2.sp
218 ExpLrian SO. I O Ord
9,799 Fll. Inv Svs IIK Fidelity Moneyb
011 Findlay Park Fds Am¢riLLtn Sterlin
Y,400 tioldman Sa¢hs Wert 8.8.f
.$,405 Greencoat UK Wind Ord GBP
3,600 IIICL Infrastruciure Ord
700 1 ISBC I loldinuis PIC Ord LJSD
8,000 INT Public Purtner Ord (JBP
52 Invesco Physical SccurLd (iold
1,802 18hares 1.1 PIC 118D'I'reas Bd
2001shares V PLC MSCI
9.Y.SO JI I Inv fd8 Sr
00 JP Morgan Assei Mgm Glb Macro
640 JP Mor&Jan ETrl'S {Ire US Rei)
9,681 La£ard Fund Mgrs Emerging
14,540 Lionlrust Fund Pinrs r.uro Dyn
8,100 Lloyds Bank Group Ord GBP O. I
6,730 M&G iiivestment Fd I l ) Japan
88 Maiildnd Instl Svc Ml Twentyfour
32 Ma¥nllni Ice Cream Co
1,160 Morgan Stanley If EMG Mkis
6119 Nalw¢st Cjroup l)Ic (IBPI
8.576 Pantheon Infrastru Ord GBPO.01
9,305
4,4?4 Premier Miton Inv3
14.259
709 Prudential CO￿ Ord 0.5p
8,115
6653 RGI Funds ICVC Global Inc & Gro 8,803
21 O Rio Tinio Ord l Op
12.587
10.480 Schroder Unit Tst Asian Alpha
14,410
19.858 Scliroder ljnit'fst Asian Income
5,21 O Schr(xl¢r Unit I st US Smlr
10.597
350 SLOiiiSh & Souihem Energy Ord 50p 7,627
10,001
8.114
17.425
17.274
9.536
9.642
16.510
16.793
9.490
8.901
8.274
1 (Tr.466
10.443 10.678
5,959
9.592
18,998
15.039
8.639
9.312
17.224
6.089
7.520
7.813
1 ?,052
9.874
6.908
4.288
5.498
9.704
5.616
7.631
14,240
13.771
5.280
19.045
10.688
Additions
Disposals
Unre(ilis¢d ¥ain in morket value
Balun¢¢ 4131 December 2025
4.728
1.807
3.848
7,331
23,203
5,302
4,19
8,217
10.016
16,021
16,207
9.140
5,222
30,5?8
13.764
17.894
4.439
9.763
8.702
8.845
377
10.730
10.138
2,771
7.676
14.152
4.516
6.932
9.919
11.895
9,907
10.696
5,629

THE MINING INSTITUTF. OF SCOTLAND TRUST
EDUCATIONAL TRUST (CONT'DI
BALANCE SHEET
AS AT 31 DECEMBER 2025
2025
2024
2025
2024
REVENUE ACCOUNT
INVESTMENT AT MARKET VALUE
Balance as at 31 December 2024
(190.988)1174.156) 6,840 Sequoia Economic l NPV sett
2,181 Shdft¢sbury Ord GBP 0.25 sett
383 Sh¢ll Pl¢ Ord EURU
10.494
1200 1'M Naiixis Inv Fds
9,808
12,392 6.544 Tritax Big Box Rei Ord
9,960
142 ljnilever PIC Ord CJBP 0.0311 I I Sett 6,900
200 Vanb)uard Funds PIC S&P SOO Ucits 19,392
5,376
2.739
9.484
-5.090
8,687
7,276
17,931
Transfer from endowment
26,531
D¢ficit tor year to 31 December 2025 (38,050) 129.224)
(202,507)1190.988}
479.267 462.021
{Cosi 2025 £378.3211
{Cost 2024 £410.2241
'I'angibl¢ fixed assets
123
185
Other debtors
76
1.709
Accrued charges
12.820) 12.7661
BANK BALAIYCES
On cash managein¢nt account
Anderson B¢quest
Sani Mavor Pund
Nomian l-lendirson
Share of cashflow account
Capital InvLstinent account
1.642
1.642
2,249
2.249
394
394
(206,566} (196.855)
2.395
2,455
276.760 271.034
276.760 271.034

THE MINING INSTITUTE OF SCOTLAND TRUST
EDUCATIONAL TRUST
REVENUE AND EXPENDITURE ACCOUNT
YEAR EIYDED 31 DECEMBER 2025
2025
2024
Revenue
Int¢r¢st from investments (gross)
11.969
14,718
Expenditure
Advertising, postage and stationery
Iducatic)nal grant8
Educational meetings
Accountancy f¢e
Porttolio managemeni fee
Honorarium
Compllter expenses
Mecting expenses
Dcpreciaiion
Gain on asset diswsal
Sundry expenses
371
36.272
540
2,340
1,690
1,333
145
1,210
61
(20)
42,210
2.392
1,647
2,334
122
916
61
337
50,019
43,942
Deficit for the year
(38,050)
(29,224)

THE MINING INSTITUTE OF SCOTLAND TRUST
BENEVOLENT TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2025
2025
2024
2025
2024
CAprfAL ACCOUNT
INVESTMENT AT MARKET VALUE
Balance at 31 D¢¢emb¢r 2024
231,558 233.249
3,200 UK (Govt ot) IdxlLkd Snr GBP
5.000
4,200 UK (Govt OD Bds 0.3750/0 Snr GBP 4,106
10,300 UK {Govt OQ Snr 0.375tt/0 Snr GBP 8,755
11.600 UK {Govt OD 1.750/0 Snr GBP
8.637
10,000 Abrdn (kicv Abrdn Gbl
4.768
11,605 Assura PIC Ord 0.10
30 Astrazenica Ord US DO.25
4,841 Aviva Investors Sel Fd Al
2,699 Axa Framlington Un UK Mid Cap
590 Baillie Giffonl Oseas BG American
150 Brit American Tobacco
100 Compass Group Ord 0.1105
650 CT (Lux) I Sicav
120 Diag¢o Ord 25p
109 Experian SO.10 Ord
4,96? FIL Inv Svs UK Fidelity Money
66 Findlay Park Fd5 American Sterling
4,700 Goldman Sachs Wert 8.85 /0
2,725 Greencoal UK Wind Ord O. I I
1,800 HICL Infrastructttr¢ Ord
350 HSBC Ord
4.000 IN'I. Publi¢ Partner Ord GBP
26 Invesco Physical Secured Gold
901 Ishares Li PIC USD Treas Bd
100 Ishares V PLC MSCI
4,975 JH Inv Fds Srs l JH
620 JH Investment5 UK Abs retum
4.607
30 JP Morgan Asset Mgsm Gbl Macro
2.611
323 JP Morgan EFTS (Ire US Rei Equity) 15,407
4,894 Lazard Fund Mgrs 12nerging
6.958
7,345 Liontrnst Fund Ptnrs Euro Dyn
9,039
4.100 Lloyds Bank Group Ord GBP O. I
3.400 M&S Investment Fd (I l Japan
16 Magnutn Ice Cream Co
45 Maitland In5tl Sv¢ Ml Tw¢ntyfour
580 Morgan Stanley If EMG Mkts
344 Naiwest Group Ord GBPI
4.287 Pantheon Infr&Etw Ord GBPO.01
4,651
2.237 Premier Miton Inv3
7.210
353 Prudeniial Corp Ord 0.5p
4,040
3,326 RGI funds ICVC Global inc & srowth4.402
105 Rio Tinio Ord lop
6,294
5,240 Schroder Unit Tst Asian Alpha Plus 7.205
9.929 S¢hr4)der Unit T5t Asian lucoru¢
5,957
4,821
8.295
8,397
4,745
4,451
5,233
5,339
4,796
7,519
4,319
4,656
8,678
3,045
3,760
3,956
6,026
4,937
3.483
2,144
2,749
4.852
2.808
3,816
7,120
6,885
Additions
Disp05a15
Unrealised gain in market value
39,514 22.782
(49,829) {32,708}
8.235
4,137
5.221
2,980
9,499
Balance at 31 December 2025
240,384 231.558
2.364
5,903
1.924
3.666
11,601
2,673
2.095
4.108
5.008
8.011
8,103
2,640
9,522
5,403
2,247
4,932
5,911
188
4,523
5,365
4,450
5,069
1,384
3.837
7.156
2,248
3.466
4,959
5,947
4,954

THE MINEf4G INSTITUTE OF SCOTLAND TRUST
BELYEVOLENT TRUST {CONT'D)
BALANCE SHEET
AS AT 31 DECEMBER 2025
2025
2024
2025
2024
REVENUE AccouNr
INVESTMENT AT MARKET VALUE
Balance as al 31 December 2024
197,961 187,042 2,605 Schroder Unit Tst US Smlr
5,299
175 Scottish & Southern Energy Ord 50p 3,813
3.420 Sequoia Economi¢ l NPV sell
1,090 Shaftesbury Ord GBP 0.25 sett
194 Shell PIC Euro .07
5.316
10.642 600 TM Natixis Inv Fds
4,904
3.272 Tritax Big Box Rei Ord
4.980
71 Unilever PIC Ord GBP 0.0311115¢11 3.450
100 Vanguard Funds l)Ic S&P 500 Ucits 9.69S
5,348
2.688
1.369
4.804
2.545
4.344
3.638
8.965
Transf¢r from endowment
13,109
{DeficitySurplus for year to 31 D¢¢ 2025 (1.398)
277
209,672 197,961
240,384 231.559
(Cost 2025 £189.998)
(Cost 2024 £205.815)
Tangible fixed assets
62
92
Other debtors
38
873
Accrued charges
(1.410) (1,385)
BANK BALANCES
On cash management accouni
W Garven Trust Account
Share of cashflow account
Capital Investment account
12.880 12,880
195.285 182.491
2.817
3.009
450,056 429,519
450,056 429.519

THE MINING INSTrruTE OF SCOTLAND TRUST
BENEVOLEIYT TRUST
REVENUE AND EXPENDITURE ACCOUNT
YEAR ENDED 31 DECEMBER 2025
2025
2024
Revenue
Interest from investments (gross)
6,037
7,428
Expenditure
Benevolent gJraiit5
Benevolent meetings
Honorarium
Accountancy fee
Portfolio manag?emeni fee
Computer expenses
Advertising. postage and stationery
Meeting expenses
Dcprcciation
Gain on asset disposal
Sundry expenses
3,000
522
1,166
1.196
832
61
3,000
533
667
1.170
897
72
186
605
458
31
(10)
169
7,435
7,151
{Defici¢)ISurplus for the year
(1.398)
277