2021-08-31-accounts - Haberdashers' Aske's Charity

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he	Elstree Sc	hools
			Haberdashers' Bo	s'	Haberdashers'	Girls'
Affiliations			HMC —Headmasters'	&	GSA —Girls' School	Association
			Headmistresses' Conference		GBGSA —Governing	Bodies of
			IAPS —Independent Association		Girls' Schools Association
			Of Prep Schools
			IBSC —International Boys'
			School Coalition
ISI	Inspection	date	November/December	2011	January 2014
(reports on ISIwebsite)			RCI November 2017		RCIJanuary	2018
Pu	ils at Se tember 2021		1 424		1 164
2021 GCSE		rades A"/9/8 &A/7	99.5%		98.8%
2021 A Levels		rades A* to B	98.6%		97.5%

promote common	values	in Haberdasher '	schools:
Attributable to pupils:			Attributable to	schools:
Open minded	/ intellectual	curiosity	Aspirational	/ stretching
Good citizenship			Accessible
Cultural diversity			Academic	equality	ofopportunity
Rounded			Ethical
Innovative			Humane
Co-operative			Exciting
			Supportive	of Christian		values

Unrestricted	Unrestricted		Funds
Fund				Fund represents												Balance at
																31 August
																2021
																6'000
Schools	and		Governors'	Working capital	held		by the		Schools							29,576
general	funds
Building	fund			Funds required	to repay			private		placement		loan		in	2051; loan	(35,000)
				obtained to finance		building			projects		at the	Schools
Pension	fund			Net deficit on the Schools' defined benefit pension											scheme as	(1,543)
				calculated in accordance				with FRS102;the				Schools			contribute
				towards the deficit in			accordance			with	an agreed			recovery plan
				(see note 18)
Non-charitable			trading	Working capital	held		by the		Charity's		trading		subsidiary
funds
				Total Schools	funds											(6,966)
Foundation		income fund		Funds held by	the		Charity		for	expenditure			on		its general	209
				purposes
				Total unrestricted		funds										6,757

Restricted Funds	Restricted Funds	Restricted Funds	Restricted Funds
Fund				Fund restricted to													Balance at
																	31August
																	2021
																	f'000
Schools restricted			fund	Provision ofbursaries,		scholarships				and			prize funds				120
Simon Stuart endowment				Provision of	bursaries	for the Boys'				School							2
Bursaries Appeal			Fund	Provision of	bursaries	for both			schools								180
				Total restricted funds													302
Endowed	Funds
Fund				Fund represents													Balance at
																	31 August
																	2021
																	f'000
Aske's		permanent		Base value	ofthe endowment				- invested				to generate		a return		1,578
endowment				that the Charity can use			to	support		its general purposes
				Investment	return generated				by the		endowment			-	used	to	30,634
				support the	Charity's	activities			(see	page 13for details of						the
				Trustee's pay out policy			in	relation to this					fund)
				Carrying value ofthe Schools'					land	and		buildings					84,758
				Total funds	belonging		to	the Aske's			permanent						118,970
				endowment
Other endowed		funds		Endowment	funds invested			to	generate			income to support				the	1,938
				provision of	bursaries	by	the Charity
				Total endowed funds													118888
COVID-19Impact

				Unrestricted	Funds
									Total
					Asks's	Restricted	Endowment	Total	2020
				Schools	Income	Funds	Funds	2021	(restated)
				E'000	f 000	E'000	f'000	E'000	E'000
Income and endowments		from:
Donations					158	529		687	50
Charitable activities:
Schoolfees			3	46,689				46,689	44,502
Other educational	income		4	2,427		246		2,673	1,939
Other trading activities:
Trading income				1,331				1,331	1,975
Other income:
Coronavirus job retention		scheme				165		165	543
Investments:
Investment income				78	49		46	178	234
				50,525	207	945	46	51,723	49,243
Expenditure on:
Raising funds:
Loan interest and	related	fees		609				609	154
Fees in advance	discount			173				173	163
Investment management									7
Trading cost ofsubsidiaries				1,523				1,523	2,248
Charitable activities:
Schools				42,578	830	1,070	1,735	46,213	45,656
FRS102 pension	scheme
net interest cost			18	28				28	34
			5	44,911	830	1,070	1,735	48,546	48,262
Net gains on investments					4	6	6,436	6,446	887
Net income/(expenditure)				5,614	(619)	(119)	4,747	9,623	1,868
Transfers between	funds		6	(11,202)	739	142	10,321
Other recognised	gains:
Actuarial gains on defined		benefit
scheme			18	10				10	287
Net movement in	funds			(5,578)	120	23	15,068	9,633	2,155
Reconciliation of	Funds:
Total funds brought	forward			(1,388)	89	279	103,840	102,820	100,665
Total funds carried forward				(6,966)	209	302	118,908	112,453	102,820

									Group	Group	Charity	Charity
								Note	2021	2020	2021	2020
									8'000	8'000	8'000	6'000
Fixed assets:
Tangible assets								7	91,100	81,520	91,100	81,520
Investments								8	40,500	34,703	40,500	34,703
									131,600	116,223	131,600	116,223
Current assets:
Stocks									20	17	20	17
Debtors								10	1,995	1,409	2,055	1,409
Investments									6,524	9,464	6,524	9,464
Cash at bank and			in	hand					35,127	392	35,060	388
									43,666	11,282	43,659	11,278
Liabilities:
Creditors: amounts			falling		due within
one year								11	(14,221)	(11,899)	(14,216)	(11,896)
Net current assets/(liabilities)									29,445	(617)	29,443	(618)
Total assets less			current			liabilities			161,045	115,606	161,043	115,605
Creditors:	amounts			falling		due	in more than
one year								12	(47,049)	(11,199)	(47,048)	(11,199)
									113,996	104,407	113,995	104,406
Defined benefit pension scheme							liability	18	(1,543)	(1,587)	(1,543)	(1,587)
Total net assets									112,453	102,820	112,452	102,819
The Funds	ofthe		Charity:
Endowment	funds							6	118,908	103,840	118,908	103,840
Restricted	funds							6	302	279	302	279
Unrestricted	funds:
General	funds							6	29,785	287	29,785	287
Building	fund							6	(35,000)		(35,000)
Non-charitable		trading			funds			6	1	1
Pension	scheme		fund					6	(1,543)	(1,587)	(1,543)	(1,587)
Total Charity Funds									112,453	102,820	112,452	102,819

						2021	2021	2020	2020
						6'000	F'000	6'000	6'000
Net cash provided by/(used		in)	operating		activities		9,562		(711)
Cash flows from investing		activities:
Investment income received						178		234
Purchase oftangible fixed assets						(12,760)		(9,425)
Purchase of investments								(187)
Proceeds from sale of investments								6,058
Drawn from Charities Investment			Pool (Total Return)			704		3,722
Net cash used in investing		activities					(11,878)		402
Cash flows from financing		activities:
Repayment of borrowing						(889)		(1,257)
Receipts of borrowing						35,000
							34,111		(1,257)
Change in cash and cash reporting period	equivalents			in the			31,795		(1,566)
Cash and cash equivalents	at the		beginning		of the
reporting period							9,856		11,422
Cash and cash equivalents reporting period		at the end		ofthe			41,651		9,856

				2021	2020
				6'000	6'000
Net income for the	reporting	period		9,627	1,868
Adjustments for:
Gains on investments				(6,446)	(887)
Investment income				(178)	(234)
Depreciation				3,041	3,291
Loss on disposal of fixed asset				139	971
Pension scheme adjustment				(34)	(7)
(Increase)/decrease	in stocks			(3)	83
Increase/(decrease)	in creditors			4,057	(105)
Increase in debtors				(586)	(42)
Increase in cash held for investment				(55)	(5,649)
Net cash provided	by/(used	in) operating	activities	9,562	(711)

		2021	2020
		8'000	P.000
Cash in hand		35,127	392
Investments	(current assets)	6,524	9,464
Total cash and cash equivalents		41,651	9,856

YSIS	OF CHANGES IN NET FUNDS
		At 1		At 31
		September	Cash	Augus't
		2020	flows	2021
		E'000	E'000	E'000
Cash	in hand	392	34,735	35,127
Cash	equivalents	9,464	(2,940)	6,524
Loans	falling due within one year	(858)	(24)	(882)
Loans	falling due after more than one year	(4,816)	(34,087)	(38,903)
Net funds		4,182	(2,3163	1,866

									2020
								2021	(restated)
								E'000	5'000
Interest from bank		deposits						90	120
Income from listed		investments							79
Income from investment property Distributions from Haberdashers'					Charities	Investment	Pool (Total Return)	46 42	(3) 38
								178	234
TUITION
								2021	2020
								E'000	K'000
Gross Fees								51,153	48,510
Less:
Scholarships								(1,015)	(878)
Bursaries								(2,866)	(2,534)
Staff fee remission								(947)	(850)
								46,325	44,248
Add back: Bursaries			paid out of		restricted	income		364	254
								46,689	44,502
Numbers of	pupils	benefiting		from:
Scholarships								301	298
Bursaries								183	166

TOTAL RESOURCES EX	PENDED
			Other
		Staff	direct	Deprec-	Total	Total
		Costs	costs	iation	2021	2020
		6'000	6'000	8'000	5'000	(restated)
						8'000
Raising funds:
Loan interest and related	fees		609		609	154
Investment management						7
Fees in advance discount			173		173	163
Trading costs of subsidiary		46	1,477		1,523	2,248
		46	2,259		2,305	2,572
Charitable expenditure: Teaching costs School welfare		21,107 166	2,444 1,979		23 551 2, 145	23539 2,423
School premises costs		1,140	6,706	1,735	9,581	10,474
Public relations and marketing			312		312	184
Grants paid to Haberdashers' Federation Trust			508		508	430
Support costs Governance costs		5,362 11	3,362 75	1,306	10,030 86	8,533 73
FRS102 pension scheme	net
interest costs (see note	18)		28		28	34
		27,786	15,414	3,041	46,241	45,690
Total resources expended		27,832	17,903	3,041	48,546	48,262
					2021	2020
					8'000	6'000
Charitable expenditure	includes:
Remuneration ofSchools'	auditors	for audit services			45	38
Remuneration of Schools'	auditors	for tax services			8
Remuneration of Charity's	auditors	for audit services			18	10
Rentals under operating leases: Equipment Payment to the Trustee for service		charges			439 14	587 18

				2021	2020
				E'000	E'000
Staff costs comprised:
Wages	and salaries			20,960	21,040
Social security costs				2,364	2,373
Pension	contributions			4,257	4,276
Other costs				133	144
Payment	ofTrustees'	staff under paymaster	agreement	118	118
				27,832	27,951

										2021	2020
										E'000	E'000
	Aggregate	employee-benefits			of key management		personnel			3,507	3,659
The	average numbers of employees				in the year were:
										2021	2020
										No.	No.
	Teaching	staff								316	326
	Other staff									203	196
										519	522
	Numbers	of higher-paid	employees earning			in excess ofE60,000		were:
										2021	2020
										No.	No.
	E60,001 to F70,000									43	42
	E70,001 to E80,000									22	22
	F80,001 to E90,000									3	3
	F90,001 to E100,000									4	3
	E100,001	to F110,000								1	1
	F120,001	to E'130,000									1
	E140,001	to E150,000								1	1
	F170,001	to E180,000								1	2
	E180,001	to E190,000								1
	Payments	made in addition		to	the bandings	above:
							2021	2021		2020	2020
							E'000	E/ee	No.	E'000	E/ee No.
	Termination or redundancy			payments			113		8	113	4
	Out ofwhich are outstanding				at year end		25		1	85	2

(a) Fund Movements	(a) Fund Movements		Balance				Other		Balance
			1September				recognised	Nst	31 August
			2820	Income		Expenditure	Gain/loss	Transfers	2021
			8'000	8'000		E'000	8'000	8'000	8'000
General funds —Charity:
Schools general fund
excluding building	fund	and
pension			198	49,301		(43,251)		23,328	29,576
Building fund'								(35,000)	(35,000)
Pension reserve**			(1,587)			(137)	10	171	(1,543)
Aske Income Fund			(1,389) 89	49,301 207		(43,388) (830)	10 4	(11,501) 739	(6,967) 209
Total unrestricted	funds—
Charity			(1,300)	49,508		(44,218)	14	(10,762)	(6,758)
Non-charitable trading		funds	1	1,224		(1,523)		299
Total unrestricted	funds—
Group			)1,299)	59732	,	)45,741)	14	(10,463)	(6,757)
Restricted funds
Schools restricted	funds		120	940		(1,067)		127	120
Simon Stuart Scholarship Bursaries Appeal Fund			2 157			(3)	6	15	2 180
Total restricted funds			279	945		(1,070)	6	142	302
Endowment funds
Dr Margaret Bent endowment Simon Stuart endowment			5 77	4 2			13	(2)	9 90
Bursaries Appeal	endowment		1,576	40			263	(40)	1,839
Asks's permanent endowment"			102,182			(1,735)	6,160	10,363	116,970
Total endowment	funds		103,840	46		(1,735)	6,436	10,321	118,908
Total Funds			102,820	51,723		(48,546)	6,456	~	112,453

(b) Fund	Transfers				Non.
					charitable	Charitable		Permanent
					Trading	Unrestricted	Restricted	endowment
					funds	funds	funds	fund
					f'000	f'000	f'000	f'000
New & replacement		school		buildings		(11,244)		11,244
Unapplied	total return		for application			904		(904)
Transfers	to school	bursary		funds		(100)	100
Loan repayments						(23)		23
Transfer	of Pool investment			income			42	(42)
Coach services paid			by Schools		299	(299)
					299	(70,762)	142	10,321

TANGIBLE FIXEDAS	SETS
	Freehold	Leasehold	All weather	Equipment		Group &
	land and	land and	sports	and	Motor	Charity
	buildings	buildings	pitches	furnishings	Vehicles	Total
	f'000	f'000	f'000	f'000	f'000	f'000
Cost
1 September 2020	93,880	3,354	2,443	11,673	76	111,426
Additions	11,312			1,440	8	12,760
Disposals	(88)			(491)		(579)
31 August 2021	105,104	3,354	2,443	12,622	84	123,607
Depreciation
1 September 2020	21,635	258	885	7,052	76	29,906
Charge for year	1,735	31	123	1,151	1	3041
Disposals	(20)			(420)		(440)
31 August 2021	23,350	289	1,008	7,783	77	32,507
Net book value
31 August 2021	81,754	3,065	1,435	4,839	7	91,100
31 August 2020	72,245	3,096	1,558	4,621		81,520

INVESTMENTS	INVESTMENTS
Charity and	Group				2021 F'000	2020 8'000
Haberdashers'	Charities	Investment	Pools		34,366	28,634
Investment cash					6, 134	6,069
					40,500	34,703
Charity and	Group
					Charities
				Charities	Investment
				Investment	Pool (Total
				Pool	Return)	Total
				8'000	6'000	F'000
Market value	at 1 September 2020			1,655	26,979	28,634
Withdrawal					(704)	(704)
Gain on revaluation				276	6,160	6,436
Market value	at 31 August 2021			1,931	32,435	34,366

endowment	fund. No ne	w endow	ment	gifts ha	ve been received	since the bas	e date.
					Trust	Unapplied
					for	Total	Total	Total
					investment	Return	2021	2020
					E'000	OOOO	5'000
								8'000
Trust for investment at 1		September 2020			1,578	25,355	26,933	30,069
Investment	returns:
Realised	and unrealised	gains				6,160	6,160	775
Transfer to trust for application						(904)	(904)	(930)
Withdrawal	for purchase	ofresidential		property				(3,004)
Replacement ofcapital expended			prior	to
inception	ofthe total return approach					23	23	23
Trust for investment at		31August 2021			1,578	30,634	32,212	26,933

At 31 Augu cancellable	st 2021, the Charity was committed to operating leases as follows:	total future minimum lease payments	under non-
		Equipment	Equipment
		2021	2020
			(restated)
		F000	6'000
Payments	due:
Within one year		355	400
Between	1 and 5 years	746	1,072
		1,101	1,472

			Share
			capital
		Year end	E			Activities
Haberdashers'	Elstree Schools	31 August	2	Provision	ofcoach services for pupils
Trading Limited (Company				attending	the	Haberdashers'		Asks's Schools
number 3073480)
Haberdasher's	Asks's School	31 August	2	Sale ofschool		clothing,	school sports
Shop Limited	(not			equipment,	stationery		and confectionery		at
consolidated)	(Company			Haberdasher's		Asks's	School
number 01601196)

onciliation ofopening and closing balances on the pr	esent value offunded obligations
	2021	2020
	6'000	8'000
Liabilities at the start of the period	15,336	15,602
Current service cost	101	132
Interest cost	258	276
Contributions by plan participants	8	9
Actuarial gain	828	2
Loss due to benefit changes	110
Benefits paid	(574)	(685)
Liability at the end ofthe period	16,067	15,336

onciliation ofopening and closing balances on the fair value o	f plan assets
	2021	2020
	6'000	8'000
Fair value of plan assets at the start ofthe period	13,749	13,721
Interest income	230	242
Asset gain	948	289
Contributions by the employer	171	182
Benefits paid	(574)	(685)
Fair value of plan assets at the end ofthe period	14,524	13,749

nalysis	of plan	assets
			Value of	Value of
			assets	assets
			31August	31August
			2021	2020
			f.'000	r.'000
Equity	(including	property)	2,644	2,316
Bonds			1,022	1,372
Insured	pensions		10,300	9,628
Cash			558	433
Total assets			14,524	13,749

ned benefit costs recognised in the income statem	ent
	2021	2020
	E'000	8'000
Current service cost	101	132
Net interest cost	28	34
Total pension expense	129	166

ned benefits costs included in other rec	ognised gains
		2021	2020
		E'000	8'000
Actuarial gain on plan assets		948	289
Actuarial gain on defined benefit obligation
of which due to experience		180	21
of which due to financial assumptions		(1,008)	(23)
Effects of benefit changes		(110)
Total gain included in other recognised	gains	10	287

					2021	2020
					%per	%per
					annum	annum
Discount	rate				1.7	1.7
Inflation (RPI)					3.6	3.3
Inflation (CPI)					2.8	2.5
Salary growth					3.1	2.8
Allowance	for revaluation		of deferred	pensions
subject	to CPI max 5%				2.8	2.5
subject	to CPI max 2,5%				2.5	2.5
Allowance	for pensions	in	payment
subject	to RPI max 5%				3.4	3.1
subject	to RPI max 2.5%				2,2	2.1

ummarised belo	ummarised belo	w:
Life expectancy		at age	65 years	2021	2020
Retiring	today		Male	22.6	21.6
			Female	25.2	23.6
Retiring	in 20 years		Male	24.8	23.3
			Female	27.5	25.4

			Unrestricted	Funds
								Total
				Asks's	Asks's	Restricted	Endowment
			Schools E'000	Income E'000	Designated E'000	Funds E'000	Funds E'000	(reatated) F'000
Income and endowments		from:
Donations			14			36		50
Charitable activities:
School fees			44,502					44,502
Other educational	income		1,672			131		1,803
Ancillary trading	income		129					136
Other trading activities:
Trading income			1,975					1,975
Other income:
Coronavirus job retention		scheme				543		543
Investments:
Investment income			149		42			234
			48,441	7	42	715	30	49,243
Expenditure on:
Raising funds:
Loan interest			154					154
Fees in advance	discount		163					163
Investment management			7					7
Trading cost of subsidiaries			2,248					2,248
Charitable activities:
Schools			41,952	846		822	2,036	45,656
FRS102 pension	scheme
net interest cost			34					34
			44,558	846		822	2,036	48,262
Net gains on investments			53				834	887
Net income/(expenditure)			3,936	(839)	42	(107)	(1,164)	1,868
Transfers between funds			(4,715)	808		(189)	4,096
Other recognised	losses:
Actuarial gains on	defined
benefit scheme			287					287
Net movement in	funds		(492)	(31)	42	(296)	2,932	2,155
Reconciliation of	Funds:
Total funds brought	forward		(896)	78		575	100,908	100,665
Total funds carried forward			71,3887	47	42	278	103,84Q	102,82Q

(a) Fund Move	ments
			Balance			Other		Balance
			18ptsmber	Income	Expenditure	recognised	Net	31August
			2019	(restated)	(restated)	gain/loss	transfers	2020
			f'000	f'000	f'000	f'000	f'000	f'000
General funds —Charity:
Schools general fund
excluding building	fund	and
pension reserve			984	46,639	(42,135)	53	(5,343)	198
Building fund
Pension reserve			(1,881)		(175)	287	182	(1,587)
Aske Income Fund			(897) 78	46,639 49	(42,310) (846)	340	(5,161) 808	(1,389) 89
Total unrestricted	funds—
Charity			(819)	46,688	(43,156)	340	(4,353)	(1,300)
Non-charitable trading		funds	1	1,802	(2,248)		446	1
Total unrestricted	funds—
Group			(818)	48,490	(45,404)	340	(3,907)	(1,299)
Restricted funds
Schools restricted	funds		419	710	(819)		(200)	120
Simon Stuart Scholarship			2					2
Bursaries Appeal	Fund		144		(3)		11	157
Total restricted funds			575	715	(822)	-	(189)	279
Endowment funds
Dr Margaret Bent	endowment		5					5
Simon Stuart endowment			74	2		3	(2)	77
Bursaries Appeal Asks's permanent	endowment		1,520	36		56	(36)	1,576
endowment			99,309		(2,036)	775	4 134	102 182
Total endowment	funds		100,908	38	(2,036)	834	4,096	103,840
Total Funds			100,665	49,243	(48,262)	1,174		102,820

(b) Fund	Transfers			Non-charitable			Permanent
				Trading	Charitable		endow-
				funds	Unrestricted	Restricted	ment
				8'000	funds	funds	funds
					6'000	8'000	8'000
New & replacement		school	buildings		(5,585)	(322)	5,907
Unapplied	total return for application				930		(930)
Transfers	to school	bursary	funds		(100)	100
Loan repayments					843		(843)
Transfer	for fixed assets				5	(5)
Transfer	of Pool investment		income			38	(38)
Coach services paid		by schools		6	(446)
					(4,353)	(199)	4,996

						Permanent
				Unrestricted	Restricted	endowment	Total
				funds	funds	funds	Funds
				6'000	6'000	6'000	8'000
Tangible fixed		assets		6,271		75,249	81,520
Haberdashers'		Charities	Investment
Pools						28,634	28,634
Investment	Cash			6,069			6,069
Net current	(liabilities)/assets			(853)	279	(43)	(617)
Long term	liabilities			(12,786)			(12,786)
				(1,300)	279	103,840	102,820

		Other
	Staff	direct	Deprec-	Total
	Costs	costs	iation	2020
		(restated)		(restated)
	E'000	E'000	E'000	E'000
Raising funds:
Loan interest		154		154
Investment management		7		7
Fees in advance discount		163		163
Trading costs of subsidiary	61	2,187		2,248
	61	2,511		2,572
Charitable expenditure:
Teaching costs	21,487	2,052		23,539
School welfare	173	2,250		2,423
School premises costs	1,228	7,210	2,036	10,474
Public relations and marketing		184		184
Grants paid to Haberdashers'
Federation Trust		430		430
Support costs	4,991	2,287	1,255	8,533
Governance costs	11	62		73
FRS102 pension scheme net interest
costs		34		34
	27,890	14,509	3,291	45,690
Total resources expended	27,951	17,020	3,291	48,262