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||Page(s)|
|---|---|
|LegalandAdministrativeDetails|3|
|Reportof theCorporate Trustee|4-8|
|lndependentAuditor'sReport|9-11|
|ConsolidatedStatement ofFinancialActivities|T2-L3|
|Balance Sheets|L4|
|ConsolidatedStatement ofCash Flows|15|
|NotestotheFinancialStatements|t6-28|





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|AshridgeCTLimited directors|MrUlf Sandberg||
|---|---|---|
||Mr AjayGundecha||
||Mr Jeffrey Allen||
||MrPaulCoen|(resigned26/03/2020)|
|Charitynumber|311096||
|Registeredoffice|Ashridge||
||Berkhamsted||
||Hertfordshire||
||HP41NS||
|Actuary|Mercer||
||TowerPlaceWest||
||TowerPlace||
||London||
||EC3R5BU||
|lndependent auditors|KnoxCropperLLP||
||65LeadenhallStreet||
||London||
||EC3A2AD||
|Bankers|Lloyds BankingGroupplc||
||205HighStreet||
||Berkhamsted||
||Hertfordshire||
||HP41AP||
||SantanderUKplc||
||2TritonSquare||
||Regent'sPlace||
||London||
||NW1 3AN||





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|President|DrStephenHodges||
|---|---|---|
|ChiefAcademic Officer|DrJohanRoos||
|DeanofFaculty|Dr DinaDommett||
|AssociateDean|Mr AndrewHyams||
|ChiefFinanceOfficer|MrsEmilieMcCarthy|(appointed 01/ot/20201|
|Senior DirectorofResearch|Miss NadinePage||



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## 

||||[:lnre,stni]cted|JEI$Tctaj|
|---|---|---|---|---|
|||F.i'+te|Fu,nds|f-Utl0!|
||||f'ssO|{'sss|
|tercon:e:|||||
|ltl{.pn?f,.}€j'G$}chg,nflrbJesr#b:i#es:|||||
|Fees.fr*nledurati'lnaI Frqgrtsmn'le5||||4t-9R|
|fnrsnreJrr=i.n*iherfrcdingrrcfir':'fie:::|||||
|f,+nr*rerciai,tradingop.eratir:n:|||||
|fnve:rtmrntlnrome|||1.3|1.3|
|f,otalInc.*me|||qF33|904.-33|
|Lrpendiur*l|||||
|Erpenciiture,:'nrharitahieactiuities|||{4,73xJ|[4,731]|
|Er:penr:iiirrr* *nather tradingacti*ili*--:|||14.8151|14.615)|
|Y*ta:lexpenditure|||{s"3451|{9"3sSl|
|Neti:n*+mle||||qf|
|Gfhrr€rsEn,-+r-dgrniasr{,'ossesi-|||||
|Acr:uari+lgdin'ronAFIpension||||:1"758|
|Frneignerthangeir:sse:|||f3s]||
|FdEtmslierrrentinfirndt|||]"8S,b|3oE$6|
||[.inrestristed|Designated|ftestricted|tr*nl3T*tal|
||Fundr|Fundr|Fundr|Funds|
|rtErr:ncrl.is'f:jrndfunds:|f'c*c|f'*sdl|fltls*|€'ss*|
|Tr:iaifund:s.hr*ughtf,:rw*rd|J"ES3|<br>LG.rlS,S||t2,tl3|
|lletnr,:lerrentir{rncls|? AinE||||
|Tot*lfundsmrliedforu*ard|5.498|1$.SOS|DA|16,5?E|





## 

## 

|||f.ontfnuingI|||||
|---|---|---|---|---|---|---|
|||operationsI|<br>Oir.ontilrued operations||||
||||||End*vnrnen'tFund||
|||Unrestrictedunrestrirted,||Festri'cted|8*Rev,aluation|2*1*T*tal|
||NDte Funds<br>t'*,**||Fund,5<br>{'ostr|FunrJ*<br>€'sso|Rererue<br>l'osfl|Fu*ds<br>€',ttfi0|
|luilsrn e:|||||||
|G+natir:ns|t6|||||a|
|llr-.omerfioo:ihs/'ta blesrir:'Jnes:|||||||
|F*egirnmeduc;tirrn*I Fr'+gr*ft'lme5||I,O4A|3nf i|||5RF.q|
|l'r:rf-}r.r,rto.nrirttr'rtrcdlngc'cfiur'fier.-'|||||||
|Comra*rriajtradingcperatic.r'::|||t s,381|||{O,-aO!|
|inBe5lffentinc+nre||||||7|
|l-lther!nconr.e|||iqfl||||
|Trtat inr*n:e||],855|34;974|||s7,8,3t|
|Experrd:iture:|||||||
|E:penrJrtirr'r onrharihblearl:lvities||{5"18x}|[].r-xl5l|||ls,DqDJ|
|Expeniit'"rrer:itr*thertradi ngarti\citips|||l:r,68ts.1|||i3/,trcol|
|iltheresp.endlture|||||||
|T*talexp.enditure||f5,TerJ|{30.743}|Irll||135.s451|
|Fdet{expenditure} incom e||tu,s3,6l||f31||1,t9J|
|iSibfrrEfoE?.l:rsidqrrinSy'li:sresJ-|||||||
|Act'"iar,alfsssescnA,FSpen:'+n||l7'44+J||||t5.se.F)|
|Fc'reigneechangi:lorses||{7+i||||i7,t]|
|NetFnnrrerfienti:nfun*is||{8?as4:||(3)||ErI,66,6l|
||||||End,swffetltFund||
|||Unre:tr:ic.ted|Se.rignated|Restrir:ted|&Revaluation|2*19Tota:l|
|||I'und$|Furrds|Funds|F[eserve|Funds|
|fier-,sncilil:firnojJrrn ds-||f '*,s*|s'ssfi|f'0G0|l'oss|f',ss*|
|ll,rtrlfund.: broughtfo,r,'uard||{6,*1{ll||B'$|||
|I{etrn$vem€rtin fr:nd:-rrintinuingrrFeralisfis||iB.B54]||||lE.E9.11|
|lletnrovement:lnfunC:-dssrrrntinued|cpereiir-rns||||||
|Reciaslifrcati,ln-EalesfHou.re||1" ?Cq|||I t t lhht||
|Tsiait{undscarried{*ruard||zrSs?|10,ss0|a!||72,773|





## 

|||Nate|6roup<br>2*2S<br>r'sos|tA19<br>c'sil0|TrH,si<br>'LezA<br>s'.s00|2*rg<br>{'ss0|
|---|---|---|---|---|---|---|
|Fixe{tsr.E€*s,'|||||||
|in!.restrn€ntsinsubsidiarle.:||a|||||
|T*t*lfixrdassets|||||||
|{&rrsfi{es"r€f.g;<br>Debt*rs|||f;q?-!|'iil157|6,17?|:S,r.E:|
|fashat bank and in hand|||L*.,G2I|1.1,3!5|1*.ill3|11,3S5|
|Tc,ta{current ar*ets|||5.,6,9{E|I1,55:|16pS4|?1,54?|
|Crsdltors:amnr,rntsfatXing<br>8{et{urre*tdssets|duelu;3lhinsneV€ar||liqdai<br>13,05{|t7"3!=l<br>14,337|{3,75$}<br>!,'3..$54|i?,33*J<br> t4,337|
|Totalasse-trtarscurrentHabititie.:|||1*,S54|tr4.S3?|<br>13rO54|14,35?|
|U55dpfirued hlenefitp*nsiionschernnproulsir:n<br>AFSdefinedL:r*nefitprnslonsch*mea.:set<br>tltetds€et5|||{l.4:Lfll {}.,6s1"}i1,,{18}<br>{,.843<br>37<br>4"943<br>16,5?$1rr77.5<br>1615?$|||{r".Fsl1<br>37<br> 12.n3|
|?lQej.updseft&tdr*rify;<br>Unrestrid*dfunds<br>srsignatedfunds<br>Restrirledfunds|$en*rai<br>R*serrrh<br>Restilrat3an||6.4S8t,6S2<br>t8"ftes18,,t]*C<br>81<br>8:,.||6,48$ !s,&*s<br>81|},FS?<br> x&"&s8<br>81.|
|Tntalcharityfund:|||16,57S|g?,7r3|1.6,5t9|13"??3|





## 

## 

||||tsZtl|psga|
|---|---|---|---|---|
|||?cl*te|{'st}s|{'$s8|
|fashf[*l..,lfrsnror]erating a{tivit.ies:|||||
|N*tc,arEhpr*videdhy(usedini*peraiingeativit.ie,s||A|{r.3.s.sl{rrel||
|Cashfl,o$ds{rnfiiinvestjns a{t.ivities;|||||
|ln\,e5tn-rent"ntfrfttertce;l'ed!n'/EBr"||||I|
|Frnceeds{rr=m:a:lenfrubridinr",,Fr':pert!'=nd*penbu:}trel:|||||
|FurcheEe,:ft*ng?b,ielint*ngib:le e:sets||||(+cB!|
|Fietrarhprovldedhyfusedin,J frerninve:ting artiuities||||9o?99|
|[b:sh ftsra/sfr*mflnancinsa{tivitiEs:|||||
|Rei:eTnrentr:rfahiigat?rnrunderhilrrpurrharear-:dflnen':eieaseronlrartE||||t56J|
|Netr+shprovidedhvfusedinlfinancinga,ctivkie:||||{561|
|Cha,ngein.rash[nthereportingper,iod|||(r.3ESl|r?l1{|
|f,.a:shatthebegin*ing oftherepeirtlngperiod|||||
|Carsh*ttFre*ndoftherepcrtil'lgperi*d|||x-o,sJ7|f1.395|
|Nete A:Recsncili:ation,ofn,e't.lnc$fii*1f exp,enditureltcnetcdsh,flo'.vfr+n'r*rleratine adti*hies|||||
|Ne{ inc*n'ringrps$urcesfr*rne'rlucat:i*rn*tardrelated activitie*|||||
|.Adjustm*ntsfor:|||||
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|Frrfrtn,ndisp,:.sair-rfrublidiary,pr,rp.erl.1,'andcop.enhusines.s|||||
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|G;,nc-rdr:Fr-rsaIoti.reC:slel:|||||
|'JA;nrlre[|]],erPd||||5F.|
|D.errea:ein:tsrk|||||
|DErrearil in dehf*rs|||3,3 B6|1]l|
|IDerrila:r.efur:nf,redleIntredtl*rs||||?.4fr3|
|Ariditlr:rralprn:i*nr*ntributiens||||dt613,1:|
|Fensl*n,ccirl-sreiatingt*drfinedi:er-refitplans:|AFSad m!n irtrstl*trrr:s.tE||ts1||
||AFSfinancr:{EaSnJ,/c*,st||{3:19}||
||fu,l*v*r'$rfitIniJ$S||(184!|l-.trii|
|Fc'f,e;gflrrrhange,l osse,s|||[3s]|i?4j|
|F,Jetca":hp*rovid.edbyfu.r*dinlcoperatingrotiv'itier|||(1,3sSl|{r251|
|NsteB:Analvsl* afc*tharl:tdr'a,sheo,uixafents|||||
||ilt|O31s1/3*<br>{'s&s|fash,FI*rvAi<br>f'{3*s|31-/ttf2*<br>{'o**|
|Celhatban,kand inhariti||IX,395|{1,3581|i$"0?7|





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## 

## 

|||rs2*||?*1S||
|---|---|---|---|---|---|
|||€'&*#||{'fts*||
|fnrcflte||||||
|Quaiifirntiran p,r*granrrne:{?fi19|:.ilpen,QualificationsJ|4.*34||qnf,o||
|f,.u.Etl:mandcrlnsuilting||q tQ?||21.565||
|Frc{it'rnd?s.po:a9 of:s.ubsidl*ry,|p,roFertldand,:p.enburgness|||||
|0thelactirrrtiel||||6'824||
|lnverlnreltincrlrnr|||!a|7||
|||9,.&?,3||37,A37||
|Expenditune||||||
|Staffr'rEk.Enrtrudingpen:.ion||16,,D571||i17,r7E!||
|Associatesandag*ncystaff||[3,6,']'G,l||{8.:.87}||
|Dtherdirectcrfstc||||tz, ql_'c|J|
|&,{arketi ngsndb,u.:rness devellnp.nrert||r{|)q)|{t.6,r-3}||
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|APSpen:ir-n ndnrinrrstriltisn *nd financecosts||i+D||lGr+l||
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|||f9.3461||{35,5.45}||
|Net inromeperStatem,ent o{F:inanciblAtti'.ritie:|||8;|4?Of,||



|tradlngl:rrlfllstrrth*Trust:ubjecttoGiftAid.||||||||
|---|---|---|---|---|---|---|---|
|||I*r*||I||?*19||
||AEsLtd||TctaI|AE&SO||A$h.1{|tcltal|
||['s&o||€"oofl||{'ssfi|f'soo|€'&&*|
|in [*rfl€|frJaf,||:,5Ei,a||Jl,erll|356|28,381.|
|tr.nendiitury<br>.$urptrr.<br>Pr:natl*n:ubjectt*giftaid|{4.6s5l<br>l5a<br>{rEe}||f4.6151<br>76S<br>(768}||i:l"1t8J<br>7t17<br> <br>{rn*l|{55.4i<br>-|{3l.5l,li<br>r'-+^t<br>L/iul<br>707|
|Delic't,:nordir,aryaclr{i:iEs|||||f3l||l3l|





## 

|Lr:p:enditu re:ltrcluces:||Grr*up|Grr*up||Trust||
|---|---|---|---|---|---|---|
|||3020<br>t's$s||?sts<br>€'+{ffi|?*?*<br>€'sss|?*!9<br>s'*s*|
|.nrpairnreni ol:*ade'erervahJes||f<br>!|c<br>J|aa<br>az|t5|::|
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|ffp*n*tlngieasel||-56<br>qqz<br>q5|||-i$ 95|173|
|||||Supp*rt|||
||Sire*:t|||c*st|||
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|Expend:itureon charitab{eattivRies|||||||
|Qua1if?cationFrr:gr*mine:s|1,t1.1|1,F61||Is1$]|||
|raiitiI\]||3.632||[1,65d-]j|1,Lrtl|/r\<br>!i.l|
|- ---,-a<br>tsil:tdiLtl|la|||i1h.'rl|361|I.lll--!|
|ff.,,*rhead:&:Fariitliel||I r1- -||iJsill|f,i7|736|
|f.ustofir &Cp.enFrogran:n'l*s|ar?a|||{s?El|,+r|3"531|
|AF!c\ U55YinsiCnP,!LCnArge|||||lis+\<br>I,J-IAI|a'jj<br>JJJ|
||Jr?4J,|5.1*6c$||{3"S76J|41731|Brs66|
|Expenditr.rres*athertradlnga*ti:r*it:ie.r|||||||
|LuEi+tarFr0penFrr:gran'lnnr:||||qfF.|1,515|I:.X31|
|Tearhrns rrreic|||||||
|V:rj:ua3.4:hridgt|||||||
|fuenb.*(],-.irferett ceg|||||-|-4,:},/5|
||||||_|'afi<br>zJ$|
|[:r:aching|||||-|45F|
|p.3Fia|||||-|ftE|
|||||3,r975|4,615|371668|



## 

|SaIaries, wages andrelat*dpeTr,=ii cnsts.Snrtrudingsuirsidiary undr|rlnkings.anr,]unte'dte||
|---|---|---|
||?st*<br>f'sss|'zsls<br>g.*tls|
|laJas-iesandlor*ges<br>Sociai:*curitycorts|cf,1?<br>5{1..t|"t1qfrfi<br> <br>t3s5|
|Penst':n c,:Et:|ta!|{ hra|
|TlrrmrnEtiDnpayr:fl Enf-r|||
|Defrnedbenefit<br>=riremeadn"ii tr istratir:nc':sts|6nJ48|17"528|





## 

## 

|contrlh,utirrns]paidtohighpeidmrr*l+ersi:fstafffsflsin|tr:tirefcl{*wingbands:|||
|---|---|---|---|
||202*|JSlS||
|t brj,LrLr: - !,ir_F.LA_t\j|||F|
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|{4]}*,*$X-f+irl,,D**|||1|
||||55|



## 

|lte#rrlEi-sinrlu,Ce:rEmuneratl*npreuid,edtr=lt:eynranag|,ententpercr:nnelar{r:,i{o*,:s||
|---|---|---|
||2*l*|utlt€|
||f's{r*|f'ss*|
|Salariesand.,,.:ager|11,3|1.1j]f.|
|$r:rirI:.erurifyrr:-:tr|||
|FrnSiBn r:*s.t!|6a||
||65f|1,345|



## 



## 

## 

|9. Deb,tcrs|||||
|---|---|---|---|---|
||firaup<br>I,$2S<br>f"&{ss|r01E<br> f'sss|Tru,st<br>?sto<br>€'*ss|lsL$ €'s*0|
|Tradt debt,rrt|?.x5?|1815|.L,/,1il|-L.5rf|
|Ar*ountrduefrr:n:grrrupund*rtakingr|||tt1|l|
|Oihrrdebtr:rr<br>Frtp.a'n,nr*nlsandaltruedi ntr=nre|tla|"frqq|1-!q<br>186|3 Aqq<br>181|
|Oth*rfina nr!aiinrtrum.ents|4.t$1-1|<br>5,5*G|d5{l{-}|q 5firf|
||6"911|x#"157|6"]It|te"lsl|



|90"freditc,ns:a$ioilntifd,[tr'[:]gdile i#ithilrcnEye'*r|||||
|---|---|---|---|---|
||Gr*up||Trurt||
||I*2*<br>€'os*|l$l$ f'&*s|l,S2,B<br>€'$*s|3,*!.8<br>{'*8*|
|Tradecredftr:rs|4trS|t,Ao:|214|X,88,9|
|Fayrnentsr,ereiled*nEct*unt f,rrrr:ntr*rts|||-|14|
|Ta.x*iisn and s*riaBsffurit?|a.4:<br>u+-l|{ 41 ?|||
|*therrr*ditor.=|IJ||t;||
|Arrruan.sand deferred3nc,:r*:*|t,825<br>3nE4-4|d,?87<br>7,2L5|3,8]5<br>l"fss|4,215<br>1,21O|



|11.De{erredRenenue F$*vern:ent|||||
|---|---|---|---|---|
||Grfl$p||Trilr+||
||E*ZS|t's1s|JG.Z*|Z,SIS|
||{'&s*|€'*8$|€'&**|€'0{m|
|Spen,ingbaFance|3.44L|3,,4i12|||
|Arr*untsreleasedfr,:n:prioryear<br>lrrrome deferredin crrrentyear|{1.1S8J<br>-l.,usl||}.23'l}<br>J,1BL|[r"1*BJ<br>u.olt|{]."fii13}<br> n,*1u|
|AE&nDb,a9ancrE,:idJID*ren"rber3fi1.9|-|(r.sil3l|||
||2j0s|?.441|1,.3s5|IJ.a.!|





## 

## 

|Atllanuery2OIll|{,Gff}<br>3.,6el|
|---|---|
|Unlvinding*fdisc'runt{arter|JJ|
|Deficitcantr! hutl,rn::p:aid<br>Changeinenpectrdccniributionc<br>4t.31SererubertS20|{6s}<br>{r471<br>__l4rt|



## 

## 

## 

|assetsand liabilitiesas awhole:|||
|---|---|---|
||2019|2018|
||fbE*Eiansf|bitlicrns|
|Scheme assets|E3.l|E4f;D|
|T,*taIscherne$iab*Iities|f67.31f67.s)||
|FnS 1O2totalschem,edeficit|(3.61|<br>{7.51|
|FAStO2tata,l fundh:rglevef|95%|$g%|





## 

## 

## 

|Thecurrent iifeenpectancie5Dnret.!reffirntateg* 65are|||
|---|---|---|
||3*1$|2018|
|Itr'lei*-Ecurrentiyaged E5('gears!|?d d|]if.q|
|Fenra$ercurrentl,laged 65{yrarrJ<br>fu'l*i,escurrentlyaged'15(y,earlJ<br>Fenr;)rr:rurrentlyaged 45{yrarr]|35"9<br>th"3<br>I7.l|16",ft<br>36.5<br>d*7.8|
|l';e! di:LinrLlt.iJrr:u5€dEre:|tct*|r*sg|
|Sic.crfuntrete|3..+GP;|?"S5,qi|
|RFilrrllElinnrdte<br>fFliriftrati':n rele|3.98F;<br>3.i1ft7"|:1,*5H<br>2.35*t|



## 



## 

## 

## 

## 

|Principalactuarialassumptions||||
|---|---|---|---|
||lsr,0|20tq||
|8i=r,:uniratef,rrsrherrrelieLliiltirl|!-{U/C|A<br>!|tlf€i<br>\J)<br>!7|
|Fensions !npepnrentinrrraserat:,|f dJ-lq:|?fqq:||
|Frice inf$atirrn rste:f,Ft|l.iu)b|/.l-r:'x||
|S,5:s.unred:liie*xp.ertanryon retlrenrentatag*F5-||||
|Retiring taday {nreienrenrber ageb5i||||
|RetBrlngln ISyearrsinrniervremberage 45ir:d*gl|1+U||:4,fi|
|tet!ringtoda1,{{erna9,* rnernb.erage 55}|||I5.3|
|Retiringin3tl1'e;.t{{eglralernernb.erage 45today}|||:F8|



## 

|Amsunt.s recogrlbed lnt.hetsa:l*nceSheet:|||
|---|---|---|
||20?0|J*ls|
||f'*st}|f"8s*|
|Sefin,edilenef9t,=bi:lgeti*nsat3X DecerurberZ#Ifi|[].1F.s3?]|i115,3q8]|
|Fa!r va:lue BfF,lan a.rselEat31 B*cenrber?if3*|tt,l 475|1153i5|
|Netpensi+n,+bligati*lw at31 Seremherr?S3ff|*,-i.!><br>4,f,+J|i'a<br>-rr|
|Changes inthepresentrra,*ueefdefinedbene,fit*btieati*ns{S8t}J|||
||?*t,o|2S19|
||{'*s*|f'*s*|
|DEOalSLtrecenrtrer2lll9||lutj.!u:|
|h,{*r'enreniinthevear:|||
|3,-.ng-fdtFidVrnEnt5irr:nrp'6n655g15|{'+,5:ls}|i,-arl/&,r|
|Eff,ertofch;nge-,sin eelump,t!*n:||14,!53|
|tffect*fe:;FeriEnr:ead-tuEtnrerrt=|(4.:.7S )||
|Intere:rtonpren::ioniliebiilities|||
|f.ost-gairr nnrurtarlnrerrt-:lch;nges|||
|IJELJ' dL ] X LEI tsI]ILIf<br>'<br>Jl II{J|sls.532|It5,3SE|





## 

## 

## 

|Ch*ngesinthefalrva,[ue,c{phnasset.s|||
|---|---|---|
||TffZ$|ts19|
||['ss{t|f,'GSO|
|F;irr.,aluenl piana:55et5.Et31$eremh.er?al3$||:J-l.,r)G|
|Mr:venrentinthe uear:|||
|Er-np{c'yerrrrntrib,utlr:nI||1fi-tda|
|Senefitpn'r'ruenfsfrnr:'lp$anar:etl|i4qT{-}l|{3.-17El|
|.Admi ni=tr<br>alir,,e,r,*stlpa3dfr*nrpianassel;|{r.s1}|I_1alti|
|Return onplanassets|1q413||
|Intere=t-onpen:iona=set:||ICetr|
|tr--r-".=8,,-.-d-;anasletE at 3xDecemberSGlil<br>r uri<br>tqBeL<br>uJ<br>Pr||l'!qd"15|
|FIanasset* cornpniser|||
||20.x*|J*t9|
||€"+{i*|f't_llllt|
|,&ilternativesJnru3tlassetf unds|aR757||
|B,f,nd.s|$.5,893|35,486|
|f^a=h|fr'15|1{<br>lia?|
|*er*vatiues|T TTE|{8rs}|
|nr ^n-a*<br>i<br>iruHLi rr|?,685||
|^AnnuilSrp*iiicijes|5,t63|g ?1f;|
||!/sr+.r l||
|Arnount rercgni*edintheStatennent*{Finen*ialActiviti*'s|||
||20ts|r*x.9|
||f'sftG|f{sss|
|Intere.st esfrense rrnpen:ion Iiab.iiitier|||
|inter'ectirrr$filerinFenl{*n n:5etl|{r,s}5i|(:.5F51|
|Adnr?niltratil.er,+sl=p.eidfr,lnrp'Bana:=sets|tYr|5Cd|
|{lainoncurte;iIrnent=ulrharrges|f33t'r\||
|Fen.:l*n{irrr,rft're}rdr:h6rgeftrtheyear|!i+a,l||
|Effert,rfrhange;:irialsu rnptinrrs|3.i-1.834|tactri|
|Returncnp{anassets|{1A413}|{s.s!8i|
|Effect*fex.perienre adjuEtnr.ents|(4,xTSl||
|Artr-rar3n?fgain]ll*=:rln defined hene{it6r'ension:rherne|{3.r5Bl||
|{6*i*}y'toslrecognii.red:in th,e SEFA|{;1,3,$6}|fi'.49G|





## 

|||Unrestrlrted<br>-|Unrestrlrted<br>-||lDesignated|IEestritted<br>-*||||
|---|---|---|---|---|---|---|---|---|---|
||g<br>SJ|.q<br>.t|I||E|.t<br>i?L<br>L><br>A5|6.r|fi<br>F||
|||||||5!||||
||f'&oc|{'811il|f '{His|€'B&B|{'+**|f'**{}|{'i}$fl|f'+*il||
|T,,:taifundsatXJanunrlJ81B|th Stht|3|5t313.t66|||oq|s'9|tr1,439||
|tJttie.rp.errr:iiture]/11i:6r'a'r*||||||||{ ll|<br>a|
|*n...1,'-'.--]<br>flFJ<br>EL!UA]<br>]qJ|||||||-|{sr8s4}||
|Flectrnssifiratir,.n-:a iec,fHc,rr:e|||[523i{i3.:6FJ|||||||
|G:{1aidfronrsr-rbridiary||l3l||||||||
|Total *undsai31 December 2S19|2,69:f||||1O,S&S|a!||i ] 771||
|f'litIErI-]€niliture];tinr,:n'le|+5||||||||48|
|||||||||1,758||
|Totalfundsat31Eecemher}fl?$|6,498||||t0,s*s|||{Aq70||
|&"'t:ria||||||||||
|i,P5si:henr*fs*n:lr,r;,!;il*ffr:if{nr:te-1.5J|l.leJ iJ|||||||||
|U5-itr:nj,rrp,'rrr,rriociilof:-if,l|.t,4.t5|||||||||
|Is&rlfri nds er:rlrdingFensi*n::tfi€ffTe-|f 47f,|||||||||



|15. Anaty,risafNet Assetr BetrveenFunds|||||
|---|---|---|---|---|
||tinrestri{ted|berlgnated|Resir[sted|T*tal|
||Fr.lnd,s|ResearchFundRestorati+r+Fun'd|||
||€'8*S|{'00&|{'0ss|{,BEf|
|TntalFund,sat 31Oecernber]&2S:|||||
|firoup|||||
|Netf.iirrrnt.Alcel:|t,!73|||13.rl:4|
|Frrrsi*nDellcit-.APS|4,S43||||
|Fen-qlsnPrrvi-qisn-il55|i1 drRi|||ir.43el|
|lotal|5,.499|10,*0*||1F.579|
|Trust|||||
|Neifljrr€,ntAssFtE<br>Frn:lr-nD;iicii-AFS|4q.!?||of|{q4i|
|PenrtsnFro,rirlcn-USf|i1,+]oJ|||{1.4x81|
|gotal|5,498|!,o,o0B|tlt|16,579|





## 

||Unre,*ricted<br>Funds|Designated<br>Sesea,rctlF.und|fie:.iricted<br>HestsrstionFund|Total||
|---|---|---|---|---|---|
||f's&o|{'G&O|{'*s8|{'ss*||
|T+telFundsat318e*ernber201-9:||||||
|6raup||||||
|l,JetfurrentAs:ets||lLr,rJvu|b1|1.{,3|3E|
|Fen:1,:r-rDe{ir:t- AFS|'JE||||=c|
|Prriir:rnFrovisl,,rn-LlSS|Liiv,J:-l|||i1,6c1J||
|Tstal|2r692||al|aLrt|t.J|
|Trurt||||||
|N,etf urrent A-:relr||||||
|I'enSioii:LleltLri:- AH5|3a||||:6|
|Fenlir:rrFrDfi5ion -U55|Ir,trul,I|||ii €nil||
|Xotal|2,69?|10,ti*0|81|12,7f3||



## 

## 

|Selaii,:.oftheb.alanr*loul=tanrlinglvithsub:irilari::o',un*drllr!ngtheyea|r areas foflo,,,r.s:||
|---|---|---|
||2*Z*|lo19|
||f't}{ltf|{'&{K}|
|Dtbie-rnl|||
|&:hridge StrategirPv{ilnagernentleiltr'e:|||
|,a.: hridgeEuerutive&.0 rganisetianDevel*p nrentLimited|||
|Ashridgetduratisn*IServirr:rL,imited|||



## 

##