Glenalmond College Annual report and financial statements for the year ended 31 July 2024 Scottish Charity SC006123 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 1140 Glenalmond College Contents Page Report of the Corporate Trustee Statement of Directors of the Corporate Trustee's responsibillties Independent audrtor's rewt 12-14 statement of financial activities 15-16 Balance sheet 17 Revenue account 18 Cash flow Statement 19-20 Notes to the financial statements 21-37 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 2 140 Glenalmond College Report of the Corporate Trnslee for ihe year ended 31 July 2024 The followlng servlng IndlvidLrals were Dlreetors and thus Trustees under the Trust Deed for the year ended 31 July 2024 and lo the current peiiod. On 20th June 2025 the Board of Directors created a c￿jncil of the College comprised of the following pecple. The CourKil are a committee of the Board of the Corporate TnBtee ¢￿st1￿Jted as the goveming body ofthe College.. All Director3 of the Corporate Trug*ee we a130 Trustees of the Fund3 and Property of the College. KEY MANAGEMENr The Warden Address Glenalmond Perth PHI 3RY en1m(￿d Flnal 2024 A&XwJnts.￿Y t9ed54a&J-ca2Yc3f-af7Mb62e74(bJd41 Pag8: 3140 Glenalmond College Report of the Corporate TTUStoe for the year ended 31 July 2024 (continuod) Advisers Bankers Bank of Scouand 10-16 King E￿ard Street Perth PH15UT Solicitors Lindsays 10 Blackfriars Street Perth PH15NS Auditor5 Henderson Lcggie LLP Chartered Accountant5 The Stamp Office, Level 5 10- 14 Waterfoo Place Edinburgh EH13EG Investrnent Athisers Rathbones George House 50 George Square Glasgow G2 1EH The Council of Glenalmond Cdlege, which is the goveming body of the College, has pleasLre in submitting its annual report and finanual statements for the yearended 31 July 2024. The financial slalements comply wth current statutory requirements. the Trust Deed, and the Statement of Recommend￿ Practice- Accounting and Reporting by Charities. Introduction The e¢(￿0M1¢ and political environment for private schtx>ls is changing rapidly and signfficanlly just as the social and technological environment is lor our pupils is evolwng. The outlook for the sector is uncertain and it is likely that change will be wuired in ways whÉch would not have been imagined or considered even only a few ye￿S ago. There are media headlines about the impact on pupil numbers followng the introduction of VAT whilst the recent changes in employer national insurance contributions has added to the cost base. GlenalmLx)d is not immune to these societal Changes bul the GlenaIm￿)d Board has been determined to develop a sustainable fubjre for the Cdlege. its cullureand to continue to operate in its extraordinary bcation. The first slep was lo merge wryth Craigclowan preparatory school in August 2024 getting operating efficienues in the support depathenls and stsrting to share teaching expettse in forms seven and eight al Craigclowan. To achieve this an injection of fijnds was required al Craigclowan which was raised from individual OG'S and the OG Club. Craigclowan continues as an independent prep school t￿t it is anticipated that increased exposure lo the facilities at Glenalmond wll, over lime, increase the flow of wpils from Cfaigc6owan to GlenaIMc￿d College. The second step was in June 2025 when 35 Education Limited became the sole member of the Corporate Trustee and agreed lo provide both new fvnding and a £1 million scholarship scheme Imoslly means tested). Given the testing education sector enviionmenl, the Council decided to look for a strong partner vh)0 appreciated the ethos of the Glenalmond experience and wanted lo build on it, a partner who would brsng intemational reach in attract¢ng more pupils whilst maintsining the culture of this Scothsh school and who had suffiaenl financial resources lo support the school through drfficult Ma￿et condtknC￿S and invest in infrastructure impiovements making the Glenalmond experience even better. 35 Education has proven to be such a partner with its ambition to have an outstanding UK school to become the flagship for a number of scho(￿$ worldwide swported by a philanthropic benefactor. 35 Educati(￿,$ funding has also meant that whilst fees have risen faster than income inflation over recent years that we are able to freeze sludenl fees for the academic year 202516 at current levels. Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 4 140 Glenalmond College Report of the Corporate TTUStoe for the year ended 31 July 2024 (continuod) Purpose & Mission statement GlenaImC￿d College exists to prepare young people b make a posilwe difference in the worfd. Their legacy - and ours- starts here. The College's mission is to deliver for every one of our pupils, sector4eading learning for the modem worfd in an inspirational Highland locat'on. combining academic achievement wtth meaningful experience5 Outside the dassroom. 2023124 saw the introduction of a series of 3 '0ne Coll. behaviouTS which are designed to encapsulate the way we wish lo engage with our stsff, pupils, parents. and other external stakeholders. They are summarised below.. Intelligen*ly hallenging convention: Setting and upholding high standords ond expectotion5: Building community An open.minded. bold, ond creo*ive opprooch to rhonge ond innovu*ion. oFFering solutlons not problems ond Iwgy5 05king". Why do we do li *h*5 woy7 How do we moke it belter? Porticipotin9 in the lull Itfe ol Ihe school. ac+ing with kindnes%. loyalty ond empothy. ond demonstratin9 service to poch o+her oryd to humanl*y. Coming to school every day with the intention and detelminotion t? do our be5* for o¥vselv*S. th* pupils ond each other. Learning and teaching Our curriculum is our progress mcxlel., the framework that enables us to foster kn￿rfedge and aptitudes that ￿￿11 enable our pupils to thrive in the world they enter wthen they leave Glenalmond_ Our curriculum goes beyond what happens in the classroom., our ccrfurricular activities, strong boarding ethos. close-knit tomrnunity. and our Episeopal foundations are all intèjral parts of life at Glenalmond. At the heart of our curriculum are our values, 'of loyalty, love. and active service,, a College founded on the principles of the Epis¢>)pal communion and embracing those of all faith and of none. However, what makes us different from any other institution. is our location, and thi5 was central to the vision of OLtr founders, who not only wanted the College, 'removed from the imm&Jiale vicinty of any large town,, but more than that, for their new school lo ￿'In a central part of Scotland, north of the Firth of Foru),. The purpose Ihal they saw in our quiet glen. on the boundary betrNeen the Highlan& and Lowlands, is as relevant today as it was in 1847 when the awareness of the fragile balance of our environment and the need for sustainability has never been dearer. Al our core is also our community and strong boarding ethos- the home from home envisaged by our foL¢nders. who promised parents that they 'would feel that, on leaving home. their children would continue to enjoy some of its best blessings.. Academicalty, we build on ourcore values and the desire of ourfounders for a'liberal scientific education.. Our offer of A-levels, Highers, and BTEC have offered depth, breadth, and a focus on enterprise and career- based leaming, reflecting the needs of a modem wortd but imbued with our core values. Our co-curricular offering stems again from those beliets. wth Charfes Wordsworth, reflecting in his Annals that, 'a cricket ground. a ground for football and a fives court were no less indispensable than dassrooms,. Today, we have arguably the best astro hockey pitches in Scotland with all-weather tennis facilities, a golf course, and an indoor golf hub for training and relaxation. All of this refflects our respect for tradib.onal values brought up lo what is relevant t¢xlay. Wrapping around our educational framework and connecting back to our ccfe values is our focus on Leaming for Life, where we build on our academic and co-curricular offering, to foster crtlical thinking, collaboration, communication. and creativity, to solve real-world problems, so Ihal all pupils experience and develop the apliludes and attitudes they Mqll need to face and overeome the challenges of the rapid changes in the 21st century. Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 5 140 Glenalmond College Report of the Corporate TTUStoe for the year ended 31 July 2024 (continuod) Pastoral care The care that the school provides is all wrapped around the provision of a safe and supportive environment in which all pupils thrive and are happy, and the creal'on of a thriving community of boarders and day pupils of which they are proud to be a part. The strength of our community and the warmth of our welcome inspire confidence and humility for life after school. The boarding house structure creates a large family atrnosphere with older pupils behaving like older sibling5 to the younger ones. Families know that the College is a value- for-quality option they can trust to give their children the right choices on their next step. Co-curricular Therè is an éxtènsive and ehallenging efyeurrieular pl0vis￿ft induding musie. drama. art, and all mannèr of sports. More specifically, the William Bright Society continues to nurture and develop scholats. Resources The College is fortunate to sil on a beaulrful 301Ya¢re campus in a stunning location within the heart of scO￿and with significant academic, extra-curricular, and natural resources on hand including our ￿hOle go course, the best astro turf facilities for hockey and tennis as well as an outstanding cricket pitch. Glenalmond is strengthening its position in the independent education market by Recruiti"ng more full boarders from the United lQngdom and around the world., Expanding our reach in the local area by recruiting day pupils and in particular, maximising the benefrt of the merger with Craigclowdn-, Investing in and matkets.ng sport, music, drama, and art as specific areas of excellence.. Enhancing its co*ducational status by maintaining close lo a 50.'50 balance of boys and girfs Developing and implementing a marketing strategy that raises our social media profile. focuses existing resources in the United lthngdom prep school market. and increases the number of inlemational rectuilment trips to key markets. Glenalmond will continue to strengthen and modernise by.. Consistently improving the core purpose of academic attainment and da$src￿ pedagogy using predicttve outcomes for pupils and seeking lo improve those by al least one grade for every pupil- Exploiting key strengths such as quality of teaching, pastoral care, brand. campus, and locab"on- Continuously auditing administrative systems and leaching approaches, and rigorously addressing any weaknesses., Adopting a m￿e market-oriented and proactive approach to change including a major push in monetising the assets of the College out of temi time. Structure. Govemance and Management Constitution GlenalmLx)d College was founded by Trust Deed in 1847. The Deed reflects the College's core charitable purposes, the aims of the founders of the College, and current educational needs. The Deed was last updated in November 2021, Mqth a change lo a Cofporate Trustee structure. as delailed on page 1 of the accounts. The Directors of the CcKporate Trustee have general control and management of the administration of the Trust and are thus the 'charity trustees, for the purposes of the 2005 Act. The Council's 'bye-laws' were updated at the w)int of the Craigdowan merger and fvther updated in June 2025 as part of the arrangement with 35 Education whereby the Council became a committee of the Board of the Corwrale Trustee. Recruitment and training of Members of Council The Constituts'on provides that management of the College is govemed by a Council of not fewer thar$ 12 persons. Members ofthe Council are a mixture ofex officio and those appointed by the Board of the Corkyjrate Trustee, with r￿Mina￿OnS for CoLEncil membership teing considered by a Nominab"ons Committee. In considering nominations for appointment to the Council, the Council considers the pa￿C￿lar skills and expertise that are felt lo be desirable and helpful. These include areas such as education. finance, child welfare, legal matters, communication5 and marketing, human reSoUr￿s. and property and construction. Efforts are made to achieve a composition and balance of these and other skills h¥ithin the membership of the Council. Council Members are appointed for a lemi ol three years, renewable for up to three further periods of three years each. after which a tsvelve-month periiyj must elapse before any person not ex officio a member, nor a nominated member, may be re-elected to the Council. At least Council Members are required to be parents of pupils currentty al the College. Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 6 140 Glenalmond College Report of the Corporate TTUStoe for the year ended 31 July 2024 (continuod) Recruitment and training of Members of Council leontinued) As of 31 July 2024, four Members of the Council had children attending the College,. the Primu5, Bish¢Jp of Moray, and the Bishop of St Andrews were both CoLtncil members; tsvo Council members were qualified accountants" Council members were active or retired Heads of senior schools, and other members brought legal, propety and senior business experience. On appointment, Council Members are invited lo participate in an induction process organised by the Clerk to the Council lo gain an apprec¢alion of the objectives and purposes of the College and its operation and their restK)nsibilities as Ttustees. Mandatory safeguarding training is also required, alongside Protection of Vulnerable Groups IPVGI dearance through Disclosure Scoland. Additional training (￿portUnItieS are provided to Members thrOl￿hOUt the year. to ensure Trustees remain current W5th leg4slative charvJes and can discharge their responsibilrties effectivdy The College's govemance arrangements are subject lo regular review. c￿ne11 Members regulady attend and parttcipale in school events. Organisational management The overall strategy for the College is sel by the Board of the Corporate Trustee in cooperation wth the College Executive team. The Board is fesponsible for ensufing that the Warden and his or her colleagues manage the affairs of the College in a way that ensures the core charitable purposes are met within a sound financial stNcture. The Council appoints from amongst ils members a Committee of Council (to be renamed Finance and Resources Committee), which is responsible for the superintendence of all matters relating to the domestic and intemal wothings of the College, in particular the financial management of the school. The Council and Committee of Council m&t four times a year 01 more if required. Sub-committees covering such key areas as people, education and welfare, estates, and health and safety meet outside these times and report lo Council. Risk management The Board, Council and the Senior Leadership Team led by the Warden Identsfy and assess the major nsks to which the Cdlege is exposed. in particular. those related to child welfare and the operations and finances of the College, to ensure that procedures are in place lo protect against these risks. A College risk register is reviewed fomially on an annual basis and olher¢rfise by exception as required by events. The key controls used by the Cdlege are= annually reviewed risk analysis on all aspects of the College- formal agenda5 all Board, Council, Committee of Council, and other subcommittee meetings; comprehensive business planning and budgeting., training programs for staff intemally and extemally- established organisational stsucture and lines of reporting formal risk register., fomial wrrtten poI￿les., clear aulhorisab.on and approval levels., vetting and inspection procedures as required by Iw. the annual statutory audit process., and regular review of Child ProtectiC￿ policies. Objectives. Aims. and Activities The College was founded in 1847 as an academic instithtion for up to 200 boys. linked to the Scottish Episcopal Church. Girts were ffirsl admitted into the Sixth Form in 1990,. Glenalmond became fully c educational in 1995 and also welcomed day pupils the same year. The Co15ege welcomes pupils from all races, ethnicities, religions, and social backgrounds. Applications from all sections of the community are encouraged. and the College offers financial support through its bLsrsary scheme to pupils who. owing lo financial constraints, would otherwise be unable to benefitfrom attendance at the school. As a charity, GlenaIm(￿￿'s core objective and purpose i8 the provision of high-quality education. in Fls broadest sense, which benefft5 the pupi15 and our wider Society. The College is also committed to wdening access to the education that it provides. Connected tothe College's educational act"vities are such factors as the advancement of the arts, heiitsge, culture, sport, religion, science, citizenship. and communty involvemenL The College aims lo attain the highest level of academic achievement whilst allowing pupils to benefft from an extensive and challenging extrxurricular program. Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 7 140 Glenalmond College Report of the Corporate TTUStoe for the year ended 31 July 2024 (continuod) Objectives. Aims. and Activities Icontinuedl GlenaImC￿d College. being a Christian Foundation with a Strong Scottish E￿sCOpal tradition. believes that all pursuits should be aimed al bringing about respect for others, a sense of service to the community, and a desire lo use individual tslents to the fvll. In summary, the College provides an education that meets the needs of modem society and is grounded in the qualities of diligence, courtesy, honesty, integrity. and respect for others. The College is dedicated lo playing a full role in the life of the local community. Grant4naking policies One of the College's objectives is lo make a Glersalmond education available to pupils whose families could not otheiwise afford the fees through the provision of rneans-lested fee assistance Ibu15ariesl. Such bursaries are adverbsed on our website. at Open Days. and in literatiire. Details of how to apply for a bursary are available from the Admissiorts andlor Finance departments. Bursaries are awarded by the Warden per Council policy, subject to a detailed means-testing process, with the level of supwt available depending on the means of the applicant and the resources available. Through 35 Education an addib'onal £1m of bursary bjnding is available in the academic year 2025126. Parents may also receive financial support from the College for1heir sons or daughters under one or more of several headings. The children of ministers of religion and serving members of the Amied Forces receive automatic allowances against the fees. Academic Sch)larships are available at the entry point to Third Fomi, and music (including piping), drama, sport (including 5POrting excellence). and all-rounder scholarships are awarded lo pupils at the point of entry, subjectto stringent assessment of tslenl and ability. By exception only, the Warden awards schOla￿hlpS at the non-standard point of enty. The College has a sibling policy lo provide support for those who have more than one child at the schod at any one lime. Additionally, the College wryll seek out donors to contribute to pupils whose personal circumstances merit a substantial or full remission. The OG Club provides a 100% bursary for ￿ pupils to benefft from a Glenalmond education. This is a signfficant contribLtlion to the college by the OG Club and one that is largely unseen. ThÈ level of financial support is r￿ulatlY reviewed to enstJrÈ the CAillege meèts its charitablÈ and constitutional objectives. Key Academie Indicator5 Academic perfo￿ar￿ at the Cdlege continues lo be Strong v4th improved resums achieved in public examinations this year. A-Level There were 150 entries. with all 48 U6 pupils taking t￿ee or four A LevelslBTEC. Statistics for 2024.. 10 entries17%1 achieved A. ￿ades. 41 enlries127%1 achieved A. _ A 87 entries158¥01 achieved grades A'_ 119 entries179Vhl achieved grades A. 135 entries190%1 achieved grades A. 141 entries194%1 achieved grades A. _ E We have doubled the number of A. to A grades compared to last year. The exam results were better than 2023 at every gracle band. Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 8 140 Glenalmond College Report of the Corporate Tfustee for the year ended 31 July 2024 (continued) Key AGademic Indicators Icontinuedl SQA Higher examinations took place across stx subjects., French, Geography, German, Malian. Physical Education and Spanish. Statist￿ lor 2024.. 29 pupi15155%1 athieved A glades. 37 pupils170%1 achieved grades A - B. 48 pupils191%1 achieved grades A- C. 51 piipils19V/.l achievpd grades A - D GCSE There were 438 GCSE entsie5 for GCSE and IGCSE exwninatKJn5 Stati3t￿ for 2024.. Over 9C)% of all grades achieved at IGCSEIGCSE level were gr￿e C14 u above. Ths surpasses the aehièvernent in 2019 and is a testament to the hard work of pupils and staff.. Pupils studying Music. Greek. Chem4slry, Russi￿. Ara)ic and Gemian all retumed top graes ofA'. There wa5 aso a 100% pa55 rate in sp￿1￿, Biology, ChemÈ5ty, Physics, Music, Art, and Latin highlighting Ihe strength of Glenalmond PLpils across all a￿leM1¢ di￿1P11¥￿S. Pupil Achievements 2023124 There were m￿Y successes cfft the sporting front th.s yew. including on the hockey. laciosse. and rL¥Jby pitches, cn the piste. on the golf course. and in the saddle. Murray G represented Scoland at U18 hockey at the Euro championships and had a proud mrnenl wthen hls cap was presenied. It was also a very promlslrvJ year foflunlor team spons Wth Ihe U14A Sms Lacrosse team winnino the Scoland National Toumament and the Boys U14 Rugby team gong undefeated in the Conferen￿ and wnning the Plate at the Myles Ma￿ha1 7s Compelrtion al kn"ng's Ma¢desfield. knd in hockey the Junior A Boys Hockey Te￿ were runners up in t￿e National Plate Competiticjn Atthe TrLfeu BorTufa where 27 C￿ntrieS cOrnpete,￿Trarne 2nd in the Slalom, 5th Giant Slalom, whilst Team GB finished 4th in the Dual Slalom. She was a150 the defending champion at the U16 Giant Slalom in Bormio and ¢ame first. In golf,￿attended the IMG Acaderny in Florida with a commtlment to golfand academic leaming. and has therefore been able lo access worldrseback Ktyrylh epresentirbg Scot1￿ at the Mounted Games Vvolld Teams Champlonshlps In Melbowne and n the squad for the U18 Scolanc Mounted Games with Home Intemationals in England and the European INIGA Championships in France. represantèd Seotland at the Pony Club Mounted GaTh￿ at the Windsor Horsè Show. The Drama departmwrt put on ￿ very entertaining producthons this year: The Raihvay Children tiunior} and Audience & Confvsions Iseniorl. There wa5 aso lots d regular actwity within the MUS￿ department, including the very successful lunchtiTne Cc￿Cert$. and the annual Gala c￿cert which tcx)k place in the spring at St John's ￿"[k in Peth with sc¢me amazing perfomiances from the Choir. the R"pe Band. other ensembles and of course sololsis. For CornmeMoral￿ Day, the 5chwl welcomed ￿ as our guest of honour, who provided fascinatirvJ insight into his joumey from schwl lo becoming a very successfvl businessman and Lord Lieutenant ofthe county. There was also excellent feedback on the end-of-year Art and Tech exhibth"on, which was held In the conference room over the Ccfftmemo￿tion weekend. Staying in touch with ourcomrnunity 15 an importanl a(tivity for the school. Dumg the year, we hosted several successful events, which allowed us to connect with OGS, parents, and friends. We assisted the OG Club with its London. Scoland, and Btsrdèrs dinnèrs, and t vrds, as èver, a plèasurè to be amoNJ OGS of ev year group, profession, and part of the country. en1m(￿d Flnal 2024 A&XwJnts.￿Y t9ed54a&J-ca2Yc3f-af7Mb62e74(bJd41 Pag8: 9140 Glenalmond College Report of the Corporate TTUStoe for the year ended 31 July 2024 (continuod) Pupil Aehievements 2023124 {continuedl We continue lo see an increase in lake-up of OGS, parents. U6 pupils. and Friends of Glenalmond registering for Coll-connecl, our dedicated, private net¢¢orking websrte. Coll-connect allows us to communicate wrth our entire community and for all our members lo contact each other direcuy. It is also our vehide for news and for communication for all our events Following the celebration of our 175th Anniversary, ￿s. parents, and friends responded generously to our appeal for support for our life-changing transformational bursaries program. We also launched our first capital appeal in many years, seeking modest support for a mountsin bike trail through the College campus. with something for rtders of every ability and skill level. After an absence of some years, the College returned lo the Scoth"sh Game Fair al Scone Palace in the summer of 2024 and was delighted to welcome many OGS, neighbours. and current parents lo the hospitslty tent. It was a great chance for the College's new caterer, Thomas Franks. to show off their catering prowess, and there were lols of amazing comments about the food and coffeel There was also another successful summer of o)mmeraal lettings on sile, with the Newman TNst reluming forthe first time in a numLw ofyears. plus regular visitors. Chtistians in Spomt and Tayview Activitie5. amongst the bookings. LastEy, the Eststes team prqect managed the delivery of 3 signtficant capitsl projects- the restoration of the remaining Palche115 Front Quad dormers, the reskinnirkg of the D&T building r¢))f and the replacement of the Lolhian staircase windows. Social Responsibility The College positively encourages the use of its gr(￿ndS and facilitses by local groups and provides recognition of their situation before detemiining costs, most of which are signfficanly below market rates. In addition, it Continues to make tts facilities available to other charitable bodies at preferential rates via a subsidiary company, Glenalmond Enterprises Limited. Summer lets are typical lo organisalions Ihat provide children's education, sport, and activity programs. These include the Scottish Episcopal Church and Christians in Swrt. Charities 2023-24 The staff and pupils at the school regulady raise funds for charities. The selection of ¢hafitses supported is delemiined by pupils arKI staff. There is a strategy lo contribute to one local, natic￿al, and intemational chanty each temi, nominated by pupils. This year the followro ¢harrties were supported in particular.. The staff and pupils at the school regulady raise funds for charitie5. The selection of chaTitie5 5UPPOrted is delemiined by pupils and staff. There is a strategy to contribute lo one local, national and internab.onal chanty each lemi nominated by pupils. Charities supported this year Incl￿d.. S.H.I.P- £3K - hty)s:Ilwwi.ship-perthshire.co.ukl Tayside Mountain Rescue £3K- httt)s.'Iltaysidemrt_c 7th Perthshire Imelhvenl Scouts - gffts in kind for raffle Financial Review Income and expenditure Total income for the year ended 31 July 2024 was £12.8m, flat on the prior year, wth an increase in donations and legacies offsettir¥J a reduclion in fees ￿￿e1vable. Total expenditure for the year ended 31 July 2024 was £14.4m up £1.5m on the prior year, representing an increase of 120/0. The key drivers of this increase were premises costs up £211k 115%>, support costs including rates and office costs up £407k 127Okn1 and scholarships and bursaries up £573k 1230kl. The increase in the cost base reflects the signifieanl hisknic campus at Glenalmond, the material inflationary pressures evident during 23124 and the cost of living C￿siS impacting many families and the affordabilty of privats schwl education through this period. The nel effect of these financial resutts was lo deliver a loss al nel expendittjre level of £1.5m. compared lo a loss of £80k in the prior year. This loss for the year feeds through into the balance sheet where we see nel current assets of £300k in the prior year become nel current liabilities of £1.4m as at the 31 July 2024 and nel assets of £11.5m compared to £13.Om a year earfiei. These losses have essenb.ally been funded from the realisation of £450k of investments and £1m increase in cieditor balances including a signfficanl increase Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 10 140 Glenalmond College Report of the COrp￿ale Trustee for the year ended 31 July 2024 {continuedl Income and expenditure Icontinuedl in fees paid in advance. The investments and cash of£1.6m being M￿laged by Rathbones acts as a potential buffer for future operaling105ses. GlenaImC￿d has mel all scheduled debt servicing payments wth the Bank including £502k of capital repayments on top of £487k of capf(al payment in the prior year. This has seen Glenalmond's indebtedness to the Bank fall from £2.1m in the prior year to £1.6m at 31 July 2024. No new bank loans w￿e ieceived in the year. Capital expenditrjre in tt)e year was £502k on top of £487k in the wor year. helping lo ensure that the vital fabric of the campus is invested in to benefft its use by pupils. staff and the wider c{￿MUn￿. Outlook Over the next 12 months, the UK economy is expeded to experience modest growth. influenced by both domestic policies and intematsonal developments. The Organisation for ECor￿MiC C(￿peratIOn and Development IOECDI has revised ils UK growth fr)recasts, prqecting a 1% increase in 2025_ This adjustment reflects a slowdown compared to previous estimates, with factors such as cautious consumer spending and the Bank of England's conservative approach lo inteiesl rate cuts ¢onknbuting to this tempered outlook. Recent developments have introduced additiC￿al economic uncertainb"es. Speculation surrounds the US adminislralion's plan to impose new tariffs of up to 200/0 on imports. including those from the UK. Such measures could lead to 5ignffj￿anI global economic disruptiOn5, Potentially impacting the UIC5 GDP growth and inflation rates. The independent school sector in the UK is already faeing several challenges- VAT on School Fees.. A legal challenge is undepNay conceming the introductÉon of VAT on private school fees for children wqth speaal educational needs ISENI. The Independent Schools Council and other group5 argue that this poliw is di5ciiminatory and violate5 human rights laws, Potentially affecting the affordability and accessibility of specialvzed educat￿)n. Financial Pressures- Economic uncertainties. inclLtding potential trade disruptions and inflationary pressures. may strain household budgets. Thi5 could lead to increased financial challenges for families seeking independent education, potentially impacting enrollment numbers and fee collecb.on for these schools. Operational Costs.. Flucluations in infiation and interest rates can affect operational expenses for independent schools. Rising costs in areas gjch as energy, staffing, arKI resujrces may challenge Schools, financial planning and sustainability. Despite these pressure5, the College is embarking on raising its standards lo grow the number of pupils attending and to develop Cooperatson with other organisations in the region to take advantage of all the facilities owned by the Cdlege in parbcular out of temi time. The Council believes that the location and heritsge of the College coupled with an innovative approach lo education to develop fully both academic and other talents wll promde an exceptional opporlunity for (Jj￿ent and fErture pupils. The first move in c(KJperation with other organisations was the merger Mqth Craigclowan Preparatory Sch￿1 irk Perth in August 2024, just post-year end. The two schoo15 shared an ambition to improve academic perfomiance from all pupils at all levels and a culture ol kindness and tolerance. Benefits in cost savings are also available by shariro support services. The second move is that on 20 June 2025 the College secured funding frc*n 35 Education Limited which has agreed to provide up to £9m of secured frJndirg to the College and Craigclowan cdleclively. They have also become the sde member of the Corporate Trustee and have plans to increase the sludent numbers al the College. As part of that they have arranged lin addition to the loan fvnding} £1m of additional means tested bursaries lo be available from SeptemEer 2025. Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 11140 Glenalmond College Report of the Corporate Trustee for the year ended 31 July 2024 (continued) Golng C￿cern As is usud, the College Council has prepared forecasts in excess of the 12-month period for going con￿rn consideration and 24 months after the baanee sheet date. Athough there remains uneertainty *ound the ¢urrent cost of living crisis, the Council is confident in its assumpt￿nS on the futufe impact based on current patterns, global forecasts the ability of the tearn5 as demonstrated to manage through such exceptiortal circumS￿ces. Based on the assumFlions made and aftertakn'ng into (￿nSideratIon the projected netasset Position, projected pupil nurnbers and the cash position including available fundirvj lines comprising bDth a secured k)an ol up to £9m and the burwy scherne of £lm availablè Irorn 35 Educati)n Limited, the College Counal believe5 rt is reasonable to adopt the going Co￿eM basis in Preparing the financial statements arKI that the College will continue t¢ operate wihin its ¢Xi5ting agr*d fa¢ilities forthe 12-month period beyond the date of signatu￿. Investment Policy The College's investment Portrolio comprises several legacies and dcfiations. Ihevalue of which bLiIt up over Ihe years with dividend income used to help fund bu￿aries. In 2020 caprtal profits were used for the same purpose. The core investment objectives are to maintain and grow the capital value of vivestsnents in real temis, and wmarity to generate a growng incorne lo fjnance the provision of bursaries. On behall of Ihe full coun￿1, the Commit1￿ of Council monTtot5 the fund delegating day-to-day responsibility for the investmerrts to the Investment ManageTS. Raihbones. Investments are a mix of investnrnl-grade eorporale bonds and Government stocks, eqU￿e$, ￿5111nveSIMent trusts, and cash deposits. There is no direct exposure to companies whosè o)re business is gambling or the manufacbjreldislribution of tobacco. alcohcA, ¢y amiaments. A trading Subsidiary, Glenalmond Cdlege Enterprises Limited, carried out letting5 and othèr trading activ￿"e$ on the College's tEhalf and donated its woffts lo the College under Gift Aid proVi￿Or$. These profits were U3ed to helpfurther the aimy of the Charity. The longei-term opportunities lo rnake better u3e of the boarding house and sports facilities as assets in the schod holithys is fijrther boosted by the dl-year-round opportunty presented by the former Cairnies boarding house. Reserves Policy The College's accurryjlaled funds represent the unrestricted fund5 arising from pa51 operabng results, and also represent Ihe fr￿ reserves of the Cc41ege. The Council has reviewed prOsp￿tIve cash generation of the College and Gknalmond College Enterpri3es concluded that the ¢ombinatK)n of Te3er¥e5 £6.8rn 12023.. £8.9ml including ￿ndS held wth Rathbones. undravm overdraft laeAlities and availa1￿e bo￿O￿ng capacity ig sufficient to delNerthe academic year ahead. In addibon, the College hdds restricted reserves of £2.8m12023: £2.4ml. Where uniestricted rese￿eS fai telow Ihe level required lo cover the next g months expenditure, Glènalmond would seek to build back to the required level of reserves witlwn the follc>wing 12 months. statement of Disclosure of Information to Auditor The Council Member5 who hebj offits at the dale ofapproval ofthis anr￿￿1 report, as Set out in page 1, each onfirrn that." So far as they are aware. there is no relevant audit inforrnation of which the College's auditor is unaware.. and They have tsken all steps Ihal they ought to have taken as Counul Memters to make thernselves aNare of any relevant audit information and to establish that the College's auditor is aware of tha infomati(m. These financial slatements were approved by Councl cn .......................... ............... 2D25 and signed on its behalf Glena1)￿￿ Flnal 2024 A￿Unts.[rt t9ed54a&>¢a2Y¢31-af7￿tO2e74￿14j Pa9e: 12 140 Glenalmond College Statement of Directors and Corporate Trustoe Responsibilities The Council is responsible for preparing the Rewrt of the Council and the financial statements in accordance with applicable Law and United lfjngdom Accounting Slandards Iunited Kingdom Generally Accepted Accounts'ng Practice). The law applicable to charities in Scotland requires the Council to prepare financial statements for each financial yearwhich give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Council is required to- select suitable accounting policies and then apply them consistently- observe the methods and principles in the charities SORP- make judgements and estimate5 that are reasonable and prudent: slate whether applicable accounting standards have been followed. subject to any matenal departure5 di5c105ed and explained in the ffinancial statements- and prepare the financial statements on the going concem basis unless it Is inappropriate to presume that the charty will continue its actsvities. The Council is responsible for keeping proper accounting records which disclose wth reasonable accuracy at any lime the financial position of the charty and to enable il to ensure that the finanaal statements comply with the Charities and Trustee Investrnent {Scotland} Act 2005, the Charities Accounts Iscotlandl Regulations 20C￿ (as amended) and the provisions of the Trust Deed. Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 13140 Glenalmond College In(kpendent auditor's report to the C(￿pOrate Trustee of Glenalmond College Opinion We have audited the financial statements of Glenalmornl College for the year ended 31 July 2024 which comprise the ststement offinancial aCtiv￿es, the balance sheet. the revenue account, the cash flow statement and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemerrfs.. give a tsue and fair view of the stale of the Cdlege's affairs as at 31 July 2024 and of its income and expenditure for the year then ended-, have been property prepared in accordance with United Kingdom Generally A￿pIed Accounting Practice,. and have been plepared in accordance with the requirements of the Charities and Trustee Investsnent (Scollandl Act 2005 and Regulation 8 of the Charitses Accounts Iscodandl Regulations 2006. Basis of opinion We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applicable Iw. Our resrx)nsibilities under those standards are futher desctibed in the Auditc*s responsibilities for the audit of the financial ststements Secti(￿ of our report. We are independent of the College in accordance with the ethical requirements that are ielevant lo 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 requiTements. We believe that the au(thl evidence we have obtained is sufficient and appiopriate to provide a basis for our opinion. Concluslons relallng to golng concern In auditing the financial statements, we have ¢(￿duded that the diTeclors' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charilaue company's ability to continue as a going concem for a pericKI of at least twelve Mc￿th$ frcm when the financial statements are aulhorised for issue. Our responsibilities and the reswnsibilities of the dire¢tors with respect to going concern are described in the relevant sections of this report. other infonnation The other information compllses the infomiation incI￿￿ed in the Report of the Corporate Trustee, other than the financial slalements and our auditols report thereon. The Corporate Trustee is responsible for the other informatson. Our opinion on the financial statements does not cover the other information and, except to the extent other¥%q5e explicily staled in our report, we do not express any form of assuran￿ condusion Ihereon. In connectlon ￿t￿ our audlt ofthe flnanclal statements, ujr responslbllty Is to read the other Inlormauon and, in doing so, consider whether the other infom)ation is materially inconsistent with the financial ststements or our knoM4edge obtsined ill the audit or othe￿ise appears to be materially misstated. If we identify Such material inconsistencies or apparent material misstatements, we are required lo detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the wot1( we have perfonned, we conclude Ihal there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 12 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 14140 Glenalmond College Inurse of the aud ineludèd: Inquiriès of managèmentabtsut any known or su&￿tted instan￿g of non-complianttÈ wth laws and regulations and fraud., Reviewing minutes of rr￿etingS of those charged with govemance.. Reviewing key policies induding those covemg fire safety, hea￿h and safety, GDPR, and the Protection of Vulnerable Groups IPVGI scheme; Reviewing legal and professional expenditure incurred in the year; Reviewing correspOnde￿e and reports from kw regulatory bodies induding Care Inspeetorate, the SQA and OSCR., an Challenging assumptions and j￿￿gements maje by managernenl in their sunificanl accounting estimates, in particular the ValUat￿)n of defined benefit pension scheme obligations, the valuation of tangible fixed assets and investments, recover&Jilty of debtors, and the applicati¢￿ of accruals,. and Auditing the risk of management override of controls, including through testing joumal entries and other adjustmants lor apprcpriatenèss. I￿ng to the inheTenl limÈtaticns of an audit, there is unavoidable risk that some rnalerial mi5StaterrEnts in the financial statements may not be deteded, even though the audrt is propedy planned and performed i accordance Mth the ISAS IUKI. instance, the further removed non-compliance is from the events and trartsactions reffiected in the fi.nancial statements, the less Iikety the audrtor Is to become aware of il or to recognise the non-cofflplian￿. The risk 15 also greater regarding irregularrtie5 occurring due to fraud rahet Ihan error, as fraud involves intentional concealmenl, forgery, collusion, omission or misrepresentation. The primary resFX)nsiblty for thè prèvèntion and deteetK)n of irregularitiès and fraud rests thè tnjstèes. A furfher description of our responsibilttiesforthè audi+ ofthe finartia slatements is located on the Financial Reporting Council's website at h lknw.frc.or .uklaudit0￿reS nsibilities. This description fom5 part of our audit￿5 report Use of this report This report is made solety to the trustees, as a t¥)dy. in aiyxjrdance with S￿lI1)n 4411)Ic) of the Charities and TTUStee Investrnent (Scotlandl Act 2005 and Regulation 10 of the chartti.es Accounts Iscotlandl RegulatKJns 2006 las amended). Our auditwork has been undertaken so that we might state to the trustees those matters we are requiréd to state to them i) an auditr)r's rew)rtand for responsibility to anyone other than Ihe eharity and ils Iruslee5 as a body for our audit work, for thi5 report, or for the opinions we have fc¢med. Hender50n Loggie LLP Chartefed Accountants Statutory Auditor Eligible to act as an auditor in terms of section 1212 of the Companies Act 2(KJ6 The Stamp Office. Level 5 10- 14 Waterloo Place Edinburgh EH13EG .. 2025 GlenanKnd Flnal 2024 ￿Unts.[rt t9ed54aWYc31-af7b4tffj2e74WI41 Pa9e: 16 140 JaJOJ rFknOO¢Or (X* Or ¢40 Lnc4oLD ¢0*￿￿)￿￿) *0 * N ¢£* Glenalmond College Balance sheet at 31 July 2024 2024 2023 Ftxe(J assets Invgslment assets Investment in subsidiary Tangible fixed assets 1,216290 1.510.978 13,862,809 13,706,702 11079,100 15.217.681 Current assets Stock at cost F* eébtors Other debtors Cash at bank and in hand - Colloge funds - Advance ar￿ Otherfee5 EndowTnent trust bank balances 84,823 223.417 101,817 97,020 239,528 114,232 1,044,902 1,185 470,871 2,325,081 1,139 57,023 1.927.015 2.834.923 Current Ilabllltles Bank108nS Trade cred¥tors Fees paid in advar￿e other creditors Retumable final tem deposits Pensijn liability 10 496,527 474,747 1,746,235 483,363 115,515 50,3fj3 502,170 283,282 1,085,211 577,223 40.215 49.016 3,366,750 2,537,117 Net current assetsllliabilitiesl {1.439.7351 297.806 13,639,3fj3 15,515,487 Credrto Amount6 fdling dl￿ aft•r mcf• than on• yaar PensK)n liability Bank lo Ratumable final temi doposrts Fe95 paid in advarKe Oiher Crpdtrtors 319,807 1.164,182 230,001 400,587 53,749 335,558 1.660,710 405,277 40,116 53,580 10 12 Net assets 11,470,979 13.019,246 Represented by Restrithed fvnds UnrestrKted fijnds 13 14 4,703,954 6,767,025 4,127,329 8,891,917 11.470,979 13.019.246 The nrAe3 on pages 21 to 37 fclm part of finanual statements. Thaso financial 8tatomont6 W6ra approvèd tiy thè Trastaes on their behalf by ..2024 w•ro svjnod on Clidii il BJd5d 17 GlenanKnd Flnal 2024 ￿Unts.[rt t9ed54aWYc31-af7b4tffj2e74WI41 Pa9e: 19 140 Glenalmond College Revenue account for th8 year endod 31 July 2024 Note 2024 2023 Income Fees (nel) Miscellaneous income 8,831,597 221,943 9.984,617 283,902 Toial ineome 9,053,540 10.268,519 Expenditure Tuition and educational Domestic Services Grour*ds, buildings and equipment Administration expenses 4,739,471 1,515,348 1,319.577 1,199.950 2,017.912 4,674.641 1,454.719 1,224,033 1,031,601 1,493.153 10,792,258 9.878,147 Surplus before depreciation and finance charges (1.738.718) 390,372 Depreciation and finance charges Depreciation Release from fixed asset reserve Release from organ reserve 361.724 {61,490) {10.425) {9821 97.347 343.413 {61,4901 110.4251 {982) 116.351 Release from restricted caprtal funds Overdraft and loan interest 1386,174) 1386,8671 College surplus for yeaT before transfers {2.124.892) 3.505 Transfers from restricted funds Gain on sale of asset 29.5CK) Colloge surplus for yaar aftar transfers {2.124.892) 33,005 18 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 20 140 Glenalmond College Cash flow statement for the year ended 31 July 2024 2024 2023 Note Net cash inflowl{oufflow} from operating activities (230.835) 460.305 Cash flows from investing adivities Investment income received Interest payable Payments to acquire tangible fixed assels Proceeds from sale of tangible fixed assets PrO￿edS from realisation of inve5tment5 Payments to acquire investments 30.929 (71,0301 1517.831) 43,909 (84,458) {510.428} 29.500 194,373 (200.798) 450.356 125.7031 Net cash provided byl{used in) investing activities 1133,279) (527,902} Cash flows from financing aclivilies Bank loan repayments in year Bank loan received in year 1502.171) {486,902} 406.000 Net cash (used inyprovided by financing activities (502.171) (80,9)2) Change in cash and cash equivalents in the reporting period (886.285) {148,499} Cash and cash equivalents al 31 July 2023 2.383,243 2,531.742 Cash and cash •quival•nts ai 31 July 2024 1.516.958 2.383.243 19 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 21140 Glenalmond College Cash flow statement for the year ended 31 July 2024 {continued) Notes on tha cash flow statement A Reconeiliation of net incomal{exp8nditurel to net cash oufflow 2024 2023 Net incomel (expenditure) for the rekx)rtng perits Non-operatirig cashflows eliminated- realised investment lossesl{gainsl unrealised investment1055esl{gain51 - investment income interest payable Depreciab"on Gain on disposal of tangible fixed asset Decreasellincreasel in stocks Ilr¢creaseydecrease in debtors Increasel{Decrease) in credrtors 11,548.2671 {80.0981 12.779 {142,7441 {30,9291 71,030 361,724 (2,113) 57.286 143,9091 84.458 343,413 {29,5001 23,432 17,272) 114,608 13.097 28.526 1.003.949 Net cash inflowlloufflow) from oporating activities {230.8351 460,305 Cash and cash equivalents College Funds Advance and Other fees Endowmènt Trust bank balances 1.044.902 1.185 470.871 2.325.081 1,139 57.023 1.516.958 2,383,243 20 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 22140 Glenalmond College Notes to the financial statements Accounting policies Basis of accounting The financial statements have been prepared in accordance Mqth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts Iscollandl Regulation5 2006 las amended) and Accounb"ng and Reporting by Charrties- Slalernent of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standaid applicable in tho UK and Ropublic of Iroland IFRS 1021 issuod 16 July 2014. Tho results of tho Trust Funds associated with the College are treated as part of the operation of the College. GlenalmorKI College meets the definttion of a public benefft entbty under FRS 102. The financial ststements are drawn up on the historical cost accounting basis excepl that investment assets and fixed assets related lo the land and buildings are carried at market valuatÉon. The financial stalements are prepared in sterling. which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Going concern The College Council has prepared forecasts in excess of the 12-month period for going concern consideration and 24 months after the balance sheet date. Athough there remains uncertainty around the current cost of living crisis. the Council is confident in its assumptions on the fvlure impact based on cu￿ent pattems, global forecasts and the ability of the teams as demonstrated to manage through such exceptional circumstsn¢es. Based C￿ the assumptions made and after taking into consideration the projected nel asset position, projected pupil numbers and the cash position including available funding lines comprising both secured loan of up to £9m and the bursary scheme of £1 m available from 35 Education Limited. the College Council believe5 it 15 reasonable lo adopt the going concern basi5 in preparing the financial statements and that the College wll conb.nue lo operate Mqthin its exislirg agreed facilities for the 12- month period beyond the date of signature. Fixed a5setS Depreciab"on The fixed assets are depreciated usirsg the following poliaes.. Land and buildings Plant and machinery Equipment, fixtures & fftiings Motor vehicles 20A straight line 20% Stra￿h1 line 200h straight line 200k stsaighl line Capilalisation Acquisitions of land and buildings and maI￿addl￿onS or improvements to these items including related fumishings and equipment are capilalised. Computer equipment, fixtures and fittings and motor vehi¢les are capitslised where fvture economic benefft is expected foT a number of years. Replacernents Replacements of assets are vrritten off in the year of purchase. Revaluation The land and buildings were revalued during 2021 and are now depreciated in line wqth the policy above. Investments Listed investsnents are carried at their market value. Gains and losses on disposal and revaluab.on of investments are charged or credited to the statement of financial activities where appropriate. Stock stock is valLEd al lower of cost and net realisable value. Al each reporting date, an assessment 1$ made impaimient. 21 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 23140 Glenalmond College Notes to tha finaneial St￿ements leoniinuedl Accounting policies leontinuodl Consolidation The results of the wholly owned Subsidiary Glenalmond College Enterprises Limited are not incI￿led, as in the opinion of the Council those results are not material. Income Al income is recognised once the College is legalty entilled to the income and the amount can be quantrfied with reasonable certainty. Fees and similar income Fees Teceivable are accounted for in the period in which the servlce is provided. Fees reCeiVa￿e are stated net of Schotarships, bursaries, abatements. and donations granted by the College. Where fees are received in advance of the academK year to which they relate. they are included as deferred income allocated be￿een amounts falling due within one year and outrwith one year. Grants Grants and other income received tUNards Glerbalmond College fixed assets are credited directly to fixed asset reserve Irestricted fund), thereafter being released through the revenue account at the same rate as the depreciation on the assets to ¥¥hich the grants relate. Donations Donations are le￿niSed in the year they are receivable. Legacies Income from legacies is accounted for as incorne either upon receipt orwhere the receiptof the legacy is probable- this Vwryll be once confimiation has been received from the representatives of the estalels} wheie Ihèrè aré sufficient assèts in the estaté to pay thè legacy and oncè any conditions attachéd to the legacy have ken fulfilled. ExpendÉture Liabilities are recognised as swn as there is a legal or constsuctive obligation commitbng the College to that expenditure, it is probable that a settlement Mill be required and the amount of the obligation can be measured reliably. Expenditure is accounted for cn an accruals basis. Certairb expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. The irrecoverable element of VAT is induded M'ilh the item of expense to which it relates. Costs of raising fvnds are those costs incurred in attractirYJ voluntary income and those incuired in operating activities that raise funds. Charitsble activities include expenditure associated with the delivery of its activities and include both the direct costs and support costs relating lo these aclivilies. Govemance costs include those incurr￿1 in the govemance of the charity arKI its assets and aTe primarily associated wth conslitulional and statutory requirements. Support costs include central fijnctions and have been allocated to activity c05t categC￿e5 on a basis consislenl with the use of the resources e.g. allocating propety costs by lloor areas, or per cap*ts, staff costs by the lime spent and other costs by their usage. 22 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 24140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl Accounting policies leontinuodl Financial instruments The College has elected to apply the provisions of seoti1￿ 11 'Basic Financial Instnjmenls, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of its finanaal instruments. Financial instruments are recognised in the College's statement of financial position when the College becomes party lo the contraclual provisions of the instr¥Jment. Basic financial assets Basic financial assets, vthich include debtors ar¢d cash and bank balances. are initially measured at transaction prtce including transaction costs and are subsequenlly carrsed al amortised o)sl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets dassified as rewvable Wllhin one year are not am0￿Sed. Impairnient of financial assets Financial assets, otherthan IIM)se held alfairvalue through profft and loss, are assessed for indicators of impaimient at each repc¥ting end date. Basic financial liabilities Basic financial liabilib"es, including creditors, bank loans and loans from fellow group entities, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilitÈes dassified as payable within one year are not amorb"sed. Derecognhlon of Ilnanclal Ilabllltles Financial liabilities are derecognised when the College's contractual obligations expire or are discharged or cancelled. Employee benefrts The costs of short-terni employee Eenefrts are recognised as a liability and an expense. l￿lesS those costs are required to be recognised as part of the cost of stock orfixed assets. The cost of any unused holiday entitlement is recL>Jnised in the period in which the employee's services are received. Temiination benefits are recognised immediatdy as an expense vthen the company is demonstrably committed to lerminale the employment of an employee or lo provide tetmination benefits. Pension schemes Teachirig staff join the Scottish Teachers, Pension Scheme controlled by the Scottish pu￿1¢ Pensions Agency, while non-leaching staff join the Independent Schools, Pension Scheme provided by the Pensions Trust. Both are defined benefit schemes for vthich the employer's costs are charged to the slalemenl of financial activities so as to spread the cost of pensions over employees, working lives with the College. The schemes are independenly administered and are subject to regular actuarial valuab.ons which determine the rate of contribuh.on paid by the College as employer. The schemes are multi*mployer schemes and it is not possible lo identify the assels and liabilities of the schemes which aro attributablo to tho Collogo. In accordance wrih FRS 102 therefore. the schemes are accounted for as defined contribution schemes. Accordingly, the accounb.ng charge for the year represents any provision for discounting Provided in the year, less the unwinding of the discowt applicable in the year on the pension deficit recovery payments. In addrtion there is a defined ￿tributIOn Sch￿ in Pla￿ for support staff. Contributions payable are rec￿jnised as a cost in the statement of financial activities. 23 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 25140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl Accounting policies leontinuodl Fund accounting Unreslricled funds are schtx)I fees, donations a)d other incoming resources receivable or generated for the objectives of Glenalmond College without further specified purpose and are available as general fiJnd5. Restricted fvnds are to be used for specific wrposes as laid ¢JJwn by the donor. Expenditure which meets these criteria is charged lo the fund. Vvilhin restricted funds the Endowment Trust Fund Consists of the funds of several ent"b"es associated th the College, each of which is constituted ty Deed of Trust. Critical accounting estimates and judgernents In the application of the College's accounting policies. the Council are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sourees. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimate5. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fLrture periods where the revision affects both current and fvture periods. Key sources of estirnation uncertainty Fee debtor recov8ry Credit control is an important function within the College which requires asses5menl. on an ongoing basis. of the recoverability of amounts due from fee debtors. Where recovery is in doubt. the College will adequately provide against this speafic debt and wll arrive at such conclusions based on the kno￿edge of the debtor and their "ability to pay". The College adopts a prudent approach lo credit control. Useful live of tangiblo fixod assots Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condrtion, maintenance and obsoleseence. Fixed assets are also assessed as to whether there are indicators of Impaim)ent. Accrua15 The Council estimate the requirements for accruals using post year end information and information available from detailed budgets. This identffies costs that are expected to be incurred for seTvices provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future. Defined benefit pension scheme liability In the Councils, opinion the defined benefit pension scheme liabilty results from a significanl eslimale, calculated using information from the pension scheme actuary in compliance with FRS 102. The actual perfomiance is unlikely to be in line with the aC￿arial valuation as a result of the valuation being based upon assumptions on future unpredictable events such as retum on assets and mortality rates. The estimate has a material impact on the financial statements. 24 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 26140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl Miscellaneous unrnstri¢ted income 2024 2023 Donations and legacies Other income Gift Aid from Glenalmond College Enterprtses Limtted 38,677 117,853 65,413 32,040 148, 160 103,703 221,943 283.903 Support costs 2024 2023 Publicity and marketing expenses Developmenl office costs Rates and insurance Adrninislrative 51aff costs offi￿ cost5 Bank overdraft and loan interest 92,392 217,517 458,313 607,946 636,081 71,030 95.491 118,887 371,921 508,428 401,597 84,458 Governance Audit fee 31,980 28,722 2.115,259 1.609.504 Less Fundraising costs 1217,517) 1118,8871 1,897,742 1,490.617 Remuneration of Council Membars No Council Member 15 in receipl of any remuneration from the College. nor is any third party in receipt of any consideration for making available the services of any Council member. Counal Members can be re-imbursed for the travelling expenses to Council meetings. However, during the year no12023- 11 members claimed expenses12023 - £3331. 25 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 27140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl Employèes remunoration 2024 2023 Wages and salaries Social security costs Pension conthbutions 4,906,354 558,170 723,921 4,542,638 491,687 695,148 6,188,445 S.729.473 Academic staff Domestic personnel Serwce personnel Adminislralive staff lincl. Development and PUblI￿ty) 4,276,148 362,539 666,226 883,532 4,090,S80 328,558 588,335 722.0Tr) 6,188,445 5.729,473 2024 Number 2023 Number Average nurnber of employees Academic staff Academic support staff Domestic personnel Serwce personnel Admlnlsiraifve staff Ilncl. Development) 74 10 12 23 12 24 20 142 137 staff numbers are on a headcount basis and not FTE. 2024 Number 2023 Number The number of higher paid employees was: Taxable emolument band= £210.000- £220.000 £170.000- £180.000 £110,000- £120.000 £70,000 - £80,000 £60,000- £70,000 The remuneration of key management perscnnel in the year was £572,18612023 - £645,142) Settlement payments in the year included in staff costs amount to £86,64412023- £130,256} 26 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 28140 Glenalmond College Notes to tha finaneial st￿ements leoniinuedl Investment assets 2024 Total 2023 Total Revenue Balance broughl forward Interest. dividends and tax 30,929 43.898 30,929 43,898 Less Transfers to Bursaries 130.929) {43,898) Balance carried fO￿ard Capital Funds at 1 August 2023 Addth"ons Disposals Realised Ilossesvgains Unrealised Ilossesygains Movement in deposit accounts 1,568,001 25,703 1450,3561 113,029) 142,994 413,848 1,683,671 200,798 {194,373} 2,113 {57,286) {66,922) Funds at 31 July 2024 1,687,161 1.568,001 Invested as follows.. Shares at market value Deposit accounts 1,216,290 470,871 1,510.978 57,023 Funds at 31 July 2024 1,687,161 1.568,001 Markel value Market value at 1 August 2023 Additions Disposals Realised Iloss ygain Unrealised gainl{lossl on revaluation 1.510,978 25,703 {450,3561 (13,029) 142,994 1,559,726 200,798 1194,373) 2,113 {57.2861 Markai valua at 31 July 2024 1.216,290 1.510,978 The investment portfolio 15 managed by Rathbones Investment Management. All investments are held in the UK. The Council considers indtvidual investment holdings in excess of 5% of the portfolio value to be material. No holding is in excess of this amount. 27 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 29 140 Glenalmond College Notes to tha finaneial st￿ements leoniinuedl Investments Icontinuedl Investment Risks FRS 102 requires the disclosure of infomiation in relation to certain investment fisks. These risks are sel out by FRS 102 as follows= Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Market risk= this comprises currency risk, interest rate risk and other price risk. Currency risk.. this 15 the risk that the fair value or future cash flows of a financial a55et will fluctuate because of changes in foreign exchange rates. Interest rate risk= this is the rÉsk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates. other price risk.. this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of change$ in market prices lolher than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific lo the individual financial instrument or its issuer. or factors affecting all similar financial instruments traded in the markel. The College has exposure to these risks because of the investments it makes to implement its investment strategy. The Council manage investment risks, including credit risk and market risk, within agreed risk limits which are sel taking into account the College's strategic investment objectives. These investsment objectives and risk limits are implemented through the investment manager agreements in place with the College's investment managers and monitored by the Council's by regular reviews of the investment portfolios. Further infomialion on the Council's approach to risk management and the College's exposure to credit and market risks are set out below. Credit Risk The College invests directly in listed investments. as well as in pooled investment vehicle5 and is therefore directly exposed to credit risk in relation to these listed instruments and is indireC￿Y exposed lo credit risks arising on poded investment vehides. Pcoled investment arrangements used by the College comprise authorised unil trusts. Currency risk The College is subject to currency risk because some of the College's investments are held in overseas markets. Interest rate risk The College 1$ subject to interest rate risk through investments comprising bonds. Other price Tisk Other price risk arises principally in relation to equities held. The College manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets. 28 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 30 140 Glenalmond College Notes to tha finaneial stsiemants leoniinuedl Commercial trading operations and invèstmant in irading subsidiary The wholly owned trading subsidiary, Glenalmond Cdlege Enterprises Limited, which is incorporated in the United Kingdom. {company registration number SC242690} pay5 a substantial portion of its profits to the CDllege by mean5 of Gift Aid. Glenalmond College Enterprises Ltmited carries out lettings and certain trading activities on the College's behalf. The charity owns the entire issued share capital of 1 ordinary share of £1. A summary of the company's results is shown below. 2024 2023 Surnmary profit and loss account Tumover Cost of sales and administrative expenses 169.710 {120.4991 168,392 1102,9791 Net profit 49.211 65,413 Grfl aid paid to Glenalmond College during the year 65.413 103.703 The assets and liabilities of the subsidiary were: Current assets 196,657 258.678 Creditors Anv)unts lalllng due wlthln one year (94,3271 1140,1461 102,330 118,532 Aggregate shaTe capital and reserves 102.330 118,532 29 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 31140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl Tangiblè fixed assets Equiprnent fixtures & fittings Assets under Motor construction vehicles College land & building5 Plant & rnachinery 2024 Total Cost At 1 August 2023 Additions Transfers Disposals 14,262,926 373,903 131,889 627,863 20,300 343,118 55,174 156.604 8,394 71,829 15,462,340 60,060 517,831 1131,8891 At 31 July 2024 14,768,718 648,163 398,292 164,998 15,980,171 Depreciation At 1 August 2023 Charge for year Eliminated on disposal 973,438 289,518 599,849 8,710 136,734 58.928 45.617 4.568 1.755.638 361.724 At 31 July 2024 1,262,956 608,559 195.662 50,185 2,117,362 Net book value At 31 July 2024 13.505.762 39,604 202,630 114.813 13,862,809 At 31 July 2023 13.289,488 28,014 206.384 110,987 71.829 13,706.702 In Febwary 2021 Savills valued the College land and buildings al £15,000,000 on fair value basis. 10 Bank loans 2024 2023 The loans are repayable as follows.. Within one year Within two to five year5 Over five years 496,527 938,240 225,942 502.170 1.216,791 443,919 1.660.709 2,162,880 The CBILS loan of £500,000 is with Bank of Scotland and is secured by a personal bond and first ranking standard security against the freehold land and buildings at Glenalmond College. Perth. PH13RY. Other loans included above are unsecured. 30 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 32140 Glenalmond College Notes to the financial statements (continued) 11 Pension liability 2024 2023 Balance at 1 August 2023 Paid during year Impact of changes in assumptions Unwinding of interest on restatement to net present value 384,574 148.896) 14,065 20,427 460.103 148,375) 141,206) 14.052 Balance at 31 July 2024 370,170 384.574 Liability maturity analysis Due within one year Due ou￿1th one year 50,363 319,807 49.016 335.574 370,170 384.574 12 Deferred income Restated 2023 2024 At 31 July 2023 Released in year Re￿iVed in year 1,125,327 {1.150,7801 2,172,275 75,000 141.1451 1.091,472 At 31 July 2024 2.146,822 1,125.327 Deferred income relates to monies received in advance in respect of fees for future academic years. Deferred incorne ageing analysi5 Due within one year Due ouhvith one year 1,746,235 400,587 1,085.211 40,116 2,146,822 1,125,327 31 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 33140 Glenalmond College Notes to tha finaneial St￿ements leoniinuedl 13 Restrided funds Furhd balanc05 brought forward Fund balance5 carrled forward Gains and losses Income Expenditure Tran5fer5 2024 1976 Fund Consdidatèd Furtd GC Endowment Trust cam•g￿ Trust Hardie Fund Chapd Fund CR Dav&lopmant Fund Rumbling Bridge Organ Fut)d Fixed Asset Reserve OGGS Fund Annual Funds and Pipe Bands Strategic Partnership 657,044 693,116 119,674 125,309 15,373 1,993 124,857 10,000 214,901 1.940,453 37,323 15.122 14.012 115,1221 114,0121 1541 1119,6491 11,5341 1134,9721 {2071 116,2411 270.862 62,475 56,984 1251 9,663 990.381 750,100 1.534 207 1,993 124.857 10,000 204,476 1.878.963 40.366 110,4251 161,4901 3.043 187,286 283,591 510,000 (268,0591 110,0001 202,818 500,000 Total Funds 4,127,329 827,563 1380,9031 129,965 4,703.954 2023 1976 Fund Consd1dat￿ Fund GC Endowment Trust CamegE Trust Hardie Fund 679,577 728,018 119,655 123,157 15,282 1,993 124,857 10,000 225,326 2,001,942 36,966 18,694 22,516 118,6941 122,5161 1841 12,2791 13241 122,5331 134.9021 19 2,152 91 857,044 693,116 119,674 125,309 15,373 1,993 124,857 10,000 214,9)1 1,940,453 37,323 2,279 324 Chapd Fund CR Development Fund Rumbling Bridge Organ Fund Fixed As50t Reserve OGGS Fund Annual Fund5 and Pipe Bands 110,4251 161,4891 12,7231 3,080 173,659 1£5,435 1181,8081 187,286 Told Funds 4,240,432 242,412 1300,3421 155,1731 4,127,329 The following funds represent accumulated fvnds endowed for the long tem benefit of the College.. 1976 Fund, consolidated fund, GC Endowment Trust, Carnegie Twst, Hardie Fund. Chapel Fund and CR Development Fund. The Organ Fund represents donations received to fund the purchase of a new organ for the College Chapel. The fixed asset reserve represents accumulated funds donated to the College to fund the purchase of fixed assets. This ￿nd is released in line with depreciation of the related assets. 32 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 34140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl 13 R8stri¢l￿ funds (continued} Denations received to fund the cost of gow lor pupi15 are shown wthin the OGGS. The Annual Funds and Pipe Band5 Reserve represents funds received to finance the running of various College departments. Strategic Partnership represents funds received in respect of the monies provided by extemal parties to be available for the merger betsveen Glenalmond College and Craigclowan School and Nursery. 14 Unrestricted funds 2024 2023 Balance at 1 August 2023 Net incomellexpenditure} 8,891,917 (2.124,892) 8.858,912 33,005 Balance at 31 July 2024 6.767,025 8,891.917 15 Financial instrurnents 2024 2023 Carrying amount of financial assets Financial assets measured al fair value through the statement of financial activities 1.216,290 1,510,978 Financial assets measured at fair value through the statement of financial activities comprises listed investments. 16 Analysis of net assets between funds Total Funds 2024 2024 Unrestricted Restricted Funds funds Tangible fixed assets Investments Nel asselsllliabilitiesl 11.732.904 2,129,905 13,862,809 1,216,290 1,216,291 {4.965.8801 1,357,759 {3,608,121} 6,767,025 4,703,954 11,470.979 Total Funds 2023 2023 Unrestricted Restricted Funds funds Tangible fixed assets Investsmenls Net assetsllliabilit¢esl 11.503,900 2,202,802 13,706,702 1,510.978 1,510,979 413.549 12,198.435) (2.611.984) 8,891.917 4.127.329 13,019,246 33 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 35140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl 17 Plant and equipment commitmonts Future minimum lease payments due under non cancellable operating leases are set out below.. 2024 2023 Wrthin one year BetrNeen bNO to five years In more than five years 51,652 4080 55,960 35,331 55,732 91,291 18 Pension schernes Glenalmond College participates in the Independent Schools, Pension Scheme (ISPS) and the Scottish Teachers, Pension Scheme ISTPS). These are multi-employer, funded defined benefit schemes. 11 is not possible lo identify the share of underlying assets and liabilities belonging to individual participating employers. Due lo the nature of the schemes, the statement of financial activities charge for the period under FRS 102 Section 17 represents the employer contribution payable. Total employer contributions relating to ISPS and STPS during the year amounted to £606,132 12023= £588,049). In early 2025, the College received notification of updated defictl funding contributions payable In respect 01 ISPS, commenclng 1 September 2025. The Ilablllty payable per annum In relatlon to deficit funding contribution5 increased from £50.363 to £107.919 commencing 1 September 2025 and to be payable until 31 January 2034 with payments increasing 3% per annum. In addition, support staff have the option tojoin a defined contribution scheme. Total employer contributions during the year amounted to £117.789. STPS The college participates in the Scottish Teachers, Superannuation Scheme. The scheme is an unfunded statutory public service penSIL￿ scheme with benefits underwritten by the UK Govemmenl. The scheme is financed by payments from employers and from those current employees who are members of the scherne and paying contributions al progressively higher marginal rates based on pensionable pay. as specffied in the regulations. The rale of employer contributions is set with reference lo a fiJnding valuation undertaken by the scheme actuary. The last four-yearty valuation was undertaken as at 31 March 2020. This valuation informed an increase in the employer contribution rate from 23.68Qh to 28.68W• of pensionable pay from 1 April 2024 and an antirypaled yield of 9.6% employees contributions. The Schwl ha5 no liability for other employer'5 obligation5 to the Multi£m￿oYe[ %heme. As the scheme is unfvnded there can be no deffi￿t or surplus to distiibute on the win&up of the scheme or withdrawal from the scheme. It is ac￿pted that the scheme can be treated for accounting purpose5 as a defined contribution scheme in circumstances where the School is unable to identify its share of the underlying assets and liabilities of the scheme. Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 36140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl 18 Pènsion schemas leontinuedl Employee Contribution rates during the year were: Pensionable Salary from 1 August 2023- 31 March 2024 Up to £32,135.99- 7.4% £51,293- £67.979.99- 10.2% £32,136- £43,259.99- 8.6% ££7,980- £92,697.99- 11.3% £43,260- £51,292,99- 9.6% £g2.698 and above- 11.7% Pensionable Salary from 1 1April 2024- 31 July 2024 Up to £34,289.99 - 7.4% £54,730- £72.534.99- 10.2% £34.290- £46,158.99- 8.6% £72,535- £98.908.99- 11.3% £46.159- £54.729.99- 9.6% £98,909 and above- 11.7% Isps The company participates in the Scheme, a multi-employer scheme which provide5 benefit5 to some 51 non-associated employers. The scheme is a defined benefit scheme in the UK. It 15 not possible for the company to obtain sufficient infomiation to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which carne into force on 30 December 2005. This, together wth documents iSSLEed by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council. set out the framework for funding defined benefrt occupational pension schemes in the UK. The scheme is classified as a 'last-man standing afrangemenv. Therefore the company is potentialty liable for other pa￿Cipating employers. obligations if those employers are unable to meet their share of the scheme defial following Vlithdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out wth an effectÉve date of 30 September 2023. This actuarial valuation was ￿rtified on 11 December 2024 and showed assets of £99.2m. liabilities of £151.5m and a deficrt of £52.3m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows.. Deficit contributions From 1 September 2025 to 31 January 2034: £6,000,000 per annum {payable monthly and increasing by 3Qkn on each 1st September} Note that the scheme's previous valuation was carried out wth an effective dale of 30 September 2020. This valuation showed assets of £201.1m, liabilrties of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee has asked the participaling employers to pay additional contributions to the scheme as follows= Deficit contributions From 1 September 2022 to 30 June 2032.. £2,687,000 per annum {payable monthly and increasing by 3% on each 1st September) 35 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 37140 Glenalmond College Notes to tha finaneial stsiamants leoniinuedl 18 Pension 5chernas Icontinuedl ISPS (continued) The recovery plan contributions are allocated to each parbcipating employer in line wth their estimated share of the scheme liabilities. Where the scheme is in deficit and Mthere the company has agreed to a deficit funding arrangement the company recognises 3 liabilrty for this obl¥gation The amount retognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finan￿ cost. The financial assumptions underlying the valuation as at 30 September 2023 were as follows= RPI Rale CPI Rale Rale of Sala increase Investment retum RPI Inflation Curve 1% below RPI CPI inflation al each term Gill Curve lus 2.20 The long-term joint contribution rates required from employers and members to meet the cost of fijture benefit accrual were assessed at.. Long terni joint contribution rate (% of nsionable salaries Benefrt Structure Final sala with a 1160th accrual rale Final sala with a 1180th accrual rate 20.4 15.4 If an actuarial valuation reveals a shortfall of assets compared to liabilities the Trustees must prepare a recovery plan setting oul the steps lo be taken to make up Ihe shortfall. 36 Gkna1￿￿ Q￿lege Fin* 2024 AcuJunts.pdfl9ed54a5d-ca294c3r-af7t￿dbB2e740edd4I PagB.' 38140 Glenalmond College Notes to th8 financial statements (continued) 18 Pension schemes (continued) ISPS (contlnued) Following the results of the pievious actuarol valuation at 2023, It was agreed that the shortfall of £52.3m would be dealt with by the payment of deficit contribLrtions of£6m per annum from 1 September 2025 Mith contribulions increasing by 3% per annum from 1 September 2028 cfiwards. The debt for the Scherne as a whole is catulated by comparing the liabilities for the Scheme Icalculated on a buy-out basis i.e. the cost of securing benefits by purchasing annuity wlicies from an insurer, plus an allowance for expeises) with the assets of the Scheme. If the liabiif(ies exceed assets there is a buy-out debt. The leaving employer's share of the buy-¢JJt debt LS tne proportion of the Scheme's Iiabiif(ies attrlbutable lo employment ￿th the leaving employer compared to the total amount oy the Scheme's liabilities (relating to employmenl wth all the currenljy participating emFloyers). The leaving employer's debt therefore indudes a share of any 'orphan' liabilities in respect of Fyeviously part￿ipatIng ernployers. The am)unt of the debt therefore depends on many factors including total Scheme liabilities, Scheme nveslment performance, the liabilities in respect of rrenl and fornier employees of the emplctyer. financial conditions al the lime of the ￿ss3110n event and the insurance buy-out market. 7he amounts of debt can therdore be volatile over time. 19 Related party transaclions Glenalmond College owns the entire share capilal of Glenalmond College Enterprises Limited. company Tegistefed in Scottand. During the year. The company gtft aided profils of £65,413 12023- £103.7031 to the College. A balance of £7.88912023_ £1.8891 is due from Glenalmond College Enterprises as at the year end and is induded wthin other debtors. Is a Trustee of G￿nalmond College. Monies totslling £1C6.00012023- £nil} was donated o Glenalmond College. rom 20 Post balfflce sheet events During the year ended 31 July 2024. Glenalmond College signed an agreement with Craigclowan School to merge as of 1 August 2024 and form Glenalmond Group Schwls. As part of this merger. GlenaIm￿d comrnitted to provide Craigclowan School wi(h up to £S00.000 to go toward5 debt reduction. capex. or operab'ng costs. Secondly, on 20 June 2025 the College secured fvrKlng from 35 Education Limited which ha5 Jreed to Provide up to £9m of secured funding to the College and Craigclowan ¢dlectively. They have also becc(ne the sole rnember CF the Corporate Trustee and hzve plans to increase the student numbers at the College. As part of that they have arranged lin addition to the loan fvnding} £1 m of additional means tested bLrsaries to ￿ available from September 2025. en1m(￿d Flnal 2024 A&XwJnts.￿Y t9ed54a&J-ca2Yc3f-af7Mb62e74(bJd41 Pag8: ￿/40