Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 Registered Charity No. 529215 LEEDS C.RAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOULNDATION Report and Finaneial Statements For the year ended 31 August 2024 Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUIYDATIOLN REPORT AND FINANCIAL STATEMENTS 2024 CONTENTS Page Trusteeg, report Staternent of Trustees, responsibilities Independent auditor's report Staternent of financial activities Balance sheet Cash Flow Statement Note5 to the financial staternents 12 Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATIOIY TRUSTEES, REPORT 2024 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS The Trust is registered with the Charity Commissioners under charity referen¢e number 529215. Nominations 10 the Board of Trustees are approved b}, the Governors of The Grammar School at Leeds {GSAL), and all the Trustees. detailed below, have served throughout the period and subsequently. except where indicated. Dat¢ of Appointment Dat¢ of Resignation 5 July 2005 4 March 2024 18 May2012 Mrs E E Bailey Mr P Jolly Ms G Mitchell 4 March 2024 23 March 2019 Ms J Harper Mr P Britton 24 September 2019 23 March 202i Ms C Vilamibi 23 March 2023 Mr M Curle 4 April 20?3 20 March 2024 Mr A Martin Mr S Kingston 20 March 2024 Officer5 Secretari,: Treasurer.. Mrs E Carrurhers Mr S Kingsto The Grammar School at Leeds, Alwoodley Gates, Harrogate Road, Le¢ds, LSI 7 8GS Registered address.. Advisers Bankers Natwest Group POBox154 L£eds United Kingdom Lloyds Bank PIC 65 Briggate Leeds LSI 6LH Indepeiident auditor Saffery LLP l O Il'ellington Place Leeds LSI 4AP Solicitors Lupton Fawceii LLP 2 The En)bankment Sovereign Sireet Leeds LSI 4BA Insurance brokers Bartlett & Company Limited Broadm'ay Hall Horsforth Leeds LSI 8 4RS Investment managers RBC Brcwin Dolphin l O Wellington Place Leeds LSI 4AN Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATIOIY TRUSTEES, REPORT 2024 The Trustees of Leeds Grammar School and Leeds Girls, High School Foundation ('the Foundation,) present their annual report for the year ended 31 August 2024 under the Charities Act 2011. together wilh Ihe audiied financial statements for the }'ear, and confirm that Ihe latter comply with the requirements of the Charities Act 2011, the Trusi Deed, and the Statement of Recoinniended Practice 'Accounting and Reporting Cliarities (SORP 2015)" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Repiiblic of Ireland (FRS1021 effective l Janiiary 2015. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Foundation was regulated by a scheme made by the Chariry Commissioners in 1978, and after a number of revisions a new scheme came into being on 5 Jul}, 20a5 in connection with the legal merger of Leeds Grammar School and Leeds Girls, High Scliool to form The Grammar School at Leeds (GSAL). A unifJ'ing direction was issued on 25 November 2009 whereby the Leeds Grammar School and Leeds Girls, High School Foundation Award Fund for Girls. the Leeds Grammar School and Leeds Girls, High Scl)ool Foundation Award Fund for Boys and the GSAL Award Fund were to be treated as forming part of the Foundation for the purposes of Part 11 (registration) and Part Vl (accounting) of the Charities Act 1993. although the individual chariries remained separate and legally distinct. On 10 April 2015 the Chdrity Ctsinmi55itsn published a 5cheine w'liereby the fuiids and dCtivitle5 of tlie linked charitie5, bein¥ the Leeds Gramtnar School and Leeds Girls, High School Foundation Award Fund for Girls, the Leeds GrammaT School aiid Leed5 Girls, High School Foundation Award Fuiid for Boy5 and the GSAL AM.ard Fuiid. were traiisltTred iiito the Leeds GraTnmar Scliool and Leeds Gir15' High School Foundation, wl)o will continue to pursue the san)e objects as those previously linked charities. The previously linked charities were removed from the Charity Commission register on l O April 2015. Reeruitment and training of Trustees The Trustees were selected both because of their relevant experience of the Trust's area of operations and because of their experience as Trustees ol'other bodies. An induction process is in place for new Trustees when appointed, and the￿ are made aware of on-going training opportui)iiies. Organisational Management The Trustees met on four occasions during the year. All operational decisions affecting the trust are undertaken by the Board of Trusiees. Risk Management The Trustees have revIe￿£d major risks to which the trnst is exposed, particularl). those related to the operation and rinance5 of the trust. Tlie Trustees have given consideration to the appropriate policies, procedures aiid 5y5tems to itigate the tru5t'5 exposure to the inajor risks. The principal risks of the Foundation are associated with its ability to continue to generate investment incoine and donatitsns to support the work of GSAL. The majority ol. the assets of the iestricted funds are invested and so are subject to market tluctuation. The Trustees advise the Foundation's investment managers on the acceptable level of risk. A development group works lor both the Foundation and School in order to develop fund raising activities as a whole. OWF.CTIVF.S AND ACTIVITIES Charit#ble Objects The object of tl)e Foundation is to further the objects of either or both of The Grainn)ar School at Leeds (GSAL) and Leeds Girls, High School. Leeds Girls, High School and the Grammar School 91 L¢eds legally merged on 31 Aiigust 2005 and have been jointly kno￿ll thereafter as The Grammgr School at Leeds (GSALI. The Foundation is the custodian of the land at Al￿.00dleY on which GSAL is siiuated and must retain the property for use as a school or schools. The Fouiidation's inaiii objectives during tl)e year were.. Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATIOIY TRUSTEES, REPORT 2024 to continue exploring ways of attracting additional funding andlor other ways of meeting the Foundaiion's objectives, including reviewing the benefit provided to the public through support Lif GSAL. in the light of chai)ging legislative requireinen(s. to assist, where appropriate, GSAL with its review of aciiviiies ai)d operations. in order to reduce overall costs of the services provided by the School without affecting their quality or scope. The Foundation meets the definition of a public benefit entity under FRS 102. The Trnstees confirm that they have liad regard to the guidance contained in the Cliarity Coinniission's general guidance on public benefit when revieMin¥ the Fouiidatiotl'5 aims aiid objectives and in planning activities. ACHIEVEMENTS AND PERFORMANCE The Trustees have had success in attracting donations to support buTsaries awarded to pupils of GSAL, in accordance with the objeciives of the Foundation, and this work will continue to be developed. During the year the Trustees have reviewed various aspects of the Foundation's operations and have implemented changes to the Foiindation's investment portfolio and biirsary policy in order to provide additional ￿ndS to suppx)n bursary awards Inade by the school. FINANCIAL REVIEW Unrestricted funds Income in respect of unrestricted funds amounted 10 £30,000 12023.. £30,000) arising from donations. Expenditure during the year was £8,390 {2023.. £11:376). Net inconie from operations for the year amounted to £21,61012023.. £18,624) resulting in total negative unrestricted ￿ndS carried foNard of £151,008 (2023: negative £172,618). Endowment fund5 Interest received totalled £27.918 (2023.. £9,106) and coi)sequently endowment funds carried forward were £11,564.89212023.' £11,536,989). Restricted fuNd5 Incoming resources in respect of restricted funds amounted to £1.310,273 (20?3.' £605,163) made up of interest, dividends. legacies and donations. Expenditure amounted to £104,937 (2023= £134,199), the majority of which ivas the contribuiion to￿.ardS bursaries awarded by GSAL, with the balance made up of support for projects specified by donors. investmeiii portfolio managemeni expenses and bank charges. Donations to the School for bursaries and projects totalled £70,260 (2023.. £100,532). Stock Market performance over the }'ear has led to an increase in porrfolio values at year end resulting in unrealised gains of £494,143 {?023.. losses of £326:489). The net movement in restricted funds was an increase of £1,701,836 (2023.. increase of £141:994) and resiricied funds carried forward £7.790,895 (2023.. £6,089,059). Total ￿ndS for all three ￿ndS carried forward wer¢ £19,204,779 (2023.. £17,453,430). Fundraising Fundraising is carried out on behalf of the Foundation by GSAL. GSAL is registered with the Fundraising Regulator and, as a result. has signed up to the Code of Fundraising Practice. No complaints have arisen this year with regards to GSAL'S fundraising activity. All marketingadvertisement of events and aciiviiies is planned and led by the GSAL Director of Development to ensure that it is not unreasonably intrusive or persisient. Reserves poliey Net income after expenditure from unrestricted fiinds is normally donated aiinually to GSAL unless the Trustees have rea50n to retain it iii furtl)erance of tlie trust's objectives, therefore no free re5etTres are considered necessary. The unrestricted fund had a negative balance of £151,008 at 31 August 2024 (2023.. £172.6181 Having sought the views and advice of the Cl)arit)' ConiTllis5ion, the Foundatioii Trustees have agreed with the DirectOT5 of GSAL to replenish these ￿1]dS by aiinual donatioiis over a period not exceeding twenty years. Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATIOIY TRUSTEES, REPORT 2024 Investmtnt poliey and objeetives The Trustees l)ave wide ii)vestJnent powers as if they were beneficiallv ei)titled. Their policy has been to n)aintai the level of working capital. Each year the Trustees agree M'liat the following year'5 bursary support to the School will be based on an agreed nionetarv amount. This gives certainly to the School in planning bursary awards and allows the TrUs￿eS to give appropriate direciion io the investment manager. Three invesiment portfolios are held, with different investment priorities. The average income yields for the three portfolios for the year ￿'ere'. Heriiage portfolio New Bursary portfolio Prize portfolio 3.8/0 (2023.- 3.8°/0) 2.670 (20?3.' 2.6°/0) The Trustees review the financial position of the Foundation each year and decide on the donations to be made to GSAL. PLANS FOR THE FUTURE to Lontinue exploring ways of attracting additional funding andlor other ways of meeting the tTUSt's objeLtive5. includiii¥ reviewing the beiiefit provided to tlie public tlirouuh 5UPPOrt of GSAL, in the ligl)t of Lliaii¥in¥ le¥islative requiremeiits. .here appropriate, assistiiig GSAL with its review of activitie5 and operation5, in order to reduce overall Costs of tlie services provided by the School without affectiii¥ their quality or scope. Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATIOIY STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the trustees, repL)rt and the financial statements in accordance wiih applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each linancial year which give a true and fair viem of the state of affairs of the charity and of the incon)ing resources and application of resources of the charity lor that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and Ihen apply them consistently., observe the methods and principles in the Cliarities SORP {FRS102); make judgements and estimates that are reasonable and prudent- state wliether applicable accoiinting standards have been follom'ed, subject to any mat¢rial departures disclosed and eyplained in the financial statements,. and prepare the financial statenients on the going coiicern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are re5poiisible for keeping proper accounting records that disclose with reasonable accuracy at any time the finaiicial positioii of the charity and eiiable them to ensure tl)at the financial statements comply M'ith the Charities Act 2011, applicable accountii](T regulatiot15 aiid the provi5ioiis of the trust deed. They are a150 responsible for safeguarding the assets of the charity and hence for takit]g reasonable steps for the prevention and detection of fraud and other i￿egularitIes. In so far as the trustees are aware.. there is no relevant audit infortnation of which the charity's auditor is unaware,. and the trustees have taken all steps that they ougl)t to have taken to make themselves aware of ai)y relevant audit inftsitnatioii and tts establish that the auditor is aware tsf that information. The trustees gre re%ponsible for the maintenan¢¢ and integrity of the ¢harity and financial information included on the charity's web%ite. Legi.slation in the Uiiited Kingdoni £overning the preparation and dissemination of finan¢ial siat¢ments may differ from legislation in other jurisdictions. Signed on behalf of the Trustses philip Britton Trustee CFW29FE7C6479 Date.. 11 April 2025 Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 INDEPEINDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEEDS GRAMMAR SCHOOL AIYD LEEDS GIRLS, HIGH SCHOOL FOULNDATION Opinion We have audiied the financial statements of Leeds Grammar School and Leeds Girl's High School Foundation for the year ended 31 August 2024 which comprise the statement of financial activities, balance sheet and notes to the rinaiicial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable la￿. and Unitcd Kin£dom Accounting Standards: including Financial R¢porting Standard 102, the Financial Reporting Standard applicable in the UK gnd Rcpublic of ITclgnd (United Kingdom Generally A¢cepied Accounting Practice). lil our opinion the financial statements.. give a true and fair view of the state of ihe C1)arit￿,$ affairs as at 31 August 2024 and of lis incoming resources and application of resources for the sjear then ended- have been properly prepared in accordance with Uiiited Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Iniernarional Standards on Auditing (UK) IISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial siatemenis section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant 10 our audit of the financial statements in the UK, including the FRC'S F.thical 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. Conelusions relk)ting to going eoneern In auditing the financial statements, we have concluded thai the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perlormed, we have not identified ai)>, Inaterial uncertainties relatii)g to events or conditions that, individually or collectively, ma>, cast significant doubt on the charity's abilitv to eontinue as a going concern for a period of at least twelve months from w'hen the financial statements are authorised for issue. Our responsibilities and the responsibilitle5 of the trustees ivith respect to going concerii are described in the relevaiit sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our aiiditor's report thereon. The trustees gre responsible for the other iiiformation. Our opinion on the financial stateineiits does not cover the other information and, except to the ext¢nt otherwise explicitly staled in our report, we do not express any forni of assurance ¢onclusion thereon. Our responsibility is to read the other information and, in doing so: consider whether the other information is materially inconsistent with the financial statcments or our knowledge obtained in the course of the audit or othenvi5e appears to be materially Inisstated. If we identify such material incon5lStencies or appareiit niaterial Tll155tatements, we are required to detemiine ￿hetI]er this gives rise to a material misstaten)ent in the financial statements theniselves. If, based on the work ￿.£ have perfornied, we coi)clude tliat there is a Inaterial Tnisstatenient of thi5 Other infoTmatioii; we are required to report that fact. We have i)othing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following niatters in relation to which the Charities (Ac¢ounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the inforniation given in the Trustees, Aiinual Report is inconsisteiit in any material respect with the financial statetnents.. or Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 INDEPEINDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEEDS GRAMMAR SCHOOL AIYD LEEDS GIRLS, HIGH SCHOOL FOULNDATION the charity has not kept sutyicieni accounting records.. or the financial statement5 are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. Re5POllsibilities of trustees As explained more fully in Ihe Trustees, Responsibilities Statement set out on page 5. the Irustees are responsible for the preparaiion of the financial statements and for being satisfied that thev give a true and fair Vie￿., and for such intemal control as the trustees determine is necessary 10 enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial siatemenis, the trustees are responsible for assessing the charity's abiliti, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees eiiher intend 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 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 thai an audit conducted in accordance with ISAS (UK) will alwaj's detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuallv or in the aggregate, they could reasonably be expected to influence the economic d￿lsionS of users taken on the basis of these financial statements. Irregularities: including fraud, are Ins￿￿ceS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouilined above, to detsct material missiatements in respeci 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 assessiiig risks related to irregularities.. We a5se5sed the susceptibility of the charity's finaiicial statements to material misstatement and how fraud might occur: including throiigh discussions with the trustees: 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 manipiilation of the financial stateinent5. We identified law5 and regulations that are of sigynificaiice in the context of the charity by di5CUS5ion5 Wlth trustee5 and updating our uiider5tandin¥ of the sector in which the charity operates. Laws and regulations of direct significance in the context of the cliarity include the Charities Act 2011, the Charities {Accounts and Report5) RegTulation5 2008 and guidance issued by the Charity Commission for EnbFland and Wales. Audit response to risks identified.. We considered tl)e extent of Lompliance with these laws and regulations as part of our audit procedures on the related finai)cial staten)ent items including a review of linancial staten)ent discltssures. We reviewed the charity's records of breaches of laws and retsulaiions. minutes tsf meeiinJ(T and correspondence w'ith relevant autl)orities to identify potential material misstatements arising. We discussed the charity-s policies and procedures for compliance with laws and regulatilins with members of managemeni responsible for compliance. During the planningF meetin¥ with the audit team, the engFa¥ement partner drew attention to the key areas wliich might involve non-compliance with laws and re¥yulation5 or fraud. We enquired of managFement whether they M'ere aware of any instances of non-coinpliance with law5 aiid regulations or kiiowledgye of any actual, suspected or alleged fraud. We addressed the Tisk of fraud throu¥h Inaiiagemeiit override of coiitro15 by testing the appropriateness of journal entries and idei)tifying anw signilicant transactions that were ui)usual or ouiside the norinal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of maiiagement bias. At the conipleiion stage of the audit, the engagen)ent partiier's review Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 INDEPEINDENT AUDITOR'S REPORT TO THE TRUSTEES OF LEEDS GRAMMAR SCHOOL AIYD LEEDS GIRLS, HIGH SCHOOL FOULNDATION included ensuring that the team had approached their w'ork with appropriate professional sceptieism and thus the capacity to ideniify non-compliance with laws and regulations and fraud. Theie are inl)erent liniitations in the audit procedures described above and the furtl)er removed non-compliance with laws and regulaiions is from the events and transaciions reflected in the financial s(atemen(s. the less likely we would become aware of it. Also, the risk of not deiecting a Ma￿rial Inisstatement due to fraud is higher than the risk of not de￿ctIng one resuliing froni error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations, or through collusion. A ￿rtI]er description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or T.uk/auditorsres onsibilities. This description foTms part of our auditor's repon. Use of our report This report is made solely to the charity's tru8tee8. os a body, in accordance with Part 4 of the Charities (Accoiints and Reports) Regulations 2008. Our audit M'ork has been undertaken so that we might state to the t￿￿tees those matters we are requiTed to state to them in an auditor's report and foT no other purpose. To the fullest extent permitted by law, ￿¢ do not accept or assume responsibility to anyone otlier thali the charity aiid the tTUStee5 as a bod),. for our audit work, for tliis report, or for the opinions we have fonned. [.(F* LLe Saffery LLP 10 Il'ellington Place Leeds LSI 4AP Chartered Accountants Date.. 16 Junè 2025 Saffery LLP is eligible io act as an auditor in terms of secrion 1212 of the Companies Act 2006 co 0 00 Otr- ¢ q)0 Z o£._ t4g<#uooo< OV4 Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUIYDATION CASH FLOW STATEMENT For the )'ear ended 31 August 2024 2024 2023 Note Net eash flows from operating activities 1,042.449 539,431 Cash floH'$ from investing activities: Dividends & interest received Proceeds from sales of investments Purchase of investments Proceeds from sale of fixed assets 217,684 732,674 {986,466} 231.484 492,584 11,193.600) 395,000 Change in cash ii) the year 1,006J41 46A,899 Cash at the beginning of the year 713152 248,953 Cash at the end of the year 1,720,193 713,852 Cash and cash equivalents are represented by bank balances and cash. r40TE A: RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the year Interest & dividends receivable (Profit) on digposal of fixed assets (Profitl/Loss on investments and transfers to cash (tkcreasel in creditor5 (Increase) in debtors Net cash inflow froin operatit]g activities 1,751 J49 727,289 (217,684) {231,484) {165,000) (461,417} 640,645 (435) {401,383) (29 J64} (30,6361 1,042,449 539,431 Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS For the )'ear ended 31 August 2024 ACCOUNTING POLICIES The Charity is registered with the Charity Commission under registraiion number 529215. li meets the definition of a public benefit entity under FRS 102. The principal accounting policies adopted by the Trustees are described below. Basis of Aeeounting Tl)e linancial staiements have been prepared under the historical cost convention and in accordance with Statemei)t ol. Recon)mended Practice"Accounting ai)d Reportii)g by Cl)arities (SORP 2015)" applicable to chariiies preparing their accounts in accordance with the Financial Reporting Standard applicable ii) the UK and Republic ofireland (FRS 102), effective l January 2015. Basis of preparation of financial statements- going eoneern basis The charity has provided a guarantee under a loan agreement between Narwest and GSAL as disclosed in note l O. The guargntee embodies certain performgnce Covenants for GSAL. Allei making enquiries, the Trustees have a reasonable expectation that GSAL will have adequate resources to make the required capital and interest repayments to its bankers as they tall due and that the covenants will be met. The Trustees of the Foundation have review'ed the ongoingl cotnniitment to the annual donations to GSAL in order to preserve fund5 in the Foundation, aiid accordin¥ly, the Trustees continue to adopt the ¥oin¥ concern basis in preparing the annual report and finaiicial stateinents. Ineome All income is recognised in the statement of financial activities when the charity has entitlement to the funds. condition5 for receipt have been met, it is probable that tlie income will be received and the amount can be n)easuTed reliably. The followiiig accouiiting policies are applied to income.. D0Kalio￿.* Donations received are recognised in the Statement of Financial Activities in ihe period in which the charity is eniitled w receipt. Imi£stment iKcome Dividends and interest are accounted for when receivable and include the related tax recoverable. Expenditure Direct charikahle ￿pendi[11r￿ Direct charitable expenditure includes all expenditure directly related to the objects of the charity and includes Ihe following.. Donation lo GSAL}or bwsaries a￿d￿chOlarShipS Donations are made to GSAL towards the cost of bursaries. These are accounted for in the academic year to which they are used by GSAL. BurtsuriL5. pfi&LS andJchJlar5hip5 Scholarships and prizes are accounted for when the Tru5tee5 have accepted a legal or rnoral obligation to make the expenditure. OihcJP ￿pe4dli￿re Other expenditure represents expenditure incurred in the management of the charity's assets. organisational administration. and compliance with constiiutional and statutory requirements. Administration services are provided by GSAL free of charge and it is not possible to deiermine a reliable value of these dOna￿d services. Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS For the )'ear ended 31 August 2024 Fund accounting The trust holds the following funds.. Unrestricted funds - these funds can be used in accordance with the charitable objects at the discretion of the T[￿steeS. Restricted funds these funds can only be used for particular restricted purposes within the Libjects Lif the trust. Restrictions arise M,hen specified by the donor or when funds are raised for particular restricted purposes. Pennanent endowment fund% income gencrated from thes¢ funds may be used in the furtherance of th¢ objects of the tru%t, biit the capital must be rctaiiied. Tangible fixed a5setS Freel)old properties are Stated iii the balance sheet at Cost or value at the date of receipt. No depreciation has been provided on the freehold land at Alwoodlev (occupied by GSAL). The Trustees consider that the residiial values based on cost gt the time of occupation are siich that Iheir depreciation is insignificgnt. Any impairment ideniified is charged against the original cost of the property. Investments Investmeiits are stated at market value. Realised and unreali5ed gains and losses are shown separately in the appropriate sectioii of the statement of finaiicial activitie5. Coneessionary loans Concessionary loans are initiall>' measured at the amount received or paid. In subsequent years. tl)e carrying amount of concessionary loaiis is adjusted to reflect any acc￿ed interest payable or receivable, les5 any inipaiTment Ios5. Financial instruments Financial assets and financial liabilities are recognised when Ihe charity becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured ai transaction price (including transaction costs). The charity only ha5 financial assets aiid fiiiancial liabilities of a kind that qualify as basic financial instrunients. Basic financial ii)Struments are initially recognised at trat)saction value and subsequently measured at tl)eir settlement value. Taxation As a regisiered charity the Foundation is exempi from income tax on its charitable activities. Critical accounting judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, which are described above, the TNstees are required to make judgemeiit%, e%timate% and as%umptions about the carrying amount% of assets gnd liabilitie% that are ni)t readily apparent from other sources. The estimates and associated assumptions are based on histori¢al experi¢n¢¢ and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions gre reviewed on an on-going basis. Revisions to a¢¢ounting ¢stimat¢s are recobFnised in the period iii which the estimate Is revised if the revision affects onl J. tl)at period, or in the period of the revision and future PeTiods if the revision affects both current at]d fvture period5. The Trustees do not coiisider there are aiiy critical judgements or sources of estimation ut]certainty requiring disclosure be)'ond the accounting policies listed above. 13 Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS For the )'ear ended 31 August 2024 PIET MOVEMENT IN FUNDS Net mL)vement in funds for the year is staled after charging.. 2024 2023 Auditors, remuneration 7,200 6,800 The Trustees received no reniuneration or expenses in the performance of their duties as Trustees of the Trnst in the current or prior year. The charity employs no staff, employees from GSAL provide support 10 the operations of the charity, however, it is noi possible to place a value oii these services which are provided free of charge. TANGIBLE ASSETS Freehold land The Grammar School at Leeds, Alwoodley Cost At I September 2023 Disposals during the year At 31 August 2024 2,500,000 00 In respect of the loans held within GSAL, a first and Ihird party first legal charge is given by the Foundation in respect of the All￿00dleY Freehold. INVESTMENTS 2024 2023 Total investments Maiket value at I September 2023 Additions Disposal proceeds Net realised investment gainsl(ILisses) Net unrealised investment gainsl(losses} Net Iransfer between investments and cash deposits 5,958,134 986.466 (732.674) 2.i57 494,143 {i5.083) 5,897,763 193,600 (492,584) (2.481) (326,489) (311,675) Market value at 31 August 2024 6.673,?43 5,958.134 Cost at 31 August 2024 6,077,227 5,850,117 Investrnent5 comprise the following: Investment5 Cash held by investinent manager5 6,556.759 16.584 5,806,466 151,668 Market value at 31 August 2024 6.673,343 5,958,134 Investments are revalued at mid market value ai the year end. All invesiments are held ￿'1th1n restricted funds. 14 Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS For the )'ear ended 31 August 2024 DEBTORS 2024 2023 Amount5 falling due within one vear Due from Grammar S¢hool at Leeds 60,000 30,636 60,000 30,636 Amount5 falling due after more than one year Amount due from GSAL 10.900,000 10.900,000 The loan is interest-free, unsecured and due to be repaid in one amount on 31 December 2067, with an option to make prepayments after 31 December 2028. 6. CREDITORS: AMOUNTS FALLING DUE WITHIP4 ONE YEAR 2024 2023 Creditors and accruals 6,394 6,829 CREDITORS: AMOUNTS FALLING DUE A￿ER ONE YEAR 2024 2023 Loan from GSAL 2,642,363 2,64? 363 Ii)terest was ehaiged on the loan until i l January 2014, but it is now interest free. 8. RESTRICTED FUNDS On 10 April 2015 the Charity Cominission published a scheme whereby the funds and activities of the linked charities: beiiig the Fouiidation Award Fuiid lor Girls, the Foundation Award Fund for Boys aiid the GSAL Awaid Fund, Ivere inerged with the Letds Grdmmar School and Leeds Gills, High School Foundation. The previously linked cl)arities were reinowed from the Charity Commission register on l O April 2015. The various restricted fuiids inherited froin the predecessor charities were reviewed and ¢ombiiied so that now only three separate restricted funds are maintained. Heritage Fund combines all the historical restricted funds relating to bursaries and an)J new heritage amounts as specified bw the donor New Bursary Fund- inteiided to include all new donations, unless otherwise specified by the donor. Prize Fund combines all Ihe historical restricted funds related to prize awards, and donations received Specifically for prizes. 9. UNRESTRICTED FUNDS This fund had a negative balance of £151:008 at 31 August 2024 {2023.. £172,618). Having sought the views and advice of the Cl)arity ComTnission, the Fouiidation frll5tee5 have agreed with the Directors of GSAL to replenish these fuiids by annual donations over a period not exceedingF twenty years. 15 Docusign Envebpe ID." 023EBF3B-844E4DCF-806E-AB161 D782244 LEEDS GIL4MMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS For the )'ear ended 31 August 2024 10. CONTINGENT LIABILITIES Under a loan agreement entered into in November 2022 between the Natwest Group (the Bank) and GSAL the Foundation has provided the following securities.'_ a fir5t-party first le¥al Lliarge in respect of the Alwoodley freel)old b) a deed of sub-ordination subordinatiiig the loan to GSAL to the indebtedness of the Bank. At 31 August 2024: the borrowings of GSAL amounied to £19.371,43212023.' £22,600.004) 16 c¢ 0￿￿* O * o rno uooiJ