I have a BLOCK TIM 100 isolating transformer, designated at 230 Volts 1 amp primary and 2x115 volts out, or 230 volts out, but my DMM reads the output as 265 volts. Why is that? Advice please?
Transformers have a rated output voltage at their rated load, so an unloaded transformer will likely read somewhat higher to allow for voltage reduction under load due to primary and secondary winding resistances.
The variation from no load to full load is called the Regulation; for a tiny transformer it could be eg. 30% high off load, for larger ones the difference gets steadily smaller.
The one you have has a regulation of 8% according to the data sheet? (1.08 x nominal voltage, off load).
If you are in the UK, the mains input could easily be anything up to 250V, which will increase the output proportionally.