Do¢usvJn Ellvek)p8 ID.. 3667AC8E.92JD47Afk8067.CBD5EFE24263 Company registration number.. 06612259 Charity registration number.. 526622 BUFLY GIiAMMAlI Sc14C)Q)L THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED IA COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2025 Horsfield & Smith Chartered Accountants & Registered Audltors Tower House 269 Walmersley Road Burv Lancashlre BL9 6NX Docusrgn Envelope ID." 3867AC8E_938D-87AD4087.CBD5EFE2426Y THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED CONTENTS Reference and Administrative Details Ito2 Governors Report 3to19 statement of Governors, Responsibilities 20 Independent Auditors. Report 21to24 Statement of Financial Activlties 25to26 Balance Sheet 27 Statement of Cash Flows 28 Notes to the Fillancial Statements 29to48 Docu8￿n Envelope ID.. 3867AC8E.939D_87AO-8067.CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED REFERENCE AND ADMINISTRATIVE DETAILS DIRECTORS The Directors of the Company (who are Governors of the Schools) as at the date of signing this report are set out below.. Mr R Smyth- Chair of Governors Mr A Burt DrFDad Mr5 S Gauge Mr N Greenhalgh MrPLee +0 Ms S Lester +0 Mr T McDougall Ms S McNeill Ms N Smith Mr G Yeung OBE Key,. Member of the Finance and Estates Committee Member of the Education Committee Member of the Governance. Nominations and Remuneration Committee Member of the External Relations Committee The Chair of Governors IS 3n ex offlclo member of all Committees. Ms S Lester and Mr A Burt were appointed as directors in the period. OFFICERS Mrs l Ander50n Deputy Prlnclpal Mrs V Leaver Company Secretary Mrs K Ward Docusign Envek)pe10.. 3867AC8E-939D-87AD-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED REFERENCE AND ADMINISTRATIVE DETAILS COMPANYICHARITY ADDRESS Farraday House Bridge Road Burv Lancashire BL9 OHG ADVISERS Bankers Barclays Bank PIC I Central Street The Rock Burv Lanc35hire BL9 OJN Auditor Horslield & Smith Ch3rtered Accountants & Registered Auditors Tower House 269 Walmersley Road Bury Lancashire BL9 6NX Solicitors Woodcocks Haworth & NuttBII 12 Manchester Road Bury Lancashire BLg ODX H3rrison Clark Rickerbys Ellenborough House Wellington Street Cheltenham Gloucestershire GL50 IYD Investment advlsers James Sharp & Co The Exch3nge 5 Bank Street Burv Lancashire BL9 OON Ingurers Zurich Municipal Southwood Crescent Farnborough GU14 ONJ Marsh Education 4 Milton Road Haywards Heath West Sussex RH16 IAH Docusign Envelope ID.. 3667Ac8E.039D-87A￿a0G7-CBo5EFE242s3 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT The Governors have pleasure in presenting their Annual Report and Financial Statements lor the year ended 31st August 2025. REFERENCE AND ADMINISTRATIVE INFORMATION Constitution Bury Grzrnrnar Schools Trustee Llmited is limited by guarant@e, registered under company number 06612259, and is regulated by its Memorandum and Articles ol Association dated lune 2008. The Bury Grammar Schools Trustee Limited is reBlStered with the Charities Commission (Charity number 5266221. The charitable company is est3blished to provide and rn3intain the Bury Grammar School for the provision ol education for children in accordance with the objectives and principles for which the School w35 founded. Governors, Officers and Advisers The Governors and executive officers are listed on page l. The address of the Charity and particulars al its princip31 Professional advisers are given on page 2. STRUCTURE. GOVERNANCE AND MANAGEMENT Governance ol the Charitv Particulars of the current board of Governors of the School who are also the Directors of the corporate trustee are detailed on pag& l. Organlsatlonal management Governor5 are legally responsible for the overall management and control of the School and set the 5trate6ic dlrectlon of the school. Full Governors, meetings are held at le85t once per term. Implernentation ol m05t of the Governors, policies is carried out by the Finance and E5t3tes Committee, the External Relations Committee and the Education Committee, which usually meet once per term, 2nd the Governance, Nominations and Remuneration Committee which meets when required. All committees have terms of reference which set out their purpose and role. membershlp and frequency of meetings, duties and responsibllitles and reporting requirements. The day-to-day management of the School is delegated to the Executive comprised of the Principal, Deputy Principal and the Bursar. The Governors, delegated authority to the Executive is set down in detall regarding expenditure and appointment of Staff. Docusign Envélop8 ID.. 3887AC8E.939D.87AD-8067_CBD5EFE24261 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT Governance and Appolntment of Governors The role ol the Governance, Nominations and Remuneration Committee Is to review the School's governance, Its effectiveness, 3nd its compliance with all regulations, to carry out succession planning and recognised good practice. Included within this remit are the maintenance of govern3nce documentation, appointment ol new Governors and to ensure that the member5 of the Board ol Governors have 3ppropriate knowledge, attitude, skllls and experience to fulfil their duties and to agree the remuneration of Senior Leadership Team at the School. All new Governors are recruited by invitation, undergo an Interview process and are selected depending on their skills and experience. A full induction programme is offered to all new Governors including AG8lS training and guid3nce, an introduction to the workings of the Charity. organisatlonal management, Charity regulations, Independent Schools, Inspectorate regulations, safeguarding, finance, health & 53fety and the School's Risk Register. In addition, new Governors meet the Executive and key mernbers of the Senior Leadership Team, where priority is given to the School's strategic vision, child protection and other key policie5, have a tour of the estate and are invited to spend time in the School to observe the day-to-day workings. Additional tralning is given accordingly for any specific responsibilities allocated to a new Governor. Governors are given 53feguarding training at le8St once per annum and are offered external and internal training courses where appropriate throughout their Governorship. Training is Monitored and recorded in the Governors. Training Re8lSter. SUBSIDIARY COMPANY A wholly owned subsidiary ol the corporate trustee, Bury Grammar School Services Limited Icompany number 081500831, was incorporated on 19th July 2012. The company is dormant. OBJECTS, AIMS AND PRINCIPAL ACTIVITIES Objects & Prihcipal Actfvltles The Cornpany acts 3s corporate trustee of the charity, Bury Grammar Schools, and of 3ny other charlty or company which 15 connected anci113ry to the Bury Grammar Schools. The Governors have referred to the guldance contained in the Charity Commission's statement on public benefit when reviewing the Charity's aim5 and objectives and in planning for its future activities. Governors consider how planned activities will contribute to the aims and objectives. The object of the Charity is for the public benefit, to advance education by the provision and maintenance and support of a school lor boys and girls. from ages 3 to 18 and provide ancillarv educational activities and other associated 3Ctivities for the benefit of the communitv. Docusign Env8lop& ID.. 3867A¢8E.Y39D-87AD_8067.C8D5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT School's Ethos and Aims Ethos Bury Grammar School 15 a leading UK independent school, with a Tich history and an exciting future, Education only happens once. At Bury Grammar School we understand this, and our mission is to make sure that each pupil has the opportunities they need to reach their potential. Academic excellence, exceptional pastoral care, le8der5hip training, and an inspiring enrichment programme mean our school stands out in attracting pupils, parents 3nd staff. Founded in 1570 and shaped bv centuries of learning, Bury Gr3mmar School is one of the largest in the country wlth a long tradition of excellence. Our warm, friendly, 2nd nurturlng approach means we have built a community wlth the highest expectations for all. At Bury Grammar School we give our pupils the foundations in life that mean they will stand out and make a difference In whatever path they choose. Alms Scholarshlp to ch311enge and inspire pupi55 lo work hard, aim high, achleve, and celebrate academic Success. to nurture generosity of spirit, open-mindedness, confidence, resilience, a sense of service and an unwaverinE commitrnent to equality. to encourage all pupi15 to participate in a wide range of extra-curricular activities, developing 3 life-long love of learning. Partnerships - to work harmoniously with others and seek to have a positive impact on societv. Character Enrichment STRATEGIC REPORT Four Key Aims The Governing Body h3d four key aims for the ac3demlc year 2024-25.. O Education continue to strengthen educatlonal provision / Comrnunicètion continue to communicate superbly 3nd PLit the School on show O Prudence continue to adopt a prudent approach to finances O Innovation continue to find ingenious way5 to adapt These aims were established followinB the leadership team identifying the possible imposition of VAT on school fees as the most Significant challenge ol the year. They believed in the summer of 2024 that this could.. make it increasingly tough lor 3 numb@r of our famllies to continue to send their children to BGS. Docuslon Envelope ID.. 3867AC8E.939D_87At)-8067.CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT make it ever more chalSenging for us to attr3Ct new pupils to BGS.. lead to families having higher expectations of us in line with the greater sacrifice5 they are likely to be making to pay lees. Ten Key Strategies The four aims were underpinned by ten key strategies.. Educatlon- continue to strengthen educatlOll31 provision l. Contlnue to strengthen educational provision In all respects extra-curricular, careers, teacher training., 2. Continue to provide a quality ol education and atmosphere which makes BGS truly unique and good v3lue lor money. Communication- continue to communicate superbly academlc, pastoral, 3. Customer service. Continue to communicate spectacularly well with parents at every opportunity- on an indivldual level, through the tone and content of new51etters. welcome evenings, parents, evenings, website storie5 and Social media., 4. Hone and locus on BGS points of difference, in each Division and every Departrnent,. 5. Put the School on show. ThrouBh continued whole school efforts in m3rketing and admission5. showcase in p3rticular'. extra-curricular provi5ion,' academic competition5,' Sport,. Science,. Careers., and the School'5 history,. 6, Continue to promote the positive aspects of working Bt BGS,. 7. Continue to engage positively with political leaders, local leaders. alumnl and friends of the School. Prudence- continue to adopt a prudent approach tts finances 8. Continue to manage costs carefully, giving parents excellent value for money,. 9. Aim to raise further funds for bursaries and develop a business model wlth a renewed focus on growing revenue. Innovatlon- continue to find Ingenious ways to 3d3Pt 10. Remain nimble on our feet, open-minded and prepared to do thing5 differently. The year 2024-25 saw the imp051tion of VAT from january 2025 and increases in employer costs. Docuslon Envelope ID.. 3867AC8E_939D-87AD-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT How successful was the School sn contlnulnE to make progress around the four aims - education. communication, prudence and innovation? Extremely successful. Education provision was strengthened in almost every 3rea as the result ol some innovative work and excellent leadership at n13ny levels. The extent to which current and future parents proved willing to pay fees at the levels set and declared themselves h3PPV Wlth the educational offering demonstrated both that communication had been good and the approach to prudence Wd5 one which had $3fegu3rded the School. Innovative approaches were central to all practices. The ac2demic yesT 2024-25 ended with the School's best ever GCSE 2nd A Level results. a healthv pupil roll, a greater number of extra-curricular activities, an enhanced c3mpu5 and strong engagement from f3milie5 who had chosen to make additiona1 sacrifices to keep their children at Bury Grammar School. In whtch ways did the key strategic developments of 2024-5 Impact on pupils? Bury Grammar School 15 always seeking to offer even better opportunities to our pupils and the school year 2024-25 was no exception. A number of examples are outlined below. Fully aligned 5£hool day for the lirst time From September 2024, for the first time in Bury Grammar School'5 history, there is a fully aligned school day across Inf3nts, Juniors. Seniors and Sixth Form. This 1s important because it has enabled older and younger pupils to work together, expert teachers to be deployed 3cross the 3-18 age range and made wider access to the campus open to all. New Primary kltchen Our new kitchen, installed in August 2024. meant Primary pupi15 no longer had to cross the road lor lunch and therefore had more time for clubs and lunchtime Launch of the Pathways Caieers Programme The new P8thway5 programme, experienced for the first time by the Year 12 cohort of 2024-5, delivered even more than anticipated in its first year. Sixth fomiers benefitted enormously from t8rgeted careers advice 3nd university preparation programmes designed to set them up for the rest of their lives. Drtuslgn Envelope ID.. 3867ACBE-939D-87AD4087-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT SEND champlons established in every department At BGS, our SEND pupils m3ke phenomenal progress. To ensure this contlnues, every academic department now h3s a le3der who is championing. alongside all the senior leaders, provision lor pupils with SEND. New Prlmary Maths curriculum A new approach to teachin8 Maths in Primary proved very successful. As a consequence, we fully expect to see ever more confident and Zdept mathematicians in Seniors in the future. Further pupil leadership opportunltles Whether it be through chairing Student Council in Year 12, being a Peer Mentor i Year 10, a Forrn Captain in Year 7, a School Ambassador in Year 6 or one of rn8ny other roles, pupil leadership was front and central in 2024-5, New steps for our CCF The oldest and largest voluntary Combined Cadet Force in the country, BGS CCF has had the most incredible year with lots of firsts.. flying experiences for RAF c2det5, the inaugural celebratory dinner and cadets being recognis&d at the highest level by the Lord Lieutenant. New Parent Ambassador role5 and a re-launched Parent Forum Our first BGS Parent Ambassadors were appointed and OUT Parent Forum re-launched. Estsbllshment o18ury Grammar School lolnt Alumni Association Our fabulou5 alumni associations amalgamated early in 2025. They now reflect the model of the School with both mixed sex and single sex events.. the best of both worlds. Thi5 association now fabulous networking oppartunities and mentoring links lor the future. DO￿S0￿ Envelope ID.. 3867AC8E_939D-87AD-8067IBDSEFE24283 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT 'LooklnE vp and looking ahead'_ our new Pupll Engagement and Careers Programme in Year 10 The middle GCSE year between Year 9, where everything is new, and Year 11, where everything seems to happen, can have its challenges. We are thrilled that our Year IOS made the most of the opportunities being offered to them in this new programme.. prefect and peer mentor training, work experience. focus groups, signing up for careers programme5 and having Sixth Form taster sessions. New BGS Arthlve We are humbled to have such 3n incredible history behind us and we understand the responsibility of telling stories of those who went before us and made BGS the school it 15 today. Our new Archive Room opened for visit015 in the Autumn of 2025. Updated Parent Portal We launched a new Parent Portal at the end of the Surnmer Term 2025 to give parents even more information about their children's education. Had BGS been right In Identlfylng VAT 35 the key challenge for Academlc Year 2024-25? And dld we correctly a55ess the impact it might have on the School? We were right to identify VAT a5 one key challenge., in June 2024, it was the most slgnilicant known ch311enge. And we were entirely accur3te in predicting the three likely consequences of it5 imposition although BGS weathered the storm of VAT more succe55fully than anticipated. An Important unforeseen detail in June 2024 was the earlier than antitlpated d3te of VAT imposltion of January 2025. t)(cusign Envek)p8 ID.. 3867AC8E.039D_87Atk6087.CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT But VAT was not the only key th8llenBe. The increases to Nl contributions and the increase in the n3tional living wage piesented significant financial dilemmas not foreseen in June 2024, whlch. alongside the lallticipatedl loss of business rates relief led to 3 ye8r unprecedented in its complexitv. Conclusions regarding BGS Strategy 2024-25 The School completed the academic year 2025 with its best-ever GCSE 2nd A Level results, an enhanced co-curriculum, strengthened teaching and learning, even stronger p3Storal care, a growing careers progr3mrne. strong parental and alumni engagement, a pupil body who reported being very happy 2t school199% stated this in a conlidentlal survey) and a prospective Y7 cohort for 2025-26 bigger th3n th3t of 2024-25. io Docu5￿n Envelope ID.. 3867AC8E.93YD.87AD4067.C8DSEFE24283 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT Admisslons, Marketing and Communication The School continues to build upon its 3lr&ady strong r&putation to attract high achieving pupils in an extremely competitive environment, where parents are increasingly well informed. The Governors were once again delighted to see positive pupil numbers lor this academic year. OUT Open Days and events for prospective pupils remain well attended year on year, with a hi8h number ol visitors to the Primary Division, Senior School and Sixth Form. The top re3sons that farnilie5 are choosing our 5choo1 are the warm, friendly, family feel to our school, the excellent external examination results our pupils and students obtain, our excellent reputation and our extensive f3cilities. The Marketing Team use the website, Social rnedia, billboards, local magazine adverts, and other digital platforms to communicate marketing messages and the Admissions Team invest time in building strong relationships with prospective familie5, offering a bespoke service to each family. Communit3tion with current parents is always 2 key part of our strategy and much time and effort 15 spent keeping p3rents informed. Focu5 15 given to ensure excellent communicatlon with our current f3milies, being mindful that they have a natural role as ambassadors for the School. In similar way, so do the te2chers in School and training 5e5510n5 are offered to all staff involved in Adrnissions events so every member ol the team is well informed and ready to play a cruci31 role in Admissions. The School has a long-standing corllmitrnent to take the issue o13fford3bility very seriously and endeavours to keep lee5 re350nable, and this is particularly relevant in the current political and economic environment. Affordable fees combined with the outstanding 18cilitie5 and educational and pastor31 provision. results in Bury Grammar School being one of the best value independent schools in the area. What sets Bury Grammar School apart? Small class 5ize5, the highest academic stand3rds. personal pastorèl care, equal opportunities lor all and our unique atmosphere. Capital Investment The Governors are responsible lor allocating the correct level of Investment in the facilities to ensure that the School's estate remains in good working order and that plans for new inve5trnents are carefully considered and 5crutini5ed. Maintenance ol the Estate.. The School ha5 a five-year rolling plan of major repairs. with Increased funding to facilitate this plan being buill into all financial forecasts, to ensure that the pupils and staff benefit from the highest quality teaching and learning 13cilities. Additional funding was allocated during 2024-25 to 13cilitate the treatment and reinstatement of classrooms and science13bs affected by the dry rot identified on the girls, senior site. rade ol Facilities.. The School has demonstrated it5 commitment to capital investment and upgrade in facilitie5 over recent years. to provide the best educational setting for our pupils. 8etween 2016 and 2025 there was signific3nt investmerit. supported by the generosity of the school donors including new 3G and MUGA playing surfaces, a dance studio and fitness gyrn and the refurbishment ol two sports halls, changing rooms amd swimming pool facilitie5. The school has also continued to upgrade classrooms, teaching facilities, canteens, and toilets across the campus over the past five years and plans to continue to invest in these are35. li Docuslgn Envelope ID.. 3867AC8E-939D-87AD.8067IBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT In 2024-25 the school embarked on further capital investment to the schools, with investment into school's infrastructure, as the third ph35e 013 £5m investment programme to ensure the estate is lit lor purpose. This investment covered all school sites. The single highest investment was £8Ok for new additional caterinB serving point with c3nopies and se3ting. Other notable work including refurbishing a number of c18ssrooM5 Wlthin the boy5, Slte. This continuing investment to modernise and repair the various school sites, has made a huge impact with the exteinal view now reflective of the excellent learning environment within the school and will also safeguard the longevity of the building. Educational Attainment The GCSE results achieved by BGS pupils were excellent once again, with 17.1% of grades at Gr3de 9, 34.2% of grades at grades 8 to 9, and 97.2% 01 grades at grades 4 to 9. The overall stat15tlC5 at A Level were also impressive, with 14.7% of grade5 3chieving the top A. 72.5% of grades achieving A* to B, and an overall pass rate ol lOO%. The vast majority185.8%1 of A Level students obtained a plèce on their 1st or 2nd choice course at university, two-third5165.2%1 of which were at prestigious Russell Group universities. The 'v3lue added, achieved by pupils was outstanding.. the Centre lor Evaluation and Monitoring data ICEMI had suggested that 4.8% of 8rade5 would be at 8 and 9 at GCSE, while the total achieved by BGS pupils was way beyond that, at 34.2%. Data from CEM had also indicated that 1.9% of Eracles at A Level would be A* when the reality also far exceeded that at 14.7%. Much credit rnust go to strong academic and pastoral teams and talented and hardworking pupil5. As two of the year groups in School most impacted by Covid 3b5ences, the Governors heartilv congr2tul2t& all our pupils. teacher5 3nd parents who worked together to ensure high qualitv teaching and learning continued. Public Benefit, Partnerships and Communlty Outreach, Charity, and Volunteering The Governors eonflrm that they have complied with the duty under section 17 of the Charitles Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activitles undertaken by the school. The School is a community ill itself, but recognises that it has responsibilities beyond its gates to the wider local community. Incre3sing the School's societal impact is a key strategy lor thi5 decade. A5 well as achieving the objectives in respect of providing a lir5t-class education for all pupils, the School also ende3vours to provide public benefit. 12 Docuslgn Envelope ID.. 3867AC8E-939D47AN8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT Public Benefit Encoura8ing pupi15 to attend irrespective of their parent5, 3bility to pay fees. This ethos is central to our founder's aims for the School 3nd the Governors ensure that this remains of paramount importance in the running of the School in current times. The School operates a means tested bursary sch&rne lor pupils entering at Year 7 and at Year 12 and currently l in 8 pupi15, 13°A of our Senior school pupils, receive bursary assistance (we do not offer bursaries to inf3nt or junior pupi151. Currently just over h31f157%1 ol all our bursaries are lOO% bursarie5 and the average bursary given is life changing, being approximately 83% of the lees. The bursary funding given to pupils, both directly by the School and indirectly via donated fund5 rtised bv the School. in the year to 31 August 2024 was £1.4m. The School promote5 the bursary scheme through Open Day events, the website and specific marketing materlals, The bursary application h3s moved onto a purpose-built online portal, 311 information regarding the process is available on our website and the portal. In addition, how our bursary process works is explained at Open Event5 and School stsff offer help to support parent5 in this applic3tion. Bursaries are provided by 3 cornbination of the School's Income and the Development office are employed to raise funds for bursaries and capital projects to irnprove the School's Estate. The Development Office continue to raise funds from trusts. companies, and individu31 donors. The School is grateful to those organisation5 and individuals who h3ve Supported the School's fund-raising campaigns. The Governor5 consider that it is es5entièl that as many children as possible, who reach the School's academic criteria, c8n 3ttend the Schools, even though their parents cannot afford the lees. All allocated burs3rie5 are carefully me3n5 tested every year ol the pupil's education 2t the School to ensure our bursary funds reach those who are in most financial need. Partnerships and Community Outreach The School recognises that it is or)e of the oldest institutions in Bury lover 450 years old), located in the heart ol the town. It therefore t3kes its unique position seriously1n ensuring that it is at the centre of community initiative5 and outreach lor the betterment ol the town. These activities include partnerships with local schools and charities, sharing the school's facilities and the pupi15 and staff participation in volunteering and outreach programmes. We recognise the importance of working with our colleagues in the m3int3ined sector and have continued to develop our partnership work, resulting in professional growth and learning between colleagues in a number of local educational establishments. 13 Docuslgn Envelope ID.. 3867AC8E-939DQ7AD-8067-CBOSEFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT The School's sports facilities are offered to local community clubs on a not-for-profit basis and are hugely popular, across a wide-ranging number of sports. The facilities are fully booked during peak time5, and we a150 engage with holiday 3Ctivity clubs, meaning that thousands of children from the local are3 are able to benefit from our facilities. The School is currently working with Regional Cadet Forces to explore the possibility of the community Air Cadets and Army Cadets to use the School's Combined Cadet Force ICCFI facilities. In addition, we have.. formed partnershlps with local prim3ry schools to promote creativity and the arts including our setting up and running a borough wide arts competition for PTlm8ry pupils in conjunction with the Fusilier Museum and also giving performances of the CCF band. hosted and run a musical day with the Band of the Grenadier Guards in April which involved pupils from a local secondary school rehe3r5ing and performing a joint concert with BG5 pupils and the Grenadiers. hosted and supported the local Panathlon inltlative. Pupils with SEND from local primary and secondary schools attend regular sporting competition5 at Bury Grammar School which re lecl by sports leaders from the Senior Schoo1 and Sixth Form. invited pupils from local primary schoo15 to the opening performance of the annual music31 production. Each year im December. the School performs a musical which in recent years ha5 included Matilda, The Addams Family and Charlie and the Chocolate Factory. run a volunteering scheme in the Sixth Form in which students volunteer weekly in a range ol organis2tions includin8 charities, schools, care hornes, hospitals. offered a range of educational activltles on a Saturday morning free of charge to children who do not attend the School. worked with 3nd supported oth&r school-b3sed cadet contingents to develop knowledge and training for the benefit of cadets in 3115chools. continued to offer our sports fac11itles to local clubs on 3 not-for-profit basis. are fully booked at pe3k times up to 6 month5 In 3dv3nce and bring upwards of 1000 children per week from the 5oc31 community on site. inwited pupils and teachers from local hlgh schools to the super-curriculum and career5 lectures held in school. These included the A5515tant Chief Constsble of Greater Manchester Police and the Editor of the Manchester Evening News maintained a c105e working re12tionship with the Royal Regim&nt of Fuslliers and their Regimental Museum- the Fusiliers Museum. Cadets from the Combined Cadet Force have a150 supported the Remernbrance Day Parades in Bury 3nd Tottington. worked with Village by Village, a local charity to raise over £27,000 to help build a new school building in a rural vi113ge in Ghana. supported the Porch Box@s food bank in Radclille with pupils collecting donations 3nd helping to sort packages to deliver to recent care leavers. 14 DocUs￿n Envek)pe ID.. 3867AC8E.J39D47AD.8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT Volunteerlng and Charity We recognise that charitable giving brings 3ttention to the m05t serious issues and fosters a sense of community and purpose for our staff and pupils who want to help those around them. We help build 3 foundation of charit3ble BivinB showing our pupils that their action5, no matter how small, can make a real difference. We allow our pupils of 311 age5 to choose the charities that matter to them because they are more likely to support a cause that they know about and id@ntify with. We also encour38e voluntary work, teaching pupils that time given to charities can be just as powerful as cash donations. Some of th& volunteering projects we have worked on this year include.. our World Challenge Short Haul Expedition visited Montenegro in 5umrner 2025. Over the course of 3 weeks, 57 pupils from Years 9 and 10 undertook activities to gain a greater underst3nding of responsible tourism. During their expedition pupils participated in cultural visits to Podgorica, Budva and Kotor. This w35 3lonBside trekking in Durmitor National Park and Lovcen National P3rk. Groups supported one another, taking turns in le3d roles of menu selection, shopping and cooking/cleanin8. Groups needed to set up their own tents and man3ge their tirne to meet itinerary schedules. All this was overseen by 6 Bury Grarnmar School staff, giving their own time during the summer hollday period to provide lifelong memories to our pupils. 2024125 saw the continued success ol our Duke of Edlnbur8h's Award section. 52 Bronze, S5 Silver and 14 Gold participants completed their awards in the period I. Septernber 2024 to 31, AuBUSt 2025. BGS staff supported by outdoor specialists from a local company made it possible for these participznts to enjoy camping and trekking experiences alongside their volunteering, physical and skills disciplines. In May, Gold Awardees from Bury Grammar School, received recognition for their achievements by attending the presentation celebrations held at Buckingham Palace Gardens. Our Sixth Form students regularly volunteer at a number of charities in the local area. The school has formal partnerships with the Bury Blind Society and Bury Hospice which see pupils either working as volunteers or raising money lor both organi53tions. The School run5 a wealth ol regular fundraislng events every year to help local and national c3U5es. During 2024125 we supported lust one charity- Village by Village with the goal of raising £26,000 to build a new Junior High School in Ghana. Our Reverse Advent appeal once 3gain Saw every form group from Reception to Year 13, lill bags and boxes with food donation5 throughout December. These were then delivered to Porch Boxes, a local food bank, helping those in need in the local community. The School has raised thousands ol pounds through collections on non-unlform days that all contributed to our £26,0￿ target this year. The School runs a charitable initiative for pupils the Tenner Challenge in which pupils in both the primary and senlor schools are challenged to raise a5 much Money as they can Starting with an initial EIO donation. As part of this the students lead stalls at both Primary and Senior Market events where they sell to their peers. All monies were sent to the Village by Village appeal. 15 Docusign Envelope ID. 3867AC6E.939D.87AD.8067.CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT We held both Christmas markets and Mother's Day markets for pupils from Receptlon to Year The Primary Pupils had a Coin Line cornpetition donating small ch3nge to their class collectiori to see which class could create the longest line. We had 2 sponsored Backwards Running Relay World Record Attempt and were successful In gaining that World Record whilst rsi5ing monev. In total, we raised over £27,000 in the academlc year 2024-25. All of this rnoney has been sent to fund the building of the new school In Ghana and to buy supplies to help support the education of the children there. Sustainablllty Strategy Sust3inability will be a key strategy for Bury Grammar School during this decade. We believe in making informed decisions and taking responsibility for the impact of our actions on current and future generation5 and as such we have pledged to incorporate sust3in8bility into every aspect of school life. We are not new to this W3y of thinking. our eco focus and initiatives were awarded with the Independent Schools ol the Year Green Award for Environmental Achievement in 2019, the prestigious Eco Schools Green F13g Award in 2020 and the Eco Schoo15 Green Flag award with Distinction Award in 2022, 2023, 2024 and 2025. The estates maintenance plans are 3150 desiBned with sustain3bility in rnind. to reduce our carbon footprint and identify energy saving efficiencies. In 2024-25 the school continued the work with The University ol Salford, thi5 involved 3 site survey from nearly 30 students and follow up reports on their findings, the focus this term with the 5U5t8in3bility consultant has been to identify and develop future options to monitor 311 the metering panels we have around school to further manage and understand our enerEV usage. Our Sustainability Strategy 2022-2030 sets ovt three aims.. Pupils.. to incorpor3te 5UStainability throughout our education programme Oper3tions'. to improve environmental performance Culture & Community.. to continue to develop our partnerships and community programme Through our strategy, we will ensure that sustainability is woven into our curriculum and ellrichment opportunities, the very fabric of our estate and our culture at BGS. 16 Docusion Envelope ID.. 3867Ac8E￿3S[k67A￿8087_cBDSEFE24269 THE BURY GRAMIVIAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT FINANCIAL REVIEW AND RESULTS FOR THE YEAR Financial Activities 2024125 The Governors monitor 3nd manage the School's financial performante carefully to ensure that the School is financially stable and that it can pursue its educational aims ènd objectives lor rnany years to come. The Governors recognise the importance of strong financial control and have in place robust financial projections that ensure the School remain5 financi311y stable into the future. Th Governors are satisfied with the School'5 lin3ncial performance in the year to 31 August 2025 3nd believe the finances strike the correct balance between providing the best all-around educational opportunitie5 to current puplls and maintaining the School's overall solid financial foundation to safeguard the School for future generations. In 2024125 fee and ancillary income increased by £212k11.2%1 driven In the part by a decrease in pupll numbers and a 5% fee increment on overall school lees. This is ag3inst a backdrop of the introduction of VAT on school fees in January 2025. The fee increase for the 2024125 academic year was set at 5%, the same level as in 2023124, due to the continuation of high inf13tion3ry increases. Investment income increased by £49k124.8%1 due to fluctuations in investment returns durlng the period. Overheads continue to be tIBhtly controlled and increased by £581k13.2%1 In the year. This was in line with budget and possible due to Careful and considered savings m3de throughout all 3reas of the school. The over311 deficit for the year was -£66k. It is the Governors, opinion that this level of deficit was nece5s3ry and encompassed some unexpected repairs within the Estate. Overall, it 15 felt that the correct balance was m3intained between financial stability now, in the future, and In reinvesting in the all-round education of the current pupils. Cash and working capital are always managed carefully. there w35 a net cash decrease in the year of £2.8m which represented the lee5 P3id in advènce during 2023124 for the 2024125 acadernic year. The cash and working capital are now at £3.6m which is in line with the 2022123 level of £3.7m. There was no requirement for bank loans or overdraft facilities. Fundraising Perfo¥mance and Regulatory Compliance The Governors had fully expected, and planned for, a reduction in fundraising thls year. The school still raised £0.4m for bursaries in the ye3r which showed a Small decrease ol £O.Im. The Governors would like to thank those Trusts, indlviduals, current and past pupils and teaching staff and the local business comrnunity who contributed to our lundrai5in8 activities. The School support5 the work of the Fundr3ising Regulator, and all fundraising activity complies with the recognised standards ol fundraising (set out in the Code of Fundraising Practice) 3s well as those required under Charity law and wider law. 17 DoGuswJn Envelope ID.. 3867A¢8E.&JJD47AN8067-CBDSEFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT The School dtses not employ the 5ervice5 of any thlrd parties, professional fund-Tai5er or commercial participator to raise funds for the School and does not raise funds from the general public, only from the School's community, those linked in some way to the School and recognised Trusts. The School received no complaints about fund raising in the year. Investments The School has a range of design3ted, restricted and unrestricted funds held in dep051ts and investments. The School uses income on investrnents mainly to fund bursaries. The Governors and the School's investment advlsors manage the portfolio of investments to ensure they comply with the aims of the School's Investment Policy. The Total Return Order will ensure that there are sufficient funds available to provide burstiy assistance for pupils when it is requiied. Total Return Order The value of permanent endowment in respect of investments is deemed to be £362,500 as at 1st September 2012. At this time the Directors do not intend to apply any sums frorn the un8pplied total return as at August 2025. However, the implementation of the Total Return Order may be required at 50rne st3ge in the future in order that bursaries can continue to be offered. Reserves Reserves Notes 23 2nd 24 to the accounts show the ass&ts and liabilities attributable to the various funds by type. The Schoo15' unrestricted funds stand at £15m at the year-end. of this £14.3m1£14.2m in 20231241 are funds deployed on the Schools. buildings and other fixed assets. Day to day working capit31 is provided by careful management of the Schools. cash resources including fee debt. Governors monitor the level of rese￿e5 and cash and have targets to build up re5eives and cash out ol operating surpluses to a level that meets the need5 of the Schools at the time, whether thi5 is for capital expenditure to provide up to date facllities, or for working capital. Valuatlon ol Buildings Under FRS102 section 17, Property, Plant 3nd Equipment, It is recommended th2t the Governor5 state tangible fixed assets at 3 fair value. After due consider3tion, the Governors have decided to continue with their previous policy and show the value of buildings at historical cost, r3ther than at 3 re-valued amount. 18 Docu8￿￿ Envelope ID.. 3667AC8E-939D.87AD-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED GOVERNORS REPORT RISK MANAGEMENT The Governors have examined the principal aims of the School's operations 3nd considered the major risks f3ced in each ol these areas. In the opinion of the Governors, the Charity has appropriate systems in place which allow these risks (where it 15 POS5ible to do sol to be mitlgated to an acceptable level in its day to day operations. The key controls used by the Charity include.. Formal 38endas for all Committee and Board activity Regular review of the school's Risk Register and monitoring of relevant actions to reduce the Comprehensive strategic planning, budgetln& and managernent accounting Established organisation315tructure and lines ol reporting Vetting procedures for the protection of children and 3dherence to all ISI Safeguarding regulations DISCLOSURE OF INFORMATION TO THE AUDITOR Each member has taken steps th3t they ought to h3ve taken as 3 member in order to rn3ke themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. The Governors confirm th3t there is no relevant informatlon that they know ol and which they know the auditor is unaware of. The annual report was approved by the governors of the charity on behalf bv.. 29.04.2026 and signed on Sts Mr R Smyth Chair of Governors 19 Docusign Envalope ID.. 3867ACsE.939￿87AD-8087-CB0sEFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED STATEMENT OF GOVERNORS, RESPONSIBILITIES The governors (who are also the directors of The Bury Grammar Schools Trustee Limited for the purpos&s ol company lawl are responsible lor preparing the Governors report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel and applicable law and regulations. Company law requires the governors to prepare financial statements for each financial year. Under company law the governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the ch3ritable company and of its incoming resources and application of resources, including its income and expenditure, lor that period. In prep3rin8 these financial st8temeFlts, the governors are required to.. select suitable accounting policie5 and apply them consistently., obseNe the methods and princlples in the Charities SORP., make judgements and estimates th3t are reasonable and prudent., state whether applicable UK Accounting standards h3ve been followed, subject to any material departures disclosed and explained in the financi31 statements; and prepare the financial statement5 on the Boing concern basis unless it 15 inappropriate to presume that the charitable company wi51 continue in bu5ine5S. The governor5 are responsible for keeping adequBte atcounting records that are sufficient to show and explain the charitable cornp3ny'5 transactions and disclose with reasonable accuracy at any time the financial p051tion of the charitat>le company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chsrit3ble company and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularitie5. The governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial st3terMent5 may differ from legislation in 29.04.2026 Approved by the governors of the charity on..... S*n•dby. and signed on its behalf bv.. J¥7NF7ts4D8..:.............. Mr R Smyth Ch3ir of Governors 20 Docusign Envelope ID". 3867AC8E.939D.87AD.B067_C8D5EFE24263 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED Opinion We have audited the financial statements ol The Bury Gr3mrnar Schools Trustee Limited (the 'ch3rity'l for the year ended 31 August 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The lin8ncial reporting framework that has been appl￿ed in their prep3r3tion 15 United Kingdom Accounting Stand3rd5, comprising Charities SORP - FRS 102 Financial Reporlin£ Standard applicable in the UK and Republic ol Ire13nd' and applicable law Iunlted Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements.. give a true and lair view of the state of the charity's affairs as at 31 August 2025 2nd ol its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance wlth United Kingdorn Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements ol the Comp3nies Act 2006. Basis lor oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI (ISA5 IUKII and applicable law. Our respon51bilities under those standards are further described in the auditor responsibilities for the audit ol the financial statements section of our report. We are independent ol the charily in accordance with the ethical requirements that are ielevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we h2ve fulfilled our other ethical responsibilities in accordance with these requirements. We believe th3t the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the governors use of the going concern ba515 of accounting in the preparation of the financial statements is appropriate. Based on the work we have p&rlormed. we have not identified 3ny material uncert3inties relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at le35t twelve months from when the original linanclal statements were 3uthorised for issue. Our respon5ibillties and the responsibllities of the governors Wlth respect to going concern are described in the relevant 5ectlons of this report. Other Inlormatlon The governors are responsible for the other Information. The other information comprises the information included in the 3nnual report, other than the financial st8ternents and our 3uditor'5 report thereon. Our opinion on the fir13ncial statements doe5 not cover the other information and, except to the extent otherwise explicitly st3ted in our report, we do not express any form of assurance conclu5i0n thereon. 21 Docus￿￿ Envelopè ID.. 3867ACBE.93gD47AD_8067£BDSEFE24263 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED In connection with our 3udit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statement5 01 our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon515tencies or apparent rn3terial misstaternents, we are required to determine whether there is a material misstatement in the financial statements or a rnaterial misst3tement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this reg8rd. Oplnlon on other matter pyescrlbed by the Companles Act 2006 In our opinion, based tsn the work undertaken in the course of the audlt.. the information given in the Governors Report for the financial ye3r for whlch the financial statements are prepared is consistent with the financial statements., and the Governors Report h35 been prepared in accordance with applicable legal requirements. Matlers on which we are required to report by exception In the light ol our knowledge and understanding of the charity and its environment obtained ￿n the course of the audit, we have not identified material misstatements in the Governors Report. We have nothing to report in respect of the following matters where the Companles Act 2006 requires us to report to you if, in our opinion.. 3dequate 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 statements are not in agreement with the accounting records and returns,. or certain di5cI05ures ol governors remuneration specified by law are not made., or we have not received all the information and explanatlons we require for our audit. Responsibllltles ol governors As explained more fully in the Statement ol Governors, Responsibilities (set out on page 201, the governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view, and for such internal colltrol as the governors deterrnine is necessarv to enable the preparation of financial st3ternent% that are free from materlal misstatement, whether due to fraud or error. In preparing the fin3ncial st3tement5, the governors are responsible for assessing the charitv's abi1itv to continue zs a going concern, disclosing, as applic3ble, matters related to going concern and using the going concern b85is of accounting unle55 the governors either intend to liquidate the chaTity or to cease oper3tlons, or have no realistic alternative but to do 50. 22 Docusign Envebpe ID." 3667AC8E.939D.87Atk8067.CBD5EFE24263 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED Auditor responslbllities for the audlt of the financial Statements Our objectives are to obtain reasonable a55urance about whether the financial statements a5 3 whole are flee from material misstatement, whether due to fraud or error, and to 155ue an auditor's reporl that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted In accordance with ISA5 IUKI will always detect 8 material misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material il, individually or in the aggregzte, they could reasonably be expected to influence the economic decisions of u5er5 taken on the b3sis of these financial st3ternents. The extent to which ouy procedures are capable of detecting irregularities, Ihcludlng fraud Our approach to identifying and assessing the risk5 of material misstatement in respect of irregularities, including fraud and non-compliance wlth laws and regulation5. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compli3nce wlth applicable13W5 and regulations., we focused on specific laws and regu13tion5 whlch we considered may have a direct material effect on the financial statements or the operations of the company,. and we èssessed the extent of compliance with the law5 and regulations through making enquiries of management. We assessed the susceptibility of the schools, financial statements to material misstatement, includlng oblaining an understanding of how fraud may occur, bv.. making enquiries of management a5 to where they considered there was susceptibility to fraud. their knowledge of actU31, suspected and alleged fraud,. and considered the internal controls in place to mitigate risk5 of fraud and non-cornpliance with laws and regulations. To address the risk ol fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusu31 or unexpected relation5hip5', tested journal entrie5 to Identify unusual tr3nsactions. In response to risk of irregularities and non-compllance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of those charged with govern8nce' and enquiring of management as to actual and potential litigation and cl8lms. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregu13rities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk Increases the More that compliance with a law or regulation is rernoved from the events and transaction5 reflected in the financial statements, as we will be less likely to become aware of instances ol non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 23 Docuslgn Envelope ID.. 3867AC6E-939D-87AD-8067-CBD5EFE24263 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED A further description of our responsibilities for the audit of the financial statements is located on the Financi35 Reporting Council's website 3t'. www.frc.org.uVttuditors/oudltors-assur(Jnce/¢Tuditors-responsiblllties-lor-the-¢Tudit-oJ-the-Jinanciol-statements This de5CliPtioll form5 part of our auditor's report. Use of our report This report is made 501ely to the charitable company's governors, as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken 50 that we might 5t3te to the ch3rity'5 governors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not 3ccept or assume responsibility to anyone other than the charitable company and it5 governors as a body, for our audit work. for this report. or for the opinions we have formed. Ryan Denner BFP ACA (Senior Statutory Auditor) For arid on behalf ol Horsfield & Smith, Statutory Auditor Tower House 269 Walmersley Road Bury Lancashire BL9 6NX Date.. 24 Docusign Envelope ID.. 3887AC8E.039D-87AD-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2025 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Endowment Restricted funds tund5 Permanent £000 £000 Unrestricted funds Designated General £000 £000 Total 2025 £000 Note Income and Endowments from: Donations and legacies 2 Charitable activities 387 34 421 17,845 120 17,845 246 Investment income 18 76 32 Total Income 18 17,965 463 66 18,512 Expenditure on: Rai5in8 funds 12321 118,3551 12321 118,3671 Total Expenditure Gain51105ses on investment assets 118,5871 118.5991 li io 21 Net incornellexpenditurel Transfers between fund5 26 16221 468 61 1661 1181 618 15661 1341 Net rnovement in funds 1971 27 1661 Reconciliatlon of funds Totsl funds brought forward 800 14,185 4.754 708 20,447 Total funds carried forward 23 808 14,181 4,656 735 20,381 All of the charity's activitie5 derive frorn continuing operations during the 3bove period. The funds breakdown lor 2025 is Shown in note 23. 25 Do¢uslgn Envelope ID." 3867AC8E.939D47Afk8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2025 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Endowment Restricted funds fund5 Permanent £000 £000 Unrestricted funds Designated General £000 £000 Total 2024 £000 Note Income and Endowmenls from: Donations and legacies 2 Charit3ble activities nvestment income 564 564 17,633 76 17.633 197 17 73 30 Tot31 Incorne 17 17,709 637 30 18,393 Expenditure on.. Raising fund5 12201 117.7791 12201 117,7861 Total Expenditure Gainsllosses on investment assets 117,9991 118.0061 20 22 45 87 Net incomelleKpenditurel Transfers between funds 37 12901 653 74 474 31 607 16101 Net movement in funds 68 316 43 47 474 Reconcillation of funds Total funds brought forward 732 13,869 4,711 661 19,973 Tot31 funds carried forward 23 800 14,185 4,754 708 20.447 All of the charity's activities derive from continuing operations during the above perlod. The funds breakdown for 2024 is shown in note 23. 26 Docusign Envelope ID." 3867AC8E_929D.87ADQlk87.CBDSEFE24262 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED BALANCE SHEET AS AT 31 AUGUST 2025 (REGISTRATION NUMBER.. 066122591 2025 £000 2024 £000 Note Flxed assets Tangible assets Investrnents 12 16,902 1,388 18,290 16,840 1,297 18.137 13 Current asset5 Stocks Debtors 14 io 16 15 756 947 Investments 16 1,477 3,594 5,839 1.624 6,456 9,042 Cash at bank and in hand 17 Ciedltors.. Amounts falling due wlthln one year 18 3,1641 15.5711 Net current asset5 2,675 3,471 Total 3S5et5 les5 current Ilabllitles 20.965 21,608 Creditors.. Amounts falling due after more than one year 19 15701 11,1581 Provlsions 22 Net assets 20,381 20,447 Funds of the charitv: Endowment funds 735 708 Restricted income funds Restricted funds 4,656 4,754 Unrestrlcted income fund5 Unrestricted funds 14,990 14,985 Total funds 23 20,381 20,447 The flnancial statement5 on pages 25 to 48 were approved by the governors, 3nd authorised for issue on 29.04.2026 and signed on their behalf bv.. Mr R Smyth Chalr of Governor5 27 Docusign Envelope ID.. 3867AC8E-939D-87AD-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2025 2025 £000 2024 £000 Note Cash flows from opeTatlng actlvltles Net Cash lexpenditurellincome 1661 474 Adlustmenls to cash Ilows from non-cash Items Depreciation Investment income 325 307 12461 11971 Financi31 instrument net Igainsl losses through statement of 47 1861 498 WorklnE capltal adlustments Decrease in stocks Decrease/lincre35el in debtors IDecreasel/increase in creditors Retlrement benefit obligation 14 15 190 12891 3,385 18 12,9651 li Net cash flows from operating activities 12,6991 3,595 Cash flows from investing activitie5 Interest receivable 3nd similar income Purchase ol tangible fixed assets Purchase of investments 246 197 12 13871 17451 607 19711 13 Sale of investments Short terrn investments 40 146 1741 Net cash flows from investing activities 11331 18091 Cash Ilows from financing activitles Repayment of103n5 and borrowin8S 18 1301 1301 Net Idetreasellincrease in cash and c3sh equivalents 12,8621 2,756 Cash and cash equivalents at I September 6,456 3,700 Cash and cash equivalents at 31 August 3.594 6.456 All of the cash flows 3re derived from continuing operations during the atiove two periods. 28 Do¢us￿n Envelope ID". 3867AC8E_939D.87AD4067.CBOSEFE24262 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 l Accountlng policies Summary ol slgnlfl¢ant accounting policles and key accounting estimates The princip313ccounting policies applied in the preparation ol these fin3ncial statements are set out below. These policies have been consistently applied to 311 the years presented, unless otherwise stated. Statement of compllance The financial statement5 have been prepared in accord3nce with Accounting and Reporting bv Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting St3nd3rd applicable in the UK and Republic ol Ireland IFRS 10211 Iis5ued iri October 20191 (Charities SORP IFRS 10211. the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparatlon The Bury Grammar Schools Trustee Limited rneet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are initi311y recognised at historical Cost or transaction v31ue unless otherwise stated in the relevant accounting policy notes. Going concern The governor5 consider that there 3re no material uncertaintie5 about the charity's ability to continue 35 a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charitv. Group accounts not prepared Con501idèted accounts have not been prepared incorporating the wholly owned subsidiary 8urv Grammar Schools Services Limited on the basis that the comp3ny is irnmaterial. Its exclusion is not materi31 for the purposes of providing a true and f3ir view. Incomè and endowments All income is recognised in the statement ol financial activities when the conditlons for receipt have been rnet and there is reasonable assurance of receipt. Credit Is taken for tuition fees relating to the school year, which is the same as the fin8ncial year. Investment income is accounted for when receivable. Donations and 311 other receipts from lundrai5inB are reported gros5 and related costs are reported under fundrai51ng activities. Grants recelvable Grants, including grants lor the purchase of fixed assets and specièl projects, are recognised in full In the statement of financial activities in the year in which they are received or receivable. Grants made by educatlOn31 trusts in respect of fee5 due for pupils, which are immediately allocated to the relev3nt account are not separately disclosed, but are included in restricted funds. The Government Coronavirus Job Retention Scheme ICJRSI grant Is recognised in income over the period in which the re13ted staff costs are recogni5ed. 29 DoGusign Envebpe ID". 3867AC8E-939D-87AO-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Expenditure Resource5 expended are accounted for on an accruals basis. The charity registered for VAT on I December 2024 and accordingly expenditure is shown net of recoverat)le VAT. The schools, operatlng Costs include stall costs, premises costs and other related costs. All costs are 311ocated directly to the appropriate heading under charitable expenditure save for the administration of the ch3rity and governance costs, which are apportioned on the basis of management estimates ol the time spent. School Trips The Schools collect monies in respect ol trip5 and pay these monies out in full. As these funds do not represent income for the Schools, they are not accounted for in the Statement of Fin3ncial Activities. Taxation The chaiity 15 considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it m@&ts the definition of a ch3rit3ble company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the T3K3tion of Chargeable Gains Act 1992, to the extent that such income or gains 3re applied exclusively to charitable purposes. TanBlble flxed assets Significant purchases of office. p13nt and kitchen equipment, and motor vehicles are capitalised. Educational equipment and other items are dealt with on 3 rellewa15 ba515 8nd are written off 3g3inst revenue in the year in which the expendlture Is incurred. Depreciation is calculated at the following rates.. Asset cl35S Office. plant and kitchen equipment Substation plant Freehold Propertv Land Depreclatlon method and rate 10%.330A straight line 2% straight line 1% straight line not depreciated Land and buildings acquired before 1992 are carried at their book value at that date. The net realisable value of these assets is in excess of this amount and therefore no further depreciation is charged. School buildings acquired in 1993 and subsequently are stated at cost and depreciated at 1% per annum. The carrying values of tangible fixed assets are reviewed regularly by the Governors and any impairment is accounted for in the year in which it arises. 30 Docus￿￿ Envèlopa ID.. 3867AC8E.939D.87AD_8087.CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Flxed asset investments Fixed asset investments are included at market value at the balance sheet date. Realised gains and 1055es on investments 3re c31cu13ted as the difference between sale5 proceeds and their maiket value at th@ start of the year and are charged or credited to the Statement of Financial Activities in the period of disposal. Unre31ised gzins and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities b3sed on the market Value at the year end. Current asset investments Current a55et investments are included at market value. Stock Stock 15 valued at the lower of cost or net realisable value, when it is consldered that they are significant in relation to the operations of the Schools. Trade debtors Trade debtors are amounts due for school fees. Trade debtors are recognised initially at the transaction price. Known bad debts 31e written off and provislon Is made for 3ny considered to be doubtful. Cash ahd cash equivalents Cash and cash equivalents comprise cash on hand and c811 deposits, and other 5hort-term highly liquid Investments that are readily convertible to 3 known amount of cash and are subject to 3n insignificant risk ol change in value. Trade creditors Trade creditors are obligations to pay for good5 or services that h3ve been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current li3bilities if the charitv doe5 not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at 5east twelve months after the reporting date, they are presented as non-current Trade creditor5 are recognised iFiit1211y at the transaction price and sutlsequently measured at amortised cost using the effective interest method. 31 Docusign Envebpe ID.. 3867AC8E.9390.87AD-8087-CBD5EFE24262 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Fee deposit5 and lee5 in advance Fee deposits are received from parents when 8 pupil loins the School and refunded in either the pupil's first or last term depending on which year group the pupil is at when they join the school. Fees in advance are deferred and allotated to Income as the pupll progresses through the School. Borrowln8S Interest-be3ring borrowings are initially recorded at fair value, net of trans3Ction costs. Interest-bearing borrowings are subsequently carried at amortised cost. with the difference between the proceed5. net of transaction costs, and the amount due on redemption being recogni5ed 35 a charge to the Statement of Financial Activities over the period ol the relevant borrowing. Interest expense is recogni5ed on the basls of the effective interest method and is included in interest p3yable and similar charges. Borrowings are classified as current liabilities unl&ss the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. ProvlsSons Provisions are recognised when the Charily has an obligation at the reporting date as 3 result of 3 past event, it is probable that the Charity will be required to settle that obliBatlon and a reliable estimate can be made of the amount of the obligation. This includes expenditure identified in the strategic Development Plan as repairs to the Estzte, where these have been identified and reported to the Board of Governors before the year end. Foreign exchange Transactions in foreign currencies 3re recorded 3t the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. The results ol overseas oper8tions are tr3n51ated 3t the average rates of exchange durinB the period and their ba13nce sheet5 at the rates ruling at the balance sheet date. Exchange diller@nces arising on translation of the opening n&t assets 3nd results ol overseas operatlons are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests 35 appropriatel. 32 DOGUS￿￿ Envebpe ID.. 3867AC8E.939D.87Atk8067_CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Othei exchange difference5 are recognised in the Statement of Financlal Activities in the period in which they arise except for., 11 exchange differences on transactions entered into to hedge certain foreign currency risks Isee abovel,. 21 exch3nge dillerences arising on gains or Ios5e5 on non-monetary items which are recognised In other comprehensive income,. and 31 in the case ol the consolidated financial statements, exchange differences on monetary items receivable frorn or payable to 3 foreign operation lor which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign oper3tionl, which are recognised in other comprehensive income and reported under equitv. Fund accountlng Unrestricted funds comprise incoming and outgoin8 resources and expenditure for the School's purposes. Designated fund5 are unrestricted funds set aside for p3rticular purposes. Restricted funds are to be us&d for specific purposes 35 laid down by the donor. Restricted funds Include a minimum 012.5% provided from fees receivable respect of full fee paying places in the Sen1or Schools. This provision is allowed under the constitution of the Schoo15 and is at a level decided upon by the Governors. It is utilised for the Governors. awards scheme which provide bursaries. Donations to bursary funds are treated as restrict&d fund5. The permanent endowment fund con51Sts ol land (nil v31uel comprising the original Tenterden Street and Bridge Road sites. Pensions and tsther post retirement obllgations The teaching stall 3re members ol the DfE Teachers, Pension Agency Superannu3tion Scheme, which Is a defined benefit scheme. Contributions are deemed to be invested in 2 notional fund. New funding method strategies applied from an ellective date of 31 March 2001, remove the possibility of a surplus or deflcit. With effect form l January 2025 non-teaching staff were transferred to a new APTIS defined contribution pension scheme. The assets of the p12n 3re held separately from the schools in independently administered funds, Once the contributions have been paid the schools have no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not Paid are shown in accruals in the balance sheet. Previously non-teaching st3ff are members of the Pensions Trust Scheme further details of which are set out in the notes to the accounts. 33 DO￿SVan Envelopt ID.. 3867A¢8E.gJYD-87AO-8067.¢BD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Flnancial tnslruments CIL75siAicotlon Financial asset5 and financial liabilitie5 are recognised when the charlty become5 a party to the contractual provisions of the instrument. Fin3ncial Ilabilities and equity instruments are c12ss1fied according to the substance of the contractual arrangements entered into. An equity instrument 15 any contract that evidences a residu31 illterest in the assets of the Charity after deducting all of its liabilitie5. Recognltion und meosurement All financial assets and li3bilities are initi311y rnea5ured at transaction price (including transaction costs), except for those financial assets classified as 2t f3ir value through the statement ol linancial activities. which are init1311y measured at fair value (which is normally the tr3n5action price excluding transaction costs), unle55 the arrangement constitutes a lin3ncing transaction. Il an arrangement constitutes a financing transaction, the financial asset or financial liability is mezsured at the present value of the future payments discounted at 3 market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforteable right to set off the recognised arnounts and the Charity intends either to settle on 3 net basis, or to realise the asset and settle the liability sirnvlt3neously. Financlal assets are derecognised when and only when al the contractual rights to the cash flows from the financial asset expire or are settled, bl the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or cl the Charity, despite having retained some, but not 311, 5ignifieant risks 2nd rewards of ownership. ha5 trènsferred control ol the asset to another party. Flnancial Siabilities are derecognised only when the obligation spe£ifled in the contract 15 discharged, C3ncelled or expires. 2 Income Irom donatlons and lègacles Endowment funds Permanent £000 RestYi¢ted funds £000 Total 2025 £000 Total 2024 £000 Donations and legacies., Donat1ons from individuals 387 387 34 34 421 421 564 564 34 Docusign Envelope ID". 3867AC8E_939D-87AD.8087.CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 3 Income from charltable actlvltles Unrestricted funds Total 2025 Éooo Total 2024 £000 General £000 Fees 16,616 1.229 17,845 16,616 1.229 17.845 Total 2025 £000 16,581 1,051 17,633 Total 2024 £000 Ancillary income Analysis of ancillary income Administratlon and other charges Catering Coach charges After School, Breakfast & Holiday Club charges Sundry income 163 156 624 591 222 198 90 102 130 1,229 1,051 4 Investment Income Endowment funds Permanent Unrestricted funds Designated General £000 £000 Restricted funds £000 Total 2025 £000 £000 Investment income 18 120 76 32 246 Total 2024 £000 Investment income 197 35 Docuslgn Envalope ID.. 3867AC8E.s39D-87A￿6O67-CBDs￿FE24283 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 5 Expenditure on ralslng funds Costs of generating donatlons and legacles Unrestricted funds General £000 Tot31 2025 £000 Total 2024 E (K)0 Note Fundraising costs 232 232 220 6 Expenditure on charltable activities Actlvlty undertaken directlv £000 2025 £000 2024 £000 Academic 10,727 1,254 3,165 1,517 128 10,727 1,2S4 3.165 1.517 128 10,799 1,117 2,689 1,513 106 Welfare Premises Support costs Management and administration Bursaries, discounts and fee assistance 1.576 18,367 1,576 18,367 1,562 17.786 In addition to the expenditure analysed above, there are also governance costs of £24,20712024 £24,049) which relate directly to charitable activities. See note 7 for further details. 36 DOcu8￿n Envelopa ID.. 3867AC8E-939D.87AD.8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 7 Analysis of governance and support costs Governance costs Unrestrlcted fund5 General £000 Total 2025 £000 Total 2024 £000 Audit fees Audit of the financial statements 24 24 21 other governance costs 24 24 24 8 Net Incomlngloutgoing resources Net loutgoingl/incomin8 resources for the year inelude.. 2025 £000 2024 £000 Audit fees Depreci3tion of fixed assets 24 21 325 246 9 Governors remuneratlon and eKpenses No governors, nor any persons connected with them. have recelved any remuneration nor any other benefit5 Irorn the charity durin8 the year. 10 Staff costs 2025 £000 2024 £000 staff costs durlng the year were.. Wages and Salaries Soci31 security costs Pension costs 8,906 993 9,385 920 1,761 1,607 11,660 11,912 The average number of full time equivalent employees during the year was 21112024.. 2241. This consists of teaching staff 117 3nd non-teaching staff 94. 1012024.. 91 Employees received remuneration of more than £60,000 during the year. The Governors are of the opinion that further disclosure of staff costs, as normally required under the provision of the Statement of Recommended Practice. would be detrimental to the management of the charity. 37 Docusign Env61ope ID.. 3867AC8E.939D_87AD_60e7.CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11 Taxation No tax was charged in the year12024- £nill. The School is a re81Stered charity and, a5 such, is not subject to tax8tlon. 12 Tangible Ilxed assets Freehold propertv £000 Equipment £000 Total £000 Cost At I September 2024 Additions 17,448 372 1,374 16 18.822 387 At 31 August 2025 17.820 1,390 19,209 Depreciation At I September 2024 Charge for the year 1,309 237 673 1.982 325 88 At 31 August 2025 1,546 761 2,307 Net book value At 31 August 2025 16,274 629 16,902 At 31 August 2024 16.139 701 16,840 38 Docuslgn Envelope ID. 3667AC8E.939D.87AD-B067_CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13 Flxed asset investments Other Investments Investments £000 Total £000 Cost orvaluation At I September 2024 Revaluation 1.297 1471 745 1,297 1471 745 Additions Disposals 16071 16071 At 31 August 2025 1,388 1.388 Net book value At 31 August 2025 1.388 1,388 At 31 August 2024 Historical cost at 31st August £1.252,356. 1,297 1,297 Investment In subsidiary The company owns 100% of the issued sh3re capital of Bury Grarnmar Schoo15 Servlces Limited from its incorporation on 19th July 2012. Bury Grammar Schools Services Limited is incorporated in England and Wales and has a 31st August year end. 14 Stock 2025 £000 2024 £ ¢x)o Teaching materials, stationery and catering supplies io 16 15 Debtors 2025 £000 2024 £000 Trade debtors io Prepayments Accrued income Other debtors and prepayments 315 138 14 417 756 796 947 Trade debtors are fees due. other debtors and prepayments include supplies purchased foT the academic ye3r cornmencing September 2025. 39 DoGusign Envebpe ID". 38e7AC8E-939D47AD-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16 Current asset Investments 2025 £000 2024 £ (xjo Short term Investments 1,477 1,624 Short term inve5tment5 comprise amounts held in UK Term Bank Accounts. All amounts 3re designated and restricted funds for bursaries and capital projects. 17 Cash and cash equivalents 2025 £000 2024 £000 Cash at bank Cash at bank represents the unrestricted cash balance5. 3,594 6,456 40 Docuswn Envekjpe ID.. 3867AC8E.939D.87ADQ067-CB05EFE24283 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18 Credltors.. amounts falling due wlthln one year 2025 £000 2024 Eooo Trade creditors Other loan5 513 269 30 30 Other t3X3tion and social security Fee deposits & fees in 3dvance Other creditors and 3ccru31s Pension contributions 161 215 732 3,936 917 1,544 184 3.164 204 5,571 19 Creditors.. amounts falllng due after one year 2025 £000 2024 £ LK)O Other loans Fee deposits & fees in advance Other creditors 15 45 470 747 85 570 366 1,158 20 Commitments Capital commitments Capital projects incomplete at the year end. The total amount contracted for but not provided in the financial statements was £Nil12024- £Nill. 41 Docusign Enve1ope10.' 3867AC8E.939D.87AD-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21 Contln8ent 1i3PJilitiés The Schools have been notified by the Pen510115 Trust of the estirn3ted employer debt on withdrawal from the Plan based on the financial p051tior) ol the Plan as 8t 30 September 2024. As of this date the estimated employer debt was £92.159130 September 2023 '. £88,481). 22 Pension and other schemes TEACHERS, PENSION SCHEME The Teachers, Pension Scheme ITPS or schernel Is a statutory, unfunded, defined benefit occup3tional scheme, governed by the Teachers, Pensions Regulations 2010 las amendedl. and the Teacher5, Pension Scheme Regulations 201413S 8rnendedl. These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authoritie5. In addition, teacher5 in many independent 3nd voluntary-aided schools and teacher5 and leclurers in some establishments of further and higher education may be eligible l or rnembership. Membershlp is automatic for full-time teacher5 and lecturers and, from I January 2007, 3Utomatic too for teacher5 and lecturer5 in pzrt-time ernployment following appointment or 8 change of contract. Teachers and lecturers are able to opt out of the TPS. The reachers, Penslon Budgetlng and Valuatlon Account Although members rnay be employed by v3riou5 bodies, their retirernent and other pension benefits are set out in regulatlons made under the Superannuation Act119721 and Public Service Pensions Act 12013land are paid by public funds provided by Parliament. The TPS 15 an unfunded scheme and members contribute on a 'pay as you go 'basis-contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act5. The Teacher5, Pensions Regu13tions 2010 require an annual account, the Teachers, Pension Budgeting and Valu3tion Account, to be kept of receipts and expenditure (including the c05t of pension incre35esl. From l April 2001. the Account ha5 been credited with a real rate ol return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return. Valuation of the Teachers, Pension Scheme As 3 result ol the latest scheme valuation employer contributions were increased to 28.6% from I April 2024. Employers are also required to pay a scheme admini5tr3tion le￿ of 0.08% giving a total employer tontribution r3te of 28.68%. The next valuation is expected to take effect in 2027. A copy of the latest valuation report can be found by following this link to the Teachers, Pension Scheme website 3t the following location.. https.'//www.teacherspensions.co.uk/news/employers/2019104lteachers-pensions-valuation-report .aspx 42 tk)cusi9n Envebpe ID." 3867AC8E-939D_87AD-8067-CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Scheme changes In Oecember 2018, the Court of Appeal held that transitlonal protection provisions contained in the reformed judici31 and firefighter pension schemes, introduced a5 part of public service pension reforms in 2015, gave rise to direct age di5crirnination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, have rejected the Government'5 8pplication for permission to appe31 the Court of Appeal's ruling. The case will now t>e referred to an Employment Tribun31 for a decision reEarding the remedy which will need to be offered to those members of the two schemes who were subject ol the age discrimin3tion. Since then, Claims have also been lodged agzin5t the main public service schemes including the TPS. The Department h35 conceded those in line with the rest of the government. In July 2020 HM Tre3sury launched a 12-week public consult3tioN wh￿ch will provide evidence to support the delivery ol an appropriate remedy for the affected schemes, including TPS. A final remedy will be determined once the result5 of the consultatlon are established. In December 2019, 3 further leg81 challenge was made ag3in5t the TPS relating to 3n identified equalities issue whereby male survivors ol opposite-sex marriages and clvil partnerships are treated less lavourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020. the Employment Tribunal recorded its findings in respect of the claimant. DfE 15 currently working to establish what changes are necessary to address thi5 discrimination. Any Impact ol these events will be taken into account when the next scheme valuation Is implemented. This is scheduled to be implernented in April 2023, based on April 2020 data. SUPPORT STAFF SCHEMES AVIVA PENSION TRUST FOR INDEPENDENT SCHOOLS With effect form l January 2025 non-teaching 5t8ff were transferred to a new defined contribution pension scheme with Aviva. Contributions to the plan are recognised 35 an expense when they are due. The assets of the plan are held separately from the schools in independently administered funds. Once the contribution5 hève been paid the schools has no further payment obllgations. THE PENSIONS TRUST Prior to the transfer on I January 2025 the scheme for non-teaching stall was The Pension Trust's Growth Plan Ithe Plan). The P13n is a multi-employer pension plan. Contributions paid into the Plan up to and including September 2001 were converted to defined amounts ol pension payable from Normal Retirement Date. From October 2001 contributions were invested in personal funds which have a capital gu3r3ntee and whlch are converted to pension on retirement, either within the P13n or by the purchase on an annuity. 43 Oocusign Envebpe ID." 3867AC8E.939D47AD-8067.CBD5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 It is not possible for the Schools to obtain sullicient information to enable it to account for the defined benef1t element of the Scheme as a defined benefit scheme. Therefore it accounts for the scheme as 3 defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pen5ion% Act 2004 which c3me into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actu3rial Standards issued by the Financial Reporting Council, Set out the framework for funding defined benefit occupational pension schernes in the UK. The scheme is classlfied as a '53St-man st8nding arrangement,. Therefore the charily is potentially liable for other participating employers, oblig2tions if those employers are un3ble to meet their share ol the scherne deficit lollowillg withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an 3nnuity purchase basis on withdrawal from the scheme. A full actuari31 valu8tlon for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.Om 3nd a deficit of £16.Im. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scherne. The recovery plan contributlons are alloc3ted to each participating employer in line wlth their estimated share ol the scheme liabilities. The deficit contributions payable by the Schools are £5,￿)3 per annum frorll l April 2025 to 30 September 2028 (payable monthly and increasing by 3% each on 1st April) Where the Schools have agreed to a deficit funding arrangement the Schools recognise 3 liability for this obligation. The amount recognised is the net present value ol the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calcu13ted u5in8 the discount rate detailed in these disclosures. The unwinding of the discount rate 15 recognised as a fin8nce cost. 2025 £000 2024 Eooo The present value of provision at 31st August was., 14 2025 £000 2024 £000 Reconclllatlon of opening and closlnB provision Provision at start of the period Unwinding of the discount factor linterest expense) Deficit contribution paid Rerneasurements - imp3Ct of any change in assumptions 12 161 16 Provision at end of period 14 44 DOcus￿n Envelope ID.. 3867AC8E.939D.87AD.8067£8D5EFE24263 THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Assumptlons Rate of Discount applied 4,37%12024: 5.13°A, 2023 .. 6.04%) The discount rates applied are the equivalent single discount rates which, when used to discount the future recovery plan contribution5 due, would give the same results as using a full AA corpor3te bond yield curve to discount the same recovery plan contribution5 45 00 > o ij DoCus￿n Envelope ID." 3867AC8E_939D.87AD.8067.CBD5EFE2426J THE BURY GRAMMAR SCHOOLS TRUSTEE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 24 Analysis of net assets between funds Endowment Total funds at funds 31 AuEUSt Pe¥manent 2025 £000 Unrestricted funds General Designated £000 £000 Restricted funds £000 £000 Tangible fixed 355et5 Fixed 35set investments 14.260 2,643 381 16,902 1,388 5,839 13,1641 15701 1141 305 702 Current assets 3.670 13,1641 15701 1141 503 1,633 33 Creditors over l year Provisions Total net assets 14,181 808 4,656 735 20,381 25 Related party t¥ansactlons Chlldren at the school Children of two governors were pupils of the school for the academic year 2024125. The governors concerned receive no discount on the fees payable, and at the year end there were no outstandlng balances. Woodcock Howarth & Nuttall A governor, who retired in February 2025, is an equity partner in Woodcock Howarth & Nuttall, the Schools, solicitor5. All transactions are carried out on a comrnerci31 basi5. 48