ASHRIDGE (BONAR LAW MEMORIAL) TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 December 2023 Charity Registration Number: 311096
ASHRIDGE (BONAR LAW MEMORIAL) TRUST CONTENTS Page{s) Legal and Adminlstratlve Details Report of the Coiporate Trustee Statement of Corporate Governance and lfftternal Control 8-10 Independent Auditorfs Report 11-13 Consolidated Ststement of Flnanclal Actlvltles 14 Balance Sheets 15 Consolidated Ststement of Cash Flows 16 Notes to the Flnancial Statements 17-30
ASHRIDGE (BONAR LAW MEMORIAL) TRUST LEGAL ANO ADMINISTRATIVE DETAILS Trustees The governance of Ashridge (Bonar Law Mernoriall Trust is managed by Ashridge cr Limited. a Corporate Trustee. A5hridge CT Limited director5 Mr Ulf Sandberg- Resigned on 17 of April 2023 Mr Ajay Gundecha - Resigned on 19 of December 2023 Mr Jeffrey Allen Mr Reine Beltier- Appointed on IP of April 2023 Mr Ravindra Goonesena - Appointed on 17, of April 2023 Charlty number 311096 Registered office Ashridge 8erkhamsted Hertford5hire HP4 INS Artuary Mercer Tower Place West Tower Place London EC3R 5BU Independent audltors Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Banker5 Uoyds 8anking Group plc Progression Centre 42 Mark Road Hemel Hempstead Hertfordshire HP2 7DW
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Report of the Corporate Trustee for the year ended 31 December 2023 The Corporate Trustee is pleased to present the audited annual report together with the consolidated financial Statements of Ashrid£e IBonar Law Memorial) Trust (the Trust) for the year ended 31 December 2023. The Corporate Trustee's report and the financial statements have been prepared in accordance with the Charities Statement of Recommended Practice {50RPI 'Accounting and Reportin8 by Charities 2019,, Financial Reporting Standards 102 and Charities Act 2022. Office for Students regulation5 have also been complied with since registering during May 2021. The alms of Ashrldge Ashrid8e16onar Law Mernonoll Trust was constituted as a charitable trust bythe Ashridge (Bonar Law Memorial) Trust Act 1954. a5 amended in 1983 and 2014 (the Act). The priniipél aclivilie5 of the Trust are defined by ihe Ail- Provide education at Ashridge Undertake research and dissemitTrate the results to the public E5tabli5h and continue similar institutions overseas These activitie5 are undertaken by the Trust usin6 the name of Ashridse. The Trust also had a wholly owned Subsidiary during the year - see notes 3 and 8 of the financial statements for details. The trading subsidiary undertook specialist activities closely related to management education, more specifically the provision of executive and organisation education to corporate cliènts. In 2015, Ashridge entered into a Strategic Alliance with Hult International Business School. This alliance has enabled the institutions to leverage the expertise of Hult in dperp.p programs and that of Ashridge in executive education. which in turn has made both institutions more sustainable and robust. In 2023. Ashridge promoted tts prograrns under the brand Hult Ashridge. The Corporate Trustee referred to the guidance contained in the Chartty Commission's publicatiofts on public benefit when reviewing aims and objectives. They then considered how to maximise the contribution of planned activities to those aims and objectives as follows: Provlslon of education As a leading centre for management and Organation learning. the Ashridge vision is to make a substantial Contribution to the development of managers. their organisations and society at large. The activities undertaken to assist this development deliver public benefit in a variety of ways. Ashrid8e's clients include organisations in the public sector, corporate entities. and individual private students in pursuit of a UK degree. Research The purpose of research at Ashridge is to make a wider intellectual contribution to business practices overall. and a deeper contribution to certain academic and professional fields, as well as to continuously improve education for Students and executive5. CTrcreatin6 knowledge with leaders, manager5 and policymakers in private, public, and volunteer organizations is a hallmark of this strategy. So is the aspiration to catalyse innovation and be a partner in life-long learning. Ashrid2e has its root5 in management practice, applied scholarship and social rcsponsibility, and the rcscorch is designed to leverage these roots and its vast network of connections with private, public and volunteer organizations. The public benefit5 from Ashridge research as it is widely distributed and freely available.
ASHRIDGE {BONAR LAW MEMORIAL) TRUST Report of the Corporate Trustee for the year ended 310ecember 2023 lcontlnued) Establishment of similar institutions overseas A5hridge delivers a proportion of its services outside the UK through its corFxJrate clients. Some contrarted faculty are based abroad. Achlevements and perfornianee In performing its activities Ashridge has run educational programs for 1.119 students with 256 students graduating during the calendar year 2023. In addition. research ar Ashridge h35 coniribuied to The academic debate throu8h publishlng 49 books, artlcles. reports and conference papers during 2023. Financial review The result for the year ended 31 December 2023 wa5 a net surplus of £1.6 m12022.loss of £2.4ml for Ashridge IBonar Law Memorial) Tnjst. This chan8e is mainly driven by the savings following the end of the contribution plan for the U55 Pension Scheme deficit. a5 well the increased investment in research. The net movèmÈnt in funds was £1,260k and the total reserves of theTrust on 31 DÈcembÈr 2023 wÈre £17.4m 12022: £16.2ml. The total reserves include a designated Research Fund of E8.Im12022.- £9.4ml. a re5trirted Restoration Fund £81k12022: £81kl and unrestrirted free reserves of £9.2m {2022- £6.7ml. During the year. the Trust has used £1.307k of the designated research fund in line with the funds intended purpose. Principal risks and uncertaintles The Corporate Trustee has examined the major risks that the Trust faces and has documented these in a risk register. which is updated on a periodic basis. The Trust has developed systems to monitor and control these risks to mitigate any impact that they may have on the Trust in the future. Ashridge received an ofsted monitoring visit in March 2023 for its apprenticeship programmes. The inspection report concluded that reasonable progress had been achieved. which enabled Ashridge to respond to key RFPS and be more attrartive to new clients and participants. The next full inspection is planned to happen between April 2024 and March 2025. While preparing for the next OFSTED inspettion. there has also been a focus in 2023 to improving the overall compliance of Ehe apprenEice5hip deparrrneni.. a dedi¢ate(J compliance team was pui in place. a new specialized system was implemented and a thorough review of the 3pprentices' onboarding and support processes was performed. As part of this review, inaccuracies were identified in historical funding submissions to the ESF which creates a risk of clawback of part of the fundin8 rtceived / to be re1ved. The Trust actively reached out to the ESFA to let them know about these inaccuracies and is in discussion with their team about the regularization of its POSltion. A provisÈon of £163.500 has been accounted in the 2023 accounts to reflect this risk. In the meantime, Ashridge continues to invest in its pr¢ydrammes to continuously improve its Apprenticeship provision and its compliance. regards to the other qualification degrees provided by The Trust, there is a risk of collection delays from tuition of independent students. Collections are being monitored closely and graduation will only take place once all fees are settled. The conflict between Russia and Ukraine is considered to be a potential risk since February 2022, this 15 being monitored closely but so faf has not had an impact on the Trust.
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Report of the Corporate Trustee for the year ended 31 December 2023 Icontinuedl Plans far future periods Profitability for future periods is due to improve further due to the 8rowth in apprenticeship and degree pro8rammes. Golng Concern The Trust has an excellent liquidity PM)Sition at 310ecembef 2023 with £8.7m cash available. Consequently. the Trustee has continued to prepare the financial statements on a going concern basis. Strateglc objectfves Ashridge has identified the following strategic aspirations in relation to its core objects. to be: Being known as the place that I Leading specialist in strategic organisational change and development Compact. differentiated. hi8hly regarded apprenticeships and qualifications portfolio that makes an impart that matters Having a faculty noted for prarticol yet rigorous research that is widely available Ashridge is one of lew business schools worldwide to achieve the 'triple crown, of a¢¢rpditation from the Association to Advance Collegiate Schoo15 of Busine55 IAACSBI, the European Qualtty Improvement System IEQUISI and the Association of MBAS IAM8AI and the objective is to retain these accreditatiolls going forward. Governance Ashridge (Bonar Law Memorial) Trust was constttuted as a charttabletrust by the Ashridge18onar Law Memorial) Trust Act 1954, as amended in 1983 and 2014, and is governed bythis act. Ashridge CT Limited acts as the goveming body of the Trust through its own board of directors which meets regularly. The day-to-day management of Ashridge is undertaken by the President who is appointed by Ashridge CT Ltd. The President has delegated authority for finance. employment. and other operational matters. Related parties None of the directors of Ashridge cr Limited nor any persons connected with them, had at any time had any beneficial interest in dealings with the Trust and received no remuneration from the Trust. Ashridge has subsidiaries and other related parties during the year ended 31 December 2023 as per below.. Ashrid8e cr Llmited Ashridge Limited was incorporated in 2015 and appointed as Corporate Trusteeof theTrust with the objertive to comply with the Act. The director5 of Ashridge CT knmtted are indepcndcnt of the Trust in order to ensure there are no conflicts of interest. Ashrld8e Hlstorical Trust The fflember of Ashridge CT Limited is the Ashridge Historical Trust. The trustees of the Ashridge Historical Trust are independent of the Trust and Ashridge Limited in order to ensure there are no conflirts of interest. Ashridge Educational Services Ltd Ashridge Educational Ser¥ices Ltd is controlled through share ownership by the Trust and was incorporated on 16 December 2019.
ASHRIDGE (BONAR LAW MEMORIAL) TRusr Report of the Corporate Tfustee for the year ended 31 December 2023 Icontinued) The Ashridze Pefftsion Scheme The Ashrid8e Pension Scheme is a post-employment benefrt plan for the benefit of employees of the Trust. Untll 21M)2 the Trust offered final salary pension entitlement to all Ashridge staff through rnember5hip of the Ashridge Penslon Scheme. Pay pollcy for senior staff The pay of the senior staff is reviewed annually. In view of the nature of the charity salaries are benchmarked against pay leve15 in other tomparable educational institutions. Key management perstsnnel President Chicl Finance Officer Dr Matt Lilley Ms Emilie Mccarthy (to 191121231 Mf Joakim Banestl8 Ifrom 191121231 Mr Mark Coleman Dr Dina Dornmett M5 Nadine Page Chief Operating officer Dean of Faculty Senior Director of Research Disclosure of information to Auditors The Corporate Trustee confirms that-. there is no relevant audit information of which the Trust's auditors are unaware,. and it has taken all the Steps that ought to be taken in order to make himselflherself aware of any relevant audit information and to establish that the Trust's auditor5 are aware of that information. The report of the Corporate Trustee was approved by the board of directors of Ashridge CT Limited and signed on their behalf by- Mr Ravindra Goonesena Dlrector Ashrldge CT Llmlted IW•ril 20
ASHRIDGE (BONAR LAW ME140RIAL) TRUST statement of Corporate Governance and Internal Control for the year ended 31 December 2023 This Statement ofcorporate Governance and Internal Control covers the period for the year ended 31 December 2023 and up to the date of approval of the financial statements. Govemance Ashridge IBonar Law Memorial) Trust was constituted as a charitable trust by the Ashridge (Bonar Law Memorial) Trust Act 1954, as amended in 1983 and 2014. and is governed by this act. Ashridge cr Limited acts as the governing body of the Trust through its own board of directors. Appointment to the board are matters for conslderarlon by the board of directors a5 a whole and are based tlie expertise and skills brought by the individuals involved. The directors receive further training in trustee meeting5 as required. No induction training was required as there were no new directors during the year. The member5 of the boord of directors are listed within Legal and Administrative Details. The constitution of the board ensures that no individual dominates the decision-making process and that it can exercise its responsibilities free from management. The boards regulatory and stewardship responsibilities centre on its role as the ultimate legal authority and for safeguarding the Trust'5 assets. its finantial sustainability. and receiving assuranrè that its systems comply with the legal and regulatory obli8ations. including as a Charity. the Office for Students and OFSTED. The board of directors schedule to meet a few times a year. Formal agenda. paper5 and report5 are supplied to the board in a timely manner prior to the board meetings. Briefings are also provided on an ad-hoc basis. Reports include overall financial performance of the Trust together with other relevant information such as performance against targets. The board review and approve the financial statements and receive and consider reports from regulators such as OFSTED and Office for Students. and monitors adherence with the regulatory reqvirements. Minutes of board meeting5 are recorded and approved at the following meeting. The day-to-day management of Ashrid8e is undertaken by the President who is appointed by Ashridge CT Ltmited. The President h05 delegated authority for finance. employment. and other operational matters. Corporate Trustee's responslbllltles The Corporate Trustee is responsible for the preparation of annual financial statements that provide o true and fair view of the state of affairs of Ashridge as at the end of the financial year and of the financial activities durin8 the year. In preparing the financial statements the Corporate Trustee is required to= Select suitable accounting policies and apply them consistently Observe the method5 ad principle5 in the Charitie5 SORP Make judgements and estimates that are reasonable and prudent State whether appllcable UK accountlng siandard5 have been followed. 5ubjetL tu aiiy material departures disclosed and explained in the financial statement5 Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the cliarity will continue ii) busir)es5 The Corporate Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy of the financial position of Ashridse ¥t any time and to ensurc that the financial statements comply with relevant statutes. It is also responsible for safe8uardin8 the assetg of Ashridge taking reasonable steps to prentIOn and detertion of fraud and othef irregularities.
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Statement of Corporate Govemance and Internal Control (continued) Intewnal Control The Corporate Trustee is responsible for maintaining a sound system of intemol control that supports the achievement of policies, aims and objectives. The 5tern of internal control is designed to manage, rather that eliminate. the risk of failure to achieve policies, aims and objectives through corruption. fraud. bribery and other irregularities. It can therefore only provide reasonable. but not absolute. assurance against rnaterial misstatement or1055. The system of internal control is based on a continuous process designed to Identify the principal risks to the achievement of policies. aims and objettives- to evaluate the nature and extent of those risk5: and to manage them efficiently. eff ectively, and economically. This process accords with rhe Office for Students guldance. The system uses a framework of regular management information, administrative procedures Includin8 segregation of duties. and a system of delegaiion and accountabilily. li illLluKJes. Comprehensive bud£eting systems with an annual budget which is reviewed and agreed by the board of direttor5 Regular reviews by the board of directors of periodic and annual financial reports which indicate financial performance against forecast Sellirig targets to measure finaniÈal and operational performance The Tnjst's internal control system is supported by a number of policie5. These include a Risk Register, an Anti- Bribery and Corruption Policy. a Modern Slavery Act statement. ¢omprehensive internal financi31 policies and regulations which detail finoncial controls and procedures. The Corporate Trustee has the responsibility for reviewing the effertiv•np.%s of the system of internal control and ensuring that there is a sound approach to confirm that this framework is adopted and embedded consistently and effectively across each activity. The review of effectiveness of the 5y5tem is infomied by: The work of external auditors: The work of senior rnanagers within the organisation who have responsibility for the developrnent and Maintenance of the internal control framework,. Comments made by the orRanisation'5 financial statefnents and regulatory inspections in their management letters and other reports. There are no significant internal control weaknesses reported for the period. The board of directors has delegated its day-to4ay responsibility to the President, as Accounting Officer, for reviewing the odequacy of the system of internal control and making ony appropriate arnendments. He is also responsible for reportinE to the board any material weaknesses or breakdown5 in internal control. The day-to- day responsibilrty for risk management and monitoring is assigned to the Chief Finance Officer and Chief Operating officer. The Trust has considered its responsibility to notify the Education and Skills Funding A8ency of material irregularity, impropriety and non-compliance with Education Skills Funding P4ency term5 and conditior15 of funding. The board of direaors and rhe Accounring Officer confirrTI Illat after due enquiry and to the best of their knowledge, it is able to identify any material irregularity or improper use of funds by the organisation, or materiol non-compliance with terms and conditions of funding under the organisations financial regulations. We confirm that no instances of material irregularity. impropriety or fundin8 non-compliance have been discovered to date, if any instances are identified after the date of this statement these will be notified to the Education and Ski115 Funding Agency.
io ASHRIDGE (BONAR LAW MEMORIAL) TRusr Statement of Corpordte Go¥em*¢e and Intemal Control Icontknued) Approved by the Corporate Trvstee and the Presbdent and signed on their behalf lry: Iilley r Ravlndra GooTresena Dirertor Ashridge Llmtted Mr Matt Lilley President Ashridge (Bonaf Law Memorkl) Trust aHpr 2 24
li ASHRIDGE (BONAR LAW MEMORIAL) TRUST 114DEPENDENT AUDITOR'S REPORT TO THE CORPORATE TRUSTEE OF ASHRIDGE (BONAR LAW MEMORIAL} TRUST Oplnion We have audited the financial statements of Ashridge (Bonar Law Memorial) Trust 1.the Parent Charit) and its subsidiary l.the Group") for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, the consolidated and Charity balance sheet. the cons01idated cash flow statement and note5 to the financial 5totements, including a summary of 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 Financiol ReportingStandoapP1iCob1e in the UKond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial statements: give a true and fair view of the State of the Group's and of the Pafent Charity's affairs as at 31 December 2023 and of the Group's incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepored in accordance wrth the requirements of the Chariiies Act 2011. where applicable, funds from whatever source administered by the provider for specific purposes have been properly applied to those purposes and managed in accordante with relevant legislation,. where appllcable. funds provided by the Of5 by Re5e%ircli Ei)8land have been applied in accordance with the relevant terms and conditions; and meet the requirements of the Office for Studenvs Accounts Dirertion. We have nothing to report in respect of the following matter in relation to which the Ofs Account5 Direttion requires us to report to you if. in our opinion: the Group's grant and fee incorne. as disclosed in note 4 to these Financtal StatemÈntg has been materially misstated. Bas¢s for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Charity in accordance with the ethical requirements relevant to our audit of the fillancial 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. Concluslons related to going concem In auditing the financial statements, we have concluded that the trvstees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 8ased on the Vrk we have performed, we have not identrfied any material uncertainties relating to evenis or conditions that. individually or collectively. may cast significant doubt on the Group and the Parent Charity, 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 wtth respert to going concern are described in the relevant seilivtb5 of this rewrt. other Informatlon The other information comprises the information included in the Report of the Corporate Trustee, other than the financial staternents and our auditorfs report thereon. The Trustee is responsible for the other information.
12 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Our opinion on the financial statements does not cover the other information and, except to the extent otherlSe explbcitly stated in our report. we do not express any form of assurance conclusion thereon. In connettion with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 thai fact. We have nothing to report in this regard. Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters in relation to which the CharÈties Act 2011 requires us to report to you if. in our opinion: the information contained in the financial statements is inconsistent in any material respect with the Report of the Corporate Trustee; or adequate accounting records have not been kept by the Parent Charity,. or the Parent Charity financial statements are not in aSement with the accounting records and returns; or we have not received all the information and explanations we require lor our audit. Responsibillties of Trustee As explained more fully in the Corporate Tru5tee'5 re5ponsibilwties statement, the Trustee is 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 Trustee determines is necessary to enable the preparation of financial Statements thèt are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the Group's and the Parent CharitTrls 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 Corporate Trustee either intends to liquidate the Group or the parent Charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibllities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Att 2011 and report in accordance with the Act[sl ond relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable ossurance about whether the financial statements as a whole ore free from material misstatement. whether due to fraud or error. anLI to issue an auditorfs report that includes our opinton. Reasonable assurance 15 a hish level of assurance but is not a guarantcc thot an audit conducted in accordance with ISAS IUKI 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 38greg3te, they could reasonably be expecfed to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations_ Wp dp.4lgn procpdtsrps in line wtth our responsibilities. outlined above. to detert material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: TheGroup and the Parent Charity arerequiredto cornplywith charity law and certain conditions of Ofs registration including compliance with the OFS. latest Accounts Direction and, based on our knowledge of their activities, we identified that the legal reQuirnent to accurately account for restricted funds was of key significance.
13 ASHRIDGE (BONAR LAW MEMORIAL) TRUST We gained an understandin8 of how the Group and Parent Charity complied with their legal and regulatory framework. including the requirement to properly account for restricted funds. through discussions with management and a review of the documented policies, procedure5 and controls. The audit team. which is experienced in the oudit of charities, considered the Group and Parent Charity's 5usceptibilityto material misstatement and how fraud may occur. Ourconsiderations included the risk of mana8ernent override. Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual tran5artions. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's I"FRCs"I website at- https-l/www.frc.org.uklauditorsresponsibilities. This description forms parr of our audiiorfs repon. Use of our report This report is made Sole to the ChariWs Corporate Tnjstee. as a body. in accordance with the Charities Art 2011. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are requircd to state to them in an auditoes rcport and for no other purpose. To the fullest extent pÈrmittÈd by law. we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustees as 3 body, for our audit work. for this report. or for the opinions we have formed. 29 May 2024 èx &*p&r LLP Knox Cropper LLP, Statutory Auditor 65 Leadenhall Street London EC3A 2AD Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 201.
14 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Consolidated Statement of Financial Activities for the year ended 31 December 2023 2022 Total & Unrestrirted Funds £'ooo Unrestricted Designated Funds Funds 2023 Total Funds £'ooo Note Income: Incomefrom charituble activities.. Fees from educational programmes Incomefrom other troding artivities.. Commercial trading operations Investment income Total income 4,076 4.076 4,325 8,479 8.479 7.253 243 12,798 243 12.798 11,578 Expendlture: Expenditure on charitable activities Of which Pe•sn Scherne Eypenditure 12.4891 11.3071 13.7961 17.2901 11,6381 13 Expenditure on other trading activities Total expendlture (7,3661 19.855) (7,3661 {11.162) 16,6651 {13,955) 11,307) Net income 2,943 (1,307) 1,636 12,377) Other recognised goins/(lossesJ.' Actuarial gainslllossesl on APS pension Foreign exchan8e 8ainslllosses) Net movement in fvnds 14 1312) 1641 2,567 13121 1641 1,260 16.3741 142 18,609) (1.307) There wos no restricted income. expenditure or other movements infvnds in the twofinoncialperiods. Unrestricted Designated Restricted Funds Funds Funds Total Funds Reconciliation offunds.. Total funds at l January 2022 Net movement in funds Total funds at 31 Oecember 2022 14,695 {8,0251 6,670 iO,OCK) 15841 9A16 81 24,776 18,609) 16.167 81 Net movement in funds Total funds at 31 December 2023 2,567 9,237 {1.307) 8.109 1,260 17.427 81 All income and expenditure has arisen from continuing activities. The notes on pages 17 to 30 form part of these financial statements.
15 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Balance Sheets as at 31 December 2023 Grnup 2021 Trust Note 2023 2023 2022 fixed ossets.. Investments in subsidiaries Total fixed assets Current 05sets." Debtors Cash at bank and in hand Total current assets 6.399 .737 15.136 4.877 10.320 15,197 6.011 8,737 14,748 4.624 10,320 14,944 Creditors.. amounts falling due within one year Net current assets 15,631} 9.505 13,818} 11.379 15,2431 9.505 13,565) 11.379 Total assets le current labilities 9.505 11379 9505 11379 USS defined benefit pension scheme provision APS defined benefit pension scheme asset Net assets 12 13 12,8701 7,658 16,167 {2.8701 7.658 16,167 7,922 17.427 7,922 17,427 Thefund5 of the chority." Unrestrirted funds Designated funds Restricted funds Total charity funds General Research Restorètion 9.237 8.109 81 17.427 6,670 9.416 81 10,167 9,237 8,109 81 17,427 6,670 9,416 81 16,167 14 The notes on pa8es 17 to 30 form part of thesefinancial statements. The financial statements were approved by the corporate trustee. Ashridge cr Limited, and the President on 25 April 2024, and signed on their behalf by= Mr Ravindra GOONESENA Dirertor Ashrldge CT Limited Mr Matt Lilley President AshrKlte (Bonar Law Memoflal) Trust
16 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Consolidated Statement of Cash Flows for the year ended 31 December 2023 Z023 ZOZ2 £'ooo Note Cash flows from o eratin artivities: Net cash provided by (used in) operatin8 actwities 11,820) 11,317) Cash flows from Investin activities: Investment income received in year Net cash provided by (used in) from investing artivities 243 243 Change In cash in the reporting perlod Cash at the beginning of the reporting period Cash at the end of the reporting period (1.5831 10,320 8.737 11.3171 11,637 10,320 Note A: Reconcillation of net Income ex endituie to net cash Ilow from o etin artlvfties Net intomln8 resources frorn educatlonal and related activit*s Adjustments for: Investment income received in year Decrease in debtors Increaselldecreasel in creditors Additional pension contribuiions Pension costs relating to defined benefit plans: 1.636 12.377} (2431 11,5221 1,813 {380} 418 11381 11.0001 APS administration costs APS finance18ainl/cost Movement in USS 195 13911 12.8701 1641 377 12481 1,509 142 Foreign exchange gains Net cash provlded by {used in) opetatin8 artivities 11,826) 11,3171 B: Ana UNalents is of cash and cath At 01101123 £'ooo At 31112123 £'(M)o Cash Flow Cash at bank and hand 10,320 11,583) 8,737 The notes on pages 17 to 30 fomi part of these financial staternents.
17 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2023 Statement of Ac¢ountlft8 Polldes Basis of accounting ThÈ<p finxnciAI *txtpment% havp. bp.Èn pr?p3rpd under the historical cost convention. in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities 12019}. Financial Reporting Standard applicabSe in the United Kingdom and Republic of Ireland IFRS1021, and the Charitie5 Act 2011. The Trust registered with the Office for Students in May 2021. and as a result are required to follow the latest Office for Students, Accounts Direction. The GfOUP financial statements incorporate a line by line consolidation of the financial statements of the Trust and its subsidiaries. There are vnrform accounting policies across the Group. All intra-group transartion5 and balance5 between group entities are eliminated on consolidation. Ashridge (Bonar Law Memorial) Trust. a public benefit entity. has taken advantage of the provision not to include its own Statement of Financial Activities and lated notes in the consolidated financial statements. These financial statements are presented in GBP Sterling which is also the functional currency of the Group. Monetary amounts in these f inancial statements are rounded to the nearest thousand. Going Concern The Corporate Trustee. after making enquiries. has a reasonable expectation that the Trust has adequate resources to contiriue in operational existenie for the next 12 month5 and will continue to operate for the primary purpose of the Trust. The main risks have been assessed by the Corporate Trustee, reviewin8 the Trust's ongoing forèc3Sts and projections to ensure that the organisation remoins financially viable. The board acknowledges the risk but does not consider it as significant going forward. The Trust has an excellent liquidity POSltion at 31 December 2023 with £8.7 m cash available. The Corporate Trustee does not believe there are any material uncert3tnties relatin8 to its ability to continue as a 80ing concern and have therefore prepared the financial statements on that basis. Income Income represents revenue for programmes. consultancy, research and conference activities undertaken durin8 the year. Revenue is recognised when the programme is delivered. Deferred income repre5enfs fees invoiced in advance. Donations Oonations are credited to revenue on a receivable basis. Expenditure Cost5 relating to the provision of core education, research and consulting services are included within the Statement of Financial Activities. Expenditure charged against Restricted Funds falls within the purposes outlined in note 14. All other expenses are borne out of the Unrestricted Fund. Costs are allocated to specific departments on a project basis as necessary.
18 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Finan¢lal Ststements for the year ended 31 De¢ember 2023 Icontir¥ued) Statement of Accounting Policies Icontinued) Foreign currencres Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchan8e prevailing at that date. Gains and losses are recognised in the Statement of Financial Activities Flnancial instruments Basic financial assets. including trade and other receivables. cash and bank balances and investments in commercial paper. are initiolly recognised at transartion price. unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised Cost using the effective interest method. At the end of each reportin8 period financial assets measured at amortised cost are assessed for objertive vdidence of impairment. The impairment loss is recognised in the profit or loss. Employee benellts The cost5 of short-term employee benefits are recognised as a liabiltty and an expense. The cost of any unused holiday entitlement is recognised in the period in which the ernployee'5 services are received. Retirement benefits The Ashridge Pension Scheme is a historical single-employer defined benefit scheme. Recognised in the Balance Sheet i5 the value of the 5cheme'5 655et5 le55 the present value of the scheme's liabilities. The pension cost for the scheme is analy5ed between current service cost. P35t service c05t and net return on pension scheme assets. Current service cost is the actuarially calculated present value of the benefits earned by the active employees in each period. Past service costs. reloting to employee Service in prior periods arising in the current per¢od as a result of the introduction of, or improvement to, retirement benefits, are fecognised in the Statement of Financial Activities on a straight line basis over the period in which the increase in benefits vest. The net expected return on the penston assets comprises the expected return on the pension stheme assets less interest on scheme liabilities. The actuarial gain5 and 1055e5 which arise from updating the latest actuarial valuation to reflect conditions at the balance sheet date are shown in the Statement of Financial Activities. The Trust participates in the Universities Superannuation Scheme. The scheme is a hybrid pension stheme. providing defined benefit5 (for all members). as well a5 defined contribution benefits. The èssets of the scheme are held in a separate trustee-admini5tered fund. Because of the mutual nature of the Scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Trust is therefore exposed to actuarial risk5 associated with other institutions, employees and is uriable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits" the Trust accounts for the scheme as if it were a wholly defined contribution scheme. As a result. the amount charged to the Statement of Financial Activities represents the contributions payable to the Scheme. Where the Trust hos entered into an agreernent (the Recovery Plan) that determines how each employer within the scheme will fund a scheme deficit. the Trust recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the Statement of Financial Artivities. FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of collection of entities under common control typically with a sponsoring employer. A multi-employer scheme Is a scheme for entities not under common control and represents Itypicallyl an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multiomployer scheme where the employer has enlefed intu all agreernent with the Scheme that determines how ihe etnployer will (und d¥ficii r¢sulis in Llie recognition of a liability for the contributions pèyable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or1055 in accordance with section 28 of FRS 102. The Corporate Trustee is Satisfied that Universities Superannuation Scheme meet5 the defEnition of a multt-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under any recovery plan in existence at the balance sheet date.
19 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 20231contInu) l. Statement of Accounting Policies Icontinuedl Taxatlon The Trvst is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. Judgements and key sources of estimation uncertainty In the application on the group's accounting policies. the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimate5 and 0550Ciated ossvmptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are revrewed on an ongoing basis. Revisions to accounting estimates are reco8nised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. li) Treatment of the US5 pension scheme A multi-employer scheme is a scheme for entities not under common control and represents Itypicallvl an Fndustrrwide Scheme such as USS. The accountin6 for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund deficit results in the recognition of a liability for the contributions payable that arise from the a8reement Ithe recovery plan). The Trust is satisfied that USS meets the definition of a multi*mployer scheme. The18test actuarial valuation ofthe USS dated 20 DKernber 2023 has shown the scheme was in surplus a5 at 31 March 2023, which means a deficit recovery plan is not required and the provision under the previous recovery plan can b@ relèasÈd_ In 2022. the Trust had applied an accounting model developed by the British Universitie5 Finance Directorfs Group IBUFDGI in conjunction with the USS to determine the appropriate values for the USS pension recovery plan. The use of this model enabled the Trust to reduce the level of uncertainty regardin8 the amount of the liability and is a model which 15 used by Universities across the board. lill Impairment of debtors TheTrust makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment, management consider5 factors including the ageing profile of debtors and historical experience.
20 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Flnancial Statements for the year ended 31 December 2023 {continued) 2. Consolidated Group Income and Expendtrtu Account The principal differences between the Income and Expenditure Account below and the Statement of Financial Activities are the classification of the income and expenditure together with the exclusion of unrealised gains and losses. The figures below reflect only movement of the unrestricted funds. In the course of normal business. some costs are not directly attributable. These costs are apportioned based on the most relevant fartor. 2023 2022 £,0 Income Qualification proKrammes Custom and consultin8 Snvestment income 4.076 8.479 243 4.325 7.253 12,798 11,578 Expenditure Staff costs. including pension Associates and agency staff Other direct costs {5,9121 {6,1131 13511 11981 13471 196 (6,0531 14.7151 11651 12401 15601 11291 11,5091 113371) Marketing and business development Property and other overhead cost5 APS pension administration and finance USS pension provision movement 2.870 19.855 Net income per Statement of Financial Activitles 2,943 11.793) 3. Net Income from Trading Subsidiary The Trust had one wholly owned trading subsidiary Inote 81 which was incorporated in the UK and donated its trading profwfs to the Trust 5ubjett to Gift Aid. AES Ltd 2023 202z Income from commercial trading operations Investment Income Expenditure Foreign Exchange Gains Surplus Donat¢on subject to gift aid Profit on ordinary activities 8.479 18 17,3661 Iiii 1,120 11.1201 7.253 (6,6651 21 609 6091 All transactions between Ashrid8e and its subsidiary are conducted on an ami's length basis.
21 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2023 l¢ontlnued 4. Details of grant and fee income Group Trust 2023 2022 2023 2023 £,0 Grant income from other funding bodies Fee income for taught awards Total grant and fee income 2.136 2,720 2.136 2.720 1,715 1,605 1,715 1,605 3,851 4,325 3,851 4.325 5. Analysis of Total Resources EJTpended Expenditure includes= Group 2023 Trust 2022 2023 2022 £'(K)O Impairment of trade receivables Fee5 payable to Group auditors - audit services Fees payable to Group auditors - non audit services 122 61 122 61 22 21 22 21 145 83 145 83 Direct costs Support Support cost Costs recharges Totsl 2023 Total 2022 £'ooo Expendlture on charitable activities Qualification & Apprenticeships Programmes Faculty Research 1.452 2,367 3,228 1,307 1.112 13,0661 12621 {2,0971 3,557 1.132 1,307 866 2,834 1,159 584 Overheads & Facilitie5 16 12621 1,076 1,637 7,Z90 APS & USS Pension P&L charge 13.066) 3,796 1,469 12,6211 Expenditure on other tradins activitles Custom & Open Programmes Teaching costs Overheads 4,745 4,745 2,621 3,644 2.621 21 4,745 2,621 7,366 6,665
22 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Flnanclal Statements for the yEar ended 31 Decernber 2023 Itontinued) 6. Stsff Costs IGroup and Trust) Salaries, wa8es and related payroll costs, including subsidiary undertakinss. amounted to: 2023 2022 £'ooo S,103 576 786 Salaries and wages Social security costs Pension costs Termination payments Defined benefit scheme administration cost5 4,838 526 796 19 195 6,374 377 The Group has given regard to the 'Guidance on decisions taken about severance payments in HEI'S, published by the Committee of University Chairs when determining severance pay. Compensation for loss of office has been paid to one member of staff during the year ended 31 December 2023 amounting to £1912022.. £2kl. The majority of staff were employed bythe Trust on behalf ofthe Group. Fortheyear ended 31 December 2023 the avera8e number of staff ernployed by the Trust was 5812022: 64). Ashridge cr mIted. the corporate trustee. received no remuneration for its service to the Trust12022: nil) and was reimbursed travel expenses of £nil during the yeèr12022.' £nil). The remuneration {salary including staff benefits and termination payments but excluding pension contributions) paid to high paid members of staff falls into the following bands: 2023 Z022 £60,001- £70.000 £70,001 . £80,000 £80,001- £90,000 £90,001- £100,0 £ioo.ooi - £iio,000 £110.001 - £120.1)00 £120,001- £130.000 £130.001- £140.000 £140.001- £150,000 £160.001- £170,000 £210,LKIl - £220,(KIO 28 30 Ashridge has given regard to the 'Hi8her education senior staff remuneration code. published by the Committee of University Chairs when determining senior staff rernuneration. The number of senior staff expressed on a full-time equivalent basis who received basic annual salaries in the followin8 ranges at 31 December 2023 were: Number of staff120231 Number of staff12022) Basic salary per annum £100,000 - £104,999 £105.OCKI- £109,999 £110,000- £114,999 £115.000- £119,999 £I20,)0- £124,999 £125,000- £129,999 E130,000- £134.999 £145,000- £149,999 £155,000 - £159.999 £200,000 - £204,999 £20s.LO- £209,999 12 13
23 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Fknandal Statements for the year ended 31 December 2023 Icontlnued) The President Matt Lillty's total annual rernuneration was £203.( f(x the 12 months of his employment durinz the year. This reSentS the total annual remuneration pald by Ashf idge IBonar Law Memorial) Trust and Hult International Business School Ltd for his role as President for these Office for Students registered providers Ashridge18onar Law Memorial) Trust was reSponsie for fundin8 £103,(KKI for the Veèr ended 31 December 2023. Hult Internation318usiness School Ltd was responsible for fundin8 £I(Kl.(. From Ashfid8e IBonar Law MenMNiall Trnt. Base salary of £103.LKK). No payments have been ld in lieu of pension Contri1t)nS. No payments of dividends hw4e been made. No Performanctrrelated pay and other bonuses have been awarded. No payment made by the provider in pension contributions beh4ff of the head of provider durin8 the year, No payment made by the pr(r4ider in pension contribution5 a5 part of Nation)I Insurance saving5. No other type of benrfrts and rernuneration have been paid to the head prowder. AShneO0r Law Memorial) Trust provided private heatthcare benefff to the President for a value of £450. From trlult Internati(•1 8usiness School Ltd.. Base salary of £l(Kl,(XJ). A total amount of £0 has been paid by the provider in pension coTrtributioDs behalf of the head of provider durini the year. No payments of dividend5 have been made. No Performanctrrdate(I pay and other bonuses have been awarded. No payment made by the provider in pension contributions on behalf of the head of providef during the year. Plo payment made by the Pfovider in pension coniributions as part of Nati(al Insurance savings o other type ol beneffts and remunerati( have been paid to the head provider. Hult IntLYnation•l 8usiness School Ltd does not provide to the President private healthcare benefit The appointed presidents ¥oluntarity withdre4V from the Ashridge USS pensTron schttne on the date of their èPFM)intmenL no payments have been paid in lieu of pension contributions. Ashridge provides to the President private healthcare benefits that flow frorn bein8 an employee of Ashridee and which is available to all employees. The Presidents salary is set Ashri<e cr Limited. the Crnate Trustee. Process lor pertorniance The President has an annual pertorrnance review meeting With the Ashrid8e CT Limited board of directors to review and assess performance agaFnsi objectives and to discuss objertives for the next year. Approach and Justlfkatbon to the Presldents remunevailon The President$ Salary 15 reviewed annually and reflects the followiry: Market rare by sile and compleirty of institution The scale and complexity of the job Comparisons with benchmarks Performance as measured against objectives set lry the board of directors Pay multiple The relationship between the Presidents Ashr?d8e remuneration and that for all other staff employed by Ashridge. expressed as a pay multiple is as follows: The head of the providerfs basic salary is 4.61 times the median pay of staff. where the median pay is calculated on a full-time equivalent b[$ for the salaries paid by the provider to tts staff. The head of the provider's total remuneration is 4.28 tirnes the median total remuneration of staff.
24 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Flnanclal Statements for the year ended 31 December 2023 (continued) The pay multiple repre5ent5 the PresÈdent's pay divided by the rnedian pay for all other staff at the trust. on a full-time equivalent basis. The median pay for all other staff is calculoted using pay data for all staff who are required to be Inclu(Jed in Real fime Information IRTII reFM)rting to HMRC. All other staff is capturing staff employed by the Trust. 7. Remuneration of key rnanagement personnel Staff costs includes remuneration provided to key management personneF as follows: 2023 2022 £'ooo 747 98 51 896 Salarics and wages Social security costs Pension costs 578 74 35 8. Investments In Subsidiaries The followin8 company. which is registered in England. was 3 wholly owned subsidiary of the Trust during the year: Company Ashridge Educational Services Ltd Cotnp&iriy iiuiiiber- 12363817 Registered addre55: Ashridge, Berkhamsted. Hertfordshire. HP41NS Share Capital 100 £1 ordinary shares Holding loo% 9. Debtors Group 2023 2022 £'ooo £'i 3.829 1,779 Trust 2023 2022 £'ooo £,0 2,145 1,406 1.295 120 377 198 319 400 1,875 2,500 6,011 4,624 Trade debtors Amounts due from group undertakings Other debtors Prepayments and accrued income Othpr financial instruments 376 198 319 400 1,875 2,500 6.399 4.877 Trade debtofs are stated after provisions for impairment- Group.. £122k12022: £61kl. Trust £122k {2022: £61kl. 10. Creditors: amounts falllng due wlthin one year Group 2023 2022 Trust 2023 £,0 1,018 2022 Trade creditors Amounts owed to group undertakings Payments received on account for contracts Taxation and social securty Other creditors Provision fof funding clawback Accruals and deferred income 1.406 396 143 75 636 59 579 75 636 59 579 164 3.350 5.631 164 3,350 5,243 2,783 3,818 2,783 3,565
25 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Flnanctal Statements for the year ended 31 December ZOZ3 {continued) 11. Deferred Revenue Movement Group 2023 Trust 2022 2023 £'ooo £'ooo 2022 £'ooo Opening balance Amounts released from prior year Income deferred in current year 2.2S4 18731 1.412 2,793 2.233 2,254 18761 18731 897 1.412 2.254 2.793 2.233 {8761 897 2.254 12. Provisions for IlabS1ities- Group and TNst Obligation to fund deficit on USS Pension: At l January 2023 Change in expected contributions At 310ecember 2023 2,870 12,8701 The change in expected contributions arose as the USS Pension scheme is now in a surplus. hence no provision for future contribution to the deficit is needed, based on the scheme's on the latest valuation - see note 13. 13. Pension Commitments Universities Superannuatlon Scheme (USS) Ashridge is a member of the UniversFties Superannuation Scheme {USSI. a national defined benefits scheme for university academic and acadernic-related staff. Pension benefits for 51 members of staff at 31 December 202312022.. 551 are provided under the USS. Amounts recognised in the Balance Sheet: 2023 £'ooo ZOZ2 £'o 2,870 U55 Provision The Actuarial valuation ofthe USS scheme as at 31 March 2023 was published on 20 December 2023.. The valuaiion showed that the scheme 15 Iri 5UFpIu5 su delicit recovery plan 15 required. Thefefore the provision under the previous recovery plan has been released. Since the Trust cannot Trdentrfy it5 share of the Scheme assets and liabilities, the followin8 disclosures reflect those assets and liabilities as a whole-.
26 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 310ecember 2023 Iconrinued) Unlverslties Superannuatlon Scheme {USS) (continued) 31 March 2023 £ blllions 73.1 165.71 31 March 2020 £ billions Scheme assets Total scheme liabilities FRS 102 total xheme surplus /ldeficit) FRS 102 total funding level 66.5 18U.61 114.11 83% iii% The financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles. which can be found on the USS'S website Pension increases (CPI) Set consistently with market-based pricing for the relevant minimum5 and maximums Discount Rate Iforward rates) Pensioners Non-pensioners 4.3% pa 3.4% pa The maln demographic assumptlon used relates io ihe morrality o5SUrnPtiOW15. These a55UrylPtron5 ére based on analy515 of the Scheme's experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are a5 follovts: Mortality- base table Males: 103% ofS2PMA L. Females-. 97% of S3PFA. CMI 2021 with a smoothing parameter of 7.5. Additionally it has an initial addition of 0.4% pa and a long term improvement rate of 1.8% pa fof males and 1.6% po forfemales. Mortality- future improvements The current life expettancies on retirement at age 65 are: 31 December 2023 22.7 Males currently aged 65 (years) Females currentfy aged 65 {yearsl Males currently aEed 45 lyearsl Females currently aged 45 {yearsl 24.8 25.4 Key assumptions used are: 2023 4.80% 3.05% 2.70% 2022 s.os% 3.15Y• 2.75% Discount rate RPI inflation rate CPI inflation rate
27 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 Decernber 2023 (continued) 13. Pension Commitments Ashridge Pension Scheme (APS) The Ashridge Pension Scheme is a funded defined benefrt pension scheme. w¢th the assets held in separate trustee administered fund5. tt was open to full ond part-time employee5 together with those subject to fixed term contracts until Moy 22. With effect from January 2004 an occrual for future service for Sertior Staff was transferred to the USS Although General Staff at that time continued to accrue future service within the APS. Accrual for future Service for the great majority of those remaining transferred to USS at the end of 21MJ8. The final active member retired in 2012. Ashridge Pension Scheme is closed to new members. Costs relating to APS are a55e55ed in accordance with the advice of an independent qualified actuary. from Mercer, using the Projected Unit Method. The most recent Scheme Funding Report of the Actuarial Valuation for the Ashridge Pension Scheme Was undertaken as at 31 December 2022. At the date of the valuation, the value of the scheme's assets were 80.7 million, which represented 102% of the artuarial value of the benefits that had accrued to members. The most recent FRS 102 Actuarial Valuation Report for Ashrid8e Pension scheme was undertaken as at 31 December 2023. Prlnclpal artuarial assumpt10115 The financial assumptions used to calculate scheme liabilities are= 2023 4.80% 2.65% 2022 Discount rate for scheme liabilities Pensions in payment increase rate Price inflation rate: CPI 5.05% 2.65% 2.75% 2.70% Assumed life expectancy on retifement at age 65- Retiring today Imale member age 651 Retiring in 20 year5 {male member age 45 today) Retiring today (female member a8e 65} Retiring in 20 years {female member age 4S today) 22.7 23.3 22.9 24.1 24.8 25.4 25.2 26.3 Contributions paid to the Scheme by the Trust in relation to past service were £380k12022: £1 million). Contributions being paid by the Trust are in accordance with actuarial recommendation. The Trust is committed to contribute £343k to Ashridge Pension Scheme in 2024.
28 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Flnaft¢lal Statements for the year ended 31 December 2023 Icontlnued) 13. Pension Commitments Ashrid8e Penslon Scheme (APS) Icontinued) Amount5 recogni5ed in the Balance Sheet: 2023 £'ooo 173,8781 81,800 7,922 2022 £'ooo {73,3791 81.037 7,658 Defined benefit obligations at 31 Oecernber 2023 Fair value of plan assets at 31 December 2023 Net pension obligations at 31 December Z023 Changes in the present value of defined benefft oblilations 2023 £'ooo 73,379 2022 Defined benefit obligations at 31 December 2023 Movement in the ear-. Benefit payments from plan assets Effect of changes in 0s5umption5 Effect of experience adjustments Interest on pension liabilities C05l - gaÉri on curtailments/changes Defined benefit obligations at 31 December 2023 113.816 {4,LX)81 13.7041 {41,7251 2,921 2.071 897 73.878 73,379 Changes in the fair value of plan assets 2023 £'ooo 81,037 2022 £'ooo 126.977 Fair value of plan assets at 31 December 2022 Movement in the ar.. Employer contributions Benefit payments from plan assets Administrative costs paid from plan assets Return on plan assets Interest on pension assets Fair value of plan assets at 31 December 2023 380 14.0081 {1951 591 1,000 13,7041 {3771 145.1781 2,319 81,037 3,995 81,800 Plan assets comprise". 2023 2022 £'ooo 27.527 37.177 3,435 3.785 18.603 19,4901 Bonds / Fixpd Inrome Equity / Hedge Funds Insured Annuities Propertv Cash Derivatives Others 40,037 35,730 3,260 2,375 1,989 12.8241 1.233 81,800 81,037
29 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2023 {contlnued) 13. Pension Commitments Ashrldge Penslon Scheme IAPS) (continued) Amount recognised in the Statement of Flnanclal Activitles 2023 £'ooo 3,604 13.9951 195 2022 £'ooo 2,071 12.3191 377 Interest expense on pension liabilities Interest income on pension assets Administrative costs paid from plan assets Gain on curtailments/changes Pension chargeJ{incomel for the year 11961 129 Effect of change5 in assumptions Return on plan assets Effect of experience adjustments Actuarial Igainllloss on defined benefit pension scheme 141,7251 45,178 2,921 6,374 1591) 897 312 IGainll1055 recognised in the SOFA 116 6,S03 14. Funds Unrestrlcted Desl8Thated General Research Restrlcted Restoration Total £'ooo Total fund5 at l January 2022 14,695 11.7931 {6.3741 142 io,w) 81 24,776 {1,7931 {6,374) 142 (584) 16,167 Net income Actuarial losses on APS pension Foretgn exchange gains Designated Research Total ndS at 31 December 2022 1584} 9,416 6.670 Net income Actuarial losses on APS pension Foreign exchange gains Designated Research Total funds at 31 December 2023 2,943 13121 (641 Z,943 (312) 164) 11,3071 17,427 11,3071 8,109 9237 81 Memo APS scheme IsurplusJ/deTrcit Inote 131 USS pension provision (note 13) Totolfvnds excluding pension scheme surplu5 (7.922J [7.922J 1,315 8,109 8] 9,505 The unrestricted General Funds represent the cumulative total of past results generated by the Trust. The 1954 Act, as amended in 1983, stipulates that the Funds may be used solely to further the objects of the Trust. The designated Research FuFid extsts Iv %l5sisI AsliritJg¢ to uiideriake iesearch felated to the roles of corporate headquarters and division le¥e15 in multi-business companies and to find ways of improving the Strategic management process with the results of such research being disseminated to the public. The funds are intended for buildin6 research capability and Capacity #t Ashridge. The restrirted Restoration Fund represents house and 8arden tour receipts as well as donations received to maintain and restore the historic fabric of the estate.
30 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financlal Statements tor the year ended 31 Oe¢ember 20231contlnued) 15. Analysis of Net Assets Between Funds Unrestrirted Funds Designated Research Fund Restrlrted Re5toiation Fund Total Total Funds at 31 December 1023: Group Net Current Assets Pension Deficit - APS Pension Provision USS Designated Research Total 9,416 gi 9.505 7,922 7,922 1,307 9,237 {1.3071 8,109 81 17,427 Trust Net Current Assets Pension Deficit - APS Pension Provision USS Designated Research Total 9,416 81 9.505 7.922 7.922 1,307 9,237 11.3071 8,109 17.427 Unrestricted Funds Designated Research Fund £'ooo Restrirted Restoratlon Fund Total £'ooo Total Funds at 31 December 2022: Group Net Current A55et5 Pension Deficit - APS Pension Provision - USS Designated Research Total 1.298 7.658 12,8701 584 10,000 81 11,379 7.658 12,8701 15841 9A16 6.670 16,167 Trust Net Current Assets Pension Deficit - APS Pension Provision USS Designated Research Total 1.298 7,658 12.8701 584 6,670 io,(KJo 81 11,379 7,658 12.8701 15841 9,416 81 16,167 16. DonatSons Donations of £nil12022.. £nill were received. 17. Related Partles Details of the balances outstanding Wlth subsidiaries owned during the year are as follows: 2023 2022 £'ooo Debtors Ashridge Educational Services Limited 1.295 120 Ashri¢Jge Educational services Limited donated its profits of El,120k to the Trust12022: E609kl.