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← The Governors of Morrison's Academy

2025-06-30-accounts

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

Charity registration number: SC000458

The Governors of Morrison's Academy

Annual Report and Financial Statements

for the Year Ended 30 June 2025

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Contents

Contents
Reference and Administrative Details 1 to 2
Governors' Report 3 to 14
Statement of Governors' Responsibilities 15
Independent Auditors' Report 16 to 18
Statement of Financial Activities 19 to 20
Balance Sheet 21
Cash Flow Statement 22
Notes to the Financial Statements 23 to 41

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The Governors of Morrison's Academy

Reference and Administrative Details

Governors D A Glen BAcc CA (Chair - retired D A Glen BAcc CA (Chair - retired S Brooks BAcc (Hons) CA
30 June 2025)
D Macdonald FCIBS (Chair - J O’Neill MA (Hons) CertEd (Distinction)
appointed 1 July 2025)
E McLellan MA C McLaren HNC
J L T Taylor BSc (Hons) MRICS R White MA (Hons)
Dr A Vuckovic MEng MSc I Beveridge PGDip, BSc (Hons)
G Anderson BSc (Hons) (appointed G Steel BSc (Hons) CA (appointed 1 September
1 September 2024) 2024)
C Masson MA, CMgr, FCMI C Cunningham MA (Hons), PhD, PFHEA
(appointed 1 September 2024) (appointed 1 September 2024)
A Walker BA (Hons) FCIPD G Innes MA, AssocRICS (appointed 19 June
(appointed 1 September 2024) 2025)
Leadership Mr A J McGarva BA, M Ed., NPQH Rector
Principal Office
Ferntower Road
Crieff
Perthshire
PH7 3AN
Charity Registration
Number SC000458
Solicitors Lindsays LLP
Caledonian Exchange
19a Canning Street
Edinburgh
EH3 8HE
Bankers Virgin Money
158/162 High Street
Perth
PH1 5UH
Auditors CT Audit Limited
Chartered Accountants & Statutory Auditor
61 Dublin Street
Edinburgh
EH3 6NL

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Brewin Dolphin
Investment Rathbones Limited
Advisors 10 George Street
Edinburgh Sixth Floor
EH2 2PF
Other Officers Mr S Baillie BA, LLB, Dip LP, NP, Clerk
Atria One
144
Morrison
Street
EDINBURGH
EH5 8BR

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The Governors of Morrison's Academy

Governors' Report

The Governors present the annual report and financial statements of the Governors of Morrison’s Academy (“Morrison’s Academy” or “the School”) for the year ended 30 June 2025 under the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Governors confirm that the audited financial statements of the School comply with the requirements of the Act, Regulations, The Trust Deed and the Statement of Recommended Practice,” Accounting and Reporting by Charities”, applicable to charities preparing their financial statements in accordance with Financial Reporting Standard (FRS) 102.

Objectives

Since its foundation in 1860, the School’s principal object, as set out in its Trust Deed, is the advancement of education, including the provision of sports and recreational facilities, for day pupils in the Strathearn area and beyond. In practice, the School’s objective is to foster each and every pupil to fulfil their potential, be self-confident, empathetic and resilient and become an effective and valued member of their community. The School has always charged fees in order to defray the costs of providing the education from which tens of thousands of pupils have benefited over the decades, however the School also has an objective to widen access to a Morrison’s Academy education to families who do not otherwise have the means to do so.

Aims

To achieve its objectives, the School aims to:

  1. Provide a first-class education, through expert academic teaching, and the participation of all pupils in an extensive programme of co-curricular activities: “the extended curriculum”. The cocurricular element embraces voluntary participation in sport, music, drama, travel, school clubs and societies, national award schemes and the Combined Cadet Force;

  2. Achieve high academic standards through curriculum development and pedagogy, with a particular focus on best practice in teaching and learning;

  3. Provide sensitive pastoral support and a well-maintained, safe school environment and facilities for all pupils and staff;

  4. Offer means-tested financial support (bursaries) along with academic, sporting and music scholarships for the benefit of the pupil population;

  5. Engender a familial ethos (“Morrisonians”) among pupils, parents and staff across all ages and all aspects of the School.

Activities and Achievements

Education

Our principal activity is the provision of first-class education for pupils in the age range 2 to 18. For organisational purposes the School is split into three sections:

Nursery (N2-N4): ages 2-5
Primary (P1-Transitional) ages 5-12
Secondary (S1-S6) ages 12-18

An integrated curriculum connects all three sections of the School and provides an environment where pupils get to know each other across all ages, from youngest to oldest.

A broad, general and age-appropriate education is provided until the end of S2. Thereafter pupils are prepared for National Qualification courses at National 4 and 5 in S4, Highers in S5, and additional Highers and Advanced Highers in S6.

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The Governors of Morrison's Academy

Governors' Report (continued)

Learning and teaching at Morrison’s Academy is very successful with the great majority of pupils achieving the qualifications necessary to study the course of their choice at university. Furthermore, the School’s results should be set in the context of our Open Presentation Policy, whereby we do not prevent candidates from taking the exams they wish, even if they are likely to fail, as a means of improving our pass rates.

The focus on digital learning and digital skills over the last few years has allowed the School to successfully deploy a hybrid working/remote learning model as was required to cope with Covid restrictions and, more recently, ensure easy access to resources and teaching materials.

In education, where many important outcomes, such as confidence and resilience, are difficult to measure, metrics such as examination pass rates tend to be quoted even though, at the very best, they present only a partial view of the quality of education on offer.

The exam results for our pupils at National 5, Higher and Advanced Higher were very pleasing again this year, maintaining the pattern of high pass rates across all exam year groups and significantly above national averages and ahead of many other independent schools in Scotland.

Qualification 24/25 pass rate 23/24 pass rate
National 5 96% 95%
Higher 95% 96%
Advanced Higher 89% 89%

At Higher level, the average number of Highers achieved at A-C for a pupil in S5 was 4.30 (2024: 4.40). This is consistent with years prior to 2024.

At Higher 61% (2024: 63%) of presentations were at Grade A. At Advanced Higher 50% (2024: 35%) of presentations were at Grade A. The Higher and National 5 pass rate at Morrison’s Academy was the highest of all schools in Perthshire, Clackmannanshire, Tayside and Fife.

Over the past 15 years, Morrison’s Academy’s pass rates have reflected the continued quality of learning and teaching, underpinned by the sustained effort of both pupils and staff.

The School offered BTEC in Enterprise and Entrepreneurship for the fourth time this year with 2 Merit passes in the BTEC certificate.

Of our most recent S6 leavers, 86% (2024: 87%) have been accepted to the University or further education institution of their choice, the remainder taking a gap year or heading straight to work.

Charity, community and outreach

The School actively supports a range of charities, spanning local, national, and international causes, raising significant funds each year. Many pupils and staff also contribute their time and expertise through volunteering with local organisations

The key charitable activities in 24/25 were:

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The Governors of Morrison's Academy

Governors' Report (continued)

l. Youth Philanthropy Initiative funded by the Wood Foundation - pupils raised awareness of local charities with the winning group fundraising on behalf of Perth Autism Support

This year, means-tested bursary awards totalling £532,582 (2024: £515,466) were made to pupils in pursuit of the School’s policy to widen access and to relieve hardship where the pupil’s education and future prospects would otherwise be at risk. A further £37,772 (2024: £26,508) was awarded in scholarships, grants, prizes and other awards made to the Schools’ pupils out of a combination of unrestricted funds and specific restricted funds.

The School maintains a number of restricted funds held for special purposes in connection with the development of the School’s facilities as well as for scholarships, bursaries, prizes and other educational purposes. A significant number of means-tested bursaries are also awarded each year. In addition, the School awards a large number of prizes at its annual prize-giving ceremony during Speech Day.

Restricted funds are usually the result of generous gifts left in the wills of former pupils, staff and Governors for specific purposes. Morrison’s Academy is very grateful for their generosity, which has benefited the School significantly in recent years. The legacy giving programme remains open to all who wish to contribute to the School in future, either for a specific purpose, or without restriction.

Learning for Life

While we recognise that academic results are the passport to further education and workplace opportunities, we know that for young people to be successful and thrive, the ability to communicate, problem solve, work with others, ask questions, find solutions, form relationships, be curious and innovate are essential in the ever evolving 21st century workplace. To help develop and understand these skills an awareness, desire and understanding of self-development is key which is where our Learning for Life programme comes in.

The programme is unique to Morrison’s Academy and really sits at the heart of our curriculum with all pupils from Primary 1 to S6 receiving a weekly Learning for Life lesson. The programme is built around five contexts - Health and Wellbeing, Global Citizenship, Life Skills, The Big Questions and Enterprise. A wealth of experiences, projects and activities are delivered through these contexts, providing pupils with the opportunity to develop the skills and values they need to succeed as passionate, ambitious and lifelong learners. Lessons are interactive and experiential, develop pupils’ digital literacy skills, encourage independent learning and thinking as well as the ability to collaborate with others.

Morrison’s Academy strives for all pupils to emerge as confident, articulate, motivated and selfdisciplined individuals with a wide range of interests. Our pupils are accustomed to contributing, as members of a team, to the achievement of group goals whilst also being able to accept the responsibilities of leadership. At present the School offers a significant number of opportunities for taking responsibility, ranging from Primary buddies to Captains of Senior School, in which pupils can practise and develop leadership skills.

Morrison’s Academy pupils are encouraged to communicate their own views while remaining tolerant of those of others, to be open to new ideas while retaining a strong sense of purpose, and to have clear values and integrity. To this end the School has a core set of values - creative, confident, committed, curious, caring and connected - that act as the moral compass and reference point for all. Courtesy, mutual respect, a sense of social responsibility, and a desire to contribute to the betterment of mankind all form an important part of Morrison's Academy's broader expectations of all its pupils.

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The Governors of Morrison's Academy

Governors' Report (continued)

A further area of School life is the house structure. Every pupil is assigned to one of the four houses: Drummonds, Grahams, Campbells and Murrays. Throughout the year inter-house competitions take place in a range of sporting and other activities that culminate in the annual Sports Day in June when the house challenge trophy is decided.

Community & Partnership

Morrison’s Academy takes great pride in being an active member of the local community of Crieff and Strathearn, across Central Scotland, and further afield. Locally, our pupils and staff are regularly involved in events and activities, from the Pipe Band leading Remembrance Day parades, to the Gardening Club helping maintain the local park, and pupils visiting care home residents. Through these activities, we instil in our pupils a sense of civic duty and embody our school value of ‘Caring and Connected’.

The School also provides a hub for the wider community, offering our campus to host sporting, educational, social, and cultural events for local groups, clubs, and individuals. Our music and drama departments regularly perform at community events and concerts, bringing enjoyment to audiences across the area. The School Pipe Band continues to support local and wider community events, including leading the annual Remembrance Sunday parade alongside the CCF contingent.

In partnership with the charity SmartSTEMs, we organise a free Saturday STEM festival for children aged 10 to 14, offering interactive workshops, STEM exhibitions, career talks, and events that showcase exciting industry opportunities. In its third year, over 350 young delegates from across Central Scotland attended, gaining hands-on experience that helps them discover new talents and realise their potential.

We also partner with Comrie Croft and Scottish Cycling to deliver the Scottish Schools Mountain Bike Championships, which in its second year attracted over 350 competitors from 80 schools across Scotland, from Elgin to Peebles, for a day of cycling, outdoor education, and competition. This event, which aims to support both novice riders and established racers, was recognised as Scottish Cycling’s Event of the Year in 2023, and demonstrates the School’s commitment to encouraging young people to participate in sport at all levels.

Further partnership initiatives include outdoor education activities and sports festivals with local primary schools, enterprise programmes, and a rugby development programme with Crieff and Strathearn Rugby Club. Morrison’s Academy is also proud to host the Daffodil DNA project, which brings together pupils from Crieff High School and our local Prep School Ardvreck to engage in hands-on scientific learning using our facilities. In addition, the School recently hosted a Teaching & Learning Conference led by Bruce Robertson, which welcomed teachers from Crieff High School and Ardvreck, fostering professional collaboration and shared best practice.

Our campuses are regularly used by local music, sporting, and cultural groups for rehearsals, meetings, and fundraising events, while our sports fields at Dallerie host major annual events such as the Guy Fawkes Firework Display.

Through these partnerships and initiatives, Morrison’s Academy continues to contribute to the life of our local community, Central Scotland, and beyond, fostering opportunity, engagement, and connection for all.

Professional and Environmental Development

Morrison’s Academy takes pride in the excellence of teaching across the School and in the dedication of all staff who provide our pupils with the platform and tools to achieve their full potential. The School seeks to attract and develop the highest quality staff and maintains a continuous programme of professional development, curricular enhancement, and co-curricular innovation, ensuring that staff

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The Governors of Morrison's Academy

Governors' Report (continued)

have the best possible environment, resources, and support to deliver outstanding learning experiences.

Teaching pedagogy remains central to our work, encompassing independent, digital, and outdoor learning strategies. Individual teachers undertake research in their chosen fields, sharing insights and best practice at forums and professional development days. Career-Long Professional Learning (CLPL) is embedded across the School, with six dedicated Conference Days each session, providing ringfenced time for professional reading, discussion, and reflection.

This year, Morrison’s Academy hosted a Teaching & Learning Conference led by Bruce Robertson, attended by staff from Crieff High School and Ardvreck. The conference also highlighted the launch of the Morrison’s Academy Teaching and Learning Toolkit and the accompanying Toolkit Resource Centre, which provides a central repository of articles, videos, and examples of effective practice for all staff. New staff are welcomed with a copy of the Toolkit and the Pioneer Teacher text for the year ahead, and our Pioneer Teacher Group continues to support innovative practice across the School.

The School’s commitment to professional development is complemented by a structured framework for Performance Review and Development, incorporating Professional Update, and ratified by the General Teaching Council for Scotland.

Environmental development and campus enhancement are equally central. Morrison’s Academy undertakes an annual programme of investment in its buildings, facilities, and equipment to modernise, upgrade, and futureproof the School. Recent projects include internal and external refurbishment of multiple buildings, relocation and refurbishment of classrooms to support growing Primary School numbers, and the creation of a new covered outdoor area for Nursery pupils to enjoy outdoor play even in inclement weather. Classrooms have been upgraded with LED technology, and a Sustainability Coordinator has been appointed to ensure environmentally responsible practices are embedded across the School. Security has also been improved with the installation of a new electronic entry system, providing controlled access to all buildings, while aesthetic and functional enhancements continue across the campus to create an inspiring, safe, and engaging learning environment.

Through these combined initiatives, Morrison’s Academy ensures that teaching and learning remain at the forefront of the School’s development, while continually providing staff with the tools, time, and environment to innovate, collaborate, and deliver the highest standards of education.

Sustainability and ESG Initiatives

In line with our commitment to Environmental, Social, and Governance (ESG) principles, Morrison’s Academy has introduced a range of impactful initiatives this year. A key milestone has been the campus-wide replacement of all lighting with energy-efficient LED systems, expected to deliver significant reductions in energy consumption. We are working closely with our external catering partner to enhance sustainability through improved recycling, locally sourced food to reduce carbon emissions, and a focus on nutritional quality.

Looking ahead, we are exploring innovative kitchen technology that converts food waste into biomass pellets, supporting a circular energy system integrated with our heating infrastructure. Our Pupil Council continues to play a central role in promoting environmental awareness, leading student-driven green projects across the School.

To ensure sustainability remains embedded in our culture, we have appointed a dedicated Sustainability Coordinator to oversee and strengthen our ongoing ESG strategies. Together, these initiatives demonstrate Morrison’s Academy’s commitment to fostering an environmentally responsible, forwardthinking, and engaged school community.

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The Governors of Morrison's Academy

Governors' Report (continued)

Financial review

The School reported a net operating surplus of £368,830 (2024: £174,717) after allowing for realised loss on investment disposals of £23,961 (2024: gain £53,538) and unrealised gains on investments of £87,455 (2024: £135,256).

An ongoing programme of investment to maintain and renew the fabric and equipment continues to ensure that Morrison’s Academy remains an attractive, inspiring and safe working environment for pupils and staff.

The Governors remain committed to a policy which aims to ensure that all operating expenditure will be matched by regular recurring income and so focus on maintaining positive net cash flows from operating activities which were £104,149 (2024: £837,437).

The strategic investment in fixed assets across the campus of £130,590 (2024: £356,106) is funded from legacies and donations, supported by prudent borrowing when appropriate.

Reserve policy and going concern

The Governors have considered the inherent risk in the School's activities. The funds held in reserve are monitored in relation to operational and financial plans to ensure that sufficient funding is available to meet aims and objectives, and have determined that the School is a going concern.

At the year end the balance of unrestricted funds, representing our reserves, stood at £4,524,742 (2024: £4,198,145) of which (£229,900) represented free reserves available for general use but free reserves including investments are £1,389,898. In addition, restricted reserves totalled £165,461 (2024: £123,228).

These reserves are represented principally by the School’s ownership in land, buildings and a portfolio of stocks and shares.

Principal funding sources

The School’s principal funding source is tuition fees paid by families for a Morrison’s Academy education for their children. The School also charges for specific items, such as catering, transport, certain educational trips, and a capital levy for maintenance and development of the School’s campus.

In addition, the School seeks to raise funds through connections and engagement with alumni, parents, trusts and corporate friends using a mix of marketing, communication and events. All fundraising activity is consistent with all applicable laws and the Code of Fundraising Practice. Fundraising strategies include the solicitation of major gifts, gifts in wills, regular annual or monthly giving as well as targeted campaigns.

Investment policy and objectives

The Governors have set an investment objective to maintain a balance between income and capital growth in the long term through taking a moderate level of investment risk.

Rathbones manage the invested assets on a discretionary basis, requiring them to make day to day investment allocation decisions within the objectives and risk parameters set by the Governors. Their performance, net of fees, is measured against a composite benchmark, calculated quarterly, and assessed on a long-term basis.

Financial assistance policy

The school offers awards of financial assistance on the basis of a combined assessment of means testing and academic potential. The Governors wish to seek to maximise the number and amount of bursaries provided to pupils who desire access to, and would benefit from, the life-changing opportunity that is a Morrison's Academy education.

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The Governors of Morrison's Academy

Governors' Report (continued)

Use of volunteers

Former pupils, through the Morrisonian Club, and parents of current pupils, via the Morrison’s Academy Parents Association (MAPA), have assisted enthusiastically to deliver a variety of School activities during the year. The Governors offer their sincere thanks to all volunteers for their continuing support.

Funds held as custodian trustee on behalf of others

Neither the School nor any of its Governors acts as custodian of funds or property on behalf of others.

Plans for future periods

Aims and key objectives for future periods

Morrison’s Academy has provided an outstanding education for 165 years and has a reputation for academic success in boys and girls from 2 to 18. This continues today with the delivery of a contemporary Scottish curriculum, enriched with educational programmes that deliver life skills and cocurricular activities and opportunities broadening pupil’s horizons.

Over the past year, the School has maintained a clear focus on revitalising its programme of activities, educational visits, sports, music, and a broad range of co-curricular events. Pupils have participated in an extensive schedule of local and international excursions, a major concert at Perth Concert Hall, and achieved notable success in Scottish Rugby and Hockey tournaments, alongside a variety of outdoor education experiences. These initiatives have been designed to promote pupil wellbeing, physical fitness, enjoyment of school life, and the cultivation of positive relationships.

Pupil health and wellbeing remain fundamental priorities. Support continues to be provided through the in-school counselling service, with further assistance delivered through the established Learning for Life programme. The pursuit of academic excellence remains central to the School’s objectives, underpinned by a rolling programme of departmental reviews. These processes ensure that pupils are afforded the best possible opportunities to fulfil their potential in national examinations.

The School’s development over the past year has extended beyond academic provision. A number of significant campus enhancements have been undertaken, including the investment in the Food, Nutrition and Textiles Department, upgrades to IT infrastructure, and the installation of new equipment, furniture and Clevertouch screens. The rolling programme of exterior painting and repairs has continued alongside improvements in the School’s heating systems.

This ongoing focus on development is embedded within the School’s Strategic Plan, which sets out ambitious academic goals supported by substantial capital investment. Together, these initiatives are intended to ensure the continued advancement of a modern, high-quality learning environment that inspires and challenges all pupils to achieve their best.

Introduction of VAT on School Fees

During the year, the School faced a significant change in the financial and regulatory landscape following the introduction of VAT on independent school fees. This development required the school to register for VAT and to implement new administrative processes to ensure full compliance with HMRC requirements.

The registration process itself demanded detailed preparation, including the review of our accounting systems, invoicing procedures, and financial reporting frameworks. The Finance Team worked closely with professional advisers to ensure that our systems were ready ahead of the implementation date.

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The Governors of Morrison's Academy

Governors' Report (continued)

The introduction of VAT inevitably created challenges, both operationally and in terms of communication with parents. Considerable effort was devoted to ensuring that families were kept well informed about the changes, the implications for fee structures, and the measures the school was taking to minimise disruption and its financial impact on parents.

Despite these challenges, the transition has been managed effectively. Strong collaboration between the Governors, Finance Committee, and Senior Leadership Team ensured that the impact on the school’s operations was carefully managed and that the high standard of education and service to our pupils and families remained unaffected.

Structure, governance and management

Nature of governing document

Morrison’s Academy is an Independent School which was founded in 1860. It is a Registered Scottish Charity which operates under Charity Number SC000458 and conducts its business under the Morrison’s Academy Trust Scheme 2015.

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The Governors of Morrison's Academy

Governors' Report (continued)

Recruitment and appointment of Governors

The election of Governors is regulated by the Trust Scheme. It provides for Governors to be elected by qualifying bodies as follows:

qualifying bodies as follows:
Body Representing Number of elected Governors
Universities in Scotland Higher Education 5
Morrison’s Academy Parents’
Association
Parents		 1
Morrisonian Club Former Pupils 2
Perth & Kinross Council Local Authority & community 1
Co-Opted Various specified skill sets Up to 6

A term of office for any Governor is a maximum of four years, with a limit of two terms, other than in exceptional circumstances.

The Governor Appointments Committee utilises a skills matrix to ensure that the Board, as a body, has sufficient breadth and depth of skills and experience to fulfil the needs of the School and to discharge its duties individually and collectively.

Induction, training, and performance of Governors

On appointment, Governors receive an induction pack containing essential guidance regarding the role, responsibilities and potential liabilities they are assuming. The pack, which includes a manual of good practice published by the Association of Governing Bodies of Independent Schools (AGBIS) and the Independent Schools Council (ISC), is updated from time to time in response to changing legislation. The Board also has a Code of Practice, to codify the effective governance of the School via the roles of the Governors and key office holders.

Training courses covering contemporary topics such as governance, charity accounting, employment law and health and safety are facilitated and promulgated by OSCR and the Scottish Council for Independent Schools and this information is made available to all Governors. Governors attending such courses cascade information gained to all other Board members as necessary.

Annually, each Governor self-assesses their performance. Performance information is collated by the Clerk to the Board of Governors and assessed by the Chair. The Chair is responsible for determining what actions are required to improve Board performance, if any, and will discuss this with Governors individually or collectively.

Organisational management

The ultimate responsibility for governance of the School is vested in the Board of Governors who meet as a Board four times a year. Governors also serve, as appropriate to their individual areas of expertise, on ten standing committees.

Committees have quarterly scheduled meetings throughout the academic year to support the work of the Rector, and Senior Leadership Team in administering the day to day operations of the School and to propose strategic recommendations for ratification by the Board.

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The Governors of Morrison's Academy

Governors' Report (continued)

The remits of the committees can be summarised as follows:

Committee Remit









Education Educational standards, performance, current and future academic strategy
Finance Financial planning and budgeting, investments, liquidity and financial strategy
Marketing Recruitment to, and retention of, the School roll through effective promotion and
communications to families, the local community and other stakeholders
Fabrics &
Infrastructure		 Development and maintenance of a school campus that is attractive, inspiring and
safe for all
Strategy Medium and long term strategic objectives of the School
Health, safety &
Safeguarding		 Legislative compliance with health & safety policies that protect the welfare of staff
and pupils through the maintenance of a safe working environment. Ensure
appropriate safeguarding policies relevant to staff and pupils, including training and
an all-encompassing approach to child protection
Human Resources HR strategy and policy to attract and retain the best staff
Governor
Appointments		 Recommend new Governor appointments to the Board in June each year. Assess
individual and collective Board performance and identify on-going training
requirements
Secondary School
Liaison		 Forum for Secondary parent members to bring general parental concerns to the
attention of the Board and senior management and to contribute to the development
of thinking on matters of policy and School improvement
Primary School
Liaison		 Forum for Primary parent members to bring general parental concerns to the
attention of the Board and senior management and to contribute to the development
of thinking on matters of policy and School improvement

Key Management Personnel

Key Management Personnel (KMP) are members of the leadership team who have the authority and responsibility for planning, directing and controlling the activities of Morrison’s Academy either directly or indirectly. They include the Board of Governors, the Rector and the Senior Leadership Team.

The Governors delegate day to day management of the School to the Rector who is supported by a Senior Leadership Team (SLT).

The Rector’s leadership responsibilities cover the School’s key objectives:

In fulfilling these responsibilities, the Rector delegates certain matters to experts in the Senior Leadership Team, which comprises:

Depute Rector Head of Operations Assistant Rector (Academic) Head of Finance Assistant Rector (Pastoral) Head of Primary (including Nursery provision)

Further delegation in academic matters will vest responsibilities in Heads of Department that are specific to certain subjects and disciplines.

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The Governors of Morrison's Academy

Governors' Report (continued)

Arrangements for setting key management personnel remuneration

The salaries of key management personnel are reviewed annually following a formal appraisal by the Rector in the case of the Senior Leadership Team, and by the Chairman of the Board in the case of the Rector.

Salaries of the members of the Senior Leadership Team are further informed by Scottish Negotiating Council for Teachers (SNCT) scales and in the case of the Heads of External Relations, Finance, and Operations, by reference to market forces.

Principal risks and uncertainties

Matter of concern Potential impact Mitigating actions
Political instability and Uncertainty in policy or Cost control and efficiency
uncertainty over policy requirement to add VAT to measures implemented to reduce
towards independent school fees causes VAT impact on fees and thereby
schools deteriorated school roll or pupil reduce impact on school roll
retention issues and financial reduction (immediate and future
deterioration. pipeline affordability)
Loss of IT systems Failure to protect personal MFA implemented, Cyber Essentials
(malicious acts) data, financial and reputational certification in progress and desk
damage, operational disruption top exercise to establish resilience is
costs and disruption to planned.
remediate, GDPR infringement
penalties.
Traffic accident in or Serious injury or fatality to Within campus, traffic calming
around campus perimeter pupil, parent, staff or visitor. measures such as one-way system
and reverse parking policy have
been implemented. Discussion of
options with local council for
surrounding area are taking place.
Inadequate crisis Increased disruption to Continual review of established
management (eg bomb activities and performance, crisis management protocols.
scare, fire, bus crash) health and safety risk to pupils Training on crisis management
and staff, potential for legal, policy including mock exercises.
reputational and financial Public relations advisory consultant
damage. in place to ensure appropriate
communication of any 'crisis'
situation. Insurers provide a
Business Continuity service as part
of the School's general insurance
cover.

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The Governors of Morrison's Academy

Governors' Report (continued)

The School also participates in an annual survey of remuneration packages for Headteachers and Bursars conducted by the Association of Governing Bodies of Independent Schools.

Relationships with Related Parties

Morrison's Academy has no business relationships with any connected charities but contributes the proceeds of pupils' fundraising efforts to appropriate charitable causes.

Risks and uncertainties

The Governors regularly review, through the committee structure, the major risks to which the School is exposed. In addition, a formal annual risk assessment is carried out under the auspices of the Finance Committee, with technical and professional input from appropriate School management and departmental representatives. This group reviews a School-wide risk register and identifies risk mitigations or other action deemed necessary.

Disclosure of information to auditor

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the School's auditor is aware of that information. The Governors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

12 December 2025 The annual report was approved by the Governors of the School on …………………..…................... and signed on its behalf by:

Mr S Baillie BA, LLB (Hons) Dip LP NP Clerk

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The Governors of Morrison's Academy

Statement of Governors' Responsibilities

The Governors are responsible for preparing the Governors' Annual Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law.

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 School and of the incoming resources and application of resources of the School for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. The Governors are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

15

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The Governors of Morrison's Academy

Independent Auditor's Report to the Members of The Governors of Morrison's Academy

Opinion

We have audited the financial statements of The Governors of Morrison’s Academy for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the Governors’ 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

16

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The Governors of Morrison's Academy

Independent Auditor's Report to the Members of The Governors of Morrison's Academy (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ report.

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

Responsibilities of Governors

As explained more fully in the Governors’ responsibilities statement, 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the 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 Act 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates and considered the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

17

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The Governors of Morrison's Academy

Independent Auditor's Report to the Members of The Governors of Morrison's Academy (continued)

We focused on laws and regulations that could give rise to a material misstatement in the charity’s financial statements. Our tests included, but were not limited to:

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

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

Use of our report

This report is made exclusively to the School governors, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the governors 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 School, and its governors as a body, for our audit work, for this report, or for the opinions we have formed.

CT Aust

CT Audit Limited

Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL

15 December 2025 Date: ……………………...……..

CT Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Statement of Financial Activities for the Year Ended 30 June 2025

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment income
5
Other income
6
Total Income
Expenditure on:
Raising funds
7
Charitable activities
8
Depreciation
Total Expenditure
Net income/(expenditure)
Gains/(losses) on investment assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
27
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total 2025
Total 2024
£
£
£
£
138,814
164,707
303,521
195,754
8,562,960
(53,383)
8,509,577
7,937,210
5,910
-
5,910
6,865
46,787
-
46,787
60,515
8,016
-
8,016
169,139
8,762,487
111,324
8,873,811
8,369,484
(33,630)
-
(33,630)
(16,143)
(8,109,781)
(69,091)
(8,178,872)
(7,949,275)
(355,973)
-
(355,973)
(418,143)
(8,499,384)
(69,091)
(8,568,475)
(8,383,561)
263,103
42,233
305,336
(14,078)
63,494
-
63,494
188,794
326,597
42,233
368,830
174,717
4,198,145
123,228
4,321,373
4,146,656
4,524,742
165,461
4,690,203
4,321,373

The notes on pages 23 to 41 form part of these financial statements.

19

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Statement of Financial Activities for the Year Ended 30 June 2024

Unrestricted
Restricted
Total
funds
funds
2024
Note £
£
£
Income and Endowments from:
Donations and legacies 49,785
145,969
195,754
7,978,285
(41,075)
7,937,210
6,865
-
6,865
60,515
-
60,515
169,139
-
169,139
Charitable activities
Other trading activities
Investment income
5
Other income
Total income 8,264,590
104,894
8,369,484
Expenditure on:
Raising funds (16,143)
-
(16,143)
(7,846,514)
(102,761)
(7,949,275)
(418,143)
-
(418,143)
Charitable activities
Depreciation
Total expenditure (8,280,800)
(102,761)
(8,383,561)
Net income/(expenditure)
(16,210)
2,133
(14,078)
Gains/(losses)on investment assets 188,794
-
188,794
Net movement in funds
172,584
2,133
174,717
Reconciliation of funds
Total funds brought forward 4,025,561
121,095
4,146,656


Total funds carried forward
27		 4,198,145
123,228
4,321,373

All of the School’s activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 27.

20

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Balance Sheet as at 30 June 2025

2025 2024
Note £ £
Fixed assets
Tangible assets 14 3,134,845 3,361,099
Investments 15 1,619,798 1,557,337
4,754,642 4,918,436
Current assets
Stocks 16 4,029 4,668
Debtors 17 490,613 337,628
Cash at bank and in hand 18 1,479,008 1,545,234
1,973,650 1,887,530
Creditors: Amounts falling due within one year 19 (2,000,093) (2,354,977)
Net current assets/(liabilities) (26,443) (467,447)
Total assets less current liabilities 4,728,199 4,450,989
Creditors: Amounts falling due after more than one year 20 (37,996) (129,616)
Net assets 4,690,203 4,321,373
Funds of theSchool:
Restricted income funds 165,461 123,228
Unrestricted income funds
Unrestricted income funds 4,524,742 4,198,145
Total funds 4,690,203 4,321,373

The notes on pages 23 to 41 form part of these financial statements.

The financial statements on pages 19 to 41 were approved by the governors, and authorised for issue on ………….…………………… and signed on their behalf by: 13 December 2025

Mr D R T Macdonald FCBI

Chairman

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Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Cash Flow Statement for the Year Ended 30 June 2025

2025
2024
Note £
£
Cash flows from operating activities
Net cash income 368,830
174,717
355,973
418,143
(46,787)
(60,515)
271
1,241
23,961
(53,538)
(87,455)
(135,256)
Adjustments to cash flows from non-cash items
Depreciation
14
Investment income
5
Loss on disposal of fixed assets
Profit on disposal of investments
Unrealised loss/(gain)on investments
245,963
170,075
639
(969)
(152,985)
(248,197)
(358,298)
741,811
Working capital adjustments
(Increase)/decrease in stocks
16
(Increase)/decrease in debtors
17
Increase/(decrease)in creditors
19
Net cash flows from operatingactivities 104,149
837,437
Cash flows from investing activities 46,787
60,515
(130,590)
(356,106)
601
-
(14,818)
11,032
(710,167)
(538,447)
726,018
936,390
Interest receivable and similar income
5
Purchase of tangible fixed assets
14
Proceeds from sale of fixed assets
14
Movement in cash held in investments
15
Purchase of investments
15
Sale of investments
15
Net cash flows from investing activities 82,169
113,384
(111,115)
(111,115)
22,909
(370)
Cash flows from financing activities
Repayment of loans and borrowings
19
New loans/(repayment of capital element) of finance leases

and HP contracts
20
Net cash flows from financingactivities (88,206)
(111,485)
Net increase/(decrease) in cash and cash equivalents (66,226)
839,336
1,545,234
705,898
Cash and cash equivalents at 1 July
Cash and cash equivalents at 30 June 1,479,008
1,545,234

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 23 to 41 form part of these financial statements.

22

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Governors of Morrison's Academy meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are prepared in pounds sterling which is the functions currency of the charity, rounded to the nearest £.

Going concern

In our assessment of going concern, the Governors have considered the impact of economic and political upheaval and the inherent risk in the School's area of activity. The balance of funds on reserve are monitored in relation to operational and financial plans to ensure that sufficient funding is available to meet aims and objectives. Given the level of funds available, the Governors consider that there are no material uncertainties about the school’s ability to continue to operate for a period of at least twelve months from the date of signing these financial statements. On this basis, they consider it appropriate to prepare these financial statements on a going concern basis.

Income and endowments

Voluntary income including donations, gifts and legacies is recognised when the School has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations, legacies & bequests are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Grants receivable

Government grants are recognised when there is reasonable assurance that the School will comply with the conditions attaching to the grant and the grant will be received.

Investment income

Investment income is recognised on a receivable basis.

Charitable activities

Fees received in advance of education to be provided in future years are held as liabilities until taken to income when the education is provided to the relevant pupil.

23

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are accounted for on an accruals basis and are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure is reported net of recoverable VAT. Irrecoverable VAT is included within the appropriate expenditure categories in the Statement of Financial Activities and is recognised as a cost in the period in which the related expenditure is incurred.

Raising funds

Costs of raising funds are an estimated proportion of the Development Office running costs, being those costs associated with attracting donations.

Charitable activities

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

Governance costs

These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Governor’s meetings.

Taxation

Morrison's Academy has been accepted as a charity for tax purposes and is not liable to Corporation Tax. See Note 13 below.

Tangible fixed assets

Individual fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

School properties and equipment held on 15 May 1970 are stated at valuation on that date less subsequent amounts written off or disposed of by the School. Subsequent expenditure is stated at cost less depreciation. Another valuation was performed in August 2022 for insurance purposes and it was assessed on a re-instatement costs basis and showed the value of the School property was significantly above the carrying value of the assets within the financial statements.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Freehold land not depreciated
Freehold buildings 1 - 10% straight line basis
Plant 10% straight line basis
Equipment 10 - 25% straight line basis
Motor vehicles 10% straight line basis

24

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

Fixed asset investments

Fixed asset investments are included at market value at the balance sheet date.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Stock

Stock is valued at the lower of cost price and net realisable value, after due regard for obsolete and slow-moving stocks. Net realisable value is based on selling price less anticipated selling costs.

Trade debtors

Trade debtors are amounts due in respect of school fees at prevailing rates.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at their settlement amount after allowing for any trade discounts due.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the School over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the Governors' discretion in furtherance of the objectives of the Charity.

25

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The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the Governors.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Further details of each fund are disclosed in Note 26.

Hire purchase and finance leases

Rentals payable under operating leases are charged in the statement of financial activities on a straightline basis over the term of the lease.

Pensions and other post retirement obligations

The pension costs charged in the financial statements represent the contributions payable by the School during the period. The School was involved in two pension schemes in the year, a defined contribution scheme for the non-teaching staff and a defined benefit Superannuation scheme for the teachers. Contributions to the teachers' Superannuation scheme are treated as if to a defined contribution scheme in accordance with FRS102. See Note 23 below.

Key judgements and estimates

The preparation of these financial statements has required the Governors to make judgements, estimates and assumptions that affect the application of policies and reported amounts. The areas involving a degree of judgement significant to the view given by these statements are:

26

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

Financial instruments

Classification

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

==> picture [111 x 36] intentionally omitted <==

2 Income from donations and legacies

2 Income from donations and legacies
Unrestricted Restricted Total Total
funds funds 2024 2024
£ £ £ £
Regular giving, capital donations and gift aid 138,814
164,707		 303,521 195,754
reclaimed
138,814
164,707		 303,521 195,754
3 Income from charitable activities
Unrestricted Restricted Total Total
funds funds 2024 2024
£ £ £ £
School running - Fees & supplies 9,079,810
-		 9,079,810 8,479,183
School running- Financial Assistance (516,850)
(53,383)		 (570,233) (541,973)
8,562,960
(53,383)		 8,509,577 7,937,210
4 Income from other trading activities
Unrestricted Total Total
funds 2024 2024
£ £ £
Letting of school facilities 5,910 5,910 6,865

27

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

5 Investment income
Unrestricted Total Total
funds 2025 2024
£ £ £
Interest receivable on bank deposits 5,761 5,761 10,464
Other income from fixed asset investments 41,026 41,026 50,051
46,787 46,787 60,515
6 Other income
Unrestricted
Total		 Total
funds 2024 2024
£ £ £
Other income 8,016 8,016 169,139

28

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

7 Expenditure on raising funds

==> picture [114 x 36] intentionally omitted <==

Costs of generating donations and legacies

Costs of generating donations and legacies
Direct Total Total
costs 2025 2024
£ £ £
Costs of generating donations and legacies 5,810 5,810 4,508
Investment management costs 27,820 27,820 11,635
33,630 33,630 16,143

==> picture [114 x 35] intentionally omitted <==

8 Expenditure on charitable activities

Unrestricted
funds
general
Restricted
funds
Total
2025
Total
2024
£
£
£
£
School running – Fees & supplies
Staff costs 5,676,126
10,835
5,686,961
5,449,377
School buses 286,200
-
286,200
375,264
Utilities 260,532
-
260,532
273,413
Rates 163,511
-
163,511
164,010
Repairs & maintenance 155,040
65
155,105
142,345
Cleaning 230,219
-
230,219
213,365
IT running costs 122,660
-
122,660
127,502
Curriculum costs 188,791
-
188,791
174,656
Insurance 94,190
-
94,190
92,658
Professional fees 59,872
-
59,872
72,155
Other 872,640
58,191
930,831
864,530
8,109,781
69,091
8,178,872
7,949,275

£8,109,781 (2024 - £7,846,514) of the above expenditure was attributable to unrestricted funds and £69,091 (2024 - £102,761) to restricted funds.

29

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

9 Analysis of support costs

Unrestricted
Restricted
Total
Total
funds
general
funds
2025
2024
£
£
£
£
Support costs allocated to other
expenditure
Catering 336,956
-
336,956
139,781
Marketing & development 126,077
58,191
184,268
214,239
Bank and interest 29,720
-
29,720
38,261
Early years, camps and residentials 114,897
-
114,897
145,466
Costs of staffing 85,509
-
85,509
102,323
Costs of administration 50,739
-
50,739
61,125
Subscriptions 59,534
-
59,534
73,227
Audit and accountancy (including
Governance costs, noted below)		 18,438
-
18,438
37,132
Other 50,771
-
50,771
52,975
872,640
58,191
930,831
864,530
Governance costs
Basis of
Governance
costs
Total
2025
Total
2024
allocation
£
£
£
Audit fees usage
15,850
15,850
17,940
10 Net incoming/outgoing resources
Net incoming/outgoing resources for the year include:
2025
2024
£
£
Operating leases - plant and machinery
23,830
-
Audit fees
15,850
17,940
Other non-audit services
10,653
5,040
(Loss)/profit on disposal of investments
(23,961)
53,538
(Gain)/loss on disposal of fixed assets held for the School's own use
271
-
Depreciation of fixed assets
355,973
418,143

11 Governors remuneration and expenses

No Governors, nor any persons connected with them, have received any remuneration from the School during the year.

No Governors have received any reimbursed expenses or any other benefits from the School during the year.

During the year £198 was paid for Governors’ Liability Insurance (2024 - £318).

30

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

12 Staff costs

The aggregate payroll costs were as follows:

12
Staff costs
The aggregate payroll costs were as follows:
2025
2024
£
£
Staff costs during the year were:
Wages and salaries 4,386,556
4,298,664
Social security costs 474,965
421,329
Pension costs 825,441
729,384
5,686,962
5,449,377

The average number of employees (including senior management team) during the year was 119. The average, expressed as full-time equivalents, was as follows:

2025
2024
No
No
Teaching - full time 44
45
Teaching - part time (full time equivalent) 10
8
Domestic 22
30
Administration and fundraising 19
23
95
106

119 (2024 - 122) in number, as opposed to full time equivalents, of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £825,441 (2024 - £729,384)

The number of employees whose emoluments fell within the following bands was:

2025
2024
No
No
£60,001 - £70,000 6
3
£70,001 - £80,000 3
-
£80,001 - £90,000 -
-
£90,001 - £100,000 1
1
£100,001 - £110,000 -
-
£110,001 - £120,000 -
1
£120,001 - £130,000 1
-

The total employee benefits of the key management personnel of the School were £751,174 (2024 - £762,532).

31

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

13 Taxation

No tax was charged in the year (2024 - £nil).

Morrison's Academy has been accepted as a charity for tax purposes. Relief from tax is therefore due under Section 505 of the Income and Corporation Taxes Act 1988 under Scottish Charity Number SC000458.

14 Tangible fixed assets

14
Tangible fixed assets
Land and
Plant &
Motor
buildings
equipment
vehicles
Total

£

£
£
£
Cost
At 1 July 2024 5,988,969
2,144,758
278,813
8,412,543
62,110
48,268
20,213
130,590
(20,782)
(250,609)
(19,625)
(291,016)
Additions
Disposals
At 30 June 2025 6,030,297
1,942,417
279,401
8,252,118
Depreciation 2,919,404
1,926,909
205,128
5,051,444
(20,782)
(250,608)
(18,754)
(290,144)
230,831
94,458
30,684
355,973
At 1 July 2024
Disposals
Charge for theyear
At 30 June 2025 3,129,453
1,770,759
217,058
5,117,273
Net book value 2,900,844
171,658
62,343
3,134,845
At 30 June 2025
At 30 June 2024 3,069,565
217,852
73,682
3,361,099

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2025
2024
£
£
Plant & equipment 7,362
-
Motor vehicles 65,368
69,407
72,730
58,056

32

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

15 Fixed asset investments

15
Fixed asset investments
2025
2024
£
£
Listed investments 1,619,798
1,557,337
Other investments
2025
2024
£
£
Cost or Valuation
At 1 July 1,536,581
1,745,730
710,167
538,447
(749,979)
(882,852)
87,455
135,256
Additions
Disposals at Market Value
Revaluation
Total value 1,584,224
1,536,581
Cash held inportfolio 35,574
20,756
At 30 June 1,619,798
1,557,337

The historical cost of investments at 30 June 2025 was £1,354,181 (2024 - £1,336,395)

Details of undertakings

Details of the investments that represent more than 5% of the total market value of the investment portfolio:

portfolio:
Country of
Undertaking incorporation Holding % held
Significant holdings
Brown Advisory
Funds USA 5,150 6.40%
JP Morgan ETFS
(IRE) USA 1,950 5.30%
Vanguard
Investments USA 3,080 17.00%

16 Stock

Stock amounting to £4,029 (2024: £4,668) principally consists of clothing supplied by the PE department and school branded merchandise.

33

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

17 Debtors

17
Debtors
2025 2024
£ £
Trade debtors 187,606 11,301
Prepayments 251,440 274,053
Other debtors 51,567 52,274
490,613 337,628

18 Cash and cash equivalents

2025
2024		 2025
2024
£
£
Cash at bank 1,034,065
1,193,423
MACA deposit account 3
3
MACA current account 444,935
351,803
Other accounts 5
5
1,479,008
1,545,234
19
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans 111,115
111,115
271,504
317,953
9,938
6,524
666,255
932,827
296,639
184,686
644,642
801,872
Trade creditors
Hire purchase and finance leases
Deferred income
Taxation and social security
Accruals
2,000,093
2,354,977
Deferred income
2025
2024
£ £
Balance at 1 July 932,827
297,649
(819,747)
(430,780)
553,175
1,065,958
Amount released to income
Deferred in the year
Balance at 30 June 666,255
932,827
Deferred income
2025 2024
£ £
Balance at 1 July 932,827 297,649
Amount released to income (819,747) (430,780)
Deferred in the year 553,175 1,065,958
Balance at 30 June 666,255 932,827

Deferred income relates to fees which are received in advance and payments for school trips. The fees are recognised as being due within one year where the payment received is for an academic year beyond the next year. The school trip income is recognised in the academic year in which the trip takes place.

34

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

20 Creditors: amounts falling due after one year

20
Creditors: amounts falling due after one year
2025 2024
£ £
Bank loans 18,501 129,616
Hirepurchase and finance leases 19,495 -
37,996 129,616
21 Bank loans 2025 2024
£ £
Amounts due in less than one year 111,115 111,115
Amounts due in 2-5 years 18,501 129,616
129,616 240,731

The bank loan is secured by standard securities (due for discharge August 2026) held over Academy Hall, Crieff and Nursery Building, Crieff and incurs interest at 5% per annum.

22 Obligations under leases

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2025
£
2024
£
40,976
2,134
81,335
83,209
850
-
123,161
85,343
Other
Within one year
Between one and five years
More than fiveyears

Operating leases include staff laptops, telephones and photocopying equipment.

35

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

23 Pension and other schemes

Defined contribution pension scheme

The School operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the School to the scheme and amounted to £61,618 (2024 - £60,454).

Contributions totalling £nil (2024 - £nil) were payable to the scheme at the end of the year.

Past and present teaching staff are covered by the provisions of the Scottish Teachers’ Superannuation Scheme (STSS), an unfunded multi-employer defined benefit scheme but the School is unable to identify its share of underlying assets and liabilities. A full actuarial valuation was carried out at 30 March 2020 and details can be found in the separate statement of the STSS. Contributions have been made in the year at a rate of 26% and totalled £763,823 (2024 £674,990) with £92,407 (2024 £84,574) remaining payable at the year end. Employer contribution rates are reviewed following a scheme valuation by the Government Actuary. The contribution rates reflect the benefits as they accrue, not when costs are actually incurred, and they reflect past experience of the scheme.

24 Capital commitments

The total amount contracted for but not provided in the financial statements was £76,493 (2024 - £nil).

25 Related party transactions

There were no related party transactions in the year (2024: no transactions).

26 Financial instruments measured at fair market value 2025
£
2024
£
1,584,224
1,536,581
Investments (excluding cash)

36

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

27 Funds

27
Funds
Balance at
Incoming
Resources
Other recognised
Balance at
1 July 2024

resources
expended

gains/(losses)
30 June 2025

£
£

£

£
£
Unrestricted funds
Unrestricted general funds
Unrestricted income fund 4,198,145
8,762,487
(8,499,384)
63,494
4,524,742
Restricted funds
The Wilkie Fund 15,469
-
-
-
15,469
21,207
3,075
(2,362)
-
21,920
2,817
-
(75)
-
2,742
2,367
-
-
-
2,367
1,344
5,567
-
-
6,911
8,776
44,536
(53,263)
-
49
1,490
1,189
(915)
-
1,764
5,230
-
(80)
-
5,150
3,128
43,750
(21,923)
-
24,955
13,264
1,550
(14,814)
-
-
16,260
5,950
(1,907)
-
20,303
1,000
-
-
-
1,000
1,888
2,880
(4,215)
-
553
10,788
-
-
-
10,788
Various Funds
Rebecca Price Memorial Fund
Ian Roy Fund

Pipe Band Fund
Bursaries Fund
Library Fund & other

MacIntyre Fund

Malawi Bursary Fund

Pfizer Fund
SRU Funds
Friends of Scottish Rugby

Fund
Rugby Grant Fund

Erasmus+ Fund
Counsellors Fund 18,200
56,250
(22,960)
-
51,490
Total restricted funds 123,228
164,747
(122,514)
-
165,461
Total funds 4,321,373
8,927,234
(8,621,898)
63,494
4,690,203

37

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

Balance at
Incoming
Resources
Other recognised
Balance at
1 July 2023

resources
expended

gains/(losses)
30 June 2024

£
£

£

£
£
Unrestricted funds
Unrestricted general funds
Unrestricted income fund 4,025,561
8,264,590
(8,280,800)
188,794
4,198,145
Restricted funds
The Wilkie Fund 15,969
-
(500)
-
15,469
Various Funds 15,979
9,130
(3,902)
-
21,207
Rebecca Price Memorial Fund 2,892
-
(75)
-
2,817
Ian Roy Fund 4,032
-
(1,665)
-
2,367

Pipe Band Fund		 692
2,700
(2,048)
-
1,344
Bursaries Fund 8,437
40,339
(40,000)
-
8,776
Library Fund & other 2,305
-
(815)
-
1,490

MacIntyre Fund		 5,490
-
(260)
-
5,230

Malawi Bursary Fund		 -
56,250
(53,122)
-
3,128

Pfizer Fund		 27,424
800
(14,960)
-
13,264
SRU Fund 10,960
5,300
-
-
16,260
Friends of Scottish Rugby 1,000
-
-
-
1,000

Fund
Rugby Grant Fund 3,362
-
(1,474)
-
1,888

Erasmus+ Fund
12,783
200
(2,195)
-
10,788
Counsellors Fund
9,770
31,250
(22,820)
-
18,200
Total restricted funds 121,095
145,969
(143,836)
-
123,228
Total funds 4,146,656
8,410,559
(8,424,636)
188,794
4,321,373

38

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

The specific purposes for which the funds are to be applied are as follows:

Restricted Funds and their purposes comprise:

The Wilkie Fund exists to provide assistance to pupils studying French, German and Spanish, who are proceeding to the sixth year, and who, during the summer after fifth year, should wish to travel to the appropriate country. This Fund has now been extended to support the Modern Foreign Languages department with the provision of new language labs.

Various Funds include:

The Prize Fund contributes to prizes on Speech Day.

The Wright Library Bequest provides books for the Library.

The Drummond Bequest provides books for the Library.

The Greenshields Bequest provides two prizes for the best articles in the Morrisonian Magazine.

The Philip Cann Memorial Fund provides two prizes each year; one to be awarded to the pupil deemed by the Rector to have shown the most progress in his or her academic work and the other to be awarded at the discretion of the Rector for outstanding leadership or achievement in co-curricular activities.

The New Initiatives Fund supports teaching resources projects.

The Charles Thomson Fund provides Mathematics Prizes.

The Sir Ross Belch Fund provides Business Studies Prizes.

The Rector's Fund allows for disbursements to be made by the Rector at his discretion.

The Rebecca Price Memorial Fund provides an annual science essay prize.

The Ian Roy Fund provides an S6 Business Studies/Accountancy prize.

39

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

The Pipe Band Fund is donations received to support the activities of the school pipe band.

The Bursaries Fund provides funds from which the School may draw each year, at the governors’ discretion, to support the award of means-tested assistance with fees to qualifying applicants.

The Library Fund is donations received to support the future development of the school's library facilities.

The MacIntyre Fund has purchased new Captain of Sports boards and will fund the annual award of Captain of Sports medals.

The Malawi Bursary Fund is used to pay for the education of local children in Malawi each year.

The Pfizer Fund is a grant from Pfizer to partner with Morrison's Academy on a program to increase the potential for young women to take up careers that are based around science, technology, engineering and mathematics-based subjects (“STEM”).

The SRU Fund is to support rugby development within the Strathearn community.

The Friends of Scottish Rugby Fund is to support rugby development within the Strathearn community. The Rugby Grant Fund is to support rugby development within the Strathearn community.

The Erasmus+ Fund is to support costs of the German exchange project.

The Counsellors Fund is donations received to provide for an in-house school counsellor.

40

Docusign Envelope ID: E86AFCB7-C886-4C9E-B903-427FC0AB6871

The Governors of Morrison's Academy

Notes to the Financial Statements for the Year Ended 30 June 2025

28 Analysis of net assets between funds

Unrestricted
funds
Restricted
Total funds
General
£
funds
£
2025
£
3,134,844
-
3,134,844
1,619,798
-
1,619,798
1,808,189
165,461
1,973,650
(2,000,093)
-
(2,000,093)
(37,996)
-
(37,996)
4,524,742
165,461
4,690,203
Unrestricted
funds
Restricted
Total funds
General
£
funds
£
2024
£
3,361,099
-
3,361,099
1,557,337
-
1,557,337
1,764,302
123,228
1,887,530
(2,354,977)
-
(2,354,977)
(129,616)
-
(129,616)
4,198,145
123,228
4,321,373		 Unrestricted
funds
Restricted
Total funds
General
£
funds
£
2025
£
3,134,844
-
3,134,844
1,619,798
-
1,619,798
1,808,189
165,461
1,973,650
(2,000,093)
-
(2,000,093)
(37,996)
-
(37,996)
4,524,742
165,461
4,690,203
Unrestricted
funds
Restricted
Total funds
General
£
funds
£
2024
£
3,361,099
-
3,361,099
1,557,337
-
1,557,337
1,764,302
123,228
1,887,530
(2,354,977)
-
(2,354,977)
(129,616)
-
(129,616)
4,198,145
123,228
4,321,373
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1year
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1year
Total net assets
28
Analysis of net debt
At 1 July 2024
£
Financing cash
flows
£
At 30 June 2025
£
1,545,234
(66,226)
1,479,008
(111,115)
-
(111,115)
(129,617)
(111,115)
(18,502)
(6,524)
(22,909)
(29,433)
1,297,978
(200,250)
1,319,958
Cash at bank and in hand
Debt due within one year
Debt due after more than one year
Finance leases and hire purchase contracts
Net funds
28
Analysis of net debt
Financing cash
At 1 July 2024 flows At 30 June 2025
£ £ £
Cash at bank and in hand 1,545,234
(66,226)		 1,479,008
Debt due within one year (111,115)
-		 (111,115)
Debt due after more than one year (129,617)
(111,115)		 (18,502)
Finance leases and hire purchase contracts (6,524)
(22,909)		 (29,433)
Net funds 1,297,978
(200,250)		 1,319,958

41