ASHRIDGE (BONAR LAW MEMORIAL) TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 December 2024 Charity Registration Number: 311096
ASHRIDGE (BONAR LAW MEMORIAL) TRUST CONTENTS Pagelsl Legal and Administrative Details RÈpDrt of the Corporate Trustee Statement of Corporate Governance and Internal Control 8-10 Independent Auditorfs Report 11-13 Consolidated Statement of Financial Artivities 14 Balance Sheets 15 Con501idated Statement of Cash Flows 16 Notes to the Financial Statements 17-30
ASHRIDGE (BONAR LAW MEMORIAL) TRUST LEGAL AND ADMINISTRATIVE DETAILS Trustees The governance of Ashridge (Borbar Law Memorial) Trust is managed by Ashridge Ct Limited, a Corporate Trustee. Ashridge Ct Limited directors Mr Jeffrey Allen Mr Reine Beltzer Mr Ravindra Goonesena Charity number 311096 Registered office Ashridge Berkhamsted Hertfordshire HP4 INS Attuary Mercer Tower Place West Tower Place London EC3R 5BU Independent auditor5 Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers Lloyds Banking Group plc Progression Centre 42 Mark Road Hemel Hempstead Hertford5hire HP2 7DW
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Report of the Corporate Trustee for the year ended 31 December 2024 The Corporate Trustee is pleased to present the audited annual report together with the consolidated f inancial statements of Ashridge18ona r Law Memorial) Trust Ithe Trustl for the year ended 31 December 2024. The Corporate Trustee's report and the financial Statements have been prepared in accordance with the Charities St3temerit of Recommended Practice ISORPI 'Accountino and Reporting by Charities 2019,, Financial Reporting Standard5 10? and Charitie5 Act 2022. offic.e for Students regulation5 havc also bpe.n complied with since registering during May 2021. The aims of Ashridge Ashridge ISon3r Law Memorial) Trust was constituted as a charitable trust by the Ashridge (Bonar Law Memorial) Trust Act 1954, as amended in 1983 and 2014 (the Act}. The principal activities of the Trust are defined by the Act: Provide education at AshridLTe Undertake research and disseminate the results to the public Establish and continue similèr institutions overseas These activities are undertaken by the Trust using the name of Ashridge or Hult at Ashridge. The Trust 31so 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 clients. I n 2015. Ashridgp p.nte.red into a Strategic Alliance with Hult International 8usiness School. This alliance has enabled the institutions to leverage the expert15e of Hult in degrce program5 and that of A5hridge in executive education, which in turn has made both institutions more sustainable and robust. The Corporate Trustee referred to the guidance contained in the Charity Commission's publications on public benefit when reviewing aims and objectives. They then considered how to rnaximise the contribution of planned activities to those aims and objectives as follows- Provision of education As a leading centre for ma nagement and organisation learning. the Ashridge vision is to make a substant131 contribution to the development of managers. their organisations and society at large. The activities undertakpn to a%si%t this dp.vp.lopment delTver public benefit in a va riety of ways. AshridEe's clients include organisation5 in the public sector. corporatc entities. and individual private students in pursuit of a IJ K 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 frelds. as well as to continuously improve education for students and executives. Co-creating knowledoe with leaders. manageis 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. A5hridge ha5 Its roots in management practice, applied scholarship and social responsibility. and the research 15 designed to leverage these rootg and its vast network of connections with private, public and volunteer organizations. The public benefits from Ashridge research as it 15 widely distributed and frecly available_-
ASHRIDGE (BONAR LAW MEMORIAL) TRUST RepDrt of the Corporate Trustee for the year ended 31 December 2024 {continued) Establishment of similar institutions overseas Ashridge delivers a proportion of its seNices outside the UK throuEh its corporate clients. Some contracted facLJlty are based abroad. Achievements and performance In performing its activitie5 A5hridge ha5 run educational programs for 91112023.. 1,1191 students with 29412023.. 2561 students graduating during the calendar year 2024. In addition, research at Ashridge has contributed to the academic debate through publishing 19 books, articles, reports and conference papers during 2024. Financial review The result for the year ended 31 December 2024 was a net loss of £2.3 m12023.' surplus of £1.6ml for Ashridge IBona r Law Memorial) Trust. The main driver for the variation between years 15 related to the release Df the USS Pension Scheme deficit provision in 2023 which resulted in a -E2.8 m saving in that year. The net movement in funds wa5-f.3.4 m and thc total reserves of the Trust on 31 December 2024 were £14.Om 12023.. £17.4ml- The total reserves include a designated Research Fund of £6.2m 12023.. £8.Iml, a restricted Restoration Fund £82k {2023.' £82kl and unrestricted free reserves of £7.8m12023-. £9.2ml. Durine the year, the Trust h35 used £1,942k of the designated research fund in line with thc fund5 intcnded purpose. Principal risks and uncertaintie5 The Corporate Trustee has exdmined the rnajor risks that th2 Iru5t faces and has docutncntcd thcsc in a risk rpgi_ster, which 15 updated on ri periodic basis. The Trust ha5 developed systems to monitor and control these risk5 to mitigate any impact that they may have on the Trust in the future. OFSTED Ithe UK Education regulator) conducted a full, four day inspeition of the company's Apprpntire5hip provision durin2 Novernber 2024. 1.he Trust receivpd a judge_mp.nt of 'Good' in all arcas in the Of5tcd report published in January 2025. A judgernent of 'Ciood' will Ipad to a better attractivity of A5hridge on thc Apprpntir.eship market and should have a positive impact on fLrture studeni intakes. There has been a focus over the 135t few years to review the cornpliancp of the apprenticeship departmcnt.. a dedicated complidnce te¢ltn Iv35 Put in place. a new specializcd_system was implemanted and a thorough review of the apprenticos, onboarding and 5UPPOrt processes was performed. As part of this review, inaccuracies were identified in historical funding submissions lo the ISFA, which creates a risk OT clawbdLk of part of the funding received / to be received. The Trust 3Ctively reached out to the ESFA to let them know about these inaccuracies and is in discussion with their tE3rtt about the regularization of its position. A provision of £185,600 has been accounted in the ?0?4 accounts to retlcct this risk. In the meantime, Ashridge continues lo invest in its programmc5 to continuously improve its Apprenticeship provision and ils compliance. In 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 gradualion will only take place once all fees are settled. Plans for future periods Profitability for future period5 15 due to improve further due to the growth in apprenticeship and degree programmes.
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Report of the Corporate Trustee for the year ended 31 Dember 2024 Icontinuedl Going concern The Trust has a strong liquidity position at 31 December 2024 with £5.7m cash available. Consequently, the Trustee has continued to prepare the financial statement5 on a going concern basis. Strategic objectives Ashridge has identified the following strategic aspirations in relation to its core objects, to be- Being known as the place that knows about coaching Leading specialist in strategic organisational change and development Compact, differentiated. highly regarded apprenticeships and qualifications portfolio that makes an impact that matters Having a faculty noted for practical yet rigorous research that is widely available Ashridge is one of few business schools worldwide to achieve the 'triple crown, of accreditation from the Association to Advance Collegiate Schools of Bu5ine55 IAACSBI. the European Quality Improvement System (EQU ISI and the Association of MBAS IAMBAI and the objective is to retain these accreditations going forward. Governance Ashridge IBonar Law Memorial) Trust was constttuted as a charitable trust by the A5hridge (Bonar Law Mcmoriall Trust Act 1954. as amended in 1983 and 2014. and is governed by thi5 act. Ashridge cr Limited acts as the governing body of thc Trust through tts own board of direclors which meet5 regularly. The day-to-day management of Ashridge is undertaken by the President who is ppointed by Ashridge cr Ltd. Thc Prosidcnt has delegated a uthority for finance, employment, and other opcrational matters. Related parties None of the directors of A5hridge Ct Limited nor any persons connected with them. had at any time had any beneficial interest in dealings with the Trust and recerved no rernuneration from the Trust. Ashridge has subsidiaries and other lated partlP5 during the ycar ended 31 December 2024 as per below= Ashridge cr Limited A5hridge CF Limited was incorporaled in 2015 and appointed as C_orporate Trustee of the Trust with the objective to comply with the Act. The direLtor5 of Ashridge CT Limitcd are independent of the Trust in order to ensure there 3 re no conflict5 of intcre5t_ A5hridge Historical Trust The member of Ashrid£e cr Limited 15 the Ashridge Historical Trust. The trustees of the Ashridee Historicdl"fru5t are independent of the Trust and A5hridge Ct Limited in order to ensure there are no confliits of interc5t. Ashridge Educational Service5 Ltd Ashridge Educational SeNices Ltd is controlled through share ownership by the Trust and was incorporated on 16 December 2019. The Ashridge Pension Scheme Thp. A5hridge Pension Scheme is a post-employment benefrt plan for the bp_nefit of employee5 of the Trust. Until 2002 the Trust offered final salary pension entitlement to all Ashridge staff through membership of the hrIdge Pension Scheme.
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Report of the Corporate Trustee for the year ended 31 December 2024 (continued) Pay policy 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 levels in other comparable educational institutions. Key management personnel President Chief Finance Officer Chief Operating Officer Dean of Faculty Dr Matt Lilley Mr Joakim Banestig Mr Mark Coleman Dr Dina Dommett Ito 31108120241 Harinder Mann (from 01109120241 Ms Nadine Page 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 auditor5 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 I ru5Vs auditor5 are aware of that information. The report of the Corporate Trustee wa5 approved by the board of directors of A5hridge Ct Limited and signed on their behalf by: Mr Ravindra Goonesena Director Ashridge CT Limited 30 April 2025
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Statement of Corporate Governance and Internal Control for the year ended 31 December 2024 This Statement of Corporate Governance and Internal Control covers the period For the year ended 31 December 2024 and up to the date of approval of the financial statements. Governance Ashridge (Bonar Law Memori811 Trust was constituted a5 a charitable trust by the Ashridge (Bonar Law Memorial) Trust Act 1954, as amended i n 1983 and 2014. and is governed by this act. Ashridge CT Limited acts as the governing body of the Trust through its own board of directors. Appointment to the board are matters for consideration by the board of directors as a whole and are based on the expertise and skills bruught by tlip individuals involved. The directors rereive further training in trustee meetings as required. No induction training was required as there were no new directors during the year. The members of the board OF directors are listed wiihin Legal and Administrative Details. The constitution of the board ensures that no individual dominates the decision-making process and that it can exercise it5 responsibilities free from management. The boards regulatory and stewardship responsibilities centre on its role as the ultimate legal authority and for safeguarding the Trust's assets, its financial sustainability, and receiving assurance that its syslems comply with the legal and regulatory obliuation5, including as a Charity, the Office for SludenLS 2nd OFSTID. The board of dircctors schcdulc to mect a few times a ycar_ Formal agenda. paper5 and reports are supplied to the board in a timely manner prior to the board meetings. Briefings are also provided on an ad-hoc basis. Reporls include overall financial performance of the Trust together with other relevant information such as performance aEainst tareels. The board review and approve the financial stalements and receive dnd consider reports from ieguldtor5 such <lS OFSI ED dnd Office for Students. and tnonitors adhprencc with thc regulatory rcquircments. Minutcs of board meetings arc recorded and approved at the following meeting. The day-to-day manaEement of Ashridp.e is undertaken by the President who is appointed by A5hridge CT Limited. The Presideni has deleeated auihority for finance, employment, and other operational rnatter5. Corporate Tru5teds respon5ibilitie5 The Corporate Trustee is responsible for the preparation of annual financial statemenls that provide a true and lair view ol the state of affair5 of A5hridge a5 31 ihe end of the financial year and Df thp finanrial ar_tivitips during thc yea r. In preparing the financial staLemenls the Corporate Trustee is required to= Selecl suitable accountin2 policies and apply them ionsi5tently Observe thp method5 and principles in thp ChaFitlP5 SORP Make judgements and estim¢tes that are reasonable and prudent State whether applicable UK accountin2 standards have been followed, subject to any material der)3 rlures disclosed and explained in the financi31 statements Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business The Corporate Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy of the fin¢incial p051tion of A5hridge at any time and to ensure that the financial statement5 comply with relevant Statutes. It is also responsible for safeguarding the assets of Ashridge taking reasonable steps to prevention and detection fraud and other irregularities.
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Statement of Corporate Governance and Internal Control Icontinuedl Internal Control The Corporate Trustee is responsible for maintaininE a sound system of internal control that supports the achievement of policies. aims and objectives. The system of internal control is designed to manage, rather that eliminate, the risk of failure to achieve policies. aims and objectives through corruption, fraud, bribery a nd other irregularities. It can therefore only provide reasonable, but not absolute, assurance against material misstatement or loss. The system of internal control is based on a continuous process designed to identify the principal risks to the achievement of policies. aims and objectives- to evaluate the nature and extent of those risks," and to manage them efficiently, effectively, a nd economically. This process accords with the Office for Students guidance. Th2 system uses a framework of regular management information. administrative procedures including segregation of duties. and a system of delegation and accountability. It includes= Comprehensive budgeting sy5tern5 Wlth an annual budget which is reviewed and agreed by the board of directors Regular reviews by the board of directors of periodic and annual financial reports which indicate financia I performance against forecast Setting targets to measure f inancial and operational performance The Trust's internal control system is supported by a number of policies. These include a Risk Register, an Anti- Bribery and Corruption Policy. a Modern Slavery Act statement, comprehensive internal financial policies and regulations which detail financial controls and procedures. The Corporate Trustee has the responsibility for reviewing the effectiveness of the system of internal control and ensuring that there is a sound approach to confirm that this framework is adopted and embedded con5i5tently and effectively across each activity. The review of effectiveness of the system is informed bv= The work of external auditors- The work of senior m3nagers within the OanISatIon who have responsibility for the development and maintenance of the internal control framework.- Comments made by the organis31ion's Financial statements and regulatory inspections in their managerrient letters and other reports. There are no significant internal control weaknesse5 reported for the period. The board of directors h85 delegated its day-to-day responsibility to the President, as Accounting Officer, for reviewing the adequacy of the Ey5tem of internal control and making any appropriate amendments. He is also responsible for reporting to the board any material weaknesses or breakdowns in intern31 control. The day-to- day responsibility 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 Agency of material irregularity, impropriety and non-compliance with Education skills Funding Agency terms and conditions of funding. The boa rd of directors and the Accounting Officer conf irm that after due enquiry and to the best of their knowledge, it is able to identify any material irregularity or improper use of funds bythe organisation. or material non-compliance with term) and conditions of funding under the orEanisations financial regulatlons. We confirm that no instances of material irreEul3rity, irnpropriety or fundin2 non-compliance have been discovered to date, if any instances are identified after the date of this 5tatemerht these will be notified to the Education and Skills Funding Agency.
io ASHRIDGE (BONAR LAW MEMORIAL) TRUST Statement of Corporate Governance and internal Control Icontinuedl Approved by the Corporate Trustee and the Presidpnt and signed on their behalf bv= Mr Ravindra Goonesena Director Ashri(Ige cr Limited Mr Matt Lilley President AshridEe (Bonar Law Memorial) Trust 30 Apr 2025
li ASHRIDGE {BONAR LAW MEMORIAL) TRUST INDEPENDENT AUDITOR'S REPORTTO THE CORPORATE TRUSTEE OF ASHRIDGE IBONAR LAW MEMORIAL) TRUST Opinion We have audited the financial statements of Ashridge (Bonar Law Memorial) Trust I'the Parent Charity") and it5 subsidiary I'the Group") for the year ended 31 December 2024 which comprise the con501idated statement of financial activitie5, the con501idated and Charity balance sheet. the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Finonciol Reporting Stondard opplicoble in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel- I n our opinion, the financial 5tatements= give a true and fairview of the state of the Group's and of the Parent Charity'5 affair5 as at 31 Dpcember 2024 and of the Group'5 incorning 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 prepared in accordance with the requirements of the Charities Act 2011. where applicable, fund5 from whatever source administered by the provider for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation,. where applicablp, funds provided by thp ()FS and by Rescarch England have been applied in accordance with the rple_vant tertn_E and r_onditiork_5.' and meet the requirement5 of the OFFice for Student's Accounts Direction. We have nothing to report in respect of the following matter in relation to which the Ofs AcioutTrt5 Direction requires us tu report to you if, in our opinion= the 6roup's grant and fee income. as disclosed in rbote 4 to these Financial Statements has been materially misstated. Basis for opinion Wp. conducted our audit in 3ccordancc with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our respon_sibilities under those 5tandard5 are further described in the Auditorfs responsibilities for the audit of the financial statement5 section of our report. We are independenl of the Group and the Parent Charity in accordance with the ethical requirements relevant to our audit of the financial statements in thp IJK, including the FRC'S Ethical Standard, and we have (ulfilled our oiher ethic¢il responsibilities in accordanr_p with thc5C requirement5. We believe that the audil evidence_ we havp obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions related to going concern In auditing the financial statement5, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have pprfDrmpd, we have_ not idcntified any material uncertainties relating to event5 or tnnditinns that, individually or collectively. may cast significant doubt on the Group and the Parent Charity's ability to continue as 3 going concerrb ior 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 other information compri5ES the infoirnation included in the Report of the Corporate Trustee. other than the financial statetnents and our auditorfs report thereon. The Trustee is responsible for the other information.
12 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Our opinion on the financial statemenis 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. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financi31 statements or our knowledge obtained in the course of the audit orotherwise appears to be materially misstated. If we identify such material inconsistencies or appareni material misstatement5. we are required to determine whether there is a material misstatement in the financial siatemenls 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 that fact. We have nothing to report in thi5 regard. Matters on which wo aro required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities 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 statement5 are not in agreement with the accounting records a nd returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustee As explained more fully in the Corporate Trustee's responsibilities statement. the Trustee 15 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 deLermines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Ir) preparing the financial statements, the Trustee is responsible for assessing the Group's and the Parent Charity's ability to continue as 3 going concern. disclosin& as applicable, matters related to going concern and U5in¥ the g(iing concern ba515 of accounting unless the Corporate Trustee either intends to liquidate the Gruup or the parent Charity or to cease operations. or have no realistic alternative but to do 50. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under sertion 144 of the Charities Act 2011 and report in accordance with the Actlsl and relevant regulations made or having effect thereunder. Our objectives Ere to obtain reasonable assurance about whether Ihe financial statements 39 a whole a re free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not o guarantee that an audit condLJCted in accorda nce with ISAS IUKI will -Iways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered matertal if, individually or in the aggreg3te. they could reasonably be expected to influence the economic decision5 of users taken on the ba515 of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- The Group and the Parent Charity are required to comply with charity law and certain conditions of Ofs rekistration including r.omplirif&C.e. with the OF5. latest Accounts Direction and, based on Dur knowled%e of their activities. we identified that the legal requirement to accurately account for restricted funds was Df key significance.
13 ASHRIDGE (BONAR LAW MEMORIAL) TRUST We gained an understanding of how the Group and Parent Charity complied with their legal and regulatory framework, including the requircment to properly account for restricted funds, through discussions with manaLrement and a review of the documpnted polirie5. procedures and controls. The audit team, which is experienced in the audit of charitie5. considered the Group and Parent Cha rity's susceptibility to material mi55tatement and how fraud may occur. Our considerations included the risk of management override. Our approach was to check that all restricted income was properly identiried and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing jourrbal adjustments and unusual transactions. A further description of our responsibilities for the audit of the financial statefflents is located at the Financial Reporting Council's l~FRC's"I website at= https=l/www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. Use of our report Thi5 report is made 501ely to the Charity's Corporate Trustee. as a body. in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in a n 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 Charity and the Charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. lo 2025-05-09 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 a ppointment as auditor of a company under section 1212 of the Companies Act 2006.
14 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Consolidated Statement of Financial Activities for the year ended 31 December 2024 2023 Total & Unrestrirted Fun(Is £'ooo Unreslricted Designated Funds Fund5 £'ooo £'ooo 2024 Total Funds £'ooo Note Income.. Incorne from choritoble ortivities.. Fees frorn educational programmes Incomefrom other trading Gctivitie5.' Commercial trading operations Investment income Total income 3,703 3,703 4,076 7,941 7,941 8,479 253 11.897 253 11,897 243 12,798 Expenditure.. Expenditure on charitable activities Df whirh Pettsiottkheme Credit/lExpenditurÈJ 15,2801 11,9421 17,2221 13,7951 12 176 176 3,Q66 Expenditure on other trading activities Total expenditure 16.9991 112,279) 16,9991 114,2211 (7.3661 {11,161) {1,9421 Net income/lexpenditurel 1382) {1,942) 12,324) 1,637 Other recognised goins/(105sesJ.- Actuarial gains/llossesl on APS pension ForeiEn exchanEe 23ins/llossesl Net movement in funds 12 {1.0341 1231 IIA39) 11,0341 1221 {3.3811 13121 1641 1.261 11,942) There was no restricted income, expenditure or other movements infunds in the twofinonciol period5. Unrestrirted Designated Restricted Funds Funds Funds £'ooo £'ooo £'ooo Total Funds £'ooo Reconciliation offunds.. Total funds at l January 2023 Net movement in f unds Total funds at 31 December 2023 6,670 9,416 11.3071 8,109 82 16,168 1,261 17,429 9,238 82 Net movement in funds Total funds at 31 December 2024 11.4391 7,799 11,9421 6,167 13.3811 14,048 82 All income a nd expenditure ha5 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 2024 Group 2023 £'ooo Trust Note 2024 £'ooo 2024 £'ooo 2023 £'ooo Fixed assets.. Investment5 in subsidiaries Total fixed assets Current assets.. Debtors Cash at bank and in hand Total current assets 4.856 5.724 10.580 6,400 8,737 15.137 4,676 5,724 10.400 6,012 8.737 14,749 Creditors.. amounts falling due within one year Net current assets io.ii 13.9391 6,641 15.6301 9.507 (3,7591 6.641 15,2421 9,507 Total assets le55 current 6,641 9,507 6,641 9,507 APS defined benefit pension scheme asset Net assets 12 7.407 14,048 7.922 17.429 7,407 14,048 7,922 17,429 Thefunds of the churity.. Unrestricted funds Designated funds Restricted funds Total charity funds General Research Rpstoration 7.799 6.167 82 14,048 9.238 8,109 82 17,429 7,799 6,167 82 14,048 9.238 8,109 82 17,429 13 The notes on pages 17 to 30 form part of these financial statements. The fina ncial statements were approved by the corporate trustee, Ashridge cr Limited, and the President on 30 April 2025, and signed on their behalf by= Mr Ravindra Goonesena Director Ashridge cr Limited Mr Matt Lilley President Ashridge (Bonar Law Memorial) Trust
16 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Consolidated Statement of Cash Flows for the year ended 31 December 2024 2024 £'ooo 2023 £'ooo Note Cash flows from o eratin artivities: Net cash provided byllused in) operating activities (3,2661 {1,8261 Cash flow5 from investin activities". Investment income received in year Net cash provided byllused inl from investing activities 253 243 253 243 Change in cash in the reporting period Cash at the beginning of the reporting period Cash at the end of the reporting period 13,0131 8.737 5.724 11,5831 10,320 8,737 Note A: Reconciliation of net income ex nditure to net cash flow from o ratin activities Net incoming/loutgoingl resources from educational and related artivities Adjustments for- Investment income received in year Decrease/lincreasel in debtors Increase/ldecreasel in creditors AddiLional pension contributions Ppnsiun c05ts reldting to defined benefit plans.. 12,3241 1,637 12531 1.544 11,6911 13431 12431 11,5231 1,813 13801 APS administration costs AP5 finance Igainllcost Movement in USS 207 13831 195 13911 12,8701 164 Foreign exchange gains Net cash provided by/lused in) operating activities 123 13,266) 11,8261 Note B: Anal e uivalents is of cash and cash At 01101124 £'ooo Cash Flow At 31112/24 £'ooo £'ooo Cash at bank and in hand 3.013 5,724 The notes on pages 17 to 30 form part of these finantial %tatements.
17 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2024 Statement of Accounting Policies Basis of accounting These financial statements have been prepared under the historical cost convention, in accordance with the statement of Recommended Practice Accounting and Reporting by Charities 120191. Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021, and the Charities Act 2011. The Trust registered with the Off ice for Students in May 2021. and as a result are required to follow the latest Office for Students, Accounts Oirection. The Group financial statements incorporate a line by line consolidation of the financial Statements of thc Trust and its subsidiaries. There are uniform accounting policies across the Group. All intra-group transactions and balances between group entities are eliminated on consolidation. Ashridge IBonar Law Memorial) Trust. a public benefit entity. has taken advantage of the provision notto include its own Statement of Financial Activities and related notes in the consolidated financial statements. These financial statement5 are presented in GBP Sterling which is also the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest thousand. Going Concern The Corporate Trustee, after making erbquiries, ha5 a reasonable expectation that the Trust has adequate resources to continue in operational existence for the next 12 months and will continue to operate for the primary purpose of the Trust. The main risks have been assessed by the Corporate Trustee, reviewing the Tru5Vs ongoing forecasts and projections to ensure that the organisation remains financially viable. The board acknowledges the risk but does not consider it as significant going. forward. The Trust has a strong liquidity position at 31 December 2024 with £5. Im cz_Eh available. and managpment 15 t105ely monitoring the profitability and pprfortnancp of the "I"rust'£ business divisiOn5. The Corporatc Tru5teo does not believe there are any mateiial uncertaintie5 relating to its ability to continue as a going concern and have therefore prepared the financial statements on that basis. Income Income represents revenue for programmes. consultancy. research and conference activities undertaken during the year. Revenue is recognised when the programme is delivered. Deferred income represents fees invoiced in advance. Donations Donations are credited to revenue on a receivable basis. Expenditure Costs relating to the provision of core education. research and consulting services are included within the Statement of l.inancial Activities. Expenditure charged against Restricted Funds fa115 Wlthin the purposes outlined in note 13. All other expenses are borne out of the Unrestricted Fund. Costs are allocated to specific departments on a project basis 3S necessary.
18 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2024 Icontinued) Statement of Accounting Policies Icontinuedl Foreign currencies Tra nsactions in foreign currencies are recorded at the race of exchange at the date of the transaction. Monetary S5ets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Gains and losses are recoonised in the %tatetnent of Finantial Artivitips. Financial instrument5 Basic financial assel5, including trade and other receivablei, cash and bank balance5 and investments in commercial paper, are initially recognised at transaction price, unle55 the arrangement con5titute5 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 reporting period fina ncial assets measured at amortised cost are assessed for objective evidence of impairment. The impairment loss is recognised in the profit or loss. Employee benefits The costs of short-term employee benefits are recognised as 4J liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's 5ervice5 are received. Retirement benefits The Ashridge Pension Scheme is a historical single-employer defined benefit scheme. Recognised in the Balance Sheet is the value of the scheme's assets less the present value of the scheme's liabilities. The pension cost for the scheme is analysed between current service cost, past service cost and net return on pension scheme assets. Current service cost is the actuarially calculated present value of the benefits earned by the active ernployee5 in each period. Past service costs. relating to employee Service in prior periods arising in the current period as a result of the introduction of. or improvement to. retirement benefits. are recognised in the Statement of Financial Activities on 3 straight line basis over the period in which the increase in benefits vest. The net expected return on the pension assets comprises the expected return on the pension scheme assets less interest on scheme liabilities. The actuarial gains and losses which arise from updating the latest actuarial valuation to retlect conditions at the balance sheet date are shown in the Stètement of Financial Activities. The Trust pa rticipates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing dpfine.d be.npfits Ifor all membeisl. as well as definpd contribution benefits. The Jssets of the Scheme arc held in a sepo rate trustee admin15tered fund. Bccause of the mutual nature of the scheme, the assets are not attributed to individual institution5 and a 5cheme-wide contrihutiDn rate is set. The Trust is therefore exposed to actuarial risks associaled with other institutions. employees and is unable to identify it5 shale 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 ior 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 has entered into an agreement (the Recovery Planl that determine5 how each employer within the 5chemD 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 deficitl with related expenses being recognised through the Statement of Financial Activitie5. FRS 102 makes the distinction between a group plan and a multi-employer scheme. A 2roup plan consists of a collection of entities under common conlrol typically wilh a sponsoring employer. A multi-employer scheme 15 a scheme for entities not under common control 2nd represents Itypicallyl an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a def icit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Corporate Trustee is satisfied that Universities Superannuation Scheme meets the definition of 3 multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under anv recovery plan in existence at the balance Sheet date.
19 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Note5 to the Financial Statements for the year ended 31 Decernber 2024 (continued) Statement of Accounting Policies Icontinuedl Taxation The Trust is a registered charity, and as such 15 entitled to certain tax exemptions on income and profits from investments, and SLJrplLJses 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 fflake judgement5, estimates and assumptions about the cèrrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may difier from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revisions to accovnting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period ol the revision and future periods where the revision affects both current and future periods. lil Impairment of debtors The Trust makes an estimate of the recoverable value of trade and other debtors. When assessing the irripdirrnent, tndnagetnent con5ider5 factors intluding the ageing profile of debtor5 and historical experience. lill Provisions Provisions are measured at the best estimate of the amount required to settle the obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. Where it is no longer probable that an outflow of economic benefits will be required to settle the obligation, the provision is reversed.
20 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2024 {continuedl 2. Consolidated Group Income and Expenditure Account The principal differences between the Income and Experbdrture Account below and the Statement of Financia I 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 factor. 2024 £'ooo 2023 £'ooo Income Educational programmes Custom and consulting Investment income 3,703 7,941 253 4,076 8,479 243 11,897 12,798 Expenditure Staff costs, including pension A$50Ci3tes and agency staff Other direct costs 15,5571 16,3581 1831 11141 13431 176 15.9121 16,1131 13501 11981 13471 196 2,870 {9.854} Marketing and business development PrDperty and other overhead costs APS pension administration and finance USS pension provision movement 112.2791 Net income per Statement of Financial Activities 13821 2.944 3. Net Income from Trading Subsidiary The Trust had one wholly owned tradinE subsidiary (note 81 which was incorporated in the UK and donated its trading profits to the Trust under the gift aid iules. AES Ltd 2024 2023 £'ooo £'ooo Income from commercial trading operations Investment Income 7.941 43 16,9991 1211 964 8,479 18 17,3661 Iiii 1,120 11,1201 Exper)diture Foreign Exchange Gains Surplus Donation Ljnder the gift aid rules Profit on ordinary activities (9641 All transactions between Ashridge and it5 subsidiary are conducted on an arm's length basis.
21 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2024 (continued) 4. Details of grant and fee income GTOUP Trust 2024 2023 2024 2023 £'ooo £'ooo £'ooo £'ooo Grant income from other funding bodies Fee income for taught awards Total grant and fee income 1,425 2,136 1,425 2,136 1.961 1.715 1,961 1,715 3,386 3,851 3,386 3,851 5. Analysis of Total Resources Expended Expenditure includes: Group 2024 Trust 2023 2024 2023 £'ooo £'ooo £'ooo £'ooo Impairment of trade receivables Fees payable to Group auditors- audit services Fees payable to Group auditors- non audit 5ervice5 144 122 144 122 23 22 23 22 168 145 168 145 Direct costs Support Support cost costs recharges £'ooo Total 2024 £'ooo Total 2023 £'ooo £'ooo Expenditure on charitable activities Qualification & Apprenticeship5 Prograrnmes Faculty Research 1,432 2,422 3,854 -360 3,556 1,132 1,307 866 13.0661 3,795 12,0161 1.942 1.241 {1761 7.802 1.942 1,242 1176) Overheads & Facilities APS & USS Pension P&L charge 1,436 12,0161 Expenditure on other trading activities Custom & Open Programmes Teaching costs Overheads 4.983 4.983 2.016 4.745 2.621 2,016 4,983 2,016 6,999 7,366
22 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Note5 to the Financial Statements for the year ended 31 Dember 2024 {continued) 6. Staff Costs (Group and Trust) Salaries, wages 2nd related payroll costs. irbcluding subsidiary undertakings, amounted to.. 2024 £'ooo 4,783 535 536 66 207 6,127 2023 £'ooo 4,838 526 796 19 195 6,374 Salaries and wages Social security costs Pension costs Termination payments Defined benef it scheme administration costs The Group has given regard to the 'Guidance on decisions taken about severance payments in HEI'5, published by the Committee of University Chairs when determining severance pay. Compensation for loss of office has been paid to three 12023- one) members of 5t3ff during the year ended 31 December 2024 amounting to £66k12023.. £19kl- The majority of staff were employed by the Trust on behalf of the Group. For the year ended 31 December 2024 the average number of staff employed by the Trust was 6112023- 581. Ashridge CT Limited, the corporate trustee. received no remuneration for its service to the Trust12023'. nil) and was rèimbursed travel expenses of £2k during the year12023.. £nill- The remuneration Isalary including staff benefit5 and termination payments but excluding pension contributions) paid to high paid member5 of staff falls into the following bands: 2024 2023 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001 £100,000 £ioo,ooi - £iio,000 £IIO,001- £120,000 £120,001 £130,000 £130,001- £140,000 £140,001 E150.000 £150,001- £160,000 £210,001- £220,000 30 28 Ashridge has given regard to the 'Higher education senior staff remuneration code, published by the Committee of University Chairs when determining senior staff remuneration. The number of senior staff expressed on a full-time equivalent basis who received basic annual salaries in the following ranges at 31 December 2024 were= Numberof staff120241 Number of staff12023) Basic salary per annum £100,000- £104,999 £105,oon - £109,999 £iio,nt)ll - £114,999 £115,000 - £119.999 £120,000 - £124,999 £125,000 - £129,999 £130,000- £134.999 £145,000 - £149.999 £205,000 - £209,999 16 12
23 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 20241continuedl The President Matt Lilley's total annual remuneration was E306,000 IFY2023.' £203,000) lor the 12 month5 of his employment during the year. This represents the total annual remuneration paid by Ashridge IBonar Law Memorial) Trust and Hult International Business khool Ltd for his role as President for these Off ice lor Students registered providers. Ashridge (Bonar Law Memorial) Trust wa5 responsible for funding £153.000 for the year erbded 31 December 2024. H ult International Business School Ltd was responsible for funding £153,000. From Ashridge IBonar Law Memoriall Trust- Base salary OF £103,000 IFY2023= £103,000) Performance-related pay of £50,ODO No payments have been paid in lieu of pension contributions. Nu Pdyments of dividends have been made. No payment madc by the provider in pension contributions on behalf ol the head of provider during the year. No payment made by the provider in pension contributions a5 part of National In5uranie Savings. No other type of benefits and remuneration have been paid to the head provider. Ashridge IBonar Law Memorial) Trust does not provide to the President private healthcare benef it. From Hult Internaiional Business school Lld.. Base sala ry of £IOO,000 IFY2023= £100.0001 Performance-related pay of E50,000 A total amount of £0 has been paid by the provider in pension contributions on behalf of the he3d of provider during the year. No payments of dividends have been made. Pension Contributions of £3.000. No payment made by the provider in pension contributions as part of National Insurance savings. No other type of benefits and remuneration have been paid to the head provider. Hult I nternational Business School Ltd does not provide to the President private healthcare benefit The appointed presidents voluntarily withdrew from the A5hridge USS pension scheme on the date of their appointment, no paympnts have been paid in lieu of pension contributions. Ashridge provides to the President private healthcare benefit5 that flow from being an employee of A5hridge and which is available to all employees. The Presidents sala ry is set by Ashridge CT Limited. the Corporate Trustee. Process for judging performance The President has an annual performance review meeting with thrs Ashridge CT Limited board of directors to review and assess performance against objectives and to di5CUSs objective5 for the next year. Approach and justification to the Presidents remuneration The Presidents salary is reviewed annually and reflect5 the *ollowing= Market rate by size and complexity of institution The scale and complexity of the job Comp3 risons with benchmarks Perforrnance as rneasured 3gainst objertives set by the board of directors Pay multiple The relationship between the Presidents Ashridge remuneration and that for all other staff employed by A5hridge, expressed as a pay multiple is as follows.. The head ol the provider's basic salary is 3.64 times the median pay of 5t3ff12023.. 4.611, where the mcdian pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff. The head of the provider's total remuneration is 5.7712023= 4.281 tirnes the median total remuneration of staff.
24 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2024 (continued) The pay multiple represents the President's pay divided by the median pay for all other staff at the trust, on a full-time equivalent basis. The median pay for all other staff is calculated using pay data for all staff who are required to be included in Real Time Information IR Tll reporting to HMRC. All other staff is capturing staff employed by the Trust. 7. Remuneration of key management personnel Staff costs includes remuneration provided to key management personnel as follow5: 2024 £'ooo 643 2023 £'ooo 578 Salaries and wages Social security costs Pension costs 82 34 759 74 35 687 8. Investments in Subsidiaries The following company, which is registered in England. was a wholly owned subsidiary of the Trust during the year.. Company Ashridge Educational SeTvices Ltd Company number.. 12363817 Registered addre5s- A5hridge. Berkhamsted, Hertfordshire, HP41NS Share Capital 100 £1 ordinary shares Holding loo% 9. Debtors Group 2024 2023 £'ooo E'ooo 3,268 3.829 Trust 2024 2023 £'ooo £'ooo 2,000 2,145 1,088 1,296 133 377 205 319 1,250 1,875 4,676 6,012 Trade debtors Amounts due from group undertakings Other debtors Prepayments 3 nd accrued income Other financial in5trumerbts 133 377 205 319 1250 1875 4.856 6.400 Trade debtors are stated after provisions for impairment- Group: £144k12023.. £122kl, Trust £144k12023'. 122kl. 10. Creditors: amount5 falling due within one year Group 2024 2023 £'ooo £'ooo 691 1,405 Trust 2024 £'ooo 511 2023 £'ooo 1,017 Trade creditors AMoLJnts owed to groLJP undertakings Payments received on account for contrarts Taxation a nd social security Other creditors Provision for funding clawback Accruals and deferred income 80 494 75 80 75 636 494 636 186 164 3,350 5.630 186 2,488 3,759 164 3,3 50 5,242 3.939 Notes to the Financial Statements for the year ended 31 December 2024 {continued)
25 ASHRIDGE (BONAR LAW MEMORIAL) TRUST 11. Deferred Revenue Movement Group 2024 2023 £'ooo £'iJoo Trust 2024 2023 £'ooo £'ooo Opening balance Amounts released from prior year Income deferred in current year 2,793 11.4411 677 2,254 18731 1,412 2.793 ?,793 11,41111 671 2,254 18731 1,412 2.783 2,029 2.029 12. Pension Commitments Universities Superannuation Scheme {USS) hridgp i_5 3 member of the Universities Superannuation Scheme IUSS}, a national defined benefits scheme for university academic and academic-related staff. Pension benefits for 47 members of staff at 31 December 202412023: 511 are provided under the USS. The Actuarial valuation of the USS scheme as at 31 March 2024 wa5 published on 29 July 2024. The valuation showed that the scheme is in surplus and so no deficit recovery plan 15 required. Therefore all the provision was released irb 2023 and no new provision was accounted in 2024. The release of the provision resulted in a gain of 2,870k in the 2023 fiscal year. Since the Trust cannot identify its share of the scheme assets and liabilitie5, the following disclosures reflect those a55ets and liabilities as a whole: 31 March 2024 £ billions 74.8 165.61 31 March 2023 £ billions Scheme assets Total scheme liabilities FRS 102 total scheme surplus /ldeficitl FRS 102 total funding level 73.1 65.71 114Y. iiiy. The key financial assumptions used In the 2024 valuation are described below. More detall Is set out in the Statement of Funding Principles, which can be found on the USS'S website Pension increases ICPII Set con515tently with market-based pricing for the relevant minimum5 and maximums Discount Rate Ifonuard rates) Pensioners Non-perhsioners 4.3/ pa 3.4% pa
26 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2024 {continued) Universities Superannuation Scheme (USS) The main demographic a55umption used relates to the mortality assumptions. These assumptions are based on arb31ysis of the scheme's experience carried out 35 part ol the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows: Mortality- base table Males: 101% of52PMA L. 95Yo of S3PFA. CMI 2021 with a smooihing parameter ot 7.5. AdditTonally it has an initial addition of 0.4°A pa and a long term improvement rate of l.8/. pa for males and 1.6% pa for fem3le5. Mortality- future improvements The current life expectancies on retirement at age 65 are: 31 December 2024 Male5 currently aged 65 Iycarsl Females currently aged 65 (year51 Males currently aged 45 Iyear51 Fem31es currently aEed 45 (years) 24.9 23.0 25.5 Key assumptions used are= 2024 5.500/. 3.15°A 2.85°h 2023 Discount rate RPI inflatiorb rate CPI inflation rate 4.80% 3.05% 2.70°A Ashridge Pension Scheme {APS) The Ashridge Pension scheme is a funded defined benefit pension scheme. with the assets held in a sepa rate trustec admini5tercd funds. It was open to full and part-time employees together with those subject to fixed term coniracts until May 2002. With effed from January 2004 an accrual for future service for Senior Stalf wa£ transferred to the USS although General Staff dt that time continued to ccrue fLJture servicp within thp AP_S. Accrual forfuture service forthe. grpat majority of th05c rcmaining transferred to IJSS at thp p.nd of 2008. l.hp final active member retired in ?01?. Ashridgc Pension Scheme is closed to new member5. Costs relating to APS are a55C5sed in accordance with the advice of an independent qualified actuary, from Mercer, using the Projected Unit Method. The tnost recent Scheme Fundirbg Report Oi 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 actuarial value of the benefits that had accrued to members. The most recent FRS 102 Actuarial Valuation Report for Ashridge Pension Scheme was undertaken BS at 31 December 2024.
27 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 Dember 2024 {continuedl Ashridge Pension Scheme IAPS) Principal artuarial assurnptions The financial assumptions Used to calculate Scheme liabilities are= 2024 5.50Y. 2.75% 2.85°A 2023 4.80/ Discount rate for scheme liabilities Pensions in payment increase rate Price inflation rate= CPI 2.65% 2.70Y, Assumed life expectancy on retiretnent at age 65= Retiring today Imale member age 651 Retiring in 20 years Imale member age 45 today) Retiring today Ifemale member age 651 Retiring in 20 year5 Ifemale member age 45 today) 22.7 22.7 23.0 22.9 24.9 25.5 24.8 25.4 Contributions paid to the Scheme by the Trust in relation to past service were £343k 12023.. £380kl. Contributions being paid by the Trust are in accordance with actuarial recommendation. The Trust is committed to contribute £340k to Ashridge Pension Scheme in 2025. Amounts recogni5ed in the Balance 5heet= 2024 2023 £'ooo 173,8781 81,800 7,922 £'ooo 168,3851 75.792 7.407 Defined benefit obligations at 31 December 2024 Fair valLJe of plan assets at 31 December 2024 Net pension obliEations at 31 December 2024 Changes in the present value of defined benefit obligations 2024 2023 £'ooo £'ooo Defined benefit obligations at 31 December 2023 Move ent in the ear: Benefit payments from plan assets Effect of changes in assumpiions Effect of experience adjustments Interest orb pension liabilities Cost - gairb on curtailmentslchanges Defined benefit obligations at 31 December 2024 73,878 73,379 13.8591 15.0421 1461 3,454 14,0081 897 3,604 68,385 73,878
28 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 Dember 20241continuedl Ashridge Pension Scheme IAPSI Changes in the fair value of plan assets 2024 £'ooo 81.800 2023 £'ooo 81,037 Fair value of plan assets at 31 December 2023 Movement in the ear: 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 2024 343 380 13,8591 12071 16,1221 3.837 75.792 14,0081 11951 591 3,995 81.800 Plan asset5 iomprise- 2024 £'ooo 41,911 32.452 2,2998 2_,302. 1.041 15,5251 613 2023 £'ooo 40.037 35,730 3,260 2,375 1,989 12,8241 1233 81,800 Bonds / Fixed Income Equity / Hedge Funds Insured Annuities Property Cash Derivatives Others 75,792 Amount recognised in the Statement of Financial Activitie5 2024 £'ooo 3,454 13.8371 207 2023 £'ooo 3,604 13,9951 195 Interest expense on pension liabilities Interest income on pension assot5 Administrative costs paid from plan assets Gain on curtailmenlslchanges Pension charge/lincomel for the year {1761 {1961 Effect of changes in assumptions RetLJrn on plan asset5 Effect of experience adjustmer¥ts Actuarial Igainllloss on defined benefit pension scheme 15.0421 6,122 1461 1.034 15911 897 312 (Gainllloss recognised in the SOFA 858 116
29 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2024 (continued) 13. Funds Unrestricted Designated General Research £'ooo £'ooo Restricted Restoration £'ooo Total £'ooo Total fLJnds at l January 2023 Net income Actuarial105ses on APS pension Foreign exchange gains De.signated Research Total funds at 31 Decernber 2023 6,670 2.944 13121 1641 9,416 82 16,168 2,944 13121 1641 11,307) 17,429 11,307} 8.109 82 Net income Actuarial losses on APS pension 13821 11.0341 13821 110341 Foreign excha nge gains De_SlEnated Research Total funds at 31 Decernber 2024 1231 1231 11,9421 14,048 11.9421 6,167 7,799 82 Memo APS scheme {surplusJ/deficit (note 12J US5 pension provision (note 12) Totolfunds excluding pension scheme surplus (7.407J f7,407) 392 82 6,642 The unrestricted General Funds represent the cumulative total of pa<t 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 F¢esearch Fund exists to asSlSt Ashridge to undertake research related to the roles of corporate headquarters and division leve15 in multi-business companies arbd 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 building research capability and capacity at Ashridge. The restricted Restoration Fund represents house and garden tour ceipts as well as donations received to m3int3in and restore the historic fabric of the estate.
30 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December Z024 (continued) 14. Analysis of Net Assets Between Funds Unrestricted Funds £'ooo Designated Research Fund £'ooo Restricted Restoration Fund £'ooo Total £'ooo Total Funds at 31 December 2024: Group Net Current Assets Designated Research Total 5,857 1.942 7,799 8,109 {1.942) 6,167 82 14,048 82 14,048 Trust Nel Current Assets 5,857 8,109 82 14,048 Designated Research Total 1.942 7,799 {1.9421 6,167 82 14,048 Unrestrirted Funds £'ooo Designated Research Fund E'ooo Restricted Restoration Fund £'ooo Total £'ooo Group Net Current Assets Pen5iori Deficit APS PEnsion Provision - USS DesiEn3ted Research Total 9.416 8? 9,507 7,922 7.922 1.307 9,238 11.3071 8,109 82 17,429 Trust Net Current Assets Pension Asset- APS Pension Provision - USS Designated Research Total 9.416 82 9.507 7,922 7.922 1,307 9,238 1,3071 8,109 82 17,429 15. Donations Donations of £nll12023: £nill were recelved. 16. Related Parties Details of the balances outstanding with subsidiaries owned during the year are as follows.. 2024 £'ooo 2023 £'ooo Ashridge Educational Services Limited 1,088 1,295 Ashridge Educational Services Miled donated its profits of £964k to the Trust {2023.' £1.120kl.