2025-08-31-accounts - The Grammar School At Leeds

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Company Registration No.: 03075826

Registered Charity No.: 1048304

THE GRAMMAR SCHOOL AT LEEDS A Company Limited by Guarantee Report and Financial Statements

31 August 2025

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THE GRAMMAR SCHOOL AT LEEDS
REPORT AND FINANCIAL STATEMENTS 2025
CONTENTS	Page
Governors and charity trustees, officers and advisers	2
Governors’ report	5
Reference and administrative information	5
Structure, governance and management	5
Risk management	7
Objects, aims, objectives and activities	9
Review of achievements and performance for the year	11
Financial review and results for the year	13
Governors’ responsibilities statement	15
Independent Auditor’s report	16
Consolidated statement of financial activities	19
Consolidated and charity balance sheet	20
Consolidated cash flow statement	21
Notes to the financial statements	22
Consolidated statement of financial activities for the prior year	37

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THE GRAMMAR SCHOOL AT LEEDS ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

GOVERNORS AND CHARITY TRUSTEES, OFFICERS AND ADVISER

GOVERNORS AND CHARITY TRUSTEES

The Governors are the charity Trustees and company directors of The Grammar School at Leeds (the charity). The Board is a self-appointing body and the Governors, who have served in office during the year and subsequently, are shown below. Changes from last year are indicated in italics.

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Committees served as at 31 August 2025
Name of Governor
Mr P Ahye X
Ms B Ashby X
Mr P J Britton X X
Mr J Cross X
Mr M R Curle X
Prof A Harrison Moore (resigned 17 January
2025)
Ms J Harper X
Mr R Howse X X
Dr A L Khan
Mrs C Lyons (Vice Chair) X X X
Mr A M Martin (Chair – resigned 3 November
X X
2025)
Mrs J Semple X
Mr P Simpson (appointed 21 March 2025) X
Dr J Singh X X
Mrs P Sowa X
Mrs C Vilarrubi X
Mr T J Walsh X X
Governance Corporate Education Relations External Audit & Risk Business, Fundraising
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Mr Angus Martin resigned from his position as Chair of the Board, effective 3 November 2025. Mrs Charlene Lyons was appointed as Chair on 14 November 2025.

OFFICERS at 31 August 2025

Principal and Chief Executive Officer S Woodroofe Clerk to the Governors E Carruthers Company Secretary and Director of Finance S Kingston and Operations

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THE GRAMMAR SCHOOL AT LEEDS ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

GOVERNORS AND CHARITY TRUSTEES, OFFICERS AND ADVISER

KEY MANAGEMENT PERSONNEL

GSAL Leadership Team as at 31 August 2025

Sue Woodroofe , BA (Hons), MEd, NPQH Principal and Chief Executive Officer Helen Clapham, BA (Hons), CIM, Pg Dip Director of External Relations Rachel Cooper, BA(Hons), MCIPD Head of Human Resources Emma Cox, BA(Hons), PGCE Deputy Head (Academic); GSAL Primary Mark Cramoysan, BSc (Hons), D Phil Deputy Head (Data and Systems) Andrea Evans, BEd (Hons), NPQH, MEd Deputy Head (Pastoral); GSAL Primary Chris Freeman, MA (Hons) Deputy Head (Pastoral & Co-Curricular) Stephen Kingston, BA (Hons), FCA Director of Finance and Operations Graham Purves, MPhys, D Phil Vice Principal and Head of Senior School Gabrielle Solti, BA (Hons), NPQH Vice Principal and Head of Primary School Helen Stansfield, BEd (Hons) Senior Deputy Head (Pastoral) Orla Weaver, BA (Hons), MEd Senior Deputy Head (Academic)

During the year, Mrs Sue Woodroofe retired from her position as Principal and Chief Executive Officer, effective 31 August 2025. Mr Michael Hall was appointed as Principal and Chief Executive Officer on 01 September 2025.

ADDRESSES AND CONTACT DETAILS

The Grammar School at Leeds

Senior and Primary Schools Alwoodley Gates Harrogate Road Leeds LS17 8GS 0113 229 1552 enquiries@gsal.org.uk

www.gsal.org.uk

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GOVERNORS AND CHARITY TRUSTEES, OFFICERS AND ADVISER

ADVISERS

INVESTMENT MANAGERS

CCLA Investment Management Limited One Angel Lane London EC4R 3AB

INSURANCE BROKERS

Bartlett and Company Limited Broadway Hall Horsforth Leeds LS18 4RS

BANKERS

NatWest Group Close Brothers 8 Park Row 10 Crown Place Leeds London LS1 1QS EC2A 4FT

Flagstone Group 1[st] Floor, Clareville House 26-27 Oxendon Street London SW1Y 4EL

INDEPENDENT AUDITOR

Saffery LLP 10 Wellington Place Leeds LS1 4AP

SOLICITORS

Lupton Fawcett LLP CMS Cameron McKenna LLP 2 The Embankment Cannon Place Sovereign Street 78 Cannon Street Leeds London LS1 4BA EC4N 6AF

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA Ward Hadaway 5 Wellington Place Leeds LS1 4AP

Walker Morris LLP 33 Wellington Street Leeds LS1 4DL

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THE GRAMMAR SCHOOL AT LEEDS ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

GOVERNORS REPORT (INCLUDING THE STRATEGIC REPORT)

The Governors of The Grammar School at Leeds (GSAL) present their annual report (including the Strategic Report) for the year ended 31 August 2025 under the Charities Act 2011, together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

The charity was formed as a company limited by guarantee on 4 July 1995 (registration number 03075826) and is registered with the Charity Commission, (registration number 1048304).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is governed by the Articles of Association of The Grammar School at Leeds, which were adopted by special resolution dated 15[th] June 2005.

Governing Body

The Governing Body, as detailed on page 2, acts as the sole Governing Body for all sections of school, i.e. Primary and Senior.

Recruitment and training of Governors

The Corporate Governance Committee has carefully defined the job description and person specification for a Governor of The Grammar School at Leeds and has appraised the existing structure of the Governing Board. Its aim is to recruit responsible people who are actively interested in our charity and who can give the necessary time commitment. We look for a person with the specific expertise required to maintain a balanced, diverse and effective Board in accordance with our governing documents.

An induction procedure is in place for new Governors when appointed. All Governors are made aware of training opportunities available to them.

Governors’ engagement with suppliers, parents and other stakeholders

Where appropriate the Governors will consult with professionals to assist with decision making and help consider the likely consequences of the decision in the long term. The interests of all key stakeholders including GSAL’s employees, suppliers, parents and the wider community are considered as part of the decision-making process. GSAL actively engages with key stakeholders through employee, parent and supplier feedback.

Section 172(1) statement

The Governors recognise the importance of their governance structure in supporting the operational performance and long term success and sustainability of the school. Details of the training and governance structure are included within section ‘structure, governance and management’, the details of which can be found on page 5, and details of how the school engages with other key stakeholders is included within the relevant section of the Governors’ Report.

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GOVERNORS REPORT (INCLUDING THE STRATEGIC REPORT)

Organisational management

The Governors, as the charity’s trustees and company directors, are legally responsible for the overall management and control of the school and met 5 times in the year. There are a number of sub-committees which meet on a regular basis and report back to the main Governing Body, as detailed below. Membership of these bodies is noted in the details on page 2.

in the details on page 2.
Committee	Committee Chair	Meetings in year	*Executive officers attending /secretary***
Education	Mrs P Sowa	4	Principal
			Vice Principal & Head of Senior School
			Vice Principal & Head of Primary School
			Clerk to the Governors
External Relations	Mrs C Lyons	4	Principal
			Vice Principal & Head of Senior School
			Director of External Relations
			Clerk to the Governors
Business, Audit & Risk	Mr T J Walsh	7	Principal
			Vice Principal & Head of Senior School
			Vice Principal & Head of Primary School
			Director of Finance & Operations
			Clerk to the Governors
Corporate Governance	Mr M R Curle	3	Principal
			Clerk to the Governors
Fundraising	Mr R Howse	3	Principal
			Vice Principal & Head of Primary School
			Director of Finance & Operations
			Director of External Relations
			Clerk to the Governors

The day-to-day running of the school is delegated to the Principal supported by GSAL Senior Leadership Team. The Principal, Vice Principal & Head of Senior School, Vice Principal & Head of Primary School and the Director of Finance & Operations attend meetings of the Governing Body in addition to attendance at sub-committees as outlined above.

Group Structure and Relationships

The charity has two wholly owned non-charitable trading subsidiaries, GSAL Enterprises Limited and GSAL Transport Limited whose annual profits are donated to the charity.

The trading activities of GSAL Enterprises Limited relate to revenue from letting of the school campus facilities when not in use by the charity.

Those of GSAL Transport Limited relate largely to the provision of transport services to the charity with some additional revenue generated through providing transport services to third parties, primarily local state schools. This company was created in August 2015 to address operational issues that the charity was experiencing in the provision of before and after school transport for its pupils and thus remove a significant element of external risk.

Both subsidiaries are incorporated in England and Wales. The financial results of both GSAL Enterprises Limited and GSAL Transport Limited are included in the consolidated financial statements.

GSAL Enterprises Limited ceased trading on 31 August 2025. Following the closure, all trading activities previously undertaken by GSAL Enterprises Ltd have been transferred to The Grammar School at Leeds, effective from 01 September 2025.

The charity also has a wholly owned subsidiary charitable incorporated organisation, the Parents and Friends of the Grammar School (GSAL PFA). The purpose of the GSAL PFA is to support the charity through developing relationships within the parental community and raising funds to support activities of the charity.

GSAL is the only shareholder of GSAL PFA and has sole authority to elect the Trustees. The GSAL PFA’s financial results are not deemed to be material to GSAL’s financial statements and have not been consolidated here.

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GOVERNORS REPORT (INCLUDING THE STRATEGIC REPORT)

Whilst not qualifying as a related party, Leeds Girls High School & Leeds Grammar School Foundation shares similar charitable objectives that support the charity in meeting its own objectives, including provision of bursary funding for the education of children.

STRATEGIC REPORT

RISK MANAGEMENT

Principal risks and going concern for the charity and group

The principal ongoing financial risks facing the charity are its ability to make payment of capital and interest in accordance with the facility agreement and to be able to adhere to the banking covenants given by the charity in respect of its borrowings. The application of VAT to school fees from January 2025 and the loss of charitable business rates relief from April 2025 have increased the risk of non-compliance with these requirements.

The principal covenant for the charity relates to pupil numbers and the impact that inadequate pupil recruitment and retention has on the charity’s ability to meet the covenant represents a risk. Pupil numbers are monitored closely throughout the year, including the mix of pupils between school sections, forecasts of future numbers and analysis of demographic trends in the local population. The charity actively markets the school to new pupils in order to generate interest and potential applications, and has procedures in place to address individual pupil retention issues as and when they arise.

Additionally, the charity is required to meet a cash flow covenant. This risk is addressed through the preparation of detailed budgets, financial forecasts and sensitivity analyses, which are closely monitored against actual performance to ensure that acceptable levels of cash are generated on an aggregated basis to enable the cash flow covenant to be met.

The application of VAT to school fees and the loss of charitable business rates relief create a significant financial risk, which could result in consequences for fee income, pupil numbers and costs. The charity has conducted a thorough financial review, including the production of detailed medium and long term forecasts with associated sensitivity analysis, and has implemented a strategy to help mitigate the impact of these new policies. This has included implementing cost savings, without compromising provision, to share the cost burden with parents and phasing in any required fees increases over a number of years to protect parents from any sudden or substantial rises.

Going Concern

After consideration of the charity’s risks, the Governors believe that the charity is well placed to operate successfully in the future and the banking covenants will be met. Accordingly, the Governors have determined that the financial statements should be prepared on a going concern basis.

Management of risk

The Board of Governors is responsible for the management of the risks faced by GSAL. An on-going process has been established for identifying, evaluating and managing risks, streamed into educational, financial, external relations and governance risk areas.

The Board of Governors, supported by the Business, Audit and Risk Committee, has identified and prioritised the key strategic and operational risks, and approved the process for dealing with these risks.

Detailed consideration and management of each risk area is delegated to the Business, Audit and Risk Committee, which meets termly and consists of seven Governors and key members of the Executive Leadership Team. The Business, Audit and Risk Committee reports to every meeting of the Governing Board.

The key controls used by the charity include:

Adherence to formal written policies covering all aspects of school operations including keeping children safe in education, health and safety, staff recruitment and financial procedures, including bribery and corruption.
Comprehensive strategic planning, revenue and capital budgeting, cash flow and management accounting, reporting and monitoring.
Detailed tracking of pupil number movements weekly as well as annual recruitment forecasts.

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GOVERNORS REPORT (INCLUDING THE STRATEGIC REPORT)

Annual review of key objectives in the Strategic Development Plan, including the results of pupils in public examinations.
Termly review of strategic and operational risks including cyber threats.
Compliance with statutory requirements and external guidelines as appropriate.
Formal agendas and minutes for all Committee and Board activity.
Clearly defined organisational responsibilities and limits of authority.
Clear authorisation and approval levels.

Through the above risk management procedures the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Employment and employee engagement

GSAL actively invites opinion, and endeavours to understand the issues important to employees to ensure they have a voice which is heard and respected. GSAL is committed to establishing collaborative and constructive employment relationships with its staff, to enable both parties to achieve common objectives relating to the efficiency and prosperity of GSAL. GSAL believes in the value of representation for its staff, in a culture of fairness, openness and equality. In order to implement these principles, GSAL as an employer has entered into a formal agreement with the staff to meet with staff representatives on a regular basis via the Staff Consultative Forum to discuss workplace issues.

Diversity

The promotion of Equity, Diversity and Inclusion (EDI) has been a large focus at GSAL over recent years and, GSAL has gone over and above the statutory commitments (the Sex Discrimination Act 1975, the Equality Act 2010 and the Disability Discrimination Act 1995) to embark upon accreditation with the National Centre for Diversity (NCD). This was granted in October 2023 and GSAL was the first independent school to achieve this. Then, for and with our students, we also run a vibrant EDI society called UpSoc. Both of these additions have their own development plans to embed best EDI practice in every part of school life, as a business and as a place of education. We have invested in staff training and key appointments to improve our knowledge and understanding, we have diversified our curriculum, and want to ensure that all people, including those with protected characteristics, are represented in school life and feel valued in our inclusive community. We are active members of a number of local, regional and national initiatives and have an EDI calendar to bring a different aspect of this work to life in the school each month. As part of the NCD accreditation, we also follow the FREDIE principles; Fairness, Respect, Equality, Diversity, Inclusion and Engagement and these are publicised everywhere, in print and online, to underline our commitment to these core values in the school.

Remuneration

Remuneration is set annually by the Board taking into account national pay body settlements and the broader issues of pay and employment conditions within the independent sector and the local market. Remuneration of the Senior Leadership Team is reviewed by the Business, Audit and Risk committee annually, and recommendations made to the main Board.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

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GOVERNORS REPORT (INCLUDING THE STRATEGIC REPORT)

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable objects

The objects of the charity are the advancement of education and training for boys and girls.

Public benefit aims and intended impact

As a registered charity, the Governors of GSAL aim to ensure that our activities in support of this charitable aim are of benefit to the public, and have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.

In meeting the above objects, the school’s public benefit aim is to provide pupils with a friendly and caring learning community in which their abilities and talents are developed by superb teachers. We aim to produce confident and versatile young people, capable of high achievement, rising to any challenge, and having a positive contribution to make to the wider community.

Our pastoral system – widely regarded as a model of excellence - promotes and rewards good social skills and consideration for others. As a result, friendships formed at GSAL often endure for many years and unite nationalities and cultures.

Bursarial support is offered to assist pupils who may otherwise have been unable to attend GSAL on the grounds of financial cost. The extent of these bursaries is detailed further in the review of achievements and performance for the year.

GSAL encourages pupils to consider their place in the wider community, to develop a strong sense of social responsibility, and to support those less fortunate than themselves. This is achieved through many avenues, with pupils voluntarily taking part in charity and community projects, as well as making contributions to our weekly charity collection and organising fundraising events throughout the year including competitions, concerts, food sales, fun runs, carol singing, coffee mornings and non-uniform days to benefit local, national and global charities.

A wide range of community groups benefit from our provision of sports, meetings and event facilities. For some - charities, fundraisers and those offering activities which benefit children - use of the school’s facilities and/or equipment is free or substantially discounted.

Partnerships with local schools and organisations

As one of the oldest ins�tu�ons in Leeds we take our role in the community seriously and believe in the transforma�ve power of educa�on. GSAL con�nues to be guided by its sense of civic responsibility, rooted in the heritage and example set by our founding schools. We have u�lised our exper�se and facili�es to provide meaningful opportuni�es to as many young people in the region as possible. In doing this, we have been informed by the needs of the wider community. The school’s partnership work is undertaken in the knowledge that it is mutually beneficial.

The school delivers an extensive primary and secondary school outreach programme, and it also works in partnership with a number of organisa�ons which share its objec�ves and values. The aim of these projects are to provide high quality ac�vi�es which enrich the lives of our community, with the aim of helping Leeds be the best city in the UK for children and young people.

Our partners include, but are not limited to:

and our students have the opportunity to visit projects across the city and be on the panels to determine how their funding should be distributed.
Leeds Becke� University, following the successful joint PhD, we have secured funding for a knowledge transport project(KTP) to implement the PhD findings and improve primary school children’s par�cipa�on in sport in some of the most disadvantaged areas of Leeds.
Leeds Lit Fes�val, we are one of the main sponsors of this rela�vely new fes�val which aims to support local writers and engage under-served audiences.

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GOVERNORS REPORT (INCLUDING THE STRATEGIC REPORT)

Leeds as a City of Maths, working with organisa�ons across the city we are suppor�ng a new ini�a�ve to help improve public percep�on about maths.
Child Friendly Leeds for whom we are an ambassador. We organise seasonal collec�ons, and they make use of our facili�es.
Mount St Marys with whom we have a long-standing partnership. Students a�end guest lectures and our Futures Conference, and MSM teachers run intensive GCSE revision sessions at GSAL.
Leeds Rhinos to improve netball pathways across the area.
Leeds City Museum to provide free family fun days during the school holidays to augment the curriculum.
White Rose and Yorkshire Schools’ Teaching Alliances to support teacher training and development and hence teacher recruitment and reten�on.
LEAP (Leeds Enterprise and Advisory Programme) to develop students’ enterprise skills in conjunc�on with other secondary schools across the city.

children and young people a year from across the city region. The programme includes projects which improve access to higher educa�on, enhanced understanding of careers and the world of work, provide support for GCSE prepara�on, subject workshops and visi�ng speakers. We also have an extensive student volunteering programme.

Our facili�es which include specialist rooms, sports pitches, swimming pool, conference suite, performing arts centre and buses are used extensively by community groups, chari�es, educa�onal organisa�ons and businesses.

Principal activities of the year

The principal activity has been to continue to provide a high quality education for boys and girls. The school consists of three sections; Primary School (age 2-11), Senior School (age 11-16) and Sixth Form (age 16-18).

GSAL prides itself on being the “best of both”; offering the best of both single-sex and co-educational environments under the diamond model. We also offer the best of both through our sharp focus on academic success, being mirrored in our staff’s devotion to providing a co-curricular programme that is second to none. These aspects are both underpinned by our pastoral care system that ensures every pupil is nurtured and supported throughout their GSAL journey to reach their full potential.

Investment powers and policy

The Articles of Association allow the Governing Body to invest any part of the funds of the charity in such manner as they consider being most beneficial for the achievement of the objects of the charity. Investment income is accounted for as income when receivable and realised and unrealised investment gains are recognised in the SOFA under other recognised gains and losses.

Grant-making policy

While authority to provide additional funds to support bursaries rests with the Governing Body, the discretionary distribution of those funds rests with the Principal in accordance with agreed criteria and procedures. All applicants are assessed according to means and bursary provision awarded according to a common means–tested scale.

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REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Our operational objectives are set to reflect our charitable purpose, our educational mission, and our ethos.

GSAL’s whole school development plan was refreshed in 2024 to cover the period 2024-2026. It includes objectives across a range of areas as summarised, along with achievements in the year and plans for the future as below:

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Area Main objectives Achievements in the year Future
Mission and vision Reinforcement of the school’s ethos Values embedded across school with colleagues and pupils. Investor in Diversity reaccreditation –
and values and embedding EDI Autumn term.
across the whole school. EDI action plan 2023-25 linked to Investors in Diversity accreditation in place and a
live working document, regularly communicated to colleagues via the inset Ongoing action plan focus with
programme. spotlight on colleague upskilling.
Teaching and A clear and coherent vision across all 87% of grades achieved were A to B at A Level. At GCSE, in 2025, 49% of the Curriculum Review with focus on
learning ages and school sections, inspiring GCSE grades were at an 8 or above (formerly A), and 26% were given a grade 9 English as a blueprint and building a
academic excellence and pupil (A). cohesive curriculum between primary
involvement. Develop the use of and secondary which effectively
technology as a learning tool. The Cryer was opened at the end of the Autumn term 24-25 and is now being supports progression and
extensively used for performing arts and music. development.
GSAL has once again been accredited as a Microsoft Showcase School with 15
teaching colleagues achieving the accolade Microsoft Innovative Educator Expert. Review use of baseline testing and
synthesise and agree data analysis
systems.
Pastoral and co- Ensure effective strategies are in The pupil voice response for the relationships and sex education offer in school Introduction of a pupil code of
curricular place to address pupil behaviour has increased positively. Pupils are happy with the curriculum design and delivery. conduct, created by pupils and
outside of lessons and strengthen Consistent expectations in tune with our school values have been designed within colleagues. This will be the basic
progress in relationships and sex each department area. expectations across the school, inside
education via an effective and and out of the classroom.
engaging curriculum.
Continued work for EDI and behaviour
with an external consultant to support
colleagues with handling incidents of
discrimination.
Online safety; analysis of our provision
and ensuring a spiral education of
topics across all age groups, age and
stage appropriate.
Staff Maintain strong staff morale and The Whole school Wellbeing & Engagement Action Plan 2024-26 is well The next Wellbeing & Engagement
embed staff wellbeing initiatives. established and is regularly updated and communicated to colleagues. survey is due to be conducted in the
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REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

		Working towards accreditation for colleague wellbeing recognising all the commitment to colleague and pupil wellbeing via the Mental Health School Award Continuing good relations with union and colleague forum.	Spring term and the results of the survey will shape the new action plan.
External relations	Build and protect the school's reputation and brand, regionally and beyond.	We increased the number of our social media followers across all platforms and secured significant amounts of press coverage by sharing positive stories about the school. The school won a number of awards and accolades:  Eco School of the Year  Green Flag Distinction Award  Microsoft Showcase School  Tes Independent Headteacher of the Year. We were also shortlisted as a finalist for the Independent Prep School of the Year Award 2025. Worked closely with our partner organisations including Leeds Community Foundation, Leeds Beckett University, Child Friendly Leeds, MathsWorld to demonstrate our commitment to the city.	As choosing an independent school becomes increasingly expensive, reputation and brand will play an ever more important role in family's decision-making process, ensuring that we have a strong market position will be essential to our ongoing success. We will achieve this by: using innovative and creative ways of generating and sharing content; improving our relationships with stakeholders so they become advocates for the school; developing our partnership work to raise our profile by utilising our partners networks.
Capital investments, operational systems and resources	Completion, and launch, of The Performing Arts Centre (‘The Cryer’), review key operating systems and improve healthy eating options for all.	The Cryer was completed ahead of schedule and handed over to the school in November 2024. It came into full operational use from January 2025 with its official launch event in June 2025. Following a review of the key operating systems in the school, the decision has been made to migrate to a new MIS system and a plan for actioning this change is in place. Development work continued throughout the year on menus, with a particular focus on healthy eating and improving the general offer and service provision.	The migration to a new MIS system is planned to take place during the 2025/26 academic year, which should bring significant operational benefits. Work will continue to ensure that the benefit from the Cryer is maximised whilst the catering provision will continue to evolve in light of trends and demand.

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FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Consolidated net income before exceptional income and transfers for the year was £1,434k (2024: £1,278k). The increase in net income for 2024-25 is primarily attributable to cost savings delivered within the year. The cost savings have been partially offset by a decrease in fee income as a result of the school’s absorption of the impact of VAT applied to tuition fees for the academic year 2024-25.

In line with our charitable objectives, GSAL provided £651k (2024: £1,045k) of bursary, scholarship and temporary financial hardship support to parents in 2024-25, the equivalent of 2.23% of gross fee income.

After these transfers total funds carried forward were £22,945k (2024: £21,511k), split between unrestricted funds £22,779k and restricted funds £166k . GSAL has £53,289k invested in fixed assets.

Reserves policy

Notes 17 and 18 to the financial statements show movements on the unrestricted funds and the assets and liabilities attributable to the unrestricted funds respectively.

The Governors have determined that the reserves policy should focus on the School's liquidity position, ensuring that the School maintains sufficient liquid assets to meet working capital needs as well as the financial requirements of lenders.

GSAL is cash generating and well placed to meet its working capital requirements.

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

This report was undertaken in accordance with the SECR reporting requirements. This report contains details on our annual UK energy consumption across our UK business, and energy efficiency actions implemented.

UK Greenhouse gas emissions and energy use data for the period 1 September to	2024/25	2023/24
31 August		comparative
Energyconsumption used to calculate emissions(kWh)	5,741,467	6,535,760
Energyconsumption break down(kWh) (optional):
•gas
• electricity
• transport fuel
Scope 1emissions in metric tonnes CO2e
Gas consumption	713	847
Owned transport – mini-buses	13	9
Total Scope 1	726	856
Scope 2emissions in metric tonnes CO2e

Purchased electricity	316	385
Scope 3emissions in metric tonnes CO2e

Business travel in employee owned vehicles	2.48	2.19
Totalgross emissions in metric tonnes CO2e	1,044	1,243
Intensityratio Tonnes CO2eperpupil	0.51	0.60

Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government's Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pupil, the recommended ratio for the sector.

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Measures taken to improve energy efficiency

We upgraded 76 car park and driveway lights to LED, delivering an estimated annual energy saving of approximately 11,000 kWh. In addition, solar panels installed on site have generated 7,120 kWh of renewable electricity since commissioning. Internal lighting has also been progressively upgraded to LED in various areas of the school.
We have implemented a 2-degree eco offset via the Building Management System (BMS) in selected areas of the school, helping to reduce heating demand and improve overall energy performance.
Initial feasibility studies are underway to assess the potential for installing air source heat pumps and a combined heat and power (CHP) system to enhance our energy efficiency and reduce carbon emissions.

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

GOVERNORS’ RESPONSIBILITIES STATEMENT

The Governors (who are also the trustees and directors of The Grammar School at Leeds for the purposes of charity and company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Governors are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Governors are aware:
there is no relevant audit information of which the charitable company’s auditor is unaware; and
the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITOR

Saffery LLP has expressed their willingness to continue in office as auditor and their reappointment will be considered at the forthcoming Annual General Meeting.

The Governors’ Report, including the Strategic Report, is approved by the Governing Body and signed on behalf of the Board.

27 November 2025

C Lyons

Chair

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THE GRAMMAR SCHOOL AT LEEDS ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

INDEPENDENT AUDITOR’S REPORT

Opinion

We have audited the financial statements of The Grammar School at Leeds (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2025 which comprise the consolidated statement of financial activities (incorporating income and expenditure account), the consolidated balance sheet, the charity balance sheet, the consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 August 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Governors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

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THE GRAMMAR SCHOOL AT LEEDS ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

INDEPENDENT AUDITOR’S REPORT

Other matters prescribed by the Companies Act 2006

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

the information given in the Governors’ Annual Report which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Governors’ Annual Report which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Governors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities set out on page 15, the Governors (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

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THE GRAMMAR SCHOOL AT LEEDS ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

INDEPENDENT AUDITOR’S REPORT

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Governors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with Governors and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales, the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

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

Sally Appleton (Senior Statutory Auditor) for and on behalf of Saffery LLP

Statutory Auditors 10 Wellington Place Leeds LS1 4AP 09 December 2025

Date:

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE GRAMMAR SCHOOL AT LEEDS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account)

Year ended 31 August 2025

expenditure account) Year ended 31 August 2025
Note INCOME FROM: Charitable activities– education; Tuition fees Other income 2 Other trading activities - trading income Donations - general Investments Total trading and charitable income TOTAL INCOME EXPENDITURE ON: Raising funds: Trading expenditure Charitable activities - education: Education and grant making 7 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Transfers between funds: Transfer to Expendable Bursary & Hardship Fund 3 NET MOVEMENT IN FUNDS 4 RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds for the year TOTAL FUNDS CARRIED FORWARD 16,17,18	Unrestricted funds Restricted funds Total funds 2025 Total funds 2024 £’000 £’000 £’000 £’000 29,195 - 29,195 30,332 1,981 - 1,981 1,930
	31,176 - 31,176 32,262 641 - 641 650 1 450 451 276 496 - 496 544
	32,314 450 32,764 33,732
	32,314 450 32,764 33,732
	(1,680) - (1,680) (1,725) (28,573) (1,077) (29,650) (30,729)
	(30,253) (1,077) (31,330) (32,454)
	2,061 (627) 1,434 1,278
	(651) 651 - -
	1,410 24 1,434 1,278
	21,369 142 21,511 20,233 1,410 24 1,434 1,278
	22,779 166 22,945 21,511

All income and expenditure derives from continuing operations.

There are no recognised gains and losses for the current and prior period other than as stated above.

See note 24 for comparative Consolidated Statement of Financial Activities analysed by fund.

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THE GRAMMAR SCHOOL AT LEEDS

CONSOLIDATED AND CHARITY BALANCE SHEETS

At 31 August 2025

Note FIXED ASSETS Tangible assets 8 Assets under construction 9 Investments 10 CURRENT ASSETS Stocks Debtors due within one year 11 Debtors due after one year 11 Bank balances and cash CREDITORS: amounts falling due within one year 12 NET CURRENT (LIABILITIES)/ ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: amounts due after more than one year 13,14,15 NET ASSETS FUNDS Restricted funds 16 Unrestricted funds 17 TOTAL FUNDS 18	Group Charity 2025 2024 2025 2024 £’000 £’000 53,455 48,818 53,289 48,640 - 5,376 - 5,376 26 26 26 26
	53,481 54,220 53,315 54,042
	30 22 22 17 1,073 942 1,460 1,222 3,826 4,403 3,826 4,449 12,889 16,073 12,540 15,820
	17,818 21,440 17.848 21,508 (18,420) (19,603) (18,284) (19,493)
	(602) 1,837 (436) 2,015
	52,879 56,057 52,879 56,057 (29,934) (34,546) (29,934) (34,546)
	22,945 21,511 22,945 21,511
	166 142 166 142 22,779 21,369 22,779 21,369 22,945 21,511 22,945 21,511

These financial statements of The Grammar School at Leeds, Company Registration Number 03075826 were approved by the Governing Body and authorised for issue on and signed on their behalf by:

27 November 2025

C Lyons

Chair

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

CONSOLIDATED CASH FLOW STATEMENT Year ended 31 August 2025

Note Net cash flows from operating activities A Cash flows from investing activities: Interest received Purchase of tangible fixed assets	2025 2024 £’000 £'000 £’000 £'000 3,830 (1,067) 496 544 (1,785) (6,120)
Net cash flows from investing activities Cash flows from financing activities: Repayment of borrowings Interest payable	(1,289) (5,576) (3,229) (3,229) (484) (573)
Net cash flows from financing activities Fees in advance scheme New fees in advance money due within one year New fees in advance money due in more than one year Fees in advance money utilised in the year	(3,713) (3,802) 3,354 6,778 1,412 7,016 (6,778)
(Decrease)/increase in cash and cash equivalents in year Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	(2,012) 13,794 (3,184) 3,349 16,073 12,724 12,889 16,073

Cash and cash equivalents are represented by bank balances and cash.

NOTE A: RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING	NOTE A: RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING	NOTE A: RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
	2025	2024
	£’000	£'000
Net incoming resources	1,434	1,278
Interest receivable	(496)	(544)
Interest payable	484	573
Depreciation	2,524	2,170
(Increase)/Decrease in stocks	(8)	5
Increase/(Decrease) in creditors <1yr	829	(5,617)
(Decrease)/Increase in creditors >1yr	(1,383)	20
Decrease in debtors	446	1,048
Net cash outflow from operating activities	3,830	(1,067)

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Company and charitable status

The Grammar School at Leeds, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having a share capital. There are currently 16 Governors who are also the members of the company. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £1. If upon winding up or dissolution of the company there remains, after the satisfaction of all debts and liabilities, any assets these should be given or transferred to Leeds Grammar School and Leeds Girls’ High School Foundation or to some other charitable body or bodies having objects similar to the objects of the company.

The charity is a registered charity. The registered office is given on page 3.

Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019; and the Companies Act 2006.

The charity meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemption available to it in respect of its separate financial statements in relation to presentation of a cash flow statement.

The principal accounting policies are summarised below.

Preparation of financial statements – going concern basis

The application of VAT to school fees and the loss of charitable business rates relief present significant financial risk, which could result in consequences for fee income, pupil numbers and costs. The charity has conducted a thorough financial review, including the production of detailed medium and long term forecasts with associated sensitivity analysis, and has implemented a strategy to help mitigate the impact of these new policies. This has included implementing cost savings, without compromising provision, to share the cost burden with parents and phasing in any required fees increases over a number of years to protect parents from any sudden or substantial rises.

Basis of consolidation

The consolidated financial statements of the group comprise the financial statements of The Grammar School at Leeds and its trading subsidiaries, GSAL Enterprises Limited and GSAL Transport Limited (GTL).

With effect from 01 September 2025, GSAL Enterprises Limited will become dormant. All activities, assets and liabilities will transfer to GSAL As a result, the GSAL Enterprises Limited accounts have been prepared on the basis that the company is no longer a going concern.

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THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

A separate Statement of Financial Activities (incorporating Income and Expenditure Account) for the charity has not been presented, because the group has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. However, the charity’s net income for the year in accordance with the Companies Act 2006 was £1,434k (2024: £1,278k).

Income

All income is recognised in the statement of financial activities when the charity has entitlement to the funds, conditions for receipt have been met, it is probable that the income will be received and the amount can be measured reliably. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to income.

Tuition fees - credit is taken for fees relating to the school year. Tuition fees received in advance in respect of future academic years are deferred until the above criteria for income recognition are met.

Investment income - investment income is accounted for when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the bank.

Donations - donations and all other receipts from fundraising are reported gross and the related fundraising costs are reported under fundraising expenditure.

Legacies - Legacy income is included when the charity is advised by the personal representative of an estate that payment will be made, and the amount involved can be quantified.

Other – school catering, pupil transport, and any other miscellaneous income is accounted for when the above criteria for income recognition are met.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity’s operating costs include staff costs, premises costs, financing costs and other related costs. Such costs are allocated as follows:

Cost of raising funds - includes costs relating to fundraising and trading company expenditure.

Direct charitable expenditure - includes all expenditure directly related to the sole activity of the charity, being the education of children. Expenditure is categorised between teaching costs, welfare costs, premises costs, financing costs, support costs, governance costs and grants, awards and prizes.

Fund accounting

The charity maintains the following funds:

Restricted funds - represent grants, donations and legacies received which are allocated by the donor for specific purposes, including donations received and collections made on site for direct payment to specific third party beneficiaries.

Unrestricted funds - represent funds which are expendable at the discretion of the Governing Body in the furtherance of the objects of the charity and include designated funds representing monies allocated from unrestricted reserves by the Governors for designated purposes. Such funds may be held in order to finance both working capital and capital investment.

Fixed assets and depreciation

Tangible fixed assets are stated at cost, less accumulated depreciation and any provision for impairment. Fixed assets consist of leasehold property and related equipment. Tangible fixed assets are capitalised and depreciated in equal annual instalments over their estimated useful lives as follows:

Vehicles	4 years
Plant and machinery	7 years
Office and computer equipment	3 years
Furniture and fixtures	10 years
Land and buildings - general	25 years

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THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

Land and buildings – main Remaining life of lease expiring in December 2070

Organ 50 years

The land at Alwoodley is the property of the Leeds Grammar School and Leeds Girls’ High School Foundation.

Investments

Investments are stated in the financial statements at market value. Realised and unrealised gains and losses on investments are disclosed in the statement of financial activities.

In the parent charity balance sheet, investments in subsidiary undertakings are measured at cost less impairment.

Stocks

Stocks of food and merchandise for re-sale are valued at the lower of cost and net realisable value.

Employee benefits

Contributions made by the charity to the Teachers’ Pension Agency superannuation scheme (a defined benefit scheme) and the group personal pension schemes for teaching and support staff (a defined contribution scheme) are charged directly to the statement of financial activities.

Operating leases

The group classifies the lease of land and buildings and vehicles and equipment as operating leases, as the title to the leased items remains with the lessor and the economic life of the leased items is substantially longer than the lease term. Rentals due under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs).

With the exception of the interest rate swap described in note 23, the charity and group only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The fair value of the interest rate swap is calculated by the charity’s bankers by discounting the future cash flows to the maturity date. Any movement in the valuation at the year end is recognised in the statement of financial activities for the year.

Advanced fee payment (composition) scheme

The composition fees received represent a basic financial instrument and have been accounted for within creditors at cost.

Critical accounting judgements and key sources of estimation uncertainty

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

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

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.

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THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

2. OTHER INCOME (UNRESTRICTED)

School catering Miscellaneous Pupil transport	2025 £’000 2024 £’000 1,333 1,286 107 127 541 517 1,981 1,930

3. TRANSFERS BETWEEN FUNDS

Expenditure on Bursaries, Scholarships and Hardship Awards is accounted for as restricted fund expenditure in the SOFA and is funded by restricted fund donations from the Leeds Grammar School and Leeds Girls’ High School Foundation Award Funds and other external third parties, with the balance being provided by GSAL as a transfer from unrestricted funds.

Bursary transfer from GSAL unrestricted funds	2025 £’000 2024 £’000 651 1,045 651 1,045

4. NET MOVEMENT IN FUNDS

Net movement in funds is stated after charging/ (crediting):

	2025	2024
	£'000	£'000
(Profit)/loss on disposal of fixed assets	-	-
Depreciation - owned assets	2,524	2,170
Fees payable to the charitable company's auditor:
For audit related assurance services	26	25
For other services - taxation & project advice	20	16
Rentals under operating leases - buildings	-	-
Rentals under operating leases - vehicles and equipment	82	153

The charity’s net income for the year in accordance with the Companies Act 2006 was £1,434k (2024: £1,278k).

5. GOVERNING BODY REMUNERATION AND RELATED PARTY TRANSACTIONS

During the year, £288 of travel expenses were paid to two Governors for attending meetings (2024:£nil).

No governors were remunerated during the current or prior years.

The children of governors that attend the school do so under normal commercial terms and receive no discount or concession.

All transactions between the charity and its subsidiaries, GSAL Enterprises and GSAL Transport Ltd, are eliminated on consolidation. In the year, the following transactions took place between GSAL and its subsidiaries:

GSAL Transport Limited

Income to GSAL from GSAL Transport £81k donation under gift aid (2024: £13k). Income to GSAL from GSAL Transport £10k in respect of support services provided (2024: £10k). Expenditure paid by GSAL to GSAL Transport £1,326k in respect of transport services and advertising (2024: £1,280k).

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THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

In the 2022/23 financial year, a £150k loan from GSAL to GSAL Transport was granted to purchase vehicles. There is an outstanding balance owing of £46k at 31 August 2025. The loan is interest bearing and subject to a repayment plan.

A further balance of £221k was owed to GSAL from GSAL Transport limited at 31 August 2025 (2024: £212k).

GSAL Enterprises Limited

Income to GSAL from GSAL Enterprises £207k donation under gift aid (2024: £186k)

Expenditure paid by GSAL to GSAL Enterprises £5k in respect of the provision of consumables (drinks) for events (2024: £1k).

A balance of £207k was owed to GSAL from GSAL Enterprises limited at 31 August 2025 (2024: £186k). A balance of £nil was owed by GSAL to GSAL Enterprises limited at 31 August 2025 (2024: £nil)

6. INFORMATION REGARDING EMPLOYEES

. INFORMATION REGARDING EMPLOYEES
Average headcount of persons employed Teachers Support staff Average number of persons employed (full time equivalents) Charitable activities: Teachers Support staff Staff costs during the year: Wages and salaries Social security costs Pension costs	Consolidated 2025 2024 No. No. 210 221 320 297 530 518 No. No. 182 185 181 180 363 365 2025 £’000 16,010 1,763 3,183 20,956	Charity 2025 2024 No. No. 210 221 300 278
		510 499
		No. No. 182 185 163 162
		345 347
		2024 £’000 15,754 1,579 2,948 20,281

During the year there were redundancy/termination payments made by the charity to one individual (2024: one) which amounted to £30k (2024: £10k). As at year end, £nil remained outstanding (2024: £nil).

There were 18 staff (FTE) directly employed by the charity’s subsidiaries in the year (2024: 18).

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

The number of Group employees whose emoluments, excluding pension contributions but including employer’s national insurance contributions and benefits in kind, were in excess of £60,000 was:

	2025	2024
	No.	No.
£60,001 - £70,000	46	47
£70,001 - £80,000	12	10
£80,001 - £90,000	4	2
£90,001 - £100,000	6	4
£100,001 - £110,000	-	2
£110,001 - £120,000	1	-
£120,001 - £130,000	1	2
£150,001 - £160,000	1	-
£170,001 - £180,000	-	1
£200,001 - £210,000	1	-
£250,001 - £260,000	-	1
£330,001 - £340,000	1	-

Of the above staff members, 56 (2024: 59) have benefits accruing under defined benefit pension schemes and 17 (2024: 10) had benefits accruing under the defined contribution scheme. Employer’s contributions for the defined contribution scheme were £188k (2024: £97k).

The key management personnel of the parent charity, The Grammar School at Leeds, are listed on page 3. The total employee benefits, including employer’s national insurance and pension contributions, of the key management personnel of GSAL were £1,831k (2024: £1,641k).

The key management personnel of the group comprise those of GSAL and the key management personnel of its wholly owned subsidiaries GSAL Enterprises Ltd and GSAL Transport Ltd. There are not considered to be any key management personnel in either of the subsidiaries. The total employee benefits of key management personnel for the group were therefore £1,831k (2024: £1,641k).

7. ANALYSIS OF EDUCATION AND GRANT MAKING EXPENDITURE

Direct costs Teaching costs Welfare costs Premises Non-teaching support costs Bursaries, prizes and specific fund expenditure Support costs Governance costs Finance and other costs Consolidated total	Staff Costs Other Costs Depreciation Total 2025 16,137 964 - 17,101 904 866 - 1,770 1,171 1,778 1,521 4,470 1,896 1,102 930 3,928 - 1,077 - 1,077 46 197 - 243 - 1,061 - 1,061 20,154 7,045 2,451 29,650

The material items within non-teaching support costs relate to staff costs of £1,896k, IT related costs of £555k and depreciation of £930k.

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

2024 Comparatives

Direct costs Teaching costs Welfare costs Premises Non-teaching support costs Bursaries, prizes and specific fund expenditure Support costs Governance costs Finance and other costs Consolidated total	Staff Costs Other Costs Depreciation Total 2024 15,904 1,218 - 17,122 808 989 - 1,797 1,088 1,963 1,438 4,489 1,692 1,560 704 3,956 - 1,236 - 1,236 45 183 - 228 - 1,901 - 1,901 19,537 9,050 2,142 30,729

With the exception of the bursaries, prizes (£1,061k) and specific fund expenditure (£16k), all of the above expenditure is taken from unrestricted funds.

8. FIXED ASSETS

Consolidated & Company Cost At 1 September 2024 Additions Disposals At 31 August 2025 Accumulated depreciation At 1 September 2024 Charge for the year Disposals At 31 August 2025 Net book value At 31 August 2025 At 31 August 2024	Vehicles Plant & Machinery Office & Computer Equipment Land & Buildings Furniture & Fixtures Charity Total Trading Companies Consolidated Total £’000 £’000 £’000 £'000 £’000 £’000 £’000 £’000 103 804 3,982 46,594 3,810 55,293 234 55,527 - 20 567 6,496 62 7,145 16 7,161 - - - - - - (8) (8)
	103 824 4,549 53,090 3,872 62,438 242 62,680
	31 573 2,073 2,041 1,935 6,653 56 6,709 18 58 956 1,124 340 2,496 28 2,524 - - - - - - (8) (8)
	49 631 3,029 3,165 2,275 9,149 76 9,225
	54 193 1,520 49,925 1,597 53,289 166 53,455
	72 231 1,909 44,553 1,875 48,640 178 48,818

All of the above assets were in use at year end and were depreciated accordingly.

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

9. ASSETS UNDER CONSTRUCTION

Consolidated & Company Cost At 1 September 2024 Additions Transfer to fixed assets At 31 August 2025	Performing Arts Centre Charity Total Trading Companies Consolidated Total £’000 £’000 £’000 £’000 5,376 5,376 - 5,376 852 852 - 852 (6,228) (6,228) - (6,228) - - - -

No assets were under construction at the year end.

10. INVESTMENTS HELD AS FIXED ASSETS

NVESTMENTS HELD AS FIXED ASSETS
Market value at 1 September 2024 and 31 August 2025 Investments comprise the following: Investments listed on a UK stock exchange: Charity unit trusts Cash deposits held as fixed asset investments Historical cost at 31 August 2025	Consolidated & Charity 2025 £’000 2024 £’000 26 26
	5 5 21 21
	26 26
	26 26

11. DEBTORS AND PAYMENTS IN ADVANCE

Amounts falling due within one year: Tuition fee debtors Trade debtors Other debtors Amounts due from trading subsidiaries Loan due from GSAL Transport Limited Prepayments and accrued income Amounts falling due after more than one year: Amounts due from LGS & LGHS Foundation Loan due from GSAL Transport limited SWAP contract	Consolidated Charity 2025 2024 2025 2024 £’000 £’000 £’000 £’000 55 36 55 36 107 103 - - 133 282 95 237 - - 510 411 - - 46 50 778 521 754 488
	1,073 942 1,460 1,222
	2,642 2,642 2,642 2,642 - - - 46 1,184 1,761 1,184 1,761 3,826 4,403 3,826 4,449

The loan due from LGS & LGHS Foundation is interest free, partly secured on a property owned by the Foundation, and due for repayment on the earlier of 31 December 2067 or by instalments after 31 December 2028.

The loan due from GSAL Transport Limited carries a fixed rate of interest, is unsecured and is currently being repaid by instalments with the final payment due on, or before, 31 July 2026.

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
|||||| |---|---|---|---|---| |Consolidated|Charity| |2025|2024|2025|2024| |£’000|£’000|£’000|£’000| |Tuition fee payments received in advance - standard|4,882|6,065|4,882|6,065| |Tuition fee payments received in advance - composite|6,149|6,778|6,149|6,778| |Trade creditors|863|552|764|485| |Other taxes and social security costs|39|218|17|202| |Other creditors|2,150|1,022|2,147|1,011| |Acceptance deposits|37|41|37|41| |Accruals|1,071|1,698|1,059|1,681| |Bank loan|3,229|3,229|3,229|3,229| |Amounts owing to trading subsidiaries|-|-|-|1| |18,420|19,603|18,284|19,493|

----- End of picture text -----

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

----- Start of picture text -----
|||||| |---|---|---|---|---| |Consolidated|Charity| |2025|2024|2025|2024| |£’000|£’000|£’000|£’000| |Tuition fee payments received in advance - composite|5,599|7,016|5,599|7,016| |Acceptance deposits|521|487|521|487| |Amount due to LGS/LGHS Foundation|10,900|10,900|10,900|10,900| |Bank loan|12,914|16,143|12,914|16,143| |29,934|34,546|29,934|34,546|

----- End of picture text -----

The loan of £10,900,000 due to the Foundation was transferred from the LGS General Charitable Trust as part of the restructuring (2022) and refinancing exercise and is made up of £6,050,000 (representing the equality of exchange resulting from the exchange of the Leeds Grammar School Moorland Road site, the Junior School property and the Playing Fields site at Lawnswood for the land at Alwoodley Gates with the University of Leeds), a loan of £750,000 advanced in May 2007 and a total of £4,100,000 being the proceeds of sale of the Headingley properties.

14. TUITION FEE PAYMENTS RECEIVED IN ADVANCE – COMPOSITE FEES

Parents may enter into a contractual arrangement to pay the school in advance a fixed contribution towards school fees for up to a maximum of five years. The monies are refundable subject to specific conditions on receipt of notice to leave. Assuming all participating pupils remain in the school for the full duration, the payments received in advance will be applied as follows;

----- Start of picture text -----
||||| |---|---|---|---| |2025|2024| |Note|£|£| |Due within one year|12|6,149|6,778| |Due within one to two years|13|2,471|2,812| |Due within two to five years|13|3,128|4,204| |11,748|13,794| |Advanced fees brought forward|13,794|-| |Amounts utilised to pay fees|(6,778)|-| |New contracts|4,766|13,794| |Repayments|(34)|-| |11,748|13,794|

----- End of picture text -----

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

15. BORROWINGS

The loans are repayable in instalments as follows;

Note Due within one year 12 Due within one to two years 13 Due within two to five years 13 Due after more than five years 13	2025 2024 £ £ 3,229 3,229 3,229 3,229 9,685 9,685 10,900 14,129 27,043 30,272

In November 2022 the assets and liabilities of the LGS General Charitable Trust were transferred to GSAL. This included bank loans from NatWest of £28m, repayable by July 2030.

The loan interest is at a variable rate, and a swap contract is in place to manage the risk of interest rate variations as per note 23.

The bank loan is secured by a legal charge over the assets of the charity and the following securities:

a first and third-party first legal charge granted by the Foundation in respect of the Alwoodley Freehold;
a deed of subordination entered into by the Foundation subordinating the existing Alwoodley Foundation loan, the Foundation Development facility and the Foundation Refinancing facility to the indebtedness of the Bank

The Foundation loan of £10.9m was transferred from GCT. The loan is interest-free and unsecured, is due to be repaid in one amount on 31 December 2067, with an option to make payments after 31 December 2028.

The Foundation is the custodian of the land at Alwoodley Gates pursuant to the Charity Commission Scheme of 6 December 1996.

16. RESTRICTED FUNDS

The restricted funds of the charity comprise the following:

Consolidated & Charity Balance at 1 September 2024 Income Expenditure Transfer from unrestricted funds Balance at 31 August 2025	Expendable Bursary & Hardship Fund Lightwing, Headingley & Chapel Funds PAC appeal Funds Smeaton Wood Grant Specific Restricted Donations Total £’000 £’000 £’000 £’000 £’000 £’000 - 22 84 - 36 142 411 - 4 6 29 450 (1,061) - - - (16) (1,077) 651 - - - - 651
	1 22 88 6 49 166

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

2024 Comparatives

Consolidated & Charity
Balance at 1 September 2023
Income
Expenditure
Transfer from unrestricted funds
Balance at 31 August 2024

Expendable
Bursary &
Hardship
Fund
Lightwing,
Headingley
& Chapel
Funds
PAC
appeal
Funds
Smeaton
Wood
Grant
Specific
Restricted
Donations
Total
£’000
£’000
£’000
£’000
£’000
£’000
-
21
-
-
35
56
82
1
84
96
14
277
(1,127)
-
-
(96)
(13)
(1,236)
1,045
-
-
-
-
1,045
-
22
84
-
36
142

The balances on the funds are included in the balance sheet under fixed asset investments and bank balances, as analysed in note 18.

All bursary transactions are accounted for through the Expendable & Hardship Bursary Funds. Bursaries paid out by GSAL amounted to £1,061k offset by donations from third parties and the Foundation Award Funds of £411k, with the balance being funded by transfers from GSAL unrestricted funds amounting to £651k.

In 24/25, the charity received a further White Rose Forest capital grant amounting to £6k as part of the project which allowed the planting of over 10,000 trees in the Smeaton Wood. No expenditure was incurred in relation to the Smeaton Wood project.

Following the 23/24 campaign which ran in the memento alumni magazine to generate funds for the Performing Arts Centre, a further £4k was received in donations. The restricted expenditure has not yet been incurred.

Total specific restricted donations income of £29k includes monies received for prize giving (£5k) and pupils’ weekly charity collection (£24k). Specific restricted donations expenditure of £16k relates to the donations to various charities from the pupils’ weekly collections (£15k) and expenditure for prize giving (£1k). This has resulted in net income for specific restricted donations of £13k.

17. UNRESTRICTED FUNDS

Consolidated & Charity Balance at 1 September 2024 Income Expenditure Transfer to restricted funds Transfer from trading companies Balance at 31 August 2025	School Reserve Charity Total Trading Companies Consolidated Total £’000 £’000 £’000 £’000 21,369 21,369 - 21,369 31,677 31,677 552 32,229 (29,904) (29,904) (264) (30,168) (651) (651) - (651) 288 288 (288) - 22,779 22,779 - 22,779

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

2024 Comparatives

Consolidated & Charity Balance at 1 September 2023 Income Expenditure Transfer to restricted funds Transfer from trading companies Balance at 31 August 2024	School Reserve Charity Total Trading Companies Consolidated Total £’000 £’000 £’000 £’000 20,177 20,177 - 20,177 32,812 32,812 643 33,455 (30,774) (30,774) (444) (31,218) (1,045) (1,045) - (1,045) 199 199 (199) - 21,369 21,369 - 21,369

18. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

	TS AND LIABILITIES BETWEEN FUNDS
	Fixed Assets and investments Debtors due in more than one year Current assets Current liabilities Long term liabilities Total £’000 £’000 £’000 £’000 £’000 £’000 - - 1 - - 1 21 - - - - 21 5 - - (4) - 1 - - 143 - - 143
	26 - 144 (4) - 166
	53,455 3,826 13,848 (18,416) (29.934) 22,779
	53,455 3,826 13,848 (18,416) (29,934) 22,779
	53,481 3,826 13,992 (18,420) (29,934) 22,945
	Fixed Assets and investments Debtors due in more than one year Current assets Current liabilities Long term liabilities Total £’000 £’000 £’000 £’000 £’000 £’000 21 - - - - 21 5 - - (4) - 1 - - 120 - - 120
	26 - 120 (4) - 142
	54,194 4,403 16,917 (19,599) (34,546) 21,369
	54,194 4,403 16,917 (19,599) (34,546) 21,369

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

19. TAXATION

The charity’s activities are exempt from taxation under chapter 3 of part II to the Corporation Tax Act 2010.

20. EMPLOYEE RETIREMENT BENEFITS

The charity participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,424k (2024: £2,403k) and at the year-end £191k (2024 - £224k) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The charity also contributes to a defined contribution group personal pension plan for support staff and teaching staff who elect to join this scheme in place of the TPS. These contributions are also charged directly to the statement of financial activities.

The total pension costs are broken down as follows: Teachers Support staff 21. INVESTMENT IN SUBSIDIARIES Investment in subsidiaries at cost	2025 £’000 2024 £’000 2,877 2,663 274 254 3,151 2,917
	2025 £ 2024 £ 3 3

In addition to the investments shown in note 10, the charity owns the following; 100% of the ordinary share capital of GSAL Enterprises Limited (registration no. 02314911), incorporated in England and Wales. The principal activity of GSAL Enterprises Limited is letting and associated activities at the Alwoodley site.

The charity owns 100% of the ordinary share capital of GSAL Transport Limited (registration no. 09393247), incorporated in England and Wales. The principal activity of GSAL Transport Limited is the operation of passenger transport services.

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

	2025 2024
GSAL Enterprises Ltd - financial summary	£'000 £'000

Turnover	243 215
Cost of sales	(14) (5)
Gross profit	229 210
Admin expenses	(22) (24)
Operating profit	207 186
Donation to GSAL	(207) (186)
Result for the financialyear	- -


Assets	221 196
Liabilities	(221) (196)
Funds	- -
GSAL Transport Ltd - financial summary Turnover Cost of sales Gross profit Admin expenses Operating (loss)/profit Profit/(loss) before tax Donation to GSAL Cumulative losses carried forward Assets Liabilities Funds	2025 2024 £’000 £'000 1,729 1,716 (1,577) (1,636)
	152 80 (71) (67)
	81 13 - - 81 13
	- -
	487 436 (487) (436) - -

22. OPERATING LEASES COMMITMENTS

The total future minimum lease payments under non-cancellable operating leases:

Group - within one year - between one and five years - after five years	2025 £000 26 83 - 109	2024 £000 26 103 7
		136

Charity

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

- within one year - between one and five years - after five years	26 83 - 109	26 103 7 136

23. FINANCIAL INSTRUMENTS

On 14 November 2022, as part of a restructuring and refinancing exercise, the total assets and liabilities of the LGS General Charitable Trust were transferred to the school. The banking facilities with NatWest were renewed at the point of restructure, and loan liabilities and a swap contract were transferred to GSAL.

Prior to the transfer of assets and liabilities to GSAL, GCT had previously entered into a contract in relation to a financial derivative to manage its exposure to the risk of interest rate variation. The interest rate swap was due to expire on 31 December 2028 but as part of the re-structure of loans during the 2015/16 financial year, the original swap contract was cancelled in July 2016 and a new swap contract entered into with a termination date of 30 June 2030.

The fair value of the derivative is calculated by discounting the future cash flows to the maturity date and at 31 August 2025 the value was determined by GSAL’s bankers to be an asset of £1,184k compared to an asset of £1,761k at 31 October 2023 (when revalued as part of the restructure). The loss of £577k resulting from this revaluation was recognised in the statement of financial activities for the year.

The notional principal value at 31 August 2025 is £16,143k. The contract fixed interest rate is 0.92%. The interest rate swap settles quarterly, on the basis of the difference between the fixed and floating interest rate.

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

24. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVIES – COMPARATIVE FIGURES BY FUND-TYPE Year ended 31 August 2024

INCOME FROM: Charitable activities– education; Tuition fees Other income Other trading activities - trading income Donations - general Investments Total trading and charitable income Exceptional income – transfer from GCT TOTAL INCOME EXPENDITURE ON: Raising funds: Trading expenditure Charitable activities - education: Education and grant making TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Transfers between funds: Transfer to Expendable Bursary & Hardship Fund Additional Transfer to Expendable Bursary & Hardship Fund NET MOVEMENT IN FUNDS NET MOVEMENT IN FUNDS BEFORE EXCEPTIONAL INCOME RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds for the year TOTAL FUNDS CARRIED FORWARD	Unrestricted funds Restricted funds Total funds 2024 £’000 £’000 £’000 30,332 - 30,332 1,930 - 1,930
	32,262 - 32,262 650 - 650 - 276 276 543 1 544
	33,455 277 33,732 - - -
	33,455 277 33,732
	(1,725) - (1,725) (29,493) (1,236) (30,729)
	(31,218) (1,236) (32,454)
	2,237 (959) 1,278
	(438) 438 - (607) 607 -
	1,192 86 1,278

	1,192 86 1,278
	20,177 56 20,233 1,192 86 1,278
	21,369 142 21,511

Docusign Envelope ID: F2706144-1EEB-4AC5-AF74-BE564BAC53F4

THE GRAMMAR SCHOOL AT LEEDS

NOTES TO THE FINANCIAL STATEMENTS

25. POST BALANCE SHEET EVENTS

GSAL Enterprises Ltd, a wholly owned subsidiary, ceased trading on 31 August 2025. Following the closure, all trading activities previously undertaken by GSAL Enterprises Ltd have been transferred to The Grammar School at Leeds, effective from 01 September 2025.