THE CORDON FOUNDATION ANNUAL IiEPORT ATr4D CONSOLIDATED Accovf4TS FOR THE YEAR ENDED 31 AUGUST 2023 Company Nutnbei IXX127272 Clwity Number 312092 *AD3VHVN8* 2510512024 COMPANIES H￿SE THE GORDON FOUNDATION INDEX Pale Legal and Adniinistrative Information Report of tl)e Fouttdation Ttrustees 4-12 Report of the Independenr Amditors 13-15 Cotssolidaied Statement of Ftnaa¢ial Activitie5 16 Consolidated and Cbarity Balattce Sbeets 17-18 Consolidated Statemellt of Cash Flows 19 Statement of Accounting Policies 20-23 Notes to tbe Finallcial Stat¢ts)ents 24-39 THE GORDON FOUNDATION LEGAL A]YD ADMINISTRATIVE INFORMATION Patron Her LAte Majesty llje Queaj Vice President$ The LOAI Mayor of London ie Lord Lieulenan¢of Suney The Bishop of Giiildford A￿h￿sSadOr5 Mr P Talbot r M Hawkesworth ML" P Wyrtter Bee Foundgtlon C•mmltte¢ {The Board) Lieutenant General Ricl)ard Cripwell CB. CBE Mf R Wliittingtoii DL Mtc wtu.ffm 13 Mr M Barne$ 11 1, Mrs J Valney ,4&7 T Gordon Mrs L Banni5teiJ,7,9 Mrs A Siepliens Majoi General A Fay CB MTS D M¢Kenzie Mr5 S Hounsl)ain Mr P Joncs Mr S Azecm DL Bri8adiei' J Mullin Chaii Vice ChaiT Tieasuret. Resi8Ded 27 Jaoujry 2024 Treasuw, AppoiDied 27 Jaiiuary 2024 Cbait of Gov¢mo ReSi￿ed 27 January 2024 4th.? Appointed 21 January 2023 Appointed 21 Jaiiuary 2023 Appointed 13 Octob￿. 2023 Appointed 27 JanLkary 2024 R¢5igned 21 January 2023 Resi￿ed 21 January 2023 Resigned 21 J8nuary 2023 Resi8Thed 22 June 2023 Lord Lancaster U Col J Fernandes MBE Mrs S Rawal Lord Lin8field Mr W Eason l.?J.4.U Ms A MaciEt)nan Ms Neelam Deveslier DL Head Teacher Mr A Moss Foundation CompAny Setrtlxry s S M Meikle Mi3 Asblei8h Mitchley Rettttd 31 Au8USt2023 Apwjitited 26 Scptember 2023 Conimittee Meniber$liip M¢tnber of Ilie Founda¢ion Development Commiitce= Meinbei. of the Joint Fininee & Eswes Committtt= Member ofdie Invesimeni P2n¢l= ember of tlie Awaids Pauel= Member of tl)e Governance Cotnmittee- Member of tbe Fundraising & Enterpris￿ Commiiiee- 6 Governor of Gordon's School- Meniber of Ilie Risk & Audit Committee- Meinber of il?e Performance Management & Salaries Comniiltte- THE CORDON FOUNDATION LEGAL AND ADMINISTRATIVE INFORMh ATION {continutd) ADVISERS Bankei's: Bank of Scotland 38 Threadneedle Street London EC2P 2HL Auditors- Alliotts LLP Friaiy Court 13-21 Higb Street Guildford Sut¥ey GUI 3DL Investnient Managers: Quilter Cheviot Senator House 85 Queen Vicioria Stte¢t London EC4V 4AB Legal AdviTer$: Moore Baslow LLP The Oriel Guildford Surrey GUI 3SR STATUS AND ADMINISTRATION Registered Office: The Gordon Foundation GotdoD'$ S¢hool Wai End Wokittg Sutrey GU24 9PT TFfE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATECIC REPORT STRUCTURE, GOVEIiNANCE Af4D MANAGEMENT Constitutloii The Goi￿01) Fouiidation is a company limiled by guaonlce (Cornpany No OW27272). ils registsred offjee being at Goiylon's Scliool, Wesl ETr(L Woking. su￿¢y* GU24 9PT. T1K company is a cliarity for edurational purpDses (IEgislered charity No 312092). Following an extelmal review of governance during 2021 revised aDd updated Articles wcre approved on 21 January 2023 and lodged wiib Compani¢s Hous¢ aod the Ch21ity Commissiots. MJDagetllen¢ of the Charity is vest¢d in the FouDd&iiou Co]DJnirtee. wlio are dire¢¢ors for the PUL'P05es of the Companies Aci and ITusie&% fol" theputposes of etsarity law. In this reBard (hey comply with the requllEn)enis of tbe Charities Act2011. theTrustDeed and the Charities SOR￿ 2015 (FRS 1021. Foulldaiiott CoLnmJttee menibers *t required to retitr frorn otTice every thi1￿ year from the date of election but are eligible for re4let¢ion for a maximuni of tliJEe tejnis. Tlie Foundation Coinn)ItLee h85 powers at any time io appoinl additional men)ber> llie day to day running of the Foundation is the rtsportsiL)ility of the Head Teacher. Finartce & Operalifms Director. HR Director. E5tales Director and Development Director. The cha¥ity was founded attbeexpresswish of Queen Victwia &s the naiional JJJemorial to General Gordon w]y) was killed inKharloum ill 1885. The Gordon FoutthatlOD own5. freebold, the land and buildings follDerly known as tlie Goi"don Boys, HoJDe whith was clianged to Tbe Gordou's Boys. 1943. srarted to accept girls alld day booTdei$ fiDm 1990 8ud is now known as Gordon's Sehool. The majority of the Governors of Gordon's School. a State Boarding School witli Academy status. gre either i]ustees of or are appointed by Tlje Gordon Foundation. Following a dccision made in 2019 to increase the number of (cx-officio) Virc Presid¢n￿ a rccommendaiion to iotroduee theposition of Ainba&sadoi'wa5 approved. Arnb￿ad0￿. a seven-y¢arappoiDlmen4 are fonMeT Itusiee5 of seniority oi" long seivice who have continued interest tn supporting tlie Foundation's work. Paul TalboL G￿￿OnTan and fonn¢r trustee of ovei. 30 yeai's, service, and Mai* Hawkesworth, fo¥mer TTeasurer. accepted the invit3¢ion 10 be tlie fi￿1 Ambassadors foi. The Gojylon FoundatioD wl)Ile Peier Wynter Bee wbo reiired in 2021 afia" 21 years, service tts Gordon's as trustee and foi. eightyeais a School Goveriior, 8CC¢Pted tbe Cornmittee's invfftlalion lo continue his links as # Goidoo's Amb&ss8do¥. After elevcn years as the Fourtdation's Sctretary a￿1 Sch¢xil Butsar, Mts Su52D Meikle ietir¢d it) August 2023. The Foundation and Scliool are 8fdlcful to Mrs Meikle for her service to Gordon's during 8 penod of significant developments, cljanges and cliallenge diaL included tlie Covid pandeLni¢ and sthool l¢xkdowns. Tlit Senior LeaderstLiP Gmup conimls the wnniDg of the Fowidation and School 8t an execulive level and irnplenlents the policies and decisions of the trustees and governo￿ tljrougli agreed s¢lien)es of dele8atiort. Key management peisonnel are defjned as the Head Teacher. Deputy Heads (Curri¢ulwn ond PLstOTalk Fin￿¢¢ & (*¢rations Director. HR D1￿ctOr, Estates Dllt¢tor and Developtnent DireciOT. Ai'raiigement$ for scttiDg pAy and reniuneratlon •f key management personnel The Senior Leadejsbip Group is paitl on the kndetship pay scale wbich broxdly al &$ well &8 receiving copies of policies and proceduju 8nd other relevant documcjilalion. All tnLSttes are encouraged tts altertd professional tsainins courses, take online courscs for In￿(ee$ artd are provided wiihjoini bri¢fittgs at leasl otsce ea¢h year. DuTLn8 the year IL was detided Ihai inembets of tlw Aw3id$ Panel and aoy trustees who visit the School reglllarly should obtain DBS check& OBJECT AND OBJECTIVES General Currently, the inain a¢livity of The Gordoo Foundation is the support of Gordon'5 Scbool, a non-selective. ¢04du¢ationo1 Stare Boarding Scliool for946 resideTh¢kal Èndday boaTdin8snJdentsaged 11-18 years. The Sdiool clianged from Volun18ry Aided to Academy statu$ on l Jartuary 2013. Fwidirtg froin ilie Education and Ski115 Furtding Agency pays tlie ¢ost of teacliing ai)d learnin8, delivery of Ilie nalional curriculuiii and sotne c18ssroom faeililies. In addiiion to n￿naging tlie estate aiid butldings,The Gordon Foundation provides supporlsQYirnS to the School and in particularruns (heboardingoperalion for tlie day. weekly and full FM)ardin8 Students and the exiensive ¢0-￿irficular prograinine5. For families w510 require riuallcial ￿sIStance with b08rding charges. The Gordon FoU￿JaIl0￿ is able ioprovide nKans-testcd bursari& The Goidort Ente￿nSeSuK Ltd, a subsidiary of TheGordoD Foundation,oversees martagetnent ofandhire of ibeGordon's Sports Hub, letting of the school faciliiies when J￿1 required by the Scbool 8nd other opp*￿ttitles for non-boarding revenue g¢n¢ration Proceeds from such activilies ar¢ gift-aided to Tr Gordon Foundaiion. d¢sigoaled w tile bursary funng Loss of curriculurn or adtnini5trdtive data. 105s of major 5y5tem5 applications Engagementof eX￿mal IT Services wilh extended resouTttS and expeiience. Cloud 5toraEe in use. Data back up iegularly tested for ability to restowe file. Daily back ups_ IT a part of disast¢r Juovery plall. File5 testore been ￿ted but needs lest 8 iication te ula io THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE sfRATtGIC REPORT leontiJ)ued} Rksk (contlthued) INVCSThlENT POLICY Tlie cliai.ity aitns lo manag¢ tbe in¥estmertt w)rtfolio such ihal Investsnertl In¢ome 1$ Inaintained and capital growili is acliieved. in iEal ierms. The perforniaoce of investments and ilie investment ￿)71¢Y is reviewed regularly by.tlie Inves¢n)enl Panel. The Investment Pan¢1 does notimpose 8riy ￿n$traInts thaiinight limitselection of individual lnvesimentsfoi"s￿ia1, environmental or ethkcal reasor PLALYS FOR FUTURE YEARS 3-year Stl'AtsgiC Priorities- Develop a wO￿l￿g and learning envirOnm￿t for Gordon's School that moves beyond outstaoding Develop tlie School's Digit21 Strategy aciDSS boih learning and 2dminisirativ¢ wocess&s Progress tlie Estates M¥tet Plan Design and iniplcment our enviionmentsl ptsli¢y Furth￿. develop 'Gordon's Cothnected. plaifom), boosiing parertL Siudenl 4rtd sthff engagemertt by Cteatingpar¢nuships berween Gordon's Career8 dep3th￿t, Busirtess Network, alun)ni aud palfllts FUrlI￿r develop Gor&)o'$ Schoots. Partner5tLiP. boosting collaboralive opportWLitie5 fot SttLdents and staff. iv VL DISCLOSURE OF INFORMATION TO THE AUDITOR tn the case of each person who was a Diretior at the time this rrpjrt typroved: So far 85 that Director was aware there was no relevaDt available inf0m￿ti￿ of which the Groyp's audiror was unaware and ThatDiL'ecior liad iaken all the step5 tltht ille Dire¢iorought to have takeD as a dutctor to make liiwself or heLself aware of arly relevant audii infoinialion and to esi#bli5h th* the Group'5 auditoi was aware of that iDforn)alioJi. Tliis confinnation 15 given ll[￿ should be intewreted in ac¢ordan¢e with the WOVb$Lon of s418 of the Coinpanies Act 2(K)6. STATEMENT OF TRUSTEFS. RESPOIYSIBILITIES Tlie trustees (who ai¢ also tli¢ directors of the chariiable compzny) ate respoDsible for prep￿ing the Report of tlje Foundaliort ¢msiees. iocorpoi?iing th¢ Strategic Report. alld the financial sktemcnts iD accordance wiib applicable law regvla¢ions_ Conipany law requires tlie Irusttts lo prepare fithanctal statements forcach finan¢i31 year. Under tliat law tlie i1￿$let& liave elected to prepare tlie financial ststetnen15 in accordance willi Uniied Kingdotn Gener￿lY Accepted Accounting Praetice (United Kin8dom Accouiiting Standards and appli¢abl¢ law). Under ¢oJnpany law the In￿tee$ inust nol approve tlie rinancial slalernenls unle55 they are 5alisfied Iliai diey give a tsue 2nd fair view of the stat2 of affairs of the chaTilable company and the group and of Ihe incoming resou]res and application of re%)urces. includin8 the incomeand expendikni of the cl￿ritable ¢ompany and group f(w that year. In prepaTing these fil￿￿¢181 statements. the trustees Ste requir￿ 10.. s¢Jecl 5uitsbl¢ a¢couoting policies aod then apply them coDsisteDtIy- observe the methods and prithciples ID Ibe chariti￿ SORTr. make judgments attd accounlitL8 e51itL)atnsible for keepsug adequ8t¢ a￿o￿Aling ivords that are sufficient ￿ show and explain tlie charitable coinpany's transactions anddis¢lose with reasonable accurdcy ataoy time the financial position of the chaTilablecompany and enable them to ensure rhat the financial statements comply with the Com"panie5 Aet 2006. They are also TE5ponsible ftsrsafegua¥ding the&￿ts of thecharilablecompanyand thE gro¥ andhence for takingreasonable steps for thepreveotiort and detutioD of fraud and other iiyegularities. AUDITOR Our auditor, Alliotts Ll2. bas itidicated tbeir willingtt￿s to conttnue in offi Th¢ Truste¢s' Report, ill¢orporating the Stnlegic Report w&5 approved by the trus¢ew of The Gordon Foundation on 27 January 2024 8Dd signed on its behalf by: Lieutettant General Richard Cripwell CB, CBE Chairman 12 THE GORDOP4 FOUNDATIOT4 INDEPENDENT AUDITOR'S REPORT TO TFtE MEMBERS OFTHE CORDON FOUNDATION Opinton We liavc audited the coiisolidated flnancial stateffjents ofThe Gordon Foundatjon for thcyear tnded 31 August 2023 which coinprise tlie Consolidated Stateincni of Financial Aclivilic5. the Group and Cliarity Balance Slieets. Ilieconsolidated Casli Flow Ststejnenl andnoies to Ihe fLnar)¢ial stateffien￿ including a summary of signifitanLaccounLin8 policics. Thc flnancial reporting framewo￿ that has been applied in their preparatiotk is applitable law and United Kingth￿￿ Accounting Standards, including Fin8n¢ial Reporting StandaFd 102 Tlie FiiJ&iicial Rew)rfiiig applicoble iii ihe UK aijd Repiiblic oflitloiid (United KiThgdom Generally Accepted Accountbng Pra￿lce). In our opinioij, the financial staieDitnts.' give a tsILe alld fair view of the slate of tbe gr¢)up's aDd of thepaTent charitable coMpany'5 affairs as at 31 Augvst 2023 a￿d of the groiip's and pare￿1 tbaiitable towany's net D￿VeIlle￿l in fill￿%. ittcluding the iii¢ome and expenditure. for Ihe year then ended. liave been pioperly prepared in a¢¢ordance wit]1 United Kin8dom Generally Accepted Aecounting Practice- and liave been prepared irt accoidarhce with the requiren)￿ts of the Companies Act 2006. Basis foi. oplnlon W¢ conducted oui" audit'in 2¢cord2ll¢e with Internatioftal Standards on AudittDg (UK) IISAS IUK)) and applicable law. Ow'responsibilities undth'tbosestsDdards are fi￿hcrdtSCL.lbCd in the Auditor's iespoDsibililies for tlieauditof tlie financial statenlenls section of our report. We aTe independent of the group in accordance wiikn the etbical iequirements that ore relevantto our auditof the financial Stslements in the UK including the FRC'S Ethi￿1 Sto1)dard. andwe have fulfilled our oiber ethical Irsponsibililies in accordance with these requirerneDts. We bclieve that the audit evidelltt we have obtsitsed is suffLCLcnl and appropriate to provjde a basis for our opinio Concluslon5 relating to going conctrn In auditin8 die financial 51JLteinents. we have concluded ihar the ￿(ee$. use of rhe going concern bgsis of accowiritjg in tlie preparation of the finantial statements is appropriat Based on the work we liave perfomicd, wc have not identified any material uncertainties relating to evcnts or conditions thai. individually or collectivelyj ttLay cast sigoificani doubt on the 8roup's and parent company's abtlity to continue a5 a going coThcern for a period of ai least twelve months from when Ilie fLnancial stat¢]n¢nts are audioiised for issue. OUT responsibiliti&% and the tesponsibilities of th¢ tnbstres with respect to going concern ar¢ d¢5criFKd in the relevant seciious of this report. OllJe* inforniation Tli2 trustees are r¢sponsible for tILe oilier information. The oihcr infomhalion comprises tlie information included iii ihe Tiusie¢s' Repoil. Our opinion on the fwancial statem￿7ts ¢kns no¢ cover the other infomjation and. except lo tlie extenl ot]ieiwi5e explicitly stated in our report. we do noi express arty fom) of aswtan¢¢ co￿1￿$lOn therton. In conneetion with ourauditof the fjnancial sthtement& ourresponsibility is to trAd the other infomiation &nd, in doing so. considei. whether tbe othcr itlforniatiotk 15 rnaterially iDconsisieut with the fJDan¢ial stateme4)ts or our knowledge obtained in tlic auditorotbclivise appcat5 to be rnaterially misstated. If we idthjrify &￿chMaterial iDconsisiencLes orapparertt material nii5State￿¢￿rS. wc are iequited to determine wheiber there is a matcrial misslalemcnt io the fu)allcial 5tattmetJts or 4 D]ateJial missiai¢metLt of Ilie other hnfotmation. If. based on the wotk we have ptifornKd, we conclude that Ihel'e is a niate¥ial niisslalemeut of thisother it)f0m)ario￿ we ate required to cqiort that fact. We have nothing to report in this iegajrf. Oplnlons on other rnatters prescribed by the Companies Act 2006 In our opirtion. based on ilie work urtdertaken in the Coul￿e of the audir." lh¢ intomialion given in Ui¢ Foundation Trustets, Report (whith incorwates the strategic reM and the direciors. report) for (he firtancial year for which the financial slatetnenfs arc prepared is etsllSlSlent widi tlie rjnancial siaiements,. and the Foundation Tn￿ttes, Report has been PTepared in a¢cordan¢e wih applicable le8al requirements. 13 THE GORDON FOUNDATION INDCI PEf4DENT AUDITOR'S REPORT TO THE MEMBERS OF ThE GORDON FOUNDATION (coiitinued) Mattel's ort ithich ive 91'e i'equired to repor¢ by ex¢eptson In Ihe liglil ol the knowledge and undersiaDding of the 8TOUP and the partnt cliaritsble comparty artd its environjneni obiained in the course of the audit. we have not idenlified I￿tell81 misstaternents Én the Foundation Trustee5' Report. We liave nothÉttg to report irt Ics￿¢t of the following matters in relation to which the Companies Act 2006 requires lis to IEPOrt lo yoii if. in our opinion: adequate accounting Tecords b2ve nol been kept by the gTOUP artd parent charitable ¢onipany. or returns adequate for ov¥ audit liav¢ not been re¢¢ivtd from branches tKJt visited by us.. or Ihe gmup irtd parent ¢l)aritable company floancial sta*Lnents are not iti agreeweot ivith IIK aecoLmting reeoi and retutns.. or certain distlosuies of twsiees. remunerntjott specifsed by law ate Dot mad< or we have not receivcd all Ihe illfomi8tlOD 8ud explanations we tequiie forour audit. Rupon$ibililie5 of tt'ustee5 foi. the financial st2temetLts As explained more fully in Ihc I￿￿tee$, i¢sponsibilitses siaiementseiout ori page I l. the ¢w5ttt5 (who art also tli¢directo of (lie chai'itable company for the purp05cs of coin￿nY law) are ICSPODsbbl¢ for ilie piepaTatioJ] of ii)e final￿181 slalemcnts and foi. being satisfied d)at they give a tnje and f3irview. and forsu¢]i iTh*rnal control as tlie tyusiees dewMJine is nece5saiy to enable tlie prepa￿tIOn of finart¢ial slatements that are fvee fiom materi31 mi&8ts*men¢ wheth¢rdue to fraLid or eiior. In p￿par1ftg the fin3n¢ial statemett￿ ttse In￿e¢S are re8ponsible for &wsing the group's and the patent ch*rEtable company's ability to continue 8s a going concem. disclosi)Jg. as appllcable. matlets related io going concern alld usiDg the going cotlcern basis of a¢covThliftg ￿nIes$ the trnslees eilheT iUt¢nd to liqu￿ate the gwup or theparent ch￿.itable conipany ¢X' io cease operatioos. or havc no realistIc alternative bltt to do so. Auditor's r¢sponsibilitle5 for the a￿dit of the finaAcial statements Ow objeciives ai"e ¢0 obtain i"easonable assurance about wliet]ier tlje fjnancial statement5 as a wliolc art free fi'oin IDaierial missiaiemeni. whetjierdue to fiaud orerror, and ￿ issuean audiior's report tI￿l includes our opinion. Reasonable assurance is a Iiigh level of assui"an¢e. bul is noi a guaraiitee t1￿( an audi( conducied In accordance wil]1 ISAS (UK) will always detrct a n￿terIal ni1$5t8iemeni wlieth it exists. Mis5fkiements can arise fmm fraud or eJTor attd are considered Inaterial if indiwidiially OT in the aggregaie. they could reasonably be eXpec￿d to influence the ttortomi¢ decisiorts of useiB taken on the basis of these fina*¢ial Slatrme￿ts. Irr¢gularilies, iocliidinE fiaud, are iijsknces of llott-compliance witb laws and re8ulatKons. We desi8n proCedU￿S in line with our Ic5pon*ibiliiies, oudiJJ¢d alK*ve. to detecl malttfftal misstaiemtnl$ in respect of irregylarities, including fraud. The extent to wlii¢li our pi"o¢¢dures 3re capable of deLectit)g irregularities. Including ftaud. is detailed below. Our approac]i to identifying and ak%essing the risks of material tUiSSLatunent ID respttt of irregul•iiti&% in¢luding fraud and tson-compliartce with laws and rc8ulation$. was as follows.. tlie engagemertt partner ensured thal the engagement team collectively had the appropriate toinpEtence. capabilities and skills to Jdentify or recogttise non-complian￿ witli applicablc laws and LrBulations- we identifled th¢ law$ and regulatiotss applicable to th¢ gioup and patenieljaritable company througli discu&sions witb Iiustees and otliei managemen4 and from ollr krnowledge aod experience of th¢ sector. we focttsed on specific lawsand Kegul•tionswhich weconsidered May have adiiectTnat¢ri8leffectonthe financial statements oi. the operations of the gToup and parcit cb￿ltable company. includinD tlie Companies Act 2006. the Chaiilies Act 2011. the Academy Trust Halldb￿k 2022. taxation. employrnetL( &Lvironn)eDtsI And healih and safety legisl3LiOII" we asse55ed tlie extent of coinpliance with the laws at￿ regulations identified above tIuou8h making enquiries of tnanagenieni artd inspectin8 legal cowndence" and identkfied laws atjd reguia(iofis were comtnunicated within the audit ie4rn regularly and tlle team remained alert to instances of not>-compli8nared under tbe bistorical cost convcntion as modified to include the ievaluation of itlvestmeats. The principal accounliDg polÈctcs adopted are set out below. Boarding Chxrge Debtor Policy Boarding Cliarge5 debt4 in debtor5, ttflect outsianding debts for the boarding cliarges to 31 August 2023, wliilst Boardin8 Cliarges in advance, in creditor4 reflect cash received prior to 31 August 2023 for tlie authllnn tcm) 2023 boaidin8 charges. B#sls of ConsolSdatio Tjie consolidated financial siatemenis incotporaie those of The Gonlon Foutsdalion and all its subsidiaries. All financial statements are made up to 31 Augusi 2023. All subsidiary undertakin85 liav¢ been in¢liided witliin tlie financial 5tatenicnts. The ailities ai¢ Consolid￿ed on a liue by line b&sis and all intra-8TOUP transactions and balatLce5 between group compalliu are elimiti4￿ on CODsolid•ion. b) Going ¢on¢er Tlie financial slatemertls are prepared under the going concern b￿15 ivhich assumes the GTOUP will continue to Ineet ils liabilities as they fall due for a perjod of at least Iwelvc mont115 from the date of approval of these financial statenKnls. Tlie trustees have revicwed regularly Tevised budgets ¥nd cash tlow loie¢asts bwd on votious $¢¢narios in¢ludin8 the itquiremenls of the bank loan covenants arkd are keepiDg the siDJaiion uTrder coouani i¢vi¢w. n)eeL408 regularly wiib senior inanagement. Based on the ioformation available on the date of signiog financi41 slalements, Ibe trnstee5 eallnot mal re￿able e5timatt as to the ultltiiate fin2n¢ial impaet, howevtithey believe theaciions taken haveetssured the Group's ability lo cont1rn￿ to opetaieas a goingconcern for a period of at I￿$( 12 montb5 from thedalc of approval of the5C financial Sta￿￿)ents. 20 THE GORDON FOUNDATION STATEMENT OF ACCOUNTING POLICIES (tooti￿￿ed) FIOR TAE Yci AR ENDED 31 AUCUST 2023 Signifit#iit jud8nient5 aiid sOUI-tts estirnati0￿ ￿￿terIAl￿ty Tjie ptepa171ion of financial ststemenls in compliance with FRS 102 rquirt5 th¢ use of certain critical a¢coiintiTr8 eslinia(Gs. It also rcquires mana4retncnt to ex¢i¢ise judgment in applying the c1￿[1ry.s a¢¢ountsngpoli¢ies. The key juduements tI￿t have b¢en appli￿ by manageroeut relate to.. Jud•Ment i - Ilje present value of the Local Govemment Pension Scheme defined benefit liabiliiy depends on a nutLibeT of faetors rhat #re deteTh￿lned on art ac¢u*ial basi$ iising a vai'iEty of assumptions. The assumptions iiscd in determioing ilie net cost {inconie) for pensions include Ibe dis¢oiint rate. Any changes irl these aswmptions. which art disclosed innole 21. will itt)pacttlit tarryingainounl of tbcpension liability. Furtbennort a roll foTrvard approach wbich projects rc5ulis from the latcst full #ctuarial valuation performed at 31 Mawh 2022 has been used by tILe ￿lUary lit valuiRg the pensions liability al 31 August 2023. Any diffe¥ertces be(weets Ihe figures derived from the ￿11 foLiv8rd approach and a fvll actuarial valuaiion would impact ort the eatrying an￿￿nt of the pension liability. Judgernent 2- a bad debt provision againsi pM)iethiial fU￿rt un¢olleciible boarding cJwg&s. d) IDeome All incol￿t included in tli¢ StateJnenL oFFirtancial Activitie5 (SOFA) when the 8roup is legally entitled 10 tiie in¢ome and the amounl can be quaDl%fi¢d widi rewnable accuracy. and receipl is probabl Grtsitis i'eceNvoble Grants are irtcluded in the Ststement of Financial Activities on g rettivable basis. The balance of In￿Me re¢eived for specif1¢ pllryjoses bul not expended duriDg the ye41 is $bown in the relevallt on the balance sheet. WheLZ irL¢omc isr¢eeived ID advance olaititlement of ￿tIPt ils ie¢ognitiorL is deferred aDd irteluded iti crtdilors as defei'ied 211come. Where elltitletnent occurs befoir in¢om¢ is receive￿ the itKome is a¢¢rn¢d. The Gelwal Anndal Gr8tJl j5 L'ecognikd in full iD theyearfoi whi¢h it is reeeivableand anyullspeoiamouDI is reflected asa balance in llie ￿tTl¢led tser1e￿I thnd. Capital grnnts are iecognised wben receivable and are noi delerred over the life of Ibe asset whi¢li tliey Are exyended. Unspetyt amounts of capital grani are refleeted in the balance in the restricted fixed asset fijrtd Doiiftiioiis Dopations and all other re¢eipis from thndraising are retM>rted gro&s and are accounied ftir on # receivable basis. Th¢ related ￿ndraISing costs are reported Jn costs of Trising fvnds. JiivuipJieiJlJiicoiiJe Inveslm¢LIt income is accounied for wheD rtteivabl¢ aThl iocludes the ttlaicd tsx [c￿Verable. e) Expendlture: Expenditure is accounted foroll ￿ accrllais basÈ5. oli'aisipwfijiids Costs of raising ￿tsd$ comprise fwance charges associated with intere5tpayable on the Group's b0￿wingS and cost5 associated ivith lertin8S. Chortthble ftci£iijije* Cosis ol clhariitsble activitie5 include grants payable and oilw costs directly aw¢iated wirli providing Ibe services and sUp￿rt provided by the cljaiity alld an apportionnien¢ of overi)ead. support and governance tosts. Charitable activity costs repTuent costs dire¢ily associated with the w)wsion of education and related SUPFrf>rt costs. Govei'iiuijce cosls Gov¢in2nc¢ ¢osts comprise the ¢osts of njnning ttEe cllarity. Including 5tr2tegic pl)nnittg foi its fun]re dcveltsp￿eAt, exIel￿al audii, any legal advice, and all the tosts of cotnplying with coostiNtiollo18nd slawtory requll'ethents, such as the costs of Board and C£¥mmittee meetin8s #nd of pwaring statytory o¢¢ounts and satisfying public accountability. rindsiig uciivtrii4t Costs of trading activities include costs directly associa￿1 widi pmviding the 5eTrices providtd tlirougli tradin8. L*ased Assets Rental cost5 under operating leases ate charged to the stakment of finathcial activities in equ&l amounts over the period of the leases. 21 THE GORDON FOUNDATION STATEMENT OF ACCOUNTING POLICILS IcoDtinued) FOR THC YEAR ENDED 31 AUGUST 2023 TAngible Flxed Assels Dq)iEciaiion bs Provided on all tangible fixed assets. other than frediold land, on the following inethods at rates cal¢ulaLed to write off tl)e assets over their estLJnaled useful live5. The n?ethods and rates 8r¢ Freeliold laiid and butldJn85 Macliinery and equipment Ftxtuits oiid fi(11tt8s Motor vehitles 2Oh_ 44h per allnum straight lirte 2￿ per annum 51r818lit line 200/d per annum slixiEI)t line 20% per annum st￿l811t line BUildi￿g$ erecied before the year 20(10 are depte¢i4ted over 50 yeaws, and newer buildings over 25 yeats. h) Investments Listed illVeSlrnenlS ait srated at malket value at tjie bal#Dce sbeet dale. Realised aiid utwealised gain￿loSseS 0 investments included iti tile s￿tillent of FinancialA¢tivilies. l) Stocks Stocks are stated at the lower of tost and D¢t realisable value. j) Finat)clAI lostruwcntS Basic financial instnuDents tswisaeiions rhat tesult im the recognitLon of ftsiancial assets and liabilities like trade and otlier accounts receivable ai)d payable arc a¢￿u￿ted for ort ihe folloiving basis= Cftsli ftiid cnsli eqiisvaleiils Casb and cash equivalents includes rash in hatkd, deposits held at banks. other short4emi highly liquid investments Iviili original ma￿lrI11&s of tliTce tnooths or less and bank ovetLliafts. Bank Ove￿raft5, whcn appli¢abl< are sliown within currenl liabilities. Debiois tsiid¢J'ediiois Debtors and credil0L3 attmeasured at tb¢ tr205aclion price less any provision for irnpairrllent. ADY losses #Tising from impairtneni are r¢¢o8ni5ed as expenditure. BuiiA- bop70wiiigs Liabilities for ly)rrowings which are subiecl 10 3 market rate of interest ate nieasuid al tbe value of tlie oinounl advanced. less capitsl tepaymeftts. li) Kinployee Benefits Thecosts olslioit-tem employee benefjis artte¢ogE)ised as a112bility a￿1 an exp¢rtse. The costofany unu5cd lioliday entitlenicnt is recognised in the period in which th¢ employee's servitts are teceived. Terniination benefits are rttognised inmiediately as an expe1￿ when the chatity is den￿ll$trably commitied io ieiviitiate rhe employnient of enjployec or to ptovide terrnillation bellefils. l) Funds General fijtmls tomprise ihe a¢ciunulaied 5Utplus or deficii from the SiateJi)ent of Financial A¢tiviries wljicli is not restricted nordest8nated fuEtd& Theyareavailabje forwat the discretioD of theT￿steeS Trn fuit]ieTance of IliegeneJ?I objectives of the cliarity. Restricted fimds art fvnds whi¢h ar¢ to be used in accordance with specifi¢ r¢wi¢tion5 imposed by the doDoL (see notes 17 and 20). 22 THE GORDON FOUNDATIOTrI STATEMEf4T OF ACCOUNTTNG POLlCtES {tontlnkned) FOR THE YEAR ENDED 31 AUGUST 2023 m) Pensloh Costs Rctiiement benefit to employees art provided by the Tea¢h¢￿' Pension Scheme ('TPS') and the LA)cal Gov•￿ment Pensiott Scheme ('LGPS'). These are defin¢d bertefit schemes attd the assets are held separately froni th0￿ of the acadejlly tntsi. The TPS is ￿tt￿nded schemeat)d contributiojjs ale cakulaled so as to sprtad the cost of pensions over cmployees. Ivorking lives with th¢ acadeJ21y trnst in such a way thai the pension c05t is a substantially level peicenthge of curren¢ and fitthiE pensionable payroll. Tlle conlribulion5 are detcrniincd by the Govcrnmeni A¢Nary on Ilie basis of quadremiial valuations using a prosptttivt unit credit metliod. As stated in nore 21. the TPS is a inulti-unployer 5¢1ieille aiid tliere i5 insuffLCLeE]t infoniiation available to Use defjntd benefi¢ ac¢ounting. Th¢ TPS is dTrerefore treated as a defined conlTibulion scheme for accouniiDg p￿ry￿Se$ and tlie ¢OntyibJtions rew8nised in the p￿.i￿A Lo wl)icb Iliey relate. TheLGPS iso fvrtdcd rnulti-employct5themeartd Ihe assetsare ￿d$eparatelY in tn￿tteadmlnISttrtd fvnds. Pension $chcnJe assds aTe n)¢asuKcd ar fair value and liabilities are measuied on an actU3rial basis using the pi'ojected ynit credit in¢thod and discounied at a n¢ equivalent 10 Ibe current tate of iEtum OD a bigh quality corporate boud of equivaleot iei'niand ¢unrncy to the liobiiilies. The actwAalvaluatiollsareobtailled at I￿St￿.1¢￿￿181lY and ateupdaied at each balance sb¢et date. The aiiiollnt5 charged to operating SLI￿lus aTe the cutrent seryi¢e costs and tlie costs of scheme introductions. benefit diange4 sdtlenteuts and turtailrnent> They are iDcluded as part of staff costs as ineurred. Net interest on the net defined benefit liabilityl8sse¢ is also recognised in ihe Statement of Fiiiancial Aclivilies and comprigs tlie intcresi cost on the dcfjned benefit obligation and interest income on the scliertie assets, calculated by n)ultiplyin8 the fair value of tlle scheme assets 8¢ the beginning of ihe pericd by the raie used lo discount the benefil obli881ioThs. Tlie difftTence between Ihe inleresi income on tl* sclieme asses and tlie a¢wal reium on the scheme as5cts is reCo￿ls¢d in other [￿OgnIsed gaiths and losses. Actuari81 gains and losses are reco8nised imniediatcly in otl)cr rceognised gaiDS and losses. Foundation einploye¢s ate part of a defth¢d contnkntion W￿P1acept￿SIoll scheme wiib Salvus Master. Payn)entsto efiiied ¢oiitribuiion rdiremeni bertefil ￿heMeS are ¢har8ed an expense a5 they fall due. THE GORDON FOUNDATION IYOTES TO THE FtNANCIAL STATEMCNTS FOR THE YEAR ENDED 31 AUGUST 2023 21123 Rt5tr&rted Funds 2022 Tot*1 Unrestricted F￿Tr&S Totsl DONATIONS AND LEGACIES Dooalions *nd gifts L¢gacie5 28.751 28.751 91,975 2&751 28.751 91,975 GRANTS ESFA Capital graDts J88,675 188,675 238.513 188,67S 188.675 238.513 INCOME FROM CHAIIJTABLE AcfiviTIES Gross income from boardiDg chsrtses Les5: Bursai'ies Staff dkscounts Otber discoimls 11.486.166 131.454 11.617.620 10.763,809 {478J28) (26,486) (8,154) (478.328) (26,486) (8,154) (535.286) (18.739) (16.702) Net incoine fjom boarding diarge4 10.973,198 J31.454 11.104.652 10,193.082 Othci Iyraiing income 654.337 654,337 206.276 Fundin8 for the Academy's educational operotio 5.874.019 5,874,019 5.323,140 11.627J35 6.005,473 17,633.008 15,722.498 TRADING ACTtvrriES TL7ding inconie 241.685 241.685 153,278 241.685 241,685 153,278 JNVL8TMENT INCOME Interest received Dividcnds received 1.433 88.174 214 12.718 1,647 1)0.892 101.689 89,607 12,932 102,539 101,689 24 TH& GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED JI AUGUST 2023 EXPENDITURE 2023 Total Staff Costs Other DepretiatiOII Cliai'itable Actlvlty: Staff costs Tuching costs Welfare costs Prclluses costs Suppoit costs 10.788.IX)7 10,788,007 480,061 2.303,053 3.207,709 I,LOI,846 480.061 2.303.053 2.585.197 ,101.846 622.512 10.788. 6,470.157 621512 17,880.676 Ralsiiig fund$: Fitsan¢e ¢0sts Oth￿. costs Tradill8 costs 255.185 J.944 230.426 255,185 1.944 230.426 10,78&007 6.957.712 022,512 18,368,231 EXPENDITURE IPRIOR YEAR) 2022 Total St3(fC05ts Other Dtpreclatho Cligl'itable a¢dvity: Staff Costs Te8cliin8 Costs WelfaL'e costs Premises costs Suppoitcosts 10.J21.499 10,121.499 529,173 1,908,J41 2.617.312 929.457 529.173 1,908.141 2.032.148 929.457 585.164 JO.121,499 SJ98,919 58&164 IQ105.582 RaSsing funds: Fillartcc tosis Other costs TTadittg costs 291.509 2.261 142.892 291,509 2,261 142,892 10.121.499 5,835581 S85,164 A6342.244 2D23 2022 Total eipenditui-e iutludts: Depieciation Operating lease payments re¢o8nised as ath expeD5e Auditor's remuneration-. _ Alldit fees - Other serviees 622.512 225.624 28.760 13,310 585,164 297,563 23,600 10,050 25 THE GORDON FOUNDATION NOTES TO THE FINANCtAL STATEMC, NTS (contiN￿ed) FOR THE YEAR ENDED 31 AUGUST 2023 7. STAFF COSTS 2023 2012 Wages atsd sala¥ies So¢ial security ¢osts Otber peJL5iOn COS Staff re5trucwrittg co$ 8.541.643 853.930 1.392.434 7.838,181 775,083 1.498,483 9.752 10.788.007 10.121,499 2023 Nts 2022 No The average llvmber of employees io the ye8riv&s: Tea¢hers Administs3tion {I￿ludIng academic 5UPPtyt & mait)tenance) 73 184 73 186 2S7 259 The nJniber of higber paid staff durin8 the year was as follows: £60,001 10 £70.OIXI £70,00110 £80,0 £80.001 to £90.0 £90,00110 £100,( £IOO,(K>l to £1 10,000 £130,(K)110 £140,000 15 13 24 18 No tLilStees received any remuDeTation or benefits-I￿-kl￿l during the y¢ar {2022= £Dil). Ont trustee received reimbur5wncnt oFexpeTLSCS of £771 in respect of travel and subsiM&lCt durin8 the year (2tr22.. £nil). Pension tonttibutions of £98525 (2022: £80,819) were made to P&50nal pen5iOll plaDS in respect of liighcr paid staff during Ibe year. The key njanagemetst personnel of the grollp comprise the ttllstees, Head Teacber, Deputy He#d TeacJier5. Bwsat. Head of Finatb¢e, As51sraot Bursar. Propetty Services Manager ar￿ Head of Catering. The total remuneiation of tlie key managemtiit Pusonnel during the year wa5 £875.447 (2022.. £693.800). 26 THE CORDON FOUPIDATION NOTES TO THE FINANCIAL STATEMENTS (Coiitin￿ed) FOR THE YEAR ETr4DED 31 AUGUST 21123 FLKED ASSETS- CROUP AND CHARITY Frtehold Land Buildings MAthln¢ry & Pixture5 Asstts ¥nder Toral Academy To¢al E4UIpm￿lI Tithng5 Construtdo Charity Trknst Group co&r Al I Septrrnber 2022 A4ditiolls Retlwifi¢ation 26,633,540 256.507 197,765 979.718 69.114 455.355 29219.719 1.192,949 30.412.668 365.982 57210 423.192 20.25 (197.765} At31 Au8USt2023 27,087.812 1.171 J56 I.048￿32 277.701 29,585.701 1.250,159 30035J60 DEPRECL4TJON At I September 2022 Cba¢ge for dieyur 5.988.871 337.554 913218 55 803.114 109.473 7,705203 537,882 950.81 84.630 8.656.014 622.512 At31 All8￿$¢ 2023 6J16h25 1004,073 912J67 8343.085 1,035.441 9,278526 NET BOOK VALUE At JJ August 2023 20.761J87 167.283 136345 2TI,701 2 J342.616 214,718 21.557,334 At JI Aug￿1 2022 20.644.669 237188 17(604 455,355 21514516 242,138 21.756,6S4 FLKED ASSETS INVESTMENTS -GROUP AND CHARITY 2023 2022 BalaiJce at I September 2022 (excluding ¢￿sh dysits) Addiiions Disposals at opening market value Realised and unreali5ed Ilosse5ygains 3.113.522 25,234 (32.481) (92,995) 3.367.891 66,116 124,784) {295,701) Balance al 31 Aii8u# 2023 (excluding cash depD5its) 3,013.280 3.lJ3,522 Cash deposits 33.41 116,451 B•lance 9t 31 August 2023 3.046.691 3.229,973 Class of jrtvesln￿lts is split 8s follow= 2023 Cash oi. c3sh ¢quivaient5 Equities Alterthative inveslmeots Fixed illtercst 33.411 2.902.082 58.555 52.643 Balanee at 31 August 2023 3,046,691 27 THE GORDON FOUNDATION NOTES TO THE FINANCtAL STATEMENTS (Coiitinued) FOR THE YEAR ENDED 31 AUGUST 2023 io. INVFSYMENTS IN SUBStDtARY UNDERTAKINGS- CHARITY Sliare5 i group ndertakiiigs Balance at I SepteME￿[ 2022 31 AUg￿st 2023 Details of the ch￿]1*ble coM￿ny,$ subsidiaTies at 31 August are &$ follows= (i) Gordon's School Academy Trust is a private comphny limited by guardntee. domitiled and ithcorpoiared in England and Wales. Tlie ItBisiered office at)d principal place of bu5ines5 is BaB51101 Road. West End. Surrey. GU24 9PT. On Ilie basis tl)at Tjie Gordon Foundation is nitniber of tht Gordon's Schty)l Atadeiny Trust and has si8nificant Influence over tilt elltiLy, Gordon's Sehool Acadeniy TnLsI has been includ￿1 wit]iin th¢ coJwlida¢ed fjnancial stoteknenls. Acade results: Totll 2023 Total 2022 SOFA Total Tncome 8,574.034 6.354,947 Toi81 Expendrture (9.073,212) {7.963.829) Nei in￿Mej(cxpCDdalllre) (499.178) {1.608,882) Oihei" Iwognised gains and 10$5¢S A¢tuaiiAI{lo￿csj on defined beuefii peosion scherne 500.000 1.611.C Net ￿￿vernent tu hnds 822 2.118 Total fvnds brollghi ftyward at I September2022 23.226 21.108 Totsl fUr￿S cari'ied fotward at 31 August 2023 24.048 23,226 Balance Slieet Fixed Assets 214,718 242.138 Current As5Cts 1,825.414 1,404,279 Current Liabilitics (1.758.372) {945.099) Creditois falling due after mwe ihau one yeat (55,712) 168.0921 LGPS Pet)sion Scheme Liabiliiies {202.(N)O) 1610.000) Total Funds 24.048 23.226 28 THE CORDON FOUNDATION NOTES TO THE Fif4ANCJAL ￿ATEmENTs (Continued) FOR THE YEAR ENDED JI AUGUST 2023 INVESTMEiYTS IN SU￿lD]ARy UNDERTAKINGS- CHARJTY (Conth*tyed) (it) Tl)e Foundation holds IIXVA of iht sha￿ Capital of The CordoTr Enterprises UK Linlited {comparty numlxr.. 04104254, registered in En8land and Wale5. registercd olYic¢- Ba8shot Road. West End. Surrey. G24 9PT). whose principal activities are lettino the buildin¥ and g[￿lld5 of Gordots's Sc]iool and selling memorabilia. A $umtnary tsf the profil and loss a¢¢ount and the balaii¢e sheet frtsm the audited financial stalemenis is set out below-. 2023 2022 rit and tA)ss Account Tun)over Costs 233,724 (230,425) 145.193 {142.8921 Pi'ofitfor tbe year Donation to Thc Gordoo Found&tLOn Retained Pmfjt for the Year 3.299 2.301 301 Balat)¢ heet Net Current Assets Retained Profits Sliare capital Total equity 13.585 13.585 12. DEBTORS Group 2023 Group 2022 Cliarlty 2023 Cliarlty 2022 Boaidins charge debtors Sundry debtors Ainount owin8 to subsidiaries PLEpayineDts VAT re¢laim Accrued irtcome 208.815 24.791 228.309 21,137 208.815 228.309 8,656 32,284 135,488 524,644 290.463 206.979 225.624 98,(￿7 88,051 160,531 1.048.7A3 780.056 457J97 404.739 13. CREDITORS.. falllng due Ivithin one ye¥t Group 2023 Group 2022 ChArity 2023 Charity 2022 Loans and overdraft Trade creditors Boarding chai3&% in advance aud pupil deposits Taxalhon and social security Other cicdi¢OL5 AmouTri owing to 5ubsidtari¢s Acctuals and deferred income 332.380 1.817.000 879.790 215.236 1,1)22,519 333,387 1291.467 684,739 186.209 665.149 320.000 1.066.413 879.790 62,731 233,062 1,262.729 175.910 320.0(K) 900,111 648,739 49,074 303,123 1,04 1.325 682,034 247.758 728.040 4.514.683 JA52,991 4,IYJO.635 3,944,406 29 THE GORDOP4 FOUNDATJON NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THC YEAR ENDED 31 AUGUST 21123 CREDITORS: amounts falli￿% due aftei. niore than one year Group 2023 Group 2022 Ch*rity 2023 Cli2J-ity 2022 Baok loan 6,882,379 7.214.759 6.826,667 7,146,667 6J82a79 7.214,759 6.826,667 7,146,667 Analysis ofioans- Between one and two years Between and five years After five year5 332.380 997,141 5,552,858 332J80 997,141 5.885.238 320.000 960.000 5.546,667 320.oc 960.000 5.866.667 Q882J79 7,214,759 6026.667 7,146.667 Due within one year 332.380 331380 320,(K)O 320.0(N) 7.214,7S9 7.547.139 7,146,667 7,466,667 At ihe yearend. The Gordon Foundaiion had rwo long *rm k*n$. Both loans are secuRdby Icgal flrsl chaige5 over freehold land and buildin85 of The Gordon Foundaiiort. Tlie fLrst bank loan of £2.C(M).000 was thken out in D¢¢ember 2018 and is due for TepayffleTrt by insialments by January 2044. IDterest a¢cru¢5 on this loall at 3.8°A and ltite￿$t payments tre made quartetly. C8Pital tepayiMents conimenced in J￿]Uary 2020. The secood baak loan facility of £6,1)xi.l)00 w8S takeo our in Decem￿ 2019 10 fvod consti)]¢lion of a new spoits facility an4S 311 weaiher pitch. A sutn of £5,440.000 was ourstanding at 31 August 2023 and iliecapitsl ivill be repaid by instalmenis until January 2046. Inierest accrues on this loan at a ra￿ of 3.3Y• athd iiiteJEsi paymert￿ are in8de monthly. Capital repayinents Commenced in April 2021. 30 THE GORDON FOUNDATJON IYOTES TO THE FINANCIAL ￿ATEmENTs {Con¢inued) roR THE YEAR ENDED 31 AUGUST 2023 IS. LEASE COMMITMENTS At I l August"2023 thc total of futtLre minimum le￿ payll￿ts utmier non-c4nctllable opernting leases wer¢." 2023 2022 Lease5 expiring: Wiiliin one year Between livo and five years More ihan fjve years 213.481 84,603 283.024 248,499 29&084 531.523 16. ur4RESTRJCTED FUNDS I Stptember 2022 Investnient (Losses) 31 August 2023 Jneome gxpemditur Tr**sfers Desi8ttated- Eyre Fund Gene￿1 Fund 50,651 50,65J 13.535.465 I l.987.578 (12.314,074) {72.737) 13.136,232 13,586.116 IA 978578 (12J14.074) (72,737) 13,186,883 UNRESTRtcfED FUNDS (PRIOR YEAR) I September 2021 31 August 2022 Ancome ExPendI￿re liive5tment Loss¢$ Tvamsfei Designated- Eyre Fund GttseTal Fund 50.651 50,651 13,805,947 10.726.938 (10,782.634) (274.7861 13.535.465 I3,916￿98 10.726.938 (10,782.634) (274.7861 13,586,116 The Design8t¢d Eyr¢ Fund typresents thc balaDce on all uurestricted donation wbicb is used to JKJp fiDance music lessoDS. 31 THE CORDON FOUNDATION NOTES TO THE FINANCIAL STA TEMENTS (Continued) FOR THE YEAR ENDED 31 AUGusf 21123 17. BESTRICTED FUNDS B)la￿te at I September 2022 Balanee at 31 August 2023 InvestNient Expendi￿re Giinslllosses) Transfet Jmcome Specifi¢ funds: fjordou FoUj￿￿1oll Special fjjnd Stepping Fotward Appeal fund Piarto fvnd Bursaries 426.766 12932 (1.8￿} (20.I09) 417.729 300.686 31N).686 1.740 95.894 131,454 30..386 5,874.019 79.404 450995 1.740 227.348 28.738 79,404 555.040 bfCSF (DfE) fvnd Oilier i'estrictcd fuF DIE Fixed Asset fulld {5,875,667) 188.675 (84.630) 1.385.87J A207.O80 (5,962.157) {20,109) 1,610,685 P¢n$ion ruerve (610,QOO) {92,000) {202.000) RESTRICTED FUNDS (PRIOR YEAR) Bala￿te #t I Septeniber 2021 BHl%iite at 31 August 2022 IRvestmenl Cainslllos5ts) Tr*nsfers Expendilure SpÈcific Gordon Foundalion Special fund Stepping Fowward Appeal fuT Piano fund Bui"5arits 434.815 12.866 (20,915) 426.766 300.686 1,740 89.398 153.354 79.404 207,984 300.686 1.740 95.894 30,386 79,404 450,995 6,496 5.323.140 DfCSF (Dffil fvlld Oth￿. restricted fimds D￿ Fixed A&sei fulid (5.354.217) (150.649) 238.513 (87.393) 150,649 .267,381 S.58J.015 (5,441,610) (20,915) 1,385,871 Pension ruerye {1,903,000) {31£OOIJ) 1,611,000 {610.000) Gordon Foundatioii Special Fund - this fund Teprtsents the balance of assets irnnsferred by seva?1 connected cliaTiiies ort l April 1996. Stepplng Fowward Appeal FuAd - this fvnd reflects an a￿tal to enbance perfomiiiiE arts facilities at Gordoii's Scliool. 32 THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (ConliDued> FOR THE YEAR ENDED 31 AUGUST 2023 17. RFtsTRicfED FUNDS {Continued) l)fCSF (DIE) Fund & DffE Fiyed Asset - thtse funds refled monies received fron) Ihe Departinent for Ediie8tion (previously tljc Depa￿￿ent for Children. Schools and Families). for the p￿rpOSe of ￿lS(t￿g with the g¢n¢ral aCade￿Y n)nninLT e05ts and buildiDgproJ￿ts. Other i'ejtrlcted funds rep￿5¢01 oihu specific donatiODS to fund adivilies of the Foundatioo. PeD$ioD Reserve- this fjJnd represents ibe sh￿t of th¢ peDsion deficit borne by the $Lthidiary, Gordoa's School Acadeiny TrusL in tlK Local Governm¢Trt Pension kbeni¢ FUrtI￿r dethii 15 given in note 21 below. 18. ALLOCATION OF THE GROUP NET ASSETS Tgnglbk Net C#rrellt A55tts (L4#bAiiti¢s) Loiig Term Li*bilitltsl Pen$io Invesimtnts Totfij Restricted- S￿C[fIC Restricted- Pcllsion reserve 248.613 214.718 .147.354 1,610.685 (202.0001 (202.000) Unrestri￿ed 2.798,078 21.342.616 (4.071,432) (6,882.379) 13,186,883 3,lJ46.691 215S7.334 (2924,1178) (7,084 J79) 14,595.568 ALLOCATION OF THE GROUP f4ET A&SETS {PIUOR YEAR FSxed Assets Plei Cui'ttnt Assets (Liabilitie5) Long T¢i'fft Liabilhtie51 Pension Investfftents Tot¥1 Resrricted- Specific Re$irictr(k Pension rtsetvt 269,945 242.138 873,788 1,385,871 (610.000) {610,000) Unre5tritled 2.960.028 21.514,516 (3,673.669) (7,214.7591 13.586,J16 3,229.973 21,7S6.654 (2.799I81) (7,824.759) 14,361987 19. CHARITY UNRESTRJCTED FUJYDS UNRESTRICTED FUNDS B#l*N¢e vlt I September 2022 B*laii¢e at 3J August 2023 Expenditure Ggln$ll10$5¢$) Trfinslers D¢signated- Eyre Fund 50.651 50,651 Generdl Fund 13,370.032 11.749.192 (IlJ66.110) (72,737) 13,480.377 13,420.683 11,749,192 (11.566,110) (72.737) 13,531,028 33 THE CORDON fouNDA￿ON NOTES TO THE FINANCIAL STATEMENTS (Contiiiued) FOR THE YEAR ENDED 31 Aucusf 2023 19. CHARJTY UNRFSTRicfED FUNDS {Condn4ed) UNRESTRICTED FUNDS (PRJOR YEAR) Balau¢t ￿t J Septe￿be￿ 2021 BalAnte xt 31 Au8USt 2022 Income Expenditure InVeSt￿¢￿t G4iMsl(losses) Transfers Design4ted - Eyit Fund 50.651 50.651 Gener81 Fund 12,289,590 10.575.961 {9.220,733) (274.786) 13.370.032 12,340341 10.575.961 {9.220,773) (172.786) J3,420,683 20. CHARITY RESTRICTED FUNDS Balante at I September 2022 Balanee at 31 August 2023 lTrvestm¢nt Calnsl(losse5) Transfers ltycome Expeoditure Gordon Foundation Special fund SteppingForward Appeal fi￿d Piono Bursarjes Other re5tri¢t¢d fi2nds 426.766 12,932 (1.860) 120,109) 417,729 300.686 300,686 1.740 95.894 79.404 L.740 227.348 79,404 131.454 904.490 144J86 (1,860) (20,109) 1.026,907 CHARITY RESTRICTED FUNDS (PRIOR YEAR) Bal*Nte At I September 2021 Balgn¢¢ at 31 AEtgust 2022 Investrnent GaiDs Into￿e penditure Tr•nsfei's Gordon Fwndatioo Spc¢i31 fi￿d Stepping Forward Appeal fund Piano fiLnd Buiuries Other restricted futMIs 434.815 12,866 {20,915) 426.766 3(KJ.686 1,740 89,398 79.404 3(KJ,686 1,740 95,894 79.404 6.496 906.IM3 19J62 (2fr.9A5) 91M,490 34 THE GORDON FOUNDATION NOTES TO THE fThANCIAL STATEMENTS (c￿lI171￿e￿) FOR THE YEAR ENDED JI AUGUST 1023 21. PENSION AND SIMILAR OBLJGATIONS Tlie acadeiiiy trust¥ employees belong to princtpaj Schem￿.. tlje Teacljers, Pension Scheme England and Wales ITPS) for academic 8nd related staff- and the Lo¢al Govtmment Pension S¢lietne (LGPS) for non-teacliing staff, which ts managed by Surrey Couftty cow￿￿1. Both art mulii-cmploycrdefined betttfJL schemes. Th¢ peusioll Costs ote assessed in accordanc¢ wfftlh the advic¢ of lode￿MIent qiialified actuaries. The latest &c￿2r1a7 valuation of Ibc TPS related to ttle pexiodcndcd 31 March 2016. and Ihatof the LGPS related to the periodended 31 March 2022. Cootrtb¢tttons atwwitiitr8 10 £789,456 wcre payabk to the scherne5 * 31 August 2023 (2022: £356,527) and arc included witbin creditOLS. Teacliers. Peiisioii Scliernt Inti'odueilo The Teacl)ets' Pension Sclieme (rps) is a staiuw. contributory. defined bvKfit schem< Bovemed by the Teacliers. Pension Scheme Regulalions 2014. MembetsILiP 1$ automalic foTieachers in academie&. Ail tea¢be￿ hove the optioll to opt out of tl)e TPS following enmlment. Tlie TPS is an unfundcd sclicme to which l)oth the mcrnber othd etnployer make5 contribution5. as 2 percentsgc of salary. Tliese conll'il￿ilon5 art credited to the Ex¢liequei. ReiiTemeni and other pension I￿￿trI￿sar¢ paid by public funds provided by Parliamerlt. VailuAtion of the Teachers, Pension S¢heme The Govwunent Actuary. ￿SIllg J)omJal acttlatial PTInciples, conducts a fornial actuaiial review of the TPS In ac¢oidance witli tlie Public Setvi¢e P¢Dsions (Valuations and Employer Cost Cap) Ditections 2014 published by HNI Tre2S1Jry every 4 Ye￿7. The aim of the L'eview is to specify ibe level of futs]re contributions. Actuatia] $Ch￿￿e valuations are depend￿lt on assumpiiotts about the value of futs￿e cost& desigll of benefJt$ and many other fa¢tots. The lat￿t acmai.ial valuation of the TPS was carried out a5 at 31 MaT¢b 2016. Tjie valuation rtportwas publishedby ilie Department forEducation 011 5 March 2019. TILe key elements of the valuation and 5ubsequeal eonsultalion are.. ¢mployercotttributJon r8ies5etai2J.68%ofpensionablcpay{intluditsg aO.08Yé anployer admtni5trallOD charge) total scheEne liabilities (pellsiolls ￿nt￿lty in payment and Ithe utimated cost of fvture beuefilsl for seA'vice to ti)e effective d8te of£218.1(J) million. and notioual Lssers lestimaied ￿tUre conuibulions tooertLer with the aoliollol inveslinentsheld atth¢valualion dale) of£196,Irxi mtlliongivioga llotional pastseryice deficit of £22,0(M) millioA the SCAPE I'Ète, set by HMT. is used lo deiernjitte tl)e notional investmenr reh]m_ The ¢urrent SCAPE rnte is 2.4V• aEKsve tbe izte of CPI. The ￿5￿med real ratc of return 1$ 2.4Vfy ill excess of priees and 20A in excess of eartjittgs. The r8te of real earnings growth 15 assvmed ro b¢ 2.2￿ The assumed nornioal rate of retULTh includiog e&rnings byowth is 4.45%. The utxt valuati¢JD raul¢ is due to be Impltmtylted fmm l April 2024. The employe¢s pension costs paid to ihe TPS in ihepetiod •mowiLed LO £976.58? {2022.. £889.176). A ¢opy of the valuatLOlI rcpori and supwttillg docurncntati¢Jn is on the Teachers. Pensions website. Under the defjniiions w out in FRS 102. the TPS is an unfunded inulii-emplrjyerpensioll xlienie. T1ie acadeiny tiust lias accounted for its contribulions to ilie scheme as if it were 8 defined contribulion schune. The ac4deiny trust lias set out above ilje infoi?nation available oil ili¢ xh¢mL 35 THC GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMEP4TS {tontihued) FOR THE YEAR ENDED JI AUGUST 2023 21. PIP4sION AND SlltrflLAR OBLICATIONS (tontinued) Lo¢al Govei'nillent Pension S¢heme Mi¢ LGPS is a fundcd dtfincd b¢oefit pension schujic. wilh the as5¢ts held irt 5wat2te trusiee-admiDistered fiJnd$. Tl)c total CODtributions are as no*d below. The eed Contrii￿Uon tales foi yeors art 23.2% for eoiployeiE atsd 5.5fj/fj to 12.5% for employce& Parliament has agited. at the request of the Secretary of State for Edutation. to a 8uaranlee ¢h$t, in ihe eveutof a¢ad¢n)y closure, outslanditt8 Lo¢al GoVerju￿tnLPtnSl￿ SCb￿lIe liabilities would be met by the Dtpartment for Educatson. The 8uar2niee ¢ame iijio for¢e on 18 July 2013 and on 21 July 2022. the Department for Educaiioo ieaffitmed Ils Comniitinenl to the 8uarantee. with a parliamentary minuie published on GOV.UK. Tot41 ¢ontributioth$ ni*de 2023 2022 Enjployej s contributions Employees. conts'ibuiions 165.000 48.000 158,0 42,0( Total contributiorbs 213,(KM) 200.C4J) Pi.InclpAI a¢tugt42l As$umptlon$ 2023 2022 Ral¢ of increase iii 5alarie5 R8le of increase for pen5i0ns in paymenrfinflation Discount rate for sthetne liabiliiit5 4.00 3.00 5.20 4.10 3.20 4.25 Tlie ciirrenimortality assumptions includesufficientallowaThcc for fuwff improvementsin1￿0rta]IiY ra*$. Th¢assumed life expecr81ions on rdirement age 65 are.. 2023 Ye#rs 2022 Years Relirirtg ioday - Males - Females 21.9 25.4 22.1 24.5 Retiring Ln 20 years - Male5 - Fen)alis 22.8 25.9 23.1 36 THE GORDON FOUNDATION NOTES TO THE FtNANCIAL STATEMENTS (tontinued) FOR THE YEAR ENDED31 AUGusf 2023 21. PENSION AND SIMILAR OBLIGATIONS (tonlinued) Schejiie liabilitie$ would have been affe￿ed by changes in assumpiion5 85 foll¢)ws'. 2023 2022 DiscouDt rate + 0.1% Discounl rate. O. I QA Mortality a5SUmPtion + l year Mortality assumption- l ye•r CPI rate + O. ly. CPI ra¢e- 0.1% (S4.0￿) 54.000 icKJ,(wx) (LOO,0￿) 53.000 (S3.OC￿) {57.000) 57.000 105,000 (105.000) 56,000 (56,000) Defw¢d benefit pen510D Scheme iiet Ilability 2023 2012 Sdiem¢ asse Sch¢me obliwions 2,297.OC 12.499.(W} 2,004.OOLI 12,614,000) Nel liability [202,1￿)) (610,000) Tlhe fi￿demy irust's share of the •sRts ihe 5cheine 2023 Fglr value 2022 Foir value Eqltilies Bonds Casli Propcrty 1.769,000 275.(KK 69.OlXJ 184.000 I,S23.000 281.000 40.0(KI 160,000 2.297,0 2.004,0 The 8chJal ￿turn on scheme was £118.OiKS (2022". a loss of £ioo.c(o). Amount recognised In th¢ Statement ofFinancial Actlvities 2023 2022 CuiTenl service cost Inlei¢si income Interest ¢ost 230,000 (89.000) 116.000 442,000 (33.0￿> 67.000 Total operdlRn8 ehaige 257.ODO 476.000 37 THE GORDON FOiINDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED31 AUGUST 21123 21. PENSION AND StMtLAR OBL]GATIONS {eon¢i*ue41) CIRange5 ill the present VAlue of defjned benefit oblig4ti0os 2023 2022 Al I Septeinber 2022 CurreDt setvice cost Interest cost Employee Contril￿tiOnS Actuarial tsai Benefits paid 2.614,000 3.845.000 230.(KKI 442.000 116,( 67,000 48.OC4) 42,000 (471.000) (1.744.000) (38.0￿) (38,000) AI 31 Au8USt 2023 2,499.CKKI 2,614,000 Chgiige5 in tht fair valut of ¢he academy tru5t'$ $h*rt of schtm¢ Allets 2023 2022 At I Septen)ber 2022 Iiiieresl incoine Aetuai'ial (gainyla%s Einployel" coniributioDS Einployee coiiiribuiions Benefils paEd 2.004.( 89,0 29,(KMJ 165,000 48.￿0 {38.(XlO) 1.942.000 33.000 (133.000) 158.000 42.000 (38,000) At 31 August 2023 2,297.(K(I 2.IJ04.000 Th¢ Foundation offers eiuployee5 a workplare pension and uses the Salvus Master Trust. The ewployer Contribution Tate is ?•A and th¢e￿plOyee contyibulion tate isa winimumof 3.5V•. Theeojployerpension costs dutinB the yearwelt £187.619 {2022.. £166,848) and there were iio contributsoos payable ￿ the scheme at 31 August 2023 {2022.. £nil). 22. RELATED PARTY TRANsA￿loNs There were relared paty IraosactiODS in the perird (2022.. N()ne). 38 THE GORDON FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS (Cotstinued) FOR THE YEAR ENDED JI AUGUST 2023 23. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITI￿ 2022 Unrcstrictcd Fund5 Rcsttieted Tot•1 2022 Toi#l 2021 Nott In¢ome fr•m-. Donations •nd legxi&% GixTrlS 91?75 91.975 238.513 13,136 159.157 238J13 Cliarltable 4dlvSty: Inwiiie froni boatding ¢h8r8es Od)¢r operating in¢othe Funding for Iht Acad¢iny'5 iicaiion41 operations 10.186.586 206.276 6.496 10.193.082 2Q6.276 5)23.140 8.451.959 240.304 5,109.004 5.323.140 Trading attivit4d- Ttading ill￿)￿e 153278 l53.278 41,822 Investmeiit ithtome 88.823 12.866 101.689 106.529 10.72&938 5,58JJlJ5 16J07.953 14.121.911 Eypenditsre on: Charrtable gctlvlty.. StstY¢os Educational c051s Welfai¢ costs P￿[DIsts COSL5 Support C051s Raising funds.. Finance cO￿S IThveslnienl maD8treir*nl TrAdlnE a¢tivitles'. TAdinK ¢os 5.%5.615' 4.155M84 529,173 10.121.499 529.173 I.￿8,141 2.617.312 929.457 9.372.237 481.604 .612,039 3.?90,721 728.323 1,918.141 I.￿1,614 570.592 715.688 358.865 291.509 291.509 2.261 244.926 762 141892 142.892 12.683 Total expendlturt 10.782.634 5.759.010 16.542,244 15,743.Z95 Operating Incomellexpendlturt) 15S690 (178 (234.2911 11ffi21,384 Net goin￿<10$5e$) on investments 1274.786) 120.9151 1295.701) 43Q422 Net intothi¢l(upenditur¢) 1330.482) (193.510) {529.992) (1.190.962) AcDJarial Ilosstsyg&i050n dtfitted benefit usion sth¢ine% 21 1.611,C {174,OtK)) Net movernentin luThds for the ytthr (33•,482) 1,411,490 1.0811108 {1.364.961) Fund balancts biought forward at I 16. SeptErnb¢r 2011 17 13.916.598 {635.6191 13280.979 14,645,941 Fund b¥I￿lletS rwL'ried lorward at 31 Au2tsst 16. 2021 17 lJS86J16 77Wl 14J61.987 13,280J79 AJI of the charitable ￿p,S activities continuing. All re¢ogftised gains and losses are included in the Stajtrneni of Finattcial Activiiie 39