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2025-08-31-accounts

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GRESHAM’S SCHOOL

(A company limited by guarantee)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Charity Number: 1105500 Company Number: 05196298

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GRESHAM’S SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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 to the financial statements 30 – 53

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The Governors present their report and audited financial statements for the year ended 31 August 2025.

Reference and Administrative Information

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 Directors Paul Marriage (Chairman) Andrew Sutcliffe KD (Ex officio, Prime Warden, The Fishmongers’ Company) (June 2024-June 2025) Simon Barrowcliff (Ex officio, Prime Warden, the Fishmongers’ Company) (elected June 2024) Martin Bailey James Bucknell (appointed 3 September 2025) Simon Clarke Martin Collier Charlotte Coventry William Donger Anna Dugdale Sir James Dyson Sarah Fletcher (appointed 16 June 2025) Nigel Flower Simon Gorton Richard Grisenthwaite Debra Haywood Airlie Inglis Sarah Maxwell (appointed 16 June 2025) Bill Mills James Morgan The Revd Canon Jonathan Riviere Dr Susan Rubin (resigned 28 June 2025)

Please see the School’s website for information regarding Governors’ post-nominals and qualifications.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Reference and Administrative Information (continued)

Headmaster

Douglas Robb

Head of the Prep School

Cathy Braithwaite (stepped down 31 August 2025) Sarah Hollingsworth (appointed 1 September 2025)

Head of the Pre-Prep School

Sarah Hollingsworth (stepped down 31 August 2025) Sophie Stephens (appointed 1 September 2025)

Bursar

Steven Willis

Head of Finance

Kate Olby

Clerk to the Governors

Anna Holloway (interim from 1 September 2024) Paul Jochimsen (from 1 September 2025)

Auditor

Saffery LLP, Westpoint, Peterborough Business Park, Lynch Wood, Peterborough, PE2 6GG

Bankers

Barclays Corporate, 3 St James Court, Whitefriars, Norwich, NR3 1RJ

Solicitors

Birketts LLP, 22 Station Road, Cambridge, CB1 2JD (Property & HR) Veale Wasborough Vizards, Orchard Court, Orchard Lane, Bristol, BS1 5WS (Corporate) Redwood Collections, Airport House, Purley Way, Croydon, Surrey, CR0 0XZ (Debt Recovery)

Investment Advisors

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, Holt, Norfolk, NR25 6EA Company name Gresham’s School International Limited Company registration number 16831224 (incorporated on 4 November 2025) Registered office Gresham’s School International Limited, Cromer Road, Holt, Norfolk, NR25 6EA

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

CHAIRMAN’S SUMMARY

In what has been a tumultuous year for the sector, it is heartening to be able to reflect on the way the School has navigated the challenges in a careful and considered way, maintaining parent confidence and continuing to offer a rich mix of opportunities and achieve good educational outcomes for our pupils.

Academic results have been excellent, improving again across most measures, which reflects the hard work and dedication of both the pupils and staff. IB results, especially, were outstanding. Behind the scenes, strategies and mechanisms have been worked on to help pupils achieve those marginal gains that can make a real difference in terms of their achievements.

Co-curricular opportunities continue to engage pupils, whether in sport, on the stage, in adventurous pursuits or in service, opportunities for which are plentiful, helping not only our own pupils but those who they support through their endeavours.

A planned reduction of investment in our estate and facilities, coincident with the additional financial challenges arising from national policy change and general economic pressures, has helped us to conserve cash, and investment has been carefully targeted on those projects which have a safety or efficiency benefit, or enhance pupil wellbeing, such as the continued boarding house refurbishment programme. That said, with the generous donation from our Old Greshamiam benefactor, Sir James Dyson, we have continued to develop the old Holt Hall site (now known as the Dyson Campus) in order to realise our plan for our Prep School to operate from there as its new home from September 2027.

The School responded to the implementation of new government policy (impacting in January 2025 and then again in April 2025) in line with its plan, which had been communicated to parents. The success of the plan, combined with the good cash position that had been built ahead of the new challenges, has ensured that the School continues to be financially secure. The Governing Body and School’s senior leaders are exploring ways to ensure continued security of the School’s finances, including increasing commercial non-fee income and working closely with the School’s connected charity, the Gresham’s Foundation, and the Worshipful Company of Fishmongers.

Alongside other changes, advances in technology show no sign of abating, and it is no coincidence that this forms a key component of our new Strategic Plan, which unashamedly has a strong educational focus at its heart, after a period where business resilience and estate development have featured more prominently in our plans to lay the strong foundations on which the new plan is built.

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GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

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 its 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 to 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 to the life of the School and that service to others goes hand in hand with the striving of each individual for excellence in his or her chosen field.

Public Benefit

The Governors have considered the 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.

Grant-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 distinction, who would otherwise be unable to attend 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 (1105500-1) 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 purpose of advancing education by awarding or providing such prizes, grants, bursaries, scholarships and other forms of assistance to pupils at 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.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS

Senior School

Senior School

Academic Outcomes

Examination Results

Pupils achieved good public examination results again, as summarised below:

----- Start of picture text -----
43.5% A/A National Average 28.3%
87.8% A-C
A Level and BTEC
43.3% Distinction 30.8%
93.3% Distinction- Merit
37.2 (Average) Ranked 18 [th] in UK and 42 [nd] globally
IB 100% pass rate
63% Grades 7 and 6
38.9% Grade 9-8 7.6% National Average 12.3%
GCSE
94.9% Grade 9-7 12% National Average 21.8%
0.52
A Level and BTEC
Value Added IB 0.69 Target 0.5 by 2026
GCSE 0.55
----- End of picture text -----

Headlines

The School’s target for VA has been beaten a year early across all areas Best ever BTEC, IB and GCSE outcomes Second best ever and A-results

98% of pupils secured their firm or insurance university choice 5

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Senior School (continued)

Academic Outcomes (continued)

Gresham’s continues to go from strength to strength academically, with the summer 2025 examination results marking the best ever outcomes across IB, BTEC and GCSE, and second best ever for A level. Value Added scores have surpassed the ambitious targets set for 2026, a year early, which is testament to the quality of teaching and learning across the School. The newly-implemented academic management team structure has brought clarity, collaboration and strategic oversight, enabling departments to work more cohesively. Alongside this, revised tracking and reporting processes have significantly improved transparency, allowing pupils and parents to better understand target grades, progress, and areas for development.

The Curriculum Review was completed in a timely and thorough manner, ensuring the academic offer remains broad, balanced and forward-looking. Staffing across all departments is stable, with strong subject leadership and a shared commitment to high standards and pupil outcomes.

Looking ahead, academic priorities include targeted intervention strategies to address the underperformance of boys at GCSE and A level. A review of intervention and study skills programmes will be undertaken to ensure they are impactful, inclusive and evidence informed. In addition, the use of Artificial Intelligence is beginning to be embedded in teaching and learning, exploring its potential to support personalised learning, assessment and curriculum design.

Co-curricular Activity

Pupils at Gresham’s participated in a busy programme of co-curricular activities and projects, with myriad opportunities for enjoyment, teamwork, personal challenge, creativity, service and charity.

Sport

Sporting activities included, as always, those events which were for fun, including traditional inter-house rivalries. Our Technical, Athletic, Development (TAD) programme has expanded further, offering specialist input not only in major sports such as Hockey, Rugby, Netball, and Cricket, but also in areas including nutrition, hydration, and psychological wellbeing. A year-round strength and conditioning component underpins the programme, ensuring a balanced and holistic approach.

Evening sports clubs have proved especially popular, with sessions now running every night of the week and attracting both day and boarding pupils across a wide range of activities. Gresham’s has also established itself as a leading venue for regional and county sporting events in Rugby, Hockey and Netball.

Sporting highlights:

Rugby

Netball

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GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Cricket

Hockey

Football

Overall – 1166 representative fixtures played

Shooting

Other

The school has also fielded teams in, or pupils have participated in, other sports, including tennis, athletics, cross country, equestrianism, badminton, golf, padel, table tennis, swimming, squash, basketball and circuits and fitness training.

Drama

Drama continues to foster creativity, independence, and collaboration, with pupils participating enthusiastically in a wide range of productions and festivals. Highlights included the Page to Stage evenings, the immersive FrightNight and Witness for the Prosecution , and our first entry into the Shakespeare Schools Film Festival.

The introduction of the LAMDA Showcase allowed pupils’ work to be more widely recognised, with 56 candidates taking exams across the year and earning a total of 390 UCAS points. Large-scale productions such as Education, Education, Education , alongside pupil-led initiatives like the Ten-Minute Play Competition, reinforced the vibrancy of the programme. The Year 9 Showcase, involving every pupil in the year group, was particularly successful in encouraging whole-cohort engagement. The year concluded with a strong Sixth Form performance of The Real Inspector Hound in Theatre in the Woods.

Music

The Music Department continues to thrive, offering pupils exceptional opportunities across classical, contemporary, and commercial pathways. The breadth and depth of provision is outstanding for a non-specialist school, ensuring inclusivity while also enabling the most talented musicians to perform at the highest levels.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Senior School (continued)

Co-curricular Activity (continued)

Music (continued)

Highlights this year included the House Music Competition, judged by Mark De-Lisser, and two international tours: an instrumental tour to Paris, where pupils performed at Disneyland Paris and the Jardin de Luxembourg, and a choir tour of East Anglia, which included a performance at King’s College, Cambridge. Masterclasses with leading professional musicians enriched opportunities further, extending benefits to pupils across Norfolk through partnership with the Norfolk Music Hub.

Festive celebrations remained a highlight, including the annual Messiah, Advent Services, and carol singing in London. The Pop Concert in Theatre in the Woods once again drew a packed audience, while the School musical, The Last Five Years, showcased excellence in both performance and production. Pupils also gained national recognition through performances at the Music for Youth Festival in Snape Maltings and Birmingham.

Examination results were excellent, with many distinctions achieved at Grades 7 and 8 across ABRSM, Trinity, and Rockschool syllabuses. A particular highlight was the award of a place at the Royal Academy of Music, continuing a run of conservatoire successes.

Combined Cadet Force (CCF)

The Combined Cadet Force remains a popular and successful element of the co-curriculum, with numbers holding strong across Army (173), Navy (66), and RAF (88). This year saw notable growth in the RAF section. Pupils gained a range of qualifications, including 42 completing the BTEC Level 2 Diploma in Teamwork and Personal Development, one ILM Level 3 Award in Leadership and Management, and progress towards a City and Guilds Licentiateship at Level 4.

The Army section expanded its use of Muckleburgh for fieldcraft, including a night-time blank firing platoon attack, while the Navy section developed afloat activity on Hickling Broad, enabling pupils to gain powerboating and sailing qualifications. RAF cadets benefitted from increased opportunities for flying and gliding, alongside cyber courses and First Aid qualifications. Shooting sports also thrived, with CCF clay teams winning every category at the National Cadet Clay Competitions, and continued success for target rifle shooters at Bisley.

Duke of Edinburgh’s Award

The Duke of Edinburgh’s Award remains a cornerstone of our co-curricular provision, with strong uptake across all levels: 91 Bronze, 72 Silver, and 48 Gold enrolments. Completion rates continue to impress, averaging 82.1% compared to a regional average of 45%.

This year, over 5,000 hours of volunteering was completed by pupils, alongside the development of skills ranging from vehicle maintenance to learning to fly. Expeditions were revitalised under new leadership, with a return to the Lake District for Gold participants and the introduction of a paddle pathway. Next year will see the innovative combination of foot and paddle expeditions along the Caledonian Canal.

Community, Service, and Outreach

Volunteering remains central to co-curricular life at Gresham’s, with over 100 pupils engaged weekly in-service opportunities. Strong links with local schools, care homes, charities, churches, and conservation groups continue to flourish. Pupils support activities at Holt Youth Project, assist in classrooms, visit care homes, and contribute to local conservation work.

Sixth Form pupils increasingly lead outreach initiatives, building long-term relationships with local organisations and reinforcing values of responsibility and service.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Senior School (continued)

Co-curricular Activity (continued)

Outdoor Education and Adventure (continued)

Outdoor education has engaged more than 300 pupils across the year, with activities ranging from climbing and abseiling to high ropes, shelter building, and open-fire cooking. The Year 9 Outdoor Pursuits and Survival programmes have been particularly successful in building resilience, confidence, and teamwork skills.

The Charity Challenge saw 15 Year 12 pupils complete a gruelling 45.5-mile coastal walk, raising over £1,000 for charity. The senior ski trip to Canada was another highlight, offering world-class experiences and opportunities for pupils of all abilities. Looking ahead, the programme will expand to include more paddleboarding, mountain biking, and further development of the Year 9 strand.

Charity

Charity and fundraising remain central to school life. The partnership with the Holt Youth Project has flourished, with over £21,000 raised during the year. Notable new events included the Overnight Cycle Ride and the “Congoathon” hymn-singing marathon, both of which captured the imagination of the school community. Importantly, every pupil in the School participated in at least one fundraising activity.

In addition to supporting the Holt Youth Project, the School contributed to a wide range of other charities including the Royal British Legion, Norfolk Foodbank, YMCA, East Anglian Air Ambulance, Cancer Research UK, and the Music in Secondary Schools Trust. Much of this charitable work has been led by Sixth Form pupils, a reflection of their maturity, compassion, and leadership. The School also ran summer activity camps for disadvantaged children, in collaboration with London Children’s Camp.

Prep School

Academic Highlights

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Prep School (continued)

Academic Highlights (continued)

Co-curricular Highlights

Sport

Girls Hockey

Boys Rugby

Girls Netball

Boys Hockey

Girls Cricket

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Prep School (continued)

Co-curricular Highlights (continued)

Sport (continued)

Boys Cricket

Athletics

Shooting

Talented Athlete Development (TAD) Programme

Performing Arts and Music

Performances

Lessons

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Prep School (continued)

Co-curricular Highlights (continued)

Performing Arts and Music (continued)

Lessons (continued)

LAMDA

STEAM

Saturday Academic Enrichment

Saturday enrichment continued to offer non-core subjects and activities to broaden the educational offering, including topics as diverse as geology, Mandarin, sports science, verbal and non-verbal reasoning, interview technique, philosophy, mindfulness and architecture, among others.

Weekday Evening Activities and Saturday Extra Curricular Enrichment

Complementing Saturday Enrichment, pupils also had opportunities to participate in a diverse range of extracurricular activities, including: music theory, debating, outdoor games, school newspaper, sewing, knitting, paper engineering, wildlife club, chess, pilates, blading, shooting, Greenpower car building, gardening, swimming, touch rugby, mountain biking, robotics, woodland fun, climbing, yoga, Warhammer, bullet journals, cookery, kayaking, taekwondo and dance.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Prep School (continued)

Educational Visits and Activities

There were 90 educational visits, reflecting a broad spectrum of educational enrichment and curriculum-linked experiences for pupils, with an adventurous element provided to offer even greater diversity of opportunities. Residential visits contributed significantly to the programme, including overseas visits, such as an inaugural trip to India to exchange with Mayo School and a Year 7 Languages trip to Normandy.

Visit statistics:

Other Trips, Visits and Events

A total of 57 ‘visit purposes’ were recorded, distributed as follows:

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GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Pre-Prep School

Data Headlines

Curriculum

White Rose Maths is now fully embedded, with staff having received targeted training to deliver high-quality lessons. Updated concrete resources are in place to scaffold learning and strengthen pupils’ application and understanding. In partnership with the Centre for Literacy in Primary Education (CLPE), we have developed a new English curriculum (launch date September 2025) centred on high-quality texts to inspire pupils and improve outcomes. This will further support links and curriculum consistency with the Prep School. A diverse hobbies programme has been successfully introduced for pupils in Reception through to Year 2, broadening experiences and nurturing individual interests.

Trips

Parental Engagement

Reading and Music Cafés are extremely well attended, with around 92% of families participating. The Reading Café promoted a love of reading while informing parents about the strategies we use to support children on their reading journey. It also provided guidance on how parents can extend this support at home. The Music Café offered families a snapshot of a live music lesson, showcasing both pupil engagement and the high-quality music provision in School. Parents also receive termly curriculum presentations via Tapestry, as well as regular updates daily (in Nursery) and three times weekly in Key Stage 1, including specific learning snippets about their child. There is a high take up from families attending parent consultations where staff share children’s progress, attainment and wellbeing information.

Parents are also invited to a range of additional school events, offering opportunities to engage with their child’s Pre-Prep experience. These events also introduce families to key Senior School facilities, including the Auden Theatre and the Theatre in the Woods.

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GRESHAM’S SCHOOL GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Development of Facilities

In line with our strategic plans, the development of the Dyson Campus (former Holt Hall site), from where we plan to operate our Prep School from September 2027, has been the single focus of our attention in terms of major capital projects. That is not to say that estate development has stopped, rather that attention has been switched to smallerscale projects, many of which have been managed in-house. This has helped us to manage our cash, following major policy announcements affecting the finances of independent schools by HM government in 2024, whilst continuing to protect and preserve the School’s plant, infrastructure and facilities. Many of these smaller works have had a safety or energy efficiency focus.

The long-standing and continuous cycle of boarding house refurbishments has continued, with Tallis House almost complete by the year end. A major replacement of pipework and carpet replacements will allow works to be concluded in the new year. Woodlands studies had a new roof. Fire safety improvement works were carried out in the Library and Big School and a programme of window upgrades to Big School also commenced. Other energyefficiency works included boiler replacements and a continuance of light replacements with LEDs, including Auden Theatre lighting. These works form part of the School’s ESOS Phase 3 Action Plan (see later section). Accessibility improvement works started around the Chapel lawn, and this work will continue in phases.

Plans for the future

Having successfully achieved the plan for growth under the previous Strategic Plan, a new Strategic Plan, with a focus on educational aims in a fast-moving world, and consolidation in a tough market, has been produced. This builds on recent academic successes and considers the opportunities and challenges of new and emerging technologies, not only from a teaching and learning perspective, but also in the world beyond and outside education. Focus is on the human skills that pupils will need to navigate the future workplace and society, featuring the School’s ‘3Cs’ (character, curiosity and critical thinking). Additional resource has been committed to help understand and work with the power of Artificial Intelligence whilst also recognising and dealing with its shortcomings.

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GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS, PERFORMANCE AND KEY PERFORMANCE INDICATORS (continued)

Pupil numbers

During the year Gresham’s School averaged 900 pupils (2024: 912).

Public benefit

ISC Research (The impact of independent schools on the UK Economy, October 2022) suggests that ISC schools save the taxpayer an estimated £3.8 billion every year, support £4.3 billion in tax revenues and provide around 282,000 jobs across the UK. Using the ISC’s economic calculator Gresham’s is estimated to have saved £5.0m for the UK taxpayer as a result of attendance of pupils that would otherwise take up a free UK state school place.

Scholarships and bursaries were equivalent to 6.2% (2024: 7.3%) of the School’s fee income. In total £1,895,000 (2024: £2,047,000) was made available by the School and comprised £909,000 (2024: £949,000) awarded as scholarships and £986,000 (2024: £1,098,000) awarded as bursaries. 95 pupils (10.4% of the total number of pupils) (2024: 87 pupils, 9.5% of total) benefited from scholarships. 59 pupils (6.5% of the total number of pupils) (2024: 69 pupils, 7.6% of total) benefited from means-tested bursaries.

Gresham’s is an educational partner of Ormiston Venture Academy, Gorleston. Regular exchange visits are arranged for both staff and pupils, and a 100% 6[th] form Scholarship to Gresham’s is made available each year.

For several years, the Fishmongers’ Company has donated significantly to the Gresham’s Foundation bursary fund. The amount provided to the Foundation for bursaries was £268,000 (2024: £268,000).

Of the 69 bursary awards made, 23 were considered to be ‘life-changing’ awards. These awards cover between 76% and 100% of the termly fees.

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 significant. They get so much out of what 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.

The School delivers public benefit though the charitable, community and outreach work it delivers, as described elsewhere in this report, as well as being the biggest employer in the area.

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GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW

The Consolidated Statement of Financial Activities for the year is set out on page 27 of the financial statements.

Pupil numbers in 2024/25 were good, although lower than anticipated in the School’s budget and the previous year overall. The School achieved net income before investment gains of £26,755,000 including £28,515,000 from the James Dyson Foundation for the construction, renovation and restoration works necessary to put Holt Hall in condition for use by the School as a Preparatory School (2024: £408,000).

These accounts consolidate the results of Gresham’s School Enterprises Limited (GSEL) as it is a 100% owned subsidiary. During the year GSEL made a profit of £115,000 (2024: £98,000).

The School received bursary donations totalling £514,000 (2024: £352,000) from the Gresham’s Foundation, a connected charity, and £43,000 of small grant and capital project donations (2023: £61,000). For further details on the relationship between the School and the Foundation see note 17.

Reserves

At 31 August 2025, the School had unrestricted funds of £48,609,000 (2024: £45,914,000), deployed as part of the School’s premises and equipment, and with the need for day-to-day working capital being met by careful management of short-term liquid resource in the absence of free reserves. Within unrestricted funds there is a fund of £510,000 designated to cover the liability the School could have should it decide to withdraw from the Independent School’s Pension Scheme (see note 24). The School does not have any free reserves. The Governors have a policy to use revenue surpluses and borrowings as appropriate to 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 reserves 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 to continue to build up reserves out of annual operating surpluses until that level is reached, subject to the prior demands of further capital expenditure to equip the School with the up-to-date facilities needed to maintain the standard of educational services currently provided.

The School had restricted funds of £25,471,000 (2024: £1,259,000), (see note 18) and endowment funds of £3,261,000 (2024: £3,274,000).

Principal Funding Source

The infrastructure of the School is funded from operating surpluses, donations and by agreed bank facilities. Pupils attending the School are charged a termly fee and the income arising from these fees is utilised to meet the costs of running the School on a day-to-day basis as well as contributing to longer-term capital projects and the provision of scholarships and bursaries.

Investment powers, policy and performance

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 property as may be thought fit. Investments are managed on a discretionary basis, on a medium risk profile, with predominately an income mandate but some capital growth. Performance over the past year was good.

Financial Instruments

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 rate volatility is considered negligible.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

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 to the main Governing body for review and comment. The Governors view the risks in terms of impact and probability. They have identified the following risks as most significant to the ongoing operation of the School, which are mitigated as stated.

Recruitment and retention of pupils

Healthy recruitment and retention of pupils help to ensure the financial stability of the school. It is monitored and managed through Open Days, parental visits, Taster Days, marketing, ready access to the Heads of the schools, monitoring of and acting on reasons for joining/leaving, ensuring positive pupil experiences and careful and considerate control of the School’s finances to limit increases in fees.

Safety of pupils, staff and visitors

The School follows proper safeguarding procedures and staff recruitment policies, makes suitable checks on contractors, maintains a Health Centre staffed 24/7, promotes the best in pastoral care and support and operates under a comprehensive health and safety policy to ensure the safety of our pupils, staff and visitors. The Health and Safety Committee, a sub-committee of the Board of Governors, meets termly to consider health and safety risks in detail.

Major failure of IT systems

A dedicated team maintains the IT infrastructure, supplemented by external help where necessary. The day-to-day running and the security of the system is a priority. Resilience of the School’s IT network and cyber security counter measures, including raising staff awareness of the critical role they play, remain key areas of focus. A member of the Board has extensive expertise in this area.

Socio-political and economic factors

The School continues to monitor external socio-political and economic factors that are changing the landscape in which independent schools like Gresham’s operate so that it can identify and manage emerging risks. The combined experience of governors, staff and external advisors is used to try to identify and counter emerging threats. The most recent example of the School anticipating and responding to such a threat was when the Government removed the VAT exemption which applied to Independent Schools, in January 2025, as well as charitable business rate relief, in April 2025, and increases in employer national insurance contributions.

Global pandemic

The Covid-19 pandemic tested the School’s ability to respond under such circumstances in ways never envisaged and, through this experience, the School was able to test and refine its remote working response to dealing with a pandemic and develop a comprehensive risk assessment for operating during a pandemic. This provides an excellent basis on which to develop future risk assessments, adapted according to the nature of any future pandemic.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Companies (Miscellaneous Reporting) Regulations 2018

The governors understand and have complied with their duty to have regard to the matters set out in s.172 (1) of the Companies Act 2006 and consider that the school’s achievements and financial performance, mentioned above, reflect this. Further comments are made below.

Promotion of the School

Governors promote the School at live events, such as Open Days, and opportunities are 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 to demonstrate 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 consistently. The School has established methods to provide information to 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 to 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 Staff Governor is available for staff to consult, if they wish to have their views considered by governors. More informal arrangements include a staff wellbeing group, who consider and seek approval for smaller improvements to help staff, including arranging events and promoting services which help wellbeing, such as massage sessions and Pilates to help ease stress. Staff are offered the chance to join a school wellbeing support package, which is funded by the School.

Engagement with others

The School engages with stakeholders in different ways. Parents, through newsletters, 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 Benefit and Community, Charity and Outreach sections of this report. The School’s CCF parades through the local town of Holt on Remembrance Day and is considered an integral part of the Town’s commemorations. Good relations are maintained with suppliers and other stakeholders through prompt payment of invoices, the turnaround times for which are formally monitored under payment practices reporting requirements, and regular meetings with representatives from those organisations with whom we have an ongoing/contractual business relationship, such as our catering contractor.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Carbon and energy reporting and Environmental Matters

The School is required to report emissions, as a ‘large undertaking’, in line with Streamlined Energy and Carbon Reporting (“SECR”) regulations.

An evidence-based methodology was adopted in accordance with BS EN ISO 14064-3:2019, Section 4.3; verifiable data has been collected from the following sources:

The reporting adheres to the Greenhouse Gas Protocol’s Corporate Accounting and Reporting Standard and is conducted to a reasonable level of assurance using DESNZ published emissions factors, UK Government’s GHG Conversion Factors for Company Reporting 2025. The energy data was compiled and audited by an external Chartered Energy Manager and registered ESOS Lead Assessor (Energy Institute Registration No 41994).

The Intensity Ratio is based on the Gross Internal Area (GIA) of the school, expressed as kilogrammes of carbon dioxide equivalent per meter square (kgCO2e/m2).

GHG emissions and energy use data for period 1st September 2024 to 31st August 2025, with comparative data for previous reporting years, are shown below:

UK GHG Emission and Energy Data 2024-25 2023-24 2022-23
Annual Mandatory Energy Consumption, kWh 6,568,240 6,841,606 7,068,920
Scope 1: Emissions from combustion of Natural Gas,
tCO2e		 636.7 639.5 672.1
Scope 1: Emissions from combustion of transport fuel and
heating oils, tCO2e		 332.4 381.2 374.8
Scope 3: Emissions from business travel in employee-
owned vehicles, where the school repaid mileage claims,
tCO2e		 3.8 4.5 4.3
Scope 2: Emissions from purchased Electricity tCO2e 322.9 373.3 392.9
Total gross emission based on above (tCO2e) 1,295.8 1,398.5 1,444.10
Intensity Ratio, kgCO2e per m2 39.03 42.12 43.50

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Carbon and energy reporting and Environmental Matters (continued)

Analysis and Actions

The school procures gas, gas oil, kerosene, electricity and road fuels. Standard ‘location-based’ grid emissions factors are used to report on all emissions, with no ‘market-based’ reductions applied for any REGO or RGGO backed renewable energy supplies at the school.

The school has a maintained woodland of approximately 80 Acres, consisting of Oak, Beech, Ash, and other native trees, which would sequester approximately 152 tCO2e per year over a 100-year period (Woodland Trust, 2020). A further 70 acres have now been acquired on the Dyson Campus, almost doubling the figure.

Carbon Emissions from the use of Scope 1 fuels (969.1 tCO2e) account for 74.8% of all Greenhouse Gas (GHG) emissions, based on 2025 emission factors. As energy use in buildings accounts for 95.6% of total school energy, the school is gradually improving building envelopes and insulation, reducing draughts and ventilation losses, considering heat recovery, use of more energy-efficient/low carbon equipment, and alternative forms of low/zero carbon heat generation, such as ground source/air source heat pumps (GSHP/ASHP), electric boilers, point-of-use water heaters, solar thermal and electric catering equipment when refurbishing buildings or building new. In a move towards becoming a Net Zero school, the Dyson Building was the first building to have been installed with GSHP and solar PV, which replaced the former Biology and English block in 2021. As the Dyson Building utilises a low carbon heating solution for heating and domestic hot water, this increases electricity consumption as a progressive transition moving away from fossil fuel use and the decarbonisation of space heating and domestic hot water systems.

Overall, there has been a 1.2% increase in electricity consumption, 21% reduction in heating oil consumption (kerosene and gas oil) and a 0.5% reduction in gas consumption, when comparing 2023/24 to 2024/25 academic years.

Scope 1 natural gas emissions have marginally decreased by 0.4% and Scope 1 emissions from gas oil and kerosene have decreased by 16.3% on the previous year, as a result of investment in building fabric improvements and heating system upgrades (boilers and controls). There has been a 2.7% increase in Scope 1 road fuel, linked to journeys in vehicles. Scope 2 electricity emissions have also decreased by 13.5% on the previous year, due to a lower grid emission factor, as there has been a marginal increase in kWh consumption.

The school continues to upgrade/replace existing gas meters for new automatic metering with half-hourly data, and possibly investing in sub-metering, which will provide much greater granularity, helping to identify possible waste and opportunities for savings and to also provide more insightful data in support of ‘spend-to-save’ and Net Carbon Road Mapping.

There is a rolling program of lighting upgrades, to LED lighting and PIR sensors, as lighting generally accounts for around 8%-10% of total energy consumption or approximately 20% of total energy cost per year. The school has continued to invest in boiler upgrades and improved BMS controls, which could account for the reduction in heating fuel consumption.

Changes to ESOS Phase 3 now require an Energy and Carbon Action Plan to be drawn up and reported on each year. This was developed from the findings of the recent ESOS Phase 3 energy audit and site refurbishment plans. Progress against the Energy and Carbon Action Plan is currently reported annually. The ESOS Phase 3 Compliance Reporting deadlines were met using an external consultant and Gresham’s School intend to comply with ongoing reporting against the Energy and Carbon Action Plans during 2025 and 2026.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Gresham’s School was founded by Sir John Gresham and received letters 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 to 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 1105500).

Recruitment and appointment of Governors

The Governors are also Trustees for the purpose of charity law and Directors for the purpose of company law. It is the Board of Governors’ collective responsibility to ensure that the organisation is fit for purpose and to determine and support its strategic direction in order to enable it to attain its stated objective. The Charity aims to 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 at, or formerly at, the School.

Governor induction and training

On appointment, Governors are provided with copies of relevant documents, including the Charity Commission guidance note CC3 - “The Essential Trustee: What you need to know”. In addition, Governors are encouraged to keep abreast of their duties and responsibilities by reading Charity Commission and other updates and attending appropriate training courses.

Organisational structure

The Board of Governors meets a minimum of three times annually, including at least one meeting per term. In addition, the Finance and General Purposes Committee of Governors meets at least once per term to monitor the financial management and development of the School. Other Sub-Committees have specific remit to consider matters such as Strategy, Education, Estates, Health and Safety and Risk. Working Parties may be established, as necessary, and governors may be given special responsibilities (e.g. safeguarding, staff matters, health and safety) but all feed back to 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 attend 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 accounts). The pay and remuneration of the Head and senior staff is reviewed annually, and any changes are recommended by the Finance & General Purposes Committee and approved by the Board of 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.

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GRESHAM’S SCHOOL

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors of Gresham’s School for the purposes of company law) are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the group for that period. In preparing these financial statements, the trustees are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Governors are aware:

This Governors’ Report, which incorporates the Strategic Report, was approved by the Governors on 5 December 2025 and signed on their behalf by:

Paul Marriage Chairman

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INDEPENDENT AUDITOR’S REPORT

TO THE GOVERNORS OF GRESHAM’S SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of Gresham’s School (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the School and Group Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 and parent charitable company in accordance with the ethical requirements that are relevant to 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, 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 to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Governors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT

TO THE GOVERNORS OF GRESHAM’S SCHOOL (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities set out on page 24, the Governors (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

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INDEPENDENT AUDITOR’S REPORT

TO THE GOVERNORS OF GRESHAM’S SCHOOL (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Governors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with Governors and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gareth Norris FCA (Senior Statutory Auditor) Westpoint For and on behalf of Saffery LLP, Statutory Auditors Peterborough Business Park Lynch Wood Peterborough, PE2 6FZ

Date: 15 December 2025

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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GRESHAM’S SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted Restricted Endowment
Funds Funds Fund 2025 2024
INCOME FROM: Notes £000 £000 £000 £000 £000
Charitable activities
School fees 2 21,769 - - 21,769 22,063
Other income 3 135 - - 135 196
Other trading activities
Gresham’s School Enterprises 547 - - 547 617
Lettings 329 - - 329 291
Investment income 4 299 18 - 317 255
Donations and grant income 5 6 28,559 - 28,565 120
Sale of fixed assets 33 - - 33 -
--------------- --------------- --------------- --------------- ---------------
Total income 23,118 28,577 - 51,695 23,542
--------------- --------------- --------------- --------------- ---------------
EXPENDITURE
Raising Funds 673 4 7 684 744
Charitable activities 24,148 108 - 24,256 22,390
--------------- --------------- --------------- --------------- ---------------
Total expenditure 6 24,821 112 7 24,940 23,134
--------------- --------------- --------------- --------------- ---------------
Net (expenditure)/ income before
investment gains/(losses) (1,703) 28,465 (7) 26,755 408
Investment gains/(losses) 137 7 (5) 139 427
--------------- --------------- --------------- --------------- ---------------
Net movement in funds before
transfers (1,566) 28,472 (12) 26,894 835
Transfers 18 4,261 (4,260) (1) - -
--------------- --------------- --------------- --------------- ---------------
Net movement in funds 2,695 24,212 (13) 26,894 835
Reconciliation of funds
Fund balances at 31 August 2024 45,914 1,259 3,274 50,447 49,612
--------------- --------------- --------------- --------------- ---------------
Fund balances at 31 August 2025 48,609 25,471 3,261 77,341 50,447
======= ======= ======= ======= =======

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 year’s consolidated statement of financial activities is included in note 25.

The accompanying notes form part of these accounts.

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GRESHAM’S SCHOOL (Company Number: 05196298)

BALANCE SHEETS

AS AT 31 AUGUST 2025

2025 2024
Notes Group School Group School
FIXED ASSETS £000 £000 £000 £000
Tangible assets 9 56,750 56,439 55,304 54,943
Investments 10 9,234 9,234 10,907 10,907
--------------- --------------- --------------- ---------------
65,984 65,673 66,211 65,850
--------------- --------------- --------------- ---------------
CURRENT ASSETS
Stock 195 - 196 -
Debtors 11 25,041 25,080 866 913
Cash at bank and in hand 3,360 3,186 1,908 1,741
--------------- --------------- --------------- ---------------
28,596 28,266 2,970 2,654
CURRENT LIABILITIES
CREDITORS:amounts falling due
within one year 12 (12,671) (12,609) (12,016) (11,935)
-------------- --------------- -------------- ---------------
NET CURRENT ASSETS/(LIABILITIES) 15,925 15,657 (9,046) (9,281)
--------------- --------------- --------------- ---------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 81,909 81,330 57,165 56,569
LONG TERM LIABILITIES
CREDITORS: amounts falling due after more
than one year 13 (4,568) (4,207) (6,718) (6,352)
--------------- --------------- --------------- ---------------
NET ASSETS 77,341 77,123 50,447 50,217
======= ======= ======= =======
FUND BALANCES
Unrestricted funds
General funds 18 48,099 47,881 45,404 45,174
Designated funds 18 510 510 510 510
Restricted funds 18 25,471 25,471 1,259 1,259
Endowment funds 18 3,261 3,261 3,274 3,274
-------------- -------------- -------------- --------------
77,341 77,123 50,447 50,217
======= ======= ======= =======

The School’s net movement in funds was £26,906,000 (2024: £783,000).

The financial statements were approved and authorised for issue by the Governors on 05 December 2025 and signed on their behalf by:

.................................... Paul Marriage, Chair of Governors

.................................... James Morgan, Deputy Chair of Governors

The accompanying notes form part of these accounts.

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GRESHAM’S SCHOOL

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

2025 2024
£000 £000
Net cash inflow from operating activities
Net income 26,755 408
Depreciation 2,022 1,890
Investment income and interest receivable (317) (255)
Interest payable 368 236
Profit/(loss) on disposal of fixed assets (33) 30
Decrease in stock 1 27
(Increase)/decrease in debtors (24,175) 1,197
Increase in creditors 1,530 1,914
-------------- --------------
6,151 5,447
-------------- --------------
Cash flow from investing activities
Investment income and interest receivable 292 250
Payments to acquire tangible fixed assets (4,226) (5,580)
Net proceeds from sale of fixed assets 37 15
Payments to acquire investments (1,713) (6,636)
Proceeds from sale of investments 3,546 935
-------------- --------------
(2,064) (11,016)
-------------- --------------
Cash flows from financing activities
Net loan repayments (511) (506)
Interest payable (372) (241)
Fee in advance scheme movements
-
Additions to the Scheme		 1,135 7,429
-
Payment and withdrawal of fees		 (2,887) (983)
-------------- --------------
(2,635) 5,699
-------------- --------------
Net change in cash and cash equivalents in the reporting year 1,452 130
Cash and cash equivalents at the beginning of the reporting year 1,908 1,778
-------------- --------------
Cash and cash equivalents at the end of the reporting year 3,360 1,908
======= =======
Analysis of Changes in Net Debt
At 31 Cash flow Other At 31
August £000 Changes August
2024 £000 2025
£000 £000
Cash and cash equivalents 1,908 1,452 - 3,360
Borrowings
Debt due within one year (513) - - (513)
Debt due after one year (866) 519 (14) (361)
-------------- -------------- -------------- --------------
(1,379) 519 (14) (874)
-------------- -------------- -------------- --------------
Net Debt 529 1,971 (14) 2,486
======= ======= ======= =======

The accompanying notes form part of these accounts.

29

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed assets investments at market value and the non-recognition of the value to the School of the use of land as described in note 9. The format of the financial statements has been presented to comply with the Companies Act 2006, FRS102 The Financial Reporting Standard applicable in the UK and Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities, second edition (“SORP 2019”). Figures are presented in sterling and rounded to 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 doubt on the School’s ability to continue as a going concern. The Governors review the financial information of the School and consider whether it is a going concern for at least twelve months from the date of approval of the accounts. The Governors have assessed the major risks to which the School is exposed and is satisfied that systems are in place to manage exposure to major risks. The Governors have given appropriate consideration of financial forecasts and normal risk management processes as well as mitigating actions and therefore consider it appropriate for the going concern basis to 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 1105500), Gresham’s School Trust (Charity number 311268) and Gresham’s School Enterprises Limited (Company Number 06577062). As permitted by Section 408 of the Companies Act 2006, the School’s Statement of Financial Activities has not been included in these financial statements.

General information

The Charity is a company limited by guarantee, incorporated in England and Wales (company number: 05196298) and a charity registered in England and Wales (charity number: 1105500).

Significant Judgements

In preparing these financial statements the Governors have had to make estimates and assumptions that affect the amounts recognised in these financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. A key area subject to judgement and estimation is as follows:

Fixed asset depreciation. Judgement is applied when assigning anticipated average lives to the fixed assets of the school.

Fund accounting

30

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income, its receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. The irrecoverable element of VAT is included with the item of expense to which it relates:

Tangible Fixed Assets

The freehold of the majority of the land occupied by the School is vested in Gresham’s School as Trustee 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 attributed 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 estimated useful lives to School. The annual depreciation rates are as follows:

Land Nil
Buildings 1% - 10%
Furniture and fittings 5% - 20%
Plant and machinery 5% - 20%
Educational equipment 20% - 33%
Motor vehicles 25%
Assets under construction 0%

31

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Depreciation (continued)

The carrying values of tangible fixed assets are reviewed for impairment in accordance with the requirements of FRS102.

Stocks

Stocks comprise finished goods and are stated at the lower of cost and net 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-term to generate income or capital growth are carried at fair value as fixed assets. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Debtors and creditors

Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.

Bank borrowings

The bank loan is measured at the transaction price.

The Coronavirus Business Interruption Loan (CBIL) is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently at 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 discount accruing thereon, provide for a set contribution each term towards the pupils’ fees. The capital portion outstanding is recognised as a liability and the amount of discount crystallised in the year is included in the Statement of Financial Activities.

Pension schemes

32

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

G RESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Pension schemes (continued)

i) The School also offers defined contribution schemes operated by AEGON and NEST for support staff. The assets of these schemes are held separately from those of the School in independently administered funds.

The charge in the Statement of Financial Activities represents the contributions payable by the School to the funds for the year.

2. SCHOOL FEES
2025 2024
£000 £000
The School’s fee income comprised:
Fees 23,719 24,302
Less: Scholarships and bursaries (2,179) (2,298)
Other reductions (285) (293)
-------------- --------------
21,255 21,711
Add back: External funding - Gresham's Foundation 514 352
-------------- --------------
21,769 22,063
======= =======
3. OTHER INCOME
2025 2024
£000 £000
Registration fees 45 49
Rents receivable 28 17
Late fee interest 1 1
Forfeited fees 38 101
Other income 17 28
Activity course income 6 -
-------------- --------------
135 196
======= =======
4. INVESTMENT INCOME Restricted
Unrestricted & Endowment
Funds Funds 2025
£000 £000 £000
Fee in Advance Scheme 178 - 178
Sir John Gresham Trust 44 - 44
Douglas Scholarship Fund income - 10 10
Other 77 8 85
-------------- -------------- --------------
299 18 317
======= ======= =======

33

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

4. INVESTMENT INCOME (continued) Restricted
Unrestricted & Endowment
Comparative Analysis: Funds Funds 2024
£000 £000 £000
Fee in Advance Scheme 79 - 79
Sir John Gresham Trust 45 - 45
Douglas Scholarship Fund income - 11 11
Other 112 8 120
-------------- -------------- --------------
236 19 255
======= ======= =======
5. DONATION AND GRANT INCOME Unrestricted Restricted
Funds Funds 2025
£000 £000 £000
Donations towards equipment and projects - 28,542 28,542
Other donations 4 17 21
Government grants 2 - 2
-------------- -------------- --------------
6 28,559 28,565
======= ======= =======
Comparative Analysis: Unrestricted Restricted
Funds Funds 2024
£000 £000 £000
Donations towards equipment and projects - 64 64
Other donations 48 7 55
Government grants 1 - 1
-------------- -------------- --------------
49 71 120
======= ======= =======

34

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

6. ANALYSIS OF EXPENDITURE

Staff
Costs Depreciation Other 2025
£000 £000 £000 £000
Charitable Activities:
Teaching 9,063 - 608 9,671
Education 1,532 292 712 2,536
Boarding 1,260 - 1,798 3,058
Establishment 821 1,558 1,530 3,909
Maintenance 356 - 488 844
Marketing costs 310 - 144 454
Administration 1,744 120 1,890 3,754
Grants, awards and
prizes - - 5 5
Governance costs - - 25 25
-------------- -------------- -------------- --------------
15,086 1,970 7,200 24,256
-------------- -------------- -------------- --------------
Raising funds:
Finance - - 368 368
Investment fees - - 29 29
Gresham’s School
Enterprises - 52 235 287
-------------- -------------- -------------- --------------
- 52 632 684
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
15,086 2,022 7,832 24,940
======= ======= ======= =======
Expenditure includes:
Auditors’ remuneration
Audit services School 23
Gresham’s School Enterprises Limited 9
Non-audit services 2
Irrecoverable VAT -
=======

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, administrative IT and photocopying costs.

35

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

6. ANALYSIS OF EXPENDITURE (continued)

Comparative Analysis:

Staff
Costs Depreciation Other 2024
£000 £000 £000 £000
Charitable Activities:
Teaching 8,741 - 208 8,949
Education 1,156 259 1,093 2,508
Boarding 1,111 - 1,785 2,896
Establishment 783 1,460 1,655 3,898
Maintenance 389 - 678 1,067
Marketing costs 228 - 270 498
Administration 1,706 123 694 2,523
Grants, awards and prizes - - 6 6
Governance costs - - 45 45
-------------- -------------- -------------- --------------
14,114 1,842 6,434 22,390
-------------- -------------- -------------- --------------
Raising funds:
Finance - - 236 236
Investment fees - - 77 77
Gresham’s School Enterprises - 48 383 431
-------------- -------------- -------------- --------------
- 48 696 744
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
14,114 1,890 7,130 23,134
======= ======= ======= =======

Expenditure includes:

Expenditure includes: Expenditure includes:
Auditors’ remuneration
Audit services School 22
Gresham’s School Enterprises Limited 9
Non-audit services 2
Irrecoverable VAT 4
=======
STAFF COSTS 2025 2024
£000 £000
Wages and salaries 12,443 11,687
Social security costs 1,294 1,093
Pension costs 1,349 1,334
-------------- --------------
15,086 14,114
======= =======

7. STAFF COSTS

36

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

7. STAFF COSTS (continued)

The average number of employees and their full time equivalents (FTE) analysed by function was:

2025 2024
No. FTE No. FTE
Teaching, education and
boarding 314 241 315 247
Establishment and maintenance 35 34 36 35
Management and administration 67 48 61 47
------------- ------------- ------------- -------------
416 323 412 329
====== ====== ====== ======

The number of higher paid employees whose emoluments exceeded £60,000 fell within the following bands:

2025 2024
No. No.
£60,000 to £69,999 12 9
£70,000 to £79,999 2 3
£80,000 to £89,999 2 2
£90,000 to £99,999 2 -
Over £100,000 2 2
====== ======

Contributions of £40,000 (2024: £35,000) were made to the Teachers’ Pensions Scheme, which is a defined benefit scheme, for 2 (2024: 2) of the higher paid employees, whilst contributions of £163,000 (2024: £152,000) were made to defined contribution schemes for 18 (2024: 15) higher paid employees.

During the year the School made redundancy payments of £318,946 (2024: £26,000) and compensatory redundancy payments of £nil (2024: £5,000) and ex gratia payments of £281,070 (2024: £nil).

No Governor received any remuneration from the School during the year. Travel expenses to and from meetings of £nil (2024: £96) were reimbursed to any Governor (2024: one) during the year.

Key Management Personnel:

The key management roles in the School 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 NI contributions and pensions paid, were £1,129,000 (2024: £997,000).

8. TAXATION

The Charity is generally exempt from corporation tax as surplus income and gains are applied for charitable purposes.

37

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

9. TANGIBLE FIXED TANGIBLE FIXED TANGIBLE FIXED ASSETS Furniture,
Fittings,
Group Plant & Educational Motor Trust Group
Buildings Machinery Equipment Vehicles Total Land Total
£000 £000 £000 £000 £000 £000 £000
Cost or valuation
At 31 August 2024 64,972 5,437 4,532 166 75,107 1,400 76,507
Additions 2,819 266 351 37 3,473 - 3,473
Disposals (74) (6) - (15) (95) - (95)
------------- ------------- ------------- ------------- ------------- ------------- -------------
At 31 August 2025 67,717 5,697 4,883 188 78,485 1,400 79,885
------------- ------------- ------------- ------------- ------------- ------------- -------------
Depreciation
At 31 August 2024 14,743 3,172 3,140 148 21,203 - 21,203
Charge for the
year 1,184 515 292 31 2,022 - 2,022
Disposals (68) (6) - (16) (90) - (90)
------------- ------------- ------------- ------------- ------------- ------------- -------------
At 31 August 2025 15,859 3,681 3,432 163 23,135 - 23,135
------------- ------------- ------------- ------------- ------------- ------------- -------------
Net Book Value
At 31 August 2025 51,858 2,016 1,451 25 55,350 1,400 56,750
======= ======= ====== ====== ======= ====== =======
At 31 August 2024 50,229 2,265 1,392 18 53,904 1,400 55,304
======= ======= ====== ====== ======= ====== =======
Furniture,
Fittings,
School Plant & Educational Motor Trust School
Buildings Machinery Equipment Vehicles Total Land Total
£000 £000 £000 £000 £000 £000 £000
Cost or valuation
At 31 August 2024 64,395 5,367 4,532 166 74,460 1,400 75,860
Additions 2,819 264 351 37 3,471 - 3,471
Disposals (74) (6) - (15) (95) - (95)
------------- ------------- ------------- ------------- ------------- ------------- -------------
At 31 August 2025 67,140 5,625 4,883 188 77,836 1,400 79,236
------------- ------------- ------------- ------------- ------------- ------------- -------------
Depreciation
At 31 August 2024 14,496 3,133 3,140 148 20,917 - 20,917
Charge for the
year 1,146 501 292 31 1,970 - 1,970
Disposals (68) (6) - (16) (90) - (90)
------------- ------------- ------------- ------------- ------------- ------------- -------------
At 31 August 2025 15,574 3,628 3,432 163 22,797 - 22,797
------------- ------------- ------------- ------------- ------------- ------------- -------------
Net Book Value
At 31 August 2025 51,566 1,997 1,451 25 55,039 1,400 56,439
======= ====== ====== ====== ======= ====== =======
At 31 August 2024 49,899 2,234 1,392 18 53,543 1,400 54,943
======= ====== ====== ====== ======= ====== =======

Buildings includes Holt Hall, £9,760,000 (2024: £7,178,000), which is under construction and not yet therefore being depreciated.

38

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

FIXED ASSETS (continued) Inalienable and historic assets

In addition to the capitalised 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 attributed and accordingly these buildings have not been capitalised in the financial statements.

10. INVESTMENTS INVESTMENTS Endowed & Fees in advance
Unrestricted Restricted scheme 2025
£000 £000 £000 £000
Market value at 31 August 2024 257 2,550 8,084 10,891
Additions - 315 1,397 1,712
Disposals - (368) (3,578) (3,946)
Unrealised gains 10 (3) 99 106
Realised gains - 5 28 33
------------- ------------- ------------- -------------
Market value at 31 August 2025 267 2,499 6,030 8,796
Cash held at brokers - 57 381 438
------------- ------------- ------------- -------------
Group at 31 August 2025 267 2,556 6,411 9,234
====== ====== ====== ======
Investment in Gresham’s
School Enterprises Ltd - - - -
------------- ------------- ------------- -------------
School 267 2,556 6,411 9,234
====== ====== ====== ======
Endowed & Fees in advance
Unrestricted Restricted scheme 2024
£000 £000 £000 £000
Market value at 31 August 2023 214 2,333 2,216 4,763
Additions 25 219 6,392 6,636
Disposals - (217) (718) (935)
Unrealised gains 18 210 186 414
Realised gains - 5 8 13
------------- ------------- ------------- -------------
Market value at 31 August 2024 257 2,550 8,084 10,891
Cash held at brokers - 14 2 16
------------- ------------- ------------- -------------
Group at 31 August 2024 257 2,564 8,086 10,907
====== ====== ====== ======
Investment in Gresham’s
School Enterprises Ltd - - - -
------------- ------------- ------------- -------------
School 257 2,564 8,086 10,907
====== ====== ====== ======

39

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

11. DEBTORS Group School
2025 2024 2025 2024
£000 £000 £000 £000
School fees 248 290 248 290
Trade debtors 8 11 1 1
Staff loans 12 14 12 14
The James Dyson Foundation 24,268 - 24,268 -
Other debtors 30 53 30 53
Prepayments and
accrued
income 475 498 475 497
Gresham’s School Enterprises
Limited - - 46 58
---------------- ------------- ---------------- -------------
Debtors due within one year 25,041 866 25,080 913
======== ====== ======== =======
The loans to staff are interest free and repayable by 2026.
CREDITORS: amounts Group School
12. falling due within one year
2025 2024 2025 2024
£000 £000 £000 £000
Bank loan and overdraft (see
note 14) 500 500 500 500
Other loan (see note 15) 13 13 - -
School fees in advance and
deposits 6,790 5,930 6,790 5,930
Fees in advance scheme
(see note 16) 2,750 2,779 2,750 2,779
Pension deficit reduction
contributions (see note 24) 19 10 19 10
PAYE & NIC 334 269 334 269
Trade creditors 446 1,251 437 1,232
Finance lease (see note 23) 6 8 6 8
Other creditors and accruals 1,803 558 1,766 509
Deferred income 10 698 7 698
------------- ------------- ------------- -------------
12,671 12,016 12,609 11,935
====== ====== ====== ======

40

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

12. CREDITORS: amounts falling due within one year (continued):

Deferred income, within other creditors and accruals, comprises deferred donations, of which £nil (2024: £697,000) is from the James Dyson Foundation for the construction project at Holt Hall.

Group and School Group and School 2025 2024
£000 £000
Balance as at 1 September 2024 698 -
Amount released to income earned (698) -
Amount deferred in the year 7 698
------------- -------------
Balance as at 31 August 2025 7 698
====== ======
13. CREDITORS: amounts falling Group School
due after more than one year 2025 2024 2025 2024
£000 £000 £000 £000
Pension deficit reduction
contributions (see note 24) 130 45 130 45
Finance lease (see note 23) 6 13 6 13
Fees in advance scheme
(see note 16) 4,071 5,794 4,071 5,794
Bank loan (see note 14) - 500 - 500
Loan from London Children’s
Camp (see note 15) 361 366 - -
------------- ------------- ------------- -------------
4,568 6,718 4,207 6,352
====== ====== ====== ======
14. BANK LOAN 2025 2024
£000 £000
Group and School
CBIL loan 500 1,000
------------- -------------
500 1,000
------------- -------------
Due within one year (see note 12) 500 500
Due in one to two years - 500
------------- -------------
500 1,000
------------- -------------

Bank borrowings were secured by way of a fixed charge on designated school assets. Interest on the term loan was charged at varying rates determined at the time the loan was made; overdraft interest is linked to the base rate. The bank loan was repayable by instalments.

The School obtained a Coronavirus Business Interruption Loan (CBIL) to provide financial support as a result of the COVID-19 outbreak. This is repayable over 5 years from September 2021.

41

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

15. OTHER LOANS 2025 2024
£000 £000
Group
Within one year 13 13
Within one to two years 13 13
Within two to five years 54 54
After five years 294 299
------------- -------------
374 379
====== ======

The London Children’s Camp has loaned monies to Gresham’s School Enterprises Ltd in order to construct a high ropes course, climbing tower, assault course and woodland cabin. Interest on the loan is accrued at 2.25% 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.

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 time that the pupil is at 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, advanced fees will be applied as follows:

2025 2024
£000 £000
Within one year 2,750 2,779
------------- -------------
Within one to two years 1,954 2,497
Within two to five years 1,921 2,916
After five years 196 381
------------- -------------
4,071 5,794
------------- -------------
6,821 8,573
====== ======
The movements during the
year were:
Balance brought forward 8,573 2,127
Additions to the Scheme 1,135 7,429
Withdrawals from the Scheme (229) (20)
Payments of fees (2,658) (963)
------------- -------------
6,821 8,573
====== ======

The investments held to fund the liability are disclosed in note 10.

42

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

17. CONNECTED AND SUBSIDIARY CHARITIES

Connected Charities

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.

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 to improve their social welfare and to do this whilst fostering greater links with Gresham’s School. Several of the charity’s trustees are either Governors, or senior members of staff at Gresham’s School.

Subsidiary Charity

Gresham’s School Trust (Charity number: 311268) is considered a subsidiary as Gresham’s School (Charity Number: 1105500) is the sole corporate trustee 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 £ (2024: £nil). The only asset which it holds is the land noted above.

43

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

18. FUNDS Balance Transfers Balance
31 August Income Expenditure Gains/ 31 August
Group 2024 (Losses) 2025
£000 £000 £000 £000 £000
General Funds 45,174 22,786 (24,477) 4,398 47,881
-------------- -------------- -------------- -------------- --------------
Designated Funds
Pension Liability Fund 510 - - - 510
General fund – Gresham’s
School Enterprises Ltd 230 332 (344) - 218
--------------- -------------- -------------- -------------- ---------------
Total Unrestricted Funds 45,914 23,118 (24,821) 4,398 48,609
-------------- -------------- -------------- -------------- --------------
Restricted Funds
Douglas Scholarship 525 11 (19) (3) 514
Prize Funds 264 8 (4) 10 278
James
&
Deidre		 Dyson Trust
donation 417 - - (13) 404
The
James
Dyson		 Foundation
donation - 28,515 - (4,247) 24,268
Other donations 53 43 (89) - 7
-------------- -------------- -------------- -------------- --------------
1,259 28,577 (112) (4,253) 25,471
-------------- -------------- -------------- -------------- --------------
Endowment Fund
Estate Trustees of the
Sir John Gresham Trust 3,274 - (7) (6) 3,261
-------------- -------------- -------------- -------------- --------------
Group Total Funds 50,447 51,695 (24,940) 139 77,341
======= ======= ======= ======= =======
General fund: Gresham’s School
Enterprises Ltd (230) (332) 344 - (218)
-------------- -------------- -------------- -------------- --------------
School Total Funds 50,217 51,363 (24,596) 139 77,123
======= ======= ======= ======= =======

44

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

18. FUNDS (continued) Balance Transfers Balance
31 August Income Expenditure Gains/ 31 August
Comparative Analysis: 2023 (Losses) 2024
Group £000 £000 £000 £000 £000
General Funds 43,486 22,917 (22,556) 1,327 45,174
-------------- -------------- -------------- -------------- --------------
Designated Funds
Pension Liability Fund 510 - - - 510
General fund – Gresham’s
School Enterprises Ltd 178 535 (483) - 230
--------------- -------------- -------------- -------------- ---------------
Total Unrestricted Funds 44,174 23,452 (23,039) 1,327 45,914
-------------- -------------- -------------- -------------- --------------
Restricted Funds
Lumsden Handwriting Prize Fund 4 - - (4) -
Swatland-Ucelli Scholarship 498 12 (18) 33 525
Douglas Scholarship 237 8 - 19 264
Prize Funds
417 - - - 417
James & Deidre Dyson Foundation
1,110 - - (1,110) -
Other donations 56 70 (73) - 53
-------------- -------------- -------------- -------------- --------------
2,322 90 (91) (1,062) 1,259
-------------- -------------- -------------- -------------- --------------
Endowment Fund
Estate Trustees of the
Sir John Gresham Trust 3,116 - (4) 162 3,274
-------------- -------------- -------------- -------------- --------------
Group Total Funds 49,612 23,542 (23,134) 427 50,447
======= ======= ======= ======= =======
General fund: Gresham’s School
Enterprises Ltd (178) (535) 483 - (230)
-------------- -------------- -------------- -------------- --------------
School Total Funds 49,434 23,007 (22,651) 427 50,217
======= ======= ======= ======= =======

45

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

18. FUNDS (continued)

Pension Liability Fund

The Independent School’s Pension Scheme 3 year actuarial 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 leave the scheme, the value of the designated fund was increased to £615,000 in 2015. The School’s Independent Financial Adviser was asked to investigate the School’s stated liability and they determined that the School had been charged the whole of one member’s liability when it should have been shared between two employers. The £105,000 reduction to the fund in 2015 to £510,000 came about as a result of the investigation.

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, to the best mathematician entering the lower sixth form.

Prize Funds

Prize funds are restricted funds arising out of generous donations for the purpose of providing prizes for outstanding academic and other achievements.

Estate Trustees of the Sir 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 School as Trustee of the Gresham’s School Trust.

Sir James & Deidre 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.

The James Dyson Foundation

In 2025 the James Dyson Foundation donated £28.5m to the School for the purpose of purchasing Holt Hall and securing planning permission for the building. A transfer has been made out of this fund into the unrestricted fund equal to the value of the capital spend on the building.

46

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

19. SUBSIDIARY COMPANY

Gresham’s School Enterprises Limited (Company Number 06577062) was incorporated on 25 April 2008 and is a subsidiary of Gresham’s School (Charity Number: 1105500). The company operates a facilities and hirings business. Its trading results for the year, as extracted from the audited financial statements, are summarised below:

2025 2024
£000 £000
Turnover 606 775
Cost of sales (239) (338)
------------- -------------
Gross profit 367 437
Administrative expenses (245) (330)
------------- -------------
122 107
Interest payable (7) (9)
------------- -------------
Retained profit for the year 115 98
====== ======
Total share capital and reserves 218 230
====== ======
Tangible fixed assets 311 361
Current assets 376 373
Creditors (469) (504)
------------- -------------
Net assets 218 230
====== ======
20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Unrestricted 2025 2025
General Designated Restricted Endowment School Subsidiary’s Group
Funds Funds Funds Funds Total Funds Total
£000 £000 £000 £000 £000 £000 £000
Tangible
fixed assets 55,039 - - 1,400 56,439 311 56,750
Investments 6,678 - 693 1,863 9,234 - 9,234
Current
assets 2,978 510 24,778 - 28,266 330 28,596
Current
liabilities (12,607) - - (2) (12,609) (62) (12,671)
Long term
liabilities (4,207) - - - (4,207) (361) (4,568)
--------------- ------------- ------------- ------------- --------------- ------------- --------------
47,881 510 25,471 3,261 77,123 218 77,341
======= ====== ====== ====== ======= ====== =======

47

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

Unrestricted Unrestricted 2024 2024
Comparative General Designated Restricted Endowment School Subsidi Group
Analysis: Funds Funds Funds Funds Total ary’s Total
Funds
£000 £000 £000 £000 £000 £000 £000
Tangible
fixed assets 53,543 - - 1,400 54,943 361 55,304
Investments 8,343 - 691 1,873 10,907 - 10,907
Current
assets 1,575 510 568 1 2,654 316 2,970
Current
liabilities (11,935) - - - (11,935) (81) (12,016)
Long term
liabilities (6,352) - - - (6,352) (366) (6,718)
--------------- ------------- ------------- ------------- --------------- ------------- --------------
45,174 510 1,259 3,274 50,217 230 50,447
======= ======= ======= ======= ======= ======= ======

21. CAPITAL COMMITMENTS

The group had the following capital commitments authorised but not committed at the yearend:

Dyson STEAM building

2025 2024
£000 £000
3 -
------------- -------------
3 -
====== ======

22. OPERATING LEASES

At 31 August the Group and School had future minimum lease payments under non-cancellable operating leases for equipment and motor vehicles as follows:

leases for equipment and motor vehicles as follows:
2025 2024
£000 £000
Due within one year 98 116
Due in one to five years 262 267
Over 5 years 288 382
-------------- --------------
648 765
======= =======

Total costs incurred in the year in respect of rental charges for assets held under operating lease were £99,000 (2024: £101,000).

48

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

23. FINANCE LEASES

At 31 August the Group and School had future minimum lease payments under non-cancellable finance leases for equipment as follows:

leases for equipment as follows:
2025 2024
£000 £000
Due within one year 6 8
Due in one to five years 6 13
-------------- --------------
12 21
======= =======

24. PENSION SCHEMES

The School participates in two multi-employer pension schemes, the Government’s Teachers Pension Defined Benefit Scheme and the Pensions Trust Defined Benefit Scheme. The School also offers defined contribution schemes for support staff with AEGON and NEST and for teachers with Aviva’s Pension Trust for Independent Schools (“APTIS”).

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 totalled £823,000 (2024: £731,000).

The Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £658,000 (2024: £728,000) and at the yearend £nil (2024: £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Following a staff consultation in 2019, Gresham’s has limited its exposure to the cost of increases in Employers’ contributions.

49

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

24. PENSION SCHEMES (continued)

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 multiemployer money purchase scheme with guaranteed benefits. The School contributed at a rate of 15.7% of gross pensionable salary. The School would have a liability if it ceased to participate in the scheme which at 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 to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came 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 for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a ‘last-man standing arrangement’. Therefore the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2023. This actuarial valuation was certified on 11 December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

Deficit contributions

From 1 September 2025 to 30 April £6,000,000 per annum 2034: (payable monthly and increasing by 3% each on 1st September)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 September 2022 to 30 April 2032:[£2,687,000 per annum ] (payable monthly and increasing by 3% on each 1[st] September) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the company has agreed to 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 to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

50

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

24. PENSION SCHEMES (continued)

2025 2024
Reconciliation of opening and closing provisions: £000 £000
Provision at start of year 54 56
Unwinding of discount factor (interest expense) 2 3
Deficit contribution paid (7) (7)
Re-measurements – impact of any change in assumptions 99 2
------------- -------------
148 54
====== ======
Split as follows:
Due within one year 19 10
Due after one year 130 45
------------ ------------
148 54
====== ======
ASSUMPTIONS 31 August
2025		 31 August
2024		 31 August
2023
Rate of discount per annum 4.79% 4.68% 5.79%

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 to discount the same recovery plan contributions.

51

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

25. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Endowment
Funds Funds Fund 2024
INCOME FROM: £000 £000 £000 £000
Charitable activities
School fees 2 22,063 - - 22,063
Other incoming resources 3 196 - - 196
Other trading activities
Gresham’s School Enterprises 617 - - 617
Lettings 291 - - 291
Investment income 4 236 19 - 255
Donations 5 49 71 - 120
-------------- -------------- -------------- --------------
Total Income 23,452 90 - 23,542
-------------- -------------- -------------- --------------
EXPENDITURE
Raising funds 737 3 4 744
Charitable activities 22,302 88 - 22,390
-------------- -------------- -------------- --------------
Total expenditure 6 23,039 91 4 23,134
-------------- -------------- -------------- --------------
Net income/(expenditure) before
investment (losses)/gains 413 (1) (4) 408
Investment gains 212 52 163 427
-------------- -------------- -------------- --------------
Net movement in funds before
transfers 625 51 159 835
Transfers 1,115 (1,114) (1) -
-------------- -------------- -------------- --------------
Net movement in funds 1,740 (1,063) 158 835
Reconciliation of funds
Fund balances at 1 August 2023 44,174 2,322 3,116 49,612
--------------- --------------- --------------- ---------------
Fund balances at 31 August 2024 45,914 1,259 3,274 50,447
======= ======= ======= =======

52

Docusign Envelope ID: DDCF62E0-D561-47DD-B226-DC5CF7DBAB50

GRESHAM’S SCHOOL

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

26. RELATED PARTIES

Sir James Dyson, Governor, is a trustee of the James Dyson Foundation, which generously donated £28.5m to the School, following its previous donation of £6m in 2023 for the purchase of Holt Hall, for the construction, renovation and restoration works necessary to put Holt Hall in condition for use by the School as a Preparatory School.

James Morgan is a trustee the Earle & Stuart Charitable Trust that made a payment of £12,000 (2024: £6,000) to the School for School fees paid for two pupils (2024: one).

A Governor had three children in School (2024: three) and was in receipt of staff fee remission on fees paid to the School due to her husband being a member of staff (appointed prior to governor appointment).

London Children’s Camp (LCC), which has in its objects to foster links with Gresham’s School, has an outstanding loan amounting to £374,000 (2024: £379,000) with Gresham’s School Enterprises Ltd. The loan was made for the construction of a high ropes course, climbing tower, assault course and bunk house on the School grounds. LCC is considered to be a related party as one of its trustees are Governors of Gresham’s School (James Morgan), one is a director of Gresham’s School Enterprises Ltd (Michael Goff) and another trustee is the Headmaster (Douglas Robb).

53