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2025-06-30-accounts

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

Company registration number SC405951 (Scotland) Charity registration number SC042545 (Scotland)

ST ALOYSIUS' COLLEGE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Prof David John Hillier
Mr Ben McLeish
Mrs Christina Campbell
Mrs Jennifer Quinn
Ms Sophie Harkins
Mrs Catherine Teenan
Mrs Anne Walker
Mrs Linsday McQuade
Mr Greg Hannah
Mr Eric Hickey (Appointed 28 August 2025)
Dr Maureen Farrell (Appointed 1 October 2025)
Mr Andrew Johnson (Appointed 4 March 2026)
Secretary Mrs Fiona Templeton
Country of incorporation United Kingdom SC405951
(Scotland)
Charity registration Scotland SC042545
Registered office 45 Hill Street
Glasgow
G3 6RJ
Auditor Wbg (Audit) Limited
168 Bath Street
Glasgow
G2 4TP
Solicitors Gilson Gray
29 Rutland Square
Edinburgh
EH1 2BW

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ST ALOYSIUS' COLLEGE

CONTENTS

Page
Trustees report 1 - 11
Statement of Trustees responsibilities 12
Independent auditor's report 13 - 16
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20 - 37

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ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025

The Trustees present their annual report and financial statements for the year ended 30 June 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charitable company's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

The charity’s charitable purposes include ‘(4.1.a) to advance the Roman Catholic religion and to advance education by the conduct of a Roman Catholic school or schools and by the pursuit of ancillary religious and educational and other associated activities for the benefit of the community at large’ and ‘(4.1.b) to promote such similar charitable purposes, objects or institutions and in such proportion and manner as the Governors shall think fit’.

The aim of Jesuit education is the formation of people of competence, conscience and compassion, men and women of faith who are also men and women for others. The College provides education in Glasgow to boys and girls from the ages of 3 to 18.

Jesuit education aims to promote academic excellence whereby each student can develop to the fullest his or her own intellectual gifts. Central to Jesuit tradition is the idea that God is to be found in all things and therefore all things are worthy of attention, curiosity and study. The College provides a co-curricular programme which aims to develop life-long pursuits, build self-confidence and a desire to be ‘men and women for others’.

St Ignatius Loyola (1491-1556), Founder of the Society of Jesus, defined Jesuit education as ‘improvement in living and learning to the greater glory of God and for the common good’. Embracing the meaning of Catholic i.e. universal, students from all faiths are welcomed to St Aloysius’ College subject only to the requirement that they and their parents share the values and ethos of the school and seek a Jesuit education for their child.

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ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

STRATEGIC AIM ONE: INTELLECTUAL FORMATION

STRATEGIC AIM TWO: MAGIS CURRICULUM

Sports

Schola

Clubs

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ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

STRATEGIC AIM THREE: RELIGIOUS FORMATION

STRATEGIC AIM FOUR: SAFEGUARDING & PASTORAL CARE

STRATEGIC AIM FIVE: PERSPECTIVES AND HORIZONS

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ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

ACADEMIC EXCELLENCE

2024-25 continued to see excellent results in SQA examinations, far exceeding the national average at all levels, with National 5 being the best ever A rate. The outcomes were as follows:

Sixth Year Advanced Highers 41.0% A 91.0% passed

Fifth Year Higher entries 64.7% A 95.9% passed

Fourth Year National 5 76.8% A 96.3% passed

The results taken for all levels of entry, place the College as one of the best performing schools nationally. Our pass rates in particular demonstrate excellent support for less academic students

Highlights of the 2025 session:

Junior School:

Mathematics Assessment for Learning and Teaching (MaLT) data Feb 2025

Class % achieving 6 months+ above National Average % achieving 12 months+ above National Average P7L 73% 59%

P7M 81% 71%

Cognitive Abilities Test (CAT 4) Analysis for P7 Verbal Quantitative Non-verbal Spatial Overall

Standardised Assessment Scores where National Average is 100

Achievements for 2024-2025

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ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

RELIGIOUS FORMATION

Achievements for 2024-2025

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ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Financial review

The College continues to adapt to challenging economic and environmental conditions. During 2024-25, a transformation project was carried out to ensure that the College is fit for purpose and fit for the future. This involved a strategic review of operations, staffing, management, income and expenditure. A significant part of the project was reviewing staffing levels to ensure that the staff was appropriately sized for pupil numbers and needs. This has resulted in a savings in employment costs and operational expenditure. With the introduction of a more streamlined process for the management and control of spending, further savings are anticipated in future years. The College also has had to account for further external pressures on expenditure such as higher employer pension contribution rates, national insurance and ongoing cost of living charges. Following legislation changes for private schools, the College is VAT registered which has resulted in some savings as a result of being able to reclaim VAT on purchases made.

At 30th June 2025, the Statement of financial activities shows a net deficit of £1.4m based on its activities (2024: deficit £656k). Although the deficit has increased, this is largely because of one-off property sales in 2023-24, on an operating level, the College performance has improved and we expect to see further improvements in 2025-26 as the outcomes of the transformation project continue to set in. The underlying financial position has stabilised and projections for the forthcoming year show a marked improvement. Management, working closely with the Governors, has agreed a robust and realistic glidepath towards a sustainable break-even position. This plan is supported by strengthened financial controls, targeted efficiency measures, and prudent assumptions, providing confidence in the College’s ability to restore financial resilience over the medium term. Student numbers are at a level that Management and Governors consider to be both sustainable and sufficient to underpin the College’s financial viability. Forecast enrolments for the coming year support the assumption that the College can deliver its planned financial recovery.

The principal funding source of the College is tuition fees. Further income, to a much lesser degree includes donations (many of which are for restricted purposes), investment and letting income.

Income in 2024-25 is lower than in the previous year because of one-off property sales in 2023-24. Fee income increased in the year but collection of fees due continues to be a challenge with £897,532 owed at 30 June 2025 (2024: £722,552). Governors and Management take the collection of fee income seriously, launching a new Credit Control Policy during 2025-26 and continuing to take legal advice on significantly large or overdue debt.

Reserves policy

The Governors have set a reserves policy whereby the College should aim to have between one and three months of running costs in reserve. Based on current expenditure levels this would amount to between £1m (2024: £1m) and £3m (2024:£3m). At 30th June 2025 reserves of £1m (2024: £1.6m) comprised unrestricted general reserves less net book value of buildings. Total reserve funds at 30th June 2025 amounted to £17.3m; (2024: £18.7m).

Investment policy

During the year to 30th June 2025, the investments generated a total return of 3.2%. This result came at the end of a dramatic year where until the mid-February, the portfolio had enjoyed a strong run on the back of political stability thanks to the peaceful passing of multiple elections, steady global economic growth and excitement surrounding Artificial Intelligence.

March however brought with it concerns regarding the impositions of US tariffs and markets fell back on worries over the impact this would have on global economic growth and the geopolitical relationships.

As tariff negotiations settled, markets began to focus on the earnings growth coming from US companies in particular, which helped to support share prices.

The top performer in the portfolio over the year was the holding in the Gold ETF with the underlying technology holdings in the Scottish Mortgage Trust also performing well.

Over the year, the fund generated income of £25,619, equivalent to an income yield of 2.4%. The responsible investment criteria are being upheld in the management of the assets and the fund remains well positioned to meet the long-term objectives of the College.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Major risks

The College takes a pro-active approach to risk. The work of the Audit and Risk Committee (ARC) is an example of such an approach. This committee’s terms of reference are to undertake a detailed review of all policies when created and then continued oversight of policies, procedures and the overall College Risk Register on an on-going basis. In the event that a greater strategic risk is identified then the Board will constitute short-term working parties to deal with the various elements of the matters necessary to mitigate or remove this risk. In such an event the Audit & Risk committee meetings will be replaced temporarily by the working parties so formed.

All identified risks are mapped using a traffic light system and responsibility for monitoring specific risks is delegated to the most appropriate committee of the Board. The section of the Risk Register for which the relevant committee has oversight is considered in full detail at their meeting at least annually. In addition, the Risk Register is a standing agenda item and all committee members have responsibility for reviewing the contents of the Register ahead of each meeting and to flag up any new matters. The work of ARC on this area is then fed back to the main Board and the overall College Risk Register so updated.

The College has identified, in common with most educational institutions, that fire is a significant risk.

In view of our city centre location and the inclusion of public highways through the campus, vehicle traffic and road crossing are other significant risks. To address these key risk areas, the College’s part-time professional Director of Health and Safety undertakes regular monitoring of our mitigations.

Annual Health & Safety training is delivered to all staff and we make use of the iHasco online system of training which both delivers the courses and also provides evidence of completion. Management are then able to ensure that all staff have completed the mandatory courses via the reporting function of this system. There are regular and efficacious Health & Safety Meetings which resulted in a full review of the management of fire evacuations. We employ careful operational measures for the safe management of vehicles and pedestrians crossing. The College employs Worknest formerly Law at Work (LAW) to undertake the role of Competent Person in respect of Fire Risk Assessments and all matters related to Health & Safety.

As with other independent schools, the College continues to monitor the effect of the imposition of VAT on tuition fees. The Head of Admissions responds to all enquiries from potential families, meeting them, arranging on site visits to the College and meeting teaching staff.

The Jesuits in Britain CIO have indicated their financial support beyond the date of approval of the financial statements. The Governors consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

As independent schools we recognise that price is a significant impediment to growing the size of the school. The College focuses on both marketing to attract students and fundraising to provide bursaries to fund the attendance of students who would otherwise be unable to participate. As previously noted, the introduction of academic scholarships is anticipated to attract new pupils to the College.

Student recruitment and retention for the current and forthcoming academic years provide confidence that enrolment levels are sufficient to support the College’s ongoing financial viability. Management continues to closely monitor student numbers to ensure alignment with the agreed financial glidepath.

The College has a full portfolio of insurance covers and this is reviewed on an annual basis with our insurance broker to ensure adequate cover levels and to anticipate any new threats for which cover may now be required.

Other risks are mitigated by ensuring the existence of controls over key financial systems, by taking regular professional advice, and by examining operational and business risks faced by the College.

As an educational establishment best practice is followed in accordance with national guidelines and standards such as Healthy Eating Initiative, Environmental Awareness, Travel Plan Initiative and Health Board Circulars.

In addition to the main board meetings, the Governors meet annually for a whole day strategy meeting. This enables further investigation of any risk mitigation actions that require a longer lead time.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Plans for future periods

The work of the Development Office is key to creating additional income. They continue to generate donations for a number of projects. This involves communication with former students, parents, potential donors, planning fundraising events and submitting applications to relevant Trusts and Foundations.

The College has begun a new chapter for 2026 entry in supporting academic excellence. The introduction of offering of academic scholarships is the commitment to nurture potential, celebrate achievement and support pupils who flourish through curiosity, dedication and love of learning.

Structure, governance and management

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Prof. David Hillier (appointed 18/11/2024); (appointed Chair 01/10/2025) Dr. Isabelle Cullen (Chair) (resigned 30/09/2025) Fr. Simon Bishop SJ (deceased 04/01/2026) Mrs. Christina Campbell Mrs Maureen Farrell (appointed 01/10/2025) Mr. Greg Hannah Ms. Sophie Harkins Mr. Eric Hickey (appointed 28/08/2025) Mrs. Lindsay McQuade (appointed 05/11/2024) Mr. Ben McLeish Mrs. Jennifer Quinn Mr. Damian Ralph (resigned 02/02/2026) Mrs. Catherine Teenan Mrs. Anne Walker Mr Andrew Robert Johnson (appointed 04/03/2026)

It was with profound sadness that the Governors notified the death of Fr. Simon Bishop.

Fr. Simon was 58 years old and in the 33rd year of his religious life. All of us will remember him with deep affection and gratitude for his service to the College and to the wider Jesuit mission in education and formation. During his time as Governor and Chaplain of the College, Simon’s holiness and wisdom were an anchor for the College’s leadership and Governing Body.

The Board of Governors meets a minimum of four times per year. There are several sub-committees whose minutes are reported to the Main Board at each main Governing Body meeting. The sub-committees are: Audit & Risk; Formation & Education; Finance & General Purposes; Nomination & Remunerations. At least one member of key management personnel of the College attends each sub-committee and all attend the main Board meetings. Attendance at meetings is possible either in person or virtually to ensure maximum participation.

In addition to the sub-committees of the Governing Body, the College operates a number of internal management committees, all of which include members of the key management personnel.

The Governing Body has established an external advisory panel called the Safeguarding Commission to provide expert opinion on safeguarding matters. The Safeguarding Governor attends the meetings of the Commission.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Recruitment and appointment of trustees

The Nomination and Remunerations Committee undertakes a skills audit at each meeting and compares that with the skills of those Governors currently on the Board. Where gaps are identified, they seek the names of people who have the necessary skills and then begin the process of selecting the appropriate individual(s).

Once an individual is identified the process is as follows:

Having compiled all this information, the candidates are recommended for appointment to the Members and then to the rest of the Board.

The candidates are then issued with:

The process is then complete.

In addition to Full Board and Committee meetings, Governors support the College in numerous ways by attending events and College Committee meetings. A central log of Governors' attendance at the various Committee meetings is maintained.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

St Aloysius’ College was founded in 1859.

The College is registered with Companies House as a company limited by guarantee, and with the Office of the Scottish Charity Regulator (OSCR) as a charity. It has been recognised as a charity by HMRC. The governing document is the Articles of Association which is presented the College website.

The Directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Governors. The structure of the organisation is that there are four Members, three being Foundation Members appointed by the Society of Jesus and the fourth being the serving Chair of Governors. The Governors, who include the Members, number a maximum of 16. All Governors are appointed by the Members at the AGM for an initial term of three years and one third must stand down in rotation at each AGM. Governors may be appointed for consecutive periods not exceeding nine years. The Governors may appoint additional Governors to fill any vacancy. Any such appointment lasts only until the next AGM whereupon the Members may confirm the appointment. The Chair of Governors is appointed by the Members from a list proposed by the Governors. The Chair holds office for an initial term of three years and is eligible for reappointment for a further term of three years.

The Governing Body is satisfied that the structure in place has clear reporting lines and allocated responsibilities which meet standards of best practice for a Charity and Company limited by guarantee.

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ST ALOYSIUS' COLLEGE

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Other matters

The Governing Body considers the key management personnel of the College to be the members of the College Leadership Team, i.e. the Principal, Mr. Seamus Scorgie, Academic Depute, Mr James Cluckie, Senior Depute and Head of Junior School, Mrs. Isabelle Erskine, a representative from the Junior School Leadership Team, Mrs. Emma Doherty and Director of Finance and Operations, Mrs Fiona Templeton.

The key management personnel are those in charge of directing, controlling, running and operating the College on a day-to-day basis.

On appointment, the remuneration of key personnel is determined by comparison with sector norms. Increases to remuneration for these staff fall within the remit of the Nomination and Remunerations Committee.

Relationship with related parties

No Governor receives remuneration or other benefit from their work with the College. In the current year related party transactions, all at arms-length, are as reported under Note 27 to the financial statements.

Auditor

In accordance with the company's articles, a resolution proposing that Wbg (Audit) Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees report, including the strategic report, was approved by the Board of Trustees.

Prof David John Hillier

Chair of the Board of Trustees

10 April 2026

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ST ALOYSIUS' COLLEGE

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2025

The Trustees, who are also the directors of St Aloysius' College for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

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

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ST ALOYSIUS' COLLEGE

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF ST ALOYSIUS' COLLEGE

Opinion

We have audited the financial statements of St Aloysius' College (the ‘Charitable company’) for the year ended 30 June 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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ST ALOYSIUS' COLLEGE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ST ALOYSIUS' COLLEGE

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the Charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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ST ALOYSIUS' COLLEGE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ST ALOYSIUS' COLLEGE

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and noncompliance with laws and regulations we considered the following;

Based on our understanding of the charity and the sector we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to;

We considered the extent to which non-compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006. We evaluated management and trustees’ incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to;

Audit response to risks identified

Our procedures to respond to the risks identified included the following;

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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ST ALOYSIUS' COLLEGE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ST ALOYSIUS' COLLEGE

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alexander Hogg CA (Senior Statutory Auditor)

For and on behalf of Wbg (Audit) Limited, Statutory Auditor Accountants 168 Bath Street Glasgow G2 4TP 10 April 2026

Wbg (Audit) Limited is eligible for appointment as auditor of the Charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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ST ALOYSIUS' COLLEGE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted
funds
2025
Notes
£
Income from:
Donations and legacies
3
2,475
Charitable activities
4
9,680,001
Investments
5
59,008
Total income
9,741,484
Expenditure on:
Charitable activities
6
11,107,294
Total expenditure
11,107,294
Net gains/(losses) on
investments
11
-
Net expenditure
(1,365,810)
Transfers between
funds
11,697
Other recognised
gains and losses:
Gain on sale of tangible
fixed assets
-
Net movement in
funds
8
(1,354,113)
Reconciliation of funds:
Fund balances at 1 July 2024
17,132,548
Fund balances at 30 June
2025
15,778,435		 Restricted
funds
2025
£
264,114
-
25,619
289,733
315,635
315,635
11,697
(14,205)
(11,697)
-
(25,902)
1,528,166
1,502,264		 Total Unrestricted
funds
2025
2024
£
£
266,589
1,377
9,680,001
9,493,776
84,627
49,275
10,031,217
9,544,428
11,422,929
11,446,924
11,422,929
11,446,924
11,697
-
(1,380,015)
(1,902,496)
-
180,741
-
1,117,786
(1,380,015)
(603,969)
18,660,714
17,736,517
17,280,699
17,132,548		 Restricted
funds
2024
£
238,122
6,022
28,414
272,558
272,544
272,544
128,198
128,212
(180,741)
-
(52,529)
1,580,695
1,528,166		 Total
2024
£
239,499
9,499,798
77,689
9,816,986
11,719,468
11,719,468
128,198
(1,774,284)
-
1,117,786
(656,498)
19,317,212
18,660,714

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

BALANCE SHEET

AS AT 30 JUNE 2025

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
19
Net assets
The funds of the Charitable company
Restricted income funds
22
Unrestricted funds
23		 2025
£
£
18,893,159
1,142,258
20,035,417
21,172
1,490,961
748,611
2,260,744
(2,372,215)
(111,471)
19,923,946
(2,643,247)
17,280,699
1,502,264
15,778,435
17,280,699		 2024
£
£
19,330,340
1,205,056
20,535,396
23,277
1,609,968
332,710
1,965,955
(2,065,686)
(99,731)
20,435,665
(1,774,951)
18,660,714
1,528,166
17,132,548
18,660,714

The financial statements were approved by the Trustees on 10 April 2026

Prof David John Hillier Chair of the Board of Trustees

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
28
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from investing activities
Financing activities
Loan capital received
Repayment of bank loans
Finance costs paid
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(42,465)
-
(229,194)
303,689
84,627
750,000
-
-
£
(450,756)
116,657
750,000
415,901
332,710
748,611		 2024
£
£
(1,604,074)
(293,021)
1,225,000
(299,744)
356,629
77,689
1,066,553
760,000
(113,500)
(101,984)
544,516
6,995
325,715
332,710

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

Charity information

St Aloysius' College is a private company limited by guarantee incorporated in Scotland. The registered office is 45 Hill Street, Glasgow, G3 6RJ.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the Charitable company's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The Charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charitable company has adequate resources to continue in operational existence for the foreseeable future.

During the 2025-26 year, the College had access to an approved loan facility to support short-term liquidity if required. Due to improved cash management, close cost control, and the timing of income receipts, at the time of signing it has not been necessary to draw down on this facility. This outcome is encouraging and demonstrates the effectiveness of the actions taken by management to stabilise cash flow. The continued availability of the facility provides additional headroom as the College progresses along its agreed financial glidepath, further strengthening confidence in its ability to achieve a sustainable break-even position.

Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings 2% - 10% straight line
Plant, fixtures and equipment 5% - 25% straight line
Motor Vehicles 5% - 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/ (expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

1.11 Financial instruments

The Charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charitable company's balance sheet when the Charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, 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 to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charitable company’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

2 Critical accounting estimates and judgements

In the application of the Charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Impairment

Determine whether there are indicators of impairment of the College’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expect future financial performance of the asset.

Bad Debt Provision

The bad debt provision is assessed through detailed review of the debtors listing on a line by line basis taking into account management's knowledge of specific circumstances of each debtor.

Depreciation

Fixed assets are depreciated over the useful life of the asset. The useful lives of fixed assets are based on the knowledge of management, with reference to an asset’s expected life cycle.

Support Costs

Support costs are allocated between activities using an appropriate basis as noted in Notes 7.

Leases

Determining whether leases entered into by the College either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Going Concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts 2,475 264,114 266,589 1,377 238,122 239,499

Government grants

The College received a grant from the Scottish Government for Nursery Funding for £229,543 (2024: £130,253).

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

4 Income from charitable activities

Teaching

Analysis by fund Unrestricted funds Restricted funds

Fee Income
2025
£
9,318,979
9,318,979
-
9,318,979		 Shop
Income
2025
£
321
321
-
321		 Rent
Received
2025
£
12,950
12,950
-
12,950		 Sundry Capital Levy
2025
2025
£
£
43,251
304,500
43,251
304,500
-
-
43,251
304,500		 Total
2025
£
9,680,001
9,680,001
-
9,680,001		 Total
2024
£
9,499,798
9,493,776
6,022
9,499,798

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Charitable trading income

Fee income is stated net of grants and allowances of £357,273 (2024: £363,106) and Bursaries £684,298 (2024: £652,291)

Previous year:
Fee Income
Shop
Income
2024
2024
£
£
Teaching
9,153,215
137
Analysis by fund
Unrestricted funds
9,153,215
137
Restricted funds
-
-
9,153,215
137
Income from investments
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Income from listed
investments
-
25,619
Interest receivable
59,008
-
59,008
25,619		 Rent
Received
Sundry Capital Levy
2024
2024
2024
£
£
£
2,000
13,594
330,852
2,000
7,572
330,852
-
6,022
-
2,000
13,594
330,852
Total Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
25,619
-
28,414
59,008
49,275
-
84,627
49,275
28,414		 Total
2024
£
9,499,798
9,493,776
6,022
9,499,798
Total
2024
£
28,414
49,275
77,689

5 Income from investments

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

6 Expenditure on charitable activities

Provision of Provision of
education education
2025 2024
£ £
Direct costs
Staff costs 7,241,076 7,791,289
Depreciation and impairment 479,643 511,095
Administration 1,300,318 1,238,153
Premises 1,607,078 1,420,170
10,628,115 10,960,707
Share of support and governance costs (see note 7)
Support 662,054 664,965
Governance 132,760 93,796
11,422,929 11,719,468
Analysis by fund
Unrestricted funds 11,107,294 11,446,924
Restricted funds 315,635 272,544
11,422,929 11,719,468
7 Support costs allocated to activities
Provision of Total
education
2025 2024
£ £
Leasing costs 67,959 50,948
Staff travel 2,415 5,820
Bus and coach hire 302,601 305,993
Catering resources 263,561 276,191
Hire and storage charges 11,737 12,806
Motor expenses 13,781 13,207
Governance 132,760 93,796
794,814 758,761

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

7 Support costs allocated to activities

Governance costs comprise:
Audit fees
Salaries of finance office
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 2025
£
16,000
116,760
132,760
2025
£
16,000
479,643		 2024
£
10,000
83,796
93,796
2024
£
10,000
511,095

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charitable company during the year.

10 Employees

The average monthly number of employees during the year was:

Teaching
Administration & other
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
65
64
129
2025
£
5,603,005
599,259
1,038,812
7,241,076		 2024
Number
74
60
134
2024
£
6,043,010
616,337
1,131,942
7,791,289

Redundancy and termination payments totalling £90,242 for 6 people (2024: £149,295 for 10 people) were made in the reporting period.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

10 Employees

The number of employees whose annual remuneration was more than £60,000 is as follows:

is as follows:
2025 2024
Number Number
£60,000 - £69,999 3 3
£70,000 - £79,999 1 -
£80,000 - £89,999 - 1
£90,000 - £99,999 1 -
£100,000 - £109,999 1 1
£120,000 - £129,999 - 1

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 494,594 569,163
Gains and losses on investments
Restricted Restricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 11,697 128,198

11 Gains and losses on investments

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

13
Tangible fixed assets
Cost
At 1 July 2024
Additions
At 30 June 2025
Depreciation and impairment
At 1 July 2024
Depreciation charged in the year
At 30 June 2025
Carrying amount
At 30 June 2025
At 30 June 2024		 Buildings Plant, fixtures
and equipment
£
£
22,516,697
508,612
-
42,465
22,516,697
551,077
3,341,371
353,601
403,923
75,720
3,745,294
429,321
18,771,403
121,756
19,175,332
155,008		 Motor
Vehicles
£
69,860
-
69,860
69,860
-
69,860
-
-		 Total
£
23,095,169
42,465
23,137,634
3,764,832
479,643
4,244,475
18,893,159
19,330,340

Heritable property is stated at deemed cost at 1 July 2014 as amended by subsequent additions and disposals, as part of the transitional changes allowed under FRS102. The deemed cost was calculated based on a valuation by Ryden LLP in September 2016. Ryden LLP are not connected with the College.

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 July 2024 1,205,056
Additions 229,194
Loss on revaluation (1,298)
Disposals (290,694)
At 30 June 2025 1,142,258
Carrying amount
At 30 June 2025 1,142,258
At 30 June 2024 1,205,056

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value using the bid price. Asset sales and purchases are recognised at the date of trade at costs (that is their transaction value).

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

15
Stocks
Finished goods and goods for resale
16
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
17
Loans and overdrafts
Other loans
Payable after one year		 2025
£
21,172
2025
£
897,532
123,301
470,128
1,490,961
2025
£
2,046,500
2,046,500		 2024
£
23,277
2024
£
722,552
522,243
365,173
1,609,968
2024
£
1,296,500
1,296,500

The long-term loans are secured by fixed charges over 2.2%

During the year ended 30 June 2025, the College received loan funds from the Jesuits in Britain CIO; formerly Trustees for Roman Catholic Purposes, (TRCP) amounting to £750k. The loan is due to be repaid in full no later than 30th September 2028. Capital repayments can be made at any time during the loan in multiples of £5,000 and the College must meet the loan balance targets by 30th September each year. Interest is charged at the Bank of England’s Base Rate plus 2.2%. A payment holiday was granted by Jesuits in Britain towards the end of the last financial year. The security of the loan is taken over 26 Dalhousie Street, Glasgow, G3 6RG and 62 Hill Street, Glasgow, G3 6RH.

18 Creditors: amounts falling due within one year

Notes
Deferred income
20
Trade creditors
Other creditors
Accruals		 2025
£
173,440
1,059,156
646,046
493,573
2,372,215		 2024
£
343,491
501,209
639,218
581,768
2,065,686

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

19
Creditors: amounts falling due after more than one year
Notes
Borrowings
Deferred income
20
Other creditors
20
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Non-current liabilities
Movements in the year:
Deferred income at 1 July 2024
Released from previous periods
Resources deferred in the year
Deferred income at 30 June 2025
Deferred income relates to fees and bursaries paid in advance.
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of all contribution schemes		 2025
£
2,046,500
161,965
434,782
2,643,247
2025
£
335,405
2025
£
173,440
161,965
335,405
343,491
(343,491)
335,405
335,405
2025
£
1,038,812		 2024
£
1,296,500
-
478,451
1,774,951
2024
£
343,491
2024
£
343,491
-
343,491
426,112
(426,112)
343,491
343,491
2024
£
1,131,942

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

21 Retirement benefit schemes

The Charitable company operates a defined contribution and benefit pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charitable company in an independently administered fund.

The school participated in the Scottish Teachers Superannuation Scheme (STSS). This Scheme is notionally funded and provides members with defined benefits. Employers contributions are assessed every five years by the Government Actuary. The total pension cost in respect of this Scheme for the year, excluding provisions for future increases, was £731,847 and represents a fair estimate of the annual pension costs.

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Bursary Fund
Library Fund
Sports Hall
Taylor Family
Organ
Take a Seat
Schola Choir
Stands
Scottish Rugby
Union
Hockey
Sponsorship
Childrens Fund
J Hylands
Maths Prize
Rugby
Academy
Golf Umbrellas
Senior School
Football Strips
PTA		 July 2024
Incoming
resources
Resources
expended
£
£
£
1,399,453
261,883
(286,645)
5,700
-
-
-
1,500
-
4,470
-
-
34,635
-
-
2,000
-
-
6,575
4,450
(2,200)
92
9,000
(6,353)
48,502
-
-
5,500
-
(250)
17,158
-
(17,158)
1,052
-
-
3,029
-
(3,029)
-
12,900
-
1,528,166
289,733
(315,635)		 Transfers
Gains and
losses
At 30 June
2025
£
£
£
(11,697)
11,697
1,374,691
-
-
5,700
-
-
1,500
-
-
4,470
-
-
34,635
-
-
2,000
-
-
8,825
-
-
2,739
-
-
48,502
-
-
5,250
-
-
-
-
-
1,052
-
-
-
-
-
12,900
(11,697)
11,697
1,502,264		 Transfers
Gains and
losses
At 30 June
2025
£
£
£
(11,697)
11,697
1,374,691
-
-
5,700
-
-
1,500
-
-
4,470
-
-
34,635
-
-
2,000
-
-
8,825
-
-
2,739
-
-
48,502
-
-
5,250
-
-
-
-
-
1,052
-
-
-
-
-
12,900
(11,697)
11,697
1,502,264
1,502,264

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

22 Restricted funds

Previous year: At 1
Bursary Fund
Library Fund
Modern
Languages
Prize
Taylor Family
Organ
Take a Seat
Hardship Fund
Safe Haven
Schola Choir
Stands
Scottish Rugby
Union
Hockey
Sponsorship
Justice & Peace
Childrens Fund
J Hylands
Maths Prize
Historic
Environment
Rugby
Academy
Golf Umbrellas
Senior School
Football Strips
Artificial Pitch		 July 2023
Incoming
resources
Resources
expended
£
£
£
1,435,407
200,039
(235,993)
5,700
-
-
160
-
(160)
4,470
-
-
34,635
-
-
19,816
1,000
(20,816)
4,149
-
(4,149)
2,000
-
-
5,614
4,175
(3,214)
-
4,000
(3,908)
1,020
-
(1,020)
61,723
-
-
5,750
-
(250)
251
300
(551)
-
18,000
(842)
-
1,052
-
-
4,670
(1,641)
-
39,322
-
1,580,695
272,558
(272,544)		 Transfers
Gains and
losses
At 30 June
2024
£
£
£
(128,198)
128,198
1,399,453
-
-
5,700
-
-
-
-
-
4,470
-
-
34,635
-
-
-
-
-
-
-
-
2,000
-
-
6,575
-
-
92
-
-
-
(13,221)
-
48,502
-
-
5,500
-
-
-
-
-
17,158
-
-
1,052
-
-
3,029
(39,322)
-
-
(180,741)
128,198
1,528,166		 Transfers
Gains and
losses
At 30 June
2024
£
£
£
(128,198)
128,198
1,399,453
-
-
5,700
-
-
-
-
-
4,470
-
-
34,635
-
-
-
-
-
-
-
-
2,000
-
-
6,575
-
-
92
-
-
-
(13,221)
-
48,502
-
-
5,500
-
-
-
-
-
17,158
-
-
1,052
-
-
3,029
(39,322)
-
-
(180,741)
128,198
1,528,166
1,528,166

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

22 Restricted funds

The unrestricted funds are the funds which the Trustees are free to use in accordance with the charitable objectives of the College. The Trustees have created the following designated funds:

Tangible fixed assets - reflects the funds tied up in the net book value of the fixed assets.

Capital levy – Fees collected under the Capital Levy are used inter alia to help finance the construction and maintenance of the School, the acquisition of new facilities and equipment, and additions to, enhancement and replacement of these facilities.

Restricted funds comprise:

Bursary fund – Donations received and investment income to defray the cost of bursaries.

Library fund – A donation received towards the refurbishment of the College library.

Sports Hall - Donations received for Sports Hall costs.

Modern languages prize – The St Stanislaus Kostka prize for modern languages - a donation from Bishop Moran.

Taylor Family organ – Donations received towards the upkeep of the Church organ.

Take a Seat – Donations received towards the replacement of the Hall seating.

Hardship Fund – Donations to alleviate significant financial difficulties.

Schola choir stands – Choir stands for the use of the school choirs.

Safe Haven – For the assistance of vulnerable persons in relocation into new communities

Scottish Rugby Union – Donations received to cover the costs of new kit and rugby expenditure.

Justice & Peace – Donations received towards the charitable work for Justice & Peace.

Childrens Fund – Funds to enable a holiday for the benefit of disabled, disadvantaged and socially deprived children.

J Hylands Maths Prize – Donations towards an annual £250 prize for excellence in mathematics.

Historic Environment – Donation towards the costs of pupil visits to places of significant historical interest.

Hockey Sponsorship – Sponsorship funding for the hockey team.

Rugby Academy – Donations and funding towards the rugby team.

Golf umbrellas – Umbrellas for the junior and senior golf team.

Senior School Football Strips – Donations and sponsorships for the senior school football strips.

Artificial Pitch – Donation towards cost of new artificial pitch.

PTA - Donations received in response to departmental bids for teaching resources.

Transfer between funds – this is the gain on disposal of investments and fixed assets transferred from restricted funds to unrestricted funds.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 July 2024
£
General funds
17,132,548
Previous year:
At 1 July 2023
£
General funds
17,736,517
Gain on sale of tangible fixed
assets
-
Analysis of net assets between funds
At 30 June 2025:
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities
At 30 June 2024:
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities		 Incoming
resources
Resources
expended
£
£
9,741,484
(11,107,294)
Incoming
resources
Resources
expended
£
£
9,544,428
(11,446,924)
-
-
Unrestricted
funds
2025
£
18,893,159
-
(471,477)
(2,643,247)
15,778,435
Unrestricted
funds
2024
£
19,330,340
-
(422,841)
(1,774,951)
17,132,548		 Transfers
£
11,697
Transfers
£
180,741
-
Restricted
funds
2025
£
-
1,142,258
360,006
-
1,502,264
Restricted
funds
2024
£
-
1,205,056
323,110
-
1,528,166		 At 30 June
2025
£
15,778,435
At 30 June
2024
£
16,014,762
1,117,786
Total
2025
£
18,893,159
1,142,258
(111,471)
(2,643,247)
17,280,699
Total
2024
£
19,330,340
1,205,056
(99,731)
(1,774,951)
18,660,714

24 Analysis of net assets between funds

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

25 Operating lease commitments

Lessee

As the 30th of June 2025, the College had annual commitments under non-cancellable operating leases as follows:

At the reporting end date the Charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment		 2025
£
42,061
100,373
29,904
172,338
2025
£
2025
£
84,654		 2024
£
51,411
154,233
50,338
255,982
2024
£
2024
£
-

27 Related party transactions

During the year ended 30th June 2025, there were no governor donations (2024: £nil).

During the year ended 30 June 2025, the College purchased goods for £2,800 (2024: £15,660) from Brand Maguires Ltd. A director of Brand Maguires Ltd is the son of College Governor, Mr Greg Hannah. At the year end £Nil was due to Brand Maguires Ltd (2024: £nil).

During the year ended 30 June 2025, the College purchased services for £Nil (2024: £5,360) from The PRG Partnership, Solicitors. Mrs Jennifer Quinn, Governor, is a partner in this firm. At the year end £Nil was due to The PRG Partnership (2024: £nil).

During the year ended 30 June 2025, the College purchased goods of £23,112 (2024: £Nil) from PA Cooperative Ltd., of which Mr Ben McLeish, Governor, is a director. At the year end £Nil was due to PA Cooperative Ltd.

Docusign Envelope ID: 11CA522B-2B79-4A53-A545-65D4AF59AFCC

ST ALOYSIUS' COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

28 Cash absorbed by operations 2025 2024
£ £
Deficit for the year (1,380,015) (656,498)
Adjustments for:
Investment income recognised in statement of financial activities (84,627) (77,689)
Gain on disposal of tangible fixed assets - (1,117,786)
Fair value gains and losses on investments (11,697) (111,358)
Depreciation and impairment of tangible fixed assets 479,643 511,095
Finance costs paid - 101,984
Movements in working capital:
Decrease in stocks 2,105 497
Decrease/(increase) in debtors 119,010 (178,316)
Increase in creditors 432,911 6,618
(Decrease) in deferred income (8,086) (82,621)
Cash absorbed by operations (450,756) (1,604,074)
29 Analysis of changes in net (debt)/funds
At 1 July 2024 Cash flows At 30 June 2025
£ £ £
Cash at bank and in hand 332,710 415,901 748,611
Loans falling due after more than one year (1,296,500) (750,000) (2,046,500)
(963,790) (334,099) (1,297,889)