The Governors of the Fettes Trust Report and Financial Statements for the year ended 31 August 2025 Scottish Charity numb8r SC017489 Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 1113 The Governors of the Fettes Trust Contents Pag8 Administrative and Legal Information Gov•mors' Raport ststemenl of Governors. Responsibilitses Independent Examinerfs Report Staternent of Financial ActNitvès Balar￿ Sheet ststamont of Cash Hows Note5 to the finanaal statements 10 Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 2 113 The Governors of the Fettes Trust Administrative and Legal Inforrnation Nam8 The Rt. Hon Lady Wise Mr R M Leckyé MrH W D BNctrWattWS Mr. P L Gray KC Profassor A E Th¢)mas OBE Mr. G K Barrie Ms L S Paterson Mr W Slndalr Mr P D Hunter Mrs E L G¢))dbum Appolnt•d by Senators of Her M8je3ty's Col￿ge ofJu5ti¢e Old Fettesian A550ciation s(￿lety olwnters to Her Majesty's Slgnet Faculty ofAdvocates Royal Collegè of phy￿￿arts of Edlnburgh c(￿pted Ctropted CNpted c(￿pted Cmptsd Registered AddTegS Fott&s Coll6go Camngton Road Edlnburgh EH4 1QX Placè of Buslness Fettes College Carringtr>n Road Edinl)urgh EH4 1QX Indepen(lent Examlner Keith Macpherson CA Hondorson Loggi& LLP Level 5. The Stany OffKe 10-14 Waterfoo Place Edinburgh EH13EG Scottish Charity Number SC017489 Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 3 113 The Governors of the Fettes Trust Governors, Report REFERENCE AND ADMINISTRATIVE INFORMATION The g)veming body, The Governors of the Fettes Trust Trhe Trust"), is a body corporate originally estsblished und&r tho Educational Endowmènts Iseouandl Act, 1882 and Continu￿ as a body corpofata by various Schomos underthe Education Iscotlandl Acts las amended) culmnating in The Fettes College Scheme 20081'lhe Fettes Schom") undor and in t•rms of tho Charit'as and Trustag Invèstsn&nt Iscoljandl Act 2005. The Trust is a registered Scottish charity INO. SC0174891. As part of an ongoing review of govemance, the Govemors had previoLtsly reviewed the 8XlSting 5trucbJre of the Trust, wth a view to modemi51ng It and thus ènabllng It to bètter fvlfll Its charftablè purptssés. Thè pricf year ￿nancIal ststémènts répon&Y that thè declsi¢)n had been taken to alter the legal fom of the Twust from the existing body corpoTate, to a charitable Company Limitad by Guarant&a I'CLG"). Féttès Col*a was fcm)ed for this purposa, Scottish charity numb&r SC017489 and Scottish Company number SC719759. In accordance wth paragraphs 27.12 and 27.13 of the Chaff(ies SORP, the transfer of aCtiv￿e$ on 1 August 2022 from Fettes T￿st to Fettes College has been accounted hr as 8 tnerger as it meets the requirements set out in tha SORP, in p&ticular that thèrè was fto changé in bènèficiary class, tha purposés for which funds arè hold has not changed and tho Govgmors constituting the trust80 body had Th)t changad as a r&sult of thè incorporation. The financial Statemènts of Fettès College for thè financial year 1 September 2022 to 31 August 2023 rèport on the merged activfaes of the entities. This r•port and the attachèd financial statamonts on th8 rosiduat Fèttos Tnjst charity hav8 baon pr8parad in accordance with FRS 102'The Financial Rewting Standard applicable in the UK and Republic of Ireland I'FRS 102.1, 'Accounting and Rèptsting by Charitias. thè Statamènt of Rocommèndad Practicè for char￿.8$ applwng FRS 1021"SORP IFRS 1021") and Vwith current stattrtory requirements. It should be read in context with the reporting by Fettes College for the same period a5 the ongoing merged entity. STRUCTURE, GOVERNANCE AND MANAGEMENT Up until the lime of the merger, the Board comprised up to nine elected govemors and not more than eleven c optèd govamors. &1oct&d govamors Consist of up to Dna p6rson elactad by aach of Iha". Sonatoys of Hor Maiostys Coll8go of Justic8-, The Cty of Edinburgh Council, as the Local EducatKJn Authority- Univorsity Court of thg Univorsity of Edinburgh., Faculty ofAdvocates-, Society ofwriters to Her Majesvs SigTret- Royal Cdlege of Phy$ici8ns of Edinburgh., Tho Mastorfs Court of tho Company ofM6rchants ofTh& Cty of Edinburgh., Edinburgh Chamber of Commerce,. and Old Fettesian Associat￿n from among former pupils ol Fettes College. bl gl h) The Board has remaIr￿d in Pla￿ arKI no new members have been appintèj. No foFmal meetings ofthe Board of Twstees of Fettes Trust were required to be held in the year. Risk Management Thp Board is responsiblE for the manage￿Ent of risks faced by thp Tiust. Given thp tTEt9er of acbvittes to Felt2s Collagè, no rèsidual risks havè baan >gèntifiad in rèwctof thè Fths Trust d)artty. 08JECTS, AIMS, OBJECTIVES AND ACTIVITIES Charilable Objects P[￿r to margor tha charitabl• purpose of thè scho￿ wasthg advancamant of oducatvjn, providing public b8noffiL encouraging community engagement and enabling School staff lo take active roles in charitable endeavours. The ongoing adivilies in d￿1Very of these objects. airns and objectives are rep￿ed on by Fettes College. Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 4 113 The Governors of the Fettes Trust Governors, Report (cont'dl FINANCIAL REVIEW Results lor the year The total income ofthe Trust for the year to 31 August 2025 amounted to £nil a5 rK¢ actiwty was undertaken during tha yoar. Reserves policy The Trustèès do not conslder that It Is nècéssary to retsln any rasèrvè$ In thls ènlty. FUTURE PLANS At the current time the Governors will retain the Trust in existence, in case ol potential legacy re￿IPts, however all activty is now undertaken through the incorporated Fette5 College. STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governors are responsible for preparing the Govemors, Report and the financial stslemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law appllcable to thar￿e5 in Scoland Tequire5 the Govetngrs to piepare finanoal 5tatement5 esth financial year which give a true and fair VEW of the state of the affairs of the Trust and of the incoming resourceg and application of resource5 of the Trust for that period. In preparing the fin•nctal statements the Govemcf5 are required to.. select suitable accounting policies and apply them con515tently- observe the methods and principles in the Charitie5 Statement of Recommended Practice IFRS 1021., make judgement5 and estimates that are reasonable and prudent., state whether applicable accounting stsndards have been foll0v￿, subject to any material departures disdosed and explained in the financial statements.. and prepare the financial ststements on the goirrfJ concern basis unless it is inappropriate to presume that the Tnsst wll continue in operation. The Governors are responsible for keeping pioper aGGounting reGords which disGlose reasonabl* accuracy at any time the financial position of thè TNst and enable them to ensure that th• financial ststements comply with the Charities and Trustee Investment Iscollandl Act 2005, the Charities Accounts IScotl8ndl Regulations 2006 and the provisions of The Fettes College Scheme 2008. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable 5tep5 for the prsvantion and dètèction ol fraud and othèr irrègulariti•s. The Governors are responsible for the trainienance and integrity of the charity and the finanaal infomiation included on the tharity's website. Legislation in the United Kingdom goveTning the preparation and di55eminatiort of financial statomants may drffar from18gislation in otharjurisdictions. On behalf of The Governors of the Fettes Trust DZ6-02-25. 20."S8.39 itr£ The Rt Hon Lady Wise Chair of the Board of Govern￿5 Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 5 113 The Governors of the Fettes Trust Independent Examiner's Report to the Governors of the Fettes Trust I f•POrt on th• finanuai statemènts of th• Twst fc*thè yoar •ndÈd 31 Au9USt 2025, whith arè Sèt out on pagès 6 to 11. This report is made to the Govemors, as a b￿ly, in acccfdance wilh the terms of my engagement. My work has baen undortakon to onablg me to raport my opinion sat out bak>w and for no othar purpose. To thè fullest oxtont permitted by law I do not accept oras5ume responsibility lo anyone other than the Trustees, as a body, for rnyWOEk for this reporL Respectlve responslbllltles olthe Trustees and Independent Examlner Tho Charty's Trustoos ara rasponsibl8 for tha praparation ofthè financkil ststom&nts in accordancè with tho toms of the Charities and Trustee Investment (Scolandl Act 2005 and the Charities Accounts Iscouandl Regulations 2006 las amondadl. Tho Charity's Trust6as considar that tha audit roquiromant of Rogulation 10111 lal to Icl of the 2006 Accounts Regulab"on3 does not apply. It 15 rny responsibility lo examine the finana81 statements as requirad und8r saction 44111 Icl of tha Act and to stat• thathar pa￿CUlar mattws have com& to my attontion. Basts ol Independent Examlner's Statement My axamination is carriad out in accordancè with Ragulation 11 of Iho 2006Aecounts Ragulations. An axaminatic indudes a review of the accounts.ng Tecords kept by the Charity and a compan%)n of the financial statements presented with those records. It also includes consideration ol any unusual items or disclosures in the financial statements, and seeks explanations from the Twstees concerning any such matters. The prO￿dUr&S undertaken do not provide all the evidence that vnuld be required In an audr(, and corhsequentty I do not express an audit opIn￿n on tha vvaw given by tha financial statamonts. Independent Examiner's Statement In the course of my exarninat￿n, no matter has come to my attent￿c￿.. 1 whith grves me rea50nable cause to believe that in any material re5Fect the requirements.. to keep accounting records in accordance with Seclion 44111 lal of the 2005 Act and Regulation 4 of the 2006 Accounts Ragulations, and lo prepare financial stslements wthich accord ￿1th the accounttng records and cornply wth Regulatv)n 8 of tha 2006 Accounts R￿ulationS hava not baarn m&L or to which, in my Own￿￿, attantion should b& drawn in ordar to enable a w¢¥)or Lmdarstanding of tha financial ststements lo be reached. Kelth Ma(pher5an- 2026-02-27, 11."1&.30 UTC Keith Macpherson CA Henderson Loggie LLP Level S, The Starnp Office 10-14 Waterloo Place Edinburgh EH13EG Date: Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 6 113 The Governors of the Fettes Trust Statement of financial activities for the year ended 31 August 2025 Toial 2025 Total 2024 Total Income and en(lowments Total expendlture Net gainslllossasl on investsnonts Net incomellexpenditurel before transfers Transfers Net movement in funds Reconclllatlon of funds Fund balances at 1 September 2024 Fund balances at 31 August 2025 Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 7 113 The Governors of the Fettes Trust Balance sheet at 31 August 2025 2025 2024 Notè Total net assetsllliabilitiesl Total lunds These finanaal Statements were approved by the Trusteey on .. thair bahaff by.. .. were signed on Name: Trustee 5¢- ¢20 02-25, 20.5•.39 VTC Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 8 113 The Governors of the Fettes Trust Statement of cash flows for the year ended 31 August 2025 Notè 2025 2024 Net cash inflow from operating acttvities Incieaselldecreasel In cash and cash equlvalents Cash and cash equivalents at start of reporting period Cash and cash equivalents at end of reporting period Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 9 113 The Governors of the Fettes Trust Notes to the financial statements Accounting policies Charlty Inlormaiion Trust is a registored Scottish Charity (No. SC0174891. Thg uw)veming body, Tho Govomors ofthe Fettos Trust I'the Tru5t"I, 15 a body corporate originally established under the EducatDnal Endowments Iscdandl Ac(1882 and continuad as a b¢JJy co￿OratO by various Schamos undor tho Education Iscodandl Acts las amondodl culminating in The Fettes College Scheme 20081'lhe Fettes Scheme'l under and in terms ofthe Charities and Trustee Investment Iscouandl Act 2005. Tha mgist•r6d offica is Fatt&s Coll8g&, Carrington Road. Edinburgh, EH4 1QX. Basis of preparation The financial statements have been prepared under the historical cost convention, modrfied for fair value as appropriate, and are in accordance with FRS 102 The Firancial Repo￿ng Standard applicable in the UK and Republffc of Ireland. ('FRS 102.), Accounb'ng and Reportiryg by Charities.. Slaternent of Recommended Practffce applicable to charities preparing their accounts in accord8nce with the Financial Reporting Standanls applicable in the UK and Republic ol Ireland (FRS 102) ('SORP (FRS 102J. The financial Statements have also been prepared in accordance with the Charf(ies Accounts (Sco￿and) Regulations 2006 and the Charities and Trustee Investment Iscodandl Aet 2005. The Trust 15 a Public Benefft Entty, as defined by FRS 102. The accounts are prepared in sterfing, which is the functional currency of the Trust. hknetary aFThJunts in these financial statamènts arè round￿ to thè nèarést pound. In accordanc& with paragraphs 27.12 and 27.13 of tha Charit￿$ SORP, th• transfèr of actwitios from Fott•s TNst to Fettes College has been accounted for as a merger as it meets the requirements set out in the SORP, in particular that there was no change in beneficiary dasg, the purposes for thich funds are held has not changed and the Govemors constituting the trustee bThly had not changed 9$ 8 result olthe incorporation. The financial statements of Fette$ College for the finanaal year 1 September 2024 to 31 A￿gl￿t 2025 report on the merged adivities ol the entitie5. As thara was no activity in thè Fatt&s Trust body aftèr tha mèrgèr on 1 Sèptambèr 2022. no incoma and oxpondituro is reported in these finanaal siatements for 1 September 2024- 31 August 2025. Golng Concern Tha Trust is now affactivdy dom)ant V￿th no assots or liabiliti&s is not expactad to undartakè any charitabl8 activty in the fU￿re. Flnanc5al Instruments Tho Trust has &lect6d to apply th8 provisions of S9ctR￿ 11 '8asic Financial Instrumonts. and Saction 12'0thar Finoncial Instruments 13sue9' of FRS 102 to all of its financial ingtrument3. FinELncial Instruments are recognised in the Trust's balanc& shaat whan tha Trust bocomas party to th& contractual provisK)ns ofthe instrumant. Financial assets and liabilitTes are offset, with the net arnoun15 presented in the financial statements, when there is a lagally &nlorcoabla right to sèt off the rocognisod aM￿ntS and thara is an int8ntion to setda on a nat basis or to raaliso the asset and the liatxlty simuttsneousty. Basic financial assets Basic financial assats, ￿1c￿ includ8 trada and othar rocaiv&)1os and cash and bank balancas, ar8 initially moasurod at transaction price induding transaction costs and are subsequenuy carried at amortised cost using the effective interest methcd unles5 the arrangement constitutes a financing transaction, where the transaction is measured al the pres8nt Val￿ of tho futura r•caipts discounted at a mark&t rato of intèrost. other flnanclal assets Other financial a55èts, induding derivativè financrdl instrum£nts, inv&stm8nts in equty instruments which arè not subsidiaries, assoch8tes. or jlint ventures, are initially measured at fair value, Mthich is nomially the transaction pri￿. Such assets are 5ubseqL• carried at fair value and the charrtJes in tsir value are recognised in income aTrJ oxpondituro. Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 10 113 The Governors of the Fettes Trust Notes to the financial statements {cont'd) Accounting policies (continued) Impairment of financial assets Financial assets, other than those held at fair value throu￿ incorne and expenditure, are assessed for indicators of impaim)ont at aach ￿porting data. Financial assets aro impaired whor• tharo is obj&ctivo &vidanca that, as a rosult of ono or mor& 8v8nts that occurrad after the initial recognition of the financial asset, the estirnated future cash flow5 have been affected. If an asset is impaired, the impairment loss is the difference betyveen the carrying amount and the present value of the estimated cash flows discount￿ at ass•ls original 8ffectiv8 int8r&st ralo. Tho impairmon* loss is r•cognis8d in income and expenditure. thèrè is a d•crèas• in thè impaim)ènt loss aristtig from an èvènt occurring t￿r thè impaim*nt was rècognisad, thè impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impaimient not previously been recogni58d. The impairThnt reversal is recognised n income ar¢d eXpendI￿re. Baslc financlal IlabllFtles Basic financial liabilitie5. including trade and other payable5, are Initial￿ recogni5ed at transact￿￿ price unless the arrangement constitutes a financing transaction, where the debt instrument is measuied at the present value of the frthjre payments di8counted 818 market rate of interest. Debt instruments are subsequendy carried at arnortised cost, U5irrfJ the effective interest rate m8thod. Trado payablos are obligatitsns to pay for goods or s&rvic&s that havo bèen acqLtirod in th& ordinary courso of operations from suppliers. Accounts payable are classified a5 current liabilities rf payment is due Vwithin one year cf less.11 not, they are wesented as non-current liabilities. Trade payables are reccgnised inrtially at tr￿n￿ctIOn price and subsaquantty measurod at amortisad cost using tho off8ctiv8 intorèst mathod. DeretA)gnition of financial liabilities Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled. Donatlons and legacles Income from donations and legac£es is recogni5ed by the Trust when the ent￿e￿Ent to the receipt is probab￿. Donations subject to speafic wshes of the donors are allocated to the relevant restricted funds. or to endowThent funds V￿￿re the amount 15 required to be held as pemianenl capital. Donations receivable f￿ th8 general purposes of tho Trust are credited to unrestricted knds. For legac*es, income is recogni5ed when the Trust has entilament, and the amount can be reliably measured. This is ganerally thè •afli8r of the Trust bèing notff￿d of an IM￿ndIng distribution or the legacy bèing rocaivad. On occasM)n legwes hill be notffied to the Tfust however rt is not possible to measure the amount expected to be distributed. On Ihese occasions, the legacy is recognised when the anYJunt becomes reliab￿ measurable. Critical accounting estimates and judgements In the application of the Trusfs accounting Oiaes, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liatilities that are not readily apparent from other Sour￿5. The Trust￿ do not considar th&r• to bo any Slgnrficantjudgen￿ts or èstimatas. Vees palKI to Independeiit exainkner 2025 2024 Indèpandant axamination 935 89] Thè irtdèpèndènt èxaminatitin ft• is settlÈd on thè Trus¥s ￿hItf by Fettes Cc41è9è. 10 Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 11113 The Governors of the Fettes Trust Notes to the financial statements {cont'd) siaff costs 2025 2024 2025 2024 Avoragg numbor of 8mployoas 11 Fettes TnJ51 Acwunts 2025.pdf 1￿481e￿81d41￿￿gfda-89dd0Sl9d97bj Pwe.. 12 113