George Heriot's Trust
Latest income
£27.2m
Latest spending
£26.1m
Accounts read
FY2025
Form
Trust (founding document is a deed of trust) (other than educational endowment)
Financial health, per FY2025 accounts
The accounts state that the group generated a total net surplus of £1,598,226 for the year ended 31 July 2025, driven by donation income and gains on the investment portfolio. Per the trustees' report, unrestricted net current assets decreased by 12.6% to £3,603,683, while total funds stood at £72,264,861, comprising unrestricted funds of £60,164,234 and restricted and endowed funds of £12,100,627.
What the accounts disclose
Related-party transaction: Heriot Enterprises Limited
“During the year the wholly-owned subsidiary Heriot Enterprises Limited charged the Trust a donation of £22,617 (2024: £25,257), being a distribution out of the subsidiary’s profits made in the prior year. At 31 July 2025 £53,164 (2024: £42,587) was owing to the Trust.” — page 54
Per FY2025 accounts as filed with OSCR.
Related-party transaction: The Heriot’s Centre for Sport and Exercise Limited
“During the year the wholly-owned subsidiary Heriot Enterprises Limited charged the Trust a donation of £22,617 (2024: £25,257), being a distribution out of the subsidiary’s profits made in the prior year. At 31 July 2025 £53,164 (2024: £42,587) was owing to the Trust.” — page 54
Per FY2025 accounts as filed with OSCR.
Reserves policy: meet ongoing expenditure from School fees on an annual basis (held: £3.0m)
“The Governors’ policy is to meet ongoing expenditure from School fees on an annual basis. Designated Reserves are created for specific projects, and it is expected that these funds (except for the JF Brown Fund which is designated to support future enhancement of the School) will be expended in the next 3-5 years.” — page 12
Per FY2025 accounts as filed with OSCR.
Largest income source: School fees (88% of income)
“Gross fee income of £26,495,752 (2024 £25,021,585) was £1,474,167 (2024 £2,227,638) ahead of the previous year, due to a strong demand for places.” — page 11
Per FY2025 accounts as filed with OSCR.
Fundraising cost ratio: 42.9% of fundraised income
“The Development Team, for the 2024-25 Session, has delivered revenue of £574,747.” — page 10
Per FY2025 accounts as filed with OSCR.
Trading subsidiary: Heriot Enterprises Limited, The Heriot’s Centre for Sport and Exercise Limited
“The Trust has two wholly owned subsidiary companies - Heriot Enterprises Limited which conducts letting of the School premises and the sale of merchandise, and The Heriot’s Centre for Sport and Exercise Limited which operates the Heriot's Centre for Sport and Exercise under a non-exclusive license from the Trust.” — page 13
Per FY2025 accounts as filed with OSCR.
Independent examiner: Azets Audit Services
Per FY2025 accounts as filed with OSCR.