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 (Di￿rtOrOf Developmentl13ppoiThted March 20261 COMPANyDIRE￿oRS 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, E1st￿e 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 Gen￿ralty Acc@pted Accounting Practice (United Kingdo AcCou￿ting Stand3rOs1. Company law requires the Trustees to prepare fin3n(ial 5t*ement5 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 inform*ion (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 ￿Sc￿latIon dated i O￿ober 2004. upd*ed 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 Found*ion'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 prOM￿e 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 dev￿loP[￿ent ofthe Schools. including capital projects. and FUNDRAISING APPROACH On￿t0-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. Whe￿the 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 fUndI￿g 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, G￿alest Needs Fund-To allow the Schools. le3dersto respond quicktyto newOPPOrtunrtiesor emer8enciesat either school. Hardship Fund-To providetemprjrary Supportforlamllieswith personal emergencles IE.8. death ola ￿3￿￿tI 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 Fgund*ion 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 Resuhsfc*rihe 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- R*s*fvèS LÈVÈI and ptslityand Finantial vkI￿1￿ 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 8￿1￿￿￿ 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 Ha￿rda￿her￿. 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$t 2025 INDEPENDENT AUDITORS. REPORT Oplnbn We have audited the fin3n(i8l st*ements of The Haberda5her5' Aske's Elstree Schools Foundation for the year e￿ded 31 August 2025 which compr15e the Sources, in¢ludinÉ its income and expenditu￿, lortheyearthen ended. have been properly prepared in acCOrdan￿WIrh United Kingdom Genera1tyAc￿pled Accounting PraCtI￿-. and havÈ been prepared Inattordantewith the CtsmpaniesAtt 2006. ea￿$for0￿￿knn Conclu51Q￿S rel3tingtD wol￿grOncern 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 Otherlnfc*M￿1￿On 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. m*erial mis5t3tements. we are required to determine whether thi5 gives rise to i m*eriil 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 prepa￿d In accordance wlth appllcable legal reouirements. M¥tter5ynwhich we8re rEquired to report IJye￿￿tion n)iSSt3tementS in the Trustees. Annuèl Report. Page 8 HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$t 2025 We have nothlngto report In respect of the following matterswhere the CompaniesAct 2￿6 requlres usto reporttoyou If, In Ouropinlon.. adeqUate3￿9￿￿tI￿g rerord5 have not been kept. or retvrns idequ*efor oyriudit hive not been received frotn branche5 not￿￿rted by u5. or thelinancial statements are not In a£￿eMent Withthe accounting ￿CordS and ￿turn$-, or ertain di5closure5 of trusiee5' remuner*ion specified by laware not made.. or we have not reteivÈd ill thÈ information and explanations we requI￿f￿r 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 alternat￿È to do so. Audftorfs reSpon51￿1ft1esl0rthe a￿d[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 unde￿kETr 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.. 24JUfftè2￿G S3fFery LLP is eli8ibleto act asan auditorinterms ofsection 1212 of the CompaniesAct 2￿6 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 1￿CoMe 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 F￿￿dScarrfed Forward 2.272,432 2,903,84a 299,115 5,475,390 4,986,793 Th￿ Incomin￿(DutgoI￿g￿ resources and resulting net MoV￿ffl@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$t 2025 INCOME AND EXPENDITURE ACCOUNT Year ended 31 August 2025 2025 2024 Total income 1,181.587 1,744.190 Netgains on investments Suwusfortheyear 20,186 477,189 38.075 1,154,902 Total Income cotnprLses £468.87012024. £388.9291 for unre51ricted funds and £712.71712024.. É1.355.2611 for restrirted fund5. A detailed anaty515 of incoffle and Eipenditurecofflprises E210.92812024'. E266.5611 for unremricted fund5 and E513.65612024.' E360.8021 for restri￿ed funds. This income and expenditure 3CCOuntexcludes all movementon the Charrty's pÈrmanent endowmentfund so asto comply with the reouirements of Comp3niesAct ThÈ ntste5 on pages IS-25ftsrm part of thÈsefin3ntial statements. Page 12 HABERDASHERS. ELSTREE SCHOOLS, FOUNDATION Annual Report and A¢¢ounts year ended 31 Augil$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 2,901￿2 287,707 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 fromoperat1n8￿l[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 3ctivit*s Income from Invesimenis Pur¢hÈse ol investments Nètcash fkNsfrOm invÈ*tin¥attiwtièS 151,696 116,6831 155.543 132.929 Change Inming REsOU￿e5 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 Improvements1￿3dernIC 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 I￿38,316 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 TotalF￿ndS 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 E7￿fOr 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. F￿d Assets Investments Multi-aSSÈtfvnd Ca$h 2025 2024 Market ValuE broughtfDrward 2,283.317 2,283,317 16.683 2,222,627 Investment Income reinvested 22.614 38,076 23,169 23,169 Market Value carried forward 1.323,169 2,323,169 2,283.317 The Trustee5 review investment performance on a regular ba515 and make disPQ5a15 a5 Ippropriate to meet the Trust's Investment objectives Following the December2023. In lune 2025, the Trustees madea new Investment of £2.3m Intoè multi-asset Investment fund in accordance WiththeTrust's Investment strdte8y. 2025 2024 323.169 Q5h 2,283.317 2,323,169 2,283.317 7. Oebtors 201S 2024 Glfr Aid Debtor Otherdebtors.- amtsuntowed by connetted chantyischooll 37.116 44.CX17 26,261 70.268 37.756 8. Analysksof NetAssetsand LIaN1￿e$ 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