Registered number 02953431 Charity numbor: 1039962 Gresham College (A company limited by guarantee) Trustees. report and financial statements For the year ended 31 July 2024
Gresham College (A company Ilmlted by guarantee) Contents Page Reference and admlnlstratlve details of the College. lis Trustees and advisers Trustees. report Independent auditors. réport on the flnanclal statements Statement of financial activltles 2-10 15 Balance sheet 16 Statement ol cash flows 17 Notes to the flnanclal sL1tem•nts 18-33
Gresham Colloge (A company limtted by guarantee) Refèrencè and administrative details of the Colleg•, its Trusteos and advlsers For tho year ended 31 July 2024 Members of Council Dr Loyd Grossman CBE, Chair {retired 31 July 2024) Professor Emeritus J E Delahunty KC (retired 31 July 2024) Ms M D Gumey Mr A D Humzah Alderman V Keaveny C8E KSU MrRJLongCB Deputy C E Lord OBE JP. Vice Chair Mr G C Matthews Ms D Walker-Amott (Ms D Ounsted) CBE, Vice Chair Deputy NwJhat Qureishi Mf C J Vermont Ms L Walsh-waring (appointed 1 ALKJUSt 2023. reltred 3 November 2024) Professor R Rau (appointed 7 November 2023) Mr N Sonpar (appointed 24 May 2024) Professor R Allison CBE DL (apFM)inted 16 October 2024) Professor C Lintott (appointed 1 August 2024) Company r¢gi8t•red number 02953431 Charlty raglstored number 1039962 Reglstered office Barnard's Inn Hall Hdborn London EC1N 2HH Provost Professor Martin Elliott Company Secretary and Mr Richard Smith Executive Director Independent audilors Kreston Reeves LLP Chartered AccounLqnts Statutory Auditor 2rKI Floor 168 Shoreditch High Street London E16RA Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Page 1
Gresh College (A company limited by guarantee) Trustees. report For the year ond•d 31 July 2024 The Members of the Council. vtho are the directors of the charitable company, present thelr annual report. and ihe audited financial statements for the yEar ended 31 July 2024 are also presented. The financial statements have been prepared in accordance vth the accounting policies set out on pages 18 10 20 of the attached financial ststements and comply *Mth the charity's Memorandum and Articles. applicable laws and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charlkn'es preparing their financial statements in accordance with the Financial Reportlng Standard applicable in the United Kingdom and Republ of Ireland (FRS 102). Status Gresham College was founded in 1597 under the will of Sir Thomas Gresham (dated 1575), which is now stated as follows.. To entrust the City Corporalion and the Mercers. Company to ensure that a succession of academics should be nominated and appointed as Professors 'to r&3d Lectures in Divinity, Astronomy. mUck and Geometry, and also Law, Physick and Rhetorick. for the benefft of the Mayor and Commonalty and Citizens of London.. The College was a registered charity until 28 July 19g4. when it was Incorporated as a charitable company in England and Wales, govemed by a Memorandum and Articles of Association. Grants to meet the College's core costs are awarded by the beneficiaries of Sir Thomas. Will {the Mercers, Company and the Cty of London Corporation) - the College's core funders. Objective5 and Actlvltles Gresham College started in 1 $97 with a revolutionary mission: to bring free education to Londoners in English. For over 4(MJ years. we have continued to make world<lass knOdge and high-quality lectures. podcasts and videos freely accessible to the public. Gresham College fosters a love of leaming and a greater understanding of ourselves and the world and us. We aim to stimulate intellectual curiosty and to champion academic rigor. professional expertise and freedom of expression. The MiSsn of Gresham College today is: 1. To continue to provide free public lectures of the highest possible starKlard. focused on the maintainlng of Gresham Professorships in an extensive range of academic disciplines. 2. To provide free and open access to new learning of contemporary relevance and interest in the widest possible international sense 3. To contribLrte to society through the provision of stimulating free education, learning and debate. linked to the core value of freedom of thought and expression. In setting the charitable objectives and planning future activities. the Council Members have Considered the Charity Comrnission's guidance on publ benefiL Achlevements and Perfomiance Overvlew The 2023-2024 academic programme delivered 102 public lectures and 2 panel discussions delivered by leading academi(£. These were delivered lo an in-person audience and simultaneously live-streamed to online watchers. The lectures, available as videos or podcasts. continue to be freely available on dIgal channels. The fNe-year strategic plan. which commenced in 2020, had the objective of a cumulatNe 60 million vlews of the College's online videos by the end of Juty 2025. The College remains on track to exceed this tsrget by a considerable margin wilh some 7.5 million vivws of online content in 2024. the majority being through YouTube. Page 2
Gresham College (A company limited by guarantee) Trustees. report (continued) For the year ended 31 July 2024 The College has continued to diverslfy Ils audiences, in particular wlth continued development in our work wlth young people in school. v4here our new Schools Outreach Officer developed our network arKJ significantly extended our reach. The lecture programme advances education through the delwery of the highest quality publi¢ lectures, with e%h lecture proposal being reviewed by our Academic Board consisting of current arKI former Gresham Professors. | oh change 114.60 1 10.7% Five-year target ', In person audience Soctal media followers YouTubé subscribers I Cumulative YouTube views trcumulative total Vie (Yr, FB etc) ', Email new31etter subscriptions Student online registration Cumulative income generation 9,248 29.430 , 282.007 147.43m 59.4m 114.7% 152,017 50.000 nla . £soo.000 £357,984 . '. £716.352 Subscribers to our YouTube channel rose from 225,586 to 282.007 during the year. very dose to the five-year target of 300,01)O. This byas due to hosting a cornpelling set of high-qualty contenl alongside introducing a number of up-to-date channel management Practi which combined to generate significant interest In the College's lectures. Increasing subscribers is of lonterni Importan as the College seeks to improve audien engagement LM)th with a view to deepening impact and future inc(Yne generatM)n. In addition to our growth in rfflline video, our presence on social media continues to expand more rapidly than originally planned, with followers across all plaffomis nearly at the fiv&year target by the end of the fourth year. While our main venue at Bamards Inn Hall is of small scale. we increased our venue utilisation and grew in- person audiences. with 9.248 attending as opp)sed to 8,068 in the previous year. Outreach to Schools HavirKJ a dedicated staff member as first wnt of contact f sdS has hdped to engender relationships with schools and colleges across the UK. In-hcKJse bookings from stste schools increased significanuy during the year. Out of 828 students bked for talks- 446 were from state schocAs or colleges- an increase of nearly 20Yo from the previous academic year. This is through more spectfic targeting of London state schools via updated contact lists (of schools with a higher pupil premiurn average) and more sign-ups from these schools to Gresham School's (quarterly) newsletter. This rnore targeted approach will continue into 2024-25 academic year. The lonterni strategy is to ensure that Gresham College reaches more w)ung people from a wlder range of backgrounds than we have engaged in the past. Our work in schools will dire¢tly achieve this aim by growing our audience of young people iM)th online arKI in person. We wll expand our reach in regard to the diversity of our student audnce in ethnictty. in reaching people in high areas of social deprivation and in expanding our audience amongst non-graduates. To help achieve this aim a pilot programme is running throughout 2024-5, focjjsing on a variety of subjects in the Autumn and Spring terms - and delivered by Gresham academics at our partner school - Mulberry School for Girls in East London. We are delivering ten lectures to lower sixth students. during school hours on Wednesday afternoons. these lectures are also open to other state schools within the London area to atterKI in person. These lectures are also live-streamed and made a4ailatrJe to other schools free of charge. publicised by quarterfy school infofrnation emails. The recordings will Ihen be released on YouTube. Page 3
Gresham College (A company Ilmlted by guarantee) Trustees, report (continued) For the year ended 31 July 2024 Gresham School's Oracy Competition 20234 saw the second year of the annual Gresham College School's Oracy Competition, and first year whefe a dedicated staff member was able to facilrtate and oversee the competition from planning stage to final event (the final taking place in March 20241. The event emphasises Gresham College's dedication to promoling oracy skills and the importance of effective public speaking among young learners. The competition was a huge success yth 460 entries. The qualty of the entrants, work was outstanding. The competition was open to state schools and colleges only this year for the first time. The competition enabled students to answer a range of questions in different subject areas - set by the College's Professors. Studen15 produced their own video content and in a practical VRY - upskilling themselves in terms of improving their oracy skills. Income Generation The College continues to benefrt from the sustained support of its historic sponsors, the Cty of London Corporation and the merrs, Company, which has enabled our work for over 400 years. Excellent progress was made with our income generation from philanthropic support and commercial income. A total of £358,368 was raised. Income Generation 7.(rfX4 5CO,fAX) 3C(I.CO) 2CQ.(¥)J. lco.ojo 202(k21 2021-22 2022-23 2023-24 TtAal A major donor supported Gresham College th £100,000 after attending our lectures. £75,000 of this supported the development of the schools, outreach project We continue to build and maintain good partnerships with corporate and trust and foundations made up of the Merchant Taylors. Foundation, Rosetrees Trust and Bloomberg Philanthropies, who also supported the Gresham College competition. Additionally, the contributions to two professors continue from the Worshipful Company of Information Technologists and the Frank Jackson Foundation. Other partnerships include St Paul's Schools Foundation, Bloomberg Philanthropies, the Merchant Taylors, Foundation and a sponsored lecture series which took Pla in partnership with Novartis and the Independent SoGial Research Foundab'on. We are grateful for the generosity all our major donors and sponsors and have good feedback about the partnerships. Ars exafflple of this is: 'The Merchant Taylors, Foundation has been delighted to support Gresham College's Oracy Competition, as well as the sixth-fom? students across the UK who take part and are proud to be associated with Gresham College s work. ' The Friends of Gresham College continues to grow wtth 32 new Friends during the year, totalling 88. FrndS contribute on average £1471year, (£161monlh) demonstrating Iheir valued continued support. Page 4
Gresham College {A company limited by guarantee) Trustees. report (contlnued) Forthe year •nded 31 July 2024 One Friend says '"Gresham College makes an extraortyinary contribution to educating the public in London and globally, just as it has for over 400 years, whh is why l am so proud to be a Gmsham Friend., Alongside the Friends scheme, all audience donabons amounted to £31.697 which encouragingly increased by 440/0 from the previous sear. There is much scope to build on the Friends scheme by encouraging audiences to participate in supporting Gresham College. YouTube advertising raised £23,846 - a promising increase of 27%. Income from hire of Barnard's Inn Hall continues to be a good supplementary income wth six different clients, four of whom wre repeat customers. The Independenl Social Research Foundation is the most frequent client and there were trwo new lettings set up in this pericKI. Goods and services ralsed £126,396 which included income from our Google Grant Adverts vthich continue to be managed by an outside agency which is continually optimising our adverts to ensure we make the most of this free facility worth US$I0.1)00 each month. This is supplemented by paid-for (display) Google advertising whenever a need is hjentffied. Other income brought in indudes lecturers who kindly donate their fees. In addition the Cranfield Trust donated advrce to the Cdlege in fMn of a Govemance Review. Academic Programme In Spring 2024. we conducted interviews for Gresham Professorships as the current holders completed their terms of office. The high calibre of applicants once again reflects the esteemed reputation of the College within the academic community. The appointments made were as follows: Clive Stafford Smilh OBE was appointed G$harn Professor of Law. He is the founder and director of the Justice League. a non-profit human rights training centre dedicated to mentoring the next generation of advocates. Previously. he established and led the L¢)uisiana Capital Assistan Center and Repriev8, both legal action charities. Since 1984. he has handled numerous capital cases and assisted over 400 individuals facing execulion in the US and other countries. He also initiated the first legal challenge to Guantanamo Bay, securing the release of 85 detainees and continuing to support the remaining 30. His first lecture series will examine the UK'S ut)written Constitution. Alain Goriely was appointed Gresham Professor of Geomety. He rrentlY holds the statutory professorship of mathematical modelling at the University of Oxford, serves as Director of the Oxford Centre for Industrial and Applied Mathematics. and Co-Director of the Intemational Brain and Mechanics Lab. He is also a fellow of St Catherine's College and a Fellow of the Royal Society. His inaugural series will focus on Mathematics and the brain. Our Top 10 most popular lectures. in temis of the views on YouTube were: Place Video title Why is There Only One Species of Human? (R. May) Dragons: A History (R. Hutton) Oumuamua: Our First Interstellar Visitor {C. Lintott) A 300,OCwJ-Year History of Human Evolution (R. May) Ancient Goddesses of Sex and War (R. Hutton) Ritual Nudty in History and Religion (R. Hutton) Changes in the Concept of ALrtism (F. Happé) The Western Magical Tradition (R. Hutton) Is11 Aiien? The Most Unusual Star in the Galaxy (C. Lintott) A Small History of Big Evotutionary Ideas (R. May) Views 1.161,113 195.454 155.015 152.415 146.902 142.082 119.421 114.904 78,246 56,296 10 The top six lectures listed yre delivered by Gresham Professors, highlbghtirvj the significant interest of their lecture series - "Evolution.. The Big Questions. (Robin May), 'Magic. the Supernatural, and the Lost Gods of Europe. {Ronald Hutton). and "Discovering the Universe" (Chris LintottF from our online audienc£. Page 5
Gresham Coll•g• (A company Ilmited by guarantoo) Trustees. report {continu•d) For the year ended 31 Juty 2024 The lecture programme for 2023-2024 was curated by our current [v0St. Professor Martin Elliott. In addf(ion to the regular Professors. subjects, the aCadern programme featured historical topics such as "History of Modern Iran" and a lecture series for Black History Month. Medical and psychology subjects We also included, with the lecture series: "New Hope in Cancerf. (sponsored by Novartis) and 'Neurodiversity.' Other topics covered included series on migration {in pathership th the ISRF) arKJ ethics in Al. Gresham Professors explored subjects suth as 'The Nature of Music." Trvhen Net Zero?. 'Blg Ideas In Finance." Yhe Political Imagination.. Ancient Greek Ideas." Yech Change.. A Survival Guide. Games. Puzzles, Paradox arKI Proof." and "Hard Choices: The Laws Struggle wtth Ethical Dilemmas." Gresham Visibro Professors presented on topics including legacies of Toxic Waste. Cold War. Decolonisation and Economic Transitions,"MedTrcine After Disasters,. and Ywentieth-century Divas." Additional subjects included lectures on the Bloomsbury Group, queer history. and satirical cartoons. ommunicatM)ns: Broadcas nd on4ine out Webslte. Social M•dia and Onllne Advertlslng The College has contlnued to improve Its online presence through enhanMentS to the College webslte. Ledure pages have been slandardised in conlent and ar¢hNe content updated in order to position the College for an upcoming review of our search engine optimisation. The Content Management System was upgraded. and the website kept abreast of updates in Google advertrsing and ana1S to ensure that V2 had up to date data. As of 31 July 2024. over 44.000 users have made accounts on the site. Year 2022-2023 202&2024 Total Users 478.675 815413 Total 2,402.090 2 719,583 views The College has established a robust, baseline schedule for social media around promoting current lectures. which amounts to approximately 1.500 posts per year across fNe plalfoms. We have also begun to create other. bespoke soclal media content. for example using clips from previous years to illustrate anniversaries, react to news stories arKI mark annual commemorative day3. We hope to increase and diversfy this programrne- adjacent content going forblrard and incorporate its production into a new Communications strategy. Our Gcogle Grant Adverts continue to be managed by an outside agency are continually optimling our adverts to ensure we make the most of this free facility worth US$10,000 each month. This is supplemented by paid-for (display) Google advertising whenever a need is identrfied. Broadcast and Audio Visual The College continued to develop its online broadcasting capabli ity. exploring new workfiows, and enhancing Ihe quality of our broadcast and video output. Small upgrades to our lecture space have allowed better visibility of the presentation screens from all angles. improved lighting and digital signage to allow better engagement with our audience. We have welcomed a new team member with international broadcast and editing experience, and we have increased the team's capacity to produ bespoke animations for pre- and post- promots"on. The cataloguing and archiving of our considerable hisloric audio and video.archive has continued. In line with the College's strategic focus on its online output, we have invested time and resources into harnessing data from our broadcasl channels, especially YouTube metrics, with a view to gaining greater insight into what works with our various aUdIenS around the world. and InflIrvJ creative and thnIcal decision-making in the coming year. Broadcast and online video technology and techniques are changing and evolving rapidly. arKI we are constantly working to make sure we invest wisely and develop and adopt the best tools and practeS to ensure the College prcduces an optimal amount of output of the high6St qualty. Page 6
Gresham Collo90 (A company Ilmlted by guarantee) Trustees. report {continued) For the year ended 31 July 2024 Flnanclal Revlew The financial results of the College's operalK)ns are shown on page 15. Total income was £1,920,491 (2023." £1,913,934). Total eXndItUre was £1.908.610 (2023: £1.924.693). Of the income £85,600 {2023: £156,443) is considered to be for restricted purp)ses. There was an overall surplus of income over expefKJrture of £11,881 (2023- a deficit of £10,759). The level of overall reserves increased from £459,547 at the start of the year to £471,428 at the end - see reserves policy section below. The College's Core income from its main sponsors was £1.549.427 (2023." £1,628,764). This was supplemented by donats'ons of £314,093 (2023: £231,451) and income from other trading activrti'es of £36,275 (2023.. £50,780). Overall, the College Continues to maintain gd cost control and to keep year on yesr expendtture broadly In line with the income available, however keeping the Ve1 of minlmum reserves can be challenging en considering actual expenditure. ReseNes armd financial sition Council policy is that the College should ideally hold three months. budgeted costs as a resepie, but with minimum fKJure of £250.000. The wrwse of the reserve is to allow for erther the winding up cost of the College should the sponsors wthdraw support or to allow for operalional Contingency. The reserves now sil at £413,160. In addition lo this amount, the Cdlege hdd designated fixed asset reserves of £29.418 (2023: £34.679). There are no other designated funds. but the restricted funds are £28.850 (2023: £72,607). kman ement The C¢Jlege regularty examines risk. includirKJ health and safety. fire. wblic Ilability and risk to reputatK)n. and procedures are in pla to manage risk. The risk register i8 now submitted to the Finance, Risk and Remuneration Committee. who reports to cnCil. The register includes mitigating actions whtch have been taken or could be taken as appropriate. The principal strategic risks to the College were deemed to be: RepLrtational risk in relation to the academic credentials of lectures and lecturers. capacitylslaffing strains. major external incidents (e.g. pandemic) and major technological changeslproblems. Principal operatK)nal risks were Iden1ff as.. technology, funding (reserves policy). website, HR. and eststes. The risk to reputstion is an important risk for an organisatfjon sud) as Gresham College thIch is based on Academic excellence. To mitigate this each proposed lecture or series are assessed by the A¢eMiC Board, composed of current professors and fellows. All professorial appointments are made by a panel consisting of at least one independent expert, the Provosl and Members of Cn¢11. Structure, Governance and Management Members ofthe Conwany Gresham College is a charitsble company limited by guarantee. Following a special resolution passed on 31 August 2004, the members of the company are the City of London Corporation and the merrs, Company. The Memorandum and Articles of Association were UFMJated in November 2022. The nominee of the Mercers. Company during this period was Ms D Walker-AmotL The nominee of the City of London Corporation during this period was Deputy C E Lord OBE JP. Members of Council Members of Council comprise up to four appointees each of the Cty of London Corporation and the Mercers, Company, together with up to four co-opted members arKI two Gresham Professors. Pag8 7
Gresham College (A company limited by guarant¢e) Trustees. report (¢ontinued) For the year ended 31 July 2024 Members of Council are Directors of the Charitabte Company for the purposes of the Companies Act 2006. They are also Trustees of the Charitable Company within the Charities Act 2011. Insurance cover is malntained for Members of CounrAI against liabiltbes arising from their duties. The Members of Council vtho served during the sear are listed C page 1. Members of Council are Tr)t remunerated for their services to the College as tnjsteesldirectors. The Council has two Committees: A Finance. Remuneration & Risk Committee and a Nominations Committee, both of vthich mak8 recommendations to Council on an advisory basis. The Finance, Remuneration & Risk Committee reviews the financial slalements and woposed budgel, it reviews the risk register and annually recommends the MUneration levels for staff. The Nominations Committee determines and agrees wth the Council the framework and nominations relating to the app(Nntmenl of new Members of Council (other than those nominated by the core funders). It also determines the appointments process for new Professorial appointments. Proposals regarding the academic programme. are presented to the Academic Board. who accept or reject these on academic grounds. Procedures adopted ts the induction and training of Members of Council Upon appointment. Members of Council are provlded with an infomiation pack 1¢h inc4udes the ft)Ilowing documents.. 1. Charity Commission. The Essential Trustee." Whatyou need to know (May 2018) 2. Gresham College HaThJt)CMJk, incorporating: a. The Articles of Association of Gresham College b. Historical Background (including the Will of Sir Thomas Gresham) c. Governance Arrangements d. Committee structure and Tenrjs of Reference for all Committees 3. The Five-year Strategic Plan {now in year 4} 4. Minutes and papers the previous Council meeting 5. Gresham College Accounts (most recent audited a¢unts) 6. Dates of future meetings As part of the induclion yocess, new members are offwed meetings Nvith Ihe Chair of Council, and the Executive Director. They are required to complete a registration form for entry of details with Companies House and the Charity Commission and are required to contribute to the Council Skills Matrix through the completion of a survey. Assessment of golng concern The Members of Council have assessed vknether the use of the going CO[eM assumption is appropriate in preparing these financial statements. They have made this assessment in respect to a period of one year from the date of approval of these financial statements. The Members of Council have conduded that there are no material uncertainties related to events or conditions that may cast signrficant doubt on the abilty of the College lo continue as a going concern. They are of the opinion that the College wll have sufficient resources to meet lis liabilities as they fall due. Approach to fundraising The College's main source of income comes from The Mercers. Charitable Foundation and The City of London Corporation and whilst it seeks to generale income from alternalive sources, indudlng being open to receive donations from individuals, Ihe Members of Council do not consider it necessary to undertake any activitles to raise funds from directly from the general public in order to fulfil the Charitys objectives. Page 8
Gresham College (A company Ilmited by guarantee) Trustees. report (continued) For the year ended 31 July 2024 Statennt of Members of Councils responsithlities The Members of Council (vhjo are the dir of Gresham College for the purposes of company law and trustees for the purposes of charity law) are responsible for preparing the report and financial 5tstements in accordance with apFAicable law and Uniled 'ngdorn AccountirvJ Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Members of Council to prepare firkqncial ststements for each finatal year. Under Company law, the Members of Council must rK)t approve the financial statements unless they are satisfied that they gtve a true and fair view of the state of affairs of the College and of its incoming resources and application of resources, including its income and expenditure, for that period. In weparing trEse financial ststements. the 144embers of COU11 are required to: 1. Select suitable accounting policies and then apply them consistently. 2. Observe the methods and principles in Accounting and Reporting by Charlties.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Stsndard applicable to the United Kingdom and Republ of Ireland (FRS 102): 3. Make judgements and estimates that are reasonable and prudent., and . Prepare the financial statements on the 90ing corKem basis unless it is inapproprlate to presurne that the charity will continue in operation. The Members of Council are responsible for keeping adequate accounting records that are SLnTicient to show and explain the company's transactions and disdose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with th8 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hen for tsking reasonable step5 for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditors Each of the Members of COU11 confirms that: 1. So far as the Member is aware, there is no relevant audtt infomiation of which the charitys auditor is unaware: and 2. Each Merntr has taken all the steps that th8y ought to have tsken as a Member in order to make themselves aware of any relevant audit information arKI to establish that the charitys auditor is aware of that information. This confimiation ]s gEven and shwld be intweted in accordarKe with the provisions of S418 of the Companies Act 2006. Page 9
Gresham College (A company limited by qu•rant> Trust••s' report (¢ontlnu•d) For the year ended 31 July 2024 The Members of Council are rosponsibl8 for the maintenanca arKI intègrtty of t charity and financial InforniatKin inckjded on Ihe chaws website. Legislatbn In the Unlted Kingdom governing Ihe preparatlon and dss8mlnation of financial statements may dlffer from legislat in otheriurisdictions. Registered Office Barnard's Inn Hall Holborn London EC1 N 2HH Approved by order of IIK8 members of th8 board of Trustoes and signod on th81r behalf ty. J. Awa Professor R AllITr CBE DL MS D Walkor4rn0tt {Ms D Ounsted) CBE De OBE JP Dale: I S 3thtU Page 10
Gresham College (A company Ilmfted by guarantee) Independent auditors. report to the Members of Gresham College Opinlon We have audtted the financial statements of Gresham College (the 'college') for the year ended 31 July 2024 which Comprise the Statement of financial activtiies, the BalaTTh sheet, the Statement of cash flows and the rdated notes, induding a summary of signfficant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, includlng Financial Reporting Standard 102 'The Financial Reporttng Stsndard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In r opinion the financial statements: give a true and fair view of the slate of the charitable companys affairs as at 31 July 2024 and of its incoming resources and applicatK?n of resources. indudlrYJ its income and experKJhure for the year then ended; have been properly prepared in acxordance with United Kingdom Generally Accepted Accounting Praciice: and have been prepared in accordan wilh the requirements of the Companies Act 2006. Basi8 for opinion We conducted our audit in accordance ryth Inlemational Standards on Audtting (UK) (ISAS {UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financbal statements section of our reFrf)rt. We are independent of the charitable company in accordance wth the ethical requiremenls that are rdevant to our audrt of the financial stalements in the United Kingdom. including the Financral Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditiro the financial statements, we have concluded that the Trustees. use of the going concern basis of a¢UntIng in the preparation of the financial statements is appropriate. Based on the work we have perfomied, have not identffied any matertal uncertainlies relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable companvs ability to continue as a going concem for a period of at least t*velve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Twstees wth reSpt to going concern are described in the rel8vant sections of this report. Page 11
Gresham Coll•g• (A company Ilmfted by guaranto0) Independent auditors. report to the Members of Gresham College (continued) Other Infomiatlon The other information comprises the infomiation included in the Annual report other than the financial statements and our Audilors, report thereon. The Trustees are responsible for the other irrformation contsined within the Annual report. Our opinron on the financial statements does not cover the other information and. except to the extent otherwlse explicitly ststed in our repcrt do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other inforniation and. in doing so. consider whether the other information is materially inconsislent with the financial statements or our knOledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identrfy such material inconsistencies or apparent rnalerial misstatements, we are required lo determine whether this grrfes rise to a material misstatement in the financial statements themselves. If, based on the work have performed, we condud8 that there is a material misststement of this other information, we are required to rept that fact. We have rnthing to report in this regard. Oplnlon on other matt•rs prescrfbed by the Companios Act 2006 In our opinion, based on undertaken in the course of the audit". the infomiation given in the Trustees. report for the finarmial year for whth the financial statements are prepared is consistent with the financial statements. the Trustees. report has been prepared in a¢¢ordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the lighl of our knowledge and underslanding of the charitabte company and ils environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of folkywing matters in relation to which Companies Act 2006 requir8S us to report to you rf. in our opinion: adequate aCunting records have not beerb kept. or retums adequate for our audit have not been received from branches rK)I visited by us: or the financial slatements are not in agreement with the accounting records and returns: or certain disclosures of Trustees. remuneration speciffftl by law are nol made. or have not received al the inforniation and explanations we require for our audit." or the Trustees were not entitled to prepare Ihe financial statements in accordan with the small companies regime and take advantsge of the small companies. exemptions in preparing the Trustees, report and from the requirement to prepare a strateg reporl. Responslbilities of trustees As explained more fully in the Trustees. responsibilities statement, the Trustees (who ar8 also the directors of the charitsble company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they grrfe a true aTrJ fair view, and for such internal control as the Trustees detemine is neSary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparir@ the fin8ncial statements. the Trustees are responsible for assessing the charitable CoMpanS ability to continue as a going concem. disdosing. as apicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Page 12
Gresham College (A company limited by guarantee) Indep•nd•nt audltors. report to the M¢mbars of Gresham College (Continued) Audltors. Msponslbllltles for the audit of the financlal statements Our objectives are to obtain reasonable assurdnce about whether the financial statements as a vjhole are fr88 from material misstatemenc vthether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasorb1e assurance is a high level of assurance, is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements Can arise from fraud or error and are considered material rf, indNidually 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 nonwcompliance with lavts and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, Including fraud. The extent to whlch our pr(Kedures are capable of detecting irregularities, including fraud is detailed bdow: Capabilty of the audit in detecting irregularthes, including fraud Based on our understanding of the charitable company and its sector. and through discussion with the Truslees and other management (as required by auditing standards), we identffied that the principal risks of non- compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to vthich non-compliance might have a material effect on the financial statements. We also considered those law5 and gUlationS that have a direct irnpact on the preparation of the financial statements such as the Companies Act 2006. Statement of Recommended Practice, taxation and pension legislation. We communThgted identrfied la%Ys and regulations throughoui our team and remaned alert to any ind5¢ations of non- Complian throughout the audit. We evaluated managemenfs incentNes and opportunities for fraudulent manipulation of the financia statsments (including the risk of override of controls). and determined that the principal risks We related to posting inappropriate joumal entries to increase revenue or reduce expenditure, management bias in accounting ests'mates and judgementsl areas of the fina91 statements. Audit procedures perfomied by the engagement team included: Discussions with management and assessment of known or suspected instances of non-compliance with laws 2nd regulations {in¢luding health ar safety, anti bribery and employment law) and fraud, and review of the reports rnade by management. and Assessrnent of Identif fraud risk factors. and Challenging assumptions and judgements made by management in its significant accounting estimates: and Performing analytical procedures with automated data analytics tools to identfy any unusual or unexpected relationships. including related party transactlons, that may indicate risks of material misstatement due to fraud,. and Confirmation of relaled parties with managemen( and review of Iransactions throughout Ihe period to identify any previously undiscbosed transactions viith retated parties outside the nornial course of busiSs. and Reading minutes of meetings of those charged with govemance,. and Review of signifant and unusual transactions and evaluation of the underlwng financial rationale supporting the transactions: and Idenbfytng and testing ioumal entries, in particular any manual entries made at the year end for financial statement preparation. Because of the Inherent limitations of an audlt, there is a risk that we will not delect all irregularities. including those leading to a material misstatement in the financral ststements or non-compliance wth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transaclions reflected in the financial stalements. as we will be less likely to become aware of instances of non<ompllance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion. omission or misrekyesentation. Page 13
Gresham College (A Gompany limited by guarantee) Independent auditors. report to the Members of Gresham College (continued) As part of an audit in accordanGe with ISAS {UK>. ¥ exercise professional judgment and maintain professional sceptiGlsm throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficienl and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one sUIting from eOr, as fraud may involve collusion, forgery, intenlional omissions, misrepresentations. or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion of the effectiveness of the charitable companvs internal control. Evaluate the appropriateness of accounting t+11cleS used and the reasonableness of accounting estimate5 and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and. based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable companrfs abilty to continue as a going concern. If we conclude thal a material uncertainty exists. we are required to draw attention in our Auditors, report to the related disclosures in the financial statements or, rf such disclosures are inadeouate, to modify our opinion. Our conclusions are based on the audit eviden obtained up to the date of our Audilors, report. However. future events or conditions may cause the charitsble company to cease to continue as a going COnrn. Evaluate the overall presentation, structure and content of the financial statement5. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate th those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any signifiGant deficiencies in internal control that we identfy during our audit. Use of our report This report is made solely lo the charitable companvs members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might state to the charitable company's members those matter5 we are required to state to them in an Auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audrt work. for this report, or for the opinions we have formed. Peter Manser FCA DChA (Senior statutory auditor) for and on behalf of Kreston Reeves LLP Chartered Accountants Statutory Auditor London 15 January 2025 Page 14
Grèsham College (A company limited by guarantee) Statement of financlal activities (incorporating incom• and expenditur• account) For the year ended 31 July 2024 Restricted Unrestrided funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 85,61)0 228.493 1,549,427 36,275 20,696 314.093 1,549.427 36.275 20,696 231.451 1.628.764 50,780 2.939 Total Income 85,600 1,834,891 1,920,491 1,913,934 Expenditure on: Raising funds Charitable activities 96,800 1,682.453 96,800 1,811,810 100,290 1.824,403 129,351 Total expenditure 129.357 1.779,253 1.908,610 1.924,693 Net movement in funds {43.757) 5S,638 11,881 {10,759) Reconclllatlon of funds: Total funds brought forward Net rnovement in funds 72.607 (43.75n 386,940 55.638 459,547 470,306 (10,759) Total funds carrled forward 28,850 442.578 471,428 459,547 The Statement of financial VitieS indudes all gains arKI losses recognised in the year. The notes on pages 18 to 33 fom part of these financial statements. Page 15
Grrtham Colhge (A company limlted by guarantee) Registered number: 02953431 Balance sheet As at 31 Juty 2024 2024 2023 Flxed assets Tangible assets 14 ,418 34,680 29,418 34,680 CuThent assets Debtors Cash at bank and in harKI 16 55.466 910.048 $5.715 875,597 965.514 931,312 cditors., amounts falling due within one year 17 (523,504) {506.445) Nèl current assets 441010 424.867 Total net assets 471.428 459.547 Charity funds Restricted funds Unrestricted furKJs 19 28,850 442,578 72,607 386,940 19 Total funds 471,428 459,547 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accountiro records and preparation of financial statements The financial statements have been prepared in accordance with the provrsions applicable to 8ntitTes subjecl lo the srnall c¢)mpanies regime. The financial statements were approved and authorised for issue by the Tru51ees and signed on Iheir behalf by-. Professor R Allison CBE DL M5 D Walker-Arnott Ims D Ounstedl CBE rd OBE JP The notes on pages 18 to 33 form part of these financial statements. Page 16
Gresham College (A company limited by guarant•e) Statement of cash flows For the year ended 31 Juty 2024 2024 2023 Note Cash flows from OperatIr actlvftles Net cash used in operating activitses 21 24,598 (5.666) Cash flows from Investlng actlvltles Interest received Purchase of tangible fixed assets 20.696 (10.843) 2.939 (36,169) Not cash providod byl{used In) investing actlvftles 9.853 (33.230) Change In Cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year 34.451 (38,896) 914.493 875,597 Cash and cash equivalonts at the end of th• year 22 910,048 875,597 The notes on pages 18 to 33 fom part of Ihese financial statements Page 17
Gresham Coll•g• (A company Ilmlted by guarante•) Notes to the financial staternents For the year ended 31 July 2024 Accountlng pollcles 1.1 Basls of preparation of financlal statements The financial statements have been prepared in accordan with the Charities SORP {FRS 102) - Accounting and Rewrting by Charities: Ststement of Recommended Pra¢tTr¢e applicable to charities preparing their accounts in accorilance with the Finala1 Reporting Standard applicable in the UK and Republic of Iretand (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK anif Republic of Ireland (FRS 102) and the Companies Act 2006. Gresham College meets the definilK)n of a public benefit entity under FRS 102. Assets and liabilitS are initially recognised at histor81 cost or transaction value unless othepwise stated in the relevant accounting polw. The financial statements are presented in sterfing and are rounded to the nearest pound. 1.2 Going ¢onc•rn The Members of Council have assessed whether the use of the going concern assumption Is appropriate in preparing these financial statements. They have made this assessment in respect to a period of one star from the date of approval of these financial statements. The Members of Council have conduded that there are no material uncertainties related to events or conditions that may cast significant dwbt on the abilty of the College to continue as a going concern. They are of the opinion that the College will have sufficient resources to meet its liabilities as they fall due. 1.3 Income Income is recognised in the reric4J in wthich the College is entrtled to receipt and the amount can be measured with reasonable Certainty and it is probable that the InMe will be received. Income is deferred only when the College has to fulfil certain conditions before becoming entitled to it or where the donor or funder has spe¢ifbed that the income is to be experKled in a future accounting period. Income comprises donations receivable. bank interest and itKome from charitable aclivities. principally the grants receivable from The City of London Corpcyation and The Mercers Company Charitable Foundation, and other charitable grants. 1.4 Expendllure Liabilities are recognised as experKliiure as soon as there is a legal or wnstructFve obligation cornmitting the College to make a payment to a third party, it is probable that a transfer of econom benefits will be required in settlement and the amount of the obligation can be measured r81iably. All expenditure is stated inclusive of irrewverable VAT. All expenses are allocated to the applicable expenditure headings. The majority of expenditure is direcuy attributable and any apwb'onment between headings is negligible. Expenditure on charitable 8Ctivities comprises expenditure on the charivs primary charitable purposes as described in the Report of the Council. Such costs include, academic expenses. professors, stipends and technology costs associated wtth the delrvery of the College lectures, grants payable towards research and other support costs associated wrth the furtherance of the College's objectsves. Governance costs. vthich comprise the costs invofving the public accountabilty of the College (including audit costs) and costs in respect to its Compliance with regulation and good pradice, are allocated in full to the cost of the College's princtpal charitable activity. Page 18
Gresharn College (A company limlted by guarantee) Notes to the financial statements For the year ended 31 July 2024 Accountlng pollcies (contlnued) 1.5 Interest recelvabl• Interest on funds held on deposii is Iruded vthen receiVale and the amount can be measured reliably by the College" this is normal uw)n notfficatM)n of the interest pa or pardble by the institution with whom the funds are deposited. 1.6 Taxatlon The College is considered to pass the tests set cArt in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the College is potentially exempl from tsxation in respect of income or capital gains received wtthin categories Covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains ar6 applied exdusively to charitable wrposes. 1.7 Tanglble flx•d assets and depreciatlon Tangible flxed assets costing £5,000 or more are Capttalised and recogni5ed when future economlG benefits are probable and Ihe cost value of asset can be measured rellably. Tangible fixed assets are initially recognised at ¢ost. After recognition, under the cost model, tangible fixed assots are measured at wst less accumulated depCiatIon and any accumulated impairment losses. Atl costs incurred to briw a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the follothryng basis: Furnlture and general offr equipment Computer and similar equipment 33% straight Ilne 25% reducing balance 1.8 Debtors Trade and other debtors are reco9nised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand indudes cash and sPK)rt-term highly liquid investments hwth a short rnaturty of three months or less from the date of acquisitlon or opening of the deposit or similar account. 1.10 Liabllltles and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, rt is probable Ihat a transfer of economic benefrt will be required in settlement. and the amount of the settlement can be estimated reliabty. Ltabilities are recognised at the amount that the College anticipates it will pay to settle the debt or the amount it has received as advanced paymenls for the goods or SerVS it must provide. Page 19
Gresham College (A company limited by guarant••) Notes to the flnanclal statements For the year ended 31 July 2024 Accountlng polldes (continued) 1.11 Financial instruments The College only has financial assets and financial liabilities of a kirKJ that qualfy as basic financial instruments. Basic financial instruments are initially re¢xgnised at transaction value and subsequently measured at their seltlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.12 Operatlng leas Rentals paid under operating leases are charged to the Ststement of financial activities on a straight- line basis over the lease temi. 1.13 Penslons Gresham College parttcipates in Superannuation Arrangements of the Universty of London (°SAUL) vthich is a centralised defined benefft scheme and is contracted41 of the Second State Pension. SAUL is a "last man standing" scheme so that in the event of the insolvency of any participating employers in SAUL, the amounl of pension funding shorlfall (which cannot olherwse be recovered) in respect of that employer wll be spread across the remaining participant employers and reflected in the next actuarial valuation. A formal valuation of SAUL is carried out every three years by professionally qualified and ile[endent actuaries using Projected Unil method. Informal reviews of SAUL'S posibon are carried out bet4Yeen formal valuations. It is not possible to identify the College's share of the undertying assets and liabilities of the scheme, therefore contributions are aw)unted for as rf the scheme were a defined contribution scheme and pension costs are based on the amounts aclually paid. Further details on the scheme are given in note 24. The College continues to be fully compliant wtlh the GoveTnmenfs auto-enrolment scheme for pensions (for which the staging dale vms 1 Fel)ruary 2016). 1.14 Fund a¢countlng General funds are unrestricted funds 1¢h are avarlable for use at the discretion of the Trustees in furtherance of the general objectives of the College and which have not been designated for other purposes. Designated furKls Comprise UnreStrted fvnds that have been set aside by the Trustees for particular purposes. The aim and use of each desTrgnat fund is set out in the notes to the financial stalements. Restricted funds are funds lch are to be used in accordance wtth specffic restrictions imposed by donors or vthich have been raised by the College for particular purposes. The cosls of raising and administering such funds are charged against the sp8C5fic fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allo&3ted to the approprk2te fund. Page 20
Gresham Colleg• (A company Ilmlted by guarantee) Notes to the financial statements For the year ended 31 July 2024 Genèral Inforniation The Charitable Company is registered in England arKI Wales is govemed by its Memorandum and Articles of Association dated 28 July 1994. which were subsequenty amended on 31 August 2004. in November 2007, in 2013 and November 2022. On 1 January 1995 it twk over the assets, liabilities and undertakings of Gresham College Trust, a registered charity number 283467. On behalf of the Mercers. Company, the Cty of London Corporation and the Mercers. School Memorial Trust the College discharges their liability for the payment of stipends to the ten Gresham Professors. Under these arrangements. the financial statements of the Charitable Company refiect in dl respects a continuation of the actrvities of the predecessor body. The registered office is Bamard's Inn Hal, Holbom, London EC1 N 2HH. Crltlcal accountlng estlmates and areas of Judgment Estimates and judgments are continualty evaluated and are based on historScal experience and other factors, induding expectations of future events that are believed to be reasonable under the circumslances. Crilical accounting estimates and assumptions: Thè items in the finar¢ial ststements %*there these judgements and estimates have been made include." the estimates of the useful ecorK)mic lives and residual values of tangible fixed assets used to determine the annual deprecration Charge. and the assumptions adopted by the Members of Council and management in determinirvJ the value of any desonations required from the thanty's general unrestricted funds. Income from donatlons and legacies Restricted Unrestricted funds funds 2024 2024 Total . funds 2024 Total funds 2023 Donatlons The Frank Jackson FourKlation The Worshipful Company of Infomiation Technologists From major donors Froffl donated goods and seriices From individuals Donations 13,500 13.500 13.500 13.500 43.400 126.396 31.697 13,500 129,000 126,396 31,697 13,500 129.443 85.600 27.188 47,819 85,6(K) 228,493 314.093 231,451 Total 2023 156.443 75,008 231.451 Page 21
Grnsham College (A company limited by guarantee) Notes to th6 financial statemonts For the year ended 31 July 2024 Income from charitable actlvltles: Provision of frae educatlonal lactures. podcasts and vldeos Professors. stipends 2024 General grant 2024 Total funds 2024 Total funds 2023 The Mercers, Company Charitable Foundation The Cty of London Corporation Mercers. School Memorial Trust 730.713 730.714 770,713 770.714 8.000 810,382 810,382 8,000 40.LIJO 8.CK)O 88.fXIO 1,461.427 1,549,427 1,628.764 Total 2023 88.(MJO 1,540.764 1.628.764 All income from charltable activities in the currenl and pri years was unrestricted. Income from other tradlng activitiès Unrnstrlcted funds 2024 Total funds 2024 Total funds 2023 Income from lettirgs and asset hire Publication sales and royalties Marketing income 11.421 1,008 23,846 11,421 1,008 23,846 13.567 18,600 18,613 36,275 36,275 50,780 Totsl 2023 50.780 50,780 Investment Income Unrestrlcted funds 2024 Total funds 2024 Totsl funds 2023 Interest receivable 20.696 20,696 2.939 Total 2023 2.939 2,939 Page 22
Gresham College (A company limited by guarantee) Notes to the financlal statements For the y•ar ended 31 July 2024 Expenditur• on ralslng funds Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Staff costs {see note 12) Other costs 89,666 7,134 89,666 7,134 97,412 2,878 96,800 100.2 Total 2023 100,290 100.290 Expondituro on charitable activiti•s: Provlslon of freo UcatIOnal lectures, podcasts and vldeos Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Totsl funds 2023 Staff costs (see note 12) Operating costs Academic expenses Professors. stipends Governance costs (note 10) Website developrnent Depreciation Loss on disposal of frxed assets 42,337 87,020 993,839 413,221 97.342 80.000 77.731 4,215 15,216 1,036,176 500.241 97.342 80.000 Tl,731 4,215 15,216 889 1,071,794 517.910. 103,364 80.000 32,272 8,015 11,048 129,357 1.682,453 1,811,810 1.824,403 Total 2023 83.836 1.740.567 1.824,403 Page 23
Gresham College (A company limited by gunto•) Notes to the financlal sL*ements For the year •nd•d 31 July 2024 10. Governance costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Legal and professional Auditors. remuneralion Company Secretarial services Council and Academic Board Professional indemnity insurance 514 12,9)0 13 56,994 7.310 514 12.900 13 56,994 7.310 8,816 11,999 13 5,748 5.696 77.n1 77,731 32,272 Total 2023 32,272 32.272 11. Audftors. remuneration 2024 2023 Fees payable to the College's auditty for the audit of the College's annual accounts 10,500 10.000 Fees payable to the College's auditor in respect of: All noTraudit services 2,400 5.010 12. Staff costs 2024 2023 Wages and salaries Social security Costs Contribution to defined contributM)n pension schemes Temporary staff Other costs 845,119 85,357 131,709 15,170 48,487 823.405 85,712 137,611 5.150 117,328 1.125,842 1,169,206 A settlement agreement of £41,790 was paid during the year. In the prior year, a settlement agreement of £102,454, plus pension contributions of £21.192 was pabd. Page 24
Gresham Collego (A company limlted by guarant••) Notes to the financial statemenls For the year ended 31 July 2024 12. Staff costs (conllnued) The average number of persons emplo by the College during the yEar vras as follows: 2024 No. 2023 Employees 16 15 The number of employees N*hose employee benefits (exduding employer pensDn costs) excee(led £60,000 was: 2024 No. 2023 In the band £70.001- £80.000 In the band £,001- £1(X).000 In the band £1(M),001- £110.000 In the band £130,000- £140.000 In the band £150.OIJ) - £160.000 The Members of CourKil, consider that they together with the Provost and the CEO comprise the key management of the Cdlege. in charge of directing and controlling, runniNJ the operation the College on a day-to4ay basis. total remuneration {indLKling taxable benefrts but exduding emplOS pension contribution5) of the key management personnd for the year eS £327.948 (2023: £335.312) 13. Trustees. remunerauon and expenses During ihe year. no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 July 2024, no Trustee expenses have been incurred (2023 - £NIL). 14. Tanglble fixed awts Equlpment, flxtures and flttlngs Cost or valuation At 1 August 2023 Additions Disposals 88,007 10,843 {4.263) At 31 July 2024 94,587 Page 25
Gresham College (A Gompany Ilmlted by guarantee) Notes to the financlal statements For the year ended 31 July 2024 14. Tanglble fixed ass•ts (contlnued) Equlpment, fixtures and flttlngs Depreclatlon At 1 August 2023 Charge for the year On disposals 53,327 15,216 (3.374) At 31 July 2024 65,169 Net book value At 31 July 2024 29,418 At 31 July 2023 34.680 15. H•ritage assets In addition to the value of assets recognised on the balance sheet, the College is custodian of a number of herttage assets relating to the history of the College and Sir Thomas Gresham. These assets are held in vartous locations. induding wilhin the College premises and these assels include The Gresham Collection. of books and musical manuscripts held at the Guildhall library, as well as an Elizabelhan tablecloth held in the archive storage al the Merr'S Hall and various paintings held at Gresham College. As the cost of obtaining a valuation for assets vthich have been gtfted lo Gresham College many decades previously. would outsyeigh the benefft and be a largely subjective exercise, the College has elected not to include the value of heritage assets on the balance sheet. Insurance is provided for those assets held separately. by Th8 Guiklhall Library aThJ th8 Mercers Charitable Foundation. Insurance heritage assets held at Gresham College, is for a value of £55,082. 16. Debtors 2024 2023 Trade debtors Other debtors Prepayments and accrued income 18.494 320 36,901 652 54,160 55,466 55,715 Page 26
Gresham Coll•go (A company Ilmfted by guarantee) Notes to the financial statements For the ended 31 July 2024 17. Credftors: Amounts falling due withln one year 2024 2023 Trade credltors Other laxation and social security Othw creditors Accruals and deferred income 29.453 19.fA1 5,270 469,140 33,435 19.890 18.095 435.025 523,504 506,445 2024 2023 Deferred income at 1 August 2023 Resources deferred during the year Amounts released from prevK)us perN)ds 394,756 413,191 391.941 394,756 {394,756) (413.191) 391.941 394,756 Deferred income relates to grant payments made in advance for the forthcoming academic year 2024-25 by the Mercers Company and the Frank Jackson FoundatK)n. 18. Flnancial Instruments 2024 2023 Flnancial assets Financial assets measured at aMortiSl cost 1.306 18,814 2024 2023 Financial liabilitles Financial liabilities measured at amortised cost 131,563 111,689 Financial assets measured at amortised cost comprise trade debtors and other debtors. Other financial liabilities measured at amortised cost )MPrise trade creditors. accruals. taxation and security creditors and other creditors. Page 27
Gresham Coll•go (A company Ilmited by guarantee) Notas to the financial statements For the year ended 31 July 2024 19. Statement of funds Statement of funds - current year Balance at 1 August 2023 Balance at Incomo Expendltur• 31 July 2024 Unr•strfcted funds Designatad funds Fixed assets fund 34,679 10.843 116,104) 29,418 General funds General Fund 352.261 1,824,048 11.763,149) 413.160 Total Unrnstrlcted funds 386.940 1.834,891 (1,779.253) 442.578 Restricted funds Schools Oulreach Restricted Furvjs Specific Lecture Series Restricted Funds 25,707 85,000 (82,457) (46,900) 28,250 600 72.607 85,600 (129.357) 28,850 Total of fundg 4S9,$47 1.920.491 (1,908.610) 471.428 Purpose of funds Designated Funds are: Fixed Assets Fund - relate to the net book value of the College's fixed assets. Restricted Funds are: Schools Outreach Fund- to enable work to reach out to schools Specific Lecture Series Fund - for lectures, pcdcasts and panel discussions to be delivered in 2024125 Page 28
Grosham Colleg• (A company Ilmlted by guarantee) Notes to the financial statements For the year ended 31 July 2024 19. Statement of funds (contlnued> Statem¢nt of funds - prior year Balance at 1 August 2022 Trdnsfers Balance at inlout 31 July 2023 Income ExperKliture Unrestricted funds Deslgnated funds Fixed assets fund Minimum reswves 9.559 434.091 36.169 (11.049) 34,679 (434,091) 443.650 36.169 (11,049) (434,091) 34,679 General funds General Fund 26.656 1.721,322 (1.829.808) 434.091 352,261 Total Unrnstricted funds 470.306 1.757,491 {1.840,857) 386.940 Restricted funds Schools Outreach Restricted Funds specif Lecture Series Restrict Funds 62,443 (36.736) 25,707 (47.100) 46,900 156.443 (83,836) 72,607 Total of funds 470.306 1,913,934 (1.924.693) 459.547 Page 29
Gresham Collage (A company Ilmited by guarantee) Notes to the financial statements For the year ended 31 July 2024 20. Anatysls of not assets between funds Anatysls of net assots between funds - ¢urrnnt period R•strfcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible red assets Current assets Creditors due wfthin one year 29,418 29.418 936,664 965,514 (523,$04) (523,504) 28.850 Total 28,850 442,578 471,428 Analysls of net assets bolween funds - prfor perfod Restrthd Unrestricted funds funds 2023 2023 Tolal funds 2023 Tangible fixed assets Current assets Créditors due within one yEar 34.680 34.680 858,705 931,312 {506,445) (506,445) 72,607 Total 72.607 386,940 459,547 21. Re¢onclliation of movement in funds to net cash flow from opornting actlvlties 2024 2023 Net incomelexpenditure for the per (as per Statement of Financial Activities) 11.881 {10,759) Adjustments for. Depreciation charges Interest receivable Loss on the disposal of fed assets Decreasel(increase) in debtors In<xease in creditors 15,216 (20,696) 11,049 {2,939} 249 17,059 {32.280) 29,263 Net cash provlded byl(used In) operating actlvtties 24,598 (5,666) Page 30
Gresham College (A company limited by guarantee) Notes to th• financlal statements For the year ended 31 July 2024 22. Analysis of Cash and cash équlvalonts 2024 2023 Cash in hand 910,048 875.597 Total cash and cash equlvalents 910,048 875,597 23. Anatysls of changes In net debt At 1 August 2023 Cash flows At 31 July 2024 Cash at bank arKI in hand 875,597 34,451 910,048 875,597 34,451 910,048 24. Pension ¢ommltmonts Gresham Colge participates in the Superannuation Arrangements of the Universty of London ('SAUL'), which is a centralised defined benefjt scheme within the Unried Kingdom and was contracted out of the Second State Pension (prior to April 2016). SAUL is an independenlly managed pension scheme for the noTracademic staff of over 50 colleges and instituttons with links to higher education. Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings (°CARE'} basis. Gresham College is not expected to te liable to SAUL for any other current part1PatIng employer's obligations under the Rules of SAUL. bui in the event of an insolven¢y of any participaling employer within SAUL. an amount of any pensK)n shortfall {which cannot otherwise be recovered) in respect of that employer. may be spread across the remaining Participati employErs and refiected in the next actuarial valuakn'on. Fundlng Policy SAUL'S statutory funding objective is to have Suff1&nt and approprte assets to meet the costs incurred by the Trustee in paying SAUL'S benefrts as they fall due (the 'Technical Provisions.). The Trustee adopts assumptions which, tsken as a whole. are intended to be sufficienuy prudent for pensions and benefits already in payment to continue to be paid and for the commitments whh arise from Members, accrued pension rights to be met. The Technica Provisions assumptions include appropriate Margins to allow for tpe possibilty of events luming out worse than expecled. However, the funding method and assumption5 do not completely remove the risk that the Technical Provistons could be insufficient to provide benefits in thè future. A fomial actuaria valuation of SAUL 5s carried out every three years by a professK)nally qualrfied and independent actuary. The last actuarial valuation was carried out with an effectNe dale of 31 March 2023. Infomial reviews of SAUL'S position, refiecting changes in market condbtions, cash flow information and new accrual of benefits. are carried out between formal valuations. Page 31
Gresharn Colloge (A company limited by guarantee) Notes to the flnanclal statements For the year ended 31 July 2024 24. Pension commitments {continued) The funding principles Vre agreed by the Trustee and employers in May 2024 and will be reviewed again at SAUL'S next fomial valuakn'on in 2026. At the 31 March 2023 valuation SAUL was 105% fur)ded on its Technical Provisions basis. OnsK)Ing employers, contributions increased from a rate of 19% of CARE salaries to a rdte of 21 Vo from January 2023, reducing back to 190h in September 2024. Employer pènsion contributions charged to the staternent irf financial activitses during the year amounts to £131.709 (2023: £137.611) Accountlng Pollcy Gresham College is a Partbcipating Emplosw in SAUL. The &tuarial valuation applies to SAUL as a ole arKI does not identfy surpluses or deficits applicable to indiwdual employers. As a whole. the market value of SAUL'S assets at 31 March 2023 was £3,096 million representing 105% of the liabilities. It is not possible to identffy an individual Employerfs share of the undetying assets and liabilities of SAUL. Gresham College accounts for Fls participation in SAUL as rf it were a defined contribution scheme and pension costs based on the amounls actually paid (i.e. cash amounts) in aCcOrdae with paragraph5 28.11 of FRS 102. As there was a Technical Provisions surplus at 31 March 2023, there is no defined benefrt liability (i.e. the present value of any deficit Contributions due to SAUL) lo be recognised by Gresham College. 25. Operatlng lease commitments At 31 July 2024 the College had commitments to make future minimum lease panents under non- CanlIable operatirKJ leases as foll0v= 2024 2023 Not later than 1 year Later than 1 year and not later than 5 Jears 49,214 96,535 49,214 145.749 145,749 194,963 Page 32
Gresham College (A company Ilmlted by guarantee) Notes to the financial statements For the year ended 31 July 2024 26. Related party transactlons The City of London Corporation and The Mer¢erfs' Company char[tab Foundation are the College's principal funders. Both parties are able to apwint up to four Members of Council each and together up to four Ctropied members, two Gresham Professors and Provost. Detsils of the funding received from the City of London Corporation and the Mercers, Company Charitable Foundation are provKled in note S lo the financAal statements. None of the members of CouncAI re(*ived remunerati1 in respect of their service5 as members of Councli during the Sear. registered offe of Gresham Ccllege: Barnard's Inn Hall EC1N 2HH is owrd by The Mercer's Company Charitable Foundation. Th8 office is oCcUpd under an operating lease, during the spar rent payments totalling £49,214 (2023.. £49.367) were made uleT the terms of the lease. Page 33