Tho Hlgh School of Dundee Foundatlon Chaty Numb•r 3C030842 Fln•ncSal •tst•m•nt• for the y•ar •nd•d 31 July 2024
The High School of Dundee Foundatlon Cont•nts Page Officlals and advisors Annual r•port of the Tfuslegs Statement of Twslee8' re8ponslbS111ie8 Independent audltovs report Statement of financial a¢Vil*S 10- 11 8alancg Sheet 12 Not•s lo the flnancl81 •1atem•nl8 13-20
The High School of Dundee Foundatlon Offlclals and advlsors PrEnclpal address Hlgh School of Dundee Euclid Crescgnl Dundee DD1 1HU Tru•tsè$ Scottlsh Charlty Numbor SC030842 S•¢r•tsry to th& Tru•tee• Inv•stmont nager• Seven Investment Management LLP Princes Exchang 1 Earl Grey Street Edinburgh EH3 9BN Audltor Hendèrion Loggle LLP Ground Floor 11-15 Thljtle Street Edlnburgh EH2 1DF 8ank•r• The Roygl Bank of S¢oUAnd plc 3 Hlgh Street Dundo• DD1 1SX
The High School of Dundee Foundation Annual rnport of the Tru$tso8 Thè Twslees pre$enl their annual report and financial staternenls of the Charity for the year ended 31 July 2024. Thg financial 5tatement8 have been prepared in accDrdance with the accounliny poliaes sel out in note 110 the financial staternent8 and comply with the Charity's Constilulion, the Charities and Trustèe Investment (Scotlandl Act 2005, the Charf(ie3 Accounts Iscouandl Regulalions 2008 las amended) and Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable tc* charities prepgrlng their financbal statements in accordance wth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. The Charity information Sel oul on P8ge 1 forms part of this report. Th• High School ol Dunde• Founda0 I'th• Foundatlon I The Foundation was established by Trust Oe•d in 2000 and Is regl$lered wlth the Offlce of the Scottish Charlty Regulator under Charlty Number SC030842. Particulars of the Trustees, professional advisors and executive officers along Tmth relev1 addresses are shown on Page 1. Structure, Govgrnanc• And Managèmgnt Trustees are appointed lo the Foundallon by the 8oar(l ol Tru$lees of the Hlgh School of Dundee I the School l. Trustee$ are not requlred lo be rnembers of the Board and past custom has béen to appoint non-8oard member as Ch8lrman ol the Foundation. Tru•tso• Twslees ul the date of th18 report are as glven on page 1 of the financial 8latemenl8. rellred 13 Maroh 2024 and bgcame a Trustee on 13 March 2024. K•y m•n4g•m•nt p•r•onn•l The Truslee$ conslder the board of Tru31ees lo be the key management personnel ol the Gharity, In charge of directing and conlrolllng the Charity gnd running and operating the Charity on a day lo day basig. All TruJtee8 give their b'me freely and no Trustee remuneration or expenses were pald in the year. R•crultmont and Trnlnlng Tru¥lees ore selected on the basis of the particular eXpese, knOedge and skllls they can bring to the Foundallon In PUT3uing objectlves. Where Tnjslees ar& not alTeady famlliar ¥Mlh the SGhool, an ¢pportunity is provided to meet the Execullve and vi$il the School to gain an appreciatlon ol Ils ethos and oble¢lSvey. Partlcular empha8lS Is placed on the 5peclfic areas which are supported by the Foundation and relate to the provision of bur68rles and ¢3pilal projeels. Information relating to the p831 work of the Foundation Is provided along with detslly of plans for the future. Trustees whc are not Board members are encouraged lo visit the School on a regular basis and recelve copi95 of School publlcatlDn$ and other relevant documents avallgbl• to the School. Organl88tlonal Manig•mont The Foundation is administered under the sup&rvi3lon of the Trustees who generally meet three Me¥ year and no less than once a year. The day to day administration l¥ carried out by the Office of Development of The Hlgh School of Dundee and the Secreiary to the Trustees.
The Hlgh School of Dundee Foundation Annual report of th• Trultees Iconllnuedl Rl8k Mangem•nt The Trustees have consldered the melor rtsk5 to which the Charity is exposed, in particular those rtlaled lo the operations and finances of the Foundation. The main rlsk idenilfied belng the reduction of donallons received. This risk is miligaled by adjusting the grants and 5cholar8hips paid out to ensure the Foundation can conllnue. The impact of current inflation leve15 and incr&ases Its the cost of Ilvlng on the donations giftefj Ihls year h89 been minbmal and the donations received are held in the bank accounl $0 the flnancial Impact is minimis•d. Obl•cts, Alm, ObJoctlv•• and Actlvltl•s The Foundation has a number ef oblectlves all intended to provide support lor the promotion and development of excellenca In the edu¢ation81 prov181on 4t the School. The primary obleclive$ whSch the Trustees are ¢urrently pursuing are al ID raise funds to a¥slst the School 1¢ provide opportunit1•5 for children of school age lo benefll from an education al the School by offering financial assistsnce where attendance would olh8rwi8e not be pos8ible. bl Its raise funds to asslsl the enhancement and development ol lacllllles and equipment that support the quality of educalion31 provision at the School, cl lo r8I5é funds for any other purpose a8 may be determined from Ilme to Ilme whleh wlll add to the quality of thè •ducalSonal proviglon at the School. Obl•ctlve¥ for the Y••r The obloctlves for the year ware a contlnuallcsn and developmnt of past obj•ctlve$ In terms of ?) communlcating with 51aff, puplls and parents of the School, bl worklng with the vartous school bodies to 5UPPOrt and promote the work of the Foundatlon. And cl actlvely pur8ulng naw forml of fundraising. Th• focus of the Foundation conllnue8 to be the fundlng of additional bursary jupport on the bgck of th• current Cost of living cdse5 the Impact Ihl8 ha& hgd on our parents. Stratsgl•• to A¢hl•vo th• ObJ•ctlvé• Promotion of the oblecllves of the Foundallon continued lo be developed with the School communlty through regular newsletters, u¥9 of eleclronlc media and the SGhool website. In addition. the F¢un¢Jalion supported the work of the various School bodles such BS the FP Assoelalion, Old Boys and Old Girls ¢lub$, the Parents A850cialion, And the Friends of the High School. In addltion, alumni events were organi3ed lo support Ind promote the Work of th& Fcundalion. Fundraislng continued through.. applying for grant5 tc a number of locgl and national Iru81s and foundations cullivaling the sUPPOrt clf individuals by in¢rea8ing awarene88 of the work of the Foundation and how tt supports the School The Trustees w18h to record thelr appreciatlon of the ContbUt19n made by many individuals In supporting the work of the Foundation on an entirèly voluntary ba815.
The Hlgh School of Dundee Foundatlon Annual rgport of the Tru8trwJ Icontlnuedl Achlevements and Perfomianc• Through the various strategies for raislng funds £69,138 was received during the year compared to the previous year of £49,34S. Thg main sources of income related to donations from individuals and organi8alions lowardg bursarie5, alongside fundfai5ing events. In April 2024, a fvndraising event, the Euclid Ball, was held that generated funds of ¢.£20k towards general funds. Ineome from investment5 reduced by £13,234 compared to the previou$ year, as no Interest was charged on the loan lo the High School of Dundee in the year to 31 July 2024. During the year £68,932 (2023- £169, 767) of grants werè paid to the High School of Dund&•. Grnnt Pollcy In rnaklng grants the Trustees Consider the sums available wllhin eBch of the funds. In the case of bursar5es11 Is belleved that funds Should be released each year In order that the School can adequately plan ils overall bursary funding requirements. The Trustees have Sought lo mainloin the grant to support bursaries at tha School and review this provision regularly. Fln•nclal R•vlow and R••ult• In the maln the Trustees do not Seèk to bulld up largo capltal reseNè$ and all Income Is Ireal•d as available for dl8bursem&nt. After awardlng thè grants of £68.93212023- £169, 797) the nel expenditure of the Foundallon for the year wa8 £41.06712023- £150,633 nel 8xpendilurel. Any surplus cash funds wlll be pa8Md Ic tho School by way of loan for whlch A commerclal rale of Inl•re81 11 be received by the Foundation. Inv••tm•nt Pollcy and Pèrfornionc• The Inveglment guideline& are lo achleve a balance of Income and grovAh with the portfollo belng held In low to medlum rlsk holdSng$. Durfng the yèar the value of the Investment portfollo increased by £69112023- In¢reas&d by £2811, R•¥•rve8 Pollcy Thè reserve8 of the Foundatlon Orlglnate from origlnal and subsequent revenue donallon5 together wlth the gr0h In value of inveslmenls. The Trustees have adopted a reseeS policy that ensureg the continuity of the Foundation to meet its oblectlveg. The free unrestrt¢led res•Ne• of the Charity arnount lo £689.97512023 - £698,493). Reglrl¢led re5orve6 decre?8ed In the year from £258,666 to £226,117. This malnly relalog lo fundy recelved for thg bursaries yel lo be passed over as a grant lo the Hlgh School of Dundee. Futur• Plan8 The Foundation remains focussed on Increaslng bursary support and for further fundraislng Initiatives lo continue lo Support der school projects and communlly engagement. Following the succèss of the Euclid Ball, a lurthèr fundraislng ball is organised for April 2025.
The High School of Dundee Foundatlon Annual rgport of the Tru¥tee8 Icontlnuedl Relat•d partl•8 The Charity has 8 relationship wrth the High School of Dundee wth Individua18 Sitting on bolh boards, as well with the Hlgh School of Dundee Scholarship. For discltssure of the Iran$aclions and balances vAth these enlllies, see note 11. Stat•m8nt of Dl8clo¥ur• of Infomiatlon to Audltor The Trustees of the Foundation who held office at the date of approval of this Annual Report as sel out on page 1 each confirm that $0 far as they are awa.. There Is no relevant audit information of whlch the Found8llon'¥ audkorls unaware.. and Tha TnJstee$ have taken all steps that they ought to have taken lo make themselves aware of any relevant audil informatlon and lo establish that the auditor is aworo of that Infomialion. The8e financi818talemenls were approved and $19ned on Its bèhalf by.. S Loadbitter Chalr
The High School of Dundee Foundation statsment of Tru8t•e8' re8pon$lbiliti•* The Trustees are responsible for preparfng the annual report ol the Trustee$ and the financial Statements in accordance wth applicable law and Un51ed Kingdom Accountlng Standard5 (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charllles in Seotland requires the Trustees to prepare financial slalements for each financSal year whith give a true and fair view of the slate of affairs of the Charity and of the incoming resources and applicatlon of regources of the Charity for that perlod. In preparing th&se financlal stslemenls, the Trustees ara requiied lo.. 801ocl sultablo accounting policles and then appty them con$lslently.' obseNe th? methods and prtnclples In the Charrtle8 SORP IFRS 1021., make judgements and e8llm8te8 that are reasonable and prudent., slate wh•th¢r appllcable accounllng 8landards have been followed, subleGt to any malertal dep8rtures d18closed and explalned In the financlal ¥tatemenl8', and prepare the financlal statements gn the going Concern basi8 unl•$8 It18 Snapproprfate to pregurne that th• Charity wlll continue Its a¢llvilles. The TnJslee$ are re9ponsib18 for keeping proper accounting record8 which dis¢10ge with reasonable accuracy 81 any tlme the financlal position of the Charity and enable them lo ensure that the financial statements Comply with the Charille8 and Trustee Investment (Scotlandl Act 2005, the Charttbes Accounts (Scollandl Regulations 2006 las amended) and the Charity's Trust deed. They are also re8pon$lble for 5afeguardlng th• a5s615 ol the Charlly and hence for t8king reasonable steps for the preventlon and detection of fraud And othor Irregularltles.
The High School of Dundee Foundatlon Ind8p8ndont audltorf$ rnport to th• Trust•o$ of the High School of Dundee Foundation Opinion We have audlled the financl815talements ef The High School of Dundee Foundatlon for the year ended 31 July 2024 which comprise the stslemenl of financlal activitie$, the balance sheet and notes lo the financial 51atements. including a summary of significant accounting policie8. The fi'nan¢ial reporting framework th8t ha5 been applied in their prtsparalion is appllcable law and Unrted Klngdom Accounting Stsndard5, Including FRS 102 The Financial Reporting Standard appIable in the UK 8nd Republic of Ireland (United Kingdom Generally Accepted Accounting Practieel. In our opinSon the financial 8latemenl$'. glve a true and fair view of the slate of the Charity's affairs as al 31 July 2024, and of Its incoming resources and applicallon of resources for the year then ended., have been properfy prepared In accordance with United Kingdom Generally Accepted Accounb'ng Practice,. and have been prepared in accordance wlth the requirements of the Charities and Tiutsloe Investment Iscollandl Act 2005 and regulallon 8 of the Charities Accounts Iscotlandl Regulations 2006. Ba$19 for oplnlon Wè conducltsd our audit in accordance with Inlernallonal Standards on Auditin9 IUKI IISA8 IUKII and applicabl&1gw. Our responslbillles under those standards gre further described In the auditor responsibllities for the audrt of the financial slalemenls sectlon of our report. We are independent of the Charfty In accgrd8nce ¥th the ethical requiremenls that are relevant lo our audll of the fin8nclal $talemenls in the UK, includlng thè FRC'S Elhlcal Sland8rd, and we have fvifilled our other ethical responsibilities in accordance wSih these requlremenls. We belleve that the 8udil èvldenc• we have oblalned is sufficlent and appropriate lo provide a bas15 for our opSnlon. Conclu•lon• r•latlng to golng conc•m In auditing the financial slalemenls, we have conclud•d that the Trustees, use of the going concern ba859 01 •¢¢ountlng in th prèparation of th• financial 8tat•men18 is appropdal8. Ba6ed on th• work we have performed, we have not Identified any material uncertalnlies relating lo events or conditions that, indivmlually or collectivgly. may c8518ignlficanl doubt on the Charity'$ abiltty to continue a8 a golng concern for a perlod ol al least twelve months from when the financial stal&menl8 are authorl8èd for198ue. Our re$pon8ibllille5 and the responsibilities Df the TTU8lee8 wkh rèspect to goln9 ¢oncern are described in the relevant sèctions of this report. Oth•r Informatlon The other infomiatlon comprises the Infomiation included In the annual report, other than the financial statamnl8 and our auditor's report thereon. The Trustees are responsible for the other information contained wlhin the annual report. Our opinion on the flnancial 81alements does not cover the other Informallon and we do not express any form of assurance concluslon thereon. Our re5pon$ibilily is to read the other Information and, In doing 80, conslder whether the other information is materially in¢on$Sslenl with the financial slalemenls or our knowledge obtained in thè course of the audlt or otherwlse appears to be m81erially misslaled. If we identify such material Incon8lstencies or apparent material misst8temenls, we are required to d¢t¢rmine whether this gives rise lo a mal*ri31 mi5s1aternenl In the flnancial stslements thèmselves. If, based on the work we have performed, we conclude that there 1$ a material mS$slalement of this other Information, we are required lo report that fact. We have nothing lo report In this regard.
The Hlgh School of Dundee Foundation Indep•nd&nt auditor's roport to the Trusteos of The High S¢hool of Dunde• Foundation Icontlnuedl Mattfyrs on whlch wo are rgquired to report by exceptlon We have nothing lo report in respect Of the following matters in relation to which the Charities Accounts (Scoilandl Rogulations 2006 requires u5 to report to you if, in our opinion., the informallon given In the financial $lalements 18 inconsistent In any materlal respect wllh the Trustee$, Reptrrt., or proper accounting record9 have not been kept.. or the financlal statements are not in agreement wrth the accounting records., or W8 havo not received all the Information and explanationg we requiro for our audlt. Responjlbllltles of Trustees AS explained more fully In the Trustees, Responslbllilie5 Slatem•nl, the Tru51ees are respongible for the pr¶lion of the financial Statements which glv8 a true and fair view, and for Auch internal control as the Trustees delerrnine Is necessary lo enable the preparotlon of financlal slgtemenls that ar& free from material misstat&menl, whether due to fraud or error. In preparlng the flnancial slalements, the Trustees 8re responsiblo for assessing the Charity's ability le continue 9$ • going concern, disc105ing, as appllcable, rnatter8 related to going concem and using th• golng concern basis of accounting unless the Trustee8 elther intend lo Ilquldale the Charlty or lo ceaBe operats'ons, or have no reali81ic allemalive bul lo do so. Audltor re•pon*lbllltlo8 for the audlt of the flnanclal •tst•mont• We have been appolnted a5 auditor under section 4411llcl of the Charilles and Trustee Inve81ment (Scotlandl Act 2005 8nd r•port In Bccordgnce th regulations made undor that Act. Our objective8 are tc obtain rea30nable a8$uranc• about whether the financial statements as a whole are free from materlal mlsslalement, whether due lo fraud or errtsr, and to 1$sue an audllor's report that Includes our oplnion. Reagonable agsurgncelg a high level of a8¥urance. bul18 not a guafanlee that an audit conducted in accordance th ISAS IUKI 11 always detect a material mlsstslemenl when it exists. Mi891alemenls can arise from fraud or error and are con8ldered materlal 11, Indlvldually or in the aggregate, they could reasonably be expected 1¢ inlluenee the economlc declsions ol user8 taken on the bo91$ ol Ihege financlal ¥latem?nts. Extont to which th• audlt wa8 consldergd capable of dgt•¢tlng Irregularltl•$, Including fraud Irregularities, includlng fraud, are instances of non-compllanGe wilh18wg and regulalSons. We de¥ign proce¢Jureg in Iln? wlth our responsibilille$, outlined gbove, to delect material rni5Stalem¢nly In respect of irregularitiès, includlng fraud. The extent lo which our procedures are capable of detecting rregularilies, including fraud. Is detailed below.. As part of our plannlng proce$8'. We enqulred of management the 8y$lem$ and controls th& Charity ha6 in place, the areas of th8 financial statemen15 that are mostly Susceptible lo the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management informed u5 that there were no instance5 of known, suspected or alleged fraud.. We obtained an understanding of the legal and regulatory frameworks appllcable to the Charity. We delemined that the followng were mcist relevant.. Data Prolecllon Act 2018.. 8nd complign¢& wlth OSCR requirements. We congidered the incentives and opportunities that exlst in the Charity, including the extent of management bias, whlch present a pot8nli81 for irregulariles and fraud to be perpetratèd, and tsilored our risk a$$essmenl accordingly., and Using our knOttdge of the Charity, together with the discussions held with management al the plannbng stage, we formed a ¢onclu5ion tsn the risk of misstaternenl due lo irregularities including fraud and tailored our procedures a¢cording tts this risk assessment.
The Hlgh School of Dundee Foundatlon Ind•p•ndent auditorfs r•port to tho Trustseg of The Hlgh School of Dundèe Foundation Icontinu•dl The key procedure5 we undertook lo delecl irregularities including fraud ¢Juring the cours8 of the audit included.. Inquiry ol managernent about any known or suspected instances of non-compliance wlh laws and regulallons and fraud., Revlewing rninutes of meetlngs of those eharged wih governance., Challenging assumpllons and judgements made by management in their signlficant accounllng estimates, In partlcular the carrylng value of Investments and the application ol accruals.. and Auditing the Tisk of managèment overdde of controls, includSng through tesn9 loumal entries and other adlustments for appropriateness. Owing lo the inherent limiialions of an audlt, Iherels unavoldable risk that some material mi$$latement$ in the financial statements may not b• detected, even though the audll is property planned and performed in accordance with the ISAS IUKI. For instance, the further removed non-compliancelg from the events and transacllons reflected in the financlal statements, the le55 likely the audSlor 18 to becom• aware of il or lo recognlse the non-compllance. The rlsk l¥ also greater regarding irregularitie$ occurTing due to fraud rather than error, as fraLJd Involves intentional ¢on¢eslment, forgery, collusion. omission or mlsrepresenlation. The primary responsibility for the prevention and deteclion gf irregularilles and Iraud re818 wlth the trustees. A further d•$cription of our rospon8lbllltles foT the audlt of tho financlal 5talemenl$18 localod on the Finanolal Reporting Councll's website 91 d8scrlplion form8 part of our audltorfs report. Ui• of our r•port ThlB report13 made solely to the charlty's trustees. as a body, In accordance wrth Regulation 10 of the Chanlies Accounts (Scollandl Regulations 2006. Our audll work has been undertaken 50 that w• might Btale to the charity'8 tru$l¥¥s Ih¢$e matters we are requlrèd lo Slate lo them in an audiltsr's report and for no other purpose. To the fullesi exlenl permitted by law, we do not accept or assume responsibility to any¢ne other than the charity and the charity's Iruslee8 a5 8 body. for our aud work, for Ihls report, or for the opinions we have formed. H•nd¥rion Loggle LLP Chartered Accountants & Statutory Audltors IEllglbl• to act as an audltor In temis of s•ctlon 1212 of the Companle• Act 20061 Ground Floor 11-15 Thiglle Street Edlnburgh EH2 1DF 14 December 2024
The Hlgh School of Dundee Foundation Stat•m•nt of finan¢lal actlvltl88 fot the yeor ended 31 July 2024 2024 2024 Total 2023 Totsl Restrfet•d Deslynated Unr88trlctsd Note Incomo Donations and legacies Grants received Investment income Fundraising income 16,988 1S,000 S,201 22.189 15,000 89 31,860 22,195 12,500 13.323 1.331 31,È60 Total In¢omo 31,988 37.150 fj9.138 49.349 Exp?ndStur• C051 of raislng funds Charitable acllvllies.. Grants and scholarshlps Support co&ls 15,000 21.794 36,794 25,040 60.000 8,932 5,170 08,932 5,170 189,797 5,428 Total oxp•ndltur• 7S.000 3S,896 110,896 200,283 Unr8all8ed galn on Inve8tmenls 691 691 281 N•t1oxpondlturolllncomfr •nd not movomgnt In funds 143,0121 1,946 141,0671 1150,6331 Trnn•f8r• b•fvM•n fund• 10,463 110,4631 N•t movam•nt In fund• 132,549 18,$181 141,0671 1150,6331 Fund¥ roconelllJtlon Total fund8 al 1 August 2023 258,666 698,493 957,159 1.107.792 Total fund• at 31 July 2024 226.117 689,975 916,092 957,159 10
The Hlgh School of Dundee Foundation stst•m&nt of flnan¢lal actlvltles for the y•ar end•d 31 July 2024 Icontlnuedl 2023 2023 Tol81 R•stricted D88ignated UnreslrifAed Note Incom• Donation8 and legacles Grants recelved Investment income Fundraising income 130,2541 12,500 52,449 22.195 12.500 13,323 1.331 13,323 1,331 Totsl Income 116,4231 65,772 49,349 Expondlturn Cost trf ralsing lunds Ch¥ntable actNllles.' Grants and 8cholar$hlp Support costs 15.000 10,040 25,040 158.247 13.550 5.426 169,797 5,426 Total •xp•ndltur• 171,247 29,018 200.283 Unrea1I8ed gain on Invèstments 281 281 14•t l•xp•ndlturglllncomo and n•t mov•mgnt In fund¥ 1187.6701 37,037 {150.6331 Trnf•rn b•lw••n fund¥ 6,104 1417,8421 417,738 N•tmov•m•nt In fundj 1181,5661 1417,8421 448,775 {150,633) Fund8 r•conclllatlon Total fund& al 1 August 2022 440,232 417,842 249,718 1.107,792 Totsl fundi at 31 July 2023 258,668 696.493 957,159
The High School of Dundee Foundation Balance sh••t at 31 July 2024 2024 2023 Note Fixgd assets Investsn•nts 4.407 3.716 current assets Debtors Cash at bank 310,482 606,143 384,547 573,602 916,625 958,149 Current Ilabllltle8 Amounts falllng wkhln one year.. Sundry credllor8 4,940 4,708 Net curr•nt #•ts 911,68S 953,443 Nèt a8i•t¥ 916,092 957,159 Total fund• Reglricled Unre81rlcted 226,117 689.975 258,666 698.493 916.092 957,159 Th•se financig18tslement¥ wer• approved by the TTu$tae8 on beham by.. .II7.Iz4. .4nd were 81gned on IIB Chair 12
The High School of Dundee Foundation Not•$ to thg financlal statements AcGountlng pollclos The followlng policies have been applied conslstenuy in de8lln9 with rtem5 which are considered materfol In relation to The HSgh School of Dundee Foundation's flnan¢ial statements. Basls of proparation The financial slalemenls are prepared under the historical cost convention as modified by the revaluatson of Inveslm&nts and include the results of the Charity's operation$ as indicated in the Annual Report of the Trustees., all of which are conlinulng. The flnancial $¢alernenls have been Pfepar&d in a¢¢ordance with appllcablo accountlng standards and the Statement of RecomTftended Proctiee". Aecounling and Reportlng by Charities preparing their flnanclal slalemenls In accordance with the Flnancial Rèp¢rting Standard applicable In the UK and Republlc of Ireland IFRS 1021 ancl the Financial Reporting Standard 8ppllcable In the United Kingdom and Ropublic of Ir8land IFRS 1021, the Charities and Trustee Investment IScoll8ndl Act 2005 and the Charities Accounts Iscollandl Regulations 2006 las amended). The Charlty conslliLrtes a publlc benefit enlty as deflned by FRS 102. The flnancial statements are prepared In slerllng, whlch15 the funcllonal curren¢y of the Charlty. Monetary amounts in these flnanclal slatementA are rounded lo the nearest £. GoSng Concorn The Trustees continue to monitor perf¢rmance, partlcularfy cash re3erve¥, leve15 of donallons and Investment perforrnance, post y84r end. Givon the level of re8eNe8 held and planned expendllure going fonKard. the Trustees Gongider that there are no malerfal uncertalntles about the Charity's ablllty lo continue a3 a golng concern, Thls include$ con8id•ratlon Into the mpacts of the cost of Ilving Impacting thtr UK. The follovhng18 a summary of the slgnificanl accounting pclici•s adopted by the TNslees In the pr08enlalion of the financial Slalements. In¢om• r•cognltlon All income 58 recognised cnce the Charlty has enllllemenl lo the Income, It15 probable that the income wll be recelved and thi amount of Income recelvable can be m8a8ured rellably. Donations are rècognl8od when the Charity ha¥ been notified wrillng ol bclh the amount and $ettlem8nl dale. In the event Ih&l a donation 15 subject lo conditions IhBI require 9 lev81 of perfomonce befor& the Charity Is èntitled to the funds, (he Income is deterred and not recogn15ed untll either of those condits'ons are fully mel, or the fulflllnenl of those condition5 IS wholly within the control of the Charity and rt is probable that those conditlon8 will b¢ fulfilled in the reporting perlod. Legacy glfts ar• recognlsed on a case by case basis folloMng thu granting of probate when the administrator l executor fc*r the estate has communicated in writing bolh the amount and likelihood of receipt. In the event that the gift is In the fomi of an asset other than cash or financial asset trèded on a recpgni5ed 5to¢k exchange. recognition 1$ subject to thè value of the gNI being reliably measurable with a degree of reasonable accuracy and the lille to the asset having been transferred to the Charity. Interest on funds held on deposlt 15 included when receivable and the amount con be meagured reliably by the Charity. th18 is normally upon notification of the interest paid or payable by the bank. Oividendg are recogni5ed once the dividend has been declared and nolificalion has been received of the dividend due. This is normally upon notification by Olsr Investment advisor of the dividend yield of the investment portrolio. 13
The High School of Dundee Foundation Notès to th• flnanclal ststgments {contlnued Aceountlng poll¢lo8 Icontlnuèdl Expèndlturo re¢ognltlon Liabilities are recognised as expendllure as soon as there is a legal or constructive obligation committing the Charty to th81 expenditure. It is probable that settlement wlll be requSred and the amount of the obligallon Can be measured reliably. All expendliure is accounted for on an accruals basis. 1 expenses Including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Costs of raS8lng funds are those costs Incurred in attracting voluntsry income. Charitable actIvIe8 include expenditure associated wlh the delivery of 119 activitseg. Supports CO818 Include those Incurred in the governance of the Charity and 519 as8els and are primarily as8ocSaled wf(h constiluoonal and 5taluttsry requirements. Irr•cov•rnbl• VAT Irrecoverable VAT18 charged 8galn81 the expondilur& heading for whlch11 was Incurred. Funds Unre8trf¢ted funds Are donations and other Incomlng resources recelvable or generated for the objects of the Foundatlon wilhoul furth•r sp8¢tfied purpose and are avallable as general fund8. 08•lgnaled fund¥ are unrestrlcled fund3 ¢Jrmarked by the Trustees for a speclff¢ purpose. Re¥lrfctsd funds ar• lo be used for specM¢ purpose3 as18id down by th• donor. Inv•stm•nt pollcy Investmen18 are a form of baslc financlal Instrument and are Initially reGogn18•d at their transaction value and subBequenlly measured al Ihelr fair value al the balance sheet data using the eloBing quoted market price. The statement ol financial activities includes the nel gains gnd1033es 8rising on revaluali¢n and disposa18 throughout the yèar. The Charlty does not a¢quire pul optlon3, derfvalives or other ¢omplex flnanciol instruments. Raall8gd galn• Ind los•e• All galns and10888$ are taken lo the Stat•menl of FlnAn¢l?l Actlvltieg a$ they arlse. Reallsed galns and lo?ses on inve5tmenls ara ¢alculaled as the difference beeen sile5 proceeds and their op8ning value or their purchase value if acquiTed 8ub8equent to the fiTsI day of the financial year. Unreallsed gains and losses are calculated a8 the difference beeen the fair value at th& year end and Ihelr carrying value. Realiged and unrealised investment gain$ and 10sse5 are comblthed in the Stslement of Flnanclal Activitles. Dobtors Other debtors and related paty debtors are recogn18ed al the settlement arnounl due. Cash at bank Cash at bank includes cash held in a deposlt or similar account. crltOrs and provl*lon¥ Credblors and Provisions are recognised where the Charity has a present obligation rasultlng from a past event that will probably result in the transfer of funds to a third party and the amount dve lo settle the obligation can be measured or eslimaled reliabty. Creditors and prowsions are normally recognised al Ihelr 5etdement amount. 14
The High School of Dundee Foundatlon Not•s to the financlal statgmonts Icontlnued} Accountlng pollcl•s Icontlnuedl Flnancial Instrumgnts The ChaTity only hay financial 0s5els and financial liabilities of a klnd that qualify as basic financial inslrumenls. Basic financial instruments, whith include debtors and cash balances are inilially recognisod at tran5acb.on value and subsequently measured at their settlement value. Judgemènts In applylng accounting pollcios and key sour¢•8 of 08tlmadon In the applieallon of thè Charity's accounting polcle¥, the Trustees are requlred to make udgements, ests'males and assumptions about the carrylng amount of assets and liabilitles that are not readSly apparent frgm other sources. The eslimales and associated a89umptions are based on historical experi¢nce and other factors th81 are c¢nsidered to be relevant, Aclual regulls may differ from these eslimaleg. In preparing these finan¢lal slalements, the Trustee8 have made the following judgemenl8'. Carrylng valu• of Inv&•tments The listed inveslrnenls held by the Charlly are adminl3lered by the Ch8rity's Inv¢Jtrnenl advlsors 71M. InvÈ$tmenls are initially measured al IrangaGllon price excluding transacb'on cos15, and are subsequendy measured al fair value al each reportlng dale. The trans8¢tson prlce, transacllon costs and fair value of the investmènts are b88ed upon the regular Inve¥lment portfollo reports obtained from Ihe investment advi8ors. Ac¢rual8 Tru81ees •$llmile the roqulrements for ac¢Tuals using post year and Infomiatlon and expeetalionB. Thls idenllnes c08ts that are expected to be incurred for services provlded by other parties. Accruals are only releasèd when there 18 a reasonable expectation that thes• costs VAII not be Involced Sn the future. Co•1 of rnl•lng fund• 2024 2023 Development office costs Fundralsing COSt8 25,984 10,810 25.000 40 36.794 25,040 Charitable actlvltl 2024 2023 Grants and scholarship9 pald to the Hlgh School ol Dundee 68,932 189,797 68.932 169.797 Support costs: Audit fees Bank charges 4.914 256 4,e80 746 5.170 5.426 Total 74.102 175,223 15
The High School of Dundae Foundatlon Notss to tho flnan¢lal gtatements Icontinuedl Trustéè•' remunoratlon No Trustoe. or anyone connected with them, received remun&ralion or expenses during the tsvo financial years ended 31 July 2024. Inv•stmont• 2024 2023 At falr valu• At 31 July 2023 Unreallsed 931n 3,716 691 3.435 281 At 31 July 2024 4,407 3.716 Hi•torlc cost Al 31 July 2024 1.667 1,557 The falr value above con81sts of a holdlng In The Alllance Trust of £4,327 and in Ro¢khopper Exploration of £80. 80th are Ilsled UK securilles. Invo•tm•nt Rl8k• FRS 102 requires the disclosure of infomiatlon In relallon to certaln Investment rl8ks. These rlsk6 are 8et out by FRS 102 as followB'. Cradit rflk.. thi8 Is the rlsk that on• party to 8 financlal Inalrum•nl will cause a financlal IOSB lor the other paty by failing lo digeharge an obllgatlon. Markèt rl$k'. Ihls comprfses other pdce rfsk. Other prlc• rlsk.. th13 IJ the flgk that the falr value or future cash flows of a flnanclal a$$tl will fluciuale bècause of changes In market pdces, vthether those changes 4re caused by factors specific to the Indlvidual financlal In81rum•nl or Ils igsuer, or tsclor8 affecllng all simllar financial instruments traded in the market. The Chartty h#8 •xpo8ure to th&so rl8ks bec?uBe of the Invèstments St makes to Implemènt Its Investment strategy. The Trustees manage inv8Stmenl risks. Including credll risk and market rSsk, wlthin agreed ri3k limit8 which aro set laklng into account the Charity's slrateglc Investment oblecllves. The9& Investment objecllves and ri¥k Ilmlls are Implernented through the investment manager agreements in place with the Charity's inveglmenl managers 8nd monitored by the Trusteeg by regular reviews of the Investment portfollo. Crodlt riBk Where the Charity invest$ directly in listed investments and Is therefore dlrectly exposed to ¢di1 risk in relation to these listed instruments. Other price ri¥k Other price risk ariseg principally in relation lo equities held. The Charfly manages this exposure lo other price ri8k by working ¢108ely with the investment managers to ensure investment performance 18 monllored and action taken vthere necessary. 16
The High School of Dundee Foundatlon Nots$ to thè flnanclal stst•ments l¢ontlnuedl Dobtorn 2024 2023 Amounts due from the High School of Dundee Other debtors 301,489 8,993 379,997 4,550 310.482 384,547 Crndltor• 2024 2023 Accrual$ 4,940 4.708 4,940 4,706 Flnanclal In•trufflonts 2024 2023 Carrylng amounts of financSal 89gets Flnancial a8801s measured al falr volu• through profll and 108¥ 4,407 3,718 Flnancial 888•18 measured at lalr value through profil gnd108J Gomprise of listed Investments. 17
The High School of Dundee Foundation Notes to th• flnanclal statamvnts Icontlnuedl Re¥erv•s Bnlanc4 at l Augu•t 2023 2024 In¢om• year 8alh¢• at 31 July 2024 Exp•ndltui• Ih yqar Tran8fwB Galn Re•trtct•d r••ervg• Bursaries resaN Medlcal bursarl¢$ reserve Foundallon essen11418 rg¥erve Property fund reserve 237,167 128 27,220 750 170,0001 10.863 20S,040 878 7,779 13,602 7,779 12,420 4,018 16,0001 12001 258,666 31,988 176.0001 10,463 226,117 Unr••trl¢ted r•B•No• R?v•nue re88rve 698.493 37,150 135,898) 691 110,4631 889,975 Tot•1 m•rvo• 957,159 69,138 1110,8961 691 918,092 aalan at 1 AUBUBI 2022 2023 Incom• In yiir Balaneo Ji exp8rdAL• In ye*r Unr•all••d G•ln Trnn$l•r¥ In ye&r 2023 R••trfct•d r••ary•• Bur6arfe8 reseNe Medlc81 bursari85 reserve Foundallon essènllo18 resen48 Propety lund r86•rve 197,269 378 22,298 750 159,0001 11.0001 78,592 237,1 $7 128 8.054 234,631 139,4891 12751 1110.9721 7.779 13,802 170,4881 440,232 116,4231 1171,2471 6,104 258,888 De•lgnated ro•erv•8 Property fund reserve 417.842 1417,8421 417.642 1417,8421 Unr•strl¢t•d r•i•rve• Rev¥nu• rè3erye 249,718 e5.772 129,0181 281 411,738 898,493 Total re••rv•8 1,107.792 49.349 1200.2631 281 957,159 ZE- 18
The High School of Dundee Foundatlon NoteB to the flnan¢ial 8tstements Icontinuedl ReseTh•8 l¢ontlnued) Purpos•s of restricted funds Bursari95 ro6or¥e Donations ceceived where the donor has requested that the funds be ud lo fvnd bursaries, are credited lo this reserve and iransferred lo ihe School to fund bursarie8 for pupils. Medlcal burBarlgs res•The Funds have been received from membery of the medlcal profession lo provlde an annual bur8ary grant lo the School and have been Idenllfied separately from the general bursary grant. Foundation 08$•ntlal8 ro$•rv• DonalSons TeceNed lo provide n¢¢es8ary financial 8UPPOrt for any pupll8 whe are r•c•lvlng bursary award$ of >95Qh who are not able to purcha88 the requSred blem8 frcm our school Il$l$ i.e. uniform, books, iPads and musical instrument$. Proporty fund r•8erv• Tha propety fund reserve was sel up lo r?cord g1ft8 and donalbons given specifically for bulldlng prolecl¥ undertakèn by the School. 10 Analyils of n•¢ a•••t8 b•tw••n fund• 2024 Unr•itrfct•d De•Sgnatsd roserv•• R•Atrl¢t•d re••rv•a Tot•1 Inveslmenl8 Dèbtors Cash at bank and in hand Sundry cr•dltor8 4,407 304,357 386,151 14,940) 4.407 310.482 606,143 14,9401 8,125 219,992 689,975 226,117 916.092 2023 Unrestrlcled De8lgnaled reserve reserves Reslricled r¢serves Total Investments Debt¢rs Cash at bank and In hand Sundry credltors 3,718 381,649 317,834 14,7061 3,716 384,547 573,602 14.708) 2,898 255,768 698,493 258,$66 957,159 19
The Hlgh School of Dundee Foundatlon Nots$ to th• flnanclal gtatgmgnts Icontlnu•dl 11 Rolat•d party transactlon8 During the year, the Charity Iransacled wth the HSgh School of Dundee. The Charity has relationship wllh the High School of Dundee with indlviduals sltling on both boards. The following is a summary of the transactions and balance this related paty.. 2024 TrnnJJa¢llon• 2023 Incomo Interest received from the High School ol Dundee 13.238 Exp•ndlturo Granlg and scholarships pald to the Hlgh School of Dundee Development office costs paid to the Hlgh School of Dundee Balanc88 Amounts due from the Hlgh School of Dundee 68,932 26,000 169,797 25,000 301,489 379,997 20