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 #135 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 (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 ￿n0￿edge 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 0￿gn￿led 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•th￿S 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 Mov￿Qnt In fund• 920.918 278,S99 10,S(K8 1.210,021 1,817.620 balan￿￿5 t(Duqhl Icry4•rd 16,893,258 8,614 756.744 17,6S8,616 16040988 Fund balIn￿￿ uirbed ft>nv*fd 18 17,814,174 287 213 787 250 17 6S8.818 st8lement of finanaal activ￿89 indud•3 all g8lns and knsses in the year and 8 $l•le￿nt of1014 re¢ollniged ws 8nd tosses h•$ not been prepored. Alld lh• •bov• •mLtniA rallle to conllnulr#J qcilvlU•*. Th• ￿￿mp•n￿nq 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 SI￿￿6 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.$96.496 TOTAL ASSETS LESS CURRENT LIA81LfflE8 32,697.074 29,725.024 CRÉorroRS.. Amounts lallinA du• aft•r ffv• th•n yuf 17 113,821,437) 112,W.4081 NET ASSETS 18 808 637 17.658.616 FLINDS 247.213 17,114,174 717,350 8,614 16.193.266 7S6,744 18 18 E*dty4m•ni lurnl 18 818,637 17.658,816 ApFwov•d •nd aulhMJ•d lor h•u8 by th• Bo•id 01TNil••• On 9 D•¢•mber ?￿1 ind Signed on Ih•lr b•h•Nby.' Mi S Gasztowkz ol the 8oDrd ofTNsl••B *MJHoI￿Y c• Ch•irrnan IFln•nd•ll ol Èolrd of Tr￿10•1 Ttt• accompanylng T￿1•8 p•rt ol th•1• fl￿n￿lI swi•m•nw. Coftwny Numb•r. 01521751 Page 19 Leicester Grammar School Trust CASHFLOW STATEMENT for Ihe ear ended 31 Ju 2024 CASH FLOW STATÉMENT 2024 2023 Nei iThflN from operallng •Ll1¥￿e¥ 7,012,289 3,883,110 Ca$h Ilrths Irom Inves￿￿9 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 Finanur*J'. Loans repaid Interest wd 11.095.438) 1972.7J61 14,403,845) 11,099.0291 Net oJfflow from fmantsng •C*¥its•S 5 $02 874 Incn•wlld•cr••B•l In c••h 2.7110.1151 12,420,339) Cagh and cash equNalenls al the t•ginnry ol Ihe repvting Feriod 3.976.922 6 397.Z61 Co￿ •nd c•ih equiv•fenig •1 th• •nd of Ihe reportiry period .767.081 3 976.922 RECONCIUATION OF NET MOVEMENT IN FUNOS TO NET CASH FLOW FROM OPEIIATING ACTMTies 2024 2023 Rewulio￿0n of operntino I•￿tt to n•1 e41h Infithv fr4)m yeratiThJ activities Nel m0very￿¢ in fundl Glim M inveilm•rts 1,210,021 14S,SOOI 1,310.OB$ 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¥$hfl¢M$ C￿h •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 nUffl￿r 01S21751, in(xJrpy•t•d •rKI dornirjled in Eng￿1￿ *nd Wales. Il• r•g151¢r•d office 1$ L￿dOn 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 c￿panY is a publK Wèfi¢ entity fu the Wr￿￿e9 of FRS 102 and therelore the Charity 81$0 kwared its finanrial $tawfwts in 8cc(xdance Ih the Siakment ol Recornrrended Pract￿£ appYKatle to tharrties yeparing Ihar accounts in accord8nce *ith Ihe Finanryal RepNbng Standard appltstle In Ihe LIK aTrJ Reput41¢ ol Irelgnd (Tho FRS 102 Ch8ri1ias SORPI, the Comp8nieJ Acl 2006 and Ihe Chaftbes AU 2011. le1￿9¢er Grammar Schcd TN91 rn￿18 th¢ definition of a publlc brnefit ￿lj"ty under FIn8n>￿ Rewlrvd Standard IFRSI 102. The finBnuol stoternenl• are prepw•d in stertlng, whith l• lh• hM￿tiOnal currency of Ihe cMdty. Mcnet•ry in th•M nn•rKial tht•m•ntg •r• mund•d to the negresi pound. I Iie5e DnanDoi stht8ff¢nty ar¢ y¢pareo on g￿n9 1>)￿*M tXS5, unoer im ojsi ¢onv¢rf￿ 0$ 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 Le￿aSter 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￿* eXpectAt￿n th•t th• thBrtl•t4E c4ry•ny ha$ •dequ￿e 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 GuARAN￿E 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 d￿uL*ing alk￿&Th¢•i, sth¢l*rshlpx 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 term*thon umd w r•fvnd•d. 2.5 ANCILLARY AND NON.ANCILLARY TRADING INCOME Ancillary tradir¢g Incorne rewe$ents from adv￿108 to gww4le lund• wlhin th• ¢h•rflJt4• ¢bj•cl8 lor •x•ryle, thool r•f•ctory ￿1￿, C￿¢*•8 to and fr¢m schot4 •nd school trips. Non-anoI￿ry tr8dlng Incorne repreJent$ omunts from athibes not dlre¢fv relgled to Ihe Charitab￿ objectJ. lor ex8rnpl8 letting¥ of school laci1th5. In￿rne 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 I￿0￿nIed for a$ and ¢m￿￿•M*nt ariBei, Ihe arr•Junt G8n raliably be wwnufted gnd lh• econoryK bEnefil ia ￿n￿ldered wob•bl•. 2.7 FUND ACCOUNTINO Endv•Krent fund¥ Ire iubl•¢l lo •p•4fK Mnd1t+c￿• by dor￿1 thAI th• must b• m•bnI•ln￿ ty Ih• ch•rty. EndtywMni fund• ar• furn￿r Ou￿dIVId•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 stal8ft*nts. UnrestrKted ore •vaIla￿e for u*e 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 r￿1￿n0 ￿ Ih? •ither on a dif•c¢ c￿1 b••lo, or •pp>tiw•d •c¢uding lo lirne Bponl. Tho irrec0vw•￿* d•ftwni ol VAT is Included I￿1h Iha rt•m ol expense lowhk* il rdsle•. Govern•nGe roais Mrnprts* the c4sts ol running the Trus( I￿￿uding 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 f￿hold 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 ffinand*l 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¢ *xp*d us*lvl etwo￿¢ Nl* ot th• rel•ied •¥ut on a bgws con5iStent*i¢h ¢he de￿￿¥00n oepreck1i￿￿ft 1$ provided •t roles uknlaled towrite oll lh8 cost. le83 e5tlmatqd re$idu•l vdue cf e•th •Met based M f￿rrent mth*t prir*i, over it> expeded ￿￿lu1 lif•, •$ 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¢* d*Yed•tic￿ of nxed aM•ts, and lor ftN*t•rs ol Iftwim￿t. 110 INVESTMENTS Fixed a5M¢ Inveslmenis •f¢ • ftym d financlal i￿truTh￿nI 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 I￿SeS ari￿￿3 th• rv48luation ol irweknn¢s •re ry•diied or ch•ryed 10 the Ststonwni of F￿an￿oI A¢￿￿￿￿ and ore •110¢oleJ ol Ihe tease ￿ w0port1(￿ to the balan￿ of raprtal rAymen18 ou11¢￿￿1￿9. Rentals under oFwatin9 leases are charged to the Siatenwnt of Fin￿￿1 Acti￿tI￿j ¢¥tnty over Ihe period ol the lusp. 114 CASH AIID CASH EQUIVALENTS C•sh and cash •qui¥alents indud• c•¥h ¢Th h￿￿. d•po•lls h•ld •1 ¢•ll wlh bonks, other Jhort-lerm IKiuid investn*nts *ith orignal mllturi1*8 01100 or lass, P4e 22 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 be￿Me9 paty lo the contractual provi￿￿5 of the 1Th51FU￿fftt. Flnandal asset$ and liablities are offset, with the net a￿L￿nIS 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$ty. Wth the eX￿ptIOnS of prÈpayments and dafarfed i1￿1)M￿ all Olher dobtor and treditcr *)alances are t£rf*klered to be finandal Instruments under FRS 102. Gwen Ihe School cffity have ba$￿finanC￿l 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¢y￿n vjrrency 1hrough￿l the y•4r hav• be•n trnnslot•d u¥rtg publ1* avwLqtde average exthange rates. mol￿tsry 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 rn￿0 juYJg•m•nti, Mtlm•t•s •nd •Jaumpdans Ibaut Iha Car￿ng alr￿n1 of •si•l• 8nd liabili*'•s thBt aw no¢ rendity appbrenl Irom olher sour￿. The •stsmBt•g 8nd •J¥unWoni •re bB*ed 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 trnde￿9 oswftylths are rovi•w•d an an ts11 lh• r•vi*oA aifecls both ond I￿Ur? p•rfrx19. In W•￿n9 fin•rd•l •t•terMnl$ il l¥ n•c•wry to rn•k• ju&J•rn•nt•. •illm•w* and •MuW¢n• Ih•l affe￿ th• Jfflwnts r•wJnlMd In Ihe finAncS*1 Jtalerr*nt$. In Ihe winion of Ihe Irustees. el￿.￿leS and 4syumpiion$ Pthie a sIgnIfl￿nI risk of cau8ing a material adju5tmBnt lo the Can￿n0 arr#)unl of a$6ets and Page 23 Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Ju 2024 4 FEE INCOME Tha 5chcd's $r¢ ￿rned out lh• UK. Th¢ sch￿4,$ foe inmme c4xnFMsed.. 2024 2023 Gross fees Lass.. Oi8coun15, Schd8rships and bU￿rig￿ 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 Unre*trlct•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 E*lrns •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 •du￿110n￿l Inr￿M• i• unr•itrid•d. 6 OTHER INCOME X*24 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 •ndtr*ment inw*. All Qlh•r Inv••kn•ni in¢om• IJ unr•1vi￿•o. 8 DONATIONS AND GRANTS 2024 2023 Donat￿8 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 Cl￿ts 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 EXP￿d•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 Idethor*s Depreuation L•wl and Profess￿91 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 th*￿al. Th• a¥erng• nunthr cl •rnpJoye•• dudng th• y••r wai a• I￿1￿•.. 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 Ccffjlrib￿*ffj1 for th• y•w amount•d 10 £286.22012023.' t181.$181 kf th• •nWoy•••. Key rnnagemni con11￿ ol lh• genmy m*ftAqemeM ￿•m. Durtng the year, tha tolal ernployee beneflta lindudirfj pan￿on and Emknr NAik2n conlribkrtionsl tot8nod Èl,110,11212023.. £1,010,697) 11 TRUSTEES ReMuNERATION AND 8ENEFITS There￿re no TNsle•s' rernunerats'cffj, •xpendlture rrimbJrJernenl tyother benefils lu thè yearended 31 Jufyf 2024 lor Ihe year ended 31 Juty 2023. 12 PENS10145 Th¢ Schojl parbapales In the Te•cher¥' SGheTrr Clhe TPS'I fc¢ Ils l••¢hlng stam. Th¢ p¢nJbn c*8rge for lh• year Indudm ¢LwldtrAJIIw• plya￿V to e TPS al £1.863.81412023.. t1.634,56318ThJ at the yeaiend £187,85912023. £137,680) was accrued in rtrwec¢ ol MnIn￿lIOnS to thls schornt. TPS is an unfvnded multsomther defined benefits pen5ioTh gDvemed by The Teachers. Pensk>ns Regu18tkns 2010 las arneTrJedl and The To4th•rn' P•n¥cn Schern? Regul•llon& 2014 18$ arNnd•dl. Me￿er8 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• ern￿Oyer cortiributbn fate is set by the Secrelary State IdSy*ing sche￿￿ ¥alu8lion$ undert2ken ty the Govern￿￿nt Acluarfs 08P8rlrnent. The most recwrt actU8rial ¥alua*'on ol the TPS wai •• •t J1 March 2020 and ihe v￿￿ètIon Rerth w88 PUt4ished in Oaoter 2023, Fc4w"r*J Ihe Mcckwd judgemen( the rerrndy wopowl th•t when tenEfil¥ bErorne ts￿•¥¢, eliglblE nfrnters GW ¥eleEt lo rfftivv Ihem trorn dlhw Ih• re1cm￿l 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¢r￿frt$, and in prepjnno 2020 valuabon has valuad IhÈ'grealer value, betwf*ts lor groups of relevarst mÈtr*ers. The err¢4oy•r cffjributkJTh rale for tho TPS li 28.6%, arKI ￿P10￿￿ •re al￿ required ts ply * ¥chvrnv le¥y ol o.oe% 9Sving • tol•l employw ntribjtion rale of 28.68%. Th• Trusi c4nirilwleJ to a defined c¥)niriiwlion p•Mion 8chenyJ for noTrto4thing 81aff. Th• p•nsie• for th• ye4r indudes tyJniributimi pBy4ble lo Stanthrd LW• 01 £159.098 IX*23.. £137,030) and al the year •nd £1J.79812023.. £11.7871 wai •rLrued ITh respect ol c4Jn1ri￿llQnI lo thib lchoffle. Page Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear end8d 31 Jul 2024 13 TANGI8Le FIXED ASSETS Furniture, FIMty￿S & Flttlno• Comp￿¢ Freehold Land a 8ulldlng• E4ulpm•nt Totsl Al 1 Augusl 2023 Addit#￿3 Oi$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 ur*lertakin95 Lis18d Invest￿￿nI 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 Co*ihf4hJ•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 $hovm th¢ 5tgtemnl cl Finnaal Activibo* 01 É45.SOJ12023". £2.6111 indudv unrrdised galns on Investyixnls of ESO,32912023.' £4.1B31 and r•ahBed103ses on in¥e¥lrnEnt of £4,82912023.' £1,571. Lti(XSler Gramftwr Schr￿4 TNst owns 100% of the ordinary share raFitBI of LGS EnttyrFaes Ltd Iregi¥tered number. C641972618 company registered in England and Wales wpth • registered Off￿ ol Leicester Gr8TrThr sch￿4, Lefidon Road, Great Gl&n, Lthc4si•r. LE8 9FL. Tt* wnapal 8cti¥Aties ol LGS Ente￿nSeS Lld are the hiring out DI the SthLK4 lacililie$ and Ihe running ol the calè. M Is intended Ihat wofrts mBde by the rjrnny ¥%ill be donoi•d 10 th• Un￿11 raquirad ￿ the lurthefanc• of LGS Enterp￿￿ Lld'i i>wn tr•dlng aCtivth•A. For Ihe year ended 31 thjty 2024 LGS Ente￿￿$¢5 Lt*J nwde a donation of £94.B7712D23.. tS8,4581 had caprtal and reJeN*s of £51.24712023.' £55,911). The Trustee5 provided an initkil working capl81 loan to LGS Entwpnw Ltd to cover esaential set-tup c4st$ and have athanc*d 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 $81isf*d thai il is a goino ￿ncern and th81 il is expected lo generale a profil beftyfr don•￿.￿￿• dunng 2024125 and Ihereoftw. CoThBolidat8d accoun18 have not pr•yred on Ihe gffjund• of rn•￿￿ty. Paqt 27 Leicester Grammar School Trust NOTES TO THE ACCOUNTS for the ear ended 31 Jul 2024 14 INVESTMENTS l¢ontinuedl Inv•stm•nt pn>pwty 2074 2023 Valuat￿￿ at 1 August 2023 280,000 280.OC¥) V4lu•tlon •t 31 Juty 2024 280 000 Investn*nl proFerties COnSiSt of the LoagelGalehou5e pffjp￿ty ai LGS Sionpygaie heKI f¢r in¥e¥lrTEnl purppges ond whith a￿ not Used in the Twst's riml acti￿rt￿, primarity a reS*lenti￿ hause Is let out on the open rr*rket. Leicesler GranThar Schoc4 Tnjsl is resp)n5ible fcf improvewEnt5 and rnBinten8nr* of Ihe p¥opertiP5. A fornol ol the propwty was w•parqd by Mr Rirkn4rd Ch¢s¢ertcn ol Fall￿￿ a$ 22 F8￿uary 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 PrePy￿18 and a￿￿jed 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$¢alments. Inieresllg yalkn at 7.77% until January 2025 and thertAfter at a SONIA plus 2.SS4A. The loan 18 ￿pay￿ble in rTrJnihi¥ in#i•lrnnis. Inler•it li pay•bl• al nk b8$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 •grteft*nt to p•y Ihe 9cW a nurnber ol years luillcfi le￿ in atha￿8. The rnonty rnay bo rebJmthJ wty'•¢t tts cl￿dI￿¢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.. V*5trnent¥ Chap•J Fund Neville Hill Travel Fur*1 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 MU￿hY 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 Un￿￿e4 fund$'. General ￿se￿e 15,272.787 21,346,401 119,728.7331 2,803 16,893,258 Restrthd lund•'. Vestsnonls Chwl Fund e¥ille HaH Travet Fund Olher small pri2e hJnd5 Sirwinll Pnze LGJS Friend$ Sl Hall xoustic fundra15 General Bursarias FurKI 61 20S 4.084 7.279 500 81 20S 4.094 2,904 $50 14.3751 2,791 7¢)0 S8,568 12,7911 7C4) ISB.568 Tolal r¢Jthrted 12,139 82,209 165,7341 6.614 BurnAry fvrtd8'. Edw•rd Smith Fund Mrs M E Smith Funo Parent d(knalioTh 8ishop Mc¢t •Jnd The La* A 8wooki edllh Murphy Foundaii John HigyinbolhEm Fund Telereal Tnllium FU￿ Margaret F1081 Travd Fund M•rg•r•i FI￿1 Tra¥d C••h 28.589 11.428 4.574 10.000 41.222 10.000 1e.000 600,000 32,638 438 1,405 91 200 701 200 360 12.000 539 11921 11,4051 1541 28,7SI 11.428 4.574 10,000 41.478 10,000 18.000 800.000 32,B74 1.641 2001 13751 12001 13801 112.0001 12361 1721 ien Total endu•4n 756,063 15,934 115,0601 1192 756,744 Total lund* 18.040.988 21,424,544 119,808,527) 2,811 17,859.816 ReilrKle¢lfvnds EndcrtV￿n1 8urn•ry lund* •re vit•t4i•hed 10 prowd• m•ans ts•t•d ￿￿r$￿¥ fund• to •Tr•tl• puplla to amand th• Jrhocl who vnld not b• to. Other Ift￿1 pnze lur4ls coryrisa 11 indivldual luThJ8, V4hich are esta￿15hed 10 prov¢de a x*oc4 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 H*aglnboih4rn Fund (Music lullionl.. •r*a Morgaret Float Travel Fundlcash laUpF￿1n9 iixlh form ￿￿der￿S). 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 Un￿ffi￿ed hjfids 2024 Total lunds nd Tangl￿e 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• End￿11￿1 nd 2023 T¢Ji•l Tangibl• fix•d •g1•ts Investm8nts Current a$s¢ts Current liab-lilies Long lemi lk9ts.bti 27.462,854 565,648 4,574.007 13,642,643) 112,066,408) 27887,654 865,878 &239.138 13,642,643> 112.066,4081 100,227 6%.517 8.614 16893256 20 COMMITMENTS UNDER OPERATIIIG LEASES At 31 Juty 2024. Ihe ¢ompony ha(J OLrtstsnding comndtw*nls lorfulurt rninin¥Jm le•9e p8yn*nts under nonvcanc4ltaL4e oprnting lea¥e¥, wl*th lall due a$ foll￿5.. 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 li1￿1￿d 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