Tho Hlgh School of Dundee Foundatlon
Cha￿ty 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• Founda￿0￿ I'th• Foundatlon I
The Foundation was established by Trust Oe•d in 2000 and Is regl$lered wlth the Offlce of the
Scottish Charlty Regulator under Charlty Number SC030842. Particulars of the Trustees, professional
advisors and executive officers along Tmth relev￿1 addresses are shown on Page 1.
Structure, Govgrnanc• And Managèmgnt
Trustees are appointed lo the Foundallon by the 8oar(l ol Tru$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 eXpe￿se, knO￿edge 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 Man*gem•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 developm*nt 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 Cont￿bUt19n 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 gr0￿h In value of inveslmenls. The Trustees have adopted a rese￿eS 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$, the balance sheet and notes
lo the financial 51atements. including a summary of significant accounting policie8. The fi'nan¢ial
reporting framework th8t ha5 been applied in their prtsparalion is appllcable law and Unrted Klngdom
Accounting Stsndard5, Including FRS 102 The Financial Reporting Standard appI￿able in the UK 8nd
Republic of Ireland (United Kingdom Generally Accepted Accounting Practieel.
In our opinSon the financial 8latemenl$'.
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$pon8ibllille5 and the responsibilities Df the TTU8lee8 wkh rèspect to goln9 ¢oncern are
described in the relevant sèctions of this report.
Oth•r Informatlon
The other infomiatlon comprises the Infomiation included In the annual report, other than the financial
statam*nl8 and our auditor's report thereon. The Trustees are responsible for the other
information contained wlhin the annual report. Our opinion on the flnancial 81alements does not cover
the other Informallon and we do not express any form of assurance concluslon thereon.
Our re5pon$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&paralion 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 knO￿ttdge 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 tes￿n9 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
Tr*n*f•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 actIvI￿e8 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 be￿een 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 be￿een 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.
cr￿ltOrs 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
8al*h¢• 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 u￿d 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