2021-08-31-accounts

GRESHAM'S GRESHAM'S SCHOOL {A company limited by guarantee) REPORT AND CONSOLIDATED FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2021 Charlty Number: 110551)0 Company Number: 05196298

GRESHAM'S SCHOOL FINANCIAL STATEMENTS GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 CONTENTS Page Governors, Report 1-20 Audrtorfs Report 21-23 Consolidated statement of financial activities 24 Balance sheets 25 Consolidated cash Ibw ststement and notes 26 Notes to the financial statements 27-50

GRESHAM'S SCHOOL GOVERNORS, REPORT GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 The Governors present their report and audited financial statements for the year ended 31 August 2021. Reference and Adrnlnlslratlve Inforniation Charity name Gresham's School Charty registrat￿n number 11055CKJ Company registration number 05196298 Registered Office Gresham's Scho Cromer Road Holt Norfolk NR25 6EA Website vMw.greshams.com E-mail [e-mail] Governors and Dirnctor8 Michael Goff David Jones Sir Alan Yarrow Graham Able Martin Bailey Charlotte Coventry Alexander de Capell Brooke Anna Dugdale Jenny Dwyer Sir James Dyson James fforde Nigel Flower Sir William Goodenough Simon Gorton David Jones Paul Marriage James Maunder Taylor The Rl Revd Jonathan Meyrick {retired 25 January 2021) James Morgan Steven Oldfield David Robertson Dr Susan Rubin Rosamund Wa￿￿ Ni¢k Youngs (Chairman) (Prime Warden, The Fishmongers. Companyl125 June 2019- 19 March 2021) IPTime Warden, The Fishmongers. Company) lelected 19 March 20211 (￿tr.red 14 December 2020} (appointed 14 December 20201 Please see the School's website for infonnation regarding GovemoTS' POSt-nominals and qualifications.

GRESHAM'S SCHOOL GOVERNORS. REPORT (¢ontlnued} GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Reference and Admini$tratlve Infomiation {conts"nued} Headmast•r Douglas Robb Head of the Prep School Cathy Braithwaite Head ol the Pr¢-Prep School Sarah Hollingsworth Bursar Steven Willis S¢hool Accountant Kate Olby Clerk and PA to tho Govemors Victoria Hipperson Audltor Haysmacintyre LLP. 10 Queen Street Place. London. EC4R 1AG Bankers Barclays Corporate, 3 St James Court. Whttefriars, Norwth. NR3 1 RJ Sollcltors Veale Wasborough Vizards. Orehard Cour( Orchard Lane. Bristol, BS1 SWS {Corp￿￿e} Hayes & Storr. 18119 Market Place. Fakenham. NR219BH (Debt co1￿￿On} Birketts LLP. 22 Station Road, Cambridge. CB12JD (Property & HR) Investment Advl8or8 Rathbone Brothers Plc, 8 Finsbury Circus. London. EC2M 7AZ Barratt & Cooke Stockbrokers, 5 Opie Street. NoThMch. NR13DW Subsidiary Information Company Name Gresham's School Enterprises Limit￿1 Company registration number C6577(￿2 Registered Office Gresham's Schod Enterprises Limited, Cromer Road. Holt. Norfolk. NR25 6EA

GRESHAM'S SCHOOL GOVERNORS, REPORT (continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 CHAIRMAN'S SUMMARY The School has faced extraordinary challenges over the course of the past 18 months but has leamed from the unprecedented situation caused by the Covid-19 pandern￿ and associated National Lockdown in Spring 2020 and adapted. Stsff, pupi15 and paren15 have shown remarkable inventiveness. fortitude and community spirit to do more over the past year, and achieve better than could possibly have been imagined gNen the incredible uncertainly leading up to and into the new academic year and the resttictive guidance and praclice5 in place to keep staff, pupils and visitors safe. Hybrid leaming, mixing online and faCe-t￿face media. or svAtching from one to another, kcame more commonpla¢e de5Plte the inevitable challenges for staff and pupils. and this underpinned Gontinuity of education in its broadest sense during the third national lockdown from the start of January until 8 MarGh 2021. Even then. the s¢hool remained open for children (generally the younger pupils) of ¢ritical worker5. Despite this. and the further disruption to exarninations in the summer. outcomes were very pleasing indeed. as best exemplified in the public examination results and university offers for our pupils. bul also as reflected in the sense ofjoy and purpose which was evident as a result of school returning more lo a sense of'normal,. despite very ¢leady not being able lo operate in what would have passed as normal pre-pandemic. 11 was especially pleasing thal we had the opportunity lo Celebrate the successes of our leavers and bid them farewell at the end of the acadeTnic year. The commendable range of sporting and co-curricular activities which were undertaken, reflected in more detail later in this report, is testament to the way in which the School community adjusted and embraced the 'new normal.. This. in turn, helped lo feed more posih'vity and a can40 attitude, whtch were critical to the school's successful perfomance over the year. Charitable and outreach a¢tNlties continued. sometimes in creative ways, to ensure that the school remained in touch with those individuals and organisations which might need more support. It has been pleasing that the main focus has been to support a Ic¢al charity. meaning that the school has been an active force for good within the local communty. Financially. the school perfomed much betterthan expected, despite discounting fees during cbsure and providing additional short-term bursary support Whe￿ required. Leading into the year. the huge uncertainly about the contsnued impact of the pandemic had led to a decision to freeze fees, despf(e rising costs. Also. the pupil roll was stronger than we might have hoped for given the diffi¢ults"es for prospective new pupils and their families in the months ahead of the new schwl year and the resutsnt delays in decision-making. combined with travel restricts'ons which might otherwise have prevented more pupils from being able to return lo school. The resolve of families to get to schcx)l. and the stsff to deliver what was required. overcame many of the potential obstacles and it seems that the school earned a deservedly good reputats.on for the way il maintained provision throughout the hardest days of the pandemic, which reinforced inte￿1 in the School and helped to sustain a strong pupil roll. To complement this, the excitement around the new Dyson STEAM building and the opportunrties it offers undoubtedly generated further interest in the School. We were very fortunate that this building was strongly supported and funded by one of ourformer pupi15. Sir James Dyson. as committing to a project of such scale without such philanthropy in the context of a global pandemic would have been unthinkable, and we are extremely grateful lo have received such generou5 and hyh-profile SUPFKJrt. This state of the art faeilty will facilitate change in the way the school delivers teaehing and learning in STEAM subjects. and staff have already embarked on exciting new activities in this regard. This work wll not on5y benefit our own pupils bul also support our ¢ommunity outreach activities, with the School having already hosted activities for the Norwch Science Fesbval in the new building. The School's better-than*xpe¢ted financial position allowed work to continue on other projects, mostty of a refurbishment nature, to ensure the facilities remain appealing and fi"1 for purpose. A signrficant devebpment project was the creation of two new Nursery classrooms In our Pre-Prep, which was Phase l of a bigger masterplan for our youngest children, Complet￿ just prior to the end of the financial year. Strategically, we aim tts build on this posltive position, to build strength and financial resilience from growih and develop facilities 2nd teaching and leaming opportunf(ies.

GRESHAM'S SCHOOL GOVERNORS, REPORT {continuod) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 OBJECTIVES Charitable objects The primary object of the School is lo advance education and training and in partbcular, to promde and conduct in or near Holt. Norfolk, a day or day and boardirtg school or schools for boys and girfs. Within these objects, the School also maintains the fabric of rt5 buildings and manages a number of endowed and other funds held for special purposes in connection wlh the development of the School's facilities as well as for schtslarships, bursaries. prizes and other educational purF)oses. Aims Gresham'$ 1$ a school dedicated to the development of the indivhdual and the individual's role in the context of the lives of others. Pupils and teachers work together towards common goals in a demanding academic, cultural and sporting milieu. Pupils also learn that responsibilities aeeompany rights, that gcmxl manners and healthy respect for others are central to the life of the School and that semce to others goes hand in hand with the striving of each individual for excellence in his or her chosen field. Public Benefit The Governors have considered the guidan￿ contained in the Chaftty Commission's general guidan￿ on public benefit and in particular its supplementary public benefit guidan￿ on advancing education and on fee-charging, when exereising their powers and duties and planning Ihe fvture activities of the charily. Responsibilits'es in relation to public benefit are discharged partly through the provision of bursaries but also through partnerships and activities involving loeal schools and the wider communty- Gr8nt-making poliGy The Governor5, policy in relat￿n to scholarships and bursaries is to maintain a balance belween aitracting sufficient pupils of academic, artisti and sporting distinction, who would otherwise be unable lo altend the School. and the cost of the Tesultant fee discounts. The overall cost of scholarships and bursaries, as well as the benefit derived from externally funded awards. is detailed in note 2. Linked charity The prize fund held wrthin the School wa5 registered with the Charity Commission as a linked charity {1105500-11 on 17 September 2020. With the Charity Commission's approval the small individual funds within the prvze fund have been consolidated into a single fund with the purpose of advancing education by awarding OT providing such prizes. grants, bursaries, scholarships and other foms of assistance to pupils at Gresham's School. The prize fund shall conb'nue tr) be reported wlhin the Schcol's financial statements. Connected chanty The Gresham's Foundatk)n, Charity Number 1109441, was ￿lstered as a Charity on 16 May 2005 with the object of advancing and promobng charitable purposes connected with Gresham's Schcwjl and advancing and promoting education in general by the provis￿n of grants, scholarships and bursaries.

GRESHAM'S SCHOOL GOVERNORS, REPORT l¢ontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS Senlor School Academlc Outcomes In light of continued disruption to leaming and assessmenc the Schcts)I perfom)ed very well in the summer assessment period. A rigorous, extensive, evidence-based approach to Teacher Assessed Grades (TAGs} resulted in pupils working very hard in prepaiation. The foundations for this were laid during the online teaching period. The IB results were particulady pleasing - an average of 37.5 was the result of a shift upwards in the lower grades as pupils responded to the importance of their coursework and the period of assessment at the start of the Summer Tem. Sirnilarly, the pupils, results of 81 % A"8 at A level. calculated from baskets of eviden￿ comprising past papers, Show￿ a serious approach to revision and consolidation of knowledge over the Easter break. The progres5 of the BTEC sP￿t cohort was very pleasing.. they completed every assessment and aspecl of the course. Our first Gohort Ihrough achieved 100% Di5tinctionlMeriL with 20% of grajes at Distinction level. The tirneline set by the exam bjards for submission of TAGS meant the pupils at GCSE had a very intense aswsment period, completing at least three tirne(l assessments per subject in a 4-week period. The English Literature, Maths and Science resu115 were particularly pleasing. bul in all areas the pupils did very well as the average of 78% 9-6 and 38% 9-8 {or equivalent) showed. The most significant marker of success vras the progress of pupils to university- Over 90% gained a place at their firsl<hoi¢e univefsity, and the range of interests continue lo be diverse. After assessments, the pupils were offered enrichment courses lo the very end of term. The GCSE cohort. as last year, completed a step-up to 6th Fomi programme_ The STEAM projects started in anticipab.on of the opening of the Dyson Building". junior students look part in electronics, making POV wands and Radios before designing and making 3D printed cases for them. Prep School students were invited in each week lo Robotics club and made autonomous Sumo bots that battled in a competition in the 'Dohyo' ring. Senior students built robols that competed lo complete a series of tasks around a ourse. The Career5 Department focused on STEAM as well. making good use of the shift to online talks and discussions. and advice on CVS, applicab"ons, netsvoiking and interview practice. There has been an ernphasi5 on developing the OG netsvork to support current pupils and work experience and employment opportunities for pupils in industry. Thes8 included property management architecture. constructK)n, sto¢kbroking, filrn and TV, rnedicine and banking. Co-curricular Activity The co-curriculum continued to thrive even in the mosl challenging of ¢ircum5tances in a Covid-19 worfd that wa5 2020121.. the number of events, fixtures and activities on offer was extraordinary. This was down to the dedication of staff and signrficant support of parents and pupils. The greatest challenge wa5 the need to maintain year group bubbles when so much of what the School offers is across different years, alongside coping with ever-changing Covid-19 reslriclions and regulations. Despite this. the Michaelmas tem was as c105e to norma1 as possible though January 2021 to March 2021 was online. We retumed to more normalty after the &ister break in 2021. In September. there were some tweaks to the timetable to allow for more year group based activities lo operate, which is something to be considered fvrther in 2021122. Thi5 has several benefits. especially in a Tem where there are no fixtures. A 2- OT even 3-session afternoon allows forthe pupils to be involved in muttiple wider school activities and avoiding 'standard' allocation of some actNities to more challenging late aftem¢xJn 'graveyard' slots. For example, lop sporting performers in the future can have both a field and gym session and those wishing lo gain academic support can do so in their'GAPs" time. The traditional Tuesday and Thursday sport afternoons this year have been much more productive for many studenis though challenges include mob"vats"ng the less engaged to leave the House, the long limes of wailing for some pupils for games (shooting, 5wmming}, the light in the winter months and the Period 5 challenge which hopefully from next year wll be ￿MOved.

GRESHAM'S SCHOOL GOVERNORS. REPORT {contJnued GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS l¢ontlnuedl Senlor School Icontinugd) Sport During the Michaelmas Tem, sport was wn as a dual system wilh timings allctated to Year 9110 and then to Year 11112113 ts'me on the games fiekl. This allowed for easier siaffing vAth the restriction5 bul also the use of staff in other areas of the School at this time. Some fixtures were possible in Cricket and hockey but after half-term these became less real￿tIc. Saturday aftemoons were the successful "Franchise Afternoons. with four diffe￿nt teams running across each sport. The final weekend involved dressing up to raise money for the Oddballs Charty. The British Schools Small-Bore Rifie Association Winter Leagues have teen running since September and have been a huge suecess across the country. These leagues are made up of an under-19 section and an under-15 section. There were 37 teams {185 indiwduals). in the under-19 secb"on, spread over 7 Divisions. Our 'A' learn had the skills lo qualrfy for Division 1. It was a hard fought Division and our team had to settle for 2nd place in the end, behind a very strong Ellesmere College. In the under-15 leagues. there were 21 teams (84 individuals) across four Division$. The Gresham's team was yet again placed in Division 1. All f￿Jr have shot consistent5y well throughotrt the term and thoroughly deserve to have won the BSSRA U15 Winter Leagues. The final triumph of the Michaelmas tem goes to Gresham's Team of Vlll, who won the BSSRA T8 competition. During the Lent Tem, during the Covid-19 closure. sport focused on several areas.. early moming fitness sessions.. lunchtime fitness sessions; specific 5POrt workshops on Tuesday aftemoons,. and the occasional 'Sport Show" for pupils, staff and parents to listen to on Thursday evenings. The major development was the creation of the new Strength and Conditioning suite in the Old Gym and the appointment of h¥0 strength and conditioning coaches who should improve this aspect of Gresham's sport signifieantly. Also, at this time. the Rifle Club enjoyed further significant success with several pupils selected for national representation. The Summer Temi saw a return to competitive fixtures. with cricket being a stand-out 5ucce55. The U18 boys narrowly lost their Regional final in the National T20 against a strong Felsled School. The U17 gol to the quarter final of the national U17 cup with a loss against Rugby Schwl. The U16 team beat Shrewsbury and Oakham lo win the U16 Midlands Region Inspire Sport Cup. The U15 made Regional Finals day in Essex after winning the Norfolk and then Region81 games. The U15 girfs made it through to the final of the County Cup with the U13 boys also winning this. Many excellent performances meant that two pupils represented Nottinghamshire and North2mptonshire 2nd Xl in the season and another was the 7th highesl wKket taker in country at schoolboy level. Many pupils competed at the 152nd NRA Imperial Meekn'ng at Bisley and all perfom)ed brillianly. securing great team and individual successes. Gresham's Rrfie Club won both of the inler-schools eompetitKJns- the'Gary Jones. and the 'Anstey'. Two pupils made rt through lo the fina of the St. George's cJJmpetitson. As a result of this fantsstic achievement, they have jumped up two classes and are now Class A, ￿th only Class X above this. OUT pupils took part in Her Majesty the Queen's Ptize, posSi￿Y the single most prestvj￿vs full-bore shooting compeb.tion anywhere in the world. Out of nearly 1,000 ¢ompetitors who took part. three pupils were in the lop 200. One pupil did incredibly well, finishing in ￿ place, just 3 points behind the eventual wnner. Another pupil, who wll be Captain of the Rifie Club nexl year. gave an outstanding perfomance in his 1,000 yard shoot, which pushed him up the fi'nal leader board into 53rd place. Fergus is now an A Class marksman and Toby is the top class and becomes a Class X marksman. Pupils ¢onts"nue to make the UK Cadet Rifle Team and Athelings team. A new Scholarship prograrnrne has been introduced called the TAP (Talented Athlete Pro9ramme} for all Sports Scholars and Award Holders. This wincided with the opening of the new Strength and Conditi'oning Suite to enhance this provision and the two new strength and conditioning ￿a¢he$ have responsi￿.1￿ lo enhance and develop the prograrnme.

GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinuod) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS l¢ontinued) Senlor School Iconllnued) Musl¢ In October, Mrs Michelle Wowe look on the role of the DI￿0[ of Music. The highlight of the term was the superb House Music Competition where all Houses Puttogether three pieces of music which included every pupil performing for their House within Covid-19 guidelines. Athough the tradibonal House Music formal15 not threatened. the online version certainly has given fo(xl for thought on the different ways it could be presented next year. Every pupil in the SGhool went through the recording process in the Strathmore Studio. Haff term in Michaelmas concluded with a Garden Concert in the Theatre in the Woods. This event has triggered the subsequent appeal for the stage facility in the Woods. The Michaelmas term concluded with year group Carol Services and an online School service. A recorded Christmas service from Gresham's for parents and a special recording for Fishmongers Christmas message were produced. Two Gresham's 'Girls and Guys, singles were prc4uced along with hvo music videos through the introducb.on of the Young Media Leader prcgramme. Music lessons ran throughout the year. initially face-lo-face but later online and take-up was excellent. Throughout the year the department developed digitsl recital series for soloists lo perform and had musical presentations in Chapel in year group bubbles lo keep music part of Gresham's community. In February, Songs from the Shows and Valents"ne's Jazz were proJuced as a digital cOn￿rt on Gresham's media channel. In the summer. there were two outdoor concerts to officially open the Theatre in the Wwds space with 'celebralion of music. rec&Jnising the separate 'bubble' ensembles through the year and Ihen the Pop Concert which involved over 100 pupils in the School. The final events of the year saw an organ feciial with pupils in Chapel, Speech Day services and a Confirmation Service. Drama It was a surprisingly rewarding year for Drama. given the many challenges of Covid-19. encouraging an additional level of creative solubons and impressive resolve and commitment from many students to engage with the work despite the risks of postponement and cancellation. Sadly. some productions that had been postponed at the end of summer 2020 could not te re-visited as hoped because working across 'bubbles' was not possible. A casually of this was Wolves of Willoughby Chase, a lower school production. which was patticularly hard on the company as the show was ready but had nowhere to go. Perfonnances in the Mtchaelmas term were produ¢ed under Covid-19 restrictions. Despite this, one group realised their 104minute Play from 2019 filming to share with the 10-rninute Play entries of 2020, setting a detemiined tone foi the year. A lower s¢h¢X)I drama evening, cast in the previous Summer Term, We Will Rock You. began rehearsals in September. Students in year 10 began work on Drama Evenings and the 10-minule Play competitson. encouraging students to write plays for produ¢bon, whi¢h was launched wrth the intent of perfomiing in Lent Temi before il was delayed until Summer Term. Due lo Covid-19 restrictions, the Lower School Drama Evening focussed on one year group bubble (Year 101 and they rose magnificently to the occasion ￿th a range of performances of monologues and scenes from theatre and film. Pupils chose their own material simply for the love of performing! Audiences were treated io scenes from The itches, In the N8me of the Father, B￿sthIng Corpses, The Pitchfork Disney, The Wolf of Wall Str88t. Miranda and Th8 D8rk Knight. We Will Rcck You, a production thal was beset wth problems due to Cowd-19 ￿$trICtionS and staff changes within the MUS￿ department, nevertheless was a joyous and celebratory performance seen live on stage for hvo nights and in three streamed recordings. with over 200 households tuning in to watch. This was a credit and Iribule lo the impressive ensemble who held their nerve during the Michaelmas Teryn and a show that was little short of miraculous in its realisalion. In addition lo those onstage and Crewing we had. for the first time in a very long time, student band thanks to Mr Tom Carr, playing with skill and panache and setting the bar for future productions. Lve Will Rock You is 8 vehicle for the songs of Queen and allowed the principals lo take centre stage and rock the house. with a Year 11 chorus behind Cowd-19 screens, Year 10 scholars making virtual appearances thanks lo use of green screen. From Radio G8 G8 to Bohemian Rhapsody it was a night of rock anthems and moving ballads, with a g￿al deal of humour 2nd the energy of a fullknon pop concert- ex*cUy vthat we needed at the end of a tough tem.

GRESHAM'S SCHOOL /JJJpp GOVERNORS, REPORT Iconlinued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS. PERFORMANCE AND KEY PERFORMANCE INDICATORS (contlnued) Senlor School lcontlnued) Drama Icontlnuedl In April, Year 12 and 13 students perfomied in a Monologue Mash Up to an invited audience of parents. teachers and their peers. The audience. attending under more Covid-19 restrictions, were hugely appreciative of the extraordinary performances that were presented by students at the top of their game. The programme consisled of monologues and scenes that students selected themselves. either in preparab.on to audition for the National Youth Theatre, Drama School. their A Level perfomance exarn or simply for the love of perfomiing. The audience was introduced to characters from Shakespeare and Restoration Comedy. and modern comedy including Flea 8ag. Emotional and disturbing perfomianees from Krtchen Sink Drama Lcok Back in Anger and ]n-yer-fa￿ theatre The Pillowman. Students were highly creattve. working in the style of practth'oners such as Katie Mitchell, introducing audience to live feed and mulb'ple screen performances. It was a fantastic showcase of the talent al Gresham's and a great evening of theatre. The 10-minute Play competition took place on Wednesday 1W May. It was an extraordinary evening of original plays and highly Ihealrical productions. Five plays were written during the Michaelmas Term and went into production in Lent Term. Disruptions due lo Covid-19 meant that only four finally made it to the stage in May. which were a testsment to the determination of all students involved and a hugely entertaining and Ihought-provoking evening. The written plays werejudged by local playwright, James McDemiott. and the productions were judged by Mrs Futter. The winning play, Tha Mullipla Liv8s of Am81ia Smith. which dealt wth mental heaRh issue5, excitingly wa5 written by a student who has gone on to Universily to study Creative Wrth"ng. Best prrKJuction went to OurRe81 Pnncess, a play about Princess Diana. reflecling the wide range of material students choose lo explore. For one glorious night in June. a small company of Year 10 students Ic¥)k to the Theatre in the Wood5 lo present a modern adaplation, by Laura Eason. of JU￿5 Veme's novel Around the Wodd in 80 Days. The fasl-paced story of adventure was ideally suited to the amphitheatre, allowng the story of Philea5' Fogg's journey lo be told with creativity and energy. This was a hugely entertaining, action-packed production with highly choreographed fast- moving travel by sea, train and elephant, and chases from angry locals. bandits and police, with a good helping of old-fashioned romance. An impre$5ive ensemble of 9 played mutliple characters to take us on Fogg's travels round the world and a talented student puppet designer and puppeteer added Foley work to her skill set to produce a memorable on stage soundscape to add lo the theatricality of really good evening's entertainment. The piece has been filmed and will be an educat¢onal resource for the students and their SUC￿$S0r. A special mention goes to the student Assistant Director who, at very short notice. tcok up the mantle to read in the role of the lovely Mrs Aouda as Covid-19 once again intervened. His wa5 a charming and fvnny perfomiance much appreciated by the audien￿. Year 11 Slep Up to Theatre group took ts¥o weeks and Created an original trailer for an imagined horror film. The company scripted. ca51. scouted locations for, costumed, act￿1. ffilmed and edited Domesb'caled Dcgs Still Bile. If only they had lime to create the whole filml This 15 an area that 15 increasingly popular with students and has led to the introducb'on of D1￿cloT,S Shorts, a tW04ninute film compeb'tson lo be intr(NJuced in September. One pupil, in additton to taking on the role of Phileas Fogg. gained a place wrth The National Youth Theatre. He will after attending a Summer Schcx)I to tecome part ofthe companyfollowng in the footstep5 offvffj other recent pupils.

GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinugd) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS {continuedl Senlor School Icontlnuod) Duke of Edinburyh's Award The Duke of Edinburgh's Award continues despite Covid-19 wulations. In O¢tob8r, some of the backlog of the expedits'on calendar was fulfilled, with the exception oflhe ¢amping overnight element, which was esp8cially pleasing for the Upper 61h cohort. The Lent Temi was planned to ¢Omp￿te all outstanding expedition5 but this was put back lo the SummerTem. Completion rates continue to be eX￿lIent, as does the range of acb"vilies the pupils undertake. G￿$￿.$ LW of E¢ffintrxu8h's Aw•rd S¢hen* ¢￿￿ebOnS Thze Sdvet 2020 71/74 37r37 20/20 2019 59/63 23r24 2018 47153 26/31 20126 The Award has been boosted by signikant interest since the passing of the Duke of Edinburgh. Less local expedib'ons are planned for 2021r22. CCF The CCF started in September wth a full parade and managed to organise 2 field days in October. These took place in School bul allowed Year 10 and 11 to work on both CCF and expedition skills whilst the older pupils could act as NCOS. The outdoor nature of the CCF has allowed for much of the nomial syllabvs and routine to be mainlained. In November. a superb Remembrance Day service was delivered on the main cricket square lo all membefs of the School. Betsveen January and March the CCF offered pupils the opportunity to continue with their syllabus and maintain their skills as best as possible. In the Summer Tenn. CCF retumed positively with the development of Royal Navy afloat Iraining. with kayaking, sailing and powerboating course5 now available IhTough links with Hickling Broad., development of sh￿ting in CCF with tsrget sprint. paintball and archery now all established and regular events", plans lo add air pistol to the portfolio and development of CCF STEM events and activity to parallel Dyson-inspired projects. There is the challenge of restructuring CCF for increased school numbers very much in mind, plus the need for additional qualffied staff to deliver high quality activities to more cadeis. Woodlands and Adventure The Woodlands have become and will conts.nue to be a focus for the School as well as an important area for both GSEL and charitable inib'atives. The Woodlands obstacle and high ropes courses have begun lo be used more by sports teams and Houses on both games afterncxjns and the weekend. A popular and successful climbing GAP a¢tivily has been run and the Head of Adventure has inlr(MJuced a Year 9 survNal course. The popular Gritty Grasshopper event relumed and raised nearfy £3.500 for the School charity and nearly all members of the Schwl managed to complete Ihe course.

GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS. PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued) Senior School {¢ontinuodl SOTvice$ and Charltles The nature of community service in CovKI-19 times has meant that many of the out4if-gehool activities. such as visiting Thornage Hall, have been temporarily cancelled. However, a Small group of pupils and teachers have formed very KK)sitive relationships with the Treehouse Café. our School Charity of the year. The Head of Services and OLrtreach has done an excellent job provKling service opportunibes for all the ￿ Form on a Friday afternoon. Over Field Days, the pupils explored the IcKal area through day walks (all of Year 9 included) in addition to visiting the Treehouse Café, the Holt Youth Project and a market garden inrtiative in Aylsham. Lockdown local community service continues lo be difficutt bul an online discussion group has been sel up wth Iccal elderly people. Before Christmas. over £1,010 was raised by the Chaplain's Christrnas Tree Festival. Since the academic year 201912020, charitable events have been cwrdinated by the Senior School Charity Committee, which has in turn been supported by the chaT￿Y Coordinator. Tom Bumett. The ernpha5is has been on 5UPPOrting small local charities to ensure that the GTesham's communty can see the impact of ils fvndrai5ing. In 202012021, the school supported The Treehouse Café. a charity based in Holt which wa5 Qpened last year by Lorna and Rachel, and has a community fridge. zero waste café and outdoor area wth a vegetable garden. St also runs workshops such as children's yoga and music groups. This community centre is vital to the area as il provides a friendly and welcoming environment that aims to support people affeded by poverty and deprivation in Ho￿. This effort helps anyone who needs it. from new mums lo vvlnerable ekderty people and ehildren with speech difficulties. Gresham's has successfully raised in excess of £19,000 this year which will go towards building a low4evel treehouse with disabled access and a sensory garden. This was achieved Ihrough non-uniform days, sponsored runs and achievements, the Gntty Grasshopper 2021. virtual half marathons, Christmas singles and House Music. L••d•rshlp Adam Richardson launched the Gresham's Leadership initiative in September. with the support of the UEA. A group of 25 pupils have been involved in this process in rts inaugural year. Pupils have had the opportunity lo listen to leadership lectures bul also create their own podcasl interviews such as those wilh Ben Youngs. Year 2 plans are in progress. Development of Fa¢ilitie8 (Senlor The most significant and exuting development ￿ds the new Dyson STEAM Building. work on whi¢h continued throughout the year, deSF￿le many challenges. ready for use from earfy in the new academi¢ year. Thi5 faGilily, funded by a grft from OG Sir James Dyson. will inspTe pupils and enhance opportunities for leaming and collaborating in the fields of S￿enCe. technology. engineering. arts and maths, and will a15Q SUPPOrt outreach work with other schools and organisations. A new strength and condit￿ning suite was created, as referenced above and a myiiad of other works were undertaken to update or refurbish buildings, including window replacements. boarding house and swimming pool changing area refvrbishrnents, roof repairs and insulation, boiler replacements and reconfiguration of office space folk)wing the move of the &hool's Finance and HR teams. 10

GRESHAM'S SCHOOL GOVERNORS, REPORT l¢ontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued) Prep and Pre Prep School A new Gresham's Code was written collaboratively by stsff and pupils in the Summer Tem.. Kindness remains at the core of everything vft do al Gresham's Prep School, as outlined in the new Code which 1$ far easier for pupils to remember. Our 3 Rs.. Respe¢l- be kind and well-mannered towards everyone you meet.. a￿y5 include others and celebrate diversity Resilience- tum failu￿ and drffi¢ulty into opportunty. Never give up. Responsibility - be honest. Show compassion by rnaking a posltive impact within the comrnunrty and by caring about the world around you. Take respjnsibilily for your cwn progress by working hard, being curious. daring to ty new things and giving of your best al all limes. Extra-currfcular provlslon Saturday Enrichment was reffned to include personalised programmes of academic enT￿hMent, including revision skills, 11 + and 13+ entrance examination tuthon and reasoning skills in the mornings. Covld-19 response Huge leaps forward were made in temis of IT use and expertise Iboth for stsff and pupils). with remote lessons and blended learning providing education throughout the pandemic with minimal disruptEon lo the children's experience. All Covid-19 measures were monitored carefully to ensure safety of our school community and no cases of Covid- 19 were recorded in any Prep School pupils or staff. Online 'Howzaf dice cricket and 'Around the woHd' challenges replaced competitive sports fixtures throughout the Icckdown period and daily messages from the Head kept parents and pupils in touch wth the changing seasons in the grounds. Sports Day. a Leavers, Service in the Chapel, a Year 7 Summer barbecue, Year 8 Le8vers' Summer Dinner, a ¢harty fwtball event, Ihe summer fete and two Speech Days all went ahead with full Covid-19 risk assessments. The Pre-Prep remained open for 85% of pupils during the second lockdovm owing to paren15 having critical worker statu5. This Worked well for all involved. Extra measu￿$ We￿ in pla¢e Wbth additional cleaning, increased ventilation, small bubbles and staff taking twi¢e-weekly Lateral Flow Test5. We were lucky nol to have any positive ¢as95 in Pre- Prep. Staff worked hard to provide remote learning for families who were Shielding or who didn't come in during the lockdowns. using a range of recorded and live small sessions focusing on well-being. English and Maths. Development of Facilities (Prep and Pvo4ropI Developments at the Prep School include upgrades to the junior bathrooms in Kenwyn and to the downstairs receptionlrelaxation areas in Crossways. new blinds throughout the Music School. redecoration of the Year 4 classrooms and the cOmplet￿n of the Kitchen Cabin at the very end of the Summer Term - all are ready for use in September 2021. Archilecls. Puicell, prepared a Masterplan for the development of Pre-Prep, which will improve and expand facilities and make them more accessible for the youngest children in the school. Phase One was completed during the summer 2021 holiday, wrth new Nursery classrcoms ready for use from the start of the new year. and Phase 2 will be PTogressed during the coming year. 11

GRESHAM'S SCHOOL GOVERNORS, REPORT {¢ontlnued> GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued) Pupil number5 During the year Gresham's School averaged 861 pupils12020.' 815). Public benefit ISC Research IThe impact of independent schools on the Brrtish Economy, October 2018} suggests ihat ISC Schools saved the taxpayer an estsmaled £3.0 billion in 2017. This equates to a per pupil sum of £6,640 per annum. Using this figure. Gresham's could be estimated to have Saved the tsxpayer £5.7 million over the last academic year. Scholarships and bursaries were equivalent to 12.9%12020-. 13.5Y•l of the School's fee income. In total £2.805,000 12020: £2.785.otK)I was made available by the School and comprised £1.319.00012020.' £1.261.000} awarded as scholarships and £1.486,OCI)12020-. £1,524,000) awarded as bursaries. 132 pupils115.3% of the total number of pupils) {2020.' 129 pupils, 15.8% of totall benefited from scholarships. 123 pupils (14.3% of the total number of pupils) {2020'. 123 pupils, 15.1 % of total} benefited from means-tested bursarie5. Gresham's is an educational partner of Ormiston Venture Academy, Gorfeston. Regular exchange visits are arranged for both staff and pupils. and a 100% &h fomi Scholarship to Gresham's is made available each year. In addition to the above. the Fishmongers. Company makes several prestsgious a￿ardS available each year which. like the School's awards, are for academic excellence, music. art. drama and sport. In doing so, the Company provided funds tolalling £39,00012020.. £59,000) to the S¢lN)ol during the year. in addition to the £134.00012020.' £212.000) donated lo the Foundats'on for bursaries. Of the 108 bursary awards made, 43 were considered to be 'lrffrchanging' awards. These award5 cover belween 76% and 1 OOIJA of the temily fees. Great Yarmouth Charter Academy and the Ormiston Venture Aeademy are two examples of sCh￿IS with which Gresham's has developed strong links in recent years. Thanks to donations from The Fishmongers. Company lo the Foundation, four life changing awards are made every year to pupils from these schools. The impact that a Gresham'$ edu¢ats"on Can have on these puiils, and the impact that the pupils themselves have on their peer$ and the School as a whole, is sKJnificant. They get so much out ofwhat a Gresham's education offers, whilst the pupil body in tum is enriched by the incluston of these young people. In recent years, life changing award holders have gone on to Study a wide range of ￿Vr$e$ al university, which include undergraduate courses at OxbrKlge. Equally. some recent Itfe changing award recipien15 have also gone on to become pupils who became successful in the fields of mediryne. music, acbng, first class cricket and professional rugby. One former pupil in part￿Ular. who graduated three years ago, was also in receipt of a rugby scholarship. became Head of their House and was also appointed as Head Chorister whilst 8t School. One year ago, a puyl was Head of House and was the kad in the School Musical. Gresham's pupils work closely with the Holt Youth Project in their North Norfolk Young Carers Scheme. The School makes a minibus available every Wednesday to help transwrt the Young Carers to their evening activitEs. Pupils from the School's Sixth Fom accompany them to help and provide assistance lo the young people. There are Tegular visits lo the School by the Young Carers Group for activf(ies organised by the School's Director of Art, for example, the screen printing of T- Shirts and a suppei is arranged by the s￿th Form pupil5. The School and the London Children's Camp provKled groups of disadvantaged young people with summer camp experiences in the School's Vvoodland facilities. 12

GRESHAM'S SCHOOL GOVERNORS, REPORT leontsnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continugd Publle beneflt Icontlnued The School supports olher organisalions and causes by provKling school fa￿IrtieS free of charge. For example, the School runs an annual Cross-county event involving over 20 I￿al primary schwls. The School grounds and facilities are made available lo enable this to take place in a safe environment. The Gresham's Prep School runs art, design and music events for local primary children a5 well as Latin lessons. dance and drama activities. The School also works in portnership with the National Youth Choir to provide opwrtunilies for thal children. The Holt Youth Project has been using the sports hall Imichaelmas & Lent term) and the Astro pitches during the Summer Term. since 1998. For the last tsyelve years the School's CCF has run a Summer Camp for RM Cadets from Flegg High School IGreal Yarmouth) in the school grounds. Vthilst here they camp, go mountain biking, swim, use Ihe shooting range and climb. The School's minibus is available for the Holl Primary School every Wednesday lo take them to the School's swimming pool. Local scout groups can also use the minibus for visits to Ihe shooting range and the S¢hool woods. All of the at*Jve activities have been curtailed over the past year because of the Covid-19 pandemi¢. Community Links Gresham's is a major contributor to the I￿al economy in North Norfolk. The School is the largest empkjyer in the town of Holl. employing some 38412020.. 386} full and part-time teaching and SUPF)Ort staff. A substsntial proFXJrtion of the School's budget is spent locally and the School is keen to involve Ictal contractors and tradesmen whenever possible. Facilities are made available when not ￿ing used by the School and local primary schoo15 Use the School pool regularly. Local people are able to attend perfornances in the Britten Building or the Auden Theatre. A public car park was built on School grounds near the centie of Holt in 2017, providing mu¢h-needed car parking for Holt, which continues lo be of benerrt to shops and traders in the lown. FINANCIAL REVIEW The Consolidated Statement of Financial Activities for the year is set out on page 24 of the financial statements. Pupil numbers in 2020121 were very gcod. hvJher than anticipated in the School's budget and higher than the previous year. The School achieved nel income before investment gains of £365,000 (2020.. £18,606,000 of which £18.212.000 related lo the Dyson Trust donation). The impact of the Covid-19 pandemic continued, as mentioned above. Fees V￿re frozen for the year. in recognition of the impact of the pandemic generally on many families, and fees were discounted during the Lent Term closure period1£730,000.' 2020.. £1.100,000}. Closure of the school meant operational savings were made. in particular on catering costs, utilities and educational budgets. saving in the region of £267.000 12020.. £578.0001. Fee debts continued lo be managed carefully, with addttional support provided where a sudden need arose and more allowance than usual was made for fees to be staged over a Terrn for families who needed it. The School was eligible to obtain government support grants to offset the impact of the pandernic. The Coronavirus Job Retention Scheme I"CJRS"l allowed the School to furtough 167 staff members. primarily be￿een 11 January and 7 March. with some continuing to be fudoughed due to the School's restricted activities in the Summer term {2020. 178 be￿een 20 March and 31 August) and therefore claimed £246,00012020: £845,000). These accounts consolidate the results of Gresham's School Enterprises Limited IGSEL) as Tt is a 100trh owned subsidiary. During the year GSEL made a profrt of £12,000 (2020.. loss £30.000). reflecting the start of a recovery post-pandemi¢. The School received bursary donations lotalling £343.000 (2020.. £322.000) from the Gresham's Foundation, connected charty, and £14,000 of small grant and capital project donations12020.' £32.0001. For further details on the relationship befvleen the School and the Foundation see note 18. 13

GRESHAM'S SCHOOL GOVERNORS, REPORT l¢ontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 FINANCIAL REVIEW {¢ontinued) Reserves Al 31 August 2021, the School had unrestricted funds of £36.223.1)0012020.' £22,298,000). deployed as part of the School's premises and equipment. and wf(h the need for day-tLHlay working capital being met by carefLFI management of short4em liquid resource in the absence of free reserves. Within unrestn.cted funds there 15 a fund of £510,000 designated lo coverthe t￿bIlity the School could have should rtdecide to wthdrawfrom the Sndependent School's Pension Scheme {see note 241. The Govemors have a pdicy to use revenue surpluses and ￿rrOwIngS as appropriate lo improve the facilities and the overall educakn.onal seNice provKled by the School. It is the intention of the Governors that this FK)licy be conb'nued and any unrestricted surpluses will be used for this purpose. The Governors consider that free reserves of £2.Om, or two months. expenditure. would be practicable and achievable in order lo cover the risks and uncertainb'es of operating as an independent educational eslablishment. The policy is therefore to continue tr) build vp reseThes out of annual operating surpluses Lsntil that level is reached. subject to the prior demands of further capitsl expenditure lo equip the Schcol with the up-tO-d*e frdcilities needed to maintain the standard of educational servtis currently provided. The School had restricted funds of £3.135.000 (2020.. £16.512.000), {see note 19} and endowment funds of £3.235,000 {2020'. £2,924.0001. Princlpal Fundlng Source The inftaslruclure of the School is fvnded from operating surpluses. donatK)ns and by agreed bank facilib'es. Pupils attending the S¢h¢Jol are Charged a termty fee and the income arising from these fees is utilised to meet the costs of running the School on a day-to4ay basis as well as funding longer-tem capital projects and the provision of scholarships and lyjrsaries. Invo$tm•ntpowets, pollcy and perfornlance The Charity's investment powefs are governed by its Memorandurn and Articles of Association, which give the Govemors the power to invest the monies of the charitable company, not immediately required for ils purposes, in or upon such investments, secunts.es ￿ propety as may be thought fiL Investments are managed on a discretionary basis, on a medium risk profile. vthh predominately an income mandate bul some c8pi(al gro￿. Perfomiance over Ihe past year was in line with expectsbons, allowing for the imp8Ct of Covid-19 on the markets, but investsment objecb'ves are b&ng reconsKlered. with a view 10 5eth.ng a grealer totsl retum target in future. PLANS FOR THE FUTURE Momentum is starting cautiously lo bulky again. using the School's positive position to pursue the govemors. strategic aim to grow the schoJl and, in so doing, build y￿ater resilience. The School is offering a wider range of Sixth Form options now, with interest growing in qualificab.ons like BTEC sitting alongside A levels and the IB. Over the coming year, following the opening of the new Dyson Building at the start of the new academic year. we will continue to develop our estate in line wth our campus development plan to ensure faciliti'es are maintained and developed to meet the needs and expectalions of pupils. parents and staff well into the future. This work includes plans lo accommodate the growth in pupil numbers we are seeking. Alongside this. we will seek to continue to attract and relain good quality staff and ensure they are Irained to meet our needs and develop the IT expertise, infrastructure and resources which proved so vitsl to maintaining continuity of education during the pandemic c105ures. The School already doe5 a lot to foste¥ good relationships wlh the local community and provide support lo others, whether Ihrough ils bursary programme or making faolibes availabk for others to use when feasib￿. 14

GRESHAM'S SCHOOL GOVERNORS, REPORT (contlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 RISK MANAGEMENT On an ongoing basis the Governors assess the major risk5 to which the School is exposed and they are satisfied that systems are in pla￿ to manage all identified risks. The Audrt & Risk Committee assess the major risks in detail and the minutes of each of its meetings are presented to the main Governing body for review and comment. The Governors view the risks in temis of impact and probabilty. They have Identif￿ the three risks as most significant lo the ongoing operation of the sch￿1, wh￿h are mikn"gated a5 follows.. RecnJilm8nt and retention ofpupils Through a programme of Open Oays, parentsl visits. Taster Days. markets"ng, ready access to the Heads of the S¢hools, rnonitoring of ￿aSonS for joininglleawng and management of finances to control in¢￿aSe$ in fees, ¢ruitment and ￿tenti)n of pupils is managed. Safety of pupils The School ensure5 that itfollow5 pmper safeguarding pr￿edures. staff recruitment polKies, makes suitable Checks on contractors, maintains a Health Centre staffed 2417. promotes the best in pastoral care and sUPPOrt and operates under a comprehensive health and safety policy to ensure the safety of our pupils. Major failure of IT systems A dedicated team maintains the IT infrastructu￿, supplemented by extemal help where necessary. The day-to-day running and the security of the system is a priority. The building of the new Dyson STEAM building wa5 used as an opportunity lo enhance the resilience of the school's IT nely￿rk. There has been a renewed focus on cyber security following high-profi'le attacks on other institutions. Global pand8m The Covid-19 pandemic tested the School's ability io ￿Spond under such circumstsnces in ways never envisaged and, through this experience. the Sch￿1 was able io test and refine its remote working response to dealing with a pandemic and develop a comprehensive risk assessment for operab.ng during a pandem￿. This provides an excellent basis on which to develop future risk assessments. adapted according lo the nature of any future pandemic. The financial impact of the pandemic was mitigated to some degree through a combination of sound financial management lo maintain cash and reserves at healthy levels,. provision of good attem81ive teaching and learning piovision,. fair reductions in fees and availability of 5UPPOrt where necessary, but robust pursuit of unpaid debts,. pausing capital expenditure to preserve cash where necessary. and using our linked Charity, the Gresham's Foundation, to support those parents who needed IL Whilst there are signs at last that the impact of Ihe pandemic is receding, the School is not complacent and conts.nues lo operate with some vigilance in ￿latiOn to potential further impact over the coming year. Pension Gosl$ In response lo a 43% increase in the cost of teachers. Fensions in 2019, the School consulted with teaching staff on changes to their pension provision, resulting in new arrangements commencing in May 2020 that provide mo choice and are more sustainable. The School will continue to monitor external socio-political and economic factors that are changing the lands¢ape in which independent schools like Gresham's operate so that it can identfy and manage emerging risks. See further detail in note 24 of the financial statements. FinanGial Instrumenfs The School has a nomial level of exposure to price, ¢￿dI1, liquidty. and cash flow risks arising from trading activities which are largely conducted in Ste￿Ing. FOre￿n currency transactions are so minimal that the risk of exchange rate volatility is considered negligible 15

GRESHAM'S SCHOOL GOVERNORS. REPORT Iconllnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Companles (Miscellaneous Reportlng) Regulatlons 2018 The governors understand and have complied with th￿r duty to have regard to the matters set out in s.172111 of the Companies Act 2006 and consider that the school's achievements and financial perfomiance. ment￿￿ned above. reflect this. Further comments are made below. Promotion of Ihe School Covid-19 once again limiied opportunitEs to promote the s¢hool at live events, su¢h as the Norfolk Show, bul excellent opportunities have been taken to promote the School through digital media, articles in nabonal publ￿atiOnS, including Taller Schools Guide, and local news articles. The Speech Day5. celebrating the collective and individual successes of pupils, were able lo retum to being INe events this year albeit with restrictions in place to comply with Covid-19 guidance and the School's Covid-19 risk assessment. The resilience shown during a very tough peric*J undoubtedly helped to raise the School's profile and help its reputat￿n. Employee involvement and poli The School is an equal opportunity emFdoyer and ensures. through a comprehenswe set of HR policies, that all appltcants or employees are treated ¢onsistenWy. The School has established methods to provide information to and Consult wrth employee5 on a regular basis on financial and other matters that affect them. Mechanisms include regular staff briefings in each school and an annual meeting at the start of the academic year. lo which all staff are invited. which allows the Heads and Bursar lo brief on highlights from the past year and plans for the coming year. Microsoft Teams has allowed briefings to continue even when fac&-tO-face meetings have not been possible. A more formal mechanism for Invo￿1n9 staff is the HR and Staff Condttions Committee, which is a fomial su committee of the goveming body. s￿Ing ￿l¢e each year. and which is attended by staff representstives. More informal arrangements include a staff wellbeing group. who consider and seek approval for smaller improvements to help staff. including arranging events and promob.ng services which help wellbeing. such as massage sessions and Pilates to help ease stress. Staff are offered the chance to join a school wellbeing support package. which is funded by the Sthool. Engagement wtsh othe The School engages with stakeholders in different ways. Parents, through ne￿letter5, a house tutor system, parent meetings and forums and surveys. Our local community is engaged infomially through myriad events and activities with which the School is engaged. including those summarised under the Community Links seciion. and more formally when required through public meetings, such as that held pr￿1 lo the building of our new Dyson STEAM building. Good relations are maintained with suppliers and other stakeholders through prompt payment of invoices. the turnarovnd b.mes for which are formally monitored under payment practices reporting requirements, and regular meetings wlh representative5 from those cKganisatbJns With whom we have an ong01￿COntractUal business relationship. such as our catering contractor. 16

GRESHAM'S SCHOOL GOVERNORS, REPORT l¢ontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Carbon and energy reportlng and Envlronmenial Matters The School is required to report emissions. as a 'large undertaking.. in line with Streamlined Energy and Carbon Reporting {'SECR'I ￿gUlations. An evidence-based methodology was adopted in a¢cOrdan￿ with BS EN ISO 140644.2019, Section 4.3" verifiable data has been ¢olle¢ted from the folbwing sour¢es-. Energy Dats. Energy metering. invoices. supply summarieslstatements, repayment claims fof business mileage. fuel cards and Corresponden￿ with suppliers and the Schcol. ESOS Phase11 and SECR 2019r20. Previous Audit Data.. All emisston factors for C02e. have been calculated using Defra Conversions 2021, as the period ¢overs four-months of 2020 and eight-months of 2021, in accordan￿ with Defta guidelines. The energy data was compiled and audiled by an extemal, registered ESOS Lead Assessor. GHG emissions and energy use dats for period 1 September 2020 to 31 August 2021, with comparative data for the baseline reporting year. are shown below". Baseline Reporting Year Currvnt Reporting Ygar 2019-2020 2020-2021 UK GHG Eml8Blon and UK GHG Emission and Energy Dala Enorgy Data Energy consumption used to calculate emissions Ikwhl., all mandatory energy sources are induded. 6,463.162 17.710.564.70 Scope 1.. Emissions from the combustion of Natural Gas tC02e 694.4 792.6 I Scope 1.. EmissDns from combustion of Fuel for I transport andlor healing IC02e . (see evidence pad( for breakdown) Scope 1.. Emissions of Biomass Pellets tC02e 324.5 388.2 Scope 3.. Emissions from business travel in employee- owned vehicles, where the company repaid mileage claims tC02e (average vehiclelfuel source unknown) Scope 2.. Emissions from purchased Electricty tC02e 388.7 1389.3 Total gross C02e based on above ItC02el 11N12.8 1￿72.4 Intenslty Ratio 1.. kg C02e gross based on mandalory fields above per melre square of Gross Intemal Area.. 42.6 kg CO2e m (kg C02e m-2). being 33,202.5 m 47A kg CO2e m" 17

GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Carbon and eneryy reporting and Environmental Matter51continued} Anal sis and Actions During the financial year 100% of electrioty supplied to the school was from 100% REGO-backed Renewable Zero Carbon Generation. Gresham's School has a maintained wcK)dland of approximately 80 acres, consisting of Oak, Beech. Ash, and other native trees. which woukl sequester appr0￿matelY 152 tC02e per year over 8 100-year period IWoc¥Yland Trust, 20201. Scope 2 emissions rose marginalty, as carb)n intensity r&Juced from grid supplied eleclricty. the reopening of the school increased demand for dectrioty. Scope 1 emissions have risen during Ihis reporling period because of lower ambient lemperalures during spring 2021 and schod closure during the same period in 2020. Throughout autumn and winter 2020. the requirement for increased ventilation to reduce the transmission of the Coronavirus. resulted in ex￿siVe heat losses and increased energy consumptr"on. represents'ng a comparats've increase of 97.8 tC02e for natur81 gas. Scope 2 emissions for healing fuels and TransFQrt also rose during 2020r21. as travel restrictions eased and the school reopened. Conversely. Scope 3 eMiss￿nS reduced significanuy because of increased use of digital communicats'on and travel restrictions. Gresham's School is considering the benefits and impacts of prccuring up to 100% renewable gas and fuel 5wilchingldecarbonisalion of heab.ng through groundlair source heat pumps IGSHPIASHPI. as part of the School's move towards becoming a Net Zero xhool. The Dyson Building is the fi'rst building to have been instslled with GSHP, which has replaced the fomier 8￿)logY and English blocks12021). We are also exploring the potential for increased onsite generab.on from Solar PV, which would complement the Solar PV array installed on the Dyson and Oakeley Buildings, with an annual generation of circa 22.180 kwh pa, dIreC￿Y saving 5.2 tCO* pa equivalent of 103.4 tC02e over the 2(kyear life expectancy of the systems. In order lo gain much greater granularity of energy usage. arKI be abk to ￿entify opportunities, possible waste and provide more insighttul data in support of 'spend-to-save' measures and net carbon zero road mapping, the Schoo5 is considering whether lo replace the 17 existing gas meters for new automats"c metering wth half4)ouAy energy data, and possibly investing in sub-metering for gas. ekctriuty and heaL There is a rolling program of lighting upgrades, as IKJhting generalty accounts for around 8%-10% of total energy consumption or approximately 200k of lotal energy cost per year. Given the number of fittings across the school estate, it would be a significant cost to replace all the lighting and run the iisk of the lighting requiring replacement after 50,OOOhrs, requiring a life-cycle repla￿ment program to be considered. A combined Environmeniai and Energy Policy is being drafted, wh￿h rt is hoped wll lead to an action pL8n based on SMART objectives. As part of this. the School obtained a gold standard Eco Schoo15 Green Flag award, Ihanks to the efforts of the Senior School's Environmental Committee. 18

GRESHAM'S SCHOOL GOVERNORS, REPORT {contlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 GOVERNORS. RESPONSIBILITIES Governing docun78nt Gresham's SchcKJl was founded by Sir John Gresham and received letter5 patent from Queen Mary and King Philip in 1555. Sir John Gresham placed the School under the ¢are of Ihe Worshipful Company of Fishmongers of the City of London in 1556 and to this day that Company ￿M01n5 actTvely involved. The School is a charitable company limited by guarantee, Gresham's School {Company Registration 5196298 and Charity Commission Registration Number 1105500). Recruitment and appointment of Governo The Governors are also Trustees for the purpose of charity law and Directors for the purpose of company law. 11 is the Board of Governors, collective responsibility to ensure that the organisalion is fil for purpose and lo determine and support its slralegic direction in order to enable it to attain its stated objecbve. The Charity aim5 to recruit Governors with a wide range of business and other sector experience from which the School will benefit. Complementing this diversty, the Board of Governors has a strong sense of purpose and ethos through strong links with Old Greshamians and parents of pupils at. or formety at. the Scho￿. Govemor induction and training On appointment Governors are provided with copies of relevant dctuments. including the Charity Commission guidance note CC3 - 'The Essential Trustee.. What you need to kno￿. In addition, Governors are encouraged lo keep abreast of their duties and responsibililles by reading Charity Commission and other updates and attending appropriate training courses. Org8nis8tional slnjclu The Board of Govemors meets a minimum of three times annually. including at least one meeting per term. In addition. the Finance and General Purposes Committee of Governors meets al least once per tem to monitor the financial management and development of the School. Other Sub-commillees have specific remit to wnsider matters such a5 Strategy. Education, Estates. Human Resources, Heatth and Safety and Risk. Working Parties may be established, as necessary, but all feed back to the Board. The day-tTrday running of the School is de*aled to the Headmaster, and through the Headmaster. io the Head of the Prep School, the Head of the Pre-Prep School and the Bursar. The Heads and the Bursar attend G¢)vernor and Committee meetings. The Governors are non-executive, unpaid key managers. The key executive managers are the Heads of the three Schools. the Bursar and the Deputy Heads of the Senior and Prep Schools (see note 7 to the accounts). The pay and remuneration of the Head and senior staff is reviewed annually and any changes are recommended by the Finance & General Purposes Committee and approved by the Board of Govemors. All scheduled governor meetings were held as planned during the year but. when necessary to comply with government guidance during the pandemic, took place in part or in full remotely via Microsoft Teams and so governance continued in spite of the pandemic. The Chair of the Audit and Risk Commrttee Continu￿ to lead on behalf of the govemors for ￿vie￿n9 risks assessments. 19

GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 GOVERNORS RESPONSIBILITIES {contlnued) The Govemors are responsible for preparing the Governors. Report and the ffinancial stslements in accordance with applicable law and regulations. Company law requires the Govemors lo prepa￿ financial statements for each financial year. Under that law the Governors have elecled to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Pracb"ce {unrt￿ Kingdom Accounting Standards and applicable lawl. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a tnje and fair view of the state of affairs of the group and company and of the profil or loss of the group and company for that year. In preparing these financial statements. the Governors are required lo.. select suitable a￿Ounting policies and then apply them consistenty- observe the methods and principles in the Charities SORP", make judgements and esb"mate$ thal are reasonable and prudent, state whether applicable accounb'ng standards have been fdbwed, 5ubjert to any material departures disclosed and explained in the financial statements," and prepare the financial statements on the going concem basis tsn￿s it is inapproprrate to assume that the charitable company will conts'nue on that basis. The Governors are responsible for keeping adequale acrA)unting records that are sufficienl to show and explain the cornpany'5 transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements compty with the Companies Act 20115. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevenb'on and detection of fraud and other irregularibes. Govemors. who are directors for the purpose ofcompany law and trustees forthe purpose of charity law. who seNed during the year and up to the date of this report. are Sel out on page 1. In accordance with company law, a$ the charitable company's directors. we certfy that.. so far as we are aware. there is no relevant audit infomiat>on of which the charitable company's auditor is unaware., as the directors of the charitable company we have iaken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit infomation and have established ihal the Charitab￿ company's auditor is aware of that infomiation. AUDITOR A resolution proposing that Haysmxintyre LLP be reappointed as aLKIrf(or of the Charity wll be put lo the Annual General Meeting. This Governors. Report, which incorporatss the Strategic Repor( was approved by the Govemors on 13 December 2021 and signed on If by= Mlchael Go Chaimian 20

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF GRESHAM'S SCHOOL GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Opinion We have audited the financial 5taternents of Gresham's School for the year ended 31 August 2021 which ¢ompri5e the Consolidated Statement of Financial Activities. the S¢hool and Group Balance Sheets. the Consolidated Cash Flow Statement, and notes to the financial statements, induding a Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom counting Standards. in¢luding Financial Reporting Standard 102 The Financial Reporting Standar(l applKable in th8 UK and Republi¢ of Ireland (United Kingdom Generally A¢cepted Accounting Practice}. In our opinion, the financial statements-. give a true and fair view of the state of the group's and of the parent charitable company's affairs a5 at 31 August 2021 and of the group's and parent charitable company's net movement in funds. including the income and expenditure. for the year then ended.. have been properly prepared in accordance with United lQngdom Generally Accepted Accounting Practi￿. and have been prepared in aG￿?￿re with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordarbce with Intemational Standards on Audtbng {UK) IISAS {UK>I and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in ac￿rdanCe with the ethical requirements that are relevant lo our audit of the financial ststernents in the UK including the FRC'S Ethical standard. and we have fulfilled our other ethical responsibilitEs in accordance with these requirements. We believe that the audit evIder￿e we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rgl¥ting to going concgm In auditing the financial statements, we have concluded that the Governors, use of the going concem basi5 of accounting in the preparats'on of the financial statements is appropriaie. Based on the work we have performed. we have not idenb.fied any matenal uncertainties relating to events or conditions that, individually or collectNely, may cast significant doubt on the group's ability to continue a5 a going concern for a period of at least IMelve months from when the financial ststements are authorised foT Issue. Our responsibilities and the responsibilrties of the Govemors with resF*Ct to going concem are described in th8 relevant sectK)n5 of this report. Other inforniation The Governors are Tesponsible for the other information. The olher informatson comprises the informatson included in the Governors, Report. Our opIn￿n on the financial statements does not cover the other informats'on and. except lo the extent otherwise explicitly slated in our report. we do nol express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the oiher information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or cur knowledge obtsined in the auért or othemise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required lo detemiine whether there is a material misslalement in the finaneial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the Wofk undertaken in the course of the audit". the infomation given in the Governor5. Report {which includes the strategic report and the directors, report prepared for the wrposes of company law} for the financial year for which the financial statements are prepared is ¢onsi51ent with Ihe financial statements". and the slTategic report and the director5, report induded within the Govemors, Report have been prepared in acGordanGe with applicable legal requirements. 21

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF GRESHAM'S SCHOOL {¢ontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Mattgrs on which we are requlred to report by exception In the light of the kn￿edge and understanding of the group and the p?￿nt charitable company and its environment obtained in the course of the audit. we have not identified maten.al misstatements in the Govemors, Report {which in¢orporates the strategic report and the directors, report). We have nothing to report in respect of the followng mattets in relation to which the Companies Act 20￿ requires us lo report to you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company., or the parent charitsble company financial ststemen15 are not in agreement with the accounting records and returns.. or certain disclosures of Governors. remunerab'on specified by law are not made,. or we have not received all the information and explanations we require for our audit. Re8ponslbllltles of governors for the flnanclal statements As explained more fully in the govemors, responsibilities ststement set out on pages 20 the Governors (who are the directors of the charitable company for the purposes of company law and the trustees for the purposes of charity law) are responsible for the preparabon of the finanaal statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors detemiine is n￿ssary to enable the preparation of fi'nancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the group's and the parent charitable company's a￿lItY to corbtinue as a going concem. disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unkss the trustees either intend lo liquidate the group or the parent charitable Company or to cease operations. or have no realistic altematwe bul to do so. Audltor's responsibilities for th• audi¢ of tho financial statements Our objectives a￿ to obtain reasonable assurance about whether the financial ststements as a whole are free from material misststement. whether due to fraud or error. and to i$5ue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exisls. Misstatements can arise from fraud or error and are conSide￿d material if, indN5dually or in the aggregate. they could reasonably be expected lo influence the economic deasions of users taken on the basis of these finanual statements. Irregularit￿s. including fraud. are InStan￿S of non-complian￿ ￿w$ and regulalions. We design procedures in line with our responsibilities. outlined above. to detect rnalerial mi55tatements in respect of irregularities. including fraud. The extent to which our prccedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the group and the environmenl in which it operates. we identified that the principal risks of non-compliance with laws and regulabons related to the independent school regulatsons. safeguarding regulations, health and safety requirements. GDPR, employment law. charity law and company law. and we considered the exlenl to which non-compliance might have 8 material effecl on the financial statements. We a150 considered those laws and regulatiar15 that have a direct impact on the preparation of the financial statement5 Such as the Companies Act 2006 and Charities kn12011 and ¢onsider other factors such as payroll tax. 22

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF GRESHAM'S SCHOOL Icontlnuod GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 We evaluated management's incentives and opportunthes for fraudulent manipulation of the financial stalements {including the risk of override of controls), and determined that the principal risks were re121ed to the impmper recognition of revenue and management bias in accounting estimates. Audit prC¢edu￿s perfom)ed by the engagement team included.. Inspecting correspondence with regulators and tax aulhorilies. Discussions with management including considerats'on of known or suspected instances of non-complian with laws and regulation and fraud- Evaluating managemenys controls designed to prevent and detect irregularities. Identifying and testing joumals, in party¢ular journal entries posted at the year end," and Challenging assumpti￿S and judgements made by management in their critical accounting estimates. A further descrlption of our responsibilities for the audit of the financial statements is Ictaled on the Financial Reporting Council'5 website at.. vfi¥w.frc.o .uklaudiio nsibilrtEs. This descripbon forms part of our auditor's report. U$¢ of our report This report is made solely lo the charitable companys Governors, as a ￿dy. in accordance with Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has been undertaken so that we might stste lo the charitsble company's Governors those matters we are required to stsle to them in an Auditols 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 ¢haritable company and the charitable companls Govemors, as a t(rfly, for our audit work, for thts repor( or for the opinions we have formed. Tracey Young (Senior Statutory Auditor) HaysMac1nty￿ LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG Date.. 20.12.21 23

GRESHAM'S SCHOOL CONSOLIDATED STATEMEKf OF FINANCIAL AcThnTIES GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted Restricted Endowrnent Funds Funds Fund £000 2021 £000 2020 £000 INCOME FROM: Charitable actlvltie8 Schoe4 fees Other income 16.463 203 16,463 203 15.427 239 OtheT tradlng activities Gresham's School Enterprises Lettngs Investment Income Donations and grant Incorng Other Income Profit on sale of fixed assets 240 22 112 240 22 127 344 160 12 122 19,174 15 81 Total Incorno 17.303 17,399 35,136 EXPENDITURE Raising Funds Charitable a¢tNities 260 16.635 11 110 287 16,745 229 16,301 Total expenditure 16.895 121 16 17,032 16,530 Net incomel{•xpenditurnl b*fore investment gainslllo$$o51 4c6 {251 1161 365 18,606 Investment Ilossesygains 27 145 322 494 (45) Net movement in funds bèfore transfers Transfers 433 13.492 120 (13.497) 859 18,561 19 Net movement in fvnds 13,925 {13,377} 311 859 18.561 R¢Gon¢lllatlon of fund8 Fund balances al 1 August 2020 22.296 16.512 2.924 41.732 23,173 Fund balances at 31 August 2021 36.223 3.135 3.235 42,593 41.732 The consolidated statement of financial actNilies includes all gains and losses in the year. All incomlng resources, and resources expended, derive from continuing ackn"vibes. The comparative year's consolidated statement of financial activth'es is included in note 26. The a¢¢ompanying notes fom part of these xcounts. 24

GRESHAM'S SCHOOL (Company Number: 051962981 BALANCE SHEETS GRESHAM'S AS AT 31 AUGUST 2021 2021 2020 Note8 Group School Group {R¢statsdl £000 School FIXED ASSErs £000 £000 £000 Tangible assets Investments 42.030 4.865 41,604 4,865 27.616 3,841 27,149 3,841 10 46.895 46.469 31,457 30,990 CURRENT ASSETS stock Debtors Cash at bank and in hand 21 3,569 2.810 33 16,517 1.850 11 3.611 2,749 16.598 1,821 6.400 6.360 18.400 18.419 CURRENT LIABILITIES CREDITORS: amounts falling due within one year 12 (6,576) (6,5291 (4,419} 14,3831 NET CURRENT ILIABILrriESyASSETS (176) {169} 13,981 14.036 TOTAL ASSETS LESS CURRENT LIABILITIES 46.719 46.300 45.438 45.026 LONG TERM LIABILrriES CREDITORS.. amwnts falling due after more than one year 13 (4,126) 13,746) 13,7C61 13,3211 NET ASSETS 42.593 42.554 41,732 41,705 FUND BALANCES Unrestricted funds General funds Designated funds Reslricled funds Endowment funds 19 19 19 19 35.713 510 3.135 3.235 35.674 510 3,135 3.235 21.786 510 18.512 2.924 21.759 510 16.512 2.924 42.593 42,554 41.732 41.705 The School's net movement in funds was £849.00012020'. £18.561.000). The financial statements were approved and authorised for issue by the Governors on 13 December 2021 and signed o th Mi¢hael off, Chair Govemors Paul Marriage. C iro inance & General PurFX)ses Committee The accompanying notes fomi part of these accounts. 25

GRESHAM'S SCHOOL ..k/y•Jp•j.' CONSOLIDATED CASH FLOW STATEMENT GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Restated £000 £000 Net cash Inflow from operdtlng actlvltlgs Nel income Depreciation Investment income aThJ interest recwvable Interest payable Loss on disposal of fixed assets Decreasellincreasel in stock Decreasellincreasel in debtors Increaselldecreasel in Creditors 18,606 1.100 1122) 56 97 {16) 115.555) {1,8621 1.170 11271 12 12,948 1,588 16,014 2,307 Cash flow from investing activities Investment income and interest re￿1vable Payments to acquire tangille fixed assets Nel proceeds from sale of fixed assets Payments to acquire investrnents Proceeds from tsa￿ of investments 127 115,6341 122 14,6491 {4,6311 4,101 15851 507 116,0261 (4.6061 Cash flows from financing actlvlues New loan amounts Nel loan repayments Interest payable Fee in advan¢e s¢heme movements Additions to the Scheme Payments of fees 2,500 1361 {56} 1451 1461 1,554 {4911 332 1548) 972 2,192 Net change In cash and cash equlvalents In the reportlng year 960 (1071 Cagh and cash equivalents at the beglnnlng of the reportlng year 1.850 1.957 Cash and cash equfvalents at the end of the reportlng year 2.810 1,850 Anatysls of Change8 In Net Debt At31 August 2020 £000 1,850 Cash flow Othor Changes £000 At31 August 2021 £000 2,810 Cash and cash equivalenls Borrowlngs Debt due within one year Debt due after one year 960 153) 12.854) (4%) 415 (549) 12,386) 53 12.9071 53 {811 12.935) Net Debt (1.057) 1.013 {811 {1251 The accompanwng notes form part of these accounts. 26

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES Basis of Preparation The financial statements have been p￿pared under the hBtorical cost convention. as modified by the inclusion of fixed assets investments al market value and the non-recognilion of the value to the School of the use of land as described in note 9. The formal of the financial statements has been presented to comply with the Companies Act 2006, FRS102 The Finan¢ial Reports"ng Standard applicable in the UK and Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities, Second 8dilion {'SORP 2015.). FKJures are presented in stefling and rounded to the nearest wund. The Charity is a Public Benefit Entity as defined by FRS102. Golng concern The Governors consider that there are no material vncertaints'es which would cast doubt on the School's ability to continue as a going ¢on¢ern. The Governors rewew the financial information of the School and consider whether it is a going ¢on¢em for al least twelve month5 from the date of approval of Ihe accounts. The Governors have assessed the major risks lo which the School is exFosed. including those specifically related to the Covid-19 pandemic and is satisfied that systems are in place to manage exposure to major risks. The ultimate impact ofCowd-19 on the UK economy and the schwl community is not yet known. Hr)wever, through applopriate consideration of financial forecasts and normal risk management processes and mitsgating actions already taken and available to be taken the Governors consider it appropriate for the going concern basis to be adopted for these accounts. Group accounts Gresham's School is the sole crrfporate trustee of Gresham's Sch¢)Jl Trust and owns 100% of the share eapilal of Gresham's School Enterprises Limited. These accounts consolidale the results of Gresham's School (Charity number 1105500}, Gresham's School Trust (Charity number 3112681 and Gresham's School Enterpiises Limited Icompany Number 065770621. As permitted by Section 408 of the Companies A¢t 2006, the School's statement of financial ackn'vities has not been included in these financial statements. General Infomiatlon The Charity 1$ a Company limited by guarantee. incorporated in England and Wales (company number.. 051962981 and a charity registered in England and Wales {charity number 1105500)- Slgnlflcant Judgements In preparing these financial statements the Govemors have had to make estimates and assumptions that affect the amounts recognised in these financial statements. Estimates and judgements are wntinually evaluated and are based on historical experience and other factors. including expeetations of fvture events that are believed to be reasonable under the circumstsnces. A key area subject lo judgement and estimation is as follows.. Fixed asset depreciation. Judgement is applied when assigning anb'cipated average lives lo the fixed assets of the sch¢>Jl. Fund accountlng Unrestricted funcls are available for use at the discrelton of the trustees in fvrtherance of the general objectives of the Charty. Designated funds are unreslrieted fvnds earmarked by the Governors for particular purposes. Restricted funds are subject to restrictions on their expenditure imposed by the donor. Endowmenl funds are permanent and represent land and other investments. Transfers are made to unrestricted funds to refiect capitsl expenditure. 27

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES {continuod) Incoming resources All incoming resour￿ are Ir￿uded in the siatement of financial activities the Charity is entitled to the income, rts receipt is probable and the amount can be quanttfied with reasonable a¢¢ura¢y. The following specific policies are applied to paltcular categories of income" Voluntary income is received by way of grants and donations and is included in full in the Statement of Finan¢ial Activities when receNable. Where entl￿ement is eonditK¥nal on the delivery of a specific perf0rnan￿ by the Charty. income is recognised when the Charity becomes uncondf(ionally entitled to Grant income relates to Coronavirus Job Retention Scheme grants. Retail. hospitality & ￿'SUre grant income, and the Coronavirus Busines$ Intemiption Loan Scheme gran. These are recognised when receivable. Investment income is included Wh￿ re*Nable. School fees are accounted for in the year in vthich the service is provided. School fees are stated after deducling scholarships. bursaries and other allowances granted by the School. bul include contribut￿}n$ received from Restricted Funds for funded scholarships and bursaries. Resources gxpendod Expenditure is recognised on an a¢cruals basis as a liabilrty is incurred. The iffec¢)verable element of VAT is included with the item of expense to which il relates.. Expenditure on raising funds comprise the costs assocBted wth attracting voltsntary income. the costs of trading for fundraising purposes and finance ￿$ts. Charitsble expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allo¢ated dire¢tly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the conslitulional and 5ts1utory requirements of the Charity and include the audit fees and cnsts linked lo the strategic management of the Charity. All costs are allocated betsveen Ihe expenditure categories of the Statement of Financial Activit￿S on basis designed lo reflect the use of the resource. Costs relating to a particular aclivrty a￿ allocated directly. Other costs are aptK)rtioned on an appropriate basis. Tanglble Flxed Assets The freehold of the majority of the land occupied by the School is vested in Gresham's Sch￿1 as Trustee of the Gresham's Schwl Tnjst. The other freehold land is part owned by the Fishmongers. Company's Charitable Trust and part owned by the Fishmongers. Company and is made available to Ihe School. The Schwl enjoys the use of the original buildings, however, Th) ¢>)st can be attributed to them. All buildirKJ improvements and extensions are capitalised and Carried in the balan￿ sheet at historKal cost. Depreclation Depreciation is calculated to write off on a straight line basis the cosL less estimated residual values, of tsngible rixed assets over Iheir estimated useful live5 to School. The annual depreciation rates are as follows.. Land Building5 Furniture and fi'ttings Plant and machinery Educational equipment Motor vehicles 1%-10% 5%-20% 20% - 25% 25% 28

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES (wDlinued) Depreclatlon Icontlnuedl The carrying value5 of tangible fixed assets are reviewed for irnpairment in accordance with the requirements of FRS102. stocks Stocks ¢ornprise finished goc*Js and are stated at the lower of cost and net realisable value. Financial instruments Basic financial inslrurnent transacts'ons that result in the reccgnition of financial assets and liabilities like trade and other aGcounts receNable and payable are accounted for on the following basis: Investments Investments held for the kjng-term to generate income or capital grovAh are carried al fairvalue as fi'xed assets. The Statement of Financial Activities includes the nel gains and losses arising on revaluations and disposals throughout the year. Cash and cash equivalents Cash and cash equivalents includes cash in hand. dewsits held at banks. other short-term highly liquid investments with orBinal maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable. are shown within current liabilities. D8btors and credrtor5 Debtors and creditors are measured al the Iransaction Pri￿ less any provision frjr impairment. Any losses arising from impairment are recognised as expenditure. Bank bOrro￿ngS The bank loan is measured al the tranS￿tion price. The Coronavirus Business interruptson Loan ICIBL} is measured at the present value of future p?yrnent5 discounted al a market rale of interest for a similar debl instrument and subsequently at amortised cost Using the effective interest Meth1￿￿. Fee in advance scheme The Charity has an advance fees scheme whereby pa￿nts and others make advarTrce payments, which together with the discount accruing thereon. provide for a set contribution each term towards the pupils, fees. The capital portion oulstsnding is recognised as a liability and the amount of discount cryslallised in the year is included in the Stslement of Financial Aclwities. Penslon schemes The School contributes to the Tea¢hers' Pension &heme. The scheme 15 a Multi employer defi'ned benefit scheme and the School ¢onlributes at rates set by the Scherne Actuary as advised to the Board by the Scheme Administrator. It 15 not possible to idenb'fy the assets and liabilities which are atlribulable to the School. In a¢¢ordance wlh acwunling Standards the scheme is accounted for as a defined contribution scheme. The Schwl contributes to Aviva's Pension Trust for Independent Schools {"APTIS"I, a defined contribution scheme for teachers offered as an altematTve to the Teacher5, Pension Scheme, from May 2020. iii) The School ¢ontributes to the Independent Schools, Pension Scheme (operated by The Pensions Trusti. The scheme is a mulli£mployeT defined benefrt scheme and the School conlribules at rates sel by the Scheme Actuary as advised to the Board by the Scheme Administrator. The liability attributable lo the School is detsiled in note 24. In accordance wth FRS17 the scheme is ac￿unted for as 3 defined contnbulion scheme. On 31 August 2015, all existing members of the scheme were transferred to a Defined Contribution scheme also operated by the Pensions Trust 29

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL sTATEm￿s (contlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 1. ACCOUNTING POLICIES (contlnued) Pen61on schemes Icontinuedl The School also offers defined contn"bution schemes operated by AEGON and NEST for support staff. The assets of these schemes are held 5epatately from those of the School in independently administered funds. The charge in the Statement of Financial Activiltes represents the contributv)ns payable by the School to the funds for the year. SCHOOL FEES 2021 £000 2020 £000 Tho School's fo0 income comprlsed: Fees Less.. Scholarships and bursaries Other reductions 19.343 (3.075) {187) 18,312 {3,0431 {2221 16.081 39 15,047 59 321 Add baek.. Extemal funding - The Fishmongers. Company Add back.. External funding - Gresham's FOundat￿n 16.463 15.427 OTHER INCOME 2021 £000 2020 £000 Registration fees Rents receivable Late fee interest Forfeited fees Other income tivity course in¢ome 62 15 11 58 17 10 121 18 15 15 203 239 INVESTMENT INCOME Restricted & Endowmont Funds £000 Unrestricted Funds £000 2021 £000 Fee in Advance Scheme Sir John Gresham Trust Douglas Scholafship Fund income Other 59 49 59 49 12 112 15 127

I,jiiir-/_ GRESHAM'S SCHOOL NOTES TO THE CONSOLJDATED FINANCIAL STATEMENTS Icontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2020 INVESTMENT INCOME (conllnued Restricl8d & Endowment Funds £000 Unr•strictod Funds £000 Comparatlve Analysis: 2020 £000 Fee in Advan￿ Scheme Sir John Gresham Trust Douglas SchoL3rship Fund income Other 47 47 48 14 18 99 23 122 DONATION AND GRANT INCOIAE Unrestfi¢ted Funds £000 Restrlcted Funds £000 2021 £000 Donations towards equipment and projects Other donations Government grants 77 21 246 17 246 263 81 344 Comparatlve Anatysls: Unrestrlcted Funds £000 Re5trlcted Funds £000 2020 £000 James & Deidre Dyson TNst donation to STEAM building Foundation donation to the Eccles pavilion Donations towards equipment and projects Other donations Government grants 18,212 18,212 16 16 25 885 25 885 910 18.264 19,174 31

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS l¢ontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF EXPENDITURE Staff Costs £000 D•preclatlon £000 other £000 2021 £000 Charitable Adivities- Teaching Education Boarding Establishment Maintenance Marketing costs Administration Grants. awards prizes Governance costs 7.CKJ4 983 937 618 259 220 1,397 318 529 1,185 1,130 418 138 450 7,322 1.619 2,122 2,717 677 358 1,898 107 9 51 and 28 28 11.418 1.127 4.196 16,745 Ralslng funds: Finance Investment fees Gresham's SchcKl Enterprises 46 148 191 287 11.418 1,170 4,440 17.032 Expenditure includes.. Auditors, remuneration Audit services School Gresham's Sc1K￿l Enterprises Limrted Non-audil services Irrecoverable VAT 22 Establishment costs include insurance, utilities and costs of running the School estate. Administrats'on costs include costs of staff recruitmert professional fees. OG membership subsidy, subscriptions, prNate medical and life insurance costs and costs associated with operating the adminislrative support function of the Sch￿1 s￿h as postage. administrative IT and pfv)tocopying costs. 32

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnugd GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF EXPENDrruRE Icontlnued) Comparative Analysis: Staff Costs £000 Depreciation Other 2020 £000 Charltablo Activities: Teaching Education Boarding Establishment Maintenance Marketing costs Administration Grants, awards and prizes Governance costs 7.594 737 901 534 267 173 1.327 24 723 1,009 934 300 167 424 7,618 1.538 1.910 2.476 567 340 1.820 78 1,008 69 28 28 11.533 1.155 3.613 16,301 Ralslng fvnds: Finance Investment fees Gresham's School Enterprises 22 108 22 151 43 43 229 11.533 1,198 3.799 16,530 Expenditure includes.. Auditors. remuneration Audit services School Gresham's School Enterprises Limited Non4udil semces Irrecoverable VAT 19 STAFF COSTS 2021 £000 2020 £000 Wage5 and salaries Social security costs Pension costs 9,494 876 1.048 9,373 871 1.289 11,418 11,533 33

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEIAENTS {contlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 STAFF COSTS {conlinu¢d) The average number of employees and their full time equivalents IFTEI analysed by function was.. 2021 2020 No. No. FTE Teaching, education and boarding Establishment and maintenance Management and administration 225 220 30 48 51 41 299 291 The numter of h￿her paid ernployees whose emoluments exceeded £60,000 fell within the following bands: 2021 No. 2020 No. £60,000 to £69,999 £70,000 to £79.999 £80,000 10 £89.999 £90,000 10 £99.999 Over £1C(I,000 Contributions of £47,00012020". £85.000) We￿ made to the Teachers. Pensions Scheme, whTch is a defined benefit scheme, for three 12020.. six) of the hvJher pahd employees. whilst contributions of £44,000 12020.. £28,000> were made to defined contribution schemes for six12020'. six) higher paid employees. Note that in 2020 three of the h￿her paid employees had contributions paid into the Teachers. Pensions Scheme and a defi'ned contribution scheme during the year as their scheme membership changed during the year. During the year the School made redundarw payments of £49,OCw) 12020.. £21.000) and compensatory redundancy payments of £21,000 {2020.' £31,000). No Governcv ￿e1Ved any remuneration from the schr￿ during the year. Travel expenses to and from meetings of £nil {2020". £37) vRre reimbursed to any Govemors (2020.. one) during the year. Key Management Personnel: The key management roles in the School for the year were the Govemors, who are nol paid. the Headmaster, the Bursar. Headmistress of the Prep School, Headmistress of the Pre-Prep School and the Deputy Heads of each school. Their total emoluments, including empknyef s Nl contTibutions and pensions paid. were £826,000 {2020'. £787.000}. 8. TAXATION The Charity is gener811y exempt from Corp[￿atr.0n tax as surplus income and gains are applied for charitable purpose5.

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 TANG18LE FIXED ASSETS Furniturg, Flttings, Plant & Edu¢ational Motor Ma¢hinery Equipment Vehicl £000 £000 £000 Group Trust Land £000 Group Tolal £000 Building$ £000 Total £000 Cost or v•lu•tion At 31 August2020 Additions Disposals 35,467 14,429 {221 2,812 890 3.180 258 114) 41,591 15.600 1461 1,400 42.991 15.600 1461 23 {10) At 31 August 2021 49.874 3.702 3.424 145 57.145 1,400 58.545 Dopr¢¢latlon At 31 August 2020 Charge for the year Disposals 10.968 1.804 2.483 120 15.375 15.375 269 107 114) 10 (91 1.170 130) 1,170 1301 (71 At 31 August 2021 11.745 2.073 2.576 121 16.515 16,515 Nel Book Value At 31 August 2021 38,129 1.629 24 40,630 1,400 42,030 At 31 August2020 24,499 1.008 697 12 26.216 1,400 27,616 Furniture, Fittings. Plant & Edueatlonal Motor Machinery Equipment Vehicles £000 £000 School Trust Land £000 School Total £000 Buildings £000 Total £000 Cost or valuatlon At 31 August 2020 Additions Disposals 34,917 14,427 1221 2,783 890 3,180 258 1141 132 23 1101 41,012 15,598 1461 1,400 42,412 15,598 1461 At 31 August 2021 49,322 3,673 3,424 145 56,564 1,400 57,964 Depreciation Al 31 August 2020 Charge for the year Disposals 10.868 1.792 2.483 120 15.263 15,263 747 {7} 263 107 (14) 10 {91 1.127 1301 1,127 {30} Ai 31 August 2021 11.608 2.055 2.576 121 16,360 16,360 Net Book Value At 31 August 2021 37.714 1.618 24 40,204 1,400 41,604 At 31 August 2020 24.049 991 697 12 25,749 1,400 27,149 35

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {¢ontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 FIXED ASSETS {continued) Inalienable and hlstorlc assets In addition to the capitslised fixed assets held for the Schoot's own use. Gresham's School also has a number of historic buildings. These buildings have no rdiable cost or value that can be attributed and accordingly these buildings have not been caprtaiised in the finanoal statements. 10. INVESTMENTS Endowed & Restrictod £000 2.231 2,234 (2.317} 467 Fees In advance scheme £000 1.499 2.110 (1.589) Unrestrlctod £000 111 287 {195) 27 2021 £000 3,841 4,631 14.101} 494 Market value at 31 August 2020 Additions Disposals Unrealised gain￿(lO$Se$) Market value al 31 August 2021 230 2.615 2,020 4.865 Investment in Gresham's School Enterprises Ltd School 230 2.615 2,020 4,865 11. DEBTORS Group School 2021 £000 2020 2021 £000 2020 £000 Debtors due after one year. James & Deidre Dyson Trust 239 239 School fees Trade debtors Staff loans James & Deidre Dyson Trust Other debtors Prepayments Gresham's Schwl Enterprises Limited 363 29 23 2.764 179 211 316 363 17 23 2.764 179 177 316 22 15.545 258 136 22 15,545 258 121 Oebtors due within one year 3.569 16.278 3.611 16,359 Total debtors 3.569 16.517 3,611 16,598 The l¢)ans to staff are interest free and repayable between 2019 and 2024.

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {conllnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 CREDITORS: amounts 12. falllng due wlthln one year Group School 2021 2020 (Restated) 2021 2020 £000 £000 £000 Bank loan (See note 14) Other loan School fees in advance and deposits Fees in advance Scheme (see note 16) Pension deficit reduction contributions (see note 24) PAYE & NIC Trade creditors Other creditors and accruals Deferred income Isee below) Provision (see note 17) $36 536 36 13 3,%8 17 2.674 3.568 2.674 655 490 655 490 10 235 626 912 21 10 232 232 669 53 10 235 615 889 21 10 232 227 655 53 6.576 4.419 6.529 4.383 12. cRED￿oRS. amounts falling due within one year (continued) Deferred income comprises commercial let income due in the following financial year (2020.. box office 'cket income. commercial let income and extemal funding for school fees}. Group and School 2021 2020 £000 Balance as at 1 September 2020 Amount released to income eamed Amount deferred in the year 53 {531 21 (9) 53 Balan￿ as * 31 August2021 21 53 13. CREDrroRS: amounts lalllng due after more than one year Group School 2021 2020 £000 2021 £000 2020 £000 Pension deficit reduction contributions (see note 24) Fees in advance scheme {see note 161 Bank loan (see note 141 Loan from London Children's Camp 83 83 1,657 758 2.469 1,657 2.006 768 2,469 380 385 4,126 3.706 3,746 3,321 37

GRESHAM'S SCHOOL NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS Icontlnued GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 14. BANK LOAN 2021 £000 2020 £000 Group and School Bank loan CBIL loan 42 2,500 78 2,427 2,542 2,505 Due vilhin one year (see note 12} Due in one lo two years Due in tsvo to five years Due over five years 536 506 1.500 36 580 1,460 429 2,542 2.505 Bank borrowings were secured by way of a fixed charge on designated school assets. Interest on the term loan was charged at varying rates detemiined al the time the loan was made.. overdraft interest is linked to the base rate. The bank loan was repayable by instalments. The School obtained a Coronavirus Business Interrupbon Loan ICBIL) to provide financial support as a result of the COVID-19 outbreak. This is repayable over 5 years from September 2021.

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 15. OTHER LOANS 2021 £000 2020 £000 Group Within one year Within one to I￿0 years Within to five years After five years 13 13 17 13 313 318 393 402 The London Children's Camp has loaned monies to Gresham's School Enterprises Ltd in order to construct a high ropes course, climbing tower, assault course and woodland cabin. Interest on the loan is aocrued al 2.25% per annum and is repayable quarterty over 50 years from the date of the final draw down. The loan is not secured against any of the Group's asset5. 16. FEES IN ADVANCE SCHEME Group and Schwl Parents have the option of paying school fees in advance for erther part of or the whole time that the pupil is al the School. The money is retumed if the child is wf(hdrawn from the School. after any outstanding fees are deducted and amounts owing are added. Assuming pupils will remain in the School. advanced fees will be applied as follows.. 2021 £000 2020 £000 Within one year 655 490 Within one to two years Within two to five years After five years 464 1,134 59 324 396 38 1,657 758 2.312 1,248 The movements during the year were.. Balance brought forward Additions to the Scheme Withdrawals from the Scheme Payments of fees 1.248 1.554 1.467 331 121 1548} 1490} 2,312 1,248 The investments held to fund the liabilty are disclosed in note 10. 39

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 17. PROVISIONS In 2020 a member of staff was advised of redundancy prior to the year end and as such the costs associated wrth that redundancy {£6,0001 were provided for at year end arKI included within the staff costs note. 18. CONNECTED AND SUBSIDIARY CHARITIES Connected Charlties The Gresham's Foundation. Charity Number 1109441. was registered as a Charity on 16 May 2005 with the object of advancing and promob.ng charitable purposes connected with Gresham's Sch(MJl and advan¢ing and promoting educat¢on in general by the provision of grants, scholarships and bursaries. The London Children's Camp, Charity Number 303323, was registered wilh the object of providing organised holidays for needy chiklren and young FeoFAe throughout the UK lo improve their S￿la1 welfare and to do this whilst fostering greater links with Gresham's School. Several of the charity's tnjstees are either Govemofs, or senior members of staff at Gresham's Schc*)l. Subsidiary Charity Gresham's School Tnjsl (Charity number.. 3112681 is considered a subsidiary a5 Gresham's Sehool (Charity Number.. 11055001 is the 501e corporate trustee and the Charity's purpK)se 15 Supporting the School from a pemanent endowment fund of £1.400.￿0 which is represented by the land from which the School operates. The TnJst does not generate any income or expenditure and as such the results for the year are £nil12020.' £nil). The only asset which it hokls is the knd noted above. 40

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnued GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 19. FUNDS Balance 31 August 2020 IRestated} £OGO Transfers Gainsl (Losses) Balance 31 August 2021 Income Expenditur• Group £000 £000 £000 £000 General Funds 21.759 17,076 (16.680} 13.519 35.674 Deslgnated Funds Pension Liability Fund General fund - Gresham's School Enterprises Ltd 510 510 27 227 1215} 39 Total Unrestrfcted Funds 22,296 17,303 116,895} 13,519 36.223 Restrtcted Fund6 Lumsden Handwriting Prize Fund Emil Schwarz Scholarship Swatland-U¢elli Scholarship Douglas Scholarship Prize Funds James & Deidre Dyson Trust donation other donations 1121 1241 99 28 113.4451 (15 23 561 274 2.199 247 15.644 (61 83 81 (901 74 16.512 (1211 113,3521 3.135 Endowment Fund Estate Trustees of the Sir John Gresham Trust 2,924 (161 327 3,235 Group Total Funds 41,732 17,399 {17.0321 494 42,593 General fund.. Gresham's SchcM)I Enterprises Ltd (27> 1227} 215 {391 School Total Funds 41.705 17,172 116,817) 494 42,554 41

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 19. FUNDS (¢onlinued} Balan¢¢ 31 August 2019 £000 Tran8fer8 Gainsl {Losses) £000 Balance 31 August 2020 £000 Income Expendlture Comparatlve Analysls: Group {Restated) General Funds 18.734 16.699 (16.237) 2.563 21.759 Dosignated Funds Pension Liability Fund General fund- Gresham's School Enterprises Ltd 510 510 57 150 (180) 27 Total Unrestrictgd Funds 19.301 16.849 (16,417) 2,563 22,296 Restricted Funds Lumsden Handwriting Prize Fund Emil SGhwarz Scholarship Swatland-ucelli Scholarship Douglas Scholarship Prize Funds James & Deidre Dyson Foundation Other donati(￿5 42 81 477 256 130) 120) 12) (5) 131 (51 (201 {121 {2.568} 11 60 464 247 15,644 83 18.212 52 85 {54) 945 18.287 {111) {2,609} 16,512 Endowment Fund Estate Trustees of the Sir John Gresham Trust 2.925 (2) 2,924 Group Total Funds 23,171 35.136 116.5301 (451 41,732 General fund: Gresham's School Enterprises Ltd {57) (1501 180 {271 School Total Funds 23.114 34,986 116,350) 1451 41,705 42

GRESHAM'S SCHOOL NOTES TO THE CONSOUDATED FINANCIAL STATEMEKrs Icontlnued} GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 19. FUNDS {continuedl Pension Liabilty Fund The Independent SCh￿].s Pension Scheme 3 year actuarial review in September 2011 identified that Gresham's would have a Siabilty of £614.724 rf it ceased to participate in the scheme. Whilst the School has no plans to leave the scheme, the value of the designated fund was increased to £615.000 in 2015. The School's Independent Financial Adviser was asked to investigate the School's stated liability and they detemiined that the School had been charged the whole of one memberfs liabilty when it should have been shared be￿een tsvo employers. The £105,000 reduction to the fund in 2015 to £510,000 came about as a resull of the investigation. Lumsden Handwriting Prize Fund Donated by Mr P J S Lumsden, forn￿r SchcK>l Govemor. to fund handwriknng prizes awarded at the Prep School. Emll Schwan Scholarshlp Donated by the late Martin Scott in memory of hts father Emil Schwarz to allow funds lo be allocated lo an academically able Fren¢h national or Gemian national or Bribsh national pupil. Swatland-U¢¢elll Scholarshlp Donated by the farnily to provide scholarships to pupils who are studying one of the sciences. Douglas S¢holarnhlp Donated by Old Greshamians in memory of a fomier Housemaster, Bru￿ Douglas. The scholarship award is made by the Old Greshamian Club. on the recomrnendation of the Headmaster, to the best mathernalician entering the lower sixth fom. Prlze Funds Prize funds are restricted funds arising out of generous dona￿nS for the purF¥Jse of providing prizes for outstanding academic and other achievements. Estate Trustsos of tho Sir John Greshaffj Twst This fund is a permanent endowment fund of the land vthich the School occupies. and ￿rtain investments transferred by the Estste Trustees of the Sir John Gresham Tnjst to Gresham's School as TTU5tee of the Gresham's School Trust 43

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 SUBSIDIARY COMPANY Gresham's School Enterprises Limited {Company Number 06577062} was incorporated on 25 April 2008 and is a subsidiary of Gresham's School (Charity Number.. 1105500). The company operates a facilities and hirings business. Its trading resuKs for the year. as extracted frcffi the audited financial statements. are summarised below.. 2021 2020 (Rgstated) £000 £000 Turnover Cost of sales 334 {111) 294 1821 Gross profit Administrative expenses 223 {200) 212 12301 23 1181 1121 Interest payable ProfiU{lossl before Gift Aid payment 12 1301 Retained profiU{los$} for the year 12 1301 Totsl share capital and reserves 39 27 Tangible fixed assets Current assets Creditors 426 127 {514} 467 78 {518} Net assets 39 27 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unre8trlcted General Deslgnated Re8tr1cted Endowrnent Funds Funds Funds Funds £000 £000 2021 School Subsldlary's Tot•1 Funds £000 2021 Group Total £000 Tangible fixed assets Investments Current assets Current 40.204 2.250 1.400 1.834 41.604 4.865 426 42,030 4,865 781 3.495 510 2,354 6,360 40 6,400 {6,529) (6,5291 14n 16,5761 Long terrn (3,746) (3,7461 1380) 14.1261 35.674 510 3.135 3.235 42.554 39 42,593

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS (contlnued) Unrestricted General Designated Restrfcted Endowm•nt Funds Funds Funds Fund$ £000 £000 £000 £000 2020 2020 School Subsidiary's Group Total Funds Total £000 £000 £000 Comparativ• Analysis: Tangible fixed assets Investments Current assets Current 25,749 1,610 2,104 1.400 1.520 27.149 3,841 18,419 467 27,616 3,841 18,400 711 15.801 510 (19} 14,3831 14.3831 135) 14,4181 Long term liabilits'es 13,3211 13,3211 13861 13.707) 21.759 510 16.512 2,924 41,705 27 41,732 22. CAPITAL COMMITMENTS The group had the following capital commitrnents authorised but not committed at the year- end.. 2021 £000 605 2020 £000 14.345 155 433 Dyson STEAM building Reilh learning support departrnent Facilities building Pre-Prep School at Old S¢h¢)ol House 234 839 14.933 23. OPERATING LEASES At 31 August 2021 the Group and School had future minimum lease payments under non-cancellable operating leases for equipment and motor vehicles as follows-. 2021 £000 137 162 2020 £000 128 165 Due within one year Due in one to five years 299 293 Total costs incurred in the year in re5F*Ct of rental charges for assets held under operatsng lease were £121,OOQ12a20. £106,000). 45

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMEKrs Icontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 24. PENSION SCHEMES The School participates in two multimployer pension schemes. the Governmenys Teachers Pension Defined Benefit Scheme and the Pensions Trust Defi"ned Benefft Scheme. The School also offers defined ontribution schemes for SUPFQrt staff with AEGON and NEST and for teachers with Aviva's Pensh)n Trust for Independent Schools I"APTIS'I. Defined Conlributlon Scheme The assets of the scheme are hekl separately from those of the S¢hool in furmls indeFendently adminiSte￿d by AEGON. ISPS, NEST and APTIS. Contribubons into defined cOntribu￿n schemes totalled £436,000 12020.. £249,000). The Teachers. Ponslon Scherne The School participates in the Teachws, Pension Scheme fthe TPS'I for its te￿hing staff. The pension charge for the year includes contn"butions payable to the TPS of £673,1)0012020." £1.0370.0￿) and at the yeai end £nil12020.' £nill was accrued in respect of Contribu￿n5 lo this scheme. The TPS is an unfunded muMimployer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pen5i9n Scheme ReguLglions 2014 (as amended). Members contribute on a "pay as you go. basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension ￿neIrt5 are paid by public funds provided by ParliamenL The employer conlribulion rate is sel by the Secretary of Stste folk)wing scheme valuatitins undertaken by the Government Actuary's DepartrnenL The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confimied thal the employer ¢onlribL¢b'on rale for the TPS would increase from 16.4% 10 23.6% from 1 September 2019. Employers are also required to pay a scheme administrab.on W of 0.08% giving a total employer contribub'on rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance v*ith the benefits set out in the scheme regulations and under the approach specffied in the Directs"ons. as they applied 8t 5 March 2019. However. the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant ease.. This case has required the courts lo con5hder ca5e5 regarding the Imp￿Mental10n of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court dented the govemment pemiission to appeal the Court of Appeal's judgment that transrtK>nal provisKsns introduced lo the refomed pensKsn schemes in 2015 gave rise to unlawful age discrimination. The government 15 respecting the Courys decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives lo agree how the discriminations will be rerned￿￿. The government announced on 4 Febfuary 2021 that it intends to proceed with a deferred choice underpin under wh￿h members will be able to choose either legacy or reformed scheme benefits in respect of their Servi￿ during the peric#J be￿￿en 1 April 2015 and 31 March 2022 al the pcmnt they become payable. The TPS is subject lo a cost cap mechanism which was pul in place to protect taxpayers against unforeseen changes in scheme costs. The Chiel Secretary to the Treasury. having in 2018 announced that there would be a review of this cost cap mechanism. in January 2019 announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and unb"I there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020. and consultstion was launched on 24 June on proF)osed changes to the cost control mechanism following review by the Govemment Actuary. The consultation ck)sed to response on 19 August 2021 and the Government is currenuy analysing the resKK)nses.

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (contlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 24. PENSION SCHEMES (contlnuedl In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario. a valuation prepared in accordance with revised tenefils and suitably revised assumptions would yield drfferent results than those contained in the Acbjarial Valuation. Until the cost cap mechanism review is completed it is not possible to conclude on any financial impact or future ¢hanges to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension Costs is included in these financial ststements. Independent Schools, Penslon Scheme loperaled by the Penslons Trust) Non-leaching staff were eligible to ¢ontribute to The Pensions Trust's GrovAh Plan. The scheme is a multi- employer money purchase seheme wth guaranteed benefits. The School contributed al a rale of 15.7% of gross pensionable salary. The School would have 8 liability if il ceased to participate in the scheme which at 30 September 2020 was ¢al¢ulaled as £329,725. As the School currently has no plans to leave the scheme, this contingent liability has not been provided for in these accounts. It is not possible for the School to obtain sufficient informatson to enable it trj account for the scheme as a defined benefit scheme. Therefore il accounts forthe scheme as a defined contribution scheme. The scheme is subject to the funding legislation ouyined in the Pensions Acl 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Te¢hnical Actuarial Stand8rds issued by the Financial Reporting Council. set out the framework for funding defined benefft occupational pension schemes in the UK. The scheme is classified as a 'Lasl-man standing arrangement.. Therefore the company is Potentially liable for other participating employers. obligations ifthose employers are unable lo meet their share of the Scheme deficit following withdrawal from the scheme. Participating employers are legally required to rneet their share of the scheme deficf( on an annuity purchase basis on wrthdrawal from the sth8me. A full actuarial valuation forthe scheme was carried out at 30 September2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay addIt￿nal contributions to the scheme as follows.. D&flclt contribU￿onS From 1 September 2019 to 30 April 2030.. £2,387,000 per annum {payable monthly and increasing by 3% each on 1st September) The recovery plan contributions areall￿ated to each participating employer in line with their estimated sha of the scheme liabilities. Where the scheme is in der￿t and where the company has agreed lo a deficrf( funding arrangement the company recognises 2 liability for this obligation. The amount recognised is the nel present value of the deficit reduction contributions payable under the agreemenl that relates to the deficrt. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rale is r￿Ognise¢j as a ffnance cost. 47

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEAIENTS (conllnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 PENSION SCHEMES (contlnuedl 2021 £000 2020 £000 Reconryliation of opening and closing womsicffis.. Provision at start of year Unwinding of discount factor {inte￿t expense) Deficit contribub.on paKI Re-measurements- impact of any change in asstsmpti(M)s 104 111 {11) {1) (101 93 Split as follows- Due wlhin one year Due after one year 10 83 10 93 104 ASSUMPTIONS 31 August 31 August 31 August 2021 2020 2019 1.09% 0.9% 1.1Yo Rale of discount per annum The discount rates shown above are the equivalent single dLscounl rates which, when used to discount the future recovery plan contributions due. would give the same resutts as using a full M corporate bond yield curve to discount the same recovery plan contn"butr"ons.

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (¢ontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 25. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted Restrlcted Endowment Funds Funds Fund £(￿0 £000 2020 £000 INCOME FROM: Charitable activitie8 School fees Other incoming resourtss 15,427 239 15,427 239 Other tradlng actlvftles Gresham'$ School Enterprises Lettings Investment income Donations Other Income Profft on sale of fExed assets 160 12 99 910 160 12 122 19.174 23 18.264 Total Income 16.849 18.287 35.136 EXPENDITURE Raising funds Charitable activities 223 16.194 229 16.301 107 Total expenditure 16.417 111 16,530 Net incomellexpenditure) before Investment {l¢)ssesllgalns 432 18,176 (21 18,606 Investment Ilossesllgains {51 (411 1451 Net movement in fund8 before transfers Transfers 427 18,135 18,561 2,568 12,5681 Not movement In funds 2,995 15.567 {11 18,567 R8conclllatlon of funds Fund balances at 1 August 2019 19.301 2.925 23,173 Fund balan¢o$ at 31 August 2020 22,296 16.512 2.924 41,732 49

GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL sTATEME1￿s {continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 RELATED PARTIES Sir James Dyson. Govemor. is a tnjstee of the Sir James and Deidre Dyson Tnjst, which generously ommitted to donating £18.75m to the School in 2020 to build a Science. Technolc¥y, Engineerin9. Art and Maths buikling. During the year. the monw receNed were £13,021,00012020". £2.568,0001. Michael Goff is a directorofCPS Fuels Ltd whth supplied the school wth £57.000 {2020.' £58.0001 of heating oil during the year. A Govemor is a trustee of a ¢haritable trust that made a payment of £12.000 {2020: £12,000) to the School for School fees paid to two pupils. A Govemor had ts¥o children in SchcLIl {2020'. and was in receipt of staff fee remission on fees paid to the School due lo her husband being a memter of staff (appointed prior to governor appointment). A Govemor had a child in Schcd (2020.. one). London Children's Camp {LCCI. wh￿h has in its io foster links vthh Gresham's School, has an outstanding loan amounting to £394.00012020: £402.0001 wtth Gresham's School Enterprises Ltd. The loan was made for the construction of a h￿h ropes course. climbing tower. assault course and bunk house on the School grounds. LCC is considered lo be a related party as hvo of its trustees are Governors of G￿$ham'S School (Michael Goff and James Morgan), one is also a director of Gresham's Sch¢)ol Enterprises Ltd (Michael Goff) and another trustee is the Headmaster {DougLgs Robbl. 50