CHARITY NO.. SC047190
THE MISSES NISBET EDUCATIONAL TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

THE MISSES NISBET EDUCATIONAL TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
PAGE
Reference and Administrative information
Report of the Trustees
Independent Auditorfs Report
Statement of Financial Activities
Balance Sheet
10
Cash Flow Statement
11
Notes to the Financial Statements
12-18

THE MISSES NISBET EDUCATIONAL TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Reglstered Offlce
Charlty Number
SC047190
Independent Audltors
Wbg (Audlt) Llmlted
168 Bath Street
Glasgow
G2 4TP
Bankers
Bank of Scotland
Professionals, Account Offlce
125 London Wal
London
EC2Y SAS
Solicltors
L¢)w Beaton Rlchmond LLP
Sterfing House
20 Renfield Street
Glasgow
G2 SAP
Investment Advlser8
Rathbones
Investment Management
George House
50 George Square
Glasgow
G2 1EH

THE MISSES NISBET EDUCATIONAL TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report and financial statements of the charity for the year
ended 31 March 2025,
The financial statements have been prepared in accordance with the accounting pollcies set
out in note 1 to the accounts and comply with the charity's trust deed, the Charities and Trustee
Investment (Scotland) Act 2005, 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 ￿ryth the Financial Reporting
standard appliCat￿e in the UK and Republic of Ireland effective 1 January 2019.
The legal and administrative Infomatlon on page one fonns part of this report.
Trustees
The Trustees who served during the year and since the year-end unless Otherrfrfise stated,
were as follows".
structure. Governance and Management
Governing Document
The Misses Nisbet Educational Trust was established by Deed of Trust for charitable
purposes on 18 November 2016 and is administered in accordance with the terms of the
Trust Deed.
Recruitment and Appointment of Trustees
The initial Trustees were appointed in accordance with the tems of the Trust Deed.
New Trustees are elected at General Meetlng based on recommendations by existing
Trustees and in accordance with the tems of the Trust Deed.
Trustee Induction and Tralning
New Trustees are selected with a background suitable to an understanding of the Trust's
objectives and Trustee responsibilities and in accordance with the tems of the Trust Deed.
Risk Management
The Trustees have assessed the major risks to which the Tlust is exposed, in particular
those relating to the operations and finances of the charity, and are satisfied that systems
are in place to mitigate exposure to major rlsks.
Organisational Structure
The affairs of the Trust are managed by the Trustees with all duties being de￿gated
amongst the Trustees. Day to day secretarial services are provided by Low Beaton
Richmond.

THE MISSES NISBET EDUCATIONAL TRUST
Report of the Trustees for the year ended 31 March 2025
Related Parties
is both a Trustee of the chadty and a member of Low Beaton Rlchmond
o provi
e secretarial servlces for the trust. Fees totalled £44,280 in the year under
review (2024: £40,680)
Oblectlves and Actlvltlos
The trust purpose is the advancement of edurAtlon, and that for the benefit of ￿sIdentS
fomer ￿sidentS, of the Isle of Tiree, and in particular those who have attended school of have
a substantial, personal or famlly connection with Tiree. The purpose of the trust may be
furthered in particular by the provision of grants and Interest-free loans and the payment of
fees to enable or assist reclpients in the pursult of higher or fvrther education.
Achlevements and Porformance
Durlng the year to 31 March 2025 a total of £115,868 (2024: £111,369) was paid to individuals
and £Nil (2024: £Nil} was paid to institutions. The Trust made 35 grants (2024.. 39 grants) of
belween £200 - £10,000 to individuals.
Flnanclal Review
The Trust's income for the year amounted to £113,419 (2024: £121,924).
The Trust had a deficit in the year of £33,779 {2024: £205,528 surplus) and has accumulated
funds at 31 March 2025 of £4,720,081 (2024: £4,753,860).
Principal Funding Sources
The principal funding source of the Trusl is investment income generated by equty and
fixed income investrnents held by the Trust.
Investment Policy
The Trust uses the 3eNices of Rathbones Investment Management as its investment
advisors. The Trustees have Ihe power to invest in such assets as they see frt. They
make decisions after reviewFng the recommendations provided by the Investment advisors.
The Trust is satisfied with the return on investments.
Reserves Policy
It is the policy of the Trust to maintain unrestricted funds at a level to provide suffiaent
Income to cover the charltable grants made In the year and the ongoing runnlng costs of
the charlty.

THE MISSES NISBET EDUCATIONAL TRUST
Report of the Trustees for the year ended 31 March 2026
Plans lor Future Years
The Trustees intend to continue to generate funds through thelr investment policy In order to
support the obiectNes and activities of the trust.
Trustees, responslblllties In relation to the flnanclal ststements
The charity trustees are responsible for preparing a trustees, annual report and financial
statements in accordance with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally AC￿pted Accounting Practice).
The law applicable to tharities in Scotland requires the charity trustees to prepare financial
statements for each year whith give a true and fair view of the state of affairs of the tharity
and of the Incoming resources and application of resources, of the charty for that year. In
preparing the financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently",
observe the methods and princlpl89 in the appllcable Charities SORP;
make judgements and estimate8 that are reasonable and prudent;
state whether applicable accountlng standards have been followed;
prepare the financial statements on the going con￿rn basis unless It Is Inappropriate
to presume that the charity will continue in business.
The trLVJtees are responsible for keeping adequate accounting records that dlsdose with
reasonable accuracy at any time the financlal position of the charity and to enable them to
en8ure that the financial statements comply with the Charities and Trustee Investment
(Scotland) Act 2005, the Charty Accounts (Scotland) Regulations 2006, and the provisions of
Ihe charity's Conslitution. They are also responsible for safeguarding the assets of the tharity
and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responslble for the maintenance and integrity of the charity and financial
information included on the charity's website. Legislalion in the United Kingdorn govemlng the
preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
Statement of Dl8closure to the Audltor
So far as the trustees are aware, there is no relevant audit infomation of which the charlty's
Auditors are unaware. Additionally, the trustees have taken all the necessary steps that they
ought to have taken a3 trustees, in order to make themselves aware of all the relevant audit
Information and to establlsh that the charity's auditors are awar8 of that information.
Approved by t13 Trustees and slgned on their behalf by.
Date. 27111120

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MISSES NISBET
EDUCATIONAL TRUST
Oplnion
We have audited the financial statements of The Misses Nisbet Educational Trust (the
'charity') for the year ended 31 March 2025 which comprise the Statement of Financial
Activities, the Balance Sheet, the Cash Flow Statement and the notes to the financial
statements, including a summary of 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 finanGial statements:
give a true and fair view of the state of the charity's affairs as at 31 March 2025, and
of its incoming resources and application of resources, for the year then ended.
have been properly prepared in accordan￿ with Untted Kingdom Generally Accepted
Accounting Practice; and
have been prepared in accordance with the requirements of the Charities and Trustee
Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland)
Regulations 2006.
Basls for oplnlon
We conducted our audit in a￿OrdanCe with Intemational Standards on Auditing {UK) (ISAS
(UK)) and applicable law. Our responsibilities under those standards are further desrAibed 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 requlrements 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
b61ieve that the audit evidence we have obtained 18 sufficient and appropriate to provÉde a
basis for our opinion.
Conclusions relatlng to going concèrn
In auditing the financial statements, we have Goncluded 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 slgnificant doubt on
the charity's ablllty to continue as a going Goncem 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 golng concem are
described in the relevant sections of this report.
Other Infomiation
The other information comprises the Infonnation included in the report and financial
statements, other than the financial statements and our auditor's report thereon. The trustees
are responsible for the other information. Our opinion on the financial statements does not
cover the other infomiation and, except to the extent Other￿ls8 explicitly stated in our report,
we do not express any form of assurance conduslon thereon.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MISSES NISBET
EDUCATIONAL TRUST
In connection with our audit of the financial statements, 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 audit or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the
financial statements or a material misstatement of the other infomiation. If, based on the work
we have performed, we condude that there is a material misstatement of this other
infomiation, we are required to report this fact.
We have nothing to report in this regard.
Matters on whlch we are requlred to report by exceptlon
We have nothing to report in respect of the following matters where the Charity Accounts
(Scotland) Regulations 2006 requires us to report to you rf, in our opinion:
the infomation given in the financial statements is inconsistent in any material
respect wtth the Trustees, report; or
proper accounting records have not been kept," or
the financial statements are not in agreement with the accounting records., or
we have not received all the information and explanations we require for our audit.
Responslbilities of trustses
As explained more fully in the Trustees, Responsibilities Statement set OLrt on page 4 and the
trustees are responsible for the preparation of financial statements and for being satisfied that
they give a Irue and fair view, and for such intemal control as the trustees detennine 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 Con￿rn 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.
Audltor's re$ponslbllitles for the audlt of the flnanclal 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 the 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 opinlon. Reasonable assurance is a high level of assuran￿,
but is not a guarantee that an audit conducted in accordan¢e with ISAS (UK) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are
onsidered material rf, individually or in the aggregate, they could reasonably be expected to
Influen￿ the economlc decisions of users taken on the basis of these financial statements.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MISSES NISBET
EDUCATIONAL TRUST
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:
Extent to whlch the audlt was consldered capable of detectlng Irregularltles includlng
fraud
We identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and then design and perform audit procedures response to those risks,
including obtalning audlt evidence that is sufficient and appropriate to provide a basis for our
opinion.
In identifying and assessing the risks or material misstatements in respect of irregularities,
including fraud and non-compliance with laws and regulations we considered the following;
The nature of the tharity, the environment in which it operates and the control
procedures implemented by the trustees; and
Our enquiries of trustees about their identification and assessment of the risks of
irregularities.
Based on our understanding of the charity and the sector tt operates in we identified that the
principal risks of non-compliance with laws and regulations related to, but were not limited to.
Regulations and legislation pertinent to the charl￿S operations
We considered the extent to whiGh non-compliance might have a material impact on the
financial statements. We also considered those laws and regulations which have a direct
impact on the preparation of the financial statements, such as the Charities and Trustee
Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulatffions 2006. We
evaluated management and trustees, incentives and opportunities for fraudulent manipulation
of the financial statements (including the risk of management override of controls), and
determined that the principal risks were related to.,
Posting inappropriate joumal entries.
Audlt response to the rfsks Identified:
Our procedures to respond to the risks identified included the following"
Gaining an understanding of the legal and regulatory framework applicable to the
charity and the sector in which it operates.
Reviewing financial statement disclosures and testing to supporting documentation to
assess compliance with provisions of ielevant laws and ￿gUlationS described as
having a direct effect on the financial statements;
Enquiring of management, trustees and legal advisors concerning actual and potential
litigation and daims;
Reading minutes of meetings of those charged wlth govemance;
In addressing the risk of fraud as a result of management override of controls, testing
the appropriateness of journal entries and other adjustments; evaluating rationale of
any significant transactions that are unusual or outside Ihe normal Course of business.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MISSES NISBET
EDUACTIONAL TRUST
We also communicated relevant identified laws and regulations and potential fraud risks to all
engagement team members, and remained alert to any indicatlons of fraud or non-compliance
with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a rlsk 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 refiected in the financial statements,
as we will be less likely to become awar6 of instances of non-comptiance. 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 furth8r description of our responsibilities for the audit of the financial statements is located
on the Financial Reporting Council's web8rte 8t W4￿.frC.org.UkIaudlt0rsreSponSlbI1lties. This
description forms part of our auditorfs report.
U30 of our report
This report is made solely to the charity's trustees, as a body, in accordance wfth section
4411)(c> of the Charities and Trustee Investment (Scotland) Act 2005 and ￿gulatIOn 10 of the
Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been
undertaken so that we might state to the charity'6 trustees those matters we are required to
state to them in an auditor's report and for no other purpose. To thé fullest extent permltted by
law, we do not accept or a88ume responsibillty to anyone other than the charity and the
charity's trustees as a body, for our audit work, for this report, or for the opinions w8 have
formed.
Alexander Hogg CA
Senior Statutory Auditor
For and on behalf of Wbg (Audit) Limited
168 Bath Street
Glasgow
G2 4TP
Date: 2711112025

I Ip
Zs
ZXJ
F-

THE MISSES NISBET EDUCATIONAL TRUST
BALANCE SHEET AS AT 31 MARCH 2025
202S
2024
Note
Flxed assets:
Investments
Total Flxèd Assets
11
4,710,743
4 710743
4,695,179
4 695 179
Current assets."
Cash at bank and in hand
Total Current Assets
16
113545
113,545
67,755
Llabllitles:
Creditors due in less than one year
12
(58,417)
(54,864)
Net Current assets
9,338
58,681
Net assets
4 720,081
4 753 860
rhe funds of the charity..
Unrestricted fiJnds
13
4.720,081
4,753,860
Totsl charlty funds
13
4 720 081
4 753, 860
Approved by the Trustees and signed on their behalf.
Date: 2511112025
io

THE MISSES NISBET EDUCATIONAL TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDING 31 MARCH 2025
2025
2024
Cash flows from operating activltles:
Net Gash (used in) operating actlvltles
15
(198,909)
(173,570)
Cash flows fmm investing activldes:
Dividends and interest
Investment equalisation
PrO￿edS from sale of investments
Purchase of investments
Net cash provided by investing activities
113,419
121,924
1,180
370,948
415 144
78,908
592,548
497,879
208,088
Change In cash and cash equivalents In the year
9,179
(94,662)
Cash and cash equivalents brought forward
Cash and cash equlvalents carried forward
16
16
150 328
159,507
244 990
150 328
11

THE MISSES NISBET EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting Pollcles
(a) Basls of preparatlon and assessment of golng concern
The accounts (financial statements) have been prepared under the historical cost conventlon
with items recognised at cost or transaction value unless otherwise ststed 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
(FRS 102) {effective 1 January 2019), the Charities and Trustee Investment (Scotland) Act
2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The financial statements are prepared in Sterling, which is the financlal currency of the trust.
Monetary amounts in these financial statements are rounded to the nearest £.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust's ability to
continue as a going concem.
(b) Funds structure
Unrestricted income funds comprise those funds which the trustees are free to use for any
purpose in furtherance of the charitable objects. Unrestricted funds include designated funds
where the trustees, at their discretion, have created funds for specific purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions
imposed by the donor or trust deed, or through the temis of an appeal.
Further details on the charity's funds can be found at Note 13.
(c) Income recognition
Income is recognised once the charlty has entitlement to the incorne, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be
measured reliably by the charity; this is normally 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. This is normally upon notification by our
investment advisor of the dividend yield of the investment portfolio.
(d) Expendlture recognltion
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation
committing the charity to that expenditu￿, 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 Gosts
and governan￿ costs are allocated or apportioned to the applicable expenditure headings.
For more infomiation on thi$ attribution refer to note (e) below.
12

THE MISSES NISBET EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
l. A¢¢ounting Policies (Continued)
Investment management costs include the management fees paid for the maintenance
of the investment portfolio.
Expenditure on charitable activities Includes grants payments to third parties.
governance costs and other actiVFties undertaken to further the purposes of the charity
and their associated support costs.
Grants payable are payments made to third parties in the furtherance of the charitable
objects 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 the one-year or multi-year grant. Grants
awards that are subject to the recipient fulfilling performance condltions are only
accrued when the recipient has been notified of the grant and any remaining Unfu￿111ed
Gondition attaching to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been
communicated to the recipient but there is uncertainty as to the timing of the grant or
the amount of grant payable.
(e) Allocatlon of support and governance costs
Support costs have been allocated between governan￿ costs and other support costs.
Govemance costs comprise all costs involving the public accountabllity of the charity and its
Complian￿ with regulation and good practice. These costs include costs related to audit and
legal fees together with an apportionment of overhead and support costs.
The allocation of support and g0Veman￿ costs is analysed in note 6.
(fj Flxed asset Investments
Investments are a fomi of basic financial instrument and are initially recognised at their
transaGtion value and subsequently measured at their fair value as at the balance sheet date
using the closing quoted market pri￿. The statement of financial activitles Indudes the net
gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complax financial instruments.
The main form of financial risk faced by the charity 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.
(g) Cash at bank and In hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with
short maturity of three months or less from the date of acquisition or opening of the deposit or
similar account.
(h) Credltors and provlslons
Creditors and provisions are recognised where the charity 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 or estimated reliably. Credttors and
provisions are normally recognised at their settlement amount after allowing for any trade
discounts due.
13

THE MISSES NISBET EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
1. Accountlng Pollcles (contlnued)
(i) Reallsed galns and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised
gains and losses on Investments are calculated as the dtfference between sales proceeds and
their opening carying value or thelr purchase value rf acquired subsequent to the first day of
the financial year. Unrealised gains and losses are Calculated as the difference between the
fair value at the year end and their carrying value. Realised and unrealised investment gains
and losses are combined in the Statement of Financial Activities.
2. Judgements and key sources of ostlmatlon uncertalnty
In the application of the company's accounting poliGies, the Trustees are required to make
judgements, estimates and assumptions about the carryirvJ amount of asset5 and liabilities
that are not readily apparent frorn other sources. The estimates and associated assumptions
are based on historical experieno and other factors that are consid&red to be relevant. Actual
results may drffer from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revlses to
accounting estimates are recognised in the perlod in which the estimate is ￿vised. If the
revision affects only that period, or in that perlod of revision and future poriods rf the
revision affects both current and future periods,
Allocatlon of èxpendlture between actlviti8S
Support costs are allocated between
charitable activities and govemance based on the secretarial time spent undertaking the
charity's activtties.
3. Legal status of the Tru8t
The Trust is a registered Scottish charity.
4. Related party transactlons and trustees, expenses and remuneratlon
No Trustee received any rernuneration during the year (2024: £nil). One Trustees claimed
expenses totalling £288 (2024: £176). No expenses were walved by Trustees. There were no
donations made to the Trust by any of the Trustees (2024: £nll).
Transactions with Low Beaton Richmond LLP:
2025
2024
Secretarial fees
40,680
s both a Trustee of the charity and a member of Low Beaton Richmond LLP.
Other than disclosed above, no Trustee or other person related to the charity had any personal
interest in any contract or transaction entered into by the charity during the year (2024.. £nil).
14

THE MISSES NISBET EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
S. Investment Income
2025
Total
2024
Total
Bank interest
Dividends received
13,435
13,127
108 797
121924
113,419
6. Allocatlon of governance and support costs
The breakdown of support costs and how these were allocated between govemance and other
support costs is shown in the table below:
Totsl
allocated
2025
Governance
related
Other
support
costs
Cost type
Basls of apportlonment
Secretarial fees
44,280
2,214
42.066 Time spent
Total
44,280
2,214
Total
allocated
2024
Govemance
related
Other
support
costs
Cost type
Basls of apportlonment
Secretarial fees
40,680
2,034
38,646 Time spent
Total
40,680
38,646
Governance costs:
2025
2024
Auditors remuneration
Support Costs
Trustees expenses
8,256
2,214
268
10,738
7,242
2,034
176
9,452
Allocatlon of governance and other
support costs:
Grant Making
Support
Governance
2025
42,066
10,738
52,804
Total allocatsd
52,804
15

THE MISSES NISBET EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
6. Allocatlon of governance and support costs (contlnued)
Allocation of governance and other
support costs:
Grant Making
Support
Governance
2024
38,646
9,452
48,098
Total allocated
38,646
48.098
7. Analysls of expenditure on charitable actlvltles
Direct
Costs
Support
Costs
2025
Total
Grant Making
115,868
115,868
52,804
52,804
168,672
168.672
Direct
Costs
Support
Costs
2024
Totsl
Grant Making
111,369
111,369
48,098
48,098
159,467
159.467
8. Raising funds - Investment management costs
Dlrect
Costs
Support
Costs
Total
2025
Total
2024
Portfolio Management Fees
33,790
9. Analysis of grants
Grants to
Grants to
Instltutlons Indlvlduals
Support
Costs
2025
Total
Charitable Grants
115,868
52 804 168 672
Grants to
Grants to
Institutlons Individuals
Support
Costs
2024
Total
Charftable Grants
111,369
48,098 159,467
16

THE MISSES NISBET EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2026
l O. Net incomel{expendlture) for the year
This is stated after charging..
2025
2024
Audit fees
8,256
11. Flxed Asset Investments
Movement In fixed asset listed Investments
2025
2024
Market value as at 1 April 2024
Additions to investments at cost
Disposals of investments
Revaluation in the year
Market value as at 31 March 2025
4,658,396
4,340,250
497,879
415,144
(574,779) {379,434)
282,436
4,658,396
4,618,991
Investments at falr value
Comprised:
2025
2024
Cash held within the investrnent portfolio
Equities
91,752
4 618,991
4 710 743
36,783
4 658,398
4 695 179
12. Credltors: amounts falling due wlthln one year
2025
2024
Accruals
54,864
13. Analysls of charltsble funds
Analysls of
Fund movements 2026
Balance
blfwd
Galnsl
{Losse8)
Fund
clfwd
Income
Expendlture
Unrestrlcted funds
General funds
Total unrestrl¢ted funds
Total restrlcted funds
TOTAL FUNDS
4 753,860 113 419
4,753,860 113 419
202 462
202,462
55 264 4 720 081
55 264 4,720 081
4,753 860 113,419
202 462
55,264 4 720,081
Analysls of
Fund movements 2024
Balance
blfwd
Galnsl
ILosses)
Fund
clfwd
Income
Expendlture
Unrestrlcted funds
General funds
4 548 332
Total unrestrlcted funds 4 548 332
Total restrlcted funds
TOTAL FUNDS
121924
121924
191526
191526
275 130 4 753 860
275 130 4 753,860
4,548 332
121924
17
191526
275 130
4,753 860

THE MISSES NISBET EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
14. Net assets over funds
Unrestricted
Funds
Restrfcted
Funds
Total
2025
Investments
4,710,743
4,710,743
Cash at bank and in hand
67,755
67,755
Creditors falling due within one year
(58,417)
(58,417)
4 720 081
4,720 081
Unrestricted
Funds
Restrlcted
Funds
Total
2024
Investments
4,695,179
4,695,179
Cash at bank and in hand
113,545
113,545
Creditors falling due within one year
(54,864)
(54,864)
4,753,860
4 753 860
15. Reconclllation of net (expandlture)Ilncome to net cash flow from operatlng
actlvitles
2025
2024
Net (expenditure)l income before gains and losses for
the year (per the Statement of Financial Activities)
Dividends and interest
Increase in creditors
Net cash (used in) operating activities
(89,043)
(69,602)
(113,419)
3.553
198 909
(121,924>
173,570
16. Analy31s of cash and cash equlvalents
2025
2024
Cash in hand
Cash included in investment portfolio
Total cash and cash equivalents
67,755
113,545
159 507
150,328
18