Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C ## **The Girls’ Day School Trust** ## (‘GDST’) ## **Annual report and financial statements for the year ended 31 August 2025** The Girls’ Day School Trust (GDST) is a company limited by shares (company no. 6400) and a registered charity (no. 306983). Incorporated in England and Wales. Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C ## Table of Contents **Legal and administrative information .............................................................................. 4 Professional advisors........................................................................................................ 5 Introduction from the Chair of Trustees .......................................................................... 6 Message from the Chief Executive ................................................................................... 7 About the GDST ................................................................................................................. 8 Mission and values ........................................................................................................ 8 Structure and management ........................................................................................... 8 Our vision ....................................................................................................................... 9 Achievements and performance .................................................................................... 10 Delivering an irresistible education ............................................................................ 10 Building an innovative and inclusive culture ............................................................ 13 Reaching as many girls as possible ........................................................................... 16 Connecting and mobilising the GDST family ............................................................. 17 Financial Review .............................................................................................................. 19 Financial overview ....................................................................................................... 19 Income ........................................................................................................................... 19 Expenditure on charitable activities ........................................................................... 20 Liquidity and cash ........................................................................................................ 20 Redmaids’ High School joins the GDST family ......................................................... 20 Gains and losses on investment assets .................................................................... 20 Pension actuarial gains and losses ............................................................................ 20 Going concern .............................................................................................................. 21 Investment strategy ..................................................................................................... 21 Responsible investment .............................................................................................. 22 Managed Funds ............................................................................................................ 22 Loan facility .................................................................................................................. 22 Reserves and reserves policy ..................................................................................... 23 Principal risks and uncertainties .................................................................................... 24 Risk management......................................................................................................... 24 Safeguarding and promoting the welfare of pupils ................................................... 26 Energy and carbon report ............................................................................................... 27 Summary ....................................................................................................................... 27 Annual Energy Efficiency Statement .......................................................................... 28 Structure, governance and management ...................................................................... 29 Governance arrangements .......................................................................................... 29** Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C **GDST Academy Trust .................................................................................................. 31 School Governing Boards ........................................................................................... 31 Statement of Trustees’ Responsibilities ........................................................................ 32 Other statutory requirements ......................................................................................... 33 Independent auditor’s report to the members of the Girls’ Day School Trust ........... 39** Opinion ....................................................................................................................... 39 Basis for opinion ......................................................................................................... 39 Other information ........................................................................................................ 40 Opinion on other matters prescribed by the Companies Act 2006 .............................. 40 Matter on which we are required to report under the Companies Act 2006 ................ 40 Matters on which we are required to report by exception ........................................... 41 Responsibilities of Trustees ........................................................................................ 41 Auditor’s responsibilities for the audit of the financial statements ............................... 41 Use of our report ......................................................................................................... 43 **Financial Statements ....................................................................................................... 44** Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Legal and administrative information The Girls’ Day School Trust (GDST) is a company limited by shares (company no.6400) and a registered charity (no.306983). Incorporated in England and Wales. **Registered Office** 10 Bressenden Place, London SW1E 5DH ## **Trustees (as at December 2025)** Vicky Tuck (Chair) Stuart Ross (Deputy Chair) Ann Ewing Carolyn Aitchison Emily Whitelock Fraser Montgomery Giselle Vidic Cattorini Jeremy King Kate Smith Misan Nwokorie Pete Oliver Poppy Scott Plummer Seda Yalçınkaya ## **Executive Leadership Team / Executive Board (as at December 2025)** Cheryl Giovannoni, Chief Executive Cathryn Buckle, Chief Transformation Officer David Boyd, Director of Legal and Risk Assurance Marianne Clarke, Director of Marketing and Engagement Rachel Evans, Director of Digital Transformation and Interim Director of Innovation & Learning Rosalind Simpson, Director of People Simon Haywood, Chief Financial Officer Biographies of the Trustees and the Executive Leadership Team are on the GDST website. 4 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Professional advisors **Auditor** Grant Thornton UK LLP 8 Finsbury Circus London EC2M 7EA **Investment Consultants** (from October 2024) Stanhope Consulting 35 Portman Square London W1H 6LR ## **Bank** NatWest 250 Bishopsgate London EC2M 4AA Lloyds 25 Gresham Street London EC2V 7HN **Internal auditor** Mazars LLP 30 Old Bailey London EC4M 7AU **Investment Managers** Rathbones Investment Management Limited (until January 2025) 30 Gresham Street London EC2V 7QN Royal London Asset Management Limited 80 Fenchurch Street London EC3M 4BY Ruffer LLP 80 Victoria Street London SW1E 5JL BlackRock Investment Management (UK) Limited (from end 2024) 12 Throgmorton Avenue London EC2N 2DL RBC BlueBay Asset Management (from January 2025) 100 Bishopsgate London EC2N 4AA 5 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Introduction from the Chair of Trustees I am pleased to introduce the Girls’ Day School Trust (GDST) Trustees’ Annual Report which sets out, for our students, parents, donors, alumnae and the public, the many ways in which we continue to transform the lives of girls and young women. The Girls’ Day School Trust is the largest group of girls’ schools in the UK with a global reputation for excellence, comprising 24 independent schools and two state academies. We were delighted to welcome Redmaids’ High School to the GDST in February 2025, a leading school in Bristol with outstanding results and a long history of dedication to the education of girls. We are committed to delivering a forward-thinking education where the needs of girls are at the heart of every decision. Our family of schools are united by our mission, to help girls learn without limits so that they go on to lead lives without limits. The GDST is widely recognised for its sector-leading expertise, progressive leadership and enduring influence across the educational landscape. Over the last 12 months, the independent schools' sector has faced a number of unprecedented challenges including the application of VAT on fees and rising operational costs with the removal of business rate relief and an increase in employers National Insurance contributions. The GDST has drawn on its scale, strength and deep-rooted values to navigate these pressures, offering stability alongside academic excellence and world-class opportunities to thousands of girls across the country. Our collective achievements, and those of our students, are made possible by the unwavering dedication of our colleagues across the GDST. I extend my sincere gratitude to each of them. As Chair, I look forward to continuing to work alongside my fellow Trustees and the Executive Leadership Team to ensure the continued success, growth and impact of the GDST. **Vicky Tuck Chair** 6 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Message from the Chief Executive This report reflects a landmark year for the GDST – one in which we welcomed Redmaids’ High School to our family of schools, celebrated truly outstanding GCSE and A-Level results and launched a global conversation on ’Designing the Future of Girls’ Education’ through our latest research. The achievements of our students and alumnae continue to be sources of real pride. Throughout the academic year, we have marvelled at the growth and fearlessness of our remarkable students, from the youngest joining us in Reception, through to those completing their journeys in Sixth Form. We celebrated record-breaking GCSE and A- Level exam results, with our 26 schools outperforming both national and independent school averages in public examinations. Meanwhile, we have been inspired by the recognition received and impact made by our ever-growing 100,000 strong alumnae network which includes changemakers such as Rosemary Coogan, Brighton Girls’ alumna, whose extraordinary journey training at the Johnson Space Centre in Houston brings her closer to her dream of undertaking her first mission in space and inspiring a generation of GDST girls. We launched our latest GDST landmark research, Designing the Future of Girls’ Education, at the International Coalition of Girls’ Schools Symposium in Philadelphia. As global leaders of the design and delivery of girls’ education, this research aims to enhance educational practices for all girls, sharing our expert knowledge with parents, educators and students and providing them with the tools to enable girls to achieve their full potential in a world still characterised by inequalities and personal prejudices. These achievements took place against a backdrop of unprecedented change for the independent schools’ sector. Whilst the GDST is not immune to financial pressures from tax and legislative changes, our size and scale provide a robust and resilient platform to navigate such challenges. We are committed to ensuring a GDST education is as affordable and accessible as possible, and our schools have been recognised in a national league table as amongst the very best value for money schools based on academic performance, facilities and fees. We have continued to maximise the opportunities of our network to manage costs whilst maintaining academic outcomes, breadth of co-curricular opportunity and pastoral excellence. I am immensely proud of the GDST community, of every single student and potential changemaker of the future, and I am deeply grateful to the dedication of our teachers and professional staff in all our schools and at Trust Office, who embody our core value of putting girls first every single day. ## **Cheryl Giovannoni Chief Executive** 7 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## About the GDST ## Mission and values The GDST is the UK’s leading family of 26 girls’ schools, including 24 independent schools and two academies. We pride ourselves in educating over 19,000 pupils and employing over 4,000 staff across our schools and at Trust Office, where our central services are located. With over 150 years of expertise in educating girls, our mission is to help girls learn without limits so that they can go on to lead lives without limits. We are uniquely placed to ensure the girls in our schools make the most of opportunities, today and in the future, by providing a first-class education that combines an enriched curriculum with excellent pastoral care in inspiring learning environments where they can thrive. We foster academic excellence and develop character, helping girls to be confident, resilient and fearless. We are fiercely committed to reaching as many girls as possible, ensuring each and every one is empowered and able to cultivate the skills that lead to a fulfilling and rewarding life, and to make the world a better place for us all. We have five uncompromising values: - **Girls First** – We prioritise girls in everything we do and focus on their individual needs to enable them to reach their full potential - **Fearless** – We support our students to act and speak with conviction, unafraid to think differently - **Forward-thinking** – We embrace change and create a dynamic learning environment to prepare our students for an exciting future - **Family** – Our strength comes from being a family of girls’ schools that innovate and collaborate, sharing our learning and experiences and providing opportunities for growth - **Fulfilling** – We invest in our staff to help them enjoy rewarding careers and lead purposeful lives Our strategic objectives are regularly reviewed to ensure they continue to reflect a relevant and exciting vision of 21[st] century education for girls. We remain resolute in our commitment to: - Deliver an irresistible education - Build an innovative and inclusive culture - Reach as many girls as possible - Connect and mobilise the GDST family ## Structure and management The Council of the Trust, comprising 13 Trustees (as of December 2025), sets our strategic direction, and has overall responsibility for stewardship of the organisation. It ensures the safety and welfare of pupils, safeguards its financial viability and fulfils the employer’s duties to GDST staff. The Trustees oversee educational policy and quality assurance, approve budgets and fees, and authorise building and capital development investments. The day-to-day management of the GDST is delegated to the Chief Executive and the Executive Leadership Team. This team is in regular contact with all our schools and academies. The Heads of our schools report to the Trustees via the Chief Executive. 8 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report The GDST Academy Trust is responsible for oversight of our two academies, while GDST (Enterprises) Limited, a GDST subsidiary, oversees the trading activities associated with our 24 independent schools. Our vision As we look to the future, we are committed to the same purpose our pioneering founders had 153 years ago: to reach as many girls as possible, supporting and empowering them through an excellent all-girls’ education to achieve their full potential. We have reviewed and refreshed our priorities for 2025-2026 under three key pillars: ## 1. **Growth: Expanding reach and influence** We are broadening our impact by growing our family of schools, deepening strategic partnerships and strengthening global engagement to ensure the GDST continues to lead the way in girls’ education. ## 2. **Core: Investing in excellence** Our focus is on delivering an outstanding education, breadth of co-curricular opportunity and exceptional pastoral care. Supported by strong leadership and drawing on our size and scale, we are implementing operational plans to manage costs effectively and ensure our schools and Trust Office services are operated with maximum efficiency. ## 3. **Diversification: Shaping the future** We are innovating, growing philanthropic support and expanding commercial income streams to provide additional funding that strengthens our schools and supports longterm sustainability. Our priorities are underpinned by digital transformation, data intelligence and robust financial planning, enabling us to operate with agility and insight and to ensure our long-term sustainability in challenging times. 9 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Achievements and performance During the 2024-2025 academic year we successfully delivered on our strategic plans and made significant developments in the priority areas set out in the Trustees’ Annual Report 2023-2024. These priorities fall under our four strategic objectives. Key achievements and highlights follow. Delivering an irresistible education ## **Academic excellence** In 2024-2025, GDST students achieved record-breaking GCSE and A-Level examination results. Across our independent schools, over 33% of grades were awarded Grade 9 compared to the national average of 5.1% and 74.2% of grades were awarded between Grades 9-7, compared to the national average of 21.8%. An impressive 17 of our schools improved on their results from last year, with 14 schools celebrating their best GCSE exam results in recent years. At A-Level, GDST schools outperformed both the national and independent school averages. 24.2% of grades were awarded A*, compared to 9.4% nationally and 19.8% across the independent school sector. Similarly, 94.6% of grades were awarded A*-C compared with 77.7% nationally and 89.7% across the independent school sector. ## **Awards and recognition** GDST schools were rated among the best value-for-money schools in the UK independent sector by The Telegraph _._ The analysis in Telegraph Money compares results at both GCSE and A-Level, relative to fees and facilities. Top of the league table in their local markets were Howell’s School, Llandaff, Notting Hill & Ealing High School, Oxford High School, Putney High School, Sheffield Girls’, South Hampstead High School and Wimbledon High School at both Year 11 and Year 13. Croydon High School and Nottingham Girls’ High School were top for Year 11 and Norwich High School for Girls was top for Year 13. Both the recognition by The Telegraph and the latest exams results are testimony to the power of a GDST education, our expertise in educating girls, but more importantly, they speak to the sheer effort and tenacity of our students and the unwavering dedication of our staff to achieving the very best possible outcomes that do justice to our students’ efforts. Our schools are consistently recognised as winners and finalists in prestigious awards for educational achievement across categories including all-round performance, academic excellence, technology, innovation and pastoral care. These highly sought-after accolades reflect the hallmarks of an irresistible GDST education. ## Independent School of the Year Awards 2024 Winners - London Independent School of the Year – Notting Hill & Ealing High School - Independent School of the Year for Diversity, Equality, Inclusion & Justice – Northwood College for Girls 10 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Finalists - Independent Girls’ School of the Year – Blackheath High School, Norwich High School - Independent Pre-Prep School of the Year – Sydenham High Prep School - Independent School of the Year for Best Use of Education Technology – Sutton High School - Independent School of the Year for Sporting Achievement – Putney High School - Independent School of the Year for Student Careers – Portsmouth High School - Independent School of the Year for Student Wellbeing – Oxford High School - London Independent School of the Year - South Hampstead High School - Marketing Award for Brand Communication – Newcastle High School for Girls ## Education Choice Awards 2025 - Senior Winner in Inclusive SEN Provision – Sydenham High School - Joint Senior Winner for Enveloping EDI in the Curriculum – Blackheath High School - Senior Winner for Developing School Partnerships - Wimbledon High School - Senior Winner in Developing Student Voice – Streatham & Clapham High School ## Muddy Stilettos Best School Awards 2025 ## Winner - Outstanding Pastoral Care – Newcastle High School ## Finalists - Best Learning Support – Oxford High School - Excellence in STEM (Senior) – Croydon High School, Royal High School Bath - Outstanding Pastoral Care – Oxford High School ## Highly Commended - Awesome Sixth Form – Wimbledon High School - Championing Sustainability – Newcastle High School for Girls - Excellence in STEM (Prep) – Croydon High School - Excellence in STEM (Senior) – Putney High School - Giving Something Back – Notting Hill & Ealing High School, South Hampstead High School - Inventive Extra-Curricular Programme (Senior) – Oxford High School ## The Week Independent Schools Guide 2025 - Best Prep Schools – Norwich High Prep School and Notting Hill & Ealing High School - Youth Sport Trust Award 2025 - Outstanding Secondary Practice – The Belvedere Academy 11 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## **Events, programmes and collaborations** Our schools are working tirelessly to prepare girls for the jobs and careers of the future: positions that might not even exist today. It is essential that they are provided with the skills to thrive in tomorrow’s workplace at every stage of their education. This means giving them a strong grounding in core curriculum subjects as well as enlightened pastoral support and a co-curricular programme that stretches and challenges, providing confidence, purpose and joy. Students from across our schools participate in a range of GDST-wide educational events, programmes and collaborations. Highlights from this year include: - Over 200 students from 22 of our schools gathered at the London School of Economics (LSE) for the LEAD Showcase in March. GDST LEAD is an innovative enterprise-led programme designed to empower young women with the creative and commercial skills necessary to become successful entrepreneurs. With the help of mentors from LSE, students are briefed to develop a business idea with positive social impact at its core, addressing current challenges connected to sustainability, female empowerment or inequality. The showcase provides opportunity to explore some of the most important issues for girls and young women today. The products and services pitched to solve real-world problems included Croydon High’s _Aid Essentials_ , creating care packages for homeless women and children, and South Hampstead High’s _LDN Lock_ , a stylish phone tether that attaches to both your phone and wrist to prevent phone snatching. - Four incredible Year 12 students from Oxford High School won the _Entrepreneurial Innovator Award_ at the prestigious Conrad Challenge Innovation Summit in Houston, USA – a global competition that attracted thousands of the brightest young minds from over 50 countries to tackle some of the planet’s most pressing challenges. The GDST team of four (who were the only European team to reach the final stage in the Aerospace and Aviation category), presented a game-changing solution to support sustainable lunar missions and future travel to Mars. They impressed judges from NASA, academia, and the space industry by tackling a challenge critical to the future of space exploration: how to extract, store and transport liquid oxygen and hydrogen on the Moon. - The annual GDST Sport Scholar Day was hosted by Sutton High School in partnership with the Mintridge Foundation. The event welcomed 250 sports scholars from across the GDST’s 26 schools for a day focused on the development of key skills through sport: discipline, adaptability, resilience and confidence. Students explored a wide range of sports, including football, swimming, gymnastics, cricket, archery, boxing and rugby. Professional athletes and alumnae led dynamic workshops, sharing tips, offering encouragement and answering students’ questions. - In May 2025, Year 5 and 6 pupils from across GDST schools visited Trust Office in London to learn, connect and celebrate the richness of our diverse communities. The day was an extension of our student voice programme, honouring and exploring heritage through storytelling, discussion and creativity, with inspiring talks from guest speakers. Pupils had questions and to explore several topics, satisfy their curiosity by 12 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report asking questions, and recognised the valuable contributions several communities have made to British society. This work serves to strengthen our commitment to ensuring that every member of our community feels recognised and valued; our latest Undivided Student Survey continues to show very encouraging progress, with over 90% of GDST pupils saying they experience a meaningful sense of belonging and representation in their schools. - The GDST Debating Competition hosted at South Hampstead High School welcomed over 100 Year 7 to Year 12 students from GDST and state partner schools. This national event stands out as an important platform for students to develop critical communication skills and appreciate the value of civil discourse. The short-preparation format deliberately challenged them to think quickly, listen actively and respond dynamically – providing students with the spaces and opportunities to express themselves freely, demonstrate conviction in their beliefs and opinions and develop intellectual rigour, even when under pressure. Building an innovative and inclusive culture ## **Research and expertise** With the launch of our latest research report, _Designing the Future of Girls’ Education: A GDST Insights Report and Framework_ , we have continued to leverage our global reputation to advocate for the specific needs of girls in all learning environments. The education of girls was central to the founding of the GDST 153 years ago, and it remains at the heart of our mission today. The report is an essential guide for parents, educators and students in helping girls realise their potential. Bringing together the views and experiences of contributors including Edwina Dunn OBE, Founder of The Female Lead, Professor Sarah Smith OBE, Head of Economics at the University of Bristol, and Mary Ann Sieghart, Broadcaster and author of The Authority Gap, the report takes a deep dive into three principles of educational provision: (1) Classroom (2) Curriculum and co-curriculum and (3) Culture. The GDST has been a founding member of the International Coalition of Girls’ Schools (ICGS) since 2021, with the purpose of connecting and collaborating globally with individuals, schools and mission-aligned bodies dedicated to educating girls. Teachers from across the GDST are instrumental in developing action research projects in the classroom with the goal of enhancing the delivery of an inspiring curriculum to our students. This work keeps the GDST at the forefront of the global conversation in girls’ education, sharing best practice and learnings from colleagues in diverse educational settings worldwide. In November 2024, Wimbledon High School hosted the second ICGS UK “Educating Girls” Symposium, welcoming over 200 education leaders, teachers and advocates of girls’ education to celebrate the power of girls and girls’ schools. Heads, teachers and subject experts from GDST schools engaged with peers from the US, Canada, Australia and New Zealand, and participated in important discussions on the latest innovations and opportunities being developed in service of excellence in girls’ education. 13 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report In June 2025, GDST colleagues attended the annual ICGS Conference in Philadelphia, USA. Joining over 600 educators from across the world, the GDST led key discussions around girls’ leadership, community and embracing the challenges of AI, and shared recommendations from the Insights Report and Framework. Our Global Action Research Collaborative (GARC) fellows presented their findings on the theme of student agency. Demonstrating the expertise within the GDST, Holly Webb, Head of Politics at Wimbledon High School won the Researcher of the Year award for her research on how students’ agency can be enhanced by involving them in curriculum design. ## **Investing in our people** The GDST is committed to the wellbeing, growth and development of our staff, investing in training, support and resources to ensure our people thrive, personally and professionally. Key activities include: - This academic year, we implemented the Teachers’ Career Ladder (TCL) – a single ladder structure that covers all teaching roles up to leadership positions, including Head of Juniors. - A bespoke and dynamic employee intranet platform, _myGDST_ , was launched in November 2024, providing a communication channel for all staff members. _myGDST_ is proving to be a fantastic way of facilitating more efficient distribution of information and opportunities for staff, promoting greater collaboration and a strong sense of community across our schools, with 80% of staff using the platform regularly. - We also developed the GDST Employer Value Proposition that articulates the key benefits of working for the organisation, as well as recognising the achievements of our dedicated staff and everything they do to fulfil our mission of helping girls learn without limits. - The annual GDST all-staff survey, _Engage_ , measures levels of _engagement_ , _enablement_ and _empowerment_ across the organisation. Staff feedback from the survey is then used to create action plans that are tracked at both an organisational level and within each school to promote positive employee experience. This year, the results showed impressive _engagement_ , _enablement_ and _empowerment_ scores ranging between 70 and 85%. ## **Training and development** Staff across the GDST have access to _GDST Learn_ , a diverse and exciting array of inhouse, professional development opportunities. Topics range from developing leadership skills and innovative coaching approaches to curriculum design, the latest thinking in mental health, wellbeing and pastoral care. We share great practice across our own network of schools and invite a range of outstanding external speakers and educational practitioners to share their expertise. In June we launched our new learning management system which allows staff to directly access our extensive range of courses, conferences and self-paced online learning. We encourage staff to take ownership of their own learning journeys, providing training and development opportunities that enable them to build their skills and meet their professional goals. With this new platform, managers and senior leaders can track staff progress more 14 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report easily and gain valuable insights that support their team’s continued professional development. The training co-ordinators in our schools now also enjoy the benefits of streamlined training management and reporting tools. During the 2024-2025 academic year, we delivered 311 programmes, courses and conferences over the academic year, totalling 488 sessions. These programmes can be face-to-face or online, all offering valuable opportunities for peer connections and collaboration. Our e-learning courses provide self-paced training for all staff and in the past year, 3,351 staff have completed at least one course, with 14,752 courses completed in total. We are proud of our commitment to apprenticeships at the GDST, offering opportunities for professional development and qualifications to both support staff and teachers. This year 33 staff started an apprenticeship, taking the total that have either started or completed an apprenticeship to 232. In addition, 32 members of staff have completed or are in the process of completing their Initial Teacher Training through the GDST, with 27 members of staff having gained a range of professional qualifications through our Professional Development Grants programme. Throughout the year, staff from across our 26 GDST schools regularly gather to share learnings and best practice. Highlights include: - Our Trust Consultant Teachers, seconded from their schools for one day a week, work across the GDST amplifying best practice, providing consultancy and fostering collaboration. These highly trained and experienced subject experts contribute to strands of training throughout the year, including support for our action research and study programmes. - The Senior Leadership Conference hosted in February 2024 at Putney High School brought together over 70 school leaders to explore how artificial intelligence and technology can transform education for girls and young women. - The Special Education Needs and Disabilities (SEND) Forum in March focused on trauma-informed practice, with expert training from Abi Huthwaite of Bee Kind Training. The 27 attendees explored how trauma affects the brain, why this is particularly relevant to pupils with SEND, and how an understanding of trauma can inform their work in schools. - The Pastoral Leads Conference in June 2025 welcomed members of staff to share best practice and consider new developments in pastoral care. The theme of the conference focused on moving from ‘belonging’ to ‘mattering’ with Cathy Walker from the London School of Economics talking about what it means for girls to feel seen, heard and valued, and why this can be a powerful antidote to the disconnection and distress many are feeling from social and digital media. - The Junior Heads’ Conference provided school leaders with the opportunity to meet fellow heads, share ideas and best practice and absorb learnings from guest speaker Emma Gleadhill on the social dynamics of leadership and the importance of maintaining self-awareness and balance. 15 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report - The Heads’ Summer Conference at Murray Edwards College, Cambridge in June 2025, was an opportunity for all GDST Heads to share progress and learnings from the 2024-2025 academic year. With a focus on how we can work even more effectively and efficiently together in a changing world where women and girls are facing unique challenges, the two-day conference included presentations and discussions led by GDST leaders, the President of Murray Edwards College, Dorothy Byrne, the Cambridge University admissions team and Principal of George Watson's College, Lisa Kerr. Reaching as many girls as possible ## **Providing financial assistance** The GDST has a proud history of providing financial assistance towards school fees, ensuring that bright girls from all backgrounds have the opportunity to access to a GDST education. Today, the GDST is a leading provider of bursaries in the UK, with 10% of girls in our 24 independent senior schools, receiving financial support. Our goal is for bursaries to be provided to those girls who would otherwise not be able to afford to attend one of our schools. During the 2024-2025 academic year: - 932 students benefited from a GDST bursary - 769 students received a bursary of 50% or more; of which, 462 were awarded at 100% - 220 bursary holders also received a scholarship ## **Fundraising and support** Our supporters and donors are the backbone of our charitable purpose to reach as many girls as possible with a life-changing GDST education. This year, the GDST has raised £4.3million from 1,418 generous donors. Each gift, however big or small, is greatly appreciated and helps us continue to do this important work across the UK. We are very grateful for the generous support of the following organisations, charitable trusts and foundations towards our bursaries and scholarships programme this year: - The Steel Charitable Trust - The Exilarch's Foundation - HSBC plc - The Big Give - John Lyon's Charity - Global Action, Ltd - The Margarethe Charitable Trust - The Percy Hedley 1990 Charitable Trust - The Lillywhite Family Trust - The Rodway Family Charitable Trust - The Catherine Cookson Charitable Trust 16 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report - The Drapers' Company - Paypal Giving Fund - Wyndham Page Ltd - ZVM Rangoonwala Foundation - Patricia Routledge Foundation - Chislehurst Society - Citibank - The Polmax Charitable Trust To support our fundraising efforts, we co-ordinated a telephone campaign in July 2025. Six schools participated with the aim of securing regular gifts from their respective alumnae communities. The team of alumnae callers spent a fortnight speaking to 709 fellow alumnae, having valuable conversations about their experiences at school and beyond, and securing £123,743 over a four-year period towards the bursary programme. In August 2025, the GDST hosted its first stewardship event for members of the Minerva Circle, supporters who have pledged to leave a gift to their former school in their will. To showcase the transformative power of a GDST bursary, the event featured a panel of three alumnae, chaired by the Head of Portsmouth High School, who shared their educational experiences and reflected on the impact a bursary has had on their lives. Connecting and mobilising the GDST family ## **Growing the GDST family** In February 2025, we formally welcomed Redmaids’ High School in Bristol to the GDST – a thriving and forward-thinking independent school for girls aged seven to 18 and the first standalone school to join the GDST in 17 years. Their joining brings 200 dedicated staff and 780 students into the GDST family, where they can share and contribute towards the strength, opportunities and expertise of our growing community. ## **Enriched by a global network** Our family of schools is enriched by a global network of over 100,000 alumnae who serve as role models and career mentors to each other and our students, and whose achievements make a profound contribution to a more equitable world. Our alumnae act as story tellers, role models and career mentors to lead the way and inspire our students. This year, the GDST has hosted over 26 alumnae events, welcoming more than 800 attendees. Highlights include: - Our Annual Alumna of the Year Awards in November 2024 welcomed over 70 alumnae, staff, parents and donors to celebrate the extraordinary achievements made by GDST alumnae. Entrants are nominated by their community, and the winner is decided by public vote. Felicity Baker, Senior Journalist at the BBC and Wimbledon High School alumna was awarded Alumna of the Year whilst Maleha Khan, Portsmouth High School alumna and aerospace engineer was voted 17 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report Trailblazer of the Year. - We welcomed Nottingham Girls’ High School alumna and Financial Times journalist Isabel Berwick; Bromley High School alumna and West End actor Jane Quinn; and Nikki Alderson, Sheffield Girls’ alumna and former criminal barrister, to deliver inspiring presentations and lead networking sessions for peers, students and staff at the GDST Trust Office in London. - Six GDST alumnae were recognized for their exceptional service to society with an accolade on the King’s New Year’s Honours List: 1. Amy-Claire Mason (Howell’s School, Llandaff – Class of 1997) 2. Claudia Kenyatta (South Hampstead High School – Class of 1992) 3. Helen Holland (Nottingham Girls' High School - Class of 1971) 4. Janet Grauberg (Nottingham Girls' High School - Class of 1984) 5. Rebecca Clarke (Wimbledon High School - Class of 2023) 6. Sandy Powell (Sydenham High School - Class of 1978 18 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Financial Review ## Financial Review ## Financial overview The 2024-2025 financial year has seen the GDST continue in strong financial health despite the sector challenges associated with changes in legislation, including the elimination of the VAT exemption for independent schools (effective January 2025), the removal of charitable business rates relief (effective April 2025),the impact of the increase in employer National Insurance contributions (effective April 2025) from 13.8% to 15% and the reduction in the lower earnings limit threshold. On top of these changes, market conditions remain challenging due to continued cost pressure associated with high inflation, along with high energy costs and interest rates. While the impact is significant, the GDST continues to identify and implement cost savings and mitigating actions to reduce the financial impact of the adverse changes in legislation. Mitigating actions included the Trust announcing a 12% increase in fees from January 2025, compared to the headline rate of VAT at 20%. This meant net fees were effectively reduced from January 2025, adversely impacting financial performance in the last eight months of the year. The impact of legislative changes referred to above have only a part year impact in the 2024-2025 financial year. The full impact of these will be felt in the next financial year and beyond. Trustees and the Executive recognise the risk of uncertain demand for school places and remain alert to further challenges of current market conditions with the potential over supply of independent school places in the coming years in some areas of the country. A summary of financial performance is shown in the table below (in £’000): **----- Start of picture text -----**
£’m 2025 2024 Change Change (%)
Total Income 373.4 340.4 33.0 10%
Total Expenditure 345.4 318.7 26.7 8%
Operating surplus 28.0 21.7 6.3 29%
**----- End of picture text -----**
Income The Trust’s total income increased by £33.0m to £373.4m (2024: £340.4m). The Trust’s principal source of income is from independent schools’ tuition fees, which increased yearon-year by £13.4m, due mainly to fee increases ranging from 5%-7% across schools in September 2024, offset by fee reduction of 6.7% from the introduction of VAT on school fees, which took effect from 1 January 2025. Redmaids’ High School income included in the financial statements this year is £7.3m. Other fee related income increased by £0.7m as fees for non-tuition areas continued to grow. Total annual income from donations and legacies increased by £16.2m, accounted for by the transfer of Redmaids’ High School (£19.2m) into the GDST. 19 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Financial Review General Annual Grant (GAG) and other government funding for the GDST Academies increased to £16.9m (2024: £15.5m). Investment income increased to £3.8m (2024: £3.2m). Expenditure on charitable activities Total expenditure increased by £26.7m to £345.4m (2024: £318.7m). Staff costs increased by £22.8m, reflecting the annual pay increases for employees, along with the impact of the change in National Insurance contributions which came into effect on 1 April 2025. Expenditure relating to Redmaids’ High School included in the financial statements in 2025 is £7.2m. Operating costs were also impacted by inflation, and this included a 44.7% year on year increase in energy costs. The annual depreciation charge increased to £15.7m (2024: £14.7m), which is driven by continued investment in school facilities. An impairment charge of £2.4m was applied to assets of Shrewsbury High School. Liquidity and cash Net cash inflow from operating activities in the year was lower than the previous year at £7.2m (2024: £96.9m). This reduction in cash flow is associated with the unwinding of fees paid in advance for future years, of which £48.1m was released into the Income and Expenditure account in the 2024-2025 financial year. Other significant movements in liquidity included £36.0m of capital expenditure. These movements resulted in a net cash outflow of £22.0m and year-end cash balance of £37.2m. The Trust and the Group’s balance sheet is strong with net assets/reserves of £599.9m. Redmaids’ High School joins the GDST family On 1 February 2025 the GDST acquired the shares and assets of Redmaids’ High School Limited (company number 05165135). The results presented within the financial statements include the financial performance of the school from the date of merger. Gains and losses on investment assets Continued volatility in the stock market during the year saw our investments performing well in the circumstances. Realised gains on the disposal of investment assets within the GDST’s portfolio were lower than in the prior year at £0.5m (2024: £2.1m), unrealised gains were also lower than in prior year at £5.5m (2024: £8.6m). Pension actuarial gains and losses The deficit reported in the Trust’s accounts in relation to the defined benefit pension schemes is calculated in accordance with FRS102. On this basis, the deficit decreased to £8.2m (2024: £10.0m). The decrease in the deficit is due to a combination of factors such as lower inflation expectations, better asset performance and a stable discount rate. The GDST 20 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Financial Review Defined Pension Benefit Scheme closed to new members in 2012 and to future accrual in December 2016. Going concern The Trustees regularly review the medium and long-term financial position of the Trust and the Group, including its current and predicted future cash flows. During the 2024-2025 financial year, the Trustees continued to devote time to reviewing the financial modelling of various business performance scenarios, considering independent school sector challenges associated with changes in legislation. This involved an assessment of financial performance and liquidity based on different pupil number scenarios over the coming years. Having carried out this in-depth exercise and associated outputs at Council meetings, the Trustees believe that, even in the worst-case scenario, which shows decreases to both income and surpluses, both the Trust and the Group have a reasonable level of unrestricted liquid resources. Trustees are confident that there are different levers that can be used to ensure the longterm sustainability of the GDST and the Group, to protect the Trust from any negative impacts on pupil numbers and associated income. The GDST has access to secured longterm funding, with a £50m debt facility with Lloyds Banking Group, maturing in 2030. The facility includes a requirement to meet specific loan covenants, as part of going concern work. These covenants have been tested, and Trustees are confident there is sufficient headroom to meet all covenants in the next 12 months. Therefore, after consideration, Trustees continue to have a reasonable expectation that the Trust and the Group have adequate resources to continue in operational existence for the foreseeable future being a minimum of 12 months from when these financial statements are approved. Accordingly, the Trust continues to adopt a going concern basis in preparing these financial statements. ## **Investment strategy** Trustees are empowered through the GDST’s memorandum to invest funds that are not immediately required for operational purposes. The GDST’s investments at the year-end were made up of three elements: - **Externally managed investment portfolio:** Third party investment managers provide professional advice on the Trust’s investment portfolio. The current investment objective is to provide the best financial return through diversified investments both within the UK and overseas, within an acceptable level of risk. - **Investment properties:** The GDST has a small number of properties which are not currently being used by our schools or academies. The strategy for the portfolio is to dispose of properties at a time which maximises value for the GDST and enables the proceeds to be invested in our managed investment funds. - **Cash holdings:** Royal London Asset Management Limited and Lloyds Bank PLC manage cash deposits which are surplus to day-to-day requirements. The primary 21 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Financial Review investment objective for cash is to ensure the security of the funds, whilst seeking suitable returns. All these investments are closely monitored by the Investments Committee, a sub-committee of Council. The Trustees consider that investment objectives have been met this year. ## Responsible investment The GDST appoints reputable investment professionals to manage its investments. These professionals are responsible for the execution of the GDST’s objectives as a leading educational charity and have been consulted about our updated statement of responsible investment. There are four key principles of investment, which include the protection of people, their rights and the global environment, alongside sound business practices. The full statement can be found in the organisational information section of the GDST’s website. The Investments Committee monitors the GDST’s investments closely to ensure they are appropriate and in line with objectives. In the case of the Defined Benefit Pension Scheme, the scheme’s Trustees perform the same role. ## Managed Funds The Trust has five funds under the management of its Investment Managers: 1. **GDST Trust Fund:** This fund forms part of the GDST’s general reserves and is unrestricted. It could be called upon to fund a market opportunity or if the GDST encountered unforeseen financial difficulties. 2. **Minerva Fund:** The purpose of this fund is to provide income for bursaries. The fund, part of which is endowed, is restricted. 3. **The Centenary Fund:** This fund provides short-term funding to parents who are encountering unexpected financial difficulties. The fund is restricted, and the income earned is currently reinvested in the fund. 4. **The Howell’s School Fund:** Similar in purpose to the GDST’s Trust Fund, the fund is unrestricted but is for the use of Howell’s School only. The income earned is currently reinvested in the fund. 5. **Prizes and Scholarships Fund:** This fund generates income for the various prizes for schools. The fund, part of which is endowed, is restricted. Loan facility In December 2023, the GDST refinanced a £50.0m loan facility with a new loan facility for a seven-year term, maturing in December 2030 and comprises a £25.0m amortising term loan and a £25.0m revolving credit facility. Loan repayments commenced during the 2024-2025 financial year. 22 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Financial Review Reserves and reserves policy The total funds of the Group increased from £564.2m to £599.9m during the year. Included within the total funds are restricted and endowed funds of £118.9m (2024: £116.9m) and unrestricted funds of £481.0m (2024: £447.3m), which includes the land and building assets our schools occupy. The GDST’s reserves policy recognises the requirement to hold an appropriate level of reserves to ensure the stability of operations and allowing for unforeseen expenditure, growth opportunities and working capital requirements. The Trustees have determined that appropriate level of reserves of six weeks’ expenditure is prudent, which is approximately £35.0m. At 31 August 2025 there were free cash and invested reserves of £65.8m (2024: £99.3m), including a drawn committed borrowing facility of £24.3m (2024: £25.0m), which in total exceed the required needs. The high level of free cash is associated with the amounts paid in advance in July 2024 associated with the pre-paid fee plans of some parents. At the 31 August 2025 there were £26.6m (£32.9m 2024) of prepaid fees, which will continue to reduce over the next few years. The GDST closely monitors its reserves, cash flow and available funds to ensure sufficient resources are readily available to meet ongoing operating and capital requirements for the near-term and the years ahead. At the end of the year unrestricted cash at bank was £23.3m (2024: £43.8m) with a further £23.6m (2024: £39.6m) on deposit and accessible within two working days. 23 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Principal risks and uncertainties GDST Council (comprising our Trustees) identifies the major risks to which the GDST is exposed and ensures that action is taken to mitigate them. The management of these risks is subject to regular review and monitoring by the GDST Executive Leadership Team and by the Audit Committee. Risk management Council is responsible for monitoring the major strategic risks facing the GDST. The Executive Board has delegated authority for the systems and procedures that help manage both strategic and operational risks. The actions being undertaken to mitigate these risks are reviewed annually by GDST Council, with more in-depth scrutiny undertaken by the Audit Committee at each of its meetings. The Audit Committee also reviews departmental risk registers annually. In addition, a nominated Trustee attends the Trust’s Health & Safety Committee meetings, and another Trustee attends the Safeguarding Committee in their capacity as Council’s Safeguarding Lead. The key controls in place at Trust Office and in schools include: - Policies and procedures to ensure regulatory compliance and the adoption of best practice, including those required by law to protect the vulnerable - Detailed terms of reference for all committees - Formal agendas for Council, Committee and School Governing Board meetings - Comprehensive strategic planning, budgeting and management accounting - Schemes of delegation, formal financial regulations and systems of internal control - Clear authorisation and approval levels - An internal audit function reporting directly to the Audit Committee, a subcommittee of Council - Risk management software in use at all schools and GDST Trust Office to help ensure a holistic overview of capturing and monitoring GDST-wide risk - Expert advice and support from professional Trust Office teams including HR, Finance, Estates, Legal, Health & Safety and Communications Council is satisfied that the major risks identified have been adequately mitigated where necessary and to the extent possible. The most significant risks facing the GDST, and the controls and actions to mitigate those risks include: ## **1. Financial Sustainability: Ability to respond swiftly to financial pressures** Controls in place: - Budgeting and delegated authority: Established governance frameworks ensuring accountability and control 24 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report - Financial modelling: Comprehensive, regularly updated five-year plans incorporating VAT on school fees, pupil number scenarios, capital investment and income/expenditure assumptions - Debt management: Continuous monitoring and recovery supported by advanced data dashboards - Procurement strategy: Group-wide approach delivering cost efficiencies and value - Transformation programme: Strategic workstreams focused on organisational resilience and long-term sustainability ## **2** . **Pupil Numbers: Impact of a changing market environment on student enrolment** Controls in place: - Growth and sustainability research: A comprehensive programme of research led enquiry to understand the market opportunities - Targeted marketing: Bespoke, data-driven campaigns that showcase the GDST proposition and extend reach to new audiences - School collaboration: Innovative approaches to partnership with schools to highlight the strength and breadth of the GDST’s collective offer ## **3. Safeguarding: Failures in safeguarding practice or oversight leading to harm** Controls in place: - Policy and procedures: Regularly reviewed safeguarding and child protection policies implemented across all schools - Annual declarations: Safeguarding declarations signed annually by all staff, contractors, and volunteers - Audit and oversight: Annual audits and termly reports to governing boards and Trust committees - Mandatory training: Comprehensive safeguarding training for all staff - Leadership: A Designated Safeguarding Lead in every school with structured supervision for pastoral teams ## **4. Health & Safety (H&S): Serious injury, illness or loss of life on school premises, during trips, or at GDST events** Controls in place: - Specialist support: Dedicated H&S team and Estates Managers supporting all schools - Policy and guidance: Regularly updated guidance ensuring compliance with legislation and GDST policy - Training: Comprehensive H&S training as part of staff development - Risk assessment: Standardised processes and templates for a wide range of activities - Audit programme: External H&S audits in all schools, with action plans implemented and monitored 25 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## **5. Information and Cyber Security: Exposure to cyber security threats and emerging risks from artificial intelligence (AI) technologies** Controls in place: - Training and awareness: Mandatory cyber security and phishing awareness training for all staff - Resilience measures: Robust back-up solutions and regularly tested disaster recovery plans in place - Governance: Oversight by the Information and Cyber Security Committee to ensure appropriate controls - AI guidance: Published guidance to staff on responsible use and associated risks of generative AI tools - Compliance monitoring: IT compliance dashboards providing live visibility of security compliance across the GDST Safeguarding and promoting the welfare of pupils GDST is committed to safeguarding and promoting the welfare of our pupils and requires all staff and volunteers to share this commitment. We believe that all pupils, regardless of age, special needs or disability, racial or cultural heritage, religious belief, sexual orientation or gender identity, have the right to be protected from all types of harm and abuse. Our Safeguarding and Child Protection Policy and Procedures form a fundamental part of our approach to providing excellent pastoral care to all pupils, including young people in our schools who may be over the age of 18 years. We are committed to the highest standards of pastoral care. Our aim is to be aware of, and respond to, the individual needs of all our pupils in a way which will promote their happiness and wellbeing and support them with any difficulties they encounter during their school careers. This allows our pupils to develop into mature and caring individuals who are able to take responsibility for themselves, their actions and their learning. Some examples of the ways in which our schools seek to achieve this are: - Providing a safe community in which pupils can learn - Helping pupils to develop into confident, caring individuals via the schools’ relationships and sex education (RSE) and personal, social, health and economic (PSHE) programmes together with aspects of the academic curriculum - Using the schools’ information management and other internal systems to track pupils and identify and respond to any difficulties at an early stage - Giving personalised support to pupils where needed, whether to support learning or emotional development - Ensuring that our information systems are GDPR compliant so that pupils’ personal information cannot be shared inappropriately - Recognising the value of good home/school links to enhance communication and to maintain good relations with parents. 26 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Energy and carbon report ## Summary ## **►Greenhouse gas emissions by year (tonnes CO** ₂ **e) – Location-based** ## **►Greenhouse gas emissions by year (tonnes CO** ₂ **e) – Market-based** ## **►Greenhouse gas emissions by scope (tonnes CO** ₂ **e) – Market-based** ## **►Energy consumption by year (kWh)** 27 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Annual Energy Efficiency Statement Over this academic year the GDST has continued to work toward increasing the energy efficiency and energy savings across our organisation. Highlights include: - **“Net Zero Ready” New Buildings** : Our new-built projects continue to be developed with best practice sustainable design for high performance buildings, working towards net zero carbon in operation. This includes incorporating decarbonised, all electric heating systems, highly insulated building envelopes and optimised natural daylight and fresh air within the building design, along with renewable onsite energy generation. - **LTM upgrades:** Several schools have had ongoing heating and electricity distribution upgrades, façade upgrades and window replacements that contribute towards improving energy efficiency. Recently, there have also been upgrades to Building Management Systems, with the aim of standardising control systems across the estate, minimising energy waste and improving energy use monitoring. - **LED Light Replacement** : A programme to upgrade outdated light fittings with energy efficient LEDs has been undertaken over two phases between 2023 and 2025. The installation works have been completed this year and the whole GDST estate has transitioned to LED lighting. It is estimated that this programme will provide savings of 10-15% in overall electricity use. - **Solar PV installations** : GDST has an ongoing solar programme aiming to install onsite renewable energy generation across as many schools as feasible. We have completed two pilot installations and are developing a pipeline for further projects across our estate, considering factors such as planning limitations and roof condition. Northwood College has an operational 360kWp array and Oxford High School had a199 kWp installed in September 2024. - **The GDST has been certified as a CarbonNeutral®** organisation since early 2022. We achieved this by both a reduction of our emissions internally and sponsoring four emission reduction projects around the world, to offset our carbon footprint in accordance with the CarbonNeutral Protocol. While our key priority remains the reduction of CO2 emissions, we offset remaining emissions by financing emission reduction projects, supporting the transition to a low carbon global economy. - We continue to **procure 100% renewable electricity** , as we have since November 2020. We have continued to expand our **energy efficiency engagement project,** following a pilot in 2024. The project aims to further leverage the use of the Energy Sparks energy efficiency platform in all schools, upskill sustainability leaders and foster a community across the Trust estate, equipping them to find opportunities and deliver improved energy efficiency in our schools. In addition to this work, three schools have hosted workshops run by engineers from the international consultancy AECOM. These workshops aim to educate our students on the carbon impact of energy, sustainable engineering and the potential for girls to develop careers in these fields. 28 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Structure, governance and management The GDST is both a charity and a limited company. Charity and company law determine how we operate and define the roles of our Trustees (known as the Council of the Trust) and Executive staff. As a charity, we seek to be of benefit to the public through the pursuit of our objectives and aims, as set out in the Trust’s Articles of Association. The charitable aim of the GDST is to advance the education of young people (principally girls but, where the Council thinks fit, also boys) by such means as the Council shall determine and in particular by the provision of: - Schools in the United Kingdom or elsewhere - Services (including support services) to other educational charities, schools and institutions - Other ancillary or incidental educational activities - Other associated activities for the benefit of the community It is the opinion of the Trustees that, in exercising our powers, we have complied with our duty to have regard to the guidance on public benefit published by the Charity Commission when exercising powers or duties to which the guidance is relevant. The GDST’s Council (comprising our Trustees) is responsible for the overall organisation. It currently has 13 members (as at December 2025) and meets between six and eight times a year. The principal roles of the Council are: - To set the Trust’s strategy - To monitor performance against key performance indicators such as academic achievement - To maintain the financial stability of the Trust - To ensure the Trust has policies and procedures that provide for adequate internal control and that mitigate risk Governance arrangements During 2024-2025, the Council delegated some of its responsibilities to four committees: - **Audit** – This committee’s role is one of oversight, assessment and review of the controls and procedures which the Executive has put in place to gain assurance that GDST finances are prudently and effectively managed, and that financial and nonfinancial risks are identified and mitigated. - **Education & People** – Sets the appropriate policy frameworks and processes for appointment panels, appoints Heads on behalf of Council, provides oversight and governance on issues of appointment and remuneration, and reviews HR policies. The Committee also considers key aspects of the GDST’s educational strategy, provision and outcomes, and monitors safeguarding. - **Investments** – Oversees GDST’s investments strategy and monitors the performance of the Trust’s investments, property and cash deposits. - **Estates** – Provides strategic oversight of all matters relating to the GDST’s estate, ensuring the effective development and delivery of the Capital Investment Programme and Long-Term Maintenance Programme. Responsibilities include setting priorities for major projects, monitoring progress against agreed budgets and timelines, and advising on risk management. The Committee ensures compliance 29 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report with statutory and regulatory requirements and promotes best practice in health and safety. Sustainability considerations are incorporated where appropriate, aligning with the GDST’s strategic objectives. Each committee consists of up to four Council members whose expertise may be complemented through the appointment of external committee members. There are also three operational committees, all of which have a nominated Council Trustee in attendance. - **Safeguarding** (reports to Education & People Committee) – Oversees the monitoring of and reviews the effectiveness and implementation of GDST’s safeguarding policy and procedures - **Health & Safety** – Responsible for monitoring the effectiveness of the GDST’s health & safety policy and strategy, and its implementation at all levels across the Trust - **Information and Cyber Security** (reports to Audit Committee) – Oversees the development of the information and cyber security strategy and monitors the implementation of the associated policies and programmes of work. The Council delegates the day-to-day management of the Trust to the Chief Executive and the Executive Leadership Team. The Executive Leadership Team meets regularly to discuss and decide on matters delegated to them by Council. The Council and the Executive Leadership Team are committed to ensuring that GDST’s governance structures and processes are of the highest standard, and the effectiveness of these arrangements are reviewed annually by Council. ## **Trustees serving in the year to 31 August 2025** Ann Ewing Carolyn Aitchison Emily Whitelock Fraser Montgomery Giselle Vidic Cattorini Jeremy King Kate Smith Kathryn Davis (Deputy Chair, resigned December 2024) Masha Gordon (resigned July 2025) Pete Oliver Poppy Scott Plummer Seda Yalçınkaya Stuart Ross (Deputy Chair) Vicky Tuck (Chair) ## **Executive Board/Executive Leadership Team serving in the year to 31 August 2025** Cheryl Giovannoni Cathryn Buckle David Boyd Dr Kevin Stannard Marianne Clarke Rachel Evans Rosalind Simpson Simon Haywood 30 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## **Recruitment and induction of Trustees** Members of Council, who are also the Trustees of the charity and directors of the company, are appointed by Council. In determining Council’s composition, we consider the skills and experience needed to achieve a balanced representation of education, the professions, business and public service. The GDST advertises externally for new Trustees, in line with guidelines issued by the Charity Commission and governance best practice. Candidates are assessed against a defined job description and person specification, and a shortlist is drawn up for interview by the Chair of Council and representatives of the Education and People Committee. The GDST works actively on the recruitment of new Trustees to ensure appropriate succession planning on Council. Council members may serve for a term of three years. At the end of this they may stand for up to two further terms of three years. Terms may be extended in exceptional circumstances if this is in the interests of the Trust. Upon appointment, each Trustee is given a detailed induction, including meetings with the Chief Executive and members of the Executive Leadership Team. ## GDST Academy Trust The GDST Academy Trust is responsible for the two academies in our network of schools. As sponsor, the GDST appoints the majority of the GDST Academy Trust Board, and it is chaired by a GDST Council member. Trustees include the Chairs of the Academies’ Local Governing Boards and others drawn upon for their skills and experience. ## School Governing Boards Each GDST school has a local School Governing Board, whose members provide an invaluable mixture of support and challenge to the Heads of their schools, as well as being vital links between the school, its pupils, supporters and their local communities. We are very grateful for their contribution and commitment. 31 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Statement of Trustees’ Responsibilities The Trustees (who are also directors of The Girls’ Day School Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 income and expenditure, of the charitable group for that period. In preparing these financial statements, Trustees 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 accounting estimates that are reasonable and prudent - State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in business The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that: - So far as each Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and - The Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information. The Trustees 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 preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 32 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## Other statutory requirements ## **Trustees’ duty to promote the success of the charity – Section 172 statement** Trustees have a duty to promote the success of the charity and, in doing so, are required by section 172(1) of the Companies Act 2006 to have regard to (among other matters) the issues set out below. ## **S172(1) (a) “The likely consequences of decisions in the long-term”** GDST Council (comprising our Trustees) identifies the major risks to which the GDST is exposed and ensures that action is taken to mitigate them. The management of these risks is subject to regular review and monitoring by the GDST Executive Leadership Team and by the Audit Committee. The Executive Board has delegated authority for the systems and procedures for managing both strategic and operational risks. The risks and actions being undertaken to mitigate these risks are reviewed annually by GDST Council, with more in-depth scrutiny undertaken by the Audit Committee at each meeting. The Audit Committee also reviews departmental risk registers annually. In addition, a nominated Trustee attends the Trust’s Health & Safety Committee meetings, and another Trustee is the Council’s Safeguarding Lead. The key controls in place at Trust Office and in the schools include: - Policies and procedures to ensure regulatory compliance and the adoption of best practice, including those required by law to protect the vulnerable - Detailed terms of reference for all committees - Formal agendas for Council, Committee and School Governing Board meetings - Comprehensive strategic planning, budgeting and management accounting - Schemes of delegation, formal financial regulations and systems of internal control - Clear authorisation and approval levels - An internal audit function reporting directly to the Audit Committee, a subcommittee of Council - Expert advice and support from professional Trust Office teams including HR, Finance, Estates, Legal, Health & Safety, Marketing and Communications Council is satisfied that the major risks identified have been adequately mitigated where necessary and to the extent possible. ## **S172(1) (b) “The interests of the charity’s employees”** The GDST Council (comprising our Trustees) recognises that GDST employees are fundamental and core to the charity and the delivery of our strategic aims. The success of the GDST depends on attracting, retaining, developing and empowering skilful employees. GDST Council considers and assesses the implications of relevant decisions on employees and the wider GDST family. GDST Council seeks to ensure that the GDST remains a responsible employer, including with respect to pay and benefits, equality, diversity and 33 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report inclusion, wellbeing, health and safety issues and the workplace environment. ## **Employee engagement** The GDST provides staff with information relevant to the progress of the charity through the Heads and the Chief Executive. Schools and Trust Office hold regular all-staff meetings and other sessions to brief staff on developments. The GDST has a long-established staff consultative structure with Staff Consultative Committees in schools and a central Joint Consultative Group. The GDST recognises the National Education Union (NEU) for the purposes of collective bargaining for school staff. The GDST participates in regular surveys to measure employee engagement. ## **Disabled employees** Full and fair consideration is given to applications for employment from registered disabled persons, with due regard to their aptitudes and abilities. Disabled employees are accorded equal opportunities for training, career development and promotion. Sympathetic consideration is given to the retention of a newly disabled employee, allowing, if necessary, for a period of rehabilitation and training. ## **S172(1) (c) “The need to foster the charity’s relationships with third-party stakeholders, including pupils, parents, partner state schools, alumnae, donors and funders, contractors and suppliers, independent school organisations and national and local government”** Delivering the GDST’s strategic aims requires strong, mutually beneficial relationships with our third-party stakeholders, including parents, pupils, partner state schools, alumnae, donors and funders, contractors and suppliers, independent school organisations and national and local government. We seek to promote and apply certain general principles in such relationships including fairness, transparency and respect, and continually assess the priorities related to our third-party stakeholders. - **Pupils** – At the GDST, we foster academic excellence and develop character beyond the curriculum, ensuring our 19,000 pupils are confident, resilient and fearless. We encourage our pupils to embrace every role and subject and, as a result, they trust their own abilities and are alive to every opportunity. - **Parents** – Parents place their trust in us for the education of their daughters. We never take for granted the fact that they have made a choice to invest in their daughter’s education, and we remain very grateful that they choose to do so. - **Partner state schools** – The GDST understands the power of partnerships and the benefits they bring, not just to our girls but to our staff and the wider local community. We value highly the collaborative work that takes place between GDST schools and partner state schools to help raise aspirations and learning outcomes for young people and foster community cohesion, particularly in disadvantaged areas. - **Alumnae** – Being a GDST alumna offers unparalleled opportunities. From mentoring to professional networking, self-development and social events, the network offers a community unlike any other. 34 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report - **Donors and funders** – Our supporters are vital members of the GDST community, and we strive to provide the best experience for them possible. The GDST is registered with the Fundraising Regulator with all of our central and individual school fundraising activities carried out in accordance with the standards set out by the Code of Fundraising Practice. - **Contractors and suppliers** – There are regular reviews of major suppliers’ performance to ensure the operational needs of GDST schools and central functions are being met, alongside suitable governance practices within contractor and supplier operations. - **Independent school organisations** – The GDST is proud to be a founding member of the International Coalition of Girls' Schools (ICGS) and participates in their annual conferences, as well as other events. We also liaise with and are members of other relevant bodies and organisations, including the ISC, GSA, HMC, ISBA and AGBIS. - **National and local government** – When appropriate, the GDST has contact with local authorities and politicians on pertinent issues. Comprehensive updates on a variety of topics that indicate how these stakeholders have been engaged are presented to GDST Council across the year. These include: i) significant operational updates relating to each area of the business, e.g. investments, flagship projects, commercial highlights and achievements; ii) the development of new business systems and innovation via collaborations with partners, suppliers and others; and iii) external, political or regulatory developments. ## **S172(1) (d) “The impact of the charity’s operations on the community and the environment”** ## **Community impact** Every day, as throughout our history, the GDST is driven by our mission to reach as many girls as possible. Central to this mission is providing access to an outstanding education for girls from all backgrounds and all walks of life. We do this by ensuring that a GDST education remains as competitive and accessible as possible for families who wish to give their daughter an all-girls’ education in one of our schools; through supporting bright and ambitious young women via our leading bursary and financial assistance programmes; and by working with our schools and like-minded individuals and organisations to extend our reach way beyond our schools’ walls, into our local communities and beyond. ## **Environmental impact** As the largest educator of girls in the UK, the GDST has an important role to play in championing a brighter, more sustainable future. Everything we do at the GDST is seen through the lens of sustainability. It is vitally important to our students and to us as an organisation that we make the planet and its viability a key driver of behaviours we champion and encourage. Three years on from the GDST’s 150[th] anniversary when we reaffirmed our commitment to our sustainability goals, we continue to follow our One GDST strategy and its ethos of One World, One Future, One Chance, combining our collective efforts towards achieving the GDST’s ambitious sustainability target of Carbon Net Zero by 2050. 35 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report ## **S172(1) (e) “The desirability of the charity maintaining a reputation for high standards of business conduct”** The GDST is both a charity and a limited company. Charity and company law determine how we operate and define the role of our Trustees (known as the Council of the Trust) and Executive staff. The GDST’s Council (comprising our Trustees) is responsible for the overall organisation. It has 13 members (as at December 2025) and meets between six and eight times a year. The principal roles of the Council are: - To set the Trust’s strategy - To monitor performance against key performance indicators including academic achievement - To maintain the financial stability of the Trust - To ensure the Trust has policies and procedures that provide for adequate internal control and mitigate risk During 2024-2025, the Council delegated some of its responsibilities to four committees: - **Audit** – This committee’s role is one of oversight, assessment and review of the controls and procedures which management has put in place to gain assurance that GDST finances are prudently and effectively managed, and that financial and nonfinancial risks are identified and mitigated. - **Education & People** – Sets the appropriate policy frameworks and processes for appointment panels, appoints Heads on behalf of the Council, provides oversight and governance on issues of appointment and remuneration, and reviews HR policies. The committee also considers key aspects of the GDST’s educational strategy, provision and outcomes, and monitors safeguarding. - **Investments** – Oversees the GDST’s investments strategy and monitors the performance of the Trust’s investments, property and cash deposits. - **Estates** – Provides strategic oversight of the GDST’s estate, including the Capital Investment and Long-Term Maintenance Programmes. Responsibilities include setting priorities for major projects, monitoring progress against budgets and timelines, advising on risk management, and ensuring compliance with statutory requirements and best practice in health and safety. Each committee consists of up to four Council members whose expertise may be complemented through the appointment of external committee members. There are also three operational committees, all of which have a nominated Council Trustee in attendance. - **Safeguarding** (reports to Education & People Committee)– Oversees the monitoring of and reviews the effectiveness and implementation of the GDST’s safeguarding policy and procedures - **Health & Safety** – Responsible for monitoring the effectiveness of the GDST’s health & safety policy and strategy, and its implementation at all levels across the Trust. 36 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report - **Information and Cyber Security** (reports to Audit Committee) – Oversees the development of the information and cyber security strategy and monitors the implementation of the associated policies and programmes of work. The Council delegates the day-to-day management of the Trust to the Chief Executive and the Executive Leadership Team. The Executive Leadership Team meets regularly to discuss and decide on matters delegated to them by Council. The Council and the Executive Leadership Team are committed to ensuring that the GDST’s governance structures and processes are of the highest standard, and these arrangements are reviewed annually by the Council. ## **GDST Academy Trust** The GDST Academy Trust is responsible for the two academies in our network of schools. As sponsor, the GDST appoints the majority of the GDST Academy Trust Board, and it is chaired by a GDST Council member. Trustees include the Chairs of the Academies’ Local Governing Boards and others drawn upon for their skills and experience. ## **School Governing Boards** Each of the GDST’s schools has a local School Governing Board, whose members provide an invaluable mixture of support and challenge to the Heads of their schools, as well as being vital links between the school, its pupils, supporters and their local communities. We are very grateful for their contribution and commitment. ## **S172(1) (f) “The need to act fairly in achieving the charity’s purpose”** The GDST remains wholly committed to the same charitable purpose of our pioneering founders over 150 years ago, to reach as many girls as possible, empowering them through an excellent all-girls’ education. As a charity, we seek to benefit the public through the pursuit of our objectives and aims, as set out in the Trust’s Articles of Association. The charitable aim of the GDST is to advance the education of young people (principally girls but, where the Council think fit, also boys) by such means as the Council shall determine and in particular by the provision of: - Schools in the United Kingdom or elsewhere - Services (including support services) to other educational charities, schools and institutions - Other ancillary or incidental educational activities - Other associated activities for the benefit of the community It is the opinion of the Trustees that, in exercising their powers, they have complied with their duty to have regard to the guidance on public benefit published by the Charity Commission when exercising powers or duties to which the guidance is relevant. ## **Fundraising** GDST Trust Office and GDST schools employ professional in-house fundraisers. They fundraise within the Code of Fundraising Practice and comply with the standards set by the Fundraising Regulator. To protect vulnerable people and others from unreasonable intrusion on their privacy, unreasonably persistent approaches or undue pressure to give, we have 37 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Trustees’ Annual Report guidelines for fundraising involving vulnerable people and a fundraising complaints procedure. No formal complaints were received about any GDST fundraising activity, and there has been no failure to comply with the Code of Fundraising Practice. The Trust Office Philanthropy & Alumnae Team report on fundraising activity to Council each term. ## **Senior remuneration** The GDST refers to appropriate external benchmarks when setting pay for key management personnel – e.g. Executive Leadership Team (Chief Executive and Directors), and Heads of School, and this is reviewed annually. Remuneration for Heads is differentiated between London and regional schools, and annual bonuses take into account a range of performance factors, including school results. ## **Trustees’ Indemnity** As permitted by the Articles of Association, the Trustees have the benefit of an indemnity, which is a qualifying third-party indemnity provision as defined by section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The company also purchased and maintained throughout the financial year liability insurance in respect of itself and its Trustees. ## **Auditor** Grant Thornton UK LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year unless the company receives notice under section 488(1) of the Companies Act 2006. This annual report, including the strategic report, was approved by Council and signed on their behalf by: **Vicky Tuck Chair Date: 10 December 2025** 38 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Independent auditor’s report ## Independent auditor’s report to the members of the Girls’ Day School Trust ## **Opinion** We have audited the financial statements of the Girls’ Day School Trust (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 the income and expenditure accounts, the Consolidated and Trust Balance sheets, the Consolidated statement of cash flows and notes to the financial statements, including a summary of 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 group’s and parent charitable company's affairs 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 including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice: Accounting and Reporting by Charities, 2019 Edition; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 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** We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s and the parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. 39 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Independent auditor’s report In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the group’s and parent charitable company’s business model including effects arising from macro-economic uncertainties such as the cost of living crisis, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the group’s and parent charitable company’s financial resources or ability to continue operations over the going concern period. In auditing the financial statements, we have concluded that the trustees’ 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’s and parent charity’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 directors 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 and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report and Financial Statements. 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 there is 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. ## **Opinion on 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 Strategic Report and the Directors’ report, prepared for the purposes of company law, included in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Strategic Report and the Directors’ Report included in the Trustees' Annual Report have been prepared in accordance with applicable legal requirements. ## **Matter on which we are required to report under the Companies Act 2006** In the light of the knowledge and understanding of the group and parent 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 in the Trustees' Annual Report. 40 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Independent auditor’s report ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Companies Act 2006 requires 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’s financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustees** As explained more fully in the Statement of Trustees' Responsibilities set out on page 32, the trustees (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 trustees 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 trustees either intend to liquidate the group or 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** 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: - We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Accounting and Reporting by Charities: 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 2019, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), the Companies Act 2006, and the Education Act 2002. - We understood how the charitable company is complying with these legal and regulatory frameworks by making inquiries of management and those charged with 41 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Independent auditor’s report governance. We enquired of management and those charged with governance whether there were any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of board minutes, and through our legal and professional expenses review. - We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur and the risk of material override of controls. Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of certain controls management has in place to prevent and detect fraud - Challenging assumptions and judgments made by management in its significant accounting policies - Identifying and testing journal entries - Identifying and testing related party transactions - - Inspecting the board minutes - Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item - These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; - The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: - Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation - Understanding of the legal and regulatory requirements specific to the entity including the provisions of the applicable legislation. - The team communications in respect of potential non-compliance with laws and regulations and fraud included the potential for fraud in revenue recognition through manipulation of income. - We did not identify any matters relating to non-compliance with laws and regulation and fraud. - In assessing the potential risks of material misstatement, we obtained an understanding of: - The charitable company’s operations, including the nature of its revenue sources, to understand the classes of transactions, accounts balances, expected financial statement disclosures and business risks that may result in risks of material misstatement, and - The charitable company’s control environment, including: - Management’s knowledge of relevant laws and regulations and how the charitable company is complying with those laws and regulations 42 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Independent auditor’s report - The adequacy of procedures for authorisation of transactions and review of management accounts, and - Procedures to ensure that possible breaches of laws and regulations are appropriately resolved 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. ## **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. ## **Stephen Dean** Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London ## **Date: 10 December 2025** 43 Docusign EnvelopÈ ID." 584D48E￿BOEF4l3F-AB92-50FD7FCF4s7c Finantial slatem&nts Financial Statements 44 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Consolidated Statement of Financial Activities incorporating the income and expenditure account for the year ended 31 August 2025 |**Note**
**Income and endowments from:**
Donations and legacies
Charitable activities
Other trading activities
Investments
**Total income**
4
**Expenditure on:**
Raising funds
Charitable activities
Investments
Trading
Other charges
**Total expenditure**
5
**Net income before gains and**
**losses on investments**
Net gains/(losses) on investment
assets
7
**Net income for the year**
**Other recognised losses**
Actuarial gains on defined benefit
pension schemes
16
**Net movement in funds**
Fund balances at 1 September
**Fund balances at 31 August**
13|**Unrestricted**
**funds**
**£'000**
19,193
312,659
4,220
1,972
**338,044**
1,453
304,689
52
1,436
2,506
**310,136**
**27,908**
5,166
**33,074**
640
**33,714**
447,305
**481,019**|**Restricted**
**& endowed**
**funds**
**£'000**
6,516
26,650
420
1,788
**35,374**
-
35,110
74
74
2
**35,260**
**114**
1,878
**1,992**
37
**2,029**
116,874
**118,903**|**Total**
**2025**
**£'000**
25,709
339,309
4,640
3,760
**373,418**
1,453
339,799
126
1,510
2,508
**345,396**
**28,022**
7,044
**35,066**
677
**35,743**
564,179
**599,922**|**Total**
**2024**
**£'000**
9,472
323,877
3,866
3,173| |---|---|---|---|---| |||||**340,388**| |||||1,546
312,272
233
1,382
3,270| |||||**318,703**| |||||**21,685**
11,010| |||||**32,695**
499| |||||**33,194**
530,985
**564,179**| All amounts derive from continuing activities. All gains or losses recognised in the year are included in the Consolidated Statement of Financial Activities. The notes on pages 47 to 82 form an integral part of these financial statements. 45 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Consolidated and Trust Balance sheets as at 31 August 2025 Company number 6400 |**Note**
**Fixed assets**
Tangible assets
6
Investments
7
**Current assets**
Stock
Debtors
8,19
Cash at bank
**Creditors: amounts falling due**
**within one year**
9,19
**Net current liabilities**
**Total assets less current liabilities**
**Creditors: amounts falling due**
**after one year**
9
**Defined benefit pension fund**
**liability**
16
**Net assets**
Unrestricted funds
- General reserve
- Pension reserve
- Revaluation reserve
Restricted funds
- Restricted reserve
- Pension reserve
Endowed funds
**Total funds**
13|**Group**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
521,532
503,632
147,559
147,141
669,091
650,773
11
21
113,815
93,872
37,231
59,249
151,057
153,142
(160,896)
(169,548)
(9,839)
(16,406)
659,252
634,367
(51,079)
(60,162)
(8,251)
(10,026)
599,922
564,179
485,111
456,719
(8,197)
(9,820)
4,105
406
116,088
114,227
(54)
(206)
2,869
2,853
599,922
564,179|**The Girls’ Day**
**School Trust**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
491,559
475,069
147,559
147,141
639,118
622,210
-
-
115,085
93,809
30,991
53,268
146,076
147,077
(157,802)
(166,856)
(11,726)
(19,779)
627,392
602,431
(51,079)
(60,162)
(8,197)
(9,820)
568,116
532,449
483,529
453,760
(8,197)
(9,820)
4,105
406
85,810
85,250
-
-
2,869
2,853
568,116
532,449|**The Girls’ Day**
**School Trust**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
491,559
475,069
147,559
147,141
639,118
622,210
-
-
115,085
93,809
30,991
53,268
146,076
147,077
(157,802)
(166,856)
(11,726)
(19,779)
627,392
602,431
(51,079)
(60,162)
(8,197)
(9,820)
568,116
532,449
483,529
453,760
(8,197)
(9,820)
4,105
406
85,810
85,250
-
-
2,869
2,853
568,116
532,449| |---|---|---|---| ||||622,210| ||||-
93,809
53,268| ||||147,077
(166,856)| ||||(19,779)| ||||602,431
(60,162)
(9,820)| ||||532,449| ||||453,760
(9,820)
406
85,250
-
2,853
532,449| Approved by Council and signed on its behalf on 10 December 2025 by: **Vicky Tuck Stuart Ross Chair Chair of Audit Committee** The notes on pages 47 to 82 form an integral part of these financial statements. 46 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Consolidated statement of cash flows for the year ended 31 August 2025 |**Note**
**Cash flows from operating activities**
**Net cash provided by operating activities**
15 (a)
**Cash flows from investing activities**
Dividends, interest and rents from investments
Purchase of property, plant and equipment
6
Proceeds from sale of investments
7
Purchase of investments
7
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
Interest paid and finance charges
**Net cash used in by financing activities**
**Change in cash and cash equivalents in the**
**year**
**Cash and cash equivalents at the beginning of**
**the year**
**Cash and cash equivalents at the end of the**
**year**
15 (b)|**2025**
**£'000**
7,208
3,760
(36,041)
116,141
(110,587)
(26,727)
-
(2,499)
(2,499)
(22,018)
59,249
37,231|**2024**
**£'000**| |---|---|---| |||96,921| |||3,172
(28,441)
91,453
(92,087)| |||(25,903)| |||(25,000)
(3,240)| |||(28,240)| |||42,778
16,471
59,249| The notes on pages 47 to 82 form an integral part of these financial statements. 47 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **1. ACCOUNTING POLICIES** ## **Basis of preparation** The financial statements of the Girls’ Day School Trust (‘the Trust’) have been prepared under the historical cost convention except for the valuation of investments (including investment properties) which are included at fair value as specified in the accounting policies below. The consolidated financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts, particularly the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Trust meets the definition of a public benefit entity under FRS 102. As described further within the governance sections of the Trustees’ Annual Report on pages 4 and 39 to 41, it is a charity registered with the Charity Commission in England and Wales, and a company limited by shares. A separate Statement of Financial Activity (SoFA) for the parent company is not presented with the Group financial statements as permitted by section 408 of the Companies Act 2006. The net movement in funds of the parent company are disclosed in note 14 to the accounts. The financial statements are presented in sterling (£). ## **Going concern** The Trustees regularly review the medium and long-term financial position of the Trust and the Group, including its current and predicted future cash flows. During the 2024-2025 financial year, the Trustees continued to devote time to reviewing the financial modelling of various business performance scenarios, considering independent school sector challenges associated with changes in legislation. This involved an assessment of financial performance and liquidity based on different pupil number scenarios over the coming years. Having carried out this in-depth exercise and associated outputs at Council meetings, the Trustees believe that, even in the worst-case scenario, which shows decreases to both income and surpluses, both the Trust and the Group have a reasonable level of liquid resources. Trustees are confident that there are different levers that can be used to ensure the longterm sustainability of the GDST and the Group, to protect the Trust from any negative impacts on pupil numbers and associated income. The GDST has access to secured longterm funding, with a £50m debt facility with Lloyds Banking Group, maturing in 2030. The facility includes a requirement to meet specific loan covenants, as part of going concern work. These covenants have been tested, and Trustees are confident there is sufficient headroom to meet all covenants in the next 12 months. Therefore, after consideration, Trustees continue to have a reasonable expectation that the Trust and the Group have adequate resources to continue in operational existence for the 48 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts foreseeable future being a minimum of 12 months from when these financial statements are approved. Accordingly, the Trust continues to adopt a going concern basis in preparing these financial statements. ## **Significant judgements and key sources of estimation uncertainty** The Trust’s significant accounting policies are stated below. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes may differ from those estimates. There have been no significant judgements made. The items in the financial statements where estimates have been made include: **1. Accounting for the defined benefit pension scheme** - The cost of defined benefit pension plans is determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Judgements and estimates are also made, using actuarial guidance, regarding key assumptions in the valuing of scheme assets and liabilities. The long-term nature of these plans and the assets and liabilities that underpin them mean that such estimates are subject to significant uncertainty. Further details are given in note 16. **2. Provision for bad debts** - The Trust makes provision in the accounts for school fee debts which are deemed to be irrecoverable at the balance sheet date. Judgement is required to determine the proportion of the fee debts which are impaired and irrecoverable, and this is evaluated based on past experience. **3. Accounting for the multi-employer defined benefit pension schemes** - As described further within the pensions policy, judgements and estimations are made, using actuarial guidance, regarding key assumptions in the valuing of scheme assets and liabilities, and in recognising a scheme asset or liability. **4. Useful economic lives of operational fixed assets** - As explained further within the tangible fixed assets policy, buildings, plant, machinery and vehicles held by the Trust are depreciated from the date of acquisition based on their useful economic life, to write off the cost of the asset less any residual value (if any). Judgement is required to assess the length of this life, and this is evaluated based on past experience, asset classification and condition reviews. Depreciation rates for classes of assets are reviewed periodically, to ensure they remain appropriate with reference to internal and external factors including the level of proceeds and resulting profit or loss recognised on disposal of such items. ## **5. Revaluation of investment properties** The Trust carries its investment property at fair value, with changes in fair value being recognised in the Consolidated Statement of Financial Activities. The Trust engaged independent valuation specialists to determine fair value at 31 August 2022. The valuer 49 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts used a valuation technique based on ascertaining the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation at 31 August 2025 was carried out by an internal specialist. ## **6. Impairment** The Trust undergoes an assessment of the future viability of assets grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Given the Trust's current operating structure, the lowest level at which cash flows can reasonably be assessed is for each school. There are a large number of assumptions and estimates involved in calculating these future projections, including management's expectations of pupil numbers, fee inflation, operating expenditure and the timing and quantum of future capital expenditure. ## **Basis of consolidation** The Group comprises the Girls’ Day School Trust and its subsidiaries which are set out in note 3 to the accounts. The Group’s subsidiaries include the GDST Academy Trust and the trading subsidiary GDST (Enterprises) Limited. The consolidated financial statements incorporate the financial statements of the Trust and its subsidiaries for the year ended 31 August 2025 and the comparative period. Subsidiaries are entities controlled by the Trust. Control exists when the company has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The turnover and expenditure of the subsidiaries are included within the consolidated SoFA. The assets and liabilities are included on a line-by-line basis in the consolidated balance sheet in accordance with FRS 102, section 9.13 ‘Consolidated and Separate Financial Statements.’ All intra-Group balances and transactions are eliminated in preparing the consolidated financial statements. The financial statements of all Group companies are prepared using consistent accounting policies. ## **Incoming resources** Incoming resources are accounted for in the period in which the service is provided. Income is shown in the following categories within the Consolidated Statement of Financial Activities: ## **a. Incoming resources from fee paying schools and academies** Fees receivable and other income are accounted for in the period in which the service is provided. Fees receivable are stated net of VAT and after deducting bursaries and scholarships but include contributions from restricted funds for bursaries and other monies received from third parties. Fees that are received in advance of the academic year to which they relate are treated as deferred income and released to income in the year to which they subsequently relate. Income from government grants is recognised where there is evidence of entitlement, receipt is probable and its amount can be measured reliably. The balance of income received for specific purposes but not expended during the year is shown in the relevant restricted fund as detailed in Note 13 to the accounts. 50 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **b. Donations and legacies** Donation income is recognised when it is receivable. For legacies, entitlement is considered to be on the earlier of the date of receipt of finalised estate accounts, the date of payment or where there is sufficient evidence to provide the necessary probability that the legacy will be received and the value is measurable with sufficient reliability. This is defined as the point when the executor has notified the Trust that there is an intention to make a distribution from finalised estate accounts. ## **c. Investment income** Income from investments is included in the financial statements of the year in which it is receivable and is accounted for within restricted funds where specific conditions were attached to the original donation. Income arising from restricted fund investments is available to be distributed to pupils by way of bursaries. Income from other, nonrestricted, investments is reinvested in the fund to which it relates. ## **d. Investment property income** Rental income from investment property is recognised on a straight line basis over the lease term. ## **e. Donated services and facilities** Donated goods, facilities and services are recognised as income when the Trust is entitled to the economic benefits that flow from the donation, the donation is probable and the value can be reliably measured. These items are included in the accounts at fair value unless it is impractical to measure reliably the fair value of the donated item in which case an equivalent value or cost to the donor is used. ## **f. Income from trading activities** GDST (Enterprises) Limited receives income from trading activities including the commercial letting of schools’ property and is accounted for on the provision of service. ## **g. Other income** Gains on disposals of fixed assets are accounted for on an accruals basis and are reported as ‘other income’ in the Consolidated Statement of Financial Activities (‘SoFA’). ## **Resources expended** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the reported activity. Expenditure is recognised when a constructive or legal obligation is created, where outflows are probable and can be reliably measured. The analysis of expenditure between activities is on a full cost basis including the total of direct costs and shared costs, including support costs, involved in undertaking each activity. Irrecoverable VAT is either charged as a cost against the activity for which the expenditure was incurred or it is capitalised as appropriate. The Consolidated SoFA defines expenditure in the following categories: ## **a. Expenditure on raising funds** 51 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts Expenditure on raising voluntary income includes fundraising costs incurred in seeking voluntary contributions. ## **b. Charitable activities** Resources expended on charitable activities relate to the Trust’s core purposes of operating independent girls’ schools and grant-funded academies. ## **c. Support costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities and include back-office costs, finance, human resources, and payroll and governance costs which support the Trust’s educational activities. The allocation of support costs is detailed further in Note 5 to the accounts. ## **d. Operating leases** Rentals payable under operating leases are charged in the consolidated SoFA on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis. ## **e. Investment expenditure** Investment management costs include the costs of generating income from the Trust’s investments, including investment management fees. ## **f. Trading** Expenditure on trading activities includes the direct cost of generating income from lettings of schools’ premises and sports facilities. ## **Impairment** The carrying values of the Trust’s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If such an indication exists, the asset’s recoverable amount is estimated. The recoverable amount of an asset is the higher of fair value less costs to sell the asset and its value in use. An impairment loss is recognised in the consolidated SoFA as additional depreciation of the impaired asset whenever the carrying amount of an asset exceeds its recoverable amount. ## **Intangible fixed assets – computer software** Expenditure on the purchases and developing of computer software is capitalised where all of the criteria set in section 18 ‘Intangible assets other than goodwill’ of FRS 102 are met. Intangible assets are stated at historical cost and amortised over the shorter of the initial contract length or its useful life. ## **Tangible fixed assets** Expenditure on the purchases of land and buildings and the cost of construction and major improvement of buildings is capitalised. The division of historical cost into land and buildings is based on either professional valuation or on the appropriate percentage split using guidance from the National Housing Federation. Surpluses or deficits on the sale of land or buildings are taken to the Consolidated Statement of Financial Activities. 52 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts Expenditure over £100,000 on computer equipment, furniture, fixtures and fittings is capitalised. Costs below this value will be charged to the Consolidated Statement of Financial Activities in the year to which the cost relates. Fundraising for capital works is treated as restricted income subject to the project being completed. On completion of the fixed asset acquisition, the accumulated restricted income is transferred to unrestricted reserves. Tangible fixed assets are stated at historical cost less accumulated depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost less estimated residual value (if any), of each asset on a straight-line basis over its expected useful life. For the purposes of depreciation freehold properties fall into two categories as follows and are depreciated on a straight line basis as indicated. The categories for each building have been assessed by the Trust’s professional staff and advisors. Category 1 properties are buildings and facilities which are considered to have a minimum useful life of 50 years. Category 2 properties are buildings and facilities which are considered to have a minimum useful life of fewer than 50 years (for example swimming pools, artificial turf pitches and electrical plant). No depreciation is charged on assets in the course of construction. The depreciation rates used are as follows: Freehold land not depreciated Category 1 freehold buildings straight-line basis over 50 years Category 2 freehold buildings straight line basis over 1-49 years Computer equipment, machinery straight line basis over 3-5 years Furniture, fittings and fixtures straight line basis over 3-5 years Leaseholds amortised over the shorter of the remaining lease period or estimated useful life ## **Investments** The Trust’s investment portfolio is comprised of restricted, endowed and unrestricted funds. Listed investments are stated at fair value at the balance sheet date and unquoted investments are stated at the most recent underlying net asset values from fund managers, adjusted for subsequent capital calls or distributions. In the SoFA, income from the investments is recognised as investments. Realised and unrealised investment gains and losses are recognised as ‘net gains and losses on investments’ and are allocated between restricted, endowed or unrestricted funds as appropriate. ## **Investment properties** Certain of the Trust’s properties are held for long-term investment and are not used for educational purposes. Investment properties are initially measured at cost and subsequently at fair value at the reporting date. Valuations are carried out on an annual basis by qualified surveyors in the Trust and an external independent professional valuation is carried out every five years. Independent professionally qualified surveyors carried out a valuation of all properties in August 2022. 53 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts Valuation movements arising from the annual revaluation exercise are included within ‘gains and losses on investment assets’ in the SoFA. If properties are then disposed of, such movements are also shown as ‘gains and losses on investment assets’ in the SoFA. ## **Stocks** Stock is included in the balance sheet at the lower of cost and net realisable value. ## **Debtors** Trade and other debtors are recognised at the settlement amount due, less any provision for bad or doubtful amounts. Such provisions are specific and applied in a consistent manner based on aging of the debt and other factors affecting potential recoverability. ## **Cash at bank and in hand** Cash and cash equivalents in the balance sheet comprise cash at banks and in hand, and short-term deposits with an original maturity date of three months or less. ## **Creditors** Trade and other creditors are recognised at the contracted transaction price, after allowing for any trade discounts. Deferred income represents invoices raised and cash receipts for which income recognition criteria is not yet met and will be satisfied in future accounting periods. Such amounts are not discounted. ## **Tuition fees paid in advance** Parents may enter into a contract to pay up to 14 years’ tuition fees in advance to the Trust, and a percentage discount is applied to these payments. Advance tuition fees represent an accrued liability which is contained within ‘Creditors’ in the balance sheet. The percentage discount granted for the prepaid fees plan is equated to an interest charge which is recognised as an interest cost in the SoFA. ## **Borrowings** Interest-bearing borrowings are initially recognised at fair value, net of transaction costs and subsequently carried at amortised cost, the difference between the proceeds and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months. ## **Taxation** As a registered charity, the GDST is exempt from taxation of income and gains falling within Part 11 Corporation Tax Act 2010 or Section 256 Taxation of Chargeable Gains Act 1992, to the extent these are applied to its charitable objects. To the extent that taxation does arise in the Trust, its subsidiaries and joint venture companies, it is accounted for in accordance with FRS 102 section 29 ‘Income Tax’. ## **Financial instruments** The Trust has considered FRS 102 sections 11 and 12 and has identified and classified its financial instruments as ‘basic’ financial instruments namely cash, bank deposits, debtors 54 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts and creditors. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **Pensions** The Trust makes contributions to five pension schemes, four of which are defined benefit pension schemes and one a defined contribution scheme. The pension schemes are for both teachers and support staff, as follows: ##  **Teachers’ Pension Scheme** Full and part-time teaching staff employed under contracts of service prior to September 2022 are eligible to contribute to the scheme. As there is insufficient information available to enable the Trust to identify its share of the underlying assets and liabilities of the scheme, it is required by the SORP to account for payments to this scheme as if they were made to a defined contribution plan. The amount charged to the SoFA represents contributions payable during the year. The Teachers’ Pension Scheme is a multi-employer defined benefit plan where the GDST is not liable for other employers’ obligations under the terms and conditions of the plan. On 1 September 2022, the GDST became a “Phased Withdrawal” participant of the TPS, meaning that teachers joining from this date onwards were eligible for enrolment in the GDST Flexible Pension Plan, which is a constituent part of the GDST Defined Contribution scheme. ##  **GDST Defined Benefit Pension Scheme** The Trust operates a defined benefit scheme for some employees providing benefits linked to salary at retirement or earlier date of leaving service. The scheme is governed by its trustees, who are responsible for ensuring that there are sufficient funds to meet current and future obligations. The scheme was closed to new entrants in September 2012 and closed to future accrual in December 2016. The pension liabilities and assets are recorded in line with FRS 102 section 28 ‘Employee Benefits,’ with a valuation undertaken by an independent actuary. FRS 102 measures the value of pension assets and liabilities at the balance sheet date and determines the benefits accrued in the year and the interest on assets and liabilities. The value of benefits accrued is used to determine the pension charge in the SoFA and the net interest cost on the fund’s assets and liabilities are allocated across the appropriate incoming/outgoing resource categories. The net interest cost reflects application of the discount rate on the scheme’s assets and liabilities over the course of the year. The change in value of assets and liabilities arising from asset valuation, changes in benefits, actuarial assumptions, or change in the level of deficit attributable to members is recognised in the SoFA within actuarial gains or losses on defined benefit pension schemes. The valuation has been based on the most up-to-date data used as part of the formal actuarial valuation at 31 August 2025. Scheme assets are stated at their fair values at the respective balance sheet dates and include the actuarial value of insured pensions in payment. The contributions payable into the scheme are determined by the trustees following consultation with the Trust, and after obtaining the advice of the scheme actuary at each formal triennial actuarial valuation. At the last triennial funding valuation, the Trust agreed to pay regular contributions into the scheme to attempt to eliminate the deficit revealed at that valuation. The scheme's assets are held in a separate fund from the Trust’s assets. 55 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ##  **Local government pension schemes** The Trust makes contributions to two local government pension schemes, the Northamptonshire County Council Pension Fund and the Merseyside Pension Fund. Certain school support staff are members of these schemes. The pension schemes are both defined benefit pension schemes and each scheme is able to identify the Trust’s share of assets and liabilities. ##  **GDST Defined Contribution Scheme** The GDST defined contribution pension scheme was set up in September 2012 and is available to all staff in schools and Trust Office. Contributions payable to this scheme are charged to the consolidated SoFA in the period to which they relate. 56 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **2. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES** |**Note**
**Income and endowments from:**
Donations and legacies
Charitable activities
Other trading activities
Investments
**Total income**
4
**Expenditure on:**
Raising funds
Charitable activities
Investments
Trading
Other charges
**Total expenditure**
5
**Net income before gains/(losses) on**
**investments**
Net gains/(losses) on investment
assets
7
**Net income for the year**
**Other recognised gains and losses**
Actuarial gains on defined benefit
pension schemes
16
**Net movement in funds**
Fund balances at 1 September 2023
**Fund balances at 31 August 2024**|**Unrestricted**
**funds**
**£'000**
-
297,878
3,481
1,285
302,644
1,546
279,799
6
1,281
3,270
285,902
16,742
4,301
21,043
407
21,450
425,855
447,305|**Restricted**
**& endowed**
**funds**
**£'000**
9,472
25,999
385
1,888
37,744
-
32,473
227
101
-
32,801
4,943
6,709
11,652
92
11,744
105,130
116,874|**Total**
**2024**
**£'000**
9,472
323,877
3,866
3,173| |---|---|---|---| ||||340,388| ||||1,546
312,272
233
1,382
3,270| ||||318,703| ||||21,685
11,010| ||||32,695
499| ||||33,194
530,985| ||||564,179| 57 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **3. PARENT AND SUBSIDARIES** |**The Girls’ Day School Trust**
Income
Expenditure
**Net income**
**Net assets**
**GDST Academy Trust (company no. 06000347)**
Income
Expenditure
**Net income**
**Net assets**
**GDST (Enterprises) Limited (company no. 02971891)**
Turnover
Cost of sales
Gross profit
Administration expenses
**Net profit before tax**
**Net assets**|**2025**
**£'000**
353,516
(325,531)
**27,985**
**568,116**
**2025**
**£'000**
20,118
(18,837)
**1,281**
**41,509**
**2025**
**£'000**
3,640
(839)
2,801
(860)
**1,941**
**2**|**2024**
**£'000**
318,544
(300,279)| |---|---|---| |||**18,265**| |||**532,449**
**2024**
**£'000**
20,496
(17,428)| |||**3,068**| |||**40,190**
**2024**
**£'000**
3,052
(757)| |||2,295
(745)| |||**1,550**| |||**1,550**| Both GDST Academy Trust and GDST (Enterprises) Limited are wholly owned subsidiaries of the GDST. GDST Pension Trustees Limited is the sole corporate Trustee of the GDST Defined Benefit Pension Scheme and the GDST is the sole member of the company. 58 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **4. INCOME** |Donations and
legacies
Charitable activities
- School fees
- Government grant
- Other fee income
Other trading
activities
Investments
- Investment
properties
- Dividends
- Money market
interest
**Total income**|**Independent schools**
**2025**
**2024**
**£’000**
**£’000**
23,588
5,594
304,917
291,533
-
-
16,797
16,114
4,363
3,612
-
3
2,755
2,855
952
257
**353,372**
**319,968**|**Academies**
**2025**
**2024**
**£’000**
**£’000**
2,121
3,878
-
-
16,888
15,473
707
757
277
254
-
-
-
-
53
58
**20,046**
**20,420**|**Total**
**2025**
**2024**
**£’000**
**£’000**
25,709
9,472
304,917
291,533
16,888
15,473
17,504
16,871
4,640
3,866
-
3
2,755
2,855
1,005
315
**373,418**
**340,388**| |---|---|---|---| On 1 February 2025 Redmaids’ High School has joined GDST, the assets and liabilities were brought onto the balance sheet and corresponding donation of £19.2m is recognised as part of Donations and legacies income. The results presented within the financial statements include the financial performance of the school from the date of merger. 59 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **5. EXPENDITURE** ## **a. Analysis of expenditure** |Independent schools
Academies
Raising funds
Investments
Trading
Other charges
Impairment charge
**Total expenditure 2025**
Total expenditure 2024|**Direct**
**costs**
**£’000**
294,887
14,570
680
126
1,510
2,508
2,400
**316,681**
290,296|**Support**
**costs**
**£’000**
24,134
3,808
773
-
-
-
-
**28,715**
28,407|**Total**
**2025**
**£’000**
319,021
18,378
1,453
126
1,510
2,508
2,400
**345,396**
-|**Total**
**2024**
**£’000**
295,222
17,050
1,546
233
1,382
3,270
-| |---|---|---|---|---| |||||**-**
318,703| ## **b. Analysis of support costs** |HR, legal, health &
safety
Finance & ICT
Educational
support
Marketing &
communications
Estates
Management &
other
**Total expenditure**
**2025**
Total expenditure
2024|**Independent**
**schools**
**£’000**
3,812
7,678
2,215
2,230
3,808
4,391
**24,134**
23,740|**Academies**
**£’000**
34
1,990
-
-
1,453
331
**3,808**
3,797|**Raising**
**funds**
**£’000**
-
-
-
773
-
-
**773**
870|**Total**
**2025**
**£’000**
3,846
9,668
2,215
3,003
5,261
4,722
**28,715**
-|**Total**
**2024**
**£’000**
3,835
9,446
2,038
3,161
4,908
5,019| |---|---|---|---|---|---| ||||||**-**
28,407| The support costs for the independent schools are head office costs apportioned to the schools on a per-pupil basis. The support costs for the academies are those costs within the GDST Academy Trust attributable on a per-pupil basis. The support costs on raising funds 60 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts are attributable head office costs on this activity. The amount of governance costs included with the support costs are £298,000 (2024: £288,000). ## **c. Auditors’ renumeration** |Fees payable to the charity’s auditors for:
Statutory audit of accounts:
- Girls’ Day School Trust
- Subsidiaries
Assurance services
Other financial services
**Total auditors’ remuneration**|**2025**
**£'000**
88
37
8
54
**187**|**2024**
**£'000**
94
36
12
8
**150**| |---|---|---| ## **d. Staff costs and employee benefits** |Wages and salaries
Social security costs
Defined benefit pension costs
Defined contribution pension costs
Other employee costs
**Total employee costs**|**2025**
**£'000**
177,178
20,234
17,065
13,523
12,294
**240,294**|**2024**
**£'000**
162,198
16,796
15,762
11,151
11,601
**217,508**| |---|---|---| The amount of redundancy and termination payments included within the above costs is £348,000 (2024: £348,000). 61 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **e. Staff numbers** The average number of persons employed during the year was 4,726 (2024: 4,616). Average number of persons employed during the year on a full-time equivalent basis was 3,486 (2024: 3,420). The number of employees with gross remuneration excluding pension contributions who exceeded £60,000 and fell within the following ranges were: ||**2025**|**2024**| |---|---|---| ||**number**|**number**| |£60,001 - £70,000|382|300| |£70,001 - £80,000|136|88| |£80,001 - £90,000|55|49| |£90,001 - £100,000|36|34| |£100,001 - £110,000|20|6| |£110,001 - £120,000|6|2| |£120,001 - £130,000|4|5| |£130,001 - £140,000|7|2| |£140,001 - £150,000|2|5| |£150,001 - £160,000|3|6| |£160,001 - £170,000|4|3| |£170,001 - £180,000|5|5| |£180,001 - £190,000|4|2| |£190,001-£200,000|2|1| |£220,001-£230,000|1|1| |£320,001-£330,000|0|1| |£340,001-£350,000|1|0| ## **f. Key management personnel** The key management personnel are the Trustees and Executive Board (listed on page 4). The total employee benefits including employer pension contributions paid to key management personnel was £1,483,000 (2024: £1,428,000). This amount does not include employers’ national insurance contributions of £170,297 (2024: £159,026). ## **g. Trustees’ remuneration and expenses** The current Chair, Vicky Tuck received remuneration of £30,000 in the year (2024: £34,274). The aggregate amount of expenses reimbursed to the 7 members of Council who claimed expenses amounted to £2,703 (2024: £3,278, 8 members). This covered the costs associated with their travel and accommodation in attending meetings held throughout the year. 62 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **6. TANGIBLE ASSETS** ## **a. Group** |**Cost**
1 September 2024
Additions
Disposals
Transfers
At 31 August 2025
**Depreciation**
1 September 2024
Provision for the period
Disposals
Impairment
At 31 August 2025
**Net book value**
At 31 August 2024
**At 31 August 2025**|**Operational land & buildings**
**Freehold**
**Leasehold**
**Under**
**construction**
**£'000**
**£'000**
**£'000**
665,147
6,953
21,931
12,409
-
20,546
-
-
-
3,378
-
(3,491)
680,934
6,953
38,986
188,350
3,848
-
14,947
281
-
-
-
-
2,400
-
-
205,697
4,129
-
476,797
3,105
21,931
**475,237**
**2,824**
**38,986**|**Furniture,**
**equipment**
**& computer**
**equipment**
**£'000**
18,067
3,086
(3,635)
113
17,631
16,268
513
(3,635)
-
13,146
1,799
**4,485**|**Total 2025**
**£'000**
712,098
36,041
(3,635)
-| |---|---|---|---| ||||744,504| ||||208,466
15,741
(3,635)
2,400| ||||222,972| ||||| ||||503,632
**521,532**| 63 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **b. Trust** |**Cost**
1 September 2024
Additions
Disposals
Transfers
At 31 August 2025
**Depreciation**
1 September 2024
Provision for the period
Disposals
Impairment
At 31 August 2025
**Net book value**
At 31 August 2024
**At 31 August 2025**|**Operational land & buildings**
**Freehold**
**Leasehold**
**Under**
**construction**
**£'000**
**£'000**
**£'000**
630,079
6,953
21,932
10,326
-
20,546
-
-
-
3,378
-
(3,491)
643,783
6,953
38,987
181,846
3,848
-
14,169
281
-
-
-
-
2,400
-
-
198,415
4,129
-
448,233
3,105
21,932
**445,368**
**2,824**
**38,987**|**Furniture,**
**equipment**
**&**
**computer**
**equipment**
**£'000**
17,295
2,981
(3,635)
113
16,754
15,496
513
(3,635)
-
12,374
1,799
**4,380**|**Total**
**2025**
**£'000**
676,259
33,853
(3,635)
-| |---|---|---|---| ||||706,477| ||||201,190
14,963
(3,635)
2,400| ||||214,918| ||||| ||||475,069
**491,559**| The additions to freehold of £8.4m relate to the Redmaids High School joining GDST on 1 February 2025, those properties have been externally valued by Knight Frank LLP as at merger date. 64 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **7. INVESTMENTS** |**Group and Trust**
Investment properties
Diversified investment funds
**Total investments**|**2025**
**£'000**
3,075
144,484
**147,559**|**2024**
**£'000**
1,802
145,339
**147,141**| |---|---|---| ## **a. Investment properties** |Market value at 1 September
Additions
Unrealised (loss)/gain on valuation
Market value at 31 August
Historical cost at 31 August|**2025**
**£'000**
1,802
1,268
5
3,075
1,375|**2024**
**£'000**
1,847
-
(44)| |---|---|---| |||1,802
107| The investment property portfolio was externally valued in August 2022 by chartered surveyors, Sanderson Weatherall LLP. The valuation at 31 August 2025 was carried out by an internal specialist. The additions to investment properties relate to the Redmaids High School joining GDST on 1 February 2025, those properties have been externally valued by Knight Frank LLP as at merger date. 65 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **b. Diversified investment funds** |Market value at 1 September
Additions
Disposal proceeds
Realised gain/(loss) on disposal
Unrealised gain/(loss)
on valuation
**Market value at 31 August 2025**
**Historical cost at 31 August 2025**
Market value at 31 August 2024
Historical cost at 31 August 2024
**Analysis of investments:**
Overseas holdings
Fixed interest securities
Equity shares
Investment trusts and unit trusts
Cash
**Total 2025**
Total 2024|**Unrestricted**
**funds**
**£’000**
80,463
42,818
(50,790)
(3)
4,176
**76,664**
**74,195**
80,463
82,170
2,196
777
1,358
48,664
23,669
**76,664**
80,463|**Restricted**
**&**
**endowed**
**funds**
**£’000**
64,876
66,501
(65,351)
510
1,284
**67,820**
**66,536**
64,876
55,356
-
-
-
51,777
16,043
**67,820**
64,876|**Total**
**2025**
**£’000**
145,339
109,319
(116,141)
507
5,460
**144,484**
**140,731**
-
-
2,196
777
1,358
100,441
39,712
**144,484**
**-**|**Total**
**2024**
**£’000**
134,079
92,087
(91,453)
2,068
8,558| |---|---|---|---|---| |||||-| |||||-| |||||145,339| |||||137,526| |||||29,672
6,708
19,418
47,585
41,956| |||||**-**| |||||145,339| 66 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **8. DEBTORS** |**Amounts falling due within one year**
Fee debtors
Other amounts owed from group
undertakings
Prepayments and accrued income
Other debtors
**Amounts falling due after one year**
Other debtors|**Group**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
104,268
85,007
-
-
7,678
7,255
1,749
1,450
113,695
93,712
120
160|**Trust**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
104,561
85,240
1,351
1,559
8,721
6,318
332
532
114,965
93,649
120
160|**Trust**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
104,561
85,240
1,351
1,559
8,721
6,318
332
532
114,965
93,649
120
160| |---|---|---|---| ||||93,649| ||||160| ## **9. CREDITORS** |**Amounts falling due within one year**
Trade creditors
Fees received in advance (note 10)
Parental deposits
Taxation and social security
Other creditors and accruals
Fees billed in advance, not received yet
Bank Loan (note 11)
**Amounts falling due after one year**
Fees received in advance (note 10)
Parental deposits
Bank Loan (note 11)|**Group**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
5,693
6,869
20,227
46,947
5,392
3,165
19,572
4,171
22,652
23,190
86,360
84,456
1,000
750
160,896
169,548
14,146
22,559
13,683
13,353
23,250
24,250
51,079
60,162|**Trust**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
4,863
6,182
20,227
46,947
5,392
3,165
19,175
3,849
20,785
21,507
86,360
84,456
1,000
750
157,802
166,856
14,146
22,559
13,683
13,353
23,250
24,250
51,079
60,162|**Trust**
**2025**
**2024**
**Restated**
**£’000**
**£’000**
4,863
6,182
20,227
46,947
5,392
3,165
19,175
3,849
20,785
21,507
86,360
84,456
1,000
750
157,802
166,856
14,146
22,559
13,683
13,353
23,250
24,250
51,079
60,162| |---|---|---|---| ||||166,856| ||||22,559
13,353
24,250
60,162| 67 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **10. FEES IN ADVANCE** Parents may enter into a contract to pay to the school up to 14 years’ tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term’s notice. Assuming pupils will remain in the school, advance fees will be applied as follows: |Five years or more
Two to five years
One to two years
Within one year|**2025**
**£'000**
1,403
5,839
6,904
14,146
20,227
34,373|**2024**
**£'000**
1,578
10,421
10,560| |---|---|---| |||22,559
46,947
69,506| The balance represents the accrued liability under the contracts. The movements during the year were: |Amount of fees due to parents as at
1 September
New contracts
Amounts accrued to contract as debt-financing
costs
Amounts utilised in payment of fees to school
Amount of fees due to parents as at 31 August|**2025**
**£'000**
69,506
12,087
883
(48,103)
34,373|**2024**
**£'000**
12,609
67,044
84
(10,231)
69,506| |---|---|---| 68 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **11. LOANS AND OTHER BORROWINGS** |Bank Loans
**Maturity of financial liabilities due**
**within:**
Within one year
One to two years
Two to five years
Five years or more|**Group**
**2025**
**2024**
**£’000**
**£’000**
24,250
25,000
1,000
750
2,125
1,000
10,125
8,250
11,000
15,000
24,250
25,000|**Trust**
**2025**
**2024**
**£’000**
**£’000**
24,250
25,000
1,000
750
2,125
1,000
10,125
8,250
11,000
15,000
24,250
25,000|**Trust**
**2025**
**2024**
**£’000**
**£’000**
24,250
25,000
1,000
750
2,125
1,000
10,125
8,250
11,000
15,000
24,250
25,000| |---|---|---|---| ||||750
1,000
8,250
15,000
25,000| The seven-year loan facilities were taken out with Lloyds Bank in December 2023 and are secured against freehold properties. The loan facilities compromise of a £25,000,000 amortising term loan and a £25,000,000 revolving credit facility. The loan principal amount is repayable in monthly instalments starting December 2024 as disclosed above. Interest on the amortising loan is charged monthly at Bank of England base rate plus 1.23% for the duration of the loan; interest on the revolving credit facility is charged monthly at Bank of England rate plus 1.19% on the balance drawn; and a non-utilisation fee of 0.476% is charged monthly on the undrawn balance. ## **12. CALLED UP SHARE CAPITAL** The group has an authorised share capital of 100 shares of 5p each which are allotted, called up and fully paid. In view of the fact that these accounts have been produced to the nearest £'000's, the above is not shown on the face of the balance sheet. The authorised share capital has not changed in the year to 31 August 2025. Trustees are each allocated four shares, with the remainder held by the Chair. 69 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **13. ANALYSIS OF FUND MOVEMENTS** ## **a. Movement of funds** |**Unrestricted**
**funds:**
General reserve
Pension reserve
Revaluation
reserve
**Total**
**unrestricted**
**funds**
**Restricted**
**funds:**
Minerva bursary
Annual & General
Building
Prizes &
Scholarships
Centenary
Howell's School
Howell's Prizes &
Scholarships
Howell's Annual &
General
The Thomas
Howell Fund
Academy Trust
Academy Trust
pension reserve
**Total restricted**
**funds**
**Endowed funds:**
Minerva bursary
Prizes &
Scholarships
**Total endowed**
**funds**
**Total funds**|**At 1**
**September**
**2024**
**£'000**
456,719
(9,820)
406
447,305
57,232
5,057
2,042
5,418
2,707
7,041
380
1,574
3,799
28,977
(206)
114,021
2,747
106
2,853
**564,179**|**Income**
**£'000**
338,044
-
-
338,044
3,786
1,624
6
224
52
9,251
6
47
258
20,046
-
35,300
72
2
74
**373,418**|**Expenditure**
**£'000**
311,119
(983)
-
310,136
3,497
1,563
-
78
57
11,202
-
39
62
18,744
(115)
35,127
133
-
133
**345,396**|**Investment**
**& actuarial**
**gains/**
**(losses)**
**£'000**
1,467
640
3,699
5,806
1,421
52
-
150
81
(67)
8
73
85
-
37
1,840
72
3
75
**7,721**|**At 31**
**August**
**2025**
**£'000**
485,111
(8,197)
4,105| |---|---|---|---|---|---| ||||||481,019| ||||||58,942
5,170
2,048
5,714
2,783
5,023
394
1,655
4,080
30,279
(54)| ||||||116,034| ||||||2,758
111| ||||||2,869| ||||||**599,922**| 70 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts The principal funds can be summarised as follows: ## **General reserve** The General Fund comprises funds that are accumulated from surpluses of net income resources that are held specifically to fund the permitted activities of the Trust, the Trust’s other charitable objects, and the Trust’s statutory obligations. ## **Minerva bursary** This fund provides bursaries for pupils who would not otherwise be able to benefit from the educational opportunities provided by the Trust. Endowed Minerva bursary funds are shown separately. ## **Building funds** These funds are established from donations, fundraising and legacies and contribute to the funding of specific building and facility projects at GDST schools. Funds are transferred from restricted to unrestricted once the particular building projects are complete. ## **Prizes and scholarships** These funds arise from donations and legacies and have been established as specific named prizes and scholarships. The latter are awarded to Trust pupils based on academic merit and talent. ## **Centenary fund** This has been established as a hardship fund which provides emergency assistance with fees and other incidental costs to families of pupils who are experiencing financial difficulties. The basis of the awards is consistent with the general bursary policy of the Trust. ## **Howell's School and other related funds** This fund is held in the name of Howell’s School and is a restricted fund to be used exclusively for the benefit of Howell’s School. It arises from past and current activities of Howell’s School. Other funds held on behalf of Howell’s School include the Thomas Howell Fund and funds for prizes and scholarships and specific school projects. ## **Academy Trust fund** The Academy Trust is a subsidiary company whose principal activity is to advance education by establishing and operating academies. The Academy Trust receives government grants for capital and other educational operations. The GDST treats the entirety of the Academy Trust’s reserves as restricted funds. 71 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **b. Net assets by fund** |**Group**
Tangible assets
Investments
Current assets
Creditors: amounts falling due
within one year
Creditors: amounts falling due
after one year
Defined benefit pension fund
liability
**Total 2025**
Total 2024
**Trust**
Tangible assets
Investments
Current assets
Creditors: amounts falling due
within one year
Creditors: amounts falling due
after one year
Defined benefit pension fund
liability
**Total 2025**
Total 2024||**Unrestricted**
**funds**
**£’000**
476,993
79,739
136,960
(153,750)
(50,726)
(8,197)||**Restricted**
**&**
**endowed**
**funds**
**Total**
**2025**
**Total**
**2024**
**Restated**
**£’000**
**£’000**
**£’000**
44,539
521,532
503,632
67,820
147,559
147,141
14,097
151,057
153,142
(7,146)
(160,896)
(169,548)
(353)
(51,079)
(60,162)
(54)
(8,251)
(10,026)
**118,903**
**599,922**
**-**
116,874
-
564,179
14,566
491,559
475,069
67,820
147,559
147,141
11,050
146,076
147,077
(4,404)
(157,802)
(166,856)
(353)
(51,079)
(60,162)
-
(8,197)
(9,820)
**88,679**
**568,116**
**-**
88,103
-
532,449|**Total**
**2024**
**Restated**
**£’000**
503,632
147,141
153,142
(169,548)
(60,162)
(10,026)| |---|---|---|---|---|---| |||**481,019**
447,305
476,993
79,739
135,026
(153,398)
(50,726)
(8,197)
**479,437**
444,346|||| ||||||| 72 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **14. FINANCIAL COMMITMENTS** ## **a. Capital commitments** ||**Group**||**Girls’**|**Day School**
**Trust**| |---|---|---|---|---| ||**2025**|**2024**|**2025**|**2024**| ||**£’000**|**£’000**|**£’000**|**£’000**| |Contracted, but not provided for
in the financial statements|25,456|11,238|25,456|11,238| ## **b. Operating lease commitment** ||**Group**||**The Girls’ Day**
**School Trust**|**The Girls’ Day**
**School Trust**| |---|---|---|---|---| ||**2025**|**2024**|**2025**|**2024**| ||**£’000**|**£’000**|**£’000**|**£’000**| |Future minimum lease||||| |commitments||||| |Within one year|1,053|1,187|1,053|1,187| |Between one and five years|3,094|3,471|3,094|3,470| |Five years or more|4,159|4,238|4,159|4,238| The amounts of lease payments recognised as an expense were £1,104,000 (2024: £1,187,000). 73 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **15. CASH FLOWS** ## **a. Reconciliation of net income to net cash provided by operating activities** |Net income for the reporting period
Depreciation charges
Impairment charges
Gains on investments
Net finance expense
Dividends, interest and rents from investments
Decrease/(Increase) in stocks
Increase in debtors
(Decrease)/Increase in creditors
Difference between payments to defined benefit
pension scheme and amount charged to
expenditure
Net cash provided by operating activities
**b. Analysis of cash and cash equivalents**
Cash in hand
Notice deposits (less than three months)|**2025**
**£'000**
35,066
15,741
2,400
(5,972)
2,499
(3,760)
10
(19,943)
(17,735)
(1,098)
7,208
**2025**
**£'000**
21,496
15,735
37,231|**2024**
**Restated**
**£'000**
32,694
14,680
-
(10,407)
3,240
(3,172)
(1)
(84,306)
145,406
(1,213)
96,921
**2024**
**£'000**
22,714
36,535
59,249| |---|---|---| 74 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **c. Net debt reconciliation** |**Cash and cash equivalents**
Cash in hand and at bank
Short term cash deposits
**Borrowings**
Debt due within one year
Debt due after one year
**Total**|**At 1**
**September**
**2024**
**£’000**
22,714
36,535
**59,249**
(750)
(24,250)
**(25,000)**
**34,249**|**Cash**
**Flows**
**£’000**
(1,218)
(20,800)
**(22,018)**
(250)
1,000
**750**
**(21,268)**|**At 31**
**August**
**2025**
**£’000**
21,496
15,735
**37,231**
(1,000)
(23,250)
**(24,250)**
**12,981**| |---|---|---|---| 75 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **16. PENSIONS** ## **a. Pension schemes** The Trust participates in five pension schemes, of which four are defined benefit pension schemes and one is a defined contribution scheme, as follows: - i. The Teachers' Pension Scheme, which is available to teaching staff at all schools employed under a contract of service prior to September 2022; - ii. The GDST Defined Benefit Pension Scheme for support staff at schools and Trust Office; - iii. The Northamptonshire County Council Pension Fund, for support staff at Northampton High School; - iv. The Merseyside Pension Fund, for support staff of the GDST Academy Trust; and - v. The GDST Defined Contribution Pension Scheme. ## **Teachers' Pension Scheme (TPS)** The TPS is a defined benefit pension scheme run by the Teachers' Pension Agency. The scheme is a multi-employer scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Trust. The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis. Accordingly, contributions are accounted for as if the scheme were a defined contribution scheme. The regulations under which the TPS operates are the Teachers' Pension Regulations 2014, as amended. These regulations apply to teachers in schools and other educational establishments in England and Wales maintained by local authorities, to teachers in many independent and voluntary-aided schools, and to teachers and lecturers in establishments of further and higher education. Membership is automatic for full-time teachers and, from 1 January 2007, automatic too for teachers or lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS. At the last valuation the contribution rate to be paid into the TPS was assessed in two parts. Firstly, a standard contribution rate (SCR) was determined. This is the contribution expressed as a percentage of the salaries of teachers and lecturers in service or entering service during the period over which the contribution rate applies, which, if it were paid over the entire service of these teachers and lecturers, would broadly defray the cost of benefits payable in respect of that service. Secondly, a supplementary contribution is payable if, as a result of the actuarial review, it is found that accumulated liabilities of the account for benefits to past and present teachers are not fully covered by standard contributions to be paid in future and by the notional fund built up from past contributions. The total contribution rate payable is the sum of the SCR and the supplementary contribution rate. The TPS introduced a new contribution structure in September 2015 where member contributions are made according to a six-tier rate structure with rates varying from 7.4% to 11.7%. The rates remain unchanged for 2024-2025. From April 2024 the employer’s contribution is fixed at 28.68%. 76 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts At 31 August 2025, contributions amounting to £1,825,000 (2024: £1,723,000) were payable to the fund and are included in creditors. ## **GDST Defined Benefit Pension Scheme (GDST DB)** The GDST DB scheme is a final salary scheme which was closed to new entrants in September 2012 and closed to future accrual in December 2016. The assets of the scheme are held separately from those of the Trust in an independently administered pension fund. The total contribution to the Consolidated Statement of Financial Activities under FRS 102 for the year ended 31 August 2025 amounted to £1,633,000 (2024: £1,521,000). The total contribution charged for the year ended 31 August 2025 was £2,000,000 (2024: £2,000,000), of which the employer's contributions totalled £2,000,000 (2024: £2,000,000). At 31 August 2025, contributions amounting to £167,000 (2024: £167,000) were payable to the fund and are included in creditors. The last triennial valuation of the scheme was carried out as at 31 August 2022. Following this, the scheme Trustees agreed to continue a deficit reduction plan of £2,000,000 per annum. The next valuation of the scheme will be as at 31 August 2025. GDST Trustees are aware of the ‘Virgin Media Ltd v NTL Pension Trustees II Ltd (and others)’ case. The scheme trustees and their legal advisors have reviewed records of the scheme to look for evidence of having obtained the necessary written actuarial confirmation where relevant and received a legal advice that no further investigation is required at this stage. The pension trustees are keeping this under review in light of potential further development from the courts, legislation and related guidance. ## **Northamptonshire County Council Pension Fund (NCCPF)** The NCCPF is a local government defined benefit pension scheme. The assets of the scheme are held separately from those of the Trust in a segregated fund administered by the local authority. The total contribution to the Consolidated Statement of Financial Activities under FRS 102 amounted to £21,000 (2024: £21,000). The total contribution charged for the year ended 31 August 2025 was £127,000 (2024: £127,000) of which the employer's contributions totalled £106,000 (2024: £106,000). Employees’ contributions ranged from 5.5% to 12.5% and the employer contribution rate is 31.3%. At 31 August 2025, contributions amounting to £10,000 (2024: £10,000) were payable to the fund and are included in creditors. The most recent valuation of the scheme was carried out as at 31 March 2022. Following this, the scheme Trustees agreed a deficit reduction plan with the GDST. The employer contributions for the year to 31 August 2025 are expected to be £106,000. The next valuation of the scheme will be as at 31 March 2025. ## **Merseyside Pension Fund (MPF)** The MPF is a local government defined benefit pension scheme. The assets of the scheme are held separately from those of the Trust in a segregated fund administered by the local 77 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts authority. The total contribution to the Consolidated Statement of Financial Activities under FRS 102 amounted to £160,000 (2024: £203,000). The total contribution charged for the year ended 31 August 2025 was £773,000 (2024: £727,000) of which the employer's contributions totalled £593,000 (2024: £557,000). Employees’ contributions ranged from 5.5% to 9.9% and the employer contribution rate ranged from 12.4% to 12.9%. At 31 August 2025, contributions amounting to £30,000 (2024: £30,000) were payable to the fund and are included in creditors. The last triennial valuation of the scheme was carried out as at 31 March 2022. Following this, the scheme Trustees agreed a deficit reduction plan with the GDST. The next valuation of the scheme will be as at 31 March 2025. ## **GDST defined contribution scheme** The Trust operates a money purchase pension scheme which was set up in September 2012. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the GDST to the fund. The total contribution charged for the year ended 31 August 2025 was £22,386,000 (2024: £17,628,000). Contributions outstanding at the year-end amounted to £1,832,000 (2024: £1,557,000). 78 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **b. Assumptions** ||**GDST**|**DB**|**NCCPF**|**NCCPF**|**MPF**|**MPF**| |---|---|---|---|---|---|---| ||**2025**|**2024**|**2025**|**2024**|**2025**|**2024**| |Discount rate|5.94%|4.98%|6.05%|5.00%|6.20%|5.00%| |Inflation – CPI|2.82%|2.92%|2.70%|2.65%|2.50%|2.60%| |Pension increase rate|2.82%|2.92%|2.70%|2.65%|2.60%|2.70%| |Salary increase rate|0.00%|0.00%|3.20%|3.15%|4.00%|4.10%| |**Post-retirement mortality**||||||| |**(years):**||||||| |Life expectancy at 65 for male||||||| |member currently aged 65|22.0|21.9|20.2|19.9|20.6|20.8| |Life expectancy at 65 for female||||||| |member currently aged 65|24.4|24.3|22.9|22.9|23.3|23.4| |Life expectancy at 65 for male||||||| |member currently aged 45|23.6|23.5|20.9|20.6|21.7|22.0| |Life expectancy at 65 for female||||||| |member currently aged 45|25.8|25.8|25.6|25.5|24.7|25.1| ## **c. Defined benefit pensions** |**Defined benefit pension fund**
**liability**
GDSTDB
NCCPF
MPF|**Group**
**2025**
**2024**
**£’000**
**£’000**
8,197
9,884
-
-
-
142
8,197
10,026|**Trust**
**2025**
**2024**
**£’000**
**£’000**
8,197
9,820
-
-
-
-
8,197
9,820| |---|---|---| 79 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **d. Amounts recognised in the Consolidated Statement of Financial Activities** |Current service cost
Net interest cost
Contributions
**Amounts charged**
**within net income**
Actuarial gain / (loss)
Adjustment to surplus
not recoverable (*)
**Amounts charged**
**within net movement**
**of funds**|**GDST DB**
**2025**
**2024**
**£’000**
**£’000**
-
-
(1,123)
(984)
2,000
2,000
877
1,016
756
505
1,633
1,521|**NCCPF**
**2025**
**2024**
**£’000**
**£’000**
(68)
(71)
74
59
127
127
133
115
710
270
(822)
(364)
21
21|**MPF**
**2025**
**2024**
**£’000**
**£’000**
(493)
(453)
9
(1)
593
557
109
103
2,106
100
(2,055)
(12)
160
191|**MPF**
**2025**
**2024**
**£’000**
**£’000**
(493)
(453)
9
(1)
593
557
109
103
2,106
100
(2,055)
(12)
160
191| |---|---|---|---|---| |||||103
100
(12)
191| ## **e. Movements in the value of assets and liabilities** |**Changes in scheme**
**assets**
At 1 September
Interest on scheme
assets
Return on scheme
assets in excess of
interest income
Employer contributions
Employee contributions
Benefits paid and
expenses
At 31 August|**GDST DB**
**2025**
**2024**
**£’000**
**£’000**
93,561
87,921
4,572
4,513
(7,980)
4,414
2,000
2,000
-
-
(5,561)
(5,287)
86,592
93,561|**NCCPF**
**2025**
**2024**
**£’000**
**£’000**
5,358
4,816
267
251
80
281
106
106
21
21
(144)
(117)
5,688
5,358|**MPF**
**2025**
**2024**
**£’000**
**£’000**
7,364
6,160
379
344
273
207
593
557
180
170
(352)
(74)
8,437
7,364|**MPF**
**2025**
**2024**
**£’000**
**£’000**
7,364
6,160
379
344
273
207
593
557
180
170
(352)
(74)
8,437
7,364| |---|---|---|---|---| |||||7,364| 80 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ||||**GDST DB**|**GDST DB**|**GDST DB**||**NCCPF**|**NCCPF**||||**MPF**|**MPF**|| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||**2025**||**2024**||**2025**||**2024**|||**2025**|**2024**|| |**Changes in scheme**
**liabilities**|||**£’000**||**£’000**||**£’000**||**£’000**||**£’000**||**£’000**|| |At 1 September|||103,445||99,326||3,889||3,711||7,506||6,493|| |Current service cost|||-||-||68||71|||478||440| |Employee contributions|||-||-||21||21|||180||170| |Interest cost|||5,031||5,069||193||192|||370||345| |Benefits paid and||||||||||||||| |expenses|||(4,897)||(4,859)||(144)||(117)|||(337)||(61)| |Actuarial (gain) / loss|||(8,736)||3,909||(630)||11|(1,833)||||119| |At 31 August|||94,843|103,445|||3,397||3,889||6,364||7,506|| |||**GDST DB**||||**NCCPF**||||||**MPF**||| ||**2025**|||**2024**||**2025**||**2024**||**2025**|||**2024**|| |**Movement in**
**deficit**|**£’000**|||**£’000**|**£’000**|||**£’000**||**£’000**|||**£’000**|| |At 1 September|(9,884)||(11,405)|||-||-||(142)|||(333)|| |Current service cost||-||-||(68)||(71)||(493)|||(453)|| |Net interest cost|(1,123)|||(984)||74||59||9|||(1)|| |Contributions|2,000|||2,000||106||106||593|||557|| |Actuarial gain/(loss)||756||505||710||270||2,106|||100|| |Adjustment to||||||||||||||| |surplus not||||||||||||||| |recoverable (*)||||||(822)||(364)||(2,073)|||(12)|| |At 31 August|(8,251)||(9,884)|||-||-||-|||(142)|| (*) FRS 102 requires that entity should recognise a pension plan surplus as a defined benefit asset only to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. As at reporting date it has not been possible to substantiate whether GDST and GDST Academy Trust will be able to realise the economic benefit either through refunds from the plan or reduced contributions as both the NCCPF and MPF is in funding deficit position as at the last triennial valuation. Therefore, the NCCPF reported asset of £2,291,000 (2024: £1,469,000) was not recognised in the financial statements. Similarly, the MPF reported asset of £2,073,000 (2024: £12,000 – in respect of Belvedere Academy) was not recognised in financial statements. 81 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **17. TAXATION** The Girls’ Day School Trust is a registered charity and is thus potentially exempt from taxation of its income and gains falling within the Corporation Tax Act 2010 or the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. Gift aid relief is claimed in the reporting period on the tax charge arising in the trading subsidiary GDST (Enterprises) Limited. ## **18. RELATED PARTIES** The Trust has two fully owned subsidiaries, GDST (Enterprises) Limited and GDST Academy Trust. There were no direct transactions between GDST (Enterprises) Limited and GDST Academy Trust. The following transactions occurred between GDST and its subsidiaries: GDST (Enterprises) Limited – payroll costs recharged from GDST amounted to £759,000 (2024: £625,000), other recharges from GDST amounted to £445,000 (2024: £370,000). Amounts outstanding from GDST (Enterprises) Limited to GDST were £368,000 as at 31 August 2025. GDST Academy Trust – payroll costs recharged from GDST amounted to £13,963,000 (2024: £12,623,000), other net recharges from GDST amounted to £260,000 (2024: £215,000). Amounts recharged from GDST Academy Trust to GDST were £75,000 (2024: £85,000). Amounts outstanding from GDST Academy Trust to GDST were £1,328,000 as at 31 August 2025. ## **19. PRIOR YEAR ADJUSTMENT** A prior year restatement was required due to an error that arose from the incorrect interpretation of when the unconditional right to receive payment occurs relating to the timing of recognition of fees billed in advance of the academic year. Historically these have been recognised at the start of the year in which they relate. However, the introduction of VAT on school fees has led to the extensive investigation and legal consultations around the commitment and timing of the unconditional right to receive payment. The review concluded that the unconditional right to receive payment relating to fees billed in advance of the financial year occurs at the point the invoice is raised rather than the payment due date. Fees billed in advance should therefore be recognised as deferred income creditor along with the associated tax creditor and trade debtor in the period in which invoices are raised. Retrospective application was conducted in accordance with paragraph 10.21 of FRS 102. The impact of the adjustment increases trade debtors by £84,456,000 and increase of creditors due within one year of by the corresponding amount for the year ended 31 August 2024, there was no VAT tax creditor recognised as VAT was not charged on the fees relating to the term of Autumn 2024. There was no impact on the reserves as previously stated or income and expenditure as previously stated. 82 Docusign Envelope ID: 584D48E9-B0EF-413F-A892-50FD7FCF457C Notes to the accounts ## **20. POST BALANCE SHEET EVENTS** On 4 November 2025, the Trust entered into an agreement with Inspired Learning Group (ILG) for the sale of the Shrewsbury High School. The date of completion is scheduled for 31 December 2025, subject to contract. 83