Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
**The High School of Glasgow Educational Trust**
**Report and Financial Statements**
**For the year ended 31 December 2024**
**Charity Number: SC004394**
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
**The High School of Glasgow Educational Trust**
|**Index**||
|---|---|
||**Page No**|
|Report of the Trustees|1 – 5|
|Independent Auditors’ Report|6 – 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Cash Flow Statement|12|
|Notes to the Cash Flow Statement|13|
|Notes to the Financial Statements|14 - 21|
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Report of the Trustees**
## **For the year ended 31 December 2024**
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and Objects**
The Trustees are empowered under the Deed of Trust to apply the Trust Fund of the Trust for such charitable purpose connected with The High School of Glasgow, a school incorporated as a company limited by guarantee (“the School”), as they may determine, or for such other charitable purposes or such charitable foundations as the Trustees may in like manner determine. There has been no change during the year in the policies adopted by the Trustees to further these objectives.
## **Significant activities**
To meet the objectives of the Trust, the Trustees approved the payment of monies detailed below, within Charitable activities, to The High School of Glasgow.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
The charity met its charitable objective in the year through: the payment of monies to The High School of Glasgow to assist in the financing of capital projects, £6,250 (2023: £231,029); supporting the School in the award of Annual Bursaries £180,000 (2023: £257,000) to pupils selected by the Rector of the School as deserving of financial assistance; paying bursaries to individual pupils £7,151 (2023: £6,838) and payment of monies to the School to allow for prizes for academic and other achievements £6,355 (2023: £6,178).
## **FINANCIAL REVIEW**
## **Financial position**
During the year, monies were received from dividend income on investments held and interest on bank deposits. The other principal source of income being voluntary donations and legacies. Where appropriate the Trustees recovered sums from HM Revenue and Customs in respect of Gift Aid. Total income was £769,074 which is up on 2023 (£244,919). The principal reason for the increased income was the launch in the year of the 900 Appeal to mark the 900[th ] anniversary of The High School of Glasgow. Additionally, investment returns were up on the prior year.
The Trustees paid sums from the income of the Bursary Fund to the School to defray wholly or in part the fees of pupils selected by the Rector of the School as deserving of financial assistance, other sums were paid from the Prize Fund to the School to be expended on prizes for academic and other achievements. Other bursaries were also paid out in the year from the London Club Fund and the Pinkerton Endowment Fund. In addition, the Trustees paid £6,250 to the School to help the School meet project costs. Expenditure inclusive of Generating Funds costs and Support costs totalled £244,616 (2023: £540,272).
Taking the above into consideration the Statement of Financial Activities on page 10 shows net income before gains and losses on investments of £524,458 (2023: £295,353 net expenditure).
Page 1
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Report of the Trustees**
## **For the year ended 31 December 2024 (continued)**
The investment paragraph which follows provides information as to investment return and performance.
The Balance Sheet on page 11 details the manner in which funds were held as at the balance sheet date.
## **Investments**
The Trustees have invested solely in listed investments to produce both capital growth and a satisfactory income yield for the Trust. The Trustees, given the economic climate, are satisfied with the income as generated in the year under review as detailed in note 3 to the financial statements. The unrealised gain of £107,374 on the restatement to market value of the investment portfolio as at 31 December 2024 (2023: £91,621) being to a large extent attributable to continued recoveries from the falls in global stock markets in 2022 caused by the economic uncertainty as a result of the war in Ukraine.
Realised gains on investment disposals were £24,458 (2023: £40,161).
The Trustees ensure all investments are generally regarded as appropriate for a Trust of this nature.
## **Reserves policy**
The Trust has total reserves of £4,949,327 (2023: £4,293,037) with some £4,649,184 (2023: £4,232,102) held in investments to allow for capital growth and an income yield that, with other income received, should cover costs incurred in meeting the objects of the charity.
In light of this reserve position the Trustees do not consider it necessary to set out a reserves policy quantifying the level of reserves to be held.
## **Going concern**
The Trust is in a strong financial position and cash flow is not an immediate problem. The Trustees will assess income and reserves and monitor payments to The High School of Glasgow and other expenditure and if deemed appropriate, realise investments. They therefore have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting is appropriate in preparing the financial statements. There are therefore no material uncertainties about the Trust’s ability to continue as a going concern.
## **Risk management**
The Trustees have carried out a review to identify any major risks to which the Trust is exposed. They consider that such a risk is the imprudent or inappropriate investment of its funds. Accordingly, the policy of the Trustees is to have the portfolio managed by professional Investment Managers on a discretionary basis on a medium risk mandate.
During the year, the Trustees continued to meet regularly to keep all the Trust investments and financial transactions under regular review.
## **Future plans**
The Trust will continue to focus on delivering the objects and activities of the Trust as outlined above.
As noted above, in 2024, to mark the 900[th ] anniversary of the School, an appeal was launched to raise funds for design and entrepreneurship programmes (“START”), and for sustainability projects across the School campuses, but principally to raise Bursary Funds for the Trust. This appeal will continue into 2025.
Page 2
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Report of the Trustees**
**For the year ended 31 December 2024 (continued)**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Trust is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
## **Charity constitution**
The High School of Glasgow Educational Trust is constituted by a Trust Deed dated 20, 21 and 29 March 1974 and registered in the Books of Council and Session on 15 November 1974.
## **Recruitment and appointment of new Trustees**
New Trustees are nominated and appointed by the Trustees serving at the time.
## **Induction and training of new Trustees**
Procedures for the induction and training of Trustees are addressed at the regular meetings of the Trustees.
## **Key management remuneration**
The Trustees are the charity’s key management. These personnel are in charge of directing, controlling and operating the charity on a day-to-day basis.
The Trustees act in a voluntary capacity and the Trust, therefore, does not require to have a remuneration policy in place.
Page 3
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Report of the Trustees**
## **For the year ended 31 December 2024 (continued)**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
|Registered Charity Number|:|SC004394|
|---|---|---|
|Principal Office|:|c/o The High School of Glasgow|
|||637 Crow Road|
|||Glasgow G13 1PL|
|Trustees|:||
|Secretary|:||
|Treasurer|:||
|Auditors|:|Anderson Anderson & Brown Audit LLP|
|||Chartered Accountants|
|||133 Finnieston Street|
|||Glasgow G3 8HB|
|Bankers|:|The Royal Bank of Scotland|
|||339 Byres Road|
|||Glasgow G12 8QP|
|||Virgin Money|
|||2-4 Royal Exchange Square|
|||Glasgow G1 3AB|
|Solicitors|:|Morton Fraser MacRoberts LLP|
|||Solicitors|
|||Capella, 60 York Street|
|||Glasgow G2 8JX|
|Stockbrokers|:|Rathbone Investment Management|
|||George House|
|||50 George Square|
|||Glasgow, G2 1EH|
Page 4
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Report of the Trustees**
**For the year ended 31 December 2024 (continued)**
## **Statement of Trustees’ Responsibilities**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Statement as to Disclosure of Information to Auditors**
So far as the Trustees are aware, there is no relevant audit information of which the Trust's auditors are unaware, and each Trustee has taken all steps that he or she ought to have taken as a Trustee in order to make himself or herself aware of any relevant audit information and to establish that the Trust's auditors are aware of that information.
## **Auditors**
A resolution to appoint AAB Audit & Accountancy Ltd as auditor will be proposed at the next general meeting.
Approved by the Trustees on 7 July 2025 and signed on their behalf by
## _**Chairman of Trustees**_
Page 5
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Independent Auditors Report to the Trustees of The High School of Glasgow Educational Trust**
## **Opinion**
We have audited the financial statements of The High School of Glasgow Educational Trust (the ‘charity’) for the year ended 31 December 2024 on pages 10 to 21. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (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 Auditors 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 FRC'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 Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that individually or collectively, may cast doubt on the charity’s ability to continue as a going concern for the period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant section of this report.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Page 6
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Independent Auditors Report to the Trustees of The High School of Glasgow Educational Trust (cont’d)**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 5, the Trustees are responsible for the preparation of the financial statements which 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 Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
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 a Report of the Independent Auditors 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.
Page 7
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Independent Auditors Report to the Trustees of The High School of Glasgow Educational Trust (cont’d)**
## **Extent to which the audit is 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, 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 identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations – this responsibility lies with management with the oversight of the Trustees. Based on our understanding of the Charity and industry, discussions with management and Trustees we identified financial reporting standards and Charity SORP as having a direct effect on the amounts and disclosures in the financial statements.
As part of the engagement team discussion about how and where the Charity’s financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud. Our audit procedures included:
- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;
- enquiry of management about the Charity’s policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- review, where applicable, of the Board of Trustees’ minutes;
- enquiry of management, about litigations and claims and inspection of relevant correspondence and analytical procedures to identify any unusual or unexpected relationships;
- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgements and estimates, including the carrying value of accruals, and bursary provisions;
- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the nominal ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions outside the normal course of business;
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.
Page 8
Envw ID." B4Fll33ABA844(El.OEga1A)8
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Independent Alldifors Report to the Trnsteos of The High School of Glas8ow Educational Trnst Iconydl
A further description of ollr responsibilities for the audit o& the finanaal statements is located on the Financial
Reporting Counal's website at www.trc.or8.uklauditorsresponsibilities. This description forms part ot our
Report of the Independent Auditors.
Use of our reForl
This wort is xnade solely to the dwitys Trustees, as a body, in accordance with &ction 44{Illc) of the
Charitie5 and Trustee Inve5ttnent Ikotlandl Act 21K)5 atLd regulation 10 ot the Charitie5 Account5 (kotland)
Regulations ?(K16. Our audit work I5 been undertaken so that we xrright state to the charity's Trustees those
matters we are required to state to them in an auditor5 report and tOT no other purp05e. To the tullest extent
penrritted by law, we donot accept or assullLe responsibility to anyone other thanthe drity and the ciiarity5
Trustees as a body, tor our audit work. for this report, or for the opinions we have lonned.
AndeI50n Anderson & Brown Aiidit LLP
Slatulory Auditots
133 Finnieston Street
Gla58ow G3 8HB
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Date= 10 Jul y 2025
Pa9
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Statement of Financial Activities For the year ended 31 December 2024**
|**Income and Endowments from**
Donations and legacies:
**Notes**
Gifts and legacies
Gift Aid recovered
Investment income
3
**Total**
**Expenditure on**
Raising funds:
4
Charitable activities:
Payments to The High School of Glasgow
Bursaries
5
Prizes
Support costs including governance costs
6
**Total**
**Net income/(expenditure) before gains and**
**losses**
**Realised gains on sales of investments**
**Unrealised gains/(losses) on valuation of**
**investments**
**Net income/(expenditure)**
**Transfers**
13
**Net movement in funds**
**Reconciliation of funds**
**Fund balances brought forward at 1 January 2024**
**Fund balances carried forward at 31 December**
**2024**||**Unrestricted**
**Funds**
**Trust**
**Fund**
**£**
10,000
-
106,549
116,549
25,572
-
-
-
9,000
34,572
81,977
21,260
85,995
189,232
(81,977)|**Partially**
**Restricted**
**Funds**
**(note 12)**
**Appeal**
**Fund**
**£**
560,032
56,207
6,325
622,564
-
6,250
-
-
2,560
8,810
613,754
-
-
613,754
(418,833)|**Restricted Funds**
**Bursary**
**Prize**
**Fund**
**Fund**
**£**
**£**
720
-
180
-
14,518
4,272
15,418
4,272
3,866
1,048
-
-
180,000
-
-
6,355
-
183,866
7,403
(168,448)
(3,131)
663
1,073
20,734
3,846
(147,051)
1,788
84,234
-|**Restricted Funds**
**Bursary**
**Prize**
**Fund**
**Fund**
**£**
**£**
720
-
180
-
14,518
4,272
15,418
4,272
3,866
1,048
-
-
180,000
-
-
6,355
-
183,866
7,403
(168,448)
(3,131)
663
1,073
20,734
3,846
(147,051)
1,788
84,234
-|**London**
**Club**
**Fund**
**£**
-
-
3,266
3,266
829
-
3,150
-
-
3,979
(713)
473
3,033
2,793
-
2,793
113,775
116,568||**Endowment**
**Funds**
**Pinkerton**
**900**
**Bursary**
**Fund**
**Fund**
**£**
**£**
-
-
-
-
3,704
3,301
3,704
3,301
941
1,044
-
4,001
-
-
-
4,942
1,044
(1,238)
2,257
875
114
3,648
(9,882)
3,285
(7,511)
-
416,576
3,285
409,065
126,139
-
129,424
409,065||**Total**
**Funds**
**2024**
**£**
570,752
56,387
141,935
769,074
33,300
6,250
187,151
6,355
11,560
244,616
524,458
24,458
107,374
656,290
-||**Total**
**Funds**
**2023**
**£**
97,790
14,751
132,378|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||
244,919|
|||||||||||||
30,479
231,029
263,838
6,178
8,748|
|||||||||||||
540,272|
|||||||||||||
(295,353)
40,161
91,621|
||||||||||||||
|||
107,255
3,439,874
3,547,129|
194,921
23,286
218,207|
(62,817)
440,137
377,320|1,788
149,826
151,614||||656,290
4,293,037
4,949,327||||
||||||||||||
4,293,037||
All income and expenditure has arisen from continuing activities. The notes form part of these financial statements
Page 10
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
**Balance sheet as at 31 December 2024**
|**Balance sheet as at 31 December 2024**|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Virgin Money – Money Management
**Fixed assets**
**Notes**
Investments – at Market Value
10
Note: Investments – at Cost
**Current assets**
Debtors, Prepaid charges and accrued
income
Stockbroker – Term Deposit
Stockbroker – Deposit Account
Virgin Money – Current Account
Account
Royal Bank
Account
of Scotland – Current
**Creditors : amounts falling due within**
**one year**
Accrued charges
**Net current assets / (liabilities)**
**Net assets**
**Funds:**
Unrestricted funds
Restricted funds
11,12
Endowment Funds|**Unrestricted**
**Funds**
**Trust**
**Fund**
**£**
3,446,744
3,131,302
-
-
39,111
186
76,361
-
115,658
(15,273)
100,385
3,547,129
3,547,129
-
-
3,547,129|||**Partially**
**Restricted**
**Funds**
**Appeal**
**Fund**
**(note 12)**
**£**
-
-
32,955
100,000
-
89
85,044
119
218,207
-
218,207
218,207
121,985
96,222
-
218,207|**Bursary**
**Fund**
**£**
482,632
465,287
-
-
47,807
240
(63,042)
-|**Restricted Funds**
**Prize**
**Fund**
**£**
126,324
120,445
-
-
16,981
131
8,436
-
25,548
(258)
25,290
151,614
151,614
-
151,614||**London**
**Club**
**Fund**
**£**
100,655
95,814
-
-
12,641
-
4,526
-
17,167
(1,254)
15,913
116,568
-
116,568
-
116,568||**Endowment**
**Funds**
**Pinkerton**
**900 Bursary**
**Fund**
**Fund**
**£**
**£**
113,962
378,867
109,127
388,635
-
125
-
-
14,710
29,889
-
-
984
920
-
-
15,694
30,934
(232)
(736)
15,462
30,198
129,424
409,065
-
-
-
-
129,424
409,065
129,424
409,065|||
||||||||||||||
|||||||
|||||||
||||||||||||||
||||||||||||||
||||||(14,995)
(90,317)||||||||
||||||
(105,312)||||||||
||||||
377,320||||||||
||||||
-
377,320
-||||||||
||||||377,320||||||||
The financial statements were approved by the Trustees on 7 July 2025 and signed on their behalf by: **Sir Anton Muscatelli** _**Chairman of the Trustees**_
_**Treasurer**_
Page 11
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
**Cash Flow Statement For the year ended 31 December 2024**
|**Cash flows from operating activities**
**Notes**
Cash generated / (used) by operations
1
**Net cash generated / (used) by operating activities**
**Cash flows from investing activities**
Purchase of fixed asset investments
Investment income
Sale of fixed asset investments
**Net cash (used in) / provided by investing**
**activities**
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**
2|**2024**
**£**
269,041
269,041
(907,048)
141,935
621,798
(143,315)
125,726
149,407
275,133|**2023**
**£**
(432,036)|
|---|---|---|
|||
(432,036)|
|||
(1,564,412)
132,378
1,782,580
350,546|
|||(81,490)
230,897
149,407|
Page 12
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
**Notes to the Cash Flow Statement For the year ended 31 December 2024**
**1. Reconciliation of net income/(expenditure) to net cash flow from operating activities**
|**Net movement in funds for the reporting period**
**(as per the statement of financial activities)**
**Adjustments for:**
Income from investing activities
(Gains) on fixed asset investments
(Increase) in term deposits
(Increase) in debtors
Increase in creditors
**Net cash generated by / (used in) operating activities**|**2024**
**£**
656,290
(141,935)
(131,832)
(100,000)
(19,884)
6,402
269,041|**2023**
**£**
(163,571)
(132,378)
(131,782)
-
(7,143)
2,838
(432,036)|
|---|---|---|
## **2. Cash and cash equivalents at the end of the reporting period**
|Cash at banks
Cash with broker|**2024**
**£**
113,994
161,139
275,133|**2023**
**£**
89,807
59,600
149,407|
|---|---|---|
Page 13
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
**The High School of Glasgow Educational Trust**
**Notes to the Financial Statements For the year ended 31 December 2024**
## **1) General Information**
The High School of Glasgow Education Trust is a registered Scottish Charity (Charity number SC004394) and constitutes an unincorporated charity.
The principal address of the charity is c/o The High School of Glasgow, 637 Crow Road, Glasgow, G13 1PL.
## **2) Accounting policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Basis of preparing the financial statements**
The financial statements of the Trust, have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
## **Going concern**
The Trust is in a strong financial position and cash flow is not an immediate problem. The Trustees assess income and reserves and monitor payments to The High School of Glasgow and other expenditure and, if deemed appropriate, realise investments. They therefore have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting is appropriate in preparing the financial statements. There are no material uncertainties about the Trust’s ability to continue as a going concern.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Page 14
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
**The High School of Glasgow Educational Trust**
## **Notes to the Financial Statements**
## **For the year ended 31 December 2024 (continued)**
## **2) Accounting policies (continued)**
## **Expenditure**
Expenditure is included in the Statement of Financial Activities on an accruals basis, and is recognised when there is a legal or constructive obligation to pay for expenditure.
All costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities. Raising funds expenditure are costs attributable to the management of the charity’s investments. Charitable activities costs include costs incurred directly in meeting the objects of the charity and support costs incurred in support of the direct expenditure. Support costs are costs attributable to the management of the Trust and its affairs. Governance costs, a category within support costs, are costs attributable to compliance with the Trust's constitutional and statutory requirements.
## **Taxation**
The Trust is exempt from tax on its charitable activities.
## **Fixed asset investments**
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market value. The Statement of Financial Activities includes gains and losses arising on revaluation and disposals throughout the year.
## **Realised gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are shown in the Statement of Financial Activities.
## **Financial instruments**
The Trust only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **Cash and cash equivalents**
Cash and cash equivalents in the balance sheet comprise cash on hand, cash at bank and deposit accounts with a short term of maturity, being twelve months or less, from opening of the deposit or similar account.
## **Creditors**
Accrued charges are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Accrued charges are normally recognised at their settlement amount.
Page 15
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Notes to the Financial Statements**
## **For the year ended 31 December 2024 (continued)**
- **2) Accounting policies (continued)**
## **Fund accounting**
Funds held by the Trust are:
- Trust Funds – these are funds held to fulfil the charitable purposes of the Trust at the discretion of the Trustees.
- Restricted funds - these are funds for specific purposes or projects, as defined by the donor.
- Endowment funds – these are fund held for capital appreciation with income used to pay for charitable expenditure.
Further explanation of the nature and purpose of each fund is included in the note 11 to the financial statements.
## **3) Investment Income**
|Dividends and interest
Bank interest
**4)**
**Generating Funds**
**Investment management costs**
Stockbroker fees
**5)**
**Bursaries – charitable activities**
Awards to The High School of Glasgow
-
Annual Bursaries
-
Bursaries paid to individuals||**2024**
**£**
134,986
6,949
141,935
**2024**
**£**
33,300
**2024**
**£**
180,000
7,151
187,151||**2023**
**£**
131,311
1,067|
|---|---|---|---|---|
|||||132,378|
|||||**2023**
**£**
30,479|
|||||
**2023**
**£**
257,000
6,838|
|||||263,838|
Page 16
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Notes to the Financial Statements**
**For the year ended 31 December 2024 (continued)**
## **6) Support costs including governance costs**
|**Governance costs**
Auditors’ remuneration
Auditors’ remuneration for non audit work
**Other**
Bank charges
**7)**
**Staff costs**
Staff costs|**Charitable**
**Activities**
**2024**
**£**
9,000
-
9,000
2,560
11,560
**2024**
**£**
-||**Charitable**
**Activities**
**2023**
**£**
8,580
-|
|---|---|---|---|
||||8,580
168|
||||8,748|
||||
**2023**
**£**
-|
The Trust had no employees during the year or previous year. The Trustees being deemed the key management of the Trust received no remuneration, see note 8 below.
## **8) Trustees remuneration and benefits**
No Trustee received any remuneration or reimbursement of expenses in respect of their services to the Trust (2023: Nil).
Page 17
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Notes to the Financial Statements**
**For the year ended 31 December 2024 (continued)**
## **9) Comparatives for the Statement of Financial Activities**
|**Income and Endowments from**
Donations and legacies:
**Notes**
Gifts and legacies
Gift Aid recovered
Investment income
3
**Total**
**Expenditure on**
Raising funds:
4
Charitable activities:
Payments to The High School of Glasgow
Bursaries
5
Prizes
Support costs including governance costs
6
**Total**
**Net income/(expenditure) before gains and losses**
**Realised gains/(losses) on sales of investments**
**Unrealised gains/(losses) on valuation of investments**
**Net income/(expenditure)**
**Transfers**
13
**Net movement in funds**
**Reconciliation of funds**
**Fund balances brought forward at 1 January 2023**
**Fund balances carried forward at 31 December 2023**||**Unrestricted**
**Funds**
**Trust**
**Fund**
**£**
-
-
105,716
105,716
24,299
200,000
-
-
8,580
232,879
(127,163)
32,243
77,408
(17,512)
(60,855)|**Unrestricted**
**Funds**
**Trust**
**Fund**
**£**
-
-
105,716
105,716
24,299
200,000
-
-
8,580
232,879
(127,163)
32,243
77,408
(17,512)
(60,855)|**Partially**
**Restricted**
**Funds**
**(note 12)**
**Appeal**
**Fund**
**£**
95,070
14,571
759
110,400
-
31,029
-
-
168
31,197
79,203
-
-
79,203
(184,266)|**Restricted Funds**
**Bursary**
**Prize**
**Fund**
**Fund**
**£**
**£**
720
2,000
180
-
14,552
4,333
15,452
6,333
3,573
969
-
-
257,000
-
-
6,178
-
-
260,573
7,147
(245,121)
(814)
4,981
1,284
6,417
2,966
(233,724)
3,436
245,121
-|**Restricted Funds**
**Bursary**
**Prize**
**Fund**
**Fund**
**£**
**£**
720
2,000
180
-
14,552
4,333
15,452
6,333
3,573
969
-
-
257,000
-
-
6,178
-
-
260,573
7,147
(245,121)
(814)
4,981
1,284
6,417
2,966
(233,724)
3,436
245,121
-|**Endowment**
**Funds**
**London**
**Club**
**Pinkerton**
**Endowment**
**Fund**
**Fund**
**£**
**£**
-
-
-
-
3,338
3,680
3,338
3,680
769
869
-
-
3,150
3,688
-
-
-
-
3,919
4,557
(581)
(877)
1,010
643
2,318
2,512
2,748
2,279
-
-
2,748
2,279
111,027
123,860
113,775
126,139|||**Total**
**Funds**
**2023**
**£**
97,790
14,751
132,378
244,919
30,479
231,029
263,838
6,178
8,748
540,272
(295,353)
40,161
91,621
(163,571)
-||**Total**
**Funds**
**2022**
**£**
277,899
10,585
145,995
434,479
31,093
21,678
240,150
6,451
8,125|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||
||||||||||||||
||||||||||||||
|||||||||||||
307,497
126,982
(7,446)
(482,883)
(363,347)
-
(363,347)
4,819,954
4,456,607|
||||||||||||||
||||||||||||||
||||
(78,367)
3,518,241
3,439,874|
(105,063)
128,349
23,286|
11,397
428,740
440,137|3,436
146,390
149,826||||(163,571)
4,456,607
4,293,037|||
||||||||||||||
Page 18
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Notes to the Financial Statements**
## **For the year ended 31 December 2024 (continued)**
## **10) Investments**
|**Market value at 1**
**January 2024**
Additions
Disposal Proceeds
Realised gains on
sale
Unrealised gains
on valuation
**Market value at**
**31 December 2024**|**Trust**
**Fund**
**£**
3,358,010
469,748
(488,269)
21,260
85,995
3,446,744|**Bursary**
**Fund**
**£**
511,145
28,314
(78,224)
663
20,734
482,632|**Prize**
**Fund**
**£**
135,435
7,346
(21,376)
1,073
3,846
126,324|**London**
**Pinkerton**
**Club**
**Endowment**
**Fund**
**Fund**
**£**
**£**
106,349
121,163
6,091
6,800
(15,291)
(18,524)
473
875
3,033
3,648
100,655
113,962|**900 Bursary**
**Endowment**
**Fund**
**£**
-
388,749
(114)
114
(9,882)
378,867|**Total**
**£**
4,232,102
907,048
(621,798)
24,458
107,374|
|---|---|---|---|---|---|---|
|||||||
4,649,184|
All the Trust's investments are listed on the London Stock Exchange, the Alternative Investment Market or other HMRC recognised stock exchanges and are held for direct charitable purposes. Investments are made in Fixed and Variable Interest British Funds, Convertibles and Equities.
The cost of the investments was as follows.
|Trust Fund
Bursary
Prize Fund
London Club Fund
Pinkerton Endowment Fund
900 Bursary Endowment Fund|**2024**
**£**
3,131,302
465,287
120,445
95,814
109,127
388,635
4,310,610|**2023**
**£**
3,035,312
520,290
134,299
105,209
119,554
-|
|---|---|---|
|||3,914,664|
Page 19
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Notes to the Financial Statements**
## **For the year ended 31 December 2024 (continued)**
## **11) Funds**
The funds of the Trust include:
- Trust Funds – these are funds held to fulfil the charitable purposes of the Trust at the discretion of the Trustees.
- The Appeal Fund is for specific appeals for the benefit of The High School of Glasgow. See note 12 below.
- The Bursary Fund is for the assistance of the School in defraying the fees of pupils selected by the Rector as deserving of financial assistance. Legacies and donations outwith the appeals, specified as being for bursaries, are allocated to the Bursary Fund. All income received annually will be spent on bursaries.
- The Prize Fund is for the payment of sums to The High School of Glasgow, to be expended on prizes for academic and other achievements.
- The London Club Fund is for the assistance of the School in defraying the fees of pupils selected by the Rector as deserving of financial assistance.
- The Pinkerton Endowment Fund was established by a donation from the Pinkerton family in 2022. Income generated by the endowment is to be used to provide a means tested bursary of 25% to a pupil selected by the Rector. Any excess income will be used to subsidise the School’s _Careers Networking Day_ and their _Life Beyond the High School Programme._
- The 900 Bursary Endowment Fund was set up from designated donations to the 900 Appeal launched in 2024 to mark the 900[th ] anniversary of the founding of the School. Donations are invested for long term return with the net income of the Fund being used to underwrite the Trust’s bursary support to the School
## **12) Appeal Fund**
The Appeal Fund represents funds generated from specific appeals made by the Trust as follows:
|**The 2022/23 Annual Appeal**
Electric Mini Bus
**The 900 Appeal**
Bursaries
START
Sustainability
General Support|**Fund at**
**1**
**January**
**2024**
**£**
2,295
3,994
-
-
16,997
23,286|**Income**
**£**
**Expenditure**
**£**
-
-
483,087
(1,767)
24,802
-
2,643
-
112,032
(7,043)
622,564
(8,810)|**Transfers**
**Fund at**
**31**
**December**
**(Note 13)**
**£**
**2024**
**£**
-
2,295
(418,833)
66,481
-
24,802
-
2,643
-
121,986
(418,833)
218,207|
|---|---|---|---|
Page 20
Docusign Envelope ID: B4F17338-ABA8-44C9-80E1-0E991A30D890
## **The High School of Glasgow Educational Trust**
## **Notes to the Financial Statements**
## **For the year ended 31 December 2024 (continued)**
## **12) Appeal Fund (continued)**
Comparatives for movements in Appeal Fund:
|**The 2019/20 Annual Appeal**
Junior School Nurture Space
**The 2021/22 Annual Appeal**
Outdoor learning Kindergarten
General Support
**The 2022/23 Annual Appeal**
Bursary Fund
Electric Mini Bus
General Support
**The 900 Appeal**
Bursaries
General Support|**Fund at**
**1**
**January**
**2023**
**£**
26,122
4,907
10,845
71,947
1,326
13,202
-
-
128,349|**Income**
**£**
**Expenditure**
**£**
-
(26,122)
-
(4,907)
-
-
50,498
(62)
1,036
(67)
37,836
-
4,005
(11)
17,025
(28)
110,400
(31,197)|**Transfers**
**Fund at**
**31**
**December**
**(Note 13)**
**£**
**2023**
**£**
-
-
-
-
(10,845)
-
(122,383)
-
-
2,295
(51,038)
-
-
3,994
-
16,997
(184,266)
23,286|
|---|---|---|---|
The Appeal Fund is both unrestricted and restricted in nature. The unrestricted elements relate to the general support for the Annual Appeals and general support for the 900 Appeal. The balance sheet reflects the balance in both the restricted and unrestricted amounts.
## **13) Transfers between funds**
During the year £418,333 was transferred from the Appeal Fund to the 900 Bursary Endowment Fund, being monies raised for bursaries in the 900 Appeal. In 2023 £184,266 was transferred to the Bursary Fund being bursary donations to the 2022/23 Annual Appeal and from unrestricted donations to the 2021/22 and 2022/23 Annual Appeals.
Transfers of £81,977 and £2,257 from the Trust Fund and 900 Bursary Endowment Fund respectively were made to the Bursary Fund, to help fund the commitment of bursary support for the School made by the Trust for academic year 2024/25. (2023: £60,855 from Trust Fund).
## **14) Contingent liabilities and commitments**
There were no contingent liabilities or commitments at 31 December 2024 or 2023.
## **15) Related Party disclosures**
There were no related party transactions in the year.
Page 21