OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-31-accounts

Company Registration No. 01847134 Charity Registration No. 298140

THE ALDENHAM FOUNDATION

TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

THE ALDENHAM FOUNDATION

CONTENTS

______________

Page
Legal and administrative information 1-2
Governors’ Report 3-16
-
Directors’ Report		 3-9
-
Strategic Report		 10-15
-
Statement of accounting and reporting
responsibilities 16
Independent Auditor’s Report 17-19
Consolidated Statement of Financial Activities 20
Consolidated Balance Sheet 21
Consolidated Cash Flow Statement 22
Notes to the Financial Statements 23-40

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 24-25 Committees 24-25 Committees 24-25 Committees 24-25 Committees 24-25 Committees 24-25
Full Governing Body:
Names		 **Operations ** Education Audit **Governance ** Remuneration
Altman, Mrs S (Chair) m m l l l
Allen, Mr S (Appointed July 2025) l
Bryer, Mr R x
Clifford, Mrs C l
Cuttell, Mrs F (Note 4) l l
Hawdon, Dr J (Note 3)
Hudson, Ven C J l
Hunter, Mr A l
James-Crook, Mr J l
Lambert, Cllr D (Note 1 / 2) l
Phillips, Mr A l x
Rees, Mr C (Resigned July 2025)
Mr T C Sligo-Young x l
McMullen, Mr F (Master Brewer)
Tindal, Cdre N l
Mr D T Tidmarsh x x x
Mr T F Wells

x = Chair of that Committee

l = Member of Committee

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

x
l
m		 = Chair of that Committee
= Member of Committee
= In attendance at the Committee meetings, but not a member
Notes
1 Governor Responsible for Aldenham PrepSchool
2 Local AuthorityDesignated Governor
3 SafeguardingDesignated Governor for the Foundation
4 Governor Responsible for Aldenham Senior School and Boarding
Master
Brewer		 Honorary Governor during 12 month appointment as Upper Warden of Brewers Company

1

THE ALDENHAM FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION AS AT 31 AUGUST 2025

__________________

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) (To August 2025) 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) (To August 2025) Business Development Director

________________ 2

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

__________________

The Governors of The Aldenham Foundation present their Annual Report for the year ended 31 August 2025 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 Foundation operates three schools known as Aldenham Senior School, Aldenham Prep School and St Hilda’s School Bushey. St Hilda’s School was closed in July 2025 as detailed further below.

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 Coopted 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.

3

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

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. At the beginning of the academic year 2024-25 it was agreed that the Estates Committee and Finance and General Purposes Committee would be amalgamated and a new Committee was formed, named the Operations Committee. The terms of reference for each Committee are summarised below:

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:

4

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

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, the Foundation 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. The 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 Operations 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 current areas that the Governors consider to be the principal risks are as follows:

5

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

Principal Risks and Risk management (continued)

Risk External Influences:
•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. Forecasts have been reviewed looking ahead and scenario planning has been
undertaken.
• Falling birth rate affecting pupil pipeline detrimentally. The Foundation uses scenario planning to
review impact and then cost savings that need to be made in line withpotential fallingnumbers.
Mitigation The Foundation uses scenario planning to review the impact on surplus and adjustments are made to
cost base as necessary. There is a focus on cash management and building of reserves.
Risk Financial Risk:
The impact of ongoing inflationary pressures upon parents and the general affordability of fees and non-
payment of fees.
Mitigation The Foundation cost base is reviewed in line with budget to ensure cost effectiveness. Again, scenario
planning is used along with a focus on cash management and the building of cash reserves.
Risk Reputational Risk:
The impact uponparental confidence due to anyadverse information in thepublic domain.
Mitigation A close relationship with parents is essential in mitigation of this risk and this is being managed by
regular communication and several opportunities in the year for parents to visit the schools for events
and information evenings.
Risk Safeguarding:
This is always deemed to be a principal risk due to the seriousness of any breach and the potential
impact onpupils,reputation andparental confidence.
Mitigation 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 and
oversight. 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 and regular
training is given to all staff and Governors.
Risk Data Security and Cyber Security Threats:
These could result in loss of data,confidentialityor ransom threats for financialgain.
Mitigation The Foundation puts in place controls to mitigate that include insurance policies, staff training, Head of
Technology in post and other software to provide protection.
Risk Health and Safety of staff and pupils:
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 therefore risk
exists that could result in loss or damage to both assets andpeople.
Mitigation Health and Safety is the responsibility of the Compliance Officer who reports directly into the Bursar.
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. Risk assessments are carried out across the Schools, and all activities, and regular
meetings are held with nominated staff across all areas to review bestpractice and concerns.

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 termly meeting. The production and maintenance of the Risk Register is delegated to the Bursar.

________________ 6

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 selfconfidence 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:

Primary objectives

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

7

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

Primary objectives (continued)

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

8

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

Public Benefit (continued)

Other activities

Other activities and partnerships are detailed below:

Fundraising

________________ 9

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Senior School

Within the context of our broad intake, academic results were pleasing this year, with 45% of all GCSE grades at 7 or above and 27% of all GCSE grades at 8 or 9. At A Level over half of grades awarded were at A to B, and 17% were A to A grades.

Over a third of our most recent leavers will begin their studies at Russell Group universities this autumn, with 95% of students moving on to Higher Education from Aldenham. 90% of students who applied for university were successfully accepted on an undergraduate course at their first or second choice university. Our students choose universities such as Oxford, Edinburgh, Birmingham, Manchester, Bath, London and Queen’s Belfast, but three of this year’s leavers are now studying in the USA and others choose drama and performing arts colleges or take up degree apprenticeships. Course choices range from the more traditional such as Law, English, Biochemistry, Engineering and Classics to Business related degrees and creative choices such as Computer Game Design, Song Writing and Acting. We continue to review our curriculum to meet the needs and interests of our students, and as a result now run Dance as a GCSE and an A level course and have successfully added Sociology to our A level courses. In the summer term we worked with our parents to understand more from them, as employers, about ways in which we can ‘future-proof’ our students before they leave us. The Careers Fair, which was open to all students from Year 9 upwards, hosted over 70 organisations, while events such as the Year 12 Interview evening, allow our students to meet face to face with potential employers and learn from them first hand.

Performing and creative arts continue to thrive at Aldenham. The annual House Music Competition plays a key role in bringing students and staff together in pursuit of a common goal in the first half of the Autumn Term. All of our entries for LAMDA examinations this year were graded at either Distinction or Merit, with 95% of entries awarded a Distinction. Also, in the Autumn Term we enjoyed the Senior production of Legally Blonde. Later in the Year the Dance Show, the Beck Music Competition, Aldfest and the Junior House play Wendy and Peter Pan all continued to demonstrate the School’s strengths in creativity and performance.

Outreach within our wider community continues to be important for us. For the first time last year we took Sixth Form students to take part in the Big Sleepout in St Alban’s and will do so again this year. We welcomed local primary school pupils to join us for our Science Festival in the Summer Term which was extremely popular. Our students continue to visit a local home for elderly people every week and engage in a wide range of fund-raising activities throughout the year. We also support local foodbanks through our Harvest collections and Christmas gift appeals for children and families nearby.

Year 12 students visited Cambodia with World Challenge in the summer holiday, and had a very successful trip, supporting a charity and gaining a greater understanding of the culture and history of the region. Over the course of the academic year trips also took place to Paris for Art, New York for Drama, Amiens and Seville for language enrichment, to Athens for Classics, Berlin and the Battlefields of France and Belgium for History, to Geneva for Physics and to Montenegro for adventure. Our full boarders learned more about the UK by visiting Belfast and Dorset. Sports tours went to Paris and Sri Lanka, and our Senior Ski Trip went to Canada this year. 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.

It has been a very strong year for sport at our school. Our senior netballers made history by securing the school's firstever national title, while our U13s triumphed in the district league. On the football pitch, we won both ESFA and ISFA national cups, along with two Hertfordshire county titles. In the Summer term our basketball and tennis teams brought home county honours, and our Year 10 boys’ relay team set the fastest-ever 4x100m time at the district championships. Cricket continues to thrive for both boys and girls, with strong performances throughout the year. And beyond school teams, our students are shining at the elite level in sports including hockey, fencing, tennis, gymnastics, diving, and motor-racing. Four Aldenham students were selected for the England Hockey Talent Academy pathway and trained with them throughout the year.

10

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS AND PERFORMANCE – Continued

The School continues to invest in its facilities for learning and teaching both indoors and out. Work was undertaken in the Sports Hall to refurbish the décor with images of inspiring male and female role-models, in line with the School’s strategic intent to maintain a high-quality learning environment throughout. The Theatre foyer benefited from some much-needed redecoration, and substantial work was undertaken in McGill’s House to refurbish the entrance area, corridors and staircase, making it a much lighter and brighter home for so many of our overseas boarders. Facilities for learning and teaching in the Platt Building were refreshed, and work was undertaken both inside and outside the Pavilion, with a new brick surface laid at the front and re-painting internally.

St Hilda’s

It was with great regret that we took the difficult decision to close St Hilda’s School this summer. St Hilda's joined the Aldenham Foundation in 2012, which secured the School's immediate future in the face of existing financial difficulties which would otherwise have led to its closure at that time. Despite an initial increase in pupil numbers and the excellence of the education and wider experience that St Hilda’s offered, numbers on their roll continued to decline steadily since the Covid pandemic. The School had capacity for 140 girls in the Prep School and up to 50 children within the Nursery. Despite herculean efforts over the past two years, numbers on the School roll were significantly below capacity in the Prep School and in the Nursery and were predicted to continue to decline for the 2025/2026 academic year.

Coupled with falling pupil numbers, St Hilda’s also faced significant financial challenges, including the implementation of VAT on school fees from January 2025 and the increase in employer national insurance contributions and the removal of 80% business rates relief from April 2025. The financial difficulties facing St Hilda’s were therefore substantial. We entered into consultation about the proposed closure with the staff in February 2025 and confirmed the decision to close the School in March 2025. We provided HR advice for staff as they sought alternative employment, including guidance on putting together a CV. The pupils were all successful in finding places in other local state and independent schools and all staff have since secured employment.

Aldenham Prep School

Miss Amy Bonn was appointed as Deputy Head from September 2024. She had previously served as the Key Stage 2 Lead at Aldenham Prep. Sixteen children transitioned to the Senior School at the end of the academic year. Scholarships awarded included one in Drama, one in Art, and two in Music to Aldenham; and one Academic scholarship to St Margaret’s.

The Music Department has continued to thrive, offering children numerous opportunities to perform and showcase their talents. Weekly rehearsals for the Junior and Senior Choirs led to performances at the Harvest Festival, termly concerts, and various school events. A new Chamber Choir was formed and performed at the Summer Concert. Pupils in Years 5 and 6 participated in the Young Voices concert at the OVO Arena, performing alongside 5,000 children. Violin and Guitar Ensembles rehearsed weekly in preparation for the Summer Concert. Thirty-four pupils took part in three Informal Concerts, showcasing a wide range of instrumental and vocal talent. Productions such as Cinderella Rockerfella and Alice in Wonderland combined music, drama, and teamwork, highlighting cross-disciplinary collaboration. The Director of Drama played a key role in the Year 5 and 6 end-of-term production.

Sport at Aldenham Prep continues to evolve, with increased participation and competitive success. Our affiliation with the Independent Schools Association (London North Area) enabled participation in regional and national championships, including our debut at the ISA National Ski Championships. At the ISA Area Cross Country Championships, we placed first and third in the Under 9 boys’ race, and seventh in the girls’ race. All three children qualified for the National Championships. Three children also qualified for the ISA National Swimming Championships. We hosted a Local Prep Schools Gala and Netball Tournament, strengthening relationships with neighbouring schools. At the ISA Area Athletics Championships, one child qualified for Nationals. All pupils engaged in house competitions across major sports, fostering school spirit and inclusive competition.

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. School highlights included

GOVERNORS’ REPORT (Continued)

11

THE ALDENHAM FOUNDATION

FOR THE YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS AND PERFORMANCE – Continued

‘Celebrate Our Heritage Day’—an annual tradition—World Book Day, Children’s Mental Health Week, whole-school elections, ‘Headteacher for the Day’, and the London Mini Marathon.

We developed our career-related learning throughout the year to raise awareness of the world of opportunities available to children, expose them to diverse experiences, and encourage them to believe they can be anything they aspire to be. Parents delivered several whole-school assemblies, sharing their career journeys and the skills required in their professions, all of which were linked to our school Core Values. Guest speakers included a minister, an army major, a GP, a radio presenter and podcaster, a surgeon, and a scientist.

Sarah Galpin began working closely with the Assistant Head Pastoral and the Director of Drama from the Senior School to enrich the experience for Prep children and to encourage pupils to continue into Year 7 at the Senior School.

Summary

2025 was a difficult year for the Foundation, as it was for all independent schools due to the introduction of VAT on school fees in January 2025 in addition to the removal of charitable rates relief and the increase in employer NIC. We had to make some very difficult decisions which affected pupils and staff, especially the closure of St Hilda’s School, that were not taken lightly but were taken to ensure the longevity and future of the Foundation.

The Foundation Leadership Team continue to monitor the 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. A “through” school approach is being adopted on the Aldenham site to ensure a smoother transition between years 6 and 7. Closer collaboration to share resources and best practice and develop a strong understanding of what it means to be an Aldenham pupil, have been at the forefront in our work throughout the year. It also gives our Prep School parents security in the pathway for their children and eases the pressure of moving schools.

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.

________________ 12

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW

Results for the year

The total net income for the year was £22.6m (2024: £23.2m) and expenditure of £23.3m (2024: £23.1m), resulting in an operating deficit, before investment gains, of £664,869 (2024: surplus £172,288), which translates into a decrease in operating cash outflow of £799,504 and a decrease in fund balances of £454,349 (2024: increase £704,370) 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, £305,820 repaid bank loans and £258,432 funded capital items.

In the year to August 2025 there were exceptional costs incurred in relation to the discontinued operations of £617k. There were other redundancy costs in the Senior School in relation to reducing costs in light of VAT being introduced.

With VAT being introduced on school fees, the Foundations became VAT registered in November 2025 and as such, comparison to the previous years on costs and income may be slightly misleading in the first year.

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 £17,537,347 at the year-end included £2,001,722 restricted funds and £15,535,625 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’s 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.

________________ 13

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

SECTION 172 STATEMENT

The Directors, who are the Trustees/Governors 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 its staff highly and recognises that it can only be successful with the support and loyalty of its 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 with and supporting 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, set 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.

14

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

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 31 August 2025 was for gas 3,490,349 kwh and for electricity 1,140,149 kwh. This equates to 82 tonnes less CO2e which is equivalent of an 9.8% decrease on last year’s figures. This reduction is again extremely pleasing and is testament to the Foundations ongoing drive to reduce our carbon footprint.

Over the past year, the Foundation has continued on the pathway to reduce our carbon footprint. This has included finalising the project to install new DACHS Gen2 CHP systems and boilers in the four boarding houses that has resulted in a significant reduction in gas usage. The aging and inefficient boiler system that feeds the Art and DT departments along with the Gilbert teaching block has also been replaced with more energy efficient units that are also hydrogen compatible. Lighting in all classrooms across the schools has now been updated to LEDs which, in addition to being more energy efficient, also provide a better quality of light for teaching and learning. The next phase of the programme is to replace the three aging boiler systems that provide heat and hot water in School House with a single and significantly more efficient system. We will also continue the window replacement and insulation programme based on the results of the thermal imaging survey results.

FUTURE PLANS

The Governors and the Senior Leadership Team held a strategy day in November 2025 to look at the longer-term strategy of the Foundation post VAT and looking at the changing landscape and risks to the sector. This work will help to determine the ongoing vision and strategy for the Schools and will be a focus for implementation over the coming terms.

We acknowledge the significant challenges and evolving landscape within the independent schools sector and remain committed to building a clear pathway for the Foundation to successfully navigate these changes with the support of the Executive Team.

As part of this work, and with capital available for investment from the realisation of the St Hilda’s site, the School has plans to enhance facilities for creative arts and sport in the coming years, which will be supported by a fundraising campaign.

Going Concern

The current biggest risk to the Foundation is fee affordability impacting the pupil pipeline. The Governors have reviewed the forecasts for the Foundation and the going concern report in some detail, prepared by the Foundation Leadership Team, and are confident that 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 as a going concern. In addition to normal school activities, it is anticipated that the St Hilda’s site will be disposed during the year and there will be cash proceeds from this that further strengthens this position. The accounts have therefore been prepared on the basis that the Foundation is a going concern.

15

THE ALDENHAM FOUNDATION

GOVERNORS’ REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

TRUSTEES RESPONSIBILITIES STATEMENT

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:

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: 9[th] December 2025

________________ 16

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 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated 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:

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

17

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:

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.

18

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: 16 December 2025

________________ 19

THE ALDENHAM FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 (Including Income and Expenditure account)

Notes
INCOME
School Fees
Ancillary income
3
Donations and Legacies
2
Investments
Rents and lettings
Other activities
4
Other trading activities
21
TOTAL INCOME
EXPENDITURE
Raising funds
Costs of financing and generating
funds
5
Trading Expenditure
21
Charitable Activities
Expenditure on education
5
TOTAL EXPENDITURE
Operating (deficit)/surplus
Net gains/(losses) on investments
10
NET (DEFICIT)/INCOME
Net Movement in funds
Fund Balances at 1 September
2024
FUND BALANCES AT 31 AUGUST
2025		 Unrestricted
funds
Restricted
funds

£
£
18,337,339
-
1,782,819
-
Continuing Operations		 Unrestricted
funds
Restricted
funds
Total 2025
Total 2024
£
£
£
£
1,699,102
-
20,036,441
20,447,435
84,584
-
1,867,403
2,057,437
1,783,686
-
21,903,844
22,504,872
-
8,338
101,663
157,306
-
-
174,438
148,671
879
-
63,676
82,305
11,960
-
35,614
17,992
-
-
337,061
335,239
12,839
8,338
712,452
741,512
1,796,525
8,338
22,616,296
23,246,384
-
-
376,942
495,579
-
-
202,822
209,202
-
-
579,764
704,781
2,543,474
8,338
22,701,401
22,369,315
2,543,474
8,338
23,281,165
23,074,096
(746,949)
-
(664,869)
172,288
-
-
210,520
532,082
(746,949)
-
(454,349)
704,370
(746,949)
-
(454,349)
704,370
-
-
17,991,695
17,287,325
-
-
17,537,346
17,991,695
Discontinued Operations
20,120,158
-
13,420
79,905
174,438
-
62,797
-
23,654
-
337,061
-
611,370
79,905
20,731,528
79,905
376,942
-
202,822
-
579,764
-
20,085,386
64,203
20,665,150
64,203
66,378
15,702
200,967
9,553
267,345
25,255
267,345
25,255
16,015,228
1,976,467
16,282,573
2,001,722

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 23 to 40 form part of these financial statements.

20

THE ALDENHAM FOUNDATION

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025

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
2025
£
19,466,300
4,754,902
24,221,202
7,606,723
4,872,420
12,479,143
(13,190,884)
(711,742)
23,509,460
(5,972,113)
17,537,346
1,695,739
305,983
2,001,722
15,535,624
15,535,624
17,537,346		 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		 FOUNDATION
2025
£
19,466,300
4,405,102
23,871,402
8,062,642
4,729,402
12,792,044
(13,135,830)
(343,786)
23,527,616
(5,972,113)
17,555,503
1,695,739
305,983
2,001,722
15,553,781
15,553,781
17,555,503		 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
16,015,227
16,015,227
17,991,695		 16,029,068
16,029,068
18,005,535

The result of the Group for the year ended 31 August 2025 was a deficit of £454,349 (2024: £704,370 surplus) and for the Foundation was a deficit of £450,032 (2024: Surplus of £704,446). The accounts were approved and authorised for issue by the Board of Governors on the 9[th] of December 2025.

___ ___ __ S Altman D Tidmarsh Governor Governor

The accompanying notes on pages 23 to 40 form an integral part of these financial statements.

21

THE ALDENHAM FOUNDATION

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

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
Monies refunded from 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		 2025
£
1,726,446
174,438
(258,432)
(347,616)
(431,610)
(305,820)
469,199
(496,481)
(1,761,239)
(2,094,341)
(799,504)
5,671,924
4,872,420		 2024
£
1,733,958
148,671
(764,679)
(425,048)
(1,041,056)
(272,559)
2,442,883
(859,507)
1,310,817
2,003,719
3,668,205
5,671,924

The notes on pages 23 to 40 form part of these financial statements.

________________ 22

THE ALDENHAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 up to August 2027 taking into account continuing cost pressures 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. The closure of St Hilda’s School has been presented above as discontinued operations on the SOFA.

The Governors are confident that, despite the potential reduction in pupil numbers for the sector as a whole 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

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 for the individual entities have been presented, as permitted by s406 of the Companies Act 2006. The gross income of the Foundation was £22,616,296 (2024: £23,246,384). The movement in funds (net income) of the Foundation was -£440,849 (2024: £704,370).

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.

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:

23

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

1.3 Expenditure (Continued)

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.

24

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

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 £4,754,902 (2024: £4,194,582).

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.

25

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

2 Donations and Legacies

Name of donor Restricted **Unrestricted ** **Total £ 2025 ** Total £ 2024
Richard Platt Foundation 27,310 - 27,310 25,380
ASWMEF 9,000 - 9,000 9,000
Martineau's Trust 12,707 - 12,707 11,787
Brewers Company 18,000 - 18,000 18,000
GCT
 1,075
 13,420
 14,495 86,639
Other donations and gifts
 20,150
 - 20,150 6,499
88,243 13,420 101,663 157,305
School Fees and Ancillary Income
Gross Fees
Less: bursaries and scholarships
Net Fees
Add Back: Bursaries/scholarships paid by restricted funds		 Continuing
Operations
Discontinued
Operations
Total 2025
20,191,532
1,729,888
21,921,420
(1,905,560)
(30,786)
(1,936,346)
18,285,972
1,699,102
19,985,074
51,367
-
51,367
18,337,339
1,699,102
20,036,441		 Total 2024
22,218,270
(1,833,612)
20,384,658
62,777
20,447,435

3 School Fees and Ancillary Income

4 Other Activities

A grant was received from the Ministry of Defence for the school’s Combined Cadet Force and will be used to fund facilities for their use. Money was also raised by St Hilda’s PTA and was used to fund some activities for the pupils and staff at the school in their closing celebrations.

26

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

----- Start of picture text -----
Foundation
5 Expenditure Continuing Operations Discontinued Operations
Staff Other Depreciation Staff Other Depreciation Total Total
5a Charitable activities costs costs costs costs 2025 2024
£ £ £ £ £ £ £ £
Educational activities 9,527,402 2,647,907 500,396 1,409,791 136,283 20,544 14,242,323 14,022,892
Welfare (including catering) 402,644 1,465,901 - - 238,210 - 2,106,755 2,056,428
Premises 828,433 1,510,376 985,086 95,088 133,629 39,552 3,592,164 3,889,588
Support costs of schooling 1,539,767 669,137 - 411,004 67,710 - 2,687,618 2,323,203
Grants, awards and funded
resources (Note 5b) - 72,541 - - - - 72,541 77,205
12,298,246 6,365,862 1,485,482 1,915,883 575,832 60,096 22,701,401 22,369,315
Cost of generating funds
Development office 18,923 10,402 - - - - 29,325 70,529
Bank loan interest and charges - 347,616 - - - - 347,616 425,049
Investment management fees - - - - - - - -
AEL/ASH Trading expenses 41,779 161,044 - - - - 202,823 209,202
60,702 519,062 - - - - 579,764 704,781
Total Expenditure 12,358,948 6,884,924 1,485,482 1,915,883 575,832 60,096 23,281,165 23,074,096
----- End of picture text -----

5b Grants, awards and funded resources - Continuing Operations

Grants, awards and funded resources - Continuing Operations
Bursaries and Scholarships
Prizes
Direct Teaching resources		 Total
Total
2025
2024
£
£
51,367
54,482

449
411
20,725
22,311
72,541
77,204

----- Start of picture text -----
6 Support costs Continuing Discontinued
Operations Operations Total 2025 Total 2024
£ £
Salaries 1,404,267 411,004 1,815,271 1,442,145
Staff recruitment, travel and
training 33,582 798 34,380 36,835
Communications & Network 187,128 27,312 214,440 237,217
Telephone, postage, printing,
stationery 46,826 8,459 55,285 72,674
Miscellaneous admin. Costs 368,700 27,016 395,716 361,445
Governance Costs 168,401 4,125 172,526 172,887
2,208,903 478,714 2,687,617 2,323,203
The total support salary costs is £2,012,771 however some staff costs are allocated into the Governance costs for the Bursar
----- End of picture text -----

The total support salary costs is £2,012,771 however some staff costs are allocated into the Governance costs for the Bursar and the Head of Foundation.

27

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

7 Operating Profit

This is arrived at after charging the following:

----- Start of picture text -----
Continuing Discontinued
Operations Operations Total 2025 Total 2024
£ £
Depreciation 1,485,482 60,096 1,545,578 1,488,305
Operating Lease Expenses 250,193 2,530 252,723 302,673
Fees payable to the company's auditor for audit fees 39,349 4,125 43,474 49,080
Fees payable to the company's auditor for other services - 8,154
1,775,024 66,751 1,841,775 1,848,212
----- End of picture text -----

________________ 28

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

8 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 staff working at the school
Other staff costs		 Continuing
Operations
Discontinued
Operations
Total 2025
Number
Total 2024
Number
169
15
184
181
5
-
5
4
66
21
87
94
240
36
276
279
Continuing
Operations
Discontinued
Operations
Total 2025
Total 2024
£
£
9,018,860
1,258,176
10,277,036
10,082,730
1,074,013
146,024
1,220,037
1,066,624
1,967,330
224,625
2,191,955
1,943,758
12,060,203
1,628,825
13,689,028
13,093,112
63,738
3,380
67,118
81,068
235,007
283,678
518,685
208,013
12,358,948
1,915,883
14,274,831
13,382,193

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

Total 2025 Total 2024
£60,000 - £70,000 37 28
£70,000- £80,000 9 7
£80,000- £90,000 6 4
£90,000- £100,000 1 0
£100,000 - £110,000 0 1
£110,000 - £120,000 0 1
£120,000 - £130,000 1 0
£140,000 - £150,000 1 0
£170,000 - £180,000 1 1
£180,000 - £190,000 1 0

The aggregate amount of total employee salary and benefits for the Key Management Personnel/Foundation’s Leadership Group (FLG) was £1,059k (2024: £871k). This amount included PILON and redundancy costs of £154k (2024 £75k). The FLG do have other teaching and support responsibilities.

All but 2 (2024: 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 £21k were made on their behalf.

________________ 29

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

9 Tangible fixed assets

Cost
At 1 September 2024
Transfers
Additions
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Transfers
Eliminated on disposal
Charge for the year
At 31 August 2025
Net book value
At 31 August 2024
At 31 August 2025		 Land and
buildings
Assets under
construction
Sports pitch
and
equipment
Library
Fixtures,
fittings &
equipment
Motor
Vehicles
Total
£
£
£
£
£
£
£
28,313,260
172,056
1,474,208
25,000
5,343,076
367,661
35,695,261
(6,905)
(172,056)
178,961 - - - -
- -
55,300 -
145,733
57,398
258,432
(25,148) -
(50,975) -
(448,376)
(24,990)
(549,489)
Group
28,281,207 -
1,657,494
25,000
5,040,434
400,069
35,404,204
(9,976,137) -
(968,342) -
(3,781,608)
(215,726)
(14,941,813)
2,339 -
(2,339) - - - -
25,148 -
50,975 -
448,376
24,990
549,489
(1,023,375) -
(91,432) -
(364,891)
(65,881)
(1,545,578)
(10,972,024) -
(1,011,138) -
(3,698,124)
(256,616)
(15,937,902)
18,337,123
172,056
505,866
25,000
1,561,467
151,934
20,753,446
17,309,184 -
646,356
25,000
1,342,310
143,450
19,466,300
Cost
At 1 September 2024
Transfers
Additions
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Transfers
Eliminated on disposal
Charge for the year
At 31 August 2025
Net book value
At 31 August 2024
At 31 August 2025		 Land and
buildings
Assets under
construction
Sports pitch
and
equipment
Library
Fixtures,
fittings &
equipment
Motor
Vehicles
Total
£
£
£
£
£
£
£
28,313,260
172,056
1,474,208
25,000
5,321,875
367,661
35,674,059
(6,905)
(172,056)
178,961 - - - -
- -
55,300 -
145,733
57,398
258,432
(25,148) -
(50,975) -
(448,376)
(24,990)
(549,489)
The Aldenham Foundation
28,281,207 -
1,657,494
25,000
5,019,232
400,069
35,383,002
(9,976,137) -
(968,342) -
(3,760,407)
(215,726)
(14,920,612)
2,339 -
(2,339) - - - -
25,148 -
50,975 -
448,376
24,990
549,489
(1,023,375) -
(91,432) -
(364,891)
(65,881)
(1,545,578)
(10,972,024) -
(1,011,138) -
(3,676,922)
(256,616)
(15,916,701)
18,337,123
172,056
505,866
25,000
1,561,467
151,934
20,753,446
17,309,184 -
646,356
25,000
1,342,310
143,452
19,466,300

30

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

----- Start of picture text -----
10 Fixed asset investments Group Aldenham Foundation
Total 2025 Total 2024 Total 2025 Total 2024
£ £ £ £
Investment in subsidiary: Aldenham Enterprises Ltd - - 100 100
Investment in subsidiary: Aldenham Schools Holdings
- - 100 100
Investment in subsidiary: Aldenham Schools Holdings
350,000 350,000 - -
Listed investments:
Market value at 1 September 2024 4,194,382 3,662,300 4,194,382 3,662,300
Additions at cost - - - -
Additions: dividends and interest received reinvested - - - -
Deductions: investment management fees - - - -
Movement on valuation in year 210,520 532,082 210,520 532,082
Market value at 31 August 2025 4,404,902 4,194,382 4,404,902 4,194,382
TOTAL 4,754,902 4,194,382 4,405,102 4,194,582
Historical cost of investments:
At 31 August 2025 2,927,644 2,927,644 2,927,644 2,927,644
At 31 August 2024 2,927,644 2,927,644 2,927,644 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.
----- End of picture text -----

11 Debtors

Parent and trade debtors
Other debtors
Prepayments
Amounts due from fellow subsidiaries		 Total 2025
Total 2024
£
£
6,215,931
346,203
229,109
100,806
1,161,683
800,916
-
-
7,606,723
1,247,925
Group		 Total 2025
Total 2024
£
£
6,115,330
155,091
204,173
100,680
1,161,683
800,916
581,456
494,858
8,062,642
1,551,545
Aldenham Foundation

The substantial difference between parent debtors between 2025 and 2024 was due to the introduction of VAT and invoices being raised in August 2025. The corresponding deferred income is recognised in creditors on the balance sheet and the output VAT is also a creditor on the balance sheet. Ongoing the variance will be reflective of this new presenation and will not generate a substantial variance.

31

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

12 Creditors: amounts falling due within one year

Bank loans
Taxes and social security costs
Other creditors and accruals
VAT Liability
Trade creditors
Refundable deposits
Fees in advance
Advance fee scheme
Intercompany		 Total 2025
Total 2024
£
£
440,607
440,607
380,412
261,402
7,300,798
1,031,246
1,251,814
-
963,172
522,997
1,440,778
1,455,333
308,370
1,343,010
1,104,933
1,704,054
-
-
13,190,884
6,758,649
Group		 Total 2025
Total 2024
£
£
440,607
440,607
380,412
261,401
7,267,300
1,014,028
1,243,635
949,795
415,361
1,440,778
1,455,333
308,370
1,343,010
1,104,933
1,704,054
-
-
13,135,830
6,633,794
Aldenham Foundation

Bank Loans

The bank loan is the capital amount due within one year

Other creditors and accruals

Included in this figure is the deferred income as mentioned in note 11, of deferred income of £6,477,728 for billing for the following academic 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,

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. The movements in the year were:

Balance as at 1 September 2024
Monies deposited into scheme
Monies refunded from the scheme
Amounts utilised in payment of fees
Total advance fee creditor at 31 August 2025
Utilised within 1 year
Utiliesed inmore than 1 year		 Total 2025
Total 2024
3,920,692
2,337,316
(496,481)
2,442,883
469,199
-
(1,761,239)
(859,507)
2,132,171
3,920,692
1,104,933
1,704,054
1,027,238
2,216,638
2,132,171
3,920,692

The amount refunded from the Advance Fee Scheme was in the main as a result of the closure of St Hilda's School.

32

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

13 Creditors: amounts falling due after more than one year

Total > 1 year
Bank Loans
FIA > 1YR
Other creditors and accruals
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		 Total 2025
Total 2024
£
£
5,972,113
7,467,334
4,944,875
5,250,696
1,027,238
2,216,638
-
-
5,972,113
7,467,334
440,607
440,607
440,607
440,607
1,321,821
1,321,821
3,182,447
3,488,268
5,385,482
5,691,303
Group		 Total 2025
Total 2024
£
£
5,972,113
7,467,334
4,944,875
5,250,696
1,027,238
2,216,638
-
-
5,972,113
7,467,334
440,607
440,607
440,607
440,607
1,321,821
1,321,821
3,182,447
3,488,268
5,385,482
5,691,303
Aldenham Foundation

Bank Loans

The bank loans are secured on the freehold land and buildings at the School. The loans outstanding at 31 August 2025 secured on Aldenham School represents 31% of the carrying value of the land and buildings of the schools.

A new bank loan agreement was signed on the 29th 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 £7,374,314 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

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 > 1 year. The movements in the year are detailed in note 12.

________________ 33

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

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 £1,837,470 (2024: £1,633,749) and at the year-end £210,473 (2024: £206,044) was accrued in respect of contributions to this scheme, included within taxes and social security costs in creditors.

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. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and 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 £358,411 (2024: £309,590) into the scheme and at the year-end there were no contributions remaining outstanding (2024: Nil). These amounts include charges and liabilities relating to the Foundation’s auto-enrolment arrangements that applied with effect from 1 April 2014.

________________ 34

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 2025 and 31 August 2024 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:

Balance at 1 Incoming Resources Investment Balance at 31
Sept 2024 resources expended gains/losses Transfers August 2025
Fund £ £ £ £ £ £
Jukes Fund
Aldenham School General Charitable Trust
Sundry Donations Received
Brewers Company General Charitable Trust
Annual Fund
Whitbread Fund
Richard Platt Foundation
ASWMEF
Martineau’s Trust - Prizes
Martineau’s Trust - Scholarships
Martineau’s Trust - General Fund		 190,336
0
-
26,916
199

40,346
-
-
1,379
21,552		 -
1,075
20,150
18,000
-
27,310
9,000
449
3,632
8,626
 -
(1,075)
(20,150)
(18,319)
-
(21,389)
(9,000)
(449)
(2,159)
-		 9,553
-
-

-
-
-

-
-
-
-		 -

-

-
-
-
-
-
-
-
-		 199,889
-
-
26,597
199
46,268
-
-
2,852
30,178
280,728 88,243 (72,541) 9,553 - 305,983

Donations received from Aldenham Foundation General Charitable Trust (AFGCT) totalling £14,495, £13,000 funded a bursary for a pupil and the remainder funded departmental resources, of which £1,075 was received into AFGCT for restricted purposes. The total bursaries and scholarships funded by donations totalled £51,367.

________________ 35

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

17 Analysis of net assets between funds

Fund balances as at 31 August 2025 are represented by:

Group
2024
2025
Tangible assets
Investments
Other net current liabilities
Creditors: amounts falling due > than 1 year		 Unrestricted
Restricted
Endowment
Total
£
17,770,561
0
1,695,739
19,466,300
20,753,446
4,555,013
199,889
0
4,754,902
4,544,382
(817,836)
106,094
0
(711,742)
161,200
(5,972,113)
0
0
(5,972,113)
(7,467,334)
15,535,625
305,983
1,695,739
17,537,346
17,991,694

----- Start of picture text -----
Aldenham Foundation
2025 2024
Unrestricted Restricted Endowment Total £
Tangible assets 17,770,561 0 1,695,739 19,466,300 20,753,446
Investments 4,205,213 199,889 0 4,405,102 4,194,582
Other net current liabilities (449,880) 106,094 0 (343,786) 524,841
Creditors: amounts falling due > than 1 year (5,972,113) 0 0 (5,972,113) (7,467,334)
15,553,781 305,983 1,695,739 17,555,503 18,005,535
----- End of picture text -----

18 Net cash inflow from operating activities

Reconciliation to net incoming resources:
Net incoming resources before investment gains
Investment income
Financing costs
Depreciation of tangible fixed assets
Loss on disposal of fixed assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors		 Total 2025
Total 2024
£
£
(664,869)
172,288
(174,438)
(148,672)
347,616
425,049
1,545,578
1,488,305
0-
(6,358,797)
146,255
7,031,357
(349,267)
1,726,446
1,733,958

________________ 36

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

19 Commitments

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

The Charity has annual commitments under non-cancellable operating leases as follows:
Within one year
Between two and five years
Over 5 years		 2025
£
126,634
130,150
-
256,784		 2024
£
207,926
174,815
1,288
384,029

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.

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 £1,915 for travel and accommodation (2024: £1,455).

There were no transactions with parties related to the Board of Governors during the year (2024: £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 £16,384 (2024: £86,639) from the Trust.

Aldenham Enterprises Ltd

During the year there were intercompany transactions with Aldenham Enterprises Ltd amounting to £65,081 (2024: £37,969) for salary recharges and other intercompany items. In addition to this the annual profits of £128,554 have been accrued and included in the intercompany debtor balance at the year-end of £213,354 (2024: £130,916).

Aldenham Schools Holdings Ltd

During the year there were intercompany transactions of £4,160 and at year end the intercompany debtor balance was £368,102 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.

37

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

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 2025 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
2025
2024
2025
2024
£
£
£
£
337,060
335,239
-
-
(208,506)
(214,127)
(4,316)
(4,224)
(128,554)
(121,965)
-
-
-
(853)
(4,316)
(4,224)
267,982
255,422
350,572
350,650
(265,830)
(253,270)
(370,680)
(366,442)
2,152
2,152
(20,108)
(15,792)
100
100
100
100
2,052
2,052
(20,208)
(15,892)
2,152
2,152
(20,108)
(15,792)		 AEL
ASH
2025
2024
2025
2024
£
£
£
£
337,060
335,239
-
-
(208,506)
(214,127)
(4,316)
(4,224)
(128,554)
(121,965)
-
-
-
(853)
(4,316)
(4,224)
267,982
255,422
350,572
350,650
(265,830)
(253,270)
(370,680)
(366,442)
2,152
2,152
(20,108)
(15,792)
100
100
100
100
2,052
2,052
(20,208)
(15,892)
2,152
2,152
(20,108)
(15,792)
(853)
(4,316)
(4,224)
255,422
350,572
350,650
(253,270)
(370,680)
(366,442)
2,152
(20,108)
(15,792)
100
100
100
2,052
(20,208)
(15,892)
2,152
(20,108)
(15,792)

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.

________________ 38

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

__________________

23. Consolidated Statement of Financial Activities for the year ending 31[st] August 2024:

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

________________ 39

THE ALDENHAM FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

24. Restricted funds 2024:

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

Fund balances as 31 August 2024 are represented by:

GROUP
Tangible fixed assets
Investments
Other net current liabilities
Creditors: amounts falling due after more
than one year
FOUNDATION
Tangible fixed assets
Investments
Other net current (liabilities)/ assets
Creditors: amounts falling due after
more than one year		 Unrestricted
funds
Restricted
funds
Endowment
funds
Total funds
£
£
£
£
19,057,707
-
1,695,739
20,753,446
4,354,046
190,336
-
4,544,382
70,808
90,392
-
161,200
(7,467,334)
-
-
(7,467,334)
16,015,227
280,728
1,695,739
17,991,694
19,057,707
-
1,695,739
20,753,446
4,004,246
190,336
-
4,194,582
434,449
90,392
-
524,841
(7,467,334)
-
-
(7,467,334)
16,029,068
280,728
1,695,739
18,005,535

40