Haberdashers. Elstree Schools Foundation (Company Reg No. 05263772) (Charity No. 1107027) Financial Statements for Year Ended 31 August 2025
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 CONTENTS P3ge Trustees, Reptrrt IndependentAudrtor5' Report 8-10 li Incorne and Expenditure Account 12 8ilanceSheet 13 Statement olcashnows 14 Noie5101he Financial Statements 15-25 Page 2
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 LEGALAND ADMINSTrATIVE DETAILS REGISTERED CHARITY NUMBER 1107027 REGISTERED COMPANY NUMBER05263772 PRINCIPAL OFFICEOFIHE TRUSTEES, THE CHARITY ANOCOMPANY DIRECTORS Haberdasher5' Boy5. school Butterfly ne Hertfordshire WD6 3AF CHARITYTRUSTEES Mrj Myers (Chairmanl Mr S Cartmell OBE Ireslgned September 20251 MrT Dolan (resigned Septernber20241 Mr R Sachdev Mrj Gregoty IÈppointed September 20251 Mr O Buhus lappoinred O(rober20251 KEY MANAGEMENT PERSONNEL R Van Der Westhuilen (DirtOrOf Developmentl13ppoiThted March 20261 COMPANyDIREoRS All trustees are company directors. 8ANKERS Barclays Bank Plc. PO Box 104, 18St Peter'sstreet, StAlbans, Hertlordshlre, ALI 3NA AVDITORS Saffery LLP 71 Queen Victoria Street LDndon EC4V 48E CONNECTED CHARITY Haberdèshers, Aske's Charit H3berd35hers' Boys, Sthotsl and H3berd3shers' Girls. School a independent dèyschools, forstudents aged 4 to 18, known jointly as Haberdashers. Elstree Schools I'the SchDols"l-TheSchools arÉ part ofthe HabÈrdashers' Aske's Ch3rity, regist@r@d number 313W6. Page 3
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 TRUSTEES, REPORT The Trustees presenttheirhnnual report and financi31 statefflent5 of H3berdasher5' Elstree 5choo15 Foundation Ithe Foundation orthe Charrtyl. previousty known as Companie5 Act 2[, the Memor3ndum and Article5 of A550ciatiOTh, and kcOuntin8 3nd Aeporting by Charities-. St3ternent of Recommended Practice appliC3ble t prepared takln8 advaniage of iheexernptionsavailable to small companies under ihecompanles Act 2006. TRU5tEES' RESPONSIBILITIES The Trustees (who t also directors ol Haberdashers, E1ste Sthools Foundation for the purposes of company lawl t spOnsible for preparing the Trustees, Annu31 Report 3nd th financial statetnentS In 3CCDrdancÉ wrth applic3ble law and United Kingdom Genralty Acc@pted Accounting Practice (United Kingdo AcCouting Stand3rOs1. Company law requires the Trustees to prepare fin3n(ial 5tement5 for eich financial year. Under cofflpany law the Trustee5 must not approve the financial observe the methods and printiples inthÈChirities SOAP IFRS1021., rnakeiudgments and estlmates that are reasonable and prudent-. 513temenr5-. and CompaniÉs Act 2006 and the provisions of the charrty's constrtution. They are also respDnsible for safeguarding the 3ssetS Df the Ih3rity and hence for taking Insofar as each of the Trustee5 of the charity at ihe date of approval of this report Is aware there is no relevant audit informion (information needed by the havetaken as a Trustee in orderto makethemselves awa trf any relevant Èudit informatian Ènd to estsblish that the chÈritY'S 3uditoriS aware olthat information. STRUCWRE,GOVERNANCE AND MANAGEMENT Haberdasher5' Elsiree Schools Foundation Is governed by irs Memoranduffl and Articles of SclatIon dated i Oober 2004. upded a5 of 21 Decefflber 2020. under Company number 05263772. The charltable company was re8lstered With the Charitycommlsslon on 29 November 2004 as number 1107027. The Company, 8 Friar. vdho is the Director of Development. and R Llewellyn. who is ihe Foundation's Director. are part of the Foundion's key management personnel and are etnploy 5t3ff Itself Page 4
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 SELECtION ANDAPPOINIMEMtOF TRUStEES nd i COPY Df thE13test Edrtion Df the Ch3rityGuvernznce Code, 5UPPDrted and EndorsEd bythe Cummi5510n. 08IECTS To advance the education of the pupils at the Schoo15 and ?t such other school as the Trustee5 may from time to time deierrnine. and to prOMe other raising rnoneyto be contrlbuted to ihekhools, bursaryfunds for bwards to puplk at the Schools whose parentsor guardlans are the provision Df financial assistance toward5the maintenance and devloP[ent ofthe Schools. including capital projects. and FUNDRAISING APPROACH Ont0-Drne tneetings. direct mzil zppeals, telephone campaigns and online appEBls. ItIEcepts Dne-off and regulargifts, Iswell isgrfts In will. fundrai5ingieatn reports to the Board of Trustee5 On the delivery of rts fundr315ing adwity. No cofflpl3int5 have been reported during theyear. The Foundationwill never sell or share dats about its donors3nd has put in placecontrolsto ensure the security ol alld3ta held. Whethe Foundation uses at any tlme. We alsoensure that wetakecareful steps to prote(tVulnerable and other members Df the communityfrom behavlours that may bedeemed unrÈasOnable. ACHIEVEMENTS, ACtIVlTIESAND PERFORMANCE thefourth consecutiveyear. Maior-gift fundraising generated several signrficant gifts and multi-year pledges. including fUndIg for expanded community partnership work wrth local 5raie De5pitethe redutsion In donors.fundraising Income remained strong. The Development Office Continued alumni and parent engagement athivrtie5. including the annu31 alumni reunlon. FundrbL4in8 efforts have been focussed on six priority areas.. Bursary Fund-To ensurethat the Schools welcome 3 diversestudent body of bright. well-roundÉd boys and girlswith a wide r3ngÈ of skills, talents and aspir3tion5, Galest Needs Fund-To allow the Schools. le3dersto respond quicktyto newOPPOrtunrtiesor emer8enciesat either school. Hardship Fund-To providetemprjrary Supportforlamllieswith personal emergencles IE.8. death ola 3tI orwho have been h1tflnancia1 by a broader Qmpus Improvements Fund-To Support new bulldlng projectsaswell as the Improvementor n0VatIOn0f exlsting laclllties. EnhanEed Stud&ntOpportunitl25 Fund-To support Sport. extTrcurricu13r3ctiwties, prizesand 3wards, oranything elseth3t É3ch school deetnswould ifflprove the Pirtner5hips Fund-Tosupport a settor-leading programme.Thestudentdeliverenrichment lessonsand co-curri(ularsessions In subjects Including tnith5. Eng115h. 5(ience. swimming. modern langubge5. art, outdoor education. wellbeing and robotics. Page 5
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 PVBLIC 8ENEFIT A primary obied of Hiberdisher5' Elstree khooLs Fgundion 15 to lse fvnd5 to provide rnean5-tested sUPPQrtfor5tvdentS It theSohoo15. In mikingthese award5 the Trustees confirm they have given due CDnsiderbtion to ihe Charity CDmniissiDn'S published guidance on rhe Public Benefit requirement underthe Charities Act 2011. DuriTrgihis reportiTrg pefiod theTru5tees have made awards to be used for bursaries totalliThg £389.98512024.. £302.445lto provide financia15UPPOrt. which has enèbled a number ol students to benelit Irom 3n education at Haberdashers. includlngsome who have madean outstanding contrlbutlon towards academlc and co- turricularactivitie5 who would Otherwise have beenwithdrawn onthe¥rounds tsf financial hardship. FINANCIALREVIEW Resuhsfcrihe Year The Foundation's inrome for the year imounted to £1.190,012 12024.. £1,766.8041. After expenditure on charitible activitie5. the net surplus for the yeir was £Q65.42812024.' EI.139.a411- The net movement In fund5 ther the allocation of gains from the inve5tmentS W35 a 5urplu5 Of E488.59712024'. £1.177.5161 as Shown SSOCl3ted with proces51ng ind adrnin15tering donations/gift5 to the Foundztion are tnet by the SchoDls. FDrthE VEar ended 31 August 2025 totsl CDSts met bythe Schoo15were£192.16312024.. £121.1891- RsfvèS LÈVÈI and ptslityand Finantial vkI1 The Charity does not have a target level of reserves. At the stsrtof each academic Year theTrustees review the level ol charitsble donatlons, Investment Incomeand re5etve5 and 3gree thE amount of 5UPPOrtth3t can b2 offered In thE way of tnean5 tested bursarie5 for 5tudent5 alreidy attending the Schoo15 and to thDsE offered future commltments. Al the 81 Sheet dale. the Foundation held Endowfflews of £299,11512024.. £2V.7071. restricted funds of £2.903.84212024. E2.684.6351 and unre5tritsed reseryes of £2.272,433 12024.. £2.014,4511. of which £1.746,498 12024.. EI.698.5691 ol the unrestricted funds are riM8lenceO to SUPPDrt the Boys, school as least 12 months following the approvÈl date olthese accounts. Inve5trnent Pollry Hardaher. Elstre& SEhools Foundation's InVeStm&nt Dbiectr¢& Is to seek a cons1Stently 3ttractive lev&1 of Income coupled wrth th& potential for long t@rm capital appreciation. whilst aimingio preserve thevblue of capital overthe shorter rerm. Inve5tment5wiII bro?dly followthechurch of England *hical guidelinesand therefore companies whose prarnice is inihefollowingarea5 will be excluded. - tobatcts and lated prtsdutts., pornography.. armaments. 43mbling, 2nd pr&datory lending. objectives. In lune 2025, the Trustees approved and mède èn investn)ent of £2.3m into a multi-3sset investment lund in accordance with the agreed investn)ent strategy. Page 6
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 Total Retum lTrvestmentApproach The D Wells Endowment Fund wa5 e5t3blished in 2011 35 a perrnanent endowment to be Invested by the Sohoo15 on a total return basls In iccordance with it5 Trustees also ctsnsiderwhetherÈnyadjuStments bètween thetrust for Investment Ènd unappliedtotsi urft ÈrÈ requirÈd to preservethe fund's capitèl. RISK MANAGEMENT The Tru5teesexatninethe rnaior rLsks tsced by the Charity.. systems are In place to fflonitorand control these ri5k5 and to mitigate any ifflpactthatthey rnay have on CDmprehensivestrategic pl3nningJ budgeting ind rnanagement reporting. FifftJRE PLANS During 2025-26, the Oevelopment Otrice Will continue to locus on growing phllanthropic income and malntainin8 engatement vlith alumnl, parents and other supporter5. balanceappeals for near-temi support with effort5tQ Secure largergifts In support of long-terrn financial 5U5tainability. including endowment and cipitalfunding This ptsrtWaS appfDved and authorised lorissue bythe Trustees on I81}2026 and was Signed on their behalf on I8/12026. l Myer5 Page 7
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 INDEPENDENT AUDITORS. REPORT Oplnbn We have audited the fin3n(i8l stements of The Haberda5her5' Aske's Elstree Schools Foundation for the year eded 31 August 2025 which compr15e the Sources, in¢ludinÉ its income and expenditu, lortheyearthen ended. have been properly prepared in acCOrdanWIrh United Kingdom Genera1tyAcpled Accounting PraCtI-. and havÈ been prepared Inattordantewith the CtsmpaniesAtt 2006. ea$for0knn Conclu51QS rel3tingtD wolgrOncern In auditing the finin(ial staternents, we have conrluded thit the truslee5' Use of the going concern bas15 of Iccounting In the preparation of the finanoiil authorised for OtherlnfcM1On statements bnd our auditor's report thereon. Our opinion on the flnancial statements does not cover the other inlormatlon and, except to the extent othernvise explicitly stated In our report, we do not Expre55 any form of a55ufance concluslon thEreon. merial mis5t3tements. we are required to determine whether thi5 gives rise to i meriil fflis5t3tement in the finin(ial 5taiement5 them5elve5. If. based on the work we have performed. we conclude that there 15 a material misstatement of th15 Other Information we are reouired to repDrtthatfact. We have nothingio report In this regard. OpinK>ns on othermatters prestribed bytheCompaniesAtt20 St3temÉnts are prepared Is consistentwiththefin3ncial statements,. and theTruStees' Report which Includes the Directors, Report has been prepad In accordance wlth appllcable legal reouirements. M¥tter5ynwhich we8re rEquired to report IJyetion n)iSSt3tementS in the Trustees. Annuèl Report. Page 8
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 We have nothlngto report In respect of the following matterswhere the CompaniesAct 26 requlres usto reporttoyou If, In Ouropinlon.. adeqUate39tIg rerord5 have not been kept. or retvrns idequefor oyriudit hive not been received frotn branche5 notrted by u5. or thelinancial statements are not In a£eMent Withthe accounting CordS and turn$-, or ertain di5closure5 of trusiee5' remunerion specified by laware not made.. or we have not reteivÈd ill thÈ information and explanations we requIfr OufÈudit,. or the small compani&s exetnption in preparingth& Trustees, Annual Report andfrom the requiretnent to prepare 3 Str3tegic Rewrt. Reswn51bllltles of tNstees Intern31 control 35 the trustees deteitnine 15 neteS53ry to énable the preparation of finaniial statements that are fiÉe from materi31 rnisstatem&nt, whether due to Orto cease OPÈr3tion5, Or have no alIstIC alternatÈ to do so. Audftorfs reSpon511ft1esl0rthe ad[tof thefinanclal 5tatemeMs We have Bppointed as auditors underth@ Cotnp3niesAct2CM]6 and repDrt In 3ccordancÈ with regulations Thad und@rthatAtt. Our DbiectWES areto obtsin reasonable a55urance about whetherthE financial 5tatement5 as a whole arefreE frDm tniterial m155tstement. whether due to fraud or detecting irregularities. including fraud a detailed below. La and lulatIOnS ol direct significan in the context of the chantsble company include The Companies Act 2006, ènd guidance issued by the Charily Commission for England and W31es. |Iw5 and regulatlQn5 With tnember5 of tninagement respTrnsiblefor complian. During the plÈnnin$ meeiing with the audit team, the Èn$34ement partnÈr drew attention to the key Ère35 which might invofve non-compliance wrth laws 3nd regulatlQll5 or fraud. We enquired of tn3n3gement whether they were aware of any Instince5 of non-compliance with law5 and regulations or knowledge of iny Page 9
HABERDASHERS, ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 www.frt.or8.uklÈuditorsresponsibilrtiÈS. This de5cfiptionforms Part of Our auditorfs report. U5eof our report Thls report is made soleTr¢ to the charitsble £ompan¢s members and the trustees, as a body, in accordance wlth Chapter 3 01 Part 16 01 the Companies Act 2M6. Our audit work h3s been undekETr 50 that we tnight statE to thE Eharitable cotnpanw5 membEf5 those rnatters we are required to State to them In an auditor'5 report and for no other purpose. To the fullest extent permitted by law. we do noi accept or assume reswnsibility to anyone other than the charitable company. the charitable company's members and trustees as a body, for our audit work, for this report. orfor the opinionswe have formed. for and on behalf of Saffery LLP 71 aue&nVictoria Street London EC4V 4BE Date.. 24JUfftè2G S3fFery LLP is eli8ibleto act asan auditorinterms ofsection 1212 of the CompaniesAct 26 Page 10
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 STATEMENTOF FINANCIAL AcfiviTIES Year ended 31 August 2025 Unrestrkted Funds Restrkted Funds Endowed Funds 202$ Total Funth 2024 Total Funds Nore Inwmeand endowmentsfrorn.. Donations and Legacie5 Legacy Income Donation Income Grant In(ome 139.676 269,157 23.979 440,504 165.000 629.483 83,234 163,655 709,661 165,000 1,038,316 151,696 861.CK12 550,259 200.0 408.833 60,037 Investments 8,425 155,543 Totsl 468,870 712,717 8,415 1,190.012 1,766.804 ExpEndthreon'. 192,163 18,765 192,163 531421 219,926 407.437 Ch3rit3bleActivities- Advanc2rnent of Education 513,656 Total 210,928 S13,6S6 724,5B4 627,363 Net 1CoMe before otherrecosnlsed gainsand losses Z57,942 199,061 8.4Z5 465A28 1,139.441 NetGains on Invésttnent5 39 20,147 2.983 2a.169 38.075 Net Income aThd Thet movementln funds 257,981 219,20B 11,408 488,597 1,177,516 Funds Brought FoNard 2.0144S1 2.684635 ZB7.707 4,986.793 3,809.277 FdScarrfed Forward 2.272,432 2,903,84a 299,115 5,475,390 4,986,793 Th Incomin(DutgoIg resources and resulting net MoVffl@nt infunds arisÉ from Eontinuing opérations. The Found3tlon has no recoinlsed gains or losses otherthanthe net movement In funds lorthe period. Th& note5 Dn pages 15-25form part Df th&5efin3ncial 5tatetnent5. Page11
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 INCOME AND EXPENDITURE ACCOUNT Year ended 31 August 2025 2025 2024 Total income 1,181.587 1,744.190 Netgains on investments Suwusfortheyear 20,186 477,189 38.075 1,154,902 Total Income cotnprLses £468.87012024. £388.9291 for unre51ricted funds and £712.71712024.. É1.355.2611 for restrirted fund5. A detailed anaty515 of incoffle and Eipenditurecofflprises E210.92812024'. E266.5611 for unremricted fund5 and E513.65612024.' E360.8021 for restried funds. This income and expenditure 3CCOuntexcludes all movementon the Charrty's pÈrmanent endowmentfund so asto comply with the reouirements of Comp3niesAct ThÈ ntste5 on pages IS-25ftsrm part of thÈsefin3ntial statements. Page 12
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 BALANCE SHEET As at 31 August 2025 201S 2024 Notes Flxed Assets= Investments 2,32a.169 2,283,317 CurrentAssets'. Debtor5 Q5h at Bank 37.756 3,IZ7,365 70.268 3,027.357 T4)tsl CurYentAssets 3,165,121 3,097,625 Current Llabllltles 1381.8491 I12.3} AccruaL4 IIZ,9001 NetCurrentAsset$ 3,152.211 2,703,476 Totsl NetA55ets 5,475,390 ,986.793 Ch&rityFvnds'. Endowments 299,115 2,9012 287,707 2,684.635 unrestri£.. Designated Genertl 1,746A98 525,935 1,698.569 315,882 Totsl Fund5 5,475,390 ,986.793 Th25e aciounts hive b2en prEpared in acEordancewith the provi5ion5 ofthe small companies. regitne Df thE Cornpinie5 A(t2[K. ThÈ finanti31 stÈtemÈntSwere approved and authorizÈdftsriSsue bythe board on 1810612026and were Signed on It5 bÈhalf on 1810612026. J MyÉrs The notes on pages 15-25form part of theseflnbncial statements. Page 13
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 STATEMENTOF CASHFLOWS Year ended 31 August 2025 202$ 2024 Cashflows fromoperat1n8l[vIfIe5 488,597 1,177,516 Adiv5tmentsfor.' Investment Income 11S1,6961 123,1691 a1512 381,249 135,0051 Decr&3se In debtors IDecrea5ellincre35e In creditors Net cash fN)wsfrom operaiing actlvftles 2.096 332.296 1,318.290 Cashflow5frDm investing 3ctivits Income from Invesimenis Pur¢hÈse ol investments Nètcash fkNsfrOm invÈtin¥attiwtièS 151,696 116,6831 155.543 132.929 Change In<ash and cash equlvalents In reportlns perfod I,008 1,451,219 Q5h and cash equivalems brougm [Onard 3,027,357 1.576.138 Cash and cash equlvalentstarrled forward 3,127,365 3,027,357 AnalSOf tash and cash equivalents 2025 2024 Cash al nk a,127,365 3,027,357 Arta150f £han8es in netfvnds 2025 Atstart olyear Cash-flow5 At end of year C35h Total 3.027.357 3.027,357 iOO.(M)8 iOO.LN)8 3,127.365 3,127,365 2024 At 5tartofye8r Tr5h-fbws Atend olyear sh Totsl 1,576,138 1.576,138 1,451,219 IA51,219 3,027,357 YA)27.357 Th& note5 Dn pages 15-25form part Df th&5efin3ncial 5tatetnent5. Page 14
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 l. tharltylnforrnatbTh The charity 15 a Company limited by8uarantee (registered number 052637721. which is incorporated and domiciled in England ano Wale5. and Is a public benefit entity. The add$S ol the re81sted office is Haberdashers. Btys. School, Butterfi¥ Lane, Elstree, Hertfordshl. WD6 3AF. 2. Acfovnting Policie5 a. BaSof Preparatn0f Financia15tstement5 The financl31 statements have been drawn up on the historical cost basis ol accountln& With the expIlOn ol Investrnents,which are reported at m3rket lue. Thefin3ntial statements havÈ been preparÈd In attOrd3ntewith the StatemÈnt of Retommended Prattite. AttOuntin8 and Reportin8 by Charrties The charity oonstitwe5 a public benefit entity as defined by FRS 102 The financial statements are presented in5terlin& the functional currencyof the After makin8 appropriate Ènouirie5, thetru5tee5 havea reasonable expettation thatthetharit3bletotnPany has adeouate re50urte5to tontinue Its activities for ai least 12 monih5 followingiheapproval date of these kcordingty. they continueto adoptihegoing concern ba515 In preparing the b. InÈome Donations are recognised Inthe period ol tÈlOtto&Èther with any related recoverable tsx. Donations recÈived forthe general purposes of the Foundation Grfts in kind rÈl3tÈttsthe costs met bythÈ Schaols 2nd t retognised in the period the costs relate to. <. LeBacy lThtome d. Expendfture Th&se ar& also shown 3SErft in kind underincome. Th& Trust&e5wiII continueto keepth15 policy under review as th& Foundation d&velops. È. Fund ¥¢tyunting Funds are categorL4ed asfollows.. Endowed funds-. ThE5efunds currentty repre5entthe endowmentgrfted by D Wells End ire held 3sfLYed assets. The fund Is a pertninent endowmeniio be Invested by the5chool In accordAncewrth its Invesimeni policie5wirh the Incoffle io be used to both ensure thevalue meèls, to2th fares 3nd other35Sotièted tostsfrom YeÈr7to Year 13. Restricted funds.. Thesefundswere donated Drcreatedforspecific purp05es3nd may be used forth05e purposes. Unrestricted eneralfunds.'These funds are notsubjectto any restriction Dthérthan the Dbiects oftheCh3rityand are applied In nated funds.- ThÈse are UnstrIrted fundsthat h3ve bÈen set351de bythÈTruStees forSPÈtifit purpose5. While not legally 5t[led, they Page 15
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 Investmerbts All Investments are held In e¢urtiesand unittrusts and are intluded èt market value atthÈ bal3nte5hÈÈt date. Gains and lossÈs t retognised In the Flnanclal IStrUmentS ThÉ charity has chosento adopt Sections 11 and 12 of FRS102 In re5ct offin3ncial instrutnents Fin3ncial instrutnents are recognised In the balanca sheet of the charitywhen rt becomes party io the conrraciual provisions of the Instrument. costs and bre Subsequentty carrled atamortised cost. Financial assets are dErecognised whenthe contractual right5 to the cashflowsfromthe asset expireor are settled. Trade creditors are Dblig31ion510 pay forgoDds or 5ervice5 that have been acquired iniheordinarycourse of busine55 from supplier5. Account5 payibleare effective Inter2st method. h. Critical AccountinBJudgernentsand KeySource$of EstimatTr Uncertaintv In the Èpplitation tsf the charity'5 acCOuThtin¥ polities, Trustees are reouired to tnakÈjudgÈment5, e5timate5 and assumptions aboutthÈtarryingvilue5 of an on-going bÈsiS. Revisions tO3CCOuntinÉ estimates3 t0{nised in the period in which theestimate is revised if ihe revision dfferts onlythat period, or In the view Df thE Tru5te@s, ntsa55UrnPtIOnS Eonc2rningthE futurE ore5timation uncertaintyiffecting a55ets3nd113bilitie5 3tthE bal3nce sheet dateare Page 16
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL 5TATEMENT5 Year ended 31 August 2025 3. Inc(>ming REsOUe5 Z025 Unrestrkted Z025 Restrkted 20Z5 Endowed 201$ 2024 Totèl Funds Oonation5and Legacie5 Boys, School-QmpuS Improvements/Academlc Facllitles 20,533 20,533 14.026 1.435 223.718 8oys' School- fjreate5t Needs 112.864 1.147 60,586 212.864 1.147 60,586 Boys, Sthool- Need5 Based Support 924,270 79 Boys, School- Partnerships Girts, SchDol- Campu5 lrnprovernents/AcadErnlC Facilrties Girts, School- Enhanced Student Opportunities Glrls, School- Grebtest Needs Gids, Sthool- Hardship 61rts' School- Needs 8a5ed Support £,250 6,250 160 18,260 375 17.867 10,013 1.390 28.533 18,260 a75 17.867 49.681 125 8,651 6,705 495 34,711 30,942 51.126 221.189 63 120,OOD 63 12D,rM]o JointSchools- Catnpus Improvements13dernIC Facilities 216,670 216,670 158,858 12.500 192.163 IointSthoo15- NeÈds Based Support 158,858 12.5 192.163 408,833 629,48a I38,316 1,611,261 4. Invèstmènt Income ZOZ5 Unrestrkted ZOZ5 Restrkted 20Z5 Endowed 2025 2024 22.614 132,929 Bank Interest 60,037 83,234 8,425 151,696 60,037 83,234 8,425 151.696 155.543 s. rotsi RÈSOurtèS ExpÈndÈd ZOZ5 Stalfcosts 20Z5 Other 2025 TotalFndS 2024 Ral$lng Fund5'. 120,375 71,788 192,163 219,926 Charftabk Expendlture.. Need5 Based Support & Hardship fjreale5r Need518oy5'5chooll Enhbnced Student Opportunltles Prizes& C3mpuS Improvements 196,OD7 199.061 671 120,0 16.682 196,rM)7 199.061 671 120,WO 16.682 116,034 247.191 4.735 17,870 20.344 1.263 120,375 604.209 724,584 627.363 Page 17
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 202S 2024 Charitabk Expenditure includes.. I2, I2, 515.739 12.3 13.563 385.831 GDvern3nce costs fjTrntsiO Schools Isee note 111 2025 2024 Aggregate 2rnploye2-benefit5 of key managetnent PEfsonnel 42,676 54,847 TNstees Rernuneratlon Trustees made donatlDn5 Df £1.250 in iheyear12024.' £55.4301 Dlwhich £550 IDrloint Greatest Need5 and E7fOr Girl's School Greatest Needs. B Friar. who 15 the Director of DevElopment. and R Llewellyn, who is the FDund3tlDn'S DireEtDr, ire part Df thE Foundation's key man3g2tnent personnel znd are employ st2fF Itself. 6. Fd Assets Investments Multi-aSSÈtfvnd Ca$h 2025 2024 Market ValuE broughtfDrward 2,283.317 2,283,317 16.683 2,222,627 Investment Income reinvested 22.614 38,076 23,169 23,169 Market Value carried forward 1.323,169 2,323,169 2,283.317 The Trustee5 review investment performance on a regular ba515 and make disPQ5a15 a5 Ippropriate to meet the Trust's Investment objectives Following the December2023. In lune 2025, the Trustees madea new Investment of £2.3m Intoè multi-asset Investment fund in accordance WiththeTrust's Investment strdte8y. 2025 2024 323.169 Q5h 2,283.317 2,323,169 2,283.317 7. Oebtors 201S 2024 Glfr Aid Debtor Otherdebtors.- amtsuntowed by connetted chantyischooll 37.116 44.CX17 26,261 70.268 37.756 8. Analysksof NetAssetsand LIaN1e$ Unwestilcted Fund Restdcted Fund Endowrnent Fund 2025 Total 2024 Total Flxed assets Current Èssets 3.907 2,281,425 2.020.147 883,696 299.115 2,323.169 3,165,121 I12.) 2,283.316 3,7,626 Z.272.432 Z.YJ3,842 299.115 5,475,390 4.986.793 Page 18
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL 5TATEMENT5 Year ended 31 August 2025 93. FundsAnaly5 Balan 01-Sep-24 In<omlns Resources Resources Expended Gainsl Ilossesl Ilnvestmentsl TrnTr5fers Balance 31-Aug-25 Unre$trKted F5.. Galest Needs 315,883 418,858 208,845 39 525,935 Unrestrkted Funds.. Designated- Boys. School- Gre3test Need5 Designated- Boys. School- Need B35ed Support- Davidson Legac 255.568 1.443.001 1,698,569 7.52S 42.487 50,012 2,083 261.010 1.485.488 1,746,498 2,083 ReStrted Funds.. 843.457 285,769 860.002 iio 2,841 34,92D 3.408 238.344 69,795 25.322 199,061 78,063 8.562 891.302 277,$01 893.886 567 23,504 35.948 Boys, Sthool- Need5 Based Support 8oys' School. Needs Based Support- Raw Brothers 8.562 705 Boys, S£hool-QmpuS Improvements 20,663 1,028 loo 103 3,215 1.589 16.910 2,328 70.939 44.391 )1 1,462 8.968 8.315 7,988 58.414 481.429 278 5,171 65.192 2,903.842 Boys, Sthtsol-student Tttvel Fund 8oys' School. Partnerships Glrls, School- Campu5 Irnprovernenis Gids, School- Enhanced Student Opportunities Gids, SchDol- Greatest N&eds Girfs, School- Needs 8a5ed Support 3,123 1.544 10.326 2,735 51,072 60.449 875 1,420 8.651 7.374 7,759 46,235 396.045 270 5,023 51.116 2.684.634 92 45 6.584 263 19,867 19.809 26 42 317 120.941 229 15,179 158.301 671 35.867 Joint SchoD15- Campus Improvements 120.0 JointSchools- Ne&ds B3s&d Supwrt loinrschoo15- Needs Based Support- Brigth Futures Fund 3,OOD 75.939 3.022 148 14.066 712.717 513.656 20.147 Endowtnent Funds.. D. Wells 287,707 8,425 2,983 299.115 4.gB6,793 1.190,012 724,584 23.169 5,475,a90 Following the decision to change the natne and Objects of the Foundation, the Trustees agreEd to ringfenEe the brought fotward unr25tricted reserve5, Including unrestriPd donation5 UP to the publi( Announcefflem of these changes In December 2021. 10 5UPPOrt the Boy5. School going forward by designAiing these fund5. Page 19
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 9b. FyThd5An3ty5i52023-24 Balance 01-Sep-23 In<omlns Resources Resources Expended Galnsl Ilossesl Ilnvestmentsl TrnTr5fers 8alance ai-Aug-24 Unre$trKted F5.. Greatest Needs 130,511 388,829 241,533 38,076 315,883 Unrestrkted Funds.. De5ignated- Boy5. Schoo1- Greatest Needs Designated- Boys, School- Need Based Support- Davldson LÈgèry 2.49& 100 25,028 255.568 1.44a,ooi 1.723.497 1,443,ODI 1,698.569 25.028 Restrkted Fund5'. 1,572 866.280 221,501 1,4as 223.618 64,268 860,002 1.118 14.026 500 3,007 246.441 843.457 285.769 860,W2 iio 2.841 34,920 Boys, School- Needs Based Support Boys, SchoDI- Need5 B35ed Support- Raw Brothe[5 3.818 2.5CXI 38,605 3,408 100 3,044 4.836 13.685 4,185 Boys, School-QmpuS Improvements Boy5, SchDDI-Sport5 Boys, S£hool-Student Travel Fund Boys, School- Partnerships Girts, School- Campu5 lrnprovefflenis 79 1,544 10.013 2,390 28,533 3,123 313 345 23,289 1.468 36.791 750 1,420 10.326 2.735 51,072 Gids, Sthool- Gre3te5t NÈeds 61rts' SchoDI- Hardship Glrls, School- Needs Based Support 750 1.468 26.022 49.681 125 60.449 875 1.420 8.651 7,374 7,759 46.235 396.045 270 5.023 51.126 2,684.634 8.651 6,705 lolntS£hools- Campus Improvements 669 7,759 50.293 419.726 270 6,256 loint5choo15- Needs Based SuppDrt 30.942 35.0 23,681 495 51.126 1.355,261 1,728 1.690,176 360,802 D We115 165.093 22.614 287.707 3,809,277 1,744,190 627,363 60.690 4,986,793 Page 20
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 The5efunds were received to fundihe Foundation's general purpose105UPPQrt both of the5chools. nated Funds- Greatest Needs. These funds We et0 fund the Foundation's general purpose priorto the public announcement In December2021thatthe changeof the name of thÉ Foundation has been ch3ngÉdto The Haberdashers, Aske's Elstre2 School5, lunds held priorto thlsannouncement have been ringlenced to support the H3berdashers' Boys, School iolngforward. n.. The David50n Fund is the re5uh of an unrestricted don*ion de51gnaied bytheTru5tees forthe purpDse5 of provldlng bursary awards In support of the Haberdashers, Boy5'5chool's means-tested bursary pfDgrbmme. khool DrGir15' School- Greatest Need5.. These fund5 were reEewed tofund thE gen2ral purp05eof the Boy5. School orGIA5' SchDDI reSpe1Ve1v. el Income and expendrture to the Boys. School. Girls. School andjoini general bursaryfund5 15 the result of donatio5 spective Sthtsol'sfund. Th Aw These aw3rd5 Ireforthe specific 5UPPQrtof i nurnberof Fund. Donations made to Ihe Boys'school, Glrls. School andjoint hardshipfunds to provldellnancial Support, to boys or8irls who would oth2tWise hive bEen wrthdriwn on thE grounds Df financial hardship. uslm rovements.. Donations madetothe Boys, School. Girls, School and lolnt5chools to support new buildin8 projects as well as the improvement or renovation olexisting facilities. limited, other5 3 fixed amountwhich the School ha5 dlded to spread overi nurnberof years. Il £LL1£r. DonitlQnsforthe purp05esof funding ro-curriculirartivitie5 atthe Boys. SchoDI ire shown here. rri kl &utt.' Funds raised and expended forthe Boys, School In 5UPPOrtof sportsactivities ol PartrnehI n) D. Wells Endown)ent Fund. A permènent endowmentto bÈ Invested bythe Sthtstsl In atttrrdantÈ with its Investment polities withthÈ Intome to be used to both en5ureihev3lue of the fund 15 reiained overtime and forthe sUPPQrtof 3 nufflberof bgy5 throughouttheirtime atthe Page 21
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 10. D.Welts Pemianent Endowment-TotalReturTh InvestmentApproach TYU$tfor unappliedTo¢41 Inve5trnenr Rerum EdOWrneTrl As*1 SeptembEr2024 Glft CDmponentof the Permanent Endowment 269.834 17.873 287.707 269.834 17,873 287.707 Movement Inthe Year 8,425 2.983 11,408 8,425 2.983 11.408 Net Movement Inyear A$at31Au8U5¢ 2025 Glft Component of the Permanent Endowment 269.834 269.834 29.281 29.281 299.115 299.115 The D We115 Endowment Fund w35 established In 2011 as a permanent endowrnem to be Invested by the Srhool on a total return bas15 In arcordance with it5 11. Related PartyTransaction5 During rhefinancial year c0515 of £192.16312024. £211.1891 were incurred by the Schools. a branch of a COnne£d charity, to support the work of the Foundation. mount tsf£640ren)ainÈd payèble bythÈ Sthoals ttsthe Foundation. In bddltion. a legbcy receiptof £165.0 w35transferreO fromthe Schoo15tothe Founoatlon durlngthe year. Funding for burs3ry 3wards totalling £275,CM]0 12024-. £250,OODI and an additional donation of £114,985 12024.. £52,44815p&cific3lly for hardship. £4.644 12D24.. 8.7281 for enhanced siudent opportunities. £l.110 for prize512024' £2.1851. and E120.WO for campus Improvements were made from the Foundation to the Except as noied In ne5. there have been no related partytran5arnion5 Wlth trustee5 during the currem or priorperiod. Page 22
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 12. Statementof FInanclalAttk$forIhe¥earended 31 August 2024 Unrestrkted Funds Restrfrted Funds Endovled Funds 2024 Total Funds Inwmln Resources Donitions and Legarie5 Investment Incoffle Gttnt Income TOtsI Incomin8RèSOurtÈs 256.OOD 132.929 1.155.261 1,411.261 155.543 200.000 1.766.804 22.614 200.0 l.a55,261 388,929 22.614 Resources Expended 219.926 46,635 219.926 407Aa7 360,802 Totsl Re50urce5 EMnded 266,561 360,802 627.363 Net Incomlngllourgolngl resouKe5 before otherreco8nlsed galnsand losses 122,368 994,459 2L614 1,139MI Gain511Lossesl on Investments 38.075 38,075 Netmovement Funds 160,442 994A58 21614 1,177.516 Funds brouzhtlorward 1.854,008 1,690,176 265,093 aA09,277 Carried Forward 2.0144SZ Z.684,634 287.707 4,986.793 Page 23
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 la. lThtomin¥Rewurce$forthe yearended alAu8uSt 2024 24 Unrestrkted 2014 Restrfcted 2024 Endowed 2024 Total FuThd5 Dvn3tions4nd Legaiie5 Boys, School-QmpuS ImprovementslAcademiC Facilities Boys, School- Enhanced Stud&ntOpportuniti@s Boys, SchDoI- Greatest Needs 14,026 1,435 223.618 1.128 924,270 SW 79 1,544 10.013 2.390 28.533 49,681 14,016 IA35 223,718 1,118 924.270 500 79 Boys, Sthtsol- Need5 Based Support Boys, School-studeni Travel Fund Boys, School- partnehIpS Girts, SchDol- Campu5 lrnprov@rnentSlAcadThiC Facilrties Girls, School- Enhanced Student Opwrtuniries Glrls, School- Grebtest Needs Gid5' SchDol- NEeds èased Support ID,D13 Z,390 28,533 49.681 125 8,651 6.705 495 34,711 30,942 51,126 221,189 1,6LI,Z61 8.651 6,705 495 IointSthools- Campus ImprovementslAtÈdemiC Facilities 34.711 IointS£hools- Needs Based Support 30,942 51,126 121.189 Z56,000 1.355,261 14. lTrvestmem Incomefortheyearended 31 August 2024 2024 Un$trted 2024 Restrirt¢d 2014 Endowed 2024 Ttital Fund5 Securrties IEqurtie5 & UnitTrustsStocksl Bank Interest 22,614 22,614 132.929 132.919 131,929 21614 155.$43 IS. Total Resources Expendedforthe yearended 31Au8USt 2024 2014 Staflcosts 2024 Other 2024 Total Fund5 Ral$lng Fund5'. 132,016 87,910 119,916 charitab Expendf(ure'. Needs Based Support & Hardshlp Gatest Need5 IBOy5' Sthooll Enhanced Studentopportunities Prizes & Qmpus Improvements Student Ttsvel Fund 116,034 247,191 4.735 17.870 116,034 247,191 4.735 17,870 2D,344 1.263 495,347 2D,344 I,Z63 627.363 13Z.016 Page 24
HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 NOTES TO THE FINANCIAL 5TATEMENT5 Year ended 31 August 2025 16. Anaty5isof NerAsset5 and Llabilitiesfortheyeareded 31Augu5t20Z4 Unvestricted Fund Restrirted Fund Endovled Fund 2024 1.995,609 412,992 287,707 2,283,316 3,7.626 Current 355Éts 2.684.634 2,014,451 2,684,634 187,707 4,986,793 17. MembErs' tsu3r3tee$ Th& Charrty Is a company limitÉd by guaranteÉ not exceeding£l pr membÉr. The number of Memb[5 at31 August 2025 was 412024.. 413nd thetot31 of such guarantees amounted to £412024.. £41-TheTrusiees are mefflbersof the Charity. 18. Uttlmatecontrolllng Party ThE Chafrty does not have a parEnt undertaking. In the Dpinion Df the rnernbersthEfE 15 no ultitnite contrDlling pzrty. Page 25