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2025-12-31-accounts

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Report and Financial Statements For the year ended 31 December 2025 Charity Number: SC004394

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

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: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Report of the Trustees For the year ended 31 December 2025

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2025. 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, £154,250 (2024: £6,250); supporting the School in the award of Annual Bursaries £105,000 (2024: £180,000) to pupils selected by the Rector of the School as deserving of financial assistance; paying bursaries to individual pupils £7,151 (2024: £7,151) and payment of monies to the School to allow for prizes for academic and other achievements £6,598 (2024: £6,355).

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 £690,592 which is down on 2024 (£769,074). The principal reason for the decreased income was that in 2024 the 900 Appeal to mark the 900[th] anniversary of The High School of Glasgow was launched. The 900 Appeal generated an initial surge of donations. The Appeal continues, but the value of donations has decreased. Additionally, the Bursary Fund of the Trust has received a substantial legacy. To date, £340,000 has been received and further amounts are expected as the donor’s estate is wound up. 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 £154,250 to the School to help the School meet project costs. Expenditure inclusive of Generating Funds costs and Support costs totalled £304,662 (2024: £244,616).

Taking the above into consideration the Statement of Financial Activities on page 10 shows net income before gains and losses on investments of £386,290 (2024: £524,458 net income).

Page 1

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Report of the Trustees For the year ended 31 December 2025 (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 £314,080 on the restatement to market value of the investment portfolio as at 31 December 2025 (2024: £107,374) 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 £111,020 (2024: £24,458).

The Trustees ensure all investments are generally regarded as appropriate for a Trust of this nature.

Reserves policy

The Trust has total reserves of £5,760,717 (2024: £4,949,327) with some £5,633,444 (2024: £4,649,184) 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 2026.

Page 2

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Report of the Trustees

For the year ended 31 December 2025 (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. The Trustees are confident that the Trust Deed is still appropriate for the purposes of the Trust. However, since the end of the financial year, the Trustees have engaged professional advisers to review the Trust Deed to ensure that it meets all current legal and regulatory requirements.

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: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Report of the Trustees For the year ended 31 December 2025 (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 : Sir Anton Muscatelli (Chair)
Philip Rodney (Vice Chair)
Christine Ansell (appointed 1stDecember 2025)
Jill Foggo
Paula Galloway
Alan Horn
Eric W Hugh
Colin D R Mair
Catherine M K McMorrin
David Newton
Secretary : David Newton
Treasurer : Eric W Hugh
Auditors : AAB Audit & Accountancy Limited
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 : To 30th June 2025
Rathbone Investment Management
George House
50 George Square
Glasgow, G2 1EH
From 1st July 2025
W1M
58 Waterloo Street
Glasgow, G2 7DA

Page 4

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Report of the Trustees For the year ended 31 December 2025 (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:

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 8 July 2026 and signed on their behalf by

Sir Anton Muscatelli

Chairman of Trustees

Page 5

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

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 2025 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:

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: 4D086DDA-C66C-809F-8076-03734CE109F7

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:

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: 4D086DDA-C66C-809F-8076-03734CE109F7

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:

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

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Independent Auditors Report to the Trustees of The High School of Glasgow Educational Trust (cont’d)

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditors' 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 charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

AAB Audit & Accountancy Limited Statutory Auditors

Chartered Accountants 133 Finnieston Street Glasgow G3 8HB

Anderson Anderson & Brown Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

10 July 2026

Page 9

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Statement of Financial Activities
For the year ended 31 December 2025
Income and Endowments from
Notes
Donations and legacies:
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 on valuation of investments
Net income
Transfers
13
Net movement in funds
Reconciliation of funds
Fund balances brought forward at 1 January
2025
Fund balances carried forward at 31 December
2025		 Unrestricted
Funds

Trust
Fund
£
-
-
109,234
109,234


19,530

-
-
-
9,300
28,830

80,404
83,939
182,652
346,995
(80,404)		 Partially
Restricted
Funds
(note 12)
Appeal
Fund
£
171,418
30,067
2,034
203,519
-
154,250
-
-
419
154,669
48,850
-
-
48,850
(160,000)		 Bursary
Fund
£
340,768
180
14,494
355,442
941
-
105,000
-
-
105,941
249,501
6,635
58,809
314,945
93,114		 Restricted Funds
Prize
Fund
£
London
Club
Fund
£
-
-
-
-
3,505
2,703
3,505
2,703
254
201
-
-
-
3,150
6,598
-
-
-
6,852
3,351
(3,347)
(648)
3,080
2,700
11,487
9,027
11,220
11,079
-
-
11,220
11,079
151,614
116,568
162,834
127,647		 Restricted Funds
Prize
Fund
£
London
Club
Fund
£
-
-
-
-
3,505
2,703
3,505
2,703
254
201
-
-
-
3,150
6,598
-
-
-
6,852
3,351
(3,347)
(648)
3,080
2,700
11,487
9,027
11,220
11,079
-
-
11,220
11,079
151,614
116,568
162,834
127,647		 Endowment Funds
Pinkerton
Fund
£
900
Bursary
Fund
£
-
-
-
-
3,046
13,503
3,046
13,503
225
793
-
-
4,001
-
-
-
-
-
4,226
793
(1,180)
12,710
2,817
11,849
10,268
41,837
11,905
66,396
-
147,290
11,905
213,686
129,424
409,065
141,329
622,751		 Total
Funds
2025
£
512,186
30,247
148,519
690,952
21,944
154,250
112,151
6,598
9,719
304,662
386,290
111,020
314,080
811,390
-		 Total
Funds
2024
£
570,752
56,387
141,935
Prize
Fund
£
-
-
3,505
3,505
254
-
-
6,598
-
6,852
(3,347)
3,080
11,487
11,220
-
769,074

33,300
6,250
187,151
6,355
11,560
244,616
524,458
24,458
107,374
656,290
-
266,591

3,547,129
3,813,720		 (111,150)
218,207
107,057		 408,059
377,320
785,379		 11,220
151,614
162,834		 811,390
4,949,327
5,760,717		 656,290
4,293,037
4,949,327

All income and expenditure has arisen from continuing activities. The notes form part of these financial statements

Page 10

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Balance sheet
For the year ended 31 December 2025
Notes
Fixed assets
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
Virgin Money – Money Management Account
Royal Bank of Scotland – Current Account
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
£
3,691,016
3,392,906
3,406
-
42,716
186
92,784
-
139,092
(16,388)
122,704
3,813,720
3,813,720
-
-
3,813,720		 Partially
Restricted
Funds
(note 12)
Appeal
Fund
£
-
-
33,732
-
-
770
72,043
512
107,057
-
107,057
107,057
19,582
87,475
-
107,057		 Bursary
Fund
£
907,808		 Restricted Funds



Prize
Fund
£

155,487

144,000

6

-

1,878

31

5,436

-

7,351

(4)

7,347

162,834

-

162,834

-

162,834		 London
Club
Fund
£
123,028
114,000
5
-
1,594
-
4,073
-
5,672
(1,053)
4,619
127,647
-
127,647
-
127,647		 Endowment Funds
Pinkerton
Fund
£
900
Bursary
Fund
£
140,268
615,837
130,000
574,000
4
18
-
-
1,035
5,073
-
-
24
1,834
-
-
1,063
6,925
(2)
(11)
1,061
6,914
141,329
622,751
-
-
-
-
141,329
622,751
141,329
622,751		 Total
Funds
2025
£
5,633,444
5,203,906
37,234
-
59,559
827
114,797
512
212,929
(85,656)
127,273
5,760,717
3,833,302
1,163,335
764,080
5,760,717		 Total
Funds
2024
£
4,649,184


















849,000 4,310,610
63
-
7,263
(160)
(61,397)
-		 33,080
100,000
161,139
646
113,229
119
(54,231)
(68,198)		 408,213
(108,070)
(122,429) 300,143
785,379 4,949,327
-
785,379
-		 3,669,114
741,724
538,489
785,379 4,949,327

The financial statements were approved by the Trustees on 8 July 2026 and signed on their behalf by:

........................................................ ............................................................... Sir Anton Muscatelli Eric W Hugh Chairman of the Trustees Treasurer

Page 11

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Cash Flow Statement

For the year ended 31 December 2025

Notes
Cash flows from operating activities
Cash generated by operations
1
Net cash generated by operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Investment income
Sale of fixed asset investments
Net cash (used in) 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		 2025
£
311,203
311,203
(5,644,590)
148,519
5,085,430
(410,641)
(99,438)
275,133
175,695		 2024
£
269,041
269,041
(907,048)
141,935
621,798
(143,315)
125,726
149,407
275,133

Page 12

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Cash Flow Statement For the year ended 31 December 2025

1. Reconciliation of funds movement 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
Decrease/(Increase) in term deposits
(Increase) in debtors
(Decrease)/Increase in creditors
Net cash generated by operating activities
Cash and cash equivalents at the end of the reporting period
Cash at banks
Cash with broker		 2025
£
811,390
(148,519)
(425,100)
100,000
(4,154)
(22,414)
311,203
2025
£
116,136
59,559
175,695		 2024
£
656,290
(141,935)
(131,832)
(100,000)
(19,884)
6,402
269,041
2024
£
113,994
161,139
275,133

2. Cash and cash equivalents at the end of the reporting period

Page 13

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Financial Statements For the year ended 31 December 2025

1) General Information

The High School of Glasgow Educational 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.

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Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Financial Statements For the year ended 31 December 2025 (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: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Financial Statements

For the year ended 31 December 2025 (continued)

2) Accounting policies (continued)

Fund accounting

Funds held by the Trust are:

Further explanation of the nature and purpose of each fund is included in the note 11 to the financial statements.

Key judgments

The Trustees consider that there are no material judgements required in the application of the Trust’s accounting policies. Estimates and underlying assumptions are reviewed on an ongoing basis, however the Trustees do not consider there to be any estimation uncertainty that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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		 2025
£
144,976
3,543
148,519
2025
£
21,944
2025
£
105,000
7,151
112,151		 2024
£
134,986
6,949
141,935
2024
£
33,300
2024
£
180,000
7,151
187,151

Page 16

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Financial Statements For the year ended 31 December 2025 (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
2025
£
9,300
-
9,300
419
9,719
2025
£
-		 Charitable
Activities
2024
£
9,000
-
9,000
2,560
11,560
2024
£
-

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 (2024: Nil).

Page 17

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Financial Statements For the year ended 31 December 2025 (continued)

9) Comparatives for the Statement of Financial Activities

For the year ended 31 December 2024

For the year ended 31 December 2024
Income and Endowments from
Notes
Donations and legacies:
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)		 Bursary
Fund
£
720
180
14,518		 Restricted Funds
Prize
Fund
£

-

-

4,272

4,272

1,048

-

-

6,355


7,403

(3,131)

1,073

3,846

1,788

-		 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
Fund
£
900
Bursary
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














15,418 244,919
3,866
-
180,000
-
-		 30,479
231,029
263,838
6,178
8,748
183,866 540,272
(168,448)
663
20,734		 (295,353)
40,161
91,621
(147,051)
84,234		 (163,571)
-
107,255


3,439,874
3,547,129		 194,921
23,286
218,207		 (62,817)
440,137

1,788
149,826
151,614		 656,290
4,293,037
4,949,327		 (163,571)
4,456,607
377,320 4,293,037

Page 18

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Financial Statements

For the year ended 31 December 2025 (continued)

10) Financial instruments

Investments

Market value at
1 January 2025
Additions
Disposal
Proceeds
Realised
gains
on sale
Unrealised gains
on valuation
Market value at
31 December
2025		 Trust
Fund
£
3,446,744
3,481,492
(3,503,811)
83,939
182,652
3,691,016		 Bursary
Fund
£
482,632
985,364
(625,632)
6,635
58,809
907,808		 Prize
Fund
£
126,324
181,812
(167,216)
3,080
11,487
155,487		 London
Club
Fund
£
100,655
145,973
(135,327)
2,700
9,027
123,028		 Pinkerton
Endowment
Fund
£
113,962
163,033
(149,812)
2,817
10,268
140,268		 900 Bursary
Endowment
Fund
£
378,867
686,916
(503,632)
11,849
41,837
615,837		 Total
£
4,649,184
5,644,590
(5,085,430)
111,020
314,080
5,633,444

The cost of the investments was as follows.

Trust Fund
Bursary
Prize Fund
London Club Fund
Pinkerton Endowment Fund
900 Bursary Endowment Fund		 2025
£
3,392,906
849,000
144,000
114,000
130,000
574,000
5,203,906		 2024
£
3,131,302
465,287
120,445
95,814
109,127
388,635
4,310,610

Financial risk management

As the Trust’s major asset is its investment portfolio, it is exposed to market risk. To mitigate this risk, the policy of the Trustees is to have the portfolio managed by professional Investment Managers on a discretionary basis on a medium risk mandate. All the Trust's investments are listed on the London Stock Exchange, the Alternative Investment Market or other HMRC recognised stock exchanges. Investments are made in Fixed and Variable Interest British Funds, Convertibles and Equities. The investments can be realised at short notice and accordingly the Trustees are of the opinion that the Trust has no liquidity risk. Credit risk is limited to cash deposits and accrued investment income; the Trust mitigates this risk by holding funds with reputable financial institutions and investing in listed securities.

Page 19

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Financial Statements

For the year ended 31 December 2025 (continued)

11) Funds

The funds of the Trust include:

12) Appeal Fund

The Appeal Fund represents funds generated from specific appeals made by the Trust as follows:

The 2023/24 Annual Appeal
Electric Mini Bus
The 900 Appeal
Bursaries
START
Sustainability
General Support		 Fund at
1 January
2025
£
2,295
66,481
24,802
2,643
121,986
218,207		 Income
£
-
172,670
11,852
-
18,997
203,519		 Expenditure
£
-
(268)
(33,000)
-
(121,401)
(154,669)		 Transfers
(Note 13)
£
-
(160,000)
-
-
-
(160,000)		 Fund at
31 December
2025
£
2,295
78,883
3,654
2,643
19,582
107,057

Page 20

Docusign Envelope ID: 4D086DDA-C66C-809F-8076-03734CE109F7

The High School of Glasgow Educational Trust

Notes to the Financial Statements

For the year ended 31 December 2025 (continued)

12) Appeal Fund (continued)

Comparatives for movements in Appeal Fund:

Fund at Fund at
1 January Transfers 31 December
2024 Income Expenditure (Note 13) 2024
£ £ £
£		 £
The 2023/24 Annual Appeal
Electric Mini Bus 2,295 - - - 2,295
The 900 Appeal
Bursaries 3,994 483,087
(1,767)		 (418,833) 66,481
START - 24,802 - - 24,802
Sustainability - 2,643 - - 2,643
General Support 16,997 112,032 (7,043) - 121,986
23,286 622,564 (8,810) (418,833) 218,207

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 £160,000 was transferred from the Appeal Fund to the 900 Bursary Endowment Fund, being monies raised for bursaries in the 900 Appeal. In 2024 £418,833 was transferred to the Bursary Fund being bursary donations to the 900 Appeal.

Transfers of £80,404 from the Trust Fund and £12,710 being the net income of the 900 Bursary Endowment Fund, were made to the Bursary Fund, to help fund the commitment of bursary support for the School made by the Trust for academic year 2025/26. (2024: £81,977 from Trust Fund and £2,257 from the 900 Bursary Endowment Fund).

14) Contingent liabilities and commitments

There were no contingent liabilities or commitments at 31 December 2025 or 2024.

15) Related Party disclosures

There were no related party transactions in the year.

Page 21