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 D￿AlLs 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,, Financ￿2] 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, h1￿hly 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 B￿sInesS 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 lirid¥v ￿ Liiiiile Ashridge CT ￿rnited was incorporated in 2015 and appointed as CorporateTrustee of the Trust with the objectivè to cornply with the Act. The directors of Ashridge CT Limited are independent of the Trust in order to ensure there are no cof)flicts of interest. Ashridge Historical Trust The member of Ashridge cr Limited 15 the A5hridge Historical Trust. The trustees of the A5hridge Historical Trust are independent of the Trust and Ashridge CT ￿Mited in order to ensure there are no conflicts of interest. Ashridge EdL¢cational Services Ltd AshridEe Educational SeNices Ltd is controlled through share ownership by the Trust and was incorporated on 16 December 2019. The Ashridge Pension Scheme The Aghrid8e Pension Scheme is a post-employmènt b•¢)•fit plan forth• b•nefit of employees of the Trust. Until 2(K)2 the Trust offèred final salary pension entitlernent to all Ashridge 5tsff through membership of the Ashridge Pension Scheme. 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*triJrrn 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 un￿rtaIntieS 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 serVI￿S are received. Retirement benefrts The Ashridge pe￿S1O￿ 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 ye￿Ice5 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 De￿rnber 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 Detemb*r 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 va￿e of plan assets 2025 £'o 75,792 2024 £'o 81,800 Fair value of plan assets at 31 De￿mber 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 re￿iptS 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.