Company Registration No. 01521751 Charity Registration No. 510809 LEICESTER GRAMMAR SCHOOL TRUST TRUSTEES, REPORT AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 •AE12GNRP• 2310412025 COMPANIES HOUSE A03
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LEICESTER GRAMMAR SCHOOL TRUST CONTENTS Legal and Administrative Infom)ation Report of the Board of Trustees (incorporallng th8 Strateglc Report) Independent Auditor's Report to the Board of Trustees Statement of Financial Activities 18 Balance Sheet 19 Cash Flow Statement 20 Notes lo the Accounts 21 31
LEICESTER GRAMMAR SCHOOL TRUST Le al and administrative information Charl Trustèes The Truslees of Leicester Grammar School Trust are also company directors, and carry the responsibilities accorded to them by the Charity Commission and under Company Law. They hav8 all served in office throughout the year except where indicated: Mrs E M Bailey (resigned 3 September 2024) Mr M R Bulsara Mrs J Burns (Vice chair, Academic) Mr N Feldmann {appointed 13 March 2024) Mr S Gasztowicz {Chairrnan) Mr D C Green Dr S E Hadley Mr M J Holley (Vice chair. Financial) Mr N J M Imlach (resigned 26 June 2024) Dr D l Khoosal Mrs K Law Mr A P M Osiatynski Dr R S P Saigal Professor J M Saker The Ven R V Worsfold Commlttees a sub•commlll of the Board of Trustees The following Truslees served on committees and sub-committees of the Board during the year.. Education Committee.. Mrs J Burns (committee Chairman) Mrs E M Bailey Mr S Gasztowlcz Mr A P M Osiatynski Dr R S P Saigal neral Pur oses Committee.. Mr M J Holley (committee Chairman) Mrs E M Bailey Mr M R 8ulsara Mr S Gas2towicz Mr D C Green Mr N J M Imlach Bursaries Scholarshi s and Public Benefil Mrs E M Bailey (sub-committee Chairman) Mr M R 8ulsara -Committee'. Health and mml Professor J M Saker (committee Chairman) Dr D l Khoosal Dr S E Hadley Nominations and Governance Committ Mr S Gasztowlcz (committee Chairman> Mrs J Bums Mr M J Holley Safe uardin and Well-bein Committee: Dr S E Hadley (committee Chairman) Mr A P M Osiatynski The Ven R V Worsfold
ICESTER GRAMMAR SCHOOL TRUST al and administrative information cont. Salaries Review Committee". Mr S Gasztowi¢z (committee Chairman) Mrs J Burns Mr M J Holley The Board is a self-appointing body. One third of the Board is required to retire by rolalion, each year. Board members are eligible lo sland for re-election at the end of a term of office. Officers Headmaster of Leicesler Grammar School and Principal of Leicester Grammar School Trust: Mr J W Watson Headmistress of Leicester Grammar Junior School.. Mrs S V Ashworth Jones Headmlstress of LGS Sloneygate.. Mrs C J Mccullough Director of Finance and Operations and Company Secretary.. Mr S J Jeffries Addresses Leicester Grammar School and Leicester Grammar Junior School London Road Great Glen Leicester LE8 9FL (School and registered office) LGS Stoneygate 6 London Road Great Glen Leicester LE8 9DT Websites: vhvw.leicesler rammar.or s-stone ate. Auditors Moore Kingston Smith 6th Floor 9 Appold Street London EC2A 2AP Bankers Natwest 1 Granby Street Leicester LE19GT
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES inco oratin the Strate FOR THE YEAR ENDED 31 JULY 2024 icRe ort The Trustees present their report and financial statements for the year ended 31 Juty 2024 and confirm they comply with the requirements of the Charities Act 2011, including the Directors, and Strategic Report under the Companies Act 2006. Reference and Administrative Informatlon The Charity was founded in 1980 and is registered with the Charity Commission under charity number 510809. Lei¢esl8r Grammar School Trust is also a company limited by guarantee, registered under company number 01521751. The Trustees. executive officers and principal address of the Charity are as listed on page 1 and 2. Particulars of the Chanty's professional advisers are given on page 2. Structure Governance and Mana ement Gov•rning Document The Charity is govemed by ils Memorandum and Articles dating from 13 October 1980 arKI last amended on 3 December 2014. Governing Bodie8 The Charity operates three schools. Leicester Grammar School, Leicester Grammar Junlor School and LGS Sloneygate. There is a single Goveming body. being the Charity Truslees. the d8tails of which are explained on page 1, R•crultmant and Tralnlng of Trustoes The Charity's elected Trustees are appointed at a Meeting of the Board of Leicester Grammar School Trust, on the basis of recommendations made by the Nominations and Govemance Committee, a committee of the 8oard. The committee considers eligibility, skills and commitment when advising the Board and endeavours to ensure that the Board contains an appropriate balance of skills. New Trustees receive a pack of written information as well as vlsltlng all three schools and meeting wllh key officers and the Chalrman of the Board. A skills audit is performed to idanlify individiial training needs of Trustees and also any areas where additional expertise may need lo be added lo the Board. Trustees are also encouraged lo assess their own training needs and individual Trustees attend courses as required. Organlsatlonal Managoment The Tnjstees are legally responsible for the overall management and control of the three Schools. The 8oard of Trustees meels at least four times each year. The Education Committee meels once per lerm. This committee oversees the curriculum, leaching and leaming and educational policy across the three Schools. The Finance and General Purposes Committee rneels four times a year. This committee oversees Ihe implemenlalion of certain Board policies, and also undertakes detailed reviews before making recommendations to the Board. The committee is chaired by a Trustee who is not Chaimian of the full Board. The Bursaries, Scholarships and Public Benefit Sub-committee meets to review applications and pollcy In detail typically hvice each year. The Safeguarding and Well-being Committee meet5 once per term. The Committee reviews and monitors policies and procedures related to safeguarding and the well-being of pupils at all Ihree Schools. . The Health and Safety Committee meets once per term and reviews health ond safety policies and prtxedures at all three Schools.
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES incor oratin the Strate FOR THE YEAR ENDED 31 JULY 2024 icRe ort The Nominations and Govemance Committee meets as and when required, but usually once a year. It Considers the composition of the Board and applications from prospective Trustees. The Salaries Review Committee meets periodically to consider salaries payable lo the S8nlor Leadership Team. The day to day running of the schools is delegated to the respective Heads supported by their Senior Leadership Teams together wilh the Dire¢lor of Finance and Operations. The Head Teachers and the Director of Finance and Operations attend meetings of the Board and its committees and sub-¢ommittee5. Key Management Personnel are considered lo be the Principal and Headmaster of Lei¢est8r Grammar School, the Director of Finance and Operations, the Heads of Leicest8r Grammar Junior School and LGS Stoneygale, and the Deputy Heads of Leicester Grammar School. The remuneration of this senior staff group is detemiined by the Salaries Review Committee of the Board of Trustees with r8f8rence to appraisal records and benchmarking. Ob ecls Aims Ob'eclives and Activities Charitable Objects The Trust's Objects, as set out in its Memorandum and Articles, are the advancement of education, through a school or schools. run according to Christian principles. Aims and Intended Impact Within these Objects the Trust's alm is to provide an excellenl educatlon for pupils of high academic ablllty, regardless of their financial means. The Trust aims to provide for the pupils, general instruction of high standard and quality, includin9 physical, moral and religious education and to provide an environment where each pupil can develop his or her lalenls to the full. Obje¢tive$ for the Year In setting objectives and planning actiwties the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and, in partlcular, lo Ils supplemenlary public benefit guidance on advancing education and on fee-charging. The maint8nance of academic progress, underplnned by Indlvidual pastoral care and a strong sense of community. has been a key focus. Academic excellence is Complemented by an emphasis on sport, music, drama and co-curricular aclivilies, ensuring a rounded education for pupils of all ages. The Trusl remains committed lo enrolling able children from all backgrounds regardless of ability lo pay the fees and aims lo play a full part in the life of the local, regional and indeed national communrty. A key obj8ct1v8 for the Trust for 2023-24 was to malntain pupll numbers despite understandable parental Concerns over the ongoing affordability of school fees given the stated policy to charge VAT on school fees and to remove relief from Business Rates of the likely incoming government in advance of the July 2024 General Eleclion. Strategies to Achieve the Year's Objectives The Trustees worked with senior leaders to ensure that pupils continued to achieve very well relative to their abilities, supported by enhancefflent of the academic programme and a clear focus on well-being. This approach was reflected in a successful inspection for Lelcesler Grammar Schi)ol and the Junior School, while the former was one of eight national finalists for the TES award of Independent Senior School of the Year. 11 was also Cfowned East Midlands Independent Senior School of the Year in 2024. An emphasi5 On shared values ensures Ihal we nurture well-rounded and generous human beings in all our schools. Provision of means-tesled bursaries remains a priority for the Trust, in order to ensure that the school is accessible to pupils from a wide range of backgrounds. The Trust continues to seek funding for additional bursaries and has a ' subsidiary company, LGS Enterprises Lirnited. which was established to generate additional income. The Trustees continue to raise the profile of the schools and to extend outreach and partnership activities in order to attract applications from able candidates, regardless of financial means.
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES incor ratin the Strate FOR THE YEAR ENDED 31 JULY 2024 icRe ort The Trust continues to foster links with the local community, not only by making its facilities available to local schools, groups and organisations but also through an increase In outreach and partnership activity. Prlnclpal Activities of the Year The Trust principally provides education to boys and girls from the age of 3 to 18. The Trust continues to operate Ihree schools. Two of the schools ar8 based on a shared site in Great Glen. Lei¢estershire.' Leicester Grammar School for pupils aged 10-18 and Leicester Grammar Junior School for pupils aged 3-11. During the year Leicester Grammar School averaged 881 (2022-23: 879) pupils and Leicesler Grammar Junior School averaged 411 {2022-23'. 418) pupils. 80th schools operate broadly at capacity. The Trust also operates LGS Sloneygat8, also situated in Great Glen, Leicestershire on a separate 45 acre site. During the year Sloneygate averaged 221 (2022-23.. 227) pupils. The school offers high-qualily education with a distlnctlve ethos, supported by attentlve 9overnanc8 and management provided by Ihe Trust. The consolidation of pupil numbers at Stoneygate has resulted from clarification and redefinition of the senior school curriculum and more intensive admissions activity and marketin9. 11 is Ihe aim of Trustees to increase the pupil roll further and there are plans to invest in the school. with the construction of a sports hall. planned for 2025 - a key priority. The Trust has continued lo manage its finances Carefully over the last year and a surplus commensurate wilh the need to maintaln investment in our pupils, education was achieved. The Trust is confident that the schools will continue lo artract able pupils. This is a resu of ongoing efforts to maintain the academic. pasloral and co<urricular standards for which the schools have become known, further investment in facilities and enhanced efforts lo market the schools. Our Ethos The Trust is a charity whiGh seeks to benefit tha publir. thrniigh the pursciit of Its stated aims. Fees are sel at alovel lo ensure the financial viability of the schools and at a level whlch Is consistent with the aim of providing a first4lass education to boys and gids. The schools welcome academically able pupils from all backgrounds. To admlt a prospective pupil the schools need to be satisfied thal they will be able lo educate and develop that prospective pupil lo the best of their potential and in line with the general slandards achieved by their peers. Pupils wishing to join the Grammar School are required lo sit an entrance exam and pupils wishing lo loln Leicester Grammar Junior School or LGS Stoneygate undergo an assessment. Both forms of assessment are designed lo satisfy the school and the parents that the potential pupil can cope with the pace of learning and benefit from the educalion provided. An individual's economic status, gender, ethnicity. race. religion or disability do not form part of the assessment process. The schools are committed to safeguarding and promoting the welfare of pupils and expect all staff and volunteers lo share this commitment. The schools carry out appropriate background checks of adults who come into contact with pupils, The schools malnlain regular contact with parents through the year including holding parents, evenings, issuing end of term reports, and sending home regular newsletters.
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES oratln the Strate FOR THE YEAR ENDED 31 JULY 2024 incor IcRe ort The Trust is an equal opportunity organisalion and is committed to a worklng environment which is free from any fomi of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. Disabled employees The Trust facilitates the employment of disabled persons and provides. wherever possible. tralning. career development and promotion. Where employees become disabled whilst in service, every effort is tnade to rehabilitate them to their former jobs or some othér suitable altemative and provide appropriate training and specialist advice. Access Pollcy It is important that access to the education provided by the Trust and to its facilities is not restricted to those who can afford the fees. The Trust believes that all pupils benefit from learning within a diverse community. The Trust's bursaries policy, together with links wilh local state schools and other organisations which have access lo the Trust's facilities, contribute to a widening of access. Grant-maklng Policy The Trustees vlew the bursary awards as essential in helping to ensure that children from families which would not otherwise be able to afford the fees can access the education on offer. Bursaries are available lo all prospective pupils who pass Ihe entrance exam lo join the Grammar School in years 7 and above, and are made solely on the basis of parental means. Llmited hardship support is also available lo existing pupils whose flnancial clrcumstances change and whose ability to remain at the school is under threat, owing to an acule short-term need. The bursaries scheme also extends to pupils joining LGS Sloneygate in years 7 and above. In assessing a bursary application, Ihe Trust lakes a number of factors Into conslderation, Including family Income, assets held, investments and savings, and the number of dependents. However, the Trust does not have a large endowment or extensive reserves lo draw on. In funding bursary awards the Trust is mindful of the need lo ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's 8ducatlon, and those benefiting from the awards. Bursary awards vary from 10% to 100Q/o offees and are re-assess8d on an annual basis to take account of any changes in the family's financial situation. Information about fee assistance is available in the prospectus and on the school website, as well as being highlighted in advertising campaigns. The form completed by applicants includes a box to tick to indicate simply that the applicant wishes to be considered for a means t8Sted bursary. The Trustees have also set up a sub-committee of the Finance and General Purposes Committee.. the Bursaries, Scholarships and Publi¢ Benefit Sub-committee. This sub-committee reviews, monitors and advises on the Trust's Public Benefit role, particularly developing the provision of means18sled bursaries, taking inlo account the Charities Acl requirements and Charity Commission guidelinas. Voluntèers Old Leicestrians, Friends of Leicester Grammar School, Friends of Leicester Grammar Junior SGhool and the Friends of LGS Sloneygate provided support, advice and enrichment opportunities during the year, as well as helping with fvndraising and organising social and cultural events. The Board is 9raleful lo Ihem for their Gontinuing and valuable support for the schools.
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES oratin the Strate FOR THE YEAR ENDED 31 JULY 2024 incor icRe STRATEGIC REPORT Revlew of Achievements and Perfomiance for the Year Operational Performance of the schools The Grammar School further enhanced its high national academic standing in the 2024 public examinations. At GCSE level. 80.60/0 of fesults were graded beeen 7 and 9. At 'A' level, an excellent 83.2¥0 of grades were at A" B. and 55.50/0 al A'IA grade.. four studenls met their offers for Cambridge or Oxford and 18 were successful in gaining places for medicine or denllslry. LGS Stoneygate recorded a strong set of GCSE results in 2024, with 920/0 of all grades at 4 or above and 440A graded beeen 7 and g. During the year ended 31 July 2024, the value of means tested bursaries awarded to pupils totalled £811,000 (2022-23 £735.000). Bursaries worth £47,00012022-23 £28,000) were funded by external benefactors. The value of means tested bursaries r8presenled 3.70/0 of Ihe gross fee income of the Trust (2022-23.. 3.60/0). During the year, 9 pupils received a 1000/0 bursary (2022-23: 9 puplls). A further 34 pupils received bursaries of befvieen 80% and 99% of fees (2022-23: 34 pupils). Further awards totalling £112,395 (2022-23.. £99,777) were made to pupils al Leicestèr Grammar School Trust in the fom of scholarships. The Trustees, policy is to make these awards on the basis af individual ability and potential. The Trustees have a staled aim of gradually reducing the lotal proportionate value of scholarships in favour of gradually increasing the number and value of means tested bursaries. A full complement of staff qualified lo teach their respective subjects was in place throughout Ihe year al all three of the Trust's schools. The support staff positions were similarly all filled. Public benefit- Contribution to the community In 2023-24 tha Trust continued lo contribute to the local and wider community and the schools provlded the following acllvilies.. Charitable projects, examples include.. Donations of over 1 S boxes of lood to local food banks. Three non-uniform days for various charities including Adhar in Leicesler. raising over £3,000. Lower school disco for Rainbovts Hospice which raised over £300. Christmas Jumper Day for Save the Children. Second hand uniform shop sales for Charities such as the Air Ambulance and Hope Against Cancer. Easter egg collections for local food banks. World Book Day cake and book sales for Book Aid. We also donated an entire class sel (25 books) of a chosen Year 6 reader to Alfred Lord Tennyson School in Rushton. £4,000 was raised for Charities as well as numerous individual charitable projects led by pupils for charities of th8lr choice such as MPS Society Charity where we had a blue theme cake sale which raised £150. The House system also raised money for LOROS through small challenges throughout the year. Educational partnerships, examples include: Initiatives with local maintained schools (Manor High School, Gartree High School, Lutterworth High School, The Beauchamp College and Robert Smyth Academy). including invitations to careers events. 6th Form medic practiGe interviews and Psychology visiting speakers. GCSE study skills sessions run by Year 13 for Year 11 and Year 10 pupils at a local rnaintained school (Manor High School).
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES oratin the Strate FOR THE YEAR ENDED 31 JULY 2024 incor icRe ort Community service, examples include.. In the Summer temi, a 6-w8ekly programme of outreach and community service for Sixth Form pupils, including running lunch time clubs at five local primary schools and attending three residential care homes. Music workshops and concerts delivered by the Sinfonietta to Overdale Primary, St Cuthbert's. and Hazel Community school. to inspire younger pupils. Hosted a Carols and Craft and a Summer Tea Party, each for 50 residents of local care homes, with musi¢ and other entertainment provided by school pupils. Delivered STEM-themed assemblies for two local primary schools, led by Sixth Form students. Faclllt18s, Music and Sport for the Community. although impacled in th8 year owing to Covld 19 restrlclions, examples include: Organlsing the Bright Sparks STEM Fair, lo which over 3,000 members of the local community attended. Hosting the DT Rotary Challeng8, attended by six local stale schools, each bringing four teams. Soulh Leicestershire Sports Partnership, to enable local state schools to use school facilities. Weekly singing group with local primary school. Int8ractive music concert for GCSE pupils, attended by around 1.000 pupils of local state schools. Community use of school facilities for sports, music, drama and general use. Our swimming facilities continue to be used for lessons by the wider local community and we host competitive swimming clubs. We continue to partner with the Bardi Orchestra. The orchestra benefits from rehearsing at the school. Each year the orchestra gives a concert al the Grammar school hall. Flnanclal Review and Results for the Year The Trust recorded a surplus of £1,210,021 (2022-23 £1,617,628) during the year. The Surplus achieved is considered satisfactory for the Trust lo enable investment and efficiency for repaying debt. Total income increased by £2.068,716, from £21,424,544 10 £23,493,260. Investment Policy The financial obieclive of Ihe Trustees is lo maintain the real value of the Trust's assets whilsl generating a stable and sustainable return to help fund the charity's activities over the long term. The Trustees review the investment policy on a regular basis. At the year end the Trust's investments included £440,248 (2022-23-. £385,874) of Inve5trnenl assets held wlthln an investment portfolio managed by Brewin Dolphin. The Finance and General Purposes Committee is charged with agreeing a suitable asset allocation strategy with the investment managers which is sel with th8 aim of achieving the Trust's overall inveslment objectives. This strategy would reflect the Brewin Dolphin risk category 5-6.. low to moderate investment risk. to moderate investment risk. The Trustees adopt an ethical investment policy so that the Trust's assets are invested in line with ils aims. The Trust also owns an investment property valued at £280,000 which is let out on the open market. This residential property was acquired in May 2016 as part of the Stoneygale School site. Further short-term investments are held in the form of bank deposit accounts. During the year the Trust recorded a gain on investments of £45,500 (2022-23.. £2,611), plus bank and other interest receivable of £134,239 (2022-23.. £108,824) and a further £5.297 of gains on investments {2022-23'. £6,617). Rlsk Management The Trustees are responsible for the management of the risks faced by the schools. Risks are identrfied and assessed and controls established throughout the year. A formal risk register is in place and is reviewed and updated on a regular basis by the Senior Leadership Team and reviewed by the Finance & General Purposes Committee.
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES in¢or oratin the Strate FOR THE YEAR ENDED 31 JULY 2024 icRe ort The principal risks and uncertainties identified in the Trust's risk register include.. Recruiting sufficient able pupils into the schools each year in order to maintain the pupil roll and therefore fee income in line with forecast. External financial risks, which are kept under review by Ihe Trustees, including changes to tax legislation or lo the treatment of charltles. Risks relating to tuition fees, including balancing the need to keep them at an affordable levèl, whilst meetlng rising costs. including pension contributions for teaching staff, and interest and repayments on the bank loan, and meeting the requirement to comply with the bank covenants, and continuing to invest in the facilities available to pupils. Risks relating to child welfare. Health and safety risks. The need to continue to rècruit top quality staff remains a high priority. Key controls used by the charity include: Formal agendas for all committee. sub-committee and Board activity. Detailed terms of reference for Board committees and sub-committees. Comprehensive strategic planning. budgeting and management accounting. Established organisational structure and lines of reporting. Formal written policies. Clear aulhorisalion and approval levels, Vetting procedures as required by law for the protection of the vulnerable. Extemal financial risks, relating to changes to the VAT treatmenl of independent school fees and the removal of relief for busin8ss rates are expected to crystalise over the next yéar for the Trusl and the independenl sector as a whole. 11 is therefore particularly important for the Trust to manage its finances prudently to maintain an appropriate lev81 of surplus. enabling flexibility to miligale these risks whilst still ensuring inveslrnenl to support and fulfil our educational aims. Through the risk management processes established for the Trust, Ihe Trustees are satisfied that the major risks identified have been, and are being. adequately mitigated where necessary. 11 is recognised thal systems can only provlde reasonable bul not absolule assuranc8 that malor rlsks have been adequately managed. Charity Fundraislng The school has not made any fundraising appeals to the general public during ihe year, and is unlikely to do so in the future. There has b88n no outsourced fundraisin9 via professional fundraisers or other third parties. As a result the Charity is not registered with the fundraising regulalor and received no fundraising complaints in the year. Reserves Pollcy Th8 Trustees aim lo hold funds which are sufficient but not excessive in order to fund current operational requirements and future development. The Trustees are mindful of the need lo maintain a level of reserves whi¢h enables th8 organisalion to respond lo circumstances and mitigate risk, including ensuring compliance with the terms of the bank loans. The Trust has a reserves policy such that the Trusl aims to hold a minimum of £2m (cash balances) at all times. The value of cash and inveslments h81d at 31 July 2024 was £7.2m {2023. £4,4m). At the end of the year the Trust's total reserves were £18,868,637 (2023.. £17,658,616), including £17.814.174 (2023: £16,893,258) of unrestricted funds, £287.213 (2023.. £8,614) of restricted funds and £767,250 (2023-. £756,744) of endowment funds. The Trust's total reserves include £27,634,490 (2023.. £27,462.654) which could only be realised by disposing of tangible fixed assets.
LeicESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES the Strate FOR THE YEAR ENDED 31 JULY 2024 incor ratin icRe ort The Trustees remain confident that the Trust is able to meet its financial obligations as they fall due. as well as continuing to invest in the fabric of the buildings and the facilities and equipment required to provide an excellent education at the Trust's schools. The Trust holds significant cash reserves and continues to generate an annual surplus after meeting ils financial obligations and is forecast lo continue lo do so. The Trustees are confident, based on the Trust's sound financial position that the Trust Gan continue as a going concern. Paymont practlces The average number of days taken to make payments to the Trust's suppliers in the year was 29 {2023.. 30). The percentages of payments made within the year which were paid: within 30 days was 520/0 (2023.. 51%)., bets¥een 31 and 60 days was 430/0 (2023: 420/0)., and after 61 days or longer was 5/. (2023.. 7Q/o). The percentage ofpayments due within the reporting period which were not paid wilhin agreed terms was 12%12023: 130/0). Gonder pay gap reporting The Trust's gap for mean hourly rates of pay at 5 April 2024 was 10.7% (2023: 12.2Q/o) In favour of male employees. The median hourly pay gap at 5 April 2024 was 5.20/0 (2023= 9.00/0). The pay gap is impacted by the diversity of employed roles within th8 Trust and is kept under review on an annual basis. Communlcatlon Effective communication with employees Is of vital Importance and both Trustees and senior management provide inlormation to, and consult with, staff on matters that affect Ihem, including linancial matters. Environmental matters Carbon Report - UK Greenhouse gas emlssions and energy-uso data 2023124 2022123 Energy consumption used to Calculate emisslons (kwh) OGas Q Electricity 3,216,452 3,409,540 2,150,147 1,066.305 2,193,154 1,216,386 Scope 1 emissions in metric tonnes C02e Gas consumpllon (ned transport~ minl-buses 464.93 38.08 479.28 44.48 Total Scope 1 502.99 523.76 Scope 2 emissions in metric tonnes C02e Purchased electricity 206.20 235.22 Scope 3 emissions in metric tonnes C02e Business travel in employee owned vehicles was insignificant in the year. Total gross emissions in metric tonnes C028 709.19 758.98 Intensity ralio Tonnes C02e per pupil .47 0.50 We have followed Ihe 2019 HM Govemment Environrnenlal Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2022 UK Government'5 Conversion Factors for the Company Reporting. 10
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES Incor ratin the Strate FOR THE YEAR ENDED 31 JULY 2024 icRe ort The chosen intensity measurement ratio is total gross emissions in metric tonnes C02e per pupil, the recommended ratio for the sector. The Trust is committed to minimising the impact that its operations have on the environment and providing a safe environment for its staff and pupils. A pupil eco-group meets to suggest initiatives and the schools are ¢ons¢ious of ensuring the schools take a proactive view on environmental matters. Sub81dlary Company The Trust has a wholly own8d subsidiary company. LGS Enterprises Limited. Thls company undertakes commerclal activities in order to gen8rate funds lo gift to Leicester Grammar School Trust. Strategic Planning The Trust Development Plan was extended. owing to the pandemic, for a fourth year ending 31 July 2024 and affi'ms the main aims of the Trust as being- The L8IC8Ster Grammar School Trust seeks to be an inspirlng centre lor co-educational excellence in academic and personal development. within a Christian ethos. The schools select puplls for eniry in accordance with published admission procedures. The Trust remains commllted lo maintaining its position as a leading provider amongst coeducational day schools, Future Plannlng At the March 2024 strategy awayday, th8 2030 Vision for the Trust was reaffirmed by Trustees. Each of our schools wlll have.. Excellent academlc outcomes and co-curricular opportunities. Innovative teaching and learnlng SUPPOrted by a digital strategy. A forward-looking and slimulaling curriculum. An environmental focus with outstanding facilities. An internationall global outlook. Each of our schools wlll be: Financially secure and adequately flexible to invest in developing our pupils and staff. A community with clear ethos and values. A community where well-being is promoted. A community which prioritises public benefit and outreach. icesler Gramm r Scho In order to fulfil this mission, the school aims to.. Promote intellectual curiosity and academic excellence. Provide.a broad, balanced and stimulating curriculum. Offer a rich range of co-curricular opportunities which enhance pupils, physical, cultural and personal d8velopmenl. Equip pupils with the self-belief, consideration and skills required for a principled and fulfilling life.
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES incor oratln th Strate FOR THE YEAR ENDED 31 JULY 2024 icRe Create a happy and mutually-supportive community of learners and staff, in which each indlvidual Is encouraged and enabled to do and be their best. Care for the mental and emObal well-being of pupils, and be proactive in Ihe prOmotiC of a healthy lifestyle. Welcome pupils of diverse backgrounds and faiths. nurturing their social and spirilual deyelopmenl. Foster a generous contribution to charty. community service and society. Leicester Grammar Junior School.. In order to fulfil this mission, ihe school aims to- Promote intellectual cudosity and a Ilfelong love of leaming. Offer an extensive range of experiences which broaden the curriculum and develop the pupil. Create a stimulating. happy and supportive community where each pupil is allowed lo flourish. Care for the m8ntal and emotional well-being, promoting a heallhy lifestyle and nurturing self-esteem. Enable the moral and spirltual well-being of each pupil to grow and thrive. S Ston In order to fulfil this mission, the school aims to: Inspire int8118ctual curloslty and creativity. Provide a broad, balanced and stimulating currlculum and co<urrlcular programme. Enable pupils to achieve their academic and personal goals. Nurture self-esleem, well-being, and kindness within and beyond the s¢h¢)ol community. Equip our puplls as confident and proud global citizens who foster indusion, collaboration and charity across cultures. vision.. Th8 school communities within the Trust will thrive through th8 following strategic obiecliv8s 2024-27: Inspiring learning (Teaching, learning and allainment) Benefil from developments in technology and pedagogy which support or enhance teaching and learning. Grow expert. inquisitive and collaborative staff, whose teaching results in high levels of engagement and attainment. Stimulatlng curriculum (Curriculum and co-currlculum) Explore opportunitles to enhance the cU1¢Ulurn, so that it best prepares adaptable and ambrtious leamers. Ensure a broad and attractive cCurrICular programme, vthich supports pupils, holistic development Care and community (Pupils, well-being, support and guidance; staff prof8ssional development and well- being) Further develop strategies to equip and support all members of our community. Ensure the recruitment and professional d8velopmenl of hlghly valued, supported and caring staff. Appeal and outreach (Marketing, admissions. outreach, fundraising and communications) Ensure effeclive marketing of our family of schools. building further loyaty to our brand. Be an ethically and environmentally responsible member of our local, national and global communities. Environment and provision {Resources and facilities) Ensure adequate funding to refurbish and develop facilities accordlng to educational need and aspiration. Maintain sufficient flnanclal resource lo invest appropriatèly in people. equlpm8nl and opportunitles. 12
LEICESTER GRAMMAR SCHOOL TRUST REPORT OF THE BOARD OF TRUSTEES inco oratin the Strat FOR THE YEAR ENDED 31 JULY 2024 ieRe Trustees, Res onsibililies Statement The Trustees (who are also directors of Leicesler Grammar School for the purposes ol company lawl are responsible for preparing the Report ol the Board of TnJslees and the financial slalements In acGordance wilh applicable18w and regulalions. Company law requires the trustees to prepare financial slatemenls for each financial year. Under thal law the Iruslee5 have eleded to prepare the financial Slalements in accordance with United Kingdom Generally Accepted Accounling Pracll¢o Iunllèd Klngdom Accounling Standards and applicable lawl Including FRS 102, lh• Flnan¢lal Reportlng Standard applicable in the UK and Republic of Ireland. Under company law Ihe Iru51ees musl not approve the financial slalernents unless they are satisfied that they give a true and lair view of the stale of affairs of Ihe Charitable company and ol Ihe incoming resources and application of resources, including the income and expenditure, of the charitable company lor that period. In preparing these financial statements, the trustees are required lo: selecl suitable accounting pollcles and then apply them consist8nlly'. observe the methods and principles In the Charities SORP {FRS 102),. make jud9menls and accounting estimates that are reasonable and prudont., slate whether applicable UK Accounling Standards have been followed, subject to any material departures disclosed and explalned In the financlal stalemenls.. prepare the financial slalemenls on the golng concern basls unless it Is Inapproprialo lo presume Ihal Ihe charitable Company will continue in business. The Iruslees are responsible for keeping adequate accovnling records that are sufficient lo show and explain the charilable company's Iransacllons and dlsclose wllh reasonable accuracy at any Ilme Ihe flnan¢lal poslllon ol the company and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the charitable company and hence for taking reasonable steps for the prevention and del&ction of fraud and other I•gularItIes. The Iru8tee¥ confirm Ihal.. so far as each trustee Is aware. there is no relevant audlt Information of which the chafilable company's auditor is unaware. and the Iruslees have taken all the steps Ih81 they oughl to hav? taken as Iruslees in order lo make Ihems?Ives aware of any relevanl audit information and lo establish that Ihe ¢harilable company's aLtdilor is awar• of Ihal informallon. The trustees are responsible for the maintenance and inlegrity of the corporate and financial information included on the charitable company's webslle. Legislation in the United Kingdom governing the preparallon and dissemlnalion of rinancial statements may differ from legislation In other jurisdictions. Approved by the Board of Trustees ol Leicester Grammar School Trust on 9 Oecembef 2024, including thè Strategic Report contained therein, and signed on ils behalf by.. Mr S Gasztowicz Chairman ofTruslees 13
Leicester Grammar School Trust INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER GRAMMAR SCHOOL TRUST FOR THE YEAR ENDED 31 JULY 2024 Opinion We have audited the financial statements of Leicester Grammar School Trust {'the company'l for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Slalement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practs'ce). In our opinion the financial statements.. give a true and fair view ofthe state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2006. Ba$1$ for opinion We conducted our audit in accordance with International Standards on Auditing {UK> (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditor's Responsibiltties for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requiremenls thal are relevant to our audit of the financial slatements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is 5uffi¢ienl and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded thal Ihe trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work y have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability lo conlinue as a going concern for a period of at least trNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the truslees with respect to going concern are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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 infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the Course of the audit or othenfvise appears to be materially misstaled. If we identify such material inconsisten¢ies or apparent material misstalements, we are required to determine whether there is a material misstalement 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. 14
Leicester Grammar School Trust INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER GRAMMAR SCHOOL TRUST FOR THE YEAR ENDED 31 JULY 2024 We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the twstees, annual report for the financial year for which the financial statements are prepared Is consistent with the financial statements; and Ihe the trustees. annual report has been prepared in accofdance with applicable legal requirements. Matters on which we are required to report by èxception In the light of the n0edge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial stalements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not rnade., or V have not received all the information and explanations we require for our audit. Respon$ibillties of truste•s As explained more fully in the Iruslees, responsibilities statement set out on page 13, the trustees (who are also Ihe direclots of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view. and for such internal conlrol as the trustees determine is necessary to enable the preparation of financial statements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responslble for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accountin9 unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Audltorfs Responsibllities for tho audit of th• financial statomonts Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free Ifom 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 il exists. Misstatements can arise from fraud or error and are considered material if. individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalements. 15
Leicester Grammar School Trust INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER GRAMMAR SCHOOL TRUST FOR THE YEAR ENDED 31 JULY 2024 As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identfy and assess the risks of material misstatement of the financial statements, vthether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suiTi¢ienl and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulb'ng from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit In order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's inlernal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the Iwstees, use of the going concern basis of accounting and, based on the audrt evidence obtained. whether a material uncertainty exists related to events or Conditions that may cast significant doubl on the charitable company's ability lo continLLe as a going concern.11 we conclude that a material uncertainty exists. we are required lo draw attention in our auditor's report to the related disclosures in the financial statements or, rf such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report, However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we idents'fy during our audit. Explanation as to what extent th• audit was consldered capable of d•tectlng Irregularltles, including fraud Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line wrth our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud. are; to identify and assess the risks of material misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to Iraud, through designing and implementing appropriate responses to those assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit However, the primary responsibility for the prevention and delection of fraud rests with both management and those charged with govemance of the charitable company. 16
Leicester Grammar School Trust INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER GRAMMAR SCHOOL TRUST FOR THE YEAR ENDED 31 JULY 2024 Our approach was as followts: We obtained an understanding of the legal and regulatory requirements applicable to the charitsble company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP. and UK financial reporting standards as issued by the Financial Reporting Council We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of Ihe financial statements, including the risk of material misstatement due to fraud and how it might occur, by holdin9 discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and Ihose charged with governance and obtaining additlonal corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations Ihal are not closely related lo events and transactions reflected in the financial statements. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Us• ol 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 company's members those matters we are required to state to them in an audrtor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and ¢harilable company's members as a body, for our audit work, for this report, or for the opinions we have formed. LLe. Jonathan Aikens (Senior Statutory Auditor) 20 February 2025 for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor 9 Appold Street London EC2A 2AP 17
Leicester Grammar School Trust STATEMENT OF FINANCIAL ACTIVITIES {Includlng the Income and expendlture ststementl for the ear ended 31 Ju 2024 Vnrestrth(I I 0gnled nds RestAcled lundg endcwrnnl Total 2024 T4)t•l 2023 Notes INCOME FROM.. Ch•rftable AcllTAtI Schod fees Othw educational in(>JMe Othqf income Other actNitie8 In¥Mtm•nts Inve$lrrent Incorn Voluntsry Sources Grants and donatiorts 21,%5,025 1.471.865 21.36S,02S 1.471.065 19,880.278 1,29D.233 147.700 147,700 116.613 15.024 134,22 108.824 700 373,641 J74431 65,209 Tot•1 Inmrne •nd ¢ndowmM 23.103.895 373.841 15.624 23 493 260 21424.544 EXPENOITURE ON.. Ch•rtt•ble gcllvltl Schools oper•thS 22.208.814 95,042 24.003 22.32U,73• 19,809.527 Total •xpendllurn 22208814 9S,042 24 883 22 328 731 19 809.527 Net weratlnB In¢omdloxp¢ndltur¢l 895,181 278,599 19.2591 1.164.521 1,615.017 Nrt gainsllt08••$1 on InvewThxN• N•1 Ineom•ll•Mp•ndltur•l •nO net MovQnt In fund• 920.918 278,S99 10,S(K8 1.210,021 1,817.620 balan5 t(Duqhl Icry4•rd 16,893,258 8,614 756.744 17,6S8,616 16040988 Fund balIn uirbed ft>nvfd 18 17,814,174 287 213 787 250 17 6S8.818 st8lement of finanaal activ89 indud•3 all g8lns and knsses in the year and 8 $l•lent of1014 re¢ollniged ws 8nd tosses h•$ not been prepored. Alld lh• •bov• •mLtniA rallle to conllnulr#J qcilvlU•. Th• mp•nnq rtotes form part ol these fiiancial statem8nt¥. P4e18
Leicester Grammar School Trust BALANCE SHEET asa131 Ju 2024 2024 2023 FIXED ASSET$ TaNJlble 888e Inveslments 13 14 27,lJ4,41 27.482.864 720.249 875 26.128.S29 28,3S4,739 CURRENT ASSETS SI6 D•bl(¥s Cuh •1 b•nk ino h•rKI 7.782 1.142.121 6 757 811 1.254,633 3 978 922 1.107.704 5,239.138 cReDITORS.. Ajnounts f•lkng du• wilhiN y••r 16 14.06S,4491 13.642,6431 IieT CURRENT ASSETS 4.J42.335 1.$96.496 TOTAL ASSETS LESS CURRENT LIA81LfflE8 32,697.074 29,725.024 CRÉorroRS.. Amounts lallinA du• aft•r ffv• th•n yuf 17 113,821,437) 112,W.4081 NET ASSETS 18 808 637 17.658.616 FLINDS 247.213 17,114,174 717,350 8,614 16.193.266 7S6,744 18 18 Edty4m•ni lurnl 18 818,637 17.658,816 ApFwov•d •nd aulhMJ•d lor h•u8 by th• Bo•id 01TNil••• On 9 D•¢•mber ?1 ind Signed on Ih•lr b•h•Nby.' Mi S Gasztowkz ol the 8oDrd ofTNsl••B MJHoIY c• Ch•irrnan IFln•nd•ll ol Èolrd of Tr10•1 Ttt• accompanylng T1•8 p•rt ol th•1• flnlI swi•m•nw. Coftwny Numb•r. 01521751 Page 19
Leicester Grammar School Trust CASHFLOW STATEMENT for Ihe ear ended 31 Ju 2024 CASH FLOW STATÉMENT 2024 2023 Nei iThflN from operallng •Ll1¥e¥ 7,012,289 3,883,110 Ca$h Ilrths Irom Inves9 activits"es.' 88nk interest and investment incrn rettived PurchB5e c4 investnrnts ProreEds trom $ale in¥1(nIS Payrn8nts to acquire fixe¢J a$Stl# Proce$ from sale fixed as8ets 134.239 152.7861 38.214 11.488.504) 7.700 108.824 (7Q.4341 77.417 1196,3e21 Net CW lIN1W Irryn kn¥¢Jting adbV4ti8A 75 FinanurJ'. Loans repaid Interest wd 11.095.438) 1972.7J61 14,403,845) 11,099.0291 Net oJfflow from fmantsng •C¥its•S 5 $02 874 Incn•wlld•cr••B•l In c••h 2.7110.1151 12,420,339) Cagh and cash equNalenls al the t•ginnry ol Ihe repvting Feriod 3.976.922 6 397.Z61 Co •nd c•ih equiv•fenig •1 th• •nd of Ihe reportiry period .767.081 3 976.922 RECONCIUATION OF NET MOVEMENT IN FUNOS TO NET CASH FLOW FROM OPEIIATING ACTMTies 2024 2023 Rewulio0n of operntino I•tt to n•1 e41h Infithv fr4)m yeratiThJ activities Nel m0very¢ in fundl Glim M inveilm•rts 1,210,021 14S,SOOI 1,310.OB$ 1134,2391 972,735 4.080,273 1387.4881 1,817.628 12.6111 1,193.810 1108.8241 1,099.029 201,683 1144.7871 7,162 8ank inlweil and irnieJtn*ni Incomo reuiv•d Inleresi payatk Increase in ueditorn Ilncreas•l In deblorn Ilncre8seyDecr•asa in Atocka NET DEBT RECONCILLIATION At l August 2023 ¢Xh•r non. sh changes At 31 July 2024 C¥$hfl¢M$ Ch •t tr•nk •rd In hwd Bank fslllng due < 1 year Bank lalling due < 5 year5 88nk Ivan5 falling > S years 3,976,922 1,938,878 5.094.676 6,438,859 2,780,•59 8.76?.••1 1,211.779 8,213,ISS S,151.041 (727,0991 118,479 11.2B6.B181 P4e 20
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Jul 2024 1 COMPANY INFORMATION Lel¢esler GrnnYTrw Schoct Trn•t il • cryro4ny1Smbted ty 9u•rnnt¢¢4th ragi&lored nUfflr 01S21751, in(xJrpy•t•d •rKI dornirjled in Eng1 nd Wales. Il• r•g151¢r•d office 1$ LdOn Rogd, Greot Glen, Leic85ter. LE8 gFL. 2 ACCOUTING POLICIES 11 8ASIS OF PREPARATION The finaft¢ial statemenls hav8 been wepared in a¢A)rdan %%ith the Finanoal Rekwrnng Standard 8pplicable th Ihe UK and Reput4ic ol Ireland IFRS 102). The Chant8t4e cpanY is a publK Wèfi¢ entity fu the Wre9 of FRS 102 and therelore the Charity 81$0 kwared its finanrial $tawfwts in 8cc(xdance Ih the Siakment ol Recornrrended Pract£ appYKatle to tharrties yeparing Ihar accounts in accord8nce ith Ihe Finanryal RepNbng Standard appltstle In Ihe LIK aTrJ Reput41¢ ol Irelgnd (Tho FRS 102 Ch8ri1ias SORPI, the Comp8nieJ Acl 2006 and Ihe Chaftbes AU 2011. le19¢er Grammar Schcd TN91 rn18 th¢ definition of a publlc brnefit lj"ty under FIn8n> Rewlrvd Standard IFRSI 102. The finBnuol stoternenl• are prepw•d in stertlng, whith l• lh• hMtiOnal currency of Ihe cMdty. Mcnet•ry in th•M nn•rKial tht•m•ntg •r• mund•d to the negresi pound. I Iie5e DnanDoi stht8ff¢nty ar¢ y¢pareo on gn9 1>)M tXS5, unoer im ojsi ¢onv¢rf 0$ nwifiea Dy rev•uaiion u Invesimnts 8na In accordan with Ihe Compsnles Acl 2006 and 8ppliGqblE acccojrw 8tand8¥ds irs the United Kirt9d The principal ac¢4unbng poli¢14 have been applKd ¢onsistenUy Ihroughoul Ihe year. are set Olrt bdcvrf. 12 GOING CONCERN The ac£ounts have yepared rn a goirffj ¢on¢em b•sls. The LeaSter Grarmwr Schcol Trust Board rev¢e•rs the finanual inforrntim for the ¢h•rkn•e c4mp•ny •nd consider %thelher Ihe tharitgble ¢bmpany is 1 9tyng c¢n¢4m for a of ai 1•881 12 nKnlhs from th• d8te of 8pwoval of Ihe 4¢tbunt8. Aft rniklng en4uiiie¥. Ihe Iw$le¢$ h•ve a r•alon4 eXpectAtn th•t th• thBrtl•t4E c4ry•ny ha$ •deque r•sourrns 10 Mnilnu• in opornts'oml •xIBl•n lor lh• for•trat4? futum, A¢c¢rdlngly, ¢WlIn to 8dopl th• gtyng mnc•m basis in prepJnTrJ th• Anntsal R•port •nd Ac¢¢uni•. 13 COMPANY UMITED OY GuARANE Th¢ c4mp4ry is liffuled by guarBThtee. Ihe gv4r•n¢orn •t the prneni tsrne belng the Ywgtees, lo tha èxlent of £1 e&h. 14 FEES RECEIVABLE AND SIMILAR INCOME Fee# recer¥atle 8nd olher educaltyJn81 incorne ar• 8ctthrrt•d tr In Ihe pÈnepJ In Vthith th• aervlce Is provi¢l•d. F•eg recdv8ble 8re slaled aftèr duLing alk&Th¢•i, sth¢lrshlpx and othar gr8nled ty the athooj. F•e8 rttwv•d in •dVIn of edutthlion to be providad in future yaari under an Advanc• F•• P•yrrnnt• Schtrrn conts¥a •r• Induded In I1• •hher t4k•n to irK3JrTh7 in tho termthon umd w r•fvnd•d. 2.5 ANCILLARY AND NON.ANCILLARY TRADING INCOME Ancillary tradir¢g Incorne rewe$ents from adv108 to gww4le lund• wlhin th• ¢h•rflJt4• ¢bj•cl8 lor •x•ryle, thool r•f•ctory 1, C¢•8 to and fr¢m schot4 •nd school trips. Non-anoIry tr8dlng Incorne repreJent$ omunts from athibes not dlre¢fv relgled to Ihe Charitab objectJ. lor ex8rnpl8 letting¥ of school laci1th5. Inrne Irom Ihese adivilies is r8c4Jgnised in the 8tatThnl ol hmncial activilies then the gocth are $oJd or 8eTrlc$ wjvided. 2.6 GRANTS AND DONATIONS Voluntary incoming resources are I0nIed for a$ and ¢m•Mnt ariBei, Ihe arr•Junt G8n raliably be wwnufted gnd lh• econoryK bEnefil ia nldered wob•bl•. 2.7 FUND ACCOUNTINO Endv•Krent fund¥ Ire iubl•¢l lo •p•4fK Mnd1t+c• by dor1 thAI th• must b• m•bnI•ln ty Ih• ch•rty. EndtywMni fund• ar• furnr OudIVId•1 Inlo perrn•Thenl 8fid •xynrlBt, vhw• by the lenns ol Ihe Iru$l. Re3trkted funds ar $ubjed to sp•tsf¢ c4ndrtioni by dontys as IL) they rmy Th? purpxeg and vues of lh• f•sthekni fund$ •r• i•¢ In lh• notes Io the finanaal stal8ftnts. UnrestrKted ore •vaIlae for ue at the diacreticfi of the tmsteeJ in lurthEr#nc• ol Ihv general objeEtN•$ of th• ch•rty •rO h•¥e not teen designated lor other pu. 2.8 EXPENDITURE Expenditvr• is •llacat8d lo expenje he4dinqJ, which aggreoait all r1n0 Ih? •ither on a dif•c¢ c1 b••lo, or •pp>tiw•d •c¢uding lo lirne Bponl. Tho irrec0vw• d•ftwni ol VAT is Included I1h Iha rt•m ol expense lowhk il rdsle•. Govern•nGe roais Mrnprts* the c4sts ol running the Trus( Iuding strat•glc planning for it¥ lulur• dEvekwTMt, eMaI •udll. and •ll olher costs ol omptying wih mns1itulional and stalulL¥y rryulrerrent Pao• 21
Leicester Grammar School Trust
NOTES TO THE ACCOUNTS
for the
ear ended 31 Jul 2024
2.9 FIXED ASSETS AND DEPRECIATION
In ac¢(Y#an ilh Seth"on 35.10 Idl of FRSIOZ, Lace5t8r Grarnrnar Sthcd has dected to use the ¢artyng ¥aK of aAy of the above fhold land and
builairvds pr•vlously c4thed al • lU•ll0n. Iheir doe cost •t the d)t QrtrnnJ[oTh lo FR8102. 1 Auguii 2014.
Tangible fixed ass&ls are statad at ujsl less de&Yecwt)n.
Where langit4e fixed 888ets have b88n acqured ilh the aid ol specific grants thty are in¢luthd in the bolar sheet at cut 8nd deprerjaled over t.1
expaded useful econoTrlc lif8. The related grnnls are credit•d * re51rthd fixed ¥¥i•t fund (ln Ihè stsiémoni of ffinandl adiwbÈS and c•rried loM&rd m th•
balanr£ sheell. Thè deprwalion such 888ets is tharged in the slaternent of fln•ncial activilies over th¢ xpd uslvl etwo¢ Nl ot th• rel•ied •¥ut
on a bgws con5iStenti¢h ¢he de¥00n
oepreck1ift 1$ provided •t roles uknlaled towrite oll lh8 cost. le83 e5tlmatqd re$idu•l vdue cf e•th •Met based M frrent mtht priri, over it> expeded
lu1 lif•, •$ le41tt".
Freehold land
Ffeehold building$
Cmttrs ond equilmnt
Fixiures and fbltinol
. NrA depreeiaied
. 2% 10 20% per annum on cosl
. 25% M cost
. 12.5% tts 33% ¢Jn Mst
L¢lc4•l•r Gr8rMwr s¢1 Tru8t judgernent In s•ledkJn of •pprow•M r•iei f¢ dYed•tic of nxed aM•ts, and lor ftNt•rs ol Iftwimt.
110 INVESTMENTS
Fixed a5M¢ Inveslmenis •f¢ • ftym d financlal itruThnI and are Inlll81ty recogni5ed 8t their transac¢hin casi and subsoqutrnty m&a8urnd at mthet vafuo a¢
the 881onc• Sh••1 dal•. unlt¥¥ rywrkel v•lLK wnot be m•4syrnd rellabty In %which c•w is meqauled ot Cost l•M inp8irrnenl.
Unrealisefj 9gin$ and ISeS ari3 th• rv48luation ol irweknn¢s •re ry•diied or ch•ryed 10 the Ststonwni of FanoI A¢ and ore •110¢ole
Leicester Grammar School Trust
NOTES TO THE ACCOUNTS
for the
ear ended 31 Ju
2024
2.1S FINANQAL INSTRUMENTS
The c#)mpany has e18Cted to apply the prtyisths of Section 11 '8avic Finanoal In8vumeThts' and Seth.£ 12'01her Fin8ncial Instrurnents Issues, ol FRS 102
lo au of ils fm•ficlal In$trunwts. Financjal instsunwnt5 arè reLvJnised ITh the cfynpany'$ balan sheet then the conwany beMe9 paty lo the contractual
provi5 of the 1Th51FUfftt. Flnandal asset$ and liablities are offset, with the net aLnIS presented in the finanrJal swements. vlhen thw¢ 1$ a legalty
enfc¢44t4e rfght to 181 all the recoanl¥•d •nvJunt• and th¥e is an Intenkn to s¢tMe • nal ¢x to realiw the Bsset and ihE lthbll
wtt•neou$ty.
Wth the eXptIOnS of prÈpayments and dafarfed i11)M all Olher dobtor and treditcr )alances are t£rfklered to be finandal Instruments under FRS
102. Gwen Ihe School cffity have ba$finanCl instruwits rt 1$ sIdered necessary lo disdose these separatety in the finantAal stateffolts.
2.16 EMPLOYEE BENEHTS
Th¢ o)Jts of shul-lerm benefils •r• rncagnl••d M 8 l•blllty •nd •xp8nM.
2.17 FOAeiGI4 CURRENCY TRANSLATION
The chantys ve9enlath cJJThenLy is Ptyjnds Sterfthg. Trnns•¢bMi occurring in 1¢yn vjrrency 1hroughl the y•4r hav• be•n trnnslot•d u¥rtg publ1
avwLqtde average exthange rates.
moltsry assels and SAbditie$ are denominated Irs loreigTh tJJryerK4es #f• translated into s¢•rfiw •t the rntes olexehAnge ruling at the b818nce 8heel date. All
lorthon currency differencu ar rttooniseo irt •wnditure,
3 KEY ESTIMATÉS& JUDGEMENTS
In the gpplit4lion of •¢Muntlng poliuai, the truil••J r•qulr•d lo rn0 juYJg•m•nti, Mtlm•t•s •nd •Jaumpdans Ibaut Iha Carng alrn1 of •si•l•
8nd liabili'•s thBt aw no¢ rendity appbrenl Irom olher sour. The •stsmBt•g 8nd •J¥unWoni •re bBed M .0¢1 exp•rt•rt• ond other
th81 a cfjnsidered lo t• relevant. Aclual re¥utt8 moy drffer from these estimates.
Th• •styn•tei •nd trnde9 oswftylths are rovi•w•d an an
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Ju 2024 4 FEE INCOME Tha 5chcd's $r¢ rned out lh• UK. Th¢ sch4,$ foe inmme c4xnFMsed.. 2024 2023 Gross fees Lass.. Oi8coun15, Schd8rships and bUrig 2J.176.103 11011.0781 21,429.143 11,488.e651 Totsl bursaries and 4ward$ Leice#er Gramftwr Schcd Trust makes award810 indiwdual families to pport s¢hoolino 21.36S.02S 19,960.278 ZOZ4 2023 Fr<>rn Unretrlct•d Fund•'. Buwries Scholqrshps 8nd Other nIS 811,443 112.396 735.406 gD,7n 633 682 1.811.078 1 468.8SS All f•• income Is Lmrestdcled. 6 OTHER ÉDUCATIONAL INCOME 2024 2023 Elrns •nddtsbwsemenlJ.' Cjnleen rttelpts. lyJ$ lar•3 •nd •ft•r •¢hoc4 ur• Svndry incorne 1.143,9 327,878 96P,318 320,817 147186S 1 290 233 All other •du110nl InrM• i• unr•itrid•d. 6 OTHER INCOME X24 2023 Insur8nc daim Profil on dl•p)1o1olfix •wls 140,000 7,700 147 700 7 INVESTMENT IP4COME 2014 2023 Inlprelt rKthv•d ard oU)•r InvMlm•nl Inc4Th 134,239 108,824 108,824 Indud•d wllhln tm •b)ve IB An amount 01 £15.62412023.. £15,934) whKh r•thl•• to •ndtrment inw*. All Qlh•r Inv••kn•ni in¢om• IJ unr•1vi•o. 8 DONATIONS AND GRANTS 2024 2023 Donat8 and gTh¥ trom LGS Erterpdsp Olher donalbns Y.177 58,458 6,751 Induded within th• ab)v• 1$ •n •mount of £373,64112023' £62.2091 ¥thkh rdale¥ to re51ricled inrLrn. All other donal1 and prant is unr•slrici•J. Pw24
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Jul 2024 9 EXPENDITURE Chaiitable eJ¢pendltu Stsff costs Inote 101 Total 2024 other Oepretiation Teathing Wetfare Piernises and Estste8 AdJThnL%trati¢)n and govemance 11.137.887 1,032.861 466,881 1 804.368 3,640,990 685,987 1,400,606 1,015,429 94,166 42,566 16,794,1Q8 1.813,014 1,910,053 2 811,588 Tot•1 Ch4rtt•bl• Expendltur• 14441 797 6 570 276 1316 666 22 326 739 Totsl Exp•nd•d 14.441797 6.570 278 1,316,688 12.328.739 IndL¥Jed vAthin lea¢hing Clts is an amni Lrf£85,04212023'. £65.7341 relatlng w restyKted expeTrSrture. Ch•rftabl• oKp•ndllur• Stsff cn8ts (note 10 Total 2023 Olhor Dwec4atSon Teaching Welfare Prerni5e¥ and Estaies Adfftnistraticfi and gov•m•ne 10.045,631 821,993 470.002 1 349 091 3,285,620 619,033 1,263,903 945,290 77,350 44,227 126.943 14.278.541 1.518.376 1,778,132 2.238 478 Tot•1 Ch4rftAbl• Expertdllurn 12886717 5 929 000 1 193810 19 809 527 Totsl EXPd•d 12 686,717 5 029 000 1193.810 19.809.527 other Governan¢• C•J•¢• Includ•d wtthlTh Adrnlnl¥tr8tlon C05ts.' 2024 2023 Audrtors. r•rNnerat . Audil Fee$ . Other Audllors renwn•r•tK Legal and Profes8h)nal Fe 16,JOO 4,700 21,000 14,750 4.450 19200 2024 2023 Admlnlstrnilon Stsff coJt8 IT suprrt •nd leo$? co$tg Poslage. st8lbnery snd Idethors Depreuation L•wl and Profess91 Fees Olher Adrninislralion Costs 1,804,36B 313.939 213.913 164,505 157,884 lJ6.957 1,349.091 283,352 198,688 126.943 123.559 135,647 2 790 066 2 217,278 NETIMCOME FOR ThE YEAR 2024 2023 Nel in02me is stated after charging.. DwreDation oi knryJitrAe fixed Loan Inierest Oper•trrvJ l*•w rnnl•ls- oth•r 1,318,688 972,755 48,631 1,193.810 1,099.029 47,801 Page 25
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Jul 2024 10 STAFF COSTS 2024 2023 Wages and &818ri8S Soul security C4)$15 Olhw cosls 11,216,113 1.104.367 2.121.297 9,915.109 999,935 1,771,593 14 441797 12686717 Wages •nd 8alaries indudes £25,00012023.. £Nill in rel•lton to terrinalion pay7T#ts de in thal. Th• a¥erng• nunthr cl •rnpJoye•• dudng th• y••r wai a• I1•.. 2024 No. 170 130 2023 No. Teaching Offic and noTrlo•thing 81aff 121 Joo 282 Th• numt4r of •Ww••• amolurnenll •nTrxnt•d to ov•r £60.000 In the ye•r wai 3024 2023 £80.000- t70.OCQ t70,001- £80,000 £80,001 - £90,0 e130.001 £140,000 £140.001 £150.000 e170.001 EI80,000 t180.001- tI90,000 P•nkn Ccffjlribffj1 for th• y•w amount•d 10 £286.22012023.' t181.$181 kf th• •nWoy•••. Key rnnagemni con11 ol lh• genmy mftAqemeM •m. Durtng the year, tha tolal ernployee beneflta lindudirfj panon and Emknr NAik2n conlribkrtionsl tot8nod Èl,110,11212023.. £1,010,697) 11 TRUSTEES ReMuNERATION AND 8ENEFITS Therere no TNsle•s' rernunerats'cffj, •xpendlture rrimbJrJernenl tyother benefils lu thè yearended 31 Jufyf 2024 lor Ihe year ended 31 Juty 2023. 12 PENS10145 Th¢ Schojl parbapales In the Te•cher¥' SGheTrr Clhe TPS'I fc¢ Ils l••¢hlng stam. Th¢ p¢nJbn c8rge for lh• year Indudm ¢LwldtrAJIIw• plyaV to e TPS al £1.863.81412023.. t1.634,56318ThJ at the yeaiend £187,85912023. £137,680) was accrued in rtrwec¢ ol MnInlIOnS to thls schornt. TPS is an unfvnded multsomther defined benefits pen5ioTh gDvemed by The Teachers. Pensk>ns Regu18tkns 2010 las arneTrJedl and The To4th•rn' P•n¥cn Schern? Regul•llon& 2014 18$ arNnd•dl. Meer8 wnlribjle on * 'pay you go. ba818 %%ith wThlribulionB Irom rnerrlxr •nd th• •nwlLyer bvlng crediled lo the Extherjuer. R¢iiremeni •nd olher pensth benefrts are paid by wblic funds wovided by Parflament. Tlk• ernOyer cortiributbn fate is set by the Secrelary State IdSying sche ¥alu8lion$ undert2ken ty the Governnt Acluarfs 08P8rlrnent. The most recwrt actU8rial ¥alua'on ol the TPS wai •• •t J1 March 2020 and ihe vètIon Rerth w88 PUt4ished in Oaoter 2023, Fc4w"rJ Ihe Mcckwd judgemen( the rerrndy wopowl th•t when tenEfil¥ bErorne ts•¥¢, eliglblE nfrnters GW ¥eleEt lo rfftivv Ihem trorn dlhw Ih• re1cml or leBacy stherrw for the penod 1 April 2015 to 31 March 2022. The 8Ctuaries hwve assumed th81 menthrs are likety to chcose the option Ihat pro¥Se5 Ihemwith the greater b¢rfrt$, and in prepjnno 2020 valuabon has valuad IhÈ'grealer value, betwfts lor groups of relevarst mÈtrers. The err¢4oy•r cffjributkJTh rale for tho TPS li 28.6%, arKI P10 •re al required ts ply * ¥chvrnv le¥y ol o.oe% 9Sving • tol•l employw ntribjtion rale of 28.68%. Th• Trusi c4nirilwleJ to a defined c¥)niriiwlion p•Mion 8chenyJ for noTrto4thing 81aff. Th• p•nsie• for th• ye4r indudes tyJniributimi pBy4ble lo Stanthrd LW• 01 £159.098 IX*23.. £137,030) and al the year •nd £1J.79812023.. £11.7871 wai •rLrued ITh respect ol c4Jn1rillQnI lo thib lchoffle. Page
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear end8d 31 Jul 2024 13 TANGI8Le FIXED ASSETS Furniture, FIMtyS & Flttlno• Comp¢ Freehold Land a 8ulldlng• E4ulpm•nt Totsl Al 1 Augusl 2023 Addit#3 Oi$Fwls 37,(7,890 737,966 2,074,21S 49S,112 1378.0341 1.432,652 255,426 1185.182) 40,674,757 1.488,504 1663,2161 At 31 Juty 2024 37 805 858 2 191 293 1 502 B96 41 600 046 At 1 August 2023 Charge for year DiiFrf)s•ls 10.431,146 886.953 1,658,281 231,907 1278,0341 1.a24.S96 197.807 1165,1811 13.112.103 1.316.667 1663,2161 Al 31 July 2024 11 318099 1 510 134 1 037 322 1J865666 Net t¢)ol( v8lua.' At 31 July 2024 26.487 757 681159 485,$74 27 634 490 At l Auqu$t 2023 26 636 744 407 956 All oJ••ts 4r• u8ed l( ch•tit•14• tyrpo. 14 INVESTMENT5 Shof¢S group urlertakin95 Lis18d InvestnI Property 2024 2023 Costfvaluaiion At 1 Augusl 2023 385,874 52.788 148.741 50.329 280.000 666.47S 62.786 140,7411 SO,329 e70,247 70,434 178.9891 4,183 G8insllLos&e$l arl&lng frryn wLweThnl• in valualions Coihf4hJ•Uon At 31 Juty 2024 UK fix•0 Int•rMt UK Inlern•liorwl •quhl•• Propety her in¥eslrnent¥ 34,7S4 73,77S 304,043 7,328 20,3SQ 34,764 73.776 304,043 287,326 20,350 85,148 70,180 208,336 287.jsg 34.851 280,000 720 685 875 Inve¥lrTrnt 94lns $hovm th¢ 5tgtemnl cl Finnaal Activibo 01 É45.SOJ12023". £2.6111 indudv unrrdised galns on Investyixnls of ESO,32912023.' £4.1B31 and r•ahBed103ses on in¥e¥lrnEnt of £4,82912023.' £1,571. Lti(XSler Gramftwr Schr4 TNst owns 100% of the ordinary share raFitBI of LGS EnttyrFaes Ltd Iregi¥tered number. C641972618 company registered in England and Wales wpth • registered Off ol Leicester Gr8TrThr sch4, Lefidon Road, Great Gl&n, Lthc4si•r. LE8 9FL. Tt wnapal 8cti¥Aties ol LGS EntenSeS Lld are the hiring out DI the SthLK4 lacililie$ and Ihe running ol the calè. M Is intended Ihat wofrts mBde by the rjrnny ¥%ill be donoi•d 10 th• Un11 raquirad the lurthefanc• of LGS Enterp Lld'i i>wn tr•dlng aCtivth•A. For Ihe year ended 31 thjty 2024 LGS Ente$¢5 LtJ nwde a donation of £94.B7712D23.. tS8,4581 had caprtal and reJeNs of £51.24712023.' £55,911). The Trustee5 provided an initkil working capl81 loan to LGS Entwpnw Ltd to cover esaential set-tup c4st$ and have athancd a lurther k>Bn lo finanrx the con5twciw of the rafé. Loans are seajred the assets ol that c¢rnpBny 8nd inlerpyt 15 rhBrged al 6%. The Twslees have miewed the flnanraal foreca51 ol the company lor lunher years and are $81isfd thai il is a goino ncern and th81 il is expected lo generale a profil beftyfr don•.• dunng 2024125 and Ihereoftw. CoThBolidat8d accoun18 have not pr•yred on Ihe gffjund• of rn•ty. Paqt 27
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Jul 2024 14 INVESTMENTS l¢ontinuedl Inv•stm•nt pn>pwty 2074 2023 Valuat at 1 August 2023 280,000 280.OC¥) V4lu•tlon •t 31 Juty 2024 280 000 Investnnl proFerties COnSiSt of the LoagelGalehou5e pffjpty ai LGS Sionpygaie heKI f¢r in¥e¥lrTEnl purppges ond whith a not Used in the Twst's riml actirt, primarity a reSlenti hause Is let out on the open rrrket. Leicesler GranThar Schoc4 Tnjsl is resp)n5ible fcf improvewEnt5 and rnBinten8nr of Ihe p¥opertiP5. A fornol ol the propwty was w•parqd by Mr Rirkn4rd Ch¢s¢ertcn ol Fall a$ 22 F8uary 2022. Th• Trustees hove •nd greed lh8 valuation of the woFety in 2024. 10 DEBTORS 2024 2023 765,797 468,974 417.350 456.096 468,073 329.e62 PrePy18 and ajed inGorn• Amcrtthi due fr¢mgroup Undert¥'n9 16 CREDITORS Arnounis l•lling du• %lthln on• y•ar'. 2024 Loani Trade ¢redll T8xqlion and #Lwl tAXt Fèe DepJ3rt5 Fees in adv• Olhei uedilorn AccNals ond defwred Inwn 1.211,779 611.973 2Y4.S18 32,100 1.064,037 576,663 294,679 1,938.878 S13,184 2SS.044 37,800 164.721 483.679 249.337 F•• ty•p•yrnni Kh•rrn du thin year. 2024 2023 8roL4hl 1oMafd• Rele88¢0 In •1 Recaved in ar 164,721 1164,7111 1,064.837 91.831 191.8311 184.721 Corri•d lorwardi 1064 837 164721 17 CREDITORS AFTER ONE Y&4R 2024 2023 Amounil f•lllng du• •ft•r more Ihan onè yw. 8aThk k>8n Sthr¢4 fee depog F••8 in •th• 10.364.996 431. J,OJ2.0gJ 11,533,335 421,800 111,273 13 028 437 12066408 2024 2023 Loans due In.. In e yearw less Beh¥een one and h¥0 years 88h¥eefi and five years AfterfNe ye8rs 1,211,779 1,28t.572 3.931.SB3 6,151,841 1,938,878 1,Z45.112 3,849.564 6,438,659 11 576.775 13 472.213 Page 28
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Ju 2024 17 CREDITORS DUE AFTER ONE YEAR l¢onilnuedl Th• TNSI Ihrve bank loarts se¢ureJ W o det4ntur8 over the 8sa•t8 of Ihe charty. The cfiginal 1% payatyle in equal quarterfy in$¢alments. Inieresllg yalkn at 7.77% until January 2025 and thertAfter at a SONIA plus 2.SS4A. The loan 18 payble in rTrJnihi¥ in#i•lrnnis. Inler•it li pay•bl• al nk b8$e rate plus 2.95%. The Ihird loan token out under ts Coronavirui 8ugness Inlerruptlon Loan schema IC81Lsl ¢r$ 201&20. Interest is paysble 4t bank base rate F4Lk4 2.34%. The CBILS ljgn was lulty repahl durmg Ihe year. Fees in advance after Me year. Broughl foAw8rd& Relegmd in the y••r R•c4v•d In y••r 111.273 111273 3 032 093 111 273 Parent• rn8y enter inlo èn •grteftnt to p•y Ihe 9cW a nurnber ol years luillcfi le in atha8. The rnonty rnay bo rebJmthJ wty'•¢t tts cldI¢n$ on lh• r•¢•lpl y one lenn's notice. Assunung puwl¥ 11 rvrmin in sd)oc4. adv¥n le wlll b• rel¢Aied as Ihey l•ll due. 18 STATEMENT OF FUNDS At 1 Augu8121)23 Galnw At JI Juty 2024 Incomo Expendltur• Unrnstncted lund•.' General reseNe 16,893,25 23,103,995 122,208,814) 2S,735 17,B14,174 Re91itled funds.. V5trnent¥ Chap•J Fund Neville Hill Travel Fur1 Olh¢r srMII piize •Jnd& J Drury Bur9ary Fund 8ur$8ry éonaion8 SiFvJing Prize St NKhc485 Hall aGouiti¢ lundrniser G¢nef•l Bufsafies Fund 61 205 4.094 2,904 20S 4,094 2.739 14,000 250,000 650 15.464 11851 14,0 250,000 650 700 14.784 94,877 194,8771 Totd ¥ethc¢•d 8,614 373,641 195,0421 287,213 End¢rt¢ 8ursary funds.. Edward Srnith Fund Mrn M E Srnilh Fund 26.751 11,428 4,574 10,000 41,476 10.000 18.000 800,000 32,a74 351 1,405 91 200 588 200 380 12,000 431 (2,957) 11,4051 5,563 29,708 11,428 4,574 10,000 45,391 10,000 18.000 600,ODD 36,$08 1,641 Jp Mort lund Hon Lady A Brook$ edith MUhY Foundalion John Hwginbotham Fund T•lml Tnllium Ftsnd Margaret Float Travel Fund r9•rel Fthl Trw•l Cmh 12001 14,0381 120DI 13801 112,0001 13,8341 7,365 6,837 Tot* 756,744 15.624 IZ4,8831 19,76S 767,250 Totlll fvnds 17,658,616 23,493,260 122,328,739) 4S,500 18,888.837 Page 29
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Jul 2024 10 STATEMENT OF FUNDS (Continuedl At l Auoust 2022 Gain At 31 Juty 2023 Ilgs¥esl Incorn• Exp•NJrture Une4 fund$'. General see 15,272.787 21,346,401 119,728.7331 2,803 16,893,258 Restrthd lund•'. Vestsnonls Chwl Fund e¥ille HaH Travet Fund Olher small pri2e hJnd5 Sirwinll Pnze LGJS Friend$ Sl Hall xoustic fundra15 General Bursarias FurKI 61 20S 4.084 7.279 500 81 20S 4.094 2,904 $50 14.3751 2,791 7¢)0 S8,568 12,7911 7C4) ISB.568 Tolal r¢Jthrted 12,139 82,209 165,7341 6.614 BurnAry fvrtd8'. Edw•rd Smith Fund Mrs M E Smith Funo Parent d(knalioTh 8ishop Mc¢t •Jnd The La A 8wooki edllh Murphy Foundaii John HigyinbolhEm Fund Telereal Tnllium FU Margaret F1081 Travd Fund M•rg•r•i FI1 Tra¥d C••h 28.589 11.428 4.574 10.000 41.222 10.000 1e.000 600,000 32,638 438 1,405 91 200 701 200 360 12.000 539 11921 11,4051 1541 28,7SI 11.428 4.574 10,000 41.478 10,000 18.000 800.000 32,B74 1.641 2001 13751 12001 13801 112.0001 12361 1721 ien Total endu•4n 756,063 15,934 115,0601 1192 756,744 Total lund 18.040.988 21,424,544 119,808,527) 2,811 17,859.816 ReilrKle¢lfvnds EndcrtVn1 8urn•ry lund •re vit•t4i•hed 10 prowd• m•ans ts•t•d r$¥ fund• to •Tr•tl• puplla to amand th• Jrhocl who vnld not b• to. Other Ift1 pnze lur4ls coryrisa 11 indivldual luThJ8, V4hich are esta15hed 10 prov¢de a xoc4 prize. •nnualty, Dut ¢1 incomtt. Gener81 burn¥ry supptyl lor i• provldod ty th• T•l•r••l Tdlllum Fufvj.. TM Hoft Lady A"BrDDki lund.. MM M e Srnilh Fund.. Edllh Murphy Foundation •nd ¢JoMtloni. Speoftc bursary supwt fcr wpils 1$ kyovthd ty th• Eolwrd Smrth Funo (pults •pplw"n9 to year 7).. &"shop Fsjnd (pupil h•rdshipl.' John Haglnboih4rn Fund (Music lullionl.. •ra Morgaret Float Travel Fundlcash laUpF1n9 iixlh form derS). P*3e 30
Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Ju 2024 19 ANALYSIS OF NET ASSETS 8ETWEEM FUNDS Unffied hjfids 2024 Total lunds nd Tangle fixed •sge¢s In¥é&tmBnls Current &SS¢ts Current liats"IIVeg Long term IKats'lrtSes 27,634.490 112,121 7,461,448 14.085,4491 113.828,437) 27,634.490 720,249 B,407,744 14.066,4491 113.828.4371 108,128 659.122 287.213 Total nel assets 17814174 287213 767 250 18 868 637 Unr•Jtricted fvnd$ Reslrict•d nd• End111 nd 2023 T¢Ji•l Tangibl• fix•d •g1•ts Investm8nts Current a$s¢ts Current liab-lilies Long lemi lk9ts.bti 27.462,854 565,648 4,574.007 13,642,643) 112,066,408) 27887,654 865,878 &239.138 13,642,643> 112.066,4081 100,227 6%.517 8.614 16893256 20 COMMITMENTS UNDER OPERATIIIG LEASES At 31 Juty 2024. Ihe ¢ompony ha(J OLrtstsnding comndtwnls lorfulurt rninin¥Jm le•9e p8ynnts under nonvcanc4ltaL4e oprnting lea¥e¥, wlth lall due a$ foll5.. 2024 2023 LXJ• wtthln one yaar thje b•h¥ttn and flve year• e after rThir• Ih•n n¥• y••ryJ 71,1S1 27.075 65,072 79.J39 23,201 71.105 173725 21 RELATED PARTIES Th•r• w•r• no rnl•¢•d p•ty lrnThudon• durtno lh• y•4r12023'. fionel 22 TAXATIOM The TnJ$l bs a registered tharity and ih•refor• no li8tility to t&¥•lJ"¢n artses on Its chantaPle 4dvitle$. 23 SPIARE CAPITAL The c4rnpwry li li11d by qu•r•ni•e Ind lo•• not h•ve any Ahlrn G•pilal. li• olth• rNmt4r• olth• TnJ* i• I'ffit•d lo £1 ••th. P•go JI