2024-08-31-accounts

THE GORDON FOUNDATION ANNUAL REPORT AND CONSOLtDATED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 OidDOG41 . Company Number 00027272 Charity Number 312092 •AE3QM861* 3110512025 COMPANIES HOUSE A05

18

THE GORDON FOUNDATION INDEX Page Legal and Administrative Inforniation Report of the Foundation Trustees 4-10 Report of ihe Independent Auditors 11-13 Consolidated Statement of Financial Activities 14 Consolidated and Charity Balance Sheets 15-16 Consolidated Stalemenl of Casb Flows 17 Ststement of Accounting Policies 18-21 Notes to the Financial Sthtements 22-37

THE GORDON FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Patron His Majesty The King Vice Presidenls The Lord Mayor of London The Lord Lieutenant of Surrey The Bishop of Guildford Ambassadors Mr P Talbot Mr M Hawkeswortb Mr P Wynter Bee FoundatlOD Cornmlttee (The Board) Lieutenant General Richard Cripwell CB, CBE Mr R Whittington DL 1.2.4.5.$. Mr C Whiffin 12.8 Mr M Barnesl2,5.8 Mrs J Valner 13.J.4.5.7,9 Mr T Gordon Mrs L Bannister 3,7,9 Mrs A Stephens Major General A Fay CB Mrs D McKenzie Mrs S Hounsham 4.6.7 Mr P Jones 1.2 Mr S Azeem Brigadier J Mullin Ms J Kruger Lord Lancaster Lt Col J Fernandes MBE Mrs S Rawal 1.7 Chainnan Vice Chairn]an Treasurer.. resigned 27 January 2024 Treasurer.. appointed 27 January 2024 Chair of Governors retired 27 January 2024 elected 27 January 2024 elected 27 January 2024 Head Te8eher Mr A Moss Foundalion and Company Secretary Mrs J Taylor Appointed I September 2023 Clerk to Ihe Foundation Committee Mrs A Mitchley Appointed I September 2023 Committee Membership Member of the Foundation Development Committee - Member of the Joini Finance & Estates Committee = Member of the Investment Panel - Member of the Awards Panel = 4 Member of the Governance Committee - Member of the Enterprises Committee = 6 Governor of Gordon's School = 7 Member of the Risk & Audil Collunittee = Member of the Perforniance Management & Salaries Committee = 9

THE GORDON FOUNDATION LEGAL AND AD￿￿[NIsTRATIVE INFORMATION (Continued) ADVISERS Bankers: Bank of Scotland 38 Threadneedle Street London EC2P 2HL Auditors: Aliiotts LLP 3, London Square Cross Lanes Guildford GUI IUJ Inveslmenl MaDagers: Quilter Cheviot SenalOT House 85 Queen Victoria Street London EC4V 4AB Legal Advisers: Moore Barlow LLP The Oriel Guildford Surrey GUI 3SR STA TUS AND ADMtNISTRATION Registered Office: The Gordon Fouodation Gordon's School West End Woking Surrey GU24 9PT

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT The Gordon Foundation is a company limited by guarantee (Company No 27272), its registered office being at Gordon's School, West En￿ Woking, Surrey, GU24 9PT. The company is a cbarity for educaliollal purpose5 (registered charity No 312092). Following an external review of governance duTiDg 2022, revised and updated Articles were approved on 21 January 2023 and lodged with Companies House and the Charity Commission. Management of the charity is vested in the Foundation Committee, who are directors for the purposes of the Companies Act and trnstees for the purposes of charity law. In this regard they comply with the requirements of the Charities Act 2011, the Trust Deed aDd the Charities SORP (FRS 102). FoundatlOD Committee metnbers are required to retire from office every third year from the dale of election bul are eligible for re-election for a m&ximum of three ternjs. The Foundation Committee has powers at any time to appoini additional members. The day to day running of the Foundalioo is the responsibility of the Head Teacher, Finance & Operations Director, HR Director, Estates Director and Development Director. The charity was founded at the express wish ofoueen Vicloria as the national memorial to General Gordon who was killed in Khartoum in 1885. The Gordon Foundation owns, freehold, the land and buildings fornjerly known as the Gordon Boys, Home which was changed to The Gordon's Boys, Home in 1943, started to accept girls and day boarders from 1990 and is now known as Gordon's School. The majority of tbe Governors of Gordon'$ School, a State Boarding School with Acaden)y statu5, are either lrnstees of or are appointed by The Gordon Foundation. Following a decision made in 2019 to increase the number of (ex-officio) Vice Presidents, a recommendation Io iDtroduee the posi(ion of Ambassador was also approved. Ambassadors, a seven-year appointment, are fornier ￿sleeS of seniority or long service who ljave continued interest in supporting the Foundation's work. Paul Talbot. Gordonian and fornier trustee of over 30 years, service, and Mark Hawkesworth, fornier Treasurer, accepted the invitation to be the first Ambassadors for The GordoD FoundalioD while Peter Wynter Bee who retired ij) 2021 after 21 years. service to Gordon's as trustee and for eight years a School Governor, accepted the Committee's invitation to continue his links as a Gordon's Ambassador. The Leadership Team controls the running of the Foundation and School at aD executive level and implements the policies and decisions of the trustees and governors through agreed schemes of delegation. Key management personnel are defmed as the Head Teacher, Foundation Directors of the Business services, Deputy Heads (Curriculum and P&storal), Head of Sixth Forni, a newly appointPAI Dirpxtor of cO-C￿lCUlar and Assistant Heads. Arrangements for setling pay and remuneration of key management personnel The Leadership Team is paid on the Leadership pay scale which broadly adheres to the leadership pay bands outlined in the School Teachers, Pay and Condilions Document. Leaders must demonstrate sustained perfonnance in respect to their perforniance objectives; non-teaching leadersbip salaries are benclJm￿ked against local market conditions. The Perfomance Managetnent and Salaries Committee awards one incremental point on the Gordon's Pay Scale where perforn]aJ]ce objectives are mei and where there is a sustained high quality of overall perfortnance. Pollcies and Procedures adopted for the Induction and Training of Trustees Prospective trustees are invited to Gordon's School prior to their appointmenl to meet with the Head Teacher. the Finance & OperatlODS Director, the Developmeot Director and at least two trustees who make their report to the next meeting of the Governance Committee. A scbedule of trustees with their qualifications and experience is maintained, cr05s-ref¢renced against the business requirements of the Foundation, which assists in the selection of new trust¢¢s. Once appointed, new trnstees follow an induction program which includes an induction meettng with the Foundation Secretary and the Clerk which includes an overview of the company and the relationship between The Gordon Foundation and Gordon's School. Tbey are invited to meet staff members in order to familiarise themselves with the School as well as , receiving copies of policies and procedures and other relevant docurnentatlOD. All trustees are encouraged to either attend professional training courses or take online courses for t￿ste¢S. All Trustees are DBS checked.

THE GORDON FOUNDATION REPORT OF THE FoifNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT (tODtiDued) ORTECT AND OWECTIVES General CuThently, the main activity of The Gordon Foundation is the support of Gordon's School, a non-selective, Coweducational State Boarding School for 946 residential and day boarding sNdents aged 11-18 years. The School cbanged from Voluntary Aided to Acadetny status on l January 2013. Funding from the Education and Skills Funding Agency pays tbe cost of teaching and learning. delivery of the national curriculum and some ¢1&ssroom facilities. In addition to managing the estate and buildings, The Gordon Foundation provides support services to the School and in particular runs the boarding operation for the day, weekly and ￿11 boardiDg students and the extensive Co-curricular programmes. For families wbo require financial assistance with boarding charges, The Gordon Foundation is able to provide means-tested burwies. The Gordon Ente￿riseS UK Ltd, a subsidiary of The Gordon Foundation, oversees management of and hire of the Gordon's Sports Hub, letting of the school facilities when not required by the Scbool and other opportunities for non-boarding revenue generation. Proceeds from such activities are gift-aided to The Gordon Foundation. Vision Our long-term vision is a family of Gordon Foundation schools wbere students, particularly those from disadvantaged back8round5, benefit from a Gordon's education. An education recogni5ed as amongst the r￿est in the world for the calibre of yOLmg people we develop, the progress they make and the difference they make to the lives of others. Object The object of The GordoD Foundation is to educaie or contribute to the educatiOD of boy5 and girls having particular regard to those with a specific boarding OT educational Dee(t with a view to preparing them for educaiion or for earning their livelibood, such object being in continuation of the work of the unincorporated institution known as the Gordon Boys, Home, established in July 1885 as the National Memorial to General Charles Gordon CB. Objettive$ Whilst the main objective of The Gordon Foundation is support for Gordon's School, trustees appre£iate its wider object$ of encouraging and supporting residential boarding for 'necessilous' young people, improving the public's awareness of the value and benefits of residential boarding and increasing funds available to support residential boarding. In setting these objectives and planning activities, t￿SteeS give careful consideration to the Charity Commission's guidance on Publi Benefit. The objectives for The Gordon Foundation are. To maintain the National Memorial to General Gordon Be alert to and take advantage of opportunities to extend the influence of Gordon's both at home and overseas Ensure that business services provided by The Gordon Foundation are fit for purpose and commensurale with outstanding provision tncrease the Foundation's fu]ancial stability and support for f￿anCIallY necessitous S￿dents Deliver world-class pastoral care, cutTiculutn, and co-curriculum provision ACTtVlTIES, ACHIEVEMENTS AND PEFORMANCE The Vision for GordoD'S The 'Vision for Gordon's, is the strategic plan for Gordon's which sets oul our vision for the national memorial to Generdl Gordon to be more than a school, but a symbol of what can be achieved by a community united in making an outstanding contribution for tbe good of global society, through its educational leadership and through the live5 Gordonians go on to lead. This vision will be extended toward5 203 5, the Foundation, s 150lh anniversary. A Gordon's education strives to be more than the best possible examination results, but a thorough preparation for life. Our aim is to develop rounded world class, global citizens with the cbaracter, capabilities and confident humility to achieve well, to stay active, to appreciate what they have and to connect and give back to the cotnmunities in which they live and work.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLtJD]NG THE STRATEGIC REPORT (contioued) The Vision for Gordon's is for the national memorial to General Gordon to be a force for a more caring and just world: a world in which inequality in opportunities is diminishing; where individuals are treated sirnilarly and have equal chances based not on privilege, but on how hard they work for themselves and others, AcademR¢ Results for Ihe Scbool During the year the Scbool educated approximately 978 students between the ages of I l and 18. Recruitment continues to be strong with waiting IRSts for Key Stages 3 and 4. There were 279 residential boarders and 353 students in the Sixth Fonn.. Compared to many state schools, the KS5 curriculum at Gordon's is rigorous and a hi8h proportion of students opt for the more intellectually demanding subjects. 42 % of Y13 Leavers obtaining places at Russell Group UDiversitie5 and 730/0 gained places at their preferred destination. Two students gained places at Oxford and Cambridge, four embarked on Medical training courses, six gained places at Music/Drama schools. four accepted Sports Scholarships overseas and five secured Degree Apprenticeships A Level re$ult$ 2024 GCSE result$ 2024 400/0 of enlries were graded A• 719/0 of ¢nlri¢s wer¢ graded A 88 % of enlries were graded A• 510/0 of entTies were graded 9 - 7 840/0 of entries wer¢ giaded 9 - 5 930/0 of entries were graded 9 Average performance per student - BBB BTEC L3 2024 BTEC L2 2024 53•/(k of entries were graded D 88 /0 of entries were graded D• I OOl/*o of entries were 8raded D• More detailed infonnaiion on student activities and the Co-curricular programme can be found on the School website OTdons.school as well as the Annual Report of the Gordon's School Academy Trust. Capital Developments The cu￿ent focus has been the reconstruction of Pitrb l along with the fust of two years of development of the Old pool and Gyrn to create a Theatre including break out rooms and teaching areas. Continued improvements have been made to teaching spaces with two new classrooms along with some additional smaller teaching spaces. IT launched eight cla5STooms of the future to include a docking system for IT device5 rather than desk top machines and the new screens with all the ￿nCtIonal1ty needing for leaching and learning for the future. General The Development team is responsible for activities focusing on support for the school community as well &5 strengthening local and wider community links. ranging from regular taU(s, organisimg all larger school internal and external events and seeking opportunilies to let facilities when not required by the school, and fijndraising. Development Prefects assist the department with appropriate administration and hosting of events, providing them with some insight inlo a different area of the school &8 well as useful experience. A strong working parthership continues with the Gordon's School Parents, Association which clearly benefits the school and the parent community.

THE GORDON FOUIYDATION REPORT OF THE FOUNDATION TRUSTEES INCLLfD]NG THE STRATEGIC REPORT (continued) Following the dissolution of the Gordonian Association and responsibility for all alu[t￿l-fo¢USed activity incory)orated within the Development Office, a key focus continues to be developing a strategy for appropriate communicaliojj and engagement activity with each age groups. The Gordonian Football team, sponsored by a local business, is also supported by providing home match facilities on the new 3G pitch. In the SUllUDer, Gordonians of all ages enjoyed being able to return to tbe School for the Annual Parade and previously meeting up in London after the Whitehall Parade. Fornier members of the Pipe Band are invited to play in the Big Blaw, the sutnmer cricket match is popular as well as a three-way netball tournament for Gordonians. staff and cu￿ent student5. The Gordonian Awards. for Arts and for Sports, attract increasing numbers of high calibre applicants. these fmancially support two Year I l students with the costs for developing a particular talent, and encouragement to continue inlo the Gordon's Sixth Fonn. Support is provided to the Careers team lo assist with fjnding work placements and speakers as well as organising the annual Careers Fair. Opportunities for parents and members of the local community to network continue with reinstatement of the monthly Business Networking Breakfasts held at the School. The Development team encourages the School Charities Committee with appropriate links and organisational support" Make a dAfference Day saw student volunteers in the scbool working for the community from organised sports events for local primary schools, activities in care homes to litter-picking and clearing of graveyards. A total of 430 student volunteers took part with 1,611 hours recorded. The Gordon's Pipe Band, now officially the Music Section of tbe Gordon's CCF, participated in over numerous events that included travel to Scotland to compete in the World Championships, playing at the Houses of Parliament, at Wembley Stadium and, following a longstanding link with Brookwood Last Posi Association al Brookwood Military Cemetery. members of the Pipes and Drums who represent the Scbool at Brookwood Last Post were selected lo go to Menin Gate to play and tske part in the Last Post Association's Remembrance Service. A partnership developing with the National Piping Centre, Glasgow, is proving beneficial to Gordon's Pipe Band. Commercial A planning condition for the Sports Hall and 3G pitcb is ¢omrnunity use with a Cotumunity Use Agreen]enl in place between Gordon's and Surrey Heath Council. There is contiDued significant interest in hire of these facilities, with a focus on supporting local grass-roots Sports clubs. Other commercial activity includes the Sports Hub Café, part of the Sport5 Hall building available for use in conjunction with sports hire as well as Gordon's Sixth Fonn students during Ibe school day. Tbe monthly Networking Breakf&sls continue with a number of useful lijths being followed up. We were pleased to secure a new contract for hire of residential and classroom facilities for four weeks during the summer holidays, while will expand in future years, while again hosting BaTracuda Day Camps during the Easter and Summer holidays. Partnersbips The partnersbip launched with Aldershot Town Football Club in July 2021 wbereby their l $1 team is based and trains at Gordon's during weekday momings, and provided with catering and other facilities. Continues positively. In addition to hire charges, School football teams are provided with coaching by the A TFC coaching team and for free home malcb tickets are available io Gordon's families. oiher sportin8 partnership5 continue, with Harlequins Rugby Football Club and London Pulse (Premier Netball). Gordon's is proud to help reduce global educational poverty through a working partnership with the Commonwealth Education Trust (CET). Forn]ally known as the Commonwealth tnstitute, the CET 15 a well-established. leading cbarity that ¢hampioDS education actOSS the Commonwealth. Their digital platfornis reach teachers in underserved, often rural ommunitie5 around the world, providing them with much needed bite-size profe55ional development courses. Gordon's teacbers work with CET to establish courses to help improve pedagogy and classroom management, lat¢r ¢xt¢nding to support designated schools througb fundraising and practical resources. The Catnelthorn FoundatjOD SUPPOrts community-led wildlife initiatives alongside promoting education and socio- econotnic opportunities in Zimbabwe's Hwange province. Gordon's has pledged to work with tbe Camelthorn Foundation to raise sufficient fijnds to provide, initially, a girls, boarding house and then accommodation for boys, attending Ngamo Secondary School. In time, we hope that students and staff may be able to volunteer with the Camellborn Foundation in their Con￿Vation, education or social progratt]mes.

THE GORDON FOUNDATION REPORT OF TKE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT (continued) External sllPPOrt Applicalions to trusts and foundations continue for bursary funding as well as specific projects. The support for Gordon's students from a range of educational trusts is valued, in particular the continued generosity of the Girdlers, Livery Company. Support for Gordon's students by The Seb Foundation, Girdlers, Heights Education, Buttle UK, Lloyd Foundation, Etnmott Foundation. The Royal Springboard Children's Foundalion and Tak Turton Trusl continues to be welcomed by student families and the School. In 2021, two significant new competitions were launched. 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 Sustainable Development Goals. We are immensely grateful to Peter Wynter Bee. former trustee and now Gordon's Ambassador, for encouraging the institution of these student competitions and for his generosity in fiwding these prizes. Gordon's is proud to have signed up to the Forces Covenant and to display the Bronze Award of tbe Employers, Recognition Scheme, recognising the School's role supporting our Forces families as well as being a major employer in the area. The link with the Cotps of Royal Engineers continues lo be valued. in particular CCF students participating in Field Days organised at Gibraltar Barracks; training staff from Pirbright Camp assist with ceremonial drill. Members of the Pipes and Drutns play regularly for the Last Post Association at Brookwood Cemeteries, also for Surrey Police Pass- Out Paradc5 and wilh Surr¢y Police Band in a Festival RemetDbrallce Parade. FundraisiDg The tntstees recognise the importance of meeting ihe highest Standards of pra¢tice and care in relation to fijndraising activities. The Foundalion keeps donors informed aboui fundraising activities througb regular updates. All fundraising activity is carried out by school staff, who have received training on fundraising standards. No complaints have been received. The Foundation only raises funds from those individuals and organisalions known to il and the Foundation does not undertake fundraising campaigns to members of the public. Patronage Following the sad loss of Her Majesty Queen Elizabeth I l. Patron of Gordon's. King Cbarles accepted the Patronage of the School earlier this year continuing an unbroken line of Sovereign Patronage since Queen Victoria in 1885. FJNANCIAL REVIEW AND RESULTS FOR THE YEAR The main sources of funding for the Foundation are tI￿ough boarding charges and investments. Gordon's continues to be an oversubscribed school operating to maximum capacity witb a waiti.ng list. The fee incorne received by tbe Foundation was £11,935,120 (2023.. £11,104,652). The net movement in funds for the year was a surplus of £629,303 (2023.. surplus of £233,581). This surplus includes net investment gains of £346,351 (2023: net losses £92,846) and acNarial gains on the pension scheme of £206.000 (2023.. actuarial gain £500,000). ExcludiDg these gains the operating surplus for the year was £76,952 (2023: deficii of £173,573). Inveslmenls perfornied well duri￿8 the year. The investment portfolio has increased by £450,390 to £3,497,08 I (2023: £3,046,691). On l January 2013, Gordon's School converted to Academy Trusl status UDder the Academies Act 2010 with all operations, assets and liabilities transferred over to the Gordon's School Academy Tn￿t. This transfer was accounted for using the acquisition method resulting in a £389,000 deficit on the Local Government Pension Scheme transferring into the TNst. Most years since there has been an additional deficit on the scheme. tn the year ended 31 August 2024 ibe p¢nsioD liability reduced by £203,000 to an asset surplus of £1,000. This asset sutplus has been eliminated a5 there is insufficient evidence to conclude that the'asset, may be available to reduce filTh￿¢ payments. An asset sbould Only be recognised lo the extent thal there is tbe ability for the Academy T￿￿t to recover the surplus either through reduced contribution in the futUT¢ or refunds from the plan. Further inforniation on the pension schemes is given in note 21.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STrATEGIC REPORT {eon¢inued) RESERVES At 31 August 2024, fimds comprised Unrestricted funds of £13,602,694 (2023: £13,186,883) aod restricted fimds, excluding pension reserve, of £1,622,177 (2023.. £1.610.685). The restricted funds pension deficit reserve was £nil as explained above (2023.. £202.000 deficit). The restricted funds are set out in note 17. Unrestricted funds are represented by the Fowidation's property and other taagible fjxed assets, inveslments and net working capital. Free resetves. defmed as total unrestricted funds having eliminated the net book value of unrestricted r￿ed &%sets, are negative and.the Foundation Committee bave set a policy to restore and build free reserves in order to maintain the site and fijnd tbe moderni5ation and development of Gordon's Scbool. Any surplus funds generated in a fmancial year are invested in capital development. Risk The tNstees have assessed the major risks to which The Gordon Foundation is exposed and have taken step5 to reduce and manage these risks. Truslees approve a fornial Risk Register which is updated regularly and reviewed by the Joint Audit and Risk Committee at least a[￿uallY. The most significant retained risks identified are noted below together with the means by which to manage the risk.. Risk area Risk Factor Existlng Control proeedur Polilieal, educational & rinanelal Adverse impact OD school model Ensure frequent reporting of student roll and fll)ances. Hold back on plans, reduce cosis where possible. Maintain a scbedule of pre-agreed changes in the event of significantly reduced income. Focus on developing alternative income streams. Membership of appropriate bodies for advice and forera5ts. Charilable status I TaxatjOD Adverse fujancial effect such as tax on profits, loss of business rates. VA T on boarding charges.. increased boarding cbarges made unaffordable for many parents and chan8es school profile Take appropriate professional advice, reflect in budgets I planning Worsening eeonomic elimate, ineluding inflatio Adverse fmancial effect Contitigency planning Software I hardware Loss of curriculum or administrative data. 1055 of major systerns applications Engagement of external IT Services with extended resources and experience. Cloud storage in use. Data back up regularly le5ted for ability to restore file. Daily back-ups. IT a part of disaster recovery plan. Files restore been tested but needs test application regularly. INVESTMELYT POLICY The charity aims to manage the investment portfolio such that investment income is maintained, and capital growth is achieved, in real tern]s. The performance of investments and the inveskneDt policy is reviewed regularly by the Investment Panel. The Investment Panel does not impose ally constraints that might lin]it selection of individual investments for social, envirotmental or ethical reasons.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPOR T (eoDtinued) PLANS FOR FUTURE YEARS 3-year Strategic Priorities: i) Develop a working and learning environment for Gordon's Scbool that moves beyond outstanding ii) Develop the School's Digital Strategy across both learning and administrative processes iii) Progress the Estates Master Plan iv) Design and implement our environmental policy v) Further develop 'Gordon's Connected, plalfonn, boosting parent, student and staff engagement by creating partnerships betweeD Gordon's Careers department. Business Ne￿Ork, alumni and parents vi) Furtber develop Gordon's Schools, Partnership, boosting collaborative opportunities for students and staff. DISCLOSURE OF IJYFORMATION TO THE AUDITOR to the case of each person who was a Director al the time this report was approved.. so far as that Director was aware there was no relevant available infornjalion of which the Group's auditor was unaware and that Director had taken all the steps that the Director ought to bave tsken as a director to make himself or herself aware of any relevant audit infomialion and to establish that the Group's auditor aware of that inforniation. This COnf￿atIOn is given and should be interpreted ID accordance with the provision of s418 of the Companies Act 2006. sTATEfft￿NT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of tbe cbaritable company) are responsible for preparing the Report of the Foundation trustees, incorporating the Strategic Report, and the fu)ancial statements in occordance with applicable law regulations. Company law requires the trustees to prepare fmancial statements for eacb f￿anCIal year. Under ibat law the trustees have elected to prepare the fmancial statements in accordance with Ulllted Kingdom Generally Accepted Accounting l¥actice (United Kingdom Accounting Standards and applicable law). Under company law the ttustees roust not approve the fmancial staiements unless they are satisfied that they give a true and fakr view of the slate of affairs of the charilable company and the group and of the incoming r¢sourc¢s and application of resources, including the income and expenditure, of the charitable company and group for that year. In preparing these fthancial statements, the trustees are required to: select suitable accounting policies and then apply them consistenilyl observe the meihods and principles in the Charities SORTr; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fLnancial statements. prepare the fjnallcial statements on the going concern basis unless it is inappropriate to presume that the company will continue in busiDess. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any lime the f￿anCIal position of the charitable company and enable them to ensure tbat the fmancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the cbaritable company and the group and hence for taking re&sonable steps forthe prevention and det¢ctiOD of fraud and other i￿egularitieS. AUDITOR Our auditor, Alliotts LLP, has indicated their willingDess to continue in office. The Trustees. Report, incorporating the Strategic Report was approved by the trustees of The Gordon Foundation on 18 January 2025 aDd signed on its behalf by: Lieutenant General Richard Cripwell CB, CBE Chairman io

THE GORDON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TItE GORDON FOUNDATION Opinio We have audited the consolidated f]nancial statements of The Gordon Foundation for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Group and Cbarity Balance Sheet5. the Consolidated Cash Flow Statetnent and notes to the fmancial statements, including a sununary of significant accounting policies. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Repor¢ing Standard applicable in ihe UK and Republic ofJreland Iuniied Kingdom G¢n¢rally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of tbe group's and of the parent charilable company's affairs as at 31 August 2024 and of the group's and parent Charitable company's net n)ovement ij) fimds, including the income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally A¢¢epted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Bgsis for opinioD We conducted our audit in accordance witb International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fi￿her described in the Audltor's responsibilitRes for the audit of the fmancial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the UK, including the FRC'S Ethical Sthndard. and we have fulfilled our other ethical responsibililies in accordance with these requirements. We believe that the audit evideDce we have obtained is sufficient and appropriate io provide a basis for our opinion. Conclusions relatlDg to going concern JD auditing the fujancial statements, we bave concluded that tbe tNstees' use of the going CODcern basis of accounting in the preparation of the f￿anCIal ststements is appropriate. Based on the work we have perforn)ed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast Significanl doubt on the group's and parent company's ability to continue as a going ¢OD¢ern for a period of at least twelve months from when the fu)ancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going con¢¢rD are des¢ribed in th¢ relevant sections of this report. Other information The trustees are responsible for the other infonnation. The other inforniation comprises the infornialion included in the Trustees, Report. Our opinion on the fmancial siatements does not cover the other infornialion and, except to the extent otherwise explicitly staled in our report, we do not express any forn) of assuraoce conclusion thereon. In connection with our audit of the fu)ancial statements, our responsibiliry is to read the other information and, in doing so, consider whether the other infornlation is materially inconsistent witb the fmancial statements or our knowledge obtained in the audit or othenvise appears to be materially misslated. If we identify such material iJ)coDsistencies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the fmancial statements or a material mi55tatement of the other inforniation. If, based on Ihe work we have perfonned, we conclude that there is a material misstatement of this other inforn)ation, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 tn our opinion, based on the work undertaken in the course of the audit: Ihe infonnation given in the Foundation Tru5tees' Report (whicb incorporates the strategic report and the directors, report) for the fjnancial year for which the fmancial statements are prepared is consistent with the fmancial statements" and the Foundation Trustees. Report has been prepared in accordance with appllcable legal requir¢menls.

THE GORDON FoufffjATION tNDEPENDENT AUDITORPS REPORT TO TKE MIMBERS OF THE GORDON FOUNDATION (tontinued) Malters on which we are required lo report by exception In tbe ligbt of the knowledge and understanding of the group and the parent charitable company and its environment obtalned in the course of the audit, we have not identified maierial misstatements An the Foundation Trustees. Report. We have nothing to report ID respect of the following matters in relation to whicb tbe Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the group and parent cbaritable company, or returns adequate for our audit have not been received from brancbes not visited by us. or the group and parent charitable compaDy fmancial statements are not in agreement with the accounting records and returns; or certain disclosures of tnjstees, remuneration Specified by law are not made. OT we have not received all the information and explanatiOD5 we require for our audit. Responsibilities of trustees for the fiDancial statements As explained more fully in the trustees, responsibililies statement set out on page l O, the trustees (who are also the directors of the charitsble company for the putTX)ses of company law) are responsible for the preparation of the f￿anCIal statements and for being satisfied that they give a trne and fair view, and for such inlernal control as the trustees deterniine is necessary to enable the preparation of fmancial statements that are free from material misstaien)eDt, wtlether due to fraud or error. In preparing the f￿ancIal ststements, the trustees are responsible for assessing the group's and ihe parent charitable colnpany's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitsble company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for Ihe audlt of the fiThanf ial statements Our objectives are to obtain reasonable assuron¢¢ about whether the fmancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report ihat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material rnisstatement when it exists. Misstaiements can arise from fraud or error and are considered material if, individually or in tbe aggregale, they could reasonably be expected to influence the economic decisions of users iaken on the basis of these fmancial statements. Irregularities, including frdud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material mi551at¢ments in respecl of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, iDcluding fraud, is detailed below. Our approach to identifying and a55essing the risks of material misstatement ill respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagemenl partner ensured that the eDgagement team collectively had the appropriate competence, capabilities and skills to identify OT recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to the group and parent charitable cotnpany through discussions with trustees and other management. and from ow knowledge and experience of the sector. we focused on specific laws and regulations which we considered may have a direct material effect on the f￿anCIal statements or the operations of the group and parenl charitsble Company, including the Companies Acl 2006, the Charities Act 2011, the Academy Trusi Handbook 2023. taxation, employment, environmental and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of rnanagement and inspecting legal correspondence. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-cornpliance throughout the audit. 12

THE GORDON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE i￿EMBERs OF THE GORDON FOUNDATION (contlDUtd) We assessed the susceptibility of the group and parent charitable company's f￿anCIal statements to material misstatement, including obtaining an Understanding of bow fraud migbt occur, by: making enquiries of management a5 to where they Considered there was sU￿ept1bIlity to fraud, their knowledge of actual, suspected and alleged fraud- consideriDg the internal Controls in place to mitigate risks of fraud and non-compliance wilh laws and regulations. To address the risk of fraud through management bias and override of Controls, we: perfonned analytical procedures to identify any unusual or unexpected Telationsbips" tested journal entiies to identify unusual transactions. assessed whether judgements and assumptions made in deterniining the accounting estimales were indicative of potential bias" and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to,. agreeing fwancial statement disclosures to underlying supporting documentstion; reading the minutes of meetings of the Foundation Committee; enquiring of management as to acNal and potential litigation and claims, and reviewiD8 CO)Tespondence with HMRC. There are inherenl limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the les5 likely it 15 that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulalions to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstaiemeDts that arise due to fraud can be barder to detect tban those that arise from error as tbey may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the f]nancial statements is located on the Financial Reporting Council's website at: www.frc.or ,ukJauditorsres onsibiliti¢s. This description forn)s part of our auditor's report Use of this report Thi5 report is made solely to the group and parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group and parent charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the ￿lIest extent pennitted by law. we do not accept or assume responsibility to anyone other than the group and parent cbaritable compaDy and the gTOUP and parent charitable compaoy's members a5 a body. for our audit work, for this report, or for the opinions we have formed. Stephen Meredith BA FCA DChA (Senior Statutory Auditor) for and on behalf of Alliotts LLP Senior Statutory Auditor Alliotts LLP 3 London Square, Guildford, GUI IUJ 2811125 13

TItE GORDON FOUNDATION CONSOLU)ATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDtNC CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR EIYDED 31 AUGUST 2024 Unrtstritted Funds Restricted Funds TotAI 2024 Total 2023 Note In¢ome from: Donations and legacies Grants 21.042 21.042 30.466 28.751 188.675 30,466 Chiritablt activity: In¢ome from boarding charges Oiher operating income Funding for the Academy's ¢du￿tIonal operations 11,895.762 751.126 39,358 11,935,120 751.126 6,157,715 11,104,652 654,337 5,874,019 6.157,715 Trgding activities: Trading incom¢ 316,380 316.380 241.685 Investment Income 95.573 12.488 108.061 102.539 Total income 13,079,883 6,240,027 19a19,910 18,194,658 Expenditure OR: ChAritable aclivity: Staff costs Edu¢pAtional ￿S1$ Welfare cos Premi￿5 costs Support costs Raising funds: Finance costs tnve5tment manag¢m¢nt Trading Activities- Trading cosLs 7.492.017 4,608.036 464.652 12,100.053 464,652 2,674,178 2.553.247 1,002,027 10.788,007 480.061 2,303,053 3.207.709 1,101,846 2.674.178 ,825,816 555.053 727.431 446,974 242.490 77 242.490 1.885 255,185 1.944 1.808 204,426 204.426 230.426 Totol expendilure 12,994,1)$7 6.248901 19,242,9S8 18J68231 Operating lTr¢om¢l(e%penditur¢) 85026 (8874) 76,952 (173,573) Net gainsl(losses) on investhients 329.985 16.366 346.351 {92,846) Net ineomel(expenditure) 415.811 7,492 423,303 (266,149) Actuarial {losses)Igains on defined b¢n¢fit pension schemes 21 206,000 206,￿0 500,000 Net movement in (und5 for the year 415,811 213,492 629J03 233￿81 Fund balances brought forward at I 16, September 2023 17 13,186,883 1.408.685 14.595.568 14.361.987 Fund balanees carried forward at 31 August 16, 2024 17 13,602,694 A,622,177 15224071 14595,568 All of the charitable group's activities are continuing. All recognised gains and losses are included in the Statement of Financial Activities. The accompanying notes forni part of these f￿ancIal ststernents. Details of comparative figures by fund ￿e disclosed in note 23. 14

GORDON FoufiDATION Registered Company No: (K1027272 GROUP BALANCE SHIET AS AT 31 AUGUST 2024 2024 2023 Notes F￿ED ASSETS Tangible Investments 21,597,756 3,497,081 21,557,334 3,046,691 9,10 25,094,837 24,604.025 CURRENT ASSETS Debtors Cash at bank and in hand l2 826,669 87,739 1,048.713 541,892 914,408 1,590,605 CREDITORS.. Amounts falling due within one year 13 (4,234,376) (4,514,683) NET CURRENT LIABILITtES (3,319,968) (2,924,078) TOTAL ASSETS LESS CURRENT LIABILITIES 21,774,869 21,679,947 CREDITORS.. Amounts falling due after more than one year 14 (6,549,998) (6,882.379) NET ASSETS BEFORE PENSION LIABILITY 15,224,871 14,797,568 PENSION SCHEME LIABILITY 21 (202,000) NET ASSETS 15,224,87J 14,595,568 FUNDS Unrestricted fun(ts Restricted- Specific Funds Restricted - Pension Reserve 16 17 17 13,602,694 1,622,177 13,186.883 1,610,685 (202,000) 15,224,871 14,595,568 The fmancial statements were approved and authorised for issue by the Board on 18 January 2025 aDd were signed below on its behalf by: Lieutenant General Rlchard Crlpwell CB, CBE Chai Mr M Barnes Treasurer The accompanying notes forni part of these ffflancial statements. 15

THE GORDOIY FOUNDATION Registered Company No: 00027272 CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes FIXED ASSETS Tangible Investments Investment in subsidiary company 21.408,359 3,497,081 21.342.616 3,046,691 io 24,905,442 24,389,309 CURRENT ASSETS Debtors Cash at bank and in hand 12 675.918 80,277 457,397 538,531 756,195 995,928 CREDJTORS.. Amounts falling due within one year 13 (3,968,724) (4,000,635) NET CURRENT LIABILITIES (3,212,529) (3,004,707) TOTAL ASSETS LESS CURRENT LIABILITIES 21,692,913 21,384,602 CREDITORS: Amounts falling due after more than one year 14 (6,506,667) (6,826,667) NET ASSETS 15,186,246 14,557,935 FUNDS Unrestricted funds Restricted fimds 19 20 14,092,935 1,093,311 13,531,028 1,026,907 15,J86,246 14,557,935 The charitable company has taken exemptioo from preseniing the charity Statement of fmancial activities under section 408 of the Companies Act 2006. The net income of the cbaritable company for the year was £628,311 (2023.. net incorne £232,762). The fmaDcial statements were approved and authorised for issue by tbe Board on 18 January 2025 aDd were signed below on its behalf by- Lieutenani General Riehard Cripwell CB, CBE Chairman Mr M Barnes Treasurer The accompanying notes forn] part of these fmancial statements. 16

THE GORDON FOUIYDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Net cash iDflow from operating actlvltles 759.082 800,946 Casb flows from invesling activilies Investment income received Capital grants from DF￿sFA Purchase of f￿ed assets Purchase of investmen15 Sale of investments 108,061 30,466 (672.853) (149,484) 45,445 102,539 286,682 (423.192) (25,234) 115,669 Net cash outflow from inve$ting aetivltles (638,365) 56,464 Cash flow from financing aetlvities Loan repayments New loan fu)ance tnlerest paid (332.380) (332,380) (242,490) (255,185) Net eash inflow from financing aetivilies (574,870) (587,565) Change in Cash aDd cash equivalents in the year (454,153) (269,845) Cash and cash equivalents at the beginning of th¢ year 541,892 272,047 Cash and cash equivalents at the end of the year 87,739 541,892 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH llYFLOW FROM OPERA TING ACTIVITIES 2024 2023 Net movement in funds for the year Depreciation ESFA capital grants Lossesl(Gains) on investments Decreasel(incre&se) in debiors (Decrease)lincrease in creditors Investment income receivable Finance Costs Pension adjustmenl 629,303 632,431 (30,466) (346,351) 434,790 (493.054) (108.061) 242,490 (202,000) 233,581 622,512 (188,675) 92,846 (366,662) 662.698 (102,539) 255,185 (408,000) Net cash inflow from operating activities 759,082 800,946 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank Overdraft 87,739 541,892 87,739 541,892 17

THE GORDON FOUNDATION STATEMENT OF ACCOUNT]NC POLICIES FOR THE YEAR ENDED 31 AUGUST 2024 The Gordon FoundatlQD is a cbaritable company limited by guarantee, incorporaled in England and Wales (company Dumber". 00027272) and a cbarity registered in England and Wales (charity number.. 312092). The Cbarity's registered office address is: Tbe Gordon Foundation, Gordon's School, West End, Woking, Surrey, GU24 9PT. Basis of AccountlDg The f￿anCIal statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing tbeir accounts in accordance with the Financial Reporting Standard applicable it) the UK and Republic of Ireland (the FRS 102 Charities SORP) (effective from l January 2019) and the Companies Act 2006. The fmancial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary aLnounts in these fmancial siaternents are rounded io the nearest pound. The f￿anCIal statements are prepared under the bislorical cost convention as modified to include the revaluation of investh]ents. The principal accounting policies adopted are set out below. Boarding Charge Debtor Pollcy Boarding Charges debts, in debtors, Tefleci outstandAng debts for the boarding charges to 31 August 2024, whilst Boarding Charges ID advance, in creditors, retlect casb received prior to 31 August 2024 for the autumn te￿ 2024 boarding charges. Basls of Consolidation The consolidated financial statements incorporate tbose of The Gordon Foundation and au its 5ubsidiarie5. All fu)ancial statements are made up to 3 l August 2024. All subsidiary undertakings have been includ¢d wiihin the f￿ancial statements. The entities are consolidated on a IiDe by line basis and all intra-group transactions and balances between group companies are eliminated on consolidation. b) Going eoncern The f￿anCIal statement5 are prepared under the going concern basis which assumes the Group will continue lo meet its liabilities &s they fall due for a period of at least twelve months from the date of approval of th¢5e fmaDcial statements. The trustees have reviewed regularly revised budgets and cash flow forecasts based on various scenarios including the requirements of the bank loan covenants and are keeping the situation under constant review. meeting regularly with senior managem¢Dt. Based on the information available on the date of signing these f￿anCIal statements. the trustees cannot make a reliable estimaie as to the ultimate fmanrial impact, however they believe the actions taken have ensured the Group's ability to continue to operate as a going concern for a period of at least 12 months from the dale of approval of these fmancial statements. 18

THE GORDON FOUNDATION ST ATEMENT OF ACCOUNTTNG POLICIES (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Signifieant judgments and sources estimation uneertainty The preparation of f]nancial statements in compliance with FRS 102 requires the use of certain critical accounting eslimates. It also requires management to exercise judgment in applying the Charity's accounting policies. The key judgements that have been applied by management relate to.. Judgment l - the present value of the Local Government Pension Scheme der￿ed benefit asset OT liability depends on a number of factors tbat are deternlined on an actuarial basis using a variety of assumptions. The assumptions used in delennining the net cost (income) for pensions include the discount rate. Any changes in these &ssumptlODS, which are disclosed in note 21, will impact tbe canying amount of the pension liability. Furtbemore a roll forward approacb wbich projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 August 2024. Any differences between the figures derived from ihe roll forward approach and a fi)11 actuarial valuation would impact on the carrying amount of the pension a55et or liability. Judgement 2 - a bad debt provision against potential fuNre uncollectible boarding charges. d) Income All income included in the Statement of Financial Activities (SOFA) when the group is legally entitled to the in¢ome and the amount can be quantified with reasonable accuracy. and receipt is probable. Grants receivable Grants are included in the Siatement of Financial Activities on a receivable basis. The balance of income received for specific Purposes but Dot expended during the year is shown in the relevant fund on the balance sheet. Where income is received in advan¢e of ¢ntiilement of receipt its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. The General Annual Grant is recognised in fvll in the year for whtch it is receivable and any unspent amounr is reflected as a balance in the restricted general fund. Capital grants are recognised when receivable aTJd are not deferred over the life of the asset on wbicb they are expended. Unspent amounts of capital grant are reflected in ihe balance in the restricted fixed asset fund Donatiop Donations and all other receipts from fundrnising are reported gross and are accounled for on a receivable basis. The related fundraisin8 costs are reported in costs of raising funds. Jnvestmeni Income Investment income is accounted for when receivable and includes the related t&x recoverable. e) Expenditure: Expendittwe is accounted for on an accruals basis. Costs ofraisingfunds Costs of raising funds comprise fmance charges associated wilh intere$t payable on the Group's borrowings and costs associated with lettings. Charitable aclivitieS Costs of charitable activities include grants payable and other costs directly associated with providing the services and support provided by the cbarity and an apportiotunent of overhead, support and governance costs. Charitable activity costs represent costs directly associated witb tbe provision of education and related support costs. Governance c051s Govemance costs comprise the costs of nllming the charity, including strategic planning for its future developmenl external audit, any legal advi¢e, and all the costs of complying with Consti￿lI0nal and statutory requirements, sucb the costs of Board aThd Committee meetings and of preparing statutory accounts and satisfying public accountability. TTading activili Costs of trading activities include costs directly associated with providing the services provided through trading. Leased Assets Rental costs under operating leases are charged to the statement of ffftancial activities in equal amounts over the period of the leases. 19

THE GORDON FOUNDATION STATEMENT OF ACCOUNTtNG POLICIES (continued) FOR THE YEAR ENDED 31 AUGUST 2024 g) Tangible Fixed Assets Depreciation is provided OD all tangible F￿ed assets. other than freebold land, on the following methods at rates calculated to write off the assels over theii estimated useful lives. The methods and rates are Freehold land and buildings Machinery and equipment Fixtures and fittings Motor vehicles 20/0 - 40/0 per annum straigbt line 200/0 per annum straight line 200/0 per annum straight line 200/0 per aDnum straigbt line Buildings erected before the year 20IX) are depreciated over 50 years. and newer buildings over 25 yeaTS. h) Inveslments Listed investmen15 are stated at market value at the balance sheet date. Realised and unrealised gaiDsnos$es on investments are included in the Sthiemeni of Financial Activities. i) Stoeks Stocks are stated at the lower of cost and net realisable value. j) FinaDcial iDStruments Basic fthancial instnunents transactions that result in the reco￿liti0￿ of fmancial assets and liabilities like trade and oiher accounts receivable aDd payable are accounted for on the following basis: Cash and cosh equivalenls Cash and cash equivalents includes cash in hand, deposits held at banks, other short-tem highly liquid investments with original marurities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities. Debiors and creditors Debtors and creditors are measured at the transaction price less any provision for iJnpainnent. Any losses arising from impairnient are recognised as expenditure. Bank borrowings Liabilities for borrowings which are subject to a rnarket rate of interest are measured at the value of the amount advanced, less capital repayments. k) Employee Benefits The Costs of short-term employee benefits are recognised as a liability and an expense. The cosi of any unused holiday entitlement is recognised in the period in which the employee's services are received. Tennination benefits are recognised immediately as an expense when the charity is demonstrably committed to teminate the employment of an employee or to provide tenniDatlOD benefits. l) Funds General funds comprise ihe accumulated surplus or deficit from tbe Statement of Financial Activities wbich is not restricted nor designated funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by the donor (see notes 17 and 20). 20

THE GORDON FOUM)ATION STATEMENT OF ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 AUGUST 2024 m) Pension Costs Retirement benefit to employees are provided by the Teachers. Pension Scheme ('TPS') aDd the Local Govemment Pension Scheme ('LGPS'). These are defffted benefit schernes and the assets are held separaiely from those of the academy trLLSI. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees, working lives with the academy trust in sucb a way that the pension cost is a substantially level percentage of currenl and future pensionable payroll. The contributious are detertDined by the GoverDment Actuary on the basis of quadrennial valuations using a prospective unit credit metbod. As stated in note 21, the TPS is a multi-employer scheme and there is insufficient inforniation available to use def￿ed benefit accounting. The TPS is therefore treated as a der￿ed contribution scheme for accounling purposes and the contributions recognised in the period to which they relate. The LGPS is a funded multi-employer scheme and the assets are held separalely in truslee adminislered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis ustng the projected unit Credit method and discounted al a rate equivalent to the Cll￿ent rale of Terurn on a high quality corporate bond of equivalent tenn and currency io the liabilities. The actuarial valuations are obtained at least triennially and are updated al each balance sheet date. The amounts charged to operating surplus are the cU￿ent service cosis and the costs of schen)e introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the nei defmed benefit liabilityiasset is also recognised in the Statement of Financial Activities and ¢omprises the interest cost on the defjned benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets al the beginning of the period by the raie used to discount the benefit obligations. The difference between ihe interest income on Ibe scherne assets and (he actual return on the scherne assets is recognis¢d in other recognised gains and losses. ACtu￿la1 gains and losses are rKognised In￿￿edIatelY ID Other recogDised gains and losses. Foundatton employees are part of a defmed contribution workplace pension Scheme with Salvus Master. Payments to defu)ed contribution retirement benefif schemes are cbarged as an expense as they fall due. 21

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR TRE YEAR ENDED 31 AUGUST 2024 2024 Restrieted Funds 2023 Total Unrestricted Funds Total DONATIONS AIND LEGACIES Donations and gifts Legacies 21,042 21,042 28,751 21,042 21,042 28,751 GRANTS ESFA capital grants 30,466 30,466 188,675 30,466 30,466 188,675 INCOME FROM CHARITABLE ACTMTtES Gross income from boarding charges Less: Bursaries Staff discounts Qtber discounts 12,524,052 39,358 12,563,410 11,617,620 (582,977) (35,958) (9,355) (528,977) (35,958) (9,355) (478,328) (26,486) (8,154) Net income from boardiD8 cbarges 11,895,762 39,358 11,935,120 11,104,652 Other operating income 751,126 751,126 654,337 Funding for the Academy's educational operatioDS 6,157,715 6,157,715 5,874,019 12,646,888 6,197,073 18,843,961 17,633,008 TRADING ACTIVITIES Trading income 316,380 316.380 241,685 316,380 316?80 241,685 NVESTMENT INCOME tnterest received Dividends received 1,647 100,892 95,573 12,488 108,061 9S,S73 12,488 108,061 102,539 22

THE CORDON FOUNDATION NOTES TO THE FINANCIAL STATE￿ENTs (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE 2024 Total Staff Costs Other Depreciation Charitable activity: Staff costs Teacbing costs Welfare costs Premises costs Support costs 12,100,053 12,100,053 464,652 2,674,178 2,553.247 1,002,027 464,652 2,674,178 1,920,816 1,002,027 632,431 12,100,053 6,061,673 632,431 18,794,157 Roising funds: Finance costs Other costs Trading costs 242,490 1,885 204,426 242,490 1,885 204,426 12,100,053 6JIO,474 632,431 19,242,958 EXPENDITURE (PIUOR YEAR) 2023 Total Staff Costs Other Depreciation Charilable activity: Staff costs Teaching costs Welfare costs Premises costs Support costs 10,788,007 10,788,007 480,061 2,303,053 3,207,709 1,101,846 480,061 2,303.053 2,585.197 1,101,846 622,512 10,788,007 6,470,157 622,512 17,880,676 Raising funds: Finance costs Otber costs Trading costs 255,185 1,944 230,426 255,185 1,944 230,426 10,788,007 6,957,712 622,512 18P68331 2024 2023 Total expenditure ineludes: Depreciation Operating lease payments recognised as an expense Auditor's remuneration.. - Audit fees - Other services 632,431 344,040 31,400 14,240 622,512 225,624 28,760 13,310 23

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR EfADED 31 AUGUST 2024 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs Stsff restructuring costs 9,570,614 953,301 1,576,138 ,541,643 853,930 1,392,434 12,100,053 10,788,007 2024 2023 No The average number of employees in ibe year was: Teachers Administration (including academic support & maintenance) 77 194 73 184 271 257 The number of higher paid staff during the year was as follows: £60,001 to £70,000 £70,001 to £80,000 £80,00110 £90,000 £90.0011o £100,000 £IOO,001 to £110,000 £130,001 to £140,000 15 15 31 24 No trustees re¢eived any remuneration or benefits-in-kind during tbe year (2023: £nil). No trustees received reimbursement of expenses in respect of travel and subsistence during the year (2023.. £771 to one trustee) Pension contributions of £100,258 (2023: £98,525) were made to personal pension plans,in respect of higher paAd staff during the year. The key management personnel of the group comprise the Truslees. Head Teacher, Finance & Operations Director, Development Director. HR Director, Estates Director, Deputy Head of Pastoral and Deputy Head of Curriculum. The total remuneration of tbe key management personnel duriog the year was £840.215 (2023: £875.447). 24

TE￿ GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 FIXED ASSETS- GROUP AND CHARrrY Freehold M4¢thin¢ry & Land & Building5 Fixtures Asse¢s und¢r Total Academy Totsl Equlpment Fittings Construction Charity Trust Group COST At I September 2023 Additions Reclassification 27,087,812 75,364 ,171,356 1,048,832 37,369 61.419 277,701 29,585.701 1.250,159 30,412.668 449,151 623,303 49,550 672,853 At 31 Au8ll$t 2024 27,163,176 1,208,725 1,110251 726,852 30209.fy)4 1,299,709 3JJ08.713 DEPRECIATION At I September 2023 Charge for the year 6,326,425 344.110 ,004.073 94,931 912.587 118.519 8,243,085 1,035,441 557.560 74,871 9,278,526 632,431 At 31 August 2024 6,67OJ35 1,099,004 1.031,106 I800￿45 1,IIOJ12 9,910,957 NET BOOK VALUE At 31 August 2024 20,492,641 109,721 79.145 726052 21,408J59 189,397 21,597,756 At 31 August 2023 20,761,387 167,283 136,245 277,701 21J42,616 214,718 213S7J34 FIXED ASSETS lKVESTME￿s -GROUP AND CHARJTY 2024 2023 Balance at I September 2023 (excluding cash deposit5) Additions Disposals at opening market value Realised and unrealised (losses)/gains 3,013,280 149,484 (56,180) 346,571 3,113,522 25,234 (32,481) (92,995) Balance at 31 August 2024 (excluding c&sh deposits) 3,453,155 3,013,280 Cash deposits 43,926 33,411 Balance at 31 August 2024 3,497,081 3,046,691 Class of investments is split as follow.. 2024 Cash or cash equivalents Equities Alternative investments Fixed interest 43,926 3.351,387 57,419 44,349 Balance at 31 August 2024 3,497,081 25

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CoDtillued) FOR THE YEAR ENDED 31 AUGUST 2024 io. llYVESTMENTS JF4 SUBSIDIARY UNDERTAKINGS . CHARITY Shares in group undertaklngs Balance at I September 2023 and 31 August 2024 Details of the charitable company'5 subsidiaries at 31 August 2024 are as follows,. (l) Gordon's School Acadetny Trust is a private company limited by guarantee, domiciled and incorporated in England and Wales. The registered o£fice and principal place of business is Bagshot Road, West End, Surrey, GU24 9PT. On the basis that The Gordon Foundation is member of the Gordon's School Academy Trust and has significant influence over the entlty, Gordon's School Academy Trust has been included within the consolidated f￿anCIal statements. Aeadem results: Total 2024 Total 2023 FA Total Income 9,027,865 8,574,034 Total Expenditure (9,232,873) (9,073,212) Net income/(expenditure) (205,008) (499,178) Otber recognised gains and losses Ac￿arIal{lOSse8) on der￿ed benefit pension scheme Adjustment for restriction on pension assets 207,000 (1,000) so0.￿0 Net movement in funds 992 822 Total funds brought forward at i September 2023 24,048 23,226 Total funds carried forward at 31 August 2024 25,040 24,048 Ba12nee Sheet Fixed Assets 189,397 214,718 Current Assets 1,000,089 1,825.414 Current Liabilities (1,121,115) (1,758,372) Creditors falling due after more tban one year (43,331) (55,712) LGPS Pension Scheme Liabilities (202,000) Total Funds 25,040 24,048 26

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Conlinued) FOR THE YEAR ENDED 31 AUGUST 2024 ii. INVESTMENTS ]N SUBStDIARY UNDERTAKtNGS - CHAIUTY (Continued) (li) The Foundation holds 100% of the share capital of The Gordon Enterprises UK Limited (company Dumber: 04104254, registered in England arjd Wales, registered office.. Bagshot Road, West End, Swey, G24 9PD, whose principal activities are letting the buildings and grounds of Gordon's School and selling memorabilia. A summary of the profit and loss aCCoL￿t and the balance sheet from the audited f￿anCIal statements is sel out below: 2024 2023 Profit aDd LA)ss Account Turnover Costs 269,839 (204,427) 233,724 (230,425) Profit for the year Donation to The Gordon FoundatlOD Retained Profit for the Year 65,412 3,299 Balance Sheet Net CuThent Assets Retsined Profits Share capital Total equity 13,585 13,585 12. DEBTORS Group 2024 Group 2023 Charity 2024 Charity 2023 Boardin8 charge debtors Sundry debtors Amount owing to subsidiaries Prepayments VA T reclaim 351,721 20,506 208,815 24,791 351,721 208,815 3,112 157.320 163,765 290,677 163,765 524,644 290,463 88,051 160,531 826,669 1,048,713 675,918 4S7J97 13. CREDITORS: amounts falling due wiihin one year Group 2024 Group 2023 Charity 2024 Charity 2023 Loans and overdraft Trade CTeditors Boarding charges in advance and pupil deposits Taxation and social security Other creditors Amount owing to subsidiaries Accrnals and defe￿ed income 332,380 1,442,721 I,165,818 284,32l 769,681 332,380 1,817,000 879,790 215,236 ,022.519 320,000 1,117.527 1,165.818 67,576 240,041 865,028 192.734 320.000 1,066,413 879,790 62,731 233,062 1,262,729 175,910 239,455 247,758 4,234,376 4,514,683 3,968,724 4,000,635 27

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 14. CREDITORS: amounts falling due after more Ihan one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loaD 6,549,998 6,882,379 6,506,667 6,826,667 6,549,998 6,882J79 6,506,667 6,826,667 Analysis of loans: Between one and two years Between two and five years After five years 332,380 990,951 5,226.667 332.380 997,141 5,552,858 320,000 960,000 5,226,667 320,000 960,000 5.546,667 6,549,998 6082,379 6,506,667 6.826.667 Due within one year 332,380 332,380 320,000 320,000 6,882J78 7214,759 6,826,667 7,146,667 At the year end, The Gordon Foundation had two long tenn loaDS. Both loans are secured by legal fwst charges over freehold land and buildings of The Gordon Foundation. Tbe first bank loan of £2,000,000 was taken out in December 2018 aDd is due for repayTnent by instalments by January 2044. Interest accnles on this loan at 3.80/0. and interest payments are made quarterly. Capital repayments ommenced in January 2020. The second bank loan facility of £6,￿0,000 wa5 tsken out in December 2019 to fimd construction of a Dew sports facility and all weather pitch. A sum of £5,440,000 was outstanding at 31 August 2023 and the capital will be repaid by instalments until January 2046. Interest accrues on this loan at a rate of 3.3Q/o aDd interest payments are made monthly. Capital repayrnents commenced in April 2021. 28

THE GORDON FOUNDATION NOTES TO THE FINAIYCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 IS. LEASE COMMIT11￿NTs At 31 August 2024 the total of futwe minimurn lease payments under non-cancellable operating leases were: 2024 2023 Leases expiring: Within one year Between two and five years More than five years 300,311 183,606 213,481 84,603 483,917 298,084 R6. UNRESTRICTED FUNDS I September 2023 Investment (Losses) 31 August 2024 Ineome Expendilure TrAnsf¢r$ Designated - Eyie Fund General Fund 50,651 50,651 13,136,232 13.079,883 (12,994,057) 329,985 13,552,043 13,186,883 13,079,883 (12,994,057) 329,985 13,602,694 UNRESTRicfED FUNDS (PRIOR YEAR) I September 2022 31 August 2023 Ineome Expenditure Investment L￿$5¢9 Transfers Designated- Eyre Fund General Fund 50,651 50,651 l3,535,465 11,987,578 (12,314,074) (72,737) 13,136,232 13,586,116 11,987,578 {12,314,074) (72,737) J3,186,883 The Designated Eyre Fund represents the balance on an Unrestricted donation wbicb is used to help finance mu51C lessons. 29

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 17. RESTIUCTED FUNDS Balance at I September 2023 Balance al 31 August 2024 Investment Expenditure Gainsl(losses) Transfers Income Specifie funds: Gordon Foundation Special fund Stepping Forward Appeal fiJDd Piano fund Bursaries 417,729 12,488 (1,808) 16,366 444,775 300.686 300,686 1,740 227,348 39,358 28,738 6,157,715 79.404 555,040 1,740 266,706 18,231 79,404 510,635 DfCSF (DfE) fund Other restricted funds D￿ Fixed Asset fund (6,168222) 30,466 (74,871) 1,610,685 6340,027 (6244,901) 16,366 1,622,177 Pension reserve (202,000) (4,000) 206,000 RESTIUCTED FUNDS (PRIOR YEAR) Balance at I September 2022 Balance Vdt 31 August 2023 Investment Gainsl(losse5) Transfers Ineome Expenditure Specifie funds Gordon Foundation Special fund Stepping Forward Appeal fund Piano fund Bursaries 426,766 12,932 (1,860) (20,109) 417,729 300.686 1,740 95,894 30,386 79,404 450.995 300,686 1,740 227,348 28,738 79,404 555,040 131,454 5,874,019 DfCSF (DtE) fund Other restricted funds DtE Fixed Asset fijnd (5,875,667) 188,675 (84,630) 1.385,871 6,207,080 (5,962,157) (20,109) 1,610,685 Pension reserve (610,IM)O) (92,￿0} soo,000 (202,000) Gordon Foundation Specigl Fund - this fund represents the balance of assets transferred by several connected charities on l April 1996. Slepping Forward Appeal Fund - this fund reflects an appeal to enbance perfonning arts facilities at Gordon's School. 30

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 17. RESTRICTED FUNDS (Continued) DfCSF (DfE) Fund & DfE Flxed Assel fund - these funds reflect monies received from the Department for Education (previously the Department for Children, Schools and Families), for the purpose of assisting with the general academy rUt￿lD8 costs and building projects. Other restritted funds represent other specific donations to fimd activities of the FouJ)dation. Pension Reserve - this fund represents the sbare of the pension deficit borne by the subsidiary, Gordon's Scbool Academy Trusl in the Local Government Pension Scheme. Further detail is given in note 21 below. 18. ALLOCATION OF THE GROUP NET ASSETS Tangible Assets Net Current Assets (Liabilities) Long Term Liabiliti¢sl Pension Investments Total Restricied - Specific Restricted - Pension reserve 273,522 189,397 1,159,258 1,622,177 Unrestricted 3,223,559 21,408,359 (4,479,226) (6,549,998) 13,602,694 3,497,081 21,597,756 (3,319,968) (6549,999) 15,224,871 ALLOCATION OF THE GROUP NET ASSETS (PRJOR YEAR) Fixed Assets Net Current Assets (Llablllties) Long Term Liabilities/ Pension Inveslmenls Total Restricted- Specific Restricted- Pension reserve 248,613 214,718 1,147,354 1,610,685 (202,000) (202.000) Unrestricted 2,798,078 21,342,616 (4,071,432) (6,882,379) 13,186,883 3,046,691 21,557J34 {2,924,078) {7,084J79) 14,595,568 19. CHARITY UNRESTRICTED FUNDS UNRESTRICTED FU]¥DS Balance al I September 2023 Balance at 31 August 2024 Investment Gainsl{losses) Transfers Income Expenditure Designated - Eyre Fund 50,651 50,651 General Fund 13.480,377 12,828,914 (12,596,992) 329,985 14,042,284 13,531,028 12,828914 (12,596,992) 329,985 14,092935 31

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 19. CHARITY UNRESTRICTED FUNDS (Continued) UNRESTRICTED FUNDS (PRIOR YEAR) Balance at I September 2022 BalaDce al 31 August 2023 Ineome Expenditure Investment Ga1DsI(loss￿) Transfers Designated - Eyre Fund 50,651 50,651 General Fund 13,370,032 11,749,192 (11,566,110) (72,737) 13,480,377 13,420,683 11,749,192 (11,566,110) (72,737) 13,53J,028 20. CHAIUTY RESTRICTED FUNDS Balanee at I September 2023 Balance al 31 August 2024 Investment Gains/(losses) Transfers Income Expendlture Gordon FoundatlOD Special fund Stepping Forward Appeal fund Piano fund Bursaries Other restricted funds 417,729 12,488 (1,808) 16,366 444,775 300,686 300,686 1,740 227,348 79,404 1,740 266.706 79,404 39,358 1,026,907 51,846 (1,808) 16J66 1,093Jll CHARITY RESTRJCTED FUIYDS (PRIOR YEAR) Balance at I September 2022 Balance at 31 August 2023 Investment Gains Income Expenditure Transfers Gordon Foundation Special fund Stepping Forward Appeal fi￿d Piano fund Bursaries Other restricted fimds 426,766 12,932 (1,860) (20,109) 417,729 300,686 1,740 95,894 79,404 300,686 1,740 227,348 79,404 131,454 904,490 144J86 (1,860) (20,109) 1,026,907 32

ThE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 21. PENSION AND SIMtLAR OBLIGATIONS The academy trust's employtts belong to trwo principal pension schemes.. the Teachers, Pension Scheme England and Wales (TPS) for acadetnic and related staff; and the Local Government Pension Scheme (LGPS) for lloo-teaching staff, which is managed by su￿eY County Council. Both are multi-employer defmed benefit scbemes. The pension costs are assessed in accordance with the advice of independent qualified actt)aries. The latest acttlarial valuation of the TPS related to the period ended 31 March 2020, and that of tbe LGPS related to the period ended 31 March 2022. Contributions amounting to £529,641 were payable to the s¢h¢mes at 31 August 2024 (2023.. £789,456) and are included within creditors. Teachers, Pension Scheme Introductlon The Teachers, Pension Scheme (TPS) 15 a statutOry* contributory, defmed benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for teachers in academies. All teachers have the option to opi out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament, ValuatloD of the Tegcbers, Pension Scheme The Government Actuary, using nonnal actuarial principles, conducts a fomial actuarial review of the TPS in accordance witb the Public Service Pensions (ValuatioTJs and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is io ensure scheme costs are recognised and managed appropriaiely and the review specifies the level of future contributions. Actuarial scheme valualions are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.70/0 above the rate of CPI. The key elements of the valuation outcome are.. Employer contribution rates set at 28.68 % of pensionable pay (including a 0.080/0 administration levy). This is an increase of 5Yo in employer contributions and the cost coDtrol result is such that no change in member benefit5 15 needed. Total scheme liabilities (pensions currently in payment and the estitnated cost of future benefits) for service lo the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, Eiving a notional pasl service deficit of £39,800 million. The result of this valuation will be implemented from l April 2024. The next valuation result is due to be implemenled from l April 2028. The employer's pension costs paid to tbe TPS in the period amounted to £1209,396 (2023: £976,587). A copy of the valuation report and supporting documentatlon is on the Teachers, Pensions website. Under the defmitions set out in FRS 102, Ihe TPS is an unfunded multi-employer pension scheme. The academy trust has accounted for its contributions to the scheme as if it were a defmed contribution scbeme. The academy tNst has set out above the inforniation available on the scbeme. 33

THE GORDON FOUNDATJON NOTES TO THE F]J¥ANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 21. PENSION AND OBLIGATIONS (continued) IA)cal Government Pension Scheme The LGPS is a fimded defmed benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for ￿tUre years are 23.20/0 for employers and 5.50/0 to 12.50/0 for employees. Parliament bas agreed, at the request of the Setretary of State for Education, lo a guarantee that, in tbe event of academy c105ure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guaraDtee came into force on 18 July 2013 and OD 21 July 2022, the Department for Education rea￿Thed its commiiTnent to the guarantee, with a parliamentary minute publisbed on GOV.UK. Total contributions made 2024 2023 Employer's contributiolls Employees, contributions 201,000 67,000 165,000 48,000 Total contributions 268,000 213,000 Principal actuarlal assumpiioos 2024 2023 Rate of increase in salaries Rate of increase for pensions in paymenvinflation Dis¢ounl rate for scheme liabilities 3.65 2.65 5.00 4.00 3.00 5.20 The current mortality assumptions include sufficient allowance for ￿tUre improvements in mortality rates. The asswned life expectations on retirement age 65 are.. 2024 Years 2023 Years Retiring today Males - Females 21.8 25.3 21,9 25.4 Retiring in 20 years Males - Females 22.7 25.9 22.8 25.9 34

ThE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CODtinued) FOR THE YEAR ENDED 31 AUGUST 2024 21. PENSION AND StMtLAR OBLIGATIONS (continued) Scheme liabilities would have been affected by changes in assumptions as follows.. 2024 2023 Discount rate + O.IYo Discount rate . O. 10/0 Mortality assiimption + l year Mortality assumption - l year CPI rate + O. IO/¢ CPI rate - O. 10/0 (61,000) 61.000 114.000 (114,000) 61,000 (61.000) (54,000) 54,000 loo,000 (i 00,000) 53.000 (53,000) Defined benefit pension seheme net liability 2024 2023 Scheme assets Scheme obligarions 2,841,000 (2,841,000) 2,297,000 (2,499,000) Net liability (202,000) The aeademy trust's share of the assets In the scheme 2024 Fair value 2023 Fair value Equilies Bonds Cash Property FRS 102 Asset ceiling 2,103,000 398,000 114.000 227,000 (1,000) 1,769,000 275,000 69,000 184,000 2,841.LN)O 2,297,000 The acNal rettmi on scheme assets wa5 £328,000 (2023: a gain of £l18,0(10). Amount reeognised in the Statement of Flnanclal Activities 2024 2023 Current service cost Interest income Interest cost 195.000 (125,000) 135.000 230,000 (89,000) 116,000 Tothl operating charge 205,000 257,000 35

THE GORDON FOUNDATION NOTES TO THE FINANc￿L STATEMENTS (continued) FOR THE YEAR EIYDED 31 AUGUST 2024 21. PENSION AND SIMILAR OBLIGATIONS (conlinued) CbaDg¢s in the present value of d¢fiDed benefit obligatlons 2024 2023 At I September 2023 Current service cost Interesl cost Employee contributions AC￿arIal gain Benefits paid 2,499,000 195,000 135,000 67,000 (3,000) (52,000) 2,614,000 230,000 116,000 48,000 (471,000) (38,000) At 31 August 2024 2,841,000 2,499,000 Changes ID the fair value of tbe academy Irust's share of scheme assets 2024 2023 At I Sepiember 2023 Interesi income Actuarial (gain)11055 Employer contributions Employee contributions Benefils paid FRS 102 Asset ceiling 2,297,000 125,000 204,000 201,000 67,000 (52,000) (1,000) 2,004,000 89,000 29,000 165,000 48,000 (38,000) At 31 August 2024 2,841,000 2,297,000 The actuarial report for the local government pension scheme shows a pensioD asset of £1,000 at 31 August 2024. We have not recogni5ed the pension asset as a positive position but have instead sbown a break-even position as there is insuffi¢ieut evidence to Conclude that the 'asset' may be available to reduce future payments. An asset should only be recognised to the extent that the Trust is able to recover the surplus either through reduced contribution in the future or refunds from the plan. We have made fijrther disclosure in the Trustees Report and ID the note on judgements to adequately reflect Ibis. The Foundation offers employees a workplace pension and uses tbe Salvus Master'Trust. The employer contribution rate is 70/0 and the employee contribution rate is a minimum of 3.50/0. The employer pension costs during the year were £203,959 (2023.. £187,619) and tljere were no contributions payable to the scbeme ai 31 August 2024 (2023.. £nil). 22. RELATED PARTY TRANSACTIONS There were no related party transactions in the period (2023: None). 36

THE GORDON FOur￿DATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 23. COMPARA TtVE CoNSOL￿ATED STATEMENT OF FINANCIAL ACTIVITIES 2023 Unrestricted Funds R¢stri¢t¢d Funds TotAI 2023 Tot•1 2022 Note Income from: Donations and legacies Grants 28.751 28,751 188.675 91,975 238.513 188,675 Ch•rliabl¢ 4ctlvity: Income from boarding charges Other operating income Funding for the Academy's educational operations 10,973,198 654,337 131.454 11.104.652 654.337 5,874.019 10,193,082 206.276 5,323.140 5.874,019 Trading ae¢lvl¢les: Trading income 241.685 241,685 153.278 Investment income 89,607 12,932 102,539 101,689 Total income 11987,578 6,207,080 18,194.658 16J07,953 Exptnditure on: Charitjble activity: Staff costs Educational costs Welfare costs Premises costs Supporl costs Raising (unds: Finance Costs Investment management Trading #ttivities: Trading costs 6.967,592 3,820,415 480.061 10,788,007 480.(￿ I 2.303.053 3,207,709 1.101.846 10.121.499 529.173 1.908.141 2.617.312 929,457 2,303,053 .969,180 588,554 1,238.529 513,292 255,185 84 255.185 1,944 291,509 2.261 1,860 230,426 230,426 141,892 T•t*l txptnditure 12J14,074 6,OS4,157 18J68231 16,542,244 Op¢ratin8 intomel(expenditure) (326,496) 152,923 (173,573) (234,291) Net gainsl(losses) on invesknents (72,737) (20,109) (92.846) (295,701) Net in¢omel(exp¢nditure) (399,233) 132.814 (266.149) (529,992) Actuarial (losses)Igains on defthed benefit pension schemes 21 500.000 SOO,(K)O ,611,000 Net movement in funds for ¢h¢ yeor {399,233) 632,814 233,581 1,081,008 Fund balances brought forward at I I September 2022 17 13,586,116 775.871 14,361.987 13,280,979 Fund balances tarried forward at 31 August 16, 2023 17 13,186,883 1.408,685 14,595,568 14J61,987 All of the charitable group's activities are continuing. All recognised gains and losses are included in the Statement of Financial Activities. 37

THE GORDON FOUNDATION ANNUAL REPORT AND CONSOLtDATED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 OidDOG41 . Company Number 00027272 Charity Number 312092 •AE3QM861* 3110512025 COMPANIES HOUSE A05

18

THE GORDON FOUNDATION INDEX Page Legal and Administrative Inforniation Report of the Foundation Trustees 4-10 Report of ihe Independent Auditors 11-13 Consolidated Statement of Financial Activities 14 Consolidated and Charity Balance Sheets 15-16 Consolidated Stalemenl of Casb Flows 17 Ststement of Accounting Policies 18-21 Notes to the Financial Sthtements 22-37

THE GORDON FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Patron His Majesty The King Vice Presidenls The Lord Mayor of London The Lord Lieutenant of Surrey The Bishop of Guildford Ambassadors Mr P Talbot Mr M Hawkeswortb Mr P Wynter Bee FoundatlOD Cornmlttee (The Board) Lieutenant General Richard Cripwell CB, CBE Mr R Whittington DL 1.2.4.5.$. Mr C Whiffin 12.8 Mr M Barnesl2,5.8 Mrs J Valner 13.J.4.5.7,9 Mr T Gordon Mrs L Bannister 3,7,9 Mrs A Stephens Major General A Fay CB Mrs D McKenzie Mrs S Hounsham 4.6.7 Mr P Jones 1.2 Mr S Azeem Brigadier J Mullin Ms J Kruger Lord Lancaster Lt Col J Fernandes MBE Mrs S Rawal 1.7 Chainnan Vice Chairn]an Treasurer.. resigned 27 January 2024 Treasurer.. appointed 27 January 2024 Chair of Governors retired 27 January 2024 elected 27 January 2024 elected 27 January 2024 Head Te8eher Mr A Moss Foundalion and Company Secretary Mrs J Taylor Appointed I September 2023 Clerk to Ihe Foundation Committee Mrs A Mitchley Appointed I September 2023 Committee Membership Member of the Foundation Development Committee - Member of the Joini Finance & Estates Committee = Member of the Investment Panel - Member of the Awards Panel = 4 Member of the Governance Committee - Member of the Enterprises Committee = 6 Governor of Gordon's School = 7 Member of the Risk & Audil Collunittee = Member of the Perforniance Management & Salaries Committee = 9

THE GORDON FOUNDATION LEGAL AND AD￿￿[NIsTRATIVE INFORMATION (Continued) ADVISERS Bankers: Bank of Scotland 38 Threadneedle Street London EC2P 2HL Auditors: Aliiotts LLP 3, London Square Cross Lanes Guildford GUI IUJ Inveslmenl MaDagers: Quilter Cheviot SenalOT House 85 Queen Victoria Street London EC4V 4AB Legal Advisers: Moore Barlow LLP The Oriel Guildford Surrey GUI 3SR STA TUS AND ADMtNISTRATION Registered Office: The Gordon Fouodation Gordon's School West End Woking Surrey GU24 9PT

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT The Gordon Foundation is a company limited by guarantee (Company No 27272), its registered office being at Gordon's School, West En￿ Woking, Surrey, GU24 9PT. The company is a cbarity for educaliollal purpose5 (registered charity No 312092). Following an external review of governance duTiDg 2022, revised and updated Articles were approved on 21 January 2023 and lodged with Companies House and the Charity Commission. Management of the charity is vested in the Foundation Committee, who are directors for the purposes of the Companies Act and trnstees for the purposes of charity law. In this regard they comply with the requirements of the Charities Act 2011, the Trust Deed aDd the Charities SORP (FRS 102). FoundatlOD Committee metnbers are required to retire from office every third year from the dale of election bul are eligible for re-election for a m&ximum of three ternjs. The Foundation Committee has powers at any time to appoini additional members. The day to day running of the Foundalioo is the responsibility of the Head Teacher, Finance & Operations Director, HR Director, Estates Director and Development Director. The charity was founded at the express wish ofoueen Vicloria as the national memorial to General Gordon who was killed in Khartoum in 1885. The Gordon Foundation owns, freehold, the land and buildings fornjerly known as the Gordon Boys, Home which was changed to The Gordon's Boys, Home in 1943, started to accept girls and day boarders from 1990 and is now known as Gordon's School. The majority of tbe Governors of Gordon'$ School, a State Boarding School with Acaden)y statu5, are either lrnstees of or are appointed by The Gordon Foundation. Following a decision made in 2019 to increase the number of (ex-officio) Vice Presidents, a recommendation Io iDtroduee the posi(ion of Ambassador was also approved. Ambassadors, a seven-year appointment, are fornier ￿sleeS of seniority or long service who ljave continued interest in supporting the Foundation's work. Paul Talbot. Gordonian and fornier trustee of over 30 years, service, and Mark Hawkesworth, fornier Treasurer, accepted the invitation to be the first Ambassadors for The GordoD FoundalioD while Peter Wynter Bee who retired ij) 2021 after 21 years. service to Gordon's as trustee and for eight years a School Governor, accepted the Committee's invitation to continue his links as a Gordon's Ambassador. The Leadership Team controls the running of the Foundation and School at aD executive level and implements the policies and decisions of the trustees and governors through agreed schemes of delegation. Key management personnel are defmed as the Head Teacher, Foundation Directors of the Business services, Deputy Heads (Curriculum and P&storal), Head of Sixth Forni, a newly appointPAI Dirpxtor of cO-C￿lCUlar and Assistant Heads. Arrangements for setling pay and remuneration of key management personnel The Leadership Team is paid on the Leadership pay scale which broadly adheres to the leadership pay bands outlined in the School Teachers, Pay and Condilions Document. Leaders must demonstrate sustained perfonnance in respect to their perforniance objectives; non-teaching leadersbip salaries are benclJm￿ked against local market conditions. The Perfomance Managetnent and Salaries Committee awards one incremental point on the Gordon's Pay Scale where perforn]aJ]ce objectives are mei and where there is a sustained high quality of overall perfortnance. Pollcies and Procedures adopted for the Induction and Training of Trustees Prospective trustees are invited to Gordon's School prior to their appointmenl to meet with the Head Teacher. the Finance & OperatlODS Director, the Developmeot Director and at least two trustees who make their report to the next meeting of the Governance Committee. A scbedule of trustees with their qualifications and experience is maintained, cr05s-ref¢renced against the business requirements of the Foundation, which assists in the selection of new trust¢¢s. Once appointed, new trnstees follow an induction program which includes an induction meettng with the Foundation Secretary and the Clerk which includes an overview of the company and the relationship between The Gordon Foundation and Gordon's School. Tbey are invited to meet staff members in order to familiarise themselves with the School as well as , receiving copies of policies and procedures and other relevant docurnentatlOD. All trustees are encouraged to either attend professional training courses or take online courses for t￿ste¢S. All Trustees are DBS checked.

THE GORDON FOUNDATION REPORT OF THE FoifNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT (tODtiDued) ORTECT AND OWECTIVES General CuThently, the main activity of The Gordon Foundation is the support of Gordon's School, a non-selective, Coweducational State Boarding School for 946 residential and day boarding sNdents aged 11-18 years. The School cbanged from Voluntary Aided to Acadetny status on l January 2013. Funding from the Education and Skills Funding Agency pays tbe cost of teaching and learning. delivery of the national curriculum and some ¢1&ssroom facilities. In addition to managing the estate and buildings, The Gordon Foundation provides support services to the School and in particular runs the boarding operation for the day, weekly and ￿11 boardiDg students and the extensive Co-curricular programmes. For families wbo require financial assistance with boarding charges, The Gordon Foundation is able to provide means-tested burwies. The Gordon Ente￿riseS UK Ltd, a subsidiary of The Gordon Foundation, oversees management of and hire of the Gordon's Sports Hub, letting of the school facilities when not required by the Scbool and other opportunities for non-boarding revenue generation. Proceeds from such activities are gift-aided to The Gordon Foundation. Vision Our long-term vision is a family of Gordon Foundation schools wbere students, particularly those from disadvantaged back8round5, benefit from a Gordon's education. An education recogni5ed as amongst the r￿est in the world for the calibre of yOLmg people we develop, the progress they make and the difference they make to the lives of others. Object The object of The GordoD Foundation is to educaie or contribute to the educatiOD of boy5 and girls having particular regard to those with a specific boarding OT educational Dee(t with a view to preparing them for educaiion or for earning their livelibood, such object being in continuation of the work of the unincorporated institution known as the Gordon Boys, Home, established in July 1885 as the National Memorial to General Charles Gordon CB. Objettive$ Whilst the main objective of The Gordon Foundation is support for Gordon's School, trustees appre£iate its wider object$ of encouraging and supporting residential boarding for 'necessilous' young people, improving the public's awareness of the value and benefits of residential boarding and increasing funds available to support residential boarding. In setting these objectives and planning activities, t￿SteeS give careful consideration to the Charity Commission's guidance on Publi Benefit. The objectives for The Gordon Foundation are. To maintain the National Memorial to General Gordon Be alert to and take advantage of opportunities to extend the influence of Gordon's both at home and overseas Ensure that business services provided by The Gordon Foundation are fit for purpose and commensurale with outstanding provision tncrease the Foundation's fu]ancial stability and support for f￿anCIallY necessitous S￿dents Deliver world-class pastoral care, cutTiculutn, and co-curriculum provision ACTtVlTIES, ACHIEVEMENTS AND PEFORMANCE The Vision for GordoD'S The 'Vision for Gordon's, is the strategic plan for Gordon's which sets oul our vision for the national memorial to Generdl Gordon to be more than a school, but a symbol of what can be achieved by a community united in making an outstanding contribution for tbe good of global society, through its educational leadership and through the live5 Gordonians go on to lead. This vision will be extended toward5 203 5, the Foundation, s 150lh anniversary. A Gordon's education strives to be more than the best possible examination results, but a thorough preparation for life. Our aim is to develop rounded world class, global citizens with the cbaracter, capabilities and confident humility to achieve well, to stay active, to appreciate what they have and to connect and give back to the cotnmunities in which they live and work.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLtJD]NG THE STRATEGIC REPORT (contioued) The Vision for Gordon's is for the national memorial to General Gordon to be a force for a more caring and just world: a world in which inequality in opportunities is diminishing; where individuals are treated sirnilarly and have equal chances based not on privilege, but on how hard they work for themselves and others, AcademR¢ Results for Ihe Scbool During the year the Scbool educated approximately 978 students between the ages of I l and 18. Recruitment continues to be strong with waiting IRSts for Key Stages 3 and 4. There were 279 residential boarders and 353 students in the Sixth Fonn.. Compared to many state schools, the KS5 curriculum at Gordon's is rigorous and a hi8h proportion of students opt for the more intellectually demanding subjects. 42 % of Y13 Leavers obtaining places at Russell Group UDiversitie5 and 730/0 gained places at their preferred destination. Two students gained places at Oxford and Cambridge, four embarked on Medical training courses, six gained places at Music/Drama schools. four accepted Sports Scholarships overseas and five secured Degree Apprenticeships A Level re$ult$ 2024 GCSE result$ 2024 400/0 of enlries were graded A• 719/0 of ¢nlri¢s wer¢ graded A 88 % of enlries were graded A• 510/0 of entTies were graded 9 - 7 840/0 of entries wer¢ giaded 9 - 5 930/0 of entries were graded 9 Average performance per student - BBB BTEC L3 2024 BTEC L2 2024 53•/(k of entries were graded D 88 /0 of entries were graded D• I OOl/*o of entries were 8raded D• More detailed infonnaiion on student activities and the Co-curricular programme can be found on the School website OTdons.school as well as the Annual Report of the Gordon's School Academy Trust. Capital Developments The cu￿ent focus has been the reconstruction of Pitrb l along with the fust of two years of development of the Old pool and Gyrn to create a Theatre including break out rooms and teaching areas. Continued improvements have been made to teaching spaces with two new classrooms along with some additional smaller teaching spaces. IT launched eight cla5STooms of the future to include a docking system for IT device5 rather than desk top machines and the new screens with all the ￿nCtIonal1ty needing for leaching and learning for the future. General The Development team is responsible for activities focusing on support for the school community as well &5 strengthening local and wider community links. ranging from regular taU(s, organisimg all larger school internal and external events and seeking opportunilies to let facilities when not required by the school, and fijndraising. Development Prefects assist the department with appropriate administration and hosting of events, providing them with some insight inlo a different area of the school &8 well as useful experience. A strong working parthership continues with the Gordon's School Parents, Association which clearly benefits the school and the parent community.

THE GORDON FOUIYDATION REPORT OF THE FOUNDATION TRUSTEES INCLLfD]NG THE STRATEGIC REPORT (continued) Following the dissolution of the Gordonian Association and responsibility for all alu[t￿l-fo¢USed activity incory)orated within the Development Office, a key focus continues to be developing a strategy for appropriate communicaliojj and engagement activity with each age groups. The Gordonian Football team, sponsored by a local business, is also supported by providing home match facilities on the new 3G pitch. In the SUllUDer, Gordonians of all ages enjoyed being able to return to tbe School for the Annual Parade and previously meeting up in London after the Whitehall Parade. Fornier members of the Pipe Band are invited to play in the Big Blaw, the sutnmer cricket match is popular as well as a three-way netball tournament for Gordonians. staff and cu￿ent student5. The Gordonian Awards. for Arts and for Sports, attract increasing numbers of high calibre applicants. these fmancially support two Year I l students with the costs for developing a particular talent, and encouragement to continue inlo the Gordon's Sixth Fonn. Support is provided to the Careers team lo assist with fjnding work placements and speakers as well as organising the annual Careers Fair. Opportunities for parents and members of the local community to network continue with reinstatement of the monthly Business Networking Breakfasts held at the School. The Development team encourages the School Charities Committee with appropriate links and organisational support" Make a dAfference Day saw student volunteers in the scbool working for the community from organised sports events for local primary schools, activities in care homes to litter-picking and clearing of graveyards. A total of 430 student volunteers took part with 1,611 hours recorded. The Gordon's Pipe Band, now officially the Music Section of tbe Gordon's CCF, participated in over numerous events that included travel to Scotland to compete in the World Championships, playing at the Houses of Parliament, at Wembley Stadium and, following a longstanding link with Brookwood Last Posi Association al Brookwood Military Cemetery. members of the Pipes and Drums who represent the Scbool at Brookwood Last Post were selected lo go to Menin Gate to play and tske part in the Last Post Association's Remembrance Service. A partnership developing with the National Piping Centre, Glasgow, is proving beneficial to Gordon's Pipe Band. Commercial A planning condition for the Sports Hall and 3G pitcb is ¢omrnunity use with a Cotumunity Use Agreen]enl in place between Gordon's and Surrey Heath Council. There is contiDued significant interest in hire of these facilities, with a focus on supporting local grass-roots Sports clubs. Other commercial activity includes the Sports Hub Café, part of the Sport5 Hall building available for use in conjunction with sports hire as well as Gordon's Sixth Fonn students during Ibe school day. Tbe monthly Networking Breakf&sls continue with a number of useful lijths being followed up. We were pleased to secure a new contract for hire of residential and classroom facilities for four weeks during the summer holidays, while will expand in future years, while again hosting BaTracuda Day Camps during the Easter and Summer holidays. Partnersbips The partnersbip launched with Aldershot Town Football Club in July 2021 wbereby their l $1 team is based and trains at Gordon's during weekday momings, and provided with catering and other facilities. Continues positively. In addition to hire charges, School football teams are provided with coaching by the A TFC coaching team and for free home malcb tickets are available io Gordon's families. oiher sportin8 partnership5 continue, with Harlequins Rugby Football Club and London Pulse (Premier Netball). Gordon's is proud to help reduce global educational poverty through a working partnership with the Commonwealth Education Trust (CET). Forn]ally known as the Commonwealth tnstitute, the CET 15 a well-established. leading cbarity that ¢hampioDS education actOSS the Commonwealth. Their digital platfornis reach teachers in underserved, often rural ommunitie5 around the world, providing them with much needed bite-size profe55ional development courses. Gordon's teacbers work with CET to establish courses to help improve pedagogy and classroom management, lat¢r ¢xt¢nding to support designated schools througb fundraising and practical resources. The Catnelthorn FoundatjOD SUPPOrts community-led wildlife initiatives alongside promoting education and socio- econotnic opportunities in Zimbabwe's Hwange province. Gordon's has pledged to work with tbe Camelthorn Foundation to raise sufficient fijnds to provide, initially, a girls, boarding house and then accommodation for boys, attending Ngamo Secondary School. In time, we hope that students and staff may be able to volunteer with the Camellborn Foundation in their Con￿Vation, education or social progratt]mes.

THE GORDON FOUNDATION REPORT OF TKE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPORT (continued) External sllPPOrt Applicalions to trusts and foundations continue for bursary funding as well as specific projects. The support for Gordon's students from a range of educational trusts is valued, in particular the continued generosity of the Girdlers, Livery Company. Support for Gordon's students by The Seb Foundation, Girdlers, Heights Education, Buttle UK, Lloyd Foundation, Etnmott Foundation. The Royal Springboard Children's Foundalion and Tak Turton Trusl continues to be welcomed by student families and the School. In 2021, two significant new competitions were launched. 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 Sustainable Development Goals. We are immensely grateful to Peter Wynter Bee. former trustee and now Gordon's Ambassador, for encouraging the institution of these student competitions and for his generosity in fiwding these prizes. Gordon's is proud to have signed up to the Forces Covenant and to display the Bronze Award of tbe Employers, Recognition Scheme, recognising the School's role supporting our Forces families as well as being a major employer in the area. The link with the Cotps of Royal Engineers continues lo be valued. in particular CCF students participating in Field Days organised at Gibraltar Barracks; training staff from Pirbright Camp assist with ceremonial drill. Members of the Pipes and Drutns play regularly for the Last Post Association at Brookwood Cemeteries, also for Surrey Police Pass- Out Paradc5 and wilh Surr¢y Police Band in a Festival RemetDbrallce Parade. FundraisiDg The tntstees recognise the importance of meeting ihe highest Standards of pra¢tice and care in relation to fijndraising activities. The Foundalion keeps donors informed aboui fundraising activities througb regular updates. All fundraising activity is carried out by school staff, who have received training on fundraising standards. No complaints have been received. The Foundation only raises funds from those individuals and organisalions known to il and the Foundation does not undertake fundraising campaigns to members of the public. Patronage Following the sad loss of Her Majesty Queen Elizabeth I l. Patron of Gordon's. King Cbarles accepted the Patronage of the School earlier this year continuing an unbroken line of Sovereign Patronage since Queen Victoria in 1885. FJNANCIAL REVIEW AND RESULTS FOR THE YEAR The main sources of funding for the Foundation are tI￿ough boarding charges and investments. Gordon's continues to be an oversubscribed school operating to maximum capacity witb a waiti.ng list. The fee incorne received by tbe Foundation was £11,935,120 (2023.. £11,104,652). The net movement in funds for the year was a surplus of £629,303 (2023.. surplus of £233,581). This surplus includes net investment gains of £346,351 (2023: net losses £92,846) and acNarial gains on the pension scheme of £206.000 (2023.. actuarial gain £500,000). ExcludiDg these gains the operating surplus for the year was £76,952 (2023: deficii of £173,573). Inveslmenls perfornied well duri￿8 the year. The investment portfolio has increased by £450,390 to £3,497,08 I (2023: £3,046,691). On l January 2013, Gordon's School converted to Academy Trusl status UDder the Academies Act 2010 with all operations, assets and liabilities transferred over to the Gordon's School Academy Tn￿t. This transfer was accounted for using the acquisition method resulting in a £389,000 deficit on the Local Government Pension Scheme transferring into the TNst. Most years since there has been an additional deficit on the scheme. tn the year ended 31 August 2024 ibe p¢nsioD liability reduced by £203,000 to an asset surplus of £1,000. This asset sutplus has been eliminated a5 there is insufficient evidence to conclude that the'asset, may be available to reduce filTh￿¢ payments. An asset sbould Only be recognised lo the extent thal there is tbe ability for the Academy T￿￿t to recover the surplus either through reduced contribution in the futUT¢ or refunds from the plan. Further inforniation on the pension schemes is given in note 21.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STrATEGIC REPORT {eon¢inued) RESERVES At 31 August 2024, fimds comprised Unrestricted funds of £13,602,694 (2023: £13,186,883) aod restricted fimds, excluding pension reserve, of £1,622,177 (2023.. £1.610.685). The restricted funds pension deficit reserve was £nil as explained above (2023.. £202.000 deficit). The restricted funds are set out in note 17. Unrestricted funds are represented by the Fowidation's property and other taagible fjxed assets, inveslments and net working capital. Free resetves. defmed as total unrestricted funds having eliminated the net book value of unrestricted r￿ed &%sets, are negative and.the Foundation Committee bave set a policy to restore and build free reserves in order to maintain the site and fijnd tbe moderni5ation and development of Gordon's Scbool. Any surplus funds generated in a fmancial year are invested in capital development. Risk The tNstees have assessed the major risks to which The Gordon Foundation is exposed and have taken step5 to reduce and manage these risks. Truslees approve a fornial Risk Register which is updated regularly and reviewed by the Joint Audit and Risk Committee at least a[￿uallY. The most significant retained risks identified are noted below together with the means by which to manage the risk.. Risk area Risk Factor Existlng Control proeedur Polilieal, educational & rinanelal Adverse impact OD school model Ensure frequent reporting of student roll and fll)ances. Hold back on plans, reduce cosis where possible. Maintain a scbedule of pre-agreed changes in the event of significantly reduced income. Focus on developing alternative income streams. Membership of appropriate bodies for advice and forera5ts. Charilable status I TaxatjOD Adverse fujancial effect such as tax on profits, loss of business rates. VA T on boarding charges.. increased boarding cbarges made unaffordable for many parents and chan8es school profile Take appropriate professional advice, reflect in budgets I planning Worsening eeonomic elimate, ineluding inflatio Adverse fmancial effect Contitigency planning Software I hardware Loss of curriculum or administrative data. 1055 of major systerns applications Engagement of external IT Services with extended resources and experience. Cloud storage in use. Data back up regularly le5ted for ability to restore file. Daily back-ups. IT a part of disaster recovery plan. Files restore been tested but needs test application regularly. INVESTMELYT POLICY The charity aims to manage the investment portfolio such that investment income is maintained, and capital growth is achieved, in real tern]s. The performance of investments and the inveskneDt policy is reviewed regularly by the Investment Panel. The Investment Panel does not impose ally constraints that might lin]it selection of individual investments for social, envirotmental or ethical reasons.

THE GORDON FOUNDATION REPORT OF THE FOUNDATION TRUSTEES INCLUDING THE STRATEGIC REPOR T (eoDtinued) PLANS FOR FUTURE YEARS 3-year Strategic Priorities: i) Develop a working and learning environment for Gordon's Scbool that moves beyond outstanding ii) Develop the School's Digital Strategy across both learning and administrative processes iii) Progress the Estates Master Plan iv) Design and implement our environmental policy v) Further develop 'Gordon's Connected, plalfonn, boosting parent, student and staff engagement by creating partnerships betweeD Gordon's Careers department. Business Ne￿Ork, alumni and parents vi) Furtber develop Gordon's Schools, Partnership, boosting collaborative opportunities for students and staff. DISCLOSURE OF IJYFORMATION TO THE AUDITOR to the case of each person who was a Director al the time this report was approved.. so far as that Director was aware there was no relevant available infornjalion of which the Group's auditor was unaware and that Director had taken all the steps that the Director ought to bave tsken as a director to make himself or herself aware of any relevant audit infomialion and to establish that the Group's auditor aware of that inforniation. This COnf￿atIOn is given and should be interpreted ID accordance with the provision of s418 of the Companies Act 2006. sTATEfft￿NT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of tbe cbaritable company) are responsible for preparing the Report of the Foundation trustees, incorporating the Strategic Report, and the fu)ancial statements in occordance with applicable law regulations. Company law requires the trustees to prepare fmancial statements for eacb f￿anCIal year. Under ibat law the trustees have elected to prepare the fmancial statements in accordance with Ulllted Kingdom Generally Accepted Accounting l¥actice (United Kingdom Accounting Standards and applicable law). Under company law the ttustees roust not approve the fmancial staiements unless they are satisfied that they give a true and fakr view of the slate of affairs of the charilable company and the group and of the incoming r¢sourc¢s and application of resources, including the income and expenditure, of the charitable company and group for that year. In preparing these fthancial statements, the trustees are required to: select suitable accounting policies and then apply them consistenilyl observe the meihods and principles in the Charities SORTr; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fLnancial statements. prepare the fjnallcial statements on the going concern basis unless it is inappropriate to presume that the company will continue in busiDess. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any lime the f￿anCIal position of the charitable company and enable them to ensure tbat the fmancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the cbaritable company and the group and hence for taking re&sonable steps forthe prevention and det¢ctiOD of fraud and other i￿egularitieS. AUDITOR Our auditor, Alliotts LLP, has indicated their willingDess to continue in office. The Trustees. Report, incorporating the Strategic Report was approved by the trustees of The Gordon Foundation on 18 January 2025 aDd signed on its behalf by: Lieutenant General Richard Cripwell CB, CBE Chairman io

THE GORDON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TItE GORDON FOUNDATION Opinio We have audited the consolidated f]nancial statements of The Gordon Foundation for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Group and Cbarity Balance Sheet5. the Consolidated Cash Flow Statetnent and notes to the fmancial statements, including a sununary of significant accounting policies. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Repor¢ing Standard applicable in ihe UK and Republic ofJreland Iuniied Kingdom G¢n¢rally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of tbe group's and of the parent charilable company's affairs as at 31 August 2024 and of the group's and parent Charitable company's net n)ovement ij) fimds, including the income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally A¢¢epted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Bgsis for opinioD We conducted our audit in accordance witb International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fi￿her described in the Audltor's responsibilitRes for the audit of the fmancial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the UK, including the FRC'S Ethical Sthndard. and we have fulfilled our other ethical responsibililies in accordance with these requirements. We believe that the audit evideDce we have obtained is sufficient and appropriate io provide a basis for our opinion. Conclusions relatlDg to going concern JD auditing the fujancial statements, we bave concluded that tbe tNstees' use of the going CODcern basis of accounting in the preparation of the f￿anCIal ststements is appropriate. Based on the work we have perforn)ed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast Significanl doubt on the group's and parent company's ability to continue as a going ¢OD¢ern for a period of at least twelve months from when the fu)ancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going con¢¢rD are des¢ribed in th¢ relevant sections of this report. Other information The trustees are responsible for the other infonnation. The other inforniation comprises the infornialion included in the Trustees, Report. Our opinion on the fmancial siatements does not cover the other infornialion and, except to the extent otherwise explicitly staled in our report, we do not express any forn) of assuraoce conclusion thereon. In connection with our audit of the fu)ancial statements, our responsibiliry is to read the other information and, in doing so, consider whether the other infornlation is materially inconsistent witb the fmancial statements or our knowledge obtained in the audit or othenvise appears to be materially misslated. If we identify such material iJ)coDsistencies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the fmancial statements or a material mi55tatement of the other inforniation. If, based on Ihe work we have perfonned, we conclude that there is a material misstatement of this other inforn)ation, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 tn our opinion, based on the work undertaken in the course of the audit: Ihe infonnation given in the Foundation Tru5tees' Report (whicb incorporates the strategic report and the directors, report) for the fjnancial year for which the fmancial statements are prepared is consistent with the fmancial statements" and the Foundation Trustees. Report has been prepared in accordance with appllcable legal requir¢menls.

THE GORDON FoufffjATION tNDEPENDENT AUDITORPS REPORT TO TKE MIMBERS OF THE GORDON FOUNDATION (tontinued) Malters on which we are required lo report by exception In tbe ligbt of the knowledge and understanding of the group and the parent charitable company and its environment obtalned in the course of the audit, we have not identified maierial misstatements An the Foundation Trustees. Report. We have nothing to report ID respect of the following matters in relation to whicb tbe Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the group and parent cbaritable company, or returns adequate for our audit have not been received from brancbes not visited by us. or the group and parent charitable compaDy fmancial statements are not in agreement with the accounting records and returns; or certain disclosures of tnjstees, remuneration Specified by law are not made. OT we have not received all the information and explanatiOD5 we require for our audit. Responsibilities of trustees for the fiDancial statements As explained more fully in the trustees, responsibililies statement set out on page l O, the trustees (who are also the directors of the charitsble company for the putTX)ses of company law) are responsible for the preparation of the f￿anCIal statements and for being satisfied that they give a trne and fair view, and for such inlernal control as the trustees deterniine is necessary to enable the preparation of fmancial statements that are free from material misstaien)eDt, wtlether due to fraud or error. In preparing the f￿ancIal ststements, the trustees are responsible for assessing the group's and ihe parent charitable colnpany's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitsble company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for Ihe audlt of the fiThanf ial statements Our objectives are to obtain reasonable assuron¢¢ about whether the fmancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report ihat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material rnisstatement when it exists. Misstaiements can arise from fraud or error and are considered material if, individually or in tbe aggregale, they could reasonably be expected to influence the economic decisions of users iaken on the basis of these fmancial statements. Irregularities, including frdud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material mi551at¢ments in respecl of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, iDcluding fraud, is detailed below. Our approach to identifying and a55essing the risks of material misstatement ill respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagemenl partner ensured that the eDgagement team collectively had the appropriate competence, capabilities and skills to identify OT recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to the group and parent charitable cotnpany through discussions with trustees and other management. and from ow knowledge and experience of the sector. we focused on specific laws and regulations which we considered may have a direct material effect on the f￿anCIal statements or the operations of the group and parenl charitsble Company, including the Companies Acl 2006, the Charities Act 2011, the Academy Trusi Handbook 2023. taxation, employment, environmental and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of rnanagement and inspecting legal correspondence. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-cornpliance throughout the audit. 12

THE GORDON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE i￿EMBERs OF THE GORDON FOUNDATION (contlDUtd) We assessed the susceptibility of the group and parent charitable company's f￿anCIal statements to material misstatement, including obtaining an Understanding of bow fraud migbt occur, by: making enquiries of management a5 to where they Considered there was sU￿ept1bIlity to fraud, their knowledge of actual, suspected and alleged fraud- consideriDg the internal Controls in place to mitigate risks of fraud and non-compliance wilh laws and regulations. To address the risk of fraud through management bias and override of Controls, we: perfonned analytical procedures to identify any unusual or unexpected Telationsbips" tested journal entiies to identify unusual transactions. assessed whether judgements and assumptions made in deterniining the accounting estimales were indicative of potential bias" and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to,. agreeing fwancial statement disclosures to underlying supporting documentstion; reading the minutes of meetings of the Foundation Committee; enquiring of management as to acNal and potential litigation and claims, and reviewiD8 CO)Tespondence with HMRC. There are inherenl limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the les5 likely it 15 that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulalions to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstaiemeDts that arise due to fraud can be barder to detect tban those that arise from error as tbey may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the f]nancial statements is located on the Financial Reporting Council's website at: www.frc.or ,ukJauditorsres onsibiliti¢s. This description forn)s part of our auditor's report Use of this report Thi5 report is made solely to the group and parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group and parent charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the ￿lIest extent pennitted by law. we do not accept or assume responsibility to anyone other than the group and parent cbaritable compaDy and the gTOUP and parent charitable compaoy's members a5 a body. for our audit work, for this report, or for the opinions we have formed. Stephen Meredith BA FCA DChA (Senior Statutory Auditor) for and on behalf of Alliotts LLP Senior Statutory Auditor Alliotts LLP 3 London Square, Guildford, GUI IUJ 2811125 13

TItE GORDON FOUNDATION CONSOLU)ATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDtNC CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR EIYDED 31 AUGUST 2024 Unrtstritted Funds Restricted Funds TotAI 2024 Total 2023 Note In¢ome from: Donations and legacies Grants 21.042 21.042 30.466 28.751 188.675 30,466 Chiritablt activity: In¢ome from boarding charges Oiher operating income Funding for the Academy's ¢du￿tIonal operations 11,895.762 751.126 39,358 11,935,120 751.126 6,157,715 11,104,652 654,337 5,874,019 6.157,715 Trgding activities: Trading incom¢ 316,380 316.380 241.685 Investment Income 95.573 12.488 108.061 102.539 Total income 13,079,883 6,240,027 19a19,910 18,194,658 Expenditure OR: ChAritable aclivity: Staff costs Edu¢pAtional ￿S1$ Welfare cos Premi￿5 costs Support costs Raising funds: Finance costs tnve5tment manag¢m¢nt Trading Activities- Trading cosLs 7.492.017 4,608.036 464.652 12,100.053 464,652 2,674,178 2.553.247 1,002,027 10.788,007 480.061 2,303,053 3.207.709 1,101,846 2.674.178 ,825,816 555.053 727.431 446,974 242.490 77 242.490 1.885 255,185 1.944 1.808 204,426 204.426 230.426 Totol expendilure 12,994,1)$7 6.248901 19,242,9S8 18J68231 Operating lTr¢om¢l(e%penditur¢) 85026 (8874) 76,952 (173,573) Net gainsl(losses) on investhients 329.985 16.366 346.351 {92,846) Net ineomel(expenditure) 415.811 7,492 423,303 (266,149) Actuarial {losses)Igains on defined b¢n¢fit pension schemes 21 206,000 206,￿0 500,000 Net movement in (und5 for the year 415,811 213,492 629J03 233￿81 Fund balances brought forward at I 16, September 2023 17 13,186,883 1.408.685 14.595.568 14.361.987 Fund balanees carried forward at 31 August 16, 2024 17 13,602,694 A,622,177 15224071 14595,568 All of the charitable group's activities are continuing. All recognised gains and losses are included in the Statement of Financial Activities. The accompanying notes forni part of these f￿ancIal ststernents. Details of comparative figures by fund ￿e disclosed in note 23. 14

GORDON FoufiDATION Registered Company No: (K1027272 GROUP BALANCE SHIET AS AT 31 AUGUST 2024 2024 2023 Notes F￿ED ASSETS Tangible Investments 21,597,756 3,497,081 21,557,334 3,046,691 9,10 25,094,837 24,604.025 CURRENT ASSETS Debtors Cash at bank and in hand l2 826,669 87,739 1,048.713 541,892 914,408 1,590,605 CREDITORS.. Amounts falling due within one year 13 (4,234,376) (4,514,683) NET CURRENT LIABILITtES (3,319,968) (2,924,078) TOTAL ASSETS LESS CURRENT LIABILITIES 21,774,869 21,679,947 CREDITORS.. Amounts falling due after more than one year 14 (6,549,998) (6,882.379) NET ASSETS BEFORE PENSION LIABILITY 15,224,871 14,797,568 PENSION SCHEME LIABILITY 21 (202,000) NET ASSETS 15,224,87J 14,595,568 FUNDS Unrestricted fun(ts Restricted- Specific Funds Restricted - Pension Reserve 16 17 17 13,602,694 1,622,177 13,186.883 1,610,685 (202,000) 15,224,871 14,595,568 The fmancial statements were approved and authorised for issue by the Board on 18 January 2025 aDd were signed below on its behalf by: Lieutenant General Rlchard Crlpwell CB, CBE Chai Mr M Barnes Treasurer The accompanying notes forni part of these ffflancial statements. 15

THE GORDOIY FOUNDATION Registered Company No: 00027272 CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes FIXED ASSETS Tangible Investments Investment in subsidiary company 21.408,359 3,497,081 21.342.616 3,046,691 io 24,905,442 24,389,309 CURRENT ASSETS Debtors Cash at bank and in hand 12 675.918 80,277 457,397 538,531 756,195 995,928 CREDJTORS.. Amounts falling due within one year 13 (3,968,724) (4,000,635) NET CURRENT LIABILITIES (3,212,529) (3,004,707) TOTAL ASSETS LESS CURRENT LIABILITIES 21,692,913 21,384,602 CREDITORS: Amounts falling due after more than one year 14 (6,506,667) (6,826,667) NET ASSETS 15,186,246 14,557,935 FUNDS Unrestricted funds Restricted fimds 19 20 14,092,935 1,093,311 13,531,028 1,026,907 15,J86,246 14,557,935 The charitable company has taken exemptioo from preseniing the charity Statement of fmancial activities under section 408 of the Companies Act 2006. The net income of the cbaritable company for the year was £628,311 (2023.. net incorne £232,762). The fmaDcial statements were approved and authorised for issue by tbe Board on 18 January 2025 aDd were signed below on its behalf by- Lieutenani General Riehard Cripwell CB, CBE Chairman Mr M Barnes Treasurer The accompanying notes forn] part of these fmancial statements. 16

THE GORDON FOUIYDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Net cash iDflow from operating actlvltles 759.082 800,946 Casb flows from invesling activilies Investment income received Capital grants from DF￿sFA Purchase of f￿ed assets Purchase of investmen15 Sale of investments 108,061 30,466 (672.853) (149,484) 45,445 102,539 286,682 (423.192) (25,234) 115,669 Net cash outflow from inve$ting aetivltles (638,365) 56,464 Cash flow from financing aetlvities Loan repayments New loan fu)ance tnlerest paid (332.380) (332,380) (242,490) (255,185) Net eash inflow from financing aetivilies (574,870) (587,565) Change in Cash aDd cash equivalents in the year (454,153) (269,845) Cash and cash equivalents at the beginning of th¢ year 541,892 272,047 Cash and cash equivalents at the end of the year 87,739 541,892 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH llYFLOW FROM OPERA TING ACTIVITIES 2024 2023 Net movement in funds for the year Depreciation ESFA capital grants Lossesl(Gains) on investments Decreasel(incre&se) in debiors (Decrease)lincrease in creditors Investment income receivable Finance Costs Pension adjustmenl 629,303 632,431 (30,466) (346,351) 434,790 (493.054) (108.061) 242,490 (202,000) 233,581 622,512 (188,675) 92,846 (366,662) 662.698 (102,539) 255,185 (408,000) Net cash inflow from operating activities 759,082 800,946 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank Overdraft 87,739 541,892 87,739 541,892 17

THE GORDON FOUNDATION STATEMENT OF ACCOUNT]NC POLICIES FOR THE YEAR ENDED 31 AUGUST 2024 The Gordon FoundatlQD is a cbaritable company limited by guarantee, incorporaled in England and Wales (company Dumber". 00027272) and a cbarity registered in England and Wales (charity number.. 312092). The Cbarity's registered office address is: Tbe Gordon Foundation, Gordon's School, West End, Woking, Surrey, GU24 9PT. Basis of AccountlDg The f￿anCIal statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing tbeir accounts in accordance with the Financial Reporting Standard applicable it) the UK and Republic of Ireland (the FRS 102 Charities SORP) (effective from l January 2019) and the Companies Act 2006. The fmancial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary aLnounts in these fmancial siaternents are rounded io the nearest pound. The f￿anCIal statements are prepared under the bislorical cost convention as modified to include the revaluation of investh]ents. The principal accounting policies adopted are set out below. Boarding Charge Debtor Pollcy Boarding Charges debts, in debtors, Tefleci outstandAng debts for the boarding charges to 31 August 2024, whilst Boarding Charges ID advance, in creditors, retlect casb received prior to 31 August 2024 for the autumn te￿ 2024 boarding charges. Basls of Consolidation The consolidated financial statements incorporate tbose of The Gordon Foundation and au its 5ubsidiarie5. All fu)ancial statements are made up to 3 l August 2024. All subsidiary undertakings have been includ¢d wiihin the f￿ancial statements. The entities are consolidated on a IiDe by line basis and all intra-group transactions and balances between group companies are eliminated on consolidation. b) Going eoncern The f￿anCIal statement5 are prepared under the going concern basis which assumes the Group will continue lo meet its liabilities &s they fall due for a period of at least twelve months from the date of approval of th¢5e fmaDcial statements. The trustees have reviewed regularly revised budgets and cash flow forecasts based on various scenarios including the requirements of the bank loan covenants and are keeping the situation under constant review. meeting regularly with senior managem¢Dt. Based on the information available on the date of signing these f￿anCIal statements. the trustees cannot make a reliable estimaie as to the ultimate fmanrial impact, however they believe the actions taken have ensured the Group's ability to continue to operate as a going concern for a period of at least 12 months from the dale of approval of these fmancial statements. 18

THE GORDON FOUNDATION ST ATEMENT OF ACCOUNTTNG POLICIES (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Signifieant judgments and sources estimation uneertainty The preparation of f]nancial statements in compliance with FRS 102 requires the use of certain critical accounting eslimates. It also requires management to exercise judgment in applying the Charity's accounting policies. The key judgements that have been applied by management relate to.. Judgment l - the present value of the Local Government Pension Scheme der￿ed benefit asset OT liability depends on a number of factors tbat are deternlined on an actuarial basis using a variety of assumptions. The assumptions used in delennining the net cost (income) for pensions include the discount rate. Any changes in these &ssumptlODS, which are disclosed in note 21, will impact tbe canying amount of the pension liability. Furtbemore a roll forward approacb wbich projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 August 2024. Any differences between the figures derived from ihe roll forward approach and a fi)11 actuarial valuation would impact on the carrying amount of the pension a55et or liability. Judgement 2 - a bad debt provision against potential fuNre uncollectible boarding charges. d) Income All income included in the Statement of Financial Activities (SOFA) when the group is legally entitled to the in¢ome and the amount can be quantified with reasonable accuracy. and receipt is probable. Grants receivable Grants are included in the Siatement of Financial Activities on a receivable basis. The balance of income received for specific Purposes but Dot expended during the year is shown in the relevant fund on the balance sheet. Where income is received in advan¢e of ¢ntiilement of receipt its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. The General Annual Grant is recognised in fvll in the year for whtch it is receivable and any unspent amounr is reflected as a balance in the restricted general fund. Capital grants are recognised when receivable aTJd are not deferred over the life of the asset on wbicb they are expended. Unspent amounts of capital grant are reflected in ihe balance in the restricted fixed asset fund Donatiop Donations and all other receipts from fundrnising are reported gross and are accounled for on a receivable basis. The related fundraisin8 costs are reported in costs of raising funds. Jnvestmeni Income Investment income is accounted for when receivable and includes the related t&x recoverable. e) Expenditure: Expendittwe is accounted for on an accruals basis. Costs ofraisingfunds Costs of raising funds comprise fmance charges associated wilh intere$t payable on the Group's borrowings and costs associated with lettings. Charitable aclivitieS Costs of charitable activities include grants payable and other costs directly associated with providing the services and support provided by the cbarity and an apportiotunent of overhead, support and governance costs. Charitable activity costs represent costs directly associated witb tbe provision of education and related support costs. Governance c051s Govemance costs comprise the costs of nllming the charity, including strategic planning for its future developmenl external audit, any legal advi¢e, and all the costs of complying with Consti￿lI0nal and statutory requirements, sucb the costs of Board aThd Committee meetings and of preparing statutory accounts and satisfying public accountability. TTading activili Costs of trading activities include costs directly associated with providing the services provided through trading. Leased Assets Rental costs under operating leases are charged to the statement of ffftancial activities in equal amounts over the period of the leases. 19

THE GORDON FOUNDATION STATEMENT OF ACCOUNTtNG POLICIES (continued) FOR THE YEAR ENDED 31 AUGUST 2024 g) Tangible Fixed Assets Depreciation is provided OD all tangible F￿ed assets. other than freebold land, on the following methods at rates calculated to write off the assels over theii estimated useful lives. The methods and rates are Freehold land and buildings Machinery and equipment Fixtures and fittings Motor vehicles 20/0 - 40/0 per annum straigbt line 200/0 per annum straight line 200/0 per annum straight line 200/0 per aDnum straigbt line Buildings erected before the year 20IX) are depreciated over 50 years. and newer buildings over 25 yeaTS. h) Inveslments Listed investmen15 are stated at market value at the balance sheet date. Realised and unrealised gaiDsnos$es on investments are included in the Sthiemeni of Financial Activities. i) Stoeks Stocks are stated at the lower of cost and net realisable value. j) FinaDcial iDStruments Basic fthancial instnunents transactions that result in the reco￿liti0￿ of fmancial assets and liabilities like trade and oiher accounts receivable aDd payable are accounted for on the following basis: Cash and cosh equivalenls Cash and cash equivalents includes cash in hand, deposits held at banks, other short-tem highly liquid investments with original marurities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities. Debiors and creditors Debtors and creditors are measured at the transaction price less any provision for iJnpainnent. Any losses arising from impairnient are recognised as expenditure. Bank borrowings Liabilities for borrowings which are subject to a rnarket rate of interest are measured at the value of the amount advanced, less capital repayments. k) Employee Benefits The Costs of short-term employee benefits are recognised as a liability and an expense. The cosi of any unused holiday entitlement is recognised in the period in which the employee's services are received. Tennination benefits are recognised immediately as an expense when the charity is demonstrably committed to teminate the employment of an employee or to provide tenniDatlOD benefits. l) Funds General funds comprise ihe accumulated surplus or deficit from tbe Statement of Financial Activities wbich is not restricted nor designated funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by the donor (see notes 17 and 20). 20

THE GORDON FOUM)ATION STATEMENT OF ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 AUGUST 2024 m) Pension Costs Retirement benefit to employees are provided by the Teachers. Pension Scheme ('TPS') aDd the Local Govemment Pension Scheme ('LGPS'). These are defffted benefit schernes and the assets are held separaiely from those of the academy trLLSI. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees, working lives with the academy trust in sucb a way that the pension cost is a substantially level percentage of currenl and future pensionable payroll. The contributious are detertDined by the GoverDment Actuary on the basis of quadrennial valuations using a prospective unit credit metbod. As stated in note 21, the TPS is a multi-employer scheme and there is insufficient inforniation available to use def￿ed benefit accounting. The TPS is therefore treated as a der￿ed contribution scheme for accounling purposes and the contributions recognised in the period to which they relate. The LGPS is a funded multi-employer scheme and the assets are held separalely in truslee adminislered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis ustng the projected unit Credit method and discounted al a rate equivalent to the Cll￿ent rale of Terurn on a high quality corporate bond of equivalent tenn and currency io the liabilities. The actuarial valuations are obtained at least triennially and are updated al each balance sheet date. The amounts charged to operating surplus are the cU￿ent service cosis and the costs of schen)e introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the nei defmed benefit liabilityiasset is also recognised in the Statement of Financial Activities and ¢omprises the interest cost on the defjned benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets al the beginning of the period by the raie used to discount the benefit obligations. The difference between ihe interest income on Ibe scherne assets and (he actual return on the scherne assets is recognis¢d in other recognised gains and losses. ACtu￿la1 gains and losses are rKognised In￿￿edIatelY ID Other recogDised gains and losses. Foundatton employees are part of a defmed contribution workplace pension Scheme with Salvus Master. Payments to defu)ed contribution retirement benefif schemes are cbarged as an expense as they fall due. 21

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR TRE YEAR ENDED 31 AUGUST 2024 2024 Restrieted Funds 2023 Total Unrestricted Funds Total DONATIONS AIND LEGACIES Donations and gifts Legacies 21,042 21,042 28,751 21,042 21,042 28,751 GRANTS ESFA capital grants 30,466 30,466 188,675 30,466 30,466 188,675 INCOME FROM CHARITABLE ACTMTtES Gross income from boarding charges Less: Bursaries Staff discounts Qtber discounts 12,524,052 39,358 12,563,410 11,617,620 (582,977) (35,958) (9,355) (528,977) (35,958) (9,355) (478,328) (26,486) (8,154) Net income from boardiD8 cbarges 11,895,762 39,358 11,935,120 11,104,652 Other operating income 751,126 751,126 654,337 Funding for the Academy's educational operatioDS 6,157,715 6,157,715 5,874,019 12,646,888 6,197,073 18,843,961 17,633,008 TRADING ACTIVITIES Trading income 316,380 316.380 241,685 316,380 316?80 241,685 NVESTMENT INCOME tnterest received Dividends received 1,647 100,892 95,573 12,488 108,061 9S,S73 12,488 108,061 102,539 22

THE CORDON FOUNDATION NOTES TO THE FINANCIAL STATE￿ENTs (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE 2024 Total Staff Costs Other Depreciation Charitable activity: Staff costs Teacbing costs Welfare costs Premises costs Support costs 12,100,053 12,100,053 464,652 2,674,178 2,553.247 1,002,027 464,652 2,674,178 1,920,816 1,002,027 632,431 12,100,053 6,061,673 632,431 18,794,157 Roising funds: Finance costs Other costs Trading costs 242,490 1,885 204,426 242,490 1,885 204,426 12,100,053 6JIO,474 632,431 19,242,958 EXPENDITURE (PIUOR YEAR) 2023 Total Staff Costs Other Depreciation Charilable activity: Staff costs Teaching costs Welfare costs Premises costs Support costs 10,788,007 10,788,007 480,061 2,303,053 3,207,709 1,101,846 480,061 2,303.053 2,585.197 1,101,846 622,512 10,788,007 6,470,157 622,512 17,880,676 Raising funds: Finance costs Otber costs Trading costs 255,185 1,944 230,426 255,185 1,944 230,426 10,788,007 6,957,712 622,512 18P68331 2024 2023 Total expenditure ineludes: Depreciation Operating lease payments recognised as an expense Auditor's remuneration.. - Audit fees - Other services 632,431 344,040 31,400 14,240 622,512 225,624 28,760 13,310 23

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR EfADED 31 AUGUST 2024 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs Stsff restructuring costs 9,570,614 953,301 1,576,138 ,541,643 853,930 1,392,434 12,100,053 10,788,007 2024 2023 No The average number of employees in ibe year was: Teachers Administration (including academic support & maintenance) 77 194 73 184 271 257 The number of higher paid staff during the year was as follows: £60,001 to £70,000 £70,001 to £80,000 £80,00110 £90,000 £90.0011o £100,000 £IOO,001 to £110,000 £130,001 to £140,000 15 15 31 24 No trustees re¢eived any remuneration or benefits-in-kind during tbe year (2023: £nil). No trustees received reimbursement of expenses in respect of travel and subsistence during the year (2023.. £771 to one trustee) Pension contributions of £100,258 (2023: £98,525) were made to personal pension plans,in respect of higher paAd staff during the year. The key management personnel of the group comprise the Truslees. Head Teacher, Finance & Operations Director, Development Director. HR Director, Estates Director, Deputy Head of Pastoral and Deputy Head of Curriculum. The total remuneration of tbe key management personnel duriog the year was £840.215 (2023: £875.447). 24

TE￿ GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 FIXED ASSETS- GROUP AND CHARrrY Freehold M4¢thin¢ry & Land & Building5 Fixtures Asse¢s und¢r Total Academy Totsl Equlpment Fittings Construction Charity Trust Group COST At I September 2023 Additions Reclassification 27,087,812 75,364 ,171,356 1,048,832 37,369 61.419 277,701 29,585.701 1.250,159 30,412.668 449,151 623,303 49,550 672,853 At 31 Au8ll$t 2024 27,163,176 1,208,725 1,110251 726,852 30209.fy)4 1,299,709 3JJ08.713 DEPRECIATION At I September 2023 Charge for the year 6,326,425 344.110 ,004.073 94,931 912.587 118.519 8,243,085 1,035,441 557.560 74,871 9,278,526 632,431 At 31 August 2024 6,67OJ35 1,099,004 1.031,106 I800￿45 1,IIOJ12 9,910,957 NET BOOK VALUE At 31 August 2024 20,492,641 109,721 79.145 726052 21,408J59 189,397 21,597,756 At 31 August 2023 20,761,387 167,283 136,245 277,701 21J42,616 214,718 213S7J34 FIXED ASSETS lKVESTME￿s -GROUP AND CHARJTY 2024 2023 Balance at I September 2023 (excluding cash deposit5) Additions Disposals at opening market value Realised and unrealised (losses)/gains 3,013,280 149,484 (56,180) 346,571 3,113,522 25,234 (32,481) (92,995) Balance at 31 August 2024 (excluding c&sh deposits) 3,453,155 3,013,280 Cash deposits 43,926 33,411 Balance at 31 August 2024 3,497,081 3,046,691 Class of investments is split as follow.. 2024 Cash or cash equivalents Equities Alternative investments Fixed interest 43,926 3.351,387 57,419 44,349 Balance at 31 August 2024 3,497,081 25

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CoDtillued) FOR THE YEAR ENDED 31 AUGUST 2024 io. llYVESTMENTS JF4 SUBSIDIARY UNDERTAKINGS . CHARITY Shares in group undertaklngs Balance at I September 2023 and 31 August 2024 Details of the charitable company'5 subsidiaries at 31 August 2024 are as follows,. (l) Gordon's School Acadetny Trust is a private company limited by guarantee, domiciled and incorporated in England and Wales. The registered o£fice and principal place of business is Bagshot Road, West End, Surrey, GU24 9PT. On the basis that The Gordon Foundation is member of the Gordon's School Academy Trust and has significant influence over the entlty, Gordon's School Academy Trust has been included within the consolidated f￿anCIal statements. Aeadem results: Total 2024 Total 2023 FA Total Income 9,027,865 8,574,034 Total Expenditure (9,232,873) (9,073,212) Net income/(expenditure) (205,008) (499,178) Otber recognised gains and losses Ac￿arIal{lOSse8) on der￿ed benefit pension scheme Adjustment for restriction on pension assets 207,000 (1,000) so0.￿0 Net movement in funds 992 822 Total funds brought forward at i September 2023 24,048 23,226 Total funds carried forward at 31 August 2024 25,040 24,048 Ba12nee Sheet Fixed Assets 189,397 214,718 Current Assets 1,000,089 1,825.414 Current Liabilities (1,121,115) (1,758,372) Creditors falling due after more tban one year (43,331) (55,712) LGPS Pension Scheme Liabilities (202,000) Total Funds 25,040 24,048 26

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Conlinued) FOR THE YEAR ENDED 31 AUGUST 2024 ii. INVESTMENTS ]N SUBStDIARY UNDERTAKtNGS - CHAIUTY (Continued) (li) The Foundation holds 100% of the share capital of The Gordon Enterprises UK Limited (company Dumber: 04104254, registered in England arjd Wales, registered office.. Bagshot Road, West End, Swey, G24 9PD, whose principal activities are letting the buildings and grounds of Gordon's School and selling memorabilia. A summary of the profit and loss aCCoL￿t and the balance sheet from the audited f￿anCIal statements is sel out below: 2024 2023 Profit aDd LA)ss Account Turnover Costs 269,839 (204,427) 233,724 (230,425) Profit for the year Donation to The Gordon FoundatlOD Retained Profit for the Year 65,412 3,299 Balance Sheet Net CuThent Assets Retsined Profits Share capital Total equity 13,585 13,585 12. DEBTORS Group 2024 Group 2023 Charity 2024 Charity 2023 Boardin8 charge debtors Sundry debtors Amount owing to subsidiaries Prepayments VA T reclaim 351,721 20,506 208,815 24,791 351,721 208,815 3,112 157.320 163,765 290,677 163,765 524,644 290,463 88,051 160,531 826,669 1,048,713 675,918 4S7J97 13. CREDITORS: amounts falling due wiihin one year Group 2024 Group 2023 Charity 2024 Charity 2023 Loans and overdraft Trade CTeditors Boarding charges in advance and pupil deposits Taxation and social security Other creditors Amount owing to subsidiaries Accrnals and defe￿ed income 332,380 1,442,721 I,165,818 284,32l 769,681 332,380 1,817,000 879,790 215,236 ,022.519 320,000 1,117.527 1,165.818 67,576 240,041 865,028 192.734 320.000 1,066,413 879,790 62,731 233,062 1,262,729 175,910 239,455 247,758 4,234,376 4,514,683 3,968,724 4,000,635 27

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 14. CREDITORS: amounts falling due after more Ihan one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loaD 6,549,998 6,882,379 6,506,667 6,826,667 6,549,998 6,882J79 6,506,667 6,826,667 Analysis of loans: Between one and two years Between two and five years After five years 332,380 990,951 5,226.667 332.380 997,141 5,552,858 320,000 960,000 5,226,667 320,000 960,000 5.546,667 6,549,998 6082,379 6,506,667 6.826.667 Due within one year 332,380 332,380 320,000 320,000 6,882J78 7214,759 6,826,667 7,146,667 At the year end, The Gordon Foundation had two long tenn loaDS. Both loans are secured by legal fwst charges over freehold land and buildings of The Gordon Foundation. Tbe first bank loan of £2,000,000 was taken out in December 2018 aDd is due for repayTnent by instalments by January 2044. Interest accnles on this loan at 3.80/0. and interest payments are made quarterly. Capital repayments ommenced in January 2020. The second bank loan facility of £6,￿0,000 wa5 tsken out in December 2019 to fimd construction of a Dew sports facility and all weather pitch. A sum of £5,440,000 was outstanding at 31 August 2023 and the capital will be repaid by instalments until January 2046. Interest accrues on this loan at a rate of 3.3Q/o aDd interest payments are made monthly. Capital repayrnents commenced in April 2021. 28

THE GORDON FOUNDATION NOTES TO THE FINAIYCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 IS. LEASE COMMIT11￿NTs At 31 August 2024 the total of futwe minimurn lease payments under non-cancellable operating leases were: 2024 2023 Leases expiring: Within one year Between two and five years More than five years 300,311 183,606 213,481 84,603 483,917 298,084 R6. UNRESTRICTED FUNDS I September 2023 Investment (Losses) 31 August 2024 Ineome Expendilure TrAnsf¢r$ Designated - Eyie Fund General Fund 50,651 50,651 13,136,232 13.079,883 (12,994,057) 329,985 13,552,043 13,186,883 13,079,883 (12,994,057) 329,985 13,602,694 UNRESTRicfED FUNDS (PRIOR YEAR) I September 2022 31 August 2023 Ineome Expenditure Investment L￿$5¢9 Transfers Designated- Eyre Fund General Fund 50,651 50,651 l3,535,465 11,987,578 (12,314,074) (72,737) 13,136,232 13,586,116 11,987,578 {12,314,074) (72,737) J3,186,883 The Designated Eyre Fund represents the balance on an Unrestricted donation wbicb is used to help finance mu51C lessons. 29

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 17. RESTIUCTED FUNDS Balance at I September 2023 Balance al 31 August 2024 Investment Expenditure Gainsl(losses) Transfers Income Specifie funds: Gordon Foundation Special fund Stepping Forward Appeal fiJDd Piano fund Bursaries 417,729 12,488 (1,808) 16,366 444,775 300.686 300,686 1,740 227,348 39,358 28,738 6,157,715 79.404 555,040 1,740 266,706 18,231 79,404 510,635 DfCSF (DfE) fund Other restricted funds D￿ Fixed Asset fund (6,168222) 30,466 (74,871) 1,610,685 6340,027 (6244,901) 16,366 1,622,177 Pension reserve (202,000) (4,000) 206,000 RESTIUCTED FUNDS (PRIOR YEAR) Balance at I September 2022 Balance Vdt 31 August 2023 Investment Gainsl(losse5) Transfers Ineome Expenditure Specifie funds Gordon Foundation Special fund Stepping Forward Appeal fund Piano fund Bursaries 426,766 12,932 (1,860) (20,109) 417,729 300.686 1,740 95,894 30,386 79,404 450.995 300,686 1,740 227,348 28,738 79,404 555,040 131,454 5,874,019 DfCSF (DtE) fund Other restricted funds DtE Fixed Asset fijnd (5,875,667) 188,675 (84,630) 1.385,871 6,207,080 (5,962,157) (20,109) 1,610,685 Pension reserve (610,IM)O) (92,￿0} soo,000 (202,000) Gordon Foundation Specigl Fund - this fund represents the balance of assets transferred by several connected charities on l April 1996. Slepping Forward Appeal Fund - this fund reflects an appeal to enbance perfonning arts facilities at Gordon's School. 30

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 17. RESTRICTED FUNDS (Continued) DfCSF (DfE) Fund & DfE Flxed Assel fund - these funds reflect monies received from the Department for Education (previously the Department for Children, Schools and Families), for the purpose of assisting with the general academy rUt￿lD8 costs and building projects. Other restritted funds represent other specific donations to fimd activities of the FouJ)dation. Pension Reserve - this fund represents the sbare of the pension deficit borne by the subsidiary, Gordon's Scbool Academy Trusl in the Local Government Pension Scheme. Further detail is given in note 21 below. 18. ALLOCATION OF THE GROUP NET ASSETS Tangible Assets Net Current Assets (Liabilities) Long Term Liabiliti¢sl Pension Investments Total Restricied - Specific Restricted - Pension reserve 273,522 189,397 1,159,258 1,622,177 Unrestricted 3,223,559 21,408,359 (4,479,226) (6,549,998) 13,602,694 3,497,081 21,597,756 (3,319,968) (6549,999) 15,224,871 ALLOCATION OF THE GROUP NET ASSETS (PRJOR YEAR) Fixed Assets Net Current Assets (Llablllties) Long Term Liabilities/ Pension Inveslmenls Total Restricted- Specific Restricted- Pension reserve 248,613 214,718 1,147,354 1,610,685 (202,000) (202.000) Unrestricted 2,798,078 21,342,616 (4,071,432) (6,882,379) 13,186,883 3,046,691 21,557J34 {2,924,078) {7,084J79) 14,595,568 19. CHARITY UNRESTRICTED FUNDS UNRESTRICTED FU]¥DS Balance al I September 2023 Balance at 31 August 2024 Investment Gainsl{losses) Transfers Income Expenditure Designated - Eyre Fund 50,651 50,651 General Fund 13.480,377 12,828,914 (12,596,992) 329,985 14,042,284 13,531,028 12,828914 (12,596,992) 329,985 14,092935 31

THE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 19. CHARITY UNRESTRICTED FUNDS (Continued) UNRESTRICTED FUNDS (PRIOR YEAR) Balance at I September 2022 BalaDce al 31 August 2023 Ineome Expenditure Investment Ga1DsI(loss￿) Transfers Designated - Eyre Fund 50,651 50,651 General Fund 13,370,032 11,749,192 (11,566,110) (72,737) 13,480,377 13,420,683 11,749,192 (11,566,110) (72,737) 13,53J,028 20. CHAIUTY RESTRICTED FUNDS Balanee at I September 2023 Balance al 31 August 2024 Investment Gains/(losses) Transfers Income Expendlture Gordon FoundatlOD Special fund Stepping Forward Appeal fund Piano fund Bursaries Other restricted funds 417,729 12,488 (1,808) 16,366 444,775 300,686 300,686 1,740 227,348 79,404 1,740 266.706 79,404 39,358 1,026,907 51,846 (1,808) 16J66 1,093Jll CHARITY RESTRJCTED FUIYDS (PRIOR YEAR) Balance at I September 2022 Balance at 31 August 2023 Investment Gains Income Expenditure Transfers Gordon Foundation Special fund Stepping Forward Appeal fi￿d Piano fund Bursaries Other restricted fimds 426,766 12,932 (1,860) (20,109) 417,729 300,686 1,740 95,894 79,404 300,686 1,740 227,348 79,404 131,454 904,490 144J86 (1,860) (20,109) 1,026,907 32

ThE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 21. PENSION AND SIMtLAR OBLIGATIONS The academy trust's employtts belong to trwo principal pension schemes.. the Teachers, Pension Scheme England and Wales (TPS) for acadetnic and related staff; and the Local Government Pension Scheme (LGPS) for lloo-teaching staff, which is managed by su￿eY County Council. Both are multi-employer defmed benefit scbemes. The pension costs are assessed in accordance with the advice of independent qualified actt)aries. The latest acttlarial valuation of the TPS related to the period ended 31 March 2020, and that of tbe LGPS related to the period ended 31 March 2022. Contributions amounting to £529,641 were payable to the s¢h¢mes at 31 August 2024 (2023.. £789,456) and are included within creditors. Teachers, Pension Scheme Introductlon The Teachers, Pension Scheme (TPS) 15 a statutOry* contributory, defmed benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for teachers in academies. All teachers have the option to opi out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament, ValuatloD of the Tegcbers, Pension Scheme The Government Actuary, using nonnal actuarial principles, conducts a fomial actuarial review of the TPS in accordance witb the Public Service Pensions (ValuatioTJs and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is io ensure scheme costs are recognised and managed appropriaiely and the review specifies the level of future contributions. Actuarial scheme valualions are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.70/0 above the rate of CPI. The key elements of the valuation outcome are.. Employer contribution rates set at 28.68 % of pensionable pay (including a 0.080/0 administration levy). This is an increase of 5Yo in employer contributions and the cost coDtrol result is such that no change in member benefit5 15 needed. Total scheme liabilities (pensions currently in payment and the estitnated cost of future benefits) for service lo the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, Eiving a notional pasl service deficit of £39,800 million. The result of this valuation will be implemented from l April 2024. The next valuation result is due to be implemenled from l April 2028. The employer's pension costs paid to tbe TPS in the period amounted to £1209,396 (2023: £976,587). A copy of the valuation report and supporting documentatlon is on the Teachers, Pensions website. Under the defmitions set out in FRS 102, Ihe TPS is an unfunded multi-employer pension scheme. The academy trust has accounted for its contributions to the scheme as if it were a defmed contribution scbeme. The academy tNst has set out above the inforniation available on the scbeme. 33

THE GORDON FOUNDATJON NOTES TO THE F]J¥ANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 21. PENSION AND OBLIGATIONS (continued) IA)cal Government Pension Scheme The LGPS is a fimded defmed benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates for ￿tUre years are 23.20/0 for employers and 5.50/0 to 12.50/0 for employees. Parliament bas agreed, at the request of the Setretary of State for Education, lo a guarantee that, in tbe event of academy c105ure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guaraDtee came into force on 18 July 2013 and OD 21 July 2022, the Department for Education rea￿Thed its commiiTnent to the guarantee, with a parliamentary minute publisbed on GOV.UK. Total contributions made 2024 2023 Employer's contributiolls Employees, contributions 201,000 67,000 165,000 48,000 Total contributions 268,000 213,000 Principal actuarlal assumpiioos 2024 2023 Rate of increase in salaries Rate of increase for pensions in paymenvinflation Dis¢ounl rate for scheme liabilities 3.65 2.65 5.00 4.00 3.00 5.20 The current mortality assumptions include sufficient allowance for ￿tUre improvements in mortality rates. The asswned life expectations on retirement age 65 are.. 2024 Years 2023 Years Retiring today Males - Females 21.8 25.3 21,9 25.4 Retiring in 20 years Males - Females 22.7 25.9 22.8 25.9 34

ThE GORDON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CODtinued) FOR THE YEAR ENDED 31 AUGUST 2024 21. PENSION AND StMtLAR OBLIGATIONS (continued) Scheme liabilities would have been affected by changes in assumptions as follows.. 2024 2023 Discount rate + O.IYo Discount rate . O. 10/0 Mortality assiimption + l year Mortality assumption - l year CPI rate + O. IO/¢ CPI rate - O. 10/0 (61,000) 61.000 114.000 (114,000) 61,000 (61.000) (54,000) 54,000 loo,000 (i 00,000) 53.000 (53,000) Defined benefit pension seheme net liability 2024 2023 Scheme assets Scheme obligarions 2,841,000 (2,841,000) 2,297,000 (2,499,000) Net liability (202,000) The aeademy trust's share of the assets In the scheme 2024 Fair value 2023 Fair value Equilies Bonds Cash Property FRS 102 Asset ceiling 2,103,000 398,000 114.000 227,000 (1,000) 1,769,000 275,000 69,000 184,000 2,841.LN)O 2,297,000 The acNal rettmi on scheme assets wa5 £328,000 (2023: a gain of £l18,0(10). Amount reeognised in the Statement of Flnanclal Activities 2024 2023 Current service cost Interest income Interest cost 195.000 (125,000) 135.000 230,000 (89,000) 116,000 Tothl operating charge 205,000 257,000 35

THE GORDON FOUNDATION NOTES TO THE FINANc￿L STATEMENTS (continued) FOR THE YEAR EIYDED 31 AUGUST 2024 21. PENSION AND SIMILAR OBLIGATIONS (conlinued) CbaDg¢s in the present value of d¢fiDed benefit obligatlons 2024 2023 At I September 2023 Current service cost Interesl cost Employee contributions AC￿arIal gain Benefits paid 2,499,000 195,000 135,000 67,000 (3,000) (52,000) 2,614,000 230,000 116,000 48,000 (471,000) (38,000) At 31 August 2024 2,841,000 2,499,000 Changes ID the fair value of tbe academy Irust's share of scheme assets 2024 2023 At I Sepiember 2023 Interesi income Actuarial (gain)11055 Employer contributions Employee contributions Benefils paid FRS 102 Asset ceiling 2,297,000 125,000 204,000 201,000 67,000 (52,000) (1,000) 2,004,000 89,000 29,000 165,000 48,000 (38,000) At 31 August 2024 2,841,000 2,297,000 The actuarial report for the local government pension scheme shows a pensioD asset of £1,000 at 31 August 2024. We have not recogni5ed the pension asset as a positive position but have instead sbown a break-even position as there is insuffi¢ieut evidence to Conclude that the 'asset' may be available to reduce future payments. An asset should only be recognised to the extent that the Trust is able to recover the surplus either through reduced contribution in the future or refunds from the plan. We have made fijrther disclosure in the Trustees Report and ID the note on judgements to adequately reflect Ibis. The Foundation offers employees a workplace pension and uses tbe Salvus Master'Trust. The employer contribution rate is 70/0 and the employee contribution rate is a minimum of 3.50/0. The employer pension costs during the year were £203,959 (2023.. £187,619) and tljere were no contributions payable to the scbeme ai 31 August 2024 (2023.. £nil). 22. RELATED PARTY TRANSACTIONS There were no related party transactions in the period (2023: None). 36

THE GORDON FOur￿DATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 23. COMPARA TtVE CoNSOL￿ATED STATEMENT OF FINANCIAL ACTIVITIES 2023 Unrestricted Funds R¢stri¢t¢d Funds TotAI 2023 Tot•1 2022 Note Income from: Donations and legacies Grants 28.751 28,751 188.675 91,975 238.513 188,675 Ch•rliabl¢ 4ctlvity: Income from boarding charges Other operating income Funding for the Academy's educational operations 10,973,198 654,337 131.454 11.104.652 654.337 5,874.019 10,193,082 206.276 5,323.140 5.874,019 Trading ae¢lvl¢les: Trading income 241.685 241,685 153.278 Investment income 89,607 12,932 102,539 101,689 Total income 11987,578 6,207,080 18,194.658 16J07,953 Exptnditure on: Charitjble activity: Staff costs Educational costs Welfare costs Premises costs Supporl costs Raising (unds: Finance Costs Investment management Trading #ttivities: Trading costs 6.967,592 3,820,415 480.061 10,788,007 480.(￿ I 2.303.053 3,207,709 1.101.846 10.121.499 529.173 1.908.141 2.617.312 929,457 2,303,053 .969,180 588,554 1,238.529 513,292 255,185 84 255.185 1,944 291,509 2.261 1,860 230,426 230,426 141,892 T•t*l txptnditure 12J14,074 6,OS4,157 18J68231 16,542,244 Op¢ratin8 intomel(expenditure) (326,496) 152,923 (173,573) (234,291) Net gainsl(losses) on invesknents (72,737) (20,109) (92.846) (295,701) Net in¢omel(exp¢nditure) (399,233) 132.814 (266.149) (529,992) Actuarial (losses)Igains on defthed benefit pension schemes 21 500.000 SOO,(K)O ,611,000 Net movement in funds for ¢h¢ yeor {399,233) 632,814 233,581 1,081,008 Fund balances brought forward at I I September 2022 17 13,586,116 775.871 14,361.987 13,280,979 Fund balances tarried forward at 31 August 16, 2023 17 13,186,883 1.408,685 14,595,568 14J61,987 All of the charitable group's activities are continuing. All recognised gains and losses are included in the Statement of Financial Activities. 37

The Gordon Foundation (inc The Gordon Enterprises UK Limited) Management report for the ear ended 31 Au ust 2024 y g

Date of issue: January 25

Alliotts LLP

Guildford 3 London Square, Cross Lanes, Guildford, Surrey, GU1 1UJ London Manfield House, 1 Southampton Street, London WC2R 0LR

Contents

1.	Purpose .................................................................................................................................................................................................. 3
2.	Significant matters .................................................................................................................................................................................. 3
3.	Adjusted and unadjusted misstatements ................................................................................................................................................. 4
4.	Accounting policies and practices ........................................................................................................................................................... 6
5.	Audit risks .............................................................................................................................................................................................. 7
6.	Control recommendations raised in previous audits ............................................................................................................................... 10
7.	Control recommendations raised this audit ........................................................................................................................................... 12
8.	Independence ...................................................................................................................................................................................... 13
9.	Sector update ....................................................................................................................................................................................... 14

The report is intended for the sole use of The Gordon Foundation (“the company”) and must not be disclosed to any third party, or quoted or referred to, without our written consent. No responsibility is assumed to any other person in respect of this report.

The primary objective of our audit is to express an opinion on the truth and fairness of the company accounts as a whole. An audit does not examine every operating activity and accounting procedure in the company, nor does it provide a substitute for management’s responsibility to maintain adequate controls over the company’s activities. Our work is not designed therefore to provide a comprehensive statement of all weaknesses or inefficiencies that may exist in the company’s systems and working practices, or of all improvements that could be made.

1. Purpose

ended 31 August 2024 in line with our Audit Plan previously circulated.

2. Sig

Bank covenants:

awaiting feedback from the bank relationship manager to confirm it externally.

Results for the year:

The charity has reported a net income for the year of £628k (2023: net income: £233k). After excluding the impact of the net gain/losses on the investments the underlying results for the year was net income of £282k (2023: net income: £326k).

Going concern:

We performed a detailed review of going concern and noted that the budgets for FY2024/2025 support the going concern assumption. This supports management’s opinion that the accounts should be prepared on the going concern basis.

Outstanding items:

• Fees received in advance: Sample testing is still underway; however, we do not expect the fees to contain a material misstatement.

Page 3

3. Adjusted and unadjusted misstatements

All misstatements considered to be material individually or cumulatively are required to be adjusted. We have not set out below those	All misstatements considered to be material individually or cumulatively are required to be adjusted. We have not set out below those	All misstatements considered to be material individually or cumulatively are required to be adjusted. We have not set out below those	All misstatements considered to be material individually or cumulatively are required to be adjusted. We have not set out below those	All misstatements considered to be material individually or cumulatively are required to be adjusted. We have not set out below those
misstatements encountered which are considered to be below trivial.
Materiality (£) Triviality (£) £256,000 £12,800 ~~ES~~
3.1. Adjusted misstatements
Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~
Draft trial balance			560,966
Audit department – adjusting journal entries:
Opening balance adjustment Funds Brought Forward Share of support costs			(671)	671
Accounts department – reclassifying journal entries:
Agree Enterprise to intercompany (PY gift aid contribution) Support of Gordon’s school Amounts due from fellow group undertakings			3,299	(3,299)
Gift aid donation of Gordon Enterprises Donations and gifts			65,413
profits to Foundation Amounts due from fellow group undertakings				(65,413)

Page 4

3.1. Adjusted misstatements

Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~	Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~	Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~	Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~
Agree investments	Net movement on investments	87,549
	Gain or loss on sale of investments Investments	(88,245)	696
Reallocation of fees in advance	Trade debtors		(2,161,182)
	Fees in advance		2,161,182
Final results		628,311

Page 5

3.2. Unadjusted misstatements

Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~	Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~	Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~	Description Account Surplus/(Deficit) (£) Net asset/(Liab) (£) ~~a~~
Being the correction of the Girdlers’ prepaid income	Prepayments		18,500
	Income – restricted	18,500
Reclassification of difference noted in payroll reconciliation	Payroll	(65,349)
	Administrative expenditure	65,349
Net impact		18,500

4. Accounting policies and practices

both relevant accounting standards and the requirements of FRS102. We have reviewed the accounting policies and practices selected by the charity and are satisfied that the charity operates acceptable accounting policies and practices.

Page 6

5. Audit risks

Issue	Description	Planned response	Conclusion
Income recognition:	Fraud concerning revenue recognition.	Reconcile in total the income per	Income was seen to be recognised
		remittances to amounts recognised in	in line with the SORP requirements.
	Risk that income could be understated,	the accounts.
	or cut-off errors could occur with
	income recognition.	Reviewcut off procedures and systems
		for income recognition.
Reliance on key	Risk that segregation of duties could	Discuss with management anystaff	Noted no apparent evidence that
members of staff	become difficult should members of	changes or issues in the year.	management has been overriding
and possible	the team be absent due to ill health for		controls via posting journals.
management	any length of time.	Review operation of systems and
override:		controls.
	Risk that management could override
	key controls.
Fluctuations in	Changes in demographics and public	Discuss future plans and any issues with	Based on our income testing, this
borders numbers:	perception could lead to fluctuating	management.	was not a risk. The boarding charges
	perception could lead to fluctuating pupil numbers which would lead to a		increased along with the head
	fall in additional boarding fees.	Discuss with management anystaff	counts of pupils.
		changes or issues in the year.
		Review operation of systems and
		controls.

Page 7

Issue	Description	Planned response	Conclusion
Errors and fraud:	Risk of errors in the cut off of	Cut off to be tested.	No instances of fraud were
	expenditure leading to the accounts not reflecting a true and fair view,	Review systems and control procedures	identified during the audit and no significant concerns over the
	therebyaffectingmanagement	through discussions with the accounts	management controls were raised.
	decisions based on the accounts.	staffand complete severalwalkthroughs
		to confirm systems and controls are in
	Risk of fraud from internal and external	place.
	affectingthe results.
		Discuss with management if any frauds
		have occurred and review any systems in
		place to mitigate the risks.
		Review of journals posted to backing
		rationale and documentation.
Related parties and	Risk that related party transactions with	Request information on related parties	Systems and controls were
transactions:	the Foundation may be missed from the	from the trustees.	reviewed, and no issued were
	financial statements.		identified.
		Review transactions compared to
		trustees’ register of interest and confirm	No issues noted from the review of
		trustees’ register of interest and confirm no further related party transactions to	the related party transactions and
		be disclosed.	minutes of meetings during the year.
		Review systems and controls for
		reporting related party transactions.

Page 8

Issue Description Planned response Conclusion ~~a~~	Issue Description Planned response Conclusion ~~a~~	Issue Description Planned response Conclusion ~~a~~	Issue Description Planned response Conclusion ~~a~~
Going concern:	Risk that changes in government	Review budget funding forecast return	From the review of the budgeted
	funding may impact the charitable	submitted to the ESFA.	forecasts, we see that an
	company’s ability to continue as a		operational surplus is predicted for
	going concern.	Discuss any issues with management.	the forthcoming year.
		Review disclosures to ensure they reflect
		the appropriate Going Concern position.
Assets under	Risk that the valuation of assets under	Review a sample of assets under	Tested a sample of assets under
construction:	construction is materially incorrect and	construction and agree to invoices to	construction against invoices and
	overstated.	ensure appropriate capitalisation figures.	noted the items to be capital in
			nature and deemed no reason why
			it should not be capitalised.

Page 9

6. Control recommendations raised in previous audits

The recommendations raised during previous audit engagements were reviewed for updates this year, the outcomes are as follows:

Issue reported Recommendation made Update ~~a~~

Bank Covenants:

We noted during the audit, that because of Covid19 and the unusual events of the year, 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.

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

During the current year audit, we noted that the bank covenants is met based on our draft consolidated accounts. We have requested confirmation from the bank to confirm that the Foundation is currently compliant with the bank covenants of the loan.

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.

bank has been sought at the audit date, however, this continues to be outstanding.

Unreconciled fees in advance balances: During our audit, we had provided a debtors We recommended that management ensure The fees in advance details listing agrees to reconciliation schedule at the year end, which the fees in advance details listing are reviewed the financial statements during the current shows that trade debtors and fees in advance each term. year audit. balances of £233,825 and £412,614 both respectively.

Page 10

Issue reported Recommendation made Update ~~a~~ However, the sample testing is still underway, However, we have noted that the fees in but we do not expect the fees to contain a advance details listing did not agree to the material misstatement. financial statements after taking into the account of debtor’s reclassification journal with the unreconciled balances of £467,716 in credit. Without proper reconciliation of control accounts, there is a risk that the management information produced on which decisions are taken is inaccurate.

Page 11

7. Control recommendations raised this audit

The recommendations raised during the audit were as follows:

7.1 Prepaid income – Girdler’s Company ~~ee~~	7.1 Prepaid income – Girdler’s Company ~~ee~~	7.1 Prepaid income – Girdler’s Company ~~ee~~	7.1 Prepaid income – Girdler’s Company ~~ee~~
Risk	Issue reported	Potential consequence	Recommendation made
Low	We noted a donation from the Girdlers’	There is a risk that the prepaid	We recommend that donation agreements
	Company Court of £18,500 received into	income/income balance contains a	are reviewed and that management
	the Foundation’s bank account in August	material misstatement.	consider whether income received is
	2024. The charity became entitled to the		recognised in line with the charity
	money, before year-end and this should be	money, before year-end and this should be	accounting standards.
	recognised as income in line with charity
	accounting standards.

Page 12

8. Independence

Non-audit services provided by Alliotts to the Foundation and its related entities:

Service	Description	Safeguard
Statutory accounts production	This service is only to produce the statutory format accounts from the trial balance provided by management, with along with other disclosures as provided by management.	by management, with along with other disclosures This is wholly mechanical data entry process involving no judgements by Alliotts, with informed management reviewing and approving the final reports. As a result, no safeguards are deemed necessary.
Corporation tax Teachers’ Pension review	Preparation of the corporation tax computation and return based on the statutory accounts, records and representations from management. This service is a review of the End of Year Certificate (EOYC) to be submitted to Teachers’ Pensions.	This service is provided by a separate team. Informed management also review and approve the final computation and return. The reports are reviewed by the audit team as if it were provided by independence. Teachers’ Pension reviews are completed by a separate team to ensure independence is maintained ~~a~~ third party. In our opinion this is a sufficient safeguard to ensure

In accordance with International Standard on Auditing (UK) 260 “Communication with those charged with governance”, there are no changes to the details of relationships between Alliotts LLP and the Foundation that may reasonably be thought to bear on Alliotts LLP’s independence and the

Page 13

9. Sector update

Charity Commission Updated Guidance

• Internal Financial Controls for Charities (CC8)

The Charity Commission updated its guidance in 2023 to help charities operating in an increasingly digital world, where the danger of fraud seems to be more prevalent.

Internal financial controls are key tools for trustees to use to protect their charity and its resources, which is a key responsibility for all trustees. The updated guidance aims to make it clearer, shorter and ensure it reflects the many ways charities operate today.

The guidance has been restructured and the language simplified so hopefully readers can easily find the information they are looking for more easily and be able to put into practice.

The new sections are meant to reflect the ways charities can now operate. These cover issues such as:

• Using mobile payments systems, such as Google Pay and Apple Pay

• Accepting gifts and hospitality

• Accepting donations of cryptoassets

Trustees are encouraged to read the update and discuss their charity’s internal financial controls at their meetings.

• Decision Making for Charity Trustees (CC27)

In September 2024 the Charity Commission published updates to its guidance on making trustee decisions. The guidance aims s is to make the guidance more accessible and easier to use, however the backbone of the guidance remains the seven principles developed by the courts when they reviewed decisions made by trustees, which we have set out below.

When making decisions, trustees must:

1. act within their powers 2. act in good faith

2. be sufficiently informed 4. take into account all relevant factors

3. identify and disregard any irrelevant factors 6. manage conflicts of interest

4. ensure their decision is within the range of decisions that a reasonable trustee body could make

Economic Crime and Corporate Transparency Act 2023 Regulations

The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023 ) received royal assent in the autumn of 2023 and contains a range of measures to tackle economic crime and improve corporate transparency. The Act introduces a Failure to Prevent Fraud offence (FTPF) as well as bringing in a variety of reforms to Companies House to address the transparency of corporate structures in the UK. The measures come into place over a period of time.

Many of the changes came into place on 4 March 2024 including:

• Giving Companies House greater powers to query information provided and request supporting evidence.

• There will be stronger checks on company names, with the ability to remove offensive names or those that falsely imply connections with a foreign government or international organisation.

• New rules are now in place for registered office addresses. All companies must now have an ‘appropriate address’ suitable for the service of documentation at all times, which means that this address cannot be a PO Box or other unstaffed address.

• A registered email address must be provided on incorporation of a new company, whilst all existing companies will need to provide a registered email address when they file their next confirmation statement after 4 March 2024. This email address will not be made public on the Companies House website.

• On incorporation the shareholders of a new company will need to confirm that they are forming the company for a lawful purpose. Existing companies will need to make a lawful purpose statement when they file their next confirmation statement after 4 March 2024 and then annually.

• The Act allows for the sharing of data with other government departments and law enforcement agencies to improve collaboration to combat economic crime in the United Kingdom.

• The Act gives greater powers to tackle and remove factually inaccurate information from the public register and be able to issue financial penalties, or prosecution for those companies/directors who fail to comply.

From 1 May 2024, new filing charges apply for all transactions at Companies House with, for example, minimum filing fees for confirmation statements rising from £13 to £34.

• ECCTA 2023 will introduce further reforms over the course of time as Companies House improves its systems and include:

• Electronic filing of statutory accounts at Companies House, which is not possible at the moment for charitable companies.

• Some of the reduced disclosure exemptions in accounts of trading companies, as often used by charity trading subsidiaries, will be removed.

• New verification of identity of people setting up, running, owning or controlling companies will be required.

There will be more clarity required of company ownership and the individuals concerned. It will be more difficult to use corporate directors to run a company.

Charity SORP Update

The Charities SORP will be updated and the consultation document might be published in 2025, for adoption in autumn 2025. The document incorporates the changes in the wider reporting world introduced by the update to the Financial Reporting Standard 102 (FRS102).

FRS102 was revised at the end of March 2024 for accounting periods commencing 1 January 2026 and is likely to impact charities in two main areas:

• Leases - The distinction between operating and finance leases has been removed and all leases will need to be recognised on the balance sheet. For smaller operating leases, there is an exemption for short-term leases and for low- value assets to remain off the balance sheet.

• Income recognition – A new section of FRS102 deals with revenue from contracts with customers. A five-step model for revenue recognition is adopted for all contracts with customers, and it looks at identifying the distinct goods or services promised to the customer and the amount of consideration to which the entity (charity) will be entitled in exchange.

FRS102 has removed some explanation paragraphs around legacies, so it is expected that the revised SORP will provide the guidance required.

Audit regulation changes – Revised International Standards on Auditing (ISAs)

A number of changes to auditing standards have been made which have had an impact on how audits are carried out for charities and ultimately mean that charities are spending 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 has tightened 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.

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 members of the charity’s 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 school. Charities are likely to face additional questions from auditors about how school trustees assess the control environment, particularly with remote/branch operations.

ISA (UK) 570 on Going Concern

This standard was updated and now auditors have to perform additional work to conclude on whether the trustees’ 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.

Changes to the 2023 Charity Commission Annual Return

The Annual Return 2023 will have more compulsory questions than in previous years, but not as many as originally proposed at one stage and will apply to charities’ financial years ending on or after 1 January 2023. The new questions will provide more information to the Charity Commission in nine key areas:

• income

• grant making

• spending outside of the UK

• trading subsidiaries

• charity address and property

• organisational structures

• employees and volunteers

• governance

• safeguarding and risk.

More of the new questions now apply to all charities, not just the larger ones as the Commission gathers additional insights into the financial resilience of the sector and encourage better administration processes and controls.

Guildford [phone] London [phone] Guildford 3 London Square, Cross Lanes, Guildford, Surrey, GU1 1UJ London Manfield House, 1 Southampton Street, London WC2R 0LR

www.alliotts.com @alliotts

Southampton Street, London, WC2R 0LR. Alliotts LLP is a member of the Shaw Gibbs group.

Alliotts LLP is registered to carry on audit work in the UK, regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.