2024-07-31-accounts

Aiinual R ort andrnSfV inancial ments for - the year ended 31 July 2024 ROBERT GORDON'S COLLEGE

Annual Report 2023-2024 This report covers the year to July 2024. and provides a commentary on the educational and financial activities of the College during this time. Robert Gordon's College has been a registered charity since January 1992 (SC000123) and these accounts are publicly available through the websites of both RGC and the Scottish Charity Regulator (OSCR) Chair's Introduction 18 Environmental. Social and Governance (ESG) Report 19 Bursaries 20 Charity Work and Fundr￿sIng 21 EducatK)nal Public Benefrt Scottish Education Support 22 Support tor the LIKal Business C(xrYnunity 23 Equity, Diversity and Inclusion sUst￿nablIty and Net Zero Message from the Head of College Annual Education Report of Robert Gordon's College 7 RGC Community 9 Values 10 Leadership Structure The Board of Governors 11 The College Improvem8nl Pkan 12 Teaching and Learning 13 C(Fcumculum 15 Pastoral Care and Saleguarding 16 RGC Online 17 Educational Partnerships 24,,--,. 33 Financial Statements •tiEle tit navlgat•l

Welcome to the College's Annual Report The year ended 31 July 2024, and the months since then have presented a fascinating and challenging environment for Robert Gordon's College. Great results have been achEved. plarE lo grasp oppLY- lunrties are b￿ng deveknped and ￿[￿rrEnts arKJ the rrry contnue to present ￿gnrf￿nt challenges. Starting wlh (xjr obiecbv8 sUSt￿nIng arKJ constantly Improwng Ihe qU￿lty of tha Rob9rt G(￿d(￿'S gducational expgnenc8. OLK pupI18 continua to astound wrth oxcellent exam re8utts across tha tx)ard Tha qLJality of attaIrnr￿nt f(K all students Is admirable and the rarwJe of rost-s¢hwl destinab"(￿S Away fron the tradib.onal classrcrtjn, GoverrK)rs are Impressve ALW). as explained in rn(xe detajl by Ihe Head of f(￿uSsed a nLmber of optKKtunitie5 to bo151er revenup Cole. we rec&ved an inspecb.on by our chief EQucatiorbal 5treatns and build reslience. Work wntinue5 on devep regulator His Maiesty¥ In5￿torate of Educat(￿ IHMlel. O￿ng the quality of the leadership t&gm and we have made The Gov8rnors are d8light8d with th8 exce118nt reportfrom th succ8ssful ap￿ntm￿ts In tr8 ar8as of HR and Op8ratons wh￿h wll reap bengfrts asw8focu8 on Ihe strategyot stream- Iiryno operakns and proca48a8. as well as I(￿uS on opport nitias lor additional Inc(xno such as RGC Onlina groaler leveraoe from stKrtts and olher facilth"es. In5peGIK)n whiGh validates the edwab"(xbal Strategy so ably executed by all our teaching staff inspect(Ke tearn was rK)t only impressed by the excellence of our pupil att￿nrnent arKI 8quIty for dl learners. but highlight￿1 the 8thos of th8 Cdlegg as well as the F￿￿ttv￿ rn(￿ and hap￿nesS of tPK>S8 Governors take a that learn arKJ ￿rk at SclKK)Ihll k￿n Interest in the day-to-day experiences ol children, young people and staff For example. Governors conduct learning walks and meet l(Kus groups ol staff and learners to hear their ews and opinions. M(xe 1tntxxtant￿. we r￿[￿Jnk￿e Ihatfamilie5 rnakea&gnrficant As a result, GoverrK)rs ctrK>￿e and finamial c(Knrnilment In sending th￿r children promde strategic advice to Rot￿ Gordonb l assure you that th8 Gov8r[K￿8 and and guidance lor managementr8M8w and chJl8ng8financid pro￿knonS- and that W9 wll conbnue to do everything possiblo to manage (xjr improvement based on t)alanced budgetand f￿u8 C(￿ts1Operat￿ effeclwess an inft)rmed In&ght into while maintaning the quality and tKeadth of education No sch(x)I life easy tath. l assure you. His MaJBsVs InSP￿te of Backto contents

Other challenges face the College. I am especially indebted to all our staff who take their safeguarding and welfare responsibilities so seriously and carefully. The leadership of

is instrumental in providing this safe environment and the results of our inspection provide comfort that we are doing the right things to look after the pupils’ welfare – but we are not complacent. Welfare and safeguarding are high on the Board’s agenda and continues to get utmost attention.

As I commented last year, philanthropy and community good are at the very heart of Robert Gordon’s ethos. We look forward in the next few years to celebrating the tercentenary (300 years!) of the original establishment of the College and can take a huge amount of pride that the objectives of Robert Gordon himself are alive and well in the College and throughout the Gordon’s community.

We are hugely grateful to all our donors – whether individuals, families, trusts – who give so much in the way of money, time and effort for the good of current and future pupils. One of our key donating trusts is currently undergoing a reorganisation and for reasons outside the control of the College has paused donations for new bursaries. This, and other economic factors, have put our overall bursary programme under some pressure and the Governors are very focussed on rebuilding the number of new bursaries. However, we remain hugely proud that so many children currently receive a bursary, or some other form of financial support, from the College and its donors.

There is much more to talk about – so please read all about the College activities, successes and challenges in the rest of the Annual Report.

Despite a rocky landscape, the Governors are confident in the College’s strategic and financial resilience – founded in educational excellence and supported by sound financial management and oversight. We have a strong team, well led by – and I am hugely grateful to all our staff for all the effort and focus on quality in what has been, and will continue to be, a challenging but rewarding time for the College.

This ethos of

philanthropy and service to others remains a strong feature of the RGC co-educational community today.

His Majesty’s Inspectorate of Education report, May 2024

Chair of the Board of Governors

L to R: S1 Orientation Day, S6 Graduation, Junior School cricket at Countesswells

4 Back to contents

Message from the Head of College This has been a very successful year in terms of the educational progress of our pupils and we were pleased to see their successes recognised by His Majesty's Inspectorate of Education (Hmle). wa5 our first Inspthm fix tnany years. and r￿￿ed a wTh1st￿ have had an except￿￿ year intertn5 of ￿uCati{￿. SenK)r thder8 and coveted of'exi%llent' tor pupl attanrrEnt and ￿uty for wder challenges tx>lthcally and ￿orK)Mic￿lY have Governors use their all 18am￿S We hav8 outstanding staff and th8ir coMMrtrr￿t t￿n 1X￿￿ning. We fwdamentally disagr88 Wth th8 new knOw￿dge ofthe and professK)nJisrn are Int9grd tolheory￿ng SUC￿ ofour mrnent Ihat edwatson bo taxed. and we havg indwidual circurrElw￿&S putxls. and we are aso gratohjl to (￿[ parents and f8rn11 w(xked wth ￿tor gr(￿pS such as ISC, HIK, ISBA and SCIS for their supwrt Tre surveys Ihey COMp￿ted, fttus to help this c2se thr￿gh collective k)bbwng. The s￿￿91 of chi￿ren. y(xJrYJ gr(yJps they pwts"cipaled in inspeclcs. sh(woY an valLethaltheC(Alege prowdesisdetsl￿dintris annuJ rerortè peop￿ and their famil￿8 irKtediLle ￿e1 of pride and 5UPkLrt for RGC. We never take ESG sects"￿. and ￿ wll conbnup to folkjw ethos sel (MJt very t￿)UghtfullY. A very thk% granted. by our foun(r. Rob￿ Gordon. in b&ng a Sock11￿ diverse range of children O[gan￿a￿"0n se￿￿[￿ Is at the heartof an RGC educatK)n. and and young pyle year sI￿d ￿db to sc¥ne exc8pb"(xwl 8erv*mts to th8 annual rgP(rt shows I￿[ InCr8dib￿ c(xnrrth8nt to publ￿ benelrt from the weatth RGC.wth Ihc'el To￿lor-.0 Iwadotthe Jurior ScW)11 i!ticl)erl. and of aCad￿1C and iJunior &h(KJl ieacherl. Tlw have been l￿12t￿ndIng enriching wder PldLlIliLKieis drid sliLVly SUPWrtersof the Gordon's (XKTiiiiuiiity OPFX>rtunthes on offer at over many years. and we wll miss Ihern greally RGC, despite OrK)M￿ and other r,hi?Ilp.ngp-., His Mqi8sty's InSp￿ate of Educath￿ report. M8y2024 Head of College pupily oUPPOrtng their ard iJPOrt& Day, NurE6ry Mus¢ knon. Iiisl day of Ba(&to conlenls

JIJ I, [( rj Bathlo

Community Robert Gordon's College is a &18 school for around 1500 pupils in the heart of Aberdeen. It consists of a Nursery. Junior SchcK)l and s￿l0r School th all three situated on the main campus al Scho)Ihill. In addition we have a 3&aGre sports ground al Counles5wells which is used for sport and outd(K)r education by all age groups throughout th8 y88r inclLJdes fwe sp(wls sectr)ns. for ruoby. hcckey. relball. oolf and cn¢ket. The vibrant life of our 8chwl cornrnunity is captured in our annual publications. The Gordoniari magaane covers all of th8 8v8nts and succ8S88s of our pupils, and th8 form8r W8 havo a larg9 numbor of teaching. educalon suppiKt pupil community. wtrich 18 reprosgnted by thg Gordonian and business support staff. as wall as ad Mc employeos Association, Is covered In the Pelican in areas such as supply leachino and exam invigilation All slaff undergo a PVG check. and all leacfers have lo reg151ered wth the GTCS The sch(K)I has built up a very involved alumni communty from across the globe Former pupils add signfficant value to young pei)ple8 ￿aMing. lor example by shariro their knowledge and experience ol different career paths and opportunities HIB MaJBdlB Inspectorats of Edjcatson iepcrt. May 2¥)24 (￿er 14.(m forrner pupils are spread Eround glotE. Our Dev81(pm8nt Off Ic8 keeps connect8d wth th8 sch(xJl. and provides a rangg of social and professK)na events lo create lurthar Opp(￿InI￿"eS for ongagamgnt. which prowdes valuable oprKKtunib"es for pupils currenuy at the sch￿1 In addib"(xi lo this, (yJr f(Krner pupils are reprewled by the Gord￿￿4Th As5wiats"on whiGh trgani5e5 regional events and funGtions to keep Gordonians 1X￿ected to one another Th15 aOCkv￿88lrorn top". firstday cl SC￿1. pupqs SLpporbrvJ I￿r H(xJse at Swrts Day. PLpils wwe invited by af(JrrnBr pwil to V￿11 ￿ G￿le1)ff New Yotkwhilatherefor Tartanweek. P4Artaass ¥￿th speGial1start￿￿r c(ntetrtS

National 5 Over S3&S4 pupils ¢hcK 95.￿/. 160 96% A-C Passes 75.Y/. Pupi15 in S3 We offer pupils a Ire8 choice of subFcts L••wr6go¢nt HitywaTro Furtngr Eduo&tion. A Pa38e3 24 subl￿ts S5 pupils chwse from Ctrcurricular Clubs Higher S5 Nat 58 28 Our Nursery has a quallllod laachw and speclallst subject teachers for chlldren aged &5 years old Highers Ins6 putxl- ho￿ a ckoicecl ..as wall as HMIE Inspgctors ratéd RGC 'oxcall&nl' lor Ralslng Attalnmont and Achl&vemonl 62 32 A-C P888e8 vupil 4￿5 25 High8rs SXAB Hi Advanced Higher S6 Alumnl or located in Ngarly 155 591 1300 286 pupils are 8pooker8 ol a native language other than EnglL8hl yaar8 of history and tradltb)n A-C Pa countrie8 acr088 the world AH oxam "47 million 1.51 Btafl speak njjre than ona language investsnent in facilitie8 slnca 2(rf59 diffarent languagas spoken by pils ehf>oI S Sci8n( Droma Musio Freneh

Values RGC has five core values: community, leadership, resilience, innovation and curiosity. The schcKJl s established core values ot cotnmunity, curiosty. innovati)n. ￿aderShip and resilience are cleady underslcM)d by all. The sense ot cixnmunrty Is highly emdenl across tl I￿ life of the sch(x)l. -.ri,4 In daily Interathons l J￿.w￿n staff, children I"I,J young people. (Xx core vaues under￿n al that %4e (h) and are tre qualities we am to insbl in all of our pupils. (￿[ aitn 15 to pupils to settheir(yèrntargetsin the confidence ttwwll a1*N8velh￿n. - Majesty's Inwtorate of EducotK)n report. May2024 Chxkwse fr￿ tsr kft. S1 Histwrf ￿080￿, F)nzegMng. Sp(yts Day, P6 residentid trip tGAlhacnche. P7ScETN Ckjb Ba(&to conlenls

Leadership Structure The leadership of the College covers academic and operational functions. TIE5e are overseeri by Ihe College Execub"ve. which team of Principal Teachers. The Head of Senior School 18 COnSl8ts of the Head of College. Head of Junior Scho(￿. assisted by three Deputy Heads. covering S213, S415. and H8ad of Senior School. the Chief Financial and P8opl8 pastoral car8 Ther8 ar8 Iwo H8ads of Y8ar, for S1 and 86. Officer and Clerk to thg Board of Gov9rnors. and thg Chief The Sonior SLT 18 supported by middle loaders. such as tra Oparating Otticar. Haads ol Department and Heads ol Guidancg, as well as Senior leaders have a other specific leadership roles This sesgon. a reslructLJring very g(K)d understanding Educaiional leadership is ryovided by IheJoinlSenior Lead- prcoramme led lo the creation of 3-18 leadership roles in ol the slienglhs of ership Teaw ISLTI This consists of the Head of College. SGienGe. the Creative Arts. and Language5. with oversight the sch(K)l and have Head of Junior SchuA and Head of Senior School. and the of teaching and learnirig for all age5 and stages wthin Ihe Deputy Head Teachers. In the Junior School. the Head of scho￿. idenlrfied key areas for Junior School Is assisted by two Deputy Heads. cov8nng further development." Nursery to P3 and P4-P7 Thgy In turn are assisted by a The Operation￿ dimension of th8 Scho￿ is18d by the H8ad HkF MaFtys IrwEcI(Kateof ot Colleoe. CFO. CPO and COO. Key Igadership roles Educakn reFKrt W2Y24 are covered by those with the tila ol Diractor. namely kne tireclor of Development. Markelino and Admissions IDMAI, the DireGlor ol People. and the DireGlor of IT The 808rd of Govemor8 Th8 Board of Governors is by a Chair arKI ￿ce Char. Und8rtr8 r8W88d corEtstUb(￿{2O23lth8rear8 representat￿8 from tho Gordonian As5(￿la￿On. tho Unwargty of Aberdeen, Robert Gordm Univwsty. ths Soven 1n¢XK￿rated Trades. the Aberdeen EndcmNr￿nIsTru8t. and the Preswery of the Nc￿th East and Ncflhern Isles. There a¢ also Ctropled Governor5 ho prowide a breadth Of5￿"118 arHJ experien￿ required lo oversee the leadwthip of the col￿ge. All GoverrK)rs ser￿ i avoluntary capacity and are ntA r8rnun9ra￿ for th￿r ro￿. Chief Peop Head o Jncr He￿￿ gea Head ol SBnioi ChefOFeTalws 10 c(ntetrtS

The College Improvement Plan •4 Priority 1: Academic Improvement Priority 2: Pastoral Priority 3: Co-curricular Priority 4: Professional Learning Revlew currlculum rationale within the 3-18 currlculum and super-curriculum Develop staff use of Wellbeing Manager {ISAMS) Conllnuous improvement of Increased range of co-curricular activities from 3-18 Contlnued evaluatlon of Professional Learning Pathways and a stronger culture of staff-led CLPL Contlnue to Increase awareness ot and respect lor dlverslty and inclusion Focus on curriculum progresslon at key transition points Increase opportunities for staff to undertake significant CLPL Accurate tracklng and moniloring systems Use assessment data to track academic progress I Enhance staff wellbeing systems Promote a culture of service Specific CLPL focus on neurodiversity across 3-18 departments Enhance the digital curriculum 11 Ints

Teaching and Learning A major feature of the RGC pupil experience is specialist teaching in art, music, drama, languages, science, PE, and Sport across all age ranges from 3-18. Tosupport Ihis specialist leaching, new departmental struc- ture5 were Grealed this year to provide GOntinuou5 learning. curriGulum de&gn. and enhanced transition Heads of Department Iri Science. the Creative Arts and Languages W8r8 e8tablish8d. wth PE and Sw)rt dready existing as all-through departmgnts Posb"vely, teachers in dl senK)r ￿￿Kx)I subject departrnents are m(xJerab"ng the FE.S2 curriculum wth cdleagues in the junior schwl. This is resulhng in stronger c(xJrse planning pr￿esSeS. as well as Cr(kSS-S￿tor ¢3JllaLx)rative wort<inq HIB MapsWB InSP￿tOrate d Eoxabon reFIrt. May ￿24 Attalnrn￿t continLJes to be ￿tStanding. wth excellent exarn results In the Senic* Phase A particularly pleasing a5peGt of thi5 years exatn results were the reGord breaking leve15 achieved by S4. the year group that had a d15rupted transibori from P7 to S1 as a result of lockdobw during the COVID-19 pandemic. In February 2024, tho sch(K)I was Inspectad lor tha first me In almost decades by His Majesty's Inspectorate of Educati￿ (Hmlel The s¢hcol I￿e1Ved a very stroro report and was rated a5 'ex¢ellenl' lor 3 2 Raising Altanment and Equity for All Learner5 RGC was also Identified as sector leading In four area5 Commitrnertto ￿ulty. dN8rsty and inclusion IEDII RGC Onlino Carear L￿0 profe￿￿￿ Learning ICLPLI f(K staff Internati￿al partnersfips Ckx4iw8e fr(mt(y ￿ S￿¥0[ hod Fxodlth of GreaEe. P1 &18r￿8. P6Art. Msndann, Cricketst thntesS￿l￿. Itrterrn￿ate Concert Barxl. 12 c(ntetrtS

Co-curriculum _ RGC provides a vibrant Co-curricular offering to pupils at all ages. Clubs. ¥KJ covorthg ￿lSU￿ 2nd pgrtorming arts. acaderThcg, Swrt. outdoor adUCats(￿. cuttura. samca ning as well as the purdy and fLJn The Jwior and SenK)I Scb(tl run Ihgr ovm specrfic prcoramrre. I￿gh rrE aGtivitie5. 5UGh a5 the Fipe Band and High￿nd DanGiW. coverage gK)ups across both part5 01the￿(x￿ Intotal there areover70IxFcLwncUlarclubsandacbv￿eSIn￿junK>r￿(M￿, and ov8r l¥J In th8 S￿10[ Scmol SeNc8-bas8d aming Is parbcularfy strong. a8 seen In the brant CCF and Iha vary high uptake for kne DLJke of EdinbLJrghs Awdrd lone of the hiofest in Scoyandl PU￿ are aGbvdy ￿CoUragE￿ lo partTr ipale lo devdop and errK>borN4ly as ttrw FX(NJe&8 thr(xJgh the scthl. An outstandirYJ ran￿ ol der acbvthe8. clubs teams B ￿ible to all Chi￿[￿ arKJ ￿ng pe(￿￿. Often these experiences take pla￿ at lithe or no (x>st to childrffl. Wur￿ p￿p and falriles." c1(th￿Setr(xn a￿￿e Dance aub. ￿tt%￿l, Padd*NJts. Pipe ￿d. Akjtsnenl &xxety His ￿9JeS￿S Ins[￿tr￿ate E(knabon reptKt. MayS)24 13 c(ntetrtS

Residential trips Residential trips form a very important part of the RGC pupil experience. There are ryww optKxttnthe8 for our Fxjpils to enpy Inps bey¢￿ thg schcxA oates, WinThng in Nursery arKI contnuing trr(xoh thQirJun￿rand sen￿ years Al pupls have the opKutur¥ty lo partlcdpale In a wde variety of trips and louis lo sult Ihgr (Mn interests. both kxzlty and furtkEr al￿￿. albwng lh￿n to expand th￿[ hCxiZ(￿ and bL4ld 5eK-lth￿en￿ away 00 Senicy leaders and Governors use th￿r kn￿edge ol the IndDiidual circumStan￿S ol children, young pwle and their farnilies very lhoughthJl￿. A very diverse range of children and young peop benefit Ircn the wealth ol cademic and ennching W￿er opportunits.es offer at RGC, desprte 8ocI(keix)nomic and other ForJunwSclth PUFxlsinP&7tlwaretoAnnac￿h9. ￿gUS￿ and Glasw. Sch(xA pupls hav resKIent￿l trips in F¥wts Wk n JU￿, wth S1 goro to varK)Js ktabor6 in Swikr(I, and S2 and S5 hawng opkK¥luri to travel atmoad In addrfK￿. Ihe are rrkqny bestth Inp opwthj. rNb88, such a5 the GwraF lrip to Ic8kJnd, thg Mu&c Tour to W. thg SFXXts to &x HwJhlarKI ti¥rers perf¢yftiro at the Tartan Day Parade NWY His Majesty's Inwtorate of EducatKn report May2024 c￿th￿setrCffi S1 ProOsWeek. Amnachrth. DdguiBe. Itdy T￿r. leekrd. &)Jth Afrtasports 14 c(ntetrtS

Pastoral Care and Safeguarding Pastoral care at the sch(JJl is multi-layered and every child is well known to staff. Child protecti￿ and safeguarding are of paramount irnpor- Inthe JuniorSchcK>I. each classha50ne class leacherwhois tance and we have w81188tat>lish8d and clearty und8rsto(Kl the principal contactfor 8ach child's car8 and d8veloprn8nt. sy8tgms in place lo onsuro that we mggt tho needs of evary Across each y9ar group the classtgachgr Is supported bya child in our care Although RGC has approximately 15m cornpatent classroom assistant. and children are well eare pupils. the ratio of pupils to teachers r￿arned congstent al lor tjy a playgroLJnd supemsor during breaks and lunch 8 9.1. which is exactly In line wlh the Independent ScfK)oI There are no composite classes. and we have not had any Ci)uncil¥ averaae for the seclor la55es with a lo￿Share. arrangement In place Children and young people benefil from a nurtunng and inclu￿Ve ethos across the school. Staff recognise fully their role in supportir)g the wellb&ng of all learners. They have posts.ve and mutually respectful relat￿nShIpS Mth children and young people across the schcx)l. Siaff know learners very well as indiwduals and use th"s kno￿edge to inform approaches lo universal and targeted support" Hs Ir￿[￿Atrate E(knati￿ r£FX)rt. May2124 We have a Wellbeing Centre staffed by highly qualifEd nurs8s. who also workwthin the NHS. Th8 W8llb8ing C8ntr8 tracks and monitors pupil h8alth across th8 scIKK)l and this data Is reportad to tho Board of Govarnors The sch(K)I also employs a counsellor lor more serious mental health supwrl We have Heads of Guidance wfK) follow the house stIUGlure. pupi15 from the same fatnily ats alloGaled to Ihe same house. and therefore the satne Head of Guidance. so the fatnily Is well known to them W8 hav8 a 8p8crfic Gov8rnor8' c(xnmitte8 for safeguarding. which has external advisers for critscal scrutiny. Our Hmla ratK)rt found no significant concerns wth safeguarding and made only minor recommendations Lto H. P8ychlogy. Nurw. P4 15 c(ntetrtS

RGC Online , Live-taught "I vxxjld rec(xnrrwd RGC Online to others as rt Incraasos.. the av￿lat￿lty of subpcts to areas Ihal d(￿,1 offer Ihem. I applEd becau wasnl ": an offering a¥￿lable wfwe I ved and rt prewted rrE "" "l apth1￿1 to sttjdy at RGC an opFx)thJnity to do 80." ' Onlin8 becaus81 couldnlfit rt . m RGC Or￿{A￿Au(￿n£ ¥ Into rry tsrnotab￿. W i &￿tish￿}rders la￿)urite partof the COLfSQ ¥ sofar is tsttr￿re are ¥ of rKacbcd c￿n[￿￿entS 10 Ihe cojrse. the parE 15 very 1 steady and Ihere is pknty of sukyxtfrom the teachers." , ￿ RGC Onkn8Slud8nt. . virtual SQA Highers Developed with OBERT GORDON. COLLEGE universi & industry parlners RGC Online was launched as a response to the pandemic and was inspired by the Logan Review (2020) into Scotland's tech ecosystem. SUPFXXter of the FtGC c￿11 initiative enabling skndenb acr(6s &Oya￿ to vledge orf ar¥J leadirvJ t(} br1￿ &qreer ctrKMces in the expandng t￿nak￿Jyspa￿. , Th8 uxeleratng glotx ". d8pWrwtofswh te¢￿. (yosis drimw Iho rwd ftx r￿S￿J11￿ in the WC￿￿￿e. and in¢JJ ihe ueabon of Additional rty self-study ' tech modules Artilici Intelligence rthen ￿.U Highpr Cotnpuling &ienGe and be5pJke mothles FtGCOnlinehasaclearfrtuson lechrK)loJyeducalicn thr￿jgh on Arb[i￿al Intelligen￿ IAII. data 5GEr￿e. computer garrE "Altera lethrship ." these S￿lISets RGC Onhnes design. entrepreneurship arKI cyber 5ecutty. The platform ' al￿w8 pupls frorn I￿r￿S Scodand to b8 taugm CA)mputsng ' i at Micri)￿ftXtK)X. and rKN4 as ￿line teaching prowides a . an ad￿￿ to nUtn8￿￿8faSt. rK)vel apFXtxx to prO￿dIng S&enc8. W[￿ (ir8Ct Instructi(￿ by a highly quaIrf￿d and "W8'r8 fKJt far ortfrixn a gary￿ ctxnwni8S. thisearty ￿hn0k￿tr￿nlng experianced teacher. Many otthaB8 PLJFxls aro unable to tako i wlw8 as￿balty avgry :: I'm constanty awarg of Comwbng Scaence as a subject atlhgr (Mn scfths. company, regard￿ of stago hu￿ imFX)rtar￿o1lhOmd￿) erating ex0t￿nent or sect￿, wll need to devebp. oaTrEs irKJustylothe UK a￿1 the Capabil th.es ofthrs Ojr sec￿￿ nabonaj c(A)ort cJ)rrpleled tt)e Ffjgh￿ CunpJb"ng ' sortWa￿. Tris ￿lyfurther$ ¢¥xri¢ and cuthral life. Wth.: I￿￿￿0￿y. and leing lo the &Jence IxxJr5e In ZY24. 11XM of pupi￿ achiewru A£ i Ihe itnkK)rtance of devekyirvJ . thk8 in tTrnd. l arn ir￿￿e{￿b Creati￿ d newexFErt tx grades. arKI an incredible 89% achwng an A grade. We ' great Al arKI data sC￿￿e excited by the RGC (hlir to drive tX05tEcts ofthis 8r8 delg￿ tr> parkn8r wth Ab8rd8en (Jty ￿nCil,S ABZ :. tal￿tt0 erthle e(xnpan￿S to :: prwt arxl rts potenbd to n8wt￿n Campus. and w8 contsnu8 to supwxt WFxls Imth bursary . d8lightth81r custotn8rs and FXth(￿ SctAland as a k8y pL9CQS to ensur8 the bmdest p¢￿￿ble accxss to thg serVK￿. dgliver prO￿￿￿tr￿t mattgr. s￿rCe of y(xJw errwging We wll continw to partner ¥rilh autlKXitEs as .: Tothat end. RGC (￿lIne Is lalwtin tri8 r4xdtyarcA4iro to up. and we wll be intrrucing Appli¢atw ￿ Matr an inlellKJenl, Th￿￿¢$ in ￿24-25. tabred learring solubon thal I provKJes young people in ' Flatrvche Gonsulbrig ' ￿lland the neCe￿ry buildiw blocks to notonky partscipat8 In. but dso18ad. 100% Data Science and Machine Learning Sludy alongside local school timetable ' WB pass rate (August 20241 Gam8 tbsign Security Entrepreneurship Quantum Ccmnputs'ng News! Small Read the latest news aiK)uI RGC Online al (xx lo IirKI ￿tm[￿a ..iy)ut RGC(hli 000 £££ ocho sizes, 16 Ints

Educational Partnerships scis Leading Indep8TrrJ*nt Schools HMC RGC Is affiliated to the Scottish Council for Independent Schods ISCISI, the Heads. c￿ference IHMCI. and the In¢Jependent Schools Council IISCI. We are a member ol the Global AllianGe for lnnovats.ve Learning IGAILI. %thiGh C(n5iSt5 of eight sch(x)Is across continents RGC repr sents Europe and we t(x)k part In the GAIL conferenc8 in 2023 at Knstn School. Auckland on diversity. W& have an historic partnership wth the New Zealand governrr￿nI whereby the ota￿ Scholar ltre schcK)I capt￿n in Sel wsits New Zealand after graduating from RGC. This baGk to the snking of the SS Otaki In 1917 during the First World War. We work closely wth Otakn" College on plE￿ning the Mst. and we have a reciprocal arrangernent for an ota￿ pupil to visit through th8 Evenss Trust We also have a partnership wth St Andrews College. Christchurch. where we hosttha Robert Burns Scholar an annua basts. independent schools council OLJr nursary provi&on is In partnership wrth Aberdeon City CA)uncil, as we provide the 1140 hoLJrs in a year round setting. Wework in partnership ￿ various a￿3$ with Robert Gordon University InGluding student pIaGe￿eTrts. arGhwal tnaterhal and sporhng facilities. We share our sporting facilitie5 with RGU to enablethem to play BUCS fLKtures at Countesswe115 on Wedn88day aftern(x)ns. We partner wth ihe Massachu5ett5 Institute of T￿hnOlogY Imln. which means we have sttjdents each year worknng wth statt and pupils on inrK)vation educatsonal prO-r￿mmQ.= ABERDEEN CITY COUNCIL Mass3chusetts Technology L lo R.. GAIL pupikvisit s￿￿￿1 with se MIT sknKlent In WKXA. ROBERT GORDON UNNERSITY A8EllttEEII 17 Ba(&to conlenls

Bursaries Robert Gordon's deed of mortification (written in 1729) set out a vision for a school that would support the children of 'decayed burgesses,, to provide an education that they would otherwise not receive, in order to prepare them for the world of work and to contribute to society. Nearfy three centuries later. the 5ch(x)l is a registered charity and we take our founding as a contnbutor to ￿d8r SOC18ty very seriously. Bur5arie5 are supp(Kted through a variety of rneans." many come from well established trust funds, such as Ih8 Abgrd88n Endowm8nts Trust. th8 Duguid Trust and Ih8 Burnett Trust. The significancg of the relatonship wth AET is damonstrated by tha presencg ot RGC Govarn(Ks on tha tr￿ard of AEr. ot￿r bursaries are funded throLJgh donations which need lo be renewed annually. Bur8arles The schod remains Iruo to its IOLI￿ing othos by runnino one of ffDsl extensive bursary programrnes in the UK. which 15 also seGlor-leading in SGotland The rnajority of bursaries are 'tran51ormalional'. which means 1(K)% of the tees are covered as well as some of the ancillary costs In the 2023-24 8ch(K)I s8ssion. 124 pupils w8r8 Iri rec81Pt of a part or full bursary, wth 39% of RGC bursaries g￿ng to pupils Iiwng In areas of highost deprivation. as moasured by the Scottish Indox of Mulbpla Deprivalon ISIMDI The Junior Foundaliorer Awards were launcfed this year and this extends bursary provision lo all ages in the JuD￿r chml IP1-71 This ethos of philanthropy and service to others remains a strong feature of the RGC C(Feducatsond communtty today. Hs m￿es￿S I[￿pthate Educakn rwrt. May2124 Lto R.. S6 Creth Induslnes ccwse, S1 day, SFxNts Oay N£ke." 7hepuprf8 feafuredin Ihesesth aEnDtknary 19 c(ntetrtS

Charity Work and Fundraising The school raises a significant amount of money for a variety of causes, locally, nationally and internationally. Thi5 year the JurNor Schwl rased over £10,(m. and th8 S8nior Sch￿￿ Chanb88 ComrThtteg rasad over £8,CXK) through sp￿ffj pupil-led campaigns Chwiiies land charitab ap￿s) whiGh have re￿Ved d￿a￿onS fr( RGC include". Educational FJblic Benefit schwl promdes support Ihrough m8mb8rship ofvanous notw(Kks and partrwship8 which have an educat￿ fttus include." Aberdeen Mosque a I￿a[nIG Centre . knrdeen S￿ondary Schools N8tball Asswabon Abgrd99n SYr￿gogue Tho ADHD Foundai( Astro[K￿Y Sttiaty Cricket S¢oYand Inlerlailh Scot￿nd The In5ttute of Phy5iG5 Netball olarKI Urnpiring C(xnmtt88 Peacockmsud Arts Ab9rd￿ Cyr8nians AbgrNecessths teenage cknthing appaal The Empty Pots Inib"alhie HorrE Starts'cosy up lor Christrnas. appeal arHJ t￿￿￿{ dnve for Iheir shop Instant N8ightK)ur- food tk)nabons at Harvest and Christrnas dbank collecb Rot8ry shoe tA)x appeal The S¢olbsh Refugee CounGiI The Trinity c￿tre Easter Egg app8 Bayond Srotxaryca ScotL3nd C.kx-.kivi. IriNri Robert Gordon Unwersity abov8." &8 pupiLs at . SqTPE Aberde￿ Cyr￿lanS. PTCharthes C(xrmthe. thsh Malhetnabc AbBrns(￿SibS8Coll￿tiOn. ncil Chrislwos JumtEr Day, SenK¥ The S(x)ttssh Rugby un￿ ChaTib&% c￿T￿n￿tee Univer81ty ofAberdegn f(xxlbarcolleckn( 20 c(ntetrtS

Educational Public Benefit We have also provided ' Scottish Education Support: A significant number of RGC support for schools staff provide support for the SQA: subject marking, paper in the state sector, setting and team leadership for other schools. and other community partners, including. In additkM lotris. Head ofJunior hool (to ' for Edl￿ts(￿ and InBwts txth Indepwdoni and Loc JJ1f￿ity Scknls Hea¢J of Ihe.V.riir l. Isa t¥Jard m￿tEr of ttE S(x)tb5h Cixjnol for IndeFEndent sch￿1. H8ad ot cdi •0• NalKnal 5 Aberdeen Ctrxldrffls Howtt 8￿1n￿& CcmputiTr) Manag8rn8nl knence treatn ￿dI PhotO9TSFthy tkarTh9 IT&am Leadl Spanish Psychdogy RMPS Flgher thtyJbru.' G￿Jr￿DhY pJtiLs ol trY)Academ ' Pdry C￿lynitt￿1(x HIK. arKJ a membw (A tre tiver5tyand InGlUS￿ Gr￿p for the I￿. and a trusteeof Be Dnd i￿ro.b-c￿lr.l and tr ler •o•o•o• . Ab8rdw Hartxxjr Hwer knerd￿ Irwred- NUARTfesbval "g &w- Pritnary 4 ass￿ A￿￿lation ofScoUarKJ.. N(Yth of Sc(￿nd, 2nd Classics ForAJI crty and Shire Dratna NelvKYk F9mle￿ Church Busin￿ Applicaknons Drama PhOt¢￿WhY English Hstw Sp2nEh ManwrrEnt ofmath FurKJ. RGC regularty lakes sludenl lea¢her5 ￿ plac£trEnt5 and encourage5 people to j(xn the teaching profes5KKI by prowding work 1 8XP8ri8nc8 for prospectsve PGDE aptyicants. RGC staff also support the Unwersity ol Aberdn¥ Education Sck%)￿ by wisiling trainee teaGher5 at other 5GhwLs to k undertake asse58rn￿ts. Fran¢&Scx)ttysh &oety Institute for Phys￿. Gettsw Girfs Irrto Phys￿ In￿atiV8 Open Space Trust (Xakn Cdlege la state 5GIKKA in New Ze landlthrixjgh trE Everi5s Trust PSY￿OgY C￿t￿rence arga￿serS hosts Ccrnputing Pwchdcgy Phibscphy Eion¢s Biobgy s￿enCe IT8Em Leodl HLman Phyycs HIg￿r Flolary Club of Aberdee gLi8nc8 Earty Int8rventK)n At￿rdS￿n STACS for Computing Scxen Techfest ausin8￿- Econ￿￿ MantrJerr Latin SAati￿(% Mtxhanics aths . ￿d￿SeQUE for G￿ra￿ty Fhlosopkry EkntTc￿1cS CtrEffwsty Phwcs 8KIcoy 21 Ba(&to conlenls

Support for the local business community aenerab.ng income and boosting local suppliers: We are a member of Prosper and the Aberdeen and Grampian Chamber of Commerce. We conducted an Economic Impact Assessment in 2024 with AGCC which evaluated the economic effects of RGC in areas such as employment, expenditure, city contributions, public benefit and public sector savings. The report demonstrates that RGC saves local authorities £10.6m by educating children OLrtside of the state sector.11 also shows that RGC provides a GVA contribution of £6.14M annually to the North East economy. £1.55m Investing in infrastructure, . distributing economic benefits across the community Direct gross salary spend in ' the local economy £7,643,000 Capital investment projects from 2019 to 2024. Esbmated to have supported around short-term construction 99% RGC salary expenditure is within the North-East region. Cg388 As a large school community with campuses in the city centre and at Countesswells, additional benefits are being realised through pupil and parent expenditure due to their attendance at RGC. 35% As a large city centre employer, Robert Gordon's College directly employs 388 staff. 39 % of the 124 Bursaries provided by RGC in 2023124 reached the most deprived i areas in the region RGC'S annual expenditure is with suppliers in Aberdeen City and Aberdeenshire. 22 Ints

Equity, Diversity,... Zero We are working with Zero Matters to conduct a full carbon footprint audit, and to plan for a transition to net zero. and Inclusi RGC is a highly diverse school in terms of its socio-economic profile. Our comrnitment to EDI was [￿OgnIsed In our Hmle Inspection rgport. We have an EDI ￿￿50n Group which consists of pupils, parants. torrner pupils, staff and 8Xternal stakoholders. It meets on a tormly basis and provide- SLJPPDrt and challenae on all iSSLJes relatina to how Ihe scfK)ol deliveis edu¢ation and how it operaies as an employer We ￿dUG1 an annual Gender Pay Gap Report. and have poliGies in place to ensure that RGC 18 an equitsble etnployer for all staff In our community. We have reduced our energy consumption by 61 % since our first Carbon Trust audrt in 2011. The EDI lidson group. ¢cnsisÈ of children and y(xJng peop￿. former pupils. parents. stsff and stakehdders. They add signrficanl value lo the revEw of schcKJl wlicEs 8nd praCti￿S. They succe&sfully prcrte 8nd celebrate the highly effectve approaches to inclusion, particular￿ lor those members ol the sch(K)I ccyr￿Unty with protected characteristics. As a res￿￿. RGC Is a high I￿luSive schcKJl where indmduds are supp(xted to feel Conl￿ent and reSt￿Cted by dl.. His Mapsty's Irwecloraleof Edu?￿￿ reFXrt May aY24 We will conbnue to Invest In systems and technologies that help us lo become rmre sustainable as an z organisalion. OLJf PUFMk lead an annual DNorsty Waek. which celebrates all cultures ￿rythIn ccmmunity Our ¢￿)mitment lo EDI follows our motto of'be all you Gan be.. ' We have apwinted an Energy Manager to kad in this area. We provide educatK>nal oppJrtunrtie8 for our pupils in curriculum. and z also through our super-curriculum. principally by our partnership with Powenng Futures. We have a Junior Sch(K)I co-curricular group called Green Beans. and In the Senior Schml we have a sustainability group called ROAR. Lto R.. D￿r￿ty A&anbly. pupils sarywing traditi￿ f(X￿ frirn drfferenl cultures on or￿ty Day. Pwils dress up In tradi1K*￿1 C05knTh8on DNet5ty tky. 23 Ba(&to conlenls

Financ Revie

Annual Results

Operating environment

The annual operating budget set in May 2023 reflected the continuing highly challenging environment with change being a constant whilst our management and Governors remained focussed on maintaining and enhancing our pupils’ experience. Nationally, after the year end, from 31 October 2024, general inflation reducing but still 4%, an unknown teacher’s pay settlement and political challenges to the UK independent sector as a whole emanating from the Labour Party pledge to apply VAT ons school fees. The flat local economy also means less families are able to afford and choose independent education. In March 2024 and March 2025, we shared these challenges, the action taken to date and the key messages ahead, with our parent community. We are always cognisant and sensitive to the fact that most of the economic and financial challenges faced by RGC are also faced by our community.

The work carried out to reduce staffing and operating costs in 2023 and reported last year, the setting of expenditure levels commensurate with the projected pupil roll and fee income, maintaining the reduced energy consumption reported last year, and the setting of an affordable level of pay review, irrespective of the public sector pay bargaining outcome, enabled an inflationary increase of 5.9% to tuition fees and a balanced budget after 2 years of reducing reserves. College Governors and staff balanced providing quality education and assessments, and managing finances in a prudent and sustainable manner. Capital and maintenance expenditure were again carefully controlled to preserve cash, with deferral of some works. The College’s financial objectives, namely to maintain expenditure and tuition fees at appropriate levels thus generating minimal net income whilst generating cash to reinvest in the school facilities and estate, continued to be modified to respond to the inflationary environment and current and predicted fiscal and local and national economic uncertainty. Headcount is at an appropriate level, and revenue streams other than tuition fees are being developed. Our trading subsidiary formally started trade from 1st January 2024 and this is the first set of consolidated accounts. We moved into the current 2024/25 session and financial year with the College financially stable and sustainable going

forward. However as referenced in Post Balance Sheet Events the UK Government has implemented 20% VAT on tuition fees from 1st January 2025 and effectively added 2.5% to our wage costs with the Employers NIC increase and threshold changes. As reported, in this unstable economic and political environment for independent schools, there remains a preparedness to make further difficult decisions ahead.

Financial Performance

During the year ended 31 July 2024, the College charity recorded net income of £167,000 (2023 - net expenditure of £1,964,000). After taking account of pension actuarial losses due to the asset ceiling restriction, there was a net decrease in funds of £1,045,000 (2023 - increase of £1,560,000).

The overall financial performance in the year is considered satisfactory. Operational results were in line with the budget recording a small deficit increased by planned non-recurring costs related to essential building facade and swimming pool maintenance in the summer holidays. Careful cash management enabled much improved positive cash generation from operating activities of £1,680,000 (2023 - £668,000).

Total income and endowments rose as a result of an increase in both school and nursery tuition fees billed, an increase in other income driven by a return to pre-pandemic volume of pupil educational visits and trips, and an increase in donations and legacies received. Tuition fees income was £21.1 million and the average fee per pupil was £15,077. The annual tuition fee increase effective from August 2023 was 3.9%. The pupil roll at the year-end was 1,527 taking a half-day nursery place as one place in the roll.

Our estate has been well maintained over a number of years, whilst at the same time there is a continuous need for repairs, maintenance and upgrade activities. This expenditure category varies each year as budgets are set to provide the required level of maintenance for our historic, impressive and demanding campus, with, if necessary, the deferral of non-urgent works within the budgetary constraints applied.

	Financial	31 March	Restated	Restated	31 July	31 July
	Year Ended	2020 £'000	31 July 2021 £'000 (17 months)	31 July 2022 £'000	2023 £'000	2024 £'000
	Total income
	and endowments	21,112	26,429	20,797	23,285	25,251
	Net income
	(expenditure)
	prior to actuarial	42	414	(891)	(1,673)	(67)
	gains/losses on pensions
	Net cash
	provided by operating	1,891	1,072	1,825	668	1,680
	activities
	Total Funds	27,740	29,709	32,343	33,903	32,858

Operating staff costs reported in our management accounts of £15.0m (2023 - £14.9m) were 71% of net tuition fee income (2023 - 74.2%). The number of full-time equivalent staff employed by the College decreased in the year although due to the increase in part-time sports coaches the total academic staff increased to 281 (2023 – 265). Pension costs as a percentage of salaries and NIC was 18.6% (2023 - 19.6%).

Finance costs (interest paid on bank loans) increased as projected and also due to increasing interest rates.

Fixed asset additions in the year, as detailed in Note 8, were £143,000 and depreciation of £1.38 million was charged.

Donations received in the year were £389,000, a significant increase despite there being no public fundraising campaign and the challenging economic environment (2023 - £190,000).

Back to 25 contents

Bank cash, liquidty and long tami borrowing facilrti08 TheCollegefocu8es on the Gen&raton and preservation ol cash. espocialy during bmes of a￿(ThIC ¢lowntLJrn or UnCert￿nty. whi¢hisc#iti¢altoeroble InvestmentintheCdlegeaYucathThl acb.wty and lo wvice bank tK)rrowiws. Th8 c(￿tNbuti￿S by th8 Coll￿8 ar8 det8rMIr￿d Inv08tmonts by the scheme acttjary Con￿￿0￿￿ the rrK)St racent tnanni Th& GOV￿nOr8. tK)Iicy to invest (k)nats(￿s anBir¥J from thg vauatim preparad as of 31st March ￿23. and adoplng a Gordon& TocJayarKJ Forever funds raferred toon page 27 The roll fr￿ard approa¢h lo value the pensi￿$ liability as al 31st Investrvlsc￿b.nlEtO be rronaoed m tollcrflfe (knerrus July 2024 This valualicn compiled by Ihe Scheme actuary by independ￿1 Investsn￿l adirystys. An Investment Policy is was Gamed out u&ng real returns as a basis to determine Ihe in plarE. Governor5 regularly remew tnatket tr￿d8 and ag &aletrtholCash FkM8sh(hv8fEtcash tKow(kdbyiwabtu disc(xJnt rate instead ofthe bond yieldsas required to be used investrnent strategy and obl￿e5 annudly. and rnore Oft￿ rf aCtv￿Of£1.7 rrilli￿1￿￿- W.7 million) ThIsw￿8 pnfKJpd 1nth8ac￿￿nbng standards. The resu￿Ofth8l￿ennl￿VaIuats0n n8ce￿1ry. Th8 established obi8cbves are to rnt￿nt￿n inGun8 U88d to $8MC8 bank Int8r8St and I[￿ri r8payrn8nts. established th8 furKJing 18v81 of th8 whd8 fund and ft)r each as a prK)rty. whilstJw88dang topres8rv8. wh8r￿[pO￿bI8, participabng employer. ThgfurKJing lovol andtmofulure sermce 1￿CaprtaI vaw 01￿(￿M￿ntIr￿eStr￿WtÈrOrthafUtUr0. Tl rale for tha Cdlega's membarshp In tm Noth East Scotland investmants are primarily hold for tha purwse of generab.no Pens￿ is based ￿ the average costfu pensitsi incomelo support Ihecdlego's bursaryprcoramme Inveslmonl scherfft lo prurfide lulure benefitstomanbers. and r￿verY0f incorreforlhe peiicé was£575.1JJ)1￿23-£4s8.(wIof￿thi¢h Ihe fundiru def￿Al as GalGulated In the 2023 lriennkil valuthon £443.(¥J)was aiocaled lo appeal fund5 This delermineslhe conlribution rateforthe Cde on a three In order to meet rts caprtd requirements and to suptth yearCyC￿. This ratewas28.4%froTnPpnl 2021 to MarchY)24 The marketvdLEof IrwestrrEnts at31 Juty 2(Y24. as detailed in R88eN8s policynoted on pag827.the College ublis8s 8tructured The funding po8Jbonforthe Coll8g8followngth82023trwni Not8 9, w￿8 ￿.3 millK)n13)23- £9 3 million). DO[￿￿onS and k)rylorrn txxrowngfaciltbos Thgcdlege kwsthgsefaalthes. vauabM Is posthvo. resutting In th9 dgficit recovgry olemenl of 18gacies wgre InVaSt￿l. as rgported atKwg. and tha C￿￿g9 our wor￿ng capita bala￿0& and cash flow proiecbons undar Ihe contribuljon rato being removed from Awl 2024 wth the inv￿￿ fUnds￿￿M￿ sabstacton1ygvenmartot(￿￿kns r￿Ular revw to ensure that our debt Se￿Iting reqUire￿ntS tribubon rate reducing to 23% April ￿4. part way and bank ca)venanls can be The COl￿ge rnainta.ns open Ihr(yJoh the financia year bg.ng rewrted. the 3 years and enabling GOMMUn￿all0￿ with the Collegeb banker5 to MarGh 3J27. {￿ar￿1. as sfK)wn In Note 18. t￿ra Was an I￿r￿a8￿ in tha total cash b￿a￿e to£4 0 millK)n atlhe ol year12023-£3 0 Milli￿}and nel debt as sfKMnstcKyY at£4.2 millk)nl2023- £5.8 million). Pen6ion 8cherrE1sBbility Asr8quir8d byfinancial reFxKbng standards. ts baaw8 sh88t r￿gr￿SeS an a&8et or liability In r8spect of a defingd be￿Irt pensK>n ￿h￿me. thg North Eastscotland Pension Fund, In￿lCh some olthecdleoes current and retired supportstaff part￿ipate {s Note 191 Al July2024. ￿ assetof£1.951,CKXI is rerxyled {2023- £2.829.(KDI The aGlual surplus rewrted by the Fund was £8.638.OOO1￿8-£3,48l.(xM}l buta oeiling applie5. 11rn￿ng Ihe asset the sctrK)ol rep(Kts to £1.￿l,(KX). The fair value of plan ass8ts and th8 pr888nt valu8 of fund8d obligabons both incr8a88d in th8 year pnrnanly du8 to changes to a nurnb8r of actuari￿ assUmpt￿s. The W as8urnpbon for gstablishing Ihediscount rate usestrovalueof P¥gh qualitycorporata welds in calculations. This melthd is Carried c￿rt by s¢hemea¢tuaryusing the standaid assumplionsand rKescribed approach Set bythe Internat￿al Accounting StandardsBo and the Finarrial RetK>rbng Council. The accounting polioy Is ￿e￿nb￿l Iri d8tal in Note 1. The Governors closed the scheme to entrarits In 3)16 to rnibgat8 futtJr8 Iiatslibesand rK)w proMd8 a IoN8rcost. d8fir contribubon ￿n￿on opbon apFKopriat8ky structtjred to recruit and ret￿n 8UPPOrt staff Futher Inf1Kma￿n on this oplon Is reF￿a￿ in Note 19. 26 c(ntetrtS

Public Benefit - Fee Assistance

A number of benefactors have provided funds to be used for the provision of scholarships, bursaries, grants, prizes and other awards to pupils of the College, primarily when attending school but also when entering further education. Some of these funds are administered by the Aberdeen Endowments Trust, which has supported pupils who would not otherwise have benefited from education provided by the College. Other funds are administered directly by the Governors and include awards from other trusts to candidates proposed by the school. The College continues to receive and be grateful for the bursary support provided by the Aberdeen Endowments Trust and other philanthropic contributors.

The Governors believe that the College’s fee assistance policy provides significant public benefit by allowing access to an independent education for many pupils whose parents would otherwise be unable to meet the tuition fees.

Guidance from the Office of the Scottish Charity Regulator (OSCR), indicates certain key measures related to means tested bursaries are used by OSCR as part of the assessment of independent schools’ charitable status. These are carefully monitored by the Governors and, taking the school roll to be the average roll over the three terms within the financial year, the key measures are:

2024 2023 2022 2021 Means tested bursaries as a % of fee income 8.5% 8.3% 8.7% 8.8%

Means tested bursaries as a % of school roll

100% means tested bursaries as a % of school roll

The Governors aim to maintain and/or increase the breadth of access to the school and have tasked the College’s development office with attracting the additional funding that this will require.

Reserves or Funds of the College

Notes 15 and 16 of the financial statements show the assets and liabilities attributable to the various funds by type, provide descriptions of the funds and summarise the year’s movements on each fund.

The Governors’ overall aim is to continue to build an appropriate level of reserves to ensure that the College’s long term financial strength and independence are sustained.

Unrestricted funds amounted to £19.2 million (2023 - £20.4 million), the decrease being due to pension scheme actuarial losses referenced in Note 19. Given the extent of investment in fixed assets, it is the College’s policy to monitor the level of unrestricted funds whilst focussing on liquidity, key to that being the maintenance of sufficient liquidity to meet ongoing working capital requirements. To support this policy, the College utilises long term borrowing facilities, structured to enable debt servicing to be achieved and any covenants to be met with sufficient headroom. The Governors keep these facilities under regular review.

Endowment Funds amounted to £7.5 million (2023 - £7.2 million). These donated funds are restricted and are required by donors to be held as capital. As described on page 27 it is policy to invest the funds to preserve the capital and there are fundraising strategies in place to grow these funds. The income generated is applied in line with donor requirements.

Restricted Income Funds amounted to £501,000 (2023 - £506,000). These funds include an element of accumulated income from restricted special funds which are yet to be applied due mainly to the original donor’s terms specifying how the College can apply the funds. It is policy to protect and preserve this restricted income which cannot be currently applied and, over time, to explore ways to allocate the funds in line with good governance.

Restricted Appeal Funds, net of the above, amount to £5.7 million (2023 - £5.8 million). These funds represent donations received arising from appeals run by the Development Office under the Gordon’s Today, Gordon’s Tomorrow, Gordon’s Forever and RGC Online headings, as detailed in Note 15. The majority of the funds have been invested in fixed asset land and buildings and there are fundraising strategies in place to grow these funds.

Unrestricted Funds

Endowment Funds

Restricted Income Funds

Restricted Appeal Funds

Going Concern

At the time of approving the financial statements the Governors have a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. This expectation is based on reviewing, analysing and challenging detailed annual budgets, forward looking trading and cash flow projections prepared by management, as well as considering reasonably plausible downside scenarios. This going concern evaluation also takes into account the College’s debt, availability of overdraft facilities, and ability to meet its banking covenants, and has been prepared for a period extending more than 12 months from the date of approving these financial statements. Accordingly, the Governors have continued to adopt the going concern basis in preparing the financial statements - see Note 1.

Back to 27 contents

Risk Management The Board of Governors is responsible for the oversight of the risks faced by the College. i The pnncipal risks and uncertciintip.£ p,urrently laang the College. and captured in the College-wide Ri8k Register. are_. Th8 k8y gov8rrwc8 andlor rnana98rn8nt (￿ntrOl8 adopted bythe College. and subject to regular dialffjue and review arn￿gst the Senior Leadwship Team and [￿err￿S, include". Child PrOt￿tiOn and sqfeguarding ol pupils. current arKI past Estates development, caprtal projects and M￿nter￿loe Fcimal a9￿da for all GoverTh)r corn￿1ttee and Bwd actiwty Ll"grtal and data protection compliance, aknngside cyber secLJrity Legislatnie and regulatory Complia￿e, particularfy chantable status T8rms of r8ferent￿ for dl Gov8rnor cixnmitt88s and 8ubcommitt888 Managexnent mantains and u￿ateS a Risk Register. Riths ale identrfied, asse&%ed 8nd appr(yriate wntrd measures refined and established trr(xJgkK)Ut the year. The varK)US Commrttees. detail￿1 under Govemance on pa￿ ￿. co￿lder the re￿vant rid<s 8nd h(XM Ihese have Economic and fir)ancial been addressed by factors. Including management. as well cost pressures and as any part￿ular IsgJes consequences ol VAT arEing. The in delivering a balanced revEw and oversight budget. ol the colle￿,8 risk ￿hr￿gh tre n ffW8g￿nt prctesses established for tre management W(￿esses. . There ale dso rK4ilJ"ca u)¢tanlEs loO)e inderwthnt Sch￿ ￿t01 in College. the Ojlege Boar¢J of (kninors is tisfed Ihal tt ir￿lUding the Risk and and Ihe unit￿ are ￿1wth the QAe's direGt The Swtb5h rna1￿ nsk5 IdentfEd have LEen adequatety where Register. is undertaken ncil of IndwdentSch(xAs reprewts ts rrErrtErthx)Is arKI ￿K￿municateS8[KI nece55ary. It is rec(uTh8ed tlkqt systerns can only prowde on a reguL2r basis by the rwbates SaAbsh PartiarrEnt. ts GoV8mm￿t and arKI txivate tXxj￿8i￿ .: r￿q￿ab￿ tKJt not abwlute a&￿rar￿ that mapr nsks hav8 oflhe ￿0[ r8garding d￿V(￿￿ matt8rs Th8 Ind8twd8ntScfKxAs Cixncil IISCI. th8 Heads ad8quatdy rTwaged. Audrt & Risk Managem￿111 C￿terer￿ (H￿) arKJ the In(W)grKJentScfths Bursars AS￿la￿an IISBAI carry (xrt asirniL4r SUtFComMrtt￿. ¥ ro￿. wimarity wthin Engk9rxl. ancl regarding UK Gover￿Mentar￿1 ro￿rved matters Canprehenswe loruer term strategic and 5 year financial business planning Ilcputabon within IoGal and naknonal commUn￿e5 Impact of macro and market condihons andlor econorTrc factors on the College ability to manage its operats.ons and achieve Its objecbves C(Thprohgnswe annual financial budgeting and quart8rly manag8m8nt acccxJnbr¥J reporbng Health. safety and environmental complianc8 Established organi&qti(xd staffing structure and lirEs of reFthng Form￿ written p)licies Clear auth(￿Sa￿.(￿ and approvd18vds Bu8ine&8 QMh"nuty. part￿ularlY the abilty to Continue teaching follo￿ring a serious ir￿Ident ng ol prokn(xHI ad￿￿ whenever appropnate 28 Ints

Governance

The Governors who held office during the period, and up to the date of publication of this report, were:

Nominated by/Co Opted Co Opted Co Opted Presbytery of the North East and the Northern Isles Co Opted Gordonian Association Seven Incorporated Trades of Aberdeen Co Opted Aberdeen Endowments Trust Aberdeen Endowments Trust Co Opted Gordonian Association Robert Gordon University

Governors

Additions

Co Opted Co Opted University of Aberdeen Co Opted Co Opted

Retirees

Co Opted Co Opted Co Opted Co Opted

The Governors’ principal general duties are described opposite. Several but not all of these duties, including the development for approval and subsequent implementation of the Board’s strategy and policies, and the day to day running of the College, are delegated to the the Head of College, supported by the Senior Leadership Team. The College’s delegation of authority recognises that the Board of Governors are responsible for making sure the specific duties are met.

Senior Leadership Team

The Senior Leadership Team and members of the College Strategy Group that served during the year and up to the date of this report, were:

Head of College Head of Senior School Deputy Head Senior School Deputy Head Senior School Deputy Head Senior School Head of Junior School Head of Junior School Deputy Head Junior School Deputy Head Junior School Chief Financial Officer (retiring June 2025) Chief Operating Officer Chief Financial and People Officer (appointed February 2025) Director of Advancement Director of IT Services

Governors’ Responsibilities

The Governors’ principal general duties include:

• acting in the interests of the charity, specifically to operate in a manner consistent with the charity’s purpose

• acting with care and diligence and manage any conflict of interest between the charity and any person or organisation who appoints trustees

• ensure compliance with the 2005 Act, specifically maintaining charity details on the Scottish Charity Register and reporting to OSCR any changes to the charity

• financial record keeping and reporting

• fundraising

• providing information to the public

Regarding financial reporting, the Governors are responsible for preparing the Annual Report 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 Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the incoming resources and application of resources of the College for that period. In preparing these financial statements, the Governors require to:

• select suitable accounting policies and then apply them consistently

• observe the methods and principles in the Charities SORP 2015 (FRS 102)

Back to 29 contents

make jutJ8m8nts and &8tsrrktss Ihat ar8 and wDrkthpf0rQw8r￿rSls￿SoMad8 a￿lab￿1hrO￿h1h&&x)tti prudent nol f(x Indep￿￿1￿￿t￿fK￿￿s. state 5th￿1her appl￿￿ ac(￿n￿n0 stan(lards have t f(Alc￿ed, subp¢l to any matenJ departryes dischxecl and Gwrus are ￿￿raged to Mgt Ihe CdleGE at any expL￿"￿ed in the finartial statenEnts Iherearesrwfic sk)tsSetag¢￿fo[G0vernty$t01srt IfEs¢fK¥J prepare thefirbanGiaJ statetneTrts(￿ the ￿Ang c￿￿e￿n bas￿ dwngtkEdaYlo￿gaTrWth staff wp15. (verrK)r5are unth It is irw)protK&qte to pregAJtne Ihat the will In￿t￿ltOattend dl In￿￿ knxAeVents￿d take8n￿fvelntw Safeglwding &JtFcom￿ttee conbnu8 In (p8rth( in th8Co1Wcommunty.G(p￿n0rSareEXpectedt0SUpp0rtand Bwsary & &h￿arship SAJbCtxnmrtte8 enhanc8 th8 PUtAic reputthon d th8 In Ih8 communty. Th8 CtXKJliakn CA)trmtte8 m88ts asand when Nur￿1. Tho (knrrKXS arg r8swwt)1g for keepng protw a￿￿ntsng Through￿ &x)thshCoUrKxIftKlndwndenl&￿￿, retx r￿dS that dsck)se VAth rea8(X￿￿￿ ￿uracY at any tme t senlslhevastmaiortyofindyndontsch¢￿$ln Scoland, speci Remuneratlon of Kay Manag8ment Personn finan0￿ of QAe 2nd ￿at￿e them trial￿re that suThWrsaierycM￿f￿ theGovuwKsof Gcwunors ReMnerat￿ ￿t￿c(m￿￿tt& addresses the financol stalerrwis tre Charibes Ttustee Robwt&rcbnC41egea¢wwJagedloattwd9xhevents. wurwakn of W marAgem)l pers￿￿, f(AkMing tr Inve5trrEnt(&o￿andIACt￿. theChanbe5Accounts l&oilarKJI GoverrKY5 att￿d brEf￿g5 and s￿rInaT5 wowided by￿ UK teaGhers' naIK￿￿1 pay sGa￿ and e5tsbl5h￿j uplrfis apprO￿j RegUlatons￿l&sa[nendedIand IhepromSI(nsoftheCol￿eè ￿tOrp[o￿ders.SUchaS HMC arKIAGBIS Governors ￿e briefed bylhe GovernorsforprurK)ted knhiru stafr. F0rltrK￿e5tatt not (xTBbttJk￿.Theya[ed￿reSFX￿b￿fOr&qf￿Uuardlrvthea￿s ￿ re￿ant lnfrxr[￿ by the &)I￿ge rdatng to Ihe rEtnurErated bYret￿￿et0natsO￿￿ pay8cdes. theG(werr￿S of the Coll8g8 and henc8 for takng reasonabl8 St8[￿ for th8 ￿lUC￿0￿ p[DVtsK￿arKl changesin ￿jsIakn andth8H8adof s8Mr¥J th8 Remun8ralK)n SUb.C4￿[n[L[S8 Sgt rgmun8fftbt preventi￿ and offraud arKJ othw Irregukuthes. CA)Ilege and Ihg Clwf finan￿al ofrw prom(￿ re￿lar UF)dates annudly by referenc8 to sgctor S￿ary survey informakn and Tro Prtwd of (verrKXS ramows its [￿￿¢XMan¢￿ aciMti8s at Prt)ard and rywbngs. rrBrket and sector￿id￿S. an)vgrnors akn ProMd￿ r￿Ja[￿ng adiLk8trwts arKI ￿SCk￿res, intgtn On ap￿[kn￿n( (>wern(xs pathtHte in an I￿U￿On pr(x￿$ whoare c(M)Pt￿ bythgc0llege(awerr￿s. ()vemors (X)ntr￿S. aq8ets and INlibas. aC￿￿ntsng osbmatgs. I(￿￿ and irwthng me2tiws with the ch￿r, ￿ HeadofQAlego. thoCP¥ef rnay be r￿£￿ted. The GoverrK)rs. as trustees of the COl￿ge. arr8ruerrEnts. l￿day￿, lawsand reguL9tK)ns. reL9ted par￿. Off￿r th c￿[k to the GDverrKYS In order to gan ￿ areregx￿sIb1e for mana0wvtando￿trol TrÈBoard subsequ￿1 events, gano ¢orwn and grants and d￿31￿￿$ apryeciab"ts) (A obiectiwes of its (4)eratr"￿ ofGovernors rreetsal leasifour lirresa yearto iemewfinartial and I￿r dubes as G(werrKxs ￿ Ghariiy tru5tee5. In additK)n. andoperational perf(xrnanTrand 5trategyandIs￿p[K￿led by Ihe re5w￿tIl￿5 ofthe Pthrd &KI its lknrKX5 to Ihe PUFx15. anumberdc(xntnittees. each ofwhchowates In accuda[￿e staff. parents and trEwder coMr￿nty are ety￿[￿d. This akn wth b%Trtten terms of reference apprcpEd by th8 Board. Th8re 1￿ud8Sth8 legd res￿￿&bI￿arKI ￿￿J￿On5￿(vS[thng an ar8 varK)us committe8s ￿lch meet r8gularty IhroughtKrt Ihe 1rKJyrK￿t￿rKKAwtImn￿￿0￿s￿Q￿￿tsOnsfv andth9 year I￿ludIng.. rdaknnshlpwthtt￿s[xAtishEXScutiveand HsMaigsty& I[￿pL￿$ Finance & FrO￿ty com￿tt80 of Educatim ￿ otrÉr A Trust tr￿rIng • ALJdi( & Fosk Management￿L>cA￿mitt EtknalK)n Cunmrtt88 . Safety &Securty Comntt stafflGoverrus Lisw GrcJp 14th April 2025 30 Ba(&to conlenls

Independent Auditor’s Report To The Governors Of Robert Gordon’s College

Opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ 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 group’s and parent 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.

We have audited the financial statements of Robert Gordon’s College (the parent charity) and its subsidiary (the group) for the year ended 31 July 2024 which comprise the Consolidated and Parent Charity Statement of Financial Activities; the Consolidated and Parent Charity Balance Sheet; the Consolidated and Parent Charity Statement of Cash Flows; 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).

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

Other information

In our opinion, the financial statements:

The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor’s Report thereon. The Governors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

• give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 July 2024 and of the group’s and parent charity’s income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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.

• have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

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 group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our 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 audit opinion.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

• the information given in the financial statements is inconsistent in any material respect with the Governors’ 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.

Responsibilities of Governors

As explained more fully in the Governors’ responsibilities statement set out on page 16, the Governors 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 Governors 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 Governors are responsible for assessing the group’s and the parent 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 Governors either intend to liquidate the parent charity or to cease operations, or have no realistic alternative but to do so.

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 the Acts and relevant regulations made or having effect thereunder.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Back to 31 contents

Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the FRC’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the group and parent charity through discussions with management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent charity, including the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and taxation, data protection, anti-bribery, employment and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing any correspondence with HMRC, relevant regulators and the group’s legal advisors.

We assessed the susceptibility of the group and parent charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the parent charity’s Governors, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the parent charity’s Governors, as a body, those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charity’s Governors, as a body, for our audit work, for this report, or for the opinions we have formed.

Azets Audit Services Statutory Auditor Chartered Accountants Quay 2 139 Fountainbridge Edinburgh EH3 9QG

Date: 17 April 2025

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Back to 32 contents

Group Statement Of Financial Activities For The Year Ended 31 July 2024

					Year to	Year to
		Unrestricted	Restricted	Endowment	31 July	31 July
		Funds	Funds	Funds	2024	2023
	Note	£’000	£’000	£’000	£’000	£’000
Income and Endowments From
Charitable activities	2	24,148	-	-	24,148	22,602
Investment income		132	443	-	575	458
Donations and legacies	3	15	374	-	389	190
Trading and other income		189	-	-	189	35
Total income and endowments		24,484	817	-	25,301	23,285
EXPENDITURE ON:
Charitable activities	4	(23,991)	(851)	-	(24,842)	(24,748)
Raising funds: fundraising and publicity costs		(526)	-	-	(526)	(210)
Total expenditure		(24,517)	(851)	-	(25,368)	(24,958)
Net expenditure prior to gains and losses		(33)	(34)	-	(67)	(1,673)
Net gains/(losses) on investments	9	1	-	235	236	(318)
Net (losses)/gains on investment in subsidiary charity	9	-	-	(2)	(2)	27
Net income/(expenditure)		(32)	(34)	233	167	(1,964)
Other recognised gains/(losses): Actuarial (loss)/gain on defned beneft pension plans	19	(1,212)	-	-	(1,212)	3,524
Transfers between funds	15	-	-	-	-	-
Net movements in funds		(1,244)	(34)	233	(1,045)	1,560
Reconciliation of funds
Fund balances at
31 July 2023	15	20,410	6,266	7,227	33,903	32,343
Fund balances at
31 July 2024	15	19,166	6,232	7,460	32,858	33,903

All items dealt with in arriving at the net income/(expenditure) for the period relate to continuing activities. The notes form part of these financial statements.

Back to 33 contents

Charity Statement Of Financial Activities For The Year Ended 31 July 2024

Income and Endowments From Charitable activities Investment income Donations and legacies Trading and other income Total income and endowments EXPENDITURE ON: Charitable activities Raising funds: fundraising and publicity costs Total expenditure Net (expenditure)/income prior to gains and losses Net gains/(losses) on investments Net (losses)/gains on investment in subsidiary charity Net income/(expenditure) Other recognised gains/(losses): Actuarial (loss)/gain on defned beneft pension plans Transfers between funds Net movements in funds Reconciliation of funds Fund balances at 31 July 2023 Fund balances at 31 July 2024 Note 2 3 4 9 9 19 15 15 15	Year to Year to Unrestricted Restricted Endowment 31 July 31 July Funds Funds Funds 2024 2023 £’000 £’000 £’000 £’000 £’000 24,148 - - 24,148 22,602 132 443 - 575 458 15 374 - 389 190 139 - - 139 35
	24,434 817 - 25,251 23,285
	(23,991) (851) - (24,842) (24,748) (476) - - (476) (210)
	(24,467) (851) - (25,318) (24,958)
	(33) (34) - (67) (1,673) 1 - 235 236 (318) - - (2) (2) 27
	(32) (34) 233 167 (1,964) (1,212) - - (1,212) 3,524 - - - - -
	(1,244) (34) 233 (1,045) 1,560 20,410 6,266 7,227 33,903 32,343
	19,166 6,232 7,460 32,858 33,903

All items dealt with in arriving at the net income/(expenditure) for the period relate to continuing activities. The notes form part of these financial statements.

Back to 34 contents

Balance Sheet a8 at 31 July 2024 Grow> Group 24 FIXED ASSErs Tangible a&8ets 28.216 9.313 28216 9813 9.328 37,529 38.TT7 37 38,777 CURRENT ASSErs Ekblixs. atTr)unts fai￿ng dup %ithin LYE year Bank and cash 10 1.198 2.720 1.479 3981 1,198 2.7 4.092 5.476 3.918 3.918 CURAENT LIABILMES Cradrtors." amtxjnts f￿ling dug wtrin yoar (3,9231 13.4111 P,9)7) 13.4111 The financLqI statements were approved by the Board of Governors on Monday 14th April )25 arKJ signed on their behatt by CURRE￿ A$s￿s 17 SJ7 TOTALASSETS LESS CURRENT LIABIUTIES 39.t182 39.(2 39.284 CREDITORS: arrKxJnts fdling du8 aft8r trK)r8 Ihan tm y8ar 12 18,1751 18.2101 1&175) 18.2101 DEFINED BENEF￿ PENSIThY ASSET 19 1,951 1,951 2,8 ASSErs 31858 33.￿3 32058 FUNDS OFTHE COLLEGE.. Governor Unr8Stncted furKIs G8n8ral t￿gnat￿l Flestrlcte<l fund6 En(lowmentfund6 15 15 15 15 18.127 1,039 6,232 19.381 18,127 1,039 8P2 19.381 1.0 6.266 7.￿7 7,227 TOTAL FUNDS 33.￿3 32￿58 Go¥ernor Thg rK)t8sftxm partof thgs8 fi[w￿l￿ statements. 35 Ba(&to conlenls

Statement Of Cash Flows For The Year Ended 31 July 2024

Net cash provided by operating activities Investing activities Dividends and interest received Purchase of tangible fxed assets Purchase of investments Proceeds from sale of investments Net cash provided by/(used in) investing activities Financing activities Interest paid on bank loan and overdraft Repayment of bank loan Net cash used in fnancing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at start of reporting period Cash and cash equivalents at end of reporting period Note 17 8 9 9 4 13 18	Group Group Charity Charity 2024 2023 2024 2023 £’000 £’000 £’000 £’000 1,791 668 1,680 668
	575 458 575 458 (143) (316) (143) (316) (1,338) (957) (1,338) (957) 1,406 474 1,406 474
	500 (341) 500 (341)
	(534) (423) (534) (423) (566) (584) (566) (584)
	(1,100) (1,007) (1,100) (1,007)
	1,191 (680) 1,080 (680) 2,954 3,634 2,954 3,634
	4,145 2,954 4,034 2,954

The notes form part of these financial statements.

Back to 36 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

1. Accounting Policies

CHARITY INFORMATION

Robert Gordon’s College is an independent co-educational day school providing all-round education and bursaries for children from 3 to 18 years of age.

The College is established under the City of Aberdeen Educational Endowments Scheme 2023 and is registered with the Office of the Scottish Charity Regulator with registration number SC000123. The registered office is at Schoolhill, Aberdeen, AB10 1FE.

Further details are set out within the Governors’ report.

GENERAL INFORMATION AND BASIS OF PREPARATION

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102 and UK Generally Accepted Accounting Practice. The financial statements have also been prepared in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities and Trustee Investment (Scotland) Act 2005 and the City of Aberdeen Educational Endowments Scheme 2023. The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the College. Monetary amounts in these financial statements are rounded to the nearest £1,000 where indicated. The accounts have been prepared on a going concern basis under the historical cost convention, modified to reflect the carrying of investments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

BASIS OF CONSOLIDATION

The consolidated financial statements incorporate the results of Robert Gordon’s College and its subsidiary undertaking, Robert Gordon’s College (Trading) Limited on a line by line basis. This is the first time the consolidated statements have been required.

GOING CONCERN

At the time of approving the financial statements, the Governors have a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. This expectation is based on reviewing, analysing and challenging detailed annual budgets and longer term business plans, forward-looking trading and cash flow projections prepared by management, as well as considering reasonable sensitivities and variations. This going concern analysis takes into account the College’s available bank facilities and reasonably plausible downside scenarios, and has been prepared for a period extending more than 12 months from the date of approving these financial statements. Accordingly, the Governors have adopted the going concern basis of accounting in preparing the financial statements.

FEES

Tuition and other fees consist of charges for the financial period and include scholarships, bursaries and other contributions. For those fees subject to staff and sibling discount, the fee are stated net. All fees are recognised as income in the period in which the related tuition and other services are provided. Fees invoiced in advance are included in deferred income (see Notes 11, 12 and summary table) and fees invoiced in arrears are included in accrued income. The cost of scholarships and bursaries funded by the College’s Unrestricted, Special and Appeal Funds is allocated to the relevant fund and is included within expenditure on charitable activities. For those bursaries contributed by the College, other than those funded by the Funds and/or external trusts, the effective income for these “free places“ is shown in Tuition Fees (Note 2), and the equivalent cost within Expenditure on Charitable Activities (Note 4).

DONATIONS AND LEGACIES

Donations are recognised when the College becomes entitled to the income, receipt is probable, and the amount can be measured reliably. Donations subject to specific wishes of the donors are allocated to the relevant restricted funds, or to endowment funds where the amount is required to be held as permanent capital. Where the receipt of donations can be

attributed to appeals run by the Development Office, these donations are treated as being restricted to the purposes for which the appeal was raising funds. Donations receivable for the general purposes of the College are credited to unrestricted funds but may be subsequently designated for specific projects or purposes by the Governors.

Legacy income is recognised when the College becomes entitled to the income, receipt is probable, and the amount can be measured reliably. This is generally the earlier of the charity being notified of an impending distribution or the legacy being received. Where the College has been notified of a legacy within an accounting period, but amounts are yet to be received, all information available is used to determine the amount expected to be received; however, on occasion, there is insufficient information available for a reliable measurement. On these occasions, the legacy is recognised when the amount becomes reliably measurable.

INVESTMENT INCOME

Investment income is earned through holding investment portfolios and includes both dividends and interest. Income is recognised in the period to which it relates.

EXPENDITURE

Expenditure is accounted for on an accruals basis and is allocated to expense headings on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs in Note 6 comprise the external audit fees and costs of complying with statutory reporting requirements, i.e. the costs of preparing statutory accounts.

FIXED ASSETS

Tangible fixed assets are stated at cost less accumulated depreciation. Expenditure on tangible fixed assets above a threshold of £1,000 is capitalised on initial recognition. Subsequent expenditure is only capitalised when it is probable that there will be future economic benefits attributable to the item.

Back to 37 contents

DEPRECIATION

Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets, by equal instalments over their estimated useful economic lives as follows: Buildings and facilities, including upgrades - over 10-40 years Plant and equipment - over 4 years Teaching equipment - over 4 years Fixtures and fittings - over 4 years Freehold land is not depreciated.

IMPAIRMENT OF FIXED ASSETS

At each reporting date, the College reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets may have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any) by comparing this to the asset’s carrying value.The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of future cash flows before interest and tax, obtained as a result of the asset’s continued use.

INVESTMENTS

Investments in listed securities are measured initially at cost and subsequently at fair value at each reporting date. Fair value is taken as the mid-market value of the investment by the investment manager at the reporting date. Realised and unrealised gains and losses are recognised in the income and expenditure account and statement of financial activities in the year in which they arise.

The investment in the subsidiary company Robert Gordon’s College (Trading) Limited is held at cost in the Charity accounts. The subsidiary’s registered company number is SC698101. The investment in the subsidiary charity refers to the College’s interest in the Gordonian Association R B Strathdee Bequest Fund, registered charity number SC051659. This is classified as a programme-related investment held at fair value, based on the fair value of the underlying listed investments and cash held, in both the Group and Charity accounts. The subsidiary investment’s financial statements are dominated by a listed investment portfolio and there would be no significant affect from accounting for the subsidiary charity using the equity method. Both entities share a registered office address with the College.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FINANCIAL INSTRUMENTS

The College has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the College’s balance sheet when the College becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest rate method, less any impairment.

IMPAIRMENT OF FINANCIAL ASSETS

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment

loss is recognised in income and expenditure.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the

impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in income and expenditure.

BASIC FINANCIAL LIABILITIES

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

DERECOGNITION OF FINANCIAL LIABILITIES

Financial liabilities are derecognised when the College’s contractual obligations expire or are discharged or cancelled.

PENSION SCHEMES

The College contributes to the Scottish Teachers’ Superannuation Scheme (“STSS”) and to the North East Scotland Pension Fund (“NESPF”) at rates set by the Schemes’ Actuaries and advised to the College by the Schemes’ Administrators. Both schemes are multi-employer pension schemes.

The STSS scheme is unfunded and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme and pension costs charged in the accounts represent the contributions payable by the College in the year in accordance with the rules of the scheme.

The NESPF scheme is funded, with the assets of the scheme held separately from those of the College in a separate, trustee-administered fund. The scheme is treated as a defined benefit scheme. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the

Back to 38 contents

projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained triennially and are updated at each balance sheet date.

The difference between the market value of the assets of the scheme and the present value of accrued pension liabilities is shown as an asset or liability on the balance sheet. Any difference between the expected return on assets and that actually achieved, is recognised as a gain or loss in the statement of financial activities, along with differences which arise from experience of assumption changes. The cost of providing benefits under the scheme is determined using the projected unit credit method and is based on actuarial advice. The change in the net defined benefit pension deficit arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised in income and expenditure in the period in which they arise. The net interest element is determined by multiplying the net defined benefit pension deficit by the discount rate, taking into account any changes in the net defined benefit pension deficit during the period as a result of contribution and benefit payments. The net interest is recognised in income and expenditure.

Remeasurement changes comprise actuarial gains and losses and the return on the net defined benefit pension deficit excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses within the statement of financial activities in the period to which they relate and are not reclassified to income and expenditure in subsequent periods.

The College also participates in the APTIS defined contribution pension scheme. Contributions in respect of the defined contribution scheme are charged in the Statement of Financial Activities as they become payable in accordance with the Scheme Rules.

EMPLOYEE BENEFITS

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the College is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

TAXATION

The College has been granted charitable status by HMRC and is not therefore liable for corporation tax on charitable income and gains.

OPERATING LEASES

Rentals for operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

FUNDS

Endowment funds represent funds on which the donor has stipulated that the capital balance should be permanently maintained. This includes monies received under the ‘Gordon’s Forever’ campaign to build the College’s endowment funds to provide bursaries.

Restricted funds represent funds whose use is restricted either by the donor or by the terms of an appeal for particular projects. Unrestricted funds represent the remaining funds of the College. Donations received are allocated to unrestricted funds unless the donor has specified otherwise. Unrestricted funds are subdivided into general unrestricted funds, which are available for everyday expenditure of the College; and designated funds, which the Governors have earmarked for specific projects or purposes, such as capital projects and bursaries.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the College’s accounting policies the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements or estimation uncertainties have a significant risk of material adjustment to the carrying value of assets and liabilities within the financial year:

Depreciation rates

Depreciation is calculated to fully write off the cost of assets over their estimated useful life. Management estimate the useful life of each asset and residual values.

Provision for doubtful debts

Management analyses the recoverability of debtors and makes a provision where the debt is not expected to be recovered. Judgement and estimation is required where future outcomes are uncertain.

Defined benefit pension asset

The present value of the NESPF defined benefit pension scheme depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 19, will impact on the carrying amount of the pension valuation. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2023 has been used by the actuary in valuing the pensions liability at 31 July 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

The fair value of the pension plan assets at 31 July 2024 is in excess of the present value of the defined benefit obligation at that date giving rise to a surplus of £3,638,000. The surplus is recognised in the financial statements only to the extent that the College can recover that surplus, either through a reduction in future contributions or through a refund to the College. The College is not able to determine that future contributions will be reduced and it is not possible to receive a refund, as the specific conditions for this have not been met. Therefore, an asset ceiling is in place such that the surplus of £3,638,000 is not recognised as an asset at 31 July 2024 and is reduced to £1,951,000 as the College is not able to determine that future contributions will be sufficiently reduced or that a refund of the surplus will be available in the foreseeable future.

Back to 39 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

2. Fee Income	2024	2023
	£’000	£’000
Group and Charity
Tuition fees	21,131	20,119
Nursery fees	736	765
Out of school care	212	127
Catering	475	388
Other income	1,594	1,203
Total fee income	24,148	22,602
Fee income includes bursaries and other contributions as follows:
Unrestricted Special Funds of the College	320	352
Appeal Funds of the College	141	91
Special Funds of the College	409	237
External contributors:
- Aberdeen Endowments Trust	813	803
- Other external contributors	251	308
	1,934	1,791

• 3 Donations and legacies Group and Charity Appeal funds: - Gordon’s Today - Gordon’s Tomorrow - Gordon’s Forever - Unrestricted

Notes 15 15 15	2024 2023 £’000 £’000 31 75 56 10 287 105 15 -
	389 190

Back to 40 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

4 Analysis of total expenditure

4 Analysis of total expenditure
2024 Charitable Activities: Teaching costs Property costs Teaching facility costs General running costs Management and administration Pension scheme adjustments Governance costs (note 6) Pupil oncosts Bursary awards (note 5) Interest on loans and overdrafts Interest on defned beneft pension Total charitable expenditure Raising funds: Fundraising and enterprise costs Total expenditure - Charity Raising funds: Enterprise costs Total expenditure - Group	Staff Depreciation Other 2024 costs & impairment costs Total £’000 £’000 £’000 £’000 (11,272) - - (11,272) - (1,027) (1,264) (2,291) - - (1,115) (1,115) (2,448) (349) (2,132) (4,929) (1,481) - (694) (2,175) 147 - - 147 - - (34) (34) - - (1,816) (1,816) - - (823) (823) (15,054) (1,376) (7,878) (24,308) - - (534) (534) - - - - (15,054) (1,376) (8,412) (24,842) (241) - (235) (476) (15,295) (1,376) (8,647) (25,318) (33) - (17) (50) (15,328) (1,376) (8,664) (25,368) 2023 Charitable Activities: Teaching costs Property costs Teaching facility costs General running costs Management and administration Pension scheme adjustments Governance costs (note 6) Pupil oncosts Bursary awards (note 5) Interest on loans and overdrafts Interest on defned beneft pension Total charitable expenditure Raising funds: Fundraising and enterprise costs Total expenditure - Charity Raising funds:Enterprise costs Total expenditure - Group 31 July	Staff Depreciation Other 2023 costs & impairment costs Total £’000 £’000 £’000 £’000 (11,265) - - (11,265) - (1,349) (1,148) (2,497) - - (1,074) (1,074) (2,136) (460) (1,735) (4,331) (1,915) - (789) (2,704) 9 - - 9 - - (32) (32) - - (1,731) (1,731) - - (680) (680) 31 July
		(15,307) (1,809) (7,189) (24,305) - - (423) (423) - - (20) (20)
		(15,307) (1,809) (7,632) (24,748) (212) - 2 (210)
		(15,519) (1,809) (7,630) (24,958) - - - -
		(15,519) (1,809) (7,630) (24,958)

Back to 41 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

5 Bursary Awards

5 Bursar Awards
y
				31 July
2024 - Group and Charity	Unrestricted	Restricted	Endowment	2024
	Funds	Funds	Funds	Total
	£’000	£’000	£’000	£’000
Bursaries	(273)	(550)	-	(823)
				31 July
2023 - Group and Charity	Unrestricted	Restricted	Endowment	2023
	Funds	Funds	Funds	Total
	£’000	£’000	£’000	£’000
Bursaries	(322)	(358)	-	(680)

All of the above awards were made in respect of fees to individual pupils.

6 Governance costs Governance expenditure includes: Auditor’s remuneration for: Audit of fnancial statements Fundraising and enterprise costs include: Auditor’s remuneration for: Audit of subsidiary fnancial statements	Group Group Charity Charity 31 July 31 July 31 July 31 July 2024 2023 2024 2023 £’000 £’000 £’000 £’000 (34) (32) (34) (32)
	(5) - - -

The Governors do not receive any remuneration. Expenditure incurred on travel for College business during the year was £835 (2023 - £280) for one (2023 – one) Governor.

7 Employee information - Group and Charity

The average number of persons employed by the College during the period was:

By activity: Academic Non-academic Staff costs: Wages and salaries Social security costs Pension costs Other staff costs	31 July 31 July 2024 2023 281 265 120 125
	401 390
	31 July 31 July 2024 2023 £’000 £’000 (11,893) (11,547) (1,184) (1,196) (2,217) (2,332) (34) (444)
	(15,328) (15,519)

Staff costs includes redundancy related payments totalling £nil (2023: £396,000).

Remuneration of key management personnel	31 July 31 July 2024 2023 £’000 £’000 (1,365) (1,425)

The number of employees who received annual remuneration during the period in the following ranges was:

	31 July	31 July
	2024	2023
£60,000 - £69,999	30	25
£70,000 - £79,999	7	9
£90,000 - £99,999	1	2
£110,000 - £119,999	1	1
£140,000 - £149,999	-	1
£150,000 - £159,999	1	-

All forty (2023 - thirty-eight) of these employees were accruing benefits under defined benefit pension schemes

Back to 42 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

8 Fixed assets Group and Charity COST At 1 August 2023 Additions Disposals At 31 July 2024 DEPRECIATION At 1 August 2023 Charge for period Disposals At 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023	9 Investments Listed investments: Opening market value Additions Disposals Movement on cash deposits Net gain/(loss) on investments Closing market value Investment in subsidiary charity: Gordonian Association R B Strathdee Bequest Fund Listed Investment in subsidiary charity Cash deposits Land Plant Fixtures and and Teaching and 31 July Buildings equipment equipment fttings Total £’000 £’000 £’000 £’000 £’000 54,738 398 2,184 158 57,478 7 25 111 - 143 (27) - (192) - (219) 54,718 423 2,103 158 57,402 (25,509) (355) (2,026) (139) (28,029) (1,248) (21) (100) (7) (1,376) 27 - 192 - 219 (26,730) (376) (1,934) (146) (29,186) 27,988 47 169 12 28,216 29,229 43 158 19 29,449	31 July 31 July 2024 2023 £’000 £’000 9,031 9,257 1,338 957 (1,406) (474) (181) (392) 236 (317) Group and Charity
		9,018 9,031 295 297
		9,313 9,328
		8,965 8,797 295 297 53 234
		9,313 9,328

Land and buildings includes land at a cost of £534,000 (2023 - £534,000) which is not depreciated.

The College holds a number of artefacts such as coins, artwork, and furniture which have historic or artistic importance. The insurance value of these items is approximately £1 million. These items are not accounted for as heritage assets on the basis that the items are not held principally for their contribution to knowledge and culture and/or are not generally accessible to the public for viewing or research. Accordingly they are considered to be tangible fixed assets held at nil value.

Robert Gordon’s College owns the sole ordinary share of £1 in Robert Gordon’s College (Trading) Limited, a company registered in Scotland, which was incorporated during 2021. The subsidiary is consolidated into the group accounts and carried at cost in the Charity accounts. The subsidiary commenced trading on 1 August 2024, operating RGC Online, and took over commercial lets of the school facilities from 1 January 2024. Relevant financial information of the subsidiary company is detailed below.

The Gordonian Association R B Strathdee Bequest Fund has a majority of trustees in common with the school, which is its principal beneficiary. The Trust obtained charitable status in Scotland with registration number SCO51659. The Trust is consolidated into the group accounts as a programme related investment on the basis of materiality. Relevant financial information of the subsidiary charity is detailed below.

Back to 43 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

11 Creditors: amounts falling due in less than one year Group Group 31 July 31 July 2024 2023 £’000 £’000 Bank loans (note 13) 569 577 Trade creditors 745 899 Accruals 1,042 905 Tax and social security 308 378 Other creditors 410 337 Fees paid in advance (note 1 Fees) 849 315 3,923 3,411 12 Creditors: amounts falling due after more than one year Fees paid in advance (note 1 Fees) Bank loans (note 13) Deferred income (Group and Charity) School fees received in advance are deferred into the year in which they relate: Balance at 1 August Income received and deferred in year Released in year Fees paid in advance total balance at 31 July (notes 11 and 12) 9 Investments (continued) 31 July 31 July 31 July 31 July 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Income 11 5 158 - Expenditure (7) (17) (158) - Gains & (losses) 1 (6) - - Proft/(loss) for the year 5 (18) - - Listed investments 279 178 - - Debtors 4 8 35 - Bank 15 117 111 - Creditors (3) (6) (146) - Aggregate share capital and reserves 295 297 - - 10 Debtors Group Group Charity Charity 31 July 31 July 31 July 31 July 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Fees receivable, net of doubtful debt provision of £292,000 (2023: £257,000) 546 506 546 506 Other debtors 50 156 26 156 Prepayments and accrued income 788 536 777 536 Amounts due from subsidiary - - 130 - 1,384 1,198 1,479 1,198 The amounts due from the subsdiary are repayable on demand, unsecured and no interest is charged. Strathdee Trust RGTCL	11 Creditors: amounts falling due in less than one year Group Group 31 July 31 July 2024 2023 £’000 £’000 Bank loans (note 13) 569 577 Trade creditors 745 899 Accruals 1,042 905 Tax and social security 308 378 Other creditors 410 337 Fees paid in advance (note 1 Fees) 849 315 3,923 3,411 12 Creditors: amounts falling due after more than one year Fees paid in advance (note 1 Fees) Bank loans (note 13) Deferred income (Group and Charity) School fees received in advance are deferred into the year in which they relate: Balance at 1 August Income received and deferred in year Released in year Fees paid in advance total balance at 31 July (notes 11 and 12) 9 Investments (continued) 31 July 31 July 31 July 31 July 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Income 11 5 158 - Expenditure (7) (17) (158) - Gains & (losses) 1 (6) - - Proft/(loss) for the year 5 (18) - - Listed investments 279 178 - - Debtors 4 8 35 - Bank 15 117 111 - Creditors (3) (6) (146) - Aggregate share capital and reserves 295 297 - - 10 Debtors Group Group Charity Charity 31 July 31 July 31 July 31 July 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Fees receivable, net of doubtful debt provision of £292,000 (2023: £257,000) 546 506 546 506 Other debtors 50 156 26 156 Prepayments and accrued income 788 536 777 536 Amounts due from subsidiary - - 130 - 1,384 1,198 1,479 1,198 The amounts due from the subsdiary are repayable on demand, unsecured and no interest is charged. Strathdee Trust RGTCL	Charity Charity 31 July 31 July 2024 2023 £’000 £’000 569 577 745 899 1,037 905 297 378 410 337 849 315
	3,923 3,411	3,907 3,411
		31 July 31 July 2024 2023 £’000 £’000 523 - 7,652 8,210 Group and Charity
		8,175 8,210
		31 July 31 July 2024 2023 £’000 £’000 315 282 1,372 315 (315) (282) Group and Charity
		1,372 315

Fees in Advance Summary Table	Fees in Advance Summary Table	Fees in Advance Summary Table
Current	849	315
Non-current	523	-
	1,372	315

Back to 44 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

13 Bank loan maturity analysis

13 Bank loan maturity analysis
In less than one year (note 11) In more than one years but not more than fve years In more than fve years	31 July 31 July 2024 2023 £’000 £’000 569 577 1,337 1,767 6,315 6,443 Group and Charity
	8,221 8,787

At 31 July 2024 the College had the following bank loans:

• The first loan is repayable in quarterly instalments of £165,171 including interest until July 2030, with the balance repayable at the end of the term. The loan is subject to an interest rate of 1.55% per annum over base.

• The second loan is repayable in monthly instalments of £33,333 plus interest until November 2026, with the balance repayable at the end of the term. The loan is subject to an interest rate of 2.97% per annum after the first year.

The bank loans are secured by a standard security over the land and buildings at Schoolhill and Countesswells.

The bank agreement governing the borrowing facility arrangements includes a trailing 12 month covenant calculated and reported quarterly.

14 Financial instruments at fair value through net income/(expenditure)

Listed investment portfolio (note 9)	31 July 31 July 2024 2023 £’000 £’000 8 ,965 8 ,797 Group and Charity

Back to 45 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

15 Statement of funds

2024 - Group

Unrestricted funds Designated funds: Capital Revenue Trading subsidiary Total designated funds General fund Total unrestricted funds Restricted funds Gordon’s Today Gordon’s Tomorrow Gordon’s Forever - revenue RGC Online Special funds - revenue Total restricted funds Endowment funds Gordonian Association R B Strathdee Bequest Fund Gordon’s Forever - capital Special funds - capital Total endowment funds Total funds	Investment Actuarial At 1 August gains/ gains/ 31 July 2023 Income Expenditure Transfers (losses) (losses) 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000 981 - - - (7) - 974 48 41 (32) - 8 - 65 - 50 (50) - - - -
	1,029 91 (82) - 1 - 1,039 19,381 24,393 (24,435) - - (1,212) 18,127
	20,410 24,484 (24,517) - 1 (1,212) 19,166
	267 31 (42) - - - 256 4,341 56 (141) - - - 4,256 1,002 311* (109) - - - 1,204 150 15 (150) - - - 15 506 404 (409) - - - 501
	6,266 817 (851) - - - 6,232
	297 - - - (2) - 295 401 - - - - - 401 6,529 - - - 235 - 6,764
	7,227 - - - 233 - 7,460
	33,903 25,301 (25,368) - 234 (1,212) 32,858

*£311k includes £287k of donations and legacies income and £24k of investment income

Back to 46 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

15 Statement of funds (continued)

2024 - Charity

Unrestricted funds Designated funds: Capital Revenue Total designated funds General fund Total unrestricted funds Restricted funds Gordon’s Today Gordon’s Tomorrow Gordon’s Forever - revenue RGC Online Special funds - revenue Total restricted funds Endowment funds Gordonian Association R B Strathdee Bequest Fund Gordon’s Forever - capital Special funds - capital Total endowment funds Total funds	Investment Actuarial At 1 August gains/ gains/ 31 July 2023 Income Expenditure Transfers (losses) (losses) 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000 981 - - - (7) - 974 48 41 (32) - 8 - 65
	1,029 41 (32) - 1 - 1,039 19,381 24,393 (24,435) - - (1,212) 18,127
	20,410 24,434 (24,467) - 1 (1,212) 19,166
	267 31 (42) - - - 256 4,341 56 (141) - - - 4,256 1,002 311* (109) - - - 1,204 150 15 (150) - - - 15 506 404 (409) - - - 501
	6,266 817 (851) - - - 6,232
	297 - - - (2) - 295 401 - - - - - 401 6,529 - - - 235 - 6,764
	7,227 - - - 233 - 7,460
	33,903 25,251 (25,318) - 234 (1,212) 32,858

*£311k includes £287k of donations and legacies income and £24k of investment income

Back to 47 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

15 Statement of funds (continued)

2023 - Group and Charity

Unrestricted funds Designated funds: Capital Revenue Total designated funds General fund Total unrestricted funds Restricted funds Gordon’s Today Gordon’s Tomorrow Gordon’s Forever - revenue RGC Online Special funds - revenue Total restricted funds Endowment funds Gordonian Association R B Strathdee Bequest Fund Gordon’s Forever - capital Special funds - capital Total endowment funds Total funds	Investment Actuarial At 1 August gains/ gains/ 31 July 2022 Income Expenditure Transfers (losses) (losses) 2023 £’000 £’000 £’000 £’000 £’000 £’000 £’000 1,034 - - - (53) - 981 53 33 (30) - (8) - 48
	1,087 33 (30) - (61) - 1,029 17,570 22,662 (24,398) 23 - 3,524 19,381
	18,657 22.695 (24,428) 23 (61) 3,524 20,410
	240 75 (48) - - - 267 4,508 10 (154) (23) - - 4,341 968 125* (91) - - - 1,002 150 - - - - - 150 363 380 (237) - - - 506
	6,229 590 (530) (23) - - 6,266
	270 - - - 27 - 297 401 - - - - - 401 6,786 - - - (257) - 6,529
	7,457 - - - (230) - 7,227
	32,343 23,285 (24,958) - (291) 3,524 33,903

*£125k includes £105k of donations and legacies income and £20k of investment income

Back to 48 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

15 Statement of funds (continued)

16 Analysis of net assets by funds

General unrestricted funds are retained to help finance the ongoing activities of the College.

The designated funds balance consists of funds that the Governors have allocated towards future capital projects and providing perpetual bursaries. Transfers are made to designated funds from general unrestricted funds when designations are agreed by the Governors. Designated capital funds invested in the listed investment portfolio generate investment income which is allocated to the relevant designated revenue fund.

The College's special funds consist of a number of individual bursary, trust and prize funds, set up by individual donors. These include donations received as a result of appeals by the Development Office under the 'Gordon's Forever' banner. The capital is held permanently and the income is used to fund bursaries and prizes in perpetuity. Each fund is allocated its proportion of investment income and gains and losses and bears its own expenses.

The appeal funds represent funds raised under the appeals run by the Development Office: 'Gordon's Today', for new initiatives and projects to benefit pupils in an immediate way; and 'Gordon's Tomorrow' for capital projects to develop the campus.

RGC Online fundraising supports the start up costs for the new service to offer SQA higher examinations and a new diploma of tech modules to students ages 16 and 17 who wish to study via online learning rather than a full-time pupil of the College. The purpose of the Gordonian Association R B Strathdee Bequest Fund is to augment the normal supply of books to the College Library and to make possible the purchase of works, including musical works, not normally available for purchase from College funds.

An analysis of the balance sheet split by fund is as follows:

2024 - Group Fixed assets Investments Net current assets Long term liabilities Defned beneft pension asset 2024 - Charity Fixed assets Investments Net current assets Long term liabilities Defned beneft pension asset 2023 - Group and Charity Fixed assets Investments Net current assets Long term liabilities Defned beneft pension asset	31 July Unrestricted Restricted Endowment 2024 Funds Funds Funds Total £’000 £’000 £’000 £’000 24,016 4,200 - 28,216 1,039 125 8,149 9,313 335 1,907 (689) 1,553 (8,175) - - (8,175) 1,951 - - 1,951
	19,166 6,232 7,460 32,858
	24,016 4,200 - 28,216 1,039 125 8,149 9,313 335 1,907 (689) 1,553 (8,175) - - (8,175) 1,951 - - 1,951 31 July 2024 Total £’000
	19,166 6,232 7,460 32,858
	25,108 4,341 - 29,449 1,029 125 8,174 9,328 (346) 1,800 (947) 507 (8,210) - - (8,210) 2,829 - - 2,829 31 July 2023 Total £’000
	20,410 6,266 7,227 33,903

Back to 49 contents

Notes To The Financial Statements For The Year Ended 31 July 2024

17 Reconciliation of net income/(expenditure) to net cash provided by operating activities 18 Reconciliation of net debt

Net income/(expenditure) for the reporting period (per Statement of Financial Activities) Depreciation and impairment of fxed assets Difference between service costs and cash contributions to defned beneft pension scheme (Increase) in debtors Increase in creditors Interest paid on bank loan and overdraft Dividends and interest received (Gain)/loss on investments Net cash provided by operating activities	Group Group Charity Charity 31 July 31 July 31 July 31 July 2024 2023 2024 2023 £’000 £’000 £’000 £’000 167 (1,964) 167 (1,964) 1,376 1,822 1,376 1,822 (334) 30 (334) 30 (186) (64) (281) (64) 1,043 589 1,027 589 534 423 534 423 (575) (458) (575) (458) (234) 290 (234) 290 1,791 668 1,680 668 Group Cash at hand and at bank Cash held as part of investment portfolio Cash and cash equivalents Bank loans due within one year Bank loans due in more than one year Net debt 18 Reconciliation of net debt Charity Cash at hand and at bank Cash held as part of investment portfolio Cash and cash equivalents Bank loans due within one year Bank loans due in more than one year Net debt	2023 Cash fows 2024 £’000 £’000 £’000 2,720 1,372 4,092 234 (181) 53
		2,954 1,191 4,145 (577) 8 (569) (8,210) 558 (7,652)
		(5,833) 1,757 (4,076)
		2023 Cash fows 2024 £’000 £’000 £’000 2,720 1,261 3,981 234 (181) 53
		2,954 1,080 4,034 (577) 8 (569) (8,210) 558 (7,652)
		(5,833) 1,646 (4,187)

Back to 50 contents

19 Pension obligations

Group and charity

The College participates in one defined contribution pension scheme and two multi-employer defined benefit pension schemes: the Scottish Teachers’ Pension Scheme (“STPS”) and the North East Scotland Pension Fund (“NESPF”).

Defined contribution scheme - “APTIS”

The College operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the College in an independently administered fund.

The charge for the period to the Statement of Financial Activities (including the income and expenditure account) in respect of the defined contribution scheme was £187,000 (2023 - £151,000).

Scottish Teachers’ Pension Scheme (“STPS”)

The scheme is an unfunded statutory public service pension scheme with benefits underwritten by the UK Government. The scheme is financed by payments from employers and from those current employees who are members of the scheme and paying contributions at progressively higher marginal rates based on pensionable pay, as specified in the regulations. The rate of employer contributions is set with reference to a funding valuation undertaken by the scheme actuary.

The last four-yearly valuation based on scheme data at 31 March 2020 was published in October 2023. This valuation informed an increase in the employer contribution rate from 23.0% to 26.0% of pensionable pay from 1 April 2024 to 31 March 2027. The next valuation will be based on scheme data as at 31 March 2024 and will set the employer contribution rate for the period 1 April 2027 to 31 March 2031.

Robert Gordon’s College has no liability for other employers obligations to the multi-employer scheme. As the scheme is unfunded there can be no deficit or surplus to distribute on the wind-up of the scheme or withdrawal from the scheme. While a valuation was carried out as at 31 March 2020, it is not possible to say what deficit or surplus may affect future contributions.

The scheme is an unfunded multi-employer defined benefit scheme. It is accepted that the scheme can be treated for

Amounts recognised in the balance sheet (NESPF only)

Amounts recognised in the balance	sheet (NESPF only)
Fair value of plan assets Present value of funded obligations Surplus/(defcit) in scheme Asset ceiling restriction Surplus/(defcit) in scheme	31 July 31 July 2024 2023 £’000 £’000 17,238 15,525 (13,600) (12,044)
	3,638 3,481 (1,687) (652)
	1,951 2,829

accounting purposes as a defined contribution scheme in circumstances where Robert Gordon’s College is unable to identify its share of the underlying assets and liabilities of the scheme.

Robert Gordon’s College’s level of participation in the scheme is 0.25% based on the proportion of employer contributions paid in 2022-23. Employer contributions payable to STPS for the period were £1,795,000 (2023 -

£1,771,000) and total outstanding STPS contributions at the period end were £226,000 (2023 - £196,000).

North East Scotland Pension Fund (“NESPF”)

The valuation used for the FRS 102 disclosures for the defined benefit NESPF scheme has been based on the most recent

Amounts recognised in net income/(expenditure) (NESPF only)

actuarial valuation at 31 March 2023 and updated by an independent qualifed actuary to take account of the require- ments of FRS 102 in order to assess the liabilities of the scheme at 31 July 2024. Scheme assets are stated at their market value at 31 July 2024. The contribution rate payable by the College was 28.4% until 31 March, then 23% from 1 April 2024 until 31 March 2027. The next valaution is scheduled at 31 March 2026 with any changes to the contribution rate to take effect from April 2027. Pension contributions paid in the period amounted to £446,000 (2023: £540,000). The following tables set out the amounts recognised in the balance sheet and in the statement of fnancial activities, reconciliations between opening and closing balances, and the key actuarial assumptions used in calculating the amounts id i d ith FRS 102 Th hld b d	31 July 31 July 2024 2023 £’000 £’000 Included within total resources expended Current service cost 270 490 Past service cost / curtailments 30 60 Net fnance (income)/costs included within total (incoming resources)/ resources expended Administration expenses 5 7 Net interest (income)/cost (193) 13 112 570	31 July 31 July 2024 2023 £’000 £’000 Included within total resources expended Current service cost 270 490 Past service cost / curtailments 30 60 Net fnance (income)/costs included within total (incoming resources)/ resources expended Administration expenses 5 7 Net interest (income)/cost (193) 13 112 570
		112 570

The following tables set out the amounts recognised in the balance sheet and in the statement of financial activities, reconciliations between opening and closing balances, and the key actuarial assumptions used in calculating the amounts recognised, in accordance with FRS 102. They should be read in conjunction with the ‘Pension Schemes’ accounting policy within Note 1.

Reconciliation of difference between amounts recognised in net income/(expenditure) and cash contributions to defined benefit pension scheme (NESPF only)

Amounts recognised in net income/(expenditure) Contributions by employer Difference between amounts recognised in net income and cash contributions	112 570 (446) (540)
	(334) 30

Back to 51 contents

19 Pension obligations (continued)

Amounts included as actuarial gains and losses

Actual return less expected return on pension scheme assets Experience gains and (losses) arising on scheme liabilities Asset ceiling restriction Actuarial (loss)/gain for the period	31 July 31 July 2024 2023 £’000 £’000 675 (145) (852) 4,321 (1,035) (652)
	(1,212) 3,524

Changes in the present value of the defined benefit obligation

Defned beneft obligation at 1 August Current service cost Past service cost / curtailments Interest cost Contributions by scheme participants Actuarial loss/(gain) Benefts paid Defned beneft obligation at 31 July	31 July 31 July 2024 2023 £’000 £’000 12,044 15,477 270 490 30 60 620 537 148 132 852 (4,321) (364) (331)
	13,600 12,044

at 31 July 2024 and is reduced to £1,951,000 as the College is not able to determine that future contributions will be sufficiently reduced or that a refund of the surplus will be available in the foreseeable future.

Changes in the fair value of plan assets

Fair value of plan assets at 1 August Interest on plan assets Actuarial gain/(loss) Administration expenses Contributions by employer Contributions by scheme participants Benefts paid Fair value of plan assets at 31 July

Major categories of plan assets as a percentage of total plan assets 31 July 31 July 2024 2023 Equities 58.20% 57.40% Government bonds 5.40% 6.00% Property 6.20% 6.50% Cash/liquidity 2.90% 3.50% Other 27.30% 26.60% 31 July 31 July 2024 2023 £’000 £’000 15,525 14,812 813 524 675 (145) (5) (7) 446 540 148 132 (364) (331) 17,238 15,525 suffciently reduced or that a refund of the surplus will b available in the foreseeable future.

Asset ceiling

Principal actuarial assumptions at the balance sheet date

The present value of the NESPF defined benefit pension

	31 July	31 July
	2024	2023
Discount rate Rate of CPI infation	4.90% 2.60%	5.20% 2.70%
Future salary increases	4.10%	4.20%
Future pension increases	2.70%	2.80%
Life expectancy of members: Retiring at age 65 today:
Males	20.6	20.6
Females	23.0	22.9
Retiring at age 65 in 20 years: Males	21.9	21.9
Females	24.7	24.7

scheme depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions will impact on the carrying amount of the pension valuation. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2023 has been used by the actuary in valuing the pensions liability at 31 July 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

The fair value of the pension plan assets at 31 July 2024 is in excess of the present value of the defined benefit obligation at that date giving rise to a surplus of £3,638,000. The surplus is recognised in the financial statements only to the extent that the College can recover that surplus, either through a reduction in future contributions or through a refund to the College. The College is not able to determine that future contributions will be reduced and it is not possible to receive a refund, as the specific conditions for this have not been met. Therefore, an asset ceiling is in place such that the surplus of £3,638,000 is not recognised as an asset

The return on plan assets was 7.9% (2023: 2.4%).

Back to 52 contents

23 Comparative Statement of Financial Acitivities

20 Control

Robert Gordon’s College is controlled by the Board of Governors, as determined by the statutory instrument City of Aberdeen Educational Endowments Scheme 2023.

20 Control Robert Gordon’s College is controlled by the Board of	23 Comparative Statement of Financial Acitivities
Governors, as determined by the statutory instrument City of	2023 - Group and Charity				Year to
Aberdeen Educational Endowments Scheme 2023.	Unrestricted		Restricted	Endowment	31 July
		Funds	Funds	Funds	2023
21 Related Parties		£’000	£’000	£’000	£’00
During the year the College’s subsidiary Robert Gordon’s
College (Trading) Limited commenced trading. The subsidi-	INCOME AND ENDOWMENTS FROM:
ary’s costs were initially met by the parent and recharged to	Charitable activities	22,602	-	-	22,602
the subsidiary, including £32,065 of staff time recharged at	Investment income	58	400	-	458
cost (2023: £nil). A management fee of £57,382 (2023: £nil)	Donations and legacies	-	190	-	190
was charged to the subsidiary to recover overhead costs.	Trading income	35	-	-	35
Grant funding of £50,000 was awarded by the College to the
subsidiary (2023: £nil). At 31 July 2024 a balance of £129,547	Total income and endowments	22,695	590	-	23,285
was owed by the subsidiary to the parent charity (2023: £nil).
The Gordonian Association RB Strathdee Trust donated	EXPENDITURE ON:
£15,000 towards books for the junior school during the year	Charitable activities	(24,218)	(530)	-	(24,748)
(2023: £nil). No balances were owing at 31 July 2024 (2023:	Raising funds: fundraising and publicity costs	(210)	-	-	(210)
£nil).
The Aberdeen Endowments Trust is entitled to nominate two	Total expenditure	(24,428)	(530)	-	(24,958)
Governors. Under the City of Aberdeen Educational Endow-
ments Scheme 2023, the Aberdeen Endowments Trust is	Net (expenditure)/income prior to gains and losses	(1,733)	60	-	(1,673)
required to pay the residue of its free income to the Governors
of Robert Gordon’s College to be used for the purposes set	Net (losses) on investments	(61)	-	(257)	(318)
out in the Scheme.	Net gains on investment in associate	-	-	27	27
The total amount received from the Aberdeen Endowments
Trust during the period was £813,356 (2023: £862,882),	Net (expenditure)/income	(1,794)	60	(230)	(1,964)
including bursarial and other support on behalf of pupils. No
balance was held by Robert Gordon’s College at the period end (2023: £nil).	Other recognised gains/(losses): Actuarial gains on defned beneft pension plans	3,524	-	-	3,524
	Transfers between funds	23	(23)	-	-
22 Subsequent events
On 29 July 2024, the government published draft legislation	Net movements in funds	1,753	37	(230)	1,560
which charges VAT at 20% on education and boarding
services provided by private schools. The measure applies to	Reconciliation of funds
fees paid from 29 July 2024 in relation to the term starting on	Fund balances at
or after 1 January 2025.	31 July 2022	18,657	6,229	7,457	32,343
This legislation passed into law within the Finance Act 2025 in April 2025, will have a signifcant fnancial impact on fee	Fund balances at
affordability for parents, the full extent of which will impact the	31 July 2023	20,410	6,266	7,227	33,903
College in the fnancial year to 31st July 2025 and beyond.

This legislation passed into law within the Finance Act 2025 in April 2025, will have a significant financial impact on fee affordability for parents, the full extent of which will impact the College in the financial year to 31st July 2025 and beyond.

Back to 53 contents

ROBERT GORDON'S COLLEGE Schodhill. Ab8rd88n. ScoU8nd AB10 1FE T8101224 646346 email [e-mail] c aberdeen.sch.uk IS3 £n*ty reg&lered In sC￿and. No. SWD123