Edinburgh Merchant Company Education Board
Latest income
£83.1m
Latest spending
£82.6m
Accounts read
FY2025
Form
Statutory corporation (Royal Charter etc)
Financial health, per FY2025 accounts
The accounts state that the charity reported a net expenditure of £480,305 for the year, which was offset by investment gains of £778,511, resulting in a net movement in funds. The charity holds unrestricted reserves of £38.9m, although the trustees note that the balance sheet value is tied up in property and fixed assets, with cash balances totaling £16.5m. The trustees have confirmed the going concern basis, citing active reviews of operating models to address the impact of upcoming VAT on school fees.
What the accounts disclose
Related-party transaction: Governor of ESMS was a Partner of Shepherd and Wedderburn LLP; £59,402 paid for legal services.
“One of the Governors of ESMS was also a Partner of Shepherd and Wedderburn LLP. During the year £59,402 (2023: nil) was paid to Shepherd and Wedderburn LLP for legal services in the year. No amounts were outstanding at the year end.” — page 48
Per FY2025 accounts as filed with OSCR.
Related-party transaction: Governor of GWC was a director at Spktral Limited; £4,680 paid for pay gap analysis.
“One of the Governors of ESMS was also a Partner of Shepherd and Wedderburn LLP. During the year £59,402 (2023: nil) was paid to Shepherd and Wedderburn LLP for legal services in the year. No amounts were outstanding at the year end.” — page 48
Per FY2025 accounts as filed with OSCR.
Related-party transaction: Governor of ESMS was a director of Multiply UK Limited; £7,200 paid for consultancy fees.
“One of the Governors of ESMS was also a Partner of Shepherd and Wedderburn LLP. During the year £59,402 (2023: nil) was paid to Shepherd and Wedderburn LLP for legal services in the year. No amounts were outstanding at the year end.” — page 48
Per FY2025 accounts as filed with OSCR.
Related-party transaction: Governor of ESMS was a Trustee of Social Bite Fund; £2,988 purchased from Social Bite Fund.
“One of the Governors of ESMS was also a Partner of Shepherd and Wedderburn LLP. During the year £59,402 (2023: nil) was paid to Shepherd and Wedderburn LLP for legal services in the year. No amounts were outstanding at the year end.” — page 48
Per FY2025 accounts as filed with OSCR.
Related-party transaction: Members of key management have children attending the schools.
“One of the Governors of ESMS was also a Partner of Shepherd and Wedderburn LLP. During the year £59,402 (2023: nil) was paid to Shepherd and Wedderburn LLP for legal services in the year. No amounts were outstanding at the year end.” — page 48
Per FY2025 accounts as filed with OSCR.
Reserves policy: Generate surpluses on income and expenditure in each financial year (held: £38.9m)
“The Schools budget to generate surpluses on income and expenditure in each financial year and these surpluses are generally applied to upgrade their property and facilities.” — page 15
Per FY2025 accounts as filed with OSCR.
Largest income source: Tuition fees (89% of income)
“Gross income for the year totalled £85.0m (2023: £76.9m), of which tuition fees accounted for £75.8m (89% of the total)” — page 15
Per FY2025 accounts as filed with OSCR.
Trading subsidiary: ESMS Enterprises Limited, GWC Trading UK Limited
“The investment in subsidiary undertakings represents the cost of investments in ESMS Enterprises Limited, a wholly owned subsidiary company incorporated in Scotland with company number: SC139534 & GWC Trading UK Limited a wholly owned subsidiary company incorporated in Scotland with company number: SC588763.” — page 42
Per FY2025 accounts as filed with OSCR.
Independent examiner: Henderson Loggie LLP
Per FY2025 accounts as filed with OSCR.