2022-08-31-accounts

THE GORDON FOUNDATIO ANNUAL REPORT cofiSOLIDATED Accouf4TS FOR THE YEAR ENDED 31 AUGUST 21121 Company Numi*r (￿27272 Charity NuTnber 312092

THE GORDON FOUP4DATIOP4 INDEX Page Legal Administrative IDformation Report of the Foundation Trnstees 12 Report of the tmiependent Auditors 13-15 Consolidated Statement of Financial Activities 16 Consolidated and Charity BalaDce Sheets 17-18 Consolidated Statement of Cash Flow5 19 Statement of Accounting Policies 2(k23 Notes to the Financial Statements 2439

THE GORDON FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Patron Viee Presidents The Lord Mayor ofLondon The Lord LieukllaDt of Swr¢y The Bishop of Guildford Ambassadors Mr P TaIbot Mr M Hawkesworth Mr P Wynter Bee Foundation Comrnittee (The Board) General Sir Peter Wall GCB CBE Lieutenant General Richard Cripwell CB. CBE Mr R Whittington DL 114.X8 Mr C Whiff]n 12.8 Mrs J Valner IA3.4J.7 Lord Lingfield Mr W Eason 12.3.¥ Ms A Ma¢Lenna Mr T Gordon Mrs L Bannister3.7.9 Mr C Lomas Mr M Barnes12.&9 Mrs A Stephen5 ' Major General A Fay CB Mrs D McKen7.ie Mrs S Houn5ham &? Mr P Jones 12 Mr S Azeem DL Ms Neelam Devesher DL 49 Brigadier J Mullin 7 Ms J Kruger Chairnian (Resiglle411 May 2022) Cbainnan (Ap￿]nted l May 2022) Vice ChaTrn Chair of Govemors Resigned 21 January 2023 Resigned 21 January 2023 Resigned 21 January 2023 Resigned 16 June 2022 Appointed 22 JaDU&y 2022 Apw)inted 22 January 2022 Appointed 21 January 2023 Head Tea¢heT Mr A Mos5 Foulldation and Company Secretsry Mrs S M Meikle Committee Membership Member of the Fowidation Development Committee- Member of the Joint Finance & Estates Committee- 2 Member of th¢ Investtnent Panel - Member of the Awards Panel= 4 Member of the Governance Committee= Member of the Fundraising & Enterprises Committee= 6 Governor of Gor(lon's S¢hool= 7 Member of thc Risk & Audit Committee= 8 Member of the Perfonnance Management & Salaries Committee- 9

THE GORDON FOUYDATION LEGAL AND ADMINISTRATIVE IP4FORMATIOli (continued) ADVISERS Bankers: Bank of Scotland 38 Threadneedle Street IA)ndoo EC2P 2HL Auditors: Alliotts LLP Friary Court 13-21 High Street Guildford SU￿tY GUI 3DL Jnvestment Managers: Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Legal Advlsers: Moore Barlow LLP The Oriel Guildford Surrey GUI 3SR STATUS AND AD,MIP4ISTRATION Registered Office: The Gordon FouDdation Gordoll's School West End Wokillg Sllrrey GU24 9PT

THE GORDON FOUNDATJON REPORT OF THE FOUNDATION TRUSTEFS INCLUDING THE STRATEGIC REPORT STRUCTURE. GOVERNANCE Af4D MANAGEMENT Constitution Tlie Gordon Foundation is a ¢omparty limited by guarantre (Company No 0￿27172), its registered office being at Gordon's School. West End. Woking. Surrey, GU24 9PT. The company is a charity for educakn.onal putposes (registered charEty No 312092). Management of the charity is vested in the Foundation Commilte< who are directors and members for the purposes of the Companies Act and for the PUTposes of charity law. In this regard they ¢omply with the rquirements of the Charities Act 2011. the TTUSt Deed aDd the Charities SORP 2015 (FRS 102). Foundation Committee metnbers are required to retire from office every third year from thedate of election butare eligible for re-election for a maximuTn of three terms. The Foundation C4>mmittee has wwers al any time to app)In¢ additionaj members. The day to day rt]nning of the Foundation is the r￿￿￿SIbility of the Foundation Se¢ret2ry. The charity was founded atthe exprcsswisb of ￿￿een Victoria as the Datiotsal mettloriai to General Gordollwho was killed in Khartoum in 1885. TheGordon FoutM]auon ovms, freehol4 the land and bjildings fom)erly known a5 the Gordon Boys, Home which was changed to The Gordon's Boys. Home in 1943. started to accept girls and day boarders from 1990 at)d is now known &s Gordoll's School. The majority of ¢he Govemors of Gordon's Sch(xbl. a State Boardin8 School with Academy slatus, are either trttstees of or are appointed by The Gordon Foundation. Following a decision made in 2019 to increase the number of (ex-officio) Viee President4 a recommendation to introduce the position of Ambassadorwas approved. Amba5sadoTh a seven-yearappointmen4 8re fomier trnstees of seniority or long service who have continued irtterest it] sUp￿rtIng the Foundation's work. Paul Talbol Gordonian and fom)er trustee of over 30 years. seryice, and MaTk Hawkesworth, former Treasurer, accepted the inviiation to be the first Ambassadols for The Gordon Foundation while Peter Wynter Bee wbo retired in 2021 aft¢r 21 yeaTS' service to Gordon's as trustee and for eight year5 a School Governor. aecepted the Committee's invitstion to continue bis lEt￿S a5 a Gordon's Atllbassador. After seven years as the Foundation's Chairttw General Sir P¢ter Wail ￿1r¢d and w&s succeeded by Royal Engineer, Lieutenant General Richard Cripwell. The FoUnd￿lOn and S¢h(KTrl are grdtefui to Sir Peter for his leadership, particularly during the ¢halleng&% of the Covid Paudemic and school lockd{￿vDS. The Wider Leadership Team contro15 the nmning of the Foundation and School at aTr exttutive level and implements the policie5 alld decisions of the tnLStees and govenjors through agreed schemes of delegation. Key management personnel are defined a5 the Head Teacher. Deputy Heads {Curriculum and P3Storal). Bu￿ar. Head of Sixth Forni. Assistsnt Heads atld senior Foundation supJx>rt services managers. A review of Governance was commissioned during Summer 2021. This identified many strengths in govemanre aTtangefflents and sotne areas for improvement including consideration of the size of the Foundation commi1￿, decisioTL-tnaking procedure5 and succession planning. Arrangements for setting pay and remuner8tlOD of key management personthel The Wider Leadership Team ispaidon the LeadeTshippay Scale whi¢h broadly adhercs to the leadership pay bands olltlined in the School Teachers. Pay and Conditions DI)CUTnenL Leade[5 Tnust demonstrate susrailled perforn)an¢e itt respect to their perfomiance objectiyes: non-teachin8 leadership salaries are benchmarked against lo¢J] market ¢onditions. The Perfotmallce Manage]nent and Salaries Conllllittee awards one iDcrementsl ]K)illt on the Gordon's Pay Scale where perfornwice objectiv&% are met and where there is a si￿1￿clI high quality ofoverall perforn￿￿e. Policies and Procedures adopted for the InduetloD TrAlniNg of Tru5tee5 Prospective trustees are invited to Gordon's School prior to their appointhient to meet with the Foundation Seeretary. Head Teacher and at least two trustees who make their report to the next meeting of the Governance Committee. A scliedule of trustees wsth their qualifications and experience is maintsine4L ¢ross-refereueed 08aiD5t the busine&s requirements of th¢ Foundation, which assists in the sele¢¢ion of new trustres.

THE GORDON FOUNDATION REPORT OF THE FOUNDATtON TRUSTEES INCLUDING THE STRATEGIC REPORT (contlnued) Once appointed. new trustees follow induction whicll includes an explanation of their role &8 trnstee, the company and the relationship between The Gordon Foundation Gordon's School. They are invited to meet stafymembers in order to familiarise themselves the School as well as receiving copies of policies and PTocthies and other relevant documentaiion. All tntstees are eneourdged to attend profek8iODal training courses. take online Cours￿ for tn]stees and are provided with joint brief￿8$ ai leas¢ on¢e each year. OWECT AND ORTEcfIvES Gener*1 Currently, the maiD activity of The Gordot) Foundation is the SUp￿)rt of Gordon's sch￿1, a non-selectiv4 ¢ol and in partÈcularrulls thebO￿ll1￿B operation for the day, weekly and full boarding students and the extensive co-curricular programmes. For families who require financi81 assistance with boarding charges. The Gord￿ FollndarioD is able toprovide means-tested bu]saTies. The Gordon EnterprisesUK Ltd. asub5ididryofThe Gordon Foundation. ovetstts managementof and hire of the Gordon's Sports Hub, letting of the school facilitias v/hen not required by the School and other opporMnities for nott-boarding rcvenue generation. Proceeds from such activities are gift-aided to The Gordon Foundation. designated to the bursary fi]nds. Vlslon Our long-temi vision is a family of Gordon Foundation schools where students. partieularfy those frotn disadvantaged backgrol￿dS. benefjt from a Gordon's education. An education reco8nised &samongstthefinest in the world for the calibre of youn8 people we develop. the progress they and the difference they make to the liv&s of others. Objeet The obj¢¢t of The Gordon Foundation Rs to cthicate orcontribuie to the educats.on of boys and ￿rIS bavitig particularregard to those with a specific boatdin8 or educational need, with a view to prepating them for education or for earning their livelihood. such object befftng in eontinuation of the work of tbe u[Linco￿O￿tcd trtstithtioll known as the Gordon Boys, Home, established in July 1885 as the National Memorioj to General Gordon. Objectives Whilst the main obje¢uve of The Gordon Foundation is SilPlX)rt for Gordon's Schcrtbl, tnjstees apprecia￿ its wider objects of encollraging and supporting residential boarding fot 'ne£essiwus' young people, improving the public's awareness of the va]ue andbenefits of residential IK)arding atMI incre&ging fwids available to supportresidential boarding. Jn setting these objectives and planning activiti&8, trustees give cAreful ¢onsiderntion to the Charity Commission's guidance on Publi¢ Benefit. OBJECTIVE Maintain the National Memorial to General Gordon AcfIviTtES TO FLTLFIL THE ORIECTtvE Following the previous year's Covid lockdown and re5triction4 it was pleasing that the Whitdjall PaTade and memorial service in Embankment Gardens eould again take plac¢. Y7 History classes continue to inelude a short course ot) the history of GordtsTL'S. the Home and S¢h(K>l, and the life of Genera] Charlcs Gordon. Links with Khartoum International Cottltllunity School are sustained with the hope thai a Yi5it can be planDed for 2024. General Gordon's prin¢iples al'e referred to and maintaiThed within the updated strategy, y￿10￿fOr Gordon's. A leclllre was planned for Autumn 2022 on General Gordon's legacy today.

THE CORDON Fouf4DATION REPORT OF THE FOUNDATION TRUSTEFS INCLUDING THE STRATEGIC REPORT {continued) Objeetives (eontillued) OBJECTtVE Be alert to and take advanta8e of opl￿rtI￿ltieS to extend the itffluenee of Gordon's w hotlle and overseas AcrivrrtF.S TO F[￿FIL THE 0￿EcTIvE A range of partnerships are in place that benefIt current students and extend the Gordott's reach. ttl addition to the Harlequins RFC Progrdmmq the Mouwith Aldershot Town FC contitsuespositrvely, and with Surrey Stotm INetballl. Cooperation with Woking High School ¢oniinu&% undet the A]rtrPartnership,particularly forstudent leadership ttaining and inter-5chiK)I competitioris. Robert May'5 Sch￿1 joins i September 2022 and a fourth xhool will join during 2023. The partnership latmched in 2022 with Commonwealth Education Trust is developing, thawing on Gordon's Fedagogy. Opportunitie5 for a Goidon's 2 continue to be explored as opportunities arise. T2king opporttmities to review for improvement is embedded withill the Support teams. With the need to appoint a new Deputy Head Pastoral. the role and responsibilities of Designated Safeguarding Lead has be¢n sepatated to a new post of DSL, appointed January 2022, such is its iEDPOrtance aDd Incr￿ing WO￿loa¢L The role of the Attendance OffIcer has also beett augmented. Post£ovi4 maintsining ma w51tive cashflow alongside capital commjtrtienis is ¢hallenging but achieved. Reglllar tommunication is maintained with our Batth and there w&s nore¢ourse to any further Bank f&¢iltties apart from the existing capiral loarts. By the end of the year, 71 (7.6/.) students were ia receipt of a means-te5ted bursary with totsl spelld £403.748 with IS of those students supported ai80 by nine different external edllcationai tTUSts. Ensure that supwt sfflvices pmvided by The Gordon Foundation are fit for purpose aDd comn￿ns￿t¢ with thEtsthnding PTOViSiOn Increase the Foundation's financial stability alld support for financially ne¢essitOUS Sts]dents Deliver world41a&% twtoral care, curriculum, and co-curriculum provision In Jun< Gotdon'5 was presented with the TiTne5 Educational Supplement Boarding Sehool of the Year Award. This recognis¢s inDovatioTh, imagination and efforts to develop ehildren in way$ that go ond academic a¢hieveTnent and the l&qgue tables as well as m8intsined continued excellence. Gordon's was one of eight boardin8 sd)ools across the county to bave been nominated. Recogllising the lack of provision in primary schools for leaming musica] in51tutnents. a schejne otferirtg free group tuition to Year 7 Students started ID September, with the illtention of extending this for a of three years and involviDg stt]dents in vaTiOUS ensembles. This iDitiative started well aTLd 14 of the initia] 20 s￿dentS will eontinue into Year 8 with a new Y7 cohort siarting. The wide range of co-curricuiar activities included sthdellts tsavelling to participate ill MUN Conferences, teatE15 took part in the Dartmoor Ten Tors Chauenge atld various productions, including Matild& ACTIVITIES, ACHtEVEMEIYTS AND PEFORMANCE The Vlsion for GordoM'$ As we recovered from a world patldemic there has never been a mote itwrtant titlle to reconnect with General Gordon's legacy and reimagine what we can atld should tty ¢0 achieve. The updated 'Vi8ion for Gordon's, was lauTLched durillg the Summer term 2021. followillg extensive ¢onsultatioD within the Gordon's Comnjunity. This strategic plan for Gordon's sets out our vision for th¢ tlaiional memorial to Generdl Gordon to be more than a School, but a symbol of whai can be achieved by a conununity united in making an outstsnding contribution for the go(Ml of global society, through its educational leadership and through the lives Gordonians go on to lead. Duriug the next year this vision wll be extended towords 2035, the Foundation's 150th anniversary. A Gordon's education strives to be more than theb&st w>ssible examination ttsults. bui a thorough preparation for life. Our al￿ is to develop rounded world Cl￿ global citizens with the clwacter, Capabilities and confident humility to achieve well, to stay actÉve, w appreciate what they have and to connect and give back to the communities in whi¢h they live and work.

THE CORDof4 FOUNDATION REPORT OF THE FOUNDATtor4 TRUSTELS INCLUDING THE STRATEGIC REPORT {continued) The Vision for Gordon'$ is for the natiotvdl memorial to General Gordon to be a forte for a more caring and just world.. a world in which inequality in opportunities is diminishing. where individuals are treated similarly and have eqlla] chances based tjot on privilege. but on how Iwd th¢y for themselves a￿j others. Capital DevelopmeDts Woolwich House, the residential tx>ardin8 bouse created from th¢ fomier Head Teacher's House and adjoining Chapel House that opened in Septewnber 2019 continues io provide a popular and appropriate introduction to residential boarding for 32 Year 7 s￿￿ents withhll their own accom￿ticK4 while lithking with their senior House to whi¢h they move in Year PlanniDg pemiission forthe new sports hau and 3G all-weatherpitch was received ill January 2019. A £6m long-temi bartk loatt fa¢ility was taken out ITJ Decembu 2019 to fil￿nCe this projecL After a delayed start on site, wot continued throughout the Covid-19 lockdown and the sm hall was CO￿pIcted with hand-over in O¢tober 2020. A contractual disagreement with the mairl contractor meant that haTLdover of the 3G pit¢h was delayed until De¢ember 2021. Thet disagreement led to the main contractor referrin8 the dispute to adjudication as the Foundation had withheld ￿ndS to replace what it ¢on$idered a non-compliant facility- the adjudication in November 2022 went against the Foundaiion and the aecount is now sett]ed in fjjll. During summer 2021 the two-cl￿r0￿M building knowll as 'lndia' w&s replaced and enlargeAI to provide four large and well-equipped Classroon￿ for teaching rr & Computing and Busines5 Sthdies. The Academy's 2021 CIF grants from the DIE to remedy significant damp I￿lles in the Medway building {MusJe and Dtama) was completed summer 2022. The Drama andMusi¢ departTnents make go¢xl use of the Gym and Pool buildin8 ahead of its conversion into aperfoming arts centr4 when finance allows. Some theatrical equipment thatwill continue to be used in the perfomiing arts ¢entre was purchased during this year to improve student thama experience. During sutllTner 2022 a ￿venth Scien¢e Laboratory was credted {with financial wistsn¢e from The Wolfson Foundation, extra c12&%room provide(L the LibTary part-refurbÉslLed: the two Art stydios weie ¢o-l￿ted and to achieve thi4 the Fitness Suit¢ r¢-sit¢d close to the Sports Hall. Two of the four s¢nior residential boarding Housts were in part r¢furbished, the fjrst stage of an intended £2rn I￿prOVementpl2n for all residentia] Houses. Future projects under considerdtion in¢lude the p¢rfomiing arts centre. i]nproveDJents to the Back Fields 2nd moving Gordon'5 to Carbon Neutrdl. Academie Results for the School During the year the School educated approxitnately 936 sbjdents between the ages of I l and 18. Recruittnent continues to be strongwith waiting lists for Key Stagts 3 and 4. Therewere 271 residentiaj boarders and314 students in the Sixth Fornj. With Teacher Assessed Grades in 2020, then Centre Assessed Grades in 2021. for Y13. 2022 wa5 their first set fomial public examinations. Compared to nwjy state scb¢x)14 the KS5 curriculum at Gordon'5 is rigoro￿ and a high prowjrtion of sthdents opt for the more itLtellects]ally demanding subjects. 45Yo of Y13 Leavers obtaining places at Russell Group universities alld 830/0 gained places at thetr prefeTred deStiT￿tIon, aFMJve national averdge. Two studeTLts gained places at Cambridge, three embarked on courses in Medicine orDentisty, two 8ainedplaees at Leedscortservatoire. fourtook up SFK>ns Scholarships at US Univ¢rsities. One S￿￿ent entered RMA Sandhurst on a Leade￿bip Scholarship and two DISE students g&￿ed professional conitacts witb Harlequins RFC. Seven leavers opted for Apprentic￿hIps. A Level results 21122 48Q/o of entries graded A_A 77Q/4 of entries graded A_B 91Q/o of entries graded A GCSE reslllts 2022 48/0 of entries graded 9-7 87% of entries graded 9-5 96Yo of entrÈes grdded 94 BTEC [3 2022 35¢/0 of entri&s graded D_D 92°/o of entrie5 graded D_M BTEC 12 2022 330/0 of entrics graded D_D IOO/o of entrits 8raded D_M Detailed inforniation on student activities a￿1 the co-clltricular progrwnme can be found on the School website ordons.s¢hool as well as the Annllai Report of the Gordon's School Academy T[￿SL

THE GORDON FOUNDATION REPORT OF THE FOUNDATIOII TRUSTEFS IP4CLUDING THE STrATEGIC REPORT (continued) ACTIVITIES. ACHIEVEMENTS AND PEFORMANCK General The Development teatn is re5tx>nsible for ac(iVLties focusing support for the school community as well a5 strengthening local and wider ¢omTnunity links. fdnging from regular talks, organising all larger school intffllal atld external event and seeking opportunities to let facilities when not required by the school, and fundraising. tkveloptnent Prefects assist the (kpartEnent wrth appropriate administration 2nd hosting of eveuts, provÉdtng them with some insight into a different area of the school as well as useful experiertce. A S¢roTtg workillg partnership eontinues with the Gordon's School Parents. Asso¢tation whi¢h ¢learly betlefits the sch(MJl and the parent commLWity. In Scptember, we were dehghted to be able to &ssist in providing a venue for part of the Archbishop of Canterbury's visitation to the Di￿ese of Guildford. Also, to welcome HRH Princess Eugeniewho came to speak aboutherinvolvemellt in the work of the Atjti-slavery Collective. as relevant ti)day in the UK as it was for General Gordon in Sudan. Following the dK&%olution of the GordoDian A￿ciatiOn attd wonsibility for all aiutnni-focused activity incorporated within the Developtnent Offlce, a key f(Kus continues to be devel¢)pillg a 5trdtegy for appropriate communication and engagement activity with each age grow)& The Gordonian Football team. sponsored by a local business, is also svpported by providing home match facilities on the new 3G pitch. It] the swnmer, Gordonians of all ages enjoyed being able to retllrn to the Schcrt)I for the Ar)Nual Parnde and previously meeting up in b)ndon after the wh1￿ball Parade. Former memb¢rs of the Pipe Barhd are invited to play in the Bi8 Blaw, the swnmu crickei ma￿h is popular a5 well as a three-way netball tournatnent for Gordonians, staff and cumt S￿dents. The Gordonian Awards 2021, forArLs and for S]N)rts, attract increasing numbers of high calibre applicants. these financially support Iwo Yegr I I students with the eosL8 fordeveloping & partieular ÈalenL and encouragement to continue into the Gordon'5 Sixth Forni. Sup]x)rt is provided to the Careers team lo assist with findin8 work pla¢¢ments and spe2km as well as organising the annual Car¢¢rs Fair. opportunit1esforparentsa￿d mernbers of the l¢)caJ ¢ommunity to network ¢ontinuewith reinstatement of the monthly BusiTLe&s Networking Breakfasts held at the S¢hwl. The Developmellt team now helps and encourages the S¢hool Charities Committee with appropriate lillks and organi￿tional suppoo Gordon's students volunteered over 9,000 hours during the year and the whole communiry was generous ID its support for the people of Ukraine as requested items aDd money were collected and sent to their assistatre. The Gordon's Pipe Band ¢elebrated its amiiversary with a range of activities in¢luding a piping recital held in the Gordon's Chapel, travel to Scotland to Cotnpete in the Sclu￿)IS. and World Championships and, following a longstanding link with Brookwood Last Post Ak80¢iatioll at Brookw(XMI Mililary Cemetrry, membe]5 of the Pipes and Drums who represent the School at Brookwood L&%t Post were Selected to go to Menin Ga to play and take part in the Last Post A550CiY4tioTL'5 ReTnembratLce Service. Commercial A planning conditiort for the Sports Hall artd 3G pitch is community use with a Community Use Agreement in place between Gordon's and Surrey Heath Council. There is si￿lfIcant intertst in hire of these facilities, with a focus on supporting local 8r&ss-roots swrts clubs. Other S￿ fa¢ilitie& creating the S￿)rts Hub, are also Made available for hire. Oth¢r ¢ommercial activity includes Gorthns¢oGo within the Catering Departm¢D4 and th¢ Sm Hub Café. part of the new Sports Hall busldirlg available for use in ￿￿jUnCtion with sports hire as well as Gordon's Sixth For￿ students during the school day. A monthly G￿don'S Supw Club ha5 l%eL re-lallD¢hed p)st£ovid. Wtlile we were pleased to again host Barracuda Day Camps during the Easter and Summer holiday& residential letting5 were not fe&8ible due to refurbishment work in the r&sidentiai Houses and fewer enquiries received followiN8 Covid as well as Br¢xiL Partnershlps The partnership laullebed with Alder5hot Town Football Club in July 2021 whereby their team is based and trains at Gordon's during weekday mornings, and provided with caring and other facilitie& continues positively. In addition to hire eharges. Seh(x>l f(xJtha]I teams are provided with ¢oa¢hing by the ATFC coaching team and opportunities for free home rnatch tickets. Other $wrtingparthe]3hip$ ¢ontinue. with HarlequinsRugby Footballclub andsurrey Stomi (Premier Netball).

TKE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT (continued) Gordon's is proud to help reduce global educational wTrverty through a working pathersbip with the Commonwealth Education Trnst (CET). Fortnalty known &5 the Commonwealth InSti￿le. the CET is a wellls through fundraising and practical resources. The Camelthorn Foundation supEKTrrts ¢ommunity-led wildlife initiative5 alongside promoting education alld $ocio- economic opporDmities Zimbabwe's Hwange province. Gorth)n's has pledged to wotk with tbe Camelthom Foundation to raise sufficient fimds to pmvide, initially, a girls, boaTding howe omd then accijmmodation for boys, attending Nga]no S¢c4)ndary School. In ttme, we hork that students and staff may be able to volun*e¥ with tbe Camelthorn Foundation in the￿ conservation, education or social pr(>gr8rnmes. Extern81 s￿p￿rt Applications to trnsts alld foundations contillue for bursary fvnding as well os specific prOJ￿ts. The support for Gordon's sthdents from a rdnge of educational trusts 15 valued and ID particular the continued generosiry of the Girdlers. Livery Company. Support for Gordon's students by Reedbaln Children's TTus4 Buttle UK the Masonic Clwitable Foundation, Lloyd Foundation, Emmott Foundation, Wispers Trusi The Royal SpTingBoard Children's Foundation and Tak Turton Trust continues to be welcomed by studeni families and the School. Last y&v, two siwificant new competitio]Js were launche￿ the Wynter Bee Global Citizen Prize and the Headmaster's Global Citizen Prize. for which students were asked to engage with one of the UN 17 Sustaitthle Development Goals. We are immensely ￿ateful to Peter WynterBee, fomhertrustee and now Gordon's Ambassador. for encouragingthe institution of these student competitions and for his generosity in funding the prizes, an a]l-expenses paid trip to Costa Rica to take part in a conservation and development project for the KS415 Wyntcr Bee Gl(Fbal Citizen Award and a Red Letter Day experience together with spoA]sorsbip for a Costa Rican stltht for th¢ KS3 Headniaster's Global Citizen Awaxd. Gordon's is proud to have signed up io the Force5 Covenant and to display the Bronze Award of the Employers, R￿QgnItiOn Scheme, recognising the Sth(K)I'g role in SUPIKJrting our Forces families as well as being a major employer in the area. The link with the Corps of Royal Engineers continues to k valueiL in particular CCF students participating in Field Days organised at Gibraltar BaTtacks" training staff from Pirbright Camp assist with ceremonial drill. Members of the Pipes and Drnms play regularly for the knt Post A$S￿latIon at Brookwood Ce]neteries. The Pipe Band h&8 played for sU￿¢Y Police Pass-out Patades and with Surrey Poli¢e Band in a Festival Remembrance Parade. Fundraising The tTU5tees recognise the importsnce of meeting the highest stalldards of practice and we in relation to ￿ndraIsing activities. The Foundation keeps donoT% infor]ned about fundraising activities through regular updates. All fundraising activity is carried out by school staff, who have received training on fi￿draIsing standards. No complaints have been received. The Foundation onty raises fimds from those individuals and OTganisations known to it and the Foundation does not undertake fundraising campaigns to members of the public. Patronage In June, the SchiM)I celebrdted the Platinum Jubilee of (￿Cen Elitibeth It, Patron of Gordon's School. In September the School joined the nation as we mourned Her Majesty'5 death. Tru5tee5 hope that in due course HM King Charles will agree to rontinue the unbroken line of the reigning monarch as the Foundation'5 Patron. Ftsr￿er trustee Trustees were saddened to Ivdm of the death tn September 2022 of fomier trustee John Udal. who had served with the Sudan Political Service until Sudan's independence and continued to prornote interest in the county.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTELS INCLUDING THE STRATEGIC REPORT {colltiDued) MANAGEMENT AND EFFECTS OF COVllk19 It has been relief to the whole School cornmunity to have the whole sch(K>l year withollt lockdown. The additional costs incurred duritjg the previous two years have reduced $ignifi¢aTLtly. any cost of continuing practices in¢ory)orated within general operdting costs. Chang4% that came about through Covid such as online staff briefing. the two-part lunch break and virtual parent ¢onfer¢nces have coDtiDu FtNAf4CIAL REVIEW AND RESULTS FOR THE YEAR The main sources of fimding for the Foundation are through tM)arding ¢harg¢s and investments. Gordon's continu<% to be all oversubscribed s¢hool oper￿1￿8 to maximum capaeity with a waiting IisL The f¢¢ in¢om¢ received by the Foutldation was £10,193.082 (2021.. £8.451,959). The net tllovemcnt in fi]nds for the yearw&% a surplus Of £l.081.(K)8 (2021.. defieitof £1,364,962) Investments perfomied as well &s could be expxted during a ye8x of CODtillued upheaval. The investment portfolio h&s decreased by £191,800 to £3229.9731202I.- £3,421,773). On l Jartuary 2013, Gordon's School ¢onverted toAcademyTruststaths under the Academies Act 2010 withall operations. assets artd liabilities transferred over to the GordoTL'S School Academy TrusL Tbi5 transfer was accounted for using the acquisition meth(xl resulting in a £389,IM)O defjcit on the incal Govunment Pension Scheme tJansferring into the TrusL Most years sin¢e there h&$ been an additioDal deficit on the s¢heTne. the scheme defi¢tt was £610,000 at 31 August 2022 {2021.. £1,903,000). Further information on the pension sthemes is given in llole 21. RESERVES Funds comprist uJ]restricied fiulds of £13,586.116 {2021: £13.9t6J98) andrestricted fi]nds, excluding p¢nsion ]uerv4 of £1,385.871 {2021.. £1267.381). The restricted fimds penoll deficitre5erve stands at £610.(MJO (2021.. £1,903.000 deficit). The restricted filljds are set out note 17. Unrestricted fllnds are represented by the FoundatiOD'S propety and other tangible fixed &s5ets, investments and net working eapit21. Free reseryes, defined &s total unr&stricted fimds havingeliTninated the netbookvalueofunrestricted fixed &45ets, are ne8ative and the FoundatiOTk Committee have set a ￿)lleY to restore and build free rGserves in order to maintsin the site and fwid the modernisation and future developrnent of Gordon's Schwl. Risk The tn]stees have a&￿e&￿ the majorri5k5 to which The Gorthjn Foundation is eX￿sed and have taken steps to reduce and Tnanage these risks. Trustees approve a formal Risk Register which Is updated regularly and reviewed by the Joint Audit and Risk Commite ai least annually. The most signifjeant risks identified are noted below together with the means by which to t)wiage the risk.. RISK Worsenin¥ eeoDomic elimate coNrROL R¢gular ¢otssideTation given to ecotjomic fa¢tm which tnay affect parents, ability to pay charges and reduce ESFA fi￿ill8. Effect of ectsnollLiC dO￿￿turn mitigat¢d by reducing costs where possibl¢ and bolth.rtg back OD plans &s well as ensuring frequent reporting of student roll and finan¢es. Maintsin a schedule of pre-agreed changes in the event of Si￿lfIcant1Y reduced income. F(Kus on developing alieTnative income stre#n￿. Compliance with Ttquirement of public benefi¢ the availability of Theans-tested bursaries ss of tharitable sta¢u5 Hreach of Health & Safety isS￿e5. mAjor incident re8ultlng I loss of Ilfe or 5cbool Closure. Crisis Managetnent Plan in plaee and reviewed ai least annually. Risks mitigated by identifyiD8 thell4 setting ollr procethwes to reduce and rnonitoring that all procedures a operatiD8 effectively. H&S exmai advice. staff trained on specific procedures and are reviewed annual by exmal experts. H&S policy reviewed atjnually. H&S Committee meets teTmly or as required.. mernbersbip in¢ludes a trustre I governor. H&S pan of staff induction. Property Services MaDager is H&S Fire Officer alld is trdined io

TRE CORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT (contlnued) Risk (eontinued) RISK corrrROL All staff know to cballenge strangers on site. wear emergency contact information. security contractor employed eveDillgs. overnight alld 24 hi)urs over weekends. r&8ident staff. R&%tiicted aece&s to all buildings. Perimeter fencing and gates improvedbutsotDewekness eThdof FrontField and sbouldreviewnorth 5ideaccess controls. L￿kdOWn procedures in place. Fire risk assessments carried out by specialist suI￿ntractOr on a triertnial basis (or sIM)ner where there 15 all alteration to premises) and ttview¢d annually. PrO¢edL￿¢S andevacuation plaDsreviewed annually. Procedures in place for dealing with arson, smoking. kitche4 heatin& lighteTJing conductoo fire evacuatio￿ alami installation. Routine alarm djecks, hydrants, appliaikces. Adequate insuran¢¢ in place + disastrrreeovery plall which is tested. CotNpromi5ed 5lte 5ecllrity buildings personnel Flre that results IN the school belng unable tts operate Diffieulty ttt $taff retention" poor staftT morale *nd wellbeing Staff tumover data Maintsin￿ Exit iDterview5 with Assistant Bursar for all posts and report made to SLT. Pay ￿e$ reviewed re8ularfy against appropriate markeL benchtllark. Effective Communications mantsined between 5tsff. line and senior managers. Open Dfy)r foi Head and Chair of Governors. Appropriat¢ benefits provided + PRP {¢eachingl and tertllly bonus scheme {support). Positive encouragement touse [￿￿-cOntaCtt1Me forwellbeingactivity ifwish to. Availability of school fa¢iliti&% for staff. L05s of Internet connectivity for a prolonged period Setvi¢e is provided by contractrd rr managed $ervi¢e provider with high SLAS and 24n remote monitorin& t)epending on where the failure ha5 occurred, a restricted network provision could be restored. Backup second internet feed being considered (le&8 speed bui adequate for priority Pur[￿). Schix)I website can be llpdated to inforni parents if prolonged loss of service or Seh(KJIComms messaging. Temily check of disasw Tecovery plan with IT managed Services. INVESTMENT POLICY The charity ainjs to manage the iDV&%ttDent portfolio su¢h that investment income is maiDtained and capital growth is a¢hiev¢¢L in real tetms. The performance of inves￿ents 2nd the illvestment wbticy 15 reviewed regularly by the Investment Panel. The Itjvestment Panel does not any coLstraiDts thatmight limitsele¢tiot&of illdivithjal inveslments for social. envirotjmental orethical reasons. PLANS FOR FUTURE YEARS 3-year Strateglc Prlorlties: Develop a working and learning envirotknnellt for Gordon's School that nM)ve5 beyond outstanding Develop the School's Digitsl Strategy a¢ro&8 both learnin8 and adminislrative processes Progre&s the Estatas M&51er Plan Desi8n and imp]en￿lL our environmththl wlicy Further develop 'Gordott's Connecied. plaffornL boosring paren4 student and sraff engagemetLt by creating pthierships between Gordon's Careers dtpattnenL Business Network. alumni and parents Further develop Gordon's Schools, Partnerthip. boos(ing colla￿TatIVe opporDJnitie5 for stlldents and staff. Ill) iv) vi DISCLOSURE OF INFORMATION TO THE AUDITOR In the cw of each person who was a Directoratthe time thts report w&8 approved.. So far as that Director was aware there wa5 DO relevant available infornution of which the Group'5 auditor was unaware and That Director had tsken all the steps that the Dtrcctorought to have taken as a director to make himself orherself aware of any relevant audit inf0m￿tiOn and to cstablish that the Group's auditt)r was aware ofthat inforniation. This conf￿rnatiOll 18 given and should be illterpreted in aecordw with the provision of $418 of the Conwanies Act 2(K)6.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEFS INCLUDING THE STRATEGIC REPORT (continued) STATEMEf4T OF TRUSTEES, RESPONSIBILITILS The trllstees (who are also the dIrec￿r$ of the charitable tompat)y) are respx)nsible for preparing the Report of the Foundation tTUSttts, incorporating the Strategic Repoo and the financial statements in accordance with applitable law regulations. Company law r￿Ul￿ the tn]stees to prepare financiaj statements forea¢h fitwiciaj year. Under that law the trusteeg have elected to prepare the fJnan¢ial statements in accordan¢e with Uni￿d Kingdom Generally Atcepted Accounting Practice (United Kingdom A¢¢ounting StatK]ards and applicable law). Under company law the trustees must not approve the finan¢ial statements unless they are satisfled that they give a true and fair view of the state of affairs of the charitsble company and the group and ofthe incoming resources and appliGqtion of rewurce8 including the in¢ome and expenditLWe, of the cbaritable COllLpally and wup for that year. In preparing these financial statements, the twstees a￿ required to: select suitable accountiDg polici&% and then apply coDsiStentlT, observe the aneth(Mls and principles in the Charitics SORP,. ake judgments and accountin8 esiimat&s that are re&sonable and prudwL state whether applicable UK Accollniing Standards have been followe4 subject to any material depar￿re$ disclosed and explained in the finan¢ial sta￿nents- pr¢par¢ the financial statements on the going ￿nceM basis it is inapprowiate to presume that the ¢omEbany will continue in busines The tn]sttts are responsible for keeping adequate accollnting ffcords that are sufficient to show and ¢xplaiu the ¢baritable company's transaetions and disclose with reasonable accllracy ￿ any time the finan£ia] posilion of the tharitable tompany and enable them to ensure that the fiTWb¢iai statements Comply with the Companies A¢t 2(K)6. They are also responsible forsafeguarding theassets ofthe charitable companyand thegroupand heTLcefortaking msonable step5 fortheprevention and detection of fraud and other irregularitie& AUDITOR Our auditor. Allio¢ts LLP, ]M indicated their willingness ￿ CO￿11￿ue in offitt. The Trustees, Report. incor[￿)rating the Strdtegic Report w&5 approved by the tnLSttts of The Gordon Foundation 023 arml 518ned on its behalf by.. Lieutenant G Chalrman er% Ichard Crlpwell CBE 12

THE GORDON FOUNDATiof INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GORDON FOUNDA TION Oplnlo We have audited theeonsolidated flljallciai statements ofThe Gordon Foundation for th¢ yearended 31 August 2022which comprise the Cottsolidated Statement of Financia] Acuvities, theGroup andcharity Balance Sheet4 the Consolidated Cash Flow Statcment andnotes to the fLnan¢ial 5ÉatemenW includinga5ummary ofsignificant accounting policies. The financial orting framework that has been applied in their preparatioll is 8ppltcable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The FIntsnc￿I Reporling Sthdord applicable in the UK oiid Republic oflréltsnd (United Kingdom Generally Accepted ActA)uniing Ptactice). In our opinion. the financial statements= give a trne and fair view of the state of the group's and of the pa]rnl ¢haritable company's affairs as at 31 AugusL 2022 and of the wup's and parent charitsble tompwy's net moveTnent in fwid4 including the inc4)rne and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Gerterally A¢cepted Accounting Practice" and have been prepared in accordance with the requitements of the Compallie5 Act 21M)6. BA$1$ for oplnio We conducted our audii ID accordance with Iotemational St2ndards oo A￿lIting IUK) {ISAs (UK)) aml applicable law. Our responsibilities underthose stathdar¢tsare fijrtherdestribed in Ihe Auditoi's responsibilities for the alldit ofthe f￿anCIal statements section of our repoTL We are independent of the gtoup in aCCOTdance with the ethica] requirements that are relevant to our audit of the financial statements in the UK. includingthe FRC'S Bthical Standar¢1 and we have fulfllled our oth¢r ethical r£%ponsibilities in accordaThce with these requirements. We believe that the audit evidence we have obtained is suffJ¢ient and appropriate to provide a basis for our opinion. Conclusions rel•tlng to golng con¢ern In auditing the finan¢ial sthtements, we have con¢luJed that the trustee5' use of the going ¢oncern basis of ac¢ouDting in the preparation of the financial statements 15 appropriate. Based on the work we hav¢ performed. we have not identified any tnaterial uncertainties relatitlg to events or conditions that, individually or collectively, may cAst significant doubt on the group's and parent company's ability to continue as a going collcern for a period of at least twelve months from when the fioancia] statements are authori8¢d for i&su¢. Our responsibilities and the ffsp)nsibilities of the tswttts with resped to going concem are described in the r¢levant sections of this reporL Other illformatiOD The try$￿$ are resw>nsible for the other infornation. The other inforniation comprises the infOrn￿tion included in the Trustees. Report. Our opinion on the financi31 SL2tements does not cover the other infomiation aniL except to the extent otherwsse explicitly swed in ow rep)0 we do nol express any fom) of assurnnce con¢lusion the¥u)n. In connection with ouraudit of the financial statements. our r&sponsibility is to read the other illforniation aTLd, in doing so, ctsnsider whether the other infonnation is materially inconsistent with the fJnancia] statements or our knowledge obtained itl the audii orotherwise appears to be maieridlly misstated. If we identify such manal inconsistencies or 4)parent material mlSStatetnents, we are required to d¢￿M)Ine whether there is a mateTial tni&8tateTnen¢ in the financiil statements or a aterial misstaiement of the other infomwion. If, based on the Work we have perfomied, we ¢on¢lude that tlwe is a rnat¢rialmisstatementof thisotherinformatio￿ weare required torqMJrtthatfacL We havenothingto report inthisregard. Opinions on other matters pres¢rfbed by tbe Companles Att 2006 In our opinion. based on the woth undertgkett in the ¢ouTse of the audiL the Inforn￿tiOn given in the FouDdation Trustees, Report {whith incorporates the strate8ie report and the directors, report) for the financial year for which the fiDancial statements ate prepared is consistent with the finan¢i81 statements,. and the Foundatioth Trustees. RerK)rt has been prepartd in accordance with applicable lega] w4uirements. 13

THE GORDON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ThE GORDON FOUNDATION (£ontinued) Matters on whleh )ve art required to report by exeeptioD In the light of the knowledge and understanding of the group and the pareni charitable company and its envitonment obtailled ill the course of the audil we have not ider)ufied maierial MisSra￿ments in the Foundation Trustees. Rq)ort. We have nothing to report in rtspect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been keptby the group and parentcharitsble cotnpany. or retsjrns adeqwdte for our audit have not been rweived from braneh&s not visited by us- or the group and parent eharitsble company fman¢ial Statements are noi iEJ agreemertt with the accounting records and returns. or certain disclosures of trustees. remunerdtion specified by law are not Made. or we havt not reeeived all the inf0M￿lion and explanatsoths we require foi out audiL Responslbllities of trnstees for the financial statements As explained tnore fully in the tn]stees' resp)nsibilities statem¢llt s¢touton page 12, the tswstees (who are a]so the ditectors of the charitable company for the pu4x)ses of company law) are resp)nsible foithe prepa￿lon of the fiiianeial statements and forbeing satisfied that they givea tn￿ and fairview. alld forsuch illterllal control as the trustees detertllineis neceswy to enable the preparation of fman¢ia] state￿¢llts that are free frotD material misstatemen4 whether due to fralld or errw. In preparing the fthancial sth*meDL% the tn￿tets are respoDsible for &ssc8sin8 the group's 8nd the parent chari¢able company's ability to Continue a5 a going concern, disclosing, as 8pplic&bl4 matters relata to going ¢ODcem and using the going concern basis of accounting unless the tnjsw either inlend lo liquth(e the group orthe parent charitsble tompany or io ¢ease operations, or have rea]isti¢ alternative but ￿ do so. Audltor's respon$lbllltles for the ¥4udit of the finaDcial staternents Our Objectiv￿ are to obtain reasollable a&surdnce about whether the fmaneiaj statements &8 a whole are free from material rn15statr￿¢￿t, Whetherth￿ to fraudorem)r, andto issue an audi￿r.Srep0rt that includes ouropinion. Reasonable assurance is a high level of&ssurance, but IS not a 8uaraniee ihatan audii conducted tn a¢¢ordan¢¢ with ISAS (UK) will always detect a material mi&statement when it exists. fvlisslx(eAnents can arise from fiaud or eTwr and are ¢onsidered ttlaterial if. individually or in the awegate, they ¢ould reasonably be expected to influence the economic decisions of users tsken on the b&8is of these fmanciai statemen IrregUl￿1￿cs. iucluding fraud. are instaDce5 of nOn￿liance with laws and regulations. We design procedures irt line with our responsibilities, outlined above. to detect Jnaterial tnisstatemeDts itt respect of irregularities, in¢luding fi￿￿. The extent to which our procedures are capable of detecting irregu]arit¢es, including fraud, is detailed below. Our approach to idelltifying at)d &wssing the risks of material mi&Sts￿t in rwect of Irregul￿ltitS. including fraud 2nd non-cornpliance with laws and regulation4 was as follows= the enga8emellt partner eosured that the engagement team collectively Imd the appropriate con]petence. capabilities and skills ¢0 idenufy orrecoEtiise noll-compliattt with applicable laws and regulations,. we sdentified the laws and regulations appli¢able tt) the group and parent ¢haritsble company through distUSSiODS with ts￿stees and other managemeDL and from our knowledge and experience of the sector. we focusedon Specific laws and regulationswhich we considered maybave adir￿tmthrI8I effect0￿ the financial statements or the operations of the group and parent Chatitsble Company. including the Companie5 Act 21>06, the Charities Aci 2011, the Academy Tru￿ Handik)ok 2021. taxation. etnploytnenL enviroTLmental and health and safety legislation. we aSse￿ed the extent of ￿mplianCe with the laws and regulations identified above through n]akin8 enquiri&s of management and inspecting legal correspondence. and identified laws and regulations were commutil￿ted withill the audit team regularly and the tealn remained alat to iTJStances of non-compliallce throu8bout the audiL 14

THE CORDON FOUNDATION INDEPENDENT AUDJTOR'S REPORT TO THE MEMBERS OF THE GORDON FOUNDATION {¢ontlnued) We assessed the sus¢eptibility of ihe group and parerht Charitable company's finan¢ial statements to materia] misstatemenL in¢luditLg obtaining atL understanding of how fraud Elli8ht i)¢cut. by: n)aking enquiries of management as lo where they coJJsidereAI there was suseeptibility to fraud, their knowledge of actual. suspected atld alleged fraud. considering the intem3] controls inplace ￿Miti￿e risks of frdudalld non-compliancewith laws and regulations. To address the risk of fraud through management bi&8 and ovcrride of c4)nrro]4 we.. performed ar]a]yti￿1 pr(￿edUr￿ to identify any unusual or unexpected relationships" tested journal ¢ntri¢s to identify unusual ¢ransa¢iions' essed whether judgements and assumptions made in determI￿g the a¢coun¢ing esiimates were indicative of poterttial bias. and inv¢stigat¢d th¢ ratiOt￿l¢ b¢hiud S1￿11r1¢8￿t or UDusual traDsactioDs. In response to the risk of itregularities and non-co￿p1ian¢e with laws alld regulations. we desiglled procedures whieh included. butwere not li￿Lled to= agreeitjg fmancial statemeDtdisclosurts ts) underlyitjg supporting documetttation; reading the Minutes of meetiDgs of the Foundation Cottlltllttee" enquirin8 of maDagemellt to actual and potential litigation ar￿ Clain￿,. and reviewing ¢orrespot)den¢e with HMRC. There are inherent litnitationg in our audit proCcth￿ described abovL The njore removed that law$ and regulations are from finaTJcial irdnsaction5. (he Iw likely it is that we would become aware of Don-complianee. Auditing staiidards also limit the audit procedures required to identify n0n-compliat￿e with laws and ￿8￿latIOnS to enquiry of the trystees and other managemeni and the inspection of regu]atory and legal ¢orresN)nden¢e, if any. Material misstatements that aTise due to fraud ean be I￿rder th delect than those that arise frotn ernr as they nmy involve deliberate coucealmeDi or ¢ollusioD. A fi￿￿er description of our re4x)nsibilities for the audit of the financial StateD￿ts is l¢KAted on the Finarlciai Reporting Council's website at.. www.frc.or .uklalldi sibiliti . This description forms part of our auditor's rewrt Use of this report This report 15 made solely to the gmup aTLd parent charttable company's members. &s a b￿. in aecordance with Chapter 3 Of Part 16 of the Compani&s Act 2(K)6. Ourallditwork h&5 been undertaken so that we might state to the group and pai'ent charitable company's members those matters we are required to state to them in an Audiwr's report and for no other puwse. To the fullesl extent pemiitted by law. we do not accept or assllme resp)nsibility to anyone other than the group and parent charitable company and the group and parent cl￿table company'5 tlletnber5 &$ a body. for our audit work. for this repoTL or for the opinions we have fortned. Sy'_ Stephen Meredlth BA FCA DCbA (Sellior Ststhtory Audltor) for *rtd on behalf of Alliotts LLP Senior Statutory Auditor Alliotts LLP Fllary Court 13-21 High Street 10 &.23 15

THE GORDON FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL AcrtVTfIES (INCLUDING COYL SOLIDATED INCOME AND EXPENDITURE ACCOUIYT) FOR THE YEAR ENDED 31 AUCUST 2022 Unrestrfcttd Restrlcted FUD Fumds Totsi 2022 TtstAI 2021 Note Ineome from- Donations and legacies fjrants 91975 91.975 23&5l3 13,136 159,157 23&513 Charitxble llctlvity.. Income from boarding charges Other opeftiirtg irtcome FwidiuE for tkne Acaderuy's educationa] 0￿r8￿onS 10.186.586 20&276 A496 10.193.082 206,276 5,323,140 8,451,959 240.304 5,109.004 5J23,140 Tradlng actlvltles: Trading incotne 153.278 153.278 41.822 Investment Ineome 88.823 12,866 101,689 106,529 Tot#1 inetsTht 10.74938 4581.015 16J07.953 14,121,911 Expendlture on: ChaAiable Ittivity: Staff costs Educational costs Welfare costs Premises Costs Suppoil ¢OSts Raistng funds: Finance cos Investment management Tridlng #etlvldea.. Trading costs 5,965.615 4.155,884 529.173 10,121.499 529.173 I.￿&141 1617J12 929,457 9.372,237 481.604 ,612,039 3.290.721 728.323 1908.141 I.￿1,624 570.592 715.688 358.865 29IJ09 1261 291509 2261 244,926 762 141W2 142,892 12,683 Total txpendlbjre 10,782ffj34 5.759ffj10 lo￿42.244 15,743,295 Operating incomellexpendlture) {5S696) 117W5) {234.29l) (Ih2lJ84) Nel gaiDslOowsl on inv¢stm¢nts (274.786) {20.915) 1295,701) 430.422 Imtomellexptmdlthre) {330.482) (199.510) (529.992) {I.I90.962} Actharial Ilossesvgainson defIned￿nefit p¢JJsion schemes 21 I.oIIMwJ 1.611.otK) 1174,0(YJ) Net movement ill for th¢ yer (330,482} 1.081MO8 (lJ64,962) balan£ey bt0￿￿1 for*rd It I 16, Septembér 2021 17 13,916598 {635.6191 13280.979 14.645.941 Fund bY4ian¢es tArrfed forward ¥t 31 August I 2022 17 11580,116 775071 14J61,987 lJ.28Q.979 All of the charitsble group's activiti&s are continuin& All recognised gains and losses ale included in the Statementof Financial Activitics. The accotnpanyin8 notes form part of these financial statements. Details of compardtive figures by fimd are disclosed in note 23. 16

THE GORDON FOUNDATION Registered Company No: 01￿27272 GROUP BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Notes FIXED ASSETS Tangible Investments 21,756,654 3229,973 21.170,012 3.421,773 9,Jll 24.986.627 24,591,785 CURRENT A&8ETS Debtors Cash at bank and in hand 12 780,056 273,054 776,046 743,138 1.053.110 1.519.184 CREDITORS.. Amounts falling th within one year 13 {3,852,991) (3.714,5631 NET CURRENT LIABILITIES (2,799,881) (2,195,379) TOTAL A&SETS LFSS CURRENT LIABILITIES 22.186.746 22.396.406 CREDITORS.. Amourtts fajling due after more than one year 14 (7214,759) (7,212,427) NET ASSETS BEFORE PENSION UABILITY 14.971.987 15,183.979 PENSION SCHEME LIABILITY 21 (610.IKK)) {1,903,000) NET ASSETS 14J61,987 13280,979 FUNDS Un￿StrICted fvnds Restricted- Spe¢ifi¢ Funds R&%tricted- Pension Reserve 16 17 17 13,586.116 1,385,871 (610,(KKI) 13,916.598 1,267,381 (1,903,(N)O) 14J6X987 13,280.979 The financial statements were approved and authorised for i￿e by the Board on 21 Janw 2023 ond were signed bel nitsbe fby= Lieutenant Ge Chairman 'chard Cripwell CBE Mr C Whiffin Treasurer The accompanying rtotes fomi part of these fina￿tal Statem￿1& 17

THE CORDON FoifNDATION Registered Company No: OIMb27272 CHARITY BALANCE SHEET AS AT 31 AUGUST 2012 2022 2021 Notes FIXED ASSETS Tangible Investments Investment in subsidiary company 21.514.516 3,229,973 20.962.028 3.421,773 24.744,491 24,383,803 CURRENT ASSETS Debtor5 Cash at bank and in hand 12 404.739 267.016 501,087 659,980 671.755 1,161,067 CREDJTORS.. Amounts falling due withirt orte year ij {3.944,406) (5.166,632) P4ET CURRENT LIABILITIES (3.272,651) (4,055,565) TOTAL ASSETS LESS CURRENr LIABILITIES 21.471.840 20.378.238 CREDITORS.. Ajnouuts falling due 8fter mor¢ than One year 14 (7,146,667) {7,131,954) TrIET ASSETS 14J25.173 13246.284 Unrestricted fuTMIs R&%tricled fvnds 19 13,420,683 904,4￿1 12,340,241 906,043 14J25,173 13,246,284 The charitable cotnpany has taken exemption from presentirtg the tharity s(atement of financial activities under section 408 of the Companies Act 2006. The net irtcome of the charitable company for the year was £1,078,889 {2021.' net exp¢nditllre £1.365,954). The financial swements were approved and authori%d for issue by the Board oll 21 January 2023 and were signed alf by.. Lieutenant Ch9irman l Richard Cripwell c￿ CBE Mr C Whiffi Treasurer The ac¢ompanying notes forni part of these finaDcKai statements. 18

THE GORDON FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Note Net Cash Inflow from operatlng activides 728,984 574.590 Cash flow$ from investirtg activities Irtvestment income received Capita] grants from DFEIESFA Purchase of fixed wets Purehase of investments Sale of investments 101,689 263,122 {1,171.806) (128.687) 24.784 106.529 518,135 {1,434,(K>8) {169,314) 63,560 Net eAsh outflow from illvutlng Actlvltles {910.8981 (915,098) Cash now from finneing activities Loan repayments New loan finaDce Jnteresi paid (332 J81) 334.713 (291,509) {133 J331 ,090,351 (244.926) Net cash frotn finn¢ing #ttivities {289.177) 712,092 Change in cash and eAsh equivalents in the year (471,091) 371.584 Cash and cash wuiv3lents * the beglmiing of the year 743,138 371,554 Cash cash equivalents at the end of the year 272.Ib47 743,138 RECONCILL4TIOY OF NET MOVEMENT IN Furt￿s TO NET CASH INFWW FROM OPERATING AcrtvrriLs 2022 2021 Nei movement in fimds for the year Depre¢iation ESFA capital graDts Lossesl(Gains) on investments Decreasellincrease) in debtots (Decreasevincrease in credito]S Investment income receivable Finance Costs Pension adjuslment I,081,￿8 585,164 1238 J13) 295.701 1,244,197 (1,135,393) (101,689) 291,509 (1.293.000) {I,J64,962) 1,311,759 26,020 (430,422) 729,342 {193,5441 {106,529) 244,926 358,0(KJ Net cash inflow from operating activiti&8 728,984 574,590 ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 202 C&sh &tbank Oyerdrnft 273,054 (1,￿7) 743,138 272,047 743,138 19

THE GORDON FOUNDATION STATEMENT OF ACCOUNTING POLICILS FOR THE YEAR ENDED 31 AUGUST 2022 The Gordon Foundation is a ¢haritable¢ompany limited by gLwantee. in¢oTwrated in England and Wales{company number.. (M)027272) and a charity registered in EnglaTLd and Wales {charity number.. 312092). The Charity's registered otTJee address is.. The Gordon FourthtioTr. Gor<kin's School. W&%t Ell(L Wokin8, Surrey, GU24 9PT. Basis ofAecountiDg The fjnancial statements have been prepared in accordatKe with the Financial Re¥￿Ing Stsndard applicable in the UK and Republic of Ireland {FRS 1021. The company is a public benefit entity for the purrK)ses of FRS 102 and a registered charity established as a company limited by gllarnntee and therefore has also prepared its financial statements in accordance with the Statemeni of Recommended Practice applicable ￿ charities prqjaring their accounts ITL accordaThce with the Financial Reporting Standard applicable in the UK and Rqjublic of Ireland {the FRS 102 Charitiu SORP) leff¢ctive from l January 20I9} and the Companies Act 2006. The financial ststements are prepattyj in steAing, which is the functional ¢utren¢y of the ¢h8rit2bl¢ ¢ompany. Monetary amounts in these flllancial statements are rounded to the ne4rest pound. The fjnaneial statements are prepared under the historical eost convention as m￿lfied to itkclude the revaluation of investments. The principal accounting policies adopted are set out below. Boardlng Charge Debtor Polley Boarding Charge5 debty KTJ debtor& reflect outstsnding debts for the boarding charges to 31 August 2022, whilst Boarding Charges sn advance. in creditors. rdlect received prior to 31 Au8Wt for the autsJmtL term 2022 boarding charges. Basts of Consolidxtlon The Cortsolida￿ finan¢ial statements in¢otPOt* those of The Gordon Foundation and ail its subsidiaries. All financial 5tat¢tnents are made up to 31 August 2022. All subsidiary undertakings have beerb included wthin the financial statements. The entities are consolidated on a line by line basis and all intra.8roup trallsactions and balances between gTh)up Companies are ¢liJnioated on ¢ot)solidauon. b) Going eoneertt The financial statements are prepared underthe going concem basi5 which &ssume5 the Group will ￿ntinue to meet its liabilities as they fall due for a period of at leth twelve moThth5 from the date of approval of these financial statements. The tn￿leeS have reviewed regularly revised budgets 2nd flow forttasts based on various scenarios including the rquiretn¢nts of the bank loall covenants and are keeping the sitsjatiotk under constantreview, meeting ffgularly with senior management. Based on the infonnation available on the date of signing these financial statements, the trustees cannot make a reliable estimate &s to the Ultima￿ fit)an¢ial impae4 however they believe the actions tsktn haveensuredtheGroup'$ ability to continue to opeTate as a going ¢on¢em for a wiodof 0¢ least 12 months from the date of approval of these f￿anCial staterneuts. 20

THE GORDON FOUP4DATION STATEMENT OF ACCOUNTING POLtClFS {continued) FOR THE YEAR ENDED 31 AUGiJST 2022 Significant judgmeots #nd souree5 estimalion uncertainty The preparation of financial statements in compliancc with FRS 102 requires the use of certaiTh critical accounting estimates. It also requires management to exercise judgment ill applying the Charity's accounting policie5. The key judgetnents that have been applied by management relate to.. Judgment l -the P￿seftt value of the L¢￿81 Government Pension schen￿ defmed benefit liability depends on a number of factors that a￿ demJined on an a¢warial basis using a variety of assumptions. The a&sumptions used in detern)ining the net ¢ost (income) for pensions in¢lude the (bscount ratr. Any changes in these assumptions, which are disclosed io note 21. will impac¢the caTrying aTnoun¢ of the pension liability. Furtherniore aroll foTward approach whith projects Ksults from the latest full actharia] valuation perfor￿ed at 31 March 2019 h&s been used by the acw ID valuing the pensions liability at 31 August 2022. Any ditTerences between the fjgures derived from the roll forward approa¢h and a full actuarial valuation would impact ort the canying amount of tbe pension liability. Judgement 2- a bad debt provisioD 88aiDst potential ￿￿tt￿¢ uncollectible boarding charges. d) Income All iTJ¢ome i￿¢[uded in the Statement of Finartcial Activities {SOFA) when the group is legally entitled to the income and the amount can be quantified with reasonable accuracy. alld TeceKpt 15 probable. Grttnls receivable Grants are in¢luded in the Ststernent of FiDan¢iai A¢tivities oll a receivable basis. Th¢ EdlaDce of income received for specific purposes but not expended during the year is Shown in the relevant fund on the balance sheet. Where incoIne 15 received in 2dvan¢e of entit]ement of teceipt its recognition is deferred and included it) creditors as deferred iDCOme. Where entitletnent otturs before iD¢orne is ieceived. the iDc0￿C is accrued. The General Annlla] Grant is recognised in full in the year forwhich itisrettiyable andanyunspentamount15 reflectedas abalan¢e iothe restricted general fund. Capital gmts are recogllised whell rtteivable alld are not deferred over the life of the wet ort which they are expended. Unspent amounts of Lapital grdnt are refiected in the balaftee in the restricted flxed asset ￿nd Donations Donation5 and all other receipts froTh fundraising arr ¥eported gro&s and are accounted foron a receivable basis. The related fundraising Costs a￿ rep)rted in costs of raising funds. JAvesimentJncome Investsnent income is accound for when receivable and includes the related tsx r¢￿verabl e) Expendlture: Expenditure is a¢¢ourtted for on an a¢¢n￿lS basi& Costs ofroisingfunds Costs of raising funds£omprise finance charges asw¢iat&l with interempayableon the Group's borrowin8s and ¢o$ts associated with lettings. Choriioble ociiviii Costs of charitable activities include grants payable and otheT costs th"recdy associated with providing the services and support provided by the charity aDd an apEK)rtiotllnent of ovethead. support and govemance costs. Charitable activity costs represent costs direcdy a&4(Kiated with the provision of educati(m and reLated support ¢osts. Governonce GoveTnan¢e costs comprise the costs of nmning the chariry, in¢ludit)g strategic plannit)g for its future development, external audiL any legal advice. and all the costs of conwlying with eollstitutional and statutory requ1￿mentS, such the costs of Board and Comlljittee EXLeetiDgs aud of prqJarin8 Sts￿tOry ac£ounts and satisfying public aecowitability- Trading acliwti Costs of trading activities include ￿sts dirtctly associated with providitlg the 5erviccs ptovided through trading. Leased As5etS Rental ¢o$ts under operating leases are ch8r8ed to the ststement of finan¢ial activities in equal atnounts over the peri(xl of the leases. 21

THE GORDON FOUNDATION STATEMENT OF ACCOUNThYG POLICIES (<ontlDued) FOR THE YEAR ENDED 31 AUGUST 2022 g) TAnglble Flxed Assets Depreciation is provided on all tangible fixed a&%ets. other than freehold land, on the following methods at rates caiclllated to write off the assets over their estimated usefid lives. The methods and rates are Freehold land and buildillgs Machinery alld ryu1pll￿t Fixtures and fJttin8S Motor vehicl&% 2%_ 40A anllum straight line 2(PA per allnum s￿]ght line 2¢P/• per antLUtn strdigbt litje 20Y• per annum strai8bt line Buildings erected before the year 20(M) are depreciated over 50 ye4r4 aTLd llewer tJildings over 25 ytars. h) Investment$ Listed investments are stated at met value at the balance sheet date. Realisd and Un￿liSed gain￿l￿$SeS on investJnents are included in the Statement of Financial Activitie Stocks Stocks are stated at th¢ lower of ￿$t and n¢t realisabl¢ valu¢ j) Financial instrurnents Basic financial instruments transactions that result iD the recognition of flnartcial assets and liabilities like trade and other accounts receivable and payable are accounted for on the following b&sis: Cash ttnd¢ash eq¥ivalenls Cash and cash equivalents includ&% cash in dq)osits held at bar￿ other short-tem) highly liquid iTJvestments with origillal maturities of three months or I￿ and bgnk overdTafts. Bank overdraft& when applicable, are shown within current liabilities. Debiors dpjd crgdtiors Debtors andcrediiors aremeasured atthe t[￿ti0t7 price less anyprovision for impairn¢nL Any losscs arising from impaimjent are re¢ogDised as expendilujt. Bank borrowings Liabilities for borrowings which are subject to a market rate of interest are measured at the value of the amoutlt adyancei Capital repayments. k) Employee Benellts The costs of 5hort-tern] employee benefits are recogni5cd a liability and an expen￿ Thecostofanyunused holiday entitlement is recognised in the period in which the employee's service5 are received. TeMlin￿1on i￿erits are recogrtised immediately as an expense when the charity is detTh)nstTably committed to teTminate the employment of an employee or lo prowde rnJination benefits. l) FuThd$ General funds comprise the accllmu]ated surplus or deficit from the Statement of Financial Activities which is not restricted nordesi￿ated fi￿ds. Theyalavailable foruse atthedisctttion OrtheTn￿ttt$ in fiutherance of the general objectives of the charity. Restricted funds are fimiL8 which are to be ￿fjed Èn ￿0[dance with 5pccific restrictions itnposed by the donor {see notes 17 and 20). 22

THE GORDON FOUNDATION STATEMENT OF ACCOUNTING POLICIFS (contiDv£d) FOR THE YEAR ENDED JI AUGUST 2022 m) Pen$lon Costs Retirement bertefjt to eJDploytts ate provided by the Teachers. Pension S¢hem¢ {'TPS') and the Local Govcmtnent Pension Schetne ('LGPS'). Thesc are defined benefit s¢lwnes and the a&stts are held separdtely from those of th¢ a¢ademy trllst. The TPS TS all unfi￿ded s¢heme and contributions are caleu]a¢ed so as tts spread the cost ofpensions overemployees. working lives wth the academy ttust in such a way th3( the ￿1$10￿ eost is a substsntially level percentage of ou￿t￿t and futLtre pensionable payroll. The contributiorts determined by the Government A¢(llary on the basis of quadrennial valuations using a prnspective ullit credit llLeth(xi. As stated in note 21. the TPS is a multi-employer s¢heme and the￿ is insuffi¢ient infom￿tiOn available to use defll)eA bellefjt accollDting. Thc TPS is therefoir tre&ted a5 a def]ned conlribution scheme for accounting pur￿$¢$ and the conttibutions re£4*￿iSed irL the period to wbhc they relate. TheLGPS isa fundedmulti4mployerscheme andthe &&%ets areheldseparatelyin tru5teeathninistered fimds. Pension scheme assets are measured at fair Val￿ and liabilities are measllred on an actuarial b&sis using the projected unit credit method and discounted at a tate equivaleni to the curretsl ra￿ of retLtrn on a high quality corporate bond of equivalenttersn andcurrency to the liabilities. The a¢ruarial valuation5 are obtsiT)ed atleast triennially and are updated at each balance shcet date. The amounts Charged to opeTaiing surplus aTe the current service costs and the costs of scheme itltroductions, benefit eballge& settlements and Curtailments. They are included as p8rt of staff Costs as ineurre(L Net intertst on the net deflned benefit liability1&￿t is algATr recogThi5ed in the Statement of Firtancial Activities and ¢omprises the irtterest cost on the defitted benefit obligation and interest income on the schc￿e assets, calculated by multiplying the fair valueof the scheme assets * the beginning of the peri¢xi by therate usedto discount the benefit obligatioDS. The difference between the interest illcome OD the scheme assets ond the actual return on the scheme assets 15 recognised in other Te¢O￿lS¢d gains alld l(bs5es. ActyJati31 gains 2nd losses are recognised immediately ID other recognised 8aiDs and lo&%e Foundation employees are part of a defilled contribution w0￿p1aCepellSIorl scheme witb Salvus Master. Paynients to defined contribution rdirement trenefit ￿heMeS are Charged 8s an expefjse &s they fall due. 23

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEmE1￿r8 FOR THE YEAR ENDED 31 AUGUST 2022 2022 Restritted Funds 2021 Total Unrestiirted Funds Totsl DONATIONS AND LEGACIES Donations and gifts Legacies 91,975 91,975 13,136 91.975 91.975 13.136 GRANTS GovernEllent grant- COronavin￿ Job Retention Scheme ESFA capital grdThts 159,157 238,513 238,513 238JJ3 238,513 159,157 INCOME FROM CHARITABLE ACTIVITIFS Gros5 income from twding chtrg&% Ikss". Bursaries Stsff discounts Other discounts 10.757.313 6.496 10,763,809 8,912,188 (535286) (18,739) (16,702) {535.2861 (18.7391 (16,7021 (431.590) {15,405) 113,234) Net income from boarding ¢harges 10.186.586 6.496 10,193,082 8,451,959 Other operating it]come 206.276 206,276 240,304 Funding for the Academy's ethjcational operations 5,323,140 5.323.140 5,109,004 IOJ92J62 SJ29.636 15.722,498 13,801,267 TRADING AcfiviTIES Tradittg iJJcorne 153,278 153.278 41,822 153,278 153.278 41.822 tNVESTMENf ThCOME Interest received Divideni& received 14 106,515 88,823 12,866 101.689 8&8ZI 12,866 101,689 106,529

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMEf4TS (CoTrtinued) FOR THE YEAR ENDED 31 AUGUST 2022 EXPENDITURE 2022 Total Stsff Costs Other Depreelido Ch*rltable actlvlty: Staff costs Teaching costs Welfare costs Premises costs Support Costs 10.121.499 10,121,499 529,173 1,908,141 2.617.312 929,457 529,173 1,908,141 2,031148 929.457 585.164 111,121,499 5J9&9J9 585,164 16,IlJ5582 Ralslng fDnd$: Firtan¢e Costs Othei Costs Traditjg eosts 291,509 2.261 142,892 291.509 2,261 142,892 10.121,499 5.835J81 $85,164 16.542.244 EXPENDITURE (PRIOR YEAR) 2011 Total Stsff Costs Other Depreciatlon ChArltable Activity: Staff ¢os Teachillg costs Welfare e05ts Premises costs Sllpw>rt costs 9,37U37 9.372,237 481,604 1,612,039 3,290,721 728,323 481.604 1.611039 1.978,962 728,323 lJll,759 9J72237 4WQ928 IJI 1.759 15.484.924 Raising funds: Finance costs Other costs Trading costs 244,926 762 12,683 244,926 762 12,683 9J72237 5.059299 I JII.759 15,743,295 21122 2021 Tot41 expendffi￿re Includes: DepTeciation Operating lease payments recognised a5 all expense Auditor's remuneration.. - Audit fees - Other setvices 585.164 297.563 23,600 10,050 1.311.759 194,509 21,200 8,325 25

THE GORDON FOUNDATION NOTES TO THE FtTriANCIAL STATEMEPffiS (Cottdnued) FOR THE YEAR ENDED 31 AUGUST 21122 STAFF COSTS 2022 2021 Wages and salari£ Social 8ecllrity costs Other pension ¢osts s￿ff restrucbJTitLg costs 7,838,181 775,083 1.498.483 9,752 7,345,031 695,402 1.319,564 12.240 10.12J,499 9,371237 2022 2021 The averdge number of employe&s in the year was: Teachers Adtninistration (in¢lL￿]ng academic SUpp￿t & maintenance) 73 214 70 176 287 246 The number of higher paid stsff durin8 th¢ yearwas as follows". £60,001 to £70,OIX) £70.001 to £80.(KM) £80.001 to £90.(KM) £90,001 to £lOO,000 £120.(K)I to £130,000 13 18 J2 No trustees reeeived any remuneratioll or bcnefits-in-kind during the yt4r (2021.. £nil). No truste￿ received reimbursementof expensts in rtspcct of travel and subsistence duriDg the year (2021: £ntl). Pension Contributions of £80,819 {2021: £89J13) were made to personal pension plans in respect of higher paid staff during the year. The key mana8ement per50tuJel of the group comprise the trnstees. Head Teaeher. Deputy Head Teachers, Bursar, Head of Finance, Assistsnt Bursar and Property Servi¢es Manag¢r. The toral rtsnuneration of the key management persomiel during the yw £693,81K> {2021." £741.926). 26

THE GORDON FOUNDATIor4 P40TES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 21b12 FIXED ASSETS- GROUP AP4D CHARITY Freehold Machitttry & Land & Buildings Futures Asstts tsttdtr Total Acaderny Tot*1 Iptrjeat Flttlllgj Constntcdon Chirlty Trust Group COST At I September2￿21 Ad(btions ReciHssifJcation 26.175,265 303,453 154.822 1,022,155 12&951 817,218 162500 154,822 28,169.460 1.071.402 455.355 1.050,259 121.547 (154.822) 29.240,862 L.171,806 At 31 ADgu5t 2022 26A135411 1.151.106 979.718 455J55 29,219.719 1,192.949 30A12,668 DEPRECIATtON At I Septettther 2021 Charye for the year 5,671,885 316.986 815.952 97266 719,595 83519 7.207.432 497.771 863.418 87.393 8.070,850 585,164 At 31 August 2022 5988871 913318 8114114 7.71b5,203 950.811 8,65@014 NET B(IOK VALUE At 31 A￿gUSt 2022 20,644,669 237,888 17W 455JSS 21J14,516 242,138 21,750,654 At 31 Avgu$t 2021 20J03J80 154122 20,962,028 207,984 21.170,012 FIXED ASSETS If4vESTMENfs -GROUP AND CHARITY 2022 2021 BalaTL¢e at I Swtember 2021 {excluding cash deposits) Addition5 Disposa15 at opcnin8 market value lie2lised andutjrealised (lO￿vgaInS 3,367,891 66.116 (24,784) (295.701) 2,852,799 169,314 (84,644) 430,422 Ba]anct at 31 Au8USt 2022 (excluding cash dwits) 3.113.522 3a67091 Cash deEN)sits 116.451 53,882 Balance #t JI August 2022 3329,973 3,421,773 Class of investments is split as follow: 2022 Cash or cash equivalents Equities Alternative investments Fixed illterG%t 116.451 2,967,159 95,994 50,369 Balance at 3 1 All8USt 2022 3329,973 27

THE CORDOP4 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CoDtlnu¢d) FOR THE YEAR ENDED 31 AUGUST 2022 10. INVESTMENTS IN su￿IDIARy UNDERTAKINGS- CHARITY Shares Rn group urtdertgkings Balance at I September 2021 aDd 31 August 2022 Details of the charitable company's subsidiaries at 3 1 Aw are as follows: (l) Gordon'5 Sehool Aeaderny Trust 15 a private company limited by guardThte& doTniciled and in¢oryK)rated in England and Wales. Th¢ r¢gistered office aud principal place of busin￿$ is Bagshot Road, West End, SutTey, GU24 9pr. On the basis thai The Gordon Foundatiott is member of the Gordon's School Acadetny Tn￿t and bas significallt influence over the entity. GordoD'5 School Academy Tn￿t has been Includ￿ withill the ¢onsolidat&J filla￿la] soiements. Academ results: Total 2022 Total 2021 SOFA Total kncome 6,354.947 7,789,953 Total Expenditure {7,963,829) (7.614,961) Net incomel(exper)dittwe) (1,608,882) 174,992 Other recogllised gains ￿)d lo AcbJariai(IO￿S) on def]ned bellefitpeDsion scheme 1.611.0 (174.000) Net mov¢mettt ID fiwds 2.118 992 Tota] fvrtds btought forward at I September 2021 21,108 20,116 Total fund5 carried forward at 31 August 2022 23.226 21,108 Balance Sheet Fixed Assets 242.138 207.984 A￿ts 1.404.279 2,621926 Current Liabilities {945.099) (826,329) Creditors falling due after more than one year {68,092) (80,473) LGPS Pension Scheme Liabiliti&% (610,(KX)) (1.903.000) Total Funds 23,226 21,108 28

THE GORDON FOUNDATION NOTES TO THE FIf4ANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 21122 ii. INVFSTMENTS IN SUBSIDIARY iJP4DERTAKtIYGS- CHARTfY {Contlttu¢d} {ii) The Foundation holds l(K)/o of the share capital of TILe Gordon Enterprise5 UK Limited {company number.. 04104254, registered in EThglandandWal£%, registered oifjce.. Bagthoi Roa¢ Wesl Enl Surrey, G24 9PD, whos¢prin¢ipal activities are letting the buildings and grounds of Gordon's School and selling memornbili& A summary of the proflt and loss account and the balatLce sheet from the audit&J finartcial $￿tements is set out below: 2022 2021 Profit #Thd Loss Aetount Tumover Costs 145.193 (142,892) 39.695 (12,683) Proflt for the year Donation to The Gordoll Foundation Retained Profit for the Year 2,301 27,012 Bal8D¢e Sheet Net Current Assets Retained Profits Share capit81 Totsl equity 13,585 13.585 12. DEBTORS Crollp 21122 Group 2021 Charity 21122 Charity 2021 Boarditjg charge de￿01$ Sundry debtors Amount owing ￿ subsidiaries Prepayments VAT reclaim Accrued income 228.309 21.137 178,448 3.639 228.309 178,448 8,656 32,284 135,488 39,994 55,937 226,597 206,979 225,624 98,(M>7 168,384 302,959 122,616 776,046 404,739 501,087 13. CREDITORS: amounts falllng due wlthln one ye•r Group 2022 Group 2021 Ch*rity 2022 Charlty 2021 tA)ans and overdrafi Trade creditors Boarding charges in advance and pupil de[￿)sits Taxatiotl aTLd social security Other creditor5 Amount Owillg to subsidiaries Accruals and deferred in¢ome 333.387 1.291.467 648.739 186,209 665,149 332.380 1.384.102 849.028 180,390 792,436 320.(KX) 900.111 648,739 49,074 303,123 1,041,325 682,034 320,000 97S,834 849,028 50.563 555.356 2.282.802 133,049 728,040 176227 3J51991 3.714563 J,944,406 &166.632 29

THE GORDON Fouf4DATION NOTKS TO THE FINANCIAL STATEMENTS {CoDtlnued) FOR THE YEAR ENDED 31 AUGUST 2022 14. CREDITORS: amounts flliThg dllt after more than one yer Croup 21122 Group 2021 Charlty 2022 Charity 2021 Bank loan Other loa 7.214.759 7,211427 7.140,667 7,131,954 7314,759 7,211427 7,146,667 7,131,954 Analysts of I￿￿$. Between one and two years Between two and five yeats After five years 332.380 997.141 5.885238 332.380 997.141 5.881906 320,(KN) 960.(K)O 5,866,667 320.000 960,000 5,851,954 7311759 7212,427 7,J46,667 7,131954 Due within on¢ year 332.380 332J80 320,(KM) 320,000 7J47,139 7,544,807 7.466.667 7.451.594 At the yearend, The Gordon Fourtdation had two long temi loans. Both loans are se¢ured by le8al first charges over freehold land and buildings of The Gordon Foundation. The first bank loan of £2.(M)0,￿￿ was taken Out in DeceDJber 2018 and is due for repayment by instslm¢nts by January 2044. Interest accnKs on this loau at 3.8 /0. and interest payrnents are made quartttly. Capit31 repaymenrs COD]meDced in January 2020. The second bank loan facility of £6,(K)O.IMXb was tsken out itl DecembeT 2019 to fillM] Construction of a new sports facility and all weatherpitch. A sum of £5.680.[￿ wa5 outstallding ai 31 August2022 and the capital will be repaid by instalments until January 2046. Int¢￿t aecrues on this loan at a rate of 2.1¢/o plus the Bank of England base interestrate. Interest payments are made tllODthly and capital repayments commenced in April 2021. 30

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR EYDED 31 AUGUST 2022 15. LEASE COMMrrMENTS At 31 August 2022 the total of future rninimum lea4e payments wido-non-¢ance]lable operating leases were: 2022 2021 ikases explrfng: Within one year Between two and five years More than flve years 283.024 248.499 225,089 238,105 531,523 463,194 16. UNRESTRicfED FUIYDS I September 2021 loyestment {￿SSeS) 31 August 21122 ID¢Ome Expendlthre Transfers Designated- Eyre Fund General Fund 50,651 50,651 13.865.947 10.726.938 {10,782,634) (274.780) 13,535,465 13,911598 10,726,938 {10,782.634) (274,786) 13,586.116 IINRESTRicfED Fuf4DS (PRIOR YEAR) I September 2020 31 August 2021 IDCOtlle Kxpendlthre IDYe5tment GaiDS Tr*n5fers Desigrtated- Eyre Fund Gelleral Fut 51.743 (I,Ivn) 50,651 14.612,881 8,965,620 (10.106.573) 394.019 13,865,947 14.664.624 8.96S62 111,1117,065 394.OA9 13,916,598 The D¢5iWted Eyre Fll[￿ repr￿ents the balance on an unr&%tricted dollation which is used to help finance musi¢ le&qon5. 31

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2022 17. RESTiucfED FUNDS Balance xt I Sepiember 21121 Bal&n¢e at 31 Augll5t 2022 Investment penditllre Gai￿51(10$$es) Income TriDsfers Spetlfic funds: Gordon Foundation Special fund Stepping FoThvard Appeal Piano fund Bursaries 434,815 12,866 (20,915) 426,766 3(rfJ.686 300,686 1,740 89,398 6.496 153.354 5J23.140 79.404 207,984 1,740 95,894 30.386 79.41)4 450,995 DtESF 0)￿} futld Other restricted fi￿d$ DfE Fixed Asset fund {5.354217) (91,891) 238,513 {87,393) 91,891 1267J81 5581.015 {S441.61O) {20gIS) lJ85.871 Pe￿$10￿ reserv¢ {l,￿3,1mmI) (318,1100) .611.INJO {610,000) RESTRICTED FUNDS {PRtOR YEAR) Bl%Mee at I September 2020 Balance Ht 31 August 2021 ve$tment Gain￿(lO5$e%) Transfers ID¢ome Expenditure Specifit funds Gordon Foundation Special fi]nd Stepping Forward Appeal fwid Piano fund Bursaries 387.606 10.8( 36,403 434,815 3(K),686 2,160 52.917 517.331 300,686 1,740 89,398 153,354 79,404 207,984 (420) 36.481 5,109,IK D￿SF (DfE) fund Other restricted funds DtE Fixed Asset fimd {SJ22J32) (150,649) 186.213 {128,878) 150,649 1,526J17 5.156,291 (S451,630) 36,403 1.267J81 Pension reserve {1,545.IKIO) (184,000) {174,O(H)) (1.903.000) Gordon Foundiiort Special FuThd - this fund represents the balance of assets traTLsfeTred by several connected chariti&s on l April 1996. Stepping Forward Appeal Futtd - this fund reflects an appeal to enhan¢£ perfomiing arts faciliti&% at Gordon's School. 32

THE GORDON FOUNDATION NOTES TO THE Fif4APICIAL ￿AT￿MEriTs {ContiDued) FOR THE YEAR ENDED 31 AUGUST 2022 17. RESTRIcfED FUNDS (Contlnu DfCSF IDIE) Fund & DfE Fixed Asset fuDd - these fimds refle¢t monies received from the Department for Education (previously the t)epartment for Chtldreo. Schools aTLd Families), for the pu]pose of assisting with the general academy rumhing ¢osts and building proje¢ts. Other re5tri£ted funds represent other specific donations to fimd activities of the FoundatLOn. Pension Reserve- this furtd reprasents the share of the pension deficit bome by the subsidiary, Gordo￿.$ School A¢ademy TrusL in the L(￿al Govemment P•Jsion Schem& Further detail is giyert in note 21 below. 18. ALLOCATIOIY OF THE GROUP NET A&SETS Tang5ble Assets Net Current Assets ILi8bllltles) ng Term Li#bilitie$l Pension Totsl Restricted- Specific Restri¢ied- Pension reserve 269,945 242,138 873,788 lJ85,871 (610,000) {610,(K)O) Unrestricted 2.960.028 21.514.516 {3.673,669) {7.214.759) 13,586,116 3329973 21,756,654 (1,799,881) {7O24,759) 14J61,987 ALLOCATiof4 OF THE GROUP NET ASSETS IPRIOR YEAR) Fixed Net Currertt Assets (Liabilitie5) IA*ng Term Li8bi]itie51 PeDSiOn Investmettts Total Restricted- Spe¢ifi¢ Restrict￿ Pension ieserve 275,553 207.984 783.844 1.267,381 (1.903.0110) (1,903.IM>O) Unrestricted 3.146.220 20,962,028 (2,979,223) {7,212,4271 13,916,598 3A21,773 21,170,012 (2,195J79) {9,115.427) 13,2811,979 19. CHARITY UNRYSTIUCTED FUNDS ur4RESTRICTED FUNDS BalaNee at I September 2021 Balance at 31 August 2022 IDve5tment GainslOo$$a) Tran$fers Income EJp¢lldlture Designated- Eyie Fund 50,651 50.651 General Fund I2,289.5￿) 10.575,961 {9,220,7331 (274,7861 13.370,032 12J40241 IOJ75.961 (9320,733) (274.786) 13,420,683 33

THE GORDOf4 FOIINDATION NOTES TO THE FtNANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED JI AUGUST 2022 19. CHARITY UNRESTRICTED FUNDS (Cotyt5Mued) UNRESTRicfED FUNDS (PRtOR YEAR) Balan£e at I September 2020 BlAnce at 31 August 2021 Income Expenditure Investment GainslOosse5) Transfer8 Desi8llated- Eyre Fund 51.743 {1.092) 50,651 General Fund 13.737.722 8,950,810 (10,791961) 394,019 12,289,590 13,789,465 V5Q810 (10.794.053) 394,019 12J40,241 20. CHARITY RESTiucfED Fuf4DS Balance at I September 2021 Balance at 31 August 2022 Investment Expenditure GiDS1(1055es) TrAnsfers IDcome Gordon Foundation Special fuDd Stepping Forward Ap Camel fund Piano fund Bllrwies 434.815 12.866 {20.9151 426.766 31M),686 300,686 1,740 89.398 1,740 95,894 6.496 DtESF (DfE) funds Other restricted funds 79.404 79,404 90A043 1gJ62 {20.915) 904.490 CHARITY RESTRICTED FUNDS (PRIOR YEAR) Balvlnce at I September 2021J Balanee at 31 August 2021 Investmettt Ineome ExpeDdltsre Trnrtsfers Gordon Foundation Special Steppillg Fonvard Appeal Camel Piano fund Bursaries 387,606 10,806 36.403 434.815 300.686 300,686 2.160 52,917 {4201 1,740 89.398 36,481 DfCSF (DtE) funds Othu restricted funds 79,404 79,404 822.773 42 (420) 30,403 906,043

THE GORDON FOUNDATION NOTES TO THE FtNANCIAL STATEMEI%TS {CoDtiDued) FOR THE YEAR ENDED 31 AUGusf 21122 21. PENSION AND SIMILAR OBLIGATIONS The a¢ademy tsust's e￿plOYe&S beloD8 to two pIincipal peDsion schemes.. the Teachers. Pension Scheme England and Wales {TPS) for academic and related S￿ff" a¢)d the Local GovemmeTLt Pension Scheme (LGPS) for non-teaching staff. which is managed by Surrey County Cour)¢il. Both are multi<mployer defirked benefit schemes. The pension costs are assessed in accordance with the advrce of independent qualified actuaries. The latest actuarial valuation of the TPS related to the periiMI ended 31 March 2016, and th31 of the LGPS related to the period ended 31 March 2019. Contributions atnountLDg to £356,527 were payable to the schemes at 31 Au8USt 2022 {2021= £231,680) and are included within creditors. Te&ch¢rs' PeDSiOD S¢h¢me Introduction The Teachers, Pellsion Scheme (TPS) is a slattLtory, contributory. defiued benefit scheme, governed by the Tea¢hets' Pension Scherne Re8ulations 2014. Mets)bersbip is automatic foi tea¢ber5 in acadenues. All teachers have the opti00 to opt out of the TPS following enTolmenL The TPS is an unfunded s¢heme to which both the mcmlr and ernployer makes contnknlltions, as a perce]]tage of salary. These corttributions are ¢redited to the Exchequer. Retiretnent and otherpension benefits arepaid by public funds provided by Par113menL V#luation of the Teeher5' Pensioll Schem¢ The Government Actuary. ￿sIng nomial a¢tU2rial prineipl4 ¢ondu¢ts a fornjal actuarial review of the TPS in a¢¢ordan¢e with the Public Service Pensiotts (Valuations and Employer Cost Cap) DÈrections 2014 published by HM Treasury every 4 years. The aim of the review is ¢0 srttify the level of future contributioDS. A¢tiJariai s¢hem¢ va]U*iorts dependerlt on sumptions about the value of future Costs, desi8n of benefits and many Oth￿ fac￿[S. The latest actuatial valuation of the TPS was carriedoutas ai 31 March 2016. The valuation rqMTrrt was publishttjby theDeparttnent fOrE{h￿tiOn on 5 March 2019. The key dements of the va]uaiioD and subsequent collsul¢ation are.. employercontribution fdtes set at 23.68¥/oofpcnsionable pay(includillg aO.08% ewloyeradministration d)arg¢) total scheme liabilitics {p¢nsioTJS currently in ￿YmeTht and the ¢sttmated cost of future benefits) for service to the effectiv¢ date of £218.100 million. and notional assets (estimated future ¢ontribution$ together with the notional investsnents heldatthe vaEuation date)of£196,IIK) tlliUiongivinganotiona] pastservice defi¢itof£22,000 ￿L[liOn the SCAPE rate, set by HMT, is used to detemiine the notional inv￿tment rebjrn. The Current SCAPE rate is 2.4Vo above the rate of CPI. The aS$ull￿ real rate of rebjrn is 2.40A in excess of prices and 2Q/o in excess of earnings. The rate of real earnings growth is awtned to be 2.20h. The assumed nomina] rnte of Ttturn including earnings growth is 4.45Q/o. The next valuation result l5 due to bc implemented from l ApTiI 2024. The employerfs pension costs paid to the TPS in the periiKI amounted to £889.176 (2021.. £867.713). A copy of tbe valuation report and supporting docwnenwion is OD the Tcacher8' PensioDs web$it¢. Under the definitions set out in FRS 102. the TPS is all ullfullded multi-employcr pension scheme. The academy trLlSt has ac¢ounted for its Contributions to the Scheme as if it were a defined contriblltion s¢heme. The a¢ademy trnst ha5 Set out above the irtfomution available on the scheme. 35

THE GORDof4 FOUNDATION NOTLS TO THE FINANCIAL STATEMEp¥fs {tontioued) FOR THE YEAR ENDED 31 AUGUST 2022 21. PEP4SION LYD SIMILAR OBLIGATIONS {COntinu￿ Loc41 Government Pertsi•D Scheme The LGPS is a fimded defjnd benefit pension scheme. with the 8ss¢ts held in separate lrnste¢-admtniste¥ed funds. The total contributions as noted below. The a￿d COntri￿tiOn rates for years are 23.2V. foremployers and 5.5Q/o to 12.5 /0 for employees. Parliarnent has agreed, at the request of the Secretary of Slaie for Educatio￿ to a guardntee th84 in the event of academy closure, outstanditig L￿81 Government Pension Scheme liabilities would be met by the Department for Education. The guarantee eame into for¢¢ on 18 July 2013. Total eontribution5 made 2022 2021 Employer's contributioTJ5 Employees, contributions 158.0(K) 42.IKM) 141,000 37,000 To￿] ¢ontributions 200,(KXI 178.000 Prineipal etsrial 8&sumptioDS 1021 2021 Rate of increase in sal￿1￿% Rate of increase for peDSiODS in paymentlinfiation Di5COUllt rate for scheme liabiliti&s 4.10 3.20 4.25 3.80 2.90 1.65 The currentmorta]ity assumptions in¢lude sufficieDtallowance forfithwe improv¢m¢ntsin nK*rtality rates. The assumed life expectations on retirernent age 65 are= 2022 YeArs 21J21 Yefirs Retiring today - Males - Females 22.1 24.5 22.3 24.7 Retiring in 20 years -Mal - Females 23.1 26.2 23.4 26.4 36

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMEIYfS (eontinued) FOR THE YEAR ENDED JI AUGUST 2022 21. PENSION Af4D SthllLAR OBIJGATIONS (continued) Seherne liabilities would have been atytttrd by dLan8&s in &wunptions &$ follows.. 21122 2021 Discount rate + 0.1% Discount rate- O.It)/l Mortality assumption + l year Mortality assumpiion- l year CP[ rate + 0.1% CPL rate- 0.1% {57,(KK)) 57.IKK> 105,IM)O {105,(K)O) 56,0 {56,0(X)) {84,000) 84,0(K) 154,0(K) {154,000) 80.0(K> {80,000) Defined benefit pensioD scheme net liAbility 2022 21121 S¢heme assets Scheme obligatiolls 2,004.0(W) (2.614.(K)O) 1,942.000 (3,845,IX)01 Net liability {610,(￿) (1,903,IX)01 The academy trnst's share of the assets in the ￿￿eMe 2022 FAir value 2021 Fair vAlue Equities Bonds Cash Propety l.523,(N)O 281,(X)O 40,(￿0 160.000 1,456,0(K> 311,(KlO 39.0(K> 136,IN)O 2,(XM,000 1,942,IKK) The actual return on scheTne &%sets wa5 a lo￿ of £IIK),(XK> {2021.. loss of £343,(KKI}. Amount recognised in tht Statemtnt of Fl*))ela] Activities 2022 2021 Current service cost Interest itlcome tllterest cost B¢nefJt ¢hanges, curtailments and settlements gains or lo& 442,000 (33,000) 67,(KX) 298,000 126,IM)01 s3,(￿0 Total operatin8 charge 476,(KN) 325,(KJO 37

THE GORDON FOUNDATIOP NOTES TO THE FINANCIAL STATEMEpifs (tODtillued} FOR THE YEAR ENDED 31 AUGUST 2022 21. PENSION AP4D SIMILAR OBLICATIONS (torttinued) CbaDges in the present value of defined benellt Obl￿￿0￿$ 2022 2021 At I September 2021 Current service cost Interest cost Employee contributions Actuarial loss Benefits paid 3.845.( 442,(MN> 67,(NJ) 42,(KKI {1,744.IM)O) (38,0￿) 2,993,000 298,000 53,OIK> 37.OIK> 491,000 127,000) At 31 Au8USt 2022 2.614.1￿1 3,845,000 Changes In the falr value of the #eademy trust's Share ofstheme ￿ets 2022 2021 At I September 2021 lttierest in¢ome Actuarial 105sI(gain) Ejnployer contributions Employee contributions Benefits paid 1.942.0 33.1KK {133.0￿) 158.(KKb 42.(KKI (38,(KKI) 1,448,000 26,000 317,000 141,000 37.000 {27,000) At 31 Au8lLSt 2022 2,(K)4,(KXb 1,942,000 The Foundation Offe￿ t￿P10yeeS a workplaee peDsion and uses the Salvus Master TtUSL The employer contsibution rate is 7010 and the employee contriblltiottrdt¢ 1$ aminimum of3.5¥•. The ¢mployerpensioTt costsdutingthe yearwete £166,848 {2021.. £153,705) aDd there were llo ¢ontributions payable to the scheme at 31 Au8USt 2022 {2021.. £19,716). 22. RELATED PARTY TRANSAcfIoNS There were no related party tran￿￿OnS the peTi(NJ {2021.. None). 38

THE GORDOf4 FOUNDATION NOTES TO THE FINANCIAL STATEMENfs (Continued) FOR THE YEAR EP4DED 31 AUGUST 2022 23. COMPARATtVE CONSOLIDATED STATEMENf OF FINANCIAL ACTtvrr1Ls 2021 Unrotricted Rtstrittrd Funds Fund5 Totsl 20ZI Totsl 1020 Note ltteome frojll: Donations and legaties Grants 13.136 159,157 13.136 159.157 92.3(KJ 462.520 ChArltable *etlvlty: Incotne from boaTding charges Other operaiing incom¢ Fundirtg for the Academy. educ8tional operations 8.415.478 240J04 36.481 8,451.959 240.3tM 5,109,004 7,092,768 215.851 5.186.91XS 5,109.¢XI4 Tradlng a¢tlvltl Trddirtg income 41.822 41.822 21.901 Investthent iiitoittt 95.711 10.8( 106.529 78,075 TDtxl kn¢ome 65,62• 5.156J91 14.121,911 13,1S0,311 Expenditure on.. Chirltable activity: Staff ¢08ts Educational costs Welfare costs Pr¢r¢uses costs Sllpport costs Raisillg fund$: Finance costs Inv¢sttll¢nt managemellt Tradlng acdvltles.. T[adti￿ wsts 5.489.150 3.883,087 9.372.237 481,(A)4 ,612.039 3.290.721 728,323 .678.783 534,952 1.219,652 1603,511 591.318 1.611,619 2J44,105 404,420 420 946.616 323,W3 244.926 762 244.926 762 105.680 54,714 12.683 12,683 2.803 TotAI eApEmditure iQ107,66S S635ffj30 15.743.295 13.791,413 Net IDtomel{eipettditsire) (1.141045) (479a391 {1.621J84) (641,1192) 17 (1,142.0451 (479.339) 11,62L,3841 {641,0921 Other recognlsed gAlns and lossts Actharial {lOssesygainsi￿ defined be4Jefft pension schemes Net 88ins1{10&5es) on inve8tu]e]2ts 21 (174,¢KKJ) {174.{￿) {541,0(X)) 394.019 36.403 430,422 {28,942) Net movement in hnds for the year 026) (616.936) {lJ64J62) 11.211.034) Fund ballntes brollght forward at I I September 2020 17 14.664.624 (18.683) 14,645,941 15,856,975 Fund balances ¢ankd fornrd at 31 Avgust I 2021 17 13916J98 1635,619) 13280,979 14.645.941 All of the cbaritable group's activities are contittuing. All re¢tsgE)ised gains and losses are included in the Statement of Financial A¢tiviti&8. 39

THE GORDON FOUNDATIO ANNUAL REPORT cofiSOLIDATED Accouf4TS FOR THE YEAR ENDED 31 AUGUST 21121 Company Numi*r (￿27272 Charity NuTnber 312092

THE GORDON FOUP4DATIOP4 INDEX Page Legal Administrative IDformation Report of the Foundation Trnstees 12 Report of the tmiependent Auditors 13-15 Consolidated Statement of Financial Activities 16 Consolidated and Charity BalaDce Sheets 17-18 Consolidated Statement of Cash Flow5 19 Statement of Accounting Policies 2(k23 Notes to the Financial Statements 2439

THE GORDON FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Patron Viee Presidents The Lord Mayor ofLondon The Lord LieukllaDt of Swr¢y The Bishop of Guildford Ambassadors Mr P TaIbot Mr M Hawkesworth Mr P Wynter Bee Foundation Comrnittee (The Board) General Sir Peter Wall GCB CBE Lieutenant General Richard Cripwell CB. CBE Mr R Whittington DL 114.X8 Mr C Whiff]n 12.8 Mrs J Valner IA3.4J.7 Lord Lingfield Mr W Eason 12.3.¥ Ms A Ma¢Lenna Mr T Gordon Mrs L Bannister3.7.9 Mr C Lomas Mr M Barnes12.&9 Mrs A Stephen5 ' Major General A Fay CB Mrs D McKen7.ie Mrs S Houn5ham &? Mr P Jones 12 Mr S Azeem DL Ms Neelam Devesher DL 49 Brigadier J Mullin 7 Ms J Kruger Chairnian (Resiglle411 May 2022) Cbainnan (Ap￿]nted l May 2022) Vice ChaTrn Chair of Govemors Resigned 21 January 2023 Resigned 21 January 2023 Resigned 21 January 2023 Resigned 16 June 2022 Appointed 22 JaDU&y 2022 Apw)inted 22 January 2022 Appointed 21 January 2023 Head Tea¢heT Mr A Mos5 Foulldation and Company Secretsry Mrs S M Meikle Committee Membership Member of the Fowidation Development Committee- Member of the Joint Finance & Estates Committee- 2 Member of th¢ Investtnent Panel - Member of the Awards Panel= 4 Member of the Governance Committee= Member of the Fundraising & Enterprises Committee= 6 Governor of Gor(lon's S¢hool= 7 Member of thc Risk & Audit Committee= 8 Member of the Perfonnance Management & Salaries Committee- 9

THE GORDON FOUYDATION LEGAL AND ADMINISTRATIVE IP4FORMATIOli (continued) ADVISERS Bankers: Bank of Scotland 38 Threadneedle Street IA)ndoo EC2P 2HL Auditors: Alliotts LLP Friary Court 13-21 High Street Guildford SU￿tY GUI 3DL Jnvestment Managers: Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Legal Advlsers: Moore Barlow LLP The Oriel Guildford Surrey GUI 3SR STATUS AND AD,MIP4ISTRATION Registered Office: The Gordon FouDdation Gordoll's School West End Wokillg Sllrrey GU24 9PT

THE GORDON FOUNDATJON REPORT OF THE FOUNDATION TRUSTEFS INCLUDING THE STRATEGIC REPORT STRUCTURE. GOVERNANCE Af4D MANAGEMENT Constitution Tlie Gordon Foundation is a ¢omparty limited by guarantre (Company No 0￿27172), its registered office being at Gordon's School. West End. Woking. Surrey, GU24 9PT. The company is a charity for educakn.onal putposes (registered charEty No 312092). Management of the charity is vested in the Foundation Commilte< who are directors and members for the purposes of the Companies Act and for the PUTposes of charity law. In this regard they ¢omply with the rquirements of the Charities Act 2011. the TTUSt Deed aDd the Charities SORP 2015 (FRS 102). Foundation Committee metnbers are required to retire from office every third year from thedate of election butare eligible for re-election for a maximuTn of three terms. The Foundation C4>mmittee has wwers al any time to app)In¢ additionaj members. The day to day rt]nning of the Foundation is the r￿￿￿SIbility of the Foundation Se¢ret2ry. The charity was founded atthe exprcsswisb of ￿￿een Victoria as the Datiotsal mettloriai to General Gordollwho was killed in Khartoum in 1885. TheGordon FoutM]auon ovms, freehol4 the land and bjildings fom)erly known a5 the Gordon Boys, Home which was changed to The Gordon's Boys. Home in 1943. started to accept girls and day boarders from 1990 at)d is now known &s Gordoll's School. The majority of ¢he Govemors of Gordon's Sch(xbl. a State Boardin8 School with Academy slatus, are either trttstees of or are appointed by The Gordon Foundation. Following a decision made in 2019 to increase the number of (ex-officio) Viee President4 a recommendation to introduce the position of Ambassadorwas approved. Amba5sadoTh a seven-yearappointmen4 8re fomier trnstees of seniority or long service who have continued irtterest it] sUp￿rtIng the Foundation's work. Paul Talbol Gordonian and fom)er trustee of over 30 years. seryice, and MaTk Hawkesworth, former Treasurer, accepted the inviiation to be the first Ambassadols for The Gordon Foundation while Peter Wynter Bee wbo retired in 2021 aft¢r 21 yeaTS' service to Gordon's as trustee and for eight year5 a School Governor. aecepted the Committee's invitstion to continue bis lEt￿S a5 a Gordon's Atllbassador. After seven years as the Foundation's Chairttw General Sir P¢ter Wail ￿1r¢d and w&s succeeded by Royal Engineer, Lieutenant General Richard Cripwell. The FoUnd￿lOn and S¢h(KTrl are grdtefui to Sir Peter for his leadership, particularly during the ¢halleng&% of the Covid Paudemic and school lockd{￿vDS. The Wider Leadership Team contro15 the nmning of the Foundation and School at aTr exttutive level and implements the policie5 alld decisions of the tnLStees and govenjors through agreed schemes of delegation. Key management personnel are defined a5 the Head Teacher. Deputy Heads {Curriculum and P3Storal). Bu￿ar. Head of Sixth Forni. Assistsnt Heads atld senior Foundation supJx>rt services managers. A review of Governance was commissioned during Summer 2021. This identified many strengths in govemanre aTtangefflents and sotne areas for improvement including consideration of the size of the Foundation commi1￿, decisioTL-tnaking procedure5 and succession planning. Arrangements for setting pay and remuner8tlOD of key management personthel The Wider Leadership Team ispaidon the LeadeTshippay Scale whi¢h broadly adhercs to the leadership pay bands olltlined in the School Teachers. Pay and Conditions DI)CUTnenL Leade[5 Tnust demonstrate susrailled perforn)an¢e itt respect to their perfomiance objectiyes: non-teachin8 leadership salaries are benchmarked against lo¢J] market ¢onditions. The Perfotmallce Manage]nent and Salaries Conllllittee awards one iDcrementsl ]K)illt on the Gordon's Pay Scale where perfornwice objectiv&% are met and where there is a si￿1￿clI high quality ofoverall perforn￿￿e. Policies and Procedures adopted for the InduetloD TrAlniNg of Tru5tee5 Prospective trustees are invited to Gordon's School prior to their appointhient to meet with the Foundation Seeretary. Head Teacher and at least two trustees who make their report to the next meeting of the Governance Committee. A scliedule of trustees wsth their qualifications and experience is maintsine4L ¢ross-refereueed 08aiD5t the busine&s requirements of th¢ Foundation, which assists in the sele¢¢ion of new trustres.

THE GORDON FOUNDATION REPORT OF THE FOUNDATtON TRUSTEES INCLUDING THE STRATEGIC REPORT (contlnued) Once appointed. new trustees follow induction whicll includes an explanation of their role &8 trnstee, the company and the relationship between The Gordon Foundation Gordon's School. They are invited to meet stafymembers in order to familiarise themselves the School as well as receiving copies of policies and PTocthies and other relevant documentaiion. All tntstees are eneourdged to attend profek8iODal training courses. take online Cours￿ for tn]stees and are provided with joint brief￿8$ ai leas¢ on¢e each year. OWECT AND ORTEcfIvES Gener*1 Currently, the maiD activity of The Gordot) Foundation is the SUp￿)rt of Gordon's sch￿1, a non-selectiv4 ¢ol and in partÈcularrulls thebO￿ll1￿B operation for the day, weekly and full boarding students and the extensive co-curricular programmes. For families who require financi81 assistance with boarding charges. The Gord￿ FollndarioD is able toprovide means-tested bu]saTies. The Gordon EnterprisesUK Ltd. asub5ididryofThe Gordon Foundation. ovetstts managementof and hire of the Gordon's Sports Hub, letting of the school facilitias v/hen not required by the School and other opporMnities for nott-boarding rcvenue generation. Proceeds from such activities are gift-aided to The Gordon Foundation. designated to the bursary fi]nds. Vlslon Our long-temi vision is a family of Gordon Foundation schools where students. partieularfy those frotn disadvantaged backgrol￿dS. benefjt from a Gordon's education. An education reco8nised &samongstthefinest in the world for the calibre of youn8 people we develop. the progress they and the difference they make to the liv&s of others. Objeet The obj¢¢t of The Gordon Foundation Rs to cthicate orcontribuie to the educats.on of boys and ￿rIS bavitig particularregard to those with a specific boatdin8 or educational need, with a view to prepating them for education or for earning their livelihood. such object befftng in eontinuation of the work of tbe u[Linco￿O￿tcd trtstithtioll known as the Gordon Boys, Home, established in July 1885 as the National Memorioj to General Gordon. Objectives Whilst the main obje¢uve of The Gordon Foundation is SilPlX)rt for Gordon's Schcrtbl, tnjstees apprecia￿ its wider objects of encollraging and supporting residential boarding fot 'ne£essiwus' young people, improving the public's awareness of the va]ue andbenefits of residential IK)arding atMI incre&ging fwids available to supportresidential boarding. Jn setting these objectives and planning activiti&8, trustees give cAreful ¢onsiderntion to the Charity Commission's guidance on Publi¢ Benefit. OBJECTIVE Maintain the National Memorial to General Gordon AcfIviTtES TO FLTLFIL THE ORIECTtvE Following the previous year's Covid lockdown and re5triction4 it was pleasing that the Whitdjall PaTade and memorial service in Embankment Gardens eould again take plac¢. Y7 History classes continue to inelude a short course ot) the history of GordtsTL'S. the Home and S¢h(K>l, and the life of Genera] Charlcs Gordon. Links with Khartoum International Cottltllunity School are sustained with the hope thai a Yi5it can be planDed for 2024. General Gordon's prin¢iples al'e referred to and maintaiThed within the updated strategy, y￿10￿fOr Gordon's. A leclllre was planned for Autumn 2022 on General Gordon's legacy today.

THE CORDON Fouf4DATION REPORT OF THE FOUNDATION TRUSTEFS INCLUDING THE STRATEGIC REPORT {continued) Objeetives (eontillued) OBJECTtVE Be alert to and take advanta8e of opl￿rtI￿ltieS to extend the itffluenee of Gordon's w hotlle and overseas AcrivrrtF.S TO F[￿FIL THE 0￿EcTIvE A range of partnerships are in place that benefIt current students and extend the Gordott's reach. ttl addition to the Harlequins RFC Progrdmmq the Mouwith Aldershot Town FC contitsuespositrvely, and with Surrey Stotm INetballl. Cooperation with Woking High School ¢oniinu&% undet the A]rtrPartnership,particularly forstudent leadership ttaining and inter-5chiK)I competitioris. Robert May'5 Sch￿1 joins i September 2022 and a fourth xhool will join during 2023. The partnership latmched in 2022 with Commonwealth Education Trust is developing, thawing on Gordon's Fedagogy. Opportunitie5 for a Goidon's 2 continue to be explored as opportunities arise. T2king opporttmities to review for improvement is embedded withill the Support teams. With the need to appoint a new Deputy Head Pastoral. the role and responsibilities of Designated Safeguarding Lead has be¢n sepatated to a new post of DSL, appointed January 2022, such is its iEDPOrtance aDd Incr￿ing WO￿loa¢L The role of the Attendance OffIcer has also beett augmented. Post£ovi4 maintsining ma w51tive cashflow alongside capital commjtrtienis is ¢hallenging but achieved. Reglllar tommunication is maintained with our Batth and there w&s nore¢ourse to any further Bank f&¢iltties apart from the existing capiral loarts. By the end of the year, 71 (7.6/.) students were ia receipt of a means-te5ted bursary with totsl spelld £403.748 with IS of those students supported ai80 by nine different external edllcationai tTUSts. Ensure that supwt sfflvices pmvided by The Gordon Foundation are fit for purpose aDd comn￿ns￿t¢ with thEtsthnding PTOViSiOn Increase the Foundation's financial stability alld support for financially ne¢essitOUS Sts]dents Deliver world41a&% twtoral care, curriculum, and co-curriculum provision In Jun< Gotdon'5 was presented with the TiTne5 Educational Supplement Boarding Sehool of the Year Award. This recognis¢s inDovatioTh, imagination and efforts to develop ehildren in way$ that go ond academic a¢hieveTnent and the l&qgue tables as well as m8intsined continued excellence. Gordon's was one of eight boardin8 sd)ools across the county to bave been nominated. Recogllising the lack of provision in primary schools for leaming musica] in51tutnents. a schejne otferirtg free group tuition to Year 7 Students started ID September, with the illtention of extending this for a of three years and involviDg stt]dents in vaTiOUS ensembles. This iDitiative started well aTLd 14 of the initia] 20 s￿dentS will eontinue into Year 8 with a new Y7 cohort siarting. The wide range of co-curricuiar activities included sthdellts tsavelling to participate ill MUN Conferences, teatE15 took part in the Dartmoor Ten Tors Chauenge atld various productions, including Matild& ACTIVITIES, ACHtEVEMEIYTS AND PEFORMANCE The Vlsion for GordoM'$ As we recovered from a world patldemic there has never been a mote itwrtant titlle to reconnect with General Gordon's legacy and reimagine what we can atld should tty ¢0 achieve. The updated 'Vi8ion for Gordon's, was lauTLched durillg the Summer term 2021. followillg extensive ¢onsultatioD within the Gordon's Comnjunity. This strategic plan for Gordon's sets out our vision for th¢ tlaiional memorial to Generdl Gordon to be more than a School, but a symbol of whai can be achieved by a conununity united in making an outstsnding contribution for the go(Ml of global society, through its educational leadership and through the lives Gordonians go on to lead. Duriug the next year this vision wll be extended towords 2035, the Foundation's 150th anniversary. A Gordon's education strives to be more than theb&st w>ssible examination ttsults. bui a thorough preparation for life. Our al￿ is to develop rounded world Cl￿ global citizens with the clwacter, Capabilities and confident humility to achieve well, to stay actÉve, w appreciate what they have and to connect and give back to the communities in whi¢h they live and work.

THE CORDof4 FOUNDATION REPORT OF THE FOUNDATtor4 TRUSTELS INCLUDING THE STRATEGIC REPORT {continued) The Vision for Gordon'$ is for the natiotvdl memorial to General Gordon to be a forte for a more caring and just world.. a world in which inequality in opportunities is diminishing. where individuals are treated similarly and have eqlla] chances based tjot on privilege. but on how Iwd th¢y for themselves a￿j others. Capital DevelopmeDts Woolwich House, the residential tx>ardin8 bouse created from th¢ fomier Head Teacher's House and adjoining Chapel House that opened in Septewnber 2019 continues io provide a popular and appropriate introduction to residential boarding for 32 Year 7 s￿￿ents withhll their own accom￿ticK4 while lithking with their senior House to whi¢h they move in Year PlanniDg pemiission forthe new sports hau and 3G all-weatherpitch was received ill January 2019. A £6m long-temi bartk loatt fa¢ility was taken out ITJ Decembu 2019 to fil￿nCe this projecL After a delayed start on site, wot continued throughout the Covid-19 lockdown and the sm hall was CO￿pIcted with hand-over in O¢tober 2020. A contractual disagreement with the mairl contractor meant that haTLdover of the 3G pit¢h was delayed until De¢ember 2021. Thet disagreement led to the main contractor referrin8 the dispute to adjudication as the Foundation had withheld ￿ndS to replace what it ¢on$idered a non-compliant facility- the adjudication in November 2022 went against the Foundaiion and the aecount is now sett]ed in fjjll. During summer 2021 the two-cl￿r0￿M building knowll as 'lndia' w&s replaced and enlargeAI to provide four large and well-equipped Classroon￿ for teaching rr & Computing and Busines5 Sthdies. The Academy's 2021 CIF grants from the DIE to remedy significant damp I￿lles in the Medway building {MusJe and Dtama) was completed summer 2022. The Drama andMusi¢ departTnents make go¢xl use of the Gym and Pool buildin8 ahead of its conversion into aperfoming arts centr4 when finance allows. Some theatrical equipment thatwill continue to be used in the perfomiing arts ¢entre was purchased during this year to improve student thama experience. During sutllTner 2022 a ￿venth Scien¢e Laboratory was credted {with financial wistsn¢e from The Wolfson Foundation, extra c12&%room provide(L the LibTary part-refurbÉslLed: the two Art stydios weie ¢o-l￿ted and to achieve thi4 the Fitness Suit¢ r¢-sit¢d close to the Sports Hall. Two of the four s¢nior residential boarding Housts were in part r¢furbished, the fjrst stage of an intended £2rn I￿prOVementpl2n for all residentia] Houses. Future projects under considerdtion in¢lude the p¢rfomiing arts centre. i]nproveDJents to the Back Fields 2nd moving Gordon'5 to Carbon Neutrdl. Academie Results for the School During the year the School educated approxitnately 936 sbjdents between the ages of I l and 18. Recruittnent continues to be strongwith waiting lists for Key Stagts 3 and 4. Therewere 271 residentiaj boarders and314 students in the Sixth Fornj. With Teacher Assessed Grades in 2020, then Centre Assessed Grades in 2021. for Y13. 2022 wa5 their first set fomial public examinations. Compared to nwjy state scb¢x)14 the KS5 curriculum at Gordon'5 is rigoro￿ and a high prowjrtion of sthdents opt for the more itLtellects]ally demanding subjects. 45Yo of Y13 Leavers obtaining places at Russell Group universities alld 830/0 gained places at thetr prefeTred deStiT￿tIon, aFMJve national averdge. Two studeTLts gained places at Cambridge, three embarked on courses in Medicine orDentisty, two 8ainedplaees at Leedscortservatoire. fourtook up SFK>ns Scholarships at US Univ¢rsities. One S￿￿ent entered RMA Sandhurst on a Leade￿bip Scholarship and two DISE students g&￿ed professional conitacts witb Harlequins RFC. Seven leavers opted for Apprentic￿hIps. A Level results 21122 48Q/o of entries graded A_A 77Q/4 of entries graded A_B 91Q/o of entries graded A GCSE reslllts 2022 48/0 of entries graded 9-7 87% of entries graded 9-5 96Yo of entrÈes grdded 94 BTEC [3 2022 35¢/0 of entri&s graded D_D 92°/o of entrie5 graded D_M BTEC 12 2022 330/0 of entrics graded D_D IOO/o of entrits 8raded D_M Detailed inforniation on student activities a￿1 the co-clltricular progrwnme can be found on the School website ordons.s¢hool as well as the Annllai Report of the Gordon's School Academy T[￿SL

THE GORDON FOUNDATION REPORT OF THE FOUNDATIOII TRUSTEFS IP4CLUDING THE STrATEGIC REPORT (continued) ACTIVITIES. ACHIEVEMENTS AND PEFORMANCK General The Development teatn is re5tx>nsible for ac(iVLties focusing support for the school community as well a5 strengthening local and wider ¢omTnunity links. fdnging from regular talks, organising all larger school intffllal atld external event and seeking opportunities to let facilities when not required by the school, and fundraising. tkveloptnent Prefects assist the (kpartEnent wrth appropriate administration 2nd hosting of eveuts, provÉdtng them with some insight into a different area of the school as well as useful experiertce. A S¢roTtg workillg partnership eontinues with the Gordon's School Parents. Asso¢tation whi¢h ¢learly betlefits the sch(MJl and the parent commLWity. In Scptember, we were dehghted to be able to &ssist in providing a venue for part of the Archbishop of Canterbury's visitation to the Di￿ese of Guildford. Also, to welcome HRH Princess Eugeniewho came to speak aboutherinvolvemellt in the work of the Atjti-slavery Collective. as relevant ti)day in the UK as it was for General Gordon in Sudan. Following the dK&%olution of the GordoDian A￿ciatiOn attd wonsibility for all aiutnni-focused activity incorporated within the Developtnent Offlce, a key f(Kus continues to be devel¢)pillg a 5trdtegy for appropriate communication and engagement activity with each age grow)& The Gordonian Football team. sponsored by a local business, is also svpported by providing home match facilities on the new 3G pitch. It] the swnmer, Gordonians of all ages enjoyed being able to retllrn to the Schcrt)I for the Ar)Nual Parnde and previously meeting up in b)ndon after the wh1￿ball Parade. Former memb¢rs of the Pipe Barhd are invited to play in the Bi8 Blaw, the swnmu crickei ma￿h is popular a5 well as a three-way netball tournatnent for Gordonians, staff and cumt S￿dents. The Gordonian Awards 2021, forArLs and for S]N)rts, attract increasing numbers of high calibre applicants. these financially support Iwo Yegr I I students with the eosL8 fordeveloping & partieular ÈalenL and encouragement to continue into the Gordon'5 Sixth Forni. Sup]x)rt is provided to the Careers team lo assist with findin8 work pla¢¢ments and spe2km as well as organising the annual Car¢¢rs Fair. opportunit1esforparentsa￿d mernbers of the l¢)caJ ¢ommunity to network ¢ontinuewith reinstatement of the monthly BusiTLe&s Networking Breakfasts held at the S¢hwl. The Developmellt team now helps and encourages the S¢hool Charities Committee with appropriate lillks and organi￿tional suppoo Gordon's students volunteered over 9,000 hours during the year and the whole communiry was generous ID its support for the people of Ukraine as requested items aDd money were collected and sent to their assistatre. The Gordon's Pipe Band ¢elebrated its amiiversary with a range of activities in¢luding a piping recital held in the Gordon's Chapel, travel to Scotland to Cotnpete in the Sclu￿)IS. and World Championships and, following a longstanding link with Brookwood Last Post Ak80¢iatioll at Brookw(XMI Mililary Cemetrry, membe]5 of the Pipes and Drums who represent the School at Brookwood L&%t Post were Selected to go to Menin Ga to play and take part in the Last Post A550CiY4tioTL'5 ReTnembratLce Service. Commercial A planning conditiort for the Sports Hall artd 3G pitch is community use with a Community Use Agreement in place between Gordon's and Surrey Heath Council. There is si￿lfIcant intertst in hire of these facilities, with a focus on supporting local 8r&ss-roots swrts clubs. Other S￿ fa¢ilitie& creating the S￿)rts Hub, are also Made available for hire. Oth¢r ¢ommercial activity includes Gorthns¢oGo within the Catering Departm¢D4 and th¢ Sm Hub Café. part of the new Sports Hall busldirlg available for use in ￿￿jUnCtion with sports hire as well as Gordon's Sixth For￿ students during the school day. A monthly G￿don'S Supw Club ha5 l%eL re-lallD¢hed p)st£ovid. Wtlile we were pleased to again host Barracuda Day Camps during the Easter and Summer holiday& residential letting5 were not fe&8ible due to refurbishment work in the r&sidentiai Houses and fewer enquiries received followiN8 Covid as well as Br¢xiL Partnershlps The partnership laullebed with Alder5hot Town Football Club in July 2021 whereby their team is based and trains at Gordon's during weekday mornings, and provided with caring and other facilitie& continues positively. In addition to hire eharges. Seh(x>l f(xJtha]I teams are provided with ¢oa¢hing by the ATFC coaching team and opportunities for free home rnatch tickets. Other $wrtingparthe]3hip$ ¢ontinue. with HarlequinsRugby Footballclub andsurrey Stomi (Premier Netball).

TKE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT (continued) Gordon's is proud to help reduce global educational wTrverty through a working pathersbip with the Commonwealth Education Trnst (CET). Fortnalty known &5 the Commonwealth InSti￿le. the CET is a wellls through fundraising and practical resources. The Camelthorn Foundation supEKTrrts ¢ommunity-led wildlife initiative5 alongside promoting education alld $ocio- economic opporDmities Zimbabwe's Hwange province. Gorth)n's has pledged to wotk with tbe Camelthom Foundation to raise sufficient fimds to pmvide, initially, a girls, boaTding howe omd then accijmmodation for boys, attending Nga]no S¢c4)ndary School. In ttme, we hork that students and staff may be able to volun*e¥ with tbe Camelthorn Foundation in the￿ conservation, education or social pr(>gr8rnmes. Extern81 s￿p￿rt Applications to trnsts alld foundations contillue for bursary fvnding as well os specific prOJ￿ts. The support for Gordon's sthdents from a rdnge of educational trusts 15 valued and ID particular the continued generosiry of the Girdlers. Livery Company. Support for Gordon's students by Reedbaln Children's TTus4 Buttle UK the Masonic Clwitable Foundation, Lloyd Foundation, Emmott Foundation, Wispers Trusi The Royal SpTingBoard Children's Foundation and Tak Turton Trust continues to be welcomed by studeni families and the School. Last y&v, two siwificant new competitio]Js were launche￿ the Wynter Bee Global Citizen Prize and the Headmaster's Global Citizen Prize. for which students were asked to engage with one of the UN 17 Sustaitthle Development Goals. We are immensely ￿ateful to Peter WynterBee, fomhertrustee and now Gordon's Ambassador. for encouragingthe institution of these student competitions and for his generosity in funding the prizes, an a]l-expenses paid trip to Costa Rica to take part in a conservation and development project for the KS415 Wyntcr Bee Gl(Fbal Citizen Award and a Red Letter Day experience together with spoA]sorsbip for a Costa Rican stltht for th¢ KS3 Headniaster's Global Citizen Awaxd. Gordon's is proud to have signed up io the Force5 Covenant and to display the Bronze Award of the Employers, R￿QgnItiOn Scheme, recognising the Sth(K)I'g role in SUPIKJrting our Forces families as well as being a major employer in the area. The link with the Corps of Royal Engineers continues to k valueiL in particular CCF students participating in Field Days organised at Gibraltar BaTtacks" training staff from Pirbright Camp assist with ceremonial drill. Members of the Pipes and Drnms play regularly for the knt Post A$S￿latIon at Brookwood Ce]neteries. The Pipe Band h&8 played for sU￿¢Y Police Pass-out Patades and with Surrey Poli¢e Band in a Festival Remembrance Parade. Fundraising The tTU5tees recognise the importsnce of meeting the highest stalldards of practice and we in relation to ￿ndraIsing activities. The Foundation keeps donoT% infor]ned about fundraising activities through regular updates. All fundraising activity is carried out by school staff, who have received training on fi￿draIsing standards. No complaints have been received. The Foundation onty raises fimds from those individuals and OTganisations known to it and the Foundation does not undertake fundraising campaigns to members of the public. Patronage In June, the SchiM)I celebrdted the Platinum Jubilee of (￿Cen Elitibeth It, Patron of Gordon's School. In September the School joined the nation as we mourned Her Majesty'5 death. Tru5tee5 hope that in due course HM King Charles will agree to rontinue the unbroken line of the reigning monarch as the Foundation'5 Patron. Ftsr￿er trustee Trustees were saddened to Ivdm of the death tn September 2022 of fomier trustee John Udal. who had served with the Sudan Political Service until Sudan's independence and continued to prornote interest in the county.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTELS INCLUDING THE STRATEGIC REPORT {colltiDued) MANAGEMENT AND EFFECTS OF COVllk19 It has been relief to the whole School cornmunity to have the whole sch(K>l year withollt lockdown. The additional costs incurred duritjg the previous two years have reduced $ignifi¢aTLtly. any cost of continuing practices in¢ory)orated within general operdting costs. Chang4% that came about through Covid such as online staff briefing. the two-part lunch break and virtual parent ¢onfer¢nces have coDtiDu FtNAf4CIAL REVIEW AND RESULTS FOR THE YEAR The main sources of fimding for the Foundation are through tM)arding ¢harg¢s and investments. Gordon's continu<% to be all oversubscribed s¢hool oper￿1￿8 to maximum capaeity with a waiting IisL The f¢¢ in¢om¢ received by the Foutldation was £10,193.082 (2021.. £8.451,959). The net tllovemcnt in fi]nds for the yearw&% a surplus Of £l.081.(K)8 (2021.. defieitof £1,364,962) Investments perfomied as well &s could be expxted during a ye8x of CODtillued upheaval. The investment portfolio h&s decreased by £191,800 to £3229.9731202I.- £3,421,773). On l Jartuary 2013, Gordon's School ¢onverted toAcademyTruststaths under the Academies Act 2010 withall operations. assets artd liabilities transferred over to the GordoTL'S School Academy TrusL Tbi5 transfer was accounted for using the acquisition meth(xl resulting in a £389,IM)O defjcit on the incal Govunment Pension Scheme tJansferring into the TrusL Most years sin¢e there h&$ been an additioDal deficit on the s¢heTne. the scheme defi¢tt was £610,000 at 31 August 2022 {2021.. £1,903,000). Further information on the pension sthemes is given in llole 21. RESERVES Funds comprist uJ]restricied fiulds of £13,586.116 {2021: £13.9t6J98) andrestricted fi]nds, excluding p¢nsion ]uerv4 of £1,385.871 {2021.. £1267.381). The restricted fimds penoll deficitre5erve stands at £610.(MJO (2021.. £1,903.000 deficit). The restricted filljds are set out note 17. Unrestricted fllnds are represented by the FoundatiOD'S propety and other tangible fixed &s5ets, investments and net working eapit21. Free reseryes, defined &s total unr&stricted fimds havingeliTninated the netbookvalueofunrestricted fixed &45ets, are ne8ative and the FoundatiOTk Committee have set a ￿)lleY to restore and build free rGserves in order to maintsin the site and fwid the modernisation and future developrnent of Gordon's Schwl. Risk The tn]stees have a&￿e&￿ the majorri5k5 to which The Gorthjn Foundation is eX￿sed and have taken steps to reduce and Tnanage these risks. Trustees approve a formal Risk Register which Is updated regularly and reviewed by the Joint Audit and Risk Commite ai least annually. The most signifjeant risks identified are noted below together with the means by which to t)wiage the risk.. RISK Worsenin¥ eeoDomic elimate coNrROL R¢gular ¢otssideTation given to ecotjomic fa¢tm which tnay affect parents, ability to pay charges and reduce ESFA fi￿ill8. Effect of ectsnollLiC dO￿￿turn mitigat¢d by reducing costs where possibl¢ and bolth.rtg back OD plans &s well as ensuring frequent reporting of student roll and finan¢es. Maintsin a schedule of pre-agreed changes in the event of Si￿lfIcant1Y reduced income. F(Kus on developing alieTnative income stre#n￿. Compliance with Ttquirement of public benefi¢ the availability of Theans-tested bursaries ss of tharitable sta¢u5 Hreach of Health & Safety isS￿e5. mAjor incident re8ultlng I loss of Ilfe or 5cbool Closure. Crisis Managetnent Plan in plaee and reviewed ai least annually. Risks mitigated by identifyiD8 thell4 setting ollr procethwes to reduce and rnonitoring that all procedures a operatiD8 effectively. H&S exmai advice. staff trained on specific procedures and are reviewed annual by exmal experts. H&S policy reviewed atjnually. H&S Committee meets teTmly or as required.. mernbersbip in¢ludes a trustre I governor. H&S pan of staff induction. Property Services MaDager is H&S Fire Officer alld is trdined io

TRE CORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT (contlnued) Risk (eontinued) RISK corrrROL All staff know to cballenge strangers on site. wear emergency contact information. security contractor employed eveDillgs. overnight alld 24 hi)urs over weekends. r&8ident staff. R&%tiicted aece&s to all buildings. Perimeter fencing and gates improvedbutsotDewekness eThdof FrontField and sbouldreviewnorth 5ideaccess controls. L￿kdOWn procedures in place. Fire risk assessments carried out by specialist suI￿ntractOr on a triertnial basis (or sIM)ner where there 15 all alteration to premises) and ttview¢d annually. PrO¢edL￿¢S andevacuation plaDsreviewed annually. Procedures in place for dealing with arson, smoking. kitche4 heatin& lighteTJing conductoo fire evacuatio￿ alami installation. Routine alarm djecks, hydrants, appliaikces. Adequate insuran¢¢ in place + disastrrreeovery plall which is tested. CotNpromi5ed 5lte 5ecllrity buildings personnel Flre that results IN the school belng unable tts operate Diffieulty ttt $taff retention" poor staftT morale *nd wellbeing Staff tumover data Maintsin￿ Exit iDterview5 with Assistant Bursar for all posts and report made to SLT. Pay ￿e$ reviewed re8ularfy against appropriate markeL benchtllark. Effective Communications mantsined between 5tsff. line and senior managers. Open Dfy)r foi Head and Chair of Governors. Appropriat¢ benefits provided + PRP {¢eachingl and tertllly bonus scheme {support). Positive encouragement touse [￿￿-cOntaCtt1Me forwellbeingactivity ifwish to. Availability of school fa¢iliti&% for staff. L05s of Internet connectivity for a prolonged period Setvi¢e is provided by contractrd rr managed $ervi¢e provider with high SLAS and 24n remote monitorin& t)epending on where the failure ha5 occurred, a restricted network provision could be restored. Backup second internet feed being considered (le&8 speed bui adequate for priority Pur[￿). Schix)I website can be llpdated to inforni parents if prolonged loss of service or Seh(KJIComms messaging. Temily check of disasw Tecovery plan with IT managed Services. INVESTMENT POLICY The charity ainjs to manage the iDV&%ttDent portfolio su¢h that investment income is maiDtained and capital growth is a¢hiev¢¢L in real tetms. The performance of inves￿ents 2nd the illvestment wbticy 15 reviewed regularly by the Investment Panel. The Itjvestment Panel does not any coLstraiDts thatmight limitsele¢tiot&of illdivithjal inveslments for social. envirotjmental orethical reasons. PLANS FOR FUTURE YEARS 3-year Strateglc Prlorlties: Develop a working and learning envirotknnellt for Gordon's School that nM)ve5 beyond outstanding Develop the School's Digitsl Strategy a¢ro&8 both learnin8 and adminislrative processes Progre&s the Estatas M&51er Plan Desi8n and imp]en￿lL our environmththl wlicy Further develop 'Gordott's Connecied. plaffornL boosring paren4 student and sraff engagemetLt by creating pthierships between Gordon's Careers dtpattnenL Business Network. alumni and parents Further develop Gordon's Schools, Partnerthip. boos(ing colla￿TatIVe opporDJnitie5 for stlldents and staff. Ill) iv) vi DISCLOSURE OF INFORMATION TO THE AUDITOR In the cw of each person who was a Directoratthe time thts report w&8 approved.. So far as that Director was aware there wa5 DO relevant available infornution of which the Group'5 auditor was unaware and That Director had tsken all the steps that the Dtrcctorought to have taken as a director to make himself orherself aware of any relevant audit inf0m￿tiOn and to cstablish that the Group's auditt)r was aware ofthat inforniation. This conf￿rnatiOll 18 given and should be illterpreted in aecordw with the provision of $418 of the Conwanies Act 2(K)6.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEFS INCLUDING THE STRATEGIC REPORT (continued) STATEMEf4T OF TRUSTEES, RESPONSIBILITILS The trllstees (who are also the dIrec￿r$ of the charitable tompat)y) are respx)nsible for preparing the Report of the Foundation tTUSttts, incorporating the Strategic Repoo and the financial statements in accordance with applitable law regulations. Company law r￿Ul￿ the tn]stees to prepare financiaj statements forea¢h fitwiciaj year. Under that law the trusteeg have elected to prepare the fJnan¢ial statements in accordan¢e with Uni￿d Kingdom Generally Atcepted Accounting Practice (United Kingdom A¢¢ounting StatK]ards and applicable law). Under company law the trustees must not approve the finan¢ial statements unless they are satisfled that they give a true and fair view of the state of affairs of the charitsble company and the group and ofthe incoming resources and appliGqtion of rewurce8 including the in¢ome and expenditLWe, of the cbaritable COllLpally and wup for that year. In preparing these financial statements, the twstees a￿ required to: select suitable accountiDg polici&% and then apply coDsiStentlT, observe the aneth(Mls and principles in the Charitics SORP,. ake judgments and accountin8 esiimat&s that are re&sonable and prudwL state whether applicable UK Accollniing Standards have been followe4 subject to any material depar￿re$ disclosed and explained in the finan¢ial sta￿nents- pr¢par¢ the financial statements on the going ￿nceM basis it is inapprowiate to presume that the ¢omEbany will continue in busines The tn]sttts are responsible for keeping adequate accollnting ffcords that are sufficient to show and ¢xplaiu the ¢baritable company's transaetions and disclose with reasonable accllracy ￿ any time the finan£ia] posilion of the tharitable tompany and enable them to ensure that the fiTWb¢iai statements Comply with the Companies A¢t 2(K)6. They are also responsible forsafeguarding theassets ofthe charitable companyand thegroupand heTLcefortaking msonable step5 fortheprevention and detection of fraud and other irregularitie& AUDITOR Our auditor. Allio¢ts LLP, ]M indicated their willingness ￿ CO￿11￿ue in offitt. The Trustees, Report. incor[￿)rating the Strdtegic Report w&5 approved by the tnLSttts of The Gordon Foundation 023 arml 518ned on its behalf by.. Lieutenant G Chalrman er% Ichard Crlpwell CBE 12

THE GORDON FOUNDATiof INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GORDON FOUNDA TION Oplnlo We have audited theeonsolidated flljallciai statements ofThe Gordon Foundation for th¢ yearended 31 August 2022which comprise the Cottsolidated Statement of Financia] Acuvities, theGroup andcharity Balance Sheet4 the Consolidated Cash Flow Statcment andnotes to the fLnan¢ial 5ÉatemenW includinga5ummary ofsignificant accounting policies. The financial orting framework that has been applied in their preparatioll is 8ppltcable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The FIntsnc￿I Reporling Sthdord applicable in the UK oiid Republic oflréltsnd (United Kingdom Generally Accepted ActA)uniing Ptactice). In our opinion. the financial statements= give a trne and fair view of the state of the group's and of the pa]rnl ¢haritable company's affairs as at 31 AugusL 2022 and of the wup's and parent charitsble tompwy's net moveTnent in fwid4 including the inc4)rne and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Gerterally A¢cepted Accounting Practice" and have been prepared in accordance with the requitements of the Compallie5 Act 21M)6. BA$1$ for oplnio We conducted our audii ID accordance with Iotemational St2ndards oo A￿lIting IUK) {ISAs (UK)) aml applicable law. Our responsibilities underthose stathdar¢tsare fijrtherdestribed in Ihe Auditoi's responsibilities for the alldit ofthe f￿anCIal statements section of our repoTL We are independent of the gtoup in aCCOTdance with the ethica] requirements that are relevant to our audit of the financial statements in the UK. includingthe FRC'S Bthical Standar¢1 and we have fulfllled our oth¢r ethical r£%ponsibilities in accordaThce with these requirements. We believe that the audit evidence we have obtained is suffJ¢ient and appropriate to provide a basis for our opinion. Conclusions rel•tlng to golng con¢ern In auditing the finan¢ial sthtements, we have con¢luJed that the trustee5' use of the going ¢oncern basis of ac¢ouDting in the preparation of the financial statements 15 appropriate. Based on the work we hav¢ performed. we have not identified any tnaterial uncertainties relatitlg to events or conditions that, individually or collectively, may cAst significant doubt on the group's and parent company's ability to continue as a going collcern for a period of at least twelve months from when the fioancia] statements are authori8¢d for i&su¢. Our responsibilities and the ffsp)nsibilities of the tswttts with resped to going concem are described in the r¢levant sections of this reporL Other illformatiOD The try$￿$ are resw>nsible for the other infornation. The other inforniation comprises the infOrn￿tion included in the Trustees. Report. Our opinion on the financi31 SL2tements does not cover the other infomiation aniL except to the extent otherwsse explicitly swed in ow rep)0 we do nol express any fom) of assurnnce con¢lusion the¥u)n. In connection with ouraudit of the financial statements. our r&sponsibility is to read the other illforniation aTLd, in doing so, ctsnsider whether the other infonnation is materially inconsistent with the fJnancia] statements or our knowledge obtained itl the audii orotherwise appears to be maieridlly misstated. If we identify such manal inconsistencies or 4)parent material mlSStatetnents, we are required to d¢￿M)Ine whether there is a mateTial tni&8tateTnen¢ in the financiil statements or a aterial misstaiement of the other infomwion. If, based on the Work we have perfomied, we ¢on¢lude that tlwe is a rnat¢rialmisstatementof thisotherinformatio￿ weare required torqMJrtthatfacL We havenothingto report inthisregard. Opinions on other matters pres¢rfbed by tbe Companles Att 2006 In our opinion. based on the woth undertgkett in the ¢ouTse of the audiL the Inforn￿tiOn given in the FouDdation Trustees, Report {whith incorporates the strate8ie report and the directors, report) for the financial year for which the fiDancial statements ate prepared is consistent with the finan¢i81 statements,. and the Foundatioth Trustees. RerK)rt has been prepartd in accordance with applicable lega] w4uirements. 13

THE GORDON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ThE GORDON FOUNDATION (£ontinued) Matters on whleh )ve art required to report by exeeptioD In the light of the knowledge and understanding of the group and the pareni charitable company and its envitonment obtailled ill the course of the audil we have not ider)ufied maierial MisSra￿ments in the Foundation Trustees. Rq)ort. We have nothing to report in rtspect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been keptby the group and parentcharitsble cotnpany. or retsjrns adeqwdte for our audit have not been rweived from braneh&s not visited by us- or the group and parent eharitsble company fman¢ial Statements are noi iEJ agreemertt with the accounting records and returns. or certain disclosures of trustees. remunerdtion specified by law are not Made. or we havt not reeeived all the inf0M￿lion and explanatsoths we require foi out audiL Responslbllities of trnstees for the financial statements As explained tnore fully in the tn]stees' resp)nsibilities statem¢llt s¢touton page 12, the tswstees (who are a]so the ditectors of the charitable company for the pu4x)ses of company law) are resp)nsible foithe prepa￿lon of the fiiianeial statements and forbeing satisfied that they givea tn￿ and fairview. alld forsuch illterllal control as the trustees detertllineis neceswy to enable the preparation of fman¢ia] state￿¢llts that are free frotD material misstatemen4 whether due to fralld or errw. In preparing the fthancial sth*meDL% the tn￿tets are respoDsible for &ssc8sin8 the group's 8nd the parent chari¢able company's ability to Continue a5 a going concern, disclosing, as 8pplic&bl4 matters relata to going ¢ODcem and using the going concern basis of accounting unless the tnjsw either inlend lo liquth(e the group orthe parent charitsble tompany or io ¢ease operations, or have rea]isti¢ alternative but ￿ do so. Audltor's respon$lbllltles for the ¥4udit of the finaDcial staternents Our Objectiv￿ are to obtain reasollable a&surdnce about whether the fmaneiaj statements &8 a whole are free from material rn15statr￿¢￿t, Whetherth￿ to fraudorem)r, andto issue an audi￿r.Srep0rt that includes ouropinion. Reasonable assurance is a high level of&ssurance, but IS not a 8uaraniee ihatan audii conducted tn a¢¢ordan¢¢ with ISAS (UK) will always detect a material mi&statement when it exists. fvlisslx(eAnents can arise from fiaud or eTwr and are ¢onsidered ttlaterial if. individually or in the awegate, they ¢ould reasonably be expected to influence the economic decisions of users tsken on the b&8is of these fmanciai statemen IrregUl￿1￿cs. iucluding fraud. are instaDce5 of nOn￿liance with laws and regulations. We design procedures irt line with our responsibilities, outlined above. to detect Jnaterial tnisstatemeDts itt respect of irregularities, in¢luding fi￿￿. The extent to which our procedures are capable of detecting irregu]arit¢es, including fraud, is detailed below. Our approach to idelltifying at)d &wssing the risks of material mi&Sts￿t in rwect of Irregul￿ltitS. including fraud 2nd non-cornpliance with laws and regulation4 was as follows= the enga8emellt partner eosured that the engagement team collectively Imd the appropriate con]petence. capabilities and skills ¢0 idenufy orrecoEtiise noll-compliattt with applicable laws and regulations,. we sdentified the laws and regulations appli¢able tt) the group and parent ¢haritsble company through distUSSiODS with ts￿stees and other managemeDL and from our knowledge and experience of the sector. we focusedon Specific laws and regulationswhich we considered maybave adir￿tmthrI8I effect0￿ the financial statements or the operations of the group and parent Chatitsble Company. including the Companie5 Act 21>06, the Charities Aci 2011, the Academy Tru￿ Handik)ok 2021. taxation. etnploytnenL enviroTLmental and health and safety legislation. we aSse￿ed the extent of ￿mplianCe with the laws and regulations identified above through n]akin8 enquiri&s of management and inspecting legal correspondence. and identified laws and regulations were commutil￿ted withill the audit team regularly and the tealn remained alat to iTJStances of non-compliallce throu8bout the audiL 14

THE CORDON FOUNDATION INDEPENDENT AUDJTOR'S REPORT TO THE MEMBERS OF THE GORDON FOUNDATION {¢ontlnued) We assessed the sus¢eptibility of ihe group and parerht Charitable company's finan¢ial statements to materia] misstatemenL in¢luditLg obtaining atL understanding of how fraud Elli8ht i)¢cut. by: n)aking enquiries of management as lo where they coJJsidereAI there was suseeptibility to fraud, their knowledge of actual. suspected atld alleged fraud. considering the intem3] controls inplace ￿Miti￿e risks of frdudalld non-compliancewith laws and regulations. To address the risk of fraud through management bi&8 and ovcrride of c4)nrro]4 we.. performed ar]a]yti￿1 pr(￿edUr￿ to identify any unusual or unexpected relationships" tested journal ¢ntri¢s to identify unusual ¢ransa¢iions' essed whether judgements and assumptions made in determI￿g the a¢coun¢ing esiimates were indicative of poterttial bias. and inv¢stigat¢d th¢ ratiOt￿l¢ b¢hiud S1￿11r1¢8￿t or UDusual traDsactioDs. In response to the risk of itregularities and non-co￿p1ian¢e with laws alld regulations. we desiglled procedures whieh included. butwere not li￿Lled to= agreeitjg fmancial statemeDtdisclosurts ts) underlyitjg supporting documetttation; reading the Minutes of meetiDgs of the Foundation Cottlltllttee" enquirin8 of maDagemellt to actual and potential litigation ar￿ Clain￿,. and reviewing ¢orrespot)den¢e with HMRC. There are inherent litnitationg in our audit proCcth￿ described abovL The njore removed that law$ and regulations are from finaTJcial irdnsaction5. (he Iw likely it is that we would become aware of Don-complianee. Auditing staiidards also limit the audit procedures required to identify n0n-compliat￿e with laws and ￿8￿latIOnS to enquiry of the trystees and other managemeni and the inspection of regu]atory and legal ¢orresN)nden¢e, if any. Material misstatements that aTise due to fraud ean be I￿rder th delect than those that arise frotn ernr as they nmy involve deliberate coucealmeDi or ¢ollusioD. A fi￿￿er description of our re4x)nsibilities for the audit of the financial StateD￿ts is l¢KAted on the Finarlciai Reporting Council's website at.. www.frc.or .uklalldi sibiliti . This description forms part of our auditor's rewrt Use of this report This report 15 made solely to the gmup aTLd parent charttable company's members. &s a b￿. in aecordance with Chapter 3 Of Part 16 of the Compani&s Act 2(K)6. Ourallditwork h&5 been undertaken so that we might state to the group and pai'ent charitable company's members those matters we are required to state to them in an Audiwr's report and for no other puwse. To the fullesl extent pemiitted by law. we do not accept or assllme resp)nsibility to anyone other than the group and parent charitable company and the group and parent cl￿table company'5 tlletnber5 &$ a body. for our audit work. for this repoTL or for the opinions we have fortned. Sy'_ Stephen Meredlth BA FCA DCbA (Sellior Ststhtory Audltor) for *rtd on behalf of Alliotts LLP Senior Statutory Auditor Alliotts LLP Fllary Court 13-21 High Street 10 &.23 15

THE GORDON FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL AcrtVTfIES (INCLUDING COYL SOLIDATED INCOME AND EXPENDITURE ACCOUIYT) FOR THE YEAR ENDED 31 AUCUST 2022 Unrestrfcttd Restrlcted FUD Fumds Totsi 2022 TtstAI 2021 Note Ineome from- Donations and legacies fjrants 91975 91.975 23&5l3 13,136 159,157 23&513 Charitxble llctlvity.. Income from boarding charges Other opeftiirtg irtcome FwidiuE for tkne Acaderuy's educationa] 0￿r8￿onS 10.186.586 20&276 A496 10.193.082 206,276 5,323,140 8,451,959 240.304 5,109.004 5J23,140 Tradlng actlvltles: Trading incotne 153.278 153.278 41.822 Investment Ineome 88.823 12,866 101,689 106,529 Tot#1 inetsTht 10.74938 4581.015 16J07.953 14,121,911 Expendlture on: ChaAiable Ittivity: Staff costs Educational costs Welfare costs Premises Costs Suppoil ¢OSts Raistng funds: Finance cos Investment management Tridlng #etlvldea.. Trading costs 5,965.615 4.155,884 529.173 10,121.499 529.173 I.￿&141 1617J12 929,457 9.372,237 481.604 ,612,039 3.290.721 728.323 1908.141 I.￿1,624 570.592 715.688 358.865 29IJ09 1261 291509 2261 244,926 762 141W2 142,892 12,683 Total txpendlbjre 10,782ffj34 5.759ffj10 lo￿42.244 15,743,295 Operating incomellexpendlture) {5S696) 117W5) {234.29l) (Ih2lJ84) Nel gaiDslOowsl on inv¢stm¢nts (274.786) {20.915) 1295,701) 430.422 Imtomellexptmdlthre) {330.482) (199.510) (529.992) {I.I90.962} Actharial Ilossesvgainson defIned￿nefit p¢JJsion schemes 21 I.oIIMwJ 1.611.otK) 1174,0(YJ) Net movement ill for th¢ yer (330,482} 1.081MO8 (lJ64,962) balan£ey bt0￿￿1 for*rd It I 16, Septembér 2021 17 13,916598 {635.6191 13280.979 14.645.941 Fund bY4ian¢es tArrfed forward ¥t 31 August I 2022 17 11580,116 775071 14J61,987 lJ.28Q.979 All of the charitsble group's activiti&s are continuin& All recognised gains and losses ale included in the Statementof Financial Activitics. The accotnpanyin8 notes form part of these financial statements. Details of compardtive figures by fimd are disclosed in note 23. 16

THE GORDON FOUNDATION Registered Company No: 01￿27272 GROUP BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Notes FIXED ASSETS Tangible Investments 21,756,654 3229,973 21.170,012 3.421,773 9,Jll 24.986.627 24,591,785 CURRENT A&8ETS Debtors Cash at bank and in hand 12 780,056 273,054 776,046 743,138 1.053.110 1.519.184 CREDITORS.. Amounts falling th within one year 13 {3,852,991) (3.714,5631 NET CURRENT LIABILITIES (2,799,881) (2,195,379) TOTAL A&SETS LFSS CURRENT LIABILITIES 22.186.746 22.396.406 CREDITORS.. Amourtts fajling due after more than one year 14 (7214,759) (7,212,427) NET ASSETS BEFORE PENSION UABILITY 14.971.987 15,183.979 PENSION SCHEME LIABILITY 21 (610.IKK)) {1,903,000) NET ASSETS 14J61,987 13280,979 FUNDS Un￿StrICted fvnds Restricted- Spe¢ifi¢ Funds R&%tricted- Pension Reserve 16 17 17 13,586.116 1,385,871 (610,(KKI) 13,916.598 1,267,381 (1,903,(N)O) 14J6X987 13,280.979 The financial statements were approved and authorised for i￿e by the Board on 21 Janw 2023 ond were signed bel nitsbe fby= Lieutenant Ge Chairman 'chard Cripwell CBE Mr C Whiffin Treasurer The accompanying rtotes fomi part of these fina￿tal Statem￿1& 17

THE CORDON FoifNDATION Registered Company No: OIMb27272 CHARITY BALANCE SHEET AS AT 31 AUGUST 2012 2022 2021 Notes FIXED ASSETS Tangible Investments Investment in subsidiary company 21.514.516 3,229,973 20.962.028 3.421,773 24.744,491 24,383,803 CURRENT ASSETS Debtor5 Cash at bank and in hand 12 404.739 267.016 501,087 659,980 671.755 1,161,067 CREDJTORS.. Amounts falling due withirt orte year ij {3.944,406) (5.166,632) P4ET CURRENT LIABILITIES (3.272,651) (4,055,565) TOTAL ASSETS LESS CURRENr LIABILITIES 21.471.840 20.378.238 CREDITORS.. Ajnouuts falling due 8fter mor¢ than One year 14 (7,146,667) {7,131,954) TrIET ASSETS 14J25.173 13246.284 Unrestricted fuTMIs R&%tricled fvnds 19 13,420,683 904,4￿1 12,340,241 906,043 14J25,173 13,246,284 The charitable cotnpany has taken exemption from presentirtg the tharity s(atement of financial activities under section 408 of the Companies Act 2006. The net irtcome of the charitable company for the year was £1,078,889 {2021.' net exp¢nditllre £1.365,954). The financial swements were approved and authori%d for issue by the Board oll 21 January 2023 and were signed alf by.. Lieutenant Ch9irman l Richard Cripwell c￿ CBE Mr C Whiffi Treasurer The ac¢ompanying notes forni part of these finaDcKai statements. 18

THE GORDON FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Note Net Cash Inflow from operatlng activides 728,984 574.590 Cash flow$ from investirtg activities Irtvestment income received Capita] grants from DFEIESFA Purchase of fixed wets Purehase of investments Sale of investments 101,689 263,122 {1,171.806) (128.687) 24.784 106.529 518,135 {1,434,(K>8) {169,314) 63,560 Net eAsh outflow from illvutlng Actlvltles {910.8981 (915,098) Cash now from finneing activities Loan repayments New loan finaDce Jnteresi paid (332 J81) 334.713 (291,509) {133 J331 ,090,351 (244.926) Net cash frotn finn¢ing #ttivities {289.177) 712,092 Change in cash and eAsh equivalents in the year (471,091) 371.584 Cash and cash wuiv3lents * the beglmiing of the year 743,138 371,554 Cash cash equivalents at the end of the year 272.Ib47 743,138 RECONCILL4TIOY OF NET MOVEMENT IN Furt￿s TO NET CASH INFWW FROM OPERATING AcrtvrriLs 2022 2021 Nei movement in fimds for the year Depre¢iation ESFA capital graDts Lossesl(Gains) on investments Decreasellincrease) in debtots (Decreasevincrease in credito]S Investment income receivable Finance Costs Pension adjuslment I,081,￿8 585,164 1238 J13) 295.701 1,244,197 (1,135,393) (101,689) 291,509 (1.293.000) {I,J64,962) 1,311,759 26,020 (430,422) 729,342 {193,5441 {106,529) 244,926 358,0(KJ Net cash inflow from operating activiti&8 728,984 574,590 ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 202 C&sh &tbank Oyerdrnft 273,054 (1,￿7) 743,138 272,047 743,138 19

THE GORDON FOUNDATION STATEMENT OF ACCOUNTING POLICILS FOR THE YEAR ENDED 31 AUGUST 2022 The Gordon Foundation is a ¢haritable¢ompany limited by gLwantee. in¢oTwrated in England and Wales{company number.. (M)027272) and a charity registered in EnglaTLd and Wales {charity number.. 312092). The Charity's registered otTJee address is.. The Gordon FourthtioTr. Gor<kin's School. W&%t Ell(L Wokin8, Surrey, GU24 9PT. Basis ofAecountiDg The fjnancial statements have been prepared in accordatKe with the Financial Re¥￿Ing Stsndard applicable in the UK and Republic of Ireland {FRS 1021. The company is a public benefit entity for the purrK)ses of FRS 102 and a registered charity established as a company limited by gllarnntee and therefore has also prepared its financial statements in accordance with the Statemeni of Recommended Practice applicable ￿ charities prqjaring their accounts ITL accordaThce with the Financial Reporting Standard applicable in the UK and Rqjublic of Ireland {the FRS 102 Charitiu SORP) leff¢ctive from l January 20I9} and the Companies Act 2006. The financial ststements are prepattyj in steAing, which is the functional ¢utren¢y of the ¢h8rit2bl¢ ¢ompany. Monetary amounts in these flllancial statements are rounded to the ne4rest pound. The fjnaneial statements are prepared under the historical eost convention as m￿lfied to itkclude the revaluation of investments. The principal accounting policies adopted are set out below. Boardlng Charge Debtor Polley Boarding Charge5 debty KTJ debtor& reflect outstsnding debts for the boarding charges to 31 August 2022, whilst Boarding Charges sn advance. in creditors. rdlect received prior to 31 Au8Wt for the autsJmtL term 2022 boarding charges. Basts of Consolidxtlon The Cortsolida￿ finan¢ial statements in¢otPOt* those of The Gordon Foundation and ail its subsidiaries. All financial 5tat¢tnents are made up to 31 August 2022. All subsidiary undertakings have beerb included wthin the financial statements. The entities are consolidated on a line by line basis and all intra.8roup trallsactions and balances between gTh)up Companies are ¢liJnioated on ¢ot)solidauon. b) Going eoneertt The financial statements are prepared underthe going concem basi5 which &ssume5 the Group will ￿ntinue to meet its liabilities as they fall due for a period of at leth twelve moThth5 from the date of approval of these financial statements. The tn￿leeS have reviewed regularly revised budgets 2nd flow forttasts based on various scenarios including the rquiretn¢nts of the bank loall covenants and are keeping the sitsjatiotk under constantreview, meeting ffgularly with senior management. Based on the infonnation available on the date of signing these financial statements, the trustees cannot make a reliable estimate &s to the Ultima￿ fit)an¢ial impae4 however they believe the actions tsktn haveensuredtheGroup'$ ability to continue to opeTate as a going ¢on¢em for a wiodof 0¢ least 12 months from the date of approval of these f￿anCial staterneuts. 20

THE GORDON FOUP4DATION STATEMENT OF ACCOUNTING POLtClFS {continued) FOR THE YEAR ENDED 31 AUGiJST 2022 Significant judgmeots #nd souree5 estimalion uncertainty The preparation of financial statements in compliancc with FRS 102 requires the use of certaiTh critical accounting estimates. It also requires management to exercise judgment ill applying the Charity's accounting policie5. The key judgetnents that have been applied by management relate to.. Judgment l -the P￿seftt value of the L¢￿81 Government Pension schen￿ defmed benefit liability depends on a number of factors that a￿ demJined on an a¢warial basis using a variety of assumptions. The a&sumptions used in detern)ining the net ¢ost (income) for pensions in¢lude the (bscount ratr. Any changes in these assumptions, which are disclosed io note 21. will impac¢the caTrying aTnoun¢ of the pension liability. Furtherniore aroll foTward approach whith projects Ksults from the latest full actharia] valuation perfor￿ed at 31 March 2019 h&s been used by the acw ID valuing the pensions liability at 31 August 2022. Any ditTerences between the fjgures derived from the roll forward approa¢h and a full actuarial valuation would impact ort the canying amount of tbe pension liability. Judgement 2- a bad debt provisioD 88aiDst potential ￿￿tt￿¢ uncollectible boarding charges. d) Income All iTJ¢ome i￿¢[uded in the Statement of Finartcial Activities {SOFA) when the group is legally entitled to the income and the amount can be quantified with reasonable accuracy. alld TeceKpt 15 probable. Grttnls receivable Grants are in¢luded in the Ststernent of FiDan¢iai A¢tivities oll a receivable basis. Th¢ EdlaDce of income received for specific purposes but not expended during the year is Shown in the relevant fund on the balance sheet. Where incoIne 15 received in 2dvan¢e of entit]ement of teceipt its recognition is deferred and included it) creditors as deferred iDCOme. Where entitletnent otturs before iD¢orne is ieceived. the iDc0￿C is accrued. The General Annlla] Grant is recognised in full in the year forwhich itisrettiyable andanyunspentamount15 reflectedas abalan¢e iothe restricted general fund. Capital gmts are recogllised whell rtteivable alld are not deferred over the life of the wet ort which they are expended. Unspent amounts of Lapital grdnt are refiected in the balaftee in the restricted flxed asset ￿nd Donations Donation5 and all other receipts froTh fundraising arr ¥eported gro&s and are accounted foron a receivable basis. The related fundraising Costs a￿ rep)rted in costs of raising funds. JAvesimentJncome Investsnent income is accound for when receivable and includes the related tsx r¢￿verabl e) Expendlture: Expenditure is a¢¢ourtted for on an a¢¢n￿lS basi& Costs ofroisingfunds Costs of raising funds£omprise finance charges asw¢iat&l with interempayableon the Group's borrowin8s and ¢o$ts associated with lettings. Choriioble ociiviii Costs of charitable activities include grants payable and otheT costs th"recdy associated with providing the services and support provided by the charity aDd an apEK)rtiotllnent of ovethead. support and govemance costs. Charitable activity costs represent costs direcdy a&4(Kiated with the provision of educati(m and reLated support ¢osts. Governonce GoveTnan¢e costs comprise the costs of nmning the chariry, in¢ludit)g strategic plannit)g for its future development, external audiL any legal advice. and all the costs of conwlying with eollstitutional and statutory requ1￿mentS, such the costs of Board and Comlljittee EXLeetiDgs aud of prqJarin8 Sts￿tOry ac£ounts and satisfying public aecowitability- Trading acliwti Costs of trading activities include ￿sts dirtctly associated with providitlg the 5erviccs ptovided through trading. Leased As5etS Rental ¢o$ts under operating leases are ch8r8ed to the ststement of finan¢ial activities in equal atnounts over the peri(xl of the leases. 21

THE GORDON FOUNDATION STATEMENT OF ACCOUNThYG POLICIES (<ontlDued) FOR THE YEAR ENDED 31 AUGUST 2022 g) TAnglble Flxed Assets Depreciation is provided on all tangible fixed a&%ets. other than freehold land, on the following methods at rates caiclllated to write off the assets over their estimated usefid lives. The methods and rates are Freehold land and buildillgs Machinery alld ryu1pll￿t Fixtures and fJttin8S Motor vehicl&% 2%_ 40A anllum straight line 2(PA per allnum s￿]ght line 2¢P/• per antLUtn strdigbt litje 20Y• per annum strai8bt line Buildings erected before the year 20(M) are depreciated over 50 ye4r4 aTLd llewer tJildings over 25 ytars. h) Investment$ Listed investments are stated at met value at the balance sheet date. Realisd and Un￿liSed gain￿l￿$SeS on investJnents are included in the Statement of Financial Activitie Stocks Stocks are stated at th¢ lower of ￿$t and n¢t realisabl¢ valu¢ j) Financial instrurnents Basic financial instruments transactions that result iD the recognition of flnartcial assets and liabilities like trade and other accounts receivable and payable are accounted for on the following b&sis: Cash ttnd¢ash eq¥ivalenls Cash and cash equivalents includ&% cash in dq)osits held at bar￿ other short-tem) highly liquid iTJvestments with origillal maturities of three months or I￿ and bgnk overdTafts. Bank overdraft& when applicable, are shown within current liabilities. Debiors dpjd crgdtiors Debtors andcrediiors aremeasured atthe t[￿ti0t7 price less anyprovision for impairn¢nL Any losscs arising from impaimjent are re¢ogDised as expendilujt. Bank borrowings Liabilities for borrowings which are subject to a market rate of interest are measured at the value of the amoutlt adyancei Capital repayments. k) Employee Benellts The costs of 5hort-tern] employee benefits are recogni5cd a liability and an expen￿ Thecostofanyunused holiday entitlement is recognised in the period in which the employee's service5 are received. TeMlin￿1on i￿erits are recogrtised immediately as an expense when the charity is detTh)nstTably committed to teTminate the employment of an employee or lo prowde rnJination benefits. l) FuThd$ General funds comprise the accllmu]ated surplus or deficit from the Statement of Financial Activities which is not restricted nordesi￿ated fi￿ds. Theyalavailable foruse atthedisctttion OrtheTn￿ttt$ in fiutherance of the general objectives of the charity. Restricted funds are fimiL8 which are to be ￿fjed Èn ￿0[dance with 5pccific restrictions itnposed by the donor {see notes 17 and 20). 22

THE GORDON FOUNDATION STATEMENT OF ACCOUNTING POLICIFS (contiDv£d) FOR THE YEAR ENDED JI AUGUST 2022 m) Pen$lon Costs Retirement bertefjt to eJDploytts ate provided by the Teachers. Pension S¢hem¢ {'TPS') and the Local Govcmtnent Pension Schetne ('LGPS'). Thesc are defined benefit s¢lwnes and the a&stts are held separdtely from those of th¢ a¢ademy trllst. The TPS TS all unfi￿ded s¢heme and contributions are caleu]a¢ed so as tts spread the cost ofpensions overemployees. working lives wth the academy ttust in such a way th3( the ￿1$10￿ eost is a substsntially level percentage of ou￿t￿t and futLtre pensionable payroll. The contributiorts determined by the Government A¢(llary on the basis of quadrennial valuations using a prnspective ullit credit llLeth(xi. As stated in note 21. the TPS is a multi-employer s¢heme and the￿ is insuffi¢ient infom￿tiOn available to use defll)eA bellefjt accollDting. Thc TPS is therefoir tre&ted a5 a def]ned conlribution scheme for accounting pur￿$¢$ and the conttibutions re£4*￿iSed irL the period to wbhc they relate. TheLGPS isa fundedmulti4mployerscheme andthe &&%ets areheldseparatelyin tru5teeathninistered fimds. Pension scheme assets are measured at fair Val￿ and liabilities are measllred on an actuarial b&sis using the projected unit credit method and discounted at a tate equivaleni to the curretsl ra￿ of retLtrn on a high quality corporate bond of equivalenttersn andcurrency to the liabilities. The a¢ruarial valuation5 are obtsiT)ed atleast triennially and are updated at each balance shcet date. The amounts Charged to opeTaiing surplus aTe the current service costs and the costs of scheme itltroductions, benefit eballge& settlements and Curtailments. They are included as p8rt of staff Costs as ineurre(L Net intertst on the net deflned benefit liability1&￿t is algATr recogThi5ed in the Statement of Firtancial Activities and ¢omprises the irtterest cost on the defitted benefit obligation and interest income on the schc￿e assets, calculated by multiplying the fair valueof the scheme assets * the beginning of the peri¢xi by therate usedto discount the benefit obligatioDS. The difference between the interest illcome OD the scheme assets ond the actual return on the scheme assets 15 recognised in other Te¢O￿lS¢d gains alld l(bs5es. ActyJati31 gains 2nd losses are recognised immediately ID other recognised 8aiDs and lo&%e Foundation employees are part of a defilled contribution w0￿p1aCepellSIorl scheme witb Salvus Master. Paynients to defined contribution rdirement trenefit ￿heMeS are Charged 8s an expefjse &s they fall due. 23

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEmE1￿r8 FOR THE YEAR ENDED 31 AUGUST 2022 2022 Restritted Funds 2021 Total Unrestiirted Funds Totsl DONATIONS AND LEGACIES Donations and gifts Legacies 91,975 91,975 13,136 91.975 91.975 13.136 GRANTS GovernEllent grant- COronavin￿ Job Retention Scheme ESFA capital grdThts 159,157 238,513 238,513 238JJ3 238,513 159,157 INCOME FROM CHARITABLE ACTIVITIFS Gros5 income from twding chtrg&% Ikss". Bursaries Stsff discounts Other discounts 10.757.313 6.496 10,763,809 8,912,188 (535286) (18,739) (16,702) {535.2861 (18.7391 (16,7021 (431.590) {15,405) 113,234) Net income from boarding ¢harges 10.186.586 6.496 10,193,082 8,451,959 Other operating it]come 206.276 206,276 240,304 Funding for the Academy's ethjcational operations 5,323,140 5.323.140 5,109,004 IOJ92J62 SJ29.636 15.722,498 13,801,267 TRADING AcfiviTIES Tradittg iJJcorne 153,278 153.278 41,822 153,278 153.278 41.822 tNVESTMENf ThCOME Interest received Divideni& received 14 106,515 88,823 12,866 101.689 8&8ZI 12,866 101,689 106,529

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMEf4TS (CoTrtinued) FOR THE YEAR ENDED 31 AUGUST 2022 EXPENDITURE 2022 Total Stsff Costs Other Depreelido Ch*rltable actlvlty: Staff costs Teaching costs Welfare costs Premises costs Support Costs 10.121.499 10,121,499 529,173 1,908,141 2.617.312 929,457 529,173 1,908,141 2,031148 929.457 585.164 111,121,499 5J9&9J9 585,164 16,IlJ5582 Ralslng fDnd$: Firtan¢e Costs Othei Costs Traditjg eosts 291,509 2.261 142,892 291.509 2,261 142,892 10.121,499 5.835J81 $85,164 16.542.244 EXPENDITURE (PRIOR YEAR) 2011 Total Stsff Costs Other Depreciatlon ChArltable Activity: Staff ¢os Teachillg costs Welfare e05ts Premises costs Sllpw>rt costs 9,37U37 9.372,237 481,604 1,612,039 3,290,721 728,323 481.604 1.611039 1.978,962 728,323 lJll,759 9J72237 4WQ928 IJI 1.759 15.484.924 Raising funds: Finance costs Other costs Trading costs 244,926 762 12,683 244,926 762 12,683 9J72237 5.059299 I JII.759 15,743,295 21122 2021 Tot41 expendffi￿re Includes: DepTeciation Operating lease payments recognised a5 all expense Auditor's remuneration.. - Audit fees - Other setvices 585.164 297.563 23,600 10,050 1.311.759 194,509 21,200 8,325 25

THE GORDON FOUNDATION NOTES TO THE FtTriANCIAL STATEMEPffiS (Cottdnued) FOR THE YEAR ENDED 31 AUGUST 21122 STAFF COSTS 2022 2021 Wages and salari£ Social 8ecllrity costs Other pension ¢osts s￿ff restrucbJTitLg costs 7,838,181 775,083 1.498.483 9,752 7,345,031 695,402 1.319,564 12.240 10.12J,499 9,371237 2022 2021 The averdge number of employe&s in the year was: Teachers Adtninistration (in¢lL￿]ng academic SUpp￿t & maintenance) 73 214 70 176 287 246 The number of higher paid stsff durin8 th¢ yearwas as follows". £60,001 to £70,OIX) £70.001 to £80.(KM) £80.001 to £90.(KM) £90,001 to £lOO,000 £120.(K)I to £130,000 13 18 J2 No trustees reeeived any remuneratioll or bcnefits-in-kind during the yt4r (2021.. £nil). No truste￿ received reimbursementof expensts in rtspcct of travel and subsistence duriDg the year (2021: £ntl). Pension Contributions of £80,819 {2021: £89J13) were made to personal pension plans in respect of higher paid staff during the year. The key mana8ement per50tuJel of the group comprise the trnstees. Head Teaeher. Deputy Head Teachers, Bursar, Head of Finance, Assistsnt Bursar and Property Servi¢es Manag¢r. The toral rtsnuneration of the key management persomiel during the yw £693,81K> {2021." £741.926). 26

THE GORDON FOUNDATIor4 P40TES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 21b12 FIXED ASSETS- GROUP AP4D CHARITY Freehold Machitttry & Land & Buildings Futures Asstts tsttdtr Total Acaderny Tot*1 Iptrjeat Flttlllgj Constntcdon Chirlty Trust Group COST At I September2￿21 Ad(btions ReciHssifJcation 26.175,265 303,453 154.822 1,022,155 12&951 817,218 162500 154,822 28,169.460 1.071.402 455.355 1.050,259 121.547 (154.822) 29.240,862 L.171,806 At 31 ADgu5t 2022 26A135411 1.151.106 979.718 455J55 29,219.719 1,192.949 30A12,668 DEPRECIATtON At I Septettther 2021 Charye for the year 5,671,885 316.986 815.952 97266 719,595 83519 7.207.432 497.771 863.418 87.393 8.070,850 585,164 At 31 August 2022 5988871 913318 8114114 7.71b5,203 950.811 8,65@014 NET B(IOK VALUE At 31 A￿gUSt 2022 20,644,669 237,888 17W 455JSS 21J14,516 242,138 21,750,654 At 31 Avgu$t 2021 20J03J80 154122 20,962,028 207,984 21.170,012 FIXED ASSETS If4vESTMENfs -GROUP AND CHARITY 2022 2021 BalaTL¢e at I Swtember 2021 {excluding cash deposits) Addition5 Disposa15 at opcnin8 market value lie2lised andutjrealised (lO￿vgaInS 3,367,891 66.116 (24,784) (295.701) 2,852,799 169,314 (84,644) 430,422 Ba]anct at 31 Au8USt 2022 (excluding cash dwits) 3.113.522 3a67091 Cash deEN)sits 116.451 53,882 Balance #t JI August 2022 3329,973 3,421,773 Class of investments is split as follow: 2022 Cash or cash equivalents Equities Alternative investments Fixed illterG%t 116.451 2,967,159 95,994 50,369 Balance at 3 1 All8USt 2022 3329,973 27

THE CORDOP4 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CoDtlnu¢d) FOR THE YEAR ENDED 31 AUGUST 2022 10. INVESTMENTS IN su￿IDIARy UNDERTAKINGS- CHARITY Shares Rn group urtdertgkings Balance at I September 2021 aDd 31 August 2022 Details of the charitable company's subsidiaries at 3 1 Aw are as follows: (l) Gordon'5 Sehool Aeaderny Trust 15 a private company limited by guardThte& doTniciled and in¢oryK)rated in England and Wales. Th¢ r¢gistered office aud principal place of busin￿$ is Bagshot Road, West End, SutTey, GU24 9pr. On the basis thai The Gordon Foundatiott is member of the Gordon's School Acadetny Tn￿t and bas significallt influence over the entity. GordoD'5 School Academy Tn￿t has been Includ￿ withill the ¢onsolidat&J filla￿la] soiements. Academ results: Total 2022 Total 2021 SOFA Total kncome 6,354.947 7,789,953 Total Expenditure {7,963,829) (7.614,961) Net incomel(exper)dittwe) (1,608,882) 174,992 Other recogllised gains ￿)d lo AcbJariai(IO￿S) on def]ned bellefitpeDsion scheme 1.611.0 (174.000) Net mov¢mettt ID fiwds 2.118 992 Tota] fvrtds btought forward at I September 2021 21,108 20,116 Total fund5 carried forward at 31 August 2022 23.226 21,108 Balance Sheet Fixed Assets 242.138 207.984 A￿ts 1.404.279 2,621926 Current Liabilities {945.099) (826,329) Creditors falling due after more than one year {68,092) (80,473) LGPS Pension Scheme Liabiliti&% (610,(KX)) (1.903.000) Total Funds 23,226 21,108 28

THE GORDON FOUNDATION NOTES TO THE FIf4ANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 21122 ii. INVFSTMENTS IN SUBSIDIARY iJP4DERTAKtIYGS- CHARTfY {Contlttu¢d} {ii) The Foundation holds l(K)/o of the share capital of TILe Gordon Enterprise5 UK Limited {company number.. 04104254, registered in EThglandandWal£%, registered oifjce.. Bagthoi Roa¢ Wesl Enl Surrey, G24 9PD, whos¢prin¢ipal activities are letting the buildings and grounds of Gordon's School and selling memornbili& A summary of the proflt and loss account and the balatLce sheet from the audit&J finartcial $￿tements is set out below: 2022 2021 Profit #Thd Loss Aetount Tumover Costs 145.193 (142,892) 39.695 (12,683) Proflt for the year Donation to The Gordoll Foundation Retained Profit for the Year 2,301 27,012 Bal8D¢e Sheet Net Current Assets Retained Profits Share capit81 Totsl equity 13,585 13.585 12. DEBTORS Crollp 21122 Group 2021 Charity 21122 Charity 2021 Boarditjg charge de￿01$ Sundry debtors Amount owing ￿ subsidiaries Prepayments VAT reclaim Accrued income 228.309 21.137 178,448 3.639 228.309 178,448 8,656 32,284 135,488 39,994 55,937 226,597 206,979 225,624 98,(M>7 168,384 302,959 122,616 776,046 404,739 501,087 13. CREDITORS: amounts falllng due wlthln one ye•r Group 2022 Group 2021 Ch*rity 2022 Charlty 2021 tA)ans and overdrafi Trade creditors Boarding charges in advance and pupil de[￿)sits Taxatiotl aTLd social security Other creditor5 Amount Owillg to subsidiaries Accruals and deferred in¢ome 333.387 1.291.467 648.739 186,209 665,149 332.380 1.384.102 849.028 180,390 792,436 320.(KX) 900.111 648,739 49,074 303,123 1,041,325 682,034 320,000 97S,834 849,028 50.563 555.356 2.282.802 133,049 728,040 176227 3J51991 3.714563 J,944,406 &166.632 29

THE GORDON Fouf4DATION NOTKS TO THE FINANCIAL STATEMENTS {CoDtlnued) FOR THE YEAR ENDED 31 AUGUST 2022 14. CREDITORS: amounts flliThg dllt after more than one yer Croup 21122 Group 2021 Charlty 2022 Charity 2021 Bank loan Other loa 7.214.759 7,211427 7.140,667 7,131,954 7314,759 7,211427 7,146,667 7,131,954 Analysts of I￿￿$. Between one and two years Between two and five yeats After five years 332.380 997.141 5.885238 332.380 997.141 5.881906 320,(KN) 960.(K)O 5,866,667 320.000 960,000 5,851,954 7311759 7212,427 7,J46,667 7,131954 Due within on¢ year 332.380 332J80 320,(KM) 320,000 7J47,139 7,544,807 7.466.667 7.451.594 At the yearend, The Gordon Fourtdation had two long temi loans. Both loans are se¢ured by le8al first charges over freehold land and buildings of The Gordon Foundation. The first bank loan of £2.(M)0,￿￿ was taken Out in DeceDJber 2018 and is due for repayment by instslm¢nts by January 2044. Interest accnKs on this loau at 3.8 /0. and interest payrnents are made quartttly. Capit31 repaymenrs COD]meDced in January 2020. The second bank loan facility of £6,(K)O.IMXb was tsken out itl DecembeT 2019 to fillM] Construction of a new sports facility and all weatherpitch. A sum of £5.680.[￿ wa5 outstallding ai 31 August2022 and the capital will be repaid by instalments until January 2046. Int¢￿t aecrues on this loan at a rate of 2.1¢/o plus the Bank of England base interestrate. Interest payments are made tllODthly and capital repayments commenced in April 2021. 30

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR EYDED 31 AUGUST 2022 15. LEASE COMMrrMENTS At 31 August 2022 the total of future rninimum lea4e payments wido-non-¢ance]lable operating leases were: 2022 2021 ikases explrfng: Within one year Between two and five years More than flve years 283.024 248.499 225,089 238,105 531,523 463,194 16. UNRESTRicfED FUIYDS I September 2021 loyestment {￿SSeS) 31 August 21122 ID¢Ome Expendlthre Transfers Designated- Eyre Fund General Fund 50,651 50,651 13.865.947 10.726.938 {10,782,634) (274.780) 13,535,465 13,911598 10,726,938 {10,782.634) (274,786) 13,586.116 IINRESTRicfED Fuf4DS (PRIOR YEAR) I September 2020 31 August 2021 IDCOtlle Kxpendlthre IDYe5tment GaiDS Tr*n5fers Desigrtated- Eyre Fund Gelleral Fut 51.743 (I,Ivn) 50,651 14.612,881 8,965,620 (10.106.573) 394.019 13,865,947 14.664.624 8.96S62 111,1117,065 394.OA9 13,916,598 The D¢5iWted Eyre Fll[￿ repr￿ents the balance on an unr&%tricted dollation which is used to help finance musi¢ le&qon5. 31

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2022 17. RESTiucfED FUNDS Balance xt I Sepiember 21121 Bal&n¢e at 31 Augll5t 2022 Investment penditllre Gai￿51(10$$es) Income TriDsfers Spetlfic funds: Gordon Foundation Special fund Stepping FoThvard Appeal Piano fund Bursaries 434,815 12,866 (20,915) 426,766 3(rfJ.686 300,686 1,740 89,398 6.496 153.354 5J23.140 79.404 207,984 1,740 95,894 30.386 79.41)4 450,995 DtESF 0)￿} futld Other restricted fi￿d$ DfE Fixed Asset fund {5.354217) (91,891) 238,513 {87,393) 91,891 1267J81 5581.015 {S441.61O) {20gIS) lJ85.871 Pe￿$10￿ reserv¢ {l,￿3,1mmI) (318,1100) .611.INJO {610,000) RESTRICTED FUNDS {PRtOR YEAR) Bl%Mee at I September 2020 Balance Ht 31 August 2021 ve$tment Gain￿(lO5$e%) Transfers ID¢ome Expenditure Specifit funds Gordon Foundation Special fi]nd Stepping Forward Appeal fwid Piano fund Bursaries 387.606 10.8( 36,403 434,815 3(K),686 2,160 52.917 517.331 300,686 1,740 89,398 153,354 79,404 207,984 (420) 36.481 5,109,IK D￿SF (DfE) fund Other restricted funds DtE Fixed Asset fimd {SJ22J32) (150,649) 186.213 {128,878) 150,649 1,526J17 5.156,291 (S451,630) 36,403 1.267J81 Pension reserve {1,545.IKIO) (184,000) {174,O(H)) (1.903.000) Gordon Foundiiort Special FuThd - this fund represents the balance of assets traTLsfeTred by several connected chariti&s on l April 1996. Stepping Forward Appeal Futtd - this fund reflects an appeal to enhan¢£ perfomiing arts faciliti&% at Gordon's School. 32

THE GORDON FOUNDATION NOTES TO THE Fif4APICIAL ￿AT￿MEriTs {ContiDued) FOR THE YEAR ENDED 31 AUGUST 2022 17. RESTRIcfED FUNDS (Contlnu DfCSF IDIE) Fund & DfE Fixed Asset fuDd - these fimds refle¢t monies received from the Department for Education (previously the t)epartment for Chtldreo. Schools aTLd Families), for the pu]pose of assisting with the general academy rumhing ¢osts and building proje¢ts. Other re5tri£ted funds represent other specific donations to fimd activities of the FoundatLOn. Pension Reserve- this furtd reprasents the share of the pension deficit bome by the subsidiary, Gordo￿.$ School A¢ademy TrusL in the L(￿al Govemment P•Jsion Schem& Further detail is giyert in note 21 below. 18. ALLOCATIOIY OF THE GROUP NET A&SETS Tang5ble Assets Net Current Assets ILi8bllltles) ng Term Li#bilitie$l Pension Totsl Restricted- Specific Restri¢ied- Pension reserve 269,945 242,138 873,788 lJ85,871 (610,000) {610,(K)O) Unrestricted 2.960.028 21.514.516 {3.673,669) {7.214.759) 13,586,116 3329973 21,756,654 (1,799,881) {7O24,759) 14J61,987 ALLOCATiof4 OF THE GROUP NET ASSETS IPRIOR YEAR) Fixed Net Currertt Assets (Liabilitie5) IA*ng Term Li8bi]itie51 PeDSiOn Investmettts Total Restricted- Spe¢ifi¢ Restrict￿ Pension ieserve 275,553 207.984 783.844 1.267,381 (1.903.0110) (1,903.IM>O) Unrestricted 3.146.220 20,962,028 (2,979,223) {7,212,4271 13,916,598 3A21,773 21,170,012 (2,195J79) {9,115.427) 13,2811,979 19. CHARITY UNRYSTIUCTED FUNDS ur4RESTRICTED FUNDS BalaNee at I September 2021 Balance at 31 August 2022 IDve5tment GainslOo$$a) Tran$fers Income EJp¢lldlture Designated- Eyie Fund 50,651 50.651 General Fund I2,289.5￿) 10.575,961 {9,220,7331 (274,7861 13.370,032 12J40241 IOJ75.961 (9320,733) (274.786) 13,420,683 33

THE GORDOf4 FOIINDATION NOTES TO THE FtNANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED JI AUGUST 2022 19. CHARITY UNRESTRICTED FUNDS (Cotyt5Mued) UNRESTRicfED FUNDS (PRtOR YEAR) Balan£e at I September 2020 BlAnce at 31 August 2021 Income Expenditure Investment GainslOosse5) Transfer8 Desi8llated- Eyre Fund 51.743 {1.092) 50,651 General Fund 13.737.722 8,950,810 (10,791961) 394,019 12,289,590 13,789,465 V5Q810 (10.794.053) 394,019 12J40,241 20. CHARITY RESTiucfED Fuf4DS Balance at I September 2021 Balance at 31 August 2022 Investment Expenditure GiDS1(1055es) TrAnsfers IDcome Gordon Foundation Special fuDd Stepping Forward Ap Camel fund Piano fund Bllrwies 434.815 12.866 {20.9151 426.766 31M),686 300,686 1,740 89.398 1,740 95,894 6.496 DtESF (DfE) funds Other restricted funds 79.404 79,404 90A043 1gJ62 {20.915) 904.490 CHARITY RESTRICTED FUNDS (PRIOR YEAR) Balvlnce at I September 2021J Balanee at 31 August 2021 Investmettt Ineome ExpeDdltsre Trnrtsfers Gordon Foundation Special Steppillg Fonvard Appeal Camel Piano fund Bursaries 387,606 10,806 36.403 434.815 300.686 300,686 2.160 52,917 {4201 1,740 89.398 36,481 DfCSF (DtE) funds Othu restricted funds 79,404 79,404 822.773 42 (420) 30,403 906,043

THE GORDON FOUNDATION NOTES TO THE FtNANCIAL STATEMEI%TS {CoDtiDued) FOR THE YEAR ENDED 31 AUGusf 21122 21. PENSION AND SIMILAR OBLIGATIONS The a¢ademy tsust's e￿plOYe&S beloD8 to two pIincipal peDsion schemes.. the Teachers. Pension Scheme England and Wales {TPS) for academic and related S￿ff" a¢)d the Local GovemmeTLt Pension Scheme (LGPS) for non-teaching staff. which is managed by Surrey County Cour)¢il. Both are multi<mployer defirked benefit schemes. The pension costs are assessed in accordance with the advrce of independent qualified actuaries. The latest actuarial valuation of the TPS related to the periiMI ended 31 March 2016, and th31 of the LGPS related to the period ended 31 March 2019. Contributions atnountLDg to £356,527 were payable to the schemes at 31 Au8USt 2022 {2021= £231,680) and are included within creditors. Te&ch¢rs' PeDSiOD S¢h¢me Introduction The Teachers, Pellsion Scheme (TPS) is a slattLtory, contributory. defiued benefit scheme, governed by the Tea¢hets' Pension Scherne Re8ulations 2014. Mets)bersbip is automatic foi tea¢ber5 in acadenues. All teachers have the opti00 to opt out of the TPS following enTolmenL The TPS is an unfunded s¢heme to which both the mcmlr and ernployer makes contnknlltions, as a perce]]tage of salary. These corttributions are ¢redited to the Exchequer. Retiretnent and otherpension benefits arepaid by public funds provided by Par113menL V#luation of the Teeher5' Pensioll Schem¢ The Government Actuary. ￿sIng nomial a¢tU2rial prineipl4 ¢ondu¢ts a fornjal actuarial review of the TPS in a¢¢ordan¢e with the Public Service Pensiotts (Valuations and Employer Cost Cap) DÈrections 2014 published by HM Treasury every 4 years. The aim of the review is ¢0 srttify the level of future contributioDS. A¢tiJariai s¢hem¢ va]U*iorts dependerlt on sumptions about the value of future Costs, desi8n of benefits and many Oth￿ fac￿[S. The latest actuatial valuation of the TPS was carriedoutas ai 31 March 2016. The valuation rqMTrrt was publishttjby theDeparttnent fOrE{h￿tiOn on 5 March 2019. The key dements of the va]uaiioD and subsequent collsul¢ation are.. employercontribution fdtes set at 23.68¥/oofpcnsionable pay(includillg aO.08% ewloyeradministration d)arg¢) total scheme liabilitics {p¢nsioTJS currently in ￿YmeTht and the ¢sttmated cost of future benefits) for service to the effectiv¢ date of £218.100 million. and notional assets (estimated future ¢ontribution$ together with the notional investsnents heldatthe vaEuation date)of£196,IIK) tlliUiongivinganotiona] pastservice defi¢itof£22,000 ￿L[liOn the SCAPE rate, set by HMT, is used to detemiine the notional inv￿tment rebjrn. The Current SCAPE rate is 2.4Vo above the rate of CPI. The aS$ull￿ real rate of rebjrn is 2.40A in excess of prices and 2Q/o in excess of earnings. The rate of real earnings growth is awtned to be 2.20h. The assumed nomina] rnte of Ttturn including earnings growth is 4.45Q/o. The next valuation result l5 due to bc implemented from l ApTiI 2024. The employerfs pension costs paid to the TPS in the periiKI amounted to £889.176 (2021.. £867.713). A copy of tbe valuation report and supporting docwnenwion is OD the Tcacher8' PensioDs web$it¢. Under the definitions set out in FRS 102. the TPS is all ullfullded multi-employcr pension scheme. The academy trLlSt has ac¢ounted for its Contributions to the Scheme as if it were a defined contriblltion s¢heme. The a¢ademy trnst ha5 Set out above the irtfomution available on the scheme. 35

THE GORDof4 FOUNDATION NOTLS TO THE FINANCIAL STATEMEp¥fs {tontioued) FOR THE YEAR ENDED 31 AUGUST 2022 21. PEP4SION LYD SIMILAR OBLIGATIONS {COntinu￿ Loc41 Government Pertsi•D Scheme The LGPS is a fimded defjnd benefit pension scheme. with the 8ss¢ts held in separate lrnste¢-admtniste¥ed funds. The total contributions as noted below. The a￿d COntri￿tiOn rates for years are 23.2V. foremployers and 5.5Q/o to 12.5 /0 for employees. Parliarnent has agreed, at the request of the Secretary of Slaie for Educatio￿ to a guardntee th84 in the event of academy closure, outstanditig L￿81 Government Pension Scheme liabilities would be met by the Department for Education. The guarantee eame into for¢¢ on 18 July 2013. Total eontribution5 made 2022 2021 Employer's contributioTJ5 Employees, contributions 158.0(K) 42.IKM) 141,000 37,000 To￿] ¢ontributions 200,(KXI 178.000 Prineipal etsrial 8&sumptioDS 1021 2021 Rate of increase in sal￿1￿% Rate of increase for peDSiODS in paymentlinfiation Di5COUllt rate for scheme liabiliti&s 4.10 3.20 4.25 3.80 2.90 1.65 The currentmorta]ity assumptions in¢lude sufficieDtallowance forfithwe improv¢m¢ntsin nK*rtality rates. The assumed life expectations on retirernent age 65 are= 2022 YeArs 21J21 Yefirs Retiring today - Males - Females 22.1 24.5 22.3 24.7 Retiring in 20 years -Mal - Females 23.1 26.2 23.4 26.4 36

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMEIYfS (eontinued) FOR THE YEAR ENDED JI AUGUST 2022 21. PENSION Af4D SthllLAR OBIJGATIONS (continued) Seherne liabilities would have been atytttrd by dLan8&s in &wunptions &$ follows.. 21122 2021 Discount rate + 0.1% Discount rate- O.It)/l Mortality assumption + l year Mortality assumpiion- l year CP[ rate + 0.1% CPL rate- 0.1% {57,(KK)) 57.IKK> 105,IM)O {105,(K)O) 56,0 {56,0(X)) {84,000) 84,0(K) 154,0(K) {154,000) 80.0(K> {80,000) Defined benefit pensioD scheme net liAbility 2022 21121 S¢heme assets Scheme obligatiolls 2,004.0(W) (2.614.(K)O) 1,942.000 (3,845,IX)01 Net liability {610,(￿) (1,903,IX)01 The academy trnst's share of the assets in the ￿￿eMe 2022 FAir value 2021 Fair vAlue Equities Bonds Cash Propety l.523,(N)O 281,(X)O 40,(￿0 160.000 1,456,0(K> 311,(KlO 39.0(K> 136,IN)O 2,(XM,000 1,942,IKK) The actual return on scheTne &%sets wa5 a lo￿ of £IIK),(XK> {2021.. loss of £343,(KKI}. Amount recognised in tht Statemtnt of Fl*))ela] Activities 2022 2021 Current service cost Interest itlcome tllterest cost B¢nefJt ¢hanges, curtailments and settlements gains or lo& 442,000 (33,000) 67,(KX) 298,000 126,IM)01 s3,(￿0 Total operatin8 charge 476,(KN) 325,(KJO 37

THE GORDON FOUNDATIOP NOTES TO THE FINANCIAL STATEMEpifs (tODtillued} FOR THE YEAR ENDED 31 AUGUST 2022 21. PENSION AP4D SIMILAR OBLICATIONS (torttinued) CbaDges in the present value of defined benellt Obl￿￿0￿$ 2022 2021 At I September 2021 Current service cost Interest cost Employee contributions Actuarial loss Benefits paid 3.845.( 442,(MN> 67,(NJ) 42,(KKI {1,744.IM)O) (38,0￿) 2,993,000 298,000 53,OIK> 37.OIK> 491,000 127,000) At 31 Au8USt 2022 2.614.1￿1 3,845,000 Changes In the falr value of the #eademy trust's Share ofstheme ￿ets 2022 2021 At I September 2021 lttierest in¢ome Actuarial 105sI(gain) Ejnployer contributions Employee contributions Benefits paid 1.942.0 33.1KK {133.0￿) 158.(KKb 42.(KKI (38,(KKI) 1,448,000 26,000 317,000 141,000 37.000 {27,000) At 31 Au8lLSt 2022 2,(K)4,(KXb 1,942,000 The Foundation Offe￿ t￿P10yeeS a workplaee peDsion and uses the Salvus Master TtUSL The employer contsibution rate is 7010 and the employee contriblltiottrdt¢ 1$ aminimum of3.5¥•. The ¢mployerpensioTt costsdutingthe yearwete £166,848 {2021.. £153,705) aDd there were llo ¢ontributions payable to the scheme at 31 Au8USt 2022 {2021.. £19,716). 22. RELATED PARTY TRANSAcfIoNS There were no related party tran￿￿OnS the peTi(NJ {2021.. None). 38

THE GORDOf4 FOUNDATION NOTES TO THE FINANCIAL STATEMENfs (Continued) FOR THE YEAR EP4DED 31 AUGUST 2022 23. COMPARATtVE CONSOLIDATED STATEMENf OF FINANCIAL ACTtvrr1Ls 2021 Unrotricted Rtstrittrd Funds Fund5 Totsl 20ZI Totsl 1020 Note ltteome frojll: Donations and legaties Grants 13.136 159,157 13.136 159.157 92.3(KJ 462.520 ChArltable *etlvlty: Incotne from boaTding charges Other operaiing incom¢ Fundirtg for the Academy. educ8tional operations 8.415.478 240J04 36.481 8,451.959 240.3tM 5,109,004 7,092,768 215.851 5.186.91XS 5,109.¢XI4 Tradlng a¢tlvltl Trddirtg income 41.822 41.822 21.901 Investthent iiitoittt 95.711 10.8( 106.529 78,075 TDtxl kn¢ome 65,62• 5.156J91 14.121,911 13,1S0,311 Expenditure on.. Chirltable activity: Staff ¢08ts Educational costs Welfare costs Pr¢r¢uses costs Sllpport costs Raisillg fund$: Finance costs Inv¢sttll¢nt managemellt Tradlng acdvltles.. T[adti￿ wsts 5.489.150 3.883,087 9.372.237 481,(A)4 ,612.039 3.290.721 728,323 .678.783 534,952 1.219,652 1603,511 591.318 1.611,619 2J44,105 404,420 420 946.616 323,W3 244.926 762 244.926 762 105.680 54,714 12.683 12,683 2.803 TotAI eApEmditure iQ107,66S S635ffj30 15.743.295 13.791,413 Net IDtomel{eipettditsire) (1.141045) (479a391 {1.621J84) (641,1192) 17 (1,142.0451 (479.339) 11,62L,3841 {641,0921 Other recognlsed gAlns and lossts Actharial {lOssesygainsi￿ defined be4Jefft pension schemes Net 88ins1{10&5es) on inve8tu]e]2ts 21 (174,¢KKJ) {174.{￿) {541,0(X)) 394.019 36.403 430,422 {28,942) Net movement in hnds for the year 026) (616.936) {lJ64J62) 11.211.034) Fund ballntes brollght forward at I I September 2020 17 14.664.624 (18.683) 14,645,941 15,856,975 Fund balances ¢ankd fornrd at 31 Avgust I 2021 17 13916J98 1635,619) 13280,979 14.645.941 All of the cbaritable group's activities are contittuing. All re¢tsgE)ised gains and losses are included in the Statement of Financial A¢tiviti&8. 39

The Gordon Foundation

Management Report for the Year Ended 31 August 2022

Chartered Accountants and Business Advisors

Alliotts LLP 13-21 High Street Guildford Surrey GU1 3DL Draft: January 2023

CONTENTS

• 1 Executive Summary 2 Significant Matters 3 Corrected and Uncorrected Misstatements 4 Update on Risks Identified at the Planning Stage 5 Accounting and Financial Control Systems 6 Technical update

This report is part of a continuing dialogue between the charity and ourselves and is therefore not intended to cover every matter discussed during the course of the audit. For this reason, the report is intended for the sole use of the charity. We do not accept responsibility to the trustees acting in an individual capacity, and do not 3 accept responsibility for any reliance that third parties may place on the report. 4 5 It should be noted that the primary objective of our audit is to express an opinion on the truth and fairness of the charity accounts as a whole. An audit does not examine 6 every operating activity and accounting procedure in the charity, nor does it provide a substitute for 8 management’s responsibility to maintain adequate controls over the charity’s activities. Our work is not 11 designed therefore to provide a comprehensive statement of all weaknesses or inefficiencies that may exist in the charity’s systems and working practices, or of all improvements that could be made.

Page

1 EXECUTIVE SUMMARY

1.1 Purpose

The purpose of this report is to record the overall results of our work and to assist the trustees

by commenting on those matters that came to our attention during the course of the audit. These matters cover:

• Independence

• Materiality and Audit approach

• Comments on the accounting policies and practices applied when preparing the charity accounts

• Summary of adjustments to draft management figures

• Suggestions for improvement to the charity’s accounting and financial control systems

1.2 Independence

In accordance with auditing standards we can confirm that any relationships that may bear on the firm’s independence and the objectivity of the audit engagement partner and audit staff have been identified and assessed at the planning stage of our audit.

• We have no independence issues to bring to your attention.

1.3 Audit approach and materiality

Our audit planning was carried out taking account of the issues highlighted through a planning meeting with you, and our knowledge and understanding of the charity.

• The level of materiality for making adjustments to the financial statements, as set out in the detailed planning memorandum, was calculated at £210,000.

We are required to notify you of any potential adjustments identified during the course of our audit work unless they are trivial.

• For the purposes of this report we have taken trivial as being less than £10,500.

1.4 Accounting policies and practices

In preparing the financial statements of the charity, trustees are required under FRS102 to review the charity’s accounting policies on an annual basis to ensure they remain appropriate to the charity’s circumstances and are being properly applied.

• We have reviewed the accounting policies and practices selected by the charity and are satisfied that the charity operates acceptable accounting policies and practices.

• Section 2 of this report summarises the main accounting issues that we have discussed with management.

• Section 3 records the adjustments that have been made to the draft accounts as a result of matters arising during the course of the audit. This section also summarises the errors identified during the course of the audit which remain unadjusted.

1.5 Accounting and financial control systems

We found that the charity had good operational and management controls.

• We have identified some areas where we believe controls should be strengthened further. These are detailed in Section 5 together with the management’s responses to our recommendations for improvement.

In our planning, we have taken account of the results of our own risk assessment made in accordance with the guidance set by International Standards on Auditing (UK and Ireland).

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2 SIGNIFICANT MATTERS

2.1 Introduction

The following significant matters were discussed with management during the course of the audit. This includes the audit outcome of the key risks identified within our audit planning memorandum.

2.2 Expenditure – Service Contract

During the audit, it was noted that there was a change in FY21-22 for the service contract with Gordon Enterprises UK Limited. The academy trust is now charging the company various amounts; as a result, there is less charged to the Academy trust and The Gordon Foundation as a percentage for certain charges.

2.3 Gordonian Bank Accounts

In the prior year, Gordonians were a separate legal entity to the Foundation. This has changed in 2021/22 and the Foundation now has complete control over the Gordonian Bank Account.

Specific amounts are restricted and awarded as grants as decided by the advisory panel. There have been no grants made in the FY ended 31 August 2022.

2.4 Loss of Legal Dispute

During the audit, we have noted that £334,713 that had been held in a separate Foundation deposit account for the football pitch has been released and spent on replacing the all-weather pitch during the year.

We have also noted that a Dispute to Adjudication dated 26 September 2022 regarding the amended JCT 2016 Design and Build Contract dated 11 December 2019, to design and build sporting facilities at the Gordon’s School was found in favour of Stepnell Limited. As a result, the Charitable Company has made a payment of £312k for the contractual sum including interest and adjudicators fees (exclusive VAT) after the year end. A provision for this has been provided in the accounts at the year end. See Section 3 audit adjustments.

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3 CORRECTED AND UNCORRECTED MISSTATEMENTS

3.1 Adjusted items

The following misstatements were processed during the course of our audit:

Adjusted misstatements:	SOFA	Balance Sheet
	£Dr £Cr	£Dr £Cr
Being reallocation of debtors Being reallocation of other income to unrestricted income Being agree intercompany debtor due from Gordon Enterprise Being agree intercompany creditor due to Gordon School Academy Being transfer from Assets Under Construction to Land & Buildings Being reclassification of fixed assets additions Being provision for Stepnell dispute costs	2,284,594 2,284,594 - - - 29,313 42,000 - - - - - 312,911 -	- - 35,709 35,709 29,313 - - 42,000 154,822 154,822 154,822 154,822 - 312,911
Total of corrected misstatements	2,639,505 2,313,907	374,666 700,264
Net impact of corrected misstatements	325,598

3.2 Unadjusted items – Potential adjustments

The following immaterial misstatements were noted during our audit testing and have not been adjusted for:

Unadjusted misstatements:	SOFA Balance Sheet
	£Dr £Cr £Dr £Cr
Being bad debts provision over provided	- 19,915 19,915 -
Net impact of corrected misstatements	19,915

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4 UPDATE ON RISKS IDENTIFIED AT THE PLANNING STAGE

At the audit planning stage we established the key risk areas for the focus of our audit work. This annex includes the outcomes of our audit work in respect of these key risks.

Issue	Audit risk	Proposed audit work	Outcome
1. Fluctuations in pupil numbers	Changes in demographics and public perception could lead to fluctuating pupil numbers which would lead to a fall in GAG funding.	Review if there are any indications that the School has suffered from a fall in income.	Pupil numbers have remained in line with forecasts and the prior year figure therefore no concerns around decreased future funding.
2. Reliance on key members of staff and possible management override	Risk that segregation of duties could become difficult should members of the team be absent due to ill health for any length of time. Risk that management could override key controls.	Discuss with the client and review systems and controls.	There is seen to be a reliance on certain members of staff which could be sustained over short term absences but would be unsustainable in the long-term. Adequate segregation of duties was found to be in place from our reviews carried out during the audit suggesting that management override would be difficult to achieve without collusion.
3. Errors and fraud	Risk of errors in the cut off of expenditure leading to the accounts not reflecting a true and fair view and thereby affecting management decisions based on the accounts. Risk of fraud from internal and external affecting the results.	Cut off to be tested. Review systems and control procedures through discussions with the accounts staff and complete a number of walkthroughs to confirm systems and controls are in place. Discuss with management if any frauds have occurred and review any systems in place to mitigate the risks.	No instances of fraud were identified during the audit and no significant concerns over the management controls were raised. This was confirmed with management.

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4 UPDATE ON RISKS IDENTIFIED AT THE PLANNING STAGE(CONTINUED)

Issue	Audit risk	Proposed audit work	Outcome
4. Income Recognition	Risk that income could be under- stated.	Review cut off procedures and systems for income recognition.	Income was seen to be recognised in line with the SORP requirements.
5. Related parties and transactions	Risk related party transactions with the Foundation may be missed from the financial statements.	Request information regarding all related party transactions with the Foundation and from the Trustees. Review transactions comparing to Governors’ register of interest and Foundation accounting records to confirm no further related party transactions to be disclosed.	Systems and controls were reviewed, and no issues were identified. No issues noted from review of the related party declarations received and minutes of meetings during the year.
6. Going Concern	Risk that changes in government funding may impact the group’s ability to continue as a Going Concern. Risk that disclosure of Going Concern position is not disclosed in the financial statements.	Review the budget/forecast. Discuss with management. Review disclosures to ensure these reflect the appropriate Going Concern position.	From review of the group forecast we can see that surpluses are predicted for the forthcoming years.
7. Assets under construction	Risk that assets under construction are materially misstated in the accounts due to being an estimate.	Review the assets under construction on the fixed asset register and trace to invoices raised in the year. Carry out physical inspection of the assets under construction.	From review of the assets under construction, we traced the sample back to invoices and physically verified that the assets under construction existed.

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5 ACCOUNTING AND FINANCIAL CONTROL SYSTEMS

5.1 Introduction

The table below summarises our recommendations for improving the effectiveness of the charity’s accounting and financial control systems in the following areas:

#	Subject	Grade
1	Points raised from the previous years’ audit	N/A
2	Current year recommendations – Enterprise Debtors	3

We have used the following grading system to indicate the significance of the matters we have raised and the priority that we believe should be given to our recommendations:

• Grade 1: We believe these observations are particularly significant and that management should take prompt action. Grade 2: These observations are significant but of a less urgent nature than Grade 1 observations. We believe that action needs to be taken within the agreed timescale.

• Grade 3: Observations that merit attention but are less significant than Grade 1 and 2 observations.

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5.2 Issues noted

1 Points raised from the previous years’ audit

Grade: N/A

(a) Supplier Accounts

During testing of the Academy Trust in prior years, it was noted that a number of purchase invoices were being expensed by the Academy but the invoices were in the name of the Foundation. It was discussed that this was a mistake due to confusion by suppliers over the entity that they were dealing with. This gives rise to the risk that costs are not recognised against the appropriate budgets and therefore spending controls are not able to operate correctly.

We recommended that where invoices are in the Foundation’s name that these are recognised as such and recharged to the academy where applicable. Resolved: During expenditure testing this year, some invoices were found to have been addressed to the School, rather than the Foundation, however we note that where these invoices are in relation to the two entities that the costs have been recharged appropriately. Therefore, this point is considered to be resolved.

(b) Bank Covenants

We noted during prior audits that as a result of covid19 and the unusual events during that years audit that the bank covenants covering the loan agreements had been broken. The loans from these agreements have provided significant amounts necessary for the cash flow of the Foundation, to ensure it remains operational and the agreements should be reviewed regularly to ensure that where the Foundation is projected to break the covenants that all necessary measures are taken and confirmation of the bank’s continuing support has been obtained in advance of this.

We recommended that the covenants should be tracked and measured as part of the Foundations reporting to Trustees to ensure covenants are not broken without foresight of this.

Resolved: Confirmation of Lloyds’ support in relation to the bank loans has been confirmed to us by the Lloyds Relationship Director, who confirms that the covenants have not been breached.

This year we understand that the Head of Finance has been in regular contact with the Lloyds’ Relationship Director to ensure they have been updated of any occurrences that could affect the covenants.

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----- Start of picture text -----
2 Enterprise – Debtors Grade: 3
Issue
During the audit we noted that Aldershot Town FC who are one of the main customers of Gordon Enterprise UK Ltd had some outstanding invoices
which exceeded their credit limit. From discussions with the client, these credit terms were verbally agreed with Aldershot Town FC and not set out in
writing. This could cause confusion as to when payments are due and may lead to bad debts.
Recommendation Management response Action by whom
We recommend that credit terms of all customers be
reviewed and set out in writing to ensure there is no
confusion between parties and debts are paid on time.
Deadline
----- End of picture text -----

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6 TECHNICAL UPDATE

6.1 Charities Act 2022

The Charities Act 2022 (the Act) received Royal Assent earlier in the year and brings into force several key changes to the Charities Act 2011, aimed at simplifying a number of processes.

These changes include:

• Governing document amendments

The Act has made amendments to bring the rules in line for charities amending their constitution irrespective of the charity’s legal structure, be it a limited company, trust of Charitable Incorporated Organisation. The Commission will still need to approve any regulated amendments, such as changes to the charity’s objects, but they will now apply the same consistent criteria to approve these.

• Permanent endowments

The definition of permanent endowments has been updated with a simplified definition where property is considered to be a permanent endowment if it is ‘subject to a restriction on being expended which distinguishes between income and capital’. The Charities Act has also been updated to increase the maximum value of a permanent endowment that Trustees can resolve to release restrictions on spending capital from £10,000 to £25,000. This power has also been extended to incorporated entities too.

In addition, a new provision in the Act will allow Trustees to borrow up to a quarter of the value of a charity’s permanent endowment, on condition that the amount borrowed needs to be repaid within 20 years of the loan being taken out.

• Mergers

A key amendment to the Act allows for legacies to be transferred to a merged charity. This change will remove the need for ‘shell charities’ to be maintained on the mergers register and therefore should reduce administration costs.

• Failed appeals

The Act introduces new rules granting the power for trustees to apply cy-près, therefore allowing charities more flexibility where there may have been a specific appeal that has failed to meet its fundraising target. The donations collected in this instance, can be applied for another charitable purposes rather than having to be returned to donors under certain conditions:

• the donation is a single gift of £120 or less; or

• the donor, after all agreed actions have been taken, cannot be identified or found; or

• the donor cannot be identified at all (which would be the case for cash street collections).

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• Payments to Trustees

The Act has updated the circumstances where a trustee, or someone connected to the trustee, may be paid for the provision of services to a charity under certain conditions. The Act also extends this provision to allow payment for the provision of goods to a charity.

Ex gratia payments have historically required Charity Commission permission in the past, but the Act allows for ex gratia payments to be made without the Commission’s consent, up to a maximum of £20,000 depending on the charity’s income. The Act allows this decision making to be delegated to charity staff.

6.2 Charity Commission Guidance on the Implications of Covid 19 (last update March 2022)

The Charity Commission issued guidance to encourage charities to explain the impact of the Covid 19 virus on the charity.

When preparing their trustees’ annual report, charity trustees may wish to consider the following:

• how the virus control measures affected the charity’s activities

• explain any financial uncertainties regarding financial sustainability and going concern

• how the contribution of any volunteers assisted in managing in the changed circumstances

• the impact on the charity’s ability to fundraise

• how the outbreak of the virus has affected

• staff, volunteers and beneficiaries and the implications for the charity’s operations and activities

• the principal risks and uncertainties facing the charity during the reporting period

• implications for any defined benefit pension liability and investments

• any impact on the charity’s reserves policy

• impact on the future aims and activities of the charity

• impact on any wider network of which the charity is a part and how this affects the charity’s operations

The Corporate Insolvency and Governance Act (CIGA) 2020 allowed charities and most CIOs to hold online AGMs whether their governing documents allowed virtual meetings or not. The provisions of CIGA finished on 31 March 2021, and the Charity Commission allowed a flexible approach but from 22 April 2022 , the Commission does not allow cancellation/postponement of AGMs and other physical meetings, unless the governing document permits this, so some charities with older rules will have to hold physical AGMs again or seek to update their rules.

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6.3 Audit regulation changes- Revised International Standards on Auditing (ISAs)

A number of changes to auditing standards have been made which have had/ will have an impact on how audits are carried out for charities and ultimately mean that charities will spend more time and money meeting the requirements of the audit regime.

ISA(UK) 240 Fraud – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

The revised standard applies to accounting periods starting after 15 December 2021 and tightens up the processes adopted by auditors when considering the prospect of fraud in financial statements.

Whilst It still remains that the primary responsibility for the prevention and detection of fraud rests with ‘those charged with governance’ and management, the enhanced processes carried out by the auditors look to obtain the reasonable assurance (not absolute assurance), required by the standard.

Whilst auditors have more things to do to comply with the revised standards, charities will see the impact of these changes as there will an enhances risk assessment and further enquiries from the auditors, perhaps of other member of charity staff that do not normally deal with the audit.

ISA (UK) 315 Risk of Material Misstatement

This expanded standard gives more guidance to auditors on how to identify significant risks, with a stronger emphasis on looking at internal controls within the charity. Charities are likely to face additional questions from auditors about how charity trustees assess the control environment, particularly with remote/branch operations. This standard is from accounting periods starting after 15 December 2021.

ISA (UK) 570 on Going Concern

This standard was updated and now auditors have to perform additional work to conclude on whether the Governors use of the ‘Going Concern’ basis of accounting is appropriate, and whether there are any material uncertainties in this regard. Auditors have to be tougher and more rigorous; consider management bias of presentation and perform a ‘Stand back’ test when draw conclusions –right up to the date of signing of the audit report.

ISA (UK) 700 on Forming an opinion and reporting on financial statements

The update in this standard now requires that the auditor's report of all entities explain to what extent the audit was considered capable of detecting irregularities, including fraud. The auditor must also consider impact of non-compliance with laws and regulations, which can be complex for charities.

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