The Fettes Foundation Annual roport and financial statements for th• y•ar endod 31 August 2025 The Fettes Foundation Year ended 31 August 2025 Contsnts Page Legal and 8dministrats.ve Infomiation Trustees, ￿port Indepen¢Jent audllorf8 report ststement of financlal acts'vities 8818nce Sheet 10 Statement of cash flows 11 Nol8s to the financlal 8ts18m8nts 12-25 The Fetles Foundation Year ended 31 August 2025 Company Inforniatlon Trustges J J Beeton JCLang M Lino B O Lloyd C A Miranda F Moffett S Murray C G M Parbrook A E H Salvesen CBE N Sarwar A W B Torren8 V Toub E M Young (Appointed 10 September 20251 {Re$igned 3 November 20251 (Resigned 9 December 20241 (Appointed 25 Septernber 20241 Company Secrotary D G Hancock Dlroctor of Developm?nt MRJStitt Charrty numbor SC028360 Company numbor SC189253 R•gl•tsrod offlco Fettes College Carrlngton Road Edinburgh EH4 1QX Audltor Hender80n Loggb LLP Level 5, The Stamp Offi'ce 10-14 Waterloo Place Edinburgh EH13EG The Fettes Foundatlon Year ended 31 August 2025 Truslee¥' report (Includlng diroctor8' roport) for the year ondod 31 August 2025 REFERENCE AND ADMINISTRATNE INFORMATION The Fettes Foundation l.the Foundation'l is 8 company limi18d by guarantee and does not have any shale capital. 11 was established in August 1990 as a regi818red Scotts'9h charity (No. SC0283601 and has its reglstered office al Fettes College, Carrington Road, Edinburgh, EH4 1QX, Scouand. The Foundation was established for charitable objects only. these objects being lo advance the education, health and well-being of students attending Felles College, by the provision, or the assistance in the provision, of financial and other support lo the College. Details of the Trustees, Senior Manager, Advisors and principal address of the Foundation a￿ listed on page 1 of this report. This report also includes the requirements of a directors, report ifi accordance with the Companies Act 2006. STRUCTURE, GOVERNANCE AND MANAGEMENT Govwnlng D￿uMent The Foundats'on is governed by ils Memorandum and Articles of Association. This réport and th8 attached accounts have b88n prepared in accordance FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. I'FRS 102"}, 'Accounting and Re￿￿'ng by Charities,. Slalement of Recommended Practice for charities applying FRS 102" 1"SORP IFRS 1021 "l and with current statutory requirements. Dlrnctors and Trusteos The governing body of the Felles Foundation comprises the Trustees listed on page 1, and the Directors of the Foundation ar8 ils Trustee$ for the purpose of charity law. A number of them have wider family connectlons with Fettes College including eight who have or have had children at the school. New Trustee8 are invited lo join the Board of Trustee5 based on their Commitn￿nI to Fetles Colle9e and its future development. In normal course, Trustses are encouraged lo pay regular visits lo Fettes College and to meet with the Director of Development. as required, behveen the biannual Foundation n￿etingS held in Edinburgh in May or June Iordinary Meeting) and December or J8nuary (the Annual General Meeting) Oryanlsatlon Management The Foundation's Trustees have overall responsibility for ensuring that the operational activitiès of the Foundation are conducted in the most efficient manner possible. The Foundallon is provided with office space gnd various other facilities by Fettes College. The Foundation is staffed by rnembers of the Development Team. The role of the Development Team is to connect and empower the Fetles community across the globe lo support each and Fettes College, and lo raise philanthropic income for the Foundation. To do this they build and maintsin relationships with an ever-growing number of Old Fettesians, Current and past parent5. Students and current and former staff. Relatlonshlp wlth F•tte8 Collego The Foundation is a separately registèred charity lo that of Fettes College. However, its objectives and aims are to support the educab'on, health and well-being of students at Fettes College. Th￿e current Trustees have previously acted as Governors of Fett8s College. which provides appropriate experience to deliver on the objects'ves of the Foundab'on. The Foundation is independently constituted and operats'onally independent of Feltes College and is not a sub51diary or associated company of it. Rlsk Management Trustees a￿ responsible for the management of risks laced by the Felles Foundat￿n. They recognise the value of an open and Iran5parenl culture which promotes prompt escalalion of risk concerns. They hav8 nominated the Director of Development to tske overall Tesponsibility for risk management and ensure ils effectiveness. Risks are identified, assessed and controls established. Wnilsl these controls are reviewed throughout the year. a formal review of the Foundation's risk management processes is conducted ￿1(e a year at each Foundation meeting. The Fettes Foundation Year ended 31 August 2025 Trustg95' report Iln¢ludlng dlreclorn, reportl for th• year onded 31 August 2025 (continued The key controls used by the charity include.. Fonnal 8genda for and minuling of 811 Trustees meetings. Comprehensive strategic planning, budgeting and management accounting. Estsblished organisalion $liuCtu￿ and lines of reporting. Clear aulhorisation and approval levels for expenditure. Through the risk management processes established by the Foundation, the Trustees are sab'sfied that the major risks are id8nlified and have been adequately assessed and miligaled, where necessary. The key risks facing the Foundab'on typlcalty relate to govemance, regulation, staffing, ext8mal economic uncertainties 8nd financ￿1 and adminislralive factors which can in lum be broken down into successlon planning for the Board., compliance with relevant legislats.on such as data protection regulations,. retaining charitable status,. recruitment then retention of good staff,. ensuring sufficient funding from donaliong is comlng into the Foundation and that cost controls relating lo expentjilure are In place., and developing and maintainlng adequate Systems including IT systems lo ensure gifts to the Foundation are prxessed, acknow￿ged and recognised in accordan¢e with the donor's wishes. Th8 Trustees place huge emphasi8 on ensuring that the Fettes Foundation does not suffer any material damage or loss arising from a risk factor which would 8ffe¢l its ability lo deliver ils strategy and key objectives. 08JECTIVE8 AND ACTIVITIES Charltablo ObJ•et The Foundatlon's principal activity is to ra18e funds lo provide financial and other support lo Fettes College. This requires an active series of campaigns and communications lo en8ure that the Constituency. primarily m8de up of fomer students and parents of current and past students of Feltes College, are aw8re of the needs of the College particularly as they relate to bur8arie$ and the expanslon and renewal of facilities. Alm3 and Objectlves The Foundation's objectives for the year were to.. pr￿r￿￿'S6 raising major gifts toward5 100% bursarigs and secure unrestricted income. Secure major gifts and legacies tOW8rds olher slr8tegic priorities a8 Opportunities arise and secure unreslricled income. Look after and thank supporters and planned legators M8xlmise the use of the database, Gontinuing lo enrich dats In support of ofy'ectives and streamlining businesg processes. Meet all statutory obligations placed upon the Foundation and its activities. Exercise due diligence in the management of the Foundation's donations. Devebp plans for 2025126 and beyond. Trustees bell&ve these objectives were achieved. FINANCIAL REVIEW ANO RESULT8 FOR THE YEAR Rosults ftir the year Donations of £2,770,566 were received during the year which is £2.206,769 more than Ihe £563.797 received in 2023124. This means there has been, on average. £876,000 raised per annum Since the Foundation was established in 1998. During 2024125 245 donors made donations to the Foundats'on, compared to 228 donors in 2023124. In addition to donations there was £458,649 of investment income being rental income and interest on bank deposits. The Fettes Foundatlon Year ended 31 August 2025 Trustses, roport (Includlng dirgctors, roportl for the year ond•d 31 August 2025 (contlnued) Donation income included £2.705,979 of ￿$tricted funds, of which £468,370 was to fund 100% bursaries which is £23,912 lower than the £444,458 raised ln 2023124. Disbursements during the year from restricted funds amounted to £958,332 compared with £41 6,839 in the prior year, leaving reslricled funds of £2,506,357 al the year end. Unrestricted reseNes at the year-end amounted to £3,109,046. Included within unrestricted funds is an amount of £147.34912024'. £147,349> which the Trustees have chosen lo designate for the purpose of school buildings projects and £69712024.. £6971 which the Trustees have chosen to designate for the purpose of a school arthive project. The resources expended in administering and promoting the fundraising activities of the Foundation tolalled £282,274 during the year compared with £240,228 in the prior year. Hence, for every £1.00 &xpended, there was donation Income of £9.811£2.34 in 2023124 and an average of £4.91 over the last seven years). R￿•1ve5 and In￿$t￿￿t Pollcles The Foundation's purposo of raising funds to provide flnanci818nd other support to Fettes Collega Is an ongoing one and the Trustees will provide that 5UPPOrt as funds are available and when suitable projects arise. Thu¥, as fundraising is continuous, the level of re88NeS will depend on the liming and level of 6UPPOrt given lo the College. The Foundatson's inv8slments are heki in property, wllh Surplus c88h held in interest be8ring deposit accounts with Barclay5 plc. The objectives are lo minlmise risk and secure a commerc181 rale of relum, and the Trustees are Satisf￿ that these objectives have been achleved dunng the year. RECORD OF ACHIEVEMENT8 AND PERFORMAP4CE FOR THE YEAR Income Irom Donatlons £2.770,566 income from donations was recelved in 2024125. This included a legacy of £2,123,802. Donations are broken down as follows.. BuTS8ries Unwstricted Gifts Special Projects £468,370 £64,587 £2,237,609 Stafflnq The Oirector of Development joined Fettes Foundabon in October 2023. Key managomont pernonnel The Director of Development is the kay management person within the Foundation and whilst the remuneration is set by another body. Felles College, il is at a rate which the Trustees believe is competitive within the Chanty Fundraising sector. FUTURE PLANS Foundation Trustees are committed lo the Foundation focu55ing on the following btheen 2025-2027.. Strengthening major giving towards the Fettes Foundation. Increasing philanthropic income towards bursaries. Raising philanthropic income towards capital projects, as required, and towards where the College needs il most lie unrestricted incomel- Enriching our data. Supporting th8 Head's Strategic Vision and assessing the feasibility of associated fundraising 8s required. Monitoring and evaluating activityas lo ensure they deliver a good return on investment. The Fettes Foundatlon Year ended 31 August 2025 Tru8te88' report (Including dlrector8' report) for th• year ended 31 August 20251continued) Specifically, in 2025126 the Devebpment Team will supwrt Foundats'on Trusteos lo deliver these aims by.. Securlng major gifts and annual income towards bursaries. Securing major gifts and legacies towards other strategic priorities as opportLtnltie$ arlse and securing unreslri¢led income. Launch a Givlng Day campaign Looking after and thanking supporters and planned legators. Maximising the use of the database, continuing to enrich data in suppjrt of objectives and streamlining business processes. The Development Team will also continue lo increase and widen engagement with rrember5 of the Fettes Community across the globe and secure donations for the Foundab'on. Tru8t•a The Fettes Foundation Year endèd 31 August 2025 Independent auditor'5 report to the truste88 of Tho Fott08 Foundation Oplnlon We have audited the financial ststements of The Fettes Foundation {the 'Foundation'l for the year ended 31 August 2025 which comprise the stalem8nl of financial activities, the balance sheet, the statement of cash flows and the notes to the financial ststements, including significant accounting policies. The financial reporting framewort( that has been applied their preparation is applicable law and Unlled ￿'ngdoM Accounting Standards, including FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally AcLepled Accounting Practicel. In our opinlon, the financial stalem8nts'. give 8 true and fair view of the stale of the Foundation's affairs as 8131 August 2025 and of it8 incoming resources and appli¢81ion of resources, including its incom8 and expenditure, for the year then ended., have been properly prepared in accordance wlth United Klngdom Generally Accepted Accounting PraGtsce', and have been prepared In accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment Iswllandl Act 2005 and regulation 8 of the Charities Accounts ISco118ndl Regulations 20061as amended). BaBl• for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISA8 IUKII and applicab￿ law. Our responsibilities under those standards are further descdbed in the Auditors responsibilitios lor the audit of the financial st8temenls section of our report. We are independent of th8 Foundabon in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK. including the FRC'S Ethical Standard. and the provisions available for small entities, in the Circumstances sel out in note 22 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence We have obtained is sufficient and appropriate lo provide a basi8 for our opinion. Conclu•lonB r8latlng to golng concem In auditing the financial statements, we have concluded that the Tru8lees' use of the going concem basis of accounting in the preparation of the financial statements Is appropn'ate. Based on the work w8 have performad, we have not identlfied any materi81 uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Foundation's ability to continue as a 90ing concem for a period of at least tsvelve months from when the financial slalemenls are aulhorised for issue. Our r8sponsibilllies and the responsibllitses of the trustees with respect lo going concern are descnbed in the relevant sectsons of this report. Other Inforniatlon The other information comprises the information included in the annual report other than the fi'nancial slalemenls and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the Other infomialion 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 incon5islencies or apparent material misstslemenls, we are reqUI￿d to determine whether this gives rise lo a material misstalemenl in the financial slatemenls themselves. If, based on the work we have performed, we conclude that there is a material misststement of this other information, we are required to report thal fad. We have nothing to ￿port in this regard. The Fettes Foundation Year ended 31 Au8USt 2025 Indepgndenl audltots report to the tru8toes of The Fette$ Foundation Oplnlon8 on olher matters prescribod by the Comp#nl&s Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomialion given in the trustees, report {incorporaling the dire¢lor5' report) for th8 financial year for which the financial s12tements are prepared is consistent with the financial Statements., and the d1￿CtorS, report has been prepared in accordance with applrAble legal ￿quIreMents. Mattern on whlch we are required to r•port by oXCOPtlon We have nothing to report in respect of the following mallers in relation to which the Charities and Trustees Investment IScotland} Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended) wuire us to report lo you if, in our opinion.. the information given in th8 flnancial statements Is inconsistent in any material respect with the Trustees, Report., or proper accounting words have not been kept by the Foundation., or the Foundation financial stst8m8nts ore not in a9r8ement with the accounting records,. or we have not recelved all the information and explanation8 we ￿qUIre for our audit. Re8pon•lbllltleB of tru•te As explained more fully in the ststemenl of Trustees. responsibilities, the trustees, who are also the directors of the Foundation for the purpose of company law, are responsible for the preparation of the financial statements and for being salisfled that they give a true and fair view, and for such inlemal control as the Iruslees detemiine18 necessary lo enable the preparats'on of flnancial statements that are free from material rnisstslement, whether due to fraud or error. In preparlng the fi'nanclal statements, the trustees a￿ responsible for assessing the FoundalDn's ability to continue as a going concern, disc108ing, as applicable, matters related lo going concem and using the going concern basis of accounting unle55 the trustee8 either intend to liquidate the Foundalion or lo cea8e op8ralions, or have no realiBtlc alternative but to do so. Audltorf8 r08pon81bllltle8 for the audlt of th• flnanclal 8tatemont8 We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and section 4411 Ilcl of the Charibes and Trustee Investment (Scollandl Ad 2005 and report in accordance with the Acts and rglev8nt regulallons made or having effect Ih&reunder, Our objectives are lo obtain reasonable as8urance about whelh8r the financial state￿ents as a whole are free from material misstatement. whether due to fraud or error, and to issue en audf(orfs ￿pOrt that Includes our opinion, Reasonable ass￿ra￿e ig a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) wlll always delect a material misstaternent when il 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 th8 basis of these financial statements. Extent lo whlch tho audlt wa8 consldernd eapable of detectlng Irr•gularltle•. includlng fraud Irregularities, including fraud. a￿ instances of non•compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respe of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, Is detailed below. As part of our planning process.. We enquired of managem?nl the systems arsd controls the Foundation has in place, the areas of the financial statements that are mostly Susceptib￿ to the risk of irregularilyès and fraud, and whether there was any kncwn, suspected or alleged fraud. Management informed us that there were no instances of known, suspected or alleged fraud., The Fettes Foundation Year ended 31 August 2025 Independenl audltor's roport to tho truBteo8 of The Fettes Foundation We obtained an understanding of the legal and regulatory frameworks applicable lo the Foundabon. We determined that applicable companies and charities leglslation were most relevant., We considered the incentives and opportunities that exist in the Found8tson. including the extent of management bias, which present a potential for Ir￿UlarL￿.es and fraud to be perpetrated, and tailored our risk assessment accordingly,. and Using our knowledge of the Foundation, together with the discussions held with management at the planning stsge, we f0m￿d a conclusion on the risk of misstatement due to irregularities including fraud and tailofed our procedures according lo this risk assessment. The key procedures we undertook to delect irregularits'es including fraud during the cours8 of the audit included.. Inquiry of management about any known or suspected instances of non-complianc8 With laws and regulations and fraud., Reviewing minutes of meetings of those charged with governance., Challenging assumptions and judgements made by management in their si9nificant accounting 8slimales, in particular the valuallon of Investment propety,. and Auditing the risk of management override of controls, including through lests'ng journal entries and other adjustments for appropriateness. Owing lo the inherent limitations of an audit, there is unavoidable risk that some matenal misslalemenls in the financial statements may not be delecled, even though the audit is properly planned and performed in accordance with the ISAS IUKI. For instance, the further ￿moVed non- compliance is from the events and transactions reflected in the financial 51alemenls, the less likely the auditor is to become aware of il or to recognise the non-compli8nce. The risk 18 a150 9￿ater regarding irregu18r1l￿S occurring due lo fraud rather than error, as fraud involves inlenlK>nal concealment, forgery, collusion, omlssion or misrepresentation. The primary responsibility for th& prey6nts.on and detection of irr8gulan'll&s and fraud rests with the trustees. A further description of our ￿SponsIbIlItIeS is available on ltte Financlal Reporting Council's website ot.. hll s'.11 www.frc.or kl dilorsr onsi This description forms part of our auditor's report, U8fr olour Toport This report is made solely to the Foundation's members. as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006 an¢J lo the charity's Iruslees, as a body, in accordance with regulation 10 of the Charities Accounts {Scollandl Regulations 2006. Our audit work has been undertaken so that we might stale to the charitable company's members and Iru$lees those matters we are required to stste to them in an auditors, report and lor no other purpose. To the fullest extent pemiilled by law, we do not accept or assume responsibility to anyone other than the charitsble company, th8 Gharilable company's members as a body and the charitable company's trustees as body. for our audit work, for this report. or for the opinions we have formed. Keith Macphernon {Sgnior Statutory Audttorl for and on behalf of Hgndotson Loggle LLP Chartered Accountants Slalutory Auditor Henderson Loggie LLP is eligible lo act as auditor in terms of section 1212 of the Companies Act 2006 Level 5, The Stamp Office 10-14 Waterloo Place Edinburgh EH13EG The Fettes Foundation Year ended 31 August 2025 Statement of flnanci•l actlvltles includlng Income and oxponditure account for the year ond•d 31 Augu8t 2025 Unroltrfctod fund• 2025 Re8trlctsd fund¥ 2025 Total fvndB 2025 Unr88tr1cted fvnd$ 2024 Re$¢rtteO fund8 2024 Totsl nd$ 2024 Income Donation$ gnd legacies Investrnents 64,587 2,705,979 2.770.566 119.339 444,456 563.797 458,649 458.849 452.394 452.394 Totsl Income 523,236 2,705.979 3.229,215 571,732 444,458 1,018,191 Expendlturn on Raising funds Charttable activiti•8 269,383 1,491 22,891 935,441 282.274 938.932 195,197 4,631 45.031 370.808 240,228 375,440 Total re•our¢•• •xpondod 260,874 958,332 1.219.206 199,828 415,839 615,867 Not g•ln•lllos•E•l on InvMtm•nts 95,611 915,611 92,958 92,958 N•t Incom•1 l•xp•ndlturo1 for the y••rf N•t m0￿Ment• In lund• 367,973 1,747.647 2,105,620 484,882 28.819 493,481 Fund balances 911 September 2024 2,751.072 788.710 3.509,783 2,288.211 730,091 3,016,302 *** Fund balance• at 31 AugU•t 2025 3.109,045 2,606,357 5,615A02 2,751,072 758,710 3,509,783 The statement of flnancial activities includes all gains and losses recognised in the year. The results for the year derive from continuin9 activities and there are no gains or Ios88S Other than those shown above. The statement of financial activities also complies with the requirements for an inconp and exp6ndilure account under the Companies Act 2006. The Fettes Foundation Year ended 31 August 2025 Balance 8heet at 31 Avgu812025 2025 2024 Nole Flxed a•8ot• Tangible assets Investments 10 11 3,444.830 3,349,219 3W,830 3,349,219 Curr•nt a••et8 Debtors Cash al bank and in hand 12 83,174 2,377,135 93,427 796,024 2,460,309 889,451 Crodltorn amounts falling due wlknin one year 13 1148,422) 1450,7431 N•t eurr•nt aM•t• 2,311,887 438,708 Total assets lo•• curr•nt Ilablllti 5,758,717 3,787,926 Credltord: amount8 falllng dug after morn than one year 14 1141,315) 1278,144) Net a•••ts 5,615,402 3.509,783 Income lund8 Resthcted funds 2,506,367 758,710 Unreslrlcted funds Deslgnated funds General unrestricted fund8 17 148,046 2,960,999 148,048 2,603,027 3,109,045 2,751,073 5,615,402 3.509,783 Il IOL The financial statements were approved by the Trustees on ............... Tru Company registration number.. SC189253 10 The Fettes Foundation Year ended 31 Au8U5t 2025 Slatsm?nt of cash flow6 for the year ended 31 August 2025 2025 2024 Note Cash flow8 from opgratlng aGtlvitlo8 Cash lab50rbed byllgeneraled from operations 20 1,559,625 1350,248) Investlng actfvitlo6 Interest paid on bank loans Investment income recelved 21A87 15,231 Net ¢a•h g•nornted from Invmtlng actlvltles 21,487 15,231 Net cash used In financlng actlvltl•s Not {dg¢reasey Increase In ea8h and c••h oqulvalont• 1,581,112 1335,017) Cash and cash equivalents at beginning of year 796,023 1,131,040 Ca•h and ca•h •qulval•nt8 •t ond of year 2,377,135 796,023 The Fettes Foundatlon Year ended 31 August 2025 Note5 to tho flnanclal Statements Ac¢ountlng pollcles Charfty Informallon The Fettes Foundation is a Charitable company limited by guarantee, a registered Scottish Charity (No. SC0283501, ￿gIStered with OSCR and has no Share capital,. however, in the event ofa winding up each one ofthe m8mbers undertakes lo contribute such amounts as may be required not exceeding £1. The registered office is Fettes College, Carrington Road, Edinburgh EH4 1QX. A¢countlng coThvontlon The financial statements have teen prepared in accordance with the Foundation's Memorandum and Artic18s of Association, the Charities and Trustee Investment {Scollandl Act 2005, the Cttaritses Accounts Iscollandl Regulations 2006 las amended). FRS 102 The Financial Reporting Standard appI￿able in the LJK and Republic of Ireland. l FRS 102.1 and the Charities SORP "Accountsng and Reporting by Charib'es., Statement of Recommended Practice applicable to charities preparing théir accounts in accordance with the FinanGlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effective 1 January 20191. The Foundation is a Public Benefit Entity a8 defined by FRS 102. The financlal statements are prepared in sterling, which is the functional currenry of the Foundation. Monetary amounts in these finanGial statements are rounded lo the nearest £. The financial statements have been prepared under the histoncal cost convents'on, modlfied by the carrying of investment properti85 at fair value. Golng concorn At the limè of approving the financial stalemenls. the trustees have a reasonable expeclatlon that the Foundation has adequate resources lo continue in operational existence for al least the next 12 months and, having identified no material uncertainlles in respect of going concern, the trusle8s continue lo adopt the going concern basis of accounting in preparing the financial slatemenls. Ch•f It•bla funds Unreslricled funds are available for use at the discretion ol the trusteès in furtherance of their charitable objectives, being the provision of support to Fetles College. This includes designated funds which are those amounts of the unreslricled funds which the trustees have eleGl8d lo designate and apply towards particular purposes. Restricted fvnds are subject lo specific conditions by donors as to how they may be used. The purposes and uses of the reslricled funds are set out in the notes to Ihe financial stalemgnts but typically include the provision of bursaries and scholarships, the provision of equipment and the mainlenance of fabri¢, the provision of financial assistance lo pupils for schcN)I trips, the a5sisiance of leaching of specific subjects and to assist in the development of specific capital projects al the College. Income Income is recognised when the Foundation is 8ntitled to il after any performance condltions have been met, the amounts can be rnea5ured ￿liablY, and il is probable that income will be received. 12 The Fettes Foundatlon Year ended 31 August 2025 Notes to the flnanclal $tatom&nts (continued) Accounllng poll¢lo8 Icontlnuod Cash donations are recognised on receipt. Other donations are ￿COgniSed once the Foundation has been notified of the donation, unless perfomance conditions require defenBI ol the amount. InGome lax recoverable in relation lo donab'ons received under Gift Aid or deeds of covenant is recognised al the time of the donation. LegacE5 are reGognised on re￿Ipl or otherwise if the Foundation has been nolrfied of an impending di51ribulion, receipl is probable and the amount can be measured reliably. If the amount is not known. the *8Cy IS treated as a contingent 8sset. 1.6 Expendlturo Expenditure is recognised once there is a legal or constructive obllgalion lo transfer economic benefit to a third paty, il is probable that a transfer of eGonomic benefits will be required in seluemenl, and the amount of the obligation Gan be measured reliably. Costs of raising funds and governance costs are accounted for on an accruals basis and include irrècoverabl8 VAT, where applicable. Staff and fundraising costs charged to reslri¢ted fiJnds represent 20¥0 of reslricled income, log8ther with certain direct costs 8$8OCKqted with raising those funds, subject to a maximum of £25,000 per donor. 1.6 Tan9lble flxod auets Tangible fixed assets are staled at cost less accumulated depreclation. The Foundation has adopted a policy of capilalising individual items costing £500 or more with items below this limit being expensed. DepreciatSon is r8cogftised 80 as to write off the cost or valuab'on of 885els18ss their re8idual values over their useful lives on the following bases.. Computer SO￿ar8 25% on cost 1.7 Inveltmont propertl•• Investment property, which is property held lo earn rentsls andlor for capllal appreciation, 18 initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently il is measured al fair value al the reporting end dale. The surplus or deficit on ￿ValUation is recognised in the statement of financial activities. 1.8 Impalrmonl of flxed as•et8 At each reporting end date, the Foundab'on reviews the carying amounts of Its tangible ass&ts to determine whether there is any indication that those assets have sUffe￿d an impairment loss. If any such indication exists, the recoverable amount of the a5sel is estimated in order to determine the extent of the impairment Ioss lif any). 1.1 Caih and ¢a•h equivalènts Cash and Ga5h equivalents comprises cash in hand and al bank. 1.10 Financial instruments The Foundation has elected to apply the provisions of Section 11 'B8sic Financial Instruments, and Section 12 '0ther Fin?nGial Instruments Issues, of FRS 102 to all of its financial instruments. 13 The Fettes Foundatlon Year ended 31 August 2025 Noteo to the flnanclal statgmont8 {conllnued) Accountlng pollci08 {contlnuod) Flnancial inslfuments are recognised in the Foundation's balance sheet when the Foundation becomes paty to the contractual provisions of the inslrumenl. Financial assets and liabilities are off5el, with the net amounts presented in the financial Statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and sellle the liability simultaneously. Ba81c flnancial as8et8 Basic financial assets. which include debtors and cash and bank balances. are initially measured at IransaGlion price including transaction cost5 and are subsequently carried at amortised cost uslng the effective interest method unless the arrangement constitutes a financing Iransaclion, where the transaction is measured al the present value of the future ipts discounted al a market rate of interest. Financial a86ets classified as receivablg Wlthin one year are not amortised. Ba8lc flnanclal Ilabllltl08 Basio financial liabilities, includlng ¢reditor8 and bank loans arè initially recognised at transa¢lion price unless the arrangement constitutes a financing Iransaclion, Whe￿ the debt Instrument is measured at the present value of the future paymenls disGounled at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt 1nslruff￿nts are sub88quanlty carried at amortised cost, using the effeGtwe interest rate method. Trade credltors are obligations to pay for goods or servlces ihat have b8en acquired in the ordinary course of oper8tions from supplieTS. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non At31 Augu•t 2026 S•ptembgr 2024 C••htlow• C85h at bank and in hand 796,023 2,377,135 798,023 1,581,112 2,377,135 A8 al 31 August 2025, £1.Sm of cash wa8 held on &hort term deposlt wllh 88rclays plc with maturity dale of 8th September 2025. Non audlt •orvlco• provldod ty audltor In Gommon with many businesses of our size and nature we use our auditor to 8SSlSt with the preparatson of the financial statements. 21