ASHRIDGE (BONAR LAW MEMORIAL) TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 December 2025 Charity Registration Number: 311096
ASHRIDGE (BONAR LAW MEMORIAL) TRUST CONTENTS Pagelsl Legal and Administrative Details Report ofthe Corporate Trustee Statement of Corporate Govemance and Intemal Control 8-10 Independent Auditorfs Report 11-13 Consolidated Statement of Financial Activities 14 Balance Sheets 15 Consolidated Statement of Cash Flows 16 Notes to the Financial Statements 17-30
ASHRIDGE {BONAR LAW MEMORIAL) TRUST LEGALAND ADMINISTRATIVE DAlLs Trustees The governance of Ashridge IBonar Law Memorial) Trust is managed by Ashridge Ct Limited, a Corporate Trustee. Ashridee CT L*mit@d dir@ttors Mr Joffrey Allon Mr Reine Beltzer Mr Ravindra Goone5ena Charlty number 311096 Aeeistèr@d tsffit Aqhritlgp Berkhamsted Hertfordshire HP4 INS Actuary Mercer Tower Place West Tower Place London EC3R 5BU Independent auditors Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers Lloyds Banking Group plc Progression Centre 42 Mark Road Hernel Hempstead Hertfordshire HP2 7DW
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Report of the Corporate Trustee for the year ended 31 December 2025 The Corporatc Tru-.tce ia pleaJed to present the audited annual report togcthcr with the consolidated financi31 statements of Ashridge (Bonar Law Memofiall Trust (the Trust) for the year ended 31 December 2025. The Corporate Trustee's report and the finantial statements have been prepared in accordance with the ChaTltie5 Statement of Recomrnended PraeticÈ ISORPI 'Accounting and Reporting by Charities 2019,, Financ2] Reporting Standards 102 and Cha¥itie5 Act 2022. Office for Students regulations have also been complied with sincg rggigtéring during M3y 2021. The aims of Ashridge Ashridge (Bonar Law MemoTiall Trust was constituted as a charitable trust bythe Ashridge (Bonar Law Memorial) Trust Act 1954, as amended in 1983 and 2014 (the Act). The principal activities of the Trust are dèfined by the Art.. Provide education at Ashridge Undertake research and disseminate the results to the public Establish and continue sirnilar institutions overseas These activities are undertaken by the Trust using the name of Ashridge or Hult at Ashridge. The Trust also had a whollv owned subsidiarv durinR the vÈar- see notes 3 and 8 of the financial statements for detai15. The trading subsidiary undertook specialist activities c105ely related to management education. more specifically the provision of executive and organisation education to corporate clients. In 2015, Ashridge entered into a Strategic Alliance with Hult International Business School. This alliance has enabled the institution5 to lèverage the expertise of Hult in degree programs and that of Ashridge 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 aim5 and objective5. They then considered how to maximise the contribution of planned activities to those aims and objectives as follows.. Provision of education As a leading centre for managernent and organisation learning, the Ashridge vision is to makè a substantial contribution to the development of managers, their organisations and society at large. The activities undertaken to assist this development deliver public benefftt In a variety of ways. Ashrirjge's clients include organi5ations in the public sector, corporate entities, and individual private students in pursuit of a UK degree. Research The purpose of research at Ashridge is to make a wider intellectual contribution to busines5 practices overall, and a deeper contribution to certain academic and professional fields, as well as to continuously improve educailon for students and execuiive5. Co-creating knowle(Jge with leader5, mdridgeis diid yuliLyllldkvis 111 private, public, and volunteer organizatitsns is a hallmark of this strategy, So 15 the aspiration to catalyse innovation and be a partner in life-long leaining. Ashridge has its roots in maaagetnent practice, applied scholarship and Social responsibility, and the research is designed to leverage these roots arnd its vast network of connections with private, public and volunteer organizations. The p(tblic benefit5 from Ashridge research as it is widely distributed and freely available.
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Report of the Corporate Trnstee forthe year ended 31 December 2025 Icontinuedl E#tsbli$hmènt of similar institutlons ov•r¢•as Ashridge delivers a proportion of it5 services outside the UK through its corporate clients. Some contracted faculty are based abroad. Achievements and perfom)ance In performing its activities Ashridge has run educational programs for 76512024.. 9111 students with 25812024.. 2941 students graduating during the calèndar year 2025. In addition. research at Ashridge has contributed to the academic debatè through publishing 59 books, articles, reports and conference papers during 2025. Financial review The result for the year ended 31 December 2025 was a net loss before actuarial gainsllosses of £2.5m12024'. loss of £2.3ml for Ashridge (Bonar Law Mernoriall Trust. The main driver for the variation between years is additional spending of the designated research fund. The net movernent in fund5 was-£1.4rn and the total reserves of the Trust on 31 December 2025 were £12.6m 12024.. £14.Oml. The total reserves include a designated Research Fund of £4.Im12024'. £6.2ml, a restricted Restoration Fund £82k12024'. £82kl and unrestricted free rèserves of £8.5m12024.. £7.8rn1. Dsjring the year, the Trust has used £2,085k of thè designated research fvnd in line with the ftind's intended purpose. Principal risks and uncertainties The Corporate Trustee has examined the major risks that the Trust faces and has documented these in a risk register, which is updated on a periodic basis. The Trust has developed systems to monitor and control these risks tts mitigate any irnpact that they may have on the Trust in the future. OFSTED Ithe UK Education regulatorl conducted a full. four day inspection of the companvs Apprenticeship provision during November 2024. The Trust received a judgement of 'Good' in all areas in the Ofsted report published in January 2025. A judgement of 'Good' will lead to a better attractivity of Ashridge on the Apprenticeship market and should have a positive impact on future student intakes. There ha5 been 3 focu5 over the last few years to revlew the compllance of the appreniiceshlp (JepaTirnent'. a dedicated compliance team was put in pla, a new specialized system was implemented hnd a thorough review of the apprentices, onboarding and support processes was performed. A5 part of this review, inaccuracie5 were identified in historical funding submissions to the Department for Education IDFEI, which creates a risk of clawback of part of the funding re¢eived / to be received. The Trust actively reached out to the OFE to let them know about these inaccuracies and had discussions with their team about the regularization of its position. A provision of E192,967 has been accounted in the 2025 accounts to reflect th45 risk. Thi5 provision is rea55essed and a¢Jjusted annually. In regards to the other qualification degree5 provided by TheTrust, there is a risk of collection delays from tuition of independent students. Collections are being monitored closely and graduation will only take place once all fees are settled. Plans for future periods Profitability for future periods is due to irnprove 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¢ember 2025 Iconttnuedl
¢kJin8 concern
The Trust has a strong liquidity position at 31 December 2025 with £4.9m cash available. The Corporate Trustee.
after making enquiries. has a reasonable expectation that the Trust has adequate resources to continue in
operational @xistÉntp for the next 12 months and will continue to operate for the primary purpose of the Trust.
Consequently, the Trustee has continued to p¥epare the financial statements on a going concern basis.
Strategic objectives
Ashridge has identified the following strategic aspirations in relation to its core objètts, to bè..
Being known as the place that knows about coaching
Leading specialist in strategic organisational change and development
Compèct, differentiated, h1hly reRarded apprenticeships and aualification5 Portfolio
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 BsInesS IAACSBI, the European Quality Improvernent System
IEQUISI and the Association of MBAS IAMBAI and the objective is to retain these accreditations going forward.
Governance
Ashridge (Bonar Law Memorial) Trust was constitL+ted as a charitable trust by the Ashridge (Bonar Law Mèmorial)
Trust Act 1954, a5 amended in 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 which meets
regularly.
Ihe
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Report of the Corporate TNstee for the year ended 31 December 2025 Icontlnuedl Pay policy for senior staff The pay of the 5enfror staff 15 reviewed annually. In view of the nature of the charity salaries are benchmarked against pay levels in other comparable educatiorÈ31 institutions. Key management pèrsonnel President Chief Finan Officer Chief Operating Officer Dean of Faculty Senior Director of Research Dr Matt Lilley Mr Joakim Banestig Mr Mark Coleman Mr Harinder Mann Ms Nadine PaRe Disclosure of infom)ation to Audttors The Corporate Trustee confirms that.. there is no relevant audit information of which the Trusvs auditors are unaware,. and it ha5 taken all the steps that ought to be taken in order to make himselflherself aware of any relevant audit information and to establish that the Trust's auditors are aware of that infomiation. The report of the Corporate Trustee was approved by the board of directors of Ashridge CT Limited and signed on their behalf by.. ey Allen or Ashridge CT Limited 15 April 2026
ASHRIDGE (BONAR LAW MEMORIAL) TRUST Statement of Corporate Governance and Internal Control for the year ended 31 December 2025 This Stètèment of Corporate Governance and Internal Control covers the period forthe year ended 31 December 2025 and up to the date of approval of the financial statements. vernance Ashrideè IBonar Law MemoriallTriJst was c.nnstituted as a charitxhl*triJ<t hyth• A4hridge IBonar Law Memorial) Trust Art 1954. as amended in 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. Appointrnent to the board are matters for consideration by the board of dirertors as a whole and are based on the expertise aTEd skills brought by the illdividua15 involved. The directors receive further training in trustee meetings a5 required. No induction traininR was required as there were no new directors durin£ the vear. The rnember5 of the board of directors are listed within Legal and Administrative Details. The constitution of the board ensures that no individual dominates the decision-making process and that it can exercise its responsibilities free from management. The boards regulatory and stewardship responsibilities centre on its role as the ultimate legal authority and for safeguarding the Trust's assets, its financial sustainability, and receiving assurance that its systems comply with the legal and regulatory obligations, including as a Charity. the Office for Students and OFSTED. The board of directors schedule to meet a few times a year. Formal agenda, papers and reports are supplied to the board in a timely manner priorto the board meetings. Briefings are also provided on an ad-hoc basis. Reports include ovèrall financial performance of the Trust together with other relevant inforrnation such as performance against targets. The board review and approve the financial statements and receive and consider reports from regulators such as OFSTED and Office for Students, and rnonitors adherence with the regulatory requirement5. Minutes of board meetings are recorded and approved at the following meeting. Corporate Trusteds responsibilities The Corporate Trustee is responsible for the preparation of annual financial statements that provide a true and hir view of the state of affairs of A5hTidge as at the end of the financial year and of the financial activitie5 during the year. In preparing the financial statements the Corporate Trustee is required to.. Sel¥LI suitttble diiuunting policie5 and apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK accounting standards have been followèd, subject to any material departures disclosed and explained In thè financial statements Prepare the financial statements on a going con basis unless it is inappropriate to presume that the charity wll continue in business The Corpoiate Trustee Is responslble for keeplng proper accounilng records Ihat dlsclose wlth reasonable aCCUFaCV of the financial position of A5hridge at any time and to ensure that the financial statements comply with relevant 5tdtute5. It Is also responsible for safeguarding the assets of Ashridge taking reasonable steps to prevention and detection of fraud and other irregularities.
ASHRIDGE (BONAR LAW MEMORIAL) TRUST St•tem•nt of Cgrporat• Gov•rnane• and Internal Control l¢ontinu¢dl Intemal Control The Corporate TTUStee is responsible for rnaintaining a sound 5y5tem of internal control that support5 the achievement of policies, aims and objectives. The system of internal control 15 designed to manage, rather that eliminate, the ri£k r)f fxiliirÈ to 3chi@vp pcJlir.iè%. aim% A{1 nhjprtivg< thrnijgh rt)rriJptirJn. fraud. hrihpry xnrl r)th*r irregularities. It can therefore only provide reasonable, but not absolute, assurance against material rnisstatement tsr loss. The system of internal control is based on a continuous proce55 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 efficientlv, effertivelv. and economicallv. This Drocess accords with the Oftice for Students guidante. The system uses a framework of regular managemènt information, administrative procedures including segregation of duties, and a system of delegation and accountability. It intludes.. Comprehensive budgeting 5y5terns with an annual budget which is reviewed and agreed by the board of directors Regulèr review5 by the board of directors of periodic and annual financial report5 which indicate financial performance against forètast Setting targets to rneasure financial and operational performance The Trust's internèl 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, cornprehensive 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 approath to confirm that this framework is adopted and embedded consistently and effectively across each activity. The review of effectiveness of the system is informed by.. The work of external auditors,. The work of Senior managers within the organisation who have responsibility for the developrnent and maintenance of the internal control framework,. Cornments madè by the organi5ation's financial staternents and regulatory inspection5 in their managernent letters and other reports. There are no significant internal tontrol weaknessès reported for thè period. The board of dirertors has delegated its day-to-day responsibility to the President, as Accounting Officer, for reviewing the adequacy of the systern of internal tontrol and making any appropriate Èmendments. He 15 also responsible for reporting to the board any matèrial weaknèsses or breakdowns In internal control. The day-to- day responsibility for risk management and monitoring is assigned to the Chief Finance Officer and Chief uperating (Jfficer. The Trust has considered its responsibility to notify the Department for Education of Thaterlal Irregularitv, impropriety and non-compliance with Department for Educations terms and conditions of funding.
io ASHRIDGE (BONAR LAW MEMORIAL) TRUST St4toment of Corporate Govèmane• and Int•rnal Control Icontinucdl The board of directors and the Accounting Officer confirm that after d¢te enquiry and to thè best of their knowledge, it is able to identify any mateyial irregularity or improper use of fund5 by the organisation, or rnaterial non-compliance with terms and conditions of funding under the organi5ations financial regulations. We confirm that nn in£txnrp£ nf matprixl irrpgiilArity. irnprnpripty nr fiinding nthn-eompliAnrp hxv6¥ hpgn di£rnvgrpd tn datg, if any instances are identified after the date of this statement these will be notified to the Department for Education. Approved by the Corporate Trustee and the President and signed on their behalf by.. Mr Matt Lill President Ashridge (Bonar La Directo Ashridge CT Limited Memorial) Trust IS Apr 2026
li ASHRIDGE (BONAR LAW MEMORIAL) TRUST INDEPENDENT AUDITOR'S REPORT TO THE CORPORATE TRUSTEE OF ASHRIDGE IBONAR LAW MEMORIAL} TRUST Opinion We have audited the financial statements of Ashridge IBonar Law Memoriall Trust I'the Parent Charity") and its subsidiary I'the Group") for the year ended 31 December 2025 which comprise thè consolidated statement of financial activities, the consolidated and Charity balance sheet, the collsolidated cash fiow statement and notes to the financial statements. inr.luding A summAry nf %ienifirant arr.niJnting Dolicies. The financial reparting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial ReportingStttk)dord opplitoble in the UKand Republic of Ireland Iunited Killgdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. ive a true and fairview of the state of the Group's and of the Parent Chariws affairs as at 31 Dember 2025 and of the Group's incoming resources and application of resources for the year then ènded,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charitie5 Art 2011. where applicable, funds from whatever sourte adrninistered by the provider for specific purposes have been properly applied to those purposes and managed in accordancè with relevant legislation,. where applicable, funds provided by the 0 and by Research England have been applied in accordance with the re5evant terms and conditions,. and meet the requirements of the Office for Student's Accounts Direction. We have nothing to report in respect of the following matter in relation to which thè Ofs Accounts Direttion requires us to report to you if, in our opinion.. the Group's grant and fee income, as disclosed in note 4 to these Financial Statements has been rnaterially misstated. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Qur re5POll5ibiliiies unLler those standards are further described In the Auditors responsibilities for the audit of the financial statements Section of our report. We are independent of the Group and the Parent Charity n accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that tlie audil evideiiEe we have obtained 15 5uffiEient and appiupriate to provide a basis for our opinion. Conclusions related to going concern In auditing the financial statements, we have concluded that the trusteeg use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforrned, we have not identified any material uncertaiTrties relating to event5 or conditions that, individually or collertively, may cast significant doubt on the Group and the Parent Charity's ability to continuc as a going coTr¢ern for a period of at least twelve months from when the fin4n¢ial 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 comprises the information included in the Report of the Corporate Trustee, other than the financial statements and our auditorfs report thereon. The Trustee is re5pon5ible for the other information.
12 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Our opinion on the financial statements does not ¢over the other inforrnation and, extept to the extent otherwise eyplicitly stated in our report, we do not expiess any form of assurance conclusion thereon. In connection with our audit of the finanti81 statements, our responsibility is to read the other inforrnation and, in doing so, consider whether the other information is materially inconsistent with the financial statèment5 or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such rnaterial inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception WÈ have nothing to report in respect of the following matters in relation to which the CharitiesAct 2011 requires us to report to you if, in our opinion,. the information contained in the financial statements is inconsistent in any material respect with the Report of the Corporate Trustee.. or adequate accounting records have not been kept by the Parent Charity,. or the Parent Charity financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilitle5 Of Trustee As explained more fully in the Corporate Trustee's responsibilities staternent, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the Trustee determines is necessary to enable the preparation of financial statements that are rree rrom maieriai mi55taiement, Wheiher (Jue 10 rraud or error. In preparing the financial statement5, the Trustee is responsible for a55essing the Group'5 and the Parent Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and Using the golng concern ba515 of accouniing unless the Corporate Trustee elther Intends 10 Ilquldaie the fjroup or the parent Charity or to cease operations, or have no realistic alternative but to do so. AudIt0$ rèsponsibilities forthe 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 regulat¥or15 rnade or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the fiftancial statements as a whole are free frorn 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 a guarantoe that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with Saws and regulations. We design procedures in line with our responsibilities, outlined above, to detert material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, inclsjding fra¢Jd is detailed below.. The Group and the Parent Charity are required to comply with charity law and certain conditions of Ofs rpei£trAtinn inrliiding rnmplianrp with thp nFfi' latp<t ArroiJnt< Dirprtinn and. bagpd on our knnwlpflep of their activities, we identified that the legal rèquirement to a¢¢urately a¢count foi restrirted fvnds was of 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 requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls. The audit tearn, which is experienced in the audit of charitie5, considered the Group and Parent Charity's susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override. Our approach wa5 to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This iftcluded reviewinE journal adju5trnents and unusual transactions. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's I"FRC's"I web51te at.. httP5.'/lwww.frc.org.uk/auditorsTespon5ibilitiès. This description forms part of our auditorfs report. Use of our report This report is rrade 501ely to the Charity's Corporate Trustee, a5 a body, in accordance with the Charities Act 2011. Our audit work has been undertaken 50 that we might state to the Charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted bv law, we do not acpt or assume responsibility to anyone other than the Charity and the Charitrs trustees as body, for our audit Work, for this report, or for the opinions we have formed. Knox Cropper LLP, Statutory Auditor 65 Leadenhall Street London EC3A 2AD Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a cornpany under sertion 1212 of the Companies Act 2006. 2026-04-28
14 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Consolidated Statement of Financial Activities for the year ended 31 December 2025 2024 Total & Unrestritted Funds £M)00 Unrestricted Designated Funds Fund5 2025 Total Funds £'o Note Income.. Incomefrom choritoble urtivities.. Fees from educational programmÈs Incomefrom other tr(7ding ttVities.. Commercial trading operations Investment incoffle Total income 3,151 3,151 3,703 8,126 8,126 7,941 150 11,427 150 11,427 253 11,897 Expenditure: Expenditure on charitable activities Ofwhich Pens Scheme CreditAExpet7dffurel 14,1401 12,0851 16,2251 17.2221 176 12 Expenditure on other tiading activities Ttst31 @xpÉbnditurp 17.7431 17,7431 iia.gfiAI 16,9991 114.??11 i?.n%s1 Net intom¢lle¥penditurel 456 12,324 Other recognised gains/(lossesJ.' Actuarial gains/llossesl on APS pension Ftsreign exchange 8ain51110s5esl Net movement in fvnd5 12 1,212 1721 1,212 1721 11,4011 11,0341 1231 13,3811 12.0851 There wa5 no re5trirted income, expenditure or other movements in Junds in the twofinancial periods. Unrestricted Designated Restricted Funds Funds Funds £'oc £'o Total Funds £'o ReconciliL7tion oJJunds.' Total funds at I january 2024 Net movement in funds Total funds at 31 December 2024 9.238 11,4391 7,799 8.109 11,9421 6,167 82 17,429 13,3811 14,048 82 Net Movement in funds Total funds at 31 December 2025 684 8,483 12,0851 4.082 11,4011 12,647 82 All income and expenditure has arisen from continuing activities. The note5 on pages 17 to 30 form part of these financial statements.
15 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Balance Sheets as at 31 Dember 2025 Group 2024 Trust Note 2025 £'oc 2025 £,0 2024 £'ooo Fixed osset5.- Investments in subsidiaries Other fixed assets Total fixed assets 14 14 14 14 Current ossets.. Debtors Cash at bank and in hand Total current assets 3.125 4,933 8,058 4,856 5,724 10.580 4,676 5,724 10.400 4,933 8,773 Creditors.. amounts falling due within one year Net current assets Iqii 14,4541 3,604 13,9391 6,641 15,1691 3,604 13,7591 6.641 Total assets less turrent Ilabiiifies 3,618 6.041 3,618 6,041 APS defined benefit pension schenie asset Net assets 9,029 12,647 7,407 14,048 9,029 12,647 7,407 14,048 Thefvnds of the churity." Unrestricted funds Dèsignated funds ResiricEe(J run(Js General Research esioraiion 8,483 4,082 82 12,647 7.799 6,167 82 14,048 8,483 4,082 82 12,647 7,799 6.167 82 14,048 Total charity funds 13 Tlie i)otes ijii 17 Iv 30 fvi iii Vdil vf Llivsv fiiidiiLldl sidL¥iiJviiLs. The financial statement5 were approved by the corporate trustee, Ashridge CT Limited, and the President on IS April 2026, and signed on their behalf bv.. Mr Matt Lill, President A9hridge IBonar Law or As Be CT Limited moriall Trust
16 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Consolidated Statement of Cash Flows for the year ended 31 December 2025 2025 £00 2024 £'ooo Note Cash flows from o eratin activities.. Net cash provided byllused in) operatin8 activities 19411 13,2661 Cash flows from investin activities: Invesimeni income recelve(J in year Net cash provided byllused inl from investing activitie5 150 253 150 253 Chan8e in ¢•$h in the reportin8 period Cash at the beginning of the reportin8 period Ca¢h at thè èftd of the reportins period 17911 5,724 ,933 13,0131 8.737 5,724 Note A: Reconeiliation of net income ex enditure to net cash flow from o eratin activities Net incominglloutgoingl resources from educational and related activities AdjiJstmpnt4 fnr. 12.5411 12.3241 Investment income reiVed in vear Decrea5ellincTea5el in fixed assets Decrease/lincreasel in debtors Increa5e/ldecreasel in creditor5 Additional pension contributions Pension cost5 relating to defined benefit plans.. 11501 1141 1,731 515 13401 12531 1,544 11,6911 13431 APS administration costs APS r[nan Igainllc05t Movement in LISS 338 14081 207 13831 Foreign exchange gains Net cash provided byllused inl operating activities 1721 1231 19411 13,2661 Note B- Ana e uivalents sis of cash and cash At 01101125 £Tr)o Cash Fk)w At 31112125 £00 Cash at bank and in hand 5,724 17911 4,933 Thp nntp< ftn pAep< 17 tn In fnrm part nf thp<p finAnriAI EtAtpmpnt<
17 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2025 Statemem of Accounring pollcles Basis of account¥ng These financial statements have been prepared under the historical cost conventioft, in accordance with thè Statement of Recornmended 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 Office for Students in May 2021, and as a result are required to follow the latest Office for Students, Accounts Direction. The G¥oup financial statements incorporate a line by line consolidation of the financ*al statements of the Trust and its subsidiaries, There are unift>rrn accounting policies across the Group. All intra-grotjp transactions and balance: bctween group cntitlC• arc climinatcd on conJolidotion. Ashridge IBonar Law Memorial) Trust, a public benefit entity, has taken advantage of the provision not to include its own Statement of Financial Activities and related notes in the consolidated financial statement5. These financial statements are presented in GBP Sterling which is also the functional currency of the Group. fvlonet3ry amounts in these financial statémonts arg roundèd to the nearest thousand. Going Concern The Corporate Trustee, after making enquiries. has a reasonable expectation that the Trust has adequate resour$ to continue in operational existence for the next 12 months and will continue to operatè for the primary purpose of the Trust. The main risks have been assessed by the Corporate Trustee, reviewing the Trust's ongoing forecasts and projections to ensure that the organisation remains fi'nancially viable. The board ad(nowledEes the risk but does not consider it as significant going forward. The Trust has a strong liquidity position at 31 December 2025 with £4.9m cash available and management is closely rnonitoring the profitability and performance of the Trust's businéss division5. The Corporate Trustee does not believe there are any material unrtaIntieS relating to its ability to continue as a going concern and have therefore prepared the financial statements on that basis. Income Income represents rèvenue 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 induded within the Statement of Financial Activities. EypÈnditure charged against Restricted Funds falls within 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 as necessary. T?ngible fixed assets and depreciation Tangible fixed assets are stated at cost. net of depreciation and any provision for impairment are recognised over e threshold of 11.OLXJ.
18 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Ststements for the year ended 31 December 2025 Icontinuedl Statement of Accounting Policies Icontinuedl Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets bv equal instalments over their expected useful lives. The rates generally applicable are= Office equiprnent and furniture 3-5 years Foreign currencies Transactions in foreign currencie5 are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prèvailing at that date. Gains and losses ale recognised in the Statement of Financial Activities. Financial instruments Basic financi81 a55ets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arTangement constitutes a financing transaction, wherethe 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 tost using the effertive interest rnethod. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. The irnpairment loss is recognised in the profit or loss. Employee beneftt5 The c05t5 of 5hoTt-term employee benefits are recognised as a liability and an expense. The cost of any unusetl holiday entitlement is recognised in the periorj In which the employeè's serVIS are received. Retirement benefrts The Ashridge peS1O 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 scherne's liabilities. The pension cost for the Scheme 15 analy5ed betweeii buii-ent S¥l-VlCY I05tJ Past seiviL¥ LO>t aiid Iivl i ¥LuT 11 v¥1 VV¥lSiUll >LIIviiiv dSs¥Ls. Current service cost is the actuarially caltulated present value of the benefits earned by the active employees in each period. Past service costs, relating to employee service in prior perTod5 arising in the current period as result of the introduction of. or improvement to, tIrement benefits, are recognised in the Statement of Financial Activities on a straight line basis over the period in whsch the increase in benefits vest. The net expected return on the pension assèts comprises the expected return on the pension scheme assets less interest on scheme liabilitie= .t actuarial valuation to The a¢tuartal gain= a¥Trd Ioddca which ari•C from updating thc latc- reflect condition5 at the balance sheet date are shown in the Statement of Financial Activities. The Trust participate5 in the UrFiver51ties Superannuation Scheme. The scheme is a hybrid pension scheme, providtng defined benefits (for all members), a5 well a5 defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the rnutual nature of the scheme, the assets are not attributed to individual institutions and a scherne-wide contribution rate is set. The Trust is therefore exposed to actuarial risks asSO¢lated with other institutions, employees and is unable to identify its share of the ijndprlyine asspts and liahiliti@s of the gchgm9 on 3 congigtgnt and roagonable basis. As required by Section 28 of FRS 102 -Ernployee benefits~ the Trust accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the Statement of Financial Artivitles Tepre5ents the contTibution5 payable to the scheme. Where the Trust has entered into an agreement (the Recovery Plan) that determines how each employer within the stheme will fund a scheme deficit. the Trust recognises a liability for the contributions payable that arise from the agreement Ito the extent that they relate to the defjcitl with related expenses being recognised through the Statement of Financial Activities.
19 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notesto the Financial Statements forthe year ended 31 December 2025 Icontinuedl 5tatemeni OY Accountin8 Policies Iconilnuedl FRS 102 make5 the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is Scheme for eiitities under common control and represents Itypicallyl an indu5try-wide scheme such a5 Univer51ties Superannuation Scheme. The accounting for a multi-employer scheme where the employer has recognition of è 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 a multi-employer scherne and has therefore recognised the discounted fair value of the contractual contributions under any recovery plan in existence at the balance sheet date. Taxation The Trust is a registered charity, and as such is entitled to certain tax exemptions on income and profits from iavestments, and surpluses on any trading activities carried on in furtherance of the charitV'5 primary objectives, if these profits at)d surpluses are applied solely for charitable purposes. Jud8ements and key sourc•s of •stimation unc•rtainty In the application on the group's accounting policies, thè Tru5tee5 are required to make judgements, estimates and assumptions about the carrying amnunt of a%<&t% and lixhiliti•% that xr• nnt rgAdily Hppargnt fr(Jm nthpr sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlvin£ assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fvture periods where the revision afferts both current and future period5. lil Impairment of debtois The Trust Makes an estimate of the recoverable value of trade and othèr debtors. When assessing the IrnPalTment, management considers factors including the ageing profile of debtors and historical experience. lill Provisions Provisions are measured at the best èstimate 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 Flnanclal Statements for the year ended 31 December 2025 Icontinuedl 2. Consolidated Group Income and Expenditure Account The principal differences between the Income and Expenditure Account below and the Statement of Financial Artivities are rhe classification of the income and expenditure together with the exclusion of unrealised gains and losses. The figures below reflect only rnovement of the unrestrirted funds. In the course of normal business, sorne costs are not directlv attributable. These costs are apportioned based on the most relevant factor. 2025 2024 £'o(M) Income Educational programmes Custom and consulting Investment income 3,151 8,126 150 3,703 7,941 253 11,427 11,897 Expenditure Staff costs, including pension A550ciates and agency staff Other direct costs 15,1021 15,8931 11521 1881 17181 70 15,5571 16,3581 1831 11141 13431 176 Marketing and business dèvelopment Property an(J other overhead cosrs APS pension administration and finance USS pension provision rnovement 111.8831 112.2791 Net income per Statement ot Financial Activities 14561 13821 3. Net Income from Trading Subsidiary The Trust had one wholly owned trading subsidiary (note 81 which wa5 incorporated in the UK and donated its trading profits to the Trust under the gift aid rules. AES Ltd 2025 2024 £'(4)0 Incorne frorn commercial trading operations Investrnent Income Expenditure Foreign Exchange Gains Surplu5 Donation under gift aid rules Profit on ordinary activities 8,126 42 17,7431 60 7,941 43 16,9991 1211 964 14851 19641 All transactions between Ashridge and its subsidiary are conducted on an ami's length basis.
21 ASHRZDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2025 Icontinuedl 4. Detalls of grant and fee income Group Trust 2025 2024 2025 2024 £'ooo £00 £'ooo £'ooo Grartt income from other funding bodie= Fee income for taught awards Total grant and fee income 1,370 1,425 1,370 1,425 1,527 1,961 1,527 1,961 2,897 3,386 2,897 3,386 5. Analysis of Total Resources Expended Expenditure includes-. Group 2025 Trust 2024 2025 2024 £,0 £,0 £'ooo Impairment of trade receivables Fees peyable to Group auditors- audit yeIce5 Fees payable to Group auditors- non audit servites 232 144 232 144 24 23 24 23 257 257 Direct costs Support Support cost costs recharges £'ooo Total 2025 Total 2024 £'ooo £,0(* Expenditure on charitable activities Qualification & Apprentice5hip5 Programmes Faculty Re5eai ill 1,134 1,919 2,578 2,085 1,504 1701 8,016 3,053 13481 2,085 1,505 1701 6,225 3,854 460 12,9271 1,942 Overhead5 & Facilitie5 APS & US5 Pension P&L charge 1,242 11761 7,222 1,136 12,9271 Expenditure on other trading activities Custom & Open Programmes Teaching costs Overheads 4,816 4,816 2,927 4,983 2,016 2,927 4,816 2,927 7,743 6,999
22 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2025 Icontinuedl 6. Staff Costs IGroup and Twstl Salarie5, wage5 and relaied payroii cosis, including subsidlary un(Jertakings, amounte(J ro-. 2025 £'ooo 4,514 539 508 21 338 5,920 2024 £'o(x) 4,783 535 536 SG Salarie5 and wages Social security costs Pension costs Termination payments Defined benefit scheme administration costs 207 6,127 The Group has given regard to the 'Guidance on decisions taken about Severance payments in HEI'S. published by the Committee of University Chairs when determining severance pay. Compensation for loss of office has been paid to two12024'. thFeel Diembers of staff durin8 tlie yeai" elided 31 Deiei)Ibrr 2025 aiiiouiitiiig to £21k12024. 66kl. The majority of staff were employed by the Trust on behalf of the Group. For the year ended 31 December 2025 the average number of staff employed by the Trust was 5512024.. 611. Ashridge CT timited, the corporatè trustee, received no remuneration for its service to the TTUSt12024'. nil) and was rpimhiir>prt travel nf £7k diirine the year12024. É2kl. The remuneration (salary including staff benefits and termination payrnents but excluding pension contributions) paid to high paid mernbeTS of staff falls into the following band5.' 2025 2024 £60,001- £70,IXK) £70,001- £80,WO £80,001- £90,0 £90,001- £IW,000 £I,001- £iio,000 £110,001- £120,000 £120,ODI- £130,000 £130,WI- £140,000 £140,(K>I- £150,000 £150,WI- £160,000 £210,001- £220,000 £250,000 < 28 30 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 nuEllber of senior staff expressed on a full-time equivalent basis who received basic annual salaries in the following ranges at 31 December 2025 weie.. Numberof staff120251 Numberof staff120241 Basic salary per annum £IoO,f- £104,999 £105,(KKJ- £109,999 £IIO,(KiO- £114,999 £115,CnO- £119,999 £120,000- £124,999 £125,000- £129,999 £135,000- £139,999 £140,000- f 144,999 £145,000- £149,999 £205,000- £209,999 23 16
23 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Flnancial Statements for the year ended 31 December 2025 Icontinuedl The President Matt Lllley's roral annual remuneratlon was f308,JUU IFY2U24'. £JUY,(NKI for Ihe 12 monitts of his employment during the year. This represents the total annual remuneration paid by Ashridge (Bonar Law Mernoiiall Trust and Hult International Business School Ltd for his role as President for these Office for Student5 registered providers. Ashridge (Bonar Law Memorial) Trust was responsible for funding £156,000 for the year ended 31 December 2025. Hult International Business School Ltd was responsible for funding £152,500. Fi uiii Asliiid¥¥ (Bviidr Ldw Meiiiviidll TiusL-. Base salary of £106,fXIO IFY2024.' £103,(X)01 Performance-rel8ted pay of £50,000 No payments have been paid in lieu of pension contributions. No payments of dividends have been made. No private healthcare benefit has been provided to the head provider. No other type of benefit3 and remuneration have been paid to the head provider. From Hult International Business School Ltd.. Base salary of £102,500 IFY2024'. £100,0001 Performance-related pay of £50,0(K) Pension contributions of £ 3.050. No payment made L7y th¢ provider in pcnJion ¢ontribution: part of Natiottal Inauran¢c •avittg:. No private healthcare benefit has been provided to the head provider. No ot17èr typé of benefits and remuneration have been paid to the h•ad provid*r. The appointed presidènts voluntarily withdrew from the Ashridge USS pension scheme on the date of their appointrnent. no payment5 have been paid in lieu of pension contributions. Thè PYesident5 salary is set by Ashridge CT knmited, the Corporate Tnjstee. Process for judging perfomiance The President has an annual performance review meeting with the Ashridge CT Limited board of directors to review and assess perforrnance against objectives and to discuss objectives for the next year. Approach and justification to the President5 remuneration The Presidents salary is reviewed annually and refle¢tS the following.. Market rate by size and complexity of institution The scale and complexity of the job Comparisons with benthmarks Performance as measured against objectives set by the board of dirertors Pay multlple The relationship betweet) the President's Ashridge rernuneration and that for all other staff ernployed by A5hridge, expressed as a pay multiple is as follows.. The head of the Provider's basic salary is 3.34 times the median pay of staff12024.' 3.641, where the median 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 S.6312024'. 5.771 times the median total remuneration of staff. The pay multiple represents the President's pay divided by the median pay for all other staff at the tmst, on a full-tirnè 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 IRTII reporting to HMRC. All other staff is capturing staff employed by the Trust.
24 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2025 Icontinuedl 7. Remuneration of key management personnel Staff costs includès remuneration provided to key management pèrsonnel as follows: 2025 £'cNJo 694 98 34 826 2024 £'o 643 82 34 759 Salaries and wages Suiidl seLuiiIy LUSI5 Pension cost5 8. Investments in Subsidiaries The following company, which is registered in England, was a wholly owned subsidiary of the Trust d*2ring the year.. Company Ashridge Educational Services Ltd Cornpany nurnber.. 12363817 Registered address.. Ashridge, Berkhamsted, Hertfordshire, HP41NS Share Capital 100 £1 ordinary shares Holding ioo'A 9. Debtors GTQUP 2025 2024 É'ooo £YJoo 1,894 3,268 Trust 2025 2024 £'rxAJ £'o 1,894 2,tKXTr TradÈ debtors Arnount5 due from group undertakings other debtors Prepayments and accrued intome uther rinanciai Instrument5 1,168 1,088 27 133 126 205 625 1,250 3.840 4,676 27 133 579 205 625 1,250 3,125 4.856 Trade debtors are stated after provi5ion5 for irnpairment- Group.. £232k12024'. £144kl, Trust £232k12024.' 144kl. 10. Creditors.. amounts falling due within one year Group 2025 2024 £'ooo 583 Trust 2025 2024 Trade creditors Amounts owed to group undertakings Payments received on account for contrarts Taxation and Social security Other creditors Provision for funding dawback Accruals and deferred income 691 202 1,096 83 508 511 83 508 80 494 80 494 193 3,085 4,454 186 2,488 3,939 193 3,085 5.169 186 2,488 3,759
25 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Flnancial Statements for the year ended 31 December 2025 Icontinuedl 11. Deterred Revenue Movement Group 2025 Trust 2025 £'LNJO 2024 £Y)00 2024 £'ooo £'ooo Opening balance Amounts released from prior year Income deferred in current year 2,029 11,4761 1,238 1,791 2,793 11.4411 677 2,029 11,4761 1,238 1,791 2,793 11.4411 677 2,029 2,029 12. Pension Commitment5 Universities Superannuation S¢heme IUSSI Ashridge is a member of the Universitie5 Superannuation Scheme IUSSI, a national defined beneffts scheme for university academic and academic-related Staff. Pension benefit5 for 51 members of staff at 31 December 202512024.. 471 are provided under the U55. The Actuarial valuation of the USS scheme as at 31 March 2025 was published in july 2025.. The valuatlon showed thaE itte scheme Is In surplus and so no ijeficii recovery plan is required. reflect those assèts and liabilitie5 as a whole.. 31 March 2025 £ bllllons 31 March 2024 £ bllllons Scheme assets Total Scheme liabilities FRS 102 total schemè wrplus Ildeficitl FRS 102 total funding level 73.0 162.91 74.8 165.61 10.1 116% 114° The key financial assumptions used in the 2025 valuation are described below. More detail is set out in the Statement of Funding Prinaples, which can be found on the USS'S website Pension intreases ICPII Set consistently with markpt-based pricing for the relevant minimums and maximums Discount Rate (forward rates) Pensioners Non-pÈn5i0ners 4.3% pa 3.4°A pa
26 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financlal Statements forthe year ended 31 Decembèr 2025 Icontinuedl universities superannuation Schème IUS51 The main demographic a55urrption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carr?ed out as part of the 2023 actuarial valuation. The mortality a55umptlOll5 used in these figures are a5 follows.. Mvi tdlily- Idbl IOl°A of S2PMA L. Fernales.. 95% of S3PFA. CMI 2021 with a smoothing parameter of 7.5. Additionally it has an initial addition of 0.4% pa and a long term improvement rate of 1.8% pa for iiiales end 1.6°A pa fo¥ feiiidle>. Mo¥tality- future improvements The current life expectancies on retiremènt at age 65 are.. 31 December 2025 N4ale& currently aged 65 Iyearsl Females currently aged 65 lyearsl Males currently aged 4J lyearsl Fernale5 currently aged 45 lyearsl 22.8 24.9 Z3.1 25.6 Key assumptions used are.. 2025 5.50% 2.90% 2.65% 2024 5.5 3.15% 2.85% Discount rate RPI inflation rate CPI inflation rate Ashridge Pension Sthem& IAPSI The Ashridge Pension Scheme is a funded defined benefit pension scheme. with the assets held in a separate trustee administered funds. It was open to full and part-time ernployee5 together with those subject to fixed term tontracts until May 2CKJ2. With effett ftorn january 2(J)4 an accrual for future service for Senior Staff was transferred to the USS although General Staff at that time continued to accrue fvture service within the APS. Accrual forfuture service for the great majority of those remaining transferred to USS at the end of 2008. The final active member retired in 2012. Ashridge Pension Scheme Is closed to new members. Costs relating to APS are assessed in accordance with the advice of an independent qualified actuarv, from Mereer, using the Projected Unit Method. The most recent Scheme Funding Report of the Actuarial Valuation for the Ashridge Pension Scheme was undertaken as at 31 December 2022. Al the date of the valuatlon, Ihe value of Ihe scheme's assets were 80.7 million, which represented 102% of the actuarial value of the benefits that had accrued to ember5. The rnost recent FRS 102 Actuarial Valuation Report for Ashridge Pension Scheme was undertaken as at 31 Dernber 2025.
27 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Note5 to the Flnancial Statements forthe year ended 31 December 2025 Icontinuedl Ashrldge penslon Scheme IAPSI Prtncipal actuarial assumptions The finanaal as5UrnPtions used to calculate scheme liabilities are.. 2025 5.50% 2.55QA 2.65% 2024 5.5U% 2.750 2.85% uiscount rate tor scherne Iiabllities Pensions in payment nCrease rate Price inflation rate.. CPI Assumed life expectancy retirement at age 65.. Retiring today Imale member age 651 Retiring in 20 years Imale member age 45 today) Retiring today (female member age 651 Retiring in 20 years Ifernale rnember age 45 todavl 22.8 23.1 24.9 25.6 22.7 23.0 24.9 25.5 Contributions paid to the Scheme by the Trust in relation to past service were £340k12024.' £343kl. Contributions being paid by theTTUSt are in accordance with artuarial recommendation. The Trust is committed to contribute £340k to Ashfidge Pension Scheme in 2026. Amounts re¢o8nised in the B•lanc Sheet.. 2015 £'ooo 167,0721 76,101 9,029 2024 £'ooo 168.3851 75,792 7,407 Defined benefit obligations at 31 Decernber 2025 Fair value of plan assets at 31 December 2025 Net pension obligations at 31 Detembr 2015 Changes in the present value of defined benefit obligations 2025 £'o 68,385 2024 £'ooo 73,878 Defined benefit obligations at 31 December 2024 Movempnt in the ear.. Benefit payments from plan assets Effert of Changes in a$5umption5 Effect of experience adjustments Interest on pension liabilities Cost- gain on curtailments/changes Defined benefit obligations at 31 December 2025 14,2911 18001 135 13,8591 15,0421 1461 3,454 3,643 67,072 68,385
28 ASHRIDGE (BONAR LAW MEMORIAL) TRUST Notes to the Financial Statements for the year ended 31 December 2025 Icontinuedl AshrTrd8e Pension Scheme IAPSI Change5 in the fair vae of plan assets 2025 £'o 75,792 2024 £'o 81,800 Fair value of plan assets at 31 Dember 2024 Movement in the ear.. Employer contributions Benefit payments from plan assets Administrative costs paid from plan assets Return on plan a5set% Interest on pension assets Fair value of plan a" ct" at 31 Dcccmbcr 2025 340 14.2911 13381 .547 343 13.8591 12071 16.1221 3,837 4,051 7G.101 Plan assets comprise: 2025 2024 £'ooo Bonds l Fixed Incomè Equllv / Hedge Fun(Js Insured Annuities Property Cash Derivatives Others 43,541 30,8b7 2,906 41,911 2,998 2,302 1.041 15,5251 613 75,792 2,174 13,7971 410 76,101 Amount recognised in the Statement of Financial Activities 2025 £'ooo 3,643 14,0511 338 2024 £'ooo 3,454 13,8371 207 Interest expense on pension liabilities Interest income on pension as5et5 Administrative costs paid from plan assets Gain on curtailmentslchanges Pension charge/lincomel for the year 1701 11761 Effect of changes in assumptions Return on plan assets Effect of experience adjustments Actuarial Igainllloss on defined benefft pension scheme 18001 15471 135 11,2121 15,0421 6,122 1461 1,034 (Gainllloss recognised in the SOFA 11,2821 858
29 ASHRIDGE {BONAR LAW MEMORIAL) TRUST Notesto the Financial Statements forthe year ended 31 December 2025 Icontinuedl 13. Funds UnrÈ5tricted Designated General Research É'ooo Restrirted Restoration £00 Total £'o Total funds at l Januarv 2024 Net income Actuarial1055es on APS pension Foreign exchange gains Designated Research Total funds at 31 December 2024 9,238 13821 11,0341 1231 8.109 82 17.429 13821 11,0341 1231 1.9421 14,048 1,942 6.167 82 Net income 14561 1,212 1721 14561 1,212 1721 12,0851 Actuarial gain on APS pension Foreign exchange gains Designated Research Total fvnds at 31 December 2025 12,0851 82 The unrestricted General Funds represent the curnulative total of past results generated by the Trust. The 1954 Act, as arnended in 1983, Stipulates that the Funds rnay be used solely to further the objects of the Trust. The designated Research Fund exists to assist Ashridge to undertake research related to the roles of corporate headquarters and division levels in multi-busines5 companie5 and to find way5 of irnproving the strategic rnanagement 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 reiptS as well as donations received to maintain and restore thè historic fabric of the estate.
30 ASHRIDGE {BONAR LAW MEMORIAL) TRUST Notes to the FTrnancFal Statements forthe year ended 31 December 2025 Icontinuedl 14. Analysis of Net Assets Between Funds Unrestricted Funds £YJoo De5iBnated Research Fund £'ooo Restricted Restoration Fund £'ooo Total Total Funds at 31 December 2025.. GtDup Net Asset5 Designated Research Total 6,398 2,085 8,483 6,167 12,0851 4,082 82 12,647 82 12,647 Trust Net Assets Designated Research Total 6,398 2,085 8.483 6,167 12,0851 4,082 82 12,647 82 12,647 Unrestricted Funds £Th)o Designated Research Fund Restrirted Restoration Fund £'o Total £yJoo Total Funds at 31 December 2024: Group Net Current Assets Designated Research Total 5,857 1,942 7,799 8,109 11,9421 6.167 82 14,408 82 14,048 Trust Net Current Assets Designated Research Total 5,857 1,942 7,799 8,109 11,9421 6,167 82 14,408 82 14,048 15. Donations Donations of £nil12024.' £nill were received. 16. Related PartÉes t)gtailq nf thp hAlanrp% niJt%tAnrtine with giibgtdiarips owned diiring thé year aré as follows.. 2025 £0 2024 Debtors Ashridge Educational Services Dmited Creditors shridge Educ3tion31 Services Limited 1,168 1,088 11,0961 Ashrsdge Ed¢Jcational Services Limited donated its profits of £485k to the Trust12024'. £964kl.