GRESHAM'S GRESHAM'S SCHOOL IA company limited by guarantee} REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Charity Number: 1105500 Company Number: 05196298 GRESHAM'S SCHOOL FINANCIAL STATEMENTS GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 CONTENTS Page Governors, Report 1-23 Independent Auditor's Report 24-26 Consolidated statement of financial activities 27 Balance sheets 28 Consolidated cash flow statement and notes 29 Notes lo the financial statements 30-52 GRESHAM'S SCHOOL GOVERNORS, REPORT GRESHAM'S EST,. 15,)J FOR THE YEAR ENDED 31 AUGUST 2022 The Governors present their report and audited financial statements for the year ended 31 August 2022. Reference and Administrative Informatlon Charity name Gresham's School Charity registration number 1105500 Company registration number 05196298 Registered Office Gresham's School Cromer Road Holt Norfolk NR25 6EA Website www.greshams.com E-mail headmaster@greshams.com Governors and Dlrectors Michael Goff Sir Alan Yarrow {Chairmanl (Ex officio, Prime Warden, The Fishmongers, Company) {19 March 2021 22 June 2022) (Ex ofticio, Prime Warden, The Fishmongers, Company) leleGted 22 June 2022} Charles Spicer Marlin Bailey Charlolle Coventry Alexander de Capell Brooke Anna Dugdale Jenny Dwyer Sir James Dyson James fft)rde Nigel Flower Sir William Goodenough Simon Gorton Richard Grisenthwaile Debra Haywood David Jones Susanna Lumsden Paul Marriage James Maunder Taylor I￿signed 13 December 20211 lappoinled 13 December 20211 (appointed 13 December 20211 (resigned 24 June 20221 (appointed 13 December 2021} lappoinled 18 March 20221 James Morgan Stephen Oldfield The Revd Canon Jonathan Riviere (appointed 18 March 20221 David Robertson (resigned 18 March 2022) Dr Susan Rubin Rosamund Walwyn Nick Youngs (resigned 24 June 2022} Please see the School's website for information regarding Governors. post-nominals and qualifications. GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 GRESHAM'S Reference and Administrative Information Iconlinuedl Headmaster Douglas Robb Head of the Prop School Cathy Braithwaile Head of the Pre-Prep School Sarah Hollingsworth Bursar Steven Willis School Accountant Kale Olby Clerk and PA to the Governors Victoria Hipperson Auditor Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG Bankers Barclays Corporate, 3 Sl James Court, Whitefriars, Norwich, NR3 IRJ Sollcltors Birketts LLP, 22 Station Road, Cambridge, CB12JD (Property & HR) Veale Wasborough Vizards, Orchard Court, Orchard Lane, Bristol, BS15WS (Corporalel Redwood Collections. Airport House. Purley Way. Croydon, Surrey, CRO OXZ (Debt Recovery) Investment Advlsors Barratt & Cooke Stockbrokers, 5 Opie Street, Norwich, NR1 3DW Subsidiary Information Company Name Gresham's School Enterprises Limited Company registration number 06577062 Registered Office Gresham's School Enterprises Limited, Cromer Road, Holl, Norfolk, NR25 6EA GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 EST,. lJJ*) CHAIRMAN'S SUMMARY 11 has been a pleasure this year lo see the School operating more normally following the disruption caused by the pandemic in the previous two years. This report focuses heavily on the achievements of our pupils and the huge range of activities in which they participate, the charitable work underiaken and outreach programmes we offer. These demonstrate in abundance how the School has performed well in relation lo ils objectives, sel out in this report, and they reflect the statement on our website which, though simple, encapsulates the essence of our School.. 'Gresh8m's provides a high quality. fully rounded, excellent educslion to boys and girls from the age of two to Sixth Form, from 8cross the UK and ovgrseas.. the breadth and diversity of our school community makg for a happy, warm and supportive learning environment., The academic results this year have been strong, and we have witnessed how our breadth of qualifications Se￿eS a diverse audience, allowing individuals lo find their niche and flourish, and prepare themselves for pathways after leaving school which can be equally varied. This same theme continues with the co-CLJrricular aclivilies. including charitable endeavour and services, which help to forge and maintain links with others and leach pupils values which go beyond the classroom and sports field. The Dyson Building, which came online right at the start of the academic year, has not only served as a new source of inspiration for our own pupils across all age ranges. and sparked interest in those yel lo come lo Gresham's, bul has also been a catalyst for the launch of new STEAM Outreach activities involving 500 children from local schools. under the leadership of our own talented staff. The long-standing links we have with local charity. the Holt Youth Project, were further strengthened, following their selection as the Senior School's charity of the year, who benefilled from around £24,000 raised through charity activities run by pupi15 and staff at the School under the watchful eye of ouf ebullient Chaplain, Father Jack. Progress against the School's Strategic Plan has been good, with pupil numbers up and school-wide campus developments continuing., for example project planning continues with Prep School Master plans, redevelopment of our Pfe-Prep and resurfacing of our senior Astroturf pil¢h. Furlher work will follow in the new academic year, with redevelopment of some of the oldest leaching facilities at the Senior School, Big School and the Reilh Block. There are also exciting plans for expanding the capacity of our Chapel, which is such a focal point for the school community, and continual re-inveslmenl in our boarding accommodation. Our financial position remains strong, which has allowed us lo plan and see through OUT estate development plans and we continue lo look ahead with confidence. However. we are not complacent and have witnessed socio-political and economic challenges and the direct or indirect impact these can have on the School. We are commilled lo remaining relevant, in terms of what we offer, and monitoring and responding to those facloTS which challenge and constrain us. GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinuodl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 OBJECTIVES Charitable objects The primary object of the School is to advance education and training and in particular, to provide and conduct in or near Holt, Norfolk, a day or day and boarding school or schools for boys and girls. Within these objects, the School also maintains the fabric of ils buildings and manages a number of endowed and other funds held for special purposes in connection with the development of the School's facilities as well as for scholarships. bursaries, prizes and other educational purposes. Aims Gresham's is a school dedicated lo the development of the individual 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 accompany rights, that good manners and healthy respect for others are central lo the life of the School and that service lo 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 guidance contained in the Charity Commission's general guidance on public benefit and in particular its supplementary public benefit guidance on advancing education and on fee-charging, when exercising their powers and duties and planning the future activities of the charity. Responsibilities in relation to public benefit are discharged partly through the provision of bursaries but also through partnerships and activities involving local schools and the wider community. Gr8nt-making policy The Governors. policy in relation to scholarships and bursaries is to maintain a balance between attracting sufficient pupils of academic, artistic and sporting dislinclion, who would otherwise be unable lo allend the School, and the cost of the resultant 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 within the School was 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 prize fund have been consolidated into a single fund with the PLJrpose of advancing education by awarding or providing such prizes, grants, bursaries, scholarships and other forms ofassistan¢e lo pupils al Gresham's School. The prize fund shall continue to be reported within the School's financial statements. Connected charity The Gresham's Foundation, Charity Number 1109441, was registered as a Charity on 16 May 2005 with the object of advancing and promoting charitable purposes connected with Gresham's School and advancing and promoting education in general by the provision of grants, scholarships and bursaries. GRESHAM'S SCHOOL GOVERNORS, REPORT leontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS Senior School Academic Outcome$ In light of the disruption lo this examination cohort's education during lockdowns, the results this summer were very pleasing. The IB cohort averaged just over 35 points, and while there were some pleasing scores in excess of 40, the programme again proved suitable for pupils of all ability ranges. We were particularly pleased with those pupils who scored 31-33 points. A level results were slrong148010 A'IAI, particularly in the creative subjects. The impact of the Dyson building is reflected in 1000/0 A" in Graphics, for example. All pupils taking English A level scored an and 260/0 of the A's and A grades in the School were in Maths. BTEC results were particularly pleasing. The courses are very suited to some pupils.. 69QA of the grades were Distinction or Dislinclion.. 820h of UCAS applicants got into their first-choiGe university. GCSE results were also pleasing.. 31 Vo 918 grades, with 14 pupils averaging all 819 grades. The developments outside limelabled lessons have been extensive, and this report is indicative of what lakes pla￿. Academic forums have mèl regularfy. For example, 11 senior pupils gave talks during the year al the Hodgkin IBiology} Society. 42 pupils were entered in Biology competitions and PLJpils also look part in a bi- technology project as part of AMGEN. In Chemistry, the STEAM approach in the Dyson building is reflected in a Chemistry art activity with pupils looking to use reactions lo synthesise pigment. The focus in Computer Science has been on Artificial Intelligence. Pupils have taken advantage of hardware platforms including NVIDIA Jelson Nano lo support the development of low power and mobile Al applications. This has resulted in pupils exploring computer vision and pose estimation in academic extension classes. Pupils are given opportunities lo explore their own programming inleresls, including an automated real-time cryptocurrency trading system built on complex bespoke algorithms, a multiuser online financial tutoring application, and a sophisticated RFID-based race timing system. A key development in the academic success this year has been our focus on STEAM. Pupils have taken on the roles of STEAM ambassadors working with the Pre-Prep and Nursery pupils in the 'makerspace' area of the Dyson Building. A STEAM outreach programme was launched and has been highly successful with over 500 pupils from 24 local primary schools being invited lo take part in a STEAM competition. The STEAM activities the pupils have taken part in include drone building, electric car building and racing, Al robotics. VEX robotlcs, Lego robotics, 3D printing, electronics, clock building, physic81 computing and science investigative skills. A significant part of STEAM in the School is associated with the music studio, and this incorporated the first cohort going through the BTEC Digital Music diploma. Pupils developed synthesis and sampling skills so that they were able lo create music and sound design for commercials and advertising c8mpai9ns. for example. A significant part of academic extension involves the local area. For example, GCSE Geography projects have been based on research done at Holkham beach., the equipment in the Physics department makes Ljse of the dark skies in North Norfolk so that pupils can investigate spectral lines from distant stsrs as part of their IB Physics coursework,. in Agriculture, the pupils have made use of the School's e5tale, particularly in light of conservation and project work. Finally, many of the academic programme outside lessons involve Careers.. speakers and professionals have opportunities throughout the year lo speak lo pupils, such as in February when there was a Careers and Languages event with guest speakers. sn lolal, 31 career events took place this year. Co.currlcular Activity It Was another incredibly busy and active year al Gresham's. The School is involved in so many activities, events 2nd projects that not all can be mentioned, bul this report presents a flavour of what has happened. Sport Sport al Gresham's has been successful and inclusive this year. The School has put out teams across 10 different sports and been involved in over 500 lixlures with a huge number of positive and oulslanding team and individual performances. Not only are we proud of the pupils, achievements bul also the number of pupils who have represented the School. This year, 454 pupils or 850A of the School represented Gresham's al sport. GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS {contlnued) Senior School {contlnuedl Sport Icontlnued) Cricket continues to be hugely successful in terms of both individual and team performance5. A record number of fixtures were played across 11 teams. including 3 girls, teams, and il was the first time we have had a Girls, 181 Xl. Progress in national alld county competitions has been very good and we continue to have very good county representation. The 1st Xl won all but one of their School matches and the U17 reached the Quarter Final of the National Cup. One pupil scored 958 1 $1 Xl runs, just 21 short of the School record, in 2022. Equestrian pursuits, r2C4uet 5POrts and cross4ountry running continue lo be very popular sports, whilst football is growing in popularty. The first team was involved in 17 competitive fixtures over terms and there were several oulslanding performances in that lime. This year was also particularly noteworthy for being the first lime we have been able to field a second team in football, part way through the Michaelmas Term and into the Lent Term. Finding schools who were able also lo field second teams was challenging but in the seven competitive fixtures that were played the Gresham's B team had some outstanding displays and some very memorable results. As with the first team. the group ofsludents who represented the School in the B Team did so with pride, and their effort, commitment and conduct was first class throughout the season. They were a joy lo coach, a credit lo the School and a pleasure lo take lo fixluos and should be hugely proud of what they have accorNplished. This year, we were able lo offer girls. football for the first lime in several years and had a very strong group of students who became part of the Gresham's girls, team. They trained every week for three times a week under the expert eye of Ms Nche and showed great enthusiasm and commitment to their training. Unfortunately, the competitive fixtures planned did not come lo pass owing to others, ability lo fi'eld full teams against us, so we felt like we were very much leading the way. Hockey resumed a full block fixture list on Saturdays and there were various cup competitions. Our boys, and girls, hockey teams played 178 matches, scoring 457 goals and conceding only 283. Girls, U18 competed in Tier 1 of the England Hockey Cup again, and the Boys, U18 entered Tier 1 for the first time. This is a fantastic competition involving the top 32 hockey schools in the country and the boys were unlucky lo miss out on qualifying for the national Finals Day. The improvement of boys, hockey in the last two years is notable. with a light encounter against Replon School, and wins against Trent College. Notlingham, and Framlingham College, Suffolk, being highlights of a successful season. The netball term ha5 been a great success, with a record number of girls participating. In senior netball we have been able to field full squads from 1 st through lo 4th teams in all fixtures. For the first time we have been able to add D teams to our fixture schedule with four full teams represented in both U15 and U14 age groups. The netball club is very inclusive and allows all players to access our specialist coaches, whether competing in National competitions or playing for fun and fitness. The depth of the squads has continued to thrive. Our B. C and D teams have often been pitched against A, B and C teams and are to be cornmended for rising lo the challenge. The range of fixtures has allowed for good competition throughout and it was an excellent year for the 15B. 14A, 14B and 14D teams who remained unbeaten. 2021-22 was successful for the Rifle CILJb, with the team full of hugely gifted shots representing all year-groups, with many outstanding PerforMan￿s, both individually and as a team. The main schools, small-bore competitions takè place under the British Schools Leagues IBSSRAI. There is a new league each term and Gresham's has always managed lo have at least one team in Division 1. The Autumn Leagues were tough this year and the Gresham's 'A' team had a real battle on their hands towards the end of the League but were able to hold off both Wellinglon College and Ellesmere College lo secure victory. In the British School Individual Championships, Gresham's had some great results, with one of our girls becoming the British Schools U19 Individual Champion, just pipping her team malè into 2nd place. In the Home International match, Gresham's made a sizable contribution to the England teams. The National Small-BoTe Rifle Association runs a series of National competitions throughout the year and, individually, Gresham's students were outstanding. Al County level, Norfolk had teams in the Inter Counties Junior Leagues, and both teams were made up entirely of Gresham's pupils. Members of the team often managed to shoot their first ever 100 out of 100 for the Club, and overall there were more full scores this year than in recent GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued) Senlor School Icontlnuedl Sport Icontlnued} years. The Rifle Club has been very fortunate to have several, very high-quality shots join the team, with Year 9s looking particularly strong. As the Easter holidays arrived, the team started lo prepare for full-bore competition. A week-long Ir8ining camp al Bisley was cold bul went superbly well, and the young people trained hard and leamed lols. The weather was tricky, with some very testing wind conditions. bul the team coped admirably. 11 was an encouraging year for the Rugby Club, with some excellent results for all the teams, especially in the block fixture against Norwich School where the Club recorded six wins out of seven. The 1 sl XV. U16As and U15As were all crowned County Champions. We also saw the U15s have a good run in the National Cup Competition, narrowly losing 10-12 to RGS Colchesler in the 3rd round. In sailing, Hickling Broad was again used as our base and the sailors have enjoyed many afternoons on the water in just about every imaginable weather condition. The Performance Gym has now passed ils one-year anniversary and proven lo be a valuable addition lo our offering. 11 is open 7 days a week with over 40 sessions delivered each week, from Year 3 right through to Year 13. Students have engaged in their strength and conditioning sessions lo reduce their risk of injury and improve their sporting performance as well as their overall health and fitness. The Talented Athlete Development ITADI programme has seen significant progress and development since being introduced, with the TAD cohort having had the privilege of content delivered from nutritionist. Jason Fligg, and performance consultant, Richard Shorter, who both regularly work with elile-level alhleles and teams. Gresham's is very fortunate lo have 8 multi-disciplinary team supporting our students.. the School Physio works close5y with our Strength and Conditioning coach to implement an evidence- based iehabilitatson programme. Gresham's Swimming Team allended the National Schools, Relay Competition on Friday 11th March at the London Aquatic Centre in Stratford. This event consists of boys, and girls, medley and freestyle relays and is attended by many schools from all over the country. Twelve pupils successfully completed the National Pool Lifeguard Qualification INPLQI course this year, each course consisting of a minimum of forly hours of training which includes all aspects of water and spinal rescue, fi'rst aid, adult. child and baby CPR, Automated External Defibrillation IAEDI training, lifeguarding and the law, dry rescue, health and safety, accident prevention and safeguarding. At the end of the course, candidates take a Ihree-hour examination lo gain the nalionally-recognised qualification. Gresham's lifeguards are very valuable members of the Gresham's swimming staff team as they provide lifeguard cover in the pool during term-time and in the holidays. Drama A collection of pupils from Years 11 to 13 performed in The Senior Page lo Stage Evening to an audience of parents, staff and their peers in The Auden. The programme consisted of monologues and scenes that pupils selected or wrote themselves, simply for the love of performing. The audience was introduced to characters from plays such as Sophocles, Antigone and Carson's The Morning Show, as well as scenes trom television and film. such as the infamous Fatal Beatings scene written by Rowan Atkinson. and Victoria Wood's Surgeon s Acrobatio Class, The range of different performances was hugely successful and it was a fantastic showcase of the lalenl that we have he￿ at Gresham's. In November, pupils from Years 11-13 took part in the Drama department's very first production of Fright Nighl, a promenade theatre piece which turned the Auden Theatre and woods into an Asylum. The audience was taken on a lour of the 8sylum, led Iby the doctors and mel the patients that occupy the grounds. The cast was hugely Creative, committed lo the performances and working incredibly hard lo achieve the aim of combining spine chilling storytelling and jump scares along the route. GRESHAM'S SCHOOL GOVERNORS, REPORT (continuodl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS Icontinuedl Senlor School (continued) Drama Icontinuedl At the end of November. a student company of 66 including principals, understudies, ensemble, crew, production team and band look lo the stage in a B-moviesque comedy-horror, Little Shop of Horrors. The show was a joy to direct and il was amazing to have a busy Auden with audiences laughing and applauding the energised and talented company. The show demands two major challenges lo the traditional musical love story that in this case does not end happily with all principals being eatenl First, the creation of four versions of a man-ealing plant from animatronic pod to hand puppet, from body puppet to a full-scale giant puppet with two puppeteers. It also needs the off-stage voices of the puppets lo be lip-synched. These challenges were resolved through amazing sludenl and staff designers and the puppeteers and singers working closely together throughout rehearsals. The show of course would not work unless you had a talented and commilled company and this year we could not have asked for more. The company was wholly invested in the show and produced performances that captured the audience and reminded us why live theat￿ is such a joy. The Lower School production of Charfie and the Chocolat6 Factory starring pupils from Years 9 and 10 was performed on 15 17 March lo packed audiences of pupils, staff and parents. This was an exciting project for all involved where the cast and crew worked tremendously hard lo bring this well-loved classic lo life. The most satisfying element of this show was witnessing the development of the pupils during the process. For some, this was their stage debut whether on the stage as an actor or puppeteer, behind the scenes as a backstage member or costume designer, or in the lighting box as a sound or lighting technician. The Ten-minute Play Competition took place in April. This year was another incredible competition with nine plays submilled including a ten-minule musical. Five plays made il to the stage thanks lo the sheer gril and determination of the companies who invested a huge amount of creativity and time in rehearsal lo realise the playwrights, words. Gresham's Year 12 theatre pupils look to the stage at Wells Mallings as parl of part of the Sea Fever 6 festival of poetry and prose in May 2022. The pupils performed exlracls from two plays from the 1930s which were collaborations between OGS W H Auden and Benjamin Brillen, The Ascent of F~6 and On the Frontier, in a one-off performance that concluded the festival on Saturday night. These were demanding pieces and the actors performed very impressively in the varied roles they undertook. An Evening of Murder for a good cause involved a group of Year 12 pupils coming together for a period murder mystery in which the audience almost became part of the action as they sal close lo the performers who remained on stage in character throLJghoul never leaving the train where the crime takes place. This was a visually striking and highly engaging performance with pupils capturing the 1g30s period feel in their assured characlerisation. This was a fund-raiser with the support of the charity committee for those caught up in the conflict in Ukraine, so crime in this case does payl Muslc A busy year in the Music Department has seen the four strands go from strength to strength. offering opportunities within the areas of study, perform, create and community. The Maslerclass Programme enables our pupils lo learn from notable musicians working in the industry, sharing their experience, performing for them and deepening their understanding of the art form and progression open lo all. Libby Burgess spent a day in the Music Dèpartment. She has dedicated a year to her Project 48 which involves playing Bach's gpic 48, 81148 Preludes and Fugues which make up the Well-Tempered Clavier, in the 48 counties of England to raise money for musicians, charities. Composer, writer and performèr, James Mcconnel, came into the studio lo talk lo composition pupils about his life as a musician. The visit was also lo oversee the recording of the cello part for his latest composition. a Cantal8, the rather sad, true story of a bomb disposal expert working in Afghanistsn. Gresham's music scholars were treated lo a n1asterclass'. by the flaulist Scarlell Askew who is a recent graduate of the postgraduate course al Trinity Laban. The Scholars and Choirs Concert heralds the start of the new academic year and is programmed lo encourage and showicase'our best musicians and along with Chapel Choir and Schola Canlorum. Such choral standards as O thou .the Central Orb. impressively accompanied by Louis Horsman Carpenter on the organ and I was Glad were 'counlerbalanced by Schola singing a medley from popular musical Ihealre. GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 .ST lJ5J ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS Icontinuedl Senior School Icontlnuedl Music Icontlnued> Our inslrumenlalisls ranged from Years 9-13 and included memorable performances on violin, flute, marimba, piano, electric guitar and clarinet as well as some fine solo singing. House Music was launched with great gusto, and with a slight variation in rules and regulations to make way for a more contemporary sound. Judged by Midé Naike, a professional bealboxerlvocal percussionist and part of the award-winning a cappella Choir Sons of Pitches. the Instrumenta1 category opened the competition, setting the stsndard incredibly high. This saw Farfield victorious. with an impressive arrangement of Canned Heat. Part Song was won by a moving performance of Tak8 Me To Church by Oakeley, and the revamped Unison category saw Farfield crowned victorious after their rousing mash up of Uptown Funk and 24k Magic meant that they were heading for gold to win the entire competition. The Music Department lent its skills lo support the production of the musical, Little Shop of Hoff0￿. Mr Carr worked with the cast lo teach them singing and directed the musicians perfectly. Christmas is an incredibly busy lime for musicians, with everyone in a celebratory mood. Schola Cantorum took part in the annual Advent Service in Lley Church, a long-standing date in the musical diary of the School. A full congregation enjoyed listening lo the choir singing eight anthems Adsm Lay Ybound6n, The Angel Gabriel and People Look East as well as Paleslrina's Matin Respons8ryand with a nod lo our famous Old Greshamian, Benjamin Brillen, Hymn lo The Virgin. Schola Canlotum was delighted lo be able lo return to Fishmongers, Hall in December lo fi'rstly sing at the annual Livery Dinner and a few days later at the Carol Service. The dinner is an occasion which allows the choir to put on evening wear and sing carols on the sweeping double staircase al Fishmongers, Hall as guests arrive. Later, they entertain while the first course is cleared. This year's offering was The Twelve Days of CIFrisln?as, a 9-minule romp through the traditional carol in an inspired and entertaining arrangement by Bob Chilcott. An addition this year was to be filmed by Fishmongers, a5 part of a digital Christmas message. The Carol Service takes place in the church of Sl Magnus The Matyr, The Fishmongers, Company's church in London. The choir, led by Head of Chapel Music Mark Jones, sang a mix of anthems including O Holy Night and O Tannenbaum. Later in the academic year members of the choir returned to Fishmongers, to sing in the Election Day Service as part of the inauguration of the new Prime Warden. The Auden stage was transformed into a Christmas set with tree, presents. a laslefully, yet festively lit Steinway Concert Grand and plallorms for an array of musicians lo perform from. A lolal of 96 pupils performed to a capacity theatre, entertaining a lively audience who clapped and joined in al every opportunity. Chapel Choir made a welcome appearance away from their usual Chapel setting and opened the evening with a selection of choral classics. Concert band, under the direction of Mrs Howard, wowed the audience with Feliz Navidad and the Orchestra gave a nod to that favourite of Christmas ballets and played The March from The Nutcrackersuile. House Music part song winners Oakeley performed Take Me lo Church along with Farfield reviving their winning instrumental. The Tallis Part Song, Sh-Boom, with its impressive barbershop harmonies, completed the House Music sel and the jazz set, directed by Mr Curtis, gave an old-fashioned flair to the performances. A group of dedicated singers enjoyed a trip lo the West Midlands over the half term break. The evening of Monday 14 February saw a wonderful concert from our Chamber Choir, who sang alongside Hereford Chamber Choir. With delights from Mozart, Parry, Lulkin, Byrd and of course, Brillen, the All Saints Church provided the perfect performance setting. The choir then took lo Worcester Cathedral on Tuesday 15 FebrLJary for a lunchtime concert. The lour concluded in the evening with Evensong from the Cathedral, before the group headed home. In March, pianists from across the Prep and Senior Schools had the opportunity lo play the School's Steinway, a grand piano in the Fishmongers, Recital Hall for the Piano Recital. They wowed the audience with lols of piano favouriles, with pieces ranging from Chopin's Nocturnes and a Beethoven Son8fr8 lo an Elegy by Einaudi and a Scoll Joplin ragtime. , T,he ev¢ning provided a stage for several of our talented Senior S¢hoDI pupils. Gresham's took on Broadway and ' the Wesl End and our gifted pupils performed songs from Ihelr favourile Musicals in 'Songs from the Shows, directed 'by Mr Girling. Pupils from Year 9 to 13 look to the stage with many memorable performances. in full costume and impressively truly immersing themselves in the character for that moment under the spotlight. It would be unfair lo highlight'individual performances which included songs from well-known musicals Dear Evan Hansen, Miss Saigon, GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 GRESHAM'S ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (contlnued) Senior School {continuedl Muslc Icontinuedl Hairspray, Phantom of the Opera, Grease and Shrek. Lesser known and older musicals were acknowledged too- Chess, Spring Awakening, Fiddler on the Roof, Carousel and Anything G￿s. Concert Band was a highlight with ils Chicago Medley,. who didn't go home humming All that Jazz? The Sam Curtis Collective brilliantly accompanied the Anything Goes set. As the country celebrated the Platinum Jubilee of Her Majesty, The Queen, Gresham's stsged a memorable day of events in the Theatre in the Woods in recognition of this once-in-a-lifelime event. A Chapel Service in the morning was followed by the CCF Parade which included our newly-formed CCF Marching Band. All credit lo them as for the first lime the musicians looked the parl with reduced copies of music held in 'lyres' on their inslrumenls. Pupils enjoyed sausages and mash in a streel-style lunch in the very palriolically decorated CFB. In the afternoon. musicians, singers and pupils from the Pre-Prep. Prep and Senior School came together for a concert to celebrate all things British. 11 was a spectacular event. mirroring a Proms-style concert and one which allowed the whole Gresham's family lo come together lo watch and perform. Concert band, orchestra, choirs and solos provided a rousing programme including the theme from James Bond, a Beatles medley and music by Elgar and Warlock. Music and Munch, an informal monthly concert held in Tig's in the Britten Building and open to the community. provides a meeting point for many Holl residents over a light lunch, listening lo performances from many of our musicians. The relationship between Norfolk Music Hub and Gresham's Music has grown ever stronger, offering opportunities for our pupils and pupils from across the county lo access high quality music experiences. We welcomed the British Army Band in October lo the Auden Theatre where 40 children from Norfolk Schools and Gresham's gathered for a day of music with 31 members of the Marching Band under the balon of Bandmaster Sergeant Paul Dove. Stephen Hussey from Urban Soul Orchestra began working with Gresham's pupils in February, preparing orchestral parts for musicians across the county lo play a concert which became the headliner for GreshFest 2022. Writing and arranging in Logic in the Studio enables traditional orchestral principles lo be merged with dance music and synth sounds, producing click tracks for performance and wtitten parts. Two play days were scheduled, welcoming musicians from across the county lo play with our pupils, under the direction of stephen and Mrs Wolfe. This resulted in a spectacular performance from our musicians and those from schools across the county. Through this partnership, we were delighted lo host the Norfolk Music Hub Virtual Big Sing. again for GreshFesl, with an array of stars from stage and screen performing well known classic songs, ranging from Disney lo musicals.. Claire Sweeney, Matt Henry, Mark Feehily, Maisie Smith, Red. Our Dementia Choir and Laura Wright - all compered by Mark De-Lisser. The concert was filmed and shared with school children across the country. The first of Choral Society events look place in December with the return of Handel's Messiah Come and Sing day and we welcomed the public, OGS. staff and pupils lo dust off their copies of Messiah after a 'lop and tail, rehearsal, under the direction of Mr Jones. Charity & Services The Friday afternoon programme of service activities involves 170 students volunteering in the local community. The School has long-standing connections with Holl Youth Project, Thornage Hall, Treehouse Café, Lloyd Court Care and Age Concern. Sheringham. There are new inilialives with the Eve's Hill Veg Company, St Andrew's Church. Holl, Munhaven Care Home and the Felbeck Trust. As parl of the Services provision, the Mental Health Team (Mrs Pollicott-Reid and Mr Robinson) run the Mental Health First Aid programme. This involves raising awareness of mental health issues and providing education about specific mental health conditions and ways in which the Mental Health Champions can be supportive lo other young people and their peers in House. 11 involves Asking. Assessing and Acting., listening in a non-judgemental way., giving reassurance and information., enabling their peers to access appropriate help and support,. and encouraging self-help strategies. The idea behind this is lo enhance the Mental Health First Aid. Championgl,'onward journey from Gresham's, be il a gap year, university or work. 10 GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 EST IJJJ ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS {contlnued) Senior School (contlnued) Charity & Services Icontlnuedl The School Charity Committee has had a very busy and successful year of fundraising for the Gresham's Charity of the Year - The Holl Youth Project. The last eight months have seen lots of exciting fundraising activities take place including the Gritty Grasshopper, Gresham's Triathlon. the Valentine's Ball, Bunfi're Night, Fartield and Tallis Sponsored Walk, Gresham's Guys and Girls Christmas Singles, and the Christmas Tree Festival. The Charity Committee has also worked alongside numerous music. drama and sporting events this academic year to provide refreshments for audiences, crowds and congregations attending school events. Al the lime of writing, a record- breaking £24,000 has been raised for The Holt Youth Project over the academic year and the School is enormously grateful to everyone who has made this possible. CCF 11 has been an excellent year for the CCF, with numerous pupils making notable conlribub'ons to the Contingent. A group of Army Section cadets travelled lo Granlham Barracks during the October half term for the MOD'S national STEM challenge event. The day was focused around practical STEM tasks and they enjoyed activities as varied as rescuing vehicles with the REME. controlling a bomb disposal robot with the Royal Logistics Corps and building bridges with the Royal Engineers. They also had a rare opportunity lo explore some large-scale military kit including the Royal Artillery's Mulli-Saunch Rocket System IMRLSI and the Royal Armoured Corps Jackal. 11 was an excellent day which really showcased the ideas of science in action as well as the many and varied careers available in the Army. This year saw the conlingenl hold several significant parades. The first was for the Biennial Review when we welcomed Colonel Paul Morris of the Royal Anglian Regiment as Inspecting Officer. He was greeted at midday by all three sections smartly turned out on parade, with the newly-formed contingent band providing some military music and a guard of honour. Colonel Morris also enjoyed a full tour of training in the afternoon seeing a wide range of activities including the RAF section flight simulator, Royal Navy Field Gun team and Army section patrol competition. The cadets and NCOS all delivered an excellent display of what is offered through participation in the CCF. A few weeks later, the Conlingenl marked the Queen's Platinum Jubilee with another full parade and a march past by all three sections, accompanied by the maTching band who delivered an excellent selection of Music reflecting all three services. The Royal Navy Section has developed an outstanding afloat programme. The Army Section programme has been enhanced with practical application of skills such as fieldcraft using both blank and paintball ammLJnilion. The RAF Section has benefitted from a strong senior team. The Field Days have enabled visits to Duxford and RAF Coningsby, as well as military eJ(ercises and training based on-site at Gresham's. In other activities, the REME section has begun lo expand with new engineering projects starling in conjunction with the STEAM focus. Clay largel shooting has seen a resurgence this year with experience sessions being offered to all year groups and two teams involved in the National Cadet Clay Competitions. The Contingent was pleased lo hold a formal dinner for the SNCOS which also gave an opportunity lo pay tribute to Lt Cdr Gareth Burnell. the founder and mainstay of the RN section al Gresham's. 11 was also a chance to thank a fi'ne cohort of NCOS for their contribution lo the Contingent. We look forward lo building on the momentum they have created. Duk8 of Edinburgh's Award The Duke of Edinburgh's Award Scheme aims lo promote a balanced approach lo life and learning, helping students to develop and enjoy their existing strengths while cultivating new abilities and confronting fresh challenges. The award compiles of four sections.. Volunteering, Physical, Skill, Expedition l+ Residential for Gold) and the PLJpiIs work towards completion of these sections throughout the year. Currently, Gresham's has approximately 250 young people working towards completing their award. It has been heartening to return to our normal expedition programme, which has resulted in a busy year for Gresham's pupils working towards completing their individual awards and also the many members..of. staff who frequently give up their own lime to mentor the pupils through the administration of their award or spend time, away from home supervising, organising. and assessing various expeditions. In 2021122, awards were made as fjollows.. Bronze Awards- 74., Silver Awards- 33.. Gold Awards- 27. Numbers enrolled for 2022 are encouragingly high, with 88 registered for Bronze, 47 for Silver and 60 for Gold. 11 GRESHAM'S SCHOOL GOVERNORS, REPORT (continued} GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued) Senior School Icontlnuedl Environmental Inltlatlves Team Eco have helped the School continue lo be accountable and follow our Eco Policy that we created last year. After winning the Green Flag, which is awarded biannually in just 7 months, preparations are already in place lo secure the award for another year. The programme is designed lo raise environmental awareness among young people and is run by the environmental charity keep Britain Tidy. Inlernalionally, the programme is the 18rgesl educational programme in the world, present in 67 countries and 52,000 schools. Our School is now part of this global community working to create environmental change for the benefit of future generations. We have also continued our links lo the community by supporting the 'Holl Cup Project.. The idea of this project is lo use less disposable coffee cups. These cups are available in Tig's and other coffee shops in Holl. All our non-reusable cups are now compostable to help lo reduce our carbon footprint. Team Eco have also been working with Greening Holl to try and improve the biodiversity of the local area. We have been in discussions about how lo promote more rewilding in the Ioc81 area. Projects in the pipe line for next year include building an owl box complete with a webcam which can be live streamed lo the community. The Eco-schools programme has helped to empower our students, raise environmental awareness, improve the School environment and if we continue lo reduce. reuse 8nd recycle make financial savings. Being an active member of the programme will be something our students will omember for the rest of their lives. They really are the future and will be vital leaders moving forward lo ensure we are kinder to our amazing planet. Development of Facllities {Seniorl The School's Leman Astroturf pitch was resurfaced (including a new shock padl and oplimised for hockey, reflecting the great interest in, and results from. the sport for both boys and girls. The refurbishment included new fencing and kickboards. The opportunity was taken to create a practice area between the Aslrolurf pitches, which will create a space for players to warm up before playing. In addition, al the Senior School, a huge array of general Maintenan￿ and health and safety related tasks was undertaken, and smaller scale developments continued, including the ongoing refurbishment and redecoration of boarding houses, preparation of a new Day House, boiler replacements and general decoration. New signage was rolled out, reflecting the School's updated logo and branding. Work is well underway with the next larger-scale projects at the School, most notably the refurbishment of Big School and Reilh Block, with upgraded classrooms, a new, dedicated examination centre and Headmaster's Study and Boardroom. This work allows the School to continue to make significant improvements lo ils teaching and learning facilities following the huge le2p forwards the previous year with the construction of the new Dyson {STEAMI Building. Design work is also well underway for the expansion of capacity within the Chapel, and associated upgrades of audio and fire systems. This will ensure that the whole school can come together as a community, including for worship. Focus has also turned more towards energy efficiency, with boilers being replaced by more efficient models., new control systems being installed to facilitate greater efficiency., continued roll-out of more energy-efficient lighting., and investigations into how modern technology could best be used in conjunction with a mix of old and new buildings. The School also wishes to ensure il lakes a longer-term view in relation to its sports facilities and has started lo scope the needs for the longer-term, and how these can be met in a phased development of sports facilities. 12 GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS Icontinuedl Prep and Pre Prep School This yeaT'S report reflects more specifically on some of the aims of our school and how these are achieved. To provide a happy, caring, inclusive and vibrant school environment Architects, Purcell, prepared a Maslerplan for the development of Pre-Prep. Phase 2 included renovating one wing of the building into a wonderful new hall space plus a new music room and converting two rooms into new classrooms. The result is phenomenal with a beautiful new Jubilee Hall flooded by natural night. We continue to welcome international pupils to board al OLJr Prep School and provide support for pupils with a wide range of abilities. We were delighted lo welcome a pupil from Ukraine in June. The most common comment from visitors to our school is how happy and welcoming the children are. We feel great pride in this and strive lo ensure that all of our children feel cared for and know that their voice is heard. For ourpupils lo develop skills that will allow them to achieve theirpotentl81 at school and in the workplace in years to come Standardised assessments in maths and English are administered regLJlarly across the Pre-Prep and Prep, providing a wealth of tracking data which feeds into planning and analysis of pupil progress. Al the Prep School, new inilialives added to the curriculum for older pupils have proved very POPLJlar and serve to achieve this aim. Inspire lo Inquire li2il, a forlnighlly series of lectures from Gresham's staff and visiting speakers for all pupils in Years 5 to 8, has introduced pupils lo a variety of careers and topics for debate. Gresham's Prep was also the first school in England to introduce the ABE endorsed KidsMBA programme. Pupils in Year 8 followed a year-long entrepreneurship course which culminated in a 'shark lank, competition where teams of pupils presented their ideas lo a panel of judges and the winning team went forward to the global finals, competing against nine olherwinning teams from countries across the globe. For our pupils to be responsible, compgssion81e people who have a sense of duty to their peers, their community and the wider world In May, Prep School pupils travelled to Sheringham beach on a steam tr8in for a day of sandcastle competitions, picnics and beach football, while the Pre-Prep pupils had a streel-party style lunch with all the old favourile lunes. Later, the whole school community gathered together in the Theatre in the Woods lo celebrate the Queen's Platinum Jubilee with a glorious concert. Pre-Prep pupils enjoyed beach school, working together to do a local beach clean. Charity inilialives included a Triathlon across all three Gresham's Schools, a'swim the channel, event and numerous child-led inilialives to raise money for worthy Gauses. Development of Faclllties {Prep and Pre-Prep} Following the successful phases of work to redevelop the Pre-Prep, referenced above, focus switched to the Prep School where a similar Master-planning exercise is in train to consider how best lo develop and re-develop the facilities lo meet the needs of the School in the future. An initial phase of work was undertaken during the year lo create two additional classrooms. improve and expand girls. changing facilities, resurface tennislnetball courts and renew fencing, and relocate and revamp the staff room. 13 GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS {continuedl Pupil numbers During the year Gresham's School averaged 917 pupils {2021'. 8611. Public beneflt ISC Research (The impact of independent schools on the British Economy, October 20181 suggests that ISC Schools saved the taxpayer an estimated £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 taxpayer £6.1 million over the last academic year. Scholarships and burs2ries were equivalent lo 10.5'/o (2021.. 12.90AI of the School's fee income. In total £2,562,000 {2021'. £2,805,000) was made available by the School and comprised £1,241,00012021.. £1,319,000) awarded as scholarships and £1,321,00012021'. £1,486,000) awarded as bursaries. 118 pupils112.9 /0 of the lolal number of pupils}12021.' 132 pupils, 15.30/0 of lolall beneliled from scholarships. 92 pupils {10.OOA of the total number of pupils} 12021.. 123 pupils, 14.3'/0 of total) benefited from means-tested bLJrsaries. Gresham's is an educational partner of Ormislon Venture Academy, Gorleslon. Regular exchange visits are arranged for both staff and pupils, and a 100 /0 61h form Scholarship lo Gresham's is made available each year. In previous years the Fishmongers, Company made several prestigious awards available which, like the School's awards. are for academic excellence, musie, art, drama and sport. The Company decided to move away from these awards in the current year with a greater emphasis being placed on bursaries. As such, there weren't any funds provided direct to the School for excellence award5 in the current year12021.' £39,000), but the amount provided lo the Foundation for bursaries was increased considerably lo £268,00012021'. £134,000). Of the 92 bursary awards made, 38 were considered to be 'life-changing' awards. These awards cover between 760/0 and 1000/0 of the termly fees. Great Yarmouth Charler Academy and the Ormiston Venture Academy are two examples of schools with which Gresham's has developed strong links in recent years. Thanks lo donations from The Fishmongers, Company lo the Foundation, four life changing awards are made every year lo pupils from these o schools. The impact that a Gresham's education can have on these pupils, and the impact that the pupils themselves have on their peers and the School as a whole, Is signilicanl. They gel so much out ofwhat a Gresham's education offers, whilst the pupil body in turn is enriched by the inclusion of these young people. Life-changing award holders have a considerable impact on the School and within their respective peer groups. They often achieve great things whilst at Gresham's, making the very most of what the School has to offer, and are successful in the next stages of their educational and professional careers. Award holders in recent years have gone onto Oxbridge and Russell Group universities, some are aspiring. young sportsmen and women, as well as actors, whilst others have entered the workplace on sought after and competitive degree apprenticeships. Gresham's has also greatly benefited from their inclusion. The importance of being an inclusive School and having year groups that are more diverse can only benefit all members of the cohort and the School community as a whole. The award holders, views, enthusiasm and culture have enriched Gresham's. Many of the activities which the School undertakes lo support others, and which bring public benefit, are mentioned under the achievements section of this report. In addition. 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 transport.the Yuuhg Carers to their evening aclivilies. Pupils from Ihe's'chool's gixlh Form accompany them to help and provide assistance to the young people. There are regular visits to the School by the Young Carers Group for activities organised by the School's Director of Art, for example. the screen printing of T- Shirts and a supper is arranged by the Sixth Form pupils. 14 GRESHAM'S SCHOOL GOVERNORS. REPORT {continuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ES'1-' IJJJ ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS {continued) Public benefit {contlnuedl The School supports other organisalions and causes by providing school facilities free of charge. For example, the Holl Youth Project has been using the sports hall {Mi¢haelmas & Lent lerml and the Astro pitches during the Summer Term. since 1998. For the last thirteen years the School's CCF has run a Summer Camp for RM Cadets from Flegg High School IGreal Yarmouth) in the school grounds. Whilst here they camp. go mountain biking, swim, use the shooting range and climb. As well as being used by Holl Youth Project, the School's minibus is available for the Holl Primary School every Wednesday to take them lo the School's swimming pool. Local scout groups can also use the minibus for vi511s to the shooting range and the School woods. Gresham's Prep School runs art, design and music events for local primary children as well as Latin lessons, dance and drama activities. The School also works in partnership with the National Youth Choir lo provide opportunities for local children. Gresham's staff volunteer their lime both in and out of term time for the benefit of our local community. The list below is in addition lo the outreach work done on a Friday afternoon for our D of E and Services programme (covered separately in this report). STEAM Wè have introduced a wide range of new 8clivities for students between the ages of 2- 18 across our three schools and the community as a parl of our STEAM Outreach program, The Dyson Building welcomed over 500 pupils from 24 local primary schools lo the Dyson building to take part in a STEAM competition in 202112022. The final took place in July and all competitors were awarded T-shirls and medals alongside a trophy for the winner. All travel ¢osls were covered by the initiative. The Outreach program Wil￿ run for the foreseeable future and has been very much appreciated by the schools that have taken parl. In 202212023 we anticipate over 800 students allending. Students are able lo compete by building model boats that hold the most mass, balloon car racing, coding robots to navigate a course in the quickest lime and the use ofVR goggles lo complete maintenance tasks on the International Space Station. Mr Hazelwood (Physics Teacher and STEAM Coordinalorl is a governor for Reepham Primary School and oversees the Science and Computing curriculum. He attends a couple of meetings each term and has a vested interest in the school. Mr Nelson (Science Technician) plays a pivotal role for the Holl Youth Project by driving the children and young adults lo various outings throughout Norfolk. He also runs activities with HYP in the Dyson Building - he recently made clocks with Ihem that they were able lo cuslomise. On a Thursday evening, Mr Nelson is a volunteer for the young carers. Mr Robinson has also run some robotics sessions with the HYP. Sport The hockey club, run by Mr Cowan, runs sessions through the summer term for ug to U14 groups from local clubs and schools. This is mainly for those aspiring to play higher-level hockey. There was also a lournamenl for local clubs in the Mi¢haelmas term for U8, U10 and U12 officiated by our staff and pupils. Some of our coaches also volunteer at the North Norfolk hockey club on an ad hoc basis. Mr Clarke is the Norfolk Scouts shooting advisor. He also volunteers at OLJlton Broad Water Sports Centre as their resident marine engineer and also as a paddling and powerboat instructor and a volunteer powerboat instructor al Hickling Broad Sailing Club. Culturo Mr Kinder organises regular talks to local groups about the Gresham's spies and local history for groups such as U3A, W. Probus and Rotary and local history groups. These span a large area of Norfolk, including Sheringham, Fakenham, Taverham and local villages like Brislon and Gresham. Mr Thomson is the Treasurer of North Norfolk Sinfonia. The Bursar is Treasurer for a local not-for profil aeronautical interest group. Chaplain . Our School.Chaplain takes services in Parish churGhes across the Diocese of Norwich during the holidays. Charity Mrs Corrigan volunteers al the Holt Youth ProjeGt. 15 GRESHAM'S SCHOOL GOVERNORS, REPORT {contlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS {contlnued) Public beneflt (continued) Governorships Several members of staff are governors al local schools, including Reepham Primary School (mentioned above), Anlingham and Southiepps Primary School, OVA in Gorleslon, Aslley Primary School in Brislon, Little Snoring School and Holl Primary School. The Chaplain is also a Trustee al Norfolk YMCA, Community Links Gresham's is a major conlribulor to the local economy in North Norfolk. The School is the largest employer in the town of Holt, employing some 40212021.. 3841 full and part-lime teaching and support staff. A subslanlial proportion of the School's budget is spent locally and the School is keen lo involve local contractors and tradesmen whenever possible. Facilities are Made available when not being used by the School and local primary schools Ljse the SGhool pool regularly. Loc21 people are able to attend performances in the Britten Building or the Auden Theatre. A public car park was built on School grounds near the centre of Holl in 2017, providing much-needed car parking for Holl, which continues to be of benefit to shops and traders in the town. There is no beller way lo demonslrale the excellent community links the School has than the myriad activities and roles reported on above. PLANS FOR THE FUTURE The School has grown, slightly ahead of our strategy, and we continue lo review what we offer to ensure il remains relevant. At the lop end of the School, the broadening of the academic offering in relation to public examinations has been successful, allowing pupils lo find their niche rather than be pushed down a route to which they are less suited. We will continue this focus of trying to allow individual aspiration to be mel through a flexible offering and by assessing future trends, ensuring as far as possible that we can be responsive to needs. Our campLJS developments are progressing well. focusing on the provision of sufficient space for a growing school, of the right quality to support our educational offering. The Master-planning al the Prep School and developments planned for the Senior School. referred lo elsewhere in this report reflect this ambition. The new examination centre will allow us lo accommodate all of our public exarns in one space, with technology available to support, for example. the needs of those who use laptops. As well as the direct benefits this will bring, il will have the indirect benefit of freeing up spaces which are lost for their primary function (such as the sports hall and our recital hall) during public examinations. Running in conjunction with our facilities upgrades, we are launching our digital strategy, which further embeds the use of IT in leaching and learning in the School. Each student in the Senior School, and the oldest pupils al the Prep School. will have a personal digital device lo use in school and al home, for learning. collaborating, undertaking assignments and organising their work. 11 is hard to conceive a way in which we could make our co-curricular broader than il already is, bLJt we aim to continue to encourage maximum participation in our programmes to aid development and feed interests outside of the classroom. Similarly. we aim to continue fostering our links with the local community, particularly those which allow us to engage other young people, 2nd build on new links which have proven so successful, such as the STEAM initiative launched this year. The proactive work of our Foundation will, we hope. reap rewards that allow it to provide even more support in the future for means-lesled bursary awards, which for some can be truly life-changing. 16 GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW The Consolidated Slalement of Financial Activities for the year is sel out on page 27 of the financial statements. Pupil nLJmbers in 2021122 were very good. higher than anticipated in the School's budget and higher than the previous year. The School achieved net income before investment Ilosses}Igains of £570,000 {2021.' £367,000). These accounts consolidate the results of Gresham's School Enterprises Limited IGSELI as il is a 100% owned subsidiary. During the year GSEL made a profit of £15,000 {2021.. £12,000). The School received bursary donations lolalling £288,000 12021.. £343,000) from the Gresh8m's Foundation, a connected charity, and £15,000 of small grant and capitsl project donalions12021'. £14,000). For further details on the relationship be￿een the School and the Foundation see note 17. Reserves Al 31 August 2022, the School had unreslricled funds of £38,210,00012021'. £36,223,000), deployed as part of the School's premises and equipment, and with the need for day-lo-day working capital being mel by careful management of shorl-lerm liquid resource in the absence of free reserves. Within unrestricted funds there is a fund of £510.000 designated lo coverthe liability the School could have should il decide lo withdraw from the Independent School's Pension Scheme (see note 231. The School does not have any free reserves. The Governors have a policy lo use revenue surpluses and borrowings as appropriate lo improve the facilities and the overall educational service provided by the School. It is the intention of the Governors that this policy be continued and any unrestricted surpluses will be used for this purpose. The Governors consider that free reseNes of £2m or two months, expenditure. would be practicable and achievable in order to cover the risks and uncertainties of operating as an independent educational establishment. The policy is therefore lo continue to build up reserves out of annual operating surpluses until that level is reached, subject to the prior demands of further capital expenditure lo equip the School with the up-to-date facilities needed to maintain the standard of educational services currently provided. The School had reslricled funds of £1,444,000 12021.. £3,135,000). Isee note 181 and endowment funds of £3,124,00012021'. £3,235,000). PriTncipal Funding Source The infraslruclure of the School is funded from operating surpluses, donations and by agreed bank facilities. Pupils allending the School are charged a termly fee and the income arising from these fees is ulilised to meet the costs of running the School on a day-lo-day basis as well as conlributino lo longer-term capital projects and the provision of scholarships and bursaries. Invgstmentpowers. policy andperformance The Charity's investment powers are governed by its Memorandum and Articles of Association. which give the Governors the power to invest the monies of the charitable company, not immediately required for its purposes. in or upon such investments, securities or propety as may be thought fil. Investments are managed on a discretionary basis, on a medium risk profile, with predominately an income mandate bul some capital growth. Performance over the past year was in line with the market, with fund valuations lower than in the previous year given the impacts of the Ukraine war and the wider economic situation. Financial Snstruments The School has a normal level of exposure to price, credit, liquidity, and cash flow risks arising from trading activities which are largely conducted in sterling. Foreign currency transactions are so minimal that the risk of exchange rale volatility is considered negligible. 17 GRESHAM'S SCHOOL GOVERNORS, REPORT (continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 RISK MANAGEMENT On an ongoing basis the Governors assess the major risks to which the School is exposed and they are satisfied that systems are in place to manage all identified risks. The Audit & Risk Committee assess the major risks in detail and the minutes of each of its meetings are presented lo the main Governing body for review and comment. The Governors view the risks in terms of impact and piobability. They have identified the following risks as most significant lo the ongoing operation of the School. which are miligaled as slated. Recruilmgnl 8nd ￿tentIOn of pupNIs Through a programme of Open Days, parental visits, Taster Days. marketing, ready access lo the Heads of the Schools. monitoring of reasons for joininglleaving and management of fInan￿S lo control increases in fees, recruilmenl and retention of pupils is managed. Safety of pupils The School ensures that it follows proper safeguarding procedures, staff recruitment policies, makes suitable checks on Contractors, maintains a Health Centre 51affed 2417, promotes the best in pastoral care and support and operates under a comprehensive health and safety policy lo ensure the safety of our pupils. Major failure of IT systems A dedicated team maintains the IT infrastructure, supplemented by exlemal help where necessary. The day-to-day running and the security of the system is a priority. Work continues lo enhance the resilience of the school's IT ne￿ork, with a renewed focus on cyber security counter measures, including raising staff awareness of the critic81 role they play. In recognition of the importance of this risk, the Board appointed Richard Grisenthwaile as a governor with extensive expertise in this area. Socio-political and economic factors The School continues lo monitor external socio-political and economic factors that are changing the landscape in which independent schools like Gresham's operate so that il can identify and manage emerging risks, The combined experience of governors. staff and external advisors is used to try lo identify and counter emerging threats. Globalp8ndemic The Covid-19 pandemic tested the School's ability to respond under such circumstances in ways never envisaged and, throtjgh this experience, the School was able to test and refine its remote working response lo dealing with 8 pandemic and develop a comprehensive risk assessment for operating during a pandemic. This provides an excellent basis which to develop future risk assessments, adapted according to the nature of any future pandemic. 18 GRESHAM'S SCHOOL GOVERNORS, REPORT {¢ontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ESTIJ l J5J Companies {Mlscellaneous Reporting) Regulatlons 2018 The governors understand and have complied with their duty to have regard lo the matters set out in s.172111 of the Companies Act 2006 and consider that the school's achievements and financial performance, mentioned above, ieflect this. Further comments are made below. Promotion of the School With the lifting of reslriclions, Governors were able to promote the school al live events, such as the Norfolk Show. Opportunities are also taken through digital media, articles in national publications, including Tatler Schools Guide, and local news articles. The Speech Days, celebrating the collective and individual successes of pupils, help lo demonslrale to others what the School stands for and what they could be part of. Employee involvement and policy The School is an equal opportunity employer and ensures, through a comprehensive set of HR policies, that all applicants or employees are treated consislenlly. The School has established methods lo provide information lo and consult with employees 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, to 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 face-to-face meetings have not been possible. A more formal mechanism for involving staff is the HR and Staff Conditions Committee, which is a formal sub- committee of the governing body, sitting iwice each year, and which is allended by staff representatives. More informal arrangements include 8 staff wellbeing group, who consider and seek approval for smaller improvements lo help staff, including arranging events and promoting service5 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 School. Engagement with others The School engages with stakeholders in different ways. Parents, through newslellers, a house tutor system, parent meetings and forums and surveys. Our local community is engaged informally through myriad events and activities with which the School is involved, including those summarised under the Public Bènefit and Community Links section of this report. The School's CCF parades through the local town of Holt on Remembrance Day, and is considered an integral parl of the Town's commemorations. Good relations are maintained with suppliers and other stskeholders through prompt payment of invoices, the lumaround times for which are formally monitored under payment practices reporting requirements, and regular meetings with represenlalives from those organisalions with whom we have an ongoinglconlraclual business relationship. such as OUT catering contractor. 19 GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinued) FOR THE YEAR ENDED 31 AUGUST 2022 GRESHAM'S Carbon and enorgy reporting and Environmental Matters The School is required to report emissions, as a 'large undertaking.. in line with Streamlined Energy and Carbon Reporting I'SECR") regulations. An evidence-based methodology was adopted in accordance with BS EN ISO 14064-3'.2019. Section 4,3,. verifi'able data has been collected from the following sources.. Energy Data.. Energy metering, invoices, supply summarieslstalemenls, repayment claims for business mileage, fuel cards and correspondence with suppliers and the School. ESOS Phase11 and SECR 2019120. Previous Audit Data.. All emission factors for C02e, have been calculated using Defra Conversions 2022, as the period covers four-monlhs of 2021 and eighl-months of 2022, in accordance with Defra guidelines. The energy data was compiled and audited by an external, registered ESOS Lead Assessor. GHG emissions and energy use data for period 1 September 2021 to 31 August 2022. with comparative data for the baseline reporting year, are shown below.. Baseline Reporting Year 2019-2020 UK GHG Emission and Enor Current Reporting Year 2021-2022 UK GHG Emisslon and Ener y Data Energy consumption used to calculate emissions IkVVhl', all mandatory energy sources are included. 6,463,162.8 7,062,315.5 Scope 1.. Emissions from the combustion of Natural Gas IC02e 694.4 714.5 Scope 1.. Emissions from combustion of Fuel for transport andlor healing IC02e (see evidence pack for breakdown Scope 1.. Emissions of Biomass Pellets IC02e 324.5 356.18 Scope 3-. Emissions from business travel in employee- owned vehicles, where the company repaid mileage c18ims IC02e (average vehiclelfuel source unknown} Scope 2.. Emissions from purchased Electricity tC02e 388.7 320.72 Total gross C02e based on above ItC02el 1,412.8 1,395.0 Intensity Ratio 1.. kg C02e gross based on mandatory fields above per metre square of Gross Internal Area.. (kg C02e m-21. being 33,202.5 m 42.6 kg C02e m" 42.0 kg C02e m-2 20 GRESHAM'S SCHOOL GOVERNORS, REPORT Icontlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ESI, lJ5.5 Carbon and eneryy reporting and Envlronmental Matters {continuedl Anal sis and Actions During the financial year 1000fi of electricity supplied to the school was from 1 OOOh REGO-backed Renewable Zero Carbon Generation. However, the requirements of the Streamlined Energy and Carbon Reporting ISECRI Scheme. require that Grid Electricity or Local Grid Electricity (Market Based) Emission Factors are used lo report on Scope 2 Emissions. Gresham's School has a mainlsined woodland of approximately 80 acres, consisting of Oak, Beech. Ash, and other native trees, which would sequester approximately 152 IC02e per year over a 100-year period (Woodland Trust, 20201. Gresham's School is considering the benefits and impacts of procuring up to 100010 Renewable Gas and fuel switching I decarbonisalion of healing through Ground l Air Source Heal Pumps {GSHP I ASHPI, as part of the school's move towards becoming a Net Zero school. The Dyson Building is the first building to have been installed with GSHP, which has replaced the former Biology and English block120211. Scope 1 fuels have increased by 5 /0 from 1018.9 IC02e to 1,070.7 tC02e, largely as a result of Sars Cov 19 ventilation requirements. Inereased fresh air make up and open doorlwindow policy had increased fuel use during the baseline reference period. As Gresham's School now operates a more business as usual heating strategy It is likely that consideration is needed as to the relevance of 201912020 data as an appropriate baseline, possibly recasting to this accounting period as a future baseline. Gresham's School is looking lo upgrade I replace the 17 existing gas meters for new Automatic Metering with Half- Hourly Data energy data, and possibly investing in sub-metering for Gas. Electricity and Heat meters, which will provide much greater granularity, identify opportLJnilies, possible waste I savings and provide more insightful data in support of Spend to Save and Nel Carbon Road Mapping. There is a rolling program of lighting upgrades, as lighting generally accounts for around 80/0-10Yo of total energy consumption or approximately 200/0 of total energy cost per year. Projects completed within the reporting period include.. Pre-Prep Ph2 LED and PIR sensors, Howson's boarding house LED lighting throughout. swimming pool, parade ground and senior school reception lighting upgrades to LED. Fabric refurbishments have been completed at the Library and Farfield with replacement double glazed windows. The swimming pool has also benefitted from window refurbishment and CFB has additional insulation lo the roof. A number of mechanical and electrical upgrades have been completed with new boilers installed al CFB and Tallis with Tallis also benefilling from full BMS upgrade and new pressurised hol water system. Pre-Prep Ph2 has had TRV'S installed throughout with new insulated pipework for the heating system. A number of white goods have been replaced with more efficient commercial products installed. 21 GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Gresham's School was founded by Sir John Gresham and received lellers patent from Queen Mary and King Philip in 1555. Sir John Gresham placed the School under the care of the Worshipful Company of Fishmongers of the City of London in 1556 and lo this day that company remains actively involved. The School is a charitable company limited by guarantee, Gresham's School {Company Registration 5196298 and Charity Commission Registration Number 11055001. Recruitment and appointment of Governors The Governors are also Trustees for the purpose of charity law and Directors ft)r the purpose of company law.11 is the Board of Governors, collective responsibility lo ensure that the organisalion is fil for purpose and to determine and support its strategic direction in order lo enable il lo allain ils slated objective. The Charity aims lo recruit Governors with a wide range of business and other sector experience from which the School will benefit. Complementing this diversity. the Board of Governors has a strong sense of purpose and ethos through strong links with Old Greshamians and parents of pupils al, or formerly al, the School. Governor induction and training On appointment, Governors are provided with copies of relev8nt documents, including the Charity Commission guidance note CC3 - The Essential Trustee.. Vlthal you need lo know" In addition. Governors are encouraged to keep abreast of their duties and responsibilities by reading Charity Commission and other updates and allending appropriate training courses. Organis8tional stmctu The Board of Governors meets a minimum of three times annually, including al least one meeting per term. In addition, the Finance and General Purposes Committee of Governors meets at least once per term to monitor the financial management and development of the School. Olhei Sub-committees have specific remit lo consider matters such as Strategy, Education, Estates. Human Resources, Health and Safety and Risk. Working Parties may be established, as necessary, bul all feed back lo the Board. The day-to-day running of the School is delegated to the Headmaster, and through the Headmaster, to the Head of the Prep School, the Head of the Pre-Prep School and the Bursar. The Heads and the Bursar allend Governor 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 accounlsl. 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 Governors. All scheduled governor meetings were held as planned during the year. The Chair of the Audit and Risk Committee continued to lead on behalf of the governors for reviewing risks assessments. 22 INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF GRESHAM'S SCHOOL GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ESTI) 15 JJ Oplnlon We have audited the financial statements of Gresham's School for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Aclivilies, the School and Group Balance Sheets, the Consolidated Cash Flow Statement, and notes to the financial slalemenls. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Aecounling Standards, including Financial Reporting Standard 102 The Financial R8POrting Standard appliGable in Ihe UK 8nd Ropublic of Ireland {United Kingdom Generally Accepted Accounting Praclicel. In our opinion. the financial slatemenls.. give a true and fair view of the slate of the group's and of the parent charitable company's affairs as al 31 August 2022 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 proper5y prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion Wè conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going Concern In auditing the financial slalemenls. we have concluded that the Governors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the group's ability lo continue as a going oncern for a period of al least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Governors with respect lo going COnGem are described in the relevant sections of this report. Other Information The Governors are responsible for the other information. The other infoimation comprises the information included in the Governors, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misstatement in the financial slalemenls or a material misslalement of the other information. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Governors, Roport (which includes the strategic report and the directors, report prepared for thè purposes of. company lawl for the financial year for which the financial slalements are prepared is consistent with thè financial statements., and the strategic report and the directors, report included within the Governors, Report have been prepared in accordan￿ with applicable legal requirements 24 GRESHAM'S SCHOOL GOVERNORS, REPORT Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 GOVERNORS RESPONSIBILITIES The Governors are responsible for preparing the Governors, Report and the financial statements in accordance with applicable law and regulations. Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected lo prepare the financial slalemenls in accordance with United Kingdom Generally A￿epted Accounting Practice (United Kingdom Accounting Sland2rds and applicable lawl. Under company law the Governors musl not approve the financial slalements unless they are satisfied that they give a true and fair view of the slate of affairs of the group and company and of the profit or loss of the group and company for that year. In preparing these financial slalemenls, the Governors are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls.. and prepare the financial statements on the going concern basis unless it is inappropriate lo assume that the charitable company will continue on that basis. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accLJracy al any lime the financial position of the company and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Governors. who are directors for the purpose ofcompany law and trustees for the purpose of charity law, who served during the year and up lo the dale of this report. are sel out on page 1. In accordance with company law, as the charitable company's directors, we certify that.. so far as we are aware, there is no relevant audit information of which the ch2rilable company's auditor is unaware., as the directors of the charitable company we have taken all the steps that we ought lo have taken in order to make ourselves aware of any relevant audit information and have established that the charitable company's auditor is aware of that information. AUDITOR A resolution proposing that Haysmacintyre LLP be reappointed as auditor of the Charity will be put lo the Annual General Meeting. This Governors. Report, which incorporates the Strategic Report, was approved by the Governors on 12 December 2022 and signed on their behalf by.. hael Go 23 INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF GRESHAM'S SCHOOL GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 Matters on which we are required to report by exception In the light of the knowledge and understanding ofthe group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors, Report (which incorporates the strategic report and the directors, report). We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Governors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our 8udit. Responsibilitles of governors for the financial statements As explained more fully in the governors, responsibilities statement sel out on pages 23 the Governors (who are the directors of the charitable company for the purposes of company law and the trustees for the purposes of charity lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control as the Governors determine is necessary to enable the preparation of financial slalemenls that are f￿e from material misststemenl, whether due lo fraud or error. In preparing the financial statements, the Governors are responsible for assessing the group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to iSSLJe an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalemenl when il exists. Misslatemenls can arise from fraLJd or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting ir￿gUIarl1ies, including fraud is detailed below.. Based on our understanding of the group and the environment in which il operates, we identified that the principal risks of non-compliance with laws and regulations related to the Education Ilndependenl School Standards) Regulations 2014, safeguarding regulations, health and safely requirements, GDPR, employment law, charity law and company law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011 and consider other factors such as payroll tax. 25 INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF GRESHAM'S SCHOOL GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and lax authorities., Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.. Evaluating management's controls designed to prevent and detect irregularities., Identifying and lesling journals, in particular journal entries posted al the year end., and Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit. there is a risk that we will not delecl all irregularilie5, including those leading lo a material misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financi81 Reporting Council's website at.. www.frc.or .uklaudilorsres onsibililies. This description forms part of our audilorfs report. Use of our report This report is made solely lo the charitable company's Governors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we miohl slate lo the charitable company's Governors those mallers we are required to stale lo them in an Auditor's report and for no other PUTPOSe. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Governors, as a body, for our audit work, for this report, or for the opinions we have formed. Tracey Young (Senior Slatulory Auditor) Haysmacintyre LLP. Statutory Auditor 10 Queen Street Place London EC4R 1AG 15.12.22 26 GRESHAM'S SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted Restricted Funds Funds £000 £000 Endowment Fund £000 2022 £000 2021 £000 INCOME FROM: Notes Charitable activities School fees Other income 19,078 247 19,078 247 16.463 203 other tradlng activitles Gresham'5 School Enterprises Lellings Investment Income Donations and grant Income 486 24 94 22 486 24 111 95 240 22 127 344 17 73 Total income 19,951 90 20,041 17.399 EXPENDITURE Raising Funds Charitable activities 520 18,841 527 18,944 287 16,745 103 Total exp8nditure 19,361 107 19,471 17,032 Net Incomellexpenditurel before investment Ilossesllgains 590 {171 131 570 367 Investment Ilossesllgains 12161 161} 1108) {3851 494 Net movement In funds before transfers Transfers 374 1,613 1781 11,6131 185 861 18 Net movement in funds 1,987 11,691) 185 861 Reconclllation of funds Fund balances al 1 August 2021 36,223 3,135 3,235 42,593 41,732 Fund balances at 31 August 2022 38.210 1,444 3,124 42.778 42,593 The consolidated statement of financial activities includes all gains and losses in the year. All incoming resources, and resources expended. derive from continuing activities. The comparative yearfs consolidated statement of financial activities is included in note 24. The accompanying notes foTm part of these accounts. 27 GRESHAM'S SCHOOL (Company Number.. 051962981 BALANCE SHEETS GRESHAM'S AS AT 31 AUGUST 2022 2022 2021 Notes Group School Group School FIXED ASSETS £000 £000 £000 £000 Tangible assets Investments 44,643 4,595 44,248 4,595 42,030 4,865 41,604 4,865 10 49,238 48,843 46,895 46,469 CURRENT ASSETS Stock Debtors Cash at bank and in hand 196 659 3,173 21 3,569 2,810 11 932 2,906 3,611 2,749 CURRENT LIABILITIES 4,028 3,838 6,400 6,360 CREDITORS: amounts falling due within one year 12 17,0941 16,9391 16,5761 (6,5291 NET CURRENT ILIABILITIES) (3,066} 13,1011 11761 1169) TOTAL ASSETS LESS CURRENT LIABILITIES 46,172 45,742 46,719 46,300 LONG TERM LIABILITIES CREDITORS.. amounts falling due after more than one year 13 (3,394) 13,0181 (4,1261 13,746) NET ASSETS 42,778 42,724 42,593 42,554 FUND BALANCES Unrestricted funds General funds Designated funds Restricted fLJnds Endowment funds 18 18 18 18 37,700 510 1,444 3,124 37,646 510 1,444 3,124 35,713 510 3,135 3,235 35,674 510 3,135 3,235 42,778 42,724 42,593 42,554 The School's nel movement in funds was £170,000 {2021.' £849,000). The financ sig Is were approved and authorised for issue by the Governors on 12 December 2022 and by.. elGoff C air an of Governors Chair of Committee The accompanying notes form part of these accounts. 28 GRESHAM'S SCHOOL CONSOLIDATED CASH FLOW STATEMENT GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 EST,. II)JJ 2022 2021 £000 £000 Net cash Inflow from operatlng actlvities et income Depreciation Investment income and interest receivable Interest payable Loss on disposal of fixed assets Ilncreaselldecrease in stock Decrease in debtors Increase in creditors 570 1,515 367 1,170 11271 46 122 {1751 2,910 501 12 12,948 1,592 5,335 16,014 Cash flow from investing actlvities Investment income and interest receivable Payments to acquire tangible fixed assets Net proceeds from sale of fixed assets Payments lo acquire investments Proceeds from sale of investments 100 14,1181 127 115.6341 11 14,631) 4,101 {1,4811 1,366 14,132) 116.0261 Cash flow$ from financlng actlvitlOS Nel loan repayments Interest payable Fee in advance scheme movements Additions to the Scheme Payment and withdrawal of fees 15401 11221 1451 {461 500 16781 1,554 {4911 {840) 972 Net change in cash and cash equlvalents In the reporting year Cash and cash equivalents at the beginnlng ofthe reportlng year Cash and cash equivalents atthe end ofthe reporting year 363 960 2.810 1,850 3,173 2,810 Analysis of Changes In Net Debt At31 August 2021 £000 2,810 Cash flow £000 other Changes £000 At31 August 2022 £000 3,173 Cash and cash equivalents Borrowings Debt due within one year Debt due after one year 363 1549) 12,3861 30 {391 {519) 11,8761 549 12,9351 549 {91 12,395} Net Debt 11251 912 191 778 The accompanying notes form parl of these accounts. GRESHAM'S SCHOOL 29 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 GRESHAM'S ACCOUNTING POLICIES Basls of Preparation The financial slalemenls have been prepared under the historical cost convention, as modified by the inclusion of fixed assets investments at market value and the non-recognilion of the value lo the School of the use of land as described in note 9, The formal of the financial slalemenls has been presented lo comply with the Companies Act 2006. FRS102 The Financial Reporting Standard applicable in the UK and Ireland and the Slalemenl of Recommended Practice Accounting and Reporting by Charities. second edition I SORP 2015,1. Figures are presented in sterling and rounded lo the nearest pound. The Charity is a Public Benefit Entity as defined by FRS102. Going concern The Governors consider that there are no material uncertainties which would cast doubl on the School's ability to continue as a going concern. The Governors review the financial information of the School and consider whether il is a going concern for al least twelve months from the dale of approval of the accounts. The Governors have assessed the major risks lo which the School is exposed and is satisfied that systems are in place lo manage exposure lo major risks. The Governors have given appropriate consideration of financial forecasts and normal risk management processes as well as miligaling actions and Ihereft)re consider il appropriate for the going concern basis lo be adopted for these accounts. Group accounts Gresham's School is the sole corporate trustee of Gresham's School Trust and owns 100% of the share capital of Gresham's School Enterprises Limited. These accounts consolidate the results of Gresham's School (Charity number 11055001, Gresham's School Trust (Charity number 3112681 and Gresham's School Enterprises Limited (Company Number 065770621. As permilled by Section 408 of the Companies Act 2006, the School's Statement of Financial Activities has not been included in these financial slalements. General information The Charity is a company limited by guarantee. incorporated in England and Wales (company number.. 051962981 and a charity registered in England and Wales (charity number.. 11055001. Signlfleant Judgemonts In preparing these financial statements the Governors have had to make estimates and assumptions that affect the amounts recognised in these financial slalemenls. Eslimales and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. A key area subject lo judgement and estimation is as follows.. Fixed asset depreciation. Judgement is applied when assigning anlicipaled average lives lo the fixed assets of the school. Fund accountlng Unrestricted funds are available for use al the discretion of the Governors in furtherance of the gener81 objectives of the Charity. Designated funds are unrestricted funds earmarked by the Governors for particular purposes. Restricted funds are subject lo restrictions on their expenditure imposed by the donor. Endowment funds are permanent and represent land and other investments. Transfers are made lo unrestricted funds lo reflect capital expenditure. 30 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {continuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Icontinuedl Incoming resources All incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income, ils receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Voluntary income is received by way of grants and donations and is included in full in the Statement of Financial Activities when receivable. Where enlitlemenl is conditional on the delivery of a specific performance by the Charity. income is recognised when the Charity becomes unconditionally entitled to In the current year grant income relates to Coronavirus Job Retention Scheme grants and apprenticeship schemè grants. In the prior year grant income related lo CoronavirLJS Job Retention Scheme grants, hospitalily & leisure grant income, and the Coronavirus Business Interruption Loan Scheme grant. These are recognised when receivable. Investment income is included when receivable. School fees are accounted for in the year in which the service is provided. School fees are slated after deducting scholarships, bursaries and other allowances granted by the School, bul include contributions received from Reslricled Funds for funded scholarships and bursaries. Resources expended Expenditure is recognised on an accruals basis as 2 liability is incurred. The irrecoverable element of VAT 15 included with the item of expense lo which il relates.. Expenditure on raising funds comprise the costs associated with attracting voluntary income, the costs of trading for fundraising purposes and finance costs. Charitable expenditure comprises those costs incurred by the Charity in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them. Governance costs include those costs associated with meeting the constitutional and stalulory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resoLJrce. Costs relating lo a particular activity are allocated directly. Other costs are apportioned on an appropriate basis. Tangible Flxed Assets The freehold of the majority of the land occupied by the School is vested in Gresham's School as Trustèe of the Gresham's School Trust. 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 the School. The School enjoys the use of the original buildings, however, no cost can be allributed to them. All building improvements and extensions are capitalised and carried in the balance sheet at historical cost. Depreciation Depreciation is calculated to write off on a straight line basis the cost, less estimated residual values, of tangible fixed assets over their eslimaled useful lives lo School. The annual depreciation rates are as follows.. Land Buildings Furniture and fittings Plant and machinery Educational equipment ivlotor vehicles 1Yo- 10/ -20° -200 200h _ 330 250 31 GRESHAM'S SCHOOL NOTES TO THE CONSOLIL)ATED FINANCIAL STATEMENTS {contlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES {¢ontinuedl Depreclation Icontlnued) The carrying values of tangible fixed assets are reviewed for impairment in accordance with the requirements ofFRS102. stocks stocks comprise finished goods and are slated at the lower of cost and nel realisable value. Financial instruments Basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable are accounted for on the following basis.. Investments Investments held for the long-lerm to generate income or capital growth are carried at fair value as fixed assets. The Statement of Financial Activities includes the nel gains and losses arising on revaluations and disposals throughout the year. Cash and cash equiv8lenls Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original malurilies of three months or less and bank overdrafts. Bank overdrafts, when applicable. are shown within current liabilities. Debtors 2nd creditors Debtors and creditors are measured at the transaction price less any provision for impairment. Anylosses arising from impairment are recognised as expenditure. 88nk borrowings The bank loan is measured al the transaction price. The Coronavirus Business Interruption Loan ICBILI is measured at the present value of future p2yments discounted al a market rate of interest for a similar debt instrument and subsequently al amortised cost using the effective interest method. Fees in advance scheme The Charity has an advance fees scheme whereby parents and others make advance payments, which together with the diseounl accruing thereon, provide for a sel contribution each term towards the pupils, fees. The Capital portion outstanding is recognised as 8 li2bility and the amount of discount crystallised in the year is included in the Slalemenl of Financial Aclivilies. Pension schemes The School conlribules lo the Teachers, Pension Scheme. The scheme is a multi employer defined benef51 scheme and the School contributes at rates set by the Scheme Actuary 8$ advised lo the Board by the Scheme Adminislralor. 11 is not possible to identify the assets and liabilities which are attributable to the School. In accordance with accounting standards the scheme is accounted for as a defined contribution scheme. The School contributes to Aviva's Pension Trust for Independent Schools I'APTIS"). a defined contribution scheme for teachers offered as an allernalive lo the Teachers. Pension Scheme, from May 2020. iiil The School contributes to the Independent Schools, Pension Scheme (operated by The Pensions Trusll. The scheme is a mulli-employer defined benefit scheme and the School conlribules al rates set by the Scheme Actuary as, advised lo the Board by the Scheme Administrator. The liability allribulable lo the School is detailed in note 23. In accordance with FRS102 the scheme is accounted for as a defined contribution scheme. On 31 August 2015, all existing members of the scheme were transferred lo a Defined Contribution scheme also operated by the Pensions Trust. 32 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {contlnuedl GRESHAM'S .STI)I J JJ FOR THE YEAR ENDED 31 AUGUST 2022 1. ACCOUNTING POLICIES Icontlnuedl Pension schemes {continued} The School also offers defi'ned contribution schemes operated by AEGON and NEST for support staff. The assets of these schemes are held separately from those of the School in independentiy administered funds. The charge in the Statement of Financial Activities represents the Gontribulions payable by the School lo the funds for the year. SCHOOL FEES 2022 £000 2021 £000 The School's fee Income comprised: Fees Less.. Scholarships and bursaries other reductions 21,817 12,8601 {2071 19,343 {3,075} 1187) 18,750 40 288 16,081 39 343 Add back.. External funding - The Fishmongers. Company Add back.. External funding - Gresham's Foundation 19,078 16,463 OTHER INCOME 2022 £000 2021 £000 Registration fees Rents receivable Late fee interest Forfeited fees Other income Activity course income 55 62 15 11 94 15 13 160 247 203 INVESTMENT INCOME Restricted & Endowment Funds £000 Unrestricted Funds £000 2022 £000 Fee in Advance Scheme Sir John Grèsham Trust Douglas Scholarship Fund income other 37 44 37 10 10 20 13 94 17 111 33 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 INVESTMENT INCOME (continued) Comparatlve Analysis: Restricted & Endowment Funds £000 Unrestrlcted Funds £000 2021 £000 Fee in Advance Scheme Sir John Gresham Trust Douglas Scholarship Fund income Other 59 49 59 49 12 112 15 127 DONATION AND GRANT INCOME Unrestricted Funds £000 Restrlcted Funds £000 2022 £000 Donations towards equipment and projects Other donations Government grants 73 73 19 19 22 73 95 Comparative Analysls,. Unrestrlctèd Funds £000 Restricted Funds £000 2021 £000 Donations towards equipment and projects Other donations Government grants 77 77 21 246 17 246 263 81 344 34 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 GRESHAM'S 1.4 STIJ 151) J ANALYSIS OF EXPENDITURE staff Costs £000 Depreciation £000 other £000 2022 £000 Charitable Activlties: Teaching Education Boarding Establishment Maintenance Marketing costs Administration Grants, awards prizes Governance costs 7,581 1,044 941 692 269 240 1,446 197 859 1.559 1.166 519 198 724 7,778 2,049 2,500 3.077 788 438 2,279 146 1,219 109 and 30 30 12,213 1,474 5,257 18,944 Raising funds: Finance Investment fees Gresham's School Enterprises 122 12 352 122 A2 393 41 41 486 527 12,213 1.515 5,743 19,471 Expenditure includes.. Auditors, remuneration Audit services School Gresham's School Enterprises Limited Non-audil services IrreGoverable VAT 23 Establishment costs include insurance, utilities and costs of running the School estate. Administration costs include costs of staff recruitment, professional fees, OG membership subsidy, subscriptions, private medical and life insurance costs and costs associated with operating the administrative support function of the School such as postage, administmtive IT and photocopying costs. 35 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDA TED FINANCIAL STA TEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF EXPENDITURE (continued) Comparative Analysis: Staff Costs Eooo Depreclation £000 Other £000 2021 £000 Charltable Activities.. Teaching Education Boarding Establishment Maintenance Marketing costs Administration Grants, awards and prizes Governance Costs 7,004 983 937 618 259 220 1,397 318 529 1.185 1,130 418 138 450 7,322 1,619 2,122 2,717 677 358 1,898 107 969 51 28 28 11,418 1.127 4,200 16,745 Raising funds: Finance Investment fees Gresham's School Enterprises 46 50 148 46 50 191 43 43 244 287 11,418 1,170 4,440 17,032 Expenditure includes-. Auditors, remLJneralion Audit services School Gresham's School Enterprise5 Limited Non-audit seTvices Ir￿CoVerable VAT 22 STAFF COSTS 2022 £000 2021 £000 Wages and salaries Social security costs Pension costs 10,129 957 1.127 9,494 876 1,048 12,213 11.418 36 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S STI)IJJD FOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS {continuedl The average number of employees and their full time equivalents IFTEI analysed by function was.. 2022 2021 No. FTE No. FTE Teaching, education and boarding Establishment and maintenance Management and adminislralion 315 243 303 225 33 54 32 45 30 51 30 44 402 320 384 299 The number of higher paid employees whose emoluments exceeded £60,000 fell within the following b8nds'. 2022 2021 No. £60,000 to £69,999 £70,000 10 £79,999 £80,000 10 £89.999 £90,000 to £99.999 Over £100,000 Contributions of £32,00012021.. £47.0001 were made lo the Teachers, Pensions Scheme, which is a defined benefit scheme, for two12021.' three) of the higher paid employees, whilst contributions of £47,000 {2021'. £44.0001 were made to defined contribution schemes for six12021'. six) higher paid employees. During the year the School made redundancy payments of £nil12021.. £49,000) and compensatory redundancy payments of £nil12021.' £21,000). No Governor received any remuneration from the School during the year. Travel expenses lo and from meetings of £nil {2021.. £nill were reimbursed lo any Governors {2021'. nil) during the year. Key Management Personnel: The key management roles in the Sehool for the year were the Governors, who are not 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 employer's Nl contribution5 and pensions paid. were £919,000 12021.. £826,000}. TAXATION The Charity is generally exempt from corporation tax as surplus income and gains are applied for charitable purposes. 37 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 TANGIBLE FIXED ASSETS Furnlture, Fittings, Plant & Educational Motor Machinery Equlpment Vehicles £000 £000 £000 Group Trust Land £000 Buildlngs £000 Group Total £000 Total £000 Cost or valuation Al 31 August 2021 Additions Oisposals 49,874 3.290 131 3.702 496 1811 3,424 320 145 25 57,145 4,131 184} 1,400 58,545 4,131 1841 At 31 August 2022 53.161 4,117 3,744 170 61,192 1,400 62,592 Depreclation Al 31 August 2021 Charge for the year Disposals 11,745 999 2,073 363 2,576 145 121 16,515 1,515 16,515 1,515 (811 1811 {811 Al 31 August 2022 12,744 2,355 2,721 129 17,949 17,949 Net Book Value At 31 August 2022 40,417 1,762 1,023 41 43,243 1,400 44,643 Al 31 August 2021 38,129 1,629 848 24 40,630 1,400 42,030 Furnlture, Fittlngs, Plant & Educational Motor Machinery Equipment Vehicles £000 £000 £000 School Trust Land £000 Buildings £000 School Total £000 Total £000 Cost or valuatlon At 31 August 2021 Additions Disposals 49,322 3,290 131 3,673 486 1801 3,424 320 145 25 56,564 4,121 183) 1,400 57,964 4,121 183) At 31 August 2022 52,609 4,079 3,744 170 60,602 1,400 62,002 Depreciation Al 31 August 2021 Charge for the year Disposals 11,608 962 2,055 359 2,576 145 121 16.360 1,474 16.360 1,474 180} 180} 180} Al 31 August 2022 12,570 2,334 2,721 129 17,754 17,754 Net Book Value Al 31 August 2022 40,039 1.745 1,023 41 42,848 1,400 44,248 At 31 August 2021 37,714 1,618 848 24 40,204 1,400 41,604 38 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) GRESHAM'S EST,. IJDD FOR THE YEAR ENDED 31 AUGUST 2022 FIXED ASSETS {¢ontinuedl Inalienable and historic assets In addition lo the capilalised fixed assets held for the School's own use, Gresham's School also has a number of historic buildings. These buildings have no reliable cost or value that can be allribuled and accordingly these buildings have not been capilalised in the financial slalemenls. 10. INVESTMENTS Endowed & Restricted £000 2,615 378 14321 11691 Fees in advance scheme £000 2,020 638 19341 11451 Unrestrlcted £000 230 465 2022 £000 4.865 1.481 11,366) {3851 Marketvalue at 31 August 2021 Additions Disposals Unrealised Ilossesl 1711 Marketvalue at 31 August2022 624 2,392 1,579 4,595 Investment Gresham's School Enterprises Ltd School 624 2,392 1,579 4,595 11. DEBTORS Group School 2022 £000 2021 £000 2022 £000 2021 £000 Debtors due after one year.. Greshams. School Enterprises Ltd 177 School fees Trade debtors Stsff loans James & Deidre Dyson Trust Other debtors Prepayments Gresham's School Enterprises Limited 373 27 23 363 29 23 2,764 179 211 373 363 17 23 2,764 179 177 23 49 187 49 166 142 88 Debtors due within one year 659 3,569 755 3,611 Total debtors 659 3,569 932 3,611 The loans to staff are interest free and repayable by 2024. 39 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 CREDITORS: amounts 12. falling due wlthin one year Group School 2022 2021 2022 2021 £000 £000 £000 £000 Bank loan and overdraft (see note 141 Other loan (see note 15) School fees in advance and deposits Fees in advance scheme (see note 161 Pension deficit reduction contributions (see note 23) PAYE & NIC Trade creditors Other Creditors and accruals Deferred income15ee below) 506 536 506 536 13 4,179 13 3,568 4.179 3.568 671 655 671 655 10 236 779 700 10 235 626 912 21 10 236 659 678 10 235 615 889 21 7.094 6,576 6.939 6,529 Deferred income in 2021 comprised commercial let income due in the following financial year. Group and School 2022 £000 21 1211 2021 £000 53 1531 21 Balance as at I September 2021 Amount released to income earned Amount deferred in the year Balance as at 31 August 2022 21 13. CREDITORS: amounts falling due after more than one year Group School 2022 £000 2021 £000 2022 £000 2021 £000 Pension deficit reduction contributions (see note 231 Fees in advance scheme (see note 161 Bank loan {see note 14) Loan from London Children's Camp 55 83 55 83 1,463 1.500 1,657 2,006 1,463 1,500 1,657 2,006 376 380 3,394 4,126 3,018 3,746 40 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {continuedl GRESHAM'S EST,. IJJJ FOR THE YEAR ENDED 31 AUGUST 2022 14. BANK LOAN 2022 £000 2021 £000 Group and School Bank loan CBIL loan 42 2,500 2,000 2,006 2,542 Due within one year Isee note 121 Due in one lo two years Due in lo five years 506 500 1,000 536 506 1,500 2,006 2,542 Bank borrowings were secured by way of a fixed charge on designated school assets. Interest on the term loan was charged al varying rates determined al the time the loan was made,. overdraft interest is linked to the base rate. The bank loan was repayable by inslalmenls. The School obtained a Coronavirus Business Interruption Loan ICBIL) lo provide financial support as a result of the COVID-19 outbreak. This is repayable over 5 years from September 2021. 15. OTHER LOANS 2022 £000 2021 £000 Group Within one year Within one to two years Within two to five years After five years 13 13 54 309 13 13 313 389 393 The London Children's Camp has loaned monies lo Gresham's School Enterprises Ltd in order lo construct high ropes course, climbing tower, assault course and woodland cabin. Interest on the loan is accrued al 2.25 /0 per annum and is repayable quarterly over 50 years from the date of the final draw down. The loan is not secured against any of the Group's assets. 41 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued} GRESHAM'S ST,. 15J4) FOR THE YEAR ENDED 31 AUGUST 2022 16. FEES IN ADVANCE SCHEME Group and School Parents have the option of paying school fees in advance for either part of or the whole lime that the pupil is al the School. The money is returned if the child is withdrawn from the School, after any outstanding fees are deducted and amounts owing are added. Assuming pupils will remain in the School, adVan￿d fees will be applied as follows.. 2022 £000 2021 £000 Within one year 671 655 Within one lo two years Within two lo five years After five years 637 725 101 464 1,134 59 1,463 1,657 2,134 2,312 The movements during the year were.. Balance brought forward Additions lo the Scheme Withdrawals from the Scheme Payments of fees 2,312 500 1401 (6381 1,248 1,554 {4901 2,134 2,312 The investments held to fund the liability are disclosed in note 10. 17. CONNECTED AND SUBSIDIARY CHARITIES Connocted Charities The Gresham's Foundation, Charity Number 1109441, was registered 2s a Charity on 16 May 2005 with the object of advancing and promoting charitable purposes connected with Gresham's School and advancing and promoting education in general by the provision of grants, scholarships and butsaries. The London Children's Camp. Charity Number 303323, was registered with the object of providing organised holidays for needy children and young people throughout the UK lo improve their social welfare and to do thi5 whilst fostering greater links with Gresham's School. Several of the charity's Irusleès are either Govemors, or senior members of staff al Gresham's School. Subsidiary Charity Gresham's School Trust (Charity number.. 311268} is Consider￿ a subsidiary as Gresham's School {Charity Number.. 11055001 is the sole corporate Iruslee and the Charity's purpose is supporting the School from a permanent endowment fund of £1,400,000 which is represented by the land from which the School operates. The Trust does not generate any income or expenditure and as such the results for the year are £nil12021'. £nil). The only asset which il holds is the land noted above. 42 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS l¢ontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 18. FUNDS Balance 31 August 2021 Transfers Gainsl {Losses) Balance 31 August 2022 Income Expenditure Group £000 £000 £000 £000 £000 General Funds 35,674 19,496 (18,9211 1.397 37,646 Designated Funds Pension LiabiSily Fund General fund- Gresham's School Enterprises Ltd 510 510 39 455 14401 Total Unrestricted Funds 36,223 19,951 {19,361} 1,397 38,210 Restricted Funds Lumsden Handwriting Prize Fund Swatland-ucelli Scholarship Douglas Scholarship Prize Funds James & Deidre Dyson Trust donation Other donations 23 561 274 2,199 1101 {191 {131 131} 136) 11,589} 10 521 245 610 74 73 1781 151 3,135 90 1107) 11,6741 1,444 Endowment Fund Estate Trustees of the Sir John Gresham Trust 3,235 13) {1081 3,124 Group Total Funds 42,593 20.041 119.4711 13851 42,778 General fund.. Gresham's School Enterprises Ltd 1391 14551 440 1541 School Total Funds 42,554 19,586 119.031} {3851 42,724 43 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 18. FUNDS {¢ontinued) Balance 31 August 2020 £000 Transfers Gainsl (Losses) £000 Balance 31 August 2021 £000 Comparative Analysis: Group Incorne Expendlture £000 £000 General Funds 21,759 17.076 {16,6801 13,519 35,674 Designated Funds Pension Liability Fund General fund - Gresham's School Enterprises Ltd 510 510 27 227 {2151 39 Total Unrestricted Funds 22.296 17,303 116.8951 13,519 36,223 Restricted Funds Lumsden Handwriting Prize Fund Emil Schwarz Scholarship Swalland-ucelli Scholarship Douglas Scholarship Prize Funds James & Deidre Dyson Foundation Other donations {1} 11 60 464 247 15.644 83 (12) 1241 99 28 (13,4451 1151 {9} 161 23 561 274 2,199 74 81 190} 16,512 96 11211 {13,352) 3,135 Endowment Fund Estate Trustees of the Sir John Gresham Trust 2,924 116) 327 3,235 Group Total Funds 41,732 17,399 117,032} 494 42,593 General fund.. Gresham's School Enterprises Ltd 1271 {227) 215 {391 School Total Funds 41,705 17,172 118,817} 494 42.554 44 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continuedl GRESHAM'S EST,. II)JJ FOR THE YEAR ENDED 31 AUGUST 2022 18. FUNDS Icontinuedl Pènslon Liability Fund The Independent School's Pension Scheme 3 year 8Ctuarial review in September 2011 identified that Gresham's would have a liability of £614,724 if it ceased to participate in the scheme. Whilst the School has no plans to Seave the scheme, the value of the designated fund was increased to £615,000 in 2015. The School's Independent Financial Adviser was asked lo investigate the School's staled liability and they determined that the School had been charged the whole of one member's liability when il should have been shared be￿een two employers. The £105,000 reduction lo the fund in 2015 10 £510,000 came about as a result of the investigation. Lumsden Handwriting Prize Fund Donated by Mr P J S Lumsden, formeT School Governor, to fund handwriting prizes awarded at the Prep School. Swatland-uccelli Scholarship Donated by the family to provide scholarships to pupils who are studying one of the SGiences. Douglas Scholarship Donated by Old Greshamians in memory of a former Housemaster. Bruce Douglas. The scholarship award is made by the Old Greshamian Club, on the recommendation of the Headmaster, lo the best malhemalician entering the lower sixth lorm. Prize Funds Prize funds are reslricled funds aTising out of generous donations for the purpose of providing prizes for outstanding academic and other achievements. Estate Trustees ofthe Slr John Gresham Trust This fund is a permanent endowment fund of the land which the School occupies, and certain investments transferred by the Estate Trustees of the Sir John Gresham Trust to Gresham's Schogl as Trustee of the Gresham's School Trust. Sir James & Deldre Dyson Foundation In 2020 the Sir James & Deidre Dyson Foundation donated £18,213,000 to the School for the purpose of building a new STEAM building. Each year transfers have been made out of this fund into the unrestricted fund equal to the value of the capital spend on the building. 45 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 19. SUBSIDIARY COMPANY Gresham's School Enterprises Limited (Company Number 065770621 was incorporated on 25 April 2008 and is a subsidiary of Gresham's School (Charity Number.. 11055001. The company operates a facilities and hirings business. Ils trading results for the year, as extracted from the audited financial stalemenls, are summarised below.. 2022 2021 £000 £000 Turnover Cost of sales 586 13091 334 Gross profrt Administrative expenses 277 (2501 223 (2001 27 112} 23 Interest payable Profitl{105sI before Gift Aid payment 15 12 Retained profiulloss) for the year 15 12 Tol81 share capital and reserves 54 39 Tangible fixed assets Current assets Creditors 395 510 (851) 426 127 (5141 Nel assets 54 39 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted General Designated Restricted Endowment Funds Funds Funds Funds £000 £000 £000 £000 2022 School Subsidiary'8 Total Funds £000 £000 2022 Group Total £000 Tangible fixed assets Investments Current assets Current 42,848 2.203 1,400 1,722 44,248 4,595 395 44,643 4,595 670 2,552 510 774 3,838 190 4,028 Long temi ,,(6,9391 13,018) 16,9?,91. {3,0181 11551 17,0941 1376) {3,3941 37,646 510 1,444 3,124 42,724 54 42,778 46 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Icontinuedl Unrestricted General Designated Restricted Endowment Funds Funds Funds Funds £000 £000 £000 £000 2021 2021 School Subsidlary's Group Total Funds Total £000 £000 £000 Comparatlve Analysis.. 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 16,529) 16,5291 1471 16,576} Long term 13,7461 13.746) {380} {4,1261 35,674 510 3.135 3,235 42,554 39 42,593 21. CAPITAL COMMITMENTS The group had the following capital commitments authorised bul not commilled at the year- end.. 2022 £000 2021 £000 605 Dyson STEAM building Facilities building Pre-Prep School at Old School House 245 234 245 839 22. 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 2021 £000 £000 96 137 97 162 Due within one year Due in one to five years 193 299 Total costs incurred in the year in respect of rental charges for assets held under operating lease were £105.00012021. £121,000}. 47 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {continuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 23. PENSION SCHEMES The School participates in mulli-employer pension schemes, the Government's Teachers Pension Defi'ned Benefit Scheme and the Pensions Trust Defined Benefit Scheme. The School also offers defined contribution schernes for support s12ff with AEGON and NEST and for teachers with Aviva's Pension Trust for Independent Schools { APTIS°I. Defined Contribution Scheme The assets of the scheme are held separately from those of the School in funds independently administered by AEGON, ISPS, NEST and APTIS. Contributions into defined contribution schemes lolalled £469,000 12021.. £436,000). The Teachers, Pension Scheme The School participates in the Teachers. Pension Scheme ('Ihe TPS'I for ils leaching staff. The pension charge for the year includes contributions payable lo the TPS of £696.000 {2021.' £673,000} and al the year- end £nil12021'. £nill was accrued in respect of contributions lo this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go. basis with contributions frotn members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, which was PLJblished in March 2019, confirmed that the employer contribution fftte for the TPS would increase from 16.40/0 lo 23.6Yo from 1 September 2019. Employers are also required lo pay a scheme administration levy of 0.08Q/o giving a lolal employer contribution rale of The 31 March 2016 ValLJalion Report was prepared in accordance with the benefits sel out in the Scheme regulations and under the approach specified in the Directions, as they applied al 5 March 2019. However, the assumptions were considered and sel by the Department for Education prior lo the ruling in the 'McCloudlSargeanl case,. This case has required the courts lo consider cases regarding the implementation of the 2015 reforms lo Public Service Pensions including the Te2chers' Pensions. On 27 June 2019 the Supreme Court denied the government permission lo appeal the Court of Appe81'$ judgment that transitional provisions introduced lo the reformed pension schemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's decision and has said il will engage ftjlly with the Employment Tribunal as well as employer and rnember representatives lo agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends lo proceed with a deferred choice underpin under which members will be able lo choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 al the point they become payable. The TPS is subject to a cost cap mechanism which was pul in place lo protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in Ihe..McCloudlSargeanl case and until there is ￿[taInlY about the V81ue of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and 8 consullalion was launched on 24 June on proposed changes lo the cost control mechanism following a review by the Government Actuary. Following a public consullalion, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming lo implement these changes in time for the 2020 valuations. 48 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 23. PENSION SCHEMES Icontlnuedl The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used lo set the employer contribution rate, and HM Treasury has confirmed that any changes lo the employer contribution rate resulting from the 2020 valuations will lake effect in April 2024. Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs 15 included in these financial statements. Independent Schools, Pension Scheme (operated by the Pensions Trust} Non-teaching staff were eligible to contribute to The Pensions Trust's Growth Plan. The scheme is a multi- employer money purchase scheme with guaranteed benefits. The School contributed al a rale of 15.7Qkn of gross pensionable salary. The School would have a liability if il ceased to participate in the scheme which al 30 September 2020 was calculated 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 information lo enable it to account for the scheme as defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which oame into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework foT funding defined benefit 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 if those employers are unable lo meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valLJation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was ￿rtIfIed on 22 December 2021 and showed assets of £201.1 m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, lo the scheme as follows.. Deficit contributions From 1 September 2022 to 30 April 2032.. £2,687,000 per annum (payable monthly and increasing by 30k each on 1st September) Note that the scheme's Previous valuation was carried outwith an effective date of 30 September 2017. This valuation showed assets of £149.4rll, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions lo the scheme as follows.. Deflclt contributions From 1 September 2019 to 31 April 2030.. £2,387,357 per annum (payable monthly and increasing by 3°h on each 1st September) The recovery plan contributions are allocated to each participatin9 employer in line with their estimated share of the scheme liabilities. 49 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 23. PENSION SCHEMES (contlnuedl Where the scheme is in deficit and where the company has agreed lo a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates lo the delicil. The present value is calculated using the discount rale detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. 2022 £000 2021 £000 Reconciliation of opening and closing provisions-. Provision al start of year Unwinding of discount factor (interest expense) Deficit contribution paid Re-measuremenls- impact of 2ny change in assumptions 93 104 110} 1201 65 93 Split as follows.. Due within one year Due after one year 10 55 10 83 65 93 ASSUMPTIONS 31 August 31 August 31 August 2022 2021 2020 4.31 /0 1.09% 0.9. Rate of discount per annum The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve lo discount the same recovery plan contributions. 50 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {continuedl GRESHAM'S EST,. 15JJ FOR THE YEAR ENDED 31 AUGUST 2022 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowmont Funds Funds Fund £000 £000 £000 2021 £000 INCOME FROM: Charitable activities School fees Other incoming resources 16,463 203 16,463 203 other trading activities Gresham's School Enterprises Lettings Investment income Donations 240 22 112 263 240 22 127 344 15 81 Total Income 17,303 96 17,399 EXPENDITURE Raising funds Charitable activities 260 16,635 16 287 16,745 110 Total expenditure 16,895 121 16 17,032 Net incomel{expendlture) bofore investment gains 408 125) {161 367 Investment gains 27 145 322 494 Net movement in funds before transfers Transfers 435 120 306 861 13,492 113,4971 Net movement in funds 13,927 113,3771 311 861 Reconciliation of funds Fund balances al 1 August 2020 22,296 16,512 2,924 41,732 Fund balances at 31 August 2021 36,223 3.135 3,235 42,593 51 GRESHAM'S SCHOOL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2022 25. RELATED PARTIES Sir James Dyson, Governor, is a Iruslee of the Sir James and Deidre Dyson Trust, which generously commilled lo donating £18.75m to the School in 2020 to build a Science, Technology, Engineering, Art and Maths building. During the year, the monies received were £2,764,00012021.' £13.021.QOOI. Michael Goff is a director of CPS Fuels Ltd which supplied the school with £89,00012021'. £57,000) of heating oil during the year. James Morgan is a trustee the Eade & Stuart Charitable Trust that made a payment of £6,00012021'. £12,000) to the School for School fees paid for one pupil12021'. b￿01. A Govemor had two children in School12021.' ts￿01 and was in receipt of s12ff fee remission on fees paid to the School due lo her husband being a member of staff lappoinled prior to governor appoinlmentl. A Governor had two children in School12021.' ￿0). One Governor had children in School {2021.' one) and another had one child in School12021.' one). London Children's Camp ILCCI, which has in ils obwjecls lo foster links with Gresham's School, has an oulslanding loan amounting to £389,00012021'. £394,000) with Gresham's School Enterprises Ltd. The loan was made for the construction of a high ropes course, climbing lower, assault course and bunk house on the School grounds. LCC is considered lo be a related party as of ils trtjstees are Governors of Gresham's School (Michael Goff and James Morgan}, one is also a director of Gresham's School Enterprises Ltd (Michael Goff) and another trustee is the Headmaster (Douglas Robbl. 52