Fettes College Report and Financial Statements for tha year ended 31 August 2025 Scottish Charity nurnber SC051259 Company nurnber SC719759 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 1149
Contents Pag8 Administrative and Legal Infoatn Govamors, Raport irwrating tha Stratogic Raport Statement of Govemors. Responsibilities 23 Independent Auditor's Rewt to the Trustees and Members of Fettes College 24 Consolidated Statement of Financial Activities 27 Schcd Statement of Financial Activities 28 Group & School Balancè Sh80ts 29 Group & School Ststamonts of Cash Flows 30 Notès to tha financ1 statèmènts 31 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 2 149
Fettes College ADMINISTRATIVE AND LEGAL INFORMATION Governors The followng person5 Served as Governor5 durirv3 the perioj frorn 1 September 2024 to the date of approval of th Financial Stat&m&nts (OF dosignat&s Old Fettosianl.. Name Thè Rt Hon Lady Wisa Ichairl Mr R M Leckie IOFI IDepity Chairl MrH W D Bruc•-Watt IOFI MrPLCrayKC Professor A E Thomas OBE MrGKBarriè Mrs E L Goodbum IOFI Mr P O Huntar Ms L S Patersc Mr W Sinclair Ms E Logan Profossor M Grrffin Mr G Brar Mr J D E(fv/ard Appolnted by Sanators of His Majasty's Collago of Justica Old Fettesian Association Socioty ofWrit•rs to His Majasty's Signat Faculty ofAdvocates Royal College of Physiaans of Edinburgh (from 14th June 20251 (from * OCtor 20241 The Standing Committees of the Board of Govemor5 during the same period induded the followng:_ The Finance Committee Mr R M Leckie Iconvenorl Mr H W D Bruce-watt Mr J D Edward Mr W Sinclair The Rt Hon Lady Wise The Preparatory School Committee Mr H W D Bruce-watt WS Iconvenerl MrPLGrayKC Mr P D Hunter Professor A E Thomas OBE The Risk Management Committee Professor M Grffin lconveI MrGKBarri8 Mr G Brar Mr K McDowo11 Iby invitation) Ms L S Paterson (until 3rd June 20251 Buildings Committee Mr W Sinclair IC4)nvenerl Mr J Beeton (by invitationl Mrs C Pilz (by invitati) Mr E M Young Iby invrtationl Academic Committee Mr P D Hunter Iconvenerl Profossor A E Thomas OBE Ms E L Goodbum Tho Rt Hon Lady Wis8 Ms E Logan Nominations Committee Ms E L Goodbum IConvon8rl The Rt Hon Lady Wise Professor A E Thomas MrPLGrayKC Company Secretary Mr C K Oliver OBE Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 3 149
Fettes College ADMINISTRATIVE AND LEGAL INFORMATION Icont'd) Head Mrs H F Harrison Bursar Mr P J F Worfk8dge Registered Addre55 Fette3 College Carrington Road Edinburgh EH4 1QX Place ol Buslness Fatt6s Collag& Carrington Road Edinburgh EH4 1QX Auditor Hèndorson Loggi& LLP Stamp Office, Level S 10- 14 Watodoo Placè Edinburgh EH1 3EG Bankers Barclays Bank PLC East of Scouand Leicester LE87 2BB Investment Managers CCLA One Angel Lanè London EC4R 3AB Scottish Charity Number SC051259 Company Number SC719759 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 4 149
Fettes College Governors, report for the year ended 31 August 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Fettes College 1$ a chartsble Company Limrted by Guarantee IfLG"I (No. SC7197591. The CLG, which is also a r6gist&rod Scottish Charity INO. SC0512591, usas its funds and assats for tha provision and advancom&nt of education. The directors are obliged under the arbcles lo maintain and develop Fettes College l Fette5' or "the School l as a school for boarding and day students. Dotails of the Diractors, ar& TNstags for tha putposa of charty law and henceforth relerred to as Govermr5 in thi5 report, senior managers, advisers, and the principal address of the CLG are listed on pages 2 and 3 ofthis report. This report and the attached finanaal statements have been prepared in accordance with FRS 102"The Financial ReportiThJ Standaid apFAicable in U)e UK and Republic of Iieland" C'FR8 102.1, 'AcCting and Repolng by Charitle5' the Statement of RecommeTraed Practice for charthes applying FRS 1021'SORP IFRS 1021.1 and with current statOry requirements. The Head during the year was Mrs Helen Harrison. The Administratwe and Legal Infomiation on pages 2- 3 fomis part of this repcKt. The Board comprises up to nine elected governors and a balance of co-opted governors, such that the totsl size of th6 Board may not oxcaod 14 govèmrs. Tho aloct&d go¥&mors aro drawn from tha follmng bod, any ofwhith may be inwited to elect one per$rm'. al Senators of His Majesty'$ Colkge of Ju$ti¢e', bl Tha City of Edinburgh Council, as tha Local Education Authority- cl Universty Court of the UnIvety of Edinburgh; dl Faculty of Advocat6s', el Society of Writers to His Majesty's Signet., D Royal College of Physicians of Edinburgh., gl The Master'5 Court ofthe Company of Merchants of The Cty of Edinburgh; h) Edinburgh Chamber of Commerce.. and il ad Fette5ian ASSlatIon from among fomier students of Fettes College. Govomors ar& olactad or co-optod as appropriato to womdg a rango of skills raquired to anable Iha CLG to fulfil its object of providing education to young PeDe. New Governor5 are inducted by briefings from the Company Secretary, by initial meeting5 Wryth Senior management and subsequent regular visits to Fettes which indudes both the Senior School for sdentS betren the ages of 13 and 18 and the Preparatory School for students betweenthe ages of 7 and 131fv Prep Sch1°1. Govemor5 are encouraged to take a speafic interest in, and reporb'ng responsibilty for, one or more of the School's actwrties or facilit5 lin which they might have a particular interest or expert15el. Gov8mor5 are expected to attend all Board meetings and Committee meetings, as appropriate, and may also attend extemal courses relevant to the Scho and rts operation orto it5 c<)mpliance wtth cuirent regulatory requirement5. Specifically in relation to safeguarding, and in accordance wth the National Guidelines for Child Protection in ScoUaThY120211, the Govemors undergo child protOCtion training annually. Govamors condud a process 0fs0-assos$msnt from timo to timo and this infomis the Board as a whob as lo gaps in knovdedge, skills or experience deemed necessary for the proper operation of tho Board of Govemors. Stops ar8 thon takon to romady this through tho CO-OPtion proc&ss of recruth.ng new Ggvemors. Govemor apwnlments and relirals are usualty arranged lo coincide wth the end ofthe Financial Year in quèstion. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 5 149
Fettes College Governors, report for the year ended 31 August 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontlnuedl Organlsallonal Management The Govemors have overall responsibilty erhsuring that Fettes provide5 the best PO55ible education for its studonts, for datomiining tha aims and objoctiv&s of tha sch¢ in that contaxt and for d&tèmining the policias and 5trategie5 that will best support and proted those aims and objectives. The Board meets at least four time5 a year to consKler reports or¢ the perfomiance of the School and issues affectir4J it from senior management, individual Gov8mors and sub-CLYnmitt88s and its advisers. Th8 Chair ol the Board durin9 thè yeat was the Right Honouiabla Lady Wise. In addthon, a Finance Committee of Govemor5 comprising a 5ub5et of the Board meets up to ten time5 a year. The Finance Comrnittee reports to the Board and is iesponsible, inter alia, for overseeing the financial and operational actiwties of the School and its tradirg 5ub5idiaries and for supporbng and a5515ting, where necessary, the management of the School and, in particular, the Head, the Bursar and the Head of the Prep School. T Finance Committ8e COnsts of a Conven8r and at lea51 four other Govemors elected from the rn8mbers of thè Board. The Preparatory School Committee consists of a Convener and at least three other Governors elected from time to tim& from among mamr$ of tha Board. It mèats four times a yaar to considèr and monitor thè weingS of th& Prep Schwl and to Safeguard its interest$ within the overall Strategy and objectives agreed by the main Board 8fKI Financè Committoa for tho School as a whol6. Tho Risk Managamant Committo&, comprising a Convènor and at loast tAvo oth&r Govamors, maèts tarmly to recognise aTrJ consider risks possibly affecting the Schojl and to assist the 8oard wth the procedures necessary to control and managa risks, govarnanco issuos and othèr mattors dalagated to it frcm timo to timo by thè Board. The Nominats"ons Commrttee, comprising a Convenor and three other Governors, meets temily to assess the skillsets of the Board, identffy gaps and plan for succession. The Academic Committee, comprising a Convenor and three fijrther Govemors, along wth the academic leadership teams of both College and Prep School, meets once a temi to monitor the School's academ performance and to consider future objectives to ensure both the curriculum arKI teathing meet current dernand5 and patal expectstions. Two govemors wilh specrfic responsibility for SafeguardirrfJ raport regulady to tha Board as a wrf)01o on matters involving Safeguarding wthin any part ofthe School community. The mechanism by which they are kept infomi8 of relevant mattars is coverad in moro datail below. l of the aforementioned sub-committees of the Bwd have and report against fomial temis of reference detemiined by Ihe Board as a whole and have the authority to CO-OPt members not the Board to supplement experience and expertise Mthere appropriate. Key Management Personnel The day to day management of the scho is urKlertaken by the Head and Ihe other eMbers of the Senior Loadarship Team I"SLfi, Nthich includes tho Hoad of tho Preparatory Sd)od, tho tho Doputy H&ad IAcadamic}, the Dewty Head IPa$torall, the Deputy Head (School Lifel and the Bursar, all ofvthom regularly attend and report to tha main Board and othor Committ8•S, togeth8r wrth othar School managars as roquirad. Th& Company Secretary attends and minutes the Board meeb"ng$ and Finance, Risk Management. Academic and NoMinatirS Committè& meetings. Key managèmont pgrsonnèl Incl0 tho H•ad, Dèpity H•ad IAcademicl, Dgputy Hoad (Pastorall, Deputy Hgad Ischod Lrfel, Prep Headmaster and Bursar. The Govemors Set the pay at rates which they believe are competitive wthin the Independent Schools sector and make use of benchmarking to achieve this. Group Structure and Relatlonshlps Fettes Cdlege owns a trading subsidiary, Fettes Enterprises Limrted l°Fettes Enterprises.) whh in tum has trrfo vtholly ownad trading subsidiariès, Fèttas Cantra for Languagè & Cultura Limited and Fattos Intornational Limitad. The actiwties and trading perforniare of these subsidiaries are discussed below. The Fettes Foundation is a separately registered charity inumber SC0283501, Ihe aims ofwhich are to support the education, hoatth and wdl-baing of students at Fott•s by raising funds for invostsnant in facilit and bursarios or by providing other direct financial aid to the School and its students. The Fette5 Foundation is cperationally ind6ndnt and has its Board ofTnBte6s. soma olwhom may also Govamors. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 6 149
Fettes College Governors, report for the year ended 31 August 2025 OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charftable Objects The charitable purpose of the School 15 the advancement of education. It provides public benefit, encourages community •ngagomènt and 8nabl•s School staff to tsk£ activ• rolos in charita0 8ndèavours. strateglc Alms The ongoirrfJ aim is to maintain exceptional educational $tsndards and facilitpJ, as well as preserving the assets of the School, and lo develop facilities and seivices io Ineet rrent and future deinands. This has resulted in the Governor5 deterrnining a govemance model vthich wll meet the challenges and demands of an increasingty complex regulatory, pdfacal and socioeconomic worfd. The School's objectives for the year were to: uphold and build upon the educational standards offered to the students and a5SiStthem in achieving their potontial wthin a caring and happy onvironmont., fully expend availablefunds for bur5arvas toth05e forwhom a Fette5education 15 notothermse accessible., promote the School and ts actwths to a der audien and engage with its local commLnty as far as practicabla- maintain the enwronment and infrastructure of the School, its landmark building, rt5 grouTrds and facilities- nb.nue to implement the School Improvement Plan for the Stho)I to meet its knre needs aTrJ chall4nges- meet all statutory obligation5 aCed upon the Schod and its activities,. and exercise due diligence in the management of the School's finances whilst meeting ts objeth"veg. The Govemors belY&ve that these objectwes have been achpved SUCsSlIY during the year. Fatte3' vision and 3trate9y, enbtled FetteJ Moving FoThYard.. A place to live. A place to leam. A place to gTrY. are found on thè four kèy strands of lèaming, wèllbèing, thè communty and pèoplè, aach ol which is integral to t ongoing success and grovrth of thè school. There are many parts to all of thes& strands, induding the design of a curriculum for the future, fvrther broadening engagemenl in and wth the local community and a steadfast belief in omoting a fvll boarding ethos. The Govemors recognise the risks and opportunities arisingfrom climate change, stemming from both the transition towards a greener econcmy and specific weather-related events. The Schod's values are to Airn High and Give Back and as such the Govemors endeavour to act sustainably and enhance the School's policies, processes and reporting toward5 r8ducing our environm8ntsl impaLt. Thè Gov&mors arè aeutèly mirKlful of tha rèsptsnsibility atd upon thom to act in g¢)od faith in thè interests of all of the School's stakeholders and do so with regard to any lorrfJ temi consequences of their actions, the impact on thè community and onvironmant, ralations with all thos6 who ongag6 with th& School and tha dosira to maintsin the School's strong reputation and high standards of conduct. SOCIAL IMPACT The Fettes College values ofAim high, Give back InfOn the Schod's revised strategic approach to Socral Impact and aro at th& haart of an &stsblishod partnorship programma of working with childran's groups, aducats'onal institutions and charities in Scdand and oversea5. Aim Hi Fettes continues to provide high val$ of actsss and supwt wth a w•w to improving educationd outtomè5 lor children in Scotland. 8ursartes The Schrxjl continues lo offer the Fettes Kick-St8rt bursary programme to all primary schools across ScodarKI. The purpos4 is to id&ntfy candidat•s who would banefft from a Fettas oducation daspita not having tha financial nwans othepmse to attend. This initl8twe sits alongside the core Fettes bursary awards scheme and provides a fullyfunded boarding place for up to bwo 11-y&ar-old studants each yaar. Kick-start has baen in opèration si8 2018. initially for students wrythin Edinburgh, and there are currenly 12 Kick-start siudents at Fette$. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 7 149
Fettes College Governors, report for the year ended 31 August 2025 STRATEGIC REPORT Icontlnuedl Education Projects New projects inrtiated by Fettes staff this year indudethe Maxwell Swety-an extension Physics society to suppcrt and strotch tho most abl& youtYJ physicists across Scotland., and an actiwty moming for 60 childron from St Mary's (Leithl Primary School with 5taff-led workshop5 in Physics, Mandarin and Drama. These run alongside long- running prqects sud) as the one-off language lessons delivered to local primaries by a team of Fourth Fomi Langua Leaders. Tho SclY)ol contin$ to host its ranovmad Higher Education & Camr EXoraticn Day in Fabtuary wthich this year wa5 attended by over 225 S5 students from Edinburgh High Schods, including Broughton High School, Firthill High School, Forr•star Htqh SclKJoI, Trinity Acad&my and Portobello High School. Over 40 stsnd hold8rs axhibitod, including 26 universities frorn au05S the UK, 7 internatnal universities, 5 GAP year organisations and4 employers offer apprenticeships. Attendees were also able to meet 40 industry experts from a range of professions and attend a series of talks on UCAS, studying in the UK, Oxbridge applKations and student finance. Separately, 31 Oxbridge ¥plicants from Boroughmuir High Schod, Broughton High School, cra19mnt High School, Holyrood RC High SclY)ol, James Gillespie's High School, Portobello Htqh sch1, Queensfery Hh School, St Thoma5 of Aquins RC High School, Trinty Academy undertook practice interviews for Oxford and Cambridge and received feedback through the Fette$ Career Partnership Programme. Ac&JemK members of the F8tt&s Teaching Staff, along with Par8rits and Old Fettesian5, question students on their personal statements, discussed broader topics and reading as well as prevK)usty unseen material folknfyqngwthich Students wEre prowded wth feedback to hèip thèm in théir final preparation. Followng tha Oxbridg& intatviaw èvèning, Fattes staff supportad an S6 girf from Broughton High Sehool prèparitYJ for her Oxford English interview, providing two mock interviev3. feedback, guidance, and loaned books. Finally, thè Maths Dapartmont supportod 20 studonts from locd high sChoS wth sp8cialis8d univèrsity èntrance axam prep8rab"on_ Further afield, F&ttes CdlJ8 SUPP)rts studants over5 through 'Opportutoring', an e-learning non-prorr( organisation providing 1..1 English tutoring to refugees around the worfd. This year 10 students from Fette5 were salectad to Supp 3 Syrian rèfugoas worf¢ towards tha Cambridg& English Cartificato. Tho pupils t&ach for ono hour each week but, also spread awareness about the refrjgee crisis wth chapel speeche5 and raise nearty £400 for toxtt)oDks through bako sal&s. R8gular collaboration wth local wimari&s includos a Drama workshop hostod at Fettes for 30 P7 children from Forthvvèw Primary School and one-off language lessons to local primaries delwered by a team of Fourth Fomi Language Leaders. The notion of giving back and offering suppcwt to others is fim)ly embedded WTthin the staff and student body and there are manyexample5, both in the WderCOmMunfy and Eeyond, ofefforts made by Fette%ans to supportothers. Core Panners FotLor Youth Club is a charity vthich èach woak provid&5 UP to 300 young poopl& in noth Edinburgh wth a saf Pla to develop their resilience and confidence, achieve their potential and enjoy a hot meal, even in limes of challèngè and hardship. Fèttos, bond wth FotLor is multifacetod.. a growing numbèr of Fèttos studonts voluntegr there weekly,. support for the development of the Duke of Edinburgh's Award at FetLor included enabling bmo of thèir studonts tojoin th& Fattas 6x10n in Ab4mothy', s'.ratagic support is providad through Board reprosentation., and Fette5 supplies hot, freshly cooked meals for 50-70 children three time5 per week throughout the year, Vvith surplus food donated at the start of schocl holidays. This year Fettes was pro to celebrate FetLor's centenary year by htrsting a suctèssful fundraising dinnèr forwhiththè school providèd vènuè, fotrg and drinks. staff and set up. Fettes is very proud of Fettes, support of SuperTroop, an Edinburgh based charity set up to provide redential bitaks and raspita cara for childran with physical and léaming disabilitias. Each July, Fèttas staff and studénts halp org8nise, run and host a free week-long residential holidayforthe SuperTroop ¢hildren_ One of the Fettes boarding houses is transformèd into an accessible residèntial location. Fattas staff ar6 involvad in various capacrties.. all housekeeping and catering gervices,. co-medical lead., activity programme support. Cher 20 Fettes student$ vduntaarto provKla 1..1 round tha docksupportto aach oltho Sup&rTroop childran and oadiorin th& year undèrtotsk a 24hr cydeathon challenge to raise vital knnds for the holiday. In addltjn, 3 members of Fette5 Stafl volunteer 9$ Trustaos of SuporTroop. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 8 149
Fettes College Governors, report for the year ended 31 August 2025 STRATEGIC REPORT Icontlnuedl Volunteenng Twice each year Ihe titae 15 Suspended to allow Senior School students to volunteer as part of the Schcol's Community Engagernent programme. With a renewed focus on offMpuS activit$, Fettes welcomed new partnats such as Braebum Home, Struan Lodg8, My Namè'5 Ooddie Foundation, Vintaga Vibè5, and the Lrfecarè Community Centre. EnVirMental improvement volunteering included the Water of Lef(h footpath, Warriston Cei))eteiy and Craii)ond Beach witl) data wntributing to a national suiNey, and gardeniThJ Pro1t$ witl) Cyreiiians at knnbum Veterans Garden and the Royal Edinburgh H05Pital Community Gardens. Over 250 students were involved, working in groups of up to 15 supported by 45 stsff allowirrfJ all parts'cipants to see the value of their individual contribution. Relattinships dèvèloptd through thèsè days ft>m thè basis of a gr¢>wing wt•Y voluntèèring programmè which is also linked to the Duke of Edinburgh Award Scheme and Intemational Baccalaureate Diploma. New q)portunity'es lor 5tudentS thi5 year indud8d working with Eildon House, Project E5peranza and Gianton Youth, in addrti<)n to regular pl8MentS at the Western General Hospital and the Steps to Hope soup kitchen. This yearseveral students Organis thoii own voluntring, for exam¥ at chaity shops in StockL¥idga suth as Shèltèr, and local sports dubs such as GrarJe Cricket Club and Inverfeith Hockey aub. Fettes ig conynitted to finding more ways lo $upport slu&nt volunteering and thi$ summer $aw the stsrt of Several naw inrtiativ&s, for axamplè= 20 studènts voluntearad during thoir haw-tarm holiday to support Rora Stavonson's Primary School Sports Day,. leading 2 adivity sessionsoncampus for the Comely Bank Cubs,. 8nd hosting 2outdogr spotts momings for th& Primary 2 and Primary 5 dassas from Or of th& local primary schools. The & Drums Band expanded its support for local Causes this year, including leading tho Davidson's Mains sUmr Gala Parade and perfomiing at the Primary 7 graduation ceremonies of local schc¢Jls. Thege contributions are greatly valued by the community and it is gratifying to see a growing number of requests for Fettes, invc4vement-reflecling both our rai%ed profile and the authenticity of our eThJagemenl. During tho summar lIdaY wr GcAd Dukè of Edinburgh students undertake independandy organised rosidantial vdunteering projects such as fc¥Jtpath repair and tree planting wth Cramlington Voluntary Youth Project. Staff In addthon to staff representation on the board of FetLor and SuperTroop, several members of staff volunteer at board level forcharrties utilisiro skills developed in their role at Fettes, for example.. UCAS AdviserAdvisory Group., mU1m Women's Resource Centre," Edinburgh Competition FestNal which give5 young mu51cian5 an opportunity to perfom., Child Vvelfare Officer at a local swts dub., and The Instittrte of Boarding. The Head of Wellbeing provKles a termly training session through the Boarding Schod's A5CIatiOn. Anothèr senior member of staff vdunteers with SCIS and GRJ Education to develop and deliver leadership development Cou$ across Scotland, England and Asia focussing on cora valuas, vision and stratègy. Tho Sports staff offer fr88 co&hing for notball (Broughton HSI, lacross& Itastor s&ssK)ns aThJ PE bbcks to primary school groups around Edinburgh working with Lacrosse Scoland and Active S¢hoolsl, and romqng lts$ter prasantation, oxporneos and training support).. and our Head of LaThJuag8s t8achos Spanish to local primary children fv/ice a week. Another staff member gives talk5 on LGBT+ allyship in the independent sector on behalf of IELAI BSA, is the Co- Founder ofthe LGBTQ+ SCIS group, and lastyear organised chaired a day long symposium on Indusion in School Sport in conjunction with LEAP Sports wqth th6 School providing fraè vonua and pan61 mambsr. Many F&ttas staff èngago in vduntaoring actiMti•s in thèir community. for éxam9 prowd8 Thèrapat s8tvic8s or supporting Scottish Football for RwaThYa and are encoureged to promote this to sttKlents kr$ing that m¢)delling is an affectiva way of dov&loping bahavioural cultura. Charirable Fundraising Onca again, the School's flagship fundraising èvants war& tho 24-hour SuparTroop Chall&nge and tho Wholo School Charty Runs, which this year raised over £10,0(J), with each House contributing approximately £1,500 to thèir chosan charty.. My Nam&'5 Doddi& Foundation, CHAS, Saholiya (supporting wonwn in cantral Scodandl, Lower Sixth student5, SUPPOrted by younger students staff, led an endurance challenge to cycle 10,OOOkm in 24 hours raising over £10,000 to support the SuperTroop holhlay. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 9 149
Fettes College Governors, report for the year ended 31 August 2025 STRATEGIC REPORT Icontlnuedl So¢lal Impa¢t Icontlnuedl Prostate Cancer UK, Blood Bike5 Scotland, and, further afd, Sunflower Scoland lassting frontline Ukrainel, IDO Chad, and Dig Dèap Iproviding safo wator in Chad and Konya, mspoctivolyl. Oftan Houw charities ar• Selected for highly persona reason5 and 5UPPJrt extend5 beyond pure fundraising., for example, one student vdunteered Vwith DVJ Deep in Kenya during his expedthon with them to Kilimanjaro. Fette3 continues its long-stsnding relationship Vrfith Edinburgh City Mission through donations for its Food Bank cdlected at oui HaTrgsl Tl)anksgiving Se1¢8. The Pi8p 8(hool rais8d an &Jditional £1,400 to Sup[ hon1&5$ charthes. 36 Students IdlNqng the Intemational Baccalaureate programrrts raised over £2,500 for RockTru5t through a sponsored stay up all night event and associated fvndraising and over £1,500 for Breast Cancer Nov/s Wear It Pink campaign. Thoro worè sévoral olh•r small-Sca fundraisars during ar.. of many 'own clothès, days throughout thè year, one raised £408 for Edinburgh Women's Aid,. one of the cake sales organised by the Mentsl Health Ambassadois raisèd £165 for Méntsl Hèalth Foundation", tha ptspular studént-stsff foolball matth rais £70 for moVemr. Other charities $UPF)Qrted during Ihe year Indude Rape CrBi$, Save the Children, Project Trust and Tho Yard. This year ovw £57,000 has b06n raisad by tha schod through a sori•s of fuThJraisiThJ activitios. Tho Young Philanthropy Inf(iativa runs in schools across Scodand avary yaar. Tha Wood Foundation, founded by the oil entrepreneur Sir lan Wood, provides £2.500 to each school. Sbjdents compete for this award on behall of their chosen charity and bid for £3,000. The key criteria are that the organisatii)n must meet a social need and that there must be a bu5irEss plan for the £3,000 offuThJing', ¢00 of that sum comes from Fettes. The panel ofjudge5 was impressed. as ahNays. by the range of soaal issues in which young Fettesians are interested.. homelessness. londine$5, disability, poverty, mental health. Any of the six finalists might have won but, in the erKI, one group's approach did stand out and secured the award for Four4uare, a charity working the homeless and wth people at risk ol homelassn&ss, running a programme of education and fvmishing flats wth fumitur• sav8d from landfill. The team Msrted the charity, interviewed the founder5 and met some of those with whom the charity works. AJI of this - and the skills they leamed about managing a team projgct - enabled Ihem to spèak passK)nately and persua5wety, securing valuable fundiThJ. Donaiions Where possible the School looks to donate equipment tPot is SurUS to requiremenL Additionally, through Fettes EnterprrJes, the Schod has donated signrficanl raffle prizes such as 3-mcnth family membership for WesbNoods Health Club to support the Flora Stevenson Summer Far and Blackhall Primary School Sports Day. westroX)d$ staff ftjrther supported these events by leadiThJ fvn fitness classes, handing out guest p833es and runnir cOmton$ for smaller prizos. A succassfvl Christsnas appaal was ld to colloct gffts for childrèn supportad by Projact Esporanza. a womanist initiatNe based in North Edinburgh that offers prath"cal, eMI)nal and integration support predominanly to families of Aftican ritage Shared Facllftles The School's fomal teaching spaces provhle public benefft through the annual hosting of ACT and Oxbridge èxaminations as wall as by baing provid forno faa to ccmmunity groups such as Captivata Drama wl)ich angagès 50 children from across Edinburgh on a tityqce weekly basis. Add'onal1y, over 100 costume items from the Scho(A's wardroba aro provided for th& group's annual Fringa show with furthèr loans of costumos provided for St Mary's Music School and Holy Cross Primary Schwl. This year Fettes is hosting an event for Young Spe*ers Scolland th up to 80 studants attanding from local schools. Each w88k we loan our sports pitchès fr84 ol charge to tha Hibs yotrth football programma, gnabling around 1C4J children to beneft from high-qualty training facilf(ies. A successful partnership wth Scottish Rumng is developirg. Fott&s has providod froe uso of tha Wastsvoods facility to host tha Scottish Sd)ools Indoor Rovwing Finals. 1 schools had a minimum of a dals use with Cargihleld and Belhaven borrowng machines for over 3 and 8 months r&sp8ctw8ty. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 10 149
Fettes College Governors, report for the year ended 31 August 2025 STRATEGIC REPORT Icontlnuedl So¢lal Impa¢t Icontlnuedl Beyond rowng, other sportiro facilities are made available to groups such as Lacroy3e Scotland, Scottish Cricket and Scottish Hockèy. Fr88 Lts8 of the indoor crickot nets aThJ aquipment on a waekly basis by 30 childr&n on the Wicketz nat'onal programme which supports children INing in disadvantaged communrties., and Broughton HS vtho use the School's netball faalities. The Comdy Bank dNision of the Cubs made regular use of the woodland, disc go and open spa$ over the suminer teri)) aiid 11) low r(y85 couis8 wwjlaiid ar&a ar8 availablÉT fr8ÉT of (har to FtLor siaff foi tgam- building adivrties. The Schcol'5 minibu5 15 baned fre8 of charge to Maranatha Camp for one week each year to tran5POrt supplies. Secure parking faalities are provided for the Feor minibw and the School regularfy loans its minibuses to support their excursions. Environmental Sustainability Fatt6s is committad to improving thè environmèntal p•rfomanc8 of tis astata and playing a part in maating Scotland'g tsrget to reach net zero by 2045. This includes considen.ng energy use, 18ndxape management, matèrials spacification and soureiThJ, waste managèmènt, prevantativa maintènanca and h¢YW 8ff8ctivèly and efficienyy the School uses existing spaces before considerirrtJ the need lor new spa. A campus energy plan has been wepared by Max Fordham to identify a high-level strategy to reduce energy consumption and dacarboniso thè èstatè ovor tho long&rtèm). A moro dètailed study at W6st¢¢oods to reduce t energy consumption in one ofthe buildings with the highest demand on the Estate suggested improvements to the ventilation and heating services thich a under consideration. Woodland management is an integral part of estate maintsnance led by the grounds team. This year the School commmi$5ioned a landscape and habitat management plan from Harrison Stevens landscape architects. The FAan includes an ecological baseline assessment of the estate habitats and ways to improve biodiveity in planting itlv)ut increasing th8 mairrt8nanc8 burdan on Iho grounds taam. 3 lority projects hav8 b8&n identified for 2025- 26. The Estate Maintenance Manager leads the long-tern maintenance of buildings and 15 developing a forward Maintenan an for roots, wndows and walls that Vwill allow a considered approach to fabric improvements to improve climate resilience and reduce energy1055es. The Estate Architect lead5 on spatial planning acros5 the campus to ensure the 5chod's needs are met. The starting point is lo cOnder how existing spaces can be adapted to perform better before conshyering the need for new SPaC8s or buildings. Recent adaptive projects inclu&". reuse of the redundant grourKls store in the pavilion for housekeeping and eventually outdcKJr classrogm needs.. refurbishment of existiro classroorns In Prep School to rèfrosh thèloaming onvironment,. and rofurt)ishm&nt of boarding housos including roorganising study spacos. Tho estate develOpmt plan notes where ftrture devdopment is planned and all¢)wJ coordination with maintenance planning. Fott8s continu&s to abido by its Environm&ntal Pl8dgas.' m&asure campus-wid8 •norgy consumption and raduco Usage by 10 percent,. measure and reduce the use of single-use plastic by 25 percent,. measure and reduce focd waste by 15 percent,. invest solèly in sustainable dov&lopments and removè dièsol from all school vehides. Those target5 were Set through careful consideration of the risks and opportunitie5 available to Fettes by the Senior Leadership Team and Senior Management Teams, in collaboration knTth pupils. The pledges align with the UN SDGS, in paCular goals SDG12 Wasta, SDG13 Enargy, SDG14 Lrfa Bèlow Watar and SDG15 Lifa ¢)n Land. Tho Structura oftha SclTrJol's onvironmantsl sustsinabilitystratagy isw811 known to thè studont boty dua to targotad Chapel presentations by the Sustainability School Prefects and consistent rnessaging thereafter. This year the studants have sèl&ctad Wasta as thoir arèa of focus with tho dining hall and boarding housès Ing kèy arèas for insts"g8ting long-tem behavioural change. Working closdy wth the housekeeping and catering departsnents the community has collactivèly roducad ovarall wasta by 29°ID and incrèasad tho proportion of racyclad wasto to 41%. Tho Schools's sustainability stratogy will also be guidod by tho UN Sustainablo Devolopmont Goals as wall as th& School's existing S in S Environmental PleO3es. During the year, the estates team were provided wth electric v4hid4s to raplacè oxisting di&s81 onos. Govemrs havo furthèr implem&ntod sev&ral onargy and r8sourca reduction an5 across the campus including installation of LED lightirrtJ in the 5POrts hall and upgraded building management systems and ntinue to consider further such improvements. 10 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 11149
Fettes College Governors, report for the year ended 31 August 2025 STRATEGIC REPORT Icontlnuedl So¢lal Impa¢t Icontlnuedl Streamlined Energy and Carbon Reporting Consumption Annual emissior resulting from the combustion of gas, the consumption offud for the purposes of trartsport, and èlectricity consumèd atè sat tsut bal<)w. T)neS C MWH 2024. 1,151 21 2026 1.442 18 439 12 1.910 2024. 6,303 87 3,082 2025 7.895 74 2.509 50 10,527 Combu5tKfft ofga5 Consutnplion offvd for Ihe putP05e5 of tsan5tKWt Electnaty purchased far use Fuel ftr the pwposes of owatirvJ plant and m8thinery Totsl ' l Jw2022•J31 126 9.961 This infomiation was prepared by the Fettes management team Vth reference to Fettes, utility bills and purchase invol$ foroil and fu61 and conv8rt8d LLsing DEFRA GHG ConvèNon Factorsfor Cc¥npany Raporting for2025. Enorgy Intonsity Ratios Total KPI 719 47.872 374 0( KPI unlts Totsl Energy IKWHI students 10.403.752 Miles 74.124 49 583 Ratlo 14.470 Ratlo unlts kWNstudents kvvhlmiles kwhl tn2 BuildirvJs TranS- mnibus Tran rounds fleet 0.133 Eneryy efficiency measures Fattès has tak6n savèral maasuras to improva tha ènergy afficisncy of its oporations. Thasa induda ongoing Invesirneni In replaclng arKI upgradlrrfJ exlsiing healing plani Includlng the removal of an oll based heatlng system from an individual boarding house. installing improved BMS into buildings across the Eslale. upgrading the fleet to eithor fully alactric vahiclas or lowor-amission d$81 whiclès and a rling programmo of upgrading light fittings to LED lighting. There conts'nues to be an on%oing emphasis on community led empowemient to reduce energy usag& at sourca. Ther& ara amb0$ plans for tha yèar ah&ad to continua tho LED lighting upgradès across tha campus, to make fvrther improvements to building infrastructure and controls and to replace the single glazing in th& diniro hdl Mith doublo glaang. Tho incroaso in combustion of gas of 1,592 NfvrfH raprasènts Nvo naw supplios coming onlina, diwaang oil-ffirod Supplies totslling 1,046 MWH, and other seasonal vanations in usage. SAFEGUARDING Care and Welfare of Students Fettes Cdlege COntinS to Lphold its commilrnent to exceptional pastoral care, wth safeguarding and student welfare remaining Central to its ethos. The prinaples of GIRFEC (Getting It Flght For Every Child) are embedded across all safeguarding practices, ensuring a hdistic and child-centred approach. The Pastoral Leadership Team works in dose partrrShIp with Safeguarding Governors, who conduct regular visits and report findings to the Safeguarding Committee and the Board each temi. In lin Mth rcommndatK4ns from thtr Education ocolland ins1)n, th sthod has and Updat its safeguarding policies to ensure frjll cornlanee wth national child protection guidance and alignment knryth the principles set by the UNCRC (United Nations ConventK)n on the Rights ofthè Child). Updated staff trainiThJ has been rolled out forthe 202Ék2025 academic year. While no reportable trends were h4entthed, there ha5 been a Thjticeable rise in anxiety-related ccncerns, partuladY amoThJ younger students as well as increased diagnoses of ASDIADHDIADD. This mirrors national patterns and has led to increased eThJagement wqth the school's 5UPPOrt 5ervres, including life coaching, counselling, and dinical psychology. These servi$ have been instrumental in supporting students facing challenges such as selr- hami and disord&rad aating. The school's indondent saf&guardillg r&porting tool, Sa1&ct in consultstion wrfh Feer mentors, remains a key resource for students. Thè Pastoral Lèadarship Tèam IPLTI and Acadamic Lèadèrship Tèam IALTI havè tollaboratsd to ènhancè Personalised Support by introduang Student profiles, integratirrfJ academic and pastoral strateg$ and sharirrfJ thèsa with familiès to onsura itsinad-up carè. 11 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 12 149
Fettes College Governors, report for the year ended 31 August 2025 SAFEGUARDING Icontlnued) Care and Weware ol Students Icontlnuedl Feedbackfrom day students and their families has led to inproved integration within boarding houses, and a recent tLrtor survèy highlightod th& strong rdatiorBhips and valuad guidanco studènts rocaiv• from thoir tutors. stafiwellbelng The Staff Wdlbeing Policy has been reviewed and updated followqng consultation, and a fom)al training programme is now in place for Assistanl Houseparenis. 8uper¥isoii and reflÉtive practice sessions have been 1ntr(Klud f Houseparents and nursing staff, wth positive feedback. These initiatives aim to support staff dealing with complex safeguarding and pastoral issues. The schod's Wecare employee assistance programrne continues to offer comprehensive support, including medical, counselling, and wellbeing services, acce55ible to all Staff. Diversity, Equity & Inclusion Fatt6s Collègè remains commiitad to fostaring an inclusiv& atKI raspactful communty. Tha DEI t&am has madè signifant progre$$ in impIerrntIng recommendations from last year, wryth pglicy reviews, aw8renes¥ initiatives, and studant48d ongagamènt. Tha school's pathorship wrfh thè Edinburgh Intarfaith Assoaation has enrhad interfaith understanding 8nd supported rdigious inclusivty. Fettes was reccgnised by Race Equality Matters for its name pronunciation initiative and invrted to present to national organisations. Thè school is also progressing toward UNICEF RKJhts R&sp6cting School accr6drtats'on, wth the bronze submissKsn ready for assessment. The DEI strategy has led to more open conversations around identity and discrimination, with students increasingty confident in recognising and challenging prejudicial language. A calendar of awareness days and cross-school cdlaboralion befv4een DEI leads ensures sustained curtural change. Tho indusiv• Christian tradition at Fottas is r&flected in strong stud8nt participatK)n in Chapel sorvicas. which continue to bring the communty tcgether through dee contributions and shared retledion. Scottlsh Chlld Abuse Inqulry The Scottish Child buse Inquiry ISCAII was set up ITh 2016 to investigate historic abuse of children in any residential care settiTr3 in Scotland. Its remit covers the period from 1932 to 2014. For the purposes of the Inquiry, boarding schocils fall within the definition of Institutior which care for children and so Fettes, in common with other selected boarding schools in Scotland, willingly as515ted the Inquiry. Fettes fully 5UPPOrts the aim5 of the Inquiry to give victims an opportunity to disclose their experien end for the school to listen and leam from the mistakes of the past. Throughout the process, Fette5 has been collaboratwe, engaged, open and honest, supplyiTr3 all infomiatDn requested. Fettes has, following its first submission earfier in 2021 and its second submission later in the same year, issued a lull and unreserved aC9Y to everyone who suffered abuse at Fettes. is anticipated that tho Chair of th8 inquiry, Lady Smith, will publish rèports on aach school on an individual basis and then a surnmary report on recommendations but publication dates have been announced. The Inquiry has. to data, not publishad any racommandations. RECORD OF ACHIEVEMEKfs ANO PERFORMANCE Student numbe and inclusion During tha ar, thé School tsfforèd primary and sècondary èducatitsn to btrys13841 arKI gids13601 batwoan t ages of7 and 18. The School educated 719 SdentsI2024.. 7511 ofwhom 447 were boarders12024.' 4641 and 272 r& day studonts12024.' 2871. Th$ ratio of acadèmic staff to stLKlènts was at a h*althy 1."8 during tha yaar12024'. 1..61. The ghjdenl populab.gn was drawn a$ to 76°h from Scouand and the regt of the UK wth 24% liwng overseas and ovèr 40 countrias r8près&ntad in th& studant body. Bursarias, SdlarshIpS and other romissions totalliThJ Q905,232 laxcluding VATI 12024= £3,001,855) w8r• granted in the year representing 11.1 %12024.. 11.4%1 of gross fees. Means tested bursarie5 amounted to 72% 12024-. 74°kl, non-m&ans tastod scholarships to 11.2% 12024.. 10°Al and othar romissions, including sibling remission5, to 21%12024.. 21%) of the total. 12 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 13 149
Fettes College Governors, report for the year ended 31 August 2025 RECORD OF ACHIEVEMEKfs AND PERFORMANCE Icontlnuedl student numl)erJ and Inclu$lon Iconllnuedl 55 students12024.. 631 or 7.6%12024: 8.4%) of Ihe Scknol rc41 received means tested bjrsary assistance durir thè year. amunting to £2,011,188 oxcluding VAT12024.' £2,117,437). 45 stud&nts or 82% of moans t&stad award holder5 received awards in excess of eo°A of the relevant fee and 39 of these reIVed awards of at least 80°A of tt)e rdevant fee, induding 25 on a 100°k remission. The proportion of bursary and schc4arship remissions financed by restricted funds was 57% with the remaining 43% funded froin unrestiicted, geneial fuThJs. The wlicrf of Ihe Goveriiois is that kr$arleS n)ay bEp awaided to anyone who satisfies the standard entrance criteria but availabilty is nece55arily limited because of the restricted nds available and the ncit inconsKlerable burden laid on the general fvnds by such award& Academlc achlevements Results The School's exam results in 2025 consdidated last yearfs outcomes for Sixth Forn. The 1ntemab.onal BCal8ureate results were parb"cularfy stroryJ, plaryng Fette$ College wthin the Top 10 in the UK for thè IB for thè sècond yaar running. Thè av&rag& point scora was 38 points comparad to th& global avoraga of 30., 26% achieved the highest grade of a 7 8nd 88&A Ieved 7-6 (equivalent of A'IAI. Over 99% of students achv$d Grades 94. which is tha Sch*)ol's b&st outcomo at this matric sinco 2018 axcluding Covid yèars. A Laval rèsults in 2025 woro consistandy solid, wth 15% of studants achièviThJ tha high&st gradè of A. and 41% achieving A"_A compared to 9¥0 and 280A respectively in 2023. 89% of grades were A'£, which is the strongest outcome for this metric since 2017. The GCSE results saw 20% of grades at Grade 9 and a number of individual successes wth 1 of students athieving straight 9s in thr top 8 GCSES. One-third of students athieved all Grades 9-7 and 56QA of all grades vRre 9-7. Hu¢rfever, these results were dovffl on last y2ar, especially at the top and middle, and this is being rèflacted on. MatchiThJ last yaarfs r8cord, 82°k of our leavors secured Iheir FAacg at th•ir first<hoicè unwarsty. 13 studènts took up places at overseas in5titution5 such a5 Princeton, G8or98town, Va5sar and Duke in the US&. and at MCGIII (Canadal, Bocconi Iltalyl and IE Madrid (Spainl. Academic perfomiarKe remains strorrfJ at Fettes and there are successes in every department al an individual and cdlective level. Thoro is a plathora of sur-cMeu1ar activitias tsking 8c6 ragularfy to complom&nt tha curriculum, ranging from the History Society to 8 new $usl8inability magazine The Atlas. Departrnents are also aangIng regular trips locally to book talks and th&atr8 excursions as wo11 as furthar afield to subject confarancas and intomational trips such as History trips to Krakow in Odober and Berfin in December. Student$ apptyirg to Oxbridge and inlematK)nal univorsitios are roceiving spaaalist support wthin tha relovant dopartsnents. At a who1cholVe1, Fèttgs also promot8s acadèmic schdarship through Paramocium- a discussion group for Academic Sch&ars. The ScFhJol a150 offer5 OPPOrtunitie5 for stretch and challenge to its 'Arete Scholars, (Arete meaning excellence in Greek), who are the students with high potential or a strong academic record but not nacossarily Acadèmic Sd)olars. Tho Senior Laadorship Taam and Govamors contitwo to b6li8vo that dual curri(JJlum of A Lw81s and IB offers the best possible set of optms for ¢Jur Sixth Fomi and that the Cdlege's results demonstrate that Tt i8 clearly lulfilling rts acadamic goas. Dev410 monts Tho Govamors wora dolightod with th& rasults of tho rocent Education Scotland inspaction, which ratod tha School 'ExlIent' in its curriculum and in raising attainment The focus thi5 yearwll be prcmotirb3 more'active leaming, in tho dassroom. This m&ans encouraging lass diroct instruction in dassrooms to onablo studants to tskg ownership of their leaming and even to lead learning. 13 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 14 149
Fettes College Governors, report for the year ended 31 August 2025 RECORD OF ACHIEVEMEKfs AND PERFORMANCE Icontlnuedl A¢ademl¢ a¢hlevements Iconllnuedl The Middle School DIoma was introjuced in 2023-2024 as a new initiative to encourage students to parbcipate or in super-curricular and co-cunicular activitbs, and to oncourago refiection on thèir achi&voments. S¢¢ Fettes soliware was designed by the Director of ITfor students as part of this proces5. The School 15 in the proce55 of embedding this acrc6s both and 4th Fomi, s*ng the first cyde Ihrough to comet10n and the first diplomas awarded in the 2025-2026 academic year. A new Art Scholarship has en added to the rrent range of 8chdarships available at 13+ to place Art on an equal footing wtth Music and Sport. This ha5 been incorForated into the school's admissions pro55&S and there have been several applicants this year. The School is commrtted to retaining and building on what was learnt about digitsl teaching and learning duriThJ the pandem. The use of techndogy in the classroom 15 important bui th8re needs to be a balance betW88n u51ng technology to enhance the provision whilst ensuring that students are still prepared to complete handwritten exams. example of successful application is to éncourage 5tudent5 to use 'digital inking, on their devices, thus harnessing the technologywithout losiThJ the manual dext&rity needed for handwritten exams. Ultimatdy, the desire is to strika a hèalthy balanca batwèèn thé amount of scrèèn tima studènts aro &Xp)s to and gNiThJ tham experier¢e of handling tangible resources such a$ brKk$ and newspapers and developing the vrritten for drawqng diagrams, thich aro still rowired for public axaminations. Other achievements Numèrous studont socyatios continuad to thrivo at F&ttos during th& yaar, providing a Iwaly and infom)ad environment for students to develop their debating skills, thr interest in politlcs, 5aence, the arts and humanities. As already mentioned. volunteering continues to provide a plarfomi for students and staff to support the Iccal community. induding assisting in local care homes. missions. hospitals. conseNation trusts and schools. providing support for the elderfy, the infimi arKI the less f¢unate. The empha5ig this year has been sustainability arKI 5upporbng the environment vth significant effort made to maintain or improve local green Spaces and walkways. Sport Competitwe 5POrt play5 a role at Fette5 but so does paTbcipation. In addthon to the core temily sport offering, significant prwortion of the student b(MYy accesses the School's 'Options' programme during Games aftemoons and this has continued to thrive wqth continued interest in many actimties across an exten5we range of co-curricular sporting options118 in totall. These options are thriving pardy because of the outstsnding sporting facilTties which are used and maintained superbly but a150 because ofthe energy and drive ofthe staff who look afterthe58 grp$ and subscribe fvlly to the games programme. This year has been 8 year of Sporting succwJs at Fettes. In Rugby, the Aumn Term saw hard fought for the 1 XV in tha National Confarancè, tho Rugby Sov&ns squad parformod strongly, roaching tho Bowl somi-final at the N1h of England 7$ and the season finished wrth [e Fettesians being selected and aYIng for the Scoland U16 taam in the 8 Nations. In hockoy, the boys won th6 Scottish Hod(&y U18 cup for the 3 succossive yoar as well as the boys U15 ScottBh Hockey plate. The girfs. 1¥ Xl went undefeated at Ihe scotb.sh Boarding Schools tournament to rètain tha tri)phy for tha 2nd yaar and b&at lh& r&igniThJ Scottish Hockoy Cup champK)ns in 1st round of the cup only to lose in the quarter final. The U15 girfs were knocked out of the Scottish Cup in the 5erni- nal on strokas. Sanior girfs. hockey continu8s to fjourish, fidding five teams. The bcsys football 1st Xl comFEted s$slIY for the first time in the Lothian and District Schcx)Is League against local s¢01$ throughout tha rsgi<)n, concluding an èxcéllgnt ar by winning tha Lothian Schtstsls Platè. Thè Boys, 1st V Basketball team had an outstanding, undefeated league run, qualifying for the SISBA finals day before ultimatèly finishing runnors-up. Lacrc6s• Mmains highty succèssful: 1st X ratsinad the Scottish tttia, won tho Quoon Margarat's toumamant and perforned creditably at the Nationals. progressing to the last 16 of Dwision 1. Netball continues to grow in popularity and quality,. thè U15s won SISNA trophy for tho first timo aThJ tha U14, U15, and 1st Vll toams all advanced to the Scottish Cup quarterfinals, a first for the school. The Under 14 Girfs, Netball tearn also went on to r&cord a remarkablo Victory in th& Scottish Sthools final at tho Emiratos Arona, ovorcunirKJ a four-point doficit to wn 28-25, marking a significant milestone for the prosram. 14 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 15 149
Fettes College
Governors, report for the year ended 31 August 2025
RECORD OF ACHIEVEMEKfs AND PERFORMANCE Icontlnuedl
Sport Icontlnuedl
The Summer Temi struck Èts usual ba1ce between offering the highest Ve1 of swt and exercise provision, as
part of a hdistic oducation, and tho acadamic prossu of public èxaminations. Th& Girfs, 1st Xl and U15 Crid(et
team5 retained Ihe Scotbsh Cup for the third year in a low. The Boys, Cricket 1st xi team secured notable wns
against Loretto, Glenalmond, Ddlar and St Andrews and an impressive tie wth Merchiston. During the Easter
Holidays, th& t8nnis squad had wam-weath81 training in Portugd. whith hèlpèd prepar8 them foi a summèr tern
of high qualty tennis.
In other 5POrt5, the SchoJl hosted the Scottish Schod5 Indoor Rowing Championship5 for the second consecutive
year and over 40 students across all age groups repreSted Fettes. National success continued on an individual
level with the senior Fives player5 winning the Scottish Sthools doubles toumament as wdl a5 the National Und8r-
16 doubles (Platel. Finally, Fettes enjoyed intemational representation in hockey (boys and girlsl. cricket Iboys
and gidsl, lacrosse, basketball, athletics, tal8 tenni5 and 8qUeStrianism.
Tho strangthanirKJ of tho dapartm&nt in Séptambar 2024 vAth tha arrwal a taachar with a background in Fashic
and Textiles has brought fresh and exciting ideas to the teaching team as did the arriv81 of a multi-media arb.st and
rècant graduato of Edinburgh Collègè of Art as in Rosidenc&. Sha worksd closdy with Sixth Fom students
and initiated a series of engaging arbst t81ks and exhibitions throughout the year, giving pupils valuable insight into
contampc•rary art practico aThJ lifo at art school and boyond.
Tho axhibition programm8 was ospacially wbrant this yoar. Tho Intorim SIN)w gava oxamination candidatos tha
opporbjnity to test kleas wqth a public audience, vthile Third Form Exhibition in January was bi93er and more
colourful than ever, a testament to the lnfiUen of both new and current art teachers. A new addition to th8
calendar, Ihe Lower Sixth Pavilion Exhibthon, was curated by the students themsdves in collaboration with the
Artist in Residence. featuring exciting projectDn work that incorporated sound sourced from the Music Departsnent
archwe. AS alway5, the annual End of Year Exhibthon was a highlight, showcasing muttimedia inslallalK)ns, video,
large-5cale painting> and discreet site-spectfic work5 displayed throughoui the Salve Art Department.
Drama
The Drama Department aim5 to maintain a hvJh profile both Mqthin the School and beycnd. It holds several major
Co-curricular productions per year and up to fffteen cuiricular performances as part of the assessment for the
various qualifications offered. Cross
Fettes College Governors, report for the year ended 31 August 2025 RECORD OF ACHIEVEMEKfs AND PERFORMANCE Icontlnuedl Mu$lc The Department delNered a wonderfully varied, entertairhir#J and moving pro3ramme across the year and whole Collage Carol Sèrvice in Dacemb&r. Th& Chapal Choir ddiv&r perfomianc&s of a high stsndard throughouttha year and, continuing in Ihe Scknol's community outreach prg3ramme, p8rfomied Caro15 fu the re5ident5 ofthe Queen's Manor Nursing Home, this year, in the presence of the Lord Provost of Edinburgh, Rt. Hon. Robert Aldridge. The Spring C<)ncert, again in St Cuthbert's, witnessed a wholg school collaborati<)n involving Prep Chamber Choir, Concert Orchestra, Concert Choir, Pipe Band, Head of Instrumental Music on piano, Chapel Organist and Music Admiiiistiaioi oli Electric Bass as well as ts)e audience. Held iii less fori))al setting of the Theatre, the fifth, and m05t succe55ful to date, Open Mic, Night- not only for the number of performers, but the for the standard of musicianship Ihat was on display- raised welcome fvnds for Fetlor Youth Club. The find week of the year saw Superb Leaver5' reatal in Invedetth, St Serf5 Church- anoppJrtunty to strengthen yet furtherties wth local groups and spaces, and, of course, the Founderfs Eve concert. Instrumental teaching remains ever wpularmqth the highest stsndard5 being on display in the Instrum8ntallPiano and Solo singing Hou5& Competition5 and over 350 indwidual music lessons being given weekly. Fettes students were also represented in the fcAlowing Music organisations= Nati<)nal Youth Orch85tra of Scotland, the National Youth Choii of Scotland, National Gid5 Choir and the Edinburgh Youth Orchestra ejl of which are knovm for thwr pursuit of the highest musical stsndards and concert opportunitias. Combined Cadet Force Tho CCF at Fatt&s offars studants tho opportunity to èxporiancè, in a Controlled atyj safo &nvironmonL somo oftha rigour5. disciplirE and enjoyment of British Amiy training. The contingent is led by experienced and enthusiastic staff mombars but with incraasad èmphasis on stlxlant invdvemant and rosponsibilty. Spacffically, senior cadats arrange intemal promotional courses for junior cadets throughout the year and conduct interviews to seleet their successors for Senior NCO positions. Meanvthile, thei demonstrate their leadership ability by planning and implements.ng both the in-school CCF overnight exercise and field day, as well as weekty platoon training, all of vthich provide a deeprcKited dership experience. In Juty, there are typically centralised summer camp5 for the Contingent offering a concentrated week of key dovelopmantsl areas of the CCF syllabus= shooting, ovemight exèrcises, adventurous training and a challenging Setting for junior leadership. The summer camps are voluntary but nevertheless there were over 40 Fettes cadet5 attending. 'The Challeroe" is a non-uniformed activity designed to introduce 4th Fom) students to the soft skills of Leadership Development and Team Building, thrtyjgh the medium ol tsjtdoor Pursuits. The programme to date ha5 proved great success. This has been quantffied by seeing the vast majority of last yearfs Fourth Fomi progressing vduntarily into the CCF in the 5th Fomi. The prcgramme is led by Sixth Fomi CCF cadets who act as role models qth a view to encouraging students to volunteer into the CCF at the start of Frfth Forrn. The training syllabus for The Challenge continues to evolve wth emphasi5 on th8 Student VOIC8 in the design, planning and implementation of the training package and there conts.nues to be a significant number of staff vtho are very willing to support the Challonga. Duke of Edlnburgh Award Scheme Tho School colebratsst Duka of Edinbur Award Schem& and th• Govemorsfvlly supportth& sènso ofpgrsonal re5pon5ibilty and developrnent i( instils in our student5. Mrnost the entire Third Fomi submits to the Bronze level ith a signfficant proport progressing to the Silvai and Gold Award18v&ls. This year, 29 students completed th8ir Gold Award. It was particularty pleasing that such a signrfrant proportion of the group persevered to the end of this challenging progiamme. 16 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 17 149
Fettes College Governors, report for the year ended 31 August 2025 RECORD OF ACHIEVEMENTS ANO PERFORMANCE Icontinuedl Outdoor Pursuits By way of introductK>n to tha Duke of Edinburgh Award schame, tha Third Fom initiatod a naw basa in the ana8nt wcodland Forest of Craigvinean, alongside the River Tay for Third Fomi Field Week. The week was designed for students to step outside their comfort zones and build deeper bonds wth their year group, all Vwhile displaying authentic leadership and hanCing th8ir communication skills. Activityds included high-wrt climbs, ax8 throwng, abseiling, rock climbing, bushcraft, wthite-water bing, basketball, carng, mountain biking, canyoning, and Very wpulai sil8iit disco. Once again, the Schod entered a team to compete in Scottish Islands Peak Race, a gwelling event run over two nights and three days, Sailing 180 nautica miles and running 51 mi5 up and down the Iand5 of Mull, Jura and Arran. Training coMMend in September fora May race. Weatherconditions added to an already challenging event but, arriving in Troon eady MorKlay, Team Fettes 5ecur8d first place in the youth da5s. Huge thanks to ownèr and skipper of the Luskentyre and congratulations to the Lower Sixth runners who join an elrte band of young People vtho can say that they train1 for months, 5ai18d far days, and won th8 Scottish Iand5 Peak5 Race. Piping and Drumming Pipas and drums ara a cantral part of Irf& at Fattas. Moro than 100 studants tske part in pipiThJ and drumming lessons, receiving one-to-one tuibon from a team of worfd-dass instructors. The team recently welcrxned a multiplè-ts'ma drumming champion as Fottes said far&w&ll to Jim Walkèr aftar 30 yaars of sarvtca. Tha high calibr• of instrudion mob"vates students to achieve t"r best whilst Piping Instructor Aasdair Henderson has another outstanding summar of CoMtitive succèss, wnniw tho Wotld Pipo Band Championships for th8 fourth tima as Pipe Sergeant of Inveraray and District Pipe Band. The school continues to support pipers and drummer5 at every stage of their development, whether through scholarships. instrument purchases or assistsnce wth tours and travel. During the Easter break. 2025. the band travelled to New York to participate in the Tartan Day Paiade, a significant undertaking for the departm1 bul well yrth the effort Vth the trip offering both a cultural experience and a valuable performance opportunity. A majorfocus for the last few year5 has been fostering the grvwth of piping and drumming within the Prep School, specifically helping it establish its unique identity and role in the schcK)I's perf0mlan context. The introduction of group chanter le5son5 In the Prep School last year providèd an affordable and engaging entry pointfor parent5 and students. This approach, wth its emphasis on enjoyment, indusion and mastery of basics, has proven hvJhly Successful. It ha5 StreThjther the teathing prD3ram and funnelled new talent into the Prep Pip8 Band. Governor5 are pleased to see these 5tudent5 flrish both ¥thin the Prep School setting and as they tran5thon to the Senior School and the Senior Pipe Band. Ults"mately, pupils leave Fettes wqth a uniquely Scottish skill that the School is proud to pass on. Fettes Intsmatlonal Llmlted Fett&s Intomational Limit8d I'FIL") is tho trling subsid1 of Fott•s Collago rosponsibla for th& dèvelopmènt and oversight ofthe Fettes, inlemats.onal school$. The first such school, Fettes colge Guangzhou I'FCG'I, 15 a purpose-built schoc4 in 50Uthem China that bears thè Fottes nama and is ownod by Country Gard•n Education Group. Thg Gov8mors havè maintained thoir position that they are making no financial commitment to FCG or it5 development. Now in its sixth year of operation, FCG is led by experienced co-Heads of College who have worked together for many years in some of China's top intèrnational and bilingual schools and arè making good progrèss in davaloping all aspacts of tho school. Tho 1st graduating class achiavod 100°A accoptanca at QS25 univarsitlos including Cambridgo, Oxford, Batkoly School of Music and the University of the Arts London. This led to increased interest and enrdment has risen to almost 500 studants. Tho Scho is accredit by the Council of Bribsh Intamational Schools, Intamational Baccalauraate (Primary and Middle Years Programmel. Boarding Schools Association. Westem Associate of Schools and Colleges, Apple DistiNJuishad Schocl, Accroditat'on by Languago for Rasults Intamational, Cambridge and BTEC Assessmont Centres. The schod has a partnership with the Cambridge School ofvisual and Perfonring Arts. Engagement FCG this year inclL*Jed a student exchange visit110 students) and a faCe-tO-fa Athisory Board meeting. 17 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 18 149
Fettes College Governors, report for the year ended 31 August 2025 RECORD OF ACHIEVEMEKfs AND PERFORMANCE Icontlnuedl Fettes Intematlonal Llmlted Icontlnuedl The Govemors remain committgj to eXOn9 opportunities to generate additional inccffle from overseas schools, ith a taam of govomors and sènior leaders 8ngaging V¥ith inv•stors and wrators in now globd markats where the Fette5 prop05thon 15 expected to resonate. FINANCIAL REVIEW Bu5ine55 pltln5 and related developments The School is a charity and is non-profit making. Any surpluses are applied to ongoing investment in the fabric of the school, further facilthes develcpment or the repayment of lOar for the benefit of Ihe School's primary purpose. trading subsKliaries are wn commercially Vrfith the objective that Iheir profits should be dcnated to the Schod for the benefit of its student5. Followng thè signrficant invastmont in tèaching faalthès n rècant yèars, thè Govwnors arè detèm)in•d that Fatt•s should be the employer of chCe for aspiring teachers as wdl as Sch) of choice for students and parents alike. The Govemors have recently finalised Ihwr Strateg vision fr)r the School which is uTrJerpinned by a substantial facilit$ d&vèlt)pmant programma and envisagas savara naw facilitias and vanturos, bNO prioritias of which arè a new Science and InrKJvab"on building arKI a very significant rollirrtJ progr8mme of boardirvJ house and pupil welfare improv&mants. Th& first of th&sè proiacts, thè dasign craab'on of a naw purposo-buik Wall1ng Contra to $ubstanb"811y enhance the medical, pastoral and wellbeing needs of the students, is nearly complete_ The Govemors are minthl of their obligab"on5 as custodians of the school to place sustainabilty at the forefront of any inrtiative orfacilities developments and they continue to a¢e great emphasis on minimising the environmental impact of the school and its operats"ons. To that end, ali new construction and refUrb1shnt projects are being designed with sustsinabilty in mind as is the approach to replaciThJ vehicles. plant and machinery wth greener credentials. The Schcxjl has already had gnificant success wqlh the installation of ground and air 50urce heal pump systems into new development5 and is in the proces5 01 considering related technology in some locations k* supp1 existing saNices. The trading subsidiaries, F•ttes Enterprisas and Fett8s Centr& for Language & Cullmre Limited I'FCLC"I, contin to see a significant uptum in bUs1rsS. Demand for place5 at FCLC remained high during 2025 and 15 expected to be the same for 2026. Fettes the Venue, the division cr9ed Vwith generating income from School assets during the holiday5 for accommodation, wedding5 and sports carnps, was able to capitalise on a strong demaTra from schools, dubs and businesses requiring accommodation and facilities Vwithin Edinburgh. Al of these activities wden public acce55 to the facilities at Fette5 and rai58 the proffile of the Schod in its local community and further afield. By using SchcKJI assets vthich would othenvise be unused during the holidays, these subsidiaries make a valuab18 contribution to the School. We5bNOLKls Health Club ha5 enjoyed a year of growth in membership and, as part of its ambityous plansfor the ftthre, places a very signrficant emphasis on improwng Its environmental footprint in tho knadg9 that it is both a rasponsia approach and rasponding to m6mbors' viows. Tho Govèmors have continugd to support and strangth8n relations bahwn tho School and ils fomiar stLKlants. parents and other supporters. The Old Fettean Assooation is thriving and the School conb"nue$ to develop ts links with the Association. Tha Govornors aro particularly grataful to Tho Fett8s FoundatK)n, a separatoly rogisterad charty, whh raises substantial sum5 to help with new faalits.es at the School and donate funds for bursaries, rènewal of facilf£i&s and numerous othar actv.•$ and tha F&ttesian Trust, whose trustees regularfy SLPPOrt notsblo project5 which would otherwise not become a realty. Results for the year Tho totsl incomo of thè SC for tho yoar to 31 August 2025 amtsuntod to £24.048,247 compared wilh £24,193,134 in 2024. This included £419,376 of donati)n and similar income12024: £389,967), the timirrfJ and quantum of which tho School has no dirèct control. Incoming rasourcas Irom cora charitablo &tivitias incom8, primarily fee income, amounted to £23,424,33912024.. £23,558,204), whilst investment inco was £204,530 12024= £244.9611. Invastmants in a portfolio of listed aquit$ and bonds and a socurad loan to tho trading subsidiary, Fottas Enterprises, together fomi the Combined Investment Fund. Income arising from the Combined Investment Furb is gonarally rastrictod to providing bursariss and schdarships to studants attanding tho School. 18 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 19 149
Fettes College Governors, report for the year ended 31 August 2025 FINANCIAL REVIEW {contlnued) Results lor the year Icontlnuedl Total School expenditure amounted to £25,580,20812024.. £26,255,353), arbj the largest component of costs rèmain8d staffing 1¢h at £16,641.09012024: £15,404.9041 constitLrtod 65%12024.' 59.kl of tha total. Net deficf( for the year irlUding inveslment losses wes £1,585,244 12024.. deficit of £1,021,541). The deficf( included £1,078,833 ofèxeoptional itams12024." £744,019IMthith rèsults in an undédying dèfiutof £506.41112024.' underlying surplus of £276,521) The addition of VAT to 5th001 fees required much thought from Govemor5 and the Senior Leadership Team. In recognitK)n of the substantial sacrifices families make when choosing a Fettes education and the short timescale wth ¥thh the change was introduced, Govemor5 elected to share the burden of VATwith familie5 in full knoYAedge that this would cause a short-term reduction in profitability. The net def( reported is wthin Govemors, expected parameters of their chosen Strategy and they anticipate a retum to surPuS in the coming year. Tho Combird Inv6strnt Fund's invéslmènt pdiey is eonsidarèd and Monitor annually by thè Govèmors and a sub-committee comprising a Govemor, the Bursar and a co-opted extemal member with relevant experience meets quartady wth thè Invéstmènt Managèr to discuss faciots, both intérnal and èxtèinal, which should ba brought to the attention of or may be of interest to the wder Board of Govemgrs. The Govemors have selected Churches, Charitiès and Local AutreS ICCLAI Invastrnant maamnt Limitsd, tha UK'S largèst charity fund managar, to manage the School's Investments. The Govemors are aw8re ol their duties, in line wrth Section 4.2 of OSCR Charity Investmènts.. Guidanca and Good Pracb'ca, to actwth carè and dilig&nco to ansura thattho assats invostèd are aligned wqth the charitable objectives ol Ihe Charty- CCLA integrates ESG considerations into its investment procossos. Its minimum standards for all invostmonts includo moasuros lating to climata changè, tobacco, cannabis, indiscriminate weaponry and oppressive regimes. Further, the COIF Charities Investment Fund in which the CIF is invested applies criteria relating to tobacco, adult entertainment, gambling a1 controversies as identified under the UN Global Compact. At present, the investment policy is to reinvest all income eamed in pursurt of capital growth. The School invests any mnEs not immediately required for current purposes in a combination of immediate cash and interest-bearing cash funds. The investment of restsicled fvnds in equities and bonds was managed during the year on behah¢ofthe College in an OEIC lund. During the year the value of the Combined Investment Funds held wth CCLA decreased by £83,220 12024: increased by £1,038,467) to unmalis8d losses on inv•stmants of £83,220 12024= unr8alis8d gains of £1,038,4671. At a consolidated level a net deficit of £1,275,315 12024.. surplus of £77,226) is reported. The deficit included £1,144,844 of exceptional items which resulted in an underfying deficrt of £130,471 12024.. surplus of £821,245). Total consolidated fund balances were £25,067,79912024.. £26,343,114). The con501idated statement of financial acbvthes and the con501idated balarbce sheet bring together the actimtiès of the School and Fette$ Enterprises along WTth rts Subsidianes Fettes Centre for Language & Culture Mited and Fott&s Intèmational Limited, all of tha subsidiarios boing auditad by th8 School's auditor. Fott&s Entarprisas ovms and continuad to managa tho Wèsttvoods sports c8ntr&, rètail, &vonts manag&mgnt and letting arKI divisions reF)grted a trading profft of £1,232,54212024.. 10$$ of £225,047). Fettes Centre for Language & Cultura roportad a trading profit of£321,08512024.' £373,161). No Gfft paymènts wore daimed by tha Scho durir¥J the year12024.. £nill. Reserves policy Tho rasarvas of tha SchLXl hald for tha fUrtranc& ol its chartiabl& objects as d6seribad abovè. Through thèir budgeting and financial annIng processes, the Govemors seek to ensure that the School's operatirvJ commitmants ara mèt in full and that sufficient cash is ganoratod to p&m)it conts'nuing invastmant in facilitias to supwt the educatKJnal objedwes of the Schod. IncomiThJ resources have been uged during the year for their interKled purpJse as detailed in these Financial ststamants. Tho Group holds thrao broad categorias of fvnds.. ondov¢mont funds, Vwh6r• tha capital alamant of tho fvThJs is generally held in perpetuty and the irKome is used for the purposes laid out by the donor, restricted fijnds, where thè caprtal and interèst aro us&d for tho purptssos laKI out by th8 donor, unroStrict8d fvnds. lch ar• Ltsad to lulfil the aims and objectwes of the Schod. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 20 149
Fettes College Governors, report for the year ended 31 August 2025 FINANCIAL REVIEW {contlnued) Reserves pollcy Icontlnuedl The Group's policy on all restricted fuTras (ended or otherwise) is to keep a separate record of donations, ntS and oth&r sourcos of fund-raising rastrictK)ns aro imposad that are narrowor than th& Sc)01.$ ovorall objectWe5. l andowadfundsafahèld within thè Combinod InvnnI Fund. Tht Fèttos F¢)undation rlS gènaral and spacffic nd-raising programmes for the benefit of the School and separate endowed and restricted fvnds are set up as appropiiate followiiig 11)ese appeals. The focus is on IE4ising funds, not only for specific capital projects leath projed will have it5 own target), but also to increase the evel of funds held wthin the Combined Investment Fund aVailae to support bursaries forthose who would benefit from a Fettes education but whose parents or guardsans canmt afford the full SchJol fees. Thè funds of thè Cembinèd Invèstmènt Fund I'CIF'I aré rèstrict by thè provisths af thè dtrnors, grfts and thè purpose of each of these fvnds is described in the notes to the accounts. The CIF is invested to achieve capital glowth, wth any income generated be1j r8invest8d in th8 Portfolio. It has a lon9-term of achi8vin9 suffia8nt capital to support the payment of bursaries. Al 31 August 2025 the fvrKls reprvJented £8,958,68612024.. £9,056,965) of Permanent Endowment Fd reserves and £1,563,538 of Rastrictad Fund ras&rv8s12024= £2,774,654) and is r8pr8sont8d by listed invaslmants and investment in the Wesfvloods sports centre. At 31 August 2025 Ihe School's Unrestricted Fund reserwe amounted to £14,035,82012024.. £14,311.6671 and is rèprasonted in tha main by tha fixed assats of tha School and its invastmant in tha W&stwoods sports contro. Aftar dedLTrCtion of the amounts represented by tangible fixed asset5 the School's unrestricted fund reserve would be negative. This sImY refflects the financing stNcture of the School. The Govemors consider that ac5 to liquidity is a priorty that the scho can. Mqth reaSonae accuracy. predKt its income level lor al least a rkriod of a year. Fee5 are received in advance of eath term and used lo ftJrKI the expense5 of that temi, the repayment of loans and capital expendrture. The Govemors have set a minimum dosirabla l•vel f liquid assots Idefinod as cash at ban* and in hatxl and bonds with a maturity of less than one year but excluding fees received in advancel of £0.25m. Govemor5 are satisfied that this level of liquid a55et5 15 appropriate to fund day-to-day working catal requirements as the is ready access to liquidity frc4m the Revdving Credit Facility. Liquid a55et5 as at 31 August 2025 were £340,79312024". £455,0241- The School makes use of a revolving credit facilty. This facility provide5 the School with the flexibility to draw cash as required while ensurirrfJ that onty necessary levds of cash are borrowed from the facility at any one time. The Governors bdieve that the level of reserves, restricted unrestricted, is aderwate lo cover the Pu>$eS for which they are intended. The Group'5 reserve5 policy 15 reM&w8d annually, and thè Governor5 consider appropriate fw the finanaal statements to be ppared on a going concem basi8. Risk Management The Board is re$pon$ible for the management of risks faced by the School and ts subsidiaries. Detailed consideration of risk is dd8gated to the Risk Managemènt Committee, Ihè S8nior Management Toam and th• board5 of the trading subsidiaries, wth the Bursar ading as the co-ordinator bebmeen the groups. Risk5 are identffied and assess8d aThJ controls established. Whilstthes8 controls am rwiawad throughout th& year, a fomial reviewof the School'5 risk management processes 15 coTrducted on an annual basi5. The key controls used by the charty indude: forrna agendas for, and minuting of, all Board and Cornmittee activty., papers distributed prior to all meetirrfJs', dètailad t6rms of rofaronca for tho CommrttOèS', comprehensive Strategic planning, budgeting and management accounting; established organisats.onal structure and lines ol reporting., a Govemors, annud strategy day., formd written policies., aThJ dear authorisation and approval levels for all ewendFbJre. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 21149
Fettes College Governors, report for the year ended 31 August 2025 FINANCIAL REVIEW {contlnued) Rlsk management Icontsnuedl Through the risk management processes established by the Schod, the Govemors are satisfied that the major risks ar• idantffi8d and hav8 baon adequatoly assassad aThJ m'gat9d, whero n8cèssary. It is racognisad that 5y5tems can only provide reasonable, but not absoluie, assurance that major ri5k5 are being adequately managed. The key risks facing a schocsl like Fettes are predominantly financial, regulatory, climate-related, cyber or P8rformanct based which can in turn bo broken into student numbers, cost contrc4, compliancè, safeguarding, physical riqks, disaster recovery and quality of staffing amongst others. The Governors place huge eiiiplsis on ensuring steps are taken by managen)ent to i)iadKel il)e Sd)ool to potEElitial parents approprialely, to recruit and train exceptional staff and to erUre SafegrdIng and compliance is upperm05t in all the Schod's operations. The cuThent economic and political climate in the UK raises the possibility of targeted student numbers not being achieved, that position exacerbated by the imwsition of VAT on scFK)ol fees, rising costs and hence fees, and, vthilst Governors are eaSed wfch the level of enrolmenl in the Schoc4, the Schod continues to monitor levels of enquiries and registiations from existin9 and new sources of students. Tho School participat and continuas to paitcipate in thè Stottish Child Abusa Inquiry and has bo&n involved in a number of Civil Claims. To date, the SchocA has setued bMenty-bMQ claims, wth a further three in litigation. If any outstanding daim waro to bo succèssful, it is difficutt to d&tam)ino tho financial oxt&nt to vrt)ich th6 Sd)od could bo The safety of the School's students and staff is of the utmost importance and the Govemors have taken and continuo to tsk& signfficant stèps to ansura thè campus and buildings aro socura and safè. A Hèad of Sacurity assumes responsibilty for the day-ttrday monitoring of the Fettes campus. The health and safety of everyone at Fette5, induding Vilors, is of central importance to the Govemors. A Health and Safety Officer is employed to ensure that activitEs are carried out in a safe manner. The Health and Safety Officer consums th a Govemor specnSc respJnsibility for heatth arKI safety. Tho car• and wolfar• of Stents at F&ttes is 8quallJ cèntral to tho Govamors and their approach to this re5pon5ibilty 15 covered in more detail throughout this report. Underpinning the importance Governors attach to this matter is the appointment of two Govemors with specrfic responsibilty for Safeguarding, one of Nthom worf(s closely with the pastoral team and Deputy Head in the Senr School and the other with the Prep School in discharging the School's responsibilities. Those govemois also attend the SchocA's safeguarding committeevthose membership comprise5 the pastoral leadership teams of both Senior and Prep Schools, the child protection co- ordinators and an independent child protection consultsnt. The prinapal climate-related risk Fettes observes are severe weather events Causing disrupt)n lo campus operations, damage to building5 arKI physical a55et5 or injury to individuals. The58 are mitigated through iegular surveying of our campus and oversight by the BuildiryJs, Health and Safety and Fl"sk Management Commrttees. Fettes also has in place robust and well-e$t8blished disester recovery plans in to tackle any climale-related disruption. Th&sa rango from utilising drfferant aroas of tha campus to accomrTryxlato any other part bocoming temporarily unus8ble, bnnging in temwaryserwced accomrrodation or rebJmingtemporarilyto a remote educab.on modd- as operated during COVID. Afvrther major risk idantrfpad is tho )Inancial implications of climatè Chan induding, but not limit8d to, highor costs of borrowing rf unable to access 'green' debt products, ligher insurance costs, higher energy costs as nonreen energy becomes comparatively more expensive and the cost ofdisruption to the campus- vthethw through repair costs or lost inct)ma. Tho finanad risk how8wrdS also pro98nt an opportunty. By invosting in tha right t8chtK)logy and aswts across campus to minimise energy usage, material savings to energy costs could be realised. These risks and 0pp0rknneS are assessed on an on%oing basis throughout the year by the rhythm of the varKsus commrttaos which reflact on tham, induding tha Financa Committao, tha Haath & Saf6ty Comnutt60, tha Buildings Committee and Ihe Risk Managenwit Commrttee. 21 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 22 149
Fettes College Governors, report for the year ended 31 August 2025 FUTURE PLANS The School's conslrtution and legal entity have been recently modemised and are. in the Govemors, cpinion, appropriato for a sd)ool with ambitious and prc¥Jr8ssivo plans for th8 futuro. Tho School continuès to strongth8n its position within t sector and has maintainad pupil roll notivFthstsThJing th• chalSenging economic climate. The main PrtleS for the coming year indude ensuring the School provides appropriate faalities for the all-round education of its sdents. Specifically, the Govemors t( the deasion to introduce a Pre-Pr8p offering to catèr fow Students atth8 slart ofthèir 5chod joumèy and, with effect from Sept8mbar 2025, Fettes has offered an all-round educaticn from the age of 5 as opposed to the previous starting age of 7. A signifKanl ainouiit of woik was ui)dertthen iii 11) year to 8nsur8 t1ifj3 laolitiÉTS. cuiriculuin aThJ slaffiiig in place lor the stari of the 2025126 academic year. The Govemor5' strategic visNJn lor the Schod remain5 as it wa5, Fetles Movffng Forwarnl..A place to live. A place to leam. A place togrow. Underpinning thatvision is a strong statementthat the size of the school is notto increase, that boardirg remain5 central to the school'5 8th05 and a 5ub5tantial facilities and infra5tructur8 development programme which adds to or improves resources within the teaching of SCnce and Innovation and wellbeing to name but a few. This is th&r6fora an exciting timè for F&ttas Collaga as itèmbarks on tho dolivary of th& Gov8mors' n&w wsion for the School, which indudes a very svJnfficanl and ambrtKJu$ faalrties development programme over the next five to savèn years through a combination of naw dabt faalthés, intoma rasoureas atKI philanthropy. A £21.5 million fijnding facility arr8rrtJed through HSBC is available to support those key project$. Furthermore, it remains one of the Govemor5' core aims to support financial students otherwse unable to atteTh th& School aThJ considoration is bèitYJ givon to tha many %Yays in which tha Schcd's ondowmontfund, so important to the long-temi provisKsn of such assistance, can be enhand to assist in this regard. The Govemors continue to place signrficant emphasis cn delivering the financial targets of the School. MeetirvJ nancial tsrgets will require careful management of fees and costs. the CtinUed promotion of excellence in education and of the Sctrwl and 115 actiwties generally lothe parent bThdyand to the local, nationvj and inlematKsnal communi The Govemors are keenly aware of Ihe challenges presented by the continl uncertain political and economic outlcK)k and will monitor th& situation Carefully, taking appropriate contingency action in the event that economic conditions so dictate. Specifically, in relation to scffle of the most recent heathnds, the Govermr5 made representation to the Govemment regarding the imposrtv)n of VAT on school fees and considered the combined impad on the School and the parent body ofVAT on fee5and the planned change5 to ernployer National Insurance contributions. In relation to these changes, the Governors elected to share the burden of VAT Mqth farnilies but wll continue to consh4er what measures may need to b8 taken to mitigate the58 and other uncertainties". suth measures may include, but not be limited to, maximising total income, examples of vthich indude the devdoFrfnent of additional overseas schods and the hugely successful trading arm of the Schtsol, reducing all cost5 whilst maintaining the core ewJence that is Fettes and conlrdling bursary expenditure. The Govemors continue to believe sIr¢glY in the public benefit provided by the School and regard it as of importatTh that the scho maintsins its status as a Mt-lor-sxofit charity. selOn 172 stsiement In accordanco with th8 r8quiromonts and gonoral duties placad on thom U191 Section 172{11 of th8 Cunpanies Act 2006, the Govemors are acutely mindful, both individually and cdlectively, of the responsibility placed upon thern to act in a way, in good faith, to promote the success of Fettes College for the interests and benefits of all of th6 School's mambars and stak$holdors. In making dècisions during thè yèar, tho Govèmors havè takèn cdlective responsibility for the long-temi SUC$$ of the School and its wder group of companies, and have done so règard to any long tam et)nsaqu&nc&s of thair actions, th& impact on tho communty and &nvironmanL relatKJns wf(h all those vtho engage wth the School, induding employees, parents and pupils, and the desire to maintsin tha School's strong raputation and hi stsndards of ccfftduct. Furthèr dètails on tha ¢)ngoitYJ training and development of GoverThJrs, including inrtial induetion and briefings on their duties under the Act are set in th& Structura, Govarnanca manag&mant Socti¢)n o this raport. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. r8 149
Fettes College Governors, report for the year ended 31 August 2025 sTATEmEr OF GOVERNORS, RESPONSIBILITIES Tho Govamors IvA)o a¥a tho trustoès for thè purposas of charity law and tha diractors for tha pu0$0$ of company lawl are responsible for preparing the Govemors, Report and the ffinancial statements in accordancewith aPIcable law and Unitad n910M Accounting Standards Iunitad PJngdom Ggnarally Accaptod Accounting Praclic•l. Company law requires the Governors to prepare fineal statements for each financial year. Under company law thè Govtmors must ntst approvè tho finarKial statèmènts unlass thay arè satisffid that thèy a trué and fair view of the stste of the affairs of the School and of the incoming resources and application of resources, including the iiicoi)w al 8xJ1&rtr, ol th8 Sih(K4 for tl)at period. Iii p¥8paring tIiÉT finaiioal slat8mÉTnis UiÉT Govirb(¥s ar required to.. solact suitabla accounting pol1$ and apply them consist8ntly- observe the methc¥Js and principle5 in the chareS Statement of Recommerbjed Practice IFRS 1021., make jtjdgements and e$b"m8tes that are re8songble and prudent., stste whother applieablo accounting standards hava boon followwj, suLièct to any material daparturns disclosed and explained in the financial statements., and prepare thefinancial statements on a going CanM ba$ unless it is inar4Jropriate lo presume that the Sch¢1 11 continua in opèrati. Tho Govamors aro rasponsiblo for kaaping propèr aceou)ting rocords which disclosè wth reasonabl* accuracy at any time the ffin8nc181 position of the scho and enable them to ensure that the financial statements c<)mply wth thè Companios Act 2006, Charities and Truste8 Inv•strn8nt Iscouandl Aci 2005 and the Charities Accounts Iscodandl Regulats"ons 2006. They are also reswjnsible for safegu8rding the assets of the S¢ho¢4 and hence for tsking reasonable steps for pravontion and detection of fraud and other irrogulariti8s. Tho Gov8rnors aro rosponsible for th& maint8nanc• and integrity of tho charity and th& financial infomiation included on the charity's website. Legislation in the United KirrtJdom goveming the preparation and dissemination of finanaal statomonts may diffor from1ogi61ation in other JrdIet10n8. Statement of dlsclosure to audltor In so far as the GDvemors are aware.. there is no relevant audf( infomwlion of whh the scho,$ audttor is unaware,. and the tnBtees have taken all steps that they oughtto have taken to makethemselves aware of any relevant audit information and to establish that the auditor 15 aware of that infomiation. Auditor The auditor, Henderson Loggie LLP, is deemed to be reappointed under section 48712}ofthe Companies Act 2006. Approval Tho Govamors, Raport is approv by thè Chair ¢)n bahalfof tha Board of Govarnors. Tha Govamors also approve the strateg Report, which is contained in the Govemors, Report, in their capauty as company directo¥s. rag Wlse- 025-12-15. 23.'03'$7 UTC The Rt Hon Lady Wise Chair oftho Board of Govomors Date Company Number SC719759 23 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 24 149
Independent Auditor's Report to the Trustees and Members of Fettes College Oplnlon We have a1rted the finana81 statements of Fettes Coll&Je (Yhe School'l and its subsidiary companies (the grwpl for thè yaar ènd 31 August 2025 wl)id) compriso tho Consolidat6d and School Statèmants of Financial Activthes, the Group and School Balance Sheet5. the GrDUP and scho Statements of Cash Flows and the notos to tho ffinanaal statamonts, incIling a summary ol signfficant accounting p(Aiaes. Tho financial reFthir4J framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, induding Financial ReixKting Standard 102 The Financkgl Reporting Stsndard applicable in the UK arKJ Rapublic of IrOnd, IUnit8d Kingdom Gènèral Accéptod Accounting Practic&l. In our opinn, th& financial statomonts= give a truè and fair vW of the state of th& group's and Scho(I's affairs as at 31 August 2025 and of the group'5 and School's incoming resource5 and applcation of resources, including their income and expenditure, for the year then ended,. have baon propotly prapar8d in accordance wf(h Unitod Kingdom Ganarally Accapted AccountiThJ Practice,. and have been prepared in accordance wth the requirements of the Companies Act 2006, the Charities and Trustoe Invostmant Iscodandl Act 2005 atKI ragulations 6 and 8 of th& Char.$ Accounts IScotlaThJl Regulation5 21Y)6 la5 anded1. Basis for opinion We conducted our audit in accordance with Intemationa Standard5 on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those stsndards are fvrther described in the Auditor's responsibilities for the audit of the financial statement5 section of our report. We are independent of the grJP and Sch1 in accordance wth the ethical requirements that are rdevant to our audit of the financial ststements in the United Kingdom, including the Financial Reporting Council'5 Ethical Standard, and w8 have fuffilled our ethical responsibilities in accordance wfch these requirements. INe believe that the audit evidence we have obtained is Su1nt and appropriata to provida a basis for our aLwJil opinion. Concluslons relatlng to golng concern In audrting the finanaal statements, we have concluded that the Govemors. use of the goiro concern basis of accounting in thè praration of thè financial statamèrnts is appropriato. Basod on th• work we havo rfOrniad, w8 hav• not identifiJ any matarial uncartaintios rdating to •Vonts or condits.ons that, individually or cdlectively, may cast 9n[FICant doubt on the group's and the School'y abilty to continuo as a 90ing conc8m for a poriod of atloast tN¢alv• months from whon th& financial statements are aLrthorised for issue. Our responsibilities and the responsibilthes ofthe Govemors wth respect to going concem are described in tho relevant S8Ctions other Inlomlatlon The other infomiation comprises the infomiation IndUd in the annual report, other than the financial statements and our auditorfs report thereon. The Governor5 are responsible for the other irrformation containtd within the annual report. Our opinion on the finanaal statements Lkns not cover the other information and, èxcèpt to thè èxtènt othèrwisè &X1cltIY statÈd in our rèport, wt do not txpross any fom of assurancè condu31 Ihereon. Cljr re4)onsibilty 1$ to read the other Informaln and, in doiryJ so, congiderwhether the 0th6r information is matarially inc<)nsistant with thè financial statamants or our knovAèdgt obtsinod in audit or othepNise appears to be materially misstated. IY we identity such material Inconsistencie5 or apparent mat011 misstat&m8nts, ar8 requirad to dotomiin& wh8ther this gives riso to a material misstatoment in th& financial statement5 themselves. If, based on the work we have performed, we conclude that there is a material misstatamgnt of this other infomiation, wè am r8quirad Ic rèport that fact. We have rthirj to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on ihe work undertaken in the course of the audit= the infomiation given in the tntstees. report and strategic report, which indudes tt)e directors, report. for th financial yèar for which thè financial statmants arè prèparad is consistÈnt wth thè ffinancial statements., and the strategic rep(11 and trustees report wthich indudes the directors, report has been prepared in accordancè wth ¥plicable legal requirements. 24 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 25 149
Independent Auditor's Report to the Trustees and Members of Fettes College Icont.) Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the toll(Mqng matters in relat)n to whith the CharrtPS and Trustees Invostsnènt Iscodandl Act 2005 and tha Charitias Accounts Iscodandl Ragulations 2006 las amandadl req¢Jir8 us to report to you rf, in our opinion.. the infomiation given in the financkil statements is inconsistent in any material respect wqth the Govemor5' Report., or prOr accounting rocords havo not boen kapt by tha SthcKsI,' or tha Schod financial ststamants aro not in agr8om&nt Vwith the accounting records,. or wg havo not r8c•ivad all tha infom)ation aThJ axplanations wa roquiro for our audit. Responslbllltles ol the Governors As explained more ful in the Statement of Responsibillies ofthe Govemors, the Govemors Iwho are the trustees for the purposes of charity law and the director$ for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that tY givè a true and fair vièw, and for such intèmal control as tha Gov6mors dotamina is nscossary to ènabla tha praparation of financKal ststamonts that are free from material mi5Statement, whether due to fraud or error. In waparing th& financial statemants, th& Govomors are rosponsiblo for assassing tho group's and tho School's abilty to continue as a going concem, disclosing, a5 applIcae, matt8r5 related to going concem and using the going concern basis of accounting unless the Govemors either intend to liquidate the charity or to ceaye operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under Secti 4411Xcl of the Charities and Trustee Investment Iscodandl Act 2005 and raport in accordanc8 with th8 Act and relevant regulations mado or having èffoct tharaundar. Our objectives are lo obtain reasonable assuran about whether the finanaal statements as a thole are free Irom material misstatom8nt, thoth8r du8 to fraud or orror, and to issue an AuditoI8 Report that includes our opinion. Raasonablè assurancè is a high lavol of assuranea, but is not a guarantea that an audit conducted in accordance wth ISAS IUKI wll aayS detect a material misstatement when it exists. Misstatements can arise from fraud or èrror aThJ ara considarod matorial if, individually or in tho aggrogat&, thoy could rèasonably ba expected to influence the economic decisions of uws taken on the basis of these financial ststements. Extent to which our procedures are capable of detecting irregularities including fruad Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procoduros in linè with our roSpcnsibilè$, ouuinod abovo, to datact matorial misstatem&nts in rospect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capabla of d8t&cting irragularities. including fraud, is deiailed below. As part of Jr planning process.. We enquired of man8gement the systems and controls the company has Tn place, the areas of the financial ststaments that are mosuy susceptible to risk of irragularitios and fraud, and whothar thar• was any known, su5peded or alleged fraud. managent nfomied us that there were no instances of knovm, suspected or alleged fraud., Wo obtsIn an uThJ8rstsnding of tho lagal and regulatory framoworf(s applicablo to tha company. W• determined that th8 following were most relevant." Health and Safety, employment law (including paye41 and pension regulations), data protection and charity legislation. We considered the incentives and opwrtunities that exist in the company, including the extent of management bias, which presents a potential for irregularitie5 and fraud to be perpetrated, and tailored our risk assessment accordingly- and Using our knovladgè of the company, togethèr wth tho discLtssions held with managgment at th& plning stage, we fomied a conclusion on the risk of misstatement due to irregularitses including fral and tailored our proc8dures according to this risk assessmant. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 149
Independent Auditor's Report to Trustees and Members of Fettes College Icont'd) Extent to whlch our procedures are capable of detectlng Irregularltles Includlng fraud Icontlnuedl The key pri)cedure$ undertc<)k to detect irregularitie$ induding fraud during the course of the audit includgJ'. Enquiries with management about any knowi or suspected instances of rn-coMpliare with laws and ragulations and fraud., R&vi&wng btsard maoting minut8s', Rèading corrèspondanca with regulators 1ndlIng OSCR., Challanging assumptions and judgmonts madé by managamènt in thèir signfficant accounting asltmatès, in particular in relation to depreciation rates and bad debt provisions., and Auditing the risk of management oveThide of controls, including through testing joumal entries and other adjusli))ETnts for approwiatness. Ovng to the inherent lirnitstions of an audit, there is an unavoidable risk that some material misstatements in tho financial statamonts may not ba datacted, oven though tho audit is propady plannèd and p&rfomiad in accordance wth the ISAS IUKI. For instance, the further removed non-compliance is from the events and transactions r&flactad in tho financial ststamants, tha less likaly tho auditor is to bacomo awara of it or to recognise the non-cornpliance. he risk is also greater regarding IegUlatieS occurrin9 due to fraud rather than error, as fraud involves intantional conc&almont, forgory, coIILsion, omission or misr&prasantation. Th& primary respjnsibility for the prevention and detection of irregularities and fraud rests wth the govemor5. A further de5CriPtJn of our responsibilities forthe audit of the financkil statements 15 located on the Financial Roporting cn¢11.$ w8bsit• at: wMv.frc.or .uklauditorsrg nsibilitios. This dosaiption fomis part of OUT auditols report. Use of our report Thi5 report is made solely to the School'5 Govemor5, as a body, Tn accordance wth Section 441lllcl of the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 10 of the Charities Accounts (Scoyandl Regulation5 2006 las amendedl.our audit work has beon undertaken so that we might state to the SchocAs Govemors as a body. those rnatters we are required to State to thn in an Auditorfs Report and for no other purposè. To thè fullèst &xtt wrmitted by law, wè do not accèpt or assumè responsibilty to anyonè othèr than thè Schod and thè Sth¢>ol's Govèrnors, &3 a body, for eur audit wodt, for this raport, or for the opinions wa have f*Jmed. KeiTh Md¢phetsoo- 2C125-12-18. 17'.22 28 Irrc Keith Macpherson Isenior Statutory Auditor) For and on behaWof Henderson Loggie LLP Charterèd Accountants & Statutory Auditors Henderson Loggie LLP is 8ligibl• to act as auditor in toms of soction 1212 of the Companios Act 2006 10-14 Waterfoo Place Edinburgh EH1 3EG Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 27 149
Fettes College Consolidated statement of financial activities for the year ended 31 August 2025 Permanent Unrestricted Endowment Restricted Total 2025 Total 2024 Note Income and endowments frcrfn: DonatDns and legacies Charrtablo activities Other trading actiwtie$ Investments 35,291 23.424,339 3,035,735 70,536 384.082 419,376 389,967 23,424,339 23,558,204 3,035,735 2,757,022 75,263 82,936 4.727 Total income and endowments 26.565,904 388,809 20,954,113 26,788,129 Expendiiure on: Charitable activities Trading activit18S 23.850,936 2,730,998 1.588.809 25,445,745 25,203,178 2.730,998 2,549,403 Totsl expenditure 26,587.9 1.588,809 28.176,743 27,752,581 Net I10ssesllgains on investments Gains disposd of assats 101,8201 111,1151 {72,9351 1,041,678 19,650 19,69] Net lexpenditureyincome before transfers 12,380) 161,8201 11,211,115) 11,275,315) 77,226 Transfer between lunds 11.200,0001 1.200,000 Nel movewnent in fvnd5 12,380) 11.201.820) 111,1151 11,275.3151 77.226 Reconciliation of funds Fund balancas at 1 Saptèmber 2024 13.565,975 11,202,486 1,574.653 26,343,114 28,265.888 Fund balances at 1 September 2025 13,563,595 9,940,666 1,563,538 25,067,799 26,343,114 27 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 28 149
Fettes College School statement of financial activities for the year ended 31 August 2025 Pemianont Unrestricted Endowm8nt Total 2025 Total 2024 Restricted Note Income and endowments from: Donath"on5 and legacie5 Charitabl4 activities Other trading activitie5 Investh)ents 35,294 4 23,424,339 384,082 419,376 389,987 23.424,339 23.558,204 67,051 137,479 204,530 244,961 Total Income and endowments 23,526,686 521,561 24.048,247 24,193,134 Expendlture on.. Charitable acb"vrtiey 7 23,822,184 36,460 1.721,561 25,580,205 26,255,352 Total expenditure 23,822,184 36,460 1,721,561 25,580,205 26,255,352 Nel Ilosse3)gains on investments Gains on disposal of assets 161,8201 111,1151 {72,9351 19,650 1,041,678 19,65D Net expendlture before transfets 1275.848) 198.2801 11.211,1151 11,585,243) 11.020,5401 Transfer bethen fvnds 11,200.IK)01 1.200,000 Net movement in funds 1275,8481 11,298,280) 111,1151 {1,585,2431 11,020,5401 Reconclllatlon of iunds Fund balancos at 1 Sgptamb&r 2024 14,311,068 10,256.966 1,574,653 26.143,287 27,183,827 Fund balances at 31 August 2025 14,035,82D B,958,686 1,563,538 24,558,044 28,143,287 28 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 29 149
Fettes College Balance sheet at 31 August 2025 Group 2025 Group 2024 School 2025 Sthool 2024 Note Fixed assets Tangiblè fix8d ass•ts Investments 20,481,850 10,217,393 26,265,538 10,290,331 23,349,011 12.913,948 22,997,722 14,244,907 12 36,699,243 36,555,869 36,262,959 37,242,829 Current assets Stock Dèbtors Cash at bank and on hand 290,609 2,119,014 633,373 264,187 2,311,344 827,514 13 2,499,350 340,793 2.949,105 455,024 3.042,99fj 3,203,045 2,840,143 3.404,129 Credltors Amounts falling due within one year 14 112,395,322> 111,39),1651 112,265,940> 112,477,836) Net current Iliabilitiesl 19,352,326) 18,187,120) 19,425,797> 19,073,707) Totsl assets IVJS current liabilth.es 27,346,917 28,368,749 26,837.162 28.168,922 Credltors Amounts falling due outrrfith one year 14 {2,279.1181 12,025,635) {2,279.118) 12,025.6351 Total net assets 25,067,799 26,343,114 24,558.044 26,143,287 Funds Rèstrictèd funds Pemianent endownent fvnds Unr&stricted funds 19 1,563,538 9,940,fj66 13563,595 1,574,653 11,202,486 13,565,975 1,563,538 8,958,686 14,035,820 1.574,653 10,256,966 14,311,668 25P67,799 26,343,114 24,558,044 28,143,287 These financial stakmènts w•r• approvèd by thè Govèrnors on ...................... wèrè signèd on their behalf by.. klorag W15e 025-12-15, 23..03.57 urc The Rt Hon Lady Wise Chair ofthe Board of Govemu5 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 149
Fettes College Statement of cash flows for the year ended 31 August 2025 Group 2025 Group 2024 School 2025 School 2024 Net cash {oufflowifinflow from operating actlvltles 20 1,955.439 1272,7101 413.393 1438,2121 Investlng actlvltles Invostrr*nt incoma Payments to acquire fixed assets Procoods on sala of fixod assots Net cash transferred to investrnent managers Now inv4stm&nt in FEL- Tochnogym loan Repayment of secured debenture loan 75,203 82,936 204,530 244,962 11.fj84,1471 11,605,921) 11.613,0201 11,419,438) 19,650 1,000 19,650 1,000 110,2851 13,2121 110,2851 13,2121 21,562 19,996 1,200.000 Net outnow Irom Investlng actlvltles 11.599,5191 11,525.1971 1177,5fj3} 11,156,692) Financing activities Loan rapaymants Bank loanlhire purchase interest (100,0001 11,600,000) 1250,0611 1302,2761 (100,0001 11,800,OQXJI 1250,0611 1302,2781 Net cash oufflow from flnanclng actlvltles (350.0611 11,902.2761 {350.061} 11,902,276) IDecrea5eyincrease in cash and cash equivalents 5,859 13,700,184) 1114,231) 13,497,180) Cash and cash equlvalenis at start ol perlod 627,514 4,327.698 455,024 3,952,204 Cash and cash equivalents at end of period 033,373 627.514 340,793 455,024 Cash and cash equivalents 15 represented by cash 8t bank. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 31149
Fettes College Notes to the financial statements for the year ended 31 August 2025 AOUntIng policies Charlty Informatlon F•tt•s College I'the School.) is a riSter8d Scottish Charity INO. SC0174891 and was Incorporat as company ISC7197591 on 13 January 2022. On 1 September 2022, Fettes College took on the activitie5 of the lormor Gov8rnors of tho Fattes Trusts, which was a body corporate originally astablishod und&r tha Educational Endowments Iscotlandl Act, 1882 and ccntinued as a body corporate by various Schemes under tha Educab'on Iscotlandl Acts las amended) culminating in Tho Fattas Colloge Schoma 20081'lh8 Fettos Scheme") under and in temis of the Charities and Trustee Investment Iscotlandl A¢t 2005. The reglsiered offlce Is Fettes College, Garrfngton Road. Edlnburgh, EH4 IQX. Basis of preparation The financial statements have been prepared under the historical cost convention, modrfied for fair value as appropriate, and are in accordanc& with FRS 102 The Financial Reporting Standard applicable in th• UK and Republic of Ireland" l FRS 102,1, Accounting and Reporting by Charities.. Statement of Recommended Practice applicablè to charities prèparing th&ir accounts in accordanco with the Financial Roporting Standards applicable in the UK and Republic of Ireland IFRS 10.1 I SORP IFRS 102,1. The financial statements have also boon preparod in accordanco with tha Companios Act 200e, tho Charitios Accounts (Scotlandl Regulations 2006 and the Charities and Trustee Investment Iscotlandl Act 2005. The School is a Public Benefit Entity, as defined by FRS 102. Tho accounts aro proparod in starling, wthich is th8 functional currancy of tha School. Monetary amounts in th8s& financial statements are rounded to the nearest £. Consolldatlon The consolidated financial statements consolidate the financial statements for the year ended 31 August 2025 of the School. its Nth(Aly owned subsidiary. Fettes Enterprises Limited. and that company's vtholly owned subsidiaries Fette5 Centre for Larguage & Culture Limited and Fette5 Intemational Limited. The financial Statements of the subsidKeri*s hava bèèn prtrparad to 31 Au9USt 2025. Tho finanaal stataments of Fattos Activè Limitad, a subsidiary oftho Scho, are not consdidatad as that company has been domiant thr¢wghoul ts financial years ended 31 August 2025 and 2024. The finanaal statements of The Fottes Foundation ar• not consolidated as rt is a warat8 chafty not dIdY under the control of the SclK>JI. Going concern While the Group and sch report net current liabilibes on Ihe balance sheet, there is a significant revolving credrt facility available. The Gov8rnors arè therefore confKlent the Group has the financial r850urc8S to allow it to rèmain able to meet ts liabilit$ as they fall due and conts.nue in operational existence for a perKxI of at least trwelve months from tho approval ofth&so finanaal statomènts. Thus tho Govomrs continuo to adopt tho going concom basi8 of accounts.ng in txeparing the finanaal statements. Pension arrangements The School participates in the Scottish Teachers. Superannuation Scheme which provides benefits based on linal pansionabla pay. Tho schèmè is a multi-èmployw dèfinèd banofit schèmè which, in common with othar Govemment pension schemes, is unfunded in that there 1$ no earmarked fvnd of a$sel$ underfying the schèma. Thè School is unablè to idèntify its sharè of thè undailying liabilitiès of tho schtmè and thaiaforè account5 for the contributions to the scheme as if it were a defined contribution scheme. Staff are entitled to join a separate defined contribution scheme, the assets of which are held separately from those of the School. Pension costs are charged to the Statement of financial activities in the year to which they relate. Employee benefits Tho cost of any unused hdiday anbdamant is racognisod in tha poriod in leh tha amploy88's serwcas arè recewed. Termin8tKsn benefits are recognised immediately as an expense when the Schod is demonstrably committed to temiinate the employment of an employee or to provide temiination benefits. 31 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 32 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 Accounting policies (continued) Flxed assets and (lepreclatlon Fixed asset5 are initially recorded at cost. Major improvements works are capitalised. Expenditure on individual assets costing less than £5,000 may be expensed. Depreciation is not provKled on land but is provided on all other xed a55et5 and expenditure incurred on the school buildings at rate5 catculated to write off the cost less estimated residual value evenly over the life of each asset as follows.. Expenditure incuTred on buildings Vehides, plant and machinery 6oardirrtJ house furnire arbj fittsngs, sports facilit$, pianos Kitchen equipment Computer equipment -2%to5% -10ar¥J20% -10% -15% -20° Assets in the course of construction are not depreciated until they have been completed and are available for uso. Impairment of fixed assets At each rewrting date, the School reviews the carrying amounts of its tangible assets lo determine Nthether there is any indication that those asset5 have suffered an impairrnent105s. If any such indication exist5, the recoverable amount of the asset is estimated in order to detemiire the extent of the impaimient loss, if any. tt)è recoverablè ami)unt of an assat is &stimated to s$ than its carrying amount, carrying amount of tho asset is reduced to its recoverable amount. An impaimient loss is reccgnised immediately in inco and expenditure for the year, unless the relevant asset is rrIed at a revalued amount, in 1¢h case the impaimient loss is trèat as a rèvaluation dècrasè. Cash and cash equlvalenis Cash and cash equivalents include cash in hand. dep)sits held at call with banks, and other short-temi liquid invastm&nts wth original maturities of thrèè mnths or lass. Financial instruments Tho Sd)ool has èlected to apply tha provisions ol Soction 11 'Basic Financial Instrumgnts. and Soction 12 '0th8r Financial InstNments l$$ues' of FRS 102 to all of rts financial instruments. Financial instwments are recognised in thè Sthotsl's balancè sht Wrt tha School bocoms party to thè contradual provisions ofthè instrumant. Financial assèts arKI liabilitiès ar& offsat, vAth thè nat amounts prasèntad in thè financial stat&mants, whèn tra is a legally enlorceable right to set off the recognised amounts and there is an intantion to settte on a net basi5 or to r&diso tho assat and satuo Iho lialty slmultsn8ouy. Baslc financlal assets Basic financial a55ets, wthith Tnclude trade and other receivables and cash and bank balances, are inalty measured at transaction price including transaction costs and are subsequenlly carried at amortised cost using tho effective interest method unle55 the arrangement constitute5 a financing transaction, where Ihe tran5actKn 15 measured at the present value of the fvrture receipts discDunted at a market rate of interest. Other Ilnanclal assets Oihèr financial assots, induding dorivativ& financial instrum&nts, investments in aquity instrum&nts vthich ara not subsidiaries, associates, orjoint ventures, are inf(ially measured al fair value, which VJ n¢Nmally the transaction pri. Such assots aro subsaquandy carriod at fair value and tha changos in fair valuo ara racognisad in incom& and expendrture. Impairment of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impaim)ant at oach repon9 datè. Financial assats arè impairad whèra thar& is objaetivè avidonca that, as a rasult of onè or morè avants that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an assat is impairèd, tha impaimiènt loss is tho diffar6nc& batwoan tha carrying amount and tha prasant valuo of the estimated cash flows discounted at the assets original effectsve interest rate. The impaimient loss is rocognisod in incoma and axpanditur&. thor• is a docms& in thè Impalmnt loss arisiThJ from an ovant occurring aftor the Impalmnt was rocognisod. the impairrnent is reversed. The reversal is such that the current carrying amjnt does not exceed what the carrying amount would hava boèn had tha impairm&nt rnt provioudy baan racognisad. Tha impairmont rèvarsal is recognised in income and expenditure. 32 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 33 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 Accounting policies (continued) Basic financial liabilities Basic fin8naal liabilth"e3, including trade and other payables, are inits.ally recognised 81 IransactKin price unless the arrangom&nt constitut6s a ffinanciThJ tranSaCtn, Vwh6ra th& dabt instrumènt is mèasured at tho prosant valua of th& thJbJre payments discounted at a market rate of interest. Debt inStrUrrntS are subsequenly Carr at amrtised cost, using th& eff8ctivo intomst rate mothod. Trade payables are obligations to pay for goods or services that have been acquired in the Ordinary course of 0ratiOnS from suppliors. Accounts payabla aro classified as currènt liabilrti&s rf paym&nt is du& within ona yaar or les5. If not, they are presented as n0n-cuent liabilities. Trade paYae5 are recognised InallY at transaction price and subsequendy measured at amortised cost using the effective interest method. Derecognition of financial liabilities FInarla1 liabilities are derecogni8ed when the SdKxA's contractual ¢*ligations expire or are discharged or cancelled. Operatlng leases Rentals payable under plant and machinery operating leases are charged to expenditure on a straight-line basis over the lease temi. Income from charitable activities Income from charitable activities comprise school fees and ancillary income receivable in the period. School fees are stated after deducting bursaries, scholarships, and sibling and forces remissions. Deferred income Fee5 recewed for which entiuement fa115 in future periods are deferred and are recogni5ed a5 income in the perlo to which they relate. Deposits held in respect of pupils are presented as either current or non-current liabilities on the basi5 of an estimate of the timing of the settlernent ol the obligat. Investments and investment income Unlisted investments are staled at cost. Listed investments are slated at fair value thich is based on market value at the reporting date. Gains or losses on sale of investments and unrealised gains or I<yJge$ on the revaluation of invèstments ara craditad or Charg to th6 Statemsnt of Financial Aetivitias. Dèposit intarost and oth&r invèstmènt income is shown gross of recover?e tsx and accrued where ¥pplvWe. Donatlons and legacles Income from donations and lÈga¢iès is rètognisèd by thè Schtrjl whèn thè •ntiUèmènt to thè rèeaipt is probablè. Donations subject to speaficwishes of the donors are alkxated to the relevant restiicted fvnds, or to endowment lunds where th8 amount is required to bè held as p8tmanent caprtal. Donations rseèivablè for thè gèneral purposès of the School are credited to unrestricted fvnds. For legacies, income 15 reccgni5ed when the School has entement and the amount can be reliably measured. This is generally the earlier of the School being notified of an impeThYing distributDn or the legacy being received. On occasion18gacies wll be notffi8d to the Schcol howev8r it is not PO55ibl8 to measure the amount expected to be distributed. Cn these occasions, the legacy is recognised en the amount beccmes reliabty measurable. Grant income Incoma from Gtsvommant grants vrt)id) havè pwfom)anco condttions attad)&d, aro racognisad as unrastrictod incom& from tharitsble 8clivitie$ by the Schcol when entIementt9 the receipt 1$ probable. Income from tradlno actlvltles Incomo from trading activitiès roprèsonts subsidiary incoma from joining and memborship faas and chargos for the provision of services to members and their guests including hall letting, catering and sales of goods. Membership fees are apkK)rtioned across the period to which they relate and the unexpired portion of fees at the balance sheet date is included in deferred income. Tumover also represents sales from the Fettes Shop and fees receivable arising from the activities of Fette$ the Venue. also indudas amounts aamad during tho pari¢JJ in rospact of thè provision of languag& and cultural courses and reimEMJrsement of expenditure relating to the set-up of a school in China. 33 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 34 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 Accounting policies (continued) Expendlture The Sthool 15 not registered for VAT purp05e5 and SchoDI expenditure 15 therefore indusTve of VAT where appropriate. Fettes Enterprises Limited 1$ registered for IIAT. The activ"e$ of FCLC are exempt from VAT and th&r&fora that company is not r8gist8r8d for VAT. F8ttas Intomational Limitod is not rogistor8d for VAT. Expenditure is included in the Statement of Financial Activities on an accruals basis and is allocated as.. Raising funds- those associated with ganorating incoma., Charitsblo acts'viti&s includas axpènditura associatod wth meeting the SCho,s primary objectives and includes the direct costs, the support costs Telating to these activitie5 and govemance costs which comprise the costs of complying with constitlOal and statutory requiremEnts such a5 the cost of extemal audi(, legal advice and tax advice, and the provision of the govemance infrastrucbjre. I costs have been direcuy attributed to one of the fvnctional categories of expendire in the Statement of Financial Activit$. Fund accounting unreStrted fijnds are available fr)r use at the discretion of the trustees in furtherance of the general obiecti.vey of the charty and vthich havo not bean dèsignatad for othèr purposas. Designated fund5 ccrnprise unrestricted fiJnd5 that have been get aside by the trustees for parbcular purpcses. The aim and usa of èach dasignat8d fund is sèt Olrt in the notas to the ffinancial statgm8nts. Restricted fvnd$ are fijnds which are to be used in accordan wth $peufic restrictions imposed by donors or which havè bsan raisad by thè charty for particular purptssas. Thè cost of raising and administèring such furKls ara thargad against the specrfic furKI. The aim and use of each reslri¢ted fvnd is set out in the notes lo the financial statements. Endowment funds represent those assets which must be held permanently by the charity. Income ari%ng on the endowment fvnds can be used in accordan Mqth the objects of the charity and is included as unrestricted income. Any caprtal gains or1055es arising on the investments form part of the fijnd. Investment management charges and legal advlce relating io the fvnd are charged agalnsi the n. Tax The School 15 recogni5ed a5 a charity by HMRC and no charg8 for taxation arises on income which 15 applied in respect of its charitablo activities. Critical accounting estimates and judgements In the applub.on of the Sc01,8 accountir4J policies, the Trustees are required to make judgements. estimates and assumptK)ns abt thè carrying amount of assèts and liabilitiès that aro not rèadily apparènt from othar sourc&s. The estimates and 8s%)ciated asSumptnS are based on historical eXpenee and other factors that are considered to ba ralèvant. Actual rasults may drffor from thosa astimatos. The ostimat•s and underfying assumptions are r•vi8w•d on an or@oiThJ basis. Rovisions to accounting •stimatos are recognised in the period in which the estimate 15 remsed where the revision affects only that period, or in the period of the revision and fvtU periods vthere the reVIOn affects both current and ftre periods. Tha following judg&mants or &stimatK)n unc8rtainti8s hava a significant affact on amounts rècognisad in t firwncial statements.. Depreciation rates Depreciation 13 calculated lo fully WTrte off the cost of a$3els overtheir estimated useful life. Management ests.mate tha usèful lif& of aath assot. 8ad (lebt provlslon Managementjudges the recoverability of debtors and makes a provision where the debt is not expeded to be recovered. Full provision has been made for such debts and the bad debt provision al the year-end wag £587,650 12024.. £663,663). Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 35 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 Income from donatlons and legacles {Group & School) 2025 2024 Fettes Foundation Donations from indi¥Aduals 320,000 99,376 330,000 59,967 419,370 389,967 Within total donations above £384,082 12024: £387,490) was restricted and £35,294 12024: £2,477) donatK)ns ¥thich were unrestricted. Income from charitable activities (Group & School) 2025 2024 Schoc4 fee5 Less.. Bursaries, schc¢larships and other remissions 26.250,642 26,437,284 12,905,232) 13,001,855) Not fo& inc<yna 23,345,410 23,435,429 Othor ancillary aclivitsas 78,929 122,775 Nèt fèè int¢m• 23,424,339 23,558.204 AJI income rdaled to unrestricted ls[2024. all income) 35 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 36 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 Income from other tradlng actlvltles 2025 Group 2024 Group 2025 School 2024 School Intèmational schod projoct Rent Sports facilities incom• Shop sal8S Venue hlre Summar school 5,232 1,550,633 300,167 309,80J 869,897 1,445,406 262,397 145,68T 903,531 3,035,735 2,757,022 Income from Investments 2025 Group 2024 Group 2025 School 2024 School Bank intarest Listed inveslments Loans to SUbSlary- sacurad Loans to subsh4iary- unsecured 75.263 82,936 71,778 82,926 132,752 162,035 75,263 82,936 204.530 244,961 Within School investmentirKomo £137,47912024: £157,332lwa8 r08tricted. Within Group investment incomg £4,72712024.' £2,816} was rostrictad. Expendlture on charltable actlvltles 2025 Group 2024 Group 2025 School 2024 Schtsjl Teathing Waar& Premises Supwl cost of schcx)ling It)ota 81 Depreoation net o1105sllgainl on sale of assets Bank intarost 12,162,290 11,767,218 12.22J,627 11,767,218 4,142,110 4,170,035 4,142,110 4,170,035 4,228,861 4,629,394 4,228,861 4,629,394 3,333,605 2,973,722 3,400,728 4,025,897 1,261,730 1,251,982 1,261,730 1,251,982 317,149 410,827 317,149 410,827 25,445.745 25,203,178 25,580,205 26,255.353 Support costs 2025 Group 2024 Group 2025 School 2024 School Wagès and salarrès Advertising & Marketing Proféssional Faas Finance ch8rge$ Officè admin costs Bad debt prov¥1 Loan impalmit Legal fees Govamanca costs 1,828,511 254,005 110,160 7,886 4,240 24,996 1,490,578 1,828,511 325,452 254,005 127,119 110,160 9,758 7,886 109,820 34,902 144,9371 24,996 36,461 1,490,578 325,452 127,119 9,758 216,474 144.9371 945,520 68,141 887,791 68,141 887,791 1,103,807 1,103,807 3,333.605 2,973,722 3,400,728 4,025,896 36 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 37 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 Fees paid to auditors 2025 Group 2024 Group 2025 School 2024 School Audit- Scho)I Audit- Subsdiaries Tax 22.900 17,400 4,250 21,950 16,150 4,045 22,900 21,950 42,145 22,900 21,950 Fees in respect of 5ub5idiaries are charged to expenditure on trading activrbes. 10 stall costs 2025 Group 2024 Group 2025 School 2024 Scho Wagos and salarias Social security CCL8ts Ponsion costs 13,904,627 13,105,585 12,799.234 12,092,621 1,591,110 1,382,467 1,490,717 1,301,230 2,432,450 2,078,523 2,351.139 2.011,053 17,928.187 16,566,575 16,641,090 15,404,904 2025 Group 2024 Group 2025 School 2024 School Average nurnber of employees 379 370 328 330 The numEer ofemF4oyee5 Mth05e total employee benefit5 exceeded £80,000 for the year were'.- 2025 2024 BeWeen £60,000 and £70,000 Betsveen £70,000 and £80,000 Between £80,000 and £90,000 Betsveen £90,000 and £100,0(MJ Bètsvèan £100,000 and £110,000 Betsveen £110,000 and £120,000 Batsvean £130,000 and £140,000 Betsveen £150,000 and £160,000 Babwaan £160,000 and £170,000 8etrween £180,000 and £190,OLX) 39 18 32 18 No rÉ)Mun&ration or othèr banèffits wèr8 paid to tmstèos in thè yèar12024- £nill 37 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 38 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 11 Tanglble flxed assets College Preparatory Premises & Schoot Residential Equipmont Pramisas & Promisos & Vahido and Equipment Equipment machinery Subsidiary Premises School Total Equipment Group Total Cost At 1 Septèmkr 2024 A(*11tn9 Disposals Tran5fer5 15,929,827 5,804,370 25.774.479 1.403,337 159,759 22,e62 462,575 47,971,251 6,343,260 54,314,511 fj7,489 1,653,447 71,127 1,724,574 183,5731 183,5731 {3.695} 187,2681 17,8261 140,4281 140,4281 18,3291 13601 123,9131 At 31 August 2025 17.324,835 5.963,769 25.7T3,428 438,fj65 49,500,697 fj.410,692 55,911.389 Depreciation At 1 September 2024 Charge for period Disposals 10,026,089 3,035,841 11,482,433 443,191 118,898 686,462 429,187 24,973,529 3,075,444 28,048,973 13,179 1,261,730 206,104 1,467,834 183,5731 183,5731 {3,695} 187,2681 At 31 ALVJUSt 2025 10.469,280 3,154,739 12,168,894 358.773 26.151,680 3.277,853 29,429.539 Net book value At 31 August 2025 6.855,555 2.809,030 13.604,534 79,892 23,349,011 3,132,839 26,481,850 At 31 August 2024 5,903,739 2,768,529 14.292.046 33,408 22,997,722 3,267,816 26,265,538 38 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 39 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 12 Investments 2025 Group 2024 Group 2025 School 2024 School Fair Val at 1 Saptombar 2024 Additions Proceeds on sale Unrealised Ilossesygains Loan impalrnent Loan repaymont 10,290,328 10,285 9.248,650 14.244,906 14,188,744 3,212 10,285 3,212 121,562} 119,9961 183,2201 1,038,466 130.401} 1945,5201 11,200,000} 183,2201 1,038,466 Fair Val at 31 August 2025 10,217,393 10,290,328 12,913,948 14,244,906 2025 Group 2024 Group 2025 School 2024 School Loan to subsidiary Unlisted inveslments CCLA Inv•stmant 386,552 1,644,576 100 2,310,103 2,310,103 10.290,228 10.217,293 10,290,228 100 10,217.293 10,217,393 10.290,328 12.913,948 14,244,907 Fettes ActSve Llmmed The School holds the whde issued Share capital of £100 of Fettes Actwe Limited Ifomiedy Fette5 College Limitedl, company incorporated in Scotland. The company had £100 net assets at 31 Au9USt 2025. The financial statements of Fettes Active Limited are rnade up to 31 August and the company has been dcmiant during the year. Fetters Active Limitèd is bèing rètain8d as a domant company for tha foias8&abla futurè. Fettes Enterprises Limited The Schod owns the Nthole issued share Capital of £2 of Fettes Enterprises Limi (the "companf I, a company incorporatad in Scoland. Tha financial statomènts of thè company ara mad& up to 31 August and tho company's principal actiwties are the management of Wesbvoods Health Club, Fettes the Venue aThl the Fettes Shop. The company has a Vwhdly owned subsidiary, Fattas Cantra for Languago & cultu Limitad I'FCLC I, a company incorporated in Scouand, which prowdes English language and Scottish culture courses. The company also has a vtholly ownèd subsidiary, Fèttos Intamationd Limitod I'FIL'I, wthid) worts in partnorship with Bright Scholar to build and run Fettes China. The ccmpany had turnover of£2,258,90212024.. £1,952,866), a profit before tax of£1,232,54212024.. £225.047 lossl, and net ass&ts of £1,543,937 12024.. £311,3951 and the ongoing support of th8 company is, in the viow of tha Governors, ju5ts.fied by its long-term trading outlook for rt a5 a business and the company provide5 excellent indoor sporting facilities for tho School. FCLC had tumover of £869,89712024.' £903,531), a profft b&foro tax of £321,085 12024.. £373,161), and net assets Iliabilities) of £341,00012024.. £569,915). FIL had tumover of £5,23212024= £ nill, loss before tax of £80,16012024.' profit of £4,133), and net current assets of £28,16112024= £758,3211. The c<xnpany has issued debenture loan notes of £1,368.53512024.. £2.590,0931 lo the Combined Investment Fund and Unsècur loans of £nil12024= £nill arè dua to thè &hool G6noral Fund. Tha Combinèd Invostmont Fund loan is repayab in fvll in June 2026 unless otherwise agreed and has intere$l al 1% over base re. 39 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 40 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 13 Debtors 2025 Group 2024 Group 2025 School 2024 School Trade debtors Dua from subsidiari•s Sundry debtors and prepayments 843,392 383,040 799,754 460,524 1239,072 344,458 762,084 1,842,563 1,275,fj22 1,928,304 2,119,014 2,311,344 2A99,350 2,949,105 As a hedge against risirrfJ interest rates, the Schocsl has entered into an interest rate cap with a cap rate of 1°A IBOE base ratel on a nOtnal amount of £4m from 3110112018 to 3110112024 and a notional amount of £2m from 3110112024 to 3010112026. At the year end the Swap was valued at £28,01912024,' £95,107) and is includÈd in sundry dèbteis. 14 Crediiors due wfthln one year 2025 Group 2024 Group 2025 School 2024 School Tr8de creditors Taxès and soaal Socurity costs Other creditor5 Accruals Deferred income Due to 5ub5wJiaiie5 Bank loans 1,160,B33 526,848 1,300,873 1,073,671 6,533,097 891,218 355,441 1,262,677 1,290,430 5,690,399 1,058,255 787,680 428,503 325,097 1,049,558 1,051.142 1,073,671 1,290,430 6,533,097 5,690,399 322,850 1,433,088 1,800,000 1,900,000 1,800,000 I,0,000 12.395,322 11,390,165 12.265,940 12,477,836 Creditors due in more than one year 2025 Group 2024 Group 2025 School 2024 School Ott)er creditors Doforrad incomè 2,203,545 75,573 1,864,736 160.899 2203,545 75,573 1,864,736 160,899 2,279,118 2,025,635 2279,118 2,025,635 40 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 41149
Fettes College Notes to the financial statements for the year ended 31 August 2025 15 Bank loans 2025 Group 2024 Group 2025 School 2024 Scho Mithin on8 yoar 1,800,000 1,gJO,000 1,800,000 1.900,CMJO 1,800,000 1,0,000 1,800,000 1,900,(M)O During the yaar tho School r8paid £100.000 ol the r8volving credit facility from HSBC which is unsecured and attract5 interest at 1.6% above the Bank of England base rate. 16 Deferred Income 2025 Group 2024 Group 2025 School 2024 School Balance at 1 September 2024 Income deferred in year Amount5 released 5,851,298 7,015,788 5,851,298 7.015,788 5,403,562 5,147,706 5,403,562 5,147,706 15,214,190) 16,312,196) 15,214,190) 16,312,196) Balance at 31 August 2025 6,040,670 5,851,298 6,040,670 5,851,298 Dèferred ineomè censists offeès that havè b*n paid in adva[ ofthè sch¢x)I tèm to which thèy rèlatè. 41 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 42 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 17 Flnanclal assets held at falr value through net Income Group Schotsl 2025 2024 Quoted investment portfolio Interest rate swap 10,217,293 28,019 10,290,228 95,107 Fair Value Listed inveslments and the interest rate cap derivative financial instsument referred to in note 14 are held at fair vau8 through income and expendrture. Fair value 15 determined by reference to quoted market prw in active markets and is not subiect to any valuation technB4ues. Financial risk management The School has exposure to the followqng risks arising from financial instrumonts moasur8d at fair value through income and expenditure.. Credlt rlsk Credit risk is the risk of financ bss to the School rf a jnterPaty to a financial instrument fai15 to meet its contrathal obligations. The Schwl's exposwe to this risk is mainly due to the element of its invéstmant portfolio that is invèstèd in fix intèrèst instrumants. The Schc¥Jl's policy for fixed interest investrnents, outwith the Group, is to ensure that they are activety managed by external professional investrnent managers, who report quarterfy to the Executive Committa8. Market risk Marf(et risk is th& risk that changes in marflet Pri5, such as equty Pri5, Vvill affect th& School's income or the value of its investment holdings. The objeth.ve of market risk management ig to manage and conlrcl markot risk oxposuras wf£hin accoptabla param&tors, whila optimising tha ratum. Tha School s pdicy is to ènsu that its invastmgnt wrtr(Aio is divorsffied and activdy managad by extomal professional InveStnt manager5, vho report quarterly to the Executive Committee. 18 Pensions The Scottish Teathers SuperannuatK)n Scheme is a mulli-employer defined benefit stheme which, in common with tsthar Govomment p&nsion schamos, is unfundad in that thara is no &arMaad lund of assets underlyng the scheme. The School 1$ unable to identty its Share of the underfying liabilities of the SChe and therefore accounts for the contribubon5 to the scheme as rf it were a defined contribution scheme. The latest actuarial valuation was carried out at 31 March 2016. The results of this valuation MEre rolled forward to give a liability of £43.5 billion al 31 March 2020 Ilate5t available). As the scheme is unfvnded there can be no SurU$ or shortfall. Pension contribution rates will be sot by th8 sch•m&'s actuary at a level to meet the c05t of PenSnS a5 they accrue. The cost recogni5ed in the statement of financial activit185 15 equal to the ccntribubon5 payable to the scheme for the year. The employer made contributn$ of 23.0% from September 2019, increasing to 26% from April 2025. Employee contsibubon5 ran98d between 7.210 arKI I1.9°k. and b8tW88n 7.35% and 12.14Yo from April 2025. EMoYee and employer contributions for August 2025 due to be paid to the scheme after Ihe year end amountad to £238,72212024'. £214,4161 and this was paKI ovor in S•ptomb&r 2025. In addition, employag AVC contribub.ons for August 2025 amounting to £3,20912024= £3,676), were paKI over in September 2025. The pension cost for the period for non4eaching staff has been charged to the statement of financial activitEs being contriblI)n$ to a group stakehdder pension scheme and other personal pension plans. Employee or employer contribution5 for August 2025 of £2,99612024.. £44,655) were due to paid to the group stskahddar pansion schomè at tho yoar end and this was paid ovar in S8ptamb&r 2025. 42 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 43 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 19 Funds Perrn•nent Endowment Comblnad Investment Bursarle81 Fund Scholarships Other Capital Unr88tr1ctsd Funds Total Restricted Group Total Opening balances at 1 September 2024 Incomo ExpenditLTrre Galns and loss•s Transfers 13,565,975 11,202,486 26,585,554 126,587,934) 1,568,381 388,809 11,588,8091 111,1151 1,200,000 6,272 1,574,653 26.343,114 388,809 26,974,363 11,588,809> 128,176,743) 111,1151 172,9351 1.200,000 161,8201 11,200,000) Closlng balanc•s at 31 August 2025 13,563,595 9,940.666 1,557266 6.272 1.563,538 25067.799 Perrnanent ErthwmÈnt colned Irwestrnent Burs8rie FU Scholarships unrestred Furxjs Total oth8r Ca Restrict] Group Total Q)ening balan at 1 September 2023 Incorne ExndItUr0 Gains and losses Transfers 14.530.427 10.319.574 1.409.616 26,397,823 390,306 127.362.2751 1390.3061 158.765 6.272 1.415.887 26.265.888 390,306 26,788,129 1390.3061 127.752.5811 158.766 1.041.678 882.912 Closlng balan$ at 31 AugLL8t 2024 13.565.975 11.202.486 1.568.361 6.272 1.574.653 26.343.114 Pennanent Endowinent Combined Investsnent Bursariesl Fund Stholar5hips Unrestricted Funds Total Olher Capltsl Rè&tricttd School Total Opening balances at 1 September 2024 14311,668 10256,966 1.568,381 Income 23,546.33fj 521,561 Expenditure 123,822,184) 136,4601 11.721.561) Galns and losses 161,8201 111,1151 Transfers {1,200,0001 1,200,000 6272 1,574,653 26,143,287 521,561 24,067,897 11.721.561) 125,580,205> 111,1151 172,935} 1,200,000 Closing balae5 at 31 August 2025 14035,820 8,958,fj86 1.557,266 6272 1.563,538 24,558,044 P8rman8nt ErNJolnnt C(mbitbed Unre5thcted InveStr1 8ursanesl Funds Fund StlKAat5hips Total Other Capital RÈstitlÈd Schoe4 Total Ow)ing bala[$ at 1 September 2023 Income Expendibjre Gains and losses Transfers 15,428,367 10,319,574 1,409,615 23,648,312 544,823 124,765,011) 1945,520} 1544,8231 882,912 158,766 6,272 1,415,887 27,163,828 $44,823 24,193,135 1544,8231126,255,3541 158,766 1,041,678 CAosing balan at 31 ALUSt 2024 14,311.668 10,256,966 1,568,381 6,272 1.574.653 26,143,287 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 44 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 19 Funds Icontinuedl The followng Endowment fvnds are subject to specrtic conditions by donors that the capitsl musl be maintained by the School. Rastrictod funds aro SLtbj6Ct to spocffic conditions by donors as to how thoy may ba usad. Fund Comblned Investment Fund Purpose Dr A B Flett'g B4uest Fund Fullarton Conn Mèmorial Scholarship Fund Captain HSH Wallace's Fund Knox-cunningham Boquast Scholarship Fund To nd bursaries and scholarships tenabl• at Fattes College Mitchall Watson Schdarship Fund Agnes M Pagan Scholarship Fund Crawford MUS Scholarship Fund Todd Scholarship Fund Joannid&s Scholarship Fund Peter Crombie Foundation Bequest Fund Lloyds Fèttesian Scholarship Robin Adam Bursary V A McL&an Legacy The Late Dr AC Hay's Open Scholarship Fund Tho Palgravo-Brown Al Roundar Award Foundation EndowTnent Tho Camorons AcknovAgdgwnant The Spens Bursary Leaving Awards Fund To fund 5cholar5hip5 tenable at Universities and Further Education Establishments and. at th& discrètion of thè Govèrnors, to fund Foundati Awards, Opan Scholarship5 and Continuation Schdar5hip5. Prvze Fund To lund the award of prize5 at the discretion of the Governors Dr Ashcroftrs FuThJ To be used at the discretion ofthe Govemors childr of Officers Scholarship Fund To be used to fvnd schdarships or other¢4ise at the Discretion of the GO¥errr5 Falconer Fund To contribute toward5 the upkeep of the library Selwyn Uoyd Memorial Library Fund To contribute toward5 the upkeep of the library Whiteside Cottage End0ment Fund To contribute toward5 the c05t of outrward knund projects Foundation Supplemenlalion Fund To Supplement the General Fund in the award of Foundation Scholarships. The Foundation Supplementation Fund, while invested in the Combined Investment Fund, has con5equendy bn shown in prwious yaars undar Pèmanènt Endowmant Funds. Sincè thèra is, howavar, no pèrmant requirement to keep the caprtal of this fvnd, the Ttee8 have corrected the disdosure and transfeThed to a corred classrfication of restricted fund. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 45 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 20 Analy$l$ of nel assets by fund$ 2025 Group Unrestricted Endowment Restricted Total Tangibl& Fixed assèts Investments CLFrr•nt Iliabilitiesyassots Cr@ditors falling du@ in morè than Dné yr 26,481,850 11,286,811> 19,352,326) 12.27Q.1181 26,481,850 10,217,393 19,352,326} 12.274.118> 9,940,666 1,563,538 13,563,595 9,940,666 1,563,538 25,067,799 2024 Group Unrestrlcted Endowment Restrlcted Total Tangible Fixed assets Investrnents Current Iliabilitiesyassets Creditorn fdling due in more than one year 26,265,538 ',2,486,8081 ',8,187,1201 12,025,635) 26,265,538 10,29),331 18,187,120) 12,025,635) 11.202,486 1,574,653 13,565,975 11.202,486 1,574,653 26,343,114 2025 School Unrestricted Endowment Restricted Total Fixed a55ets Investnnts Current Iliabilitie3ya38ets Cr&drtors faling in moro than ono yoar 23,349,011 2,397,997 19,432,070) 12,279,118) 23,349,011 12,913,949 19,425,798> 12,279,118} 8,958,OBO 1,557,206 fj.272 14,035,820 8,958,686 1,563,538 24,558,044 2024 Scho Unrestrlcted Endowment Restrlcted Total Fixed assets Investments Current Iliabil6$yassots Credi(ors falling due in more than one year 22,997,722 2,419,560 ',9,079,9791 12,025,635) 22,997,722 14.244,907 19,073,707) 12,025,835) lo,2,966 1,6,381 6.272 14,311,668 10,256,966 1,574,653 26,143,287 Notes lal The bursaries and scholarshi s fvnd represents annts received towards student awards: the other fvnd r8presents amounts awarde to fund pupil trips and similar activitw., and th• capitsl fvnd reprasents amounts racaivad to fund s¢the capitsl projècts. Ib} Transfèrs from unrèstrictèd rètainèd èqui reflect the intercompany interest on the C in subsidiariès to rèstrict bursariaslscholatships fLnds arè madè to loan stock that 15 Other4Mse eliminated on consolidation. Transfers from unrestrthd fijnds to retained equity in subsidkqries relates to a consc4idaticn adjustment for inter-company transactions. Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 46 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 21 Reconclllatlon of net Income to net cash llow TM cyeratlng actlvltles 2025 Group 2024 Group 2025 School 2024 Schod Net incorrellexpenditurel for year Unrealised gainwlosses Dapreciatn chargas Loan impairment 11,275,313) 83,220 1,467,834 77,226 11,038,467) 1,424.664 11,653,385) I2,399) 83,220 11,038,4671 1,261,730 1,252,982 36,462 945,520 {19,6501 11,0001 IGainllloss on disposal of fix8d assats tkcreasellincreasel In stock Decreasellincreasel in debtors Increa5elldecreasel in creditors Investment InMe reiVed Transfer to bad debt provision Bank loan interest paid 119,6501 126,4221 192,329 1,358,643 175,2031 11,0001 137,5411 450,260 11,367,194) 182,9361 474,751 209,730 1204,5301 124,9961 250,061 105.648 1762,8741 {244,9621 144,9371 302,276 250.061 302,276 1,955,439 {272,7101 413,393 {438,2121 Anatysis of changes in net debt At 1 Sept Cashkn¥s 2024 At 31 Aug 2025 Group Bank and cash LCn& falling due vAthin 1 yéar 627,514 11,900,000> 5,859 100.000 033,373 11.AOO.0001 Total 11,272,486) 105,859 11,166,627) At 1 Sept 2024 Cashllow5 At 31 Aug 2025 School Bank and cash Loans falling due wthin 1 year 455,024 11,900,0001 1114,2311 100,000 340,793 11.800.000) Total 11,444,9761 {14,2311 11,459.207} Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 47 149
Fettes College Notes to the financial statements for the year ended 31 August 2025 22 Operatlng leases At the reporting date the company had outstsnding commTtmentsforfuture minimum lease pay7nents under non-cancallabl& oparatingloasas, which fall dua as follow.. 2025 Group 2024 Group 2025 School 2024 School Within on8 yoar Benveen and five years Ovor five yèars 337,875 1.802,000 909,468 11,316 1,689,375 1,359,968 337,875 1.802,000 909.468 11,316 1,689,375 1,359,968 3.049,343 3.060,659 3.049.343 3,060,659 23 Contlngent Ilablllty As explained fvlly in the trustees report the School has received notification of daims for unspecified damagas in rospact of allog historic abusa. If any claim was successful, it is difficult to datam)ino tho financial extent to which the Schod could be liable or the timings of any possible ouffiows. 24 Related paty disclosures Where any of the Govemors are parents of pupils at the Sch1 they have amis4ength transactions in relatDn to payment of school fees. During thè yèar Fèttas Enterprises Limited chargèd tha School for Ihè usa of thè company's sp facilitiès and this amounted to £61,712 12024.. £61,153) and sold go¢JJs to th& School amounting to £38,817 12024= £37,990), all figures including VAT. Fettes Enterprise5 Limited is leasing land from the Sch(d for 25 years at £1 per annum. The lease agreement obliged Fettes Enterprises mited to devdop SrtS facility- At the year end Fette5 Enterpr5 Limited was due £154,165 to the School 12024". £240,300 due to the Schooll. Fettes Centre for Language & Culture Limited was due £12.806 to the School12024.' £150,817 due by thè Sthtdl attheyear•nd. Fottas Intèmational Limitod was duo £29,304 {2024'. £760,4881 by tha School at th& wr and. 47 Fettes COldat Acwunts 2025- FINAL.pdf14d49bfo1-c39a42e6-8f91-54aa0148719)I Page.. 48 149
Henderson Loggie Secure Messaging E-SIGNATURE CEWFKATE Certificate Summary ETrIVELQFESUBIEcr" p01 requ DOCUMENf.' Co01{tedOLrf5 2025. Ndf DOCUMÈNTORIGINATOR fsBUnton Ikifstybunton@hta.couk) llFIC4TEsfATUS compkied DEUVERED Dec 11202S S."16 PM Lrrc DQCUMENfpAGE&48CEEnRCATE PAGE& 1 TOTALEFIVELOPEPAGES 49 EPLoPE ID.. 987a56ff.1081462f-957r.292e61a13a79 DOCUMEpifiD 4d49bfv143W2e&8PJI.54a•)148719) OR161NATIMi IPN)DR55. 90.212.157.209 CoMPLEfEDSIGNATO 2 12 COMPLtrEDIN PLACEsNATuREs.3I3 COMPLEfEDIN PLACE 010 G4RBONCOWrf REQP1Eb[ o Signatures Timeline E.515NEDBY Moragw (m.Se@r.¢lyn) 5EWRITYLEVEL secure EmailNUlhenitated) LGNAThE ID.. 18d0b3a¥b7d44ec74J.CcO8feas3l SEiif. Dec 15.2025 5.16 PM urc EYIED De¢ 15, Z025 11.03 PM Lrrc SIGNED.. Dec 1S, 202S 11".08 PM urc US1fr IPADDRESS 10428A6.103 Mtrrag IAGREETOTrEC0ETSOFALLPAGE$A5ovEThl CrROlcS1GNATuRE PRNfNIJAE morlgwe EMAIL rn.wtse@feiie5.ccm E-SIGNEDrf Keth MJcpher5on Ikdth.mactheFsDn@Nca.co.u SECURfNLEIEL SEcure EmaillAuthentKated) E.GNATuRE ID 36312701-33bb493f?l3ebd3I7 5ETrtr Dec 15,2025 5".16 PM urc WEYIED Dei 18, 202S S20 PM WC GNED Dec 1&2025 522 PM Llrc USI IPADDRESS 87.246.91.14 lAEET0 CONTENT50FILLPAGE5A80VEwn4AN ¢TrONICSNATuftE PRI4TP4ATrAE K•th Macrtherson EMAIL. keiih.m¥pherstsi@hb£o.uk zix Fettes Crwlidgled knnts 2025- FINAL.wJf14d4W)1-c39A2e&8ffJ1-5tsB014871901 Page.. 49149