ROYAL HIGH SCHOOL CLUB TRUST UMITED REPORT AND HNANCIAL STATEME14TS tor the year ended 31 August 2025
ROYAL HIGH SCHOOL CLUB TRUST UMITEO REFERENCE AND ADMINISTRATIVE INFORW4mON Dirertors C W 81aikie R C 8 Forman R M Graham AJ Mclvor D F Rutherford L Stevenson D R Taylor V T Tudball (resigned 17 March 20251 O A Williamson Secretary and Solldtofs Blackadders LLP 40 Torphichen Street Edinburgh EH3 8J8 Independent Examlner Emma Marshall CA MHA 6 St Colme Street Edinburgh EH3 6A0 Investment Managers RBC Brewin Dolphin Sixth Floor Atria One 144 Morrison Street Edinburgh EH3 8EX Re8lstered Office 40 Torphichen Street Edinburgh EH3 8JB Company Number SC022113 Charlty Number SC(K15875
ROYAL HIGH SCHOOL CLUB TRUST UMITED DIREcfoRS' REPORT for the year ended 31 August 2025 The directors hereby submtt their report and financial ststements for the year ended 31 August 2025. OBJEcllvES AND ACTIVITIE5 OF THE CHARtTY The charitable compan¢s aim is to promote the education of the pupils of the Royal High School of Edinburgh in such ways as the directors see fit. The charitable company also manages the endowment fund transferred from the City of Edinburgh Council in August 2009. The income generated by the endowment fund'5 investments finances prizes. bursaries and grants to pupils. organisations and projects within the sd)ool. The directors work closely wwth the Rector to identify projerts that best utilise the available funds. ACHIEVEMENTS AND PERFORMANCE The charitable company continued to gather investment income and deposit interest for the purposes of awarding grants and prizes in line with the tharrtable compan$ objectives. FINANCIAL REVIEW Net expenditure for the year before investment losses amounted to £5,22312024-. E6,2841. The investment gains in the year amounted to £38,915 {2024- £74,637) leaving total reserves held at 31 August 2025 of £754,53912023: £720,847). Investment pollcy Under the Memorandum and Articles of Association, the charitable company has the power to make any investment that the dirertors see fit. The dirertors engage Brewin Dolphin as investment managers. The policy is to adopt a medium risk investment strategy based on maximising the overall rate of return. The directors have agreed with the investment managers an investment strategy with the aim to produce an annual income of approximately £18.LKMJ which will enable the charitsble company to maintain a reasonable level of support to the school while at the same time maintaining and hopefully increasing the value of the underlying investments. Reserves policy Reserves comprise an unrestrirted funds, which derives from the sales proceeds of the Royal High School's old boarding house and a bequest. and endowment funds. which devobved to the Trust from the City of Edinburgh Council in terms of the Royal High Endowment Trust Scheme of 1980, as amended in 2009. There were unrestricted "free" reserves of £305.28612024: £289,193) held at the end of the year. The level of free reserves is reviewed regularly by the direttors tsking account of future expenditure commitments and income forecasts with the intention being to continue to hold a positive level of free reserves including investment assets to generate ongoing income streams. STRucfuRE GOVERNANCE & MANAGEMEKr The limited company was incorporated in June 1942 and is governed by its Memorandum and Articles of Association. The current directors acted throughout the year and are listed on page l. They meet annually to detemiine how the available funds should be disbursed. and in this matter they are guided by the Rector of the Royal High School of Edinburgh. The directors are trustees for the purposes of charity law and are appointed from former pupils who have a genuine interest in the well being of the Royal High School and its, pupils. The charitable company solicitors brief new directors in the working5 of the charitable company and their responsibilities as both directors and trustees.
ROYAL HIGH SCHOOL CLUB TRUST UMITED DIREcfofis' REPORT {Continuedl for the year ended 31 Au8USt 2025 DIREoR5. RESPONSIBIUTIES sfATEP4IENT The direttors, who are trustees of the charitable company for the purposes of charty law, are responsible for the preparing the Dirertorfs Report and the finanaal statements in actordance with applicable law and Unlted Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the dirertors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resour5 and application of resources. including the income and expenditure. of the charitsble company for that period. In preparing these financial ststements. the directors are required to: Select suitsble accounting policies and then apply them consistently. Observe the methods and prinaples in the Charities SORP 2019 IFRS 1021; Make judgements and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards have been followed. subject to any material departures disdosed and explained in the financial statements- Prepare the financial statements on the going concern basis unless it is inappropriate to presurne that the tharitable company will continue in operation. The directors are responsible for keeping adequate accounting records whith disclose wlth reasonable accuracy at any time the financial posltion of the charitable company and which enab them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment {Scotlandl Act 2005 and the Charities Accounts {Scotlandl Regulations 2C(16 las amendedl. They are also responslble for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report ha5 been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities and in accordance with the special provisions of Part 15 of the Companies Art 2c6 relatlng to small companies. R C B Fomian Dirertor 25 March 2026
ROYAL HIGH SCHOOL CLUB TRUST UWTED INDEPENDENT EXAMINERS, REPORTTO THE MEMBERS AND DIRECTORS I report on the financial statements of the charttable company for the year ended 31 Au8USt 2025 which are set out on pages 5 to 12. Respertl¥e re5ponslbllltie5 of dlrert¢Ys and Independent Examlner The charitable companvs directors Iwho are also the trustees of the charitable company for the purpose5 of charity lawl are re5pon5ible for the preparation of the financial statements in accordance with the temis of the Charities and Trustee Investment (Scotlandl Act 2CQS and the Charitie5 Accounts (Scotlandl egulations 21x16. The direttor5 consider that the audit requirement of Regulation 10111 la) to Icl of the Accounts Regulations does not appty. It is my responsible to examine the financial statements as required under section 44111 {cl of the Act and to state whether particular matters have come to my attention. Basls of Independent fxarnlnerfs statement My examination is carried out in accordance WFth Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charitsble company and a comparison of the financial statements presented with those records. It also intludes consideration of any unusual Items or disclosures in the financial 5tatemerits. and Seeks explanations from the directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently I do not express an audit opinion on the view given by the financial statements. Independent Examinerfs Statement In the course of my examination. no matter has come to my attention: which gives me reasonable cause to believe that in any material respert the requirements: to keep accounting records in accordance with Section 44(1} lal of the 2LW)5 Act and Regulation 4 of the 2006 Accounts Regulations: and to prepare financial statements which accord wÈth the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations: have not been met,. or to which. in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Emma Marshall, CA MHA 6 St Colme Street Edinburgh EH3 6AD 25 March 2026
ROYAL HIGH SCHOOL CLUB TRU5f UMITED STATEfvIENT OF FINANaAL AcnviTIES {Including Income and Expenditure Account) for the year ended 31 August 2025 Notes Unrestricted Restricted Endowment Funds Funds Funds Total 2025 Total 2024 Income from: Investments 7.043 11.084 18.127 16,481 Total Income 7.043 11.084 18.127 16.481 Expendlture on: Raising funds 2.445 3.711 6.156 5.301 Charitable activities 6,614 10,580 17,194 17,464 Total expendliure 9,059 14,291 23,350 22,765 Net lexpendlture) before zalns on Investments (2,0161 13,2071 15.2231 16,284) Net gains on investments 18.106 20,809 38,915 74,637 Net Income and net movement In funds 16.0 17,602 33.692 68.353 Fund balances at 15eptember 2024 io 289.196 985 430,666 720,847 652,494 Totsl funds at 31 August 2025 io 305,286 985 448,268 754.539 720,847 All income and expenditure are derived from continuing actNlties. The charitable company has no recognised gains or losses other than those included in the Statement of Financial Activities above.
ROYAL HIGH SCHOOL CLUB TRUST UMfTED BALANCE SHEET as at 31 August 2025 Notes 2025 2024 Flxed Assets Investments 732.843 701,244 Current Assets Debtors Broker- deposit accounts Cash on deposit 4,211 6,912 13,390 24,513 3.543 5,722 12,992 22,257 Credltors: Amounts falling due within one year Accruals 12,8171 12,654} Net current assets 21.696 19.603 Net assets 754.539 720.847 Capitsl and reserves Called up share capital 9,11 Unrestrirted funds General reserve Revaluation reseNe 273,391 31,892 305,283 263.414 25.779 289.193 io,ii Restrfrted funds Prize Fund io,ii 985 985 Endowment funds Capital Income Revaluation reseNe 331,709 48,631 67,928 448,268 331,547 37.547 61,572 430,666 io,ii Total funds io.ii 754.536 720,844 Total capltal and reserves io,ii 754.539 720,847 For the year ended 31 August 2025 the company was entitled to exemption under 5ectiOD 477 of the Companies Act 2006 relating to small CompanS. Directors. responsibilities: The members have not requested the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statement5. These financial statements have been prepared in accordan with the spetial provisions of Part 15 of the Companies Act 2006 relating to small companies. Approv and authorised for issue by the directors on 25 March 2026 signed on their behalf bv: R CB Fomian Director Company Reglstered No: SC022113
ROYAL HIGH SCHOOL CLUB TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS fof the year ended 31 Au8USt 2025 Accountlng Polkle5 The sianlficant accounting policies applied in the preparation of these financial statements are set out below. These F)olicies have been tonslstently applied to all year5 presented unless otherwise stated. lal 8a$15 oAaccountlnq The financial statements are prepared on a going concern basis under the historical cost convention with items recognised at cost or transartion value unless Otherwise stated in the relevant notes to the finantial statements. The financial statements are presented in sterling which is the functional currency of the charitable company and rounded to the nearest £. The financial statements have been prepared in accordance with the Accounting and Reporting bv Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Accounts Iscotlandl Regulations 2006 las amended), the Charities aNI Trustee Investment (Scotlandl Act 2005 and the Companies Act 2006. The Royal High Sthool Club Trust Limited meet5 the definition of a public benefit entity under FRS 102. The financi31 statements a prepared on a going concern basis which assumes that the charitsble company wlll continue its operations for period of at least twelve months from the date of approval of the financial statements. Trustees have therefore continued to adopt the going concern basis of accountin8 in preparing the financial statements. Ibl Income All income is recognised once the charÈtable company has entitlement to the incorne, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations, legacies and similar income are induded in the period in which they are receivable, which is when the charitable company becomes entitled to the resource. Interest on funds held on deposit is included when receivable and the amount can be meastsred reliably by the charitable compary. This is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dNidends have been declared and notification has been received of the dtvtdend due. Expenditure Expenditure 15 recognised once there is a legal or construtttve obligation to make a payment to a third party. it Is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and ha5 been classified under headings that aggregate all costs related to the category. Irrecoverable VAT is tharged against the expenditure headin8 for which it was incurred.
ROYAL HIGH SCHOOL CWB TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS ICONllNUED) for the year ended 31 August Z025 AttountiTr8 Pollties Icl Expendlture (continued) Expenditure on raising funds include costs associated with generating income for the charitable company through its investment portfolio. Expenditure on charitable acttvitie5 includes costs incurred by the tharitable company in the delNery of its activities and 5ervice5. It includes both the direct costs of gront making and more costs of an indirect nature necessary to support them. Donations payable are payment5 made to third parties in the furtherance of the objectives of the charitable company. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will r1ve the grant. Support costs are allocèted between eovernante costs and other support costs. Govemance costs comprise those costs Involng the public accountability of the charitable Company and therefore include the cost of independent examination. Other wpport costs relate to the administration costs of running the chafltable company. Id) Axed assetlnvestments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The main form of financial risk faced by the charitable company is that of volatility in equity market5 and investment markets due to wider economic conditions. the attitude of investors to investment risk. and changes in sentiment concerning equities and within particular Sectors or sub sectors. All gains and losses are taken to the Statement of Finanual Activitie5 as they arise. Realised gains and losses on investments are calculated a5 the differente between sales proceeds and thelr 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 combined in the Statement of Financial Activities. {el Debtors Debtors are measured at their recoverable amount and included when reasonable certainty exists over their reteipt. {f) Cash at bank Cash at bank includes cash and highly liquid short term investments wtth the maturty of three months or less from the date of opening of the deposÈt or similar account. Igl Credlto Creditors are recognised when the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliabfyl. Ihl Flnantial Instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basit finantial instruments. Basic financial instruments are Initial recoybised at transaction value and subsequently measured at their settlement value.
ROYAL HIGH SCHOOL CLUB TRUST UMITED NOTES TO THE FINANaAL STATEMENTS (CONTINUED) for the year ended 31 August 2025 Accountlng Pollcles {contlnued) Funds strurture Unrestricted funds are general funds that are available for use at the directors, discretion in furtherance of the objectives of the charitabte company. Restricted funds are to be used for specifi purposes as laid down by the donor. The charitable company has a single permanent endowment. The Royal High School Endowment Trust Scheme 21XYJ provides for the directors to invest the capital in perpetuity, the free income from which Is to be spent on the general purposes of the Scheme, namety the payment of prizes to pupils, support of school clubs, bursaries for secondary and higher education and grants to support subjett5 Within the school currlculum. Further details of each fund are disclosed in note 11. Investments Unrestricted Endowment 2025 Totsl 2025 Total 2024 2025 Dividend5 received Bank interest 6.736 307 11.020 64 17.756 371 16,037 7.043 11,084 18,127 16.481 Investment income includes £7,043 {2024: £6.406) of unrestrirted income and £11,084 (2024: £10.0751 of endowrnent fund income. Ralslng funds Unrestrirted Endowment 2025 2025 Totsl 2025 Total 2024 Investment management fees 2.445 3.711 6,156 5,301 Expendtture on raising funds includes £2,44512024: £2.094) of unrestrirted expenditure and £3,711 12024: £3.2071 of endowment fund expenditure. Charltable Artivitie5 Unrestricted Endowment 2025 2025 Total 2025 Total 2024 Grants, prizes arKI bursaries Support costs: Secretaries fees Sundry expenses Governance costs {note 51 4.000 12,( 15.295 720 34 1,860 720 23 2,146 1.860 3.720 6,614 10.580 17.194 17,464 Expenditure on charitable activities includes £6.61412024. £6.194} of unrestrthd expenditure and £10,58012024- £11,270) of endowment fund expenditure.
ROYAL HIGH SCHOOL CLUB TRUST UMITED NOTES TO THE FINANCIAL STATEMErirs (COP4TIP4UED) for the year ended 31 August 2025 Governance Costs 2025 2024 Independent Examinerfs fees Secretaries fees 2.280 1.440 2,146 3.720 2.146 Oirertors, Remunerntion and Expenses No directors12024.' one) receNed reimbursement of travel expenses in the year amountlng to £nil 12024- EIOI. Flxed Assets- Investments Total 2024 Funds Fu$ 2025 Opening market value Acquisitions at cost Disposals proceeds Net gains on revaluation 276,126 59.803 {62.6261 18.106 425.118 701,244 631,089 81,655 141,458 136,243 {86.1481 {148.7741 1140,7251 20.8tr3 38,915 74,637 Market value at 31 AuSt 2025 291,409 441,434 732,843 701,244 Historical cost at 31 August 2025 259,517 373.505 633.022 613,893 Investments whose individual market value exceeds 5% of the totsl are as follows: 2025 2024 Vanguard Funds PIC UCITS Vanguard Funds PIC S&P SCKJ Fidelity UCITS US Quality income ETF Inc USD 46.863 58,013 59.339 55,805 Creditors- Amounts fra111 due within one year 2025 2024 Actruals- professional fees 2,817 2,654 io
ROYAL HIGH SCHOOL CLUB TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS (coKllNUED) for the year ended 31 Au8U5t 2025 Called Up Share Capltal Allotted. called up andfvlfypold 2025 2024 13 Ordinary of 25p each 10 Movement in funds Atl September 2024 Income At31 August 2025 Gainllloss} on investments 202412025 Expenditure Unrestrlcted furKIs General funds Revaluation reseNe 263.414 25,779 7.043 {9.0591 11.993 6,113 273,391 31,892 289.193 7.043 (9.059) 18.106 305.283 Restrlcted funds Prize Fund 985 Endowment fvnd5 Capital Income Revaluation reserve 331,547 37.547 61.572 114.291) 14.453 331,709 48.631 67,928 11.084 6,356 430.666 11.084 {14.291} 20.809 448.268 Total Funds 720,844 18,127 {23,350} 38,915 754.536 Movernent in funds Atl September 2023 Income At31 August 2024 Gain/llos51 on investments 202312024 Expenditure Unrestrlcted tunds General funds Revaluation reserve 261,206 245 18,288) 263,414 25,779 25.534 261.451 {8.2881 29.624 289,193 Restrfcted fvnds Priie Fund 985 985 Endowment fvnds Capital Income Revaluation reserve 324.521 27,472 38.062 114,4771 21,S03 331,547 37,547 61,572 10.075 23.510 390.055 10.075 114.477) 45,013 430,666 Total Funds 652.491 16.481 {22.765) 74.637 720.844 li
ROYAL HIGH SCHOOL CLUB TRUST LIMITED NOTES TO THE FINANOAL sfATEMENfs (CONTINUED) lor the year ended 31 August 2025 10 Reserves {ci)niinued) The Unrestricted Funds represent the unrestricted monies held by the charitable tompany. The Endowment Funds were transferred in August 2(N)9 to the company by City of Edinburgh Council. The funds previously We administered by the Council under The Royal High School Endowment Trust Scheme 1980. After paying the necessary expenses of management and the burdens and taxes affecting the endowment. the free income of the Fund is to be used for the purposes Set out in the Scheme. This covers the payment of prizes to pupils. support of sel01 clubs, bursaries for secondary and higher education and grants to support subjects within the sch1 curriculum. If there is an unexpected balance of income during a financial year, the director5 are permitted to carry said balance forward to the following financial year, or to add the balance to the capital of the Fund. 11 Analysis of net assets between funds Share Unrestricted Capital Funds Restricted Endowment Funds Fund5 Total 2025 Investments Net current assets 291,409 13.874 441,434 6.834 732.843 21.696 985 305.283 98S 448,268 754.539 Share Unrestritted CapitsS Funds Restritted Endowment Funds Fund5 Total 2024 Investments Net current assets 276.126 13,067 425,118 5,548 701,244 19,603 985 289.193 985 430,666 720,847 12 Related Party Trnnsactlon Other than as disc105ed in note 6 to the financial statements, there were no related party transattions in the current or previous year5. 12