Reglstered Charlty No. 529215 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS. HIGH SCHOOL FOUNDATION Report and Financial Statements For the year ended 31 August 2025 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION REPORT AND FINANCIAL STATEMENTS 2025 CONTENTS Page Trustees, report Statement of Trustees. responsibilities Independent audltor's report Statement of financial artivities Balance sheet io Cash Flow Statement li Notès to thé finantial statements 12 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION TRUSTEES, REPORT 2025 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS The Trust 15 registered with the Charity Commissioners under charity reference number 529215. Nominations to the Board of Trustees are approved by the Governors of The Grammar School at Leeds IGSALI, and all the Trustees, detailed below, have served throughout the period and subsequently, except where indicated. Date of Appolntment Ms G Mitchell 23 March 2019 Ms J Harper 24 September 2019 Mr P Britton (Chairl Ms C Vilarrubi 23 March 2023 23 March 2023 Mr M Curle 4 April 2023 MrA Martin 20 March 2024 Mr S Kingston 20 March 2024 Officers Secretary.. Treasurer- Mrs E Carruthers Mr S Kingston The Grammar School at Leeds, Alwoodley Gates, Harrogate Road, Leeds, LS17 8GS Registered address.. Advlsers Bankers NatWe5t Group POBox154 Leeds United Kingdom Lloyds Bank PIC 65 Briggate Leeds ￿16LH Independent Saffery LLP auditor 10 Wellington Place Leeds LSI 4AP Solicitors Lupton Fawcett LLP 2 The Embankment Sovereign Street Leeds LSI 48A Insurance brokers Bartlett & Company Limited Broadway Hall Horsforth Leeds LS18 4RS Investment Evelyn Partners 3 Wellington Place Leeds LSI 4AP managers LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION TRUSTEES, REPORT 2025 The Trustees of Leeds Grammar School and Leeds Girls, High School Foundation I'the Foundation'l present their annual report for the year ended 31 August 2025 under the Charities Act 2011, together with the audited financial Statements for the year, and confirm that the latter comply with the requirement5 of the Charities Art 2011, the Trust Deed, and the Statement of Recommended Practice "Accounting and Reporting by Charities ISORP 20151" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR51021 effective l January 2015. STRucfuRE. GOVERNANCE AND MANAGEMENT Governing Document The Foundation was regulated by a scheme made by the Charity Commissioners in 1978, and after a number of revisions a new scheme came into being on 5 July 2005 in connection with the legal merger of Leeds Grammar School and Leeds Girls, High School to form The Grammar School at Leed5 IGSALI. A unifying 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 School Foundation Award Fund for Boy5 and the GSAL Award Fund were to be treated a5 forming part of the Foundation for the purpose5 of Part11 Iregi5trationl and Part Vl laccountingl of the Charitie5 Act 1993, although the individual charities remained separate and legally distinct. On 10 April 2015 the Charity Commission published a scheme whereby the funds and activities of the linked charitie5, being the Leeds Grammar School and Leed5 Girls, High School Foundation Award Fund for Girls, the Leeds Grammar School and Leeds Girls, High School Foundation Award Fund for Boys and the GSAL Award Fund, were transferred into the Leeds Grammar School and Leeds Girls, High School Foundation, who will continue to pursue the same objects as those previously linked charities. The previously linked charities were removed from the Charity Commission register on 10 April 2015. Recrultment and tralnlng of Trustees The Tru5tee5 were selected both because of their relevant experience of the Trust's area of operations and because of their experience as Trustee5 of other bodies. An induction process is in place for new Trustees when appointed, and they are made aware of on-going training opportunities. Organisational Management The Trustees met on four occasions during the year. All operational decisions affecting the trust are undertaken by the Board of Trustees. Rlsk Management The Trustees have reviewed major risks to which the trust is exposed, particularly those related to the operation and finances of the trust. The Trustees have given consideration to the appropriate policies, procedures and systems to mitigate the trust's exposure to the major risks. The principal risks of the Foundation are associated with its ability to continue to generate investment income and donations to support the work of GSAL. The majority of the assets of the restricted funds are invested and so are Subject to market fluttuation. The Trustees advise the Foundation's investment managers on the acceptable level of risk. A development group work5 for both the Foundation and School in order to develop fund raising activities as a whole. OBJECTIVES AND ACTIVITIES Charltable Oblects The object of the Foundation is to further the objects of either or both of The Grammar School at Leeds IGSALI and Leeds Girls. High School. Leeds Girls, High School and the Grammar School at Leeds legally merged on 31 August 2005 and have been jointly known thereafter a5 The Grammar School at Leeds IGSALI. The Foundation is the custodian of the land at Alwoodley on which GSAL is situated and must retain the property for use a5 a school or schools. The Foundation's main objectives during the year were: LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION TRUSTEES, REPORT 2025 to continue exploring ways of attracting additional funding andlor other ways of meeting the Foundation'5 objective5, including reviewing the benefit provided to the public through 5UPPOrt of GSAL, in the light of changing legislative requirements. to assist, where appropriate, GSAL with its review of activities and 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 Trustees confirm that thev have had regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning activities. ACHIEVEMENTSAND PERFORMANCE The Trustees have had success in attracting donations to support bursaries awarded to pupils of GSAL. in accordance with the objective5 of the Foundation, and thi5 work will continue to be developed. During the year the Trustees have reviewed various aspect5 of the Foundation's operations and have implemented changes to the Foundation's investment portfolio and bursary policy in order to provide additional funds to support bursarv awards made by the school. FINANCIAL REVIEW Unrestrirted fund5 Income in respect of unrestricted funds amounted to £30,00012024'. £30,0001 arising from donations. Expenditure during the year was £16,62812024'. £8,390>. Net income from operations for the year amounted to £13,37212024'. £21,610) resulting in total negative unrestricted funds carried forward of £137,63612024'. negative £151,0081. Endowment funds Interest received totalled £24,53612024'. £27,918) and after other income of £16 and expenditure of £87012024.. £301 endowment funds carried forward were £11,588.57412024.. £11,564.8921. Restricted funds Incoming resources in respect of restricted funds amounted to £562,79912024- £1,310,273) made up of interest, dividends, legacies and donations. Expenditure amounted to £445,09012024: £104,937>, the majority of which was the contribution towards bursaries awarded by GSAL, with the balance made up of support for projects specified by donors, investment portfolio management expenses and bank charges. Donations to the School for bursarie5 and projects totalled £410,75012024.. £70,260). During the year the Trustees completed a review of the Foundation's investment policy, and also decided to tender the management of the three portfolios. As a result the management of the portfolios was transferred during the year from RBC Brewin Dolphin to Evelyn Partners. Stock Market performance over the year has led to an increase in portfolio values at year end resulting in unrealised gains of £270,57412024.' £494,143). The net movement in restricted funds was an increase of £379,119 12024.. £1,701,836) and restricted funds carried forward £8.170,01412024.. £7,790,895). Total fund5 for all three funds carried forward were £19,620,95212024.. £19,204,779). Resèrvès polity Net income after expenditure from unrestricted funds is normally donated annually to GSAL unless the Trustees have reason to retain it in furtherance of the trust's objective5, therefore no free reserves are considered necessarv. The unrestricted fund had a neeative balance of £137.636 at 31 August 202512024.. £151,008) Having sought the views and advice of the Charity Cornmi55ion, the Foundation Trustee5 have agreed with the Directors of GSAL to replenish these funds by annual donations over a period not exceeding twenty years. LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION TRUSTEES, REPORT 2025 Investment polity and objectives The Trustees have wide investment powers as if they were beneficially entitled. Their policy has been to maintain the level of working capital. Each year the Trustees agree what the following year's bursary support to the School will be based on an agreed monetary amount. This gives certainty to the School in planning bursary awards and allows the Trustees to give appropriate direction to the investment manager. Three investment portfolios are held, with different investment priorities. The average income yields for the three portfolios for the year were= Heritage portfolio New Bursary portfolio Prize portfolio 3.2Y.12024.' 3.8%) 2.5%12024.. 2.6%) 2.4%12024.. 2.2%) The Trustees review the financial position of the Foundation each year and decide on the donations to be made to GSAL. Fundraisin8 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 marketingladvertisement of events and activities is planned and led by the GSAL Director of Development to ensure that it is not unreasonable intrusive of perslstent. PLANS FOR THE FUTURE to continue exploring ways of attracting additional funding and/or other ways of meeting the trust's objectives, including reviewing the benefit provided to the public through support of GSAL, in the light of changing legislative requirements. where appropriate, assisting GSAL with its review of activities and operations, in order to reduce overall costs of the services provided by the school without affecting their quality or scope. DoGUSign Envebpe ID". BOD102AC-2D4Pa2DC-918F_FFBBA46E1227 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES The tru5tee5 are responsible for preparing the tru5tees' report and the financial staternent5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. The law applicable to charities in England & Wale5 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select 5Ultable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP IFRS1021.. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accountin8 records that disclose with reasonable accuracy at anv time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accountine regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there 15 no relevant audit information of which the charitvs auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor 15 aware of that information. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitws website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdittions. Signed on behalf of the Trustees SvJnEdby.' CF3AF2gFE7C6479 Date.. 22 June 2026 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION Opinion We have audited the financial statements of Leed5 Grammar School and Leeds Girl'5 High School Foundation for the year ended 31 August 2025 which comprise the statement of financial activities, balance sheet 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 Practicel. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incorning resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 FRCS 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. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the goinE concern basis of ccountin8 In the preparation of the financial statements 15 appropriate. Bèsed on the work we have performed, we have ntst identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Significant dtsubt on the charity's èbility to continue as a going concern for a period of at least twelve months from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant 5eCtion5 of this report. Other Informat5on The other information eomprises the information included in the annu31 report, other than the financial statements and our auditorfs report thereon. The trustee5 are iesponsible for the other information. 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 incon515tent 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 inconsistencie5 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 nothin8 to report in this regard. INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regulations 2￿8 require us to report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material respect with the rinancial statements- or the charity has not kept sufficient accounting records.. tsr the financial statements are not IN agreement with the accounting record5 and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustee5 As explained more fully in the Trustees, Responsibilities Statement set out on page S, the trustees are 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud 01 error. In preparing the financial statements, the trustees are 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor5, 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 a55urance is a high level of assurance, but is not a guarantee that an audit eonducted in accordance with ISAS IUKI will alway5 detect a material mi55tatement when it exist5. Mi55tatements 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 misstatement5 in re5pert of irregularitie5, 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 a55essing risks related to irregularities.. We asse55ed the susceptibility of the charity'5 financial 5tatement5 to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meetin& 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 tharity by discussions with trustees and updating our understanding of the sector in which the charity operates. Laws and regulations of direct significance in the context of the charity include the Charities Act 2011. the Charities (Accounts and Reports) Reeulations 2008 and guidance issued by the Charity Commission for EnEland and Wales. Audit response to risk5 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 to INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION identify potential material misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations Wlth member5 of managernent responsible for compliance. During the planning meetine 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 01 knowledge of artual, 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 ensuririg 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 non-compliance with laws and regulations is from the event5 and transactions reflected in the financial statements, the le55 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 webslte at.. www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to State to them in an auditor's report and for no other purpose. To the fullest extent perrritted by law, we do not accept or assume responsibility to anyone other than the charity and the trustee5 as a body, for our audit work. for this report, or for the opinions we have formed. Saffery LLP 10 Wellington Place Leeds LSI 4AP Statutory Auditors Date.. 22 JunÈ 2026 Saffery LLP is eligible to act as an auditor in terms of sectitsn 1212 of the Companies Act 2006 vo c￿0 0) Ln ori 0 rq co CO Ln rJ mm ¢ Cn fo ID rymo Ln iu ab U0￿0< 00(Th 00 000 )0 OC> om 7) 7) c c LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION CASH FLOW STATEMENT For the year ended 31 August 2025 2025 2024 Note Net cash flows from operating activities 191.1311 1,042,449 Cash flows from investing artivities.. Dividends & interest received Proceeds from sales of investments Purchase of investments 279,669 3,487,285 14,763,234) 217,684 732,674 1986,4661 Change in cash in the year 11.087.411) 1,006,341 Cash at the beginning of the year 1,720,193 713,852 Cash at the end of the year 632,782 1,720,193 Cash and cash equivalents are represented by bank balances and cash. NOTE A: RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2025 2024 Net income for the year Inlerest & dividends receivable Iprofitl/Loss on investments and transfers to cash Increase/lDecreasel in creditors Iincreasel in debtors Net cash loutflowllinflow from operating activities 416,173 1,751.349 1279.6691 1217,6841 1199.7411 1461,4171 2.106 14351 130.0001 129,3641 191,1311 1,042.449 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 ACCOUNTING POLICIES The Charity Is registered with the Charity Commission under re8lStration nurnber 529215. It meets the definition of a public benefit entity under FRS 102. The principal accounting policie5 adopted by the Trustee5 are described below. Basls of Accountlng The financial statements have been prepared under the historical cost convention and in accordance with Statement of Recommended Practice"Accounting and Reporting by Charities ISORP 20151" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, effective l January 2015. Basis of preparation of financial statements- going concern basis The charity has provided a guarantee undei a loan agreement between Natwest and GSAL as disclosed in note 10. The guarantee embodies certain performance covenants for GSAL. After making enquiries, the Trustees have a reasonable expectation that GSAL will have adequate resources to make the required capital and inter8st repayment5 to it5 banker5 as they fall due and that the covenants will be met. The Trustees of the Foundation have reviewed the ongoing commitment to the annual donations to GSAL in older to preserve funds in the Foundation, and accordingly, the Trustees continue to adopt the going concern basi5 in preparing the annual report and financial statement5. Incomè All income is recognised in the statement of financial activities when the charity has entitlement to the funds, conditions for receipt have been met, it is probable that the income will be received and the amount can be measured reliably. The following accounting policies are applied to income= Donations Donation5 received are recognised in the Statement of Financial Activities in the period in which the charity is entitled to receipt. Investment income Dividends and interest are accounted for when receivable and include the related tax recoverable. Expenditure Direct charitjble expenditure Direct charitable expenditure includes all expenditure directly related to the object5 of the charity and includes the following.. Donutffon to GSALfor bur5orie5 ondscholar5hips 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. Bursuries, prizes uncl scholarships Scholarships and prizes are accounted for when the Trustees have accepted a legal or moral obligation to make the expenditure. Other expenditure Other expenditure represents expenditure incurred in the management of the charity's assets. organisational administration. and compliance with constitutional and statutory requirements. Administration services are piovided by GSAL free of charge and it 15 not possible to determine a reliable value of these donated services. 12 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 Fund accountlng The trust holds the following funds.. Unrestricted funds - these funds can be used in accordance with the charitable objects at the discretion of the Trustees. Restricted funds - these fund5 can only be used for particular restricted purposes within the objects of the trust. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Permanent endowment funds - income 8enerated from these fund5 may be used in the furtherance of the objects of the trust, but the capital must be retained. Tangible fixed assets Freehold properties are stated in the balance sheet at cost or value at the date of receipt. No depreciation has been provided on the freehold land at Alwoodley loccupied by GSALI. The Trustee5 consider that the residual values based on cost at the time of occupation are such that their depreciation is insignificant. Any impairment identified is charged against the original cost of the property. Investments Investments are stated at market value. Realised and unrealised gains and losses are shown separately in the appropriate section of the statement of financial activities. Concesslonary loans Conce55ionary loans are initially measured at the amount received or paid. In subsequent years, the carrying amount of concessionary loans is adjusted to reflect any accrued interest payable or receivable, les5 any impairment loss. Financial instruments Financial assets ènd financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transattion price lincluding tran5aCtIOn C05ts1. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrument5 are initially recogni5ed at transaction value and 5ub5equently measured at their settlement value. Taxatlon As a registered charity the Foundation is exempt from income tax on its charitable activities. Critical accounting judgement5 and key sources of estimation uncertainty In the application of the charity's accounting policies, which are described above. the Trustees 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 e5tirnates and a550ciated assumptions are based on historical experience and other factors that are considered to be relevant. Actual re5uIt5 rnay differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going 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 Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above. 13 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 NET MOVEMENTIN FUNDS Net movement in funds for the year is stated after charging.. 2025 2024 Auditors, remuneration 8,500 7,200 The Trustees received no remuneration or expenses in the performance of their duties as Trustees of the Trust in the current or prior year. The charity employs no staff, employees from GSAL provide support to the operations of the charity. however, it 15 not POS5ible to place a value on these 5ervice5 which are provided free of charge. 3. TANGIBLE ASSETS Freehold land The Grammar School at Leeds, Alwoodley Cost At I September 2024 Di5POsals during the year At 31 August 2025 2,500.000 2 500 000 In respect of the loans held within GSAL, a first and third party first legal charge is given by the Foundation in respect of the Alwoodley Freehold. INVESTMENTS 2025 2024 Total invèstments Market value at I September 2024 Additions Disposal proceeds Net realised investment Ilossesl/gains Net unrealised investment gains Net transfer between investments and cash deposits 6,673,343 4,763,234 13,487,285) 19.1641 270,574 161,6691 5,958,134 986,466 1732,6741 2.357 494,143 135,0831 Market value at 31 August 2025 8,149,033 6,673,343 Cost at 31 August 2025 7,234,692 6,077,227 Investments comprise the following: Inve5tment5 Cash held by investment managers 8,094,118 54,915 6,556,759 116,584 Market value at 31 August 2025 8,149,033 6,673,343 Investments are revalued at mid market value at the year end. All investments are held within restricted funds. 14 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 DEBTORS 2025 2024 Amounts falllng due wlthln one year Due from Grammar School at Leeds 90,000 60,000 g0,(X)O 60,000 Amounts fallSnE due after more than one year Amount due frorn GSAL 10,900,000 ID,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. CRED￿oRS.. AMOUNTS FALLING DUE W￿H1N ONE YEAR 2025 2024 Creditors and accruals 8,500 6,394 cRED￿OR5.. AMOUNTS FALLING DuEA￿ER ONE YEAR 2025 2024 Loan from GSAL 2,642,363 2,642.363 Interest was charged on the loan until 31 January 2014, but it 15 now interest free. RESTRICTED FUNDS On 10 April 2015 the Charity Commission published a scheme whereby the funds and activities of the linked charities, being the Foundation Award Fund for Girls, the Foundation Award Fund for Boys and the GSAL Award Fund, were merged with the Leeds Grammar School and Leeds Girls, High School Foundation. The previously linked charities were removed from the Charity Commission register on 10 April 2015. The various restricted funds inherited from the predecessor charities were reviewed and combined so that now only three separate restricted funds are maintained. Heritage Fund combines all the historical restricted funds relating to bursaries and any new heritage amounts as specified by the donor. New Bursary Fund- intended to include all new donations, unle55 Otherwise specified by the donor. Prize Fund combine5 all the historical restricted funds related to prize awards, and donations received specifically for prizes. 15 LEEDS GRAMMAR SCHOOL AND LEEDS GIRLS, HIGH SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 UNRESTRicfED FUNDS This fund had a negative balance of £137,636 at 31 August 202512024.. £151,008). Having stsught the views and advice of the Charity Commission, the Foundation Trustees have agreed with the Directors of GSAL to replenish these funds by annual donations over a period not exceeding twentv vears. 10. CONTINGENT LIABILITIES Under a loan agreement entered into in November 2022 between the Natwest Group (the Bank) and GSAL the Foundation ha5 provided the following 5ecuritie5:. a first-party first legal charge in respect of the Alwoodley freehold bl a deed of sub-ordination subordinating the loan to GSAL to the indebtedness of the Bank. At 31 August 2025. the borrowin85 of GSAL amounted to £16,142,86012024.. £19,371.4321 16 or owoo Ln ¢rri ￿ o Ln 00 000 In 3 uarju