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← Giggleswick School

2025-08-31-accounts

GIGGLESWICK aii SCHOOL

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Annual Report and Financial Statements

YEAR ENDED 31 AUGUST 2025

GIGGLESWICK SCHOOL

REGISTERED1109826.°«~*”,”~C”~C—C—C.COCOCOTCOOSOSOSTTSCHARITY NUMBER: REGISTERED COMPANY NUMBER: 05447105

Giggleswick School

Annual Report and Financial Statements Year ended 31 August 2025

Contents

Page
Report of the Governors 3
Governors’ responsibilities in the preparation of the financial statements 12
Independent Auditor’s Report 13
Consolidated Statement of Financial Activities 16
Consolidated and Charity Balance Sheets 18
Consolidated Cash Flow Statement 19
Statement of Accounting Policies 21
NotestotheAccounts 25

REPORT OF THE GOVERNORS

Giggleswick School

Governors’ Annual and Strategic Report

The Governors of Giggleswick School present their annual and strategic report and financial statements for the year ended 31 August 2025.

Giggleswick School is a registered charity with number 1109826. The School is operated as a company limited by guarantee number 05447105, known as Giggleswick School. The Charity Commission has granted a uniting order that allows Giggleswick School (the incorporated body) and James Carr Trust, (the charitable trust that previously operated under the name of Giggleswick School) to be administered together. Giggleswick School - James Carr Trust retains most of the School’s fixed assets in the form of land and property.

Giggleswick School has two subsidiary companies, Giggleswick Services Limited and Giggleswick International Limited. Transactions between the School and Giggleswick Services Limited relate to the letting of school facilities. There were no transactions in the year between the School and Giggleswick International Limited.

Goals and Objectives

The charitable object of Giggleswick School is to advance education by the provision of a day and boarding school for girls and boys in particular in or near the ancient parish of Giggleswick and by ancillary or incidental educational activities and other associated activities for the benefit of the community. The charitable object is met by providing boarding and day schooling for boys and girls aged 2 to 18 and the provision of bursaries, scholarships and other educational benefits. In addition to the endowed funds of the School, there are restricted funds held for special purposes, such as bursaries, scholarships and the upkeep of the School Chapel. With un-restricted funds now being allocated against one of three categories of spending: heritage, bursary and capital projects.

The principal activity of Giggleswick School is the provision of education.

Achievements and Performance

In the past year Giggleswick School has had a pupil roll of 404 children, including pupils from more than 12 countries. The total pupil roll includes 68 children in Giggleswick Prep School; in addition, there were 34 children on roll at Mill House Pre-School. 28 pupils from lower income families were provided a meanstested bursary.

2024/25 2023/24
Number of pupils 404 441
Number of bursary pupils 28 41

High academic standards continue to be a priority. At A-level 86% of results were grades A-C, and 36% of results were an A-A. 92% of pupils secured their first-choice university, with 56% achieving places at Russell Group universities. Of note, two Giggleswick pupils secured a place at Durham to read Mathematics and Finance as well as other universities including Newcastle, Edinburgh and Exeter. Furthermore, prestigious places on Degree Apprenticeships with Jaguar Land Rover, KPMG, Rolls Royce and Sanderson Weatherall were secured. GCSE results saw 34% of pupils achieving grades 9-7 at GCSE with 7% of all grades at 9.

Giggleswick Prep School continued to benefit from closer links with the Senior School, including shared teachers and facilities and specialist teaching across a wide range of academic and extra-curricular activities.

Strategic objectives

The mission statement for Giggleswick School is: “We are a global boarding school in the heart of England whose mission is to deliver an outstanding learning culture, which inspires its pupils to develop the values, confidence, knowledge and skills to positively lead and impact an ever-changing world”.

Giggleswick School

REPORT OF THE GOVERNORS

This mission is underpinned by the values of the School and a vision to be a flourishing, values-driven boarding school that aims to:

The strategic objectives are based upon growth along the following lines of activity:

The areas are interlinked and collectively are focussed on the strategic and considered growth of the school.

At the heart of our future strategic developments will be a commitment to academic excellence, continuing to deliver an enhanced co-curriculum offering, and continued investment in our facilities.

Future plans for 2025/26 include:

Public Benefit

In considering the aims of Giggleswick School the Board of Governors has, in accordance with the Charities Act 2011, given due regard to the public benefit guidance issued by the Charity Commission and determined that certain activities be central to the provision of education at the School and to its links with the community, these being:

Giggleswick School REPORT OF THE GOVERNORS

facilities, such as the all-weather pitch, sports hall and swimming pool, and through provision of staff to undertake coaching activities outside the School. There are plans to develop a new sports pavilion and upgraded playing fields at Lords which will be available for community use once completed.

Giggleswick School is one of the principal businesses in the North Craven area of the Yorkshire Dales and makes a significant contribution to the local economy through employment and bringing new people into the area, procurement of local services and goods, provision of cultural and educational activities and housing.

Widening access

Giggleswick School aims to make it possible for pupils who may not normally be able to afford the full fees to benefit from attending the School by offering places at reduced cost. The School has limited resources from its permanent endowment assets to fund such reductions in fees but actively raises funds to allow more children to benefit from a Giggleswick education.

In 2024/25 a total of 28 pupils (2023/24: 41) were helped by the School through means-tested bursarial help. Included in these are pupils who are also supported by the following organisations: Royal National Children's Foundation, Buttle Trust, the BMTA Trust Ltd, the Northern Counties Children’s Benevolent Society, The Reedham Trust, Children of Heroes, and the Collinge Trust. The total financial impact of this help on the School was £288k (2024: £529k). All those families which benefited were required to submit a confidential statement of financial circumstances. These are reviewed by the Bursar and discussed with the Headmaster before a decision to grant an award is made. Fee remission was also granted to families serving with HM Armed Forces amounting to £175k (2024: £258k). Total bursarial assistance (including Forces bursaries) was £463k (2024: £786k). In addition, the School provided scholarships worth £437k (2024: £563k).

Fundraising

Giggleswick School aims to generate additional funds by means of voluntary fundraising and investment of endowed and restricted funds so as to further its charitable objects. Collectively these charitable funds of the School are referred to as the Foundation, and the Board of Governors has set a target to increase the funds of the Foundation to at least £10m to support means-tested bursaries, investment in education facilities and upkeep of the School's heritage buildings. During the year the School raised £223k (2024: £193k) in restricted funds to support bursaries, capital development and heritage maintenance. The Development & Alumni Office controls all fund-raising activities and subscribes to the Institute of Development Professionals in Education guidelines. The School contacts recipients who have registered on the Development database, but all mail recipients are given the opportunity to opt out of communications. The Development and Alumni Office operates a principle of respectful fundraising which ensures that monetary requests are kept to a limited level and where they are made aware of any vulnerable individuals or sensitive situations these are flagged on the system to ensure that those recipients can be removed from fundraising communications. The School did not use a professional fundraiser or commercial participator and did not receive any complaints regarding its fundraising activities.

Giggleswick School REPORT OF THE GOVERNORS

Related parties Giggleswick School owns all the issued share capital of Giggleswick Services Limited, a company incorporated in England, which provides commercial residential letting of Giggleswick School premises during the school holiday periods.

The School requires Governors to submit annual declarations of interest and reviews its records in light of these in order to identify related party transactions.

One Governor educates their child at the School at standard fee rates.

One of the Governors is partner at Gateley Legal which provided legal advice to the School in relation to property matters. Another Governor is director of Living Home Furnishings and Papaya Trading Limited which have provided furniture to the School during the year.

Financial review

Summary consolidated financial information:

Financial review
Summary consolidated financial information:
2025 2024
£000 £000
Income
School fees 8,481 10,227
Ancillary income 529 515
Donations 278 193
Activities for generating funds 468 390
Profit on sale of assets - 1,857
Total Incoming Resources 9,756 13,182
Expenditure
Teaching 4,587 4,855
Welfare 1,947 2,038
Premises 1,306 1,395
Administration 1,868 1,895
Fundraising costs 103 179
Cost of activities for generating funds 147 194
Restructuring 44 305
Total Resources Expended 10,002 10,861
Net incoming/ (outgoing) resources before (246) 2,321
transfers

Giggleswick School is funded mainly through fees for tuition and boarding, donations, investment income and income from our commercial activities.

The retained deficit was £124k (2024: surplus of £2,690k) after Gains on Investments.

Income from school fees decreased to £8,481k, a fall of 17% against the previous year (2024 school fee income: £10,227k). This largely reflects the School's decision to absorb the cost of VAT on school fees, as well as the impact of a sector-wide decrease in pupils. However, the financial year saw a further increase in income from Activities for Generating Funds (£468k against £390k in 2024) reflecting the School’s focus on maximising the use of its estate over the summer holiday period. There was also an increase in donations in the year, largely driven by a legacy gift (£278k against £193k in 2024).

Total expenditure, before restructuring was £9,958k (2024 £10,556k), a decrease of 6% largely as a result of the 2024 restructuring programme designed to enable the school to achieve its commitment not to pass on VAT on fees to current or future pupils.

Giggleswick School REPORT OF THE GOVERNORS

The aggregate fund balances decreased by £124k to £9,842k (2024: £9,966k). These funds include restricted reserves of £517k (2024: £447k). This includes £400k (2024: £384k) of restricted reserves which are matched by investments.

Unrestricted reserves were £2,288k (2024: £2,405k). The School has invested £1,868k (2024: £2,098k) of free reserves in land and buildings meaning that free reserves are £420k (2024: £307k).

Going concern

The Board of Governors are of the view that the School remains a going concern and that the financial statements are prepared on an appropriate basis.

As at 31 August 2025 the School had consolidated net negative resources before investment gains of £246k. Incoming Resources decreased by 14% from £11,324k to £9,756k (before the prior year profit on sale of assets of £1,857k) and Total Resources Expended decreased by 6% from £10,556k to £9,958k before restructuring costs of £44k (2024: £305k).

The School manages its cash flow to ensure there are sufficient funds available to meet its obligations. In 2024/25 there was a decrease in cash and cash equivalents of £127k (2023/24 increase of £1,808k). The bank overdraft facility is subject to annual review and the bank have renewed the facility for an additional year.

Investment Policy Giggleswick School is fortunate in holding a number of bequests and endowments which are represented by investments. As at 31 August 2025, the total value of investments was £3,063k (2024: £2,942k).

During 2024/25 the investment funds were invested into multi-asset funds to allow for growth of the investment, with no income draw-down in the medium term. The change in investment strategy means that the risk strategy has changed from deliberately cautious to more volatile asset classes (equities and property) in order to achieve the investment objectives. A small portion of the unrestricted funds (£250k) was moved to cash mid-way through the year to provide an element of liquidity and stability within the overall portfolio. Investment performance was considered satisfactory by the Board, with the portfolio largely in line with market benchmarks for the year.

The base currency of the investment portfolio is Sterling. Cash balances are deposited with institutions with a minimum rating of A-.

The Investment Committee has selected investment managers, Sarasin and Partners LLP, to implement the agreed asset allocation strategy. The Investment Committee have responsibility for agreeing strategy, selecting managers and monitoring the investment assets. Performance is monitored against agreed market indices and, at an overall level, against both a composite benchmark and inflation. Capital may only be withdrawn from the portfolio with the approval of the full Governing Body on the advice of the Investment Committee.

Reserves Policy

The Board of Governors consider that reserves should be sufficient to ensure that Giggleswick School is able to meet its annual expenditure commitments from its core charitable objective of providing education by investing in the estate and maintaining excellence in standards. At 31 August 2025 the School held free reserves of £420k. The Governors are pursuing a strategy to improve the balance sheet structure to better match liabilities and assets through releasing cash from surplus assets, while at the same time planning to generate surpluses.

Risk Management Policy

The major risks to which Giggleswick School might be exposed are regularly considered by the Senior Leadership Team and by the Finance & Strategy Committee. The School’s risk register is maintained and reviewed by the Bursar. Where appropriate, steps are taken to mitigate identified risks and, if appropriate,

Giggleswick School REPORT OF THE GOVERNORS

to insure against the potential financial impact of the residual risks. The Governors consider that the necessary steps have been taken and continue to be taken to identify and mitigate major risks.

Principal strategic risks faced

The Governors consider that the key strategic risks faced by the School are:

The Board of Governors

The Trustees and Directors of Giggleswick School are the Governors of the School. The Governors determine the strategy and policies of the School. The Board of Governors meets three times a year and delivers its responsibilities through a series of sub-committees, each of which provides reports to the Board: The Finance & Strategy Committee, The Boarding, Wellbeing & Safeguarding Committee, The Academic & Cocurricular Committee, The Investment Committee, The Development Committee and The Nominations Committee.

The other ‘standing’ committees include the Health & Safety Committee, the Marketing Committee and the Joint Consultative Committee.

All Governors are encouraged to spend time observing the delivery of school activities and meeting pupils and staff, to better understand how the School operates. Alongside this they undertake regular refresher training in safeguarding.

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Giggleswick School

REPORT OF THE GOVERNORS

Members of the Board of Governors

Chairman: Mr AV Thursby BBA

Vice-Chairman: Mr R R Waldie BA

Ms A Armstrong - from 25 September 2024 Mr RAP Brocklehurst MA, MBA

MrJ Buchanan - from 31 January 2025

Mr I M Cornelius BA - until 25 April 2025

Mr M R Corner BSc, MBA

Mr T R Coxon MA - until 12 January 2026

Mrs S R Crombie

Mr N Dodd BA FCA

Mr J Gordon - from 16 December 2024 to 9 February 2026

Mr A M Jarman MA - until 7 December 2024

Rev Dr S E McWhinney

Mrs T Pollard B.Ed (Hons) NPQH MA Mr CJ Ringrose MA DPhil FIA - Nominated by The Queen’s College Oxford Dr H E Watson - Nominated by St John’s College Cambridge - until 15 October 2025

Headmaster: Mr S E Hart

Bursar & Clerk to the Governors: Dr K D Sharifi CBE

Management arrangements The day-to-day management of the School is delegated to the Headmaster and the Bursar. The Senior Leadership Team meets weekly during term-time to discuss day-to-day matters concerning the operations of the School. Its members include the Headmaster, the Head of the Prep School, the Bursar, the Senior Master. Senior management are remunerated based on their performance for the year and industry benchmarks, subject to the approval of the Board of Governors.

Appointment of Governors The Governing Body comprises up to 21 individuals, three of whom are nominated representatives from colleges of the Universities of Oxford and Cambridge with whom Giggleswick has a special connection:

The Governors may, at their discretion, also appoint a former pupil of Giggleswick School as an additional co-opted Governor. The principal method of recruiting new Governors is through the Nominations Committee. The process of identification may include consultation with members of the Board of Governors, parents and Old Giggleswickians. In addition, the Headmaster and individual governors may suggest to the committee the names of individuals who they believe merit consideration by it. These suggestions will be made through the Clerk to the Governors. The Committee will make recommendations to the Governing Body for the appointment (and re-appointment) of Governors. Newly-appointed Governors receive an induction on the School, which includes background information such as the strategic plan, ethos and policies, along with meetings with members of the Senior Leadership Team.

Giggleswick School

REPORT OF THE GOVERNORS

Charity Governance Code

The Governing Body have reviewed compliance against the voluntary requirements of the Charity Governance Code and are satisfied that they comply with this in all material respects.

Reference and administrative details

Principal address: Giggleswick School, Settle, North Yorkshire BD24 ODE. Bankers: Barclays Bank, Leicester, LE87 2BB. Investment managers: Sarasin and Partners LLP, Juxon House, 100 St Paul’s Churchyard, London EC4M 8DU. Auditors: Crowe U.K. LLP, 3rd Floor, St George’s House, 56 Peter Street, Manchester, M2 3NQ. Insurance brokers: Marsh Ltd, 1 Tower Place West, Tower Place, London, EC3R 5BU. Solicitors: Schofield Sweeney, Centura, 76 Wellington Street, Leeds, LS1 2AY Farrer & Co, 66 Lincoln’s Inn Fields, London WC2A 3LH.

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Giggleswick School REPORT OF THE GOVERNORS

Statement of disclosure of information to auditors

The Governors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Governors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Auditors

A resolution to reappoint Crowe U.K. LLP, Chartered Accountants, as auditors will be put to the governors at the Annual General Meeting.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities. This report, which incorporates the Strategic Report, was approved by the Governors on 21%* March 2026 and signed on their behalf by:

Mr R R Waldie Vice-Chairman

Date: 21st March 2026

Giggleswick School GOVERNORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

The Governors (who are also directors of Giggleswick School for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they 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 Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, 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 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Giggleswick School : CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2025

Opinion

We have audited the financial statements of Giggleswick School (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement, the Statement of Accounting Policies 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:

Basis for opinion

We 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 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 charitable company's or the group’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 governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 August 2025

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the governors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of governors

As explained more fully in the governors’ responsibilities statement set out on page 11, the governors (who are also the directors of the 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 trustees determine is necessary to enable the preparation of 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 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 trustees either intend to liquidate the 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

Our objectives are to obtain reasonable assurance about whether the 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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

Extent to which the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Employment legislation and Health and Safety Legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

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Giggleswick School CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2025

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and Strategy Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the 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 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alan Reynolds

Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP

Statutory Auditor 3rd Floor St George’s House, 56 Peter Street Manchester M2 3NQ

Date 31 March 2026

Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2025

Endowed Restricted Unrestricted
Notes Funds
2025		 Funds
2025		 Funds
2025		 Total
2025		 Total
2024
£ £ £ £ £
INCOMING RESOURCES
Charitable activities:
School fees
Other ancillary income		 2
3		 -
-		 -
-		 8,480,565
529,066		 8,480,565
529,066		 10,226,815
515,064
Other trading activities:
Activities for generating		 4 = - 467,886 467,886 389,907
funds
Other incoming resources:
Profit on sale of tangible assets
Voluntary income		 4,7
Lt		 -
-		 -
222,871		 =
55,521		 -
278,392		 1,857,281
192,524
TOTAL INCOMING = 222,871 9,533,038 9,755,909 13,181,591
RESOURCES
EXPENDITURE
Raising funds:
Costs of activities for
generating funds
Fundraising costs		 5
5		 -
-		 -
-		 147,143
102,231		 147,143
102,231		 194,309
179,373
Investment management
costs		 5 88 33 147 268 102
88 33 249,521 249,642 373,784
CHARITABLE ACTIVITIES
Education and grant making
Restructuring costs		 5 121,374
-		 169,936
-		 9,417,170
43,765		 9,708,480
43,765		 10,181,382
305,267
TOTAL RESOURCES
EXPENDED 5 121,462 169,969 9,710,456 10,001,887 10,860,433
Net incoming/(outgoing)
resourcesbeforetransfers		 (121,462) 52,902 (177,418) (245,978) 2,321,158

Giggleswick School CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2025

Endowed’ Restricted Unrestricted
Funds Funds Funds Total Total
2025 2025 2025 2025 2024
£ £ £ £ £
Net incoming/(outgoing)
resources before transfers		 (121,462) 52,902 (177,418) (245,978) 2,321,158
Transfer between funds - - - - =
(Loss)/Gain on investments 44,939 16,423 60,231 121,593 368,699
NET MOVEMENT IN FUNDS (76,523) 69,325 (117,187) (124,385) 2,689,857
Total funds brought forward 7,114,221 447,211 2,404,900 9,966,332 7,276,475
TOTAL FUNDS CARRIED
FORWARD		 7,037,698 516,536 2,287,713 9,841,947 9,966,332

All of the above results are derived from continuing operations. The School has no recognised gains or losses other than the net movement in funds for the year.

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Company Registration No: 5447105

Giggleswick School BALANCE SHEETS

as at 31 August 2025

Consolidated Consolidated School School
Notes
2025 2024 2025 2024
£ £ £ £
FIXED ASSETS
Tangible assets 7 7,814,853 8,167,132 7,814,853 8,167,132
Investments 8 3,063,486 2,942,161 3,063,486 2,942,161
Investment in subsidiary undertaking 8 2s - 10,000 10,000
10,878,339 11,109,293 10,888,339 11,119,293
CURRENT ASSETS
Stocks 25,656 28,327 25,656 28,327
Debtors and prepayments 9 1,208,109 802,568 1,275,722 801,016
Cash at bank and in hand 966,923 1,093,529 866,435 1,084,755
2,200,688 1,924,424 2,167,813 1,914,098
CREDITORS: due within one year 10 (3,193,183) (2,868,328) (3,170,308) (2,867,107)
NET CURRENT LIABILITIES (992,495) (943,904) (1,002,495) (953,009)
TOTAL ASSETS LESS NETCURRENT 9,885,844 10,165,389 9,885,844 10,166,284
LIABILTIES
CREDITORS: due after more than one 11 (43,897) (199,057) (43,897) (199,057)
year
NET ASSETS 12 9,841,947 9,966,332 9,841,947 9,967,227
THE FUNDS OF THE CHARITY:
ENDOWED FUNDS 13 7,037,698 7,114,220 7,037,698 7,114,220
RESTRICTED INCOME FUNDS 13 516,536 447,211 516,536 447,211
7,554,234 7,561,431 7,554,234 7,561,431
UNRESTRICTED INCOME FUNDS 13 2,287,713 2,404,901 2,287,713 2,405,796
TOTALCHARITYFUNDS 9,841,947 9,966,332 9,841,947 9,967,227

The net results for the financial year dealt with in the financial statements of the parent charity was a deficit of £124,385 (2024: surplus of £2,689,857).

The financial statements on pages 16 to 38 were approved by the Governors and authorised for issue on 21% March 2026 and are signed on its behalf by:

Mr R R Waldie Vice-Chairman

Date: 21 March 2026

18| Page

. Giggleswick School

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2025

Note 2025 2024
£ E
Net cash inflow/(outflow) from operations la 287,489 402,072
Net cash provided by investing activities 1b (221,897) 1,641,549
Net cash provided by financing activities ic (192,198) (235,451)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE (126,606) 1,808,170
YEAR
CASH AND CASH EQUIVALENTS ATSTART OF PERIOD 1,093,529 (714,641)
CASH AND CASH EQUIVALENTS AT END OF PERIOD 966,923 1,093,529
CASH AND CASH EQUIVALENTS COMPRISE: 2025
£		 2024
£
Cash at bank and in hand 966,923 1,093,529
la Reconciliation of net incoming/(outgoing) resources to net cash
flow from operating activities		 2025
£		 2024
£
Net change in resources (245,978) 2,321,158
Add back:
Servicing of finance:
Bank interest paid
Loan repayments
Interest on finance leases		 12,385
90,000
10,596		 44,412
90,000
18,075
Net incoming/(outgoing) resources from operating activities (132,997) 2,473,645
Depreciation charges 545,361 516,361
Profit on sale oftangible assets - (1,857,281)
Investment Management Charges 268 102
(Increase)/Decrease in stock
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors		 2,671
(3,878)
(123,936)		 (88)
(462,944)
(267,723)
Netcashinflow/(outflow)fromoperatingactivities 287,489 402,072

19| Page

Giggleswick School CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2025

1b Cash flows from investing activities 2025
£		 2024
£
Payments to acquire tangible fixed assets (221,897) (233,451)
Proceeds on sale oftangible assets - 1,875,000
(221,897) 1,641,549
1c Cash flows from financing activities 2025
£		 2024
£
Bank Interest paid (12,385) (44,412)
Interest paid on finance leases (10,596) (18,075)
Loan repayments (90,000) (90,000)
Principal repayments on finance leases (79,217) (82,964)
(192,198) (235,451)
1d Reconciliation of net debt Ati
September
2024		 Cashflow Other
Non-Cash
Movements		 At 31
August
2025
£ £ £ £
Cash and Cash Equivalents
Cash in hand and at bank 1,093,529 (126,606) - 966,923
1,093,529 (126,606) - 966,923
Borrowings
Loans falling due within one year (179,482) 169,217 (146,444) (156,709)
Loans falling due after one year (198,836) - 175,259 (23,577)
(378,318) 169,217 28,815 (180,286)

20|Paa4

Giggleswick School

ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice 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 2022.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the Schoo! operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 9 May 2005 (company number: 05447015) and registered as a charity on 1 September 2005 (charity number: 1109826). The address of the registered office is Giggleswick School, Giggleswick, Settle, North Yorkshire, BD24 ODE. The Charity Commission has granted a uniting order that allows Giggleswick School (the incorporated body) and James Carr Trust, (the charitable trust that previously operated under the name of Giggleswick School) to be administered together. Accordingly, these accounts present the consolidated results of Giggleswick School and James Carr Trust for the year ended 31 August 2025.

GOING CONCERN

Giggleswick School’s business activities, together with the factors likely to affect its future development, performance and financial position are set out in the Report of the Governors on pages 3 to 11.

The School meets its day-to-day working capital requirements through an overdraft facility that is renewed annually. The School’s forecasts and projections, taking account of likely changes in pupil numbers, show that the School should be able to operate within the level of its current facility. The School's bankers have renewed the facility and no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms in the future.

The Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. The net current liability position at year-end is due to payment of September 2025 fees in July and August 2025 rather than a significant demand on working capital. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

GROUP FINANCIAL STATEMENTS

The financial statements consolidate the results of Giggleswick School and its wholly owned subsidiary Giggleswick Services Ltd (company number 3900669) using the acquisition method on a line-by-line basis. All intra-group transactions and balances between group companies are eliminated on consolidation. A separate Statement of Financial Activities for the School itself is not presented because the School has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

The School has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only cash flow statement with the consolidated accounts.

21| Page

Giggleswick School

ACCOUNTING POLICIES

FUND ACCOUNTING

General funds, which are generated from the main school activities, are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for a particular purpose. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowed funds are those that form part of the permanent capital of the charity and must be held indefinitely. Where endowed funds are held in relation to fixed assets the depreciation is charged as allowable expenditure on the endowed funds.

INCOMING RESOURCES

All incoming resources including legacies are included in the SOFA when the charity is legally entitled to the income, the amount can be reliably quantified and the economic benefit is considered probable.

Donated assets and facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost.

FEES AND SIMILAR INCOME

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school, but include contributions received from Restricted Funds for Scholarship, Bursaries and other grants. Fees received in advance of education to be provided in future years under an Advance Fee Payments Scheme contract are held as interest-bearing liabilities until either taken to income in the term when used or else refunded. Investment income earned on them in the meantime, if exceeding the provision for any debt-financing costs arising under the contract, is taken to a designated fund to cover any ultimate shortfall that may arise on the Scheme.

RESOURCES EXPENDED

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities.

All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. General administrative overheads (including premises) are considered to be attributable to school activities and those other costs incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Governance costs are those incurred in meeting the constitutional and statutory requirements of the School and include audit fees and costs linked to the strategic management of the school. ACTIVITIES The Governors consider that the School has one activity being the education of boys and girls aged from 2 to 18 years.

Giggleswick School

ACCOUNTING POLICIES

FIXED ASSETS

Fixed assets are stated at cost. Depreciation is provided on all tangible fixed assets other than land and is calculated at the following rates on a straight-line basis so as to write off the net cost less residual value of the individual assets over their estimated useful lives as follows:

Freehold buildings - 2%
Plant and machinery . 10-15%
Fixtures and fittings - 20-25%
Vehicles - 20-25%

Purchases costing less than £500 are written off to expenditure in the period in which the item is acquired.

Fixed assets are reviewed for impairment where there is an indication of impairment.

INVESTMENTS AND INVESTMENT INCOME

Unlisted fixed asset investments are stated at cost. Other investments are re-valued annually to midmarket value. There is a recognised market for all non-cash investments held. Unrealised gains and losses on revaluation and realised gains and losses on disposal are allocated to the fund to which the investments relate.

Investments in subsidiaries are valued at cost less provision for impairment.

Bank and building society interest is recognised on an accruals basis. All other investment income is recognised on a receipts basis.

STOCK

Stock is valued at the lower of cost and net realisable value.

ADVANCE FEE SCHEME CREDITORS

Amounts received under the school’s Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as an expense in the period to which they pertain. The best estimate of the cost required to settle an obligation for termination benefits is recognised immediately as an expense when the School is committed to terminate the employment of an employee or to provide termination benefits.

PENSIONS AND OTHER POST-RETIREMENT BENEFITS

The School contributes to the Pensions Trust Growth Plan for certain of its employees. This in most respects is a money purchase arrangement but does include certain guaranteed benefit elements. The Plan is a multi-employer scheme as it is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable.

The School also contributes to the Aviva Pension Trust for Independent Schools (APTIS), a defined contribution pension scheme. The pension charge represents the amounts payable to APTIS for the year. The School was a member of the Teachers’ Pension Scheme (TPS) up until 31 August 2020. Under the definitions set out in FRS102, the TPS is a multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, the School has taken advantage of the exemption under FRS102 and has accounted for its contributions as if it were a defined contribution scheme.

Giggleswick School

ACCOUNTING POLICIES

LEASED ASSETS AND OBLIGATIONS

Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor. Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the income and expenditure account in proportion to the remaining balance outstanding.

All other leases are “operating leases”, and the annual rentals are charged to the income and expenditure account on a straight-line basis over the lease term.

FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the accounting policies, trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 ongoing 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 affected current and future periods. In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year other than the provision for the pension deficit levy. The School has an obligation to pay deficit funding contributions towards the support staff defined benefit pension plan. This provision is dependent on a number of factors including discount rate, life expectancy and asset valuations. The assumptions reflect historical experience and current trends.

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2025

1 LEGACIES, VOLUNTARY AND GRANT
INCOME Unrestricted Restricted Total
2025 2025 2025
£ £ £
Donations and legacies 15,471 222,871 238,342
Donations in kind 40,050 - 40,050
Unrestricted
2024		 Restricted
2024		 Total
2024
£ £ £
Donationsandlegacies 390 192,134 192,524
Consolidated and School
2. CHARITABLE ACTIVITIES — FEES RECEIVABLE 2025 2024
£ £
Total fees chargeable 9,905,355 12,260,498
Less:
Reduction for siblings (105,452) (122,951)
Staff allowances (302,244) (366,861)
Scholarships
Bursaries
Other		 (436,840)
(462,857)
(117,397)		 (563,282)
(786,483)
(194,106)
Nettuitionandboardingfees 8,480,565 10,226,815

Means-tested bursaries totalling £287,676 were paid to 28 pupils (2024: £528,681 to 41 pupils).

2a5|Page

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2025

Consolidated and School Consolidated and School
3. OTHER FEES 2025
£		 2024
£
Occasional Boarding 47,525 59,925
Speech and Drama 34,436 45,135
Miscellaneous fees 28,731 2,985
Examination fees 55,944 55,088
School transport 164,761 172,215
School trips 6,895 3,410
Extra tuition 90,417 68,417
Music
Registration		 82,739
17,618		 88,680
19,209
529,066 515,064
Consolidated and School
2025 2024
4. ACTIVITIES FOR GENERATING
FUNDS		 £ £
Rent from land and properties 31,542 9,645
Rent from school houses 43,338 50,977
Hire of premises and facilities 42,028 52,741
Merchandise income 2,122 3,125
Camps and courses 279,837 196,010
Sundry income 5,006 29,024
Uniform Shop Income 1,250 577
Golf Club fees 29,750 30,500
Theatre Performances 11,159 5,263
OG membership fees 6,130 “
Foundation fundraising income 15,724 12,045
Sub-total 467,886 389,907
Profit on Sale of Fixed Assets - 1,857,281
467,886 2,247,188

26| Page

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2025

  1. ANALYSIS OF EXPENDITURE
(a) Total expenditure
Staffcosts Deprec- Equipment Catering Utilities Other Total
ijation & Supplies 2025
£ £ £ £ £ £ £
Costs ofgenerating funds
Cost of other activities
Fundraising costs
Investment management costs		 93,810
74,499
-		 -
=
=		 48,384
-
=		 -
=
-		 -
-
-		 4,949
27,732
268		 147,143
102,231
268
Total costs of generating funds 168,309 = 48,384 = = 32,949 249,642
Charitable expenditure -
Education and grant making
Teaching
Welfare
Premises repair and		 4,128,895
765,211
737,863		 67,630
93,744
312,796		 304,137
81,455
255,711		 -
445,158
-		 -
393,636
-		 86,588
167,810
-		 4,587,250
1,947,014
1,306,370
maintenance
Support costs and governance
Restructuring costs		 759,388
43,765		 71,191
-		 -
-		 -
-		 203,924
=		 833,343 1,867,846
43,765
Total charitable expenditure 6,435,122 545,361 641,303 445,158 597,560 1,087,741 9,752,245
Totalexpended 6,603,431 545,361 689,687 445,158 597,560 1,120,690 10,001,887

(b) Governance included in support costs:

Governance costs
Audit services 26,944
Governors Expenses and Training 661
27,605
Net outgoing resources for the year are stated after charging:
2025 2024
£ £
Depreciation on own assets
Auditors remuneration - audit		 545,361
26,944		 516,361
24,212
- other services 710 810
Governors Expenses and Training 661 1,416
Operatingleasecosts 76,875 78,461

27 | ° }2

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2025

ANALYSIS OF EXPENDITURE

(a) Total expenditure
Staff costs Depreciati Equipment & Catering Utilities Other Total
on Supplies 2024
£ £ £ £ £ £ £
Costs of generating funds
Cost ofother activities
Fundraising costs
Investment management costs		 95,374
150,913		 -
-
-		 93,370
-
-		 -
>
-		 -
=
-		 5,565
28,460
102		 194,309
179,373
102
Total costs of generating funds 246,287 = 93,370 “ - 34,127 373,784
Charitable expenditure -
Education and grant making
Teaching
Welfare
Premises repair and		 4,340,446
700,390
734,866		 65,992
54,098
324,128		 363,884
88,302
334,974		 -
542,581
=		 -
399,686
-		 83,880
252,985
-		 4,854,202
2,038,042
1,393,968
maintenance
Support costs and governance		 759,935 72,143 = - 160,574 902,518 1,895,170
Restructuring costs 305,267 * > - - > 305,267
Total charitable expenditure 6,840,904 516,361 787,160 542,581 560,260 1,239,383 10,486,649
Totalexpended 7,087,191 516,361 880,530 542,581 560,260 1,273,510 10,860,433

(b) Governance included in support costs:

Governance costs
Audit services 24,212
Governors Expenses and Training 1,416
25,628
6. EMPLOYEES 2025 2024
No. No.
The average number of persons employed by the school, analysed
by category was as follows:
Teachers 67 76
Ancillary Staff 26 29
Laundry and sewing 1 1
Medical and welfare 16 19
Maintenance 7 6
Caretakers, cleaners and security 28 28
Catering (contracts held with external contractor) 30 40
Administrative
Trading		 25
1		 26
1
Voluntary 3 3
204 229

NOTES TO THE ACCOUNTS for the year ended 31 August 2025

Giggleswick School

2025 2024
The aggregate employment costs ofthese persons were as follows: £ E
Wages and salaries
Social security costs
Other pension costs
Benefits in kind		 5,421,223
532,122
722,705
58,786		 5,632,459
502,759
768,458
56,791
6,734,836 6,960,467
Aggregate employee benefits of key management personnel 414,113 407,185
The number of employees whose emoluments exceeded £60,000
were:		 2025
No.		 2024
No.
£60,001 - £70,000 1 1
£70,001 - £80,000 1 2
£80,001 - £90,000
£90,001 - £100,000
£110,001 - £120,000		 1
-
-		 1
1
1
£120,001 - £130,000 1 -
£130,001-£140,000 1 1

Of the employees whose emoluments exceed £60,000, two are accruing benefits under a defined benefit pension scheme and all had contributions paid into a money purchase pension scheme of £50,413 (2024: £70,051).

Key management personnel include the Headmaster and the Bursar; their remuneration is set annually by the Governors.

None of the Governors received any remuneration or benefits through being a governor of the school.

During the year there were 3 employees who received termination payments totalling £43,765 (2024, 16 employees received £305,267). There was Enil (2024: £30,000) outstanding at the yearend.

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2025

7. TANGIBLE FIXED Land and
freehold		 Plant and Equipment,
Fixtures and		 Total
ASSETS properties
£		 machinery
£		 fittings
£		 £
Cost
At 1 September 2024 13,881,298 1,118,697 2,099,343 17,099,338
Additions
Adjustments
Disposals		 17,909
-
-		 21,486
-
(58,455)		 182,502
(28,815)
(123,407)		 221,897
(28,815)
(181,862)
At 31 August 2025 13,899,207 1,081,728 2,129,623 17,110,558
Depreciation
At 1 September 2024 6,442,376 967,612 1,522,218 8,932,206
Charged in the year 275,626 37,170 232,565 545,361
Disposals - (58,455) (123,407) (181,862)
At 31 August 2025 6,718,002 946,327 1,631,376 9,295,705
Net book value
At 31 August 2025 7,181,205 135,401 498,247 7,814,853
At31August2024 7,438,922 151,085 577,125 8,167,132

All fixed assets are held for use on direct charitable activities. Freehold land and buildings acquired prior to May 1926 are included at nil value. During the year receipts from the sale of tangible fixed assets totalled Enil (2024: £1,875,000).

At 31 August 2025 there were fixed assets with a net carrying amount of £77,741 held under finance leases (2024: £211,388). The total future minimum lease payments were as follows:

Consolidated and School Consolidated and School
2025 2024
£ £
Less than one year
Between two and five years inclusive		 66,709
23,576		 89,482
108,835
90,285 198,317

NOTES TO THE ACCOUNTS for the year ended 31 August 2025

Giggleswick School

Consolidated and School
8. INVESTMENTS
Endowed
Funds		 Restricted
funds		 Unrestricted
funds		 Total
£ £ £ £
At 1 September 2024 1,042,912 383,895 1,515,354 2,942,161
Investment gain 44,939 16,423 60,231 121,593
Management Costs (88) (33) (147) (268)
At 31 August 2025 1,087,763 400,285 1,575,438 3,063,486
Analysis ofInvestments £
Equities
Multi-asset funds		 1,978,341
743,088
Liquid Assets 342,057
3,063,486

The investments are held primarily to provide an investment return.

Investment in subsidiary undertaking

Giggleswick Services Ltd is incorporated in the United Kingdom and pays all its profits to Giggleswick School by gift aid. The School owns the entire share capital of 10,000 ordinary shares of £1 each. Giggleswick Services Ltd operates the commercial residential letting of the School premises and has a 31 August accounting reference date. Giggleswick International Ltd is wholly owned and controlled by the School. There were no activities in this company in the year.

9. DEBTORS Consolidated
2025
2024		 Consolidated
2025
2024		 School
2025		 2024
£ £ £ £
Fees 72,604 151,069 72,604 151,069
General debtors 7,324 8,358 2,252 6,806
Prepayments and accrued income
Other debtors		 1,126,162
2,019		 639,665
3,476		 1,126,161
2,019		 639,665
3,476
Amount due from subsidiary - - 72,686 -
1,208,109 802,568 1,275,722 801,016

Bad debts of £43,754 were written off during the year (2024: £6,620) and the School holds a bad debt provision of £156,067 (2024: £158,861)

Giggleswick School

NOTES TO THE ACCOUNTS for the year ended 31 August 2025

Consolidated Consolidated School School
10. CREDITORS: duewithin oneyear ane 2024 aaa 2024
Bank Loan (CBIL) <1 yr 90,000 90,000 90,000 90,000
Trade Creditors 68,606 43,700 68,606 43,700
Deposits
Deferred income		 434,994
1,488,942		 471,027
1,434,438		 434,244
1,484,351		 471,027
1,430,238
Other Creditors 141,120 97,543 141,120 96,543
Other tax and social security 522,105 111,927 504,621 111,927
Pension costs 72,388 72,993 72,388 72,993
Accrued charges 175,916 199,474 175,866 197,008
Pension deficit levy (note 19) 13,875 8,281 13,875 8,281
Finance lease liabilities 66,709 89,482 66,709 89,482
Deferred income - Advance fee
scheme creditors		 118,528 249,463 118,528 249,463
Amount due to subsidiary - - ~ 6,445
3,193,183 2,868,328 3,170,308 2,867,107
Consolidated and School
11. CREDITORS: due afterone year 2025
£		 2024
£
Deferred Income — advance fee scheme creditors 200 290
Coronavirus Business Interruption Loan (CBIL) - 90,000
Pension deficit levy (note 18) 20,120 (69)
Finance Lease liabilities 23,577 108,836
43,897 199,057
2025 2024
£ £
Deferred Fee Income at 1 Sept 247,491 400,262
Released in the year (246,858) (497,221)
New funds received in the year 118,095 344,450
DeferredFeeIncomeat31August 118,728 247,491

The School received a Coronavirus Business Interruption Loan for £450,000 in August 2020. The loan is to be repaid in 60 monthly instalments commencing 12 months after drawdown ona floating rate basis under which the interest rate will never be less than the margin of 3.4%. The approximate amount of interest payable will be £15,750.

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2025

At 31 August 2025 the future payments under the Coronavirus Business Interruption Loan were as follows:

2025 2024
£ £
Less than one year
Between two and five years inclusive		 90,000
-		 90,000
90,000
90,000 180,000
12. ALLOCATION OF NET ASSETS
Tangible
assets		 Investments Net assets/
(liabilities)		 Total
2025
£ £ £ £
Endowed funds:
Scholarship funds and other - 1,087,763 2,612 1,090,375
Land and buildings 5,947,323 - - 5,947,323
Restricted funds:
Graham Watson Scholarship Fund - 400,285 - 400,285
Foundation and other - - 116,251 116,251
5,947,323 1,488,048 118,863 7,554,234
Unrestricted funds:
School 1,867,530 1,575,438 (1,155,255) 2,287,713
7,814,853 3,063,486 (1,036,392) 9,841,947
ALLOCATION OF NET ASSETS
Tangible
assets		 Investments Net
liabilities		 Total
2024
£ £ £ £
Endowed funds:
Scholarship funds and other - 1,042,912 2,612 1,045,524
Land and buildings 6,068,697 - - 6,068,697
Restricted funds:
Graham Watson Scholarship Fund - 383,895 - 383,895
Foundation and other - - 63,316 63,316
6,068,697 1,426,807 65,928 7,561,432
Unrestricted funds:
School 2,098,435 1,515,354 (1,208,889) 2,404,900
8,167,132 2,942,161 (1,142,961) 9,966,332

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Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2025

  1. PENSION SCHEMES

AVIVA PENSION TRUST FOR INDEPENDENT SCHOOLS

The School has been a member of the Aviva Pension Trust Independent Schools Scheme (APTIS Scheme) since 1 September 2020. The APTIS scheme is a defined contribution pension scheme. It is set up as part of AVIVA’s ‘Master Trust’ - a trust-based pension arrangement managed by independent professional trustees. Giggleswick School pays contributions at the rate of 15% whilst members pay contributions of at least 7.5%.

THE PENSIONS TRUST PENSION SCHEME

Certain employees of Giggleswick School are entitled to membership of the Pension Trust Growth Plan (“the Plan”). This is a multi-employer pension plan which in most respects is a money purchase arrangement, although it does include certain guarantee elements as described below. Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001 contributions were invested in personal funds which have a capital guarantee, and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity. The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions.

The latest formal valuation of the Plan at 30 September 2023 was performed by a professionally qualified actuary using the Projected Unit Method. The market value of the Plan’s assets at the valuation date was £514.9 million and the Plan’s Technical Provisions (i.e. past service liabilities) were £531.0 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £16.1 million.

Giggleswick School paid contributions at rates between 4% and 10% and totalling £114,831 during the accounting period. Members paid contributions at various rates during the accounting period. As at the balance sheet date there were 89 active members of the Plan employed by Giggleswick School. The School continues to offer membership of the Plan to its employees.

  1. OPERATING LEASE COMMITMENTS

At 31 August 2025 the future minimum lease payments under non-cancellable operating leases was as follows:

as follows:
Other
2025 2024
£ £
Less than one year
Within one to two years
Between two and five years inclusive		 72,037
67,841
101,303		 51,856
50,800
78,470
241,181 181,126

Giggleswick School

NOTES TO THE ACCOUNTS for the year ended 31 August 2025

  1. FINANCIAL INSTRUMENTS

Financial assets measured at fair value

2025 2024
£ £
3,063,486 2,942,161

Financial assets held at fair value include assets held as investments.

Impairment losses charged to financial assets measured at amortised cost in the year amounted to £nil (2024: ENil). Financial assets measured at amortised cost can be found in the Statement of Cashflows, Note 1d and in Note 10: Debtors Financial liabilities measured at amortised costs are as follows:

Consolidated and School
2025 2024
£ £
Due within one year:
Pension deficit levy (note 18) 13,875 8,281
Finance lease liabilities 66,709 89,482
Due after one year:
Pension deficit levy (note 18) 20,120 -
FinanceLeaseliabilities 23,577 108,836
  1. RELATED PARTY TRANSACTIONS

Giggleswick School owns all the issued share capital of Giggleswick Services Limited, a company incorporated in England, which provides commercial residential letting of Giggleswick School premises during the school holiday periods. In the year ended 31 August 2025 Giggleswick Services Limited had a turnover of £81,163 (2024: £38,990) and a profit before tax and Gift Aid to Giggleswick School of £35,106 (2024: £14,906). At 31 August 2025 the company had shareholder's funds of £10,000 (2024 £9,105).

One Governor educates their child at the School at standard fee rates.

One of the Governors is a partner with Gateley Legal. During the year Gateley Legal provided legal advice to the School in relation to property matters with a total cost of £8,894. There were no outstanding balances due to Gateley Legal at year-end.

  1. PENSION CREDITOR
Consolidated and School Consolidated and School
2025 2024
£ £
Included in creditors: due within one year 13,875 8,281
Included in creditors: due afteroneyear 20,120 -

The pension creditor represents the discounted value of the agreed future contributions to be paid to the defined benefit pension scheme.

19, POST BALANCE SHEET EVENTS

There were no post balance sheet events to disclose at the date of signing the accounts.

NOTES TO THE ACCOUNTS for the year ended 31 August 2025

Giggleswick School

  1. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - Comparative figures by fund type
Endowed’ Restricted Unrestricted
Funds Funds Funds Total
Notes 2024 2024 2024 2024
£ £ £ £
INCOMING RESOURCES
Charitable activities:
School fees
Other ancillary income		 2
3		 -
-		 -
-		 10,226,815
515,064		 10,226,815
515,064
Other trading activities:
Activities for generating		 4 - * 389,907 389,907
funds
Other incoming resources:
Profit on sale of tangible assets
Voluntary income		 7
1		 -
=		 -
192,134		 1,857,281
390		 1,857,281
192,524
Grant income 1
- 192,134 12,989,457 13,181,591
TOTAL INCOMING —_—.
RESOURCES
EXPENDITURE
Raising funds:		 - - 194,309 194,309
Costs of activities for
generating funds
Fundraising costs		 5
5		 -
36		 -
13		 179,373
53		 179,373
102
Investment management 5
costs
36 13 373,735 373,784
CHARITABLE ACTIVITIES
Education and grant making		 5 123,851
-		 224,630
-		 9,832,901
305,267		 10,181,382
305,267
TOTAL RESOURCES
EXPENDED		 123,887 224,643 10,511,903 10,860,433
Net incoming/(outgoing)
resourcesbeforetransfers		 5 (123,887) (32,509) 2,477,554 2,321,158

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