Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
BORDERS FURTHER EDUCATION TRUST
ANNUAL REPORT
FOR THE YEAR ENDED
31 MARCH 2025
Registered Number: SC044668

Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
TABLE OF CONTENTS
TABLE OF CONTENTS.............................................................................................................,............................................................
REFERENCE AND ADMINISTRATION INFORMATION..........................................................................................................................
REPORT OF THE BOARD OF TRUSTEES..............................................................................................................................................
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BORDERS FURTHER EDUCATION TRUST...................................
STATEMENT OF FINANCIAL ACTIVITES....,.....................,.......................................,...................................................,........................
BALANCE SHEET AS AT 31 MARCH 2025.............................................................................................................................................
STATEMENT OF CASH FLOWS,,..........................................................................................................................................................10
NOTES TO THE ACCOUNTS...........,..............................................,......................................................................................................11
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Borders Further Educatlon Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
REFERENCE AND ADMINISTRATION INFORMATION
Trustees:
Réglstarod Address:
Scottlsh Borders Campus
Nether Road
Netherdal8
GALASHIELS
TD13HE
Charlty Number:
SC044668
Indepondant Examiner:
ogg
or
Riverside House
Ladhope Vale
GALASHIELS
TD1 1BT
urn
Bank•rs:
Bank of Scotland
The Mound
EDINBURGH
EH1 1YZ
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Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
REPORT OF THE BOARD OF TRUSTEES
The Board of Trustees presents its annual report and financial statements of the charity for the year
ended 31 March 2025,
The Borders Further Education Trust (the Trust) is a Scottish Charitable Incorporated Organisation
(SCIO), registered in Scotland by the Office of the Scottish Charity Register (OSCR) under number
SC044668. Registration was approved by OSCR on 14 February 2014.
The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to
the accounts and comply with the Charities Accounts (Scotland) 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. (FRS 102) (as amended for accounting periods commencing from 1 January 2016)
The Trust is a grant-making charity dedicated to advancing further education in the Scottish Borders.
Background
In October 2010, the Office for National Statistics (ONS) reclassified Scottish incorporated colleges as
public bodies. effective from 01 April 2014. A consequence was that colleges ceased to have the ability
to accumulate reserves to use across financial years. The Trust was established to receive a donation
of college reserves held at 31 March 2014 and any reserves subsequently generated.
Organisation Structure
The structure of the organisation consists of the charity trustees who are members of the charity and
comprise the Board. Borders College is the only other member of the charity.
The Trust is a SCIO and as such has a constitution. The constitution of the Trust states that there shall
be a maximum of eight trustees. Two of these are 'College Trustees, appointed by Borders College, the
remaining 'lndependent T￿SleeS, are appointed by the Board of the Trust and serve for a term of up to
four years after which they are eligible for re-appointment. New appointments to the Board will be
made on the basis of candidates being able to demonstrate:
a strong interest in Further Education
an excellent knowledge ofthe region
the most appropriate person irrespective of gender
the ability to commit time to the work of the Trust.
The Board met on four occasions during the year.
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Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
REPORT OF THE BOARD OF TRUSTEES (CONTINUED)
Objectives and Activltles
As set out in its constitution, the purpose of the Trust is to advance education, and in particular to
enhance learning experience for students engaged in further education in the Scottish Borders, by
supporting:
the delivery of improved teaching accommodation, facilities andlor equipment., andlor
the development of teaching materials; andlor
the delivery of courses.
To this end the Trust has considered requests for grants from those eligible under the constitution and
made awards where these meet the criteria set down.
Achievements and Performance
The Trust made awards to Borders College which has allowed the College to upgrade the classrooms at
the Newtown St Boswells Campus, and to make a major investment in its IT infrastructure including Wireless
and Data Network. These grants form part of a wider implementation plan within the College ensuring the best
learning experience for every student at Borders College.
The agreement between the Trust and Pines Burn Windfarm LLP, whereby the Trust will receive annual grants
from the LLP for the purposes of advancing Further Education in the Borders, have progressed and a formal
agreement was signed by both parties on 3 March 2025. The Trust is now awaiting receipt of the first grant
payment.
Financial Revlew
Total income for the year was £32.2k (2024 - £3.8k). At 31 March 2025. the charity had total cash
balances of £184.6k (2024 - £213.9k}.
Grant Making
The Trust aims to provide grants to support organisations in their provision of further education and
training in the Scottish Borders region.
During 2024125 financial year the trustees awarded two grants totaling £200k to local organisations (2024 -
£Nil).
Reserves Policy
As the purpose of the Trust is to disburse funds to projects under a policy of cash in, cash out
there is no requirement for the Trust to retain a minimum amount of reserves. However, at the
current time, the trustees have agreed that a minimum of £5,000 will be retained in reserves to
meet the cost of audit, insurance and ongoing administration.
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Borders Further Education Trust
Annual Report and Flnancial Slalements for The Year Ended 31 March 2025
REPORT OF THE BOARD OF TRUSTEES (CONTINUED)
Rlsks and Uncertalntles Facing the Charity
The Trust has minimised the risk and continues to be committed to remaining independent from
any of its, related parties.
Tru5tees' Responsibllftles in Relatlon to the Financlal Statemenls
The charity trustees are responsible for preparing a trustee's annual report and financial
statements in accordance with applicable law and United Kingdom Accounting Standards (UK
Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the charity trustees to prepare financial
statements for each year which give a true and fair view of the slate of affairs of the charity and of
the incoming resources and application of resources, of the charity for that period. In preparing
the financial statements, the trustees are requir8d to:
select suitable accounting policies and then apply them consistently
observe the methods and principles in the applicable Charities Statement of
Recommended Practice (SORP)
make judgements and estimates that are reasonable and prudent
state whether applicable accountlng standards have been followed, subject to any
material departures disclosed and explained in the financial statem8nts
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and to enable them to ensure that the
financial statements comply with the Charities Accounts (Scotland) Regulations 2006 (as
amended), The trustees 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 the trustees on 23 July 2025 and signed on their behalf by-
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Borders Further Education Trust
Annual Report and Financial Stalements for The Year Ended 31 March 2D25
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BORDERS FURTHER EDUCATION
TRUST
I report on the accounts of the charity for the year 8nded 31 March 2025 which are set out on pages 8 to 14.
Respectlve responslbllltles of trustees and examlner
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 trustees consider that the audit requirement of Regulation 10{1) (a) to (c) of the
2006 Accounts Regulations does nol apply. It is my responsibility to examine the accounts as required under
sectlon 44(1) (c> of the Act and to state whether particular matters have Come to my attention.
Basis of Independent examiner's statemont
My exarnlnation is carried out in accordance with Regulation 11 of the 2006 Accounts Regulatlons. An
examination includes a revlew of the accounting records kept by the charity and a comparison of the accounls
presented with those records. It also includes consideration of any unusual items or disclosures In the
accounts, and seeks explanations from the trustees conceming any such matters. The procedures undertaken
do not provide all the evidence that would be required in an audit, and consequently I do not express an audlt
opinion on the view given by the accounts.
Independent examlner's statement
In the course of my examination, no matter has come to my attention
which gives me reasonable cause to believe that in any material respect th8 requirements:
to keep accounting records in accordance wlth Section 44(1) (a) of the 2005 Act and Regulation 4 of the
2006 Accounts Regulatlons
to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006
Accounts Regulatlons
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.
JRW Hogg & Thorburn
Riverside House
Ladhope Vale
Galashiels
TD1 18T
Date.. i1 la L£
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Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
STATEMENT OF FINANCIAL ACTIVITES
Unrestricted Restricted
Note
Total
Total
Funds
Funds
2025
2024
Income from:
Donations and legacies
24,990
24,990
Investments
7,195
7,195
3,759
Total Income
7,195
24.990
32.185
3.759
Expenditure on:
Charitable Activities
201,534
201,534
1,473
Total resources expended
201,534
201,534
1,473
Net Incomel(expenditure) for the year
(194,339)
24,990
(169.349)
2,286
Fund balanc6s at 1 April 2024
213,621
213,621
211,335
Fund balances at 31 March 2025
19,282
24,990
44,272
213,621
The notes on pages 11 to 14 form part of these financial statements.
The Trust has no recognised gains or losses other than the net movement in funds for the year.
All income and expenditure transactions derive from continuing activities.
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Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
BALANCE SHEET AS AT 31 MARCH 2025
Unrestricted Restricted
Total
Total
Note
Funds
Funds
2025
2024
Current assets
Cash at bank
184,642
184,642 213.897
Debtors
24.990
24,990
Prepayments and accrued income
84
Total current assets
184,642
24,990
209,632 213,981
Current liablllties..
Credltors: falllng due within one year
165,360
165,360
360
Net current assets
19,282
24,990
44,272 213.621
Total as8•t81086 ¢urront liablllties
19.282
24,990
44,272 213,621
Creditors,. falling due after one year
Net assets
19.282
24,990
44,272 213.621
The fund8 of the charity
Unrestricted funds
19.282
19,282 213.621
Restricted income funds
24.990
24,990
19,282
24,ggo
44,272 213,621
The notes on pages 11 to 14 form part of these financial statements.
Approved by the trustees on 23 July 2025 and signed on their behalf by:
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Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
STATEMENT OF CASH FLOWS
Total
Total
Note
2025
2024
Cash flows from operatlng activlties
(36,450)
(2,397)
Cash flows from Investing activitles
Bank interest
7,195
3,759
Net cash used In Investing activitles
7,195
3,759
Net (d6crease)Ilncrease In cash and cash equivalents
(29,255)
1,362
Cash and cash equivalent beginning of year
213,897
212.535
Cash and cash equivalents at end of year
12
184,642
213,897
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Borders Furiher Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
NOTES TO THE ACCOUNTS
Accountlng Policles
Charity information
The continuing activity of the Trust is to provide grant funding lo advance the public participation in
education - all within Scotland.
The Trust is incorporated in Scotland and its registered number is SC044668. The Trust's registered
address is Scottish Borders Campus, Nether Road, Galashiels TD13HE.
a) Basls of preparation
The accounts (financial statements) have been prepared under the historical cost convention with items
recognised at cost or Iransaction value unless otherwise stated in the relevant note(s) to these
accounts. 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 (FRS102) issued on
16 July 2014, the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts
(Scotland) Regulations 2006 (as amended).
b) Funds structure
Unrestricted funds comprise those funds which the trustees are free to use for any purpose in
furtherance of the charitable objectives.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the
donor or trust deed.
c) Income recognition
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.
d) Grants and donations
Grants and donations are only included in the Statement of Financial Activities when the charity has
unconditional entitlement to them.
•) Expenditure recognltlon
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation
committing the charity to the expenditure. it is probable that settlement will be required and the amount
of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses. including support costs and
governance costs. are allocated or apportioned to the applicable expenditure headings.
Grants payable
Grants payable are payments to third parties in the furtherance of the charitable objectives of the Trust.
In the case of an unconditional grant offer this is accrued once the recipient has been notified of the
grant award. The notification gives the recipient a reasonable expectation that they will receive a one-
year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions
are only accrued when the recipient has been notified of the grant and any remaining unfulfilled
condition attached to that grant is outside of the control of the Trust.
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Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
g) Irrecoverable VAT
Irrecoverable Value Added Tax (VAT) is charged against the expenditure heading for which it was
incurred.
h) Charitable activitles
Costs of charitable activities include grants made, support costs and governance costs.
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Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
Note
2025
2024
2. Analysis of charitable activities
Grants Made
200,000
Support costs
1,174
1,113
Governance costs
360
360
Total
201.534
1,473
Independent Examiner's remuneration
The Independent Examiner's fee was £360 (2024 - £360).
Debtors
Amounts falling due wlthin one year
Donations receivable
24,990
Total
24,990
Creditors
Amounts falling due wlthln one year
Grants payable
165,000
Other creditors
360
360
Total
165,360
360
Unrestricted
Funds
Restricted
Funds
Movement In Funds
Total
Balance brought forward
213.621
213,621
Income
7,195
24,990
32,185
Expenditure
(201.534)
0 (201,534)
Balance carried forward
19,282
24.990
44,272
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Borders Further Education Trust
Annual Report and Financial Statements for The Year Ended 31 March 2025
Related Party Transactlons
During the year. the Trust obtained administrative services amounting to £780 (2024 - £780) from
Borders College. These services were purchased on an arm's length basis.
A grant of £35k was paid out to Borders College during the year (2024 - £Ok). There were commitments
of £165k outstanding to the College as at 31 March 2025 (2024 £Ok).
Commltments
The Trust has made no commitments after the reporting period.
9. Contingencies
The Trust had no contingencies at the Balance Sheet date.
l O. Guarantees
The Trust has given no guarantees or other indemnities.
11. Reconciliation of net movement in funds to net cash used in operating activities.
2025
2024
Net incom81(expenditure) for the reporting year
(169,349)
2.286
Adjustments for..
Investment income recognised in the statement of financial activities
(7.195)
(3,759)
Movements in working capital: increasel(decrease) in creditors
Movement in working capital.. decreasel(increase) in debtors
165,000
(840)
{24,906)
(84)
Net cash used In operating activities
{36,450)
(2,397)
12. Cash and cash equivalents
2025
2024
Cash at bank and in hand
184,642
213,897
184,642
213,897
13. Trustees remuneratlon and expenses
None of the Trustees (or any person connected with them) received any remuneration or expenses
during the year.
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