GRESHAM'S THE GRESHAM'S FOUNDATION IA Company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Company Number: 05428934 Charlty Number. 1109441
THE GRESHAM'S FOUNDATION REPORT AND FINANCIAL STATEMENTS GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 CONTENTS Page Trustees, Report Audstorfs Report 10-12 Statement of financial activitie5 13 Balance sheet 14 Cash flow ststement and notes 15 Notes to the financial statements 16-23
THE GRESHAM'S FOUNDATION TRUSTEES, REPORT GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 The Trustees present their report and audited financial Statements for the year ended 31 August 2021. Reference and Admlnlstratlve Inforniatlon Charfty Name The Gresham's Foundation Operatlng Name The Foundation Company Number 05428934 Charfty Number 1109441 Reglster¢d Offl¢• G$haTn'5 School Cromer Road Holt NR25 6EA Tru$teo8 Andrew Martin Smith (Chaian} Diana Brocklebank-scott Benjamin Du Brow Michael Goff Paul Maffiage Roderick Peac¢xk D•v•lopment Dirnctor Edward Margetson Auditors Haysmacintyre LLP 10 Queen Street Pla London EC4R 1AG Bankers Barclays Corporate 3 St James Court Whitefriars Norwi¢h NR3 1RJ Sollcltors Birketts LLP 22 Station Road Cambridge CB1 2JD Investment Advlsors Rathbone Brothers PIC 8 Finsbury Circus London EC2M 7AZ Waverton Investment Management Ltd 16 8abmaes Street London SW1Y 6AH Phillip Newell Memorial Fund- Chartes Stanley & Co. Limited 25 Luke Street London EC2A 4AR
THE GRESHAM'S FOUNDATION TRUSTEES. REPORT {contlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 STRUCTURE, GOVERNANCE AND MANAGEMEKr Governing document The Gresham's FoundatK?n was incorporaied under the Companie5 Act 1985 on 19 April 2005 as a company limited by guarantee. and is governed by ils Memorandum and Articles of Association as amended by certificate of incorporation on change of name daled 3 July 2013 as amended by certificate of incorporation on change of name dated 26 July 2013 as amended on 29 June 2018. The company is registered with the Charity Commission. Recruitment and appointment of Trustses It is the Board of Trustees, ¢olle¢tive responsibility to ensure that the organisation 15 frt for purpose and to determine and support ils strategi¢ direction in order to enable il to attain its stated objectives. The charity aims to recruit Trustees with a wide range of relevant experience. Following a governance review carried out by existing Trustees, in consultation with a major donor, the Fishmongers. Company, the con51itulion of the Gresham's Foundationwas changed in June2018. Underthe newconstitution. Fishmongers. Gresham's School and the Old Gre$hamian Club Can each appcwnl Trustees. Induction and tTrining of Tmstees All new Trustees are provided with copies ot. The Memorandum and Arb'cles of Assouation The latest accounts of the Charity Charty Commission guidance notes CC3 -"The Essential Trustee" In addition, Trustees are encouraged to read Charity Commission and other relevant publications and to attend ¢ourses designed to keep them abreast of their duties and responsibilthes. Risk managem8nt The Trustees have examined the major slralegic. business and operatnal risks which the Charity kns and confi'rm that Systems have been established to mitigate identified risks. Org8nisational structure The Trustees, who meet on a regular basis. administer the Charity. whilst the day to day running of the Charity 15 delegated to the Development Director and administrative team. The Development team consists of a Direclor of Development. an Aumni Manager and a Development Administrator, located on the ground floor of the main reception building at Senior School. R81at8d parties Gresham's School (Company Registration number $196298 and Charity Commission Registration number 1105500} benefits direcuy from the objects of the Charity. OBJECTIVES AND ACTIVMES The objects of the charity are: The advancement and promotion of charitable purposes connected with Gresham's School and any other charitable purposes connected with or otherwse a$Sl8ted with the School. and The advancement and promotson of educatson in general whether or not in conjunction wtth any other parties from time to lime and mainly, but not exclusively, wlhin England and Wales. Public Benefit The Trustees have considered the guidan¢e Contained in the Charity Commission's general guidance on public enefit when exercising their powers and duties and planning the fubjre activities cf the Charrty.
THE GRESHAM'S FOUNDATION TRUSTEES, REPORT {continued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS AND PERFORMANCE The Covid-19 pandemic has continued to have an impact on the Development Office's events function as well as, but lo a lesser extent, on the fundraising efforts of the Gresharn's Foundation. A large scale memorial service in honour of the former Headmaster. Lcgie Bru¢e-LockharL was held in School on 11 Septernber 2021, which saw close to 325 Old Greshamians IOGS) retuming to the School to pay their respects and wekome the addition of the new Dyson STEAM Building at Gresham's. A large focus this year has been on the setting up of an endowment fijnd within the Foundation and subsequent fundraising appeal that acts lo further honour the impact and Service of Logie Bruc&Lockhart.' the Bruce-Lockhart lendowmenll Fund. Crucially, the Fund 11 provide means tested scholarship support lo young people at G$ham'S in perpetuity and will complement the ongoing impact of the Foundation's Bursary Fund. Appeals for support of the Bursary Fund and other School-based projects and inrttatives have continued throughout the year and alongside that of seeking support for the 8ru¢e-Lockhart Fund. Levels of engagement with OGS and the wider Gresham's community wntinue to remain high, particularfy following the lifting of the mosl recent IcÉkdown period as well as on a MO rernote and virtual level over the second half of the financial year. Many individual OG and family visits look place over the summer temi. Evonts Due to the School'$ health and safety and visitor protctols in IwJht of Covid-19, in-persoft events held by the Development Office did not o¢cur throughout the year. whether in S¢hool or further afield. Multiple small scale and larger events for the beginning of the next financial year have taken place and, including the aforementioned memorial service, a Bursary Fundlwidening Access meeting at Fishmongers, Hall and the annu21 OG drinks also at Fishmongers, Hall is planned for November 2021. Year group reunions and some of Ihe Development Office's other annual events (such as the Over 60s Luncheon and the Sir John Gresham Society lunch which recognises legators to the Foundation) are all expected to take place later in the upooming year. As previously mentioned. multiple OGS and family members have been welcomed back to the School in the second half of the year. During their wsits, the Development team have given them personali5ed tours cf the campus. Tralnlng Ongoing support received from Graduway in Llbon to Gresham's Global Connect and the team has been invited to podcasts and conferences online.
THE GRESHAM'S FOUNDATION TRUSTEES, REPORT l¢ontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS AND PERFORMANCE Icontlnued) FUNDRAISING INITIATIVES Atl US OGS ceiVed a mwling in November 2020 requesting their support of the Foundation. The annual OG Magaane, whi¢h is sent to the entsre alumni base by post. included a 16 page report detsiling the impa¢l of support for the School and Foundation in recent years as well as development plans for the future. Within the magazine itself was a request to the OG communty for their support of the Foundation. The magazine was sent out in November 2020. Numerous small scale and targeted appeals were launched befvn January and August 2021, including that for the new roof and lighting in the Theatre in the Woods {the Raise ihe Roof appeal}, an appeal to current Pre- Prep parents and their families in supwrt of the School's new outdoor play area, as well as tsrgeted appeals in aid of the Bursary Fund. A request to leavers. parents for their support was also made at the end of the summer teTh, resU'ng in more than 13 parents kindty leaving their s¢hool deposit or a portion of rt to the Foundation. Two large scale email fundraising appeals in support of the newly set up Bru¢e-Lo¢khart Fund were launched in August 2021. As previously noted, this new fund and consequential appeals became the primary focus during both the Lent and Summer terms and sulted in an initial SPOnse that has been very promising.. more than £100,000 had been pledged by 31 August Work has begun on the first telephone campaign to be conducted in School during Apnl 2022. The campaign will see close lo 2.000 OGS contacted by current and recent leavers of G$haM's. DONATIONS The Fishmongers, Company continue to offer great SUPFQrt lo Gresham's in aid of both bursarial and scholarship provision. Their support of the Bursary Fund wthin the Gresham'5 Foundation this year amounted to £133,740 and, in particular, conb'nues to provide life-changing bursary support to a number of pupils within the School. Twelve Old Greshamians and Friends of the School made major contributions totslling £5,000 or more lo the Foundalion12020.' 6 donors). which amounted to £120,29212020.. £113,380). The number of overall donors to the Foundation increased from 145 {2020) to 231. There were 98 new donors to the Foundats'on throughout the year. Support from parents remained high, amounting to £53,260 from 72 donors. Donations from the Britssh Schools and Universities Foundation, wht¢h are donations from North American supporters. amounted lo £1,62912020.' £1,858). Income received in support of the Bruce-Lockhart Fund amounted to £44,$06 by 31 August, whilst a further £50.278 had been pledged by that point The Bruce-Lo¢khart Fund sits within the Foundation's overarching endowment fund - therefore managed Ihe same as the $t of tre endowment- but is. crucially. a separate and restricted pol. A family trust has kindly underpinned a new STEAM outwch programme over the course of the next three years, with support totalling £45,390 over the three year period. This programme will see close to all Year 6 children within slate schwls aeross the North Norfolk region come to Gharn.S each year and engage with and learn more about the STEAM subjeets. The Theatre in the WoodslRaise the Rts)f appeal raised £30,972 in donations from 74 donors. whilst the Foundation contributed £5,000. The target for the appeal was just over £31000, and the new canopy and stsge was erected at the end of Lent Tenn. The Pre-Prep outdoor space appeal had secured donations lolalling £8.976 including gift aid by 31 AugusL all of which were donatK>ns from the Gresham's community.
THE GRESHAM'S FOUNDATION TRUSTEES, REPORT (continued} GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 DONATIONS {continued) One generous supporter continues to help fund the School's conservation efforts. Support of over £5,700 has helped fund the building of a new pond in the Woods, which is being used extensively by Gresham's pupils since its completion at the end of 2020. The Foundation's Bursary Fund has once again provided swJnificant fvnding to the School that has helped support approximately 21% of the total value of Senhy Schcol bursaries awarded throughout the year. The Foundation has provided funding to the School through small grants totalling £16.617 towards the following projects, equipment and initiatives". A Prep School Geology project A Pre-Prep Sensorylspeech and Language devebpment programme A plastic recycling machine for the Senior School A thermal imaging camera for the Senior School Video recording and analysis $Othva for Sport on the Senior School AstroTurf A kit car building and racing project (to encourage further engagement with STEM amongst Gresham's Girbsl Jetson Nano Arbficial Inklligence WatfoTh to be used by the Prep and Senior Scho SupF)Ort in aid of the Raise the Rf appeal PUBLIC BENEFIT The School's Strategic Plan 2020-25 emphasises the need to conttnue lo widen access to Gresham's and the importance of doing so. The School wishes to ertSu young people, regardless of background or ability lo pay fees, are able lo benefrt from and add to whal makes Gresham's such a special school. Supporting pupi15 Wlth bursary support and offering a challenging and enlightening education are at the heartof the School's very ethos. Donations to the Foundalion in SUPFQrt of butsaries have greatly helped ensure the School can maintain its level of bursary support. The Foundation makes Signrfl. annual contributions towards the School's bursary ¢ommilment, a ¢ommitment which consistently provKles behveen 15% and 20% of pupils in the Senior School with bursarial provision each year. In 2021, 43 pupils received life<hanging awards. 1c cover 76% and 1000h of school fees {2020'. 361. The rernaining support is for topup bursaries.. crucial support that enabS families to send their child to G$haM's. Thanks to donations from the Fishmongers. Company. in partUlar, up to four lrfe<hanging awards in total are made every year to pupils across North Norfolk. Pupils who have received such awards in recent years have had great success whilst at Gresham's. both in and outside of the classroom. Two of last year's cohort of award holders began undergraduate courses at Cambndge in September 2020. G$ham'S continue5 to develop links with many state schools across Norfolk, as well as with UK social mobility charities. whose aims include widening access to leading independent schools, such as the Springboard BuTsary Foundation. Donations lo the Foundation help to supwrt these partnerships and initiatNes, ensuring a growing number of young people will benefft from the supporL teaching and OppOrtune5 that Gresham's can offer. DATA PROTECTION The team continues to comply GDPR and action any opt-out from Commun¢atn$.
THE GRESHAM'S FOUNDATION TRUSTEES, REPORT {contlnuedl GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 WEBSITE, MARKEfiNG & FURTHER ENGAGEMENT wrrH OGS Gresham's Global Connect and the OG Club's Facebook and Linkedln pages conb'nue lo provide a g8t Source of information and opportunitses for OGS who wsh to have close ties to the School and offer Iheir support where possible. The Foundation's website is continually updated to ensure content is accurate and social Media in the fomi of Facebook, Twitter newsfeeds and Gresham's Global Connect allow frequent communication with the OG and School netsvork, highlighting news and successes. The School website, including the Foundation's section. will shortly be updated to include the School's new branding. The 2020 OG Magazine vrds mailed out in Novemkr 2020 to over 6.000 OGS. The 2021 issue has beon collated throughout the year. wrth advertising secured. and is expected to be arculated by November 2021. The E-newsletter lends itself to supporting our fundraising inilialives and GDPR SP)nsibIlItIes, and allows for granular tra¢kn'ng and metri¢s to help refine our approa¢h and portS feedback. Throughout the lockdown period, a number of OGS provided virtual educational content that was shown to and used by Gresham's pupils. This included seminars, Q&As and videos on a whole host of subject matters. The School's efforts lo supportthe local community. and specrfically in support of disadvantaged children and children of key workers, has also been aided by OG involvement and supwrt. The Development Team regularfy provides updates lo Govemors, the OG Commrttee and content for inclusion in the Headmaslerfs Senior School Newsletters. FINANCIAL REVIEW The net infiow of funds for the year amounted lo £531.00012020= £567.0001. The permanent Endowment Fund increased by £228,OaO 12020.. decreased by £8,000) due to gains on investments while the Philip Newell Memorial Fund fell by £13.00012020'. fell by £4.000). The bursary fund for pupils at Gresham's School had a year-end balance cf £1,578.00012020.' £1.384.0001. Reserves poIKy The totsl reserves of the Foundation amount to £5,318,000 12020.. £4,787,000) of which £2,428,000 12020.. £2,296,000) is unrestricted free reserves. The objectives of the Foundation require substantial fvnds so the Trustees, priority is to build up reserves to meet Ihe annual cost of bursaries and operating ¢osls and help fund capitsl projects. Restricted reserves were £1,741.000 12020: £1,570,000) at 31 August and endowment reserves were £1,149,00012020'. £921,000}. Investm8ntpolicy Following a competitive lender process Waverton Invesknent Management Ltd were appointed as the Foundation's new investment fund managers and investsnents were transferred from Rathbones in May 2021. The Trustees, policy conb'nues lo be to maximise the total retum on the FoundatDn's investments whilst maintaining a balance bett¥een rising income and long term captsl growth.
THE GRESHAM'S FOUNDATION TRUSTEES, REPORT {contSnued} GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 FUTURE PLANS FundrdlslnglDonatlons The campaign lo support the Foundabon's Bursary Fund and the Bruce-Lockhart Fund will continue to be heavily promoted. A group of committed individuals, most of whom a OGS or formerlcurrent parents. has been formed and will help the Foundation meet ambitsous income tsrgels thatalign with and help support the Schwl's outreach and bursary commitments. There will be ongoing efforts to increase regular giving aTnongst OGS. former parents and Friends of the school. which wll greavy benefit the opportunities afforded lo pupi15 and help underpin the School's bursary commitment. A sustsined and regular Annual Fund programme wll be launched throughout 2022. Such efforts wll include mailing, e•mailing and telephone approa¢hes to request support for the Foundation. Securing legacy commitments rernains a long term aim of the Foundalton. New Illeratu will be produced and a small scale appeal undertaken to help promote legacy giving throughout the year. The Eccles Project capital campaign remains in its infancy bul greater efforts will be made during the coming financial year lo secure major commitments towards the projectthatwill enable the Foundation to launch a capital campaign at the appropriate time. A telephone campaign involwng current pupils or recent leavers engaging with OG5 will be conducted during Easter 2022, whereby close to 2.000 OGS wll be called. We wll continue to ensure that relationships wlh our current supporters are strengthened and that opportunities for continued or increased giving are available. RISK MANAGEMENT On an ongoing ba$1$ the Trustees assess the major rT5ks to which the Foundation is exposed and they are satisfied that systems a in place to manage all idenb.fied risks. The Foundation was gIStered with the Fundraising Regulator in October 2019. This step will help ensure OGS and the wder Gresham's Communtty alike are well informed of the intentions of the Foundation and Development Office, as well as their rights to request less or no contact from the School with regards to marketing and fundraising appeals. The Trustees view the risks in terms of impact and probabilty. They have Klentrfi'ed the following a5 the most signrficant to the ongoing operation of the Foundation= Maintaining and increasing the levels of support for the Foundation.. The Trustees are conscious of the ongoing and negative impact that the pandemic could have on both maintsining the level of support from donors to the Foundation and expectation that such philanthropic support should In¢aSe in comparison lo recent years. A repercussion of the pandemic could be that indNiduals. trusts and foundations might be less willing or able to support the Foundation and School. However. in light of the ongoing generosty of a number of loyal donors. including that of The Fishmongers. Company, as well as the fundraising oPPOrtuneS and discu55ions that are ongoing. the Trustees are confident that the level of supFort shown for the Foundation will likely not diminish but instead grow and offer increased support for the School's eharitable objectives in the coming year.
THE GRESHAM'S FOUNDATION TRUSTEES. REPORT {ntInued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 RISK MANAGEMENT (contlnued) Further lo the above, a number of fundraising appeals have been planned for the year ahead. Individual approaches lo donors and prospedive donors. as well as mailings and a telephone campaign - which will see hundreds of OGS ¢alled and asked to sUppt the Foundation - will be conducted throughout the year and help to secure support for the Foundation. Governance." Atthough the pandemic made it harder to ¢onduct 'in-person' meetings bets¥een Trustees and representatives of the School. this was substituted by increasing communication via other channels in the first half of the year. As it stands, the lermty Foundation Trustees, meeting will revert to being in person and held at Gresham's. The Trustees believe that all matters relating to the Foundation and which require attention will not be affected by the pandemic and will continue to be addressed in a considered and timely manner. Correct use of Restricted Funds. All gifts are logged according to an established protocol ensuring that the donor's Wlshes are met regarding the allocation of their gilL KEY MANAGEMENT The key management of the Foundation are the Trustees. They give their time freely. FUNDRAISING POLICY The Foundation informs supporters of its fvndraising activty via direct mail, email and fundraising events and email in line with the Fundraising Code of Practice sel by Fundraising Regulator. Our fvndraising promise {whh is under ourpriv8cypolicyl is as follows.. When you support you can be sure of the followng.. We will never sell your contact details to anyone. We will only Contact you if you have expSsed an Inte$t in our work. If you ask us to change how we communute wth you. or stop. we will respect that. We do not engage in cold-calling. door to door or street fundraising. We try hard lo ensure no one ever feels pressurised to support our work. We are registered wth the Fundraising Regulator and adheft to the Fundrai%ing Code of Practice. All our acliwlies are open. fair. honest and legal. We have a training programme for all our fundraising staff to regularfy reinforce our fundratsing elhi¢s. There were no complaints atut fundraising activity recerwed in Ihe year.
THE GRESHAM'S FOUNDATION TRUSTEES, REPORT (¢ontlDugd} GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 TRUSTEES, RESPONSIBILITIES Company law requi$ the Twstees to prepare financial statements for each financial year. Under that law the Trustees have elected lo prepare the financial statements in accordance with UnTted Kingdom Generally A¢pted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under cornpany law the Trustees must not approve the financial statements unless they are satisfied that Ihey give a true and fair view of the state of affairs of the company and of the profit or Ioss of the company for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting polie5 and apply them consistently: obseTve the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and pruden( state whether applicable accounbng standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial st2temenls on the going concem basis unless il is inappropriate to presume that Ihe Charrty will ¢ontinue on that basis. The Trustees are responsible for keeping adequate accounts.ng records that are sufficient to show and explain the Company's Iransa¢b'ons and disclose with reasonable accuracy al any time the financial position of the ¢ompany and enable them to ensure that the financial stslements comply with the Companies kt 2006. They are also SPOnsible for safeguarding the assets of the company and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. Members of the board of Trustees, who are directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1. In accordance with company law, as the company's directors. we confirm that so far as we are aware. there is no relevant audit infomation of whh the company's auditors are unaware., and as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves awa of any relevant audit infornath)n and lo establish that the charity's auditors are aware of Ihat information. AUDITOR Haysmacintyre, LLP Chartered Accountants. have indicated that they are willing to be reappointed as auditor al the forthcoming Annual General Meeting. On behalf of the Trustees on 2021 Andrew Martin Smith Chairman
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE GRESHAM'S FOUNDATION GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Oplnlon We have audited the financial stslements of Gresham's Foundation for the year ended 31 August 2021 which comprise the Ststement of Financial Activities. the Balance Shee( the Cash Fbw Statement. and notes to the financial statements, including a summary of significant a¢counting policies. The financial reports.ng framework that has been applied in their preparation is applicable law and Unrted lQngdom Accounting Standards, including Financial Reporting Standard 102 Th8 Financial Reporting standa applicable in the UK andRepublic of Ireland (United Kingdom Generally A¢¢epted A¢¢ounting Pra¢ti¢e}. In our opinion. the financial statements.. give a true and fair view of the state of the chantable ccmpany's affairs as at 31 August 2021 and of the charitable company's nel movement in funds. including the income and expenditure, for the year then ended.. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Pracli¢e- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUKI} and appli¢able law. Our responsibilities under those standards are further described in the Auditor's responsibileS for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethi¢al Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sUffent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have ¢on¢luded that the TNstees' use of the going concern basis of accountsng in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identffied any material uncertainties relating to events OT conditions that, individually or collectNely, may cast sKJnffi'¢ant doubt on the Charitable company's ability lo Continue as a going ¢oncem for a peri¢4J of at least tsvefve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibiliti.es of the Trustees with respect to going concern are described in the relevant sections of this report. Othor infomi•tion The Trustees are responsible forthe other informatson. The other inforynation comprises the infomialion included in the Trustees, Report. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwse explicitly stated in our reFX)rt do not express any form of assuran conclusion thereon. In connection with our audit of the ffnancial statements. our responsibilty is to read the other infom)ation and, in doing so, consider whether the other infomab.on is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material rnisstalement in the financial statements or a material misstatement of the other informaln. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact We have nothing lo report in this regard. 10
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GRESHAM'S FOUNDATION Icontlnued) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Opinions on other m#tt&r8 pres¢ribed by the Companles Act 2006 In our opinion, based on the Wofk undertaken in the ¢ourse of the aud. the information given in the Trustees, Report {whi¢h includes the dItorS, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared 15 consistent with the flnancial statements.. and the directors. report included wthin the Trustees. Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identffied material misstatements in the Trustees. Report (which incorporates the direetors, report). We have nothing to report in respect of the followng matters in relation to which the Companies Act 2006 requires us lo part lo you if, in our opinion.. adequate accounting records have nol been kept by the Qharitable ¢ompany,' or the chari18ble company financial statements are not in agreement with the accounting records and retums., or certain disclosures of Trustees. remuneration specified by law are not made,. or we have not received all the infomialion and explanations we require for our audit., or the Trustees weie not entiued lo prepare the financ1 statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to Prepa a strategic reForL Responsibilities of Trustees for tho finan¢lal statements As explained more fully in the Trustees, responsibilities statement sel out on page 9, the Trustees {who are also the directors of the charitable company for the purposes of company lawl 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 Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitsble company's ability to continue as a going con¢em, dis¢losing, as applicable, matters related to going concem and using the going cor¢cem basis of ac¢ounling unless the Trustees either intend to liquidate the charitable company or lo cease operats'ons, or have no realiskn'c alternative but to do so. Audltor's responslbllltle8 for the audlt of the financlal staternents Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in acwrdan¢e with ISAS IUKI will aayS detect a material misstatement when it exists. Misstalements can arise from fraud or error and are considered matenal rf, individually or in the aggregate. they could reasonably be expected to Influence the e¢onomi¢ de¢isions of usefs tsken on the basis of these fi'nancial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- Based on our understanding of the charilable company and the environment in which tt operates. we identified that the principal risks of non-compliance with laws and regulations related to GDPR and charity law, and we considered the extent to which non-complian might have a material effect on the financial statements. We also considered those laws and regulabons that have a direct impact on the preparation of the financial statements such as the Companies Act2006 and the Chariti'es Act 2011. 11
INDEPENDENT AUDITOR'S REPORT GRESHAM'S TO THE TRUSTEES OF THE GRESHAM'S FOUNDATION {contlnued) FOR THE YEAR ENDED 31 AUGUST 2021 Audltor's responsibilities for the audlt of the financial Statements (continued) We evaluated managemenvs incentives and OPFQrtunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the prtncipal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures perfomed by the engagement team included.. Inspecling correspondence with Tegulators and tsx aulhorilies". Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud., Evaluating managemenys controls designed lo prevent and detect iTregularthes', Identifying and testing joumals, in parhcular journal entn'es posted at the year end and Challenging a$sumpb'ons and judgements made by management in their ¢rTbcal accounting estimates A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website aL www.frc.o .ukJauditorsres nsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable companYs trustees. as a b)dy. in accordance with Chapter 3 of Part 16 of the Companies Act 20[. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to stale to them in an Auditoffs report and for no other purpose. To the fullest extent permrtted by law. we do not ap1 or assume reswnsibilily to anyone other than the charitable company and the charitable company's trustees. as a bc#Jy. for our audit work, for this report, or for the opinions we have formed. Tracèy Young, (Senior Statutory Auditor> Haysmacinlyre LLP. Statutory auditors 10 Queen Street Place London EC4R 1AG 20.12 2021 12
THE GRESHAM'S FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES Ilneorporating incom• and •xponditurn xeount) GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 Unrestrlctod Restricted Endowment Fund Funds Fund £000 £000 £OOD 2021 £000 2020 £000 INCOME FROM: Notes Donations Profil on sale of propety Investment income 38 26 279 361 26 88 904 42 83 Total Income 110 321 475 987 EXPENDITURE ON: Raising funds Charitable activities 27 76 23 374 27 450 Total expendlture 103 397 500 411 Surplus before investment gains and losses (761 {25} 576 Gainslllossesl on investrnent assets 115 257 556 {91 Nel movement In funds before transfers Transfers 122 181 228 531 567 16} Net movement In funds 128 175 228 531 567 Reconclllatlon of funds Fund balances at 1 September 2020 2,296 1,570 921 4.787 4,220 Fund balances at 31 August 2021 2,424 1.745 1.149 5,318 4,787 The ststement of financial acttvities includes all gains and Sosses in the year. incoming resources and resources expended defive from Continuing a¢tivitEs. The comparative year's Statèment of Financial Activities is included in note 14. The notes set out on pages 16 10 23 fomi an integral part of these financial statements. 13
THE GRESHAM'S FOUNDATION BALANCE SHEET GRESHAM'S AS AT 31 AUGUST 2021 Company nUmr. 05428934 2021 2020 Note5 £000 £LNJo £000 £000 FLXEO ASSETS Tangible fixed assets Investrnents 1,609 3.159 2,048 2,545 4.768 4,593 CURRENT ASSETS Debtors Cash at bank 55 600 27 257 655 284 CURRENT LIABILITIES CREDITORS - amounts falling due wlhin one year (105) (901 NET CURREp¥f ASSETS 550 194 NEf ASSETS 5.318 4,787 FUND BALANCES Logie Bruce Lockhart endowment fund Pemanenl endowment fund Restricted funds Unrestricted general fund 1,105 1,741 2,428 921 1,570 2,296 5,318 4.787 The financial statements were approved and authorised for issue by the Trustees on ¢9 2021 and signed on their behalf by". Andrew Martin Smith Chairman of the Trustees Roderick Peacock Trustee The notes set out on page$ 16 to 23 form an inlegral part of Ihese financial statements. 14
THE GRESHAM'S FOUNDATION CASH FLOW STATEMENT GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Irestatedl £000 £000 Net cash Inllow from operdtlng actlvltle8 Net lexpenditure)lincome Investrmenl income and Inte$t re¢eNable Property donation Profit on sale of property Depreciation charge Ilncrease) in debtors Increase in creditors 1261 1881 576 {83) 15ao) 1261 20 1321 14 16 161 (1381 12 Cash flow from Investlng actlvltles Investment income and interest receivable Proceeds from sale of property Payments lo acquire investments Proceeds from sale of investments 93 445 13.296) 3,239 83 15971 545 481 31 Net change In cash and cash oqulvalents In tho rnportlng perlod 343 43 Cash and cash 8qulvalents at the boglnnlng of the reportlng perlod 267 214 Cash and cash equlvalents at the end of the reportlng perlod 600 257 Analysis of Cash and ¢a$h oquivalonts At 31 August 2020 At 31 August 2021 Cash flow £000 £000 Cash al bank and in hand 257 343 600 The notes sel out on pages 16 to 23 fomi an integral part of these financial statements. 15
THE GRESHAM'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES Basis of Preparation The financial statements have been prepargj under the htstorical cost convention. as modified by the inclusion of fixed asset5 investrnents at rnarket value. 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 Ilnd and the Ststement of Recommended Pra¢ti¢e Accounting 8ndReporting by Charities, second edition {'SORP 2015"). Figures are presented in sterting and rounded to the nearest pound. The Charity is a Public Benefit Entity as defined by FRS102. Going ¢on¢ern The Trustees consider that there are no material uncertainties which would cast doubt on the Charity's ability lo continue as a going concern. The Trustees review the financial information of the Charity and consider whether it is a going concern for at least hvelve months from the date of approval of the accounts. The Trustees have assessed the major risks to which the Charity is exposed, including those specifically related lo the Covid-19 pandemic and is satisfied that systems are in place to manage exposure to major risks. The ultimate impact of Covid-19 on the UK economy is not yel known. However. through appropriate considemlion of risks through nomial risk management processes and mitigaling actions already taken and available to taken the Trustees consider il appropriate for the going concern basis to be adopted for these accounts. General infomiation The Charity is a company limited by guarantee. incorporated in England and Wales {¢ompany number.. 054289341 and a charity registered in England and Wales {charity number.. 1109441}. Slgnfficant Judgements In preparing these financial statements the Trustees have had to make estimate5 and assumptions that affe¢t the amounts recognised in these financial statements. Estimates and judgements are continually evaluated and are based on hislorical experience and other factors, including expectation5 of future events that are believed to be reasonable under the ¢ir¢umstan¢es. Key areas subject to judgernent and estimation is a5 foll¢Jws= Fixed asset deprecialKJn. Judgernent is applied when assyning anticipated average lives to the fixed assets of the school. Legacy income. The key estsmates include the valuation of re5Ual estates due to the Foundation and assessing the probability of receipL Fund accounting Unrestricted funds are available for use atthe discretion of the Trustees in fvrth8rance of the general objects of the Charity. Restricted funds are funds where the income is restn.cted by condiltons of the donor. Endowment funds are pemanent and are represented by investments. In¢ome All income is included in the Statement of Financial Activities when Ihe Chanty is entiVed to the income. receipt is probable and the arnounl can be quantified with reasonable accuracy. The following specffic policies are applied to particular categories of income: Voluntary income is re¢eNed by way of grants and donations and is included in full in the Statement of Financial A¢tivrties when ceivable. Investment income is induded wn receivable. 16
THE GRESHAM'S FOUNDATION NOTES TO THE FINANCIAL STATEMENTS GRESHAM'S FOR THE YEAR ENDED 31 AUGUST 2021 .).) ACCOUNTING POLICIES l¢ontinuedl Expendituro Charitable expenditure cornprises those Costs in¢urred by the Charity in the delivery ot its activities and serwces for ts beneficiaries Expenditure is recognised on an a¢¢wals basis as a liabilty is incurred. The irrecoverable element of VAT is included w'rth the item of expense to which it lates. Costs of raising funds comprise the costs associated wth attracting voluntary incorrie. Govemance costs include those costs associated ¥th meelÉng the con$tilub'onal and ststulory requirnents of the Charity and include the audit fees and costs linked to the strategic management of the Charity. All costs are althated behveen the eXndItUre categories of the Statsment of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a parti¢ular activity a allo¢ated dI¢t[y. Other costs are apportToned on an appropTiate basis. Tanglble Flxed Assets The buildings donated to the Gresham's Found*'on by the Fishmongers. Company have been cOgnised at market value. which is therefore Ireated as deemed cost DepreCIaOn Depreciabon is calculated to write off on a straight line basis the cost. les5 estimated residual values, of tangible fixed assets over their eslimaled useful lives to Foundation. The annual depreciation rate is as follows: Buildings 1 % The carying values of tangible fixed assets are reviewed for impaimient in accordance with the requirements of FRS102. Financial instruments Basic financial instrument transactions that $VIt in the recognition of financial assets and liabilities like trade and other accounts receivable and payab are accounted for cn the follovAng basis.. Investments Investments held for the long-tern to generate income or Capital growth are ¢arried at fair value as fixed assets. The Statement of Financial Activits"es includes the net gains and Eosses arising on ValuatIonS and disposals throughout the year. Cash and cash 8quiv8lents Cash and cash equivalents includes cash in hand, deposits held at banks. other short-temi hlghly liquid inveslments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are Sho within current liabiliti'es. Debt0 and credito Debtors and creditors a measured at the transaction price less any provision for impaiment Any losses arising from impairment are recognised as expenditure. 17
THE GRESHAM'S FOUNDATEON GRESHAM'S NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Iconllnued) FOR THE YEAR ENDED 31 AUGUST 2021 INVESTMENT INCOME 2021 £000 2020 £000 Inveslmnt incom8 88 83 83 EXPENDrruRE Cost of Raising Funds £000 Charltable actlvltles £000 2021 £000 Fundraising costs Investment fees Administrats'on costs tbnalions paid Bursaries paid Auditors, MneratiOn Depreciati 14 27 14 27 87 338 87 338 20 20 50 450 500 Comparatfve Anatysl$: Cost of Ralslng Funds £000 Charitable activitlos £000 2020 £000 Fundraising costs Investment fees Administration costs Donation5 paid 8ur5aries paid Auditors, remuneration Depreciation 15 11 15 11 31 332 31 332 16 27 411 Key Management Personnel The only key management personnel during the year were the Trustees. No Trustee re¢eNed any remuneration during the year. 18
THE GRESHAM'S FOUNDATION GRESHAM'S NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnuod) FOR THE YEAR ENDED 31 AUGUST 2021 TANGIBLE FIXED ASSETS Buildings £000 2021 £000 Cost At 31 August 2020 Disposals 2.075 14301 2,075 14301 At 31 August 2021 1,645 1,645 Depreciation At 31 August 2020 Charge for the year Disposals 27 20 (11) 27 20 At 31 August 2021 36 36 Net Book Value At 31 August 2021 1,609 1,609 At 31 August2020 2,048 2.048 INVESTMETrs Restricted Funds Unrestrleted Endowment general fund Funds £000 £000 2021 £000 Market value at 1 September 2020 Additions Disposals Gains 1,226 1,492 11.472) 257 400 635 (607} 115 919 1.169 (1.159} 2.545 3.296 13,2381 556 Market value at 31 August 2021 1,503 543 1,113 3,159 19
THE GRESHAM'S FOUNDATION GRESHAM'S NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {conttnued) FOR THE YEAR ENDED 31 AUGUST 2021 DEBTORS 2021 £000 2020 £000 Debtors 55 27 55 27 CREDITORS: arnounts falllng due wtthln one year 2021 £000 2020 £000 Other creditors and accruals 105 90 1D5 90 ANALYSIS OF NET ASSETS BEfwEEN FUNDS Pernianent Endowment Re8tri¢tod Fund Fund £000 Unrestrictod General Fund 2021 Total £000 Tangible Fixed Assets Investments Debtors Cash at bank Creditors 1.609 543 25 257 {6) 1.609 3.159 55 600 11051 1,113 1.503 30 307 {99) 1.149 1.741 2,428 5,318 Pemianent Endowment Restrlcted Fund Fund £000 Unrestricted General Fund £000 2020 Total £000 Tangible Fixed Assets Investments Debtors Cash at bank Creditors 2,048 400 16 {1641 141 2,048 2,545 27 257 190} 919 1,226 419 1861 921 1.570 2,296 4,787 20
THE GRESHAM'S FOUNDATION GRESHAM'S NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued FOR THE YEAR ENDED 31 AUGUST 2021 FUNDS 31 August 2020 £000 Income Expendltur¢ Galnsl Trnnsfers 31 August {losses) £000 2021 £000 £000 £000 £000 Phillip Newell Memorial Fund (travel awards) Fund for the benefrt of pupils at Gresham's Schcx)I PM Bursary Fund Donations toward Auden seats Oonations toward Theatre Stage Donations toward Pre- Pp Playground Donations loward Music Centre Donations toward Eccle5 Pavilion Other donations 59 {5) 13 73 1.384 12 253 1284) {36) 223 17 1.578 13 13 31 131) (91 14 15 75 13 125) (71 53 13 110} Restricted funds Logie Bruce Lockhart endowment fund Permanent endowment fund Unrestricted general fund 1,570 321 {3971 257 16} 1,741 44 921 1,105 2.296 110 {1031 115 2,428 4,787 475 15001 556 5,318 The pernanent endovfflient fund of investments generates income to support the charity's aim$ lo provide support to Gresham's School. The Logie Bruce Lockhart endowment fund wll generate income to support bursaries for pupils at Gresham's Schwl. 21
THE GRESHAM'S FOUNDATION GRESHAM'S NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS l¢ontinuodl .).).J FOR THE YEAR ENDED 31 AUGUST 2021 FUNDS {contlnued) 31 August 2019 £000 Income Expendfture Galn81 31 August Comparatlve movements {lossesl £ODO 2020 £000 £000 £000 Phillip Newell Memorial Fund {travel awards) Fund for pupils at Gresham's Scho PM Bursary Fund Donations towards Auden seats Donations towards Sixth Form and Music Centre OG and other donations towards School Pavilion Other donations 11) 1352) 14) 59 1,384 12 1.324 407 13 11} 13 13 14 14 91 14 116) {4) 75 13 Restricted funds Permanent endowment fund Unrestricted general fund 1.518 929 1.773 425 13731 1.570 921 2.296 181 562 1381 4.220 987 (4111 191 4.787 10. TRUSTEE REMUNERATION No Tnjstee received any remunerat¥)n or other benefits during the year. No Trustee received a reimbursement of expenses in 2021 12020.. £nil). 11. TAXATION The charty is exempt from CorFK>ration Tax as surplus ino)me and gains are applied for charitsble purposes. 12. CONNECTED CHARMES G$ham'S School (Charity number 1105500". company number 051962981 ts a charitsble company limited by guarantee. Gresham's School Trust (charity number. 3112681. of which Gresham's School is the sole corporate Trustee, supports the School from a permanent endowment fund which is represented by the land from which the School operates. 13. RELATED PARTIES A Trustee made donations totslling £30.000 to the Foundation. restricted for use for bursaries 12020.. £30,000>. A Trustee made donatnS totalling £5.000 {2020." £nill restricted for use for professional fees related to the investment fund manager tender process. A Trustee made a donation of shares valued at £13.380 to the Foundation in 2020, restricted for use for bursaries.
•••P*4 THE GRESHAM'S FOUNDATION GRESHAM'S [-' 8 [' l.J.i.J NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2021 14. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020 Unrestrlcted Resirfcted Endowment Fund Funds Fund £000 £000 Totsl INCOME FROM: Note8 £000 Donation5 Investrnent income 518 386 39 904 83 Total In¢omo 425 987 EXPENDITURE ON: Generating funds Charitable activities 11 27 16 357 27 Total expenditure 38 373 411 Surplus before investment gains 524 52 576 Other recognlsed galns and losses (Losses) on investmenl assets (1> 18) 191 Net Income 523 52 18) 567 Rgconclllatlon of fund5 Fund balances at 31 August 2019 1.773 1,518 929 4.220 Fund balances at 31 August 2020 2.296 1,570 921 4,787 15. SUBSEQUENT EVENTS On 11 November 2021 the Foundation sold its Wcthlands Close propety for £712,CK)O. 23