Dr Andrew Bell's Madras Academy combined with Sir David Baxter's Institute for Young Ladies, taking the name of its joint founders.

[4] However, the school quickly outgrew these premises, and in 1959 a new building was commissioned on Carslogie Road under a 5-year Fife school-building programme.

[4] As a result of continuous renovation work which drastically extended and transformed the building, the school was able to be consolidated at the Carslogie Road site in 2010.

[5] From 2007 to 2018, the rector of the school was Philip Black, who then embarked on a secondment to Fife Council which later became a full time job and led to his retirement.

[12] On 11 November 2021, Penrose resigned after much speculation leaving many parents feeling 'left in the dark' due to the unusual timing and the lack of notice.