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 De￿mber 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 O￿anISatIon 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 De￿mber 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 De￿mber 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 De￿mber 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.