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2025-03-31-accounts

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT AND FINANCIAL STATEMENTS

For the year ended 31 March 2025

Scottish Charity No: SC033562

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

CONTENTS

Page
Legal and administrative information 1
Report of the Trustees 2
Independent auditors report to the Trustees of the Edina Trust 11
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes forming part of the financial statements 18

tkusuJn ErNeky ID. 911E6E(KL703C4(KNtB54&5153B351AF8D EDINA TRUST LEGAL AND ADMINISTRATION INFORMATION Scottish charity number: SC033562 Trustees Key Management Personnel Board of Trustees Secretary Principal OffKe Unit 6 Fenlock Court Blenheim Office Park Long Hanborough Witnev Oxfordshire OX29 8LN Bankers Royal Bank of Scotland 61 Forrest Road Edinburgh EHI 2QP Solicitors Drummond Miller Glenoichy House 20 Union Street Edinburgh EHI 3LR Blake Morgan LLP Seacourt Tower West Way Oxford OX2 OFB Auditors MHA Chartered Accountants 6 St Colrne Street Edinburgh EH3 6AD

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES

For the year to 31 March 2025

The Trustees present their seventeenth report along with the financial statements of the charity for the year to 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 18 to 20 and comply with the charity’s Trust deed and applicable law.

OBJECTIVES AND ACTIVITIES

The objects of the charity are for any charitable purpose, excepting specifically the advancement of religion, but more particularly for purposes beneficial to the community including:

  1. To promote and further in any way education in the community, community projects, support for families and social matters.

  2. By giving grants or making payments or funding in whatever way, whether of a capital or income nature, to beneficiaries either as individuals, families, groups, or bodies for furtherance of any of the Trust Purposes.

  3. To purchase equipment or give grants for the purchase of equipment and for the provision of facilities, including buildings, which in the sole opinion of the Trustees can promote any of the Trust Purposes.

The Trust was established by endowments from Sir Edwin Southern. He has requested that the charity take as its primary public benefit focus enhancing the teaching of science at primary school level across the UK. As a rule of thumb, the Trustees have agreed that grants awarded for other types of charity activity, such as community projects, should not exceed 40% of the total grants awarded each year. The Trustees are aware that support for state schools in Scotland must be restricted to areas which the Local Authority itself has no statutory obligation to fund.

GRANT MAKING POLICY

The Trustees plan to continue to support primarily the same broad areas of science education at primary level, which have been developing since 2002. At least 60% of charitable expenditure is to be spent on funding science education activities. The Trustees plan to wind up the charity in or around 2027 so the charity’s traditional three-year science funding scheme is being reduced to a two-year scheme from September 25 onwards.

The Trust provides grants for a range of different types of activities, such as:

  1. Grants for UK school science projects,

  2. Grants to science centre providers, including for outreach work and school travel subsidies,

  3. Grants for science festivals,

  4. Grants to support community projects.

From time to time the Trustees have explored providing grants for specific community projects where there is a clear public benefit. The Trust’s experience is that while such small grants can provide public benefit, it is hard for this charity to develop sustainable long-term community projects. A small number of grants are given to existing charities, for example Oxfam, to support community projects outside the UK.

Applications for novel funding activities must be considered and approved by all Trustees.

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES (Continued) For the year to 31 March 2025

GRANT MAKING POLICY (Continued)

The Trust advertises its activities through a website, http://www.edinatrust.org.uk/, which also provides resources for teachers. The Trust also has an X (previously Twitter) account as a way of promoting its grant programmes and its aim to enhance primary science learning and teaching in the UK: www.x.com/EdinaTrust.

ACHIEVEMENTS AND PERFORMANCE

Below, we report on achievements and performance over the last year. The Trust reports on its activities under three funding strands.

A. Science – UK

The Trust works to support science education at primary school level across the UK. It does this by giving grants to enhance the experience of learning science for primary aged school children. The aim is to make science more interactive and valued by pupils.

A1 Science Grant Schemes (SGSs)

Providing small science grants, of up to £800, for state primary schools, and £550 for maintained nurseries in selected geographic areas.

SGSs are administered by school year , therefore the Trust’s 2024-25 financial year spanned the final third of the 2023-24 SGSs and the first two thirds of the 2024-25 SGSs.

Table: 2024-25 Financial Year Data for SGSs, by Area

Numbers eligible for agrant Numbers eligible for agrant
Education Area Total Spent
(£)		 Schools Nurseries
Armagh City,
Bainbridge &
Craigavon		 70,450 87 11
Blackburn 44,650 56 4
Blackpool 7,100 8 3
Denbighshire 40,200 45 12
Glasgow 133,200 165 21
Halton 40,150 45 9
Liverpool 115,640 137 29
Manchester 104,350 113 35
Newport 43,150 48 10
Torfaen 23,650 28 3
Total 622,540 732 137

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES (Continued) For the year to 31 March 2025

ACHIEVEMENTS AND PERFORMANCE (Continued)

A2 Science Resources for Schools (SSERC and STEM Learning Schemes) and SSERC Meets Resource Boxes

The Trust approved equipment grants of £450 to 37 primary schools across four Scottish local authorities participating in the SSERC run Inspiring a Sustainable Approach to STEM (ISAS). The total disbursed under this scheme was £16,650. The Trust also approved funding of £35,000 to provide up to 320 resource boxes to schools partaking in the Open SSERC Meets. The Trust approved equipment grants to 210 primary schools participating in STEM Learning’s ENTHUSE Partnership Programme across England, Wales and Northern Ireland; the total disbursed under this scheme was £90,450.

A3 Science Providers

The Trust granted Edinburgh Science (ES) £100,000 in the 2024-25 financial year for the following:

Edina’s Science Provider spending continued to increase in the 2024-25 financial year as Edina added new projects to its portfolio in line with the Trustees’ decision to increase charitable spending with a view to winding up the Trust in around 2027.

The Trust also commissioned Curiosity Box to generate and disperse 160 Science Close-up kit boxes destined for schools in Oldham & Salford, and 45 Edina Explorer kits for distribution to voluntary Preschools (registered charities) across the UK.

A4 Bulb Project

In collaboration with the National Museum of Wales, the Trust extends the Museum’s ‘Spring Bulbs for Schools’ Project to 100 primary schools in select areas of Northern Ireland, Scotland, and England, along with 74 schools on the core Welsh project. Returning schools number about 50% which shows that teachers value the project. The cost of this project during 2024/25 was £38,143, up from £37,939 in the previous financial year. The grant paid to National Museum Wales was £32,400, a decrease of £1,300 from the previous year due to an underspend in 2023/24. Despite this, the spending ended up being higher due to general increase in the cost of resources, as well as purchasing extra prizes for the new ‘Bulbcast’ video competition.

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES (Continued) For the year to 31 March 2025

ACHIEVEMENTS AND PERFORMANCE (Continued)

B. Community Support – UK

The Trust donated £19,122 to Peeple, an educational charity that supports parents and children in deprived areas to learn together, to reduce the risk of future educational under-achievement.

C. Community Support – Overseas

Oxfam ‘Education in Malawi’ project: £4,000 was donated to a project bolstering access to education for girls and other vulnerable children in the Balaka and Phalombe districts, Malawi.

CHIVA Africa: £3,500 was donated to fund the support and mentorship of staff working in HIV treatment and prevention clinics across the uMzinyathi District in KwaZulu-Natal, South Africa.

MONITORING & IMPACT ASSESSMENT

The success of the SGS and SRfS schemes are evaluated by (i) monitoring grant uptake, (ii) reviewing reports from local area consultants, (iii) seeking teachers’ views on primary science teaching and learning both pre and post grant, and (iv) the production of final reports on SGS areas for local authorities, detailing the total funding disbursed and analysis of the funding’s impact on the teaching of primary science in their primary schools and nurseries.

The success of the Bulb Project is evaluated through the amount and quality of the data provided by schools during each annual project and through school contributions to an internet blog. A SurveyMonkey online questionnaire is shared with participating teachers in May, asking them to rate the project overall as well as specific resources and elements.

All science providers which receive a grant must submit a report on outcomes related to their use of the grant. Repeat grants are only approved if a satisfactory report is received by the Trust for the earlier grant. Staff conduct monitoring of science providers by attending events or visiting their premises. This included a SmartSTEMS event in Oxford, Edinburgh Science Festival events, visiting Glasgow Science Centre, Dundee Science Centre, and Centre for Life in Newcastle.

Staff and SGS consultants continued to make monitoring visits during this financial year. Staff and consultants visited several schools in Glasgow, Newport, and Torfaen to monitor the impact of the SGS grants on their science provision.

The Trust continued its scheme whereby 5% of schools which had received an SGS grant are requested to provide evidence that they spent their grant on the items for which it was approved. Typically, the schools audited in this way are randomly selected. Schools which fail to provide evidence by the deadline are followed up by the administrative staff and area consultants.

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES (Continued) For the year to 31 March 2025

FINANCIAL REVIEW

The results of the year are detailed in the Statement of Financial Activities on page 15. There is net expenditure for the year of £1,194,718 (2024: net expenditure: (£689,063)) after investment gains of £122,093 (2024 gains: £461,467). At the end of the 2025 financial year, the Trust’s reserves amounted to £6,370,850 (2024: £7,565,568).

RESERVES POLICY

In April 2020, the renewed Board of Trustees re-confirmed the 2016 decision to make plans to spend out the charity’s reserves over about 10 years, to ensure there is an orderly winding down of the Trust’s activities and commitments in or around 2027. At the end of the 2024-25 financial year, the charity’s reserves stood at £6.37M (2024: £7.56M). Financial forecasts based on the 2025-26 projected grant expenditure (£1.56M) suggest that reserve levels may fall to about £3M by the end of 2025-26 FY. The Trustees are looking to maximise grant expenditure, with the current staffing level, to accelerate the erosion of reserves to the agreed target of ~£1.5M in 2027.

Any deterioration in investment returns and interest rates on cash deposits could accelerate the decline in the reserves above the level currently anticipated. In 2025-26FY the Trustees are expecting projected total expenditure to be around £1.7M, excluding gains on investments (compared to actual total expenditure of £1.49M in 2024-25FY).

The reserves policy will be reviewed by the Trustees on at least an annual basis, and income and expenditure patterns are being monitored very regularly.

INVESTMENT POWERS AND POLICY

The Trust has appointed an independent financial adviser who makes recommendations to the Trustees on a regular basis.

In September 2016, the Trustees made the decision to spend out the Trust’s reserves over a ten-year period. Therefore, regular reviews of the balance of the assets held between (i) managed investments and (ii) diversified cash deposits managed through brokers Tradition UK Ltd. are undertaken. The current investment assets are invested in the Newton Growth and Income Fund for Charities (Inc), a pooled fund, and the Trust takes the dividends from these investments to assist in cash flow management.

The Trustees, with the aid of the Trust’s independent financial adviser, keep the performance of the current investment manager, Newton (BNY Mellon), under regular review.

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES (Continued) For the year to 31 March 2025

STRUCTURE GOVERNANCE AND MANAGEMENT

Constitution and Objects

The Trust, which is a recognised charity in Scotland, is constituted under a Trust deed dated 9 October 2002 and a supplementary Trust deed dated 30 March 2012. The management of the Trust is the responsibility of the Trustees who are elected under the terms of the Trust deed. The Trust was established through endowments from Sir Edwin Southern, the founder Trustee. The Trust does not actively fundraise and seeks to continue the charitable work desired by the donor through the careful stewardship of its existing resources.

Organisation

The Trustees who served during the year and to date are shown on page 1 and in the table below:

Trustee Appointed
October 2002
October 2002
April 2018
July2019
April 2023

Trustees are selected based on personal competence and professional skills which can benefit the Trust. New Trustees are inducted into the workings of the Trust at briefing sessions held by the Chair, other Trustees and the Trust Secretary, and all Trustees are provided with literature to make them fully aware of their legal responsibilities.

Due to the commitments of the Trustees, it is usually only possible to guarantee two formal meetings per annum. The Board of Trustees met face to face in in Edinburgh in April 2024 and April 2025, and in London in September 2024, with staff in attendance; plans are in place for the Trustees to meet in London in September 2025. Extensive paperwork is prepared for the Trustees in advance of their spring and autumn meetings. Governance is addressed in depth at the spring meeting and the Statutory accounts are agreed at the autumn meeting; new grant proposals are considered at both meetings. This ensures the Trustees can review past performance effectively and agree strategy and future areas of activity. Trustees are kept in touch by email and personal contact co-ordinated by the Trust Secretary. Since April 2020, the Trustees have received regular updates on the performance of the Trust’s main investment vehicle, the uptake of grants by schools, and ad hoc funding proposals for consideration. The day-to-day management of the Trust is delegated via the Chair to the Trust Secretary and her team of three administrators and a part-time accountant. In addition, local self-employed consultants with relevant teaching experience are recruited to help promote and support the area school grant schemes.

Related Parties and Co-Operation with Other Organisations

The Trust Secretary and her team working on Edina Trust’s charitable projects are located within a building owned by the Kirkhouse Trust SCIO (SC 047432). A legal agreement signed by the two sets of Trustees in 2024 and entitled: “Shared Use Agreement relating to Assets of the Kirkhouse Trust and Edina Trust” governs the relationship between the two charities. For ease of administration, all staff who work on Edina Trust projects are employed by the Kirkhouse Trust and their employment costs are fully reimbursed by Edina Trust. Sir Edwin Southern is a Trustee of both charities.

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES (Continued) For the year ended 31 March 2025

REPORT OF THE TRUSTEES (Continued)

Key Management Personnel Remuneration

The Trustees consider the Board of Trustees as comprising the key management personnel of the charity. Through regular update meetings, the Chair of Trustees monitors the day-to-day work of the Trust Secretary and her team of three administrators and the part-time accountant. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 5 of the accounts.

Trustees are required to disclose all relevant interests. The Trust maintains a Register of Interests which Trustees are asked to review and update annually as necessary. It is Trust policy that Trustees withdraw from decisions if a conflict of interest arises.

RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust and are satisfied that systems are in place to mitigate exposure to major risks. A Risk Management Action Plan is reviewed and approved by the Trustees annually at their spring meeting.

The Trustees highlight the following as the most significant risks currently facing the charity: -

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES (Continued) For the year ended 31 March 2025

PLANS FOR THE FUTURE

Since 2017-18 FY, the aim has been to reduce the reserves gradually so that, by ~2027, the remaining capital is sufficient to cover the costs of winding up the Trust. The charitable expenditure over the last seven years and the projected charitable expenditure for 2025-26 FY is shown below:

Charitable Spending per Financial Year Charitable Spending per Financial Year Charitable Spending per Financial Year Charitable Spending per Financial Year
2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26
Actual Actual Actual Actual Actual Actual Actual Projection
£750,707 £763,545 £672,216 £592,315 £840,062 £1,181,611 £1,304,147 £1,559,838

The Trustees remain committed to assisting science education in the UK mainly by providing small grants to primary schools and grants to a selection of science education providers. The Budget for 2025-26FY includes the following provision for primary schools and nurseries:

Science UK Schemes Areas covered Total Budget
Three-year SGSs Scotland: Glasgow
England: Liverpool, Manchester, and Halton
Wales: Newport, Torfaen, and Denbighshire
Northern Ireland: Armagh,Banbridge and Craigavon		 £441,183
Two-year SGSs Scotland: North Ayrshire
England: Nottingham City and Stoke on Trent
Northern Ireland: Belfast City		 £255,763
Spring Bulb for Schools
Project in partnership
with National Museum
of Wales.		 The 2025/26 project will include 100 primary schools.
These schools are located in Scotland (27), England (50),
Northern Ireland (19), and Wales (4). There are also
approximately 75 Welsh schools taking part in the Spring
Bulbs for Schools project managed by National Museum
of Wales.
As it is the 20thyear of the “Spring Bulbs for Schools” core
project with National Museum Wales, an additional
£11,735 was granted to support an additional member of
staff for one day per week (for 9 months), and extra
activities to takeplace throughout the 2025/26project.		 £48,240
SRfS scheme in
conjunction with SSERC
and STEM Learning		 The budget includes funding for a cohort of up to 80
schools in SSERC’s on-going ISAS training programme,
and 177 schools in STEM Learning’s ENTHUSE Partnership
Programme.		 £143,185
Investigations Using
Measuring Lenses		 Edina will provide a further 70 Science Close Up kits to
primary schools, and approximately 50 Edina Explorer
kits forpre-school agepupils.		 £29,334

There are no plans to actively expand the Overseas Community Funding strand in the coming year, but existing or equivalent projects may continue to be supported.

The UK Community Funding Strand may be developed further, subject to further investigation of potential beneficiaries, and Trustee approval.

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

REPORT OF THE TRUSTEES (Continued) Year ended 31 March 2025

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Report of the Trustees 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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’s Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by:

tober 1, 2025

Chair of Trustees

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE EDINA TRUST

Opinion

We have audited the financial statements of Edina Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE EDINA TRUST (continued)

Other information

The other information comprises the information included in the report of the trustees’, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report of the trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are requested to report by exceptions

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE EDINA TRUST (continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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tkusuJn ErNeky ID. 911E6E(KL7O3C40LNtB54&S1￿351AF8D INDEPENDENT AUDITORS, REPORT TO THETRUSTEES OF THE EDINA TRUST (continued) Use of the report This report is made solely to the charivs trustees. as a body. in accordan￿ with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charivs trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otherthan the charity and the chariws trustees as a body, for our audit work, forthis report, orfor the opinions we have formed. October 1 , 2025 Statutory Auditor 6 St Colme Street Edinburgh EH3 6AD MHA is the trading name of MHA Audit Services LLP. a limited liability partnership in England and Wales (registered number OC455542). MHA is eligible for appointment os auditor of the chority by virtue of its eligibility fvr appointment as auditor of a company under sectson 1212 of the Companies Art 2006. 14

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025

Note
Income from:
Investment Income:
Dividends receivable
Interest receivable
Total income
Expenditure on:
Raising funds
Investment management fees
Charitable activities
2
Total expenditure
Net (expenditure) before gains and losses on
investments and transfers
Net gains on investments
6
Net (expenditure) and net movement in funds
Funds at 1 April 2024
9
Funds at 31 March 2025
9		 2025
£
132,056
38,658
170,714
500
1,487,025
1,487,525
(1,316,811)
122,093
(1,194,718)
7,565,568
6,370,850		 2024
£
149,855
46,472
196,327
500
1,346,357
1,346,857
(1,150,530)
461,467
(689,063)
8,254,631
7,565,568

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

All income and expenditure is derived from continuing operations.

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tkusuJn ErNeky ID. 911E6E(KL703C4(KNtB54&5153B351AF8D EDINA TRUST BALANCE SHEEr as at 31 March 2025 Note 2025 2024 Flxed Assets Investments 5,437,025 6,464,932 Current Assets Debtors Cash at bank $4.480 937.690 50,025 1,093,521 992.170 1.143.546 LiabilFties: creditors falling due within one pr (58.345) (42.910) Net current assets 933,825 I,IIX),636 Total assets less current Ilabilltles 6,370,850 7,565,568 Total Funds 9,10 6,370.850 7.565,568 These accounts were approved arKI authorised for issue by the Trustees: tober 1 . 2025 Chair of Trustees r1.2025 Trustee 16

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

RECONCILIATION OF NET (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES for the year ended 31 March 2025

Net (expenditure) for the year (as per the SOFA)
Adjustments for:
Net (gains)/losses on investments
Investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
STATEMENT OF CASH FLOWS
for the year ended 31 March 2025
Cash flows from operating activities:
Net cash used in operating activities
Cash flows from investing activities:
Investment income
Proceeds from sale of investments
Net cash flow provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
(1,194,718)
(122,093)
(170,714)
(4,455)
15,435
(1,476,545)
2025
£
(1,476,545)
170,714
1,150,000
1,320,714
(155,831)
1,093,521
937,690		 2024
£
(689,063)
(461,467)
(196,327)
18,780
(4,445)
(1,332,522)
2024
£
(1,332,522)
196,327
500,000
696,327
(636,195)
1,729,716
1,093,521

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Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 March 2025

  1. Principal accounting policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment assets. The financial statements are presented in sterling which is the functional currency of the Trust and are rounded to the nearest £.

The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.

The financial statements have been prepared on a going concern basis. Trustees regularly monitor the funding streams and evaluate the projected expenditure and the free reserves which are available and have concluded that there is a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

Edina Trust meets the definition of a public benefit entity under FRS 102.

Income

Income is recognised when the Trust has entitlement to the funds, when it is probable that the income will be received and the amount can be measured reliably.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

Expenditure is recognised once there is a constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classed under headings that aggregate all cost relating to the category.

Expenditure on raising funds consists of costs arising in the generation of income for the Trust and therefore consists of investment management fees.

Charitable expenditure comprises those costs incurred by the Trust in the delivery of its activities and services. It includes both costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.

18

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1. Principal accounting policies (continued)

Expenditure (continued)

Support costs are allocated between governance costs and other support costs. Governance costs comprise those costs involving the public accountability of the Trust and its compliance with regulations and good practice. They therefore include the costs of statutory audit, together with the costs of trustees’ meetings. Other support costs relate to the administrative costs of running the Trust and are allocated to charitable activities accordingly.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Investments are included at market value at the year end. Gains and losses on disposals and revaluation of investments are charged or credited to Statement of Financial Activities.

Debtors

Debtors are measured at their recoverable amount and included when reasonable certainty exists over their receipt.

Cash at bank

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.

Creditors

Creditors are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably.

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

19

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 31 March 2025

  1. Principal accounting policies (continued)

Fund accounting

Funds held by the Trust are either:

Unrestricted funds – these are funds that are available for use at the Trustees’ discretion in furtherance of the general objectives of the Trust.

Restricted funds – these are funds which are to be used in accordance with specific instructions imposed by the donor.

Employee benefits

The Trust contributions to employees’ individual pension plans. The amounts charged in the Statement of Financial Activities represent the contributions to the defined contribution scheme in respect of the accounting period.

2.
Charitable activities
Basis of
Allocation
2024/25
Direct charitable expenditure
Grants awarded (note 3)
Direct
Support costs (See below)
Governance costs (See below)
Support costs:
Staff costs (note 4)
Usage
Office expenses
Usage
Travel expenses
Usage
Governance costs:
Auditor’s remuneration – Audit
Trustee meeting expenses		 UK
Projects
£
1,296,647
171,728
9,415
1,477,790
149,779
19,673
2,276
171,728
4,996
4,419
9,415		 Overseas
Projects
£
7,500
1,735
-
9,235
1,513
199
23
1,735
-
-
-		 2025
£
2024
£
1,304,147
1,181,611
173,463
157,517
9,415
7,229
1,487,025
1,346,357
151,292
137,311
19,872
18,891
2,299
1,315
173,463
157,517
4,996
4,660
4,419
2,569
9,415
7,229

Expenditure on charitable activities was £1,487,025 (2024: £1,346,357) of which £1,487,025 (2024: £1,346,357) was unrestricted and £nil (2024: £nil) was restricted.

20

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

2.
Charitable activities
Basis of
Allocation
2023/24
UK
Projects
£
Overseas
Projects
£
2024
£
Direct charitable expenditure
Grants awarded (note 3)
Direct
1,174,111
7,500
1,181,611
Support costs (See below)
155,942
1,575
157,517
Governance costs (See below)
7,229
-
7,229
1,337,282
9,075
1,346,357
Support costs:
Staff costs (note 4)
Usage
135,938
1,373
137,311
Office expenses
Usage
18,702
189
18,891
Travel expenses
Usage
1,302
13
1,315
155,942
1,575
157,517
Governance costs:
Auditor’s remuneration – Audit
4,660
-
4,660
Trustee meeting expenses
2,569
-
2,569
7,229
-
7,229
Expenditure on charitable activities was £1,346,357 (2023 : £985,061) of which
(2023: £985,061) was unrestricted and £nil (2023: £nil) was restricted.
3.
Grants awarded
UK Projects:
2025
£
UK School projects
692,110
Edinburgh Science Festival
100,000
Other UK grants
Overseas Projects:
504,537
Other overseas projects
7,500
1,304,147		 2023
£
840,062
140,016
4,983
985,061
125,270
13,564
1,182
140,016
4,230
753
4,983
£1,346,357
2024
£
747,869
82,500
343,742
7,500
1,181,611

21

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

4.
Staff costs
Salaries
Social security
Pension		 2025
£
136,162
8,722
6,408
151,292		 2024
£
123,187
8,029
6,095
137,311

No employees received emoluments of greater than £60,000 in the current or prior year. The average number of employees during the year was 4 (2024: 4).

5. Trustees remuneration

Trustees are not remunerated. During the year 3 trustees received reimbursement of £1,275 of expenses which were incurred on behalf of the trust (2024: 4 trustees reimbursed £1,356).

6.
Investments
Market value at 1 April
Disposal proceeds
Net gains/(losses) on revaluation
Market value at 31 March
Historic cost at 31 March		 2025
£
6,464,932
(1,150,000)
122,093
5,437,025
3,052,257		 2024
£
6,503,465
(500,000)
461,467
6,464,932
3,698,238

Investments whose market value exceeds 5% of the total are therefore considered to be material and are as follows:

BNY Mellon Growth and Income Fund for Charities
Debtors
Accrued income
Prepayments		 5,437,025
2025
£
51,900
2,580
54,480		 6,464,932
2024
£
48,900
1,125
50,025
  1. Debtors

22

Docusign Envelope ID: 971E6E00-703C-4004-B54B-9453B351AF8D

EDINA TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

8.
Creditors
Other creditors
Accruals
9.
Funds analysis
2024/25
Balance at 1 April 2024
Income
Expenditure
Gains on investments
Transfers between funds
Balance at 31 March 2025
Funds analysis
2023/24
Balance at 1 April 2023
Income
Expenditure
Gains on investments
Transfers between funds
Balance at 31 March 2024		 Unrestricted
Fund
£
7,565,568
170,714
(1,487,525)
122,093
-
6,370,850
Unrestricted
Fund
£
8,250,081
196,327
(1,346,857)
461,467
4,550
7,565,568		 2025
£
47,891
10,454
58,345
Restricted
Fund
£
-
-
-
-
-
-
Restricted
Fund
£
4,550
-
-
-
(4,550)
-		 2024
£
34,992
7,918
42,910
Total Funds
£
7,565,568
170,714
(1,487,525)
122,093
-
6,370,850
Total Funds
£
8,254,631
196,327
(1,346,857)
461,467
-
7,565,568

A release of £4,550 from restricted funds to unrestricted funds was made in the year with the permission of the original donor.

23

tknJsuJn ErNeky ID. 911E6E(KL703C4(KNtB54&S153B351AF8D EDINA TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS Icontinued) forthe year ended 31 March 2025 10. Analysis of net assets between funds Unrestricted FurMI Restricted Fund Total Funds Fixed assets Net current assets 5,437,025 933,825 5,437,025 933,825 Total net assets at 31 March 2025 6.370,850 6,370,850 Fixed assets Net current assets 6,464,932 I.ICrt).636 6,464.932 I.1C￿.636 Total net assets at 31 March 2024 7.565.568 7.565.568 11. Analysisof changes in netfunds At l April Cashflows At 31 March 2024/25 Borrowings Cash and cash equivalents 1,093,521 (155,831) 937,690 Total net funds 1,093.521 {155,8311 937.690 12. Related party transactions The Trust was recharged expenses including staff costs and office costs of £133,344 {2024: £127.918) by the Kirkhouse Trust, Included within creditors are amounts owed to the Kirkhouse Trust of £33.804 (2024: £32,701). 24