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
DIRE￿oR5. 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 resour￿5 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 2c￿6
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 Compan￿S.
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 r￿1ve the grant.
Support costs are allocèted between eovernante costs and other support costs. Govemance costs
comprise those costs Invol￿ng 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 A￿uSt 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 sel￿01 clubs, bursaries for secondary
and higher education and grants to support subjects within the sch￿1 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