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2025-11-30-accounts

Royal Highland Education Trust

Scottish Charity No. SC007492 Company No. SC123813 Report and Financial Statements for the Year Ended 30 November 2025

Royal Highland Centre Ingliston Edinburgh EH28 8NB

Royal Highland Education Trust (SC123813)

Contents of the Financial Statements
for the Year Ended 30 November 2025
Page
Company Information 1
Report of the Directors 2-6
Report of the Independent Auditor 7-9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Accounting Policies 13
Notes to the Financial Statements 14-17

THE ROYAL HIGHLAND EDUCATION TRUST

1

Directors, Officers and Advisers

Chairman of the Board Hugh Wallace McClymont

Directors (who are also Trustees for charity purposes) Christine Brown William Russell Brown Bruce William Christie Lucy Anne Mitchell (resigned May 2025) Marion MacCormick Hugh Wallace McClymont Anna Katherine Georgina Thomson Kirsty Allan Craig Lynne Robert Reid Alana Elizabeth McLean Alexander Craig Wilkie (resigned Jul 25)

Secretary Ms M Livingstone

Treasurer Ms N Wood Trust Manager Miss K Barclay Advisers

Secretary, The Royal Highland & Agricultural Society of Scotland Finance Director, The Royal Highland & Agricultural Society of Scotland RHET Executive Officer

Bank

Auditor

Solicitors

Trust Address:

The Royal Bank of Scotland 237 - 239 St John's Road Corstorphine Edinburgh EH12 7XA . Azets Audit Services Quay 2 139 Fountainbridge Edinburgh EH3 9QG Shepherd & Wedderburn LLP 9 Haymarket Square Edinburgh EH3 8FY Ingliston House Telephone: 0131 335 6200 Royal Highland Centre Ingliston Road Website: www.rhet.org.uk Edinburgh EH28 8NB

THE ROYAL HIGHLAND EDUCATION TRUST 2

Company No SC123813

REPORT OF THE DIRECTORS

The Directors present their Report and Financial Statements for the year ended 30 November 2025.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Reference and Administrative Information

Originally founded in 1990 as the Scottish Farming and Countryside Education Trust, the charitable company was renamed the Royal Highland Education Trust (RHET) in 1999. It is a company limited by guarantee which does not have share capital. The Directors and Officers are listed on page one with the charitable company's advisers and its principal address given on page one.

It was established in February 1999 and is a charity registered in Scotland (SC007492). It is governed by its Articles and Memorandum of Association.

Governance

The Directors of the Royal Highland Education Trust (RHET) are responsible for this charitable company in line with Company Law requirements. The Royal Highland & Agricultural Society of Scotland (RHASS) provides an award and support functions for RHET on an annual basis in terms of the administration and finance arrangements for RHET, however the key management and strategic decisions are retained by the directors and management noted above. All RHET staff are employed by RHASS through the administrative support function noted above.

Given the relationship between RHET and RHASS, the directors of RHET consider on a routine basis whether the accounts of RHET should be consolidated into the RHASS consolidated financial statements. This consideration is weighed against the requirements of charity and company law and the applicable guidance. While RHET and RHASS continue to work closely together due to similar charitable objectives and joint history, RHET continues to be an independent charity with a separate Board of Trustees governing its financial and operating policies. It is not subject to control by RHASS through Board membership or other strategic decision making influence. RHET does not therefore meet the requirements necessary for consolidation within the accounts of RHASS. The Board will continue to keep this position under review.

Those nominated for directorship are proposed by the existing board with two being selected from the RHASS board. New Directors are given an induction by the Chair, covering aspects including governance, Countryside Initiative (CI) Network and stakeholders and the RHET Executive Officer covers areas such as engagement activities, staff roles and strategic plan overview.

Organisational Management

RHET Directors are legally responsible for the overall management and control of the charitable company and meet at least four times a year.

The day to day running of RHET is delegated to the RHET Executive Officer Katrina Barclay and her team of three full-time members of staff.

All staff of RHET are employed through the Royal Highland & Agricultural Society of Scotland and RHET funds 80% of the staff costs.

THE ROYAL HIGHLAND EDUCATION TRUST

3

REPORT OF THE DIRECTORS (cont'd)

OBJECTIVES, AIMS AND ACTIVITIES

Principal Activity and Objectives

To enable all children and young people (3-18) and their teachers to learn about where our food comes from, farming, the natural environment and the working countryside through a range of high-quality, customised, reliable, accessible and balanced resources and experiential learning activities. To support our network of staff, volunteers, and valued partners who deliver RHET’s messages, resources, and activities through a network of regional Countryside Initiatives across Scotland. Broadly speaking, the key commitments are:

RHET is formed of a network of local groups, known as RHET Countryside Initiatives. These independent groups, which are based in twelve regions throughout Scotland, delivering the aims of RHET on a local basis in liaison with local farmers and local schools. The Countryside Initiatives are each set up as individual charities and companies limited by guarantee.

Assessment of the Achievement of the Objectives for the Year past

The Objectives for 2024/25 were as follows:

During the period of activity from December 2024 to November 2025, 1,110 classes visited the working countryside, with 25,940 pupils attending. There were also 2,486 talks, growing projects, early year box use and digital sessions delivered into classrooms to 100,145 pupils. In total, 10,170 accompanying adults were present across the activities. Figures are up significantly on last year and the previous year. Targeted projects for year groups, national projects and growth in popularity of the online 'Talk to a Farmer' and 'Meet the...' week long offering for schools to join farmers live online to discover more about what's happening on farm and to ask live questions.

The Board was delighted to once again secure support from the Scottish Government Good Food project, led by Mairi Gougeon MSP, Cabinet Secretary for Rural Affairs, Land Reform and Islands, under which the charity will receive support for running farm visits, supporting volunteers and countryside events in the working countryside and supporting the ongoing digital experiences. The award ran from June 2025 and completes in March 2026.

Strategies to achieve the year's objectives

Creating accessible, inclusive learning material which is unbiased and fact based continues to take on many formats and opportunities via the RHET network. Streaming content directly into classrooms continues to grow in popularity. Working in collaboration is key to our delivery, whether this is at a local level to facilitate a school project or at a wider national level to pull resources to create a teacher training event.

The Countryside Initiatives cover all 32 local authority areas in Scotland. The Countryside Initiative Forum meets three times per year, comprising all twelve Countryside Initiatives plus our close partners, Royal Northern Countryside Initiative (RNCI). RHET continue to work in partnership with key organisations such as Education Scotland to ensure the content is relevant to the teaching levels. Additional resource continues to be developed to meet the needs of practitioners across multiple subject areas and age levels. RHET offers resources and learning opportunities which can demonstrate direct to learning outcomes and subject requirements

THE ROYAL HIGHLAND EDUCATION TRUST 4 REPORT OF THE DIRECTORS (Cont'd)

OBJECTIVES, AIMS AND ACTIVITIES (Cont'd)

Strategies to achieve the year's objectives (Cont'd)

The RHET website (www.rhet.org.uk) enables RHET to interact with the key audiences of teachers and farmers. In 2025 the website was refreshed to help aid searching for teacher resources, promote the donation function to raise the charitable status of the organisation. Feedback and evaluation responses from teachers continues to indicate how much they value the range of high quality services offered by RHET.

During the 2025 Royal Highland Show, delivered by the charity Royal Highland & Agricultural Society of Scotland, RHET hosted 250 school groups over 2 days of the 4-day event. This is the highest number of schools since 2019. Approximately 90 volunteers helped to run the education programme for visiting public and pupils, offering a range of activities predominantly linked to the Journey of Food - All Thing Dairy with interactive workshops and displays.

Risk

The Board of Directors is responsible for the management of risks faced by the charitable company. Considerations of risk are detailed at each Board Meeting and delegated to the RHET Executive Officer, her team and the Countryside Initiatives.

The key risk controls used by the Trust include:

Through the risk management process established for the charitable company, the Board of Directors is satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Ongoing revision and adoption of related of health and safety requirements is cascaded across the RHET Network through the contracted project coordinators. This group are provided with support and training as required to ensure professional responsibility.

RECRUITMENT AND TRAINING OF DIRECTORS

New directors are appointed to fill identified needs in terms of skills and experience. RHASS nominates two Directors and two Directors are nominated by the RHET Council.

In line with its constitution and OSCR's requirements, each new director is provided with the Memorandum and Articles of Association and informed of RHET's activities and all Directors are provided with detailed induction.

FINANCIAL REVIEW

In the course of the year, income of £446,775 (2024: £493,092) has been generated through Restricted Funding, which represents a decrease of £46,317 from last year. Included in this figure is an award from RHASS of £70,000 (2024: £172,840) as a contribution towards payroll costs.

Spending of these funds increased from the previous year to £463,173 (2024: £493,125), overall producing a deficit of £16,398 (2024: deficit of £33). Dividends of £3,993 (2024: £2,525) have been raised by the investment held in the Endowment reserves.

Under Unrestricted Funds, the charitable company generated a further £82,324 (2024: £48,234) in contributions and donations and £18,973 (2024: £61,557) in other income. Total expenditure of £67,741 (2024: £35,451) has resulted in a net increase of unrestricted funds of £33,376 (2024: £74,340) and an overall balance of unrestricted funds carried forward of £205,628 (2024: £172,252).

With a total £530,914 (2024: £528,576) of expenditure, RHET returns an overall surplus of £20,971 (2024: £76,832) and a Net Movement of Funds of £27,079 (2024: £79,345).

On the balance sheet cash held at the bank is up from 2024 by £27,911 to £285,676 (2024: £257,765). Overall net current assets have increased from £243,405 in 2024 to £262,797 at the end of 2025.

Under Capital and Reserves, the charitable company maintains a level of Restricted Funding lower than that held last year, having decreased from £44,967 to £28,569. The Endowment Reserve increased from £69,273 to £79,374. The endowment fund is held in M&G Charifund investments to generate dividends and growth for the endowment fund.

THE ROYAL HIGHLAND EDUCATION TRUST 5 REPORT OF THE DIRECTORS (Cont'd)

FUNDING AND FUNDRAISING

The charity continues to operate under the agreed national funding strategy which was created in 2018 and revised annually. The strategy outlines the local and central fund raising activities to share responsibility for running and operational costs of the work undertaken. Securing support from the Scottish Government Good Food project, lead by Mairi Gougeon MSP, the charity will receive support for farm visit and farm event related activity up to March 2026. Applications to awarding bodies, donations and the support schemes continue to be submitted and promoted to receive income from several sources.

GOING CONCERN

In considering the ability of the Trust to continue as a going concern the Board note the positive balance of unrestricted reserves of £205,628, which is considered an appropriate level of working capital. The balance of restricted reserves of £28,569 can be used solely for those purposes directed on funding and not to support unrestricted funding. Its current forecasts show sufficient resources to continue to operate for a period of at least 12 months from the date of signing these accounts.

The charity continues to operate under the agreed national funding strategy; donations have reduced over the past year and the work done by the working group (detail under Future Plans) continues to put funding and fundraising at the heart of the strategy. There will continue to be a strong focus on funding and fundraising through the year and beyond to improve the unrestricted reserves position.

THE ROYAL HIGHLAND EDUCATION TRUST 6

REPORT OF THE DIRECTORS (Cont'd)

FUTURE PLANS

Directors from the RHET Board and the Countryside Initiatives created a Strategic Plan' Building on Success' spanning 2024 to 2030. The 6 year plan has the purpose of RHET at the core, pulling the collaborative resources from across the RHET Network to delivery ambitious goals. The plan was created in consultation with the entire RHET Network, not in isolation and during the launch phase, the goals Direction on policies, procedures, strategic approaches regarding marketing and fundraising are positioned at the heart of the plan, to ensure that clear, agreed identifiable projects are developed and achieved in line with the agreed core priorities of RHET. A greater emphasis on digital resources and digital platforms will be used in order to engage with teachers, pupils and supporters. Celebrating successes and widening the fundraising opportunities are also key to minimise risk by being too reliant on too few sources. The RHET Network now have access to an online newsletter style of information to keep them updated on current and future activity, to keep informed and identify opportunities to support neighbouring volunteers or sit on a subgroup where their skills would be of benefit. The Board will also review trustees on the Board and recruit as required to ensure relevant skills and attributes are brought to the organisation.

VOLUNTEERS

The Royal Highland Education Trust currently has approximately 500 volunteers who actively help the charity deliver its aims and objectives. The continued help and commitment of these volunteers, most of whom come from the farming community, are key to enabling RHET to meet its targets.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and United Kingdom generally accepted accounting practice.

Company Law requires the Directors to prepare Financial Statements for each Financial Year, which give a true and fair view of the State of Affairs of the Company and of the Profit and Loss of the company for that period.

In preparing those Financial Statements, the directors are required to:

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the Financial Statements comply with the Companies Act 2006, The Charities and Trustee Investment (Scotland) Act 2005, and The Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the company's auditor, each director has taken all steps that he/she is obliged to take as a director in order to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information.

A resolution to appoint auditors will be put to the member at the Annual General Meeting.

SMALL COMPANY EXEMPTIONS

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Hugh McClymont Chairman Date: 28 May 2026

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ROYAL HIGHLAND 7 EDUCATION TRUST

Opinion

We have audited the financial statements of Royal Highland Education Trust (the ‘charitable company’) for the year ended 30 November 2025 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows, and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 30 November 2025 and of its income and expenditure for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (FRC’s) Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor’s Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Directors, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

The Directors’ Report included within the Report of the Directors has been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ROYAL HIGHLAND 8 EDUCATION TRUST (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Report of the Directors.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

the directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the Report of the Directors and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Director’s Responsibilities set out on page 6, the directors (who are also trustees of the charitable company for the purpose of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the FRC’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the charitable company, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the charitable company is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ROYAL HIGHLAND 9 EDUCATION TRUST (continued)

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including noncompliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the charitable company through discussions with the directors and other management, and from our knowledge and experience of the sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and taxation, data protection, anti-bribery, environmental, employment and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

reviewing any correspondence with HMRC, relevant regulators and the charitable company’s legal advisors.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates set out in these

investigated the rationale behind significant or unusual transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s directors, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Our audit work has been undertaken so that we might state to the charitable company’s members, as a body, and the directors, as a body, those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members, as a body, and the charitable company’s directors, as a body, for our audit work, for this report, or for the opinions we have formed.

Jennifer Alexander, Senior Statutory Auditor

for and on behalf of Azets Audit Services, Statutory Auditor Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Chartered Accountants Quay 2 139 Fountainbridge Edinburgh EH3 9QG Date:

The Royal Highland Education Trust

10

Company No SC123813

Statement of Financial Activities for the year ended 30 November 2025 Incorporating income and expenditure account

Note
Restricted
£
Income and endowments from:
Donations
8
446,775
Charitable activities
-
Investment income: dividends received
5
-
Total income
446,775
Expenditure on:
Charitable activities
10
419,166
Raising funds
11
44,007
Total expenditure
463,173
(16,398)
Unrealised gain on investments
7
-
Net income/(expenditure)
(16,398)
Total funds brought forward
44,967
Total funds carried forward
15
28,569
Net income/(expenditure) and net
movement in funds before gains and
losses		 Endowment
£
-
-
3,993
3,993
-
-
-
3,993
6,108
10,101
69,273
79,374		 Unrestricted
£
82,324
16,109
2,684
101,117
67,571
170
67,741
33,376
-
33,376
172,252
205,628		 2025
Year
Total
£
529,099
16,109
6,677
551,885
486,737
44,177
530,914
20,971
6,108
27,079
286,492
313,571		 2024
Year
Total
£
541,326
58,765
5,317
605,408
481,414
47,162
528,576
76,832
2,513
79,345
207,147
286,492

The notes on pages 13 to 17 form part of these financial statements

The Royal Highland Education Trust

11

Company No SC123813

Balance Sheet as at 30 November 2025

Notes
Fixed assets
Investments
7
Computer Equipment
6
Fixed assets
Current assets
Debtors
13
Cash at Bank
Total current assets
Liabilities
Creditors falling due within one year
14
Net current assets
Net assets
16
The funds of the charity:
Restricted Funds
15
Endowment Reserve
15
Unrestricted Fund
15
Total charity funds		 2025
£
£
49,195
1,579
50,774
8,146
285,676
293,822
(31,025)
262,797
313,571
28,569
79,374
205,628
313,571		 2024
£
£
43,087
-
43,087
13,171
257,765
270,936
(27,531)
243,405
286,492
44,967
69,273
172,252
286,492

The Financial Statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Financial statements were approved by the board and authorised for issue on 28 May 2026 and were signed on it's behalf by:

Hugh McClymont Chairman

The notes on pages 13 to 17 form part of these financial statements

The Royal Highland Education Trust

12

Company No SC123813

Statement of Cash Flows for the year ended 30 November 2025

2025
£
Cash flows from operating activities:
Net cash provided by operating activities
23,190
Cash flows from investing activities:
Purchase of fixed assets
(1,956)
Dividends and interest
6,677
Net cash provided by investing activities
4,721
27,911
257,765
285,676
Reconciliation of net income to net cash flow from operating activities
Net income
27,079
Adjustments for:
Depreciation
377
(Gains)/losses on investments
(6,108)
Investment income
(6,677)
Decrease/(increase) in debtors
5,025
Increase/(decrease) in creditors
3,494
Net cash provided by operating activities
23,190
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period		 2024
£
197,744
-
5,317
5,317
203,061
54,704
257,765
79,345
-
(2,513)
(5,317)
154,647
(28,418)
197,744

The charitable company has no debt financing, accordingly a reconciliation of net debt has not been prepared.

The notes on pages 13 to 17 form part of these financial statements

The Royal Highland Education Trust 13

Scottish Charity Number SC007492 Company Number SC123813

1 - Accounting Policies

The Royal Highland Education Trust is a company limited by guarantee (SC123813). It is recognised as a Charity by the Office of the Scottish Charity Regulator under charity number SC007492. The principal address is Royal Highland Centre, Ingliston, Edinburgh, EH28 8NB. Details of the objectives of the charity are set out in the Report of the Directors.

These financial statements are presented in pounds sterling as that is the currency in which the majority of the charity’s transactions are denominated.

(a) Basis of preparation and assessment of going concern

The Financial Statements have been prepared under the historical cost convention with exception of the investments which are included at fair value, their market value.The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP (FRS102), the Charities and Trustee Investment (Scotland) Act and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Trust constitutes a public benefit entity as defined by FRS102.

In considering the ability of the Trust to continue as a going concern the Board note the balance of unrestricted reserves of £205,628. The balance of restricted reserves of £28,569 can be used solely for those purposes directed on funding and not to support unrestricted funding. The Board have considered forecasts up to May 2027 which show sufficent resources to continue to operate for a period of at least 12 months from the date of signing these accounts.

(b) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Trust's work. The Endowment Reserve is related to one specific and separate fund, described in detail in note 2(b).

(c) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally on notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment manager of the dividend yield of the investment portfolio.

(d) Fixed Assets

Tangible assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is calculated to write off the cost of fixed assets by equal instalments over their expected useful lives. The depreciation rates are as follows:

• Computer equipment 3 years

(e) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair values as at the balance sheet date using the closing market prices as valued by the Trust's appointed investment managers. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(f) Gains and losses on investments

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are recognised in the Statement of Financial Activities.

(g) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on raising funds is allocated directly with an allocation of relevant overhead costs in line with estimated usage. Other expenditure relates to one charitable activity. Support costs incurred are minimal due to in-kind facilities and support provided by RHASS, the value which cannot be reliably estimated and therefore no amount is recognised in these financial statements. Governance costs comprise audit fees, detailed in note 4.

(h) Taxation

The Trust has charitable status and is exempt from taxation. Donations and legacies to the Trust attract taxation relief for the donor. The Trust is not registered for Value Added Tax and accordingly any such unrecoverable tax is included in the expenditure concerned.

(i) Disclosure

The company has taken advantage of the provisions outlined under FRS102 not to present disclosures relating to financial instruments.

(j) Judgements in applying accounting policies and key sources of estimation uncertainties

Management considers there to be no material judgements or estimates required in the presentation of these financial statements.

The Royal Highland Education Trust

14

Scottish Charity Number SC007492 Company Number SC123813

2 - Structure of Funds

a) - Restricted Funds

The Restricted Funds comprise donations from companies or individuals. The donor stipulates to which specific project their donation should be spent. The RHET Manager maintains a record of the expenditure for each project. As expenditure is incurred, a matching amount is drawn from the Restricted Fund.

b) - Endowment Reserve

The Endowment Reserve comprises solely the Charles Brown Memorial Fund. Mr Brown enjoyed a long association with RHET. Shortly after his death in 2009, his sister Mrs Patricia Godsman, donated on his behalf £25,000. This money has been used to buy a Fund of M&G Charifund Units. The dividend earned to be used in support of an annual schools competition. When required these funds are to be transferred to the Income Statement, and drawn from there (see investments notes 5 and 6).

3 - Related party transactions and Trustees' remuneration and expenses

a) Key management personnel remuneration

The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2024: nil). During the year no reimbursements were made to Trustees for expenses (2024: nil).

No remuneration is made to the chief executive, treasurer and secretary by the trust. Their salaries and related costs are paid by the Royal Highland and Agricultural Society of Scotland in their entirety. An apportionment of salary to reflect time spent on the Trust, by the chief executive, the treasurer and secretary, cannot be reliably estimated.

b) Related party disclosures

No payments to the related party, RHASS were made during the year. RHASS donated a contribution towards staff and other costs as shown at note 7. RHASS also provided accomodation and administrative support at no charge, no amount is recognised within these financial statements as the value cannot be reliably estimated. A balance of £349 was owing to RHASS at the year end (2024: £13,231) and £nil was owing to RHASS subsidiary Highland Centre Limited at the year end (2024: £114).

4 - Audit Fee

4 - Audit Fee
Annual Fees
5 - Investment Income
Investment Income arises from the following sources:
Dividends received:
M&G Securities Charifund - Charles Brown
Bank interest
6 - Fixed Assets
Cost
As at 1 December 2024
Additions
As at 30 November 2025
Depreciation
As at 1 December 2024
Charge for year
As at 30 November 2025
Net Book Value
As at 30 November 2025
As at 30 November 2024
7 - Investments		 2025
2024
£
£
8,946
7,477
2025
2024
£
£
3,993
2,525
2,684
2,792
6,677
5,317
Computer
Equipment
Total
£
£
-
-
1,956
1,956
1,956
1,956
-
-
377
377
377
377
1,579
1,579
-
-

Investments comprise solely of the Endowment Reserve, which is the Charles Brown Memorial Fund, this investment is included at fair value, its market value. The endowment reserve also includes cash reserves of £20,078 (2024: £26,186).

Market value at 1 December 2024
Unrealised gains/(losses) on investments
Market value at 30 November 2025
M&G Charifund Units (holding 2919.436 units)		 2025
2024
£
£
43,087
40,574
6,108
2,513
49,195
43,087
2025
2024
£
£
49,195
43,087

M&G Charifund Units (holding 2919.436 units)

15

The Royal Highland Education Trust Notes to the Financial Statements (Cont'd) For the year ended 30 November 2025

----- Start of picture text -----
8 Legacy Income, Contributions & Donations 2025 2024
£ £ £ £
Donations for Year
Misc 46,200 10,000
Scottish Government 310,000 267,241
356,200 277,241
RHASS Salaries, PR fees and other costs 90,575 215,851
Total of Donations to Restricted Funds 446,775 493,092
Other Donations to Income
RHET Year of Project 12,000 7,150
Other Donations 70,324 41,084
82,324 48,234
Total of Donations to unrestricted Funds 82,324 48,234
529,099 541,326
9 Restricted Funds 2025 2024
£ £
Restricted Reserves were made up as follows:
AHDB - 4,014
Arla Foods - 4,000
Scottish Government - 12,030
Hugh Fraser Foundation 3,646 -
Patricia Godsman - Charles Brown Trophy Award 24,923 24,923
28,569 44,967
10 Expenditure on Charitable Activities 2025 2024
£ £
Restricted Activity:
- Payroll 132,021 126,120
- Other expenditure 287,145 320,285
419,166 446,405
Unrestricted funding 67,571 35,009
Endowment - -
Total 486,737 481,414
----- End of picture text -----

Resources expended through restricted activity, is exclusively spending being carried out in accordance within the limitations of the restricted funding instruction. All expenditure incurred relates to grant seeking and awarding activities.

11
Expenditure on Raising Funds
Payroll & related costs
Printing Post & Telephone
PR Fees and promotional materials		 2025
£		 2024
£
44,007
24
146
44,177		 46,720
31
411
47,162

16

The Royal Highland Education Trust Notes to the Financial Statements (Cont'd) For the year ended 30 November 2025

----- Start of picture text -----
||||| |---|---|---|---| |12|Staff Costs|2025|2024| |£|£| |Wages & Salaries|144,388|143,849| |Social Security Costs|17,414|14,828| |Pension Costs|14,226|14,163| |176,028|172,840| |These have been allocated as follows:| |Charitable activities|132,021|126,120| |Fundraising activities|44,007|46,720| |176,028|172,840|

----- End of picture text -----

The monthly average number of employees during the year was four (2024: four) all of which were Full-Time. The split of activity is:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Fundraising Activity|1|1| |Charitable Activitiy|3|3|

----- End of picture text -----

No Director received any remuneration for services during the year. The number of employees paid more than £60,000 during the year was nil (2024 -nil).

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |13|Debtors and Prepayments|2025|2024| |£|£| |Trade Debtors|8,146|13,171| |8,146|13,171| |14|Creditors|2025|2024| |£|£| |Trade Creditors|699|13,710| |Accruals|30,326|13,821| |31,025|27,531| |15|Analysis of charitable funds| |2025|Balance b/f|Income|Expenditure Gains/(losses)|Total| |£|£|£|£|£| |Restricted funds|44,967|446,775|(463,173)|-|28,569| |Endowment funds|69,273|3,993|-|6,108|79,374| |Unrestricted funds|172,252|101,117|(67,741)|-|205,628| |Balance at 30 November 2025|286,492|551,885|(530,914)|6,108|313,571| |2024|Balance b/f|Income|Expenditure Gains/(losses)|Total| |£|£|£|£|£| |Restricted funds|45,000|493,092|(493,125)|-|44,967| |Endowment funds|64,235|2,525|-|2,513|69,273| |Unrestricted funds|97,912|109,791|(35,451)|-|172,252| |Balance at 30 November 2024|207,147|605,408|(528,576)|2,513|286,492|

----- End of picture text -----

The Restricted Funds are made up of donations from sponsors who specify very clearly to what educational purpose their donation will be spent by RHET. The Endowment Fund is made up of an investment, where the dividends earned are spent annually on a prize for a schools competition, and cash reserves (see note 6).

16 Analysis of net assets by fund

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|Restricted|Endowment|Unrestricted|Total| |£|£|£|£| |Investments|-|49,195|-|49,195| |Tangible fixed assets|1,579|1,579| |Net current assets|28,569|30,179|204,049|262,797| |Balance at 30 November 2025|28,569|79,374|205,628|313,571| |£|£|£|£| |Investments|-|43,087|-|43,087| |Net current assets|44,967|26,186|172,252|243,405| |Balance at 30 November 2024|44,967|69,273|172,252|286,492|

----- End of picture text -----

The Royal Highland Education Trust Notes to the Financial Statements (Cont'd) For the year ended 30 November 2025

17

17 Comparative Statement of Financial Activities for the year ended 30 November 2024

Income and endowments from:
Donations
Charitable activities
Investment income: dividends received
Total income
Expenditure on:
Charitable activities
Raising funds
Total expenditure
Unrealised gain/(loss) on investments
Net income/(expenditure)
Total funds brought forward
Total funds carried forward
Net income and net movement in funds
before gains and losses		 Restricted
£
493,092
-
-
493,092
446,405
46,720
493,125
(33)
-
(33)
45,000
44,967		 Endowment
£
-
-
2,525
2,525
-
-
-
2,525
2,513
5,038
64,235
69,273		 Unrestricted
£
48,234
58,765
2,792
109,791
35,009
442
35,451
74,340
-
74,340
97,912
172,252		 2024
Total
£
541,326
58,765
5,317
605,408
481,414
47,162
528,576
76,832
2,513
79,345
207,147
286,492