ST LEONARDS SCHOOL (a charftable company limlted by guarantee) ANNUAL REPORT AND FINANCIAL STATEIIIENTS FOR THE YEAR ENDED 31 JULY 2025 Company number. SC016693 Charity number: SC010904 111 AF0PF9K9' A16 c￿4PA￿Es HCK¥SE ST LEONARDS SCHOOL (a tharltablv ￿Trpany Ilmltod by guardntee) CONTENTS FOR THE YEAR ENDED 31 JULY 2025 Pages Annual rewt Irom the Board ol Go¥emo Independent audilc¢s reFKJrt 16-20 Group statement cl ffin￿"al thiti6S 21 Porenl charity stalemenl crf financial 22 Group and ccThpany bakqnce she81 23 Statement of cashflov•S 24-25 Notes to fThn¢ial ststements 26-45 ST LEONAftDS SCHO¢X la th•r￿3b￿ ¢ony•ny tsyw**nt•• REPORT OF THE BOARD OF GoveRNORS FOR THE YEAR ENOED 31 JULY 2025 REFERENCE AND ADIIW41gTRATbVE Tr4FORMATK)M Conwny n¥mbttr Chaiity thurtiey Board of Gov•moYs M*￿b&￿ purpose5 of Company Lww. They have aN sefftd in offKe period w io the dale of approval ol the fir￿￿￿￿1 si8i¢m¢nts 0X￿P1 WKIKai8d. T(NJ6ther ￿1h pa51 Bowd dGomor5 11￿ srnl 88 indvaiwj. I1w￿.. Ch•roI8oar¢ldGov8rntyS Mr l)*YtyCahpbei Idwrl Iwwj 20JU￿%125I Atr Pl*bp Petstsen Bsc MBA lthwr IFrm >) 2025) MA Iresbwed 10 Dec8rtJèr 20241 Mr B￿9rd f*)knan 8Sc GI{res￿ned 24 Noverrt)w 20251 G￿ 8A{mr￿S) ACMA W5 Laurn Ruth Jxk8 JD 8 DetsmbÈr20251 Sara R£*ertson BA ltrknsl MLitt ts Mrthl8Sc M8A Idewjtychawfrom 20 Juft• 2Q251 ltrknjrw Pald &tr John L* lappJnl8d l Novorthr 20241 trs F¢nela oe￿h0YTa>kn PA tr Pkk*s BA P*sArm Vic481 C18rt L￿J(￿[won18d 10 May 20251 *5 Lesky klaward 18knJLtsI 2025) sway￿ Pur¥151￿ l AWA￿12024) The 808rd ol Governm IW. On8 Ihkdofth• Bowd ofGvMxrfs wtire exh ￿81 and shall be dbjib Honomry (Illlee Beare PieskI￿[dffi¢ ScthDt4.. LBdy Mr MA (•knI Al￿ Oaw Pernt¢￿I5*)P8sC IHix%s)MBA Ga￿tyd BA IHDn81 MrAJ*JrÈw Ou￿r￿ BEd (Hr￿s) (Ltft 15 Awt 20241 Mr5 Julhinre MA 8E4 16 ALWJUSt 2024) Cbire A0twt￿ &4 IF*¥15) Mrs Ilamah MVA CBa Senw OewtyHead Oeputy He8d (A￿deMic) Deptsty He*J (Welbwngl Deputy Head (Board￿￿j & PasioTall He3d ol Junior SdKK>Y t*re¢ioi of Finan¢0 X Owatso & Company se￿tsry Head d Extern￿ Mr5 A￿ets LhJJWarde (Retir￿j4 OclubEr3)241 *5 ￿reeTh Derk8r• l*fw"rbted 1 Octcthr20241 ST LEONARDS SCHOOL (a Charllable company Wmhed by guarantee REPORT OF THE BO￿lD OF GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 ADVISERS Rgglstor•d Offlc• St Leonards Schc St kndrews KY16 gQJ W•bsfte vwtt*st*on¥d¥.fife.org Bankers Bank of S¢cAlarbJ Edinburgh Georgg Stre81 eranth 104 Georye StTÈel Edinbutgh EH2 3DF Solicitor3 Naviga1￿ Law 1 - 4 Afvll Cr8scenl EdIn￿rgh EH3 8HA Thorntcns LLP Kinbum Castle. Doubleafftes R¢Md. St Al)dr￿s KY16 9DR Audltor 2ets Audlt Servi￿s Quay 2 139 FI￿ntaIntY1dg8 Edinburgh EH3 Investmerrt Advlsors can0cc￿d W&ilth (Fonnerty Adam arKI Col 40 Prir￿S Street EdInI￿rgh EH2 2BY 24-25 Charlolle Square EdIn￿￿rgh EH2 4ET Insurance Bmkers MaFsh Ltd 1 Tower Place West T¢)wer Place London EH3R 58U ST LEONARDS SCHOOL la ¢h•ritable ¢onwany Ilmlled by gu••ntee) REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED 31'JULY 2025 The Board of Govwnors of St Leonards School ￿nI Ihw annual reFQrt for ihe Sch￿1 year ended 31 July 2025 under the Ccthpanios Act 2006. the Charities and Tfuslee I￿￿tment (S￿r￿) kt 2005 and Charities Accounts (Scotlandl Regulations 2006 (as amerKlwJl IctyJ8lher wilh the aucbted accounts the peritra lo 31 July 2025, and confirm that the latter cnmpty V•ith the rewirements of the Acts. the Memorandum Articks of Association arwj the Charities SORP 2015. The linancial statemen15 consob'dale those of the comFtyW aNI its subsidiary ￿l￿taking. St Leonar(ts Enlerprsses Lirnited. St Leonards Enterprises Limited is a n(K￿all19trfe tradry company. limited by guaranlee and not having a shar ca￿ts1. It is consijered a subsidiary on ￿ basis fhat St Leon¥ds S¢W the *JttKyfty to ap￿￿t its diredars. Appmaching 150 years of operaling, St Leonarts has ￿peo shape indeperwjgnt ethxalion in Scoifarvj. combbniny tradition with a clear commitment to innovat*)n. Tcthy. the school remains al the leading edge of UK education through rts deep. V*￿Ie4chool commitment lo the Inlemalional Baccalaureate (IB). wdety regarded as one of the most rigorous and Coherent frameworks for teaching and leaming Wofbjwidè. St Leonards was the fwst SChc￿ in Scotland to be accredited as an alkthrough IB Worbj Sthool and is the orly school in the UK to activety offer all four IB programmes. Fmm thg Primary Years Programme IPYPI through the Midd19 Years Prcrfjrarnme IMYP) and (IIGCSES. to &xth Ftxm puyls can ch￿se bal￿en the IB C8re9 Pi(xJramme {CP) and the IB Dipbma Programme (DPI. St Lelwwds pro￿eS 8 uniquely complete IB pathway. Th"s ambits"ous. fLrtWe4aCW￿ ap[￿oath devejops cDnfiden( leamw5 Wbth the academic strength. global ouuook arKI personal quafrties to thrive. M is what makes a St Leonards e¢1uCat￿n disbnctive, and why Ihe school ¢onlinues to sland out. OBJECTIVES AND ACTMTIES Th8 School is 9ovemed by its MemNandum and Artscles of AsscKiabon dating from 1877 and lasl amended in 2002. The School's Objects. as sel Out in it5 Memorandum and Articles of Association. are Ihe advancement of educalton for ihe public bengrrt. including tho prow$ion of boarding andlor day schtiobng for ehildrgn of both sèxes. Pu (Xlr purp)5e is to ed￿te peoplg ￿ fjle. Vision Our vision is to be the firsl schrA for famifies in NLVLh￿asl Ftfe and for t￿ard8r$ from around tho world. providing an outstsnding edu¢ats'on a financ￿ thriving environment. In PUT5uance of its chaiitable purp(6es. ts School's miswon is to ethKale young people to beC￿e floutshlng IB graduates who are Skil￿ lor lrfe*Mg 18amiNJ ar￿ welt)eing. an(J cfjrnmrtted lo making a positive impact in our worfd. Aim The Schoof's aim 1$ to deliver outslandww educational outcomes for every pupil wthin a supportib?. diverse and indusive communty. 11 does so through a ngtyous and ambitious ojrrwlum that is relevant lo ftrture pathway5 an urKlerpinned by c￿ar purpose. enabling people 10 succeed academicalty and devetlp the skills and confidence to flourish bewnd scho￿. Delivery is gover￿1 thr¢wh an annual CYC￿ of Board4pproved objects'ves agreed with the ExeculNe and implemented ttK(Ktgh the Stratw¢ Development Plw. ST LEONARDS SCHOOL {• chaiitsljle ¢ompany Ilm*•d by gyarantèè) REPORT OF THE BOPJiD OF GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 O&ECTIVES AND ACTNMES (coimNUEO) Val As #n Int•malmal Baccabureatt Wothl sth￿l. St Leonards aims to de¥eTcp lewr*rs WIKI a￿.. IrKwirers • Knowl8d9galAg Thinkus CoMmunicat￿S Pri￿rple{l Op?nryminded • Carir F￿"sk4a￿t 8al4nc4d DurirwJ th& ￿ar. Philp P•t•rnen succeth Danny CarnFthII as Ch•'r of ihe Board. The Bowd records Its sincere apwwaIv￿ fu Damy Campbell's 1x￿Mitte¢Y leadership aThJ stewardship. Ths tr￿SlI￿n has lywght w eneryy and stratègie impètus ai a dèfining nM)ment ihe SclNxl and Ihe wKler sector. A9ain5l a bad(drop ofsigwwf￿nI extemal dldlw. the Bowd has ts foojs on foThward4)okir#J g)vffinanco and kng-lerm value creat￿. A series of stralegy days gave tr* ￿￿TrIty to rigorously assess the Schoofs markel poybon. finanrial suslainthlty aThJ growth wenb"el. er￿Unf#￿ Ihal pkinnirpJ is both realtstK and amtrNti"ous. As a resulL a robust Ihreo4w fmarKial plan **d r8fr¢shtd strat¢gic plan thugh lo 2027 havè bèen formalty adopt¢d. These plans set out a dear palhway only lo safeyuard finanoal ￿l￿n¢t and educati￿1 excelknce. bul to strengihgn the SchrA)I's compet>tive pO￿ti1)n. dNeNfy incomè strèams and invèst with confidènc8 in its luturè. Th6 Board is deterrnined that the Sthwl will continue to adapl, evdve and Ihriw in a thangng ￿vI￿rnent, remaining ffim￿y I(￿us8￿ c delivering its charitsble with ambli￿n and Th8 School has conb"ThJ8d to operate wilhin ￿ e%￿pIlOn¥1IY Cha￿n91￿ en￿￿nMent. The introduction of VAT on school lees, Nalional Minirnum Wagè uplrfts, arml wider cosl infiation have malerialy increased OP8TatirffJ costs. In rwsa. Iho SchrKJl adopted a measured and supporlNe ap￿￿Oach to the irnplernentstion ot VAT. absortjing a proportion of Ihe additKJnal cosl and thasiThJ the remainder over 18 m￿lh$ in Order to mit¥Jale Ihe immediate finaftcial impact on farnilies and SUPFQrt wpil relention. Intemalwybal pupil recnj1lm￿f ha5 a150 teen 8ffethd by incre8sed possures wilhin the UKVI fimmigfal￿ sy3tem. creabng additional unr£rtainty and operatirThql rAJmplexty. The BDard delerrnined Ihat a full exit frc*n the STPS was required in or(ler to manage es¢*aliwwJ cost pressures and protecl the School's financial reslien(t. FoNowiNJ fomal consullalion, the decis￿n was to a9￿ ￿ a phased with(tr￿1 to enabje a structured and resw)nsibl• tra￿￿"0n. The5¢ faLl￿, comtsned with Ihe ￿￿.terM effecls ol the F*)St-COVID environment, ha¥e resulted in a uniquety demantting lan¢Jscape. UwKJer Ihe wn14wwd lethr5hip c+ &"mon Brw). the Exeurffve team and widèr sclKYA has taken a proacbve and slnKtw apwoach to man&Jing fjnanual 8nd operational preswjrns. Marketing aclivty has bèèn ènhancèd. cornn*rcial ￿)0￿31￿8 further developed kM¥Jrab5ry inbtb*ves expwthd in wder to db"vwsrfy sknams and slren9lhen lorger.tenn finanrAal res￿len￿. thg year. a eompr8h8nsi¥e roview of suW*r contrxts and rJ)st bases was undertaken. EffiC￿leS were idenlif*d aTrJ irnplemenled Mthin the Schcw)fs operaling mcdel. delNerir4J sustainable Sa￿ng$ wiltr¥)ul reduc4ng the breadth or quality of educational p￿S￿)n. AcadèmK pwfmncè r4mainod strong. 8xcèlknt axambnalion iasuKs avidencing that 0gerati￿al effiryen¢ies have not adversety irnpacled educattty)al outcffts. Board remains confident ihat Ihe slrategK aCt￿S laken during the >wr. a￿*d8 wudent finanrAal planning and active risk managem•rt. positK)n the Sch￿4 to navigate ongoN)g exlemal pressures whik ￿MainIng focused on Is haritable objectives and e(lucational mi55ion. The 8oard remairts focused on t￿l￿*r￿j resiller￿. maintsinirg edu¢atioro1 excellÈnc& and ensuring Ihat the SchrxA is str8legiraly and fvncialty robust for the Jpars ahe￿1. ST LEONARDS SCHOOL la ¢harltsble eompany Ilmlt•d by gu¥ants•) REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 ACHIEVEMENTS AND PERFORMANCE REVIEW OF PERFORMANCE AGAINST OBJECTIVES FOR THE YEAR Plan 8nd s forthe 202*2025 The 808rd of Govemors continues lo assess the c(￿linUed ecOr￿le turtsJlen￿ and its irnpact on fee 8ffoTdabilty across Ihe independent sector. alongside an glewated level of pofitical and regLdatory risk. In pèrbcular, thg announcemertl and implementalion of VAT on school fees created signiftsnt market pressure and represents a materk81 structural change for the sedor. At the same lime. sustsined increases in Nat￿nal Minimum and Living Wage rates hav8 placed furih8r upwmrd pressure on the Sthoofs Cost base. and ¢h8roes to UKVI visa requirements havè affected the intemational reerL¥lmeni *ndseape. These faclots have been most acutè during the 20244025 academic year and requwed the School to resFthI *iih pace. di5cpline and targeted miWtKm. Despite this Challenging operating envirffimenl. the School ￿maInS focused on long-term sustainabilty and the delNery of lis strategic ambition to be a premier dest*"nation for intematK)nal tM)8r¢Jing and day pupib allte. In parallel. the diversrfication of income teJor)d fees become in¢￿asIngty Nnportant. wih greater emphasis placed on fundratsing and eornmercial activity to strengthen ffin8nLial resilience. The School's distrnctive oposition. induding its gof pathway. strength and rthwence of the IB, ils reputab.on for safety and s%*l*ein9. aThJ the unique setiw of Sl Andrgws, provldes a compelling platform for growrth. By leveraging these advantages. the Sel￿?01 is well positiongd to protect and build dgmand. support rosl￿nI onrdment. and undgrpin suslainabje revenue generJtion over Ihe medium lenn. Bu1￿1ng a Board of Governors wilh ihe right balancB of skilLs. experience 8nd leadorship ¢apabiKty has been a critical factor in strengthenry the School's governance and strategic overswJhl. This has been compjemgnkny by the c￿tin(￿￿ deVe￿pment of a strong 8nd effeclive Executive learn. 8nsuriny ek7r ¥ecount8bilty, Tobusl decisi0ft4n8king al￿ al￿ned leadership across the organisation. Tc*Jelher. the Board and Execubve prov•Je Ihe capacity. challenge an(J expertis8 cequiied to navigate a Complex operab.ng enwrmment. drhve strategrc defjvery arny support the Schcol's h)n*term suslainability and orTh¥th. The objectives have rgmain8d broadly cor6islent *?Ih wevious years but wdl now be redefir*d and expanded through the $Ch¢￿I,S new Visirn. Goals, and Slrdtegic PrK>nlies pkn. as Ouuir￿O b&Jow High academic perfom8nee'. Sector-leading pastoral care across both the day boarding schod erbvironment: A whore school approach to cohesion. eonsisterty and excellence of our ethos. cufficuhMn and co-currKulum' Significant ctrcUrr￿1ar achi8vements. ￿￿dIng SFwbng. musical. ojllural ancl olher achievements.. Effgclivg. Sustainab￿ anrj effLient use of buibJwvJs a￿1 the sththjl estsie,. Provision 01 mean>tesled access and wb&¢ benefrt. ' h academic rfomiance Sl Lgonards had an oulslandin9 year academically. The Intemational B3ccalaureat8 Dipbma restjlts in July 2025 were the Sch(￿l's jthnt hKJhesl on record. wrth pupils achieving an average 0136 pc4nts. The 7-5 HL % averag9. often used in LX•mparison ￿ A Levels. was 86% whth was th8 h￿j￿st on record. 231AI of our pupils achieved over 40 points. equivalent to A'at A Lev￿ or AAA al Atranced HI3￿r. PupiL8 have S￿￿red outstsndTrng fulu education palhways wth destinab.ons irKluding Oxford. EdinbJrgh. UCL and Durham in Iha UK. Buccont in EuroF4 and Furman University and Grinnell Colw in the United Slates. As a resutt of th9S9 outstandir*J results, St Leonards was awarded Ihe SurKJay Tvnes Iwndent SchrM)l of the Year for GCSE. A Level and IB for 2025. The Career-relaied prcgramme Continues lo grow in powlarty. Ttte UCAS tsriff PKAnl equivaknts of our CP gradLTrales were our s8cond hohest on record al 163. equiva￿nI lo AB8 al A Level or A4ABB at Scottish Higher. Destinations for CP leavers included Dundee, GLasgow Calethjnian and the Gu￿dha11 ￿ London. ST LEONARDS SCHOOL (a ¢h*itable Company Ilmlted by guar4nt••l REPORT OF THE 80ARD OF GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 ACHIEVEMENTS AND PERFORIIIANCE (CONTINUED) REVIEW OF PERFORMANCE AGAWIST OBJECTIVES FOR THE YEAR (COPfflNUEDI The GCSE results in the 2024-2025 ￿ wwe 81so sijne 0f￿r S￿geSt record. 55% of all entries were graded at IA".AI. Twe wwe some ¢yJtstandirwJ wlormances 8 Siudents scoring Stra￿ht ￿7 grade$ including three PUF¥ls scc￿ln9 stratght 9s. Over half of Ihe His¢ory grades were 8 and 95 and 19 pupils $c￿ed slraighl grades in the Double Award ¥ce. The Schcd closety mcfflilots the valU￿dd￿ scores ofow ccthorts and there VthEre partKular suctesses in Mattts. History and Science whets data SI￿￿8 that (xjr teaching and kaming is adding demonstrab￿ valu8 to I oulcornes of our puiyLs who woukl not be ach*vwy as h￿hty in other 5eth"ng5. sloral carè across bolh lh& d8 and boardi schoo18nwn)nm8nt Sector- St Leonafds is a vaiues-led. high-perfomiirwj community ￿th a C￿ar stralegic focus on creating an inclusive culture where every PUF#I Ihrive. The Sch¢￿ is strengthening this position through a dedicated and hwhly experiencèd pa51oral leadership team. provmling robjst SUP[￿rt across both day and boarrfry cohorts and placing 8n increasing emphasis on wellbeing 88 a core enabjer of pupil outcomes. retention aTrJ over811 school exFerence. To Ihis end. the School has contsnued lo: Invest in growirvJ and trainlro CAJr pasltxal teams across Ihe SCI￿. Invest in indiwdual boarder care plans to sup￿1 the welbeirvJ and a¢ademic needs of all boarders with regular eheck4ns a dedKated tutor. Provide b8spokè academic ￿an$ for (xjr ehte gohrs and athletes to supF￿ their academKs wilh high level perfomiaru. Increase promsion in wr welkbein9 hub across the whole of Ihe schocA and extendiry ￿esS to our boardtng eommunity in Ihe evenings. In 2025. Sl Leonards continued to tjifferentiate itseff through the strength of its p8Storal and boarding provision. whi¢h rèmains a core componenl of S¢heA)fs value prr¥)DsilM)n and a key driver of pupil experience. retention reputsb"cM). The SchcN)I has been extemaHy r￿nIs&￿ for this r*rfomian¢e thrwgh trtsck40-back t•)arding research awaTds in 2022 arKJ 2023. led by Ihe cu￿ent Deputy Head Pastoral. rellech.ng excellence in boarding practs'ce and the effeclNe implements*"on ol strateg19S that supwt pupil mental health and wellbeing. Operationalty, the t4)arding community continues to k*rfomi Str￿ty. evklenc£d by low levels of pastoral inctsjents and consistenuy high levels of pupl wgllbeing and 5ati5faeiion. The Sclwjol maintains a ¢(￿tinuOuS bmprovemenl approach. fegularty reviewing practice and invesbry in devewnent to ensure rt th)es not stand still an(J continues to build on Ihis 5trerW year on ￿r. A ￿ole school 8 8ndexcelkn￿ of our efkn Cunic￿Ufft and COrCUniGuIurn St Leonards is aceodiled in all four IB prograrnmos: the Prwnary Years Pro9ramme IPYP)., the Middle Years Programme IMYPI. the Diploma Prc*Jramme IDP}. and the fwrth and newesl prcgramrne. the Career-relaled Programmg (CPI. W9 remain the th futy xcredrted 18 conb.nuum schocl in Scouand. on8 of ts¥o in th8 UK and one of 48 globally. This gives Sl Leonards a unique positi.on in the educational landscape of the country and the oppOrtu￿ty to continue embedding a fyghly effective ar#J co￿1$19n( approach to ￿arTh￿3 from Year 1 to Year 13. As ever. we continue lo embed Ihe IB kainer profile and approach to learning in all aspects of Set￿01 irf•, Incr￿41n9 th8 organisational culture across aca¢JeM￿, past￿al and operational teams. ST LEONAROS SCHOOL (a charitable company Ilrnlted by guarantee} REPORT OF THE BOARD OF GOVOiNORS FOR THE YEAR ENDED 31 JULY 2025 ACHIEVEMENTS ANO PERFORMANCE (CONTINUED) S. ￿eant ortin With enttlment peaking at 180 pupils in th• a¢ademi¢ yyar. tho Schth)I's Of progTamm8 continues lo slr8ngthen as a 5tr81egic differents'alor and a drivw of rewitment. retention and Intematmm￿ profile. DelNered throu9h an eight- tier pathway, the prtrgramme develcys tabrt fryMm eaty participation through to hgh-performance levels, with ? number of pupils competing at national internalKwI standard and repre5enling their counlries. In 2025. the programrne achieved svJnrfKanl comptbb"¥e rec&3nrfbJn, Vlryth St Ler*￿rdS V•inning the1rn1ependence Intemational Invitational in Boston lo become Wodd Schcds ChampK)ns. and se¢uring thtr Inderendènt Schools Goff ASs￿latIon IISGAI UK champttN)th'p. Our njgby partnership Vlilh the SLM Blues continues lo deliver slrategic impact. strengthening participation. perfomiance and Commutwty engagement ¥ross Ihe $d)ool and th8 V•idw St Andrews area. Folk)wing the recruitment of additi"on81 coaching capacity wslhin the sports team. and building on the established partnership wth the North East Frfe Development Officer. Ihe School has enhanced prtivision and created a more su5tainabbe player pathway from focal pnm8ry schwls into St Lery)ards and the SLM Bhjes prcgramme. Thts has provided continuity and enabling delivery agairtsl stralegic objecb.ves to grow participakn and strengthen competitNe outcomes. AbThJside Sl Leonards teams at U11 and U12. ts senior SLM Blues squads compete nationalty auoss U13, U14, U15. U16 and U18 levels. This approach ￿ delrvering tangible ￿ums, the SLM Blues winning the 8oy6' U16 National Sch¢))Is Bowl Final at Scthsh Gas Murrayfield on 4 D￿mber 2024. reinforcmg the offectivèness of the prograrnme and its conlribution to the Sch¢xl's wider wfilg. A rnJmtKr of the wpils in ts Junior Sch(M)l a￿ also involved in Madfasca15, the Madras Rugby junior programme and lak$ part in regular tournem￿lS across Scolland wilh other wmpebbve clubs and s¢hts)l& In addition to rugby and goll. hcckey remains an active arKI gr￿￿r￿J part of the Sth)01'5 cunpeb.tive sport Programme, wth mLJltipl8 St Leonards teams regLrlwly wIpet￿lj in flX￿18S Ihroughoul the 202¥2025 season against ￿gIOnal and independent school opponents. These hockey fixlures fonn a valL￿d ekmenl of the Schoc4's broader sports strategy. supporting participation and porfoffl1a￿8 devokynent across ago groups and strengthoning the overall sptyting prof4e of th• Scknl. In performing arts. Sl Lo¢)nards eonbnues to bulky stratsgie visi￿.1￿ excelle￿. In the Summer of 2025, the Sl Leonards Players prèsented an original theatre produclion. E•3ht Storeys of Love and Heartbreak. at the Edinburgh Feslival Fringe. und8rscoring ￿ School's commitrnent to hvJh4Jualty creative endeavour and national ¢urtural engagement. This achievement reflects Ihe strervjth of the School's drama and performing arts prcgramming and contributes lo a bfoader profile Ihat extends bey)nd acadgmK and SF#Jling SUC¢gSS. The drama department also conlinues to Ihrive. altracling large numbers of students to participate in a diverse range of original productions. Several sekith perf￿anCeS V*pre staged both at the SctrKJol artd the 8yTe Theatre. th a signffjcant Fer¢entage of the St￿nI trt)dy involled in ex1r&a￿laT drama aciwilies. ITr Art. Sl Leonards conthiues to burkl on its oNnmitment to excelknce and t*nl deveknpmenl. The Scl¥)ol awards art scholarships annualFy to recognise and SUp￿rt pupits with gxceptional artistic ability. alongside awards in academic5. music. drama and s￿)rL The Art & Design Deparknent fthther enhances the SthJol's cuKural Fffofile through its public annual Art Exhibition, rMo¥iding a plalftym Ity pupils to presenl high￿U3[jty ¢￿a￿ve work to lh8 wider community. These elements support the sch￿￿.$ strate￿¢ I¢￿u5 on holistoc education and reinforce Its repLtslion for nurturing divefse strengths 3¢ross Ihe curricu￿rn. ST LEONARDS SCHOOL (a charllabl• company Ilmlt•d by guarnnt•o) REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) EffKtIV8 Sustainable and use ofbuilthn S and Ihe sd>ts)lestste Slralegically. ￿ 5¢hool prcgressed iJevek)wMent of its Eststes Strategic Master Plan and Boarding Upgrade Plan. in¢lu(ling a targeled sile-wide roofry prc*Jramme to wioritise condilion. safety and k•ThJ-term sUStainabllity.11 also invested in a new Accessibiffity pl￿ lo support l(ry-tenn eslate plannirvj and ￿5￿19 luluro devebpments rellecl incknswe acces5 requirements. To strengthen value for money and ov8rs>3ht in residential wowsion, the schrd re¥iewed all ctcupancy contracls and moved Priorsgalè (five ¢ommer¢i81ty let flats) to a thiwty prowder. outsourcfftg man8gement. In supw)rt of the wider commercial plan to increase rhTrfee in￿me, il atso revwed and updated hiring and letting contracts, alongs•Je tsJ"Iding use ano uldisotion rates. Key rnaintenan¢e and improvement works ¥*re ccthpleted. incknding finishing the Sl Rule r￿f and repairing th8 Art School roof. Th& sch￿1 also res￿nded woactively lo severe weather by removing the durlng dangerous condrfions and addreswng stomi-relate(I damage across the eslale. including rgpairs to downpipes and other buikling elemenls. reducing risk and prDte¢tirKJ thè integrity of facilities. Healih and Safety is akvays a signrficant arga lor risk management. The risks range fr¢yn fve arKJ damage to infrastructure, to P8rs(mal risks Imosl notably when away from the campu5 ￿ lrips and exFedition&) The level and breadlh of a￿l￿ty of the school is well controlled the risks associated walh all actr¥itses are rninimised by thorough pianrring and risk assessmenL Aleèns TesledAccess and of The School contsnues lo provide me8n>t8sted fee Omiss￿¥￿ as ￿ of rts wblic b&nefil and in line wrth OSCR reqUIr8m￿1ts. The School atso has a resFnnot bè traated as availablg s￿￿1. School fees represent the principal funding sourco, a¢¢￿ThI1n9 for 93% of the Group's irKome. In th9 2024-25 schcd year. the fees charged were split due lo VAT impkmenL*ion. On announcement of VAT. the decision was rnado to reduce fees by 8.33%, 20% VAT was then appI9d on this fwrg from 2025 OTbwards. Pr8 VAT anrnuncement.. August to Decèmber 2024 Years 14 annual day feg £12.168.' Years 4-6 annual day fge £15.081'. Years 7-9 annual day fee £18.543 Year5 1￿13 annual day fee £19.704', Years 6 annual boarding fee £29,814.. Years 7-9 annual boarding fve £36.240, 1￿13 annual boarding fee £46,646. Posl VAT announeèment.. January to Augusl 202518.33% discount appled. folkniro fvJures are nel of VATI: Year5 1-3 annual day lee £11.157 Year5 M annual day fee £13.827; Years 7-9 annual day fee £17,001.. Years 11 13 annual day fee £18.063 Years 6 ￿U31 boar(IiTWJ fee £27.333. Years 7-9 ar￿￿81 tK)wdirvJ fee £33.222, Y8ars 10- 13 annual boarding fee £42.579 The Board ol Govemors. vthile re&)gnisirwJ that annLbal surpltses are important for funding capital projects and means-testsd bufsaries. is aLso aware of the signIf￿aTht ffinancial sauifi¢e that many of wr pargnts making in ordef to ensure their chikjren continue to enioy a high quality independent education. In the current economic climate the Board of Govemors remains (x)mmitted to both wthnwwj access to and to maintsin*vJ fees al affordable levds. There remains an on4Joing need to eontifw to undertake essential repai￿ to our historic and listed buihJin95, and to UPgr8de our educational facilities indudirg teaching spaces. Ir IntrastruL#U￿ 8ThY sports facilities. The m8in cost of supporting the charitys objethies rem*ns oxperMlitur8 on wage5 and salaries. The Bowd of Governors remains financialty committed lo an ongtyng piogramme of facility refurbishment and smprovemenL Prior to r8valuation gains. a nèt deficit of £78.409 {2024: deficit of £74.938) ￿ds fecorded on ijesignal8d funds. vthi¢h primarity reFales to income eamarked by the Board of Govemors for ex[￿dIture on sehcM)l infrastructure. as tlescfibed at note 16. 10 ST LEONARDS SCHOOL la charltable company Ilmited by guarnntee) REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Icop¥fiNVED) RESTRICTED FUNDS Inccme generated fr(Mn rtstricled fvrth u￿tn.￿Jt•s to the SCh￿rs Development Programme. T￿￿re 8re ma fundraising obie¢tives'. to widèn a￿sS lo independent education by woviding mean5-tested bursaries and to generaie athjIti￿al fundiry for capilal projects. A ng1 SUTpk￿ ￿ £140.652 has b8en recorded for ihe ￿ar{2D24. £163.1921. The school wishes to exwess its thanks lo th• In￿10t$ of Th8 New P*k Educabonal Trust for their c¢)ntinuing support. BALANCE SHEEf AND FUNDS FLOW Nèl grtyjp (Wr￿n1 liBtrylittes are £1.035.868 (2024". net assets- É983.545). There has been a £5.018.118 ouffiow ol cash furKls for the gioup for Ihè financrdl sEar12024'. net infkyw of £5.542,2731. The gmup cash outllow frcfn opèrations ￿￿$ £2.921,990 (2024.. £6.794.762 Inflow). FiKgd assets to the value of £724.916 {2024: £855.674) were added to tho group duriThJ the Total gToup resèrves at the year-6ThJ were £13.E45.742 (2024: £13.113.405). of £13.273.99512024: £12,581,073) relaled lo unrestricted funds. RESERVES POLICY The Board of Govemoys's (￿le￿¥8 is to genérale suifwit eash for p*nngd réinvestmènt in thè School facilities wilh Thinimal reliance on bank financing. Its Folicy is. therefore. to buihj up reserves to Ihe required level by rneans of annual operating surpluses suppkfflenled by general-puipose appeats from time to time. Despite the current challenges wÈsented ty the cg)st of fv.ng and inf*tK)nary pressures lo the independent school sertor and the Mder 8conomy. Ihe sthool is developing an amtiti.ous but achievable strategy to generatg anntsal cash surpluses and reduce ￿lIar￿ on bank btyrowrys to finanr£ future dèvewnent of tr* school, through a combinabon ol c￿st 6ffici8ncie5. increased wxl and wthr fuThJraisirg xbw.ties INVESTMENT POLICY Our invoslm8nts are held with Can￿￿r￿ Wealth (fmerty *4*am & Company) afKI Cazanove are raguLated by the Financial Conduct Authon'ty. They rnanage and advise on Ihe investrnenl FX)rtfdKJ and carry out regular performance reviews. The compK)sib(#) of thÈ portfolio is reVEa￿Ed on a r8guL3r basi$. Thè rM)rtfolio is invèsted to achieve a balanced ￿luM from Inern￿ 8nd capital wth. Irweslments are held across o rary of assel classes. with the majority ￿ing in the equity market. supplemented byfixed interest investments. The risk profile is mediLJm. The Cazenove Énvestmenl Telates lo the fee5 received in advance. which are protected funds against fulure income release. The value ol th& pr￿￿01*)S Stwd al £5.59).570 on 31 Juty 2025 {2024.' £4.112.1511. IncW within value is 8 portrdio of £373,895 hekl for the Bursary and Scholarship Fund (2024". £342.0411. Income for the year was £121.04712024.. £88,834) and Fund man89ors' Charges were £24.399 (2024.. £22.259). Letting aclivitiès normalty undertaken by Ihe schcds subg'diary ￿rnpany, St Le￿ardS Enterprises Limited. were boosied this year fonov*ing a full 12 months of the Piiowate investment woperlies ￿r￿j mar*eted. ST LEONARDS SCHOOL (a ¢h¥llable cOmp￿Y Ilmlted by 9uarnnt¢•l REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 RISK MANAGEMENT St Leonards School Board of GOVer￿TS is resrthst*le Ic* the management of the risks faced by the Chanty. Certain aspects of nsk are de￿Ied to the Risk aTrJ Cory&ance CrAnmittee. Risks are idenlrfied. assessed and contrcls established through￿1 the yew. A I(￿al revieaT of Ihe tharivs risk managément processes undertaken on an 8nnu81 basis. The key controls used by the thwity include: fomial agerKtss for all Committee and Board aclv strategic pknning. budgeting and management accountiTrJ formal wrrtien pobcies and prrKedures clear authorisation and approval levels vettirwJ procedures as required by law for txotectton of the vuknprabbp. Tho principal risks and un¢ertainti8s for the SclxM)18*￿ Ihe mlljgali￿ Strategies in Pl￿ includ• the folb)wing: Pupll Damand and affoTdability of fees. Demand for pupil enTc4knent is closety monitored ￿ èvery enty point and admissions stag&. allow'ng for effecliv8 watysis Ihèt serves as an eaty waming system for potential declines. W￿n necessary. targeted marketing efforts are strategically directed to address spticific areas of eoneem. The enhanced ub"lisation of dats anafytcs thr￿gh MTM Consulting has deepened our underslanding of the market. ene￿ing us to adopt tM)th proa¢tive and reactive Strateg￿5. To furlher enhance our engagement. tho School has con(bJcted parent Surve￿ to assess satisfaction lovels and identify OPF(Jrlunrties for ¢C￿1n￿￿$ improvement. Addit￿aty. the Executive is committed lo refining our comM￿lca110n wrth parents to loster strong8r relationships and ensure transparency and lo keep fè05 atlordablg. VAT on Sehool Fa￿ in 2025. The currerht F•Jlrti¢al ckniate wses a sKJnificant threat particularty now that VAT on schcol fees has been impose(l. whi￿ the school Is able to ￿laIM VAT on purchases. the imposits'on of VAT on sdxK￿ fees ￿presents a substanlial additional cost for familie5. Financial strategy planniTrJ and scenario modelling had plac* eaty, Ihat allowed us to prepare for i￿reaSed costs 8n¢Y explore aliemati¥e fundwy sources. Regulatory nonr Deputy H&￿, Deputy Head (Aeademie). Deputy Head (Wellbeing), Deputy Head IBoarding). Head of Junior Schwl. Director of Finance & Operations. and the Head of External Relations. The School Board of Governors Remuneration Suli£ommittee meets ￿n￿alty to review and set their pay wth reference to the Association ol Goverr4ng Bodie5 of In¢JepeTrJent Schools IAGBISI annual benchmarking SUTvey 8n(1 the Scottish Negokn"akn"ng Committee for Tgachers (SNCTI national pay scale$. GROUP STRUCTLIRE AND RÉLATIONSHIPS The Charity ha5 a rmned nonvcthantable 5￿$￿￿1ary, St Leonards Enlerprtses Limrted. whose acliwljes are carried out to raisg addilional ino)mg fcr thg bgn8fit of sr*KK)l opwab"¢)n5. 14 ST LEONARDS SCHOOL (a ¢harltable company Ilmlted by guarnntee) REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 St Leonards School activety ￿PE#￿ts the 8tt8inmenl of the highest starvJards. pardy thrwgh slawng al the forefront of educational devgtcwents and paty tr¥ough intemal evaluatw ￿ quality and perform8nce improvament methods. The School a150 ccwefates wilh many bcal charities and 5takehokJers in its ongoirKJ endeavours lo widen publ￿ access lo the schoolirvJ it can FKwde. to optimise the use of its culturdl and sportirg faciliknes and to awaken in its wpiL% an avmreness of the social context of Ihe alkround education they receive at St Leonards. The School also benefits from the 9enerosrty of the St Leonarts Seniors community whose close support is greatty appreciated and g&￿IlY ackfi￿edged. AccouKfiNG AND REPORTING RESPONSIBIUTIES The Board of GoverTh)rs is requilod by chaiity to Prepare financbal siatements each financial year thal gives a true and fair wew of the stste of affairs of group and School as at the balance sheet date and of its incoming resources end Bpp&'catTron of resources. incbjding ￿A]rne and exwnditurè, fcff the fm*¢ial ￿8¢. In eparbng these financial stslements th8 Board of Govfjmo￿ is required to.. • seleet suitable a(£ounting policies and appty them consistenuy observe Ihe meltrw>Js and FYsnci*s of the Charities SORP make judgments and esb"rn8tes that are reason8b* and prudent: lolk)w appkncsb￿ accounbng standards aNI the ch¥It￿ SORP. disdosry ar￿ explaining any departures in the accounts.. and prepare lh8 8ccounts on the going concem basis unjgss il is inappropriale to presume that Ihe Group and Charitywll Continue in busi￿. The mgmbers of Board of Govemor5 are responsib* for keeping *counting r￿ordS which aro such as lo disclos&, wilh ￿aSonable accuracy. the financi81 position of the Charity at any ts'me. and to enabk them as tTUSt8es lo ensure Ihat Ihe accounts comw *ith the Chèrities and Trustee Investment (Sc￿￿Try) Act 2005, thè Charities ACco￿ts (scotla￿1) Regulations 2(N)6 las amended) and thfy compan￿ Act 2006. The mernbers of 8oaTd of G0vem￿S are also reswnsble for safeguardiThJ the group and charttys assets and ensuring Iheir proper application in accordance wilh charity and ￿nce for tsktr¥J reasonable steps for prevention and detection of error, fraud armj other irregulants"es. In so far as Ihe Board of Gown(w5 members are alrdre.. there is m relevanl audit inlomation ol the wdrtCrf5 are unaware: the Board of Govemors mèmbers have taken an ster6 that they ought to havè taken to mBke theMSe￿e$ aware of any ￿levant information and to eststslish thal lh8 audFtors are aware of that information. AUDITOR Azets Audit Services dfer themsehes for reaprKMnlment as au¢*tor5 in accordance with Sectron 485 of ihe Companios Act 2006. In approving the Rwrt of the Board of the mwnber5 of Ihe Board of Govemors are also approving their Strategic report in their capacity as c(Mnpany directors. Approved by tha Board of I>)verr￿)r5 of Sl Leonards scho￿ on 20 March 2026 and soned on its behalf by.. Mr Philip Chair etersen 15 ST LEONARDS SCHOOL (a charttabl• company Ilmlted by guarahte•) INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS AND DIRECTORS OF ST LEONARDS SCHOOL FOR THE YEAR ENDED 31 JULY 2025 OPINION We have audiled the finoncial sl*rnents of St Leonards Sctwl (the parent charilable comp*y) ￿ ils subsidiary {Ihe group) for the year ended 31 July 2025 whit* comprise the Cfy)stlidateO and pa￿nI ChWitab￿ Company Stalement of Financial Acb'vities (incotporaling the Income and ExFendilure knount}. Ihe Consolidaled and Parenl Ctt8ritable Compary 88fafice Sheet, Ihe Cons(4idated ond pa￿nI Charrtable Company Ststement of Cash Flows aThJ the rKAe5 to the fr"nancial statemenls. induding a summary of shJrth¢wt acccwting p)licies. The financial reporting fraMe%%￿k that has been a￿led in th￿r weparaiKsn is appltsble law and United Kingdom Accountsng Slandards. inc4udrry Finan¢Tral Reporting Slartdard 102 'The Financrdl Rewling Standard applNble in the UK and Republic of Ireland, (Uniled KIr￿￿n Ger￿allY Acceplod knnlry PraclKe). In our opinion. Ihe finan(#al st81ements: give a true and fair view of the stste of the group's a￿1 the parent charilable ccrfnp8n￿s affa.rs as at 31 July 2025 ant1 of rts expendilure for thè year thèn 8rKl8d'. havè been prwrty p￿pa￿ in accordance United lfj"ngdom GeneralFy Accepted AcccMJntirvJ Practi￿. and have been prepared in acc(th￿e wth the requiremenls ol the Chaiibes and Truslee Investrnenl IScoU8nd) Acl 2005 and wu181￿$ 6 and 8 of the Chanlies Accounts {S¢ollaThJ) Regulation$ 2006 {88 amended). BASIS FOR OPINION We ¢onducted our audit in accordance with Internal￿al Standards on A￿l[lIng (UK} (ISAS IUK}} and applicable 18w. Our restKJnsibihies uTrYer those standards are furth8r d8scrited in the auditor's re$pon*ililies for the au¢Jit of the financial statéments sediiyn of our We are indepeTrJent of the group and parent charstable Company in accordaneé with the ethical ￿qu￿￿eNts that *e relevant to cwr audrt of Ihe ffinaneial stalemonts in the UK, inClud￿g the FRC'S Ethical Slandard. and we have fUffil￿d our eth*￿1 respOn￿￿11t￿S ￿ accordan￿ with these requirements. We bebeve that the audrt evidence we have obtsinBd is sufficient and appropriat8 to provide a basis IC￿ audit opin￿. CONCLUSIONS RELATING TO GOING CONCERN In audiling the fmancial statements. we kne ￿nduded that Ihe directors. use of the g(xng corKem basis of accounting In the preparation of the financial statements is appropriale. Based on thè work we have perfomied. 7he have Thit K1enbfed ary material uncertainties ffjlating to events or condi1￿$ that, individualty or colkntively. may ¢asl significant doubt on the group parenl charitab￿ CoMpan￿S abilty lo continue as a goiw Ccrtem for a pernd of at least m(Mths from %then the financial ststements are authorised lor issue. OLFr resFKJnsibilities a￿1 the responsitslitres of the directOF5 respect Io ￿an9 concem are described in Ihe relevanl sections of this repwt. 16 ST LEONARDS SCHOOL (4 ¢harflable Company Ilmlted by guaranteg) INDEPENDENT AUDifoRE REPORT TO THE MEhlBERS AND DRECTORS OF ST LEONARDS SCHOOL FOR THE YEAR eNDED 31 JULY X125 OTHeR INFORMATION The inforrnakn comprises the K)frmialKm the Amual Reixvt of the Board of Govern￿s. Ihan the rinanual statements and our auditr¥'s rèp￿1 thw8on. The dir8Ctors we resrK¥tsd)le for the (4har information. Our cynion on the financial staternents d¢Jes Njt D)v8r Ihe other informalw)n aThJ. except lo the exi&nt otherwlse eXP￿c￿lY stated in our report, we do nol exprtss any fom of 8ssurnnce ttonclu￿ th8r80n. Our r•sFtnsibiW is to Ihe olher ￿f(￿latiOn WKI. Ai d￿[¥3 x>. the olher infrnth"(n ts fnatardty inconsistent Ihe finanDal statements or our ¢)therwtse apFe¥rs to be materialty misslated. If we K1entsfy such materfal irKon*stenci8s OT wrBnl m*Tral Misstsien￿nts. we r8quir8d to d&t8m)I￿ wh8thèr there Is a maten.al misS￿eMent in finanoal slalernÈnts w a rnatenal m￿laterne￿t of the olher infomialion. If. based on t￿ woik we have Ferformed. w• c{￿luty¢ that there is 8 nK*ènal mlsstslèm￿I of other intorm8tion'. wè a require(I lo repryt that lact. We ha￿ nolhirrfj to refK¥t Ai this reg*d. OPINIONS ON OTHER MATIERS PRESCRIBED BY COIAPANES ACT 2006 In our ownion. based on Ihe woth undertaken in the COU￿ cl Ihe Awlit: • thè inf0m￿trOn given in Ihe Annual Rot*xl of the Board of ￿eMOr$, which I￿￿18s the SIrato9￿ Rewi and the Direclors. Repc*t wep0￿0 for the pwpose5 of (xynpany law. for Ihe finanryal year for T*kni¢h the ffinancial statemtrnts arè prepared is ccffjstslent v•ith fmancgal slat￿nts. and the Strategic ReFrfYt aThJ the th"rector8' Repyt included wthin the Annval Rewt of the B￿r￿ of Govem¢Jrs h&s been p￿Pared in act1￿dance ¥&ilh apF*>t4è ￿1 raquirements. MAThERS ON WH￿￿ WE ARE REQUIRED TO REPORT BY EXCEPTION In lh$ light of th• knowledge and ￿derS￿nd￿l9 of the group parent charitth compafry aThJ Is envir￿Ment obtsined in the course of the audit. we M8V8 rnt idenlrf*d material misst*mftts in thè Strate9ic or Direciors. Report induded within the Annu81 Rewrt of the 8oaTd d G0vem0￿. We have rhjthing to Teport in dthe ￿1)wing matters tn rebth.on tr) whith Cwies ALt 2￿6 and the Chartiies Aceounis IS(J)Uandl Regulab"ons 20(K las arn￿￿e￿) requim us to re[￿￿1 lo rf. in our Opin￿n.. adequate and proper xcauntffig recards have Mt been kept by the parent chwilable colnpany. or ￿turnS adequa￿ for tyjr audit have rnt t￿n t4ceived fr¢)m branrA￿ Th)t ¥isited by us: or tho parent chantsble companyfKW￿aI statements we not in ¥yeemwl vthh ￿ accoUn1K￿ reLxJrds.' or certain disclosures of directors. remuneration sreufied by l* we not made.. Or • we hav¢ Mt r￿Ved al th8 infomiation and explanabrns requi￿ fcff our audii. 17 ST LEONARDS SCHOOL la ¢harltab* ¢4)rn￿Y Ilrn*•d by WDEPENDENT AUDVWOR'S REPORT TOTHE PIEMBERS AND DIRECT(IRS OF 5T LEONARD5 SCHOOL FOR ThE YE*Ji ENDED 31 JULY 2025 RESPONS181UTIES OF DIRECTORS As expl8ineLI more fulty in the dirg¢1or5' r¢sk¥msObldies slatemrt ts ￿r¢¢I¢￿ ar• r•sponyt48 for th• pr0yrat￿N ol Iho finandal statements and ft* being saiisl*d Ihat they gfft • true aAd vw. and int*mal tontml as the dir•clo detgrrning is ￿¢￿s￿ry tQ 8n8bb tr* of ffirAndèl thai WÈ fré* fr(xn ma￿4￿1 mbsiaternent. %*thgth¢r duo to fraud or error. In p￿parIng the finarfial Slaterr￿ls. the thredtys we re$pTh￿th a$sesw9 ihe 9rw's and th8 pavent thaiitabla eompanls ability to continue as a wrvj ccyttm. disck)gn9. as matters ￿lated to gOI￿j ec*Kern and using Ihe wing conctm basis of atXOUniirwJ unl￿$ the dwedors th mtend to I"wdaie tr* parent charit*￿¢ company or to cease Opera￿1)fts. have no reaistic altematNe but to do so. AUDITOR'S R&8PONSIBiITES FOR THEAUDIT OF THE FWANCK STATEMENTS Wa hav• been appolnt•d a5 audtr s8ctw 4411Xcl of a￿1 Tn*i•8 InvKlm8nt (Scotland) Act 2(￿5 and under the CoThwnv85 Ad 2￿ aThJ Acts and l¥lw￿t rryubtion5 m•J• or haviny elt•ct ihe¥euThJer. misstatement. whether tlue to fraud or ermr. to issue an auditors rep%t that u¥clthles ￿r opinion. R88$oTrabb assurantx 1$ a hYJh level ol asswanc•. trtrt 1$ ￿t a 9uarartee that an audit c(m(Jucled in a¢crKdance ￿th ISAS IUKI *lll aknys Ilele(a a rnatwial mlsslatement when it extsts. ￿L￿tatem￿￿$ arise fraL&I LW error and a￿ c(Jngdered material 6f, iNJividuaYty ￿ In Iht èggrwe, they reasonabty be lo infl￿nCe tr* ectthmlc crf usets taken on ihe of thtse ffin8nci815tatements. A lurthw thscription cl eur 1ÈgpYw￿Irt*s ￿ avatstle w Ihe FRC'S *. ¥v•hw.fro(*Y.ukl&*Jiiory￿p￿Sim￿bO9. Thi% dascrfplbn fomis part ofour A￿jrt0￿s Reyt. ENT TO WHICH THE AUDIT WAS CONSK)EAED CAPABLE OF DEYECTING IRREGULARrfEs, INCLUDING FRAUD Irregularitles, induding fraud. are instanees of nor￿¢•mr418rtt ¥rith lths arvj regulatie4ts. We design proctdurès in linè with our responsits'lities tyjtfrned 8b)ve and on the FRC'S bthte. to deled materol mi5Stalements in respeci ol ￿regU￿ri1￿$. includiry We obtain and update our uThje￿taThd1ThJ of th8 grDUP ar￿ p3r8ni chaikbk company. lis activth8s. ils conlrol envir()nrnenl, and likety lulure devekpments, in relaltr)n 10 thè W and règjlatory frarne*th aFflKable and how the ￿￿p 8nd parenl charilable ccmpany is ¢omptyir8 that framthtsThft. Based on Ihks U￿JerS￿￿I$y￿. idents.ty and assess the risks of maleri81 misstatement of the finarteial stslements, ***iher dL* to frnwj wmr. design and k*rforrn au(thi procedurès responsivè thDse risks. and Obtain audrt evsdwxe Ihai 6 sufficient arn1 aprxopriaie kn pro￿d& a basis for wr opiniDn. Thi5 inElude5 con$idwatith) of th• risk of acts by p*•ii d*ritab* ryy Ihèt contsary to aFpIKatk laws and regulations, includiTr3 Iraud. Our approach to kl8nffjir#J ar*J ass05siThJ th8 ii¥ks al rnthial n rwect d wregukrfU86. InckM11r4J fraud nc the en98gement parther wsured that the ewmenl l•am txlkcknly h•J th8 aptwTht• wnpgtgncg. ¢ap*Ji¥b"•s and swlb to Klenlify (* n￿¥¢0mpO9￿Ce apr11ca￿ reguknl#)n5', • we klenttfied the Favls and Tegu1atky￿ a[(4￿ets* lo tr* grr￿ and parent ¢hwilat4e ￿Mparty tlyough disuJs$ons wAlh monagpmenl. fr(m ow (¥mN*rwl know￿9¢ and of soctw. W8 f¢xuseL1 cm S￿r￿ kns and may have a ¢knl malwial effecl on the financial stalemenls or the cywations of the groJp and parenl charitth c£mpany, nKbJdirKJ the Com￿leS Acl 2006, taxakn'on legTrskl'on and datè wolecth)n. artt￿￿ty. emph)￿Ment and Wlh a￿1 safety legi%tstion'. • we assessed the extenl ol tornpban￿ wth the *s ar￿ ￿Ul?￿OnS identif￿d atov8 throu￿ making enquiries ol rnanag8rr*nt and in¥*cting kgal 0xre5fft￿e.' and • ideniified laws ar#Y WUlabc￿ *we Ujmmun￿￿ted wiihin Ipe audil t••fi r•gul•ty the l•am remain8d al#rt Ir*lan￿S of nonllcomplwKe thrwJh(*JtthB aud ST LEONARDS SCHOOL (a charflablè ¢ompany Ilmlt•d by gu#rarrt••) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND DIRECTORS OF ST LEONARDS SCHOOL FOR THE YEAR ENDED 31 JULY 2025 EXTENT TO WHICH THE AUDrr WA8 CONSIDERED CAPABLE OF DETECTING IRREGULARtriES. INCLUDING FRAUD (CONTINUED) In respons8 to the risk of rrrwlaritres arK1 nonllrympS8rKe le9￿al￿¥s. we deswd procedu￿$ Nthich in¢knled. bul were r￿1 limited to: • agreeing financial slalemenl disCbsU￿ to undwfyrirg swwt*wJ documentation,. • reathrg the mtnutes of meetv¥Js of th8rged govemance: enquiriro of management as io a¢iu81 and w>lentsal libgalKJn and claims: arKI v¢wng any ¢orresporLdence th HMRC. reknvant ￿gulatOrS and the group and par￿1 ¢haritable companls legal advisors. We assessed the susceptitrfhty ol the gro￿ ar*J parent chaiitable rJ)mpan*s finanual statements to material misstalement, induding obtaining an undertandir¥J of how fraud might occw. ty. making enquffies of management OS to ¥Jtwe tr￿Y consid#red there was susceptibility to fraud. Ihelr knowledge of actual. SUSk)èCted aTrJ aNW fr8tKI." arKI considering the intemal CL￿1￿$ in place lo ftml￿ate ￿kS offraud arMJ r￿n<(￿pI1a￿è *ih lavts arwj regulations. To ajdress Ihe risk of fraud Ihrough Mar￿gement bias and override d contrc45, we". performgd anaW"cal procedures bj *Jenlify any unusual or unexpectod ￿l8￿￿ShIPs', lested joumal entries to identrfy uNJsual transactions,. assessed vtsther judgements and assumptions made in delemiining the accounting estimates set out note 3 to the financial statements were ind￿"ve of Wential bias: and • investigated the rationale behind swJnifi¢ant ry unusual tr¥n$•clK￿5. Because c< the Inhe￿nI fjmtsti¢n$ of an audit. there is a risk that we will not detect all iriegularities. including those leading lo a material mi&8talemenl in the finano81 statements or non4crfnplianca with re9LF1al￿1n. This risk InC￿aSe5 the more Ihal compliance with a law or regulalion is removed from the events and transactions Teflected in the financkgl statements. as we wll be less kkBly to becomg aware of instances of non-comph'ance. The risk of not delecling a material misslatement resulb'ng Irom fra￿ is higher Ihan frff one resulttrtg from error, as fraud may involve c￿lUSH)n, forgery. intenlional Omissi￿S. rYUsre￿8s$nIations. or ts ovwide of internal control. 19 ST LE014ARDS SCHOOL la charllable company lknlt¢d by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND DUIECTORS OF ST LEONARDS SCHOOL FOR THE YEAR ENDED 31 JULY 2025 USE OF OUR REPORT This repowt is made ￿lety lo the parent tharilable compan￿9 m￿bers, as a body, in accordance Chapter 3 of Parl 16 of the Companies Act 2006 and to tr* pa￿￿1 charitsbk company's as a b&Jy. in aceordance with regulation 10 of the Chariligs Accounts IScoll8nd) Regulal¥ys 2(K￿ 2.$09 442,945 20.452 434.854 90,927 TOTAL 14.321915 78.4)9 14.404.833 14.194,419 Net98ir* rm inVestrr￿nlS 12 159.n7 29.033 1K770 332.057 NET IIICOMW{EXPENDffUREI 670.IJ94 178.409) 140,652 731337 568,747 Trnnslets be￿een lunds 101237 11012371 NET MOVEMENT tr4 FUNDS 670.094 22.828 39.415 732.337 568.747 RECONCIUATION OF FUNDS: Total funds at 1 August 2024 9.473.588 1107.485 S72.332 73. 113.405 12,544.658 TOTAL FUNDS AT 31 JULY 2025 16 10.141682 3.130.313 571.747 13.845.742 13.113A05 Thwe arè m ot￿r rwised gains and 1ts8és othw I￿ rn¢bJ&1 Ni thp Slatement of Finanoal Actiwties. A actlvmes relate to C￿tin￿1￿j weraJons. The noies M pages 26 to 4S fomi parlof finanual si*wvents. 21 ST LEONARDS SCHOOL {a charitabl* c¢)mpany limitrd by9uarantwl PAREIIT CHARrrY STATEMENT OF HNANCIAL ACTMfES lkncorpornty thè Income ond Expenditurn Accoun FOR THE YEAR ENDED 31 JULY 2025 Fund$ 2025 Funds 2025 Tolal 2025 Tot81 2024 2025 INCOME AND ÉNDOVIIAENTS FROPA: DorRtions and legacies Ch*itatrAe activities Other tradiThJ adivitses Investments Olher 167.on 14.027.VJ 219.527 262.684 &517 108.797 275,870 14,027.698 219,527 268.015 8,S17 486,554 t3,274,593 467,328 98.024 26.195 5.331 TOTAL 14,685.495 114.128 14,799.627 14.352.694 EXPENDITURE ON: Raising funds Ch*it4ble activth"es: Tea¢hing care olchildrvn Running costs anil maintenaw ol xhool School admM￿stralkin sup other tradiThJ acllYllSes 9,574.755 4.166.198 .574.755 4244,807 9.360.820 4.268.914 7440• 440,430 20.452 434.854 9Q,927 20,452 TOTAL 14.201.841 78.41J9 14,282,759 14,1S5.515 Nelgain51110ssesl on investments 12 159.n7 29,033 180,770 332.057 NET INCOMEIIEXPENDITURE} 843.395 (1&409) 140,652 705,638 529.236 Tvansfers beh¥e8n fvnds 101237 11111A3n NET AIOVEMENT W FUNDS 843.395 22.828 39.415 705.638 529,236 RECONCIUATION OF FUNDS: Total lunds al 1 August 2024 9.401,714 3.107,485 S32.332 13.041.531 12.512,295 TOTAL FUNDS AT 31 JULY 2025 16 10.045.109 3.130.313 $11,747 13,747.169 13.041,531 There are no other recowised gains ￿ losse5 otherthan I1￿ kthJ8d in sr*•m•nt ot FlrAndal ￿lMt1•S. AJI athllles relate ￿ continuing evat￿. Th¢ Mtes on pages 26 to 45 f￿rn of ltsse fmawmxal statements. ST LEONARDS SCHOOL la ¢haritable tompany Ilmit•d by guaranl•e> COMPANY NUMBER: SC016693 GROUP AND COMPANY BALAMCE SHEEr AS AT 31 JULY 2025 Gn)up 2024 Company 2025 Company 2024 2025 FIXED ASSETS Tangible assèts Inve51ments 10 12 9.728,649 8.525.S70 9.607.608 7.047.151 9.728.649 8.524570 9.607.608 7.¢N7. 151 18.254219 16.654.759 18.254.219 16,654.759 CURRENT ASSETS Stock Debtors Bank and cash 2.919 6.521 210.809 6.710,770 2,000 537.340 1,349.566 5,001 226,271 6,584,829 13 1.528.046 2.075.017 6.927, 1,888.906 6.816, 101 CURRENT LIABILIYIES Creditors fallin9 *ilhui one ￿ar 14 3.110,885 5.943.955 3.023.347 5.904,430 3.110.•85 5,943.955 3.023.347 5.904,430 NET CURRENT (LIABILITIESYASSETS (1.035.860) (1.134.441) 911,*S71 TOTAL ¥lSSETS LESS CURRENT ILIA81LmESIIASWS 17218.351 17.638.304 17.119.778 17,566.430 CrediloTS falllrrfj due after than one year 3.372.609 4.524,899 3.371609 4.524,899 NET ASSETS 17 13.•4S.742 13. 113.405 13,747.169 13,041.531 FUNDS Unreslricted fvnds Restricted fur￿$ 16 16 13.273.995 571.747 12,587.073 532,332 13.175,422 571,747 12.509, 199 532,332 TOTAL FUNDS 13.M5.742 13. 113.405 11747.169 73.041.$31 The financFal statements were apwove¢J and ￿tho￿tsed lor issuo by the Board of Govemors on 20 March 2026 Mr Phili Cha etersen Ihe notes ￿ pages 26 to 45 fLYm part of these fina￿la1 statements. 23 ST LEONARDS SCHOOL la charttable company Ilmlt8d by ywanteol STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 JULY 21125 2025 2024 CASN FLOWS FROM op￿11￿& ACTPdlTES Net .747 529.236 AOJLISTMENTS FOR: IGahisWosses invesbw m) 1332,057) (9&W) 7815 11M7701 1331057) f9a024) 704.716 7•4,716 (PIrfrt￿ on (fwbJs* rAiar• Oxed¥s8as Z791 PM243) W.Y P.771.161) SI￿.0?3 1*$ 22Qry)7 J,W1 1311.0$91 13,819.1741 191.Y4 2,168 488,075 5. 133.JQS 22Qt107 Intern51 ￿1￿ ty4ET CASM (l￿ED WROVJDED 6YopeRATIMGWMTES ,9YQI 6.794,7 12,9?&121) 6.715.X PiYth¥e DftBrr4ble fixedassets Pfr**l$fr(An sale Gllangibknffixed ast•ts (n4J16) 8.470 {1.W.QD5J S1( 261.415 (855.6741 1724,9161 •.478 11.644,ODSI 518.362 X(•1S I￿.674) 11&7.965J 247.981 (f&3,9851 241.981 .024 Retthpt#frtsn SA￿ olinv•51fflEnts NET CASH (USED INlJPllOVItIED BY W4ESTINGACTMnES 11>74,1]66) 1691631) 1693.634) Reply￿11 of bank 12J5.544 187,9ni I1￿.544) P23.39f) 1115.454 IrJs.$4S 187.97J 11915441 (223.391) (115.457) Imeresl p NET CASH IUSED INVpROVI[￿ BV FUIAIICING ACTMThS 155a859 1540621 CWE IN ¢ASHAIIO¢AS•I EQUP4ALE•ITS W TIIE IIEPORTIIG (&01411q> 5.54Z,2n 15,071.2571 J,482.811 7.OJ9M47 1.467.574 I,421,￿5 CASIIANDCASI• EQIIIVAL£NTS ATTNE EIIDOFTHE IIEPO I.￿.72* T.¢￿9.917 1.113.249 &884.&Y6 REPRE$EPITED tr. 2025 20 1.528,Nfj 71Q170 299.677 1.349.506 464683 4584.829 9,67T in¥esmenl brc* PERI(W) 1.991.rn 1.111249 fj.004. ST LEONARDS SCHOOL la ¢h•rllabl• conyany limitod by gurdntse) STATEPIIENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 A14ALYSIS OF CHAJIGES N NET DEBT. GROUP New financ• as•s Othèr non.$66 6.884506 (&0712571 1.813,249 BORRObYINGS Loans lalling due w*hin one year Loans falling due after mrKe than > Finar￿e lea88 obl19al￿S 123&000} 12.094.9761 (79A961 1Q403 219.142 47.973 1218.5971 11.875.834) 1100.8421 (109.319) (2.409.472) 323.518 (109.3191 {2.195,2731 TOTAL 4.475.034 (4747.7391 (109.319) 1382.0241 The notes cn pw 26 to 45 form pat ofthese finrtial statements. 25 ST LEONPRDS SCHOOL la cknaritablB eompanykn)it•d by9wrantrè) NOTES TO THE FIN*ACWL STATEMEIITS FOR THE YEAR EMDED 31 JULY 2025 1. GENER*L INFORPAATION st Lecwrds SclK#Jl (Cryny Nwnber SC0166931 is a wivat• ¢hathat)* c£fflpany ir￿* RoyBI Charter in the Uniled KinbTrJom and doe5 nc4 have any 5hwv capital. The regisler•l Off￿ is The PeThJ5. St A￿reW5, KY16 9QJ. Th• pri￿1paI activity of St Leonwds Sth)ol is Ihe runnin9 of ￿ indgpendent sclKd *itt¥n Scoiiand. I. A¢¢OUNTW4G POLKIES 2.1 BA8k8 OF PREP￿lAT￿)N OF FINANCI•L STATEIIEIITS Th8 finanoal 51aterwts have been in aCccffd￿ 4¥ilh Ihe FinarKial Rerthing Standard 102. a5 155ue(I by the Financwl RepDrling Caurril. Ihe Statement of Recornrrwded Prdcthre ISORPI"Ac¢x)untin9 and Resx)rtbng by Chariti89 preparlng Iheir a¢cwnt5 in accLYd3nce with the Financial Reporting Standard applir2ble in the UK and Republic of Irelantl IFRS 1021.. Ihe COrr￿zn￿S Act 2(￿. Ihe Chaithes wxl Twst¢¢ lrnveslma7t Isccthndl Act 2005 and the Charihes ACC￿[￿ Iscolkndl Reguklp￿s Zl)061&s an*ed). Sl Leon3rn15 SdKwJl rTWts Ihe definilth of a pubk benefft er• under FRS102. and labfrlliÈs are In￿allY These financial slalwnenls are fffesenbj IG8P} as Ihal is &fftn¢y *hir* the char*able )mpan￿8 Ir8nsac*ons ar8 der4Jrr¥nated. The pr8paral*)n cl fin3Dual staten*rtts uge ol cwlAin ￿traI 85tirrot85. M abo Trquirp5 the director5 to exerci% Iheirjudgen*nt in tr* process ol app￿Trg the acoxnbrrfJ polYAe5. Use ol availab￿ I￿101m0￿.0n and of pjdgemert arn irtherenl in th8 lomm1K￿ of e5brnotes. in the lulur¢ coubj differ fw s￿h estr"mates. Th8 areas ￿lItthng a h￿her degree d pJ*J8n*rrt ar areas *ttere 8ssurnpb.ons and 8slwnates are signrf￿nI to lh8 fmanc4al slatW￿lS we +JisdrJsed in note 3. priTripal acoxmtirwJ a(hJpt8d in ftharKialslateAwts are setiwA bethi. 22 GOING CONCERM The L1iredors have remved the charl￿5 fDrecasts and Pts￿. tske into account IhÈ expected impact of th8 ¢urr8nl econorn￿ $itua•on that &￿V￿*S $6gNfiranl inlkntionary pr8ssur88. as wel a5 ts curr8nt bvel rA wplls and sults. and ave c0th￿ent that st Lecrntts Sthtx>I ha$ suffi¢*eftt ￿5￿r￿S to remain in 0￿ratIOnal existe￿8 Ihe foTrsee3bk future and $0 have ¢￿U"r￿ed to prepare Ihe on the grAr¥J corK8m basi5. dire¢ttys have fomw a pMl9emenL at the twne of app¥￿Tra the financial 51ateryEnls. that the￿ is a masonable expectation thal St Leonards SthJc4 has aderyate rnsourtes Ctylirtu¢ in t)peralkywl eXtste￿e for the foreseeable lulure. In Ihss iudgement Ihe dwBc1ry5 ry)twJ Ilwt ts rmkei *40h* of Ihe Schoofs land and property is signffjcanuy greater than Ihe balance Sheet vatUE. 2.3 BASIS OF CONSOLIIATk)N The group fmanc4al sk￿llents ts)nsofrdale those ol St Leonard$ Schcd and its wlth Thwned subs￿1£ry undertaking. St Leonards Enterprises knrnmled (Company Number SC1257321 on a h'r* by line basis. eknnatsny inter-L¥)rnpany transactions 8nd baknces. 2.4 REcoGNITK￿ ANDALLOCATr)N INc￿e Iwjmfr ts rec4)gn￿ed when th¢ group ha5 IwJal ents1kn￿nt to furth. the rtteipl is fvwobable and the anxyjnt Can be rr*a5ured rel*Jty. Where wattsrabk. Ir¢0￿ Is rel1￿ otwaw athtyof Ihe group. Where lhe￿ perforrnarts con(llhJns attathd to any thywtl￿S. ￿￿orne B rerAgnised %then Ihe condit￿nS have téen rnet ￿ when Trnelng ** we ￿"n w's contr(4 suffici8nt 8vthnc8thet they have bèèn or￿4 b• mÈt. ST LEONAROS SCHOOL (a ¢haritabkn comp*ny lrnttad tyguaMil••l NOTES TO THE FIN*IICi•L STATEMENTS FOR THE YEAR ENDEO 31 JULY 2025 Income frvm *)d olher rec(*Jr*5ed kn the group has enbiIErn￿ lo the ILmd$ and any perf0M￿Ce condit*)ns attached to Trts have is kw{￿e Ihal Ihe irK(the WAI be recelved atyJ tt)e arnctht tan be rntssured arwj L8 not t*le￿e￿. Income from schfY)I f8•s olher charilable acli¥il*s 15 rBcr#3rrAd with Ihe perhymanee ol the s•rviee. Incomè ro￿1¥8d in adv￿￿ of Ihe sthod ￿ariS dèferred Its ihp ￿*Vant ￿rth￿. entiled to the resour1￿. Donal*)ns aThJ *gaue5 rew¥ablp for the genernl purposes of tr* School8ty cTrdtted to 'unreslricted fvryjs.. OonaliLW and frjr purposes ￿lthd by the V*tshes of the donorare laken to'restricted funds.. 2.5 RECOGNnN)N AND ￿0CAT￿JM OF EXPENDifuRE Expenditure is recoynised once the￿ is a W or obwtton lo m*e a payment lo 3 third party. 1¢ 1$ wobable Ihai settlem¢nt te fequir•J and the an￿nI of the OO￿tim can bè rreasured rèbabty. whe￿ VAT cannot b• recovered rt 15 reported as part of the e%pendAure it rejales. is* luThJ$. Charit*de a¢tivth"es inchjde exp8ndts¢ assoc4*gd T•rilh Ihe lo ¢Jay nrning of ihe ScPool and indud8 th8 dir¢¢t gxts and wrt Costs rdèt¥¥J to ts5• athibvs. GoV•m￿Ce eosts. incknled within suppwt Costs. ore lthe in Ihe &v￿mar￿a of the charty and its a55èts ar* Where SUFPXt cosis rebte lo se¥eral xliths. have been on a ba* uJnsi5knt *ith the use ¢f 2.6 GJFTIN KWD AsseL8 ¢5)nated to Ihe Charity are wrWsu￿ al ts fairvab* *¥J recr4w5ed a5 imynE the assets a￿ received by Ihe charty. 2.7 OPEAATIt4G LEASES Operaiing kases arKI the pawnents nwe undef them ¥e dwr&vJ k) ts sta*Th￿t d fir¢a￿l01 actwtss ￿ a strdight lire over the operating lease terms. 2.8 FINANGE COSTS Finance costs are charged to Ihtr s￿1￿￿1 of Fifwirial A¢ll￿ty"e$ ¢)vw lh• of u5iTrJ the effedfve Intwest m81hod $0 that ihe amwm ch*g￿ is at a ￿￿￿nI role on the ¢￿1ng aTrwnl. Issue cc*sts are initu?lty r8cognr5ed a$ 2.9 ¢ONTrIBUTIONS TO PENSION FUNDS aM￿j￿1 oflhe ccfitril)uti(￿5 pa￿ble lo Ihe s¢P*nw in respect acC￿mi￿ ￿rknO. Oeffn8db¢nefrtSchpff￿S The 9roup particpates in a rnu￿.￿rryty dèfff*d bon•fft trtrt seh•me aclu*y Is vnabb to l(18Trtify th• group's share of the Undertr￿￿J assets and Iwbilbtrs. Th* c#)sts cliarged in the conth"butths payable 10 the scheme in resp•ct oflhè ac¢thntsrwJ peff￿. ST LEONARLIS SCHOOL la ch•rit•lJl• ¢omp•ny lfimlt¢d by gu•￿1¥•1 P40TES TO THE FINwIc￿ STATEIAENTS FOR THE YEAR ENDEO 31 JULY 2025 2.10 TeRMWATK>M PAYMENTS Tem11￿1￿￿) payments are arrmyjnts payabk to end an ind4¥idLt*s eIrWo￿t and are charg•J on an accruals basls lo Ihe Statement of Financial Aclivih8s when the gr￿P 15 der￿￿strabty Com￿lled to Ihis 0>￿￿e cl adion. The terrination payment will inctyjde rethjndancy and where el￿blE any corrweffjarw Il￿ ￿ffl. 111 FIXEO ASSETS Fixed assets a￿ gtaled al cost18ss depreoth. E>V￿rtUre bebx £1.0￿ s Tr)t captslised. Deprecrdbon 1$ ¢akulaled towrite tlown thÈ r*¥st of lan9ibk fixed assets othw Ihan laftd and assets ¢￿sIr￿¢t￿n by equal annual inslakn￿ts over Iheirexr*cted useful tr4es. The raies ge￿ralty aP￿￿￿tr￿e are.. Bu￿l￿g$ Moiorv8hK4es Eq￿pment fumi%hThy r%-10% 10%-25% 5%-20% Strawt Line Str8*tLine Stroqht Line 112 USTED WVESTIWS Inveslments in secuiilies mpa5urEd at cost subsequ￿ty al lair ¥abJe at each reprylry dale. vahje 15 taken as the mKknaF*et vakte of tr* ￿￿$trI￿t by Ihe mestment manager at retthThJ date. Realised and nrealised gains and b)sses we recognised in lthe InC￿e and e>pen¢Jrture acwJnt and slalemenl of finanaal 8cINitEs ifi the fftr in wlieh Ihey a￿t. 2.13 IP4VESThIENT PROPERTY Invesln*nl wipety. wlM¢h is hdd lo eam ￿TrIalS and lor cawl81 apw8cia¢p)n. is in￿￿lty wr4setl 81 ra)sL Subsequenlty it 15 rr&95wed al fdif thp reportirw er¥1 dgle. Chafvs in fair vaue are in worrt and 2.11 114VESTMEP4TS The ￿VeStMent hebj in Ihe sub5#1wy is carried al nilvafvje 85 the sthidiary 15 a o)mF￿Y Srrwted by gLsaranlg9. 2.15 DEBTORS Trnde ar41 Olher debtors a￿ rwnwl at fv s¢tyknrnnt arrwt (th. PryyThnts are vah￿d * th• aw¥)unl pr¥p8ld net of any discwnt5 116 CASH AT B*J4K AND IN H•J4D C8$h al bank and in h8txl in¢kk1es ¢ash short temi hohty irNeslmenls Tmlh a Sh¢￿ rrotunty of Itwee mnth5 or less fm the dale of aequisrtv)n or opening ol the dep)sit or&milar ar£ouni. 117 CREDITORS credi￿r$ ￿ recwise(I the COM￿nY has a wesent a p8St evert that probably resutt In Ihe transfer of fiJnd$ to 8 third party and the amoLml du8 lo Sell￿ the oti9ats￿ can be mea5ure(J cw estimated rel¢ably. Creditors ar8 norn￿1￿ reco3ni58d at thwsel#8n*rt #￿ing for any iv*t• dtscLMwts dug. ST LEONARDS SCIIt)OL (a ¢h•rOlablettm?pary by9￿ra￿lee) P40TES TO THE FINP•ICI*L STATEAIEMTS FOR Th£ YEAR eNDED 31 JULY 2025 2.10 FIN￿¢IAL A8SETS AND FWAICIPL Li4SLITIES Fin8nraal n$IrUrren￿ are rgc*)gThsed n the st*rW tsf fffj•*af arA1￿5 group t*come$ a party to the contfactU81 provis•)ns ol ts instrument. Finan￿1 instrwwls I￿•￿1Y w6ured at tranSa¢b￿ pr￿. Sub58quent to initial ¥ecc¥3nitiM. Ihey are accounted fcrf as selout beknT. Flnan¢lal Instrumerrts are das5ified as tsa5￿, *xtydanceTAIth O* 11 d FR$11r2. At the end of eath pe￿rfJ. basr finorwl tr*truments are measured ai an￿rti￿ed U5ww the effecd¥e Inte￿5t rate rrthrKI. Financial a5S8ts are d8re¢e4ntsed ¢￿tractual Njhts to ¢ash llows Irom ts a5sel 8yyre, ry tknn the group ha$ Iron$lerred stsbslantiavy al ihe ri5k5 and rv*rds of 47fftrship. Fin￿¢[01 dereo)gnt$8d only *)nc8 liability has teen exbnguyshed through d￿Ch*9•. car*Albtb)n (* eKK￿y. 119 FUND XCOUNTWIG The char*y has var1￿5 iyFes ol lurth for wh*h it is le¥￿b* and So￿(81? di5¢bswe. Unr•siricle¢J Iwxts are avabtl8 ft* w al th8 dtsrxeIA￿ threctyJ5 in 01 tt* 9Bn•rnl ot¥Bchfos ol thè schcKI. De￿gnated fvnds ae funds t•n earmart•J for%peCI￿ purFQ585 byth8 dtTectors. Restitied funds are tlw e8mm￿d by the twrts of • aFfwI specafK purposes Vitth￿ the overall aiw of Ihe ovganisation. 220 TAXATION The eonyony has bevs graNed chartable 15 ¢xwryt frryn tax by ¥irtUg of 468 to 493 of Ihe Corpor*lon T8x Aci 2010 and serkn 256 of the Ta¥alion ol Capital Gains Act 1992. Th*Cunpa￿ssUbskIk?ry is ￿able to CQfPLYatsn lax al Ihe ratss govemed by (wont *9iStatw. ST LeoNAROS SCHOOL {• ¢hwilablp cornpanyllm*•d ty gu￿￿1¢￿} MOTES TO THE FiNANCIPL STATEIIENTS FOR ThE YEAR ENDED 31 JULY 2025 3. CRITICAL AC¢CXINTWIG JUDGEMENTS AND ESTIMATES In Ihe ¥plution of Ihe 9roup'$ F￿￿les, the dir8clors are requ¥ed lo m*e judgements. gstwnatès and XsSLunplic￿s about r*rying amwts of assets a￿1 tiatr4lilies that f1)t ￿allY awjarent from other $ource$. As the estimate5 ar￿ asscdaled asgJmplK￿s a￿ based on IwslNicd expprBts and other faclors thal are conwdered lo be rebvant, aclual r•$￿ may drffw I￿rn Ilwe e5tKnates. The e5￿MaleS and und•rtyV￿ 8ssumpth.ons Are rèviewed on an t)n4oing basis. The e￿￿'MateS and 8ssumptiL￿s thal have a iisk of Caus¥￿ a m8ierial adjustm&M lo the car￿"n9 amount of assets nd liabilities willwTr Ihe next rinanckql ￿ar ￿ vaualv)n of I51ed inveslrnents. d8wèciaith of buikjings. and in the re¢ognib( ol tegacy in￿)me rw*ivabb. The direrAw5 wbJd• &st8d in¥*thnls at mathel are satsw th•1 thè dèrrfot4alth rntas used ar8 apryopriate each dass OF assei aThl (￿n5*￿T revenue reccg)dth relati￿ to kgacy ¥Kom8. 4. COMPARATIVE STATEMENT OF FIIIANCIAL ACTlVItES FOR THE YEAR ENDED 31 JULY2024 General Oe$5gnat•d R•strt¢te(I Funds Fund$ Fund$ 2024 Totsl INCOME *JIO £NDOWMEtr4TS FROM: Dcrntions aThJ kgacies Ch81itai4e aCti￿tiO5 Olher trading aCt￿[be$ Inwestments Other 363,903 13374,593 545.743 92246 26.19S 121651 486.554 13.274,593 545.743 98.024 26,195 S778 TOTAL 14.302.680 12V29 14431.109 EXPENDITURE ON: Rai%ing luThYs Charitable actMUe8'. Teaching co￿ ol chillren fi￿￿ing costs aThJ rnwntenance of School admink9tratic￿ and suprxxt Other 113diry ar￿¥1￿￿5 34 38.904 9.360,820 4.193,976 9,360,820 4.268.914 434.854 90.927 74.938 TOTAL 14.119.411 74938 14,194,419 Net gain￿lI0$S8$> kn¥wtmgnts OWJ X763 332,057 NET INCOM6IIEXPENDrruRE) 395M93 10.062 163.192 568,747 Tran51ws b?1￿￿•￿ f￿dS 117.1131 NET MOVEMEllf W FU14DS 395A93 127.093 46.161 568,747 ST LEONARDS SCIIOOL la tharitablè compaty by w•Mtee) NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 4. COMPARATIVE STATalENT OF FINAIICIAL ACnWTES FOR THE YEAR ENDED 31 JULY 2024 ICOMTINUED G•nernl Desi9nat•d Fund Rèstrktsd 2024 INCOME AND ENDOWMENTS Fft￿: Dona￿n$ lÈga¢i8s Charilable activ￿85 Other tr￿l￿g *tiMlie5 Investments other 363.903 13.274,593 467.328 92.246 26.19S 121651 486.554 13,274.593 46T,328 98,024 26.19S TOTAL 128A29 14.352.694 EXPENDITURE ON: Ch8ritaL4e acti*ties.' reachiThJ and care of children A￿￿ng coEls and olst*ool 9.360.820 193.976 9,360,820 4,268.914 74J38 School a¢Jmlnlstrati¢￿ and suFwi other trading aCti￿ts¢$ 434.854 90,927 90.927 TOTAL 14.080.$77 74.938 14,15S.515 Net 981nsll￿S$esI invesknehts 212294 85.000 34763 332.057 NET INCOIAEIIEXPENDifuRE) 10,062 163,192 529.236 Tfan5f8ts befyyeen fvnds 117.031 {t17.0311 NET MOVEMENT 14 FU140S 355,982 127.093 46.161 529,236 5. FEE INCOME (GROUP AND SCHOOLI 2025 2024 Gross Fees ScholarsNps, bursaries and remi55K 15.208.855 11.181.157) 14,669,239 (1,994.646? 14027,698 13.274,593 31 ST LEONARDS SCHOOL la eharltable company Imlt•d by guarnntee) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 JULY 2025 6. NET INCOME Nel inc¢)me is sl*d aft•r charging: School 2025 2025 2024 2024 Depr￿13￿ on langiblo fixed assets {Profit) I loss on disposal of taThJible fixed assels Operntirvj leas8 rgntals Auditor's remuneralion 704,716 782.590 704,711 782.590 $2.601 30,950 50,918 31,tX)3 3,043 52.601 26,325 3.700 50,918 26.833 T25 - audit fees 7. DIRECTORS AND EMPLOYEES 2025 2024 Group and Se1K￿l Wages and sal*ies Terminat￿n pa￿￿ents S¢xial security costs Pen510n costs 222.972 87.261 690.481 1.157.364 6.429.641 67.261 659.435 1.126.618 8.158.078 8,282.955 aver¥ headcount number of emplosw5 durirn) tho was: 2025 Numbèr 2024 Number Teaching Staff Support staff 107 95 125 91 202 216 The emcluments of higheryKI emplo5￿$ fell within the lelhxirwJ ranges: 2025 Number 2024 Number £60.￿l- £70,000 £70.CK11- £80.000 £80,CK11- £90.000 £120.(KJ1- £130.1)J) £130.￿l- £140.000 The scfth)ol ¢onsthrs its key managemgnl personnel to comwis8 of the directc￿S {as tn￿l09S cl Iha charity). Executive cons4sb"rMJ ol the Head. Director of Finarnx and O￿all(￿. Senity Deupty Head. Deputy Head (Academic). Deputy Head (Pastorall, H8ad of a￿lDr Sch￿1 and Oirector of Extemal Relations. The employee benefits for key management lots1￿d £767.74012024.' £815.7911. The directors ¢Jid not receive any remunerat￿ durww Ihe (2024.. Enill. No direclor received reimbutsement of expenses during the ￿rI2024. £nil). ST LEONARDS SCHOOL la charItab￿ eompany1Smtlod by guarantml t4OTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 SUBSIDIARY COMPANY The wtK4ly owned non4h8Titable subwdiary. St Leonards Entery>rises Limited. is 8 privale compary limiletl by guaranlee registered in ScoUarKI. The regislered address Is Sl Leonard5 S¢hool. St And￿W5, KY16 9QJ. The company is principaty invc4ved in commerci818ctivtties. The Board of Govemors of the charity have the authority to appoint Ihe Lw)ard of directors of St Leonards Enterprises Limited. The company 15 eon$olidated into the ￿0UP acc￿nts on 8 b￿by-￿e b8SiS. A swnmary of the results of Ihe tradirKJ xtivib.es of the sUbS￿lary is sel oul beknv: 2025 2024 Turnover 384,152 273,876 Cosi of sales Administralive expen￿ and tsxalic 16.267 155.418 145,959 257.073 171.685 Profit on ordinary actlvltles for ￿ar 127.079 102. 191 Retained earnings al the b89'nning of the Profit for the p•rfod 71,873 32.362 127,079 102.191 Contribution to parent undertakiThJ uThler gift aid 1100,379) {62.680J Retained eamlngs at th• •nd of th• y•ar 98,573 T7.8T3 St Leonards Enterprises Limited pays any SU￿U9 taxable to the pwwt cixnpany by gift aid. A summary ol the financwl position at 31 Juty 2025 is as folbws: 2025 2024 Current assets 226.611 152.74b Current Itabrfib'gs 112B.0381 (80.876) Net current assels 98.573 71.8T3 Net a5selS 98.sn 71.873 ST Le￿ARDs SCHOOL la charf141th1 c4JrnwDy•ml*l byguaRtt*g1 NOTESTO THE FINANCLIL STATeMEIITS FOR THE YE￿ EKIED 31 JULY 2025 •. AMALY515 OF RE￿UA￿s EXPEIWI l•lT•achin9and olGhiklrnn IGroup SEl*d) Te8cW Catsring 5pcrt5 rqcrna ma￿d1￿j W.742 Q4J7.742 4fjN.076 fyY.OTfj 9J¢,622 9DI.122 465.639 $75 137,066 1344k 67,931 1.1•4.4•7 9N.122 4PJ3n 4fj&6YI coslB Staff ￿£rU1h￿er￿ traiw¢ 10 SubsuyboD5 IU.477 •JJJ92 101123 137.t 1tt12J 574. 4S14.755 9.3W810 9.36Q Ibl m¥nteranM •fsrknl IGrnp arml SthooTI J6461• 314IJG I.3￿743 rnIn￿￿￿t￿J￿ ￿aff t.J4726 l.nlT¢3 707.652 321 •.716 1¢.931 J5.321 294.140 614714 I￿156 442.1)30 Rep8irn He81 and f￿h1 Insuran¢e GBtWI OYW9•5 Rate5 4rAI equtpmqnt YIO.1• 18¥ 6f4TI4 104IS6 4410 317. SW1• 3•1A ¢.ygJm 4.26a914 Icl sch￿￿￿￿￿￿nlsts*1WIfv •hO SUPPOrt(GmAp a•d S¢h 8ank inte¢e61 ance IEas0 vrfW*81 ¢V7 ?XJ.A77 3f4N 30,319 139.237 profes*cth•lleo8 IKo•J Awjil Bno O￿nt*￿ I 431.851 434.e$4 ST LEONARDS SCHIXIL la charit*le by guar*nt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 10. TA14GIBLE FIXED ASSETS Fv••hold land and bUll￿1n9$ EqulpThnt Motor V•hkles fiYn15hkngs urxler ¢onstfuctlon Group and Sehpol Total Cost At 1 A￿u￿t 2024 Additions Oisposals Transfers 10.060.574 518.87S 171.860 418.104 299A97 563.217 15.863 18.4781 {554.7391 19.213.755 834.235 18.4781 At 31 Juty 2025 11.134.188 171. 8.717.601 15,863 20.039.512 Dèpreeiation At l August 2024 Provided in year 3.802.364 199.651 135.041 21.175 5.661.742 483.890 9,606.147 704.716 At 31 Juty 202S 4002,015 156,216 152.631 10.310.863 N¢t book an￿￿nt Al 31 Juty 2025 7.132.173 15.644 1564.969 15,863 9.728,649 At 31 July 2024 6.25a,210 36.819 2.749.362 563.217 9.607.608 The gross cost of bJi&Sng5 on which depreciat¥￿ is bemty pth*led 1$ £11.134.188 {2024: £10.060.5741. The group tangible assets are all used for dir¢¢t L*arii•bb The nèt vakne of a588ts hekj wxjer finarKx lease or hir8 purchasa Cmtracts. induded abo6*. aro as follows: 2025 2024 Equipment and fumishiws 114YJ5 11.199 118.505 11.199 11. CAprrAL COMMITMENTS At 31 July 2025 the gn)up arKI school were ccffnmffted to a further £Nil of works on assets under construction (2024.. £236.7831. ST LEONARDS SCHOOL (a ¢harltabl* ¢ompany Ilmlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12. FIXED ￿sET INVESTME14TS Gmup and school 2025 2024 Quoted UK Investments Market value al bwnning of AddilKJns at cost Disposals at opening market v8K Gainl(Loss) ¢)n reve￿31￿)n 3.812,474 1.644,005 1518.3621 188,770 3.604. 716 183.965 (24T.981J 271. 774 Market value al year end 5,126,887 3,812,4T4 Cash held lor relnveslment 463,683 299.677 5,590.570 4. 112. 151 Prap•rty Inv•5tm•nt Market value al b8ginnirvJ of ￿fjar Gain on reVa￿￿10n 2.935,000 2,850,000 85.000 Markot value at year end 2.935,01)O 2,93&000 The inveslment pr¢￿￿"e$ were valL*d on an r•en mathet baw by Shethrd Chartered SurveyDrs on 22 July 2024. TOTAL INVESTMENTS 8.525,570 7.047.151 School Relevant financial infomialioTh of the wtholty ovme(I subsKJiary is shown al note 8. 13. OEBTORS". AMOUNTS FALUNG DUE WITHIN ONE YEAR Group 2025 School 2025 2024 2024 Fees outstanding Other debtors PrepayTnents and accrued income 246.922 167.689 129A41 102.429 62.383 45.99T 287,422 167,689 82,229 742.929 63.233 20.109 544.052 210.809 537.340 226,271 ST LEONARDS SCHOOL (# eltarftable company Ilmit￿l byguaTrnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. CREDITORS: AMOUNTS FALLING DUE WtWHIN ONE YEAR Group School 2025 2024 2024 Trade uedilors Other (xeditLYS and accruats Depos Fees rerEived in adwdrh* Bar￿ loans and overdrafts Obligations under finan￿ contracts s￿al sewity and olher taxes 325.910 543.557 1.088374 623.162 218.597 27.104 287.181 152.332 622.868 381.498 4.332, 235.L 68.523 151.171 325.910 451019 1.085,374 623,162 218.597 27.104 287.181 152.332 583.343 381.498 4,332.563 235,CQO 68.523 751, 171 3.110.885 5.943.955 3.023.347 5.904.430 D•ferrtd income (Group and S¢hool) 2D25 2024 Balance al 1 Au9usI Income deferre¢J in the Incorne ￿lease(l in thè yE•r 5.527.403 1XJ4137 (5.728.914) 758.395 5.527,4Q3 {758,395J Balance at 31 July 1.192,626 5,527.403 Where the charity reeeives fee ir¢ow* in advarxe. the relabi¥J lo fvjtse periods is deferred until the ¢harity h8$ entiuement to Ihat income. Ageing ol deferrèd incom• Due wilhYTr tjne year Due in more one year (note 15) 621162 569 4.332.563 1, 194.840 1.192.626 5,527.403 37 ST LEONARDS SCHOOL (a chafllable company Ilmlted by 9uarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 IS. CREDITORS: AMOUNTS FALUNG DUE IM MORE TH*14 ONE YE*R Group 2025 Sehool 2025 2024 2024 Dewsits Fees received in adwance Other credilors and acc￿￿15 O￿lgationS under financ81&8se corth¢ts Bank loans 853.5n 9,464 1.224. 7 10 1.194.840 853.573 1.224. 110 1, 194,840 73.738 1.875.834 10,973 2.094.976 73.738 I￿75,834 10.973 2.094.976 3.372.609 4,524.899 3.372,609 4.524.899 The Scho(A obiained a k)an ol £TOO.OfKJ Irom Ihè of uThJer the Corijnavirus Buslness Intefwption Loan Scheme. Under the terrns ol Iho scheme. irrterest charges and fees in relation to the loan Yrfere paid by the governmenl fL* the first 12 months. The tem) of the loan is six years, wih payments spread over 60 equal instaknents whth commer￿￿ from the thirteenth monlh. Interest is eharged 81 a rste of 1.21% over the Bank of Eryland base rate. and the Imrtsla￿Irng baknce on the loan a131 Juty 2025 was £128,333 {2024'. £268.333). The School also obt*"ne¢l 8 knan of £2,250.rJ)O frrm the Bank of S¢oUand. Under the temis of loan interest is cwed at base rate plus 4.29%. The first tranche of thi5 loan of £l.(MJ).CIXI was drawn down in Aulumn 2021 ￿ tha remainirrfj Iranche of £1.250.(KJO was drawn do1￿ in June 2022. The outstanding balance on Ihe loan at 31 July 2025 was £1.966.09812024: £2,[￿l.643). The bank loan is secured by a tknd and Iloab"r¥J charge over al a￿•ts of thè School and a cross- guarantee trom ihe sub5NJiary. Hire purchase and financelgase lithibgs are secufed over Ihe assets to Wthich they relale. Loan maturity aftalysis (Group and School) 2025 2024 Du8 in less than one year In rn￿e ihan one tmjt not more than ye8r8 In more than years but not more than fve In more than years 218,597 228.333 327.000 1.320.501 2.094.431 235,OLKI 228.333 327.000 7 539,643 2.329,976 ST LEONARDS SCHOOL la Charilablè ¢tsmp•ny limited by yraiitse) NOTES TO THE FW4ANCiAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 16.FUNDS 8•l•n¢e •e l Atsgust 2024 Balanc• at 31 July 2025 2025 Rewnlsed Unr•strs¢ted g•Mr•l fund 9.4T3,$88 14834272 (14>23.•151 159.737 10.143.682 Oesigllat¢ h(*1 d¢fiaikyts VE¢wtiJ t* Nvrlose tyssety fty Ihe Srhwl. DekKetsetW IS tharyed against Ihe lund relatie￿ to these assets. Baknces the Feslllcled ftxed asset relatlng to assÈtS PL*thas¢d ITL￿ fEsknded fuThJs tArt helj general ￿f￿￿e$ we translewed to Ihe t*swatsd fixed 855el fvnd once Ihe ￿$tri￿on has 42 ST LEON¥lRDS SCHOOL (a chwltable company Ilmlt•d by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 17. ANALYSIS OF MET ASSEfs BEfwEEN FUNDS Group Total Fixed assets Nel current Ilia￿"￿11esV85stts Non-current liatA"h"ties 17.870.254 11,223,650) 13,372.6091 383.965 187.782 18.254,219 {1,035,868) (3,372.609) FurKI balartes at 31 Juty 2025 13,273.995 571.747 13.845.742 Total Fixed assels Net current assetsl(li8btlth¥l Non-current Iwdbilitses 16,302.649 803.323 (4.524.899J 352. 110 180,222 16.654.759 983.545 (4.524.899) Fund balarw at 31 July 2024 12.581,073 532,332 13, 111405 School Total Fixgd assets Net current Iliaknknsyassets Non-eurrent liaknllies 17.870.254 11.322,2231 13.372.609) 383,965 187.782 18.254,219 (1.134.441) (3.372.609) Fund b8latKe$ at 31 July 2025 13.175.422 571,747 13.747.169 Unrestricted Restricted Total Fixed assets N81 current asset￿lItab1l￿es} Non-current liabih'ties 16.302.649 T31,449 (4.524,899) 352. 110 180,222 16,654.759 911,6TI (4,524,899) Fund balances at 31 Juty 2024 12.509, 199 532.332 13.041.531 18. FINANCIAL ASSETS AND L￿B￿rnES HEU) AT FAR VALUE THROUGH NEf INCOlJlE Group 2025 2024 Fin*Kial assets al fair value 5.126.887 3.812.474 School F￿an¢[al assets at fair value 5.126,887 3.812,474 Financial assets al fair vahJ8 cornprise of quoted in¥estrn8nts al mi(krnarket value. 43 ST LEONARDS SCHOOL l¥ Charitsb￿ company knlt•d by guardnteel 140TES TO THE FINANCIAL STATEMEiirs FOR TrIE YEAR ENDED 31 JULY 2025 19. PENSIONS The company operates tA4D pension arrangements. {a) Sl Leonard5 School parbcipates in Ihe Scdtish Teachers. Superamuatbon Scheme. The scheme is an unfunded stalut¢yy public seNce r*ftston scheme with benefrts u￿le￿•Miten by the UK Govemmenl. The schemè is ￿anCed by payThents trixn empknyets and from those CUr￿￿t empbyeès 8re rnember5 of the scheme and paying ¢￿tribU￿On$ al progressively higher marginal rates based on p￿￿onab￿ pay. as speaffied in the regulab"on5. The rate of eMpk)￿ ccmtribulK)rts is sel with reference to a fundiNJ valuation v￿lertaken by lh8 stherno actuary. Tho la51 fc1jr-￿811Y valualM)n was undertaken as at 31 March 2020. This valuatron infomied an ruease in Ihe employer contributs.on rale from 23.0% 10 26.0% of ￿n$10[￿ble pay fmm Apn"12024 and an anlicp3ted yjeld of 9.6% eMplo￿S contributions. St Laonards School has no liabihtyfor other empwrs, oWlions to thè muMi4mpknyw scheme. As the scheme is unfunded Ihere can bg no defiul or surplus to di5trth on the *ind-up of the scheme or ￿thdraWal from the scheme. The scheme is an unfunded mU￿rAI￿r d¢finad benefrt stheme. 11 is accepted that Ihe stheme Can be treated for accounkng purposes as a defined contn"bUl￿n scheme in urcumslanos %there St Leonar¢Ys s¢￿ is un*)b to kdenbfy lis share of the underlying assgts and liabiltti'es of the scheme. The empwer contribukn rale for the perKMJ from 1 Aw"1 2024 ts 26% of pensionable pay. Thè emrloyee rale applwl is variable and is ant￿p3￿j to tmvide a yield of 9.6% of pensionable pay. While a valuation was carrieo out as at 31 March 2020. it is ￿1 possiblg lo say vthat deThcit or surplus may affect fLrture contribub"ons. WoTk ￿ the valualion susperKled by the UK Govemment pending Ihe decision from the Court of Appeal (Mccknud {Judiciary sthmeysargeant (Firefighters. Scheme) ¢asesl that held that the transitional protections wovided as part of the 2015 reforms was Unla￿llY discrimTrnated on th8 grounds of age. Folknw'ng consultab.on and an an1￿unceMent tn February 2021 on proposals to remedy Ihe discriminat￿. ihe UK Government confirmed that the cost control element ol the 2016 v8hJab"orts coukl be CcfflF￿9tfjd. The UK Govemment has also asked th8 Governmènt Actuary to review whether. and lo 4¥hat extent. the rAlSt control mechanism is mèeting its orvJinal objectiv8s. The 2020 actuarial ¥a￿abOnS have taken th8 rwt's findings into aceounl. Tl* interim report is complete {restriGled) aFMJ 15 currenuy being finaltsed a consultalion. Wside these announcements. the UK Govemmenl confimied that currenl empbyEr contrityjtion Tates wouhl ifftase on 1 April 2024, and the ra¢ewl be 26%. Sl Leonards School's level of part￿1PaI￿ in the sclwne is 0.125% based on the protthion of employer contributiorts paid in 2021_22. charge in¢ludod in the financial ststements for the Cut￿nI year amounte(I to £938.598 12024: £922.2431. being Ihe contrsbution payth by Sl Leonards Srh)ol for the year. Ibl ￿re is a￿0 a money purchase scheme for certain non-academ￿ staff which started in 1995. Tha pension costs charged against wofits Tewesent the arn￿￿t of the C￿tr￿U￿on$ payable to the scheme in respect of the acci)untirKJ charge the per¥)d amount￿ lo £218.766 (2024: £204.375). ST LEONARDS SCHOOL la charitablg CoM￿Y Ilmlt•d by guaMt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JULY 2025 20. HIRE PURCHASE AND F￿￿￿CE LEASES The Group and the S¢hool Minimum lease pa￿ts urHJer finorKe leases fal due as foltr￿. 2025 2024 Less than one year Belv•*en t￿ and ffve year5 27.104 73,738 68,523 10.973 100.842 79,496 21. OPERATING LEASING COMMITMENTS Thè Group and th• Schaol The payments due vr￿er nonryc8n¢eV8ble ¢)ptrab"rKJ leases are as ftAIM.' Pl•nt a machinery 2025 Hant & macthnery 2024 Les3 than one year Befv￿n and fNe yea 44.466 71.224 38.313 69.786 Within the Group and School lease pawrnnts of £52,601 {2024.. £50.9181 ￿re recwnised a5 an expense during the year. 22. RELATED PARTY TRANSACTIONS Donations of £100.37912024: £62.680) Renlal Inc￿ of £135.Cth {2024: £132,781) werè received fmm St Leonards Ente￿rIseS Limited durirt9 the ye8r. Al Ihe year erHI the schcKJl due £40,500 12024 £41.350) from St Leonard5 Enlerwises Limited. St Leonards Enterpn"ses LinNted is a related paty by virtLbe of St Leonards represenlation on the board of diTecior5 and the a(Iministrdbon of Ihe company by Ihè school. The membefs con*der there to be no ukimale controlling patyof the gTtyJP. by virtue ol ￿S COr￿b￿ltIcffi. 23. SHARE CAP￿AL The company has ￿ $hare e8Pit81 arnl is linuted by guarantee. Each member of the company has undertaken to contribute an amount not ¢xceediNJ £1 lowafds any defKit arising in the evenl of the cornpany being placed in IlquidaUon.