2024-08-31-accounts

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Company Registration No. 01847134

Charity Registration No. 298140

THE ALDENHAM FOUNDATION

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024

THE ALDENHAM FOUNDATION

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	Page
Reference and administrative information	1-2
Report of the Governors	3-16
- Directors’ Report	3-9
- Strategic Report	10-15
- Statement of accounting and reporting
responsibilities	16
Independent Auditor’s Report	17-20
Statement of Financial Activities	21
Balance Sheet	22
Cash Flow Statement	23
Notes to the Financial Statements	24-41

THE ALDENHAM FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

________________

Governors/Directors The Directors of the Company, and their committee duties, are as below. All are members of the Governing Body and Trustees of the Charity.

Committees 23-24	Committees 23-24	Committees 23-24	Committees 23-24	Committees 23-24	Committees 23-24	Committees 23-24
Full Governing Body: Names	Finance & General Purposes	Education	Estates	Audit	Governance	Remuneration
Altman, Mrs S (Chair)	m	m	m	l	l	l
Bryer, Mr R (Appointed September 2022)			x
Clifford, Mrs C	l
Cuttell, Mrs F *				l
Hawdon, Dr J ***
Hudson, Ven C J		l
Hunter, Mr A		l
James-Crook, Mr J		l	l
Lambert, Cllr D * / **			l
Phillips, Mr A	l			x
Rees, Mr C	l
Ms H Simmons **** (Retired July 24)		l
Mr T C Sligo-Young	x					l
Smart, Prof K (Upper Warden) **
Thomas, Mrs H (Retired July 24)
Tindal, Cdre N					l
Mr D T Tidmarsh		x			x	x
Mr T F Wells			l

x = Chair of that Committee

l = Member of Committee

m = In attendance at the Committee meetings, but not a member

Governor Responsible for Aldenham Prep School

** Local Authority Designated Governor

*** Safeguarding Designated Governor for the Foundation

**** Governor Responsible for S Hilda's School

* Governor Responsible for Aldenham Senior School and Boarding

** Honary Governor during 12 month appointment as Upper Warden of Brewers Company

THE ALDENHAM FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION AS AT 31 AUGUST 2024

________________

Secretary	K Mahon
Charity number	298140
Company number	01847134
Registered office/	Aldenham School
Principal address	Elstree
	Herts
	WD6 3AJ
Auditor	Crowe U.K. LLP
	55 Ludgate Hill
	London
	EC4M 7JW
Bankers	National Westminster Bank Plc
	72/74 High Street
	Watford
	Hertfordshire
	WD17 2GZ
Solicitors	Farrer & Co LLP
	65-66 Lincoln’s Inn Fields
	London
	WC2A 3LH
	Taylor Walton
	28-44 Alma Street
	Luton
	Bedfordshire
	LU1 2PL
Contact details	Website: www.aldenham.com
	E-mail: enquiries@aldenham.com

Key Management Personnel (Foundation Leadership Group/Executives)

A Hems (Mrs) Head of Foundation and Head of Senior School S Galpin (Mrs) Head of Aldenham Preparatory School A Kaye (Mr) Head of St Hilda’s School K Mahon (Mr) Bursar & Clerk to the Governors S Toye (Mrs) Director of Finance and HR P Dunstan (Mr) Business Development Director

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

________________

The Governors of The Aldenham Foundation present their Annual Report for the year ended 31 August 2024 under the Charities Act 2011 and the Companies Act 2006, including a Strategic Report, together with the audited financial statements for the year.

DIRECTORS’ REPORT

CONSTITUTION

Aldenham School, the oldest part of The Aldenham Foundation (“the Foundation”), was founded in 1597. The Foundation is constituted as a company limited by guarantee, without a share capital, registered in England, No. 01847134, and is registered with the Charity Commission under Charity No. 298140. Each member of the company undertakes to contribute to the assets of the company in the event of the company being wound up while they are a member, or within one year after they cease to be a member. The liability of the members is limited to £100 each for the debts and liabilities contracted before they ceased to be a member.

The members are:

The Worshipful Company of Brewers
The Clerk to the Worshipful Company of Brewers

The Foundation operates three schools known as Aldenham Senior School, Aldenham Prep School and St Hilda’s School Bushey.

There is one Governing Body for the three Schools. Details of the members of the Governing Body, together with the Foundation’s officers and principal advisers, are set out on pages 1 and 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The Foundation is governed by its Memorandum of Association and Articles of Association last amended on 21[st] July 2011.

Governing Body

The Foundation has a Board of up to 20 Governors of whom six are Representative Governors appointed by the Worshipful Company of Brewers, one is appointed by the Local Education Authority and the remaining thirteen are Co-opted appointed by the board of Governors. Each Governor is appointed for an initial term of three years and may subsequently by reappointed by the Board for successive periods of three years.

New members of the Governing Body are appointed or elected on the basis of nominations based on the candidates’ professional qualities, qualifications and experience. The Governors of the Foundation are the Directors of the Company and Trustees of the Charity. From this point forward they will be referred to as Governors.

Recruitment and training of Governors

New Governors are inducted into the workings of the Foundation and its schools, including Governing Body policy and procedures, at an induction specially organised for them by the Heads and Bursar. They are provided with a Governance Manual that provides detail on subjects such as recruitment and induction into their role, Terms of Reference and general policies and information.

The new Governors are also encouraged to attend specialist external courses on the role and responsibilities of charity trustees and other external and in-house trustee training and information courses designed to keep them informed and updated on current issues in the sector and on regulatory requirements.

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

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Organisational management

The Governors are legally responsible for the overall management and control of the Foundation and its schools. Their role is to agree strategy, advise on and review the development of plans and monitor their execution by the Executive. The Governors decide ultimately how the Foundation’s financial resources are deployed and hold the Executive to account while also acting as their critical friend.

Individual Governors hold a place on individual Committees as detailed below, to carry out the above, as well as ratifying policies where applicable, monitoring, safeguarding and discussing strategic and operational issues. The terms of reference for each Committee are summarised below:

The Audit Committee keeps under review the Foundation’s internal controls, is mainly responsible for the Foundation’s relationship with the external auditor and oversees the production of the Annual Report and Accounts and performance of the external audit.
The Education Committee has a monitoring and advisory role relating to the overall provision of education, pastoral care and safeguarding activities across the Foundation.
The Estates Committee has a monitoring and advisory role relating to the Foundation’s buildings, plant, grounds, gardens, roadways and security. They request financial approval from the Finance and General Purposes Committee of work that needs to be completed in excess of £250k and F&GP in turn seek approval for any project in excess of £500k
The Finance & General Purposes Committee has a monitoring role relating to the overall financial and business activities of the Foundation, including budgeting, reviewing financial performance, investment, HR and Health and Safety. They also monitor the pay and conditions of all staff within the Aldenham Foundation and makes recommendations to the Full Governing Body about variations to these annually. The pay of the Foundation Leadership Group is decided by the Remuneration Committee.
The Governance Committee keeps under review the Foundation’s assessment and response to risk, monitors the governance offered to the Foundation schools by the various committees and advises the Board on any changes needed to the Board of Governors and how individual Governors are deployed.

The development and execution of strategic plans and operational management of the Aldenham Foundation is delegated to the Foundation Leadership Group (i.e., The Executive), consisting of the Heads of each school, and other key operational staff. They meet fortnightly to discuss and implement policy, strategy and development of the Foundation and significant operational issues. The day-to-day running of the three schools is delegated to the respective Heads, supported by their respective Senior Leadership Teams.

The Aldenham Foundation Board of Governors takes its governance responsibilities seriously and, as a large charity, aims to have a governance framework that is fit for purpose, compliant and efficient. The Board has established a solid foundation in governance in which all of its governors are clear about their roles and legal responsibilities, are committed to supporting the Foundation to deliver its objects most effectively for its beneficiaries’ benefit.

The Aldenham Foundation Governance Committee keeps the Charity Code of Governance regularly under review and are confident that governance is executed well at the Foundation.

Group structure and relationships

During the year there were three subsidiaries within the Foundation, these being:

The Aldenham School Charity, a registered charity number 1057611(“ASC”);
Aldenham Enterprises Ltd, a limited company registered in England No 01635965 (“AEL”).
• Aldenham Schools Holdings Ltd, a registered company in England, No. 11923888 (“ASH”)

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

The Aldenham School Charity is now a dormant Company and owns the endowed land.

Aldenham Enterprises Ltd is a wholly owned non-charitable subsidiary of the Foundation whose annual profits are donated to the Foundation under the Gift Aid Scheme. The trading activities of AEL primarily comprise a franchised retail outlet and revenue from letting of the Aldenham Foundation schools’ facilities when not in use by the schools.

Aldenham Schools Holdings Ltd is a wholly owned non-charitable subsidiary of the Foundation and was formed on the 3[rd] of April 2019 with a separate Board, consisting of members of the Foundation’s Leadership Group, as well as two Governors. Its purpose is to monitor and manage the overseas activities of the Foundation.

The registered address of both of the above subsidiaries is the same as The Aldenham Foundation.

Employment and remuneration policy

The Foundation is an equal opportunities employer. Full and fair consideration is given to job applications from all applicants, and the Foundation does not discriminate against anyone. The Foundation has an Equal Opportunities and Dignity at Work policy which is compliant with the Equality Act 2010. Full and fair consideration will be given to applications of employment made by disabled persons having regard to their particular aptitudes and abilities and has regard to its duties to implement reasonable adjustments to ensure that they are not disadvantaged in any application. Once employed, training and support will be given to disabled staff as with all staff.

Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the Foundation regularly.

Communication with employees continues through normal management channels in a variety of forms and also via an annual briefing to all staff of the Foundation by the Heads of the Schools in September covering the Foundation’s performance over the previous year and targets and aspirations for the new academic and financial year. A new staff portal has been launched and will be used to promote news items across the Foundation. There has been a move away from a formal annual appraisal to regular check-ins that are recorded on an online platform. The annual pay increase for all staff is agreed by the Full Governors and the remuneration of Key Management Personnel (Foundation Leadership Group) is agreed by the members of the Remuneration Committee during each year.

The Foundation has a Staff Code of Conduct that sets out the expectations for standards and behaviours across all schools. This is reviewed annually.

Investment policy, objectives and performance

The Governors’ investment powers are governed by the Charity Commission Scheme which requires that all sums belonging to the Foundation, other than sums needed for immediate working purposes, be invested in trust for the schools. The Governors’ policy is to maintain income whilst preserving the real value of the endowed investments held in restricted funds. The Governors aim to maximise the total investment return they are able to achieve from the cash and investments the schools hold, bearing in mind their planned expenditure and financing needs. The investment strategy and policy is monitored by the Finance and General Purposes (F&GP) Committee. Currently, any surplus cash held by the Foundation, in excess of that required for working capital, is available for investment.

Principal Risks and Risk management

The Governors have considered the major risks to which the Foundation and its subsidiaries are exposed. The Governors have ultimate responsibility for managing any risks faced by the Foundation. The risk management process and the resulting Risk Report identifies risks, assesses their impact and likelihood and, where necessary, recommends controls to mitigate and monitor those risks that are assessed as high.

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

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Principal Risks and Risk management (continued)

The current areas that the Governors consider to be the principal risks are as follows:

External Influences:
Any impact of the change to the Labour Government with regards to the introduction of VAT of school fees. Financial modelling has been undertaken and there have been clear communications with Parents as to the approach taken and the percentage that fees will increase with effect from January 2025, however the actual impact is still unknown. Capital projects are delayed where appropriate.
The current economic effect of the global increase in the cost of living on parental ability to pay fees. The risk is being managed by carefully considered fee increases, credit control policies and bursarial support where necessary.
Financial Risk:
The impact of ongoing inflationary pressures upon parents and the Foundation cost base.
General affordability and non-payment of fees: full consideration is given to fee increases each year and any fee increases are therefore intended to meet expected cost increases whilst maintaining the educational provision provided by the Foundation. The surplus also needs to enable planning for the ongoing development of the schools within it, whilst maintaining financial stability.
Increased interest rates impacting on loan repayments.
Reputational Risk:
The impact upon parental confidence due to any adverse information or action.
Safeguarding:
This is always deemed to be a principal risk due to the seriousness of any breach and the potential impact on pupils, reputation and confidence. Safeguarding is given the utmost consideration and a Governor, who is a professional Paediatrician, has been appointed to oversee compliance in the Foundation and to provide support and advice. There are Designated Safeguard Leads in each School who are responsible for keeping children safe in education. In addition, a “whole school” approach is taken to safeguarding so training is given to all staff and Governors.
Health and Safety:
The health and safety of the Foundation’s pupils and staff is a key area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the schools’ sites, on trips and expeditions). The level and breadth of activity across the schools is extensive and the risks associated with this are minimised by ongoing risk assessments and management. An experienced dedicated Health and Safety Office was employed by the Foundation to support the Bursar in managing this risk. However, the Health and Safety of the Foundation is the responsibility of all members of the school community but driven by the Bursar and his key teams and there is a designated Governor who takes an overview of this area.

The generic controls used by the Foundation to minimise all risks, including the above, are:

Detailed terms of reference together with formal agendas for Committee and Board activity.
Employment of qualified, key staff whose roles include consideration and minimisation of risk and use of specialist outside consultants where appropriate.
Formal strategic development planning, reviewed by the relevant Committees and discussed annually at a special meeting attended by the Governors along with the senior management teams of the schools.
Comprehensive budgeting and management accounting.
Established organisational structures and lines of reporting.
Formal written policies including clear authorisation and approval levels.
Safeguarding procedures as required by law for the protection of the vulnerable.
Regular review and monitoring by members of the Foundation Leadership Group and Committees.

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

Principal Risks and Risk management (continued)

The Governors are satisfied that for all major risks identified for the Foundation, appropriate controls have been put in place and maintained to mitigate those risks adequately. It is recognised that whilst systems can provide only reasonable, but not absolute assurance, that major risks have been managed. Detailed consideration of risk is delegated to the Governance Committee, which reports formally to the Governors at each meeting. The production and maintenance of the Risk Register is delegated to the Bursar.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Mission statement

The Foundation’s mission is to provide the necessary education and appropriate training to enable pupils to develop their potential as individuals, and thereby to help ensure that when they leave they will be confident members of the larger society and effective contributors to it.

Charitable Objects

The Foundation’s Objects, as set out in the Memorandum of Association, are to promote and provide for the advancement of education of children and students in the United Kingdom and elsewhere, such education to be consistent with the doctrines of the Church of England. In furtherance of these Objects for the public benefit the Foundation has established and administers bursaries, grants, awards and other benefactions, and acts as the trustee and manager of property, endowments, bequests and gifts given or established in pursuance of these Objects. The Governors are mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011. In this connection they have monitored closely the Public Benefit guidance available from the Charity Commission and also its supplementary website guidance on fee-charging.

Intended impact

Within its charitable Objects, the Foundation’s intention is to provide a first-class education through strong academic tuition and by developing broader skills that help every pupil to realise his or her potential to the full. This involves emphasis on the co-curriculum through cerebral, sporting, artistic, team building and social skills. This policy builds self-confidence and life skills in the pupils and inculcates a desire to learn and a willingness to contribute to the wider community whilst at school and in later life.

Aims

The Foundation’s aims remain:

to offer all pupils a range of opportunities so that they can achieve to the best of their ability within a framework of shared values and standards.
to value and nurture pupils as individuals, giving them a sense of their own self-worth and of the value of service to others, thus preparing them for life beyond school.
to continue to operate the Aldenham Senior School as a day and boarding community with strong links both locally and further afield, and to seek to increase the numbers of pupils who can benefit from boarding.
to continue to cultivate strong and active partnerships with parents and with the local community around the schools.
to continue to make its facilities available for the wider use of the community.

Primary objectives

The primary objectives of the Foundation to fulfil these aims are:

to provide a stimulating learning environment in which pupils can develop their academic potential to the full.

THE ALDENHAM FOUNDATION GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

Primary objectives (continued)

to provide a happy and secure pastoral environment in which pupils can learn to live together and thus foster a sense of community, co-education, respect for one another and good citizenship.
to provide pupils with the opportunity to take advantage of a breadth of extra-curricular activities in order to develop positively all aspects of their character.
to provide pupils with the opportunity to take decisions based on their own judgment and to communicate those decisions appropriately and effectively.
to provide financial support to enable children whose parents are unable to afford the full fees to benefit from the education and opportunities offered.
to provide a clear, simple and effective management structure capable of taking timely decisions and allocating necessary resources appropriately.
to provide the necessary administrative and logistic framework to meet the needs of members of staff and pupils alike.
to maintain and improve facilities which will enable these objectives to be achieved, and which can also be applied for the wider benefit of the outside community.

The aims and objectives set for the Foundation’s subsidiaries are to facilitate the achievement of the Foundation’s aims and objectives as above.

Principal activity

The Foundation’s principal activity, as specified in the Memorandum of Association is the advancement of education of children and students in the United Kingdom and elsewhere, such education to be consistent with the doctrines of the Church of England and, in this, the Foundation has again had a successful year with approximately 1,000 pupils being educated in the Foundation’s schools.

Public benefit

The Foundation is a Public Benefit Entity (PBE) as defined in FRS102 and applies the appropriate PBE paragraphs appropriately. The Governance Committee give due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011 to ensure that they are compliant and are offering as much as they can to the wider community.

The Foundation remains committed to the aim of providing public benefit, and details below the activities that took place during the year:

Bursaries

The awarding of bursaries to parents is a measurable means of providing public benefit. The Governors consider bursaries, awarded to those whose parents would not otherwise be able to afford the fees, as being very important, but not to the exclusion of the much wider benefit that the Foundation provides within the community. Those pupils who attend our schools and who receive financial support contribute to the school community in a variety of ways, and so the benefit is not purely to these pupils but to the whole Foundation and, in some cases, to the wider community. In 2023/24 the Foundation awarded means-tested awards based on a sliding scale according to financial circumstances totalling £570k to 54 pupils, excluding the funding for the Homes for Ukraine pupils. The Foundation is now working with the Royal National Children’s Springboard Foundation to assist in offering children transformational bursaries to join the school. By working with them, the pupils are targeted as to those in most need who would benefit from the education and pastoral care that Aldenham provides.
In addition to allocations of support from its fee income, there are specific bursary funds established from legacies provided by former pupils, specific funds created from Foundation reserves and annual support from funds held by other organisations associated with the Foundation.

THE ALDENHAM FOUNDATION GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

Public Benefit (continued)

Other activities

Other activities and partnerships are detailed below:

The Foundation has partnered local maintained schools and provided support for local community organisations through pupil and staff involvement, and by use by the community of Foundation facilities and equipment.
Letting of the grounds and facilities to local clubs and organisations.
Free use of St Hilda’s Hall for use for a local mother and toddler group.
Use of Aldenham Chapel by other local schools.
Use of Aldenham minibuses by local community groups and sports teams.
Members of the local community use Aldenham land for walking groups.
We cooperate with local charities and educational bodies in our ongoing endeavours to widen public access to the schooling we provide, to optimise the use of our cultural and sporting facilities and to awaken in our pupils an awareness of the social context of the all-round education they receive at the Foundation’s schools.
The Senior School partners a local maintained school to provide a Combined Cadet Force for the mutual benefit of both schools.
Pupils and staff of the Foundation continue to provide support for a range of local and national charities through fundraising and Aldenham School has maintained its support of a community in Malawi through its Ripple Africa initiative which involves a group of 6th Form students travelling to Malawi each year to take part in community projects there.
Across the Foundation £9,200 was raised for several different Charities.

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Review of achievements and performance for the year

This was the second year following the roll-out of Surface devices to all Senior School students. We have continued to provide regular training throughout the year for teaching staff and to seek feedback from students about their learning experiences. In response to some of this feedback further adaptations have been made to ensure that the School is meeting the requirements of a variety of learning styles and needs across the student body.

Academic results were extremely pleasing this year, with nearly half of all GCSE grades at 7 or above and 28% of all GCSE grades at 8 or 9. At A Level nearly 60% of all A Level grades were A, A or B, leading to the strongest set of results in the A- B band that we have seen. A quarter of all A level grades were A or A*.

90% of our leaving year group are attending a UK University, 4% are attending an international university, 3% are entering employment, 2% are taking a gap year and 1% are taking up an apprenticeship. 48% of those attending university will be attending a Russell Group institution, and 28% of our leavers will be studying STEM subjects.

Performing and creative arts continue to thrive at Aldenham. The annual House Music Competition continues to play a key role in bringing students and staff together in pursuit of a common goal in the first half of the Autumn Term. The learning and adaptations of the Covid period proved valuable here as we chose to continue with the live-streaming for parents at home, and were delighted to discover that the event was viewed in 19 countries on the night, reminding us of the rich international diversity of our community. Also in the Autumn Term we enjoyed an outstanding production of Guys and Dolls. Later in the Year the Dance Show, the Beck Music Competition, Aldfest and the Junior House play High School Musical all continued to demonstrate the School’s strengths in creativity and performance.

Aldenham has always valued very highly its engagement with our local community. Our Assistant Head with specific responsibility for Co-Curricular, Outreach and Operations, has been promoted to the position of Deputy Head, thus giving more status and resource to these important areas of school life. A tea party, hosted by students and staff, for residents of a local retirement home became a regular fixture and we now have a growing relationship with a local primary school again. Nine of our students visit Elstree Care Home twice a week, and we also join the residents on an adhoc basis to support various events such as Burns Night. In addition, we hosted academic workshops for primary schools in Science, Maths and Drama.

We have also been able to resume the school’s annual trip to Malawi. 14 students and four staff members travelled out to work with the Ripple Africa project in Malawi in July 2024 where they learned about local fishing and farming practices, helped with digging latrines and building cooking stoves and volunteered in a local primary school. Over the course of the academic year successful trips also took place to Japan, Switzerland, France, Spain and the Azores to support learning in Computer Science, Physics, Geography, Biology and Modern Languages. A group visited Poland to learn more about the Holocaust. Our full boarders learned more about the UK by visiting Edinburgh and the Forest of Dean. The Duke of Edinburgh’s Award programme continues to be very popular and involved expeditions in Wales, Shropshire and more locally in the Chilterns, while the CCF have enjoyed overnight exercises as well as their Summer Camp. Our footballers went on tour to Madrid, cricketers to Dubai and our netballers had the chance to play in a tournament in Paris in which they were extremely successful.

The sporting life of the school continues to flourish. In Football the boys U15A team were National ISFA champions beating Whitgift 3-1 whilst the U13 side lost 7-5 to Highgate in the final. The U14A team also won the Hertfordshire Schools County Cup & the Elgin Independent Schools Cup

We also had a number of individual honours including one student who captained England U16 whilst another represented the National U16 ISFA side and another did the same for the U14 National side. Four students left us at the end of Year 11, when they signed contracts with professional football teams. In Hockey three players in Year 12, one girl and two boys, took part in the England Hockey Talent Academy throughout the year and were selected to play in their summer TA Festival in Nottingham.

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND PERFORMANCE – Continued

One of our boys is playing Tennis at an international level in the U16 category, while in Netball five girls were selected to play for the Hertfordshire Mavericks junior teams. In Athletics two students represented Hertfordshire at the National English Schools Athletics Championships after winning their events at the Herts County Championships.

The School continues to invest in its facilities for learning and teaching both indoors and out. All classrooms and corridors in the Music department were refurbished over the summer period. The tennis/ netball courts have been resurfaced, creating a much safer and more attractive setting for those sports. We have completed the construction of a Sensory garden that was designed in collaboration with the student community and has created a beautiful and peaceful space in the heart of the school site. The refurbishment of the main Reception area in the Senior School has made a big difference to the experience that we are able to give to our visitors. The installation of new boilers and a Combined Heat Pump in the Kennedy’s/ Martineau’s building, and the replacement of hot and cold services in Kennedy’s House were necessary in order to improve energy efficiency. Fire alarm systems have been upgraded in various buildings across the site over the past year.

St Hilda’s

At the beginning of the year St Hilda’s bought in a class set of Surface Go devices following their successful implementation at the Senior School and in consultation with The Foundation’s Head of Technology and the Senior School’s Head of Digital Learning. These devices have allowed for more independent study opportunities across the school and as a resource to provide further support for our SEND pupils. All girls in Form 6 achieved a place at their first or second choice senior school with 19 scholarships being awarded: x8 academic, x4 music, x3 sports, x2 drama, x1 all-rounder and x1 creative writing. Links across the three schools within The Aldenham Foundation have continued to be a real focus this year with workshops being combined across St Hilda’s and Aldenham Prep, for example an Egyptian Day for Form 3 and a coding workshop for Form 5 where the two schools brought their coding resources and equipment together for a morning of coding and collaboration. Form 5 have also had the opportunity to participate in science masterclasses at the Senior School and watch the Senior School’s Dance Show in their theatre. Some Form 6 school prefects represented St Hilda’s at the Senior School’s Act of Remembrance in November and Form 6 joined with Aldenham Prep to perform at the Senior School’s carol service at St Albans Cathedral in December.

The weekly parent and toddler stay and play session, Little Bluebirds, for the local community has gone from strength to strength having been started last year; Little Bluebirds now regularly welcomes between ten and fifteen families each week. Working with the local community remains a real focus and St Hilda’s continues to collaborate with a local care home on various events, such as joint art sessions for residents and pupils, pupils visiting residents to sing and perform; the co-curricular chess club visits to play with residents and the care home has invited pupils to join their monthly pet therapy sessions for residents.

In February St Hilda’s and Bluebird Nursery had an educational and compliance ISI inspection under the new framework that came into effect in September 2023, and both School and Nursery met all four of the ISI standards. St Hilda’s continues to extend co-curricular provision with such clubs as mindfulness, running, STEM, German and swim racing and diving to ensure that it continues to deliver a broad and balanced co-curricular provision for all. Music and Drama continue to thrive at St Hilda’s and this the St Hilda’s Music Competition was open to pupils across both St Hilda’s and Aldenham Prep. The Senior School’s Director of Music was the judge and St Hilda’s hosted a winners’ concert for both schools and the local community. In the Summer Term 63 pupils took the English Speaking Board examination with 45 pupils being awarded a Distinction, 13 pupils being awarded a Merit + and 1 pupil was awarded a Merit.

This year there has been a particular focus on Space and the school was awarded the Space Education Bronze Quality Mark – this is an award given to schools that have used the context of space to enhance learning and provide opportunities for learning about space science. As part of their studies, all the girls across the school had the opportunity to look at meteorite fragments and moon rock under microscopes and our Form 6 had an astronomy evening at the Senior School with the Head of Astronomy using the Senior School’s telescopes. Across The Foundation this year we have been discussing The Aldenham Foundation’s Model of Learning and this will continue to form an integral part of pedagogy in our provision of learning for all pupils going forward.

THE ALDENHAM FOUNDATION GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND PERFORMANCE – Continued

Aldenham Prep School

Aldenham Prep appointed Mrs Sarah Galpin as Head from September 2023. She had been Acting Head the previous year. The 4+ assessment process was very successful with a full class of twenty-three children enrolled for September 2024, sixteen of whom came from the Nursery class. Sixteen Year 6 pupils moved to the Senior School at the end of the academic year. The Music Department has continued to thrive. This year a Junior Choir was introduced. Both Junior and Senior Choirs performed on numerous occasions, including the Harvest Festival, music concerts and Visitation Day. In March, the Year 5 and 6s sung at the OVO Arena Wembley in the Young Voices Choir, totalling 5,000 children. Alongside the work of the choirs a violin ensemble and a guitar ensemble were introduced, taught by the instrumental teachers.

The Prep School achieved remarkable successes in sport. The U11 Boys’ football team participated in the Independent Schools Football Association area championships for the first time. Years 3-6 swimmers showcased their talent at the local Prep Schools’ Gala and the U11 Boys' relay swimming team made it to the national championships at the London Aquatic Centre and achieved a remarkable improvement in their personal best time by 19 seconds. The cross-country team also performed exceptionally well at the local prep schools’ competition, with the girls' team securing second place. One of the Prep School’s Year 6 girls finished first out of 57 runners, and a boy in Year 3 finished fourth out of 56 runners, which was even more remarkable as he was competing against older boys up to Year 6. Children participated in a range of competitions this year including the Bebras Challenge, Hertsmere Christmas Card Competition, a poetry competition and the Primary Maths Challenge for Years 5 and 6. Two children reached the highly challenging bonus round where one child achieved a bronze and the other child, a gold award. School highlights this year include the first ‘Celebrate our Heritage Day’ which will be repeated every year; World Book Day and the Aldenham Foundation Book Festival; Learning Outside the Classroom Day; Children’s Mental Health Week; whole school elections; ‘Headteacher for the Day’ and the London Mini Marathon.

Links between the three schools in The Aldenham Foundation continued to be a focus with pupils from Aldenham Prep and St Hilda’s collaborating during Children's Mental Health Week and taking part in several workshops together including Egyptian Day, a Holocaust Workshop and a Gorilla Workshop. Year 6 pupils also had the opportunity to participate in science masterclasses in the Senior School's science laboratories; a morning of English workshops during the Aldenham Foundation Book Festival and an immersive Drama workshop in the Senior School’s theatre. Nursery children enjoyed visiting the Senior School library for reading sessions fortnightly. Senior School students conducted fieldwork studies on the weather with the Year 1 pupils and U11 students supported pupils in classes throughout the year.

The Foundation has continued its work on the development of international schools through its subsidiary, Aldenham Schools Holdings (ASH) who are partners in Aldenham Education Group (AEG) operating from Dubai. Since opening in August 2022 Aldenham Prep School Riyadh has seen an increase in numbers on roll from just over 100 to over 500. A new Head, Mr Matt Aston was appointed, who took up his post in August 2023. This is positive progress in the overall strategic plan of increasing non fee income for the Foundation and development of overseas schools.

The Foundation Leadership Team have developed a strategic plan that focuses on raising the profile of academic achievement and boosting the intellectual life of the school, while preserving the inclusive and holistic ethos that we value so highly at Aldenham. Closer collaboration between all three schools, to share resources and best practice and develop a strong understanding and of what it means to be part of the Foundation, have been at the fore in our work throughout the year. The Governors are actively involved in many aspects of the Foundation’s activities as well as their usual functions of overseeing the strategy of the Foundation and the implementation of the Foundation’s aims. The relationship between the Governors and the Foundation’s senior executive team continues to be very positive and constructive.

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

Fundraising

Fundraising for the School is carried out by Aldenham Foundation General Charitable Trust (AFGCT), who raise money from the Old Aldenhamians to benefit the pupils of the schools. AFGCT donated £86,639 to the Foundation in the year ending August 24 which was used to fund several resources throughout the Senior School.

There has also been continued progress made this year in the Foundation’s work of raising voluntary funding for other Charities. This is undertaken by the Charity Committee whose members are pupils from the School. Across the Foundation, a total of £9,200 was raised for several different Charities. There are no professional fundraising organisations used and so no monitoring processes are required. AFGCT subscribes to the Fundraising Regulator and adheres to the Fundraising Promise when undertaking fundraising activity. This promise outlines to commitment made to donors to ensure any fundraising is legal, open, honest and respectful. The school takes its responsibility to anyone who might be vulnerable very seriously and this will continue to be considered in the School’s approach to fundraising activity .

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW

Results for the year

The total net income for the year was £23.2m (2023: £22.4m) and expenditure of £23.1m (2023: £21.3m), resulting in an operating surplus, before investment gains, of £172,288 (2023: surplus £1,114,158), which translates into an increase in operating cash outflow of £1,733,958 and an increase in fund balances of £704,370 (2023: increase £1,165,722) at the year end. The Foundation’s funding came from cash generated from fee income and the fees in advance scheme that the Foundation operates. Of the cash flow generated, £272,559 repaid bank loans and £764,679 funded capital items.

Reserves Policy

It is the Governors’ policy not to accumulate and retain funds but to spend, wisely, the available cash on maintenance, and on enhancement of the Foundation school’s facilities. Such enhancements usually involve significant capital sums and are therefore normally only undertaken as and when funds on a sufficient scale, built up over a number of years, become available. This policy means the Foundation does not hold a large reserve for any length of time. Moreover, as the fees are paid in advance and the short-term flow of income and expenditure is relatively predictable, the Foundation does not, as a matter of policy, hold reserves to cover say a whole term’s operating costs.

The Foundation’s total reserves of £17,991,695 at the year-end included £1,976,467 restricted funds and £16,015,227 unrestricted funds. Included in the reserves is a permanent endowment fund of £1,695,739, which is subject to specific conditions by donors that the capital must be maintained by the Charity.

The Foundation has no free reserves at the balance sheet date due to the investment of funds in tangible fixed assets, largely buildings for use within the Foundation. However, the Governors regularly examine the Foundation cash flows alongside the development plans for the future and are satisfied that they are adequate for the purpose of meeting its working capital requirements, by careful management of short-term liquid reserves, and that they will also cover strategic capital expenditure when complimented with an appropriate amount of loan finance. This has been reviewed in light of the pandemic and given the current climate the Governors are satisfied with the level of reserves held, however this will continue to be reviewed at F&GP meetings.

THE ALDENHAM FOUNDATION GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

SECTION 172 STATEMENT

The Directors, who are the Trustees of the Foundation, confirm that in accordance with Section 172 of the Companies Act they act in a way that they would consider be most likely to achieve the purposes of the schools. In making this assessment the Directors have considered the following:

1) The likely consequences of any decision in the long term

The long-term position of the Foundation is considered by the Directors as set out in the Going Concern section. The Directors review annual budgets and termly management accounts at the F&GP Committee meeting and Full Governors meeting.

2) The Interests of the Foundation’s employees

The Foundation values it’s staff highly and recognises that it can only be successful with the support and loyalty of it’s staff members. The educational outcomes and experience of the pupils is dependent upon the stability and quality of the staff body. The Heads of the Schools are responsible for communicating and support their respective staff body, and in turn they are supported by the Head/CEO, Bursar and Director of Finance and HR, along with a centralised HR Department that monitors staff wellbeing and engagement.

The Governors receive regular reports on staff matters through the respective Heads’ termly reports and all Governors conduct visits to school where opportunity is made for direct staff engagement.

All staff were involved in the early stages of the strategic plan development, and all are updated on the plan and priorities at the start of each academic year.

The Foundation has complied with the UK’s Equality Act 2010 (Gender Pay Gap Information) Regulations that came into effect in April 2017, and the report is available on the website.

3) The need to foster the Foundation’s relationships with suppliers, customers and others

Fostering a successful and positive relationship with the pupils and parents of the Foundation is key to the success of the Foundation. Parental engagement is maintained via weekly newsletters and during the year there are several parent events where they have the opportunity to meet staff both socially and to discuss pupil progress. This culminates in an annual Prizegiving/Visitation Day at the end of term where parents have the opportunity to reflect on the year’s successes and academic achievements.

All suppliers are treated fairly and promptly with their business terms being adhered to.

4) The impact of the Foundation’s operations on the community and environment

See page 8 and 9 for partnership links.

The Foundation is complying with the Streamlined Energy and Carbon Reporting (SECR) requirements and the details are on page 15 below.

5) The desirability of the Foundation maintaining a reputation for high standards of business conduct

The Foundation’s bribery and whistleblowing policies, as approved by the Governing Body, sets out the responsibilities for staff to report any incidents or suspicion of fraud, bribery or corruption arising in the course of their work to cooperate fully with any such investigations.

6) The need to act fairly as between members of the company

All Governors and senior staff complete an annual Conflicts of Interest and Related Party form. There have been no incidents reported of inappropriate relationships.

THE ALDENHAM FOUNDATION GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

Streamlined Energy and Carbon Report

With regards to the energy and carbon usage, during the year the total energy use by the Foundation for the year ended August 24 was for gas 3,707,301 kwh and for electricity 1,234,744 kwh. This equates to 82 tonnes less CO2e which is equivalent of an 8.8% decrease on last year’s figures. This reduction is extremely pleasing and is testament to the Foundations ongoing drive to reduce our carbon footprint.

The Foundation remains committed to reduce our carbon footprint further and during this year the investment was made on the following items:

Installing a DACHS Gen2 CHP system and new boilers in the fourth boarding house.
Replace the aging and inefficient boiler system in a teaching building with significantly more energy efficient units that are also hydrogen compatible.
Continue the window replacement and insulation programme based on the results of the thermal imaging survey results.

FUTURE PLANS

With the imposition of VAT, the Foundation Leadership Team and the Governors are focussing on parental impact and recruitment and retention of pupils. There is a continued focus on costs to ensure that the minimum amount of VAT is passed onto parents. Major development has been put on hold for the next 12 to 18 months whilst the impact of this settles, however it is the intention that the drama and music facilities will be upgraded in the future. The Academic staff continue to warm up the academics whilst maintaining the ethos of the schools.

The Governors have been mindful of the declining pupil numbers and losses at St Hilda’s School since the Covid crisis in 2020-21. A comprehensive report was carried out on the continued viability of the school in the autumn of 2021 by a leading expert in independent schools who concluded that the school was in a difficult strategic position and facing uncertainty across the wider sector for the future of small single sex prep schools. This report was updated in January 2025 due to continued reducing pupil roll and wider sector concerns, and they concurred that the national and local market themes had not changed, and the view remained that the School was not saveable and the forecasted losses for the School for the next two years are unsustainable. On the 10[th] of February 2025 the Governors held an extraordinary general meeting and unanimously voted that, due to their grave concerns regarding the viability of the school, staff would be consulted with on the potential proposal of the school. This was a very difficult and painful decision for the Governors of the Foundation. Collective consultation commenced with appointed representatives on the 3[rd] of March 2025 and was finalised on the 19[th] of March 2025 with a full report from this provided to Governors by those leading on this consultation. The Governors held a further extraordinary general meeting on the 24[th] of March, where despite full consideration given to staff proposals and feedback, they concluded that the School and Nursery would close at the end of the academic year.

The Governors and Leadership team have to continue to ensure the strength and stability of the Foundation in the years to come, especially considering current economic and political uncertainty and threats to the Independent Schools sector, and difficult decisions have to be made, including cost saving measures and changes to offering.

Going Concern

The current biggest risk to the Foundation is fee affordability by the introduction of VAT on school fees and the pupil pipeline. Parents have now been informed of the gross cost increase to them and Governors are monitoring impact upon current pupils and the prospective pupils . The closure of St Hilda’s School will have an impact on the results of the Foundation for the next year, as there will be legal costs and potential redundancy costs, along with a loss of pupils, however there is no effect to the Going Concern assessment of the Governors as future losses from St Hilda’s will be eliminated.

The Governors are confident that, despite the sad closure of St Hilda’s, the Foundation has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that call into doubt the Foundation’s ability to continue. The accounts have therefore been prepared on the basis that the Foundation is a going concern. The various committees meet on a termly basis and routinely discuss pupil numbers and results.

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

________________

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The members of the Governing Body (who are also the Directors of the charitable company for the purpose of company law) are responsible for preparing the Annual Report and the financial statements for each financial year in accordance with applicable law and FRS102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland.

Under company law the Governing Body members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Governing Body members are required to:

select the most suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP.
make judgments and accounting estimates that are reasonable and prudent.
state whether the applicable Financial Reporting Standard has been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The members of the Governing Body are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware there is no relevant audit information (information needed by the Company’s auditor in connection with preparing the audit report) of which the Company’s auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the Company’s auditor is aware of that information.

Approved by the Governing Body of The Aldenham Foundation, including, in their capacity as company directors, the Strategic Report contained therein, and signed on its behalf by:

Sarah Altman

Chair of Governing Body Dated: 01[st] April 2025

THE ALDENHAM FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALDENHAM FOUNDATION

Opinion

We have audited the financial statements of the Aldenham Foundation (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the groups and the charitable company’s affairs as at 31 August 2024 and of the group’s income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial 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 financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit

the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

THE ALDENHAM FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALDENHAM FOUNDATION

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate and proper accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, General Data Protection Regulation (GDPR), Health and Safety legislation, Taxation legislation and Employment legislation.

THE ALDENHAM FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALDENHAM FOUNDATION

Extent to which the audit was considered capable of detecting irregularities, including fraud, Continued

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within non-fee income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, substantive testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the 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 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 fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Dipesh Chhatralia Senior Statutory Auditor For and on behalf of

Crowe U.K. LLP

Statutory Auditor London

Date: 24/04/25

THE ALDENHAM FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

(Including Income and Expenditure account)

Notes INCOME: School fees Ancillary income 3 Donations and legacies2 Investments Rents and lettings Other activities 4 Other trading activities 21 TOTAL INCOME EXPENDITURE: Raising funds Costs of financing and raising funds Trading expenditure 5/21 Charitable Activities Expenditure on education TOTAL EXPENDITURE 5 Operating surplus/(deficit) Net gains/(losses) on investments 10 Net Income/(deficit) Net movement in funds Fund balances at 1 September 2023 FUND BALANCES AT 31 AUGUST 2024	Unrestricted funds Restricted funds Total 2024 £ £ £ 20,447,435 - 20,447,435 2,057,437 - 2,057,437 22,504,872 - 22,504,872 64,653 92,653 157,306 148,671 - 148,671 82,304 - 82,304 17,992 - 17,992 335,239 - 335,239 648,859 92,653 741,512 23,153,731 92,653 23,246,384 495,579 - 495,579 209,202 - 209,202 22,292,110 77,205 22,369,315 22,996,891 77,205 23,074,096 156,840 15,448 172,288 507,937 24,145 532,082 664,777 39,593 704,370 664,777 39,593 704,370 15,350,451 1,936,874 17,287,325 16,015,228 1,976,467 17,991,695	Total 2023 £ 19,622,013 2,008,156
		21,630,169 109,765 14,361 78,094 233,920 342,687
		778,827
		22,408,996
		412,037 221,227 20,661,574
		21,294,838 1,114,158 51,563
		1,165,721
		1,165,721 16,121,604
		17,287,325

Operations throughout both periods were from continuing activities.

Aldenham uses the exemption conferred by section 408 of the Companies Act 2006 in not preparing a separate Income and Expenditure account for the separate entities.

Included within the balance brought forward on restricted funds is a permanent endowment of £1,695,739 (Note 15)

The notes on pages 24 to 41 form part of these financial statements.

THE ALDENHAM FOUNDATION

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024

______________

Notes Fixed assets Tangible assets 9 Investment Assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 13 NET ASSETS Endowment funds 15 Restricted funds 16 Total restricted funds Unrestricted funds General funds 17 Total unrestricted funds TOTAL FUNDS 17	GROUP 2024 £ 20,753,446 4,544,382 25,297,828 1,247,925 5,671,924 6,919,849 (6,758,649) 161,200 25,459,028 (7,467,334) 17,991,695 1,695,739 280,728 1,976,467 16,015,227 16,015,227 17,991,695	GROUP 2023 £ 21,477,072 4,012,300 25,489,372 1,394,181 3,668,205 5,062,386 (6,218,107) (1,155,721) 24,333,651 (7,046,326) 17,287,325 1,695,739 241,135 1,936,874	FOUNDATION 2024 £ 20,753,446 4,194,582 24,948,028 1,551,545 5,607,091 7,158,636 (6,633,794) 524,841 25,472,869 (7,467,334) 18,005,535 1,695,739 280,728 1,976,467 16,029,068 16,029,068 18,005,535	FOUNDATION 2023 £ 21,477,072 3,662,500
				25,139,572 1,721,602 3,517,070
				5,238,672 (6,035,829)
				(797,157)
				24,342,415 (7,046,326)
				17,296,089
				1,695,739 241,135
				1,936,874
		15,350,451 15,350,451 17,287,325		15,359,215
				15,359,215

				17,296,089

The notes on pages 24 to 41 form part of these financial statements.

The result of the Group for the year ended 31 August 24 was a surplus of £704,370 (2023: £1,165,722 surplus) and for the Foundation was £709,446.

The accounts were approved by the Board of Governors on the 10[th] of December 2024

___ ____

S Altman D Tidmarsh Governor Governor

The accompanying notes form an integral part of these financial statements.

THE ALDENHAM FOUNDATION

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024

______________

Notes Net cash inflow from operating activities 18 Cash flows from investing activities: Investment income Payments to acquire tangible fixed assets Financing costs Net cash used in investing activities Cash flows from financing activities: Repayment of long-term bank loan Monies deposited into the Advance Fee Scheme Amounts utilised from Advance Fee Scheme Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of reporting period Cash and cash equivalents at the end of reporting period	2024 £ 1,733,958 148,671 (764,679) (425,048) (1041,056) (272,559) 2,442,883 (859,507) 1,310,817 2,003,719 3,668,205 5,671,924	2023 £ 3,143,504 14,361 (1,280,020) (349,929)
		(1,615,588)
		(278,674) 836,249 (1,126,519)
		(568,944)
		958,973
		2,709,232

		3,668,205

The notes on pages 24 to 41 form part of these financial statements.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024

The Aldenham Foundation is constituted as a company limited by guarantee, without a share capital, registered in England, No. 01847134, and is registered with the Charity Commission under Charity No. 298140. The Foundation’s principal activity is the advancement of education of children and students in the United Kingdom and elsewhere such education to be consistent with the doctrines of the Church of England.

1 Accounting policies

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The governors have given due regard to the guidance on public benefit issued by the Charity Commission.

The Governors have reviewed the forecasts upto August 2026 taking into account cost pressures in terms of higher interest rates, increased cost of living and the impact of VAT, and are satisfied that the revised budget and cashflows produced are realistic. The current biggest risk to the Foundation remains fee affordability by the introduction of VAT on school fees and the pupil pipeline. Parents have now been informed of the gross cost increase to them and Governors are monitoring impact upon current pupils and the prospective pupils. The closure of St Hilda’s School will have an impact on the results of the Foundation for the next year, as there will be legal costs and potential redundancy costs, along with a loss of pupils, however there is no effect to the Going Concern assessment of the Governors as the closure of St Hilda’s eliminates their losses.

Basis of consolidation

The group financial statements consolidate the results of The Aldenham Foundation and the Foundation’s subsidiaries, Aldenham Enterprises Limited and Aldenham Schools Holdings Ltd.

No separate Statement of Financial Activities of the Foundation has been presented, as permitted by s406 of the Companies Act 2006. The gross income of the Foundation was £23,246,384 (2023: £22,408,996). The movement in funds (net income) of the Foundation was £704,370 (2023: £1,165,722).

1.2 Income

School fees are accounted for in the period in which the service is provided. Fees receivable are before deduction for bursaries and scholarships granted by the school. Fee income received in advance is deferred.

Voluntary income, including donations, gifts and legacies are recognised when there is entitlement, probability of receipt and if the amount can be measured with sufficient reliability. Such income is only deferred when either the donor specifies that the grant or donation can only be used in a future accounting period, or if the donor has imposed conditions that must be met before the charity has unconditional entitlement.

Investment income and other incoming resources are recognised on a receivable basis.

Government grants are recognised on the performance model, when the schools have complied with any conditions attaching to the grant and the grant will be received. The grant in connection to the job retention scheme has been recognised in the period to which the underlying furloughed staff costs relate to.

1.3 Expenditure

Resources expended are recognised in the period in which they are incurred with liabilities being recognised where there is a legal or constructive obligation to pay.

Resources expended are allocated to a particular activity where the costs relate directly to that activity. Resources expended have been allocated on the basis indicated below:

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024

1.3 Expenditure (Continued)

Charitable activities: These are costs directly attributable to the operation of the school.
Governance costs: These include the cost of governance arrangements which relate to the general running of the charity as opposed to the direct management functions inherent in the charitable activity. This includes such items as external audit and costs associated with constitutional and statutory requirements.
Raising funds include all direct fundraising expenditure associated with running the development office.
Support costs: These include all the costs relating to the management, administration and running the central functions of the school.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold land	not depreciated
Freehold buildings	up to 50 years
Sports pitch and equipment	4-10 years
Fixtures, fittings and equipment	3-10 years
Motor vehicles	4 years

All expenditure over £5,000, or £500 for IT costs, is identified as a new tangible fixed asset or as an improvement to an existing tangible fixed asset and is capitalised. Where on review an impairment of a fixed asset is identified, the value of the fixed asset is reduced or eliminated in line with the review. All tangible fixed assets are regarded as operational assets.

1.5 Stock

Stock is carried at the lower of cost and net realisable value.

1.6 Leasing

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

1.7 Investments

Investments are stated at market value and any gain or loss on revaluation or on disposal of fixed asset investments is taken to the Statement of Financial Activities.

1.8 Pensions

The Aldenham Foundation, along with many other schools, contributes to the defined benefit scheme operated by the Government Teachers Pension Agency and known as the Teachers’ Pension Scheme. The Teachers’ Pension Scheme is a multi-employer scheme as defined in the transitional arrangements of FRS102 and accordingly, the schools are required to treat the scheme as a defined contribution scheme.

The regular cost of providing retirement pensions and related benefits is charged to the Statement of Financial Activities over the employees’ service lives on the basis of a constant percentage of earnings. Any difference between the charge to the Statement of Financial Activities and the contributions paid to the scheme is shown as an asset or liability in the balance sheet.

The Aldenham Foundation also contributes to one externally invested defined contribution scheme for staff who are not eligible for the Teachers’ Pension scheme and the pension costs charged to the statement of financial activities represent the contributions payable by the charity during the year. In addition, The Aldenham Foundation contributes to personal pension schemes for two employees pre-dating the introduction of the school’s own defined contribution scheme.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024

______________

1.9 Accumulated Funds

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

The Governors may designate monies held by the charity for specific purposes, particularly when building up funds for investment by the charity into further educational facilities and projects and additional bursarial funds, in order to have resources available to provide assistance to those who would otherwise be unable to attend the school.

Unrestricted funds are school fees, donations and other incoming resources received or generated for charitable purposes.

1.10 Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised value with the exception of investments which are held at fair value and based upon market valuation at that date. Financial assets held at amortised cost comprise cash at bank and in hand, together with parent and other debtors.

A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

The value of financial assets held at fair value at year end totalled £4,194,582 (2023: £3,662,500).

1.11 Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In the application of the accounting policies, the Governors are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The accounting policies have been applied consistently in dealing with items which are considered material in relation to the Foundation’s financial statements.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024

______________

2 Donations and Legacies

Name of donor	Unrestricted	Restricted	Total £ 2024	Total £ 2023
Whitbread Fund	-	-	-	-
Richard Platt Foundation	-	25,380	25,380	23,101
ASWMEF	-	9,000	9,000	9,000
Martineau's Trust	-	11,787	11,787	8,657
Brewers Company	-	18,000	18,000	18,000
GCT	58,153	28,486	86,639	51,007
Other donations and gifts	6,499	-	6,499	-
	64,652	92,653	157,305	109,765

School Fees and Ancillary Income The Foundation’s fee income comprised the following: Gross fees Less: Bursaries and scholarships Add back: Bursaries paid for by Restricted funds	2024 £ 22,218,270 (1,833,612) 20,384,658 62,777 20,447,435	2023 £ 21,336,313 (1,768,087)
		19,568,226 53,787
		19,622,013

3 School Fees and Ancillary Income

The ancillary income of £2,057,437 includes recharges of coach transport, surface devices, instrumental lessons, after and before school activities and educational trips and events. The costs relating to ancillary income are included in educational activities, other and staff costs, below.

The number of pupils (not FTE in the nursery) educated across the Foundation is given below:

	Average	Average
	2024	2023
Aldenham Nursery	23	20
Aldenham Prep	143	143
Aldenham Senior	678	702
Total Aldenham pupils	844	865
St Hilda’s Nursery	41	42
St Hilda’s Prep	108	100
	149	142
TOTAL FOUNDATION	993	1,007

4 Other Activities

In 2023 there was a large receipt from insurers, relating to storm damage during the previous academic year, of £187k, hence the reduction in other income in 2024.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

5 Expenditure

5a Staff costs Other costs Depreciation £ £ £ Charitable Activities Educational activities 10,389,759 3,169,466 463,666 Welfare (including catering) 339,125 1,717,303 - Premises 990,840 1,874,109 1,024,638 Support costs of schooling 1,574,645 748,558 - Grants, awards and funded resources (Note 5b) - 77,205 - 13,294,369 7,586,642 1,488,304 Trading expenditure 37,145 172,057 - Development office 50,679 19,850 - Bank loan interest and charges - 425,049 - 87,824 616,957 - Total Expenditure 13,382,193 8,203,599 1,488,304 5b Grants, awards and funded resources From Restricted resources: Bursaries and scholarships Prizes Direct teaching resources (funded by Aldenham General Charitable Trust) 6 Support Costs of Schooling Salaries Staff recruitment, travel and training Communications and network Telephone, postage, printing, stationery Miscellaneous administration costs Governance costs		Staff costs Other costs Depreciation £ £ £ 10,389,759 3,169,466 463,666 339,125 1,717,303 - 990,840 1,874,109 1,024,638 1,574,645 748,558 - - 77,205 -	Total 2024 Total 2023 £ £ 14,022,892 12,797,724 2,056,428 1,967,025 3,889,588 3,480,531 2,323,203 2,260,054 77,205 156,241
		13,294,369 7,586,642 1,488,304	22,369,315 20,661,575
		37,145 172,057 - 50,679 19,850 - - 425,049 -	209,202 221,227 70,529 62,108 425,049 349,929
		87,824 616,957 -	704,781 633,264

		13,382,193 8,203,599 1,488,304	23,074,096 21,294,839
			Total 2024 Total 2023 £ £ 54,482 53,787 411 226 22,311 102,228
			77,205 156,241
			2024 2023 £ £ 1,442,145 1,498,044 36,835 24,466 237,217 81,622 72,674 92,405 361,445 388,643 172,887 174,874
			2,323,203 2,260,054

The total salary cost is £1,574,645 however some staff costs are allocated into the Governance costs for the Head of Foundation and Bursar.

7 Operating Profit

This is arrived at after charging the following:

Depreciation Operating lease expenses Fees payable to the company’s auditor for audit fees Fees payable to the company’s auditor for other services	2024 2023 1,488,305 1,452,456 302,673 268,004 49,080 49,080 8,154 7,980
	1,848,212 1,777,520

The increase in lease costs relates to the introduction of surface devices recharged to pupils.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

8 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees The average monthly number of employees during the year was:
Teaching staff Fundraising and publicity Management and support staff Employment costs Wages and salaries Social security costs Other pension costs Payments made to peripatetic and temporary staff working at the school Other staff costs	2024 Number 181 4 94 279 2024 £ 10,082,730 1,066,624 1,943,758 13,093,112 81,068 208,013 13,382,193	2023 Number 181 4 91
		276
		2023 £ 9,266,857 979,096 1,671,835
		11,917,788 69,900 258,982
		12,246,670

The number of employees whose annual taxable emoluments were £60,000 or more were:

	2024	2023
£60,000 - £70,000	28	21
£70,000- £80,000	7	3
£80,000- £90,000	4	3
£90,000- £100,000	0	1
£100,000- £110,000	1	0
£110,000- £120,000	1	1
£120,000-£130,000	0	0
£130,000-£140,000	0	1
£160,000-£170,000	0	1
£170,000-£180,000	1	0

The aggregate amount of total employee salary and benefits for the Key Management Personnel/Foundation’s Leadership Group (FLG) was £871k (2023: £985k). The FLG do have other teaching and support responsibilities.

All but 2 (2023: 2) of these employees are members of the defined benefit pension scheme. Those not included are members of the defined contribution pension scheme and employer payments of £20,858 were made on their behalf.

During the year there were redundancy and settlement payments made of £75,000 (2023 £165,843).

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

______________

9 Fixed Assets

GROUP Cost At 1 September 2023 Additions Transfers Disposals At 31 August 2024 Depreciation At 1 September 2023 Eliminated on disposal Charge for the year At 31 August 2024 Net book value At 31 August 2023 At 31 August 2024 FOUNDATION Cost At 1 September 2023 Additions Transfers Disposals At 31 August 2024 Depreciation At 1 September 2023 Eliminated on disposal Charge for the year At 31 August 2024 Net book value At 31 August 2023 At 31 August 2024	Land and buildings Assets under construction Sports pitch and equipment Library Fixtures, fittings and equipment Motor Vehicles Total £ £ £ £ £ £ 28,313,260 - 1,474,208 25.000 5,005,086 316,349 35,133,903 - 172,056 - - 529,822 62,800 764,678 - - - - - - - - - - - (191,833) (11,489) (203,322)
	28,313,260 172,056 1,474,208 25,000 5,343,075 367,660 35,695,259
	(8,951,499) - (899,091) - (3,640,965) (165,276) (13,656,831) - - - - 191,833 11,489 203,322 (1,024,638) - (69,251) - (332,476) (61,939) (1,488,305)
	(9,976,137) - (968,342) - (3,781,608) (215,726) (14,941,813)
	19,361,761 - 575,117 25,000 1,364,121 151,073 21,477,072
	18,337,123 172,056 505,886 25,000 1,561,467 151,934 20,753,446
	Land and buildings Assets under construction Sports pitch and equipment Library Fixtures, fittings and equipment Motor Vehicles Total £ £ £ £ £ £ 28,313,260 - 1,474,208 25,000 4,983,885 316,349 35,112,702 - 172,056 - - 529,822 62,800 764,678 - - - - - - - - - - - (191,833) (11,489) (203,322)
	28,313,260 172,056 1,474,208 25,000 5,321,874 367,660 35,674,058
	(8,951,499) - (899,091) - (3,619,764) (165,276) (13,635,630) - - - - 191,833 11,489 203,322 (1,024,638) - (69,251) - (332,476) (61,939) (1,488,305)
	(9,976,137) - (968,342) - (3,760,407) (215,726) (14,920,612)
	19,361,761 - 575,117 25,000 1,364,121 151,073 21,477,072
	18,337,123 172,056 505,866 25,000 1,561,467 151,934 20,753,446

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

_________________

10 Fixed Asset Investments

Investment in subsidiary – Aldenham Enterprises Ltd Aldenham Schools Holdings (ASH) Investment in AEG Listed Investments: Market value at 1 September Additions Movement on valuation in year Market value at 31 August TOTAL Historical cost of listed investments	GROUP 2024 £ 350,000 3,662,300 532,082 4,194,382 4,544,382 2,927,644	GROUP 2023 £ - - 350,000 3,610,737 51,563 3,662,300 4,012,300 2,927,644	FOUNDATION 2024 £ 100 100 3,662,300 532,082 4,194,382 4,194,582 2,927,644	FOUNDATION 2023 £ 100 100 3,610,737 51,563
				3,662,300
				3,662,500
				2,927,644

The Foundation’s investments are managed by Sarasin Investment Fund Limited. The funds are held in Alpha CIF for Endowments.

The Foundation owns 100% of Aldenham School Holdings who in turn have a 40% shareholding in Aldenham Education DMCC, based in Dubai. The investment was moved from an Intercompany debtor to investments during the year.

11 Debtors

Fee and trade debtors Other debtors Prepayments Due from subsidiary	GROUP 2024 £ 346,203 100,806 800,916 - 1,247,925	GROUP 2023 £ 413,800 73,187 907,194 - 1,394,181	FOUNDATION 2024 £ 155,091 100,680 800,916 494,858 1,551,545	FOUNDATION 2023 £ 230,142 52,062 907,194 532,204 1,721,602

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

_________________

12 Creditors: Amounts falling due within one year

Bank loans Taxes and social security costs Other creditors and accruals Trade creditors Refundable deposits Fees in advance Advance fee scheme	GROUP 2024 £ 440,607 261,402 1,031,246 522,997 1,455,333 1,343,010 1,704,054 6,758,649	GROUP 2023 £ 440,607 250,863 1,104,133 697,368 1,294,836 1,616,056 814,245 6,218,107	FOUNDATION 2024 £ 440,607 261,401 1,014,028 415,361 1,455,333 1,343,010 1,704,054 6,633,794	FOUNDATION 2023 £ 440,607 250,863 967,273 651,949 1,294,836 1,616,056 814,245
				6,035,829

Bank Loans

The bank loan is the capital element due within one year.

Refundable deposits

Deposits are placed when pupils join the school and credited against fees and disbursements for their last term.

Fees in advance

Fees in advance reflect advance payments of school fees for the forthcoming year, which are not part of the Advance Fee Scheme below.

Advance Fee Scheme

Parents may enter into a contract to pay to the school multiple years' fees in advance. The advance fee creditor represents the school’s liability under the contracts, to be utilised in the forthcoming year. The movements in the year were:

Advance Fee Scheme - Group & Foundation (combined)

Balance at beginning of year Monies deposited into scheme Amounts utilised in payment of fees Balance at the end of the year Utilised within 1 year Utilised within more than 1 year	2024 £ 2,337,316 2,442,883 (859,507) 3,920,692 1,704,054 2,216,638 3,920,692	2023 £ 2,627,586 836,249 (1,126,519)
		2,337,316
		814,245 1,523,071
		2,337,316

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

______________

13 Creditors: Amounts falling due after more than one year

Bank loans Advance Fee Scheme Bank loan maturity analysis Debt due in one year or less In more than one year but not more than two years In more than two years but not more than five years In more than five years	GROUP 2024 £ 5,250,696 2,216,638 7,467,334 440,607 440,607 1,321,821 3,488,268 5,691,303	GROUP 2023 £ 5,523,255 1,523,071 7,046,326 440,607 440,607 1,321,821 3,760,827 5,963,862	FOUNDATION 2024 £ 5,250,696 2,216,638 7,467,334 440,607 440,607 1,321,821 3,488,268 5,691,303	FOUNDATION 2023 £ 5,523,255 1,523,071
				7,046,326
				440,607 440,607 1,321,821 3,760,827
				5,963,862

Bank loans

The bank loans are secured on the freehold land and buildings at the School. The loans outstanding at 31 August 2024 secured on Aldenham School represents 27% of the carrying value of the land and buildings of the school.

A new bank loan agreement was signed on the 29[th] of November 2019 to fund the build of the building of the Prep School. The loan is to be repaid over a 15-year period commencing September 2021. The rate agreed is 1.39% over base rate. The final amount of the total amount borrowed was £6,609,108 and with amortised interest the total commitment of the loan is £8,352,497 at today’s rates. The loan can be repaid at any time without penalty. The interest element is written off as an expense in the SOFA, and the above refers to the capital element only.

Advance fee scheme

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

14 Pension and other post-retirement benefit commitments

The Foundation participates in the Teachers’ Pension Scheme (England and Wales) (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,633,749 (2023: £1,378,087) and at the year-end £206,044 (2023: £166,242) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

For employees not eligible for the Teachers’ Pension scheme, the Foundation contributes to a direct contribution scheme run by AVIVA (the Norwich Union) and investing in AVIVA (Norwich Union Pension funds). The minimum employee contribution for those who have not opted out is 5% and the Foundation’s contribution is 10%. During the year the Foundation contributed £309,590 (2023: £292,353) into the scheme and at the year-end there were no contributions remaining outstanding (2023: Nil). These amounts include charges and liabilities relating to the Foundation’s auto-enrolment arrangements that applied with effect from 1 April 2014.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

15 Endowment funds

The permanent endowment fund is represented by the land and buildings detailed in part 1 of the Charity Commission Scheme sealed on 27 November 1995. The value of the fund at 31 August 2024 and 31 August 2023 was £1,695,739.

16 Restricted Funds

The funds of the charity include restricted funds comprising the following unexpended balances of donations held on trust for specific purposes:

GROUP & FOUNDATION Fund Rodney Fitzgerald Memorial Jukes Fund Aldenham Foundation General Charitable Trust Sundry Donations Received Brewers Company General Charitable Trust-Annual Fund Whitbread Fund Richard Platt Foundation ASWMEF Brewers Co. - Martineau’s Trust for Prizes Brewers Co. - Martineau’s Trust for Scholarships Brewers Co. - Martineau’s- General	(Combined) Balance at 1 Sept 2023 Income Expenditure Investment gains Balance at 31 August 2024 £ £ £ £ £ - 166,191 24,145 190,336 - 28,486 (28,486) - - 22,121 18,000 (13,205) 26,916 199 199 34,023 25,380 (19,057) 40,346 - 9,000 (9,000) - - 411 (411) - 68 3,326 (2,015) 1,379 18,533 8,050 (5,031) 21,552
	241,135 92,653 (77,205) 24,145 280,728

Out of the donations received from Aldenham Foundation General Charitable Trust, £13,000 funded a bursary for a pupil and the remainder funded departmental resources. The total bursaries and scholarships funded by donations totalled £62,777.

The Rodney Fitzgerald Memorial Fund reflects an interim distribution from the estate of a former pupil of the school. The funds were left to the school for the provision of bursaries for those with sporting abilities.
The Jukes Fund represents a legacy to be used for pupil scholarships and bursaries where the parents of existing pupils fall into financial difficulty (as a result of illness or redundancy, or for any other such reason which the Governors deem necessary).
The Brewers Bursary Fund represents an historical sum received from The Aldenham School General Charitable Trust which is to be used in providing pupil bursaries for larger or longer-term bursaries at the Headmaster’s discretion.
The Brewer’s Company, Martineau’s Trust funds are restricted funds that are restricted for 3 different uses. The General fund is to be used in the Senior School and it has been agreed that it will benefit Martineau’s Junior House.
The Whitbread Fund is used for 6th form bursaries for pupils, at the Head’s discretion, who would not be able to remain in the school to continue their education in the 6th form without financial support.
The Richard Platt Foundation fund is an endowed fund and the income is distributed to various beneficiaries, of which Aldenham School is one. It is a restricted fund that must be used in the senior school.
The Aldenham School War Memorial Educational Fund or "ASWMEF", was a fund set up at the end of World War 1, and is a fund used for bursaries.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

______________

17 Analysis of net assets between funds

Fund balances as 31 August 2024 are represented by:

Unrestricted funds Restricted funds £ £ 19,057,707 4,354,046 190,336 70,808 90,392 (7,467,334)	Endowment funds £ 1,695,739	Total funds £ 20,753,446 4,544,382 161,200 (7,467,334)
16,015,227 280,728	1,695,739	17,991,694
19,057,707 4,004,246 190,336 434,449 90,392 (7,467,334)	1,695,739	20,753,446 4,194,582 524,841 (7,467,334)
16,029,068 280,728	1,695,739	18,005,535
	2024 £ 172,288 (148,671) 425,049 1,488,305 - 146,255 (349,267) 1,733,958	2023 £ 1,114,157 (14,361) 349,929 1,452,456 - (488,554) 729,877
		3,143,504

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

______________

19 Commitments

The Charity has annual commitments under non-cancellable operating leases as follows:

Within one year Between two and five years Over 5 years	2024 £ 207,926 174,815 1,288 384,029	2023 £ 262,895 274,827 14,699
		552,421

The increase in lease commitments is due to the introduction of surface devices for all pupils. The cost of these are charged onto parents and included in ancillary income.

There are £30k of capital commitments at year end with regards to the finalisation of the tennis courts resurfacing.

20 Related party transactions

The Board of Governors

The Board of Governors of the Foundation did not receive any remuneration during the year. One Governor was reimbursed for expenses where appropriate, totalling £1,455 for travel and accommodation (2023: £2,168).

There were no transactions with parties related to the Board of Governors during the year (2023: £0).

Aldenham School General Charitable Trust (“the Trust”)

The Trust is independent of the Foundation but is substantially under the same management. During the year Aldenham Foundation received donations of £86,639 (2023: £50,349) from the Trust.

Aldenham Enterprises Ltd

During the year there were intercompany transactions with Aldenham Enterprises Ltd amounting to £37,969 (2023 £88,482) for salary recharges and other intercompany items. In addition to this the annual profits of £121,112 have been accrued and included in the intercompany debtor balance at the year-end of £130,916 (2023 £130,092).

Aldenham Schools Holdings Ltd

During the year there were intercompany transactions of £1,831 and at year end the intercompany debtor balance was £363,942, which represents the initial loan to Aldenham Schools Holdings Ltd to fund their investment in the overseas Company Aldenham Education Group DMCC.

The registered offices for all the subsidiaries is the same as that of the Aldenham Foundation.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

______________

21 Subsidiaries of The Aldenham Foundation

Aldenham Enterprises Limited is incorporated in the United Kingdom (No. 01635965) and is a wholly owned trading subsidiary of The Aldenham Foundation.

Aldenham Schools Holdings Ltd, is a registered company in England, No. 11923888 (“ASH”) and is a wholly owned subsidiary of The Aldenham Foundation.

A summary of results for the year and financial position at 31 August 2023 is shown below.

Incoming resources Operating expenditure Gift aid donation to the Foundation Result for year Assets Liabilities Called up Share Capital Profit and Loss account Total funds	AEL ASH 2024 2023 2024 2023 £ £ £ £ 335,239 342,687 - - (214,127) (228,899) (4,224) (4,078) (121,965) (112,936) - - (853) 852 (4,224) (4,078) 255,421 355,375 350,650 350,543 (253,270) (352,371) (366,442) (362,111) 2,151 3,004 (15,792) (11,568) 100 100 100 100 2,051 2,904 (15,892) (11,668) 2,151 3,004 (15,792) (11,568)	AEL ASH 2024 2023 2024 2023 £ £ £ £ 335,239 342,687 - - (214,127) (228,899) (4,224) (4,078) (121,965) (112,936) - - (853) 852 (4,224) (4,078) 255,421 355,375 350,650 350,543 (253,270) (352,371) (366,442) (362,111) 2,151 3,004 (15,792) (11,568) 100 100 100 100 2,051 2,904 (15,892) (11,668) 2,151 3,004 (15,792) (11,568)
		852 (4,224) (4,078)
		355,375 350,650 350,543 (352,371) (366,442) (362,111)
		3,004 (15,792) (11,568)
		100 100 100 2,904 (15,892) (11,668)
		3,004 (15,792) (11,568)

The operating expenditure above includes intercompany transactions (see note 20) that are eliminated upon consolidation in the Statement of Financial Activities on page 18 and therefore the figures do not agree on the face of the SOFA.

ASH has a 40% shareholding in Aldenham Education DMCC, and £350,000 of the assets above reflects the investment in Aldenham Education DMCC.

22 Members’ Liability

Each member of the company undertakes to contribute to the assets of the company in the event of the company being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £100 each for the debts and liabilities contracted before they ceased to be a member.

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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23. Consolidated Statement of Financial Activities for the year ending 31[st] August 2023

Notes INCOME: School fees Ancillary income 3 Income from: Donations and legacies2 Investments Rents and lettings Other activities 4 Other trading activities 21 TOTAL INCOME EXPENDITURE: Raising funds Costs of financing and raising funds Trading expenditure 5/21 Charitable Activities Expenditure on education TOTAL EXPENDITURE 5 Operating surplus/(deficit) Net gains/(losses) on investments 10 Net Income/(deficit) Net movement in funds Fund balances at 1 September 2022 FUND BALANCES AT 31 AUGUST 2023	Unrestricted funds Restricted funds Total 2023 £ £ £ 19,622,013 - 19,622,013 2,008,156 - 2,008,156 21,630,169 - 21,630,169 13,115 96,650 109,765 14,361 - 14,361 78,094 - 78,094 233,920 - 233,920 342,687 - 342,687 682,177 96,650 778,827 22,312,346 96,650 22,408,996 412,037 412,037 221,227 221,227 20,505,333 156,241 20,661,574 21,138,597 156,241 21,294,838 1,173,750 (59,591) 1,114,158 49,223 2,340 51,563 1,222,973 (57,251) 1,165,721 1,222,973 (57,251) 1,165,721 14,127,479 1,994,125 16,121,604 15,350,451 1,936,874 17,287,325	Total 2022 £ 18,498,442 1,140,207
		19,638,649 240,401 10 68,513 86,085 192,508
		587,517
		20,226,166
		213,755 102,432 18,979,702
		19,295,889 930,277 (220,516)
		709,761
		709,761 15,411,843
		16,121,604

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

24. Restricted funds 2023

GROUP & FOUNDATION Fund Rodney Fitzgerald Memorial Jukes Fund Aldenham Foundation General Charitable Trust Sundry Donations Received Brewers Company General Charitable Trust-Annual Fund Whitbread Fund Richard Platt Foundation ASWMEF Brewers Co. - Martineau’s Trust for Prizes Brewers Co. - Martineau’s Trust for Scholarships Brewers Co. - Martineau’s- General	(Combined) Balance at 1 Sept 2022 Income Expenditure Investment gains Balance at 31 August 2023 £ £ £ £ £ - 163,851 - - 2,340 166,191 66,035 37,892 (103,927) - - 23,366 18,000 (19,245) - 22,121 6,199 - (6,000) 199 21,472 23,101 (10,549) 34,024 9,000 (9,000) - 226 (226) - 729 1,831 (2,492) 68 16,735 6,600 (4,802) 18,533
	298,387 96,650 (156,241) 2,340 241,135

25. Analysis of net assets between funds 2023

Fund balances as 31 August 2023 are represented by:

	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total funds
	£	£	£	£
GROUP
Tangible fixed assets	19,781,333	-	1,695,739	21,477,072
Investments	3,846,109	166,191	-	4,012,300
Other net current liabilities	(1,230,665)	74,944	-	(1,155,721)
Creditors: amounts falling due after more
than one year	(7,046,326)	-	-	(7,046,326)
	15,350,451	241,135	1,695,739	17,287,325
FOUNDATION
Tangible fixed assets	19,781,333	-	1,695,739	21,477,072
Investments	3,496,309	166,191	-	3,662,500
Other net current (liabilities)/ assets	(872,101)	74,944	-	(797,157)
Creditors: amounts falling due after more
than one year	(7,046,326)	-	-	(7,046,326)
	15,359,215	241,135	1,695,739	17,296,089

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

26. Post Balance Sheet Events

The Governors have been mindful of the declining pupil numbers and losses at St Hilda’s School since the Covid crisis in 2020-21. Although the numbers in the Nursery have remained steady, the numbers in the Prep School have been declining, from 128 in Summer 2019 to 104 in Autumn 2024 and forecasted to be less than 100 in Autumn 2025. The national and local market themes have since worsened and with the falling birth rate the view is that the School was not saveable, and the forecasted losses for the School for the next two years unsustainable. The costs due to the closure of St Hilda’s is estimated to be in the region of £600k, however this is offset by the savings on forecasted losses. The forecasted loss for the School for the year 24-25 was estimated to be £165k and £235k for the following year.

Further details are given above in the Future Plans and Going Concern section, On the 10[th] of February 2025 the Governors held a further extraordinary general meeting on the 24[th] of March, where despite full consideration given to staff proposals and feedback form the Collective Consultation, they concluded that the School and Nursery would close at the end of the academic year.

The Governors and Leadership team have to continue to ensure the strength and stability of the Foundation in the years to come, especially considering current economic and political uncertainty and threats to the Independent Schools sector, and difficult decisions have to be made, and cost saving measures taken to do this, and losses could no longer be sustained.

THE ALDENHAM FOUNDATION

CONTENTS

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LEGAL AND ADMINISTRATIVE INFORMATION

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GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

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DIRECTORS’ REPORT

CONSTITUTION

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

Governing Body

Recruitment and training of Governors

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

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Organisational management

Group structure and relationships

Employment and remuneration policy

Investment policy, objectives and performance

Principal Risks and Risk management

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

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Principal Risks and Risk management (continued)

Principal Risks and Risk management (continued)

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Mission statement

Charitable Objects

Intended impact

Aims

Primary objectives

Primary objectives (continued)

Principal activity

Public benefit

Bursaries

Public Benefit (continued)

Other activities

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Review of achievements and performance for the year

ACHIEVEMENTS AND PERFORMANCE – Continued

St Hilda’s

ACHIEVEMENTS AND PERFORMANCE – Continued

Aldenham Prep School

Fundraising

FINANCIAL REVIEW

Results for the year

Reserves Policy

SECTION 172 STATEMENT

1) The likely consequences of any decision in the long term

2) The Interests of the Foundation’s employees

3) The need to foster the Foundation’s relationships with suppliers, customers and others

4) The impact of the Foundation’s operations on the community and environment

5) The desirability of the Foundation maintaining a reputation for high standards of business conduct

6) The need to act fairly as between members of the company

Streamlined Energy and Carbon Report

FUTURE PLANS

Going Concern

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

Sarah Altman

THE ALDENHAM FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALDENHAM FOUNDATION

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

THE ALDENHAM FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALDENHAM FOUNDATION

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Extent to which the audit was considered capable of detecting irregularities, including fraud

THE ALDENHAM FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALDENHAM FOUNDATION

Extent to which the audit was considered capable of detecting irregularities, including fraud, Continued

Use of our report

Crowe U.K. LLP

THE ALDENHAM FOUNDATION