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2025-08-31-accounts

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The Free Grammar School of King Charles II at Bradford, trading as Bradford Grammar School

Registered Charity number 529113

Report of the Governing Body and consolidated financial statements for the year ended 31 August 2025

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Contents

Reference and administrative details 1
Report of the Governing Body 3
Governance, Structure and Management 3
Objective, Principal Activity and Aims 6
Public Benefit 7
Sustainability 9
Financial Review 10
Operational Review 12
Principal Risks and Uncertainties 15
Statement of Governors Responsibilities 15
IndependentAuditor’sreport 17
Consolidated statement of financial activities 20
Consolidated balance sheet 22
School balance sheet 23
Consolidated cash flow statement 24
Notes to the consolidated financial statements 25

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

Reference and administrative details

Corporate Trustee Bradford Grammar School Trustee Limited – (Company Number 04824725)

Directors of Bradford Grammar School Trustee Limited (Referred to as governors):

Chairman Lady Morrison LLB Vice Chairman Professor C Mellors OBE, BA, MA, PhD, FAcSS, FHEA, FRSA Co-optative Governors Mr C R Beck FCCA Mr P Cogan BA, FCA Mr D J Davies MBE, B Eng MA Mr S R Davies BA, FRSA Mrs J Disley BA Mrs C Hamilton-Stewart MBE His Honour Jeffrey Lewis (resigned 19 February 2025) Professor Sir A F Markham BSc, PhD, MBBS, DSc, FRCPath Mr I McAleese FCIPD His Honour Judge A Pema MA (resigned 19 May 2025) Dr A Qasim BA, MB, BChir, MA, PhD, FRCP Mr C M Wontner-Smith BA, FCA * (deceased 22 November 2024) Sir David Wootton MA * Mrs T Pugh BA (Hons) (appointed 1 October 2024) His Honour Jonathan Rose (resigned 10 March 2025) Ex Officio The Dean of Bradford, The Very Reverend A Bowerman Representing Bradford Chamber of Commerce Mrs S Needham OBE DL (appointed 12 October 2024) Representing Bradford University Vacant Representing Leeds University Professor A Mighell BSc, BChD, MBChB, PhD, FDSRCS, FHEA Governors Emeriti* Mr J E Barker MA * Mr A H Jerome MBE, MA * (Life President) Mr P J M Bell JP, FCIS, CText, FTI, FRSA * Mr R G Bowers DL, BSc, C. Eng, FRSA * Mr I Crawford FCA Mrs J D Fenton MCSP, SRP Professor A Francis BSc, ACGI, CCMI, AcSS Mr J G Ridings FCA

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

Registered office Bradford Grammar School
Keighley Road
Bradford
BD9 4JP
Banker HSBC Bank PLC
47 Market Street
Bradford
BD1 1EG
Auditor Saffery LLP
10 Wellington Place
Leeds
LS1 4AP
Investment advisor Quilter Cheviot
One Kingsway
London
WC2B 6AN
Pension Advisor Oughtred & Harrison Financial Services
Croft House
145 - 147 Wakefield Road
Gildersome
Leeds
LS27 7HH
Solicitors Flint Bishop
2 The Embankment
Sovereign Street
Leeds
LS1 4BA
VWV
24 King William Street
London
EC4R 9AT
Schofield Sweeney LLP
Church Bank House
Church Bank
Bradford
BD1 4DY
Farrer & Co LLP
66Lincoln’sInnFields
London
WC2A 3LH

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

The Governing Body, acting as the Corporate Trustee for the charity, is pleased to present the annual report of The Free Grammar School of King Charles II at Bradford, trading as Bradford Grammar School (“the� School”) for the year ended 31 August 2025 under the Charities Act 2011 (“the�Act”)�together with the audited consolidated financial statements for the year. The Governing Body confirms that the financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) (effective 1 January 2015).

REFERENCE AND ADMINISTRATIVE INFORMATION

The Free Grammar School of King Charles II at Bradford is known as Bradford Grammar School (BGS). The School’s�registered�charity�number�is�529113.

The Governing Body of Bradford Grammar School is a limited company, Bradford Grammar School Trustee Limited (company registered number 04824725). The current directors of Bradford Grammar School Trustee Limited�and�details�of�changes�in�the�period�are�listed�on�page�1.�Particulars�of�the�School’s�executive�leaders� and professional advisors are given on pages 1 and 2.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governing Document

The earliest records show that the School was already flourishing in the mid-sixteenth century. In 1662 it was re-established by Royal Charter as The Free Grammar School of King Charles II at Bradford. The School is now regulated by a Scheme made under the Charities Act 1960 on 14 August 1973 and amended by Orders of the Charity Commission on 27 March 1974, 3 December 1980, 5 April 1994, 10 June 2004 and 7 July 2005.

Group Structure

Under an Order made by the Charity Commissioners for England & Wales on 10 June 2004, the company Bradford Grammar School Trustee Limited (BGSTL) became the Governing Body (as Trustee) of the charity. The Directors of BGSTL are hereafter referred to as Governors, or as members of the Governing Body.

BGSTL is a dormant company and has no trading activity. It is a company limited by the guarantee of its members, who are members of the Governing Body. The Governors do not believe it is appropriate to prepare consolidated financial statements, incorporating the financial statements of the School, for BGSTL.

The charity controls and incorporates several charitable funds whose purpose is, broadly, to provide financial assistance towards school fees for new and existing pupils (see notes 13 to 16). The most prominent of these is The 1662 Fund.

These funds include four funds that were previously registered charities in their own right but were brought under�the�School’s�management,�on�12�August�2004,�by�a�‘uniting�direction’�covering�registration�for�the� purposes of Part II of the Charities Act 1993 and Accounting for the purposes of Part VI of the Charities Act 1993. The funds were the School Scholarships Fund (charity no. 1083595), the University Scholarships Fund (charity no. 1083596), the Prize Fund (charity no. 1083597), and the Charles Semon Educational Foundation for Bradford Grammar School (charity no. 1095913).

– The School has a wholly owned non charitable subsidiary company BGS Commercial Activities Limited (company number 02322069), the principal activity of which is�the�hire�of�the�School’s�facilities�and�provision� of non-education services. The results of BGS Commercial Activities Limited are consolidated into these accounts and are separately shown in note 24 to the Consolidated Financial Statements.

All other related party transactions are disclosed in note 23 to the Consolidated Financial Statements.

Organisational Management

The Governing Body is legally responsible for the overall management and control of the School, comprising both the Senior school and the Junior school. The Governing Body normally meets as a whole at least once a term to discuss matters of strategy and then delegates most of its operational role to seven main committees, most of which meet between 3 and 4 times per year. Details of each committee are given below.

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

Organisational Management (continued)

The 1662 Committee oversees fundraising activity for The 1662 Fund. It serves as a sub-committee of the Governing Body with specific Terms of Reference.

The Education Committee oversees the scope and organisation of the curriculum. It monitors curriculum delivery, educational performance and addresses other educational issues such as co-curricular and pastoral matters.

External Relations Committee (ERC) oversees the work undertaken�by�the�School’s�Development and Old Bradfordians’ Office and admissions. It seeks to establish positive relationships with the School's stakeholders - parents, pupils, Old Bradfordians, and donors. ERC also oversees all marketing and communications activity in support of recruitment of pupils, community partnership and outreach work, and the engagement of Old Bradfordians through events, careers networks, and planned fundraising activity.

Resources Committee deals with all aspects of the School’s finances and premises including overseeing the management of the investment portfolio. It approves termly management accounts and the annual financial statements for submission to the Governing Body. It also approves the budget, and cash flow forecasts, in order to set fees for the forthcoming academic year.

Human Resources Committee deals with all aspects of the�School’s� employees’ management and welfare. It ensures that the School complies with its statutory and regulatory obligations and operates good HR practice.

Governance and Remuneration Committee considers all aspects of corporate governance and annually reviews the remuneration levels of the Headmaster, Deputy Head and Bursar. It also considers the appropriateness and relevance�of�the�School’s�remuneration�policy�with�reference�to�other�independent�schools�to�ensure�that�the�School� remunerates its employees fairly yet affordably. The Committee also considers the performance of Governors.

Compliance Committee oversees compliance matters to help ensure that statutory and regulatory obligations are being met.

The day-to-day administration and executive responsibility for the School is delegated to the Senior Leadership Team (SLT).

Appointment, recruitment and training of Governors

The Co-optative Governors are appointed at a Meeting of the board of directors of BGSTL on the basis of nominations received from the Governance and Remuneration Committee considering eligibility, personal competence, specialist skills and availability.

New Governors are inducted into the workings and policies of the School at arranged meetings with the Bursar and the Headmaster. All Governors receive information briefings from members of the SLT and/or professional advisers. They also attend training sessions covering such matters as child protection and safeguarding, governance, accounting, charity law, management and investments.

The Articles of Association for BGSTL set a period of three years for each Governor before there is the need to stand for re-election. There is no maximum number of periods that a Governor may serve.

All Governors give their time freely and no remuneration or expenses were paid in the period. No Governor or person connected with a Governor received any benefit from means tested assisted places.

Changes in the membership of the Governing Body

The changes in the membership of the Governing Body during the period are listed on page 1.

Auditor

Saffery LLP has indicated its willingness to be re-elected�as�the�School’s auditor and a proposal to this effect will be put to the Governing Body at the annual general meeting on 5 December 2025.

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

External Relationships

The School fosters positive relationships with the local community, former pupils and with the key institutions in independent education.

The�Headmaster�is�an�active�member�of�HMC�(The�Headmasters’�and�Headmistresses’�Conference),�the� Head of Junior School is closely involved with IAPS (The Independent Association of Preparatory Schools), as�is�the�Bursar�with�the�ISBA�(The�Independent�Schools’�Bursars’�Association).�The�School’s�The� Development�&�Old�Bradfordians’�Office�is�a�member�of�the�Institute�for�Development Professionals in Education (IDPE) and CASE (Council for Advancement & Support of Education). These relationships ensure that the School is engaged with the development and support for independent education at a national level.

There are many links with�local�charities�and�local�state�schools,�as�part�of�the�School’s�policy�to�widen�public� access to both its facilities and to school places. The means-tested�Assisted�Places�Awards�(‘APAs’)� programme is an important contribution to widening access to children who otherwise would not be able to attend�the�School.�The�Development�&�Old�Bradfordians’�Office�seeks�to�create�meaningful�connections� between the School and over 6,400 alumni, former employees, and friends, with the ultimate aim of generating support�for�the�School.�The�Development�&�Old�Bradfordians’�Office�works�with�our network of alumni and the Old Bradfordians Club London to facilitate support for school life through careers networks and sponsoring APAs.

Employment Policy

The School is an equal opportunities employer. All job applicants are given equal consideration irrespective of sex, race, age, physical disability, sexual orientation or religious belief. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. The�School�adheres�to�industry�guidelines�for�‘safe�recruitment’�and�all�employees�undergo�disclosure�and� barring checks to ensure their suitability to work with children.

All positions are graded and remunerated according to the role with enhancements for experience irrespective of the sex, race, age, physical disability, sexual orientation or religious belief of the person filling that role.

Consultation with employees takes place at meetings (at least termly) of the Information and Consultation Forum. In addition, employees receive regular updates of, for example, financial, marketing and employee matters at weekly briefings. A union recognition agreement for teaching employees was signed on 26 June 2018, which became effective from 1 September 2018.

Investment Policy

The Governing Body has complete discretion over fund investments and acts in accordance with the Trustees Act�2000.��The�School’s�investments�consist�primarily�of�equities�and�fixed�interest�stocks�quoted�on�the� London Stock Exchange and other major international exchanges.

All�School�restricted�and�endowed�funds�are�fully�invested�in�the�School’s�overall�portfolio�and�earn�a� percentage�return�proportionate�to�the�relative�holding�in�that�total�portfolio.�The�School’s�investment�policy�is� to produce a mix of income and capital growth, in order to fund current assisted places and to save for future development needs.

To�achieve�this�investment�policy,�the�School’s�investments�are�managed�on�a�total�return�basis,�maintaining� a diversification across a range of asset classes in order to produce an appropriate balance between risk and return.�Investment�decisions�are�made�at�periodic�meetings�of�the�Resources�Committee�and�the�School’s� advisers with occasional consultations in between where market conditions dictate or opportunities and threats arise.�The�Resources�Committee�are�fully�briefed�as�to�the�School’s�financial�and�cash�requirements�in�order� to plan accordingly.

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

OBJECTIVE, PRINCIPAL ACTIVITY AND AIMS

(a) Charitable Objective

The�charity’s�(i.e.�the�School’s)�principal�objective�is�the�advancement�of�independent�day�education�to�both� boys and girls, between the ages of 4 and 18, from Bradford and the surrounding areas.

The School also holds and manages a number of special purpose funds whose object is to provide financial support�through�Assisted�Place�Awards�(APAs)�and�‘hardship’�support,�both�means�tested,�and�academic� prizes.

(b) Principal Activity

The�charity’s�(i.e.�the�School’s) principal activity is the provision of independent education through its day schools (Junior School aged 4 to 11 and Senior School aged 11 to 18). The pupil catchment area primarily includes the city of Bradford, and the Aire and Wharfe valleys. Pupils also travel from Leeds, Halifax, Huddersfield and Wakefield. Selection for admission to the Senior School is based primarily on academic ability, by means of a rigorous entrance procedure, and also broader class-based activities to determine the degree of fit between the applicant and the Senior School. Selection for admission to the Junior School is based on age-appropriate assessments. For Reception entry, this includes a brief, play-based evaluation, while older children take more formal academic assessments in English and Mathematics. Pupils applying for entry to Year 2 and above are also invited to have lunch with current Junior School pupils.

(c) The�School’s�Aims

The�Governors�have�carefully�considered�the�Charity�Commission’s�guidance�on�public�benefit�and�believe� that�the�School’s�aims�meet�the�Charity�Commission’s�requirements.

The�School’s�principal�strategic�aim�is�to�be�an�outstanding�independent�grammar�school which provides a range of opportunities for Junior and Senior pupils. It strives to embrace academic, sporting, and creative excellence within an aspirational and caring environment. Pupils benefit from strong academic tuition, caring and active pastoral support, with access to a wide range of co-curricular activities.

The School aims to provide a supportive and friendly working environment for both pupils and colleagues, create a robust financial position to enable continual investment in and renewal of its facilities and to provide APAs for pupils which widen access to the School.

(d) Strategy�to�achieve�the�School’s�aims�(incorporating�future�plans)

The School reviews its strategy annually to ensure that it is achieving its aims. The SLT and Governing Body have continued to focus on the following strategies over the period 2024/25:

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

A significant Junior School development has recently been completed that reflects several of the aforementioned strategic priorities. The project delivers enhancement of the curriculum, pedagogy, facilities and extension of the age range to include Year 1 and Reception, to develop the educational offering and meet pupil recruitment ambitions. It has transformed the land surrounding the School, enhancing natural habitats on site and opportunities for outdoor learning, alongside a new building for the youngest age groups.

PUBLIC BENEFIT

The School is committed to providing the following public benefit in accordance with its founding principles:

APAs�are�awarded�on�the�basis�of�pupil’s�academic�potential�and�their�family’s�financial�circumstances.�They� are only awarded to Senior School pupils at ages 11 and 16. A rigorous application procedure involves an initial home visit and financial assessment. Once allocated, the School undertakes an annual assessment of each�family’s�financial�circumstances,�reserving�the�right�to�amend�the�support�offered�if�parental�income�varies� significantly from one year to the next. Pupils must also maintain a high standard of educational attainment and general behaviour to continue receiving funding.

A number of academic�scholarships�(“Headmaster’s�Scholarships”),�awarded�solely�on�merit�and�capped�at� 20% of the full fee, are also available at the Senior School. Sport and music scholarships, available in the Senior School, provide practical support and financial assistance to cover the costs of coaching and / or music tuition.

The�School�also�provides�discretionary�funding�for�situations�of�temporary�hardship,�where�an�existing�pupil’s� education may be at risk, in a critical educational year, due to parental short-term difficulties.

The APA programme has historically been funded by generous donations from benefactors, legacies, income earned from the investment of those funds, and by an allowance put aside from annual income. The School established the 1662 Fund in November 2019 to increase support for APAs. Fundraising activity is overseen by the 1662 Committee which serves as a sub-committee of the Governing Body with specific Terms of Reference and a majority Governor membership. Currently, 8 per cent of pupils receive support and the School aims to maintain this over the coming years.

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

The School continues to allow free use of its facilities to support, for example:

Additionally, School facilities are leased at discounted rates to local sports clubs and community groups through its trading company BGS Commercial Activities Limited (BGSCA Ltd). This has included:

Pupils at School volunteer widely in the community, for example:

Our pupils are encouraged to be active agents in the local and global community though volunteering and a range of other programmes. The following are additional examples of such activities this year:

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

In the Junior School several successful fundraising activities were held:

SUSTAINABILITY

Over the last year the School took a number of important initiatives to improve sustainability across the campus, including:

The roof top solar panel installation went live in October 2022 and produced a record 325 Mwh’s in the year. The�panels�provide�approximately�30%�of�the�School’s�current�annual�electricity�needs�and�reduce�annual� carbon emissions by 89 tonnes of CO2e. The remainder of the School’s�electricity�is�certified�as�being�100%� from renewable sources.

The solar panels are also a point of interest and classroom material for pupils. The School will continue to look at ways that it can reduce its carbon footprint and to build on its renewable resources.

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

FINANCIAL REVIEW

Financial result for the year

The Governors report an operating surplus of £111k for the year ended 31 August 2025, compared to £2,454k in the prior year. The variance is primarily due to two factors.

Firstly, the Board made a strategic decision to defer passing on the 20% VAT on fees introduced on 1 January 2025. This resulted in a trading deficit of £393k (2024: £983k trading surplus) and lower year-on-year income. While other income streams were broadly higher, they did not fully offset this shortfall. Excluding the impact of this decision, the underlying trading surplus would have been £857k.

Secondly, investment gains for the year were £504k compared to £1,471k in the previous year, a reduction of £967k.

The Board and Senior Leadership Team continued to exercise firm control over non-essential departmental and premises expenditure. School running costs increased to £16,841k (2024: £15,571k), covering all teaching, welfare, premises and support costs, including depreciation and finance charges.

The�consolidated�surplus�includes�the�performance�of�BGSCA�Ltd,�the�School’s�trading�subsidiary,�which�hires� out facilities and services. The company performed in line with expectations, reporting a profit of £111k (2024: £94k).

The consolidated cash balance at 31 August 2025 was £2,665k, an increase of £636k from £2,029k at 31 August 2024. Operational cash requirements of £812k and capital expenditure of £802k were supported by net investment proceeds of £1,631k and investment income of £619k. The consolidated balance sheet remains strong, providing sufficient headroom for future development.

Fund Raising Performance

The School does not use professional third party fundraisers nor does it ask the general public for donations. The�Development�&�Old�Bradfordians’�Office�performs�all�our�fundraising�activity�and�ensures�that�the� approach is appropriate. We are registered with the Fundraising Regulator and have committed to following, and complied with, the Code of Fundraising Practice and the Fundraising Promise. No complaints were received in the period in relation to fundraising activities.

Total legacies and donations for the year ended 31 August 2025 were £1,334k (2024 £768k).

For many years, the School has been receiving, from a small number of very generous benefactors, regular annual donations. This year these amounted to approximately £725k (2024: £255k) specifically donated for the provision of APA’s.

The Governors would like to put on record their gratitude to these, and all other donors without whom the APA programme would be far less extensive.

Investment Performance

The School has three investment portfolios with Quilter Cheviot. As at 31 August 2025, excluding cash at bank, the main portfolio valuation totalled £11,019k, the number 2 portfolio £4,127k and the Fees in Advance portfolio £3,864k. Income received across the main and number 2 portfolios, from dividends and interest, totalled £493k (2024 £494k).

During�the�period,�on�a�net�total�return�basis�(income�and�capital)�the�School’s�main�investment�portfolio� increased by 6.0%. This comprised an increase in capital value of 2.5%, and a positive income return of 3.5%. On this occasion this was behind the official benchmark, the MSCI WMA Balanced index, which recorded an increase of 8.9% and the peer group comparator, the Asset Risk Consultants (ARC) Charity Steady Growth universe, which recorded an increase of 6.2%.

The�School’s�original�investment�portfolio historically focused on income generation with most of the equity investment held in domestic equities, to benefit from the yields available.

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Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

Investment Performance (continued)

The advisors were delegated discretion in January 2020 and along with market movements, have continued to reduce exposure in the UK, with an ongoing reduction in emphasis on income and an increased focus on achieving a total return of CPI+3.5% over a rolling period.

In the round, this proved a respectable period for the portfolio with all asset classes increasing. The Corporate debt and Gilts within the portfolio delivered a combined total return of 1.3%, usefully ahead of the -2.5% movement in UK Gilts. The alternative investments, which include investments in property, infrastructure, renewables and private equity enjoyed a strong, positive and uncorrelated return of 10.4%. The expectation is that both sections of the portfolio, which represent some 26% of overall investment, will continue to benefit against the backdrop of declining interest rates.

Equities�account�for�72%�of�the�portfolio’s�invested�assets,�with�an�agreed�and�significant�shift�to�a�more� globally reflective mix, predominantly centred on individual names. Domestic equities, at 21%, are overweight relative to global stocks markets, but more modestly overweight the benchmark. Our exposure lagged the local index over the period. US equities, at 31.6%, are now the largest single equity exposure as the portfolio continues to adopt an ever-increasing international posture. A return of 10.5% was in touch with the market return�of�13.6%,�which�was�a�pleasing�outcome�given�the�dominance�of�the�‘magnificence�seven’�throughout� the investment period. Further afield, fund selection in Japan, Emerging Markets and Asia proved beneficial, each delivering double digit returns over the period. Funds invested here represents 8% of overall investment in the main portfolio and increasingly an area where we see future returns.

The number 2 account is invested in the Quilter Cheviot Global Income and Growth fund for charities. The fund targets CPI + 3.5%, aiming to deliver an income of 3%. The fund launched on 8 January 2020. During the year, the investment delivered a total return of 6.5%, comprising an increase in capital of 3.5% and a 3.0% income return. Since inception in January 2020, the No 2 portfolio has enjoyed a return of 40.1% compared to 43.8% for the benchmark and 27.2% for the peer group, as measured by the ARC Charity Steady Growth index.

The final investment portfolio is The Fees in Advance Fund. This was opened in later part of the financial year 23/24 and aims to support the ongoing success of the School whilst also being able to offer and manage an affordable discount to those paying in advance.

Looking forwards, the US government shutdown is at the forefront of thinking with the respective parties unable to find a middle ground, using the debt ceiling as a negotiation tool to try to enact other policy changes.

Historically, shutdowns have had only limited impact on equity markets but the immediate concern is that the US Central Bank may lack key information (such as jobs and inflation data) ahead of its future meetings, making its decision making even more challenging. This may give them reason to pause at the next meeting, but the managers are still expecting one to two further rate cuts this year. When combined with a relatively robust economic backdrop, this should support both equities and bonds. In the UK, markets expect one more 0.25% cut in the UK this year, albeit with some Budget uncertainty.

The managers believe that the portfolios remain suitability resilient to withstand a reasonable level of capital volatility over the medium to long term but cannot exclude the challenges of maintaining real values in the short term. They remain committed to the long-term investment objectives but continue to highlight that to incorporate the impact of elevated inflation in 2022 and 2023, that it be regarded as a 10 year, rather than 5- year, target. Overall, aside from the many macro and climatic challenges, they remain positive for the longterm prospects of the current investment strategy.

Reserves and financial viability

The School has three main categories of reserves: Restricted Funds created by donations, bequests and appeals mainly to provide APAs, scholarships and prizes and occasionally to fund specific capital projects; Endowed Funds, created by donations, and bequests, the income from which is used to provide APAs, scholarships and prizes; and Unrestricted Funds, created by accumulated annual surpluses, which the School is free to use in accordance with its charitable objectives.

The Unrestricted Funds are further split as either Designated Reserves, which represent the value of the School’s�fixed�assets,�or�as�Free�Reserves,�which�represents�the�value�of�free�cash�available�for�expenditure.

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E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

The�School’s�reserve�policy�is�to�ensure that: a) it has sufficient Restricted Funds to cover its long term obligations to fund the cost of existing pupils receiving APAs; b) it maximises investment income from Endowed Funds to effectively help fund the cost of APAs; and c) it maintains sufficient Unrestricted Free reserves to meet its short term financial obligations in the event of an unexpected revenue shortfall and to meet the likely cost of any agreed capital projects.

The Governors are of the opinion that the overall reserves are sufficient for the School to continue to cover all financial obligations and to fund the existing level of APAs.

At 31 August 2025 the Endowed Funds had increased to £3,331k which was driven by further donations in the year and the increase in capital value of investments held. The income continues to be used to fund various restricted funds and, ultimately, for APAs.

Similarly, the Restricted Funds increased to £3,035k as a result of increases in the underlying investment value (net of investment income and payments for APAs).

The Unrestricted Fund fell to £23,547k, of which £8,419k is readily convertible into cash (2024: £9,032k) as indicated in note 17 to the consolidated financial statements.

As at 31 August 2025 the 1662 Endowed Fund increased by £256k to £1,005k. The 1662 Restricted Fund increased by £730k to £1,273k (2024: £45k increase).

OPERATIONAL REVIEW

51% of GCSE results in 2025 were graded 8 or 9, and 71% were graded 7 to 9. Over a third of pupils scored at�least�an�average�of�grade�8�and�almost�60%�scored�at�least�an�average�of�grade�7�(the�‘old’�A�grade).

Over 84% of A Level grades in 2025 were at A to B standard, with 58% at A to A and 21% A grades. 9 pupils achieved three or more A grades, of whom 3 scored a magnificent four grades at A. One pupil managed a very impressive one A and four A grades. STEM subjects had a very strong year with 80% of all A Level Maths grades either A or A, and over three-quarters of Further Maths grades at A or A. 70% of Computer Science grades were also A or A, and two-thirds of Physics grades were the top grades too. The School has enormous talent in Art with all 6 grades achieved an A - a phenomenal achievement. Our results in A Level PE were also exceptional this year, with all five candidates obtaining an A or A* grade.

Although there is much more to the School than public examination outcomes, the School is justifiably proud of the outstanding GCSE and A Level results achieved by its pupils. These cohorts had the earlier part of their secondary education disrupted by the Covid-19 pandemic and several episodes of lockdown and remote learning, and the School believes that their superb academic achievements are due to their hard work and perseverance, as well as to the decisions that the School took in 2020/21 to maintain the exceptional standard of education that we are proud of.

Pupil numbers

During the 2024/25 academic year, there was an average of 1,051 (2023/24: 1,060) pupils in School, of whom 885 (2023/24: 901) were in Senior School and 166 (2023/24: 159) in the Junior School. Out of the overall total, 47% were girls (2023/24: 46%).

School Life and Co-Curricular Activities

The�School’s�rich�ethnic�diversity�offers�daily�opportunities�for�pupils�to�appreciate�and�learn�about�different� cultures and their values and beliefs; friendship groups are not bound by cultural or religious homogeneity. Pupils have access to a wealth of co-curricular activities which build cultural capital and develop the whole individual.

Regular and compulsory Personal Development sessions are embedded within the Senior School curriculum and PHSE within the Junior School, fostering reflection and self-efficacy.

~~12~~

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

The�School’s�dedicated�Pastoral�Team�is�staffed�with�Heads�of�Year,�two�nurses and a diverse body of external mental health specialists, contracted to the School and resident on site on a weekly rotation. Pastoral Prefects (peer to peer supporters) also ensure that Senior School pupils feel happy, valued and encouraged to reach their full potential. The Junior School also benefits from nursing support and one-to-one support led by form teachers, enabled by the Junior School Deputy Head.

As�part�of�the�School’s�Personal�Development�Programme,�pupils�are�given�the�opportunity�to participate in a live virtual sessions with external guest speakers. Guest speakers in Years 7 to 11 have given talks on a diverse�range�of�topics�including�Everyone’s�Invited,�Right�Wing�Extremism,�Gambling,�Criminality�and�the� Prison System and the National Farming Union.

Bradford Hub delivered sessions to each Y8 form on being Dementia Friends and Split Second drama group delivered a session on distractions caused by mobile phones and road safety to Year 7. Year 9 had the annual visit from Rob Higgs who presented his antibullying drama performance. Michael Haines presented the�personal�story�of�his�brother’s�abduction�by�ISIS�to�Year�10,�and�Year�11�learned�about�Careers�in�the� Army�from�the�army’s�regional�office�recruiting�team.�

In Years 12 and 13, an additional programme of external speakers has included Glen Parsons, a barrister talking about diversity within the legal profession and the importance of community action, Bilal Mohammed, a motivational speaker looking at aspiration and growth mindset,�and�two�Everyone’s�Invited�speakers�on� gender issues and a presentation from the Anthony Nolan Trust on bone marrow donation. Year 12 received guidance�about�choosing�a�university�course�from�a�member�of�Lancaster�University’s�recruitment�team�and� Year 13 learned about student finance from a speaker form Sheffield University.

In the Junior School, the pupils fostered links with local places of worship and visited these as part of their RS curriculum. Pupils in Year 6 were given the opportunity to take part in the Junior Duke of Edinburgh award and several of the participants undertook acts of service such as litter picking and working with homeless charities as part of this.

Academic competition achievements and awards

A team of BGS pupils were crowned UK champions in the national finals of a global LEGO competition, earning a place at the world championships in Florida. In the USA, the team performed outstandingly well. In their international debut, they secured second place in one of the four main categories of the competition. This is an achievement that many established teams at the international stage have yet to reach. It reflects the exceptional standard the BGS team has been working at.

A Year 13 pupil scored in the top 0.5% in the University of Cambridge Chemistry Challenge, and one of our Year 11 Art candidates was highly commended by exam board OCR for achieving one of the highest marks nationally in the GCSE examination.

One Year 13 pupil secured a prestigious Arkwright Engineering Scholarship which will support him through university.

One Year 13 pupil achieved a gold medal on the national Biology Olympiad challenge and additionally in the top 0.5% for a national Cambridge Chemistry competition.

The Arts

Junior School pupils take part in a number of musical ensembles with several of them run by the visiting music teachers. These include orchestra, choir, brass group, flute group, string group, guitar group, rock band and samba band and there are a number of informal music recitals that take place throughout the year. Many pupils also receive individual instrumental lessons throughout their time at the Junior School which they then carry on with into the Senior School.

The Junior School holds a Nativity performance and Spring Concert for EYFS and KS1 pupils, two major concerts at Christmas and Spring for KS2 pupils, a music competition and participated in Young Voices events. A�Year�6�production�of�Shakespeare’s�Romeo�and Juliet incorporating both drama and music was also a major highlight.

~~13~~

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

In terms of success in the TCL and ABRSM Music Exams, 13 pupils were entered and 9 achieved distinctions (69% of entries), 2 achieved merits (15% of entries) and there were 2 passes (15% of entries). Pupils regularly particate�in�the�Bradford�Youth�Orchestra,�‘Yorchestra’,�the�National�Children’s�Choir,�Bradford�and�Airedale� Youth Choir, Northern Dance Centre and are entered for local music festivals.

The Senior School concert programme was busy with many pupils participating in school musical events. Senior�Choir�performed�twice�at�Bradford�Cathedral�for�the�Founders’�Day�Service�and�the�traditional�Service� of Nine Lessons and Carols. The four school choirs were showcased throughout the year at all concerts, including�the�Choral�Concert�when�Senior�Choir�performed�Fauré’s�Requiem,�accompanied�by�a�professional� orchestra and soprano and baritone soloists. The Close Harmony Group performed a pop acapella repertoire in the first half along of this concert with the Junior Choir, fresh from their success at the Skipton Music Festival where�they�were�awarded�a�rare�‘exceptional’�grading.�

At�Christmas�and�Leavers’�Concerts,�pupils�performed�a�wide�variety�of�music�ranging�from�Rimsky-Korsakov’s� Trombone�Concerto,�to�Soul,�Samba�and�Jazz�repertoire.�The�whole�of�Year�Seven�performed�at�the�school’s� Christmas Concert enabling every member of the school community to be welcomed into the musical life of the school. These concerts were part of an extensive programme of music that also included smaller, weekly recitals in the Auditorium performed to more modest sized audiences and in a relaxed setting to encourage participation and build the confidence of musicians.

Many students take individual music lessons, with 350 lessons taught a week on all orchestral and pop instruments, theory and organ by a team of self-employed Music Teachers. Three sessions of Associated Board and Trinity College of Music instrumental exams were held at the school. Students were very successful in these, with 86% of candidates awarded either a merit or distinction.

‘And�Then�There�Were�None’�is�an�Agatha�Christie�play�which�was�performed�in�the�senior�school�over�three� days to packed houses in the Hockney Theatre. Matinee performances were also put on for local primary school children. A cast and crew comprising over 20 pupils made this possible.

Sport

Orienteering: At the British Schools Championships in Kent, the team won three national year group trophies (Years 8, 11 and 12 boys) and they were the silver medal winning secondary school overall; they later won the Yorkshire Schools Championships. A Year 8 pupil was the latest pupil to represent England.

Netball: U14 & U16 squads qualified for the regional round of the National Schools Netball Competition, With the U14s qualifying as West Yorkshire champions and missing out on national finals by one place. The U13s reached the final day of the Sisters in Sport National netball cup, placing 3[rd] Nationally. At the U11 North East Junior�Schools�Tournament,�BGS�didn’t�manage�to�retain�the�Cup�but�came�a�respectable�7[th] out of 30 teams and a BGS pupil was awarded player of the tournament. A Year 11 pupil has been selected for the Manchester Thunder U16 Netball Premier League squad.

Tennis: For the first time in BGS tennis history, a cup returned up north from the Independent Schools Championships. A girls doubles pair in the U15 competition won the Ashbury Bailey shield, winning 9 out of 10 matches over 3 days. The boys Year 9/10 schools team tennis team are through to regional knockouts for the�north�with�a�good�chance�of�getting�to�national�finals.�A�Year�10�boy�was�crowned�Yorkshire�U14’s�boys� doubles and singles champion. The U13 boys team are West Yorkshire Champions and they and the U16 girls team finished second in a regional competition. A member of the U13 Team was awarded young volunteer of the year by Table Tennis England for his commitment to Baildon Table Tennis Club.

Rugby and Rugby 7s: Two boys in Year 12 have been selected to train and play with the Yorkshire Academy Squad. The U13 7s team won the Durham and Pocklington 7s tournaments. At the U11 North East Junior School�Tournament,�BGS�won�all�games�comfortably�in�the�‘B’�category.�BGS�were�runner�up�at�the�U11 West Yorkshire Prep Schools Cup.

Hockey: Two pupils in Years 11 & 12 are part of the England Hockey Talent Academy and represent Ben Rhydding’s�ladies�first�team�in�the�national�league.�The�U15�Girls�reached�the�finals�day�of�the�Independent� Schools Hockey Plate.

Rowing: A Year 13 pupil represented Great Britain at Beach Sprint Rowing Racing. Another pupil in Year 10 finished 7[th] at the British Rowing National Championships in a single.

~~14~~

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

Gymnastics: this year was a milestone for BGS, with four teams qualifying for the Acro and Floor & Vault National�Finals,�a�first�for�the�school.�The�U19�Girls�Acro�team�won�gold,�securing�BGS’s�first�regional�title�in� the category. Individually 3 BGS pupils were named the highest-scoring individual performers at the ESGA competition. Nationally, the U14 Floor & Vault team represented Yorkshire to win bronze, while the U10 and U14 ESGA Acro teams both brought home silver. At junior level, BGS debuted at the Calderdale Gymnastics Competition, giving younger pupils their first taste of competition.

Cricket: A Year 13 pupil played for the England U19 squad and signed their first professional contract for Yorkshire County Cricket�Club.�A�Year�11�pupil�has�trialled�for�the�England�U19�women’s�team�whilst� representing Lancashire at senior level throughout the summer. The U15 Boys won the Mersey Cup for the first time. The U15 Girls team reached the final of the Molly Staines Cup defeating Scarborough college to become champions. BGS reached the final of the U11 North East Junior School Tournament.

Swimming: A recent Old Bradfordian represented Great Britain at the World Swimming Championships in Singapore. Another recent Old Bradfordian and member of BGS Aquatics Squad, represented Great Britain at European Junior level in September. He finished tenth, just one minute behind the leader.

Athletics: A Junior School pupil became the North East Champion in U11 long jump. At the district level of the English Schools Athletics Competition, there were exceptional individual performances, leading to the Intermediate Boys team winning first place, and the Intermediate Girls and Junior Boys finishing as runnersup. All 3 teams advanced to the Regional A Finals in Derby, where they each placed fifth overall - an impressive achievement at such a high level of competition.

PRINCIPAL RISKS AND UNCERTAINTIES

The Governing Body considers the financial impact of the introduction of VAT on independent school fees as a principal risk to the School. The Governors have committed to delay an increase in School fees due to VAT until September 2025 and to phase the increase in fees over a minimum period of 2 years. The Governing Body is actively managing this risk and remains committed to its charitable and strategic objectives to deliver an outstanding education to girls and boys from Bradford and the surrounding areas.

The Governing Body, having taken into account current financial forecasts, is satisfied that the School has the necessary financial resources to continue trading for the foreseeable future.

Two further areas of risk are a) health and safety and b) damage to reputation and the failure to react positively in an adverse situation. The School continues to invest and manage expertise in both areas in order to minimise these risks.

Significant risks are recorded in a register which is regularly reviewed by the SLT and periodically discussed by the Governing Body. The Risk Register highlights key risks including financial, reputational and legal risks and the SLT has formulated controls and procedures to mitigate the effects of the most damaging and likeliest potential events.

The key controls used by the School are:

The Governing Body is confident that the major risks have been reasonably mitigated where possible.

These financial statements have therefore been prepared on a going concern basis.

~~15~~

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Report of the Governing Body for the year ended 31 August 2025

STATEMENT OF GOVERNORS RESPONSIBILITIES

The�Governing�Body�is�responsible�for�preparing�the�Trustees’�Report�(Governing Body Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Governing Body to prepare financial statements for each financial period which give a true and fair view of the state of affairs of both the group and the charity and of their incoming and outgoing resources for that period. In preparing these financial statements, the Governing Body is required to:

The Governing Body is responsible for keeping adequate accounting records that are sufficient to show and explain�the�charity’s�transactions,�and�to�disclose�the�financial�position of the charity, and its related undertaking, at any time with reasonable accuracy. These accounting records should enable the Governing Body to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Governing Body is also responsible for safeguarding the assets of the charity and its related undertaking as well as taking reasonable steps to prevent and to detect fraud and other irregularities.

The Governing Body is responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

RELEVANT AUDIT INFORMATION

In so far as the Governors are aware there is no outstanding relevant audit information of which the auditor is unaware�and�which�might�adversely�affect�the�latter’s�ability�to�complete the audit report. Each member of the Governing Body has taken all appropriate steps to make him or herself aware of all relevant audit information and�to�establish�that�the�School’s�auditor�is�also�aware�of�that�information.

Approved by the Governing Body and signed on its behalf by:

…………………………… Lady Morrison Chairman, Bradford Grammar School Trustee Limited 5 December 2025

~~16~~

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School

Independent�Auditor’s�Report�to�the�Trustee�Governing�Body�(as�Trustees)�of�Bradford�Grammar�School

Opinion

We have audited the financial statements of Bradford Grammar School and its subsidiary (the Group) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated and School Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are�further�described�in�the�Auditor’s�responsibilities� for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s�Ethical�Standard,�and�we�have�fulfilled�our�other�ethical�responsibilities�in�accordance�with�these� requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In�auditing�the�financial�statements,�we�have�concluded�that�the�trustee’s�use�of�the�going�concern�basis�of� accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions�that,�individually�or�collectively,�may�cast�significant�doubt�on�the�group�or�the�parent�charity’s�ability� to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The trustee is responsible for the other information. The other information comprises the information included in�the�annual�report,�other�than�the�financial�statements�and�our�auditor’s�report�thereon.�Our�opinion�on�the� financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

17

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School

Independent�Auditors’�Report�to�the�Governing�Body�(as�Trustees)�of�Bradford� Grammar School (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in respect of which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of governors responsibilities set out on page 15-16, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In�preparing�the�financial�statements,�the�trustee�is�responsible�for�assessing�the�charity’s�ability�to�continue� as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’�responsibilities�for�the�audit�of�the�financial�statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our�objectives�are�to�obtain�reasonable�assurance�about�whether�the�group�and�the�parent�charity’s�financial� statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’�report�that�includes�our�opinion.�Reasonable�assurance�is�a�high�level�of�assurance,�but�is�not�a� guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and the parent�charity’s�financial�statements�to�material� misstatement and how fraud might occur, including through discussions with the representatives of the trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with representatives of the trustee and updating our understanding of the sectors in which the group and the parent charity operates.

Laws and regulations of direct significance in the context of the group include the Charities Act 2011 and guidance issued by the Charity Commission for England and Wales. Further the group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the group operations. We identified the most significant laws and regulations to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

18

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School

Independent�Auditors’�Report�to�the�Governing�Body�(as�Trustees)�of�Bradford� Grammar School (continued)

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s�records�of�breaches�of�laws�and�regulations,�minutes�of�meetings�and�correspondence�with�relevant� authorities including the Department for Education to identify potential material misstatements arising. We discussed�the�parent�charity’s�policies�and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s�review�included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the parent�charity’s�trustee,�as�a�body,�in�accordance�with�Part�4�of�the�Charities� (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity trustee those matters we are required to state to it in an�auditor’s�report�and�for�no�other�purpose.�� To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustee as a body, for our audit work, for this report, or for the opinions we have formed.

~~Saffery LLP~~

Saffery LLP 10 Wellington Place Statutory Auditors Leeds LS1 4AP 10/12/2025 Date:

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

19

NoteUnrestricted
Funds
Restricted
Funds
1662
Restricted
Fund
1662
Endowed
Fund
Endowed
Funds
Total
2025
Total
2024
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Income:

From charitable activities

Tuition fees
2 (a)
13,973
-
-
-
-
13,973
14,828
Other educational income
3
958
-
-
-
-
958
841

From voluntary sources
Legacies and Donations
5
-
5
1,128
201
-
1,334
768
Trading income
4
164
-
-
-
-
164
151
Investment income
497
47
15
11
49
619
581
Other income
6
29
-
-
-
-
29
45

Total income
15,621
52
1,143
212
49
17,077
17,214

Expenditure:

By charitable activities

School running costs
7(a)
16,821
7
2
2
9
16,841
15,571
Assisted places
2(b)
-
539
-
-
-
539
580
Grants and prizes
7(c)
26
18
-
-
-
44
48
By other activities
Trading expenditure
46
-
-
-
-
46
32



Total expenditure
7
16,893
564
2
2
9
17,470
16,231

Trading surplus / (deficit)
(Income less expenditure)
(1,272)
(512)
1,141
210
40
(393)
983
 20
Total 2024 £’000 983 1,471 2,454 - - - 2,454 27,348 29,802
Total 2025 £’000 (393) 504 111 - - - 111 29,802 29,913
Note
Unrestricted
Restricted
1662
1662
Endowed		 Funds
Funds
Restricted
Endowed
Funds		 Fund
Fund		 £’000
£’000
£’000
£’000
£’000		 Trading surplus / (deficit) (Income less expenditure)
(1,272)
(512)
1,141
210
40		 Investment gains/ (losses) Net investment gains/ (losses)
312
62
37
26
67		 Operating surplus / (deficit) (Income less expenditure plus investment gains/(losses))
(960)
(450)
1,178
236
107
Transfers
 Endowment income transfers
13 to 17
12
29
(20)
20
(41)		 Other transfers
13 to 17
-
428
(428)
-
-		 Total transfers
12
457
(448)
20
(41)		 Net movement in funds
(948)
7
730
256
66		 Total funds at 1 September 2024
24,495
1,755
543
749
2,260		 Total funds at 31 August 2025
13 to 17
23,547
1,762
1,273
1,005
2,326		 The incoming and outgoing resources and resulting net movement in funds arise from continuing operations. The Group has no recognised gains or losses other than the net movement in funds for the year. The notes on pages 25 to 52 form part of these consolidated financial statements

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Consolidated Balance Sheet at 31 August 2025

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Stock
Debtors
10
Cash at bank and short term deposits
Current liabilities
Creditors: amounts falling due within one year
11
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due in more than one year
12
Total net assets
Funds
Endowed funds
13
1662 Endowed fund
15
Total Endowed Funds
Restricted funds
14
1662 Restricted fund
16
Total Restricted Funds
Unrestricted Designated Funds
17
Unrestricted Free Reserves
17
Total funds
19		 31 August
2025
£’000
15,128
18,378
33,506
48
1,059
**2,665 **		 31 August
2024

£’000

15,463

19,505
34,968

53
1,451

2,029

3,533

(4,738)

(1,205)
33,763

(3,961)

29,802

2,260

749

3,009

1,755

543
2,298

15,463
9,032


29,802
3,772
(4,930)
(1,158)
32,348
(2,435)
29,913
2,326
1,005
3,331
1,762
1,273
3,035
15,128
8,419

**29,913 **

These financial statements were approved and authorised for issue by the Governing Body on 5 December 2025, and were signed on its behalf by:

L Morrison

P Cogan

Paul Cogan

Lady L C Morrison P Cogan

(Chairman, Bradford Grammar School Trustee Limited) (Director, Bradford Grammar School Trustee Limited)

The notes on pages 25 to 52 form part of these consolidated financial statements.

22

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School School Balance Sheet at 31 August 2025

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Stock
Debtors
10
Cash at bank and short-term
deposits
Current liabilities
Creditors: amounts falling due within
one year
11
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due in
more than one year
12
Total net assets
Funds
Endowed funds
13,15
Restricted funds
14,16
Unrestricted Designated Funds
17
Unrestricted Free Reserves
17
Total funds
19		 School
31 August
2025
£’000
15,128
16,314
31,442
48
1,203
2,162
3,413
(4,785)
(1,372)
30,070
(2,435)
27,635


2,326
1,762
15,128
8,419
27,635		 1662
31 August
2025
£’000
-
2,064
2,064
-
-
353
353
(139)
214
2,278
-
2,278
1,005
1,273
-
-
2,278		 Total
31 August
2025
£’000
15,128
18,378
33,506
48
1,203
2,515
3,766
(4,924)
(1,158)
32,348
(2,435)
29,913
3,331
3,035
15,128
8,419
29,913		 31 August
2024
£’000
15,463
19,505
34,968
53
1,595
1,886
3,534
(4,739)
(1,205)
33,763
(3,961)
29,802
3,009
2,298
15,463
9,032
29,802

These financial statements were approved and authorised for issue by the Governing Body on 5 December 2025 and were signed on its behalf by:

L Morrison

P Cogan

Paul Cogan

Lady L C Morrison P Cogan (Chairman, Bradford Grammar School Trustee Limited) (Director, Bradford Grammar School Trustee Limited)

The notes on pages 25 to 52 form part of these consolidated financial statements.

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Bradford Grammar School Consolidated Cash Flow Statement for the year ended 31 August 2025

Notes
(below)
Net cash inflow from operations
1
Returns on investment and servicing of finance
Investment income
Capital expenditure and financial investment
Purchase of tangible fixed assets (note 8)
Proceeds of disposal of fixed assets (note 8)
Purchase of investments (note 9)
Proceeds from sale of investments (note 9)
Increase/(Decrease) in cash during the year
2
Notes to the cash flow statement
1.
Reconciliation of net incoming resources to net cash
inflow from operations
Operating surplus/(deficit)
Net investment loss/(gain)
Depreciation charge
Loss on disposal of fixed assets
Investment income
(Increase)/Decrease in stock
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash flow from operations
2.
Analysis of changes in net funds
Cash at bank and short term deposits at start of the year
(Decrease)/Increase in cash in the year
Cash at bank and short term deposits at end of year
There are no other borrowings within the charity		 31 August
2025
£’000
(812)
619
(802)
-
(1,459)
3,090
636
111
(504)
1,137
-
(619)
5
392
(1,334)
(812)
2,029
636
2,665		 31 August
2024
£’000
6,467
581
(2,648)
-
(7,199)
1,784
(1,015)
2,454
(1,471)
995
-
(581)
-
(810)
5,880
6,467
3,044
(1,015)
2,029

The notes on pages 25 to 52 form part of these consolidated financial statements.

24

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

1. ACCOUNTING POLICIES

Basis of preparation and consolidation

In the opinion of the Governors Bradford Grammar School meets the definition of a public benefit entity as defined by the Charities Statement of Recommended Practice 2019 and Financial Reporting Standard 102 (FRS 102) and the consolidated financial statements are prepared in accordance with this standard.

The consolidated financial statements are prepared in�sterling,�the�School’s�local�currency,�rounded�to�the� nearest £1,000. They are prepared on the historical cost accounting basis except for investments which are carried at market value.

The consolidated financial statements comprise the financial statements of Bradford Grammar School and its non-charitable trading subsidiary undertaking, BGSCA Ltd. Summary income and expenditure accounts, for the year ended 31 August 2025 for BGSCA Ltd in Note 24 to the consolidated financial statements.

The principal accounting policies, together with the method of dealing with estimates and uncertainties, are set out below.

Going concern

The Governors believe that it is appropriate to prepare the consolidated financial statements on a going concern basis as there are no material uncertainties relating to events or conditions that may cast significant doubt on the ability of the School or its trading subsidiary to continue trading for the foreseeable future.

The School has no external borrowings and there is a positive net asset position at the balance sheet date. Cash flow forecasts, prepared to 31 August 2027, demonstrate that it has sufficient reserves to support the Governors decision to support parents during the 2025-26 academic year, by absorbing some of the cost of the imposition of the VAT.�The�Governors�have�also�reviewed�the�School’s�likely�trading�position�and�cash� flow to 1 December 2025 and are confident that this situation will be maintained.

Other than this the other key risk facing the School would be an inability to reduce its operating costs should pupil numbers, or fee income, fall significantly below its projections.

However, the Governors believe that the School is well placed to manage these risks.

Fees and similar income

Tuition fees are accounted for in the period the service is provided and are stated after deducting the cost of funding APAs and other remissions given by the Unrestricted Fund. Fees do however include contributions from restricted funds towards APAs and employee discounts. Members of the SLT receive the same employee discount as all other employees.

Other educational income includes school lunches, school trips, other catering income, registration, external examination, sports coaching and after school care fees. It is also accounted for in the period which the service is provided.

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

1. ACCOUNTING POLICIES (continued)

Voluntary income includes legacies and donations received for APAs and other purposes.

Trading income includes that from�the�School’s�non�charitable�trading�subsidiary�undertaking plus sales from vending machines.

Investment income is accounted for when receivable and includes the related tax recoverable.

Gifts in kind are valued at estimated open market value at the date of the gift.

Legacies and Donations

Legacies and donations are included in voluntary income and included in the Consolidated Statement of Financial Activities (SOFA) in the year in which entitlement is met and the amount can be measured with reasonable clarity. Income is deferred only when the School has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be used in a future period.

Legacies and donations receivable for the general purposes of the School are taken to unrestricted funds. Those subject to the specific wishes of the donor are taken to an appropriate restricted fund, unless they are to be retained as capital when they are taken to an appropriate endowment fund.

Resources Expended

Expenditure is accounted for on an accruals basis. It is classified into the categories below. Liabilities are recognised as resources are expended or as soon as there is a legal or constructive obligation. Irrecoverable VAT is included with the item of expense to which it relates.

School running costs are sub divided into teaching, welfare, premises and support costs. Greater analysis of the makeup of those constituents is given in note 7 to the consolidated financial statements.

Termination benefits and payments are recognised as an expense when the School can no longer withdraw the offer of those benefits.

APAs, grants, and prizes represent all financial assistance given by the unrestricted and restricted funds in the form of help with school fees and scholarships.

Trading costs include the costs of the subsidiary undertaking and the costs of sales from vending machines.

School land, buildings and equipment

Balance sheet valuation

Tangible fixed assets are stated at cost less depreciation and any provision for impairment.

Building and equipment costs of more than £10k are capitalised and carried in the balance sheet at historical cost. Costs of less than £10k are charged to the SOFA in the year they are incurred.

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

1. ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less estimated residual value based on current market prices, in equal annual instalments over their expected useful economic lives as follows:

Buildings: 2% - 5% Fixtures, plant and equipment: 10% - 33%

Assets in the course of construction are not depreciated until they become fully operational.

Tangible fixed assets are reviewed for impairment where events or changes of circumstance indicate the carrying value may not be recoverable.

Operating leases

Costs in respect of operating leases are charged on a straight-line basis over the lease term.

Investments

Investments are valued at market value at the balance sheet date, as required by the SORP.

Realised gains and losses are calculated by comparing the sale proceeds against the market value at previous balance sheet date, or cost if acquired during the period. Unrealised gains are calculated by comparing the current market value at the balance sheet date with that at the previous balance sheet date, or cost if acquired during the period.

Stock

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

Pension schemes

The School operates 2 pension schemes for its employees: a) a defined benefits scheme for its teaching employees and b) a defined contribution scheme for its non-teaching employees.

The�teachers’�pension�scheme�is�a�multi-employer pension scheme. It is not possible to�identify�the�School’s� share�of�the�underlying�assets�and�liabilities�of�the�Teachers’�Pension�Scheme�on�a�consistent�and�reasonable� basis. Therefore, as required by FRS 102, it accounts for the scheme as if it were a defined contribution scheme. The School’s�contributions�are�set�by�the�Government�Actuary�and�are�charged�in�the�period�in�which� the salaries to which they relate are payable.

The non-teaching pension scheme is a defined contribution scheme with Aviva and contributions are charged to the SOFA when the salaries to which they relate are payable.

Financial instruments

The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently recognised at their settlement value.

27

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

1. ACCOUNTING POLICIES (continued)

Fund accounting

There are 3 categories of separate funds:

Unrestricted funds – These can be designated or general. Designated unrestricted funds are those funds that have been spent on long-term assets such as fixed assets. General unrestricted funds represent the accumulated annual surpluses that the School is free to use in accordance with its charitable objectives.

Restricted funds - represent donations and income from various deeds, bequests and appeals and fundraising activities. The funds may be spent on providing APAs, scholarships, and prizes for pupils and former pupils and, where so designated, for specific capital projects.

– Permanently endowed funds represent donations by various deeds and bequests from individual donors. The capital received for these funds may not be used other than to generate income. The income generated from these funds is transferred to the unrestricted and restricted funds, in accordance with the terms of the endowment, and may be spent on providing APAs, scholarships and prizes to pupils.

Critical accounting judgements

In the application of the School's accounting policies, which are described above, the Governors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Critical estimates Depreciation of tangible assets

Depreciation policies have been set according to experience of the useful lives of the assets in each category and are reviewed annually.

Expenditure is incurred on creating tangible fixed assets for use in the charity, with costs incurred over a number of months. The Trustees believe it is possible to segregate these costs into identifiable projects, and as such no depreciation is charged on that project until it is brought into use

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E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

2. TUITION FEES, ASSISTED PLACES AND FEE REMISSION

(a) Tuition fees
Gross fees receivable
Less:
Assisted places
Employees discount
Third sibling and other discounts
Add:
Assisted places financed from restricted funds		 31 August
2025
£’000
14,393
(682)
(240)
(37)
13,434
539
13,973		 31 August
2024
£’000
15,255
(735)
(239)
(33)
14,248
580
14,828

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

2. TUITION FEES, ASSISTED PLACES AND FEE REMISSION (continued)

(b) Assisted places and fee remission
From the unrestricted fund:
Assisted places
Employees discount
From restricted funds:
Assisted places
Total:
Assisted places
Employees discount		 31 August
2025
31 August
2024
£’000
£’000
143
155
240
239
383
394
539
580
539
580
682
735
240
239
922
974

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

3. OTHER EDUCATIONAL INCOME

Income from school trips
School meals and catering income
Registration, exam and other fees
4.
TRADING INCOME
Confectionery sales
Trading subsidiary undertaking		 31 August
2025
£’000
326
514
118
958
31 August
2025
£’000
19
145
164		 31 August
2024
£’000
183
542
116
841
31 August
2024
£’000
26
125
151

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

5. VOLUNTARY INCOME

Donations (unrestricted)
Donations (restricted)
1662 Donations (restricted)
1662 Donations (endowed)
1662 Legacy Donations (endowed)		 31 August
2025
31 August
2024
£’000
£’000
-
8
5
7
1,128
428
140
325
61
-
1,334
768

6. OTHER INCOME

Other income contains rental and other miscellaneous income of £29k (2024: £45k).

7. ANALYSIS OF EXPENDITURE

(a) School running costs

Teaching
Welfare
Premises
Support		 31 August
2025
Employees
costs
£’000
9,322
521
765
1,023
11,631		 31 August
2025
31 August
2025
Other
Depreciation
£’000
£’000
1,494
128
388
14
1,317
876
854
119
4,053
1,137		 31 August
2025
Total
£’000
10,944
923
2,958
1,996
16,821		 31 August
2024
Total
£’000
10,071
901
2,567
2,016
15,555

The categories of school running cost comprise the following.

Teaching: remuneration of teaching and teaching support employees; departmental and library resource costs, inservice training, travelling, minibus expenses, school trips, and depreciation of (teaching) related assets.

Welfare: remuneration of nursing and catering employees; food costs, medical expenses, pupil accident insurance, health and safety costs, and depreciation of (welfare) related assets.

Premises: remuneration of all estates employees; maintenance costs, cleaning and caretaking, fuel, rates, insurances, depreciation of buildings, fixtures and related plant, and improvement works not capitalised as tangible fixed assets.

Support: remuneration of non-teaching management, finance, marketing, human resources, IT and secretarial employees; advertising and other marketing costs to promote the School, postage, telephone, printing, stationery, publications, legal and professional fees, finance costs, depreciation of general equipment, and governance costs (which is the annual audit fee of £19k in note 7 (b)).

Comparative movements for the year 2023/24 can be seen at note 27.

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

7. ANALYSIS OF EXPENDITURE (continued)

(b) Other items included in School Running Costs

Amounts payable to the Auditor in respect of both audit and non-audit
services before recoverable VAT (2024: incl. irrecoverable VAT):
Statutory audit of the School
Statutory audit of the subsidiary
Other services
Hire of plant and equipment under non-cancellable operating leases,
(on leases expiring between one and five years from 31 August 2025
and 2030)
Depreciation of fixed assets (note 8)
Loss on disposal of fixed assets
(c) Grants and prizes
Funded from the unrestricted fund:
Travel and uniform awards
Other grants and awards
Funded from restricted funds:
Music scholarships
Other grants and awards
Total of grants and prizes		 31 August
2025
£’000
17
2
2
21
49
1,137
-
2025

£’000
11
15
26
17
1
18

44		 31 August
2024
£’000
19
2
2
23
40
995
-
2024
£’000
16
11
27
18
3
21
48

Travel and uniform awards are the costs of assisting some pupils on assisted places to buy school uniform and funding towards their places on educational trips.

Other grants and awards consist of prizes, speech day and Founders’�Day�costs,�activities, grants, and Duke of Edinburgh scheme expenses.

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

7. ANALYSIS OF EXPENDITURE (continued)

(d) Analysis of employee costs

) Analysis of employee costs
Total employee costs:
Wages, salaries and benefits
Temporary employee costs
National insurance contributions
Pension costs		 2025
£’000
8,816
66
1,000
1,749
11,631		 2024
£’000
8,254
44
855
1,565
10,718

Employee costs include £33k of restructuring costs, including statutory & ex-gratia redundancy costs (2024: £nil). None of the costs were outstanding at the balance sheet date.

(e) Number of employees

The average number of total employees during the period was 252 (2024: 248).

The average number of full-time equivalent employees during the period was:

Teaching–Junior School
Teaching–Senior School
Total teaching
Teaching support
Welfare
Administrative support
Direct marketing
Premises
Total non-teaching
School total		 2025

No.

15
93

108
34
13
13
6
25

91

199		 2024
No.
12
94
106
25
15
16
8
27
91
197

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

(f) Remuneration of key management personnel and highest paid employees

Neither the Governors nor persons connected with them received any remuneration, other benefits or reimbursement of expenses from the school or any connected organisation. The number of employees whose aggregate emoluments (excluding pension contributions) exceeded £60,000 in the period was as follows:

31 August 31 August
2025 2024
No. No.
£60,001 - £70,000 9 2
£70,001 - £80,000 4 4
£80,001 - £90,000 1 -
£90,001 - £100,000 1 1
£100,001 - £110,000 1 1
£110,001 - £120,000 - -
£140,001 - £150,000 - -
£180,001 - £190,000 1 1

Seven (2024: seven) of the employees earning above £60,000 in 2025 were�members�of�the�Teachers’� Superannuation Pension Scheme, a defined benefit scheme, and ten (2024: two) were members of the defined contribution scheme for teaching and non-teaching staff (see note 22). The aggregate emoluments (including – pension contributions and benefits) of nine members of the SLT were £1,063k (2024: £1,030k 10 members). Details of the SLT can be found on page 1 of this report.

8. TANGIBLE FIXED ASSETS

Consolidated and School
Cost
At 1 September 2024
Additions
Transfers
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the period
On Disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold land
and buildings
£’000
22,921
87
-
-
23,008
9,810
704
-
10,514
12,494
13,111		 Assets under
construction
£’000
-
123
-
-		 Fixtures,
plant and
equipment
£’000

6,151

592

-

-

6,743

3,799

433
-

4,232

2,511

2,352		 Total
£’000
29,072
802
-
-
123 29,874
-
-		 13,609
1,137
-
- 14,746
123
-		 15,128
15,463

All assets are held for charitable use.

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

9. INVESTMENTS

Consolidated

Consolidated
Market value at 1 September
2024
Additions at cost
Disposals at market value
Net Investment gain/(loss)
Transfers
Market value at 31 August
2025
Cost at 31 August 2025		 Unrestricted
Funds

£’000
14,167
474
(1,892)
312
(1,072)
11,989
10,147		 Restricted
Funds

£’000
2,163
432
(711)
62
(5)
1,941
1,643		 Endowed
Funds
£’000
2,256

271
(210)

67

-
2,384

2,018		 1662
Restricted
Funds
£’000
314

172

(170)
37

857

1,210

1,343		 1662
Endowed
Funds
£’000

605

110

(107)
26

220

854

715		 Total
£’000

19,505
1,459
(3,090)
504
-
18,378
15,866

All consolidated investments are listed on recognised international stock exchanges.

School

Market value above
Investment in subsidiary company
Value at 31 August 2025		 Total
£’000
18,378
-
18,378

Consolidated investment income was from listed securities.

At 31 August 2025 there was no single holding of any investment that was greater than 5% of total market value.

On 4[th] June 2025, the School incorporated the 100% owned subsidiary; BRADFORD GRAMMAR SCHOOL INTERNATIONAL�LIMITED�(“BGSI�Ltd”).�The�company�number�of�BGSI�Ltd� is 16495869 and is registered in England and Wales. BGSI Ltd is a dormant company. The school also owns 100% of BGSCA Ltd (company number 02322069 – registered in England and Wales) and the result for BGSCA Ltd for the year is shown in Note 24

Comparative movements for the year 2023/24 can be seen at note 28.

36

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

10. DEBTORS

Fees
Amounts owed from subsidiary
undertaking
Other debtors
Prepayments and accrued
income		 Consolidated
2025
2024
£’000
£’000
42
53
-
-
461
922
556
476
1,059
1,451		 School
2025
2024
£’000
£’000
42
53
158
148
447
918
556
476
1,203
1,595		 School
2025
2024
£’000
£’000
42
53
158
148
447
918
556
476
1,203
1,595
1,595

11.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social
security costs
Other Creditors
Deferred income (see
below)
Accruals		 Consolidated
2025
2024
£’000
£’000
697
452
235
196
936
477
2,832
3,426
230
187		 Consolidated
2025
2024
£’000
£’000
697
452
235
196
936
477
2,832
3,426
230
187		 School
2025
2024
£’000
£’000
697
452
235
196
930
478
2,832
3,426
230
187		 School
2025
2024
£’000
£’000
697
452
235
196
930
478
2,832
3,426
230
187
4,930 4,738 4,924 4,739

Movements during the year were:

Consolidated and School
Balance at 1 September 2024 (notes 11 and 12)
Amounts released to income earned from charitable activities
Unwind of discount
Amounts deferred in the period
Balance at 31 August 2025 (notes 11 and 12)		 Deferred
income
£’000
7,387
(3,501)
40
1,341
5,267

Deferred income relates to school fees received or invoiced in advance of the next and subsequent financial years.

37

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

12. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

Deferred income
Fees in advance		 Consolidated & School
2025
2024
£’000
£’000
2,435
3,961


2,435
3,961

Fees in advance

Parent’s�may, from time to time, enter into a scheme with the School to pay�towards�several�year’s�worth�of�fees�in advance, in exchange for a discount. These funds are recognised as deferred income and split between short-term and long-term creditors. The funds are freely available to the School and only repayable in very specific circumstances and when sufficient notice has been given.

13. ENDOWED FUNDS

Consolidated and
School Funds
Breeze Bentley (a)
Lennon (b)
Maitland S Herries (c)
Prize (d)
School Scholarship (e)
Semon Homes (f)
University Scholarship (g)		 Balance at
1
September
2024
Incoming
resources
Resources
expended
Investment
gain
Transfers
Balance at
31 August
2025
£’000
£’000
£’000
£’000
£’000
£’000
645
14
(2)
19
(12)
664
70
1
(1)
2
(1)
71
878
18
(3)
26
(16)
903
78
2
(1)
3
(1)
81
78
2
-
3
(1)
82
372
8
(1)
11
(7)
383

139
3
(1)
4
(3)
142
2,260
48
(9)
68
(41)
2,326

38

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

In the opinion of the Governors sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed.

Comparative movements for the year 23-24 can be seen at note 29.

14. RESTRICTED FUNDS

Consolidated and
School Funds
Hardship (c)
Hoc Age & General
Bursary (d)
Kenneth Naylor (c)
Lennon (a)
Maitland S Herries (a)
OBA Appeal (b)
Prize (a)
Robert Miura (b)
School Scholarship (a)
Semon Homes (a)
Shears Foundation (b)
Stephen Davidson (b)
University Scholarship (a)		 Balance at
1 September
2024
Incoming
resources
Resources
expended
Investment
gain/(loss)
TransfersBalance at
31 August
2025
£’000
£’000
£’000
£’000
£’000
£’000
62
2
(1)
1
-
64
96
12
(471)
13
428
78
4
-
-
-
-
4
48
1
-
2
1
52
857
20
(39)
24
16
878
59
3
(2)
2
-
62
1
-
(1)
-
1
1
95
2
(8)
2
-
91
83
2
-
3
1
89
195
3
(1)
5
7
209
188
5
(41)
8
-
160
3
1
-
-
-
4
64
1
-
2
3
70
1,755
52
(564)
62
457
1,762

The Governors are in the process of reviewing the purpose of the restricted funds as a number have similar purposes and can be used to support bursaries to ensure that as many children as possible can benefit from the education the school can provide.

The Governors believe that sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed.

Comparative movements for the year 2023-24 can be seen at note 32.

39

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

15. 1662 ENDOWED FUND

Consolidated and School
Funds
1662 Fund (a)		 Balance at
1 September
2024
Incoming
resources
Resources
expended
Investment
(loss)
TransfersBalance at
31 August
2025
£’000
£’000
£’000
£’000
£’000
£’000
749
212
(2)
26
20
1,005
749
212
(2)
26
20
1,005

(a) In November 2019, the 1662 Fund was launched to support fundraising efforts and a Development Committee with specific Terms of Reference established to oversee development activity.

In the opinion of the Governors sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed.

16. 1662 RESTRICTED FUND

Consolidated and
School Funds
1662 Fund (a)		 Balance at
1 September
2024
Incoming
resources
Resources
expended
Investment
gain/ (loss)
TransfersBalance at
31 August
2025
£’000
£’000
£’000
£’000
£’000
£’000
543
1,143
(2)
37
(448)
1,273
543
1,143
(2)
37
(448)
1,273

(a) In November 2019, the 1662 Fund was launched to support fundraising efforts and a Development Committee with specific Terms of Reference established to oversee development activity.

The Governors believe that sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed.

The Governors do not intend to accumulate significant funds within the 1662 restricted fund. In 2025 bursaries were not made directly from this fund but the amount allocated for spending was transferred into the Hoc Age fund (note 14) to support the existing bursary programme.

17. UNRESTRICTED FUND

(a) Consolidated
Designated
General
(b)School
Designated
General		 Balance at
1 September
2024
Incoming
resources
Resources
expended
Investment
gain/(loss)
TransfersBalance at
31 August
2025
£’000
£’000
£’000
£’000
£’000
£’000
15,463
-
(335)
-
-
15,128
9,032
15,621
(16,558)
312
12
8,419
24,495
15,621
(16,893)
312
12
23,547
15,463
-
(335)
-
-
15,128
9,032
15,476
(16,413)
312
12
8,419
24,495
15,476
(16,748)
312
12
23,547

The Unrestricted Fund represents the general reserves of the School, accumulated from previous annual surpluses.

40

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

17.UNRESTRICTED FUND (continued)

The income from the Breeze Bentley Endowed Fund has been transferred to the Unrestricted Fund.

Comparative movements for the year 2023-24 can be seen at note 33

18. STATEMENT OF FREE RESERVES

(a) Consolidated
Unrestricted Fund (note 16)
Less value of tangible fixed assets (note 8)

Net free reserves
(b) School
Unrestricted Fund (note 16)
Less value of tangible fixed assets (note 8)
Net free reserves		 2025
£’000
23,547
(15,128)
8,419
2025
£’000
23,547
(15,128)

8,419		 2024
£’000
24,495
(15,463)
9,032
2024
£’000
24,495
(15,463)
9,032

Net free reserves represent the amount of the unrestricted fund which is not invested in tangible fixed assets and which can be readily converted into cash.

19. ALLOCATION OF NET ASSETS

(a) Consolidated
Endowed funds
1662 Endowed funds
1662 Restricted funds
Restricted funds
Unrestricted fund
Total
(b) School
Endowed funds
1662 Endowed funds
1662 Restricted funds
Restricted funds
Unrestricted fund
Total		 Tangible
fixed assets
£’000
-
-
-
-
15,128
15,128
Tangible
fixed assets

£’000
-
-
-
-
15,128

15,128		 Investments
£’000
2,384
854
1,210
1,941
11,989
18,378
Investments
£’000
2,384
854
1,210
1,941
11,989
18,378		 Current
assets
£’000
-
151
202
-
3,419
3,772
Current
assets
£’000
-
151
202
-
3,413
3,766		 Creditors
£’000
(58)
-
(139)
(179)
(6,989)
(7,365)
Creditors
£’000
(58)
-
(139)
(179)
(6,983)
(7,359)		 Total
£’000
2,326
1,005
1,273
1,762
23,547
29,913
Total
£’000
2,326
1,005
1,273
1,762
23,547
29,913

41

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

The assets of both the endowed and restricted funds are held in the form of investments except for bank balances in the 1662 fund bank account.

Comparative movements for the year 2023-24 can be seen at note 34.

20. FINANCIAL COMMITMENTS

At 31 August 2025 the School had outstanding commitments for future minimum lease payments under noncancellable operating leases for plant and equipment which fall due as follows:

£’000
In the financial year ended 31 August 2025 49
Between 1 September 2025 and 31 August 2029 175
Total 224

21. CAPITAL COMMITMENTS

As at 31 August 2025, there were no capital commitments (2024: £nil).

22. PENSION COSTS

Teachers’�Superannuation�Pension�Scheme

The School participates�in�the�Teachers’�Pension�Scheme�(“the�TPS”)�for�its�teaching�staff.�The�pension� charge for the year includes contributions payable to the TPS of £1,462k (2024: £1,307k) and at the yearend £0k (2024 - £0k) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer�defined�benefits�pension�scheme�governed�by�The�Teachers’� Pensions�Regulations�2010�(as�amended)�and�The�Teachers’�Pension�Scheme�Regulations�2014�(as� amended).�Members�contribute�on�a�“pay�as�you�go”�basis�with�contributions�from�members�and�the� employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the�Government�Actuary’s�Department.�The�most�recent�actuarial�valuation�of�the�TPS�was�prepared�as�at� 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Other pension scheme

The school operates a defined contribution scheme with Aviva for its employees. The total pension charge for the year amounted to £287k (2024: £258k). £0k (2024: £4k) was outstanding and included in other creditors at the year end.

Forecast contributions for 2025 – 2026

Overall pension contributions for 2025 - 2026 are expected to be in the region of £1,727k.

42

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

23. RELATED PARTY TRANSACTIONS

Governor Mr S R Davies is a director of Sovereign Health and Insurance Services Limited. The School purchased medical insurance services, charged at normal commercial rates, from Sovereign totalling £1k (2024 - £1k) during the year. At 31 August 2025 there was nothing due to this company (2024 - £nil).

The School sold goods and services, at a mark-up, to its subsidiary trading company, BGS Commercial Activities Limited, totalling £17k (2024 - £15k). At 31 August 2025 the subsidiary trading company owed the School £158k (2024 - £148k). Full details of the subsidiary company are given in note 24 below.

A number of donations totalling £90k were received from governors in the period and were allocated to the restricted fund for the provision of bursaries.

Where governors send their children to the School, they are charged full fees and receive no discount or concessions. No governors received discounts in the 2024-2025 academic year (2024: none).

43

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

24. SUBSIDIARY UNDERTAKING

BGSCA Ltd (company number 02322069) is a wholly owned subsidiary of Bradford Grammar School.

Turnover
Cost of sales
Gross profit
Administration expenses
Operating profit
Retained surplus for the year		 2025
£’000
145
(17)
128
(17)
111
-		 2024
£’000
125
(21)
104
(10)
94
-

BGSCA Ltd hires out certain school facilities and services. The company makes a gift aided donation, of its retained surplus, to the School each year following the annual general meetings of both organisations. This is equal to the company’s�net�profit�for�the year.

The balance sheet of BGSCA Ltd at 31 August 2025 and 31 August 2024 is shown below:

Current assets
Debtors
Cash at bank and in hand
Creditors:amounts falling due within one
year
Net current assets
Capital and reserves
Called up share capital
Profit and loss account
Total Equity		 2025
£’000

13
151
164
(164)
-
-
-
-		 2024
£’000
10
143
153
(153)
-
-
-
-

44

2023 £’000 13,728 875 481 141 518 25 15,768 14,421 498 44 29 14,992 776
2024 £’000 14,828 841 768 151 581 45 17,214 15,571 580 48 32 16,231
 **983 **
Endowed Funds £’000 - - - - 90 - 90 6 - - - 6 84
1662 Endowed Fund £’000 - - 325 - 22 - 347 2 - - - 2 345
1662 Restricted Fund £’000 - - 428 - 16 - 444 2 - - - 2 442
Restricted Funds £’000 - - 7 - 71 - 78 6 580 21 - 607 (529)
Unrestricted Funds £’000 14,828 841 8 151 382 45 16,255 15,555 - 27 32 15,614 641
Note 2 (a) 3 5 4 9 6 7(a) 2(b) 7(c) 7
Income: From charitable activities Tuition fees Other educational income From voluntary sources Legacies and Donations from other activities Trading income Investment income Other income Total income Expenditure: By charitable activities School running costs Assisted places Grants and prizes By other activities Trading expenditure Total expenditure Trading surplus / (deficit) (Income less expenditure)
2023 £’000 776 (613) 163 - - - 163 27,185 27,348
2024 £’000 983
1,471 2,454
- -
 - 2,454 27,348
 29,802
1662
Endowed		 Endowed
Funds		 Fund £’000
£’000		 345
84		 50
237		 395
321		 (20)
(80)		 -
-		 (20)
(80)		 375
241		 374
2,019		 749
2,260
1662 Restricted Fund £’000 442 47 489
20 (464) (444) 45 498 543
Restricted Funds £’000 (529) 178 (351) 57 464 521 170 1,585 1,755
Note
Unrestricted		 Funds £’000 Trading surplus / (deficit) (Income less expenditure)
641		 Investment gains/ (losses) Net investment gain/ (loss)
9
959		 Operating surplus / (deficit) (Income less expenditure plus investment gain)
1,600		 Transfers Endowment Income
12 to 16
23		 Other transfers
12 to 16
-		 Total Transfers
23		 Net movement in funds
1,623		 Total funds at 1 September 2023
22,872		 Total funds at 31 August
2024
12 to 16
24,495		 46

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

26. PREVIOUS YEAR SCHOOL BALANCE SHEET

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Stock
Debtors
10
Cash at bank and short-term deposits
Current liabilities
Creditors: amounts falling due within
one year
11
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due in
more than one year
12
Total net assets
Funds
Endowed funds
13,15
Restricted funds
14,16
Unrestricted Designated Funds
17
Unrestricted Free Reserves
17
Total funds
19		 School
31 August
2024
£’000
15,463
18,586
34,049
53
1,590
1,518
3,161
(4,739)
(1,578)
32,471
(3,961)
28,510


2,260
1,755
15,463
9,032
28,510		 1662
31 August
2024
£’000
-
919
919
-
5
368
373
-
373
1,292
-
1,292
749
543
1,292		 Total
31 August
2024
£’000
15,463
19,505
34,968
53
1,595
1,886
3,534
(4,739)
(1,205)
33,763
(3,961)
29,802
3,009
2,298
15,463
9,032
29,802		 31 August
2023
£’000
13,810
12,619
26,429
53
768
2,913
3,734
(2,815)
919
27,348
-
27,348
2,393
2,083
13,810
9,062
27,348

47

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

27. PREVIOUS YEAR ANALYSIS OF EXPENDITURE

(a) School running costs

Teaching
Welfare
Premises
Support		 31 August 2024
Employees
costs
£’000
8,576
476
690
976
10,718		 31 August 2024
31 August 2024
Other
Depreciation
£’000
£’000
1,383
112
413
12
1,110
767
936
104
3,842
995		 31 August
2024
Total
£’000
10,071
901
2,567
2,016
15,555		 31 August
2023
Total
£’000
9,289
813
2,406
1,899
14,407

28. PREVIOUS YEAR INVESTMENTS

Consolidated

Consolidated
Unrestricte
d Funds

£’000
Market value at 1 September 2023
8,383
Additions at cost
6,131
Disposals at market value
(1,168)
Net Investment gain
959
Transfers
(138)
Market value at 31 August 2024
14,167
12,749		 Unrestricte
d Funds

£’000
8,383
6,131
(1,168)
959
(138)		 Restricted
Funds

£’000
1,577
51
(209)
178
567		 Endowed
Funds
£’000
2,019

287
(287)

237

-		 1662
Restricted
Funds
£’000
285

473
(62)
47
(429)		 1662
Endowed
Funds
£’000

355

257

(58)
50

-		 Total
£’000

12,619
7,199
(1,784)
1,471
-
2,163
1,946		 2,256

2,030
314

329
605

613		 19,505
17,667

Cost at 31 August 2024

All consolidated investments are listed on recognised international stock exchanges.

School

School
Market value above
Investment in subsidiary company
(note 4)
Value at 31 August 2024		 Total
£’000
19,505
-
19,505

48

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

29. PREVIOUS YEAR MOVEMENT OF ENDOWED FUNDS

Consolidated and
School Funds
Breeze Bentley (a)
Lennon (b)
Maitland S Herries (c)
Prize (d)
School Scholarship (e)
Semon Homes (f)
University Scholarship (g)		 Balance at
1 September
2023
Incoming
resources
Resources
expended
Investment
(loss)
Transfers
Balance at
31 August
2024
£’000
£’000
£’000
£’000
£’000
£’000
576
26
(2)
68
(23)
645
62
3
-
7
(2)
70
785
35
(3)
92
(31)
878
70
3
-
8
(3)
78
70
3
-
8
(3)
78
332
15
(1)
39
(13)
372
124
5
-
15
(5)
139
2,019
90
(6)
237
(80)
2,260

Income earned by each of the remaining endowed funds is transferred to the appropriate restricted fund at the end of each financial period. The purposes of these funds are as follows:

In the opinion of the Governors sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed.

49

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Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

30. PREVIOUS YEAR MOVEMENT OF 1662 ENDOWED FUND

Consolidated and
School Funds
1662 Fund (a)		 Balance at
1 September
2023
Incoming
resources
Resources
expended
Investment
(loss)
TransfersBalance at
31 August
2024
£’000
£’000
£’000
£’000
£’000
£’000
374
347
(2)
50
(20)
749
374
347
(2)
50
(20)
749

In the opinion of the Governors sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed.

31. PREVIOUS YEAR MOVEMENT OF 1662 RESTRICTED FUND

Consolidated and
School Funds
1662 Fund (a)		 Balance at
1 September
2023
Incoming
resources
Resources
expended
Investment
(loss)
TransfersBalance at
31 August
2024
£’000
£’000
£’000
£’000
£’000
£’000
498
444
(2)
47
(444)
543
498
444
(2)
47
(444)
543

The Governors believe that sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed.

32. PREVIOUS YEAR MOVEMENT OF RESTRICTED FUNDS

Consolidated and
School Funds
Hardship (c)
Hoc Age & General
Bursary (d)
Kenneth Naylor (c)
Lennon (a)
Maitland S Herries (a)
OBA Appeal (b)
Prize (a)
Robert Miura (b)
School Scholarship (a)
Semon Homes (a)
Shears Foundation (b)
Stephen Davidson (b)
University Scholarship (a)		 Balance at
1 September
2023
Incoming
resources
Resources
expended
Investment
gain/(loss)
TransfersBalance at
31 August
2024
£’000
£’000
£’000
£’000
£’000
£’000
53
2
-
7
-
62
251
16
(503)
18
314
96
4
-
-
-
-
4
39
2
-
5
2
48
739
32
(30)
85
31
857
52
3
(2)
6
-
59
1
-
(3)
-
3
1
85
4
(4)
10
-
95
69
3
-
8
3
83
157
7
(1)
19
13
195
82
6
(64)
14
150
188
2
1
-
-
-
3
51
2
-
6
5
64
1,585
78
(607)
178
521
1,755

50

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

The Governors are in the process of reviewing the purpose of the restricted funds as a number have similar purposes and can be used to support bursaries to ensure that as many children as possible can benefit from the education the school can provide.

The Governors believe that sufficient resources are held in an appropriate form for each fund to be applied in accordance with any restrictions imposed.

33. PREVIOUS YEAR MOVEMENT OF UNRESTRICTED FUND

(a) Consolidated
Designated
Restricted
(b)School
Designated
Restricted		 Balance at
1 September
2023
Incoming
resources
Resources
expended
Investment
gain/(loss)
TransfersBalance at
31 August
2024
£’000
£’000
£’000
£’000
£’000
£’000
13,810
-
1,653
-
-
15,463
9,062
16,255
(17,267)
959
23
9,032
22,872
16,255
(15,614)
959
23
24,495
13,810
-
1,653
-
-
15,463
9,062
16,130
(17,142)
959
23
9,032
22,872
16,130
(15,489)
959
23
24,495

51

E-Sign ID: 9e20257b-8886-4fab-8383-cb5bed177f5b E-Sign ID: 1c884066-6351-4f76-9f3d-fc4d6c04b3a5

Bradford Grammar School Notes to the consolidated financial statements for the year ended 31 August 2025

34. PREVIOUS YEAR ALLOCATION OF NET ASSETS

(c) Consolidated
Endowed funds
1662 Endowed funds
1662 Restricted funds
Restricted funds
Unrestricted fund
Total
(d) School
Endowed funds
1662 Endowed funds
1662 Restricted funds
Restricted funds
Unrestricted fund
Total		 Tangible
fixed assets
£’000
-
-
-
-
15,463
15,463
Tangible
fixed assets

£’000
-
-
-
-
15,463

15,463		 Investments
£’000
2,256
605
314
2,163
14,167
19,505
Investments
£’000
2,256
605
314
2,163
14,167
19,505		 Current
assets
£’000
-
110
229
(29)
3,223
3,533
Current
assets
£’000
-
110
229
(29)
3,224
3,534		 Creditors
£’000
-
-
-
-
(8,699)
(8,699)
Creditors
£’000
-
-
-
-
(8,700)
(8,700)		 Total
£’000
2,256
715
543
2,134
24,154
29,802
Total
£’000
2,256
715
543
2,134
24,154
29,802

The assets of both the endowed and restricted funds are held in the form of investments except for sundry bank balances in the restricted Hoc Age Appeal and School Scholarship funds.

35. PREVIOUS YEAR FINANCIAL COMMITMENTS

At 31 August 2024 the School had outstanding commitments for future minimum lease payments under noncancellable operating leases for plant and equipment which fall due as follows:

In the financial year ended 31 August 2024
Between 1 September 2024 and 31 August 2029
Total		 £’000
37
40
77

52